Cover
Cover - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Feb. 26, 2020 | Jun. 28, 2019 | |
Entity Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2019 | ||
Document Transition Report | false | ||
Amendment Flag | false | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2019 | ||
Entity Central Index Key | 0001015328 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity File Number | 001-35077 | ||
Entity Registrant Name | Wintrust Financial Corp | ||
Entity Incorporation, State or Country Code | IL | ||
Entity Tax Identification Number | 36-3873352 | ||
Entity Address, Address Line One | 9700 W. Higgins Road, Suite 800 | ||
Entity Address, City or Town | Rosemont | ||
Entity Address, State or Province | IL | ||
Entity Address, Postal Zip Code | 60018 | ||
City Area Code | 847 | ||
Local Phone Number | 939-9000 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 4,110,584,294 | ||
Entity Common Stock, Shares Outstanding | 57,373,345 | ||
Documents Incorporated by Reference | Portions of the Proxy Statement for the Company’s Annual Meeting of Shareholders to be held on May 28, 2020 are incorporated by reference into Part III. | ||
Common Stock, no par value | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | Common Stock, no par value | ||
Trading Symbol | WTFC | ||
Security Exchange Name | NASDAQ | ||
Series D Preferred Stock, no par value | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | Series D Preferred Stock, no par value | ||
Trading Symbol | WTFCM | ||
Security Exchange Name | NASDAQ |
Consolidated Statements Of Cond
Consolidated Statements Of Condition - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Assets | ||
Cash and due from banks | $ 286,167 | $ 392,142 |
Federal funds sold and securities purchased under resale agreements | 309 | 58 |
Interest bearing deposits with banks | 2,164,560 | 1,099,594 |
Available-for-sale securities, at fair value | 3,106,214 | 2,126,081 |
Held-to-maturity securities, at amortized cost ($1.1 billion and $1.0 billion fair value at December 31, 2019 and 2018, respectively) | 1,134,400 | 1,067,439 |
Trading account securities | 1,068 | 1,692 |
Equity securities with readily determinable fair value | 50,840 | 34,717 |
Federal Home Loan Bank and Federal Reserve Bank stock | 100,739 | 91,354 |
Brokerage customer receivables | 16,573 | 12,609 |
Mortgage loans held-for-sale | 377,313 | 264,070 |
Loans, net of unearned income | 26,800,290 | 23,820,691 |
Allowance for loan losses | (156,828) | (152,770) |
Net loans | 26,643,462 | 23,667,921 |
Premises and equipment, net | 754,328 | 671,169 |
Lease investments, net | 231,192 | 233,208 |
Accrued interest receivable and other assets | 1,061,141 | 696,707 |
Trade date securities receivable | 0 | 263,523 |
Goodwill | 645,220 | 573,141 |
Other intangible assets | 47,057 | 49,424 |
Total assets | 36,620,583 | 31,244,849 |
Deposits: | ||
Non-interest bearing | 7,216,758 | 6,569,880 |
Interest bearing | 22,890,380 | 19,524,798 |
Total deposits | 30,107,138 | 26,094,678 |
Federal Home Loan Bank advances | 674,870 | 426,326 |
Other borrowings | 418,174 | 393,855 |
Subordinated notes | 436,095 | 139,210 |
Junior subordinated debentures | 253,566 | 253,566 |
Accrued interest payable and other liabilities | 1,039,490 | 669,644 |
Total liabilities | 32,929,333 | 27,977,279 |
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, 2019 and 2018; 57,950,803 shares issued at December 31, 2019 and 56,518,119 shares issued at December 31, 2018 | 57,951 | 56,518 |
Surplus | 1,650,278 | 1,557,984 |
Treasury stock, at cost, 128,912 shares at December 31, 2019 and 110,561 shares at December 31, 2018 | (6,931) | (5,634) |
Retained earnings | 1,899,630 | 1,610,574 |
Accumulated other comprehensive loss | (34,678) | (76,872) |
Total shareholders’ equity | 3,691,250 | 3,267,570 |
Total liabilities and shareholders’ equity | 36,620,583 | 31,244,849 |
Series D preferred stock | ||
Preferred stock, no par value; 20,000,000 shares authorized: | ||
Series D - $25 liquidation value; 5,000,000 shares issued and outstanding at December 31, 2019 and December 31, 2018 | $ 125,000 | $ 125,000 |
Consolidated Statements Of Co_2
Consolidated Statements Of Condition (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Fair Value | $ 1,138,396 | $ 1,036,096 |
Preferred stock, authorized (in shares) | 20,000,000 | 20,000,000 |
Preferred stock, issued (in shares) | 5,000,000 | 5,000,000 |
Preferred stock, outstanding (in shares) | 5,000,000 | 5,000,000 |
Common stock, stated value (in usd per share) | $ 1 | $ 1 |
Common stock, authorized (in shares) | 100,000,000 | 100,000,000 |
Common stock, issued (in shares) | 57,950,803 | 56,518,119 |
Treasury stock (in shares) | 128,912 | 110,561 |
Series D preferred stock | ||
Preferred stock, liquidation value (in usd per share) | $ 25 | $ 25 |
Preferred stock, issued (in shares) | 5,000,000 | 5,000,000 |
Preferred stock, outstanding (in shares) | 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, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Interest income | |||
Interest and fees on loans | $ 1,228,480 | $ 1,044,502 | $ 856,549 |
Mortgage loans held-for-sale | 11,992 | 15,738 | 12,332 |
Interest bearing deposits with banks | 29,803 | 17,090 | 9,252 |
Federal funds sold and securities purchased under resale agreements | 700 | 1 | 2 |
Investment securities | 108,046 | 87,382 | 63,315 |
Trading account securities | 39 | 43 | 25 |
Federal Home Loan Bank and Federal Reserve Bank stock | 5,416 | 5,331 | 4,370 |
Brokerage customer receivables | 666 | 723 | 623 |
Total interest income | 1,385,142 | 1,170,810 | 946,468 |
Interest expense | |||
Interest on deposits | 278,892 | 166,553 | 83,326 |
Interest on Federal Home Loan Bank advances | 9,878 | 12,412 | 8,798 |
Interest on other borrowings | 13,897 | 8,599 | 5,370 |
Interest on subordinated notes | 15,555 | 7,121 | 7,116 |
Interest on junior subordinated debentures | 12,001 | 11,222 | 9,782 |
Total interest expense | 330,223 | 205,907 | 114,392 |
Net interest income | 1,054,919 | 964,903 | 832,076 |
Provision for credit losses | 53,864 | 34,832 | 29,768 |
Net interest income after provision for credit losses | 1,001,055 | 930,071 | 802,308 |
Non-interest income | |||
Revenue from contracts with customers | 161,465 | 152,513 | 138,994 |
Mortgage banking | 154,293 | 136,990 | 113,472 |
Gains (losses) on investment securities, net | 3,525 | (2,898) | 45 |
Fees from covered call options | 3,670 | 3,519 | 4,402 |
Trading (losses) gains, net | (158) | 11 | (845) |
Operating lease income, net | 47,041 | 38,451 | 29,646 |
Other | 62,617 | 52,710 | 56,507 |
Total non-interest income | 407,172 | 356,150 | 319,506 |
Non-interest expense | |||
Salaries and employee benefits | 546,420 | 480,077 | 430,078 |
Equipment | 52,328 | 42,949 | 38,358 |
Operating lease equipment | 35,760 | 29,305 | 24,107 |
Occupancy, net | 64,289 | 57,814 | 52,920 |
Data processing | 27,820 | 35,027 | 31,495 |
Advertising and marketing | 48,595 | 41,140 | 30,830 |
Professional fees | 27,471 | 32,306 | 27,835 |
Amortization of other intangible assets | 11,844 | 4,571 | 4,401 |
FDIC insurance | 9,199 | 17,209 | 16,231 |
OREO expenses, net | 3,628 | 6,120 | 3,593 |
Other | 100,772 | 79,570 | 71,969 |
Total non-interest expense | 928,126 | 826,088 | 731,817 |
Income before taxes | 480,101 | 460,133 | 389,997 |
Income tax expense | 124,404 | 116,967 | 132,315 |
Net income | 355,697 | 343,166 | 257,682 |
Preferred stock dividends | 8,200 | 8,200 | 9,778 |
Net income applicable to common shares | $ 347,497 | $ 334,966 | $ 247,904 |
Net income per common share - Basic (usd per share) | $ 6.11 | $ 5.95 | $ 4.53 |
Net income per common share - Diluted (usd per share) | 6.03 | 5.86 | 4.40 |
Cash dividends declared per common share (usd per share) | $ 1 | $ 0.76 | $ 0.56 |
Weighted average common shares outstanding (in shares) | 56,857 | 56,300 | 54,703 |
Dilutive potential common shares (in shares) | 762 | 908 | 1,983 |
Average common shares and dilutive common shares (in shares) | 57,619 | 57,208 | 56,686 |
Wealth management | |||
Non-interest income | |||
Revenue from contracts with customers | $ 97,114 | $ 90,963 | $ 81,766 |
Service charges on deposit accounts | |||
Non-interest income | |||
Revenue from contracts with customers | $ 39,070 | $ 36,404 | $ 34,513 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 355,697 | $ 343,166 | $ 257,682 |
Unrealized gains (losses) on available-for-sale securities | |||
Before tax | 79,702 | (27,408) | 22,123 |
Tax effect | (21,361) | 7,354 | (7,706) |
Net of tax | 58,341 | (20,054) | 14,417 |
Reclassification of net gains on available-for-sale securities included in net income | |||
Before tax | 899 | 33 | 45 |
Tax effect | (241) | (9) | (18) |
Net of tax | 658 | 24 | 27 |
Reclassification of amortization of unrealized gains on investment securities transferred to held-to-maturity from available-for-sale | |||
Before tax | 479 | 89 | 1,479 |
Tax effect | (131) | (24) | (585) |
Net of tax | 348 | 65 | 894 |
Net unrealized gains (losses) on available-for-sale securities | 57,335 | (20,143) | 13,496 |
Unrealized (losses) gains on derivative instruments | |||
Before tax | (28,685) | (1,160) | 4,958 |
Tax effect | 7,687 | 310 | (1,959) |
Net unrealized (losses) gains on derivative instruments | (20,998) | (850) | 2,999 |
Foreign currency translation adjustment | |||
Before tax | 7,483 | (12,216) | 9,446 |
Tax effect | (1,626) | 3,026 | (2,448) |
Net foreign currency translation adjustment | 5,857 | (9,190) | 6,998 |
Total other comprehensive income (loss) | 42,194 | (30,183) | 23,493 |
Comprehensive income | $ 397,891 | $ 312,983 | $ 281,175 |
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 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, 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 income (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: | |||||||||||
Acquisitions | 0 | ||||||||||
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) | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Cumulative effect adjustment from adoption | ASU 2018-02 | 0 | 2,974 | (2,974) | ||||||||
Net income | 343,166 | 343,166 | |||||||||
Other comprehensive income (loss), net of tax | (30,183) | (30,183) | |||||||||
Cash dividends declared on common stock | (42,787) | (42,787) | |||||||||
Dividends on preferred stock | (8,200) | (8,200) | |||||||||
Stock-based compensation | 13,496 | 13,496 | |||||||||
Common stock issued for: | |||||||||||
Acquisitions | 0 | ||||||||||
Exercise of stock options and warrants | 11,466 | 299 | 11,359 | (192) | |||||||
Restricted stock awards | (456) | 101 | (101) | (456) | |||||||
Employee stock purchase plan | 2,523 | 31 | 2,492 | ||||||||
Director compensation plan | 1,722 | 19 | 1,703 | ||||||||
Balance at end of period at Dec. 31, 2018 | 3,267,570 | 125,000 | 56,518 | 1,557,984 | (5,634) | 1,610,574 | (76,872) | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Net income | 355,697 | 355,697 | |||||||||
Other comprehensive income (loss), net of tax | 42,194 | 42,194 | |||||||||
Cash dividends declared on common stock | (56,910) | (56,910) | |||||||||
Dividends on preferred stock | (8,200) | (8,200) | |||||||||
Stock-based compensation | 11,304 | 11,304 | |||||||||
Common stock issued for: | |||||||||||
Acquisitions | 71,756 | 1,074 | 70,682 | ||||||||
Exercise of stock options and warrants | 4,843 | 146 | 5,541 | (844) | |||||||
Restricted stock awards | (453) | 150 | (150) | (453) | |||||||
Employee stock purchase plan | 2,819 | 44 | 2,775 | ||||||||
Director compensation plan | 2,161 | 19 | 2,142 | ||||||||
Balance at end of period at Dec. 31, 2019 | $ 3,691,250 | $ 125,000 | $ 57,951 | $ 1,650,278 | $ (6,931) | $ 1,899,630 | $ (34,678) |
Consolidated Statements Of Ch_2
Consolidated Statements Of Changes In Shareholders' Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement of Stockholders' Equity [Abstract] | |||
Cash dividends declared on common stock (usd per share) | $ 1 | $ 0.76 | $ 0.56 |
Dividends on preferred stock (usd per share) | $ 1.64 | $ 1.64 | $ 1.94 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Operating Activities: | |||
Net income | $ 355,697 | $ 343,166 | $ 257,682 |
Adjustments to reconcile net income to net cash provided by operating activities | |||
Provision for credit losses | 53,864 | 34,832 | 29,768 |
Depreciation, amortization and accretion, net | 88,362 | 67,665 | 63,107 |
Deferred income tax expense | 44,557 | 55,224 | 63,243 |
Stock-based compensation expense | 11,304 | 13,496 | 12,858 |
Net amortization of premium on securities | 6,605 | 7,411 | 6,098 |
Accretion of discounts on loans | (26,624) | (20,318) | (22,784) |
Mortgage servicing rights fair value change, net | 35,536 | 5,370 | 1,857 |
Originations and purchases of mortgage loans held-for-sale | (4,497,921) | (3,955,438) | (3,692,085) |
Proceeds from sales of mortgage loans held-for-sale | 4,484,838 | 4,076,887 | 3,869,137 |
BOLI income | (4,846) | (5,448) | (3,524) |
Decrease (increase) in trading securities, net | 624 | (697) | 994 |
Net (increase) decrease in brokerage customer receivables | (3,964) | 13,822 | (1,250) |
Gains on mortgage loans sold | (135,607) | (104,998) | (88,699) |
(Gains) losses on investment securities, net, and dividend reinvestment on equity securities | (3,525) | 2,000 | (45) |
Losses (gains) on sales of premises and equipment, net | 92 | 64 | (192) |
Net losses on sales and fair value adjustments of other real estate owned | 1,921 | 4,664 | 639 |
Gain on termination of loss share agreements with the FDIC | 0 | 0 | (385) |
Increase in accrued interest receivable and other assets, net | (133,022) | (133,519) | (126,583) |
(Decrease) increase in accrued interest payable and other liabilities, net | (11,898) | (27,001) | 31,790 |
Net Cash Provided by Operating Activities | 265,993 | 377,182 | 401,626 |
Investing Activities: | |||
Proceeds from maturities and calls of available-for-sale securities | 718,345 | 352,683 | 276,097 |
Proceeds from maturities and calls of held-to-maturity securities | 422,959 | 11,129 | 108,943 |
Proceeds from sales of available-for-sale securities | 972,253 | 214,196 | 344,674 |
Proceeds from sales of equity securities with readily determinable fair value | 19,200 | 1,895 | 0 |
Proceeds from sales and capital distributions of equity securities without readily determinable fair value | 1,764 | 1,324 | 0 |
Purchases of available-for-sale securities | (2,226,834) | (1,095,375) | (774,041) |
Purchases of held-to-maturity securities | (493,389) | (253,129) | (301,909) |
Purchases of equity securities with readily determinable fair value | (32,729) | 0 | 0 |
Purchases of equity securities without readily determinable fair value | (4,394) | (4,592) | 0 |
(Purchase) redemption of Federal Home Loan Bank and Federal Reserve Bank stock, net | (9,385) | (1,365) | 43,505 |
Distributions from investments in partnerships, net | 1,955 | 3,409 | 512 |
Net cash paid in business combinations | (108,365) | (53,871) | (284) |
Proceeds from sales of other real estate owned | 14,516 | 19,375 | 18,742 |
Proceeds paid to the FDIC related to reimbursements on covered assets | 0 | 0 | (15,411) |
Net increase in interest-bearing deposits with banks | (983,513) | (15,988) | (81,621) |
Net increase in loans | (2,229,637) | (1,883,354) | (1,863,245) |
Redemption of BOLI | 326 | 8,438 | 0 |
Purchases of premises and equipment, net | (82,021) | (68,273) | (59,194) |
Net Cash Used for Investing Activities | (4,018,949) | (2,763,498) | (2,303,232) |
Financing Activities: | |||
Increase in deposit accounts | 3,142,499 | 2,547,399 | 1,524,848 |
Increase (decrease) in other borrowings, net | 15,480 | 137,257 | (4,888) |
Increase (decrease) in Federal Home Loan Bank advances, net | 248,442 | (147,999) | 403,000 |
Cash payments to settle contingent consideration liabilities recognized in business combinations | (66) | 0 | (1,097) |
Proceeds from the issuance of subordinated notes, net | 296,617 | 0 | 0 |
Issuance of common shares resulting from exercise of stock options, employee stock purchase plan and conversion of common stock warrants | 10,667 | 15,903 | 28,229 |
Common stock repurchases for tax withholdings related to stock-based compensation | (1,297) | (648) | (397) |
Dividends paid | (65,110) | (50,987) | (40,543) |
Net Cash Provided by Financing Activities | 3,647,232 | 2,500,925 | 1,909,152 |
Net (Decrease) Increase in Cash and Cash Equivalents | (105,724) | 114,609 | 7,546 |
Cash and Cash Equivalents at Beginning of Period | 392,200 | 277,591 | 270,045 |
Cash and Cash Equivalents at End of Period | 286,476 | 392,200 | 277,591 |
Cash paid during the year for: | |||
Interest | 327,329 | 197,911 | 112,783 |
Income taxes, net | 60,845 | 69,118 | 76,812 |
Business combinations and asset acquisitions: | |||
Fair value of assets acquired, including cash and cash equivalents | 1,093,254 | 485,368 | 1,022 |
Value ascribed to goodwill and other intangible assets | 80,581 | 109,548 | 999 |
Fair value of liabilities assumed | 896,686 | 423,234 | 738 |
Non-cash activities | |||
Transfer to other real estate owned from loans | 5,722 | 7,936 | 15,013 |
Common stock issued for acquisitions | $ 71,756 | $ 0 | $ 0 |
Summary Of Significant Accounti
Summary Of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
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 share in the earnings of the Company. The weighted-average number of common shares outstanding is increased by the assumed conversion of any 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”) when it obtains control of a business. When determining whether a business has been acquired, the Company first evaluates whether substantially all of the fair value of the gross assets acquired are concentrated in a single identifiable asset or a group of similar identifiable assets. If concentrated in such a manner, the set of assets and activities is not a business. If not concentrated in such a manner, the Company assesses whether the set meets the definition of a business by containing inputs, outputs and at least one substantive process. If the set represents a business, 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. If the set of assets and activities do not constitute a business, the transaction is accounted for as an asset acquisition. The cost of a group of assets acquired is allocated to the individual assets acquired or liabilities assumed based on the relative fair value and does not result in the recognition of goodwill. Generally, any excess of the cost of the transaction over the fair value of the individual assets acquired or liabilities assumed, or, in contrast, any excess of the fair value of the individual assets acquired or liabilities assumed over the cost of the transaction, should be allocated on a relative fair value basis. Certain "non-qualifying" assets are excluded from this allocation, and are recognized at the individual asset's fair value. 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 and asset acquisitions 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. Investment Securities The Company classifies debt and equity securities upon purchase in one of five categories: trading, held-to-maturity debt securities, available-for-sale debt securities, equity securities with a readily determinable fair value or equity securities without a readily determinable fair value. 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 debt 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. Equity securities are classified based upon whether a readily determinable fair value exists on such security. The fair value of an equity security is readily determinable if it meets certain conditions, including whether sales prices or bid-ask quotes are currently available on certain securities exchanges; traded only in a foreign market that is of a breadth and scope comparable to one of the U.S. markets; or the security is an investment in a mutual fund or similar structure with a fair value per share or unit that is determined and published, and is the basis for current transactions. Held-to-maturity debt 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 debt 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 and equity securities with a readily determinable fair value are stated at fair value. Realized and unrealized gains and losses from sales and fair value adjustments are included in other non-interest income. Equity securities without a readily determinable fair value are stated at either a calculated net asset value per share, if available, or the cost of the security minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or similar instrument of the same issuer. Subsequent to classification at the time of purchase, the Company may transfer debt securities between trading, held-to-maturity, or available-for-sale. For debt securities transferred to trading, the current unrealized gain or loss at the date of transfer, net of related taxes, is immediately recognized in earnings. Debt 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 debt 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 debt security. These amounts are amortized over the remaining life of the debt security in equal and offsetting amounts. Unrealized gains or losses for held-to-maturity debt 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 debt 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 debt security before recovery of its amortized cost basis; or (3) the Company does not expect to recover the entire amortized cost basis of the debt security. If the Company intends to sell a debt security or if it is more likely than not that the Company will be required to sell the debt security before recovery, an other-than-temporary impairment write-down is recognized in earnings equal to the difference between the debt security’s amortized cost basis and its fair value. If an entity does not intend to sell the debt security or it is not more likely than not that it will be required to sell the debt 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. Equity securities with readily determinable fair values are measured at fair value with changes recognized in net income. Equity securities without readily determinable fair values are measured at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for identical or similar investments of the same issuer. Such investments are included within accrued interest receivable and other assets within the Company's Consolidated Statements of Condition. 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), unrealized gains and losses on equity securities 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. 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 qualitative considerations. The allowance for loan losses includes the following components: 1) specific reserves on impaired loans, 2) a general reserve based upon historical loss experience and 3) qualitative factors to adjust the historical loss experience used, if deemed necessary. If a loan is impaired, the Company analyzes the loan for purposes of calculating our specific impairment reserves. Loans with a credit risk rating of a 6 through 9 are reviewed 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 that are not considered impaired loans, a general reserve is established based on historical loss experience, adjusted for certain qualitative factors, related to the type of loan collateral, if any, and the assigned credit risk rating. Such qualitative factors assessed by management include the following: • an assessment of internally-evaluated problem loans and historical loss experience; • changes in the composition of the loan portfolio, changes in 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; • 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; • changes in the quality of the Company’s loan review system; • changes in the underlying collateral for collateral dependent loans; and • the effect of other external factors such as competition and legal and regulatory requirements on the level of estimated credit losses in the bank’s existing portfolio. All such estimates and considerations 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") 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. Certain loans 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 homogeneous 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 generally range from two to 15 years for furniture, fixtures and equipment, two to seven 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, testing 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) 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. Eight FDIC-assisted 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 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. 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. 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. Additional expected losses, to the extent such expected losses resulted 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. A summary of activity in the allowance for covered loan losses for the year ended December 31, 2017 is as follows: Year Ended December 31, (Dollars in thousands) 2017 Balance at beginning of period $ 1,322 Allowance for covered loan losses transferred to allowance for loan losses subsequent to loss share termination or expiration (742 ) Provision for covered loan losses before benefit attributable to FDIC loss share agreements (1,063 ) Benefit attributable to FDIC loss share agreements 1,592 Net provision for covered loan losses and transfer from allowance for covered loan losses to allowance for loan losses $ (213 ) Increase in FDIC indemnification liability (1,592 ) Loans charged-off (517 ) Recoveries of loans charged-off 1,000 Net recoveries $ 483 Balance at end of period $ — 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. 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. 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 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 during periods covered by the loss share agreements. The following table summarizes the activity in the Company’s FDIC loss share liability during the period indicated: Year Ended December 31, (Dollars in thousands) 2017 Balance at beginning of period $ 16,701 Reductions from reimbursable expenses (291 ) Amortization 1,044 Changes in expected reimbursements from the FDIC for changes in expected credit losses (1,658 ) Resolution through payments paid to the FDIC and termination of loss share agreements (15,796 ) Balance at end of period $ — 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. The allowance for covered loan losses previously measured is included within the allowance for credit losses, excluding covered loans, for subsequent periods. 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, 2019 and 2018, other real estate owned, excluding covered other real estate owned, totaled $15.2 million and $24.8 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 r |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 12 Months Ended |
Dec. 31, 2019 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements 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 lifetime credit loss estimates. This impacts the calculation of an allowance for credit losses for all financial assets measured under the amortized cost basis, including held-to-maturity debt securities and purchased credit deteriorated ("PCD") assets 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 through a cumulative-effect adjustment to the Company's Consolidated Statements of Condition as of the first reporting period of adoption. The FASB has continued to issue various updates to clarify and improve specific areas of ASU No. 2016-13. In November 2018, the FASB issued ASU No. 2018-19, “Codification Improvements to Topic 326, Financial Instruments—Credit Losses,” to clarify the implementation guidance within ASU No. 2016-13 surrounding narrow aspects of Topic 326, including the impact of the guidance on operating lease receivables. In May 2019, FASB issued ASU No. 2019-05, “Financial Instruments - Credit Losses (Topic 326): Targeted Transition Relief," allowing for the irrevocable election of the fair value option for certain financial assets, on an instrument-by-instrument basis, within the scope previously measured at amortized cost basis. In November 2019, the FASB issued ASU No. 2019-11, “Codification Improvements to Topic 326, Financial Instruments - Credit Losses,” to clarify and improve implementation guidance on certain aspects of Topic 326, including expected recoveries on purchased financial assets with credit deterioration, financial assets secured by collateral maintenance provisions, adjustment of the effective interest rate for troubled debt restructurings for prepayment assumptions existing at the time of adoption of Topic 326, and disclosure relief for accrued interest receivable balances. Like ASU No. 2016-13, these ASUs are 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 has continued its efforts in implementation of ASU No. 2016-13 and all subsequent updates issued to clarify and improve specific areas of this ASU. As discussed previously, throughout the implementation process, the Company has utilized a committee consisting of individuals from various areas of the Company tasked with transitioning to the new requirements. Implementation activities in prior periods included a review of historical internal data, the development and initial validation of modeling methodologies, including the determination of appropriate segmentation and assumptions, and the consideration of certain accounting policy elections. At this time, the Company is finalizing its model methodologies and processes, and continues to review recent model results for its loan portfolios and held-to-maturity debt investment securities. Controls and processes have been designed and implemented for the continued implementation process and are being designed for the ongoing process following adoption . The Company's model methodologies consider characteristics of the specific portfolio or asset segment, risk rating distributions and historical probability of default and loss given default, adjusted for current conditions and a single future economic forecast determined by the Company. Other assumptions in the Company's measurement methodology include the following: • Future economic forecasts will be over an eight-quarter reasonable and supportable forecast period. • In the event that the life of the asset exceeds the reasonable and supportable forecast period, measurement of expected credit losses will revert to historical loss information over four quarters. • Future prepayments are considered when determining expected credit losses over the life of an asset. Further, as noted above, certain accounting policy elections are available under the new rules. The Company will utilize the following approach to such elections: • The Company will not measure an allowance for credit losses on accrued interest if such accrued interest is written off in a timely manner when deemed uncollectible. Any such write-off of accrued interest will reverse previously recognized interest income. • The Company will not include accrued interest within presentation and disclosures of the carrying amount of financial assets held at amortized cost. • The Company will estimate expected credit losses by measuring the face amount or unpaid principal balance component of the amortized cost basis of a financial asset separately from other components such as premiums, discount and deferred fees and costs. • The Company will not maintain current accounting policies for existing purchase credit impaired ("PCI") financial assets. At the effective date, such assets will be considered PCD assets and measured accordingly under the new rules. 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. Fair Value Measurement In August 2018, the FASB issued ASU No. 2018-13, “Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirement for Fair Value Measurement,” to modify disclosure requirements on fair value measurements and inputs. This guidance is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years, and is to be applied prospectively or retrospectively depending upon the disclosure requirement. The Company does not expect this guidance to have a material impact on the Company's consolidated financial statements. Intangibles In August 2018, the FASB issued ASU No. 2018-15, “Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract,” to align the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with similar requirements related to implementation costs incurred to develop or obtain internal-use software. In addition, the amendment requires any capitalized implementation costs related to a hosting arrangement to be expensed over the term of the hosting arrangement. This guidance is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years, and is to be applied either retrospectively or prospectively to all implementation costs incurred after the date of adoption. The Company does not expect this guidance to have a material impact on the Company's consolidated financial statements. Codification Improvements In April 2019, the FASB issued ASU No. 2019-04, “Codification Improvements to Topic 326, Financial Instruments-Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments." The FASB has continued to issue various updates to clarify and improve specific areas of ASU No. 2016-01, ASU No. 2016-13, and ASU No. 2017-12. Amendments related to ASU No. 2016-01 are effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years, and can be early adopted, under a modified retrospective approach, since the Company has already adopted ASU No. 2016-01. Since the Company has not yet adopted ASU No. 2016-13, the effective dates and transition requirements for the amendments related to ASU No. 2019-04 are the same as the effective dates and transition requirements in ASU No. 2016-13 described above. Amendments related to ASU No. 2017-12 are effective as of the beginning of the first annual period beginning after the issuance date of ASU No. 2019-04 and can be early adopted since the Company has already adopted ASU No. 2017-12. The Company does not expect this guidance to have a material impact on the Company's consolidated financial statements. Income Taxes In December 2019, the FASB issued ASU No. 2019-12, "Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes," to simplify the accounting for income taxes by removing certain exceptions to the general principles of ASC 740, "Income Taxes". The guidance also improves consistent application by clarifying and amending existing guidance from ASC 740. This guidance is effective for fiscal years beginning after December 15, 2020, including interim periods therein and is to be applied on a retrospective, modified retrospective or prospective approach, depending on the specific amendment. Early adoption is permitted. 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, 2019 | |
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, 2019 and 2018 is as follows: December 31, 2019 December 31, 2018 (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 $ 120,275 $ 813 $ — $ 121,088 $ 126,199 $ 391 $ (186 ) $ 126,404 U.S. Government agencies 365,639 3,557 (3,754 ) 365,442 139,420 917 (30 ) 140,307 Municipal 141,701 3,785 (168 ) 145,318 136,831 2,427 (768 ) 138,490 Corporate notes: Financial issuers 97,051 761 (4,002 ) 93,810 97,079 35 (7,069 ) 90,045 Other 1,000 31 — 1,031 1,000 — — 1,000 Mortgage-backed: (1) Mortgage-backed securities 2,328,383 21,240 (3,013 ) 2,346,610 1,641,146 2,510 (57,317 ) 1,586,339 Collateralized mortgage obligations 32,775 280 (140 ) 32,915 43,819 500 (823 ) 43,496 Total available-for-sale securities $ 3,086,824 $ 30,467 $ (11,077 ) $ 3,106,214 $ 2,185,494 $ 6,780 $ (66,193 ) $ 2,126,081 Held-to-maturity securities U.S. Government agencies $ 902,974 $ 2,159 $ (5,460 ) $ 899,673 $ 814,864 $ 1,141 $ (28,576 ) $ 787,429 Municipal 231,426 7,536 (239 ) 238,723 252,575 1,100 (5,008 ) 248,667 Total held-to-maturity securities $ 1,134,400 $ 9,695 $ (5,699 ) $ 1,138,396 $ 1,067,439 $ 2,241 $ (33,584 ) $ 1,036,096 Equity securities with readily determinable fair value $ 48,044 $ 3,511 $ (715 ) $ 50,840 $ 34,410 $ 1,532 $ (1,225 ) $ 34,717 (1) Consisting entirely of residential mortgage-backed securities, none of which are subprime. Equity securities without readily determinable fair values totaled $29.5 million as of December 31, 2019. Equity securities without readily determinable fair values are included as part of accrued interest receivable and other assets in the Company's Consolidated Statements of Condition. The Company recorded $505,000 of upward adjustments and $106,000 of downward adjustments on such securities in 2019 related to observable price changes in orderly transactions for the identical or a similar investment of the same issuer. The Company monitors its equity investments without a readily determinable fair values to identify potential transactions that may indicate an observable price change requiring adjustment to its carrying amount. The following tables present 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, 2019 and 2018, respectively: As of December 31, 2019 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 $ — $ — $ — $ — $ — $ — U.S. Government agencies 193,533 (3,754 ) — — 193,533 (3,754 ) Municipal 28,246 (165 ) 52 (3 ) 28,298 (168 ) Corporate notes: Financial issuers 67,838 (3,760 ) 2,758 (242 ) 70,596 (4,002 ) Other — — — — — — Mortgage-backed: Mortgage-backed securities 751,053 (3,013 ) — — 751,053 (3,013 ) Collateralized mortgage obligations 9,419 (132 ) 1,305 (8 ) 10,724 (140 ) Total available-for-sale securities $ 1,050,089 $ (10,824 ) $ 4,115 $ (253 ) $ 1,054,204 $ (11,077 ) Held-to-maturity securities U.S. Government agencies $ 40,144 $ (5,460 ) $ — $ — $ 40,144 $ (5,460 ) Municipal 9,797 (239 ) — — 9,797 (239 ) Total held-to-maturity securities $ 49,941 $ (5,699 ) $ — $ — $ 49,941 $ (5,699 ) As of December 31, 2018 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 $ 5,485 $ (5 ) $ 24,829 $ (181 ) $ 30,314 $ (186 ) U.S. Government agencies — — 11,167 (30 ) 11,167 (30 ) Municipal 10,676 (178 ) 22,147 (590 ) 32,823 (768 ) Corporate notes: Financial issuers 37,076 (2,921 ) 42,934 (4,148 ) 80,010 (7,069 ) Other — — — — — — Mortgage-backed: Mortgage-backed securities 114,958 (124 ) 1,340,916 (57,193 ) 1,455,874 (57,317 ) Collateralized mortgage obligations 510 (1 ) 34,255 (822 ) 34,765 (823 ) Total available-for-sale securities $ 168,705 $ (3,229 ) $ 1,476,248 $ (62,964 ) $ 1,644,953 $ (66,193 ) Held-to-maturity securities U.S. Government agencies $ — $ — $ 601,238 $ (28,576 ) $ 601,238 $ (28,576 ) Municipal 38,239 (637 ) 158,302 (4,371 ) 196,541 (5,008 ) Total held-to-maturity securities $ 38,239 $ (637 ) $ 759,540 $ (32,947 ) $ 797,779 $ (33,584 ) 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, 2019 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 corporate notes, collateralized mortgage-backed securities, and municipal 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) 2019 2018 2017 Realized gains on investment securities $ 931 $ 1,144 $ 147 Realized losses on investment securities (32 ) (1,111 ) (102 ) Net realized gains on investment securities 899 $ 33 $ 45 Unrealized gains on equity securities with readily determinable fair value 3,057 2,771 — Unrealized losses on equity securities with readily determinable fair value (568 ) (4,910 ) — Net unrealized gains (losses) on equity securities with readily determinable fair value 2,489 (2,139 ) — Upward adjustments of equity securities without readily determinable fair values 505 325 — Downward adjustments of equity securities without readily determinable fair values (106 ) — — Impairment of equity securities without readily determinable fair values (262 ) (1,117 ) — Adjustment and impairment, net, of equity securities without readily determinable fair values 137 (792 ) — Other than temporary impairment charges — — — Gains (losses) on investment securities, net 3,525 (2,898 ) 45 Proceeds from sales of available-for-sale securities 972,253 214,196 344,674 Proceeds from sales of equity securities with readily determinable fair value 19,200 1,895 — Proceeds from sales and capital distributions of equity securities without readily determinable fair value 1,764 1,324 — During the year ended December 31, 2019, the Company recorded $262,000 of impairment of equity securities without readily determinable fair values. The Company conducts a quarterly assessment of its equity securities without readily determinable fair values to determine whether impairment exists in such equity securities, considering, among other factors, the nature of the securities, financial condition of the issuer and expected future cash flows. Net losses/gains on investment securities resulted in income tax expense (benefit) of $913,000 , ($737,000) and $18,000 in 2019 , 2018 and 2017 , respectively. The amortized cost and fair value of securities as of December 31, 2019 and December 31, 2018 , 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, 2019 December 31, 2018 (Dollars in thousands) Amortized Cost Fair Value Amortized Cost Fair Value Available-for-sale securities Due in one year or less $ 183,996 $ 185,035 $ 82,206 $ 82,153 Due in one to five years 62,679 64,064 168,855 169,307 Due in five to ten years 186,683 184,666 121,129 115,206 Due after ten years 292,308 292,924 128,339 129,580 Mortgage-backed 2,361,158 2,379,525 1,684,965 1,629,835 Total available-for-sale securities $ 3,086,824 $ 3,106,214 $ 2,185,494 $ 2,126,081 Held-to-maturity securities Due in one year or less $ 6,061 $ 6,074 $ 10,009 $ 9,979 Due in one to five years 28,697 28,986 29,436 28,995 Due in five to ten years 213,104 216,957 295,897 290,206 Due after ten years 886,538 886,379 732,097 706,916 Total held-to-maturity securities $ 1,134,400 $ 1,138,396 $ 1,067,439 $ 1,036,096 At December 31, 2019 and December 31, 2018 , securities having a carrying value of $1.7 billion , were pledged as collateral for public deposits, trust deposits, FHLB advances, securities sold under repurchase agreements and derivatives. At December 31, 2019 , 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, 2019 | |
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, 2019 December 31, 2018 Balance: Commercial $ 8,285,920 $ 7,828,538 Commercial real estate 8,020,276 6,933,252 Home equity 513,066 552,343 Residential real estate 1,354,221 1,002,464 Premium finance receivables—commercial 3,442,027 2,841,659 Premium finance receivables—life insurance 5,074,602 4,541,794 Consumer and other 110,178 120,641 Total loans, net of unearned income $ 26,800,290 $ 23,820,691 Mix: Commercial 31 % 33 % Commercial real estate 30 29 Home equity 2 2 Residential real estate 5 4 Premium finance receivables—commercial 13 12 Premium finance receivables—life insurance 19 19 Consumer and other — 1 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 $118.4 million and $112.9 million at December 31, 2019 and 2018 , respectively. Total loans, excluding PCI loans, include net deferred loan fees and costs and fair value purchase accounting adjustments totaling $9.1 million and $4.5 million at December 31, 2019 and 2018 , 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, commercial, consumer, and home equity loans with balances totaling approximately $6.8 billion and $6.1 billion at December 31, 2019 and 2018, respectively, were pledged as collateral to secure the availability of borrowings from certain federal agency banks. At December 31, 2019, approximately $6.4 billion of these pledged loans are included in a blanket pledge of qualifying loans to the FHLB. The remaining $359.3 million of pledged loans was used to secure potential borrowings at the FRB discount window. At December 31, 2019 and 2018 , the banks had outstanding borrowings of $674.9 million and $426.3 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, 2019 December 31, 2018 (Dollars in thousands) Unpaid Principal Balance Carrying Value Unpaid Principal Balance Carrying Value PCI loans $ 455,784 $ 425,372 $ 341,555 $ 318,394 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, 2019. The following table provides estimated details as of the date of acquisition on loans acquired in 2019 with evidence of credit quality deterioration since origination: (Dollars in thousands) ROC STC SBC Contractually required payments including interest $ 29,963 $ 54,422 $ 140,541 Less: Nonaccretable difference 2,606 5,066 7,604 Cash flows expected to be collected (1) $ 27,357 $ 49,356 $ 132,937 Less: Accretable yield 2,319 5,974 8,477 Fair value of PCI loans acquired $ 25,038 $ 43,382 $ 124,460 (1) Represents undiscounted expected principal and interest cash at acquisition. 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) 2019 2018 Accretable yield, beginning balance $ 34,876 $ 36,565 Acquisitions 16,770 6,175 Accretable yield amortized to interest income (18,226 ) (16,711 ) Reclassification from non-accretable difference (1) 5,516 4,835 Increases in interest cash flows due to payments and changes in interest rates 6,012 4,012 Accretable yield, ending balance $ 44,948 $ 34,876 (1) Reclassification is the result of subsequent increases in expected principal cash flows. Accretion to interest income accounted for under ASC 310-30 totaled $18.2 million and $16.7 million in 2019 and 2018, respectively. These amounts include accretion and are included together within interest and fees on loans in the Consolidated Statements of Income. |
Allowance for Loan Losses, Allo
Allowance for Loan Losses, Allowance for Losses on Lending-Related Commitments and Impaired Loans | 12 Months Ended |
Dec. 31, 2019 | |
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, 2019 and 2018 : As of December 31, 2019 (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 $ 33,983 $ — $ 1,647 $ 48,840 $ 5,075,335 $ 5,159,805 Franchise 2,391 — — 216 934,875 937,482 Mortgage warehouse lines of credit — — — 4,189 288,592 292,781 Asset-based lending 128 — 956 5,769 982,165 989,018 Leases 722 — 249 10,996 866,561 878,528 PCI - commercial (1) — 1,855 423 7,314 18,714 28,306 Total commercial $ 37,224 $ 1,855 $ 3,275 $ 77,324 $ 8,166,242 $ 8,285,920 Commercial real estate: Construction 1,030 — 1,499 16,656 1,004,115 1,023,300 Land 1,082 — — 11,393 165,008 177,483 Office 8,034 — 3,692 6,127 1,026,916 1,044,769 Industrial 99 — 1,660 10,203 1,020,904 1,032,866 Retail 6,789 — 6,168 3,546 1,081,427 1,097,930 Multi-family 913 — 731 3,088 1,306,810 1,311,542 Mixed use and other 8,166 — 9,823 15,429 2,061,528 2,094,946 PCI - commercial real estate (1) — 14,946 7,973 31,125 183,396 237,440 Total commercial real estate $ 26,113 $ 14,946 $ 31,546 $ 97,567 $ 7,850,104 $ 8,020,276 Home equity 7,363 — 454 3,533 501,716 513,066 Residential real estate, including PCI 13,797 5,771 3,089 18,041 1,313,523 1,354,221 Premium finance receivables Commercial insurance loans 20,590 11,517 12,119 18,783 3,379,018 3,442,027 Life insurance loans 590 — — 32,559 4,902,171 4,935,320 PCI - life insurance loans (1) — — — — 139,282 139,282 Consumer and other, including PCI 231 287 40 344 109,276 110,178 Total loans, net of unearned income $ 105,908 $ 34,376 $ 50,523 $ 248,151 $ 26,361,332 $ 26,800,290 (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, 2018 (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 $ 34,298 $ — $ 1,451 $ 21,618 $ 5,062,729 $ 5,120,096 Franchise 16,051 — — 8,738 924,190 948,979 Mortgage warehouse lines of credit — — — — 144,199 144,199 Asset-based lending 635 — 200 3,156 1,022,065 1,026,056 Leases — — — 1,250 564,430 565,680 PCI - commercial (1) — 3,313 — 99 20,116 23,528 Total commercial $ 50,984 $ 3,313 $ 1,651 $ 34,861 $ 7,737,729 $ 7,828,538 Commercial real estate Construction $ 1,554 $ — $ — $ 9,424 $ 749,846 $ 760,824 Land 107 — 170 107 141,097 141,481 Office 3,629 — 877 5,077 929,739 939,322 Industrial 285 — — 16,596 885,367 902,248 Retail 10,753 — 1,890 1,729 878,106 892,478 Multi-family 311 — 77 5,575 970,597 976,560 Mixed use and other 2,490 — 1,617 8,983 2,192,105 2,205,195 PCI - commercial real estate (1) — 6,241 6,195 4,075 98,633 115,144 Total commercial real estate $ 19,129 $ 6,241 $ 10,826 $ 51,566 $ 6,845,490 $ 6,933,252 Home equity 7,147 — 131 3,105 541,960 552,343 Residential real estate, including PCI 16,383 1,292 1,692 6,171 976,926 1,002,464 Premium finance receivables Commercial insurance loans 11,335 7,799 11,382 15,085 2,796,058 2,841,659 Life insurance loans — — 8,407 24,628 4,340,856 4,373,891 PCI - life insurance loans (1) — — — — 167,903 167,903 Consumer and other, including PCI 348 227 87 733 119,246 120,641 Total loans, net of unearned income $ 105,326 $ 18,872 $ 34,176 $ 136,149 $ 23,526,168 $ 23,820,691 (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 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 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, per the most recent analysis at December 31, 2019 and 2018 : Performing Non-performing Total December 31, December 31, December 31, December 31, December 31, December 31, (Dollars in thousands) 2019 2018 2019 2018 2019 2018 Loan Balances: Commercial Commercial, industrial and other $ 5,125,822 $ 5,085,798 $ 33,983 $ 34,298 $ 5,159,805 $ 5,120,096 Franchise 935,091 932,928 2,391 16,051 937,482 948,979 Mortgage warehouse lines of credit 292,781 144,199 — — 292,781 144,199 Asset-based lending 988,890 1,025,421 128 635 989,018 1,026,056 Leases 877,806 565,680 722 — 878,528 565,680 PCI - commercial (1) 28,306 23,528 — — 28,306 23,528 Total commercial $ 8,248,696 $ 7,777,554 $ 37,224 $ 50,984 $ 8,285,920 $ 7,828,538 Commercial real estate Construction 1,022,270 759,270 1,030 1,554 1,023,300 760,824 Land 176,401 141,374 1,082 107 177,483 141,481 Office 1,036,735 935,693 8,034 3,629 1,044,769 939,322 Industrial 1,032,767 901,963 99 285 1,032,866 902,248 Retail 1,091,141 881,725 6,789 10,753 1,097,930 892,478 Multi-family 1,310,629 976,249 913 311 1,311,542 976,560 Mixed use and other 2,086,780 2,202,705 8,166 2,490 2,094,946 2,205,195 PCI - commercial real estate (1) 237,440 115,144 — — 237,440 115,144 Total commercial real estate $ 7,994,163 $ 6,914,123 $ 26,113 $ 19,129 $ 8,020,276 $ 6,933,252 Home equity 505,703 545,196 7,363 7,147 513,066 552,343 Residential real estate, including PCI 1,340,424 986,081 13,797 16,383 1,354,221 1,002,464 Premium finance receivables Commercial insurance loans 3,409,920 2,822,525 32,107 19,134 3,442,027 2,841,659 Life insurance loans 4,934,730 4,373,891 590 — 4,935,320 4,373,891 PCI - life insurance loans (1) 139,282 167,903 — — 139,282 167,903 Consumer and other, including PCI 109,784 120,184 394 457 110,178 120,641 Total loans, net of unearned income $ 26,682,702 $ 23,707,457 $ 117,588 $ 113,234 $ 26,800,290 $ 23,820,691 (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 for the years ended December 31, 2019 and 2018 is as follows: Year Ended December 31, 2019 (Dollars in thousands) Commercial Commercial Real Estate Home Equity Residential Real Estate Premium Finance Receivable Consumer and Other Total Loans Allowance for credit losses Allowance for loan losses at beginning of period $ 67,826 $ 60,267 $ 8,507 $ 7,194 $ 7,715 $ 1,261 $ 152,770 Other adjustments — (35 ) (20 ) (15 ) 49 — (21 ) Reclassification to/from allowance for unfunded lending-related commitments — (238 ) — — — — (238 ) Charge-offs (35,880 ) (5,402 ) (3,702 ) (798 ) (12,902 ) (522 ) (59,206 ) Recoveries 2,845 2,516 479 422 3,203 194 9,659 Provision for credit losses 30,129 9,770 (1,386 ) 2,997 11,582 772 53,864 Allowance for loan losses at period end $ 64,920 $ 66,878 $ 3,878 $ 9,800 $ 9,647 $ 1,705 156,828 Allowance for unfunded lending-related commitments at period end — 1,633 — — — — 1,633 Allowance for credit losses at period end $ 64,920 $ 68,511 $ 3,878 $ 9,800 $ 9,647 $ 1,705 $ 158,461 By measurement method: Individually evaluated for impairment 5,719 5,638 450 387 — 142 12,336 Collectively evaluated for impairment 59,171 62,759 3,428 9,386 9,647 1,563 145,954 Loans acquired with deteriorated credit quality 30 114 — 27 — — 171 Loans at period end: Individually evaluated for impairment $ 42,130 $ 35,867 $ 19,108 $ 22,528 $ — $ 412 $ 120,045 Collectively evaluated for impairment 8,215,484 7,746,969 493,958 1,313,565 8,377,347 107,550 26,254,873 Loans acquired with deteriorated credit quality 28,306 237,440 — 18,128 139,282 2,216 425,372 Loans held at fair value — — — 132,718 — — 132,718 Year Ended December 31, 2018 (Dollars in thousands) Commercial Commercial Real Estate Home Equity Residential Real Estate Premium Finance Receivable Consumer and Other Total Loans Allowance for credit losses Allowance for loan losses at beginning of period $ 57,811 $ 55,227 $ 10,493 $ 6,688 $ 6,846 $ 840 $ 137,905 Other adjustments (3 ) (85 ) (5 ) (25 ) (63 ) — (181 ) Reclassification to/from allowance for unfunded lending-related commitments — (126 ) — — — — (126 ) Charge-offs (14,532 ) (1,395 ) (2,245 ) (1,355 ) (12,228 ) (880 ) (32,635 ) Recoveries 1,457 5,631 541 2,075 3,069 202 12,975 Provision for credit losses 23,093 1,015 (277 ) (189 ) 10,091 1,099 34,832 Allowance for loan losses at period end $ 67,826 $ 60,267 $ 8,507 $ 7,194 $ 7,715 $ 1,261 $ 152,770 Allowance for unfunded lending-related commitments at period end — 1,394 — — — — 1,394 Allowance for credit losses at period end $ 67,826 $ 61,661 $ 8,507 $ 7,194 $ 7,715 $ 1,261 $ 154,164 By measurement method: Individually evaluated for impairment 6,558 4,287 282 204 — 116 11,447 Collectively evaluated for impairment 60,749 57,329 8,225 6,894 7,715 1,145 142,057 Loans acquired with deteriorated credit quality 519 45 — 96 — — 660 Loans at period end: Individually evaluated for impairment $ 59,529 $ 33,274 $ 12,255 $ 22,064 $ — $ 397 $ 127,519 Collectively evaluated for impairment 7,745,482 6,784,834 540,088 877,526 7,215,550 117,441 23,280,921 Loans acquired with deteriorated credit quality 23,527 115,144 — 9,017 167,903 2,803 318,394 Loan held at fair value — — — 93,857 — — 93,857 Impaired Loans A summary of impaired loans, including TDRs, at December 31, 2019 and 2018 is as follows: (Dollars in thousands) 2019 2018 Impaired loans (included in non-performing and restructured loans): Impaired loans with an allowance for loan loss required (1) $ 62,886 $ 60,219 Impaired loans with no allowance for loan loss required 57,159 67,050 Total impaired loans (2) $ 120,045 $ 127,269 Allowance for loan losses related to impaired loans $ 12,336 $ 11,437 TDRs 63,836 66,102 Reduction of interest income from non-accrual loans 5,202 3,422 Interest income recognized on impaired loans 9,383 7,347 (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, 2019 and 2018 : As of For the Year Ended December 31, 2019 (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 $ 23,821 $ 29,713 $ 5,593 $ 30,125 $ 2,450 Franchise — — — — — Asset-based lending 130 130 1 130 8 Leases 2,038 2,038 125 2,196 106 Commercial real estate Construction — — — — — Land 88 88 7 93 7 Office 7,475 7,759 3,305 7,542 356 Industrial — — — — — Retail 4,993 4,993 26 5,058 229 Multi-family 1,158 1,158 22 1,174 52 Mixed use and other 7,538 7,592 2,278 7,603 357 Home equity 8,650 9,157 450 8,746 337 Residential real estate 6,816 6,936 387 6,889 224 Consumer and other 179 198 142 186 13 Impaired loans with no related ASC 310 allowance recorded Commercial Commercial, industrial and other $ 12,756 $ 17,124 $ — $ 21,850 $ 1,469 Franchise 2,391 8,845 — 9,621 855 Asset-based lending 128 1,385 — 4,876 273 Leases 866 903 — 980 58 Commercial real estate Construction 1,030 1,554 — 1,117 84 Land 994 1,303 — 1,137 70 Office 559 645 — 1,072 59 Industrial 99 209 — 116 12 Retail 6,789 10,010 — 7,340 535 Multi-family 913 1,024 — 1,166 56 Mixed use and other 4,231 4,500 — 4,355 260 Home equity 10,458 13,265 — 11,955 666 Residential real estate 15,712 18,227 — 16,176 827 Consumer and other 233 388 — 258 20 Total loans, net of unearned income $ 120,045 $ 149,144 $ 12,336 $ 151,761 $ 9,383 As of For the Year Ended December 31, 2018 (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 $ 16,703 $ 17,029 $ 4,866 $ 17,868 $ 1,181 Franchise 16,021 16,256 1,375 16,221 909 Asset-based lending 557 557 317 689 50 Leases 1,730 1,730 — 1,812 91 Commercial real estate Construction 1,554 1,554 550 1,554 76 Land — — — — — Office 573 638 21 587 25 Industrial — — — — — Retail 14,633 14,633 3,413 14,694 676 Multi-family — — — — — Mixed use and other 1,188 1,221 293 1,354 66 Home equity 3,133 3,470 282 3,165 131 Residential real estate 4,011 4,263 204 4,056 159 Consumer and other 116 129 116 119 7 Impaired loans with no related ASC 310 allowance recorded Commercial Commercial, industrial and other $ 18,314 $ 21,501 $ — $ 20,547 $ 1,143 Franchise 5,152 5,154 — 5,320 403 Asset-based lending 207 601 — 569 51 Leases 845 879 — 936 56 Commercial real estate Construction 1,117 1,117 — 1,218 52 Land 3,396 3,491 — 3,751 198 Office 3,629 3,642 — 3,651 184 Industrial 322 450 — 363 30 Retail 1,592 1,945 — 1,699 110 Multi-family 1,498 1,595 — 1,529 55 Mixed use and other 3,522 3,836 — 3,611 227 Home equity 9,122 12,383 — 9,323 564 Residential real estate 18,053 20,765 — 18,552 883 Consumer and other 281 407 — 293 20 Total loans, net of unearned income $ 127,269 $ 139,246 $ 11,437 $ 133,481 $ 7,347 Average recorded investment in impaired loans for the years ended December 31, 2019 , 2018 , and 2017 were $151.8 million , $133.5 million , and $115.3 million , respectively. Interest income recognized on impaired loans was $ 9.4 million , $7.3 million and $6.3 million for the years ended December 31, 2019 , 2018 , and 2017 , respectively. TDRs At December 31, 2019 , the Company had $63.8 million in loans modified in TDRs. The $63.8 million in TDRs represents 255 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, 2019 and approximately $5.7 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, 2019 and 2018 , the Company recorded $66,000 and $113,000 , 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, 2019 , the Company had $1.8 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 $13.5 million and $14.4 million at December 31, 2019 and 2018, respectively. The tables below present a summary of the post-modification balance of loans restructured during the years ended December 31, 2019 , 2018 , and 2017 , which represent TDRs: Year ended December 31, 2019 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 23 $ 26,265 11 $ 6,917 2 $ 605 13 $ 20,872 — $ — Franchise — — — — — — — — — — Asset-based lending 1 76 1 76 — — — — — — Leases — — — — — — — — — — Commercial real estate Office 2 5,382 2 5,382 — — 1 5,070 — — Industrial — — — — — — — — — — Mixed use and other 5 1,636 3 1,083 — — 2 423 — — Residential real estate and other 145 20,206 117 17,258 28 5,415 1 311 — — Total loans 176 $ 53,565 134 $ 30,716 30 $ 6,020 17 $ 26,676 — $ — Year ended December 31, 2018 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 4 $ 13,441 3 $ 691 — $ — 1 $ 12,750 — $ — Franchise 3 5,157 1 35 — — 2 5,122 — — Asset-based lending 1 130 1 130 — — — — — — Leases 1 239 1 239 — — — — — — Commercial real estate Office 1 59 1 59 — — — — — — Industrial — — — — — — — — — — Mixed use and other 2 455 2 455 1 85 — — — — Residential real estate and other 59 9,762 58 9,523 27 2,789 — — 1 239 Total loans 71 $ 29,243 67 $ 11,132 28 $ 2,874 3 $ 17,872 1 $ 239 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 — — Asset-based lending — — — — — — — — — — 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 (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, 2019 , $53.6 million , or 176 loans, were determined to be TDRs, compared to $29.2 million , or 71 loans, and $24.3 million , or 21 loans, in the years ended 2018 and 2017 , respectively. Of these loans extended at below market terms, the weighted average extension had a term of approximately 18 months in 2019 compared to 48 months in 2018 and 35 months in 2017 . Further, the weighted average decrease in the stated interest rate for loans with a reduction of interest rate during the period was approximately 218 basis points, 172 basis points and 485 basis points during the years ended December 31, 2019 , 2018 , and 2017 , respectively. Interest-only payment terms were approximately five months during the year ended 2019 compared to seven months and 11 months for the years ended 2018 and 2017 , respectively. Additionally, no principal balances were forgiven on the loans noted above in 2019 compared to $8,000 of principal balance forgiven during 2018 and $73,000 of principal balance forgiven during 2017 . The tables below present a summary of all loans restructured in TDRs during the years ended December 31, 2019 , 2018 , and 2017 , and such loans which were in payment default under the restructured terms during the respective periods: Year Ended December 31, 2019 Year Ended December 31, 2018 Year Ended December 31, 2017 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 23 $ 26,265 11 $ 22,499 4 $ 13,441 2 $ 174 5 $ 3,775 4 $ 3,681 Franchise — — — — 3 5,157 2 5,122 3 16,256 — — Asset-based lending 1 76 1 76 1 130 — — — — — — Leases — — — — 1 239 — — — — — — Commercial real-estate Office 2 5,382 1 312 1 59 — — — — — — Industrial — — — — — — — — — — — — Mixed use and other 5 1,636 2 553 2 455 2 455 1 1,245 1 1,245 Residential real estate and other 145 20,206 12 5,126 59 9,762 9 1,957 12 3,049 3 2,052 Total loans 176 $ 53,565 27 $ 28,566 71 $ 29,243 15 $ 7,708 21 24,325 8 6,978 (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 (MSRs
Mortgage Servicing Rights (MSRs) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosures Pertaining to Servicing Assets and Servicing Liabilities [Abstract] | |
Mortgage Servicing Rights (MSRs) | 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, 2019 , 2018 and 2017 : December 31, December 31, December 31, (Dollars in thousands) 2019 2018 2017 Balance at beginning of year $ 75,183 $ 33,676 $ 19,103 Additions from loans sold with servicing retained 44,943 33,071 18,341 Additions from acquisitions 408 13,806 — Estimate of changes in fair value due to: Payoffs and paydowns (20,118 ) (5,039 ) (2,595 ) Changes in valuation inputs or assumptions (14,778 ) (331 ) (1,173 ) Fair value at end of year $ 85,638 $ 75,183 $ 33,676 Unpaid principal balance of mortgage loans serviced for others $ 8,243,251 $ 6,545,870 $ 2,929,133 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 did not specifically hedge the value of its MSRs in 2018 or 2017. Starting in 2019, the Company periodically purchased options for the right to purchase securities not currently held within the banks' investment portfolio and entered into interest rate swaps in which the Company elected to not designate such derivatives as hedging instruments. These option and swap transactions are designed primarily to economically hedge a portion of the fair value adjustments related to MSRs. For more information regarding such economic hedges in 2019, see Note 21, "Derivative Financial Instruments" in Item 8 of this report. |
Business Combinations and Asset
Business Combinations and Asset Acquisitions | 12 Months Ended |
Dec. 31, 2019 | |
Business Combinations And Asset Acquisitions [Abstract] | |
Business Combinations and Asset Acquisitions | Business Combinations and Asset Acquisitions Bank Acquisitions On November 1, 2019, the Company completed its acquisition of SBC. SBC was the parent company of Countryside Bank. Through this business combination, the Company acquired Countryside Bank's six banking offices located in Countryside, Burbank, Darien, Homer Glen, Oak Brook and Chicago, Illinois. As of the acquisition date, the Company acquired approximately $619.8 million in assets, including approximately $423.0 million in loans, and approximately $507.8 million in deposits. The Company recorded goodwill of approximately $40.3 million related to the acquisition. On October 7, 2019, the Company completed its acquisition of STC. STC was the parent company of STC Capital Bank. Through this business combination, the Company acquired STC Capital Bank's five banking offices located in the communities of St. Charles, Geneva and South Elgin, Illinois. As of the acquisition date, the Company acquired approximately $250.1 million in assets, including approximately $174.3 million in loans, and approximately $201.2 million in deposits. The Company recorded goodwill of approximately $19.1 million related to the acquisition. On May 24, 2019, the Company completed its acquisition of ROC. ROC was the parent company of Oak Bank. Through this business combination, the Company acquired Oak Bank's one banking location in Chicago, Illinois. As of the acquisition date, the Company acquired approximately $223.4 million in assets, including approximately $124.7 million in loans, and approximately $161.2 million in deposits. The Company recorded goodwill of approximately $11.7 million related to the acquisition. On December 7, 2018, the Company completed its acquisition of certain assets and the assumption of certain liabilities of AEB. Through this asset acquisition, the Company acquired approximately $164.0 million in assets, including approximately $119.3 million in loans, and approximately $150.8 million in deposits. On August 1, 2018, the Company completed its acquisition of CSC. CSC was the parent company of Delaware Place Bank. Through this business combination, the Company acquired Delaware Place Bank's one banking location in Chicago, Illinois. As of the acquisition date, the Company acquired approximately $282.8 million in assets, including approximately $152.7 million in loans, and approximately $213.1 million in deposits. Additionally, the Company recorded goodwill of approximately $26.6 million related to the acquisition. Wealth Management Acquisitions On December 14, 2018, the Company acquired Elektra, the parent company of CDEC. CDEC is a provider of Qualified Intermediary services (as defined by U.S. Treasury regulations) for taxpayers seeking to structure tax-deferred like-kind exchanges under Internal Revenue Code Section 1031. CDEC has successfully facilitated more than 8,000 like-kind exchanges in the past decade for taxpayers nationwide. These transactions typically generate customer deposits during the period following the sale of the property until such proceeds are used to purchase a replacement property. The Company recorded goodwill of approximately $37.3 million related to the acquisition. Mortgage Banking Acquisitions On January 4, 2018, the Company acquired Veterans First with assets including mortgage-servicing-rights on approximately 10,000 loans, totaling an estimated $1.6 billion in unpaid principal balance. The Company recorded goodwill of approximately $9.1 million related to the acquisition. On February 14, 2017, the Company acquired certain assets and assumed certain liabilities of the mortgage banking business of AHM. The Company recorded goodwill of approximately $1.0 million related to 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, 2019 | |
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, 2019 Community banking $ 465,085 $ 71,189 $ — $ 122 $ 536,396 Specialty finance 38,343 — — 1,108 39,451 Wealth management 69,713 — — (340 ) 69,373 Total $ 573,141 $ 71,189 $ — $ 890 $ 645,220 The community banking segment's goodwill increased $71.3 million in 2019 as a result of the acquisition of SBC, STC and ROC. The specialty finance segment's goodwill increased $1.1 million in 2019 as a result of foreign currency translation adjustments related to the Canadian acquisitions. The wealth management segment's goodwill decreased in 2019 as a result of the subsequent measurement period adjustments related to the acquisition of CDEC. The Company assesses each reporting unit’s goodwill for impairment on at least an annual basis and considers potential indicators of impairment at each reporting date between annual goodwill impairment tests. Annual goodwill impairment tests were historically performed as of June 30 for the Company’s community banking reporting unit and as of December 31 for the Company’s specialty finance and wealth management reporting units. At June 30, 2019, the Company utilized a qualitative approach for its annual goodwill impairment test of the community banking reporting unit and determined that it was not more likely than not that an impairment existed at that time. During the fourth quarter of 2019, the Company voluntarily changed the dates of its annual goodwill impairment tests to October 1 for all reporting units on a prospective basis. The change was made to more closely align the impairment testing dates with the timing of the Company’s long-term planning and forecasting process. At October 1, 2019, the Company utilized a quantitative approach for its annual goodwill impairment tests of the specialty finance and wealth management reporting units and determined that no impairment existed at that time. To ensure no more than 12 months elapsed between impairment tests, the Company utilized a qualitative approach as of October 1, 2019 for its goodwill impairment test of the community banking reporting unit and determined that it was not more likely than not that an impairment existed at that time. As of December 31, 2019, the Company identified no indicators of goodwill impairment within the community banking, specialty finance or wealth management reporting units. A summary of finite-lived intangible assets as of the dates shown and the expected amortization as of December 31, 2019 is as follows: December 31, (Dollars in thousands) 2019 2018 Community banking segment: Core deposit and other intangibles: Gross carrying amount $ 55,206 $ 55,366 Accumulated amortization (26,326 ) (29,406 ) Net carrying amount $ 28,880 $ 25,960 Trademark with indefinite lives: Carrying amount 5,800 5,800 Total net carrying amount $ 34,680 $ 31,760 Specialty finance segment: Customer list intangibles: Gross carrying amount $ 1,965 $ 1,958 Accumulated amortization (1,552 ) (1,436 ) Net carrying amount $ 413 $ 522 Wealth management segment: Customer list and other intangibles: Gross carrying amount $ 20,430 $ 20,430 Accumulated amortization (8,466 ) (3,288 ) Net carrying amount $ 11,964 $ 17,142 Total intangible assets: Gross carrying amount $ 83,401 $ 83,554 Accumulated amortization (36,344 ) (34,130 ) Total other intangible assets, net $ 47,057 $ 49,424 Estimated amortization for the year-ended: 2020 $ 11,017 2021 7,692 2022 6,135 2023 4,670 2024 3,263 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 period of up to ten -years on a straight-line basis. Indefinite-lived intangible assets consist of certain trade and domain names recognized in connection with the Veterans First acquisition. As indefinite-lived intangible assets are not amortized, the Company assesses impairment on at least an annual basis. Total amortization expense associated with finite-lived intangibles in 2019 , 2018 and 2017 was $11.8 million , $4.6 million and $4.4 million , respectively. |
Premises and Equipment, Net
Premises and Equipment, Net | 12 Months Ended |
Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |
Premises and Equipment, Net | Premises and Equipment, Net A summary of premises and equipment at December 31, 2019 and 2018 is as follows: December 31, (Dollars in thousands) 2019 2018 Land $ 168,066 $ 164,232 Buildings and leasehold improvements 646,153 586,968 Furniture, equipment, and computer software 243,926 201,055 Construction in progress 25,940 16,179 $ 1,084,085 $ 968,434 Less: Accumulated depreciation and amortization 329,757 297,265 Total premises and equipment, net $ 754,328 $ 671,169 Depreciation and amortization expense related to premises and equipment totaled $38.0 million in 2019, $33.2 million in 2018 and $31.5 million in 2017 . |
Deposits
Deposits | 12 Months Ended |
Dec. 31, 2019 | |
Deposits [Abstract] | |
Deposits | Deposits The following is a summary of deposits at December 31, 2019 and 2018 : (Dollars in thousands) 2019 2018 Balance: Non-interest bearing $ 7,216,758 $ 6,569,880 NOW and interest bearing demand deposits 3,093,159 2,897,133 Wealth management deposits 3,123,063 2,996,764 Money market 7,854,189 5,704,866 Savings 3,196,698 2,665,194 Time certificates of deposit 5,623,271 5,260,841 Total deposits $ 30,107,138 $ 26,094,678 Mix: Non-interest bearing 24 % 25 % NOW and interest bearing demand deposits 10 11 Wealth management deposits 10 12 Money market 26 22 Savings 11 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 Wintrust Investments, CDEC, trust and asset management customers of the Company and brokerage customers from unaffiliated companies which have been placed into deposit accounts. The scheduled maturities of time certificates of deposit at December 31, 2019 and 2018 are as follows: (Dollars in thousands) 2019 2018 Due within one year $ 3,420,207 $ 3,213,010 Due in one to two years 2,024,189 1,251,446 Due in two to three years 114,103 710,836 Due in three to four years 37,743 47,979 Due in four to five years 26,239 37,563 Due after five years 790 7 Total time certificate of deposits $ 5,623,271 $ 5,260,841 The following table sets forth the scheduled maturities of time deposits in denominations of $100,000 or more at December 31, 2019 and 2018 : (Dollars in thousands) 2019 2018 Maturing within three months $ 756,974 $ 682,940 After three but within six months 893,023 667,079 After six but within 12 months 728,255 921,547 After 12 months 1,466,201 1,350,717 Total $ 3,844,453 $ 3,622,283 Time deposits in denominations of $250,000 or more were $1.7 billion and $1.6 billion at December 31, 2019 and 2018 , respectively. |
Federal Home Loan Bank Advances
Federal Home Loan Bank Advances | 12 Months Ended |
Dec. 31, 2019 | |
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, 2019 and 2018 , is as follows: (Dollars in thousands) 2019 2018 1.57% advance due June 2019 $ — $ 1,991 1.75% advance due June 2020 3,981 3,940 1.72% advance due June 2020 2,487 2,461 1.88% advance due June 2021 2,960 2,934 4.18% advance due February 2022 — 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 1.98% advance due January 2023 — 100,000 0.00% advance due April 2024 442 — 2.98% advance due August 2024 25,000 — 2.05% variable-rate advance due January 2028 100,000 100,000 0.41% advance due February 2029 440,000 — 1.36% advance due December 2029 100,000 — Total FHLB advances $ 674,870 $ 426,326 FHLB advances consist of obligations of the banks and are collateralized by qualifying commercial and 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 $2.9 billion at December 31, 2019 . 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. In 2019, the Company paid-off approximately $315.0 million of FHLB advances prior to the respective maturity date. Approximately $540.0 million of the FHLB advances outstanding at December 31, 2019 , have varying put or call dates ranging from February 2020 to December 2021. At December 31, 2019 , the weighted average contractual interest rate on FHLB advances was 0.91% |
Subordinated Notes
Subordinated Notes | 12 Months Ended |
Dec. 31, 2019 | |
Subordinated Borrowings [Abstract] | |
Subordinated Notes | Subordinated Notes At December 31, 2019 , the Company had outstanding subordinated notes totaling $436.1 million compared to $139.2 million at December 31, 2018 . In 2019, the Company issued $300.0 million of subordinated notes receiving $296.7 million in proceeds, net of underwriting discount. The notes have a stated interest rate of 4.85% and mature in June 2029. 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 2019 and 2014, the Company incurred costs totaling $3.3 million and $1.3 million , respectively. 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, 2019, the unamortized balances of costs for both issuances were approximately $3.9 million . 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, 2019 | |
Debt Disclosure [Abstract] | |
Other Borrowings | Other Borrowings The following is a summary of other borrowings at December 31, 2019 and 2018 : (Dollars in thousands) 2019 2018 Notes payable $ 123,090 $ 144,461 Short-term borrowings 20,520 50,593 Other 46,447 47,722 Secured borrowings 228,117 151,079 Total other borrowings $ 418,174 $ 393,855 Notes Payable On September 18, 2018, the Company established a $150.0 million term facility ("Term Facility"), which is part of a $200.0 million loan agreement ("Credit Agreement") with unaffiliated banks. The Credit Agreement consists of the Term Facility with an original outstanding balance of $150.0 million and a $50.0 million revolving credit facility ("Revolving Credit Facility"). At December 31, 2019, the Company had a notes payable balance of $123.1 million 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 September 18, 2018 and all such borrowings must be repaid by September 18, 2023. Beginning December 31, 2018, the Company is required to make quarterly payments of principal plus interest on the Term Facility. During 2019, the Company borrowed $35.0 million under the Revolving Credit Facility and paid-off such amount prior to December 31, 2019. At December 31, 2019, the Company had no outstanding balance under the Revolving Credit Facility, which matures September 15, 2020. Unamortized costs paid by the Company in relation to the issuance of the Revolving Credit Facility are classified in other assets on the Consolidated Statements of Condition. 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) 125 basis points (in the case of a borrowing under the Revolving Credit Facility) or 125 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, 2019, 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. In connection with the establishment of the Credit Agreement, all outstanding notes payable under a $150.0 million loan agreement with unaffiliated banks dated December 15, 2014 (as subsequently amended) were paid in full. This loan agreement consisted of a term facility with an original outstanding balance of $75.0 million and a $75.0 million revolving credit facility. Short-term Borrowings Short-term borrowings include securities sold under repurchase agreements and federal funds purchased. These borrowings totaled $20.5 million and $50.6 million at December 31, 2019 and 2018, respectively. At December 31, 2019 and 2018, securities sold under repurchase agreements represent $ 20.5 million and $50.6 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, 2019, the Company had pledged securities related to its customer balances in sweep accounts of $29.7 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. 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, 2019 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 Mortgage-backed securities $ 25,696 Held-to-maturity securities pledged U.S. Government agencies 4,000 Total collateral pledged $ 29,696 Excess collateral 9,176 Securities sold under repurchase agreements $ 20,520 Other Borrowings Other borrowings at December 31, 2019 and 2018 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. At December 31, 2019 , the Fixed-Rate Promissory Note had a balance of $46.4 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, 2019, the Company was in compliance with all such covenants. Secured Borrowings Secured borrowings at December 31, 2019 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, 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, 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 . In June 2018, the unrelated third party paid an additional C$20 million , which increased the total payments to C$190 million . The Receivables Purchase Agreement was again amended in February 2019, effectively extending the maturity date from December 16, 2019 to December 15, 2020. Additionally, in February 2019, the unrelated third party paid an additional C$20 million , which increased the total payments to C$210 million . In May 2019, the unrelated third party paid an additional C$70 million , which increased the total payments to C$280 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, 2019, the translated balance of the secured borrowing totaled $215.5 million compared to $139.3 million at December 31, 2018. Additionally, the interest rate under the Receivables Purchase Agreement at December 31, 2019 was 2.729% . The remaining $12.7 million |
Junior Subordinated Debentures
Junior Subordinated Debentures | 12 Months Ended |
Dec. 31, 2019 | |
Junior Subordinated Debenture Owed to Unconsolidated Subsidiary Trust [Abstract] | |
Junior Subordinated Debentures | Junior Subordinated Debentures As of December 31, 2019 , 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. 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 investment securities. The following table provides a summary of the Company’s junior subordinated debentures as of December 31, 2019 and 2018 . 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 12/31/2019 Maturity Date Earliest Redemption Date (Dollars in thousands) 2019 2018 Issue Date Wintrust Capital Trust III $ 774 $ 25,000 $ 25,774 $ 25,774 L+3.25 5.24 % 04/2003 04/2033 04/2008 Wintrust Statutory Trust IV 619 20,000 20,619 20,619 L+2.80 4.74 12/2003 12/2033 12/2008 Wintrust Statutory Trust V 1,238 40,000 41,238 41,238 L+2.60 4.54 05/2004 05/2034 06/2009 Wintrust Capital Trust VII 1,550 50,000 51,550 51,550 L+1.95 3.84 12/2004 03/2035 03/2010 Wintrust Capital Trust VIII 1,238 25,000 26,238 26,238 L+1.45 3.39 08/2005 09/2035 09/2010 Wintrust Capital Trust IX 1,547 50,000 51,547 51,547 L+1.63 3.52 09/2006 09/2036 09/2011 Northview Capital Trust I 186 6,000 6,186 6,186 L+3.00 4.91 08/2003 11/2033 08/2008 Town Bankshares Capital Trust I 186 6,000 6,186 6,186 L+3.00 4.91 08/2003 11/2033 08/2008 First Northwest Capital Trust I 155 5,000 5,155 5,155 L+3.00 4.94 05/2004 05/2034 05/2009 Suburban Illinois Capital Trust II 464 15,000 15,464 15,464 L+1.75 3.64 12/2006 12/2036 12/2011 Community Financial Shares Statutory Trust II 109 3,500 3,609 3,609 L+1.62 3.51 06/2007 09/2037 06/2012 Total $ 253,566 $ 253,566 4.12 % The junior subordinated debentures totaled $253.6 million at December 31, 2019 and 2018 . 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, 2019 , the weighted average contractual interest rate on the junior subordinated debentures was 4.12% . The Company entered into interest rate swaps with an aggregate notional value of $210.0 million to hedge the variable cash flows on certain junior subordinated debentures. The hedge-adjusted contractual interest rate on the junior subordinated debentures as of December 31, 2019, was 4.45% . 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. At December 31, 2019, the Company included $245.5 million of the junior subordinated debentures, net of common securities, in Tier 2 regulatory capital. |
Revenue from Contracts with Cus
Revenue from Contracts with Customers | 12 Months Ended |
Dec. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contracts with Customers | Revenue from Contracts with Customers Disaggregation of Revenue The following table presents revenue from contracts with customers, disaggregated by the revenue source: (Dollars in thousands) Years Ended Revenue from contracts with customers Location in income statement December 31, December 31, December 31, Brokerage and insurance product commissions Wealth management $ 18,825 $ 22,391 $ 22,863 Trust Wealth management 18,767 13,263 12,547 Asset management Wealth management 59,522 55,309 46,356 Total wealth management 97,114 90,963 81,766 Mortgage broker fees Mortgage banking 768 1,188 1,565 Service charges on deposit accounts Service charges on deposit accounts 39,070 36,404 34,513 Administrative services Other non-interest income 4,197 4,625 4,165 Card related fees Other non-interest income 7,816 7,441 5,858 Other deposit related fees Other non-interest income 12,500 11,892 11,127 Total revenue from contracts with customers $ 161,465 $ 152,513 $ 138,994 Wealth Management Revenue Wealth management revenue is comprised of brokerage and insurance product commissions, managed money fees and trust and asset management revenue of the Company's four wealth management subsidiaries: Wintrust Investments, Great Lakes Advisors, CTC and CDEC. All wealth management revenue is recognized in the wealth management segment. Brokerage and insurance product commissions consists primarily of commissions earned from trade execution services on behalf of customers and from selling mutual funds, insurance and other investment products to customers. For trade execution services, the Company recognizes commissions and receives payment from the brokerage customers at the point of transaction execution. Commissions received from the investment or insurance product providers are recognized at the point of sale of the product. The Company also receives trail and other commissions from providers for certain plans. These are generally based on qualifying account values and are recognized once the performance obligation, specific to each provider, is satisfied on a monthly, quarterly or annual basis. Trust revenue is earned primarily from trust and custody services that are generally performed over time as well as fees earned on funds held during the facilitation of tax-deferred like-kind exchange transactions. Revenue is determined periodically based on a schedule of fees applied to the value of each customer account using a time-elapsed method to measure progress toward complete satisfaction of the performance obligation. Fees are typically billed on a calendar month or quarter basis in advance or in arrears depending upon the contract. Upfront fees received related to the facilitation of tax-deferred like-kind exchange transactions are deferred until the transaction is completed. Additional fees earned for certain extraordinary services performed on behalf of the customers are recognized when the service has been performed. Asset management revenue is earned from money management and advisory services that are performed over time. Revenue is based primarily on the market value of assets under management or administration using a time-elapsed method to measure progress toward complete satisfaction of the performance obligation. Fees are typically billed on a calendar month or quarter basis in advance or in arrears depending upon the contract. Certain programs provide the customer with an option of paying fees as a percentage of the account value or incurring commission charges for each trade similar to brokerage and insurance product commissions. Trade commissions and any other fees received for additional services are recognized at a point in time once the performance obligation is satisfied. Mortgage Broker Fees For customers desiring a mortgage product not currently offered by the Company, the Company may refer such customers and, with permission, direct such customers' applications to certain third party mortgage brokers. Mortgage broker fees are received from these brokers for such customer referrals upon settlement of the underlying mortgage. The Company's entitlement to the consideration is contingent on the settlement of the mortgage which is highly susceptible to factors outside of the Company's influence, such as the third party broker's underwriting requirements. Also, the uncertainty surrounding the consideration could be resolved in varying lengths of time, dependent upon the third party brokers. Therefore, mortgage broker fees are recognized at the settlement of the underlying mortgage when the consideration is received. Broker fees are recognized in the community banking segment. Service Charges on Deposit Accounts Service charges on deposit accounts include fees charged to deposit customers for various services, including account analysis services, and are based on factors such as the size and type of customer, type of product and number of transactions. The fees are based on a standard schedule of fees and, depending on the nature of the service performed, the service is performed at a point in time or over a period of a month. When the service is performed at a point in time, the Company recognizes and receives revenue when the service has been performed. When the service is performed over a period of a month, the Company recognizes and receives revenue in the month the service has been performed. Service charges on deposit accounts are recognized in the community banking segment. Administrative Services Administrative services revenue is earned from providing outsourced administrative services, such as data processing of payrolls, billing and cash management services, to temporary staffing service clients located throughout the United States. Fees are charged periodically (typically a payroll cycle) and computed in accordance with the contractually determined rate applied to the total gross billings administered for the period. The revenue is recognized over the period using a time-elapsed method to measure progress toward complete satisfaction of the performance obligation. Other fees are charged on a per occurrence basis as the service is provided in the billing cycle. The Company has certain contracts with customers to perform outsourced administrative services and short-term accounts receivable financing. For these contracts, the total fee is allocated between the administrative services revenue and interest income during the client onboarding process based on the specific client and services provided. Administrative services revenue is recognized in the specialty finance segment. Card and Deposit Related Fees Card related fees include interchange and merchant revenue, and fees related to debit and credit cards. Interchange revenue is related to the Company issued debit cards. Other deposit related fees primarily include pay by phone processing fees, ATM and safe deposit box fees, check order charges and foreign currency related fees. Card and deposit related fees are generally based on volume of transactions and are recognized at the point in time when the service has been performed. For any consideration that is constrained, the revenue is recognized once the uncertainty is known. Upfront fees received from certain contracts are recognized on a straight line basis over the term of the contract. Card and deposit related fees are recognized in the community banking segment. Contract Balances The following table provides information about contract assets, contract liabilities and receivables from contracts with customers: (Dollars in thousands) December 31, December 31, Contract assets $ — $ — Contract liabilities $ 1,356 $ 1,727 Mortgage broker fees receivable $ 19 $ 44 Administrative services receivable 194 275 Wealth management receivable 9,118 13,610 Card related fees receivable 266 — Total receivables from contracts with customer $ 9,597 $ 13,929 Contract liabilities represent upfront fees that the Company received at inception of certain contracts. The revenue recognized that was included in the contract liability balance at beginning of the period totaled $759,000 and $369,000 for the years ended December 31, 2019 and 2018, respectively. Receivables are recognized in the period the Company provides services when the Company's right to consideration is unconditional. Card related fee receivable is the result of volume based fee that the Company receives from a customer on an annual basis in the second quarter of each year. Payment terms on other invoiced amounts are typically 30 days or less. Contract liabilities and receivables from contracts with customers are included within the accrued interest payable and other liabilities and accrued interest receivable and other assets line items, respectively, in the Consolidated Statements of Condition. Transaction price allocated to the remaining performance obligations For contracts with an original expected length of more than one year, the following table presents the estimated future timing of recognition of upfront fees related to card and deposit related fees. These upfront fees represent performance obligations that are unsatisfied or partially unsatisfied at the end of the reporting period. (Dollars in thousands) Estimated—2020 $ 757 Estimated—2021 303 Estimated—2022 153 Estimated—2023 143 Estimated—2024 — Total $ 1,356 Practical Expedients and Exemptions The Company does not adjust the promised amount of consideration for the effects of a significant financing component if the Company expects, at contract inception, that the period between when the Company transfers a promised service to a customer and when the customer pays for that services is one year or less. The Company recognizes the incremental costs of obtaining a contract as an expense when incurred if the amortization period of the asset that the entity otherwise would have recognized is one year or less. |
Lease Commitments
Lease Commitments | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Lease Commitments | Lease Commitments In accordance with ASU No. 2016-02 and all subsequent updates issued to clarify and improve specific areas of this ASU, as of January 1, 2019 , the Company recognized a separate lease liability and right-of-use asset of approximately $199.4 million and $170.6 million , respectively, for leasing arrangements in which the Company is a lessee. The difference in the separate lease liability and right-of-use asset represents any remaining amounts related to prepayments, payment deferrals and lease incentives as of January 1, 2019. As of December 31, 2019, the separate lease liability and right-of-use asset was $197.6 million and $165.7 million , respectively. The separate liability and asset are included within accrued interest payable and other liabilities and accrued interest receivable and other assets, respectively, within the Company's Consolidated Statements of Condition. The leasing arrangements requiring recognition on the Consolidated Statements of Condition primarily related to certain banking facilities under operating lease agreements as well as other leasing arrangements in which the Company has the right-of-use of specific signage related to sponsorships and other agreements and certain automatic teller machines and other equipment. See Note 1,“Summary of Significant Accounting Policies,” for further discussion of the Company's adoption of ASU No. 2016-02. The following tables provide a summary of lease costs and future required fixed payments related to the Company's leasing arrangements in which it is the lessee: Year Ended (Dollars in thousands) December 31, Operating lease cost $ 22,750 Finance lease cost: Amortization of right-of-use asset 36 Interest on lease liability 64 Short-term lease cost 561 Variable lease cost 3,202 Sublease income (598 ) Total lease cost $ 26,015 Cash paid for amounts included in the measurement of operating lease liabilities $ 23,859 Cash paid for amounts included in the measurement of finance lease liabilities 60 Right-of-use asset obtained in exchange for new operating lease liabilities 9,396 Right-of-use asset obtained in exchange for new finance lease liabilities 3,498 Weighted average remaining lease term - operating leases 13.2 years Weighted average remaining lease term - finance leases 39.6 years Weighted average discount rate - operating leases 4.09 % Weighted average discount rate - finance leases 4.43 % (In thousands) Payments 2020 $ 26,837 2021 22,403 2022 21,444 2023 19,315 2024 18,409 2025 and thereafter 152,231 Total minimum future amounts $ 260,639 Impact of measuring the lease liability on a discounted basis (63,000 ) Total lease liability $ 197,639 In addition to the lessee arrangements discussed above, the Company also leases certain owned premises and receives rental income from such lessor agreements. Gross rental income related to the Company’s buildings totaled $9.4 million , $11.8 million and $9.8 million , in 2019, 2018 and 2017 , respectively. The approximate annual gross rental receipts under noncancelable agreements for office space with remaining terms in excess of one year as of December 31, 2019 , are as follows (in thousands): Receipts 2020 $ 7,337 2021 6,370 2022 4,733 2023 3,057 2024 2,181 2025 and thereafter 4,821 Total minimum future amounts $ 28,499 |
Lease Commitments | Lease Commitments In accordance with ASU No. 2016-02 and all subsequent updates issued to clarify and improve specific areas of this ASU, as of January 1, 2019 , the Company recognized a separate lease liability and right-of-use asset of approximately $199.4 million and $170.6 million , respectively, for leasing arrangements in which the Company is a lessee. The difference in the separate lease liability and right-of-use asset represents any remaining amounts related to prepayments, payment deferrals and lease incentives as of January 1, 2019. As of December 31, 2019, the separate lease liability and right-of-use asset was $197.6 million and $165.7 million , respectively. The separate liability and asset are included within accrued interest payable and other liabilities and accrued interest receivable and other assets, respectively, within the Company's Consolidated Statements of Condition. The leasing arrangements requiring recognition on the Consolidated Statements of Condition primarily related to certain banking facilities under operating lease agreements as well as other leasing arrangements in which the Company has the right-of-use of specific signage related to sponsorships and other agreements and certain automatic teller machines and other equipment. See Note 1,“Summary of Significant Accounting Policies,” for further discussion of the Company's adoption of ASU No. 2016-02. The following tables provide a summary of lease costs and future required fixed payments related to the Company's leasing arrangements in which it is the lessee: Year Ended (Dollars in thousands) December 31, Operating lease cost $ 22,750 Finance lease cost: Amortization of right-of-use asset 36 Interest on lease liability 64 Short-term lease cost 561 Variable lease cost 3,202 Sublease income (598 ) Total lease cost $ 26,015 Cash paid for amounts included in the measurement of operating lease liabilities $ 23,859 Cash paid for amounts included in the measurement of finance lease liabilities 60 Right-of-use asset obtained in exchange for new operating lease liabilities 9,396 Right-of-use asset obtained in exchange for new finance lease liabilities 3,498 Weighted average remaining lease term - operating leases 13.2 years Weighted average remaining lease term - finance leases 39.6 years Weighted average discount rate - operating leases 4.09 % Weighted average discount rate - finance leases 4.43 % (In thousands) Payments 2020 $ 26,837 2021 22,403 2022 21,444 2023 19,315 2024 18,409 2025 and thereafter 152,231 Total minimum future amounts $ 260,639 Impact of measuring the lease liability on a discounted basis (63,000 ) Total lease liability $ 197,639 In addition to the lessee arrangements discussed above, the Company also leases certain owned premises and receives rental income from such lessor agreements. Gross rental income related to the Company’s buildings totaled $9.4 million , $11.8 million and $9.8 million , in 2019, 2018 and 2017 , respectively. The approximate annual gross rental receipts under noncancelable agreements for office space with remaining terms in excess of one year as of December 31, 2019 , are as follows (in thousands): Receipts 2020 $ 7,337 2021 6,370 2022 4,733 2023 3,057 2024 2,181 2025 and thereafter 4,821 Total minimum future amounts $ 28,499 |
Lease Commitments | Lease Commitments In accordance with ASU No. 2016-02 and all subsequent updates issued to clarify and improve specific areas of this ASU, as of January 1, 2019 , the Company recognized a separate lease liability and right-of-use asset of approximately $199.4 million and $170.6 million , respectively, for leasing arrangements in which the Company is a lessee. The difference in the separate lease liability and right-of-use asset represents any remaining amounts related to prepayments, payment deferrals and lease incentives as of January 1, 2019. As of December 31, 2019, the separate lease liability and right-of-use asset was $197.6 million and $165.7 million , respectively. The separate liability and asset are included within accrued interest payable and other liabilities and accrued interest receivable and other assets, respectively, within the Company's Consolidated Statements of Condition. The leasing arrangements requiring recognition on the Consolidated Statements of Condition primarily related to certain banking facilities under operating lease agreements as well as other leasing arrangements in which the Company has the right-of-use of specific signage related to sponsorships and other agreements and certain automatic teller machines and other equipment. See Note 1,“Summary of Significant Accounting Policies,” for further discussion of the Company's adoption of ASU No. 2016-02. The following tables provide a summary of lease costs and future required fixed payments related to the Company's leasing arrangements in which it is the lessee: Year Ended (Dollars in thousands) December 31, Operating lease cost $ 22,750 Finance lease cost: Amortization of right-of-use asset 36 Interest on lease liability 64 Short-term lease cost 561 Variable lease cost 3,202 Sublease income (598 ) Total lease cost $ 26,015 Cash paid for amounts included in the measurement of operating lease liabilities $ 23,859 Cash paid for amounts included in the measurement of finance lease liabilities 60 Right-of-use asset obtained in exchange for new operating lease liabilities 9,396 Right-of-use asset obtained in exchange for new finance lease liabilities 3,498 Weighted average remaining lease term - operating leases 13.2 years Weighted average remaining lease term - finance leases 39.6 years Weighted average discount rate - operating leases 4.09 % Weighted average discount rate - finance leases 4.43 % (In thousands) Payments 2020 $ 26,837 2021 22,403 2022 21,444 2023 19,315 2024 18,409 2025 and thereafter 152,231 Total minimum future amounts $ 260,639 Impact of measuring the lease liability on a discounted basis (63,000 ) Total lease liability $ 197,639 In addition to the lessee arrangements discussed above, the Company also leases certain owned premises and receives rental income from such lessor agreements. Gross rental income related to the Company’s buildings totaled $9.4 million , $11.8 million and $9.8 million , in 2019, 2018 and 2017 , respectively. The approximate annual gross rental receipts under noncancelable agreements for office space with remaining terms in excess of one year as of December 31, 2019 , are as follows (in thousands): Receipts 2020 $ 7,337 2021 6,370 2022 4,733 2023 3,057 2024 2,181 2025 and thereafter 4,821 Total minimum future amounts $ 28,499 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Income tax expense (benefit) for the years ended December 31, 2019 , 2018 and 2017 is summarized as follows: Years Ended December 31, (Dollars in thousands) 2019 2018 2017 Current income taxes: Federal $ 55,664 $ 44,266 $ 54,977 State 18,270 18,349 12,852 Foreign 5,913 (872 ) 1,243 Total current income taxes $ 79,847 $ 61,743 $ 69,072 Deferred income taxes: Federal $ 33,345 $ 40,500 $ 51,668 State 13,099 11,705 10,403 Foreign (1,887 ) 3,019 1,172 Total deferred income taxes $ 44,557 $ 55,224 $ 63,243 Total income tax expense $ 124,404 $ 116,967 $ 132,315 The Company's income before income taxes in 2019 , 2018 and 2017 includes $12.2 million , $5.3 million and $7.8 million , respectively, of foreign income attributable to its Canadian subsidiary. The tax effects of certain transactions are recorded directly to shareholders' equity rather than income tax expense. 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. The tax effect of unrealized gains and losses on certain foreign currency transactions is also recorded in shareholders' equity as part of other comprehensive income (loss). A reconciliation of the differences between taxes computed using the statutory Federal income tax rate and actual income tax expense is as follows: Years Ended December 31, (Dollars in thousands) 2019 2018 2017 Income tax expense using the statutory Federal income tax rate of 21% in 2019 and 2018, and 35% in 2017, on income before taxes $ 100,821 $ 96,628 $ 136,499 Increase (decrease) in tax resulting from: Tax-exempt interest, net of interest expense disallowance (3,958 ) (3,869 ) (4,658 ) State taxes, net of federal tax benefit 24,600 23,584 15,115 Income earned on bank owned life insurance (959 ) (1,002 ) (1,167 ) Excess tax benefits on share based compensation (1,447 ) (3,107 ) (5,470 ) Enactment of Tax Cuts and Jobs Act Re-measurement of net deferred tax liabilities — (1,209 ) (10,402 ) Transition tax on deferred foreign earnings — — 2,850 Meals, entertainment and related expenses 2,148 1,840 1,710 FDIC insurance expense 1,274 1,832 — Non-deductible compensation expense 1,019 1,366 55 Foreign subsidiary, net 1,979 1,591 (271 ) Tax benefits related to tax credit investments, net (513 ) (656 ) (698 ) Other, net (560 ) (31 ) (1,248 ) Income tax expense $ 124,404 $ 116,967 $ 132,315 In 2017, the Company recognized a provisional tax benefit of $7.6 million to reflect the impact of enactment of the Tax Act. In the third quarter of 2018, the Company finalized the provisional amount and recorded an additional net tax benefit of $1.2 million as provided in the SEC issued Staff Accounting Bulletin SAB 118. The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and liabilities at December 31, 2019 and 2018 are as follows: (Dollars in thousands) 2019 2018 Deferred tax assets: Right-of-use liability $ 52,472 $ — Allowance for credit losses 41,809 40,342 Deferred compensation 23,555 22,363 Stock-based compensation 8,487 7,544 Loans 5,673 4,540 Net unrealized losses on derivatives included in other comprehensive income 4,781 — Federal net operating loss carryforward 4,016 5,348 Other real estate owned 2,198 2,429 Nonaccrued interest 2,164 1,357 AMT credit carryforward 1,338 1,395 Net unrealized losses on securities included in other comprehensive income — 15,430 Other 2,366 4,376 Total gross deferred tax assets 148,859 105,124 Deferred tax liabilities: Equipment leasing 120,114 90,306 Premises and equipment 51,544 28,517 Right-of-use asset 43,912 — Capitalized servicing rights 20,277 16,663 Goodwill and intangible assets 12,819 12,921 Net unrealized gains on securities included in other comprehensive income 5,443 — Deferred loan fees and costs 4,604 3,446 Fair value adjustments on loans 3,603 2,833 Net unrealized gains on derivatives included in other comprehensive income — 2,863 Other 5,397 5,295 Total gross deferred liabilities 267,713 162,844 Net deferred tax liabilities $ (118,854 ) $ (57,720 ) Management has determined that a valuation allowance is not required for the deferred tax assets at December 31, 2019 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 $1.3 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 $19.1 million that begins to expire in 2029 through 2037 and is subject to IRC Section 382 annual limitation. The AMT credit and the NOL carryforwards were a result of acquisitions. 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) 2019 2018 2017 Unrecognized tax benefits at beginning of year $ 11,538 $ 10,821 $ 11,626 Gross increases for tax positions taken in current period — — — Gross increases (decreases) for positions taken in prior periods 268 717 (805 ) Settlements with taxing authorities (966 ) — — Unrecognized tax benefits at end of the year $ 10,840 $ 11,538 $ 10,821 At December 31, 2019 , the Company had $8.6 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, 2019 and 2018 on unrecognized tax benefits was $1.7 million and $1.1 million , 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 2016 tax return year forward, and in general, the Company's state income tax returns are open and subject to audit from the 2016 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 2016 tax return year forward. |
Stock Compensation Plans and Ot
Stock Compensation Plans and Other Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2019 | |
Share-based Payment Arrangement, Noncash Expense [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. Awards granted 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 have been made pursuant to the 2015 Plan. As of December 31, 2019 , approximately 3.0 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 incentive awards valued in whole or in part by reference to the Company’s common stock, all on a stand-alone, combination or tandem basis. 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. 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 since 2017 have consisted of performance-based stock and performance-based cash awards; however grants had previously included non-qualified stock options. 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% 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 receive, at no cost, the shares earned based on the achievement of the pre-established long-term goals. 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. 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, unvested awards granted under the Plans 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. The option-pricing model requires the input of highly subjective assumptions and is 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. Management reviews and adjusts the assumptions used to calculate the fair value of an option on a periodic basis to better reflect expected trends during periods when options are granted. No options have been granted since 2016. 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 $11.3 million , $13.5 million and $12.9 million and the related tax benefits were $2.6 million , $3.1 million and $5.1 million in 2019 , 2018 and 2017 , respectively. A summary of the Plans’ stock option activity for the years ended December 31, 2019 , 2018 and 2017 is as follows: Stock Options Common Shares Weighted Average Strike Price Remaining Contractual Term (1) Intrinsic Value (2) ($000) 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 Outstanding at January 1, 2018 1,084,756 $ 41.98 Granted — — Exercised (282,614 ) 41.25 Forfeited or canceled (7,128 ) 39.84 Outstanding at December 31, 2018 795,014 $ 42.25 3.1 $ 19,268 Exercisable at December 31, 2018 613,932 $ 42.54 3.1 $ 14,705 Outstanding at January 1, 2019 795,014 $ 42.25 Granted — — Options outstanding in acquired plans 106,748 38.83 Exercised (146,430 ) 38.84 Forfeited or canceled — — Outstanding at December 31, 2019 755,332 $ 42.43 2.8 $ 21,503 Exercisable at December 31, 2019 735,396 $ 42.42 2.7 $ 20,947 Vested or expected to vest at December 31, 2019 755,332 $ 42.43 2.8 $ 21,503 (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 aggregate intrinsic value of options exercised during the years ended December 31, 2019 , 2018 and 2017 , was $4.7 million , $13.3 million and $20.1 million , respectively. The actual tax benefit realized for the tax deductions from option exercises totaled $1.3 million , $3.5 million and $7.8 million for 2019 , 2018 and 2017 , respectively. Cash received from option exercises under the Plans for the years ended December 31, 2019 , 2018 and 2017 was $5.7 million , $11.7 million and $24.1 million , respectively. A summary of the Plans’ restricted share activity for the years ended December 31, 2019 , 2018 and 2017 is as follows: 2019 2018 2017 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 1 143,263 $ 60.80 127,787 $ 53.33 133,425 $ 49.94 Granted 24,285 68.58 35,654 84.36 16,552 73.16 Vested and issued (21,529 ) 70.99 (18,324 ) 54.31 (19,639 ) 47.13 Forfeited or canceled (1,691 ) 79.50 (1,854 ) 63.50 (2,551 ) 52.26 Outstanding at end of year 144,328 $ 60.37 143,263 $ 60.80 127,787 $ 53.33 Vested, but not issuable at end of year 92,183 $ 52.24 90,520 $ 51.94 89,723 $ 51.64 A summary of the Plans’ performance-based stock award activity, based on the target level of the awards, for the years ended December 31, 2019 , 2018 and 2017 is as follows: 2019 2018 2017 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 1 396,855 $ 67.71 359,196 $ 54.37 298,180 $ 43.64 Granted 175,823 71.56 134,380 88.27 145,853 72.60 Added by performance factor at vesting 33,950 40.99 — — — — Vested and issued (128,238 ) 41.00 (82,307 ) 44.39 (68,712 ) 46.85 Forfeited or canceled (12,875 ) 75.08 (14,414 ) 60.05 (16,125 ) 52.98 Outstanding at end of year 465,515 $ 74.37 396,855 $ 67.71 359,196 $ 54.37 Vested, but deferred at year end 33,828 $ 43.01 21,530 $ 43.54 108,143 $ 44.16 At December 31, 2019, the maximum number of performance-based shares that could be issued on outstanding awards if performance is attained at the maximum amount was approximately 681,000 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 2019 , 2018 and 2017 was $870,000 , $994,000 and $975,000 , respectively, more than the expected tax benefit for those shares. These differences in actual and expected tax benefits were recorded to income tax expense. As of December 31, 2019 , there was $10.5 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, 2019 , 2018 and 2017 was $9.8 million , $8.0 million and $8.9 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 2019, 2018 and 2017, and no awards were paid in those years. There were no outstanding awards under this plan at December 31, 2019 . 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 $12.3 million in 2019 , $10.4 million in 2018 , and $8.9 million in 2017 . 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 2019 , 2018 and 2017 , 43,386 , 33,977 and 35,022 , 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, and in 2018, increased the shares authorized under the ESPP by 200,000 shares. At December 31, 2019 , the Company had an obligation to issue 10,523 shares of common stock to participants and had 172,677 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 was frozen as of December 31, 2006, with no additional credit earned for service or compensation paid after that date. Similarly, in connection with the Company's acquisition of Diamond Bancorp, Inc. ("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. In 2019, both of these plans were terminated and participant account balances were distributed. The Company recorded expense (income) of $487,000 , ($38,000) and $1.2 million in 2019 , 2018 and 2017 , 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 2019 , 2018 and 2017 , a total of 18,577 shares, 18,856 shares and 27,508 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, 2019 , the Company has an obligation to issue 295,228 shares of common stock to directors and has 42,311 shares available for future grants under the DDFS Plan. |
Regulatory Matters
Regulatory Matters | 12 Months Ended |
Dec. 31, 2019 | |
Broker-Dealer, Net Capital Requirement, SEC Regulation [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 2019 , 2018 and 2017 , cash dividends totaling $139.0 million , $111.0 million and $122.0 million , respectively, were paid to Wintrust by the banks and other subsidiaries. As of December 31, 2019, before considering the impact of ASU No. 2016-13 and all subsequent updates issued to clarify and improve specific areas of this ASU, the banks had approximately $542.0 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, 2019 and 2018 , reserve balances of approximately $750.0 million and $611.1 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, 2019 and 2018 : 2019 2018 Total capital to risk weighted assets 12.2 % 11.6 % Tier 1 capital to risk weighted assets 9.6 9.7 Common Equity Tier 1 capital to risk weighted assets 9.2 9.3 Tier 1 leverage Ratio 8.7 9.1 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, 2019 , 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, 2019 and 2018 are presented in the following table: (Dollars in thousands) December 31, 2019 December 31, 2018 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 $ 461,643 12.0 % $ 386,358 10.0 % $ 424,872 12.5 % $ 338,823 10.0 % Hinsdale Bank 339,158 12.6 268,915 10.0 256,166 11.9 220,004 10.0 Wintrust Bank 709,328 11.8 602,969 10.0 613,037 11.5 533,154 10.0 Libertyville Bank 173,298 11.7 148,745 10.0 161,453 11.9 135,262 10.0 Barrington Bank 320,347 12.1 263,235 10.0 258,301 11.1 231,871 10.0 Crystal Lake Bank 124,373 12.1 102,488 10.0 107,041 11.6 92,542 10.0 Northbrook Bank 273,571 12.5 213,524 10.0 236,201 11.1 213,524 10.0 Schaumburg Bank 123,145 12.0 102,250 10.0 113,797 11.4 100,151 10.0 Village Bank 171,084 11.4 149,803 10.0 151,653 11.2 135,695 10.0 Beverly Bank 170,716 11.5 148,838 10.0 146,054 11.8 123,618 10.0 Town Bank 226,252 11.5 197,639 10.0 208,479 11.3 184,825 10.0 Wheaton Bank 187,518 11.4 165,019 10.0 165,798 11.3 147,354 10.0 State Bank of the Lakes 127,003 11.5 110,369 10.0 111,530 11.1 100,654 10.0 Old Plank Trail Bank 161,899 11.6 139,529 10.0 151,889 11.4 132,842 10.0 St. Charles Bank 156,023 11.7 133,119 10.0 115,607 11.4 101,337 10.0 Tier 1 Capital (to Risk Weighted Assets): Lake Forest Bank $ 440,585 11.4 % $ 309,087 8.0 % $ 402,156 11.9 % $ 271,058 8.0 % Hinsdale Bank 328,046 12.2 215,132 8.0 244,036 11.3 176,003 8.0 Wintrust Bank 668,922 11.1 482,375 8.0 545,649 10.2 426,523 8.0 Libertyville Bank 164,915 11.1 118,996 8.0 152,939 11.3 108,209 8.0 Barrington Bank 313,195 11.9 210,588 8.0 252,189 10.9 185,497 8.0 Crystal Lake Bank 119,374 11.7 81,991 8.0 102,404 11.1 74,033 8.0 Northbrook Bank 260,577 11.9 170,819 8.0 223,849 10.5 170,819 8.0 Schaumburg Bank 118,260 11.6 81,800 8.0 108,338 10.8 80,120 8.0 Village Bank 161,666 10.8 119,842 8.0 142,333 10.5 108,556 8.0 Beverly Bank 164,827 11.1 119,071 8.0 141,140 11.4 98,894 8.0 Town Bank 217,958 11.0 158,111 8.0 199,982 10.8 147,860 8.0 Wheaton Bank 181,195 11.0 132,015 8.0 159,718 10.8 117,883 8.0 State Bank of the Lakes 119,740 10.9 88,295 8.0 107,234 10.7 80,523 8.0 Old Plank Trail Bank 155,975 11.2 111,623 8.0 145,779 11.0 106,273 8.0 St. Charles Bank 151,665 11.4 106,495 8.0 111,454 11.0 81,069 8.0 Common Equity Tier 1 Capital (to Risk Weighted Assets): Lake Forest Bank $ 440,585 11.4 % $ 251,133 6.5 % $ 402,156 11.9 % $ 220,235 6.5 % Hinsdale Bank 328,046 12.2 174,795 6.5 244,036 11.3 143,002 6.5 Wintrust Bank 668,922 11.1 391,930 6.5 545,649 10.2 346,550 6.5 Libertyville Bank 164,915 11.1 96,684 6.5 152,939 11.3 87,920 6.5 Barrington Bank 313,195 11.9 171,102 6.5 252,189 10.9 150,716 6.5 Crystal Lake Bank 119,374 11.7 66,617 6.5 102,404 11.1 60,152 6.5 Northbrook Bank 260,577 11.9 138,791 6.5 223,849 10.5 138,791 6.5 Schaumburg Bank 118,260 11.6 66,463 6.5 108,338 10.8 65,098 6.5 Village Bank 161,666 10.8 97,372 6.5 142,333 10.5 88,201 6.5 Beverly Bank 164,827 11.1 96,745 6.5 141,140 11.4 80,352 6.5 Town Bank 217,958 11.0 128,465 6.5 199,982 10.8 120,136 6.5 Wheaton Bank 181,195 11.0 107,262 6.5 159,718 10.8 95,780 6.5 State Bank of the Lakes 119,740 10.9 71,740 6.5 107,234 10.7 65,425 6.5 Old Plank Trail Bank 155,975 11.2 90,694 6.5 145,779 11.0 86,347 6.5 St. Charles Bank 151,665 11.4 86,528 6.5 111,454 11.0 65,869 6.5 (Dollars in thousands) December 31, 2019 December 31, 2018 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 $ 440,585 10.7 % $ 223,497 5.0 % $ 402,156 10.7 % $ 187,634 5.0 % Hinsdale Bank 328,046 10.4 147,512 5.0 244,036 10.4 117,308 5.0 Wintrust Bank 668,922 9.7 324,017 5.0 545,649 9.7 281,090 5.0 Libertyville Bank 164,915 10.0 82,848 5.0 152,939 10.0 76,247 5.0 Barrington Bank 313,195 12.9 115,309 5.0 252,189 12.9 97,759 5.0 Crystal Lake Bank 119,374 9.9 58,613 5.0 102,404 9.9 51,974 5.0 Northbrook Bank 260,577 9.8 132,394 5.0 223,849 9.8 114,125 5.0 Schaumburg Bank 118,260 9.5 60,266 5.0 108,338 9.5 57,111 5.0 Village Bank 161,666 9.5 89,945 5.0 142,333 9.5 75,197 5.0 Beverly Bank 164,827 10.7 79,777 5.0 141,140 10.7 66,109 5.0 Town Bank 217,958 10.0 116,750 5.0 199,982 10.0 100,257 5.0 Wheaton Bank 181,195 9.8 98,039 5.0 159,718 9.8 81,767 5.0 State Bank of the Lakes 119,740 9.2 63,078 5.0 107,234 9.2 58,068 5.0 Old Plank Trail Bank 155,975 9.6 80,708 5.0 145,779 9.6 76,096 5.0 St. Charles Bank 151,665 9.8 74,348 5.0 111,454 9.8 56,915 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, 2019 , these business units met their minimum net worth capital requirements. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2019 | |
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 $5.1 billion and $4.7 billion as of December 31, 2019 and 2018 , respectively, and unused home equity lines totaled $800.6 million and $807.9 million as of December 31, 2019 and 2018 , respectively. Standby and commercial letters of credit totaled $291.8 million at December 31, 2019 and $233.3 million at December 31, 2018 . In addition, at December 31, 2019 and 2018 , the Company had approximately $595.1 million and $389.7 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 $837.2 million at December 31, 2019 and $481.6 million at December 31, 2018 . See Note 21, “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 $4.5 billion of mortgage loans in 2019 and $4.1 billion in 2018 . The liability for estimated losses on repurchase and indemnification claims for residential mortgage loans previously sold to investors was $2.4 million and $2.4 million at December 31, 2019 and 2018 , respectively, and was included in other liabilities on the Consolidated Statements of Condition. Losses charged against the liability were $639,000 in 2019 as compared to $183,000 in 2018 . 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 $29.3 million as of December 31, 2019 . Of these commitments, $323,000 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 Wintrust Investments for losses that it may sustain from the customer accounts introduced by Wintrust Investments. As of December 31, 2019 , the total amount of customer balances maintained by the clearing broker and subject to indemnification was approximately $15.8 million . Wintrust Investments 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. Lehman Holdings Matter 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 matter jurisdiction and improper venue or to transfer venue. Argument on the motions to dismiss were heard on June 12, 2018. The motion to dismiss for lack of subject matter jurisdiction was denied on August 14, 2018 and the defendants’ motion to transfer venue was denied on October 2, 2018. Wintrust Mortgage appealed the denial of its motion to dismiss based on improper venue and the denial of its motion to transfer venue. On October 2, 2018, Lehman Holdings asked the court for permission to amend its complaints against Wintrust Mortgage and the other defendants to add loans allegedly purchased from the defendants and sold to various RMBS trusts. The court granted this request and allowed Lehman Holdings to assert the additional claims against existing defendants as a supplemental complaint. Lehman Holdings filed its supplemental complaint against Wintrust Mortgage on December 4, 2018. Wintrust Mortgage filed its response to the supplemental complaint on May 13, 2019. Wintrust Mortgage is currently evaluating whether it has obtained sufficient information to assess the merits of Lehman Holding’s additional claims and to estimate the likelihood or amount of any potential liability for the additional claims. 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. JPMorgan Chase & Co. Matter On April 9, 2018, JPMorgan Chase & Co. as successor in interest to Bear Stearns and certain related Bear Stearns entities (collectively, “JPMC”) sent a demand letter to Wintrust Mortgage asserting an indemnification claim of approximately $4.6 million . JPMC alleges that it incurred this loss due to its reliance on misrepresentations in the loans Wintrust Mortgage originated, underwrote and sold to JPMC in the years prior to 2009. Wintrust Mortgage disputed JPMC’s allegations. On March 27, 2019, JPMC and Wintrust Mortgage settled the dispute for an immaterial amount. Wintrust Mortgage Matter On October 17, 2018, a former Wintrust Mortgage employee filed a lawsuit against Wintrust Mortgage in the Superior Court of the State of California for the County of Los Angeles, alleging violation of California wage payment statutes on behalf of herself and all other hourly, non-exempt employees of Wintrust Mortgage in California from October 17, 2014 through the present. Wintrust Mortgage received service of the complaint on November 4, 2018. Wintrust Mortgage's response to the complaint was filed on February 25, 2019. On November 1, 2019, the plaintiff’s counsel filed a letter with the California Department of Labor advising that it was initiating an action under California’s Private Attorney General Act statute based on the same alleged violations. In November 2019, the parties reached a settlement agreement. The parties are documenting the settlement. Once finalized, the parties will submit the settlement to the court for approval. The Company has reserved an amount for this litigation 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. Northbrook Bank Matter On October 17, 2018, two individual plaintiffs filed suit against Northbrook Bank and Tamer Moumen in the Circuit Court of Lake County, Illinois, on behalf of themselves and a class of approximately 42 investors in a hedge fund run by defendant Moumen, Plaintiffs allege that defendant Moumen ran a fraudulent Ponzi scheme and ran those funds through deposit accounts at Northbrook Bank. They allege the bank was negligent in failing to close the deposit accounts and that it intentionally aided and abetted defendant Moumen in the alleged fraud. They contend that Northbrook Bank is liable for losses in excess of $6 million . Northbrook Bank filed its motion to dismiss the complaint on January 15, 2019, which was granted on March 5, 2019. On April 3, 2019, Plaintiffs filed an amended complaint based on similar allegations. Northbrook Bank believed the amended complaint did not cure the pleading defects recognized by the court and filed a motion to dismiss the Amended Complaint on May 17, 2019. The court heard this motion on July 17, 2019 and once again dismissed the complaint without prejudice. Plaintiffs filed a second amended complaint on August 12, 2019. Northbrook again moved to dismiss the complaint. On November 6, 2019, the court dismissed the complaint with prejudice. Plaintiffs filed an appeal on December 2, 2019. Northbrook Bank believes plaintiffs’ allegations are legally and factually meritless and otherwise lacks sufficient information to estimate the amount of any potential liability. Other Matters In addition, the Company and its subsidiaries, from time to time, are subject to pending and threatened legal action and proceedings arising in the ordinary course of business. Based on information currently available and upon consultation with counsel, management believes that the eventual outcome of any pending or threatened legal actions and proceedings described above, including our ordinary course litigation, will not have a material adverse effect on the operations or financial condition of the Company. However, it is possible that the ultimate resolution of these matters, if unfavorable, may be material to the results of operations or financial condition for a particular period. |
Derivative Financial Instrument
Derivative Financial Instruments | 12 Months Ended |
Dec. 31, 2019 | |
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 and collars 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; (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; and (5) options and swaps to economically hedge a portion of the fair value adjustments related to the Company's mortgage servicing rights portfolio. 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 accumulated other comprehensive income or loss 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. 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 are recorded as a component of accumulated other comprehensive income or loss, 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 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, 2019 and December 31, 2018 : Derivative Assets Derivative Liabilities (Dollars in thousands) December 31, 2019 December 31, 2018 December 31, 2019 December 31, 2018 Derivatives designated as hedging instruments under ASC 815: Interest rate derivatives designated as Cash Flow Hedges $ — $ 6,270 $ 19,385 $ 1,656 Interest rate derivatives designated as Fair Value Hedges 310 2,636 6,523 1,756 Total derivatives designated as hedging instruments under ASC 815 $ 310 $ 8,906 $ 25,908 $ 3,412 Derivatives not designated as hedging instruments under ASC 815: Interest rate derivatives $ 100,259 $ 59,519 $ 100,897 $ 59,159 Interest rate lock commitments 2,860 3,405 259 2,694 Forward commitments to sell mortgage loans 142 — 2,070 1,486 Foreign exchange contracts 73 1,342 70 1,337 Total derivatives not designated as hedging instruments under ASC 815 $ 103,334 $ 64,266 $ 103,296 $ 64,676 Total Derivatives $ 103,644 $ 73,172 $ 129,204 $ 68,088 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 collars designated as cash flow hedges involve the receipt of amounts in which the interest rate specified in the contract exceeds the agreed upon cap strike price or the payment of amounts in which the interest rate specified in the contract is below the agreed upon floor strike price at the end of each period. As of December 31, 2019 , the Company had fifteen interest rate swap derivatives designated as cash flow hedges of variable rate deposits and certain junior subordinated debentures, and one interest rate collar derivative designated as a cash flow hedge of the Company’s variable rate Term Facility. When the relationship between the hedged item and hedging instrument is highly effective at achieving offsetting changes in cash flows attributable to the hedged risk, changes in the fair value of these cash flow hedges are recorded in accumulated other comprehensive income or loss and are subsequently reclassified to interest expense as interest payments are made on such variable rate deposits. The changes in fair value (net of tax) are separately disclosed in the Consolidated Statements of Comprehensive Income. The table below provides details on these cash flow hedges, summarized by derivative type and maturity, as of December 31, 2019 : (Dollars in thousands) December 31, 2019 Maturity Date Notional Amount Fair Value Asset (Liability) Interest Rate Swaps: October 2021 $ 25,000 $ (311 ) November 2021 20,000 (272 ) December 2021 165,000 (2,293 ) May 2022 370,000 (4,880 ) June 2022 160,000 (1,997 ) July 2022 230,000 (2,861 ) August 2022 235,000 (2,923 ) Interest Rate Collars: September 2023 123,214 (3,848 ) Total Cash Flow Hedges $ 1,328,214 $ (19,385 ) In 2018, the Company terminated five interest rate swap derivatives designated as cash flow hedges of variable rate deposits with a total notional value of $650.0 million . As the hedged forecasted transactions (interest payments on variable rate deposits) will still occur over the remaining term of the terminated derivatives, any prior changes in the fair value of these cash flow hedges will continue to be included within accumulated other comprehensive income or loss and reclassified to interest expense as interest payments continue to be made. In 2019 and 2018, the Company reclassified approximately $4.7 million and $427,000 , respectively, from accumulated other comprehensive income to interest expense related to these terminated interest rate swap derivatives. A rollforward of the amounts in accumulated other comprehensive income or loss related to interest rate derivatives designated as cash flow hedges follows: Years Ended December 31, (Dollars in thousands) 2019 2018 Unrealized gain at beginning of period $ 10,742 $ 11,902 Amount reclassified from accumulated other comprehensive income to interest expense on deposits, other borrowings and junior subordinated debentures (10,250 ) (7,313 ) Amount of (loss) gain recognized in other comprehensive income (18,435 ) 6,153 Unrealized (loss) gain at end of period $ (17,943 ) $ 10,742 As of December 31, 2019 , the Company estimates that during the next twelve months, $5.8 million will be reclassified from accumulated other comprehensive income or loss as an increase to interest expense. Fair Value Hedges of Interest Rate Risk Interest rate swaps designated as fair value hedges 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, 2019 , the Company has fifteen interest rate swaps with an aggregate notional amount of $162.9 million that were designated as fair value hedges primarily associated with fixed rate commercial and industrial and commercial real estate loans as well as life insurance premium finance receivables. One of these interest rate swaps with an aggregate notional amount of $6.9 million has terms starting after December 31, 2019 . For derivatives designated and that qualify as fair value hedges, the net gain or loss from the entire change in the fair value of the derivative instrument is recognized in the same income statement line item as the earnings effect, including the net gain or loss, of the hedged item (interest income earned on fixed rate loans) when the hedged item affects earnings. The following table presents the carrying amount of the hedged assets/(liabilities) and the cumulative amount of fair value hedging adjustment included in the carrying amount of the hedged assets/(liabilities) that are designated as a fair value hedge accounting relationship as of December 31, 2019 : December 31, 2019 (Dollars in thousands) Derivatives in Fair Value Hedging Relationships Location in the Statement of Condition Carrying Amount of the Hedged Assets/(Liabilities) Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets/(Liabilities) Cumulative Amount of Fair Value Hedging Adjustment Remaining for any Hedged Assets (Liabilities) for which Hedge Accounting has been Discontinued Interest rate swaps Loans, net of unearned income $ 167,281 $ 5,647 $ — Available-for-sale debt securities 1,391 81 — The following table presents the gain or loss recognized related to derivative instruments that are designated as fair value hedges for the respective period: (Dollars in thousands) Derivatives in Fair Value Hedging Relationships Location of Gain or (Loss) Recognized in Income on Derivative Year Ended December 31, 2019 Interest rate swaps Interest and fees on loans $ 8 Interest income - investment securities — In 2018, one interest rate swap designated as a fair value hedge accounting relationship was terminated as a result of the full prepayment of the underlying loan (hedged asset). At the time of the termination, the fair value of the interest rate swap asset was approximately $1.4 million with an offsetting cumulative amount of fair value hedging adjustments included in the carrying value of the underlying loan totaling $1.6 million . As the underlying loan was fully paid-off, the remaining cumulative amount of fair value hedging adjustments included in the carrying value of the underlying loan was recorded to interest income. 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, 2019 , the Company had interest rate derivative transactions with an aggregate notional amount of approximately $7.4 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 2020 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, 2019 , the Company had forward commitments to sell mortgage loans with an aggregate notional amount of approximately $837.2 million and interest rate lock commitments with an aggregate notional amount of approximately $454.6 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, 2019 , the Company held foreign currency derivatives with an aggregate notional amount of approximately $34.5 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, 2019 or December 31, 2018 . Periodically, the Company will purchase options for the right to purchase securities not currently held within the banks' investment portfolios or enter into interest rate swaps in which the Company elects to not designate such derivatives as hedging instruments. These option and swap transactions are designed primarily to economically hedge a portion of the fair value adjustments related to the Company's mortgage servicing rights portfolio. The gain or loss associated with these derivative contracts are included in mortgage banking revenue. There were no such options outstanding as of December 31, 2019 . As of December 31, 2019 , the Company held four interest rate swaps with an aggregate notional value of $55.0 million for such purpose of economically hedging a portion of the fair value adjustment related to its mortgage servicing rights portfolio. 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 2019 2018 Interest rate swaps and caps Trading gains (losses), net $ (380 ) $ (75 ) Mortgage banking derivatives Mortgage banking revenue 100 (792 ) Covered call options Fees from covered call options 3,670 3,519 Foreign exchange contracts Trading gains (losses), net 43 20 Derivative contract held as economic hedge on MSRs Mortgage banking revenue 519 — 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, 2019 , 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 $123.7 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 table below summarizes 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, 2019 December 31, 2018 December 31, 2019 December 31, 2018 Gross Amounts Recognized $ 100,569 $ 68,425 $ 126,805 $ 62,571 Less: Amounts offset in the Statements of Condition — — — — Net amount presented in the Statements of Condition $ 100,569 $ 68,425 $ 126,805 $ 62,571 Gross amounts not offset in the Statements of Condition Offsetting Derivative Positions $ (2,561 ) $ (28,124 ) $ (2,561 ) $ (28,124 ) Collateral Posted — (23,810 ) (124,244 ) (2,640 ) Net Credit Exposure $ 98,008 $ 16,491 $ — $ 31,807 |
Fair Value of Assets and Liabil
Fair Value of Assets and Liabilities | 12 Months Ended |
Dec. 31, 2019 | |
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 debt securities, trading account securities and equity securities with readily determinable fair value —Fair values for available-for-sale debt securities, trading account securities and equity securities with readily determinable fair value 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 these securities. 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 fair value of U.S. Treasury securities and certain equity securities with readily determinable fair value are based on unadjusted quoted prices in active markets for identical securities. As such, these securities are classified as Level 1 in the fair value hierarchy. The Company’s Investment Operations Department is responsible for the valuation of Level 3 available-for-sale debt 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, 2019 , the Company classified $112.0 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 $2.6 million of U.S. Government agencies as Level 3 at December 31, 2019 . 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 rated, 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). For bond issues without comparable bond proxies, a rating of "BBB" was assigned. At the year ended 2019, all of the ratings derived by the Investment Operations Department using the above process were "BBB" or better. 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, 2019 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. 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. As such, these loans are classified as Level 2 in the fair value hierarchy. 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, 2019 , the Company classified $9.6 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, 2019 was 3.47% 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 prepayment speed assumption of 14.12% at December 31, 2019 . 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 1.37% with credit discounts ranging from 0% - 8% at December 31, 2019 . 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, 2019 , the Company classified $85.6 million of MSRs as Level 3. The weighted average discount rate used as an input to value the pool of MSRs at December 31, 2019 was 9.96% with discount rates applied ranging from 7% - 17% . 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% - 94% or a weighted average prepayment speed of 14.12% . Further, for current and delinquent loans, the Company assumed the weighted average cost of servicing of $77 and $396 , 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, caps and collars, 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, caps and collars are valued by a third party, using models that primarily use market observable inputs, such as yield curves, and are classified as Level 2 in the fair value hierarchy. 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, 2019 , the Company classified $2.6 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, 2019 was 81.86% with pull-through rates applied ranging from 23% 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. These assets are classified as Level 2 in the fair value hierarchy. The following tables present the balances of assets and liabilities measured at fair value on a recurring basis for the periods presented: December 31, 2019 (Dollars in thousands) Total Level 1 Level 2 Level 3 Available-for-sale securities U.S. Treasury $ 121,088 $ 121,088 $ — $ — U.S. Government agencies 365,442 — 362,796 2,646 Municipal 145,318 — 33,368 111,950 Corporate notes 94,841 — 94,841 — Mortgage-backed 2,379,525 — 2,379,525 — Trading account securities 1,068 — 1,068 — Equity securities with readily determinable fair value 50,840 42,774 8,066 — Mortgage loans held-for-sale 377,313 — 377,313 — Loans held-for-investment 132,718 — 123,098 9,620 MSRs 85,638 — — 85,638 Nonqualified deferred compensations assets 14,213 — 14,213 — Derivative assets 103,644 — 101,013 2,631 Total $ 3,871,648 $ 163,862 $ 3,495,301 $ 212,485 Derivative liabilities $ 129,204 $ — $ 129,204 $ — December 31, 2018 (Dollars in thousands) Total Level 1 Level 2 Level 3 Available-for-sale securities U.S. Treasury $ 126,404 $ 126,404 $ — $ — U.S. Government agencies 140,307 — 137,157 3,150 Municipal 138,490 — 29,564 108,926 Corporate notes 91,045 — 91,045 — Mortgage-backed 1,629,835 — 1,629,835 — Trading account securities 1,692 — 1,692 — Equity securities with readily determinable fair value 34,717 — 34,717 — Mortgage loans held-for-sale 264,070 — 264,070 — Loans held-for-investment 93,857 — 82,510 11,347 MSRs 75,183 — — 75,183 Nonqualified deferred compensations assets 11,282 — 11,282 — Derivative assets 73,172 — 70,715 2,457 Total $ 2,680,054 $ 126,404 $ 2,352,587 $ 201,063 Derivative liabilities $ 68,088 $ — $ 68,088 $ — The aggregate remaining contractual principal balance outstanding as of December 31, 2019 and 2018 for mortgage loans held- for-sale measured at fair value under ASC 825 was $368.0 million and $253.7 million , respectively, while the aggregate fair value of mortgage loans held-for-sale was $377.3 million and $264.1 million , respectively, as shown in the above tables. There were $1.8 million of loans past due greater than 90 days and still accruing interest in the mortgage loans held-for-sale portfolio as of December 31, 2019 and $1.9 million of loans as of December 31, 2018 . The changes in Level 3 assets measured at fair value on a recurring basis during the years ended December 31, 2019 and 2018 are summarized as follows: U.S. Government Agencies Loans held-for-investment MSRs Derivative assets (Dollars in thousands) Municipal Balance at January 1, 2019 $ 108,926 $ 3,150 $ 11,347 $ 75,183 $ 2,457 Total net gains included in: Net income (1) — — 827 10,047 174 Other comprehensive income 3,147 126 — — — Purchases (2) 38,686 — — 408 — Issuances — — — — — Sales — — — — — Settlements (38,809 ) (630 ) (5,447 ) — — Net transfers into/(out of) Level 3 — — 2,893 — — Balance at December 31, 2019 $ 111,950 $ 2,646 $ 9,620 $ 85,638 $ 2,631 (Dollars in thousands) Municipal U.S. Government Agencies Loans held-for-investment MSRs Derivative assets Balance at January 1, 2018 $ 77,181 $ 3,779 $ 33,717 $ 33,676 $ 2,157 Total net gains (losses) included in: Net income (1) — — (1,077 ) 27,701 300 Other comprehensive loss (8,541 ) (314 ) — — — Purchases (2) 63,644 — — 13,806 — Issuances — — — — — Sales — — — — — Settlements (23,358 ) (315 ) (28,367 ) — — Net transfers into/(out of) Level 3 — — 7,074 — — Balance at December 31, 2018 $ 108,926 $ 3,150 $ 11,347 $ 75,183 $ 2,457 (1) Changes in the balance of MSRs and derivative assets related to fair value adjustments are recorded as a component of mortgage banking revenue. Changes in the balance of loans held-for-investment related to fair value adjustments are recorded as other non-interest income. (2) Mortgage servicing rights purchased as a part of the ROC and Veterans First business combinations in 2019 and 2018, respectively. See Note 7 - Business Combinations and Asset Acquisitions for further discussion. 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, 2019 . December 31, 2019 Year Ended December 31, 2019 Fair Value Losses Recognized, net (Dollars in thousands) Total Level 1 Level 2 Level 3 Impaired loans-collateral based $ 90,307 $ — $ — $ 90,307 $ 44,591 Other real estate owned (1) 15,171 — — 15,171 3,034 Total $ 105,478 $ — $ — $ 105,478 $ 47,625 (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, 2019 , the Company had $120.0 million of impaired loans classified as Level 3. Of the $120.0 million of impaired loans, $90.3 million were measured at fair value based on the underlying collateral of the loan as shown in the table above. The remaining $29.7 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, 2019 , the Company had $15.2 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, 2019 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 $ 111,950 Bond pricing Equivalent rating BBB-AA+ N/A Increase U.S. Government agencies 2,646 Bond pricing Equivalent rating AAA AAA Increase Loans held-for-investment 9,620 Discounted cash flows Discount rate 3%-4% 3.47% Decrease Credit discount 0%-8% 1.37% Decrease Constant prepayment rate (CPR) 14.12% 14.12% Decrease MSRs 85,638 Discounted cash flows Discount rate 7%-17% 9.96% Decrease Constant prepayment rate (CPR) 0%-94% 14.12% Decrease Cost of servicing $70-$200 $ 77 Decrease Cost of servicing - delinquent $200-$1,000 $ 396 Decrease Derivatives 2,631 Discounted cash flows Pull-through rate 23%-100% 81.86 % Increase Measured at fair value on a non-recurring basis: Impaired loans—collateral based 90,307 Appraisal value Appraisal adjustment - cost of sale 10% 10.00% Decrease Other real estate owned 15,171 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, 2019 December 31, 2018 (Dollars in thousands) Carrying Value Fair Value Carrying Value Fair Value Financial Assets: Cash and cash equivalents $ 286,476 $ 286,476 $ 392,200 $ 392,200 Interest bearing deposits with banks 2,164,560 2,164,560 1,099,594 1,099,594 Available-for-sale securities 3,106,214 3,106,214 2,126,081 2,126,081 Held-to-maturity securities 1,134,400 1,138,396 1,067,439 1,036,096 Trading account securities 1,068 1,068 1,692 1,692 Equity securities with readily determinable fair value 50,840 50,840 34,717 34,717 FHLB and FRB stock, at cost 100,739 100,739 91,354 91,354 Brokerage customer receivables 16,573 16,573 12,609 12,609 Mortgage loans held-for-sale, at fair value 377,313 377,313 264,070 264,070 Loans held-for-investment, at fair value 132,718 132,718 93,857 93,857 Loans held-for-investment, at amortized cost 26,667,572 26,659,903 23,726,834 23,780,739 Nonqualified deferred compensation assets 14,213 14,213 11,282 11,282 Derivative assets 103,644 103,644 73,172 73,172 Accrued interest receivable and other 303,090 303,090 260,281 260,281 Total financial assets $ 34,459,420 $ 34,455,747 $ 29,255,182 $ 29,277,744 Financial Liabilities Non-maturity deposits $ 24,483,867 $ 24,483,867 $ 20,833,837 $ 20,833,837 Deposits with stated maturities 5,623,271 5,635,475 5,260,841 5,283,063 FHLB advances 674,870 715,129 426,326 429,830 Other borrowings 418,174 418,174 393,855 393,855 Subordinated notes 436,095 458,796 139,210 138,345 Junior subordinated debentures 253,566 243,158 253,566 263,846 Derivative liabilities 129,204 129,204 68,088 68,088 Accrued interest payable 19,940 19,940 16,025 16,025 Total financial liabilities $ 32,038,987 $ 32,103,743 $ 27,391,748 $ 27,426,889 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, 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 generally categorized these held-to-maturity securities as a Level 2 fair value measurement. Fair values for certain other held-to-maturity securities are based on the bond pricing methodology discussed previously related to certain available-for-sale securities. In accordance with ASC 820, the Company has categorized these held-to-maturity securities as a Level 3 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. 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, 2019 | |
Stockholders' Equity Note [Abstract] | |
Shareholders' Equity | Shareholders’ Equity A summary of the Company’s common and preferred stock at December 31, 2019 and 2018 is as follows: 2019 2018 Common Stock: Shares authorized 100,000,000 100,000,000 Shares issued 57,950,803 56,518,119 Shares outstanding 57,821,891 56,407,558 Cash dividend per share $ 1.00 $ 0.76 Preferred Stock: Shares authorized 20,000,000 20,000,000 Shares issued 5,000,000 5,000,000 Shares outstanding 5,000,000 5,000,000 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 18 - Stock Compensation Plans and Other Employee Benefit Plans. 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. 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 2017, certain holders of the interest in the warrant exercised 318,491 warrant shares, which resulted in 219,372 shares of common stock issued. During 2018, certain holders of the interest in the warrant exercised 22,952 warrant shares, which resulted in 16,571 shares of common stock issued. On December 19, 2018, the Company’s warrant shares expired. Any warrant shares not exercised prior to this date expired and became void, and the holder did not receive any shares of the Company’s common stock. Other At the January 2020 Board of Directors meeting, a quarterly cash dividend of $0.28 per share ( $1.12 on an annualized basis) was declared. It was paid on February 20, 2020 to shareholders of record as of February 6, 2020 . The following tables summarize the components of other comprehensive income (loss), including the related income tax effects, for the years ended December 31, 2019 , 2018 and 2017 : (In thousands) Accumulated Unrealized Gains (Losses) on Securities Accumulated Unrealized Gains (Losses) on Derivative Instruments Accumulated Foreign Currency Translation Adjustments Total Accumulated Other Comprehensive Loss Balance at January 1, 2019 $ (42,353 ) $ 7,857 $ (42,376 ) $ (76,872 ) Other comprehensive income during the period, net of tax, before reclassification 58,341 (13,481 ) 5,857 50,717 Amount reclassified from accumulated other comprehensive income into net income, net of tax (658 ) (7,517 ) — (8,175 ) Amount reclassified from accumulated other comprehensive income related to amortization of unrealized gains on investment securities transferred to held-to-maturity from available-for-sale (348 ) — — (348 ) Net other comprehensive income (loss) during the period, net of tax $ 57,335 $ (20,998 ) $ 5,857 $ 42,194 Balance at December 31, 2019 $ 14,982 $ (13,141 ) $ (36,519 ) $ (34,678 ) Balance at January 1, 2018 $ (15,813 ) $ 7,164 $ (33,186 ) $ (41,835 ) Cumulative effect adjustment from the adoption of: ASU 2016-01 $ (1,880 ) $ — $ — (1,880 ) ASU 2018-02 $ (4,517 ) $ 1,543 $ — (2,974 ) Other comprehensive (loss) income during the period, net of tax, before reclassification (20,054 ) 4,498 (9,190 ) (24,746 ) Amount reclassified from accumulated other comprehensive income into net income, net of tax (24 ) (5,348 ) — (5,372 ) Amount reclassified from accumulated other comprehensive income related to amortization of unrealized gains on investment securities transferred to held-to-maturity from available-for-sale (65 ) — — (65 ) Net other comprehensive loss during the period, net of tax $ (20,143 ) $ (850 ) $ (9,190 ) $ (30,183 ) Balance at December 31, 2018 $ (42,353 ) $ 7,857 $ (42,376 ) $ (76,872 ) Balance at January 1, 2017 $ (29,309 ) $ 4,165 $ (40,184 ) $ (65,328 ) Other comprehensive income 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 gains 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 ) 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 2019 2018 Accumulated unrealized gains on available-for-sale securities Gains included in net income $ 899 $ 33 Gains on investment securities, net 899 33 Income before taxes Tax effect (241 ) (9 ) Income tax expense Net of tax $ 658 $ 24 Net income Accumulated unrealized losses on derivative instruments Amount reclassified to interest expense on deposits $ (10,954 ) $ (7,549 ) Interest on deposits Amount reclassified to interest expense on other borrowings 576 236 Interest on other borrowings Amount reclassified to interest expense on junior subordinated debentures 128 — Interest on junior subordinated debentures 10,250 7,313 Income before taxes Tax effect (2,733 ) (1,965 ) Income tax expense Net of tax $ 7,517 $ 5,348 Net income |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2019 | |
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 2019 Net interest income $ 841,601 $ 161,720 $ 30,118 $ 1,033,439 $ 21,480 $ 1,054,919 Provision for credit losses 47,914 5,950 — 53,864 — 53,864 Non-interest income 274,652 79,467 100,121 454,240 (47,068 ) 407,172 Non-interest expense 747,202 111,377 95,135 953,714 (25,588 ) 928,126 Income tax expense 82,639 34,424 7,341 124,404 — 124,404 Net income $ 238,498 $ 89,436 $ 27,763 $ 355,697 $ — $ 355,697 Total assets at end of year $ 29,583,112 $ 5,916,835 $ 1,120,636 $ 36,620,583 $ — $ 36,620,583 2018 Net interest income $ 791,838 $ 136,981 $ 17,455 $ 946,274 $ 18,629 $ 964,903 Provision for credit losses 28,586 6,246 — 34,832 — 34,832 Non-interest income 238,668 65,898 91,896 396,462 (40,312 ) 356,150 Non-interest expense 681,749 84,248 81,774 847,771 (21,683 ) 826,088 Income tax expense 79,361 30,325 7,281 116,967 — 116,967 Net income $ 240,810 $ 82,060 $ 20,296 $ 343,166 $ — $ 343,166 Total assets at end of year $ 25,438,454 $ 5,073,011 $ 733,384 $ 31,244,849 $ — $ 31,244,849 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 |
Condensed Parent Company Financ
Condensed Parent Company Financial Statements | 12 Months Ended |
Dec. 31, 2019 | |
Condensed Financial Information 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) 2019 2018 Assets Cash $ 96,245 $ 37,931 Available-for-sale debt securities and equity securities with readily determinable fair value 14,695 12,765 Investment in and receivable from subsidiaries 4,266,278 3,660,968 Loans, net of unearned income 75 1,200 Allowance for loan losses (5 ) — Net loans $ 70 $ 1,200 Goodwill 8,371 8,371 Other assets 353,064 206,902 Total assets $ 4,738,723 $ 3,928,137 Liabilities and Shareholders’ Equity Other liabilities $ 188,275 $ 75,609 Subordinated notes 436,095 139,210 Other borrowings 169,537 192,182 Junior subordinated debentures 253,566 253,566 Shareholders’ equity 3,691,250 3,267,570 Total liabilities and shareholders’ equity $ 4,738,723 $ 3,928,137 Statements of Income Years Ended December 31, (In thousands) 2019 2018 2017 Income Dividends and other revenue from subsidiaries $ 198,918 $ 171,388 $ 155,969 Other income 3,044 4 2,488 Total income $ 201,962 $ 171,392 $ 158,457 Expenses Interest expense $ 34,649 $ 22,375 $ 19,207 Salaries and employee benefits 72,925 64,726 50,683 Other expenses 116,132 108,038 74,618 Total expenses $ 223,706 $ 195,139 $ 144,508 (Loss) income before income taxes and equity in undistributed income of subsidiaries $ (21,744 ) $ (23,747 ) $ 13,949 Income tax benefit 40,776 34,186 47,139 Income before equity in undistributed net income of subsidiaries $ 19,032 $ 10,439 $ 61,088 Equity in undistributed net income of subsidiaries 336,665 332,727 196,594 Net income $ 355,697 $ 343,166 $ 257,682 Statements of Cash Flows Years Ended December 31, (In thousands) 2019 2018 2017 Operating Activities: Net income $ 355,697 $ 343,166 $ 257,682 Adjustments to reconcile net income to net cash provided by operating activities Provision for credit losses (18 ) 56 — Depreciation and amortization 15,675 11,943 10,783 Deferred income tax expense 8,342 502 2,809 Stock-based compensation expense 5,611 6,025 5,185 (Increase) decrease in other assets 3,040 3,685 1,956 (Decrease) increase in other liabilities (13,181 ) 650 9,967 Equity in undistributed net income of subsidiaries (336,665 ) (332,727 ) (196,594 ) Net Cash Provided by Operating Activities $ 38,501 $ 33,300 $ 91,788 Investing Activities: Capital (contributions to) distributions from subsidiaries, net $ (22,500 ) $ 4,632 $ (42,736 ) Net cash paid for acquisitions, net (124,338 ) (87,081 ) — Other investing activity, net (51,495 ) (57,143 ) (28,132 ) Net Cash Used for Investing Activities $ (198,333 ) $ (139,592 ) $ (70,868 ) Financing Activities: Increase in subordinated notes, other borrowings and junior subordinated debentures, net $ 273,886 $ 101,910 $ 20,008 Issuance of common shares resulting from exercise of stock options, employee stock purchase plan and conversion of common stock warrants 10,667 15,903 28,229 Dividends paid (65,110 ) (50,987 ) (40,543 ) Common stock repurchases for tax withholdings related to stock-based compensation (1,297 ) (648 ) (397 ) Net Cash Provided by Financing Activities $ 218,146 $ 66,178 $ 7,297 Net Increase (Decrease) in Cash and Cash Equivalents $ 58,314 $ (40,114 ) $ 28,217 Cash and Cash Equivalents at Beginning of Year 37,931 78,045 49,828 Cash and Cash Equivalents at End of Year $ 96,245 $ 37,931 $ 78,045 |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2019 | |
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 2019 , 2018 and 2017 : (In thousands, except per share data) 2019 2018 2017 Net income $ 355,697 $ 343,166 $ 257,682 Less: Preferred stock dividends 8,200 8,200 9,778 Net income applicable to common shares—Basic (A) $ 347,497 $ 334,966 $ 247,904 Add: Dividends on convertible preferred stock, if dilutive — — 1,578 Net income applicable to common shares—Diluted (B) $ 347,497 $ 334,966 $ 249,482 Weighted average common shares outstanding (C) 56,857 56,300 54,703 Effect of dilutive potential common shares: Common stock equivalents 762 908 998 Convertible preferred stock, if dilutive — — 985 Total dilutive potential common shares 762 908 1,983 Weighted average common shares and effect of dilutive potential common shares (D) 57,619 57,208 56,686 Net income per common share: Basic (A/C) $ 6.11 $ 5.95 $ 4.53 Diluted (B/D) 6.03 5.86 4.40 |
Quarterly Financial Summary (Un
Quarterly Financial Summary (Unaudited) | 12 Months Ended |
Dec. 31, 2019 | |
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, 2019 and 2018 : 2019 Quarters 2018 Quarters (In thousands, except per share data) First Second Third Fourth First Second Third Fourth Interest income $ 333,970 $ 346,814 $ 354,627 $ 349,731 $ 261,205 $ 284,047 $ 304,962 $ 320,596 Interest expense 71,984 80,612 89,775 87,852 36,123 45,877 57,399 66,508 Net interest income 261,986 266,202 264,852 261,879 225,082 238,170 247,563 254,088 Provision for credit losses 10,624 24,580 10,834 7,826 8,346 5,043 11,042 10,401 Net interest income after provision for credit losses 251,362 241,622 254,018 254,053 216,736 233,127 236,521 243,687 Non-interest income, excluding net securities gains (losses) 80,293 97,294 114,427 111,633 86,030 95,221 99,840 77,957 Gains (losses) on investment securities, net 1,364 864 710 587 (351 ) 12 90 (2,649 ) Non-interest expense 214,374 229,607 234,554 249,591 194,349 206,769 213,637 211,333 Income before taxes 118,645 110,173 134,601 116,682 108,066 121,591 122,814 107,662 Income tax expense 29,499 28,707 35,480 30,718 26,085 32,011 30,866 28,005 Net income $ 89,146 $ 81,466 $ 99,121 $ 85,964 $ 81,981 $ 89,580 $ 91,948 $ 79,657 Preferred stock dividends 2,050 2,050 2,050 2,050 2,050 2,050 2,050 2,050 Net income applicable to common shares $ 87,096 $ 79,416 $ 97,071 $ 83,914 $ 79,931 $ 87,530 $ 89,898 $ 77,607 Net income per common share: Basic $ 1.54 $ 1.40 $ 1.71 $ 1.46 $ 1.42 $ 1.55 $ 1.59 $ 1.38 Diluted 1.52 1.38 1.69 1.44 1.40 1.53 1.57 1.35 Cash dividends declared per common share 0.25 0.25 0.25 0.25 0.19 0.19 0.19 0.19 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events On October 24, 2019, the Company authorized the repurchase of up to $125 million of outstanding shares of its common stock. In January and February 2020, the Company repurchased 576,469 shares of the Company's common stock in the open market at a cost of approximately $37.1 million . |
Summary Of Significant Accoun_2
Summary Of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Basis of Accounting | 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 share in the earnings of the Company. The weighted-average number of common shares outstanding is increased by the assumed conversion of any 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 | Business Combinations The Company accounts for business combinations under the acquisition method of accounting in accordance with ASC 805, “Business Combinations” (“ASC 805”) when it obtains control of a business. When determining whether a business has been acquired, the Company first evaluates whether substantially all of the fair value of the gross assets acquired are concentrated in a single identifiable asset or a group of similar identifiable assets. If concentrated in such a manner, the set of assets and activities is not a business. If not concentrated in such a manner, the Company assesses whether the set meets the definition of a business by containing inputs, outputs and at least one substantive process. If the set represents a business, 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. If the set of assets and activities do not constitute a business, the transaction is accounted for as an asset acquisition. The cost of a group of assets acquired is allocated to the individual assets acquired or liabilities assumed based on the relative fair value and does not result in the recognition of goodwill. Generally, any excess of the cost of the transaction over the fair value of the individual assets acquired or liabilities assumed, or, in contrast, any excess of the fair value of the individual assets acquired or liabilities assumed over the cost of the transaction, should be allocated on a relative fair value basis. Certain "non-qualifying" assets are excluded from this allocation, and are recognized at the individual asset's fair value. 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 and asset acquisitions are recognized in the reporting period in which the adjustment amounts are determined. |
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. |
Investment Securities | Investment Securities The Company classifies debt and equity securities upon purchase in one of five categories: trading, held-to-maturity debt securities, available-for-sale debt securities, equity securities with a readily determinable fair value or equity securities without a readily determinable fair value. 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 debt 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. Equity securities are classified based upon whether a readily determinable fair value exists on such security. The fair value of an equity security is readily determinable if it meets certain conditions, including whether sales prices or bid-ask quotes are currently available on certain securities exchanges; traded only in a foreign market that is of a breadth and scope comparable to one of the U.S. markets; or the security is an investment in a mutual fund or similar structure with a fair value per share or unit that is determined and published, and is the basis for current transactions. Held-to-maturity debt 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 debt 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 and equity securities with a readily determinable fair value are stated at fair value. Realized and unrealized gains and losses from sales and fair value adjustments are included in other non-interest income. Equity securities without a readily determinable fair value are stated at either a calculated net asset value per share, if available, or the cost of the security minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or similar instrument of the same issuer. Subsequent to classification at the time of purchase, the Company may transfer debt securities between trading, held-to-maturity, or available-for-sale. For debt securities transferred to trading, the current unrealized gain or loss at the date of transfer, net of related taxes, is immediately recognized in earnings. Debt 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 debt 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 debt security. These amounts are amortized over the remaining life of the debt security in equal and offsetting amounts. Unrealized gains or losses for held-to-maturity debt 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 debt 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 debt security before recovery of its amortized cost basis; or (3) the Company does not expect to recover the entire amortized cost basis of the debt security. If the Company intends to sell a debt security or if it is more likely than not that the Company will be required to sell the debt security before recovery, an other-than-temporary impairment write-down is recognized in earnings equal to the difference between the debt security’s amortized cost basis and its fair value. If an entity does not intend to sell the debt security or it is not more likely than not that it will be required to sell the debt 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. Equity securities with readily determinable fair values are measured at fair value with changes recognized in net income. Equity securities without readily determinable fair values are measured at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for identical or similar investments of the same issuer. Such investments are included within accrued interest receivable and other assets within the Company's Consolidated Statements of Condition. 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), unrealized gains and losses on equity securities 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. The Company does not consider securities with unrealized losses at December 31, 2019 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 corporate notes, collateralized mortgage-backed securities, and municipal securities. |
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. 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 qualitative considerations. The allowance for loan losses includes the following components: 1) specific reserves on impaired loans, 2) a general reserve based upon historical loss experience and 3) qualitative factors to adjust the historical loss experience used, if deemed necessary. If a loan is impaired, the Company analyzes the loan for purposes of calculating our specific impairment reserves. Loans with a credit risk rating of a 6 through 9 are reviewed 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 that are not considered impaired loans, a general reserve is established based on historical loss experience, adjusted for certain qualitative factors, related to the type of loan collateral, if any, and the assigned credit risk rating. Such qualitative factors assessed by management include the following: • an assessment of internally-evaluated problem loans and historical loss experience; • changes in the composition of the loan portfolio, changes in 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; • 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; • changes in the quality of the Company’s loan review system; • changes in the underlying collateral for collateral dependent loans; and • the effect of other external factors such as competition and legal and regulatory requirements on the level of estimated credit losses in the bank’s existing portfolio. All such estimates and considerations 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 | Mortgage Servicing Rights ("MSRs") 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. Certain loans 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 homogeneous 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 |
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 generally range from two to 15 years for furniture, fixtures and equipment, two to seven 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, testing 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) | 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. 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. 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 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 during periods covered by the loss share agreements. FDIC Loss Share Asset (Liability) 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. Eight FDIC-assisted 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 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. 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. 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. Additional expected losses, to the extent such expected losses resulted 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. |
Other Real Estate Owned | 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, 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. Intangible assets which have indefinite lives are evaluated each reporting date to determine whether events and circumstances continue to support an indefinite useful life. If an indefinite useful life can no longer be supported for such asset, the intangible asset will begin amortization over the estimated useful life at that point of time. If an indefinite useful life can be supported, the asset 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. All of the Company’s intangible assets with finite lives 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 period of up to ten -years on a straight-line basis. Indefinite-lived intangible assets consist of certain trade and domain names recognized in connection with the Veterans First acquisition. As indefinite-lived intangible assets are not amortized, the Company assesses impairment on at least an annual basis. |
Bank-Owned Life Insurance (BOLI) | Bank-Owned Life Insurance ("BOLI") |
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. Periodically, the Company will purchase options for the right to purchase securities not currently held within the banks' investment portfolios or enter into interest rate swaps in which the Company elects to not designate such derivatives as hedging instruments. These option and swap transactions are designed primarily to economically hedge a portion of the fair value adjustments related to the Company's mortgage servicing rights portfolio. The gain or loss associated with these derivative contracts are included in mortgage banking revenue. 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, 2019 , the Company had interest rate derivative transactions with an aggregate notional amount of approximately $7.4 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 2020 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, 2019 , the Company had forward commitments to sell mortgage loans with an aggregate notional amount of approximately $837.2 million and interest rate lock commitments with an aggregate notional amount of approximately $454.6 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, 2019 , the Company held foreign currency derivatives with an aggregate notional amount of approximately $34.5 million . Other Derivatives— Interest rate swaps designated as fair value hedges 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, 2019 , the Company has fifteen interest rate swaps with an aggregate notional amount of $162.9 million that were designated as fair value hedges primarily associated with fixed rate commercial and industrial and commercial real estate loans as well as life insurance premium finance receivables. One of these interest rate swaps with an aggregate notional amount of $6.9 million has terms starting after December 31, 2019 . For derivatives designated and that qualify as fair value hedges, the net gain or loss from the entire change in the fair value of the derivative instrument is recognized in the same income statement line item as the earnings effect, including the net gain or loss, of the hedged item (interest income earned on fixed rate loans) when the hedged item affects earnings. 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 and collars 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; (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; and (5) options and swaps to economically hedge a portion of the fair value adjustments related to the Company's mortgage servicing rights portfolio. 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 accumulated other comprehensive income or loss 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. 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 are recorded as a component of accumulated other comprehensive income or loss, 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 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 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 collars designated as cash flow hedges involve the receipt of amounts in which the interest rate specified in the contract exceeds the agreed upon cap strike price or the payment of amounts in which the interest rate specified in the contract is below the agreed upon floor strike price at the end of each period. As of December 31, 2019 , the Company had fifteen interest rate swap derivatives designated as cash flow hedges of variable rate deposits and certain junior subordinated debentures, and one interest rate collar derivative designated as a cash flow hedge of the Company’s variable rate Term Facility. When the relationship between the hedged item and hedging instrument is highly effective at achieving offsetting changes in cash flows attributable to the hedged risk, changes in the fair value of these cash flow hedges are recorded in accumulated other comprehensive income or loss and are subsequently reclassified to interest expense as interest payments are made on such variable rate deposits. The changes in fair value (net of tax) are separately disclosed in the Consolidated Statements of Comprehensive Income. |
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. |
Revenue Recognition | Practical Expedients and Exemptions The Company does not adjust the promised amount of consideration for the effects of a significant financing component if the Company expects, at contract inception, that the period between when the Company transfers a promised service to a customer and when the customer pays for that services is one year or less. The Company recognizes the incremental costs of obtaining a contract as an expense when incurred if the amortization period of the asset that the entity otherwise would have recognized is one year or less. Wealth Management Revenue Wealth management revenue is comprised of brokerage and insurance product commissions, managed money fees and trust and asset management revenue of the Company's four wealth management subsidiaries: Wintrust Investments, Great Lakes Advisors, CTC and CDEC. All wealth management revenue is recognized in the wealth management segment. Brokerage and insurance product commissions consists primarily of commissions earned from trade execution services on behalf of customers and from selling mutual funds, insurance and other investment products to customers. For trade execution services, the Company recognizes commissions and receives payment from the brokerage customers at the point of transaction execution. Commissions received from the investment or insurance product providers are recognized at the point of sale of the product. The Company also receives trail and other commissions from providers for certain plans. These are generally based on qualifying account values and are recognized once the performance obligation, specific to each provider, is satisfied on a monthly, quarterly or annual basis. Trust revenue is earned primarily from trust and custody services that are generally performed over time as well as fees earned on funds held during the facilitation of tax-deferred like-kind exchange transactions. Revenue is determined periodically based on a schedule of fees applied to the value of each customer account using a time-elapsed method to measure progress toward complete satisfaction of the performance obligation. Fees are typically billed on a calendar month or quarter basis in advance or in arrears depending upon the contract. Upfront fees received related to the facilitation of tax-deferred like-kind exchange transactions are deferred until the transaction is completed. Additional fees earned for certain extraordinary services performed on behalf of the customers are recognized when the service has been performed. Asset management revenue is earned from money management and advisory services that are performed over time. Revenue is based primarily on the market value of assets under management or administration using a time-elapsed method to measure progress toward complete satisfaction of the performance obligation. Fees are typically billed on a calendar month or quarter basis in advance or in arrears depending upon the contract. Certain programs provide the customer with an option of paying fees as a percentage of the account value or incurring commission charges for each trade similar to brokerage and insurance product commissions. Trade commissions and any other fees received for additional services are recognized at a point in time once the performance obligation is satisfied. Mortgage Broker Fees For customers desiring a mortgage product not currently offered by the Company, the Company may refer such customers and, with permission, direct such customers' applications to certain third party mortgage brokers. Mortgage broker fees are received from these brokers for such customer referrals upon settlement of the underlying mortgage. The Company's entitlement to the consideration is contingent on the settlement of the mortgage which is highly susceptible to factors outside of the Company's influence, such as the third party broker's underwriting requirements. Also, the uncertainty surrounding the consideration could be resolved in varying lengths of time, dependent upon the third party brokers. Therefore, mortgage broker fees are recognized at the settlement of the underlying mortgage when the consideration is received. Broker fees are recognized in the community banking segment. Service Charges on Deposit Accounts Service charges on deposit accounts include fees charged to deposit customers for various services, including account analysis services, and are based on factors such as the size and type of customer, type of product and number of transactions. The fees are based on a standard schedule of fees and, depending on the nature of the service performed, the service is performed at a point in time or over a period of a month. When the service is performed at a point in time, the Company recognizes and receives revenue when the service has been performed. When the service is performed over a period of a month, the Company recognizes and receives revenue in the month the service has been performed. Service charges on deposit accounts are recognized in the community banking segment. Administrative Services Administrative services revenue is earned from providing outsourced administrative services, such as data processing of payrolls, billing and cash management services, to temporary staffing service clients located throughout the United States. Fees are charged periodically (typically a payroll cycle) and computed in accordance with the contractually determined rate applied to the total gross billings administered for the period. The revenue is recognized over the period using a time-elapsed method to measure progress toward complete satisfaction of the performance obligation. Other fees are charged on a per occurrence basis as the service is provided in the billing cycle. The Company has certain contracts with customers to perform outsourced administrative services and short-term accounts receivable financing. For these contracts, the total fee is allocated between the administrative services revenue and interest income during the client onboarding process based on the specific client and services provided. Administrative services revenue is recognized in the specialty finance segment. Card and Deposit Related Fees Card related fees include interchange and merchant revenue, and fees related to debit and credit cards. Interchange revenue is related to the Company issued debit cards. Other deposit related fees primarily include pay by phone processing fees, ATM and safe deposit box fees, check order charges and foreign currency related fees. Card and deposit related fees are generally based on volume of transactions and are recognized at the point in time when the service has been performed. For any consideration that is constrained, the revenue is recognized once the uncertainty is known. Upfront fees received from certain contracts are recognized on a straight line basis over the term of the contract. Card and deposit related fees are recognized in the community banking segment. Contract liabilities represent upfront fees that the Company received at inception of certain contracts. The revenue recognized that was included in the contract liability balance at beginning of the period totaled $759,000 and $369,000 for the years ended December 31, 2019 and 2018, respectively. Receivables are recognized in the period the Company provides services when the Company's right to consideration is unconditional. Card related fee receivable is the result of volume based fee that the Company receives from a customer on an annual basis in the second quarter of each year. Payment terms on other invoiced amounts are typically 30 days or less. Contract liabilities and receivables from contracts with customers are included within the accrued interest payable and other liabilities and accrued interest receivable and other assets line items, respectively, in the Consolidated Statements of Condition. |
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 effects of certain transactions are recorded directly to shareholders' equity rather than income tax expense. 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. The tax effect of unrealized gains and losses on certain foreign currency transactions is also recorded in shareholders' equity as part of other comprehensive income (loss). |
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 permits for 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 2019 , 2018 and 2017 was $870,000 , $994,000 and $975,000 , respectively, more than the expected tax benefit for those shares. These differences in actual and expected tax benefits were recorded to income tax expense. As of December 31, 2019 , there was $10.5 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, 2019 , 2018 and 2017 was $9.8 million , $8.0 million and $8.9 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 debt securities, net of deferred taxes, changes in deferred gains and losses on investment securities transferred from available-for-sale debt securities to held-to-maturity debt securities, net of deferred taxes, adjustments related to cash flow hedges, net of deferred taxes and foreign currency translation adjustments, net of deferred taxes. The Company has a policy for releasing the income tax effects from accumulated other comprehensive income using an individual security approach. |
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 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 was shortened to the earliest call date. The Company adopted ASU No. 2017-08 as of January 1, 2019 under a modified retrospective approach. As a result, the Company recognized a cumulative effect adjustment of $1.5 million representing the accelerated amortization of premiums on certain callable debt securities directly to retained earnings on the Company's Consolidated Statements of Condition. 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. The FASB has continued to issue various updates to clarify and improve specific areas of ASU No. 2016-02. In July 2018, the FASB issued ASU No. 2018-10, “Codification Improvements to Topic 842, Leases,” to clarify the implementation guidance within ASU No. 2016-02 surrounding narrow aspects of Topic 842, including lessee reassessment of lease classifications, the rate implicit in a lease, lessor reassessment of lease terms and purchase options and variable lease payments that depend on an index or a rate. Also, in July 2018, the FASB issued ASU No. 2018-11, “Leases (Topic 842): Targeted Improvements,” to clarify the implementation guidance within ASU No. 2016-02 surrounding comparative period reporting requirements for initial adoption as well as separating lease and non-lease components in a contract and allocating consideration in the contract to the separate components. Also, in December 2018, the FASB issued ASU No. 2018-20, “Leases (Topic 842): Narrow-Scope Improvements for Lessors,” to clarify the implementation guidance within ASU No. 2016-02 surrounding specific aspects of lessor accounting. In March 2019, the FASB issued ASU No. 2019-01, “Codification Improvements to Topic 842, Leases,” to clarify the implementation guidance within ASU No. 2016-02 surrounding aspects of Topic 842, including determining the fair value of the underlying asset by lessors that are not manufacturers or dealers, presentation on the statement of cash flows, and transition disclosures related to Topic 250, Accounting Changes and Error Corrections. The Company adopted ASU No. 2016-02 and all subsequent updates issued to clarify and improve specific areas of this ASU as of January 1, 2019. The Company elected an optional transition method to apply the new guidance at the date of adoption (i.e. January 1, 2019) and continue applying current lease accounting guidance for comparative periods (i.e. reporting periods in 2018). As a result, as of January 1, 2019, the Company recognized a separate lease liability and right-of-use asset of approximately $199.4 million and $170.6 million , respectively, for leasing arrangements in which the Company is a lessee. The difference in the separate lease liability and right-of-use asset represents any remaining amounts related to prepayments, payment deferrals and lease incentives as of January 1, 2019. As of December 31, 2019, the separate lease liability and right-of-use asset was $197.6 million and $165.7 million , respectively. The separate liability and asset are included within accrued interest payable and other liabilities and accrued interest receivable and other assets, respectively, within the Company's Consolidated Statements of Condition. The leasing arrangements requiring recognition on the Consolidated Statements of Condition primarily related to certain banking facilities under operating lease agreements as well as other leasing arrangements in which the Company has the right-of-use of specific signage related to sponsorships and other agreements and certain automatic teller machines and other equipment. The Company utilized the following other transition elections and practical expedients: • For lessee arrangements of certain classes of underlying assets, including banking facilities and equipment, the Company elected the practical expedient to not separate non-lease components from lease components and instead to account for each separate lease and non-lease component as a single lease component. • For lessor arrangements that meet certain criteria (leasing of space in owned facilities), the Company elected the practical expedient to account for each separate lease and non-lease component as a single lease component. • A package of practical expedients applied to leases existing prior to the effective date that must all be elected together and allow a Company to not reassess: ◦ whether any expiring or existing contracts are or contain a lease; ◦ lease classification for any expired or existing leases; and ◦ whether initial direct costs for any expired or existing leases qualify for capitalization. • A practical expedient that permits the Company to continue applying its current policy for accounting for expired or existing land easements. • An accounting policy election for short-term leases (i.e. terms of 12 months or less with no purchase option expected to be exercised) to apply accounting similar to ASC 840, specifically to not recognize separate lease liabilities and right-of-use assets. As noted above, in accordance with ASU No. 2016-02 and all subsequent updates, the Company recognized a separate lease liability and right-of-use asset related to leasing arrangements in which the Company is the lessee of the identified asset. These lease arrangements include primarily the use of certain buildings, retail space and office space for the Company's operations and are considered operating leases. The underlying agreements of these arrangements often require fixed payments on a monthly basis. These fixed payments are included as consideration when measuring the separate lease liability and right-of-use asset noted above. Other payments are made on a monthly basis for certain items that are considered variable, including payments for insurance, real estate taxes and maintenance. Additionally, underlying agreements often have an initial period of use followed by certain extension periods. The Company considers such extensions for purposes of lease classification and the measurement of the separate lease liability and right-of-use asset. If the Company is reasonably certain to elect to extend the leasing arrangement, the lease term would include these periods for the purposes noted above. As a lessee, the Company cannot readily determine the rate implicit in the lease. As a result, the Company uses its incremental borrowing rate when measuring the separate lease liability and right-of-use asset. The Company estimated the incremental borrowing rate as the rate of interest that would be paid to borrow on a collateralized basis over a similar term in a similar economic environment. 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 lifetime credit loss estimates. This impacts the calculation of an allowance for credit losses for all financial assets measured under the amortized cost basis, including held-to-maturity debt securities and purchased credit deteriorated ("PCD") assets 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 through a cumulative-effect adjustment to the Company's Consolidated Statements of Condition as of the first reporting period of adoption. The FASB has continued to issue various updates to clarify and improve specific areas of ASU No. 2016-13. In November 2018, the FASB issued ASU No. 2018-19, “Codification Improvements to Topic 326, Financial Instruments—Credit Losses,” to clarify the implementation guidance within ASU No. 2016-13 surrounding narrow aspects of Topic 326, including the impact of the guidance on operating lease receivables. In May 2019, FASB issued ASU No. 2019-05, “Financial Instruments - Credit Losses (Topic 326): Targeted Transition Relief," allowing for the irrevocable election of the fair value option for certain financial assets, on an instrument-by-instrument basis, within the scope previously measured at amortized cost basis. In November 2019, the FASB issued ASU No. 2019-11, “Codification Improvements to Topic 326, Financial Instruments - Credit Losses,” to clarify and improve implementation guidance on certain aspects of Topic 326, including expected recoveries on purchased financial assets with credit deterioration, financial assets secured by collateral maintenance provisions, adjustment of the effective interest rate for troubled debt restructurings for prepayment assumptions existing at the time of adoption of Topic 326, and disclosure relief for accrued interest receivable balances. Like ASU No. 2016-13, these ASUs are 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 has continued its efforts in implementation of ASU No. 2016-13 and all subsequent updates issued to clarify and improve specific areas of this ASU. As discussed previously, throughout the implementation process, the Company has utilized a committee consisting of individuals from various areas of the Company tasked with transitioning to the new requirements. Implementation activities in prior periods included a review of historical internal data, the development and initial validation of modeling methodologies, including the determination of appropriate segmentation and assumptions, and the consideration of certain accounting policy elections. At this time, the Company is finalizing its model methodologies and processes, and continues to review recent model results for its loan portfolios and held-to-maturity debt investment securities. Controls and processes have been designed and implemented for the continued implementation process and are being designed for the ongoing process following adoption . The Company's model methodologies consider characteristics of the specific portfolio or asset segment, risk rating distributions and historical probability of default and loss given default, adjusted for current conditions and a single future economic forecast determined by the Company. Other assumptions in the Company's measurement methodology include the following: • Future economic forecasts will be over an eight-quarter reasonable and supportable forecast period. • In the event that the life of the asset exceeds the reasonable and supportable forecast period, measurement of expected credit losses will revert to historical loss information over four quarters. • Future prepayments are considered when determining expected credit losses over the life of an asset. Further, as noted above, certain accounting policy elections are available under the new rules. The Company will utilize the following approach to such elections: • The Company will not measure an allowance for credit losses on accrued interest if such accrued interest is written off in a timely manner when deemed uncollectible. Any such write-off of accrued interest will reverse previously recognized interest income. • The Company will not include accrued interest within presentation and disclosures of the carrying amount of financial assets held at amortized cost. • The Company will estimate expected credit losses by measuring the face amount or unpaid principal balance component of the amortized cost basis of a financial asset separately from other components such as premiums, discount and deferred fees and costs. • The Company will not maintain current accounting policies for existing purchase credit impaired ("PCI") financial assets. At the effective date, such assets will be considered PCD assets and measured accordingly under the new rules. 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. Fair Value Measurement In August 2018, the FASB issued ASU No. 2018-13, “Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirement for Fair Value Measurement,” to modify disclosure requirements on fair value measurements and inputs. This guidance is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years, and is to be applied prospectively or retrospectively depending upon the disclosure requirement. The Company does not expect this guidance to have a material impact on the Company's consolidated financial statements. Intangibles In August 2018, the FASB issued ASU No. 2018-15, “Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract,” to align the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with similar requirements related to implementation costs incurred to develop or obtain internal-use software. In addition, the amendment requires any capitalized implementation costs related to a hosting arrangement to be expensed over the term of the hosting arrangement. This guidance is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years, and is to be applied either retrospectively or prospectively to all implementation costs incurred after the date of adoption. The Company does not expect this guidance to have a material impact on the Company's consolidated financial statements. Codification Improvements In April 2019, the FASB issued ASU No. 2019-04, “Codification Improvements to Topic 326, Financial Instruments-Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments." The FASB has continued to issue various updates to clarify and improve specific areas of ASU No. 2016-01, ASU No. 2016-13, and ASU No. 2017-12. Amendments related to ASU No. 2016-01 are effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years, and can be early adopted, under a modified retrospective approach, since the Company has already adopted ASU No. 2016-01. Since the Company has not yet adopted ASU No. 2016-13, the effective dates and transition requirements for the amendments related to ASU No. 2019-04 are the same as the effective dates and transition requirements in ASU No. 2016-13 described above. Amendments related to ASU No. 2017-12 are effective as of the beginning of the first annual period beginning after the issuance date of ASU No. 2019-04 and can be early adopted since the Company has already adopted ASU No. 2017-12. The Company does not expect this guidance to have a material impact on the Company's consolidated financial statements. Income Taxes In December 2019, the FASB issued ASU No. 2019-12, "Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes," to simplify the accounting for income taxes by removing certain exceptions to the general principles of ASC 740, "Income Taxes". The guidance also improves consistent application by clarifying and amending existing guidance from ASC 740. This guidance is effective for fiscal years beginning after December 15, 2020, including interim periods therein and is to be applied on a retrospective, modified retrospective or prospective approach, depending on the specific amendment. Early adoption is permitted. The Company is currently evaluating the impact of adopting this new guidance on the consolidated financial statements. |
Finance, Loans and Leases Receivable | Certain premium finance receivables are recorded net of unearned income. |
Receivables | Accretion to interest income accounted for under ASC 310-30 totaled $18.2 million and $16.7 million in 2019 and 2018, respectively. These amounts include accretion and are included together within interest and fees on loans in the Consolidated Statements of Income. |
Loans, Credit Risk | 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 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. |
Nonperforming Loans | 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 loans. The remainder of the portfolio is considered performing under the contractual terms of the loan agreement. |
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, 2019 and approximately $5.7 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, 2019 and 2018 , the Company recorded $66,000 and $113,000 , 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, 2019 , the Company had $1.8 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 $13.5 million and $14.4 million at December 31, 2019 and 2018, respectively. |
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 did not specifically hedge the value of its MSRs in 2018 or 2017. Starting in 2019, the Company periodically purchased options for the right to purchase securities not currently held within the banks' investment portfolio and entered into interest rate swaps in which the Company elected to not designate such derivatives as hedging instruments. These option and swap transactions are designed primarily to economically hedge a portion of the fair value adjustments related to MSRs. For more information regarding such economic hedges in 2019, see Note 21, "Derivative Financial Instruments" in Item 8 of this report. |
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. |
Goodwill | The Company assesses each reporting unit’s goodwill for impairment on at least an annual basis and considers potential indicators of impairment at each reporting date between annual goodwill impairment tests. Annual goodwill impairment tests were historically performed as of June 30 for the Company’s community banking reporting unit and as of December 31 for the Company’s specialty finance and wealth management reporting units. At June 30, 2019, the Company utilized a qualitative approach for its annual goodwill impairment test of the community banking reporting unit and determined that it was not more likely than not that an impairment existed at that time. During the fourth quarter of 2019, the Company voluntarily changed the dates of its annual goodwill impairment tests to October 1 for all reporting units on a prospective basis. The change was made to more closely align the impairment testing dates with the timing of the Company’s long-term planning and forecasting process. At October 1, 2019, the Company utilized a quantitative approach for its annual goodwill impairment tests of the specialty finance and wealth management reporting units and determined that no impairment existed at that time. To ensure no more than 12 months elapsed between impairment tests, the Company utilized a qualitative approach as of October 1, 2019 for its goodwill impairment test of the community banking reporting unit and determined that it was not more likely than not that an impairment existed at that time. As of December 31, 2019, the Company identified no indicators of goodwill impairment within the community banking, specialty finance or wealth management reporting units. |
Disclosure about Offsetting Assets and Liabilities | he 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. 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. Unamortized prepayment fees are amortized as an adjustment to interest expense using the effective interest method.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.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 September 18, 2018 and all such borrowings must be repaid by September 18, 2023. Beginning December 31, 2018, the Company is required to make quarterly payments of principal plus interest on the Term Facility. During 2019, the Company borrowed $35.0 million under the Revolving Credit Facility and paid-off such amount prior to December 31, 2019. At December 31, 2019, the Company had no outstanding balance under the Revolving Credit Facility, which matures September 15, 2020. Unamortized costs paid by the Company in relation to the issuance of the Revolving Credit Facility are classified in other assets on the Consolidated Statements of Condition. |
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 investment securities. |
Income Tax Uncertainties | At December 31, 2019 , the Company had $8.6 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, 2019 and 2018 on unrecognized tax benefits was $1.7 million and $1.1 million , 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 2016 tax return year forward, and in general, the Company's state income tax returns are open and subject to audit from the 2016 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 2016 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. The option-pricing model requires the input of highly subjective assumptions and is 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. Management reviews and adjusts the assumptions used to calculate the fair value of an option on a periodic basis to better reflect expected trends during periods when options are granted. No options have been granted since 2016. 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. |
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. |
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 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 debt securities, trading account securities and equity securities with readily determinable fair value —Fair values for available-for-sale debt securities, trading account securities and equity securities with readily determinable fair value 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 these securities. 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 fair value of U.S. Treasury securities and certain equity securities with readily determinable fair value are based on unadjusted quoted prices in active markets for identical securities. As such, these securities are classified as Level 1 in the fair value hierarchy. The Company’s Investment Operations Department is responsible for the valuation of Level 3 available-for-sale debt 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, 2019 , the Company classified $112.0 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 $2.6 million of U.S. Government agencies as Level 3 at December 31, 2019 . 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 rated, 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). For bond issues without comparable bond proxies, a rating of "BBB" was assigned. At the year ended 2019, all of the ratings derived by the Investment Operations Department using the above process were "BBB" or better. 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, 2019 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. 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. As such, these loans are classified as Level 2 in the fair value hierarchy. 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, 2019 , the Company classified $9.6 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, 2019 was 3.47% 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 prepayment speed assumption of 14.12% at December 31, 2019 . 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 1.37% with credit discounts ranging from 0% - 8% at December 31, 2019 . 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, 2019 , the Company classified $85.6 million of MSRs as Level 3. The weighted average discount rate used as an input to value the pool of MSRs at December 31, 2019 was 9.96% with discount rates applied ranging from 7% - 17% . 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% - 94% or a weighted average prepayment speed of 14.12% . Further, for current and delinquent loans, the Company assumed the weighted average cost of servicing of $77 and $396 , 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, caps and collars, 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, caps and collars are valued by a third party, using models that primarily use market observable inputs, such as yield curves, and are classified as Level 2 in the fair value hierarchy. 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, 2019 , the Company classified $2.6 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, 2019 was 81.86% with pull-through rates applied ranging from 23% 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. These assets are classified as Level 2 in the fair value hierarchy. |
Fair Value Measurement | 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, 2019 , the Company had $120.0 million of impaired loans classified as Level 3. Of the $120.0 million of impaired loans, $90.3 million were measured at fair value based on the underlying collateral of the loan as shown in the table above. The remaining $29.7 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, 2019 , the Company had $15.2 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. 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 generally categorized these held-to-maturity securities as a Level 2 fair value measurement. Fair values for certain other held-to-maturity securities are based on the bond pricing methodology discussed previously related to certain available-for-sale securities. In accordance with ASC 820, the Company has categorized these held-to-maturity securities as a Level 3 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. 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. |
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. |
Summary Of Significant Accoun_3
Summary Of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Summary of Activity in the Allowance for Covered Loan Losses | A summary of activity in the allowance for covered loan losses for the year ended December 31, 2017 is as follows: Year Ended December 31, (Dollars in thousands) 2017 Balance at beginning of period $ 1,322 Allowance for covered loan losses transferred to allowance for loan losses subsequent to loss share termination or expiration (742 ) Provision for covered loan losses before benefit attributable to FDIC loss share agreements (1,063 ) Benefit attributable to FDIC loss share agreements 1,592 Net provision for covered loan losses and transfer from allowance for covered loan losses to allowance for loan losses $ (213 ) Increase in FDIC indemnification liability (1,592 ) Loans charged-off (517 ) Recoveries of loans charged-off 1,000 Net recoveries $ 483 Balance at end of period $ — |
Summary of Activity in FDIC Loss Share Asset or Liability | The following table summarizes the activity in the Company’s FDIC loss share liability during the period indicated: Year Ended December 31, (Dollars in thousands) 2017 Balance at beginning of period $ 16,701 Reductions from reimbursable expenses (291 ) Amortization 1,044 Changes in expected reimbursements from the FDIC for changes in expected credit losses (1,658 ) Resolution through payments paid to the FDIC and termination of loss share agreements (15,796 ) Balance at end of period $ — |
Investment Securities (Tables)
Investment Securities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of 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, 2019 and 2018 is as follows: December 31, 2019 December 31, 2018 (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 $ 120,275 $ 813 $ — $ 121,088 $ 126,199 $ 391 $ (186 ) $ 126,404 U.S. Government agencies 365,639 3,557 (3,754 ) 365,442 139,420 917 (30 ) 140,307 Municipal 141,701 3,785 (168 ) 145,318 136,831 2,427 (768 ) 138,490 Corporate notes: Financial issuers 97,051 761 (4,002 ) 93,810 97,079 35 (7,069 ) 90,045 Other 1,000 31 — 1,031 1,000 — — 1,000 Mortgage-backed: (1) Mortgage-backed securities 2,328,383 21,240 (3,013 ) 2,346,610 1,641,146 2,510 (57,317 ) 1,586,339 Collateralized mortgage obligations 32,775 280 (140 ) 32,915 43,819 500 (823 ) 43,496 Total available-for-sale securities $ 3,086,824 $ 30,467 $ (11,077 ) $ 3,106,214 $ 2,185,494 $ 6,780 $ (66,193 ) $ 2,126,081 Held-to-maturity securities U.S. Government agencies $ 902,974 $ 2,159 $ (5,460 ) $ 899,673 $ 814,864 $ 1,141 $ (28,576 ) $ 787,429 Municipal 231,426 7,536 (239 ) 238,723 252,575 1,100 (5,008 ) 248,667 Total held-to-maturity securities $ 1,134,400 $ 9,695 $ (5,699 ) $ 1,138,396 $ 1,067,439 $ 2,241 $ (33,584 ) $ 1,036,096 Equity securities with readily determinable fair value $ 48,044 $ 3,511 $ (715 ) $ 50,840 $ 34,410 $ 1,532 $ (1,225 ) $ 34,717 (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 Debt Securities | The following tables present 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, 2019 and 2018, respectively: As of December 31, 2019 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 $ — $ — $ — $ — $ — $ — U.S. Government agencies 193,533 (3,754 ) — — 193,533 (3,754 ) Municipal 28,246 (165 ) 52 (3 ) 28,298 (168 ) Corporate notes: Financial issuers 67,838 (3,760 ) 2,758 (242 ) 70,596 (4,002 ) Other — — — — — — Mortgage-backed: Mortgage-backed securities 751,053 (3,013 ) — — 751,053 (3,013 ) Collateralized mortgage obligations 9,419 (132 ) 1,305 (8 ) 10,724 (140 ) Total available-for-sale securities $ 1,050,089 $ (10,824 ) $ 4,115 $ (253 ) $ 1,054,204 $ (11,077 ) Held-to-maturity securities U.S. Government agencies $ 40,144 $ (5,460 ) $ — $ — $ 40,144 $ (5,460 ) Municipal 9,797 (239 ) — — 9,797 (239 ) Total held-to-maturity securities $ 49,941 $ (5,699 ) $ — $ — $ 49,941 $ (5,699 ) As of December 31, 2018 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 $ 5,485 $ (5 ) $ 24,829 $ (181 ) $ 30,314 $ (186 ) U.S. Government agencies — — 11,167 (30 ) 11,167 (30 ) Municipal 10,676 (178 ) 22,147 (590 ) 32,823 (768 ) Corporate notes: Financial issuers 37,076 (2,921 ) 42,934 (4,148 ) 80,010 (7,069 ) Other — — — — — — Mortgage-backed: Mortgage-backed securities 114,958 (124 ) 1,340,916 (57,193 ) 1,455,874 (57,317 ) Collateralized mortgage obligations 510 (1 ) 34,255 (822 ) 34,765 (823 ) Total available-for-sale securities $ 168,705 $ (3,229 ) $ 1,476,248 $ (62,964 ) $ 1,644,953 $ (66,193 ) Held-to-maturity securities U.S. Government agencies $ — $ — $ 601,238 $ (28,576 ) $ 601,238 $ (28,576 ) Municipal 38,239 (637 ) 158,302 (4,371 ) 196,541 (5,008 ) Total held-to-maturity securities $ 38,239 $ (637 ) $ 759,540 $ (32,947 ) $ 797,779 $ (33,584 ) |
Schedule of Investment Securities Portfolio Continuous Unrealized Loss Position, Held to Maturity | The following tables present 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, 2019 and 2018, respectively: As of December 31, 2019 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 $ — $ — $ — $ — $ — $ — U.S. Government agencies 193,533 (3,754 ) — — 193,533 (3,754 ) Municipal 28,246 (165 ) 52 (3 ) 28,298 (168 ) Corporate notes: Financial issuers 67,838 (3,760 ) 2,758 (242 ) 70,596 (4,002 ) Other — — — — — — Mortgage-backed: Mortgage-backed securities 751,053 (3,013 ) — — 751,053 (3,013 ) Collateralized mortgage obligations 9,419 (132 ) 1,305 (8 ) 10,724 (140 ) Total available-for-sale securities $ 1,050,089 $ (10,824 ) $ 4,115 $ (253 ) $ 1,054,204 $ (11,077 ) Held-to-maturity securities U.S. Government agencies $ 40,144 $ (5,460 ) $ — $ — $ 40,144 $ (5,460 ) Municipal 9,797 (239 ) — — 9,797 (239 ) Total held-to-maturity securities $ 49,941 $ (5,699 ) $ — $ — $ 49,941 $ (5,699 ) As of December 31, 2018 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 $ 5,485 $ (5 ) $ 24,829 $ (181 ) $ 30,314 $ (186 ) U.S. Government agencies — — 11,167 (30 ) 11,167 (30 ) Municipal 10,676 (178 ) 22,147 (590 ) 32,823 (768 ) Corporate notes: Financial issuers 37,076 (2,921 ) 42,934 (4,148 ) 80,010 (7,069 ) Other — — — — — — Mortgage-backed: Mortgage-backed securities 114,958 (124 ) 1,340,916 (57,193 ) 1,455,874 (57,317 ) Collateralized mortgage obligations 510 (1 ) 34,255 (822 ) 34,765 (823 ) Total available-for-sale securities $ 168,705 $ (3,229 ) $ 1,476,248 $ (62,964 ) $ 1,644,953 $ (66,193 ) Held-to-maturity securities U.S. Government agencies $ — $ — $ 601,238 $ (28,576 ) $ 601,238 $ (28,576 ) Municipal 38,239 (637 ) 158,302 (4,371 ) 196,541 (5,008 ) Total held-to-maturity securities $ 38,239 $ (637 ) $ 759,540 $ (32,947 ) $ 797,779 $ (33,584 ) |
Schedule of Gross Gains and Gross Losses Realized and Proceeds For Investment 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) 2019 2018 2017 Realized gains on investment securities $ 931 $ 1,144 $ 147 Realized losses on investment securities (32 ) (1,111 ) (102 ) Net realized gains on investment securities 899 $ 33 $ 45 Unrealized gains on equity securities with readily determinable fair value 3,057 2,771 — Unrealized losses on equity securities with readily determinable fair value (568 ) (4,910 ) — Net unrealized gains (losses) on equity securities with readily determinable fair value 2,489 (2,139 ) — Upward adjustments of equity securities without readily determinable fair values 505 325 — Downward adjustments of equity securities without readily determinable fair values (106 ) — — Impairment of equity securities without readily determinable fair values (262 ) (1,117 ) — Adjustment and impairment, net, of equity securities without readily determinable fair values 137 (792 ) — Other than temporary impairment charges — — — Gains (losses) on investment securities, net 3,525 (2,898 ) 45 Proceeds from sales of available-for-sale securities 972,253 214,196 344,674 Proceeds from sales of equity securities with readily determinable fair value 19,200 1,895 — Proceeds from sales and capital distributions of equity securities without readily determinable fair value 1,764 1,324 — |
Contractual Maturities of Investment Securities | The amortized cost and fair value of securities as of December 31, 2019 and December 31, 2018 , 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, 2019 December 31, 2018 (Dollars in thousands) Amortized Cost Fair Value Amortized Cost Fair Value Available-for-sale securities Due in one year or less $ 183,996 $ 185,035 $ 82,206 $ 82,153 Due in one to five years 62,679 64,064 168,855 169,307 Due in five to ten years 186,683 184,666 121,129 115,206 Due after ten years 292,308 292,924 128,339 129,580 Mortgage-backed 2,361,158 2,379,525 1,684,965 1,629,835 Total available-for-sale securities $ 3,086,824 $ 3,106,214 $ 2,185,494 $ 2,126,081 Held-to-maturity securities Due in one year or less $ 6,061 $ 6,074 $ 10,009 $ 9,979 Due in one to five years 28,697 28,986 29,436 28,995 Due in five to ten years 213,104 216,957 295,897 290,206 Due after ten years 886,538 886,379 732,097 706,916 Total held-to-maturity securities $ 1,134,400 $ 1,138,396 $ 1,067,439 $ 1,036,096 |
Loans (Tables)
Loans (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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, 2019 December 31, 2018 Balance: Commercial $ 8,285,920 $ 7,828,538 Commercial real estate 8,020,276 6,933,252 Home equity 513,066 552,343 Residential real estate 1,354,221 1,002,464 Premium finance receivables—commercial 3,442,027 2,841,659 Premium finance receivables—life insurance 5,074,602 4,541,794 Consumer and other 110,178 120,641 Total loans, net of unearned income $ 26,800,290 $ 23,820,691 Mix: Commercial 31 % 33 % Commercial real estate 30 29 Home equity 2 2 Residential real estate 5 4 Premium finance receivables—commercial 13 12 Premium finance receivables—life insurance 19 19 Consumer and other — 1 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, 2019 December 31, 2018 (Dollars in thousands) Unpaid Principal Balance Carrying Value Unpaid Principal Balance Carrying Value PCI loans $ 455,784 $ 425,372 $ 341,555 $ 318,394 |
Schedule of Loans Acquired with Deteriorated Credit Quality | The following table provides estimated details as of the date of acquisition on loans acquired in 2019 with evidence of credit quality deterioration since origination: (Dollars in thousands) ROC STC SBC Contractually required payments including interest $ 29,963 $ 54,422 $ 140,541 Less: Nonaccretable difference 2,606 5,066 7,604 Cash flows expected to be collected (1) $ 27,357 $ 49,356 $ 132,937 Less: Accretable yield 2,319 5,974 8,477 Fair value of PCI loans acquired $ 25,038 $ 43,382 $ 124,460 (1) Represents undiscounted expected principal and interest cash at acquisition. |
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) 2019 2018 Accretable yield, beginning balance $ 34,876 $ 36,565 Acquisitions 16,770 6,175 Accretable yield amortized to interest income (18,226 ) (16,711 ) Reclassification from non-accretable difference (1) 5,516 4,835 Increases in interest cash flows due to payments and changes in interest rates 6,012 4,012 Accretable yield, ending balance $ 44,948 $ 34,876 (1) Reclassification is the result of subsequent increases in expected principal cash flows. |
Allowance for Loan Losses, Al_2
Allowance for Loan Losses, Allowance for Losses on Lending-Related Commitments and Impaired Loans (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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, 2019 and 2018 : As of December 31, 2019 (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 $ 33,983 $ — $ 1,647 $ 48,840 $ 5,075,335 $ 5,159,805 Franchise 2,391 — — 216 934,875 937,482 Mortgage warehouse lines of credit — — — 4,189 288,592 292,781 Asset-based lending 128 — 956 5,769 982,165 989,018 Leases 722 — 249 10,996 866,561 878,528 PCI - commercial (1) — 1,855 423 7,314 18,714 28,306 Total commercial $ 37,224 $ 1,855 $ 3,275 $ 77,324 $ 8,166,242 $ 8,285,920 Commercial real estate: Construction 1,030 — 1,499 16,656 1,004,115 1,023,300 Land 1,082 — — 11,393 165,008 177,483 Office 8,034 — 3,692 6,127 1,026,916 1,044,769 Industrial 99 — 1,660 10,203 1,020,904 1,032,866 Retail 6,789 — 6,168 3,546 1,081,427 1,097,930 Multi-family 913 — 731 3,088 1,306,810 1,311,542 Mixed use and other 8,166 — 9,823 15,429 2,061,528 2,094,946 PCI - commercial real estate (1) — 14,946 7,973 31,125 183,396 237,440 Total commercial real estate $ 26,113 $ 14,946 $ 31,546 $ 97,567 $ 7,850,104 $ 8,020,276 Home equity 7,363 — 454 3,533 501,716 513,066 Residential real estate, including PCI 13,797 5,771 3,089 18,041 1,313,523 1,354,221 Premium finance receivables Commercial insurance loans 20,590 11,517 12,119 18,783 3,379,018 3,442,027 Life insurance loans 590 — — 32,559 4,902,171 4,935,320 PCI - life insurance loans (1) — — — — 139,282 139,282 Consumer and other, including PCI 231 287 40 344 109,276 110,178 Total loans, net of unearned income $ 105,908 $ 34,376 $ 50,523 $ 248,151 $ 26,361,332 $ 26,800,290 (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, 2018 (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 $ 34,298 $ — $ 1,451 $ 21,618 $ 5,062,729 $ 5,120,096 Franchise 16,051 — — 8,738 924,190 948,979 Mortgage warehouse lines of credit — — — — 144,199 144,199 Asset-based lending 635 — 200 3,156 1,022,065 1,026,056 Leases — — — 1,250 564,430 565,680 PCI - commercial (1) — 3,313 — 99 20,116 23,528 Total commercial $ 50,984 $ 3,313 $ 1,651 $ 34,861 $ 7,737,729 $ 7,828,538 Commercial real estate Construction $ 1,554 $ — $ — $ 9,424 $ 749,846 $ 760,824 Land 107 — 170 107 141,097 141,481 Office 3,629 — 877 5,077 929,739 939,322 Industrial 285 — — 16,596 885,367 902,248 Retail 10,753 — 1,890 1,729 878,106 892,478 Multi-family 311 — 77 5,575 970,597 976,560 Mixed use and other 2,490 — 1,617 8,983 2,192,105 2,205,195 PCI - commercial real estate (1) — 6,241 6,195 4,075 98,633 115,144 Total commercial real estate $ 19,129 $ 6,241 $ 10,826 $ 51,566 $ 6,845,490 $ 6,933,252 Home equity 7,147 — 131 3,105 541,960 552,343 Residential real estate, including PCI 16,383 1,292 1,692 6,171 976,926 1,002,464 Premium finance receivables Commercial insurance loans 11,335 7,799 11,382 15,085 2,796,058 2,841,659 Life insurance loans — — 8,407 24,628 4,340,856 4,373,891 PCI - life insurance loans (1) — — — — 167,903 167,903 Consumer and other, including PCI 348 227 87 733 119,246 120,641 Total loans, net of unearned income $ 105,326 $ 18,872 $ 34,176 $ 136,149 $ 23,526,168 $ 23,820,691 (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, per the most recent analysis at December 31, 2019 and 2018 : Performing Non-performing Total December 31, December 31, December 31, December 31, December 31, December 31, (Dollars in thousands) 2019 2018 2019 2018 2019 2018 Loan Balances: Commercial Commercial, industrial and other $ 5,125,822 $ 5,085,798 $ 33,983 $ 34,298 $ 5,159,805 $ 5,120,096 Franchise 935,091 932,928 2,391 16,051 937,482 948,979 Mortgage warehouse lines of credit 292,781 144,199 — — 292,781 144,199 Asset-based lending 988,890 1,025,421 128 635 989,018 1,026,056 Leases 877,806 565,680 722 — 878,528 565,680 PCI - commercial (1) 28,306 23,528 — — 28,306 23,528 Total commercial $ 8,248,696 $ 7,777,554 $ 37,224 $ 50,984 $ 8,285,920 $ 7,828,538 Commercial real estate Construction 1,022,270 759,270 1,030 1,554 1,023,300 760,824 Land 176,401 141,374 1,082 107 177,483 141,481 Office 1,036,735 935,693 8,034 3,629 1,044,769 939,322 Industrial 1,032,767 901,963 99 285 1,032,866 902,248 Retail 1,091,141 881,725 6,789 10,753 1,097,930 892,478 Multi-family 1,310,629 976,249 913 311 1,311,542 976,560 Mixed use and other 2,086,780 2,202,705 8,166 2,490 2,094,946 2,205,195 PCI - commercial real estate (1) 237,440 115,144 — — 237,440 115,144 Total commercial real estate $ 7,994,163 $ 6,914,123 $ 26,113 $ 19,129 $ 8,020,276 $ 6,933,252 Home equity 505,703 545,196 7,363 7,147 513,066 552,343 Residential real estate, including PCI 1,340,424 986,081 13,797 16,383 1,354,221 1,002,464 Premium finance receivables Commercial insurance loans 3,409,920 2,822,525 32,107 19,134 3,442,027 2,841,659 Life insurance loans 4,934,730 4,373,891 590 — 4,935,320 4,373,891 PCI - life insurance loans (1) 139,282 167,903 — — 139,282 167,903 Consumer and other, including PCI 109,784 120,184 394 457 110,178 120,641 Total loans, net of unearned income $ 26,682,702 $ 23,707,457 $ 117,588 $ 113,234 $ 26,800,290 $ 23,820,691 (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 for the years ended December 31, 2019 and 2018 is as follows: Year Ended December 31, 2019 (Dollars in thousands) Commercial Commercial Real Estate Home Equity Residential Real Estate Premium Finance Receivable Consumer and Other Total Loans Allowance for credit losses Allowance for loan losses at beginning of period $ 67,826 $ 60,267 $ 8,507 $ 7,194 $ 7,715 $ 1,261 $ 152,770 Other adjustments — (35 ) (20 ) (15 ) 49 — (21 ) Reclassification to/from allowance for unfunded lending-related commitments — (238 ) — — — — (238 ) Charge-offs (35,880 ) (5,402 ) (3,702 ) (798 ) (12,902 ) (522 ) (59,206 ) Recoveries 2,845 2,516 479 422 3,203 194 9,659 Provision for credit losses 30,129 9,770 (1,386 ) 2,997 11,582 772 53,864 Allowance for loan losses at period end $ 64,920 $ 66,878 $ 3,878 $ 9,800 $ 9,647 $ 1,705 156,828 Allowance for unfunded lending-related commitments at period end — 1,633 — — — — 1,633 Allowance for credit losses at period end $ 64,920 $ 68,511 $ 3,878 $ 9,800 $ 9,647 $ 1,705 $ 158,461 By measurement method: Individually evaluated for impairment 5,719 5,638 450 387 — 142 12,336 Collectively evaluated for impairment 59,171 62,759 3,428 9,386 9,647 1,563 145,954 Loans acquired with deteriorated credit quality 30 114 — 27 — — 171 Loans at period end: Individually evaluated for impairment $ 42,130 $ 35,867 $ 19,108 $ 22,528 $ — $ 412 $ 120,045 Collectively evaluated for impairment 8,215,484 7,746,969 493,958 1,313,565 8,377,347 107,550 26,254,873 Loans acquired with deteriorated credit quality 28,306 237,440 — 18,128 139,282 2,216 425,372 Loans held at fair value — — — 132,718 — — 132,718 Year Ended December 31, 2018 (Dollars in thousands) Commercial Commercial Real Estate Home Equity Residential Real Estate Premium Finance Receivable Consumer and Other Total Loans Allowance for credit losses Allowance for loan losses at beginning of period $ 57,811 $ 55,227 $ 10,493 $ 6,688 $ 6,846 $ 840 $ 137,905 Other adjustments (3 ) (85 ) (5 ) (25 ) (63 ) — (181 ) Reclassification to/from allowance for unfunded lending-related commitments — (126 ) — — — — (126 ) Charge-offs (14,532 ) (1,395 ) (2,245 ) (1,355 ) (12,228 ) (880 ) (32,635 ) Recoveries 1,457 5,631 541 2,075 3,069 202 12,975 Provision for credit losses 23,093 1,015 (277 ) (189 ) 10,091 1,099 34,832 Allowance for loan losses at period end $ 67,826 $ 60,267 $ 8,507 $ 7,194 $ 7,715 $ 1,261 $ 152,770 Allowance for unfunded lending-related commitments at period end — 1,394 — — — — 1,394 Allowance for credit losses at period end $ 67,826 $ 61,661 $ 8,507 $ 7,194 $ 7,715 $ 1,261 $ 154,164 By measurement method: Individually evaluated for impairment 6,558 4,287 282 204 — 116 11,447 Collectively evaluated for impairment 60,749 57,329 8,225 6,894 7,715 1,145 142,057 Loans acquired with deteriorated credit quality 519 45 — 96 — — 660 Loans at period end: Individually evaluated for impairment $ 59,529 $ 33,274 $ 12,255 $ 22,064 $ — $ 397 $ 127,519 Collectively evaluated for impairment 7,745,482 6,784,834 540,088 877,526 7,215,550 117,441 23,280,921 Loans acquired with deteriorated credit quality 23,527 115,144 — 9,017 167,903 2,803 318,394 Loan held at fair value — — — 93,857 — — 93,857 |
Impaired Loans Including Restructured Loans Table | A summary of impaired loans, including TDRs, at December 31, 2019 and 2018 is as follows: (Dollars in thousands) 2019 2018 Impaired loans (included in non-performing and restructured loans): Impaired loans with an allowance for loan loss required (1) $ 62,886 $ 60,219 Impaired loans with no allowance for loan loss required 57,159 67,050 Total impaired loans (2) $ 120,045 $ 127,269 Allowance for loan losses related to impaired loans $ 12,336 $ 11,437 TDRs 63,836 66,102 Reduction of interest income from non-accrual loans 5,202 3,422 Interest income recognized on impaired loans 9,383 7,347 (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, 2019 and 2018 : As of For the Year Ended December 31, 2019 (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 $ 23,821 $ 29,713 $ 5,593 $ 30,125 $ 2,450 Franchise — — — — — Asset-based lending 130 130 1 130 8 Leases 2,038 2,038 125 2,196 106 Commercial real estate Construction — — — — — Land 88 88 7 93 7 Office 7,475 7,759 3,305 7,542 356 Industrial — — — — — Retail 4,993 4,993 26 5,058 229 Multi-family 1,158 1,158 22 1,174 52 Mixed use and other 7,538 7,592 2,278 7,603 357 Home equity 8,650 9,157 450 8,746 337 Residential real estate 6,816 6,936 387 6,889 224 Consumer and other 179 198 142 186 13 Impaired loans with no related ASC 310 allowance recorded Commercial Commercial, industrial and other $ 12,756 $ 17,124 $ — $ 21,850 $ 1,469 Franchise 2,391 8,845 — 9,621 855 Asset-based lending 128 1,385 — 4,876 273 Leases 866 903 — 980 58 Commercial real estate Construction 1,030 1,554 — 1,117 84 Land 994 1,303 — 1,137 70 Office 559 645 — 1,072 59 Industrial 99 209 — 116 12 Retail 6,789 10,010 — 7,340 535 Multi-family 913 1,024 — 1,166 56 Mixed use and other 4,231 4,500 — 4,355 260 Home equity 10,458 13,265 — 11,955 666 Residential real estate 15,712 18,227 — 16,176 827 Consumer and other 233 388 — 258 20 Total loans, net of unearned income $ 120,045 $ 149,144 $ 12,336 $ 151,761 $ 9,383 As of For the Year Ended December 31, 2018 (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 $ 16,703 $ 17,029 $ 4,866 $ 17,868 $ 1,181 Franchise 16,021 16,256 1,375 16,221 909 Asset-based lending 557 557 317 689 50 Leases 1,730 1,730 — 1,812 91 Commercial real estate Construction 1,554 1,554 550 1,554 76 Land — — — — — Office 573 638 21 587 25 Industrial — — — — — Retail 14,633 14,633 3,413 14,694 676 Multi-family — — — — — Mixed use and other 1,188 1,221 293 1,354 66 Home equity 3,133 3,470 282 3,165 131 Residential real estate 4,011 4,263 204 4,056 159 Consumer and other 116 129 116 119 7 Impaired loans with no related ASC 310 allowance recorded Commercial Commercial, industrial and other $ 18,314 $ 21,501 $ — $ 20,547 $ 1,143 Franchise 5,152 5,154 — 5,320 403 Asset-based lending 207 601 — 569 51 Leases 845 879 — 936 56 Commercial real estate Construction 1,117 1,117 — 1,218 52 Land 3,396 3,491 — 3,751 198 Office 3,629 3,642 — 3,651 184 Industrial 322 450 — 363 30 Retail 1,592 1,945 — 1,699 110 Multi-family 1,498 1,595 — 1,529 55 Mixed use and other 3,522 3,836 — 3,611 227 Home equity 9,122 12,383 — 9,323 564 Residential real estate 18,053 20,765 — 18,552 883 Consumer and other 281 407 — 293 20 Total loans, net of unearned income $ 127,269 $ 139,246 $ 11,437 $ 133,481 $ 7,347 |
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, 2019 , 2018 , and 2017 , which represent TDRs: Year ended December 31, 2019 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 23 $ 26,265 11 $ 6,917 2 $ 605 13 $ 20,872 — $ — Franchise — — — — — — — — — — Asset-based lending 1 76 1 76 — — — — — — Leases — — — — — — — — — — Commercial real estate Office 2 5,382 2 5,382 — — 1 5,070 — — Industrial — — — — — — — — — — Mixed use and other 5 1,636 3 1,083 — — 2 423 — — Residential real estate and other 145 20,206 117 17,258 28 5,415 1 311 — — Total loans 176 $ 53,565 134 $ 30,716 30 $ 6,020 17 $ 26,676 — $ — Year ended December 31, 2018 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 4 $ 13,441 3 $ 691 — $ — 1 $ 12,750 — $ — Franchise 3 5,157 1 35 — — 2 5,122 — — Asset-based lending 1 130 1 130 — — — — — — Leases 1 239 1 239 — — — — — — Commercial real estate Office 1 59 1 59 — — — — — — Industrial — — — — — — — — — — Mixed use and other 2 455 2 455 1 85 — — — — Residential real estate and other 59 9,762 58 9,523 27 2,789 — — 1 239 Total loans 71 $ 29,243 67 $ 11,132 28 $ 2,874 3 $ 17,872 1 $ 239 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 — — Asset-based lending — — — — — — — — — — 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 (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, 2019 , 2018 , and 2017 , and such loans which were in payment default under the restructured terms during the respective periods: Year Ended December 31, 2019 Year Ended December 31, 2018 Year Ended December 31, 2017 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 23 $ 26,265 11 $ 22,499 4 $ 13,441 2 $ 174 5 $ 3,775 4 $ 3,681 Franchise — — — — 3 5,157 2 5,122 3 16,256 — — Asset-based lending 1 76 1 76 1 130 — — — — — — Leases — — — — 1 239 — — — — — — Commercial real-estate Office 2 5,382 1 312 1 59 — — — — — — Industrial — — — — — — — — — — — — Mixed use and other 5 1,636 2 553 2 455 2 455 1 1,245 1 1,245 Residential real estate and other 145 20,206 12 5,126 59 9,762 9 1,957 12 3,049 3 2,052 Total loans 176 $ 53,565 27 $ 28,566 71 $ 29,243 15 $ 7,708 21 24,325 8 6,978 (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 (MS_2
Mortgage Servicing Rights (MSRs) (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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, 2019 , 2018 and 2017 : December 31, December 31, December 31, (Dollars in thousands) 2019 2018 2017 Balance at beginning of year $ 75,183 $ 33,676 $ 19,103 Additions from loans sold with servicing retained 44,943 33,071 18,341 Additions from acquisitions 408 13,806 — Estimate of changes in fair value due to: Payoffs and paydowns (20,118 ) (5,039 ) (2,595 ) Changes in valuation inputs or assumptions (14,778 ) (331 ) (1,173 ) Fair value at end of year $ 85,638 $ 75,183 $ 33,676 Unpaid principal balance of mortgage loans serviced for others $ 8,243,251 $ 6,545,870 $ 2,929,133 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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, 2019 Community banking $ 465,085 $ 71,189 $ — $ 122 $ 536,396 Specialty finance 38,343 — — 1,108 39,451 Wealth management 69,713 — — (340 ) 69,373 Total $ 573,141 $ 71,189 $ — $ 890 $ 645,220 |
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, 2019 is as follows: December 31, (Dollars in thousands) 2019 2018 Community banking segment: Core deposit and other intangibles: Gross carrying amount $ 55,206 $ 55,366 Accumulated amortization (26,326 ) (29,406 ) Net carrying amount $ 28,880 $ 25,960 Trademark with indefinite lives: Carrying amount 5,800 5,800 Total net carrying amount $ 34,680 $ 31,760 Specialty finance segment: Customer list intangibles: Gross carrying amount $ 1,965 $ 1,958 Accumulated amortization (1,552 ) (1,436 ) Net carrying amount $ 413 $ 522 Wealth management segment: Customer list and other intangibles: Gross carrying amount $ 20,430 $ 20,430 Accumulated amortization (8,466 ) (3,288 ) Net carrying amount $ 11,964 $ 17,142 Total intangible assets: Gross carrying amount $ 83,401 $ 83,554 Accumulated amortization (36,344 ) (34,130 ) Total other intangible assets, net $ 47,057 $ 49,424 |
Estimated Amortization | Estimated amortization for the year-ended: 2020 $ 11,017 2021 7,692 2022 6,135 2023 4,670 2024 3,263 |
Premises and Equipment, Net (Ta
Premises and Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |
Summary of Premises and Equipment | A summary of premises and equipment at December 31, 2019 and 2018 is as follows: December 31, (Dollars in thousands) 2019 2018 Land $ 168,066 $ 164,232 Buildings and leasehold improvements 646,153 586,968 Furniture, equipment, and computer software 243,926 201,055 Construction in progress 25,940 16,179 $ 1,084,085 $ 968,434 Less: Accumulated depreciation and amortization 329,757 297,265 Total premises and equipment, net $ 754,328 $ 671,169 |
Deposits (Tables)
Deposits (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Deposits [Abstract] | |
Summary of Deposits | The following is a summary of deposits at December 31, 2019 and 2018 : (Dollars in thousands) 2019 2018 Balance: Non-interest bearing $ 7,216,758 $ 6,569,880 NOW and interest bearing demand deposits 3,093,159 2,897,133 Wealth management deposits 3,123,063 2,996,764 Money market 7,854,189 5,704,866 Savings 3,196,698 2,665,194 Time certificates of deposit 5,623,271 5,260,841 Total deposits $ 30,107,138 $ 26,094,678 Mix: Non-interest bearing 24 % 25 % NOW and interest bearing demand deposits 10 11 Wealth management deposits 10 12 Money market 26 22 Savings 11 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, 2019 and 2018 are as follows: (Dollars in thousands) 2019 2018 Due within one year $ 3,420,207 $ 3,213,010 Due in one to two years 2,024,189 1,251,446 Due in two to three years 114,103 710,836 Due in three to four years 37,743 47,979 Due in four to five years 26,239 37,563 Due after five years 790 7 Total time certificate of deposits $ 5,623,271 $ 5,260,841 |
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, 2019 and 2018 : (Dollars in thousands) 2019 2018 Maturing within three months $ 756,974 $ 682,940 After three but within six months 893,023 667,079 After six but within 12 months 728,255 921,547 After 12 months 1,466,201 1,350,717 Total $ 3,844,453 $ 3,622,283 |
Federal Home Loan Bank Advanc_2
Federal Home Loan Bank Advances (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Advances from Federal Home Loan Banks [Abstract] | |
Summary of Outstanding FHLB Advances | A summary of the outstanding FHLB advances at December 31, 2019 and 2018 , is as follows: (Dollars in thousands) 2019 2018 1.57% advance due June 2019 $ — $ 1,991 1.75% advance due June 2020 3,981 3,940 1.72% advance due June 2020 2,487 2,461 1.88% advance due June 2021 2,960 2,934 4.18% advance due February 2022 — 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 1.98% advance due January 2023 — 100,000 0.00% advance due April 2024 442 — 2.98% advance due August 2024 25,000 — 2.05% variable-rate advance due January 2028 100,000 100,000 0.41% advance due February 2029 440,000 — 1.36% advance due December 2029 100,000 — Total FHLB advances $ 674,870 $ 426,326 |
Other Borrowings (Tables)
Other Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Summary Of Other Borrowings | The following is a summary of other borrowings at December 31, 2019 and 2018 : (Dollars in thousands) 2019 2018 Notes payable $ 123,090 $ 144,461 Short-term borrowings 20,520 50,593 Other 46,447 47,722 Secured borrowings 228,117 151,079 Total other borrowings $ 418,174 $ 393,855 |
Schedule of Financial Instruments Owned and Pledged as Collateral | The following is a summary of these securities pledged as of December 31, 2019 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 Mortgage-backed securities $ 25,696 Held-to-maturity securities pledged U.S. Government agencies 4,000 Total collateral pledged $ 29,696 Excess collateral 9,176 Securities sold under repurchase agreements $ 20,520 |
Junior Subordinated Debentures
Junior Subordinated Debentures (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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, 2019 and 2018 . 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 12/31/2019 Maturity Date Earliest Redemption Date (Dollars in thousands) 2019 2018 Issue Date Wintrust Capital Trust III $ 774 $ 25,000 $ 25,774 $ 25,774 L+3.25 5.24 % 04/2003 04/2033 04/2008 Wintrust Statutory Trust IV 619 20,000 20,619 20,619 L+2.80 4.74 12/2003 12/2033 12/2008 Wintrust Statutory Trust V 1,238 40,000 41,238 41,238 L+2.60 4.54 05/2004 05/2034 06/2009 Wintrust Capital Trust VII 1,550 50,000 51,550 51,550 L+1.95 3.84 12/2004 03/2035 03/2010 Wintrust Capital Trust VIII 1,238 25,000 26,238 26,238 L+1.45 3.39 08/2005 09/2035 09/2010 Wintrust Capital Trust IX 1,547 50,000 51,547 51,547 L+1.63 3.52 09/2006 09/2036 09/2011 Northview Capital Trust I 186 6,000 6,186 6,186 L+3.00 4.91 08/2003 11/2033 08/2008 Town Bankshares Capital Trust I 186 6,000 6,186 6,186 L+3.00 4.91 08/2003 11/2033 08/2008 First Northwest Capital Trust I 155 5,000 5,155 5,155 L+3.00 4.94 05/2004 05/2034 05/2009 Suburban Illinois Capital Trust II 464 15,000 15,464 15,464 L+1.75 3.64 12/2006 12/2036 12/2011 Community Financial Shares Statutory Trust II 109 3,500 3,609 3,609 L+1.62 3.51 06/2007 09/2037 06/2012 Total $ 253,566 $ 253,566 4.12 % |
Revenue from Contracts with C_2
Revenue from Contracts with Customers (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue by Source | The following table presents revenue from contracts with customers, disaggregated by the revenue source: (Dollars in thousands) Years Ended Revenue from contracts with customers Location in income statement December 31, December 31, December 31, Brokerage and insurance product commissions Wealth management $ 18,825 $ 22,391 $ 22,863 Trust Wealth management 18,767 13,263 12,547 Asset management Wealth management 59,522 55,309 46,356 Total wealth management 97,114 90,963 81,766 Mortgage broker fees Mortgage banking 768 1,188 1,565 Service charges on deposit accounts Service charges on deposit accounts 39,070 36,404 34,513 Administrative services Other non-interest income 4,197 4,625 4,165 Card related fees Other non-interest income 7,816 7,441 5,858 Other deposit related fees Other non-interest income 12,500 11,892 11,127 Total revenue from contracts with customers $ 161,465 $ 152,513 $ 138,994 |
Contract Assets, Contract Liabilities and Receivables from Contracts with Customers | The following table provides information about contract assets, contract liabilities and receivables from contracts with customers: (Dollars in thousands) December 31, December 31, Contract assets $ — $ — Contract liabilities $ 1,356 $ 1,727 Mortgage broker fees receivable $ 19 $ 44 Administrative services receivable 194 275 Wealth management receivable 9,118 13,610 Card related fees receivable 266 — Total receivables from contracts with customer $ 9,597 $ 13,929 |
Performance Obligations Unsatisfied at End of Period | For contracts with an original expected length of more than one year, the following table presents the estimated future timing of recognition of upfront fees related to card and deposit related fees. These upfront fees represent performance obligations that are unsatisfied or partially unsatisfied at the end of the reporting period. (Dollars in thousands) Estimated—2020 $ 757 Estimated—2021 303 Estimated—2022 153 Estimated—2023 143 Estimated—2024 — Total $ 1,356 |
Lease Commitments (Tables)
Lease Commitments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Summary of Lease Costs | The following tables provide a summary of lease costs and future required fixed payments related to the Company's leasing arrangements in which it is the lessee: Year Ended (Dollars in thousands) December 31, Operating lease cost $ 22,750 Finance lease cost: Amortization of right-of-use asset 36 Interest on lease liability 64 Short-term lease cost 561 Variable lease cost 3,202 Sublease income (598 ) Total lease cost $ 26,015 Cash paid for amounts included in the measurement of operating lease liabilities $ 23,859 Cash paid for amounts included in the measurement of finance lease liabilities 60 Right-of-use asset obtained in exchange for new operating lease liabilities 9,396 Right-of-use asset obtained in exchange for new finance lease liabilities 3,498 Weighted average remaining lease term - operating leases 13.2 years Weighted average remaining lease term - finance leases 39.6 years Weighted average discount rate - operating leases 4.09 % Weighted average discount rate - finance leases 4.43 % |
Summary of Future Required Fixed Payments Related to Leasing Arrangements | (In thousands) Payments 2020 $ 26,837 2021 22,403 2022 21,444 2023 19,315 2024 18,409 2025 and thereafter 152,231 Total minimum future amounts $ 260,639 Impact of measuring the lease liability on a discounted basis (63,000 ) Total lease liability $ 197,639 |
Summary of Future Required Fixed Payments Related to Leasing Arrangements | (In thousands) Payments 2020 $ 26,837 2021 22,403 2022 21,444 2023 19,315 2024 18,409 2025 and thereafter 152,231 Total minimum future amounts $ 260,639 Impact of measuring the lease liability on a discounted basis (63,000 ) Total lease liability $ 197,639 |
Schedule of Annual Gross Rental Receipts | The approximate annual gross rental receipts under noncancelable agreements for office space with remaining terms in excess of one year as of December 31, 2019 , are as follows (in thousands): Receipts 2020 $ 7,337 2021 6,370 2022 4,733 2023 3,057 2024 2,181 2025 and thereafter 4,821 Total minimum future amounts $ 28,499 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Tax Expense (Benefit) | Income tax expense (benefit) for the years ended December 31, 2019 , 2018 and 2017 is summarized as follows: Years Ended December 31, (Dollars in thousands) 2019 2018 2017 Current income taxes: Federal $ 55,664 $ 44,266 $ 54,977 State 18,270 18,349 12,852 Foreign 5,913 (872 ) 1,243 Total current income taxes $ 79,847 $ 61,743 $ 69,072 Deferred income taxes: Federal $ 33,345 $ 40,500 $ 51,668 State 13,099 11,705 10,403 Foreign (1,887 ) 3,019 1,172 Total deferred income taxes $ 44,557 $ 55,224 $ 63,243 Total income tax expense $ 124,404 $ 116,967 $ 132,315 |
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 and actual income tax expense is as follows: Years Ended December 31, (Dollars in thousands) 2019 2018 2017 Income tax expense using the statutory Federal income tax rate of 21% in 2019 and 2018, and 35% in 2017, on income before taxes $ 100,821 $ 96,628 $ 136,499 Increase (decrease) in tax resulting from: Tax-exempt interest, net of interest expense disallowance (3,958 ) (3,869 ) (4,658 ) State taxes, net of federal tax benefit 24,600 23,584 15,115 Income earned on bank owned life insurance (959 ) (1,002 ) (1,167 ) Excess tax benefits on share based compensation (1,447 ) (3,107 ) (5,470 ) Enactment of Tax Cuts and Jobs Act Re-measurement of net deferred tax liabilities — (1,209 ) (10,402 ) Transition tax on deferred foreign earnings — — 2,850 Meals, entertainment and related expenses 2,148 1,840 1,710 FDIC insurance expense 1,274 1,832 — Non-deductible compensation expense 1,019 1,366 55 Foreign subsidiary, net 1,979 1,591 (271 ) Tax benefits related to tax credit investments, net (513 ) (656 ) (698 ) Other, net (560 ) (31 ) (1,248 ) Income tax expense $ 124,404 $ 116,967 $ 132,315 |
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, 2019 and 2018 are as follows: (Dollars in thousands) 2019 2018 Deferred tax assets: Right-of-use liability $ 52,472 $ — Allowance for credit losses 41,809 40,342 Deferred compensation 23,555 22,363 Stock-based compensation 8,487 7,544 Loans 5,673 4,540 Net unrealized losses on derivatives included in other comprehensive income 4,781 — Federal net operating loss carryforward 4,016 5,348 Other real estate owned 2,198 2,429 Nonaccrued interest 2,164 1,357 AMT credit carryforward 1,338 1,395 Net unrealized losses on securities included in other comprehensive income — 15,430 Other 2,366 4,376 Total gross deferred tax assets 148,859 105,124 Deferred tax liabilities: Equipment leasing 120,114 90,306 Premises and equipment 51,544 28,517 Right-of-use asset 43,912 — Capitalized servicing rights 20,277 16,663 Goodwill and intangible assets 12,819 12,921 Net unrealized gains on securities included in other comprehensive income 5,443 — Deferred loan fees and costs 4,604 3,446 Fair value adjustments on loans 3,603 2,833 Net unrealized gains on derivatives included in other comprehensive income — 2,863 Other 5,397 5,295 Total gross deferred liabilities 267,713 162,844 Net deferred tax liabilities $ (118,854 ) $ (57,720 ) |
Summary of Positions for which Significant Change in Unrecognized Tax Benefits is Reasonably Possible | The following table provides a reconciliation of the beginning and ending amounts of gross unrecognized tax benefits: Years Ended December 31, (Dollars in thousands) 2019 2018 2017 Unrecognized tax benefits at beginning of year $ 11,538 $ 10,821 $ 11,626 Gross increases for tax positions taken in current period — — — Gross increases (decreases) for positions taken in prior periods 268 717 (805 ) Settlements with taxing authorities (966 ) — — Unrecognized tax benefits at end of the year $ 10,840 $ 11,538 $ 10,821 |
Stock Compensation Plans and _2
Stock Compensation Plans and Other Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Share-based Payment Arrangement, Noncash Expense [Abstract] | |
Summary of Stock Option Activity | A summary of the Plans’ stock option activity for the years ended December 31, 2019 , 2018 and 2017 is as follows: Stock Options Common Shares Weighted Average Strike Price Remaining Contractual Term (1) Intrinsic Value (2) ($000) 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 Outstanding at January 1, 2018 1,084,756 $ 41.98 Granted — — Exercised (282,614 ) 41.25 Forfeited or canceled (7,128 ) 39.84 Outstanding at December 31, 2018 795,014 $ 42.25 3.1 $ 19,268 Exercisable at December 31, 2018 613,932 $ 42.54 3.1 $ 14,705 Outstanding at January 1, 2019 795,014 $ 42.25 Granted — — Options outstanding in acquired plans 106,748 38.83 Exercised (146,430 ) 38.84 Forfeited or canceled — — Outstanding at December 31, 2019 755,332 $ 42.43 2.8 $ 21,503 Exercisable at December 31, 2019 735,396 $ 42.42 2.7 $ 20,947 Vested or expected to vest at December 31, 2019 755,332 $ 42.43 2.8 $ 21,503 (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, 2019 , 2018 and 2017 is as follows: 2019 2018 2017 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 1 143,263 $ 60.80 127,787 $ 53.33 133,425 $ 49.94 Granted 24,285 68.58 35,654 84.36 16,552 73.16 Vested and issued (21,529 ) 70.99 (18,324 ) 54.31 (19,639 ) 47.13 Forfeited or canceled (1,691 ) 79.50 (1,854 ) 63.50 (2,551 ) 52.26 Outstanding at end of year 144,328 $ 60.37 143,263 $ 60.80 127,787 $ 53.33 Vested, but not issuable at end of year 92,183 $ 52.24 90,520 $ 51.94 89,723 $ 51.64 A summary of the Plans’ performance-based stock award activity, based on the target level of the awards, for the years ended December 31, 2019 , 2018 and 2017 is as follows: 2019 2018 2017 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 1 396,855 $ 67.71 359,196 $ 54.37 298,180 $ 43.64 Granted 175,823 71.56 134,380 88.27 145,853 72.60 Added by performance factor at vesting 33,950 40.99 — — — — Vested and issued (128,238 ) 41.00 (82,307 ) 44.39 (68,712 ) 46.85 Forfeited or canceled (12,875 ) 75.08 (14,414 ) 60.05 (16,125 ) 52.98 Outstanding at end of year 465,515 $ 74.37 396,855 $ 67.71 359,196 $ 54.37 Vested, but deferred at year end 33,828 $ 43.01 21,530 $ 43.54 108,143 $ 44.16 |
Regulatory Matters (Tables)
Regulatory Matters (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Broker-Dealer, Net Capital Requirement, SEC Regulation [Abstract] | |
Schedule of Compliance with Minimum Capital Requirements | As reflected in the following table, the Company met all minimum capital requirements at December 31, 2019 and 2018 : 2019 2018 Total capital to risk weighted assets 12.2 % 11.6 % Tier 1 capital to risk weighted assets 9.6 9.7 Common Equity Tier 1 capital to risk weighted assets 9.2 9.3 Tier 1 leverage Ratio 8.7 9.1 |
Actual Capital Amounts And Ratios | The banks’ actual capital amounts and ratios as of December 31, 2019 and 2018 are presented in the following table: (Dollars in thousands) December 31, 2019 December 31, 2018 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 $ 461,643 12.0 % $ 386,358 10.0 % $ 424,872 12.5 % $ 338,823 10.0 % Hinsdale Bank 339,158 12.6 268,915 10.0 256,166 11.9 220,004 10.0 Wintrust Bank 709,328 11.8 602,969 10.0 613,037 11.5 533,154 10.0 Libertyville Bank 173,298 11.7 148,745 10.0 161,453 11.9 135,262 10.0 Barrington Bank 320,347 12.1 263,235 10.0 258,301 11.1 231,871 10.0 Crystal Lake Bank 124,373 12.1 102,488 10.0 107,041 11.6 92,542 10.0 Northbrook Bank 273,571 12.5 213,524 10.0 236,201 11.1 213,524 10.0 Schaumburg Bank 123,145 12.0 102,250 10.0 113,797 11.4 100,151 10.0 Village Bank 171,084 11.4 149,803 10.0 151,653 11.2 135,695 10.0 Beverly Bank 170,716 11.5 148,838 10.0 146,054 11.8 123,618 10.0 Town Bank 226,252 11.5 197,639 10.0 208,479 11.3 184,825 10.0 Wheaton Bank 187,518 11.4 165,019 10.0 165,798 11.3 147,354 10.0 State Bank of the Lakes 127,003 11.5 110,369 10.0 111,530 11.1 100,654 10.0 Old Plank Trail Bank 161,899 11.6 139,529 10.0 151,889 11.4 132,842 10.0 St. Charles Bank 156,023 11.7 133,119 10.0 115,607 11.4 101,337 10.0 Tier 1 Capital (to Risk Weighted Assets): Lake Forest Bank $ 440,585 11.4 % $ 309,087 8.0 % $ 402,156 11.9 % $ 271,058 8.0 % Hinsdale Bank 328,046 12.2 215,132 8.0 244,036 11.3 176,003 8.0 Wintrust Bank 668,922 11.1 482,375 8.0 545,649 10.2 426,523 8.0 Libertyville Bank 164,915 11.1 118,996 8.0 152,939 11.3 108,209 8.0 Barrington Bank 313,195 11.9 210,588 8.0 252,189 10.9 185,497 8.0 Crystal Lake Bank 119,374 11.7 81,991 8.0 102,404 11.1 74,033 8.0 Northbrook Bank 260,577 11.9 170,819 8.0 223,849 10.5 170,819 8.0 Schaumburg Bank 118,260 11.6 81,800 8.0 108,338 10.8 80,120 8.0 Village Bank 161,666 10.8 119,842 8.0 142,333 10.5 108,556 8.0 Beverly Bank 164,827 11.1 119,071 8.0 141,140 11.4 98,894 8.0 Town Bank 217,958 11.0 158,111 8.0 199,982 10.8 147,860 8.0 Wheaton Bank 181,195 11.0 132,015 8.0 159,718 10.8 117,883 8.0 State Bank of the Lakes 119,740 10.9 88,295 8.0 107,234 10.7 80,523 8.0 Old Plank Trail Bank 155,975 11.2 111,623 8.0 145,779 11.0 106,273 8.0 St. Charles Bank 151,665 11.4 106,495 8.0 111,454 11.0 81,069 8.0 Common Equity Tier 1 Capital (to Risk Weighted Assets): Lake Forest Bank $ 440,585 11.4 % $ 251,133 6.5 % $ 402,156 11.9 % $ 220,235 6.5 % Hinsdale Bank 328,046 12.2 174,795 6.5 244,036 11.3 143,002 6.5 Wintrust Bank 668,922 11.1 391,930 6.5 545,649 10.2 346,550 6.5 Libertyville Bank 164,915 11.1 96,684 6.5 152,939 11.3 87,920 6.5 Barrington Bank 313,195 11.9 171,102 6.5 252,189 10.9 150,716 6.5 Crystal Lake Bank 119,374 11.7 66,617 6.5 102,404 11.1 60,152 6.5 Northbrook Bank 260,577 11.9 138,791 6.5 223,849 10.5 138,791 6.5 Schaumburg Bank 118,260 11.6 66,463 6.5 108,338 10.8 65,098 6.5 Village Bank 161,666 10.8 97,372 6.5 142,333 10.5 88,201 6.5 Beverly Bank 164,827 11.1 96,745 6.5 141,140 11.4 80,352 6.5 Town Bank 217,958 11.0 128,465 6.5 199,982 10.8 120,136 6.5 Wheaton Bank 181,195 11.0 107,262 6.5 159,718 10.8 95,780 6.5 State Bank of the Lakes 119,740 10.9 71,740 6.5 107,234 10.7 65,425 6.5 Old Plank Trail Bank 155,975 11.2 90,694 6.5 145,779 11.0 86,347 6.5 St. Charles Bank 151,665 11.4 86,528 6.5 111,454 11.0 65,869 6.5 (Dollars in thousands) December 31, 2019 December 31, 2018 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 $ 440,585 10.7 % $ 223,497 5.0 % $ 402,156 10.7 % $ 187,634 5.0 % Hinsdale Bank 328,046 10.4 147,512 5.0 244,036 10.4 117,308 5.0 Wintrust Bank 668,922 9.7 324,017 5.0 545,649 9.7 281,090 5.0 Libertyville Bank 164,915 10.0 82,848 5.0 152,939 10.0 76,247 5.0 Barrington Bank 313,195 12.9 115,309 5.0 252,189 12.9 97,759 5.0 Crystal Lake Bank 119,374 9.9 58,613 5.0 102,404 9.9 51,974 5.0 Northbrook Bank 260,577 9.8 132,394 5.0 223,849 9.8 114,125 5.0 Schaumburg Bank 118,260 9.5 60,266 5.0 108,338 9.5 57,111 5.0 Village Bank 161,666 9.5 89,945 5.0 142,333 9.5 75,197 5.0 Beverly Bank 164,827 10.7 79,777 5.0 141,140 10.7 66,109 5.0 Town Bank 217,958 10.0 116,750 5.0 199,982 10.0 100,257 5.0 Wheaton Bank 181,195 9.8 98,039 5.0 159,718 9.8 81,767 5.0 State Bank of the Lakes 119,740 9.2 63,078 5.0 107,234 9.2 58,068 5.0 Old Plank Trail Bank 155,975 9.6 80,708 5.0 145,779 9.6 76,096 5.0 St. Charles Bank 151,665 9.8 74,348 5.0 111,454 9.8 56,915 5.0 |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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, 2019 and December 31, 2018 : Derivative Assets Derivative Liabilities (Dollars in thousands) December 31, 2019 December 31, 2018 December 31, 2019 December 31, 2018 Derivatives designated as hedging instruments under ASC 815: Interest rate derivatives designated as Cash Flow Hedges $ — $ 6,270 $ 19,385 $ 1,656 Interest rate derivatives designated as Fair Value Hedges 310 2,636 6,523 1,756 Total derivatives designated as hedging instruments under ASC 815 $ 310 $ 8,906 $ 25,908 $ 3,412 Derivatives not designated as hedging instruments under ASC 815: Interest rate derivatives $ 100,259 $ 59,519 $ 100,897 $ 59,159 Interest rate lock commitments 2,860 3,405 259 2,694 Forward commitments to sell mortgage loans 142 — 2,070 1,486 Foreign exchange contracts 73 1,342 70 1,337 Total derivatives not designated as hedging instruments under ASC 815 $ 103,334 $ 64,266 $ 103,296 $ 64,676 Total Derivatives $ 103,644 $ 73,172 $ 129,204 $ 68,088 |
Schedule of Cash Flow Hedging Instruments | The table below provides details on these cash flow hedges, summarized by derivative type and maturity, as of December 31, 2019 : (Dollars in thousands) December 31, 2019 Maturity Date Notional Amount Fair Value Asset (Liability) Interest Rate Swaps: October 2021 $ 25,000 $ (311 ) November 2021 20,000 (272 ) December 2021 165,000 (2,293 ) May 2022 370,000 (4,880 ) June 2022 160,000 (1,997 ) July 2022 230,000 (2,861 ) August 2022 235,000 (2,923 ) Interest Rate Collars: September 2023 123,214 (3,848 ) Total Cash Flow Hedges $ 1,328,214 $ (19,385 ) |
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 income or loss related to interest rate derivatives designated as cash flow hedges follows: Years Ended December 31, (Dollars in thousands) 2019 2018 Unrealized gain at beginning of period $ 10,742 $ 11,902 Amount reclassified from accumulated other comprehensive income to interest expense on deposits, other borrowings and junior subordinated debentures (10,250 ) (7,313 ) Amount of (loss) gain recognized in other comprehensive income (18,435 ) 6,153 Unrealized (loss) gain at end of period $ (17,943 ) $ 10,742 |
Schedule of Derivatives in Fair Value Hedging Relationships | The following table presents the carrying amount of the hedged assets/(liabilities) and the cumulative amount of fair value hedging adjustment included in the carrying amount of the hedged assets/(liabilities) that are designated as a fair value hedge accounting relationship as of December 31, 2019 : December 31, 2019 (Dollars in thousands) Derivatives in Fair Value Hedging Relationships Location in the Statement of Condition Carrying Amount of the Hedged Assets/(Liabilities) Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets/(Liabilities) Cumulative Amount of Fair Value Hedging Adjustment Remaining for any Hedged Assets (Liabilities) for which Hedge Accounting has been Discontinued Interest rate swaps Loans, net of unearned income $ 167,281 $ 5,647 $ — Available-for-sale debt securities 1,391 81 — The following table presents the gain or loss recognized related to derivative instruments that are designated as fair value hedges for the respective period: (Dollars in thousands) Derivatives in Fair Value Hedging Relationships Location of Gain or (Loss) Recognized in Income on Derivative Year Ended December 31, 2019 Interest rate swaps Interest and fees on loans $ 8 Interest income - investment securities — |
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 2019 2018 Interest rate swaps and caps Trading gains (losses), net $ (380 ) $ (75 ) Mortgage banking derivatives Mortgage banking revenue 100 (792 ) Covered call options Fees from covered call options 3,670 3,519 Foreign exchange contracts Trading gains (losses), net 43 20 Derivative contract held as economic hedge on MSRs Mortgage banking revenue 519 — |
Summary of Interest Rate Derivatives | The table below summarizes 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, 2019 December 31, 2018 December 31, 2019 December 31, 2018 Gross Amounts Recognized $ 100,569 $ 68,425 $ 126,805 $ 62,571 Less: Amounts offset in the Statements of Condition — — — — Net amount presented in the Statements of Condition $ 100,569 $ 68,425 $ 126,805 $ 62,571 Gross amounts not offset in the Statements of Condition Offsetting Derivative Positions $ (2,561 ) $ (28,124 ) $ (2,561 ) $ (28,124 ) Collateral Posted — (23,810 ) (124,244 ) (2,640 ) Net Credit Exposure $ 98,008 $ 16,491 $ — $ 31,807 |
Fair Value of Assets and Liab_2
Fair Value of Assets and Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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, 2019 (Dollars in thousands) Total Level 1 Level 2 Level 3 Available-for-sale securities U.S. Treasury $ 121,088 $ 121,088 $ — $ — U.S. Government agencies 365,442 — 362,796 2,646 Municipal 145,318 — 33,368 111,950 Corporate notes 94,841 — 94,841 — Mortgage-backed 2,379,525 — 2,379,525 — Trading account securities 1,068 — 1,068 — Equity securities with readily determinable fair value 50,840 42,774 8,066 — Mortgage loans held-for-sale 377,313 — 377,313 — Loans held-for-investment 132,718 — 123,098 9,620 MSRs 85,638 — — 85,638 Nonqualified deferred compensations assets 14,213 — 14,213 — Derivative assets 103,644 — 101,013 2,631 Total $ 3,871,648 $ 163,862 $ 3,495,301 $ 212,485 Derivative liabilities $ 129,204 $ — $ 129,204 $ — December 31, 2018 (Dollars in thousands) Total Level 1 Level 2 Level 3 Available-for-sale securities U.S. Treasury $ 126,404 $ 126,404 $ — $ — U.S. Government agencies 140,307 — 137,157 3,150 Municipal 138,490 — 29,564 108,926 Corporate notes 91,045 — 91,045 — Mortgage-backed 1,629,835 — 1,629,835 — Trading account securities 1,692 — 1,692 — Equity securities with readily determinable fair value 34,717 — 34,717 — Mortgage loans held-for-sale 264,070 — 264,070 — Loans held-for-investment 93,857 — 82,510 11,347 MSRs 75,183 — — 75,183 Nonqualified deferred compensations assets 11,282 — 11,282 — Derivative assets 73,172 — 70,715 2,457 Total $ 2,680,054 $ 126,404 $ 2,352,587 $ 201,063 Derivative liabilities $ 68,088 $ — $ 68,088 $ — |
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 years ended December 31, 2019 and 2018 are summarized as follows: U.S. Government Agencies Loans held-for-investment MSRs Derivative assets (Dollars in thousands) Municipal Balance at January 1, 2019 $ 108,926 $ 3,150 $ 11,347 $ 75,183 $ 2,457 Total net gains included in: Net income (1) — — 827 10,047 174 Other comprehensive income 3,147 126 — — — Purchases (2) 38,686 — — 408 — Issuances — — — — — Sales — — — — — Settlements (38,809 ) (630 ) (5,447 ) — — Net transfers into/(out of) Level 3 — — 2,893 — — Balance at December 31, 2019 $ 111,950 $ 2,646 $ 9,620 $ 85,638 $ 2,631 (Dollars in thousands) Municipal U.S. Government Agencies Loans held-for-investment MSRs Derivative assets Balance at January 1, 2018 $ 77,181 $ 3,779 $ 33,717 $ 33,676 $ 2,157 Total net gains (losses) included in: Net income (1) — — (1,077 ) 27,701 300 Other comprehensive loss (8,541 ) (314 ) — — — Purchases (2) 63,644 — — 13,806 — Issuances — — — — — Sales — — — — — Settlements (23,358 ) (315 ) (28,367 ) — — Net transfers into/(out of) Level 3 — — 7,074 — — Balance at December 31, 2018 $ 108,926 $ 3,150 $ 11,347 $ 75,183 $ 2,457 (1) Changes in the balance of MSRs and derivative assets related to fair value adjustments are recorded as a component of mortgage banking revenue. Changes in the balance of loans held-for-investment related to fair value adjustments are recorded as other non-interest income. (2) Mortgage servicing rights purchased as a part of the ROC and Veterans First business combinations in 2019 and 2018, respectively. See Note 7 - Business Combinations and Asset Acquisitions for further discussion. |
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, 2019 . December 31, 2019 Year Ended December 31, 2019 Fair Value Losses Recognized, net (Dollars in thousands) Total Level 1 Level 2 Level 3 Impaired loans-collateral based $ 90,307 $ — $ — $ 90,307 $ 44,591 Other real estate owned (1) 15,171 — — 15,171 3,034 Total $ 105,478 $ — $ — $ 105,478 $ 47,625 (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, 2019 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 $ 111,950 Bond pricing Equivalent rating BBB-AA+ N/A Increase U.S. Government agencies 2,646 Bond pricing Equivalent rating AAA AAA Increase Loans held-for-investment 9,620 Discounted cash flows Discount rate 3%-4% 3.47% Decrease Credit discount 0%-8% 1.37% Decrease Constant prepayment rate (CPR) 14.12% 14.12% Decrease MSRs 85,638 Discounted cash flows Discount rate 7%-17% 9.96% Decrease Constant prepayment rate (CPR) 0%-94% 14.12% Decrease Cost of servicing $70-$200 $ 77 Decrease Cost of servicing - delinquent $200-$1,000 $ 396 Decrease Derivatives 2,631 Discounted cash flows Pull-through rate 23%-100% 81.86 % Increase Measured at fair value on a non-recurring basis: Impaired loans—collateral based 90,307 Appraisal value Appraisal adjustment - cost of sale 10% 10.00% Decrease Other real estate owned 15,171 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, 2019 December 31, 2018 (Dollars in thousands) Carrying Value Fair Value Carrying Value Fair Value Financial Assets: Cash and cash equivalents $ 286,476 $ 286,476 $ 392,200 $ 392,200 Interest bearing deposits with banks 2,164,560 2,164,560 1,099,594 1,099,594 Available-for-sale securities 3,106,214 3,106,214 2,126,081 2,126,081 Held-to-maturity securities 1,134,400 1,138,396 1,067,439 1,036,096 Trading account securities 1,068 1,068 1,692 1,692 Equity securities with readily determinable fair value 50,840 50,840 34,717 34,717 FHLB and FRB stock, at cost 100,739 100,739 91,354 91,354 Brokerage customer receivables 16,573 16,573 12,609 12,609 Mortgage loans held-for-sale, at fair value 377,313 377,313 264,070 264,070 Loans held-for-investment, at fair value 132,718 132,718 93,857 93,857 Loans held-for-investment, at amortized cost 26,667,572 26,659,903 23,726,834 23,780,739 Nonqualified deferred compensation assets 14,213 14,213 11,282 11,282 Derivative assets 103,644 103,644 73,172 73,172 Accrued interest receivable and other 303,090 303,090 260,281 260,281 Total financial assets $ 34,459,420 $ 34,455,747 $ 29,255,182 $ 29,277,744 Financial Liabilities Non-maturity deposits $ 24,483,867 $ 24,483,867 $ 20,833,837 $ 20,833,837 Deposits with stated maturities 5,623,271 5,635,475 5,260,841 5,283,063 FHLB advances 674,870 715,129 426,326 429,830 Other borrowings 418,174 418,174 393,855 393,855 Subordinated notes 436,095 458,796 139,210 138,345 Junior subordinated debentures 253,566 243,158 253,566 263,846 Derivative liabilities 129,204 129,204 68,088 68,088 Accrued interest payable 19,940 19,940 16,025 16,025 Total financial liabilities $ 32,038,987 $ 32,103,743 $ 27,391,748 $ 27,426,889 |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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, 2019 and 2018 is as follows: 2019 2018 Common Stock: Shares authorized 100,000,000 100,000,000 Shares issued 57,950,803 56,518,119 Shares outstanding 57,821,891 56,407,558 Cash dividend per share $ 1.00 $ 0.76 Preferred Stock: Shares authorized 20,000,000 20,000,000 Shares issued 5,000,000 5,000,000 Shares outstanding 5,000,000 5,000,000 |
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, 2019 , 2018 and 2017 : (In thousands) Accumulated Unrealized Gains (Losses) on Securities Accumulated Unrealized Gains (Losses) on Derivative Instruments Accumulated Foreign Currency Translation Adjustments Total Accumulated Other Comprehensive Loss Balance at January 1, 2019 $ (42,353 ) $ 7,857 $ (42,376 ) $ (76,872 ) Other comprehensive income during the period, net of tax, before reclassification 58,341 (13,481 ) 5,857 50,717 Amount reclassified from accumulated other comprehensive income into net income, net of tax (658 ) (7,517 ) — (8,175 ) Amount reclassified from accumulated other comprehensive income related to amortization of unrealized gains on investment securities transferred to held-to-maturity from available-for-sale (348 ) — — (348 ) Net other comprehensive income (loss) during the period, net of tax $ 57,335 $ (20,998 ) $ 5,857 $ 42,194 Balance at December 31, 2019 $ 14,982 $ (13,141 ) $ (36,519 ) $ (34,678 ) Balance at January 1, 2018 $ (15,813 ) $ 7,164 $ (33,186 ) $ (41,835 ) Cumulative effect adjustment from the adoption of: ASU 2016-01 $ (1,880 ) $ — $ — (1,880 ) ASU 2018-02 $ (4,517 ) $ 1,543 $ — (2,974 ) Other comprehensive (loss) income during the period, net of tax, before reclassification (20,054 ) 4,498 (9,190 ) (24,746 ) Amount reclassified from accumulated other comprehensive income into net income, net of tax (24 ) (5,348 ) — (5,372 ) Amount reclassified from accumulated other comprehensive income related to amortization of unrealized gains on investment securities transferred to held-to-maturity from available-for-sale (65 ) — — (65 ) Net other comprehensive loss during the period, net of tax $ (20,143 ) $ (850 ) $ (9,190 ) $ (30,183 ) Balance at December 31, 2018 $ (42,353 ) $ 7,857 $ (42,376 ) $ (76,872 ) Balance at January 1, 2017 $ (29,309 ) $ 4,165 $ (40,184 ) $ (65,328 ) Other comprehensive income 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 gains 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 ) |
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 2019 2018 Accumulated unrealized gains on available-for-sale securities Gains included in net income $ 899 $ 33 Gains on investment securities, net 899 33 Income before taxes Tax effect (241 ) (9 ) Income tax expense Net of tax $ 658 $ 24 Net income Accumulated unrealized losses on derivative instruments Amount reclassified to interest expense on deposits $ (10,954 ) $ (7,549 ) Interest on deposits Amount reclassified to interest expense on other borrowings 576 236 Interest on other borrowings Amount reclassified to interest expense on junior subordinated debentures 128 — Interest on junior subordinated debentures 10,250 7,313 Income before taxes Tax effect (2,733 ) (1,965 ) Income tax expense Net of tax $ 7,517 $ 5,348 Net income |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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 2019 Net interest income $ 841,601 $ 161,720 $ 30,118 $ 1,033,439 $ 21,480 $ 1,054,919 Provision for credit losses 47,914 5,950 — 53,864 — 53,864 Non-interest income 274,652 79,467 100,121 454,240 (47,068 ) 407,172 Non-interest expense 747,202 111,377 95,135 953,714 (25,588 ) 928,126 Income tax expense 82,639 34,424 7,341 124,404 — 124,404 Net income $ 238,498 $ 89,436 $ 27,763 $ 355,697 $ — $ 355,697 Total assets at end of year $ 29,583,112 $ 5,916,835 $ 1,120,636 $ 36,620,583 $ — $ 36,620,583 2018 Net interest income $ 791,838 $ 136,981 $ 17,455 $ 946,274 $ 18,629 $ 964,903 Provision for credit losses 28,586 6,246 — 34,832 — 34,832 Non-interest income 238,668 65,898 91,896 396,462 (40,312 ) 356,150 Non-interest expense 681,749 84,248 81,774 847,771 (21,683 ) 826,088 Income tax expense 79,361 30,325 7,281 116,967 — 116,967 Net income $ 240,810 $ 82,060 $ 20,296 $ 343,166 $ — $ 343,166 Total assets at end of year $ 25,438,454 $ 5,073,011 $ 733,384 $ 31,244,849 $ — $ 31,244,849 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 |
Condensed Parent Company Fina_2
Condensed Parent Company Financial Statements (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Condensed Financial Information Disclosure [Abstract] | |
Statements of Financial Condition | Statements of Financial Condition December 31, (In thousands) 2019 2018 Assets Cash $ 96,245 $ 37,931 Available-for-sale debt securities and equity securities with readily determinable fair value 14,695 12,765 Investment in and receivable from subsidiaries 4,266,278 3,660,968 Loans, net of unearned income 75 1,200 Allowance for loan losses (5 ) — Net loans $ 70 $ 1,200 Goodwill 8,371 8,371 Other assets 353,064 206,902 Total assets $ 4,738,723 $ 3,928,137 Liabilities and Shareholders’ Equity Other liabilities $ 188,275 $ 75,609 Subordinated notes 436,095 139,210 Other borrowings 169,537 192,182 Junior subordinated debentures 253,566 253,566 Shareholders’ equity 3,691,250 3,267,570 Total liabilities and shareholders’ equity $ 4,738,723 $ 3,928,137 |
Statements of Income | Statements of Income Years Ended December 31, (In thousands) 2019 2018 2017 Income Dividends and other revenue from subsidiaries $ 198,918 $ 171,388 $ 155,969 Other income 3,044 4 2,488 Total income $ 201,962 $ 171,392 $ 158,457 Expenses Interest expense $ 34,649 $ 22,375 $ 19,207 Salaries and employee benefits 72,925 64,726 50,683 Other expenses 116,132 108,038 74,618 Total expenses $ 223,706 $ 195,139 $ 144,508 (Loss) income before income taxes and equity in undistributed income of subsidiaries $ (21,744 ) $ (23,747 ) $ 13,949 Income tax benefit 40,776 34,186 47,139 Income before equity in undistributed net income of subsidiaries $ 19,032 $ 10,439 $ 61,088 Equity in undistributed net income of subsidiaries 336,665 332,727 196,594 Net income $ 355,697 $ 343,166 $ 257,682 |
Statements of Cash Flows | Statements of Cash Flows Years Ended December 31, (In thousands) 2019 2018 2017 Operating Activities: Net income $ 355,697 $ 343,166 $ 257,682 Adjustments to reconcile net income to net cash provided by operating activities Provision for credit losses (18 ) 56 — Depreciation and amortization 15,675 11,943 10,783 Deferred income tax expense 8,342 502 2,809 Stock-based compensation expense 5,611 6,025 5,185 (Increase) decrease in other assets 3,040 3,685 1,956 (Decrease) increase in other liabilities (13,181 ) 650 9,967 Equity in undistributed net income of subsidiaries (336,665 ) (332,727 ) (196,594 ) Net Cash Provided by Operating Activities $ 38,501 $ 33,300 $ 91,788 Investing Activities: Capital (contributions to) distributions from subsidiaries, net $ (22,500 ) $ 4,632 $ (42,736 ) Net cash paid for acquisitions, net (124,338 ) (87,081 ) — Other investing activity, net (51,495 ) (57,143 ) (28,132 ) Net Cash Used for Investing Activities $ (198,333 ) $ (139,592 ) $ (70,868 ) Financing Activities: Increase in subordinated notes, other borrowings and junior subordinated debentures, net $ 273,886 $ 101,910 $ 20,008 Issuance of common shares resulting from exercise of stock options, employee stock purchase plan and conversion of common stock warrants 10,667 15,903 28,229 Dividends paid (65,110 ) (50,987 ) (40,543 ) Common stock repurchases for tax withholdings related to stock-based compensation (1,297 ) (648 ) (397 ) Net Cash Provided by Financing Activities $ 218,146 $ 66,178 $ 7,297 Net Increase (Decrease) in Cash and Cash Equivalents $ 58,314 $ (40,114 ) $ 28,217 Cash and Cash Equivalents at Beginning of Year 37,931 78,045 49,828 Cash and Cash Equivalents at End of Year $ 96,245 $ 37,931 $ 78,045 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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 2019 , 2018 and 2017 : (In thousands, except per share data) 2019 2018 2017 Net income $ 355,697 $ 343,166 $ 257,682 Less: Preferred stock dividends 8,200 8,200 9,778 Net income applicable to common shares—Basic (A) $ 347,497 $ 334,966 $ 247,904 Add: Dividends on convertible preferred stock, if dilutive — — 1,578 Net income applicable to common shares—Diluted (B) $ 347,497 $ 334,966 $ 249,482 Weighted average common shares outstanding (C) 56,857 56,300 54,703 Effect of dilutive potential common shares: Common stock equivalents 762 908 998 Convertible preferred stock, if dilutive — — 985 Total dilutive potential common shares 762 908 1,983 Weighted average common shares and effect of dilutive potential common shares (D) 57,619 57,208 56,686 Net income per common share: Basic (A/C) $ 6.11 $ 5.95 $ 4.53 Diluted (B/D) 6.03 5.86 4.40 |
Quarterly Financial Summary (_2
Quarterly Financial Summary (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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, 2019 and 2018 : 2019 Quarters 2018 Quarters (In thousands, except per share data) First Second Third Fourth First Second Third Fourth Interest income $ 333,970 $ 346,814 $ 354,627 $ 349,731 $ 261,205 $ 284,047 $ 304,962 $ 320,596 Interest expense 71,984 80,612 89,775 87,852 36,123 45,877 57,399 66,508 Net interest income 261,986 266,202 264,852 261,879 225,082 238,170 247,563 254,088 Provision for credit losses 10,624 24,580 10,834 7,826 8,346 5,043 11,042 10,401 Net interest income after provision for credit losses 251,362 241,622 254,018 254,053 216,736 233,127 236,521 243,687 Non-interest income, excluding net securities gains (losses) 80,293 97,294 114,427 111,633 86,030 95,221 99,840 77,957 Gains (losses) on investment securities, net 1,364 864 710 587 (351 ) 12 90 (2,649 ) Non-interest expense 214,374 229,607 234,554 249,591 194,349 206,769 213,637 211,333 Income before taxes 118,645 110,173 134,601 116,682 108,066 121,591 122,814 107,662 Income tax expense 29,499 28,707 35,480 30,718 26,085 32,011 30,866 28,005 Net income $ 89,146 $ 81,466 $ 99,121 $ 85,964 $ 81,981 $ 89,580 $ 91,948 $ 79,657 Preferred stock dividends 2,050 2,050 2,050 2,050 2,050 2,050 2,050 2,050 Net income applicable to common shares $ 87,096 $ 79,416 $ 97,071 $ 83,914 $ 79,931 $ 87,530 $ 89,898 $ 77,607 Net income per common share: Basic $ 1.54 $ 1.40 $ 1.71 $ 1.46 $ 1.42 $ 1.55 $ 1.59 $ 1.38 Diluted 1.52 1.38 1.69 1.44 1.40 1.53 1.57 1.35 Cash dividends declared per common share 0.25 0.25 0.25 0.25 0.19 0.19 0.19 0.19 |
Summary Of Significant Accoun_4
Summary Of Significant Accounting Policies (Narrative) (Details) $ in Thousands | Oct. 16, 2017USD ($) | Jun. 30, 2017USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2012financial_institution | Jan. 01, 2019USD ($) | Dec. 31, 2018USD ($) |
Lease term | 7 years | ||||||
Reduction to estimated loss share liability as a result of adjustment related to clawback provisions | $ 4,900 | $ 1,658 | |||||
Net payment to FDIC as consideration for early termination of loss share agreements | $ 15,200 | ||||||
Pre-tax gain on write off | $ 400 | ||||||
Other real estate owned, excluding covered other real estate owned | $ 15,200 | $ 24,800 | |||||
Bank-owned life insurance | 187,500 | $ 147,900 | |||||
Operating lease liability | $ 199,400 | ||||||
Operating lease right-of-use asset | 170,600 | ||||||
Lease liability | 197,639 | ||||||
Right-of-use asset | $ 165,700 | ||||||
ASU 2017-08 | |||||||
Cumulative effect adjustment from the adoption of ASU | 1,531 | ||||||
ASU 2016-02 | |||||||
Operating lease liability | 199,400 | ||||||
Operating lease right-of-use asset | 170,600 | ||||||
Retained earnings | ASU 2017-08 | |||||||
Cumulative effect adjustment from the adoption of ASU | $ 1,531 | ||||||
Minimum | |||||||
Tax benefit realized on settlement (greater than) (as a percent) | 50.00% | ||||||
Maximum | |||||||
Intangible assets with finite lives, amortization period | 20 years | ||||||
Furniture, fixtures and equipment | Minimum | |||||||
Premises and equipment, useful lives | 2 years | ||||||
Furniture, fixtures and equipment | Maximum | |||||||
Premises and equipment, useful lives | 15 years | ||||||
Software and computer-related equipment | Minimum | |||||||
Premises and equipment, useful lives | 2 years | ||||||
Software and computer-related equipment | Maximum | |||||||
Premises and equipment, useful lives | 7 years | ||||||
Buildings and improvements | Minimum | |||||||
Premises and equipment, useful lives | 7 years | ||||||
Buildings and improvements | Maximum | |||||||
Premises and equipment, useful lives | 39 years | ||||||
Land improvements | |||||||
Premises and equipment, useful lives | 15 years | ||||||
FDIC Assisted | |||||||
Number of financial institutions acquired | financial_institution | 9 | ||||||
FDIC loss sharing agreement (as a percent) | 80.00% |
Summary Of Significant Accoun_5
Summary Of Significant Accounting Policies (Summary of Activity in the Allowance for Covered Loan Losses) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Allowance for Covered Loan Losses [Roll Forward] | |
Balance at beginning of period | $ 1,322 |
Allowance for covered loan losses transferred to allowance for loan losses subsequent to loss share termination or expiration | (742) |
Provision for covered loan losses before benefit attributable to FDIC loss share agreements | (1,063) |
Benefit attributable to FDIC loss share agreements | 1,592 |
Net provision for covered loan losses and transfer from allowance for covered loan losses to allowance for loan losses | (213) |
Increase in FDIC indemnification liability | (1,592) |
Loans charged-off | (517) |
Recoveries of loans charged-off | 1,000 |
Net recoveries | 483 |
Balance at end of period | $ 0 |
Summary Of Significant Accoun_6
Summary Of Significant Accounting Policies (Summary of Activity in FDIC Loss Share Asset/Liability) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Jun. 30, 2017 | Dec. 31, 2017 | |
Movement In FDIC Loss Share Liability [Roll Forward] | ||
Balance at beginning of period | $ 16,701 | |
Reductions from reimbursable expenses | (291) | |
Amortization | 1,044 | |
Changes in expected reimbursements from the FDIC for changes in expected credit losses | $ (4,900) | (1,658) |
Resolution through payments paid to the FDIC and termination of loss share agreements | (15,796) | |
Balance at end of period | $ 0 |
Investment Securities (Schedule
Investment Securities (Schedule of Investment Securities) (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Available-for-sale securities | ||
Amortized Cost | $ 3,086,824,000 | $ 2,185,494,000 |
Gross unrealized gains | 30,467,000 | 6,780,000 |
Gross unrealized losses | (11,077,000) | (66,193,000) |
Fair Value | 3,106,214,000 | 2,126,081,000 |
Held-to-maturity securities | ||
Amortized Cost | 1,134,400,000 | 1,067,439,000 |
Gross unrealized gains | 9,695,000 | 2,241,000 |
Gross unrealized losses | (5,699,000) | (33,584,000) |
Fair Value | 1,138,396,000 | 1,036,096,000 |
Equity securities with readily determinable fair value | ||
Amortized Cost | 48,044,000 | 34,410,000 |
Gross unrealized gains | 3,511,000 | 1,532,000 |
Gross unrealized losses | (715,000) | (1,225,000) |
Fair Value | 50,840,000 | 34,717,000 |
U.S. Treasury | ||
Available-for-sale securities | ||
Amortized Cost | 120,275,000 | 126,199,000 |
Gross unrealized gains | 813,000 | 391,000 |
Gross unrealized losses | 0 | (186,000) |
Fair Value | 121,088,000 | 126,404,000 |
U.S. Government agencies | ||
Available-for-sale securities | ||
Amortized Cost | 365,639,000 | 139,420,000 |
Gross unrealized gains | 3,557,000 | 917,000 |
Gross unrealized losses | (3,754,000) | (30,000) |
Fair Value | 365,442,000 | 140,307,000 |
Held-to-maturity securities | ||
Amortized Cost | 902,974,000 | 814,864,000 |
Gross unrealized gains | 2,159,000 | 1,141,000 |
Gross unrealized losses | (5,460,000) | (28,576,000) |
Fair Value | 899,673,000 | 787,429,000 |
Municipal | ||
Available-for-sale securities | ||
Amortized Cost | 141,701,000 | 136,831,000 |
Gross unrealized gains | 3,785,000 | 2,427,000 |
Gross unrealized losses | (168,000) | (768,000) |
Fair Value | 145,318,000 | 138,490,000 |
Held-to-maturity securities | ||
Amortized Cost | 231,426,000 | 252,575,000 |
Gross unrealized gains | 7,536,000 | 1,100,000 |
Gross unrealized losses | (239,000) | (5,008,000) |
Fair Value | 238,723,000 | 248,667,000 |
Corporate notes, financial issuers | ||
Available-for-sale securities | ||
Amortized Cost | 97,051,000 | 97,079,000 |
Gross unrealized gains | 761,000 | 35,000 |
Gross unrealized losses | (4,002,000) | (7,069,000) |
Fair Value | 93,810,000 | 90,045,000 |
Corporate notes, other | ||
Available-for-sale securities | ||
Amortized Cost | 1,000,000 | 1,000,000 |
Gross unrealized gains | 31,000 | 0 |
Gross unrealized losses | 0 | 0 |
Fair Value | 1,031,000 | 1,000,000 |
Mortgage-backed securities | ||
Available-for-sale securities | ||
Amortized Cost | 2,328,383,000 | 1,641,146,000 |
Gross unrealized gains | 21,240,000 | 2,510,000 |
Gross unrealized losses | (3,013,000) | (57,317,000) |
Fair Value | 2,346,610,000 | 1,586,339,000 |
Collateralized mortgage obligations | ||
Available-for-sale securities | ||
Amortized Cost | 32,775,000 | 43,819,000 |
Gross unrealized gains | 280,000 | 500,000 |
Gross unrealized losses | (140,000) | (823,000) |
Fair Value | 32,915,000 | $ 43,496,000 |
Subprime | ||
Available-for-sale securities | ||
Fair Value | $ 0 |
Investment Securities (Narrativ
Investment Securities (Narrative) (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019USD ($)security | Sep. 30, 2019USD ($) | Jun. 30, 2019USD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Sep. 30, 2018USD ($) | Jun. 30, 2018USD ($) | Mar. 31, 2018USD ($) | Dec. 31, 2019USD ($)security | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Debt Securities, Available-for-sale [Line Items] | |||||||||||
Equity securities without readily determinable fair values | $ 29,500 | $ 29,500 | |||||||||
Upward adjustments of equity securities without readily determinable fair values | 505 | $ 325 | $ 0 | ||||||||
Downward adjustments of equity securities without readily determinable fair values | 106 | 0 | 0 | ||||||||
Impairment of equity securities without readily determinable fair values | 262 | 1,117 | 0 | ||||||||
Income tax expense (benefit) | 30,718 | $ 35,480 | $ 28,707 | $ 29,499 | $ 28,005 | $ 30,866 | $ 32,011 | $ 26,085 | 124,404 | 116,967 | 132,315 |
Investment securities pledged as collateral | $ 1,700,000 | $ 1,700,000 | $ 1,700,000 | 1,700,000 | |||||||
Number of securities by a single non-government sponsored issuer exceeding 10% of shareholders' equity | security | 0 | 0 | |||||||||
Investment securities | |||||||||||
Debt Securities, Available-for-sale [Line Items] | |||||||||||
Income tax expense (benefit) | $ 913 | $ (737) | $ 18 |
Investment Securities (Schedu_2
Investment Securities (Schedule of Investment Securities Portfolio Continuous Unrealized Loss Position) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Available-for-sale securities | ||
Continuous unrealized losses existing for less than 12 months, Fair value | $ 1,050,089 | $ 168,705 |
Continuous unrealized losses existing for less than 12 months, Unrealized losses | (10,824) | (3,229) |
Continuous unrealized losses existing for greater than 12 months, Fair value | 4,115 | 1,476,248 |
Continuous unrealized losses existing for greater than 12 months, Unrealized losses | (253) | (62,964) |
Total, Fair value | 1,054,204 | 1,644,953 |
Total, Unrealized losses | (11,077) | (66,193) |
Held-to-maturity securities | ||
Continuous unrealized losses existing for less than 12 months, Fair value | 49,941 | 38,239 |
Continuous unrealized losses existing for less than 12 months, Unrealized losses | (5,699) | (637) |
Continuous unrealized losses existing for greater than 12 months, Fair value | 0 | 759,540 |
Continuous unrealized losses existing for greater than 12 months, Unrealized losses | 0 | (32,947) |
Total, Fair value | 49,941 | 797,779 |
Total, Unrealized losses | (5,699) | (33,584) |
U.S. Treasury | ||
Available-for-sale securities | ||
Continuous unrealized losses existing for less than 12 months, Fair value | 0 | 5,485 |
Continuous unrealized losses existing for less than 12 months, Unrealized losses | 0 | (5) |
Continuous unrealized losses existing for greater than 12 months, Fair value | 0 | 24,829 |
Continuous unrealized losses existing for greater than 12 months, Unrealized losses | 0 | (181) |
Total, Fair value | 0 | 30,314 |
Total, Unrealized losses | 0 | (186) |
U.S. Government agencies | ||
Available-for-sale securities | ||
Continuous unrealized losses existing for less than 12 months, Fair value | 193,533 | 0 |
Continuous unrealized losses existing for less than 12 months, Unrealized losses | (3,754) | 0 |
Continuous unrealized losses existing for greater than 12 months, Fair value | 0 | 11,167 |
Continuous unrealized losses existing for greater than 12 months, Unrealized losses | 0 | (30) |
Total, Fair value | 193,533 | 11,167 |
Total, Unrealized losses | (3,754) | (30) |
Held-to-maturity securities | ||
Continuous unrealized losses existing for less than 12 months, Fair value | 40,144 | 0 |
Continuous unrealized losses existing for less than 12 months, Unrealized losses | (5,460) | 0 |
Continuous unrealized losses existing for greater than 12 months, Fair value | 0 | 601,238 |
Continuous unrealized losses existing for greater than 12 months, Unrealized losses | 0 | (28,576) |
Total, Fair value | 40,144 | 601,238 |
Total, Unrealized losses | (5,460) | (28,576) |
Municipal | ||
Available-for-sale securities | ||
Continuous unrealized losses existing for less than 12 months, Fair value | 28,246 | 10,676 |
Continuous unrealized losses existing for less than 12 months, Unrealized losses | (165) | (178) |
Continuous unrealized losses existing for greater than 12 months, Fair value | 52 | 22,147 |
Continuous unrealized losses existing for greater than 12 months, Unrealized losses | (3) | (590) |
Total, Fair value | 28,298 | 32,823 |
Total, Unrealized losses | (168) | (768) |
Held-to-maturity securities | ||
Continuous unrealized losses existing for less than 12 months, Fair value | 9,797 | 38,239 |
Continuous unrealized losses existing for less than 12 months, Unrealized losses | (239) | (637) |
Continuous unrealized losses existing for greater than 12 months, Fair value | 0 | 158,302 |
Continuous unrealized losses existing for greater than 12 months, Unrealized losses | 0 | (4,371) |
Total, Fair value | 9,797 | 196,541 |
Total, Unrealized losses | (239) | (5,008) |
Corporate notes, financial issuers | ||
Available-for-sale securities | ||
Continuous unrealized losses existing for less than 12 months, Fair value | 67,838 | 37,076 |
Continuous unrealized losses existing for less than 12 months, Unrealized losses | (3,760) | (2,921) |
Continuous unrealized losses existing for greater than 12 months, Fair value | 2,758 | 42,934 |
Continuous unrealized losses existing for greater than 12 months, Unrealized losses | (242) | (4,148) |
Total, Fair value | 70,596 | 80,010 |
Total, Unrealized losses | (4,002) | (7,069) |
Corporate notes, other | ||
Available-for-sale securities | ||
Continuous unrealized losses existing for less than 12 months, Fair value | 0 | 0 |
Continuous unrealized losses existing for less than 12 months, Unrealized losses | 0 | 0 |
Continuous unrealized losses existing for greater than 12 months, Fair value | 0 | 0 |
Continuous unrealized losses existing for greater than 12 months, Unrealized losses | 0 | 0 |
Total, Fair value | 0 | 0 |
Total, Unrealized losses | 0 | 0 |
Mortgage-backed securities | ||
Available-for-sale securities | ||
Continuous unrealized losses existing for less than 12 months, Fair value | 751,053 | 114,958 |
Continuous unrealized losses existing for less than 12 months, Unrealized losses | (3,013) | (124) |
Continuous unrealized losses existing for greater than 12 months, Fair value | 0 | 1,340,916 |
Continuous unrealized losses existing for greater than 12 months, Unrealized losses | 0 | (57,193) |
Total, Fair value | 751,053 | 1,455,874 |
Total, Unrealized losses | (3,013) | (57,317) |
Collateralized mortgage obligations | ||
Available-for-sale securities | ||
Continuous unrealized losses existing for less than 12 months, Fair value | 9,419 | 510 |
Continuous unrealized losses existing for less than 12 months, Unrealized losses | (132) | (1) |
Continuous unrealized losses existing for greater than 12 months, Fair value | 1,305 | 34,255 |
Continuous unrealized losses existing for greater than 12 months, Unrealized losses | (8) | (822) |
Total, Fair value | 10,724 | 34,765 |
Total, Unrealized losses | $ (140) | $ (823) |
Investment Securities (Schedu_3
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, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Investments, Debt and Equity Securities [Abstract] | |||||||||||
Realized gains on investment securities | $ 931 | $ 1,144 | $ 147 | ||||||||
Realized losses on investment securities | (32) | (1,111) | (102) | ||||||||
Net realized gains on investment securities | 899 | 33 | 45 | ||||||||
Unrealized gains on equity securities with readily determinable fair value | 3,057 | 2,771 | 0 | ||||||||
Unrealized losses on equity securities with readily determinable fair value | (568) | (4,910) | 0 | ||||||||
Net unrealized gains (losses) on equity securities with readily determinable fair value | 2,489 | (2,139) | 0 | ||||||||
Upward adjustments of equity securities without readily determinable fair values | 505 | 325 | 0 | ||||||||
Downward adjustments of equity securities without readily determinable fair values | (106) | 0 | 0 | ||||||||
Impairment of equity securities without readily determinable fair values | (262) | (1,117) | 0 | ||||||||
Adjustment and impairment, net, of equity securities without readily determinable fair values | 137 | (792) | 0 | ||||||||
Other than temporary impairment charges | 0 | 0 | 0 | ||||||||
Gains (losses) on investment securities, net | $ 587 | $ 710 | $ 864 | $ 1,364 | $ (2,649) | $ 90 | $ 12 | $ (351) | 3,525 | (2,898) | 45 |
Proceeds from sales of available-for-sale securities | 972,253 | 214,196 | 344,674 | ||||||||
Proceeds from sales of equity securities with readily determinable fair value | 19,200 | 1,895 | 0 | ||||||||
Proceeds from sales and capital distributions of equity securities without readily determinable fair value | $ 1,764 | $ 1,324 | $ 0 |
Investment Securities (Contract
Investment Securities (Contractual Maturities of Investment Securities) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Amortized Cost | ||
Due in one year or less | $ 183,996 | $ 82,206 |
Due in one to five years | 62,679 | 168,855 |
Due in five to ten years | 186,683 | 121,129 |
Due after ten years | 292,308 | 128,339 |
Amortized Cost | 3,086,824 | 2,185,494 |
Fair Value | ||
Due in one year or less | 185,035 | 82,153 |
Due in one to five years | 64,064 | 169,307 |
Due in five to ten years | 184,666 | 115,206 |
Due after ten years | 292,924 | 129,580 |
Fair Value | 3,106,214 | 2,126,081 |
Amortized Cost | ||
Due in one year or less | 6,061 | 10,009 |
Due in one to five years | 28,697 | 29,436 |
Due in five to ten years | 213,104 | 295,897 |
Due after ten years | 886,538 | 732,097 |
Amortized Cost | 1,134,400 | 1,067,439 |
Fair Value | ||
Due in one year or less | 6,074 | 9,979 |
Due in one to five years | 28,986 | 28,995 |
Due in five to ten years | 216,957 | 290,206 |
Due after ten years | 886,379 | 706,916 |
Fair Value | 1,138,396 | 1,036,096 |
Mortgage-backed | ||
Amortized Cost | ||
Mortgage-backed | 2,361,158 | 1,684,965 |
Fair Value | ||
Mortgage-backed | $ 2,379,525 | $ 1,629,835 |
Loans (Summary of Loan Portfoli
Loans (Summary of Loan Portfolio) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Loans [Line Items] | ||
Loans, net of unearned income | $ 26,800,290 | $ 23,820,691 |
Loans, net of unearned income (as a percent) | 100.00% | 100.00% |
Commercial | ||
Loans [Line Items] | ||
Loans, net of unearned income | $ 8,285,920 | $ 7,828,538 |
Loans, net of unearned income (as a percent) | 31.00% | 33.00% |
Commercial real estate | ||
Loans [Line Items] | ||
Loans, net of unearned income | $ 8,020,276 | $ 6,933,252 |
Loans, net of unearned income (as a percent) | 30.00% | 29.00% |
Home equity | ||
Loans [Line Items] | ||
Loans, net of unearned income | $ 513,066 | $ 552,343 |
Loans, net of unearned income (as a percent) | 2.00% | 2.00% |
Residential real estate | ||
Loans [Line Items] | ||
Loans, net of unearned income | $ 1,354,221 | $ 1,002,464 |
Loans, net of unearned income (as a percent) | 5.00% | 4.00% |
Premium finance receivables | Commercial | ||
Loans [Line Items] | ||
Loans, net of unearned income | $ 3,442,027 | $ 2,841,659 |
Loans, net of unearned income (as a percent) | 13.00% | 12.00% |
Premium finance receivables | Life insurance | ||
Loans [Line Items] | ||
Loans, net of unearned income | $ 5,074,602 | $ 4,541,794 |
Loans, net of unearned income (as a percent) | 19.00% | 19.00% |
Consumer and other | ||
Loans [Line Items] | ||
Loans, net of unearned income | $ 110,178 | $ 120,641 |
Loans, net of unearned income (as a percent) | 0.00% | 1.00% |
Loans (Narrative) (Details)
Loans (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Loans [Line Items] | ||
Net deferred loan fees and costs and fair value purchase accounting adjustments | $ 9,100 | $ 4,500 |
Outstanding borrowings from FHLB | 674,870 | 426,326 |
Accretion to interest income | 18,226 | 16,711 |
Federal Agency Borrowings | ||
Loans [Line Items] | ||
Loans pledged as collateral | 6,800,000 | 6,100,000 |
Federal Home Loan Bank Advances | ||
Loans [Line Items] | ||
Loans pledged as collateral | 6,400,000 | |
Federal Reserve Bank Advances | ||
Loans [Line Items] | ||
Loans pledged as collateral | 359,300 | |
Premium finance receivables | ||
Loans [Line Items] | ||
Unearned income portions of premium finance receivables | $ 118,400 | $ 112,900 |
Loans (Unpaid Principal Balance
Loans (Unpaid Principal Balance and Carrying Value of Acquired Loans) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Loans and Leases Receivable Disclosure [Abstract] | ||
Unpaid Principal Balance | $ 455,784 | $ 341,555 |
Carrying Value | $ 425,372 | $ 318,394 |
Loans (Schedule of Loans Acquir
Loans (Schedule of Loans Acquired with Deteriorated Credit Quality) (Details) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Business Acquisition [Line Items] | |||
Less: Accretable yield | $ 44,948 | $ 34,876 | $ 36,565 |
ROC | |||
Business Acquisition [Line Items] | |||
Contractually required payments including interest | 29,963 | ||
Less: Nonaccretable difference | 2,606 | ||
Cash flows expected to be collected | 27,357 | ||
Less: Accretable yield | 2,319 | ||
Fair value of PCI loans acquired | 25,038 | ||
STC | |||
Business Acquisition [Line Items] | |||
Contractually required payments including interest | 54,422 | ||
Less: Nonaccretable difference | 5,066 | ||
Cash flows expected to be collected | 49,356 | ||
Less: Accretable yield | 5,974 | ||
Fair value of PCI loans acquired | 43,382 | ||
SBC | |||
Business Acquisition [Line Items] | |||
Contractually required payments including interest | 140,541 | ||
Less: Nonaccretable difference | 7,604 | ||
Cash flows expected to be collected | 132,937 | ||
Less: Accretable yield | 8,477 | ||
Fair value of PCI loans acquired | $ 124,460 |
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, 2019 | Dec. 31, 2018 | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | ||
Accretable yield, beginning balance | $ 34,876 | $ 36,565 |
Acquisitions | 16,770 | 6,175 |
Accretable yield amortized to interest income | (18,226) | (16,711) |
Reclassification from nonaccretable difference | 5,516 | 4,835 |
Increases in interest cash flows due to payments and changes in interest rates | 6,012 | 4,012 |
Accretable yield, ending balance | $ 44,948 | $ 34,876 |
Allowance for Loan Losses, Al_3
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, 2019 | Dec. 31, 2018 |
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual | $ 105,908 | $ 105,326 |
90 days and still accruing | 34,376 | 18,872 |
Current | 26,361,332 | 23,526,168 |
Total Loans | 26,800,290 | 23,820,691 |
Commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual | 37,224 | 50,984 |
90 days and still accruing | 1,855 | 3,313 |
Current | 8,166,242 | 7,737,729 |
Total Loans | 8,285,920 | 7,828,538 |
Commercial | Commercial, industrial and other | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual | 33,983 | 34,298 |
90 days and still accruing | 0 | 0 |
Current | 5,075,335 | 5,062,729 |
Total Loans | 5,159,805 | 5,120,096 |
Commercial | Franchise | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual | 2,391 | 16,051 |
90 days and still accruing | 0 | 0 |
Current | 934,875 | 924,190 |
Total Loans | 937,482 | 948,979 |
Commercial | Mortgage warehouse lines of credit | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual | 0 | 0 |
90 days and still accruing | 0 | 0 |
Current | 288,592 | 144,199 |
Total Loans | 292,781 | 144,199 |
Commercial | Asset-based lending | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual | 128 | 635 |
90 days and still accruing | 0 | 0 |
Current | 982,165 | 1,022,065 |
Total Loans | 989,018 | 1,026,056 |
Commercial | Leases | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual | 722 | 0 |
90 days and still accruing | 0 | 0 |
Current | 866,561 | 564,430 |
Total Loans | 878,528 | 565,680 |
Commercial | PCI - commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual | 0 | 0 |
90 days and still accruing | 1,855 | 3,313 |
Current | 18,714 | 20,116 |
Total Loans | 28,306 | 23,528 |
Commercial real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual | 26,113 | 19,129 |
90 days and still accruing | 14,946 | 6,241 |
Current | 7,850,104 | 6,845,490 |
Total Loans | 8,020,276 | 6,933,252 |
Commercial real estate | Construction | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual | 1,030 | 1,554 |
90 days and still accruing | 0 | 0 |
Current | 1,004,115 | 749,846 |
Total Loans | 1,023,300 | 760,824 |
Commercial real estate | Land | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual | 1,082 | 107 |
90 days and still accruing | 0 | 0 |
Current | 165,008 | 141,097 |
Total Loans | 177,483 | 141,481 |
Commercial real estate | Office | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual | 8,034 | 3,629 |
90 days and still accruing | 0 | 0 |
Current | 1,026,916 | 929,739 |
Total Loans | 1,044,769 | 939,322 |
Commercial real estate | Industrial | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual | 99 | 285 |
90 days and still accruing | 0 | 0 |
Current | 1,020,904 | 885,367 |
Total Loans | 1,032,866 | 902,248 |
Commercial real estate | Retail | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual | 6,789 | 10,753 |
90 days and still accruing | 0 | 0 |
Current | 1,081,427 | 878,106 |
Total Loans | 1,097,930 | 892,478 |
Commercial real estate | Multi-family | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual | 913 | 311 |
90 days and still accruing | 0 | 0 |
Current | 1,306,810 | 970,597 |
Total Loans | 1,311,542 | 976,560 |
Commercial real estate | Mixed use and other | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual | 8,166 | 2,490 |
90 days and still accruing | 0 | 0 |
Current | 2,061,528 | 2,192,105 |
Total Loans | 2,094,946 | 2,205,195 |
Commercial real estate | PCI - commercial real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual | 0 | 0 |
90 days and still accruing | 14,946 | 6,241 |
Current | 183,396 | 98,633 |
Total Loans | 237,440 | 115,144 |
Home equity | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual | 7,363 | 7,147 |
90 days and still accruing | 0 | 0 |
Current | 501,716 | 541,960 |
Total Loans | 513,066 | 552,343 |
Residential real estate, including PCI | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual | 13,797 | 16,383 |
90 days and still accruing | 5,771 | 1,292 |
Current | 1,313,523 | 976,926 |
Total Loans | 1,354,221 | 1,002,464 |
Premium finance receivables | Commercial insurance loans | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual | 20,590 | 11,335 |
90 days and still accruing | 11,517 | 7,799 |
Current | 3,379,018 | 2,796,058 |
Total Loans | 3,442,027 | 2,841,659 |
Premium finance receivables | Life insurance loans | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual | 590 | 0 |
90 days and still accruing | 0 | 0 |
Current | 4,902,171 | 4,340,856 |
Total Loans | 4,935,320 | 4,373,891 |
Premium finance receivables | PCI - life insurance loans | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual | 0 | 0 |
90 days and still accruing | 0 | 0 |
Current | 139,282 | 167,903 |
Total Loans | 139,282 | 167,903 |
Consumer and other, including PCI | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual | 231 | 348 |
90 days and still accruing | 287 | 227 |
Current | 109,276 | 119,246 |
Total Loans | 110,178 | 120,641 |
60-89 days past due | ||
Financing Receivable, Past Due [Line Items] | ||
Less than 90 days past due | 50,523 | 34,176 |
60-89 days past due | Commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Less than 90 days past due | 3,275 | 1,651 |
60-89 days past due | Commercial | Commercial, industrial and other | ||
Financing Receivable, Past Due [Line Items] | ||
Less than 90 days past due | 1,647 | 1,451 |
60-89 days past due | Commercial | Franchise | ||
Financing Receivable, Past Due [Line Items] | ||
Less than 90 days past due | 0 | 0 |
60-89 days past due | Commercial | Mortgage warehouse lines of credit | ||
Financing Receivable, Past Due [Line Items] | ||
Less than 90 days past due | 0 | 0 |
60-89 days past due | Commercial | Asset-based lending | ||
Financing Receivable, Past Due [Line Items] | ||
Less than 90 days past due | 956 | 200 |
60-89 days past due | Commercial | Leases | ||
Financing Receivable, Past Due [Line Items] | ||
Less than 90 days past due | 249 | 0 |
60-89 days past due | Commercial | PCI - commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Less than 90 days past due | 423 | 0 |
60-89 days past due | Commercial real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Less than 90 days past due | 31,546 | 10,826 |
60-89 days past due | Commercial real estate | Construction | ||
Financing Receivable, Past Due [Line Items] | ||
Less than 90 days past due | 1,499 | 0 |
60-89 days past due | Commercial real estate | Land | ||
Financing Receivable, Past Due [Line Items] | ||
Less than 90 days past due | 0 | 170 |
60-89 days past due | Commercial real estate | Office | ||
Financing Receivable, Past Due [Line Items] | ||
Less than 90 days past due | 3,692 | 877 |
60-89 days past due | Commercial real estate | Industrial | ||
Financing Receivable, Past Due [Line Items] | ||
Less than 90 days past due | 1,660 | 0 |
60-89 days past due | Commercial real estate | Retail | ||
Financing Receivable, Past Due [Line Items] | ||
Less than 90 days past due | 6,168 | 1,890 |
60-89 days past due | Commercial real estate | Multi-family | ||
Financing Receivable, Past Due [Line Items] | ||
Less than 90 days past due | 731 | 77 |
60-89 days past due | Commercial real estate | Mixed use and other | ||
Financing Receivable, Past Due [Line Items] | ||
Less than 90 days past due | 9,823 | 1,617 |
60-89 days past due | Commercial real estate | PCI - commercial real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Less than 90 days past due | 7,973 | 6,195 |
60-89 days past due | Home equity | ||
Financing Receivable, Past Due [Line Items] | ||
Less than 90 days past due | 454 | 131 |
60-89 days past due | Residential real estate, including PCI | ||
Financing Receivable, Past Due [Line Items] | ||
Less than 90 days past due | 3,089 | 1,692 |
60-89 days past due | Premium finance receivables | Commercial insurance loans | ||
Financing Receivable, Past Due [Line Items] | ||
Less than 90 days past due | 12,119 | 11,382 |
60-89 days past due | Premium finance receivables | Life insurance loans | ||
Financing Receivable, Past Due [Line Items] | ||
Less than 90 days past due | 0 | 8,407 |
60-89 days past due | Premium finance receivables | PCI - life insurance loans | ||
Financing Receivable, Past Due [Line Items] | ||
Less than 90 days past due | 0 | 0 |
60-89 days past due | Consumer and other, including PCI | ||
Financing Receivable, Past Due [Line Items] | ||
Less than 90 days past due | 40 | 87 |
30-59 days past due | ||
Financing Receivable, Past Due [Line Items] | ||
Less than 90 days past due | 248,151 | 136,149 |
30-59 days past due | Commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Less than 90 days past due | 77,324 | 34,861 |
30-59 days past due | Commercial | Commercial, industrial and other | ||
Financing Receivable, Past Due [Line Items] | ||
Less than 90 days past due | 48,840 | 21,618 |
30-59 days past due | Commercial | Franchise | ||
Financing Receivable, Past Due [Line Items] | ||
Less than 90 days past due | 216 | 8,738 |
30-59 days past due | Commercial | Mortgage warehouse lines of credit | ||
Financing Receivable, Past Due [Line Items] | ||
Less than 90 days past due | 4,189 | 0 |
30-59 days past due | Commercial | Asset-based lending | ||
Financing Receivable, Past Due [Line Items] | ||
Less than 90 days past due | 5,769 | 3,156 |
30-59 days past due | Commercial | Leases | ||
Financing Receivable, Past Due [Line Items] | ||
Less than 90 days past due | 10,996 | 1,250 |
30-59 days past due | Commercial | PCI - commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Less than 90 days past due | 7,314 | 99 |
30-59 days past due | Commercial real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Less than 90 days past due | 97,567 | 51,566 |
30-59 days past due | Commercial real estate | Construction | ||
Financing Receivable, Past Due [Line Items] | ||
Less than 90 days past due | 16,656 | 9,424 |
30-59 days past due | Commercial real estate | Land | ||
Financing Receivable, Past Due [Line Items] | ||
Less than 90 days past due | 11,393 | 107 |
30-59 days past due | Commercial real estate | Office | ||
Financing Receivable, Past Due [Line Items] | ||
Less than 90 days past due | 6,127 | 5,077 |
30-59 days past due | Commercial real estate | Industrial | ||
Financing Receivable, Past Due [Line Items] | ||
Less than 90 days past due | 10,203 | 16,596 |
30-59 days past due | Commercial real estate | Retail | ||
Financing Receivable, Past Due [Line Items] | ||
Less than 90 days past due | 3,546 | 1,729 |
30-59 days past due | Commercial real estate | Multi-family | ||
Financing Receivable, Past Due [Line Items] | ||
Less than 90 days past due | 3,088 | 5,575 |
30-59 days past due | Commercial real estate | Mixed use and other | ||
Financing Receivable, Past Due [Line Items] | ||
Less than 90 days past due | 15,429 | 8,983 |
30-59 days past due | Commercial real estate | PCI - commercial real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Less than 90 days past due | 31,125 | 4,075 |
30-59 days past due | Home equity | ||
Financing Receivable, Past Due [Line Items] | ||
Less than 90 days past due | 3,533 | 3,105 |
30-59 days past due | Residential real estate, including PCI | ||
Financing Receivable, Past Due [Line Items] | ||
Less than 90 days past due | 18,041 | 6,171 |
30-59 days past due | Premium finance receivables | Commercial insurance loans | ||
Financing Receivable, Past Due [Line Items] | ||
Less than 90 days past due | 18,783 | 15,085 |
30-59 days past due | Premium finance receivables | Life insurance loans | ||
Financing Receivable, Past Due [Line Items] | ||
Less than 90 days past due | 32,559 | 24,628 |
30-59 days past due | Premium finance receivables | PCI - life insurance loans | ||
Financing Receivable, Past Due [Line Items] | ||
Less than 90 days past due | 0 | 0 |
30-59 days past due | Consumer and other, including PCI | ||
Financing Receivable, Past Due [Line Items] | ||
Less than 90 days past due | $ 344 | $ 733 |
Allowance for Loan Losses, Al_4
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, 2019 | Dec. 31, 2018 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | $ 26,800,290 | $ 23,820,691 |
Commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 8,285,920 | 7,828,538 |
Commercial | Commercial, industrial and other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 5,159,805 | 5,120,096 |
Commercial | Franchise | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 937,482 | 948,979 |
Commercial | Mortgage warehouse lines of credit | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 292,781 | 144,199 |
Commercial | Asset-based lending | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 989,018 | 1,026,056 |
Commercial | Leases | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 878,528 | 565,680 |
Commercial | PCI - commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 28,306 | 23,528 |
Commercial real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 8,020,276 | 6,933,252 |
Commercial real estate | Construction | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 1,023,300 | 760,824 |
Commercial real estate | Land | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 177,483 | 141,481 |
Commercial real estate | Office | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 1,044,769 | 939,322 |
Commercial real estate | Industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 1,032,866 | 902,248 |
Commercial real estate | Retail | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 1,097,930 | 892,478 |
Commercial real estate | Multi-family | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 1,311,542 | 976,560 |
Commercial real estate | Mixed use and other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 2,094,946 | 2,205,195 |
Commercial real estate | PCI - commercial real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 237,440 | 115,144 |
Home equity | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 513,066 | 552,343 |
Residential real estate, including PCI | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 1,354,221 | 1,002,464 |
Premium finance receivables | Commercial insurance loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 3,442,027 | 2,841,659 |
Premium finance receivables | Life insurance loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 4,935,320 | 4,373,891 |
Premium finance receivables | PCI - life insurance loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 139,282 | 167,903 |
Consumer and other, including PCI | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 110,178 | 120,641 |
Performing | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 26,682,702 | 23,707,457 |
Performing | Commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 8,248,696 | 7,777,554 |
Performing | Commercial | Commercial, industrial and other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 5,125,822 | 5,085,798 |
Performing | Commercial | Franchise | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 935,091 | 932,928 |
Performing | Commercial | Mortgage warehouse lines of credit | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 292,781 | 144,199 |
Performing | Commercial | Asset-based lending | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 988,890 | 1,025,421 |
Performing | Commercial | Leases | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 877,806 | 565,680 |
Performing | Commercial | PCI - commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 28,306 | 23,528 |
Performing | Commercial real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 7,994,163 | 6,914,123 |
Performing | Commercial real estate | Construction | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 1,022,270 | 759,270 |
Performing | Commercial real estate | Land | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 176,401 | 141,374 |
Performing | Commercial real estate | Office | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 1,036,735 | 935,693 |
Performing | Commercial real estate | Industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 1,032,767 | 901,963 |
Performing | Commercial real estate | Retail | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 1,091,141 | 881,725 |
Performing | Commercial real estate | Multi-family | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 1,310,629 | 976,249 |
Performing | Commercial real estate | Mixed use and other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 2,086,780 | 2,202,705 |
Performing | Commercial real estate | PCI - commercial real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 237,440 | 115,144 |
Performing | Home equity | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 505,703 | 545,196 |
Performing | Residential real estate, including PCI | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 1,340,424 | 986,081 |
Performing | Premium finance receivables | Commercial insurance loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 3,409,920 | 2,822,525 |
Performing | Premium finance receivables | Life insurance loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 4,934,730 | 4,373,891 |
Performing | Premium finance receivables | PCI - life insurance loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 139,282 | 167,903 |
Performing | Consumer and other, including PCI | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 109,784 | 120,184 |
Non-performing | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 117,588 | 113,234 |
Non-performing | Commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 37,224 | 50,984 |
Non-performing | Commercial | Commercial, industrial and other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 33,983 | 34,298 |
Non-performing | Commercial | Franchise | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 2,391 | 16,051 |
Non-performing | Commercial | Mortgage warehouse lines of credit | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 0 | 0 |
Non-performing | Commercial | Asset-based lending | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 128 | 635 |
Non-performing | Commercial | Leases | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 722 | 0 |
Non-performing | Commercial | PCI - commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 0 | 0 |
Non-performing | Commercial real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 26,113 | 19,129 |
Non-performing | Commercial real estate | Construction | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 1,030 | 1,554 |
Non-performing | Commercial real estate | Land | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 1,082 | 107 |
Non-performing | Commercial real estate | Office | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 8,034 | 3,629 |
Non-performing | Commercial real estate | Industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 99 | 285 |
Non-performing | Commercial real estate | Retail | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 6,789 | 10,753 |
Non-performing | Commercial real estate | Multi-family | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 913 | 311 |
Non-performing | Commercial real estate | Mixed use and other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 8,166 | 2,490 |
Non-performing | Commercial real estate | PCI - commercial real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 0 | 0 |
Non-performing | Home equity | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 7,363 | 7,147 |
Non-performing | Residential real estate, including PCI | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 13,797 | 16,383 |
Non-performing | Premium finance receivables | Commercial insurance loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 32,107 | 19,134 |
Non-performing | Premium finance receivables | Life insurance loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 590 | 0 |
Non-performing | Premium finance receivables | PCI - life insurance loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 0 | 0 |
Non-performing | Consumer and other, including PCI | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | $ 394 | $ 457 |
Allowance for Loan Losses, Al_5
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 | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Allowance for Loan Losses [Roll Forward] | ||
Allowance for loan losses at beginning of period | $ 152,770 | $ 137,905 |
Other adjustments | (21) | (181) |
Reclassification to/from allowance for unfunded lending-related commitments | (238) | (126) |
Charge-offs | (59,206) | (32,635) |
Recoveries | 9,659 | 12,975 |
Provision for credit losses | 53,864 | 34,832 |
Allowance for loan losses at period end | 156,828 | 152,770 |
Allowance for unfunded lending-related commitments at period end | 1,633 | 1,394 |
Allowance for credit losses at period end | 158,461 | 154,164 |
Allowance for credit losses, Individually evaluated for impairment | 12,336 | 11,447 |
Allowance for credit losses, Collectively evaluated for impairment | 145,954 | 142,057 |
Loans, Individually evaluated for impairment | 120,045 | 127,519 |
Loans, Collectively evaluated for impairment | 26,254,873 | 23,280,921 |
Loans acquired with deteriorated credit quality | 26,800,290 | 23,820,691 |
Loans held at fair value | 132,718 | 93,857 |
Loans acquired with deteriorated credit quality | ||
Allowance for Loan Losses [Roll Forward] | ||
Allowance for credit losses at period end | 171 | 660 |
Loans acquired with deteriorated credit quality | 425,372 | 318,394 |
Commercial | ||
Allowance for Loan Losses [Roll Forward] | ||
Allowance for loan losses at beginning of period | 67,826 | 57,811 |
Other adjustments | 0 | (3) |
Reclassification to/from allowance for unfunded lending-related commitments | 0 | 0 |
Charge-offs | (35,880) | (14,532) |
Recoveries | 2,845 | 1,457 |
Provision for credit losses | 30,129 | 23,093 |
Allowance for loan losses at period end | 64,920 | 67,826 |
Allowance for unfunded lending-related commitments at period end | 0 | 0 |
Allowance for credit losses at period end | 64,920 | 67,826 |
Allowance for credit losses, Individually evaluated for impairment | 5,719 | 6,558 |
Allowance for credit losses, Collectively evaluated for impairment | 59,171 | 60,749 |
Loans, Individually evaluated for impairment | 42,130 | 59,529 |
Loans, Collectively evaluated for impairment | 8,215,484 | 7,745,482 |
Loans acquired with deteriorated credit quality | 8,285,920 | 7,828,538 |
Loans held at fair value | 0 | 0 |
Commercial | Loans acquired with deteriorated credit quality | ||
Allowance for Loan Losses [Roll Forward] | ||
Allowance for credit losses at period end | 30 | 519 |
Loans acquired with deteriorated credit quality | 28,306 | 23,527 |
Commercial Real Estate | ||
Allowance for Loan Losses [Roll Forward] | ||
Allowance for loan losses at beginning of period | 60,267 | 55,227 |
Other adjustments | (35) | (85) |
Reclassification to/from allowance for unfunded lending-related commitments | (238) | (126) |
Charge-offs | (5,402) | (1,395) |
Recoveries | 2,516 | 5,631 |
Provision for credit losses | 9,770 | 1,015 |
Allowance for loan losses at period end | 66,878 | 60,267 |
Allowance for unfunded lending-related commitments at period end | 1,633 | 1,394 |
Allowance for credit losses at period end | 68,511 | 61,661 |
Allowance for credit losses, Individually evaluated for impairment | 5,638 | 4,287 |
Allowance for credit losses, Collectively evaluated for impairment | 62,759 | 57,329 |
Loans, Individually evaluated for impairment | 35,867 | 33,274 |
Loans, Collectively evaluated for impairment | 7,746,969 | 6,784,834 |
Loans acquired with deteriorated credit quality | 8,020,276 | 6,933,252 |
Loans held at fair value | 0 | 0 |
Commercial Real Estate | Loans acquired with deteriorated credit quality | ||
Allowance for Loan Losses [Roll Forward] | ||
Allowance for credit losses at period end | 114 | 45 |
Loans acquired with deteriorated credit quality | 237,440 | 115,144 |
Home Equity | ||
Allowance for Loan Losses [Roll Forward] | ||
Allowance for loan losses at beginning of period | 8,507 | 10,493 |
Other adjustments | (20) | (5) |
Reclassification to/from allowance for unfunded lending-related commitments | 0 | 0 |
Charge-offs | (3,702) | (2,245) |
Recoveries | 479 | 541 |
Provision for credit losses | (1,386) | (277) |
Allowance for loan losses at period end | 3,878 | 8,507 |
Allowance for unfunded lending-related commitments at period end | 0 | 0 |
Allowance for credit losses at period end | 3,878 | 8,507 |
Allowance for credit losses, Individually evaluated for impairment | 450 | 282 |
Allowance for credit losses, Collectively evaluated for impairment | 3,428 | 8,225 |
Loans, Individually evaluated for impairment | 19,108 | 12,255 |
Loans, Collectively evaluated for impairment | 493,958 | 540,088 |
Loans acquired with deteriorated credit quality | 513,066 | 552,343 |
Loans held at fair value | 0 | 0 |
Home Equity | Loans acquired with deteriorated credit quality | ||
Allowance for Loan Losses [Roll Forward] | ||
Allowance for credit losses at period end | 0 | 0 |
Loans acquired with deteriorated credit quality | 0 | 0 |
Residential Real Estate | ||
Allowance for Loan Losses [Roll Forward] | ||
Allowance for loan losses at beginning of period | 7,194 | 6,688 |
Other adjustments | (15) | (25) |
Reclassification to/from allowance for unfunded lending-related commitments | 0 | 0 |
Charge-offs | (798) | (1,355) |
Recoveries | 422 | 2,075 |
Provision for credit losses | 2,997 | (189) |
Allowance for loan losses at period end | 9,800 | 7,194 |
Allowance for unfunded lending-related commitments at period end | 0 | 0 |
Allowance for credit losses at period end | 9,800 | 7,194 |
Allowance for credit losses, Individually evaluated for impairment | 387 | 204 |
Allowance for credit losses, Collectively evaluated for impairment | 9,386 | 6,894 |
Loans, Individually evaluated for impairment | 22,528 | 22,064 |
Loans, Collectively evaluated for impairment | 1,313,565 | 877,526 |
Loans acquired with deteriorated credit quality | 1,354,221 | 1,002,464 |
Loans held at fair value | 132,718 | 93,857 |
Residential Real Estate | Loans acquired with deteriorated credit quality | ||
Allowance for Loan Losses [Roll Forward] | ||
Allowance for credit losses at period end | 27 | 96 |
Loans acquired with deteriorated credit quality | 18,128 | 9,017 |
Premium Finance Receivable | ||
Allowance for Loan Losses [Roll Forward] | ||
Allowance for loan losses at beginning of period | 7,715 | 6,846 |
Other adjustments | 49 | (63) |
Reclassification to/from allowance for unfunded lending-related commitments | 0 | 0 |
Charge-offs | (12,902) | (12,228) |
Recoveries | 3,203 | 3,069 |
Provision for credit losses | 11,582 | 10,091 |
Allowance for loan losses at period end | 9,647 | 7,715 |
Allowance for unfunded lending-related commitments at period end | 0 | 0 |
Allowance for credit losses at period end | 9,647 | 7,715 |
Allowance for credit losses, Individually evaluated for impairment | 0 | 0 |
Allowance for credit losses, Collectively evaluated for impairment | 9,647 | 7,715 |
Loans, Individually evaluated for impairment | 0 | 0 |
Loans, Collectively evaluated for impairment | 8,377,347 | 7,215,550 |
Loans held at fair value | 0 | 0 |
Premium Finance Receivable | Loans acquired with deteriorated credit quality | ||
Allowance for Loan Losses [Roll Forward] | ||
Allowance for credit losses at period end | 0 | 0 |
Loans acquired with deteriorated credit quality | 139,282 | 167,903 |
Consumer and Other | ||
Allowance for Loan Losses [Roll Forward] | ||
Allowance for loan losses at beginning of period | 1,261 | 840 |
Other adjustments | 0 | 0 |
Reclassification to/from allowance for unfunded lending-related commitments | 0 | 0 |
Charge-offs | (522) | (880) |
Recoveries | 194 | 202 |
Provision for credit losses | 772 | 1,099 |
Allowance for loan losses at period end | 1,705 | 1,261 |
Allowance for unfunded lending-related commitments at period end | 0 | 0 |
Allowance for credit losses at period end | 1,705 | 1,261 |
Allowance for credit losses, Individually evaluated for impairment | 142 | 116 |
Allowance for credit losses, Collectively evaluated for impairment | 1,563 | 1,145 |
Loans, Individually evaluated for impairment | 412 | 397 |
Loans, Collectively evaluated for impairment | 107,550 | 117,441 |
Loans acquired with deteriorated credit quality | 110,178 | 120,641 |
Loans held at fair value | 0 | 0 |
Consumer and Other | Loans acquired with deteriorated credit quality | ||
Allowance for Loan Losses [Roll Forward] | ||
Allowance for credit losses at period end | 0 | 0 |
Loans acquired with deteriorated credit quality | $ 2,216 | $ 2,803 |
Allowance for Loan Losses, Al_6
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, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Receivables [Abstract] | |||
Impaired loans with an allowance for loan loss required | $ 62,886 | $ 60,219 | |
Impaired loans with no allowance for loan loss required | 57,159 | 67,050 | |
Impaired loans-collateral based | 120,045 | 127,269 | |
Allowance for loan losses related to impaired loans | 12,336 | 11,437 | |
TDRs | 63,836 | 66,102 | |
Reduction of interest income from non-accrual loans | 5,202 | 3,422 | |
Interest income recognized on impaired loans | $ 9,383 | $ 7,347 | $ 6,300 |
Allowance for Loan Losses, Al_7
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, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Recorded Investment | |||
Impaired loans with a related ASC 310 allowance recorded | $ 62,886 | $ 60,219 | |
Impaired loans with no related ASC 310 allowance recorded | 57,159 | 67,050 | |
Total loans, net of unearned income | 120,045 | 127,269 | |
Unpaid Principal Balance | |||
Total loans, net of unearned income | 149,144 | 139,246 | |
Related Allowance | 12,336 | 11,437 | |
Average Recorded Investment | |||
Total loans, net of unearned income | 151,761 | 133,481 | $ 115,300 |
Interest Income Recognized | |||
Total loans, net of unearned income | 9,383 | 7,347 | $ 6,300 |
Home equity | |||
Recorded Investment | |||
Impaired loans with a related ASC 310 allowance recorded | 8,650 | 3,133 | |
Impaired loans with no related ASC 310 allowance recorded | 10,458 | 9,122 | |
Unpaid Principal Balance | |||
Impaired loans with a related ASC 310 allowance recorded | 9,157 | 3,470 | |
Impaired loans with no related ASC 310 allowance recorded | 13,265 | 12,383 | |
Related Allowance | 450 | 282 | |
Average Recorded Investment | |||
Impaired loans with a related ASC 310 allowance recorded | 8,746 | 3,165 | |
Impaired loans with no related ASC 310 allowance recorded | 11,955 | 9,323 | |
Interest Income Recognized | |||
Impaired loans with a related ASC 310 allowance recorded | 337 | 131 | |
Impaired loans with no related ASC 310 allowance recorded | 666 | 564 | |
Residential real estate | |||
Recorded Investment | |||
Impaired loans with a related ASC 310 allowance recorded | 6,816 | 4,011 | |
Impaired loans with no related ASC 310 allowance recorded | 15,712 | 18,053 | |
Unpaid Principal Balance | |||
Impaired loans with a related ASC 310 allowance recorded | 6,936 | 4,263 | |
Impaired loans with no related ASC 310 allowance recorded | 18,227 | 20,765 | |
Related Allowance | 387 | 204 | |
Average Recorded Investment | |||
Impaired loans with a related ASC 310 allowance recorded | 6,889 | 4,056 | |
Impaired loans with no related ASC 310 allowance recorded | 16,176 | 18,552 | |
Interest Income Recognized | |||
Impaired loans with a related ASC 310 allowance recorded | 224 | 159 | |
Impaired loans with no related ASC 310 allowance recorded | 827 | 883 | |
Consumer and other | |||
Recorded Investment | |||
Impaired loans with a related ASC 310 allowance recorded | 179 | 116 | |
Impaired loans with no related ASC 310 allowance recorded | 233 | 281 | |
Unpaid Principal Balance | |||
Impaired loans with a related ASC 310 allowance recorded | 198 | 129 | |
Impaired loans with no related ASC 310 allowance recorded | 388 | 407 | |
Related Allowance | 142 | 116 | |
Average Recorded Investment | |||
Impaired loans with a related ASC 310 allowance recorded | 186 | 119 | |
Impaired loans with no related ASC 310 allowance recorded | 258 | 293 | |
Interest Income Recognized | |||
Impaired loans with a related ASC 310 allowance recorded | 13 | 7 | |
Impaired loans with no related ASC 310 allowance recorded | 20 | 20 | |
Commercial, industrial and other | Commercial | |||
Recorded Investment | |||
Impaired loans with a related ASC 310 allowance recorded | 23,821 | 16,703 | |
Impaired loans with no related ASC 310 allowance recorded | 12,756 | 18,314 | |
Unpaid Principal Balance | |||
Impaired loans with a related ASC 310 allowance recorded | 29,713 | 17,029 | |
Impaired loans with no related ASC 310 allowance recorded | 17,124 | 21,501 | |
Related Allowance | 5,593 | 4,866 | |
Average Recorded Investment | |||
Impaired loans with a related ASC 310 allowance recorded | 30,125 | 17,868 | |
Impaired loans with no related ASC 310 allowance recorded | 21,850 | 20,547 | |
Interest Income Recognized | |||
Impaired loans with a related ASC 310 allowance recorded | 2,450 | 1,181 | |
Impaired loans with no related ASC 310 allowance recorded | 1,469 | 1,143 | |
Franchise | Commercial | |||
Recorded Investment | |||
Impaired loans with a related ASC 310 allowance recorded | 0 | 16,021 | |
Impaired loans with no related ASC 310 allowance recorded | 2,391 | 5,152 | |
Unpaid Principal Balance | |||
Impaired loans with a related ASC 310 allowance recorded | 0 | 16,256 | |
Impaired loans with no related ASC 310 allowance recorded | 8,845 | 5,154 | |
Related Allowance | 0 | 1,375 | |
Average Recorded Investment | |||
Impaired loans with a related ASC 310 allowance recorded | 0 | 16,221 | |
Impaired loans with no related ASC 310 allowance recorded | 9,621 | 5,320 | |
Interest Income Recognized | |||
Impaired loans with a related ASC 310 allowance recorded | 0 | 909 | |
Impaired loans with no related ASC 310 allowance recorded | 855 | 403 | |
Asset-based lending | Commercial | |||
Recorded Investment | |||
Impaired loans with a related ASC 310 allowance recorded | 130 | 557 | |
Impaired loans with no related ASC 310 allowance recorded | 128 | 207 | |
Unpaid Principal Balance | |||
Impaired loans with a related ASC 310 allowance recorded | 130 | 557 | |
Impaired loans with no related ASC 310 allowance recorded | 1,385 | 601 | |
Related Allowance | 1 | 317 | |
Average Recorded Investment | |||
Impaired loans with a related ASC 310 allowance recorded | 130 | 689 | |
Impaired loans with no related ASC 310 allowance recorded | 4,876 | 569 | |
Interest Income Recognized | |||
Impaired loans with a related ASC 310 allowance recorded | 8 | 50 | |
Impaired loans with no related ASC 310 allowance recorded | 273 | 51 | |
Leases | Commercial | |||
Recorded Investment | |||
Impaired loans with a related ASC 310 allowance recorded | 2,038 | 1,730 | |
Impaired loans with no related ASC 310 allowance recorded | 866 | 845 | |
Unpaid Principal Balance | |||
Impaired loans with a related ASC 310 allowance recorded | 2,038 | 1,730 | |
Impaired loans with no related ASC 310 allowance recorded | 903 | 879 | |
Related Allowance | 125 | 0 | |
Average Recorded Investment | |||
Impaired loans with a related ASC 310 allowance recorded | 2,196 | 1,812 | |
Impaired loans with no related ASC 310 allowance recorded | 980 | 936 | |
Interest Income Recognized | |||
Impaired loans with a related ASC 310 allowance recorded | 106 | 91 | |
Impaired loans with no related ASC 310 allowance recorded | 58 | 56 | |
Construction | Commercial real estate | |||
Recorded Investment | |||
Impaired loans with a related ASC 310 allowance recorded | 0 | 1,554 | |
Impaired loans with no related ASC 310 allowance recorded | 1,030 | 1,117 | |
Unpaid Principal Balance | |||
Impaired loans with a related ASC 310 allowance recorded | 0 | 1,554 | |
Impaired loans with no related ASC 310 allowance recorded | 1,554 | 1,117 | |
Related Allowance | 0 | 550 | |
Average Recorded Investment | |||
Impaired loans with a related ASC 310 allowance recorded | 0 | 1,554 | |
Impaired loans with no related ASC 310 allowance recorded | 1,117 | 1,218 | |
Interest Income Recognized | |||
Impaired loans with a related ASC 310 allowance recorded | 0 | 76 | |
Impaired loans with no related ASC 310 allowance recorded | 84 | 52 | |
Land | Commercial real estate | |||
Recorded Investment | |||
Impaired loans with a related ASC 310 allowance recorded | 88 | 0 | |
Impaired loans with no related ASC 310 allowance recorded | 994 | 3,396 | |
Unpaid Principal Balance | |||
Impaired loans with a related ASC 310 allowance recorded | 88 | 0 | |
Impaired loans with no related ASC 310 allowance recorded | 1,303 | 3,491 | |
Related Allowance | 7 | 0 | |
Average Recorded Investment | |||
Impaired loans with a related ASC 310 allowance recorded | 93 | 0 | |
Impaired loans with no related ASC 310 allowance recorded | 1,137 | 3,751 | |
Interest Income Recognized | |||
Impaired loans with a related ASC 310 allowance recorded | 7 | 0 | |
Impaired loans with no related ASC 310 allowance recorded | 70 | 198 | |
Office | Commercial real estate | |||
Recorded Investment | |||
Impaired loans with a related ASC 310 allowance recorded | 7,475 | 573 | |
Impaired loans with no related ASC 310 allowance recorded | 559 | 3,629 | |
Unpaid Principal Balance | |||
Impaired loans with a related ASC 310 allowance recorded | 7,759 | 638 | |
Impaired loans with no related ASC 310 allowance recorded | 645 | 3,642 | |
Related Allowance | 3,305 | 21 | |
Average Recorded Investment | |||
Impaired loans with a related ASC 310 allowance recorded | 7,542 | 587 | |
Impaired loans with no related ASC 310 allowance recorded | 1,072 | 3,651 | |
Interest Income Recognized | |||
Impaired loans with a related ASC 310 allowance recorded | 356 | 25 | |
Impaired loans with no related ASC 310 allowance recorded | 59 | 184 | |
Industrial | Commercial real estate | |||
Recorded Investment | |||
Impaired loans with a related ASC 310 allowance recorded | 0 | 0 | |
Impaired loans with no related ASC 310 allowance recorded | 99 | 322 | |
Unpaid Principal Balance | |||
Impaired loans with a related ASC 310 allowance recorded | 0 | 0 | |
Impaired loans with no related ASC 310 allowance recorded | 209 | 450 | |
Related Allowance | 0 | 0 | |
Average Recorded Investment | |||
Impaired loans with a related ASC 310 allowance recorded | 0 | 0 | |
Impaired loans with no related ASC 310 allowance recorded | 116 | 363 | |
Interest Income Recognized | |||
Impaired loans with a related ASC 310 allowance recorded | 0 | 0 | |
Impaired loans with no related ASC 310 allowance recorded | 12 | 30 | |
Retail | Commercial real estate | |||
Recorded Investment | |||
Impaired loans with a related ASC 310 allowance recorded | 4,993 | 14,633 | |
Impaired loans with no related ASC 310 allowance recorded | 6,789 | 1,592 | |
Unpaid Principal Balance | |||
Impaired loans with a related ASC 310 allowance recorded | 4,993 | 14,633 | |
Impaired loans with no related ASC 310 allowance recorded | 10,010 | 1,945 | |
Related Allowance | 26 | 3,413 | |
Average Recorded Investment | |||
Impaired loans with a related ASC 310 allowance recorded | 5,058 | 14,694 | |
Impaired loans with no related ASC 310 allowance recorded | 7,340 | 1,699 | |
Interest Income Recognized | |||
Impaired loans with a related ASC 310 allowance recorded | 229 | 676 | |
Impaired loans with no related ASC 310 allowance recorded | 535 | 110 | |
Multi-family | Commercial real estate | |||
Recorded Investment | |||
Impaired loans with a related ASC 310 allowance recorded | 1,158 | 0 | |
Impaired loans with no related ASC 310 allowance recorded | 913 | 1,498 | |
Unpaid Principal Balance | |||
Impaired loans with a related ASC 310 allowance recorded | 1,158 | 0 | |
Impaired loans with no related ASC 310 allowance recorded | 1,024 | 1,595 | |
Related Allowance | 22 | 0 | |
Average Recorded Investment | |||
Impaired loans with a related ASC 310 allowance recorded | 1,174 | 0 | |
Impaired loans with no related ASC 310 allowance recorded | 1,166 | 1,529 | |
Interest Income Recognized | |||
Impaired loans with a related ASC 310 allowance recorded | 52 | 0 | |
Impaired loans with no related ASC 310 allowance recorded | 56 | 55 | |
Mixed use and other | Commercial real estate | |||
Recorded Investment | |||
Impaired loans with a related ASC 310 allowance recorded | 7,538 | 1,188 | |
Impaired loans with no related ASC 310 allowance recorded | 4,231 | 3,522 | |
Unpaid Principal Balance | |||
Impaired loans with a related ASC 310 allowance recorded | 7,592 | 1,221 | |
Impaired loans with no related ASC 310 allowance recorded | 4,500 | 3,836 | |
Related Allowance | 2,278 | 293 | |
Average Recorded Investment | |||
Impaired loans with a related ASC 310 allowance recorded | 7,603 | 1,354 | |
Impaired loans with no related ASC 310 allowance recorded | 4,355 | 3,611 | |
Interest Income Recognized | |||
Impaired loans with a related ASC 310 allowance recorded | 357 | 66 | |
Impaired loans with no related ASC 310 allowance recorded | $ 260 | $ 227 |
Allowance for Loan Losses, Al_8
Allowance for Loan Losses, Allowance for Losses on Lending-Related Commitments and Impaired Loans (Narrative) (Details) | 12 Months Ended | ||
Dec. 31, 2019USD ($)contracts | Dec. 31, 2018USD ($)contracts | Dec. 31, 2017USD ($)contracts | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Average recorded investment in impaired loans | $ 151,761,000 | $ 133,481,000 | $ 115,300,000 |
Interest income recognized on impaired loans | 9,383,000 | 7,347,000 | $ 6,300,000 |
Loans modified in TDRs | $ 63,836,000 | $ 66,102,000 | |
Number of loans (contract) | contracts | 176 | 71 | 21 |
Impairment of TDR | $ 12,336,000 | $ 11,437,000 | |
Balance of loans | $ 53,565,000 | $ 29,243,000 | $ 24,325,000 |
Weighted average extension term | 18 months | 48 months | 35 months |
Weighted average decrease in stated interest rate (as a percent) | 2.18% | 1.72% | 4.85% |
Weighted average interest only payment term | 5 months | 7 months | 11 months |
Loan forgiveness | $ 0 | $ 8,000 | $ 73,000 |
Financing Receivable | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Number of loans (contract) | contracts | 255 | ||
Impairment of TDR | $ 5,700,000 | ||
Interest income from decrease in impairment | 66,000 | 113,000 | |
Residential Real Estate | Financing Receivable | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Foreclosed properties included within OREO | 1,800,000 | ||
Foreclosure proceedings in process | $ 13,500,000 | $ 14,400,000 |
Allowance for Loan Losses, Al_9
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, 2019USD ($)contracts | Dec. 31, 2018USD ($)contracts | Dec. 31, 2017USD ($)contracts | |
Financing Receivables, Modifications [Line Items] | |||
Count (contract) | contracts | 176 | 71 | 21 |
Balance | $ | $ 53,565 | $ 29,243 | $ 24,325 |
Extension at Below Market Terms | |||
Financing Receivables, Modifications [Line Items] | |||
Count (contract) | contracts | 134 | 67 | 12 |
Balance | $ | $ 30,716 | $ 11,132 | $ 4,265 |
Reduction of Interest Rate | |||
Financing Receivables, Modifications [Line Items] | |||
Count (contract) | contracts | 30 | 28 | 9 |
Balance | $ | $ 6,020 | $ 2,874 | $ 4,915 |
Modification To Interest-only Payments | |||
Financing Receivables, Modifications [Line Items] | |||
Count (contract) | contracts | 17 | 3 | 7 |
Balance | $ | $ 26,676 | $ 17,872 | $ 17,719 |
Forgiveness of Debt | |||
Financing Receivables, Modifications [Line Items] | |||
Count (contract) | contracts | 0 | 1 | 1 |
Balance | $ | $ 0 | $ 239 | $ 69 |
Commercial | Commercial, industrial and other | |||
Financing Receivables, Modifications [Line Items] | |||
Count (contract) | contracts | 23 | 4 | 5 |
Balance | $ | $ 26,265 | $ 13,441 | $ 3,775 |
Commercial | Commercial, industrial and other | Extension at Below Market Terms | |||
Financing Receivables, Modifications [Line Items] | |||
Count (contract) | contracts | 11 | 3 | 1 |
Balance | $ | $ 6,917 | $ 691 | $ 95 |
Commercial | Commercial, industrial and other | Reduction of Interest Rate | |||
Financing Receivables, Modifications [Line Items] | |||
Count (contract) | contracts | 2 | 0 | 1 |
Balance | $ | $ 605 | $ 0 | $ 2,272 |
Commercial | Commercial, industrial and other | Modification To Interest-only Payments | |||
Financing Receivables, Modifications [Line Items] | |||
Count (contract) | contracts | 13 | 1 | 3 |
Balance | $ | $ 20,872 | $ 12,750 | $ 1,408 |
Commercial | Commercial, industrial and other | Forgiveness of Debt | |||
Financing Receivables, Modifications [Line Items] | |||
Count (contract) | contracts | 0 | 0 | 0 |
Balance | $ | $ 0 | $ 0 | $ 0 |
Commercial | Franchise | |||
Financing Receivables, Modifications [Line Items] | |||
Count (contract) | contracts | 0 | 3 | 3 |
Balance | $ | $ 0 | $ 5,157 | $ 16,256 |
Commercial | Franchise | Extension at Below Market Terms | |||
Financing Receivables, Modifications [Line Items] | |||
Count (contract) | contracts | 0 | 1 | 0 |
Balance | $ | $ 0 | $ 35 | $ 0 |
Commercial | Franchise | Reduction of Interest Rate | |||
Financing Receivables, Modifications [Line Items] | |||
Count (contract) | contracts | 0 | 0 | 0 |
Balance | $ | $ 0 | $ 0 | $ 0 |
Commercial | Franchise | Modification To Interest-only Payments | |||
Financing Receivables, Modifications [Line Items] | |||
Count (contract) | contracts | 0 | 2 | 3 |
Balance | $ | $ 0 | $ 5,122 | $ 16,256 |
Commercial | Franchise | Forgiveness of Debt | |||
Financing Receivables, Modifications [Line Items] | |||
Count (contract) | contracts | 0 | 0 | 0 |
Balance | $ | $ 0 | $ 0 | $ 0 |
Commercial | Asset-based lending | |||
Financing Receivables, Modifications [Line Items] | |||
Count (contract) | contracts | 1 | 1 | 0 |
Balance | $ | $ 76 | $ 130 | $ 0 |
Commercial | Asset-based lending | Extension at Below Market Terms | |||
Financing Receivables, Modifications [Line Items] | |||
Count (contract) | contracts | 1 | 1 | 0 |
Balance | $ | $ 76 | $ 130 | $ 0 |
Commercial | Asset-based lending | Reduction of Interest Rate | |||
Financing Receivables, Modifications [Line Items] | |||
Count (contract) | contracts | 0 | 0 | 0 |
Balance | $ | $ 0 | $ 0 | $ 0 |
Commercial | Asset-based lending | Modification To Interest-only Payments | |||
Financing Receivables, Modifications [Line Items] | |||
Count (contract) | contracts | 0 | 0 | 0 |
Balance | $ | $ 0 | $ 0 | $ 0 |
Commercial | Asset-based lending | Forgiveness of Debt | |||
Financing Receivables, Modifications [Line Items] | |||
Count (contract) | contracts | 0 | 0 | 0 |
Balance | $ | $ 0 | $ 0 | $ 0 |
Commercial | Leases | |||
Financing Receivables, Modifications [Line Items] | |||
Count (contract) | contracts | 0 | 1 | 0 |
Balance | $ | $ 0 | $ 239 | $ 0 |
Commercial | Leases | Extension at Below Market Terms | |||
Financing Receivables, Modifications [Line Items] | |||
Count (contract) | contracts | 0 | 1 | 0 |
Balance | $ | $ 0 | $ 239 | $ 0 |
Commercial | Leases | Reduction of Interest Rate | |||
Financing Receivables, Modifications [Line Items] | |||
Count (contract) | contracts | 0 | 0 | 0 |
Balance | $ | $ 0 | $ 0 | $ 0 |
Commercial | Leases | Modification To Interest-only Payments | |||
Financing Receivables, Modifications [Line Items] | |||
Count (contract) | contracts | 0 | 0 | 0 |
Balance | $ | $ 0 | $ 0 | $ 0 |
Commercial | Leases | Forgiveness of Debt | |||
Financing Receivables, Modifications [Line Items] | |||
Count (contract) | contracts | 0 | 0 | 0 |
Balance | $ | $ 0 | $ 0 | $ 0 |
Commercial real estate | Office | |||
Financing Receivables, Modifications [Line Items] | |||
Count (contract) | contracts | 2 | 1 | 0 |
Balance | $ | $ 5,382 | $ 59 | $ 0 |
Commercial real estate | Office | Extension at Below Market Terms | |||
Financing Receivables, Modifications [Line Items] | |||
Count (contract) | contracts | 2 | 1 | 0 |
Balance | $ | $ 5,382 | $ 59 | $ 0 |
Commercial real estate | Office | Reduction of Interest Rate | |||
Financing Receivables, Modifications [Line Items] | |||
Count (contract) | contracts | 0 | 0 | 0 |
Balance | $ | $ 0 | $ 0 | $ 0 |
Commercial real estate | Office | Modification To Interest-only Payments | |||
Financing Receivables, Modifications [Line Items] | |||
Count (contract) | contracts | 1 | 0 | 0 |
Balance | $ | $ 5,070 | $ 0 | $ 0 |
Commercial real estate | Office | Forgiveness of Debt | |||
Financing Receivables, Modifications [Line Items] | |||
Count (contract) | contracts | 0 | 0 | 0 |
Balance | $ | $ 0 | $ 0 | $ 0 |
Commercial real estate | Industrial | |||
Financing Receivables, Modifications [Line Items] | |||
Count (contract) | contracts | 0 | 0 | 0 |
Balance | $ | $ 0 | $ 0 | $ 0 |
Commercial real estate | Industrial | Extension at Below Market Terms | |||
Financing Receivables, Modifications [Line Items] | |||
Count (contract) | contracts | 0 | 0 | 0 |
Balance | $ | $ 0 | $ 0 | $ 0 |
Commercial real estate | Industrial | Reduction of Interest Rate | |||
Financing Receivables, Modifications [Line Items] | |||
Count (contract) | contracts | 0 | 0 | 0 |
Balance | $ | $ 0 | $ 0 | $ 0 |
Commercial real estate | Industrial | Modification To Interest-only Payments | |||
Financing Receivables, Modifications [Line Items] | |||
Count (contract) | contracts | 0 | 0 | 0 |
Balance | $ | $ 0 | $ 0 | $ 0 |
Commercial real estate | Industrial | Forgiveness of Debt | |||
Financing Receivables, Modifications [Line Items] | |||
Count (contract) | contracts | 0 | 0 | 0 |
Balance | $ | $ 0 | $ 0 | $ 0 |
Commercial real estate | Mixed use and other | |||
Financing Receivables, Modifications [Line Items] | |||
Count (contract) | contracts | 5 | 2 | 1 |
Balance | $ | $ 1,636 | $ 455 | $ 1,245 |
Commercial real estate | Mixed use and other | Extension at Below Market Terms | |||
Financing Receivables, Modifications [Line Items] | |||
Count (contract) | contracts | 3 | 2 | 1 |
Balance | $ | $ 1,083 | $ 455 | $ 1,245 |
Commercial real estate | Mixed use and other | Reduction of Interest Rate | |||
Financing Receivables, Modifications [Line Items] | |||
Count (contract) | contracts | 0 | 1 | 0 |
Balance | $ | $ 0 | $ 85 | $ 0 |
Commercial real estate | Mixed use and other | Modification To Interest-only Payments | |||
Financing Receivables, Modifications [Line Items] | |||
Count (contract) | contracts | 2 | 0 | 0 |
Balance | $ | $ 423 | $ 0 | $ 0 |
Commercial real estate | Mixed use and other | Forgiveness of Debt | |||
Financing Receivables, Modifications [Line Items] | |||
Count (contract) | contracts | 0 | 0 | 0 |
Balance | $ | $ 0 | $ 0 | $ 0 |
Residential real estate and other | |||
Financing Receivables, Modifications [Line Items] | |||
Count (contract) | contracts | 145 | 59 | 12 |
Balance | $ | $ 20,206 | $ 9,762 | $ 3,049 |
Residential real estate and other | Extension at Below Market Terms | |||
Financing Receivables, Modifications [Line Items] | |||
Count (contract) | contracts | 117 | 58 | 10 |
Balance | $ | $ 17,258 | $ 9,523 | $ 2,925 |
Residential real estate and other | Reduction of Interest Rate | |||
Financing Receivables, Modifications [Line Items] | |||
Count (contract) | contracts | 28 | 27 | 8 |
Balance | $ | $ 5,415 | $ 2,789 | $ 2,643 |
Residential real estate and other | Modification To Interest-only Payments | |||
Financing Receivables, Modifications [Line Items] | |||
Count (contract) | contracts | 1 | 0 | 1 |
Balance | $ | $ 311 | $ 0 | $ 55 |
Residential real estate and other | Forgiveness of Debt | |||
Financing Receivables, Modifications [Line Items] | |||
Count (contract) | contracts | 0 | 1 | 1 |
Balance | $ | $ 0 | $ 239 | $ 69 |
Allowance for Loan Losses, A_10
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, 2019USD ($)contracts | Dec. 31, 2018USD ($)contracts | Dec. 31, 2017USD ($)contracts | |
Financing Receivables, Modifications [Line Items] | |||
Total, Count (contract) | contracts | 176 | 71 | 21 |
Total, Balance | $ | $ 53,565 | $ 29,243 | $ 24,325 |
Payments in Default, Count (contract) | contracts | 27 | 15 | 8 |
Payments in Default, Balance | $ | $ 28,566 | $ 7,708 | $ 6,978 |
Residential real estate and other | |||
Financing Receivables, Modifications [Line Items] | |||
Total, Count (contract) | contracts | 145 | 59 | 12 |
Total, Balance | $ | $ 20,206 | $ 9,762 | $ 3,049 |
Payments in Default, Count (contract) | contracts | 12 | 9 | 3 |
Payments in Default, Balance | $ | $ 5,126 | $ 1,957 | $ 2,052 |
Commercial, industrial and other | Commercial | |||
Financing Receivables, Modifications [Line Items] | |||
Total, Count (contract) | contracts | 23 | 4 | 5 |
Total, Balance | $ | $ 26,265 | $ 13,441 | $ 3,775 |
Payments in Default, Count (contract) | contracts | 11 | 2 | 4 |
Payments in Default, Balance | $ | $ 22,499 | $ 174 | $ 3,681 |
Franchise | Commercial | |||
Financing Receivables, Modifications [Line Items] | |||
Total, Count (contract) | contracts | 0 | 3 | 3 |
Total, Balance | $ | $ 0 | $ 5,157 | $ 16,256 |
Payments in Default, Count (contract) | contracts | 0 | 2 | 0 |
Payments in Default, Balance | $ | $ 0 | $ 5,122 | $ 0 |
Asset-based lending | Commercial | |||
Financing Receivables, Modifications [Line Items] | |||
Total, Count (contract) | contracts | 1 | 1 | 0 |
Total, Balance | $ | $ 76 | $ 130 | $ 0 |
Payments in Default, Count (contract) | contracts | 1 | 0 | 0 |
Payments in Default, Balance | $ | $ 76 | $ 0 | $ 0 |
Leases | Commercial | |||
Financing Receivables, Modifications [Line Items] | |||
Total, Count (contract) | contracts | 0 | 1 | 0 |
Total, Balance | $ | $ 0 | $ 239 | $ 0 |
Payments in Default, Count (contract) | contracts | 0 | 0 | 0 |
Payments in Default, Balance | $ | $ 0 | $ 0 | $ 0 |
Office | Commercial real estate | |||
Financing Receivables, Modifications [Line Items] | |||
Total, Count (contract) | contracts | 2 | 1 | 0 |
Total, Balance | $ | $ 5,382 | $ 59 | $ 0 |
Payments in Default, Count (contract) | contracts | 1 | 0 | 0 |
Payments in Default, Balance | $ | $ 312 | $ 0 | $ 0 |
Industrial | Commercial real estate | |||
Financing Receivables, Modifications [Line Items] | |||
Total, Count (contract) | contracts | 0 | 0 | 0 |
Total, Balance | $ | $ 0 | $ 0 | $ 0 |
Payments in Default, Count (contract) | contracts | 0 | 0 | 0 |
Payments in Default, Balance | $ | $ 0 | $ 0 | $ 0 |
Mixed use and other | Commercial real estate | |||
Financing Receivables, Modifications [Line Items] | |||
Total, Count (contract) | contracts | 5 | 2 | 1 |
Total, Balance | $ | $ 1,636 | $ 455 | $ 1,245 |
Payments in Default, Count (contract) | contracts | 2 | 2 | 1 |
Payments in Default, Balance | $ | $ 553 | $ 455 | $ 1,245 |
Mortgage Servicing Rights (MS_3
Mortgage Servicing Rights (MSRs) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Servicing Asset at Fair Value, Amount [Roll Forward] | |||
Balance at beginning of year | $ 75,183 | $ 33,676 | $ 19,103 |
Additions from loans sold with servicing retained | 44,943 | 33,071 | 18,341 |
Additions from acquisitions | 408 | 13,806 | 0 |
Estimate of changes in fair value due to: | |||
Payoffs and paydowns | (20,118) | (5,039) | (2,595) |
Changes in valuation inputs or assumptions | (14,778) | (331) | (1,173) |
Fair value at end of year | 85,638 | 75,183 | 33,676 |
Unpaid principal balance of mortgage loans serviced for others | $ 8,243,251 | $ 6,545,870 | $ 2,929,133 |
Business Combinations and Ass_2
Business Combinations and Asset Acquisitions (Details) Loan in Thousands, $ in Thousands | Nov. 01, 2019USD ($)locations | Oct. 07, 2019USD ($)locations | May 24, 2019USD ($)locations | Dec. 14, 2018USD ($) | Aug. 01, 2018USD ($)locations | Jan. 04, 2018USD ($)Loan | Feb. 14, 2017USD ($) | Dec. 31, 2019USD ($) | Dec. 07, 2018USD ($) |
Business Acquisition [Line Items] | |||||||||
Goodwill recorded on acquisition | $ 71,189 | ||||||||
AEB | |||||||||
Business Acquisition [Line Items] | |||||||||
Asset acquisition, assets acquired | $ 164,000 | ||||||||
Asset acquisition, loans acquired | 119,300 | ||||||||
Asset acquisition, deposits acquired | $ 150,800 | ||||||||
SBC | |||||||||
Business Acquisition [Line Items] | |||||||||
Number of locations acquired | locations | 6 | ||||||||
Business combination, assets acquired | $ 619,800 | ||||||||
Business combination, loans acquired | 423,000 | ||||||||
Business combination, deposits assumed | 507,800 | ||||||||
Goodwill recorded on acquisition | $ 40,300 | ||||||||
STC | |||||||||
Business Acquisition [Line Items] | |||||||||
Number of locations acquired | locations | 5 | ||||||||
Business combination, assets acquired | $ 250,100 | ||||||||
Business combination, loans acquired | 174,300 | ||||||||
Business combination, deposits assumed | 201,200 | ||||||||
Goodwill recorded on acquisition | $ 19,100 | ||||||||
ROC | |||||||||
Business Acquisition [Line Items] | |||||||||
Number of locations acquired | locations | 1 | ||||||||
Business combination, assets acquired | $ 223,400 | ||||||||
Business combination, loans acquired | 124,700 | ||||||||
Business combination, deposits assumed | 161,200 | ||||||||
Goodwill recorded on acquisition | $ 11,700 | ||||||||
CSC | |||||||||
Business Acquisition [Line Items] | |||||||||
Number of locations acquired | locations | 1 | ||||||||
Business combination, assets acquired | $ 282,800 | ||||||||
Business combination, loans acquired | 152,700 | ||||||||
Business combination, deposits assumed | 213,100 | ||||||||
Goodwill recorded on acquisition | $ 26,600 | ||||||||
Elektra | |||||||||
Business Acquisition [Line Items] | |||||||||
Goodwill recorded on acquisition | $ 37,300 | ||||||||
Veterans First | |||||||||
Business Acquisition [Line Items] | |||||||||
Goodwill recorded on acquisition | $ 9,100 | ||||||||
Business combination, number of loans acquired with mortgage-servicing rights | Loan | 10 | ||||||||
Business combination, unpaid principal balance of loans acquired with mortgage-servicing rights | $ 1,600,000 | ||||||||
AHM | |||||||||
Business Acquisition [Line Items] | |||||||||
Goodwill recorded on acquisition | $ 1,000 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets (Goodwill Assets by Business Segment) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Goodwill [Roll Forward] | |
Beginning balance | $ 573,141 |
Goodwill Acquired | 71,189 |
Impairment Loss | 0 |
Goodwill Adjustments | 890 |
Ending balance | 645,220 |
Community banking | |
Goodwill [Roll Forward] | |
Beginning balance | 465,085 |
Goodwill Acquired | 71,189 |
Impairment Loss | 0 |
Goodwill Adjustments | 122 |
Ending balance | 536,396 |
Specialty finance | |
Goodwill [Roll Forward] | |
Beginning balance | 38,343 |
Goodwill Acquired | 0 |
Impairment Loss | 0 |
Goodwill Adjustments | 1,108 |
Ending balance | 39,451 |
Wealth management | |
Goodwill [Roll Forward] | |
Beginning balance | 69,713 |
Goodwill Acquired | 0 |
Impairment Loss | 0 |
Goodwill Adjustments | (340) |
Ending balance | $ 69,373 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Goodwill [Line Items] | |||
Goodwill adjustments | $ 890 | ||
Amortization expense | 11,844 | $ 4,571 | $ 4,401 |
Community banking | |||
Goodwill [Line Items] | |||
Goodwill increase | 71,300 | ||
Goodwill adjustments | 122 | ||
Specialty finance | |||
Goodwill [Line Items] | |||
Goodwill adjustments | 1,108 | ||
Wealth management | |||
Goodwill [Line Items] | |||
Goodwill adjustments | $ (340) | ||
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 |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets (Summary of Finite-Lived Intangible Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Indefinite-lived Intangible Assets by Major Class [Line Items] | ||
Accumulated amortization | $ (36,344) | $ (34,130) |
Total other intangible assets, gross | 83,401 | 83,554 |
Total other intangible assets, net | 47,057 | 49,424 |
Community banking | ||
Indefinite-lived Intangible Assets by Major Class [Line Items] | ||
Total other intangible assets, net | 34,680 | 31,760 |
Community banking | Core deposit and other intangibles | ||
Indefinite-lived Intangible Assets by Major Class [Line Items] | ||
Gross carrying amount | 55,206 | 55,366 |
Accumulated amortization | (26,326) | (29,406) |
Net carrying amount | 28,880 | 25,960 |
Specialty finance | Customer list intangibles | ||
Indefinite-lived Intangible Assets by Major Class [Line Items] | ||
Gross carrying amount | 1,965 | 1,958 |
Accumulated amortization | (1,552) | (1,436) |
Net carrying amount | 413 | 522 |
Wealth management | Customer list and other intangibles | ||
Indefinite-lived Intangible Assets by Major Class [Line Items] | ||
Gross carrying amount | 20,430 | 20,430 |
Accumulated amortization | (8,466) | (3,288) |
Net carrying amount | 11,964 | 17,142 |
Trademarks | Community banking | ||
Indefinite-lived Intangible Assets by Major Class [Line Items] | ||
Carrying amount, indefinite lives | $ 5,800 | $ 5,800 |
Goodwill and Other Intangible_6
Goodwill and Other Intangible Assets (Estimated Amortization) (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2020 | $ 11,017 |
2021 | 7,692 |
2022 | 6,135 |
2023 | 4,670 |
2024 | $ 3,263 |
Premises and Equipment, Net (De
Premises and Equipment, Net (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Property, Plant and Equipment [Line Items] | |||
Premises and equipment, gross | $ 1,084,085 | $ 968,434 | |
Less: Accumulated depreciation and amortization | 329,757 | 297,265 | |
Total premises and equipment, net | 754,328 | 671,169 | |
Depreciation and amortization expense | 38,000 | 33,200 | $ 31,500 |
Land | |||
Property, Plant and Equipment [Line Items] | |||
Premises and equipment, gross | 168,066 | 164,232 | |
Buildings and leasehold improvements | |||
Property, Plant and Equipment [Line Items] | |||
Premises and equipment, gross | 646,153 | 586,968 | |
Furniture, equipment, and computer software | |||
Property, Plant and Equipment [Line Items] | |||
Premises and equipment, gross | 243,926 | 201,055 | |
Construction in progress | |||
Property, Plant and Equipment [Line Items] | |||
Premises and equipment, gross | $ 25,940 | $ 16,179 |
Deposits (Summary of Deposits)
Deposits (Summary of Deposits) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Deposits [Abstract] | ||
Non-interest bearing | $ 7,216,758 | $ 6,569,880 |
NOW and interest bearing demand deposits | 3,093,159 | 2,897,133 |
Wealth management deposits | 3,123,063 | 2,996,764 |
Money market | 7,854,189 | 5,704,866 |
Savings | 3,196,698 | 2,665,194 |
Time certificates of deposit | 5,623,271 | 5,260,841 |
Total deposits | $ 30,107,138 | $ 26,094,678 |
Non-interest bearing (as a percent) | 24.00% | 25.00% |
NOW and interest bearing demand deposits (as a percent) | 10.00% | 11.00% |
Wealth management deposits (as a percent) | 10.00% | 12.00% |
Money market (as a percent) | 26.00% | 22.00% |
Savings (as a percent) | 11.00% | 10.00% |
Time certificates of deposit (as a percent) | 19.00% | 20.00% |
Total deposits (as a percent) | 100.00% | 100.00% |
Deposits (Schedule of Maturitie
Deposits (Schedule of Maturities of Time Certificates of Deposit) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Deposits [Abstract] | ||
Due within one year | $ 3,420,207 | $ 3,213,010 |
Due in one to two years | 2,024,189 | 1,251,446 |
Due in two to three years | 114,103 | 710,836 |
Due in three to four years | 37,743 | 47,979 |
Due in four to five years | 26,239 | 37,563 |
Due after five years | 790 | 7 |
Total time certificate of deposits | $ 5,623,271 | $ 5,260,841 |
Deposits (Schedule of Maturit_2
Deposits (Schedule of Maturities of Time Deposits Over One Hundred Thousand Dollars) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Deposits [Abstract] | ||
Maturing within three months | $ 756,974 | $ 682,940 |
After three but within six months | 893,023 | 667,079 |
After six but within 12 months | 728,255 | 921,547 |
After 12 months | 1,466,201 | 1,350,717 |
Total | 3,844,453 | 3,622,283 |
Time deposits of $250,000 or more | $ 1,700,000 | $ 1,600,000 |
Federal Home Loan Bank Advanc_3
Federal Home Loan Bank Advances (Summary of Outstanding FHLB Advances) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Federal Home Loan Bank, Advances, Branch Of FHLB Bank [Line Items] | ||
Federal Home Loan Bank advances | $ 674,870 | $ 426,326 |
1.57% advance due June 2019 | ||
Federal Home Loan Bank, Advances, Branch Of FHLB Bank [Line Items] | ||
Federal Home Loan Bank advances | $ 0 | 1,991 |
Interest rate | 1.57% | |
1.75% advance due June 2020 | ||
Federal Home Loan Bank, Advances, Branch Of FHLB Bank [Line Items] | ||
Federal Home Loan Bank advances | $ 3,981 | 3,940 |
Interest rate | 1.75% | |
1.72% advance due June 2020 | ||
Federal Home Loan Bank, Advances, Branch Of FHLB Bank [Line Items] | ||
Federal Home Loan Bank advances | $ 2,487 | 2,461 |
Interest rate | 1.72% | |
1.88% advance due June 2021 | ||
Federal Home Loan Bank, Advances, Branch Of FHLB Bank [Line Items] | ||
Federal Home Loan Bank advances | $ 2,960 | 2,934 |
Interest rate | 1.88% | |
4.18% advance due February 2022 | ||
Federal Home Loan Bank, Advances, Branch Of FHLB Bank [Line Items] | ||
Federal Home Loan Bank advances | $ 0 | 25,000 |
Interest rate | 4.18% | |
1.52% advance due March 2022 | ||
Federal Home Loan Bank, Advances, Branch Of FHLB Bank [Line Items] | ||
Federal Home Loan Bank advances | $ 0 | 50,000 |
Interest rate | 1.52% | |
1.45% advance due May 2022 | ||
Federal Home Loan Bank, Advances, Branch Of FHLB Bank [Line Items] | ||
Federal Home Loan Bank advances | $ 0 | 50,000 |
Interest rate | 1.45% | |
1.46% advance due May 2022 | ||
Federal Home Loan Bank, Advances, Branch Of FHLB Bank [Line Items] | ||
Federal Home Loan Bank advances | $ 0 | 90,000 |
Interest rate | 1.46% | |
1.98% advance due January 2023 | ||
Federal Home Loan Bank, Advances, Branch Of FHLB Bank [Line Items] | ||
Federal Home Loan Bank advances | $ 0 | 100,000 |
Interest rate | 1.98% | |
0.00% advance due April 2024 | ||
Federal Home Loan Bank, Advances, Branch Of FHLB Bank [Line Items] | ||
Federal Home Loan Bank advances | $ 442 | 0 |
Interest rate | 0.00% | |
2.98% advance due August 2024 | ||
Federal Home Loan Bank, Advances, Branch Of FHLB Bank [Line Items] | ||
Federal Home Loan Bank advances | $ 25,000 | 0 |
Interest rate | 2.98% | |
2.05% variable-rate advance due January 2028 | ||
Federal Home Loan Bank, Advances, Branch Of FHLB Bank [Line Items] | ||
Federal Home Loan Bank advances | $ 100,000 | 100,000 |
Interest rate | 2.05% | |
0.41% advance due February 2029 | ||
Federal Home Loan Bank, Advances, Branch Of FHLB Bank [Line Items] | ||
Federal Home Loan Bank advances | $ 440,000 | 0 |
Interest rate | 0.41% | |
1.36% advance due December 2029 | ||
Federal Home Loan Bank, Advances, Branch Of FHLB Bank [Line Items] | ||
Federal Home Loan Bank advances | $ 100,000 | $ 0 |
Interest rate | 1.36% |
Federal Home Loan Bank Advanc_4
Federal Home Loan Bank Advances (Narrative) (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Federal Home Loan Bank, Advances [Line Items] | |
Federal Home Loan Bank advances outstanding | $ 540 |
Federal Home Loan Bank Advances | |
Federal Home Loan Bank, Advances [Line Items] | |
Additional borrowings possible | 2,900 |
FHLB advances paid-off prior to maturity date | $ 315 |
Federal Home Loan Bank Advances | Weighted Average | |
Federal Home Loan Bank, Advances [Line Items] | |
Weighed average contractual interest rate | 0.91% |
Subordinated Notes (Details)
Subordinated Notes (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2014 | |
Debt Instrument [Line Items] | ||||
Outstanding subordinated notes | $ 436,095,000 | $ 139,210,000 | ||
Proceeds, net of underwriting discount | 296,617,000 | $ 0 | $ 0 | |
Costs incurred in connection with the issuance of subordinated notes | 3,300,000 | $ 1,300,000 | ||
4.85% subordinated notes maturing in June 2029 | ||||
Debt Instrument [Line Items] | ||||
Proceeds, net of underwriting discount | 296,700,000 | |||
5.00% subordinated notes maturing in June 2029 | ||||
Debt Instrument [Line Items] | ||||
Proceeds, net of underwriting discount | 139,100,000 | |||
Subordinated debt | ||||
Debt Instrument [Line Items] | ||||
Unamortized balances of costs for issuance of subordinated notes | 3,900,000 | |||
Subordinated debt | 4.85% subordinated notes maturing in June 2029 | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, face amount | $ 300,000,000 | |||
Stated interest rate | 4.85% | |||
Subordinated debt | 5.00% subordinated notes maturing in June 2029 | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, face amount | $ 140,000,000 | |||
Stated interest rate | 5.00% |
Other Borrowings (Summary Of Ot
Other Borrowings (Summary Of Other Borrowings) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Debt Disclosure [Abstract] | ||
Notes payable | $ 123,090 | $ 144,461 |
Short-term borrowings | 20,520 | 50,593 |
Other | 46,447 | 47,722 |
Secured borrowings | 228,117 | 151,079 |
Total other borrowings | $ 418,174 | $ 393,855 |
Other Borrowings (Narrative) (D
Other Borrowings (Narrative) (Details) $ in Millions | 1 Months Ended | 12 Months Ended | 24 Months Ended | 48 Months Ended | 54 Months Ended | 62 Months Ended | 65 Months Ended | ||||||||
May 31, 2019CAD ($) | Feb. 28, 2019CAD ($) | Jun. 30, 2018CAD ($) | Dec. 31, 2017CAD ($) | Dec. 31, 2015CAD ($) | Dec. 31, 2014CAD ($) | Dec. 31, 2019USD ($)building | Dec. 31, 2015CAD ($) | Dec. 31, 2017CAD ($) | Jun. 30, 2018CAD ($) | Feb. 28, 2019CAD ($) | May 31, 2019CAD ($) | Dec. 31, 2018USD ($) | Sep. 18, 2018USD ($) | Dec. 15, 2014USD ($) | |
Debt Instrument [Line Items] | |||||||||||||||
Outstanding borrowings | $ 123,090,000 | $ 144,461,000 | |||||||||||||
Short-term borrowings | 20,520,000 | 50,593,000 | |||||||||||||
Sweep accounts | 29,696,000 | ||||||||||||||
Other borrowings | 46,447,000 | 47,722,000 | |||||||||||||
Secured borrowings | $ 228,117,000 | 151,079,000 | |||||||||||||
Credit Agreement | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Borrowing capacity | $ 200,000,000 | $ 150,000,000 | |||||||||||||
Commitment fee (as a percent) | 0.20% | ||||||||||||||
Credit Agreement | Base Rate Loan | Federal funds rate | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt instrument, basis spread on variable rate | 0.50% | ||||||||||||||
Credit Agreement | Base Rate Loan | Eurodollar rate | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt instrument, basis spread on variable rate | 1.00% | ||||||||||||||
Securities Sold under Agreements to Repurchase | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Securities sold under repurchase agreements | $ 20,520,000 | 50,600,000 | |||||||||||||
Fixed Rate Promissory Note | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Number of properties securing promissory note | building | 2 | ||||||||||||||
Other borrowings | $ 46,400,000 | ||||||||||||||
Fixed rate | 3.36% | ||||||||||||||
Receivables Purchase Agreement | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Fixed rate | 2.729% | ||||||||||||||
Proceeds from issuance of debt | $ 20 | $ 10 | $ 10 | $ 150 | $ 160 | $ 170 | $ 190 | ||||||||
Secured borrowings | $ 215,500,000 | $ 139,300,000 | |||||||||||||
Secured Debt | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Secured borrowings | 12,700,000 | ||||||||||||||
Term Facility | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Borrowing capacity | 75,000,000 | ||||||||||||||
Term Facility | Credit Agreement | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Borrowing capacity | 150,000,000 | ||||||||||||||
Outstanding borrowings | $ 123,100,000 | ||||||||||||||
Term Facility | Credit Agreement | Base Rate Loan | Base rate | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt instrument, basis spread on variable rate | 0.75% | ||||||||||||||
Term Facility | Credit Agreement | Eurodollar Rate Loan | Eurodollar rate | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt instrument, basis spread on variable rate | 1.25% | ||||||||||||||
Revolving Credit Facility | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Borrowing capacity | $ 75,000,000 | ||||||||||||||
Revolving Credit Facility | Credit Agreement | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Borrowing capacity | $ 50,000,000 | ||||||||||||||
Outstanding borrowings | $ 0 | ||||||||||||||
Borrowed under credit facility | 35,000,000 | ||||||||||||||
Repayments under credit facility | $ 35,000,000 | ||||||||||||||
Revolving Credit Facility | Credit Agreement | Base Rate Loan | Base rate | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt instrument, basis spread on variable rate | 0.50% | ||||||||||||||
Revolving Credit Facility | Credit Agreement | Eurodollar Rate Loan | Eurodollar rate | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt instrument, basis spread on variable rate | 1.25% | ||||||||||||||
Receivables Purchase Agreement | Secured Debt | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Proceeds from issuance of debt | $ 70 | $ 20 | $ 210 | $ 280 |
Other Borrowings (Schedule of F
Other Borrowings (Schedule of Financial Instruments Owned and Pledged as Collateral) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Debt Instrument [Line Items] | ||
Securities sold under repurchase agreements, gross | $ 29,696 | |
Excess collateral | 9,176 | |
Securities Sold under Agreements to Repurchase | ||
Debt Instrument [Line Items] | ||
Securities sold under repurchase agreements | 20,520 | $ 50,600 |
Available-for-sale debt securities | Mortgage-backed securities | ||
Debt Instrument [Line Items] | ||
Securities sold under repurchase agreements, gross | 25,696 | |
Held-to-maturity securities | U.S. Government agencies | ||
Debt Instrument [Line Items] | ||
Securities sold under repurchase agreements, gross | $ 4,000 |
Junior Subordinated Debenture_2
Junior Subordinated Debentures (Summary of the Company's Junior Subordinated Debentures) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
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 | 4.12% | |
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 | 5.24% | |
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 | 4.74% | |
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 | 4.54% | |
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 | 3.84% | |
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 | 3.39% | |
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 | 3.52% | |
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 | 4.91% | |
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 | 4.91% | |
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 | 4.94% | |
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 | 3.64% | |
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 | 3.51% | |
Junior Subordinated Debt | London Interbank Offered Rate (LIBOR) | Wintrust Capital Trust III | ||
Subordinated Borrowing [Line Items] | ||
Debt instrument, basis spread on variable rate | 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 | 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 | 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 | 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 | 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 | 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 | 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 | 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 | 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 | 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 | 1.62% |
Junior Subordinated Debenture_3
Junior Subordinated Debentures (Narrative) (Details) $ in Thousands | Dec. 31, 2019USD ($)trustquarter | Dec. 31, 2018USD ($) |
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% | |
Junior subordinated debentures | $ 253,566 | $ 253,566 |
Number of consecutive quarters of deferred payment | quarter | 20 | |
Junior Subordinated Debt | ||
Subordinated Borrowing [Line Items] | ||
Junior subordinated debentures | $ 253,566 | $ 253,566 |
Weighted average interest rate | 4.12% | |
Hedge-adjusted contractual interest rate | 4.45% | |
Tier 2 regulatory capital | $ 245,500 | |
Cash flow hedging | Designated as hedging instrument | ||
Subordinated Borrowing [Line Items] | ||
Notional amount | 1,328,214 | |
Interest rate swaps | Cash flow hedging | Designated as hedging instrument | ||
Subordinated Borrowing [Line Items] | ||
Notional amount | $ 210,000 |
Revenue from Contracts with C_3
Revenue from Contracts with Customers (Disaggregation of Revenue by Source) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | $ 161,465 | $ 152,513 | $ 138,994 |
Wealth management | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 97,114 | 90,963 | 81,766 |
Brokerage and insurance product commissions | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 18,825 | 22,391 | 22,863 |
Trust | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 18,767 | 13,263 | 12,547 |
Asset management | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 59,522 | 55,309 | 46,356 |
Mortgage broker fees | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 768 | 1,188 | 1,565 |
Service charges on deposit accounts | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 39,070 | 36,404 | 34,513 |
Administrative services | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 4,197 | 4,625 | 4,165 |
Card related fees | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 7,816 | 7,441 | 5,858 |
Other deposit related fees | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | $ 12,500 | $ 11,892 | $ 11,127 |
Revenue from Contracts with C_4
Revenue from Contracts with Customers (Contract Assets, Contract Liabilities and Receivables from Contracts with Customers) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Revenue from Contract with Customer [Abstract] | ||
Contract assets | $ 0 | $ 0 |
Contract liabilities | 1,356 | 1,727 |
Mortgage broker fees receivable | 19 | 44 |
Administrative services receivable | 194 | 275 |
Wealth management receivable | 9,118 | 13,610 |
Card related fees receivable | 266 | 0 |
Total receivables from contracts with customer | $ 9,597 | $ 13,929 |
Revenue from Contracts with C_5
Revenue from Contracts with Customers (Performance Obligations Unsatisfied at End of Period) (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Revenue from Contract with Customer [Abstract] | |
Performance obligation unsatisfied or partially unsatisfied | $ 1,356 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-01-01 | |
Revenue from Contract with Customer [Abstract] | |
Performance obligation unsatisfied or partially unsatisfied | $ 757 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Estimated remaining performance period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01 | |
Revenue from Contract with Customer [Abstract] | |
Performance obligation unsatisfied or partially unsatisfied | $ 303 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Estimated remaining performance period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | |
Revenue from Contract with Customer [Abstract] | |
Performance obligation unsatisfied or partially unsatisfied | $ 153 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Estimated remaining performance period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | |
Revenue from Contract with Customer [Abstract] | |
Performance obligation unsatisfied or partially unsatisfied | $ 143 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Estimated remaining performance period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | |
Revenue from Contract with Customer [Abstract] | |
Performance obligation unsatisfied or partially unsatisfied | $ 0 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Estimated remaining performance period | 1 year |
Revenue from Contracts with C_6
Revenue from Contracts with Customers (Narrative) (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019USD ($)subsidiary | Dec. 31, 2018USD ($) | |
Revenue from Contract with Customer [Abstract] | ||
Number of wealth management subsidiaries | subsidiary | 4 | |
Revenue recognized from contract liability balance | $ | $ 759 | $ 369 |
Lease Commitments (Narrative) (
Lease Commitments (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Jan. 01, 2019 | |
Leases [Abstract] | ||||
Operating lease liability | $ 199,400 | |||
Operating lease right-of-use asset | $ 170,600 | |||
Lease liability | $ 197,639 | |||
Right-of-use asset | 165,700 | |||
Gross rental income related to buildings | $ 9,400 | $ 11,800 | $ 9,800 |
Lease Commitments (Summary of L
Lease Commitments (Summary of Lease Costs) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Leases [Abstract] | |
Operating lease cost | $ 22,750 |
Finance lease cost: Amortization of right-of-use asset | 36 |
Finance lease cost: Interest on lease liability | 64 |
Short-term lease cost | 561 |
Variable lease cost | 3,202 |
Sublease income | (598) |
Total lease cost | 26,015 |
Cash paid for amounts included in the measurement of operating lease liabilities | 23,859 |
Cash paid for amounts included in the measurement of finance lease liabilities | 60 |
Right-of-use asset obtained in exchange for new operating lease liabilities | 9,396 |
Right-of-use asset obtained in exchange for new finance lease liabilities | $ 3,498 |
Weighted average remaining lease term - operating leases | 13 months 6 days |
Weighted average remaining lease term - finance leases | 39 months 18 days |
Weighted average discount rate - operating leases | 4.09% |
Weighted average discount rate - finance leases | 4.43% |
Lease Commitments (Summary of F
Lease Commitments (Summary of Future Required Fixed Payments Related to Leasing Arrangements) (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Leases [Abstract] | |
2020 | $ 26,837 |
2021 | 22,403 |
2022 | 21,444 |
2023 | 19,315 |
2024 | 18,409 |
2025 and thereafter | 152,231 |
Total minimum future amounts | 260,639 |
Impact of measuring the lease liability on a discounted basis | (63,000) |
Total lease liability | $ 197,639 |
Lease Commitments (Schedule of
Lease Commitments (Schedule of Annual Gross Rental Receipts) (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Leases [Abstract] | |
2020 | $ 7,337 |
2021 | 6,370 |
2022 | 4,733 |
2023 | 3,057 |
2024 | 2,181 |
2025 and thereafter | 4,821 |
Total minimum future amounts | $ 28,499 |
Income Taxes (Income Tax Expens
Income Taxes (Income Tax Expense (Benefit)) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Current income taxes: | |||||||||||
Federal | $ 55,664 | $ 44,266 | $ 54,977 | ||||||||
State | 18,270 | 18,349 | 12,852 | ||||||||
Foreign | 5,913 | (872) | 1,243 | ||||||||
Total current income taxes | 79,847 | 61,743 | 69,072 | ||||||||
Deferred income taxes: | |||||||||||
Federal | 33,345 | 40,500 | 51,668 | ||||||||
State | 13,099 | 11,705 | 10,403 | ||||||||
Foreign | (1,887) | 3,019 | 1,172 | ||||||||
Total deferred income taxes | 44,557 | 55,224 | 63,243 | ||||||||
Total income tax expense | $ 30,718 | $ 35,480 | $ 28,707 | $ 29,499 | $ 28,005 | $ 30,866 | $ 32,011 | $ 26,085 | $ 124,404 | $ 116,967 | $ 132,315 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Operating Loss Carryforwards [Line Items] | |||||||||||
Income before income taxes | $ 116,682 | $ 134,601 | $ 110,173 | $ 118,645 | $ 107,662 | $ 122,814 | $ 121,591 | $ 108,066 | $ 480,101 | $ 460,133 | $ 389,997 |
Tax Act, provisional tax benefit | 7,600 | ||||||||||
Tax Act, measurement period adjustment, tax benefit | $ 1,200 | ||||||||||
AMT credit carryforward | 1,338 | 1,395 | 1,338 | 1,395 | |||||||
Unrecognized tax benefits | 8,600 | 8,600 | |||||||||
Interest income accrued on unrecognized tax benefits | 1,700 | $ 1,100 | 1,700 | 1,100 | |||||||
Domestic Tax Authority | |||||||||||
Operating Loss Carryforwards [Line Items] | |||||||||||
Net operating loss carryforward | $ 19,100 | 19,100 | |||||||||
Geographic distribution, foreign | |||||||||||
Operating Loss Carryforwards [Line Items] | |||||||||||
Income before income taxes | $ 12,200 | $ 5,300 | $ 7,800 |
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, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||||||||||
Income tax expense using the statutory Federal income tax rate of 21% in 2019 and 2018, and 35% in 2017, on income before taxes | $ 100,821 | $ 96,628 | $ 136,499 | ||||||||
Increase (decrease) in tax resulting from: | |||||||||||
Tax-exempt interest, net of interest expense disallowance | (3,958) | (3,869) | (4,658) | ||||||||
State taxes, net of federal tax benefit | 24,600 | 23,584 | 15,115 | ||||||||
Income earned on bank owned life insurance | (959) | (1,002) | (1,167) | ||||||||
Excess tax benefits on share based compensation | (1,447) | (3,107) | (5,470) | ||||||||
Re-measurement of net deferred tax liabilities | 0 | (1,209) | (10,402) | ||||||||
Transition tax on deferred foreign earnings | 0 | 0 | 2,850 | ||||||||
Meals, entertainment and related expenses | 2,148 | 1,840 | 1,710 | ||||||||
FDIC insurance expense | 1,274 | 1,832 | 0 | ||||||||
Non-deductible compensation expense | 1,019 | 1,366 | 55 | ||||||||
Foreign subsidiary, net | 1,979 | 1,591 | (271) | ||||||||
Tax benefits related to tax credit investments, net | (513) | (656) | (698) | ||||||||
Other, net | (560) | (31) | (1,248) | ||||||||
Total income tax expense | $ 30,718 | $ 35,480 | $ 28,707 | $ 29,499 | $ 28,005 | $ 30,866 | $ 32,011 | $ 26,085 | $ 124,404 | $ 116,967 | $ 132,315 |
Income Taxes (Deferred Tax Asse
Income Taxes (Deferred Tax Assets And Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Deferred tax assets: | ||
Right-of-use liability | $ 52,472 | $ 0 |
Allowance for credit losses | 41,809 | 40,342 |
Deferred compensation | 23,555 | 22,363 |
Stock-based compensation | 8,487 | 7,544 |
Loans | 5,673 | 4,540 |
Net unrealized losses on derivatives included in other comprehensive income | 4,781 | 0 |
Federal net operating loss carryforward | 4,016 | 5,348 |
Other real estate owned | 2,198 | 2,429 |
Nonaccrued interest | 2,164 | 1,357 |
AMT credit carryforward | 1,338 | 1,395 |
Net unrealized losses on securities included in other comprehensive income | 0 | 15,430 |
Other | 2,366 | 4,376 |
Total gross deferred tax assets | 148,859 | 105,124 |
Deferred tax liabilities: | ||
Equipment leasing | 120,114 | 90,306 |
Premises and equipment | 51,544 | 28,517 |
Right-of-use asset | 43,912 | 0 |
Capitalized servicing rights | 20,277 | 16,663 |
Goodwill and intangible assets | 12,819 | 12,921 |
Net unrealized gains on securities included in other comprehensive income | 5,443 | 0 |
Deferred loan fees and costs | 4,604 | 3,446 |
Fair value adjustments on loans | 3,603 | 2,833 |
Net unrealized gains on derivatives included in other comprehensive income | 0 | 2,863 |
Other | 5,397 | 5,295 |
Total gross deferred liabilities | 267,713 | 162,844 |
Net deferred tax liabilities | $ (118,854) | $ (57,720) |
Income Taxes (Unrecognized Tax
Income Taxes (Unrecognized Tax Benefits) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Unrecognized tax benefits at beginning of year | $ 11,538 | $ 10,821 | $ 11,626 |
Gross increases for tax positions taken in current period | 0 | 0 | 0 |
Gross increases for positions taken in prior periods | 268 | 717 | |
Gross decreases for positions taken in prior periods | (805) | ||
Settlements with taxing authorities | (966) | 0 | 0 |
Unrecognized tax benefits at end of the year | $ 10,840 | $ 11,538 | $ 10,821 |
Stock Compensation Plans and _3
Stock Compensation Plans and Other Employee Benefit Plans (Narrative) (Details) | 12 Months Ended | ||||
Dec. 31, 2019USD ($)hourshares | Dec. 31, 2018USD ($)shares | Dec. 31, 2017USD ($)shares | Dec. 31, 2016shares | May 31, 2015shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares available for future grants (in shares) | shares | 3,000,000 | ||||
Options granted (in shares) | shares | 0 | 0 | 0 | ||
Stock-based compensation expense | $ 11,300,000 | $ 13,500,000 | $ 12,900,000 | ||
Tax benefit from stock-based compensation arrangements | 2,600,000 | 3,100,000 | 5,100,000 | ||
Aggregate intrinsic value of options exercised | 4,700,000 | 13,300,000 | 20,100,000 | ||
Actual tax benefit realized from option exercises | 1,300,000 | 3,500,000 | 7,800,000 | ||
Cash received from option exercises | 5,700,000 | 11,700,000 | 24,100,000 | ||
Unrecognized compensation cost | $ 10,500,000 | ||||
Unrecognized compensation cost, period for recognition | 2 years | ||||
Fair value of shares vested | $ 9,800,000 | 8,000,000 | 8,900,000 | ||
Number of hours of service required for eligibility | hour | 501 | ||||
Expense for employer contribution to plan | $ 12,300,000 | 10,400,000 | 8,900,000 | ||
Pension expense (income) | 487,000 | (38,000) | 1,200,000 | ||
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 | $ 0 | ||
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) | shares | 18,577 | 18,856 | 27,508 | ||
Obligation to issue (in shares) | shares | 295,228 | ||||
Available for future issuance under DDFS Plan (in shares) | shares | 42,311 | ||||
2015 Plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares authorized (in shares) | shares | 5,485,000 | ||||
2015 and 2007 Plans | Minimum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares vested in period (in shares) | 3 years | ||||
2015 and 2007 Plans | Maximum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares vested in period (in shares) | 5 years | ||||
Option term | 7 years | ||||
Restricted 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) | shares | 144,328 | 143,263 | 127,787 | 133,425 | |
Restricted Shares | Minimum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares vested in period (in shares) | 1 year | ||||
Restricted Shares | 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 | ||||
Option term | 7 years | ||||
LTIP awards | Minimum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Award payout percentage | 0.00% | ||||
LTIP awards | Maximum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Award payout percentage | 150.00% | ||||
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) | shares | 465,515 | 396,855 | 359,196 | 298,180 | |
Excess tax benefit over estimate | $ 870,000 | $ 994,000 | $ 975,000 | ||
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) | shares | 681,000 | ||||
ESPP | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Purchase price of shares (as a percent) | 95.00% | ||||
Employee stock purchase plan issuance (in shares) | shares | 43,386 | 33,977 | 35,022 | ||
Compensation expense employee stock purchase plan | $ 0 | $ 0 | $ 0 | ||
Increase in shares authorized (in shares) | shares | 200,000 | ||||
Common stock obligation to issue (in shares) | shares | 10,523 | ||||
Available for future grants under ESPP (in shares) | shares | 172,677 |
Stock Compensation Plans and _4
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, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Common Shares | |||
Outstanding at beginning of the period (in shares) | 795,014 | 1,084,756 | 1,698,912 |
Granted (in shares) | 0 | 0 | 0 |
Options outstanding in acquired plans (in shares) | 106,748 | ||
Exercised (in shares) | (146,430) | (282,614) | (593,459) |
Forfeited or canceled (in shares) | 0 | (7,128) | (20,697) |
Outstanding at end of the period (in shares) | 755,332 | 795,014 | 1,084,756 |
Exercisable (in shares) | 735,396 | 613,932 | 562,810 |
Vested or expected to vest (in shares) | 755,332 | ||
Weighted Average Strike Price | |||
Outstanding at beginning of the period (in dollars per share) | $ 42.25 | $ 41.98 | $ 41.50 |
Granted (in dollars per share) | 0 | 0 | 0 |
Options outstanding in acquired plans (in dollars per share) | 38.83 | ||
Exercised (in dollars per share) | 38.84 | 41.25 | 40.57 |
Forfeited or canceled (in dollars per share) | 0 | 39.84 | 42.83 |
Outstanding at end of the period (in dollars per share) | 42.43 | 42.25 | 41.98 |
Exercisable (in dollars per share) | 42.42 | $ 42.54 | $ 41.82 |
Vested or expected to vest (in dollars per share) | $ 42.43 | ||
Stock Options Additional Disclosures | |||
Outstanding, remaining contractual term | 2 years 9 months 18 days | 3 years 1 month 6 days | 4 years |
Outstanding, intrinsic value | $ 21,503 | $ 19,268 | $ 43,817 |
Exercisable, remaining contractual term | 2 years 8 months 12 days | 3 years 1 month 6 days | 3 years 3 months 18 days |
Exercisable, intrinsic value | $ 20,947 | $ 14,705 | $ 22,820 |
Vested or expected to vest, remaining contractual term | 2 years 9 months 18 days | ||
Vested or expected to vest, intrinsic value | $ 21,503 |
Stock Compensation Plans and _5
Stock Compensation Plans and Other Employee Benefit Plans (Summary of Plans' Restricted Share Award Activity) (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Restricted Shares | |||
Common Shares | |||
Outstanding at the beginning of period (in shares) | 143,263 | 127,787 | 133,425 |
Granted (in shares) | 24,285 | 35,654 | 16,552 |
Vested and issued (in shares) | (21,529) | (18,324) | (19,639) |
Forfeited or canceled (in shares) | (1,691) | (1,854) | (2,551) |
Outstanding at the end of period (in shares) | 144,328 | 143,263 | 127,787 |
Vested, but not issuable, or deferred, at year end (in shares) | 92,183 | 90,520 | 89,723 |
Weighted Average Grant-Date Fair Value | |||
Outstanding at beginning of the period (in dollars per share) | $ 60.80 | $ 53.33 | $ 49.94 |
Granted (in dollars per share) | 68.58 | 84.36 | 73.16 |
Vested and issued (in dollars per share) | 70.99 | 54.31 | 47.13 |
Forfeited or canceled (in dollars per share) | 79.50 | 63.50 | 52.26 |
Outstanding at end of the period (in dollars per share) | 60.37 | 60.80 | 53.33 |
Vested, but not issuable, or deferred, at year end (in dollars per share) | $ 52.24 | $ 51.94 | $ 51.64 |
Performance Shares | |||
Common Shares | |||
Outstanding at the beginning of period (in shares) | 396,855 | 359,196 | 298,180 |
Granted (in shares) | 175,823 | 134,380 | 145,853 |
Added by performance factor at vesting (in shares) | 33,950 | 0 | 0 |
Vested and issued (in shares) | (128,238) | (82,307) | (68,712) |
Forfeited or canceled (in shares) | (12,875) | (14,414) | (16,125) |
Outstanding at the end of period (in shares) | 465,515 | 396,855 | 359,196 |
Vested, but not issuable, or deferred, at year end (in shares) | 33,828 | 21,530 | 108,143,000 |
Weighted Average Grant-Date Fair Value | |||
Outstanding at beginning of the period (in dollars per share) | $ 67.71 | $ 54.37 | $ 43.64 |
Granted (in dollars per share) | 71.56 | 88.27 | 72.60 |
Added by performance factor at vesting (in dollars per share) | 40.99 | 0 | 0 |
Vested and issued (in dollars per share) | 41 | 44.39 | 46.85 |
Forfeited or canceled (in dollars per share) | 75.08 | 60.05 | 52.98 |
Outstanding at end of the period (in dollars per share) | 74.37 | 67.71 | 54.37 |
Vested, but not issuable, or deferred, at year end (in dollars per share) | $ 43.01 | $ 43.54 | $ 44.16 |
Regulatory Matters (Narrative)
Regulatory Matters (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | |||
Cash dividends paid to parent Company by consolidated subsidiaries | $ 139 | $ 111 | $ 122 |
Amount available to be paid as dividends without prior regulatory approval | $ 542 | ||
Minimum ratio of qualifying total capital to risk-weighted assets (ratio) | 8.00% | ||
Common Equity Tier 1 capital required for capital adequacy to risk weighted assets (ratio) | 4.50% | ||
Tier 1 risk based capital required for capital adequacy to risk weighted assets (ratio) | 6.00% | ||
Tier 1 leverage capital required for capital adequacy to average assets (ratio) | 4.00% | ||
Ratio required for banks to be well capitalized, total capital to risk-weighted assets | 10.00% | ||
Ratio required for banks to be well capitalized, Tier 1 capital to risk-weighted assets | 8.00% | ||
Ratio required for banks to be well capitalized, Common Equity Tier 1 capital risk weighted assets | 6.50% | ||
Ratio required for banks to be well capitalized, Tier 1 leverage ratio | 5.00% | ||
Federal Reserve Bank | |||
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | |||
Cash reserve requirement | $ 750 | $ 611.1 |
Regulatory Matters (Schedule of
Regulatory Matters (Schedule of Compliance with Minimum Capital Requirements) (Details) | Dec. 31, 2019 | Dec. 31, 2018 |
Broker-Dealer, Net Capital Requirement, SEC Regulation [Abstract] | ||
Total capital to risk weighted assets | 12.20% | 11.60% |
Tier 1 capital to risk weighted assets | 9.60% | 9.70% |
Common Equity Tier 1 capital to risk weighted assets | 9.20% | 9.30% |
Tier 1 leverage Ratio | 8.70% | 9.10% |
Regulatory Matters (Schedule _2
Regulatory Matters (Schedule of Actual Capital Amounts and Ratios) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | ||
Total Capital to Risk Weighted Assets, Ratio | 12.20% | 11.60% |
Total Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Ratio | 10.00% | |
Tier 1 Capital to Risk Weighted Assets, Ratio | 9.60% | 9.70% |
Tier 1 Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Ratio | 8.00% | |
Common Equity Tier 1 capital to risk weighted assets | 9.20% | 9.30% |
Common Equity Tier 1 Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Ratio | 6.50% | |
Tier 1 leverage Ratio | 8.70% | 9.10% |
Tier 1 Leverage Ratio, To Be Well Capitalized by Regulatory Definition, Ratio | 5.00% | |
Lake Forest Bank | ||
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | ||
Total Capital to Risk Weighted Assets, Amount | $ 461,643 | $ 424,872 |
Total Capital to Risk Weighted Assets, Ratio | 12.00% | 12.50% |
Total Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Amount | $ 386,358 | $ 338,823 |
Total Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Ratio | 10.00% | 10.00% |
Tier 1 Capital to Risk Weighted Assets, Amount | $ 440,585 | $ 402,156 |
Tier 1 Capital to Risk Weighted Assets, Ratio | 11.40% | 11.90% |
Tier 1 Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Amount | $ 309,087 | $ 271,058 |
Tier 1 Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Ratio | 8.00% | 8.00% |
Common Equity Tier 1 Capital to Risk Weighted Assets, Amount | $ 440,585 | $ 402,156 |
Common Equity Tier 1 capital to risk weighted assets | 11.40% | 11.90% |
Common Equity Tier 1 Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Amount | $ 251,133 | $ 220,235 |
Common Equity Tier 1 Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Ratio | 6.50% | 6.50% |
Tier 1 Leverage Ratio, Amount | $ 440,585 | $ 402,156 |
Tier 1 leverage Ratio | 10.70% | 10.70% |
Tier 1 Leverage Ratio, To Be Well Capitalized by Regulatory Definition, Amount | $ 223,497 | $ 187,634 |
Tier 1 Leverage Ratio, To Be Well Capitalized by Regulatory Definition, Ratio | 5.00% | 5.00% |
Hinsdale Bank | ||
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | ||
Total Capital to Risk Weighted Assets, Amount | $ 339,158 | $ 256,166 |
Total Capital to Risk Weighted Assets, Ratio | 12.60% | 11.90% |
Total Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Amount | $ 268,915 | $ 220,004 |
Total Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Ratio | 10.00% | 10.00% |
Tier 1 Capital to Risk Weighted Assets, Amount | $ 328,046 | $ 244,036 |
Tier 1 Capital to Risk Weighted Assets, Ratio | 12.20% | 11.30% |
Tier 1 Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Amount | $ 215,132 | $ 176,003 |
Tier 1 Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Ratio | 8.00% | 8.00% |
Common Equity Tier 1 Capital to Risk Weighted Assets, Amount | $ 328,046 | $ 244,036 |
Common Equity Tier 1 capital to risk weighted assets | 12.20% | 11.30% |
Common Equity Tier 1 Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Amount | $ 174,795 | $ 143,002 |
Common Equity Tier 1 Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Ratio | 6.50% | 6.50% |
Tier 1 Leverage Ratio, Amount | $ 328,046 | $ 244,036 |
Tier 1 leverage Ratio | 10.40% | 10.40% |
Tier 1 Leverage Ratio, To Be Well Capitalized by Regulatory Definition, Amount | $ 147,512 | $ 117,308 |
Tier 1 Leverage Ratio, To Be Well Capitalized by Regulatory Definition, Ratio | 5.00% | 5.00% |
Wintrust Bank | ||
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | ||
Total Capital to Risk Weighted Assets, Amount | $ 709,328 | $ 613,037 |
Total Capital to Risk Weighted Assets, Ratio | 11.80% | 11.50% |
Total Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Amount | $ 602,969 | $ 533,154 |
Total Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Ratio | 10.00% | 10.00% |
Tier 1 Capital to Risk Weighted Assets, Amount | $ 668,922 | $ 545,649 |
Tier 1 Capital to Risk Weighted Assets, Ratio | 11.10% | 10.20% |
Tier 1 Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Amount | $ 482,375 | $ 426,523 |
Tier 1 Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Ratio | 8.00% | 8.00% |
Common Equity Tier 1 Capital to Risk Weighted Assets, Amount | $ 668,922 | $ 545,649 |
Common Equity Tier 1 capital to risk weighted assets | 11.10% | 10.20% |
Common Equity Tier 1 Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Amount | $ 391,930 | $ 346,550 |
Common Equity Tier 1 Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Ratio | 6.50% | 6.50% |
Tier 1 Leverage Ratio, Amount | $ 668,922 | $ 545,649 |
Tier 1 leverage Ratio | 9.70% | 9.70% |
Tier 1 Leverage Ratio, To Be Well Capitalized by Regulatory Definition, Amount | $ 324,017 | $ 281,090 |
Tier 1 Leverage Ratio, To Be Well Capitalized by Regulatory Definition, Ratio | 5.00% | 5.00% |
Libertyville Bank | ||
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | ||
Total Capital to Risk Weighted Assets, Amount | $ 173,298 | $ 161,453 |
Total Capital to Risk Weighted Assets, Ratio | 11.70% | 11.90% |
Total Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Amount | $ 148,745 | $ 135,262 |
Total Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Ratio | 10.00% | 10.00% |
Tier 1 Capital to Risk Weighted Assets, Amount | $ 164,915 | $ 152,939 |
Tier 1 Capital to Risk Weighted Assets, Ratio | 11.10% | 11.30% |
Tier 1 Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Amount | $ 118,996 | $ 108,209 |
Tier 1 Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Ratio | 8.00% | 8.00% |
Common Equity Tier 1 Capital to Risk Weighted Assets, Amount | $ 164,915 | $ 152,939 |
Common Equity Tier 1 capital to risk weighted assets | 11.10% | 11.30% |
Common Equity Tier 1 Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Amount | $ 96,684 | $ 87,920 |
Common Equity Tier 1 Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Ratio | 6.50% | 6.50% |
Tier 1 Leverage Ratio, Amount | $ 164,915 | $ 152,939 |
Tier 1 leverage Ratio | 10.00% | 10.00% |
Tier 1 Leverage Ratio, To Be Well Capitalized by Regulatory Definition, Amount | $ 82,848 | $ 76,247 |
Tier 1 Leverage Ratio, To Be Well Capitalized by Regulatory Definition, Ratio | 5.00% | 5.00% |
Barrington Bank | ||
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | ||
Total Capital to Risk Weighted Assets, Amount | $ 320,347 | $ 258,301 |
Total Capital to Risk Weighted Assets, Ratio | 12.10% | 11.10% |
Total Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Amount | $ 263,235 | $ 231,871 |
Total Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Ratio | 10.00% | 10.00% |
Tier 1 Capital to Risk Weighted Assets, Amount | $ 313,195 | $ 252,189 |
Tier 1 Capital to Risk Weighted Assets, Ratio | 11.90% | 10.90% |
Tier 1 Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Amount | $ 210,588 | $ 185,497 |
Tier 1 Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Ratio | 8.00% | 8.00% |
Common Equity Tier 1 Capital to Risk Weighted Assets, Amount | $ 313,195 | $ 252,189 |
Common Equity Tier 1 capital to risk weighted assets | 11.90% | 10.90% |
Common Equity Tier 1 Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Amount | $ 171,102 | $ 150,716 |
Common Equity Tier 1 Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Ratio | 6.50% | 6.50% |
Tier 1 Leverage Ratio, Amount | $ 313,195 | $ 252,189 |
Tier 1 leverage Ratio | 12.90% | 12.90% |
Tier 1 Leverage Ratio, To Be Well Capitalized by Regulatory Definition, Amount | $ 115,309 | $ 97,759 |
Tier 1 Leverage Ratio, To Be Well Capitalized by Regulatory Definition, Ratio | 5.00% | 5.00% |
Crystal Lake Bank | ||
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | ||
Total Capital to Risk Weighted Assets, Amount | $ 124,373 | $ 107,041 |
Total Capital to Risk Weighted Assets, Ratio | 12.10% | 11.60% |
Total Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Amount | $ 102,488 | $ 92,542 |
Total Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Ratio | 10.00% | 10.00% |
Tier 1 Capital to Risk Weighted Assets, Amount | $ 119,374 | $ 102,404 |
Tier 1 Capital to Risk Weighted Assets, Ratio | 11.70% | 11.10% |
Tier 1 Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Amount | $ 81,991 | $ 74,033 |
Tier 1 Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Ratio | 8.00% | 8.00% |
Common Equity Tier 1 Capital to Risk Weighted Assets, Amount | $ 119,374 | $ 102,404 |
Common Equity Tier 1 capital to risk weighted assets | 11.70% | 11.10% |
Common Equity Tier 1 Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Amount | $ 66,617 | $ 60,152 |
Common Equity Tier 1 Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Ratio | 6.50% | 6.50% |
Tier 1 Leverage Ratio, Amount | $ 119,374 | $ 102,404 |
Tier 1 leverage Ratio | 9.90% | 9.90% |
Tier 1 Leverage Ratio, To Be Well Capitalized by Regulatory Definition, Amount | $ 58,613 | $ 51,974 |
Tier 1 Leverage Ratio, To Be Well Capitalized by Regulatory Definition, Ratio | 5.00% | 5.00% |
Northbrook Bank | ||
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | ||
Total Capital to Risk Weighted Assets, Amount | $ 273,571 | $ 236,201 |
Total Capital to Risk Weighted Assets, Ratio | 12.50% | 11.10% |
Total Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Amount | $ 213,524 | $ 213,524 |
Total Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Ratio | 10.00% | 10.00% |
Tier 1 Capital to Risk Weighted Assets, Amount | $ 260,577 | $ 223,849 |
Tier 1 Capital to Risk Weighted Assets, Ratio | 11.90% | 10.50% |
Tier 1 Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Amount | $ 170,819 | $ 170,819 |
Tier 1 Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Ratio | 8.00% | 8.00% |
Common Equity Tier 1 Capital to Risk Weighted Assets, Amount | $ 260,577 | $ 223,849 |
Common Equity Tier 1 capital to risk weighted assets | 11.90% | 10.50% |
Common Equity Tier 1 Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Amount | $ 138,791 | $ 138,791 |
Common Equity Tier 1 Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Ratio | 6.50% | 6.50% |
Tier 1 Leverage Ratio, Amount | $ 260,577 | $ 223,849 |
Tier 1 leverage Ratio | 9.80% | 9.80% |
Tier 1 Leverage Ratio, To Be Well Capitalized by Regulatory Definition, Amount | $ 132,394 | $ 114,125 |
Tier 1 Leverage Ratio, To Be Well Capitalized by Regulatory Definition, Ratio | 5.00% | 5.00% |
Schaumburg Bank | ||
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | ||
Total Capital to Risk Weighted Assets, Amount | $ 123,145 | $ 113,797 |
Total Capital to Risk Weighted Assets, Ratio | 12.00% | 11.40% |
Total Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Amount | $ 102,250 | $ 100,151 |
Total Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Ratio | 10.00% | 10.00% |
Tier 1 Capital to Risk Weighted Assets, Amount | $ 118,260 | $ 108,338 |
Tier 1 Capital to Risk Weighted Assets, Ratio | 11.60% | 10.80% |
Tier 1 Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Amount | $ 81,800 | $ 80,120 |
Tier 1 Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Ratio | 8.00% | 8.00% |
Common Equity Tier 1 Capital to Risk Weighted Assets, Amount | $ 118,260 | $ 108,338 |
Common Equity Tier 1 capital to risk weighted assets | 11.60% | 10.80% |
Common Equity Tier 1 Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Amount | $ 66,463 | $ 65,098 |
Common Equity Tier 1 Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Ratio | 6.50% | 6.50% |
Tier 1 Leverage Ratio, Amount | $ 118,260 | $ 108,338 |
Tier 1 leverage Ratio | 9.50% | 9.50% |
Tier 1 Leverage Ratio, To Be Well Capitalized by Regulatory Definition, Amount | $ 60,266 | $ 57,111 |
Tier 1 Leverage Ratio, To Be Well Capitalized by Regulatory Definition, Ratio | 5.00% | 5.00% |
Village Bank | ||
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | ||
Total Capital to Risk Weighted Assets, Amount | $ 171,084 | $ 151,653 |
Total Capital to Risk Weighted Assets, Ratio | 11.40% | 11.20% |
Total Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Amount | $ 149,803 | $ 135,695 |
Total Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Ratio | 10.00% | 10.00% |
Tier 1 Capital to Risk Weighted Assets, Amount | $ 161,666 | $ 142,333 |
Tier 1 Capital to Risk Weighted Assets, Ratio | 10.80% | 10.50% |
Tier 1 Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Amount | $ 119,842 | $ 108,556 |
Tier 1 Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Ratio | 8.00% | 8.00% |
Common Equity Tier 1 Capital to Risk Weighted Assets, Amount | $ 161,666 | $ 142,333 |
Common Equity Tier 1 capital to risk weighted assets | 10.80% | 10.50% |
Common Equity Tier 1 Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Amount | $ 97,372 | $ 88,201 |
Common Equity Tier 1 Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Ratio | 6.50% | 6.50% |
Tier 1 Leverage Ratio, Amount | $ 161,666 | $ 142,333 |
Tier 1 leverage Ratio | 9.50% | 9.50% |
Tier 1 Leverage Ratio, To Be Well Capitalized by Regulatory Definition, Amount | $ 89,945 | $ 75,197 |
Tier 1 Leverage Ratio, To Be Well Capitalized by Regulatory Definition, Ratio | 5.00% | 5.00% |
Beverly Bank | ||
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | ||
Total Capital to Risk Weighted Assets, Amount | $ 170,716 | $ 146,054 |
Total Capital to Risk Weighted Assets, Ratio | 11.50% | 11.80% |
Total Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Amount | $ 148,838 | $ 123,618 |
Total Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Ratio | 10.00% | 10.00% |
Tier 1 Capital to Risk Weighted Assets, Amount | $ 164,827 | $ 141,140 |
Tier 1 Capital to Risk Weighted Assets, Ratio | 11.10% | 11.40% |
Tier 1 Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Amount | $ 119,071 | $ 98,894 |
Tier 1 Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Ratio | 8.00% | 8.00% |
Common Equity Tier 1 Capital to Risk Weighted Assets, Amount | $ 164,827 | $ 141,140 |
Common Equity Tier 1 capital to risk weighted assets | 11.10% | 11.40% |
Common Equity Tier 1 Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Amount | $ 96,745 | $ 80,352 |
Common Equity Tier 1 Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Ratio | 6.50% | 6.50% |
Tier 1 Leverage Ratio, Amount | $ 164,827 | $ 141,140 |
Tier 1 leverage Ratio | 10.70% | 10.70% |
Tier 1 Leverage Ratio, To Be Well Capitalized by Regulatory Definition, Amount | $ 79,777 | $ 66,109 |
Tier 1 Leverage Ratio, To Be Well Capitalized by Regulatory Definition, Ratio | 5.00% | 5.00% |
Town Bank | ||
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | ||
Total Capital to Risk Weighted Assets, Amount | $ 226,252 | $ 208,479 |
Total Capital to Risk Weighted Assets, Ratio | 11.50% | 11.30% |
Total Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Amount | $ 197,639 | $ 184,825 |
Total Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Ratio | 10.00% | 10.00% |
Tier 1 Capital to Risk Weighted Assets, Amount | $ 217,958 | $ 199,982 |
Tier 1 Capital to Risk Weighted Assets, Ratio | 11.00% | 10.80% |
Tier 1 Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Amount | $ 158,111 | $ 147,860 |
Tier 1 Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Ratio | 8.00% | 8.00% |
Common Equity Tier 1 Capital to Risk Weighted Assets, Amount | $ 217,958 | $ 199,982 |
Common Equity Tier 1 capital to risk weighted assets | 11.00% | 10.80% |
Common Equity Tier 1 Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Amount | $ 128,465 | $ 120,136 |
Common Equity Tier 1 Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Ratio | 6.50% | 6.50% |
Tier 1 Leverage Ratio, Amount | $ 217,958 | $ 199,982 |
Tier 1 leverage Ratio | 10.00% | 10.00% |
Tier 1 Leverage Ratio, To Be Well Capitalized by Regulatory Definition, Amount | $ 116,750 | $ 100,257 |
Tier 1 Leverage Ratio, To Be Well Capitalized by Regulatory Definition, Ratio | 5.00% | 5.00% |
Wheaton Bank | ||
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | ||
Total Capital to Risk Weighted Assets, Amount | $ 187,518 | $ 165,798 |
Total Capital to Risk Weighted Assets, Ratio | 11.40% | 11.30% |
Total Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Amount | $ 165,019 | $ 147,354 |
Total Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Ratio | 10.00% | 10.00% |
Tier 1 Capital to Risk Weighted Assets, Amount | $ 181,195 | $ 159,718 |
Tier 1 Capital to Risk Weighted Assets, Ratio | 11.00% | 10.80% |
Tier 1 Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Amount | $ 132,015 | $ 117,883 |
Tier 1 Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Ratio | 8.00% | 8.00% |
Common Equity Tier 1 Capital to Risk Weighted Assets, Amount | $ 181,195 | $ 159,718 |
Common Equity Tier 1 capital to risk weighted assets | 11.00% | 10.80% |
Common Equity Tier 1 Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Amount | $ 107,262 | $ 95,780 |
Common Equity Tier 1 Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Ratio | 6.50% | 6.50% |
Tier 1 Leverage Ratio, Amount | $ 181,195 | $ 159,718 |
Tier 1 leverage Ratio | 9.80% | 9.80% |
Tier 1 Leverage Ratio, To Be Well Capitalized by Regulatory Definition, Amount | $ 98,039 | $ 81,767 |
Tier 1 Leverage Ratio, To Be Well Capitalized by Regulatory Definition, Ratio | 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 | $ 127,003 | $ 111,530 |
Total Capital to Risk Weighted Assets, Ratio | 11.50% | 11.10% |
Total Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Amount | $ 110,369 | $ 100,654 |
Total Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Ratio | 10.00% | 10.00% |
Tier 1 Capital to Risk Weighted Assets, Amount | $ 119,740 | $ 107,234 |
Tier 1 Capital to Risk Weighted Assets, Ratio | 10.90% | 10.70% |
Tier 1 Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Amount | $ 88,295 | $ 80,523 |
Tier 1 Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Ratio | 8.00% | 8.00% |
Common Equity Tier 1 Capital to Risk Weighted Assets, Amount | $ 119,740 | $ 107,234 |
Common Equity Tier 1 capital to risk weighted assets | 10.90% | 10.70% |
Common Equity Tier 1 Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Amount | $ 71,740 | $ 65,425 |
Common Equity Tier 1 Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Ratio | 6.50% | 6.50% |
Tier 1 Leverage Ratio, Amount | $ 119,740 | $ 107,234 |
Tier 1 leverage Ratio | 9.20% | 9.20% |
Tier 1 Leverage Ratio, To Be Well Capitalized by Regulatory Definition, Amount | $ 63,078 | $ 58,068 |
Tier 1 Leverage Ratio, To Be Well Capitalized by Regulatory Definition, Ratio | 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 | $ 161,899 | $ 151,889 |
Total Capital to Risk Weighted Assets, Ratio | 11.60% | 11.40% |
Total Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Amount | $ 139,529 | $ 132,842 |
Total Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Ratio | 10.00% | 10.00% |
Tier 1 Capital to Risk Weighted Assets, Amount | $ 155,975 | $ 145,779 |
Tier 1 Capital to Risk Weighted Assets, Ratio | 11.20% | 11.00% |
Tier 1 Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Amount | $ 111,623 | $ 106,273 |
Tier 1 Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Ratio | 8.00% | 8.00% |
Common Equity Tier 1 Capital to Risk Weighted Assets, Amount | $ 155,975 | $ 145,779 |
Common Equity Tier 1 capital to risk weighted assets | 11.20% | 11.00% |
Common Equity Tier 1 Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Amount | $ 90,694 | $ 86,347 |
Common Equity Tier 1 Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Ratio | 6.50% | 6.50% |
Tier 1 Leverage Ratio, Amount | $ 155,975 | $ 145,779 |
Tier 1 leverage Ratio | 9.60% | 9.60% |
Tier 1 Leverage Ratio, To Be Well Capitalized by Regulatory Definition, Amount | $ 80,708 | $ 76,096 |
Tier 1 Leverage Ratio, To Be Well Capitalized by Regulatory Definition, Ratio | 5.00% | 5.00% |
St. Charles Bank | ||
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | ||
Total Capital to Risk Weighted Assets, Amount | $ 156,023 | $ 115,607 |
Total Capital to Risk Weighted Assets, Ratio | 11.70% | 11.40% |
Total Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Amount | $ 133,119 | $ 101,337 |
Total Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Ratio | 10.00% | 10.00% |
Tier 1 Capital to Risk Weighted Assets, Amount | $ 151,665 | $ 111,454 |
Tier 1 Capital to Risk Weighted Assets, Ratio | 11.40% | 11.00% |
Tier 1 Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Amount | $ 106,495 | $ 81,069 |
Tier 1 Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Ratio | 8.00% | 8.00% |
Common Equity Tier 1 Capital to Risk Weighted Assets, Amount | $ 151,665 | $ 111,454 |
Common Equity Tier 1 capital to risk weighted assets | 11.40% | 11.00% |
Common Equity Tier 1 Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Amount | $ 86,528 | $ 65,869 |
Common Equity Tier 1 Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Ratio | 6.50% | 6.50% |
Tier 1 Leverage Ratio, Amount | $ 151,665 | $ 111,454 |
Tier 1 leverage Ratio | 9.80% | 9.80% |
Tier 1 Leverage Ratio, To Be Well Capitalized by Regulatory Definition, Amount | $ 74,348 | $ 56,915 |
Tier 1 Leverage Ratio, To Be Well Capitalized by Regulatory Definition, Ratio | 5.00% | 5.00% |
Commitments and Contingencies (
Commitments and Contingencies (Details) $ in Thousands | Oct. 17, 2018USD ($)investorplaintiff | Apr. 09, 2018USD ($) | Feb. 03, 2016defendant | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) |
Commitments And Contingencies [Line Items] | ||||||
Letters of credit outstanding | $ 291,800 | $ 233,300 | ||||
Mortgage loans sold | 4,484,838 | 4,076,887 | $ 3,869,137 | |||
Liability for estimated losses on repurchase and indemnification claims | 2,400 | 2,400 | ||||
Losses charged against liability | 639 | 183 | ||||
Unfunded commitments to investment partnerships | 29,300 | |||||
Commitments to invest in partnership for tax credits | 323 | |||||
Customer balances maintained by clearing broker and subject to indemnification | 15,800 | |||||
Lehman Holdings matter | ||||||
Commitments And Contingencies [Line Items] | ||||||
Number of defendants other than Wintrust | defendant | 150 | |||||
JPMC matter | ||||||
Commitments And Contingencies [Line Items] | ||||||
Amount of damages sought | $ 4,600 | |||||
Ponzi scheme matter | ||||||
Commitments And Contingencies [Line Items] | ||||||
Amount of damages sought | $ 6,000 | |||||
Number of plaintiffs | plaintiff | 2 | |||||
Number of investors in plaintiff group | investor | 42 | |||||
Forward contracts | ||||||
Commitments And Contingencies [Line Items] | ||||||
Derivative instrument, contractual amounts | 837,200 | 481,600 | ||||
Commercial, commercial real estate, and construction loans | ||||||
Commitments And Contingencies [Line Items] | ||||||
Commitments to extend loans | 5,100,000 | 4,700,000 | ||||
Unused home equity lines | ||||||
Commitments And Contingencies [Line Items] | ||||||
Commitments to extend loans | 800,600 | 807,900 | ||||
Residential real estate | ||||||
Commitments And Contingencies [Line Items] | ||||||
Commitments to extend loans | $ 595,100 | $ 389,700 |
Derivative Financial Instrume_3
Derivative Financial Instruments (Schedule of Fair Value of Derivative Financial Instruments) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Derivative [Line Items] | ||
Derivative Assets | $ 103,644 | $ 73,172 |
Derivative Liabilities | 129,204 | 68,088 |
Interest rate derivatives | ||
Derivative [Line Items] | ||
Derivative Assets | 100,569 | 68,425 |
Derivative Liabilities | 126,805 | 62,571 |
Designated as hedging instrument | ||
Derivative [Line Items] | ||
Derivative Assets | 310 | 8,906 |
Derivative Liabilities | 25,908 | 3,412 |
Not designed as hedging instrument | ||
Derivative [Line Items] | ||
Derivative Assets | 103,334 | 64,266 |
Derivative Liabilities | 103,296 | 64,676 |
Not designed as hedging instrument | Interest rate derivatives | ||
Derivative [Line Items] | ||
Derivative Assets | 100,259 | 59,519 |
Derivative Liabilities | 100,897 | 59,159 |
Not designed as hedging instrument | Interest rate lock commitments | ||
Derivative [Line Items] | ||
Derivative Assets | 2,860 | 3,405 |
Derivative Liabilities | 259 | 2,694 |
Not designed as hedging instrument | Forward commitments to sell mortgage loans | ||
Derivative [Line Items] | ||
Derivative Assets | 142 | 0 |
Derivative Liabilities | 2,070 | 1,486 |
Not designed as hedging instrument | Foreign exchange contracts | ||
Derivative [Line Items] | ||
Derivative Assets | 73 | 1,342 |
Derivative Liabilities | 70 | 1,337 |
Cash flow hedging | Designated as hedging instrument | Interest rate derivatives | ||
Derivative [Line Items] | ||
Derivative Assets | 0 | 6,270 |
Derivative Liabilities | 19,385 | 1,656 |
Fair value hedging | Designated as hedging instrument | Interest rate derivatives | ||
Derivative [Line Items] | ||
Derivative Assets | 310 | 2,636 |
Derivative Liabilities | $ 6,523 | $ 1,756 |
Derivative Financial Instrume_4
Derivative Financial Instruments (Narrative) (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019USD ($)derivative_instruments | Dec. 31, 2018USD ($)derivative_instruments | |
Interest rate derivatives | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Fair value of interest rate derivatives in a net liability position | $ 123,700 | |
Forward commitments to sell mortgage loans | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional amount | 837,200 | $ 481,600 |
Designated as hedging instrument | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount to be reclassified from accumulated other comprehensive income to interest expense in next twelve months | 5,800 | |
Designated as hedging instrument | Interest rate swap terminated | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Fair value of interest rate swap asset | 1,400 | |
Cumulative amount of fair value hedging adjustment included in carrying amount of hedged assets (liabilities) | 1,600 | |
Designated as hedging instrument | Interest rate derivatives | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount reclassified from accumulated other comprehensive income on terminated derivative instruments | (10,250) | $ (7,313) |
Designated as hedging instrument | Cash flow hedging | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional amount | $ 1,328,214 | |
Designated as hedging instrument | Cash flow hedging | Interest rate swaps | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Number of derivative instruments held | derivative_instruments | 15 | |
Notional amount | $ 210,000 | |
Designated as hedging instrument | Cash flow hedging | Interest rate collar | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Number of derivative instruments held | derivative_instruments | 1 | |
Designated as hedging instrument | Cash flow hedging | Interest rate swap terminated | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Number of derivative instruments held | derivative_instruments | 5 | |
Notional amount | $ 650,000 | |
Designated as hedging instrument | Cash flow hedging | Interest expense | Interest rate swap terminated | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount reclassified from accumulated other comprehensive income on terminated derivative instruments | $ 4,700 | $ 427 |
Designated as hedging instrument | Fair value hedging | Interest rate swaps | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Number of derivative instruments held | derivative_instruments | 15 | |
Notional amount | $ 162,900 | |
Designated as hedging instrument | Fair value hedging | Interest rate swap terminated | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Number of derivative instruments held | derivative_instruments | 1 | |
Designated as hedging instrument | Fair value hedging | Interest rate swaps effective starting after current fiscal year end | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Number of derivative instruments held | derivative_instruments | 1 | |
Notional amount | $ 6,900 | |
Not designed as hedging instrument | Interest rate derivatives | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional amount | 7,400,000 | |
Not designed as hedging instrument | Forward commitments to sell mortgage loans | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional amount | 837,200 | |
Not designed as hedging instrument | Interest rate lock commitments | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional amount | 454,600 | |
Not designed as hedging instrument | Foreign exchange contracts | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional amount | $ 34,500 | |
Not designed as hedging instrument | Covered call options | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Number of derivative instruments held | derivative_instruments | 0 | 0 |
Not designed as hedging instrument | Mortgage banking derivatives | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Number of derivative instruments held | derivative_instruments | 0 | |
Not designed as hedging instrument | Derivative contract held as economic hedge on MSRs | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional amount | $ 55,000 | |
Number of interest rate swaps (derivative instrument) | derivative_instruments | 4 |
Derivative Financial Instrume_5
Derivative Financial Instruments (Schedule of Cash Flow Hedging Instruments) (Details) - Cash flow hedging - Designated as hedging instrument $ in Thousands | Dec. 31, 2019USD ($) |
Derivative [Line Items] | |
Notional Amount | $ 1,328,214 |
Fair Value Asset (Liability) | (19,385) |
Interest rate swaps maturing October 2021 | |
Derivative [Line Items] | |
Notional Amount | 25,000 |
Fair Value Asset (Liability) | (311) |
Interest rate swaps maturing November 2021 | |
Derivative [Line Items] | |
Notional Amount | 20,000 |
Fair Value Asset (Liability) | (272) |
Interest rate swaps maturing December 2021 | |
Derivative [Line Items] | |
Notional Amount | 165,000 |
Fair Value Asset (Liability) | (2,293) |
Interest rate swaps maturing May 2022 | |
Derivative [Line Items] | |
Notional Amount | 370,000 |
Fair Value Asset (Liability) | (4,880) |
Interest rate swaps maturing June 2022 | |
Derivative [Line Items] | |
Notional Amount | 160,000 |
Fair Value Asset (Liability) | (1,997) |
Interest rate swaps maturing July 2022 | |
Derivative [Line Items] | |
Notional Amount | 230,000 |
Fair Value Asset (Liability) | (2,861) |
Interest rate swaps maturing August 2022 | |
Derivative [Line Items] | |
Notional Amount | 235,000 |
Fair Value Asset (Liability) | (2,923) |
Interest rate collars maturing September 2023 | |
Derivative [Line Items] | |
Notional Amount | 123,214 |
Fair Value Asset (Liability) | $ (3,848) |
Derivative Financial Instrume_6
Derivative Financial Instruments (Rollforward of Amounts in Accumulated Other Comprehensive Income Related to Interest Rate Swaps Designated as Cash Flow Hedges) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Rollforward of AOCI from Cash Flow Hedging Derivatives [Roll Forward] | |||
Amount of (loss) gain recognized in other comprehensive income | $ (28,685) | $ (1,160) | $ 4,958 |
Designated as hedging instrument | Interest rate derivatives | |||
Rollforward of AOCI from Cash Flow Hedging Derivatives [Roll Forward] | |||
Unrealized gain at beginning of period | 10,742 | 11,902 | |
Amount reclassified from accumulated other comprehensive income to interest expense on deposits, other borrowings and junior subordinated debentures | (10,250) | (7,313) | |
Amount of (loss) gain recognized in other comprehensive income | (18,435) | 6,153 | |
Unrealized (loss) gain at end of period | $ (17,943) | $ 10,742 | $ 11,902 |
Derivative Financial Instrume_7
Derivative Financial Instruments (Derivatives in Fair Value Hedging Relationships) (Details) - Designated as hedging instrument - Interest rate swaps $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Interest and fees on loans | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Gain or (Loss) Recognized in Income on Derivative | $ 8 |
Interest income - investment securities | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Gain or (Loss) Recognized in Income on Derivative | 0 |
Loans, net of unearned income | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Carrying Amount of the Hedged Assets/(Liabilities) | 167,281 |
Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets/(Liabilities) | 5,647 |
Cumulative Amount of Fair Value Hedging Adjustment Remaining for any Hedged Assets (Liabilities) for which Hedge Accounting has been Discontinued | 0 |
Available-for-sale debt securities | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Carrying Amount of the Hedged Assets/(Liabilities) | 1,391 |
Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets/(Liabilities) | 81 |
Cumulative Amount of Fair Value Hedging Adjustment Remaining for any Hedged Assets (Liabilities) for which Hedge Accounting has been Discontinued | $ 0 |
Derivative Financial Instrume_8
Derivative Financial Instruments (Summary Amounts Included in Consolidated Statement of Income Related to Derivatives) (Details) - Not designed as hedging instrument - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Interest rate swaps and caps | Trading gains (losses), net | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) on derivative instruments not designated in hedge relationships | $ (380) | $ (75) |
Mortgage banking derivatives | Mortgage banking revenue | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) on derivative instruments not designated in hedge relationships | 100 | (792) |
Covered call options | Fees from covered call options | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) on derivative instruments not designated in hedge relationships | 3,670 | 3,519 |
Foreign exchange contracts | Trading gains (losses), net | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) on derivative instruments not designated in hedge relationships | 43 | 20 |
Derivative contract held as economic hedge on MSRs | Mortgage banking revenue | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) on derivative instruments not designated in hedge relationships | $ 519 | $ 0 |
Derivative Financial Instrume_9
Derivative Financial Instruments (Summary of Interest Rate Derivatives) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Derivative Assets | ||
Gross Amounts Recognized | $ 103,644 | $ 73,172 |
Derivative Liabilities | ||
Gross Amounts Recognized | 129,204 | 68,088 |
Interest rate derivatives | ||
Derivative Assets | ||
Gross Amounts Recognized | 100,569 | 68,425 |
Less: Amounts offset in the Statements of Condition | 0 | 0 |
Net amount presented in the Statements of Condition | 100,569 | 68,425 |
Offsetting Derivative Positions | (2,561) | (28,124) |
Collateral Posted | 0 | (23,810) |
Net Credit Exposure | 98,008 | 16,491 |
Derivative Liabilities | ||
Gross Amounts Recognized | 126,805 | 62,571 |
Less: Amounts offset in the Statements of Condition | 0 | 0 |
Net amount presented in the Statements of Condition | 126,805 | 62,571 |
Offsetting Derivative Positions | (2,561) | (28,124) |
Collateral Posted | (124,244) | (2,640) |
Net Credit Exposure | $ 0 | $ 31,807 |
Fair Value of Assets and Liab_3
Fair Value of Assets and Liabilities (Narrative) (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019USD ($)$ / Loan | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale securities | $ 3,106,214 | $ 2,126,081 | ||
MSRs | 85,638 | 75,183 | $ 33,676 | $ 19,103 |
Mortgage loans held-for-sale | 377,313 | 264,070 | ||
Impaired loans | $ 120,045 | 127,269 | ||
Minimum | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Pull through rate, derivatives (as a percent) | 23.00% | |||
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) | 81.86% | |||
Estimate of Fair Value Measurement | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale securities | $ 3,106,214 | 2,126,081 | ||
Principal amount outstanding on loans held-for-sale or securitization or asset-backed financing arrangement | 368,000 | 253,700 | ||
Mortgage loans held-for-sale | 377,313 | 264,070 | ||
Level 3 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Impaired loans | 120,000 | |||
Level 3 | Valued Using Discounted Cash Flow Model | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Impaired loans | 29,700 | |||
Municipal | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale securities | 145,318 | 138,490 | ||
U.S. Government agencies | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale securities | 365,442 | 140,307 | ||
Fair Value, Measurements, Recurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Loans held-for-investment | 132,718 | 93,857 | ||
MSRs | 85,638 | 75,183 | ||
Derivative assets | 103,644 | 73,172 | ||
Mortgage loans held-for-sale | 377,313 | 264,070 | ||
Fair Value, Measurements, Recurring | Non-performing | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Mortgage loans held-for-sale | 1,800 | 1,900 | ||
Fair Value, Measurements, Recurring | Level 3 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Loans held-for-investment | 9,620 | 11,347 | ||
MSRs | 85,638 | 75,183 | ||
Derivative assets | $ 2,631 | 2,457 | ||
Fair Value, Measurements, Recurring | Level 3 | Minimum | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Mortgage servicing rights, measurement input | 0.07 | |||
Fair Value, Measurements, Recurring | Level 3 | Maximum | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Mortgage servicing rights, measurement input | 0.17 | |||
Fair Value, Measurements, Recurring | Level 3 | Weighted Average | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Mortgage servicing rights, measurement input | 0.0996 | |||
Fair Value, Measurements, Recurring | Level 3 | MSRs | Weighted Average | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cost of servicing loan (in dollars per loan) | $ / Loan | 77 | |||
Cost of servicing delinquent loan (in dollars per loan) | $ / Loan | 396 | |||
Fair Value, Measurements, Recurring | Municipal | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale securities | $ 145,318 | 138,490 | ||
Fair Value, Measurements, Recurring | Municipal | Level 3 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale securities | 111,950 | 108,926 | ||
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 | 365,442 | 140,307 | ||
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 | 2,646 | $ 3,150 | ||
Fair Value, Measurements, Nonrecurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Impaired loans | 90,307 | |||
Other real estate owned | 15,171 | |||
Fair Value, Measurements, Nonrecurring | Level 3 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Impaired loans | 90,307 | |||
Other real estate owned | $ 15,171 | |||
Discount rate | Fair Value, Measurements, Recurring | Level 3 | Minimum | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Loans held-for-investment, measurement input | 0.03 | |||
Discount rate | Fair Value, Measurements, Recurring | Level 3 | Maximum | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Loans held-for-investment, measurement input | 0.04 | |||
Discount rate | Fair Value, Measurements, Recurring | Level 3 | Weighted Average | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Loans held-for-investment, measurement input | 0.0347 | |||
Constant prepayment rate (CPR) | Fair Value, Measurements, Recurring | Level 3 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Loans held-for-investment, measurement input | 0.1412 | |||
Constant prepayment rate (CPR) | Fair Value, Measurements, Recurring | Level 3 | Minimum | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Mortgage servicing rights, measurement input | 0 | |||
Constant prepayment rate (CPR) | Fair Value, Measurements, Recurring | Level 3 | Maximum | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Mortgage servicing rights, measurement input | 0.94 | |||
Constant prepayment rate (CPR) | Fair Value, Measurements, Recurring | Level 3 | Weighted Average | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Mortgage servicing rights, measurement input | 0.1412 | |||
Credit discount | Fair Value, Measurements, Recurring | Level 3 | Minimum | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Loans held-for-investment, measurement input | 0 | |||
Credit discount | Fair Value, Measurements, Recurring | Level 3 | Maximum | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Loans held-for-investment, measurement input | 0.08 | |||
Credit discount | Fair Value, Measurements, Recurring | Level 3 | Weighted Average | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Loans held-for-investment, measurement input | 0.0137 | |||
Appraisal value | Appraisal adjustment - cost of sale | Fair Value, Measurements, Nonrecurring | Level 3 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Other real estate owned, including covered other real-estate owned, measurement input | 0.10 | |||
Appraisal value | Appraisal adjustment - cost of sale | Fair Value, Measurements, Nonrecurring | Level 3 | Weighted Average | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Other real estate owned, including covered other real-estate owned, measurement input | 0.1000 |
Fair Value of Assets and Liab_4
Fair Value of Assets and Liabilities (Summary of Balances of Assets and Liabilities Measured at Fair Value on a Recurring Basis) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale securities | $ 3,106,214 | $ 2,126,081 | ||
Trading account securities | 1,068 | 1,692 | ||
Equity securities with readily determinable fair value | 50,840 | 34,717 | ||
Mortgage loans held-for-sale | 377,313 | 264,070 | ||
MSRs | 85,638 | 75,183 | $ 33,676 | $ 19,103 |
U.S. Treasury | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale securities | 121,088 | 126,404 | ||
U.S. Government agencies | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale securities | 365,442 | 140,307 | ||
Municipal | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale securities | 145,318 | 138,490 | ||
Fair Value, Measurements, Recurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Trading account securities | 1,068 | 1,692 | ||
Mortgage loans held-for-sale | 377,313 | 264,070 | ||
Loans held-for-investment | 132,718 | 93,857 | ||
MSRs | 85,638 | 75,183 | ||
Nonqualified deferred compensations assets | 14,213 | 11,282 | ||
Derivative assets | 103,644 | 73,172 | ||
Total financial assets | 3,871,648 | 2,680,054 | ||
Derivative liabilities | 129,204 | 68,088 | ||
Fair Value, Measurements, Recurring | Level 1 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Total financial assets | 163,862 | 126,404 | ||
Fair Value, Measurements, Recurring | Level 2 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Trading account securities | 1,068 | 1,692 | ||
Mortgage loans held-for-sale | 377,313 | 264,070 | ||
Loans held-for-investment | 123,098 | 82,510 | ||
Nonqualified deferred compensations assets | 14,213 | 11,282 | ||
Derivative assets | 101,013 | 70,715 | ||
Total financial assets | 3,495,301 | 2,352,587 | ||
Derivative liabilities | 129,204 | 68,088 | ||
Fair Value, Measurements, Recurring | Level 3 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Loans held-for-investment | 9,620 | 11,347 | ||
MSRs | 85,638 | 75,183 | ||
Derivative assets | 2,631 | 2,457 | ||
Total financial assets | 212,485 | 201,063 | ||
Fair Value, Measurements, Recurring | U.S. Treasury | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale securities | 121,088 | 126,404 | ||
Fair Value, Measurements, Recurring | U.S. Treasury | Level 1 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale securities | 121,088 | 126,404 | ||
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 | 365,442 | 140,307 | ||
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 | 362,796 | 137,157 | ||
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 | 2,646 | 3,150 | ||
Fair Value, Measurements, Recurring | Municipal | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale securities | 145,318 | 138,490 | ||
Fair Value, Measurements, Recurring | Municipal | Level 2 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale securities | 33,368 | 29,564 | ||
Fair Value, Measurements, Recurring | Municipal | Level 3 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale securities | 111,950 | 108,926 | ||
Fair Value, Measurements, Recurring | Corporate notes | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale securities | 94,841 | 91,045 | ||
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 | 94,841 | 91,045 | ||
Fair Value, Measurements, Recurring | Mortgage-backed | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale securities | 2,379,525 | 1,629,835 | ||
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 | 2,379,525 | 1,629,835 | ||
Fair Value, Measurements, Recurring | Equity securities with readily determinable fair value | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Equity securities with readily determinable fair value | 50,840 | 34,717 | ||
Fair Value, Measurements, Recurring | Equity securities with readily determinable fair value | Level 1 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Equity securities with readily determinable fair value | 42,774 | |||
Fair Value, Measurements, Recurring | Equity securities with readily determinable fair value | Level 2 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Equity securities with readily determinable fair value | $ 8,066 | $ 34,717 |
Fair Value of Assets and Liab_5
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, 2019 | Dec. 31, 2018 | |
Loans held-for-investment | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning Balance | $ 11,347 | $ 33,717 |
Total net gains (losses) included in net income | 827 | (1,077) |
Total net gains (losses) included in other comprehensive income (loss) | 0 | 0 |
Issuances | 0 | |
Sales | 0 | |
Settlements | (5,447) | (28,367) |
Net transfers into/(out of) Level 3 | 2,893 | 7,074 |
Ending Balance | 9,620 | 11,347 |
MSRs | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning Balance | 75,183 | 33,676 |
Total net gains (losses) included in net income | 10,047 | 27,701 |
Purchases | 408 | 13,806 |
Issuances | 0 | |
Sales | 0 | |
Ending Balance | 85,638 | 75,183 |
Derivative assets | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning Balance | 2,457 | 2,157 |
Total net gains (losses) included in net income | 174 | 300 |
Total net gains (losses) included in other comprehensive income (loss) | 0 | |
Issuances | 0 | |
Sales | 0 | |
Ending Balance | 2,631 | 2,457 |
Municipal | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning Balance | 108,926 | 77,181 |
Total net gains (losses) included in other comprehensive income (loss) | 3,147 | (8,541) |
Purchases | 38,686 | 63,644 |
Issuances | 0 | |
Sales | 0 | |
Settlements | (38,809) | (23,358) |
Ending Balance | 111,950 | 108,926 |
U.S. Government Agencies | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning Balance | 3,150 | 3,779 |
Total net gains (losses) included in other comprehensive income (loss) | 126 | (314) |
Issuances | 0 | |
Sales | 0 | |
Settlements | (630) | (315) |
Ending Balance | $ 2,646 | $ 3,150 |
Fair Value of Assets and Liab_6
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, 2019 | Dec. 31, 2018 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans-collateral based | $ 120,045 | $ 127,269 |
Impaired loans-collateral based, Fair Value Losses Recognized, net | 44,591 | |
Other real estate owned, Fair Value Losses Recognized, net | 3,034 | |
Total, Fair Value Losses Recognized, net | 47,625 | |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans-collateral based | 120,000 | |
Fair Value, Measurements, Nonrecurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans-collateral based | 90,307 | |
Other real estate owned | 15,171 | |
Total financial assets | 105,478 | |
Fair Value, Measurements, Nonrecurring | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans-collateral based | 90,307 | |
Other real estate owned | 15,171 | |
Total financial assets | $ 105,478 |
Fair Value of Assets and Liab_7
Fair Value of Assets and Liabilities (Schedule of Valuation Techniques and Significant Unobservable Inputs Used to Measure Both Recurring and Nonrecurring) (Details) $ in Thousands | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Available-for-sale securities | $ 3,106,214 | $ 2,126,081 | ||
MSRs | 85,638 | 75,183 | $ 33,676 | $ 19,103 |
Impaired loans-collateral based | 120,045 | 127,269 | ||
Level 3 | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Impaired loans-collateral based | 120,000 | |||
Fair Value, Measurements, Recurring | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Loans held-for-investment | 132,718 | 93,857 | ||
MSRs | 85,638 | 75,183 | ||
Derivatives | 103,644 | 73,172 | ||
Fair Value, Measurements, Recurring | Level 3 | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Loans held-for-investment | 9,620 | 11,347 | ||
MSRs | 85,638 | 75,183 | ||
Derivatives | 2,631 | 2,457 | ||
Fair Value, Measurements, Nonrecurring | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Impaired loans-collateral based | 90,307 | |||
Other real estate owned | 15,171 | |||
Fair Value, Measurements, Nonrecurring | Level 3 | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Impaired loans-collateral based | 90,307 | |||
Other real estate owned | 15,171 | |||
Municipal | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Available-for-sale securities | 145,318 | 138,490 | ||
Municipal | Fair Value, Measurements, Recurring | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Available-for-sale securities | 145,318 | 138,490 | ||
Municipal | Fair Value, Measurements, Recurring | Level 3 | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Available-for-sale securities | 111,950 | 108,926 | ||
U.S. Government agencies | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Available-for-sale securities | 365,442 | 140,307 | ||
U.S. Government agencies | Fair Value, Measurements, Recurring | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Available-for-sale securities | 365,442 | 140,307 | ||
U.S. Government agencies | Fair Value, Measurements, Recurring | Level 3 | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Available-for-sale securities | $ 2,646 | $ 3,150 | ||
Minimum | Fair Value, Measurements, Recurring | Level 3 | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Mortgage servicing rights, measurement input | 0.07 | |||
Maximum | Fair Value, Measurements, Recurring | Level 3 | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Mortgage servicing rights, measurement input | 0.17 | |||
Weighted Average | Fair Value, Measurements, Recurring | Level 3 | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Mortgage servicing rights, measurement input | 0.0996 | |||
Discount rate | Minimum | Fair Value, Measurements, Recurring | Level 3 | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Loans held-for-investment, measurement input | 0.03 | |||
Discount rate | Maximum | Fair Value, Measurements, Recurring | Level 3 | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Loans held-for-investment, measurement input | 0.04 | |||
Discount rate | Weighted Average | Fair Value, Measurements, Recurring | Level 3 | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Loans held-for-investment, measurement input | 0.0347 | |||
Discount rate | Discounted cash flows | Minimum | Fair Value, Measurements, Recurring | Level 3 | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Loans held-for-investment, measurement input | 0.03 | |||
Mortgage servicing rights, measurement input | 0.07 | |||
Discount rate | Discounted cash flows | Maximum | Fair Value, Measurements, Recurring | Level 3 | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Loans held-for-investment, measurement input | 0.04 | |||
Mortgage servicing rights, measurement input | 0.17 | |||
Discount rate | Discounted cash flows | Weighted Average | Fair Value, Measurements, Recurring | Level 3 | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Loans held-for-investment, measurement input | 0.0347 | |||
Mortgage servicing rights, measurement input | 0.0996 | |||
Credit discount | Minimum | Fair Value, Measurements, Recurring | Level 3 | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Loans held-for-investment, measurement input | 0 | |||
Credit discount | Maximum | Fair Value, Measurements, Recurring | Level 3 | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Loans held-for-investment, measurement input | 0.08 | |||
Credit discount | Weighted Average | Fair Value, Measurements, Recurring | Level 3 | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Loans held-for-investment, measurement input | 0.0137 | |||
Credit discount | Discounted cash flows | Minimum | Fair Value, Measurements, Recurring | Level 3 | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Loans held-for-investment, measurement input | 0 | |||
Credit discount | Discounted cash flows | Maximum | Fair Value, Measurements, Recurring | Level 3 | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Loans held-for-investment, measurement input | 0.08 | |||
Credit discount | Discounted cash flows | Weighted Average | Fair Value, Measurements, Recurring | Level 3 | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Loans held-for-investment, measurement input | 0.0137 | |||
Constant prepayment rate (CPR) | Fair Value, Measurements, Recurring | Level 3 | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Loans held-for-investment, measurement input | 0.1412 | |||
Constant prepayment rate (CPR) | Minimum | Fair Value, Measurements, Recurring | Level 3 | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Mortgage servicing rights, measurement input | 0 | |||
Constant prepayment rate (CPR) | Maximum | Fair Value, Measurements, Recurring | Level 3 | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Mortgage servicing rights, measurement input | 0.94 | |||
Constant prepayment rate (CPR) | Weighted Average | Fair Value, Measurements, Recurring | Level 3 | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Mortgage servicing rights, measurement input | 0.1412 | |||
Constant prepayment rate (CPR) | Discounted cash flows | Fair Value, Measurements, Recurring | Level 3 | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Loans held-for-investment, measurement input | 0.1412 | |||
Constant prepayment rate (CPR) | Discounted cash flows | Minimum | Fair Value, Measurements, Recurring | Level 3 | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Mortgage servicing rights, measurement input | 0 | |||
Constant prepayment rate (CPR) | Discounted cash flows | Maximum | Fair Value, Measurements, Recurring | Level 3 | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Mortgage servicing rights, measurement input | 0.94 | |||
Constant prepayment rate (CPR) | Discounted cash flows | Weighted Average | Fair Value, Measurements, Recurring | Level 3 | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Loans held-for-investment, measurement input | 0.1412 | |||
Mortgage servicing rights, measurement input | 0.1412 | |||
Cost of servicing | Discounted cash flows | Minimum | Fair Value, Measurements, Recurring | Level 3 | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Mortgage servicing rights, measurement input | 70 | |||
Cost of servicing | Discounted cash flows | Maximum | Fair Value, Measurements, Recurring | Level 3 | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Mortgage servicing rights, measurement input | 200 | |||
Cost of servicing | Discounted cash flows | Weighted Average | Fair Value, Measurements, Recurring | Level 3 | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Mortgage servicing rights, measurement input | 77 | |||
Cost of servicing - delinquent | Discounted cash flows | Minimum | Fair Value, Measurements, Recurring | Level 3 | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Mortgage servicing rights, measurement input | 200 | |||
Cost of servicing - delinquent | Discounted cash flows | Maximum | Fair Value, Measurements, Recurring | Level 3 | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Mortgage servicing rights, measurement input | 1,000 | |||
Cost of servicing - delinquent | Discounted cash flows | Weighted Average | Fair Value, Measurements, Recurring | Level 3 | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Mortgage servicing rights, measurement input | 396 | |||
Pull-through rate | Discounted cash flows | Minimum | Fair Value, Measurements, Recurring | Level 3 | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Derivatives, measurement input | 0.23 | |||
Pull-through rate | Discounted cash flows | Maximum | Fair Value, Measurements, Recurring | Level 3 | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Derivatives, measurement input | 1 | |||
Pull-through rate | Discounted cash flows | Weighted Average | Fair Value, Measurements, Recurring | Level 3 | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Derivatives, measurement input | 0.8186 | |||
Appraisal adjustment - cost of sale | Appraisal value | Fair Value, Measurements, Nonrecurring | Level 3 | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Impaired loans - collateral based, measurement input | 0.10 | |||
Other real estate owned, measurement input | 0.10 | |||
Appraisal adjustment - cost of sale | Appraisal value | Weighted Average | Fair Value, Measurements, Nonrecurring | Level 3 | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Impaired loans - collateral based, measurement input | 0.1000 | |||
Other real estate owned, measurement input | 0.1000 |
Fair Value of Assets and Liab_8
Fair Value of Assets and Liabilities (Summary of Carrying Amounts and Estimated Fair Values of Financial Instruments) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Interest bearing deposits with banks | $ 2,164,560 | $ 1,099,594 |
Available-for-sale securities | 3,106,214 | 2,126,081 |
Held-to-maturity securities | 1,134,400 | 1,067,439 |
Trading account securities | 1,068 | 1,692 |
Equity securities with readily determinable fair value | 50,840 | 34,717 |
FHLB and FRB stock, at cost | 100,739 | 91,354 |
Brokerage customer receivables | 16,573 | 12,609 |
Mortgage loans held-for-sale, at fair value | 377,313 | 264,070 |
Accrued interest receivable and other | 1,061,141 | 696,707 |
FHLB advances | 674,870 | 426,326 |
Other borrowings | 418,174 | 393,855 |
Subordinated notes | 436,095 | 139,210 |
Junior subordinated debentures | 253,566 | 253,566 |
Carrying Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 286,476 | 392,200 |
Interest bearing deposits with banks | 2,164,560 | 1,099,594 |
Available-for-sale securities | 3,106,214 | 2,126,081 |
Held-to-maturity securities | 1,134,400 | 1,067,439 |
Trading account securities | 1,068 | 1,692 |
Equity securities with readily determinable fair value | 50,840 | 34,717 |
FHLB and FRB stock, at cost | 100,739 | 91,354 |
Brokerage customer receivables | 16,573 | 12,609 |
Mortgage loans held-for-sale, at fair value | 377,313 | 264,070 |
Loans held-for-investment, at fair value | 132,718 | 93,857 |
Loans held-for-investment, at amortized cost | 26,667,572 | 23,726,834 |
Nonqualified deferred compensation assets | 14,213 | 11,282 |
Derivative assets | 103,644 | 73,172 |
Accrued interest receivable and other | 303,090 | 260,281 |
Total financial assets | 34,459,420 | 29,255,182 |
Non-maturity deposits | 24,483,867 | 20,833,837 |
Deposits with stated maturities | 5,623,271 | 5,260,841 |
FHLB advances | 674,870 | 426,326 |
Other borrowings | 418,174 | 393,855 |
Subordinated notes | 436,095 | 139,210 |
Junior subordinated debentures | 253,566 | 253,566 |
Derivative liabilities | 129,204 | 68,088 |
Accrued interest payable | 19,940 | 16,025 |
Total financial liabilities | 32,038,987 | 27,391,748 |
Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 286,476 | 392,200 |
Interest bearing deposits with banks | 2,164,560 | 1,099,594 |
Available-for-sale securities | 3,106,214 | 2,126,081 |
Held-to-maturity securities | 1,138,396 | 1,036,096 |
Trading account securities | 1,068 | 1,692 |
Equity securities with readily determinable fair value | 50,840 | 34,717 |
FHLB and FRB stock, at cost | 100,739 | 91,354 |
Brokerage customer receivables | 16,573 | 12,609 |
Mortgage loans held-for-sale, at fair value | 377,313 | 264,070 |
Loans held-for-investment, at fair value | 132,718 | 93,857 |
Loans held-for-investment, at amortized cost | 26,659,903 | 23,780,739 |
Nonqualified deferred compensation assets | 14,213 | 11,282 |
Derivative assets | 103,644 | 73,172 |
Accrued interest receivable and other | 303,090 | 260,281 |
Total financial assets | 34,455,747 | 29,277,744 |
Non-maturity deposits | 24,483,867 | 20,833,837 |
Deposits with stated maturities | 5,635,475 | 5,283,063 |
FHLB advances | 715,129 | 429,830 |
Other borrowings | 418,174 | 393,855 |
Subordinated notes | 458,796 | 138,345 |
Junior subordinated debentures | 243,158 | 263,846 |
Derivative liabilities | 129,204 | 68,088 |
Accrued interest payable | 19,940 | 16,025 |
Total financial liabilities | $ 32,103,743 | $ 27,426,889 |
Shareholders' Equity (Summary o
Shareholders' Equity (Summary of the Company's Common and Preferred Stock) (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Common Stock: | ||
Shares authorized (in shares) | 100,000,000 | 100,000,000 |
Shares issued (in shares) | 57,950,803 | 56,518,119 |
Shares outstanding (in shares) | 57,821,891 | 56,407,558 |
Cash dividend per share (in usd per share) | $ 1 | $ 0.76 |
Preferred Stock: | ||
Shares authorized (in shares) | 20,000,000 | 20,000,000 |
Shares issued (in shares) | 5,000,000 | 5,000,000 |
Shares outstanding (in shares) | 5,000,000 | 5,000,000 |
Shareholders' Equity (Narrative
Shareholders' Equity (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | Apr. 27, 2017 | Apr. 25, 2017 | Dec. 19, 2008 | Jan. 31, 2020 | Jun. 30, 2015 | Mar. 31, 2012 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Shareholders' Equity [Line Items] | ||||||||||||||||||
Shares issued (in shares) | 5,000,000 | 5,000,000 | 5,000,000 | 5,000,000 | ||||||||||||||
Cash dividends declared per common share (usd per share) | $ 0.25 | $ 0.25 | $ 0.25 | $ 0.25 | $ 0.19 | $ 0.19 | $ 0.19 | $ 0.19 | $ 1 | $ 0.76 | $ 0.56 | |||||||
Subsequent Event | ||||||||||||||||||
Shareholders' Equity [Line Items] | ||||||||||||||||||
Cash dividends declared per common share (usd per share) | $ 0.28 | |||||||||||||||||
Common stock dividends per share declared annualized (in usd per share) | $ 1.12 | |||||||||||||||||
US Treasury | ||||||||||||||||||
Shareholders' Equity [Line Items] | ||||||||||||||||||
Warrants outstanding (in shares) | 1,643,295 | |||||||||||||||||
Warrant termination period | 10 years | |||||||||||||||||
Warrants exercised (in shares) | 22,952 | 318,491 | ||||||||||||||||
Common stock, shares, issued from exercise of warrant shares (in shares) | 16,571 | 219,372 | ||||||||||||||||
Series C preferred stock | ||||||||||||||||||
Shareholders' Equity [Line Items] | ||||||||||||||||||
Shares issued (in shares) | 126,500 | |||||||||||||||||
Preferred stock, value, issued | $ 126,500 | |||||||||||||||||
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 (in shares) | 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 | |||||||||||||
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 |
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, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Jan. 01, 2018 | |
Activity Accumulated Other Comprehensive Income [Roll Forward] | ||||
Balance at beginning of period | $ 3,267,570 | $ 2,976,939 | $ 2,695,617 | |
Other comprehensive income during the period, net of tax, before reclassification | 50,717 | (24,746) | 24,425 | |
Amount reclassified from accumulated other comprehensive income into net income, net of tax | (8,175) | (5,372) | (38) | |
Amount reclassified from accumulated other comprehensive income related to amortization of unrealized gains on investment securities transferred to held-to-maturity from available-for-sale | (348) | (65) | (894) | |
Total other comprehensive income (loss) | 42,194 | (30,183) | 23,493 | |
Balance at end of period | 3,691,250 | 3,267,570 | 2,976,939 | |
Accumulated Unrealized Gains (Losses) on Securities | ||||
Activity Accumulated Other Comprehensive Income [Roll Forward] | ||||
Balance at beginning of period | (42,353) | (15,813) | (29,309) | |
Other comprehensive income during the period, net of tax, before reclassification | 58,341 | (20,054) | 14,417 | |
Amount reclassified from accumulated other comprehensive income into net income, net of tax | (658) | (24) | (27) | |
Amount reclassified from accumulated other comprehensive income related to amortization of unrealized gains on investment securities transferred to held-to-maturity from available-for-sale | (348) | (65) | (894) | |
Total other comprehensive income (loss) | 57,335 | (20,143) | 13,496 | |
Balance at end of period | 14,982 | (42,353) | (15,813) | |
Accumulated Unrealized Gains (Losses) on Derivative Instruments | ||||
Activity Accumulated Other Comprehensive Income [Roll Forward] | ||||
Balance at beginning of period | 7,857 | 7,164 | 4,165 | |
Other comprehensive income during the period, net of tax, before reclassification | (13,481) | 4,498 | 3,010 | |
Amount reclassified from accumulated other comprehensive income into net income, net of tax | (7,517) | (5,348) | (11) | |
Amount reclassified from accumulated other comprehensive income related to amortization of unrealized gains on investment securities transferred to held-to-maturity from available-for-sale | 0 | 0 | 0 | |
Total other comprehensive income (loss) | (20,998) | (850) | 2,999 | |
Balance at end of period | (13,141) | 7,857 | 7,164 | |
Accumulated Foreign Currency Translation Adjustments | ||||
Activity Accumulated Other Comprehensive Income [Roll Forward] | ||||
Balance at beginning of period | (42,376) | (33,186) | (40,184) | |
Other comprehensive income during the period, net of tax, before reclassification | 5,857 | (9,190) | 6,998 | |
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 gains on investment securities transferred to held-to-maturity from available-for-sale | 0 | 0 | 0 | |
Total other comprehensive income (loss) | 5,857 | (9,190) | 6,998 | |
Balance at end of period | (36,519) | (42,376) | (33,186) | |
Total Accumulated Other Comprehensive Loss | ||||
Activity Accumulated Other Comprehensive Income [Roll Forward] | ||||
Balance at beginning of period | (76,872) | (41,835) | (65,328) | |
Balance at end of period | $ (34,678) | (76,872) | $ (41,835) | |
ASU 2016-01 | ||||
Activity Accumulated Other Comprehensive Income [Roll Forward] | ||||
Cumulative effect adjustment from adoption | $ 0 | |||
ASU 2016-01 | Accumulated Unrealized Gains (Losses) on Securities | ||||
Activity Accumulated Other Comprehensive Income [Roll Forward] | ||||
Cumulative effect adjustment from adoption | (1,880) | |||
ASU 2016-01 | Accumulated Unrealized Gains (Losses) on Derivative Instruments | ||||
Activity Accumulated Other Comprehensive Income [Roll Forward] | ||||
Cumulative effect adjustment from adoption | 0 | |||
ASU 2016-01 | Accumulated Foreign Currency Translation Adjustments | ||||
Activity Accumulated Other Comprehensive Income [Roll Forward] | ||||
Cumulative effect adjustment from adoption | 0 | |||
ASU 2016-01 | Total Accumulated Other Comprehensive Loss | ||||
Activity Accumulated Other Comprehensive Income [Roll Forward] | ||||
Cumulative effect adjustment from adoption | $ (1,880) | |||
ASU 2018-02 | ||||
Activity Accumulated Other Comprehensive Income [Roll Forward] | ||||
Cumulative effect adjustment from adoption | 0 | |||
ASU 2018-02 | Accumulated Unrealized Gains (Losses) on Securities | ||||
Activity Accumulated Other Comprehensive Income [Roll Forward] | ||||
Cumulative effect adjustment from adoption | (4,517) | |||
ASU 2018-02 | Accumulated Unrealized Gains (Losses) on Derivative Instruments | ||||
Activity Accumulated Other Comprehensive Income [Roll Forward] | ||||
Cumulative effect adjustment from adoption | 1,543 | |||
ASU 2018-02 | Accumulated Foreign Currency Translation Adjustments | ||||
Activity Accumulated Other Comprehensive Income [Roll Forward] | ||||
Cumulative effect adjustment from adoption | 0 | |||
ASU 2018-02 | Total Accumulated Other Comprehensive Loss | ||||
Activity Accumulated Other Comprehensive Income [Roll Forward] | ||||
Cumulative effect adjustment from adoption | $ (2,974) |
Shareholders' Equity (Reclassif
Shareholders' Equity (Reclassification from Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Gains on investment securities, net | $ 587 | $ 710 | $ 864 | $ 1,364 | $ (2,649) | $ 90 | $ 12 | $ (351) | $ 3,525 | $ (2,898) | $ 45 |
Interest on deposits | 278,892 | 166,553 | 83,326 | ||||||||
Interest on junior subordinated debentures | 12,001 | 11,222 | 9,782 | ||||||||
Income before taxes | 116,682 | 134,601 | 110,173 | 118,645 | 107,662 | 122,814 | 121,591 | 108,066 | 480,101 | 460,133 | 389,997 |
Income tax expense | (30,718) | (35,480) | (28,707) | (29,499) | (28,005) | (30,866) | (32,011) | (26,085) | (124,404) | (116,967) | (132,315) |
Net income | $ 85,964 | $ 99,121 | $ 81,466 | $ 89,146 | $ 79,657 | $ 91,948 | $ 89,580 | $ 81,981 | 355,697 | 343,166 | $ 257,682 |
Reclassification out of Accumulated Other Comprehensive Income | Accumulated unrealized gains on available-for-sale securities | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Gains on investment securities, net | 899 | 33 | |||||||||
Income before taxes | 899 | 33 | |||||||||
Income tax expense | (241) | (9) | |||||||||
Net income | 658 | 24 | |||||||||
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 | (10,954) | (7,549) | |||||||||
Interest on other borrowings | 576 | 236 | |||||||||
Interest on junior subordinated debentures | 128 | 0 | |||||||||
Income before taxes | 10,250 | 7,313 | |||||||||
Income tax expense | (2,733) | (1,965) | |||||||||
Net income | $ 7,517 | $ 5,348 |
Segment Information (Narrative)
Segment Information (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2019subsidiarysegment | |
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 |
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, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Segment Reporting Information [Line Items] | |||||||||||
Net interest income | $ 261,879 | $ 264,852 | $ 266,202 | $ 261,986 | $ 254,088 | $ 247,563 | $ 238,170 | $ 225,082 | $ 1,054,919 | $ 964,903 | $ 832,076 |
Provision for credit losses | 7,826 | 10,834 | 24,580 | 10,624 | 10,401 | 11,042 | 5,043 | 8,346 | 53,864 | 34,832 | 29,768 |
Non-interest income | 407,172 | 356,150 | 319,506 | ||||||||
Non-interest expense | 249,591 | 234,554 | 229,607 | 214,374 | 211,333 | 213,637 | 206,769 | 194,349 | 928,126 | 826,088 | 731,817 |
Income tax expense | 30,718 | 35,480 | 28,707 | 29,499 | 28,005 | 30,866 | 32,011 | 26,085 | 124,404 | 116,967 | 132,315 |
Net income | 85,964 | $ 99,121 | $ 81,466 | $ 89,146 | 79,657 | $ 91,948 | $ 89,580 | $ 81,981 | 355,697 | 343,166 | 257,682 |
Total assets at end of year | 36,620,583 | 31,244,849 | 36,620,583 | 31,244,849 | 27,915,970 | ||||||
Operating Segments | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net interest income | 1,033,439 | 946,274 | 814,720 | ||||||||
Provision for credit losses | 53,864 | 34,832 | 29,768 | ||||||||
Non-interest income | 454,240 | 396,462 | 356,071 | ||||||||
Non-interest expense | 953,714 | 847,771 | 751,026 | ||||||||
Income tax expense | 124,404 | 116,967 | 132,315 | ||||||||
Net income | 355,697 | 343,166 | 257,682 | ||||||||
Total assets at end of year | 36,620,583 | 31,244,849 | 36,620,583 | 31,244,849 | 27,915,970 | ||||||
Operating Segments | Community Banking | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net interest income | 841,601 | 791,838 | 677,481 | ||||||||
Provision for credit losses | 47,914 | 28,586 | 27,059 | ||||||||
Non-interest income | 274,652 | 238,668 | 211,354 | ||||||||
Non-interest expense | 747,202 | 681,749 | 599,455 | ||||||||
Income tax expense | 82,639 | 79,361 | 87,486 | ||||||||
Net income | 238,498 | 240,810 | 174,835 | ||||||||
Total assets at end of year | 29,583,112 | 25,438,454 | 29,583,112 | 25,438,454 | 22,781,923 | ||||||
Operating Segments | Specialty Finance | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net interest income | 161,720 | 136,981 | 118,320 | ||||||||
Provision for credit losses | 5,950 | 6,246 | 2,709 | ||||||||
Non-interest income | 79,467 | 65,898 | 60,405 | ||||||||
Non-interest expense | 111,377 | 84,248 | 74,559 | ||||||||
Income tax expense | 34,424 | 30,325 | 35,775 | ||||||||
Net income | 89,436 | 82,060 | 65,682 | ||||||||
Total assets at end of year | 5,916,835 | 5,073,011 | 5,916,835 | 5,073,011 | 4,515,766 | ||||||
Operating Segments | Wealth Management | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net interest income | 30,118 | 17,455 | 18,919 | ||||||||
Provision for credit losses | 0 | 0 | 0 | ||||||||
Non-interest income | 100,121 | 91,896 | 84,312 | ||||||||
Non-interest expense | 95,135 | 81,774 | 77,012 | ||||||||
Income tax expense | 7,341 | 7,281 | 9,054 | ||||||||
Net income | 27,763 | 20,296 | 17,165 | ||||||||
Total assets at end of year | 1,120,636 | 733,384 | 1,120,636 | 733,384 | 618,281 | ||||||
Intersegment Eliminations | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net interest income | 21,480 | 18,629 | 17,356 | ||||||||
Provision for credit losses | 0 | 0 | 0 | ||||||||
Non-interest income | (47,068) | (40,312) | (36,565) | ||||||||
Non-interest expense | (25,588) | (21,683) | (19,209) | ||||||||
Income tax expense | 0 | 0 | 0 | ||||||||
Net income | 0 | 0 | 0 | ||||||||
Total assets at end of year | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 |
Condensed Parent Company Fina_3
Condensed Parent Company Financial Statements (Statements of Financial Condition) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Assets | ||||
Cash | $ 286,167 | $ 392,142 | ||
Loans, net of unearned income | 26,800,290 | 23,820,691 | ||
Allowance for loan losses | (156,828) | (152,770) | $ (137,905) | |
Net loans | 26,643,462 | 23,667,921 | ||
Goodwill | 645,220 | 573,141 | ||
Total assets | 36,620,583 | 31,244,849 | 27,915,970 | |
Liabilities and Shareholders’ Equity | ||||
Subordinated notes | 436,095 | 139,210 | ||
Other borrowings | 418,174 | 393,855 | ||
Junior subordinated debentures | 253,566 | 253,566 | ||
Shareholders’ equity | 3,691,250 | 3,267,570 | $ 2,976,939 | $ 2,695,617 |
Total liabilities and shareholders’ equity | 36,620,583 | 31,244,849 | ||
Reportable Legal Entities | Parent Company | ||||
Assets | ||||
Cash | 96,245 | 37,931 | ||
Available-for-sale debt securities and equity securities with readily determinable fair value | 14,695 | 12,765 | ||
Investment in and receivable from subsidiaries | 4,266,278 | 3,660,968 | ||
Loans, net of unearned income | 75 | 1,200 | ||
Allowance for loan losses | (5) | 0 | ||
Net loans | 70 | 1,200 | ||
Goodwill | 8,371 | 8,371 | ||
Other assets | 353,064 | 206,902 | ||
Total assets | 4,738,723 | 3,928,137 | ||
Liabilities and Shareholders’ Equity | ||||
Other liabilities | 188,275 | 75,609 | ||
Subordinated notes | 436,095 | 139,210 | ||
Other borrowings | 169,537 | 192,182 | ||
Junior subordinated debentures | 253,566 | 253,566 | ||
Shareholders’ equity | 3,691,250 | 3,267,570 | ||
Total liabilities and shareholders’ equity | $ 4,738,723 | $ 3,928,137 |
Condensed Parent Company Fina_4
Condensed Parent Company Financial Statements (Statements Of Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Expenses | |||||||||||
Interest expense | $ 87,852 | $ 89,775 | $ 80,612 | $ 71,984 | $ 66,508 | $ 57,399 | $ 45,877 | $ 36,123 | $ 330,223 | $ 205,907 | $ 114,392 |
Salaries and employee benefits | 546,420 | 480,077 | 430,078 | ||||||||
(Loss) income before income taxes and equity in undistributed income of subsidiaries | 116,682 | 134,601 | 110,173 | 118,645 | 107,662 | 122,814 | 121,591 | 108,066 | 480,101 | 460,133 | 389,997 |
Income tax benefit | (30,718) | (35,480) | (28,707) | (29,499) | (28,005) | (30,866) | (32,011) | (26,085) | (124,404) | (116,967) | (132,315) |
Net income | $ 85,964 | $ 99,121 | $ 81,466 | $ 89,146 | $ 79,657 | $ 91,948 | $ 89,580 | $ 81,981 | 355,697 | 343,166 | 257,682 |
Reportable Legal Entities | Parent Company | |||||||||||
Income | |||||||||||
Dividends and other revenue from subsidiaries | 198,918 | 171,388 | 155,969 | ||||||||
Other income | 3,044 | 4 | 2,488 | ||||||||
Total income | 201,962 | 171,392 | 158,457 | ||||||||
Expenses | |||||||||||
Interest expense | 34,649 | 22,375 | 19,207 | ||||||||
Salaries and employee benefits | 72,925 | 64,726 | 50,683 | ||||||||
Other expenses | 116,132 | 108,038 | 74,618 | ||||||||
Total expenses | 223,706 | 195,139 | 144,508 | ||||||||
(Loss) income before income taxes and equity in undistributed income of subsidiaries | (21,744) | (23,747) | 13,949 | ||||||||
Income tax benefit | 40,776 | 34,186 | 47,139 | ||||||||
Income before equity in undistributed net income of subsidiaries | 19,032 | 10,439 | 61,088 | ||||||||
Equity in undistributed net income of subsidiaries | 336,665 | 332,727 | 196,594 | ||||||||
Net income | $ 355,697 | $ 343,166 | $ 257,682 |
Condensed Parent Company Fina_5
Condensed Parent Company Financial Statements (Statements Of Cash Flows) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Operating Activities: | |||||||||||
Net income | $ 85,964 | $ 99,121 | $ 81,466 | $ 89,146 | $ 79,657 | $ 91,948 | $ 89,580 | $ 81,981 | $ 355,697 | $ 343,166 | $ 257,682 |
Adjustments to reconcile net income to net cash provided by operating activities | |||||||||||
Provision for credit losses | 7,826 | $ 10,834 | $ 24,580 | 10,624 | 10,401 | $ 11,042 | $ 5,043 | 8,346 | 53,864 | 34,832 | 29,768 |
Depreciation and amortization | 88,362 | 67,665 | 63,107 | ||||||||
Deferred income tax expense | 44,557 | 55,224 | 63,243 | ||||||||
Stock-based compensation expense | 11,304 | 13,496 | 12,858 | ||||||||
(Increase) decrease in other assets | (133,022) | (133,519) | (126,583) | ||||||||
(Decrease) increase in other liabilities | (11,898) | (27,001) | 31,790 | ||||||||
Net Cash Provided by Operating Activities | 265,993 | 377,182 | 401,626 | ||||||||
Investing Activities: | |||||||||||
Net cash paid for acquisitions, net | (108,365) | (53,871) | (284) | ||||||||
Net Cash Used for Investing Activities | (4,018,949) | (2,763,498) | (2,303,232) | ||||||||
Financing Activities: | |||||||||||
Increase in subordinated notes, other borrowings and junior subordinated debentures, net | 15,480 | 137,257 | (4,888) | ||||||||
Issuance of common shares resulting from exercise of stock options, employee stock purchase plan and conversion of common stock warrants | 10,667 | 15,903 | 28,229 | ||||||||
Dividends paid | (65,110) | (50,987) | (40,543) | ||||||||
Common stock repurchases for tax withholdings related to stock-based compensation | (1,297) | (648) | (397) | ||||||||
Net Cash Provided by Financing Activities | 3,647,232 | 2,500,925 | 1,909,152 | ||||||||
Net (Decrease) Increase in Cash and Cash Equivalents | (105,724) | 114,609 | 7,546 | ||||||||
Cash and Cash Equivalents at Beginning of Period | 392,200 | 277,591 | 392,200 | 277,591 | 270,045 | ||||||
Cash and Cash Equivalents at End of Period | 286,476 | 392,200 | 286,476 | 392,200 | 277,591 | ||||||
Reportable Legal Entities | Parent Company | |||||||||||
Operating Activities: | |||||||||||
Net income | 355,697 | 343,166 | 257,682 | ||||||||
Adjustments to reconcile net income to net cash provided by operating activities | |||||||||||
Provision for credit losses | (18) | 56 | 0 | ||||||||
Depreciation and amortization | 15,675 | 11,943 | 10,783 | ||||||||
Deferred income tax expense | 8,342 | 502 | 2,809 | ||||||||
Stock-based compensation expense | 5,611 | 6,025 | 5,185 | ||||||||
(Increase) decrease in other assets | 3,040 | 3,685 | 1,956 | ||||||||
(Decrease) increase in other liabilities | (13,181) | 650 | 9,967 | ||||||||
Equity in undistributed net income of subsidiaries | (336,665) | (332,727) | (196,594) | ||||||||
Net Cash Provided by Operating Activities | 38,501 | 33,300 | 91,788 | ||||||||
Investing Activities: | |||||||||||
Capital (contributions to) distributions from subsidiaries, net | (22,500) | 4,632 | (42,736) | ||||||||
Net cash paid for acquisitions, net | (124,338) | (87,081) | 0 | ||||||||
Other investing activity, net | (51,495) | (57,143) | (28,132) | ||||||||
Net Cash Used for Investing Activities | (198,333) | (139,592) | (70,868) | ||||||||
Financing Activities: | |||||||||||
Increase in subordinated notes, other borrowings and junior subordinated debentures, net | 273,886 | 101,910 | 20,008 | ||||||||
Issuance of common shares resulting from exercise of stock options, employee stock purchase plan and conversion of common stock warrants | 10,667 | 15,903 | 28,229 | ||||||||
Dividends paid | (65,110) | (50,987) | (40,543) | ||||||||
Common stock repurchases for tax withholdings related to stock-based compensation | (1,297) | (648) | (397) | ||||||||
Net Cash Provided by Financing Activities | 218,146 | 66,178 | 7,297 | ||||||||
Net (Decrease) Increase in Cash and Cash Equivalents | 58,314 | (40,114) | 28,217 | ||||||||
Cash and Cash Equivalents at Beginning of Period | $ 37,931 | $ 78,045 | 37,931 | 78,045 | 49,828 | ||||||
Cash and Cash Equivalents at End of Period | $ 96,245 | $ 37,931 | $ 96,245 | $ 37,931 | $ 78,045 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |||||||||||
Net income | $ 85,964 | $ 99,121 | $ 81,466 | $ 89,146 | $ 79,657 | $ 91,948 | $ 89,580 | $ 81,981 | $ 355,697 | $ 343,166 | $ 257,682 |
Less: Preferred stock dividends | 2,050 | 2,050 | 2,050 | 2,050 | 2,050 | 2,050 | 2,050 | 2,050 | 8,200 | 8,200 | 9,778 |
Net income applicable to common shares | $ 83,914 | $ 97,071 | $ 79,416 | $ 87,096 | $ 77,607 | $ 89,898 | $ 87,530 | $ 79,931 | 347,497 | 334,966 | 247,904 |
Add: Dividends on convertible preferred stock, if dilutive | 0 | 0 | 1,578 | ||||||||
Net income applicable to common shares—Diluted | $ 347,497 | $ 334,966 | $ 249,482 | ||||||||
Weighted average common shares outstanding (in shares) | 56,857 | 56,300 | 54,703 | ||||||||
Common stock equivalents (in shares) | 762 | 908 | 998 | ||||||||
Convertible preferred stock, if dilutive (in shares) | 0 | 0 | 985 | ||||||||
Total dilutive potential common shares (in shares) | 762 | 908 | 1,983 | ||||||||
Weighted average common shares and effect of dilutive potential common shares (in shares) | 57,619 | 57,208 | 56,686 | ||||||||
Net income per common share: | |||||||||||
Basic (usd per share) | $ 1.46 | $ 1.71 | $ 1.40 | $ 1.54 | $ 1.38 | $ 1.59 | $ 1.55 | $ 1.42 | $ 6.11 | $ 5.95 | $ 4.53 |
Diluted (usd per share) | $ 1.44 | $ 1.69 | $ 1.38 | $ 1.52 | $ 1.35 | $ 1.57 | $ 1.53 | $ 1.40 | $ 6.03 | $ 5.86 | $ 4.40 |
Quarterly Financial Summary (_3
Quarterly Financial Summary (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Interest income | $ 349,731 | $ 354,627 | $ 346,814 | $ 333,970 | $ 320,596 | $ 304,962 | $ 284,047 | $ 261,205 | $ 1,385,142 | $ 1,170,810 | $ 946,468 |
Interest expense | 87,852 | 89,775 | 80,612 | 71,984 | 66,508 | 57,399 | 45,877 | 36,123 | 330,223 | 205,907 | 114,392 |
Net interest income | 261,879 | 264,852 | 266,202 | 261,986 | 254,088 | 247,563 | 238,170 | 225,082 | 1,054,919 | 964,903 | 832,076 |
Provision for credit losses | 7,826 | 10,834 | 24,580 | 10,624 | 10,401 | 11,042 | 5,043 | 8,346 | 53,864 | 34,832 | 29,768 |
Net interest income after provision for credit losses | 254,053 | 254,018 | 241,622 | 251,362 | 243,687 | 236,521 | 233,127 | 216,736 | 1,001,055 | 930,071 | 802,308 |
Non-interest income, excluding net securities gains (losses) | 111,633 | 114,427 | 97,294 | 80,293 | 77,957 | 99,840 | 95,221 | 86,030 | |||
Gains (losses) on investment securities, net | 587 | 710 | 864 | 1,364 | (2,649) | 90 | 12 | (351) | 3,525 | (2,898) | 45 |
Non-interest expense | 249,591 | 234,554 | 229,607 | 214,374 | 211,333 | 213,637 | 206,769 | 194,349 | 928,126 | 826,088 | 731,817 |
Income before taxes | 116,682 | 134,601 | 110,173 | 118,645 | 107,662 | 122,814 | 121,591 | 108,066 | 480,101 | 460,133 | 389,997 |
Income tax expense | 30,718 | 35,480 | 28,707 | 29,499 | 28,005 | 30,866 | 32,011 | 26,085 | 124,404 | 116,967 | 132,315 |
Net income | 85,964 | 99,121 | 81,466 | 89,146 | 79,657 | 91,948 | 89,580 | 81,981 | 355,697 | 343,166 | 257,682 |
Preferred stock dividends | 2,050 | 2,050 | 2,050 | 2,050 | 2,050 | 2,050 | 2,050 | 2,050 | 8,200 | 8,200 | 9,778 |
Net income applicable to common shares | $ 83,914 | $ 97,071 | $ 79,416 | $ 87,096 | $ 77,607 | $ 89,898 | $ 87,530 | $ 79,931 | $ 347,497 | $ 334,966 | $ 247,904 |
Net income per common share: | |||||||||||
Basic (usd per share) | $ 1.46 | $ 1.71 | $ 1.40 | $ 1.54 | $ 1.38 | $ 1.59 | $ 1.55 | $ 1.42 | $ 6.11 | $ 5.95 | $ 4.53 |
Diluted (usd per share) | 1.44 | 1.69 | 1.38 | 1.52 | 1.35 | 1.57 | 1.53 | 1.40 | 6.03 | 5.86 | 4.40 |
Cash dividends declared per common share (usd per share) | $ 0.25 | $ 0.25 | $ 0.25 | $ 0.25 | $ 0.19 | $ 0.19 | $ 0.19 | $ 0.19 | $ 1 | $ 0.76 | $ 0.56 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) | 2 Months Ended | 12 Months Ended | |||
Feb. 28, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Oct. 24, 2019 | |
Subsequent Events [Abstract] | |||||
Authorized repurchase amount | $ 125,000,000 | ||||
Subsequent Event [Line Items] | |||||
Common stock repurchased | $ 1,297,000 | $ 648,000 | $ 397,000 | ||
Subsequent Event | |||||
Subsequent Event [Line Items] | |||||
Common stock repurchased (in shares) | 576,469 | ||||
Common stock repurchased | $ 37,100,000 |
Uncategorized Items - wtfc-2019
Label | Element | Value |
Accounting Standards Update 2016-01 [Member] | Retained Earnings [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ 1,880,000 |
Accounting Standards Update 2017-12 [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | (116,000) |
Accounting Standards Update 2017-12 [Member] | Retained Earnings [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ (116,000) |