Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Feb. 10, 2014 | Jun. 30, 2013 | |
Document And Entity Information [Abstract] | ' | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Entity Registrant Name | 'COMMERCE BANCSHARES INC /MO/ | ' | ' |
Entity Central Index Key | '0000022356 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 95,843,523 | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Public Float | ' | ' | $3,528,000,000 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
ASSETS | ' | ' |
Loans | $10,956,836 | $9,831,384 |
Allowance for loan losses | -161,532 | -172,532 |
Net loans | 10,795,304 | 9,658,852 |
Loans held for sale | 0 | 8,827 |
Investment securities: | ' | ' |
Available for sale ($687,680 and $736,183 pledged in 2013 and 2012, respectively, to secure repurchase agreements) | 8,915,680 | 9,522,248 |
Trading | 19,993 | 28,837 |
Non-marketable | 107,324 | 118,650 |
Total investment securities | 9,042,997 | 9,669,735 |
Short-term federal funds sold and securities purchased under agreements to resell | 43,845 | 27,595 |
Long-term securities purchased under agreements to resell | 1,150,000 | 1,200,000 |
Interest earning deposits with banks | 707,249 | 179,164 |
Cash and due from banks | 518,420 | 573,066 |
Land, buildings and equipment – net | 349,654 | 357,612 |
Goodwill | 138,921 | 125,585 |
Other intangible assets – net | 9,268 | 5,300 |
Other assets | 316,378 | 353,853 |
Total assets | 23,072,036 | 22,159,589 |
LIABILITIES AND STOCKHOLDERS’ EQUITY | ' | ' |
Non-interest bearing | 6,750,674 | 6,299,903 |
Savings, interest checking and money market | 10,108,236 | 9,817,943 |
Time open and C.D.’s of less than $100,000 | 983,689 | 1,074,618 |
Time open and C.D.’s of $100,000 and over | 1,204,749 | 1,156,189 |
Total deposits | 19,047,348 | 18,348,653 |
Federal funds purchased and securities sold under agreements to repurchase | 1,346,558 | 1,083,550 |
Other borrowings | 107,310 | 103,710 |
Other liabilities | 356,423 | 452,102 |
Total liabilities | 20,857,639 | 19,988,015 |
Commerce Bancshares, Inc. stockholders’ equity: | ' | ' |
Preferred stock, $1 par value Authorized and unissued 2,000,000 shares | 0 | 0 |
Common stock, $5 par value Authorized 100,000,000 shares; issued 96,244,762 and 91,729,235 shares in 2013 and 2012, respectively | 481,224 | 458,646 |
Capital surplus | 1,279,948 | 1,102,507 |
Retained earnings | 449,836 | 477,210 |
Treasury stock of 235,986 and 196,922 shares in 2013 and 2012, respectively, at cost | -10,097 | -7,580 |
Accumulated other comprehensive income | 9,731 | 136,344 |
Total Commerce Bancshares, Inc. stockholders’ equity | 2,210,642 | 2,167,127 |
Non-controlling interest | 3,755 | 4,447 |
Total equity | 2,214,397 | 2,171,574 |
Total liabilities and equity | $23,072,036 | $22,159,589 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Investment Securities: | ' | ' |
Available for sale securities, pledged | $687,680 | $736,183 |
Stockholders' Equity: | ' | ' |
Preferred stock, par value | $1 | $1 |
Preferred stock, shares authorized | 2,000,000 | 2,000,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value | $5 | $5 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 96,244,762 | 91,729,235 |
Treasury stock, shares | 235,986 | 196,922 |
Consolidated_Statements_Of_Inc
Consolidated Statements Of Income (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
INTEREST INCOME | ' | ' | ' |
Interest and fees on loans | $439,082 | $446,331 | $463,511 |
Interest on loans held for sale | 176 | 361 | 1,115 |
Interest on investment securities | 189,415 | 211,682 | 219,348 |
Interest on short-term federal funds sold and securities purchased under agreements to resell | 106 | 82 | 55 |
Interest on long-term securities purchased under agreements to resell | 21,119 | 19,174 | 13,455 |
Interest on deposits with banks | 387 | 339 | 487 |
Total interest income | 650,285 | 677,969 | 697,971 |
INTEREST EXPENSE | ' | ' | ' |
Savings, interest checking and money market | 14,355 | 18,682 | 25,856 |
Time open and C.D.’s of less than $100,000 | 6,002 | 7,918 | 11,352 |
Time open and C.D.’s of $100,000 and over | 6,383 | 7,174 | 9,272 |
Interest on federal funds purchased and securities sold under agreements to repurchase | 809 | 808 | 1,741 |
Interest on other borrowings | 3,364 | 3,481 | 3,680 |
Total interest expense | 30,913 | 38,063 | 51,901 |
Net interest income | 619,372 | 639,906 | 646,070 |
Provision for loan losses | 20,353 | 27,287 | 51,515 |
Net interest income after provision for loan losses | 599,019 | 612,619 | 594,555 |
NON-INTEREST INCOME | ' | ' | ' |
Bank card transaction fees | 166,627 | 154,197 | 157,077 |
Trust fees | 102,529 | 94,679 | 88,313 |
Deposit account charges and other fees | 79,017 | 79,485 | 82,651 |
Capital market fees | 14,133 | 21,066 | 19,846 |
Consumer brokerage services | 11,006 | 10,162 | 10,018 |
Loan fees and sales | 5,865 | 6,037 | 7,580 |
Other | 39,209 | 34,004 | 27,432 |
Total non-interest income | 418,386 | 399,630 | 392,917 |
INVESTMENT SECURITIES GAINS (LOSSES), NET | ' | ' | ' |
Change in fair value of other-than-temporary impairment securities | 278 | 11,223 | 2,190 |
Portion recognized in other comprehensive income | -1,562 | -12,713 | -4,727 |
Net impairment losses | -1,284 | -1,490 | -2,537 |
Realized gains on sales and fair value adjustments | -3,141 | 6,318 | 13,349 |
Investment securities gains (losses), net | -4,425 | 4,828 | 10,812 |
NON-INTEREST EXPENSE | ' | ' | ' |
Salaries and employee benefits | 366,867 | 360,899 | 345,325 |
Net occupancy | 45,639 | 45,534 | 46,434 |
Equipment | 18,425 | 20,147 | 22,252 |
Supplies and communication | 22,511 | 22,321 | 22,448 |
Data processing and software | 78,245 | 73,798 | 68,103 |
Marketing | 14,176 | 15,106 | 16,767 |
Deposit insurance | 11,167 | 10,438 | 13,123 |
Debit overdraft litigation | 0 | 0 | 18,300 |
Other | 72,603 | 70,226 | 64,497 |
Total non-interest expense | 629,633 | 618,469 | 617,249 |
Income before income taxes | 383,347 | 398,608 | 381,035 |
Less income taxes | 122,230 | 127,169 | 121,412 |
Net income | 261,117 | 271,439 | 259,623 |
Less non-controlling interest expense | 156 | 2,110 | 3,280 |
NET INCOME ATTRIBUTABLE TO COMMERCE BANCSHARES, INC. | $260,961 | $269,329 | $256,343 |
Net income per common share - basic (in dollars per share) | $2.73 | $2.77 | $2.57 |
Net income per common share - diluted (in dollars per share) | $2.72 | $2.76 | $2.56 |
Consolidated_Statements_Of_Com
Consolidated Statements Of Comprehensive Income (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' |
Net income | $261,117 | $271,439 | $259,623 |
Other comprehensive income (loss): | ' | ' | ' |
Unrealized holding gains subsequent to initial OTTI recognition | 958 | 7,566 | 3,214 |
Net unrealized gains on other securities | -138,960 | 24,126 | 48,287 |
Change in pension loss | 11,389 | -5,886 | -4,308 |
Other comprehensive income | -126,613 | 25,806 | 47,193 |
Comprehensive income | 134,504 | 297,245 | 306,816 |
Non-controlling interest expense | 156 | 2,110 | 3,280 |
Comprehensive income attributable to Commerce Bancshares, Inc. | $134,348 | $295,135 | $303,536 |
Consolidated_Statements_Of_Cas
Consolidated Statements Of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
OPERATING ACTIVITIES: | ' | ' | ' |
Net income | $261,117 | $271,439 | $259,623 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' |
Provision for loan losses | 20,353 | 27,287 | 51,515 |
Provision for depreciation and amortization | 41,944 | 43,448 | 46,743 |
Amortization of investment security premiums, net | 30,419 | 36,238 | 18,972 |
Deferred income tax (benefit) expense | 9,201 | 16,234 | -2,836 |
Investment securities (gains) losses, net | 4,425 | -4,828 | -10,812 |
Net gains on sales of loans held for sale | 0 | -376 | -2,040 |
Proceeds from sales of loans held for sale | 0 | 22,720 | 87,732 |
Originations of loans held for sale | 0 | 0 | -52,995 |
Net (increase) decrease in trading securities | 1,358 | -9,645 | 2,354 |
Stock-based compensation | 6,427 | 5,001 | 4,731 |
(Increase) decrease in interest receivable | 3,234 | 3,149 | -2,010 |
Decrease in interest payable | -1,569 | -1,272 | -4,598 |
Increase (decrease) in income taxes payable | -1,663 | -13,395 | 14,519 |
Net tax benefit related to equity compensation plans | -1,003 | -2,094 | -1,065 |
Other changes, net | -13,310 | -10,794 | -2,472 |
Net cash provided by operating activities | 360,933 | 383,112 | 407,361 |
INVESTING ACTIVITIES | ' | ' | ' |
Cash Acquired from Acquisition | 47,643 | 0 | 0 |
Proceeds from sales of available for sale securities | 16,299 | 16,875 | 19,833 |
Proceeds from maturities/pay downs of available for sale securities | 2,542,123 | 3,080,664 | 2,562,551 |
Purchases of available for sale securities | -2,411,153 | -3,182,857 | -4,517,463 |
Net (increase) decrease in loans | -938,223 | -693,193 | 168,983 |
Long-term securities purchased under agreements to resell | -125,000 | -575,000 | -500,000 |
Repayments of long-term securities purchased under agreements to resell | 175,000 | 225,000 | 100,000 |
Purchases of land, buildings and equipment | -23,841 | -34,969 | -21,332 |
Sales of land, buildings and equipment | 3,492 | 2,643 | 2,593 |
Net cash used in investing activities | -713,660 | -1,160,837 | -2,184,835 |
FINANCING ACTIVITIES | ' | ' | ' |
Net increase in non-interest bearing, savings, interest checking and money market deposits | 801,211 | 1,777,058 | 1,981,201 |
Net decrease in time open and C.D.’s | -82,013 | -257,586 | -255,769 |
Repayment of long-term securities sold under agreements to repurchase | -50,000 | 0 | 0 |
Net increase (decrease) in short-term federal funds purchased and securities sold under agreements to repurchase | 313,008 | -172,531 | 273,254 |
Repayment of other long-term borrowings | -1,578 | -8,107 | -456 |
Increase Short Term Borrowings | 2,000 | 0 | 0 |
Purchases of treasury stock | -69,353 | -104,909 | -101,154 |
Issuance of stock under stock purchase and equity compensation plans | 10,242 | 15,588 | 15,349 |
Net tax benefit related to equity compensation plans | 1,003 | 2,094 | 1,065 |
Cash dividends paid on common stock | -82,104 | -211,608 | -79,140 |
Net cash provided by (used in) financing activities | 842,416 | 1,039,999 | 1,834,350 |
Increase (decrease) in cash and cash equivalents | 489,689 | 262,274 | 56,876 |
Cash and cash equivalents at beginning of year | 779,825 | 517,551 | 460,675 |
Cash and cash equivalents at end of year | 1,269,514 | 779,825 | 517,551 |
Supplemental Cash Flow Information: | ' | ' | ' |
Income tax payments, net | 114,336 | 119,166 | 106,653 |
Interest paid on deposits and borrowings | 32,432 | 39,335 | 56,499 |
Loans transferred to foreclosed real estate | 8,747 | 8,167 | 22,957 |
Transfer of Loans Held-for-sale to Portfolio Loans | $8,941 | $0 | $0 |
Consolidated_Statements_Of_Cha
Consolidated Statements Of Changes In Equity (USD $) | Total | Common Stock | Capital Surplus | Retained Earnings | Treasury Stock | Accumulated Other Comprehensive Income (Loss) | Non-Controlling Interest |
In Thousands | |||||||
Balance at Dec. 31, 2010 | $2,023,464 | $433,942 | $971,293 | $555,778 | ($2,371) | $63,345 | $1,477 |
Net income | 259,623 | ' | ' | 256,343 | ' | ' | 3,280 |
Other comprehensive income | 47,193 | ' | ' | ' | ' | 47,193 | ' |
Distributions to non-controlling interest | -443 | ' | ' | ' | ' | ' | -443 |
Purchase of treasury stock | -101,154 | ' | ' | ' | -101,154 | ' | ' |
Cash dividends paid | -79,140 | ' | ' | -79,140 | ' | ' | ' |
Net tax benefit related to equity compensation plans | 1,065 | ' | 1,065 | ' | ' | ' | ' |
Stock-based compensation | 4,731 | ' | 4,731 | ' | ' | ' | ' |
Issuance under stock purchase and equity compensation plans, net | 15,349 | 2,539 | 4,061 | ' | 8,749 | ' | ' |
5% stock dividend, net | -327 | 9,906 | 60,915 | -157,562 | 86,414 | ' | ' |
Balance at Dec. 31, 2011 | 2,170,361 | 446,387 | 1,042,065 | 575,419 | -8,362 | 110,538 | 4,314 |
Net income | 271,439 | ' | ' | 269,329 | ' | ' | 2,110 |
Other comprehensive income | 25,806 | ' | ' | ' | ' | 25,806 | ' |
Distributions to non-controlling interest | -1,977 | ' | ' | ' | ' | ' | -1,977 |
Purchase of treasury stock | -104,909 | ' | ' | ' | -104,909 | ' | ' |
Cash dividends paid | -211,608 | ' | ' | -211,608 | ' | ' | ' |
Net tax benefit related to equity compensation plans | 2,094 | ' | 2,094 | ' | ' | ' | ' |
Stock-based compensation | 5,001 | ' | 5,001 | ' | ' | ' | ' |
Issuance under stock purchase and equity compensation plans, net | 15,588 | ' | -16,905 | ' | 32,493 | ' | ' |
5% stock dividend, net | -221 | 12,259 | 70,252 | -155,930 | 73,198 | ' | ' |
Balance at Dec. 31, 2012 | 2,171,574 | 458,646 | 1,102,507 | 477,210 | -7,580 | 136,344 | 4,447 |
Net income | 261,117 | ' | ' | 260,961 | ' | ' | 156 |
Other comprehensive income | -126,613 | ' | ' | ' | ' | -126,613 | ' |
Noncash or Part Noncash Acquisition, Noncash Financial or Equity Instrument Consideration, Shares Issued | 43,197 | 1,001 | 11,125 | ' | 31,071 | ' | ' |
Distributions to non-controlling interest | -848 | ' | ' | ' | ' | ' | -848 |
Purchase of treasury stock | -69,353 | ' | ' | ' | -69,353 | ' | ' |
Cash dividends paid | -82,104 | ' | ' | -82,104 | ' | ' | ' |
Net tax benefit related to equity compensation plans | 1,003 | ' | 1,003 | ' | ' | ' | ' |
Stock-based compensation | 6,427 | ' | 6,427 | ' | ' | ' | ' |
Issuance under stock purchase and equity compensation plans, net | 10,242 | ' | -14,824 | ' | 25,066 | ' | ' |
5% stock dividend, net | -245 | 21,577 | 173,710 | -206,231 | 10,699 | ' | ' |
Balance at Dec. 31, 2013 | $2,214,397 | $481,224 | $1,279,948 | $449,836 | ($10,097) | $9,731 | $3,755 |
Consolidated_Statements_Of_Cha1
Consolidated Statements Of Changes In Equity (Parenthetical) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Statement of Stockholders' Equity [Abstract] | ' | ' | ' |
Cash dividends paid (in dollars per share) | $0.86 | $2.19 | $0.80 |
Stock dividend rate (percent) | 5.00% | 5.00% | 5.00% |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2013 | |
Accounting Policies [Abstract] | ' |
Summary of Significant Accounting Policies | ' |
Summary of Significant Accounting Policies | |
Nature of Operations | |
Commerce Bancshares, Inc. and its subsidiaries (the Company) conducts its principal activities from approximately 360 locations throughout Missouri, Illinois, Kansas, Oklahoma and Colorado. Principal activities include retail and commercial banking, investment management, securities brokerage, mortgage banking, credit related insurance and private equity investment activities. | |
Basis of Presentation | |
The Company follows accounting principles generally accepted in the United States of America (GAAP) and reporting practices applicable to the banking industry. The preparation of financial statements under GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and notes. These estimates are based on information available to management at the time the estimates are made. While the consolidated financial statements reflect management’s best estimates and judgments, actual results could differ from those estimates. The consolidated financial statements include the accounts of the Company and its majority-owned subsidiaries (after elimination of all material intercompany balances and transactions). Certain amounts for prior years have been reclassified to conform to the current year presentation. Such reclassifications had no effect on net income or total assets. | |
Cash and Cash Equivalents | |
In the accompanying consolidated statements of cash flows, cash and cash equivalents include “Cash and due from banks”, “Short-term federal funds sold and securities purchased under agreements to resell”, and “Interest earning deposits with banks” as segregated in the accompanying consolidated balance sheets. | |
Loans and Related Earnings | |
Loans that management has the intent and ability to hold for the foreseeable future or until maturity or pay-off are reported at their outstanding principal balances, net of undisbursed loan proceeds, the allowance for loan losses, and any deferred fees and costs on originated loans. Origination fee income received on loans and amounts representing the estimated direct costs of origination are deferred and amortized to interest income over the life of the loan using the interest method. Prepayment premium or yield maintenance agreements are generally required on all term commercial loans with fixed rate intervals of 3 years or more. | |
Interest on loans is accrued based upon the principal amount outstanding. Interest income is recognized primarily on the level yield method. Loan and commitment fees, net of costs, are deferred and recognized in income over the term of the loan or commitment as an adjustment of yield. Annual fees charged on credit card loans are capitalized to principal and amortized over 12 months to loan fees and sales. Other credit card fees, such as cash advance fees and late payment fees, are recognized in income as an adjustment of yield when charged to the cardholder’s account. | |
Non-Accrual Loans | |
Loans are placed on non-accrual status when management does not expect to collect payments consistent with acceptable and agreed upon terms of repayment. Business, construction real estate, business real estate, and personal real estate loans that are contractually 90 days past due as to principal and/or interest payments are generally placed on non-accrual, unless they are both well-secured and in the process of collection. Consumer, revolving home equity and credit card loans are exempt under regulatory rules from being classified as non-accrual. When a loan is placed on non-accrual status, any interest previously accrued but not collected is reversed against current income, and the loan is charged off to the extent uncollectible. Principal and interest payments received on non-accrual loans are generally applied to principal. Interest is included in income only after all previous loan charge-offs have been recovered and is recorded only as received. The loan is returned to accrual status only when the borrower has brought all past due principal and interest payments current, and, in the opinion of management, the borrower has demonstrated the ability to make future payments of principal and interest as scheduled. A six month history of sustained payment performance is generally required before reinstatement of accrual status. | |
Restructured Loans | |
A loan is accounted for as a troubled debt restructuring if the Company, for economic or legal reasons related to the borrowers’ financial difficulties, grants a concession to the borrower that it would not otherwise consider. A troubled debt restructuring typically involves (1) modification of terms such as a reduction of the stated interest rate, loan principal, or accrued interest, (2) a loan renewal at a stated interest rate lower than the current market rate for a new loan with similar risk, or (3) debt that was not reaffirmed in bankruptcy. Business, business real estate, construction real estate and personal real estate troubled debt restructurings with impairment charges are placed on non-accrual status. The Company measures the impairment loss of a troubled debt restructuring in the same manner as described below. Troubled debt restructurings which are performing under their contractual terms continue to accrue interest which is recognized in current earnings. | |
Impaired Loans | |
Loans are evaluated regularly by management for impairment. Included in impaired loans are all non-accrual loans, as well as loans that have been classified as troubled debt restructurings. Once a loan has been identified as impaired, impairment is measured based on either the present value of the expected future cash flows at the loan’s initial effective interest rate or the fair value of the collateral if collateral dependent. Factors considered in determining impairment include delinquency status, cash flow analysis, credit analysis, and collateral value and availability. | |
Loans Held for Sale | |
In prior periods, loans held for sale included student loans and certain fixed rate residential mortgage loans. These loans are typically classified as held for sale upon origination based upon management’s intent to sell the production of these loans. They are carried at the lower of aggregate cost or fair value. Fair value is determined based on prevailing market prices for loans with similar characteristics, sale contract prices, or, for those portfolios for which management has concerns about contractual performance, discounted cash flow analyses. Declines in fair value below cost (and subsequent recoveries) are recognized in loan fees and sales. Deferred fees and costs related to these loans are not amortized but are recognized as part of the cost basis of the loan at the time it is sold. Gains or losses on sales are recognized upon delivery and included in loan fees and sales. | |
Allowance/Provision for Loan Losses | |
The allowance for loan losses is maintained at a level believed to be appropriate by management to provide for probable loan losses inherent in the portfolio as of the balance sheet date, including losses on known or anticipated problem loans as well as for loans which are not currently known to require specific allowances. Management has established a process to determine the amount of the allowance for loan losses which assesses the risks and losses inherent in its portfolio. Business, construction real estate and business real estate loans are normally larger and more complex, and their collection rates are harder to predict. These loans are more likely to be collateral dependent and are allocated a larger reserve, due to their potential volatility. Personal real estate, credit card, consumer and revolving home equity loans are individually smaller and perform in a more homogenous manner, making loss estimates more predictable. Management’s process provides an allowance consisting of a specific allowance component based on certain individually evaluated loans and a general component based on estimates of reserves needed for pools of loans. | |
Loans subject to individual evaluation generally consist of business, construction real estate, business real estate and personal real estate loans on non-accrual status. These impaired loans are evaluated individually for the impairment of repayment potential and collateral adequacy, and in conjunction with current economic conditions and loss experience, allowances are estimated. Other impaired loans identified as performing troubled debt restructurings are collectively evaluated because they have similar risk characteristics. Loans which have not been identified as impaired are segregated by loan type and sub-type and are collectively evaluated. Reserves calculated for these loan pools are estimated using a consistent methodology that considers historical loan loss experience by loan type, delinquencies, current economic factors, loan risk ratings and industry concentrations. | |
The Company’s estimate of the allowance for loan losses and the corresponding provision for loan losses is based on various judgments and assumptions made by management. The amount of the allowance for loan losses is highly dependent on management’s estimates affecting valuation, appraisal of collateral, evaluation of performance and status, and the amount and timing of future cash flows expected to be received on impaired loans. Factors that influence these judgments include past loan loss experience, current loan portfolio composition and characteristics, trends in portfolio risk ratings, levels of non-performing assets, prevailing regional and national economic conditions, and the Company’s ongoing loan review process. | |
The estimates, appraisals, evaluations, and cash flows utilized by management may be subject to frequent adjustments due to changing economic prospects of borrowers or properties. These estimates are reviewed periodically and adjustments, if necessary, are recorded in the provision for loan losses in the periods in which they become known. | |
Loans, or portions of loans, are charged off to the extent deemed uncollectible. Loan charge-offs reduce the allowance for loan losses, and recoveries of loans previously charged off are added back to the allowance. Business, business real estate, construction real estate and personal real estate loans are generally charged down to estimated collectible balances when they are placed on non-accrual status. Consumer loans and related accrued interest are normally charged down to the fair value of related collateral (or are charged off in full if no collateral) once the loans are more than 120 days delinquent. Credit card loans are charged off against the allowance for loan losses when the receivable is more than 180 days past due. The interest and fee income previously capitalized but not collected on credit card charge-offs is reversed against interest income. | |
Operating, Direct Financing and Sales Type Leases | |
The net investment in direct financing and sales type leases is included in loans on the Company’s consolidated balance sheets and consists of the present values of the sum of the future minimum lease payments and estimated residual value of the leased asset. Revenue consists of interest earned on the net investment and is recognized over the lease term as a constant percentage return thereon. The net investment in operating leases is included in other assets on the Company’s consolidated balance sheets. It is carried at cost, less the amount depreciated to date. Depreciation is recognized, on the straight-line basis, over the lease term to the estimated residual value. Operating lease revenue consists of the contractual lease payments and is recognized over the lease term in other non-interest income. Estimated residual values are established at lease inception utilizing contract terms, past customer experience, and general market data and are reviewed and adjusted, if necessary, on an annual basis. | |
Investments in Debt and Equity Securities | |
The Company has classified the majority of its investment portfolio as available for sale. From time to time, the Company sells securities and utilizes the proceeds to reduce borrowings, fund loan growth, or modify its interest rate profile. Securities classified as available for sale are carried at fair value. Changes in fair value, excluding certain losses associated with other-than-temporary impairment (OTTI), are reported in other comprehensive income (loss), a component of stockholders’ equity. Securities are periodically evaluated for OTTI in accordance with guidance provided in ASC 320-10-35. For securities with OTTI, the entire loss in fair value is required to be recognized in current earnings if the Company intends to sell the securities or believes it likely that it will be required to sell the security before the anticipated recovery. If neither condition is met, but the Company does not expect to recover the amortized cost basis, the Company determines whether a credit loss has occurred, and the loss is then recognized in current earnings. The noncredit-related portion of the overall loss is reported in other comprehensive income (loss). Mortgage and asset-backed securities whose credit ratings are below AA at their purchase date are evaluated for OTTI under ASC 325-40-35, which requires evaluations for OTTI at purchase date and in subsequent periods. Gains and losses realized upon sales of securities are calculated using the specific identification method and are included in Investment securities gains (losses), net, in the consolidated statements of income. Premiums and discounts are amortized to interest income over the estimated lives of the securities. Prepayment experience is continually evaluated to determine the appropriate estimate of the future rate of prepayment. When a change in a bond's estimated remaining life is necessary, a corresponding adjustment is made in the related amortization of premium or discount accretion. | |
Non-marketable securities include certain private equity investments, consisting of both debt and equity instruments. These securities are carried at fair value in accordance with ASC 946-10-15, with changes in fair value reported in current earnings. In the absence of readily ascertainable market values, fair value is estimated using internally developed models. Changes in fair value and gains and losses from sales are included in Investment securities gains (losses), net in the consolidated statements of income. Other non-marketable securities acquired for debt and regulatory purposes are accounted for at cost. | |
Trading account securities, which are bought and held principally for the purpose of resale in the near term, are carried at fair value. Gains and losses, both realized and unrealized, are recorded in non-interest income. | |
Purchases and sales of securities are recognized on a trade date basis. A receivable or payable is recognized for pending transaction settlements. | |
Securities Purchased under Agreements to Resell and Securities Sold under Agreements to Repurchase | |
The Company periodically enters into investments of securities under agreements to resell with large financial institutions. These agreements are accounted for as collateralized financing transactions. Securities pledged by the counterparties to secure these agreements are delivered to a third party custodian. Collateral is valued daily, and the Company may require counterparties to deposit additional collateral, or the Company may return collateral pledged when appropriate to maintain full collateralization for these transactions. At December 31, 2013, the Company had entered into $1.2 billion of long-term agreements to resell and had accepted securities valued at $1.2 billion as collateral. | |
Securities sold under agreements to repurchase are offered to cash management customers as an automated, collateralized investment account and totaled $971.8 million at December 31, 2013. Securities sold are also used by the Bank to obtain additional borrowed funds at favorable rates, and at December 31, 2013, such securities sold totaled $350.0 million of long-term structured repurchase agreements. As of December 31, 2013, the Company had pledged $2.8 billion of available for sale securities as collateral for repurchase agreements. | |
As permitted by current accounting guidance, the Company offsets certain securities purchased under agreements to resell against securities sold under agreements to repurchase in its balance sheet presentation. These agreements, which are not included in the balance sheet amounts above, are further discussed in Note 19, Balance Sheet Offsetting. | |
Land, Buildings and Equipment | |
Land is stated at cost, and buildings and equipment are stated at cost, including capitalized interest when appropriate, less accumulated depreciation. Depreciation is computed using straight-line and accelerated methods. The Company generally assigns depreciable lives of 30 years for buildings, 10 years for building improvements, and 3 to 8 years for equipment. Leasehold improvements are amortized over the shorter of their estimated useful lives or remaining lease terms. Maintenance and repairs are charged to non-interest expense as incurred. | |
Foreclosed Assets | |
Foreclosed assets consist of property that has been repossessed and is comprised of commercial and residential real estate and other non-real estate property, including auto and recreational and marine vehicles. The assets are initially recorded at the lower of the loan balance or fair value less estimated selling costs. Initial valuation adjustments are charged to the allowance for loan losses. Fair values are estimated primarily based on appraisals, third-party price opinions, or internally developed pricing models. After initial recognition, fair value estimates are updated periodically, and the assets may be marked down further, reflecting a new cost basis. These valuation adjustments, in addition to gains and losses realized on sales and net operating expenses, are recorded in other non-interest expense. | |
Intangible Assets | |
Goodwill and intangible assets that have indefinite useful lives are not amortized but are tested annually for impairment. Intangible assets that have finite useful lives, such as core deposit intangibles and mortgage servicing rights, are amortized over their estimated useful lives. Core deposit intangibles are amortized over periods of 8 to 14 years, representing their estimated lives, using accelerated methods. Mortgage servicing rights are amortized in proportion to and over the period of estimated net servicing income, considering appropriate prepayment assumptions. | |
When facts and circumstances indicate potential impairment of amortizable intangible assets, the Company evaluates the recoverability of the asset carrying value, using estimates of undiscounted future cash flows over the remaining asset life. Any impairment loss is measured by the excess of carrying value over fair value. Goodwill impairment tests are performed on an annual basis or when events or circumstances dictate. In these tests, the fair value of each reporting unit, or segment, is compared to the carrying amount of that reporting unit in order to determine if impairment is indicated. If so, the implied fair value of the reporting unit’s goodwill is compared to its carrying amount, and the impairment loss is measured by the excess of the carrying value over fair value. There has been no impairment resulting from goodwill impairment tests. However, adverse changes in the economic environment, operations of the reporting unit, or other factors could result in a decline in the implied fair value. | |
Income Taxes | |
Amounts provided for income tax expense are based on income reported for financial statement purposes and do not necessarily represent amounts currently payable under tax laws. Deferred income taxes are provided for temporary differences between the financial reporting bases and income tax bases of the Company’s assets and liabilities, net operating losses, and tax credit carryforwards. Deferred tax assets and liabilities are measured using the enacted tax rates that are expected to apply to taxable income when such assets and liabilities are anticipated to be settled or realized. The effect on deferred tax assets and liabilities of a change in tax rates is recognized as tax expense or benefit in the period that includes the enactment date of the change. In determining the amount of deferred tax assets to recognize in the financial statements, the Company evaluates the likelihood of realizing such benefits in future periods. A valuation allowance is established if it is more likely than not that all or some portion of the deferred tax asset will not be realized. The Company recognizes interest and penalties related to income taxes within income tax expense in the consolidated statements of income. | |
The Company and its eligible subsidiaries file a consolidated federal income tax return. State and local income tax returns are filed on a combined, consolidated or separate return basis based upon each jurisdiction’s laws and regulations. | |
Derivatives | |
As required by current accounting guidance, all derivatives are carried at fair value on the balance sheet. Accounting for changes in the fair value of derivatives (gains and losses) differs depending on whether a qualifying hedge relationship has been designated and on the type of hedge relationship. Derivatives used to hedge the exposure to change in the fair value of an asset, liability, or firm commitment attributable to a particular risk are considered fair value hedges. Under the fair value hedging model, gains or losses attributable to the change in fair value of the derivative, as well as gains and losses attributable to the change in fair value of the hedged item, are recognized in current earnings. Derivatives used to hedge the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Under the cash flow hedging model, the effective portion of the gain or loss related to the derivative is recognized as a component of other comprehensive income and reclassified to earnings in the same period in which the hedged transaction affects earnings. The ineffective portion is recognized in current earnings. For derivatives that are not part of a hedging relationship, any gain or loss is recognized immediately in current earnings. | |
The Company formally documents all hedging relationships between hedging instruments and the hedged item, as well as its risk management objective. At December 31, 2013, the Company had two interest rate swaps designated as fair value hedges. The Company performs quarterly assessments, using the regression method, to determine whether the hedging relationship has been highly effective in offsetting changes in fair values. | |
Other derivatives held by the Company do not qualify for hedge accounting, and gains and losses on these derivatives, as mentioned above, are recognized in current earnings. These include interest rate swaps and caps, which are offered to customers to assist in managing their risks of adverse changes in interest rates. Each contract between the Company and a customer is offset by a contract between the Company and an institutional counterparty, thus minimizing the Company's exposure to rate changes. The Company also enters into certain contracts, known as credit risk participation agreements, to buy or sell credit protection on specific interest rate swaps. It also purchases and sells forward foreign exchange contracts, either in connection with customer transactions, or for its own trading purposes. In addition, in previous years the Company's general practice was to sell fixed rate mortgage loans in the secondary market. Both the mortgage loan commitments and the related sales contracts were accounted for as derivatives. | |
The Company has master netting arrangements with various counterparties but does not offset derivative assets and liabilities under these arrangements in its consolidated balance sheets. | |
Additional information about derivatives held by the Company and valuation methods employed is provided in Note 16, Fair Value Measurements and Note 18, Derivative Instruments. | |
Pension Plan | |
The Company’s pension plan is described in Note 10, Employee Benefit Plans. The funded status of the plan is recognized as an asset or liability in the consolidated balance sheet, and changes in that funded status are recognized in the year in which the changes occur through other comprehensive income. Plan assets and benefit obligations are measured as of fiscal year end. The measurement of the projected benefit obligation and pension expense involve actuarial valuation methods and the use of various actuarial and economic assumptions. The Company monitors the assumptions and updates them periodically. Due to the long-term nature of the pension plan obligation, actual results may differ significantly from estimations. Such differences are adjusted over time as the assumptions are replaced by facts and values are recalculated. | |
Stock-Based Compensation | |
The Company’s stock-based employee compensation plan is described in Note 11, Stock-Based Compensation and Directors Stock Purchase Plan. In accordance with the requirements of ASC 718-10-30-3 and 35-2, the Company measures the cost of stock-based compensation based on the grant-date fair value of the award, recognizing the cost over the requisite service period. The fair value of an award is estimated using the Black-Scholes option-pricing model. The expense recognized is based on an estimation of the number of awards for which the requisite service is expected to be rendered and is included in salaries and employee benefits in the accompanying consolidated statements of income. | |
Treasury Stock | |
Purchases of the Company’s common stock are recorded at cost. Upon re-issuance for acquisitions, exercises of stock-based awards or other corporate purposes, treasury stock is reduced based upon the average cost basis of shares held. | |
Income per Share | |
Basic income per share is computed using the weighted average number of common shares outstanding during each year. Diluted income per share includes the effect of all dilutive potential common shares (primarily stock options and stock appreciation rights) outstanding during each year. The Company applies the two-class method of computing income per share. The two-class method is an earnings allocation formula that determines income per share for common stock and for participating securities, according to dividends declared and participation rights in undistributed earnings. The Company’s restricted share awards are considered to be a class of participating security. All per share data has been restated to reflect the 5% stock dividend distributed in December 2013. |
Acquisition_Notes
Acquisition (Notes) | 12 Months Ended |
Dec. 31, 2013 | |
Acquisition [Abstract] | ' |
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | ' |
Acquisition | |
On September 1, 2013, the Company acquired Summit Bancshares Inc. (Summit). Summit's results of operations are included in the Company's consolidated financial results beginning on that date. The transaction was accounted for using the acquisition method of accounting, and as such, assets acquired, liabilities assumed and consideration exchanged were recorded at their estimated fair value on the acquisition date. In this transaction, the Company acquired all of the outstanding stock of Summit in exchange for shares of Company stock valued at $43.2 million. The valuation of Company stock was determined on the basis of the closing market price of the Company's common shares on August 30, 2013. The Company's acquisition of Summit added $261.6 million in assets (including $207.4 million in loans), $232.3 million in deposits and two branch locations in Tulsa and Oklahoma City, Oklahoma. Intangible assets recognized as a result of the transaction consisted of approximately $13.3 million in goodwill and $5.6 million in core deposit premium. Most of the goodwill was assigned to the Company's Commercial segment. None of the goodwill recognized is deductible for income tax purposes. | |
The fair value of core deposit premium was estimated by a third party using an after-tax cost savings method. This methodology calculates the present value of the estimated after-tax cost savings attributable to the core deposit base, relative to alternative costs of funds and tax benefit, if applicable, over the expected remaining economic life of the depositors. Based on an estimation of the expected remaining economic life of the depositors, the core deposit premium is being amortized over a 14 year period, using an accelerated method. | |
Historical pro forma information for the acquisition has not been presented because the effect on the Company's financial statements was not material. Acquired loans with evidence of deterioration in credit quality were not material to the consolidated financial statements of the Company. Accordingly, the provisions of ASC 310-30, which require special accounting for such loans, were not applied. | |
On September 3, 2013, the Company granted nonvested restricted stock awards of 42,674 shares of Company stock to various former Summit officers, which are included in the activity shown in Note 11 on Stock-Based Compensation. These awards vest over periods of 3 to 4 years and the Company expects to recognize compensation expense of approximately $1.3 million in future periods. |
Loans_And_Allowance_For_Loan_L
Loans And Allowance For Loan Losses | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Loans And Allowance For Loan Losses [Abstract] | ' | |||||||||||||||||||
Loans And Allowance For Loan Losses | ' | |||||||||||||||||||
Loans and Allowance for Loan Losses | ||||||||||||||||||||
Major classifications within the Company’s held to maturity loan portfolio at December 31, 2013 and 2012 are as follows: | ||||||||||||||||||||
(In thousands) | 2013 | 2012 | ||||||||||||||||||
Commercial: | ||||||||||||||||||||
Business | $ | 3,715,319 | $ | 3,134,801 | ||||||||||||||||
Real estate — construction and land | 406,197 | 355,996 | ||||||||||||||||||
Real estate — business | 2,313,550 | 2,214,975 | ||||||||||||||||||
Personal Banking: | ||||||||||||||||||||
Real estate — personal | 1,787,626 | 1,584,859 | ||||||||||||||||||
Consumer | 1,512,716 | 1,289,650 | ||||||||||||||||||
Revolving home equity | 420,589 | 437,567 | ||||||||||||||||||
Consumer credit card | 796,228 | 804,245 | ||||||||||||||||||
Overdrafts | 4,611 | 9,291 | ||||||||||||||||||
Total loans | $ | 10,956,836 | $ | 9,831,384 | ||||||||||||||||
Loans to directors and executive officers of the Parent and its significant subsidiaries, and to their associates, are summarized as follows: | ||||||||||||||||||||
(In thousands) | ||||||||||||||||||||
Balance at January 1, 2013 | $ | 61,614 | ||||||||||||||||||
Additions | 257,690 | |||||||||||||||||||
Amounts collected | (274,981 | ) | ||||||||||||||||||
Amounts written off | — | |||||||||||||||||||
Balance, December 31, 2013 | $ | 44,323 | ||||||||||||||||||
Management believes all loans to directors and executive officers have been made in the ordinary course of business with normal credit terms, including interest rate and collateral considerations, and do not represent more than a normal risk of collection. There were no outstanding loans at December 31, 2013 to principal holders (over 10% ownership) of the Company’s common stock. | ||||||||||||||||||||
The Company’s lending activity is generally centered in Missouri, Illinois, Kansas and other nearby states including Oklahoma, Colorado, Iowa, Ohio, and others. The Company maintains a diversified portfolio with limited industry concentrations of credit risk. Loans and loan commitments are extended under the Company’s normal credit standards, controls, and monitoring features. Most loan commitments are short or intermediate term in nature. Commercial loan maturities generally range from three to seven years. Collateral is commonly required and would include such assets as marketable securities and cash equivalent assets, accounts receivable and inventory, equipment, other forms of personal property, and real estate. At December 31, 2013, unfunded loan commitments totaled $8.4 billion (which included $3.8 billion in unused approved lines of credit related to credit card loan agreements) which could be drawn by customers subject to certain review and terms of agreement. At December 31, 2013, loans totaling $3.6 billion were pledged at the FHLB as collateral for borrowings and letters of credit obtained to secure public deposits. Additional loans of $1.4 billion were pledged at the Federal Reserve Bank as collateral for discount window borrowings. | ||||||||||||||||||||
The Company has a net investment in direct financing and sales type leases of $368.8 million and $311.6 million at December 31, 2013 and 2012, respectively, which is included in business loans on the Company’s consolidated balance sheets. This investment includes deferred income of $25.1 million and $23.6 million at December 31, 2013 and 2012, respectively. The net investment in operating leases amounted to $24.4 million and $21.1 million at December 31, 2013 and 2012, respectively, and is included in other assets on the Company’s consolidated balance sheets. | ||||||||||||||||||||
Allowance for loan losses | ||||||||||||||||||||
A summary of the activity in the allowance for losses during the previous three years follows: | ||||||||||||||||||||
(In thousands) | Commercial | Personal Banking | Total | |||||||||||||||||
Balance at December 31, 2010 | $ | 119,946 | $ | 77,592 | $ | 197,538 | ||||||||||||||
Provision for loan losses | 18,052 | 33,463 | 51,515 | |||||||||||||||||
Deductions: | ||||||||||||||||||||
Loans charged off | 18,818 | 62,567 | 81,385 | |||||||||||||||||
Less recoveries | 3,317 | 13,547 | 16,864 | |||||||||||||||||
Net loans charged off | 15,501 | 49,020 | 64,521 | |||||||||||||||||
Balance at December 31, 2011 | 122,497 | 62,035 | 184,532 | |||||||||||||||||
Provision for loan losses | (14,444 | ) | 41,731 | 27,287 | ||||||||||||||||
Deductions: | ||||||||||||||||||||
Loans charged off | 11,094 | 52,067 | 63,161 | |||||||||||||||||
Less recoveries | 8,766 | 15,108 | 23,874 | |||||||||||||||||
Net loans charged off | 2,328 | 36,959 | 39,287 | |||||||||||||||||
Balance at December 31, 2012 | 105,725 | 66,807 | 172,532 | |||||||||||||||||
Provision for loan losses | (16,143 | ) | 36,496 | 20,353 | ||||||||||||||||
Deductions: | ||||||||||||||||||||
Loans charged off | 5,170 | 49,029 | 54,199 | |||||||||||||||||
Less recoveries | 9,777 | 13,069 | 22,846 | |||||||||||||||||
Net loans charged off (recoveries) | (4,607 | ) | 35,960 | 31,353 | ||||||||||||||||
Balance at December 31, 2013 | $ | 94,189 | $ | 67,343 | $ | 161,532 | ||||||||||||||
The following table shows the balance in the allowance for loan losses and the related loan balance at December 31, 2013 and 2012, disaggregated on the basis of impairment methodology. Impaired loans evaluated under ASC 310-10-35 include loans on non-accrual status which are individually evaluated for impairment and other impaired loans deemed to have similar risk characteristics, which are collectively evaluated. All other loans are collectively evaluated for impairment under ASC 450-20. | ||||||||||||||||||||
Impaired Loans | All Other Loans | |||||||||||||||||||
(In thousands) | Allowance for Loan Losses | Loans Outstanding | Allowance for Loan Losses | Loans Outstanding | ||||||||||||||||
December 31, 2013 | ||||||||||||||||||||
Commercial | $ | 8,476 | $ | 78,516 | $ | 85,713 | $ | 6,356,550 | ||||||||||||
Personal Banking | 2,424 | 29,120 | 64,919 | 4,492,650 | ||||||||||||||||
Total | $ | 10,900 | $ | 107,636 | $ | 150,632 | $ | 10,849,200 | ||||||||||||
December 31, 2012 | ||||||||||||||||||||
Commercial | $ | 5,434 | $ | 80,807 | $ | 100,291 | $ | 5,624,965 | ||||||||||||
Personal Banking | 2,051 | 36,111 | 64,756 | 4,089,501 | ||||||||||||||||
Total | $ | 7,485 | $ | 116,918 | $ | 165,047 | $ | 9,714,466 | ||||||||||||
Impaired loans | ||||||||||||||||||||
The table below shows the Company’s investment in impaired loans at December 31, 2013 and 2012. These loans consist of all loans on non-accrual status and other restructured loans whose terms have been modified and classified as troubled debt restructurings under ASC 310-40. These restructured loans are performing in accordance with their modified terms, and because the Company believes it probable that all amounts due under the modified terms of the agreements will be collected, interest on these loans is being recognized on an accrual basis. They are discussed further in the "Troubled debt restructurings" section on page 71. | ||||||||||||||||||||
(In thousands) | 2013 | 2012 | ||||||||||||||||||
Non-accrual loans | $ | 48,814 | $ | 51,410 | ||||||||||||||||
Restructured loans (accruing) | 58,822 | 65,508 | ||||||||||||||||||
Total impaired loans | $ | 107,636 | $ | 116,918 | ||||||||||||||||
The following table provides additional information about impaired loans held by the Company at December 31, 2013 and 2012, segregated between loans for which an allowance for credit losses has been provided and loans for which no allowance has been provided. | ||||||||||||||||||||
(In thousands) | Recorded Investment | Unpaid Principal Balance | Related Allowance | |||||||||||||||||
December 31, 2013 | ||||||||||||||||||||
With no related allowance recorded: | ||||||||||||||||||||
Business | $ | 7,969 | $ | 9,000 | $ | — | ||||||||||||||
Real estate – construction and land | 8,766 | 16,067 | — | |||||||||||||||||
Real estate – business | 4,089 | 6,417 | — | |||||||||||||||||
Revolving home equity | 2,191 | 2,741 | — | |||||||||||||||||
$ | 23,015 | $ | 34,225 | $ | — | |||||||||||||||
With an allowance recorded: | ||||||||||||||||||||
Business | $ | 19,266 | $ | 22,597 | $ | 3,037 | ||||||||||||||
Real estate – construction and land | 17,632 | 19,708 | 2,174 | |||||||||||||||||
Real estate – business | 20,794 | 29,287 | 3,265 | |||||||||||||||||
Real estate – personal | 10,425 | 13,576 | 1,361 | |||||||||||||||||
Consumer | 4,025 | 4,025 | 85 | |||||||||||||||||
Revolving home equity | 666 | 666 | 2 | |||||||||||||||||
Consumer credit card | 11,813 | 11,813 | 976 | |||||||||||||||||
$ | 84,621 | $ | 101,672 | $ | 10,900 | |||||||||||||||
Total | $ | 107,636 | $ | 135,897 | $ | 10,900 | ||||||||||||||
December 31, 2012 | ||||||||||||||||||||
With no related allowance recorded: | ||||||||||||||||||||
Business | $ | 9,964 | $ | 12,697 | $ | — | ||||||||||||||
Real estate – construction and land | 8,440 | 15,102 | — | |||||||||||||||||
Real estate – business | 5,484 | 8,200 | — | |||||||||||||||||
Real estate – personal | 1,166 | 1,380 | — | |||||||||||||||||
Revolving home equity | 510 | 843 | — | |||||||||||||||||
$ | 25,564 | $ | 38,222 | $ | — | |||||||||||||||
With an allowance recorded: | ||||||||||||||||||||
Business | $ | 19,358 | $ | 22,513 | $ | 1,888 | ||||||||||||||
Real estate – construction and land | 20,446 | 25,808 | 1,762 | |||||||||||||||||
Real estate – business | 17,115 | 23,888 | 1,784 | |||||||||||||||||
Real estate – personal | 14,157 | 17,304 | 857 | |||||||||||||||||
Consumer | 4,779 | 4,779 | 93 | |||||||||||||||||
Revolving home equity | 779 | 779 | 18 | |||||||||||||||||
Consumer credit card | 14,720 | 14,720 | 1,083 | |||||||||||||||||
$ | 91,354 | $ | 109,791 | $ | 7,485 | |||||||||||||||
Total | $ | 116,918 | $ | 148,013 | $ | 7,485 | ||||||||||||||
Total average impaired loans during 2013 and 2012 are shown in the table below. | ||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||
(In thousands) | Commercial | Personal Banking | Total | Commercial | Personal Banking | Total | ||||||||||||||
Average impaired loans: | ||||||||||||||||||||
Non-accrual loans | $ | 35,900 | $ | 5,329 | $ | 41,229 | $ | 55,994 | $ | 7,343 | $ | 63,337 | ||||||||
Restructured loans (accruing) | 40,251 | 24,134 | 64,385 | 43,181 | 22,520 | 65,701 | ||||||||||||||
Total | $ | 76,151 | $ | 29,463 | $ | 105,614 | $ | 99,175 | $ | 29,863 | $ | 129,038 | ||||||||
The table below shows interest income recognized during the years ended December 31, 2013, 2012 and 2011 for impaired loans held at the end of each respective period. This interest relates to accruing restructured loans, as discussed previously. | ||||||||||||||||||||
For the Year Ended December 31 | ||||||||||||||||||||
(In thousands) | 2013 | 2012 | 2011 | |||||||||||||||||
Interest income recognized on impaired loans: | ||||||||||||||||||||
Business | $ | 509 | $ | 1,184 | $ | 284 | ||||||||||||||
Real estate – construction and land | 758 | 655 | 947 | |||||||||||||||||
Real estate – business | 215 | 246 | 327 | |||||||||||||||||
Real estate – personal | 263 | 376 | 37 | |||||||||||||||||
Consumer | 346 | 415 | — | |||||||||||||||||
Revolving home equity | 36 | 37 | — | |||||||||||||||||
Consumer credit card | 1,116 | 1,341 | 2,016 | |||||||||||||||||
Total | $ | 3,243 | $ | 4,254 | $ | 3,611 | ||||||||||||||
Delinquent and non-accrual loans | ||||||||||||||||||||
The following table provides aging information on the Company’s past due and accruing loans, in addition to the balances of loans on non-accrual status, at December 31, 2013 and 2012. | ||||||||||||||||||||
(In thousands) | Current or Less Than 30 Days Past Due | 30 – 89 Days Past Due | 90 Days Past Due and Still Accruing | Non-accrual | Total | |||||||||||||||
December 31, 2013 | ||||||||||||||||||||
Commercial: | ||||||||||||||||||||
Business | $ | 3,697,589 | $ | 5,467 | $ | 671 | $ | 11,592 | $ | 3,715,319 | ||||||||||
Real estate – construction and land | 386,423 | 9,601 | — | 10,173 | 406,197 | |||||||||||||||
Real estate – business | 2,292,385 | 1,340 | 47 | 19,778 | 2,313,550 | |||||||||||||||
Personal Banking: | ||||||||||||||||||||
Real estate – personal | 1,771,231 | 9,755 | 1,560 | 5,080 | 1,787,626 | |||||||||||||||
Consumer | 1,492,960 | 17,482 | 2,274 | — | 1,512,716 | |||||||||||||||
Revolving home equity | 416,614 | 1,082 | 702 | 2,191 | 420,589 | |||||||||||||||
Consumer credit card | 777,564 | 9,952 | 8,712 | — | 796,228 | |||||||||||||||
Overdrafts | 4,315 | 296 | — | — | 4,611 | |||||||||||||||
Total | $ | 10,839,081 | $ | 54,975 | $ | 13,966 | $ | 48,814 | $ | 10,956,836 | ||||||||||
December 31, 2012 | ||||||||||||||||||||
Commercial: | ||||||||||||||||||||
Business | $ | 3,110,403 | $ | 10,054 | $ | 1,288 | $ | 13,056 | $ | 3,134,801 | ||||||||||
Real estate – construction and land | 325,541 | 16,721 | 56 | 13,678 | 355,996 | |||||||||||||||
Real estate – business | 2,194,395 | 3,276 | — | 17,304 | 2,214,975 | |||||||||||||||
Personal Banking: | ||||||||||||||||||||
Real estate – personal | 1,564,281 | 10,862 | 2,854 | 6,862 | 1,584,859 | |||||||||||||||
Consumer | 1,273,581 | 13,926 | 2,143 | — | 1,289,650 | |||||||||||||||
Revolving home equity | 433,437 | 2,121 | 1,499 | 510 | 437,567 | |||||||||||||||
Consumer credit card | 786,081 | 10,657 | 7,507 | — | 804,245 | |||||||||||||||
Overdrafts | 8,925 | 366 | — | — | 9,291 | |||||||||||||||
Total | $ | 9,696,644 | $ | 67,983 | $ | 15,347 | $ | 51,410 | $ | 9,831,384 | ||||||||||
Credit quality | ||||||||||||||||||||
The following table provides information about the credit quality of the Commercial loan portfolio, using the Company’s internal rating system as an indicator. The internal rating system is a series of grades reflecting management’s risk assessment, based on its analysis of the borrower’s financial condition. The “pass” category consists of a range of loan grades that reflect increasing, though still acceptable, risk. Movement of risk through the various grade levels in the “pass” category is monitored for early identification of credit deterioration. The “special mention” rating is attached to loans where the borrower exhibits material negative financial trends due to borrower specific or systemic conditions that, if left uncorrected, threaten its capacity to meet its debt obligations. The borrower is believed to have sufficient financial flexibility to react to and resolve its negative financial situation. It is a transitional grade that is closely monitored for improvement or deterioration. The “substandard” rating is applied to loans where the borrower exhibits well-defined weaknesses that jeopardize its continued performance and are of a severity that the distinct possibility of default exists. Loans are placed on “non-accrual” when management does not expect to collect payments consistent with acceptable and agreed upon terms of repayment, as discussed in Note 1. | ||||||||||||||||||||
Commercial Loans | ||||||||||||||||||||
(In thousands) | Business | Real Estate -Construction | Real Estate - Business | Total | ||||||||||||||||
December 31, 2013 | ||||||||||||||||||||
Pass | $ | 3,618,120 | $ | 372,515 | $ | 2,190,344 | $ | 6,180,979 | ||||||||||||
Special mention | 61,916 | 1,697 | 53,079 | 116,692 | ||||||||||||||||
Substandard | 23,691 | 21,812 | 50,349 | 95,852 | ||||||||||||||||
Non-accrual | 11,592 | 10,173 | 19,778 | 41,543 | ||||||||||||||||
Total | $ | 3,715,319 | $ | 406,197 | $ | 2,313,550 | $ | 6,435,066 | ||||||||||||
December 31, 2012 | ||||||||||||||||||||
Pass | $ | 3,018,062 | $ | 297,156 | $ | 2,103,913 | $ | 5,419,131 | ||||||||||||
Special mention | 58,793 | 11,400 | 38,396 | 108,589 | ||||||||||||||||
Substandard | 44,890 | 33,762 | 55,362 | 134,014 | ||||||||||||||||
Non-accrual | 13,056 | 13,678 | 17,304 | 44,038 | ||||||||||||||||
Total | $ | 3,134,801 | $ | 355,996 | $ | 2,214,975 | $ | 5,705,772 | ||||||||||||
The credit quality of Personal Banking loans is monitored primarily on the basis of aging/delinquency, and this information is provided in the table in the above section on "Delinquency and non-accrual loans". In addition, FICO scores are obtained and updated on a quarterly basis for most of the loans in the Personal Banking portfolio. This is a published credit score designed to measure the risk of default by taking into account various factors from a person's financial history. The bank normally obtains a FICO score at the loan's origination and renewal dates, and updates are obtained on a quarterly basis. Excluded from the table below are certain loans for which FICO scores are not obtained because the loans are related to commercial activity. At December 31, 2013, these were comprised of $244.3 million in personal real estate loans and $47.5 million in consumer loans, or 6.5% of the Personal Banking portfolio. At December 31, 2012, these were comprised of $224.5 million in personal real estate loans and $87.4 million in consumer loans, or 7.6% of the Personal Banking portfolio. For the remainder of loans in the Personal Banking portfolio, the table below shows the percentage of balances outstanding at December 31, 2013 and 2012 by FICO score. | ||||||||||||||||||||
Personal Banking Loans | ||||||||||||||||||||
% of Loan Category | ||||||||||||||||||||
Real Estate - Personal | Consumer | Revolving Home Equity | Consumer Credit Card | |||||||||||||||||
December 31, 2013 | ||||||||||||||||||||
FICO score: | ||||||||||||||||||||
Under 600 | 1.7 | % | 5.4 | % | 2.1 | % | 4.1 | % | ||||||||||||
600 – 659 | 3.3 | 10.1 | 7.3 | 11.7 | ||||||||||||||||
660 – 719 | 10.3 | 23.4 | 15 | 32.9 | ||||||||||||||||
720 – 779 | 25.8 | 28.3 | 28.5 | 27.9 | ||||||||||||||||
780 and over | 58.9 | 32.8 | 47.1 | 23.4 | ||||||||||||||||
Total | 100 | % | 100 | % | 100 | % | 100 | % | ||||||||||||
December 31, 2012 | ||||||||||||||||||||
FICO score: | ||||||||||||||||||||
Under 600 | 2.3 | % | 6.7 | % | 2.6 | % | 4.4 | % | ||||||||||||
600 – 659 | 3.2 | 11.3 | 5.3 | 11.7 | ||||||||||||||||
660 – 719 | 10.4 | 24.4 | 15.2 | 32.1 | ||||||||||||||||
720 – 779 | 26.6 | 26.4 | 30 | 28.2 | ||||||||||||||||
780 and over | 57.5 | 31.2 | 46.9 | 23.6 | ||||||||||||||||
Total | 100 | % | 100 | % | 100 | % | 100 | % | ||||||||||||
Troubled debt restructurings | ||||||||||||||||||||
As mentioned previously, the Company's impaired loans include loans which have been classified as troubled debt restructurings. Total restructured loans amounted to $83.2 million at December 31, 2013. Restructured loans are those extended to borrowers who are experiencing financial difficulty and who have been granted a concession. Restructured loans are placed on non-accrual status if the Company does not believe it probable that amounts due under the contractual terms will be collected, and those non-accrual loans totaled $24.4 million at December 31, 2013. Other performing restructured loans totaled $58.8 million at December 31, 2013. These are partly comprised of certain business, construction and business real estate loans classified as substandard. Upon maturity, the loans renewed at interest rates judged not to be market rates for new debt with similar risk and as a result were classified as troubled debt restructurings. These commercial loans totaled $38.2 million and $40.3 million at December 31, 2013 and 2012, respectively. These restructured loans are performing in accordance with their modified terms, and because the Company believes it probable that all amounts due under the modified terms of the agreements will be collected, interest on these loans is being recognized on an accrual basis. Troubled debt restructurings also include certain credit card loans under various debt management and assistance programs, which totaled $11.8 million at December 31, 2013 and $14.7 million at December 31, 2012. Modifications to credit card loans generally involve removing the available line of credit, placing loans on amortizing status, and lowering the contractual interest rate. The Company also classifies certain loans as troubled debt restructurings because they were not reaffirmed by the borrower in bankruptcy proceedings. These loans, which are comprised of personal real estate, revolving home equity and consumer loans, totaled $8.8 million and $10.4 million at December 31, 2013 and 2012, respectively. Interest on these loans is being recognized on an accrual basis, as the borrowers are continuing to make payments. | ||||||||||||||||||||
The table below shows the outstanding balance of loans classified as troubled debt restructurings at December 31, 2013, in addition to the period end balances of restructured loans which the Company considers to have been in default at any time during the past twelve months. For purposes of this disclosure, the Company considers "default" to mean 90 days or more past due as to interest or principal. | ||||||||||||||||||||
(In thousands) | December 31, 2013 | Balance 90 days past due at any time during previous 12 months | ||||||||||||||||||
Commercial: | ||||||||||||||||||||
Business | $ | 23,612 | $ | 7,969 | ||||||||||||||||
Real estate – construction and land | 25,640 | 4,268 | ||||||||||||||||||
Real estate – business | 10,629 | 3,126 | ||||||||||||||||||
Personal Banking: | ||||||||||||||||||||
Real estate – personal | 6,821 | 60 | ||||||||||||||||||
Consumer | 4,025 | 138 | ||||||||||||||||||
Revolving home equity | 666 | — | ||||||||||||||||||
Consumer credit card | 11,813 | 870 | ||||||||||||||||||
Total restructured loans | $ | 83,206 | $ | 16,431 | ||||||||||||||||
For those loans on non-accrual status also classified as restructured, the modification did not create any further financial effect on the Company as those loans were already recorded at net realizable value. For those performing commercial loans classified as restructured, there were no concessions involving forgiveness of principal or interest and, therefore, there was no financial impact to the Company as a result of modification to these loans. No financial impact resulted from those performing loans where the debt was not reaffirmed in bankruptcy, as no changes to loan terms occurred in that process . However, the effects of modifications to consumer credit card loans were estimated to decrease interest income by approximately $1.3 million on an annual, pre-tax basis, compared to amounts contractually owed. | ||||||||||||||||||||
The allowance for loan losses related to troubled debt restructurings on non-accrual status is determined by individual evaluation, including collateral adequacy, using the same process as loans on non-accrual status which are not classified as troubled debt restructurings. Those performing loans classified as troubled debt restructurings are accruing loans which management expects to collect under contractual terms. Performing commercial loans have had no other concessions granted other than being renewed at an interest rate judged not to be market. As such, they have similar risk characteristics as non-troubled debt commercial loans and are collectively evaluated based on internal risk rating, loan type, delinquency, historical experience and current economic factors. Performing personal banking loans classified as troubled debt restructurings resulted from the borrower not reaffirming the debt during bankruptcy and have had no other concession granted, other than the Bank's future limitations on collecting payment deficiencies or in pursuing foreclosure actions. As such, they have similar risk characteristics as non-troubled debt personal banking loans and are evaluated collectively based on loan type, delinquency, historical experience and current economic factors. | ||||||||||||||||||||
If a troubled debt restructuring defaults and is already on non-accrual status, the allowance for loan losses continues to be based on individual evaluation, using discounted expected cash flows or the fair value of collateral. If an accruing, troubled debt restructuring defaults, the loan's risk rating is downgraded to non-accrual status and the loan's related allowance for loan losses is determined based on individual evaluation, or if necessary, the loan is charged off and collection efforts begin. | ||||||||||||||||||||
The Company had commitments of $11.2 million at December 31, 2013 to lend additional funds to borrowers with restructured loans. | ||||||||||||||||||||
The Company’s holdings of foreclosed real estate totaled $6.6 million and $13.5 million at December 31, 2013 and 2012, respectively. Personal property acquired in repossession, generally autos and marine and recreational vehicles, totaled $2.8 million and $3.5 million at December 31, 2013 and 2012, respectively. These assets are carried at the lower of the amount recorded at acquisition date or the current fair value less estimated selling costs. |
Investment_Securities
Investment Securities | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | ||||||||||||||||||||
Investment Securities | ' | ||||||||||||||||||||
Investment Securities | |||||||||||||||||||||
Investment securities, at fair value, consisted of the following at December 31, 2013 and 2012. | |||||||||||||||||||||
(In thousands) | 2013 | 2012 | |||||||||||||||||||
Available for sale: | |||||||||||||||||||||
U.S. government and federal agency obligations | $ | 505,696 | $ | 438,759 | |||||||||||||||||
Government-sponsored enterprise obligations | 741,766 | 471,574 | |||||||||||||||||||
State and municipal obligations | 1,619,171 | 1,615,707 | |||||||||||||||||||
Agency mortgage-backed securities | 2,772,338 | 3,380,955 | |||||||||||||||||||
Non-agency mortgage-backed securities | 246,983 | 237,011 | |||||||||||||||||||
Asset-backed securities | 2,844,071 | 3,167,394 | |||||||||||||||||||
Other debt securities | 141,757 | 177,752 | |||||||||||||||||||
Equity securities | 43,898 | 33,096 | |||||||||||||||||||
Total available for sale | 8,915,680 | 9,522,248 | |||||||||||||||||||
Trading | 19,993 | 28,837 | |||||||||||||||||||
Non-marketable | 107,324 | 118,650 | |||||||||||||||||||
Total investment securities | $ | 9,042,997 | $ | 9,669,735 | |||||||||||||||||
Most of the Company’s investment securities are classified as available for sale, and this portfolio is discussed in more detail below. Securities which are classified as non-marketable include Federal Home Loan Bank (FHLB) stock and Federal Reserve Bank stock held for borrowing and regulatory purposes, which totaled $46.5 million and $45.4 million at December 31, 2013 and December 31, 2012, respectively. Investment in Federal Reserve Bank stock is based on the capital structure of the investing bank, and investment in FHLB stock is mainly tied to the level of borrowings from the FHLB. These holdings are carried at cost. Non-marketable securities also include private equity investments, which amounted to $60.7 million and $73.2 million at December 31, 2013 and December 31, 2012, respectively. In the absence of readily ascertainable market values, these securities are carried at estimated fair value. | |||||||||||||||||||||
A summary of the available for sale investment securities by maturity groupings as of December 31, 2013 is shown in the following table. The weighted average yield for each range of maturities was calculated using the yield on each security within that range weighted by the amortized cost of each security at December 31, 2013. Yields on tax exempt securities have not been adjusted for tax exempt status. The investment portfolio includes agency mortgage-backed securities, which are guaranteed by agencies such as FHLMC, FNMA, GNMA and FDIC, in addition to non-agency mortgage-backed securities which have no guarantee, but are collateralized by residential mortgages. Also included are certain other asset-backed securities, primarily collateralized by credit cards, automobiles and commercial loans. The Company does not have exposure to subprime originated mortgage-backed or collateralized debt obligation instruments, and does not hold any trust preferred securities. | |||||||||||||||||||||
(Dollars in thousands) | Amortized Cost | Fair Value | Weighted Average Yield | ||||||||||||||||||
U.S. government and federal agency obligations: | |||||||||||||||||||||
After 1 but within 5 years | $ | 274,859 | $ | 293,742 | 1.71 | *% | |||||||||||||||
After 5 but within 10 years | 150,790 | 152,277 | .51* | ||||||||||||||||||
After 10 years | 72,577 | 59,677 | (.31)* | ||||||||||||||||||
Total U.S. government and federal agency obligations | 498,226 | 505,696 | 1.05* | ||||||||||||||||||
Government-sponsored enterprise obligations: | |||||||||||||||||||||
Within 1 year | 30,159 | 30,437 | 1.58 | ||||||||||||||||||
After 1 but within 5 years | 446,124 | 444,504 | 1.57 | ||||||||||||||||||
After 5 but within 10 years | 143,535 | 132,930 | 1.59 | ||||||||||||||||||
After 10 years | 146,984 | 133,895 | 1.97 | ||||||||||||||||||
Total government-sponsored enterprise obligations | 766,802 | 741,766 | 1.65 | ||||||||||||||||||
State and municipal obligations: | |||||||||||||||||||||
Within 1 year | 141,912 | 143,357 | 2.7 | ||||||||||||||||||
After 1 but within 5 years | 734,238 | 756,570 | 2.64 | ||||||||||||||||||
After 5 but within 10 years | 562,959 | 543,749 | 2.21 | ||||||||||||||||||
After 10 years | 185,086 | 175,495 | 1.94 | ||||||||||||||||||
Total state and municipal obligations | 1,624,195 | 1,619,171 | 2.42 | ||||||||||||||||||
Mortgage and asset-backed securities: | |||||||||||||||||||||
Agency mortgage-backed securities | 2,743,803 | 2,772,338 | 2.74 | ||||||||||||||||||
Non-agency mortgage-backed securities | 236,595 | 246,983 | 4.51 | ||||||||||||||||||
Asset-backed securities | 2,847,368 | 2,844,071 | 0.88 | ||||||||||||||||||
Total mortgage and asset-backed securities | 5,827,766 | 5,863,392 | 1.9 | ||||||||||||||||||
Other debt securities: | |||||||||||||||||||||
Within 1 year | 7,695 | 7,719 | |||||||||||||||||||
After 1 but within 5 years | 49,697 | 50,125 | |||||||||||||||||||
After 5 but within 10 years | 90,189 | 83,913 | |||||||||||||||||||
Total other debt securities | 147,581 | 141,757 | |||||||||||||||||||
Equity securities | 9,970 | 43,898 | |||||||||||||||||||
Total available for sale investment securities | $ | 8,874,540 | $ | 8,915,680 | |||||||||||||||||
* Rate does not reflect inflation adjustment on inflation-protected securities | |||||||||||||||||||||
Investments in U.S. government securities are comprised mainly of U.S. Treasury inflation-protected securities, which totaled $505.6 million, at fair value, at December 31, 2013. Interest paid on these securities increases with inflation and decreases with deflation, as measured by the Consumer Price Index. At maturity, the principal paid is the greater of an inflation-adjusted principal or the original principal. Included in state and municipal obligations are $127.7 million, at fair value, of auction rate securities, which were purchased from bank customers in 2008. Interest on these bonds is currently being paid at the maximum failed auction rates. Equity securities are primarily comprised of investments in common stock held by the Parent, which totaled $37.2 million, at fair value, at December 31, 2013. | |||||||||||||||||||||
For securities classified as available for sale, the following table shows the unrealized gains and losses (pre-tax) in accumulated other comprehensive income, by security type. | |||||||||||||||||||||
(In thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | |||||||||||||||||
December 31, 2013 | |||||||||||||||||||||
U.S. government and federal agency obligations | $ | 498,226 | $ | 20,614 | $ | (13,144 | ) | $ | 505,696 | ||||||||||||
Government-sponsored enterprise obligations | 766,802 | 2,245 | (27,281 | ) | 741,766 | ||||||||||||||||
State and municipal obligations | 1,624,195 | 28,321 | (33,345 | ) | 1,619,171 | ||||||||||||||||
Mortgage and asset-backed securities: | |||||||||||||||||||||
Agency mortgage-backed securities | 2,743,803 | 54,659 | (26,124 | ) | 2,772,338 | ||||||||||||||||
Non-agency mortgage-backed securities | 236,595 | 12,008 | (1,620 | ) | 246,983 | ||||||||||||||||
Asset-backed securities | 2,847,368 | 6,872 | (10,169 | ) | 2,844,071 | ||||||||||||||||
Total mortgage and asset-backed securities | 5,827,766 | 73,539 | (37,913 | ) | 5,863,392 | ||||||||||||||||
Other debt securities | 147,581 | 671 | (6,495 | ) | 141,757 | ||||||||||||||||
Equity securities | 9,970 | 33,928 | — | 43,898 | |||||||||||||||||
Total | $ | 8,874,540 | $ | 159,318 | $ | (118,178 | ) | $ | 8,915,680 | ||||||||||||
December 31, 2012 | |||||||||||||||||||||
U.S. government and federal agency obligations | $ | 399,971 | $ | 40,395 | $ | (1,607 | ) | $ | 438,759 | ||||||||||||
Government-sponsored enterprise obligations | 467,063 | 5,188 | (677 | ) | 471,574 | ||||||||||||||||
State and municipal obligations | 1,585,926 | 46,076 | (16,295 | ) | 1,615,707 | ||||||||||||||||
Mortgage and asset-backed securities: | |||||||||||||||||||||
Agency mortgage-backed securities | 3,248,007 | 132,953 | (5 | ) | 3,380,955 | ||||||||||||||||
Non-agency mortgage-backed securities | 224,223 | 12,906 | (118 | ) | 237,011 | ||||||||||||||||
Asset-backed securities | 3,152,913 | 15,848 | (1,367 | ) | 3,167,394 | ||||||||||||||||
Total mortgage and asset-backed securities | 6,625,143 | 161,707 | (1,490 | ) | 6,785,360 | ||||||||||||||||
Other debt securities | 174,727 | 3,127 | (102 | ) | 177,752 | ||||||||||||||||
Equity securities | 5,695 | 27,401 | — | 33,096 | |||||||||||||||||
Total | $ | 9,258,525 | $ | 283,894 | $ | (20,171 | ) | $ | 9,522,248 | ||||||||||||
The Company’s impairment policy requires a review of all securities for which fair value is less than amortized cost. Special emphasis and analysis is placed on securities whose credit rating has fallen below A3 (Moody's) or A- (Standard & Poor's), whose fair values have fallen more than 20% below purchase price for an extended period of time, or have been identified based on management’s judgment. These securities are placed on a watch list, and for all such securities, detailed cash flow models are prepared which use inputs specific to each security. Inputs to these models include factors such as cash flow received, contractual payments required, and various other information related to the underlying collateral (including current delinquencies), collateral loss severity rates (including loan to values), expected delinquency rates, credit support from other tranches, and prepayment speeds. Stress tests are performed at varying levels of delinquency rates, prepayment speeds and loss severities in order to gauge probable ranges of credit loss. At December 31, 2013, the fair value of securities on this watch list was $188.8 million compared to $220.7 million at December 31, 2012. | |||||||||||||||||||||
As of December 31, 2013, the Company had recorded OTTI on certain non-agency mortgage-backed securities, part of the watch list mentioned above, which had an aggregate fair value of $70.4 million. The cumulative credit-related portion of the impairment initially recorded on these securities totaled $12.8 million and was recorded in earnings. The Company does not intend to sell these securities and believes it is not likely that it will be required to sell the securities before the recovery of their amortized cost. | |||||||||||||||||||||
The credit-related portion of the loss on these securities was based on the cash flows projected to be received over the estimated life of the securities, discounted to present value, and compared to the current amortized cost bases of the securities. Significant inputs to the cash flow models used to calculate the credit losses on these securities included the following: | |||||||||||||||||||||
Significant Inputs | Range | ||||||||||||||||||||
Prepayment CPR | 0% | - | 25% | ||||||||||||||||||
Projected cumulative default | 16% | - | 52% | ||||||||||||||||||
Credit support | 0% | - | 14% | ||||||||||||||||||
Loss severity | 18% | - | 81% | ||||||||||||||||||
The following table shows changes in the credit losses recorded in current earnings, for which a portion of an OTTI was recognized in other comprehensive income. | |||||||||||||||||||||
(In thousands) | 2013 | 2012 | 2011 | ||||||||||||||||||
Balance at January 1 | $ | 11,306 | $ | 9,931 | $ | 7,542 | |||||||||||||||
Credit losses on debt securities for which impairment was not previously recognized | — | — | 170 | ||||||||||||||||||
Credit losses on debt securities for which impairment was previously recognized | 1,284 | 1,490 | 2,368 | ||||||||||||||||||
Increase in expected cash flows that are recognized over remaining life of security | (91 | ) | (115 | ) | (149 | ) | |||||||||||||||
Balance at December 31 | $ | 12,499 | $ | 11,306 | $ | 9,931 | |||||||||||||||
Securities with unrealized losses recorded in accumulated other comprehensive income are shown in the table below, along with the length of the impairment period. The table includes securities for which a portion of an OTTI has been recognized in other comprehensive income. | |||||||||||||||||||||
Less than 12 months | 12 months or longer | Total | |||||||||||||||||||
(In thousands) | Unrealized | Unrealized | Unrealized | ||||||||||||||||||
Fair Value | Losses | Fair Value | Losses | Fair Value | Losses | ||||||||||||||||
December 31, 2013 | |||||||||||||||||||||
U.S. government and federal agency obligations | $ | 96,172 | $ | 243 | $ | 59,677 | $ | 12,901 | $ | 155,849 | $ | 13,144 | |||||||||
Government-sponsored enterprise obligations | 487,317 | 18,155 | 93,654 | 9,126 | 580,971 | 27,281 | |||||||||||||||
State and municipal obligations | 478,818 | 15,520 | 178,150 | 17,825 | 656,968 | 33,345 | |||||||||||||||
Mortgage and asset-backed securities: | |||||||||||||||||||||
Agency mortgage-backed securities | 717,778 | 26,124 | — | — | 717,778 | 26,124 | |||||||||||||||
Non-agency mortgage-backed securities | 53,454 | 918 | 22,289 | 702 | 75,743 | 1,620 | |||||||||||||||
Asset-backed securities | 1,088,556 | 9,072 | 58,398 | 1,097 | 1,146,954 | 10,169 | |||||||||||||||
Total mortgage and asset-backed securities | 1,859,788 | 36,114 | 80,687 | 1,799 | 1,940,475 | 37,913 | |||||||||||||||
Other debt securities | 90,028 | 5,604 | 9,034 | 891 | 99,062 | 6,495 | |||||||||||||||
Total | $ | 3,012,123 | $ | 75,636 | $ | 421,202 | $ | 42,542 | $ | 3,433,325 | $ | 118,178 | |||||||||
December 31, 2012 | |||||||||||||||||||||
U.S. government and federal agency obligations | $ | 71,464 | $ | 1,607 | $ | — | $ | — | $ | 71,464 | $ | 1,607 | |||||||||
Government-sponsored enterprise obligations | 102,082 | 677 | — | — | 102,082 | 677 | |||||||||||||||
State and municipal obligations | 173,600 | 2,107 | 80,530 | 14,188 | 254,130 | 16,295 | |||||||||||||||
Mortgage and asset-backed securities: | |||||||||||||||||||||
Agency mortgage-backed securities | 5,874 | 5 | — | — | 5,874 | 5 | |||||||||||||||
Non-agency mortgage-backed securities | — | — | 12,609 | 118 | 12,609 | 118 | |||||||||||||||
Asset-backed securities | 338,007 | 976 | 78,684 | 391 | 416,691 | 1,367 | |||||||||||||||
Total mortgage and asset-backed securities | 343,881 | 981 | 91,293 | 509 | 435,174 | 1,490 | |||||||||||||||
Other debt securities | 39,032 | 102 | — | — | 39,032 | 102 | |||||||||||||||
Total | $ | 730,059 | $ | 5,474 | $ | 171,823 | $ | 14,697 | $ | 901,882 | $ | 20,171 | |||||||||
The total available for sale portfolio consisted of approximately 1,800 individual securities at December 31, 2013. The portfolio included 507 securities, having an aggregate fair value of $3.4 billion, that were in a loss position at December 31, 2013, compared to 144 securities, with a fair value of $901.9 million, at December 31, 2012. The total amount of unrealized loss on these securities increased $98.0 million to $118.2 million, mainly due to higher interest rates in the second half of 2013. At December 31, 2013, the fair value of securities in an unrealized loss position for 12 months or longer totaled $421.2 million, or 4.7% of the total portfolio value, and did not include any securities identified as other-than-temporarily impaired. | |||||||||||||||||||||
The Company’s holdings of state and municipal obligations included gross unrealized losses of $33.3 million at December 31, 2013. Of these losses, $10.0 million related to auction rate securities and $23.3 million related to other state and municipal obligations. This portfolio, excluding auction rate securities, totaled $1.5 billion at fair value, or 16.7% of total available for sale securities. The Company does not have exposure to obligations of municipalities which have filed for Chapter 9 bankruptcy. The Company has processes and procedures in place to monitor its holdings, identify signs of financial distress and, if necessary, exit its positions in a timely manner. The portfolio is diversified in order to reduce risk, and information about the top five largest holdings, by state and economic sector, is shown in the following table. | |||||||||||||||||||||
% of | Average Life (in years) | Average Rating (Moody’s) | |||||||||||||||||||
Portfolio | |||||||||||||||||||||
At December 31, 2013 | |||||||||||||||||||||
Texas | 9.9 | % | 4.1 | Aa1 | |||||||||||||||||
Florida | 9.3 | 4.6 | Aa3 | ||||||||||||||||||
Ohio | 6 | 4.9 | Aa2 | ||||||||||||||||||
New York | 5.5 | 6.3 | Aa2 | ||||||||||||||||||
Washington | 5.4 | 5 | Aa2 | ||||||||||||||||||
General obligation | 30.6 | % | 4.6 | Aa2 | |||||||||||||||||
Lease | 16.2 | 4.6 | Aa2 | ||||||||||||||||||
Housing | 15.4 | 4.4 | Aa1 | ||||||||||||||||||
Transportation | 13.9 | 4.2 | A1 | ||||||||||||||||||
Limited tax | 5.6 | 5.4 | Aa1 | ||||||||||||||||||
The credit ratings (Moody’s rating or equivalent) at December 31, 2013 in the state and municipal bond portfolio (excluding auction rate securities) are shown in the following table. The average credit quality of the portfolio is Aa2 as rated by Moody’s. | |||||||||||||||||||||
% of Portfolio | |||||||||||||||||||||
Aaa | 11.3 | % | |||||||||||||||||||
Aa | 67.5 | ||||||||||||||||||||
A | 19.1 | ||||||||||||||||||||
Baa | 1.3 | ||||||||||||||||||||
Not rated | 0.8 | ||||||||||||||||||||
100 | % | ||||||||||||||||||||
The following table presents proceeds from sales of securities and the components of investment securities gains and losses which have been recognized in earnings. | |||||||||||||||||||||
(In thousands) | 2013 | 2012 | 2011 | ||||||||||||||||||
Proceeds from sales of available for sale securities | $ | 7,076 | $ | 5,231 | $ | 11,202 | |||||||||||||||
Proceeds from sales of non-marketable securities | 9,223 | 11,644 | 8,631 | ||||||||||||||||||
Total proceeds | $ | 16,299 | $ | 16,875 | $ | 19,833 | |||||||||||||||
Available for sale: | |||||||||||||||||||||
Gains realized on sales | $ | 126 | $ | 358 | $ | 177 | |||||||||||||||
Gain realized on donation | 1,375 | — | — | ||||||||||||||||||
Other-than-temporary impairment recognized on debt securities | (1,284 | ) | (1,490 | ) | (2,537 | ) | |||||||||||||||
Non-marketable: | |||||||||||||||||||||
Gains realized on sales | 1,808 | 1,655 | 2,388 | ||||||||||||||||||
Losses realized on sales | (2,979 | ) | (200 | ) | — | ||||||||||||||||
Fair value adjustments, net | (3,471 | ) | 4,505 | 10,784 | |||||||||||||||||
Investment securities gains (losses), net | $ | (4,425 | ) | $ | 4,828 | $ | 10,812 | ||||||||||||||
Investment securities with a fair value of $5.0 billion and $4.3 billion were pledged at December 31, 2013 and 2012, respectively, to secure public deposits, securities sold under repurchase agreements, trust funds, and borrowings at the Federal Reserve Bank. Securities pledged under agreements pursuant to which the collateral may be sold or re-pledged by the secured parties approximated $687.7 million, while the remaining securities were pledged under agreements pursuant to which the secured parties may not sell or re-pledge the collateral. Except for obligations of various government-sponsored enterprises such as FNMA, FHLB and FHLMC, no investment in a single issuer exceeds 10% of stockholders’ equity. |
Land_Buildings_And_Equipment
Land, Buildings And Equipment | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
Property, Plant and Equipment [Abstract] | ' | ||||||
Land, Buildings And Equipment | ' | ||||||
Land, Buildings and Equipment | |||||||
Land, buildings and equipment consist of the following at December 31, 2013 and 2012: | |||||||
(In thousands) | 2013 | 2012 | |||||
Land | $ | 106,005 | $ | 107,540 | |||
Buildings and improvements | 529,842 | 523,662 | |||||
Equipment | 227,467 | 229,370 | |||||
Total | 863,314 | 860,572 | |||||
Less accumulated depreciation and amortization | 513,660 | 502,960 | |||||
Net land, buildings and equipment | $ | 349,654 | $ | 357,612 | |||
Depreciation expense of $30.7 million, $32.2 million and $34.5 million for 2013, 2012 and 2011, respectively, was included in occupancy expense and equipment expense in the consolidated income statements. Repairs and maintenance expense of $16.8 million, $17.3 million and $17.7 million for 2013, 2012 and 2011, respectively, was included in occupancy expense and equipment expense. There has been no interest expense capitalized on construction projects in the past three years. |
Goodwill_And_Other_Intangible_
Goodwill And Other Intangible Assets | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||||||
Goodwill And Other Intangible Assets | ' | ||||||||||||||||||||||||||||||||
Goodwill and Other Intangible Assets | |||||||||||||||||||||||||||||||||
The following table presents information about the Company's intangible assets which have estimable useful lives. | |||||||||||||||||||||||||||||||||
December 31, 2013 | December 31, 2012 | ||||||||||||||||||||||||||||||||
(In thousands) | Gross Carrying Amount | Accumulated Amortization | Valuation Allowance | Net Amount | Gross Carrying Amount | Accumulated Amortization | Valuation Allowance | Net Amount | |||||||||||||||||||||||||
Amortizable intangible assets: | |||||||||||||||||||||||||||||||||
Core deposit premium | $ | 31,270 | $ | (22,781 | ) | $ | — | $ | 8,489 | $ | 25,720 | $ | (20,892 | ) | $ | — | $ | 4,828 | |||||||||||||||
Mortgage servicing rights | 3,430 | (2,567 | ) | (84 | ) | 779 | 3,132 | (2,267 | ) | (393 | ) | 472 | |||||||||||||||||||||
Total | $ | 34,700 | $ | (25,348 | ) | $ | (84 | ) | $ | 9,268 | $ | 28,852 | $ | (23,159 | ) | $ | (393 | ) | $ | 5,300 | |||||||||||||
As discussed in Note 2 on Acquisition, the Company acquired Summit Bancshares, Inc. on September 1, 2013. As a result of the acquisition, goodwill of $13.3 million and a core deposit intangible asset of $5.6 million were recorded. Based on an estimation of the expected remaining economic life of the depositors, the core deposit premium is being amortized over a 14 year period using an accelerated method. | |||||||||||||||||||||||||||||||||
The carrying amount of goodwill and its allocation among segments at December 31, 2013 and 2012 is shown in the table below. As a result of ongoing assessments, no impairment of goodwill was recorded in 2013, 2012 or 2011. Further, the regular annual review on January 1, 2014 revealed no impairment as of that date. | |||||||||||||||||||||||||||||||||
(In thousands) | 31-Dec-13 | 31-Dec-12 | |||||||||||||||||||||||||||||||
Consumer segment | $ | 70,721 | $ | 67,765 | |||||||||||||||||||||||||||||
Commercial segment | 67,454 | 57,074 | |||||||||||||||||||||||||||||||
Wealth segment | 746 | 746 | |||||||||||||||||||||||||||||||
Total goodwill | $ | 138,921 | $ | 125,585 | |||||||||||||||||||||||||||||
Changes in the net carrying amount of goodwill and other net intangible assets for the years ended December 31, 2013 and 2012 are shown in the following table. | |||||||||||||||||||||||||||||||||
(In thousands) | Goodwill | Core Deposit Premium | Mortgage Servicing Rights | ||||||||||||||||||||||||||||||
Balance at December 31, 2011 | $ | 125,585 | $ | 6,970 | $ | 744 | |||||||||||||||||||||||||||
Originations | — | — | 35 | ||||||||||||||||||||||||||||||
Amortization | — | (2,142 | ) | (341 | ) | ||||||||||||||||||||||||||||
Impairment reversal | — | — | 34 | ||||||||||||||||||||||||||||||
Balance at December 31, 2012 | 125,585 | 4,828 | 472 | ||||||||||||||||||||||||||||||
Summit acquisition | 13,336 | 5,550 | — | ||||||||||||||||||||||||||||||
Originations | — | — | 298 | ||||||||||||||||||||||||||||||
Amortization | — | (1,889 | ) | (300 | ) | ||||||||||||||||||||||||||||
Impairment reversal | — | — | 309 | ||||||||||||||||||||||||||||||
Balance at December 31, 2013 | $ | 138,921 | $ | 8,489 | $ | 779 | |||||||||||||||||||||||||||
Mortgage servicing rights (MSRs) are initially recorded at fair value and subsequently amortized over the period of estimated servicing income. They are periodically reviewed for impairment and if impairment is indicated, recorded at fair value. At December 31, 2013, temporary impairment of $84 thousand had been recognized. Temporary impairment, including impairment recovery, is effected through a change in a valuation allowance. The fair value of the MSRs is based on the present value of expected future cash flows, as further discussed in Note 16 on Fair Value Measurements. | |||||||||||||||||||||||||||||||||
Aggregate amortization expense on intangible assets for the years ended December 31, 2013, 2012 and 2011 was $2.2 million, $2.5 million and $3.0 million, respectively. The following table shows the estimated future amortization expense based on existing asset balances and the interest rate environment as of December 31, 2013. The Company’s actual amortization expense in any given period may be different from the estimated amounts depending upon the acquisition of intangible assets, changes in mortgage interest rates, prepayment rates and other market conditions. | |||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||
2014 | $ | 1,999 | |||||||||||||||||||||||||||||||
2015 | 1,609 | ||||||||||||||||||||||||||||||||
2016 | 1,246 | ||||||||||||||||||||||||||||||||
2017 | 921 | ||||||||||||||||||||||||||||||||
2018 | 688 | ||||||||||||||||||||||||||||||||
Deposits
Deposits | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Deposits [Abstract] | ' | |||||||||||||||
Deposits | ' | |||||||||||||||
Deposits | ||||||||||||||||
At December 31, 2013, the scheduled maturities of total time open and certificates of deposit were as follows: | ||||||||||||||||
(In thousands) | ||||||||||||||||
Due in 2014 | $ | 1,740,247 | ||||||||||||||
Due in 2015 | 235,401 | |||||||||||||||
Due in 2016 | 126,623 | |||||||||||||||
Due in 2017 | 35,402 | |||||||||||||||
Due in 2018 | 48,998 | |||||||||||||||
Thereafter | 1,767 | |||||||||||||||
Total | $ | 2,188,438 | ||||||||||||||
The following table shows a detailed breakdown of the maturities of time open and certificates of deposit, by size category, at December 31, 2013. | ||||||||||||||||
(In thousands) | Certificates of Deposit under $100,000 | Other Time Deposits under $100,000 | Certificates of Deposit over $100,000 | Other Time Deposits over $100,000 | Total | |||||||||||
Due in 3 months or less | $ | 159,550 | $ | 33,313 | $ | 314,206 | $ | 19,086 | $ | 526,155 | ||||||
Due in over 3 through 6 months | 179,266 | 38,196 | 249,528 | 32,052 | 499,042 | |||||||||||
Due in over 6 through 12 months | 308,582 | 55,173 | 280,247 | 71,048 | 715,050 | |||||||||||
Due in over 12 months | 135,935 | 73,674 | 221,906 | 16,676 | 448,191 | |||||||||||
Total | $ | 783,333 | $ | 200,356 | $ | 1,065,887 | $ | 138,862 | $ | 2,188,438 | ||||||
Regulations of the Federal Reserve System require cash balances to be maintained at the Federal Reserve Bank, based on certain deposit levels. The minimum reserve requirement for the Bank at December 31, 2013 totaled $49.2 million. |
Borrowings
Borrowings | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Debt Disclosure [Abstract] | ' | |||||||||||||
Borrowings | ' | |||||||||||||
Borrowings | ||||||||||||||
The following table sets forth selected information for short-term borrowings (borrowings with an original maturity of less than one year). | ||||||||||||||
(Dollars in thousands) | Year End Weighted Rate | Average Weighted Rate | Average Balance Outstanding | Maximum Outstanding at any Month End | Balance at December 31 | |||||||||
Federal funds purchased and repurchase agreements: | ||||||||||||||
2013 | 0.1 | % | 0.1 | % | $ | 914,554 | $ | 1,479,849 | $ | 996,558 | ||||
2012 | 0.1 | 0.1 | 785,978 | 1,149,156 | 683,550 | |||||||||
2011 | 0.1 | 0.1 | 635,009 | 1,002,092 | 856,081 | |||||||||
Short-term borrowings consist primarily of federal funds purchased and securities sold under agreements to repurchase (repurchase agreements), which generally mature within 90 days. Short-term repurchase agreements at December 31, 2013 were comprised of non-insured customer funds totaling $971.8 million, which were secured by a portion of the Company’s investment portfolio. | ||||||||||||||
Long-term borrowings of the Company consisted of the following at December 31, 2013: | ||||||||||||||
(Dollars in thousands) | Borrower | Maturity Date | Year End Weighted Rate | Year End Balance | ||||||||||
FHLB advances | Subsidiary bank | 2014 | 4.8 | % | $ | 1,178 | ||||||||
2015-17 | 3.5 | 104,132 | ||||||||||||
Structured repurchase agreements | Subsidiary bank | 2014 | 0 | 350,000 | ||||||||||
Total | $ | 455,310 | ||||||||||||
The Bank is a member of the Des Moines FHLB and has access to term financing from the FHLB. These borrowings are secured under a blanket collateral agreement including primarily residential mortgages as well as all unencumbered assets and stock of the borrowing bank. Total outstanding advances at December 31, 2013 were $105.3 million. All of the outstanding advances have fixed interest rates and contain prepayment penalties. The FHLB has also issued letters of credit, totaling $353.0 million at December 31, 2013, to secure the Company’s obligations to certain depositors of public funds. | ||||||||||||||
Structured repurchase agreements totaled $350.0 million at December 31, 2013. These borrowings have floating interest rates based upon various published constant maturity swap (CMS) rates and will mature in 2014. They are secured by agency mortgage-backed and U.S. government securities in the Company's investment portfolio, which totaled $366.5 million at December 31, 2013. As of year end, these agreements did not bear interest because of low CMS rates. |
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||
Income Taxes | ' | |||||||||
Income Taxes | ||||||||||
The components of income tax expense from operations for the years ended December 31, 2013, 2012 and 2011 were as follows: | ||||||||||
(In thousands) | Current | Deferred | Total | |||||||
Year ended December 31, 2013: | ||||||||||
U.S. federal | $ | 102,191 | $ | 7,984 | $ | 110,175 | ||||
State and local | 10,838 | 1,217 | 12,055 | |||||||
Total | $ | 113,029 | $ | 9,201 | $ | 122,230 | ||||
Year ended December 31, 2012: | ||||||||||
U.S. federal | $ | 100,210 | $ | 15,125 | $ | 115,335 | ||||
State and local | 10,725 | 1,109 | 11,834 | |||||||
Total | $ | 110,935 | $ | 16,234 | $ | 127,169 | ||||
Year ended December 31, 2011: | ||||||||||
U.S. federal | $ | 113,920 | $ | (2,720 | ) | $ | 111,200 | |||
State and local | 10,328 | (116 | ) | 10,212 | ||||||
Total | $ | 124,248 | $ | (2,836 | ) | $ | 121,412 | |||
The components of income tax (benefit) expense recorded directly to stockholders’ equity for the years ended December 31, 2013, 2012 and 2011 were as follows: | ||||||||||
(In thousands) | 2013 | 2012 | 2011 | |||||||
Unrealized gain (loss) on securities available for sale | $ | (84,582 | ) | $ | 19,425 | $ | 31,565 | |||
Accumulated pension (benefit) loss | 6,981 | (3,608 | ) | (2,641 | ) | |||||
Compensation expense for tax purposes in excess of amounts recognized for financial reporting purposes | (1,003 | ) | (2,094 | ) | (1,065 | ) | ||||
Income tax (benefit) expense allocated to stockholders’ equity | $ | (78,604 | ) | $ | 13,723 | $ | 27,859 | |||
Significant components of the Company’s deferred tax assets and liabilities at December 31, 2013 and 2012 were as follows: | ||||||||||
(In thousands) | 2013 | 2012 | ||||||||
Deferred tax assets: | ||||||||||
Loans, principally due to allowance for loan losses | $ | 70,154 | $ | 75,710 | ||||||
Accrued expenses | 15,740 | 15,528 | ||||||||
Equity-based compensation | 12,407 | 12,469 | ||||||||
Deferred compensation | 6,980 | 6,280 | ||||||||
Pension | 728 | 7,840 | ||||||||
Other | 14,740 | 11,799 | ||||||||
Total deferred tax assets | 120,749 | 129,626 | ||||||||
Deferred tax liabilities: | ||||||||||
Equipment lease financing | 64,320 | 54,980 | ||||||||
Unrealized gain on securities available for sale | 15,633 | 100,215 | ||||||||
Land, buildings and equipment | 14,757 | 16,433 | ||||||||
Intangibles | 7,282 | 4,867 | ||||||||
Accretion on investment securities | 5,972 | 6,613 | ||||||||
Other | 7,325 | 8,399 | ||||||||
Total deferred tax liabilities | 115,289 | 191,507 | ||||||||
Net deferred tax assets (liabilities) | $ | 5,460 | $ | (61,881 | ) | |||||
The Company acquired a federal net operating loss (NOL) carryforward of approximately $4.3 million in connection with a 2003 acquisition. At December 31, 2013, the NOL had been fully utilized. Management believes it is more likely than not that the results of future operations will generate sufficient taxable income to realize the total deferred tax assets. | ||||||||||
A reconciliation between the expected federal income tax expense using the federal statutory tax rate of 35% and the Company’s actual income tax expense for 2013, 2012 and 2011 is provided in the table below. The effective tax rate is calculated by dividing income taxes by income before income taxes less the non-controlling interest expense. | ||||||||||
(In thousands) | 2013 | 2012 | 2011 | |||||||
Computed “expected” tax expense | $ | 134,117 | $ | 138,774 | $ | 132,214 | ||||
Increase (decrease) in income taxes resulting from: | ||||||||||
Tax-exempt interest, net of cost to carry | (16,612 | ) | (15,516 | ) | (14,815 | ) | ||||
State and local income taxes, net of federal tax benefit | 7,836 | 7,692 | 6,638 | |||||||
Tax deductible dividends on allocated shares held by the Company’s ESOP | (1,116 | ) | (2,991 | ) | (1,058 | ) | ||||
Other | (1,995 | ) | (790 | ) | (1,567 | ) | ||||
Total income tax expense | $ | 122,230 | $ | 127,169 | $ | 121,412 | ||||
It is the Company’s policy to recognize interest and penalties related to income tax matters in income tax expense. The Company recorded tax benefits related to interest and penalties of $5 thousand, $81 thousand and $1 thousand in 2013, 2012 and 2011, respectively. At December 31, 2013 and 2012, liabilities for interest and penalties were $172 thousand and $176 thousand, respectively. | ||||||||||
As of December 31, 2013 and 2012, the gross amount of unrecognized tax benefits was $1.4 million and $1.6 million, respectively, and the total amount of unrecognized tax benefits that would impact the effective tax rate, if recognized, was $1.0 million and $1.1 million, respectively. | ||||||||||
The Company and its subsidiaries are subject to income tax by federal, state and local government taxing authorities. Tax years 2010 through 2013 remain open to examination for U.S. federal income tax. Tax years 2009 through 2013 remain open to examination in major state taxing jurisdictions. | ||||||||||
The activity in the accrued liability for unrecognized tax benefits for the years ended December 31, 2013 and 2012 was as follows: | ||||||||||
(In thousands) | 2013 | 2012 | ||||||||
Unrecognized tax benefits at beginning of year | $ | 1,581 | $ | 1,584 | ||||||
Gross increases – tax positions in prior period | 70 | 417 | ||||||||
Gross decreases – tax positions in prior period | (2 | ) | (25 | ) | ||||||
Gross increases – current-period tax positions | 282 | 219 | ||||||||
Lapse of statute of limitations | (503 | ) | (614 | ) | ||||||
Unrecognized tax benefits at end of year | $ | 1,428 | $ | 1,581 | ||||||
Employee_Benefit_Plans
Employee Benefit Plans | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | ' | ||||||||||||
Employee Benefit Plans | ' | ||||||||||||
Employee Benefit Plans | |||||||||||||
Employee benefits charged to operating expenses are summarized in the table below. Substantially all of the Company’s employees are covered by a defined contribution (401(k)) plan, under which the Company makes matching contributions. | |||||||||||||
(In thousands) | 2013 | 2012 | 2011 | ||||||||||
Payroll taxes | $ | 21,705 | $ | 21,247 | $ | 20,703 | |||||||
Medical plans | 18,393 | 19,861 | 16,350 | ||||||||||
401(k) plan | 12,465 | 12,613 | 11,728 | ||||||||||
Pension plans | 1,627 | 2,441 | 994 | ||||||||||
Other | 2,498 | 2,062 | 2,232 | ||||||||||
Total employee benefits | $ | 56,688 | $ | 58,224 | $ | 52,007 | |||||||
A portion of the Company’s employees are covered by a noncontributory defined benefit pension plan, however, participation in the pension plan is not available to employees hired after June 30, 2003. All participants are fully vested in their benefit payable upon normal retirement date, which is based on years of participation and compensation. Certain key executives also participate in a supplemental executive retirement plan (the CERP) that the Company funds only as retirement benefits are disbursed. The CERP carries no segregated assets. Since January 2011, all benefits accrued under the pension plan have been frozen. However, the accounts continue to accrue interest at a stated annual rate. The CERP continues to provide credits based on hypothetical contributions in excess of those permitted under the 401(k) plan. In the tables presented below, the pension plan and the CERP are presented on a combined basis. | |||||||||||||
Under the Company’s funding policy for the defined benefit pension plan, contributions are made to a trust as necessary to satisfy the statutory minimum required contribution as defined by the Pension Protection Act, which is intended to provide for current service accruals and for any unfunded accrued actuarial liabilities over a reasonable period. To the extent that these requirements are fully covered by assets in the trust, a contribution might not be made in a particular year. The Company made a discretionary contribution of $1.5 million to its defined benefit pension plan in 2012 in order to reduce pension guarantee premiums. No contributions to the defined plan were made in 2013 and the minimum required contribution for 2014 is expected to be zero. The Company does not expect to make any further contributions in 2014 other than the necessary funding contributions to the CERP. Contributions to the CERP were $69 thousand, $65 thousand and $18 thousand during 2013, 2012 and 2011, respectively. | |||||||||||||
The following items are components of the net pension cost for the years ended December 31, 2013, 2012 and 2011. | |||||||||||||
(In thousands) | 2013 | 2012 | 2011 | ||||||||||
Service cost-benefits earned during the year | $ | 509 | $ | 504 | $ | 406 | |||||||
Interest cost on projected benefit obligation | 4,509 | 5,162 | 5,366 | ||||||||||
Expected return on plan assets | (6,476 | ) | (6,178 | ) | (6,727 | ) | |||||||
Amortization of unrecognized net loss | 3,085 | 2,953 | 1,949 | ||||||||||
Net periodic pension cost | $ | 1,627 | $ | 2,441 | $ | 994 | |||||||
The following table sets forth the pension plans’ funded status, using valuation dates of December 31, 2013 and 2012. | |||||||||||||
(In thousands) | 2013 | 2012 | |||||||||||
Change in projected benefit obligation | |||||||||||||
Projected benefit obligation at prior valuation date | $ | 125,147 | $ | 110,186 | |||||||||
Service cost | 509 | 504 | |||||||||||
Interest cost | 4,509 | 5,162 | |||||||||||
Benefits paid | (5,904 | ) | (5,248 | ) | |||||||||
Actuarial (gain) loss | (10,588 | ) | 14,543 | ||||||||||
Projected benefit obligation at valuation date | 113,673 | 125,147 | |||||||||||
Change in plan assets | |||||||||||||
Fair value of plan assets at prior valuation date | 101,834 | 97,228 | |||||||||||
Actual return on plan assets | 11,173 | 8,274 | |||||||||||
Employer contributions | 69 | 1,580 | |||||||||||
Benefits paid | (5,904 | ) | (5,248 | ) | |||||||||
Fair value of plan assets at valuation date | 107,172 | 101,834 | |||||||||||
Funded status and net amount recognized at valuation date | $ | (6,501 | ) | $ | (23,313 | ) | |||||||
The accumulated benefit obligation, which represents the liability of a plan using only benefits as of the measurement date, was $113.7 million and $125.1 million for the combined plans on December 31, 2013 and 2012, respectively. | |||||||||||||
Amounts not yet reflected in net periodic benefit cost and included in accumulated other comprehensive income (loss) at December 31, 2013 and 2012 are shown below, including amounts recognized in other comprehensive income during the periods. All amounts are shown on a pre-tax basis. | |||||||||||||
(In thousands) | 2013 | 2012 | |||||||||||
Prior service credit (cost) | $ | — | $ | — | |||||||||
Accumulated loss | (25,479 | ) | (43,849 | ) | |||||||||
Accumulated other comprehensive loss | (25,479 | ) | (43,849 | ) | |||||||||
Cumulative employer contributions in excess of net periodic benefit cost | 18,978 | 20,536 | |||||||||||
Net amount recognized as an accrued benefit liability on the December 31 balance sheet | $ | (6,501 | ) | $ | (23,313 | ) | |||||||
Net gain (loss) arising during period | $ | 15,285 | $ | (12,447 | ) | ||||||||
Amortization of net loss | 3,085 | 2,953 | |||||||||||
Total recognized in other comprehensive income | $ | 18,370 | $ | (9,494 | ) | ||||||||
Total income (expense) recognized in net periodic pension cost and other comprehensive income | $ | 16,743 | $ | (11,935 | ) | ||||||||
The estimated net loss to be amortized from accumulated other comprehensive income into net periodic pension cost in 2014 is $1.4 million. | |||||||||||||
The following assumptions, on a weighted average basis, were used in accounting for the plans. | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Determination of benefit obligation at year end: | |||||||||||||
Discount rate | 4.55 | % | 3.65 | % | 4.8 | % | |||||||
Assumed credit on cash balance accounts | 5 | % | 5 | % | 5 | % | |||||||
Determination of net periodic benefit cost for year ended: | |||||||||||||
Discount rate | 3.65 | % | 4.8 | % | 5.4 | % | |||||||
Long-term rate of return on assets | 6.5 | % | 6.5 | % | 7 | % | |||||||
Assumed credit on cash balance accounts | 5 | % | 5 | % | 5 | % | |||||||
The following table shows the fair values of the Company’s pension plan assets by asset category at December 31, 2013 and 2012. Information about the valuation techniques and inputs used to measure fair value are provided in Note 16 on Fair Value Measurements. | |||||||||||||
Fair Value Measurements | |||||||||||||
(In thousands) | Total Fair Value | Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||
(Level 1) | |||||||||||||
December 31, 2013 | |||||||||||||
Assets: | |||||||||||||
U.S. government obligations | $ | 901 | $ | 901 | $ | — | $ | — | |||||
Government-sponsored enterprise obligations (a) | 2,512 | — | 2,512 | — | |||||||||
State and municipal obligations | 7,270 | — | 7,270 | — | |||||||||
Agency mortgage-backed securities (b) | 1,744 | — | 1,744 | — | |||||||||
Non-agency mortgage-backed securities | 6,156 | — | 6,156 | — | |||||||||
Asset-backed securities | 5,985 | — | 5,985 | — | |||||||||
Corporate bonds (c) | 36,345 | — | 36,345 | — | |||||||||
Equity securities and mutual funds: (d) | |||||||||||||
U.S. large-cap | 23,677 | 23,677 | — | — | |||||||||
U.S. mid-cap | 13,864 | 13,864 | — | — | |||||||||
U.S. small-cap | 4,331 | 4,331 | — | — | |||||||||
International developed markets | 857 | 857 | — | — | |||||||||
Emerging markets | 659 | 659 | — | — | |||||||||
Money market funds | 2,871 | 2,871 | — | — | |||||||||
Total | $ | 107,172 | $ | 47,160 | $ | 60,012 | $ | — | |||||
December 31, 2012 | |||||||||||||
Assets: | |||||||||||||
Cash | $ | 31 | $ | 31 | $ | — | $ | — | |||||
U.S. government obligations | 343 | 343 | — | — | |||||||||
Government-sponsored enterprise obligations (a) | 6,930 | — | 6,930 | — | |||||||||
State and municipal obligations | 5,700 | — | 5,700 | — | |||||||||
Agency mortgage-backed securities (b) | 3,000 | — | 3,000 | — | |||||||||
Non-agency mortgage-backed securities | 6,936 | — | 6,936 | — | |||||||||
Asset-backed securities | 7,125 | — | 7,125 | — | |||||||||
Corporate bonds (c) | 27,653 | — | 27,653 | — | |||||||||
Equity securities and mutual funds: (d) | |||||||||||||
U.S. large-cap | 22,400 | 22,400 | — | — | |||||||||
U.S. mid-cap | 12,600 | 12,600 | — | — | |||||||||
U.S. small-cap | 3,792 | 3,792 | — | — | |||||||||
International developed markets | 908 | 908 | — | — | |||||||||
Emerging markets | 916 | 916 | — | — | |||||||||
Money market funds | 3,500 | 3,500 | — | — | |||||||||
Total | $ | 101,834 | $ | 44,490 | $ | 57,344 | $ | — | |||||
(a) | This category represents bonds (excluding mortgage-backed securities) issued by agencies such as the Federal Home Loan Bank, the Federal Home Loan Mortgage Corp and the Federal National Mortgage Association. | ||||||||||||
(b) | This category represents mortgage-backed securities issued by the agencies mentioned in (a). | ||||||||||||
(c) | This category represents investment grade bonds issued in the U.S., primarily by domestic issuers, representing diverse industries. | ||||||||||||
(d) | This category represents investments in individual common stocks and equity funds. These holdings are diversified, largely across the financial services, consumer goods, healthcare, technology, and energy sectors. | ||||||||||||
The investment policy of the pension plan is designed for growth in value within limits designed to safeguard against significant losses within the portfolio. The policy sets guidelines regarding the types of investments held that may change from time to time, currently including items such as holding bonds rated investment grade or better and prohibiting investment in Company stock. The plan does not utilize derivatives. Management believes there are no significant concentrations of risk within the plan asset portfolio at December 31, 2013. Under the current policy, the long-term investment target mix for the plan is 35% equity securities and 65% fixed income securities. The Company regularly reviews its policies on investment mix and may make changes depending on economic conditions and perceived investment risk. | |||||||||||||
The discount rate is based on matching the Company's estimated plan cash flows to a yield curve derived from a portfolio of corporate bonds rated AA by either Moody's or Standard and Poor's. | |||||||||||||
The assumed overall expected long-term rate of return on pension plan assets used in calculating 2013 pension plan expense was 6.5%. Determination of the plan’s expected rate of return is based upon historical and anticipated returns of the asset classes invested in by the pension plan and the allocation strategy currently in place among those classes. The rate used in plan calculations may be adjusted by management for current trends in the economic environment. The 10-year annualized return for the Company’s pension plan was 7.2%. During 2013, the plan’s rate of return was 11.1%, compared to 8.4% in 2012. Because a portion of the plan’s investments are equity securities, the actual return for any one plan year is affected by changes in the stock market. Due to positive investment returns experienced in 2013 and an increase in the discount rate, the Company expects to incur pension expense of $773 thousand in 2014, compared to $1.6 million in 2013. | |||||||||||||
The following future benefit payments are expected to be paid: | |||||||||||||
(In thousands) | |||||||||||||
2014 | $ | 5,958 | |||||||||||
2015 | 6,234 | ||||||||||||
2016 | 6,551 | ||||||||||||
2017 | 6,731 | ||||||||||||
2018 | 6,940 | ||||||||||||
2019 - 2023 | 36,258 | ||||||||||||
StockBased_Compensation_and_Di
Stock-Based Compensation and Directors Stock Purchase Plan | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Share-based Compensation [Abstract] | ' | ||||||||||
Stock-Based Compensation | ' | ||||||||||
Stock-Based Compensation and Directors Stock Purchase Plan* | |||||||||||
The Company’s stock-based compensation is provided under a stockholder-approved plan which allows for issuance of various types of awards, including stock options, stock appreciation rights, restricted stock and restricted stock units, performance awards and stock-based awards. At December 31, 2013, 3,729,477 shares remained available for issuance under the plan. The stock-based compensation expense that was charged against income was $6.4 million, $5.0 million and $4.7 million for the years ended December 31, 2013, 2012 and 2011, respectively. The total income tax benefit recognized in the income statement for share-based compensation arrangements was $2.4 million, $1.9 million and $1.8 million for the years ended December 31, 2013, 2012 and 2011, respectively. | |||||||||||
During 2013, stock-based compensation was issued in the form of nonvested stock awards and stock appreciation rights, while in 2012, stock-based compensation was issued solely in the form of nonvested stock awards. Nonvested stock is awarded to key employees, by action of the Company's Compensation and Human Resources Committee and Board of Directors. These awards generally vest after 4 to 7 years of continued employment, but vesting terms may vary according to the specifics of the individual grant agreement. There are restrictions as to transferability, sale, pledging, or assigning, among others, prior to the end of the vesting period. Dividend and voting rights are conferred upon grant. A summary of the status of the Company’s nonvested share awards as of December 31, 2013 and changes during the year then ended is presented below. | |||||||||||
Shares | Weighted Average Grant Date Fair Value | ||||||||||
Nonvested at January 1, 2013 | 926,871 | 32.97 | |||||||||
Granted | 421,803 | 36.67 | |||||||||
Vested | (54,922 | ) | 32.72 | ||||||||
Forfeited | (28,729 | ) | 33.03 | ||||||||
Canceled | (121,268 | ) | 33.64 | ||||||||
Nonvested at December 31, 2013 | 1,143,755 | 34.27 | |||||||||
The total fair value (at vest date) of shares vested during 2013, 2012 and 2011 was $2.1 million, $2.1 million and $1.6 million, respectively. | |||||||||||
Stock appreciation rights (SARs) and stock options are granted with exercise prices equal to the market price of the Company’s stock at the date of grant. SARs, which the Company granted in 2006 through 2009, and again in 2013, vest ratably over four years of continuous service and have 10-year contractual terms. All SARs must be settled in stock under provisions of the plan. Stock options, which were granted in 2005 and previous years, vested ratably over three years of continuous service, and also have 10-year contractual terms. | |||||||||||
In determining compensation cost, the Black-Scholes option-pricing model is used to estimate the fair value of options and SARs on date of grant. The Black-Scholes model is a closed-end model that uses various assumptions as shown in the following table. Expected volatility is based on historical volatility of the Company’s stock. The Company uses historical exercise behavior and other factors to estimate the expected term of the options and SARs, which represents the period of time that the options and SARs granted are expected to be outstanding. The risk-free rate for the expected term is based on the U.S. Treasury zero coupon spot rates in effect at the time of grant. The per share average fair value and the model assumptions for SARs granted in 2013 are shown in the table below. | |||||||||||
Weighted per share average fair value at grant date | $6.82 | ||||||||||
Assumptions: | |||||||||||
Dividend yield | 2.3 | % | |||||||||
Volatility | 23.2 | % | |||||||||
Risk-free interest rate | 1.2 | % | |||||||||
Expected term | 7.3 years | ||||||||||
A summary of option activity during 2013 is presented below. | |||||||||||
(Dollars in thousands, except per share data) | Shares | Weighted Average Exercise Price | Weighted Average Remaining Contractual Term | Aggregate Intrinsic Value | |||||||
Outstanding at January 1, 2013 | 807,121 | $ | 30.01 | ||||||||
Granted | — | — | |||||||||
Forfeited | — | — | |||||||||
Expired | — | — | |||||||||
Exercised | (354,798 | ) | 29.32 | ||||||||
Outstanding, exercisable and vested at December 31, 2013 | 452,323 | $ | 30.55 | 0.8 | years | $ | 6,494 | ||||
A summary of SAR activity during 2013 is presented below. | |||||||||||
(Dollars in thousands, except per share data) | Shares | Weighted Average Exercise Price | Weighted Average Remaining Contractual Term | Aggregate Intrinsic Value | |||||||
Outstanding at January 1, 2013 | 1,876,523 | $ | 34.35 | ||||||||
Granted | 224,282 | 37.17 | |||||||||
Forfeited | (2,954 | ) | 33.19 | ||||||||
Expired | — | — | |||||||||
Exercised | (339,597 | ) | 34.54 | ||||||||
Outstanding at December 31, 2013 | 1,758,254 | $ | 34.68 | 4 | years | $ | 17,993 | ||||
Exercisable at December 31, 2013 | 1,535,329 | $ | 34.32 | 3.2 | years | $ | 16,267 | ||||
Vested and expected to vest at December 31, 2013 | 1,748,676 | $ | 34.66 | 4 | years | $ | 17,919 | ||||
Additional information about stock options and SARs exercised is presented below. | |||||||||||
(In thousands) | 2013 | 2012 | 2011 | ||||||||
Intrinsic value of options and SARs exercised | $ | 6,580 | $ | 7,769 | $ | 6,722 | |||||
Cash received from options and SARs exercised | $ | 9,426 | $ | 14,820 | $ | 14,604 | |||||
Tax benefit realized from options and SARs exercised | $ | 335 | $ | 1,269 | $ | 847 | |||||
As of December 31, 2013, there was $20.5 million of unrecognized compensation cost (net of estimated forfeitures) related to unvested SARs and stock awards. That cost is expected to be recognized over a weighted average period of 3.4 years. | |||||||||||
The Company has a directors stock purchase plan whereby outside directors of the Company and its subsidiaries may elect to use their directors’ fees to purchase Company stock at market value each month end. Remaining shares available for issuance under this plan were 137,337 at December 31, 2013. In 2013, 20,222 shares were purchased at an average price of $40.39 and in 2012, 21,751 shares were purchased at an average price of $35.32. | |||||||||||
* All share and per share amounts in this note have been restated for the 5% stock dividend distributed in 2013. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ' | ||||||||||||
Accumulated Other Comprehensive Income | ' | ||||||||||||
Accumulated Other Comprehensive Income | |||||||||||||
The table below shows the activity and accumulated balances for components of other comprehensive income. The largest component is the unrealized holding gains and losses on available for sale securities. Unrealized gains and losses on debt securities for which an other-than-temporary impairment (OTTI) has been recorded in current earnings are shown separately below. The other component is amortization from other comprehensive income of losses associated with pension benefits, which occurs as the amortization is included in current net periodic benefit cost. | |||||||||||||
Unrealized Gains (Losses) on Securities (1) | Pension Loss (2) | Total Accumulated Other Comprehensive Income | |||||||||||
(In thousands) | OTTI | Other | |||||||||||
Balance January 1, 2013 | $ | 3,245 | $ | 160,263 | $ | (27,164 | ) | $ | 136,344 | ||||
Other comprehensive income (loss) before reclassifications | 261 | (222,628 | ) | 15,285 | (207,082 | ) | |||||||
Amounts reclassified from accumulated other comprehensive income | 1,284 | (1,501 | ) | 3,085 | 2,868 | ||||||||
Current period other comprehensive income (loss), before tax | 1,545 | (224,129 | ) | 18,370 | (204,214 | ) | |||||||
Income tax (expense) benefit | (587 | ) | 85,169 | (6,981 | ) | 77,601 | |||||||
Current period other comprehensive income (loss), net of tax | 958 | (138,960 | ) | 11,389 | (126,613 | ) | |||||||
Balance December 31, 2013 | $ | 4,203 | $ | 21,303 | $ | (15,775 | ) | $ | 9,731 | ||||
Balance January 1, 2012 | $ | (4,321 | ) | $ | 136,137 | $ | (21,278 | ) | $ | 110,538 | |||
Other comprehensive income (loss) before reclassifications | 10,713 | 39,271 | (12,447 | ) | 37,537 | ||||||||
Amounts reclassified from accumulated other comprehensive income | 1,490 | (357 | ) | 2,953 | 4,086 | ||||||||
Current period other comprehensive income (loss), before tax | 12,203 | 38,914 | (9,494 | ) | 41,623 | ||||||||
Income tax (expense) benefit | (4,637 | ) | (14,788 | ) | 3,608 | (15,817 | ) | ||||||
Current period other comprehensive income (loss), net of tax | 7,566 | 24,126 | (5,886 | ) | 25,806 | ||||||||
Balance December 31, 2012 | $ | 3,245 | $ | 160,263 | $ | (27,164 | ) | $ | 136,344 | ||||
(1) The pre-tax amounts reclassified from accumulated other comprehensive income are included in "investment securities gains (losses), net" in the consolidated statements of income. | |||||||||||||
(2) The pre-tax amounts reclassified from accumulated other comprehensive income are included in the computation of net periodic pension cost as "amortization of unrecognized net loss" (see Note 10). |
Segments
Segments | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||
Segments | ' | ||||||||||||||||||
Segments | |||||||||||||||||||
The Company segregates financial information for use in assessing its performance and allocating resources among three operating segments: Consumer, Commercial and Wealth. The Consumer segment includes the consumer portion of the retail branch network (loans, deposits and other personal banking services), indirect and other consumer financing, and consumer debit and credit bank cards. The Commercial segment provides corporate lending (including the Small Business Banking product line within the branch network), leasing, international services, and business, government deposit, and related commercial cash management services, as well as merchant and commercial bank card products. The Commercial segment also includes the Capital Markets Group, which sells fixed income securities and provides investment safekeeping and bond accounting services. The Wealth segment provides traditional trust and estate tax planning, advisory and discretionary investment management, and brokerage services, and includes the Private Banking product portfolio. | |||||||||||||||||||
The Company’s business line reporting system derives segment information from the internal profitability reporting system used by management to monitor and manage the financial performance of the Company. This information is based on internal management accounting policies, which have been developed to reflect the underlying economics of the businesses. The policies address the methodologies applied in connection with funds transfer pricing and assignment of overhead costs among segments. Funds transfer pricing was used in the determination of net interest income by assigning a standard cost (credit) for funds used (provided) by assets and liabilities based on their maturity, prepayment and/or repricing characteristics. Income and expense that directly relate to segment operations are recorded in the segment when incurred. Expenses that indirectly support the segments are allocated based on the most appropriate method available. | |||||||||||||||||||
The Company uses a funds transfer pricing method to value funds used (e.g., loans, fixed assets, and cash) and funds provided (e.g., deposits, borrowings, and equity) by the business segments and their components. This process assigns a specific value to each new source or use of funds with a maturity, based on current swap rates, thus determining an interest spread at the time of the transaction. Non-maturity assets and liabilities are valued using weighted average pools. The funds transfer pricing process attempts to remove interest rate risk from valuation, allowing management to compare profitability under various rate environments. | |||||||||||||||||||
The following tables present selected financial information by segment and reconciliations of combined segment totals to consolidated totals. There were no material intersegment revenues between the three segments. Management periodically makes changes to methods of assigning costs and income to its business segments to better reflect operating results. If appropriate, these changes are reflected in prior year information presented below. | |||||||||||||||||||
Segment Income Statement Data | |||||||||||||||||||
(In thousands) | Consumer | Commercial | Wealth | Segment Totals | Other/Elimination | Consolidated Totals | |||||||||||||
Year ended December 31, 2013: | |||||||||||||||||||
Net interest income | $ | 268,283 | $ | 288,722 | $ | 40,194 | $ | 597,199 | $ | 22,173 | $ | 619,372 | |||||||
Provision for loan losses | (34,277 | ) | 3,772 | (688 | ) | (31,193 | ) | 10,840 | (20,353 | ) | |||||||||
Non-interest income | 113,377 | 186,446 | 116,765 | 416,588 | 1,798 | 418,386 | |||||||||||||
Investment securities losses, net | — | — | — | — | (4,425 | ) | (4,425 | ) | |||||||||||
Non-interest expense | (270,209 | ) | (235,346 | ) | (96,530 | ) | (602,085 | ) | (27,548 | ) | (629,633 | ) | |||||||
Income before income taxes | $ | 77,174 | $ | 243,594 | $ | 59,741 | $ | 380,509 | $ | 2,838 | $ | 383,347 | |||||||
Year ended December 31, 2012: | |||||||||||||||||||
Net interest income | $ | 274,844 | $ | 290,968 | $ | 39,498 | $ | 605,310 | $ | 34,596 | $ | 639,906 | |||||||
Provision for loan losses | (35,496 | ) | (2,824 | ) | (695 | ) | (39,015 | ) | 11,728 | (27,287 | ) | ||||||||
Non-interest income | 114,307 | 179,824 | 108,472 | 402,603 | (2,973 | ) | 399,630 | ||||||||||||
Investment securities gains, net | — | — | — | — | 4,828 | 4,828 | |||||||||||||
Non-interest expense | (266,740 | ) | (226,935 | ) | (90,659 | ) | (584,334 | ) | (34,135 | ) | (618,469 | ) | |||||||
Income before income taxes | $ | 86,915 | $ | 241,033 | $ | 56,616 | $ | 384,564 | $ | 14,044 | $ | 398,608 | |||||||
Year ended December 31, 2011: | |||||||||||||||||||
Net interest income | $ | 283,555 | $ | 283,790 | $ | 38,862 | $ | 606,207 | $ | 39,863 | $ | 646,070 | |||||||
Provision for loan losses | (47,273 | ) | (16,195 | ) | (712 | ) | (64,180 | ) | 12,665 | (51,515 | ) | ||||||||
Non-interest income | 131,253 | 162,533 | 101,836 | 395,622 | (2,705 | ) | 392,917 | ||||||||||||
Investment securities gains, net | — | — | — | — | 10,812 | 10,812 | |||||||||||||
Non-interest expense | (269,435 | ) | (221,273 | ) | (89,108 | ) | (579,816 | ) | (37,433 | ) | (617,249 | ) | |||||||
Income before income taxes | $ | 98,100 | $ | 208,855 | $ | 50,878 | $ | 357,833 | $ | 23,202 | $ | 381,035 | |||||||
The segment activity, as shown above, includes both direct and allocated items. Amounts in the “Other/Elimination” column include activity not related to the segments, such as that relating to administrative functions, the investment securities portfolio, and the effect of certain expense allocations to the segments. The provision for loan losses in this category contains the difference between net loan charge-offs assigned directly to the segments and the recorded provision for loan loss expense. Included in this category’s net interest income are earnings of the investment portfolio, which are not allocated to a segment. | |||||||||||||||||||
Segment Balance Sheet Data | |||||||||||||||||||
(In thousands) | Consumer | Commercial | Wealth | Segment Totals | Other/Elimination | Consolidated Totals | |||||||||||||
Average balances for 2013: | |||||||||||||||||||
Assets | $ | 2,674,136 | $ | 6,321,153 | $ | 855,721 | $ | 9,851,010 | $ | 12,022,974 | $ | 21,873,984 | |||||||
Loans, including held for sale | 2,589,179 | 6,124,902 | 845,918 | 9,559,999 | 756,143 | 10,316,142 | |||||||||||||
Goodwill and other intangible assets | 73,340 | 61,925 | 746 | 136,011 | — | 136,011 | |||||||||||||
Deposits | 9,317,525 | 6,809,265 | 1,885,807 | 18,012,597 | 48,554 | 18,061,151 | |||||||||||||
Average balances for 2012: | |||||||||||||||||||
Assets | $ | 2,503,503 | $ | 5,834,512 | $ | 743,312 | $ | 9,081,327 | $ | 11,619,351 | $ | 20,700,678 | |||||||
Loans, including held for sale | 2,418,428 | 5,648,923 | 735,153 | 8,802,504 | 586,500 | 9,389,004 | |||||||||||||
Goodwill and other intangible assets | 72,765 | 58,573 | 746 | 132,084 | — | 132,084 | |||||||||||||
Deposits | 8,816,905 | 6,266,569 | 1,689,937 | 16,773,411 | 53,137 | 16,826,548 | |||||||||||||
The above segment balances include only those items directly associated with the segment. The “Other/Elimination” column includes unallocated bank balances not associated with a segment (such as investment securities and federal funds sold), balances relating to certain other administrative and corporate functions, and eliminations between segment and non-segment balances. This column also includes the resulting effect of allocating such items as float, deposit reserve and capital for the purpose of computing the cost or credit for funds used/provided. | |||||||||||||||||||
The Company’s reportable segments are strategic lines of business that offer different products and services. They are managed separately because each line services a specific customer need, requiring different performance measurement analyses and marketing strategies. The performance measurement of the segments is based on the management structure of the Company and is not necessarily comparable with similar information for any other financial institution. The information is also not necessarily indicative of the segments’ financial condition and results of operations if they were independent entities. |
Common_Stock
Common Stock | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Common Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | ' | |||||||||
Common Stock | ' | |||||||||
Common Stock | ||||||||||
On December 16, 2013, the Company distributed a 5% stock dividend on its $5 par common stock for the twentieth consecutive year. All per share data in this report has been restated to reflect the stock dividend. | ||||||||||
Basic income per share is computed by dividing income available to common shareholders by the weighted average number of common shares outstanding during the year. Diluted income per share gives effect to all dilutive potential common shares that were outstanding during the year. Presented below is a summary of the components used to calculate basic and diluted income per share, which have been restated for all stock dividends. | ||||||||||
The Company applies the two-class method of computing income per share. Under current guidance, nonvested share-based awards that contain nonforfeitable rights to dividends are considered securities which participate in undistributed earnings with common stock. The two-class method requires the calculation of separate income per share amounts for the nonvested share-based awards and for common stock. Income per share attributable to common stock is shown in the following table. Nonvested share-based awards are further discussed in Note 11 on Stock-Based Compensation. | ||||||||||
(In thousands, except per share data) | 2013 | 2012 | 2011 | |||||||
Basic income per common share: | ||||||||||
Net income attributable to Commerce Bancshares, Inc. | $ | 260,961 | $ | 269,329 | $ | 256,343 | ||||
Less income allocated to nonvested restricted stockholders | 2,939 | 2,563 | 1,846 | |||||||
Net income available to common stockholders | $ | 258,022 | $ | 266,766 | $ | 254,497 | ||||
Weighted average common shares outstanding | 94,585 | 96,195 | 99,086 | |||||||
Basic income per common share | $ | 2.73 | $ | 2.77 | $ | 2.57 | ||||
Diluted income per common share: | ||||||||||
Net income attributable to Commerce Bancshares, Inc. | $ | 260,961 | $ | 269,329 | $ | 256,343 | ||||
Less income allocated to nonvested restricted stockholders | 2,931 | 2,562 | 1,842 | |||||||
Net income available to common stockholders | $ | 258,030 | $ | 266,767 | $ | 254,501 | ||||
Weighted average common shares outstanding | 94,585 | 96,195 | 99,086 | |||||||
Net effect of the assumed exercise of stock-based awards -- based on the treasury stock method using the average market price for the respective periods | 398 | 294 | 362 | |||||||
Weighted average diluted common shares outstanding | 94,983 | 96,489 | 99,448 | |||||||
Diluted income per common share | $ | 2.72 | $ | 2.76 | $ | 2.56 | ||||
Nearly all unexercised stock options and stock appreciation rights were included in the computations of diluted income per share for the years ended December 31, 2013 and 2012. Unexercised options and rights of 1.2 million were excluded from the computation of diluted income per share for the year ended December 31, 2011, because their inclusion would have been anti-dilutive. | ||||||||||
The table below shows activity in the outstanding shares of the Company’s common stock during the past three years. Shares in the table below are presented on an historical basis and have not been restated for the annual 5% stock dividends. | ||||||||||
Years Ended December 31 | ||||||||||
(In thousands) | 2013 | 2012 | 2011 | |||||||
Shares outstanding at January 1 | 91,414 | 88,952 | 86,624 | |||||||
Issuance of stock: | ||||||||||
Awards and sales under employee and director plans | 653 | 837 | 724 | |||||||
5% stock dividend | 4,565 | 4,352 | 4,231 | |||||||
Summit acquisition | 1,000 | — | — | |||||||
Purchases of treasury stock | (1,742 | ) | (2,716 | ) | (2,622 | ) | ||||
Other | (9 | ) | (11 | ) | (5 | ) | ||||
Shares outstanding at December 31 | 95,881 | 91,414 | 88,952 | |||||||
The Company maintains a treasury stock buyback program authorized by its Board of Directors. At December 31, 2013, 3,492,265 shares were available for purchase under the current Board authorization. |
Regulatory_Capital_Requirement
Regulatory Capital Requirements | 12 Months Ended | |||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||
Regulatory Capital Requirements [Abstract] | ' | |||||||||||||||||
Regulatory Capital Requirements | ' | |||||||||||||||||
Regulatory Capital Requirements | ||||||||||||||||||
The Company is subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and additional discretionary actions by regulators that could have a direct material effect on the Company’s financial statements. The regulations require the Company to meet specific capital adequacy guidelines that involve quantitative measures of the Company’s assets, liabilities and certain off-balance sheet items as calculated under regulatory accounting practices. The Company’s capital classification is also subject to qualitative judgments by the regulators about components, risk weightings and other factors. | ||||||||||||||||||
Quantitative measures established by regulation to ensure capital adequacy require the Company and the Bank to maintain minimum amounts and ratios of Tier I capital to total average assets (leverage ratio), and minimum ratios of Tier I and Total capital to risk-weighted assets (as defined). To meet minimum, adequately capitalized regulatory requirements, an institution must maintain a Tier I capital ratio of 4.00%, a Total capital ratio of 8.00% and a leverage ratio of 4.00%. The minimum required ratios for well-capitalized banks (under prompt corrective action provisions) are 6.00% for Tier I capital, 10.00% for Total capital and 5.00% for the leverage ratio. | ||||||||||||||||||
The following tables show the capital amounts and ratios for the Company (on a consolidated basis) and the Bank, together with the minimum and well-capitalized capital requirements, at the last two year ends. | ||||||||||||||||||
Actual | Minimum Capital Requirement | Well-Capitalized Capital Requirement | ||||||||||||||||
(Dollars in thousands) | Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||
December 31, 2013 | ||||||||||||||||||
Total Capital (to risk-weighted assets): | ||||||||||||||||||
Commerce Bancshares, Inc. (consolidated) | $ | 2,239,636 | 15.28 | % | $ | 1,172,843 | 8 | % | N.A. | N.A. | ||||||||
Commerce Bank | 1,971,850 | 13.55 | 1,164,469 | 8 | $ | 1,455,586 | 10 | % | ||||||||||
Tier I Capital (to risk-weighted assets): | ||||||||||||||||||
Commerce Bancshares, Inc. (consolidated) | $ | 2,061,761 | 14.06 | % | $ | 586,421 | 4 | % | N.A. | N.A. | ||||||||
Commerce Bank | 1,809,231 | 12.43 | 582,234 | 4 | $ | 873,351 | 6 | % | ||||||||||
Tier I Capital (to adjusted quarterly average assets): | ||||||||||||||||||
(Leverage Ratio) | ||||||||||||||||||
Commerce Bancshares, Inc. (consolidated) | $ | 2,061,761 | 9.43 | % | $ | 874,673 | 4 | % | N.A. | N.A. | ||||||||
Commerce Bank | 1,809,231 | 8.31 | 871,050 | 4 | $ | 1,088,812 | 5 | % | ||||||||||
December 31, 2012 | ||||||||||||||||||
Total Capital (to risk-weighted assets): | ||||||||||||||||||
Commerce Bancshares, Inc. (consolidated) | $ | 2,092,141 | 14.93 | % | $ | 1,121,252 | 8 | % | N.A. | N.A. | ||||||||
Commerce Bank | 1,887,251 | 13.6 | 1,110,330 | 8 | $ | 1,387,912 | 10 | % | ||||||||||
Tier I Capital (to risk-weighted assets): | ||||||||||||||||||
Commerce Bancshares, Inc. (consolidated) | $ | 1,906,203 | 13.6 | % | $ | 560,626 | 4 | % | N.A. | N.A. | ||||||||
Commerce Bank | 1,713,752 | 12.35 | 555,165 | 4 | $ | 832,747 | 6 | % | ||||||||||
Tier I Capital (to adjusted quarterly average assets): | ||||||||||||||||||
(Leverage Ratio) | ||||||||||||||||||
Commerce Bancshares, Inc. (consolidated) | $ | 1,906,203 | 9.14 | % | $ | 834,171 | 4 | % | N.A. | N.A. | ||||||||
Commerce Bank | 1,713,752 | 8.26 | 829,711 | 4 | $ | 1,037,139 | 5 | % | ||||||||||
At December 31, 2013, the Company met all capital requirements to which it is subject, and the Bank’s capital position exceeded the regulatory definition of well-capitalized. |
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Fair Value Measurements | ' | |||||||||||||||
Fair Value Measurements | ||||||||||||||||
The Company uses fair value measurements to record fair value adjustments to certain financial and nonfinancial assets and liabilities and to determine fair value disclosures. Various financial instruments such as available for sale and trading securities, certain non-marketable securities relating to private equity activities, and derivatives are recorded at fair value on a recurring basis. Additionally, from time to time, the Company may be required to record at fair value other assets and liabilities on a nonrecurring basis, such as loans held for sale, mortgage servicing rights and certain other investment securities. These nonrecurring fair value adjustments typically involve lower of cost or fair value accounting, or write-downs of individual assets. | ||||||||||||||||
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Depending on the nature of the asset or liability, the Company uses various valuation techniques and assumptions when estimating fair value. For accounting disclosure purposes, a three-level valuation hierarchy of fair value measurements has been established. The valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. The three levels are defined as follows: | ||||||||||||||||
• | Level 1 – inputs to the valuation methodology are quoted prices for identical assets or liabilities in active markets. | |||||||||||||||
• | Level 2 – inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, and inputs that are observable for the assets or liabilities, either directly or indirectly (such as interest rates, yield curves, and prepayment speeds). | |||||||||||||||
• | Level 3 – inputs to the valuation methodology are unobservable and significant to the fair value. These may be internally developed, using the Company’s best information and assumptions that a market participant would consider. | |||||||||||||||
When determining the fair value measurements for assets and liabilities required or permitted to be recorded or disclosed at fair value, the Company considers the principal or most advantageous market in which it would transact and considers assumptions that market participants would use when pricing the asset or liability. When possible, the Company looks to active and observable markets to price identical assets or liabilities. When identical assets and liabilities are not traded in active markets, the Company looks to observable market data for similar assets and liabilities. Nevertheless, certain assets and liabilities are not actively traded in observable markets, and the Company must use alternative valuation techniques to derive an estimated fair value measurement. | ||||||||||||||||
Instruments Measured at Fair Value on a Recurring Basis | ||||||||||||||||
The table below presents the carrying values of assets and liabilities measured at fair value on a recurring basis at December 31, 2013 and 2012. There were no transfers among levels during these years. | ||||||||||||||||
Fair Value Measurements Using | ||||||||||||||||
(In thousands) | Total Fair Value | Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs | ||||||||||||
(Level 1) | (Level 3) | |||||||||||||||
December 31, 2013 | ||||||||||||||||
Assets: | ||||||||||||||||
Available for sale securities: | ||||||||||||||||
U.S. government and federal agency obligations | $ | 505,696 | $ | 505,696 | $ | — | $ | — | ||||||||
Government-sponsored enterprise obligations | 741,766 | — | 741,766 | — | ||||||||||||
State and municipal obligations | 1,619,171 | — | 1,491,447 | 127,724 | ||||||||||||
Agency mortgage-backed securities | 2,772,338 | — | 2,772,338 | — | ||||||||||||
Non-agency mortgage-backed securities | 246,983 | — | 246,983 | — | ||||||||||||
Asset-backed securities | 2,844,071 | — | 2,844,071 | — | ||||||||||||
Other debt securities | 141,757 | — | 141,757 | — | ||||||||||||
Equity securities | 43,898 | 24,646 | 19,252 | — | ||||||||||||
Trading securities | 19,993 | — | 19,993 | — | ||||||||||||
Private equity investments | 56,612 | — | — | 56,612 | ||||||||||||
Derivatives * | 12,980 | — | 12,976 | 4 | ||||||||||||
Assets held in trust | 7,511 | 7,511 | — | — | ||||||||||||
Total assets | 9,012,776 | 537,853 | 8,290,583 | 184,340 | ||||||||||||
Liabilities: | ||||||||||||||||
Derivatives * | 13,329 | — | 13,260 | 69 | ||||||||||||
Total liabilities | $ | 13,329 | $ | — | $ | 13,260 | $ | 69 | ||||||||
December 31, 2012 | ||||||||||||||||
Assets: | ||||||||||||||||
Available for sale securities: | ||||||||||||||||
U.S. government and federal agency obligations | $ | 438,759 | $ | 438,759 | $ | — | $ | — | ||||||||
Government-sponsored enterprise obligations | 471,574 | — | 471,574 | — | ||||||||||||
State and municipal obligations | 1,615,707 | — | 1,489,293 | 126,414 | ||||||||||||
Agency mortgage-backed securities | 3,380,955 | — | 3,380,955 | — | ||||||||||||
Non-agency mortgage-backed securities | 237,011 | — | 237,011 | — | ||||||||||||
Asset-backed securities | 3,167,394 | — | 3,167,394 | — | ||||||||||||
Other debt securities | 177,752 | — | 177,752 | — | ||||||||||||
Equity securities | 33,096 | 17,835 | 15,261 | — | ||||||||||||
Trading securities | 28,837 | — | 28,837 | — | ||||||||||||
Private equity investments | 68,167 | — | — | 68,167 | ||||||||||||
Derivatives * | 16,740 | — | 16,731 | 9 | ||||||||||||
Assets held in trust | 5,440 | 5,440 | — | — | ||||||||||||
Total assets | 9,641,432 | 462,034 | 8,984,808 | 194,590 | ||||||||||||
Liabilities: | ||||||||||||||||
Derivatives * | 17,718 | — | 17,522 | 196 | ||||||||||||
Total liabilities | $ | 17,718 | $ | — | $ | 17,522 | $ | 196 | ||||||||
* | The fair value of each class of derivative is shown in Note 18. | |||||||||||||||
Valuation methods for instruments measured at fair value on a recurring basis | ||||||||||||||||
Following is a description of the Company’s valuation methodologies used for instruments measured at fair value on a recurring basis: | ||||||||||||||||
Available for sale investment securities | ||||||||||||||||
For available for sale securities, changes in fair value, including that portion of other-than-temporary impairment unrelated to credit loss, are recorded in other comprehensive income. As mentioned in Note 4 on Investment Securities, the Company records the credit-related portion of other-than-temporary impairment in current earnings. This portfolio comprises the majority of the assets which the Company records at fair value. Most of the portfolio, which includes government-sponsored enterprise, mortgage-backed and asset-backed securities, are priced utilizing industry-standard models that consider various assumptions, including time value, yield curves, volatility factors, prepayment speeds, default rates, loss severity, current market and contractual prices for the underlying financial instruments, as well as other relevant economic measures. Substantially all of these assumptions are observable in the marketplace, can be derived from observable data, or are supported by observable levels at which transactions are executed in the marketplace. These measurements are classified as Level 2 in the fair value hierarchy. Where quoted prices are available in an active market, the measurements are classified as Level 1. Most of the Level 1 measurements apply to equity securities and U.S. Treasury obligations. | ||||||||||||||||
The fair values of Level 1 and 2 securities (excluding equity securities) in the available for sale portfolio are prices provided by a third-party pricing service. The prices provided by the third-party pricing service are based on observable market inputs, as described in the sections below. On a quarterly basis, the Company compares a sample of these prices to other independent sources for the same and similar securities. Variances are analyzed, and, if appropriate, additional research is conducted with the third-party pricing service. Based on this research, the pricing service may affirm or revise its quoted price. No significant adjustments have been made to the prices provided by the pricing service. The pricing service also provides documentation on an ongoing basis that includes reference data, inputs and methodology by asset class, which is reviewed to ensure that security placement within the fair value hierarchy is appropriate. | ||||||||||||||||
Valuation methods and inputs, by class of security: | ||||||||||||||||
• | U.S. government and federal agency obligations | |||||||||||||||
U.S. treasury bills, bonds and notes, including inflation-protected securities, are valued using live data from active market makers and inter-dealer brokers. Valuations for stripped coupon and principal issues are derived from yield curves generated from various dealer contacts and live data sources. | ||||||||||||||||
• | Government-sponsored enterprise obligations | |||||||||||||||
Government-sponsored enterprise obligations are evaluated using cash flow valuation models. Inputs used are live market data, cash settlements, Treasury market yields, and floating rate indices such as LIBOR, CMT, and Prime. | ||||||||||||||||
• | State and municipal obligations, excluding auction rate securities | |||||||||||||||
A yield curve is generated and applied to bond sectors, and individual bond valuations are extrapolated. Inputs used to generate the yield curve are bellwether issue levels, established trading spreads between similar issuers or credits, historical trading spreads over widely accepted market benchmarks, new issue scales, and verified bid information. Bid information is verified by corroborating the data against external sources such as broker-dealers, trustees/paying agents, issuers, or non-affiliated bondholders. | ||||||||||||||||
• | Mortgage and asset-backed securities | |||||||||||||||
Collateralized mortgage obligations and other asset-backed securities are valued at the tranche level. For each tranche valuation, the process generates predicted cash flows for the tranche, applies a market based (or benchmark) yield/spread for each tranche, and incorporates deal collateral performance and tranche level attributes to determine tranche-specific spreads to adjust the benchmark yield. Tranche cash flows are generated from new deal files and prepayment/default assumptions. Tranche spreads are based on tranche characteristics such as average life, type, volatility, ratings, underlying collateral and performance, and prevailing market conditions. The appropriate tranche spread is applied to the corresponding benchmark, and the resulting value is used to discount the cash flows to generate an evaluated price. | ||||||||||||||||
Valuation of agency pass-through securities, typically issued under GNMA, FNMA, FHLMC, and SBA programs, are primarily derived from information from the To Be Announced (TBA) market. This market consists of generic mortgage pools which have not been received for settlement. Snapshots of the TBA market, using live data feeds distributed by multiple electronic platforms, are used in conjunction with other indices to compute a price based on discounted cash flow models. | ||||||||||||||||
• | Other debt securities | |||||||||||||||
Other debt securities are valued using active markets and inter-dealer brokers as well as bullet spread scales and option adjusted spreads. The spreads and models use yield curves, terms and conditions of the bonds, and any special features (e.g., call or put options and redemption features). | ||||||||||||||||
• | Equity securities | |||||||||||||||
Equity securities are priced using the market prices for each security from the major stock exchanges or other electronic quotation systems. These are generally classified as Level 1 measurements. Stocks which trade infrequently are classified as Level 2. | ||||||||||||||||
The available for sale portfolio includes certain auction rate securities. The auction process by which the auction rate securities are normally priced has not functioned in recent years, and due to the illiquidity in the market, the fair value of these securities cannot be based on observable market prices. The fair values of these securities are estimated using a discounted cash flows analysis which is discussed more fully in the Level 3 Inputs section of this note. Because many of the inputs significant to the measurement are not observable, these measurements are classified as Level 3 measurements. | ||||||||||||||||
Trading securities | ||||||||||||||||
The securities in the Company’s trading portfolio are priced by averaging several broker quotes for similar instruments and are classified as Level 2 measurements. | ||||||||||||||||
Private equity investments | ||||||||||||||||
These securities are held by the Company’s private equity subsidiaries and are included in non-marketable investment securities in the consolidated balance sheets. Due to the absence of quoted market prices, valuation of these nonpublic investments requires significant management judgment. These fair value measurements, which are discussed in the Level 3 Inputs section of this note, are classified as Level 3. | ||||||||||||||||
Derivatives | ||||||||||||||||
The Company’s derivative instruments include interest rate swaps, foreign exchange forward contracts, commitments and sales contracts related to personal mortgage loan origination activity, and certain credit risk guarantee agreements. When appropriate, the impact of credit standing as well as any potential credit enhancements, such as collateral, has been considered in the fair value measurement. | ||||||||||||||||
• | Valuations for interest rate swaps are derived from a proprietary model whose significant inputs are readily observable market parameters, primarily yield curves used to calculate current exposure. Counterparty credit risk is incorporated into the model and calculated by applying a net credit spread over LIBOR to the swap's total expected exposure over time. The net credit spread is comprised of spreads for both the Company and its counterparty, derived from probability of default and other loss estimate information obtained from a third party credit data provider or from the Company's Credit Department when not otherwise available. The credit risk component is not significant compared to the overall fair value of the swaps. The results of the model are constantly validated through comparison to active trading in the marketplace. These fair value measurements are classified as Level 2. | |||||||||||||||
• | Fair value measurements for foreign exchange contracts are derived from a model whose primary inputs are quotations from global market makers and are classified as Level 2. | |||||||||||||||
• | The fair values of mortgage loan commitments and forward sales contracts on the associated loans are based on quoted prices for similar loans in the secondary market. These prices include the value of loan servicing rights. However, these prices are adjusted by a factor which considers the likelihood that a commitment will ultimately result in a closed loan. This estimate is based on the Company’s historical data and its judgment about future economic trends. Based on the unobservable nature of this adjustment, these measurements are classified as Level 3. | |||||||||||||||
• | The Company’s contracts related to credit risk guarantees are valued under a proprietary model which uses unobservable inputs and assumptions about the creditworthiness of the counterparty (generally a Bank customer). Customer credit spreads, which are based on probability of default and other loss estimates, are calculated internally by the Company's Credit Department, as mentioned above, and are based on the Company's internal risk rating for each customer. Because these inputs are significant to the measurements, they are classified as Level 3. | |||||||||||||||
Assets held in trust | ||||||||||||||||
Assets held in an outside trust for the Company’s deferred compensation plan consist of investments in mutual funds. The fair value measurements are based on quoted prices in active markets and classified as Level 1. The Company has recorded an asset representing the total investment amount. The Company has also recorded a corresponding nonfinancial liability, representing the Company’s liability to the plan participants. | ||||||||||||||||
The changes in Level 3 assets and liabilities measured at fair value on a recurring basis are summarized as follows: | ||||||||||||||||
Fair Value Measurements Using Significant Unobservable Inputs | ||||||||||||||||
(Level 3) | ||||||||||||||||
(In thousands) | State and Municipal Obligations | Private Equity | Derivatives | Total | ||||||||||||
Investments | ||||||||||||||||
Year ended December 31, 2013: | ||||||||||||||||
Balance at January 1, 2013 | $ | 126,414 | $ | 68,167 | $ | (187 | ) | $ | 194,394 | |||||||
Total gains or losses (realized/unrealized): | ||||||||||||||||
Included in earnings | — | (2,971 | ) | 234 | (2,737 | ) | ||||||||||
Included in other comprehensive income | 3,253 | — | — | 3,253 | ||||||||||||
Investment securities called | (2,150 | ) | — | — | (2,150 | ) | ||||||||||
Discount accretion | 207 | — | — | 207 | ||||||||||||
Purchases of private equity securities | — | 3,950 | — | 3,950 | ||||||||||||
Sale / paydown of private equity securities | — | (12,865 | ) | — | (12,865 | ) | ||||||||||
Capitalized interest/dividends | — | 331 | — | 331 | ||||||||||||
Sale of risk participation agreement | — | — | (112 | ) | (112 | ) | ||||||||||
Balance at December 31, 2013 | $ | 127,724 | $ | 56,612 | $ | (65 | ) | $ | 184,271 | |||||||
Total gains or losses for the annual period included in earnings attributable to the change in unrealized gains or losses relating to assets still held at December 31, 2013 | $ | — | $ | (5,297 | ) | $ | 234 | $ | (5,063 | ) | ||||||
Year ended December 31, 2012: | ||||||||||||||||
Balance at January 1, 2012 | $ | 135,621 | $ | 66,978 | $ | (123 | ) | $ | 202,476 | |||||||
Total gains or losses (realized/unrealized): | ||||||||||||||||
Included in earnings | — | 4,505 | 16 | 4,521 | ||||||||||||
Included in other comprehensive income | (1,368 | ) | — | — | (1,368 | ) | ||||||||||
Investment securities called | (8,275 | ) | — | — | (8,275 | ) | ||||||||||
Discount accretion | 436 | — | — | 436 | ||||||||||||
Purchases of private equity securities | — | 8,910 | — | 8,910 | ||||||||||||
Sale / paydown of private equity securities | — | (12,751 | ) | — | (12,751 | ) | ||||||||||
Capitalized interest/dividends | — | 525 | — | 525 | ||||||||||||
Purchase of risk participation agreement | — | — | 28 | 28 | ||||||||||||
Sale of risk participation agreement | — | — | (108 | ) | (108 | ) | ||||||||||
Balance at December 31, 2012 | $ | 126,414 | $ | 68,167 | $ | (187 | ) | $ | 194,394 | |||||||
Total gains or losses for the annual period included in earnings attributable to the change in unrealized gains or losses relating to assets still held at December 31, 2012 | $ | — | $ | 3,080 | $ | (21 | ) | $ | 3,059 | |||||||
Gains and losses on the Level 3 assets and liabilities in the table above are reported in the following income categories: | ||||||||||||||||
(In thousands) | Loan Fees and Sales | Other Non-Interest Income | Investment Securities Gains (Losses), Net | Total | ||||||||||||
Year ended December 31, 2013: | ||||||||||||||||
Total gains or losses included in earnings | $ | — | $ | 234 | $ | (2,971 | ) | $ | (2,737 | ) | ||||||
Change in unrealized gains or losses relating to assets still held at December 31, 2013 | $ | — | $ | 234 | $ | (5,297 | ) | $ | (5,063 | ) | ||||||
Year ended December 31, 2012: | ||||||||||||||||
Total gains or losses included in earnings | $ | (9 | ) | $ | 25 | $ | 4,505 | $ | 4,521 | |||||||
Change in unrealized gains or losses relating to assets still held at December 31, 2012 | $ | — | $ | (21 | ) | $ | 3,080 | $ | 3,059 | |||||||
Level 3 Inputs | ||||||||||||||||
As shown above, the Company's significant Level 3 measurements which employ unobservable inputs that are readily quantifiable pertain to auction rate securities (ARS) held by the Bank and investments in portfolio concerns held by the Company's private equity subsidiaries. ARS are included in state and municipal securities and totaled $127.7 million at December 31, 2013, while private equity investments, included in non-marketable securities, totaled $56.6 million. | ||||||||||||||||
Information about these inputs is presented in the table and discussions below. | ||||||||||||||||
Quantitative Information about Level 3 Fair Value Measurements | ||||||||||||||||
Valuation Technique | Unobservable Input | Range | ||||||||||||||
Auction rate securities | Discounted cash flow | Estimated market recovery period | 4 | - | 5 years | |||||||||||
Estimated market rate | 1.90% | - | 4.10% | |||||||||||||
Private equity investments | Market comparable companies | EBITDA multiple | 4 | - | 5.5 | |||||||||||
The fair values of ARS are estimated using a discounted cash flows analysis in which estimated cash flows are based on mandatory interest rates paid under failing auctions and projected over an estimated market recovery period. Under normal conditions, ARS traded in weekly auctions and were considered liquid investments. The Company's estimate of when these auctions might resume is highly judgmental and subject to variation depending on current and projected market conditions. Few auctions of these securities have been held since 2008, and most sales have been privately arranged. Estimated cash flows during the period over which the Company expects to hold the securities are discounted at an estimated market rate. These securities are comprised of bonds issued by various states and municipalities for healthcare and student lending purposes, and market rates are derived for each type. Market rates are calculated at each valuation date using a LIBOR or Treasury based rate plus spreads representing adjustments for liquidity premium and nonperformance risk. The spreads are developed internally by employees in the Company's bond department. An increase in the holding period alone would result in a higher fair value measurement, while an increase in the estimated market rate (the discount rate) alone would result in a lower fair value measurement. The valuation of the ARS portfolio is reviewed on a quarterly basis by the Company's chief investment officers. | ||||||||||||||||
The fair values of the Company's private equity investments are based on a determination of fair value of the investee company less preference payments assuming the sale of the investee company. Investee companies are normally non-public entities. The fair value of the investee company is determined by reference to the investee's total earnings before interest, depreciation/amortization, and income taxes (EBITDA) multiplied by an EBITDA factor. EBITDA is normally determined based on a trailing prior period adjusted for specific factors including current economic outlook, investee management, and specific unique circumstances such as sales order information, major customer status, regulatory changes, etc. The EBITDA multiple is based on management's review of published trading multiples for recent private equity transactions and other judgments and is derived for each individual investee. The fair value of the Company's investment (which is usually a partial interest in the investee company) is then calculated based on its ownership percentage in the investee company. On a quarterly basis, these fair value analyses are reviewed by a valuation committee consisting of investment managers and senior Company management. | ||||||||||||||||
Instruments Measured at Fair Value on a Nonrecurring Basis | ||||||||||||||||
For assets measured at fair value on a nonrecurring basis during 2013 and 2012, and still held as of December 31, 2013 and 2012, the following table provides the adjustments to fair value recognized during the respective periods, the level of valuation assumptions used to determine each adjustment, and the carrying value of the related individual assets or portfolios at December 31, 2013 and 2012. | ||||||||||||||||
Fair Value Measurements Using | ||||||||||||||||
(In thousands) | Fair Value | Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs | Total Gains (Losses) | |||||||||||
(Level 1) | (Level 3) | |||||||||||||||
Balance at December 31, 2013 | ||||||||||||||||
Collateral dependent impaired loans | $ | 23,654 | $ | — | $ | — | $ | 23,654 | $ | (8,406 | ) | |||||
Private equity investments | 500 | — | — | 500 | (500 | ) | ||||||||||
Mortgage servicing rights | 779 | — | — | 779 | 309 | |||||||||||
Foreclosed assets | 1,287 | — | — | 1,287 | (430 | ) | ||||||||||
Balance at December 31, 2012 | ||||||||||||||||
Collateral dependent impaired loans | $ | 24,572 | $ | — | $ | — | $ | 24,572 | $ | (8,411 | ) | |||||
Mortgage servicing rights | 472 | — | — | 472 | 34 | |||||||||||
Foreclosed assets | 297 | — | — | 297 | (170 | ) | ||||||||||
Long-lived assets | 5,617 | — | — | 5,617 | (3,428 | ) | ||||||||||
Valuation methods for instruments measured at fair value on a nonrecurring basis | ||||||||||||||||
Following is a description of the Company’s valuation methodologies used for other financial and nonfinancial instruments measured at fair value on a nonrecurring basis. | ||||||||||||||||
Collateral dependent impaired loans | ||||||||||||||||
While the overall loan portfolio is not carried at fair value, the Company periodically records nonrecurring adjustments to the carrying value of loans based on fair value measurements for partial charge-offs of the uncollectible portions of those loans. Nonrecurring adjustments also include certain impairment amounts for collateral dependent loans when establishing the allowance for loan losses. Such amounts are generally based on the fair value of the underlying collateral supporting the loan. In determining the value of real estate collateral, the Company relies on external and internal appraisals of property values depending on the size and complexity of the real estate collateral. The Company maintains a staff of qualified appraisers who also review third party appraisal reports for reasonableness. In the case of non-real estate collateral, reliance is placed on a variety of sources, including external estimates of value and judgments based on the experience and expertise of internal specialists. Values of all loan collateral are regularly reviewed by credit administration. Unobservable inputs to these measurements, which include estimates and judgments often used in conjunction with appraisals, are not readily quantifiable. These measurements are classified as Level 3. Changes in fair value recognized for partial charge-offs of loans and loan impairment reserves on loans held by the Company at December 31, 2013 and 2012 are shown in the table above. | ||||||||||||||||
Loans held for sale | ||||||||||||||||
Loans held for sale are carried at the lower of cost or fair value. In recent periods, this portfolio consisted of student loans. Most of the portfolio was under contract to an agency which was unable to consistently purchase loans under existing contractual terms. Such loans were evaluated using a fair value measurement method based on a discounted cash flows analysis, which was classified as Level 3. | ||||||||||||||||
Private equity investments and restricted stock | ||||||||||||||||
These assets are included in non-marketable investment securities in the consolidated balance sheets. They include certain investments in private equity concerns held by the Parent company which are carried at cost, reduced by other-than-temporary impairment. These investments are periodically evaluated for impairment based on their estimated fair value as determined by review of available information, most of which is provided as monthly or quarterly internal financial statements, annual audited financial statements, investee tax returns, and in certain situations, through research into and analysis of the assets and investments held by those private equity concerns. Restricted stock consists of stock issued by the Federal Reserve Bank and FHLB which is held by the bank subsidiary as required for regulatory purposes. Generally, there are restrictions on the sale and/or liquidation of these investments, and they are carried at cost, reduced by other-than-temporary impairment. Fair value measurements for these securities are classified as Level 3. | ||||||||||||||||
Mortgage servicing rights | ||||||||||||||||
The Company initially measures its mortgage servicing rights at fair value and amortizes them over the period of estimated net servicing income. They are periodically assessed for impairment based on fair value at the reporting date. Mortgage servicing rights do not trade in an active market with readily observable prices. Accordingly, the fair value is estimated based on a valuation model which calculates the present value of estimated future net servicing income. The model incorporates assumptions that market participants use in estimating future net servicing income, including estimates of prepayment speeds, market discount rates, cost to service, float earnings rates, and other ancillary income, including late fees. The fair value measurements are classified as Level 3. | ||||||||||||||||
Goodwill and core deposit premium | ||||||||||||||||
Valuation of goodwill to determine impairment is performed on an annual basis, or more frequently if there is an event or circumstance that would indicate impairment may have occurred. The process involves calculations to determine the fair value of each reporting unit on a stand-alone basis. A combination of formulas using current market multiples, based on recent sales of financial institutions within the Company’s geographic marketplace, is used to estimate the fair value of each reporting unit. That fair value is compared to the carrying amount of the reporting unit, including its recorded goodwill. Impairment is considered to have occurred if the fair value of the reporting unit is lower than the carrying amount of the reporting unit. The fair value of the Company’s common stock relative to its computed book value per share is also considered as part of the overall evaluation. These measurements are classified as Level 3. | ||||||||||||||||
Core deposit premiums are recognized at the time a portfolio of deposits is acquired, using valuation techniques which calculate the present value of the estimated net cost savings attributable to the core deposit base, relative to alternative costs of funds and tax benefits, if applicable, over the expected remaining economic life of the depositors. Subsequent evaluations are made when facts or circumstances indicate potential impairment may have occurred. The Company uses estimates of discounted future cash flows, comparisons with alternative sources for deposits, consideration of income potential generated in other product lines by current customers, geographic parameters, and other demographics to estimate a current fair value of a specific deposit base. If the calculated fair value is less than the carrying value, impairment is considered to have occurred. This measurement is classified as Level 3. | ||||||||||||||||
Foreclosed assets | ||||||||||||||||
Foreclosed assets consist of loan collateral which has been repossessed through foreclosure. This collateral is comprised of commercial and residential real estate and other non-real estate property, including auto, marine and recreational vehicles. Foreclosed assets are recorded as held for sale initially at the lower of the loan balance or fair value of the collateral less estimated selling costs. Subsequent to foreclosure, valuations are updated periodically, and the assets may be marked down further, reflecting a new cost basis. Fair value measurements may be based upon appraisals, third-party price opinions, or internally developed pricing methods. These measurements are classified as Level 3. | ||||||||||||||||
Long-lived assets | ||||||||||||||||
In accordance with ASC 360-10-35, investments in branch facilities and various office buildings are written down to estimated fair value, or estimated fair value less cost to sell if the property is held for sale. Fair value is estimated in a process which considers current local commercial real estate market conditions and the judgment of the sales agent and often involves obtaining third party appraisals from certified real estate appraisers. The carrying amounts of these real estate holdings are regularly monitored by real estate professionals employed by the Company. These fair value measurements are classified as Level 3. Unobservable inputs to these measurements, which include estimates and judgments often used in conjunction with appraisals, are not readily quantifiable. The loss recognized in 2012 resulted primarily from the Company's decision to market certain property adjacent to a downtown Kansas City office building, also held for sale, which required a write-down to fair value less selling costs. |
Fair_Value_Of_Financial_Instru
Fair Value Of Financial Instruments | 12 Months Ended | ||||||||||||||
Dec. 31, 2013 | |||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||
Fair Value Of Financial Instruments | ' | ||||||||||||||
Fair Value of Financial Instruments | |||||||||||||||
The carrying amounts and estimated fair values of financial instruments held by the Company, in addition to a discussion of the methods used and assumptions made in computing those estimates, are set forth below. | |||||||||||||||
Loans | |||||||||||||||
The fair values of loans are estimated by discounting the expected future cash flows using the current rates at which similar loans would be made to borrowers with similar credit ratings and for the same remaining maturities. This method of estimating fair value does not incorporate the exit-price concept of fair value prescribed by ASC 820 “Fair Value Measurements and Disclosures”. Expected future cash flows for each individual loan are based on contractual features, and for loans with optionality, such as variable rates and prepayment features, are based on a multi-rate path process. Each loan's expected future cash flows are discounted using the LIBOR/swap curve plus an appropriate spread. For business, construction and business real estate loans, internally-developed pricing spreads are developed which are based on loan type, term and credit score. The spread for personal real estate loans is generally based on newly originated loans with similar characteristics. For consumer loans, the spread is calculated at loan origination as part of the Bank's funds transfer pricing process, which is indicative of individual borrower creditworthiness. All consumer credit card loans are discounted at the same spread, depending on whether the rate is variable or fixed. | |||||||||||||||
Loans Held for Sale, Investment Securities and Derivative Instruments | |||||||||||||||
Detailed descriptions of the fair value measurements of these instruments are provided in Note 16 on Fair Value Measurements. | |||||||||||||||
Federal Funds Purchased and Sold, Interest Earning Deposits With Banks and Cash and Due From Banks | |||||||||||||||
The carrying amounts of federal funds purchased and sold, interest earning deposits with banks, and cash and due from banks approximates fair value, as these instruments are payable on demand or mature overnight. | |||||||||||||||
Securities Purchased/Sold under Agreements to Resell/Repurchase | |||||||||||||||
The fair values of these investments and borrowings are estimated by discounting contractual maturities using an estimate of the current market rate for similar instruments. | |||||||||||||||
Deposits | |||||||||||||||
The fair value of deposits with no stated maturity is equal to the amount payable on demand. Such deposits include savings and interest and non-interest bearing demand deposits. These fair value estimates do not recognize any benefit the Company receives as a result of being able to administer, or control, the pricing of these accounts. Because they are payable on demand, they are classified as Level 1 in the fair value hierarchy. The fair value of time open and certificates of deposit is based on the discounted value of cash flows, taking early withdrawal optionality into account. Discount rates are based on the Company’s approximate cost of obtaining similar maturity funding in the market. Their fair value measurement is classified as Level 3. | |||||||||||||||
Other Borrowings | |||||||||||||||
The fair value of other borrowings, which consists mainly of long-term debt, is estimated by discounting contractual maturities using an estimate of the current market rate for similar instruments. | |||||||||||||||
The estimated fair values of the Company’s financial instruments are as follows: | |||||||||||||||
Fair Value Hierarchy Level | 2013 | 2012 | |||||||||||||
(In thousands) | Carrying Amount | Estimated Fair Value | Carrying Amount | Estimated Fair Value | |||||||||||
Financial Assets | |||||||||||||||
Loans: | |||||||||||||||
Business | Level 3 | $ | 3,715,319 | $ | 3,723,263 | $ | 3,134,801 | $ | 3,144,989 | ||||||
Real estate - construction and land | Level 3 | 406,197 | 410,022 | 355,996 | 352,547 | ||||||||||
Real estate - business | Level 3 | 2,313,550 | 2,345,124 | 2,214,975 | 2,240,796 | ||||||||||
Real estate - personal | Level 3 | 1,787,626 | 1,802,364 | 1,584,859 | 1,642,820 | ||||||||||
Consumer | Level 3 | 1,512,716 | 1,519,830 | 1,289,650 | 1,309,403 | ||||||||||
Revolving home equity | Level 3 | 420,589 | 424,811 | 437,567 | 441,651 | ||||||||||
Consumer credit card | Level 3 | 796,228 | 811,550 | 804,245 | 823,560 | ||||||||||
Overdrafts | Level 3 | 4,611 | 4,611 | 9,291 | 9,291 | ||||||||||
Loans held for sale | Level 2 | — | — | 3,017 | 3,030 | ||||||||||
Loans held for sale | Level 3 | — | — | 5,810 | 5,810 | ||||||||||
Investment securities: | |||||||||||||||
Available for sale | Level 1 | 530,342 | 530,342 | 456,594 | 456,594 | ||||||||||
Available for sale | Level 2 | 8,257,614 | 8,257,614 | 8,939,240 | 8,939,240 | ||||||||||
Available for sale | Level 3 | 127,724 | 127,724 | 126,414 | 126,414 | ||||||||||
Trading | Level 2 | 19,993 | 19,993 | 28,837 | 28,837 | ||||||||||
Non-marketable | Level 3 | 107,324 | 107,324 | 118,650 | 118,650 | ||||||||||
Federal funds sold | Level 1 | 43,845 | 43,845 | 27,595 | 27,595 | ||||||||||
Securities purchased under agreements to resell | Level 3 | 1,150,000 | 1,149,625 | 1,200,000 | 1,215,234 | ||||||||||
Interest earning deposits with banks | Level 1 | 707,249 | 707,249 | 179,164 | 179,164 | ||||||||||
Cash and due from banks | Level 1 | 518,420 | 518,420 | 573,066 | 573,066 | ||||||||||
Derivative instruments | Level 2 | 12,976 | 12,976 | 16,731 | 16,731 | ||||||||||
Derivative instruments | Level 3 | 4 | 4 | 9 | 9 | ||||||||||
Financial Liabilities | |||||||||||||||
Non-interest bearing deposits | Level 1 | $ | 6,750,674 | $ | 6,750,674 | $ | 6,299,903 | $ | 6,299,903 | ||||||
Savings, interest checking and money market deposits | Level 1 | 10,108,236 | 10,108,236 | 9,817,943 | 9,817,943 | ||||||||||
Time open and certificates of deposit | Level 3 | 2,188,438 | 2,190,610 | 2,230,807 | 2,239,595 | ||||||||||
Federal funds purchased | Level 1 | 24,795 | 24,795 | 24,510 | 24,510 | ||||||||||
Securities sold under agreements to repurchase | Level 3 | 1,321,763 | 1,321,633 | 1,059,040 | 1,057,462 | ||||||||||
Other borrowings | Level 3 | 107,310 | 116,843 | 103,710 | 117,527 | ||||||||||
Derivative instruments | Level 2 | 13,260 | 13,260 | 17,522 | 17,522 | ||||||||||
Derivative instruments | Level 3 | 69 | 69 | 196 | 196 | ||||||||||
Off-Balance Sheet Financial Instruments | |||||||||||||||
The fair value of letters of credit and commitments to extend credit is based on the fees currently charged to enter into similar agreements. The aggregate of these fees is not material. These instruments are also referenced in Note 20 on Commitments, Contingencies and Guarantees. | |||||||||||||||
Limitations | |||||||||||||||
Fair value estimates are made at a specific point in time based on relevant market information. They do not reflect any premium or discount that could result from offering for sale at one time the Company’s entire holdings of a particular financial instrument. Because no market exists for many of the Company’s financial instruments, fair value estimates are based on judgments regarding future expected loss experience, risk characteristics and economic conditions. These estimates are subjective, involve uncertainties and cannot be determined with precision. Changes in assumptions could significantly affect the estimates. |
Derivative_Instruments
Derivative Instruments | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Derivative Instrument Detail [Abstract] | ' | |||||||||||||||
Derivative Instruments | ' | |||||||||||||||
Derivative Instruments | ||||||||||||||||
The notional amounts of the Company’s derivative instruments are shown in the table below. These contractual amounts, along with other terms of the derivative, are used to determine amounts to be exchanged between counterparties and are not a measure of loss exposure. The largest group of notional amounts relate to interest rate swaps, which are discussed in more detail below. | ||||||||||||||||
December 31 | ||||||||||||||||
(In thousands) | 2013 | 2012 | ||||||||||||||
Interest rate swaps | $ | 596,933 | $ | 435,542 | ||||||||||||
Interest rate caps | 9,736 | 27,736 | ||||||||||||||
Credit risk participation agreements | 52,456 | 43,243 | ||||||||||||||
Foreign exchange contracts | 81,207 | 47,897 | ||||||||||||||
Total notional amount | $ | 740,332 | $ | 554,418 | ||||||||||||
The Company’s foreign exchange activity involves the purchase and sale of forward foreign exchange contracts, which are commitments to purchase or deliver a specified amount of foreign currency at a specific future date. This activity enables customers involved in international business to hedge their exposure to foreign currency exchange rate fluctuations. The Company minimizes its related exposure arising from these customer transactions with offsetting contracts for the same currency and time frame. In addition, the Company uses foreign exchange contracts, to a limited extent, for trading purposes, including taking proprietary positions. Risk arises from changes in the currency exchange rate and from the potential for counterparty nonperformance. These risks are controlled by adherence to a foreign exchange trading policy which contains control limits on currency amounts, open positions, maturities and losses, and procedures for approvals, record-keeping, monitoring and reporting. Hedge accounting has not been applied to these foreign exchange activities. | ||||||||||||||||
The Company’s mortgage banking operation makes commitments to extend fixed rate loans secured by 1-4 family residential properties. The Company’s general practice in previous years was to sell such loans in the secondary market. The related commitments were considered to be derivative instruments. These commitments were recognized on the balance sheet at fair value from their inception through their expiration or funding and had an average term of 60 to 90 days. The Company obtained forward sale contracts with investors in the secondary market in order to manage these risk positions. Most of the contracts were matched to a specific loan on a “best efforts” basis, in which the Company was obligated to deliver the loan only if the loan closed. The sale contracts were also accounted for as derivatives. Hedge accounting was not applied to these activities. In late 2011, the Company curtailed the sales of these types of loans, and did not hold any such loans for sale at December 31, 2013 or December 31, 2012. | ||||||||||||||||
Credit risk participation agreements arise when the Company contracts, as a guarantor or beneficiary, with other financial institutions to share credit risk associated with certain interest rate swaps. The Company’s risks and responsibilities as guarantor are further discussed in Note 20 on Commitments, Contingencies and Guarantees. | ||||||||||||||||
The Company’s interest rate risk management strategy includes the ability to modify the repricing characteristics of certain assets and liabilities so that changes in interest rates do not adversely affect the net interest margin and cash flows. Interest rate swaps are used on a limited basis as part of this strategy. At December 31, 2013, the Company had entered into two interest rate swaps with a notional amount of $12.2 million, which are designated as fair value hedges of certain fixed rate loans. Gains and losses on these derivative instruments, as well as the offsetting loss or gain on the hedged loans attributable to the hedged risk, are recognized in current earnings. These gains and losses are reported in interest and fees on loans in the accompanying consolidated statements of income. The table below shows gains and losses related to fair value hedges. | ||||||||||||||||
For the Years | ||||||||||||||||
Ended December 31 | ||||||||||||||||
(In thousands) | 2013 | 2012 | 2011 | |||||||||||||
Gain on interest rate swaps | $ | 422 | $ | 331 | $ | 106 | ||||||||||
Loss on loans | (408 | ) | (324 | ) | (95 | ) | ||||||||||
Amount of hedge ineffectiveness | $ | 14 | $ | 7 | $ | 11 | ||||||||||
The Company’s other derivative instruments are accounted for as free-standing derivatives, and changes in their fair value are recorded in current earnings. These instruments include interest rate swap contracts sold to commercial customers who wish to modify their interest rate sensitivity. These swaps are offset by matching contracts purchased by the Company from other financial dealer institutions. Contracts with dealers that require central clearing (generally, transactions occurring after June 10, 2013) are novated to a clearing agency who becomes the Company's counterparty. Because of the matching terms of the offsetting contracts, in addition to collateral provisions which mitigate the impact of non-performance risk, changes in fair value subsequent to initial recognition have a minimal effect on earnings. The notional amount of these free-standing swaps at December 31, 2013 was $584.8 million. | ||||||||||||||||
Many of the Company’s interest rate swap arrangements with large financial institutions contain contingent features relating to debt ratings or capitalization levels. Under these provisions, if the Company’s debt rating falls below investment grade or if the Company ceases to be “well-capitalized” under risk-based capital guidelines, certain counterparties can require immediate and ongoing collateralization on interest rate swaps in net liability positions, or can require instant settlement of the contracts. The Company maintains debt ratings and capital well above these minimum requirements. | ||||||||||||||||
The banking customer counterparties are engaged in a variety of businesses, including real estate, building materials, communications, consumer products, education, and manufacturing. At December 31, 2013, the largest loss exposures were in the groups related to education, real estate and building materials, and manufacturing. If the counterparties in these groups failed to perform, and if the underlying collateral proved to be of no value, the Company would incur losses of $2.4 million (real estate and building materials), $2.4 million (education), and $1.5 million (manufacturing), based on estimated amounts at December 31, 2013. | ||||||||||||||||
The fair values of the Company’s derivative instruments are shown in the table below. Information about the valuation methods used to measure fair value is provided in Note 16 on Fair Value Measurements. Derivatives instruments with a positive fair value (asset derivatives) are reported in other assets in the consolidated balance sheets while derivative instruments with a negative fair value (liability derivatives) are reported in other liabilities in the consolidated balance sheets. | ||||||||||||||||
Asset Derivatives | Liability Derivatives | |||||||||||||||
31-Dec | 31-Dec | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
(In thousands) | Fair Value | Fair Value | ||||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||||
Interest rate swaps | $ | — | $ | — | $ | (300 | ) | $ | (723 | ) | ||||||
Total derivatives designated as hedging instruments | $ | — | $ | — | $ | (300 | ) | $ | (723 | ) | ||||||
Derivatives not designated as hedging instruments: | ||||||||||||||||
Interest rate swaps | $ | 11,428 | $ | 16,334 | $ | (11,429 | ) | $ | (16,337 | ) | ||||||
Interest rate caps | 1 | 1 | (1 | ) | (1 | ) | ||||||||||
Credit risk participation agreements | 4 | 9 | (69 | ) | (196 | ) | ||||||||||
Foreign exchange contracts | 1,547 | 396 | (1,530 | ) | (461 | ) | ||||||||||
Total derivatives not designated as hedging instruments | $ | 12,980 | $ | 16,740 | $ | (13,029 | ) | $ | (16,995 | ) | ||||||
Total derivatives | $ | 12,980 | $ | 16,740 | $ | (13,329 | ) | $ | (17,718 | ) | ||||||
The effects of derivative instruments on the consolidated statements of income are shown in the table below. | ||||||||||||||||
Location of Gain or (Loss) Recognized in Income on Derivative | Amount of Gain or (Loss) Recognized in Income on Derivative | |||||||||||||||
For the Years | ||||||||||||||||
Ended December 31 | ||||||||||||||||
(In thousands) | 2013 | 2012 | 2011 | |||||||||||||
Derivatives in fair value hedging relationships: | ||||||||||||||||
Interest rate swaps | Interest and fees on loans | $ | 422 | $ | 331 | $ | 106 | |||||||||
Total | $ | 422 | $ | 331 | $ | 106 | ||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||||
Interest rate swaps | Other non-interest income | $ | 1,140 | $ | 743 | $ | 797 | |||||||||
Credit risk participation agreements | Other non-interest income | 234 | 25 | 270 | ||||||||||||
Foreign exchange contracts | Other non-interest income | 81 | (161 | ) | (36 | ) | ||||||||||
Mortgage loan commitments | Loan fees and sales | — | (20 | ) | (51 | ) | ||||||||||
Mortgage loan forward sale contracts | Loan fees and sales | — | 11 | (422 | ) | |||||||||||
Total | $ | 1,455 | $ | 598 | $ | 558 | ||||||||||
Balance_Sheet_Offsetting_Notes
Balance Sheet Offsetting (Notes) | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||
Offsetting [Abstract] | ' | ||||||||||||||||||
Balance Sheet Offsetting [Text Block] | ' | ||||||||||||||||||
Balance Sheet Offsetting | |||||||||||||||||||
The following tables show the extent to which assets and liabilities relating to derivative instruments, securities purchased under agreements to resell (resell agreements), and securities sold under agreements to repurchase (repurchase agreements) have been offset in the consolidated balance sheets. They also provide information about these instruments which are subject to an enforceable master netting arrangement, irrespective of whether they are offset, and the extent to which the instruments could potentially be offset. Also shown is collateral received or pledged in the form of other financial instruments, which are generally marketable securities. The collateral amounts in these tables are limited to the outstanding balances of the related asset or liability (after netting is applied); thus amounts of excess collateral are not shown. Most of the assets and liabilities in the following tables were transacted under master netting arrangements that contain a conditional right of offset, such as close-out netting, upon default. | |||||||||||||||||||
The Company is party to master netting arrangements with most of its swap derivative counterparties; however, the Company does not offset derivative assets and liabilities under these arrangements on its consolidated balance sheet. Collateral, usually in the form of marketable securities, is exchanged between the Company and dealer bank counterparties, and is generally subject to thresholds and transfer minimums. By contract, it may be sold or re-pledged by the secured party until recalled at a subsequent valuation date by the pledging party. For those swap transactions requiring central clearing, the Company posts cash and securities to its clearing agency. At December 31, 2013, the Company had a net liability position with dealer bank and clearing agency counterparties totaling $8.8 million, and had posted securities with a fair value of $10.2 million and cash totaling $1.8 million. Collateral positions are valued daily, and adjustments to amounts received and pledged by the Company are made as appropriate to maintain proper collateralization for these transactions. Swap derivative transactions with customers are generally secured by rights to non-financial collateral, such as real and personal property, which is not shown in the table below. | |||||||||||||||||||
Resell and repurchase agreements are agreements to purchase/sell securities subject to an obligation to resell/repurchase the same or similar securities. They are accounted for as collateralized financing transactions, not as sales and purchases of the securities portfolio. The securities collateral accepted or pledged in resell and repurchase agreements with other financial institutions also may be sold or re-pledged by the secured party, but is usually delivered to and held by third party trustees. The Company generally retains custody of securities pledged for repurchase agreements with customers. | |||||||||||||||||||
The Company is party to several agreements commonly known as collateral swaps. These agreements involve the exchange of collateral under simultaneous repurchase and resell agreements with the same financial institution counterparty. These repurchase and resell agreements have the same principal amounts, inception dates, and maturity dates and have been offset against each other in the balance sheet, as permitted under the netting provisions of ASC 210-20-45. The collateral swaps totaled $300.0 million at both December 31, 2013 and December 31, 2012. At December 31, 2013, the Company had posted collateral consisting of $311.0 million in agency mortgage-backed securities and accepted $331.3 million in investment grade asset-backed, commercial mortgage-backed, and corporate bonds. | |||||||||||||||||||
Gross Amounts Not Offset in the Balance Sheet | |||||||||||||||||||
(In thousands) | Gross Amount Recognized | Gross Amounts Offset in the Balance Sheet | Net Amounts Presented in the Balance Sheet | Financial Instruments Available for Offset | Securities Collateral Received/Pledged | Net Amount | |||||||||||||
31-Dec-13 | |||||||||||||||||||
Assets: | |||||||||||||||||||
Derivatives subject to master netting agreements | $ | 11,579 | $ | — | $ | 11,579 | $ | (1,299 | ) | $ | (338 | ) | $ | 9,942 | |||||
Derivatives not subject to master netting agreements | 1,401 | — | 1,401 | ||||||||||||||||
Total derivatives | 12,980 | — | 12,980 | ||||||||||||||||
Total resell agreements, subject to master netting arrangements | 1,450,000 | (300,000 | ) | 1,150,000 | — | (1,150,000 | ) | — | |||||||||||
Liabilities: | |||||||||||||||||||
Derivatives subject to master netting agreements | 12,962 | — | 12,962 | (1,299 | ) | (9,063 | ) | 2,600 | |||||||||||
Derivatives not subject to master netting agreements | 367 | — | 367 | ||||||||||||||||
Total derivatives | 13,329 | — | 13,329 | ||||||||||||||||
Total repurchase agreements, subject to master netting arrangements | 1,621,763 | (300,000 | ) | 1,321,763 | — | (1,321,763 | ) | — | |||||||||||
31-Dec-12 | |||||||||||||||||||
Assets: | |||||||||||||||||||
Derivatives subject to master netting agreements | $ | 16,475 | $ | — | $ | 16,475 | $ | (603 | ) | $ | — | $ | 15,872 | ||||||
Derivatives not subject to master netting agreements | 265 | — | 265 | ||||||||||||||||
Total derivatives | 16,740 | — | 16,740 | ||||||||||||||||
Total resell agreements, subject to master netting arrangements | 1,500,000 | (300,000 | ) | 1,200,000 | — | (1,200,000 | ) | — | |||||||||||
Liabilities: | |||||||||||||||||||
Derivatives subject to master netting agreements | 17,315 | — | 17,315 | (603 | ) | (16,017 | ) | 695 | |||||||||||
Derivatives not subject to master netting agreements | 403 | — | 403 | ||||||||||||||||
Total derivatives | 17,718 | — | 17,718 | ||||||||||||||||
Total repurchase agreements, subject to master netting arrangements | 1,359,040 | (300,000 | ) | 1,059,040 | — | (1,059,040 | ) | — | |||||||||||
Commitments_Contingencies_And_
Commitments, Contingencies And Guarantees | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||||||||
Commitments, Contingencies And Guarantees | ' | |||||||||
Commitments, Contingencies and Guarantees | ||||||||||
The Company leases certain premises and equipment, all of which were classified as operating leases. The rent expense under such arrangements amounted to $6.5 million, $6.9 million and $7.4 million in 2013, 2012 and 2011, respectively. A summary of minimum lease commitments follows: | ||||||||||
(In thousands) | Type of Property | |||||||||
Year Ended December 31 | Real Property | Equipment | Total | |||||||
2014 | $ | 5,811 | $ | 39 | $ | 5,850 | ||||
2015 | 4,896 | 29 | 4,925 | |||||||
2016 | 4,033 | 26 | 4,059 | |||||||
2017 | 3,541 | 2 | 3,543 | |||||||
2018 | 2,629 | — | 2,629 | |||||||
After | 16,300 | — | 16,300 | |||||||
Total minimum lease payments | $ | 37,306 | ||||||||
All leases expire prior to 2051. It is expected that in the normal course of business, leases that expire will be renewed or replaced by leases on other properties; thus, the future minimum lease commitments are not expected to be less than the amounts shown for 2014. | ||||||||||
The Company engages in various transactions and commitments with off-balance sheet risk in the normal course of business to meet customer financing needs. The Company uses the same credit policies in making the commitments and conditional obligations described below as it does for on-balance sheet instruments. The following table summarizes these commitments at December 31: | ||||||||||
(In thousands) | 2013 | 2012 | ||||||||
Commitments to extend credit: | ||||||||||
Credit card | $ | 3,835,323 | $ | 3,878,468 | ||||||
Other | 4,591,468 | 4,500,352 | ||||||||
Standby letters of credit, net of participations | 325,623 | 359,765 | ||||||||
Commercial letters of credit | 11,771 | 12,582 | ||||||||
Commitments to extend credit are legally binding agreements to lend to a borrower providing there are no violations of any conditions established in the contract. As many of the commitments are expected to expire without being drawn upon, the total commitment does not necessarily represent future cash requirements. Refer to Note 3 on Loans and Allowance for Loan Losses for further discussion. | ||||||||||
Commercial letters of credit act as a means of ensuring payment to a seller upon shipment of goods to a buyer. The majority of commercial letters of credit issued are used to settle payments in international trade. Typically, letters of credit require presentation of documents which describe the commercial transaction, evidence shipment, and transfer title. | ||||||||||
The Company, as a provider of financial services, routinely issues financial guarantees in the form of financial and performance standby letters of credit. Standby letters of credit are contingent commitments issued by the Company generally to guarantee the payment or performance obligation of a customer to a third party. While these represent a potential outlay by the Company, a significant amount of the commitments may expire without being drawn upon. The Company has recourse against the customer for any amount it is required to pay to a third party under a standby letter of credit. The letters of credit are subject to the same credit policies, underwriting standards and approval process as loans made by the Company. Most of the standby letters of credit are secured, and in the event of nonperformance by the customer, the Company has rights to the underlying collateral, which could include commercial real estate, physical plant and property, inventory, receivables, cash and marketable securities. | ||||||||||
At December 31, 2013, the Company had recorded a liability in the amount of $3.8 million, representing the carrying value of the guarantee obligations associated with the standby letters of credit. This amount will be accreted into income over the remaining life of the respective commitments. Commitments outstanding under these letters of credit, which represent the maximum potential future payments guaranteed by the Company, were $325.6 million at December 31, 2013. | ||||||||||
The Company regularly purchases various state tax credits arising from third-party property redevelopment. These credits are either resold to third parties or retained for use by the Company. During 2013, purchases and sales of tax credits amounted to $65.1 million and $59.6 million, respectively. At December 31, 2013, the Company had outstanding purchase commitments totaling $181.8 million. The commitments are expected to be funded in 2014 through 2017. | ||||||||||
The Company periodically enters into risk participation agreements (RPAs) as a guarantor to other financial institutions, in order to mitigate those institutions’ credit risk associated with interest rate swaps with third parties. The RPA stipulates that, in the event of default by the third party on the interest rate swap, the Company will reimburse a portion of the loss borne by the financial institution. These interest rate swaps are normally collateralized (generally with real property, inventories and equipment) by the third party, which limits the credit risk associated with the Company’s RPAs. The third parties usually have other borrowing relationships with the Company. The Company monitors overall borrower collateral, and at December 31, 2013, believes sufficient collateral is available to cover potential swap losses. The RPAs are carried at fair value throughout their term, with all changes in fair value, including those due to a change in the third party’s creditworthiness, recorded in current earnings. The terms of the RPAs, which correspond to the terms of the underlying swaps, range from 3 to 10 years. At December 31, 2013, the fair value of the Company's guarantee liability RPAs was $69 thousand, and the notional amount of the underlying swaps was $50.1 million. The maximum potential future payment guaranteed by the Company cannot be readily estimated and is dependent upon the fair value of the interest rate swaps at the time of default. | ||||||||||
In December 2013, the settlement of a multi-district interchange suit against Visa, MasterCard and credit-card issuing major banks was approved in federal court. The settlement, as proposed in 2012, included a provision to reduce credit card interchange income by 10 basis points over an eight month period. In 2012, the Company established a liability for the estimated cost of this reduction in interchange income, which totaled $5.2 million. The Company's payments to Visa related to the reduction began in September 2013 and totaled $2.3 million during 2013. The Company's adjusted remaining liability totaled $2.5 million at December 31, 2013. | ||||||||||
In December 2011, the Bank reached a class-wide settlement in a class action lawsuit captioned Wolfgeher v. Commerce Bank, Case No. 1:10-cv-22017 (MDL 2036) which alleged that the Bank had improperly charged overdraft fees on certain debit card transactions and claimed refunds for the plaintiff individually and on behalf of other customers as a class. The settlement provided for a payment of $18.3 million, which was expensed by the Company in 2011, into a class settlement fund, the proceeds of which have been used to issue refunds to class members and to pay attorneys' fees, administrative and other costs. The Bank also agreed to post debit card transactions in chronological order, which was implemented on February 21, 2013. As a result of the change in the posting order of debit card transactions, the Company currently estimates that overdraft income will be reduced on an annual basis by $3.5 million to $5.5 million. A formal Settlement Agreement and Release related to this lawsuit was signed by the Bank on July 26, 2012. A second suit alleging the same facts and also seeking class-action status was filed on June 4, 2010 in Missouri state court; however, the second suit was resolved by agreement on July 18, 2013 and was subsequently dismissed. | ||||||||||
On January 4, 2013, the Company was named in a petition by Patrick J. Malloy III, Bankruptcy Trustee for the Bankruptcy Estate of George David Gordon Jr. (“Gordon”). The petition was filed in the District Court in and for Tulsa County, State of Oklahoma and removed to the United States District Court for the Northern District of Oklahoma, and subsequently remanded back to the District Court on May 7, 2013. On May 10, 2013, the Company was served with an amended petition in the case. The amended petition alleges that Gordon was involved in securities fraud and that Bank South, an Oklahoma bank that was subsequently acquired by the Company, together with a lending officer employed by Bank South, are jointly and severally liable, as aiders and abettors of the fraudulent scheme, for losses suffered by defrauded investors. The losses suffered by investors who have assigned their claims to the Trustee are alleged to be in excess of $9.0 million. The claim alleges that the Bank is liable as a successor by merger to Bank South. Based on facts available to the Company and after discussion with outside counsel handling the matter, the Company believes it has substantial defenses to this matter but has established a liability of $1.0 million. This matter will continue to be evaluated on an ongoing basis. | ||||||||||
The Company has various other lawsuits pending at December 31, 2013, arising in the normal course of business. While some matters pending against the Company specify damages claimed by plaintiffs, others do not seek a specified amount of damages or are at very early stages of the legal process. The Company records a loss accrual for all legal matters for which it deems a loss is probable and can be reasonably estimated. Some legal matters, which are at early stages in the legal process, have not yet progressed to the point where a loss amount can be determined to be probable and estimable. |
Related_Parties
Related Parties | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Related Party Transactions [Abstract] | ' | |||||||||
Related Parties | ' | |||||||||
Related Parties | ||||||||||
The Company’s Chief Executive Officer, its Vice Chairman, and its President are directors of Tower Properties Company (Tower) and, together with members of their immediate families, beneficially own approximately 72% of the outstanding stock of Tower. At December 31, 2013, Tower owned 222,663 shares of Company stock. Tower is primarily engaged in the business of owning, developing, leasing and managing real property. | ||||||||||
Payments from the Company and its affiliates to Tower are summarized below. During 2012 and 2011, the Company leased several surface parking lots in downtown Kansas City, owned by Tower, for employee use. In the fourth quarter of 2012, the Company purchased these lots from Tower for $7.1 million. Other payments, with the exception of dividend payments, relate to property management services, including construction oversight, on four Company-owned office buildings and related parking garages in downtown Kansas City. | ||||||||||
(In thousands) | 2013 | 2012 | 2011 | |||||||
Rent on leased parking lots | $ | — | $ | 294 | $ | 353 | ||||
Leasing agent fees | 50 | 63 | 57 | |||||||
Operation of parking garages | 84 | 75 | 83 | |||||||
Building management fees | 1,799 | 1,774 | 1,615 | |||||||
Property construction management fees | 114 | 231 | 118 | |||||||
Dividends paid on Company stock held by Tower | 191 | 489 | 177 | |||||||
Total | $ | 2,238 | $ | 2,926 | $ | 2,403 | ||||
Tower has a $13.5 million line of credit with the Bank which is subject to normal credit terms and has a variable interest rate. The maximum borrowings outstanding under this line during 2013 was $2.0 million, and there was no balance outstanding at December 31, 2013. The maximum borrowings outstanding during 2012 and 2011 were $5.0 million and $3.0 million, respectively, and the balance outstanding at December 31, 2012 and 2011 was $2.0 million and zero, respectively. Interest of $12 thousand, $51 thousand, and $22 thousand was paid during 2013, 2012 and 2011, respectively. Letters of credit may be collateralized under this line of credit; however, there were no letters of credit outstanding during 2013, 2012 or 2011, and thus, no fees were received during these periods. From time to time, the Bank extends additional credit to Tower for construction and development projects. No construction loans were outstanding during 2013, 2012 and 2011. | ||||||||||
Tower leases office space in the Kansas City bank headquarters building owned by the Company. Rent paid to the Company totaled $67 thousand in 2013, $66 thousand in 2012 and $75 thousand in 2011, at $14.92, $15.08 and $15.67 per square foot, respectively. | ||||||||||
Directors of the Company and their beneficial interests have deposit accounts with the Bank and may be provided with cash management and other banking services, including loans, in the ordinary course of business. Such loans were made on substantially the same terms, including interest rates and collateral, as those prevailing at the time for comparable transactions with other unrelated persons and did not involve more than the normal risk of collectability. | ||||||||||
As discussed in Note 20 on Commitments, Contingencies, and Guarantees, the Company regularly purchases various state tax credits arising from third-party property redevelopment and resells the credits to third parties. During 2013, the Company sold state tax credits to its Chief Executive Officer, his father (a former Chief Executive Officer), its Vice Chairman, and a member of its Board of Directors, in the amount of $846 thousand, $282 thousand, $456 thousand, and $200 thousand, respectively, for personal tax planning. During 2012 and 2011, the Company's Chief Executive Officer purchased state tax credits of $465 thousand and $1.0 million, respectively. In 2011, his father purchased state tax credits in the amount of $920 thousand. The terms of the sales and the amounts paid were the same as the terms and amounts paid for similar tax credits by persons not related to the Company. |
Parent_Company_Condensed_Finan
Parent Company Condensed Financial Statements | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ' | |||||||||
Parent Company Condensed Financial Statements | ' | |||||||||
Parent Company Condensed Financial Statements | ||||||||||
Following are the condensed financial statements of Commerce Bancshares, Inc. (Parent only) for the periods indicated: | ||||||||||
Condensed Balance Sheets | ||||||||||
31-Dec | ||||||||||
(In thousands) | 2013 | 2012 | ||||||||
Assets | ||||||||||
Investment in consolidated subsidiaries: | ||||||||||
Banks | $ | 1,952,179 | $ | 1,983,751 | ||||||
Non-banks | 63,134 | 61,217 | ||||||||
Cash | 53 | 58 | ||||||||
Securities purchased under agreements to resell | 142,650 | 67,675 | ||||||||
Investment securities: | ||||||||||
Available for sale | 57,754 | 65,189 | ||||||||
Non-marketable | 3,326 | 4,272 | ||||||||
Advances to subsidiaries, net of borrowings | 1,772 | 5,504 | ||||||||
Income tax benefits | 470 | 10,236 | ||||||||
Other assets | 15,201 | 13,051 | ||||||||
Total assets | $ | 2,236,539 | $ | 2,210,953 | ||||||
Liabilities and stockholders’ equity | ||||||||||
Pension obligation | $ | 6,501 | $ | 23,313 | ||||||
Other liabilities | 19,396 | 20,513 | ||||||||
Total liabilities | 25,897 | 43,826 | ||||||||
Stockholders’ equity | 2,210,642 | 2,167,127 | ||||||||
Total liabilities and stockholders’ equity | $ | 2,236,539 | $ | 2,210,953 | ||||||
Condensed Statements of Income | ||||||||||
For the Years Ended December 31 | ||||||||||
(In thousands) | 2013 | 2012 | 2011 | |||||||
Income | ||||||||||
Dividends received from consolidated subsidiaries: | ||||||||||
Banks | $ | 200,001 | $ | 235,000 | $ | 180,001 | ||||
Non-banks | 390 | — | 115 | |||||||
Earnings of consolidated subsidiaries, net of dividends | 62,815 | 34,467 | 74,260 | |||||||
Interest and dividends on investment securities | 4,029 | 5,074 | 7,997 | |||||||
Management fees charged subsidiaries | 20,701 | 23,658 | 19,318 | |||||||
Investment securities gains | 1,294 | 346 | — | |||||||
Other | 2,958 | 2,067 | 1,560 | |||||||
Total income | 292,188 | 300,612 | 283,251 | |||||||
Expense | ||||||||||
Salaries and employee benefits | 20,433 | 24,188 | 21,572 | |||||||
Professional fees | 3,538 | 1,950 | 1,826 | |||||||
Data processing fees paid to affiliates | 2,775 | 2,664 | 3,351 | |||||||
Indemnification obligation | — | — | (4,432 | ) | ||||||
Other | 10,236 | 7,582 | 5,975 | |||||||
Total expense | 36,982 | 36,384 | 28,292 | |||||||
Income tax benefit | (5,755 | ) | (5,101 | ) | (1,384 | ) | ||||
Net income | $ | 260,961 | $ | 269,329 | $ | 256,343 | ||||
Condensed Statements of Cash Flows | ||||||||||
For the Years Ended December 31 | ||||||||||
(In thousands) | 2013 | 2012 | 2011 | |||||||
Operating Activities | ||||||||||
Net income | $ | 260,961 | $ | 269,329 | $ | 256,343 | ||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||
Earnings of consolidated subsidiaries, net of dividends | (62,815 | ) | (34,467 | ) | (74,260 | ) | ||||
Other adjustments, net | (955 | ) | (7,078 | ) | (1,144 | ) | ||||
Net cash provided by operating activities | 197,191 | 227,784 | 180,939 | |||||||
Investing Activities | ||||||||||
(Increase) decrease in securities purchased under agreements to resell | (74,975 | ) | 50,400 | (40,375 | ) | |||||
Decrease in investment in subsidiaries, net | 151 | 1,195 | 116 | |||||||
Proceeds from sales of investment securities | 866 | 346 | — | |||||||
Proceeds from maturities/pay downs of investment securities | 13,644 | 17,063 | 22,233 | |||||||
Purchases of investment securities | — | (2,000 | ) | — | ||||||
Decrease in advances to subsidiaries, net | 3,732 | 4,136 | 1,658 | |||||||
Net purchases of building improvements and equipment | (402 | ) | (92 | ) | (685 | ) | ||||
Net cash provided by (used in) investing activities | (56,984 | ) | 71,048 | (17,053 | ) | |||||
Financing Activities | ||||||||||
Purchases of treasury stock | (69,353 | ) | (104,909 | ) | (101,154 | ) | ||||
Issuance under stock purchase and equity compensation plans | 10,242 | 15,588 | 15,349 | |||||||
Net tax benefit related to equity compensation plans | 1,003 | 2,094 | 1,065 | |||||||
Cash dividends paid on common stock | (82,104 | ) | (211,608 | ) | (79,140 | ) | ||||
Net cash used in financing activities | (140,212 | ) | (298,835 | ) | (163,880 | ) | ||||
Increase (decrease) in cash | (5 | ) | (3 | ) | 6 | |||||
Cash at beginning of year | 58 | 61 | 55 | |||||||
Cash at end of year | $ | 53 | $ | 58 | $ | 61 | ||||
Income tax payments (receipts), net | $ | (6,933 | ) | $ | 523 | $ | (2,700 | ) | ||
Dividends paid by the Parent to its shareholders were substantially provided from Bank dividends. The Bank may distribute dividends without prior regulatory approval, provided that the dividends do not exceed the sum of net income for the current year and retained net income for the preceding two years, subject to maintenance of minimum capital requirements. The Parent charges fees to its subsidiaries for management services provided, which are allocated to the subsidiaries based primarily on total average assets. The Parent makes advances to non-banking subsidiaries and its subsidiary bank holding company. Advances are made to the Parent by its subsidiary bank holding company for investment in temporary liquid securities. Interest on such advances is based on market rates. | ||||||||||
For the past several years, the Parent has maintained a $20.0 million line of credit for general corporate purposes with the Bank. The line of credit is secured by investment securities. The Parent has not borrowed under this line during the past three years. | ||||||||||
At December 31, 2013, the fair value of available for sale investment securities held by the Parent consisted of investments of $37.2 million in common stock and $20.6 million in non-agency mortgage-backed securities. The Parent’s unrealized net gain in fair value on its investments was $35.5 million at December 31, 2013. The corresponding net of tax unrealized gain included in stockholders’ equity was $22.0 million. Also included in stockholders’ equity was an unrealized net of tax gain in fair value of investment securities held by subsidiaries, which amounted to $3.5 million at December 31, 2013. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policy) | 12 Months Ended |
Dec. 31, 2013 | |
Accounting Policies [Abstract] | ' |
Nature Of Operations | ' |
Nature of Operations | |
Commerce Bancshares, Inc. and its subsidiaries (the Company) conducts its principal activities from approximately 360 locations throughout Missouri, Illinois, Kansas, Oklahoma and Colorado. Principal activities include retail and commercial banking, investment management, securities brokerage, mortgage banking, credit related insurance and private equity investment activities. | |
Basis Of Presentation | ' |
Basis of Presentation | |
The Company follows accounting principles generally accepted in the United States of America (GAAP) and reporting practices applicable to the banking industry. The preparation of financial statements under GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and notes. These estimates are based on information available to management at the time the estimates are made. While the consolidated financial statements reflect management’s best estimates and judgments, actual results could differ from those estimates. The consolidated financial statements include the accounts of the Company and its majority-owned subsidiaries (after elimination of all material intercompany balances and transactions). Certain amounts for prior years have been reclassified to conform to the current year presentation. Such reclassifications had no effect on net income or total assets. | |
Cash And Cash Equivalent | ' |
Cash and Cash Equivalents | |
In the accompanying consolidated statements of cash flows, cash and cash equivalents include “Cash and due from banks”, “Short-term federal funds sold and securities purchased under agreements to resell”, and “Interest earning deposits with banks” as segregated in the accompanying consolidated balance sheets. | |
Loans And Related Earnings | ' |
Loans and Related Earnings | |
Loans that management has the intent and ability to hold for the foreseeable future or until maturity or pay-off are reported at their outstanding principal balances, net of undisbursed loan proceeds, the allowance for loan losses, and any deferred fees and costs on originated loans. Origination fee income received on loans and amounts representing the estimated direct costs of origination are deferred and amortized to interest income over the life of the loan using the interest method. Prepayment premium or yield maintenance agreements are generally required on all term commercial loans with fixed rate intervals of 3 years or more. | |
Interest on loans is accrued based upon the principal amount outstanding. Interest income is recognized primarily on the level yield method. Loan and commitment fees, net of costs, are deferred and recognized in income over the term of the loan or commitment as an adjustment of yield. Annual fees charged on credit card loans are capitalized to principal and amortized over 12 months to loan fees and sales. Other credit card fees, such as cash advance fees and late payment fees, are recognized in income as an adjustment of yield when charged to the cardholder’s account. | |
Non-Accrual Loans | ' |
Non-Accrual Loans | |
Loans are placed on non-accrual status when management does not expect to collect payments consistent with acceptable and agreed upon terms of repayment. Business, construction real estate, business real estate, and personal real estate loans that are contractually 90 days past due as to principal and/or interest payments are generally placed on non-accrual, unless they are both well-secured and in the process of collection. Consumer, revolving home equity and credit card loans are exempt under regulatory rules from being classified as non-accrual. When a loan is placed on non-accrual status, any interest previously accrued but not collected is reversed against current income, and the loan is charged off to the extent uncollectible. Principal and interest payments received on non-accrual loans are generally applied to principal. Interest is included in income only after all previous loan charge-offs have been recovered and is recorded only as received. The loan is returned to accrual status only when the borrower has brought all past due principal and interest payments current, and, in the opinion of management, the borrower has demonstrated the ability to make future payments of principal and interest as scheduled. A six month history of sustained payment performance is generally required before reinstatement of accrual status. | |
Restructured Loans | ' |
Restructured Loans | |
A loan is accounted for as a troubled debt restructuring if the Company, for economic or legal reasons related to the borrowers’ financial difficulties, grants a concession to the borrower that it would not otherwise consider. A troubled debt restructuring typically involves (1) modification of terms such as a reduction of the stated interest rate, loan principal, or accrued interest, (2) a loan renewal at a stated interest rate lower than the current market rate for a new loan with similar risk, or (3) debt that was not reaffirmed in bankruptcy. Business, business real estate, construction real estate and personal real estate troubled debt restructurings with impairment charges are placed on non-accrual status. The Company measures the impairment loss of a troubled debt restructuring in the same manner as described below. Troubled debt restructurings which are performing under their contractual terms continue to accrue interest which is recognized in current earnings. | |
Impaired Loans | ' |
Impaired Loans | |
Loans are evaluated regularly by management for impairment. Included in impaired loans are all non-accrual loans, as well as loans that have been classified as troubled debt restructurings. Once a loan has been identified as impaired, impairment is measured based on either the present value of the expected future cash flows at the loan’s initial effective interest rate or the fair value of the collateral if collateral dependent. Factors considered in determining impairment include delinquency status, cash flow analysis, credit analysis, and collateral value and availability. | |
Loans Held For Sale | ' |
Loans Held for Sale | |
In prior periods, loans held for sale included student loans and certain fixed rate residential mortgage loans. These loans are typically classified as held for sale upon origination based upon management’s intent to sell the production of these loans. They are carried at the lower of aggregate cost or fair value. Fair value is determined based on prevailing market prices for loans with similar characteristics, sale contract prices, or, for those portfolios for which management has concerns about contractual performance, discounted cash flow analyses. Declines in fair value below cost (and subsequent recoveries) are recognized in loan fees and sales. Deferred fees and costs related to these loans are not amortized but are recognized as part of the cost basis of the loan at the time it is sold. Gains or losses on sales are recognized upon delivery and included in loan fees and sales. | |
Allowance/Provision For Loan Losses | ' |
Allowance/Provision for Loan Losses | |
The allowance for loan losses is maintained at a level believed to be appropriate by management to provide for probable loan losses inherent in the portfolio as of the balance sheet date, including losses on known or anticipated problem loans as well as for loans which are not currently known to require specific allowances. Management has established a process to determine the amount of the allowance for loan losses which assesses the risks and losses inherent in its portfolio. Business, construction real estate and business real estate loans are normally larger and more complex, and their collection rates are harder to predict. These loans are more likely to be collateral dependent and are allocated a larger reserve, due to their potential volatility. Personal real estate, credit card, consumer and revolving home equity loans are individually smaller and perform in a more homogenous manner, making loss estimates more predictable. Management’s process provides an allowance consisting of a specific allowance component based on certain individually evaluated loans and a general component based on estimates of reserves needed for pools of loans. | |
Loans subject to individual evaluation generally consist of business, construction real estate, business real estate and personal real estate loans on non-accrual status. These impaired loans are evaluated individually for the impairment of repayment potential and collateral adequacy, and in conjunction with current economic conditions and loss experience, allowances are estimated. Other impaired loans identified as performing troubled debt restructurings are collectively evaluated because they have similar risk characteristics. Loans which have not been identified as impaired are segregated by loan type and sub-type and are collectively evaluated. Reserves calculated for these loan pools are estimated using a consistent methodology that considers historical loan loss experience by loan type, delinquencies, current economic factors, loan risk ratings and industry concentrations. | |
The Company’s estimate of the allowance for loan losses and the corresponding provision for loan losses is based on various judgments and assumptions made by management. The amount of the allowance for loan losses is highly dependent on management’s estimates affecting valuation, appraisal of collateral, evaluation of performance and status, and the amount and timing of future cash flows expected to be received on impaired loans. Factors that influence these judgments include past loan loss experience, current loan portfolio composition and characteristics, trends in portfolio risk ratings, levels of non-performing assets, prevailing regional and national economic conditions, and the Company’s ongoing loan review process. | |
The estimates, appraisals, evaluations, and cash flows utilized by management may be subject to frequent adjustments due to changing economic prospects of borrowers or properties. These estimates are reviewed periodically and adjustments, if necessary, are recorded in the provision for loan losses in the periods in which they become known. | |
Loans, or portions of loans, are charged off to the extent deemed uncollectible. Loan charge-offs reduce the allowance for loan losses, and recoveries of loans previously charged off are added back to the allowance. Business, business real estate, construction real estate and personal real estate loans are generally charged down to estimated collectible balances when they are placed on non-accrual status. Consumer loans and related accrued interest are normally charged down to the fair value of related collateral (or are charged off in full if no collateral) once the loans are more than 120 days delinquent. Credit card loans are charged off against the allowance for loan losses when the receivable is more than 180 days past due. The interest and fee income previously capitalized but not collected on credit card charge-offs is reversed against interest income. | |
Operating, Direct Financing And Sales Type Leases | ' |
Operating, Direct Financing and Sales Type Leases | |
The net investment in direct financing and sales type leases is included in loans on the Company’s consolidated balance sheets and consists of the present values of the sum of the future minimum lease payments and estimated residual value of the leased asset. Revenue consists of interest earned on the net investment and is recognized over the lease term as a constant percentage return thereon. The net investment in operating leases is included in other assets on the Company’s consolidated balance sheets. It is carried at cost, less the amount depreciated to date. Depreciation is recognized, on the straight-line basis, over the lease term to the estimated residual value. Operating lease revenue consists of the contractual lease payments and is recognized over the lease term in other non-interest income. Estimated residual values are established at lease inception utilizing contract terms, past customer experience, and general market data and are reviewed and adjusted, if necessary, on an annual basis. | |
Investments In Debt And Equity Securities | ' |
Investments in Debt and Equity Securities | |
The Company has classified the majority of its investment portfolio as available for sale. From time to time, the Company sells securities and utilizes the proceeds to reduce borrowings, fund loan growth, or modify its interest rate profile. Securities classified as available for sale are carried at fair value. Changes in fair value, excluding certain losses associated with other-than-temporary impairment (OTTI), are reported in other comprehensive income (loss), a component of stockholders’ equity. Securities are periodically evaluated for OTTI in accordance with guidance provided in ASC 320-10-35. For securities with OTTI, the entire loss in fair value is required to be recognized in current earnings if the Company intends to sell the securities or believes it likely that it will be required to sell the security before the anticipated recovery. If neither condition is met, but the Company does not expect to recover the amortized cost basis, the Company determines whether a credit loss has occurred, and the loss is then recognized in current earnings. The noncredit-related portion of the overall loss is reported in other comprehensive income (loss). Mortgage and asset-backed securities whose credit ratings are below AA at their purchase date are evaluated for OTTI under ASC 325-40-35, which requires evaluations for OTTI at purchase date and in subsequent periods. Gains and losses realized upon sales of securities are calculated using the specific identification method and are included in Investment securities gains (losses), net, in the consolidated statements of income. Premiums and discounts are amortized to interest income over the estimated lives of the securities. Prepayment experience is continually evaluated to determine the appropriate estimate of the future rate of prepayment. When a change in a bond's estimated remaining life is necessary, a corresponding adjustment is made in the related amortization of premium or discount accretion. | |
Non-marketable securities include certain private equity investments, consisting of both debt and equity instruments. These securities are carried at fair value in accordance with ASC 946-10-15, with changes in fair value reported in current earnings. In the absence of readily ascertainable market values, fair value is estimated using internally developed models. Changes in fair value and gains and losses from sales are included in Investment securities gains (losses), net in the consolidated statements of income. Other non-marketable securities acquired for debt and regulatory purposes are accounted for at cost. | |
Trading account securities, which are bought and held principally for the purpose of resale in the near term, are carried at fair value. Gains and losses, both realized and unrealized, are recorded in non-interest income. | |
Purchases and sales of securities are recognized on a trade date basis. A receivable or payable is recognized for pending transaction settlements. | |
Securities Purchased Under Agreements To Resell And Securities Sold Under Agreements To Repurchase | ' |
Securities Purchased under Agreements to Resell and Securities Sold under Agreements to Repurchase | |
The Company periodically enters into investments of securities under agreements to resell with large financial institutions. These agreements are accounted for as collateralized financing transactions. Securities pledged by the counterparties to secure these agreements are delivered to a third party custodian. Collateral is valued daily, and the Company may require counterparties to deposit additional collateral, or the Company may return collateral pledged when appropriate to maintain full collateralization for these transactions. At December 31, 2013, the Company had entered into $1.2 billion of long-term agreements to resell and had accepted securities valued at $1.2 billion as collateral. | |
Securities sold under agreements to repurchase are offered to cash management customers as an automated, collateralized investment account and totaled $971.8 million at December 31, 2013. Securities sold are also used by the Bank to obtain additional borrowed funds at favorable rates, and at December 31, 2013, such securities sold totaled $350.0 million of long-term structured repurchase agreements. As of December 31, 2013, the Company had pledged $2.8 billion of available for sale securities as collateral for repurchase agreements. | |
As permitted by current accounting guidance, the Company offsets certain securities purchased under agreements to resell against securities sold under agreements to repurchase in its balance sheet presentation. These agreements, which are not included in the balance sheet amounts above, are further discussed in Note 19, Balance Sheet Offsetting. | |
Land, Buildings And Equipment | ' |
Land, Buildings and Equipment | |
Land is stated at cost, and buildings and equipment are stated at cost, including capitalized interest when appropriate, less accumulated depreciation. Depreciation is computed using straight-line and accelerated methods. The Company generally assigns depreciable lives of 30 years for buildings, 10 years for building improvements, and 3 to 8 years for equipment. Leasehold improvements are amortized over the shorter of their estimated useful lives or remaining lease terms. Maintenance and repairs are charged to non-interest expense as incurred. | |
Foreclosed Assets | ' |
Foreclosed Assets | |
Foreclosed assets consist of property that has been repossessed and is comprised of commercial and residential real estate and other non-real estate property, including auto and recreational and marine vehicles. The assets are initially recorded at the lower of the loan balance or fair value less estimated selling costs. Initial valuation adjustments are charged to the allowance for loan losses. Fair values are estimated primarily based on appraisals, third-party price opinions, or internally developed pricing models. After initial recognition, fair value estimates are updated periodically, and the assets may be marked down further, reflecting a new cost basis. These valuation adjustments, in addition to gains and losses realized on sales and net operating expenses, are recorded in other non-interest expense. | |
Intangible Assets | ' |
Intangible Assets | |
Goodwill and intangible assets that have indefinite useful lives are not amortized but are tested annually for impairment. Intangible assets that have finite useful lives, such as core deposit intangibles and mortgage servicing rights, are amortized over their estimated useful lives. Core deposit intangibles are amortized over periods of 8 to 14 years, representing their estimated lives, using accelerated methods. Mortgage servicing rights are amortized in proportion to and over the period of estimated net servicing income, considering appropriate prepayment assumptions. | |
When facts and circumstances indicate potential impairment of amortizable intangible assets, the Company evaluates the recoverability of the asset carrying value, using estimates of undiscounted future cash flows over the remaining asset life. Any impairment loss is measured by the excess of carrying value over fair value. Goodwill impairment tests are performed on an annual basis or when events or circumstances dictate. In these tests, the fair value of each reporting unit, or segment, is compared to the carrying amount of that reporting unit in order to determine if impairment is indicated. If so, the implied fair value of the reporting unit’s goodwill is compared to its carrying amount, and the impairment loss is measured by the excess of the carrying value over fair value. There has been no impairment resulting from goodwill impairment tests. However, adverse changes in the economic environment, operations of the reporting unit, or other factors could result in a decline in the implied fair value. | |
Income Taxes | ' |
Income Taxes | |
Amounts provided for income tax expense are based on income reported for financial statement purposes and do not necessarily represent amounts currently payable under tax laws. Deferred income taxes are provided for temporary differences between the financial reporting bases and income tax bases of the Company’s assets and liabilities, net operating losses, and tax credit carryforwards. Deferred tax assets and liabilities are measured using the enacted tax rates that are expected to apply to taxable income when such assets and liabilities are anticipated to be settled or realized. The effect on deferred tax assets and liabilities of a change in tax rates is recognized as tax expense or benefit in the period that includes the enactment date of the change. In determining the amount of deferred tax assets to recognize in the financial statements, the Company evaluates the likelihood of realizing such benefits in future periods. A valuation allowance is established if it is more likely than not that all or some portion of the deferred tax asset will not be realized. The Company recognizes interest and penalties related to income taxes within income tax expense in the consolidated statements of income. | |
The Company and its eligible subsidiaries file a consolidated federal income tax return. State and local income tax returns are filed on a combined, consolidated or separate return basis based upon each jurisdiction’s laws and regulations. | |
Derivatives | ' |
Derivatives | |
As required by current accounting guidance, all derivatives are carried at fair value on the balance sheet. Accounting for changes in the fair value of derivatives (gains and losses) differs depending on whether a qualifying hedge relationship has been designated and on the type of hedge relationship. Derivatives used to hedge the exposure to change in the fair value of an asset, liability, or firm commitment attributable to a particular risk are considered fair value hedges. Under the fair value hedging model, gains or losses attributable to the change in fair value of the derivative, as well as gains and losses attributable to the change in fair value of the hedged item, are recognized in current earnings. Derivatives used to hedge the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Under the cash flow hedging model, the effective portion of the gain or loss related to the derivative is recognized as a component of other comprehensive income and reclassified to earnings in the same period in which the hedged transaction affects earnings. The ineffective portion is recognized in current earnings. For derivatives that are not part of a hedging relationship, any gain or loss is recognized immediately in current earnings. | |
The Company formally documents all hedging relationships between hedging instruments and the hedged item, as well as its risk management objective. At December 31, 2013, the Company had two interest rate swaps designated as fair value hedges. The Company performs quarterly assessments, using the regression method, to determine whether the hedging relationship has been highly effective in offsetting changes in fair values. | |
Other derivatives held by the Company do not qualify for hedge accounting, and gains and losses on these derivatives, as mentioned above, are recognized in current earnings. These include interest rate swaps and caps, which are offered to customers to assist in managing their risks of adverse changes in interest rates. Each contract between the Company and a customer is offset by a contract between the Company and an institutional counterparty, thus minimizing the Company's exposure to rate changes. The Company also enters into certain contracts, known as credit risk participation agreements, to buy or sell credit protection on specific interest rate swaps. It also purchases and sells forward foreign exchange contracts, either in connection with customer transactions, or for its own trading purposes. In addition, in previous years the Company's general practice was to sell fixed rate mortgage loans in the secondary market. Both the mortgage loan commitments and the related sales contracts were accounted for as derivatives. | |
The Company has master netting arrangements with various counterparties but does not offset derivative assets and liabilities under these arrangements in its consolidated balance sheets. | |
Additional information about derivatives held by the Company and valuation methods employed is provided in Note 16, Fair Value Measurements and Note 18, Derivative Instruments. | |
Pension Plan | ' |
Pension Plan | |
The Company’s pension plan is described in Note 10, Employee Benefit Plans. The funded status of the plan is recognized as an asset or liability in the consolidated balance sheet, and changes in that funded status are recognized in the year in which the changes occur through other comprehensive income. Plan assets and benefit obligations are measured as of fiscal year end. The measurement of the projected benefit obligation and pension expense involve actuarial valuation methods and the use of various actuarial and economic assumptions. The Company monitors the assumptions and updates them periodically. Due to the long-term nature of the pension plan obligation, actual results may differ significantly from estimations. Such differences are adjusted over time as the assumptions are replaced by facts and values are recalculated. | |
Stock-Based Compensation | ' |
Stock-Based Compensation | |
The Company’s stock-based employee compensation plan is described in Note 11, Stock-Based Compensation and Directors Stock Purchase Plan. In accordance with the requirements of ASC 718-10-30-3 and 35-2, the Company measures the cost of stock-based compensation based on the grant-date fair value of the award, recognizing the cost over the requisite service period. The fair value of an award is estimated using the Black-Scholes option-pricing model. The expense recognized is based on an estimation of the number of awards for which the requisite service is expected to be rendered and is included in salaries and employee benefits in the accompanying consolidated statements of income. | |
Treasury Stock | ' |
Treasury Stock | |
Purchases of the Company’s common stock are recorded at cost. Upon re-issuance for acquisitions, exercises of stock-based awards or other corporate purposes, treasury stock is reduced based upon the average cost basis of shares held. | |
Income Per Share | ' |
Income per Share | |
Basic income per share is computed using the weighted average number of common shares outstanding during each year. Diluted income per share includes the effect of all dilutive potential common shares (primarily stock options and stock appreciation rights) outstanding during each year. The Company applies the two-class method of computing income per share. The two-class method is an earnings allocation formula that determines income per share for common stock and for participating securities, according to dividends declared and participation rights in undistributed earnings. The Company’s restricted share awards are considered to be a class of participating security. All per share data has been restated to reflect the 5% stock dividend distributed in December 2013. |
Loans_And_Allowance_For_Loan_L1
Loans And Allowance For Loan Losses (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Loans And Allowance For Loan Losses [Abstract] | ' | |||||||||||||||||||
Summary Classification Of Held To Maturity Loan Portfolio | ' | |||||||||||||||||||
Major classifications within the Company’s held to maturity loan portfolio at December 31, 2013 and 2012 are as follows: | ||||||||||||||||||||
(In thousands) | 2013 | 2012 | ||||||||||||||||||
Commercial: | ||||||||||||||||||||
Business | $ | 3,715,319 | $ | 3,134,801 | ||||||||||||||||
Real estate — construction and land | 406,197 | 355,996 | ||||||||||||||||||
Real estate — business | 2,313,550 | 2,214,975 | ||||||||||||||||||
Personal Banking: | ||||||||||||||||||||
Real estate — personal | 1,787,626 | 1,584,859 | ||||||||||||||||||
Consumer | 1,512,716 | 1,289,650 | ||||||||||||||||||
Revolving home equity | 420,589 | 437,567 | ||||||||||||||||||
Consumer credit card | 796,228 | 804,245 | ||||||||||||||||||
Overdrafts | 4,611 | 9,291 | ||||||||||||||||||
Total loans | $ | 10,956,836 | $ | 9,831,384 | ||||||||||||||||
Loans To Directors And Executive Officers | ' | |||||||||||||||||||
Loans to directors and executive officers of the Parent and its significant subsidiaries, and to their associates, are summarized as follows: | ||||||||||||||||||||
(In thousands) | ||||||||||||||||||||
Balance at January 1, 2013 | $ | 61,614 | ||||||||||||||||||
Additions | 257,690 | |||||||||||||||||||
Amounts collected | (274,981 | ) | ||||||||||||||||||
Amounts written off | — | |||||||||||||||||||
Balance, December 31, 2013 | $ | 44,323 | ||||||||||||||||||
Summary Of Activity In The Allowance For Loan Losses | ' | |||||||||||||||||||
A summary of the activity in the allowance for losses during the previous three years follows: | ||||||||||||||||||||
(In thousands) | Commercial | Personal Banking | Total | |||||||||||||||||
Balance at December 31, 2010 | $ | 119,946 | $ | 77,592 | $ | 197,538 | ||||||||||||||
Provision for loan losses | 18,052 | 33,463 | 51,515 | |||||||||||||||||
Deductions: | ||||||||||||||||||||
Loans charged off | 18,818 | 62,567 | 81,385 | |||||||||||||||||
Less recoveries | 3,317 | 13,547 | 16,864 | |||||||||||||||||
Net loans charged off | 15,501 | 49,020 | 64,521 | |||||||||||||||||
Balance at December 31, 2011 | 122,497 | 62,035 | 184,532 | |||||||||||||||||
Provision for loan losses | (14,444 | ) | 41,731 | 27,287 | ||||||||||||||||
Deductions: | ||||||||||||||||||||
Loans charged off | 11,094 | 52,067 | 63,161 | |||||||||||||||||
Less recoveries | 8,766 | 15,108 | 23,874 | |||||||||||||||||
Net loans charged off | 2,328 | 36,959 | 39,287 | |||||||||||||||||
Balance at December 31, 2012 | 105,725 | 66,807 | 172,532 | |||||||||||||||||
Provision for loan losses | (16,143 | ) | 36,496 | 20,353 | ||||||||||||||||
Deductions: | ||||||||||||||||||||
Loans charged off | 5,170 | 49,029 | 54,199 | |||||||||||||||||
Less recoveries | 9,777 | 13,069 | 22,846 | |||||||||||||||||
Net loans charged off (recoveries) | (4,607 | ) | 35,960 | 31,353 | ||||||||||||||||
Balance at December 31, 2013 | $ | 94,189 | $ | 67,343 | $ | 161,532 | ||||||||||||||
Allowance For Loan Losses And Related Loan Balance Disaggregated On The Basis Of Impairment Methodology | ' | |||||||||||||||||||
The following table shows the balance in the allowance for loan losses and the related loan balance at December 31, 2013 and 2012, disaggregated on the basis of impairment methodology. Impaired loans evaluated under ASC 310-10-35 include loans on non-accrual status which are individually evaluated for impairment and other impaired loans deemed to have similar risk characteristics, which are collectively evaluated. All other loans are collectively evaluated for impairment under ASC 450-20. | ||||||||||||||||||||
Impaired Loans | All Other Loans | |||||||||||||||||||
(In thousands) | Allowance for Loan Losses | Loans Outstanding | Allowance for Loan Losses | Loans Outstanding | ||||||||||||||||
December 31, 2013 | ||||||||||||||||||||
Commercial | $ | 8,476 | $ | 78,516 | $ | 85,713 | $ | 6,356,550 | ||||||||||||
Personal Banking | 2,424 | 29,120 | 64,919 | 4,492,650 | ||||||||||||||||
Total | $ | 10,900 | $ | 107,636 | $ | 150,632 | $ | 10,849,200 | ||||||||||||
December 31, 2012 | ||||||||||||||||||||
Commercial | $ | 5,434 | $ | 80,807 | $ | 100,291 | $ | 5,624,965 | ||||||||||||
Personal Banking | 2,051 | 36,111 | 64,756 | 4,089,501 | ||||||||||||||||
Total | $ | 7,485 | $ | 116,918 | $ | 165,047 | $ | 9,714,466 | ||||||||||||
Investment In Impaired Loans | ' | |||||||||||||||||||
(In thousands) | 2013 | 2012 | ||||||||||||||||||
Non-accrual loans | $ | 48,814 | $ | 51,410 | ||||||||||||||||
Restructured loans (accruing) | 58,822 | 65,508 | ||||||||||||||||||
Total impaired loans | $ | 107,636 | $ | 116,918 | ||||||||||||||||
Additional Information About Impaired Loans Held | ' | |||||||||||||||||||
The following table provides additional information about impaired loans held by the Company at December 31, 2013 and 2012, segregated between loans for which an allowance for credit losses has been provided and loans for which no allowance has been provided. | ||||||||||||||||||||
(In thousands) | Recorded Investment | Unpaid Principal Balance | Related Allowance | |||||||||||||||||
December 31, 2013 | ||||||||||||||||||||
With no related allowance recorded: | ||||||||||||||||||||
Business | $ | 7,969 | $ | 9,000 | $ | — | ||||||||||||||
Real estate – construction and land | 8,766 | 16,067 | — | |||||||||||||||||
Real estate – business | 4,089 | 6,417 | — | |||||||||||||||||
Revolving home equity | 2,191 | 2,741 | — | |||||||||||||||||
$ | 23,015 | $ | 34,225 | $ | — | |||||||||||||||
With an allowance recorded: | ||||||||||||||||||||
Business | $ | 19,266 | $ | 22,597 | $ | 3,037 | ||||||||||||||
Real estate – construction and land | 17,632 | 19,708 | 2,174 | |||||||||||||||||
Real estate – business | 20,794 | 29,287 | 3,265 | |||||||||||||||||
Real estate – personal | 10,425 | 13,576 | 1,361 | |||||||||||||||||
Consumer | 4,025 | 4,025 | 85 | |||||||||||||||||
Revolving home equity | 666 | 666 | 2 | |||||||||||||||||
Consumer credit card | 11,813 | 11,813 | 976 | |||||||||||||||||
$ | 84,621 | $ | 101,672 | $ | 10,900 | |||||||||||||||
Total | $ | 107,636 | $ | 135,897 | $ | 10,900 | ||||||||||||||
December 31, 2012 | ||||||||||||||||||||
With no related allowance recorded: | ||||||||||||||||||||
Business | $ | 9,964 | $ | 12,697 | $ | — | ||||||||||||||
Real estate – construction and land | 8,440 | 15,102 | — | |||||||||||||||||
Real estate – business | 5,484 | 8,200 | — | |||||||||||||||||
Real estate – personal | 1,166 | 1,380 | — | |||||||||||||||||
Revolving home equity | 510 | 843 | — | |||||||||||||||||
$ | 25,564 | $ | 38,222 | $ | — | |||||||||||||||
With an allowance recorded: | ||||||||||||||||||||
Business | $ | 19,358 | $ | 22,513 | $ | 1,888 | ||||||||||||||
Real estate – construction and land | 20,446 | 25,808 | 1,762 | |||||||||||||||||
Real estate – business | 17,115 | 23,888 | 1,784 | |||||||||||||||||
Real estate – personal | 14,157 | 17,304 | 857 | |||||||||||||||||
Consumer | 4,779 | 4,779 | 93 | |||||||||||||||||
Revolving home equity | 779 | 779 | 18 | |||||||||||||||||
Consumer credit card | 14,720 | 14,720 | 1,083 | |||||||||||||||||
$ | 91,354 | $ | 109,791 | $ | 7,485 | |||||||||||||||
Total | $ | 116,918 | $ | 148,013 | $ | 7,485 | ||||||||||||||
Total Average Impaired Loans | ' | |||||||||||||||||||
Total average impaired loans during 2013 and 2012 are shown in the table below. | ||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||
(In thousands) | Commercial | Personal Banking | Total | Commercial | Personal Banking | Total | ||||||||||||||
Average impaired loans: | ||||||||||||||||||||
Non-accrual loans | $ | 35,900 | $ | 5,329 | $ | 41,229 | $ | 55,994 | $ | 7,343 | $ | 63,337 | ||||||||
Restructured loans (accruing) | 40,251 | 24,134 | 64,385 | 43,181 | 22,520 | 65,701 | ||||||||||||||
Total | $ | 76,151 | $ | 29,463 | $ | 105,614 | $ | 99,175 | $ | 29,863 | $ | 129,038 | ||||||||
Interest Income Recognized On Impaired Loans | ' | |||||||||||||||||||
The table below shows interest income recognized during the years ended December 31, 2013, 2012 and 2011 for impaired loans held at the end of each respective period. This interest relates to accruing restructured loans, as discussed previously. | ||||||||||||||||||||
For the Year Ended December 31 | ||||||||||||||||||||
(In thousands) | 2013 | 2012 | 2011 | |||||||||||||||||
Interest income recognized on impaired loans: | ||||||||||||||||||||
Business | $ | 509 | $ | 1,184 | $ | 284 | ||||||||||||||
Real estate – construction and land | 758 | 655 | 947 | |||||||||||||||||
Real estate – business | 215 | 246 | 327 | |||||||||||||||||
Real estate – personal | 263 | 376 | 37 | |||||||||||||||||
Consumer | 346 | 415 | — | |||||||||||||||||
Revolving home equity | 36 | 37 | — | |||||||||||||||||
Consumer credit card | 1,116 | 1,341 | 2,016 | |||||||||||||||||
Total | $ | 3,243 | $ | 4,254 | $ | 3,611 | ||||||||||||||
Aging Information On Past Due And Nonaccrual Loans | ' | |||||||||||||||||||
The following table provides aging information on the Company’s past due and accruing loans, in addition to the balances of loans on non-accrual status, at December 31, 2013 and 2012. | ||||||||||||||||||||
(In thousands) | Current or Less Than 30 Days Past Due | 30 – 89 Days Past Due | 90 Days Past Due and Still Accruing | Non-accrual | Total | |||||||||||||||
December 31, 2013 | ||||||||||||||||||||
Commercial: | ||||||||||||||||||||
Business | $ | 3,697,589 | $ | 5,467 | $ | 671 | $ | 11,592 | $ | 3,715,319 | ||||||||||
Real estate – construction and land | 386,423 | 9,601 | — | 10,173 | 406,197 | |||||||||||||||
Real estate – business | 2,292,385 | 1,340 | 47 | 19,778 | 2,313,550 | |||||||||||||||
Personal Banking: | ||||||||||||||||||||
Real estate – personal | 1,771,231 | 9,755 | 1,560 | 5,080 | 1,787,626 | |||||||||||||||
Consumer | 1,492,960 | 17,482 | 2,274 | — | 1,512,716 | |||||||||||||||
Revolving home equity | 416,614 | 1,082 | 702 | 2,191 | 420,589 | |||||||||||||||
Consumer credit card | 777,564 | 9,952 | 8,712 | — | 796,228 | |||||||||||||||
Overdrafts | 4,315 | 296 | — | — | 4,611 | |||||||||||||||
Total | $ | 10,839,081 | $ | 54,975 | $ | 13,966 | $ | 48,814 | $ | 10,956,836 | ||||||||||
December 31, 2012 | ||||||||||||||||||||
Commercial: | ||||||||||||||||||||
Business | $ | 3,110,403 | $ | 10,054 | $ | 1,288 | $ | 13,056 | $ | 3,134,801 | ||||||||||
Real estate – construction and land | 325,541 | 16,721 | 56 | 13,678 | 355,996 | |||||||||||||||
Real estate – business | 2,194,395 | 3,276 | — | 17,304 | 2,214,975 | |||||||||||||||
Personal Banking: | ||||||||||||||||||||
Real estate – personal | 1,564,281 | 10,862 | 2,854 | 6,862 | 1,584,859 | |||||||||||||||
Consumer | 1,273,581 | 13,926 | 2,143 | — | 1,289,650 | |||||||||||||||
Revolving home equity | 433,437 | 2,121 | 1,499 | 510 | 437,567 | |||||||||||||||
Consumer credit card | 786,081 | 10,657 | 7,507 | — | 804,245 | |||||||||||||||
Overdrafts | 8,925 | 366 | — | — | 9,291 | |||||||||||||||
Total | $ | 9,696,644 | $ | 67,983 | $ | 15,347 | $ | 51,410 | $ | 9,831,384 | ||||||||||
Credit Quality Of Commercial Loan Portfolio | ' | |||||||||||||||||||
Commercial Loans | ||||||||||||||||||||
(In thousands) | Business | Real Estate -Construction | Real Estate - Business | Total | ||||||||||||||||
December 31, 2013 | ||||||||||||||||||||
Pass | $ | 3,618,120 | $ | 372,515 | $ | 2,190,344 | $ | 6,180,979 | ||||||||||||
Special mention | 61,916 | 1,697 | 53,079 | 116,692 | ||||||||||||||||
Substandard | 23,691 | 21,812 | 50,349 | 95,852 | ||||||||||||||||
Non-accrual | 11,592 | 10,173 | 19,778 | 41,543 | ||||||||||||||||
Total | $ | 3,715,319 | $ | 406,197 | $ | 2,313,550 | $ | 6,435,066 | ||||||||||||
December 31, 2012 | ||||||||||||||||||||
Pass | $ | 3,018,062 | $ | 297,156 | $ | 2,103,913 | $ | 5,419,131 | ||||||||||||
Special mention | 58,793 | 11,400 | 38,396 | 108,589 | ||||||||||||||||
Substandard | 44,890 | 33,762 | 55,362 | 134,014 | ||||||||||||||||
Non-accrual | 13,056 | 13,678 | 17,304 | 44,038 | ||||||||||||||||
Total | $ | 3,134,801 | $ | 355,996 | $ | 2,214,975 | $ | 5,705,772 | ||||||||||||
Summary Of Loans In The Personal Banking Portfolio Percentage Of Balances Outstanding | ' | |||||||||||||||||||
For the remainder of loans in the Personal Banking portfolio, the table below shows the percentage of balances outstanding at December 31, 2013 and 2012 by FICO score. | ||||||||||||||||||||
Personal Banking Loans | ||||||||||||||||||||
% of Loan Category | ||||||||||||||||||||
Real Estate - Personal | Consumer | Revolving Home Equity | Consumer Credit Card | |||||||||||||||||
December 31, 2013 | ||||||||||||||||||||
FICO score: | ||||||||||||||||||||
Under 600 | 1.7 | % | 5.4 | % | 2.1 | % | 4.1 | % | ||||||||||||
600 – 659 | 3.3 | 10.1 | 7.3 | 11.7 | ||||||||||||||||
660 – 719 | 10.3 | 23.4 | 15 | 32.9 | ||||||||||||||||
720 – 779 | 25.8 | 28.3 | 28.5 | 27.9 | ||||||||||||||||
780 and over | 58.9 | 32.8 | 47.1 | 23.4 | ||||||||||||||||
Total | 100 | % | 100 | % | 100 | % | 100 | % | ||||||||||||
December 31, 2012 | ||||||||||||||||||||
FICO score: | ||||||||||||||||||||
Under 600 | 2.3 | % | 6.7 | % | 2.6 | % | 4.4 | % | ||||||||||||
600 – 659 | 3.2 | 11.3 | 5.3 | 11.7 | ||||||||||||||||
660 – 719 | 10.4 | 24.4 | 15.2 | 32.1 | ||||||||||||||||
720 – 779 | 26.6 | 26.4 | 30 | 28.2 | ||||||||||||||||
780 and over | 57.5 | 31.2 | 46.9 | 23.6 | ||||||||||||||||
Total | 100 | % | 100 | % | 100 | % | 100 | % | ||||||||||||
Outstanding Balance Of Loans Classified As Troubled Debt Restructurings | ' | |||||||||||||||||||
The table below shows the outstanding balance of loans classified as troubled debt restructurings at December 31, 2013, in addition to the period end balances of restructured loans which the Company considers to have been in default at any time during the past twelve months. For purposes of this disclosure, the Company considers "default" to mean 90 days or more past due as to interest or principal. | ||||||||||||||||||||
(In thousands) | December 31, 2013 | Balance 90 days past due at any time during previous 12 months | ||||||||||||||||||
Commercial: | ||||||||||||||||||||
Business | $ | 23,612 | $ | 7,969 | ||||||||||||||||
Real estate – construction and land | 25,640 | 4,268 | ||||||||||||||||||
Real estate – business | 10,629 | 3,126 | ||||||||||||||||||
Personal Banking: | ||||||||||||||||||||
Real estate – personal | 6,821 | 60 | ||||||||||||||||||
Consumer | 4,025 | 138 | ||||||||||||||||||
Revolving home equity | 666 | — | ||||||||||||||||||
Consumer credit card | 11,813 | 870 | ||||||||||||||||||
Total restructured loans | $ | 83,206 | $ | 16,431 | ||||||||||||||||
Investment_Securities_Tables
Investment Securities (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | ||||||||||||||||||||
Investment Securities, At Fair Value | ' | ||||||||||||||||||||
Investment securities, at fair value, consisted of the following at December 31, 2013 and 2012. | |||||||||||||||||||||
(In thousands) | 2013 | 2012 | |||||||||||||||||||
Available for sale: | |||||||||||||||||||||
U.S. government and federal agency obligations | $ | 505,696 | $ | 438,759 | |||||||||||||||||
Government-sponsored enterprise obligations | 741,766 | 471,574 | |||||||||||||||||||
State and municipal obligations | 1,619,171 | 1,615,707 | |||||||||||||||||||
Agency mortgage-backed securities | 2,772,338 | 3,380,955 | |||||||||||||||||||
Non-agency mortgage-backed securities | 246,983 | 237,011 | |||||||||||||||||||
Asset-backed securities | 2,844,071 | 3,167,394 | |||||||||||||||||||
Other debt securities | 141,757 | 177,752 | |||||||||||||||||||
Equity securities | 43,898 | 33,096 | |||||||||||||||||||
Total available for sale | 8,915,680 | 9,522,248 | |||||||||||||||||||
Trading | 19,993 | 28,837 | |||||||||||||||||||
Non-marketable | 107,324 | 118,650 | |||||||||||||||||||
Total investment securities | $ | 9,042,997 | $ | 9,669,735 | |||||||||||||||||
Summary Of Available For Sale Investment Securities By Maturity Groupings | ' | ||||||||||||||||||||
(Dollars in thousands) | Amortized Cost | Fair Value | Weighted Average Yield | ||||||||||||||||||
U.S. government and federal agency obligations: | |||||||||||||||||||||
After 1 but within 5 years | $ | 274,859 | $ | 293,742 | 1.71 | *% | |||||||||||||||
After 5 but within 10 years | 150,790 | 152,277 | .51* | ||||||||||||||||||
After 10 years | 72,577 | 59,677 | (.31)* | ||||||||||||||||||
Total U.S. government and federal agency obligations | 498,226 | 505,696 | 1.05* | ||||||||||||||||||
Government-sponsored enterprise obligations: | |||||||||||||||||||||
Within 1 year | 30,159 | 30,437 | 1.58 | ||||||||||||||||||
After 1 but within 5 years | 446,124 | 444,504 | 1.57 | ||||||||||||||||||
After 5 but within 10 years | 143,535 | 132,930 | 1.59 | ||||||||||||||||||
After 10 years | 146,984 | 133,895 | 1.97 | ||||||||||||||||||
Total government-sponsored enterprise obligations | 766,802 | 741,766 | 1.65 | ||||||||||||||||||
State and municipal obligations: | |||||||||||||||||||||
Within 1 year | 141,912 | 143,357 | 2.7 | ||||||||||||||||||
After 1 but within 5 years | 734,238 | 756,570 | 2.64 | ||||||||||||||||||
After 5 but within 10 years | 562,959 | 543,749 | 2.21 | ||||||||||||||||||
After 10 years | 185,086 | 175,495 | 1.94 | ||||||||||||||||||
Total state and municipal obligations | 1,624,195 | 1,619,171 | 2.42 | ||||||||||||||||||
Mortgage and asset-backed securities: | |||||||||||||||||||||
Agency mortgage-backed securities | 2,743,803 | 2,772,338 | 2.74 | ||||||||||||||||||
Non-agency mortgage-backed securities | 236,595 | 246,983 | 4.51 | ||||||||||||||||||
Asset-backed securities | 2,847,368 | 2,844,071 | 0.88 | ||||||||||||||||||
Total mortgage and asset-backed securities | 5,827,766 | 5,863,392 | 1.9 | ||||||||||||||||||
Other debt securities: | |||||||||||||||||||||
Within 1 year | 7,695 | 7,719 | |||||||||||||||||||
After 1 but within 5 years | 49,697 | 50,125 | |||||||||||||||||||
After 5 but within 10 years | 90,189 | 83,913 | |||||||||||||||||||
Total other debt securities | 147,581 | 141,757 | |||||||||||||||||||
Equity securities | 9,970 | 43,898 | |||||||||||||||||||
Total available for sale investment securities | $ | 8,874,540 | $ | 8,915,680 | |||||||||||||||||
Available For Sale Securities Unrealized Gains And Losses By Security Type | ' | ||||||||||||||||||||
For securities classified as available for sale, the following table shows the unrealized gains and losses (pre-tax) in accumulated other comprehensive income, by security type. | |||||||||||||||||||||
(In thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | |||||||||||||||||
December 31, 2013 | |||||||||||||||||||||
U.S. government and federal agency obligations | $ | 498,226 | $ | 20,614 | $ | (13,144 | ) | $ | 505,696 | ||||||||||||
Government-sponsored enterprise obligations | 766,802 | 2,245 | (27,281 | ) | 741,766 | ||||||||||||||||
State and municipal obligations | 1,624,195 | 28,321 | (33,345 | ) | 1,619,171 | ||||||||||||||||
Mortgage and asset-backed securities: | |||||||||||||||||||||
Agency mortgage-backed securities | 2,743,803 | 54,659 | (26,124 | ) | 2,772,338 | ||||||||||||||||
Non-agency mortgage-backed securities | 236,595 | 12,008 | (1,620 | ) | 246,983 | ||||||||||||||||
Asset-backed securities | 2,847,368 | 6,872 | (10,169 | ) | 2,844,071 | ||||||||||||||||
Total mortgage and asset-backed securities | 5,827,766 | 73,539 | (37,913 | ) | 5,863,392 | ||||||||||||||||
Other debt securities | 147,581 | 671 | (6,495 | ) | 141,757 | ||||||||||||||||
Equity securities | 9,970 | 33,928 | — | 43,898 | |||||||||||||||||
Total | $ | 8,874,540 | $ | 159,318 | $ | (118,178 | ) | $ | 8,915,680 | ||||||||||||
December 31, 2012 | |||||||||||||||||||||
U.S. government and federal agency obligations | $ | 399,971 | $ | 40,395 | $ | (1,607 | ) | $ | 438,759 | ||||||||||||
Government-sponsored enterprise obligations | 467,063 | 5,188 | (677 | ) | 471,574 | ||||||||||||||||
State and municipal obligations | 1,585,926 | 46,076 | (16,295 | ) | 1,615,707 | ||||||||||||||||
Mortgage and asset-backed securities: | |||||||||||||||||||||
Agency mortgage-backed securities | 3,248,007 | 132,953 | (5 | ) | 3,380,955 | ||||||||||||||||
Non-agency mortgage-backed securities | 224,223 | 12,906 | (118 | ) | 237,011 | ||||||||||||||||
Asset-backed securities | 3,152,913 | 15,848 | (1,367 | ) | 3,167,394 | ||||||||||||||||
Total mortgage and asset-backed securities | 6,625,143 | 161,707 | (1,490 | ) | 6,785,360 | ||||||||||||||||
Other debt securities | 174,727 | 3,127 | (102 | ) | 177,752 | ||||||||||||||||
Equity securities | 5,695 | 27,401 | — | 33,096 | |||||||||||||||||
Total | $ | 9,258,525 | $ | 283,894 | $ | (20,171 | ) | $ | 9,522,248 | ||||||||||||
Cash Flow Model Inputs Used To Calculate Credit Losses | ' | ||||||||||||||||||||
Significant inputs to the cash flow models used to calculate the credit losses on these securities included the following: | |||||||||||||||||||||
Significant Inputs | Range | ||||||||||||||||||||
Prepayment CPR | 0% | - | 25% | ||||||||||||||||||
Projected cumulative default | 16% | - | 52% | ||||||||||||||||||
Credit support | 0% | - | 14% | ||||||||||||||||||
Loss severity | 18% | - | 81% | ||||||||||||||||||
Changes In Recorded Credit Losses | ' | ||||||||||||||||||||
The following table shows changes in the credit losses recorded in current earnings, for which a portion of an OTTI was recognized in other comprehensive income. | |||||||||||||||||||||
(In thousands) | 2013 | 2012 | 2011 | ||||||||||||||||||
Balance at January 1 | $ | 11,306 | $ | 9,931 | $ | 7,542 | |||||||||||||||
Credit losses on debt securities for which impairment was not previously recognized | — | — | 170 | ||||||||||||||||||
Credit losses on debt securities for which impairment was previously recognized | 1,284 | 1,490 | 2,368 | ||||||||||||||||||
Increase in expected cash flows that are recognized over remaining life of security | (91 | ) | (115 | ) | (149 | ) | |||||||||||||||
Balance at December 31 | $ | 12,499 | $ | 11,306 | $ | 9,931 | |||||||||||||||
Securities With Unrealized Losses And Length Of Impairment Period | ' | ||||||||||||||||||||
Securities with unrealized losses recorded in accumulated other comprehensive income are shown in the table below, along with the length of the impairment period. The table includes securities for which a portion of an OTTI has been recognized in other comprehensive income. | |||||||||||||||||||||
Less than 12 months | 12 months or longer | Total | |||||||||||||||||||
(In thousands) | Unrealized | Unrealized | Unrealized | ||||||||||||||||||
Fair Value | Losses | Fair Value | Losses | Fair Value | Losses | ||||||||||||||||
December 31, 2013 | |||||||||||||||||||||
U.S. government and federal agency obligations | $ | 96,172 | $ | 243 | $ | 59,677 | $ | 12,901 | $ | 155,849 | $ | 13,144 | |||||||||
Government-sponsored enterprise obligations | 487,317 | 18,155 | 93,654 | 9,126 | 580,971 | 27,281 | |||||||||||||||
State and municipal obligations | 478,818 | 15,520 | 178,150 | 17,825 | 656,968 | 33,345 | |||||||||||||||
Mortgage and asset-backed securities: | |||||||||||||||||||||
Agency mortgage-backed securities | 717,778 | 26,124 | — | — | 717,778 | 26,124 | |||||||||||||||
Non-agency mortgage-backed securities | 53,454 | 918 | 22,289 | 702 | 75,743 | 1,620 | |||||||||||||||
Asset-backed securities | 1,088,556 | 9,072 | 58,398 | 1,097 | 1,146,954 | 10,169 | |||||||||||||||
Total mortgage and asset-backed securities | 1,859,788 | 36,114 | 80,687 | 1,799 | 1,940,475 | 37,913 | |||||||||||||||
Other debt securities | 90,028 | 5,604 | 9,034 | 891 | 99,062 | 6,495 | |||||||||||||||
Total | $ | 3,012,123 | $ | 75,636 | $ | 421,202 | $ | 42,542 | $ | 3,433,325 | $ | 118,178 | |||||||||
December 31, 2012 | |||||||||||||||||||||
U.S. government and federal agency obligations | $ | 71,464 | $ | 1,607 | $ | — | $ | — | $ | 71,464 | $ | 1,607 | |||||||||
Government-sponsored enterprise obligations | 102,082 | 677 | — | — | 102,082 | 677 | |||||||||||||||
State and municipal obligations | 173,600 | 2,107 | 80,530 | 14,188 | 254,130 | 16,295 | |||||||||||||||
Mortgage and asset-backed securities: | |||||||||||||||||||||
Agency mortgage-backed securities | 5,874 | 5 | — | — | 5,874 | 5 | |||||||||||||||
Non-agency mortgage-backed securities | — | — | 12,609 | 118 | 12,609 | 118 | |||||||||||||||
Asset-backed securities | 338,007 | 976 | 78,684 | 391 | 416,691 | 1,367 | |||||||||||||||
Total mortgage and asset-backed securities | 343,881 | 981 | 91,293 | 509 | 435,174 | 1,490 | |||||||||||||||
Other debt securities | 39,032 | 102 | — | — | 39,032 | 102 | |||||||||||||||
Total | $ | 730,059 | $ | 5,474 | $ | 171,823 | $ | 14,697 | $ | 901,882 | $ | 20,171 | |||||||||
State And Municipal Obligations, By State And Economic Sector | ' | ||||||||||||||||||||
The Company does not have exposure to obligations of municipalities which have filed for Chapter 9 bankruptcy. The Company has processes and procedures in place to monitor its holdings, identify signs of financial distress and, if necessary, exit its positions in a timely manner. The portfolio is diversified in order to reduce risk, and information about the top five largest holdings, by state and economic sector, is shown in the following table. | |||||||||||||||||||||
% of | Average Life (in years) | Average Rating (Moody’s) | |||||||||||||||||||
Portfolio | |||||||||||||||||||||
At December 31, 2013 | |||||||||||||||||||||
Texas | 9.9 | % | 4.1 | Aa1 | |||||||||||||||||
Florida | 9.3 | 4.6 | Aa3 | ||||||||||||||||||
Ohio | 6 | 4.9 | Aa2 | ||||||||||||||||||
New York | 5.5 | 6.3 | Aa2 | ||||||||||||||||||
Washington | 5.4 | 5 | Aa2 | ||||||||||||||||||
General obligation | 30.6 | % | 4.6 | Aa2 | |||||||||||||||||
Lease | 16.2 | 4.6 | Aa2 | ||||||||||||||||||
Housing | 15.4 | 4.4 | Aa1 | ||||||||||||||||||
Transportation | 13.9 | 4.2 | A1 | ||||||||||||||||||
Limited tax | 5.6 | 5.4 | Aa1 | ||||||||||||||||||
Credit Ratings In State And Municipal Bond Portfolio | ' | ||||||||||||||||||||
The credit ratings (Moody’s rating or equivalent) at December 31, 2013 in the state and municipal bond portfolio (excluding auction rate securities) are shown in the following table. The average credit quality of the portfolio is Aa2 as rated by Moody’s. | |||||||||||||||||||||
% of Portfolio | |||||||||||||||||||||
Aaa | 11.3 | % | |||||||||||||||||||
Aa | 67.5 | ||||||||||||||||||||
A | 19.1 | ||||||||||||||||||||
Baa | 1.3 | ||||||||||||||||||||
Not rated | 0.8 | ||||||||||||||||||||
100 | % | ||||||||||||||||||||
Proceeds From Sales Of Securities And Components Of Investment Securities Gains And Losses | ' | ||||||||||||||||||||
The following table presents proceeds from sales of securities and the components of investment securities gains and losses which have been recognized in earnings. | |||||||||||||||||||||
(In thousands) | 2013 | 2012 | 2011 | ||||||||||||||||||
Proceeds from sales of available for sale securities | $ | 7,076 | $ | 5,231 | $ | 11,202 | |||||||||||||||
Proceeds from sales of non-marketable securities | 9,223 | 11,644 | 8,631 | ||||||||||||||||||
Total proceeds | $ | 16,299 | $ | 16,875 | $ | 19,833 | |||||||||||||||
Available for sale: | |||||||||||||||||||||
Gains realized on sales | $ | 126 | $ | 358 | $ | 177 | |||||||||||||||
Gain realized on donation | 1,375 | — | — | ||||||||||||||||||
Other-than-temporary impairment recognized on debt securities | (1,284 | ) | (1,490 | ) | (2,537 | ) | |||||||||||||||
Non-marketable: | |||||||||||||||||||||
Gains realized on sales | 1,808 | 1,655 | 2,388 | ||||||||||||||||||
Losses realized on sales | (2,979 | ) | (200 | ) | — | ||||||||||||||||
Fair value adjustments, net | (3,471 | ) | 4,505 | 10,784 | |||||||||||||||||
Investment securities gains (losses), net | $ | (4,425 | ) | $ | 4,828 | $ | 10,812 | ||||||||||||||
Land_Buildings_And_Equipment_T
Land, Buildings And Equipment (Tables) | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
Property, Plant and Equipment [Abstract] | ' | ||||||
Schedule Of Land, Buildings And Equipment | ' | ||||||
Land, buildings and equipment consist of the following at December 31, 2013 and 2012: | |||||||
(In thousands) | 2013 | 2012 | |||||
Land | $ | 106,005 | $ | 107,540 | |||
Buildings and improvements | 529,842 | 523,662 | |||||
Equipment | 227,467 | 229,370 | |||||
Total | 863,314 | 860,572 | |||||
Less accumulated depreciation and amortization | 513,660 | 502,960 | |||||
Net land, buildings and equipment | $ | 349,654 | $ | 357,612 | |||
Goodwill_And_Other_Intangible_1
Goodwill And Other Intangible Assets (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||||||
Schedule Of Intangible Assets With Estimable Useful Lives | ' | ||||||||||||||||||||||||||||||||
The following table presents information about the Company's intangible assets which have estimable useful lives. | |||||||||||||||||||||||||||||||||
December 31, 2013 | December 31, 2012 | ||||||||||||||||||||||||||||||||
(In thousands) | Gross Carrying Amount | Accumulated Amortization | Valuation Allowance | Net Amount | Gross Carrying Amount | Accumulated Amortization | Valuation Allowance | Net Amount | |||||||||||||||||||||||||
Amortizable intangible assets: | |||||||||||||||||||||||||||||||||
Core deposit premium | $ | 31,270 | $ | (22,781 | ) | $ | — | $ | 8,489 | $ | 25,720 | $ | (20,892 | ) | $ | — | $ | 4,828 | |||||||||||||||
Mortgage servicing rights | 3,430 | (2,567 | ) | (84 | ) | 779 | 3,132 | (2,267 | ) | (393 | ) | 472 | |||||||||||||||||||||
Total | $ | 34,700 | $ | (25,348 | ) | $ | (84 | ) | $ | 9,268 | $ | 28,852 | $ | (23,159 | ) | $ | (393 | ) | $ | 5,300 | |||||||||||||
Schedule Of Goodwill Allocated By Operating Segments | ' | ||||||||||||||||||||||||||||||||
The carrying amount of goodwill and its allocation among segments at December 31, 2013 and 2012 is shown in the table below. As a result of ongoing assessments, no impairment of goodwill was recorded in 2013, 2012 or 2011. Further, the regular annual review on January 1, 2014 revealed no impairment as of that date. | |||||||||||||||||||||||||||||||||
(In thousands) | 31-Dec-13 | 31-Dec-12 | |||||||||||||||||||||||||||||||
Consumer segment | $ | 70,721 | $ | 67,765 | |||||||||||||||||||||||||||||
Commercial segment | 67,454 | 57,074 | |||||||||||||||||||||||||||||||
Wealth segment | 746 | 746 | |||||||||||||||||||||||||||||||
Total goodwill | $ | 138,921 | $ | 125,585 | |||||||||||||||||||||||||||||
Schedule Of Changes In Carrying Amount Of Goodwill And Net Other Intangible Assets | ' | ||||||||||||||||||||||||||||||||
Changes in the net carrying amount of goodwill and other net intangible assets for the years ended December 31, 2013 and 2012 are shown in the following table. | |||||||||||||||||||||||||||||||||
(In thousands) | Goodwill | Core Deposit Premium | Mortgage Servicing Rights | ||||||||||||||||||||||||||||||
Balance at December 31, 2011 | $ | 125,585 | $ | 6,970 | $ | 744 | |||||||||||||||||||||||||||
Originations | — | — | 35 | ||||||||||||||||||||||||||||||
Amortization | — | (2,142 | ) | (341 | ) | ||||||||||||||||||||||||||||
Impairment reversal | — | — | 34 | ||||||||||||||||||||||||||||||
Balance at December 31, 2012 | 125,585 | 4,828 | 472 | ||||||||||||||||||||||||||||||
Summit acquisition | 13,336 | 5,550 | — | ||||||||||||||||||||||||||||||
Originations | — | — | 298 | ||||||||||||||||||||||||||||||
Amortization | — | (1,889 | ) | (300 | ) | ||||||||||||||||||||||||||||
Impairment reversal | — | — | 309 | ||||||||||||||||||||||||||||||
Balance at December 31, 2013 | $ | 138,921 | $ | 8,489 | $ | 779 | |||||||||||||||||||||||||||
Schedule of Estimated Annual Amortization Expense | ' | ||||||||||||||||||||||||||||||||
The following table shows the estimated future amortization expense based on existing asset balances and the interest rate environment as of December 31, 2013. The Company’s actual amortization expense in any given period may be different from the estimated amounts depending upon the acquisition of intangible assets, changes in mortgage interest rates, prepayment rates and other market conditions. | |||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||
2014 | $ | 1,999 | |||||||||||||||||||||||||||||||
2015 | 1,609 | ||||||||||||||||||||||||||||||||
2016 | 1,246 | ||||||||||||||||||||||||||||||||
2017 | 921 | ||||||||||||||||||||||||||||||||
2018 | 688 | ||||||||||||||||||||||||||||||||
Deposits_Tables
Deposits (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Deposits [Abstract] | ' | |||||||||||||||
Scheduled Maturities Of Total Time Open And Certificates Of Deposit | ' | |||||||||||||||
At December 31, 2013, the scheduled maturities of total time open and certificates of deposit were as follows: | ||||||||||||||||
(In thousands) | ||||||||||||||||
Due in 2014 | $ | 1,740,247 | ||||||||||||||
Due in 2015 | 235,401 | |||||||||||||||
Due in 2016 | 126,623 | |||||||||||||||
Due in 2017 | 35,402 | |||||||||||||||
Due in 2018 | 48,998 | |||||||||||||||
Thereafter | 1,767 | |||||||||||||||
Total | $ | 2,188,438 | ||||||||||||||
Maturities Of Time Open And Certificates Of Deposit Detailed Breakdown By Size Category | ' | |||||||||||||||
The following table shows a detailed breakdown of the maturities of time open and certificates of deposit, by size category, at December 31, 2013. | ||||||||||||||||
(In thousands) | Certificates of Deposit under $100,000 | Other Time Deposits under $100,000 | Certificates of Deposit over $100,000 | Other Time Deposits over $100,000 | Total | |||||||||||
Due in 3 months or less | $ | 159,550 | $ | 33,313 | $ | 314,206 | $ | 19,086 | $ | 526,155 | ||||||
Due in over 3 through 6 months | 179,266 | 38,196 | 249,528 | 32,052 | 499,042 | |||||||||||
Due in over 6 through 12 months | 308,582 | 55,173 | 280,247 | 71,048 | 715,050 | |||||||||||
Due in over 12 months | 135,935 | 73,674 | 221,906 | 16,676 | 448,191 | |||||||||||
Total | $ | 783,333 | $ | 200,356 | $ | 1,065,887 | $ | 138,862 | $ | 2,188,438 | ||||||
Borrowings_Tables
Borrowings (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Debt Disclosure [Abstract] | ' | |||||||||||||
Short-Term Borrowings | ' | |||||||||||||
The following table sets forth selected information for short-term borrowings (borrowings with an original maturity of less than one year). | ||||||||||||||
(Dollars in thousands) | Year End Weighted Rate | Average Weighted Rate | Average Balance Outstanding | Maximum Outstanding at any Month End | Balance at December 31 | |||||||||
Federal funds purchased and repurchase agreements: | ||||||||||||||
2013 | 0.1 | % | 0.1 | % | $ | 914,554 | $ | 1,479,849 | $ | 996,558 | ||||
2012 | 0.1 | 0.1 | 785,978 | 1,149,156 | 683,550 | |||||||||
2011 | 0.1 | 0.1 | 635,009 | 1,002,092 | 856,081 | |||||||||
Long-Term Borrowings | ' | |||||||||||||
Long-term borrowings of the Company consisted of the following at December 31, 2013: | ||||||||||||||
(Dollars in thousands) | Borrower | Maturity Date | Year End Weighted Rate | Year End Balance | ||||||||||
FHLB advances | Subsidiary bank | 2014 | 4.8 | % | $ | 1,178 | ||||||||
2015-17 | 3.5 | 104,132 | ||||||||||||
Structured repurchase agreements | Subsidiary bank | 2014 | 0 | 350,000 | ||||||||||
Total | $ | 455,310 | ||||||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||
Schedule Of Components Of Income Tax Expense (Benefit) | ' | |||||||||
The components of income tax expense from operations for the years ended December 31, 2013, 2012 and 2011 were as follows: | ||||||||||
(In thousands) | Current | Deferred | Total | |||||||
Year ended December 31, 2013: | ||||||||||
U.S. federal | $ | 102,191 | $ | 7,984 | $ | 110,175 | ||||
State and local | 10,838 | 1,217 | 12,055 | |||||||
Total | $ | 113,029 | $ | 9,201 | $ | 122,230 | ||||
Year ended December 31, 2012: | ||||||||||
U.S. federal | $ | 100,210 | $ | 15,125 | $ | 115,335 | ||||
State and local | 10,725 | 1,109 | 11,834 | |||||||
Total | $ | 110,935 | $ | 16,234 | $ | 127,169 | ||||
Year ended December 31, 2011: | ||||||||||
U.S. federal | $ | 113,920 | $ | (2,720 | ) | $ | 111,200 | |||
State and local | 10,328 | (116 | ) | 10,212 | ||||||
Total | $ | 124,248 | $ | (2,836 | ) | $ | 121,412 | |||
Schedule Of Income Tax Expense Recorded Directly To Stockholders Equity | ' | |||||||||
The components of income tax (benefit) expense recorded directly to stockholders’ equity for the years ended December 31, 2013, 2012 and 2011 were as follows: | ||||||||||
(In thousands) | 2013 | 2012 | 2011 | |||||||
Unrealized gain (loss) on securities available for sale | $ | (84,582 | ) | $ | 19,425 | $ | 31,565 | |||
Accumulated pension (benefit) loss | 6,981 | (3,608 | ) | (2,641 | ) | |||||
Compensation expense for tax purposes in excess of amounts recognized for financial reporting purposes | (1,003 | ) | (2,094 | ) | (1,065 | ) | ||||
Income tax (benefit) expense allocated to stockholders’ equity | $ | (78,604 | ) | $ | 13,723 | $ | 27,859 | |||
Components Of Deferred Tax Assets And Liabilities | ' | |||||||||
Significant components of the Company’s deferred tax assets and liabilities at December 31, 2013 and 2012 were as follows: | ||||||||||
(In thousands) | 2013 | 2012 | ||||||||
Deferred tax assets: | ||||||||||
Loans, principally due to allowance for loan losses | $ | 70,154 | $ | 75,710 | ||||||
Accrued expenses | 15,740 | 15,528 | ||||||||
Equity-based compensation | 12,407 | 12,469 | ||||||||
Deferred compensation | 6,980 | 6,280 | ||||||||
Pension | 728 | 7,840 | ||||||||
Other | 14,740 | 11,799 | ||||||||
Total deferred tax assets | 120,749 | 129,626 | ||||||||
Deferred tax liabilities: | ||||||||||
Equipment lease financing | 64,320 | 54,980 | ||||||||
Unrealized gain on securities available for sale | 15,633 | 100,215 | ||||||||
Land, buildings and equipment | 14,757 | 16,433 | ||||||||
Intangibles | 7,282 | 4,867 | ||||||||
Accretion on investment securities | 5,972 | 6,613 | ||||||||
Other | 7,325 | 8,399 | ||||||||
Total deferred tax liabilities | 115,289 | 191,507 | ||||||||
Net deferred tax assets (liabilities) | $ | 5,460 | $ | (61,881 | ) | |||||
Schedule Of Company's Actual Income Tax Expense | ' | |||||||||
A reconciliation between the expected federal income tax expense using the federal statutory tax rate of 35% and the Company’s actual income tax expense for 2013, 2012 and 2011 is provided in the table below. The effective tax rate is calculated by dividing income taxes by income before income taxes less the non-controlling interest expense. | ||||||||||
(In thousands) | 2013 | 2012 | 2011 | |||||||
Computed “expected” tax expense | $ | 134,117 | $ | 138,774 | $ | 132,214 | ||||
Increase (decrease) in income taxes resulting from: | ||||||||||
Tax-exempt interest, net of cost to carry | (16,612 | ) | (15,516 | ) | (14,815 | ) | ||||
State and local income taxes, net of federal tax benefit | 7,836 | 7,692 | 6,638 | |||||||
Tax deductible dividends on allocated shares held by the Company’s ESOP | (1,116 | ) | (2,991 | ) | (1,058 | ) | ||||
Other | (1,995 | ) | (790 | ) | (1,567 | ) | ||||
Total income tax expense | $ | 122,230 | $ | 127,169 | $ | 121,412 | ||||
Schedule Of Accrued Liability For Unrecognized Tax Benefit | ' | |||||||||
The activity in the accrued liability for unrecognized tax benefits for the years ended December 31, 2013 and 2012 was as follows: | ||||||||||
(In thousands) | 2013 | 2012 | ||||||||
Unrecognized tax benefits at beginning of year | $ | 1,581 | $ | 1,584 | ||||||
Gross increases – tax positions in prior period | 70 | 417 | ||||||||
Gross decreases – tax positions in prior period | (2 | ) | (25 | ) | ||||||
Gross increases – current-period tax positions | 282 | 219 | ||||||||
Lapse of statute of limitations | (503 | ) | (614 | ) | ||||||
Unrecognized tax benefits at end of year | $ | 1,428 | $ | 1,581 | ||||||
Employee_Benefit_Plans_Tables
Employee Benefit Plans (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | ' | ||||||||||||
Employee Benefits Charged To Operating Expenses | ' | ||||||||||||
Employee benefits charged to operating expenses are summarized in the table below. Substantially all of the Company’s employees are covered by a defined contribution (401(k)) plan, under which the Company makes matching contributions. | |||||||||||||
(In thousands) | 2013 | 2012 | 2011 | ||||||||||
Payroll taxes | $ | 21,705 | $ | 21,247 | $ | 20,703 | |||||||
Medical plans | 18,393 | 19,861 | 16,350 | ||||||||||
401(k) plan | 12,465 | 12,613 | 11,728 | ||||||||||
Pension plans | 1,627 | 2,441 | 994 | ||||||||||
Other | 2,498 | 2,062 | 2,232 | ||||||||||
Total employee benefits | $ | 56,688 | $ | 58,224 | $ | 52,007 | |||||||
Components Of The Net Pension Cost | ' | ||||||||||||
The following items are components of the net pension cost for the years ended December 31, 2013, 2012 and 2011. | |||||||||||||
(In thousands) | 2013 | 2012 | 2011 | ||||||||||
Service cost-benefits earned during the year | $ | 509 | $ | 504 | $ | 406 | |||||||
Interest cost on projected benefit obligation | 4,509 | 5,162 | 5,366 | ||||||||||
Expected return on plan assets | (6,476 | ) | (6,178 | ) | (6,727 | ) | |||||||
Amortization of unrecognized net loss | 3,085 | 2,953 | 1,949 | ||||||||||
Net periodic pension cost | $ | 1,627 | $ | 2,441 | $ | 994 | |||||||
Summary Of Pension Plans Funded Status | ' | ||||||||||||
The following table sets forth the pension plans’ funded status, using valuation dates of December 31, 2013 and 2012. | |||||||||||||
(In thousands) | 2013 | 2012 | |||||||||||
Change in projected benefit obligation | |||||||||||||
Projected benefit obligation at prior valuation date | $ | 125,147 | $ | 110,186 | |||||||||
Service cost | 509 | 504 | |||||||||||
Interest cost | 4,509 | 5,162 | |||||||||||
Benefits paid | (5,904 | ) | (5,248 | ) | |||||||||
Actuarial (gain) loss | (10,588 | ) | 14,543 | ||||||||||
Projected benefit obligation at valuation date | 113,673 | 125,147 | |||||||||||
Change in plan assets | |||||||||||||
Fair value of plan assets at prior valuation date | 101,834 | 97,228 | |||||||||||
Actual return on plan assets | 11,173 | 8,274 | |||||||||||
Employer contributions | 69 | 1,580 | |||||||||||
Benefits paid | (5,904 | ) | (5,248 | ) | |||||||||
Fair value of plan assets at valuation date | 107,172 | 101,834 | |||||||||||
Funded status and net amount recognized at valuation date | $ | (6,501 | ) | $ | (23,313 | ) | |||||||
Schedule Of Amounts Not Yet Reflected In Net Periodic Benefit Cost And Included In Accumulated Other Comprehensive Income (Loss), Pre-Tax Basis | ' | ||||||||||||
Amounts not yet reflected in net periodic benefit cost and included in accumulated other comprehensive income (loss) at December 31, 2013 and 2012 are shown below, including amounts recognized in other comprehensive income during the periods. All amounts are shown on a pre-tax basis. | |||||||||||||
(In thousands) | 2013 | 2012 | |||||||||||
Prior service credit (cost) | $ | — | $ | — | |||||||||
Accumulated loss | (25,479 | ) | (43,849 | ) | |||||||||
Accumulated other comprehensive loss | (25,479 | ) | (43,849 | ) | |||||||||
Cumulative employer contributions in excess of net periodic benefit cost | 18,978 | 20,536 | |||||||||||
Net amount recognized as an accrued benefit liability on the December 31 balance sheet | $ | (6,501 | ) | $ | (23,313 | ) | |||||||
Net gain (loss) arising during period | $ | 15,285 | $ | (12,447 | ) | ||||||||
Amortization of net loss | 3,085 | 2,953 | |||||||||||
Total recognized in other comprehensive income | $ | 18,370 | $ | (9,494 | ) | ||||||||
Total income (expense) recognized in net periodic pension cost and other comprehensive income | $ | 16,743 | $ | (11,935 | ) | ||||||||
Assumptions On A Weighted Average Basis, Used In Accounting For Plans | ' | ||||||||||||
The following assumptions, on a weighted average basis, were used in accounting for the plans. | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Determination of benefit obligation at year end: | |||||||||||||
Discount rate | 4.55 | % | 3.65 | % | 4.8 | % | |||||||
Assumed credit on cash balance accounts | 5 | % | 5 | % | 5 | % | |||||||
Determination of net periodic benefit cost for year ended: | |||||||||||||
Discount rate | 3.65 | % | 4.8 | % | 5.4 | % | |||||||
Long-term rate of return on assets | 6.5 | % | 6.5 | % | 7 | % | |||||||
Assumed credit on cash balance accounts | 5 | % | 5 | % | 5 | % | |||||||
Fair Value Of Pension Plan Asset Category | ' | ||||||||||||
The following table shows the fair values of the Company’s pension plan assets by asset category at December 31, 2013 and 2012. Information about the valuation techniques and inputs used to measure fair value are provided in Note 16 on Fair Value Measurements. | |||||||||||||
Fair Value Measurements | |||||||||||||
(In thousands) | Total Fair Value | Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||
(Level 1) | |||||||||||||
December 31, 2013 | |||||||||||||
Assets: | |||||||||||||
U.S. government obligations | $ | 901 | $ | 901 | $ | — | $ | — | |||||
Government-sponsored enterprise obligations (a) | 2,512 | — | 2,512 | — | |||||||||
State and municipal obligations | 7,270 | — | 7,270 | — | |||||||||
Agency mortgage-backed securities (b) | 1,744 | — | 1,744 | — | |||||||||
Non-agency mortgage-backed securities | 6,156 | — | 6,156 | — | |||||||||
Asset-backed securities | 5,985 | — | 5,985 | — | |||||||||
Corporate bonds (c) | 36,345 | — | 36,345 | — | |||||||||
Equity securities and mutual funds: (d) | |||||||||||||
U.S. large-cap | 23,677 | 23,677 | — | — | |||||||||
U.S. mid-cap | 13,864 | 13,864 | — | — | |||||||||
U.S. small-cap | 4,331 | 4,331 | — | — | |||||||||
International developed markets | 857 | 857 | — | — | |||||||||
Emerging markets | 659 | 659 | — | — | |||||||||
Money market funds | 2,871 | 2,871 | — | — | |||||||||
Total | $ | 107,172 | $ | 47,160 | $ | 60,012 | $ | — | |||||
December 31, 2012 | |||||||||||||
Assets: | |||||||||||||
Cash | $ | 31 | $ | 31 | $ | — | $ | — | |||||
U.S. government obligations | 343 | 343 | — | — | |||||||||
Government-sponsored enterprise obligations (a) | 6,930 | — | 6,930 | — | |||||||||
State and municipal obligations | 5,700 | — | 5,700 | — | |||||||||
Agency mortgage-backed securities (b) | 3,000 | — | 3,000 | — | |||||||||
Non-agency mortgage-backed securities | 6,936 | — | 6,936 | — | |||||||||
Asset-backed securities | 7,125 | — | 7,125 | — | |||||||||
Corporate bonds (c) | 27,653 | — | 27,653 | — | |||||||||
Equity securities and mutual funds: (d) | |||||||||||||
U.S. large-cap | 22,400 | 22,400 | — | — | |||||||||
U.S. mid-cap | 12,600 | 12,600 | — | — | |||||||||
U.S. small-cap | 3,792 | 3,792 | — | — | |||||||||
International developed markets | 908 | 908 | — | — | |||||||||
Emerging markets | 916 | 916 | — | — | |||||||||
Money market funds | 3,500 | 3,500 | — | — | |||||||||
Total | $ | 101,834 | $ | 44,490 | $ | 57,344 | $ | — | |||||
(a) | This category represents bonds (excluding mortgage-backed securities) issued by agencies such as the Federal Home Loan Bank, the Federal Home Loan Mortgage Corp and the Federal National Mortgage Association. | ||||||||||||
(b) | This category represents mortgage-backed securities issued by the agencies mentioned in (a). | ||||||||||||
(c) | This category represents investment grade bonds issued in the U.S., primarily by domestic issuers, representing diverse industries. | ||||||||||||
(d) | This category represents investments in individual common stocks and equity funds. These holdings are diversified, largely across the financial services, consumer goods, healthcare, technology, and energy sectors. | ||||||||||||
Future Benefit Payments | ' | ||||||||||||
The following future benefit payments are expected to be paid: | |||||||||||||
(In thousands) | |||||||||||||
2014 | $ | 5,958 | |||||||||||
2015 | 6,234 | ||||||||||||
2016 | 6,551 | ||||||||||||
2017 | 6,731 | ||||||||||||
2018 | 6,940 | ||||||||||||
2019 - 2023 | 36,258 | ||||||||||||
StockBased_Compensation_and_Di1
Stock-Based Compensation and Directors Stock Purchase Plan (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Share-based Compensation [Abstract] | ' | ||||||||||
Summary Of The Status Of Nonvested Share Awards | ' | ||||||||||
A summary of the status of the Company’s nonvested share awards as of December 31, 2013 and changes during the year then ended is presented below. | |||||||||||
Shares | Weighted Average Grant Date Fair Value | ||||||||||
Nonvested at January 1, 2013 | 926,871 | 32.97 | |||||||||
Granted | 421,803 | 36.67 | |||||||||
Vested | (54,922 | ) | 32.72 | ||||||||
Forfeited | (28,729 | ) | 33.03 | ||||||||
Canceled | (121,268 | ) | 33.64 | ||||||||
Nonvested at December 31, 2013 | 1,143,755 | 34.27 | |||||||||
Schedule Of Share Based Payment Award Stock Options Valuation Assumptions [Table Text Block] | ' | ||||||||||
The per share average fair value and the model assumptions for SARs granted in 2013 are shown in the table below. | |||||||||||
Weighted per share average fair value at grant date | $6.82 | ||||||||||
Assumptions: | |||||||||||
Dividend yield | 2.3 | % | |||||||||
Volatility | 23.2 | % | |||||||||
Risk-free interest rate | 1.2 | % | |||||||||
Expected term | 7.3 years | ||||||||||
Summary Of Option Activity | ' | ||||||||||
A summary of option activity during 2013 is presented below. | |||||||||||
(Dollars in thousands, except per share data) | Shares | Weighted Average Exercise Price | Weighted Average Remaining Contractual Term | Aggregate Intrinsic Value | |||||||
Outstanding at January 1, 2013 | 807,121 | $ | 30.01 | ||||||||
Granted | — | — | |||||||||
Forfeited | — | — | |||||||||
Expired | — | — | |||||||||
Exercised | (354,798 | ) | 29.32 | ||||||||
Outstanding, exercisable and vested at December 31, 2013 | 452,323 | $ | 30.55 | 0.8 | years | $ | 6,494 | ||||
Summary Of SAR Activity | ' | ||||||||||
A summary of SAR activity during 2013 is presented below. | |||||||||||
(Dollars in thousands, except per share data) | Shares | Weighted Average Exercise Price | Weighted Average Remaining Contractual Term | Aggregate Intrinsic Value | |||||||
Outstanding at January 1, 2013 | 1,876,523 | $ | 34.35 | ||||||||
Granted | 224,282 | 37.17 | |||||||||
Forfeited | (2,954 | ) | 33.19 | ||||||||
Expired | — | — | |||||||||
Exercised | (339,597 | ) | 34.54 | ||||||||
Outstanding at December 31, 2013 | 1,758,254 | $ | 34.68 | 4 | years | $ | 17,993 | ||||
Exercisable at December 31, 2013 | 1,535,329 | $ | 34.32 | 3.2 | years | $ | 16,267 | ||||
Vested and expected to vest at December 31, 2013 | 1,748,676 | $ | 34.66 | 4 | years | $ | 17,919 | ||||
Schedule Of Additional Information About Stock Options and SARs Exercises | ' | ||||||||||
Additional information about stock options and SARs exercised is presented below. | |||||||||||
(In thousands) | 2013 | 2012 | 2011 | ||||||||
Intrinsic value of options and SARs exercised | $ | 6,580 | $ | 7,769 | $ | 6,722 | |||||
Cash received from options and SARs exercised | $ | 9,426 | $ | 14,820 | $ | 14,604 | |||||
Tax benefit realized from options and SARs exercised | $ | 335 | $ | 1,269 | $ | 847 | |||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ' | ||||||||||||
Components Of Accumulated Other Comprehensive Income (Loss) | ' | ||||||||||||
Unrealized Gains (Losses) on Securities (1) | Pension Loss (2) | Total Accumulated Other Comprehensive Income | |||||||||||
(In thousands) | OTTI | Other | |||||||||||
Balance January 1, 2013 | $ | 3,245 | $ | 160,263 | $ | (27,164 | ) | $ | 136,344 | ||||
Other comprehensive income (loss) before reclassifications | 261 | (222,628 | ) | 15,285 | (207,082 | ) | |||||||
Amounts reclassified from accumulated other comprehensive income | 1,284 | (1,501 | ) | 3,085 | 2,868 | ||||||||
Current period other comprehensive income (loss), before tax | 1,545 | (224,129 | ) | 18,370 | (204,214 | ) | |||||||
Income tax (expense) benefit | (587 | ) | 85,169 | (6,981 | ) | 77,601 | |||||||
Current period other comprehensive income (loss), net of tax | 958 | (138,960 | ) | 11,389 | (126,613 | ) | |||||||
Balance December 31, 2013 | $ | 4,203 | $ | 21,303 | $ | (15,775 | ) | $ | 9,731 | ||||
Balance January 1, 2012 | $ | (4,321 | ) | $ | 136,137 | $ | (21,278 | ) | $ | 110,538 | |||
Other comprehensive income (loss) before reclassifications | 10,713 | 39,271 | (12,447 | ) | 37,537 | ||||||||
Amounts reclassified from accumulated other comprehensive income | 1,490 | (357 | ) | 2,953 | 4,086 | ||||||||
Current period other comprehensive income (loss), before tax | 12,203 | 38,914 | (9,494 | ) | 41,623 | ||||||||
Income tax (expense) benefit | (4,637 | ) | (14,788 | ) | 3,608 | (15,817 | ) | ||||||
Current period other comprehensive income (loss), net of tax | 7,566 | 24,126 | (5,886 | ) | 25,806 | ||||||||
Balance December 31, 2012 | $ | 3,245 | $ | 160,263 | $ | (27,164 | ) | $ | 136,344 | ||||
(1) The pre-tax amounts reclassified from accumulated other comprehensive income are included in "investment securities gains (losses), net" in the consolidated statements of income. | |||||||||||||
(2) The pre-tax amounts reclassified from accumulated other comprehensive income are included in the computation of net periodic pension cost as "amortization of unrecognized net loss" (see Note 10). |
Segments_Tables
Segments (Tables) | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||
Schedule Of Financial Information By Segment | ' | ||||||||||||||||||
Segment Income Statement Data | |||||||||||||||||||
(In thousands) | Consumer | Commercial | Wealth | Segment Totals | Other/Elimination | Consolidated Totals | |||||||||||||
Year ended December 31, 2013: | |||||||||||||||||||
Net interest income | $ | 268,283 | $ | 288,722 | $ | 40,194 | $ | 597,199 | $ | 22,173 | $ | 619,372 | |||||||
Provision for loan losses | (34,277 | ) | 3,772 | (688 | ) | (31,193 | ) | 10,840 | (20,353 | ) | |||||||||
Non-interest income | 113,377 | 186,446 | 116,765 | 416,588 | 1,798 | 418,386 | |||||||||||||
Investment securities losses, net | — | — | — | — | (4,425 | ) | (4,425 | ) | |||||||||||
Non-interest expense | (270,209 | ) | (235,346 | ) | (96,530 | ) | (602,085 | ) | (27,548 | ) | (629,633 | ) | |||||||
Income before income taxes | $ | 77,174 | $ | 243,594 | $ | 59,741 | $ | 380,509 | $ | 2,838 | $ | 383,347 | |||||||
Year ended December 31, 2012: | |||||||||||||||||||
Net interest income | $ | 274,844 | $ | 290,968 | $ | 39,498 | $ | 605,310 | $ | 34,596 | $ | 639,906 | |||||||
Provision for loan losses | (35,496 | ) | (2,824 | ) | (695 | ) | (39,015 | ) | 11,728 | (27,287 | ) | ||||||||
Non-interest income | 114,307 | 179,824 | 108,472 | 402,603 | (2,973 | ) | 399,630 | ||||||||||||
Investment securities gains, net | — | — | — | — | 4,828 | 4,828 | |||||||||||||
Non-interest expense | (266,740 | ) | (226,935 | ) | (90,659 | ) | (584,334 | ) | (34,135 | ) | (618,469 | ) | |||||||
Income before income taxes | $ | 86,915 | $ | 241,033 | $ | 56,616 | $ | 384,564 | $ | 14,044 | $ | 398,608 | |||||||
Year ended December 31, 2011: | |||||||||||||||||||
Net interest income | $ | 283,555 | $ | 283,790 | $ | 38,862 | $ | 606,207 | $ | 39,863 | $ | 646,070 | |||||||
Provision for loan losses | (47,273 | ) | (16,195 | ) | (712 | ) | (64,180 | ) | 12,665 | (51,515 | ) | ||||||||
Non-interest income | 131,253 | 162,533 | 101,836 | 395,622 | (2,705 | ) | 392,917 | ||||||||||||
Investment securities gains, net | — | — | — | — | 10,812 | 10,812 | |||||||||||||
Non-interest expense | (269,435 | ) | (221,273 | ) | (89,108 | ) | (579,816 | ) | (37,433 | ) | (617,249 | ) | |||||||
Income before income taxes | $ | 98,100 | $ | 208,855 | $ | 50,878 | $ | 357,833 | $ | 23,202 | $ | 381,035 | |||||||
Segment Balance Sheet Data | ' | ||||||||||||||||||
Segment Balance Sheet Data | |||||||||||||||||||
(In thousands) | Consumer | Commercial | Wealth | Segment Totals | Other/Elimination | Consolidated Totals | |||||||||||||
Average balances for 2013: | |||||||||||||||||||
Assets | $ | 2,674,136 | $ | 6,321,153 | $ | 855,721 | $ | 9,851,010 | $ | 12,022,974 | $ | 21,873,984 | |||||||
Loans, including held for sale | 2,589,179 | 6,124,902 | 845,918 | 9,559,999 | 756,143 | 10,316,142 | |||||||||||||
Goodwill and other intangible assets | 73,340 | 61,925 | 746 | 136,011 | — | 136,011 | |||||||||||||
Deposits | 9,317,525 | 6,809,265 | 1,885,807 | 18,012,597 | 48,554 | 18,061,151 | |||||||||||||
Average balances for 2012: | |||||||||||||||||||
Assets | $ | 2,503,503 | $ | 5,834,512 | $ | 743,312 | $ | 9,081,327 | $ | 11,619,351 | $ | 20,700,678 | |||||||
Loans, including held for sale | 2,418,428 | 5,648,923 | 735,153 | 8,802,504 | 586,500 | 9,389,004 | |||||||||||||
Goodwill and other intangible assets | 72,765 | 58,573 | 746 | 132,084 | — | 132,084 | |||||||||||||
Deposits | 8,816,905 | 6,266,569 | 1,689,937 | 16,773,411 | 53,137 | 16,826,548 | |||||||||||||
Common_Stock_Tables
Common Stock (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Common Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | ' | |||||||||
Summary Of Components Used To Calculate Basic And Diluted Income Per Share | ' | |||||||||
(In thousands, except per share data) | 2013 | 2012 | 2011 | |||||||
Basic income per common share: | ||||||||||
Net income attributable to Commerce Bancshares, Inc. | $ | 260,961 | $ | 269,329 | $ | 256,343 | ||||
Less income allocated to nonvested restricted stockholders | 2,939 | 2,563 | 1,846 | |||||||
Net income available to common stockholders | $ | 258,022 | $ | 266,766 | $ | 254,497 | ||||
Weighted average common shares outstanding | 94,585 | 96,195 | 99,086 | |||||||
Basic income per common share | $ | 2.73 | $ | 2.77 | $ | 2.57 | ||||
Diluted income per common share: | ||||||||||
Net income attributable to Commerce Bancshares, Inc. | $ | 260,961 | $ | 269,329 | $ | 256,343 | ||||
Less income allocated to nonvested restricted stockholders | 2,931 | 2,562 | 1,842 | |||||||
Net income available to common stockholders | $ | 258,030 | $ | 266,767 | $ | 254,501 | ||||
Weighted average common shares outstanding | 94,585 | 96,195 | 99,086 | |||||||
Net effect of the assumed exercise of stock-based awards -- based on the treasury stock method using the average market price for the respective periods | 398 | 294 | 362 | |||||||
Weighted average diluted common shares outstanding | 94,983 | 96,489 | 99,448 | |||||||
Diluted income per common share | $ | 2.72 | $ | 2.76 | $ | 2.56 | ||||
Schedule Of Activity In The Outstanding Shares Of The Company's Common Stock | ' | |||||||||
The table below shows activity in the outstanding shares of the Company’s common stock during the past three years. Shares in the table below are presented on an historical basis and have not been restated for the annual 5% stock dividends. | ||||||||||
Years Ended December 31 | ||||||||||
(In thousands) | 2013 | 2012 | 2011 | |||||||
Shares outstanding at January 1 | 91,414 | 88,952 | 86,624 | |||||||
Issuance of stock: | ||||||||||
Awards and sales under employee and director plans | 653 | 837 | 724 | |||||||
5% stock dividend | 4,565 | 4,352 | 4,231 | |||||||
Summit acquisition | 1,000 | — | — | |||||||
Purchases of treasury stock | (1,742 | ) | (2,716 | ) | (2,622 | ) | ||||
Other | (9 | ) | (11 | ) | (5 | ) | ||||
Shares outstanding at December 31 | 95,881 | 91,414 | 88,952 | |||||||
Regulatory_Capital_Requirement1
Regulatory Capital Requirements (Tables) | 12 Months Ended | |||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||
Regulatory Capital Requirements [Abstract] | ' | |||||||||||||||||
Schedule Of Capital Amounts And Ratios On Consolidated Basis | ' | |||||||||||||||||
The following tables show the capital amounts and ratios for the Company (on a consolidated basis) and the Bank, together with the minimum and well-capitalized capital requirements, at the last two year ends. | ||||||||||||||||||
Actual | Minimum Capital Requirement | Well-Capitalized Capital Requirement | ||||||||||||||||
(Dollars in thousands) | Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||
December 31, 2013 | ||||||||||||||||||
Total Capital (to risk-weighted assets): | ||||||||||||||||||
Commerce Bancshares, Inc. (consolidated) | $ | 2,239,636 | 15.28 | % | $ | 1,172,843 | 8 | % | N.A. | N.A. | ||||||||
Commerce Bank | 1,971,850 | 13.55 | 1,164,469 | 8 | $ | 1,455,586 | 10 | % | ||||||||||
Tier I Capital (to risk-weighted assets): | ||||||||||||||||||
Commerce Bancshares, Inc. (consolidated) | $ | 2,061,761 | 14.06 | % | $ | 586,421 | 4 | % | N.A. | N.A. | ||||||||
Commerce Bank | 1,809,231 | 12.43 | 582,234 | 4 | $ | 873,351 | 6 | % | ||||||||||
Tier I Capital (to adjusted quarterly average assets): | ||||||||||||||||||
(Leverage Ratio) | ||||||||||||||||||
Commerce Bancshares, Inc. (consolidated) | $ | 2,061,761 | 9.43 | % | $ | 874,673 | 4 | % | N.A. | N.A. | ||||||||
Commerce Bank | 1,809,231 | 8.31 | 871,050 | 4 | $ | 1,088,812 | 5 | % | ||||||||||
December 31, 2012 | ||||||||||||||||||
Total Capital (to risk-weighted assets): | ||||||||||||||||||
Commerce Bancshares, Inc. (consolidated) | $ | 2,092,141 | 14.93 | % | $ | 1,121,252 | 8 | % | N.A. | N.A. | ||||||||
Commerce Bank | 1,887,251 | 13.6 | 1,110,330 | 8 | $ | 1,387,912 | 10 | % | ||||||||||
Tier I Capital (to risk-weighted assets): | ||||||||||||||||||
Commerce Bancshares, Inc. (consolidated) | $ | 1,906,203 | 13.6 | % | $ | 560,626 | 4 | % | N.A. | N.A. | ||||||||
Commerce Bank | 1,713,752 | 12.35 | 555,165 | 4 | $ | 832,747 | 6 | % | ||||||||||
Tier I Capital (to adjusted quarterly average assets): | ||||||||||||||||||
(Leverage Ratio) | ||||||||||||||||||
Commerce Bancshares, Inc. (consolidated) | $ | 1,906,203 | 9.14 | % | $ | 834,171 | 4 | % | N.A. | N.A. | ||||||||
Commerce Bank | 1,713,752 | 8.26 | 829,711 | 4 | $ | 1,037,139 | 5 | % | ||||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Summary Of Assets And Liabilities Measured At Fair Value On A Recurring Basis | ' | |||||||||||||||
The table below presents the carrying values of assets and liabilities measured at fair value on a recurring basis at December 31, 2013 and 2012. There were no transfers among levels during these years. | ||||||||||||||||
Fair Value Measurements Using | ||||||||||||||||
(In thousands) | Total Fair Value | Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs | ||||||||||||
(Level 1) | (Level 3) | |||||||||||||||
December 31, 2013 | ||||||||||||||||
Assets: | ||||||||||||||||
Available for sale securities: | ||||||||||||||||
U.S. government and federal agency obligations | $ | 505,696 | $ | 505,696 | $ | — | $ | — | ||||||||
Government-sponsored enterprise obligations | 741,766 | — | 741,766 | — | ||||||||||||
State and municipal obligations | 1,619,171 | — | 1,491,447 | 127,724 | ||||||||||||
Agency mortgage-backed securities | 2,772,338 | — | 2,772,338 | — | ||||||||||||
Non-agency mortgage-backed securities | 246,983 | — | 246,983 | — | ||||||||||||
Asset-backed securities | 2,844,071 | — | 2,844,071 | — | ||||||||||||
Other debt securities | 141,757 | — | 141,757 | — | ||||||||||||
Equity securities | 43,898 | 24,646 | 19,252 | — | ||||||||||||
Trading securities | 19,993 | — | 19,993 | — | ||||||||||||
Private equity investments | 56,612 | — | — | 56,612 | ||||||||||||
Derivatives * | 12,980 | — | 12,976 | 4 | ||||||||||||
Assets held in trust | 7,511 | 7,511 | — | — | ||||||||||||
Total assets | 9,012,776 | 537,853 | 8,290,583 | 184,340 | ||||||||||||
Liabilities: | ||||||||||||||||
Derivatives * | 13,329 | — | 13,260 | 69 | ||||||||||||
Total liabilities | $ | 13,329 | $ | — | $ | 13,260 | $ | 69 | ||||||||
December 31, 2012 | ||||||||||||||||
Assets: | ||||||||||||||||
Available for sale securities: | ||||||||||||||||
U.S. government and federal agency obligations | $ | 438,759 | $ | 438,759 | $ | — | $ | — | ||||||||
Government-sponsored enterprise obligations | 471,574 | — | 471,574 | — | ||||||||||||
State and municipal obligations | 1,615,707 | — | 1,489,293 | 126,414 | ||||||||||||
Agency mortgage-backed securities | 3,380,955 | — | 3,380,955 | — | ||||||||||||
Non-agency mortgage-backed securities | 237,011 | — | 237,011 | — | ||||||||||||
Asset-backed securities | 3,167,394 | — | 3,167,394 | — | ||||||||||||
Other debt securities | 177,752 | — | 177,752 | — | ||||||||||||
Equity securities | 33,096 | 17,835 | 15,261 | — | ||||||||||||
Trading securities | 28,837 | — | 28,837 | — | ||||||||||||
Private equity investments | 68,167 | — | — | 68,167 | ||||||||||||
Derivatives * | 16,740 | — | 16,731 | 9 | ||||||||||||
Assets held in trust | 5,440 | 5,440 | — | — | ||||||||||||
Total assets | 9,641,432 | 462,034 | 8,984,808 | 194,590 | ||||||||||||
Liabilities: | ||||||||||||||||
Derivatives * | 17,718 | — | 17,522 | 196 | ||||||||||||
Total liabilities | $ | 17,718 | $ | — | $ | 17,522 | $ | 196 | ||||||||
* | The fair value of each class of derivative is shown in Note 18. | |||||||||||||||
Summary Of Changes In Level 3 Assets And Liabilities Measured At Fair Value On A Recurring Basis | ' | |||||||||||||||
The changes in Level 3 assets and liabilities measured at fair value on a recurring basis are summarized as follows: | ||||||||||||||||
Fair Value Measurements Using Significant Unobservable Inputs | ||||||||||||||||
(Level 3) | ||||||||||||||||
(In thousands) | State and Municipal Obligations | Private Equity | Derivatives | Total | ||||||||||||
Investments | ||||||||||||||||
Year ended December 31, 2013: | ||||||||||||||||
Balance at January 1, 2013 | $ | 126,414 | $ | 68,167 | $ | (187 | ) | $ | 194,394 | |||||||
Total gains or losses (realized/unrealized): | ||||||||||||||||
Included in earnings | — | (2,971 | ) | 234 | (2,737 | ) | ||||||||||
Included in other comprehensive income | 3,253 | — | — | 3,253 | ||||||||||||
Investment securities called | (2,150 | ) | — | — | (2,150 | ) | ||||||||||
Discount accretion | 207 | — | — | 207 | ||||||||||||
Purchases of private equity securities | — | 3,950 | — | 3,950 | ||||||||||||
Sale / paydown of private equity securities | — | (12,865 | ) | — | (12,865 | ) | ||||||||||
Capitalized interest/dividends | — | 331 | — | 331 | ||||||||||||
Sale of risk participation agreement | — | — | (112 | ) | (112 | ) | ||||||||||
Balance at December 31, 2013 | $ | 127,724 | $ | 56,612 | $ | (65 | ) | $ | 184,271 | |||||||
Total gains or losses for the annual period included in earnings attributable to the change in unrealized gains or losses relating to assets still held at December 31, 2013 | $ | — | $ | (5,297 | ) | $ | 234 | $ | (5,063 | ) | ||||||
Year ended December 31, 2012: | ||||||||||||||||
Balance at January 1, 2012 | $ | 135,621 | $ | 66,978 | $ | (123 | ) | $ | 202,476 | |||||||
Total gains or losses (realized/unrealized): | ||||||||||||||||
Included in earnings | — | 4,505 | 16 | 4,521 | ||||||||||||
Included in other comprehensive income | (1,368 | ) | — | — | (1,368 | ) | ||||||||||
Investment securities called | (8,275 | ) | — | — | (8,275 | ) | ||||||||||
Discount accretion | 436 | — | — | 436 | ||||||||||||
Purchases of private equity securities | — | 8,910 | — | 8,910 | ||||||||||||
Sale / paydown of private equity securities | — | (12,751 | ) | — | (12,751 | ) | ||||||||||
Capitalized interest/dividends | — | 525 | — | 525 | ||||||||||||
Purchase of risk participation agreement | — | — | 28 | 28 | ||||||||||||
Sale of risk participation agreement | — | — | (108 | ) | (108 | ) | ||||||||||
Balance at December 31, 2012 | $ | 126,414 | $ | 68,167 | $ | (187 | ) | $ | 194,394 | |||||||
Total gains or losses for the annual period included in earnings attributable to the change in unrealized gains or losses relating to assets still held at December 31, 2012 | $ | — | $ | 3,080 | $ | (21 | ) | $ | 3,059 | |||||||
Summary Of Gains And Losses On Level 3 Assets And Liabilities | ' | |||||||||||||||
Gains and losses on the Level 3 assets and liabilities in the table above are reported in the following income categories: | ||||||||||||||||
(In thousands) | Loan Fees and Sales | Other Non-Interest Income | Investment Securities Gains (Losses), Net | Total | ||||||||||||
Year ended December 31, 2013: | ||||||||||||||||
Total gains or losses included in earnings | $ | — | $ | 234 | $ | (2,971 | ) | $ | (2,737 | ) | ||||||
Change in unrealized gains or losses relating to assets still held at December 31, 2013 | $ | — | $ | 234 | $ | (5,297 | ) | $ | (5,063 | ) | ||||||
Year ended December 31, 2012: | ||||||||||||||||
Total gains or losses included in earnings | $ | (9 | ) | $ | 25 | $ | 4,505 | $ | 4,521 | |||||||
Change in unrealized gains or losses relating to assets still held at December 31, 2012 | $ | — | $ | (21 | ) | $ | 3,080 | $ | 3,059 | |||||||
Summary Of Quantitative Information About Level 3 Fair Value Measurements | ' | |||||||||||||||
Information about these inputs is presented in the table and discussions below. | ||||||||||||||||
Quantitative Information about Level 3 Fair Value Measurements | ||||||||||||||||
Valuation Technique | Unobservable Input | Range | ||||||||||||||
Auction rate securities | Discounted cash flow | Estimated market recovery period | 4 | - | 5 years | |||||||||||
Estimated market rate | 1.90% | - | 4.10% | |||||||||||||
Private equity investments | Market comparable companies | EBITDA multiple | 4 | - | 5.5 | |||||||||||
Schedule Of Fair Value Disclosures Measured On Nonrecurring Basis [Table Text Block] | ' | |||||||||||||||
For assets measured at fair value on a nonrecurring basis during 2013 and 2012, and still held as of December 31, 2013 and 2012, the following table provides the adjustments to fair value recognized during the respective periods, the level of valuation assumptions used to determine each adjustment, and the carrying value of the related individual assets or portfolios at December 31, 2013 and 2012. | ||||||||||||||||
Fair Value Measurements Using | ||||||||||||||||
(In thousands) | Fair Value | Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs | Total Gains (Losses) | |||||||||||
(Level 1) | (Level 3) | |||||||||||||||
Balance at December 31, 2013 | ||||||||||||||||
Collateral dependent impaired loans | $ | 23,654 | $ | — | $ | — | $ | 23,654 | $ | (8,406 | ) | |||||
Private equity investments | 500 | — | — | 500 | (500 | ) | ||||||||||
Mortgage servicing rights | 779 | — | — | 779 | 309 | |||||||||||
Foreclosed assets | 1,287 | — | — | 1,287 | (430 | ) | ||||||||||
Balance at December 31, 2012 | ||||||||||||||||
Collateral dependent impaired loans | $ | 24,572 | $ | — | $ | — | $ | 24,572 | $ | (8,411 | ) | |||||
Mortgage servicing rights | 472 | — | — | 472 | 34 | |||||||||||
Foreclosed assets | 297 | — | — | 297 | (170 | ) | ||||||||||
Long-lived assets | 5,617 | — | — | 5,617 | (3,428 | ) | ||||||||||
Fair_Value_Of_Financial_Instru1
Fair Value Of Financial Instruments (Tables) | 12 Months Ended | ||||||||||||||
Dec. 31, 2013 | |||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||
Schedule Of Estimated Fair Value Of Financial Instruments | ' | ||||||||||||||
The estimated fair values of the Company’s financial instruments are as follows: | |||||||||||||||
Fair Value Hierarchy Level | 2013 | 2012 | |||||||||||||
(In thousands) | Carrying Amount | Estimated Fair Value | Carrying Amount | Estimated Fair Value | |||||||||||
Financial Assets | |||||||||||||||
Loans: | |||||||||||||||
Business | Level 3 | $ | 3,715,319 | $ | 3,723,263 | $ | 3,134,801 | $ | 3,144,989 | ||||||
Real estate - construction and land | Level 3 | 406,197 | 410,022 | 355,996 | 352,547 | ||||||||||
Real estate - business | Level 3 | 2,313,550 | 2,345,124 | 2,214,975 | 2,240,796 | ||||||||||
Real estate - personal | Level 3 | 1,787,626 | 1,802,364 | 1,584,859 | 1,642,820 | ||||||||||
Consumer | Level 3 | 1,512,716 | 1,519,830 | 1,289,650 | 1,309,403 | ||||||||||
Revolving home equity | Level 3 | 420,589 | 424,811 | 437,567 | 441,651 | ||||||||||
Consumer credit card | Level 3 | 796,228 | 811,550 | 804,245 | 823,560 | ||||||||||
Overdrafts | Level 3 | 4,611 | 4,611 | 9,291 | 9,291 | ||||||||||
Loans held for sale | Level 2 | — | — | 3,017 | 3,030 | ||||||||||
Loans held for sale | Level 3 | — | — | 5,810 | 5,810 | ||||||||||
Investment securities: | |||||||||||||||
Available for sale | Level 1 | 530,342 | 530,342 | 456,594 | 456,594 | ||||||||||
Available for sale | Level 2 | 8,257,614 | 8,257,614 | 8,939,240 | 8,939,240 | ||||||||||
Available for sale | Level 3 | 127,724 | 127,724 | 126,414 | 126,414 | ||||||||||
Trading | Level 2 | 19,993 | 19,993 | 28,837 | 28,837 | ||||||||||
Non-marketable | Level 3 | 107,324 | 107,324 | 118,650 | 118,650 | ||||||||||
Federal funds sold | Level 1 | 43,845 | 43,845 | 27,595 | 27,595 | ||||||||||
Securities purchased under agreements to resell | Level 3 | 1,150,000 | 1,149,625 | 1,200,000 | 1,215,234 | ||||||||||
Interest earning deposits with banks | Level 1 | 707,249 | 707,249 | 179,164 | 179,164 | ||||||||||
Cash and due from banks | Level 1 | 518,420 | 518,420 | 573,066 | 573,066 | ||||||||||
Derivative instruments | Level 2 | 12,976 | 12,976 | 16,731 | 16,731 | ||||||||||
Derivative instruments | Level 3 | 4 | 4 | 9 | 9 | ||||||||||
Financial Liabilities | |||||||||||||||
Non-interest bearing deposits | Level 1 | $ | 6,750,674 | $ | 6,750,674 | $ | 6,299,903 | $ | 6,299,903 | ||||||
Savings, interest checking and money market deposits | Level 1 | 10,108,236 | 10,108,236 | 9,817,943 | 9,817,943 | ||||||||||
Time open and certificates of deposit | Level 3 | 2,188,438 | 2,190,610 | 2,230,807 | 2,239,595 | ||||||||||
Federal funds purchased | Level 1 | 24,795 | 24,795 | 24,510 | 24,510 | ||||||||||
Securities sold under agreements to repurchase | Level 3 | 1,321,763 | 1,321,633 | 1,059,040 | 1,057,462 | ||||||||||
Other borrowings | Level 3 | 107,310 | 116,843 | 103,710 | 117,527 | ||||||||||
Derivative instruments | Level 2 | 13,260 | 13,260 | 17,522 | 17,522 | ||||||||||
Derivative instruments | Level 3 | 69 | 69 | 196 | 196 | ||||||||||
Derivative_Instruments_Tables
Derivative Instruments (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Derivative Instrument Detail [Abstract] | ' | |||||||||||||||
Schedule Of Notional Amounts Of Derivative Instruments | ' | |||||||||||||||
The largest group of notional amounts relate to interest rate swaps, which are discussed in more detail below. | ||||||||||||||||
December 31 | ||||||||||||||||
(In thousands) | 2013 | 2012 | ||||||||||||||
Interest rate swaps | $ | 596,933 | $ | 435,542 | ||||||||||||
Interest rate caps | 9,736 | 27,736 | ||||||||||||||
Credit risk participation agreements | 52,456 | 43,243 | ||||||||||||||
Foreign exchange contracts | 81,207 | 47,897 | ||||||||||||||
Total notional amount | $ | 740,332 | $ | 554,418 | ||||||||||||
Schedule Of Gains And Losses Related To Fair Value Hedges | ' | |||||||||||||||
The table below shows gains and losses related to fair value hedges. | ||||||||||||||||
For the Years | ||||||||||||||||
Ended December 31 | ||||||||||||||||
(In thousands) | 2013 | 2012 | 2011 | |||||||||||||
Gain on interest rate swaps | $ | 422 | $ | 331 | $ | 106 | ||||||||||
Loss on loans | (408 | ) | (324 | ) | (95 | ) | ||||||||||
Amount of hedge ineffectiveness | $ | 14 | $ | 7 | $ | 11 | ||||||||||
Schedule Of Fair Values Of Derivative Instruments | ' | |||||||||||||||
The fair values of the Company’s derivative instruments are shown in the table below. Information about the valuation methods used to measure fair value is provided in Note 16 on Fair Value Measurements. Derivatives instruments with a positive fair value (asset derivatives) are reported in other assets in the consolidated balance sheets while derivative instruments with a negative fair value (liability derivatives) are reported in other liabilities in the consolidated balance sheets. | ||||||||||||||||
Asset Derivatives | Liability Derivatives | |||||||||||||||
31-Dec | 31-Dec | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
(In thousands) | Fair Value | Fair Value | ||||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||||
Interest rate swaps | $ | — | $ | — | $ | (300 | ) | $ | (723 | ) | ||||||
Total derivatives designated as hedging instruments | $ | — | $ | — | $ | (300 | ) | $ | (723 | ) | ||||||
Derivatives not designated as hedging instruments: | ||||||||||||||||
Interest rate swaps | $ | 11,428 | $ | 16,334 | $ | (11,429 | ) | $ | (16,337 | ) | ||||||
Interest rate caps | 1 | 1 | (1 | ) | (1 | ) | ||||||||||
Credit risk participation agreements | 4 | 9 | (69 | ) | (196 | ) | ||||||||||
Foreign exchange contracts | 1,547 | 396 | (1,530 | ) | (461 | ) | ||||||||||
Total derivatives not designated as hedging instruments | $ | 12,980 | $ | 16,740 | $ | (13,029 | ) | $ | (16,995 | ) | ||||||
Total derivatives | $ | 12,980 | $ | 16,740 | $ | (13,329 | ) | $ | (17,718 | ) | ||||||
Summary Of The Effects Of Derivative Instruments On Consolidated Statements Of Income | ' | |||||||||||||||
The effects of derivative instruments on the consolidated statements of income are shown in the table below. | ||||||||||||||||
Location of Gain or (Loss) Recognized in Income on Derivative | Amount of Gain or (Loss) Recognized in Income on Derivative | |||||||||||||||
For the Years | ||||||||||||||||
Ended December 31 | ||||||||||||||||
(In thousands) | 2013 | 2012 | 2011 | |||||||||||||
Derivatives in fair value hedging relationships: | ||||||||||||||||
Interest rate swaps | Interest and fees on loans | $ | 422 | $ | 331 | $ | 106 | |||||||||
Total | $ | 422 | $ | 331 | $ | 106 | ||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||||
Interest rate swaps | Other non-interest income | $ | 1,140 | $ | 743 | $ | 797 | |||||||||
Credit risk participation agreements | Other non-interest income | 234 | 25 | 270 | ||||||||||||
Foreign exchange contracts | Other non-interest income | 81 | (161 | ) | (36 | ) | ||||||||||
Mortgage loan commitments | Loan fees and sales | — | (20 | ) | (51 | ) | ||||||||||
Mortgage loan forward sale contracts | Loan fees and sales | — | 11 | (422 | ) | |||||||||||
Total | $ | 1,455 | $ | 598 | $ | 558 | ||||||||||
Commitments_Contingencies_And_1
Commitments, Contingencies And Guarantees (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||||||||
Summary Of Minimum Lease Commitments | ' | |||||||||
A summary of minimum lease commitments follows: | ||||||||||
(In thousands) | Type of Property | |||||||||
Year Ended December 31 | Real Property | Equipment | Total | |||||||
2014 | $ | 5,811 | $ | 39 | $ | 5,850 | ||||
2015 | 4,896 | 29 | 4,925 | |||||||
2016 | 4,033 | 26 | 4,059 | |||||||
2017 | 3,541 | 2 | 3,543 | |||||||
2018 | 2,629 | — | 2,629 | |||||||
After | 16,300 | — | 16,300 | |||||||
Total minimum lease payments | $ | 37,306 | ||||||||
Schedule Of Off-Balance Sheet Instruments Commitments | ' | |||||||||
The following table summarizes these commitments at December 31: | ||||||||||
(In thousands) | 2013 | 2012 | ||||||||
Commitments to extend credit: | ||||||||||
Credit card | $ | 3,835,323 | $ | 3,878,468 | ||||||
Other | 4,591,468 | 4,500,352 | ||||||||
Standby letters of credit, net of participations | 325,623 | 359,765 | ||||||||
Commercial letters of credit | 11,771 | 12,582 | ||||||||
Related_Parties_Tables
Related Parties (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Related Party Transactions [Abstract] | ' | |||||||||
Schedule Of Related Party Expenses | ' | |||||||||
(In thousands) | 2013 | 2012 | 2011 | |||||||
Rent on leased parking lots | $ | — | $ | 294 | $ | 353 | ||||
Leasing agent fees | 50 | 63 | 57 | |||||||
Operation of parking garages | 84 | 75 | 83 | |||||||
Building management fees | 1,799 | 1,774 | 1,615 | |||||||
Property construction management fees | 114 | 231 | 118 | |||||||
Dividends paid on Company stock held by Tower | 191 | 489 | 177 | |||||||
Total | $ | 2,238 | $ | 2,926 | $ | 2,403 | ||||
Parent_Company_Condensed_Finan1
Parent Company Condensed Financial Statements (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ' | |||||||||
Condensed Balance Sheets | ' | |||||||||
Condensed Balance Sheets | ||||||||||
31-Dec | ||||||||||
(In thousands) | 2013 | 2012 | ||||||||
Assets | ||||||||||
Investment in consolidated subsidiaries: | ||||||||||
Banks | $ | 1,952,179 | $ | 1,983,751 | ||||||
Non-banks | 63,134 | 61,217 | ||||||||
Cash | 53 | 58 | ||||||||
Securities purchased under agreements to resell | 142,650 | 67,675 | ||||||||
Investment securities: | ||||||||||
Available for sale | 57,754 | 65,189 | ||||||||
Non-marketable | 3,326 | 4,272 | ||||||||
Advances to subsidiaries, net of borrowings | 1,772 | 5,504 | ||||||||
Income tax benefits | 470 | 10,236 | ||||||||
Other assets | 15,201 | 13,051 | ||||||||
Total assets | $ | 2,236,539 | $ | 2,210,953 | ||||||
Liabilities and stockholders’ equity | ||||||||||
Pension obligation | $ | 6,501 | $ | 23,313 | ||||||
Other liabilities | 19,396 | 20,513 | ||||||||
Total liabilities | 25,897 | 43,826 | ||||||||
Stockholders’ equity | 2,210,642 | 2,167,127 | ||||||||
Total liabilities and stockholders’ equity | $ | 2,236,539 | $ | 2,210,953 | ||||||
Condensed Statements Of Income | ' | |||||||||
Condensed Statements of Income | ||||||||||
For the Years Ended December 31 | ||||||||||
(In thousands) | 2013 | 2012 | 2011 | |||||||
Income | ||||||||||
Dividends received from consolidated subsidiaries: | ||||||||||
Banks | $ | 200,001 | $ | 235,000 | $ | 180,001 | ||||
Non-banks | 390 | — | 115 | |||||||
Earnings of consolidated subsidiaries, net of dividends | 62,815 | 34,467 | 74,260 | |||||||
Interest and dividends on investment securities | 4,029 | 5,074 | 7,997 | |||||||
Management fees charged subsidiaries | 20,701 | 23,658 | 19,318 | |||||||
Investment securities gains | 1,294 | 346 | — | |||||||
Other | 2,958 | 2,067 | 1,560 | |||||||
Total income | 292,188 | 300,612 | 283,251 | |||||||
Expense | ||||||||||
Salaries and employee benefits | 20,433 | 24,188 | 21,572 | |||||||
Professional fees | 3,538 | 1,950 | 1,826 | |||||||
Data processing fees paid to affiliates | 2,775 | 2,664 | 3,351 | |||||||
Indemnification obligation | — | — | (4,432 | ) | ||||||
Other | 10,236 | 7,582 | 5,975 | |||||||
Total expense | 36,982 | 36,384 | 28,292 | |||||||
Income tax benefit | (5,755 | ) | (5,101 | ) | (1,384 | ) | ||||
Net income | $ | 260,961 | $ | 269,329 | $ | 256,343 | ||||
Condensed Statements Of Cash Flows | ' | |||||||||
Condensed Statements of Cash Flows | ||||||||||
For the Years Ended December 31 | ||||||||||
(In thousands) | 2013 | 2012 | 2011 | |||||||
Operating Activities | ||||||||||
Net income | $ | 260,961 | $ | 269,329 | $ | 256,343 | ||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||
Earnings of consolidated subsidiaries, net of dividends | (62,815 | ) | (34,467 | ) | (74,260 | ) | ||||
Other adjustments, net | (955 | ) | (7,078 | ) | (1,144 | ) | ||||
Net cash provided by operating activities | 197,191 | 227,784 | 180,939 | |||||||
Investing Activities | ||||||||||
(Increase) decrease in securities purchased under agreements to resell | (74,975 | ) | 50,400 | (40,375 | ) | |||||
Decrease in investment in subsidiaries, net | 151 | 1,195 | 116 | |||||||
Proceeds from sales of investment securities | 866 | 346 | — | |||||||
Proceeds from maturities/pay downs of investment securities | 13,644 | 17,063 | 22,233 | |||||||
Purchases of investment securities | — | (2,000 | ) | — | ||||||
Decrease in advances to subsidiaries, net | 3,732 | 4,136 | 1,658 | |||||||
Net purchases of building improvements and equipment | (402 | ) | (92 | ) | (685 | ) | ||||
Net cash provided by (used in) investing activities | (56,984 | ) | 71,048 | (17,053 | ) | |||||
Financing Activities | ||||||||||
Purchases of treasury stock | (69,353 | ) | (104,909 | ) | (101,154 | ) | ||||
Issuance under stock purchase and equity compensation plans | 10,242 | 15,588 | 15,349 | |||||||
Net tax benefit related to equity compensation plans | 1,003 | 2,094 | 1,065 | |||||||
Cash dividends paid on common stock | (82,104 | ) | (211,608 | ) | (79,140 | ) | ||||
Net cash used in financing activities | (140,212 | ) | (298,835 | ) | (163,880 | ) | ||||
Increase (decrease) in cash | (5 | ) | (3 | ) | 6 | |||||
Cash at beginning of year | 58 | 61 | 55 | |||||||
Cash at end of year | $ | 53 | $ | 58 | $ | 61 | ||||
Income tax payments (receipts), net | $ | (6,933 | ) | $ | 523 | $ | (2,700 | ) | ||
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Details) | 12 Months Ended |
Dec. 31, 2013 | |
Buildings [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Depreciable lives for asset, years | '30 years |
Building Improvements [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Depreciable lives for asset, years | '10 years |
Equipment [Member] | Minimum [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Depreciable lives for asset, years | '3 years |
Equipment [Member] | Maximum [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Depreciable lives for asset, years | '8 years |
Core Deposits [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Core deposit intangibles amortized over useful life, years | '14 years |
Core Deposits [Member] | Minimum [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Core deposit intangibles amortized over useful life, years | '8 years |
Core Deposits [Member] | Maximum [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Core deposit intangibles amortized over useful life, years | '14 years |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies Significant Accounting Policies (Narrative) (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Locations | ||
Accounting Policies [Abstract] | ' | ' |
Locations | 360 | ' |
Amortization period of credit card loans, months | '12 months | ' |
Fixed rate intervals, years or more | '3 years | ' |
Period past due loans are placed on non-accrual, days | '90 days | ' |
Consumer loans charged down to fair value, days delinquent | '120 days | ' |
Receivable past due, days | '180 days | ' |
Long-term agreements to resell | $1,150,000,000 | $1,200,000,000 |
Securities accepted as collateral | 1,200,000,000 | ' |
Securities sold under agreements to repurchase | 971,800,000 | ' |
Long-term structured repurchase agreements | 350,000,000 | ' |
Available for sale securities as collateral for repurchase agreements | $2,800,000,000 | ' |
Interest rate swaps designated as fair value hedges | 2 | ' |
Common stock dividend rate percentage | 5.00% | ' |
Acquisition_Details
Acquisition (Details) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Locations | |
Locations | 360 |
Goodwill, Acquired During Period | $13,300,000 |
Finite-lived Intangible Assets Acquired | 5,600,000 |
Nonvested Share Awards Granted in Period | 421,803 |
Summit Acquisition [Member] | ' |
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable | 43,200,000 |
Summit Acquisition Total Assets | 261,600,000 |
Summit Acquisition Total Loans | 207,400,000 |
Summit Acquisition Total Deposits | 232,300,000 |
Locations | 2 |
Goodwill, Acquired During Period | 13,300,000 |
Finite-lived Intangible Assets Acquired | 5,600,000 |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | '14 years |
Business Acquisition, Goodwill, Expected Tax Deductible Amount | 0 |
Nonvested Share Awards Granted in Period | 42,674 |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options | $1,300,000 |
Summit Acquisition [Member] | Minimum [Member] | ' |
Stock awards vesting period (in years) | '3 years |
Summit Acquisition [Member] | Maximum [Member] | ' |
Stock awards vesting period (in years) | '4 years |
Loans_And_Allowance_For_Loan_L2
Loans And Allowance For Loan Losses (Narrative) (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Loans And Allowance For Loan Losses [Abstract] | ' | ' |
Loans To Principal Holders | $0 | ' |
Principal Holder Ownership Threshold | 10.00% | ' |
Unfunded Loan Commitments | 8,400,000,000 | ' |
Unused Approved Credit Card Lines of Credit | 3,800,000,000 | ' |
Loans pledged at the Federal Home Loan Bank as collateral for borrowings and letters of credit obtained to secure public deposits | 3,600,000,000 | ' |
Loans pledged at the Federal Reserve Bank as collateral for discount window borrowings | 1,400,000,000 | ' |
Net Investment in Direct Financing and Sales Type Leases | 368,800,000 | 311,600,000 |
Capital Leases, Net Investment in Sales Type Leases, Deferred Income | 25,100,000 | 23,600,000 |
Property Subject to or Available for Operating Lease, Net | 24,400,000 | 21,100,000 |
Restructured loans | 83,206,000 | ' |
Credit quality personal real estate loans excluded | 244,300,000 | 224,500,000 |
Credit quality consumer loans excluded | 47,500,000 | 87,400,000 |
Consumer and personal real estate loans excluded from table, as a percentage of Personal Banking portfolio | 6.50% | 7.60% |
Restructured loans on non-accrual status | 24,400,000 | ' |
Accruing Restructured Loans | 58,822,000 | 65,508,000 |
Restructured loans performing under their modified terms | 38,200,000 | 40,300,000 |
Aggregate restructured credit card loans held | 11,800,000 | 14,700,000 |
Restructured Loans due to Bankruptcy | 8,800,000 | 10,400,000 |
Decrease in interest income resulting from modification to credit card loans | 1,300,000 | ' |
Commitments to lend additional funds to customers with restructured loans | 11,200,000 | ' |
Foreclosed real estate | 6,600,000 | 13,500,000 |
Personal property acquired in repossession | $2,800,000 | $3,500,000 |
Loans_And_Allowance_For_Loan_L3
Loans And Allowance For Loan Losses (Summary Classification Of Held To Maturity Loan Portfolio) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Loans And Allowance For Loan Losses [Line Items] | ' | ' |
Total loans | $10,956,836 | $9,831,384 |
Business [Member] | ' | ' |
Loans And Allowance For Loan Losses [Line Items] | ' | ' |
Total loans | 3,715,319 | 3,134,801 |
Real Estate - Construction And Land [Member] | ' | ' |
Loans And Allowance For Loan Losses [Line Items] | ' | ' |
Total loans | 406,197 | 355,996 |
Real Estate - Business [Member] | ' | ' |
Loans And Allowance For Loan Losses [Line Items] | ' | ' |
Total loans | 2,313,550 | 2,214,975 |
Real Estate - Personal [Member] | ' | ' |
Loans And Allowance For Loan Losses [Line Items] | ' | ' |
Total loans | 1,787,626 | 1,584,859 |
Consumer [Member] | ' | ' |
Loans And Allowance For Loan Losses [Line Items] | ' | ' |
Total loans | 1,512,716 | 1,289,650 |
Revolving Home Equity [Member] | ' | ' |
Loans And Allowance For Loan Losses [Line Items] | ' | ' |
Total loans | 420,589 | 437,567 |
Consumer Credit Card [Member] | ' | ' |
Loans And Allowance For Loan Losses [Line Items] | ' | ' |
Total loans | 796,228 | 804,245 |
Overdrafts [Member] | ' | ' |
Loans And Allowance For Loan Losses [Line Items] | ' | ' |
Total loans | $4,611 | $9,291 |
Loans_And_Allowance_For_Loan_L4
Loans And Allowance For Loan Losses Loans And Allowance For Loan Losses (Loans to Parent and Its Subsidiaries) (Details) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Loans and Leases Receivable, Related Parties [Roll Forward] | ' |
Loans to directors and executive officers, beginning balance | $61,614 |
Additions | 257,690 |
Amounts collected | -274,981 |
Amounts written off | 0 |
Loans to directors and executive officers, ending balance | $44,323 |
Loans_And_Allowance_For_Loan_L5
Loans And Allowance For Loan Losses (Summary Of Activity In The Allowance For Loan Losses) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Allowance for Loan and Lease Losses [Roll Forward] | ' | ' | ' |
Balance at beginning of period | $172,532 | $184,532 | $197,538 |
Provision for loan losses | 20,353 | 27,287 | 51,515 |
Loans charged off | 54,199 | 63,161 | 81,385 |
Less recoveries | 22,846 | 23,874 | 16,864 |
Allowance for Loan and Lease Losses Write-offs, Net | 31,353 | 39,287 | 64,521 |
Balance at end of period | 161,532 | 172,532 | 184,532 |
Commercial [Member] | ' | ' | ' |
Allowance for Loan and Lease Losses [Roll Forward] | ' | ' | ' |
Balance at beginning of period | 105,725 | 122,497 | 119,946 |
Provision for loan losses | -16,143 | -14,444 | 18,052 |
Loans charged off | 5,170 | 11,094 | 18,818 |
Less recoveries | 9,777 | 8,766 | 3,317 |
Allowance for Loan and Lease Losses Write-offs, Net | -4,607 | 2,328 | 15,501 |
Balance at end of period | 94,189 | 105,725 | 122,497 |
Personal Banking [Member] | ' | ' | ' |
Allowance for Loan and Lease Losses [Roll Forward] | ' | ' | ' |
Balance at beginning of period | 66,807 | 62,035 | 77,592 |
Provision for loan losses | 36,496 | 41,731 | 33,463 |
Loans charged off | 49,029 | 52,067 | 62,567 |
Less recoveries | 13,069 | 15,108 | 13,547 |
Allowance for Loan and Lease Losses Write-offs, Net | 35,960 | 36,959 | 49,020 |
Balance at end of period | $67,343 | $66,807 | $62,035 |
Loans_And_Allowance_For_Loan_L6
Loans And Allowance For Loan Losses (Allowance For Loan Losses And Related Loan Balance Disaggregated On The Basis Of Impairment Methodology) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Loans And Allowance For Loan Losses [Line Items] | ' | ' |
Impaired loans, Allowance for loan losses | $10,900 | $7,485 |
All other loans, Allowance for loan losses | 150,632 | 165,047 |
Impaired loans, Loans outstanding | 107,636 | 116,918 |
All other loans, Loans outstanding | 10,849,200 | 9,714,466 |
Commercial [Member] | ' | ' |
Loans And Allowance For Loan Losses [Line Items] | ' | ' |
Impaired loans, Allowance for loan losses | 8,476 | 5,434 |
All other loans, Allowance for loan losses | 85,713 | 100,291 |
Impaired loans, Loans outstanding | 78,516 | 80,807 |
All other loans, Loans outstanding | 6,356,550 | 5,624,965 |
Personal Banking [Member] | ' | ' |
Loans And Allowance For Loan Losses [Line Items] | ' | ' |
Impaired loans, Allowance for loan losses | 2,424 | 2,051 |
All other loans, Allowance for loan losses | 64,919 | 64,756 |
Impaired loans, Loans outstanding | 29,120 | 36,111 |
All other loans, Loans outstanding | $4,492,650 | $4,089,501 |
Loans_And_Allowance_For_Loan_L7
Loans And Allowance For Loan Losses (Investment In Impaired Loans) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Loans And Allowance For Loan Losses [Abstract] | ' | ' |
Non-accrual loans | $48,814 | $51,410 |
Restructured loans (accruing) | 58,822 | 65,508 |
Total impaired loans | $107,636 | $116,918 |
Loans_And_Allowance_For_Loan_L8
Loans And Allowance For Loan Losses (Additional Information About Impaired Loans Held) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Loans And Allowance For Loan Losses [Line Items] | ' | ' |
Impaired Financing Receivable, Recorded Investment | $107,636 | $116,918 |
Impaired Financing Receivable, Unpaid Principal Balance | 135,897 | 148,013 |
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 23,015 | 25,564 |
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 34,225 | 38,222 |
Impaired Financing Receivable, with No Related Allowance, Allowance | 0 | 0 |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 84,621 | 91,354 |
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 101,672 | 109,791 |
Impaired Financing Receivable, Related Allowance | 10,900 | 7,485 |
Business [Member] | ' | ' |
Loans And Allowance For Loan Losses [Line Items] | ' | ' |
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 7,969 | 9,964 |
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 9,000 | 12,697 |
Impaired Financing Receivable, with No Related Allowance, Allowance | 0 | 0 |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 19,266 | 19,358 |
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 22,597 | 22,513 |
Impaired Financing Receivable, Related Allowance | 3,037 | 1,888 |
Real Estate - Construction And Land [Member] | ' | ' |
Loans And Allowance For Loan Losses [Line Items] | ' | ' |
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 8,766 | 8,440 |
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 16,067 | 15,102 |
Impaired Financing Receivable, with No Related Allowance, Allowance | 0 | 0 |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 17,632 | 20,446 |
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 19,708 | 25,808 |
Impaired Financing Receivable, Related Allowance | 2,174 | 1,762 |
Real Estate - Business [Member] | ' | ' |
Loans And Allowance For Loan Losses [Line Items] | ' | ' |
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 4,089 | 5,484 |
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 6,417 | 8,200 |
Impaired Financing Receivable, with No Related Allowance, Allowance | 0 | 0 |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 20,794 | 17,115 |
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 29,287 | 23,888 |
Impaired Financing Receivable, Related Allowance | 3,265 | 1,784 |
Real Estate - Personal [Member] | ' | ' |
Loans And Allowance For Loan Losses [Line Items] | ' | ' |
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | ' | 1,166 |
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | ' | 1,380 |
Impaired Financing Receivable, with No Related Allowance, Allowance | ' | 0 |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 10,425 | 14,157 |
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 13,576 | 17,304 |
Impaired Financing Receivable, Related Allowance | 1,361 | 857 |
Consumer [Member] | ' | ' |
Loans And Allowance For Loan Losses [Line Items] | ' | ' |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 4,025 | 4,779 |
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 4,025 | 4,779 |
Impaired Financing Receivable, Related Allowance | 85 | 93 |
Revolving Home Equity [Member] | ' | ' |
Loans And Allowance For Loan Losses [Line Items] | ' | ' |
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 2,191 | 510 |
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 2,741 | 843 |
Impaired Financing Receivable, with No Related Allowance, Allowance | 0 | 0 |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 666 | 779 |
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 666 | 779 |
Impaired Financing Receivable, Related Allowance | 2 | 18 |
Consumer Credit Card [Member] | ' | ' |
Loans And Allowance For Loan Losses [Line Items] | ' | ' |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 11,813 | 14,720 |
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 11,813 | 14,720 |
Impaired Financing Receivable, Related Allowance | $976 | $1,083 |
Loans_And_Allowance_For_Loan_L9
Loans And Allowance For Loan Losses (Total Average Impaired Loans) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Loans And Allowance For Loan Losses [Line Items] | ' | ' |
Non-accrual loans | $41,229 | $63,337 |
Restructured loans (accruing) | 64,385 | 65,701 |
Average impaired loans | 105,614 | 129,038 |
Commercial [Member] | ' | ' |
Loans And Allowance For Loan Losses [Line Items] | ' | ' |
Non-accrual loans | 35,900 | 55,994 |
Restructured loans (accruing) | 40,251 | 43,181 |
Average impaired loans | 76,151 | 99,175 |
Personal Banking [Member] | ' | ' |
Loans And Allowance For Loan Losses [Line Items] | ' | ' |
Non-accrual loans | 5,329 | 7,343 |
Restructured loans (accruing) | 24,134 | 22,520 |
Average impaired loans | $29,463 | $29,863 |
Recovered_Sheet1
Loans And Allowance For Loan Losses (Interest Income Recognized on Impaired Loans) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Loans And Allowance For Loan Losses [Line Items] | ' | ' | ' |
Interest income recognized on impaired loans | $3,243 | $4,254 | $3,611 |
Business [Member] | ' | ' | ' |
Loans And Allowance For Loan Losses [Line Items] | ' | ' | ' |
Interest income recognized on impaired loans | 509 | 1,184 | 284 |
Real Estate - Construction And Land [Member] | ' | ' | ' |
Loans And Allowance For Loan Losses [Line Items] | ' | ' | ' |
Interest income recognized on impaired loans | 758 | 655 | 947 |
Real Estate - Business [Member] | ' | ' | ' |
Loans And Allowance For Loan Losses [Line Items] | ' | ' | ' |
Interest income recognized on impaired loans | 215 | 246 | 327 |
Real Estate - Personal [Member] | ' | ' | ' |
Loans And Allowance For Loan Losses [Line Items] | ' | ' | ' |
Interest income recognized on impaired loans | 263 | 376 | 37 |
Consumer [Member] | ' | ' | ' |
Loans And Allowance For Loan Losses [Line Items] | ' | ' | ' |
Interest income recognized on impaired loans | 346 | 415 | 0 |
Revolving Home Equity [Member] | ' | ' | ' |
Loans And Allowance For Loan Losses [Line Items] | ' | ' | ' |
Interest income recognized on impaired loans | 36 | 37 | 0 |
Consumer Credit Card [Member] | ' | ' | ' |
Loans And Allowance For Loan Losses [Line Items] | ' | ' | ' |
Interest income recognized on impaired loans | $1,116 | $1,341 | $2,016 |
Recovered_Sheet2
Loans And Allowance For Loan Losses (Aging Information On Past Due And Accruing Loans) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Loans And Allowance For Loan Losses [Line Items] | ' | ' |
Current or Less Than 30 Days Past Due | $10,839,081 | $9,696,644 |
30 – 89 Days Past Due | 54,975 | 67,983 |
90 Days Past Due and Still Accruing | 13,966 | 15,347 |
Non-accrual | 48,814 | 51,410 |
Total | 10,956,836 | 9,831,384 |
Business [Member] | ' | ' |
Loans And Allowance For Loan Losses [Line Items] | ' | ' |
Current or Less Than 30 Days Past Due | 3,697,589 | 3,110,403 |
30 – 89 Days Past Due | 5,467 | 10,054 |
90 Days Past Due and Still Accruing | 671 | 1,288 |
Non-accrual | 11,592 | 13,056 |
Total | 3,715,319 | 3,134,801 |
Real Estate - Construction And Land [Member] | ' | ' |
Loans And Allowance For Loan Losses [Line Items] | ' | ' |
Current or Less Than 30 Days Past Due | 386,423 | 325,541 |
30 – 89 Days Past Due | 9,601 | 16,721 |
90 Days Past Due and Still Accruing | 0 | 56 |
Non-accrual | 10,173 | 13,678 |
Total | 406,197 | 355,996 |
Real Estate - Business [Member] | ' | ' |
Loans And Allowance For Loan Losses [Line Items] | ' | ' |
Current or Less Than 30 Days Past Due | 2,292,385 | 2,194,395 |
30 – 89 Days Past Due | 1,340 | 3,276 |
90 Days Past Due and Still Accruing | 47 | 0 |
Non-accrual | 19,778 | 17,304 |
Total | 2,313,550 | 2,214,975 |
Real Estate - Personal [Member] | ' | ' |
Loans And Allowance For Loan Losses [Line Items] | ' | ' |
Current or Less Than 30 Days Past Due | 1,771,231 | 1,564,281 |
30 – 89 Days Past Due | 9,755 | 10,862 |
90 Days Past Due and Still Accruing | 1,560 | 2,854 |
Non-accrual | 5,080 | 6,862 |
Total | 1,787,626 | 1,584,859 |
Consumer [Member] | ' | ' |
Loans And Allowance For Loan Losses [Line Items] | ' | ' |
Current or Less Than 30 Days Past Due | 1,492,960 | 1,273,581 |
30 – 89 Days Past Due | 17,482 | 13,926 |
90 Days Past Due and Still Accruing | 2,274 | 2,143 |
Non-accrual | 0 | 0 |
Total | 1,512,716 | 1,289,650 |
Revolving Home Equity [Member] | ' | ' |
Loans And Allowance For Loan Losses [Line Items] | ' | ' |
Current or Less Than 30 Days Past Due | 416,614 | 433,437 |
30 – 89 Days Past Due | 1,082 | 2,121 |
90 Days Past Due and Still Accruing | 702 | 1,499 |
Non-accrual | 2,191 | 510 |
Total | 420,589 | 437,567 |
Consumer Credit Card [Member] | ' | ' |
Loans And Allowance For Loan Losses [Line Items] | ' | ' |
Current or Less Than 30 Days Past Due | 777,564 | 786,081 |
30 – 89 Days Past Due | 9,952 | 10,657 |
90 Days Past Due and Still Accruing | 8,712 | 7,507 |
Non-accrual | 0 | 0 |
Total | 796,228 | 804,245 |
Overdrafts [Member] | ' | ' |
Loans And Allowance For Loan Losses [Line Items] | ' | ' |
Current or Less Than 30 Days Past Due | 4,315 | 8,925 |
30 – 89 Days Past Due | 296 | 366 |
90 Days Past Due and Still Accruing | 0 | 0 |
Non-accrual | 0 | 0 |
Total | $4,611 | $9,291 |
Recovered_Sheet3
Loans And Allowance For Loan Losses (Credit Quality Of Commercial Loan Portfolio) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Loans And Allowance For Loan Losses [Line Items] | ' | ' |
Commercial loans, carrying amount | $6,435,066 | $5,705,772 |
Pass [Member] | ' | ' |
Loans And Allowance For Loan Losses [Line Items] | ' | ' |
Commercial loans, carrying amount | 6,180,979 | 5,419,131 |
Special Mention [Member] | ' | ' |
Loans And Allowance For Loan Losses [Line Items] | ' | ' |
Commercial loans, carrying amount | 116,692 | 108,589 |
Substandard [Member] | ' | ' |
Loans And Allowance For Loan Losses [Line Items] | ' | ' |
Commercial loans, carrying amount | 95,852 | 134,014 |
Non-Accrual [Member] | ' | ' |
Loans And Allowance For Loan Losses [Line Items] | ' | ' |
Commercial loans, carrying amount | 41,543 | 44,038 |
Business [Member] | ' | ' |
Loans And Allowance For Loan Losses [Line Items] | ' | ' |
Commercial loans, carrying amount | 3,715,319 | 3,134,801 |
Business [Member] | Pass [Member] | ' | ' |
Loans And Allowance For Loan Losses [Line Items] | ' | ' |
Commercial loans, carrying amount | 3,618,120 | 3,018,062 |
Business [Member] | Special Mention [Member] | ' | ' |
Loans And Allowance For Loan Losses [Line Items] | ' | ' |
Commercial loans, carrying amount | 61,916 | 58,793 |
Business [Member] | Substandard [Member] | ' | ' |
Loans And Allowance For Loan Losses [Line Items] | ' | ' |
Commercial loans, carrying amount | 23,691 | 44,890 |
Business [Member] | Non-Accrual [Member] | ' | ' |
Loans And Allowance For Loan Losses [Line Items] | ' | ' |
Commercial loans, carrying amount | 11,592 | 13,056 |
Real Estate - Construction And Land [Member] | ' | ' |
Loans And Allowance For Loan Losses [Line Items] | ' | ' |
Commercial loans, carrying amount | 406,197 | 355,996 |
Real Estate - Construction And Land [Member] | Pass [Member] | ' | ' |
Loans And Allowance For Loan Losses [Line Items] | ' | ' |
Commercial loans, carrying amount | 372,515 | 297,156 |
Real Estate - Construction And Land [Member] | Special Mention [Member] | ' | ' |
Loans And Allowance For Loan Losses [Line Items] | ' | ' |
Commercial loans, carrying amount | 1,697 | 11,400 |
Real Estate - Construction And Land [Member] | Substandard [Member] | ' | ' |
Loans And Allowance For Loan Losses [Line Items] | ' | ' |
Commercial loans, carrying amount | 21,812 | 33,762 |
Real Estate - Construction And Land [Member] | Non-Accrual [Member] | ' | ' |
Loans And Allowance For Loan Losses [Line Items] | ' | ' |
Commercial loans, carrying amount | 10,173 | 13,678 |
Real Estate - Business [Member] | ' | ' |
Loans And Allowance For Loan Losses [Line Items] | ' | ' |
Commercial loans, carrying amount | 2,313,550 | 2,214,975 |
Real Estate - Business [Member] | Pass [Member] | ' | ' |
Loans And Allowance For Loan Losses [Line Items] | ' | ' |
Commercial loans, carrying amount | 2,190,344 | 2,103,913 |
Real Estate - Business [Member] | Special Mention [Member] | ' | ' |
Loans And Allowance For Loan Losses [Line Items] | ' | ' |
Commercial loans, carrying amount | 53,079 | 38,396 |
Real Estate - Business [Member] | Substandard [Member] | ' | ' |
Loans And Allowance For Loan Losses [Line Items] | ' | ' |
Commercial loans, carrying amount | 50,349 | 55,362 |
Real Estate - Business [Member] | Non-Accrual [Member] | ' | ' |
Loans And Allowance For Loan Losses [Line Items] | ' | ' |
Commercial loans, carrying amount | $19,778 | $17,304 |
Recovered_Sheet4
Loans And Allowance For Loan Losses (Summary Of Loans In The Personal Banking Portfolio Percentage Of Balances Outstanding ) (Details) | Dec. 31, 2013 | Dec. 31, 2012 |
Real Estate - Personal [Member] | ' | ' |
Loans And Allowance For Loan Losses [Line Items] | ' | ' |
Percentage of Loan Category | 100.00% | 100.00% |
Real Estate - Personal [Member] | Under 600 [Member] | ' | ' |
Loans And Allowance For Loan Losses [Line Items] | ' | ' |
Percentage of Loan Category | 1.70% | 2.30% |
Real Estate - Personal [Member] | 600 - 659 [Member] | ' | ' |
Loans And Allowance For Loan Losses [Line Items] | ' | ' |
Percentage of Loan Category | 3.30% | 3.20% |
Real Estate - Personal [Member] | 660 - 719 [Member] | ' | ' |
Loans And Allowance For Loan Losses [Line Items] | ' | ' |
Percentage of Loan Category | 10.30% | 10.40% |
Real Estate - Personal [Member] | 720 - 780 [Member] | ' | ' |
Loans And Allowance For Loan Losses [Line Items] | ' | ' |
Percentage of Loan Category | 25.80% | 26.60% |
Real Estate - Personal [Member] | Over 780 [Member] | ' | ' |
Loans And Allowance For Loan Losses [Line Items] | ' | ' |
Percentage of Loan Category | 58.90% | 57.50% |
Consumer [Member] | ' | ' |
Loans And Allowance For Loan Losses [Line Items] | ' | ' |
Percentage of Loan Category | 100.00% | 100.00% |
Consumer [Member] | Under 600 [Member] | ' | ' |
Loans And Allowance For Loan Losses [Line Items] | ' | ' |
Percentage of Loan Category | 5.40% | 6.70% |
Consumer [Member] | 600 - 659 [Member] | ' | ' |
Loans And Allowance For Loan Losses [Line Items] | ' | ' |
Percentage of Loan Category | 10.10% | 11.30% |
Consumer [Member] | 660 - 719 [Member] | ' | ' |
Loans And Allowance For Loan Losses [Line Items] | ' | ' |
Percentage of Loan Category | 23.40% | 24.40% |
Consumer [Member] | 720 - 780 [Member] | ' | ' |
Loans And Allowance For Loan Losses [Line Items] | ' | ' |
Percentage of Loan Category | 28.30% | 26.40% |
Consumer [Member] | Over 780 [Member] | ' | ' |
Loans And Allowance For Loan Losses [Line Items] | ' | ' |
Percentage of Loan Category | 32.80% | 31.20% |
Revolving Home Equity [Member] | ' | ' |
Loans And Allowance For Loan Losses [Line Items] | ' | ' |
Percentage of Loan Category | 100.00% | 100.00% |
Revolving Home Equity [Member] | Under 600 [Member] | ' | ' |
Loans And Allowance For Loan Losses [Line Items] | ' | ' |
Percentage of Loan Category | 2.10% | 2.60% |
Revolving Home Equity [Member] | 600 - 659 [Member] | ' | ' |
Loans And Allowance For Loan Losses [Line Items] | ' | ' |
Percentage of Loan Category | 7.30% | 5.30% |
Revolving Home Equity [Member] | 660 - 719 [Member] | ' | ' |
Loans And Allowance For Loan Losses [Line Items] | ' | ' |
Percentage of Loan Category | 15.00% | 15.20% |
Revolving Home Equity [Member] | 720 - 780 [Member] | ' | ' |
Loans And Allowance For Loan Losses [Line Items] | ' | ' |
Percentage of Loan Category | 28.50% | 30.00% |
Revolving Home Equity [Member] | Over 780 [Member] | ' | ' |
Loans And Allowance For Loan Losses [Line Items] | ' | ' |
Percentage of Loan Category | 47.10% | 46.90% |
Consumer Credit Card [Member] | ' | ' |
Loans And Allowance For Loan Losses [Line Items] | ' | ' |
Percentage of Loan Category | 100.00% | 100.00% |
Consumer Credit Card [Member] | Under 600 [Member] | ' | ' |
Loans And Allowance For Loan Losses [Line Items] | ' | ' |
Percentage of Loan Category | 4.10% | 4.40% |
Consumer Credit Card [Member] | 600 - 659 [Member] | ' | ' |
Loans And Allowance For Loan Losses [Line Items] | ' | ' |
Percentage of Loan Category | 11.70% | 11.70% |
Consumer Credit Card [Member] | 660 - 719 [Member] | ' | ' |
Loans And Allowance For Loan Losses [Line Items] | ' | ' |
Percentage of Loan Category | 32.90% | 32.10% |
Consumer Credit Card [Member] | 720 - 780 [Member] | ' | ' |
Loans And Allowance For Loan Losses [Line Items] | ' | ' |
Percentage of Loan Category | 27.90% | 28.20% |
Consumer Credit Card [Member] | Over 780 [Member] | ' | ' |
Loans And Allowance For Loan Losses [Line Items] | ' | ' |
Percentage of Loan Category | 23.40% | 23.60% |
Recovered_Sheet5
Loans And Allowance For Loan Losses (Outstanding Balance Of Loans Classified As Troubled Debt Restructurings) (Details) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Loans And Allowance For Loan Losses [Line Items] | ' |
Restructured loans | $83,206 |
Balance 90 days past due at any time during previous 12 months | 16,431 |
Commercial [Member] | Business [Member] | ' |
Loans And Allowance For Loan Losses [Line Items] | ' |
Restructured loans | 23,612 |
Balance 90 days past due at any time during previous 12 months | 7,969 |
Commercial [Member] | Real Estate - Construction And Land [Member] | ' |
Loans And Allowance For Loan Losses [Line Items] | ' |
Restructured loans | 25,640 |
Balance 90 days past due at any time during previous 12 months | 4,268 |
Commercial [Member] | Real Estate - Business [Member] | ' |
Loans And Allowance For Loan Losses [Line Items] | ' |
Restructured loans | 10,629 |
Balance 90 days past due at any time during previous 12 months | 3,126 |
Personal Banking [Member] | Real Estate - Personal [Member] | ' |
Loans And Allowance For Loan Losses [Line Items] | ' |
Restructured loans | 6,821 |
Balance 90 days past due at any time during previous 12 months | 60 |
Personal Banking [Member] | Consumer [Member] | ' |
Loans And Allowance For Loan Losses [Line Items] | ' |
Restructured loans | 4,025 |
Balance 90 days past due at any time during previous 12 months | 138 |
Personal Banking [Member] | Revolving Home Equity [Member] | ' |
Loans And Allowance For Loan Losses [Line Items] | ' |
Restructured loans | 666 |
Balance 90 days past due at any time during previous 12 months | 0 |
Personal Banking [Member] | Consumer Credit Card [Member] | ' |
Loans And Allowance For Loan Losses [Line Items] | ' |
Restructured loans | 11,813 |
Balance 90 days past due at any time during previous 12 months | $870 |
Investment_Securities_Narrativ
Investment Securities (Narrative) (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Securities | Securities | |
Investments_In_Single_Issuer | ||
Investment [Line Items] | ' | ' |
Non-marketable FHLB and FRB stock held for debt and regulatory purposes | $46,500,000 | $45,400,000 |
Non-marketable private equity investments held | 60,700,000 | 73,200,000 |
U.S. Treasury inflation-protected securities held | 505,600,000 | ' |
Common stock classified as equity securities held by the holding company | 37,200,000 | ' |
Percentage decrease requiring a review for impairment | 20.00% | ' |
Fair Value Of Securities With O T T I For Loss Position Twelve Months | 0 | ' |
Fair value of securities on other-than-temporary impairment watch list | 188,800,000 | 220,700,000 |
Aggregate fair value of non-agency mortgage backed securities with other-than-temporary impairment | 70,400,000 | ' |
Credit-related portion of impairments included in earnings | 12,800,000 | ' |
Number of individual securities held in the available for sale portfolio | 1,800 | ' |
Number of individual securities held in the available for sale portfolio in a loss position | 507 | 144 |
Portfolio securities aggregate fair value loss position | 3,433,325,000 | 901,882,000 |
Available for sale securities in loss position at period end, change in unrealized loss | 98,000,000 | ' |
Available for sale securities, Continuous Unrealized Loss Position, Aggregate Loss | 118,178,000 | 20,171,000 |
Fair value of securities in loss position for twelve months or longer | 421,202,000 | 171,823,000 |
Fair value of securities in a loss position for 12 months or longer, as a percentage of total available for sale portfolio | 4.70% | ' |
Gross unrealized losses included in state and municipal obligation holdings | 33,300,000 | ' |
Securities pledged as collateral | 5,000,000,000 | 4,300,000,000 |
Securities pledged as collateral and may be sold or re-pledged | 687,700,000 | ' |
Number of investments in a single issuer that exceed 10% of stockholder's equity | 0 | ' |
No investment in a single issuer exceeds this percentage of stockholder's equity | 10.00% | ' |
State and municipal obligations [Member] | ' | ' |
Investment [Line Items] | ' | ' |
Aggregate fair value of state and municipal obligations excluding auction rate securities | 1,500,000,000 | ' |
Auction rate securities held at fair value | 127,700,000 | ' |
Portfolio securities aggregate fair value loss position | 656,968,000 | 254,130,000 |
Available for sale securities, Continuous Unrealized Loss Position, Aggregate Loss | 33,345,000 | 16,295,000 |
Fair value of securities in loss position for twelve months or longer | 178,150,000 | 80,530,000 |
Unrealized losses included in auction rate securities held | 10,000,000 | ' |
Unrealized losses included in other state and municipal obligations held | $23,300,000 | ' |
State and municipal obligation portfolio, excluding auction rate securities, as a percentage of total available for sale securities | 16.70% | ' |
Investment_Securities_Investme
Investment Securities (Investment Securities, At Fair Value) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available for sale securities | $8,915,680 | $9,522,248 |
Trading securities | 19,993 | 28,837 |
Non-marketable securities | 107,324 | 118,650 |
Total investment securities | 9,042,997 | 9,669,735 |
U.S. government and federal agency obligations [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available for sale securities | 505,696 | 438,759 |
Government-sponsored enterprise obligations [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available for sale securities | 741,766 | 471,574 |
State and municipal obligations [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available for sale securities | 1,619,171 | 1,615,707 |
Agency mortgage-backed securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available for sale securities | 2,772,338 | 3,380,955 |
Non-agency mortgage-backed securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available for sale securities | 246,983 | 237,011 |
Other asset-backed securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available for sale securities | 2,844,071 | 3,167,394 |
Other debt securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available for sale securities | 141,757 | 177,752 |
Equity securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available for sale securities | $43,898 | $33,096 |
Investment_Securities_Summary_
Investment Securities (Summary Of Available For Sale Investment Securities By Maturity Groupings) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | |
Investment [Line Items] | ' | ' | |
Amortized Cost | $8,874,540 | $9,258,525 | |
Fair Value | 8,915,680 | 9,522,248 | |
U.S. Government And Federal Agency Obligations [Member] | ' | ' | |
Investment [Line Items] | ' | ' | |
Amortized Cost | 498,226 | 399,971 | |
Fair Value | 505,696 | 438,759 | |
Weighted Average Yield | 1.05% | [1] | ' |
U.S. Government And Federal Agency Obligations [Member] | Maturity After 1 But Within 5 Years [Member] | ' | ' | |
Investment [Line Items] | ' | ' | |
Amortized Cost | 274,859 | ' | |
Fair Value | 293,742 | ' | |
Weighted Average Yield | 1.71% | [1] | ' |
U.S. Government And Federal Agency Obligations [Member] | Maturity After 5 But Within 10 Years [Member] | ' | ' | |
Investment [Line Items] | ' | ' | |
Amortized Cost | 150,790 | ' | |
Fair Value | 152,277 | ' | |
Weighted Average Yield | 0.51% | [1] | ' |
U.S. Government And Federal Agency Obligations [Member] | Maturity After 10 Years [Member] | ' | ' | |
Investment [Line Items] | ' | ' | |
Amortized Cost | 72,577 | ' | |
Fair Value | 59,677 | ' | |
Weighted Average Yield | -0.31% | [1] | ' |
Government-sponsored enterprise obligations [Member] | ' | ' | |
Investment [Line Items] | ' | ' | |
Amortized Cost | 766,802 | 467,063 | |
Fair Value | 741,766 | 471,574 | |
Weighted Average Yield | 1.65% | ' | |
Government-sponsored enterprise obligations [Member] | Maturity Within 1 Year [Member] | ' | ' | |
Investment [Line Items] | ' | ' | |
Amortized Cost | 30,159 | ' | |
Fair Value | 30,437 | ' | |
Weighted Average Yield | 1.58% | ' | |
Government-sponsored enterprise obligations [Member] | Maturity After 1 But Within 5 Years [Member] | ' | ' | |
Investment [Line Items] | ' | ' | |
Amortized Cost | 446,124 | ' | |
Fair Value | 444,504 | ' | |
Weighted Average Yield | 1.57% | ' | |
Government-sponsored enterprise obligations [Member] | Maturity After 5 But Within 10 Years [Member] | ' | ' | |
Investment [Line Items] | ' | ' | |
Amortized Cost | 143,535 | ' | |
Fair Value | 132,930 | ' | |
Weighted Average Yield | 1.59% | ' | |
Government-sponsored enterprise obligations [Member] | Maturity After 10 Years [Member] | ' | ' | |
Investment [Line Items] | ' | ' | |
Amortized Cost | 146,984 | ' | |
Fair Value | 133,895 | ' | |
Weighted Average Yield | 1.97% | ' | |
State and municipal obligations [Member] | ' | ' | |
Investment [Line Items] | ' | ' | |
Amortized Cost | 1,624,195 | 1,585,926 | |
Fair Value | 1,619,171 | 1,615,707 | |
Weighted Average Yield | 2.42% | ' | |
State and municipal obligations [Member] | Maturity Within 1 Year [Member] | ' | ' | |
Investment [Line Items] | ' | ' | |
Amortized Cost | 141,912 | ' | |
Fair Value | 143,357 | ' | |
Weighted Average Yield | 2.70% | ' | |
State and municipal obligations [Member] | Maturity After 1 But Within 5 Years [Member] | ' | ' | |
Investment [Line Items] | ' | ' | |
Amortized Cost | 734,238 | ' | |
Fair Value | 756,570 | ' | |
Weighted Average Yield | 2.64% | ' | |
State and municipal obligations [Member] | Maturity After 5 But Within 10 Years [Member] | ' | ' | |
Investment [Line Items] | ' | ' | |
Amortized Cost | 562,959 | ' | |
Fair Value | 543,749 | ' | |
Weighted Average Yield | 2.21% | ' | |
State and municipal obligations [Member] | Maturity After 10 Years [Member] | ' | ' | |
Investment [Line Items] | ' | ' | |
Amortized Cost | 185,086 | ' | |
Fair Value | 175,495 | ' | |
Weighted Average Yield | 1.94% | ' | |
Agency mortgage-backed securities [Member] | ' | ' | |
Investment [Line Items] | ' | ' | |
Amortized Cost | 2,743,803 | 3,248,007 | |
Fair Value | 2,772,338 | 3,380,955 | |
Weighted Average Yield | 2.74% | ' | |
Non-agency mortgage-backed securities [Member] | ' | ' | |
Investment [Line Items] | ' | ' | |
Amortized Cost | 236,595 | 224,223 | |
Fair Value | 246,983 | 237,011 | |
Weighted Average Yield | 4.51% | ' | |
Asset-backed securities [Member] | ' | ' | |
Investment [Line Items] | ' | ' | |
Amortized Cost | 2,847,368 | 3,152,913 | |
Fair Value | 2,844,071 | 3,167,394 | |
Weighted Average Yield | 0.88% | ' | |
Total mortgage and asset-backed securities [Member] | ' | ' | |
Investment [Line Items] | ' | ' | |
Amortized Cost | 5,827,766 | 6,625,143 | |
Fair Value | 5,863,392 | 6,785,360 | |
Weighted Average Yield | 1.90% | ' | |
Other debt securities [Member] | ' | ' | |
Investment [Line Items] | ' | ' | |
Amortized Cost | 147,581 | 174,727 | |
Fair Value | 141,757 | 177,752 | |
Other debt securities [Member] | Maturity Within 1 Year [Member] | ' | ' | |
Investment [Line Items] | ' | ' | |
Amortized Cost | 7,695 | ' | |
Fair Value | 7,719 | ' | |
Other debt securities [Member] | Maturity After 1 But Within 5 Years [Member] | ' | ' | |
Investment [Line Items] | ' | ' | |
Amortized Cost | 49,697 | ' | |
Fair Value | 50,125 | ' | |
Other debt securities [Member] | Maturity After 5 But Within 10 Years [Member] | ' | ' | |
Investment [Line Items] | ' | ' | |
Amortized Cost | 90,189 | ' | |
Fair Value | 83,913 | ' | |
Equity securities [Member] | ' | ' | |
Investment [Line Items] | ' | ' | |
Amortized Cost | 9,970 | 5,695 | |
Fair Value | $43,898 | $33,096 | |
[1] | Rate does not reflect inflation adjustment on inflation-protected securities |
Investment_Securities_Availabl
Investment Securities (Available For Sale Securities Unrealized Gains And Losses, By Security Type) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Investment [Line Items] | ' | ' |
Amortized Cost | $8,874,540 | $9,258,525 |
Available For Sale Securities, Gross Unreailzed Gain at Period End | 159,318 | 283,894 |
Available For Sale Securities, Gross Unrealized Loss at Period End | -118,178 | -20,171 |
Fair Value | 8,915,680 | 9,522,248 |
U.S. Government And Federal Agency Obligations [Member] | ' | ' |
Investment [Line Items] | ' | ' |
Amortized Cost | 498,226 | 399,971 |
Available For Sale Securities, Gross Unreailzed Gain at Period End | 20,614 | 40,395 |
Available For Sale Securities, Gross Unrealized Loss at Period End | -13,144 | -1,607 |
Fair Value | 505,696 | 438,759 |
Government-sponsored enterprise obligations [Member] | ' | ' |
Investment [Line Items] | ' | ' |
Amortized Cost | 766,802 | 467,063 |
Available For Sale Securities, Gross Unreailzed Gain at Period End | 2,245 | 5,188 |
Available For Sale Securities, Gross Unrealized Loss at Period End | -27,281 | -677 |
Fair Value | 741,766 | 471,574 |
State and municipal obligations [Member] | ' | ' |
Investment [Line Items] | ' | ' |
Amortized Cost | 1,624,195 | 1,585,926 |
Available For Sale Securities, Gross Unreailzed Gain at Period End | 28,321 | 46,076 |
Available For Sale Securities, Gross Unrealized Loss at Period End | -33,345 | -16,295 |
Fair Value | 1,619,171 | 1,615,707 |
Agency mortgage-backed securities [Member] | ' | ' |
Investment [Line Items] | ' | ' |
Amortized Cost | 2,743,803 | 3,248,007 |
Available For Sale Securities, Gross Unreailzed Gain at Period End | 54,659 | 132,953 |
Available For Sale Securities, Gross Unrealized Loss at Period End | -26,124 | -5 |
Fair Value | 2,772,338 | 3,380,955 |
Non-agency mortgage-backed securities [Member] | ' | ' |
Investment [Line Items] | ' | ' |
Amortized Cost | 236,595 | 224,223 |
Available For Sale Securities, Gross Unreailzed Gain at Period End | 12,008 | 12,906 |
Available For Sale Securities, Gross Unrealized Loss at Period End | -1,620 | -118 |
Fair Value | 246,983 | 237,011 |
Other asset-backed securities [Member] | ' | ' |
Investment [Line Items] | ' | ' |
Amortized Cost | 2,847,368 | 3,152,913 |
Available For Sale Securities, Gross Unreailzed Gain at Period End | 6,872 | 15,848 |
Available For Sale Securities, Gross Unrealized Loss at Period End | -10,169 | -1,367 |
Fair Value | 2,844,071 | 3,167,394 |
Total mortgage and asset-backed securities [Member] | ' | ' |
Investment [Line Items] | ' | ' |
Amortized Cost | 5,827,766 | 6,625,143 |
Available For Sale Securities, Gross Unreailzed Gain at Period End | 73,539 | 161,707 |
Available For Sale Securities, Gross Unrealized Loss at Period End | -37,913 | -1,490 |
Fair Value | 5,863,392 | 6,785,360 |
Other debt securities [Member] | ' | ' |
Investment [Line Items] | ' | ' |
Amortized Cost | 147,581 | 174,727 |
Available For Sale Securities, Gross Unreailzed Gain at Period End | 671 | 3,127 |
Available For Sale Securities, Gross Unrealized Loss at Period End | -6,495 | -102 |
Fair Value | 141,757 | 177,752 |
Equity securities [Member] | ' | ' |
Investment [Line Items] | ' | ' |
Amortized Cost | 9,970 | 5,695 |
Available For Sale Securities, Gross Unreailzed Gain at Period End | 33,928 | 27,401 |
Available For Sale Securities, Gross Unrealized Loss at Period End | 0 | 0 |
Fair Value | $43,898 | $33,096 |
Investment_Securities_Cash_Flo
Investment Securities (Cash Flow Model Inputs Used To Calculate Credit Losses) (Details) | Dec. 31, 2013 |
Significant Inputs Range, Minimum [Member] | ' |
Investment [Line Items] | ' |
Prepayment CPR | 0.00% |
Projected cumulative default | 16.00% |
Credit support | 0.00% |
Loss severity | 18.00% |
Significant Inputs Range, Maximum [Member] | ' |
Investment [Line Items] | ' |
Prepayment CPR | 25.00% |
Projected cumulative default | 52.00% |
Credit support | 14.00% |
Loss severity | 81.00% |
Investment_Securities_Changes_
Investment Securities (Changes In Recorded Credit Losses) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Roll Forward] | ' | ' | ' |
Beginning balance | $11,306 | $9,931 | $7,542 |
Credit losses on debt securities for which impairment was not previously recognized | 0 | 0 | 170 |
Credit losses on debt securities for which impairment was previously recognized | 1,284 | 1,490 | 2,368 |
Increase in expected cash flows that are recognized over remaining life of security | -91 | -115 | -149 |
Ending balance | $12,499 | $11,306 | $9,931 |
Investment_Securities_Securiti
Investment Securities (Securities With Unrealized Losses And Length Of Impairment Period) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Investment [Line Items] | ' | ' |
Less than 12 months, Fair Value | $3,012,123 | $730,059 |
Less than 12 months, Unrealized Losses | 75,636 | 5,474 |
12 months or longer, Fair Value | 421,202 | 171,823 |
12 months or longer, Unrealized Losses | 42,542 | 14,697 |
Total, Fair Value | 3,433,325 | 901,882 |
Total, Unrealized Losses | 118,178 | 20,171 |
US Treasury and Government [Member] | ' | ' |
Investment [Line Items] | ' | ' |
Less than 12 months, Fair Value | 96,172 | 71,464 |
Less than 12 months, Unrealized Losses | 243 | 1,607 |
12 months or longer, Fair Value | 59,677 | 0 |
12 months or longer, Unrealized Losses | 12,901 | 0 |
Total, Fair Value | 155,849 | 71,464 |
Total, Unrealized Losses | 13,144 | 1,607 |
Government-sponsored enterprise obligations [Member] | ' | ' |
Investment [Line Items] | ' | ' |
Less than 12 months, Fair Value | 487,317 | 102,082 |
Less than 12 months, Unrealized Losses | 18,155 | 677 |
12 months or longer, Fair Value | 93,654 | 0 |
12 months or longer, Unrealized Losses | 9,126 | 0 |
Total, Fair Value | 580,971 | 102,082 |
Total, Unrealized Losses | 27,281 | 677 |
State and municipal obligations [Member] | ' | ' |
Investment [Line Items] | ' | ' |
Less than 12 months, Fair Value | 478,818 | 173,600 |
Less than 12 months, Unrealized Losses | 15,520 | 2,107 |
12 months or longer, Fair Value | 178,150 | 80,530 |
12 months or longer, Unrealized Losses | 17,825 | 14,188 |
Total, Fair Value | 656,968 | 254,130 |
Total, Unrealized Losses | 33,345 | 16,295 |
Agency mortgage-backed securities [Member] | ' | ' |
Investment [Line Items] | ' | ' |
Less than 12 months, Fair Value | 717,778 | 5,874 |
Less than 12 months, Unrealized Losses | 26,124 | 5 |
12 months or longer, Fair Value | 0 | 0 |
12 months or longer, Unrealized Losses | 0 | 0 |
Total, Fair Value | 717,778 | 5,874 |
Total, Unrealized Losses | 26,124 | 5 |
Non-agency mortgage-backed securities [Member] | ' | ' |
Investment [Line Items] | ' | ' |
Less than 12 months, Fair Value | 53,454 | 0 |
Less than 12 months, Unrealized Losses | 918 | 0 |
12 months or longer, Fair Value | 22,289 | 12,609 |
12 months or longer, Unrealized Losses | 702 | 118 |
Total, Fair Value | 75,743 | 12,609 |
Total, Unrealized Losses | 1,620 | 118 |
Other asset-backed securities [Member] | ' | ' |
Investment [Line Items] | ' | ' |
Less than 12 months, Fair Value | 1,088,556 | 338,007 |
Less than 12 months, Unrealized Losses | 9,072 | 976 |
12 months or longer, Fair Value | 58,398 | 78,684 |
12 months or longer, Unrealized Losses | 1,097 | 391 |
Total, Fair Value | 1,146,954 | 416,691 |
Total, Unrealized Losses | 10,169 | 1,367 |
Total mortgage and asset-backed securities [Member] | ' | ' |
Investment [Line Items] | ' | ' |
Less than 12 months, Fair Value | 1,859,788 | 343,881 |
Less than 12 months, Unrealized Losses | 36,114 | 981 |
12 months or longer, Fair Value | 80,687 | 91,293 |
12 months or longer, Unrealized Losses | 1,799 | 509 |
Total, Fair Value | 1,940,475 | 435,174 |
Total, Unrealized Losses | 37,913 | 1,490 |
Other debt securities [Member] | ' | ' |
Investment [Line Items] | ' | ' |
Less than 12 months, Fair Value | 90,028 | 39,032 |
Less than 12 months, Unrealized Losses | 5,604 | 102 |
12 months or longer, Fair Value | 9,034 | 0 |
12 months or longer, Unrealized Losses | 891 | 0 |
Total, Fair Value | 99,062 | 39,032 |
Total, Unrealized Losses | $6,495 | $102 |
Investment_Securities_State_An
Investment Securities (State And Municipal Obligations, By State And Economic Sector) (Details) | 12 Months Ended |
Dec. 31, 2013 | |
Y | |
Texas | ' |
Investment [Line Items] | ' |
% of Portfolio | 9.90% |
Average Life (in years) | 4.1 |
Average Rating (Moody’s) | ' Aa1 |
Florida | ' |
Investment [Line Items] | ' |
% of Portfolio | 9.30% |
Average Life (in years) | 4.6 |
Average Rating (Moody’s) | ' Aa3 |
Ohio | ' |
Investment [Line Items] | ' |
% of Portfolio | 6.00% |
Average Life (in years) | 4.9 |
Average Rating (Moody’s) | ' Aa2 |
New York | ' |
Investment [Line Items] | ' |
% of Portfolio | 5.50% |
Average Life (in years) | 6.3 |
Average Rating (Moody’s) | ' Aa2 |
Washington | ' |
Investment [Line Items] | ' |
% of Portfolio | 5.40% |
Average Life (in years) | 5 |
Average Rating (Moody’s) | ' Aa2 |
General obligation | ' |
Investment [Line Items] | ' |
% of Portfolio | 30.60% |
Average Life (in years) | 4.6 |
Average Rating (Moody’s) | ' Aa2 |
Lease | ' |
Investment [Line Items] | ' |
% of Portfolio | 16.20% |
Average Life (in years) | 4.6 |
Average Rating (Moody’s) | ' Aa2 |
Housing | ' |
Investment [Line Items] | ' |
% of Portfolio | 15.40% |
Average Life (in years) | 4.4 |
Average Rating (Moody’s) | ' Aa1 |
Transportation | ' |
Investment [Line Items] | ' |
% of Portfolio | 13.90% |
Average Life (in years) | 4.2 |
Average Rating (Moody’s) | ' A1 |
Limited tax | ' |
Investment [Line Items] | ' |
% of Portfolio | 5.60% |
Average Life (in years) | 5.4 |
Average Rating (Moody’s) | ' Aa1 |
Investment_Securities_Investme1
Investment Securities Investment Securities (Credit Ratings In State And Municipal Bond Portfolio) (Details) | Dec. 31, 2013 |
Schedule of Available-for-sale Securities [Line Items] | ' |
Percentage of State and Municipal Bond Portfolio, by credit rating | 100.00% |
Moody's, Aaa Rating [Member] | ' |
Schedule of Available-for-sale Securities [Line Items] | ' |
Percentage of State and Municipal Bond Portfolio, by credit rating | 11.30% |
Moody's Aa Rating [Member] | ' |
Schedule of Available-for-sale Securities [Line Items] | ' |
Percentage of State and Municipal Bond Portfolio, by credit rating | 67.50% |
Moody's A Rating [Member] | ' |
Schedule of Available-for-sale Securities [Line Items] | ' |
Percentage of State and Municipal Bond Portfolio, by credit rating | 19.10% |
Moody's Baa Rating [Member] | ' |
Schedule of Available-for-sale Securities [Line Items] | ' |
Percentage of State and Municipal Bond Portfolio, by credit rating | 1.30% |
Moody's Not Rated [Member] | ' |
Schedule of Available-for-sale Securities [Line Items] | ' |
Percentage of State and Municipal Bond Portfolio, by credit rating | 0.80% |
Investment_Securities_Proceeds
Investment Securities (Proceeds From Sales Of Securities And Components Of Investment Securities Gains And Losses) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Investment [Line Items] | ' | ' | ' |
Proceeds from sales of available for sale securities | $7,076 | $5,231 | $11,202 |
Proceeds from sales of non-marketable securities | 9,223 | 11,644 | 8,631 |
Total proceeds | 16,299 | 16,875 | 19,833 |
Other-than-temporary impairment recognized on debt securities | -1,284 | -1,490 | -2,537 |
Investment securities gains (losses), net | -4,425 | 4,828 | 10,812 |
Available For Sale [Member] | ' | ' | ' |
Investment [Line Items] | ' | ' | ' |
Gains realized on sales | 126 | 358 | 177 |
Gain realized on donation | 1,375 | 0 | 0 |
Other-than-temporary impairment recognized on debt securities | -1,284 | -1,490 | -2,537 |
Non-Marketable [Member] | ' | ' | ' |
Investment [Line Items] | ' | ' | ' |
Gains realized on sales | 1,808 | 1,655 | 2,388 |
Losses realized on sales | -2,979 | -200 | 0 |
Fair value adjustments, net | ($3,471) | $4,505 | $10,784 |
Land_Buildings_And_Equipment_D
Land, Buildings And Equipment (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Gross land, buildings and equipment | $863,314,000 | $860,572,000 | ' |
Less accumulated depreciation and amortization | 513,660,000 | 502,960,000 | ' |
Net land, buildings and equipment | 349,654,000 | 357,612,000 | ' |
Depreciation expense | 30,700,000 | 32,200,000 | 34,500,000 |
Repairs and maintenance expense | 16,800,000 | 17,300,000 | 17,700,000 |
Land [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Gross land, buildings and equipment | 106,005,000 | 107,540,000 | ' |
Building and improvements [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Gross land, buildings and equipment | 529,842,000 | 523,662,000 | ' |
Equipment [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Gross land, buildings and equipment | $227,467,000 | $229,370,000 | ' |
Goodwill_And_Other_Intangible_2
Goodwill And Other Intangible Assets (Narrative) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Goodwill, Acquired During Period | $13,300,000 | ' | ' |
Finite-lived Intangible Assets Acquired | 5,600,000 | ' | ' |
Impairment of goodwill | 0 | 0 | 0 |
Aggregate amortization expense for intangible assets | 2,200,000 | 2,500,000 | 3,000,000 |
Core Deposits [Member] | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Aggregate amortization expense for intangible assets | 1,889,000 | 2,142,000 | ' |
Finite-Lived Intangible Asset, Useful Life | '14 years | ' | ' |
Mortgage Servicing Rights [Member] | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Recognized temporary impairment | 84,000 | ' | ' |
Aggregate amortization expense for intangible assets | $300,000 | $341,000 | ' |
Goodwill_And_Other_Intangible_3
Goodwill And Other Intangible Assets (Schedule Of Intangible Assets With Estimable Useful Lives) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | $34,700 | $28,852 |
Accumulated Amortization | -25,348 | -23,159 |
Valuation Allowance | -84 | -393 |
Net Amount | 9,268 | 5,300 |
Core Deposit Premium [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | 31,270 | 25,720 |
Accumulated Amortization | -22,781 | -20,892 |
Valuation Allowance | 0 | 0 |
Net Amount | 8,489 | 4,828 |
Mortgage Servicing Rights [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | 3,430 | 3,132 |
Accumulated Amortization | -2,567 | -2,267 |
Valuation Allowance | -84 | -393 |
Net Amount | $779 | $472 |
Goodwill_And_Other_Intangible_4
Goodwill And Other Intangible Assets (Schedule Of Goodwill Allocated By Operating Segments) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Goodwill [Line Items] | ' | ' |
Goodwill | $138,921 | $125,585 |
Consumer Segment [Member] | ' | ' |
Goodwill [Line Items] | ' | ' |
Goodwill | 70,721 | 67,765 |
Commercial Segment [Member] | ' | ' |
Goodwill [Line Items] | ' | ' |
Goodwill | 67,454 | 57,074 |
Wealth Segment [Member] | ' | ' |
Goodwill [Line Items] | ' | ' |
Goodwill | $746 | $746 |
Goodwill_And_Other_Intangible_5
Goodwill And Other Intangible Assets (Schedule Of Changes In Carrying Amount Of Goodwill And Net Other Intangible Assets) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Goodwill [Roll Forward] | ' | ' | ' |
Amortization | ($2,200) | ($2,500) | ($3,000) |
Goodwill [Member] | ' | ' | ' |
Goodwill [Roll Forward] | ' | ' | ' |
Balance, beginning | 125,585 | 125,585 | ' |
Goodwill and Intangible Assets Acquired | 13,336 | ' | ' |
Originations | 0 | 0 | ' |
Amortization | 0 | 0 | ' |
Impairment reversal | 0 | 0 | ' |
Balance, ending | 138,921 | 125,585 | ' |
Core Deposit Premium [Member] | ' | ' | ' |
Goodwill [Roll Forward] | ' | ' | ' |
Balance, beginning | 4,828 | 6,970 | ' |
Goodwill and Intangible Assets Acquired | 5,550 | ' | ' |
Originations | 0 | 0 | ' |
Amortization | -1,889 | -2,142 | ' |
Impairment reversal | 0 | 0 | ' |
Balance, ending | 8,489 | 4,828 | ' |
Mortgage Servicing Rights [Member] | ' | ' | ' |
Goodwill [Roll Forward] | ' | ' | ' |
Balance, beginning | 472 | 744 | ' |
Goodwill and Intangible Assets Acquired | 0 | ' | ' |
Originations | 298 | 35 | ' |
Amortization | -300 | -341 | ' |
Impairment reversal | 309 | 34 | ' |
Balance, ending | $779 | $472 | ' |
Goodwill_And_Other_Intangible_6
Goodwill And Other Intangible Assets (Schedule Of Estimated Annual Amortization Expense) (Details) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Goodwill and Intangible Assets Disclosure [Abstract] | ' |
2013 | $1,999 |
2014 | 1,609 |
2015 | 1,246 |
2016 | 921 |
2017 | $688 |
Deposits_Scheduled_Maturities_
Deposits (Scheduled Maturities Of Total Time Open And Certificates Of Deposit) (Details) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Deposits [Abstract] | ' |
Due in 2014 | $1,740,247 |
Due in 2015 | 235,401 |
Due in 2016 | 126,623 |
Due in 2017 | 35,402 |
Due in 2018 | 48,998 |
Thereafter | 1,767 |
Total | $2,188,438 |
Deposits_Maturities_Of_Time_Op
Deposits (Maturities Of Time Open And Certificates Of Deposit Detailed Breakdown By Size Category) (Details) (USD $) | Dec. 31, 2013 |
Deposits [Abstract] | ' |
Certificates Of Deposit under $100,000, Due in 3 months or less | $159,550,000 |
Certificates Of Deposit under $100,000, Due in over 3 through 6 months | 179,266,000 |
Certificates Of Deposit under $100,000, Due in over 6 through 12 months | 308,582,000 |
Certificates Of Deposit under $100,000, Due in over 12 months | 135,935,000 |
Certificates Of Deposit under $100,000 | 783,333,000 |
Other Time Deposits under $100,000, Due in 3 months or less | 33,313,000 |
Other Time Deposits under $100,000, Due in over 3 through 6 months | 38,196,000 |
Other Time Deposits under $100,000, Due in over 6 through 12 months | 55,173,000 |
Other Time Deposits under $100,000, Due in over 12 months | 73,674,000 |
Other Time Deposits under $100,000 | 200,356,000 |
Certificates Of Deposit over $100,000, Due in 3 months or less | 314,206,000 |
Certificates Of Deposit over $100,000, Due in over 3 through 6 months | 249,528,000 |
Certificates Of Deposit over $100,000, Due in over 6 through 12 months | 280,247,000 |
Certificates Of Deposit over $100,000, Due in over 12 months | 221,906,000 |
Certificates Of Deposit over $100,000 | 1,065,887,000 |
Other Time Deposits over $100,000, Due in 3 months or less | 19,086,000 |
Other Time Deposits over $100,000, Due in over 3 through 6 months | 32,052,000 |
Other Time Deposits over $100,000, Due in over 6 through 12 months | 71,048,000 |
Other Time Deposits other $100,000, Due in over 12 months | 16,676,000 |
Other Time Deposits over $100,000 | 138,862,000 |
Due in 3 months or less, Total | 526,155,000 |
Due in over 3 through 6 months, Total | 499,042,000 |
Due in over 6 through 12 months, Total | 715,050,000 |
Due in over 12 months, Total | 448,191,000 |
Total | 2,188,438,000 |
Minimum reserve requirement | $49,200,000 |
Borrowings_Narrative_Details
Borrowings (Narrative) (Details) (USD $) | Dec. 31, 2013 |
In Millions, unless otherwise specified | |
Debt Disclosure [Abstract] | ' |
Non-insured customer funds Secured by investment portfolio | $971.80 |
Total outstanding advances | 105.3 |
FHLB issued letters of credit | 353 |
Structured repurchase agreements | 350 |
Investment securities pledged as collateral | $366.50 |
Borrowings_ShortTerm_Borrowing
Borrowings (Short-Term Borrowings) (Details) (Federal Funds Purchased And Repurchase Agreements [Member], USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Federal Funds Purchased And Repurchase Agreements [Member] | ' | ' | ' |
Short-term Debt [Line Items] | ' | ' | ' |
Year End Weighted Rate | 0.10% | 0.10% | 0.10% |
Average Weighted Rate | 0.10% | 0.10% | 0.10% |
Average Balance Outstanding | $914,554 | $785,978 | $635,009 |
Maximum Outstanding at any Month End | 1,479,849 | 1,149,156 | 1,002,092 |
Balance at December 31 | $996,558 | $683,550 | $856,081 |
Borrowings_LongTerm_Borrowings
Borrowings (Long-Term Borrowings) (Details) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Year End Balance | $455,310 |
Federal Home Loan Bank Advances [Member] | ' |
Year End Weighted Rate | 4.80% |
Year End Balance | 1,178 |
Debt Instrument, Maturity Date | 31-Dec-14 |
Federal Home Loan Bank Advances Two [Member] | ' |
Maturity Date, Start | 31-Dec-15 |
Maturity Date, End | 31-Dec-17 |
Year End Weighted Rate | 3.50% |
Year End Balance | 104,132 |
Structured Repurchase Agreements [Member] | ' |
Year End Weighted Rate | 0.00% |
Year End Balance | $350,000 |
Debt Instrument, Maturity Date | 31-Dec-14 |
Income_Taxes_Narrative_Details
Income Taxes (Narrative) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Federal Net Operating Loss Carryforward Acquired in 2003 | $4,300,000 | ' | ' |
Operating loss carryforwards, amt remaining at period end | 0 | ' | ' |
Effective income tax rate reconciliation, at federal statutory income tax rate | 35.00% | ' | ' |
Tax benefits related to interest and penalties | 5,000 | 81,000 | 1,000 |
Liabilities for interest and penalties | 172,000 | 176,000 | ' |
Unrecognized Tax Benefits | 1,428,000 | 1,581,000 | 1,584,000 |
Unrecognized tax benefits impact the effective tax rate | $1,000,000 | $1,100,000 | ' |
Income_Taxes_Schedule_Of_Compo
Income Taxes (Schedule Of Components Of Income Tax Expense (Benefit)) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
U.S. federal, Current | $102,191 | $100,210 | $113,920 |
State and local, Current | 10,838 | 10,725 | 10,328 |
Current, income tax expense (benefit) | 113,029 | 110,935 | 124,248 |
U.S. federal, Deferred | 7,984 | 15,125 | -2,720 |
State and local, Deferred | 1,217 | 1,109 | -116 |
Deferred, income tax expense (benefit) | 9,201 | 16,234 | -2,836 |
U.S. federal, Total | 110,175 | 115,335 | 111,200 |
State and local, Total | 12,055 | 11,834 | 10,212 |
Total income tax expense | $122,230 | $127,169 | $121,412 |
Income_Taxes_Components_Of_Inc
Income Taxes (Components Of Income Tax Expense Recorded Directly To Stockholders Equity) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Unrealized gain (loss) on securities available for sale | ($84,582) | $19,425 | $31,565 |
Accumulated pension (benefit) loss | 6,981 | -3,608 | -2,641 |
Compensation expense for tax purposes in excess of amounts recognized for financial reporting purposes | -1,003 | -2,094 | -1,065 |
Income tax expense (benefit) allocated to stockholders’ equity | ($78,604) | $13,723 | $27,859 |
Income_Taxes_Components_Of_Def
Income Taxes (Components Of Deferred Tax Assets And Liabilities) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Income Tax Disclosure [Abstract] | ' | ' |
Loans, principally due to allowance for loan losses | $70,154 | $75,710 |
Accrued expenses | 15,740 | 15,528 |
Equity-based compensation | 12,407 | 12,469 |
Pension | 728 | 7,840 |
Deferred compensation | 6,980 | 6,280 |
Deferred tax assets, Other | 14,740 | 11,799 |
Total deferred tax assets | 120,749 | 129,626 |
Unrealized gain on securities available for sale | 15,633 | 100,215 |
Equipment lease financing | 64,320 | 54,980 |
Land, buildings and equipment | 14,757 | 16,433 |
Accretion on investment securities | 5,972 | 6,613 |
Intangibles | 7,282 | 4,867 |
Deferred tax liabilities, Other | 7,325 | 8,399 |
Total deferred tax liabilities | 115,289 | 191,507 |
Net deferred tax liabilities | $5,460 | ($61,881) |
Income_Taxes_Schedule_Of_Compa
Income Taxes (Schedule Of Company's Actual Income Tax Expense) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Computed “expected†tax expense | $134,117 | $138,774 | $132,214 |
Tax-exempt interest, net of cost to carry | -16,612 | -15,516 | -14,815 |
State and local income taxes, net of federal tax benefit | 7,836 | 7,692 | 6,638 |
Tax deductible dividends on allocated shares held by the Company’s ESOP | -1,116 | -2,991 | -1,058 |
Other | -1,995 | -790 | -1,567 |
Total income tax expense | $122,230 | $127,169 | $121,412 |
Income_Taxes_Schedule_Of_Accru
Income Taxes (Schedule Of Accrued Liability For Unrecognized Tax Benefit) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Reconciliation of Unrecognized Tax Benefits [Roll Forward] | ' | ' |
Unrecognized tax benefits at beginning of year | $1,581 | $1,584 |
Gross increases – tax positions in prior period | 70 | 417 |
Gross decreases – tax positions in prior period | -2 | -25 |
Gross increases – current-period tax positions | 282 | 219 |
Lapse of statute of limitations | -503 | -614 |
Unrecognized tax benefits at end of year | $1,428 | $1,581 |
Employee_Benefit_Plans_Narrati
Employee Benefit Plans (Narrative) (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Defined benefit plan, discretionary contribution by employer | ' | $0 | $1,500,000 | ' |
Contributions to the CERP | ' | 69,000 | 65,000 | 18,000 |
Accumulated benefit obligation | ' | 113,700,000 | 125,100,000 | ' |
Defined Benefit Plan, Amount to be Amortized from Accumulated Other Comprehensive Income (Loss) Next Fiscal Year | ' | 1,400,000 | ' | ' |
Expected long-term rate of return on pension plan assets | ' | 6.50% | 6.50% | 7.00% |
Annualized 10-year return for pension plan | ' | 7.20% | ' | ' |
Rate of return | ' | 11.10% | 8.40% | ' |
Pension expense | ' | 1,600,000 | ' | ' |
Expected pension expense for the upcoming fiscal year | 773,000 | ' | ' | ' |
Minimum required contribution for 2014 | $0 | ' | ' | ' |
Equity Securities [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Long-term investment target mix for equity securities | ' | 35.00% | ' | ' |
Fixed Income Securities [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Long-term investment target mix for equity securities | ' | 65.00% | ' | ' |
Employee_Benefit_Plans_Employe
Employee Benefit Plans (Employee Benefits Charged To Operating Expenses) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Total employee benefits | $56,688 | $58,224 | $52,007 |
Payroll Taxes [Member] | ' | ' | ' |
Total employee benefits | 21,705 | 21,247 | 20,703 |
Medical Plans [Member] | ' | ' | ' |
Total employee benefits | 18,393 | 19,861 | 16,350 |
401K Plan [Member] | ' | ' | ' |
Total employee benefits | 12,465 | 12,613 | 11,728 |
Pension Plans [Member] | ' | ' | ' |
Total employee benefits | 1,627 | 2,441 | 994 |
Other [Member] | ' | ' | ' |
Total employee benefits | $2,498 | $2,062 | $2,232 |
Employee_Benefit_Plans_Compone
Employee Benefit Plans (Components Of The Net Pension Cost) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | ' | ' | ' |
Service cost-benefits earned during the year | $509 | $504 | $406 |
Interest cost on projected benefit obligation | 4,509 | 5,162 | 5,366 |
Expected return on plan assets | -6,476 | -6,178 | -6,727 |
Amortization of unrecognized net loss | 3,085 | 2,953 | 1,949 |
Net periodic pension cost | $1,627 | $2,441 | $994 |
Employee_Benefit_Plans_Summary
Employee Benefit Plans (Summary Of Pension Plans Funded Status) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ' | ' | ' |
Projected benefit obligation at prior valuation date | $125,147 | $110,186 | ' |
Service cost | 509 | 504 | 406 |
Interest cost | 4,509 | 5,162 | 5,366 |
Benefits paid | -5,904 | -5,248 | ' |
Actuarial loss | -10,588 | 14,543 | ' |
Projected benefit obligation at valuation date | 113,673 | 125,147 | 110,186 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ' | ' | ' |
Fair value of plan assets at prior valuation date | 101,834 | 97,228 | ' |
Actual return on plan assets | 11,173 | 8,274 | ' |
Employer contributions | 69 | 1,580 | ' |
Benefits paid | -5,904 | -5,248 | ' |
Fair value of plan assets at valuation date | 107,172 | 101,834 | 97,228 |
Funded status and net amount recognized at valuation date | ($6,501) | ($23,313) | ' |
Employee_Benefit_Plans_Schedul
Employee Benefit Plans (Schedule Of Amounts Not Yet Reflected In Net Periodic Benefit Cost And Included In Accumulated Other Comprehensive Income (Loss), Pre-Tax Basis) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | ' | ' |
Prior service credit (cost) | $0 | $0 |
Accumulated loss | -25,479 | -43,849 |
Accumulated other comprehensive loss | -25,479 | -43,849 |
Cumulative employer contributions in excess of net periodic benefit cost | 18,978 | 20,536 |
Net amount recognized as an accrued benefit liability on the December 31 balance sheet | -6,501 | -23,313 |
Net loss arising during period | 15,285 | -12,447 |
Amortization of net loss | -3,085 | -2,953 |
Total recognized in other comprehensive income | 18,370 | -9,494 |
Total expense recognized in net periodic pension cost and other comprehensive income | $16,743 | ($11,935) |
Employee_Benefit_Plans_Assumpt
Employee Benefit Plans (Assumptions On A Weighted Average Basis, Used In Accounting For Plans) (Details) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | ' | ' | ' |
Determination of benefit obligation at year end, Discount rate | 4.55% | 3.65% | 4.80% |
Determination of benefit obligation at year end, Assumed credit on cash balance accounts | 5.00% | 5.00% | 5.00% |
Determination of net periodic benefit cost for year ended, Discount rate | 3.65% | 4.80% | 5.40% |
Determination of net periodic benefit cost for year ended, Long-term rate of return on assets | 6.50% | 6.50% | 7.00% |
Determination of net periodic benefit cost for year ended, Assumed credit on cash balance accounts | 5.00% | 5.00% | 5.00% |
Employee_Benefit_Plans_Fair_Va
Employee Benefit Plans (Fair Value Of Pension Plan Assets By Asset Category) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||
Pension Plans [Member] | ' | ' | ||
Cash | ' | $31 | ||
U.S. government obligations | 901 | 343 | ||
Government-sponsored enterprise obligations | 2,512 | [1] | 6,930 | [1] |
State and municipal obligations | 7,270 | 5,700 | ||
Agency mortgage-backed securities | 1,744 | [2] | 3,000 | [2] |
Non-agency mortgage-backed securities | 6,156 | 6,936 | ||
Asset-backed securities | 5,985 | 7,125 | ||
Corporate bonds | 36,345 | [3] | 27,653 | [3] |
U.S. large-cap | 23,677 | [4] | 22,400 | [4] |
U.S. mid-cap | 13,864 | [4] | 12,600 | [4] |
U.S. small-cap | 4,331 | [4] | 3,792 | [4] |
International developed markets | 857 | [4] | 908 | [4] |
Emerging markets | 659 | [4] | 916 | [4] |
Money market funds | 2,871 | [4] | 3,500 | [4] |
Total | 107,172 | 101,834 | ||
Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ' | ' | ||
U.S. government obligations | 505,696 | 438,759 | ||
Government-sponsored enterprise obligations | 0 | 0 | ||
State and municipal obligations | 0 | 0 | ||
Agency mortgage-backed securities | 0 | 0 | ||
Non-agency mortgage-backed securities | 0 | 0 | ||
Asset-backed securities | 0 | 0 | ||
Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | Pension Plans [Member] | ' | ' | ||
Cash | ' | 31 | ||
U.S. government obligations | 901 | 343 | ||
Government-sponsored enterprise obligations | 0 | [1] | 0 | [1] |
State and municipal obligations | 0 | 0 | ||
Agency mortgage-backed securities | 0 | [2] | 0 | [2] |
Non-agency mortgage-backed securities | 0 | 0 | ||
Asset-backed securities | 0 | 0 | ||
Corporate bonds | 0 | [3] | 0 | [3] |
U.S. large-cap | 23,677 | [4] | 22,400 | [4] |
U.S. mid-cap | 13,864 | [4] | 12,600 | [4] |
U.S. small-cap | 4,331 | [4] | 3,792 | [4] |
International developed markets | 857 | [4] | 908 | [4] |
Emerging markets | 659 | [4] | 916 | [4] |
Money market funds | 2,871 | [4] | 3,500 | [4] |
Total | 47,160 | 44,490 | ||
Significant Other Observable Inputs (Level 2) [Member] | ' | ' | ||
U.S. government obligations | 0 | 0 | ||
Government-sponsored enterprise obligations | 741,766 | 471,574 | ||
State and municipal obligations | 1,491,447 | 1,489,293 | ||
Agency mortgage-backed securities | 2,772,338 | 3,380,955 | ||
Non-agency mortgage-backed securities | 246,983 | 237,011 | ||
Asset-backed securities | 2,844,071 | 3,167,394 | ||
Significant Other Observable Inputs (Level 2) [Member] | Pension Plans [Member] | ' | ' | ||
Cash | ' | 0 | ||
U.S. government obligations | 0 | 0 | ||
Government-sponsored enterprise obligations | 2,512 | [1] | 6,930 | [1] |
State and municipal obligations | 7,270 | 5,700 | ||
Agency mortgage-backed securities | 1,744 | [2] | 3,000 | [2] |
Non-agency mortgage-backed securities | 6,156 | 6,936 | ||
Asset-backed securities | 5,985 | 7,125 | ||
Corporate bonds | 36,345 | [3] | 27,653 | [3] |
U.S. large-cap | 0 | [4] | 0 | [4] |
U.S. mid-cap | 0 | [4] | 0 | [4] |
U.S. small-cap | 0 | [4] | 0 | [4] |
International developed markets | 0 | [4] | 0 | [4] |
Emerging markets | 0 | [4] | 0 | [4] |
Money market funds | 0 | [4] | 0 | [4] |
Total | 60,012 | 57,344 | ||
Significant Unobservable Inputs (Level 3) [Member] | ' | ' | ||
U.S. government obligations | 0 | 0 | ||
Government-sponsored enterprise obligations | 0 | 0 | ||
State and municipal obligations | 127,724 | 126,414 | ||
Agency mortgage-backed securities | 0 | 0 | ||
Non-agency mortgage-backed securities | 0 | 0 | ||
Asset-backed securities | 0 | 0 | ||
Significant Unobservable Inputs (Level 3) [Member] | Pension Plans [Member] | ' | ' | ||
Cash | ' | 0 | ||
U.S. government obligations | 0 | 0 | ||
Government-sponsored enterprise obligations | 0 | [1] | 0 | [1] |
State and municipal obligations | 0 | 0 | ||
Agency mortgage-backed securities | 0 | [2] | 0 | [2] |
Non-agency mortgage-backed securities | 0 | 0 | ||
Asset-backed securities | 0 | 0 | ||
Corporate bonds | 0 | [3] | 0 | [3] |
U.S. large-cap | 0 | [4] | 0 | [4] |
U.S. mid-cap | 0 | [4] | 0 | [4] |
U.S. small-cap | 0 | [4] | 0 | [4] |
International developed markets | 0 | [4] | 0 | [4] |
Emerging markets | 0 | [4] | 0 | [4] |
Money market funds | 0 | [4] | 0 | [4] |
Total | $0 | $0 | ||
[1] | This category represents bonds (excluding mortgage-backed securities) issued by agencies such as the Federal Home Loan Bank, the Federal Home Loan Mortgage Corp and the Federal National Mortgage Association. | |||
[2] | This category represents mortgage-backed securities issued by the agencies mentioned in (a). | |||
[3] | This category represents investment grade bonds issued in the U.S., primarily by domestic issuers, representing diverse industries. | |||
[4] | This category represents investments in individual common stocks and equity funds. These holdings are diversified, largely across the financial services, consumer goods, healthcare, technology, and energy sectors. |
Employee_Benefit_Plans_Future_
Employee Benefit Plans (Future Benefit Payments) (Details) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | ' |
2014 | $5,958 |
2015 | 6,234 |
2016 | 6,551 |
2017 | 6,731 |
2018 | 6,940 |
2019 - 2023 | $36,258 |
StockBased_Compensation_and_Di2
Stock-Based Compensation and Directors Stock Purchase Plan (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Remaining number of shares available for issuance under the plan | 3,729,477 | ' | ' |
Stock-based compensation | $6.40 | $5 | $4.70 |
Total tax benefit recognized from compensation arrangements | 2.4 | 1.9 | 1.8 |
Fair value of shares vested during the period | 2.1 | 2.1 | 1.6 |
Unrecognized compensation cost related to unvested options, SAR's and stock awards | $20.50 | ' | ' |
Compensation cost is expected to be recognized over a weighted average period, years | '3 years 5 months | ' | ' |
Common stock dividend rate percentage | 5.00% | ' | ' |
Nonvested Stock Award [Member] | Minimum [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Stock awards vesting period (in years) | '4 years | ' | ' |
Nonvested Stock Award [Member] | Maximum [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Stock awards vesting period (in years) | '7 years | ' | ' |
Stock Appreciation Rights (SARs) [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Stock awards vesting period (in years) | '4 years | ' | ' |
Contractual terms of awards granted (in years) | '10 years | ' | ' |
Stock Options [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Stock awards vesting period (in years) | '3 years | ' | ' |
Contractual terms of awards granted (in years) | '10 years | ' | ' |
Directors Stock Purchase Plan [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Remaining number of shares available for issuance under the plan | 137,337 | ' | ' |
Number of shares purchased under stock option plan | 20,222 | 21,751 | ' |
Average price of shares purchased under stock option plan | $40.39 | $35.32 | ' |
StockBased_Compensation_and_Di3
Stock-Based Compensation and Directors Stock Purchase Plan (Summary Of The Status Of Nonvested Share Awards) (Details) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Nonvested Share Awards [Roll Forward] | ' |
Nonvested, share awards, beginning balance | 926,871 |
Granted, Shares | 421,803 |
Vested, Shares | -54,922 |
Forfeited, Shares | -28,729 |
Canceled, Shares | -121,268 |
Nonvested, share awards, ending balance | 1,143,755 |
Nonvested Weighted Average Grant Date Fair Value [Roll Forward] | ' |
Nonvested, Weighted Average Grant Date Fair Value, Beginning Balance | $32.97 |
Granted, Weighted Average Grant Date Fair Value | $36.67 |
Vested, Weighted Average Grant Date Fair Value | $32.72 |
Forfeited, Weighted Average Grant Date Fair Value | $33.03 |
Canceled, Weighted Average Grant Date Fair Value | $33.64 |
Nonvested , Weighted Average Grant Date Fair Value, Ending Balance | $34.27 |
StockBased_Compensation_and_Di4
Stock-Based Compensation and Directors Stock Purchase Plan Share Based Compensation Valuation Assumptions [Table] (Details) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Schedule Of Share Based Payment Award Stock Options Valuation Assumptions [Line Items] | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $6.82 |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 2.30% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 23.20% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 1.20% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | '7 years 4 months |
StockBased_Compensation_and_Di5
Stock-Based Compensation and Directors Stock Purchase Plan (Summary Of Option Activity) (Details) (USD $) | 12 Months Ended |
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | '0 years 9 months |
Stock Options [Roll Forward] | ' |
Outstanding, Shares, Beginning Balance | 807,121 |
Granted, Shares | 0 |
Forfeited, Shares | 0 |
Expired, Shares | 0 |
Exercised, Shares | -354,798 |
Outstanding, Shares, Ending Balance | 452,323 |
Stock Options, Weighted Average Exercise Price [Roll Forward] | ' |
Outstanding, Weighted Average Exercise Price, Beginning Balance | $30.01 |
Granted, Weighted Average Exercise Price | $0 |
Forfeited, Weighted Average Exercise Price | $0 |
Expired, Weighted Average Exercise Price | $0 |
Exercised, Weighted Average Exercise Price | $29.32 |
Outstanding, Weighted Average Exercise Price, Ending Balance | $30.55 |
Outstanding, Aggregate Intrinsic Value, Ending Balance | $6,494 |
StockBased_Compensation_and_Di6
Stock-Based Compensation and Directors Stock Purchase Plan (Summary Of SAR Activity) (Details) (USD $) | 12 Months Ended |
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 |
Stock Appreciation Rights, Shares [Roll Forward] | ' |
Outstanding, Shares, Beginning Balance | 1,876,523 |
Granted, Shares | 224,282 |
Forfeited, Shares | -2,954 |
Expired, Shares | 0 |
Exercised, Shares | -339,597 |
Outstanding, Shares, Ending Balance | 1,758,254 |
Stock Appreciation Rights, Weighted Average Exercise Price [Roll Forward] | ' |
Outstanding, Weighted Average Exercise Price, Beginning Balance | $34.35 |
Granted, Weighted Average Exercise Price | $37.17 |
Forfeited, Weighted Average Exercise Price | $33.19 |
Expired, Weighted Average Exercise Price | $0 |
Exercised, Weighted Average Exercise Price | $34.54 |
Outstanding, Weighted Average Exercise Price, Ending Balance | $34.68 |
Outstanding, Weighted Average Remaining Contractual Term (in years) | '4 years |
Outstanding, Aggregate Intrinsic Value, Ending Balance | $17,993 |
Stock Appreciation Rights (SARs) [Member] | ' |
Stock Appreciation Rights, Weighted Average Exercise Price [Roll Forward] | ' |
Exercisable, Shares, Ending Balance | 1,535,329 |
Exercisable, Weighted Average Exercise Price, Ending Balance | $34.32 |
Exercisable, Weighted Average Remaining Contractual Term (in years) | '3 years 2 months |
Exercisable, Aggregate Intrinsic Value, Ending Balance | 16,267 |
Vested and Expected to Vest, Shares | 1,748,676 |
Vested and Expected to Vest, Weighted Average Exercise Price, Ending Balance | $34.66 |
Vested and Expected to Vest, Weighted Average Remaining Contractual Term (in years) | '4 years |
Vested and Expected to Vest, Aggregate Intrinsic Value, Ending Balance | $17,919 |
StockBased_Compensation_and_Di7
Stock-Based Compensation and Directors Stock Purchase Plan Stock-Based Compensation and Directors Stock Purchase Plan (Additional Information About Stock Options and SARs Exercises) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |||
Share-based Compensation [Abstract] | ' | ' | ' |
Intrinsic value of options and SARs exercised | $6,580 | $7,769 | $6,722 |
Cash received from options and SARs exercised | 9,426 | 14,820 | 14,604 |
Tax benefit realized from options and SARs exercised | $335 | $1,269 | $847 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income (Schedule Of Accumulated Other Comprehensive Income) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' |
Accumulated other comprehensive income | $9,731 | $136,344 | $110,538 |
Other Comprehensive Income Before Reclassifications | -207,082 | 37,537 | ' |
Reclassified from Accumulated Oher Comprehensive Income | 2,868 | 4,086 | ' |
Other Comprehensive Income (Loss), before Tax | -204,214 | 41,623 | ' |
Other Comprehensive Income (Loss), Tax | 77,601 | -15,817 | ' |
Other comprehensive income | -126,613 | 25,806 | 47,193 |
Pension Loss [Member] | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' |
Accumulated other comprehensive income | -15,775 | -27,164 | -21,278 |
Other Comprehensive Income Before Reclassifications | 15,285 | -12,447 | ' |
Reclassified from Accumulated Oher Comprehensive Income | 3,085 | 2,953 | ' |
Other Comprehensive Income (Loss), before Tax | 18,370 | -9,494 | ' |
Other Comprehensive Income (Loss), Tax | -6,981 | 3,608 | ' |
Other comprehensive income | 11,389 | -5,886 | ' |
Unrealized Gain Loss on Securities Other [Member] | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' |
Accumulated other comprehensive income | 21,303 | 160,263 | 136,137 |
Other Comprehensive Income Before Reclassifications | -222,628 | 39,271 | ' |
Reclassified from Accumulated Oher Comprehensive Income | -1,501 | -357 | ' |
Other Comprehensive Income (Loss), before Tax | -224,129 | 38,914 | ' |
Other Comprehensive Income (Loss), Tax | 85,169 | -14,788 | ' |
Other comprehensive income | -138,960 | 24,126 | ' |
Unrealized Gain Loss on Securities OTTI [Member] | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' |
Accumulated other comprehensive income | 4,203 | 3,245 | -4,321 |
Other Comprehensive Income Before Reclassifications | 261 | 10,713 | ' |
Reclassified from Accumulated Oher Comprehensive Income | 1,284 | 1,490 | ' |
Other Comprehensive Income (Loss), before Tax | 1,545 | 12,203 | ' |
Other Comprehensive Income (Loss), Tax | -587 | -4,637 | ' |
Other comprehensive income | $958 | $7,566 | ' |
Segments_Schedule_Of_Financial
Segments (Schedule Of Financial Information By Segment) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Operating_Segments | |||
Segment Reporting Information [Line Items] | ' | ' | ' |
Number of operating segments | 3 | ' | ' |
Net interest income | $619,372 | $639,906 | $646,070 |
Provision for loan losses | -20,353 | -27,287 | -51,515 |
Non-interest income | 418,386 | 399,630 | 392,917 |
Investment securities gains (losses), net | -4,425 | 4,828 | 10,812 |
Non-interest expense | -629,633 | -618,469 | -617,249 |
Income before income taxes | 383,347 | 398,608 | 381,035 |
Consumer Segment [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Net interest income | 268,283 | 274,844 | 283,555 |
Provision for loan losses | -34,277 | -35,496 | -47,273 |
Non-interest income | 113,377 | 114,307 | 131,253 |
Investment securities gains (losses), net | 0 | 0 | 0 |
Non-interest expense | -270,209 | -266,740 | -269,435 |
Income before income taxes | 77,174 | 86,915 | 98,100 |
Commercial Segment [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Net interest income | 288,722 | 290,968 | 283,790 |
Provision for loan losses | 3,772 | -2,824 | -16,195 |
Non-interest income | 186,446 | 179,824 | 162,533 |
Investment securities gains (losses), net | 0 | 0 | 0 |
Non-interest expense | -235,346 | -226,935 | -221,273 |
Income before income taxes | 243,594 | 241,033 | 208,855 |
Wealth Segment [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Net interest income | 40,194 | 39,498 | 38,862 |
Provision for loan losses | -688 | -695 | -712 |
Non-interest income | 116,765 | 108,472 | 101,836 |
Investment securities gains (losses), net | 0 | 0 | 0 |
Non-interest expense | -96,530 | -90,659 | -89,108 |
Income before income taxes | 59,741 | 56,616 | 50,878 |
Segment Totals [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Net interest income | 597,199 | 605,310 | 606,207 |
Provision for loan losses | -31,193 | -39,015 | -64,180 |
Non-interest income | 416,588 | 402,603 | 395,622 |
Investment securities gains (losses), net | 0 | 0 | 0 |
Non-interest expense | -602,085 | -584,334 | -579,816 |
Income before income taxes | 380,509 | 384,564 | 357,833 |
Other/Elimination [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Net interest income | 22,173 | 34,596 | 39,863 |
Provision for loan losses | 10,840 | 11,728 | 12,665 |
Non-interest income | 1,798 | -2,973 | -2,705 |
Investment securities gains (losses), net | -4,425 | 4,828 | 10,812 |
Non-interest expense | -27,548 | -34,135 | -37,433 |
Income before income taxes | $2,838 | $14,044 | $23,202 |
Segments_Segments_Segment_Bala
Segments Segments (Segment Balance Sheet Data) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Segment Reporting Information [Line Items] | ' | ' |
Average Assets | $21,873,984 | $20,700,678 |
Loans, including held for sale | 10,316,142 | 9,389,004 |
Goodwill and other intangible assets | 136,011 | 132,084 |
Deposits | 18,061,151 | 16,826,548 |
Consumer Segment [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Average Assets | 2,674,136 | 2,503,503 |
Loans, including held for sale | 2,589,179 | 2,418,428 |
Goodwill and other intangible assets | 73,340 | 72,765 |
Deposits | 9,317,525 | 8,816,905 |
Commercial Segment [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Average Assets | 6,321,153 | 5,834,512 |
Loans, including held for sale | 6,124,902 | 5,648,923 |
Goodwill and other intangible assets | 61,925 | 58,573 |
Deposits | 6,809,265 | 6,266,569 |
Wealth Segment [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Average Assets | 855,721 | 743,312 |
Loans, including held for sale | 845,918 | 735,153 |
Goodwill and other intangible assets | 746 | 746 |
Deposits | 1,885,807 | 1,689,937 |
Segment Totals [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Average Assets | 9,851,010 | 9,081,327 |
Loans, including held for sale | 9,559,999 | 8,802,504 |
Goodwill and other intangible assets | 136,011 | 132,084 |
Deposits | 18,012,597 | 16,773,411 |
Other/Elimination [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Average Assets | 12,022,974 | 11,619,351 |
Loans, including held for sale | 756,143 | 586,500 |
Goodwill and other intangible assets | 0 | 0 |
Deposits | $48,554 | $53,137 |
Common_Stock_Common_Stock_Narr
Common Stock Common Stock (Narrative) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Common Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | ' | ' | ' |
Common stock dividend rate percentage | 5.00% | ' | ' |
Common stock, par value | $5 | $5 | ' |
Antidilutive securities excluded from computation of earnings per share (in shares) | 0 | 0 | 1,200,000 |
Shares available for purchase under the current Board authorization | 3,492,265 | ' | ' |
Common_Stock_Summary_Of_Compon
Common Stock (Summary Of Components Used To Calculate Basic And Diluted Income Per Share) (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ' | ' | ' |
Net income attributable to Commerce Bancshares, Inc. | $260,961 | $269,329 | $256,343 |
Basic income per common share (in dollars per share) | $2.73 | $2.77 | $2.57 |
Diluted income per common share (in dollars per share) | $2.72 | $2.76 | $2.56 |
Basic Income Per Common Share [Member] | ' | ' | ' |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ' | ' | ' |
Net income attributable to Commerce Bancshares, Inc. | 260,961 | 269,329 | 256,343 |
Less income allocated to nonvested restricted stockholders | 2,939 | 2,563 | 1,846 |
Net income available to common stockholders | 258,022 | 266,766 | 254,497 |
Weighted average common shares outstanding | 94,585 | 96,195 | 99,086 |
Basic income per common share (in dollars per share) | $2.73 | $2.77 | $2.57 |
Diluted Income Per Common Share [Member] | ' | ' | ' |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ' | ' | ' |
Net income attributable to Commerce Bancshares, Inc. | 260,961 | 269,329 | 256,343 |
Less income allocated to nonvested restricted stockholders | 2,931 | 2,562 | 1,842 |
Net income available to common stockholders | $258,030 | $266,767 | $254,501 |
Weighted average common shares outstanding | 94,585 | 96,195 | 99,086 |
Net effect of the assumed exercise of stock-based awards -- based on the treasury stock method using the average market price for the respective periods | 398 | 294 | 362 |
Weighted average diluted common shares outstanding | 94,983 | 96,489 | 99,448 |
Diluted income per common share (in dollars per share) | $2.72 | $2.76 | $2.56 |
Common_Stock_Common_Stock_Sche
Common Stock Common Stock (Schedule of Activity in the Outstanding Shares of the Company's Common Stock) (Details) (Common Stock [Member]) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Common Stock [Member] | ' | ' | ' |
Increase (Decrease) in Common Stock [Roll Forward] | ' | ' | ' |
Shares outstanding, beginning balance | 91,414 | 88,952 | 86,624 |
Awards and sales under employee and director plans | 653 | 837 | 724 |
5% stock dividend | 4,565 | 4,352 | 4,231 |
Stock Issued During Period, Shares, Acquisitions | 1,000 | 0 | 0 |
Purchases of treasury stock | -1,742 | -2,716 | -2,622 |
Other | -9 | -11 | -5 |
Shares outstanding, ending balance | 95,881 | 91,414 | 88,952 |
Regulatory_Capital_Requirement2
Regulatory Capital Requirements (Schedule Of Capital Amounts And Ratios On Consolidated Basis) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Total Capital (to risk-weighted assets), Minimum Capital Requirement Ratio | 8.00% | ' |
Total Capital (to risk-weighted assets), Well-Capitalized Capital Requirement Ratio | 10.00% | ' |
Tier I Capital (to risk-weighted assets), Minimum Capital Requirement Ratio | 4.00% | ' |
Tier I Capital (to risk-weighted assets), Well-Capitalized Capital Requirement Ratio | 6.00% | ' |
Tier I Capital (to adjusted quarterly average assets) (Leverage Ratio), Minimum Capital Requirement Ratio | 4.00% | ' |
Tier I Capital (to adjusted quarterly average assets) (Leverage Ratio), Well-Capitalized Capital Requirement Ratio | 5.00% | ' |
Commerce Bancshares, Inc. (Consolidated) [Member] | ' | ' |
Total Capital (to risk-weighted assets), Actual Amount | $2,239,636 | $2,092,141 |
Total Capital (to risk-weighted assets), Actual Ratio | 15.28% | 14.93% |
Total Capital (to risk-weighted assets), Minimum Capital Requirement Amount | 1,172,843 | 1,121,252 |
Total Capital (to risk-weighted assets), Minimum Capital Requirement Ratio | 8.00% | 8.00% |
Tier I Capital (to risk-weighted assets), Actual Amount | 2,061,761 | 1,906,203 |
Tier I Capital (to risk-weighted assets), Actual Ratio | 14.06% | 13.60% |
Tier I Capital (to risk-weighted assets), Minimum Capital Requirement Amount | 586,421 | 560,626 |
Tier I Capital (to risk-weighted assets), Minimum Capital Requirement Ratio | 4.00% | 4.00% |
Tier I Capital (to adjusted quarterly average assets) (Leverage Ratio), Actual Amount | 2,061,761 | 1,906,203 |
Tier I Capital (to adjusted quarterly average assets) (Leverage Ratio), Actual Ratio | 9.43% | 9.14% |
Tier I Capital (to adjusted quarterly average assets) (Leverage Ratio), Minimum Capital Requirement Amount | 874,673 | 834,171 |
Tier I Capital (to adjusted quarterly average assets) (Leverage Ratio), Minimum Capital Requirement Ratio | 4.00% | 4.00% |
Commerce Bank [Member] | ' | ' |
Total Capital (to risk-weighted assets), Actual Amount | 1,971,850 | 1,887,251 |
Total Capital (to risk-weighted assets), Actual Ratio | 13.55% | 13.60% |
Total Capital (to risk-weighted assets), Minimum Capital Requirement Amount | 1,164,469 | 1,110,330 |
Total Capital (to risk-weighted assets), Minimum Capital Requirement Ratio | 8.00% | 8.00% |
Total Capital (to risk-weighted assets), Well-Capitalized Capital Requirement Amount | 1,455,586 | 1,387,912 |
Total Capital (to risk-weighted assets), Well-Capitalized Capital Requirement Ratio | 10.00% | 10.00% |
Tier I Capital (to risk-weighted assets), Actual Amount | 1,809,231 | 1,713,752 |
Tier I Capital (to risk-weighted assets), Actual Ratio | 12.43% | 12.35% |
Tier I Capital (to risk-weighted assets), Minimum Capital Requirement Amount | 582,234 | 555,165 |
Tier I Capital (to risk-weighted assets), Minimum Capital Requirement Ratio | 4.00% | 4.00% |
Tier I Capital (to risk-weighted assets), Well-Capitalized Capital Requirement Amount | 873,351 | 832,747 |
Tier I Capital (to risk-weighted assets), Well-Capitalized Capital Requirement Ratio | 6.00% | 6.00% |
Tier I Capital (to adjusted quarterly average assets) (Leverage Ratio), Actual Amount | 1,809,231 | 1,713,752 |
Tier I Capital (to adjusted quarterly average assets) (Leverage Ratio), Actual Ratio | 8.31% | 8.26% |
Tier I Capital (to adjusted quarterly average assets) (Leverage Ratio), Minimum Capital Requirement Amount | 871,050 | 829,711 |
Tier I Capital (to adjusted quarterly average assets) (Leverage Ratio), Minimum Capital Requirement Ratio | 4.00% | 4.00% |
Tier I Capital (to adjusted quarterly average assets) (Leverage Ratio), Well-Capitalized Capital Requirement Amount | $1,088,812 | $1,037,139 |
Tier I Capital (to adjusted quarterly average assets) (Leverage Ratio), Well-Capitalized Capital Requirement Ratio | 5.00% | 5.00% |
Fair_Value_Measurements_Narrat
Fair Value Measurements (Narrative) (Details) (Fair Value Hierarchy, Level 3 [Member], USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Fair Value Hierarchy, Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Auction rate securities, available for sale | $127,700,000 | ' |
Private equity investments, included in non-marketable securities | $56,612,000 | $68,167,000 |
Fair_Value_Measurements_Summar
Fair Value Measurements (Summary Of Assets And Liabilities Measured At Fair Value On A Recurring Basis) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Trading securities | $19,993 | $28,837 |
Derivative Assets | 12,980 | 16,740 |
Derivative Liabilities | 13,329 | 17,718 |
Total Fair Value [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
U.S. government and federal agency obligations | 505,696 | 438,759 |
Government-sponsored enterprise obligations | 741,766 | 471,574 |
State and municipal obligations | 1,619,171 | 1,615,707 |
Agency mortgage-backed securities | 2,772,338 | 3,380,955 |
Non-agency mortgage-backed securities | 246,983 | 237,011 |
Asset-backed securities | 2,844,071 | 3,167,394 |
Other debt securities | 141,757 | 177,752 |
Equity securities | 43,898 | 33,096 |
Trading securities | 19,993 | 28,837 |
Private equity investments | 56,612 | 68,167 |
Derivative Assets | 12,980 | 16,740 |
Assets held in trust | 7,511 | 5,440 |
Total assets | 9,012,776 | 9,641,432 |
Derivative Liabilities | 13,329 | 17,718 |
Total liabilities | 13,329 | 17,718 |
Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
U.S. government and federal agency obligations | 505,696 | 438,759 |
Government-sponsored enterprise obligations | 0 | 0 |
State and municipal obligations | 0 | 0 |
Agency mortgage-backed securities | 0 | 0 |
Non-agency mortgage-backed securities | 0 | 0 |
Asset-backed securities | 0 | 0 |
Other debt securities | 0 | 0 |
Equity securities | 24,646 | 17,835 |
Trading securities | 0 | 0 |
Private equity investments | 0 | 0 |
Derivative Assets | 0 | 0 |
Assets held in trust | 7,511 | 5,440 |
Total assets | 537,853 | 462,034 |
Derivative Liabilities | 0 | 0 |
Total liabilities | 0 | 0 |
Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
U.S. government and federal agency obligations | 0 | 0 |
Government-sponsored enterprise obligations | 741,766 | 471,574 |
State and municipal obligations | 1,491,447 | 1,489,293 |
Agency mortgage-backed securities | 2,772,338 | 3,380,955 |
Non-agency mortgage-backed securities | 246,983 | 237,011 |
Asset-backed securities | 2,844,071 | 3,167,394 |
Other debt securities | 141,757 | 177,752 |
Equity securities | 19,252 | 15,261 |
Trading securities | 19,993 | 28,837 |
Private equity investments | 0 | 0 |
Derivative Assets | 12,976 | 16,731 |
Assets held in trust | 0 | 0 |
Total assets | 8,290,583 | 8,984,808 |
Derivative Liabilities | 13,260 | 17,522 |
Total liabilities | 13,260 | 17,522 |
Significant Unobservable Inputs (Level 3) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
U.S. government and federal agency obligations | 0 | 0 |
Government-sponsored enterprise obligations | 0 | 0 |
State and municipal obligations | 127,724 | 126,414 |
Agency mortgage-backed securities | 0 | 0 |
Non-agency mortgage-backed securities | 0 | 0 |
Asset-backed securities | 0 | 0 |
Other debt securities | 0 | 0 |
Equity securities | 0 | 0 |
Trading securities | 0 | 0 |
Private equity investments | 56,612 | 68,167 |
Derivative Assets | 4 | 9 |
Assets held in trust | 0 | 0 |
Total assets | 184,340 | 194,590 |
Derivative Liabilities | 69 | 196 |
Total liabilities | $69 | $196 |
Fair_Value_Measurements_Summar1
Fair Value Measurements (Summary of Changes in Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Beginning balance | $194,394 | $202,476 |
Total gains or losses (realized/unrealized) included in earnings | -2,737 | 4,521 |
Total gains losses (realized/unrealized) included in other comprehensive income | 3,253 | -1,368 |
Investment securities called | -2,150 | -8,275 |
Discount accretion | 207 | 436 |
Purchases of private equity securities | 3,950 | 8,910 |
Sale / paydown of private equity securities | -12,865 | -12,751 |
Capitalized interest/dividends | 331 | 525 |
Purchase of risk participation agreement | 0 | 28 |
Sale of risk participation agreement | -112 | -108 |
Ending balance | 184,271 | 194,394 |
Total gains or losses for the annual period included in earnings attributable to the change in unrealized gains or losses relating to assets still held at period end | -5,063 | 3,059 |
State and Municipal Obligations [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Beginning balance | 126,414 | 135,621 |
Total gains or losses (realized/unrealized) included in earnings | 0 | 0 |
Total gains losses (realized/unrealized) included in other comprehensive income | 3,253 | -1,368 |
Investment securities called | -2,150 | -8,275 |
Discount accretion | 207 | 436 |
Purchases of private equity securities | 0 | 0 |
Sale / paydown of private equity securities | 0 | 0 |
Capitalized interest/dividends | 0 | 0 |
Purchase of risk participation agreement | 0 | 0 |
Sale of risk participation agreement | 0 | 0 |
Ending balance | 127,724 | 126,414 |
Total gains or losses for the annual period included in earnings attributable to the change in unrealized gains or losses relating to assets still held at period end | 0 | 0 |
Private Equity Investments [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Beginning balance | 68,167 | 66,978 |
Total gains or losses (realized/unrealized) included in earnings | -2,971 | 4,505 |
Total gains losses (realized/unrealized) included in other comprehensive income | 0 | 0 |
Investment securities called | 0 | 0 |
Discount accretion | 0 | 0 |
Purchases of private equity securities | 3,950 | 8,910 |
Sale / paydown of private equity securities | -12,865 | -12,751 |
Capitalized interest/dividends | 331 | 525 |
Purchase of risk participation agreement | 0 | 0 |
Sale of risk participation agreement | 0 | 0 |
Ending balance | 56,612 | 68,167 |
Total gains or losses for the annual period included in earnings attributable to the change in unrealized gains or losses relating to assets still held at period end | -5,297 | 3,080 |
Derivatives [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Beginning balance | -187 | -123 |
Total gains or losses (realized/unrealized) included in earnings | 234 | 16 |
Total gains losses (realized/unrealized) included in other comprehensive income | 0 | 0 |
Investment securities called | 0 | 0 |
Discount accretion | 0 | 0 |
Purchases of private equity securities | 0 | 0 |
Sale / paydown of private equity securities | 0 | 0 |
Capitalized interest/dividends | 0 | 0 |
Purchase of risk participation agreement | 0 | 28 |
Sale of risk participation agreement | -112 | -108 |
Ending balance | -65 | -187 |
Total gains or losses for the annual period included in earnings attributable to the change in unrealized gains or losses relating to assets still held at period end | $234 | ($21) |
Fair_Value_Measurements_Summar2
Fair Value Measurements (Summary of Gains and Losses on Level 3 Assets and Liabilities) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Trading Activity, Gains and Losses, Net [Line Items] | ' | ' |
Total gains or losses included in earnings | ($2,737) | $4,521 |
Change in unrealized gains or losses relating to assets still held at period end | -5,063 | 3,059 |
Loans Fees And Sales [Member] | ' | ' |
Trading Activity, Gains and Losses, Net [Line Items] | ' | ' |
Total gains or losses included in earnings | 0 | -9 |
Change in unrealized gains or losses relating to assets still held at period end | 0 | 0 |
Other Non-Interest Income [Member] | ' | ' |
Trading Activity, Gains and Losses, Net [Line Items] | ' | ' |
Total gains or losses included in earnings | 234 | 25 |
Change in unrealized gains or losses relating to assets still held at period end | 234 | -21 |
Investment Securities Gains (Losses), Net [Member] | ' | ' |
Trading Activity, Gains and Losses, Net [Line Items] | ' | ' |
Total gains or losses included in earnings | -2,971 | 4,505 |
Change in unrealized gains or losses relating to assets still held at period end | ($5,297) | $3,080 |
Fair_Value_Measurements_Summar3
Fair Value Measurements (Summary of Quantitative Information About Level 3 Fair Value Measurements) (Details) | 12 Months Ended |
Dec. 31, 2013 | |
Auction Rate Securities [Member] | ' |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' |
Fair Value, Discounted Cash Flow, Valuation Techniques | 'Discounted cash flow |
Private Equity Funds [Member] | ' |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' |
Fair Value, Market Comparable Companies, Valuation Techniques | 'Market comparable companies |
Minimum [Member] | Auction Rate Securities [Member] | ' |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' |
Fair Value, Estimated Market Recovery Period, Years | '4 years |
Fair Value, Estimated Market Rate, Percent | 1.90% |
Minimum [Member] | Private Equity Funds [Member] | ' |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' |
Fair Value, Earnings Before Interest, Tax, Depreciation And Amortization Multiple | 4 |
Maximum [Member] | Auction Rate Securities [Member] | ' |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' |
Fair Value, Estimated Market Recovery Period, Years | '5 years |
Fair Value, Estimated Market Rate, Percent | 4.10% |
Maximum [Member] | Private Equity Funds [Member] | ' |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' |
Fair Value, Earnings Before Interest, Tax, Depreciation And Amortization Multiple | 5.5 |
Fair_Value_Measurements_Schedu
Fair Value Measurements (Schedule of Fair Value Disclosures Measured On Nonrecurring Basis) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Fair Value [Member] | ' | ' |
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | ' | ' |
Loans | $23,654 | $24,572 |
Private Equity Investments Nonrecurring Basis | 500 | 0 |
Mortgage servicing rights | 779 | 472 |
Foreclosed assets | 1,287 | 297 |
Long-lived assets | 0 | 5,617 |
Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ' | ' |
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | ' | ' |
Loans | 0 | 0 |
Private Equity Investments Nonrecurring Basis | 0 | 0 |
Mortgage servicing rights | 0 | 0 |
Foreclosed assets | 0 | 0 |
Long-lived assets | 0 | 0 |
Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | ' | ' |
Loans | 0 | 0 |
Private Equity Investments Nonrecurring Basis | 0 | 0 |
Mortgage servicing rights | 0 | 0 |
Foreclosed assets | 0 | 0 |
Long-lived assets | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | ' | ' |
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | ' | ' |
Loans | 23,654 | 24,572 |
Private Equity Investments Nonrecurring Basis | 500 | 0 |
Mortgage servicing rights | 779 | 472 |
Foreclosed assets | 1,287 | 297 |
Long-lived assets | 0 | 5,617 |
Total Gains (Losses) [Member] | ' | ' |
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | ' | ' |
Loans, Total Gains (Losses) | -8,406 | -8,411 |
Private Equity Investments Nonrecurring Basis Gains Losses | -500 | 0 |
Mortgage servicing rights, Total Gains (Losses) | 309 | 34 |
Foreclosed assets, Total Gains (Losses) | -430 | -170 |
Long-lived assets, Total Gains (Losses) | $0 | ($3,428) |
Fair_Value_Of_Financial_Instru2
Fair Value Of Financial Instruments (Schedule Of Estimated Fair Value Of Financial Instruments) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Available for sale securities | $8,915,680 | $9,522,248 |
Trading securities | 19,993 | 28,837 |
Non-marketable | 107,324 | 118,650 |
Securities purchased under agreements to resell | 1,150,000 | 1,200,000 |
Interest earning deposits with banks | 707,249 | 179,164 |
Cash and due from banks | 518,420 | 573,066 |
Derivative Assets | 12,980 | 16,740 |
Non-interest bearing deposits | 6,750,674 | 6,299,903 |
Savings, interest checking and money market deposits | 10,108,236 | 9,817,943 |
Time open and certificates of deposit | 2,188,438 | ' |
Other borrowings | 107,310 | 103,710 |
Derivative Liabilities | 13,329 | 17,718 |
Fair Value Hierarchy, Level 1 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Trading securities | 0 | 0 |
Derivative Assets | 0 | 0 |
Derivative Liabilities | 0 | 0 |
Fair Value Hierarchy, Level 2 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Trading securities | 19,993 | 28,837 |
Derivative Assets | 12,976 | 16,731 |
Derivative Liabilities | 13,260 | 17,522 |
Fair Value Hierarchy, Level 3 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Trading securities | 0 | 0 |
Derivative Assets | 4 | 9 |
Derivative Liabilities | 69 | 196 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | Fair Value Hierarchy, Level 1 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Available for sale securities | 530,342 | 456,594 |
Federal funds sold | 43,845 | 27,595 |
Interest earning deposits with banks | 707,249 | 179,164 |
Cash and due from banks | 518,420 | 573,066 |
Non-interest bearing deposits | 6,750,674 | 6,299,903 |
Savings, interest checking and money market deposits | 10,108,236 | 9,817,943 |
Federal funds purchased | 24,795 | 24,510 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | Fair Value Hierarchy, Level 2 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Loans held for sale | 0 | 3,017 |
Available for sale securities | 8,257,614 | 8,939,240 |
Trading securities | 19,993 | 28,837 |
Derivative Assets | 12,976 | 16,731 |
Derivative Liabilities | 13,260 | 17,522 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | Fair Value Hierarchy, Level 3 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Loans held for sale | 0 | 5,810 |
Available for sale securities | 127,724 | 126,414 |
Non-marketable | 107,324 | 118,650 |
Securities purchased under agreements to resell | 1,150,000 | 1,200,000 |
Derivative Assets | 4 | 9 |
Time open and certificates of deposit | 2,188,438 | 2,230,807 |
Securities sold under agreements to repurchase | 1,321,763 | 1,059,040 |
Other borrowings | 107,310 | 103,710 |
Derivative Liabilities | 69 | 196 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | Fair Value Hierarchy, Level 3 [Member] | Business [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Loans | 3,715,319 | 3,134,801 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | Fair Value Hierarchy, Level 3 [Member] | Real Estate - Construction And Land [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Loans | 406,197 | 355,996 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | Fair Value Hierarchy, Level 3 [Member] | Real Estate - Business [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Loans | 2,313,550 | 2,214,975 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | Fair Value Hierarchy, Level 3 [Member] | Real Estate - Personal [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Loans | 1,787,626 | 1,584,859 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | Fair Value Hierarchy, Level 3 [Member] | Consumer [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Loans | 1,512,716 | 1,289,650 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | Fair Value Hierarchy, Level 3 [Member] | Revolving Home Equity [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Loans | 420,589 | 437,567 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | Fair Value Hierarchy, Level 3 [Member] | Consumer Credit Card [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Loans | 796,228 | 804,245 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | Fair Value Hierarchy, Level 3 [Member] | Overdrafts [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Loans | 4,611 | 9,291 |
Estimate of Fair Value, Fair Value Disclosure [Member] | Fair Value Hierarchy, Level 1 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Available for sale securities | 530,342 | 456,594 |
Federal funds sold | 43,845 | 27,595 |
Interest earning deposits with banks | 707,249 | 179,164 |
Cash and due from banks | 518,420 | 573,066 |
Non-interest bearing deposits | 6,750,674 | 6,299,903 |
Savings, interest checking and money market deposits | 10,108,236 | 9,817,943 |
Federal funds purchased | 24,795 | 24,510 |
Estimate of Fair Value, Fair Value Disclosure [Member] | Fair Value Hierarchy, Level 2 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Loans held for sale | 0 | 3,030 |
Available for sale securities | 8,257,614 | 8,939,240 |
Trading securities | 19,993 | 28,837 |
Derivative Assets | 12,976 | 16,731 |
Derivative Liabilities | 13,260 | 17,522 |
Estimate of Fair Value, Fair Value Disclosure [Member] | Fair Value Hierarchy, Level 3 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Loans held for sale | 0 | 5,810 |
Available for sale securities | 127,724 | 126,414 |
Non-marketable | 107,324 | 118,650 |
Securities purchased under agreements to resell | 1,149,625 | 1,215,234 |
Derivative Assets | 4 | 9 |
Time open and certificates of deposit | 2,190,610 | 2,239,595 |
Securities sold under agreements to repurchase | 1,321,633 | 1,057,462 |
Other borrowings | 116,843 | 117,527 |
Derivative Liabilities | 69 | 196 |
Estimate of Fair Value, Fair Value Disclosure [Member] | Fair Value Hierarchy, Level 3 [Member] | Business [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Loans | 3,723,263 | 3,144,989 |
Estimate of Fair Value, Fair Value Disclosure [Member] | Fair Value Hierarchy, Level 3 [Member] | Real Estate - Construction And Land [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Loans | 410,022 | 352,547 |
Estimate of Fair Value, Fair Value Disclosure [Member] | Fair Value Hierarchy, Level 3 [Member] | Real Estate - Business [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Loans | 2,345,124 | 2,240,796 |
Estimate of Fair Value, Fair Value Disclosure [Member] | Fair Value Hierarchy, Level 3 [Member] | Real Estate - Personal [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Loans | 1,802,364 | 1,642,820 |
Estimate of Fair Value, Fair Value Disclosure [Member] | Fair Value Hierarchy, Level 3 [Member] | Consumer [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Loans | 1,519,830 | 1,309,403 |
Estimate of Fair Value, Fair Value Disclosure [Member] | Fair Value Hierarchy, Level 3 [Member] | Revolving Home Equity [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Loans | 424,811 | 441,651 |
Estimate of Fair Value, Fair Value Disclosure [Member] | Fair Value Hierarchy, Level 3 [Member] | Consumer Credit Card [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Loans | 811,550 | 823,560 |
Estimate of Fair Value, Fair Value Disclosure [Member] | Fair Value Hierarchy, Level 3 [Member] | Overdrafts [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Loans | $4,611 | $9,291 |
Derivative_Instruments_Narrati
Derivative Instruments (Narrative) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
Education [Member] | Real Estate And Building Materials [Member] | Manufacturing [Member] | Minimum [Member] | Maximum [Member] | Fair Value Hedging [Member] | Not Designated as Hedging Instrument [Member] | |||
Interest_Rate_Swaps | |||||||||
Derivative [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Average Term of Commitment to Extend Fixed-rate Mortgage Loans | ' | ' | ' | ' | ' | '60 days | '90 days | ' | ' |
Number of Interest Rate Derivatives Held | ' | ' | ' | ' | ' | ' | ' | 2 | ' |
Derivative, Notional Amount | $740,332,000 | $554,418,000 | ' | ' | ' | ' | ' | $12,200,000 | $584,800,000 |
Derivative loss from industry concentration | ' | ' | $2,400,000 | $2,400,000 | $1,500,000 | ' | ' | ' | ' |
Derivative_Instruments_Schedul
Derivative Instruments (Schedule Of Notional Amounts Of Derivative Instruments) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Derivative [Line Items] | ' | ' |
Notional Amount of Derivatives | $740,332 | $554,418 |
Interest Rate Swaps [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Notional Amount of Derivatives | 596,933 | 435,542 |
Interest Rate Caps [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Notional Amount of Derivatives | 9,736 | 27,736 |
Credit Risk Participation Agreements [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Notional Amount of Derivatives | 52,456 | 43,243 |
Foreign Exchange Contracts [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Notional Amount of Derivatives | $81,207 | $47,897 |
Derivative_Instruments_Schedul1
Derivative Instruments (Schedule Of Gains And Losses Related To Fair Value Hedges) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Derivative Instrument Detail [Abstract] | ' | ' | ' |
Gain (loss) on interest rate swaps | $422 | $331 | $106 |
Gain (loss) on loans | -408 | -324 | -95 |
Amount of hedge ineffectiveness | $14 | $7 | $11 |
Derivative_Instruments_Schedul2
Derivative Instruments (Schedule Of Fair Values Of Derivative Instruments) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Derivatives, Fair Value [Line Items] | ' | ' |
Other assets | $12,980 | $16,740 |
Other liabilities | -13,329 | -17,718 |
Designated as Hedging Instrument [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Other assets | 0 | 0 |
Other liabilities | -300 | -723 |
Designated as Hedging Instrument [Member] | Interest Rate Swaps [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Other assets | 0 | 0 |
Other liabilities | -300 | -723 |
Not Designated as Hedging Instrument [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Other assets | 12,980 | 16,740 |
Other liabilities | -13,029 | -16,995 |
Not Designated as Hedging Instrument [Member] | Interest Rate Swaps [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Other assets | 11,428 | 16,334 |
Other liabilities | -11,429 | -16,337 |
Not Designated as Hedging Instrument [Member] | Interest Rate Caps [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Other assets | 1 | 1 |
Other liabilities | -1 | -1 |
Not Designated as Hedging Instrument [Member] | Credit Risk Participation Agreements [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Other assets | 4 | 9 |
Other liabilities | -69 | -196 |
Not Designated as Hedging Instrument [Member] | Foreign Exchange Contracts [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Other assets | 1,547 | 396 |
Other liabilities | ($1,530) | ($461) |
Derivative_Instruments_Summary
Derivative Instruments (Summary Of The Effects Of Derivative Instruments On Consolidated Statements Of Income) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Designated as Hedging Instrument [Member] | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Total derivatives | $422 | $331 | $106 |
Designated as Hedging Instrument [Member] | Interest Rate Swaps [Member] | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Derivative interest and fees on loans | 422 | 331 | 106 |
Not Designated as Hedging Instrument [Member] | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Total derivatives | 1,455 | 598 | 558 |
Not Designated as Hedging Instrument [Member] | Interest Rate Swaps [Member] | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Derivative other non-interest income | 1,140 | 743 | 797 |
Not Designated as Hedging Instrument [Member] | Credit Risk Participation Agreements [Member] | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Derivative other non-interest income | 234 | 25 | 270 |
Not Designated as Hedging Instrument [Member] | Foreign Exchange Contracts [Member] | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Derivative other non-interest income | 81 | -161 | -36 |
Not Designated as Hedging Instrument [Member] | Mortgage Loan Commitments [Member] | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Derivative loan fees and sales | 0 | -20 | -51 |
Not Designated as Hedging Instrument [Member] | Mortgage Loan Forward Sale Contracts [Member] | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Derivative loan fees and sales | $0 | $11 | ($422) |
Balance_Sheet_Offsetting_Detai
Balance Sheet Offsetting (Details) (USD $) | Dec. 31, 2013 |
In Millions, unless otherwise specified | |
Collateral swap agreements | $300 |
Swaps with Central Clearing Agency [Member] | ' |
Swap Net Liability Position Fair Value | 8.8 |
Swaps with Central Clearing Agency [Member] | Investment Securities [Member] | ' |
Value Of Collateral Posted | 10.2 |
Swaps with Central Clearing Agency [Member] | Cash [Member] | ' |
Value Of Collateral Posted | 1.8 |
Collateral Swap [Member] | ' |
Collateral Already Posted, Aggregate Fair Value | 311 |
Collateral Accepted, Aggregate Fair Value | $331.30 |
Balance_Sheet_Offsetting_Balan
Balance Sheet Offsetting Balance Sheet Offsetting (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Balance Sheet Offsetting [Line Items] | ' | ' |
Derivative Asset, Fair Value, Gross Asset | $12,980 | $16,740 |
Derivative Asset, Amount Offset by Liabiilty | 0 | 0 |
Fair Value of Derivative Asset, Net | 12,980 | 16,740 |
Securities purchased under agreements to resell, net | 1,150,000 | 1,200,000 |
Derivative Liability, Fair Value, Gross Liability | 13,329 | 17,718 |
Derivative Liability, Amount Offset by Asset | 0 | 0 |
Fair Value of Derivative Liability, Net | 13,329 | 17,718 |
Securities sold under agreements to repurchase, net | 1,321,763 | 1,059,040 |
Derivative Subject to Master Netting Agreement [Member] | ' | ' |
Balance Sheet Offsetting [Line Items] | ' | ' |
Derivative Asset, Fair Value, Gross Asset | 11,579 | 16,475 |
Derivative Asset, Amount Offset by Liabiilty | 0 | 0 |
Fair Value of Derivative Asset, Net | 11,579 | 16,475 |
Derivative Asset, Fair Value, Gross Liability | -1,299 | -603 |
derivatve asset, fair value of collateral | -338 | 0 |
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | 9,942 | 15,872 |
Derivative Liability, Fair Value, Gross Liability | 12,962 | 17,315 |
Derivative Liability, Amount Offset by Asset | 0 | 0 |
Fair Value of Derivative Liability, Net | 12,962 | 17,315 |
Derivative Liability, Fair Value, Gross Asset | -1,299 | -603 |
Derivative Liability, Fair Value of Collateral | -9,063 | -16,017 |
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | 2,600 | 695 |
Derivative Not Subject to Master Netting Agreement [Member] | ' | ' |
Balance Sheet Offsetting [Line Items] | ' | ' |
Derivative Asset, Fair Value, Gross Asset | 1,401 | 265 |
Derivative Asset, Amount Offset by Liabiilty | 0 | 0 |
Fair Value of Derivative Asset, Net | 1,401 | 265 |
Derivative Liability, Fair Value, Gross Liability | 367 | 403 |
Derivative Liability, Amount Offset by Asset | 0 | 0 |
Fair Value of Derivative Liability, Net | 367 | 403 |
Resale agreement [Member] | ' | ' |
Balance Sheet Offsetting [Line Items] | ' | ' |
Securities Purchased under Agreements to Resell, Gross | 1,450,000 | 1,500,000 |
Securities Purchased under Agreements to Resell, Liability | -300,000 | -300,000 |
Securities Purchased under Agreements to Resell, Not Subject to Master Netting Arrangement | 0 | 0 |
Securities Purchased under Agreements to Resell, Collateral, Obligation to Return Securities | -1,150,000 | -1,200,000 |
Securities Purchased under Agreements to Resell, Amount Offset Against Collateral | 0 | 0 |
Repurchase agreement [Member] | ' | ' |
Balance Sheet Offsetting [Line Items] | ' | ' |
Securities Sold under Agreements to Repurchase, Gross | 1,621,763 | 1,359,040 |
Securities Sold under Agreements to Repurchase, Asset | -300,000 | -300,000 |
Securities Sold under Agreements to Repurchase, Not Subject to Master Netting Arrangement | 0 | 0 |
Securities Sold under Agreements to Repurchase, Collateral, Right to Reclaim Securities | -1,321,763 | -1,059,040 |
Securities Sold under Agreements to Repurchase, Amount Offset Against Collateral | $0 | $0 |
Commitments_Contingencies_And_2
Commitments, Contingencies And Guarantees (Narrative) (Details) (USD $) | 12 Months Ended | 0 Months Ended | 3 Months Ended | 12 Months Ended | 0 Months Ended | 3 Months Ended | 12 Months Ended | 12 Months Ended | ||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Jul. 13, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Jan. 04, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | |
Financial Standby Letter Of Credit [Member] | Visa settlement [Member] | Visa settlement [Member] | Wolfgeher Class Action Lawsuit [Member] | Wolfgeher Class Action Lawsuit [Member] | Other Pending Litigation [Member] | Other Pending Litigation [Member] | State Tax Credits [Member] | Risk Participation Agreement [Member] | Risk Participation Agreement [Member] | Risk Participation Agreement [Member] | ||||
Forecast [Member] | Minimum [Member] | Maximum [Member] | ||||||||||||
Operating leases, rent expense | $6,500,000 | $6,900,000 | $7,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Carrying value of the guarantee obligations, liability | ' | ' | ' | 3,800,000 | ' | ' | ' | ' | ' | ' | ' | 69,000 | ' | ' |
Commitments outstanding | 325,623,000 | 359,765,000 | ' | 325,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Purchases of state tax credits | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 65,100,000 | ' | ' | ' |
Sales of state tax credits | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 59,600,000 | ' | ' | ' |
Outstanding purchase commitments | 181,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Risk Participation Agreements, Term | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | '10 years |
Notional amount of underlying swaps | 740,332,000 | 554,418,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50,100,000 | ' | ' |
Payment into a class settlement fund | 0 | 0 | 18,300,000 | ' | ' | ' | 18,300,000 | ' | ' | ' | ' | ' | ' | ' |
Estimated reduction in overdraft income, minimum | ' | ' | ' | ' | ' | ' | ' | 3,500,000 | ' | ' | ' | ' | ' | ' |
Estimated reduction in overdraft income, maximum | ' | ' | ' | ' | ' | ' | ' | 5,500,000 | ' | ' | ' | ' | ' | ' |
Loss Contingency, Damages Sought, Value | ' | ' | ' | ' | ' | ' | ' | ' | 9,000,000 | ' | ' | ' | ' | ' |
Loss Contingency Accrual, Provision | ' | ' | ' | ' | 5,200,000 | ' | ' | ' | ' | 1,000,000 | ' | ' | ' | ' |
Loss Contingency Accrual, Payments | ' | ' | ' | ' | ' | 2,300,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Loss Contingency Accrual | ' | ' | ' | ' | ' | $2,500,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Commitments_Contingencies_And_3
Commitments, Contingencies And Guarantees (Summary Of Minimum Lease Commitments) (Details) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
2013 | $5,850 |
2014 | 4,925 |
2015 | 4,059 |
2016 | 3,543 |
2017 | 2,629 |
After | 16,300 |
Total minimum lease payments | 37,306 |
Real Property [Member] | ' |
2013 | 5,811 |
2014 | 4,896 |
2015 | 4,033 |
2016 | 3,541 |
2017 | 2,629 |
After | 16,300 |
Equipment [Member] | ' |
2013 | 39 |
2014 | 29 |
2015 | 26 |
2016 | 2 |
2017 | 0 |
After | $0 |
Commitments_Contingencies_And_4
Commitments, Contingencies And Guarantees (Schedule Of Off-Balance Sheet Instruments Commitments) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Standby letters of credit, net of participations | $325,623 | $359,765 |
Commercial letters of credit | 11,771 | 12,582 |
Credit Card [Member] | ' | ' |
Commitments to extend credit | 3,835,323 | 3,878,468 |
Other [Member] | ' | ' |
Commitments to extend credit | $4,591,468 | $4,500,352 |
Related_Parties_Narrative_Deta
Related Parties (Narrative) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Payments to Acquire Property, Plant, and Equipment | $23,841,000 | $34,969,000 | $21,332,000 |
Tower Property [Member] | ' | ' | ' |
Percentage of stock owned | 0.72 | ' | ' |
Related parties owned common stock | 222,663 | ' | ' |
Line of credit with bank | 13,500,000 | ' | ' |
Amount borrowed and repaid under line of credit | 2,000,000 | 5,000,000 | 3,000,000 |
Line of credit, amount outstanding | 0 | 2,000,000 | 0 |
Line of credit interest received | 12,000 | 51,000 | 22,000 |
Letters of Credit Outstanding, Amount | 0 | 0 | 0 |
Line of Credit Facility, Commitment Fee Amount | 0 | 0 | 0 |
Long-term Construction Loan | 0 | 0 | 0 |
Rent paid to the Company | 67,000 | 66,000 | 75,000 |
Rent per square foot | 14.92 | 15.08 | 15.67 |
Chief Executive Officer [Member] | ' | ' | ' |
State tax credits sold | 846,000 | 465,000 | 1,000,000 |
Former Chief Executive Officer [Member] | ' | ' | ' |
State tax credits sold | 282,000 | ' | 920,000 |
Vice Chairman [Member] | ' | ' | ' |
State tax credits sold | 456,000 | ' | ' |
Director [Member] | ' | ' | ' |
State tax credits sold | 200,000 | ' | ' |
Parking Lots [Member] | ' | ' | ' |
Payments to Acquire Property, Plant, and Equipment | ' | $7,100,000 | ' |
Related_Parties_Schedule_Of_Re
Related Parties (Schedule Of Related Party Expenses) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Total | $2,238 | $2,926 | $2,403 |
Rent On Leased Parking Lots [Member] | ' | ' | ' |
Total | 0 | 294 | 353 |
Leasing Agent Fees [Member] | ' | ' | ' |
Total | 50 | 63 | 57 |
Operation Of Parking Garages [Member] | ' | ' | ' |
Total | 84 | 75 | 83 |
Building Management Fees [Member] | ' | ' | ' |
Total | 1,799 | 1,774 | 1,615 |
Property Construction Management Fees [Member] | ' | ' | ' |
Total | 114 | 231 | 118 |
Dividends Paid On Company Stock Held By Tower [Member] | ' | ' | ' |
Total | $191 | $489 | $177 |
Parent_Company_Condensed_Finan2
Parent Company Condensed Financial Statements (Narrative) (Details) (Commerce Bancshares, Inc. (Parent) [Member], USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Commerce Bancshares, Inc. (Parent) [Member] | ' | ' | ' |
Amount borrowed and repaid under line of credit | $0 | $0 | $0 |
Line of Credit Facility, Maximum Borrowing Capacity | 20,000,000 | ' | ' |
Investments in marketable common stock | 37,200,000 | ' | ' |
Non-agency mortgage-backed securities | 20,600,000 | ' | ' |
Unrealized net gain in fair value Investment | 35,500,000 | ' | ' |
Net of tax unrealized gain included in stockholders' equity | 22,000,000 | ' | ' |
Unrealized net of tax gain in fair value of investment securities held by subsidiaries | $3,500,000 | ' | ' |
Parent_Company_Condensed_Finan3
Parent Company Condensed Financial Statements (Condensed Balance Sheets) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Securities purchased under agreements to resell | $1,150,000 | $1,200,000 |
Available for sale securities | 8,915,680 | 9,522,248 |
Non-marketable securities | 107,324 | 118,650 |
Other assets | 316,378 | 353,853 |
Total assets | 23,072,036 | 22,159,589 |
Other liabilities | 356,423 | 452,102 |
Total liabilities | 20,857,639 | 19,988,015 |
Stockholders’ equity | 2,210,642 | 2,167,127 |
Total liabilities and equity | 23,072,036 | 22,159,589 |
Commerce Bancshares, Inc. (Parent) [Member] | ' | ' |
Investment in consolidated subsidiary, Banks | 1,952,179 | 1,983,751 |
Investment in consolidated subsidiaries, Non-banks | 63,134 | 61,217 |
Cash | 53 | 58 |
Securities purchased under agreements to resell | 142,650 | 67,675 |
Available for sale securities | 57,754 | 65,189 |
Non-marketable securities | 3,326 | 4,272 |
Advances to subsidiaries, net of borrowings | 1,772 | 5,504 |
Income tax benefits | 470 | 10,236 |
Other assets | 15,201 | 13,051 |
Total assets | 2,236,539 | 2,210,953 |
Pension obligation | 6,501 | 23,313 |
Other liabilities | 19,396 | 20,513 |
Total liabilities | 25,897 | 43,826 |
Stockholders’ equity | 2,210,642 | 2,167,127 |
Total liabilities and equity | $2,236,539 | $2,210,953 |
Parent_Company_Condensed_Finan4
Parent Company Condensed Financial Statements (Condensed Statements Of Income) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Interest and dividends on investment securities | $189,415 | $211,682 | $219,348 |
Salaries and employee benefits | 366,867 | 360,899 | 345,325 |
Data processing fees paid to affiliates | 78,245 | 73,798 | 68,103 |
Other | 72,603 | 70,226 | 64,497 |
Total expense | 629,633 | 618,469 | 617,249 |
Income tax expense (benefit) | 122,230 | 127,169 | 121,412 |
Net income | 260,961 | 269,329 | 256,343 |
Commerce Bancshares, Inc. (Parent) [Member] | ' | ' | ' |
Dividends received from consolidated subsidiary banks | 200,001 | 235,000 | 180,001 |
Dividends received from consolidated nonbank subsidiaries | 390 | 0 | 115 |
Earnings of consolidated subsidiaries, net of dividends | 62,815 | 34,467 | 74,260 |
Interest and dividends on investment securities | 4,029 | 5,074 | 7,997 |
Management fees charged subsidiaries | 20,701 | 23,658 | 19,318 |
Investment securities gains (losses) | 1,294 | 346 | 0 |
Other | 2,958 | 2,067 | 1,560 |
Total income | 292,188 | 300,612 | 283,251 |
Salaries and employee benefits | 20,433 | 24,188 | 21,572 |
Professional fees | 3,538 | 1,950 | 1,826 |
Data processing fees paid to affiliates | 2,775 | 2,664 | 3,351 |
Indemnification obligation | 0 | 0 | -4,432 |
Other | 10,236 | 7,582 | 5,975 |
Total expense | 36,982 | 36,384 | 28,292 |
Income tax expense (benefit) | -5,755 | -5,101 | -1,384 |
Net income | $260,961 | $269,329 | $256,343 |
Parent_Company_Condensed_Finan5
Parent Company Condensed Financial Statements (Condensed Statements Of Cash Flows) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Net income | $261,117 | $271,439 | $259,623 |
Other changes, net | -13,310 | -10,794 | -2,472 |
Net cash provided by operating activities | 360,933 | 383,112 | 407,361 |
(Increase) decrease in securities purchased under agreements to resell | -125,000 | -575,000 | -500,000 |
Proceeds from sales of available for sale securities | 16,299 | 16,875 | 19,833 |
Proceeds from maturities/pay downs of available for sale securities | 2,542,123 | 3,080,664 | 2,562,551 |
Purchases of investment securities | -2,411,153 | -3,182,857 | -4,517,463 |
Purchases of land, buildings and equipment | -23,841 | -34,969 | -21,332 |
Net cash provided by (used in) investing activities | -713,660 | -1,160,837 | -2,184,835 |
Purchases of treasury stock | -69,353 | -104,909 | -101,154 |
Issuance under stock purchase and equity compensation plans | 10,242 | 15,588 | 15,349 |
Net tax benefit related to equity compensation plans | 1,003 | 2,094 | 1,065 |
Cash dividends paid on common stock | -82,104 | -211,608 | -79,140 |
Net cash used in financing activities | 842,416 | 1,039,999 | 1,834,350 |
Increase (decrease) in cash | 489,689 | 262,274 | 56,876 |
Cash and cash equivalents at beginning of year | 779,825 | 517,551 | 460,675 |
Cash and cash equivalents at end of year | 1,269,514 | 779,825 | 517,551 |
Income tax payments (receipts), net | 114,336 | 119,166 | 106,653 |
Commerce Bancshares, Inc. (Parent) [Member] | ' | ' | ' |
Net income | 260,961 | 269,329 | 256,343 |
Earnings of consolidated subsidiaries, net of dividends | -62,815 | -34,467 | -74,260 |
Other changes, net | -955 | -7,078 | -1,144 |
Net cash provided by operating activities | 197,191 | 227,784 | 180,939 |
(Increase) decrease in securities purchased under agreements to resell | -74,975 | 50,400 | -40,375 |
Decrease in investment in subsidiaries, net | 151 | 1,195 | 116 |
Proceeds from sales of available for sale securities | 866 | 346 | 0 |
Proceeds from maturities/pay downs of available for sale securities | 13,644 | 17,063 | 22,233 |
Purchases of investment securities | 0 | -2,000 | 0 |
Decrease in advances to subsidiaries, net | 3,732 | 4,136 | 1,658 |
Purchases of land, buildings and equipment | -402 | -92 | -685 |
Net cash provided by (used in) investing activities | -56,984 | 71,048 | -17,053 |
Purchases of treasury stock | -69,353 | -104,909 | -101,154 |
Issuance under stock purchase and equity compensation plans | 10,242 | 15,588 | 15,349 |
Net tax benefit related to equity compensation plans | 1,003 | 2,094 | 1,065 |
Cash dividends paid on common stock | -82,104 | -211,608 | -79,140 |
Net cash used in financing activities | -140,212 | -298,835 | -163,880 |
Increase (decrease) in cash | -5 | -3 | 6 |
Cash and cash equivalents at beginning of year | 58 | 61 | 55 |
Cash and cash equivalents at end of year | 53 | 58 | 61 |
Income tax payments (receipts), net | ($6,933) | $523 | ($2,700) |