Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Jun. 30, 2014 | Jan. 31, 2015 | |
Entity Registrant Name | FIRST INTERSTATE BANCSYSTEM INC | ||
Entity Central Index Key | 860413 | ||
Current Fiscal Year End Date | -19 | ||
Entity Filer Category | Accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | 31-Dec-14 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | FALSE | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $614,072,224 | ||
Class A Common Stock | |||
Entity Common Stock, Shares Outstanding | 21,947,201 | ||
Class B Common Stock | |||
Entity Common Stock, Shares Outstanding | 23,859,483 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Assets | ||
Cash and due from banks | $147,894 | $141,663 |
Federal funds sold | 543 | 672 |
Interest bearing deposits in banks | 650,233 | 392,492 |
Total cash and cash equivalents | 798,670 | 534,827 |
Investment securities: | ||
Available-for-sale | 1,711,924 | 1,947,706 |
Held-to-maturity (estimated fair values of $584,533 and $205,926 at December 31, 2014 and 2013, respectively) | 575,186 | 203,837 |
Total investment securities | 2,287,110 | 2,151,543 |
Loans held for investment | 4,856,615 | 4,303,992 |
Mortgage loans held for sale | 40,828 | 40,861 |
Total loans | 4,897,443 | 4,344,853 |
Less allowance for loan losses | 74,200 | 85,339 |
Net loans | 4,823,243 | 4,259,514 |
Premises and equipment, net of accumulated depreciation | 195,212 | 179,690 |
Goodwill | 205,574 | 183,673 |
Company-owned life insurance | 153,821 | 122,175 |
Other real estate owned (“OREOâ€) | 13,554 | 15,504 |
Accrued interest receivable | 27,063 | 26,450 |
Mortgage servicing rights, net of accumulated amortization and impairment reserve | 14,038 | 13,546 |
Deferred tax asset, net | 4,874 | 12,154 |
Core deposit intangibles, net of accumulated amortization | 13,282 | 4,519 |
Other assets | 73,495 | 61,056 |
Total assets | 8,609,936 | 7,564,651 |
Deposits: | ||
Non-interest bearing | 1,791,364 | 1,491,683 |
Interest bearing | 5,214,848 | 4,642,067 |
Total deposits | 7,006,212 | 6,133,750 |
Securities sold under repurchase agreements | 502,250 | 457,437 |
Accounts payable and accrued expenses | 66,164 | 47,523 |
Accrued interest payable | 5,833 | 4,963 |
Long-term debt | 38,067 | 36,917 |
Other borrowed funds | 9 | 3 |
Subordinated debentures held by subsidiary trusts | 82,477 | 82,477 |
Total liabilities | 7,701,012 | 6,763,070 |
Stockholders’ equity: | ||
Nonvoting noncumulative preferred stock without par value; authorized 100,000 shares; no shares issued or outstanding as of December 31, 2014 and 2013 | 0 | 0 |
Common stock | 323,596 | 285,535 |
Retained earnings | 587,862 | 532,087 |
Accumulated other comprehensive loss, net | -2,534 | -16,041 |
Total stockholders’ equity | 908,924 | 801,581 |
Total liabilities and stockholders’ equity | $8,609,936 | $7,564,651 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Assets: | ||
Held-to-maturity investment securities, estimated fair value | $584,533 | $205,926 |
Stockholders' Equity: | ||
Nonvoting, noncumulative preferred stock, par value | $0 | $0 |
Nonvoting, noncumulative preferred stock, shares authorized | 100,000 | 100,000 |
Nonvoting, noncumulative preferred stock, shares issued | 0 | 0 |
Nonvoting, noncumulative preferred stock, shares outstanding | 0 | 0 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Interest income: | |||
Interest and fees on loans | $231,469 | $220,687 | $230,882 |
Interest and dividends on investment securities: | |||
Taxable | 29,900 | 31,237 | 36,847 |
Exempt from federal taxes | 4,357 | 4,728 | 4,923 |
Interest on deposits in banks | 1,334 | 992 | 1,235 |
Interest on federal funds sold | 7 | 18 | 13 |
Total interest income | 267,067 | 257,662 | 273,900 |
Interest expense: | |||
Interest on deposits | 13,779 | 15,800 | 22,306 |
Interest on securities sold under repurchase agreements | 237 | 294 | 579 |
Interest on long-term debt | 2,016 | 1,936 | 1,981 |
Interest in preferred stock pending redemption | 0 | 159 | 131 |
Interest on subordinated debentures held by subsidiary trusts | 2,574 | 2,506 | 5,117 |
Total interest expense | 18,606 | 20,695 | 30,114 |
Net interest income | 248,461 | 236,967 | 243,786 |
Provision for loan losses | -6,622 | -6,125 | 40,750 |
Net interest income after provision for loan losses | 255,083 | 243,092 | 203,036 |
Non-interest income: | |||
Other service charges, commissions and fees | 40,742 | 35,977 | 34,226 |
Income from the origination and sale of loans | 23,940 | 34,254 | 41,790 |
Wealth management revenues | 18,996 | 17,085 | 14,314 |
Service charges on deposit accounts | 16,567 | 16,837 | 17,412 |
Investment securities gains, net | 61 | 1 | 348 |
Other income | 11,095 | 7,525 | 6,771 |
Total non-interest income | 111,401 | 111,679 | 114,861 |
Non-interest expense: | |||
Salaries and wages | 96,513 | 94,002 | 89,833 |
Employee benefits | 30,130 | 30,338 | 29,345 |
Occupancy, net | 17,796 | 16,587 | 15,786 |
Furniture and equipment | 13,816 | 12,554 | 12,859 |
Outsourced technology services | 9,423 | 9,029 | 8,826 |
FDIC insurance premiums | 4,608 | 5,057 | 6,470 |
Professional fees | 4,882 | 4,773 | 4,044 |
OREO expense, net of income | -272 | 2,291 | 9,400 |
Mortgage servicing rights amortization | 2,361 | 2,787 | 3,501 |
Mortgage servicing rights impairment recovery | -136 | -99 | -771 |
Core deposit intangibles amortization | 2,251 | 1,418 | 1,420 |
Other expenses | 47,480 | 43,332 | 45,922 |
Loss Contingency Expense | 4,000 | 0 | 3,000 |
Acquisition Expense | 4,017 | 0 | 0 |
Total non-interest expense | 236,869 | 222,069 | 229,635 |
Income before income tax expense | 129,615 | 132,702 | 88,262 |
Income tax expense | 45,214 | 46,566 | 30,038 |
Net income | 84,401 | 86,136 | 58,224 |
Preferred stock dividends | 0 | 0 | 3,300 |
Net income available to common shareholders | $84,401 | $86,136 | $54,924 |
Basic earnings per common share | $1.89 | $1.98 | $1.28 |
Diluted earnings per common share | $1.87 | $1.96 | $1.27 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Consolidated Statements of Comprehensive Income [Abstract] | |||
Net income | $84,401 | $86,136 | $58,224 |
Investment securities available-for-sale: | |||
Change in net unrealized gains (losses) during the period | 21,147 | -52,949 | -4,648 |
Reclassification adjustment for net gains included in income | -61 | -1 | -348 |
Change in unamortized gain (loss) on available-for-sale investment securities transferred into held-to-maturity | -548 | 0 | 56 |
Defined benefit post-retirement benefits plans: | |||
Change in net actuarial loss | 1,731 | 137 | -77 |
Other comprehensive income (loss), before tax | 22,269 | -52,813 | -5,017 |
Deferred tax benefit (expense) related to other comprehensive income (loss) | -8,762 | 20,781 | 1,974 |
Other comprehensive income (loss), net of tax | 13,507 | -32,032 | -3,043 |
Total comprehensive income | $97,908 | $54,104 | $55,181 |
Consolidated_Statements_of_Sto
Consolidated Statements of Stockholders' Equity (USD $) | Total | Preferred Stock | Common Stock | Retained Earnings | Accumulated Other Comprehensive Income (Loss) |
In Thousands, unless otherwise specified | |||||
Beginning Balance at Dec. 31, 2011 | $771,020 | $50,000 | $266,842 | $435,144 | $19,034 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income | 58,224 | 0 | 0 | 58,224 | 0 |
Other comprehensive loss, net of tax | -3,043 | 0 | 0 | 0 | -3,043 |
Common stock transactions: | |||||
Common shares purchased and retired | 263 | 0 | -263 | 0 | 0 |
Common shares issued | 299 | 0 | 299 | 0 | 0 |
Non-vested common shares issued | 0 | 0 | 0 | 0 | 0 |
Non-vested common shares forfeited or canceled | 0 | 0 | 0 | 0 | 0 |
Stock options exercised, net of shares tendered in payment of option price and income tax withholding amounts | 1,612 | 0 | 1,612 | 0 | 0 |
Tax benefit of stock-based compensation | 360 | 0 | 360 | 0 | 0 |
Stock-based compensation expense | 2,485 | 0 | 2,485 | 0 | 0 |
Stock Redeemed or Called During Period, Value | -50,000 | -50,000 | 0 | 0 | 0 |
Cash dividends declared: | |||||
Common (per share) | -26,208 | 0 | 0 | -26,208 | 0 |
Preferred (per share) | -3,300 | 0 | 0 | -3,300 | 0 |
Ending Balance at Dec. 31, 2012 | 751,186 | 0 | 271,335 | 463,860 | 15,991 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income | 86,136 | 0 | 0 | 86,136 | 0 |
Other comprehensive loss, net of tax | -32,032 | 0 | 0 | 0 | -32,032 |
Common stock transactions: | |||||
Common shares purchased and retired | -448 | 0 | -448 | 0 | 0 |
Common shares issued | 543 | 0 | 543 | 0 | 0 |
Non-vested common shares issued | 0 | 0 | 0 | 0 | 0 |
Non-vested common shares forfeited or canceled | 0 | 0 | 0 | 0 | 0 |
Stock options exercised, net of shares tendered in payment of option price and income tax withholding amounts | 9,271 | 0 | 9,271 | 0 | 0 |
Tax benefit of stock-based compensation | 1,898 | 0 | 1,898 | 0 | 0 |
Stock-based compensation expense | 2,936 | 0 | 2,936 | 0 | 0 |
Cash dividends declared: | |||||
Common (per share) | -17,909 | 0 | 0 | -17,909 | 0 |
Ending Balance at Dec. 31, 2013 | 801,581 | 0 | 285,535 | 532,087 | -16,041 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income | 84,401 | 0 | 0 | 84,401 | 0 |
Other comprehensive loss, net of tax | 13,507 | 0 | 0 | 0 | 13,507 |
Common stock transactions: | |||||
Common shares purchased and retired | -9,739 | 0 | -9,739 | 0 | 0 |
Common shares issued | 36,294 | 0 | 36,294 | 0 | 0 |
Non-vested common shares issued | 0 | 0 | 0 | 0 | 0 |
Non-vested common shares forfeited or canceled | 0 | 0 | 0 | 0 | 0 |
Stock options exercised, net of shares tendered in payment of option price and income tax withholding amounts | 6,299 | 0 | 6,299 | 0 | 0 |
Tax benefit of stock-based compensation | 2,193 | 0 | 2,193 | 0 | 0 |
Stock-based compensation expense | 3,014 | 0 | 3,014 | 0 | 0 |
Cash dividends declared: | |||||
Common (per share) | -28,626 | 0 | -28,626 | 0 | |
Ending Balance at Dec. 31, 2014 | $908,924 | $0 | $323,596 | $587,862 | ($2,534) |
Consolidated_Statements_of_Sto1
Consolidated Statements of Stockholders' Equity (Parenthetical) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Common stock transactions: | |||
Stock options exercised | 739,290 | ||
Common stock | |||
Common stock transactions: | |||
Common shares purchased and retired | 388,101 | 25,677 | 18,351 |
Common shares issued | 1,402,811 | 26,096 | 23,991 |
Non-vested common shares issued | 148,278 | 120,873 | 122,912 |
Non-vested common shares forfeited | 29,261 | 30,648 | 15,232 |
Stock options exercised | 499,625 | 774,096 | 192,829 |
Shares tendered in payment of option price and income tax withholding amounts | 239,665 | 392,411 | 183,805 |
Preferred Stock Including Additional Paid in Capital [Member] | |||
Common stock transactions: | |||
Stock Redeemed or Called During Period, Shares | 0 | 0 | 5,000 |
Retained Earnings | |||
Cash dividends declared: | |||
Common (in dollars per share) | 0.61 | 0.45 | |
Preferred (in dollars per share) | 0.00% | 6.75% | 6.75% |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Cash flows from operating activities: | |||
Net income | $84,401 | $86,136 | $58,224 |
Adjustments to reconcile net income from operations to net cash provided by operating activities: | |||
Provision for loan losses | 6,622 | 6,125 | -40,750 |
Net gain on disposal of property and equipment | -1,256 | -217 | -424 |
Depreciation and amortization | 16,855 | 16,245 | 17,112 |
Net premium amortization on investment securities | 14,690 | 14,655 | 11,700 |
Net gain on investment securities transactions | -61 | -1 | -348 |
Net gain on sale of mortgage loans held for sale | -17,475 | -24,482 | -29,606 |
Net gain on sale of OREO | -1,849 | -3,232 | -1,041 |
Write-down of OREO and other assets pending disposal | 326 | 3,512 | 6,724 |
Mortgage servicing rights impairment recovery | -136 | -99 | -771 |
Deferred income tax expense | 5,345 | 11,276 | 8,762 |
Net increase in cash surrender value of company-owned life insurance policies | -3,600 | -446 | -1,849 |
Stock-based compensation expense | 3,014 | 2,936 | 2,485 |
Tax benefits from stock-based compensation | 2,193 | 1,898 | 360 |
Excess tax benefits from stock-based compensation | -2,205 | -2,031 | -273 |
Originations of loans held for sale | -903,373 | -1,557,288 | -1,197,744 |
Proceeds from Sale of Mortgage Loans Held-for-sale | 923,350 | 1,603,770 | 1,209,866 |
Changes in operating assets and liabilities: | |||
Decrease in accrued interest receivable | 470 | 2,419 | 3,105 |
Decrease (increase) in other assets | -6,956 | 3,440 | 4,498 |
Increase (decrease) in accrued interest payable | 286 | -1,539 | -1,621 |
Increase (decrease) in accounts payable and accrued expenses | 13,991 | -602 | 5,913 |
Net cash provided by operating activities | 121,388 | 150,225 | 135,822 |
Purchases of investment securities: | |||
Held-to-maturity | -21,627 | -16,370 | -68,305 |
Available-for-sale | -664,821 | -741,579 | -1,246,068 |
Proceeds from maturities, paydowns, calls and sales of investment securities: | |||
Held-to-maturity | 47,784 | 19,465 | 12,192 |
Available-for-sale | 613,930 | 722,447 | 1,252,266 |
Payments to Acquire Life Insurance Policies | -15,000 | -45,000 | 0 |
Proceeds from sales of mortgage servicing rights | 266 | 470 | 907 |
Extensions of credit to customers, net of repayments | -216,730 | -178,580 | -128,919 |
Recoveries of loans charged-off | 9,478 | 11,466 | 8,116 |
Proceeds from sales of OREO | 12,381 | 28,397 | 42,814 |
Capital contribution to equity method investment | 0 | 0 | -900 |
Capital distribution from unconsolidated subsidiary | 0 | 0 | 1,238 |
Payments to Acquire Businesses, Net of Cash Acquired | 35,556 | 0 | 0 |
Capital expenditures, net of proceeds from sales | 2,941 | -5,653 | -14,420 |
Net cash used in investing activities | -195,842 | -204,937 | -141,079 |
Cash flows from financing activities: | |||
Net increase (decrease) in deposits | 357,083 | -106,661 | 413,440 |
Net increase (decrease) in repurchase agreements | 43,892 | -48,348 | -10,458 |
Net increase (decrease) in short-term borrowings | -12,720 | -29 | 25 |
Proceeds from Issuance of Unsecured Debt | 68 | 0 | 0 |
Repayments of long-term debt | -48 | -243 | -40 |
Payments for Repurchase of Preferred Stock and Preference Stock | 0 | -50,000 | 0 |
Repayment of junior subordinated debentures held by subsidiary trusts | -20,439 | 0 | -41,238 |
Proceeds from issuance of common stock | 6,919 | 9,814 | 1,911 |
Payments of Stock Issuance Costs | 298 | 0 | 0 |
Excess tax benefits from stock-based compensation | 2,205 | 2,031 | 273 |
Purchase and retirement of common stock | -9,739 | -448 | -263 |
Dividends paid to common stockholders | -28,626 | -17,909 | -26,208 |
Dividends paid to preferred stockholders | 0 | 0 | -3,300 |
Net cash used in financing activities | 338,297 | -211,793 | 334,142 |
Net increase (decrease) in cash and cash equivalents | 263,843 | -266,505 | 328,885 |
Cash and cash equivalents at beginning of year | 534,827 | 801,332 | 472,447 |
Cash and cash equivalents at end of year | 798,670 | 534,827 | 801,332 |
Supplemental disclosures of cash flow information: | |||
Cash paid during the year for income taxes | 26,650 | 39,879 | 17,540 |
Cash paid during the year for interest expense | $17,736 | $22,234 | $31,735 |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2014 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
Business. First Interstate BancSystem, Inc. (the “Parent Company” and collectively with its subsidiaries, the “Company”) is a financial and bank holding company that, through the branch offices of its bank subsidiary, provides a comprehensive range of banking products and services to individuals, businesses, municipalities and other entities throughout Montana, Wyoming and western South Dakota. In addition to its primary emphasis on commercial and consumer banking services, the Company also offers trust, employee benefit, investment and insurance services through its bank subsidiary. The Company is subject to competition from other financial institutions and nonbank financial companies, and is also subject to the regulations of various government agencies and undergoes periodic examinations by those regulatory authorities. | |
Basis of Presentation. The Company’s consolidated financial statements include the accounts of the Parent Company and its operating subsidiaries. As of December 31, 2014, the Company had one significant subsidiary, First Interstate Bank (“FIB”). All significant intercompany balances and transactions have been eliminated in consolidation. Certain reclassifications, none of which were material, have been made in the consolidated financial statements for 2013 and 2012 to conform to the 2014 presentation. These reclassifications did not change previously reported net income or stockholders’ equity. | |
Equity Method Investments. The Company has investments in real estate joint ventures that are not consolidated because the Company does not own a majority voting interest, control the operations or receive a majority of the losses or earnings of the joint venture. These joint ventures are accounted for using the equity method of accounting whereby the Company initially records its investment at cost (or fair value at the date of acquisition) and then subsequently adjusts the carrying value for the Company’s proportionate share of distributions and earnings or losses of the joint ventures. | |
Variable Interest Entities. The Company’s wholly-owned business trusts, FI Statutory Trust I (“Trust I”), FI Capital Trust II (“Trust II”), FI Statutory Trust III (“Trust III”), FI Capital Trust IV (“Trust IV”), FI Statutory Trust V (“Trust V”) and FI Statutory Trust VI (“Trust VI”) are variable interest entities for which the Company is not a primary beneficiary. Accordingly, the accounts of Trust I, Trust II, Trust III, Trust IV, Trust V and Trust VI are not included in the accompanying consolidated financial statements, and are instead accounted for using the equity method of accounting. | |
The Company has equity investments in variable interest Certified Development Entities (“CDEs”) which have received allocations under the New Markets Tax Credits Program. The underlying activities of the CDEs are community development projects designed primarily to promote community welfare, such as economic rehabilitation and development of low-income areas by providing housing, services, or jobs for residents. The maximum exposure to loss in the CDEs is the amount of equity invested and credit extended by the Company. The Company has credit protection in the form of indemnification agreements, guarantees, and collateral arrangements. As the primary beneficiary of these variable interest entities, the Company’s consolidated financial statements include the assets, liabilities, and results of operations of the CDEs. The primary activities of the CDEs are recognized in interest and fees on loans, other non-interest income and long-term debt interest expense on the Company’s statements of operations. Related cash flows are recognized in loans originated, principal collected on loans and advances or repayments of long-term debt. | |
Assets Held in Fiduciary or Agency Capacity. The Company holds certain trust assets in a fiduciary or agency capacity. The Company also purchases and sells federal funds as an agent. These and other assets held in an agency or fiduciary capacity are not assets of the Company and, accordingly, are not included in the accompanying consolidated financial statements. | |
Use of Estimates. The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and income and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to change relate to the determination of the allowance for loan losses, the valuation of goodwill, fair valuations of investment securities and other financial instruments and the status of loss contingencies. | |
Cash and Cash Equivalents. For purposes of reporting cash flows, cash and cash equivalents include cash on hand, amounts due from banks, federal funds sold for one day periods and interest bearing deposits in banks with original maturities of less than three months. As of December 31, 2014 and 2013, the Company had cash of $631,562 and $392,413, respectively, on deposit with the Federal Reserve Bank. In addition, the Company maintained compensating balances with the Federal Reserve Bank of approximately $7,507 and $1,412 as of December 31, 2014 and 2013, respectively, to reduce service charges for check clearing services. | |
Investment Securities. Investments in debt securities that the Company has the positive intent and ability to hold to maturity are classified as held-to-maturity and carried at amortized cost. Investments in debt securities that may be sold in response to or in anticipation of changes in interest rates and resulting prepayment risk, or other factors, and marketable equity securities are classified as available-for-sale and carried at fair value. The unrealized gains and losses on these securities are reported, net of applicable income taxes, as a separate component of stockholders’ equity and comprehensive income. Management determines the appropriate classification of securities at the time of purchase and at each reporting date management reassesses the appropriateness of the classification. | |
The amortized cost of debt securities classified as held-to-maturity or available-for-sale is adjusted for accretion of discounts to maturity and amortization of premiums over the estimated average life of the security, or in the case of callable securities, through the first call date, using the effective yield method. Such amortization and accretion is included in interest income. Realized gains and losses are included in investment securities gains (losses). Declines in the fair value of securities below their cost that are judged to be other-than-temporary are included in other expenses if the decline is related to credit losses. Other-than-temporary impairment losses related to other factors are recognized in other comprehensive income, net of income taxes. In estimating other-than-temporary impairment losses, the Company considers, among other things, the length of time and the extent to which the fair value has been less than cost, the financial condition and near-term prospects of the issuer and the intent and ability of the Company to retain its investment in the issuer for a period of time sufficient to allow for any anticipated recovery in fair value. The cost of securities sold is based on the specific identification method. | |
The Company invests in securities on behalf of certain officers and directors of the Company who have elected to participate in the Company’s deferred compensation plans. These securities are included in other assets and are carried at their fair value based on quoted market prices. Net realized and unrealized holding gains and losses are included in other non-interest income and employee benefits expense. | |
Loans. Loans are reported at the principal amount outstanding. Interest income on loans is calculated using the simple interest method on the daily balance of the principal amount outstanding. Loan origination fees and certain direct origination costs are deferred, and the net amount is amortized as an adjustment of the related loan’s yield using a level yield method over the expected lives of the related loans. | |
The accrual of interest on loans is discontinued when, in management’s opinion, the borrower may be unable to meet payment obligations as they become due or when a loan becomes contractually past due ninety days or more with respect to interest or principal, unless such past due loan is well secured and in the process of collection. When interest accrual is discontinued, all unpaid accrued interest is reversed against current period interest income. Interest income is subsequently recognized only to the extent cash payments are received in excess of principal due. Loans are returned to accrual status when all principal and interest amounts contractually due are brought current and when, in the opinion of management, the loans are estimated to be fully collectible as to both principal and interest. | |
A loan is considered impaired when, based upon current information and events, it is probable that the Company will be unable to collect, on a timely basis, all amounts due according to the contractual terms of the loan’s original agreement. The amount of the impairment is measured using cash flows discounted at the loan’s effective interest rate, except when it is determined that the primary source of repayment for the loan is the operation or liquidation of the underlying collateral. In such cases, the current fair value of the collateral, reduced by anticipated selling costs, is used to measure impairment. The Company considers impaired loans to include all loans, except consumer loans, that are risk rated as doubtful or on which interest accrual has been discontinued or that have been renegotiated in a troubled debt restructuring. Interest payments received on impaired loans are applied based on whether they are on accrual or non-accrual status. Interest income recognized by the Company on impaired loans primarily relates to loans modified in troubled debt restructurings that remain on accrual status. Interest payments received on non-accrual impaired loans are applied to principal. Interest income is subsequently recognized only to the extent cash payments are received in excess of principal due. | |
Loans acquired through the completion of a transfer, including loans acquired in business combinations, that have evidence of deterioration of credit quality since origination and for which it is probable, at acquisition, that the Company will be unable to collect all contractually required payments receivable are initially recorded at fair value (as determined by the present value of expected future cash flows) with no valuation allowance. The difference between the undiscounted cash flows expected at acquisition and the recorded fair value of the loan, or the “accretable yield,” is recognized as interest income on a level-yield method over the life of the loan. Contractually required payments for interest and principal that exceed the undiscounted cash flows expected at acquisition, or the “nonaccretable difference,” are not recognized as a yield adjustment, a loss accrual or a valuation allowance. Increases in expected cash flows subsequent to the initial investment are recognized prospectively through adjustment of the yield on the loan over its remaining life. Decreases in expected cash flows are recognized as impairment. Valuation allowances on these impaired loans reflect only losses incurred after the acquisition. | |
A loan is considered a troubled debt restructuring when a borrower is experiencing financial difficulties that leads to a restructuring of the loan and the Company grants concessions to the borrower in the restructuring that it would not otherwise consider. These concessions may include rate reductions, principal forgiveness, extension of maturity date and other actions to minimize potential losses. Certain troubled debt restructurings are on non-accrual status at the time of restructuring and are returned to accrual status only after considering the borrower's sustained repayment performance in accordance with the restructuring agreement for a reasonable period of at least six months and management is reasonably assured of future performance. If the troubled debt restructuring meets these performance criteria and the interest rate granted at the modification is equal to or greater than the rate that the Company was willing to accept at the time of the restructuring for a new loan with comparable risk, then the loan will no longer be disclosed as a troubled debt restructuring although they continue to be individually evaluated for impairment and disclosed as impaired loans. | |
Included in loans are certain residential mortgage loans originated for sale. These loans are carried at the lower of aggregate cost or estimated market value. Market value is estimated based on binding contracts or quotes or bids from third party investors. Residential mortgages held for sale were $40,828 and $40,861 as of December 31, 2014 and 2013, respectively. Gains and losses on sales of mortgage loans are determined using the specific identification method and are included in income from the origination and sale of loans. | |
Allowance for Loan Losses. The allowance for loan losses is established through a provision for loan losses which is charged to expense. Loans, or portions thereof, are charged against the allowance for loan losses when management believes that the collectibility of the principal is unlikely or, with respect to consumer installment and credit card loans, according to established delinquency schedules. The allowance balance is an amount that management believes will be adequate to absorb known and inherent losses in the loan portfolio based upon quarterly analyses of the current risk characteristics of the loan portfolio, an assessment of individual problem loans and actual loss experience, industry concentrations and current economic factors and the estimated impact of current economic and environmental conditions on historical loss rates. | |
Loans acquired in business combinations are recorded at their estimated fair values on the date of acquisition. Accordingly, no allowance for loan losses related to these loans is recorded at the date of transfer. An allowance for loan losses is recorded for credit deterioration occurring subsequent to the transfer date, if any. | |
Goodwill. The excess purchase price over the fair value of net assets from acquisitions, or goodwill, is evaluated for impairment at least annually and on an interim basis if an event or circumstance indicates that it is likely impairment has occurred. Goodwill impairment is determined by comparing the fair value of a reporting unit to its carrying amount. In any given year the Company may elect to perform a qualitative assessment to determine whether it is more likely than not that the fair value of a reporting unit is in excess of its carrying value. If it is not more likely than not that the fair value of the reporting unit is in excess of the carrying value, or if the Company elects to bypass the qualitative assessment, a two-step quantitative impairment test is performed. In performing a quantitative test for impairment, the fair value of net assets is estimated based on analyses of the Company's market value, discounted cash flows and peer values. The determination of goodwill impairment is sensitive to market-based economics and other key assumptions used in determining or allocating fair value. Variability in the market and changes in assumptions or subjective measurements used to allocate fair value are reasonably possible and may have a material impact on our consolidated financial statements or results of operations. | |
Core Deposit Intangibles. Core deposit intangibles represent the intangible value of depositor relationships resulting from deposit liabilities assumed and are amortized using an accelerated method based on the estimated weighted average useful lives of the related deposits. Accumulated core deposit intangibles amortization was $24,652 as of December 31, 2014 and $22,401 as of December 31, 2013. Amortization expense related to core deposit intangibles recorded as of December 31, 2014 is expected to total $3,336, $3,099, $1,825, $1,318, 1,118, and 2,587 in 2015, 2016, 2017, 2018, 2019, and thereafter, respectively. | |
Mortgage Servicing Rights. The Company recognizes the rights to service mortgage loans for others, whether acquired or internally originated. Mortgage servicing rights are initially recorded at fair value based on comparable market data and are amortized in proportion to and over the period of estimated net servicing income. Mortgage servicing rights are evaluated quarterly for impairment by discounting the expected future cash flows, taking into consideration the estimated level of prepayments based on current industry expectations and the predominant risk characteristics of the underlying loans including loan type, note rate and loan term. Impairment adjustments, if any, are recorded through a valuation allowance. | |
Premises and Equipment. Buildings, furniture and equipment are stated at cost less accumulated depreciation. Depreciation expense is computed using straight-line methods over estimated useful lives of 5 to 45 years for buildings and improvements and 4 to 15 years for furniture and equipment. Leasehold improvements and assets acquired under capital lease are amortized over the shorter of their estimated useful lives or the terms of the related leases. Land is recorded at cost. | |
Company-Owned Life Insurance. Key executive and group life insurance policies are recorded at their cash surrender value. Separate account group life insurance policies are subject to a stable value contract that offsets the impact of interest rate fluctuations on the market value of the policies and are recorded at the stabilized investment value. Increases in the cash surrender or stabilized investment value of insurance policies, as well as insurance proceeds received, are recorded as other non-interest income, and are not subject to income taxes. | |
Impairment of Long-Lived Assets. Long-lived assets, including premises and equipment and certain identifiable intangibles, are reviewed for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. The amount of the impairment loss, if any, is based on the asset’s fair value. Impairment losses of $102, $616 and $70 were recognized in other non-interest expense in 2014, 2013 and 2012, respectively. | |
Other Real Estate Owned. Real estate acquired in satisfaction of loans is initially carried at current fair value less estimated selling costs. Any excess of loan carrying value over the fair value of the real estate acquired is recorded as a charge to the allowance for loan losses. Subsequent declines in fair value less estimated selling costs are included in OREO expense. Subsequent increases in fair value less estimated selling costs are recorded as a reduction in OREO expense to the extent of recognized losses. Operating expenses, net of related income, and gains or losses on sales are included in OREO expense. Write-downs of $224, $3,512 and $6,724 were recorded in 2014, 2013 and 2012, respectively. | |
Restricted Equity Securities. The Company, as a member of the Federal Reserve Bank and the Federal Home Loan Bank (“FHLB”), is required to maintain investments in each of the organization’s capital stock. As of December 31, 2014, restricted equity securities of the Federal Reserve Bank and the Federal Home Loan Bank of $16,187 and $10,662, respectively, were included in other assets at cost. As of December 31, 2013, restricted equity securities of the Federal Reserve Bank and the Federal Home Loan Bank were $13,357 and $7,003, respectively. No ready market exists for these restricted equity securities, and they have no quoted market values. Restricted equity securities are periodically reviewed for impairment based on ultimate recovery of par value. The determination of whether a decline affects the ultimate recovery of par value is influenced by the significance of the decline compared to the cost basis of the restricted equity securities, the length of time a decline has persisted, the impact of legislative and regulatory changes on the issuing organizations and the liquidity positions of the issuing organizations. Based on management’s assessment, no impairment losses were recorded on restricted equity securities during 2014, 2013 or 2012. | |
Derivatives and Hedging Activities. During 2014, the Company entered into derivative interest rate swap agreements as part of its interest rate risk management strategy. The interest rate swaps are recognized as assets or liabilities on the Company's balance sheet at fair value. Fair value estimations are obtained from third parties and are based on pricing models. Currently, none of the Company’s derivatives are designated in qualifying hedging relationships. As such, all changes in the fair value of the Company’s derivatives are recognized directly in earnings. As of December 31, 2014, interest rate swap derivative assets of $61 were included in other assets and interest rate swap derivative liabilities of $59 were included in other liabilities on the Company's consolidated balance sheet. During 2014, the Company recorded insignificant amounts of non-interest income related to changes in the fair value of derivatives. The Company does not enter into derivative agreements for trading or speculative purposes. | |
Income from Fiduciary Activities. Consistent with industry practice, income for trust services is recognized on the basis of cash received. However, use of this method in lieu of accrual basis accounting does not materially affect reported earnings. | |
Earnings Per Common Share. Basic and diluted earnings per common share are calculated using a two-class method. Under the two-class method, basic earnings per common share is calculated by dividing net income available to common shareholders by the weighted average number of common shares outstanding during the period, excluding outstanding participating securities. Participating securities include non-vested time restricted stock awards and non-vested performance restricted stock awards granted prior to 2014. Diluted earnings per common share is calculated by dividing net income available to common shareholders by the weighted average number of common shares outstanding determined for the basic earnings per share calculation plus the dilutive effect of stock compensation using the treasury stock method. | |
Income Taxes. The Parent Company and its subsidiaries have elected to be included in a consolidated federal income tax return. For state income tax purposes, the combined taxable income of the Parent Company and its subsidiaries is apportioned among the states in which operations take place. Federal and state income taxes attributable to the subsidiaries, computed on a separate return basis, are paid to or received from the Parent Company. | |
The Company accounts for income taxes using the liability method. Under the liability method, deferred tax assets and liabilities are determined based on enacted income tax rates which will be in effect when the differences between the financial statement carrying values and tax bases of existing assets and liabilities are expected to be reported in taxable income. | |
Positions taken in the Company’s tax returns may be subject to challenge by the taxing authorities upon examination. Uncertain tax positions are initially recognized in the financial statements when it is more likely than not the position will be sustained upon examination by the tax authorities. Such tax positions are both initially and subsequently measured as the largest amount of tax benefit that is greater than 50% likely of being realized upon settlement with the tax authority, assuming full knowledge of the position and all relevant facts. The Company provides for interest and, in some cases, penalties on tax positions that may be challenged by the taxing authorities. Interest expense is recognized beginning in the first period that such interest would begin accruing. Penalties are recognized in the period that the Company claims the position in the tax return. Interest and penalties on income tax uncertainties are classified within income tax expense in the income statement. With few exceptions, the Company is no longer subject to U.S. federal and state examinations by tax authorities for years before 2011. The Company had no accrued interest or penalties as of December 31, 2014, 2013 or 2012. | |
Comprehensive Income. Comprehensive income includes net income, as well as other changes in stockholders’ equity that result from transactions and economic events other than those with shareholders. In addition to net income, the Company’s comprehensive income includes the after tax effect of changes in unrealized gains and losses on available-for-sale investment securities, changes in the unamortized gain or loss on available-for-sale investment securities transferred to held-to-maturity and changes in net actuarial gains and losses on defined benefit post-retirement benefits plans. | |
Segment Reporting. An operating segment is defined as a component of a business for which separate financial information is available that is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and evaluate performance. The Company has one operating segment, community banking, which encompasses commercial and consumer banking services offered to individuals, businesses, municipalities and other entities. | |
Advertising Costs. Advertising costs are expensed as incurred. Advertising expense was $3,734, $3,532, and $3,555 in 2014, 2013 and 2012, respectively. | |
Transfers of Financial Assets. Transfers of financial assets are accounted for as sales when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when the assets have been isolated from the Company; the transferee obtains the right, free of conditions that constrain it from taking advantage of that right, to pledge or exchange the transferred assets; and, the Company does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity. | |
Stock-Based Compensation. Compensation cost for all stock-based awards is measured at fair value on the date of grant and is recognized over the requisite service period for awards expected to vest. Stock-based compensation expense of $3,014, $2,936 and $2,485 for the years ended December 31, 2014, 2013 and 2012, respectively, is included in benefits expense in the Company’s consolidated statements of income. Related income tax benefits recognized for the years ended December 31, 2014, 2013 and 2012 were $1,153, $1,122 and $950, respectively. All compensation cost for stock-based awards is expensed at the Parent Company. | |
Fair Value Measurements. In general, fair value measurements are based upon quoted market prices, where available. If quoted market prices are not available, fair value measurements are estimated using relevant market information and other assumptions. Fair value estimates involve uncertainties and require some degree of judgment regarding interest rates, credit risk, prepayments and other factors. The use of different assumptions or estimation techniques may have a significant effect on the fair value amounts reported. |
Acquisitions
Acquisitions | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Business Combinations [Abstract] | |||||||||||
Mergers, Acquisitions and Dispositions Disclosures | On February 10, 2014, the Company entered into an agreement and plan of merger to acquire all of the outstanding stock of Mountain West Financial Corp ("MWFC"), a Montana-based bank holding company that operated one wholly-owned subsidiary bank, Mountain West Bank, NA ("MWB"), with branches located in five of the Company's current market areas in Montana. The acquisition was completed on July 31, 2014, and the Company merged MWB with its existing bank subsidiary, First Interstate Bank ("FIB"), on October 17, 2014. The acquisition allowed the Company to gain market share in several of its current market areas. The Company also benefited from cost savings related to the merger of MWB with FIB. | ||||||||||
Under the terms of the agreement and plan of merger, each outstanding share of Mountain West common stock was canceled and converted into the right to receive 0.2552 shares of the Company's Class A common stock plus $7.125 in cash, or, at the stockholder's election, an amount in all cash or all stock intended to be substantially equal in value to the combination of stock and cash merger consideration described above. Consideration for the acquisition of $74,451 consisted of cash of $38,479 and the issuance of 1,378,230 shares of the Company's Class A common stock valued at $26.10 per share, the closing price of the Company's Class A common stock as quoted on the NASDAQ stock market on the acquisition date. The acquisition was accounted for using the acquisition method with the cash portion of the purchase price funded from cash on hand. In conjunction with the acquisition, the Company recognized acquisition costs of $4,017. | |||||||||||
The assets and liabilities of MWFC were recorded in the Company's consolidated financial statements at their estimated fair values as of the acquisition date. The excess value of the consideration paid over the fair value of assets acquired and liabilities assumed was recorded as goodwill. Goodwill arising from the acquisition consists largely of the synergies and economies of scale expected from combining the operations of MWFC and the Company. This acquisition was accounted for as a tax-free exchange; therefore, goodwill recorded in conjunction with this acquisition is not deductible for income tax purposes. | |||||||||||
The following table summarizes the consideration paid, fair values of MWFC assets acquired and liabilities assumed and the resulting goodwill. The amount reported below for net deferred tax asset is provisional pending completion of the Company's review of tax items. | |||||||||||
As Recorded | Fair Value | As Recorded | |||||||||
As of July 31, 2014 | by MWFC | Adjustments | by the Company | ||||||||
Assets acquired: | |||||||||||
Cash and cash equivalents | $ | 74,035 | $ | — | $ | 74,035 | |||||
Investment securities | 104,945 | (34 | ) | -1 | 104,911 | ||||||
Loans | 378,558 | (18,286 | ) | -2 | 360,272 | ||||||
Allowance for loan losses | (11,598 | ) | 11,598 | -3 | — | ||||||
Premises and equipment | 35,283 | (5,847 | ) | -4 | 29,436 | ||||||
Company-owned life insurance | 13,046 | — | 13,046 | ||||||||
Deferred tax asset, net | 6,491 | 1,135 | -5 | 7,626 | |||||||
Core deposit intangible | — | 11,014 | -6 | 11,014 | |||||||
Other assets | 16,559 | (5,300 | ) | -7 | 11,259 | ||||||
Total assets acquired | 617,319 | (5,720 | ) | 611,599 | |||||||
Liabilities assumed: | |||||||||||
Deposits | 515,538 | (159 | ) | -8 | 515,379 | ||||||
Other liabilities | 20,501 | 2,730 | -9 | 23,231 | |||||||
Subordinated debentures held by subsidiary trusts | 20,439 | — | -10 | 20,439 | |||||||
Total liabilities assumed | 556,478 | 2,571 | 559,049 | ||||||||
Net assets acquired | $ | 60,841 | $ | (8,291 | ) | 52,550 | |||||
Consideration paid: | |||||||||||
Cash | 38,479 | ||||||||||
Class A common stock | 35,972 | ||||||||||
Total consideration | 74,451 | ||||||||||
Goodwill | $ | 21,901 | |||||||||
Explanation of fair value adjustments: | |||||||||||
-1 | Write down of the book value of investment securities to their estimated fair values on the date of acquisition based upon quotes obtained from an independent third party pricing service. | ||||||||||
-2 | Write down of the book value of loans to their estimated fair values. Except for collateral dependent loans acquired with deteriorated credit quality, the fair value of loans was estimated using cash flow projections based on the remaining maturity and repricing terms, adjusted for estimated future credit losses and prepayments and discounted to present value using a risk-adjusted market rate for similar loans. The fair value of collateral dependent loans acquired with deteriorated credit quality was estimated based on the Company's analysis of the fair value of the each loan's underlying collateral, discounted using market-derived rates of return with consideration given to the period of time and costs associated with foreclosure and disposition of the collateral. | ||||||||||
-3 | Adjustment to remove the MWB allowance for loan losses at acquisition date as the credit risk is accounted for in the fair value adjustment for loans receivable described in (2) above. | ||||||||||
-4 | Write down of the book value of premises and equipment to their estimated fair values based upon appraisals obtained from an independent third party appraiser. | ||||||||||
-5 | Adjustment represents the net deferred tax assets resulting from fair value adjustments related to acquired assets, assumed liabilities, core deposit intangible assets and other purchase accounting adjustments. | ||||||||||
-6 | Adjustment represents the value of the core deposit base assumed in the acquisition based upon a valuation obtained from an independent third party valuation expert. | ||||||||||
-7 | Adjustment consists of a reduction in the value of equity method investments, accrued interest receivable and accrued net income taxes receivable, and the write-off of pre-existing goodwill and computer software costs. | ||||||||||
-8 | Decrease in book value of time deposits to their estimated fair values based upon interest rates of similar time deposits with similar terms on the date of acquisition. | ||||||||||
-9 | Adjustment represents increases in the book values of other liabilities to their estimated fair values at the acquisition date. The adjustment primarily consists of a $2,000 increase to an acquired operating lease obligation and a $473 increase to Federal Home Loan Bank borrowings based upon interest interest rates of similar obligations with similar characteristics on the date of acquisition. | ||||||||||
-10 | Recorded value of junior subordinated debentures held by subsidiary trusts approximated fair value as of the acquisition date due to the short-term nature of the instruments. These debentures were redeemed at par value in December 2014. | ||||||||||
Fair values of assets acquired and liabilities assumed as part of the MWFC acquisition were estimated using relevant market information and significant other inputs and generally fall within Levels 2 and 3 of the fair value hierarchy. | |||||||||||
The core deposit intangible asset of $11,014 is being amortized using an accelerated method over the estimated useful lives of the related deposits of ten years. | |||||||||||
The Company acquired certain loans that are subject to Accounting Standards Codification ("ASC") Topic 310-30 "Loans and Debt Securities Acquired with Deteriorated Credit Quality." ASC Topic 310-30 provides recognition, measurement and disclosure guidance for acquired loans that have evidence of deterioration in credit quality since origination for which is it probable, at acquisition, the Company will be unable to collect all contractual amounts owned. For loans that meet the criteria stipulated in ASC Topic 310-30, the excess of all cash flows expected at acquisition over the initial fair value of the loans acquired ("accretable yield") is amortized to interest income over the expected remaining lives of the underlying loans using the effective interest method. The accretable yield will fluctuate due to changes in (i) estimated lives of underling credit-impaired loans, (ii) assumptions regarding future principal and interest amounts collected, and (iii) indices used to fair value variable rate loans. | |||||||||||
Information regarding acquired credit-impaired loans as of the July 31, 2014 acquisition date is as follows: | |||||||||||
Contractually required principal and interest payments | $ | 112,882 | |||||||||
Contractual cash flows not expected to be collected ("non-accretable discount") | 74,760 | ||||||||||
Cash flows expected to be collected | 38,122 | ||||||||||
Interest component of cash flows expected to be collected ("accretable discount") | 5,233 | ||||||||||
Fair value of acquired credit-impaired loans | $ | 32,889 | |||||||||
Information regarding acquired loans not deemed credit-impaired at the acquisition date is as follows: | |||||||||||
Contractually required principal and interest payments | $ | 445,345 | |||||||||
Contractual cash flows not expected to be collected | (15,090 | ) | |||||||||
Fair value at acquisition | 327,383 | ||||||||||
The accompanying consolidated statements of income include the results of operations of the acquired entity from the July 31, 2014 acquisition date. Operations of the acquired entity were immediately integrated with the Company's operations and the acquired bank was merged with the Company's existing banking subsidiary in October 2014. Post-acquisition revenues and net income of the acquired entity were not captured separately subsequent to the merger. As such, the Company has determined it is not practical to report the post-acquisition date revenues and net income of the acquired entity that were included in the Company's consolidated income statement for the year ended December 31, 2014. | |||||||||||
The following table presents unaudited pro forma consolidated revenues and net income as if the acquisition had occurred as of January 1, 2013. | |||||||||||
Year ended December 31, (unaudited) | 2014 | 2013 | |||||||||
Interest income | $ | 280,102 | $ | 280,455 | |||||||
Non-interest income | 114,984 | 120,005 | |||||||||
Total revenues | $ | 395,086 | $ | 400,460 | |||||||
Net income | $ | 87,129 | $ | 84,264 | |||||||
The unaudited pro forma net income presented in the table above for 2014 was adjusted to exclude acquisition-related costs, including change in control expenses related to employee benefit plans, stock option cancellation fees and legal and professional expenses, of $5,052, net of tax. Pro forma net income presented in the table above for 2013 was adjusted to include the aforementioned acquisition-related costs. The unaudited pro forma net income presented in the table above for 2014 and 2013 includes adjustments for scheduled amortization of core deposit intangible assets acquired in the acquisition. No adjustments were made for operating costs savings and other business synergies expected as a result of the acquisition, or accretion or amortization of fair value adjustments other than core deposit intangible assets. |
Investment_Securities
Investment Securities | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||
Investment Securities | INVESTMENT SECURITIES | ||||||||||||||||||
The amortized cost and approximate fair values of investment securities are summarized as follows: | |||||||||||||||||||
December 31, 2014 | Amortized | Gross | Gross | Estimated | |||||||||||||||
Cost | Unrealized | Unrealized | Fair | ||||||||||||||||
Gains | Losses | Value | |||||||||||||||||
Available-for-Sale | |||||||||||||||||||
Obligations of U.S. government agencies | $ | 725,408 | $ | 895 | $ | (5,370 | ) | $ | 720,933 | ||||||||||
U.S. agency residential mortgage-backed securities & | 982,764 | 11,526 | (3,624 | ) | 990,666 | ||||||||||||||
collateralized mortgage obligations | |||||||||||||||||||
Private mortgage-backed securities | 322 | 5 | (2 | ) | 325 | ||||||||||||||
Total | $ | 1,708,494 | $ | 12,426 | $ | (8,996 | ) | $ | 1,711,924 | ||||||||||
December 31, 2014 | Amortized | Gross | Gross | Estimated | |||||||||||||||
Cost | Unrealized | Unrealized | Fair | ||||||||||||||||
Gains | Losses | Value | |||||||||||||||||
Held-to Maturity | |||||||||||||||||||
State, county and municipal securities | $ | 188,941 | $ | 5,949 | $ | (386 | ) | $ | 194,504 | ||||||||||
Corporate securities | 32,565 | 54 | (75 | ) | 32,544 | ||||||||||||||
U.S agency residential mortgage-backed securities & | 353,176 | 5,563 | (1,758 | ) | 356,981 | ||||||||||||||
collateralized mortgage obligations | |||||||||||||||||||
Other investments | 504 | — | — | 504 | |||||||||||||||
Total | $ | 575,186 | $ | 11,566 | $ | (2,219 | ) | $ | 584,533 | ||||||||||
Gross gains of $274 and gross losses of $213 were realized on the disposition of available-for-sale securities in 2014. | |||||||||||||||||||
December 31, 2013 | Amortized | Gross | Gross | Estimated | |||||||||||||||
Cost | Unrealized | Unrealized | Fair | ||||||||||||||||
Gains | Losses | Value | |||||||||||||||||
Available-for-Sale | |||||||||||||||||||
Obligations of U.S. government agencies | $ | 774,055 | $ | 1,432 | $ | (12,249 | ) | $ | 763,238 | ||||||||||
U.S. agency residential mortgage-backed securities & | 1,197,295 | 11,905 | (25,147 | ) | 1,184,053 | ||||||||||||||
collateralized mortgage obligations | |||||||||||||||||||
Private mortgage-backed securities | 407 | 9 | (1 | ) | 415 | ||||||||||||||
Total | $ | 1,971,757 | $ | 13,346 | $ | (37,397 | ) | $ | 1,947,706 | ||||||||||
December 31, 2013 | Amortized | Gross | Gross | Estimated | |||||||||||||||
Cost | Unrealized | Unrealized | Fair | ||||||||||||||||
Gains | Losses | Value | |||||||||||||||||
Held-to Maturity | |||||||||||||||||||
State, county and municipal securities | $ | 185,818 | $ | 4,043 | $ | (2,049 | ) | $ | 187,812 | ||||||||||
Corporate securities | 18,019 | 103 | (8 | ) | $ | 18,114 | |||||||||||||
Total | $ | 203,837 | $ | 4,146 | $ | (2,057 | ) | $ | 205,926 | ||||||||||
Gross gains of $49 and $351 were realized on the disposition of available-for-sale securities in 2013 and 2012, respectively. Gross losses of $48 and $3 were realized on the disposition of available-for-sale securities in 2013 and 2012, respectively. | |||||||||||||||||||
As of December 31, 2014, the Company had general obligation securities with amortized costs of $131,845 included in state, county and municipal securities, of which $68,927 were issued by political subdivisions or agencies within the states of Montana, Wyoming and South Dakota. | |||||||||||||||||||
On June 27, 2014, the Company transferred available-for-sale U.S. agency residential mortgage-backed securities and collateralized mortgage obligations with amortized costs and fair values of $396,640 and $388,808, respectively, into the held-to-maturity category. Unrealized net losses of $7,832 included in accumulated other comprehensive income at the time of the transfer are being amortized to yield over the remaining expected lives of the transferred securities of 4.3 years. | |||||||||||||||||||
The following table shows the gross unrealized losses and fair values of investment securities, aggregated by investment category, and the length of time individual investment securities have been in a continuous unrealized loss position, as of December 31, 2014 and 2013. | |||||||||||||||||||
Less than 12 Months | 12 Months or More | Total | |||||||||||||||||
December 31, 2014 | Fair | Gross | Fair | Gross | Fair | Gross | |||||||||||||
Value | Unrealized | Value | Unrealized | Value | Unrealized | ||||||||||||||
Losses | Losses | Losses | |||||||||||||||||
Available-for-Sale | |||||||||||||||||||
Obligations of U.S. government agencies | $ | 135,888 | $ | (702 | ) | $ | 309,283 | $ | (4,668 | ) | $ | 445,171 | $ | (5,370 | ) | ||||
U.S. agency residential mortgage-backed | 219,214 | (887 | ) | 151,380 | (2,737 | ) | 370,594 | (3,624 | ) | ||||||||||
securities & collateralized mortgage | |||||||||||||||||||
obligations | |||||||||||||||||||
Private mortgage-backed securities | — | — | 90 | (2 | ) | 90 | (2 | ) | |||||||||||
Total | $ | 355,102 | $ | (1,589 | ) | $ | 460,753 | $ | (7,407 | ) | $ | 815,855 | $ | (8,996 | ) | ||||
Less than 12 Months | 12 Months or More | Total | |||||||||||||||||
December 31, 2014 | Fair | Gross | Fair | Gross | Fair | Gross | |||||||||||||
Value | Unrealized | Value | Unrealized | Value | Unrealized | ||||||||||||||
Losses | Losses | Losses | |||||||||||||||||
Held-to-Maturity | |||||||||||||||||||
State, county and municipal securities | $ | 7,979 | $ | (13 | ) | $ | 20,097 | $ | (373 | ) | $ | 28,076 | $ | (386 | ) | ||||
U.S. agency residential mortgage-backed | 61,201 | (1,758 | ) | — | — | 61,201 | (1,758 | ) | |||||||||||
securities & collateralized mortgage | |||||||||||||||||||
obligations | |||||||||||||||||||
Corporate securities | 14,755 | (75 | ) | — | — | 14,755 | (75 | ) | |||||||||||
Total | $ | 83,935 | $ | (1,846 | ) | $ | 20,097 | $ | (373 | ) | $ | 104,032 | $ | (2,219 | ) | ||||
Less than 12 Months | 12 Months or More | Total | |||||||||||||||||
December 31, 2013 | Fair | Gross | Fair | Gross | Fair | Gross | |||||||||||||
Value | Unrealized | Value | Unrealized | Value | Unrealized | ||||||||||||||
Losses | Losses | Losses | |||||||||||||||||
Available-for-Sale | |||||||||||||||||||
Obligations of U.S. government agencies | $ | 458,385 | $ | (10,355 | ) | $ | 59,362 | $ | (1,894 | ) | $ | 517,747 | $ | (12,249 | ) | ||||
U.S. agency residential mortgage-backed | 634,199 | (17,273 | ) | 166,930 | (7,874 | ) | 801,129 | (25,147 | ) | ||||||||||
securities & collateralized mortgage | |||||||||||||||||||
obligations | |||||||||||||||||||
Private mortgage-backed securities | — | — | 104 | (1 | ) | 104 | (1 | ) | |||||||||||
Total | $ | 1,092,584 | $ | (27,628 | ) | $ | 226,396 | $ | (9,769 | ) | $ | 1,318,980 | $ | (37,397 | ) | ||||
Less than 12 Months | 12 Months or More | Total | |||||||||||||||||
December 31, 2013 | Fair | Gross | Fair | Gross | Fair | Gross | |||||||||||||
Value | Unrealized | Value | Unrealized | Value | Unrealized | ||||||||||||||
Losses | Losses | Losses | |||||||||||||||||
Held-to-Maturity | |||||||||||||||||||
State, county and municipal securities | $ | 37,550 | $ | (1,319 | ) | $ | 14,296 | $ | (730 | ) | $ | 51,846 | $ | (2,049 | ) | ||||
Corporate securities | 7,294 | (8 | ) | — | — | 7,294 | (8 | ) | |||||||||||
Total | $ | 44,844 | $ | (1,327 | ) | $ | 14,296 | $ | (730 | ) | $ | 59,140 | $ | (2,057 | ) | ||||
The investment portfolio is evaluated quarterly for other-than-temporary declines in the market value of each individual investment security. Consideration is given to the length of time and the extent to which the fair value has been less than cost; the financial condition and near term prospects of the issuer; and, the intent and ability of the Company to retain its investment in the issuer for a period of time sufficient to allow for any anticipated recovery in fair value. As of December 31, 2014, the Company had 154 individual investment securities that were in an unrealized loss position. As of December 31, 2013, the Company had 229 individual investment securities that were in an unrealized loss position. Unrealized losses as of December 31, 2014 and 2013 related primarily to fluctuations in the current interest rates. The fair value of these investment securities is expected to recover as the securities approach their maturity or repricing date or if market yields for such investments decline. As of December 31, 2014, the Company had the intent and ability to hold these investment securities for a period of time sufficient to allow for an anticipated recovery. Furthermore, the Company does not have the intent to sell any of the available-for-sale securities in the above table and it is more likely than not that the Company will not have to sell any such securities before a recovery in cost. No impairment losses were recorded during 2014, 2013 or 2012. | |||||||||||||||||||
Maturities of investment securities at December 31, 2014 are shown below. Maturities of mortgage-backed securities have been adjusted to reflect shorter maturities based upon estimated prepayments of principal. All other investment securities maturities are shown at contractual maturity dates. | |||||||||||||||||||
Available-for-Sale | Held-to-Maturity | ||||||||||||||||||
December 31, 2014 | Amortized | Estimated | Amortized | Estimated | |||||||||||||||
Cost | Fair Value | Cost | Fair Value | ||||||||||||||||
Within one year | $ | 252,677 | $ | 254,560 | $ | 85,751 | $ | 86,983 | |||||||||||
After one year but within five years | 1,218,143 | 1,219,799 | 283,000 | 286,783 | |||||||||||||||
After five years but within ten years | 188,520 | 188,015 | 150,601 | 153,287 | |||||||||||||||
After ten years | 49,154 | 49,550 | 55,834 | 57,480 | |||||||||||||||
Total | $ | 1,708,494 | $ | 1,711,924 | $ | 575,186 | $ | 584,533 | |||||||||||
At December 31, 2014, the Company had investment securities callable within one year with amortized costs and estimated fair values of $176,023 and $175,892, respectively. These investment securities are primarily classified as available-for-sale and included in the after one year but within five years category in the table above. | |||||||||||||||||||
At December 31, 2014, the Company had callable structured notes with amortized costs and estimated fair values of $29,995 and $30,012, respectively. These callable structured notes, which are classified as available-for-sale and included in the after one year but within five years category in the table above, have fixed interest rates that increase at various intervals as market rates increase. | |||||||||||||||||||
Maturities of securities do not reflect rate repricing opportunities present in adjustable rate mortgage-backed securities. At December 31, 2014 and 2013, the Company had variable rate mortgage-backed securities with amortized costs of $40,666 and $46,315, respectively, classified as available-for-sale in the table above. | |||||||||||||||||||
There are no significant concentrations of investments at December 31, 2014, (greater than 10 percent of stockholders’ equity) in any individual security issuer, except for U.S. government or agency-backed securities. | |||||||||||||||||||
Investment securities with amortized cost of $1,351,787 and $1,288,750 at December 31, 2014 and 2013, respectively, were pledged to secure public deposits and securities sold under repurchase agreements. The approximate fair value of securities pledged at December 31, 2014 and 2013 was $1,356,341 and $1,278,663, respectively. All securities sold under repurchase agreements are with customers and mature on the next banking day. The Company retains possession of the underlying securities sold under repurchase agreements. |
Loans
Loans | 12 Months Ended | |||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||
Receivables [Abstract] | ||||||||||||||||||||||
Loans | LOANS | |||||||||||||||||||||
The following table presents loans by class as of the dates indicated: | ||||||||||||||||||||||
December 31, | 2014 | 2013 | ||||||||||||||||||||
Real estate loans: | ||||||||||||||||||||||
Commercial | $ | 1,639,422 | $ | 1,449,174 | ||||||||||||||||||
Construction: | ||||||||||||||||||||||
Land acquisition & development | 220,443 | 205,911 | ||||||||||||||||||||
Residential | 96,580 | 76,488 | ||||||||||||||||||||
Commercial | 101,246 | 69,236 | ||||||||||||||||||||
Total construction loans | 418,269 | 351,635 | ||||||||||||||||||||
Residential | 999,903 | 867,912 | ||||||||||||||||||||
Agricultural | 167,659 | 173,534 | ||||||||||||||||||||
Total real estate loans | 3,225,253 | 2,842,255 | ||||||||||||||||||||
Consumer: | ||||||||||||||||||||||
Indirect consumer | 552,863 | 476,012 | ||||||||||||||||||||
Other consumer | 144,141 | 133,039 | ||||||||||||||||||||
Credit card | 65,467 | 62,536 | ||||||||||||||||||||
Total consumer loans | 762,471 | 671,587 | ||||||||||||||||||||
Commercial | 740,073 | 676,544 | ||||||||||||||||||||
Agricultural | 124,859 | 111,872 | ||||||||||||||||||||
Other, including overdrafts | 3,959 | 1,734 | ||||||||||||||||||||
Loans held for investment | 4,856,615 | 4,303,992 | ||||||||||||||||||||
Mortgage loans held for sale | 40,828 | 40,861 | ||||||||||||||||||||
Total loans | $ | 4,897,443 | $ | 4,344,853 | ||||||||||||||||||
The Company has lending policies and procedures in place that are designed to maximize loan income within an acceptable level of risk. Management reviews and approves these policies and procedures on a regular basis. A reporting system supplements the review process by providing management with frequent reports related to loan production, loan quality, concentrations of credit, loan delinquencies and internally risk-classified loans. | ||||||||||||||||||||||
Real estate loans include construction and permanent financing for both single-family and multi-unit properties, term loans for commercial, agricultural and industrial property and/or buildings and home equity loans and lines of credit secured by real estate. Longer-term residential real estate loans are generally sold in the secondary market. Those residential real estate loans not sold are typically secured by first liens on the financed property and generally mature in less than fifteen years. Home equity loans and lines of credit are typically secured by first or second liens on residential real estate and generally do not exceed a loan to value ratio of 80%. The Company had home equity loans and lines of credit of $298,692 and $272,415 as of December 31, 2014 and 2013, respectively. Commercial and agricultural real estate loans are generally secured by first liens on income-producing real estate and generally mature in less than 5 years. | ||||||||||||||||||||||
Construction loans are primarily to commercial builders for residential lot development and the construction of single-family residences and commercial real estate properties. Construction loans are generally underwritten pursuant to pre-approved permanent financing. During the construction phase the borrower pays interest only. | ||||||||||||||||||||||
Consumer loans include direct personal loans, credit card loans and lines of credit; and indirect dealer loans for the purchase of automobiles, recreational vehicles, boats and other consumer goods. Personal loans and indirect dealer loans are generally secured by automobiles, boats and other types of personal property and are made on an installment basis. Credit cards are offered to individuals in our market areas. Lines of credit are generally floating rate loans that are unsecured or secured by personal property. | ||||||||||||||||||||||
Commercial loans include a mix of variable and fixed rate loans made to small and medium-sized manufacturing, wholesale, retail and service businesses for working capital needs and business expansions. Commercial loans generally include lines of credit, business credit cards and loans with maturities of five years or less. The loans are generally made with business operations as the primary source of repayment, but also include collateralization by inventory, accounts receivable, equipment and/or personal guarantees. | ||||||||||||||||||||||
Agricultural loans generally consist of short and medium-term loans and lines of credit that are primarily used for crops, livestock, equipment and general operations. Agricultural loans are ordinarily secured by assets such as livestock or equipment and are repaid from the operations of the farm or ranch. Agricultural loans generally have maturities of five years or less, with operating lines for one production season. | ||||||||||||||||||||||
Included in the loan table above, are loans acquired in business combinations including certain loans that had evidence of deterioration in credit quality since origination and for which it was probable, at acquisition, that all contractually required payments would not be collected. The following table displays the outstanding unpaid principal balance, accrued interest receivable and accrual status of loans acquired with credit impairment as of December 31, 2014 and 2013. | ||||||||||||||||||||||
December 31, | 2014 | 2013 | ||||||||||||||||||||
Outstanding balance | $ | 41,910 | $ | — | ||||||||||||||||||
Carrying value | ||||||||||||||||||||||
Loans on accrual status | 31,870 | — | ||||||||||||||||||||
Loans on non-accrual status | — | — | ||||||||||||||||||||
Total carrying value | $ | 31,870 | $ | — | ||||||||||||||||||
The following table summarizes changes in the accretable yield for loans acquired credit impaired for year ended December 31, 2014 and 2013: | ||||||||||||||||||||||
Year Ended December 31, | 2014 | 2013 | ||||||||||||||||||||
Beginning balance | $ | — | $ | — | ||||||||||||||||||
Acquisition | 5,233 | — | ||||||||||||||||||||
Accretion income | (735 | ) | — | |||||||||||||||||||
Reductions due to exit events | (201 | ) | — | |||||||||||||||||||
Reclassifications from (to) nonaccretable differences | 1,484 | — | ||||||||||||||||||||
Ending balance | $ | 5,781 | $ | — | ||||||||||||||||||
Loans are considered past due if the required principal and interest payments have not been received as of the date such payments were due. The following tables present the contractual aging of the Company’s recorded investment in past due loans by class as of the period indicated: | ||||||||||||||||||||||
Total Loans | ||||||||||||||||||||||
30 - 59 | 60 - 89 | > 90 | 30 or More | |||||||||||||||||||
Days | Days | Days | Days | Current | Non-accrual | Total | ||||||||||||||||
As of December 31, 2014 | Past Due | Past Due | Past Due | Past Due | Loans | Loans | Loans | |||||||||||||||
Real estate | ||||||||||||||||||||||
Commercial | $ | 4,692 | $ | 1,609 | $ | 331 | $ | 6,632 | $ | 1,605,421 | $ | 27,369 | $ | 1,639,422 | ||||||||
Construction: | ||||||||||||||||||||||
Land acquisition & development | 839 | 383 | — | 1,222 | 210,969 | 8,252 | 220,443 | |||||||||||||||
Residential | — | 475 | — | 475 | 95,833 | 272 | 96,580 | |||||||||||||||
Commercial | 100 | — | — | 100 | 98,582 | 2,564 | 101,246 | |||||||||||||||
Total construction loans | 939 | 858 | — | 1,797 | 405,384 | 11,088 | 418,269 | |||||||||||||||
Residential | 6,969 | 645 | 1,762 | 9,376 | 987,735 | 2,792 | 999,903 | |||||||||||||||
Agricultural | 1,624 | 236 | — | 1,860 | 158,957 | 6,842 | 167,659 | |||||||||||||||
Total real estate loans | 14,224 | 3,348 | 2,093 | 19,665 | 3,157,497 | 48,091 | 3,225,253 | |||||||||||||||
Consumer: | ||||||||||||||||||||||
Indirect consumer | 3,235 | 482 | 6 | 3,723 | 548,757 | 383 | 552,863 | |||||||||||||||
Other consumer | 988 | 140 | 32 | 1,160 | 142,432 | 549 | 144,141 | |||||||||||||||
Credit card | 369 | 284 | 315 | 968 | 64,484 | 15 | 65,467 | |||||||||||||||
Total consumer loans | 4,592 | 906 | 353 | 5,851 | 755,673 | 947 | 762,471 | |||||||||||||||
Commercial | 3,659 | 994 | 147 | 4,800 | 722,575 | 12,698 | 740,073 | |||||||||||||||
Agricultural | 1,125 | — | — | 1,125 | 123,288 | 446 | 124,859 | |||||||||||||||
Other, including overdrafts | — | — | — | — | 3,959 | — | 3,959 | |||||||||||||||
Loans held for investment | 23,600 | 5,248 | 2,593 | 31,441 | 4,762,992 | 62,182 | 4,856,615 | |||||||||||||||
Mortgage loans originated for sale | — | — | — | — | 40,828 | — | 40,828 | |||||||||||||||
Total loans | $ | 23,600 | $ | 5,248 | $ | 2,593 | $ | 31,441 | $ | 4,803,820 | $ | 62,182 | $ | 4,897,443 | ||||||||
Total Loans | ||||||||||||||||||||||
30 - 59 | 60 - 89 | > 90 | 30 or More | |||||||||||||||||||
Days | Days | Days | Days | Current | Non-accrual | Total | ||||||||||||||||
As of December 31, 2013 | Past Due | Past Due | Past Due | Past Due | Loans | Loans | Loans | |||||||||||||||
Real estate | ||||||||||||||||||||||
Commercial | $ | 5,924 | $ | 2,472 | $ | 22 | $ | 8,418 | $ | 1,391,823 | $ | 48,933 | $ | 1,449,174 | ||||||||
Construction: | ||||||||||||||||||||||
Land acquisition & development | 1,062 | 468 | 38 | 1,568 | 188,074 | 16,269 | 205,911 | |||||||||||||||
Residential | 933 | 250 | — | 1,183 | 73,933 | 1,372 | 76,488 | |||||||||||||||
Commercial | 584 | — | — | 584 | 68,427 | 225 | 69,236 | |||||||||||||||
Total construction loans | 2,579 | 718 | 38 | 3,335 | 330,434 | 17,866 | 351,635 | |||||||||||||||
Residential | 3,630 | 206 | 1,162 | 4,998 | 856,800 | 6,114 | 867,912 | |||||||||||||||
Agricultural | 328 | 646 | — | 974 | 163,986 | 8,574 | 173,534 | |||||||||||||||
Total real estate loans | 12,461 | 4,042 | 1,222 | 17,725 | 2,743,043 | 81,487 | 2,842,255 | |||||||||||||||
Consumer: | ||||||||||||||||||||||
Indirect consumer | 3,303 | 430 | 9 | 3,742 | 471,906 | 364 | 476,012 | |||||||||||||||
Other consumer | 925 | 130 | 1 | 1,056 | 131,508 | 475 | 133,039 | |||||||||||||||
Credit card | 364 | 187 | 515 | 1,066 | 61,451 | 19 | 62,536 | |||||||||||||||
Total consumer loans | 4,592 | 747 | 525 | 5,864 | 664,865 | 858 | 671,587 | |||||||||||||||
Commercial | 2,791 | 1,186 | 563 | 4,540 | 660,035 | 11,969 | 676,544 | |||||||||||||||
Agricultural | 453 | 672 | — | 1,125 | 110,622 | 125 | 111,872 | |||||||||||||||
Other, including overdrafts | — | — | — | — | 1,734 | — | 1,734 | |||||||||||||||
Loans held for investment | 20,297 | 6,647 | 2,310 | 29,254 | 4,180,299 | 94,439 | 4,303,992 | |||||||||||||||
Mortgage loans originated for sale | — | — | — | — | 40,861 | — | 40,861 | |||||||||||||||
Total loans | $ | 20,297 | $ | 6,647 | $ | 2,310 | $ | 29,254 | $ | 4,221,160 | $ | 94,439 | $ | 4,344,853 | ||||||||
Acquired loans that meet the criteria for non-accrual of interest prior to the acquisition were considered performing upon acquisition. If interest on non-accrual loans had been accrued, such income would have approximated $3,970, $4,630 and $8,537 during the years ended December 31, 2014, 2013 and 2012, respectively. | ||||||||||||||||||||||
The Company considers impaired loans to include all loans, except consumer loans, that are risk rated as doubtful, or have been placed on non-accrual status or renegotiated in troubled debt restructurings. The following tables present information on the Company’s recorded investment in impaired loans as of dates indicated: | ||||||||||||||||||||||
December 31, 2014 | ||||||||||||||||||||||
Unpaid | Recorded | Recorded | Total | Related | ||||||||||||||||||
Total | Investment | Investment | Recorded | Allowance | ||||||||||||||||||
Principal | With No | With | Investment | |||||||||||||||||||
Balance | Allowance | Allowance | ||||||||||||||||||||
Real estate: | ||||||||||||||||||||||
Commercial | $ | 41,603 | $ | 28,143 | $ | 11,246 | $ | 39,389 | $ | 1,608 | ||||||||||||
Construction: | ||||||||||||||||||||||
Land acquisition & development | 12,511 | 7,262 | 1,615 | 8,877 | 574 | |||||||||||||||||
Residential | 459 | 272 | — | 272 | — | |||||||||||||||||
Commercial | 2,729 | 253 | 2,442 | 2,695 | 904 | |||||||||||||||||
Total construction loans | 15,699 | 7,787 | 4,057 | 11,844 | 1,478 | |||||||||||||||||
Residential | 2,959 | 2,452 | 341 | 2,793 | 143 | |||||||||||||||||
Agricultural | 8,844 | 6,444 | 2,305 | 8,749 | 732 | |||||||||||||||||
Total real estate loans | 69,105 | 44,826 | 17,949 | 62,775 | 3,961 | |||||||||||||||||
Commercial | 16,904 | 11,882 | 2,644 | 14,526 | 1,190 | |||||||||||||||||
Agricultural | 1,231 | 342 | 837 | 1,179 | 641 | |||||||||||||||||
Total | $ | 87,240 | $ | 57,050 | $ | 21,430 | $ | 78,480 | $ | 5,792 | ||||||||||||
December 31, 2013 | ||||||||||||||||||||||
Unpaid | Recorded | Recorded | Total | Related | ||||||||||||||||||
Total | Investment | Investment | Recorded | Allowance | ||||||||||||||||||
Principal | With No | With | Investment | |||||||||||||||||||
Balance | Allowance | Allowance | ||||||||||||||||||||
Real estate: | ||||||||||||||||||||||
Commercial | $ | 64,780 | $ | 29,216 | $ | 33,937 | $ | 63,153 | $ | 5,210 | ||||||||||||
Construction: | ||||||||||||||||||||||
Land acquisition & development | 23,906 | 9,901 | 7,226 | 17,127 | 1,434 | |||||||||||||||||
Residential | 1,816 | 1,095 | 277 | 1,372 | 26 | |||||||||||||||||
Commercial | 397 | 279 | 84 | 363 | 85 | |||||||||||||||||
Total construction loans | 26,119 | 11,275 | 7,587 | 18,862 | 1,545 | |||||||||||||||||
Residential | 9,448 | 5,081 | 967 | 6,048 | 249 | |||||||||||||||||
Agricultural | 8,895 | 6,429 | 2,370 | 8,799 | 335 | |||||||||||||||||
Total real estate loans | 109,242 | 52,001 | 44,861 | 96,862 | 7,339 | |||||||||||||||||
Commercial | 15,448 | 10,684 | 2,901 | 13,585 | 1,504 | |||||||||||||||||
Agricultural | 177 | 39 | 86 | 125 | 86 | |||||||||||||||||
Total | $ | 124,867 | $ | 62,724 | $ | 47,848 | $ | 110,572 | $ | 8,929 | ||||||||||||
December 31, 2012 | ||||||||||||||||||||||
Unpaid | Recorded | Recorded | Total | Related | ||||||||||||||||||
Total | Investment | Investment | Recorded | Allowance | ||||||||||||||||||
Principal | With No | With | Investment | |||||||||||||||||||
Balance | Allowance | Allowance | ||||||||||||||||||||
Real estate: | ||||||||||||||||||||||
Commercial | $ | 84,300 | $ | 39,049 | $ | 34,774 | $ | 73,823 | $ | 4,112 | ||||||||||||
Construction: | ||||||||||||||||||||||
Land acquisition & development | 28,558 | 15,891 | 7,173 | 23,064 | 1,457 | |||||||||||||||||
Residential | 3,018 | 1,976 | 710 | 2,686 | 251 | |||||||||||||||||
Commercial | 10,447 | 7,785 | 340 | 8,125 | 69 | |||||||||||||||||
Total construction loans | 42,023 | 25,652 | 8,223 | 33,875 | 1,777 | |||||||||||||||||
Residential | 13,271 | 6,152 | 4,495 | 10,647 | 1,677 | |||||||||||||||||
Agricultural | 5,559 | 1,834 | 3,227 | 5,061 | 784 | |||||||||||||||||
Total real estate loans | 145,153 | 72,687 | 50,719 | 123,406 | 8,350 | |||||||||||||||||
Commercial | 12,770 | 9,036 | 3,206 | 12,242 | 1,919 | |||||||||||||||||
Agricultural | 589 | 509 | 28 | 537 | 28 | |||||||||||||||||
Total | $ | 158,512 | $ | 82,232 | $ | 53,953 | $ | 136,185 | $ | 10,297 | ||||||||||||
The following tables present the average recorded investment in and income recognized on impaired loans for the periods indicated: | ||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||
Average Recorded Investment | Income Recognized | Average Recorded Investment | Income Recognized | Average Recorded Investment | Income Recognized | |||||||||||||||||
Real estate: | ||||||||||||||||||||||
Commercial | $ | 54,701 | $ | 876 | $ | 66,330 | $ | 1,092 | $ | 78,670 | $ | 1,339 | ||||||||||
Construction: | ||||||||||||||||||||||
Land acquisition & development | 13,056 | 43 | 19,523 | 487 | 44,457 | 110 | ||||||||||||||||
Residential | 822 | — | 1,893 | — | 8,431 | 4 | ||||||||||||||||
Commercial | 1,529 | 8 | 3,936 | 4 | 16,401 | — | ||||||||||||||||
Total construction loans | 15,407 | 51 | 25,352 | 491 | 69,289 | 114 | ||||||||||||||||
Residential | 4,537 | 5 | 8,104 | 17 | 13,703 | 26 | ||||||||||||||||
Agricultural | 8,774 | 78 | 8,230 | 8 | 6,936 | 41 | ||||||||||||||||
Total real estate loans | 83,419 | 1,010 | 108,016 | 1,608 | 168,598 | 1,520 | ||||||||||||||||
Commercial | 13,789 | 50 | 15,047 | 68 | 15,741 | 84 | ||||||||||||||||
Agricultural | 447 | 23 | 313 | 16 | 942 | 27 | ||||||||||||||||
Total | $ | 97,655 | $ | 1,083 | $ | 123,376 | $ | 1,692 | $ | 185,281 | $ | 1,631 | ||||||||||
The amount of interest income recognized by the Company within the period that the loans were impaired was primarily related to loans modified in troubled debt restructurings that remained on accrual status. Interest payments received on non-accrual impaired loans are applied to principal. Interest income is subsequently recognized only to the extent cash payments are received in excess of principal due. If interest on impaired loans had been accrued, interest income on impaired loans during 2014, 2013 and 2012 would have been approximately $4,951, $5,786 and $8,463, respectively. | ||||||||||||||||||||||
Collateral dependent impaired loans are recorded at the fair value of the underlying collateral determined using discounted cash flows, independent appraisals and management estimates based upon current market conditions. For loans measured under the present value of cash flows method, the change in present value attributable to the passage of time, if applicable, is recognized in the provision for loan losses and thus no interest income is recognized. | ||||||||||||||||||||||
Modifications of performing loans are made in the ordinary course of business and are completed on a case-by-case basis as negotiated with the borrower. Loan modifications typically include interest rate changes, interest only periods of less than twelve months, short-term payment deferrals and extension of amortization periods to provide payment relief. A loan modification is considered a troubled debt restructuring if the borrower is experiencing financial difficulties and the Company, for economic or legal reasons, grants a concession to the borrower that it would not otherwise consider. Certain troubled debt restructurings are on non-accrual status at the time of restructuring and may be returned to accrual status after considering the borrower's sustained repayment performance in accordance with the restructuring agreement for a period of at least six months and management is reasonably assured of future performance. If the troubled debt restructuring meets these performance criteria and the interest rate granted at the modification is equal to or greater than the rate that the Company was willing to accept at the time of the restructuring for a new loan with comparable risk, then the loan will return to performing status and the accrual of interest will resume, although they continue to be individually evaluated for impairment and disclosed as impaired loans. | ||||||||||||||||||||||
The Company had loans renegotiated in troubled debt restructurings of $44,227 as of December 31, 2014, of which $23,275 were included in non-accrual loans and $20,952 were on accrual status. The Company had loans renegotiated in troubled debt restructurings of $59,792 as of December 31, 2013, of which $38,011 were included in non-accrual loans and $21,781 were on accrual status. | ||||||||||||||||||||||
The following table presents information on the Company's troubled debt restructurings that occurred during the periods indicated: | ||||||||||||||||||||||
Number of Notes | Type of Concession | Principal Balance at Restructure Date | ||||||||||||||||||||
Year Ended December 31, 2014 | Interest only period | Extension of terms or maturity | Interest rate adjustment | Other | ||||||||||||||||||
Real estate: | ||||||||||||||||||||||
Commercial | 13 | $ | 4,753 | $ | 672 | $ | 84 | $ | 1,047 | $ | 6,556 | |||||||||||
Residential | 1 | — | — | — | 15 | 15 | ||||||||||||||||
Total real estate loans | 14 | 4,753 | 672 | 84 | 1,062 | 6,571 | ||||||||||||||||
Consumer | 1 | — | 113 | — | — | 113 | ||||||||||||||||
Commercial | 5 | 476 | — | — | 30 | 506 | ||||||||||||||||
Total | 20 | $ | 5,229 | $ | 785 | $ | 84 | $ | 1,092 | $ | 7,190 | |||||||||||
Number of Notes | Type of Concession | Principal Balance at Restructure Date | ||||||||||||||||||||
Year ended December 31, 2013 | Interest only period | Extension of terms or maturity | Interest rate adjustment | Other | ||||||||||||||||||
Real estate: | ||||||||||||||||||||||
Commercial | 19 | $ | 543 | $ | 1,378 | $ | 11,420 | $ | 2,310 | $ | 15,651 | |||||||||||
Construction: | ||||||||||||||||||||||
Land acquisition & development | 8 | 528 | 7,308 | 1,952 | — | 9,788 | ||||||||||||||||
Residential | 3 | — | 408 | 411 | — | 819 | ||||||||||||||||
Total construction loans | 11 | 528 | 7,716 | 2,363 | — | 10,607 | ||||||||||||||||
Residential | 5 | — | 708 | — | 79 | 787 | ||||||||||||||||
Agriculture | 1 | — | — | 188 | — | 188 | ||||||||||||||||
Total real estate loans | 36 | 1,071 | 9,802 | 13,971 | 2,389 | 27,233 | ||||||||||||||||
Consumer | 1 | — | — | 27 | — | 27 | ||||||||||||||||
Commercial | 6 | 613 | 178 | 265 | 87 | 1,143 | ||||||||||||||||
Total | 43 | $ | 1,684 | $ | 9,980 | $ | 14,263 | $ | 2,476 | $ | 28,403 | |||||||||||
Number of Notes | Type of Concession | Principal Balance at Restructure Date | ||||||||||||||||||||
Year ended December 31, 2012 | Interest only period | Extension of terms or maturity | Interest rate adjustment | Other | ||||||||||||||||||
Real estate: | ||||||||||||||||||||||
Commercial | 16 | $ | — | $ | 959 | $ | 4,504 | $ | 8,611 | $ | 14,074 | |||||||||||
Construction: | ||||||||||||||||||||||
Commercial | 1 | — | — | — | 3,155 | 3,155 | ||||||||||||||||
Land acquisition & development | 5 | — | 1,000 | 1,757 | 623 | 3,380 | ||||||||||||||||
Residential | 2 | — | 280 | 233 | — | 513 | ||||||||||||||||
Total construction loans | 8 | — | 1,280 | 1,990 | 3,778 | 7,048 | ||||||||||||||||
Residential | 2 | 568 | 25 | — | — | 593 | ||||||||||||||||
Agriculture | 1 | — | 154 | — | — | 154 | ||||||||||||||||
Total real estate loans | 27 | 568 | 2,418 | 6,494 | 12,389 | 21,869 | ||||||||||||||||
Consumer | 1 | — | 69 | — | — | 69 | ||||||||||||||||
Commercial | 10 | 387 | 217 | — | 218 | 822 | ||||||||||||||||
Total | 38 | $ | 955 | $ | 2,704 | $ | 6,494 | $ | 12,607 | $ | 22,760 | |||||||||||
Other concessions include payment reductions or deferrals for a specified period of time or the extension of amortization schedules. A specific reserve may have been previously recorded for loans modified in troubled debt restructurings that were on non-accrual status or otherwise deemed impaired before the modification. In periods subsequent to modification, the Company continues to evaluate all loans modified in troubled debt restructurings for possible impairment, which is recognized through the allowance for loan losses. Financial effects of modifications may include principal loan forgiveness or other charge-offs directly related to the restructuring. The Company had no charge-offs directly related to loans modified in troubled debt restructurings taken at the time of restructuring during 2014, 2013 or 2012. | ||||||||||||||||||||||
The Company considers a payment default to occur on loans modified in troubled debt restructurings when the loan is 90 days or more past due or was placed on non-accrual status after the modification. As of December 31, 2014, 2013 and 2012, loans modified in troubled debt restructurings within the previous 12 months for which there was a payment default during the period were not significant. As of December 31, 2014, and 2013, all of the loans modified in troubled debt restructurings with payment defaults during the previous twelve months were on non-accrual status. | ||||||||||||||||||||||
At December 31, 2014, there were no material commitments to lend additional funds to borrowers whose existing loans have been renegotiated or are classified as non-accrual. | ||||||||||||||||||||||
As part of the on-going and continuous monitoring of the credit quality of the Company’s loan portfolio, management tracks internally assigned risk classifications of loans. The Company adheres to a Uniform Classification System developed jointly by the various bank regulatory agencies to internally risk rate loans. The Uniform Classification System defines three broad categories of criticized assets, which the Company uses as credit quality indicators: | ||||||||||||||||||||||
Other Assets Especially Mentioned — includes loans that exhibit weaknesses in financial condition, loan structure or documentation, which if not promptly corrected, may lead to the development of abnormal risk elements. | ||||||||||||||||||||||
Substandard — includes loans that are inadequately protected by the current sound worth and paying capacity of the borrower. Although the primary source of repayment for a Substandard is not currently sufficient; collateral or other sources of repayment are sufficient to satisfy the debt. Continuance of a Substandard loan is not warranted unless positive steps are taken to improve the worthiness of the credit. | ||||||||||||||||||||||
Doubtful — includes loans that exhibit pronounced weaknesses to a point where collection or liquidation in full, on the basis of currently existing facts, conditions and values, is highly questionable and improbable. Doubtful loans are required to be placed on non-accrual status and are assigned specific loss exposure. | ||||||||||||||||||||||
The following tables present the Company’s recorded investment in criticized loans by class and credit quality indicator based on the most recent analysis performed as of the dates indicated: | ||||||||||||||||||||||
As of December 31, 2014 | Other Assets | Substandard | Doubtful | Total | ||||||||||||||||||
Especially | Criticized | |||||||||||||||||||||
Mentioned | Loans | |||||||||||||||||||||
Real estate: | ||||||||||||||||||||||
Commercial | $ | 84,533 | $ | 83,448 | $ | 15,246 | $ | 183,227 | ||||||||||||||
Construction: | ||||||||||||||||||||||
Land acquisition & development | 11,826 | 15,016 | 2,507 | 29,349 | ||||||||||||||||||
Residential | 2,029 | 2,666 | — | 4,695 | ||||||||||||||||||
Commercial | 39 | 253 | 2,442 | 2,734 | ||||||||||||||||||
Total construction loans | 13,894 | 17,935 | 4,949 | 36,778 | ||||||||||||||||||
Residential | 10,473 | 10,848 | 1,121 | 22,442 | ||||||||||||||||||
Agricultural | 10,122 | 12,328 | 612 | 23,062 | ||||||||||||||||||
Total real estate loans | 119,022 | 124,559 | 21,928 | 265,509 | ||||||||||||||||||
Consumer: | ||||||||||||||||||||||
Indirect consumer | 916 | 1,590 | 121 | 2,627 | ||||||||||||||||||
Other consumer | 553 | 1,085 | 432 | 2,070 | ||||||||||||||||||
Credit card | — | 348 | 1,263 | 1,611 | ||||||||||||||||||
Total consumer loans | 1,469 | 3,023 | 1,816 | 6,308 | ||||||||||||||||||
Commercial | 25,766 | 32,433 | 10,273 | 68,472 | ||||||||||||||||||
Agricultural | 7,827 | 3,660 | 837 | 12,324 | ||||||||||||||||||
Total | $ | 154,084 | $ | 163,675 | $ | 34,854 | $ | 352,613 | ||||||||||||||
As of December 31, 2013 | Other Assets | Substandard | Doubtful | Total | ||||||||||||||||||
Especially | Criticized | |||||||||||||||||||||
Mentioned | Loans | |||||||||||||||||||||
Real estate: | ||||||||||||||||||||||
Commercial | $ | 79,747 | $ | 86,426 | $ | 24,840 | $ | 191,013 | ||||||||||||||
Construction: | ||||||||||||||||||||||
Land acquisition & development | 13,211 | 19,677 | 7,329 | 40,217 | ||||||||||||||||||
Residential | 1,859 | 1,649 | 277 | 3,785 | ||||||||||||||||||
Commercial | — | 409 | 84 | 493 | ||||||||||||||||||
Total construction loans | 15,070 | 21,735 | 7,690 | 44,495 | ||||||||||||||||||
Residential | 7,500 | 7,188 | 4,184 | 18,872 | ||||||||||||||||||
Agricultural | 13,597 | 10,245 | 2,370 | 26,212 | ||||||||||||||||||
Total real estate loans | 115,914 | 125,594 | 39,084 | 280,592 | ||||||||||||||||||
Consumer: | ||||||||||||||||||||||
Indirect consumer | 875 | 1,524 | 115 | 2,514 | ||||||||||||||||||
Other consumer | 573 | 969 | 268 | 1,810 | ||||||||||||||||||
Credit card | — | 392 | 2,010 | 2,402 | ||||||||||||||||||
Total consumer loans | 1,448 | 2,885 | 2,393 | 6,726 | ||||||||||||||||||
Commercial | 33,318 | 23,833 | 3,745 | 60,896 | ||||||||||||||||||
Agricultural | 8,401 | 1,788 | 86 | 10,275 | ||||||||||||||||||
Total | $ | 159,081 | $ | 154,100 | $ | 45,308 | $ | 358,489 | ||||||||||||||
The Company maintains a credit review function, which is independent of the credit approval process, to assess assigned internal risk classifications and monitor compliance with internal lending policies and procedures. Written action plans with firm target dates for resolution of identified problems are maintained and reviewed on a quarterly basis for all categories of criticized loans. |
Allowance_For_Loan_Losses
Allowance For Loan Losses | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||
Allowance For Loan Losses | ALLOWANCE FOR LOAN LOSSES | ||||||||||||||||||
The following table presents a summary of changes in the allowance for loan losses by portfolio segment: | |||||||||||||||||||
Year ended December 31, 2014 | Real Estate | Consumer | Commercial | Agriculture | Other | Total | |||||||||||||
Allowance for loan losses: | |||||||||||||||||||
Beginning balance | $ | 63,923 | $ | 6,193 | $ | 14,747 | $ | 476 | $ | — | $ | 85,339 | |||||||
Provision charged (credited) to operating | (10,348 | ) | 1,382 | 1,809 | 535 | — | (6,622 | ) | |||||||||||
expense | |||||||||||||||||||
Less loans charged-off | (3,014 | ) | (4,887 | ) | (6,030 | ) | (64 | ) | — | (13,995 | ) | ||||||||
Add back recoveries of loans previously charged-off | 3,323 | 2,347 | 3,781 | 27 | — | 9,478 | |||||||||||||
Ending balance | $ | 53,884 | $ | 5,035 | $ | 14,307 | $ | 974 | $ | — | $ | 74,200 | |||||||
Individually evaluated for impairment | $ | 3,961 | $ | — | $ | 1,190 | $ | 641 | $ | — | $ | 5,792 | |||||||
Collectively evaluated for impairment | 49,923 | 5,035 | 13,117 | 333 | — | 68,408 | |||||||||||||
Ending balance | $ | 53,884 | $ | 5,035 | $ | 14,307 | $ | 974 | $ | — | $ | 74,200 | |||||||
Total loans: | |||||||||||||||||||
Individually evaluated for impairment | $ | 62,775 | $ | — | $ | 14,526 | $ | 1,179 | $ | — | $ | 78,480 | |||||||
Collectively evaluated for impairment | 3,203,306 | 762,471 | 725,547 | 123,680 | 3,959 | 4,818,963 | |||||||||||||
Total loans | $ | 3,266,081 | $ | 762,471 | $ | 740,073 | $ | 124,859 | $ | 3,959 | $ | 4,897,443 | |||||||
Year ended December 31, 2013 | Real Estate | Consumer | Commercial | Agriculture | Other | Total | |||||||||||||
Allowance for loan losses: | |||||||||||||||||||
Beginning balance | $ | 75,782 | $ | 7,141 | $ | 17,085 | $ | 503 | $ | — | $ | 100,511 | |||||||
Provision charged (credited) to operating | (7,722 | ) | 1,605 | 41 | (49 | ) | — | (6,125 | ) | ||||||||||
expense | |||||||||||||||||||
Less loans charged-off | (10,224 | ) | (4,612 | ) | (5,672 | ) | (5 | ) | — | (20,513 | ) | ||||||||
Add back recoveries of loans previously charged-off | 6,087 | 2,059 | 3,293 | 27 | — | 11,466 | |||||||||||||
Ending balance | $ | 63,923 | $ | 6,193 | $ | 14,747 | $ | 476 | $ | — | $ | 85,339 | |||||||
Individually evaluated for impairment | $ | 7,339 | $ | — | $ | 1,504 | $ | 86 | $ | — | $ | 8,929 | |||||||
Collectively evaluated for impairment | 56,584 | 6,193 | 13,243 | 390 | — | 76,410 | |||||||||||||
Ending balance | $ | 63,923 | $ | 6,193 | $ | 14,747 | $ | 476 | $ | — | $ | 85,339 | |||||||
Total loans: | |||||||||||||||||||
Individually evaluated for impairment | $ | 96,862 | $ | — | $ | 13,585 | $ | 125 | $ | — | $ | 110,572 | |||||||
Collectively evaluated for impairment | 2,786,254 | 671,587 | 662,959 | 111,747 | 1,734 | 4,234,281 | |||||||||||||
Total loans | $ | 2,883,116 | $ | 671,587 | $ | 676,544 | $ | 111,872 | $ | 1,734 | $ | 4,344,853 | |||||||
Year ended December 31, 2012 | Real Estate | Consumer | Commercial | Agriculture | Other | Total | |||||||||||||
Allowance for loan losses: | |||||||||||||||||||
Beginning balance | $ | 87,396 | $ | 8,594 | $ | 15,325 | $ | 1,266 | $ | — | $ | 112,581 | |||||||
Provision charged (credited) to operating | 28,651 | 1,922 | 10,845 | (668 | ) | — | 40,750 | ||||||||||||
expense | |||||||||||||||||||
Less loans charged-off | (43,506 | ) | (5,320 | ) | (11,990 | ) | (120 | ) | — | (60,936 | ) | ||||||||
Add back recoveries of loans previously charged-off | 3,241 | 1,945 | 2,905 | 25 | — | 8,116 | |||||||||||||
Ending balance | $ | 75,782 | $ | 7,141 | $ | 17,085 | $ | 503 | $ | — | $ | 100,511 | |||||||
Individually evaluated for impairment | $ | 8,350 | $ | — | $ | 1,919 | $ | 28 | $ | — | $ | 10,297 | |||||||
Collectively evaluated for impairment | 67,432 | 7,141 | 15,166 | 475 | — | 90,214 | |||||||||||||
Ending balance | $ | 75,782 | $ | 7,141 | $ | 17,085 | $ | 503 | $ | — | $ | 100,511 | |||||||
Total loans: | |||||||||||||||||||
Individually evaluated for impairment | $ | 123,406 | $ | — | $ | 12,242 | $ | 537 | $ | — | $ | 136,185 | |||||||
Collectively evaluated for impairment | 2,660,420 | 636,794 | 676,511 | 113,090 | 912 | 4,087,727 | |||||||||||||
Total loans | $ | 2,783,826 | $ | 636,794 | $ | 688,753 | $ | 113,627 | $ | 912 | $ | 4,223,912 | |||||||
The Company performs a quarterly assessment of the adequacy of its allowance for loan losses in accordance with generally accepted accounting principles. The methodology used to assess the adequacy is consistently applied to the Company's loan portfolio and consists of three elements: (1) specific valuation allowances based on probable losses on impaired loans; (2) historical valuation allowances based on loan loss experience for similar loans with similar characteristics and trends; and (3) general valuation allowances determined based on changes in the nature of the loan portfolio, overall portfolio quality, industry concentrations, delinquency trends, general economic conditions and other qualitative risk factors both internal and external to the Company. | |||||||||||||||||||
Specific allowances are established for loans where management has determined that probability of a loss exists by analyzing the borrower’s ability to repay amounts owed, collateral deficiencies and any relevant qualitative or environmental factors impacting the loan. Historical valuation allowances are determined by applying percentage loss factors to the credit exposures from outstanding loans. For commercial, agricultural and real estate loans, loss factors are applied based on the internal risk classifications of these loans. For consumer loans, loss factors are applied on a portfolio basis. For commercial, agriculture and real estate loans, loss factor percentages are based on a migration analysis of our historical loss experience, designed to account for credit deterioration. For consumer loans, loss factor percentages are based on a one-year loss history. General valuation allowances are determined by evaluating, on a quarterly basis, changes in the nature and volume of the loan portfolio, overall portfolio quality, industry concentrations, current economic and regulatory factors and the estimated impact of current economic, environmental and regulatory conditions on historical loss rates. | |||||||||||||||||||
An allowance for loan losses is established for loans acquired credit impaired and for which the Company projects a decrease in the expected cash flows in periods subsequent to the acquisition of such loans. As of December 31, 2014, the Company's allowance for loans losses included $287 related to acquired credit impaired loans. |
Premises_and_Equipment
Premises and Equipment | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Property, Plant and Equipment [Abstract] | ||||||||
Premises and Equipment | PREMISES AND EQUIPMENT | |||||||
Premises and equipment and related accumulated depreciation are as follows: | ||||||||
December 31, | 2014 | 2013 | ||||||
Land | $ | 40,620 | $ | 37,581 | ||||
Buildings and improvements | 209,328 | 196,950 | ||||||
Furniture and equipment | 74,959 | 68,870 | ||||||
324,907 | 303,401 | |||||||
Less accumulated depreciation | (129,695 | ) | (123,711 | ) | ||||
Premises and equipment, net | $ | 195,212 | $ | 179,690 | ||||
The Parent Company and a FIB branch office lease premises from an affiliated partnership. See Note 16—Commitments and Contingencies. |
Company_Owned_Life_Insurance
Company - Owned Life Insurance | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Investments, All Other Investments [Abstract] | ||||||||
Company-Owned Life Insurance | COMPANY-OWNED LIFE INSURANCE | |||||||
Company-owned life insurance consists of the following: | ||||||||
December 31, | 2014 | 2013 | ||||||
Key executive, principal shareholder | $ | 3,798 | $ | 3,660 | ||||
Key executive split dollar | 4,707 | 4,628 | ||||||
Group life | 145,316 | 113,887 | ||||||
Total | $ | 153,821 | $ | 122,175 | ||||
The Company maintains key executive life insurance policies on certain principal shareholders. Under these policies, the Company receives benefits payable upon the death of the insured. The net cash surrender value of key executive, principal shareholder insurance policies was $3,798 and $3,660 at December 31, 2014 and 2013, respectively. | ||||||||
The Company also has life insurance policies covering selected other key officers. The net cash surrender value of these policies was $4,707 and $4,628 at December 31, 2014 and 2013, respectively. Under these policies, the Company receives benefits payable upon death of the insured. An endorsement split dollar agreement has been executed with the selected key officers whereby a portion of the policy death benefit is payable to their designated beneficiaries. The endorsement split dollar agreement will provide post-retirement coverage for those selected key officers meeting specified retirement qualifications. The Company expenses the earned portion of the post-employment benefit through the vesting period. | ||||||||
The Company has group life insurance policies covering selected officers of FIB. The net cash surrender value of these policies was $132,111 and $113,887 at December 31, 2014 and 2013, respectively. Under these policies, the Company receives benefits payable upon death of the insured. The Company has entered into either an endorsement split dollar agreement or a survivor income benefit agreement with each insured officer. Under the endorsement split dollar agreements, a portion of the policy death benefit is payable to the insured's designated beneficiary if the insured is employed by the Company at the time of death. Under the survivor income benefit agreements, the Company makes a lump-sum payment to the insured's designated beneficiary if the insured is employed by the Company at the time of death. | ||||||||
The Company obtained group life insurance policies covering certain key employees of MWB as part of the MWFC acquisition. The net cash surrender value of these policies was $13,205 at December 31, 2014. Under these policies, the Company receives all benefits payable upon death of the insured. |
Other_Real_Estate_Owned
Other Real Estate Owned | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Repossessed Assets [Abstract] | ||||||||||||
Other Real Estate Owned | OTHER REAL ESTATE OWNED | |||||||||||
Information with respect to the Company’s other real estate owned follows: | ||||||||||||
Year Ended December 31, | 2014 | 2013 | 2012 | |||||||||
Balance at beginning of year | $ | 15,504 | $ | 32,571 | $ | 37,452 | ||||||
Acquisitions | 3,608 | — | — | |||||||||
Additions | 5,198 | 11,545 | 43,541 | |||||||||
Capitalized improvements | — | 65 | 75 | |||||||||
Valuation adjustments | (224 | ) | (3,512 | ) | (6,724 | ) | ||||||
Dispositions | (10,532 | ) | (25,165 | ) | (41,773 | ) | ||||||
Balance at end of year | $ | 13,554 | $ | 15,504 | $ | 32,571 | ||||||
Write-downs of $224 during 2014 included adjustments of $93 directly related to receipt of updated appraisals and adjustments of $131 based on other sources, including management estimates of the current fair value of properties. Write-downs of $3,512 during 2013 included adjustments of $1,083 directly related to receipt of updated appraisals and adjustments of $2,429 based on other sources, including management estimates of the current fair value of properties. Write-downs of $6,724 during 2012 included adjustments of $702 directly related to receipt of updated appraisals and adjustments of $6,022 based on other sources, including management estimates of the current fair value of properties. |
Mortgage_Servicing_Rights
Mortgage Servicing Rights | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Transfers and Servicing [Abstract] | ||||||||||||
Mortgage Servicing Rights | MORTGAGE SERVICING RIGHTS | |||||||||||
Information with respect to the Company’s mortgage servicing rights follows: | ||||||||||||
Year Ended December 31, | 2014 | 2013 | 2012 | |||||||||
Balance at beginning of year | $ | 14,018 | $ | 13,224 | $ | 13,450 | ||||||
Sales of mortgage servicing rights | — | — | (735 | ) | ||||||||
Originations of mortgage servicing rights | 2,717 | 3,581 | 4,563 | |||||||||
Amortization expense | (2,361 | ) | (2,787 | ) | (3,501 | ) | ||||||
Write-off of permanent impairment | — | — | (553 | ) | ||||||||
Balance at end of year | 14,374 | 14,018 | 13,224 | |||||||||
Less valuation reserve | (336 | ) | (472 | ) | (571 | ) | ||||||
Balance at end of year | $ | 14,038 | $ | 13,546 | $ | 12,653 | ||||||
Principal balance of serviced loans underlying mortgage servicing rights | $ | 2,615,311 | $ | 2,416,621 | $ | 2,146,351 | ||||||
Mortgage servicing rights as a percentage of serviced loans | 0.54 | % | 0.56 | % | 0.59 | % | ||||||
At December 31, 2014, the estimated fair value and weighted average remaining life of the Company’s mortgage servicing rights were $21,434 and 6.9 years, respectively. The fair value of mortgage servicing rights was determined using discount rates ranging from 9.5% to 21.0% and monthly prepayment speeds ranging from 0.6% to 2.4% depending upon the risk characteristics of the underlying loans. The Company reversed impairment of $136, $99 and $771 in 2014, 2013 and 2012, respectively. Permanent impairment of $553 was charged against the carrying value of mortgage servicing rights in 2012. No permanent impairment was recorded in 2014 or 2013. | ||||||||||||
During 2012, the Company sold mortgage servicing rights with carrying values aggregating $735. A gain of $19 on the sale was recorded as other income. In conjunction with the sale, the Company entered into an agreement with the purchaser whereby the Company continues to sub-service the loans underlying the sold mortgage servicing rights. |
Deposits
Deposits | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Deposits [Abstract] | ||||||||
Deposits | DEPOSITS | |||||||
Deposits are summarized as follows: | ||||||||
December 31, | 2014 | 2013 | ||||||
Non-interest bearing demand | $ | 1,791,364 | $ | 1,491,683 | ||||
Interest bearing: | ||||||||
Demand | 2,133,273 | 1,848,806 | ||||||
Savings | 1,843,355 | 1,602,544 | ||||||
Time, $100 and over | 520,125 | 492,051 | ||||||
Time, other | 718,095 | 698,666 | ||||||
Total interest bearing | 5,214,848 | 4,642,067 | ||||||
Total deposits | $ | 7,006,212 | $ | 6,133,750 | ||||
The Company had no brokered time deposits as of December 31, 2014 and 2013. | ||||||||
Other time deposits include deposits obtained through the Company’s participation in the Certificate of Deposit Account Registry Service (“CDARS”). CDARS deposits totaled $40,491 and $51,526 as of December 31, 2014 and 2013, respectively. | ||||||||
As of December 31, 2014 and 2013, the Company had time deposits of $228,410 and $207,504, respectively, that met or exceeded the FDIC insurance limit of $250. | ||||||||
Maturities of time deposits at December 31, 2014 are as follows: | ||||||||
Time, $100 | Total Time | |||||||
and Over | ||||||||
2015 | $ | 337,404 | $ | 803,986 | ||||
2016 | 90,509 | 209,192 | ||||||
2017 | 58,387 | 127,367 | ||||||
2018 | 20,971 | 62,084 | ||||||
2019 | 12,854 | 35,577 | ||||||
Thereafter | — | 14 | ||||||
Total | $ | 520,125 | $ | 1,238,220 | ||||
Interest expense on time deposits of $100 or more was $4,003, $4,880 and $6,951 for the years ended December 31, 2014, 2013 and 2012, respectively. |
LongTerm_Debt_and_Other_Borrow
Long-Term Debt and Other Borrowed Funds | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Debt Disclosure [Abstract] | ||||||||
Long-Term Debt and Other Borrowed Funds | LONG-TERM DEBT AND OTHER BORROWED FUNDS | |||||||
A summary of long-term debt follows: | ||||||||
December 31, | 2014 | 2013 | ||||||
Parent Company: | ||||||||
6.81% subordinated term loan maturing January 9, 2018, principal due at maturity, interest payable quarterly | $ | 20,000 | $ | 20,000 | ||||
Subsidiaries: | ||||||||
Variable rate subordinated term loan maturing February 28, 2018, principal due at maturity, interest payable quarterly (rate of 2.24% at December 31, 2014) | 15,000 | 15,000 | ||||||
4.86% note payable to FHLB, maturing October 31, 2015 | 225 | 225 | ||||||
8.00% capital lease obligation with term ending October 25, 2029 | 1,643 | 1,692 | ||||||
6.24% note payable maturing September 2032, principal due at maturity, interest payable monthly | 1,199 | — | ||||||
Total long-term debt | $ | 38,067 | $ | 36,917 | ||||
Maturities of long-term debt at December 31, 2014 are as follows: | ||||||||
2015 | $ | 285 | ||||||
2016 | 65 | |||||||
2017 | 71 | |||||||
2018 | 35,077 | |||||||
2019 | 83 | |||||||
Thereafter | 2,486 | |||||||
Total | $ | 38,067 | ||||||
On January 10, 2008, the Company borrowed $20,000 on a 6.81% unsecured subordinated term loan maturing January 9, 2018, with interest payable quarterly and principal due at maturity. The unsecured subordinated term loan qualifies as tier 2 capital under regulatory capital adequacy guidelines. | ||||||||
During February 2008, the Company borrowed $15,000 on a variable rate unsecured subordinated term loan maturing February 28, 2018, with interest payable quarterly and principal due at maturity. The Company may elect at various dates either prime or LIBOR plus 2.00%. The interest rate on the subordinated term loan was 2.24% as of December 31, 2014. The unsecured subordinated term loan qualifies as tier 2 capital under regulatory capital adequacy guidelines. | ||||||||
The note payable to FHLB is secured by a blanket assignment of the Company’s qualifying residential and commercial real estate loans. The Company has available lines of credit with the FHLB of approximately $701,768, subject to collateral availability. As of December 31, 2014 and 2013, FHLB advances of $225 were included in long-term debt. As of December 31, 2014 and 2013 there were no short-term advances outstanding with the FHLB. | ||||||||
The Company has a capital lease obligation on a banking office. The balance of the obligation was $1,643 and $1,692 as of December 31, 2014 and 2013, respectively. Assets acquired under capital lease, consisting solely of a building and leasehold improvements, are included in premises and equipment and are subject to depreciation. | ||||||||
In conjunction with the MWFC acquisition, the Company assumed a 6.24% fixed rate note payable maturing in September, 2032, with interest payable monthly and principal due at maturity. The balance of the obligation was $1,199 as of December 31, 2014. | ||||||||
The Company had other borrowed funds of $9 and $3 as of December 31, 2014 and 2013, respectively, consisting of demand notes issued to the United States Treasury, secured by investment securities and bearing no interest. | ||||||||
The Company has federal funds lines of credit with third parties amounting to $115,000, subject to funds availability. These lines are subject to cancellation without notice. The Company also has a line of credit with the Federal Reserve Bank for borrowings up to $364,205 secured by a blanket pledge of indirect consumer loans. |
Subordinated_Debentures_Held_b
Subordinated Debentures Held by Subsidiary Trusts | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Subordinated Borrowings [Abstract] | |||||||||||
Subordinated Debentures Held by Subsidiary Trusts | SUBORDINATED DEBENTURES HELD BY SUBSIDIARY TRUSTS | ||||||||||
The Company sponsors six wholly-owned business trusts, Trust I, Trust II, Trust III, Trust IV, Trust V and Trust VI (collectively, the “Trusts”). The Trusts were formed for the exclusive purpose of issuing an aggregate of $80,000 of 30-year floating rate mandatorily redeemable capital trust preferred securities (“Trust Preferred Securities”) to third-party investors. The Trusts also issued, in aggregate, $2,477 of common equity securities to the Parent Company. Proceeds from the issuance of the Trust Preferred Securities and common equity securities were invested in 30-year junior subordinated deferrable interest debentures (“Subordinated Debentures”) issued by the Parent Company. | |||||||||||
A summary of Subordinated Debenture issuances follows: | |||||||||||
Principal Amount Outstanding | |||||||||||
as of December 31, | |||||||||||
Issuance | Maturity Date | 2014 | 2013 | ||||||||
October 2007 | January 1, 2038 | $ | 10,310 | $ | 10,310 | ||||||
November 2007 | December 15, 2037 | 15,464 | 15,464 | ||||||||
December 2007 | December 15, 2037 | 20,619 | 20,619 | ||||||||
December 2007 | April 1, 2038 | 15,464 | 15,464 | ||||||||
January 2008 | April 1, 2038 | 10,310 | 10,310 | ||||||||
January 2008 | April 1, 2038 | 10,310 | 10,310 | ||||||||
Total subordinated debentures held by subsidiary trusts | $ | 82,477 | $ | 82,477 | |||||||
In October 2007, the Company issued $10,310 of Subordinated Debentures to Trust II. The Subordinated Debentures bear a cumulative floating interest rate equal to LIBOR plus 2.25% per annum. As of December 31, 2014 the interest rate on the Subordinated Debentures was 2.49%. | |||||||||||
In November 2007, the Company issued $15,464 of Subordinated Debentures to Trust I. The Subordinated Debentures bore interest at a fixed rate of 7.50% for five years after issuance until December 16, 2012, and thereafter at a variable rate equal to LIBOR plus 2.75% per annum. As of December 31, 2014, the interest rate on the Subordinated Debentures was 2.99%. | |||||||||||
In December 2007, the Company issued $20,619 of Subordinated Debentures to Trust III. The Subordinated Debentures bore interest at a fixed rate of 6.88% for five years after issuance until December 15, 2012, and thereafter at a variable rate equal to LIBOR plus 2.40% per annum. As of December 31, 2014, the interest rate on the Subordinated Debentures was 2.64%. | |||||||||||
In December 2007, the Company issued $15,464 of Subordinated Debentures to Trust IV. The Subordinated Debentures bear a cumulative floating interest rate equal to LIBOR plus 2.70% per annum. As of December 31, 2014 the interest rate on the Subordinated Debentures was 2.94%. | |||||||||||
In January 2008, the Company issued $10,310 of Subordinated Debentures to Trust V. The Subordinated Debentures bore interest at a fixed rate of 6.78% for five years after issuance until April 1, 2013, and thereafter at a variable rate equal to LIBOR plus 2.75% per annum. As of December 31, 2014 the interest rate on the Subordinated Debentures was 2.99%. | |||||||||||
In January 2008, the Company issued $10,310 of Subordinated Debentures to Trust VI. The Subordinated Debentures bear a cumulative floating interest rate equal to LIBOR plus 2.75% per annum. As of December 31, 2014, the interest rate on the Subordinated Debentures was 2.99%. | |||||||||||
The Subordinated Debentures are unsecured with interest distributions payable quarterly. The Company may defer the payment of interest at any time provided that the deferral period does not extend past the stated maturity. During any such deferral period, distributions on the Trust Preferred Securities will also be deferred and the Company’s ability to pay dividends on its common and preferred shares is restricted. The Subordinated Debentures may be redeemed, subject to approval by the Federal Reserve Bank, at the Company’s option on or after five years from the date of issue, or at any time in the event of unfavorable changes in laws or regulations. Debt issuance costs consisting primarily of underwriting discounts and professional fees were capitalized and are being amortized through maturity to interest expense using the straight-line method, which approximates level yield. | |||||||||||
The terms of the Trust Preferred Securities are identical to those of the Subordinated Debentures. The Trust Preferred Securities are subject to mandatory redemption upon repayment of the Subordinated Debentures at their stated maturity dates or earlier redemption in an amount equal to their liquidation amount plus accumulated and unpaid distributions to the date of redemption. The Company guarantees the payment of distributions and payments for redemption or liquidation of the Trust Preferred Securities to the extent of funds held by the Trusts. | |||||||||||
Subject to certain limitations, the Trust Preferred Securities qualify as tier 1 capital of the Parent Company under the Federal Reserve Board’s capital adequacy guidelines. Proceeds from the issuance of the Trust Preferred Securities were used to fund acquisitions. | |||||||||||
In conjunction with the acquisition of MWFC on July 31, 2014, the Company acquired two business trusts, Mountain West Statutory Trust III and Mountain West Statutory Trust IV (collectively, the “Mountain West Trusts”). The Mountain West Trusts were formed for the exclusive purpose of issuing an aggregate of $19,825 of 30-year floating rate mandatorily redeemable capital trust preferred securities (“Mountain West Trust Preferred Securities”) to third-party investors. The Trusts also issued, in aggregate, $614 of common equity securities to MWFC. Proceeds from the issuance of the Trust Preferred Securities and common equity securities were invested in 30-year junior subordinated deferrable interest debentures (“Mountain West Subordinated Debentures”) issued by the MWFC. | |||||||||||
On December 15, 2014, the Company redeemed $14,433 of Mountain West Subordinated Debentures bearing a cumulative floating interest rate equal to LIBOR plus 1.85% per annum. The redemption price of $14,433 was equal to the $1 liquidation amount of each debenture plus all accrued and unpaid distributions to the date of redemption. The redemption of the Mountain West Subordinated Debentures caused a mandatory redemption of $14,000 of Mountain West trust Preferred Securities and $433 of common equity securities. | |||||||||||
On December 26, 2014, the Company redeemed $6,006 of Mountain West Subordinated Debentures bearing a cumulative floating interest rate equal to LIBOR plus 3.10% per annum. The redemption price of $6,006 was equal to the $1 liquidation amount of each debenture plus all accrued and unpaid distributions to the date of redemption. The redemption of the Mountain West Subordinated Debentures caused a mandatory redemption of $5,825 of Mountain West Trust Preferred Securities and $181 of common equity securities. |
Capital_Stock_and_Dividend_Res
Capital Stock and Dividend Restrictions | 12 Months Ended |
Dec. 31, 2014 | |
Equity [Abstract] | |
Capital Stock and Dividend Restrictions | CAPITAL STOCK AND DIVIDEND RESTRICTIONS |
The Company's authorized common stock consists of 200,000,000 shares, of which, 100,000,000 shares are designated as Class A common stock and 100,000,000 are designated as Class B common stock. The Class A common stock has one vote per share. The Class B common stock has five votes per share and is convertible to Class A common stock on a share-for-share basis at any time. | |
The Company had 21,928,932 shares of Class A common stock and 23,859,483 shares of Class B common stock outstanding as of December 31, 2014. The Company had 19,868,018 shares of Class A common stock and 24,287,045 shares of Class B common stock outstanding as of December 31, 2013. | |
On July 31, 2014, the Company issued 1,378,230 shares of its Class A common stock with an aggregate value of $35,972 as partial consideration for the acquisition of MWFC. In addition, the Company issued 24,581 shares of its Class A common stock with an aggregate value of $620 to directors for their service on the Company's board of directors during 2014. The Company issued 26,096 shares of its Class A common stock with an aggregate value of $543 to directors for their service on the Company's board of directors during 2013. | |
During 2014, the Company repurchased and retired 362,121 shares of its Class A common stock in a combination of open market and privately negotiated transactions at an aggregate purchase price of $9,078, or a weighted average price of $25.07 per share. The repurchases were made pursuant to a stock repurchase program approved by the Company's Board of Directors. All other stock repurchases during 2014 and 2013 were redemptions of vested restricted shares tendered in lieu of cash for payment of income tax withholding amounts by participants of the Company's 2006 Equity Compensation Plan. | |
On January 24, 2014, the Company filed a Registration Statement on Form S-8 to register an additional 1,500,000 share of Class A common stock to be issued pursuant to the Company's 2006 Equity Compensation Plan, as amended and restated. | |
As of December 31, 2012, the Company had 5,000 shares of 6.75% Series A noncumulative redeemable preferred stock (“Series A Preferred Stock”) issued with an aggregate value of $50,000. The Series A Preferred Stock ranked senior to the Company’s common stock with respect to dividend and liquidation rights and had no voting rights. Holders of the Series A Preferred Stock were entitled to receive, if and when declared, noncumulative dividends at an annual rate of $675 per share, based on a 360 day year. The Company redeemed all of the Series A Preferred Stock on January 18, 2013 at an aggregate redemption price of $50,150, or $10,000 per share plus all accrued and unpaid dividends. Upon notice to holders of the redemption in December 2012, the Series A Preferred Stock was reclassified from stockholders' equity to a liability. | |
The payment of dividends by subsidiary banks is subject to various federal and state regulatory limitations. In general, a bank is limited, without the prior consent of its regulators, to paying dividends that do not exceed current year net profits together with retained earnings from the two preceding calendar years. The Company’s debt instruments also include limitations on the payment of dividends. |
Earnings_per_Common_Share
Earnings per Common Share | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Earnings Per Share [Abstract] | ||||||||||||
Earnings per Common Share | EARNINGS PER COMMON SHARE | |||||||||||
Basic earnings per common share is calculated by dividing net income by the weighted average number of common shares outstanding during the period presented, excluding unvested restricted stock. Diluted earnings per share is calculated by dividing net income by the weighted average number of common shares determined for the basic earnings per share computation plus the dilutive effects of stock-based compensation using the treasury stock method. | ||||||||||||
The following table sets forth the computation of basic and diluted earnings per common share: | ||||||||||||
Year Ended December 31, | 2014 | 2013 | 2012 | |||||||||
Net income | $ | 84,401 | $ | 86,136 | $ | 58,224 | ||||||
Less preferred stock dividends | — | — | 3,300 | |||||||||
Net income available to common shareholders, basic and diluted | $ | 84,401 | $ | 86,136 | $ | 54,924 | ||||||
Weighted average common shares outstanding for basic earnings per share computation | 44,615,060 | 43,566,681 | 42,965,987 | |||||||||
Dilutive effects of stock-based compensation | 595,501 | 477,921 | 126,991 | |||||||||
Weighted average common shares outstanding for diluted earnings per common share computation | 45,210,561 | 44,044,602 | 43,092,978 | |||||||||
Basic earnings per common share | $ | 1.89 | $ | 1.98 | $ | 1.28 | ||||||
Diluted earnings per common share | 1.87 | 1.96 | 1.27 | |||||||||
The Company had 5,000, 21,372 and 2,427,823 stock options outstanding as of December 31, 2014, 2013 and 2012, respectively, that were not included in the computation of diluted earnings per common share because their effect would be anti-dilutive. The Company had 88,797, 37,734 and 41,240 shares of unvested restricted stock as of December 31, 2014, 2013 and 2012, respectively, that were not included in the computation of diluted earnings per common share because performance conditions for vesting had not been met. |
Regulatory_Capital
Regulatory Capital | 12 Months Ended | |||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||
Banking and Thrift [Abstract] | ||||||||||||||||||
Regulatory Capital | REGULATORY CAPITAL | |||||||||||||||||
The Company is subject to the regulatory capital requirements administered by federal banking regulators and the Federal Reserve. Failure to meet minimum capital requirements can initiate certain mandatory and possible additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Company’s financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Company must meet specific capital guidelines that involve quantitative measures of the Company’s assets, liabilities and certain off-balance sheet items as calculated under regulatory accounting practices. The Parent Company, like all bank holding companies, is not subject to the prompt corrective action provisions. Capital amounts and classification are 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 to maintain minimum amounts and ratios of total and tier 1 capital to risk-weighted assets, and of tier 1 capital to average assets, as defined in the regulations. As of December 31, 2014, the Company exceeded all capital adequacy requirements to which it is subject. | ||||||||||||||||||
The Company’s actual capital amounts and ratios and selected minimum regulatory thresholds and prompt corrective action provisions as of December 31, 2014 and 2013 are presented in the following table: | ||||||||||||||||||
Actual | Adequately Capitalized | Well Capitalized | ||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||
December 31, 2014 | ||||||||||||||||||
Total risk-based capital: | ||||||||||||||||||
Consolidated | $ | 897,769 | 16.2 | % | $ | 444,685 | 8 | % | NA | NA | ||||||||
FIB | 832,907 | 15.1 | 442,468 | 8 | $ | 553,085 | 10 | % | ||||||||||
Tier 1 risk-based capital: | ||||||||||||||||||
Consolidated | 807,229 | 14.5 | 222,343 | 4 | NA | NA | ||||||||||||
FIB | 754,708 | 13.7 | 221,234 | 4 | $ | 331,851 | 6 | |||||||||||
Leverage capital ratio: | ||||||||||||||||||
Consolidated | 807,229 | 9.6 | 335,897 | 4 | NA | NA | ||||||||||||
FIB | 754,708 | 9.2 | 330,006 | 4 | $ | 412,507 | 5 | |||||||||||
Actual | Adequately Capitalized | Well Capitalized | ||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||
December 31, 2013 | ||||||||||||||||||
Total risk-based capital: | ||||||||||||||||||
Consolidated | $ | 829,443 | 16.7 | % | $ | 396,210 | 8 | % | NA | NA | ||||||||
FIB | 723,955 | 14.7 | 394,038 | 8 | $ | 492,548 | 10 | % | ||||||||||
Tier 1 risk-based capital: | ||||||||||||||||||
Consolidated | 739,246 | 14.9 | 198,105 | 4 | NA | NA | ||||||||||||
FIB | 650,093 | 13.2 | 197,019 | 4 | $ | 295,529 | 6 | |||||||||||
Leverage capital ratio: | ||||||||||||||||||
Consolidated | 739,246 | 10.1 | 293,414 | 4 | NA | NA | ||||||||||||
FIB | 650,093 | 8.9 | 292,199 | 4 | $ | 365,248 | 5 | |||||||||||
On July 2, 2013, the Board of Governors of the Federal Reserve Bank issued a final rule implementing a revised regulatory capital framework for U.S. banks in accordance with the Basel III international accord and satisfying related mandates under the Dodd-Frank Wall Street Reform and Consumer Protection Act . The revised regulatory capital framework (the "Basel III Capital Rules") substantially revise the risk-based capital requirements applicable to bank holding companies and depository institutions by defining the components of capital and addressing other issues affecting the numerator in banking institutions’ regulatory capital ratios, addressing risk weights and other issues affecting the denominator in banking institutions’ regulatory capital ratios and replacing the existing risk-weighting approach with a more risk-sensitive approach. The Basel III Capital Rules are effective for the Company on January 1, 2015, subject to a phase-in period for certain provisions. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ||||||||||||
Commitments and Contingencies | COMMITMENTS AND CONTINGENCIES | |||||||||||
Legal Proceedings: | ||||||||||||
FIB was a defendant in a lender liability lawsuit, Kelly Logging Inc. v. First Interstate Bank (the “case"), which was tried in in the Montana Fourth Judicial District, Missoula County in Missoula, Montana (the “court") in August, 2014. On August 14, 2014, a jury awarded damages to Kelly Logging of $17,047, which included $287 in compensatory damages and $16,760 in punitive damages. On October 1, 2014, a non-final judgment was entered in this matter in the amount of $17,047 plus reasonable attorney fees and interest. The non-final judgment is subject to the court's mandatory review of the jury's punitive damages award. The court held oral argument on the punitive damages award and an evidentiary hearing on Kelly Logging's attorneys' fees and costs. No decisions on the punitive damages award or Kelly Logging’s fees and costs have been rendered but FIB's other post-trial motions have been deemed denied for failure of the court to rule on them within the time allowed by the Montana Rules of Civil Procedure. | ||||||||||||
The Company intends to continue to defend itself vigorously in this litigation and believes it has valid bases in law and fact to appeal the verdict. The Montana Supreme Court has previously reduced an excessive punitive damage award to an amount within the upper limit of the federal due process guidelines and such guidelines are expected to be applied by the court and, if necessary, by the Montana Supreme Court in this case. Although the Company believes it has meritorious defenses and appellate issues for this litigation, these proceedings are subject to many uncertainties and, given their complexity and scope, the final outcome cannot be predicted and could have a material adverse effect on the consolidated financial condition, results of operations or liquidity of the Company. During 2014, the Company accrued $4,000 of litigation-related loss contingency expense, which takes into consideration the federal due process guidelines related to punitive damage awards and reasonable estimates of the plaintiff's attorneys fees and interest. | ||||||||||||
In the normal course of business, the Company is involved in various other claims and litigation. In the opinion of management, following consultation with legal counsel, the ultimate liability or disposition thereof is not expected to have a material adverse effect on the consolidated financial condition, results of operations or liquidity of the Company. | ||||||||||||
Other Committments: | ||||||||||||
The Company had commitments under construction contracts of $4,047 as of December 31, 2014. | ||||||||||||
The Company had commitments to purchase available-for-sale residential mortgage-backed investment securities of $16,840 as of December 31, 2014. | ||||||||||||
The Parent Company and the Billings office of FIB are the anchor tenants in a building owned by a partnership in which FIB is one of two partners, and has a 50% partnership interest. | ||||||||||||
The Company leases certain premises and equipment from third parties under operating leases. Total rental expense to third parties was $1,190 in 2014, $1,403 in 2013 and $1,423 in 2012. | ||||||||||||
The total future minimum rental commitments, exclusive of maintenance and operating costs, required under operating leases that have initial or remaining noncancelable lease terms in excess of one year at December 31, 2014, are as follows: | ||||||||||||
Third | Related | Total | ||||||||||
Parties | Partnership | |||||||||||
For the year ending December 31: | ||||||||||||
2015 | $ | 2,132 | $ | 676 | $ | 2,808 | ||||||
2016 | 2,236 | 676 | 2,912 | |||||||||
2017 | 1,728 | 499 | 2,227 | |||||||||
2018 | 1,537 | 188 | 1,725 | |||||||||
2019 | 1,487 | — | 1,487 | |||||||||
Thereafter | 9,941 | — | 9,941 | |||||||||
Total | $ | 19,061 | $ | 2,039 | $ | 21,100 | ||||||
Residential mortgage loans sold to investors in the secondary market are sold with varying recourse provisions. Essentially all of the loan sales agreements require the repurchase of a mortgage loan by the seller in situations such as breach of representation, warranty or covenant; untimely document delivery; false or misleading statements; failure to obtain certain certificates or insurance; unmarketability; etc. Certain loan sales agreements contain repurchase requirements based on payment-related defects that are defined in terms of the number of days or months since the purchase, the sequence number of the payment, and/or the number of days of payment delinquency. Based on the specific terms stated in the agreements, the Company had $4,486 and $5,871 of sold residential mortgage loans with recourse provisions still in effect as of December 31, 2014 and 2013, respectively. The Company did not repurchase any significant amount of loans from secondary market investors under the terms of loan sales agreements during the years ended December 31, 2014, 2013 and 2012. In the opinion of management, the risk of recourse and the subsequent requirement of loan repurchase to the Company is not significant, and accordingly no liabilities have been established related to such. In addition, the Company made various representations and warranties associated with the sale of loans. The Company has not incurred significant losses resulting from these provisions. |
Financial_Instruments_with_Off
Financial Instruments with Off-Balance Sheet Risk | 12 Months Ended |
Dec. 31, 2014 | |
Financial Instruments with Off-Balance Sheet Risk [Abstract] | |
Financial Instruments with Off-Balance Sheet Risk | FINANCIAL INSTRUMENTS WITH OFF-BALANCE SHEET RISK |
The Company is a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit and standby letters of credit. These instruments involve, to varying degrees, elements of credit and interest rate risk in excess of amounts recorded in the consolidated balance sheet. The Company evaluates each customer’s creditworthiness on a case-by-case basis. The amount of collateral obtained is based on management’s credit evaluation of the customer. Collateral held varies but may include accounts receivable, inventory, premises and equipment, and income-producing commercial properties. | |
Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the commitment contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Generally, commitments to extend credit are subject to annual renewal. Since many of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. Commitments to extend credit to borrowers approximated $1,415,119 at December 31, 2014, which included $476,752 on unused credit card lines and $363,609 with commitment maturities beyond one year. Commitments to extend credit to borrowers approximated $1,238,269 at December 31, 2013, which included $401,021 on unused credit card lines and $304,789 with commitment maturities beyond one year. | |
Standby letters of credit are conditional commitments issued by the Company to guarantee the performance of a customer to a third party. Most commitments extend for no more than two years and are generally subject to annual renewal. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loan facilities to customers. At December 31, 2014 and 2013, the Company had outstanding stand-by letters of credit of $58,950 and $53,508, respectively. The estimated fair value of the obligation undertaken by the Company in issuing standby letters of credit is included in accounts payable and accrued expenses in the Company’s consolidated balance sheets. |
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||
Income Taxes | INCOME TAXES | |||||||||||
Income tax expense consists of the following: | ||||||||||||
Year ended December 31, | 2014 | 2013 | 2012 | |||||||||
Current: | ||||||||||||
Federal | $ | 34,941 | $ | 30,757 | $ | 18,458 | ||||||
State | 4,928 | 4,533 | 2,818 | |||||||||
Total current | 39,869 | 35,290 | 21,276 | |||||||||
Deferred: | ||||||||||||
Federal | 4,870 | 10,056 | 7,697 | |||||||||
State | 475 | 1,220 | 1,065 | |||||||||
Total deferred | 5,345 | 11,276 | 8,762 | |||||||||
Total income tax expense | $ | 45,214 | $ | 46,566 | $ | 30,038 | ||||||
Total income tax expense differs from the amount computed by applying the statutory federal income tax rate of 35 percent in 2014, 2013 and 2012 to income before income taxes as a result of the following: | ||||||||||||
Year ended December 31, | 2014 | 2013 | 2012 | |||||||||
Tax expense at the statutory tax rate | $ | 45,365 | $ | 46,446 | $ | 30,892 | ||||||
Increase (decrease) in tax resulting from: | ||||||||||||
Tax-exempt income | (4,255 | ) | (3,620 | ) | (3,498 | ) | ||||||
State income tax, net of federal income tax benefit | 3,541 | 3,741 | 2,524 | |||||||||
Other, net | 563 | (1 | ) | 120 | ||||||||
Tax expense at effective tax rate | $ | 45,214 | $ | 46,566 | $ | 30,038 | ||||||
The tax effects of temporary differences between the financial statement carrying amounts and tax bases of assets and liabilities that give rise to significant portions of the net deferred tax asset (liability) relate to the following: | ||||||||||||
December 31, | 2014 | 2013 | ||||||||||
Deferred tax assets: | ||||||||||||
Loans, principally due to allowance for loan losses | $ | 28,506 | $ | 30,903 | ||||||||
Lease Costs | 719 | — | ||||||||||
Loss Contingencies | 1,785 | — | ||||||||||
Loan Discount | 7,022 | — | ||||||||||
Investment securities, unrealized losses | 2,728 | 9,473 | ||||||||||
Employee benefits | 8,256 | 6,813 | ||||||||||
Other real estate owned write-downs and carrying costs | 2,536 | 4,731 | ||||||||||
Deferred gain on sale of subsidiary | 253 | 484 | ||||||||||
Deferred revenue on contract | 481 | 545 | ||||||||||
Other | 760 | 299 | ||||||||||
Deferred tax assets | 53,046 | 53,248 | ||||||||||
Deferred tax liabilities: | ||||||||||||
Fixed assets, principally differences in bases and depreciation | (569 | ) | (4,227 | ) | ||||||||
Investment securities, unrealized gains | (1,351 | ) | — | |||||||||
Investment in joint venture partnership, principally due to differences in depreciation of partnership assets | (1,053 | ) | (700 | ) | ||||||||
Prepaid amounts | (1,385 | ) | (1,247 | ) | ||||||||
Government agency stock dividends | (2,407 | ) | (1,965 | ) | ||||||||
Goodwill and core deposit intangibles | (36,732 | ) | (28,167 | ) | ||||||||
Mortgage servicing rights | (4,144 | ) | (4,337 | ) | ||||||||
Other | (531 | ) | (451 | ) | ||||||||
Deferred tax liabilities | (48,172 | ) | (41,094 | ) | ||||||||
Net deferred tax assets | $ | 4,874 | $ | 12,154 | ||||||||
The Company had a current net income tax payable of $4,693 at December 31, 2014 and income tax receivable of $2,968 at December 31, 2013, which are included in accounts payable and accrued expenses. |
StockBased_Compensation
Stock-Based Compensation | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||
Stock-Based Compensation | STOCK-BASED COMPENSATION | ||||||||
The Company has equity awards outstanding under two stock-based compensation plans; the 2006 Equity Compensation Plan (the “2006 Plan”) and the 2001 Stock Option Plan. These plans were primarily established to enhance the Company’s ability to attract, retain and motivate employees. The Company’s Board of Directors or, upon delegation, the Compensation Committee of the Board of Directors (“Compensation Committee”) has exclusive authority to select employees, advisors and others, including directors, to receive awards and to establish the terms and conditions of each award made pursuant to the Company’s stock-based compensation plans. | |||||||||
The 2006 Plan, approved by the Company’s shareholders in May 2006 and May 2014, was established to consolidate into one plan the benefits available under the 2001 Stock Option Plan and all other then existing share-based award plans (collectively, the “Previous Plans”). The Previous Plans continue with respect to awards made prior to May 2006. All shares of common stock available for future grant under the Previous Plans were transferred into the 2006 Plan. At December 31, 2014, there were 783,007 common shares available for future grant under the 2006 Plan. All awards granted subsequent to March 29, 2010 are for shares of Class A common stock. All awards granted prior to March 29, 2010 are for shares of Class B common stock. | |||||||||
Stock Options. All options granted have an exercise price equal to fair market value, which is currently defined as the closing sales price for the stock as quoted on the NASDAQ Stock Market for the last market trading day preceding the date that the Company’s Board of Directors awards the benefit. Options may be subject to vesting as determined by the Company's Board of Directors or Compensation Committee, and can be exercised for periods of up to ten years from the date of grant. | |||||||||
Compensation expense related to stock option awards of $905, $1,390 and $1,276 was included in benefits on the Company’s consolidated income statements for the years ended December 31, 2014, 2013 and 2012, respectively. Related income tax benefits recognized for the years ended December 31, 2014, 2013 and 2012 were $346, $531 and $488, respectively. | |||||||||
The weighted average grant date fair value of options granted was $3.54 and $4.06 during the years ended December 31, 2013 and 2012, respectively. The fair value of each option award is estimated on the date of grant using the Black-Scholes option pricing model. No stock option awards were granted in 2014. The following table presents the weighted-average assumptions used in the option pricing model for the periods indicated: | |||||||||
Years ended December 31, | 2013 | 2012 | |||||||
Expected volatility | 30.61 | % | 37.46 | % | |||||
Expected dividend yield | 3 | % | 3.35 | % | |||||
Risk-free interest rate | 0.88 | % | 1.99 | % | |||||
Expected life of options (in years) | 5.52 | 7.85 | |||||||
Expected dividend yield is based on the Company’s annualized expected dividends per share divided by the average common stock price. Risk-free interest rate is based on the U.S. treasury constant maturity yield for treasury securities with maturities approximating the expected life of the options granted on the date of grant. The expected life of options is based on the Company’s historical exercise and post-vesting termination behaviors. Beginning in 2013, the Company used its own historical volatility of common stock for the expected volatility assumption. Prior to that and subsequent to the Company's initial public offering ("IPO"), which concluded on March 29, 2010, the Company expected the historical volatility of its common stock would not be indicative of future volatility. As such, in 2012 the Company estimated expected volatility based on the share price volatility of a peer group of publicly-traded regional banks of similar size and performance as the Company over the expected life of options. | |||||||||
The following table summarizes stock option activity under the Company’s active stock option plans for the year ended December 31, 2014: | |||||||||
Number of | Weighted-Average | Weighted-Average | |||||||
Shares | Exercise Price | Remaining | |||||||
Contract Life | |||||||||
Outstanding options, beginning of year | 2,523,593 | $ | 17.2 | ||||||
Granted | — | — | |||||||
Exercised | (739,290 | ) | 17.73 | ||||||
Forfeited | (5,893 | ) | 12.85 | ||||||
Expired | (30,378 | ) | 16.2 | ||||||
Outstanding options, end of year | 1,748,032 | $ | 17.01 | 4.43 years | |||||
Outstanding options exercisable, end of year | 1,393,010 | $ | 17.15 | 4.12 years | |||||
The total intrinsic value of fully-vested stock options outstanding as of December 31, 2014 was $14,879. The total intrinsic value of options exercised was $7,363, $7,108 and $1,158 during the years ended December 31, 2014, 2013 and 2012, respectively. The actual tax benefit realized for the tax deduction from option exercises totaled $2,594, $1,963 and $397 for the years ended December 31, 2014, 2013 and 2012, respectively. The Company received cash of $6,299, $9,271 and $1,612 from stock option exercises during the years ended December 31, 2014, 2013 and 2012, respectively. The Company redeemed common stock with aggregate values of $6,829, $8,721 and $2,675 tendered in payment for stock option exercises during the years ended December 31, 2014, 2013 and 2012, respectively. | |||||||||
Information with respect to the Company’s nonvested stock options as of and for the year ended December 31, 2014 follows: | |||||||||
Number of | Weighted-Average | ||||||||
Shares | Grant Date Fair Value | ||||||||
Nonvested stock options, beginning of year | 733,906 | $ | 3.78 | ||||||
Granted | — | ||||||||
Vested | (348,506 | ) | 3.94 | ||||||
Forfeited | (30,378 | ) | 3.7 | ||||||
Nonvested stock options, end of year | 355,022 | $ | 3.62 | ||||||
As of December 31, 2014, there was $577 of unrecognized compensation cost related to nonvested stock options granted under the Company’s active stock option plans. That cost is expected to be recognized over a weighted-average period of 0.86 years. The total fair value of shares vested during 2014 was $1,363. | |||||||||
Restricted Stock Awards. Common stock issued under the Company’s restricted stock plan may not be sold or otherwise transferred until restrictions have lapsed or performance objectives have been obtained. During the vesting periods, participants have voting rights and receive dividends on the restricted shares. Upon termination of employment, common shares upon which restrictions have not lapsed must be returned to the Company. | |||||||||
Based on the substantive terms of each award, restricted shares are classified as equity or liability awards. The fair value of equity-classified restricted stock awards is being amortized as compensation expense on a straight-line basis over the period restrictions lapse or performance goals are met. Compensation cost for liability-classified awards is expensed each period from the date of grant to the measurement date based on the fair value of the Company’s common stock at the end of each period. Compensation expense related to restricted stock awards of $2,109, $1,546 and $1,209 was included in benefits on the Company’s consolidated statements of income for the years ended December 31, 2014, 2013 and 2012, respectively. Related income tax benefits recognized for the years ended December 31, 2014, 2013 and 2012 were $807, $591 and $462, respectively. | |||||||||
The following table presents information regarding the Company’s restricted stock as of December 31, 2014: | |||||||||
Number of | Weighted-Average | ||||||||
Shares | Measurement Date | ||||||||
Fair Value | |||||||||
Restricted stock, beginning of year | 225,525 | $ | 16.08 | ||||||
Granted | 148,278 | 24.36 | |||||||
Vested | (96,143 | ) | 15.54 | ||||||
Forfeited | (27,772 | ) | 16.43 | ||||||
Canceled | (1,489 | ) | 21.39 | ||||||
Restricted stock, end of year | 248,399 | $ | 21.16 | ||||||
During 2014, the Company issued 148,278 restricted common shares. The 2014 restricted share awards included 73,938 performance restricted shares of which 24,646 vest in varying percentages upon achievement of defined return on asset performance goals, 24,646 vest in varying percentages upon achievement of defined return on equity performance goals and 24,646 vest in varying percentages upon achievement of defined total return to shareholder goals. Vesting of the performance restricted shares is also contingent on employment as of December 31, 2016. Additionally, 74,340 time-restricted shares were issued during 2014 that vest one-third on each annual anniversary of the grant date through February 15, 2017, contingent on continued employment through the vesting date. | |||||||||
As of December 31, 2014, there was $3,353 of unrecognized compensation cost related to nonvested restricted stock awards expected to be recognized over a period of 1.60 years. |
Employee_Benefit_Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2014 | |
Compensation Related Costs [Abstract] | |
Employee Benefit Plans | EMPLOYEE BENEFIT PLANS |
Profit Sharing Plan. The Company has a noncontributory profit sharing plan. All employees, other than temporary employees, working 20 hours or more per week are eligible to participate in the profit sharing plan. The Company’s Board of Directors authorize contributions to the profit sharing plan that are not to exceed, on an individual basis, the lesser of 100% of compensation or $40 annually. Participants become 100% vested upon the completion of three years of vesting service. Accrued contribution expense for this plan of $1,509, $1,555 and $2,063 in 2014, 2013 and 2012, respectively, is included in employee benefits expense in the Company’s consolidated statements of income.. | |
Savings Plan. In addition, the Company has a contributory employee savings plan. Eligibility requirements for this plan are the same as those for the profit sharing plan discussed in the preceding paragraph. Employee participation in the plan is at the option of the employee. The Company contributes $1.25 for each $1.00 of employee contributions up to 4% of the participating employee’s compensation. Accrued contribution expense for this plan of $4,256, $4,067 and $4,034 in 2014, 2013 and 2012, respectively, is included in employee benefits expense in the Company’s consolidated statements of income. | |
Postretirement Healthcare Plan. The Company sponsors a contributory defined benefit healthcare plan (the “Plan”) for active employees and employees and directors retiring from the Company at the age of at least 55 years and with at least 15 years of continuous service. Retired Plan participants contribute the full cost of benefits based on the average per capita cost of benefit coverage for both active employees and retired Plan participants. | |
The Plan’s unfunded benefit obligation of $3,577 and $4,870 as of December 31, 2014 and 2013, respectively, is included in accounts payable and accrued expenses in the Company’s consolidated balance sheets. Net periodic benefit costs of $400, $571 and $561 for the years ended December 31, 2014, 2013 and 2012, respectively, are included in employee benefits expense in the Company’s consolidated statements of income. | |
Weighted average actuarial assumptions used to determine the postretirement benefit obligation at December 31, 2014 , and the net periodic benefit costs for the year then ended, included a discount rate of 3.6% and a 5.5% annual increase in the per capita cost of covered healthcare benefits. Weighted average actuarial assumptions used to determine the postretirement benefit obligation at December 31, 2013, and the net periodic benefit costs for the year then ended, included a discount rate of 4.3% and a 5.0% annual increase in the per capita cost of covered healthcare benefits.The estimated effect of a one percent increase or a one percent decrease in the assumed healthcare cost trend rate would not significantly impact the service and interest cost components of the net periodic benefit cost or the accumulated postretirement benefit obligation. Future benefit payments are expected to be $158, $163, $194, $219, $254 and $1,496 for 2015, 2016, 2017, 2018, 2019, and 2020 through 2024, respectively. | |
At December 31, 2014, the Company had accumulated other comprehensive loss related to the Plan of $613, or $413 net of related income tax benefit, comprised of net actuarial losses of $257 and an unamortized transition asset of $356. The Company estimates $35 will be amortized from accumulated other comprehensive loss into net period benefit costs in 2015. |
Other_Comprehensive_Income
Other Comprehensive Income | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Equity [Abstract] | ||||||||||
Other Comprehensive Income | OTHER COMPREHENSIVE INCOME | |||||||||
The gross amounts of each component of other comprehensive income and the related tax effects for the periods indicated are as follows: | ||||||||||
Year ended December 31, 2014 | Before Tax Amount | Tax Expense (Benefit) | Net of Tax Amount | |||||||
Investment securities available-for sale: | ||||||||||
Change in net unrealized gain during period | $ | 21,147 | $ | 8,321 | $ | 12,826 | ||||
Reclassification adjustment for net gains included in net income | (61 | ) | (24 | ) | (37 | ) | ||||
Change in unamortized loss on available-for-sale securities transferred into held-to-maturity | (548 | ) | (216 | ) | (332 | ) | ||||
Defined benefits post-retirement benefit plan: | ||||||||||
Change in net actuarial loss | 1,731 | 681 | 1,050 | |||||||
Total other comprehensive income | $ | 22,269 | $ | 8,762 | $ | 13,507 | ||||
Year ended December 31, 2013 | Before Tax Amount | Tax Expense (Benefit) | Net of Tax Amount | |||||||
Investment securities available-for sale: | ||||||||||
Change in net unrealized loss during period | $ | (52,949 | ) | $ | (20,835 | ) | $ | (32,114 | ) | |
Reclassification adjustment for net gains included in net income | (1 | ) | — | (1 | ) | |||||
Defined benefits post-retirement benefit plan: | ||||||||||
Change in net actuarial loss | 137 | 54 | 83 | |||||||
Total other comprehensive loss | $ | (52,813 | ) | $ | (20,781 | ) | $ | (32,032 | ) | |
Year ended December 31, 2012 | Before Tax Amount | Tax Expense (Benefit) | Net of Tax Amount | |||||||
Investment securities available-for sale: | ||||||||||
Change in net unrealized gain during period | $ | (4,648 | ) | $ | (1,829 | ) | $ | (2,819 | ) | |
Reclassification adjustment for net gains included in net income | (348 | ) | (137 | ) | (211 | ) | ||||
Change in unamortized gain on available-for-sale securities transferred into held-to-maturity | 56 | 22 | 34 | |||||||
Defined benefits post-retirement benefit plan: | ||||||||||
Change in net actuarial loss | (77 | ) | (30 | ) | (47 | ) | ||||
Total other comprehensive loss | $ | (5,017 | ) | $ | (1,974 | ) | $ | (3,043 | ) | |
The components of accumulated other comprehensive income, net of income taxes, are as follows: | ||||||||||
Year ended December 31, | 2014 | 2013 | ||||||||
Net unrealized gain on investment securities available-for-sale | $ | (2,121 | ) | $ | (14,578 | ) | ||||
Net actuarial loss on defined benefit post-retirement benefit plans | (413 | ) | (1,463 | ) | ||||||
Net accumulated other comprehensive loss | $ | (2,534 | ) | $ | (16,041 | ) |
NonCash_Investing_and_Financin
Non-Cash Investing and Financing Activities | 12 Months Ended |
Dec. 31, 2014 | |
Supplemental Cash Flow Information [Abstract] | |
Non-Cash Investing and Financing Activities | NON-CASH INVESTING AND FINANCING ACTIVITIES |
The Company transferred loans of $5,198, $11,545 and $43,541 to other real estate owned in 2014, 2013 and 2012, respectively. | |
The Company transferred internally originated mortgage servicing assets of $2,717, $3,581 and $4,563 from loans to mortgage servicing assets in 2014, 2013 and 2012, respectively. | |
During 2014, the Company issued 1,378,230 shares of its Class A common stock valued at $35,972 as partial consideration for the acquisition of MWFC. | |
The Company transferred real property pending disposal of $1,448 and $566 to other assets in 2013 and 2012, respectively. | |
The Company reclassified tax credit investments of $429 from held-to-maturity investment securities to other assets during 2013. | |
During 2012, the Company reclassified $50,000 of perpetual preferred stock pending redemption from equity to a liability. |
Condensed_Financial_Informatio
Condensed Financial Information (Parent Company Only) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ||||||||||||
Condensed Financial Information (Parent Company Only) | CONDENSED FINANCIAL INFORMATION (PARENT COMPANY ONLY) | |||||||||||
Following is condensed financial information of First Interstate BancSystem, Inc. | ||||||||||||
December 31, | 2014 | 2013 | ||||||||||
Condensed balance sheets: | ||||||||||||
Cash and cash equivalents | $ | 65,483 | $ | 105,274 | ||||||||
Investment in subsidiaries, at equity: | ||||||||||||
Bank subsidiary | 936,817 | 793,892 | ||||||||||
Nonbank subsidiaries | 1,982 | 1,980 | ||||||||||
Total investment in subsidiaries | 938,799 | 795,872 | ||||||||||
Advances to subsidiaries, net | 4,337 | — | ||||||||||
Other assets | 29,335 | 26,809 | ||||||||||
Total assets | $ | 1,037,954 | $ | 927,955 | ||||||||
Other liabilities | $ | 26,553 | $ | 17,602 | ||||||||
Advances from subsidiaries, net | — | 6,295 | ||||||||||
Long-term debt | 20,000 | 20,000 | ||||||||||
Subordinated debentures held by subsidiary trusts | 82,477 | 82,477 | ||||||||||
Total liabilities | 129,030 | 126,374 | ||||||||||
Stockholders’ equity | 908,924 | 801,581 | ||||||||||
Total liabilities and stockholders’ equity | $ | 1,037,954 | $ | 927,955 | ||||||||
Years Ended December 31, | 2014 | 2013 | 2012 | |||||||||
Condensed statements of income: | ||||||||||||
Dividends from subsidiaries | $ | 58,900 | $ | 71,400 | $ | 40,000 | ||||||
Other interest income | 42 | 34 | 92 | |||||||||
Other income, primarily management fees from subsidiaries | 12,166 | 12,809 | 10,042 | |||||||||
Total income | 71,108 | 84,243 | 50,134 | |||||||||
Salaries and benefits | 15,722 | 15,914 | 13,205 | |||||||||
Interest expense | 4,002 | 4,098 | 6,691 | |||||||||
Acquisition expenses | 4,017 | — | — | |||||||||
Other operating expenses, net | 7,512 | 7,546 | 7,150 | |||||||||
Total expenses | 31,253 | 27,558 | 27,046 | |||||||||
Earnings before income tax benefit | 39,855 | 56,685 | 23,088 | |||||||||
Income tax benefit | (6,862 | ) | (5,703 | ) | (6,222 | ) | ||||||
Income before undistributed earnings of subsidiaries | 46,717 | 62,388 | 29,310 | |||||||||
Undistributed earnings of subsidiaries | 37,684 | 23,748 | 28,914 | |||||||||
Net income | $ | 84,401 | $ | 86,136 | $ | 58,224 | ||||||
Years Ended December 31, | 2014 | 2013 | 2012 | |||||||||
Condensed statements of cash flows: | ||||||||||||
Cash flows from operating activities: | ||||||||||||
Net income | $ | 84,401 | $ | 86,136 | $ | 58,224 | ||||||
Adjustments to reconcile net income to cash provided by operating activities: | ||||||||||||
Undistributed earnings of subsidiaries | (37,684 | ) | (23,748 | ) | (28,914 | ) | ||||||
Stock-based compensation expense | 3,014 | 2,936 | 2,485 | |||||||||
Tax benefits from stock-based compensation | 2,193 | 1,898 | 360 | |||||||||
Excess tax benefits from stock-based compensation | (2,205 | ) | (2,031 | ) | (273 | ) | ||||||
Other, net | 8,991 | (5,804 | ) | 3,327 | ||||||||
Net cash provided by operating activities | 58,710 | 59,387 | 35,209 | |||||||||
Cash flows from investing activities: | ||||||||||||
Capital expenditures, net of sales | — | — | 1 | |||||||||
Acquisition of bank holding company, net of cash and cash equivalents received | (37,891 | ) | — | — | ||||||||
Net cash provided by (used in) investing activities | $ | (37,891 | ) | $ | — | $ | 1 | |||||
Years Ended December 31, | 2014 | 2013 | 2012 | |||||||||
Condensed statements of cash flows (continued): | ||||||||||||
Cash flows from financing activities: | ||||||||||||
Net (decrease) increase in advances from nonbank subsidiaries | $ | (10,632 | ) | $ | 6,992 | $ | (2,838 | ) | ||||
Redemption of preferred stock | — | (50,000 | ) | — | ||||||||
Repayment of junior subordinated debentures held by subsidiary trusts | (20,439 | ) | — | (41,238 | ) | |||||||
Proceeds from issuance of common stock, net of stock issuance costs | 6,621 | 9,814 | 1,911 | |||||||||
Excess tax benefits from stock-based compensation | 2,205 | 2,031 | 273 | |||||||||
Purchase and retirement of common stock | (9,739 | ) | (448 | ) | (263 | ) | ||||||
Dividends paid to common stockholders | (28,626 | ) | (17,909 | ) | (26,208 | ) | ||||||
Dividends paid to preferred stockholders | — | — | (3,300 | ) | ||||||||
Net cash used in financing activities | (60,610 | ) | (49,520 | ) | (71,663 | ) | ||||||
Net change in cash and cash equivalents | (39,791 | ) | 9,867 | (36,453 | ) | |||||||
Cash and cash equivalents, beginning of year | 105,274 | 95,407 | 131,860 | |||||||||
Cash and cash equivalents, end of year | $ | 65,483 | $ | 105,274 | $ | 95,407 | ||||||
Noncash Investing and Financing Activities — During 2012, the Company reclassified $50,000 of perpetual preferred stock pending redemption from equity to a liability. |
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||
Fair Value Measurements | FAIR VALUE MEASUREMENTS | |||||||||||||||
Financial assets and financial liabilities measured at fair value on a recurring basis are as follows: | ||||||||||||||||
Fair Value Measurements at Reporting Date Using | ||||||||||||||||
As of December 31, 2014 | Balance | Quoted Prices in | Significant Other | Significant | ||||||||||||
Active Markets for | Observable | Unobservable | ||||||||||||||
Identical Assets | Inputs | Inputs | ||||||||||||||
(Level 1) | (Level 2) | (Level 3) | ||||||||||||||
Investment securities available-for-sale: | ||||||||||||||||
Obligations of U.S. government agencies | $ | 720,933 | $ | — | $ | 720,933 | $ | — | ||||||||
U.S. agency mortgage-backed securities & collateralized mortgage obligations | 990,666 | — | 990,666 | — | ||||||||||||
Private mortgage-backed securities | 325 | — | 325 | — | ||||||||||||
Fair Value Measurements at Reporting Date Using | ||||||||||||||||
As of December 31, 2013 | Balance | Quoted Prices in | Significant Other | Significant | ||||||||||||
Active Markets for | Observable | Unobservable | ||||||||||||||
Identical Assets | Inputs | Inputs | ||||||||||||||
(Level 1) | (Level 2) | (Level 3) | ||||||||||||||
Investment securities available-for-sale: | ||||||||||||||||
Obligations of U.S. government agencies | $ | 763,238 | $ | — | $ | 763,238 | $ | — | ||||||||
U.S. agency mortgage-backed securities & collateralized mortgage obligations | 1,184,053 | — | 1,184,053 | — | ||||||||||||
Private mortgage-backed securities | 415 | — | 415 | — | ||||||||||||
The methodologies used by the Company in determining the fair values of each class of financial instruments are based primarily on the use of independent, market-based data to reflect a value that would be reasonably expected in an orderly transaction between market participants at the measurement date. The Company obtains fair value measurements for investment securities from an independent pricing service and evaluates mortgage servicing rights for impairment using an independent valuation service. The vendors chosen by the Company are widely recognized vendors whose evaluations support the pricing functions of financial institutions, investment and mutual funds, and portfolio managers. The Company has documented and evaluated the pricing methodologies used by the vendors and maintains internal processes that regularly test valuations. These internal processes include obtaining and reviewing available reports on internal controls, evaluating the prices for reasonableness given market changes, obtaining and evaluating the inputs used in the model for a sample of securities, investigating anomalies and confirming determinations through discussions with the vendor. For investment securities, if needed, a broker may be utilized to determine the reported fair value. Further details on the methods used to estimate the fair value of each class of financial instruments above are discussed below: | ||||||||||||||||
Investment Securities Available-for-Sale. The fair value measurements consider observable data that may include dealer quotes, market spreads, cash flows, the U.S. Treasury yield curve, live trading levels, trade execution data, market consensus prepayment speeds, credit information and the investment's terms and conditions, among other things. | ||||||||||||||||
Additionally, from time to time, certain assets are measured at fair value on a non-recurring basis. Adjustments to fair value generally result from the application of lower-of-cost-or-market accounting or write-downs of individual assets due to impairment. | ||||||||||||||||
The following table presents information about the Company’s assets and liabilities measured at fair value on a non-recurring basis. | ||||||||||||||||
Fair Value Measurements at Reporting Date Using | ||||||||||||||||
As of December 31, 2014 | Total | Quoted Prices | Significant | Significant | Total | |||||||||||
in Active | Other | Unobservable | Gains (Losses) | |||||||||||||
Markets for | Observable | Inputs | ||||||||||||||
Identical Assets (Level 1) | Inputs | (Level 3) | ||||||||||||||
(Level 2) | ||||||||||||||||
Impaired loans | $ | 30,494 | $ | — | $ | — | $ | 30,494 | $ | (14,552 | ) | |||||
Other real estate owned | 4,554 | — | — | 4,554 | (12,665 | ) | ||||||||||
Long-lived assets to be disposed of by sale | 1,083 | — | — | 1,083 | (702 | ) | ||||||||||
Fair Value Measurements at Reporting Date Using | ||||||||||||||||
As of December 31, 2013 | Total | Quoted Prices | Significant | Significant | Total | |||||||||||
in Active | Other | Unobservable | Gains (Losses) | |||||||||||||
Markets for | Observable | Inputs | ||||||||||||||
Identical Assets | Inputs | (Level 3) | ||||||||||||||
(Level 1) | (Level 2) | |||||||||||||||
Impaired loans | $ | 57,302 | $ | — | $ | — | $ | 57,302 | $ | (23,224 | ) | |||||
Other real estate owned | 8,502 | — | — | 8,502 | (14,441 | ) | ||||||||||
Long-lived assets to be disposed of by sale | 1,186 | — | — | 1,186 | (599 | ) | ||||||||||
Impaired Loans. Collateralized impaired loans are reported at the fair value of the underlying collateral if repayment is expected solely from collateral. The impaired loans are reported at fair value through specific valuation allowance allocations. In addition, when it is determined that the fair value of an impaired loan is less than the recorded investment in the loan, the carrying value of the loan is adjusted to fair value through a charge to the allowance for loan losses. Collateral values are estimated using independent appraisals and management estimates of current market conditions. As of December 31, 2014, certain impaired loans with a carrying value of $45,046 were reduced by specific valuation allowance allocations of $5,792 and partial loan charge-offs of $8,760 resulting in a reported fair value of $30,494. As of December 31, 2013, certain impaired loans with a carrying value of $80,526 were reduced by specific valuation allowance allocations of $8,929 and partial loan charge-offs of $14,295 resulting in a reported fair value of $57,302. | ||||||||||||||||
OREO. The fair values of OREO are estimated using independent appraisals and management estimates of current market conditions. Upon initial recognition, write-downs based on the foreclosed asset's fair value at foreclosure are reported through charges to the allowance for loan losses. Periodically, the fair value of foreclosed assets is remeasured with any subsequent write-downs charged to OREO expense in the period in which they are identified. | ||||||||||||||||
Long-lived Assets to be Disposed of by Sale. Long-lived assets to be disposed of by sale are carried at the lower of carrying value or fair value less estimated costs to sell. The fair values of long-lived assets to be disposed of by sale are based upon observable market data and management estimates of current market conditions. As of December 31, 2014, long-lived assets to be disposed of by sale with carrying values of $1,785 that were reduced by write-downs of $702 charged to other expense resulting in a reported fair value of $1,083. As of December 31, 2013, the Company had long-lived assets to be disposed of by sale of $1,785 that were reduced by write-downs of $599 charged to other expense resulting in a reported fair value of $1,186. | ||||||||||||||||
In addition, mortgage loans held for sale are required to be measured at the lower of cost or fair value. The fair value of mortgage loans held for sale is based upon binding contracts or quotes or bids from third party investors. As of December 31, 2014 and 2013, all mortgage loans held for sale were recorded at cost. | ||||||||||||||||
The following table presents additional quantitative information about assets measured at fair value on a non-recurring basis and for which the Company has utilized Level 3 inputs to determine fair values: | ||||||||||||||||
As of December 31, 2014 | Fair | Valuation | Unobservable | Range | ||||||||||||
Value | Technique | Inputs | (Weighted Average) | |||||||||||||
Impaired loans | $ | 30,494 | Appraisal | Appraisal adjustment | 0% | - | 51% | -19% | ||||||||
Other real estate owned | 4,554 | Appraisal | Appraisal adjustment | 0% | - | 50% | -15% | |||||||||
Long-lived assets to be disposed of by sale | 1,083 | Appraisal | Appraisal adjustment | 0% | - | 9% | -5% | |||||||||
As of December 31, 2013 | Fair | Valuation | Unobservable | Range | ||||||||||||
Value | Technique | Inputs | (Weighted Average) | |||||||||||||
Impaired loans | $ | 57,302 | Appraisal | Appraisal adjustment | 6% | - | 66% | -31% | ||||||||
Other real estate owned | 8,502 | Appraisal | Appraisal adjustment | 6% | - | 55% | -15% | |||||||||
Long-lived assets to be disposed of by sale | 1,186 | Appraisal | Appraisal adjustment | 0% | - | 9% | -6% | |||||||||
The Company is required to disclose the fair value of financial instruments for which it is practical to estimate fair value. The methodologies for estimating the fair value of financial instruments that are measured at fair value on a recurring or non-recurring basis are discussed above. The methodologies for estimating the fair value of other financial instruments are discussed below. For financial instruments bearing a variable interest rate where no credit risk exists, it is presumed that recorded book values are reasonable estimates of fair value. | ||||||||||||||||
Financial Assets. Carrying values of cash, cash equivalents and accrued interest receivable approximate fair values due to the liquid and/or short-term nature of these instruments. Fair values for investment securities held-to-maturity are obtained from an independent pricing service, which considers observable data that may include dealer quotes, market spreads, cash flows, the U.S. Treasury yield curve, live trading levels, trade execution data, market consensus prepayment speeds, credit information and the investment’s terms and conditions, among other things. Fair values of fixed rate loans and variable rate loans that reprice on an infrequent basis are estimated by discounting future cash flows using current interest rates at which similar loans with similar terms would be made to borrowers of similar credit quality. Carrying values of variable rate loans that reprice frequently, and with no change in credit risk, approximate the fair values of these instruments. | ||||||||||||||||
Financial Liabilities. The fair values of demand deposits, savings accounts, securities sold under repurchase agreements and accrued interest payable are the amounts payable on demand at the reporting date. The fair values of fixed-maturity certificates of deposit are estimated using external market rates currently offered for deposits with similar remaining maturities. The carrying values of the interest bearing demand notes to the United States Treasury are deemed an approximation of fair values due to the frequent repayment and repricing at market rates. The floating rate subordinated debenture, floating rate subordinated term loan, fixed rate notes payable, fixed rate subordinated term debt, fixed rate subordinated debentures and capital lease obligation are estimated by discounting future cash flows using current rates for advances with similar characteristics. The carrying value of the preferred stock pending redemption approximates fair value due to the short-term nature of this instrument. | ||||||||||||||||
Commitments to Extend Credit and Standby Letters of Credit. The fair value of commitments to extend credit and standby letters of credit, based on fees currently charged to enter into similar agreements, is not significant. | ||||||||||||||||
A summary of the estimated fair values of financial instruments follows: | ||||||||||||||||
` | Fair Value Measurements at Reporting Date Using | |||||||||||||||
As of December 31, 2014 | Carrying Amount | Estimated | Quoted Prices in | Significant Other | Significant | |||||||||||
Fair Value | Active Markets for | Observable | Unobservable | |||||||||||||
Identical Assets | Inputs | Inputs | ||||||||||||||
(Level 1) | (Level 2) | (Level 3) | ||||||||||||||
Financial assets: | ||||||||||||||||
Cash and cash equivalents | $ | 798,670 | $ | 798,670 | $ | 798,670 | $ | — | $ | — | ||||||
Investment securities available-for-sale | 1,711,924 | 1,711,924 | — | 1,711,924 | — | |||||||||||
Investment securities held-to-maturity | 575,186 | 584,533 | — | 584,533 | — | |||||||||||
Accrued interest receivable | 27,063 | 27,063 | — | 27,063 | — | |||||||||||
Mortgage servicing rights, net | 14,038 | 21,434 | — | 21,434 | — | |||||||||||
Net loans | 4,823,243 | 4,800,725 | — | 4,770,231 | 30,494 | |||||||||||
Total financial assets | $ | 7,950,124 | $ | 7,944,349 | $ | 798,670 | $ | 7,115,185 | $ | 30,494 | ||||||
Financial liabilities: | ||||||||||||||||
Total deposits, excluding time deposits | $ | 5,767,992 | $ | 5,767,992 | $ | 5,767,992 | $ | — | $ | — | ||||||
Time deposits | 1,238,220 | 1,244,324 | — | 1,244,324 | — | |||||||||||
Securities sold under repurchase agreements | 502,250 | 502,250 | — | 502,250 | — | |||||||||||
Other borrowed funds | 9 | 9 | — | 9 | — | |||||||||||
Accrued interest payable | 5,833 | 5,833 | — | 5,833 | — | |||||||||||
Long-term debt | 38,067 | 37,781 | — | 37,781 | — | |||||||||||
Subordinated debentures held by subsidiary trusts | 82,477 | 75,734 | — | 75,734 | — | |||||||||||
Total financial liabilities | $ | 7,634,848 | $ | 7,633,923 | $ | 5,767,992 | $ | 1,865,931 | $ | — | ||||||
Fair Value Measurements at Reporting Date Using | ||||||||||||||||
As of December 31, 2013 | Carrying Amount | Estimated | Quoted Prices in | Significant Other | Significant | |||||||||||
Fair Value | Active Markets for | Observable | Unobservable | |||||||||||||
Identical Assets | Inputs | Inputs | ||||||||||||||
(Level 1) | (Level 2) | (Level 3) | ||||||||||||||
Financial assets: | ||||||||||||||||
Cash and cash equivalents | $ | 534,827 | $ | 534,827 | $ | 534,827 | $ | — | $ | — | ||||||
Investment securities available-for-sale | 1,947,706 | 1,947,706 | — | 1,947,706 | — | |||||||||||
Investment securities held-to-maturity | 203,837 | 205,926 | — | 205,926 | — | |||||||||||
Accrued interest receivable | 26,450 | 26,450 | — | 26,450 | — | |||||||||||
Mortgage servicing rights, net | 13,546 | 25,698 | — | 25,698 | — | |||||||||||
Net loans | 4,259,514 | 4,246,539 | — | 4,189,237 | 57,302 | |||||||||||
Total financial assets | $ | 6,985,880 | $ | 6,987,146 | $ | 534,827 | $ | 6,395,017 | $ | 57,302 | ||||||
Financial liabilities: | ||||||||||||||||
Total deposits, excluding time deposits | $ | 4,943,033 | $ | 4,943,033 | $ | 4,943,033 | $ | — | $ | — | ||||||
Time deposits | 1,190,717 | 1,196,250 | — | 1,196,250 | — | |||||||||||
Securities sold under repurchase agreements | 457,437 | 457,437 | — | 457,437 | — | |||||||||||
Other borrowed funds | 3 | 3 | — | 3 | — | |||||||||||
Accrued interest payable | 4,963 | 4,963 | — | 4,963 | — | |||||||||||
Long-term debt | 36,917 | 34,508 | — | 34,508 | — | |||||||||||
Subordinated debentures held by subsidiary trusts | 82,477 | 72,045 | — | 72,045 | — | |||||||||||
Total financial liabilities | $ | 6,715,547 | $ | 6,708,239 | $ | 4,943,033 | $ | 1,765,206 | $ | — | ||||||
Related_Party_Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2014 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | RELATED PARTY TRANSACTIONS |
The Company conducts banking transactions in the ordinary course of business with related parties, including directors, executive officers, shareholders and their associates, on the same terms as those prevailing at the same time for comparable transactions with unrelated persons and that do not involve more than a normal risk of collectibility or present other unfavorable features. | |
Certain executive officers, directors and greater than 5% shareholders of the Company and certain entities and individuals related to such persons, incurred indebtedness in the form of loans, as customers, of $25,794 and $24,669 at December 31, 2014 and 2013, respectively. During 2014, new loans and advances on existing loans of $9,519 were funded and loan repayments totaled $9,342. These loans were made on substantially the same terms, including interest rates and collateral, as those prevailing at the time for comparable loans with persons not related to the Company. | |
During 2014, the Company repurchased an aggregate of 37,615 shares of its Class A common stock from two directors and one greater than 10% shareholder of the Company at a weighted average price of $24.96 per share. The repurchases were made in privately negotiated transactions pursuant to a stock repurchase program approved by the Company's Board of Directors in November 2013. For additional information regarding the Company's stock repurchases, see Note 13 - Capital Stock and Dividend Restrictions. | |
The Company purchases property, casualty and other insurance through an agency in which a director of the Company, whose term as a director ended in May 2013, has a controlling ownership interest. The Company paid insurance premiums to the agency of $764 and $839 in 2013 and 2012, respectively. | |
The Company leases an aircraft from an entity wholly-owned by the chairman of the Company’s Board of Directors. Under the terms of the lease, the Company pays a fee for each flight hour plus certain third party operating expenses related to the aircraft. During 2014, 2013 and 2012, the Company paid total fees and operating expenses of $306, $309 and $262, respectively, for its use of the aircraft. In addition, the Company leases a portion of its hanger and provides pilot services to the related entity. During 2014, 2013 and 2012, the Company received payments from the related entity of $77, $61 and $47, respectively, for hanger use, pilot fees and reimbursement of certain third party operating expenses related to the chairman’s personal use of the aircraft. | |
The Company purchases services from an entity in which one greater than 5% shareholder and six directors of the Company, including the chairman and executive vice chairman of the Board of Directors, have an aggregate ownership interest of 18%, and in which one director is the chairman and two directors are members of the board of such entity. Services provided for the Company’s benefit include shareholder education and communication, strategic enterprise planning and corporate governance consultation. During 2014, 2013 and 2012, the Company paid $255, $224 and $243, respectively, for these services. | |
During 2012, the Company entered into a contract with an entity wholly-owned by a director of the Company to provide construction management and advisory services related to the construction of a bank office building. Under the terms of the agreement, the entity will receive payments equal to the lesser of a fixed price of $180 or 4% of the actual construction contract price, with an initial payment of $60 due upon execution of the agreement and the remainder due in two equal installments over a two year period. Under the terms of the contract, the Company paid the entity $60 during each of 2014, 2013 and 2012. | |
In conjunction with an acquisition in 2008, the Company assumed certain existing deferred compensatory agreements. Under the terms of one such agreement, the Company is required to make cash payments to a director of the Company for the promotion of growth and development of new business through December 31, 2011. The total amount due under the agreement was fixed prior to the acquisition date at $577, with a portion to be paid over 4 years and the remaining balance due in January 2012. As additional consideration under the agreement, the director provided, among other things, a covenant not to compete. Under the terms of the agreement, the Company made cash payments of $424 during 2012. | |
A director of the Company was party to an agreement to guarantee the payment of interest on loans between FIB and an unrelated third party borrower through December 31, 2012. Under the terms of the interest guaranty agreement, the director made interest payments to FIB on behalf of the borrower of $815 in 2012. In addition, the director pledged to FIB collateral for the loans of the unrelated third party borrower. During 2012, the collateral was liquidated and proceeds of $7,998 were applied to the outstanding principal balances of the loans. |
Authoritative_Accounting_Guida
Authoritative Accounting Guidance | 12 Months Ended |
Dec. 31, 2014 | |
Accounting Changes and Error Corrections [Abstract] | |
Authoritative Accounting Guidance | AUTHORITATIVE ACCOUNTING GUIDANCE |
ASU 2014-01 “Investments-Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Qualified Affordable Housing Projects.” The amendments in ASU 2014-01 permit reporting entities to make an accounting policy election to account for their investments in qualified affordable housing projects using the proportional amortization method if certain conditions are met. The evaluation of whether conditions have been met to apply the proportional amortization method is conducted at the time of initial investment and subsequently reevaluated if there is a change in the nature of the investment or a change in the relationship with the limited liability entity that could result in the conditions no longer being met. The decision to apply the proportional amortization method of accounting should be applied consistently to all qualifying affordable housing project investments rather than on an individual investment basis. Under the proportional amortization method, an entity amortizes the initial cost of the investment in proportion to the tax credits and other tax benefits received and recognizes the net investment performance in the income statement as a component of income tax expense or benefit. The amendments in ASU 2014-01 are effective for the Company for annual reporting periods and interim reporting periods within those annual periods, beginning after December 15, 2014, with early adoption permitted. | |
The Company adopted the amendments in ASU 2014-01 effective January 1, 2014. As of December 31, 2014, the Company had four investments in qualified affordable housing projects with an aggregate carrying value of $5,084 included in other assets on the Company's consolidated balance sheet. The Company elected to account for these investments using the proportional amortization method. During 2014, income tax benefits associated with these projects of $27 were recognized as a component of income tax expense. The Company has commitments to invest additional amounts in these projects of $6,943 in 2015, $37 annually in 2016 through 2021, and $26 annually in 2022 and 2023. | |
ASU 2014-04 “Receivables-Troubled Debt Restructurings by Creditors (Subtopic 310-40): Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure.” The amendments in ASU 2014-04 clarify that an in-substance repossession or foreclosures occurs, and a creditor is considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan, upon either (i) the creditor obtaining legal title to the residential real estate property upon completion of a foreclosure or (ii) the borrower conveying all interest in the residential real estate property to the creditor to satisfy the loan through completion of a deed in lieu of foreclosure or through a similar legal agreement. The amendments in ASU 2014-04 also require interim and annual disclosure of both (i) the amount of foreclosed residential real estate property held by the creditor and (ii) the recorded investment in consumer mortgage loans collateralized by residential real estate property that are in the process of foreclosure. The amendments in ASU 2014-04 are effective for the Company for annual periods, and interim periods within those annual periods, beginning after December 15, 2014 using either a modified retrospective transition method or a prospective transition method. The Company does not expect the amendments in ASU 2014-04 to have a material impact on the Company’s consolidated financial statements, results of operations or liquidity. | |
ASU 2014-09 "Revenue from Contracts with Customers." The amendments in ASU 2014-09 introduce a new five-step revenue recognition model in which an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASU 2014-09 also requires disclosures sufficient to enable users to understand the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers, including qualitative and quantitative disclosures about contracts with customers, significant judgments and changes in judgments, and assets recognized from the costs to obtain or fulfill a contract. The amendments in ASU 2014-09 are effective for the Company for fiscal years beginning after December 15, 2016, including interim periods within that reporting period, and may be adopted retrospectively to each prior reporting period presented or retrospectively with the cumulative effect of initial adoption recognized at the date of initial application. The Company is currently evaluating the new guidance to determine the impact it will have on its consolidated financial statements, results of operations or liquidity. | |
ASU 2014-11 "Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures." The amendments in ASU 2014-11 expand secured borrowing treatment for certain repurchase agreements. Under the amendments in ASU 2014-11, repurchase-to-maturity transactions and repurchase agreements executed as repurchase financing transactions are required to be accounted for as secured borrowings. ASU 2014-11 requires additional disclosures about certain transactions accounted for as a sale in which the transferor retains substantially all of the exposure to the economic return on the transferred financial assets through an agreement with the same counterparty. ASU 2014-11 also requires disclosure of the types of collateral pledged and liabilities associated with an entity's repurchase agreements, securities lending transactions and repurchase-to-maturity transactions accounted for as secured borrowings. The accounting changes included in the amendments in ASU 2014-11 are effective for the Company on January 1, 2015. The disclosure requirements set forth in the amendment in ASU 2014-11 are effective for the Company for interim and annual periods beginning after December 31, 2014. Adoption of the amendments in ASU 2014-11 will not have a material impact on the Company’s consolidated financial statements, results of operations or liquidity. | |
ASU 2014-12 "Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could be Achieved after the Requisite Service Period." ASU 2014-12 amends Accounting Standards Codification ("ASC") Topic 718, Compensation-Stock Compensation, to clarify that a performance target that affects the vesting of a share-based payment award and that could be achieved after the requisite service period should be treated as a performance condition that affects the vesting of the award. ASU 2014-12 further clarifies that the requisite service period ends when the employees can cease rendering service and still be eligible to vest in the award if the performance target is achieved. The amendments in ASU 2014-12 are effective for annual periods and interim periods within those annual periods beginning after December 15, 2015. The amendments in ASU 2014-12 may be applied prospectively to all awards granted or modified after the effective date or retrospectively to all awards with performance targets that are outstanding as of the beginning of the earliest annual period presented in the financial statements and to all new or modified awards thereafter. The amendments in ASU 2014-12 will not have a material impact on the Company’s consolidated financial statements, results of operations or liquidity. | |
ASU 2014-14 "Classification of Certain Government-Guaranteed Mortgage Loans upon Foreclosure." ASU 2014-14 updates ASC Subtopic 310-40, Receivables-Troubled Debt Restructurings by Creditors, to require that a mortgage loan be derecognized and that a separate other receivable be recognized upon foreclosure if (i) the loan has a government guarantee that is not separable from the loan before foreclosure; (ii) at the time of foreclosure, the creditor has the intent to convey the real estate property to the guarantor and make a claim on the guarantee, and the creditor has the ability to recover under that claim; and, (iii) any amount of the claim that is determined on the basis of the fair value of the real estate is fixed at the time of foreclosure. ASU 2014-14 provides that, upon foreclosure, the separate other receivable should be measured based on the amount of the loan balance (principal and interest) expected to be recovered from the guarantor. The amendments in ASU 2014-14 are effective for the Company for annual periods, and interim periods within those annual periods, beginning after December 15, 2014 and may adopted using either a prospective transition method or a modified retrospective transition method. The amendments in ASU 2014-12 will not have a material impact on the Company’s consolidated financial statements, results of operations or liquidity. | |
ASU 2014-16 "Determining Whether the Host Contract in a Hybrid Financial Instrument Issued in the Form of a Share is More Akin to Debt or to Equity." The amendments in ASU 2014-16 clarify that an entity should consider all relevant terms and features-including the embedded derivative feature being evaluated for bifurcation-in evaluating the nature of the host contract within a hybrid financial instrument. The amendments further clarify that no single term or feature would necessarily determine the economic characteristics and risk of the host contract. Rather, the nature of the host contract depends upon the economic characteristics and risk of the entire hybrid financial instrument. The amendments in ASU 2014-16 are effective for the Company for annual periods, and interim periods within those annual periods, beginning after December 15, 2015. The effects of initially adopting the amendments in ASU 2014-16 should be applied on a modified retrospective basis to existing hybrid financial instruments issued in the form of a share as of the beginning of the fiscal year for which the amendments are effective. Retrospective application is permitted to all relevant prior periods. The amendments in ASU 2014-16 will not have a material impact on the Company’s consolidated financial statements, results of operations or liquidity. |
Subsequent_Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2014 | |
Subsequent Events [Abstract] | |
Subsequent Events | SUBSEQUENT EVENTS |
Subsequent events have been evaluated for potential recognition and disclosure through the date financial statements were filed with the Securities and Exchange Commission. On January 22, 2015, the Company declared a quarterly dividend to common shareholders of $0.20 per share, paid on February 13, 2015 to shareholders of record as of February 2, 2015. On January 22, 2015, the Company's board of directors approved the repurchase of up to 1,000,000 shares of the Company's outstanding Class A common stock from time to time through open market or privately negotiated transactions, as market and business conditions permit. Share repurchases will be conducted in a manner intended to comply with the safe harbor provisions of Rule 10b-18 promulgated under the Securities Exchange Act of 1934, as amended. Repurchased shares will be returned to authorized but unissued shares of Class A common stock in accordance with Montana law. No other events requiring recognition or disclosure were identified. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2014 | |
Accounting Policies [Abstract] | |
Consolidation Policy | Basis of Presentation. The Company’s consolidated financial statements include the accounts of the Parent Company and its operating subsidiaries. As of December 31, 2014, the Company had one significant subsidiary, First Interstate Bank (“FIB”). All significant intercompany balances and transactions have been eliminated in consolidation. Certain reclassifications, none of which were material, have been made in the consolidated financial statements for 2013 and 2012 to conform to the 2014 presentation. These reclassifications did not change previously reported net income or stockholders’ equity. |
Equity Method Investments. The Company has investments in real estate joint ventures that are not consolidated because the Company does not own a majority voting interest, control the operations or receive a majority of the losses or earnings of the joint venture. These joint ventures are accounted for using the equity method of accounting whereby the Company initially records its investment at cost (or fair value at the date of acquisition) and then subsequently adjusts the carrying value for the Company’s proportionate share of distributions and earnings or losses of the joint ventures. | |
Variable Interest Entities. The Company’s wholly-owned business trusts, FI Statutory Trust I (“Trust I”), FI Capital Trust II (“Trust II”), FI Statutory Trust III (“Trust III”), FI Capital Trust IV (“Trust IV”), FI Statutory Trust V (“Trust V”) and FI Statutory Trust VI (“Trust VI”) are variable interest entities for which the Company is not a primary beneficiary. Accordingly, the accounts of Trust I, Trust II, Trust III, Trust IV, Trust V and Trust VI are not included in the accompanying consolidated financial statements, and are instead accounted for using the equity method of accounting. | |
The Company has equity investments in variable interest Certified Development Entities (“CDEs”) which have received allocations under the New Markets Tax Credits Program. The underlying activities of the CDEs are community development projects designed primarily to promote community welfare, such as economic rehabilitation and development of low-income areas by providing housing, services, or jobs for residents. The maximum exposure to loss in the CDEs is the amount of equity invested and credit extended by the Company. The Company has credit protection in the form of indemnification agreements, guarantees, and collateral arrangements. As the primary beneficiary of these variable interest entities, the Company’s consolidated financial statements include the assets, liabilities, and results of operations of the CDEs. The primary activities of the CDEs are recognized in interest and fees on loans, other non-interest income and long-term debt interest expense on the Company’s statements of operations. Related cash flows are recognized in loans originated, principal collected on loans and advances or repayments of long-term debt. | |
Assets Held in Fiduciary or Agency Capacity. The Company holds certain trust assets in a fiduciary or agency capacity. The Company also purchases and sells federal funds as an agent. These and other assets held in an agency or fiduciary capacity are not assets of the Company and, accordingly, are not included in the accompanying consolidated financial statements. | |
Use of Estimates | Use of Estimates. The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and income and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to change relate to the determination of the allowance for loan losses, the valuation of goodwill, fair valuations |
Cash and Cash Equivalents | Cash and Cash Equivalents. For purposes of reporting cash flows, cash and cash equivalents include cash on hand, amounts due from banks, federal funds sold for one day periods and interest bearing deposits in banks with original maturities of less than three months. As of December 31, 2014 and 2013, the Company had cash of $631,562 and $392,413, respectively, on deposit with the Federal Reserve Bank. In addition, the Company maintained compensating balances with the Federal Reserve Bank of approximately $7,507 and $1,412 as of December 31, 2014 and 2013, respectively, to reduce service charges for check clearing services. |
Investment Securities | Investment Securities. Investments in debt securities that the Company has the positive intent and ability to hold to maturity are classified as held-to-maturity and carried at amortized cost. Investments in debt securities that may be sold in response to or in anticipation of changes in interest rates and resulting prepayment risk, or other factors, and marketable equity securities are classified as available-for-sale and carried at fair value. The unrealized gains and losses on these securities are reported, net of applicable income taxes, as a separate component of stockholders’ equity and comprehensive income. Management determines the appropriate classification of securities at the time of purchase and at each reporting date management reassesses the appropriateness of the classification. |
The amortized cost of debt securities classified as held-to-maturity or available-for-sale is adjusted for accretion of discounts to maturity and amortization of premiums over the estimated average life of the security, or in the case of callable securities, through the first call date, using the effective yield method. Such amortization and accretion is included in interest income. Realized gains and losses are included in investment securities gains (losses). Declines in the fair value of securities below their cost that are judged to be other-than-temporary are included in other expenses if the decline is related to credit losses. Other-than-temporary impairment losses related to other factors are recognized in other comprehensive income, net of income taxes. In estimating other-than-temporary impairment losses, the Company considers, among other things, the length of time and the extent to which the fair value has been less than cost, the financial condition and near-term prospects of the issuer and the intent and ability of the Company to retain its investment in the issuer for a period of time sufficient to allow for any anticipated recovery in fair value. The cost of securities sold is based on the specific identification method. | |
The Company invests in securities on behalf of certain officers and directors of the Company who have elected to participate in the Company’s deferred compensation plans. These securities are included in other assets and are carried at their fair value based on quoted market prices. Net realized and unrealized holding gains and losses are included in other non-interest income and employee benefits expense. | |
Loans and Allowance for Loan Losses | Loans. Loans are reported at the principal amount outstanding. Interest income on loans is calculated using the simple interest method on the daily balance of the principal amount outstanding. Loan origination fees and certain direct origination costs are deferred, and the net amount is amortized as an adjustment of the related loan’s yield using a level yield method over the expected lives of the related loans. |
The accrual of interest on loans is discontinued when, in management’s opinion, the borrower may be unable to meet payment obligations as they become due or when a loan becomes contractually past due ninety days or more with respect to interest or principal, unless such past due loan is well secured and in the process of collection. When interest accrual is discontinued, all unpaid accrued interest is reversed against current period interest income. Interest income is subsequently recognized only to the extent cash payments are received in excess of principal due. Loans are returned to accrual status when all principal and interest amounts contractually due are brought current and when, in the opinion of management, the loans are estimated to be fully collectible as to both principal and interest. | |
A loan is considered impaired when, based upon current information and events, it is probable that the Company will be unable to collect, on a timely basis, all amounts due according to the contractual terms of the loan’s original agreement. The amount of the impairment is measured using cash flows discounted at the loan’s effective interest rate, except when it is determined that the primary source of repayment for the loan is the operation or liquidation of the underlying collateral. In such cases, the current fair value of the collateral, reduced by anticipated selling costs, is used to measure impairment. The Company considers impaired loans to include all loans, except consumer loans, that are risk rated as doubtful or on which interest accrual has been discontinued or that have been renegotiated in a troubled debt restructuring. Interest payments received on impaired loans are applied based on whether they are on accrual or non-accrual status. Interest income recognized by the Company on impaired loans primarily relates to loans modified in troubled debt restructurings that remain on accrual status. Interest payments received on non-accrual impaired loans are applied to principal. Interest income is subsequently recognized only to the extent cash payments are received in excess of principal due. | |
Loans acquired through the completion of a transfer, including loans acquired in business combinations, that have evidence of deterioration of credit quality since origination and for which it is probable, at acquisition, that the Company will be unable to collect all contractually required payments receivable are initially recorded at fair value (as determined by the present value of expected future cash flows) with no valuation allowance. The difference between the undiscounted cash flows expected at acquisition and the recorded fair value of the loan, or the “accretable yield,” is recognized as interest income on a level-yield method over the life of the loan. Contractually required payments for interest and principal that exceed the undiscounted cash flows expected at acquisition, or the “nonaccretable difference,” are not recognized as a yield adjustment, a loss accrual or a valuation allowance. Increases in expected cash flows subsequent to the initial investment are recognized prospectively through adjustment of the yield on the loan over its remaining life. Decreases in expected cash flows are recognized as impairment. Valuation allowances on these impaired loans reflect only losses incurred after the acquisition. | |
A loan is considered a troubled debt restructuring when a borrower is experiencing financial difficulties that leads to a restructuring of the loan and the Company grants concessions to the borrower in the restructuring that it would not otherwise consider. These concessions may include rate reductions, principal forgiveness, extension of maturity date and other actions to minimize potential losses. Certain troubled debt restructurings are on non-accrual status at the time of restructuring and are returned to accrual status only after considering the borrower's sustained repayment performance in accordance with the restructuring agreement for a reasonable period of at least six months and management is reasonably assured of future performance. If the troubled debt restructuring meets these performance criteria and the interest rate granted at the modification is equal to or greater than the rate that the Company was willing to accept at the time of the restructuring for a new loan with comparable risk, then the loan will no longer be disclosed as a troubled debt restructuring although they continue to be individually evaluated for impairment and disclosed as impaired loans. | |
Included in loans are certain residential mortgage loans originated for sale. These loans are carried at the lower of aggregate cost or estimated market value. Market value is estimated based on binding contracts or quotes or bids from third party investors. Residential mortgages held for sale were $40,828 and $40,861 as of December 31, 2014 and 2013, respectively. Gains and losses on sales of mortgage loans are determined using the specific identification method and are included in income from the origination and sale of loans. | |
Allowance for Loan Losses. The allowance for loan losses is established through a provision for loan losses which is charged to expense. Loans, or portions thereof, are charged against the allowance for loan losses when management believes that the collectibility of the principal is unlikely or, with respect to consumer installment and credit card loans, according to established delinquency schedules. The allowance balance is an amount that management believes will be adequate to absorb known and inherent losses in the loan portfolio based upon quarterly analyses of the current risk characteristics of the loan portfolio, an assessment of individual problem loans and actual loss experience, industry concentrations and current economic factors and the estimated impact of current economic and environmental conditions on historical loss rates. | |
Goodwill and Core Deposit Intangibles | Goodwill. The excess purchase price over the fair value of net assets from acquisitions, or goodwill, is evaluated for impairment at least annually and on an interim basis if an event or circumstance indicates that it is likely impairment has occurred. Goodwill impairment is determined by comparing the fair value of a reporting unit to its carrying amount. In any given year the Company may elect to perform a qualitative assessment to determine whether it is more likely than not that the fair value of a reporting unit is in excess of its carrying value. If it is not more likely than not that the fair value of the reporting unit is in excess of the carrying value, or if the Company elects to bypass the qualitative assessment, a two-step quantitative impairment test is performed. In performing a quantitative test for impairment, the fair value of net assets is estimated based on analyses of the Company's market value, discounted cash flows and peer values. The determination of goodwill impairment is sensitive to market-based economics and other key assumptions used in determining or allocating fair value. Variability in the market and changes in assumptions or subjective measurements used to allocate fair value are reasonably possible and may have a material impact on our consolidated financial statements or results of operations. |
Core Deposit Intangibles. Core deposit intangibles represent the intangible value of depositor relationships resulting from deposit liabilities assumed and are amortized using an accelerated method based on the estimated weighted average useful lives of the related deposits. Accumulated core deposit intangibles amortization was $24,652 as of December 31, 2014 and $22,401 as of December 31, 2013. Amortization expense related to core deposit intangibles recorded as of December 31, 2014 is expected to total $3,336, $3,099, $1,825, $1,318, 1,118, and 2,587 in 2015, 2016, 2017, 2018, 2019, and thereafter, respectively. | |
Mortgage Servicing Rights | Mortgage Servicing Rights. The Company recognizes the rights to service mortgage loans for others, whether acquired or internally originated. Mortgage servicing rights are initially recorded at fair value based on comparable market data and are amortized in proportion to and over the period of estimated net servicing income. Mortgage servicing rights are evaluated quarterly for impairment by discounting the expected future cash flows, taking into consideration the estimated level of prepayments based on current industry expectations and the predominant risk characteristics of the underlying loans including loan type, note rate and loan term. Impairment adjustments, if any, are recorded through a valuation allowance. |
Premises and Equipment | Premises and Equipment. Buildings, furniture and equipment are stated at cost less accumulated depreciation. Depreciation expense is computed using straight-line methods over estimated useful lives of 5 to 45 years for buildings and improvements and 4 to 15 years for furniture and equipment. Leasehold improvements and assets acquired under capital lease are amortized over the shorter of their estimated useful lives or the terms of the related leases. Land is recorded at cost. |
Company-Owned Life Insurance | Company-Owned Life Insurance. Key executive and group life insurance policies are recorded at their cash surrender value. Separate account group life insurance policies are subject to a stable value contract that offsets the impact of interest rate fluctuations on the market value of the policies and are recorded at the stabilized investment value. Increases in the cash surrender or stabilized investment value of insurance policies, as well as insurance proceeds received, are recorded as other non-interest income, and are not subject to income taxes. |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets. Long-lived assets, including premises and equipment and certain identifiable intangibles, are reviewed for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. The amount of the impairment loss, if any, is based on the asset’s fair value. Impairment losses of $102, $616 and $70 were recognized in other non-interest expense in 2014, 2013 and 2012, respectively. |
Other Real Estate Owned | Other Real Estate Owned. Real estate acquired in satisfaction of loans is initially carried at current fair value less estimated selling costs. Any excess of loan carrying value over the fair value of the real estate acquired is recorded as a charge to the allowance for loan losses. Subsequent declines in fair value less estimated selling costs are included in OREO expense. Subsequent increases in fair value less estimated selling costs are recorded as a reduction in OREO expense to the extent of recognized losses. Operating expenses, net of related income, and gains or losses on sales are included in OREO expense. Write-downs of $224, $3,512 and $6,724 were recorded in 2014, 2013 and 2012, respectively. |
Restricted Equity Securities | Restricted Equity Securities. The Company, as a member of the Federal Reserve Bank and the Federal Home Loan Bank (“FHLB”), is required to maintain investments in each of the organization’s capital stock. As of December 31, 2014, restricted equity securities of the Federal Reserve Bank and the Federal Home Loan Bank of $16,187 and $10,662, respectively, were included in other assets at cost. As of December 31, 2013, restricted equity securities of the Federal Reserve Bank and the Federal Home Loan Bank were $13,357 and $7,003, respectively. No ready market exists for these restricted equity securities, and they have no quoted market values. Restricted equity securities are periodically reviewed for impairment based on ultimate recovery of par value. The determination of whether a decline affects the ultimate recovery of par value is influenced by the significance of the decline compared to the cost basis of the restricted equity securities, the length of time a decline has persisted, the impact of legislative and regulatory changes on the issuing organizations and the liquidity positions of the issuing organizations. Based on management’s assessment, no impairment losses were recorded on restricted equity securities during 2014, 2013 or 2012. |
Derivatives and Hedging Activities | Derivatives and Hedging Activities. During 2014, the Company entered into derivative interest rate swap agreements as part of its interest rate risk management strategy. The interest rate swaps are recognized as assets or liabilities on the Company's balance sheet at fair value. Fair value estimations are obtained from third parties and are based on pricing models. Currently, none of the Company’s derivatives are designated in qualifying hedging relationships. As such, all changes in the fair value of the Company’s derivatives are recognized directly in earnings. As of December 31, 2014, interest rate swap derivative assets of $61 were included in other assets and interest rate swap derivative liabilities of $59 were included in other liabilities on the Company's consolidated balance sheet. During 2014, the Company recorded insignificant amounts of non-interest income related to changes in the fair value of derivatives. The Company does not enter into derivative agreements for trading or speculative purposes. |
Income From Fiduciary Activities | Income from Fiduciary Activities. Consistent with industry practice, income for trust services is recognized on the basis of cash received. However, use of this method in lieu of accrual basis accounting does not materially affect reported earnings. |
Earnings Per Common Share | |
Income Taxes | Income Taxes. The Parent Company and its subsidiaries have elected to be included in a consolidated federal income tax return. For state income tax purposes, the combined taxable income of the Parent Company and its subsidiaries is apportioned among the states in which operations take place. Federal and state income taxes attributable to the subsidiaries, computed on a separate return basis, are paid to or received from the Parent Company. |
The Company accounts for income taxes using the liability method. Under the liability method, deferred tax assets and liabilities are determined based on enacted income tax rates which will be in effect when the differences between the financial statement carrying values and tax bases of existing assets and liabilities are expected to be reported in taxable income. | |
Positions taken in the Company’s tax returns may be subject to challenge by the taxing authorities upon examination. Uncertain tax positions are initially recognized in the financial statements when it is more likely than not the position will be sustained upon examination by the tax authorities. Such tax positions are both initially and subsequently measured as the largest amount of tax benefit that is greater than 50% likely of being realized upon settlement with the tax authority, assuming full knowledge of the position and all relevant facts. The Company provides for interest and, in some cases, penalties on tax positions that may be challenged by the taxing authorities. Interest expense is recognized beginning in the first period that such interest would begin accruing. Penalties are recognized in the period that the Company claims the position in the tax return. Interest and penalties on income tax uncertainties are classified within income tax expense in the income statement. With few exceptions, the Company is no longer subject to U.S. federal and state examinations by tax authorities for years before 2011. The Company had no accrued interest or penalties as of December 31, 2014, 2013 or 2012. | |
Comprehensive Income | Comprehensive Income. Comprehensive income includes net income, as well as other changes in stockholders’ equity that result from transactions and economic events other than those with shareholders. In addition to net income, the Company’s comprehensive income includes the after tax effect of changes in unrealized gains and losses on available-for-sale investment securities, changes in the unamortized gain or loss on available-for-sale investment securities transferred to held-to-maturity and changes in net actuarial gains and losses on defined benefit post-retirement benefits plans. |
Segment Reporting | Segment Reporting. An operating segment is defined as a component of a business for which separate financial information is available that is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and evaluate performance. The Company has one operating segment, community banking, which encompasses commercial and consumer banking services offered to individuals, businesses, municipalities and other entities. |
Advertising Costs | Advertising Costs. Advertising costs are expensed as incurred. Advertising expense was $3,734, $3,532, and $3,555 in 2014, 2013 and 2012, respectively. |
Transfers of Financial Assets | Transfers of Financial Assets. Transfers of financial assets are accounted for as sales when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when the assets have been isolated from the Company; the transferee obtains the right, free of conditions that constrain it from taking advantage of that right, to pledge or exchange the transferred assets; and, the Company does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity. |
Stock-Based Compensation | Stock-Based Compensation. Compensation cost for all stock-based awards is measured at fair value on the date of grant and is recognized over the requisite service period for awards expected to vest. Stock-based compensation expense of $3,014, $2,936 and $2,485 for the years ended December 31, 2014, 2013 and 2012, respectively, is included in benefits expense in the Company’s consolidated statements of income. Related income tax benefits recognized for the years ended December 31, 2014, 2013 and 2012 were $1,153, $1,122 and $950, respectively. All compensation cost for stock-based awards is expensed at the Parent Company. |
Fair Value of Financial Instruments, Policy | Fair Value Measurements. In general, fair value measurements are based upon quoted market prices, where available. If quoted market prices are not available, fair value measurements are estimated using relevant market information and other assumptions. Fair value estimates involve uncertainties and require some degree of judgment regarding interest rates, credit risk, prepayments and other factors. The use of different assumptions or estimation techniques may have a significant effect on the fair value amounts reported. |
Acquisitions_Tables
Acquisitions (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Business Combinations [Abstract] | |||||||||||
Schedule of Recognized Identifiable Assets Acquired and Liabilities Assumed | |||||||||||
As Recorded | Fair Value | As Recorded | |||||||||
As of July 31, 2014 | by MWFC | Adjustments | by the Company | ||||||||
Assets acquired: | |||||||||||
Cash and cash equivalents | $ | 74,035 | $ | — | $ | 74,035 | |||||
Investment securities | 104,945 | (34 | ) | -1 | 104,911 | ||||||
Loans | 378,558 | (18,286 | ) | -2 | 360,272 | ||||||
Allowance for loan losses | (11,598 | ) | 11,598 | -3 | — | ||||||
Premises and equipment | 35,283 | (5,847 | ) | -4 | 29,436 | ||||||
Company-owned life insurance | 13,046 | — | 13,046 | ||||||||
Deferred tax asset, net | 6,491 | 1,135 | -5 | 7,626 | |||||||
Core deposit intangible | — | 11,014 | -6 | 11,014 | |||||||
Other assets | 16,559 | (5,300 | ) | -7 | 11,259 | ||||||
Total assets acquired | 617,319 | (5,720 | ) | 611,599 | |||||||
Liabilities assumed: | |||||||||||
Deposits | 515,538 | (159 | ) | -8 | 515,379 | ||||||
Other liabilities | 20,501 | 2,730 | -9 | 23,231 | |||||||
Subordinated debentures held by subsidiary trusts | 20,439 | — | -10 | 20,439 | |||||||
Total liabilities assumed | 556,478 | 2,571 | 559,049 | ||||||||
Net assets acquired | $ | 60,841 | $ | (8,291 | ) | 52,550 | |||||
Consideration paid: | |||||||||||
Cash | 38,479 | ||||||||||
Class A common stock | 35,972 | ||||||||||
Total consideration | 74,451 | ||||||||||
Goodwill | $ | 21,901 | |||||||||
Explanation of fair value adjustments: | |||||||||||
-1 | Write down of the book value of investment securities to their estimated fair values on the date of acquisition based upon quotes obtained from an independent third party pricing service. | ||||||||||
-2 | Write down of the book value of loans to their estimated fair values. Except for collateral dependent loans acquired with deteriorated credit quality, the fair value of loans was estimated using cash flow projections based on the remaining maturity and repricing terms, adjusted for estimated future credit losses and prepayments and discounted to present value using a risk-adjusted market rate for similar loans. The fair value of collateral dependent loans acquired with deteriorated credit quality was estimated based on the Company's analysis of the fair value of the each loan's underlying collateral, discounted using market-derived rates of return with consideration given to the period of time and costs associated with foreclosure and disposition of the collateral. | ||||||||||
-3 | Adjustment to remove the MWB allowance for loan losses at acquisition date as the credit risk is accounted for in the fair value adjustment for loans receivable described in (2) above. | ||||||||||
-4 | Write down of the book value of premises and equipment to their estimated fair values based upon appraisals obtained from an independent third party appraiser. | ||||||||||
-5 | Adjustment represents the net deferred tax assets resulting from fair value adjustments related to acquired assets, assumed liabilities, core deposit intangible assets and other purchase accounting adjustments. | ||||||||||
-6 | Adjustment represents the value of the core deposit base assumed in the acquisition based upon a valuation obtained from an independent third party valuation expert. | ||||||||||
-7 | Adjustment consists of a reduction in the value of equity method investments, accrued interest receivable and accrued net income taxes receivable, and the write-off of pre-existing goodwill and computer software costs. | ||||||||||
-8 | Decrease in book value of time deposits to their estimated fair values based upon interest rates of similar time deposits with similar terms on the date of acquisition. | ||||||||||
-9 | Adjustment represents increases in the book values of other liabilities to their estimated fair values at the acquisition date. The adjustment primarily consists of a $2,000 increase to an acquired operating lease obligation and a $473 increase to Federal Home Loan Bank borrowings based upon interest interest rates of similar obligations with similar characteristics on the date of acquisition. | ||||||||||
-10 | Recorded value of junior subordinated debentures held by subsidiary trusts approximated fair value as of the acquisition date due to the short-term nature of the instruments. These debentures were redeemed at par value in December 2014. | ||||||||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period | |||||||||||
Contractually required principal and interest payments | $ | 112,882 | |||||||||
Contractual cash flows not expected to be collected ("non-accretable discount") | 74,760 | ||||||||||
Cash flows expected to be collected | 38,122 | ||||||||||
Interest component of cash flows expected to be collected ("accretable discount") | 5,233 | ||||||||||
Fair value of acquired credit-impaired loans | $ | 32,889 | |||||||||
Information regarding acquired loans not deemed credit-impaired at the acquisition date is as follows: | |||||||||||
Contractually required principal and interest payments | $ | 445,345 | |||||||||
Contractual cash flows not expected to be collected | (15,090 | ) | |||||||||
Fair value at acquisition | 327,383 | ||||||||||
Business Acquisition, Pro Forma Information | |||||||||||
Year ended December 31, (unaudited) | 2014 | 2013 | |||||||||
Interest income | $ | 280,102 | $ | 280,455 | |||||||
Non-interest income | 114,984 | 120,005 | |||||||||
Total revenues | $ | 395,086 | $ | 400,460 | |||||||
Net income | $ | 87,129 | $ | 84,264 | |||||||
Investment_Securities_Tables
Investment Securities (Tables) | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||
Amortized Cost and Approximate Fair Values of Investment Securities | The amortized cost and approximate fair values of investment securities are summarized as follows: | ||||||||||||||||||
December 31, 2014 | Amortized | Gross | Gross | Estimated | |||||||||||||||
Cost | Unrealized | Unrealized | Fair | ||||||||||||||||
Gains | Losses | Value | |||||||||||||||||
Available-for-Sale | |||||||||||||||||||
Obligations of U.S. government agencies | $ | 725,408 | $ | 895 | $ | (5,370 | ) | $ | 720,933 | ||||||||||
U.S. agency residential mortgage-backed securities & | 982,764 | 11,526 | (3,624 | ) | 990,666 | ||||||||||||||
collateralized mortgage obligations | |||||||||||||||||||
Private mortgage-backed securities | 322 | 5 | (2 | ) | 325 | ||||||||||||||
Total | $ | 1,708,494 | $ | 12,426 | $ | (8,996 | ) | $ | 1,711,924 | ||||||||||
December 31, 2014 | Amortized | Gross | Gross | Estimated | |||||||||||||||
Cost | Unrealized | Unrealized | Fair | ||||||||||||||||
Gains | Losses | Value | |||||||||||||||||
Held-to Maturity | |||||||||||||||||||
State, county and municipal securities | $ | 188,941 | $ | 5,949 | $ | (386 | ) | $ | 194,504 | ||||||||||
Corporate securities | 32,565 | 54 | (75 | ) | 32,544 | ||||||||||||||
U.S agency residential mortgage-backed securities & | 353,176 | 5,563 | (1,758 | ) | 356,981 | ||||||||||||||
collateralized mortgage obligations | |||||||||||||||||||
Other investments | 504 | — | — | 504 | |||||||||||||||
Total | $ | 575,186 | $ | 11,566 | $ | (2,219 | ) | $ | 584,533 | ||||||||||
Gross gains of $274 and gross losses of $213 were realized on the disposition of available-for-sale securities in 2014. | |||||||||||||||||||
December 31, 2013 | Amortized | Gross | Gross | Estimated | |||||||||||||||
Cost | Unrealized | Unrealized | Fair | ||||||||||||||||
Gains | Losses | Value | |||||||||||||||||
Available-for-Sale | |||||||||||||||||||
Obligations of U.S. government agencies | $ | 774,055 | $ | 1,432 | $ | (12,249 | ) | $ | 763,238 | ||||||||||
U.S. agency residential mortgage-backed securities & | 1,197,295 | 11,905 | (25,147 | ) | 1,184,053 | ||||||||||||||
collateralized mortgage obligations | |||||||||||||||||||
Private mortgage-backed securities | 407 | 9 | (1 | ) | 415 | ||||||||||||||
Total | $ | 1,971,757 | $ | 13,346 | $ | (37,397 | ) | $ | 1,947,706 | ||||||||||
December 31, 2013 | Amortized | Gross | Gross | Estimated | |||||||||||||||
Cost | Unrealized | Unrealized | Fair | ||||||||||||||||
Gains | Losses | Value | |||||||||||||||||
Held-to Maturity | |||||||||||||||||||
State, county and municipal securities | $ | 185,818 | $ | 4,043 | $ | (2,049 | ) | $ | 187,812 | ||||||||||
Corporate securities | 18,019 | 103 | (8 | ) | $ | 18,114 | |||||||||||||
Total | $ | 203,837 | $ | 4,146 | $ | (2,057 | ) | $ | 205,926 | ||||||||||
Gross Unrealized Losses and Fair Values of Investment Securities | The following table shows the gross unrealized losses and fair values of investment securities, aggregated by investment category, and the length of time individual investment securities have been in a continuous unrealized loss position, as of December 31, 2014 and 2013. | ||||||||||||||||||
Less than 12 Months | 12 Months or More | Total | |||||||||||||||||
December 31, 2014 | Fair | Gross | Fair | Gross | Fair | Gross | |||||||||||||
Value | Unrealized | Value | Unrealized | Value | Unrealized | ||||||||||||||
Losses | Losses | Losses | |||||||||||||||||
Available-for-Sale | |||||||||||||||||||
Obligations of U.S. government agencies | $ | 135,888 | $ | (702 | ) | $ | 309,283 | $ | (4,668 | ) | $ | 445,171 | $ | (5,370 | ) | ||||
U.S. agency residential mortgage-backed | 219,214 | (887 | ) | 151,380 | (2,737 | ) | 370,594 | (3,624 | ) | ||||||||||
securities & collateralized mortgage | |||||||||||||||||||
obligations | |||||||||||||||||||
Private mortgage-backed securities | — | — | 90 | (2 | ) | 90 | (2 | ) | |||||||||||
Total | $ | 355,102 | $ | (1,589 | ) | $ | 460,753 | $ | (7,407 | ) | $ | 815,855 | $ | (8,996 | ) | ||||
Less than 12 Months | 12 Months or More | Total | |||||||||||||||||
December 31, 2014 | Fair | Gross | Fair | Gross | Fair | Gross | |||||||||||||
Value | Unrealized | Value | Unrealized | Value | Unrealized | ||||||||||||||
Losses | Losses | Losses | |||||||||||||||||
Held-to-Maturity | |||||||||||||||||||
State, county and municipal securities | $ | 7,979 | $ | (13 | ) | $ | 20,097 | $ | (373 | ) | $ | 28,076 | $ | (386 | ) | ||||
U.S. agency residential mortgage-backed | 61,201 | (1,758 | ) | — | — | 61,201 | (1,758 | ) | |||||||||||
securities & collateralized mortgage | |||||||||||||||||||
obligations | |||||||||||||||||||
Corporate securities | 14,755 | (75 | ) | — | — | 14,755 | (75 | ) | |||||||||||
Total | $ | 83,935 | $ | (1,846 | ) | $ | 20,097 | $ | (373 | ) | $ | 104,032 | $ | (2,219 | ) | ||||
Less than 12 Months | 12 Months or More | Total | |||||||||||||||||
December 31, 2013 | Fair | Gross | Fair | Gross | Fair | Gross | |||||||||||||
Value | Unrealized | Value | Unrealized | Value | Unrealized | ||||||||||||||
Losses | Losses | Losses | |||||||||||||||||
Available-for-Sale | |||||||||||||||||||
Obligations of U.S. government agencies | $ | 458,385 | $ | (10,355 | ) | $ | 59,362 | $ | (1,894 | ) | $ | 517,747 | $ | (12,249 | ) | ||||
U.S. agency residential mortgage-backed | 634,199 | (17,273 | ) | 166,930 | (7,874 | ) | 801,129 | (25,147 | ) | ||||||||||
securities & collateralized mortgage | |||||||||||||||||||
obligations | |||||||||||||||||||
Private mortgage-backed securities | — | — | 104 | (1 | ) | 104 | (1 | ) | |||||||||||
Total | $ | 1,092,584 | $ | (27,628 | ) | $ | 226,396 | $ | (9,769 | ) | $ | 1,318,980 | $ | (37,397 | ) | ||||
Less than 12 Months | 12 Months or More | Total | |||||||||||||||||
December 31, 2013 | Fair | Gross | Fair | Gross | Fair | Gross | |||||||||||||
Value | Unrealized | Value | Unrealized | Value | Unrealized | ||||||||||||||
Losses | Losses | Losses | |||||||||||||||||
Held-to-Maturity | |||||||||||||||||||
State, county and municipal securities | $ | 37,550 | $ | (1,319 | ) | $ | 14,296 | $ | (730 | ) | $ | 51,846 | $ | (2,049 | ) | ||||
Corporate securities | 7,294 | (8 | ) | — | — | 7,294 | (8 | ) | |||||||||||
Total | $ | 44,844 | $ | (1,327 | ) | $ | 14,296 | $ | (730 | ) | $ | 59,140 | $ | (2,057 | ) | ||||
Maturities of Investment Securities | All other investment securities maturities are shown at contractual maturity dates. | ||||||||||||||||||
Available-for-Sale | Held-to-Maturity | ||||||||||||||||||
December 31, 2014 | Amortized | Estimated | Amortized | Estimated | |||||||||||||||
Cost | Fair Value | Cost | Fair Value | ||||||||||||||||
Within one year | $ | 252,677 | $ | 254,560 | $ | 85,751 | $ | 86,983 | |||||||||||
After one year but within five years | 1,218,143 | 1,219,799 | 283,000 | 286,783 | |||||||||||||||
After five years but within ten years | 188,520 | 188,015 | 150,601 | 153,287 | |||||||||||||||
After ten years | 49,154 | 49,550 | 55,834 | 57,480 | |||||||||||||||
Total | $ | 1,708,494 | $ | 1,711,924 | $ | 575,186 | $ | 584,533 | |||||||||||
Loans_Tables
Loans (Tables) | 12 Months Ended | |||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||
Receivables [Abstract] | ||||||||||||||||||||||
Schedule of Loans by Class | The following table presents loans by class as of the dates indicated: | |||||||||||||||||||||
December 31, | 2014 | 2013 | ||||||||||||||||||||
Real estate loans: | ||||||||||||||||||||||
Commercial | $ | 1,639,422 | $ | 1,449,174 | ||||||||||||||||||
Construction: | ||||||||||||||||||||||
Land acquisition & development | 220,443 | 205,911 | ||||||||||||||||||||
Residential | 96,580 | 76,488 | ||||||||||||||||||||
Commercial | 101,246 | 69,236 | ||||||||||||||||||||
Total construction loans | 418,269 | 351,635 | ||||||||||||||||||||
Residential | 999,903 | 867,912 | ||||||||||||||||||||
Agricultural | 167,659 | 173,534 | ||||||||||||||||||||
Total real estate loans | 3,225,253 | 2,842,255 | ||||||||||||||||||||
Consumer: | ||||||||||||||||||||||
Indirect consumer | 552,863 | 476,012 | ||||||||||||||||||||
Other consumer | 144,141 | 133,039 | ||||||||||||||||||||
Credit card | 65,467 | 62,536 | ||||||||||||||||||||
Total consumer loans | 762,471 | 671,587 | ||||||||||||||||||||
Commercial | 740,073 | 676,544 | ||||||||||||||||||||
Agricultural | 124,859 | 111,872 | ||||||||||||||||||||
Other, including overdrafts | 3,959 | 1,734 | ||||||||||||||||||||
Loans held for investment | 4,856,615 | 4,303,992 | ||||||||||||||||||||
Mortgage loans held for sale | 40,828 | 40,861 | ||||||||||||||||||||
Total loans | $ | 4,897,443 | $ | 4,344,853 | ||||||||||||||||||
Deteriorated Loans Transferred in | ||||||||||||||||||||||
December 31, | 2014 | 2013 | ||||||||||||||||||||
Outstanding balance | $ | 41,910 | $ | — | ||||||||||||||||||
Carrying value | ||||||||||||||||||||||
Loans on accrual status | 31,870 | — | ||||||||||||||||||||
Loans on non-accrual status | — | — | ||||||||||||||||||||
Total carrying value | $ | 31,870 | $ | — | ||||||||||||||||||
The following table summarizes changes in the accretable yield for loans acquired credit impaired for year ended December 31, 2014 and 2013: | ||||||||||||||||||||||
Year Ended December 31, | 2014 | 2013 | ||||||||||||||||||||
Beginning balance | $ | — | $ | — | ||||||||||||||||||
Acquisition | 5,233 | — | ||||||||||||||||||||
Accretion income | (735 | ) | — | |||||||||||||||||||
Reductions due to exit events | (201 | ) | — | |||||||||||||||||||
Reclassifications from (to) nonaccretable differences | 1,484 | — | ||||||||||||||||||||
Ending balance | $ | 5,781 | $ | — | ||||||||||||||||||
Schedule of Recorded Investment in Past Due Loans by Class | The following tables present the contractual aging of the Company’s recorded investment in past due loans by class as of the period indicated: | |||||||||||||||||||||
Total Loans | ||||||||||||||||||||||
30 - 59 | 60 - 89 | > 90 | 30 or More | |||||||||||||||||||
Days | Days | Days | Days | Current | Non-accrual | Total | ||||||||||||||||
As of December 31, 2014 | Past Due | Past Due | Past Due | Past Due | Loans | Loans | Loans | |||||||||||||||
Real estate | ||||||||||||||||||||||
Commercial | $ | 4,692 | $ | 1,609 | $ | 331 | $ | 6,632 | $ | 1,605,421 | $ | 27,369 | $ | 1,639,422 | ||||||||
Construction: | ||||||||||||||||||||||
Land acquisition & development | 839 | 383 | — | 1,222 | 210,969 | 8,252 | 220,443 | |||||||||||||||
Residential | — | 475 | — | 475 | 95,833 | 272 | 96,580 | |||||||||||||||
Commercial | 100 | — | — | 100 | 98,582 | 2,564 | 101,246 | |||||||||||||||
Total construction loans | 939 | 858 | — | 1,797 | 405,384 | 11,088 | 418,269 | |||||||||||||||
Residential | 6,969 | 645 | 1,762 | 9,376 | 987,735 | 2,792 | 999,903 | |||||||||||||||
Agricultural | 1,624 | 236 | — | 1,860 | 158,957 | 6,842 | 167,659 | |||||||||||||||
Total real estate loans | 14,224 | 3,348 | 2,093 | 19,665 | 3,157,497 | 48,091 | 3,225,253 | |||||||||||||||
Consumer: | ||||||||||||||||||||||
Indirect consumer | 3,235 | 482 | 6 | 3,723 | 548,757 | 383 | 552,863 | |||||||||||||||
Other consumer | 988 | 140 | 32 | 1,160 | 142,432 | 549 | 144,141 | |||||||||||||||
Credit card | 369 | 284 | 315 | 968 | 64,484 | 15 | 65,467 | |||||||||||||||
Total consumer loans | 4,592 | 906 | 353 | 5,851 | 755,673 | 947 | 762,471 | |||||||||||||||
Commercial | 3,659 | 994 | 147 | 4,800 | 722,575 | 12,698 | 740,073 | |||||||||||||||
Agricultural | 1,125 | — | — | 1,125 | 123,288 | 446 | 124,859 | |||||||||||||||
Other, including overdrafts | — | — | — | — | 3,959 | — | 3,959 | |||||||||||||||
Loans held for investment | 23,600 | 5,248 | 2,593 | 31,441 | 4,762,992 | 62,182 | 4,856,615 | |||||||||||||||
Mortgage loans originated for sale | — | — | — | — | 40,828 | — | 40,828 | |||||||||||||||
Total loans | $ | 23,600 | $ | 5,248 | $ | 2,593 | $ | 31,441 | $ | 4,803,820 | $ | 62,182 | $ | 4,897,443 | ||||||||
Total Loans | ||||||||||||||||||||||
30 - 59 | 60 - 89 | > 90 | 30 or More | |||||||||||||||||||
Days | Days | Days | Days | Current | Non-accrual | Total | ||||||||||||||||
As of December 31, 2013 | Past Due | Past Due | Past Due | Past Due | Loans | Loans | Loans | |||||||||||||||
Real estate | ||||||||||||||||||||||
Commercial | $ | 5,924 | $ | 2,472 | $ | 22 | $ | 8,418 | $ | 1,391,823 | $ | 48,933 | $ | 1,449,174 | ||||||||
Construction: | ||||||||||||||||||||||
Land acquisition & development | 1,062 | 468 | 38 | 1,568 | 188,074 | 16,269 | 205,911 | |||||||||||||||
Residential | 933 | 250 | — | 1,183 | 73,933 | 1,372 | 76,488 | |||||||||||||||
Commercial | 584 | — | — | 584 | 68,427 | 225 | 69,236 | |||||||||||||||
Total construction loans | 2,579 | 718 | 38 | 3,335 | 330,434 | 17,866 | 351,635 | |||||||||||||||
Residential | 3,630 | 206 | 1,162 | 4,998 | 856,800 | 6,114 | 867,912 | |||||||||||||||
Agricultural | 328 | 646 | — | 974 | 163,986 | 8,574 | 173,534 | |||||||||||||||
Total real estate loans | 12,461 | 4,042 | 1,222 | 17,725 | 2,743,043 | 81,487 | 2,842,255 | |||||||||||||||
Consumer: | ||||||||||||||||||||||
Indirect consumer | 3,303 | 430 | 9 | 3,742 | 471,906 | 364 | 476,012 | |||||||||||||||
Other consumer | 925 | 130 | 1 | 1,056 | 131,508 | 475 | 133,039 | |||||||||||||||
Credit card | 364 | 187 | 515 | 1,066 | 61,451 | 19 | 62,536 | |||||||||||||||
Total consumer loans | 4,592 | 747 | 525 | 5,864 | 664,865 | 858 | 671,587 | |||||||||||||||
Commercial | 2,791 | 1,186 | 563 | 4,540 | 660,035 | 11,969 | 676,544 | |||||||||||||||
Agricultural | 453 | 672 | — | 1,125 | 110,622 | 125 | 111,872 | |||||||||||||||
Other, including overdrafts | — | — | — | — | 1,734 | — | 1,734 | |||||||||||||||
Loans held for investment | 20,297 | 6,647 | 2,310 | 29,254 | 4,180,299 | 94,439 | 4,303,992 | |||||||||||||||
Mortgage loans originated for sale | — | — | — | — | 40,861 | — | 40,861 | |||||||||||||||
Total loans | $ | 20,297 | $ | 6,647 | $ | 2,310 | $ | 29,254 | $ | 4,221,160 | $ | 94,439 | $ | 4,344,853 | ||||||||
Schedule of Recorded Investment in Impaired Loans | The following tables present information on the Company’s recorded investment in impaired loans as of dates indicated: | |||||||||||||||||||||
December 31, 2014 | ||||||||||||||||||||||
Unpaid | Recorded | Recorded | Total | Related | ||||||||||||||||||
Total | Investment | Investment | Recorded | Allowance | ||||||||||||||||||
Principal | With No | With | Investment | |||||||||||||||||||
Balance | Allowance | Allowance | ||||||||||||||||||||
Real estate: | ||||||||||||||||||||||
Commercial | $ | 41,603 | $ | 28,143 | $ | 11,246 | $ | 39,389 | $ | 1,608 | ||||||||||||
Construction: | ||||||||||||||||||||||
Land acquisition & development | 12,511 | 7,262 | 1,615 | 8,877 | 574 | |||||||||||||||||
Residential | 459 | 272 | — | 272 | — | |||||||||||||||||
Commercial | 2,729 | 253 | 2,442 | 2,695 | 904 | |||||||||||||||||
Total construction loans | 15,699 | 7,787 | 4,057 | 11,844 | 1,478 | |||||||||||||||||
Residential | 2,959 | 2,452 | 341 | 2,793 | 143 | |||||||||||||||||
Agricultural | 8,844 | 6,444 | 2,305 | 8,749 | 732 | |||||||||||||||||
Total real estate loans | 69,105 | 44,826 | 17,949 | 62,775 | 3,961 | |||||||||||||||||
Commercial | 16,904 | 11,882 | 2,644 | 14,526 | 1,190 | |||||||||||||||||
Agricultural | 1,231 | 342 | 837 | 1,179 | 641 | |||||||||||||||||
Total | $ | 87,240 | $ | 57,050 | $ | 21,430 | $ | 78,480 | $ | 5,792 | ||||||||||||
December 31, 2013 | ||||||||||||||||||||||
Unpaid | Recorded | Recorded | Total | Related | ||||||||||||||||||
Total | Investment | Investment | Recorded | Allowance | ||||||||||||||||||
Principal | With No | With | Investment | |||||||||||||||||||
Balance | Allowance | Allowance | ||||||||||||||||||||
Real estate: | ||||||||||||||||||||||
Commercial | $ | 64,780 | $ | 29,216 | $ | 33,937 | $ | 63,153 | $ | 5,210 | ||||||||||||
Construction: | ||||||||||||||||||||||
Land acquisition & development | 23,906 | 9,901 | 7,226 | 17,127 | 1,434 | |||||||||||||||||
Residential | 1,816 | 1,095 | 277 | 1,372 | 26 | |||||||||||||||||
Commercial | 397 | 279 | 84 | 363 | 85 | |||||||||||||||||
Total construction loans | 26,119 | 11,275 | 7,587 | 18,862 | 1,545 | |||||||||||||||||
Residential | 9,448 | 5,081 | 967 | 6,048 | 249 | |||||||||||||||||
Agricultural | 8,895 | 6,429 | 2,370 | 8,799 | 335 | |||||||||||||||||
Total real estate loans | 109,242 | 52,001 | 44,861 | 96,862 | 7,339 | |||||||||||||||||
Commercial | 15,448 | 10,684 | 2,901 | 13,585 | 1,504 | |||||||||||||||||
Agricultural | 177 | 39 | 86 | 125 | 86 | |||||||||||||||||
Total | $ | 124,867 | $ | 62,724 | $ | 47,848 | $ | 110,572 | $ | 8,929 | ||||||||||||
December 31, 2012 | ||||||||||||||||||||||
Unpaid | Recorded | Recorded | Total | Related | ||||||||||||||||||
Total | Investment | Investment | Recorded | Allowance | ||||||||||||||||||
Principal | With No | With | Investment | |||||||||||||||||||
Balance | Allowance | Allowance | ||||||||||||||||||||
Real estate: | ||||||||||||||||||||||
Commercial | $ | 84,300 | $ | 39,049 | $ | 34,774 | $ | 73,823 | $ | 4,112 | ||||||||||||
Construction: | ||||||||||||||||||||||
Land acquisition & development | 28,558 | 15,891 | 7,173 | 23,064 | 1,457 | |||||||||||||||||
Residential | 3,018 | 1,976 | 710 | 2,686 | 251 | |||||||||||||||||
Commercial | 10,447 | 7,785 | 340 | 8,125 | 69 | |||||||||||||||||
Total construction loans | 42,023 | 25,652 | 8,223 | 33,875 | 1,777 | |||||||||||||||||
Residential | 13,271 | 6,152 | 4,495 | 10,647 | 1,677 | |||||||||||||||||
Agricultural | 5,559 | 1,834 | 3,227 | 5,061 | 784 | |||||||||||||||||
Total real estate loans | 145,153 | 72,687 | 50,719 | 123,406 | 8,350 | |||||||||||||||||
Commercial | 12,770 | 9,036 | 3,206 | 12,242 | 1,919 | |||||||||||||||||
Agricultural | 589 | 509 | 28 | 537 | 28 | |||||||||||||||||
Total | $ | 158,512 | $ | 82,232 | $ | 53,953 | $ | 136,185 | $ | 10,297 | ||||||||||||
Schedule of Average Recorded Investment In and Income Recognized on Impaired Loans | The following tables present the average recorded investment in and income recognized on impaired loans for the periods indicated: | |||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||
Average Recorded Investment | Income Recognized | Average Recorded Investment | Income Recognized | Average Recorded Investment | Income Recognized | |||||||||||||||||
Real estate: | ||||||||||||||||||||||
Commercial | $ | 54,701 | $ | 876 | $ | 66,330 | $ | 1,092 | $ | 78,670 | $ | 1,339 | ||||||||||
Construction: | ||||||||||||||||||||||
Land acquisition & development | 13,056 | 43 | 19,523 | 487 | 44,457 | 110 | ||||||||||||||||
Residential | 822 | — | 1,893 | — | 8,431 | 4 | ||||||||||||||||
Commercial | 1,529 | 8 | 3,936 | 4 | 16,401 | — | ||||||||||||||||
Total construction loans | 15,407 | 51 | 25,352 | 491 | 69,289 | 114 | ||||||||||||||||
Residential | 4,537 | 5 | 8,104 | 17 | 13,703 | 26 | ||||||||||||||||
Agricultural | 8,774 | 78 | 8,230 | 8 | 6,936 | 41 | ||||||||||||||||
Total real estate loans | 83,419 | 1,010 | 108,016 | 1,608 | 168,598 | 1,520 | ||||||||||||||||
Commercial | 13,789 | 50 | 15,047 | 68 | 15,741 | 84 | ||||||||||||||||
Agricultural | 447 | 23 | 313 | 16 | 942 | 27 | ||||||||||||||||
Total | $ | 97,655 | $ | 1,083 | $ | 123,376 | $ | 1,692 | $ | 185,281 | $ | 1,631 | ||||||||||
Schedule of Loans Renegotiated in Troubled Debt Restructurings | The following table presents information on the Company's troubled debt restructurings that occurred during the periods indicated: | |||||||||||||||||||||
Number of Notes | Type of Concession | Principal Balance at Restructure Date | ||||||||||||||||||||
Year Ended December 31, 2014 | Interest only period | Extension of terms or maturity | Interest rate adjustment | Other | ||||||||||||||||||
Real estate: | ||||||||||||||||||||||
Commercial | 13 | $ | 4,753 | $ | 672 | $ | 84 | $ | 1,047 | $ | 6,556 | |||||||||||
Residential | 1 | — | — | — | 15 | 15 | ||||||||||||||||
Total real estate loans | 14 | 4,753 | 672 | 84 | 1,062 | 6,571 | ||||||||||||||||
Consumer | 1 | — | 113 | — | — | 113 | ||||||||||||||||
Commercial | 5 | 476 | — | — | 30 | 506 | ||||||||||||||||
Total | 20 | $ | 5,229 | $ | 785 | $ | 84 | $ | 1,092 | $ | 7,190 | |||||||||||
Number of Notes | Type of Concession | Principal Balance at Restructure Date | ||||||||||||||||||||
Year ended December 31, 2013 | Interest only period | Extension of terms or maturity | Interest rate adjustment | Other | ||||||||||||||||||
Real estate: | ||||||||||||||||||||||
Commercial | 19 | $ | 543 | $ | 1,378 | $ | 11,420 | $ | 2,310 | $ | 15,651 | |||||||||||
Construction: | ||||||||||||||||||||||
Land acquisition & development | 8 | 528 | 7,308 | 1,952 | — | 9,788 | ||||||||||||||||
Residential | 3 | — | 408 | 411 | — | 819 | ||||||||||||||||
Total construction loans | 11 | 528 | 7,716 | 2,363 | — | 10,607 | ||||||||||||||||
Residential | 5 | — | 708 | — | 79 | 787 | ||||||||||||||||
Agriculture | 1 | — | — | 188 | — | 188 | ||||||||||||||||
Total real estate loans | 36 | 1,071 | 9,802 | 13,971 | 2,389 | 27,233 | ||||||||||||||||
Consumer | 1 | — | — | 27 | — | 27 | ||||||||||||||||
Commercial | 6 | 613 | 178 | 265 | 87 | 1,143 | ||||||||||||||||
Total | 43 | $ | 1,684 | $ | 9,980 | $ | 14,263 | $ | 2,476 | $ | 28,403 | |||||||||||
Number of Notes | Type of Concession | Principal Balance at Restructure Date | ||||||||||||||||||||
Year ended December 31, 2012 | Interest only period | Extension of terms or maturity | Interest rate adjustment | Other | ||||||||||||||||||
Real estate: | ||||||||||||||||||||||
Commercial | 16 | $ | — | $ | 959 | $ | 4,504 | $ | 8,611 | $ | 14,074 | |||||||||||
Construction: | ||||||||||||||||||||||
Commercial | 1 | — | — | — | 3,155 | 3,155 | ||||||||||||||||
Land acquisition & development | 5 | — | 1,000 | 1,757 | 623 | 3,380 | ||||||||||||||||
Residential | 2 | — | 280 | 233 | — | 513 | ||||||||||||||||
Total construction loans | 8 | — | 1,280 | 1,990 | 3,778 | 7,048 | ||||||||||||||||
Residential | 2 | 568 | 25 | — | — | 593 | ||||||||||||||||
Agriculture | 1 | — | 154 | — | — | 154 | ||||||||||||||||
Total real estate loans | 27 | 568 | 2,418 | 6,494 | 12,389 | 21,869 | ||||||||||||||||
Consumer | 1 | — | 69 | — | — | 69 | ||||||||||||||||
Commercial | 10 | 387 | 217 | — | 218 | 822 | ||||||||||||||||
Total | 38 | $ | 955 | $ | 2,704 | $ | 6,494 | $ | 12,607 | $ | 22,760 | |||||||||||
Schedule of Recorded Investment in Criticized Loans by Class and Credit Quality Indicator | The following tables present the Company’s recorded investment in criticized loans by class and credit quality indicator based on the most recent analysis performed as of the dates indicated: | |||||||||||||||||||||
As of December 31, 2014 | Other Assets | Substandard | Doubtful | Total | ||||||||||||||||||
Especially | Criticized | |||||||||||||||||||||
Mentioned | Loans | |||||||||||||||||||||
Real estate: | ||||||||||||||||||||||
Commercial | $ | 84,533 | $ | 83,448 | $ | 15,246 | $ | 183,227 | ||||||||||||||
Construction: | ||||||||||||||||||||||
Land acquisition & development | 11,826 | 15,016 | 2,507 | 29,349 | ||||||||||||||||||
Residential | 2,029 | 2,666 | — | 4,695 | ||||||||||||||||||
Commercial | 39 | 253 | 2,442 | 2,734 | ||||||||||||||||||
Total construction loans | 13,894 | 17,935 | 4,949 | 36,778 | ||||||||||||||||||
Residential | 10,473 | 10,848 | 1,121 | 22,442 | ||||||||||||||||||
Agricultural | 10,122 | 12,328 | 612 | 23,062 | ||||||||||||||||||
Total real estate loans | 119,022 | 124,559 | 21,928 | 265,509 | ||||||||||||||||||
Consumer: | ||||||||||||||||||||||
Indirect consumer | 916 | 1,590 | 121 | 2,627 | ||||||||||||||||||
Other consumer | 553 | 1,085 | 432 | 2,070 | ||||||||||||||||||
Credit card | — | 348 | 1,263 | 1,611 | ||||||||||||||||||
Total consumer loans | 1,469 | 3,023 | 1,816 | 6,308 | ||||||||||||||||||
Commercial | 25,766 | 32,433 | 10,273 | 68,472 | ||||||||||||||||||
Agricultural | 7,827 | 3,660 | 837 | 12,324 | ||||||||||||||||||
Total | $ | 154,084 | $ | 163,675 | $ | 34,854 | $ | 352,613 | ||||||||||||||
As of December 31, 2013 | Other Assets | Substandard | Doubtful | Total | ||||||||||||||||||
Especially | Criticized | |||||||||||||||||||||
Mentioned | Loans | |||||||||||||||||||||
Real estate: | ||||||||||||||||||||||
Commercial | $ | 79,747 | $ | 86,426 | $ | 24,840 | $ | 191,013 | ||||||||||||||
Construction: | ||||||||||||||||||||||
Land acquisition & development | 13,211 | 19,677 | 7,329 | 40,217 | ||||||||||||||||||
Residential | 1,859 | 1,649 | 277 | 3,785 | ||||||||||||||||||
Commercial | — | 409 | 84 | 493 | ||||||||||||||||||
Total construction loans | 15,070 | 21,735 | 7,690 | 44,495 | ||||||||||||||||||
Residential | 7,500 | 7,188 | 4,184 | 18,872 | ||||||||||||||||||
Agricultural | 13,597 | 10,245 | 2,370 | 26,212 | ||||||||||||||||||
Total real estate loans | 115,914 | 125,594 | 39,084 | 280,592 | ||||||||||||||||||
Consumer: | ||||||||||||||||||||||
Indirect consumer | 875 | 1,524 | 115 | 2,514 | ||||||||||||||||||
Other consumer | 573 | 969 | 268 | 1,810 | ||||||||||||||||||
Credit card | — | 392 | 2,010 | 2,402 | ||||||||||||||||||
Total consumer loans | 1,448 | 2,885 | 2,393 | 6,726 | ||||||||||||||||||
Commercial | 33,318 | 23,833 | 3,745 | 60,896 | ||||||||||||||||||
Agricultural | 8,401 | 1,788 | 86 | 10,275 | ||||||||||||||||||
Total | $ | 159,081 | $ | 154,100 | $ | 45,308 | $ | 358,489 | ||||||||||||||
Allowance_for_Loan_Losses_Tabl
Allowance for Loan Losses (Tables) | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||
Schedule of Allowance for Loan Losses by Portfolio Segment | The following table presents a summary of changes in the allowance for loan losses by portfolio segment: | ||||||||||||||||||
Year ended December 31, 2014 | Real Estate | Consumer | Commercial | Agriculture | Other | Total | |||||||||||||
Allowance for loan losses: | |||||||||||||||||||
Beginning balance | $ | 63,923 | $ | 6,193 | $ | 14,747 | $ | 476 | $ | — | $ | 85,339 | |||||||
Provision charged (credited) to operating | (10,348 | ) | 1,382 | 1,809 | 535 | — | (6,622 | ) | |||||||||||
expense | |||||||||||||||||||
Less loans charged-off | (3,014 | ) | (4,887 | ) | (6,030 | ) | (64 | ) | — | (13,995 | ) | ||||||||
Add back recoveries of loans previously charged-off | 3,323 | 2,347 | 3,781 | 27 | — | 9,478 | |||||||||||||
Ending balance | $ | 53,884 | $ | 5,035 | $ | 14,307 | $ | 974 | $ | — | $ | 74,200 | |||||||
Individually evaluated for impairment | $ | 3,961 | $ | — | $ | 1,190 | $ | 641 | $ | — | $ | 5,792 | |||||||
Collectively evaluated for impairment | 49,923 | 5,035 | 13,117 | 333 | — | 68,408 | |||||||||||||
Ending balance | $ | 53,884 | $ | 5,035 | $ | 14,307 | $ | 974 | $ | — | $ | 74,200 | |||||||
Total loans: | |||||||||||||||||||
Individually evaluated for impairment | $ | 62,775 | $ | — | $ | 14,526 | $ | 1,179 | $ | — | $ | 78,480 | |||||||
Collectively evaluated for impairment | 3,203,306 | 762,471 | 725,547 | 123,680 | 3,959 | 4,818,963 | |||||||||||||
Total loans | $ | 3,266,081 | $ | 762,471 | $ | 740,073 | $ | 124,859 | $ | 3,959 | $ | 4,897,443 | |||||||
Year ended December 31, 2013 | Real Estate | Consumer | Commercial | Agriculture | Other | Total | |||||||||||||
Allowance for loan losses: | |||||||||||||||||||
Beginning balance | $ | 75,782 | $ | 7,141 | $ | 17,085 | $ | 503 | $ | — | $ | 100,511 | |||||||
Provision charged (credited) to operating | (7,722 | ) | 1,605 | 41 | (49 | ) | — | (6,125 | ) | ||||||||||
expense | |||||||||||||||||||
Less loans charged-off | (10,224 | ) | (4,612 | ) | (5,672 | ) | (5 | ) | — | (20,513 | ) | ||||||||
Add back recoveries of loans previously charged-off | 6,087 | 2,059 | 3,293 | 27 | — | 11,466 | |||||||||||||
Ending balance | $ | 63,923 | $ | 6,193 | $ | 14,747 | $ | 476 | $ | — | $ | 85,339 | |||||||
Individually evaluated for impairment | $ | 7,339 | $ | — | $ | 1,504 | $ | 86 | $ | — | $ | 8,929 | |||||||
Collectively evaluated for impairment | 56,584 | 6,193 | 13,243 | 390 | — | 76,410 | |||||||||||||
Ending balance | $ | 63,923 | $ | 6,193 | $ | 14,747 | $ | 476 | $ | — | $ | 85,339 | |||||||
Total loans: | |||||||||||||||||||
Individually evaluated for impairment | $ | 96,862 | $ | — | $ | 13,585 | $ | 125 | $ | — | $ | 110,572 | |||||||
Collectively evaluated for impairment | 2,786,254 | 671,587 | 662,959 | 111,747 | 1,734 | 4,234,281 | |||||||||||||
Total loans | $ | 2,883,116 | $ | 671,587 | $ | 676,544 | $ | 111,872 | $ | 1,734 | $ | 4,344,853 | |||||||
Year ended December 31, 2012 | Real Estate | Consumer | Commercial | Agriculture | Other | Total | |||||||||||||
Allowance for loan losses: | |||||||||||||||||||
Beginning balance | $ | 87,396 | $ | 8,594 | $ | 15,325 | $ | 1,266 | $ | — | $ | 112,581 | |||||||
Provision charged (credited) to operating | 28,651 | 1,922 | 10,845 | (668 | ) | — | 40,750 | ||||||||||||
expense | |||||||||||||||||||
Less loans charged-off | (43,506 | ) | (5,320 | ) | (11,990 | ) | (120 | ) | — | (60,936 | ) | ||||||||
Add back recoveries of loans previously charged-off | 3,241 | 1,945 | 2,905 | 25 | — | 8,116 | |||||||||||||
Ending balance | $ | 75,782 | $ | 7,141 | $ | 17,085 | $ | 503 | $ | — | $ | 100,511 | |||||||
Individually evaluated for impairment | $ | 8,350 | $ | — | $ | 1,919 | $ | 28 | $ | — | $ | 10,297 | |||||||
Collectively evaluated for impairment | 67,432 | 7,141 | 15,166 | 475 | — | 90,214 | |||||||||||||
Ending balance | $ | 75,782 | $ | 7,141 | $ | 17,085 | $ | 503 | $ | — | $ | 100,511 | |||||||
Total loans: | |||||||||||||||||||
Individually evaluated for impairment | $ | 123,406 | $ | — | $ | 12,242 | $ | 537 | $ | — | $ | 136,185 | |||||||
Collectively evaluated for impairment | 2,660,420 | 636,794 | 676,511 | 113,090 | 912 | 4,087,727 | |||||||||||||
Total loans | $ | 2,783,826 | $ | 636,794 | $ | 688,753 | $ | 113,627 | $ | 912 | $ | 4,223,912 | |||||||
Premises_and_Equipment_Tables
Premises and Equipment (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Property, Plant and Equipment [Abstract] | ||||||||
Premises and Equipment and Related Accumulated Depreciation | Premises and equipment and related accumulated depreciation are as follows: | |||||||
December 31, | 2014 | 2013 | ||||||
Land | $ | 40,620 | $ | 37,581 | ||||
Buildings and improvements | 209,328 | 196,950 | ||||||
Furniture and equipment | 74,959 | 68,870 | ||||||
324,907 | 303,401 | |||||||
Less accumulated depreciation | (129,695 | ) | (123,711 | ) | ||||
Premises and equipment, net | $ | 195,212 | $ | 179,690 | ||||
Company_Owned_Life_Insurance_T
Company - Owned Life Insurance (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Investments, All Other Investments [Abstract] | ||||||||
Schedule of Life Insurance Corporate or Bank Owned | Company-owned life insurance consists of the following: | |||||||
December 31, | 2014 | 2013 | ||||||
Key executive, principal shareholder | $ | 3,798 | $ | 3,660 | ||||
Key executive split dollar | 4,707 | 4,628 | ||||||
Group life | 145,316 | 113,887 | ||||||
Total | $ | 153,821 | $ | 122,175 | ||||
Other_Real_Estate_Owned_Tables
Other Real Estate Owned (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Repossessed Assets [Abstract] | ||||||||||||
Other Real Estate Owned Roll Forward | Information with respect to the Company’s other real estate owned follows: | |||||||||||
Year Ended December 31, | 2014 | 2013 | 2012 | |||||||||
Balance at beginning of year | $ | 15,504 | $ | 32,571 | $ | 37,452 | ||||||
Acquisitions | 3,608 | — | — | |||||||||
Additions | 5,198 | 11,545 | 43,541 | |||||||||
Capitalized improvements | — | 65 | 75 | |||||||||
Valuation adjustments | (224 | ) | (3,512 | ) | (6,724 | ) | ||||||
Dispositions | (10,532 | ) | (25,165 | ) | (41,773 | ) | ||||||
Balance at end of year | $ | 13,554 | $ | 15,504 | $ | 32,571 | ||||||
Mortgage_Servicing_Rights_Tabl
Mortgage Servicing Rights (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Transfers and Servicing [Abstract] | ||||||||||||
Schedule of Servicing Assets at Amortized Value | Information with respect to the Company’s mortgage servicing rights follows: | |||||||||||
Year Ended December 31, | 2014 | 2013 | 2012 | |||||||||
Balance at beginning of year | $ | 14,018 | $ | 13,224 | $ | 13,450 | ||||||
Sales of mortgage servicing rights | — | — | (735 | ) | ||||||||
Originations of mortgage servicing rights | 2,717 | 3,581 | 4,563 | |||||||||
Amortization expense | (2,361 | ) | (2,787 | ) | (3,501 | ) | ||||||
Write-off of permanent impairment | — | — | (553 | ) | ||||||||
Balance at end of year | 14,374 | 14,018 | 13,224 | |||||||||
Less valuation reserve | (336 | ) | (472 | ) | (571 | ) | ||||||
Balance at end of year | $ | 14,038 | $ | 13,546 | $ | 12,653 | ||||||
Principal balance of serviced loans underlying mortgage servicing rights | $ | 2,615,311 | $ | 2,416,621 | $ | 2,146,351 | ||||||
Mortgage servicing rights as a percentage of serviced loans | 0.54 | % | 0.56 | % | 0.59 | % | ||||||
Deposits_Tables
Deposits (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Deposits [Abstract] | ||||||||
Schedule of Deposits, By Type | Deposits are summarized as follows: | |||||||
December 31, | 2014 | 2013 | ||||||
Non-interest bearing demand | $ | 1,791,364 | $ | 1,491,683 | ||||
Interest bearing: | ||||||||
Demand | 2,133,273 | 1,848,806 | ||||||
Savings | 1,843,355 | 1,602,544 | ||||||
Time, $100 and over | 520,125 | 492,051 | ||||||
Time, other | 718,095 | 698,666 | ||||||
Total interest bearing | 5,214,848 | 4,642,067 | ||||||
Total deposits | $ | 7,006,212 | $ | 6,133,750 | ||||
Schedule of Maturities of Time Deposits | Maturities of time deposits at December 31, 2014 are as follows: | |||||||
Time, $100 | Total Time | |||||||
and Over | ||||||||
2015 | $ | 337,404 | $ | 803,986 | ||||
2016 | 90,509 | 209,192 | ||||||
2017 | 58,387 | 127,367 | ||||||
2018 | 20,971 | 62,084 | ||||||
2019 | 12,854 | 35,577 | ||||||
Thereafter | — | 14 | ||||||
Total | $ | 520,125 | $ | 1,238,220 | ||||
LongTerm_Debt_and_Other_Borrow1
Long-Term Debt and Other Borrowed Funds (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Debt Disclosure [Abstract] | ||||||||
Summary of Long-Term Debt | A summary of long-term debt follows: | |||||||
December 31, | 2014 | 2013 | ||||||
Parent Company: | ||||||||
6.81% subordinated term loan maturing January 9, 2018, principal due at maturity, interest payable quarterly | $ | 20,000 | $ | 20,000 | ||||
Subsidiaries: | ||||||||
Variable rate subordinated term loan maturing February 28, 2018, principal due at maturity, interest payable quarterly (rate of 2.24% at December 31, 2014) | 15,000 | 15,000 | ||||||
4.86% note payable to FHLB, maturing October 31, 2015 | 225 | 225 | ||||||
8.00% capital lease obligation with term ending October 25, 2029 | 1,643 | 1,692 | ||||||
6.24% note payable maturing September 2032, principal due at maturity, interest payable monthly | 1,199 | — | ||||||
Total long-term debt | $ | 38,067 | $ | 36,917 | ||||
Schedule of Maturities of Long-term Debt | ||||||||
Maturities of long-term debt at December 31, 2014 are as follows: | ||||||||
2015 | $ | 285 | ||||||
2016 | 65 | |||||||
2017 | 71 | |||||||
2018 | 35,077 | |||||||
2019 | 83 | |||||||
Thereafter | 2,486 | |||||||
Total | $ | 38,067 | ||||||
Subordinated_Debentures_Held_b1
Subordinated Debentures Held by Subsidiary Trusts (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Subordinated Borrowings [Abstract] | |||||||||||
Schedule of Subordinated Borrowings | A summary of Subordinated Debenture issuances follows: | ||||||||||
Principal Amount Outstanding | |||||||||||
as of December 31, | |||||||||||
Issuance | Maturity Date | 2014 | 2013 | ||||||||
October 2007 | January 1, 2038 | $ | 10,310 | $ | 10,310 | ||||||
November 2007 | December 15, 2037 | 15,464 | 15,464 | ||||||||
December 2007 | December 15, 2037 | 20,619 | 20,619 | ||||||||
December 2007 | April 1, 2038 | 15,464 | 15,464 | ||||||||
January 2008 | April 1, 2038 | 10,310 | 10,310 | ||||||||
January 2008 | April 1, 2038 | 10,310 | 10,310 | ||||||||
Total subordinated debentures held by subsidiary trusts | $ | 82,477 | $ | 82,477 | |||||||
Earnings_per_Share_Tables
Earnings per Share (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Earnings Per Share [Abstract] | ||||||||||||
Computation of Basic and Diluted Earnings per Share | The following table sets forth the computation of basic and diluted earnings per common share: | |||||||||||
Year Ended December 31, | 2014 | 2013 | 2012 | |||||||||
Net income | $ | 84,401 | $ | 86,136 | $ | 58,224 | ||||||
Less preferred stock dividends | — | — | 3,300 | |||||||||
Net income available to common shareholders, basic and diluted | $ | 84,401 | $ | 86,136 | $ | 54,924 | ||||||
Weighted average common shares outstanding for basic earnings per share computation | 44,615,060 | 43,566,681 | 42,965,987 | |||||||||
Dilutive effects of stock-based compensation | 595,501 | 477,921 | 126,991 | |||||||||
Weighted average common shares outstanding for diluted earnings per common share computation | 45,210,561 | 44,044,602 | 43,092,978 | |||||||||
Basic earnings per common share | $ | 1.89 | $ | 1.98 | $ | 1.28 | ||||||
Diluted earnings per common share | 1.87 | 1.96 | 1.27 | |||||||||
Regulatory_Capital_Tables
Regulatory Capital (Tables) | 12 Months Ended | |||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||
Banking and Thrift [Abstract] | ||||||||||||||||||
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations | The Company’s actual capital amounts and ratios and selected minimum regulatory thresholds and prompt corrective action provisions as of December 31, 2014 and 2013 are presented in the following table: | |||||||||||||||||
Actual | Adequately Capitalized | Well Capitalized | ||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||
December 31, 2014 | ||||||||||||||||||
Total risk-based capital: | ||||||||||||||||||
Consolidated | $ | 897,769 | 16.2 | % | $ | 444,685 | 8 | % | NA | NA | ||||||||
FIB | 832,907 | 15.1 | 442,468 | 8 | $ | 553,085 | 10 | % | ||||||||||
Tier 1 risk-based capital: | ||||||||||||||||||
Consolidated | 807,229 | 14.5 | 222,343 | 4 | NA | NA | ||||||||||||
FIB | 754,708 | 13.7 | 221,234 | 4 | $ | 331,851 | 6 | |||||||||||
Leverage capital ratio: | ||||||||||||||||||
Consolidated | 807,229 | 9.6 | 335,897 | 4 | NA | NA | ||||||||||||
FIB | 754,708 | 9.2 | 330,006 | 4 | $ | 412,507 | 5 | |||||||||||
Actual | Adequately Capitalized | Well Capitalized | ||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||
December 31, 2013 | ||||||||||||||||||
Total risk-based capital: | ||||||||||||||||||
Consolidated | $ | 829,443 | 16.7 | % | $ | 396,210 | 8 | % | NA | NA | ||||||||
FIB | 723,955 | 14.7 | 394,038 | 8 | $ | 492,548 | 10 | % | ||||||||||
Tier 1 risk-based capital: | ||||||||||||||||||
Consolidated | 739,246 | 14.9 | 198,105 | 4 | NA | NA | ||||||||||||
FIB | 650,093 | 13.2 | 197,019 | 4 | $ | 295,529 | 6 | |||||||||||
Leverage capital ratio: | ||||||||||||||||||
Consolidated | 739,246 | 10.1 | 293,414 | 4 | NA | NA | ||||||||||||
FIB | 650,093 | 8.9 | 292,199 | 4 | $ | 365,248 | 5 | |||||||||||
On July 2, 2013, the Board of Governors of the Federal Reserve Bank issued a final rule implementing a revised regulatory capital framework for U.S. banks in accordance with the Basel III international accord and satisfying related mandates under the Dodd-Frank Wall Street Reform and Consumer Protection Act . The revised regulatory capital framework (the "Basel III Capital Rules") substantially revise the risk-based capital requirements applicable to bank holding companies and depository institutions by defining the components of capital and addressing other issues affecting the numerator in banking institutions’ regulatory capital ratios, addressing risk weights and other issues affecting the denominator in banking institutions’ regulatory capital ratios and replacing the existing risk-weighting approach with a more risk-sensitive approach. The Basel III Capital Rules are effective for the Company on January 1, 2015, subject to a phase-in period for certain provisions. |
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ||||||||||||
Schedule of Future Minimum Rental Payments for Operating Leases | The total future minimum rental commitments, exclusive of maintenance and operating costs, required under operating leases that have initial or remaining noncancelable lease terms in excess of one year at December 31, 2014, are as follows: | |||||||||||
Third | Related | Total | ||||||||||
Parties | Partnership | |||||||||||
For the year ending December 31: | ||||||||||||
2015 | $ | 2,132 | $ | 676 | $ | 2,808 | ||||||
2016 | 2,236 | 676 | 2,912 | |||||||||
2017 | 1,728 | 499 | 2,227 | |||||||||
2018 | 1,537 | 188 | 1,725 | |||||||||
2019 | 1,487 | — | 1,487 | |||||||||
Thereafter | 9,941 | — | 9,941 | |||||||||
Total | $ | 19,061 | $ | 2,039 | $ | 21,100 | ||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||
Schedule of Income Tax Expense | Income tax expense consists of the following: | |||||||||||
Year ended December 31, | 2014 | 2013 | 2012 | |||||||||
Current: | ||||||||||||
Federal | $ | 34,941 | $ | 30,757 | $ | 18,458 | ||||||
State | 4,928 | 4,533 | 2,818 | |||||||||
Total current | 39,869 | 35,290 | 21,276 | |||||||||
Deferred: | ||||||||||||
Federal | 4,870 | 10,056 | 7,697 | |||||||||
State | 475 | 1,220 | 1,065 | |||||||||
Total deferred | 5,345 | 11,276 | 8,762 | |||||||||
Total income tax expense | $ | 45,214 | $ | 46,566 | $ | 30,038 | ||||||
Schedule of Effective Income Tax Rate Reconciliation | Total income tax expense differs from the amount computed by applying the statutory federal income tax rate of 35 percent in 2014, 2013 and 2012 to income before income taxes as a result of the following: | |||||||||||
Year ended December 31, | 2014 | 2013 | 2012 | |||||||||
Tax expense at the statutory tax rate | $ | 45,365 | $ | 46,446 | $ | 30,892 | ||||||
Increase (decrease) in tax resulting from: | ||||||||||||
Tax-exempt income | (4,255 | ) | (3,620 | ) | (3,498 | ) | ||||||
State income tax, net of federal income tax benefit | 3,541 | 3,741 | 2,524 | |||||||||
Other, net | 563 | (1 | ) | 120 | ||||||||
Tax expense at effective tax rate | $ | 45,214 | $ | 46,566 | $ | 30,038 | ||||||
Schedule of Deferred Tax Assets and Liabilities | The tax effects of temporary differences between the financial statement carrying amounts and tax bases of assets and liabilities that give rise to significant portions of the net deferred tax asset (liability) relate to the following: | |||||||||||
December 31, | 2014 | 2013 | ||||||||||
Deferred tax assets: | ||||||||||||
Loans, principally due to allowance for loan losses | $ | 28,506 | $ | 30,903 | ||||||||
Lease Costs | 719 | — | ||||||||||
Loss Contingencies | 1,785 | — | ||||||||||
Loan Discount | 7,022 | — | ||||||||||
Investment securities, unrealized losses | 2,728 | 9,473 | ||||||||||
Employee benefits | 8,256 | 6,813 | ||||||||||
Other real estate owned write-downs and carrying costs | 2,536 | 4,731 | ||||||||||
Deferred gain on sale of subsidiary | 253 | 484 | ||||||||||
Deferred revenue on contract | 481 | 545 | ||||||||||
Other | 760 | 299 | ||||||||||
Deferred tax assets | 53,046 | 53,248 | ||||||||||
Deferred tax liabilities: | ||||||||||||
Fixed assets, principally differences in bases and depreciation | (569 | ) | (4,227 | ) | ||||||||
Investment securities, unrealized gains | (1,351 | ) | — | |||||||||
Investment in joint venture partnership, principally due to differences in depreciation of partnership assets | (1,053 | ) | (700 | ) | ||||||||
Prepaid amounts | (1,385 | ) | (1,247 | ) | ||||||||
Government agency stock dividends | (2,407 | ) | (1,965 | ) | ||||||||
Goodwill and core deposit intangibles | (36,732 | ) | (28,167 | ) | ||||||||
Mortgage servicing rights | (4,144 | ) | (4,337 | ) | ||||||||
Other | (531 | ) | (451 | ) | ||||||||
Deferred tax liabilities | (48,172 | ) | (41,094 | ) | ||||||||
Net deferred tax assets | $ | 4,874 | $ | 12,154 | ||||||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||
Schedule of Weighted-Average Assumptions used in Option Pricing Model | The following table presents the weighted-average assumptions used in the option pricing model for the periods indicated: | ||||||||
Years ended December 31, | 2013 | 2012 | |||||||
Expected volatility | 30.61 | % | 37.46 | % | |||||
Expected dividend yield | 3 | % | 3.35 | % | |||||
Risk-free interest rate | 0.88 | % | 1.99 | % | |||||
Expected life of options (in years) | 5.52 | 7.85 | |||||||
Schedule of Share-based Compensation, Stock Options, Activity | The following table summarizes stock option activity under the Company’s active stock option plans for the year ended December 31, 2014: | ||||||||
Number of | Weighted-Average | Weighted-Average | |||||||
Shares | Exercise Price | Remaining | |||||||
Contract Life | |||||||||
Outstanding options, beginning of year | 2,523,593 | $ | 17.2 | ||||||
Granted | — | — | |||||||
Exercised | (739,290 | ) | 17.73 | ||||||
Forfeited | (5,893 | ) | 12.85 | ||||||
Expired | (30,378 | ) | 16.2 | ||||||
Outstanding options, end of year | 1,748,032 | $ | 17.01 | 4.43 years | |||||
Outstanding options exercisable, end of year | 1,393,010 | $ | 17.15 | 4.12 years | |||||
Information with respect to the Company’s nonvested stock options as of and for the year ended December 31, 2014 follows: | |||||||||
Number of | Weighted-Average | ||||||||
Shares | Grant Date Fair Value | ||||||||
Nonvested stock options, beginning of year | 733,906 | $ | 3.78 | ||||||
Granted | — | ||||||||
Vested | (348,506 | ) | 3.94 | ||||||
Forfeited | (30,378 | ) | 3.7 | ||||||
Nonvested stock options, end of year | 355,022 | $ | 3.62 | ||||||
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity | The following table presents information regarding the Company’s restricted stock as of December 31, 2014: | ||||||||
Number of | Weighted-Average | ||||||||
Shares | Measurement Date | ||||||||
Fair Value | |||||||||
Restricted stock, beginning of year | 225,525 | $ | 16.08 | ||||||
Granted | 148,278 | 24.36 | |||||||
Vested | (96,143 | ) | 15.54 | ||||||
Forfeited | (27,772 | ) | 16.43 | ||||||
Canceled | (1,489 | ) | 21.39 | ||||||
Restricted stock, end of year | 248,399 | $ | 21.16 | ||||||
Other_Comprehensive_Income_Tab
Other Comprehensive Income (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Equity [Abstract] | ||||||||||
Schedule of Comprehensive Income (Loss) | The gross amounts of each component of other comprehensive income and the related tax effects for the periods indicated are as follows: | |||||||||
Year ended December 31, 2014 | Before Tax Amount | Tax Expense (Benefit) | Net of Tax Amount | |||||||
Investment securities available-for sale: | ||||||||||
Change in net unrealized gain during period | $ | 21,147 | $ | 8,321 | $ | 12,826 | ||||
Reclassification adjustment for net gains included in net income | (61 | ) | (24 | ) | (37 | ) | ||||
Change in unamortized loss on available-for-sale securities transferred into held-to-maturity | (548 | ) | (216 | ) | (332 | ) | ||||
Defined benefits post-retirement benefit plan: | ||||||||||
Change in net actuarial loss | 1,731 | 681 | 1,050 | |||||||
Total other comprehensive income | $ | 22,269 | $ | 8,762 | $ | 13,507 | ||||
Year ended December 31, 2013 | Before Tax Amount | Tax Expense (Benefit) | Net of Tax Amount | |||||||
Investment securities available-for sale: | ||||||||||
Change in net unrealized loss during period | $ | (52,949 | ) | $ | (20,835 | ) | $ | (32,114 | ) | |
Reclassification adjustment for net gains included in net income | (1 | ) | — | (1 | ) | |||||
Defined benefits post-retirement benefit plan: | ||||||||||
Change in net actuarial loss | 137 | 54 | 83 | |||||||
Total other comprehensive loss | $ | (52,813 | ) | $ | (20,781 | ) | $ | (32,032 | ) | |
Year ended December 31, 2012 | Before Tax Amount | Tax Expense (Benefit) | Net of Tax Amount | |||||||
Investment securities available-for sale: | ||||||||||
Change in net unrealized gain during period | $ | (4,648 | ) | $ | (1,829 | ) | $ | (2,819 | ) | |
Reclassification adjustment for net gains included in net income | (348 | ) | (137 | ) | (211 | ) | ||||
Change in unamortized gain on available-for-sale securities transferred into held-to-maturity | 56 | 22 | 34 | |||||||
Defined benefits post-retirement benefit plan: | ||||||||||
Change in net actuarial loss | (77 | ) | (30 | ) | (47 | ) | ||||
Total other comprehensive loss | $ | (5,017 | ) | $ | (1,974 | ) | $ | (3,043 | ) | |
Schedule of Accumulated Other Comprehensive Income (Loss) | The components of accumulated other comprehensive income, net of income taxes, are as follows: | |||||||||
Year ended December 31, | 2014 | 2013 | ||||||||
Net unrealized gain on investment securities available-for-sale | $ | (2,121 | ) | $ | (14,578 | ) | ||||
Net actuarial loss on defined benefit post-retirement benefit plans | (413 | ) | (1,463 | ) | ||||||
Net accumulated other comprehensive loss | $ | (2,534 | ) | $ | (16,041 | ) |
Condensed_Financial_Informatio1
Condensed Financial Information (Parent Company Only) (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ||||||||||||
Schedule of Condensed Financial Statements | Following is condensed financial information of First Interstate BancSystem, Inc. | |||||||||||
December 31, | 2014 | 2013 | ||||||||||
Condensed balance sheets: | ||||||||||||
Cash and cash equivalents | $ | 65,483 | $ | 105,274 | ||||||||
Investment in subsidiaries, at equity: | ||||||||||||
Bank subsidiary | 936,817 | 793,892 | ||||||||||
Nonbank subsidiaries | 1,982 | 1,980 | ||||||||||
Total investment in subsidiaries | 938,799 | 795,872 | ||||||||||
Advances to subsidiaries, net | 4,337 | — | ||||||||||
Other assets | 29,335 | 26,809 | ||||||||||
Total assets | $ | 1,037,954 | $ | 927,955 | ||||||||
Other liabilities | $ | 26,553 | $ | 17,602 | ||||||||
Advances from subsidiaries, net | — | 6,295 | ||||||||||
Long-term debt | 20,000 | 20,000 | ||||||||||
Subordinated debentures held by subsidiary trusts | 82,477 | 82,477 | ||||||||||
Total liabilities | 129,030 | 126,374 | ||||||||||
Stockholders’ equity | 908,924 | 801,581 | ||||||||||
Total liabilities and stockholders’ equity | $ | 1,037,954 | $ | 927,955 | ||||||||
Years Ended December 31, | 2014 | 2013 | 2012 | |||||||||
Condensed statements of income: | ||||||||||||
Dividends from subsidiaries | $ | 58,900 | $ | 71,400 | $ | 40,000 | ||||||
Other interest income | 42 | 34 | 92 | |||||||||
Other income, primarily management fees from subsidiaries | 12,166 | 12,809 | 10,042 | |||||||||
Total income | 71,108 | 84,243 | 50,134 | |||||||||
Salaries and benefits | 15,722 | 15,914 | 13,205 | |||||||||
Interest expense | 4,002 | 4,098 | 6,691 | |||||||||
Acquisition expenses | 4,017 | — | — | |||||||||
Other operating expenses, net | 7,512 | 7,546 | 7,150 | |||||||||
Total expenses | 31,253 | 27,558 | 27,046 | |||||||||
Earnings before income tax benefit | 39,855 | 56,685 | 23,088 | |||||||||
Income tax benefit | (6,862 | ) | (5,703 | ) | (6,222 | ) | ||||||
Income before undistributed earnings of subsidiaries | 46,717 | 62,388 | 29,310 | |||||||||
Undistributed earnings of subsidiaries | 37,684 | 23,748 | 28,914 | |||||||||
Net income | $ | 84,401 | $ | 86,136 | $ | 58,224 | ||||||
Years Ended December 31, | 2014 | 2013 | 2012 | |||||||||
Condensed statements of cash flows: | ||||||||||||
Cash flows from operating activities: | ||||||||||||
Net income | $ | 84,401 | $ | 86,136 | $ | 58,224 | ||||||
Adjustments to reconcile net income to cash provided by operating activities: | ||||||||||||
Undistributed earnings of subsidiaries | (37,684 | ) | (23,748 | ) | (28,914 | ) | ||||||
Stock-based compensation expense | 3,014 | 2,936 | 2,485 | |||||||||
Tax benefits from stock-based compensation | 2,193 | 1,898 | 360 | |||||||||
Excess tax benefits from stock-based compensation | (2,205 | ) | (2,031 | ) | (273 | ) | ||||||
Other, net | 8,991 | (5,804 | ) | 3,327 | ||||||||
Net cash provided by operating activities | 58,710 | 59,387 | 35,209 | |||||||||
Cash flows from investing activities: | ||||||||||||
Capital expenditures, net of sales | — | — | 1 | |||||||||
Acquisition of bank holding company, net of cash and cash equivalents received | (37,891 | ) | — | — | ||||||||
Net cash provided by (used in) investing activities | $ | (37,891 | ) | $ | — | $ | 1 | |||||
Years Ended December 31, | 2014 | 2013 | 2012 | |||||||||
Condensed statements of cash flows (continued): | ||||||||||||
Cash flows from financing activities: | ||||||||||||
Net (decrease) increase in advances from nonbank subsidiaries | $ | (10,632 | ) | $ | 6,992 | $ | (2,838 | ) | ||||
Redemption of preferred stock | — | (50,000 | ) | — | ||||||||
Repayment of junior subordinated debentures held by subsidiary trusts | (20,439 | ) | — | (41,238 | ) | |||||||
Proceeds from issuance of common stock, net of stock issuance costs | 6,621 | 9,814 | 1,911 | |||||||||
Excess tax benefits from stock-based compensation | 2,205 | 2,031 | 273 | |||||||||
Purchase and retirement of common stock | (9,739 | ) | (448 | ) | (263 | ) | ||||||
Dividends paid to common stockholders | (28,626 | ) | (17,909 | ) | (26,208 | ) | ||||||
Dividends paid to preferred stockholders | — | — | (3,300 | ) | ||||||||
Net cash used in financing activities | (60,610 | ) | (49,520 | ) | (71,663 | ) | ||||||
Net change in cash and cash equivalents | (39,791 | ) | 9,867 | (36,453 | ) | |||||||
Cash and cash equivalents, beginning of year | 105,274 | 95,407 | 131,860 | |||||||||
Cash and cash equivalents, end of year | $ | 65,483 | $ | 105,274 | $ | 95,407 | ||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||
Schedule of Financial Assets and Financial Liabilities Measured at Fair Value on a Recurring Basis | Financial assets and financial liabilities measured at fair value on a recurring basis are as follows: | |||||||||||||||
Fair Value Measurements at Reporting Date Using | ||||||||||||||||
As of December 31, 2014 | Balance | Quoted Prices in | Significant Other | Significant | ||||||||||||
Active Markets for | Observable | Unobservable | ||||||||||||||
Identical Assets | Inputs | Inputs | ||||||||||||||
(Level 1) | (Level 2) | (Level 3) | ||||||||||||||
Investment securities available-for-sale: | ||||||||||||||||
Obligations of U.S. government agencies | $ | 720,933 | $ | — | $ | 720,933 | $ | — | ||||||||
U.S. agency mortgage-backed securities & collateralized mortgage obligations | 990,666 | — | 990,666 | — | ||||||||||||
Private mortgage-backed securities | 325 | — | 325 | — | ||||||||||||
Fair Value Measurements at Reporting Date Using | ||||||||||||||||
As of December 31, 2013 | Balance | Quoted Prices in | Significant Other | Significant | ||||||||||||
Active Markets for | Observable | Unobservable | ||||||||||||||
Identical Assets | Inputs | Inputs | ||||||||||||||
(Level 1) | (Level 2) | (Level 3) | ||||||||||||||
Investment securities available-for-sale: | ||||||||||||||||
Obligations of U.S. government agencies | $ | 763,238 | $ | — | $ | 763,238 | $ | — | ||||||||
U.S. agency mortgage-backed securities & collateralized mortgage obligations | 1,184,053 | — | 1,184,053 | — | ||||||||||||
Private mortgage-backed securities | 415 | — | 415 | — | ||||||||||||
Schedule of Financial Assets and Financial Liabilities Measured at Fair Value on a Non-Recurring Basis | The following table presents information about the Company’s assets and liabilities measured at fair value on a non-recurring basis. | |||||||||||||||
Fair Value Measurements at Reporting Date Using | ||||||||||||||||
As of December 31, 2014 | Total | Quoted Prices | Significant | Significant | Total | |||||||||||
in Active | Other | Unobservable | Gains (Losses) | |||||||||||||
Markets for | Observable | Inputs | ||||||||||||||
Identical Assets (Level 1) | Inputs | (Level 3) | ||||||||||||||
(Level 2) | ||||||||||||||||
Impaired loans | $ | 30,494 | $ | — | $ | — | $ | 30,494 | $ | (14,552 | ) | |||||
Other real estate owned | 4,554 | — | — | 4,554 | (12,665 | ) | ||||||||||
Long-lived assets to be disposed of by sale | 1,083 | — | — | 1,083 | (702 | ) | ||||||||||
Fair Value Measurements at Reporting Date Using | ||||||||||||||||
As of December 31, 2013 | Total | Quoted Prices | Significant | Significant | Total | |||||||||||
in Active | Other | Unobservable | Gains (Losses) | |||||||||||||
Markets for | Observable | Inputs | ||||||||||||||
Identical Assets | Inputs | (Level 3) | ||||||||||||||
(Level 1) | (Level 2) | |||||||||||||||
Impaired loans | $ | 57,302 | $ | — | $ | — | $ | 57,302 | $ | (23,224 | ) | |||||
Other real estate owned | 8,502 | — | — | 8,502 | (14,441 | ) | ||||||||||
Long-lived assets to be disposed of by sale | 1,186 | — | — | 1,186 | (599 | ) | ||||||||||
Fair Value Inputs, Assets, Quantitative Information | ||||||||||||||||
As of December 31, 2014 | Fair | Valuation | Unobservable | Range | ||||||||||||
Value | Technique | Inputs | (Weighted Average) | |||||||||||||
Impaired loans | $ | 30,494 | Appraisal | Appraisal adjustment | 0% | - | 51% | -19% | ||||||||
Other real estate owned | 4,554 | Appraisal | Appraisal adjustment | 0% | - | 50% | -15% | |||||||||
Long-lived assets to be disposed of by sale | 1,083 | Appraisal | Appraisal adjustment | 0% | - | 9% | -5% | |||||||||
As of December 31, 2013 | Fair | Valuation | Unobservable | Range | ||||||||||||
Value | Technique | Inputs | (Weighted Average) | |||||||||||||
Impaired loans | $ | 57,302 | Appraisal | Appraisal adjustment | 6% | - | 66% | -31% | ||||||||
Other real estate owned | 8,502 | Appraisal | Appraisal adjustment | 6% | - | 55% | -15% | |||||||||
Long-lived assets to be disposed of by sale | 1,186 | Appraisal | Appraisal adjustment | 0% | - | 9% | -6% | |||||||||
Fair Value, by Balance Sheet Grouping | A summary of the estimated fair values of financial instruments follows: | |||||||||||||||
` | Fair Value Measurements at Reporting Date Using | |||||||||||||||
As of December 31, 2014 | Carrying Amount | Estimated | Quoted Prices in | Significant Other | Significant | |||||||||||
Fair Value | Active Markets for | Observable | Unobservable | |||||||||||||
Identical Assets | Inputs | Inputs | ||||||||||||||
(Level 1) | (Level 2) | (Level 3) | ||||||||||||||
Financial assets: | ||||||||||||||||
Cash and cash equivalents | $ | 798,670 | $ | 798,670 | $ | 798,670 | $ | — | $ | — | ||||||
Investment securities available-for-sale | 1,711,924 | 1,711,924 | — | 1,711,924 | — | |||||||||||
Investment securities held-to-maturity | 575,186 | 584,533 | — | 584,533 | — | |||||||||||
Accrued interest receivable | 27,063 | 27,063 | — | 27,063 | — | |||||||||||
Mortgage servicing rights, net | 14,038 | 21,434 | — | 21,434 | — | |||||||||||
Net loans | 4,823,243 | 4,800,725 | — | 4,770,231 | 30,494 | |||||||||||
Total financial assets | $ | 7,950,124 | $ | 7,944,349 | $ | 798,670 | $ | 7,115,185 | $ | 30,494 | ||||||
Financial liabilities: | ||||||||||||||||
Total deposits, excluding time deposits | $ | 5,767,992 | $ | 5,767,992 | $ | 5,767,992 | $ | — | $ | — | ||||||
Time deposits | 1,238,220 | 1,244,324 | — | 1,244,324 | — | |||||||||||
Securities sold under repurchase agreements | 502,250 | 502,250 | — | 502,250 | — | |||||||||||
Other borrowed funds | 9 | 9 | — | 9 | — | |||||||||||
Accrued interest payable | 5,833 | 5,833 | — | 5,833 | — | |||||||||||
Long-term debt | 38,067 | 37,781 | — | 37,781 | — | |||||||||||
Subordinated debentures held by subsidiary trusts | 82,477 | 75,734 | — | 75,734 | — | |||||||||||
Total financial liabilities | $ | 7,634,848 | $ | 7,633,923 | $ | 5,767,992 | $ | 1,865,931 | $ | — | ||||||
Fair Value Measurements at Reporting Date Using | ||||||||||||||||
As of December 31, 2013 | Carrying Amount | Estimated | Quoted Prices in | Significant Other | Significant | |||||||||||
Fair Value | Active Markets for | Observable | Unobservable | |||||||||||||
Identical Assets | Inputs | Inputs | ||||||||||||||
(Level 1) | (Level 2) | (Level 3) | ||||||||||||||
Financial assets: | ||||||||||||||||
Cash and cash equivalents | $ | 534,827 | $ | 534,827 | $ | 534,827 | $ | — | $ | — | ||||||
Investment securities available-for-sale | 1,947,706 | 1,947,706 | — | 1,947,706 | — | |||||||||||
Investment securities held-to-maturity | 203,837 | 205,926 | — | 205,926 | — | |||||||||||
Accrued interest receivable | 26,450 | 26,450 | — | 26,450 | — | |||||||||||
Mortgage servicing rights, net | 13,546 | 25,698 | — | 25,698 | — | |||||||||||
Net loans | 4,259,514 | 4,246,539 | — | 4,189,237 | 57,302 | |||||||||||
Total financial assets | $ | 6,985,880 | $ | 6,987,146 | $ | 534,827 | $ | 6,395,017 | $ | 57,302 | ||||||
Financial liabilities: | ||||||||||||||||
Total deposits, excluding time deposits | $ | 4,943,033 | $ | 4,943,033 | $ | 4,943,033 | $ | — | $ | — | ||||||
Time deposits | 1,190,717 | 1,196,250 | — | 1,196,250 | — | |||||||||||
Securities sold under repurchase agreements | 457,437 | 457,437 | — | 457,437 | — | |||||||||||
Other borrowed funds | 3 | 3 | — | 3 | — | |||||||||||
Accrued interest payable | 4,963 | 4,963 | — | 4,963 | — | |||||||||||
Long-term debt | 36,917 | 34,508 | — | 34,508 | — | |||||||||||
Subordinated debentures held by subsidiary trusts | 82,477 | 72,045 | — | 72,045 | — | |||||||||||
Total financial liabilities | $ | 6,715,547 | $ | 6,708,239 | $ | 4,943,033 | $ | 1,765,206 | $ | — | ||||||
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Cash and Cash Equivalents [Abstract] | |||
Cash on deposit with Federal Reserve Bank | $631,562 | $392,413 | |
Compensating balances with Federal Reserve Bank | 7,507 | 1,412 | |
Loans and Leases Receivable Disclosure [Abstract] | |||
Mortgage loans held for sale | 40,828 | 40,861 | |
Impairment losses | 102 | 616 | 70 |
Write-downs of OREO | 224 | 3,512 | 6,724 |
Federal Home Loan Bank Stock and Federal Reserve Bank Stock [Abstract] | |||
Federal Reserve Bank stock | 16,187 | 13,357 | |
Federal Home Loan Bank stock | 10,662 | 7,003 | |
Advertising expense | 3,734 | 3,532 | 3,555 |
Share-based Compensation [Abstract] | |||
Stock compensation expense | 3,014 | 2,936 | 2,485 |
Tax benefits from stock-based compensation | $1,153 | $1,122 | $950 |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies - Premises and Equipment (Details) | 12 Months Ended |
Dec. 31, 2014 | |
Buildings and improvements | Minimum | |
Property, Plant and Equipment | |
Estimated useful lives | 5 years |
Buildings and improvements | Maximum | |
Property, Plant and Equipment | |
Estimated useful lives | 45 years |
Furniture and equipment | Minimum | |
Property, Plant and Equipment | |
Estimated useful lives | 4 years |
Furniture and equipment | Maximum | |
Property, Plant and Equipment | |
Estimated useful lives | 15 years |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies - Core Deposit Intangibles (Details) (Core Deposits Intangibles, USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Core Deposits Intangibles | ||
Intangible Assets, Net (Excluding Goodwill) [Abstract] | ||
Accumulated core deposit intangibles amortization | $24,652 | $22,401 |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ||
2015 | 3,336 | |
2016 | 3,099 | |
2017 | 1,825 | |
2018 | 1,318 | |
2019 | 1,118 | |
Thereafter | $2,587 |
Summary_of_Significant_Account5
Summary of Significant Accounting Policies Derivatives and Hedging (Details) (Interest Rate Swap [Member], USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Interest Rate Swap [Member] | |
Derivative [Line Items] | |
Derivative Asset | $61 |
Derivative Liability | $59 |
Acquisitions_Business_Combinat
Acquisitions Business Combinations (Details) (USD $) | 12 Months Ended | 3 Months Ended | 0 Months Ended | |||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2014 | Jul. 31, 2014 | Feb. 10, 2014 |
Business Acquisition [Line Items] | ||||||
Acquisition Expense | $4,017 | $0 | $0 | |||
Mountain West Bank | ||||||
Business Acquisition [Line Items] | ||||||
Number of Subsidiary Banks | 1 | |||||
Number of Shared Markets | 5 | |||||
Mountain West Bank | ||||||
Business Acquisition [Line Items] | ||||||
Business Acquisition Conversion Rate | $7.13 | |||||
Payments to Acquire Businesses, Gross | 38,479 | |||||
Business Combination, Consideration Transferred | $74,451 | |||||
Business Acquisition, Effective Date of Acquisition | 31-Jul-14 | |||||
Mountain West Bank | Class A Common Stock | ||||||
Business Acquisition [Line Items] | ||||||
Business Acquisition Conversion Share Rate | 0.2552 | |||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | 1,378,230 | 1,378,230 | ||||
Business Acquisition, Share Price | $26.10 |
Acquisitions_Schedule_of_Recog
Acquisitions Schedule of Recognized Identifiable Assets Acquired and Liabilities Assumed (Details) (USD $) | 0 Months Ended | |||
In Thousands, unless otherwise specified | Jul. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | |
Business Acquisition [Line Items] | ||||
Business Acquisition, Equity Interest Issued or Issuable, Value Assigned | $35,972 | |||
Goodwill | 205,574 | 183,673 | ||
Class A Common Stock | ||||
Business Acquisition [Line Items] | ||||
Business Acquisition, Equity Interest Issued or Issuable, Value Assigned | 35,972 | |||
Mountain West Financial Corp Acquisition, As Recorded by MWFC | ||||
Business Acquisition [Line Items] | ||||
Cash and Cash Equivalents | 74,035 | |||
Investment Securities | 104,945 | |||
Loans | 378,558 | |||
Allowance for Loan Losses | -11,598 | |||
Premises and Equipment | 35,283 | |||
Company Owned LIfe Insurance | 13,046 | |||
Deferred Tax Assets, Net | 6,491 | |||
Core Deposit Intangibles | 0 | |||
Other Assets | 16,559 | |||
Total Assets Acquired | 617,319 | |||
Deposits | 515,538 | |||
Other Liabilities | 20,501 | |||
Subordinated Debentures Held by Subsidiary Trusts | 20,439 | |||
Total Liabilities Assumed | 556,478 | |||
Net Assets Acquired | 60,841 | |||
Mountain West Bank Acquisition, Fair Value Adjustment | ||||
Business Acquisition [Line Items] | ||||
Cash and Cash Equivalents | 0 | |||
Investment Securities | -34 | [1] | ||
Loans | -18,286 | [2] | ||
Allowance for Loan Losses | 11,598 | [3] | ||
Premises and Equipment | -5,847 | [4] | ||
Company Owned LIfe Insurance | 0 | |||
Deferred Tax Assets, Net | 1,135 | [5] | ||
Core Deposit Intangibles | 11,014 | [6] | ||
Other Assets | -5,300 | [7] | ||
Total Assets Acquired | -5,720 | |||
Deposits | -159 | [8] | ||
Other Liabilities | 2,730 | [9] | ||
Subordinated Debentures Held by Subsidiary Trusts | 0 | [10] | ||
Total Liabilities Assumed | 2,571 | |||
Net Assets Acquired | -8,291 | |||
Mountain West Bank Acquisition, As Recorded by the Company | ||||
Business Acquisition [Line Items] | ||||
Cash and Cash Equivalents | 74,035 | |||
Investment Securities | 104,911 | |||
Loans | 360,272 | |||
Allowance for Loan Losses | 0 | |||
Premises and Equipment | 29,436 | |||
Company Owned LIfe Insurance | 13,046 | |||
Deferred Tax Assets, Net | 7,626 | |||
Core Deposit Intangibles | 11,014 | |||
Other Assets | 11,259 | |||
Total Assets Acquired | 611,599 | |||
Deposits | 515,379 | |||
Other Liabilities | 23,231 | |||
Subordinated Debentures Held by Subsidiary Trusts | 20,439 | |||
Total Liabilities Assumed | 559,049 | |||
Net Assets Acquired | 52,550 | |||
Payments to Acquire Businesses, Gross | 38,479 | |||
Business Acquisition, Equity Interest Issued or Issuable, Value Assigned | 35,972 | |||
Business Combination, Consideration Transferred | 74,451 | |||
Goodwill | $21,901 | |||
[1] | (1) Write down of the book value of investment securities to their estimated fair values on the date of acquisition based upon quotes obtained from an independent third party pricing service. | |||
[2] | (2) Write down of the book value of loans to their estimated fair values. Except for collateral dependent loans acquired with deteriorated credit quality, the fair value of loans was estimated using cash flow projections based on the remaining maturity and repricing terms, adjusted for estimated future credit losses and prepayments and discounted to present value using a risk-adjusted market rate for similar loans. The fair value of collateral dependent loans acquired with deteriorated credit quality was estimated based on the Company's analysis of the fair value of the each loan's underlying collateral, discounted using market-derived rates of return with consideration given to the period of time and costs associated with foreclosure and disposition of the collateral. | |||
[3] | (3) Adjustment to remove the MWB allowance for loan losses at acquisition date as the credit risk is accounted for in the fair value adjustment for loans receivable described in (2) above. | |||
[4] | (4) Write down of the book value of premises and equipment to their estimated fair values based upon appraisals obtained from an independent third party appraiser. | |||
[5] | (5) Adjustment represents the net deferred tax assets resulting from fair value adjustments related to acquired assets, assumed liabilities, core deposit intangible assets and other purchase accounting adjustments. | |||
[6] | (6) Adjustment represents the value of the core deposit base assumed in the acquisition based upon a valuation obtained from an independent third party valuation expert. | |||
[7] | (7) Adjustment consists of a reduction in the value of equity method investments and accrued interest receivable and the write-off of federal and state income taxes receivable, pre-existing goodwill and computer software costs. | |||
[8] | (8) Decrease in book value of time deposits to their estimated fair values based upon interest rates of similar time deposits with similar terms on the date of acquisition. | |||
[9] | (9) Adjustment represents increases in the book values of other liabilities to their estimated fair values at the acquisition date. The adjustment primarily consists of a $2,000 increase to an acquired capital lease obligation and a $473 increase to Federal Home Loan Bank borrowings based upon interest interest rates of similar obligations with similar characteristics on the date of acquisition. | |||
[10] | (10) Recorded value of junior subordinated debentures held by subsidiary trusts approximated fair value as of the acquisition date due to the short-term nature of the instruments. These debentures were redeemed at par value in December 2014. |
Acquisitions_Finite_Lived_Inta
Acquisitions Finite Lived Intangible Assets Acquired as Part of a Business Combination (Details) (Core Deposits Intangibles, USD $) | 0 Months Ended | 3 Months Ended |
In Thousands, unless otherwise specified | Jul. 31, 2014 | Sep. 30, 2014 |
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Asset, Useful Life | 10 years | |
Mountain West Bank | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived Intangible Assets Acquired | $11,014 |
Acquisitions_Deteriorated_Loan
Acquisitions Deteriorated Loans Transferred In (Details) (USD $) | Jul. 31, 2014 |
In Thousands, unless otherwise specified | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period [Line Items] | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Acquired During Period, Contractually Required Payments Receivable at Acquisition | $112,882 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Non-Accretable Yield | 74,760 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Acquired During Period, Cash Flows Expected to be Collected at Acquisition | 38,122 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Acquired During Period, Internet Component Expected to be Collected | 5,233 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Acquired During Period, at Acquisition, at Fair Value | $32,889 |
Acquisitions_Loans_Transferred
Acquisitions Loans Transferred In (Details) (USD $) | Jul. 31, 2014 |
In Thousands, unless otherwise specified | |
Loans Transferred In [Abstract] | |
Certain Loans Acquired in Transfer Without Evidence of Credit Deterioration, Acquired During Period, Contractually Required Payments Receivable at Acquisition | $445,345 |
Certain Loans Acquired in Transfer Without Evidence of Credit Deterioration, Acquired During Period, Contractual Cash Flows Not Expected to be Collected | -15,090 |
Certain Loans Acquired in Transfer Without Evidence of Credit Deterioration, Acquired During Period, at Acquisition, at Fair Value | $327,383 |
Acquisitions_Business_Acquisit
Acquisitions Business Acquisition, Pro Forma Information (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Business Acquisition [Line Items] | ||
Expenses Related to Acquisition Excluded From Pro Forma Net Income | $5,052 | |
Business Acquisition, Pro Forma Interest Income | 280,102 | 280,455 |
Business Acquisition, Pro Forma Interest Expense | 114,984 | 120,005 |
Business Acquisition, Pro Forma Revenue | 395,086 | 400,460 |
Business Acquisition, Pro Forma Net Income (Loss) | $87,129 | $84,264 |
Investment_Securities_Amortize
Investment Securities - Amortized Cost and Approximate Fair Values of Investment Securities (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Available-for-Sale: | ||
Available-for-Sale, Amortized Cost | $1,708,494 | $1,971,757 |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax | 12,426 | 13,346 |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax | -8,996 | -37,397 |
Available-for-Sale, Estimated Fair Value | 1,711,924 | 1,947,706 |
Held-to-Maturity: | ||
Held-to-Maturity, Amortized Cost | 575,186 | 203,837 |
Held-to-maturity Securities, Accumulated Unrecognized Holding Gain | 11,566 | 4,146 |
Held-to-maturity Securities, Accumulated Unrecognized Holding Loss | -2,219 | -2,057 |
Held-to-Maturity Estimated Fair Value | 584,533 | 205,926 |
Obligations of U.S. government agencies | ||
Available-for-Sale: | ||
Available-for-Sale, Amortized Cost | 725,408 | 774,055 |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax | 895 | 1,432 |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax | -5,370 | -12,249 |
Available-for-Sale, Estimated Fair Value | 720,933 | 763,238 |
U.S. agency residential mortgage-backed securities & collateralized mortgage obligations | ||
Available-for-Sale: | ||
Available-for-Sale, Amortized Cost | 982,764 | 1,197,295 |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax | 11,526 | 11,905 |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax | -3,624 | -25,147 |
Available-for-Sale, Estimated Fair Value | 990,666 | 1,184,053 |
Held-to-Maturity: | ||
Held-to-Maturity, Amortized Cost | 353,176 | |
Held-to-maturity Securities, Accumulated Unrecognized Holding Gain | 5,563 | |
Held-to-maturity Securities, Accumulated Unrecognized Holding Loss | -1,758 | |
Held-to-Maturity Estimated Fair Value | 356,981 | |
Private mortgage-backed securities | ||
Available-for-Sale: | ||
Available-for-Sale, Amortized Cost | 322 | 407 |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax | 5 | 9 |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax | -2 | -1 |
Available-for-Sale, Estimated Fair Value | 325 | 415 |
State, county and municipal securities | ||
Held-to-Maturity: | ||
Held-to-Maturity, Amortized Cost | 188,941 | 185,818 |
Held-to-maturity Securities, Accumulated Unrecognized Holding Gain | 5,949 | 4,043 |
Held-to-maturity Securities, Accumulated Unrecognized Holding Loss | -386 | -2,049 |
Held-to-Maturity Estimated Fair Value | 194,504 | 187,812 |
Corporate securities | ||
Held-to-Maturity: | ||
Held-to-Maturity, Amortized Cost | 32,565 | 18,019 |
Held-to-maturity Securities, Accumulated Unrecognized Holding Gain | 54 | 103 |
Held-to-maturity Securities, Accumulated Unrecognized Holding Loss | -75 | -8 |
Held-to-Maturity Estimated Fair Value | 32,544 | 18,114 |
Other Investments | ||
Held-to-Maturity: | ||
Held-to-Maturity, Amortized Cost | 504 | |
Held-to-maturity Securities, Accumulated Unrecognized Holding Gain | 0 | |
Held-to-maturity Securities, Accumulated Unrecognized Holding Loss | 0 | |
Held-to-Maturity Estimated Fair Value | $504 |
Investment_Securities_Realized
Investment Securities - Realized Gains (Losses) on Investments (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Investments, Debt and Equity Securities [Abstract] | |||
Gross realized gains | $274 | $49 | $351 |
Gross realized losses | 213 | 48 | 3 |
Political Subdivisions | |||
Schedule of Available-for-sale Securities | |||
Available-for-sale Securities, Amortized Cost Basis | 131,845 | ||
Political Subdivisions | Montana, Wyoming, and South Dakota | |||
Schedule of Available-for-sale Securities | |||
Available-for-sale Securities, Amortized Cost Basis | $68,927 |
Investment_Securities_Transfer
Investment Securities Transfer from AFS to HTM (Details) (USD $) | 0 Months Ended |
In Thousands, unless otherwise specified | Jun. 27, 2014 |
Schedule of Available for Sale and Held-to-Maturity Securities | |
Remaining Expected Lives of Available-for-Sale Securities Transferred to Held-to-Maturity | 4 years 3 months 17 days |
U.S. agency residential mortgage-backed securities & collateralized mortgage obligations | |
Schedule of Available for Sale and Held-to-Maturity Securities | |
Available-for-Sale Securities Transferred to Held-to-Maturity, Amortized Costs | 396,640 |
Available-for-Sale Securities Transferred to Held-to-Maturity, Fair Values | 388,808 |
Available-for-Sale Securities Transferred to Held-to-Maturity, Unrealized Net Gain (Loss) | 7,832 |
Investment_Securities_Gross_Un
Investment Securities - Gross Unrealized Losses and Fair Values of Investment Securities (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | securities | securities |
Available-for-Sale: | ||
Available-for-Sale, less than 12 months fair value | $355,102 | $1,092,584 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | -1,589 | -27,628 |
Available-for-Sale, 12 months or more fair value | 460,753 | 226,396 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | -7,407 | -9,769 |
Available-for-Sale Securities, Fair Value | 815,855 | 1,318,980 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | -8,996 | -37,397 |
Held-to-Maturity: | ||
Held-to-maturity, less than 12 months fair value | 83,935 | 44,844 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | -1,846 | -1,327 |
Held-to-maturity, 12 months or more fair value | 20,097 | 14,296 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | -373 | -730 |
Held-to-maturity Securities, Fair Value | 104,032 | 59,140 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Accumulated Loss | -2,219 | -2,057 |
Available-for-Sale and Held-to-Maturity: | ||
Investment securities in an unrealized loss position (number of securities) | 154 | 229 |
Obligations of U.S. government agencies | ||
Available-for-Sale: | ||
Available-for-Sale, less than 12 months fair value | 135,888 | 458,385 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | -702 | -10,355 |
Available-for-Sale, 12 months or more fair value | 309,283 | 59,362 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | -4,668 | -1,894 |
Available-for-Sale Securities, Fair Value | 445,171 | 517,747 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | -5,370 | -12,249 |
U.S. agency residential mortgage-backed securities & collateralized mortgage obligations | ||
Available-for-Sale: | ||
Available-for-Sale, less than 12 months fair value | 219,214 | 634,199 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | -887 | -17,273 |
Available-for-Sale, 12 months or more fair value | 151,380 | 166,930 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | -2,737 | -7,874 |
Available-for-Sale Securities, Fair Value | 370,594 | 801,129 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | -3,624 | -25,147 |
Held-to-Maturity: | ||
Held-to-maturity, less than 12 months fair value | 61,201 | |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | -1,758 | |
Held-to-maturity, 12 months or more fair value | 0 | |
Held-to-maturity Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | |
Held-to-maturity Securities, Fair Value | 61,201 | |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Accumulated Loss | -1,758 | |
Private mortgage-backed securities | ||
Available-for-Sale: | ||
Available-for-Sale, less than 12 months fair value | 0 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 0 | 0 |
Available-for-Sale, 12 months or more fair value | 90 | 104 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | -2 | -1 |
Available-for-Sale Securities, Fair Value | 90 | 104 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | -2 | -1 |
State, county and municipal securities | ||
Held-to-Maturity: | ||
Held-to-maturity, less than 12 months fair value | 7,979 | 37,550 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | -13 | -1,319 |
Held-to-maturity, 12 months or more fair value | 20,097 | 14,296 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | -373 | -730 |
Held-to-maturity Securities, Fair Value | 28,076 | 51,846 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Accumulated Loss | -386 | -2,049 |
Corporate securities | ||
Held-to-Maturity: | ||
Held-to-maturity, less than 12 months fair value | 14,755 | 7,294 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | -75 | -8 |
Held-to-maturity, 12 months or more fair value | 0 | 0 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | 0 |
Held-to-maturity Securities, Fair Value | 14,755 | 7,294 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Accumulated Loss | ($75) | ($8) |
Investment_Securities_Maturiti
Investment Securities - Maturities of Investment Securities (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis, Rolling Maturity | ||
Available-for-sale amortized cost, within one year | $252,677 | |
Available-for-sale amortized cost, after one year but within five years | 1,218,143 | |
Available-for-sale amortized cost, after five years but within ten years | 188,520 | |
Available-for-sale amortized cost, after ten years | 49,154 | |
Available-for-Sale, Amortized Cost | 1,708,494 | 1,971,757 |
Available-for-sale Securities, Debt Maturities, Fair Value, Rolling Maturity | ||
Available-for-sale estimated fair value, within one year | 254,560 | |
Available-for-sale estimated fair value, after one year but within five years | 1,219,799 | |
Available-for-sale estimated fair value, after ten years | 188,015 | |
Available-for-ale estimated fair value, after five years but within ten years | 49,550 | |
Available-for-Sale, Estimated Fair Value | 1,711,924 | 1,947,706 |
Held-to-maturity Securities, Debt Maturities, Net Carrying Amount | ||
Held-to-maturity amortized cost, within one year | 85,751 | |
Held-to-maturity amoritzed cost, after one year but within five years | 283,000 | |
Held-to-maturity amortized cost, after five years but within ten years | 150,601 | |
Held-to-maturity amortized cost, after ten years | 55,834 | |
Held-to-Maturity, Amortized Cost | 575,186 | 203,837 |
Held-to-maturity Securities, Debt Maturities, Fair Value, Rolling Maturity | ||
Held-to-maturity estimated fair value, within one year | 86,983 | |
Held-to-maturity estimated fair value, after one year but within five years | 286,783 | |
Held-to-maturity estimated fair value, after five years but within ten years | 153,287 | |
Held-to-maturity estimated fair value, after ten years | 57,480 | |
Held-to-Maturity Estimated Fair Value | 584,533 | 205,926 |
Available-for-sale Securities and Held-to-maturity Securities | ||
Securities sold under agreements to repurchase | 1,351,787 | 1,288,750 |
Pledged assets separately reported, securities pledged for repurchase agreements, at fair value | 1,356,341 | 1,278,663 |
Callable within one year | ||
Available-for-sale Securities and Held-to-maturity Securities | ||
Investment securities primarily classified as available-for-sale, amortized costs, after one year but within five years | 176,023 | |
Investment securities primarily classified as available-for-sale, fair value, after one year but within five years | 175,892 | |
Callable structured notes | ||
Available-for-sale Securities and Held-to-maturity Securities | ||
Investment securities primarily classified as available-for-sale, amortized costs, after one year but within five years | 29,995 | |
Investment securities primarily classified as available-for-sale, fair value, after one year but within five years | 30,012 | |
Mortgage Backed Securities, Variable Rate | ||
Available-for-sale Securities and Held-to-maturity Securities | ||
Available-for-sale securities, amortized cost basis | $40,666 | $46,315 |
Loans_Schedule_of_Loans_by_Cla
Loans - Schedule of Loans by Class (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Loans and Leases Receivable | ||
Loans held for investment | $4,856,615 | $4,303,992 |
Mortgage loans held for sale | 40,828 | 40,861 |
Total loans | 4,897,443 | 4,344,853 |
Commercial real estate | ||
Loans and Leases Receivable | ||
Loans held for investment | 1,639,422 | 1,449,174 |
Land acquisition & development construction real estate | ||
Loans and Leases Receivable | ||
Loans held for investment | 220,443 | 205,911 |
Residential construction real estate | ||
Loans and Leases Receivable | ||
Loans held for investment | 96,580 | 76,488 |
Commercial construction real estate | ||
Loans and Leases Receivable | ||
Loans held for investment | 101,246 | 69,236 |
Total construction loans | ||
Loans and Leases Receivable | ||
Loans held for investment | 418,269 | 351,635 |
Residential real estate | ||
Loans and Leases Receivable | ||
Loans held for investment | 999,903 | 867,912 |
Loans receivable, maturity | 15 years | |
Agricultural real estate | ||
Loans and Leases Receivable | ||
Loans held for investment | 167,659 | 173,534 |
Total real estate loans | ||
Loans and Leases Receivable | ||
Loans held for investment | 3,225,253 | 2,842,255 |
Indirect consumer | ||
Loans and Leases Receivable | ||
Loans held for investment | 552,863 | 476,012 |
Other consumer | ||
Loans and Leases Receivable | ||
Loans held for investment | 144,141 | 133,039 |
Credit card consumer | ||
Loans and Leases Receivable | ||
Loans held for investment | 65,467 | 62,536 |
Total consumer loans | ||
Loans and Leases Receivable | ||
Loans held for investment | 762,471 | 671,587 |
Commercial | ||
Loans and Leases Receivable | ||
Loans held for investment | 740,073 | 676,544 |
Agricultural | ||
Loans and Leases Receivable | ||
Loans held for investment | 124,859 | 111,872 |
Other, including overdrafts | ||
Loans and Leases Receivable | ||
Loans held for investment | 3,959 | 1,734 |
Home equity line of credit | ||
Loans and Leases Receivable | ||
Loans held for investment | $298,692 | $272,415 |
Loans receivable, loan to value limit | 80.00% | |
Commercial and agricultural real estate | ||
Loans and Leases Receivable | ||
Loans receivable, maturity | 5 years |
Loans_Schedule_of_Loans_Acquir
Loans Schedule of Loans Acquired from Business Combinations (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Deteriorated Loans Transferred in [Abstract] | ||
Outstanding Balance | $41,910 | $0 |
Loans on Accrual Status | 31,870 | 0 |
Loans on Non-Accrual Status | 0 | 0 |
Total Carrying Value | $31,870 | $0 |
Loans_Certain_Loans_Acquired_i
Loans Certain Loans Acquired in Transfer Not Accounted for as Debt Securities (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Rollforward [Abstract] | ||
Beginning Balance | $0 | $0 |
Acquisition | 5,233 | 0 |
Accretion Income | -735 | 0 |
Reductions Due to Exit Events | -201 | 0 |
Reclassifications from (to) nonaccretable differences | 1,484 | 0 |
Ending Balance | $5,781 | $0 |
Loans_Schedule_of_Recorded_Inv
Loans - Schedule of Recorded Investment in Past Due Loans by Class (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Loans and Leases Receivable Recorded Investment, Past Due | |||
Loans held for investment | $4,856,615 | $4,303,992 | |
Mortgage loans held for sale | 40,828 | 40,861 | |
Total loans | 4,897,443 | 4,344,853 | |
Interest Income on Non-Accrual Loans if Accrued | 3,970 | 4,630 | 8,537 |
Commercial real estate | |||
Loans and Leases Receivable Recorded Investment, Past Due | |||
30 to 59 Days Past Due | 4,692 | 5,924 | |
60 to 89 Days Past Due | 1,609 | 2,472 | |
Greater than 90 Days Past Due | 331 | 22 | |
Total Loans 30 or More Days Past Due | 6,632 | 8,418 | |
Current Loans | 1,605,421 | 1,391,823 | |
Non-accrual Loans | 27,369 | 48,933 | |
Loans held for investment | 1,639,422 | 1,449,174 | |
Land acquisition & development construction real estate | |||
Loans and Leases Receivable Recorded Investment, Past Due | |||
30 to 59 Days Past Due | 839 | 1,062 | |
60 to 89 Days Past Due | 383 | 468 | |
Greater than 90 Days Past Due | 0 | 38 | |
Total Loans 30 or More Days Past Due | 1,222 | 1,568 | |
Current Loans | 210,969 | 188,074 | |
Non-accrual Loans | 8,252 | 16,269 | |
Loans held for investment | 220,443 | 205,911 | |
Residential construction real estate | |||
Loans and Leases Receivable Recorded Investment, Past Due | |||
30 to 59 Days Past Due | 0 | 933 | |
60 to 89 Days Past Due | 475 | 250 | |
Greater than 90 Days Past Due | 0 | 0 | |
Total Loans 30 or More Days Past Due | 475 | 1,183 | |
Current Loans | 95,833 | 73,933 | |
Non-accrual Loans | 272 | 1,372 | |
Loans held for investment | 96,580 | 76,488 | |
Commercial construction real estate | |||
Loans and Leases Receivable Recorded Investment, Past Due | |||
30 to 59 Days Past Due | 100 | 584 | |
60 to 89 Days Past Due | 0 | 0 | |
Greater than 90 Days Past Due | 0 | 0 | |
Total Loans 30 or More Days Past Due | 100 | 584 | |
Current Loans | 98,582 | 68,427 | |
Non-accrual Loans | 2,564 | 225 | |
Loans held for investment | 101,246 | 69,236 | |
Total construction loans | |||
Loans and Leases Receivable Recorded Investment, Past Due | |||
30 to 59 Days Past Due | 939 | 2,579 | |
60 to 89 Days Past Due | 858 | 718 | |
Greater than 90 Days Past Due | 0 | 38 | |
Total Loans 30 or More Days Past Due | 1,797 | 3,335 | |
Current Loans | 405,384 | 330,434 | |
Non-accrual Loans | 11,088 | 17,866 | |
Loans held for investment | 418,269 | 351,635 | |
Residential real estate | |||
Loans and Leases Receivable Recorded Investment, Past Due | |||
30 to 59 Days Past Due | 6,969 | 3,630 | |
60 to 89 Days Past Due | 645 | 206 | |
Greater than 90 Days Past Due | 1,762 | 1,162 | |
Total Loans 30 or More Days Past Due | 9,376 | 4,998 | |
Current Loans | 987,735 | 856,800 | |
Non-accrual Loans | 2,792 | 6,114 | |
Loans held for investment | 999,903 | 867,912 | |
Agricultural real estate | |||
Loans and Leases Receivable Recorded Investment, Past Due | |||
30 to 59 Days Past Due | 1,624 | 328 | |
60 to 89 Days Past Due | 236 | 646 | |
Greater than 90 Days Past Due | 0 | 0 | |
Total Loans 30 or More Days Past Due | 1,860 | 974 | |
Current Loans | 158,957 | 163,986 | |
Non-accrual Loans | 6,842 | 8,574 | |
Loans held for investment | 167,659 | 173,534 | |
Total real estate loans | |||
Loans and Leases Receivable Recorded Investment, Past Due | |||
30 to 59 Days Past Due | 14,224 | 12,461 | |
60 to 89 Days Past Due | 3,348 | 4,042 | |
Greater than 90 Days Past Due | 2,093 | 1,222 | |
Total Loans 30 or More Days Past Due | 19,665 | 17,725 | |
Current Loans | 3,157,497 | 2,743,043 | |
Non-accrual Loans | 48,091 | 81,487 | |
Loans held for investment | 3,225,253 | 2,842,255 | |
Indirect consumer | |||
Loans and Leases Receivable Recorded Investment, Past Due | |||
30 to 59 Days Past Due | 3,235 | 3,303 | |
60 to 89 Days Past Due | 482 | 430 | |
Greater than 90 Days Past Due | 6 | 9 | |
Total Loans 30 or More Days Past Due | 3,723 | 3,742 | |
Current Loans | 548,757 | 471,906 | |
Non-accrual Loans | 383 | 364 | |
Loans held for investment | 552,863 | 476,012 | |
Other consumer | |||
Loans and Leases Receivable Recorded Investment, Past Due | |||
30 to 59 Days Past Due | 988 | 925 | |
60 to 89 Days Past Due | 140 | 130 | |
Greater than 90 Days Past Due | 32 | 1 | |
Total Loans 30 or More Days Past Due | 1,160 | 1,056 | |
Current Loans | 142,432 | 131,508 | |
Non-accrual Loans | 549 | 475 | |
Loans held for investment | 144,141 | 133,039 | |
Credit card consumer | |||
Loans and Leases Receivable Recorded Investment, Past Due | |||
30 to 59 Days Past Due | 369 | 364 | |
60 to 89 Days Past Due | 284 | 187 | |
Greater than 90 Days Past Due | 315 | 515 | |
Total Loans 30 or More Days Past Due | 968 | 1,066 | |
Current Loans | 64,484 | 61,451 | |
Non-accrual Loans | 15 | 19 | |
Loans held for investment | 65,467 | 62,536 | |
Total consumer loans | |||
Loans and Leases Receivable Recorded Investment, Past Due | |||
30 to 59 Days Past Due | 4,592 | 4,592 | |
60 to 89 Days Past Due | 906 | 747 | |
Greater than 90 Days Past Due | 353 | 525 | |
Total Loans 30 or More Days Past Due | 5,851 | 5,864 | |
Current Loans | 755,673 | 664,865 | |
Non-accrual Loans | 947 | 858 | |
Loans held for investment | 762,471 | 671,587 | |
Commercial | |||
Loans and Leases Receivable Recorded Investment, Past Due | |||
30 to 59 Days Past Due | 3,659 | 2,791 | |
60 to 89 Days Past Due | 994 | 1,186 | |
Greater than 90 Days Past Due | 147 | 563 | |
Total Loans 30 or More Days Past Due | 4,800 | 4,540 | |
Current Loans | 722,575 | 660,035 | |
Non-accrual Loans | 12,698 | 11,969 | |
Loans held for investment | 740,073 | 676,544 | |
Agricultural | |||
Loans and Leases Receivable Recorded Investment, Past Due | |||
30 to 59 Days Past Due | 1,125 | 453 | |
60 to 89 Days Past Due | 0 | 672 | |
Greater than 90 Days Past Due | 0 | 0 | |
Total Loans 30 or More Days Past Due | 1,125 | 1,125 | |
Current Loans | 123,288 | 110,622 | |
Non-accrual Loans | 446 | 125 | |
Loans held for investment | 124,859 | 111,872 | |
Other, including overdrafts | |||
Loans and Leases Receivable Recorded Investment, Past Due | |||
30 to 59 Days Past Due | 0 | 0 | |
60 to 89 Days Past Due | 0 | 0 | |
Greater than 90 Days Past Due | 0 | 0 | |
Total Loans 30 or More Days Past Due | 0 | 0 | |
Current Loans | 3,959 | 1,734 | |
Non-accrual Loans | 0 | 0 | |
Loans held for investment | 3,959 | 1,734 | |
Loans held for investment | |||
Loans and Leases Receivable Recorded Investment, Past Due | |||
30 to 59 Days Past Due | 23,600 | 20,297 | |
60 to 89 Days Past Due | 5,248 | 6,647 | |
Greater than 90 Days Past Due | 2,593 | 2,310 | |
Total Loans 30 or More Days Past Due | 31,441 | 29,254 | |
Current Loans | 4,762,992 | 4,180,299 | |
Non-accrual Loans | 62,182 | 94,439 | |
Loans held for investment | 4,856,615 | 4,303,992 | |
Mortgage loans originated for sale | |||
Loans and Leases Receivable Recorded Investment, Past Due | |||
30 to 59 Days Past Due | 0 | 0 | |
60 to 89 Days Past Due | 0 | 0 | |
Greater than 90 Days Past Due | 0 | 0 | |
Total Loans 30 or More Days Past Due | 0 | 0 | |
Current Loans | 40,828 | 40,861 | |
Non-accrual Loans | 0 | 0 | |
Mortgage loans held for sale | 40,828 | 40,861 | |
Total loans | |||
Loans and Leases Receivable Recorded Investment, Past Due | |||
30 to 59 Days Past Due | 23,600 | 20,297 | |
60 to 89 Days Past Due | 5,248 | 6,647 | |
Greater than 90 Days Past Due | 2,593 | 2,310 | |
Total Loans 30 or More Days Past Due | 31,441 | 29,254 | |
Current Loans | 4,803,820 | 4,221,160 | |
Non-accrual Loans | 62,182 | 94,439 | |
Total loans | $4,897,443 | $4,344,853 |
Loans_Schedule_of_Recorded_Inv1
Loans - Schedule of Recorded Investment in Impaired Loans (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||
Impaired Financing Receivable, Unpaid Principal Balance | |||
Unpaid Total Principal Balance | $87,240 | $124,867 | $158,512 |
Recorded Investment With No Allowance | 57,050 | 62,724 | 82,232 |
Recorded Investment With Allowance | 21,430 | 47,848 | 53,953 |
Total Recorded Investment | 78,480 | 110,572 | 136,185 |
Related allowance | 5,792 | 8,929 | 10,297 |
Commercial real estate | |||
Impaired Financing Receivable, Unpaid Principal Balance | |||
Unpaid Total Principal Balance | 41,603 | 64,780 | 84,300 |
Recorded Investment With No Allowance | 28,143 | 29,216 | 39,049 |
Recorded Investment With Allowance | 11,246 | 33,937 | 34,774 |
Total Recorded Investment | 39,389 | 63,153 | 73,823 |
Related allowance | 1,608 | 5,210 | 4,112 |
Land acquisition & development construction real estate | |||
Impaired Financing Receivable, Unpaid Principal Balance | |||
Unpaid Total Principal Balance | 12,511 | 23,906 | 28,558 |
Recorded Investment With No Allowance | 7,262 | 9,901 | 15,891 |
Recorded Investment With Allowance | 1,615 | 7,226 | 7,173 |
Total Recorded Investment | 8,877 | 17,127 | 23,064 |
Related allowance | 574 | 1,434 | 1,457 |
Residential construction real estate | |||
Impaired Financing Receivable, Unpaid Principal Balance | |||
Unpaid Total Principal Balance | 459 | 1,816 | 3,018 |
Recorded Investment With No Allowance | 272 | 1,095 | 1,976 |
Recorded Investment With Allowance | 0 | 277 | 710 |
Total Recorded Investment | 272 | 1,372 | 2,686 |
Related allowance | 0 | 26 | 251 |
Commercial construction real estate | |||
Impaired Financing Receivable, Unpaid Principal Balance | |||
Unpaid Total Principal Balance | 2,729 | 397 | 10,447 |
Recorded Investment With No Allowance | 253 | 279 | 7,785 |
Recorded Investment With Allowance | 2,442 | 84 | 340 |
Total Recorded Investment | 2,695 | 363 | 8,125 |
Related allowance | 904 | 85 | 69 |
Total construction loans | |||
Impaired Financing Receivable, Unpaid Principal Balance | |||
Unpaid Total Principal Balance | 15,699 | 26,119 | 42,023 |
Recorded Investment With No Allowance | 7,787 | 11,275 | 25,652 |
Recorded Investment With Allowance | 4,057 | 7,587 | 8,223 |
Total Recorded Investment | 11,844 | 18,862 | 33,875 |
Related allowance | 1,478 | 1,545 | 1,777 |
Residential real estate | |||
Impaired Financing Receivable, Unpaid Principal Balance | |||
Unpaid Total Principal Balance | 2,959 | 9,448 | 13,271 |
Recorded Investment With No Allowance | 2,452 | 5,081 | 6,152 |
Recorded Investment With Allowance | 341 | 967 | 4,495 |
Total Recorded Investment | 2,793 | 6,048 | 10,647 |
Related allowance | 143 | 249 | 1,677 |
Agricultural real estate | |||
Impaired Financing Receivable, Unpaid Principal Balance | |||
Unpaid Total Principal Balance | 8,844 | 8,895 | 5,559 |
Recorded Investment With No Allowance | 6,444 | 6,429 | 1,834 |
Recorded Investment With Allowance | 2,305 | 2,370 | 3,227 |
Total Recorded Investment | 8,749 | 8,799 | 5,061 |
Related allowance | 732 | 335 | 784 |
Total real estate loans | |||
Impaired Financing Receivable, Unpaid Principal Balance | |||
Unpaid Total Principal Balance | 69,105 | 109,242 | 145,153 |
Recorded Investment With No Allowance | 44,826 | 52,001 | 72,687 |
Recorded Investment With Allowance | 17,949 | 44,861 | 50,719 |
Total Recorded Investment | 62,775 | 96,862 | 123,406 |
Related allowance | 3,961 | 7,339 | 8,350 |
Commercial | |||
Impaired Financing Receivable, Unpaid Principal Balance | |||
Unpaid Total Principal Balance | 16,904 | 15,448 | 12,770 |
Recorded Investment With No Allowance | 11,882 | 10,684 | 9,036 |
Recorded Investment With Allowance | 2,644 | 2,901 | 3,206 |
Total Recorded Investment | 14,526 | 13,585 | 12,242 |
Related allowance | 1,190 | 1,504 | 1,919 |
Agricultural | |||
Impaired Financing Receivable, Unpaid Principal Balance | |||
Unpaid Total Principal Balance | 1,231 | 177 | 589 |
Recorded Investment With No Allowance | 342 | 39 | 509 |
Recorded Investment With Allowance | 837 | 86 | 28 |
Total Recorded Investment | 1,179 | 125 | 537 |
Related allowance | $641 | $86 | $28 |
Loans_Schedule_of_Average_Reco
Loans - Schedule of Average Recorded Investment in and Income Recognized on Impaired Loans (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Schedule of Average Recorded Investment in and Income Recognized on Impaired Loans | |||
Average Recorded Investment | $97,655 | $123,376 | $185,281 |
Income Recognized | 1,083 | 1,692 | 1,631 |
Impaired Financing Receivable, Average Recorded Investment and Cash Basis Method Interest Income | |||
Interest income on impaired loans if interest had been accrued | 4,951 | 5,786 | 8,463 |
Commercial real estate | |||
Schedule of Average Recorded Investment in and Income Recognized on Impaired Loans | |||
Average Recorded Investment | 54,701 | 66,330 | 78,670 |
Income Recognized | 876 | 1,092 | 1,339 |
Land acquisition & development construction real estate | |||
Schedule of Average Recorded Investment in and Income Recognized on Impaired Loans | |||
Average Recorded Investment | 13,056 | 19,523 | 44,457 |
Income Recognized | 43 | 487 | 110 |
Residential construction real estate | |||
Schedule of Average Recorded Investment in and Income Recognized on Impaired Loans | |||
Average Recorded Investment | 822 | 1,893 | 8,431 |
Income Recognized | 0 | 0 | 4 |
Commercial construction real estate | |||
Schedule of Average Recorded Investment in and Income Recognized on Impaired Loans | |||
Average Recorded Investment | 1,529 | 3,936 | 16,401 |
Income Recognized | 8 | 4 | 0 |
Total construction loans | |||
Schedule of Average Recorded Investment in and Income Recognized on Impaired Loans | |||
Average Recorded Investment | 15,407 | 25,352 | 69,289 |
Income Recognized | 51 | 491 | 114 |
Residential real estate | |||
Schedule of Average Recorded Investment in and Income Recognized on Impaired Loans | |||
Average Recorded Investment | 4,537 | 8,104 | 13,703 |
Income Recognized | 5 | 17 | 26 |
Agricultural real estate | |||
Schedule of Average Recorded Investment in and Income Recognized on Impaired Loans | |||
Average Recorded Investment | 8,774 | 8,230 | 6,936 |
Income Recognized | 78 | 8 | 41 |
Total real estate loans | |||
Schedule of Average Recorded Investment in and Income Recognized on Impaired Loans | |||
Average Recorded Investment | 83,419 | 108,016 | 168,598 |
Income Recognized | 1,010 | 1,608 | 1,520 |
Commercial | |||
Schedule of Average Recorded Investment in and Income Recognized on Impaired Loans | |||
Average Recorded Investment | 13,789 | 15,047 | 15,741 |
Income Recognized | 50 | 68 | 84 |
Agricultural | |||
Schedule of Average Recorded Investment in and Income Recognized on Impaired Loans | |||
Average Recorded Investment | 447 | 313 | 942 |
Income Recognized | $23 | $16 | $27 |
Loans_Schedule_of_Loans_Renego
Loans - Schedule of Loans Renegotiated in Troubled Debt Restructurings (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
notes | notes | notes | |
Loans and Leases Receivable, Troubled Debt Restructuring | |||
Financing Receivables, Impaired, Troubled Debt Restructuring, Write-down | $0 | $0 | $0 |
Loans renegotiated in troubled debt restructurings | 44,227 | 59,792 | |
Loans renegotiated in troubled debt restructurings, non-accrual loans | 23,275 | 38,011 | |
Loans tenegotiated in troubled debt restructurings, accrual loans | 20,952 | 21,781 | |
Financing receivable, modifications, subsequent default, number of contracts, during period | 20 | 43 | 38 |
Financing Receivable, Modifications, Pre-Modification Recorded Investment | 7,190 | 28,403 | 22,760 |
Interest only period | |||
Loans and Leases Receivable, Troubled Debt Restructuring | |||
Financing Receivable, Modifications, Pre-Modification Recorded Investment | 5,229 | 1,684 | 955 |
Extension of terms or maturity | |||
Loans and Leases Receivable, Troubled Debt Restructuring | |||
Financing Receivable, Modifications, Pre-Modification Recorded Investment | 785 | 9,980 | 2,704 |
Interest rate adjustment | |||
Loans and Leases Receivable, Troubled Debt Restructuring | |||
Financing Receivable, Modifications, Pre-Modification Recorded Investment | 84 | 14,263 | 6,494 |
Other | |||
Loans and Leases Receivable, Troubled Debt Restructuring | |||
Financing Receivable, Modifications, Pre-Modification Recorded Investment | 1,092 | 2,476 | 12,607 |
Commercial real estate | |||
Loans and Leases Receivable, Troubled Debt Restructuring | |||
Financing receivable, modifications, subsequent default, number of contracts, during period | 13 | 19 | 16 |
Financing Receivable, Modifications, Pre-Modification Recorded Investment | 6,556 | 15,651 | 14,074 |
Commercial real estate | Interest only period | |||
Loans and Leases Receivable, Troubled Debt Restructuring | |||
Financing Receivable, Modifications, Pre-Modification Recorded Investment | 4,753 | 543 | 0 |
Commercial real estate | Extension of terms or maturity | |||
Loans and Leases Receivable, Troubled Debt Restructuring | |||
Financing Receivable, Modifications, Pre-Modification Recorded Investment | 672 | 1,378 | 959 |
Commercial real estate | Interest rate adjustment | |||
Loans and Leases Receivable, Troubled Debt Restructuring | |||
Financing Receivable, Modifications, Pre-Modification Recorded Investment | 84 | 11,420 | 4,504 |
Commercial real estate | Other | |||
Loans and Leases Receivable, Troubled Debt Restructuring | |||
Financing Receivable, Modifications, Pre-Modification Recorded Investment | 1,047 | 2,310 | 8,611 |
Commercial construction real estate | |||
Loans and Leases Receivable, Troubled Debt Restructuring | |||
Financing receivable, modifications, subsequent default, number of contracts, during period | 1 | ||
Financing Receivable, Modifications, Pre-Modification Recorded Investment | 3,155 | ||
Commercial construction real estate | Interest only period | |||
Loans and Leases Receivable, Troubled Debt Restructuring | |||
Financing Receivable, Modifications, Pre-Modification Recorded Investment | 0 | ||
Commercial construction real estate | Extension of terms or maturity | |||
Loans and Leases Receivable, Troubled Debt Restructuring | |||
Financing Receivable, Modifications, Pre-Modification Recorded Investment | 0 | ||
Commercial construction real estate | Interest rate adjustment | |||
Loans and Leases Receivable, Troubled Debt Restructuring | |||
Financing Receivable, Modifications, Pre-Modification Recorded Investment | 0 | ||
Commercial construction real estate | Other | |||
Loans and Leases Receivable, Troubled Debt Restructuring | |||
Financing Receivable, Modifications, Pre-Modification Recorded Investment | 3,155 | ||
Land acquisition & development construction real estate | |||
Loans and Leases Receivable, Troubled Debt Restructuring | |||
Financing receivable, modifications, subsequent default, number of contracts, during period | 8 | 5 | |
Financing Receivable, Modifications, Pre-Modification Recorded Investment | 9,788 | 3,380 | |
Land acquisition & development construction real estate | Interest only period | |||
Loans and Leases Receivable, Troubled Debt Restructuring | |||
Financing Receivable, Modifications, Pre-Modification Recorded Investment | 528 | 0 | |
Land acquisition & development construction real estate | Extension of terms or maturity | |||
Loans and Leases Receivable, Troubled Debt Restructuring | |||
Financing Receivable, Modifications, Pre-Modification Recorded Investment | 7,308 | 1,000 | |
Land acquisition & development construction real estate | Interest rate adjustment | |||
Loans and Leases Receivable, Troubled Debt Restructuring | |||
Financing Receivable, Modifications, Pre-Modification Recorded Investment | 1,952 | 1,757 | |
Land acquisition & development construction real estate | Other | |||
Loans and Leases Receivable, Troubled Debt Restructuring | |||
Financing Receivable, Modifications, Pre-Modification Recorded Investment | 0 | 623 | |
Residential construction real estate | |||
Loans and Leases Receivable, Troubled Debt Restructuring | |||
Financing receivable, modifications, subsequent default, number of contracts, during period | 3 | 2 | |
Financing Receivable, Modifications, Pre-Modification Recorded Investment | 819 | 513 | |
Residential construction real estate | Interest only period | |||
Loans and Leases Receivable, Troubled Debt Restructuring | |||
Financing Receivable, Modifications, Pre-Modification Recorded Investment | 0 | 0 | |
Residential construction real estate | Extension of terms or maturity | |||
Loans and Leases Receivable, Troubled Debt Restructuring | |||
Financing Receivable, Modifications, Pre-Modification Recorded Investment | 408 | 280 | |
Residential construction real estate | Interest rate adjustment | |||
Loans and Leases Receivable, Troubled Debt Restructuring | |||
Financing Receivable, Modifications, Pre-Modification Recorded Investment | 411 | 233 | |
Residential construction real estate | Other | |||
Loans and Leases Receivable, Troubled Debt Restructuring | |||
Financing Receivable, Modifications, Pre-Modification Recorded Investment | 0 | 0 | |
Total construction loans | |||
Loans and Leases Receivable, Troubled Debt Restructuring | |||
Financing receivable, modifications, subsequent default, number of contracts, during period | 11 | 8 | |
Financing Receivable, Modifications, Pre-Modification Recorded Investment | 10,607 | 7,048 | |
Total construction loans | Interest only period | |||
Loans and Leases Receivable, Troubled Debt Restructuring | |||
Financing Receivable, Modifications, Pre-Modification Recorded Investment | 528 | 0 | |
Total construction loans | Extension of terms or maturity | |||
Loans and Leases Receivable, Troubled Debt Restructuring | |||
Financing Receivable, Modifications, Pre-Modification Recorded Investment | 7,716 | 1,280 | |
Total construction loans | Interest rate adjustment | |||
Loans and Leases Receivable, Troubled Debt Restructuring | |||
Financing Receivable, Modifications, Pre-Modification Recorded Investment | 2,363 | 1,990 | |
Total construction loans | Other | |||
Loans and Leases Receivable, Troubled Debt Restructuring | |||
Financing Receivable, Modifications, Pre-Modification Recorded Investment | 0 | 3,778 | |
Residential real estate | |||
Loans and Leases Receivable, Troubled Debt Restructuring | |||
Financing receivable, modifications, subsequent default, number of contracts, during period | 1 | 5 | 2 |
Financing Receivable, Modifications, Pre-Modification Recorded Investment, Restructured During Period | 15 | ||
Financing Receivable, Modifications, Pre-Modification Recorded Investment | 787 | 593 | |
Residential real estate | Interest only period | |||
Loans and Leases Receivable, Troubled Debt Restructuring | |||
Financing Receivable, Modifications, Pre-Modification Recorded Investment, Restructured During Period | 0 | ||
Financing Receivable, Modifications, Pre-Modification Recorded Investment | 0 | 568 | |
Residential real estate | Extension of terms or maturity | |||
Loans and Leases Receivable, Troubled Debt Restructuring | |||
Financing Receivable, Modifications, Pre-Modification Recorded Investment, Restructured During Period | 0 | ||
Financing Receivable, Modifications, Pre-Modification Recorded Investment | 708 | 25 | |
Residential real estate | Interest rate adjustment | |||
Loans and Leases Receivable, Troubled Debt Restructuring | |||
Financing Receivable, Modifications, Pre-Modification Recorded Investment, Restructured During Period | 0 | ||
Financing Receivable, Modifications, Pre-Modification Recorded Investment | 0 | 0 | |
Residential real estate | Other | |||
Loans and Leases Receivable, Troubled Debt Restructuring | |||
Financing Receivable, Modifications, Pre-Modification Recorded Investment, Restructured During Period | 15 | ||
Financing Receivable, Modifications, Pre-Modification Recorded Investment | 79 | 0 | |
Agricultural real estate | |||
Loans and Leases Receivable, Troubled Debt Restructuring | |||
Financing receivable, modifications, subsequent default, number of contracts, during period | 1 | 1 | |
Financing Receivable, Modifications, Pre-Modification Recorded Investment | 188 | 154 | |
Agricultural real estate | Interest only period | |||
Loans and Leases Receivable, Troubled Debt Restructuring | |||
Financing Receivable, Modifications, Pre-Modification Recorded Investment | 0 | 0 | |
Agricultural real estate | Extension of terms or maturity | |||
Loans and Leases Receivable, Troubled Debt Restructuring | |||
Financing Receivable, Modifications, Pre-Modification Recorded Investment | 0 | 154 | |
Agricultural real estate | Interest rate adjustment | |||
Loans and Leases Receivable, Troubled Debt Restructuring | |||
Financing Receivable, Modifications, Pre-Modification Recorded Investment | 188 | 0 | |
Agricultural real estate | Other | |||
Loans and Leases Receivable, Troubled Debt Restructuring | |||
Financing Receivable, Modifications, Pre-Modification Recorded Investment | 0 | 0 | |
Total real estate loans | |||
Loans and Leases Receivable, Troubled Debt Restructuring | |||
Financing receivable, modifications, subsequent default, number of contracts, during period | 14 | 36 | 27 |
Financing Receivable, Modifications, Pre-Modification Recorded Investment | 6,571 | 27,233 | 21,869 |
Total real estate loans | Interest only period | |||
Loans and Leases Receivable, Troubled Debt Restructuring | |||
Financing Receivable, Modifications, Pre-Modification Recorded Investment | 4,753 | 1,071 | 568 |
Total real estate loans | Extension of terms or maturity | |||
Loans and Leases Receivable, Troubled Debt Restructuring | |||
Financing Receivable, Modifications, Pre-Modification Recorded Investment | 672 | 9,802 | 2,418 |
Total real estate loans | Interest rate adjustment | |||
Loans and Leases Receivable, Troubled Debt Restructuring | |||
Financing Receivable, Modifications, Pre-Modification Recorded Investment | 84 | 13,971 | 6,494 |
Total real estate loans | Other | |||
Loans and Leases Receivable, Troubled Debt Restructuring | |||
Financing Receivable, Modifications, Pre-Modification Recorded Investment | 1,062 | 2,389 | 12,389 |
Total consumer loans | |||
Loans and Leases Receivable, Troubled Debt Restructuring | |||
Financing receivable, modifications, subsequent default, number of contracts, during period | 1 | 1 | 1 |
Financing Receivable, Modifications, Pre-Modification Recorded Investment | 113 | 27 | 69 |
Total consumer loans | Interest only period | |||
Loans and Leases Receivable, Troubled Debt Restructuring | |||
Financing Receivable, Modifications, Pre-Modification Recorded Investment | 0 | 0 | 0 |
Total consumer loans | Extension of terms or maturity | |||
Loans and Leases Receivable, Troubled Debt Restructuring | |||
Financing Receivable, Modifications, Pre-Modification Recorded Investment | 113 | 0 | 69 |
Total consumer loans | Interest rate adjustment | |||
Loans and Leases Receivable, Troubled Debt Restructuring | |||
Financing Receivable, Modifications, Pre-Modification Recorded Investment | 0 | 27 | 0 |
Total consumer loans | Other | |||
Loans and Leases Receivable, Troubled Debt Restructuring | |||
Financing Receivable, Modifications, Pre-Modification Recorded Investment | 0 | 0 | 0 |
Commercial | |||
Loans and Leases Receivable, Troubled Debt Restructuring | |||
Financing receivable, modifications, subsequent default, number of contracts, during period | 5 | 6 | 10 |
Financing Receivable, Modifications, Pre-Modification Recorded Investment | 506 | 1,143 | 822 |
Commercial | Interest only period | |||
Loans and Leases Receivable, Troubled Debt Restructuring | |||
Financing Receivable, Modifications, Pre-Modification Recorded Investment | 476 | 613 | 387 |
Commercial | Extension of terms or maturity | |||
Loans and Leases Receivable, Troubled Debt Restructuring | |||
Financing Receivable, Modifications, Pre-Modification Recorded Investment | 0 | 178 | 217 |
Commercial | Interest rate adjustment | |||
Loans and Leases Receivable, Troubled Debt Restructuring | |||
Financing Receivable, Modifications, Pre-Modification Recorded Investment | 0 | 265 | 0 |
Commercial | Other | |||
Loans and Leases Receivable, Troubled Debt Restructuring | |||
Financing Receivable, Modifications, Pre-Modification Recorded Investment | $30 | $87 | $218 |
Loans_Schedule_of_Recorded_Inv2
Loans - Schedule of Recorded Investment in Criticized Loans by Class and Credit Quality Indicator (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Loans and Leases Receivable Recorded Investment, Criticized Loans | ||
Loans held for investment | $4,856,615 | $4,303,992 |
Commercial real estate | ||
Loans and Leases Receivable Recorded Investment, Criticized Loans | ||
Loans held for investment | 1,639,422 | 1,449,174 |
Land acquisition & development construction real estate | ||
Loans and Leases Receivable Recorded Investment, Criticized Loans | ||
Loans held for investment | 220,443 | 205,911 |
Residential construction real estate | ||
Loans and Leases Receivable Recorded Investment, Criticized Loans | ||
Loans held for investment | 96,580 | 76,488 |
Commercial construction real estate | ||
Loans and Leases Receivable Recorded Investment, Criticized Loans | ||
Loans held for investment | 101,246 | 69,236 |
Total construction loans | ||
Loans and Leases Receivable Recorded Investment, Criticized Loans | ||
Loans held for investment | 418,269 | 351,635 |
Residential real estate | ||
Loans and Leases Receivable Recorded Investment, Criticized Loans | ||
Loans held for investment | 999,903 | 867,912 |
Agricultural real estate | ||
Loans and Leases Receivable Recorded Investment, Criticized Loans | ||
Loans held for investment | 167,659 | 173,534 |
Total real estate loans | ||
Loans and Leases Receivable Recorded Investment, Criticized Loans | ||
Loans held for investment | 3,225,253 | 2,842,255 |
Indirect consumer | ||
Loans and Leases Receivable Recorded Investment, Criticized Loans | ||
Loans held for investment | 552,863 | 476,012 |
Other consumer | ||
Loans and Leases Receivable Recorded Investment, Criticized Loans | ||
Loans held for investment | 144,141 | 133,039 |
Credit card consumer | ||
Loans and Leases Receivable Recorded Investment, Criticized Loans | ||
Loans held for investment | 65,467 | 62,536 |
Total consumer loans | ||
Loans and Leases Receivable Recorded Investment, Criticized Loans | ||
Loans held for investment | 762,471 | 671,587 |
Commercial | ||
Loans and Leases Receivable Recorded Investment, Criticized Loans | ||
Loans held for investment | 740,073 | 676,544 |
Agricultural | ||
Loans and Leases Receivable Recorded Investment, Criticized Loans | ||
Loans held for investment | 124,859 | 111,872 |
Special Mention [Member] | ||
Loans and Leases Receivable Recorded Investment, Criticized Loans | ||
Loans held for investment | 154,084 | 159,081 |
Special Mention [Member] | Commercial real estate | ||
Loans and Leases Receivable Recorded Investment, Criticized Loans | ||
Loans held for investment | 84,533 | 79,747 |
Special Mention [Member] | Land acquisition & development construction real estate | ||
Loans and Leases Receivable Recorded Investment, Criticized Loans | ||
Loans held for investment | 11,826 | 13,211 |
Special Mention [Member] | Residential construction real estate | ||
Loans and Leases Receivable Recorded Investment, Criticized Loans | ||
Loans held for investment | 2,029 | 1,859 |
Special Mention [Member] | Commercial construction real estate | ||
Loans and Leases Receivable Recorded Investment, Criticized Loans | ||
Loans held for investment | 39 | 0 |
Special Mention [Member] | Total construction loans | ||
Loans and Leases Receivable Recorded Investment, Criticized Loans | ||
Loans held for investment | 13,894 | 15,070 |
Special Mention [Member] | Residential real estate | ||
Loans and Leases Receivable Recorded Investment, Criticized Loans | ||
Loans held for investment | 10,473 | 7,500 |
Special Mention [Member] | Agricultural real estate | ||
Loans and Leases Receivable Recorded Investment, Criticized Loans | ||
Loans held for investment | 10,122 | 13,597 |
Special Mention [Member] | Total real estate loans | ||
Loans and Leases Receivable Recorded Investment, Criticized Loans | ||
Loans held for investment | 119,022 | 115,914 |
Special Mention [Member] | Indirect consumer | ||
Loans and Leases Receivable Recorded Investment, Criticized Loans | ||
Loans held for investment | 916 | 875 |
Special Mention [Member] | Other consumer | ||
Loans and Leases Receivable Recorded Investment, Criticized Loans | ||
Loans held for investment | 553 | 573 |
Special Mention [Member] | Credit card consumer | ||
Loans and Leases Receivable Recorded Investment, Criticized Loans | ||
Loans held for investment | 0 | 0 |
Special Mention [Member] | Total consumer loans | ||
Loans and Leases Receivable Recorded Investment, Criticized Loans | ||
Loans held for investment | 1,469 | 1,448 |
Special Mention [Member] | Commercial | ||
Loans and Leases Receivable Recorded Investment, Criticized Loans | ||
Loans held for investment | 25,766 | 33,318 |
Special Mention [Member] | Agricultural | ||
Loans and Leases Receivable Recorded Investment, Criticized Loans | ||
Loans held for investment | 7,827 | 8,401 |
Substandard [Member] | ||
Loans and Leases Receivable Recorded Investment, Criticized Loans | ||
Loans held for investment | 163,675 | 154,100 |
Substandard [Member] | Commercial real estate | ||
Loans and Leases Receivable Recorded Investment, Criticized Loans | ||
Loans held for investment | 83,448 | 86,426 |
Substandard [Member] | Land acquisition & development construction real estate | ||
Loans and Leases Receivable Recorded Investment, Criticized Loans | ||
Loans held for investment | 15,016 | 19,677 |
Substandard [Member] | Residential construction real estate | ||
Loans and Leases Receivable Recorded Investment, Criticized Loans | ||
Loans held for investment | 2,666 | 1,649 |
Substandard [Member] | Commercial construction real estate | ||
Loans and Leases Receivable Recorded Investment, Criticized Loans | ||
Loans held for investment | 253 | 409 |
Substandard [Member] | Total construction loans | ||
Loans and Leases Receivable Recorded Investment, Criticized Loans | ||
Loans held for investment | 17,935 | 21,735 |
Substandard [Member] | Residential real estate | ||
Loans and Leases Receivable Recorded Investment, Criticized Loans | ||
Loans held for investment | 10,848 | 7,188 |
Substandard [Member] | Agricultural real estate | ||
Loans and Leases Receivable Recorded Investment, Criticized Loans | ||
Loans held for investment | 12,328 | 10,245 |
Substandard [Member] | Total real estate loans | ||
Loans and Leases Receivable Recorded Investment, Criticized Loans | ||
Loans held for investment | 124,559 | 125,594 |
Substandard [Member] | Indirect consumer | ||
Loans and Leases Receivable Recorded Investment, Criticized Loans | ||
Loans held for investment | 1,590 | 1,524 |
Substandard [Member] | Other consumer | ||
Loans and Leases Receivable Recorded Investment, Criticized Loans | ||
Loans held for investment | 1,085 | 969 |
Substandard [Member] | Credit card consumer | ||
Loans and Leases Receivable Recorded Investment, Criticized Loans | ||
Loans held for investment | 348 | 392 |
Substandard [Member] | Total consumer loans | ||
Loans and Leases Receivable Recorded Investment, Criticized Loans | ||
Loans held for investment | 3,023 | 2,885 |
Substandard [Member] | Commercial | ||
Loans and Leases Receivable Recorded Investment, Criticized Loans | ||
Loans held for investment | 32,433 | 23,833 |
Substandard [Member] | Agricultural | ||
Loans and Leases Receivable Recorded Investment, Criticized Loans | ||
Loans held for investment | 3,660 | 1,788 |
Doubtful [Member] | ||
Loans and Leases Receivable Recorded Investment, Criticized Loans | ||
Loans held for investment | 34,854 | 45,308 |
Doubtful [Member] | Commercial real estate | ||
Loans and Leases Receivable Recorded Investment, Criticized Loans | ||
Loans held for investment | 15,246 | 24,840 |
Doubtful [Member] | Land acquisition & development construction real estate | ||
Loans and Leases Receivable Recorded Investment, Criticized Loans | ||
Loans held for investment | 2,507 | 7,329 |
Doubtful [Member] | Residential construction real estate | ||
Loans and Leases Receivable Recorded Investment, Criticized Loans | ||
Loans held for investment | 0 | 277 |
Doubtful [Member] | Commercial construction real estate | ||
Loans and Leases Receivable Recorded Investment, Criticized Loans | ||
Loans held for investment | 2,442 | 84 |
Doubtful [Member] | Total construction loans | ||
Loans and Leases Receivable Recorded Investment, Criticized Loans | ||
Loans held for investment | 4,949 | 7,690 |
Doubtful [Member] | Residential real estate | ||
Loans and Leases Receivable Recorded Investment, Criticized Loans | ||
Loans held for investment | 1,121 | 4,184 |
Doubtful [Member] | Agricultural real estate | ||
Loans and Leases Receivable Recorded Investment, Criticized Loans | ||
Loans held for investment | 612 | 2,370 |
Doubtful [Member] | Total real estate loans | ||
Loans and Leases Receivable Recorded Investment, Criticized Loans | ||
Loans held for investment | 21,928 | 39,084 |
Doubtful [Member] | Indirect consumer | ||
Loans and Leases Receivable Recorded Investment, Criticized Loans | ||
Loans held for investment | 121 | 115 |
Doubtful [Member] | Other consumer | ||
Loans and Leases Receivable Recorded Investment, Criticized Loans | ||
Loans held for investment | 432 | 268 |
Doubtful [Member] | Credit card consumer | ||
Loans and Leases Receivable Recorded Investment, Criticized Loans | ||
Loans held for investment | 1,263 | 2,010 |
Doubtful [Member] | Total consumer loans | ||
Loans and Leases Receivable Recorded Investment, Criticized Loans | ||
Loans held for investment | 1,816 | 2,393 |
Doubtful [Member] | Commercial | ||
Loans and Leases Receivable Recorded Investment, Criticized Loans | ||
Loans held for investment | 10,273 | 3,745 |
Doubtful [Member] | Agricultural | ||
Loans and Leases Receivable Recorded Investment, Criticized Loans | ||
Loans held for investment | 837 | 86 |
Total Criticized Loans [Member] | ||
Loans and Leases Receivable Recorded Investment, Criticized Loans | ||
Loans held for investment | 352,613 | 358,489 |
Total Criticized Loans [Member] | Commercial real estate | ||
Loans and Leases Receivable Recorded Investment, Criticized Loans | ||
Loans held for investment | 183,227 | 191,013 |
Total Criticized Loans [Member] | Land acquisition & development construction real estate | ||
Loans and Leases Receivable Recorded Investment, Criticized Loans | ||
Loans held for investment | 29,349 | 40,217 |
Total Criticized Loans [Member] | Residential construction real estate | ||
Loans and Leases Receivable Recorded Investment, Criticized Loans | ||
Loans held for investment | 4,695 | 3,785 |
Total Criticized Loans [Member] | Commercial construction real estate | ||
Loans and Leases Receivable Recorded Investment, Criticized Loans | ||
Loans held for investment | 2,734 | 493 |
Total Criticized Loans [Member] | Total construction loans | ||
Loans and Leases Receivable Recorded Investment, Criticized Loans | ||
Loans held for investment | 36,778 | 44,495 |
Total Criticized Loans [Member] | Residential real estate | ||
Loans and Leases Receivable Recorded Investment, Criticized Loans | ||
Loans held for investment | 22,442 | 18,872 |
Total Criticized Loans [Member] | Agricultural real estate | ||
Loans and Leases Receivable Recorded Investment, Criticized Loans | ||
Loans held for investment | 23,062 | 26,212 |
Total Criticized Loans [Member] | Total real estate loans | ||
Loans and Leases Receivable Recorded Investment, Criticized Loans | ||
Loans held for investment | 265,509 | 280,592 |
Total Criticized Loans [Member] | Indirect consumer | ||
Loans and Leases Receivable Recorded Investment, Criticized Loans | ||
Loans held for investment | 2,627 | 2,514 |
Total Criticized Loans [Member] | Other consumer | ||
Loans and Leases Receivable Recorded Investment, Criticized Loans | ||
Loans held for investment | 2,070 | 1,810 |
Total Criticized Loans [Member] | Credit card consumer | ||
Loans and Leases Receivable Recorded Investment, Criticized Loans | ||
Loans held for investment | 1,611 | 2,402 |
Total Criticized Loans [Member] | Total consumer loans | ||
Loans and Leases Receivable Recorded Investment, Criticized Loans | ||
Loans held for investment | 6,308 | 6,726 |
Total Criticized Loans [Member] | Commercial | ||
Loans and Leases Receivable Recorded Investment, Criticized Loans | ||
Loans held for investment | 68,472 | 60,896 |
Total Criticized Loans [Member] | Agricultural | ||
Loans and Leases Receivable Recorded Investment, Criticized Loans | ||
Loans held for investment | $12,324 | $10,275 |
Schedule_of_Allowance_for_Loan
Schedule of Allowance for Loan Losses by Portfolio Segment (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Financing Receivable, Allowance for Credit Losses | |||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Allowance for Loan Losses | $287 | ||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Beginning balance | 85,339 | 100,511 | 112,581 |
Provision charged to operating expense | -6,622 | -6,125 | 40,750 |
Less loans charged-off | -13,995 | -20,513 | -60,936 |
Add back recoveries of loans previously charged-off | 9,478 | 11,466 | 8,116 |
Ending balance | 74,200 | 85,339 | 100,511 |
Allowance for loan losses: | |||
Loans individually evaluated for impairment | 5,792 | 8,929 | 10,297 |
Loans collectively evaluated for impairment | 68,408 | 76,410 | 90,214 |
Ending balance | 74,200 | 85,339 | 100,511 |
Total loans: | |||
Individually evaluated for impairment | 78,480 | 110,572 | 136,185 |
Individually evaluated for impairment | 4,818,963 | 4,234,281 | 4,087,727 |
Total Loans | 4,897,443 | 4,344,853 | 4,223,912 |
Real Estate | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Beginning balance | 63,923 | 75,782 | 87,396 |
Provision charged to operating expense | -10,348 | -7,722 | 28,651 |
Less loans charged-off | -3,014 | -10,224 | -43,506 |
Add back recoveries of loans previously charged-off | 3,323 | 6,087 | 3,241 |
Ending balance | 53,884 | 63,923 | 75,782 |
Allowance for loan losses: | |||
Loans individually evaluated for impairment | 3,961 | 7,339 | 8,350 |
Loans collectively evaluated for impairment | 49,923 | 56,584 | 67,432 |
Ending balance | 53,884 | 63,923 | 75,782 |
Total loans: | |||
Individually evaluated for impairment | 62,775 | 96,862 | 123,406 |
Individually evaluated for impairment | 3,203,306 | 2,786,254 | 2,660,420 |
Total Loans | 3,266,081 | 2,883,116 | 2,783,826 |
Consumer | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Beginning balance | 6,193 | 7,141 | 8,594 |
Provision charged to operating expense | 1,382 | 1,605 | 1,922 |
Less loans charged-off | -4,887 | -4,612 | -5,320 |
Add back recoveries of loans previously charged-off | 2,347 | 2,059 | 1,945 |
Ending balance | 5,035 | 6,193 | 7,141 |
Allowance for loan losses: | |||
Loans individually evaluated for impairment | 0 | 0 | 0 |
Loans collectively evaluated for impairment | 5,035 | 6,193 | 7,141 |
Ending balance | 5,035 | 6,193 | 7,141 |
Total loans: | |||
Individually evaluated for impairment | 0 | 0 | 0 |
Individually evaluated for impairment | 762,471 | 671,587 | 636,794 |
Total Loans | 762,471 | 671,587 | 636,794 |
Commercial | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Beginning balance | 14,747 | 17,085 | 15,325 |
Provision charged to operating expense | 1,809 | 41 | 10,845 |
Less loans charged-off | -6,030 | -5,672 | -11,990 |
Add back recoveries of loans previously charged-off | 3,781 | 3,293 | 2,905 |
Ending balance | 14,307 | 14,747 | 17,085 |
Allowance for loan losses: | |||
Loans individually evaluated for impairment | 1,190 | 1,504 | 1,919 |
Loans collectively evaluated for impairment | 13,117 | 13,243 | 15,166 |
Ending balance | 14,307 | 14,747 | 17,085 |
Total loans: | |||
Individually evaluated for impairment | 14,526 | 13,585 | 12,242 |
Individually evaluated for impairment | 725,547 | 662,959 | 676,511 |
Total Loans | 740,073 | 676,544 | 688,753 |
Agriculture | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Beginning balance | 476 | 503 | 1,266 |
Provision charged to operating expense | 535 | -49 | -668 |
Less loans charged-off | -64 | -5 | -120 |
Add back recoveries of loans previously charged-off | 27 | 27 | 25 |
Ending balance | 974 | 476 | 503 |
Allowance for loan losses: | |||
Loans individually evaluated for impairment | 641 | 86 | 28 |
Loans collectively evaluated for impairment | 333 | 390 | 475 |
Ending balance | 974 | 476 | 503 |
Total loans: | |||
Individually evaluated for impairment | 1,179 | 125 | 537 |
Individually evaluated for impairment | 123,680 | 111,747 | 113,090 |
Total Loans | 124,859 | 111,872 | 113,627 |
Other | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Beginning balance | 0 | 0 | 0 |
Provision charged to operating expense | 0 | 0 | 0 |
Less loans charged-off | 0 | 0 | 0 |
Add back recoveries of loans previously charged-off | 0 | 0 | 0 |
Ending balance | 0 | 0 | 0 |
Allowance for loan losses: | |||
Loans individually evaluated for impairment | 0 | 0 | 0 |
Loans collectively evaluated for impairment | 0 | 0 | 0 |
Ending balance | 0 | 0 | 0 |
Total loans: | |||
Individually evaluated for impairment | 0 | 0 | 0 |
Individually evaluated for impairment | 3,959 | 1,734 | 912 |
Total Loans | $3,959 | $1,734 | $912 |
Premises_and_Equipment_Details
Premises and Equipment (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment | ||
Premises and equipment, gross | $324,907 | $303,401 |
Less accumulated depreciation | -129,695 | -123,711 |
Premises and equipment, net | 195,212 | 179,690 |
Land | ||
Property, Plant and Equipment | ||
Premises and equipment, gross | 40,620 | 37,581 |
Buildings and improvements | ||
Property, Plant and Equipment | ||
Premises and equipment, gross | 209,328 | 196,950 |
Furniture and equipment | ||
Property, Plant and Equipment | ||
Premises and equipment, gross | $74,959 | $68,870 |
Company_Owned_Life_Insurance_D
Company - Owned Life Insurance (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Schedule of Company - Owned Life Insurance, By Type | ||
Company owned life insurance | $153,821 | $122,175 |
Key executive, principal shareholder | ||
Schedule of Company - Owned Life Insurance, By Type | ||
Cash surrender value of life insurance | 3,798 | 3,660 |
Key executive split dollar | ||
Schedule of Company - Owned Life Insurance, By Type | ||
Cash surrender value of life insurance | 4,707 | 4,628 |
Group life | ||
Schedule of Company - Owned Life Insurance, By Type | ||
Cash surrender value of life insurance | 145,316 | |
FIB | Group life | ||
Schedule of Company - Owned Life Insurance, By Type | ||
Cash surrender value of life insurance | 132,111 | 113,887 |
Mountain West Bank | Group life | ||
Schedule of Company - Owned Life Insurance, By Type | ||
Cash surrender value of life insurance | $13,205 |
Other_Real_Estate_Owned_Detail
Other Real Estate Owned (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Real Estate Acquired Through Foreclosure [Roll Forward] | |||
Balance at beginning of year | $15,504 | $32,571 | $37,452 |
Acquisitions | 3,608 | 0 | 0 |
Additions | 5,198 | 11,545 | 43,541 |
Capitalized improvements | 0 | 65 | 75 |
Valuation adjustments | -224 | -3,512 | -6,724 |
Dispositions | -10,532 | -25,165 | -41,773 |
Balance at end of year | 13,554 | 15,504 | 32,571 |
Valuation adjustments | -224 | -3,512 | -6,724 |
Write-down due to change in appraised value | 93 | 1,083 | 702 |
Write-down due to change in management estimates | $131 | $2,429 | $6,022 |
Mortgage_Servicing_Rights_At_A
Mortgage Servicing Rights - At Amortized Cost (Details) (Mortgage loans, USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Mortgage loans | |||
Servicing Asset at Amortized Value, Balance [Roll Forward] | |||
Servicing asset at amortized cost, before valuation reserve, beginning | $14,018 | $13,224 | $13,450 |
Sales of mortgage servicing rights | 0 | 0 | -735 |
Originations of mortgage servicing rights | 2,717 | 3,581 | 4,563 |
Amorization expense | -2,361 | -2,787 | -3,501 |
Write-off of permanent impairment | 0 | 0 | -553 |
Servicing asset at amortized cost, before valuation reserve, ending | 14,374 | 14,018 | 13,224 |
Less valuation reserve | -336 | -472 | -571 |
Servicing asset at fair value, ending | 14,038 | 13,546 | 12,653 |
Principal balance of serviced loans underlying mortgage servicing rights | 2,615,311 | 2,416,621 | 2,146,351 |
Mortgage servicing rights as a percentage of serviced loans | 0.0054 | 0.0056 | 0.0059 |
Disclosure of Transfer of Securitizations or Asset-backed Financing Financial Assets Accounted for as Sale | |||
Carrying value of sold mortgage servicing rights | 735 | ||
Losses on sale of mortgage servicing rights recorded as other expense | ($19) |
Mortgage_Servicing_Rights_At_F
Mortgage Servicing Rights - At Fair Value (Details) (Mortgage loans, USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2014 |
Servicing Assets and Servicing Liabilities at Fair Value, Assumptions Used to Estimate Fair Value [Abstract] | |
Mortagage servicing rights, fair value | $21,434 |
Servicing asset at fair value, assumptions used to estimate fair value, weighted average life | 6 years 10 months 24 days |
Minimum | |
Servicing Assets and Servicing Liabilities at Fair Value, Assumptions Used to Estimate Fair Value [Abstract] | |
Servicing assets at fair value, assumptions used to estimate fair value, discount rate | 9.50% |
Servicing assets at fair value, assumptions used to estimate fair value, prepayment speed | 0.60% |
Maximum | |
Servicing Assets and Servicing Liabilities at Fair Value, Assumptions Used to Estimate Fair Value [Abstract] | |
Servicing assets at fair value, assumptions used to estimate fair value, discount rate | 21.00% |
Servicing assets at fair value, assumptions used to estimate fair value, prepayment speed | 2.40% |
Mortgage_Servicing_Rights_Valu
Mortgage Servicing Rights - Valuation of Impairment (Details) (Mortgage loans, USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Mortgage loans | |||
Valuation Allowance for Impairment of Recognized Servicing Assets | |||
Impairment reversals | $136 | $99 | $771 |
Permanent impairment charged against carrying value | 0 | 0 | 553 |
Carrying value of sold mortgage servicing rights | 735 | ||
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale, Gain (Loss) on Sale | $19 |
Deposits_Details
Deposits (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Deposits [Abstract] | |||
Interest-bearing Domestic Deposit, Brokered | $0 | $0 | |
Deposits, by Type [Abstract] | |||
Non-interest bearing demand | 1,791,364 | 1,491,683 | |
Interest bearing: | |||
Demand | 2,133,273 | 1,848,806 | |
Savings | 1,843,355 | 1,602,544 | |
Time, $100 and over | 520,125 | 492,051 | |
Time, other | 718,095 | 698,666 | |
Total interest bearing | 5,214,848 | 4,642,067 | |
Total deposits | 7,006,212 | 6,133,750 | |
Time deposits obtained through Certificate of Deposit Account Registry Service (CDARS) | 40,491 | 51,526 | |
Contractual Maturities, Time Deposits, $100,000 or More [Abstract] | |||
2015, Time, $100 and Over | 337,404 | ||
2016, Time, $100 and Over | 90,509 | ||
2017, Time, $100 and Over | 58,387 | ||
2018, Time, $100 and Over | 20,971 | ||
2019, Time, $100 and Over | 12,854 | ||
Thereafter, Time, $100 and Over | 0 | ||
Time Deposits, $100,000 or More | 520,125 | 492,051 | |
Time Deposits, Fiscal Year Maturity [Abstract] | |||
2015, Time | 803,986 | ||
2016, Time | 209,192 | ||
2017, Time | 127,367 | ||
2018, Time | 62,084 | ||
2019, Time | 35,577 | ||
Thereafter, Time | 14 | ||
Time Deposits | 1,238,220 | ||
Interest expense, time deposits, $100,000 or more | 4,003 | 4,880 | 6,951 |
Time Deposits, $250,000 or More | 228,410 | 207,504 | |
FDIC Deposit Insurance Limit | $250 |
LongTerm_Debt_and_Other_Borrow2
Long-Term Debt and Other Borrowed Funds (Details) (USD $) | 1 Months Ended | ||||
In Thousands, unless otherwise specified | Feb. 29, 2008 | Dec. 31, 2014 | Dec. 31, 2013 | Jan. 10, 2008 | Feb. 28, 2008 |
Debt Instrument | |||||
Long-term debt and capital lease obligations | $38,067 | $36,917 | |||
Fiscal Year Maturities of Long-term Debt | |||||
2015 | 285 | ||||
2016 | 65 | ||||
2017 | 71 | ||||
2018 | 35,077 | ||||
2019 | 83 | ||||
Thereafter | 2,486 | ||||
Long-term debt and capital lease obligations | 38,067 | 36,917 | |||
Other borrowings | 9 | 3 | |||
Parent Company | |||||
Debt Instrument | |||||
Long-term debt | 20,000 | 20,000 | |||
Subordinated Debt | Subordinated Term Loan, 6.81% | Parent Company | |||||
Debt Instrument | |||||
Long-term debt | 20,000 | 20,000 | |||
Fiscal Year Maturities of Long-term Debt | |||||
Debt instrument, face amount | 20,000 | ||||
Debt instrument, interest rate, stated percentage | 6.81% | 6.81% | |||
Subordinated Debt | Subordinated Term Loan, Variable Rate | Subsidiaries | |||||
Debt Instrument | |||||
Long-term debt | 15,000 | 15,000 | |||
Fiscal Year Maturities of Long-term Debt | |||||
Debt instrument, face amount | 15,000 | ||||
Debt instrument, interest rate at period end | 2.24% | ||||
Subordinated Debt | Subordinated Term Loan, Variable Rate | Subsidiaries | LIBOR | |||||
Fiscal Year Maturities of Long-term Debt | |||||
Debt instrument, basis spread on variable rate | 2.00% | ||||
Subordinated Debt | Note Payable, 6.24% | Parent Company | |||||
Fiscal Year Maturities of Long-term Debt | |||||
Debt instrument, interest rate, stated percentage | 6.24% | ||||
Notes Payable to Banks | Notes Payable to FHLB | Subsidiaries | |||||
Debt Instrument | |||||
Long-term debt | 225 | 225 | |||
Fiscal Year Maturities of Long-term Debt | |||||
FHLB, advances, weighted average interest rate | 4.86% | ||||
Capital Lease Obligations | Capital Lease Obligation, 8.00% | Subsidiaries | |||||
Debt Instrument | |||||
Capital Lease Obligations | 1,643 | 1,692 | |||
Fiscal Year Maturities of Long-term Debt | |||||
Debt instrument, interest rate, stated percentage | 8.00% | ||||
Federal Home Loan Bank | Notes Payable to FHLB | Subsidiaries | |||||
Fiscal Year Maturities of Long-term Debt | |||||
FHLB, advances, maximum amount available | 701,768 | ||||
Long-term FHLB advances | 225 | ||||
Federal Funds Purchased | |||||
Fiscal Year Maturities of Long-term Debt | |||||
Line of credit facility, maximum borrowing capacity | 115,000 | ||||
Federal Reserve Bank Advances | |||||
Fiscal Year Maturities of Long-term Debt | |||||
Line of credit facility, maximum borrowing capacity | 364,205 | ||||
Notes Payable, Other Payables [Member] | Note Payable, 6.24% | Subsidiaries | |||||
Fiscal Year Maturities of Long-term Debt | |||||
Debt instrument, face amount | $1,199 |
Subordinated_Debentures_Held_b2
Subordinated Debentures Held by Subsidiary Trusts - Financial Insruments Subject to Mandatory Redemption (Details) (Trusts, USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Trust Preferred Securities Subject to Mandatory Redemption | |
Financial Instruments Subject to Mandatory Redemption by Settlement Terms | |
Financial Instruments Subject to Mandatory Redemption, Settlement Terms, Share Value, Amount | $80,000 |
Common Stock Subject to Mandatory Redemption | |
Financial Instruments Subject to Mandatory Redemption by Settlement Terms | |
Financial Instruments Subject to Mandatory Redemption, Settlement Terms, Share Value, Amount | $2,477 |
Subordinated_Debentures_Held_b3
Subordinated Debentures Held by Subsidiary Trusts - Subordinated Debentures (Details) (USD $) | 12 Months Ended | 1 Months Ended | 0 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Oct. 31, 2007 | Nov. 30, 2007 | Dec. 31, 2007 | Jan. 31, 2008 | Dec. 26, 2014 | Dec. 15, 2014 | Dec. 31, 2013 |
trusts | ||||||||
Subordinated Borrowing | ||||||||
Number of company sponsored wholly-owned business trusts | 6 | |||||||
Subordinated debentures held by subsidiary trusts | $82,477 | $82,477 | ||||||
First Interstate Statutory Trust II | Junior Subordinated Deferrable Interest Debentures Issued by FIST II | ||||||||
Subordinated Borrowing | ||||||||
Subordinated debentures held by subsidiary trusts | 10,310 | 10,310 | 10,310 | |||||
Debt instrument, interest rate at period end | 2.49% | |||||||
First Interstate Statutory Trust II | Junior Subordinated Deferrable Interest Debentures Issued by FIST II | LIBOR | ||||||||
Subordinated Borrowing | ||||||||
Debt instrument, basis spread on variable rate | 2.25% | |||||||
First Interstate Statutory Trust I | Junior Subordinated Deferrable Interest Debentures Issued by FIST I | ||||||||
Subordinated Borrowing | ||||||||
Subordinated debentures held by subsidiary trusts | 15,464 | 15,464 | 15,464 | |||||
Debt instrument, interest rate at period end | 2.99% | |||||||
First Interstate Statutory Trust I | Junior Subordinated Deferrable Interest Debentures Issued by FIST I | Debt Instrument, Redemption, At Issuance through Year Five | ||||||||
Subordinated Borrowing | ||||||||
Debt instrument, interest rate, stated percentage | 7.50% | |||||||
First Interstate Statutory Trust I | Junior Subordinated Deferrable Interest Debentures Issued by FIST I | LIBOR | Debt Instrument, Redemption, After Period Five | ||||||||
Subordinated Borrowing | ||||||||
Debt instrument, basis spread on variable rate | 2.75% | |||||||
First Interstate Statutory Trust III | Junior Subordinated Deferrable Interest Debentures Issued by FIST III | ||||||||
Subordinated Borrowing | ||||||||
Subordinated debentures held by subsidiary trusts | 20,619 | 20,619 | 20,619 | |||||
Debt instrument, interest rate at period end | 2.64% | |||||||
First Interstate Statutory Trust III | Junior Subordinated Deferrable Interest Debentures Issued by FIST III | Debt Instrument, Redemption, At Issuance through Year Five | ||||||||
Subordinated Borrowing | ||||||||
Debt instrument, interest rate, stated percentage | 6.88% | |||||||
First Interstate Statutory Trust III | Junior Subordinated Deferrable Interest Debentures Issued by FIST III | LIBOR | Debt Instrument, Redemption, After Period Five | ||||||||
Subordinated Borrowing | ||||||||
Debt instrument, basis spread on variable rate | 2.40% | |||||||
First Interstate Statutory Trust IV | Junior Subordinated Deferrable Interest Debentures Issued by FIST IV | ||||||||
Subordinated Borrowing | ||||||||
Subordinated debentures held by subsidiary trusts | 15,464 | 15,464 | ||||||
Debt instrument, interest rate at period end | 2.94% | |||||||
First Interstate Statutory Trust IV | Junior Subordinated Deferrable Interest Debentures Issued by FIST IV | LIBOR | ||||||||
Subordinated Borrowing | ||||||||
Debt instrument, basis spread on variable rate | 2.70% | |||||||
First Interstate Statutory Trust V | Junior Subordinated Deferrable Interest Debentures Issued by FIST V | ||||||||
Subordinated Borrowing | ||||||||
Subordinated debentures held by subsidiary trusts | 10,310 | 10,310 | 10,310 | |||||
Debt instrument, interest rate at period end | 2.99% | |||||||
First Interstate Statutory Trust V | Junior Subordinated Deferrable Interest Debentures Issued by FIST V | Debt Instrument, Redemption, At Issuance through Year Five | ||||||||
Subordinated Borrowing | ||||||||
Debt instrument, interest rate, stated percentage | 6.78% | |||||||
First Interstate Statutory Trust V | Junior Subordinated Deferrable Interest Debentures Issued by FIST V | LIBOR | Debt Instrument, Redemption, After Period Five | ||||||||
Subordinated Borrowing | ||||||||
Debt instrument, basis spread on variable rate | 2.75% | |||||||
First Interstate Statutory Trust VI | Junior Subordinated Deferrable Interest Debentures Issued by FIST VI | ||||||||
Subordinated Borrowing | ||||||||
Subordinated debentures held by subsidiary trusts | 10,310 | 10,310 | 10,310 | |||||
Debt instrument, interest rate at period end | 2.99% | |||||||
First Interstate Statutory Trust VI | Junior Subordinated Deferrable Interest Debentures Issued by FIST VI | LIBOR | ||||||||
Subordinated Borrowing | ||||||||
Debt instrument, basis spread on variable rate | 2.75% | |||||||
Mountain West Trusts [Member] | Junior Subordinated Deferrable Interest Debenture Issues by MWFC [Member] | ||||||||
Subordinated Borrowing | ||||||||
Redemption price | 6,006 | 14,433 | ||||||
Liquidation amount per security | 1 | 1 | ||||||
Mandatory redemption of trust preferred securities | 5,825 | 14,000 | ||||||
Capitalization of subsidiaries | 181 | 433 | ||||||
Mountain West Trusts [Member] | Junior Subordinated Deferrable Interest Debenture Issues by MWFC [Member] | LIBOR | ||||||||
Subordinated Borrowing | ||||||||
Debt instrument, basis spread on variable rate | 3.10% | 1.85% | ||||||
Trust Preferred Securities Subject to Mandatory Redemption | Mountain West Trusts [Member] | ||||||||
Subordinated Borrowing | ||||||||
Financial Instruments Subject to Mandatory Redemption, Settlement Terms, Share Value, Amount | 19,825 | |||||||
Common Stock Subject to Mandatory Redemption | Mountain West Trusts [Member] | ||||||||
Subordinated Borrowing | ||||||||
Financial Instruments Subject to Mandatory Redemption, Settlement Terms, Share Value, Amount | $614 |
Capital_Stock_and_Dividend_Res1
Capital Stock and Dividend Restrictions (Details) (USD $) | 12 Months Ended | 0 Months Ended | 9 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jul. 31, 2014 | Sep. 30, 2014 | Jan. 24, 2014 | |
Preferred Stock | ||||||
Nonvoting, noncumulative preferred stock, shares outstanding | 0 | 0 | ||||
Common Stock, Recapitalization | ||||||
Common stock, shares authorized | 200,000,000 | |||||
Common Stock | ||||||
Business Acquisition, Equity Interest Issued or Issuable, Value Assigned | $35,972,000 | |||||
Payments for Repurchase of Common Stock | 9,739,000 | 448,000 | 263,000 | |||
Series A Preferred Stock | ||||||
Preferred Stock | ||||||
Nonvoting, noncumulative preferred stock, shares outstanding | 5,000,000 | |||||
Preferred stock, value, issued | 50,000,000 | |||||
Preferred stock, dividend rate, per-dollar-amount | $675 | |||||
Preferred stock, aggregate redemption price | 50,150 | |||||
Preferred stock, redemption price per share | $10,000 | |||||
Class B Common Stock | ||||||
Common Stock, Recapitalization | ||||||
Common stock, shares authorized | 100,000,000 | |||||
Common Stock, Voting Rights | 5 | |||||
Common Stock | ||||||
Common stock, shares, outstanding | 23,859,483 | 24,287,045 | ||||
Class A Common Stock | ||||||
Class of Stock | ||||||
Stock Repurchased and Retired During Period, Weighted Average Price | $25.07 | |||||
Common Stock, Recapitalization | ||||||
Common stock, shares authorized | 100,000,000 | |||||
Common Stock, Voting Rights | 1 | |||||
Common Stock | ||||||
Common stock, shares, outstanding | 21,928,932 | 19,868,018 | ||||
Business Acquisition, Equity Interest Issued or Issuable, Value Assigned | 35,972,000 | |||||
Stock Repurchased and Retired During Period, Shares | 362,121 | |||||
Payments for Repurchase of Common Stock | 9,078,000 | |||||
Amendment to 2006 Equity Compensation Plan [Domain] | Class A Common Stock | ||||||
Class of Stock | ||||||
Additional Shares Authorized | 1,500,000 | |||||
Mountain West Bank | Class A Common Stock | ||||||
Common Stock | ||||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | 1,378,230 | 1,378,230 | ||||
Board of Directors [Member] | ||||||
Common Stock | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Aggregate Value of Shares Issued | $543,000 | $620,000 | ||||
Board of Directors [Member] | Class A Common Stock | ||||||
Common Stock | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period | 26,096 | 24,581 |
Earnings_per_Common_Share_Comp
Earnings per Common Share Computation of Basic and Diluted Earnings per Share (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Net Income (Loss) Available to Common Stockholders, Basic [Abstract] | |||
Net income | $84,401 | $86,136 | $58,224 |
Preferred stock dividends | 0 | 0 | 3,300 |
Net income available to common shareholders | $84,401 | $86,136 | $54,924 |
Weighted Average Number of Shares Outstanding, Basic and Diluted [Abstract] | |||
Weighted average common shares outstanding for basic earnings per share computation | 44,615,060 | 43,566,681 | 42,965,987 |
Dilutive effect of stock-based compensation | 595,501 | 477,921 | 126,991 |
Weighted average common shares outstanding for diluted earnings per common share computation | 45,210,561 | 44,044,602 | 43,092,978 |
Earnings Per Share, Basic and Diluted [Abstract] | |||
Basic earnings per common share (in dollars per share) | $1.89 | $1.98 | $1.28 |
Diluted earnings per common share (in dollars per share) | $1.87 | $1.96 | $1.27 |
Stock Options | |||
Earnings Per Share, Basic and Diluted [Abstract] | |||
Antidilutive securities excluded from computation of earnings per share (in shares) | 5,000 | 21,372 | 2,427,823 |
Unvested Restricted Stock | |||
Earnings Per Share, Basic and Diluted [Abstract] | |||
Antidilutive securities excluded from computation of earnings per share (in shares) | 88,797 | 37,734 | 41,240 |
Regulatory_Capital_Schedule_of
Regulatory Capital Schedule of Actual Capital Amounts and Ratios and Selected Minimum Regulatory Thresholds (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Total risk-based capital: | ||
Actual Amount | $897,769 | $829,443 |
Actual Ratio | 16.20% | 16.70% |
Adequately Capitalized Amount | 444,685 | 396,210 |
Adequately Capitalized Ratio | 8.00% | 8.00% |
Tier 1 risk-based capital: | ||
Actual Amount | 807,229 | 739,246 |
Actual Ratio | 14.50% | 14.90% |
Adequately Capitalized Amount | 222,343 | 198,105 |
Adequately Capitalized Ratio | 4.00% | 4.00% |
Leverage capital ratio: | ||
Tier One Leverage Capital | 807,229 | 739,246 |
Actual Ratio | 9.60% | 10.10% |
Adequately Capitalized Amount | 335,897 | 293,414 |
Adequately Capitalized Ratio | 4.00% | 4.00% |
FIB | ||
Total risk-based capital: | ||
Actual Amount | 832,907 | 723,955 |
Actual Ratio | 15.10% | 14.70% |
Adequately Capitalized Amount | 442,468 | 394,038 |
Adequately Capitalized Ratio | 8.00% | 8.00% |
Well Capitalized Amount | 553,085 | 492,548 |
Well Capitalized Ratio | 10.00% | 10.00% |
Tier 1 risk-based capital: | ||
Actual Amount | 754,708 | 650,093 |
Actual Ratio | 13.70% | 13.20% |
Adequately Capitalized Amount | 221,234 | 197,019 |
Adequately Capitalized Ratio | 4.00% | 4.00% |
Well Capitalized Amount | 331,851 | 295,529 |
Well Capitalized Ratio | 6.00% | 6.00% |
Leverage capital ratio: | ||
Tier One Leverage Capital | 754,708 | 650,093 |
Actual Ratio | 9.20% | 8.90% |
Adequately Capitalized Amount | 330,006 | 292,199 |
Adequately Capitalized Ratio | 4.00% | 4.00% |
Well Capitalized Amount | $412,507 | $365,248 |
Well Capitalized Ratio | 5.00% | 5.00% |
Commitments_and_Contingencies_1
Commitments and Contingencies - Unrecorded Purchase Commitments (Details) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Construction Contracts | |
Unrecorded Unconditional Purchase Obligation | |
Commitments to Purchase | $4,047 |
Residential Mortgage Backed Securities [Member] | |
Unrecorded Unconditional Purchase Obligation | |
Commitments to Purchase | $16,840 |
Commitments_and_Contingencies_2
Commitments and Contingencies - Operating Lease Commitments (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Schedule of Future Minimum Rental Commitments | |||
Operating leases, rent expense | $1,190 | $1,403 | $1,423 |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |||
2015 | 2,808 | ||
2016 | 2,912 | ||
2017 | 2,227 | ||
2018 | 1,725 | ||
2019 | 1,487 | ||
Thereafter | 9,941 | ||
Operating leases, future minimum payments due | 21,100 | ||
Third Parties | |||
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |||
2015 | 2,132 | ||
2016 | 2,236 | ||
2017 | 1,728 | ||
2018 | 1,537 | ||
2019 | 1,487 | ||
Thereafter | 9,941 | ||
Operating leases, future minimum payments due | 19,061 | ||
Related Partnership | |||
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |||
2015 | 676 | ||
2016 | 676 | ||
2017 | 499 | ||
2018 | 188 | ||
2019 | 0 | ||
Thereafter | 0 | ||
Operating leases, future minimum payments due | $2,039 | ||
Ownership percentage in partnership | 50.00% |
Commitments_and_Contingencies_3
Commitments and Contingencies - Residential Mortgage Loans Sold with Recourse Obligations (Details) (Obligation to repurchase loans sold, USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Obligation to repurchase loans sold | ||
Loss Contingencies | ||
Loss contingency, estimate of possible loss | $4,486 | $5,871 |
Commitments_and_Contingencies_4
Commitments and Contingencies Legal Proceedings (Details) (Pending Litigation [Member], Kelly Logging Inc. v. First Interstate Bank [Member], USD $) | 0 Months Ended | 1 Months Ended | |
In Thousands, unless otherwise specified | Oct. 01, 2014 | Aug. 31, 2014 | Dec. 31, 2014 |
Pending Litigation [Member] | Kelly Logging Inc. v. First Interstate Bank [Member] | |||
Loss Contingencies | |||
Loss Contingency, Damages Awarded, Value | $17,047 | $17,047 | |
Loss Contingency, Compensatory Damages Awarded, Value | 287 | ||
Loss Contingency, Punitive Damages Awarded, Value | 16,760 | ||
Loss Contingency Accrual | $4,000 |
Financial_Instruments_with_Off1
Financial Instruments with Off-Balance Sheet Risk (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Entity Information | ||
Credit Extension Commitments | $1,415,119 | $1,238,269 |
Credit Extension Commitments, Beyond One Year | 363,609 | 304,789 |
Standby Letters of Credit | ||
Entity Information | ||
Credit Extension Commitments | 58,950 | 53,508 |
Unused Credit Card Lines | ||
Entity Information | ||
Credit Extension Commitments | $476,752 | $401,021 |
Income_Taxes_Schedule_of_Incom
Income Taxes - Schedule of Income Tax Exepnse (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Current: | |||
Federal | $34,941 | $30,757 | $18,458 |
State | 4,928 | 4,533 | 2,818 |
Total current | 39,869 | 35,290 | 21,276 |
Deferred: | |||
Federal | 4,870 | 10,056 | 7,697 |
State | 475 | 1,220 | 1,065 |
Total deferred | 5,345 | 11,276 | 8,762 |
Total income tax expense | $45,214 | $46,566 | $30,038 |
Income_Taxes_Reconciliation_of
Income Taxes - Reconciliation of Tax Expense at Effective Tax Rate (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | |||
Effective income tax rate reconciliation, at federal statutory income tax rate | 35.00% | 35.00% | 35.00% |
Income Tax Expense, Continuing Operations Income Tax Reconciliation [Abstract] | |||
Tax expense at the statutory tax rate | $45,365 | $46,446 | $30,892 |
Increase (decrease) in tax resulting from: | |||
Tax-exempt income | -4,255 | -3,620 | -3,498 |
State income tax, net of federal income tax benefit | 3,541 | 3,741 | 2,524 |
Other, net | 563 | -1 | 120 |
Total income tax expense | $45,214 | $46,566 | $30,038 |
Income_Taxes_Deferred_Tax_Asse
Income Taxes - Deferred Tax Assets and Liabilities (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Deferred tax assets: | ||
Loans, principally due to allowance for loan losses | $28,506 | $30,903 |
Deferred Costs, Leasing, Gross | 719 | 0 |
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Contingencies | 1,785 | 0 |
Deferred Discounts, Finance Charges and Interest Included in Receivables | 7,022 | 0 |
Deferred Tax Assets, Unrealized Losses on Trading Securities | 2,728 | 9,473 |
Employee benefits | 8,256 | 6,813 |
Other real estate owned write-downs and carrying costs | 2,536 | 4,731 |
Deferred gain on sale of subsidiary | 253 | 484 |
Deferred revenue on contract | 481 | 545 |
Other | 760 | 299 |
Deferred tax assets | 53,046 | 53,248 |
Deferred tax liabilities: | ||
Fixed assets, principally differences in bases and depreciation | -569 | -4,227 |
Deferred Tax Liabilities, Unrealized Gains on Available For Sale Securities | -1,351 | 0 |
Investment in joint venture partnership, principally due to differences in depreciation of partnership assets | -1,053 | -700 |
Prepaid amounts | -1,385 | -1,247 |
Government agency stock dividends | -2,407 | -1,965 |
Goodwill and core deposit intangibles | -36,732 | -28,167 |
Mortgage servicing rights | -4,144 | -4,337 |
Other | -531 | -451 |
Deferred tax liabilities | -48,172 | -41,094 |
Net deferred tax assets | 4,874 | 12,154 |
Income Taxes Payable, Current | 4,693 | |
Income Taxes Receivable, Current | $2,968 |
StockBased_Compensation_Weight
Stock-Based Compensation - Weighted-Average Assumptions Used in Option Pricing Model (Details) (Stock Option, USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Stock Option | ||
Schedule of Share-Based Compensation Award, Options, Fair Value Assumption Inputs | ||
Weighted average grant date fair value of options granted (in dollars per share) | $3.54 | $4.06 |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | ||
Expected volatility | 30.61% | 37.46% |
Expected dividend yield | 3.00% | 3.35% |
Risk-free interest rate | 0.88% | 1.99% |
Expected life of options (in years) | 5 years 6 months 6 days | 7 years 10 months 6 days |
StockBased_Compensation_Stock_
Stock-Based Compensation - Stock Options Activity Rollforward (Details) (USD $) | 12 Months Ended |
Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |
Outstanding options, beginning of year, number of shares | 2,523,593 |
Granted, number of shares | 0 |
Exercised, number of shares | -739,290 |
Forfeited, number of shares | -5,893 |
Expired, number of shares | -30,378 |
Outstanding options, end of year, number of shares | 1,748,032 |
Outstanding options exercisable, end of year, number of shares | 1,393,010 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | |
Outstanding options, beginning of year, weighted average exercise price | $17.20 |
Granted, weighted average exercise price | $0 |
Exercised, weighted average exercise price | $17.73 |
Forfeited, weighted average exercise price | $12.85 |
Expired, weighted average exercise price | $16.20 |
Outstanding options, end of year, weighted average exercise price | $17.01 |
Outstanding options exercisable, end of year, weighted average exercise price | $17.15 |
Outstanding options, end of year weighted average remaining contractual term | 4 years 5 months 4 days |
Outstanding options exercisable, end of year, weighted average remaining contractual term | 4 years 1 month 13 days |
StockBased_Compensation_NonVes
Stock-Based Compensation - Non-Vested Stock Options Rollforward (Details) (USD $) | 12 Months Ended |
Dec. 31, 2014 | |
Share-Based Compensation Arrangement by Share Based Payment Award, Options, Nonvested, Number of Shares [Roll Forward] | |
Nonvested stock options, beginning of year, number of shares | 733,906 |
Nonvested stock options, granted, number of shares | 0 |
Nonvested stock options, vested, number of shares | -348,506 |
Nonvested stock options, forfeited, number of shares | -30,378 |
Nonvested stock options, end of year, number of shares | 355,022 |
Share-Based Compensation Arrangement by Share Based Payment Award, Options, Nonvested, Weighted-Average Grant Date Fair Value [Roll Forward] | |
Nonvested stock options, beginning of period, weighted-average grant date fair value | $3.78 |
Nonvested stock options, granted, weighted-average grant date fair value | |
Nonvested stock options, vested, weighted-average grant date fair value | $3.94 |
Nonvested stock options, forfeited, weighted-average grant date fair value | $3.70 |
Nonvested stock options, end of period, weighted-average grant date fair value | $3.62 |
StockBased_Compensation_Restri
Stock-Based Compensation - Restricted Stock Activity Rollforward (Details) (Restricted Stock, USD $) | 12 Months Ended |
Dec. 31, 2014 | |
Restricted Stock | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Restricted stock, beginning of year, number of shares | 225,525 |
Granted, number of shares | 148,278 |
Vested, number of shares | -96,143 |
Forfeited, number of shares | -27,772 |
Canceled, number of shares | -1,489 |
Restricted stock, end of year, number of shares | 248,399 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | |
Restricted stock, beginning of year, weighted-average measurement date fair value | $16.08 |
Granted, weighted average grant date fair value | $24.36 |
Vested, weighted average grant date fair value | $15.54 |
Forfeited, weighted average grant date fair value | $16.43 |
Cancelled, weighted average grant date fair value | $21.39 |
Restricted stock, end of year, weighted-average measurement date fair value | $21.16 |
StockBased_Compensation_Narrat
Stock-Based Compensation - Narrative (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award | |||
Stock compensation expense | $3,014 | $2,936 | $2,485 |
Tax benefits from stock-based compensation | 1,153 | 1,122 | 950 |
Stock Option | |||
Share-based Compensation Arrangement by Share-based Payment Award | |||
Stock compensation expense | 905 | 1,390 | 1,276 |
Tax benefits from stock-based compensation | 346 | 531 | 488 |
Intrinsic value of fully-vested stock options outstanding | 14,879 | ||
Total intrinsic value of options exercised | 7,363 | 7,108 | 1,158 |
Tax benefit realized from stock option exercises | 2,594 | 1,963 | 397 |
Proceeds from stock options exercised | 6,299 | 9,271 | 1,612 |
Common stock redeemed for payment of stock option exercises, aggregate value | 6,829 | 8,721 | 2,675 |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | 577 | ||
Unrecognized compensation cost related to nonvested restricted stock to be recognized over weighted average period (in years) | 0 years 10 months 9 days | ||
Share-Based CompensationaArrangement By Share Based Payment Award, Options, Vested In Period, Fair Value | 1,363 | ||
Restricted Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award | |||
Stock compensation expense | 2,109 | 1,546 | 1,209 |
Tax benefits from stock-based compensation | 807 | 591 | 462 |
Unrecognized compensation cost related to nonvested restricted stock to be recognized over weighted average period (in years) | 1 year 7 months 6 days | ||
Stock issued during period, shares, restricted stock award | 148,278 | ||
Unrecognized compensation cost related to nonvested restricted stock awards | $3,353 | ||
Restricted Stock | Upon Achievement of Performance Goals | |||
Share-based Compensation Arrangement by Share-based Payment Award | |||
Stock issued during period, shares, restricted stock award | 73,938 | ||
Restricted Stock | Upon Achievement of Defined Return on Asset Performance Goals | |||
Share-based Compensation Arrangement by Share-based Payment Award | |||
Stock issued during period, shares, restricted stock award | 24,646 | ||
Restricted Stock | Upon Achievement of Defined Return on Equity Performance Goals | |||
Share-based Compensation Arrangement by Share-based Payment Award | |||
Stock issued during period, shares, restricted stock award | 24,646 | ||
Restricted Stock | Upon Achievement of Defined Total Return to Shareholder Goals | |||
Share-based Compensation Arrangement by Share-based Payment Award | |||
Stock issued during period, shares, restricted stock award | 24,646 | ||
Restricted Stock | Upon One-Third Annual Anniversary | |||
Share-based Compensation Arrangement by Share-based Payment Award | |||
Stock issued during period, shares, restricted stock award | 74,340 | ||
2006 Plan | Stock Option | |||
Share-based Compensation Arrangement by Share-based Payment Award | |||
Shares available for grant | 783,007 | ||
2006 Plan | Restricted Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award | |||
Restricted stock award, vesting period | 3 years |
Employee_Benefit_Plans_Profit_
Employee Benefit Plans - Profit Sharing and Savings Plans (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits | |||
Eligibility requirement, service hours to be completed | 20 hours | ||
Deferred Profit Sharing | |||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits | |||
Eligibility requirement, lesser of percent of compensation | 100.00% | ||
Eligibility requirement, lesser of annual contribution amount | $40,000 | ||
Eligibility requirement, requisite service period | 3 years | ||
Compensation expense | 1,509,000 | 1,555,000 | 2,063,000 |
Savings Plan, Employee Elected | |||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits | |||
Compensation expense | 4,256,000 | 4,067,000 | 4,034,000 |
Maximum annual contribution per employee, amount per dollar of employee contribution | $1.25 | ||
Maximum annual contribution per employee, percent | 4.00% |
Employee_Benefit_Plans_Postret
Employee Benefit Plans - Postretirement Healthcare Plan (Details) (Postretirement Healthcare Plan, USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Postretirement Healthcare Plan | |||
Defined Benefit Plan Disclosure | |||
Minimum age requirement | 55 years | ||
Requisite service period | 15 years | ||
Unfunded benefit obligation | $3,577 | $4,870 | |
Net periodic benefit cost | 400 | 571 | 561 |
Assumptions used calculating net periodic benefit cost, discount rate | 3.60% | 4.30% | |
Assumptions used calculating net periodic benefit cost, rate of compensation increase | 5.50% | 5.00% | |
Defined Benefit Plan, Expected Future Benefit Payments, Fiscal Year Maturity [Abstract] | |||
2015 | 158 | ||
2016 | 163 | ||
2017 | 194 | ||
2018 | 219 | ||
2019 | 254 | ||
2020 through 2024 | 1,496 | ||
Accumulated other comprehensive income (loss), before tax, related to the Plan | 613 | ||
Accumulated other comprehensive income (loss), net of tax | 413 | ||
Net acturarial loss, net of tax | 257 | ||
Unamortized transition asset, net of tax | 356 | ||
Estimated amount amortized from accumulated other comprehensive loss into net periodic benefit costs | $35 |
Other_Comprehensive_Income_Com
Other Comprehensive Income - Comprehensive Income (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Change in net unrealized Gain during period: | |||
Change in net unrealized gain during period, before tax amount | $21,147 | ($52,949) | ($4,648) |
Change in net unrealized gain during period, tax expense (benefit) | 8,321 | -20,835 | -1,829 |
Change in net unrealized gain during period, net of tax amount | 12,826 | -32,114 | -2,819 |
Investment securities available-for-sale: | |||
Reclassification adjustment for net gains included in net income, before tax amount | -61 | -1 | -348 |
Reclassification adjustment for net, gains included in net income, tax expense (benefit) | -24 | 0 | -137 |
Reclassification adjustment for net gains included in net income, net of tax amount | -37 | -1 | -211 |
Unamortized Premium on Available-For-Sale Securities Transferred to Held-To-Maturity | |||
Unamortized premium on available-to-sale securities transferred into held-for-maturity, before tax amount | -548 | 56 | |
Unamortized premium on available-to-sale securities transferred into held-for-maturity, tax expense (benefit) | -216 | 22 | |
Unamortized premium on available-to-sale securities transferred into held-for-maturity, net of tax amount | -332 | 34 | |
Change in net actuarial loss: | |||
Change in net actuarial loss, before tax amount | 1,731 | 137 | -77 |
Change in net actuarial loss, tax expense (benefit) | 681 | 54 | -30 |
Change in net actuarial loss, net of tax amount | 1,050 | 83 | -47 |
Other comprehensive income (Loss) | |||
Other comprehensive income (loss), before tax | 22,269 | -52,813 | -5,017 |
Total other comprehensive income, tax expense (benefit) | 8,762 | -20,781 | -1,974 |
Other comprehensive income, net of tax | $13,507 | ($32,032) | ($3,043) |
Other_Comprehensive_Income_Acc
Other Comprehensive Income - Accumulated Other Comprehensive Income (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Net accumulated other comprehensive income: | ||
Net unrealized gain on investment securities available-for-sale | ($2,121) | ($14,578) |
Net actuarial loss on defined benefit post-retirement benefit plans | -413 | -1,463 |
Net accumulated other comprehensive income | ($2,534) | ($16,041) |
NonCash_Investing_and_Financin1
Non-Cash Investing and Financing Activities (Details) (USD $) | 12 Months Ended | 0 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jul. 31, 2014 |
Class of Stock | ||||
Business Acquisition, Equity Interest Issued or Issuable, Value Assigned | $35,972 | |||
Transferred loans to OREO | 5,198 | 11,545 | 43,541 | |
Transferred loans to mortgage servicing assets | 2,717 | 3,581 | 4,563 | |
Transfer of premises and equipment pending disposal to other assets, book value | 1,448 | 566 | ||
Transfer from Investments | 429 | |||
Transfer of preferred stock pending redemption from equity to liability | 50,000 | |||
Class A Common Stock | ||||
Class of Stock | ||||
Business Acquisition, Equity Interest Issued or Issuable, Value Assigned | 35,972 | |||
Mountain West Bank | Class A Common Stock | ||||
Class of Stock | ||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | 1,378,230 | 1,378,230 |
Condensed_Financial_Informatio2
Condensed Financial Information (Parent Company Only) - Condensed Balance Sheets (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
Condensed balance sheets: | ||||
Cash and cash equivalents | $798,670 | $534,827 | ||
Investment in subsidiaries, at equity: | ||||
Other assets | 73,495 | 61,056 | ||
Total assets | 8,609,936 | 7,564,651 | ||
Subordinated debentures held by subsidiary trusts | 82,477 | 82,477 | ||
Total liabilities | 7,701,012 | 6,763,070 | ||
Stockholders’ equity | 908,924 | 801,581 | 751,186 | 771,020 |
Total liabilities and stockholders’ equity | 8,609,936 | 7,564,651 | ||
Parent Company | ||||
Condensed balance sheets: | ||||
Cash and cash equivalents | 65,483 | 105,274 | ||
Investment in subsidiaries, at equity: | ||||
Equity method investments | 938,799 | 795,872 | ||
Advances from subsidiaries, net | 4,337 | 0 | ||
Other assets | 29,335 | 26,809 | ||
Total assets | 1,037,954 | 927,955 | ||
Other liabilities | 26,553 | 17,602 | ||
Advances to subsidiaries, net | 0 | 6,295 | ||
Long-term debt | 20,000 | 20,000 | ||
Subordinated debentures held by subsidiary trusts | 82,477 | 82,477 | ||
Total liabilities | 129,030 | 126,374 | ||
Stockholders’ equity | 908,924 | 801,581 | ||
Total liabilities and stockholders’ equity | 1,037,954 | 927,955 | ||
Bank subsidiary | ||||
Investment in subsidiaries, at equity: | ||||
Equity method investments | 936,817 | 793,892 | ||
Nonbank subsidiaries | ||||
Investment in subsidiaries, at equity: | ||||
Equity method investments | $1,982 | $1,980 |
Condensed_Financial_Informatio3
Condensed Financial Information (Parent Company Only) - Condensed Statements of Income (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Condensed Financial Statements, Captions | |||
Salaries and benefits | $96,513 | $94,002 | $89,833 |
Interest expense | 18,606 | 20,695 | 30,114 |
Acquisition Expense | 4,017 | 0 | 0 |
Earnings before income tax benefit | 129,615 | 132,702 | 88,262 |
Income tax benefit | 45,214 | 46,566 | 30,038 |
Net income | 84,401 | 86,136 | 58,224 |
Parent Company | |||
Condensed Financial Statements, Captions | |||
Dividends from subsidiaries | 58,900 | 71,400 | 40,000 |
Other interest income | 42 | 34 | 92 |
Other income, primarily management fees from subsidiaries | 12,166 | 12,809 | 10,042 |
Total income | 71,108 | 84,243 | 50,134 |
Salaries and benefits | 15,722 | 15,914 | 13,205 |
Interest expense | 4,002 | 4,098 | 6,691 |
Acquisition Expense | 4,017 | ||
Other operating expenses, net | 7,512 | 7,546 | 7,150 |
Total expenses | 31,253 | 27,558 | 27,046 |
Earnings before income tax benefit | 39,855 | 56,685 | 23,088 |
Income tax benefit | -6,862 | -5,703 | -6,222 |
Income before undistributed earnings of subsidiaries | 46,717 | 62,388 | 29,310 |
Undistributed earnings of subsidiaries | 37,684 | 23,748 | 28,914 |
Net income | $84,401 | $86,136 | $58,224 |
Condensed_Financial_Informatio4
Condensed Financial Information (Parent Company Only) - Condensed Statements of Cash Flows (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Cash flows from operating activities: | |||
Net income | $84,401 | $86,136 | $58,224 |
Adjustments to reconcile net income to cash provided by operating activities: | |||
Depreciation and amortization | 16,855 | 16,245 | 17,112 |
Write-down of equipment pending disposal | 102 | 616 | 70 |
Deferred income tax expense (benefit) | 5,345 | 11,276 | 8,762 |
Stock-based compensation expense | 3,014 | 2,936 | 2,485 |
Tax benefits from stock-based compensation | 2,193 | 1,898 | 360 |
Excess tax benefits from stock-based compensation | -2,205 | -2,031 | -273 |
Net cash provided by operating activities | 121,388 | 150,225 | 135,822 |
Cash flows from investing activities: | |||
Payments to Acquire Businesses, Net of Cash Acquired | 35,556 | 0 | 0 |
Net cash used in investing activities | -195,842 | -204,937 | -141,079 |
Cash flows from financing activities: | |||
Redemption of preferred stock | -48 | -243 | -40 |
Repayment of junior subordinated debentures held by subsidiary trusts | -20,439 | 0 | -41,238 |
Proceeds from issuance of common stock, net of stock issuance costs | 6,919 | 9,814 | 1,911 |
Excess tax benefits from stock-based compensation | 2,205 | 2,031 | 273 |
Purchase and retirement of common stock | -9,739 | -448 | -263 |
Dividends paid to common stockholders | -28,626 | -17,909 | -26,208 |
Dividends paid to preferred stockholders | 0 | 0 | -3,300 |
Net cash used in financing activities | 338,297 | -211,793 | 334,142 |
Net change in cash and cash equivalents | 263,843 | -266,505 | 328,885 |
Cash and cash equivalents at beginning of year | 534,827 | 801,332 | 472,447 |
Cash and cash equivalents at end of year | 798,670 | 534,827 | 801,332 |
Cash Flow, Noncash Investing and Financing Activities Disclosure [Abstract] | |||
Transfer of preferred stock pending redemption from equity to liability | 50,000 | ||
Parent Company | |||
Cash flows from operating activities: | |||
Net income | 84,401 | 86,136 | 58,224 |
Adjustments to reconcile net income to cash provided by operating activities: | |||
Undistributed earnings of subsidiaries | -37,684 | -23,748 | -28,914 |
Stock-based compensation expense | 3,014 | 2,936 | 2,485 |
Tax benefits from stock-based compensation | 2,193 | 1,898 | 360 |
Excess tax benefits from stock-based compensation | -2,205 | -2,031 | -273 |
Other, net | 8,991 | -5,804 | 3,327 |
Net cash provided by operating activities | 58,710 | 59,387 | 35,209 |
Cash flows from investing activities: | |||
Capital expenditures, net of sales | 0 | 0 | 1 |
Payments to Acquire Businesses, Net of Cash Acquired | -37,891 | 0 | 0 |
Net cash used in investing activities | -37,891 | 0 | 1 |
Cash flows from financing activities: | |||
Net (decrease) increase in advances from nonbank subsidiaries | -10,632 | 6,992 | -2,838 |
Redemption of preferred stock | 0 | -50,000 | 0 |
Repayment of junior subordinated debentures held by subsidiary trusts | -20,439 | 0 | -41,238 |
Proceeds from issuance of common stock, net of stock issuance costs | 6,621 | 9,814 | 1,911 |
Excess tax benefits from stock-based compensation | 2,205 | 2,031 | 273 |
Purchase and retirement of common stock | -9,739 | -448 | -263 |
Dividends paid to common stockholders | -28,626 | -17,909 | -26,208 |
Dividends paid to preferred stockholders | 0 | 0 | -3,300 |
Net cash used in financing activities | -60,610 | -49,520 | -71,663 |
Net change in cash and cash equivalents | -39,791 | 9,867 | -36,453 |
Cash and cash equivalents at beginning of year | 105,274 | 95,407 | 131,860 |
Cash and cash equivalents at end of year | 65,483 | 105,274 | 95,407 |
Cash Flow, Noncash Investing and Financing Activities Disclosure [Abstract] | |||
Transfer of preferred stock pending redemption from equity to liability | $50,000 |
Fair_Value_Measurements_Financ
Fair Value Measurements - Financial Assets and Financial Liabilities Measured at Fair Value on a Recurring Basis (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Obligations of U.S. government agencies | Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value Measured on a Recurring Basis | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Investment securities available-for-sale | $0 | $0 |
Obligations of U.S. government agencies | Significant Other Observable Inputs (Level 2) | Fair Value Measured on a Recurring Basis | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Investment securities available-for-sale | 720,933 | 763,238 |
Obligations of U.S. government agencies | Significant Unobservable Inputs (Level 3) | Fair Value Measured on a Recurring Basis | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Investment securities available-for-sale | 0 | 0 |
U.S. agency residential mortgage-backed securities & collateralized mortgage obligations | Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value Measured on a Recurring Basis | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Investment securities available-for-sale | 0 | 0 |
U.S. agency residential mortgage-backed securities & collateralized mortgage obligations | Significant Other Observable Inputs (Level 2) | Fair Value Measured on a Recurring Basis | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Investment securities available-for-sale | 990,666 | 1,184,053 |
U.S. agency residential mortgage-backed securities & collateralized mortgage obligations | Significant Unobservable Inputs (Level 3) | Fair Value Measured on a Recurring Basis | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Investment securities available-for-sale | 0 | 0 |
Private mortgage-backed securities | Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value Measured on a Recurring Basis | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Investment securities available-for-sale | 0 | 0 |
Private mortgage-backed securities | Significant Other Observable Inputs (Level 2) | Fair Value Measured on a Recurring Basis | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Investment securities available-for-sale | 325 | 415 |
Private mortgage-backed securities | Significant Unobservable Inputs (Level 3) | Fair Value Measured on a Recurring Basis | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Investment securities available-for-sale | 0 | 0 |
Estimated Fair Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Investment securities available-for-sale | 1,711,924 | 1,947,706 |
Estimated Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Investment securities available-for-sale | 0 | 0 |
Estimated Fair Value | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Investment securities available-for-sale | 1,711,924 | 1,947,706 |
Estimated Fair Value | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Investment securities available-for-sale | 0 | 0 |
Estimated Fair Value | Obligations of U.S. government agencies | Fair Value Measured on a Recurring Basis | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Investment securities available-for-sale | 720,933 | 763,238 |
Estimated Fair Value | U.S. agency residential mortgage-backed securities & collateralized mortgage obligations | Fair Value Measured on a Recurring Basis | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Investment securities available-for-sale | 990,666 | 1,184,053 |
Estimated Fair Value | Private mortgage-backed securities | Fair Value Measured on a Recurring Basis | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Investment securities available-for-sale | $325 | $415 |
Fair_Value_Measurements_Assets
Fair Value Measurements - Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Market Approach Valuation Technique [Member] | Loan and Leases Receivable, Impaired Loans [Member] | Minimum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Fair Value Inputs, Discount Rate | 0.00% | -6.00% |
Market Approach Valuation Technique [Member] | Loan and Leases Receivable, Impaired Loans [Member] | Maximum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Fair Value Inputs, Discount Rate | -51.00% | -66.00% |
Market Approach Valuation Technique [Member] | Loan and Leases Receivable, Impaired Loans [Member] | Weighted Average [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Fair Value Inputs, Discount Rate | -19.00% | -31.00% |
Market Approach Valuation Technique [Member] | Real Estate Acquired in Satisfaction of Debt [Member] | Minimum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Fair Value Inputs, Discount Rate | 0.00% | -6.00% |
Market Approach Valuation Technique [Member] | Real Estate Acquired in Satisfaction of Debt [Member] | Maximum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Fair Value Inputs, Discount Rate | -50.00% | -55.00% |
Market Approach Valuation Technique [Member] | Real Estate Acquired in Satisfaction of Debt [Member] | Weighted Average [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Fair Value Inputs, Discount Rate | -15.00% | -15.00% |
Market Approach Valuation Technique [Member] | Assets Held-for-sale [Member] | Minimum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Fair Value Inputs, Discount Rate | 0.00% | 0.00% |
Market Approach Valuation Technique [Member] | Assets Held-for-sale [Member] | Maximum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Fair Value Inputs, Discount Rate | -9.00% | -9.00% |
Market Approach Valuation Technique [Member] | Assets Held-for-sale [Member] | Weighted Average [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Fair Value Inputs, Discount Rate | -5.00% | -6.00% |
Estimated Fair Value | Fair Value, Measurements, Nonrecurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Loans Receivable, Impaired, Fair Value Disclosure | 30,494 | 57,302 |
Real Estate Acquired Through Foreclosure, Fair Value Disclosure | 4,554 | 8,502 |
Long-lived assets to be disposed, fair value disclosure | 1,083 | 1,186 |
Estimate of Fair Value, Fair Value Disclosure, Gain (Loss) | Fair Value, Measurements, Nonrecurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Loans Receivable, Impaired, Fair Value Disclosure | -14,552 | -23,224 |
Real Estate Acquired Through Foreclosure, Fair Value Disclosure | -12,665 | -14,441 |
Long-lived assets to be disposed, fair value disclosure | -702 | -599 |
Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Nonrecurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Loans Receivable, Impaired, Fair Value Disclosure | 30,494 | 57,302 |
Real Estate Acquired Through Foreclosure, Fair Value Disclosure | 4,554 | 8,502 |
Long-lived assets to be disposed, fair value disclosure | 1,083 | 1,186 |
Significant Unobservable Inputs (Level 3) | Estimated Fair Value | Fair Value, Measurements, Nonrecurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Loans Receivable, Impaired, Fair Value Disclosure | 30,494 | 57,302 |
Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Nonrecurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Loans Receivable, Impaired, Fair Value Disclosure | 0 | 0 |
Real Estate Acquired Through Foreclosure, Fair Value Disclosure | 0 | 0 |
Long-lived assets to be disposed, fair value disclosure | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value, Measurements, Nonrecurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Loans Receivable, Impaired, Fair Value Disclosure | 0 | 0 |
Real Estate Acquired Through Foreclosure, Fair Value Disclosure | 0 | 0 |
Long-lived assets to be disposed, fair value disclosure | 0 | 0 |
Fair_Value_Measurements_Estima
Fair Value Measurements - Estimated Fair Values of Financial Instruments by Level of Valuation Inputs (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Financial assets: | ||
Held-to-Maturity Estimated Fair Value | $584,533 | $205,926 |
Carrying Amount | ||
Financial assets: | ||
Cash and cash equivalents | 798,670 | 534,827 |
Investment securities available-for-sale | 1,711,924 | 1,947,706 |
Held-to-Maturity Estimated Fair Value | 575,186 | 203,837 |
Accrued interest receivable | 27,063 | 26,450 |
Mortgage servicing rights | 14,038 | 13,546 |
Net loans | 4,823,243 | 4,259,514 |
Total financial assets | 7,950,124 | 6,985,880 |
Financial liabilities: | ||
Total deposits, excluding time deposits | 5,767,992 | 4,943,033 |
Time deposits | 1,238,220 | 1,190,717 |
Securities sold under repurchase agreements | 502,250 | 457,437 |
Other borrowed funds | 9 | 3 |
Accrued interest payable | 5,833 | 4,963 |
Long-term debt | 38,067 | 36,917 |
Subordinated debentures held by subsidiary trusts | 82,477 | 82,477 |
Total financial liabilities | 7,634,848 | 6,715,547 |
Estimated Fair Value | ||
Financial assets: | ||
Cash and cash equivalents | 798,670 | 534,827 |
Investment securities available-for-sale | 1,711,924 | 1,947,706 |
Held-to-Maturity Estimated Fair Value | 584,533 | 205,926 |
Accrued interest receivable | 27,063 | 26,450 |
Mortgage servicing rights | 21,434 | 25,698 |
Net loans | 4,800,725 | 4,246,539 |
Total financial assets | 7,944,349 | 6,987,146 |
Financial liabilities: | ||
Total deposits, excluding time deposits | 5,767,992 | 4,943,033 |
Time deposits | 1,244,324 | 1,196,250 |
Securities sold under repurchase agreements | 502,250 | 457,437 |
Other borrowed funds | 9 | 3 |
Accrued interest payable | 5,833 | 4,963 |
Long-term debt | 37,781 | 34,508 |
Subordinated debentures held by subsidiary trusts | 75,734 | 72,045 |
Total financial liabilities | 7,633,923 | 6,708,239 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Estimated Fair Value | ||
Financial assets: | ||
Cash and cash equivalents | 798,670 | 534,827 |
Investment securities available-for-sale | 0 | 0 |
Held-to-Maturity Estimated Fair Value | 0 | 0 |
Accrued interest receivable | 0 | 0 |
Mortgage servicing rights | 0 | 0 |
Net loans | 0 | 0 |
Total financial assets | 798,670 | 534,827 |
Financial liabilities: | ||
Total deposits, excluding time deposits | 5,767,992 | 4,943,033 |
Time deposits | 0 | 0 |
Securities sold under repurchase agreements | 0 | 0 |
Other borrowed funds | 0 | 0 |
Accrued interest payable | 0 | 0 |
Long-term debt | 0 | 0 |
Subordinated debentures held by subsidiary trusts | 0 | 0 |
Total financial liabilities | 5,767,992 | 4,943,033 |
Significant Other Observable Inputs (Level 2) | Estimated Fair Value | ||
Financial assets: | ||
Cash and cash equivalents | 0 | 0 |
Investment securities available-for-sale | 1,711,924 | 1,947,706 |
Held-to-Maturity Estimated Fair Value | 584,533 | 205,926 |
Accrued interest receivable | 27,063 | 26,450 |
Mortgage servicing rights | 21,434 | 25,698 |
Net loans | 4,770,231 | 4,189,237 |
Total financial assets | 7,115,185 | 6,395,017 |
Financial liabilities: | ||
Total deposits, excluding time deposits | 0 | 0 |
Time deposits | 1,244,324 | 1,196,250 |
Securities sold under repurchase agreements | 502,250 | 457,437 |
Other borrowed funds | 9 | 3 |
Accrued interest payable | 5,833 | 4,963 |
Long-term debt | 37,781 | 34,508 |
Subordinated debentures held by subsidiary trusts | 75,734 | 72,045 |
Total financial liabilities | 1,865,931 | 1,765,206 |
Significant Unobservable Inputs (Level 3) | Estimated Fair Value | ||
Financial assets: | ||
Cash and cash equivalents | 0 | 0 |
Investment securities available-for-sale | 0 | 0 |
Held-to-Maturity Estimated Fair Value | 0 | 0 |
Accrued interest receivable | 0 | 0 |
Mortgage servicing rights | 0 | 0 |
Net loans | 30,494 | 57,302 |
Total financial assets | 30,494 | 57,302 |
Financial liabilities: | ||
Total deposits, excluding time deposits | 0 | 0 |
Time deposits | 0 | 0 |
Securities sold under repurchase agreements | 0 | 0 |
Other borrowed funds | 0 | 0 |
Accrued interest payable | 0 | 0 |
Long-term debt | 0 | 0 |
Subordinated debentures held by subsidiary trusts | 0 | 0 |
Total financial liabilities | $0 | $0 |
Fair_Value_Measurements_Narrat
Fair Value Measurements - Narrative (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Related allowance | $5,792 | $8,929 | $10,297 |
Impairment losses | 102 | 616 | 70 |
Fair Value, Measurements, Nonrecurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Long-lived assets to be disposed of, carrying value | 1,785 | 1,785 | |
Impairment losses | 702 | 599 | |
Long-lived assets to be disposed of, fair value | 1,083 | 1,186 | |
Fair Value, Measurements, Nonrecurring | Fair Value, Inputs, Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Loans Receivable, Impaired, Fair Value Disclosure | 30,494 | 57,302 | |
Related allowance | 5,792 | 8,929 | |
Impaired financing receivable, related allowance, partial loan charge-offs | 8,760 | 14,295 | |
Fair Value, Measurements, Nonrecurring | Carrying Amount | Fair Value, Inputs, Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Loans Receivable, Impaired, Fair Value Disclosure | 45,046 | 80,526 | |
Fair Value, Measurements, Nonrecurring | Estimated Fair Value | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Loans Receivable, Impaired, Fair Value Disclosure | 30,494 | 57,302 | |
Fair Value, Measurements, Nonrecurring | Estimated Fair Value | Fair Value, Inputs, Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Loans Receivable, Impaired, Fair Value Disclosure | $30,494 | $57,302 |
Related_Party_Transactions_Det
Related Party Transactions (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Director | Deferred Compensation Agreement | |||
Loans and Leases Receivable, Related Parties Disclosure [Abstract] | |||
Related party transaction, expenses from transactions with related party | $424 | ||
Related party transaction, liability from acquisition | 577 | ||
Related party transaction, liability from acquisition, payout period | 4 years | ||
Director | Interest Guaranty Agreement, Interest Payments on Loans | |||
Loans and Leases Receivable, Related Parties Disclosure [Abstract] | |||
Revenue from related parties | 815 | ||
Director | Interest Guaranty Agreement, Proceeds From Liquidated Collateral | |||
Loans and Leases Receivable, Related Parties Disclosure [Abstract] | |||
Related party transactions, other revenues | 7,998 | ||
Shareholder | |||
Related Party Transaction | |||
Ownership percentage threshhold for related party | 5.00% | ||
Executive Officers, Directors, Shareholders Greater than Five Percent, and Related Entities and Individuals to Such Persons [Member] | |||
Loans and Leases Receivable, Related Parties Disclosure [Abstract] | |||
Loans and leases receivable, related parties | 25,794 | 24,669 | |
Loans and leases receivable, related parties, additions | 9,519 | ||
Loans and leases receivable, related parties, collections | 9,342 | ||
Director, Controlling Ownership Interest in Entity | Insurance Premiums | |||
Loans and Leases Receivable, Related Parties Disclosure [Abstract] | |||
Related party transaction, selling, general and administrative expenses from transactions with related party | 764 | 839 | |
Board of Directors Chairman, Wholly-Owned Entity | Aircraft Usage and Related Activities | |||
Loans and Leases Receivable, Related Parties Disclosure [Abstract] | |||
Related party transaction, expenses from transactions with related party | 306 | 309 | 262 |
Related party transactions, other revenues | 77 | 61 | 47 |
1 Shareholder Greater than 5% and 6 Directors | |||
Related Party Transaction | |||
Ownership percentage threshhold for related party | 5.00% | ||
Loans and Leases Receivable, Related Parties Disclosure [Abstract] | |||
Ownership Percentage, Related Party | 18.00% | ||
Entity Majority Owned by Shareholders and Directors | |||
Loans and Leases Receivable, Related Parties Disclosure [Abstract] | |||
Related party relationship, number of significant shareholders | 1 | ||
Related party relationship, number of directors | 6 | ||
Entity Majority Owned by Shareholders and Directors | Education, Communication, Strategic Enterprise Planning and Corporate Governance Consultation | |||
Loans and Leases Receivable, Related Parties Disclosure [Abstract] | |||
Related party transaction, expenses from transactions with related party | 255 | 224 | 243 |
Director, Wholly-Owned Entity | Construction Management and Adivsory Services | |||
Loans and Leases Receivable, Related Parties Disclosure [Abstract] | |||
Related party transaction, expenses from transactions with related party | 60 | 60 | 60 |
Related party transaction, contractual agreement, amount | 180 | ||
Related party transaction, contractual agreement, percentage of contract price | 4.00% | ||
Related party transaction, contractual agreement, initial payment | $60 | ||
Class A Common Stock | |||
Loans and Leases Receivable, Related Parties Disclosure [Abstract] | |||
Stock Repurchased and Retired During Period, Shares | 362,121 | ||
Stock Repurchased and Retired During Period, Weighted Average Price | $25.07 | ||
Class A Common Stock | Director | |||
Loans and Leases Receivable, Related Parties Disclosure [Abstract] | |||
Stock Repurchased and Retired During Period, Shares | 37,615 | ||
Stock Repurchased and Retired During Period, Weighted Average Price | $24.96 |
Authoritative_Accounting_Guida1
Authoritative Accounting Guidance New Accounting Pronouncements and Changes in Accounting Principles (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Investments | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Number of Investments in Other Assets, Noncurrent | 4 | ||
Current Income Tax Expense (Benefit) | $39,869 | $35,290 | $21,276 |
Accounting Standards Update 2014-01 [Member] | Investment in Affordable Housing Projects [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
2015 | 6,943 | ||
2016 | 37 | ||
2017 | 37 | ||
2018 | 37 | ||
2019 | 37 | ||
2020 | 37 | ||
2021 | 37 | ||
2022 | 0 | ||
2023 | 26 | ||
Accounting Standards Update 2014-01 [Member] | Investment in Affordable Housing Projects [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Other Assets, Miscellaneous | 5,084 | ||
Current Income Tax Expense (Benefit) | ($27) |
Subsequent_Events_Subsequent_E
Subsequent Events Subsequent Events (Details) (Common Class A Stoc, USD $) | Jan. 22, 2015 |
Subsequent Event [Member] | |
Subsequent Event [Line Items] | |
Dividends Payable, Amount Per Share | $0.20 |
January 2015 Board Approved Stock Repurchased Program [Member] | |
Subsequent Event [Line Items] | |
Additional Shares Authorized | 1,000,000 |