Q | Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the quarterly period ended June 30, 2013. |
o | Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the transition period from to |
Delaware | 001-35533 | 52-2024090 | ||
(State of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) | ||
501 Riverside Ave., Jacksonville, FL | 32202 | |||
(Address of principal executive offices) | (Zip Code) |
Large accelerated filer o | Accelerated filer o | ||
Non-accelerated filer Q (Do not check if a smaller reporting company) | Smaller reporting company o |
Part I - Financial Information | ||
Item 1. | ||
Item 2. | ||
Item 3. | ||
Item 4. | ||
Part II - Other Information | ||
Item 1. | ||
Item 1A. | ||
Item 2. | ||
Item 3. | ||
Item 4. | ||
Item 5. | ||
Item 6. |
June 30, 2013 | December 31, 2012 | ||||||
Assets | |||||||
Cash and due from banks | $ | 40,841 | $ | 175,400 | |||
Interest-bearing deposits in banks | 448,746 | 268,514 | |||||
Total cash and cash equivalents | 489,587 | 443,914 | |||||
Investment securities: | |||||||
Available for sale, at fair value | 1,357,752 | 1,619,878 | |||||
Held to maturity (fair value of $114,853 and $146,709 as of June 30, 2013 and December 31, 2012, respectively) | 115,319 | 143,234 | |||||
Other investments | 142,225 | 158,172 | |||||
Total investment securities | 1,615,296 | 1,921,284 | |||||
Loans held for sale (includes $1,327,883 and $1,452,236 carried at fair value as of June 30, 2013 and December 31, 2012, respectively) | 2,000,390 | 2,088,046 | |||||
Loans and leases held for investment: | |||||||
Loans and leases held for investment, net of unearned income | 12,867,388 | 12,505,089 | |||||
Allowance for loan and lease losses | (73,469 | ) | (82,102 | ) | |||
Total loans and leases held for investment, net | 12,793,919 | 12,422,987 | |||||
Equipment under operating leases, net | 39,850 | 50,040 | |||||
Mortgage servicing rights (MSR), net | 462,718 | 375,859 | |||||
Deferred income taxes, net | 139,814 | 170,877 | |||||
Premises and equipment, net | 65,930 | 66,806 | |||||
Other assets | 755,368 | 703,065 | |||||
Total Assets | $ | 18,362,872 | $ | 18,242,878 | |||
Liabilities | |||||||
Deposits: | |||||||
Noninterest-bearing | $ | 1,205,326 | $ | 1,445,783 | |||
Interest-bearing | 12,464,540 | 11,696,605 | |||||
Total deposits | 13,669,866 | 13,142,388 | |||||
Other borrowings | 2,667,700 | 3,173,021 | |||||
Trust preferred securities | 103,750 | 103,750 | |||||
Accounts payable and accrued liabilities | 372,173 | 372,543 | |||||
Total Liabilities | 16,813,489 | 16,791,702 | |||||
Commitments and Contingencies (Note 14) | |||||||
Shareholders’ Equity | |||||||
Series A 6.75% Non-Cumulative Perpetual Preferred Stock, $0.01 par value (liquidation preference of $25,000 per share;10,000,000 shares authorized; 6,000 issued and outstanding at June 30, 2013 and December 31, 2012) | 150,000 | 150,000 | |||||
Common Stock, $0.01 par value (500,000,000 shares authorized; 122,383,260 and 120,987,955 issued and outstanding at June 30, 2013 and December 31, 2012, respectively) | 1,224 | 1,210 | |||||
Additional paid-in capital | 827,682 | 811,085 | |||||
Retained earnings | 650,866 | 575,665 | |||||
Accumulated other comprehensive income (loss) (AOCI) | (80,389 | ) | (86,784 | ) | |||
Total Shareholders’ Equity | 1,549,383 | 1,451,176 | |||||
Total Liabilities and Shareholders’ Equity | $ | 18,362,872 | $ | 18,242,878 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||
Interest Income | |||||||||||||||
Interest and fees on loans and leases | $ | 172,723 | $ | 135,816 | $ | 346,509 | $ | 260,594 | |||||||
Interest and dividends on investment securities | 14,813 | 20,699 | 31,063 | 41,248 | |||||||||||
Other interest income | 317 | 82 | 615 | 186 | |||||||||||
Total Interest Income | 187,853 | 156,597 | 378,187 | 302,028 | |||||||||||
Interest Expense | |||||||||||||||
Deposits | 26,567 | 20,419 | 53,390 | 41,393 | |||||||||||
Other borrowings | 20,069 | 11,194 | 39,764 | 20,028 | |||||||||||
Total Interest Expense | 46,636 | 31,613 | 93,154 | 61,421 | |||||||||||
Net Interest Income | 141,217 | 124,984 | 285,033 | 240,607 | |||||||||||
Provision for Loan and Lease Losses | 29 | 5,757 | 1,948 | 17,112 | |||||||||||
Net Interest Income after Provision for Loan and Lease Losses | 141,188 | 119,227 | 283,085 | 223,495 | |||||||||||
Noninterest Income | |||||||||||||||
Loan servicing fee income | 47,192 | 42,483 | 89,355 | 88,039 | |||||||||||
Amortization and impairment of mortgage servicing rights | (3,373 | ) | (64,277 | ) | (25,896 | ) | (108,760 | ) | |||||||
Net loan servicing income | 43,819 | (21,794 | ) | 63,459 | (20,721 | ) | |||||||||
Gain on sale of loans | 75,837 | 69,926 | 158,148 | 118,103 | |||||||||||
Loan production revenue | 10,063 | 9,852 | 19,552 | 17,289 | |||||||||||
Deposit fee income | 4,290 | 5,828 | 10,215 | 12,067 | |||||||||||
Other lease income | 6,471 | 8,822 | 12,882 | 17,485 | |||||||||||
Other | 6,324 | 1,489 | 15,857 | 3,093 | |||||||||||
Total Noninterest Income | 146,804 | 74,123 | 280,113 | 147,316 | |||||||||||
Noninterest Expense | |||||||||||||||
Salaries, commissions and other employee benefits expense | 118,457 | 76,277 | 228,936 | 142,867 | |||||||||||
Equipment expense | 20,707 | 16,889 | 40,559 | 32,837 | |||||||||||
Occupancy expense | 7,547 | 6,017 | 14,931 | 11,366 | |||||||||||
General and administrative expense | 66,829 | 76,600 | 140,930 | 147,534 | |||||||||||
Total Noninterest Expense | 213,540 | 175,783 | 425,356 | 334,604 | |||||||||||
Income before Provision for Income Taxes | 74,452 | 17,567 | 137,842 | 36,207 | |||||||||||
Provision for Income Taxes | 28,459 | 6,395 | 52,703 | 13,189 | |||||||||||
Net Income | $ | 45,993 | $ | 11,172 | $ | 85,139 | $ | 23,018 | |||||||
Less: Net Income Allocated to Preferred Stock | (2,531 | ) | (1,685 | ) | (5,062 | ) | (7,664 | ) | |||||||
Net Income Allocated to Common Shareholders | $ | 43,462 | $ | 9,487 | $ | 80,077 | $ | 15,354 | |||||||
Basic Earnings Per Common Share | $ | 0.36 | $ | 0.09 | $ | 0.66 | $ | 0.17 | |||||||
Diluted Earnings Per Common Share | $ | 0.35 | $ | 0.09 | $ | 0.65 | $ | 0.17 | |||||||
Dividends Declared Per Common Share | $ | 0.02 | $ | — | $ | 0.04 | $ | — |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||
Net Income | $ | 45,993 | $ | 11,172 | $ | 85,139 | $ | 23,018 | |||||||
Unrealized Gains (Losses) on Debt Securities | |||||||||||||||
Unrealized gains (losses) due to changes in fair value | (23,500 | ) | (7,581 | ) | (22,796 | ) | 13,705 | ||||||||
Tax effect | 8,932 | 2,883 | 8,668 | (5,146 | ) | ||||||||||
Change in unrealized gains (losses) on debt securities | (14,568 | ) | (4,698 | ) | (14,128 | ) | 8,559 | ||||||||
Interest Rate Swaps | |||||||||||||||
Net unrealized gains (losses) due to changes in fair value | 17,383 | (32,932 | ) | 21,766 | (26,304 | ) | |||||||||
Reclassification of net unrealized losses to interest expense | 6,011 | 1,964 | 11,368 | 3,674 | |||||||||||
Tax effect | (8,891 | ) | 11,769 | (12,611 | ) | 8,726 | |||||||||
Change in interest rate swaps | 14,503 | (19,199 | ) | 20,523 | (13,904 | ) | |||||||||
Other Comprehensive Income (Loss) | (65 | ) | (23,897 | ) | 6,395 | (5,345 | ) | ||||||||
Comprehensive Income (Loss) | $ | 45,928 | $ | (12,725 | ) | $ | 91,534 | $ | 17,673 |
Shareholders’ Equity | |||||||||||||||||||||||
Preferred Stock | Common Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss), Net of Tax | Total Equity | ||||||||||||||||||
Balance, January 1, 2013 | $ | 150,000 | $ | 1,210 | $ | 811,085 | $ | 575,665 | $ | (86,784 | ) | $ | 1,451,176 | ||||||||||
Net income | — | — | — | 85,139 | — | 85,139 | |||||||||||||||||
Other comprehensive income | — | — | — | — | 6,395 | 6,395 | |||||||||||||||||
Issuance of common stock | — | 14 | 10,456 | — | — | 10,470 | |||||||||||||||||
Share-based grants (including income tax benefits) | — | — | 6,141 | — | — | 6,141 | |||||||||||||||||
Cash dividends on common stock | — | — | — | (4,875 | ) | — | (4,875 | ) | |||||||||||||||
Cash dividends on preferred stock | — | — | — | (5,063 | ) | — | (5,063 | ) | |||||||||||||||
Balance, June 30, 2013 | $ | 150,000 | $ | 1,224 | $ | 827,682 | $ | 650,866 | $ | (80,389 | ) | $ | 1,549,383 | ||||||||||
Balance, January 1, 2012 | $ | 3 | $ | 751 | $ | 561,247 | $ | 513,413 | $ | (107,749 | ) | $ | 967,665 | ||||||||||
Net income | — | — | — | 23,018 | — | 23,018 | |||||||||||||||||
Other comprehensive loss | — | — | — | — | (5,345 | ) | (5,345 | ) | |||||||||||||||
Conversion of preferred stock | (3 | ) | 188 | (185 | ) | — | — | — | |||||||||||||||
Issuance of common stock, net of issue costs | — | 226 | 198,536 | — | — | 198,762 | |||||||||||||||||
Repurchase of common stock | — | — | (360 | ) | — | — | (360 | ) | |||||||||||||||
Share-based grants (including income tax benefits) | — | — | 3,184 | — | — | 3,184 | |||||||||||||||||
Cash dividends on preferred stock | — | — | — | (5,555 | ) | — | (5,555 | ) | |||||||||||||||
Balance, June 30, 2012 | $ | — | $ | 1,165 | $ | 762,422 | $ | 530,876 | $ | (113,094 | ) | $ | 1,181,369 |
Six Months Ended June 30, | |||||||
2013 | 2012 | ||||||
Operating Activities: | |||||||
Net income | $ | 85,139 | $ | 23,018 | |||
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||||||
Amortization of premiums and deferred origination costs | 19,303 | 4,710 | |||||
Depreciation and amortization of tangible and intangible assets | 20,121 | 18,091 | |||||
Reclassification of net loss on settlement of interest rate swaps | 11,368 | 3,674 | |||||
Amortization and impairment of mortgage servicing rights | 25,896 | 108,760 | |||||
Deferred income taxes (benefit) | 27,120 | (8,347 | ) | ||||
Provision for loan and lease losses | 1,948 | 17,112 | |||||
Loss on other real estate owned (OREO) | 2,855 | 4,605 | |||||
Share-based compensation expense | 3,147 | 2,229 | |||||
Payments for settlement of forward interest rate swaps | (30,181 | ) | (14,002 | ) | |||
Other operating activities | 3 | (2,778 | ) | ||||
Changes in operating assets and liabilities: | |||||||
Loans held for sale, including proceeds from sales and repayments | (665,369 | ) | (788,325 | ) | |||
Other assets | 68,592 | 37,043 | |||||
Accounts payable and accrued liabilities | (2,982 | ) | 1,638 | ||||
Net cash provided by (used in) operating activities | (433,040 | ) | (592,572 | ) | |||
Investing Activities: | |||||||
Investment securities available for sale: | |||||||
Purchases | (27,898 | ) | (210,717 | ) | |||
Proceeds from prepayments and maturities | 265,572 | 274,042 | |||||
Investment securities held to maturity: | |||||||
Purchases | (19,260 | ) | (14,917 | ) | |||
Proceeds from prepayments and maturities | 46,691 | 13,506 | |||||
Purchases of other investments | (57,050 | ) | (37,422 | ) | |||
Proceeds from sales of other investments | 72,997 | — | |||||
Net change in loans and leases held for investment | (32,012 | ) | (880,630 | ) | |||
Cash paid for acquisition | — | (351,071 | ) | ||||
Purchases of premises and equipment, including equipment under operating leases | (9,246 | ) | (31,267 | ) | |||
Purchases of mortgage servicing assets | (41,377 | ) | — | ||||
Proceeds related to sale or settlement of other real estate owned | 19,620 | 18,664 | |||||
Proceeds from insured foreclosure claims | 198,878 | 61,869 | |||||
Other investing activities | 3,546 | (190 | ) | ||||
Net cash provided by (used in) investing activities | 420,461 | (1,158,133 | ) | ||||
Financing Activities: | |||||||
Net increase in nonmaturity deposits | 826,916 | 343,692 | |||||
Net increase (decrease) in time deposits | (269,741 | ) | 182,987 | ||||
Net change in repurchase agreements | (142,322 | ) | — | ||||
Net change in short-term Federal Home Loan Bank (FHLB) advances | (475,500 | ) | 370,000 | ||||
Proceeds from long-term FHLB advances | 225,000 | 1,100,000 | |||||
Repayments of long-term FHLB advances | (112,158 | ) | (223,500 | ) | |||
Proceeds from issuance of common stock | 10,470 | 207,514 | |||||
Other financing activities | (4,413 | ) | (6,737 | ) | |||
Net cash provided by financing activities | 58,252 | 1,973,956 | |||||
Net change in cash and cash equivalents | 45,673 | 223,251 | |||||
Cash and cash equivalents at beginning of period | 443,914 | 294,981 | |||||
Cash and cash equivalents at end of period | $ | 489,587 | $ | 518,232 |
• | All of the outstanding shares of common stock of EverBank Florida were converted into approximately 77,994,699 shares of EverBank Delaware common stock; |
• | All of the outstanding shares of Series B Preferred Stock of EverBank Florida were converted into 15,964,644 shares of EverBank Delaware common stock; |
• | As a result of the reincorporation of EverBank Florida in Delaware, the Company is now governed by the laws of the State of Delaware. |
Six Months Ended June 30, | |||||||
2013 | 2012 | ||||||
Supplemental Schedules of Noncash Investing Activities: | |||||||
Loans transferred to foreclosure claims from loans held for investment | $ | 220,783 | $ | 67,487 | |||
Loans transferred to foreclosure claims from loans held for sale | 98,037 | 142,519 | |||||
Loans transferred from held for sale to held for investment | 745,262 | 26,138 | |||||
Loans transferred from held for investment to held for sale | 326,636 | 1,604 | |||||
Supplemental Schedules of Noncash Financing Activities: | |||||||
Conversion of preferred stock | $ | — | $ | 135,585 |
As Initially Recorded | As Updated | ||||||||||||||
ASC 310-20 | ASC 310-30 | ASC 310-20 | ASC 310-30 | ||||||||||||
Unpaid principal balance at acquisition | $ | 2,229,822 | $ | 89,993 | $ | 2,174,738 | $ | 145,077 | |||||||
Plus: contractual interest due or unearned income | 1,176,442 | 62,517 | 1,143,748 | 95,211 | |||||||||||
Contractual cash flows due | 3,406,264 | 152,510 | 3,318,486 | 240,288 | |||||||||||
Less: cash flows not expected to be collected (1) | 518,949 | 42,387 | 499,602 | 61,734 | |||||||||||
Expected cash flows | 2,887,315 | 110,123 | 2,818,884 | 178,554 | |||||||||||
Less: accretable yield | 629,788 | 30,527 | 617,297 | 43,018 | |||||||||||
Carrying value at acquisition | $ | 2,257,527 | $ | 79,596 | $ | 2,201,587 | $ | 135,536 |
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | Carrying Amount | |||||||||||||||
June 30, 2013 | |||||||||||||||||||
Available for sale: | |||||||||||||||||||
Residential collateralized mortgage obligations (CMO) securities - nonagency | $ | 1,340,741 | $ | 17,840 | $ | 7,263 | $ | 1,351,318 | $ | 1,351,318 | |||||||||
Asset-backed securities (ABS) | 6,672 | — | 843 | 5,829 | 5,829 | ||||||||||||||
Other | 333 | 272 | — | 605 | 605 | ||||||||||||||
Total available for sale securities | $ | 1,347,746 | $ | 18,112 | $ | 8,106 | $ | 1,357,752 | $ | 1,357,752 | |||||||||
Held to maturity: | |||||||||||||||||||
Residential CMO securities - agency | $ | 61,526 | $ | 2,187 | $ | 31 | $ | 63,682 | $ | 61,526 | |||||||||
Residential mortgage-backed securities (MBS) - agency | 48,806 | 931 | 1,116 | 48,621 | 48,806 | ||||||||||||||
Corporate securities | 4,987 | — | 2,437 | 2,550 | 4,987 | ||||||||||||||
Total held to maturity securities | $ | 115,319 | $ | 3,118 | $ | 3,584 | $ | 114,853 | $ | 115,319 | |||||||||
December 31, 2012 | |||||||||||||||||||
Available for sale: | |||||||||||||||||||
Residential CMO securities - nonagency | $ | 1,577,270 | $ | 39,860 | $ | 5,355 | $ | 1,611,775 | $ | 1,611,775 | |||||||||
Asset-backed securities | 9,461 | — | 1,935 | 7,526 | 7,526 | ||||||||||||||
Other | 366 | 211 | — | 577 | 577 | ||||||||||||||
Total available for sale securities | $ | 1,587,097 | $ | 40,071 | $ | 7,290 | $ | 1,619,878 | $ | 1,619,878 | |||||||||
Held to maturity: | |||||||||||||||||||
Residential CMO securities - agency | $ | 106,346 | $ | 3,497 | $ | — | $ | 109,843 | $ | 106,346 | |||||||||
Residential MBS - agency | 31,901 | 1,986 | — | 33,887 | 31,901 | ||||||||||||||
Corporate securities | 4,987 | — | 2,008 | 2,979 | 4,987 | ||||||||||||||
Total held to maturity securities | $ | 143,234 | $ | 5,483 | $ | 2,008 | $ | 146,709 | $ | 143,234 |
Less Than 12 Months | 12 Months or Greater | Total | |||||||||||||||||||||
Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | ||||||||||||||||||
June 30, 2013 | |||||||||||||||||||||||
Debt securities: | |||||||||||||||||||||||
Residential CMO securities - nonagency | $ | 349,489 | $ | 5,767 | $ | 45,914 | $ | 1,496 | $ | 395,403 | $ | 7,263 | |||||||||||
Residential CMO securities - agency | 11,686 | 31 | — | — | 11,686 | 31 | |||||||||||||||||
Residential MBS - agency | 35,750 | 1,116 | — | — | 35,750 | 1,116 | |||||||||||||||||
Asset-backed securities | — | — | 5,829 | 843 | 5,829 | 843 | |||||||||||||||||
Corporate securities | — | — | 2,550 | 2,437 | 2,550 | 2,437 | |||||||||||||||||
Total debt securities | $ | 396,925 | $ | 6,914 | $ | 54,293 | $ | 4,776 | $ | 451,218 | $ | 11,690 | |||||||||||
December 31, 2012 | |||||||||||||||||||||||
Debt securities: | |||||||||||||||||||||||
Residential CMO securities - nonagency | $ | 57,715 | $ | 299 | $ | 183,285 | $ | 5,056 | $ | 241,000 | $ | 5,355 | |||||||||||
Asset-backed securities | — | — | 7,526 | 1,935 | 7,526 | 1,935 | |||||||||||||||||
Corporate securities | — | — | 2,979 | 2,008 | 2,979 | 2,008 | |||||||||||||||||
Total debt securities | $ | 57,715 | $ | 299 | $ | 193,790 | $ | 8,999 | $ | 251,505 | $ | 9,298 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||
Interest income on available for sale securities | $ | 13,420 | $ | 18,728 | $ | 28,285 | $ | 37,599 | |||||||
Interest income on held to maturity securities | 658 | 1,409 | 1,282 | 2,809 | |||||||||||
Other interest and dividend income | 735 | 562 | 1,496 | 840 | |||||||||||
$ | 14,813 | $ | 20,699 | $ | 31,063 | $ | 41,248 |
June 30, 2013 | December 31, 2012 | ||||||
Mortgage warehouse (carried at fair value) | $ | 1,039,977 | $ | 1,452,236 | |||
Government insured pool buyouts | 139,982 | 96,635 | |||||
Other | 532,525 | 539,175 | |||||
Other (carried at fair value) | 287,906 | — | |||||
Total loans held for sale | $ | 2,000,390 | $ | 2,088,046 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||
Proceeds received from agency securitizations | $ | 2,688,840 | $ | 1,869,387 | $ | 5,093,450 | $ | 3,790,357 | |||||||
Proceeds received from nonagency sales | 335,426 | 5,452 | 677,308 | 18,247 | |||||||||||
Servicing fees collected | 29,349 | 23,944 | 55,562 | 47,900 | |||||||||||
Repurchased loans from agency securitizations | 1,079 | 2,045 | 2,171 | 3,516 | |||||||||||
Repurchased loans from nonagency sales | 4,939 | 4,346 | 10,216 | 9,514 |
June 30, 2013 | December 31, 2012 | ||||||
Residential mortgages | $ | 6,586,116 | $ | 6,708,748 | |||
Commercial and commercial real estate | 5,090,332 | 4,771,768 | |||||
Lease financing receivables | 1,014,996 | 836,935 | |||||
Home equity lines | 169,296 | 179,600 | |||||
Consumer and credit card | 6,648 | 8,038 | |||||
Total loans and leases held for investment, net of discounts | 12,867,388 | 12,505,089 | |||||
Allowance for loan and lease losses | (73,469 | ) | (82,102 | ) | |||
Total loans and leases held for investment, net | $ | 12,793,919 | $ | 12,422,987 |
June 30, 2013 | December 31, 2012 | ||||||
Net purchased loan and lease discounts | $ | 130,880 | $ | 164,132 | |||
Net deferred loan and lease origination costs | 37,232 | 25,275 |
June 30, 2013 | |||
Contractual payments receivable for acquired loans and leases at acquisition | $ | 345,890 | |
Expected cash flows for acquired loans and leases at acquisition | 193,549 | ||
Basis in acquired loans and leases at acquisition | 179,027 |
Bank of Florida | Other Acquired Loans | Total | |||||||||
June 30, 2013 | |||||||||||
Carrying value, net of allowance | $ | 391,565 | $ | 938,180 | $ | 1,329,745 | |||||
Outstanding unpaid principal balance (UPB) | 431,343 | 968,467 | 1,399,810 | ||||||||
Allowance for loan and lease losses, beginning of period | 16,789 | 5,175 | 21,964 | ||||||||
Allowance for loan and lease losses, end of period | 14,867 | 5,216 | 20,083 |
Bank of Florida | Other Acquired Loans | Total | |||||||||
December 31, 2012 | |||||||||||
Carrying value, net of allowance | $ | 472,374 | $ | 876,351 | $ | 1,348,725 | |||||
Outstanding unpaid principal balance | 520,873 | 913,020 | 1,433,893 | ||||||||
Allowance for loan and lease losses, beginning of year | 11,638 | 4,351 | 15,989 | ||||||||
Allowance for loan and lease losses, end of year | 16,789 | 5,175 | 21,964 |
Bank of Florida | Other Acquired Loans | Total | |||||||||
June 30, 2013 | |||||||||||
Balance, beginning of period | $ | 99,201 | $ | 121,207 | $ | 220,408 | |||||
Additions | — | 12,173 | 12,173 | ||||||||
Accretion | (13,995 | ) | (21,692 | ) | (35,687 | ) | |||||
Reclassifications to accretable yield | 7,256 | 23,372 | 30,628 | ||||||||
Balance, end of period | $ | 92,462 | $ | 135,060 | $ | 227,522 | |||||
June 30, 2012 | |||||||||||
Balance, beginning of period | $ | 141,750 | $ | 65,973 | $ | 207,723 | |||||
Accretion | (18,614 | ) | (12,611 | ) | (31,225 | ) | |||||
Reclassifications (from) to accretable yield | (10,723 | ) | 1,446 | (9,277 | ) | ||||||
Balance, end of period | $ | 112,413 | $ | 54,808 | $ | 167,221 |
Bank of Florida | Tygris | Total | |||||||||
June 30, 2013 | |||||||||||
Residential mortgages | $ | 47,234 | $ | — | $ | 47,234 | |||||
Commercial and commercial real estate | 365,680 | — | 365,680 | ||||||||
Lease financing receivables | — | 44,537 | 44,537 | ||||||||
Home equity lines | 17,569 | — | 17,569 | ||||||||
Consumer and credit card | 636 | — | 636 | ||||||||
Total recorded investment of covered loans and leases | $ | 431,119 | $ | 44,537 | $ | 475,656 | |||||
December 31, 2012 | |||||||||||
Residential mortgages | $ | 56,390 | $ | — | $ | 56,390 | |||||
Commercial and commercial real estate | 441,998 | — | 441,998 | ||||||||
Lease financing receivables | — | 75,201 | 75,201 | ||||||||
Home equity lines | 17,992 | — | 17,992 | ||||||||
Consumer and credit card | 1,378 | — | 1,378 | ||||||||
Total recorded investment of covered loans and leases | $ | 517,758 | $ | 75,201 | $ | 592,959 |
Three Months Ended June 30, 2013 | Residential Mortgages | Commercial and Commercial Real Estate | Lease Financing Receivables | Home Equity Lines | Consumer and Credit Card | Total | |||||||||||||||||
Balance, beginning of period | $ | 30,185 | $ | 38,535 | $ | 3,590 | $ | 4,582 | $ | 175 | $ | 77,067 | |||||||||||
Provision for loan and lease losses | 1,654 | (2,422 | ) | 1,218 | (387 | ) | (34 | ) | 29 | ||||||||||||||
Charge-offs | (3,271 | ) | (2,781 | ) | (988 | ) | (627 | ) | (17 | ) | (7,684 | ) | |||||||||||
Recoveries | 117 | 3,549 | 253 | 120 | 18 | 4,057 | |||||||||||||||||
Balance, end of period | $ | 28,685 | $ | 36,881 | $ | 4,073 | $ | 3,688 | $ | 142 | $ | 73,469 | |||||||||||
Three Months Ended June 30, 2012 | |||||||||||||||||||||||
Balance, beginning of period | $ | 40,739 | $ | 31,391 | $ | 3,344 | $ | 2,632 | $ | 148 | $ | 78,254 | |||||||||||
Provision for loan and lease losses | 957 | 1,958 | 1,704 | 1,085 | 53 | 5,757 | |||||||||||||||||
Charge-offs | (4,139 | ) | (1,710 | ) | (917 | ) | (484 | ) | (40 | ) | (7,290 | ) | |||||||||||
Recoveries | 162 | 411 | 29 | 55 | 15 | 672 | |||||||||||||||||
Balance, end of period | $ | 37,719 | $ | 32,050 | $ | 4,160 | $ | 3,288 | $ | 176 | $ | 77,393 |
Six Months Ended June 30, 2013 | Residential Mortgages | Commercial and Commercial Real Estate | Lease Financing Receivables | Home Equity Lines | Consumer and Credit Card | Total | |||||||||||||||||
Balance, beginning of period | $ | 33,631 | $ | 39,863 | $ | 3,181 | $ | 5,265 | $ | 162 | $ | 82,102 | |||||||||||
Provision for loan and lease losses | 3,166 | (2,746 | ) | 2,256 | (710 | ) | (18 | ) | 1,948 | ||||||||||||||
Charge-offs | (8,340 | ) | (4,228 | ) | (1,696 | ) | (1,116 | ) | (37 | ) | (15,417 | ) | |||||||||||
Recoveries | 228 | 3,992 | 332 | 249 | 35 | 4,836 | |||||||||||||||||
Balance, end of period | $ | 28,685 | $ | 36,881 | $ | 4,073 | $ | 3,688 | $ | 142 | $ | 73,469 | |||||||||||
Six Months Ended June 30, 2012 | |||||||||||||||||||||||
Balance, beginning of period | $ | 43,454 | $ | 28,209 | $ | 3,766 | $ | 2,186 | $ | 150 | $ | 77,765 | |||||||||||
Provision for loan and lease losses | 4,793 | 7,266 | 2,427 | 2,578 | 48 | 17,112 | |||||||||||||||||
Charge-offs | (10,833 | ) | (4,004 | ) | (2,098 | ) | (1,592 | ) | (51 | ) | (18,578 | ) | |||||||||||
Recoveries | 305 | 579 | 65 | 116 | 29 | 1,094 | |||||||||||||||||
Balance, end of period | $ | 37,719 | $ | 32,050 | $ | 4,160 | $ | 3,288 | $ | 176 | $ | 77,393 |
June 30, 2013 | Individually Evaluated for Impairment | Collectively Evaluated for Impairment | ACI Loans | Total | |||||||||||
Allowance for Loan and Lease Losses | |||||||||||||||
Residential mortgages | $ | 11,762 | $ | 11,707 | $ | 5,216 | $ | 28,685 | |||||||
Commercial and commercial real estate | 4,024 | 17,990 | 14,867 | 36,881 | |||||||||||
Lease financing receivables | — | 4,073 | — | 4,073 | |||||||||||
Home equity lines | — | 3,688 | — | 3,688 | |||||||||||
Consumer and credit card | — | 142 | — | 142 | |||||||||||
Total allowance for loan and lease losses | $ | 15,786 | $ | 37,600 | $ | 20,083 | $ | 73,469 | |||||||
Loans and Leases Held for Investment at Recorded Investment | |||||||||||||||
Residential mortgages | $ | 95,678 | $ | 5,613,048 | $ | 877,390 | $ | 6,586,116 | |||||||
Commercial and commercial real estate | 83,001 | 4,534,893 | 472,438 | 5,090,332 | |||||||||||
Lease financing receivables | — | 1,014,996 | — | 1,014,996 | |||||||||||
Home equity lines | — | 169,296 | — | 169,296 | |||||||||||
Consumer and credit card | — | 6,648 | — | 6,648 | |||||||||||
Total loans and leases held for investment | $ | 178,679 | $ | 11,338,881 | $ | 1,349,828 | $ | 12,867,388 | |||||||
December 31, 2012 | Individually Evaluated for Impairment | Collectively Evaluated for Impairment | ACI Loans | Total | |||||||||||
Allowance for Loan and Lease Losses | |||||||||||||||
Residential mortgages | $ | 12,568 | $ | 15,888 | $ | 5,175 | $ | 33,631 | |||||||
Commercial and commercial real estate | 5,569 | 17,505 | 16,789 | 39,863 | |||||||||||
Lease financing receivables | — | 3,181 | — | 3,181 | |||||||||||
Home equity lines | — | 5,265 | — | 5,265 | |||||||||||
Consumer and credit card | — | 162 | — | 162 | |||||||||||
Total allowance for loan and lease losses | $ | 18,137 | $ | 42,001 | $ | 21,964 | $ | 82,102 | |||||||
Loans and Leases Held for Investment at Recorded Investment | |||||||||||||||
Residential mortgages | $ | 95,274 | $ | 5,747,862 | $ | 865,612 | $ | 6,708,748 | |||||||
Commercial and commercial real estate | 92,262 | 4,174,429 | 505,077 | 4,771,768 | |||||||||||
Lease financing receivables | — | 836,935 | — | 836,935 | |||||||||||
Home equity lines | — | 179,600 | — | 179,600 | |||||||||||
Consumer and credit card | — | 8,038 | — | 8,038 | |||||||||||
Total loans and leases held for investment | $ | 187,536 | $ | 10,946,864 | $ | 1,370,689 | $ | 12,505,089 |
Non-performing | |||||||||||||||||||
Performing | Accrual | Nonaccrual | Total | ||||||||||||||||
June 30, 2013 | |||||||||||||||||||
Residential mortgages: | |||||||||||||||||||
Residential (1) | $ | 4,177,574 | $ | — | $ | 59,757 | $ | 4,237,331 | |||||||||||
Government insured pool buyouts (2) (3) | 1,477,555 | 871,230 | — | 2,348,785 | |||||||||||||||
Lease financing receivables | 1,012,395 | — | 2,601 | 1,014,996 | |||||||||||||||
Home equity lines | 164,928 | — | 4,368 | 169,296 | |||||||||||||||
Consumer and credit card | 6,405 | — | 243 | 6,648 | |||||||||||||||
Total | $ | 6,838,857 | $ | 871,230 | $ | 66,969 | $ | 7,777,056 | |||||||||||
Pass | Special Mention | Substandard | Doubtful | Total | |||||||||||||||
June 30, 2013 | |||||||||||||||||||
Commercial and commercial real estate: | |||||||||||||||||||
Commercial | $ | 1,772,176 | $ | 302 | $ | 6,811 | $ | 3,434 | $ | 1,782,723 | |||||||||
Commercial real estate | 2,941,773 | 72,377 | 293,459 | — | 3,307,609 | ||||||||||||||
Total commercial and commercial real estate | $ | 4,713,949 | $ | 72,679 | $ | 300,270 | $ | 3,434 | $ | 5,090,332 | |||||||||
Non-performing | |||||||||||||||||||
Performing | Accrual | Nonaccrual | Total | ||||||||||||||||
December 31, 2012 | |||||||||||||||||||
Residential mortgages: | |||||||||||||||||||
Residential (1) | $ | 3,880,360 | $ | — | $ | 68,924 | $ | 3,949,284 | |||||||||||
Government insured pool buyouts (2) (3) | 1,590,732 | 1,168,732 | — | 2,759,464 | |||||||||||||||
Lease financing receivables | 834,925 | — | 2,010 | 836,935 | |||||||||||||||
Home equity lines | 175,354 | — | 4,246 | 179,600 | |||||||||||||||
Consumer and credit card | 7,699 | — | 339 | 8,038 | |||||||||||||||
Total | $ | 6,489,070 | $ | 1,168,732 | $ | 75,519 | $ | 7,733,321 |
Pass | Special Mention | Substandard | Doubtful | Total | |||||||||||||||
December 31, 2012 | |||||||||||||||||||
Commercial and commercial real estate: | |||||||||||||||||||
Commercial | $ | 1,368,054 | $ | 565 | $ | 8,416 | $ | 4,405 | $ | 1,381,440 | |||||||||
Commercial real estate | 3,027,554 | 79,779 | 282,995 | — | 3,390,328 | ||||||||||||||
Total commercial and commercial real estate | $ | 4,395,608 | $ | 80,344 | $ | 291,411 | $ | 4,405 | $ | 4,771,768 |
(1) | For the periods ended June 30, 2013 and December 31, 2012, performing residential mortgages included $1,113 and $14,682, respectively of ACI loans greater than 90 days past due and still accruing. |
(2) | For the periods ended June 30, 2013 and December 31, 2012, performing government insured pool buyouts included $529,901 and $553,902, respectively of ACI loans greater than 90 days past due and still accruing. |
(3) | Non-performing government insured pool buyouts represent loans that are 90 days or greater past due but remain on accrual status as the interest earned is insured and thus collectible from the insuring governmental agency. |
30-59 Days Past Due | 60-89 Days Past Due | 90 Days and Greater Past Due | Total Past Due | Current | Total Loans Held for Investment Excluding ACI | ||||||||||||||||||
June 30, 2013 | |||||||||||||||||||||||
Residential mortgages: | |||||||||||||||||||||||
Residential | $ | 13,906 | $ | 7,522 | $ | 59,757 | $ | 81,185 | $ | 4,069,343 | $ | 4,150,528 | |||||||||||
Government insured pool buyouts (1) | 100,271 | 57,901 | 871,230 | 1,029,402 | 528,796 | 1,558,198 | |||||||||||||||||
Commercial and commercial real estate: | |||||||||||||||||||||||
Commercial | 733 | — | 2,902 | 3,635 | 1,749,513 | 1,753,148 | |||||||||||||||||
Commercial real estate | 3,387 | 136 | 16,830 | 20,353 | 2,844,393 | 2,864,746 | |||||||||||||||||
Lease financing receivables | 7,376 | 1,849 | 506 | 9,731 | 1,005,265 | 1,014,996 | |||||||||||||||||
Home equity lines | 1,315 | 301 | 4,368 | 5,984 | 163,312 | 169,296 | |||||||||||||||||
Consumer and credit card | 45 | 7 | 44 | 96 | 6,552 | 6,648 | |||||||||||||||||
Total loans and leases held for investment | $ | 127,033 | $ | 67,716 | $ | 955,637 | $ | 1,150,386 | $ | 10,367,174 | $ | 11,517,560 | |||||||||||
December 31, 2012 | |||||||||||||||||||||||
Residential mortgages: | |||||||||||||||||||||||
Residential | $ | 12,648 | $ | 4,844 | $ | 68,924 | $ | 86,416 | $ | 3,759,325 | $ | 3,845,741 | |||||||||||
Government insured pool buyouts (1) | 132,479 | 70,915 | 1,168,732 | 1,372,126 | 625,269 | 1,997,395 | |||||||||||||||||
Commercial and commercial real estate: | |||||||||||||||||||||||
Commercial | 242 | 271 | 4,985 | 5,498 | 1,358,107 | 1,363,605 | |||||||||||||||||
Commercial real estate | — | — | 71,149 | 71,149 | 2,831,937 | 2,903,086 | |||||||||||||||||
Lease financing receivables | 4,250 | 2,039 | 571 | 6,860 | 830,075 | 836,935 | |||||||||||||||||
Home equity lines | 1,221 | 1,108 | 4,246 | 6,575 | 173,025 | 179,600 | |||||||||||||||||
Consumer and credit card | 57 | 30 | 339 | 426 | 7,612 | 8,038 | |||||||||||||||||
Total loans and leases held for investment | $ | 150,897 | $ | 79,207 | $ | 1,318,946 | $ | 1,549,050 | $ | 9,585,350 | $ | 11,134,400 |
(1) | Government insured pool buyouts remain on accrual status after 90 days as the interest earned is collectible from the insuring governmental agency. |
June 30, 2013 | December 31, 2012 | ||||||||||||||||||||||
Unpaid Principal Balance | Recorded Investment (1) | Related Allowance | Unpaid Principal Balance | Recorded Investment (1) | Related Allowance | ||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||
Residential mortgages: | |||||||||||||||||||||||
Residential | $ | 84,490 | $ | 77,662 | $ | 11,762 | $ | 77,501 | $ | 75,111 | $ | 12,568 | |||||||||||
Commercial and commercial real estate: | |||||||||||||||||||||||
Commercial | 15,170 | 3,837 | 1,145 | 12,356 | 2,615 | 371 | |||||||||||||||||
Commercial real estate | 23,019 | 18,502 | 2,879 | 56,997 | 33,967 | 5,198 | |||||||||||||||||
Total impaired loans with an allowance recorded | $ | 122,679 | $ | 100,001 | $ | 15,786 | $ | 146,854 | $ | 111,693 | $ | 18,137 | |||||||||||
Without a related allowance recorded: | |||||||||||||||||||||||
Residential mortgages: | |||||||||||||||||||||||
Residential | $ | 23,604 | $ | 18,016 | $ | — | $ | 25,602 | $ | 20,163 | $ | — | |||||||||||
Commercial and commercial real estate: | |||||||||||||||||||||||
Commercial | 311 | 94 | — | 5,413 | 4,446 | — | |||||||||||||||||
Commercial real estate | 67,589 | 60,568 | — | 59,332 | 51,234 | — | |||||||||||||||||
Total impaired loans without an allowance recorded | $ | 91,504 | $ | 78,678 | $ | — | $ | 90,347 | $ | 75,843 | $ | — |
(1) | The primary difference between the unpaid principal balance and recorded investment represents charge offs previously taken. |
Three Months Ended June 30, | |||||||||||||||
2013 | 2012 | ||||||||||||||
Average Investment | Interest Income Recognized | Average Investment | Interest Income Recognized | ||||||||||||
With and without a related allowance recorded: | |||||||||||||||
Residential mortgages: | |||||||||||||||
Residential | $ | 95,736 | $ | 706 | $ | 91,238 | $ | 654 | |||||||
Commercial and commercial real estate: | |||||||||||||||
Commercial | 4,786 | — | 8,480 | 12 | |||||||||||
Commercial real estate | 76,875 | 250 | 108,857 | 468 | |||||||||||
Total impaired loans | $ | 177,397 | $ | 956 | $ | 208,575 | $ | 1,134 |
Six Months Ended June 30, | |||||||||||||||
2013 | 2012 | ||||||||||||||
Average Investment | Interest Income Recognized | Average Investment | Interest Income Recognized | ||||||||||||
With and without a related allowance recorded: | |||||||||||||||
Residential mortgages: | |||||||||||||||
Residential | $ | 95,582 | $ | 1,476 | $ | 91,134 | $ | 1,314 | |||||||
Commercial and commercial real estate: | |||||||||||||||
Commercial | 5,544 | 2 | 10,490 | 35 | |||||||||||
Commercial real estate | 79,650 | 464 | 115,188 | 1,026 | |||||||||||
Total impaired loans | $ | 180,776 | $ | 1,942 | $ | 216,812 | $ | 2,375 |
June 30, 2013 | December 31, 2012 | ||||||||||||||
Nonaccrual Status | Greater than 90 Days Past Due and Accruing | Nonaccrual Status | Greater than 90 Days Past Due and Accruing | ||||||||||||
Residential mortgages: | |||||||||||||||
Residential | $ | 59,757 | $ | — | $ | 68,924 | $ | — | |||||||
Government insured pool buyouts | — | 871,230 | — | 1,168,732 | |||||||||||
Commercial and commercial real estate: | |||||||||||||||
Commercial | 4,680 | — | 4,985 | — | |||||||||||
Commercial real estate | 55,956 | — | 71,149 | — | |||||||||||
Lease financing receivables | 2,601 | — | 2,010 | — | |||||||||||
Home equity lines | 4,368 | — | 4,246 | — | |||||||||||
Consumer and credit card | 243 | — | 339 | — | |||||||||||
Total non-performing loans and leases | $ | 127,605 | $ | 871,230 | $ | 151,653 | $ | 1,168,732 |
Three Months Ended June 30, 2013 | Six Months Ended June 30, 2013 | ||||||||||||||||||||
Number of Contracts | Pre- modification Recorded Investment | Post- modification Recorded Investment | Number of Contracts | Pre-modification Recorded Investment | Post-modification Recorded Investment | ||||||||||||||||
Residential mortgages: | |||||||||||||||||||||
Residential | 6 | $ | 2,300 | $ | 2,310 | 18 | $ | 7,888 | $ | 7,910 | |||||||||||
Commercial and commercial real estate: | |||||||||||||||||||||
Commercial real estate | 1 | 1,319 | 1,319 | 2 | 1,695 | 1,695 | |||||||||||||||
Total | 7 | $ | 3,619 | $ | 3,629 | 20 | $ | 9,583 | $ | 9,605 | |||||||||||
Three Months Ended June 30, 2012 | Six Months Ended June 30, 2012 | ||||||||||||||||||||
Number of Contracts | Pre- modification Recorded Investment | Post- modification Recorded Investment | Number of Contracts | Pre- modification Recorded Investment | Post- modification Recorded Investment | ||||||||||||||||
Residential mortgages: | |||||||||||||||||||||
Residential | 17 | $ | 7,693 | $ | 7,705 | 33 | $ | 13,707 | $ | 13,726 | |||||||||||
Commercial and commercial real estate: | |||||||||||||||||||||
Commercial | 1 | — | — | 4 | 2,954 | 2,954 | |||||||||||||||
Commercial real estate | 7 | 13,066 | 13,066 | 13 | 21,307 | 21,307 | |||||||||||||||
Total | 25 | $ | 20,759 | $ | 20,771 | 50 | $ | 37,968 | $ | 37,987 |
Three Months Ended June 30, 2013 | Six Months Ended June 30, 2013 | ||||||||||||
Number of Contracts | Recorded Investment | Number of Contracts | Recorded Investment | ||||||||||
Residential mortgages: | |||||||||||||
Residential | 1 | $ | 187 | 1 | $ | 187 | |||||||
Commercial and commercial real estate: | |||||||||||||
Commercial | 1 | 728 | 1 | 728 | |||||||||
Commercial real estate | 1 | 136 | 1 | 136 | |||||||||
Total | 3 | $ | 1,051 | 3 | $ | 1,051 | |||||||
Three Months Ended June 30, 2012 | Six Months Ended June 30, 2012 | ||||||||||||
Number of Contracts | Recorded Investment | Number of Contracts | Recorded Investment | ||||||||||
Residential mortgages: | |||||||||||||
Residential | 8 | $ | 2,965 | 9 | $ | 3,111 | |||||||
Commercial and commercial real estate: | |||||||||||||
Commercial | 1 | 860 | 1 | 860 | |||||||||
Commercial real estate | 1 | 3,687 | 1 | 3,687 | |||||||||
Total | 10 | $ | 7,512 | 11 | $ | 7,658 |
June 30, 2013 | December 31, 2012 | ||||||
Loan Type: | |||||||
Residential mortgages | $ | 95,678 | $ | 95,275 | |||
Commercial and commercial real estate | 39,546 | 64,674 | |||||
Total recorded investment of TDRs | $ | 135,224 | $ | 159,949 | |||
Accrual Status: | |||||||
Current | $ | 76,835 | $ | 86,495 | |||
30-89 days past-due accruing | 5,401 | 3,600 | |||||
90+ days past-due accruing | 481 | 244 | |||||
Nonaccrual | 52,507 | 69,610 | |||||
Total recorded investment of TDRs | $ | 135,224 | $ | 159,949 | |||
TDRs classified as impaired loans | $ | 135,224 | $ | 159,949 | |||
Valuation allowance on TDRs | 12,892 | 16,258 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||
Balance, beginning of period | $ | 375,641 | $ | 462,420 | $ | 375,859 | $ | 489,496 | |||||||
Originated servicing rights capitalized upon sale of loans | 27,491 | 18,498 | 50,992 | 37,027 | |||||||||||
Acquired servicing rights | 63,555 | — | 63,555 | — | |||||||||||
Amortization | (35,945 | ) | (34,142 | ) | (71,023 | ) | (63,481 | ) | |||||||
Decrease (increase) in valuation allowance | 32,572 | (30,135 | ) | 45,127 | (45,279 | ) | |||||||||
Other | (596 | ) | (679 | ) | (1,792 | ) | (1,801 | ) | |||||||
Balance, end of period | $ | 462,718 | $ | 415,962 | $ | 462,718 | $ | 415,962 | |||||||
Valuation allowance: | |||||||||||||||
Balance, beginning of period | $ | 90,408 | $ | 54,599 | $ | 102,963 | $ | 39,455 | |||||||
Increase in valuation allowance | — | 30,135 | — | 45,279 | |||||||||||
Recoveries | (32,572 | ) | — | (45,127 | ) | — | |||||||||
Balance, end of period | $ | 57,836 | $ | 84,734 | $ | 57,836 | $ | 84,734 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||
Contractually specified service fees, net | $ | 38,584 | $ | 33,686 | $ | 70,373 | $ | 69,071 | |||||||
Other ancillary fees | 7,993 | 8,247 | 17,730 | 17,866 | |||||||||||
Other | 615 | 550 | 1,252 | 1,102 | |||||||||||
$ | 47,192 | $ | 42,483 | $ | 89,355 | $ | 88,039 |
Three Months Ended June 30, 2013 | Six Months Ended June 30, 2013 | ||||||||||||
Average discount rates | 9.61 | % | — | 9.67% | 9.38 | % | — | 9.85% | |||||
Expected prepayment speeds | 7.91 | % | — | 14.93% | 7.91 | % | — | 14.93% | |||||
Weighted-average life in years | 5.33 | — | 6.91 | 5.33 | — | 6.91 |
Three Months Ended June 30, 2012 | Six Months Ended June 30, 2012 | ||||||||||||
Average discount rates | 8.77 | % | — | 8.88% | 8.60 | % | — | 9.14% | |||||
Expected prepayment speeds | 10.50 | % | — | 12.07% | 10.13 | % | — | 14.62% | |||||
Weighted-average life in years | 6.03 | — | 6.65 | 5.46 | — | 6.70 |
June 30, 2013 | December 31, 2012 | ||||||
Unpaid principal balance | $ | 52,842,000 | $ | 42,373,000 | |||
Gross weighted-average coupon | 4.48 | % | 4.66 | % | |||
Weighted-average servicing fee | 0.30 | % | 0.30 | % | |||
Expected prepayment speed (1) | 15.57 | % | 19.73 | % |
(1) | The prepayment speed assumptions include a blend of prepayment speeds that are influenced by mortgage interest rates, the current macroeconomic environment and borrower behaviors and may vary over the expected life of the asset. |
June 30, 2013 | December 31, 2012 | ||||||
Prepayment Rate | |||||||
10% adverse rate change | $ | 22,707 | $ | 23,100 | |||
20% adverse rate change | 43,670 | 44,232 | |||||
Discount Rate | |||||||
10% adverse rate change | 16,001 | 12,696 | |||||
20% adverse rate change | 30,952 | 24,539 |
Risk-free interest rate | 1.76 | % |
Expected volatility | 38.93 | % |
Expected term (years) | 9.10 | |
Dividend yield | 0.55 | % |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||
Net income | $ | 45,993 | $ | 11,172 | $ | 85,139 | $ | 23,018 | |||||||
Less dividends on preferred stock | (2,531 | ) | (1,073 | ) | (5,062 | ) | (5,555 | ) | |||||||
Less undistributed net income allocated to participating preferred stock | — | (612 | ) | — | (2,109 | ) | |||||||||
Net income allocated to common shareholders | $ | 43,462 | $ | 9,487 | $ | 80,077 | $ | 15,354 | |||||||
(Units in Thousands) | |||||||||||||||
Average common shares outstanding | 122,281 | 100,779 | 121,934 | 88,454 | |||||||||||
Common share equivalents: | |||||||||||||||
Stock options | 1,683 | 1,530 | 1,730 | 1,691 | |||||||||||
Nonvested stock | 70 | 265 | 71 | 269 | |||||||||||
Average common shares outstanding, assuming dilution | 124,034 | 102,574 | 123,735 | 90,414 | |||||||||||
Basic earnings per share | $ | 0.36 | $ | 0.09 | $ | 0.66 | $ | 0.17 | |||||||
Diluted earnings per share | $ | 0.35 | $ | 0.09 | $ | 0.65 | $ | 0.17 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||
Stock Options | 3,201,156 | 4,121,160 | 4,673,609 | 5,905,837 |
Fair Value | |||||||||||
Notional Amount | Asset Derivatives | Liability Derivatives | |||||||||
June 30, 2013 | |||||||||||
Qualifying hedge contracts accounted for under Accounting Standards Codification (ASC) 815, Derivatives and Hedging | |||||||||||
Cash flow hedges: | |||||||||||
Forward interest rate swaps | $ | 478,000 | $ | — | $ | 53,219 | |||||
Derivatives not designated as hedging instruments under ASC 815, Derivatives and Hedging | |||||||||||
Freestanding derivatives: | |||||||||||
Interest rate lock commitments (IRLCs) | 1,359,696 | 1,935 | 18,361 | ||||||||
Forward and optional forward sales commitments | 2,901,268 | 95,341 | 19,426 | ||||||||
Interest rate swaps | 55,096 | — | 582 | ||||||||
Foreign exchange contracts | 884,508 | 1,075 | 30,605 | ||||||||
Equity, foreign currency, commodity and metals indexed options | 146,155 | 8,827 | — | ||||||||
Options embedded in client deposits | 145,263 | — | 8,801 | ||||||||
Indemnification assets | 208,107 | 8,931 | — | ||||||||
Total freestanding derivatives | 116,109 | 77,775 | |||||||||
Netting and cash collateral adjustments (1) | (6,879 | ) | (80,439 | ) | |||||||
Total derivatives | $ | 109,230 | $ | 50,555 |
Fair Value | |||||||||||
Notional Amount | Asset Derivatives | Liability Derivatives | |||||||||
December 31, 2012 | |||||||||||
Qualifying hedge contracts accounted for under ASC 815, Derivatives and Hedging | |||||||||||
Fair value hedges: | |||||||||||
Interest rate swaps | $ | 31,247 | $ | — | $ | 579 | |||||
Cash flow hedges: | |||||||||||
Forward interest rate swaps | 703,000 | — | 105,166 | ||||||||
Derivatives not designated as hedging instruments under ASC 815, Derivatives and Hedging | |||||||||||
Freestanding derivatives: | |||||||||||
IRLCs | 1,737,555 | 10,904 | 970 | ||||||||
Forward and optional forward sales commitments | 2,781,788 | 2,498 | 6,481 | ||||||||
Foreign exchange contracts | 963,820 | 10,368 | 2,121 | ||||||||
Equity, foreign currency, commodity and metals indexed options | 150,885 | 15,880 | — | ||||||||
Options embedded in client deposits | 150,181 | — | 15,750 | ||||||||
Indemnification assets | 273,687 | 9,092 | — | ||||||||
Total freestanding derivatives | 48,742 | 25,322 | |||||||||
Netting and cash collateral adjustments (1) | (15,481 | ) | (110,641 | ) | |||||||
Total derivatives | $ | 33,261 | $ | 20,426 |
(1) | Amounts represent the effect of legally enforceable master netting agreements that allow the Company to settle positive and negative positions as well as cash collateral and related accrued interest held or placed with the same counterparties. Amounts as of June 30, 2013 and December 31, 2012 include derivative positions netted totaling $261 and $651, respectively. |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||
Pretax losses recognized in interest expense (ineffective portion) | $ | — | $ | (205 | ) | $ | — | $ | (270 | ) |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||
Freestanding derivatives | |||||||||||||||
Gains (losses) on interest rate contracts (1) | $ | 56,027 | $ | (36,358 | ) | $ | 78,059 | $ | (48,188 | ) | |||||
Gains (losses) on indemnification assets (2) | 16 | 570 | (161 | ) | 843 | ||||||||||
Other | (6 | ) | (49 | ) | (146 | ) | 397 | ||||||||
Total | $ | 56,037 | $ | (35,837 | ) | $ | 77,752 | $ | (46,948 | ) |
Level 1 | Level 2 | Level 3 | Netting | Total | |||||||||||||||
June 30, 2013 | |||||||||||||||||||
Financial assets: | |||||||||||||||||||
Available for sale securities: | |||||||||||||||||||
Residential CMO securities - nonagency | $ | — | $ | 1,351,318 | $ | — | $ | — | $ | 1,351,318 | |||||||||
Asset-backed securities | — | 5,829 | — | — | 5,829 | ||||||||||||||
Other | 331 | 274 | — | — | 605 | ||||||||||||||
Total available for sale securities | 331 | 1,357,421 | — | — | 1,357,752 | ||||||||||||||
Loans held for sale | — | 1,039,977 | 287,906 | — | 1,327,883 | ||||||||||||||
Financial liabilities: | |||||||||||||||||||
FDIC clawback liability | — | — | 48,993 | — | 48,993 | ||||||||||||||
Derivative financial instruments: | |||||||||||||||||||
Derivative assets (Note 12) | 1,075 | 104,168 | 10,866 | (6,879 | ) | 109,230 | |||||||||||||
Derivative liabilities (Note 12) | 30,605 | 82,028 | 18,361 | (80,439 | ) | 50,555 |
Level 1 | Level 2 | Level 3 | Netting | Total | |||||||||||||||
December 31, 2012 | |||||||||||||||||||
Financial assets: | |||||||||||||||||||
Available for sale securities: | |||||||||||||||||||
Residential CMO securities - nonagency | $ | — | $ | 1,611,775 | $ | — | $ | — | $ | 1,611,775 | |||||||||
Asset-backed securities | — | 7,526 | — | — | 7,526 | ||||||||||||||
Other | 267 | 310 | — | — | 577 | ||||||||||||||
Total available for sale securities | 267 | 1,619,611 | — | — | 1,619,878 | ||||||||||||||
Loans held for sale | — | 1,452,236 | — | — | 1,452,236 | ||||||||||||||
Financial liabilities: | |||||||||||||||||||
FDIC clawback liability | — | — | 50,720 | — | 50,720 | ||||||||||||||
Derivative financial instruments: | |||||||||||||||||||
Derivative assets (Note 12) | 10,368 | 29,282 | 9,092 | (15,481 | ) | 33,261 | |||||||||||||
Derivative liabilities (Note 12) | 2,121 | 128,946 | — | (110,641 | ) | 20,426 |
Loans Held for Sale (1) | FDIC Clawback Liability (2) | Freestanding Derivatives, net (3) | |||||||||
Three Months Ended June 30, 2013 | |||||||||||
Balance, beginning of period | $ | — | $ | (52,188 | ) | $ | 15,544 | ||||
Issuances | 291,288 | — | 91,793 | ||||||||
Settlements | — | — | (40,259 | ) | |||||||
Gains (losses) included in earnings for the period | (3,382 | ) | 3,195 | (74,574 | ) | ||||||
Balance, end of period | $ | 287,906 | $ | (48,993 | ) | $ | (7,496 | ) | |||
Change in unrealized net gains (losses) included in net income related to assets and liabilities still held as of June 30, 2013 | $ | (3,382 | ) | $ | 3,195 | $ | (23,040 | ) | |||
Three Months Ended June 30, 2012 | |||||||||||
Balance, beginning of period | $ | — | $ | (43,694 | ) | $ | 8,814 | ||||
Gains (losses) included in earnings for the period | — | (3,044 | ) | 569 | |||||||
Balance, end of period | $ | — | $ | (46,738 | ) | $ | 9,383 | ||||
Change in unrealized net gains (losses) included in net income related to assets and liabilities still held as of June 30, 2012 | $ | — | $ | (3,044 | ) | $ | 569 |
Loans Held for Sale (1) | FDIC Clawback Liability (2) | Freestanding Derivatives, net (3) | |||||||||
Six Months Ended June 30, 2013 | |||||||||||
Balance, beginning of period | $ | — | $ | (50,720 | ) | $ | 9,092 | ||||
Issuances | 291,288 | — | 91,793 | ||||||||
Transfers into Level 3 | — | — | 6,628 | ||||||||
Settlements | — | — | (40,259 | ) | |||||||
Gains (losses) included in earnings for the period | (3,382 | ) | 1,727 | (74,750 | ) | ||||||
Balance, end of period | $ | 287,906 | $ | (48,993 | ) | $ | (7,496 | ) | |||
Change in unrealized net gains (losses) included in net income related to assets and liabilities still held as of June 30, 2013 | $ | (3,382 | ) | $ | 1,727 | $ | (23,216 | ) | |||
Six Months Ended June 30, 2012 | |||||||||||
Balance, beginning of period | $ | 15,462 | $ | (43,317 | ) | $ | 8,539 | ||||
Settlements | (623 | ) | — | — | |||||||
Transfers out of Level 3 | (14,946 | ) | — | — | |||||||
Gains (losses) included in earnings for the period | 107 | (3,421 | ) | 844 | |||||||
Balance, end of period | $ | — | $ | (46,738 | ) | $ | 9,383 | ||||
Change in unrealized net gains (losses) included in net income related to assets and liabilities still held as of June 30, 2012 | $ | 107 | $ | (3,421 | ) | $ | 844 |
(1) | Net realized and unrealized gains on loans held for sale are included in gain on sale of loans. |
(2) | Changes in fair value of the FDIC clawback liability are recorded in general and administrative expense. |
(3) | Net realized and unrealized gains (losses) on IRLCs are included in gain on sale of loans. Changes in the fair value of the indemnification assets are recorded in general and administrative expense. |
Level 3 Fair Value Measurement | Fair Value | Valuation Technique | Unobservable Inputs | Significant Unobservable Input Value | ||||||||||
June 30, 2013 | ||||||||||||||
FDIC clawback liability | $ | 48,993 | Discounted cash flow | Servicing cost | $7,493 | - | $15,746 | (1) | ||||||
Indemnification asset | 8,931 | Discounted cash flow | Discount Rate | 4.35 | % | - | 4.35% | |||||||
Reinstatement rate | 6.2 | % | - | 61.5% | (2) | |||||||||
Loss duration (in months) | 9 | - | 78 | (2) | ||||||||||
Loss severity (3) (5) | (3.8 | )% | - | 17.1% | (2) | |||||||||
IRLCs, net | 16,426 | Discounted cash flow | Loan closing ratio | 0.0 | % | - | 99.0% | (4) | ||||||
Loans held for sale | 287,906 | Discounted cash flow | Discount rate | 3.39 | % | - | 3.97% | |||||||
Prepayment rate | 8.00 | % | - | 8.00% | ||||||||||
Default rate | 0.20 | % | - | 3.18% | ||||||||||
Weighted average life (in years) | 5.38 | - | 8.44 | |||||||||||
Cumulative loss | 0.0 | % | - | 1.11% | ||||||||||
Loss severity | 0.0 | % | - | 46.73% | ||||||||||
December 31, 2012 | ||||||||||||||
FDIC clawback liability | $ | 50,720 | Discounted cash flow | Servicing cost | $6,790 | - | $14,558 | (1) | ||||||
Indemnification asset | 9,092 | Discounted cash flow | Reinstatement rate | 3.8 | % | - | 79.5% | (2) | ||||||
Loss duration (in months) | 8 | - | 50 | (2) | ||||||||||
Loss severity (3) | 2.4 | % | - | 11.3% | (2) |
(1) | The range represents the sum of the highest and lowest servicing cost values for all tranches that we use in our valuation process. The servicing cost represents 1% of projected UPB of the underlying loans. |
(2) | The range represents the sum of the highest and lowest values for all tranches that we use in our valuation process. |
(3) | Loss severity represents the interest loss severity as a percentage of UPB. |
(4) | The range represents the highest and lowest loan closing rates used in the IRLC valuation. The range includes the closing ratio for rate locks unclosed at the end of the period, as well as the closing ratio for loans which have settled during the period. |
(5) | Negative loss severity results from the indemnifying party receiving a debenture rate interest from the insuring agency that more than offsets the lower note rate interest payments due from the indemnifying party under the indemnification agreement. |
Total | |||
June 30, 2013 | |||
Fair value carrying amount | $ | 1,327,883 | |
Aggregate unpaid principal balance | 1,335,129 | ||
Fair value carrying amount less aggregate unpaid principal | $ | (7,246 | ) |
December 31, 2012 | |||
Fair value carrying amount | $ | 1,452,236 | |
Aggregate unpaid principal balance | 1,387,423 | ||
Fair value carrying amount less aggregate unpaid principal | $ | 64,813 |
Level 1 | Level 2 | Level 3 | Total | Loss (Gain) Due to Change in Fair Value | |||||||||||||||
June 30, 2013 | |||||||||||||||||||
Collateral-dependent loans | $ | — | $ | — | $ | 12,699 | $ | 12,699 | $ | (2,051 | ) | ||||||||
Other real estate owned (1) | — | — | 10,936 | 10,936 | (1,933 | ) | |||||||||||||
Mortgage servicing rights (2) | — | — | 389,774 | 389,774 | (45,127 | ) | |||||||||||||
Loans held for sale | — | — | 456,540 | 456,540 | (6,872 | ) | |||||||||||||
December 31, 2012 | |||||||||||||||||||
Collateral-dependent loans | $ | — | $ | — | $ | 48,048 | $ | 48,048 | $ | 6,163 | |||||||||
Other real estate owned (1) | — | 4,030 | 26,787 | 30,817 | 6,230 | ||||||||||||||
Mortgage servicing rights (2) | — | — | 320,901 | 320,901 | 63,508 |
(1) | Gains and losses resulting from subsequent measurement of OREO are included in the condensed consolidated statements of income as general and administrative expense. OREO is included in other assets in the condensed consolidated balance sheets. |
(2) | The fair value for mortgage servicing rights represents the value of the strata with impairment or recoveries on previous valuation allowances. |
Level 3 Fair Value Measurement | Fair Value | Valuation Technique | Unobservable Inputs | Significant Unobservable Input Value | ||||||||||
June 30, 2013 | ||||||||||||||
Collateral-dependent loans | $ | 12,699 | Appraised value | Appraised value | NM | (1) | ||||||||
Other real estate owned | 10,936 | Appraised value | Appraised value | NM | (1) | |||||||||
Mortgage servicing rights | 389,774 | Discounted cash flow | Prepayment speed | 13.6 | % | - | 21.7% | (2) | ||||||
Discount rate | 9.5 | % | - | 10.0% | (3) | |||||||||
Loans held for sale | 456,540 | Discounted cash flow | Discount rate | 3.39 | % | - | 3.97% | |||||||
Prepayment rate | 8 | % | - | 8% | ||||||||||
Default rate | 0.20 | % | - | 3.18% | ||||||||||
Weighted average life (in years) | 5.38 | - | 8.44 | |||||||||||
Cumulative loss | 0.0 | % | - | 1.11% | ||||||||||
Loss severity | 0.0 | % | - | 46.73% | ||||||||||
December 31, 2012 | ||||||||||||||
Collateral-dependent loans | $ | 36,609 | Sales comparison approach | Appraisal value adjustment | 0 | % | - | 47% | ||||||
Collateral-dependent loans | 11,439 | Discounted appraisals | Collateral discounts | 5.0 | % | - | 5.0% | |||||||
Other real estate owned | 23,359 | Sales comparison approach | Appraisal value adjustment | 0.0 | % | - | 82.0% | |||||||
Other real estate owned | 3,428 | Discounted appraisals | Collateral discounts | 5.0 | % | - | 10.0% | |||||||
Mortgage servicing rights | 320,901 | Discounted cash flow | Prepayment speed | 16.5 | % | - | 19.8% | (2) | ||||||
Discount rate | 9.2 | % | - | 9.8% | (3) |
(1) | NM - Not Meaningful |
(2) | The prepayment speed assumptions include a blend of prepayment speeds that are influenced by mortgage interest rates, the current macroeconomic environment and borrower behaviors and may vary over the expected life of the asset. The range represents the highest and lowest values for the strata with recoveries on previous valuation allowances. |
(3) | The discount rate range represents the highest and lowest values for the MSR strata with recoveries on previous valuation allowances. |
Carrying Amount | Estimated Fair Value | Level 1 | Level 2 | Level 3 | |||||||||||||||
June 30, 2013 | |||||||||||||||||||
Financial assets: | |||||||||||||||||||
Investment securities: | |||||||||||||||||||
Held to maturity | $ | 115,319 | $ | 114,853 | $ | — | $ | 112,303 | $ | 2,550 | |||||||||
Loans held for sale (1) | 672,507 | 684,038 | — | 151,513 | 532,525 | ||||||||||||||
Loans held for investment (2) | 11,782,996 | 11,788,877 | — | — | 11,788,877 | ||||||||||||||
Financial liabilities: | |||||||||||||||||||
Time deposits | $ | 3,816,076 | $ | 3,856,360 | $ | — | $ | 3,856,360 | $ | — | |||||||||
Other borrowings | 2,667,700 | 2,613,783 | — | 2,613,783 | — | ||||||||||||||
Trust preferred securities | 103,750 | 84,707 | — | — | 84,707 | ||||||||||||||
December 31, 2012 | |||||||||||||||||||
Financial assets: | |||||||||||||||||||
Investment securities: | |||||||||||||||||||
Held to maturity | $ | 143,234 | $ | 146,709 | $ | — | $ | 143,730 | $ | 2,979 | |||||||||
Loans held for sale (1) | 635,810 | 658,091 | — | 642,437 | 15,654 | ||||||||||||||
Loans held for investment (2) | 11,589,233 | 11,716,283 | — | — | 11,716,283 | ||||||||||||||
Financial liabilities: | |||||||||||||||||||
Time deposits | $ | 4,123,594 | $ | 4,165,065 | $ | — | $ | 4,165,065 | $ | — | |||||||||
Other borrowings (3) | 3,050,698 | 3,085,174 | — | 3,085,174 | — | ||||||||||||||
Trust preferred securities | 103,750 | 78,112 | — | — | 78,112 |
(1) | The carrying value of loans held for sale excludes $1,327,883 and $1,452,236 in loans measured at fair value on a recurring basis as of June 30, 2013 and December 31, 2012, respectively. |
(2) | The carrying value of loans held for investment is net of the allowance for loan loss of $69,396 and $78,921 as of June 30, 2013 and December 31, 2012, respectively. In addition, the carrying values excludes $1,010,923 and $833,754 of lease financing receivables as of June 30, 2013 and December 31, 2012, respectively. |
(3) | The carrying value of other borrowings excludes $122,323 in repurchase agreements which have remaining maturities of less than one month as of December 31, 2012. |
June 30, 2013 | December 31, 2012 | ||||||
Commercial(1) | $ | 1,364,532 | $ | 1,094,900 | |||
Leasing | 168,857 | 172,808 | |||||
Residential | 67,916 | — | |||||
Home equity lines of credit | 36,248 | 40,915 | |||||
Credit card lines of credit | 34,989 | 32,496 | |||||
Standby letters of credit | 1,341 | 1,274 | |||||
Total unfunded credit extension commitments | $ | 1,673,883 | $ | 1,342,393 |
(1) | Unfunded commercial commitments include $877,531 and $609,619 of conditional commitments for which certain requirements must be met in order to obtain an advance under the existing commitment as of June 30, 2013 and December 31, 2012, respectively. |
June 30, 2013 | December 31, 2012 | ||||||||||||||
Non-consolidated VIEs | Total Assets | Maximum Exposure | Total Assets | Maximum Exposure | |||||||||||
Loans provided to VIEs | $ | 168,525 | $ | 168,525 | $ | 185,000 | $ | 185,000 | |||||||
On-balance-sheet securitizations | 141,438 | 141,438 | 99,121 | 99,121 | |||||||||||
Debt securities | 1,467,753 | 1,467,753 | 1,757,858 | 1,757,858 |
As of and for the Three Months Ended June 30, 2013 | |||||||||||||||||||
Banking and Wealth Management | Mortgage Banking | Corporate Services | Eliminations | Consolidated | |||||||||||||||
Net interest income (expense) | $ | 127,072 | $ | 15,719 | $ | (1,574 | ) | $ | — | $ | 141,217 | ||||||||
Total net revenue | 159,726 | 129,620 | (1) | (1,325 | ) | — | 288,021 | ||||||||||||
Intersegment revenue | 4,613 | (4,613 | ) | — | — | — | |||||||||||||
Depreciation and amortization | 7,180 | 1,256 | 1,785 | — | 10,221 | ||||||||||||||
Income before income taxes | 89,076 | 10,347 | (1) | (24,971 | ) | (3) | — | 74,452 | |||||||||||
Total assets | 15,588,567 | 2,805,876 | 194,395 | (225,966 | ) | 18,362,872 | |||||||||||||
As of and for the Three Months Ended June 30, 2012 | |||||||||||||||||||
Banking and Wealth Management | Mortgage Banking | Corporate Services | Eliminations | Consolidated | |||||||||||||||
Net interest income (expense) | $ | 114,801 | $ | 11,790 | $ | (1,607 | ) | $ | — | $ | 124,984 | ||||||||
Total net revenue | 140,406 | 60,314 | (2) | (1,613 | ) | — | 199,107 | ||||||||||||
Intersegment revenue | (2,277 | ) | 2,277 | — | — | — | |||||||||||||
Depreciation and amortization | 7,080 | 409 | 1,798 | — | 9,287 | ||||||||||||||
Income before income taxes | 59,819 | (7,872 | ) | (2) | (34,380 | ) | — | 17,567 | |||||||||||
Total assets | 13,327,046 | 1,902,152 | 124,406 | (312,780 | ) | 15,040,824 | |||||||||||||
As of and for the Six Months Ended June 30, 2013 | |||||||||||||||||||
Banking and Wealth Management | Mortgage Banking | Corporate Services | Eliminations | Consolidated | |||||||||||||||
Net interest income (expense) | $ | 259,445 | $ | 28,733 | $ | (3,145 | ) | $ | — | $ | 285,033 | ||||||||
Total net revenue | 319,880 | 248,003 | (1) | (2,737 | ) | — | 565,146 | ||||||||||||
Intersegment revenue | 7,768 | (7,768 | ) | — | — | — | |||||||||||||
Depreciation and amortization | 14,230 | 2,560 | 3,331 | — | 20,121 | ||||||||||||||
Income before income taxes | 165,506 | 23,794 | (1) | (51,458 | ) | (3) | — | 137,842 | |||||||||||
Total assets | 15,588,567 | 2,805,876 | 194,395 | (225,966 | ) | 18,362,872 | |||||||||||||
As of and for the Six Months Ended June 30, 2012 | |||||||||||||||||||
Banking and Wealth Management | Mortgage Banking | Corporate Services | Eliminations | Consolidated | |||||||||||||||
Net interest income (expense) | $ | 221,346 | $ | 22,286 | $ | (3,025 | ) | $ | — | $ | 240,607 | ||||||||
Total net revenue | 272,179 | 118,683 | (2) | (2,939 | ) | — | 387,923 | ||||||||||||
Intersegment revenue | (4,901 | ) | 4,901 | — | — | — | |||||||||||||
Depreciation and amortization | 13,470 | 996 | 3,625 | — | 18,091 | ||||||||||||||
Income before income taxes | 121,652 | (22,394 | ) | (2) | (63,051 | ) | — | 36,207 | |||||||||||
Total assets | 13,327,046 | 1,902,152 | 124,406 | (312,780 | ) | 15,040,824 | |||||||||||||
(1) | Segment earnings in the Mortgage Banking segment included a $32,572 recovery on the MSR valuation allowance for the three months ended June 30, 2013 and a $45,127 recovery on the MSR valuation allowance for the six months ended June 30, 2013. |
(2) | Segment earnings in the Mortgage Banking segment included a $30,135 charge for MSR impairment for the three months ended June 30, 2012 and a $45,279 charge for MSR impairment for the six months ended June 30, 2012 . |
(3) | Income before income taxes includes additional allocation of intersegment expenses beginning in 2013. |
• | deterioration of general business and economic conditions, including the real estate and financial markets, in the United States and in the geographic regions and communities we serve; |
• | risks related to liquidity, including the adequacy of our cash flow from operations and borrowings to meet our short-term liquidity needs; |
• | changes in interest rates that affect the pricing of our financial products, the demand for our financial services and the valuation of our financial assets and liabilities, mortgage servicing rights and mortgage loans held for sale; |
• | risk of higher loan and lease charge-offs; |
• | legislative or regulatory actions affecting or concerning mortgage loan modification, refinancing and foreclosure; |
• | our ability to comply with any supervisory actions to which we are or become subject as a result of examination by our regulators; |
• | our ability to complete the independent foreclosure review in a timely manner and comply with the consent order; |
• | concentration of our commercial real estate loan portfolio; |
• | higher than normal delinquency and default rates affecting our mortgage banking business; |
• | limited ability to rely on brokered deposits as a part of our funding strategy; |
• | concentration of mass-affluent clients and jumbo mortgages; |
• | the effectiveness of the hedging strategies we use to manage our mortgage pipeline; |
• | the effectiveness of our derivatives to manage interest rate risk; |
• | delinquencies on our equipment leases and reductions in the resale value of leased equipment; |
• | increases in loan repurchase requests and our reserves for loan repurchases; |
• | failure to prevent a breach to our Internet-based system and online commerce security; |
• | soundness of other financial institutions; |
• | changes in currency exchange rates or other political or economic changes in certain foreign countries; |
• | the competitive industry and market areas in which we operate; |
• | historical growth rate and performance may not be a reliable indicator of future results; |
• | loss of key personnel; |
• | fraudulent and negligent acts by loan applicants, mortgage brokers, other vendors and our employees; |
• | compliance with laws, rules, regulations and orders that govern our operations; |
• | failure to establish and maintain effective internal controls and procedures; |
• | impact of current and future legal and regulatory changes, including the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (the Dodd-Frank Act) and the capital requirements promulgated by the Basel Committee on Banking Supervision ("Basel Committee"); |
• | effects of changes in existing U.S. government or government-sponsored mortgage programs; |
• | changes in laws and regulations that may restrict our ability to originate or increase our risk of liability with respect to certain mortgage loans; |
• | risks related to the continuing integration of acquired businesses and any future acquisitions; |
• | legislative action regarding foreclosures or bankruptcy laws; |
• | changes to generally accepted accounting principles (GAAP); |
• | environmental liabilities with respect to properties that we take title to upon foreclosure; and |
• | inability of EverBank, our banking subsidiary, to pay dividends. |
• | 4.5% CET1 to risk-weighted assets. |
• | 6.0% Tier 1 capital to risk-weighted assets. |
• | 8.0% Total capital to risk-weighted assets. |
• | Applying a 150% risk weight instead of a 100% risk weight for certain high volatility commercial real estate acquisition, development and construction loans. |
• | Assigning a 150% risk weight to exposures (other than residential mortgage exposures, which remains at an assigned risk weighting of 100%) that are 90 days past due. |
• | Providing for a 20% credit conversion factor for the unused portion of a commitment with an original maturity of one year or less that is not unconditionally cancellable (currently set at 0%). |
• | Providing for a risk weight, generally not less than 20% with certain exceptions, for securities lending transactions based on the risk weight category of the underlying collateral securing the transaction. |
• | Providing for a 100% risk weight for claims on securities firms. |
• | Eliminating the current 50% cap on the risk weight for OTC derivatives. |
• | GAAP diluted earnings per share was $0.35, a 17% increase from $0.30 in the first quarter 2013 and a 289% increase from $0.09 in the second quarter 2012. |
• | Adjusted diluted earnings per share was $0.28, a 15% decrease from $0.33 in the first quarter 2013 and a 15% decrease from $0.33 in the second quarter 2012.1 |
• | Return on equity ("ROE") was 12.7% and adjusted ROE was 10.2%. |
• | Net income of $46 million, an increase of 17% compared to the prior quarter and an increase of 312% compared to the second quarter of 2012. |
• | Adjusted net income of $37 million, a decrease of 15% compared to the prior quarter and an increase of 2% compared to the second quarter of 2012. |
• | Revenue of $288 million, an increase of 4% compared to the prior quarter and an increase of 45% compared to the second quarter of 2012. |
• | Total organic asset generation of $3.8 billion, an increase of 15% compared to the prior quarter and an increase of 39% compared to the second quarter of 2012. |
• | Total loans and leases held for investment were $12.9 billion, an increase of 5% compared to the prior quarter. |
• | Annualized net charge-offs to average loans and leases held for investment were 0.12% for the quarter. |
• | Tangible common equity per common share was $11.00 at June 30, 2013, an increase of 3% compared to the prior quarter and an increase of 10% compared to the second quarter 2012. |
• | Our board of directors approved a 50% increase in the quarterly common stock dividend to $0.03 per share. |
(dollars in millions) | June 30, 2013 | March 31, 2013 | June 30, 2012 | ||||||||
Residential mortgages | $ | 6,586 | $ | 6,280 | $ | 5,061 | |||||
Commercial and commercial real estate | 3,798 | 3,722 | 1,320 | ||||||||
Warehouse finance | 1,292 | 1,161 | 527 | ||||||||
Lease financing receivables | 1,015 | 911 | 681 | ||||||||
Other | 176 | 181 | 196 | ||||||||
Total HFI | $ | 12,867 | $ | 12,255 | $ | 7,785 |
(dollars in millions) | June 30, 2013 | March 31, 2013 | June 30, 2012 | ||||||||
Noninterest-bearing demand | $ | 1,205 | $ | 1,287 | $ | 1,357 | |||||
Interest-bearing demand | 3,082 | 2,933 | 2,159 | ||||||||
Savings and money market accounts | 5,153 | 4,902 | 3,960 | ||||||||
Global market-based accounts | 1,051 | 1,136 | 1,266 | ||||||||
Time, excluding market-based | 3,179 | 3,416 | 2,062 | ||||||||
Total deposits | $ | 13,670 | $ | 13,674 | $ | 10,804 |
Financial Highlights | Table 1 | ||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
(dollars in thousands, except per share amounts) | 2013 | 2012 | 2013 | 2012 | |||||||||||
For the Period: | |||||||||||||||
Operating Results: | |||||||||||||||
Total revenue | $ | 288,021 | $ | 199,107 | $ | 565,146 | $ | 387,923 | |||||||
Net interest income | 141,217 | 124,984 | 285,033 | 240,607 | |||||||||||
Provision for loan and lease losses | 29 | 5,757 | 1,948 | 17,112 | |||||||||||
Noninterest income | 146,804 | 74,123 | 280,113 | 147,316 | |||||||||||
Noninterest expense | 213,540 | 175,783 | 425,356 | 334,604 | |||||||||||
Net income | 45,993 | 11,172 | 85,139 | 23,018 | |||||||||||
Net earnings per common share, basic | 0.36 | 0.09 | 0.66 | 0.17 | |||||||||||
Net earnings per common share, diluted | 0.35 | 0.09 | 0.65 | 0.17 | |||||||||||
Performance Metrics: | |||||||||||||||
Adjusted net income(1) | $ | 37,303 | $ | 36,462 | $ | 81,040 | $ | 63,716 | |||||||
Adjusted net earnings per common share, basic(2) | 0.28 | 0.34 | 0.62 | 0.63 | |||||||||||
Adjusted net earnings per common share, diluted(2) | 0.28 | 0.33 | 0.61 | 0.62 | |||||||||||
Yield on interest-earning assets | 4.40 | % | 4.80 | % | 4.43 | % | 4.88 | % | |||||||
Cost of interest-bearing liabilities | 1.23 | % | 1.11 | % | 1.23 | % | 1.14 | % | |||||||
Net interest spread | 3.17 | % | 3.69 | % | 3.20 | % | 3.74 | % | |||||||
Net interest margin | 3.33 | % | 3.86 | % | 3.37 | % | 3.91 | % | |||||||
Return on average assets | 1.00 | % | 0.31 | % | 0.93 | % | 0.33 | % | |||||||
Return on average equity(3) | 12.71 | % | 4.11 | % | 11.89 | % | 4.41 | % | |||||||
Adjusted return on average assets(4) | 0.81 | % | 1.01 | % | 0.88 | % | 0.93 | % | |||||||
Adjusted return on average equity(5) | 10.17 | % | 13.41 | % | 11.28 | % | 12.22 | % | |||||||
Credit Quality Ratios: | |||||||||||||||
Net charge-offs to average loans and leases held for investment | 0.12 | % | 0.34 | % | 0.17 | % | 0.49 | % | |||||||
Banking and Wealth Management Metrics: | |||||||||||||||
Efficiency ratio(6) | 45.1 | % | 53.8 | % | 48.7 | % | 49.7 | % | |||||||
Mortgage Banking Metrics: | |||||||||||||||
Unpaid principal balance of loans originated (in millions) | $ | 3,242.2 | $ | 2,260.0 | $ | 6,140.6 | $ | 4,166.3 |
Financial Highlights | Table 1 (cont.) | ||||||
(dollars in thousands, except per share amounts) | June 30, 2013 | December 31, 2012 | |||||
As of Period End: | |||||||
Balance Sheet Data: | |||||||
Cash and cash equivalents | $ | 489,587 | $ | 443,914 | |||
Investment securities | 1,615,296 | 1,921,284 | |||||
Loans held for sale | 2,000,390 | 2,088,046 | |||||
Loans and leases held for investment, net | 12,793,919 | 12,422,987 | |||||
Total assets | 18,362,872 | 18,242,878 | |||||
Deposits | 13,669,866 | 13,142,388 | |||||
Total liabilities | 16,813,489 | 16,791,702 | |||||
Total shareholders’ equity | 1,549,383 | 1,451,176 | |||||
Credit Quality Ratios: | |||||||
Adjusted non-performing assets as a percentage of total assets (see Table 18) | 0.92 | % | 1.08 | % | |||
Allowance for loan and lease losses (ALLL) as a percentage of loans and leases held for investment (see Table 19) | 0.57 | % | 0.66 | % | |||
Capital Ratios: | |||||||
Tier 1 leverage ratio (bank level) (see Table 31) | 8.3 | % | 8.0 | % | |||
Tier 1 risk-based capital ratio (see Table 31) | 13.1 | % | 12.8 | % | |||
Total risk-based capital ratio (bank level) (see Table 31) | 13.7 | % | 13.5 | % | |||
Tangible equity to tangible assets (see Table 1B) | 8.2 | % | 7.7 | % | |||
Deposit Metrics: | |||||||
Deposit growth (trailing 12 months) | 26.5 | % | 28.0 | % | |||
Mortgage Banking Metrics: | |||||||
Unpaid principal balance of loans serviced for the Company and others (in millions) | $ | 61,700.8 | $ | 51,198.7 | |||
Tangible Common Equity Per Common Share: | |||||||
Excluding accumulated other comprehensive loss(7) | $ | 11.65 | $ | 11.02 | |||
Including accumulated other comprehensive loss(8) | 11.00 | 10.30 |
(1) | Adjusted net income includes adjustments to our net income for certain material items that we believe are not reflective of our ongoing business or operating performance. For a reconciliation of adjusted net income to net income, which is the most directly comparable GAAP measure, see Table 1A. |
(2) | Both basic and diluted adjusted net earnings per common share are calculated using a numerator based on adjusted net income. Adjusted net earnings per common share, basic is a non-GAAP financial measure and its most directly comparable GAAP measure is net earnings per common share, basic. Adjusted net earnings per common share, diluted is a non-GAAP financial measure and its most directly comparable GAAP measure is net earnings per common share, diluted. For 2012, both basic and diluted adjusted net earnings per common share have been adjusted to exclude the impact of the $4.5 million special cash dividend paid in March 2012 to holders of the Series A 6% Cumulative Convertible Preferred Stock and the $1.1 million special cash dividend paid in June 2012 to holders of the Series B 4% Cumulative Convertible Preferred Stock. The special cash dividends were paid in connection with the conversion of all shares of both the Series A 6% Cumulative Convertible Preferred Stock and the Series B 4% Cumulative Convertible Preferred Stock into common stock. |
(3) | Due to the issuance of non-participating perpetual preferred stock during the fourth quarter of 2012, we amended our calculation for return on average equity. Beginning with the fourth quarter of 2012, return on average equity is calculated as net income less dividends declared on the Series A 6.75% Non-Cumulative Perpetual Preferred Stock divided by average common shareholders' equity (average shareholders' equity less average Series A 6.75% Non-Cumulative Perpetual Preferred Stock). Prior to the fourth quarter of 2012, return on average equity was calculated as net income divided by average shareholders' equity. |
(4) | Adjusted return on average assets equals adjusted net income divided by average total assets. Adjusted net income is a non-GAAP measure of our financial performance and its most directly comparable GAAP measure is net income. For a reconciliation of net income to adjusted net income, see Table 1A. |
(5) | Due to the issuance of non-participating perpetual preferred stock during the fourth quarter of 2012, we amended our calculation for adjusted return on average equity. Beginning with the fourth quarter of 2012, adjusted return on average equity is calculated as adjusted net income less dividends declared on the Series A 6.75% Non-Cumulative Perpetual Preferred Stock divided by average common shareholders' equity. Prior to the fourth quarter of 2012, adjusted return on average equity was calculated as adjusted net income divided by average shareholders' equity. Adjusted net income is a non-GAAP measure of our financial performance and its most directly comparable GAAP measure is net income. For a reconciliation of net income to adjusted net income, see Table 1A. |
(6) | The efficiency ratio represents noninterest expense from our Banking and Wealth Management segment as a percentage of total revenues from our Banking and Wealth Management segment. We use the efficiency ratio to measure noninterest costs expended to generate a dollar of revenue. Because of the significant costs we incur and fees we generate from activities related to our mortgage production and servicing operations, we believe the efficiency ratio is a more meaningful metric when evaluated within our Banking and Wealth Management segment. |
(7) | Calculated as adjusted tangible common shareholders' equity divided by shares of common stock. Adjusted tangible common shareholders' equity equals shareholders' equity less goodwill, other intangible assets, perpetual preferred stock and accumulated other comprehensive loss (see Table 1B). Tangible common equity per common share is calculated using a denominator that includes |
(8) | Calculated as tangible common shareholders' equity divided by shares of common stock. Tangible common shareholders' equity equals shareholders' equity less goodwill, other intangible assets and perpetual preferred stock (see Table 1B). Tangible common equity per common share is calculated using a denominator that includes actual period end common shares outstanding and for periods prior to the fourth quarter of 2012, additional common shares assuming conversion of all outstanding convertible preferred stock to common stock. Tangible common equity per common share including accumulated other comprehensive loss is a non-GAAP financial measure, and its most directly comparable GAAP financial measure is book value per common share. |
Adjusted Net Income | Table 1A | ||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
(dollars in thousands, except per share data) | 2013 | 2012 | 2013 | 2012 | |||||||||||
Net income | $ | 45,993 | $ | 11,172 | $ | 85,139 | $ | 23,018 | |||||||
Transaction expense, net of tax | — | 2,363 | — | 3,184 | |||||||||||
Non-recurring regulatory related expense, net of tax | 12,042 | 3,780 | 23,467 | 6,843 | |||||||||||
Increase (decrease) in Bank of Florida non-accretable discount, net of tax | (538 | ) | 463 | 412 | 2,598 | ||||||||||
MSR impairment (recovery), net of tax | (20,194 | ) | 18,684 | (27,978 | ) | 28,073 | |||||||||
Adjusted net income | $ | 37,303 | $ | 36,462 | $ | 81,040 | $ | 63,716 | |||||||
Adjusted net income allocated to preferred stock | 2,531 | 2,206 | 5,062 | 7,696 | |||||||||||
Adjusted net income allocated to common shareholders | $ | 34,772 | $ | 34,256 | $ | 75,978 | $ | 56,020 | |||||||
Adjusted net earnings per common share, basic | $ | 0.28 | $ | 0.34 | $ | 0.62 | $ | 0.63 | |||||||
Adjusted net earnings per common share, diluted | $ | 0.28 | $ | 0.33 | $ | 0.61 | $ | 0.62 | |||||||
Weighted average common shares outstanding: | |||||||||||||||
(units in thousands) | |||||||||||||||
Basic | 122,281 | 100,779 | 121,934 | 88,454 | |||||||||||
Diluted | 124,034 | 102,574 | 123,735 | 90,414 |
Tangible Equity, Tangible Common Equity, Adjusted Tangible Common Equity and Tangible Assets | Table 1B | ||||||
(dollars in thousands) | June 30, 2013 | December 31, 2012 | |||||
Shareholders’ equity | $ | 1,549,383 | $ | 1,451,176 | |||
Less: | |||||||
Goodwill | 46,859 | 46,859 | |||||
Intangible assets | 6,867 | 7,921 | |||||
Tangible equity | 1,495,657 | 1,396,396 | |||||
Less: | |||||||
Perpetual preferred stock | 150,000 | 150,000 | |||||
Tangible common equity | 1,345,657 | 1,246,396 | |||||
Less: | |||||||
Accumulated other comprehensive loss | (80,389 | ) | (86,784 | ) | |||
Adjusted tangible common equity | $ | 1,426,046 | $ | 1,333,180 | |||
Total assets | $ | 18,362,872 | $ | 18,242,878 | |||
Less: | |||||||
Goodwill | 46,859 | 46,859 | |||||
Intangible assets | 6,867 | 7,921 | |||||
Tangible assets | $ | 18,309,146 | $ | 18,188,098 |
Average Balance Sheet, Interest and Yield/Rate Analysis | Table 2A | ||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||
June 30, 2013 | June 30, 2012 | ||||||||||||||||||||
(dollars in thousands) | Average Balance | Interest | Yield/Rate | Average Balance | Interest | Yield/Rate | |||||||||||||||
Assets: | |||||||||||||||||||||
Interest-earning assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | 616,553 | $ | 317 | 0.21 | % | $ | 128,325 | $ | 82 | 0.26 | % | |||||||||
Investment securities | 1,569,234 | 14,077 | 3.59 | % | 2,108,672 | 20,137 | 3.82 | % | |||||||||||||
Other investments | 136,249 | 736 | 2.17 | % | 122,919 | 562 | 1.84 | % | |||||||||||||
Loans held for sale | 2,559,305 | 22,371 | 3.50 | % | 2,974,918 | 37,446 | 5.03 | % | |||||||||||||
Loans and leases held for investment: | |||||||||||||||||||||
Residential mortgages | 6,220,190 | 68,346 | 4.40 | % | 5,225,570 | 53,390 | 4.09 | % | |||||||||||||
Commercial and commercial real estate | 4,805,116 | 61,261 | 5.07 | % | 1,642,813 | 20,324 | 4.89 | % | |||||||||||||
Lease financing receivables | 943,101 | 18,311 | 7.77 | % | 621,667 | 21,298 | 13.70 | % | |||||||||||||
Home equity lines | 170,039 | 2,371 | 5.59 | % | 191,673 | 3,297 | 6.92 | % | |||||||||||||
Consumer and credit card | 7,221 | 63 | 3.50 | % | 8,045 | 61 | 3.05 | % | |||||||||||||
Total loans and leases held for investment | 12,145,667 | 150,352 | 4.94 | % | 7,689,768 | 98,370 | 5.11 | % | |||||||||||||
Total interest-earning assets | 17,027,008 | $ | 187,853 | 4.40 | % | 13,024,602 | $ | 156,597 | 4.80 | % | |||||||||||
Noninterest-earning assets | 1,342,084 | 1,437,511 | |||||||||||||||||||
Total assets | $ | 18,369,092 | $ | 14,462,113 | |||||||||||||||||
Liabilities and Shareholders’ Equity: | |||||||||||||||||||||
Interest-bearing liabilities: | |||||||||||||||||||||
Deposits: | |||||||||||||||||||||
Interest-bearing demand | $ | 3,006,281 | $ | 5,776 | 0.77 | % | $ | 2,123,862 | $ | 3,816 | 0.72 | % | |||||||||
Market-based money market accounts | 421,180 | 758 | 0.72 | % | 435,496 | 823 | 0.76 | % | |||||||||||||
Savings and money market accounts, excluding market-based | 5,024,910 | 9,465 | 0.76 | % | 3,861,879 | 7,266 | 0.76 | % | |||||||||||||
Market-based time | 683,027 | 1,269 | 0.75 | % | 851,735 | 1,905 | 0.90 | % | |||||||||||||
Time, excluding market-based | 3,345,856 | 9,299 | 1.11 | % | 1,940,577 | 6,609 | 1.37 | % | |||||||||||||
Total deposits | 12,481,254 | 26,567 | 0.85 | % | 9,213,549 | 20,419 | 0.89 | % | |||||||||||||
Borrowings: | |||||||||||||||||||||
Trust preferred securities | 103,750 | 1,644 | 6.36 | % | 103,750 | 1,607 | 6.23 | % | |||||||||||||
Federal Home Loan Bank (FHLB) advances | 2,533,707 | 18,425 | 2.88 | % | 2,068,750 | 9,500 | 1.85 | % | |||||||||||||
Repurchase agreements | — | — | 0.00 | % | 20,283 | 87 | 1.73 | % | |||||||||||||
Total interest-bearing liabilities | 15,118,711 | $ | 46,636 | 1.23 | % | 11,406,332 | $ | 31,613 | 1.11 | % | |||||||||||
Noninterest-bearing demand deposits | 1,393,071 | 1,462,506 | |||||||||||||||||||
Other noninterest-bearing liabilities | 339,039 | 505,365 | |||||||||||||||||||
Total liabilities | 16,850,821 | 13,374,203 | |||||||||||||||||||
Total shareholders’ equity | 1,518,271 | 1,087,910 | |||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 18,369,092 | $ | 14,462,113 | |||||||||||||||||
Net interest income/spread | $ | 141,217 | 3.17 | % | $ | 124,984 | 3.69 | % | |||||||||||||
Net interest margin | 3.33 | % | 3.86 | % | |||||||||||||||||
Memo: Total deposits including non-interest bearing | $ | 13,874,325 | $ | 26,567 | 0.76 | % | $ | 10,676,055 | $ | 20,419 | 0.77 | % |
Average Balance Sheet, Interest and Yield/Rate Analysis | Table 2B | ||||||||||||||||||||
Six Months Ended | |||||||||||||||||||||
June 30, 2013 | June 30, 2012 | ||||||||||||||||||||
(dollars in thousands) | Average Balance | Interest | Yield/Rate | Average Balance | Interest | Yield/Rate | |||||||||||||||
Assets: | |||||||||||||||||||||
Interest-earning assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | 583,800 | $ | 615 | 0.21 | % | $ | 146,720 | $ | 186 | 0.25 | % | |||||||||
Investment securities | 1,640,574 | 29,567 | 3.61 | % | 2,096,297 | 40,408 | 3.86 | % | |||||||||||||
Other investments | 137,427 | 1,496 | 2.20 | % | 110,725 | 840 | 1.53 | % | |||||||||||||
Loans held for sale | 2,494,176 | 42,680 | 3.42 | % | 2,840,935 | 71,395 | 5.03 | % | |||||||||||||
Loans and leases held for investment: | |||||||||||||||||||||
Residential mortgages | 6,383,075 | 138,925 | 4.35 | % | 4,954,469 | 101,478 | 4.10 | % | |||||||||||||
Commercial and commercial real estate | 4,716,687 | 122,525 | 5.18 | % | 1,411,401 | 36,770 | 5.15 | % | |||||||||||||
Lease financing receivables | 902,270 | 37,724 | 8.36 | % | 602,573 | 45,164 | 14.99 | % | |||||||||||||
Home equity lines | 173,342 | 4,523 | 5.26 | % | 194,746 | 5,667 | 5.85 | % | |||||||||||||
Consumer and credit card | 7,213 | 132 | 3.69 | % | 7,952 | 120 | 3.03 | % | |||||||||||||
Total loans and leases held for investment | 12,182,587 | 303,829 | 4.98 | % | 7,171,141 | 189,199 | 5.27 | % | |||||||||||||
Total interest-earning assets | 17,038,564 | $ | 378,187 | 4.43 | % | 12,365,818 | $ | 302,028 | 4.88 | % | |||||||||||
Noninterest-earning assets | 1,341,590 | 1,395,033 | |||||||||||||||||||
Total assets | $ | 18,380,154 | $ | 13,760,851 | |||||||||||||||||
Liabilities and Shareholders’ Equity: | |||||||||||||||||||||
Interest-bearing liabilities: | |||||||||||||||||||||
Deposits: | |||||||||||||||||||||
Interest-bearing demand | $ | 2,908,343 | $ | 11,234 | 0.78 | % | $ | 2,115,810 | $ | 7,555 | 0.72 | % | |||||||||
Market-based money market accounts | 426,333 | 1,597 | 0.76 | % | 443,092 | 1,675 | 0.76 | % | |||||||||||||
Savings and money market accounts, excluding market-based | 4,855,737 | 18,498 | 0.77 | % | 3,817,059 | 14,314 | 0.75 | % | |||||||||||||
Market-based time | 704,210 | 2,840 | 0.81 | % | 876,462 | 4,269 | 0.98 | % | |||||||||||||
Time, excluding market-based | 3,569,336 | 19,221 | 1.09 | % | 1,923,743 | 13,580 | 1.42 | % | |||||||||||||
Total deposits | 12,463,959 | 53,390 | 0.86 | % | 9,176,166 | 41,393 | 0.91 | % | |||||||||||||
Borrowings: | |||||||||||||||||||||
Trust preferred securities | 103,750 | 3,286 | 6.39 | % | 103,750 | 3,025 | 5.86 | % | |||||||||||||
Federal Home Loan Bank (FHLB) advances | 2,564,154 | 36,256 | 2.81 | % | 1,565,464 | 16,829 | 2.16 | % | |||||||||||||
Repurchase agreements | 28,146 | 222 | 1.59 | % | 21,289 | 174 | 1.64 | % | |||||||||||||
Other | — | — | 0.00 | % | 18 | — | 0.00 | % | |||||||||||||
Total interest-bearing liabilities | 15,160,009 | $ | 93,154 | 1.23 | % | 10,866,687 | $ | 61,421 | 1.14 | % | |||||||||||
Noninterest-bearing demand deposits | 1,385,131 | 1,383,610 | |||||||||||||||||||
Other noninterest-bearing liabilities | 338,343 | 467,487 | |||||||||||||||||||
Total liabilities | 16,883,483 | 12,717,784 | |||||||||||||||||||
Total shareholders’ equity | 1,496,671 | 1,043,067 | |||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 18,380,154 | $ | 13,760,851 | |||||||||||||||||
Net interest income/spread | $ | 285,033 | 3.20 | % | $ | 240,607 | 3.74 | % | |||||||||||||
Net interest margin | 3.37 | % | 3.91 | % | |||||||||||||||||
Memo: Total deposits including non-interest bearing | $ | 13,849,090 | $ | 53,390 | 0.77 | % | $ | 10,559,776 | $ | 41,393 | 0.79 | % |
(1) | The average balances are principally daily averages, and for loans, include both performing and non-performing balances. |
(2) | Interest income on loans includes the effects of discount accretion and net deferred loan origination costs accounted for as yield adjustments. |
(3) | All interest income was fully taxable for all periods presented. |
Analysis of Change in Net Interest Income | Table 3 | ||||||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
June 30, 2013 Compared | June 30, 2013 Compared | ||||||||||||||||||||||
to June 30, 2012 | to June 30, 2012 | ||||||||||||||||||||||
Increase (Decrease) Due to | Increase (Decrease) Due to | ||||||||||||||||||||||
(dollars in thousands) | Volume | Rate | Total | Volume | Rate | Total | |||||||||||||||||
Interest-earning assets: | |||||||||||||||||||||||
Cash and cash equivalents | $ | 316 | $ | (81 | ) | $ | 235 | $ | 542 | $ | (113 | ) | $ | 429 | |||||||||
Investment securities | (5,138 | ) | (922 | ) | (6,060 | ) | (8,723 | ) | (2,118 | ) | (10,841 | ) | |||||||||||
Other investments | 61 | 113 | 174 | 203 | 453 | 656 | |||||||||||||||||
Loans held for sale | (5,212 | ) | (9,863 | ) | (15,075 | ) | (8,649 | ) | (20,066 | ) | (28,715 | ) | |||||||||||
Loans and leases held for investment: | |||||||||||||||||||||||
Residential mortgages | 10,142 | 4,814 | 14,956 | 29,046 | 8,401 | 37,447 | |||||||||||||||||
Commercial and commercial real estate | 38,553 | 2,384 | 40,937 | 84,412 | 1,343 | 85,755 | |||||||||||||||||
Lease financing receivables | 10,979 | (13,966 | ) | (2,987 | ) | 22,278 | (29,718 | ) | (7,440 | ) | |||||||||||||
Home equity lines | (373 | ) | (553 | ) | (926 | ) | (621 | ) | (523 | ) | (1,144 | ) | |||||||||||
Consumer and credit card | (6 | ) | 8 | 2 | (11 | ) | 23 | 12 | |||||||||||||||
Total loans and leases held for investment | 59,295 | (7,313 | ) | 51,982 | 135,104 | (20,474 | ) | 114,630 | |||||||||||||||
Total change in interest income | 49,322 | (18,066 | ) | 31,256 | 118,477 | (42,318 | ) | 76,159 | |||||||||||||||
Interest-bearing liabilities: | |||||||||||||||||||||||
Deposits: | |||||||||||||||||||||||
Interest-bearing demand | $ | 1,584 | $ | 376 | $ | 1,960 | $ | 2,830 | $ | 849 | $ | 3,679 | |||||||||||
Market-based money market accounts | (27 | ) | (38 | ) | (65 | ) | (63 | ) | (15 | ) | (78 | ) | |||||||||||
Savings and money market accounts, excluding market-based | 2,204 | (5 | ) | 2,199 | 3,863 | 321 | 4,184 | ||||||||||||||||
Market-based time | (379 | ) | (257 | ) | (636 | ) | (837 | ) | (592 | ) | (1,429 | ) | |||||||||||
Time, excluding market-based | 4,800 | (2,110 | ) | 2,690 | 11,588 | (5,947 | ) | 5,641 | |||||||||||||||
Total deposits | 8,182 | (2,034 | ) | 6,148 | 17,381 | (5,384 | ) | 11,997 | |||||||||||||||
Borrowings: | |||||||||||||||||||||||
Trust preferred securities | — | 37 | 37 | — | 261 | 261 | |||||||||||||||||
FHLB advances | 2,145 | 6,780 | 8,925 | 10,697 | 8,730 | 19,427 | |||||||||||||||||
Repurchase agreements | (87 | ) | — | (87 | ) | 56 | (8 | ) | 48 | ||||||||||||||
Total change in interest expense | 10,240 | 4,783 | 15,023 | 28,134 | 3,599 | 31,733 | |||||||||||||||||
Total change in net interest income | $ | 39,082 | $ | (22,849 | ) | $ | 16,233 | $ | 90,343 | $ | (45,917 | ) | $ | 44,426 |
(1) | The effect of changes in volume is determined by multiplying the change in volume by the previous period's average yield/cost. Similarly, the effect of rate changes is calculated by multiplying the change in average yield/cost by the previous period's volume. Changes applicable to both volume and rate have been allocated to rate. |
Noninterest Income | Table 4 | ||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
(dollars in thousands) | 2013 | 2012 | 2013 | 2012 | |||||||||||
Loan servicing fee income | $ | 47,192 | $ | 42,483 | $ | 89,355 | $ | 88,039 | |||||||
Amortization of MSR | (35,945 | ) | (34,143 | ) | (71,023 | ) | (63,481 | ) | |||||||
Recovery (impairment) of MSR | 32,572 | (30,134 | ) | 45,127 | (45,279 | ) | |||||||||
Net loan servicing income | 43,819 | (21,794 | ) | 63,459 | (20,721 | ) | |||||||||
Gain on sale of loans | 75,837 | 69,926 | 158,148 | 118,103 | |||||||||||
Loan production revenue | 10,063 | 9,852 | 19,552 | 17,289 | |||||||||||
Deposit fee income | 4,290 | 5,828 | 10,215 | 12,067 | |||||||||||
Other lease income | 6,471 | 8,822 | 12,882 | 17,485 | |||||||||||
Other | 6,324 | 1,489 | 15,857 | 3,093 | |||||||||||
Total Noninterest Income | $ | 146,804 | $ | 74,123 | $ | 280,113 | $ | 147,316 |
Noninterest Expense | Table 5 | ||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
(dollars in thousands) | 2013 | 2012 | 2013 | 2012 | |||||||||||
Salaries, commissions and other employee benefits expense | $ | 118,457 | $ | 76,277 | $ | 228,936 | $ | 142,867 | |||||||
Equipment expense | 20,707 | 16,889 | 40,559 | 32,837 | |||||||||||
Occupancy expense | 7,547 | 6,017 | 14,931 | 11,366 | |||||||||||
General and administrative expense: | |||||||||||||||
Professional fees | 24,754 | 19,319 | 47,802 | 34,929 | |||||||||||
Foreclosure and other real estate owned (OREO) expense | 9,614 | 14,969 | 16,641 | 25,928 | |||||||||||
Other credit-related expenses | 1,850 | 5,806 | 4,178 | 17,616 | |||||||||||
Federal Deposit Insurance Corporation (FDIC) premium assessment and other agency fees | 8,358 | 9,352 | 22,060 | 18,613 | |||||||||||
Advertising and marketing expense | 6,320 | 8,646 | 16,701 | 14,553 | |||||||||||
Other | 15,933 | 18,508 | 33,548 | 35,895 | |||||||||||
Total general and administrative expense | 66,829 | 76,600 | 140,930 | 147,534 | |||||||||||
Total Noninterest Expense | $ | 213,540 | $ | 175,783 | $ | 425,356 | $ | 334,604 |
Provision for Income Taxes and Effective Tax Rates | Table 6 | ||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
(dollars in thousands) | 2013 | 2012 | 2013 | 2012 | |||||||||||
Provision for income taxes | $ | 28,459 | $ | 6,395 | $ | 52,703 | $ | 13,189 | |||||||
Effective tax rates | 38.2 | % | 36.4 | % | 38.2 | % | 36.4 | % |
Business Segments Selected Financial Information | Table 7A | ||||||||||||||||||
Banking and Wealth Management | Mortgage Banking | Corporate Services | Eliminations | Consolidated | |||||||||||||||
(dollars in thousands) | |||||||||||||||||||
Three Months Ended June 30, 2013 | |||||||||||||||||||
Net interest income (loss) | $ | 127,072 | $ | 15,719 | $ | (1,574 | ) | $ | — | $ | 141,217 | ||||||||
Provision for loan and lease losses | (1,320 | ) | 1,349 | — | — | 29 | |||||||||||||
Net interest income after provision for loan and lease losses | 128,392 | 14,370 | (1,574 | ) | — | 141,188 | |||||||||||||
Noninterest income | 32,654 | 113,901 | 249 | — | 146,804 | ||||||||||||||
Noninterest expense: | |||||||||||||||||||
Foreclosure and OREO expense | 6,577 | 3,037 | — | — | 9,614 | ||||||||||||||
Other credit-related expenses | 1,238 | 612 | — | — | 1,850 | ||||||||||||||
All other noninterest expense | 64,155 | 114,275 | 23,646 | — | 202,076 | ||||||||||||||
Income (loss) before income tax | 89,076 | 10,347 | (24,971 | ) | — | 74,452 | |||||||||||||
Adjustment items (pre-tax): | |||||||||||||||||||
Decrease in Bank of Florida non-accretable discount | (867 | ) | — | — | — | (867 | ) | ||||||||||||
MSR impairment (recovery) | — | (32,572 | ) | — | — | (32,572 | ) | ||||||||||||
Transaction and non-recurring regulatory related expense | — | 18,012 | 1,410 | — | 19,422 | ||||||||||||||
Adjusted income (loss) before income tax | $ | 88,209 | $ | (4,213 | ) | $ | (23,561 | ) | $ | — | $ | 60,435 | |||||||
Total assets as of June 30, 2013 | $ | 15,588,567 | $ | 2,805,876 | $ | 194,395 | $ | (225,966 | ) | $ | 18,362,872 |
Business Segments Selected Financial Information | Table 7B | ||||||||||||||||||
Banking and Wealth Management | Mortgage Banking | Corporate Services | Eliminations | Consolidated | |||||||||||||||
(dollars in thousands) | |||||||||||||||||||
Three Months Ended June 30, 2012 | |||||||||||||||||||
Net interest income (loss) | $ | 114,801 | $ | 11,790 | $ | (1,607 | ) | $ | — | $ | 124,984 | ||||||||
Provision for loan and lease losses | 5,041 | 716 | — | — | 5,757 | ||||||||||||||
Net interest income after provision for loan and lease losses | 109,760 | 11,074 | (1,607 | ) | — | 119,227 | |||||||||||||
Noninterest income | 25,605 | 48,524 | (6 | ) | — | 74,123 | |||||||||||||
Noninterest expense: | |||||||||||||||||||
Foreclosure and OREO expense | 12,378 | 2,591 | — | — | 14,969 | ||||||||||||||
Other credit-related expenses | 1,604 | 4,193 | 9 | — | 5,806 | ||||||||||||||
All other noninterest expense | 61,564 | 60,686 | 32,758 | — | 155,008 | ||||||||||||||
Income (loss) before income tax | 59,819 | (7,872 | ) | (34,380 | ) | — | 17,567 | ||||||||||||
Adjustment items (pre-tax): | |||||||||||||||||||
Increase in Bank of Florida non-accretable discount | 747 | — | — | — | 747 | ||||||||||||||
MSR impairment | — | 30,135 | — | — | 30,135 | ||||||||||||||
Transaction and non-recurring regulatory related expense | — | 5,461 | 4,448 | — | 9,909 | ||||||||||||||
Adjusted income (loss) before income tax | $ | 60,566 | $ | 27,724 | $ | (29,932 | ) | $ | — | $ | 58,358 | ||||||||
Total assets as of June 30, 2012 | $ | 13,327,046 | $ | 1,902,152 | $ | 124,406 | $ | (312,780 | ) | $ | 15,040,824 |
Business Segments Selected Financial Information | Table 7C | ||||||||||||||||||
Banking and Wealth Management | Mortgage Banking | Corporate Services | Eliminations | Consolidated | |||||||||||||||
(dollars in thousands) | |||||||||||||||||||
Six Months Ended June 30, 2013 | |||||||||||||||||||
Net interest income (loss) | $ | 259,445 | $ | 28,733 | $ | (3,145 | ) | $ | — | $ | 285,033 | ||||||||
Provision for loan and lease losses | (1,399 | ) | 3,347 | — | — | 1,948 | |||||||||||||
Net interest income after provision for loan and lease losses | 260,844 | 25,386 | (3,145 | ) | — | 283,085 | |||||||||||||
Noninterest income | 60,435 | 219,270 | 408 | — | 280,113 | ||||||||||||||
Noninterest expense: | |||||||||||||||||||
Foreclosure and OREO expense | 11,862 | 4,779 | — | — | 16,641 | ||||||||||||||
Other credit-related expenses | 1,908 | 2,270 | — | — | 4,178 | ||||||||||||||
All other noninterest expense | 142,003 | 213,813 | 48,721 | — | 404,537 | ||||||||||||||
Income (loss) before income tax | 165,506 | 23,794 | (51,458 | ) | — | 137,842 | |||||||||||||
Adjustment items (pre-tax): | |||||||||||||||||||
Increase in Bank of Florida non-accretable discount | 665 | — | — | — | 665 | ||||||||||||||
MSR impairment (recovery) | — | (45,127 | ) | — | — | (45,127 | ) | ||||||||||||
Transaction and non-recurring regulatory related expense | 5,252 | 29,543 | 3,056 | — | 37,851 | ||||||||||||||
Adjusted income (loss) before income tax | $ | 171,423 | $ | 8,210 | $ | (48,402 | ) | $ | — | $ | 131,231 | ||||||||
Total assets as of June 30, 2013 | $ | 15,588,567 | $ | 2,805,876 | $ | 194,395 | $ | (225,966 | ) | $ | 18,362,872 |
Business Segments Selected Financial Information | Table 7D | ||||||||||||||||||
Banking and Wealth Management | Mortgage Banking | Corporate Services | Eliminations | Consolidated | |||||||||||||||
(dollars in thousands) | |||||||||||||||||||
Six Months Ended June 30, 2012 | |||||||||||||||||||
Net interest income (loss) | $ | 221,346 | $ | 22,286 | $ | (3,025 | ) | $ | — | $ | 240,607 | ||||||||
Provision for loan and lease losses | 15,356 | 1,756 | — | — | 17,112 | ||||||||||||||
Net interest income after provision for loan and lease losses | 205,990 | 20,530 | (3,025 | ) | — | 223,495 | |||||||||||||
Noninterest income | 50,833 | 96,397 | 86 | — | 147,316 | ||||||||||||||
Noninterest expense: | |||||||||||||||||||
Foreclosure and OREO expense | 20,340 | 5,588 | — | — | 25,928 | ||||||||||||||
Other credit-related expenses | 1,421 | 16,183 | 12 | — | 17,616 | ||||||||||||||
All other noninterest expense | 113,410 | 117,550 | 60,100 | — | 291,060 | ||||||||||||||
Income (loss) before income tax | 121,652 | (22,394 | ) | (63,051 | ) | — | 36,207 | ||||||||||||
Adjustment items (pre-tax): | |||||||||||||||||||
Increase in Bank of Florida non-accretable discount | 4,191 | — | — | — | 4,191 | ||||||||||||||
MSR impairment | — | 45,279 | — | — | 45,279 | ||||||||||||||
Transaction and non-recurring regulatory related expense | — | 10,183 | 5,990 | — | 16,173 | ||||||||||||||
Adjusted income (loss) before income tax | $ | 125,843 | $ | 33,068 | $ | (57,061 | ) | $ | — | $ | 101,850 | ||||||||
Total assets as of June 30, 2012 | $ | 13,327,046 | $ | 1,902,152 | $ | 124,406 | $ | (312,780 | ) | $ | 15,040,824 |
Banking and Wealth Management | Table 8 | ||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
(dollars in thousands) | 2013 | 2012 | 2013 | 2012 | |||||||||||
Interest income | |||||||||||||||
Interest and fees on loans and leases | $ | 152,385 | $ | 126,296 | $ | 309,997 | $ | 243,197 | |||||||
Interest and dividends on investment securities | 14,813 | 20,699 | 31,063 | 41,248 | |||||||||||
Other interest income (1) | 12,397 | 8,084 | 23,058 | 15,285 | |||||||||||
Total interest income | 179,595 | 155,079 | 364,118 | 299,730 | |||||||||||
Interest expense | |||||||||||||||
Deposits | 26,560 | 20,411 | 53,378 | 41,379 | |||||||||||
Other borrowings | 18,425 | 9,587 | 36,478 | 17,004 | |||||||||||
Other interest expense (2) | 7,538 | 10,280 | 14,817 | 20,001 | |||||||||||
Total interest expense | 52,523 | 40,278 | 104,673 | 78,384 | |||||||||||
Net interest income | 127,072 | 114,801 | 259,445 | 221,346 | |||||||||||
Provision for loan and lease losses | (1,320 | ) | 5,041 | (1,399 | ) | 15,356 | |||||||||
Net interest income after provision for loan and lease losses | 128,392 | 109,760 | 260,844 | 205,990 | |||||||||||
Noninterest income | |||||||||||||||
Gain on sale of loans | 17,539 | 10,918 | 25,868 | 21,470 | |||||||||||
Other | 15,115 | 14,687 | 34,567 | 29,363 | |||||||||||
Total noninterest income | 32,654 | 25,605 | 60,435 | 50,833 | |||||||||||
Noninterest expense | |||||||||||||||
Salaries, commissions and employee benefits | 30,566 | 22,048 | 61,369 | 42,712 | |||||||||||
Equipment and occupancy | 13,718 | 12,283 | 27,272 | 23,631 | |||||||||||
Foreclosure and OREO | 6,577 | 12,378 | 11,862 | 20,340 | |||||||||||
Other general and administrative | 21,109 | 28,837 | 55,270 | 48,488 | |||||||||||
Total noninterest expense | 71,970 | 75,546 | 155,773 | 135,171 | |||||||||||
Income before income taxes | $ | 89,076 | $ | 59,819 | $ | 165,506 | $ | 121,652 |
(1) | Other interest income includes interest income from interest-bearing cash and cash equivalents and intersegment interest income. |
(2) | Other interest expense represents intersegment interest expense. |
Mortgage Banking | Table 9 | ||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
(dollars in thousands) | 2013 | 2012 | 2013 | 2012 | |||||||||||
Net interest income | $ | 15,719 | $ | 11,790 | $ | 28,733 | $ | 22,286 | |||||||
Provision for loan and lease losses | 1,349 | 716 | 3,347 | 1,756 | |||||||||||
Net interest income after provision for loan and lease losses | 14,370 | 11,074 | 25,386 | 20,530 | |||||||||||
Noninterest income | |||||||||||||||
Gain on sale of loans | 58,296 | 59,006 | 132,276 | 96,631 | |||||||||||
Loan servicing fee income: | |||||||||||||||
Loan servicing fee income | 48,228 | 44,697 | 91,318 | 92,386 | |||||||||||
Amortization and impairment of MSR | (1,771 | ) | (64,278 | ) | (22,553 | ) | (108,760 | ) | |||||||
Net loan servicing income | 46,457 | (19,581 | ) | 68,765 | (16,374 | ) | |||||||||
Other | 9,148 | 9,099 | 18,229 | 16,140 | |||||||||||
Total noninterest income | 113,901 | 48,524 | 219,270 | 96,397 | |||||||||||
Noninterest expense | |||||||||||||||
Salaries, commissions and employee benefits | 63,254 | 36,176 | 119,722 | 65,613 | |||||||||||
Equipment and occupancy | 8,179 | 4,684 | 15,604 | 9,157 | |||||||||||
Professional fees | 15,456 | 4,778 | 28,938 | 10,927 | |||||||||||
Foreclosure and OREO | 3,037 | 2,591 | 4,779 | 5,588 | |||||||||||
Other credit-related expenses | 612 | 4,193 | 2,270 | 16,183 | |||||||||||
Other general and administrative | 27,386 | 15,048 | 49,549 | 31,853 | |||||||||||
Total noninterest expense | 117,924 | 67,470 | 220,862 | 139,321 | |||||||||||
Income (loss) before income taxes | $ | 10,347 | $ | (7,872 | ) | $ | 23,794 | $ | (22,394 | ) |
Corporate Services | Table 10 | ||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
(dollars in thousands) | 2013 | 2012 | 2013 | 2012 | |||||||||||
Net interest income | $ | (1,574 | ) | $ | (1,607 | ) | $ | (3,145 | ) | $ | (3,025 | ) | |||
Noninterest income | 249 | (6 | ) | 408 | 86 | ||||||||||
Noninterest expense | |||||||||||||||
Salaries, commissions and employee benefits | 24,637 | 18,053 | 47,845 | 34,542 | |||||||||||
Equipment and occupancy | 6,357 | 5,939 | 12,614 | 11,415 | |||||||||||
Other general and administrative | 12,758 | 19,006 | 29,649 | 30,519 | |||||||||||
Intersegment allocations | (20,106 | ) | (10,231 | ) | (41,387 | ) | (16,364 | ) | |||||||
Total noninterest expense | 23,646 | 32,767 | 48,721 | 60,112 | |||||||||||
Loss before income taxes | $ | (24,971 | ) | $ | (34,380 | ) | $ | (51,458 | ) | $ | (63,051 | ) |
Investment Securities | Table 11 | ||||||||||||||||||
(dollars in thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | Carrying Amount | ||||||||||||||
June 30, 2013 | |||||||||||||||||||
Available for sale: | |||||||||||||||||||
Residential CMO securities - nonagency | $ | 1,340,741 | $ | 17,840 | $ | 7,263 | $ | 1,351,318 | $ | 1,351,318 | |||||||||
Asset-backed securities (ABS) | 6,672 | — | 843 | 5,829 | 5,829 | ||||||||||||||
Other | 333 | 272 | — | 605 | 605 | ||||||||||||||
Total available for sale securities | 1,347,746 | 18,112 | 8,106 | 1,357,752 | 1,357,752 | ||||||||||||||
Held to maturity: | |||||||||||||||||||
Residential CMO securities - agency | 61,526 | 2,187 | 31 | 63,682 | 61,526 | ||||||||||||||
Residential MBS - agency | 48,806 | 931 | 1,116 | 48,621 | 48,806 | ||||||||||||||
Corporate securities | 4,987 | — | 2,437 | 2,550 | 4,987 | ||||||||||||||
Total held to maturity securities | 115,319 | 3,118 | 3,584 | 114,853 | 115,319 | ||||||||||||||
Total investment securities | $ | 1,463,065 | $ | 21,230 | $ | 11,690 | $ | 1,472,605 | $ | 1,473,071 | |||||||||
December 31, 2012 | |||||||||||||||||||
Available for sale: | |||||||||||||||||||
Residential CMO securities - nonagency | $ | 1,577,270 | $ | 39,860 | $ | 5,355 | $ | 1,611,775 | $ | 1,611,775 | |||||||||
Asset-backed securities | 9,461 | — | 1,935 | 7,526 | 7,526 | ||||||||||||||
Other | 366 | 211 | — | 577 | 577 | ||||||||||||||
Total available for sale securities | 1,587,097 | 40,071 | 7,290 | 1,619,878 | 1,619,878 | ||||||||||||||
Held to maturity: | |||||||||||||||||||
Residential CMO securities - agency | 106,346 | 3,497 | — | 109,843 | 106,346 | ||||||||||||||
Residential MBS - agency | 31,901 | 1,986 | — | 33,887 | 31,901 | ||||||||||||||
Corporate securities | 4,987 | — | 2,008 | 2,979 | 4,987 | ||||||||||||||
Total held to maturity securities | 143,234 | 5,483 | 2,008 | 146,709 | 143,234 | ||||||||||||||
Total investment securities | $ | 1,730,331 | $ | 45,554 | $ | 9,298 | $ | 1,766,587 | $ | 1,763,112 |
Loans Held for Sale | Table 12A | ||||||
(dollars in thousands) | June 30, 2013 | December 31, 2012 | |||||
Mortgage warehouse (carried at fair value) | $ | 1,039,977 | $ | 1,452,236 | |||
Government insured pool buyouts | 139,982 | 96,635 | |||||
Other | 532,525 | 539,175 | |||||
Other (carried at fair value) | 287,906 | — | |||||
$ | 2,000,390 | $ | 2,088,046 |
Mortgage Warehouse | Table 12B | ||||||
(dollars in thousands) | June 30, 2013 | December 31, 2012 | |||||
30 days or less | $ | 752,254 | $ | 898,908 | |||
31- 90 days | 240,374 | 486,419 | |||||
Greater than 90 days | 47,349 | 66,909 | |||||
$ | 1,039,977 | $ | 1,452,236 |
Loans and Leases Held for Investment | Table 13 | ||||||
(dollars in thousands) | June 30, 2013 | December 31, 2012 | |||||
Residential mortgages: | |||||||
Residential | $ | 4,237,331 | $ | 3,949,284 | |||
Government insured pool buyouts | 2,348,785 | 2,759,464 | |||||
Commercial and commercial real estate | 5,090,332 | 4,771,768 | |||||
Lease financing receivables | 1,014,996 | 836,935 | |||||
Home equity lines | 169,296 | 179,600 | |||||
Consumer and credit card | 6,648 | 8,038 | |||||
Total loans and leases, net of discounts | 12,867,388 | 12,505,089 | |||||
Allowance for loan and lease losses | (73,469 | ) | (82,102 | ) | |||
Total loans and leases, net | $ | 12,793,919 | $ | 12,422,987 | |||
The balances presented above include: | |||||||
Net purchase loan and lease discounts | $ | 130,880 | $ | 164,132 | |||
Net deferred loan and lease origination costs | 37,232 | 25,275 |
Change in Mortgage Servicing Rights | Table 14 | ||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||
Balance, beginning of period | $ | 375,641 | $ | 462,420 | $ | 375,859 | $ | 489,496 | |||||||
Originated servicing rights capitalized upon sale of loans | 27,491 | 18,498 | 50,992 | 37,027 | |||||||||||
Acquired servicing rights | 63,555 | — | 63,555 | — | |||||||||||
Amortization | (35,945 | ) | (34,142 | ) | (71,023 | ) | (63,481 | ) | |||||||
Decrease (increase) in valuation allowance | 32,572 | (30,135 | ) | 45,127 | (45,279 | ) | |||||||||
Other | (596 | ) | (679 | ) | (1,792 | ) | (1,801 | ) | |||||||
Balance, end of period | $ | 462,718 | $ | 415,962 | $ | 462,718 | $ | 415,962 | |||||||
Valuation allowance: | |||||||||||||||
Balance, beginning of period | $ | 90,408 | $ | 54,599 | $ | 102,963 | $ | 39,455 | |||||||
Increase in valuation allowance | — | 30,135 | — | 45,279 | |||||||||||
Recoveries | (32,572 | ) | — | (45,127 | ) | — | |||||||||
Balance, end of period | $ | 57,836 | $ | 84,734 | $ | 57,836 | $ | 84,734 |
Other Assets | Table 15 | |||||||
(dollars in thousands) | June 30, 2013 | December 31, 2012 | ||||||
Foreclosure claims receivable, net of allowance of $11,970 and $11,721, respectively | $ | 201,878 | $ | 196,952 | ||||
Servicing advances, net of allowance of $9,533 and $11,518, respectively | 117,639 | 125,118 | ||||||
Accrued interest receivable | 79,859 | 82,965 | ||||||
Other real estate owned (OREO), net of allowance of $14,355 and $16,051, respectively | 57,722 | 55,277 | ||||||
Margin receivable, net | 100 | 40,260 | ||||||
Corporate advances, net | 51,075 | 47,778 | ||||||
Goodwill | 46,859 | 46,859 | ||||||
Fair value of derivatives, net | 109,230 | 33,261 | ||||||
Prepaid assets | 13,339 | 8,841 | ||||||
Intangible assets, net | 6,867 | 7,921 | ||||||
Other | 70,800 | 57,833 | ||||||
$ | 755,368 | $ | 703,065 |
Carrying Value of ACI Loans | Table 16 | ||||||||||
(dollars in thousands) | Bank of Florida | Other | Total | ||||||||
Under ASC 310-30 | |||||||||||
June 30, 2013 | |||||||||||
UPB or contractual net investment | $ | 431,343 | $ | 968,467 | $ | 1,399,810 | |||||
Plus: contractual interest due or unearned income | 180,999 | 763,669 | 944,668 | ||||||||
Contractual cash flows due | 612,342 | 1,732,136 | 2,344,478 | ||||||||
Less: nonaccretable difference | 113,448 | 653,680 | 767,128 | ||||||||
Less: Allowance for loan losses | 14,867 | 5,216 | 20,083 | ||||||||
Expected cash flows | 484,027 | 1,073,240 | 1,557,267 | ||||||||
Less: accretable yield | 92,462 | 135,060 | 227,522 | ||||||||
Carrying value | $ | 391,565 | $ | 938,180 | $ | 1,329,745 | |||||
Carrying value as a percentage of UPB or contractual net investment | 91 | % | 97 | % | 95 | % | |||||
December 31, 2012 | |||||||||||
UPB or contractual net investment | $ | 520,873 | $ | 913,020 | $ | 1,433,893 | |||||
Plus: contractual interest due or unearned income | 214,682 | 753,274 | 967,956 | ||||||||
Contractual cash flows due | 735,555 | 1,666,294 | 2,401,849 | ||||||||
Less: nonaccretable difference | 147,191 | 663,561 | 810,752 | ||||||||
Less: Allowance for loan losses | 16,789 | 5,175 | 21,964 | ||||||||
Expected cash flows | 571,575 | 997,558 | 1,569,133 | ||||||||
Less: accretable yield | 99,201 | 121,207 | 220,408 | ||||||||
Carrying value | $ | 472,374 | $ | 876,351 | $ | 1,348,725 | |||||
Carrying value as a percentage of UPB or contractual net investment | 91 | % | 96 | % | 94 | % |
Recorded Investment of Non-ACI Loans and Leases (1) | Table 17 | ||||||||||||||||||
(dollars in thousands) | Residential | Commercial and Commercial Real Estate | Lease Financing Receivables | Other | Total | ||||||||||||||
Under ASC 310-20 | |||||||||||||||||||
June 30, 2013 | |||||||||||||||||||
UPB or contractual net investment | $ | 2,545,558 | $ | 2,040,419 | $ | 53,401 | $ | 29,704 | $ | 4,669,082 | |||||||||
Less: net purchase discount (premium) | 73,140 | (19,932 | ) | 8,864 | 11,499 | 73,571 | |||||||||||||
Recorded investment | $ | 2,472,418 | $ | 2,060,351 | $ | 44,537 | $ | 18,205 | $ | 4,595,511 | |||||||||
Recorded investment as a percentage of UPB or contractual net investment | 97 | % | 101 | % | 83 | % | 61 | % | 98 | % | |||||||||
December 31, 2012 | |||||||||||||||||||
UPB or contractual net investment | $ | 3,069,948 | $ | 2,099,190 | $ | 93,042 | $ | 31,838 | $ | 5,294,018 | |||||||||
Less: net purchase discount (premium) | 89,595 | (22,018 | ) | 17,841 | 12,469 | 97,887 | |||||||||||||
Recorded investment | $ | 2,980,353 | $ | 2,121,208 | $ | 75,201 | $ | 19,369 | $ | 5,196,131 | |||||||||
Recorded investment as a percentage of UPB or contractual net investment | 97 | % | 101 | % | 81 | % | 61 | % | 98 | % |
(1) | This presentation of non-ACI loans and losses has been amended to report loans based on portfolio segment. Commercial and commercial real estate includes loans acquired from Business Property Lending, Inc. (BPL), which have been revised as of December 31, 2012 based on the updated loan stratification as disclosed in Note 3. |
Non-Performing Assets (1) | Table 18 | ||||||
(dollars in thousands) | June 30, 2013 | December 31, 2012 | |||||
Nonaccrual loans and leases: | |||||||
Residential mortgages | $ | 64,230 | $ | 73,752 | |||
Commercial and commercial real estate | 60,636 | 76,289 | |||||
Lease financing receivables | 2,601 | 2,010 | |||||
Home equity lines | 4,368 | 4,246 | |||||
Consumer and credit card | 243 | 332 | |||||
Total nonaccrual loans and leases | 132,078 | 156,629 | |||||
Accruing loans 90 days or more past due | — | — | |||||
Total non-performing loans (NPL) | 132,078 | 156,629 | |||||
Other real estate owned | 36,528 | 40,492 | |||||
Total non-performing assets | 168,606 | 197,121 | |||||
Troubled debt restructurings less than 90 days past due | 82,236 | 90,094 | |||||
Total NPA and TDR (1) | $ | 250,842 | $ | 287,215 | |||
Total NPA and TDR | $ | 250,842 | $ | 287,215 | |||
Government insured 90 days or more past due still accruing | 1,405,848 | 1,729,877 | |||||
Loans and leases accounted for under ASC 310-30: | |||||||
90 days or more past due | 54,054 | 79,984 | |||||
OREO | 21,194 | 16,528 | |||||
Total regulatory NPA and TDR | $ | 1,731,938 | $ | 2,113,604 |
Adjusted credit quality ratios: (1) | |||||
NPL to total loans | 0.89 | % | 1.08 | % | |
NPA to total assets | 0.92 | % | 1.08 | % | |
NPA and TDR to total assets | 1.37 | % | 1.57 | % | |
Credit quality ratios including government insured loans and loans and leases accounted for under ASC 310-30 : | |||||
NPL to total loans | 10.76 | % | 13.55 | % | |
NPA to total assets | 8.98 | % | 11.09 | % | |
NPA and TDR to total assets | 9.43 | % | 11.59 | % |
(1) | We define NPA as nonaccrual loans, accruing loans past due 90 days or more and foreclosed property. Our NPA calculation excludes government insured pool buyout loans for which payment is insured by the government. We also exclude ACI loans and foreclosed property accounted for under ASC 310-30 because we expect to fully collect the carrying value of such loans and foreclosed property. |
Analysis for Loan and Lease Losses | Table 19 | ||||||||||||||||||||||
June 30, 2013 | December 31, 2012 | ||||||||||||||||||||||
(dollars in thousands) | Excluding ACI Loans | ACI Loans | Total | Excluding ACI Loans | ACI Loans | Total | |||||||||||||||||
Residential mortgages | $ | 23,469 | $ | 5,216 | $ | 28,685 | $ | 28,456 | $ | 5,175 | $ | 33,631 | |||||||||||
Commercial and commercial real estate | 22,014 | 14,867 | 36,881 | 23,074 | 16,789 | 39,863 | |||||||||||||||||
Lease financing receivables | 4,073 | — | 4,073 | 3,181 | — | 3,181 | |||||||||||||||||
Home equity lines | 3,688 | — | 3,688 | 5,265 | — | 5,265 | |||||||||||||||||
Consumer and credit card | 142 | — | 142 | 162 | — | 162 | |||||||||||||||||
Total ALLL | $ | 53,386 | $ | 20,083 | $ | 73,469 | $ | 60,138 | $ | 21,964 | $ | 82,102 | |||||||||||
ALLL as a percentage of loans and leases held for investment | 0.46 | % | 1.49 | % | 0.57 | % | 0.54 | % | 1.60 | % | 0.66 | % | |||||||||||
Residential mortgages | $ | 5,708,726 | $ | 877,390 | $ | 6,586,116 | $ | 5,843,136 | $ | 865,612 | $ | 6,708,748 | |||||||||||
Commercial and commercial real estate | 4,617,894 | 472,438 | 5,090,332 | 4,266,691 | 505,077 | 4,771,768 | |||||||||||||||||
Lease financing receivables | 1,014,996 | — | 1,014,996 | 836,935 | — | 836,935 | |||||||||||||||||
Home equity lines | 169,296 | — | 169,296 | 179,600 | — | 179,600 | |||||||||||||||||
Consumer and credit card | 6,648 | — | 6,648 | 8,038 | — | 8,038 | |||||||||||||||||
Total loans and leases held for investment | $ | 11,517,560 | $ | 1,349,828 | $ | 12,867,388 | $ | 11,134,400 | $ | 1,370,689 | $ | 12,505,089 |
Allowance for Loan and Lease Losses Activity | Table 20 | ||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
(dollars in thousands) | 2013 | 2012 | 2013 | 2012 | |||||||||||
ALLL, beginning of period | $ | 77,067 | $ | 78,254 | $ | 82,102 | $ | 77,765 | |||||||
Charge-offs: | |||||||||||||||
Residential mortgages | 3,271 | 4,139 | 8,340 | 10,833 | |||||||||||
Commercial and commercial real estate | 2,781 | 1,710 | 4,228 | 4,004 | |||||||||||
Lease financing receivables | 988 | 917 | 1,696 | 2,098 | |||||||||||
Home equity lines | 627 | 484 | 1,116 | 1,592 | |||||||||||
Consumer and credit card | 17 | 40 | 37 | 51 | |||||||||||
Total charge-offs | 7,684 | 7,290 | 15,417 | 18,578 | |||||||||||
Recoveries: | |||||||||||||||
Residential mortgages | 117 | 162 | 228 | 305 | |||||||||||
Commercial and commercial real estate | 3,549 | 411 | 3,992 | 579 | |||||||||||
Lease financing receivables | 253 | 29 | 332 | 65 | |||||||||||
Home equity lines | 120 | 55 | 249 | 116 | |||||||||||
Consumer and credit card | 18 | 15 | 35 | 29 | |||||||||||
Total recoveries | 4,057 | 672 | 4,836 | 1,094 | |||||||||||
Net charge-offs | 3,627 | 6,618 | 10,581 | 17,484 | |||||||||||
Provision for loan and lease losses | 29 | 5,757 | 1,948 | 17,112 | |||||||||||
ALLL, end of period | $ | 73,469 | $ | 77,393 | $ | 73,469 | $ | 77,393 | |||||||
Net charge-offs to average loans held for investment | 0.12 | % | 0.34 | % | 0.17 | % | 0.49 | % |
Loan Repurchase Activity | Table 21 | ||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
(dollars in thousands) | 2013 | 2012 | 2013 | 2012 | |||||||||||
Agency | 26 | 46 | 76 | 81 | |||||||||||
Agency Aggregators / Non-GSE (1) | 54 | 84 | 120 | 164 | |||||||||||
Repurchase requests received | 80 | 130 | 196 | 245 | |||||||||||
Agency | 24 | 43 | 47 | 57 | |||||||||||
Agency Aggregators / Non-GSE (1) | 38 | 76 | 94 | 82 | |||||||||||
Requests successfully defended | 62 | 119 | 141 | 139 | |||||||||||
Agency | 6 | 19 | 14 | 25 | |||||||||||
Agency Aggregators / Non-GSE (1) | 22 | 31 | 49 | 33 | |||||||||||
Loans repurchased, indemnified or made whole | 28 | 50 | 63 | 58 | |||||||||||
Agency | $ | 576 | $ | 576 | $ | 1,302 | $ | 2,183 | |||||||
Agency Aggregators / Non-GSE (1) | 2,116 | 1,851 | 4,454 | 3,478 | |||||||||||
Net realized losses on loan repurchases | $ | 2,692 | $ | 2,427 | $ | 5,756 | $ | 5,661 | |||||||
Years of origination of loans repurchased | 2006-2013 | 2001-2011 | 2004-2013 | 2001-2011 |
(1) | Includes a majority of agency deliverable products that were sold to large aggregators of agency product who securitized and sold the loans to the agencies. |
Summary Statistics by Vintage | Table 22 | ||||||||||||||
Losses to date | 2004-2005 | 2006-2008 | 2009-2013 | Total | |||||||||||
(dollars in thousands) | |||||||||||||||
Total sold UPB | $ | 11,334,198 | $ | 11,977,829 | $ | 30,984,369 | $ | 54,296,396 | |||||||
Request rate(2) | 0.36 | % | 2.31 | % | 0.31 | % | 0.79 | % | |||||||
Requests received | 183 | 1,328 | 420 | 1,931 | |||||||||||
Pending requests | 13 | 209 | 30 | 252 | |||||||||||
Resolved requests | 170 | 1,119 | 390 | 1,679 | |||||||||||
Repurchase rate | 42 | % | 41 | % | 28 | % | 38 | % | |||||||
Loans repurchased | 71 | 454 | 111 | 636 | |||||||||||
Average loan size | $ | 221,770 | $ | 208,597 | $ | 227,949 | $ | 222,111 | |||||||
Loss severity | 12 | % | 48 | % | 29 | % | 38 | % | |||||||
Losses realized | $ | 1,815 | $ | 44,994 | $ | 7,323 | $ | 54,132 | |||||||
Losses realized (bps) (1) | 2 | 38 | 2 | 10 |
(1) | Basis Points |
(2) | Request rate is calculated as the number of requests received to date, compared to the total number of loans sold for the period. |
Reserves for Loans Sold or Securitized | Table 23 | ||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||
(dollars in thousands) | June 30, 2013 | June 30, 2012 | June 30, 2013 | June 30, 2012 | |||||||||||
Balance, beginning of period | $ | 24,866 | $ | 35,000 | $ | 27,000 | $ | 32,000 | |||||||
Provision for new sales/securitizations | 846 | 306 | 2,112 | 690 | |||||||||||
Provision for changes in estimate of existing reserves | (1,060 | ) | 1,121 | (1,396 | ) | 6,971 | |||||||||
Net realized losses on repurchases | (2,692 | ) | (2,427 | ) | (5,756 | ) | (5,661 | ) | |||||||
Balance, end of period | $ | 21,960 | $ | 34,000 | $ | 21,960 | $ | 34,000 | |||||||
Quarters of coverage ratio(1) | 5 | 13 | 5 | 13 |
(1) | Quarters of coverage ratio is calculated as the current reserve for repurchases divided by the average realized losses over the previous four quarters. |
Repurchase Requests (UPB) | Table 24 | ||||||||||||||||||||||||||
(dollars in thousands) | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | Total | ||||||||||||||||||||
June 30, 2012 | $ | — | $ | 2,658 | $ | 2,617 | $ | 10,463 | $ | 6,117 | $ | 3,899 | $ | 25,754 | |||||||||||||
March 31, 2013 | — | 565 | 1,917 | 7,652 | 5,589 | 1,601 | 17,324 | ||||||||||||||||||||
June 30, 2013 | 318 | 268 | 2,771 | 4,995 | 2,059 | 340 | 10,751 | ||||||||||||||||||||
Pending Pipeline (UPB) | Table 25 | ||||||||||||||||||||||||||
(dollars in thousands) | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | Total | ||||||||||||||||||||
June 30, 2012 | $ | 973 | $ | 3,238 | $ | 6,444 | $ | 30,058 | $ | 16,288 | $ | 5,817 | $ | 62,818 | |||||||||||||
March 31, 2013 | 662 | 1,423 | 5,456 | 22,323 | 14,763 | 2,740 | 47,367 | ||||||||||||||||||||
June 30, 2013 | 852 | 1,000 | 5,362 | 21,073 | 13,025 | 2,007 | 43,319 |
Sensitivity of Repurchase Reserve | Table 26 | ||||||||||||||||||
Frequency and Severity | |||||||||||||||||||
(dollars in thousands) | Up 20% | Up 10% | Base | Down 10% | Down 20% | ||||||||||||||
Reserve for originated loan repurchases | $ | 27,429 | $ | 24,570 | $ | 21,960 | $ | 19,598 | $ | 17,485 |
Reserves for Repurchase Obligations for Loans Serviced | Table 27 | ||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||
(dollars in thousands) | June 30, 2013 | June 30, 2012 | June 30, 2013 | June 30, 2012 | |||||||||||
Balance, beginning of period | $ | 23,599 | $ | 30,427 | $ | 26,026 | $ | 30,364 | |||||||
Provision for changes in estimate of existing reserves (2) | 1,690 | 2,868 | 1,289 | 5,899 | |||||||||||
Net realized losses on repurchases(2) | (1,771 | ) | (5,655 | ) | (3,797 | ) | (8,623 | ) | |||||||
Balance, end of period | $ | 23,518 | $ | 27,640 | $ | 23,518 | $ | 27,640 | |||||||
Quarters of coverage ratio (1) | 9 | 6 | 9 | 6 |
(1) | Quarters of coverage ratio is calculated as the current reserve for repurchases divided by the average realized losses over the previous four quarters. |
(2) | We have restated realized losses and the provision for the quarter ended March 31, 2013 due to an overstatement in the amount of losses realized. |
Sensitivity of Servicing Repurchase Losses | Table 28 | ||||||||||||||||||
Frequency and Severity | |||||||||||||||||||
(dollars in thousands) | Up 20% | Up 10% | Base | Down 10% | Down 20% | ||||||||||||||
Reserve for servicing repurchase losses | $ | 36,105 | $ | 30,338 | $ | 23,518 | $ | 20,309 | $ | 16,047 |
Deposits | Table 29 | ||||||
(dollars in thousands) | June 30, 2013 | December 31, 2012 | |||||
Noninterest-bearing demand | $ | 1,205,326 | $ | 1,445,783 | |||
Interest-bearing demand | 3,081,670 | 2,681,769 | |||||
Market-based money market accounts | 413,722 | 439,399 | |||||
Savings and money market accounts, excluding market-based | 5,153,072 | 4,451,843 | |||||
Market-based time | 637,145 | 736,612 | |||||
Time, excluding market-based | 3,178,931 | 3,386,982 | |||||
Total deposits | $ | 13,669,866 | $ | 13,142,388 |
FHLB Borrowings | Table 30 | ||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
(dollars in thousands) | 2013 | 2012 | 2013 | 2012 | |||||||||||
Fixed-rate advances: | |||||||||||||||
Average daily balance | $ | 2,507,634 | $ | 1,734,722 | $ | 2,480,635 | $ | 1,263,496 | |||||||
Weighted-average interest rate | 1.95 | % | 1.55 | % | 1.98 | % | 1.84 | % | |||||||
Maximum month-end amount | $ | 2,542,700 | $ | 1,670,586 | $ | 2,542,700 | $ | 1,670,586 | |||||||
Convertible advances: | |||||||||||||||
Average daily balance | $ | 13,077 | $ | 31,692 | $ | 15,028 | $ | 37,132 | |||||||
Weighted-average interest rate | 4.24 | % | 4.45 | % | 4.24 | % | 4.44 | % | |||||||
Maximum month-end amount | $ | 17,000 | $ | 34,000 | $ | 17,000 | $ | 44,000 | |||||||
Overnight advances: | |||||||||||||||
Average daily balance | $ | 12,912 | $ | 301,555 | $ | 68,343 | $ | 263,901 | |||||||
Weighted-average interest rate | 0.36 | % | 0.40 | % | 0.39 | % | 0.39 | % | |||||||
Maximum month-end amount | $ | 125,000 | $ | 840,500 | $ | 200,500 | $ | 840,500 |
Repurchase Agreements | Table 31 | ||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
(dollars in thousands) | 2013 | 2012 | 2013 | 2012 | |||||||||||
Repurchase agreements: | |||||||||||||||
Average daily balance | $ | — | $ | 20,000 | $ | 28,121 | $ | 20,965 | |||||||
Weighted-average interest rate | — | % | 3.29 | % | 1.94 | % | 3.21 | % | |||||||
Maximum month-end amount | $ | — | $ | 20,000 | $ | 20,000 | $ | 20,000 |
Regulatory Capital (bank level) | Table 32 | |||||||
(dollars in thousands) | June 30, 2013 | December 31, 2012 | ||||||
Shareholders’ equity | $ | 1,598,419 | $ | 1,518,934 | ||||
Less: | Goodwill and other intangibles | (51,807 | ) | (54,780 | ) | |||
Disallowed servicing asset | (36,182 | ) | (32,378 | ) | ||||
Disallowed deferred tax asset | (65,406 | ) | (67,296 | ) | ||||
Add: | Accumulated losses on securities and cash flow hedges | 78,181 | 83,477 | |||||
Tier 1 Capital | 1,523,205 | 1,447,957 | ||||||
Add: | Allowance for loan and lease losses | 73,469 | 82,102 | |||||
Total regulatory capital | $ | 1,596,674 | $ | 1,530,059 | ||||
Adjusted total assets | $ | 18,287,359 | $ | 18,141,856 | ||||
Risk-weighted assets | 11,656,698 | 11,339,415 |
Regulatory Capital Ratios (bank level) | Table 33 | |||||||||||||||||||
Actual | For OCC Capital Adequacy Purposes | To Be Well Capitalized Under Prompt Corrective Action Provisions | ||||||||||||||||||
(dollars in thousands) | Capital | Ratio | Minimum Amount | Ratio | Minimum Amount | Ratio | ||||||||||||||
June 30, 2013 | ||||||||||||||||||||
Tier 1 capital to adjusted tangible assets | $ | 1,523,205 | 8.3 | % | $ | 731,494 | 4.0 | % | $ | 914,368 | 5.0 | % | ||||||||
Total capital to risk-weighted assets | 1,596,674 | 13.7 | 932,536 | 8.0 | 1,165,670 | 10.0 | ||||||||||||||
Tier 1 capital to risk-weighted assets | 1,523,205 | 13.1 | N/A | N/A | 699,402 | 6.0 | ||||||||||||||
December 31, 2012 | ||||||||||||||||||||
Tier 1 capital to adjusted tangible assets | $ | 1,447,957 | 8.0 | % | $ | 725,674 | 4.0 | % | $ | 907,093 | 5.0 | % | ||||||||
Total capital to risk-weighted assets | 1,530,059 | 13.5 | 907,153 | 8.0 | 1,133,942 | 10.0 | ||||||||||||||
Tier 1 capital to risk-weighted assets | 1,447,957 | 12.8 | N/A | N/A | 680,365 | 6.0 |
Interest Rate Sensitivity | Table 34 | ||||||||||||
(dollars in thousands) | June 30, 2013 | December 31, 2012 | |||||||||||
Net Change in EVE | % Change of EVE | Net Change in EVE | % Change of EVE | ||||||||||
Up 300 basis points | $ | 248,633 | 11.6 | % | $ | 392,915 | 17.1 | % | |||||
Up 200 basis points | 228,875 | 10.7 | % | 348,431 | 15.2 | % | |||||||
Up 100 basis points | 154,636 | 7.2 | % | 217,315 | 9.5 | % | |||||||
Down 100 basis points | (244,866 | ) | (11.5 | )% | (300,577 | ) | (13.1 | )% |
EverBank Financial Corp | |||
Date: | July 31, 2013 | /s/ Robert M. Clements | |
Robert M. Clements | |||
Chairman of the Board and Chief Executive Officer | |||
(Principal Executive Officer) | |||
Date: | July 31, 2013 | /s/ Steven J. Fischer | |
Steven J. Fischer | |||
Executive Vice President and Chief Financial Officer | |||
(Principal Financial and Accounting Officer) |
Exhibit No. | Description | |
3.1 | Amended and Restated Certificate of Incorporation of EverBank Financial Corp (filed as Exhibit 3.1 to the Company's Quarterly Report on Form 10-Q filed with the SEC on November 13, 2012 and incorporated herein by reference) | |
3.2 | Amended and Restated Bylaws of EverBank Financial Corp (filed as Exhibit 3.2 to the Company's Quarterly Report on Form 10-Q filed with the SEC on May 30, 2012 and incorporated herein by reference) | |
31.1 | Certification of Chief Executive Officer pursuant to Rule 13a-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.** | |
31.2 | Certification of Chief Financial Officer pursuant to Rule 13a-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.** | |
32.1 | Certification of Chief Executive Officer pursuant to Rule pursuant to Rule 13a-14(b) and 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.** | |
32.2 | Certification of Chief Financial Officer pursuant to Rule pursuant to Rule 13a-14(b) and 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.** | |
101 | The following materials from the Company’s 10-Q for the period ended June 30, 2013, formatted in Extensible Business Reporting Language (XBRL): (a) Condensed Consolidated Balance Sheets; (b) Condensed Consolidated Statements of Income; (c) Condensed Consolidated Statements of Comprehensive Income (Loss); (d) Condensed Consolidated Statements of Shareholders’ Equity; (e) Condensed Consolidated Statements of Cash Flows; and (f) Notes to Condensed Consolidated Financial Statements.* | |
* | Furnished herewith. Pursuant to Rule 406T of Regulation S-T, these interactive data files are deemed not filed or part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933 or Section 18 of the Securities Exchange Act of 1934, as amended, and otherwise are not subject to liability under those sections. | |
** | Filed herewith |
1. | I have reviewed this Quarterly Report on Form 10-Q of EverBank Financial Corp; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d–15(e)) for the registrant and have: |
a. | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b. | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
c. | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
a. | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
b. | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
/s/ Robert M. Clements |
Robert M. Clements |
Chief Executive Officer |
(Principal Executive Officer) |
Date: July 31, 2013 |
1. | I have reviewed this Quarterly Report on Form 10-Q of EverBank Financial Corp; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d–15(e)) for the registrant and have: |
a. | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b. | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
c. | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
a. | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
b. | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
/s/ Steven J. Fischer |
Steven J. Fischer |
Chief Financial Officer |
(Principal Financial and Accounting Officer) |
Date: July 31, 2013 |
(1) | The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
(2) | the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
/s/ Robert M. Clements | |
Robert M. Clements | |
Chief Executive Officer (Principal Executive Officer) | |
EverBank Financial Corp | |
July 31, 2013 |
(1) | The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
(2) | the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
/s/ Steven J. Fischer | |
Steven J. Fischer | |
Chief Financial Officer (Principal Financial and Accounting Officer) | |
EverBank Financial Corp | |
July 31, 2013 |
Servicing Activities and Mortgage Servicing Rights Sensitivity Analysis (Details) (Residential Mortgage [Member], Mortgage Servicing Rights [Member], USD $)
In Thousands, unless otherwise specified |
Jun. 30, 2013
|
Dec. 31, 2012
|
---|---|---|
Residential Mortgage [Member] | Mortgage Servicing Rights [Member]
|
||
Prepayment Rate [Abstract] | ||
10% adverse rate change | $ 22,707 | $ 23,100 |
20% adverse rate change | 43,670 | 44,232 |
Discount Rate [Abstract] | ||
10% adverse rate change | 16,001 | 12,696 |
20% adverse rate change | $ 30,952 | $ 24,539 |
Share-Based Compensation Textual (Details) (USD $)
In Thousands, except Share data, unless otherwise specified |
0 Months Ended | 6 Months Ended |
---|---|---|
Mar. 06, 2013
|
Jun. 30, 2013
|
|
Share-based Compensation [Abstract] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 1,332,500 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 537,154 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 7.53 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Total Intrinsic Value | $ 9,321 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 274,548 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 16.60 |
Fair Value Measurements Fair Value Option Quantitative Disclosures (Details) (USD $)
|
Jun. 30, 2013
|
Dec. 31, 2012
|
---|---|---|
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Loans Held-for-sale, Fair Value Disclosure | $ 1,327,883,000 | $ 1,452,236,000 |
Aggregate Fair Value Under Fair Value Option [Member]
|
||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Loans Held-for-sale, Fair Value Disclosure | 1,327,883,000 | 1,452,236,000 |
Aggregate Unpaid Principal Balance Under Fair Value Option [Member]
|
||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Loans Held-for-sale, Fair Value Disclosure | 1,335,129,000 | 1,387,423,000 |
Fair Value, Option, Aggregate Fair Value Over Under Aggregate Unpaid Principal Balance [Member]
|
||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Loans Held-for-sale, Fair Value Disclosure | $ (7,246,000) | $ 64,813,000 |
Commitments and Contingencies Federal Reserve Requirement - Textual (Details) (USD $)
In Thousands, unless otherwise specified |
Jun. 30, 2013
|
Dec. 31, 2012
|
---|---|---|
Commitments and Contingencies Disclosure [Abstract] | ||
Cash Reserve Deposit Required and Made | $ 147,678 | $ 154,706 |
Share-Based Compensation (Notes)
|
6 Months Ended | ||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2013
|
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Share-based Compensation [Abstract] | |||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 10. Share-Based Compensation Option Plans - On March 6, 2013, the Company granted 537,154 options with a fair value on the grant date of $7.53. The fair value of each option award was estimated as of the grant date using the Black-Scholes option-pricing model. Significant assumptions used in the Black-Scholes option-pricing model to determine the fair value of stock options are as follows:
The 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 option terms were based on the Company’s historical exercise and post-vesting termination behaviors. The Company analyzes a group of publicly-traded peer institutions to determine the expected volatility of its stock. The peer group is assessed for adequacy annually, or as circumstances indicate significant changes to the composition of the peer group are warranted. Volatility for the Company's stock is estimated utilizing the average volatility calculated for the peer group, which is based upon daily price observations over the estimated term of the options granted. During the six months ended June 30, 2013, 1,332,500 options were exercised with a total intrinsic value of $9,321. Nonvested Stock - The Company issued 274,548 nonvested shares of stock to certain employees as an incentive for continued employment and certain directors in lieu of cash payouts for compensation during the six months ended June 30, 2013. The weighted-average grant date fair value of these shares was $16.60. |
Investment Securities Unrealized Losses (Details) (USD $)
In Thousands, unless otherwise specified |
6 Months Ended | 12 Months Ended |
---|---|---|
Jun. 30, 2013
|
Dec. 31, 2012
|
|
Schedule of Available-for-sale and Held-to-maturity Securities [Line Items] | ||
Amount of Unrealized Losses of Debt Securities Rated Investment Grade | $ 7,856 | |
Debt Securities [Member]
|
||
Schedule of Available-for-sale and Held-to-maturity Securities [Line Items] | ||
Less Than 12 Months, Fair Value | 396,925 | 57,715 |
Less Than 12 Months, Unrealized Losses | 6,914 | 299 |
12 Months Or Greater, Fair Value | 54,293 | 193,790 |
12 Months Or Greater, Unrealized Losses | 4,776 | 8,999 |
Total Fair Value | 451,218 | 251,505 |
Total Unrealized Losses | 11,690 | 9,298 |
Residential CMO securities - nonagency [Member]
|
||
Schedule of Available-for-sale and Held-to-maturity Securities [Line Items] | ||
Less than 12 Months, Fair Value | 349,489 | 57,715 |
Less than 12 Months, Unrealized Losses | 5,767 | 299 |
12 Months or Greater, Fair Value | 45,914 | 183,285 |
12 Months or Greater, Unrealized Losses | 1,496 | 5,056 |
Total Fair Value | 395,403 | 241,000 |
Amount of Unrealized Losses of Debt Securities Rated Investment Grade | 5,355 | |
Total Unrealized Losses | 7,263 | |
Residential CMO securities - agency
|
||
Schedule of Available-for-sale and Held-to-maturity Securities [Line Items] | ||
Less than 12 Months, Fair Value | 11,686 | |
Less than 12 Months, Unrealized Losses | 31 | |
12 Months or Greater, Fair Value | 0 | |
12 Months or Greater, Unrealized Losses | 0 | |
Total Fair Value | 11,686 | |
Total Unrealized Losses | 31 | |
Residential MBS - agency [Member]
|
||
Schedule of Available-for-sale and Held-to-maturity Securities [Line Items] | ||
Less than 12 Months, Fair Value | 35,750 | |
Less than 12 Months, Unrealized Losses | 1,116 | |
12 Months or Greater, Fair Value | 0 | |
12 Months or Greater, Unrealized Losses | 0 | |
Total Fair Value | 35,750 | |
Total Unrealized Losses | 1,116 | |
Asset-backed securities (ABS) [Member]
|
||
Schedule of Available-for-sale and Held-to-maturity Securities [Line Items] | ||
Less than 12 Months, Fair Value | 0 | 0 |
Less than 12 Months, Unrealized Losses | 0 | 0 |
12 Months or Greater, Fair Value | 5,829 | 7,526 |
12 Months or Greater, Unrealized Losses | 843 | 1,935 |
Total Fair Value | 5,829 | 7,526 |
Total Unrealized Losses | 843 | 1,935 |
Corporate securities [Member]
|
||
Schedule of Available-for-sale and Held-to-maturity Securities [Line Items] | ||
Less than 12 Months, Fair Value | 0 | 0 |
Less than 12 Months, Unrealized Losses | 0 | 0 |
12 Months or Greater, Fair Value | 2,550 | 2,979 |
12 Months or Greater, Unrealized Losses | 2,437 | 2,008 |
Total Fair Value | 2,550 | 2,979 |
Total Unrealized Losses | $ 2,437 | $ 2,008 |
Condensed Consolidated Statements of Income (Unaudited) (USD $)
In Thousands, except Per Share data, unless otherwise specified |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2013
|
Jun. 30, 2012
|
Jun. 30, 2013
|
Jun. 30, 2012
|
|
Interest Income | ||||
Interest and fees on loans and leases | $ 172,723 | $ 135,816 | $ 346,509 | $ 260,594 |
Interest and dividends on investment securities | 14,813 | 20,699 | 31,063 | 41,248 |
Other interest income | 317 | 82 | 615 | 186 |
Total interest income | 187,853 | 156,597 | 378,187 | 302,028 |
Interest Expense | ||||
Deposits | 26,567 | 20,419 | 53,390 | 41,393 |
Other borrowings | 20,069 | 11,194 | 39,764 | 20,028 |
Total interest expense | 46,636 | 31,613 | 93,154 | 61,421 |
Net Interest Income | 141,217 | 124,984 | 285,033 | 240,607 |
Provision for Loan and Lease Losses | 29 | 5,757 | 1,948 | 17,112 |
Net Interest Income after Provision for Loan and Lease Losses | 141,188 | 119,227 | 283,085 | 223,495 |
Noninterest Income | ||||
Loan servicing fee income | 47,192 | 42,483 | 89,355 | 88,039 |
Amortization and impairment of mortgage servicing rights | (3,373) | (64,277) | (25,896) | (108,760) |
Net loan servicing income | 43,819 | (21,794) | 63,459 | (20,721) |
Gain on sale of loans | 75,837 | 69,926 | 158,148 | 118,103 |
Loan production revenue | 10,063 | 9,852 | 19,552 | 17,289 |
Deposit fee income | 4,290 | 5,828 | 10,215 | 12,067 |
Other lease income | 6,471 | 8,822 | 12,882 | 17,485 |
Other | 6,324 | 1,489 | 15,857 | 3,093 |
Total noninterest income | 146,804 | 74,123 | 280,113 | 147,316 |
Noninterest Expense | ||||
Salaries, commissions and other employee benefits expense | 118,457 | 76,277 | 228,936 | 142,867 |
Equipment expense | 20,707 | 16,889 | 40,559 | 32,837 |
Occupancy expense | 7,547 | 6,017 | 14,931 | 11,366 |
General and administrative expense | 66,829 | 76,600 | 140,930 | 147,534 |
Total noninterest expense | 213,540 | 175,783 | 425,356 | 334,604 |
Income before Provision for Income Taxes | 74,452 | 17,567 | 137,842 | 36,207 |
Provision for Income Taxes | 28,459 | 6,395 | 52,703 | 13,189 |
Net Income | 45,993 | 11,172 | 85,139 | 23,018 |
Less: Net Income Allocated to Preferred Stock | (2,531) | (1,685) | (5,062) | (7,664) |
Net Income Allocated to Common Shareholders | $ 43,462 | $ 9,487 | $ 80,077 | $ 15,354 |
Basic Earnings Per Common Share | $ 0.36 | $ 0.09 | $ 0.66 | $ 0.17 |
Diluted Earnings Per Common Share | $ 0.35 | $ 0.09 | $ 0.65 | $ 0.17 |
Dividends Declared Per Common Share | $ 0.02 | $ 0.00 | $ 0.04 | $ 0.00 |
Acquisition Activities (Notes)
|
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2013
|
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Acquisition Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination Disclosure [Text Block] | 3. Acquisition Activities Acquisition of Business Property Lending, Inc. - On October 1, 2012, EB, a wholly owned subsidiary of the Company, acquired 100% of the outstanding common shares of Business Property Lending, Inc. (BPL), a wholly owned subsidiary of General Electric Capital Corporation (GECC) for cash consideration of $2,401,398. The acquisition provided the Company with an established and operating platform for expanding its originating capacity nationwide originating commercial real estate loans to small and mid-size business clients. The transaction was accounted for using the acquisition method with the consideration paid allocated to all identifiable assets and liabilities acquired. Under the acquisition method of accounting, the measurement period for a transaction is to extend for a period necessary to obtain all available information to facilitate a complete and accurate recording of the transaction as of the acquisition date. This period, however, may not extend beyond a period of one year from the date of acquisition. In the event information not available at the time of acquisition is obtained during the measurement period that would affect the recording of the transaction, any applicable adjustments are to be performed retrospectively adjusting the initial recording of the acquisition. The fair value of assets acquired included financing receivables for commercial real estate with a fair value of $2,337,123 that was comprised of both loans accounted for under ASC 310-20, Receivables, Nonrefundable Fees and Other Costs, as well as loans accounted for under ASC 310-30, Loans and Debt Securities Acquired with Deteriorated Credit Quality. Subsequent to the initial recording of the transaction, additional reviews into the ASC 310-20 population identified that evidence of deteriorated credit quality existed for some of these loans at the date of acquisition based on information not previously available. Upon review of the impact of this updated information to the overall fair value of the acquired loans, it was determined that no retrospective adjustment of the fair value was necessary. Therefore, a prospective adjustment was performed to include these loans in the ASC 310-30 population. The following table presents a bridge from the unpaid principal balance (UPB), or contractual net investment, to carrying value for the acquired financing receivables by method of accounting as presented initially at the acquisition date, as well as, based on the updated loan stratification:
(1) Cash flows not expected to be collected includes the effects of both credit losses as well as modeled prepayment assumptions. |
Recent Accounting Pronouncements and Updates to Significant Accounting Policies Updates to Significant Accounting Policies (Policies)
|
6 Months Ended |
---|---|
Jun. 30, 2013
|
|
Recent Accounting Pronouncements [Abstract] | |
Finance, Loan and Lease Receivables, Held-for-sale, Policy [Policy Text Block] | Loans Held for Sale—Loans held for sale represent loans originated or acquired by the Company with the intent to sell. The Company has elected the fair value option of accounting under U.S. GAAP for certain residential mortgage loans. Electing to use the fair value option of accounting allows a better offset of the changes in the fair values of the loans and the derivative instruments used to economically hedge them without the burden of complying with the requirements for hedge accounting. These loans are initially recorded and carried at fair value, with changes in fair value recognized in gain on sale of loans. Loan origination fees are recorded when earned, and related costs are recognized when incurred. The Company has not elected the fair value option for other residential mortgage loans primarily because the Company expects to hold these loans for a short duration. These loans are carried at the lower of cost or fair value. In determining the lower of cost or fair value adjustment on loans held for sale, the Company pools loans based on similar risk characteristics such as loan type and interest rate. Direct loan origination fees and costs are deferred at loan origination or acquisition. These amounts are recognized as income at the time the loan is sold and included in gain on sale of loans. Gains and losses on sale of these loans are recorded in gain on sale of loans. Loans and leases are transferred from loans and leases held for investment to held for sale when the Company no longer has the intent to hold them for the foreseeable future. Loans and leases are transferred from held for sale to held for investment when the Company determines its intent to hold these loans and leases for the foreseeable future. Loans and leases are transferred to loans and leases held for investment at the lower of cost or fair value on the date of reclassification with any lower of cost or fair value adjustment recognized as a basis adjustment. Certain guarantees arise from agreements associated with servicing, securitization and sale of the Company's residential mortgage loans. Under these agreements, the Company may be obligated to repurchase, or otherwise indemnify or reimburse the investor or insurer for losses incurred, due to material breach of contractual representations and warranties with respect to non-GSE purchasers, or breach of contractual representations and warranties with respect to GSEs. These guarantees are accounted for in accordance with ASC 460, Guarantees, when the obligation is both probable and reasonably estimable. The guarantee is calculated at the fair value of the guarantee on the date of the loan sale or securitization. The corresponding provision is recognized as a reduction on net gains on loan sales and securitization, and is reduced, by a credit to earnings, as the guarantor is released from risk under the guarantee. The reserve for repurchase obligations is included in accounts payable and accrued liabilities on the consolidated balance sheets with changes to the reserve made through general and administrative expenses. See Note 5 and Note 14 for further information related to these guarantees. |
Allowance for Loan and Lease Losses Past Due (Details) (USD $)
In Thousands, unless otherwise specified |
Jun. 30, 2013
|
Dec. 31, 2012
|
||||
---|---|---|---|---|---|---|
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Loans and Leases Held for Investment, Recorded Investment, Recorded Investment, 30 to 59 Days Past Due | $ 127,033 | $ 150,897 | ||||
Loans and Leases Held for Investment, Recorded Investment, Recorded Investment, 60 to 89 Days Past Due | 67,716 | 79,207 | ||||
Loans and Leases Held for Investment, Recorded Investment, Recorded Investment, Equal to Greater than 90 Days Past Due | 955,637 | 1,318,946 | ||||
Loans and Leases Held for Investment, Recorded Investment, Recorded Investment, Total Past Due | 1,150,386 | 1,549,050 | ||||
Loans and Leases Held for Investment, Recorded Investment, Recorded Investment, Current | 10,367,174 | 9,585,350 | ||||
Loans and Leases Receivable, Net of Deferred Income and Aquired Credit Impaired | 11,517,560 | 11,134,400 | ||||
Residential Portfolio Segment [Member]
|
||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Loans and Leases Held for Investment, Recorded Investment, Recorded Investment, 30 to 59 Days Past Due | 13,906 | 12,648 | ||||
Loans and Leases Held for Investment, Recorded Investment, Recorded Investment, 60 to 89 Days Past Due | 7,522 | 4,844 | ||||
Loans and Leases Held for Investment, Recorded Investment, Recorded Investment, Equal to Greater than 90 Days Past Due | 59,757 | 68,924 | ||||
Loans and Leases Held for Investment, Recorded Investment, Recorded Investment, Total Past Due | 81,185 | 86,416 | ||||
Loans and Leases Held for Investment, Recorded Investment, Recorded Investment, Current | 4,069,343 | 3,759,325 | ||||
Loans and Leases Receivable, Net of Deferred Income and Aquired Credit Impaired | 4,150,528 | 3,845,741 | ||||
Government insured pool buyouts [Member]
|
||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Loans and Leases Held for Investment, Recorded Investment, Recorded Investment, 30 to 59 Days Past Due | 100,271 | [1] | 132,479 | [1] | ||
Loans and Leases Held for Investment, Recorded Investment, Recorded Investment, 60 to 89 Days Past Due | 57,901 | [1] | 70,915 | [1] | ||
Loans and Leases Held for Investment, Recorded Investment, Recorded Investment, Equal to Greater than 90 Days Past Due | 871,230 | [1] | 1,168,732 | [1] | ||
Loans and Leases Held for Investment, Recorded Investment, Recorded Investment, Total Past Due | 1,029,402 | [1] | 1,372,126 | [1] | ||
Loans and Leases Held for Investment, Recorded Investment, Recorded Investment, Current | 528,796 | [1] | 625,269 | [1] | ||
Loans and Leases Receivable, Net of Deferred Income and Aquired Credit Impaired | 1,558,198 | [1] | 1,997,395 | [1] | ||
Commercial Loan [Member]
|
||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Loans and Leases Held for Investment, Recorded Investment, Recorded Investment, 30 to 59 Days Past Due | 733 | 242 | ||||
Loans and Leases Held for Investment, Recorded Investment, Recorded Investment, 60 to 89 Days Past Due | 0 | 271 | ||||
Loans and Leases Held for Investment, Recorded Investment, Recorded Investment, Equal to Greater than 90 Days Past Due | 2,902 | 4,985 | ||||
Loans and Leases Held for Investment, Recorded Investment, Recorded Investment, Total Past Due | 3,635 | 5,498 | ||||
Loans and Leases Held for Investment, Recorded Investment, Recorded Investment, Current | 1,749,513 | 1,358,107 | ||||
Loans and Leases Receivable, Net of Deferred Income and Aquired Credit Impaired | 1,753,148 | 1,363,605 | ||||
Commercial Real Estate [Member]
|
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Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Loans and Leases Held for Investment, Recorded Investment, Recorded Investment, 30 to 59 Days Past Due | 3,387 | 0 | ||||
Loans and Leases Held for Investment, Recorded Investment, Recorded Investment, 60 to 89 Days Past Due | 136 | 0 | ||||
Loans and Leases Held for Investment, Recorded Investment, Recorded Investment, Equal to Greater than 90 Days Past Due | 16,830 | 71,149 | ||||
Loans and Leases Held for Investment, Recorded Investment, Recorded Investment, Total Past Due | 20,353 | 71,149 | ||||
Loans and Leases Held for Investment, Recorded Investment, Recorded Investment, Current | 2,844,393 | 2,831,937 | ||||
Loans and Leases Receivable, Net of Deferred Income and Aquired Credit Impaired | 2,864,746 | 2,903,086 | ||||
Lease financing receivables [Member]
|
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Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Loans and Leases Held for Investment, Recorded Investment, Recorded Investment, 30 to 59 Days Past Due | 7,376 | 4,250 | ||||
Loans and Leases Held for Investment, Recorded Investment, Recorded Investment, 60 to 89 Days Past Due | 1,849 | 2,039 | ||||
Loans and Leases Held for Investment, Recorded Investment, Recorded Investment, Equal to Greater than 90 Days Past Due | 506 | 571 | ||||
Loans and Leases Held for Investment, Recorded Investment, Recorded Investment, Total Past Due | 9,731 | 6,860 | ||||
Loans and Leases Held for Investment, Recorded Investment, Recorded Investment, Current | 1,005,265 | 830,075 | ||||
Loans and Leases Receivable, Net of Deferred Income and Aquired Credit Impaired | 1,014,996 | 836,935 | ||||
Home equity lines [Member]
|
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Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Loans and Leases Held for Investment, Recorded Investment, Recorded Investment, 30 to 59 Days Past Due | 1,315 | 1,221 | ||||
Loans and Leases Held for Investment, Recorded Investment, Recorded Investment, 60 to 89 Days Past Due | 301 | 1,108 | ||||
Loans and Leases Held for Investment, Recorded Investment, Recorded Investment, Equal to Greater than 90 Days Past Due | 4,368 | 4,246 | ||||
Loans and Leases Held for Investment, Recorded Investment, Recorded Investment, Total Past Due | 5,984 | 6,575 | ||||
Loans and Leases Held for Investment, Recorded Investment, Recorded Investment, Current | 163,312 | 173,025 | ||||
Loans and Leases Receivable, Net of Deferred Income and Aquired Credit Impaired | 169,296 | 179,600 | ||||
Consumer and credit card [Member]
|
||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Loans and Leases Held for Investment, Recorded Investment, Recorded Investment, 30 to 59 Days Past Due | 45 | 57 | ||||
Loans and Leases Held for Investment, Recorded Investment, Recorded Investment, 60 to 89 Days Past Due | 7 | 30 | ||||
Loans and Leases Held for Investment, Recorded Investment, Recorded Investment, Equal to Greater than 90 Days Past Due | 44 | 339 | ||||
Loans and Leases Held for Investment, Recorded Investment, Recorded Investment, Total Past Due | 96 | 426 | ||||
Loans and Leases Held for Investment, Recorded Investment, Recorded Investment, Current | 6,552 | 7,612 | ||||
Loans and Leases Receivable, Net of Deferred Income and Aquired Credit Impaired | $ 6,648 | $ 8,038 | ||||
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Loans Held for Sale (Details) (USD $)
In Thousands, unless otherwise specified |
Jun. 30, 2013
|
Dec. 31, 2012
|
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Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for sale | $ 2,000,390 | $ 2,088,046 |
Government insured pool buyouts [Member]
|
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Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for sale | 139,982 | 96,635 |
Mortgage warehouse [Member]
|
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Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for sale | 1,039,977 | 1,452,236 |
Other [Member]
|
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Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for sale | 532,525 | 539,175 |
Other Residential Carried at Fair Value [Member]
|
||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for sale | $ 287,906 | $ 0 |
Earnings Per Share (Notes)
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6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2013
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share | 11. Earnings Per Share The following table sets forth the computation of basic and diluted earnings per common share for the three and six months ended June 30, 2013 and 2012:
On January 25, 2012, the Company’s Board of Directors approved a special cash dividend of $4,482 to the holders of the Series A 6% Preferred Stock, which was paid on March 1, 2012, in order to induce conversion to shares of Common Stock. On April 24, 2012, the Company's Board of Directors approved a special cash dividend of $1,073 to the holders of the Series B 4% Preferred Stock, which was paid on June 19, 2012. In addition, the Company included the Series A 6% Preferred Stock and Series B 4% Preferred Stock as a participating security through the date of conversion and upon conversion, the Company included the shares in common shares outstanding. Certain securities were antidilutive and were therefore excluded from the calculation of diluted earnings per share. Common shares attributed to these antidilutive securities had these securities been exercised or converted as of June 30, 2013 and 2012 are as follows:
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Derivative Financial Instruments Activity for Derivatives in Cash Flow Hedges & Freestanding Derivatives (Details) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 6 Months Ended | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2013
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Jun. 30, 2012
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Jun. 30, 2013
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Jun. 30, 2012
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Designated as Hedging Instrument [Member]
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Derivative Instruments, Gain (Loss) [Line Items] | ||||||||||||
Pretax losses recognized in interest expense (ineffective portion) | $ 0 | $ (205) | $ 0 | $ (270) | ||||||||
Not Designated as Hedging Instrument [Member]
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Derivative Instruments, Gain (Loss) [Line Items] | ||||||||||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | 56,037 | (35,837) | 77,752 | (46,948) | ||||||||
Interest Rate Contract [Member] | Not Designated as Hedging Instrument [Member]
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Derivative Instruments, Gain (Loss) [Line Items] | ||||||||||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | 56,027 | [1] | (36,358) | [1] | 78,059 | [1] | (48,188) | [1] | ||||
Indemnification Asset [Member] | Not Designated as Hedging Instrument [Member]
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Derivative Instruments, Gain (Loss) [Line Items] | ||||||||||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | 16 | [2] | 570 | [2] | (161) | [2] | 843 | [2] | ||||
Other Contract [Member] | Not Designated as Hedging Instrument [Member]
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Derivative Instruments, Gain (Loss) [Line Items] | ||||||||||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | $ (6) | $ (49) | $ (146) | $ 397 | ||||||||
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Organization and Basis of Presentation Textual (Details) (EverBank Florida [Member], Common Stock [Member])
|
0 Months Ended |
---|---|
May 02, 2012
|
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EverBank Florida [Member] | Common Stock [Member]
|
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Organization and Basis of Presentation [Line Items] | |
Conversion of shares | 77,994,699 |
Series B Preferred Stock converted to common stock | 15,964,644 |
Earnings Per Share Textual (Details) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 6 Months Ended | 0 Months Ended | |||
---|---|---|---|---|---|---|
Jun. 30, 2013
|
Jun. 30, 2012
|
Jun. 30, 2013
|
Jun. 30, 2012
|
Jan. 24, 2012
Series A Preferred Stock [Member]
|
Apr. 25, 2012
Series B Preferred Stock [Member]
|
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Class of Stock [Line Items] | ||||||
Dividends, Preferred Stock | $ 2,531 | $ 1,073 | $ 5,062 | $ 5,555 | $ 4,482 | $ 1,073 |
Loans Held for Sale Loan Securitizations (Details) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2013
|
Jun. 30, 2012
|
Jun. 30, 2013
|
Jun. 30, 2012
|
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Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Servicing fees collected | $ 29,349 | $ 23,944 | $ 55,562 | $ 47,900 |
Agency Securitizations [Member]
|
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Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Proceeds received from new securitizations | 2,688,840 | 1,869,387 | 5,093,450 | 3,790,357 |
Repurchased loans | 1,079 | 2,045 | 2,171 | 3,516 |
Nonagency Sales [Member]
|
||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Proceeds received from new securitizations | 335,426 | 5,452 | 677,308 | 18,247 |
Repurchased loans | $ 4,939 | $ 4,346 | $ 10,216 | $ 9,514 |
Loans and Leases Held for Investment, Net (Tables)
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6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2013
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Loans and Leases Held for Investment, Net [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | Loans and leases held for investment as of June 30, 2013 and December 31, 2012 are comprised of the following:
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Net Purchase Loan And Lease Premiums (Discounts)/Net Deferred Loan And Lease Origination Costs (Fees) [Table Text Block] | As of June 30, 2013 and December 31, 2012, the carrying values presented above include net purchased loan and lease discounts and net deferred loan and lease origination costs as follows:
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Acquired Portfolio of Loans/Leases with Evidence of Credit Deterioration [Table Text Block] | Acquisition date details of loans and leases acquired with evidence of credit deterioration during the six months ended June 30, 2013 are as follows:
Information pertaining to the ACI portfolio as of June 30, 2013 and December 31, 2012 is as follows:
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Schedule of Changes in Accretable Yields of Acquired Loans [Table Text Block] | The following is a summary of the accretable yield activity for the ACI loans during the six months ended June 30, 2013 and 2012:
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Covered Loans and Leases Recorded Investment [Table Text Block] | The following is a summary of the recorded investment of major categories of covered loans and leases outstanding as of June 30, 2013 and December 31, 2012:
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Allowance for Loan and Lease Losses (Policies)
|
6 Months Ended | ||||
---|---|---|---|---|---|
Jun. 30, 2013
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Allowance for Loan and Lease Losses [Abstract] | |||||
Loans and Leases Receivable, Allowance for Loan Losses Policy [Policy Text Block] | The Company uses a risk grading matrix to monitor credit quality for commercial and commercial real estate loans. Risk grades are continuously monitored and updated quarterly by credit administration personnel based on current information and events. The Company monitors the quarterly credit quality of all other loan types based on performing status. Government insured pool buyouts remain on accrual status after 90 days as the interest earned is collectible from the insuring governmental agency. |
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Impaired Financing Receivable, Policy [Policy Text Block] | Impaired loans include loans identified as troubled loans as a result of a borrower’s financial difficulties and other loans on which the accrual of interest income is suspended. The Company continues to collect payments on certain impaired loan balances on which accrual is suspended. Impaired loans include loans identified as troubled loans as a result of a borrower’s financial difficulties and other loans on which the accrual of interest income is suspended. The Company continues to collect payments on certain impaired loan balances on which accrual is suspended. |
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Loans and Leases Receivable, Troubled Debt Restructuring Policy [Policy Text Block] | Modifications considered to be TDRs are individually evaluated for credit loss based on a discounted cash flow model using the loan’s effective interest rate at the time of origination. The discounted cash flow model used in this evaluation is adjusted to reflect the modified loan’s elevated probability of future default based on the Company’s historical redefault rate. These loans are classified as nonaccrual and have been included in the Company’s impaired loan disclosures in the tables above. A loan is considered to redefault when it is 30 days past due. Once a modified loan demonstrates a consistent period of performance under the modified terms, generally six months, the Company returns the loan to an accrual classification. If a modified loan defaults under the terms of the modified agreement, the Company measures the allowance for loan and lease losses based on the fair value of collateral less cost to sell. |
Loans and Leases Held for Investment, Net (Policies)
|
6 Months Ended |
---|---|
Jun. 30, 2013
|
|
Loans and Leases Held for Investment, Net [Abstract] | |
Finance, Loans and Leases Receivable, Policy [Policy Text Block] | Covered loans and leases are acquired and recorded at fair value at acquisition, exclusive of the loss share agreements with the Federal Deposit Insurance Corporation (FDIC) and the indemnification agreement with former shareholders of Tygris. All loans acquired through the loss share agreement with the FDIC and all loans and leases acquired in the purchase of Tygris are considered covered during the applicable indemnification period. At acquisition, the Company estimates the fair value of acquired loans and leases by segregating the portfolio into pools with similar risk characteristics. Fair value estimates for acquired loans and leases require estimates of the amounts and timing of expected future principal, interest and other cash flows. For each pool, the Company uses certain loan and lease information, including outstanding principal balance, probability of default and the estimated loss in the event of default to estimate the expected future cash flows for each loan and lease pool. |
Commitments and Contingencies Guarantees - Textual (Details) (USD $)
In Thousands, unless otherwise specified |
Jun. 30, 2013
|
Dec. 31, 2012
|
---|---|---|
Loss Contingencies [Line Items] | ||
Outstanding Principal Balance On Loans Serviced | $ 61,700,811 | $ 49,422,104 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member]
|
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Loss Contingencies [Line Items] | ||
Principal Amount Outstanding on Loans Securitized or Asset-backed Financing Arrangement | 54,296,396 | |
Obligation to Repurchase Receivables Sold [Member]
|
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Loss Contingencies [Line Items] | ||
Loss Contingency, Estimate of Possible Loss | 21,960 | 27,000 |
Recourse Related To Servicing Receivables [Member]
|
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Loss Contingencies [Line Items] | ||
Loss Contingency, Estimate of Possible Loss | $ 23,518 | $ 26,026 |
Variable Interest Entities (Tables)
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6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2013
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Variable Interest Entities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Variable Interest Entities [Table Text Block] | The table below summarizes select information related to variable interests held by the Company at June 30, 2013 and December 31, 2012:
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Organization and Basis of Presentation (Tables)
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6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2013
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Organization and Basis of Presentation [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | d) Supplemental Cash Flow Information - Noncash investing activities are presented in the following table:
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Servicing Activities and Mortgage Servicing Rights (Tables)
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6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2013
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Servicing Activities and Mortgage Servicing Rights [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Servicing Assets at Amortized Value [Table Text Block] | A summary of MSR activities for the three and six months ended June 30, 2013 and 2012 is as follows:
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Loan Servicing Income [Table Text Block] | Components of loan servicing fee income for the three and six months ended June 30, 2013 and 2012 are presented below:
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Schedule of Assumptions for Fair Value as of Balance Sheet Date of Assets or Liabilities that relate to Transferor's Continuing Involvement [Table Text Block] | For loans securitized and sold with servicing retained during the three and six months ended June 30, 2013 and 2012, management used the following assumptions to determine the fair value of residential MSR at the date of securitization:
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Fair Value Inputs, Assets, Quantitative Information [Table Text Block] | The characteristics used in estimating the fair value of the residential MSR portfolio at June 30, 2013 and December 31, 2012 are as follows:
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Schedule of Sensitivity Analysis of Fair Value, Transferor's Interests in Transferred Financial Assets [Table Text Block] | A sensitivity analysis of the Company’s fair value of residential MSR portfolio to hypothetical adverse changes of 10% and 20% to the weighted-average of certain key assumptions as of June 30, 2013 and December 31, 2012 is presented below.
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Organization and Basis of Presentation Supplemental Disclosures of Cash Flow Information (Details) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 6 Months Ended | |
---|---|---|---|
Jun. 30, 2013
|
Jun. 30, 2013
|
Jun. 30, 2012
|
|
Loans Transferred to Foreclosure Claims from Loans Held for Investment | $ 220,783 | $ 67,487 | |
Loans Transferred to Foreclosure Claims from Loans Held for Sale | 98,037 | 142,519 | |
Transfer of Loans Held-for-sale to Portfolio Loans | 745,262 | 26,138 | |
Transfer of Portfolio Loans and Leases to Held-for-sale | 224,652 | 326,636 | 1,604 |
Preferred Stock [Member]
|
|||
Conversion of Stock, Amount Converted | $ 0 | $ 135,585 |
Commitments and Contingencies (Policies)
|
6 Months Ended |
---|---|
Jun. 30, 2013
|
|
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies, Policy [Policy Text Block] | Commitments to extend credit are agreements to lend to customers in accordance with predetermined contractual provisions. These commitments, predominantly at variable interest rates, are for specific periods or contain termination clauses and may require the payment of a fee. The total amounts of unused commitments do not necessarily represent future credit exposure or cash requirements, as commitments often expire without being drawn upon. |
Guarantees, Indemnifications and Warranties Policies [Policy Text Block] | The Company’s obligations vary based upon the nature of the repurchase demand and the current status of the mortgage loan. The Company establishes reserves for estimated losses inherent in the Company’s origination of mortgage loans. In estimating the accrued liability for loan repurchase and make-whole obligations, the Company estimates probable losses inherent in the population of all loans sold based on trends in claims requests and actual loss severities experienced. The liability includes accruals for probable contingent losses in addition to those identified in the pipeline of repurchase or make-whole requests. There is additional inherent uncertainty in the estimate because the Company historically sold a majority of loan servicing released prior to 2009 and currently does not have servicing performance metrics on a majority of those loans it originated and sold. The estimation process is designed to include amounts based on actual losses experienced from actual repurchase activity. The baseline for the repurchase reserve uses historical loss factors that are applied to loan pools originated in 2003 through June 30, 2013 and sold in years 2004 through June 30, 2013. Loss factors, tracked by year of loss, are calculated using actual losses incurred on repurchase or make-whole arrangements. The historical loss factors experienced are accumulated for each sale vintage (year loan was sold) and are applied to more recent sale vintages to estimate inherent losses not yet realized. |
Allowance for Loan and Lease Losses Change in ALLL (Details) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 6 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Jun. 30, 2013
|
Jun. 30, 2012
|
Jun. 30, 2013
|
Jun. 30, 2012
|
Mar. 31, 2013
|
Dec. 31, 2012
|
Mar. 31, 2012
|
Dec. 31, 2011
|
|
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||
Financing Receivable, TDR Modifications, Number of Contracts | 7 | 25 | 20 | 50 | ||||
Financing Receivable, TDR Modifications, Pre-Modification Recorded Investment | $ 3,619 | $ 20,759 | $ 9,583 | $ 37,968 | ||||
Financing Receivable, TDR Modifications, Post-Modification Recorded Investment | 3,629 | 20,771 | 9,605 | 37,987 | ||||
Impaired Financing Receivable, Average Recorded Investment | 177,397 | 208,575 | 180,776 | 216,812 | ||||
Loans and Leases Held for Investment, Allowance | 73,469 | 77,393 | 73,469 | 77,393 | 77,067 | 82,102 | 78,254 | 77,765 |
Provision for Loan and Lease Losses | 29 | 5,757 | 1,948 | 17,112 | ||||
Charge-offs | (7,684) | (7,290) | (15,417) | (18,578) | ||||
Recoveries | 4,057 | 672 | 4,836 | 1,094 | ||||
Impaired Financing Receivable, Interest Income, Cash Basis Method | 956 | 1,134 | 1,942 | 2,375 | ||||
Residential Portfolio Segment [Member]
|
||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||
Impaired Financing Receivable, Average Recorded Investment | 95,736 | 91,238 | 95,582 | 91,134 | ||||
Impaired Financing Receivable, Interest Income, Cash Basis Method | 706 | 654 | 1,476 | 1,314 | ||||
Residential Mortgage [Member]
|
||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||
Loans and Leases Held for Investment, Allowance | 28,685 | 37,719 | 28,685 | 37,719 | 30,185 | 33,631 | 40,739 | 43,454 |
Provision for Loan and Lease Losses | 1,654 | 957 | 3,166 | 4,793 | ||||
Charge-offs | (3,271) | (4,139) | (8,340) | (10,833) | ||||
Recoveries | 117 | 162 | 228 | 305 | ||||
Commercial and commercial real estate [Member]
|
||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||
Loans and Leases Held for Investment, Allowance | 36,881 | 32,050 | 36,881 | 32,050 | 38,535 | 39,863 | 31,391 | 28,209 |
Provision for Loan and Lease Losses | (2,422) | 1,958 | (2,746) | 7,266 | ||||
Charge-offs | (2,781) | (1,710) | (4,228) | (4,004) | ||||
Recoveries | 3,549 | 411 | 3,992 | 579 | ||||
Lease financing receivables [Member]
|
||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||
Loans and Leases Held for Investment, Allowance | 4,073 | 4,160 | 4,073 | 4,160 | 3,590 | 3,181 | 3,344 | 3,766 |
Provision for Loan and Lease Losses | 1,218 | 1,704 | 2,256 | 2,427 | ||||
Charge-offs | (988) | (917) | (1,696) | (2,098) | ||||
Recoveries | 253 | 29 | 332 | 65 | ||||
Home equity lines [Member]
|
||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||
Loans and Leases Held for Investment, Allowance | 3,688 | 3,288 | 3,688 | 3,288 | 4,582 | 5,265 | 2,632 | 2,186 |
Provision for Loan and Lease Losses | (387) | 1,085 | (710) | 2,578 | ||||
Charge-offs | (627) | (484) | (1,116) | (1,592) | ||||
Recoveries | 120 | 55 | 249 | 116 | ||||
Consumer and credit card [Member]
|
||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||
Loans and Leases Held for Investment, Allowance | 142 | 176 | 142 | 176 | 175 | 162 | 148 | 150 |
Provision for Loan and Lease Losses | (34) | 53 | (18) | 48 | ||||
Charge-offs | (17) | (40) | (37) | (51) | ||||
Recoveries | 18 | 15 | 35 | 29 | ||||
Commercial Loan [Member]
|
||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||
Impaired Financing Receivable, Average Recorded Investment | 4,786 | 8,480 | 5,544 | 10,490 | ||||
Impaired Financing Receivable, Interest Income, Cash Basis Method | 0 | 12 | 2 | 35 | ||||
Commercial Real Estate [Member]
|
||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||
Impaired Financing Receivable, Average Recorded Investment | 76,875 | 108,857 | 79,650 | 115,188 | ||||
Impaired Financing Receivable, Interest Income, Cash Basis Method | $ 250 | $ 468 | $ 464 | $ 1,026 |
Servicing Activities and Mortgage Servicing Rights Rollforward (Details) (USD $)
In Thousands, unless otherwise specified |
0 Months Ended | 3 Months Ended | 6 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|---|
Apr. 03, 2013
|
Jun. 30, 2013
|
Jun. 30, 2012
|
Jun. 30, 2013
|
Jun. 30, 2012
|
Mar. 31, 2013
|
Dec. 31, 2012
|
Mar. 31, 2012
|
Dec. 31, 2011
|
|
Mortgage Servicing Rights Rollforward: | |||||||||
Servicing Asset at Amortized Cost | $ 462,718 | $ 415,962 | $ 462,718 | $ 415,962 | $ 375,641 | $ 375,859 | $ 462,420 | $ 489,496 | |
Originated servicing rights capitalized upon sale of loans | 27,491 | 18,498 | 50,992 | 37,027 | |||||
Servicing Asset at Amortized Value Acquired Additions | 63,555 | 63,555 | 0 | 63,555 | 0 | ||||
Amortization | (35,945) | (34,142) | (71,023) | (63,481) | |||||
Decrease (increase) in valuation allowance | 32,572 | (30,135) | 45,127 | (45,279) | |||||
Other | (596) | (679) | (1,792) | (1,801) | |||||
Valuation Allowance: | |||||||||
Valuation Allowance, Balance | 57,836 | 84,734 | 57,836 | 84,734 | 90,408 | 102,963 | 54,599 | 39,455 | |
Increase in valuation allowance | 0 | 30,135 | 0 | 45,279 | |||||
Recoveries | $ (32,572) | $ 0 | $ (45,127) | $ 0 |
Loans and Leases Held for Investment, Net Covered Loans and Leases Recorded Investment (Details) (USD $)
In Thousands, unless otherwise specified |
Jun. 30, 2013
|
Dec. 31, 2012
|
---|---|---|
Covered Loans and Leases Recorded Investment [Line Items] | ||
Toal recorded investment of covered loans and leases | $ 475,656 | $ 592,959 |
Bank of Florida [Member]
|
||
Covered Loans and Leases Recorded Investment [Line Items] | ||
Toal recorded investment of covered loans and leases | 431,119 | 517,758 |
Tygris [Member]
|
||
Covered Loans and Leases Recorded Investment [Line Items] | ||
Toal recorded investment of covered loans and leases | 44,537 | 75,201 |
Residential Mortgage [Member]
|
||
Covered Loans and Leases Recorded Investment [Line Items] | ||
Toal recorded investment of covered loans and leases | 47,234 | 56,390 |
Residential Mortgage [Member] | Bank of Florida [Member]
|
||
Covered Loans and Leases Recorded Investment [Line Items] | ||
Toal recorded investment of covered loans and leases | 47,234 | 56,390 |
Residential Mortgage [Member] | Tygris [Member]
|
||
Covered Loans and Leases Recorded Investment [Line Items] | ||
Toal recorded investment of covered loans and leases | 0 | 0 |
Commercial and commercial real estate [Member]
|
||
Covered Loans and Leases Recorded Investment [Line Items] | ||
Toal recorded investment of covered loans and leases | 365,680 | 441,998 |
Commercial and commercial real estate [Member] | Bank of Florida [Member]
|
||
Covered Loans and Leases Recorded Investment [Line Items] | ||
Toal recorded investment of covered loans and leases | 365,680 | 441,998 |
Commercial and commercial real estate [Member] | Tygris [Member]
|
||
Covered Loans and Leases Recorded Investment [Line Items] | ||
Toal recorded investment of covered loans and leases | 0 | 0 |
Lease financing receivables [Member]
|
||
Covered Loans and Leases Recorded Investment [Line Items] | ||
Toal recorded investment of covered loans and leases | 44,537 | 75,201 |
Lease financing receivables [Member] | Bank of Florida [Member]
|
||
Covered Loans and Leases Recorded Investment [Line Items] | ||
Toal recorded investment of covered loans and leases | 0 | 0 |
Lease financing receivables [Member] | Tygris [Member]
|
||
Covered Loans and Leases Recorded Investment [Line Items] | ||
Toal recorded investment of covered loans and leases | 44,537 | 75,201 |
Home equity lines [Member]
|
||
Covered Loans and Leases Recorded Investment [Line Items] | ||
Toal recorded investment of covered loans and leases | 17,569 | 17,992 |
Home equity lines [Member] | Bank of Florida [Member]
|
||
Covered Loans and Leases Recorded Investment [Line Items] | ||
Toal recorded investment of covered loans and leases | 17,569 | 17,992 |
Home equity lines [Member] | Tygris [Member]
|
||
Covered Loans and Leases Recorded Investment [Line Items] | ||
Toal recorded investment of covered loans and leases | 0 | 0 |
Consumer and credit card [Member]
|
||
Covered Loans and Leases Recorded Investment [Line Items] | ||
Toal recorded investment of covered loans and leases | 636 | 1,378 |
Consumer and credit card [Member] | Bank of Florida [Member]
|
||
Covered Loans and Leases Recorded Investment [Line Items] | ||
Toal recorded investment of covered loans and leases | 636 | 1,378 |
Consumer and credit card [Member] | Tygris [Member]
|
||
Covered Loans and Leases Recorded Investment [Line Items] | ||
Toal recorded investment of covered loans and leases | $ 0 | $ 0 |
Derivative Financial Instruments (Tables)
|
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2013
|
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Derivative Financial Instruments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | The fair values of derivatives are reported in other assets, deposits, or accounts payable and accrued liabilities. The fair values are derived using the valuation techniques described in Note 13. The total notional or contractual amounts and fair values as of June 30, 2013 and December 31, 2012 are as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location [Table Text Block] | Activity for derivatives in cash flow hedge relationships for the three and six months ended June 30, 2013 and 2012 is as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance [Table Text Block] | The following table shows the net losses recognized for the three and six months ended June 30, 2013 and 2012 in the condensed consolidated statements of income related to derivatives not designated as hedging instruments under ASC 815, Derivatives and Hedging. These gains and losses are recognized in other noninterest income, except for the indemnification assets which are recognized in general and administrative expense.
(1) Interest rate contracts include interest rate lock commitments, forward and optional forward sales commitments, and interest rate swaps. (2) Refer to Note 13 for additional information relating to the indemnification asset. |
Allowance for Loan and Lease Losses Nonaccrual Status (Details) (USD $)
In Thousands, unless otherwise specified |
Jun. 30, 2013
|
Dec. 31, 2012
|
---|---|---|
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | $ 127,605 | $ 151,653 |
Financing Receivable, Recorded Investment, Greater than 90 Days Past Due and Accruing | 871,230 | 1,168,732 |
Residential Portfolio Segment [Member]
|
||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 59,757 | 68,924 |
Financing Receivable, Recorded Investment, Greater than 90 Days Past Due and Accruing | 0 | 0 |
Government insured pool buyouts [Member]
|
||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 0 | 0 |
Financing Receivable, Recorded Investment, Greater than 90 Days Past Due and Accruing | 871,230 | 1,168,732 |
Commercial Loan [Member]
|
||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 4,680 | 4,985 |
Financing Receivable, Recorded Investment, Greater than 90 Days Past Due and Accruing | 0 | 0 |
Commercial Real Estate [Member]
|
||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 55,956 | 71,149 |
Financing Receivable, Recorded Investment, Greater than 90 Days Past Due and Accruing | 0 | 0 |
Lease financing receivables [Member]
|
||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 2,601 | 2,010 |
Financing Receivable, Recorded Investment, Greater than 90 Days Past Due and Accruing | 0 | 0 |
Home equity lines [Member]
|
||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 4,368 | 4,246 |
Financing Receivable, Recorded Investment, Greater than 90 Days Past Due and Accruing | 0 | 0 |
Consumer and credit card [Member]
|
||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 243 | 339 |
Financing Receivable, Recorded Investment, Greater than 90 Days Past Due and Accruing | $ 0 | $ 0 |
Fair Value Measurements Nonrecurring (Details) (USD $)
|
Jun. 30, 2013
|
Dec. 31, 2012
|
||||||||
---|---|---|---|---|---|---|---|---|---|---|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
Loans Held-for-sale, Fair Value Disclosure | $ 1,327,883,000 | $ 1,452,236,000 | ||||||||
Estimate of Fair Value, Fair Value Disclosure [Member]
|
||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
Loans Held-for-sale, Fair Value Disclosure | 684,038,000 | [1] | 658,091,000 | [1] | ||||||
Fair Value, Inputs, Level 1 [Member]
|
||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
Loans Held-for-sale, Fair Value Disclosure | 0 | [1] | 0 | [1] | ||||||
Fair Value, Inputs, Level 2 [Member]
|
||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
Loans Held-for-sale, Fair Value Disclosure | 151,513,000 | [1] | 642,437,000 | [1] | ||||||
Fair Value, Inputs, Level 3 [Member]
|
||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
Loans Held-for-sale, Fair Value Disclosure | 532,525,000 | [1] | 15,654,000 | [1] | ||||||
Fair Value, Measurements, Nonrecurring [Member] | Estimate of Fair Value, Fair Value Disclosure [Member]
|
||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
Collateral dependent loans | 12,699,000 | 48,048,000 | ||||||||
Other Real Estate Owned, Fair Value Disclosure | 10,936,000 | [2] | 30,817,000 | [2] | ||||||
Mortgage servicing rights | 389,774,000 | [3] | 320,901,000 | [3] | ||||||
Loans Held-for-sale, Fair Value Disclosure | 456,540,000 | |||||||||
Fair Value, Measurements, Nonrecurring [Member] | Change During Period, Fair Value Disclosure [Member]
|
||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
Collateral dependent loans | (2,051,000) | 6,163,000 | ||||||||
Other Real Estate Owned, Fair Value Disclosure | (1,933,000) | [2] | 6,230,000 | [2] | ||||||
Mortgage servicing rights | (45,127,000) | [3] | 63,508,000 | [3] | ||||||
Loans Held-for-sale, Fair Value Disclosure | (6,872,000) | |||||||||
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member]
|
||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
Collateral dependent loans | 0 | 0 | ||||||||
Other Real Estate Owned, Fair Value Disclosure | 0 | [2] | 0 | [2] | ||||||
Mortgage servicing rights | 0 | [3] | 0 | [3] | ||||||
Loans Held-for-sale, Fair Value Disclosure | 0 | |||||||||
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member]
|
||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
Collateral dependent loans | 0 | 0 | ||||||||
Other Real Estate Owned, Fair Value Disclosure | 0 | [2] | 4,030,000 | [2] | ||||||
Mortgage servicing rights | 0 | [3] | 0 | [3] | ||||||
Loans Held-for-sale, Fair Value Disclosure | 0 | |||||||||
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member]
|
||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
Collateral dependent loans | 12,699,000 | 48,048,000 | ||||||||
Other Real Estate Owned, Fair Value Disclosure | 10,936,000 | [2] | 26,787,000 | [2] | ||||||
Mortgage servicing rights | $ 389,774,000 | [3] | $ 320,901,000 | [3] | ||||||
|
Fair Value Measurements Nonrecurring Quantitative Disclosures (Details) (USD $)
|
6 Months Ended | 12 Months Ended | ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2013
|
Dec. 31, 2012
|
|||||||||||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||||||||||||
Loans Held-for-sale, Fair Value Disclosure | $ 1,327,883,000 | $ 1,452,236,000 | ||||||||||||
Fair Value, Inputs, Level 3 [Member]
|
||||||||||||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||||||||||||
Loans Held-for-sale, Fair Value Disclosure | 532,525,000 | [1] | 15,654,000 | [1] | ||||||||||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Nonrecurring [Member]
|
||||||||||||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||||||||||||
Collateral Dependent Loans, Fair Value Disclosure | 12,699,000 | 48,048,000 | ||||||||||||
Other Real Estate Owned, Fair Value Disclosure | 10,936,000 | [2] | 26,787,000 | [2] | ||||||||||
Servicing Asset at Fair Value, Amount | 389,774,000 | [3] | 320,901,000 | [3] | ||||||||||
Fair Value, Inputs, Level 3 [Member] | Appraised Value [Member] | Fair Value, Measurements, Nonrecurring [Member]
|
||||||||||||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||||||||||||
Collateral Dependent Loans, Fair Value Disclosure | 12,699,000 | |||||||||||||
Other Real Estate Owned, Fair Value Disclosure | 10,936,000 | |||||||||||||
Fair Value, Inputs, Level 3 [Member] | Sales Comparison Approach [Member] | Fair Value, Measurements, Nonrecurring [Member]
|
||||||||||||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||||||||||||
Collateral Dependent Loans, Fair Value Disclosure | 36,609,000 | |||||||||||||
Other Real Estate Owned, Fair Value Disclosure | 23,359,000 | |||||||||||||
Fair Value, Inputs, Level 3 [Member] | Discounted Appraisals [Member] | Fair Value, Measurements, Nonrecurring [Member]
|
||||||||||||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||||||||||||
Collateral Dependent Loans, Fair Value Disclosure | 11,439,000 | |||||||||||||
Other Real Estate Owned, Fair Value Disclosure | 3,428,000 | |||||||||||||
Fair Value, Inputs, Level 3 [Member] | Discounted Cash Flow [Member] | Fair Value, Measurements, Nonrecurring [Member]
|
||||||||||||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||||||||||||
Servicing Asset at Fair Value, Amount | 389,774,000 | 320,901,000 | ||||||||||||
Loans Held-for-sale, Fair Value Disclosure | 456,540,000 | |||||||||||||
Fair Value, Inputs, Level 1 [Member]
|
||||||||||||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||||||||||||
Loans Held-for-sale, Fair Value Disclosure | 0 | [1] | 0 | [1] | ||||||||||
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Nonrecurring [Member]
|
||||||||||||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||||||||||||
Collateral Dependent Loans, Fair Value Disclosure | 0 | 0 | ||||||||||||
Other Real Estate Owned, Fair Value Disclosure | 0 | [2] | 0 | [2] | ||||||||||
Servicing Asset at Fair Value, Amount | 0 | [3] | 0 | [3] | ||||||||||
Loans Held-for-sale, Fair Value Disclosure | 0 | |||||||||||||
Fair Value, Inputs, Level 2 [Member]
|
||||||||||||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||||||||||||
Loans Held-for-sale, Fair Value Disclosure | 151,513,000 | [1] | 642,437,000 | [1] | ||||||||||
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Nonrecurring [Member]
|
||||||||||||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||||||||||||
Collateral Dependent Loans, Fair Value Disclosure | 0 | 0 | ||||||||||||
Other Real Estate Owned, Fair Value Disclosure | 0 | [2] | 4,030,000 | [2] | ||||||||||
Servicing Asset at Fair Value, Amount | 0 | [3] | 0 | [3] | ||||||||||
Loans Held-for-sale, Fair Value Disclosure | 0 | |||||||||||||
Mortgage Servicing Rights [Member] | Minimum [Member] | Discounted Cash Flow [Member] | Fair Value, Measurements, Nonrecurring [Member]
|
||||||||||||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||||||||||||
Fair Value Inputs, Prepayment Rate | 13.60% | [4] | 16.50% | [4] | ||||||||||
Fair Value Inputs, Discount Rate | 9.50% | [5] | 9.20% | [5] | ||||||||||
Mortgage Servicing Rights [Member] | Maximum [Member] | Discounted Cash Flow [Member] | Fair Value, Measurements, Nonrecurring [Member]
|
||||||||||||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||||||||||||
Fair Value Inputs, Prepayment Rate | 21.70% | [4] | 19.80% | [4] | ||||||||||
Fair Value Inputs, Discount Rate | 10.00% | [5] | 9.80% | [5] | ||||||||||
Loans Held for Sale [Member] | Minimum [Member] | Discounted Cash Flow [Member] | Fair Value, Measurements, Nonrecurring [Member]
|
||||||||||||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||||||||||||
Fair Value Inputs, Prepayment Rate | 8.00% | |||||||||||||
Fair Value Inputs, Probability of Default | 0.20% | |||||||||||||
Fair Value Inputs, Weighted Average Life | 5 years 4 months 18 days | |||||||||||||
Fair Value Inputs, Cumulative Loss | 0.00% | |||||||||||||
Fair Value Inputs, Loss Severity | 0.00% | |||||||||||||
Fair Value Inputs, Discount Rate | 3.39% | |||||||||||||
Loans Held for Sale [Member] | Maximum [Member] | Discounted Cash Flow [Member] | Fair Value, Measurements, Nonrecurring [Member]
|
||||||||||||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||||||||||||
Fair Value Inputs, Prepayment Rate | 8.00% | |||||||||||||
Fair Value Inputs, Probability of Default | 3.18% | |||||||||||||
Fair Value Inputs, Weighted Average Life | 8 years 5 months 9 days | |||||||||||||
Fair Value Inputs, Cumulative Loss | 1.11% | |||||||||||||
Fair Value Inputs, Loss Severity | 46.73% | |||||||||||||
Fair Value Inputs, Discount Rate | 3.97% | |||||||||||||
Collateral-dependent Loans [Member] | Minimum [Member] | Sales Comparison Approach [Member] | Fair Value, Measurements, Nonrecurring [Member]
|
||||||||||||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||||||||||||
Fair Value Unobservable Input, Appraisal Value Adjustment | 0.00% | |||||||||||||
Collateral-dependent Loans [Member] | Minimum [Member] | Discounted Appraisals [Member] | Fair Value, Measurements, Nonrecurring [Member]
|
||||||||||||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||||||||||||
Fair Value Unobservable Input, Collateral Discounts | 5.00% | |||||||||||||
Collateral-dependent Loans [Member] | Maximum [Member] | Sales Comparison Approach [Member] | Fair Value, Measurements, Nonrecurring [Member]
|
||||||||||||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||||||||||||
Fair Value Unobservable Input, Appraisal Value Adjustment | 47.00% | |||||||||||||
Collateral-dependent Loans [Member] | Maximum [Member] | Discounted Appraisals [Member] | Fair Value, Measurements, Nonrecurring [Member]
|
||||||||||||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||||||||||||
Fair Value Unobservable Input, Collateral Discounts | 5.00% | |||||||||||||
Other Real Estate Owned [Member] | Minimum [Member] | Sales Comparison Approach [Member] | Fair Value, Measurements, Nonrecurring [Member]
|
||||||||||||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||||||||||||
Fair Value Unobservable Input, Appraisal Value Adjustment | 0.00% | |||||||||||||
Other Real Estate Owned [Member] | Minimum [Member] | Discounted Appraisals [Member] | Fair Value, Measurements, Nonrecurring [Member]
|
||||||||||||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||||||||||||
Fair Value Unobservable Input, Collateral Discounts | 5.00% | |||||||||||||
Other Real Estate Owned [Member] | Maximum [Member] | Sales Comparison Approach [Member] | Fair Value, Measurements, Nonrecurring [Member]
|
||||||||||||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||||||||||||
Fair Value Unobservable Input, Appraisal Value Adjustment | 82.00% | |||||||||||||
Other Real Estate Owned [Member] | Maximum [Member] | Discounted Appraisals [Member] | Fair Value, Measurements, Nonrecurring [Member]
|
||||||||||||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||||||||||||
Fair Value Unobservable Input, Collateral Discounts | 10.00% | |||||||||||||
Estimate of Fair Value Measurement [Member]
|
||||||||||||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||||||||||||
Loans Held-for-sale, Fair Value Disclosure | 684,038,000 | [1] | 658,091,000 | [1] | ||||||||||
Estimate of Fair Value Measurement [Member] | Fair Value, Measurements, Nonrecurring [Member]
|
||||||||||||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||||||||||||
Collateral Dependent Loans, Fair Value Disclosure | 12,699,000 | 48,048,000 | ||||||||||||
Other Real Estate Owned, Fair Value Disclosure | 10,936,000 | [2] | 30,817,000 | [2] | ||||||||||
Servicing Asset at Fair Value, Amount | 389,774,000 | [3] | 320,901,000 | [3] | ||||||||||
Loans Held-for-sale, Fair Value Disclosure | 456,540,000 | |||||||||||||
Changes Measurement [Member] | Fair Value, Measurements, Nonrecurring [Member]
|
||||||||||||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||||||||||||
Collateral Dependent Loans, Fair Value Disclosure | (2,051,000) | 6,163,000 | ||||||||||||
Other Real Estate Owned, Fair Value Disclosure | (1,933,000) | [2] | 6,230,000 | [2] | ||||||||||
Servicing Asset at Fair Value, Amount | (45,127,000) | [3] | 63,508,000 | [3] | ||||||||||
Loans Held-for-sale, Fair Value Disclosure | $ (6,872,000) | |||||||||||||
|
Commitments and Contingencies Unfunded Credit Extension Commitments (Details) (USD $)
In Thousands, unless otherwise specified |
Jun. 30, 2013
|
Dec. 31, 2012
|
||||
---|---|---|---|---|---|---|
Unfunded Commitments to Extend Credit [Line Items] | ||||||
Unfunded Commitments to Extend Credit | $ 1,673,883 | $ 1,342,393 | ||||
Commercial Loan [Member]
|
||||||
Unfunded Commitments to Extend Credit [Line Items] | ||||||
Unfunded Commitments to Extend Credit | 1,364,532 | [1] | 1,094,900 | [1] | ||
Leasing [Member]
|
||||||
Unfunded Commitments to Extend Credit [Line Items] | ||||||
Unfunded Commitments to Extend Credit | 168,857 | 172,808 | ||||
Residential Mortgage [Member]
|
||||||
Unfunded Commitments to Extend Credit [Line Items] | ||||||
Unfunded Commitments to Extend Credit | 67,916 | 0 | ||||
Home Equity Line of Credit [Member]
|
||||||
Unfunded Commitments to Extend Credit [Line Items] | ||||||
Unfunded Commitments to Extend Credit | 36,248 | 40,915 | ||||
Credit Card Receivable [Member]
|
||||||
Unfunded Commitments to Extend Credit [Line Items] | ||||||
Unfunded Commitments to Extend Credit | 34,989 | 32,496 | ||||
Standby Letters of Credit [Member]
|
||||||
Unfunded Commitments to Extend Credit [Line Items] | ||||||
Unfunded Commitments to Extend Credit | 1,341 | 1,274 | ||||
Conditional [Member] | Commercial Loan [Member]
|
||||||
Unfunded Commitments to Extend Credit [Line Items] | ||||||
Unfunded Commitments to Extend Credit | $ 877,531 | [1] | $ 609,619 | [1] | ||
|
Investment Securities (Policies)
|
6 Months Ended |
---|---|
Jun. 30, 2013
|
|
Investment Securities [Abstract] | |
Other Than Temporary Impairments of Investment Securities [Policy Text Block] | When certain triggers indicate the likelihood of an other-than-temporary-impairment (OTTI) or the qualitative evaluation performed cannot support the expectation of recovering the entire amortized cost basis of an investment, the Company performs cash flow analyses that project prepayments, default rates and loss severities on the collateral supporting each security. If the net present value of the investment is less than the amortized cost, the difference is recognized in earnings as a credit-related impairment, while the remaining difference between the fair value and the amortized cost is recognized in AOCI. |
Condensed Consolidated Statements of Shareholders' Equity (Unaudited) (USD $)
In Thousands |
Total
|
Preferred Stock [Member]
|
Common Stock [Member]
|
Additional Paid-in Capital [Member]
|
Retained Earnings [Member]
|
Accumulated Other Comprehensive Income (Loss) [Member]
|
---|---|---|---|---|---|---|
Balance at Dec. 31, 2011 | $ 967,665 | $ 3 | $ 751 | $ 561,247 | $ 513,413 | $ (107,749) |
Net Income | 23,018 | 0 | 0 | 0 | 23,018 | 0 |
Other comprehensive loss | (5,345) | 0 | 0 | 0 | 0 | (5,345) |
Conversion of preferred stock | 0 | (3) | 188 | (185) | 0 | 0 |
Issuance of common stock | 198,762 | 0 | 226 | 198,536 | 0 | 0 |
Repurchase of common stock | (360) | 0 | 0 | (360) | 0 | 0 |
Share-based grants (including income tax benefits) | 3,184 | 0 | 0 | 3,184 | 0 | 0 |
Cash dividends on preferred stock | (5,555) | 0 | 0 | 0 | (5,555) | 0 |
Balance at Jun. 30, 2012 | 1,181,369 | 0 | 1,165 | 762,422 | 530,876 | (113,094) |
Balance at Dec. 31, 2012 | 1,451,176 | 150,000 | 1,210 | 811,085 | 575,665 | (86,784) |
Net Income | 85,139 | 0 | 0 | 0 | 85,139 | 0 |
Other comprehensive loss | 6,395 | 0 | 0 | 0 | 0 | 6,395 |
Issuance of common stock | 10,470 | 0 | 14 | 10,456 | 0 | 0 |
Share-based grants (including income tax benefits) | 6,141 | 0 | 0 | 6,141 | 0 | 0 |
Dividends, Common Stock, Cash | (4,875) | 0 | 0 | 0 | (4,875) | 0 |
Cash dividends on preferred stock | (5,063) | 0 | 0 | 0 | (5,063) | 0 |
Balance at Jun. 30, 2013 | $ 1,549,383 | $ 150,000 | $ 1,224 | $ 827,682 | $ 650,866 | $ (80,389) |
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