x | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
¨ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Louisiana | 72-1280718 | |
(State or other jurisdiction of incorporation or organization | (I.R.S. Employer Identification Number) |
200 West Congress Street | ||
Lafayette, Louisiana | 70501 | |
(Address of principal executive office) | (Zip Code) |
Large Accelerated Filer | x | Accelerated Filer | ¨ | |||
Non-accelerated Filer | ¨ | Smaller Reporting Company | ¨ | |||
Emerging Growth Company | ¨ |
Page | |
Part I. Financial Information | |
Item 1. Financial Statements (unaudited) | |
(unaudited) | |||||||
(Dollars in thousands, except share data) | March 31, 2017 | December 31, 2016 | |||||
Assets | |||||||
Cash and due from banks | $ | 276,979 | $ | 295,896 | |||
Interest-bearing deposits in banks | 1,024,139 | 1,066,230 | |||||
Total cash and cash equivalents | 1,301,118 | 1,362,126 | |||||
Securities available for sale, at fair value | 3,823,953 | 3,446,097 | |||||
Securities held to maturity (fair values of $86,813 and $89,932, respectively) | 86,018 | 89,216 | |||||
Mortgage loans held for sale, at fair value | 122,333 | 157,041 | |||||
Loans, net of unearned income | 15,132,202 | 15,064,971 | |||||
Allowance for loan losses | (144,890 | ) | (144,719 | ) | |||
Loans, net | 14,987,312 | 14,920,252 | |||||
Premises and equipment, net | 303,978 | 306,373 | |||||
Goodwill | 726,856 | 726,856 | |||||
Other assets | 656,911 | 651,229 | |||||
Total Assets | $ | 22,008,479 | $ | 21,659,190 | |||
Liabilities | |||||||
Deposits: | |||||||
Non-interest-bearing | $ | 5,031,583 | $ | 4,928,878 | |||
Interest-bearing | 12,280,682 | 12,479,405 | |||||
Total deposits | 17,312,265 | 17,408,283 | |||||
Short-term borrowings | 448,696 | 509,136 | |||||
Long-term debt | 628,085 | 628,953 | |||||
Other liabilities | 161,458 | 173,124 | |||||
Total Liabilities | 18,550,504 | 18,719,496 | |||||
Shareholders’ Equity | |||||||
Preferred stock, $1 par value - 5,000,000 shares authorized | |||||||
Non-cumulative perpetual, liquidation preference $10,000 per share; 13,750 shares and 13,750 shares issued and outstanding, respectively, including related surplus | 132,097 | 132,097 | |||||
Common stock, $1 par value - 100,000,000 shares authorized; 50,969,908 and 44,795,386 shares issued and outstanding, respectively | 50,970 | 44,795 | |||||
Additional paid-in capital | 2,563,335 | 2,084,446 | |||||
Retained earnings | 732,994 | 704,391 | |||||
Accumulated other comprehensive income (loss) | (21,421 | ) | (26,035 | ) | |||
Total Shareholders’ Equity | 3,457,975 | 2,939,694 | |||||
Total Liabilities and Shareholders’ Equity | $ | 22,008,479 | $ | 21,659,190 |
Three Months Ended March 31, | |||||||
(Dollars in thousands, except per share data) | 2017 | 2016 | |||||
Interest and Dividend Income | |||||||
Loans, including fees | $ | 168,976 | $ | 163,991 | |||
Mortgage loans held for sale, including fees | 971 | 1,401 | |||||
Investment securities: | |||||||
Taxable interest | 17,864 | 13,548 | |||||
Tax-exempt interest | 2,063 | 1,664 | |||||
Amortization of FDIC loss share receivable | — | (4,386 | ) | ||||
Other | 2,659 | 718 | |||||
Total interest and dividend income | 192,533 | 176,936 | |||||
Interest Expense | |||||||
Deposits: | |||||||
NOW and MMDA | 11,100 | 7,358 | |||||
Savings | 320 | 222 | |||||
Time deposits | 4,638 | 4,354 | |||||
Short-term borrowings | 277 | 485 | |||||
Long-term debt | 3,380 | 3,114 | |||||
Total interest expense | 19,715 | 15,533 | |||||
Net interest income | 172,818 | 161,403 | |||||
Provision for loan losses | 6,154 | 14,905 | |||||
Net interest income after provision for loan losses | 166,664 | 146,498 | |||||
Non-interest Income | |||||||
Mortgage income | 14,115 | 19,940 | |||||
Service charges on deposit accounts | 11,153 | 10,951 | |||||
Title revenue | 4,741 | 4,745 | |||||
Broker commissions | 2,738 | 3,823 | |||||
ATM/debit card fee income | 3,585 | 3,503 | |||||
Credit card and merchant-related income | 3,227 | 2,655 | |||||
Income from bank owned life insurance | 1,311 | 1,202 | |||||
Gain on sale of available for sale securities | — | 196 | |||||
Other non-interest income | 6,476 | 8,830 | |||||
Total non-interest income | 47,346 | 55,845 | |||||
Non-interest Expense | |||||||
Salaries and employee benefits | 81,853 | 80,742 | |||||
Net occupancy and equipment | 16,021 | 16,907 | |||||
Communication and delivery | 3,044 | 3,059 | |||||
Marketing and business development | 3,424 | 3,502 | |||||
Data processing | 6,941 | 5,918 | |||||
Professional services | 5,335 | 3,780 | |||||
Credit and other loan related expense | 4,526 | 2,671 | |||||
Insurance | 4,529 | 4,184 | |||||
Travel and entertainment | 2,484 | 2,383 | |||||
Other non-interest expense | 12,861 | 14,306 | |||||
Total non-interest expense | 141,018 | 137,452 | |||||
Income before income tax expense | 72,992 | 64,891 | |||||
Income tax expense | 22,519 | 22,122 | |||||
Net Income | 50,473 | 42,769 | |||||
Preferred stock dividends | (3,599 | ) | (2,576 | ) | |||
Net Income Available to Common Shareholders | $ | 46,874 | $ | 40,193 | |||
Income available to common shareholders - basic | $ | 46,874 | $ | 40,193 | |||
Earnings allocated to unvested restricted stock | (346 | ) | (460 | ) | |||
Earnings allocated to common shareholders | $ | 46,528 | $ | 39,733 | |||
Earnings per common share - Basic | $ | 1.01 | $ | 0.98 | |||
Earnings per common share - Diluted | 1.00 | 0.97 | |||||
Cash dividends declared per common share | 0.36 | 0.34 | |||||
Comprehensive Income | |||||||
Net Income | $ | 50,473 | $ | 42,769 | |||
Other comprehensive income (loss), net of tax: | |||||||
Unrealized gains (losses) on securities: | |||||||
Unrealized holding gains (losses) arising during the period (net of tax effects of $2,421 and $13,702, respectively) | 4,496 | 25,447 | |||||
Reclassification adjustment for gains included in net income (net of tax effects of $0 and $69, respectively) | — | (127 | ) | ||||
Unrealized gains (losses) on securities, net of tax | 4,496 | 25,320 | |||||
Fair value of derivative instruments designated as cash flow hedges: | |||||||
Change in fair value of derivative instruments designated as cash flow hedges during the period (net of tax effects of $88 and $2,223, respectively) | 163 | (4,127 | ) | ||||
Reclassification adjustment for gains included in net income (net of tax effects of $24 and $0, respectively) | (45 | ) | — | ||||
Fair value of derivative instruments designated as cash flow hedges, net of tax | 118 | (4,127 | ) | ||||
Other comprehensive income (loss), net of tax | 4,614 | 21,193 | |||||
Comprehensive income | $ | 55,087 | $ | 63,962 |
Additional Paid in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Total | ||||||||||||||||||||||||||
Preferred Stock | Common Stock | ||||||||||||||||||||||||||||
(Dollars in thousands, except share and per share data) | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Balance, December 31, 2015 | 8,000 | $ | 76,812 | 41,139,537 | $ | 41,140 | $ | 1,797,982 | $ | 584,486 | $ | (1,585 | ) | $ | 2,498,835 | ||||||||||||||
Net income | — | — | — | — | — | 42,769 | — | 42,769 | |||||||||||||||||||||
Other comprehensive income/(loss) | — | — | — | — | — | — | 21,193 | 21,193 | |||||||||||||||||||||
Cash dividends declared, $0.34 per share | — | — | — | — | — | (14,019 | ) | — | (14,019 | ) | |||||||||||||||||||
Preferred stock dividends | — | — | — | — | — | (2,576 | ) | — | (2,576 | ) | |||||||||||||||||||
Common stock issued under incentive plans, net of shares surrendered in payment, including tax benefit | — | — | 92,323 | 92 | (2,255 | ) | — | — | (2,163 | ) | |||||||||||||||||||
Share-based compensation cost | — | — | — | — | 3,870 | — | — | 3,870 | |||||||||||||||||||||
Balance, March 31, 2016 | 8,000 | $ | 76,812 | 41,231,860 | $ | 41,232 | $ | 1,799,597 | $ | 610,660 | $ | 19,608 | $ | 2,547,909 | |||||||||||||||
Balance, December 31, 2016 | 13,750 | $ | 132,097 | 44,795,386 | $ | 44,795 | $ | 2,084,446 | $ | 704,391 | $ | (26,035 | ) | $ | 2,939,694 | ||||||||||||||
Net income | — | — | — | — | — | 50,473 | — | 50,473 | |||||||||||||||||||||
Other comprehensive income/(loss) | — | — | — | — | — | — | 4,614 | 4,614 | |||||||||||||||||||||
Cash dividends declared, $0.36 per share | — | — | — | — | — | (18,271 | ) | — | (18,271 | ) | |||||||||||||||||||
Preferred stock dividends | — | — | — | — | — | (3,599 | ) | — | (3,599 | ) | |||||||||||||||||||
Common stock issued under incentive plans, net of shares surrendered in payment, including tax benefit | — | — | 74,522 | 75 | (3,926 | ) | — | — | (3,851 | ) | |||||||||||||||||||
Common stock issued | — | — | 6,100,000 | 6,100 | 479,094 | — | — | 485,194 | |||||||||||||||||||||
Share-based compensation cost | — | — | — | — | 3,721 | — | — | 3,721 | |||||||||||||||||||||
Balance, March 31, 2017 | 13,750 | $ | 132,097 | 50,969,908 | $ | 50,970 | $ | 2,563,335 | $ | 732,994 | $ | (21,421 | ) | $ | 3,457,975 |
For the Three Months Ended March 31, | |||||||
(Dollars in thousands) | 2017 | 2016 | |||||
Cash Flows from Operating Activities | |||||||
Net income | $ | 50,473 | $ | 42,769 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
Depreciation, amortization, and accretion | 2,199 | 1,103 | |||||
Amortization of purchase accounting and market value adjustments | (6,958 | ) | (2,695 | ) | |||
Provision for loan losses | 6,154 | 14,905 | |||||
Share-based compensation cost - equity awards | 3,721 | 3,870 | |||||
(Gain)/loss on sale of assets, net | 54 | 3 | |||||
(Gain)/loss on sale of available for sale securities | — | (196 | ) | ||||
(Gain)/loss on sale of OREO, net | (800 | ) | (3,534 | ) | |||
Amortization of premium/discount on securities, net | 6,405 | 4,871 | |||||
Derivative losses (gain) on swaps | (69 | ) | — | ||||
(Benefit) expense for deferred income taxes | (10,565 | ) | (4,698 | ) | |||
Originations of mortgage loans held for sale | (393,924 | ) | (517,661 | ) | |||
Proceeds from sales of mortgage loans held for sale | 440,337 | 507,372 | |||||
Realized and unrealized (gain)/loss on mortgage loans held for sale, net | (13,689 | ) | (19,668 | ) | |||
Other operating activities, net | (20,864 | ) | 16,730 | ||||
Net Cash Provided by Operating Activities | 62,474 | 43,171 | |||||
Cash Flows from Investing Activities | |||||||
Proceeds from sales of available for sale securities | — | 49,531 | |||||
Proceeds from maturities, prepayments and calls of available for sale securities | 113,940 | 98,439 | |||||
Purchases of available for sale securities | (491,055 | ) | (68,609 | ) | |||
Proceeds from maturities, prepayments and calls of held to maturity securities | 2,968 | 2,589 | |||||
Purchases of held to maturity securities | — | — | |||||
Purchases of equity securities | (200 | ) | (21,569 | ) | |||
Increase in loans, net of loans acquired | (60,609 | ) | (114,232 | ) | |||
Proceeds from sale of premises and equipment | 7 | 1,158 | |||||
Purchases of premises and equipment, net of premises and equipment acquired | (2,761 | ) | (4,600 | ) | |||
Proceeds from disposition of OREO | 4,374 | 13,240 | |||||
Cash paid for investment in tax credit entities | (795 | ) | (5,617 | ) | |||
Other investing activities, net | 6,327 | (770 | ) | ||||
Net Cash Used in Investing Activities | (427,804 | ) | (50,440 | ) | |||
Cash Flows from Financing Activities | |||||||
Increase/(decrease) in deposits, net of deposits acquired | (95,916 | ) | 81,931 | ||||
Net change in short-term borrowings, net of borrowings acquired | (60,440 | ) | 171,621 | ||||
Proceeds from long-term debt | — | 260,000 | |||||
Repayments of long-term debt | (622 | ) | (1,168 | ) | |||
Cash dividends paid on common stock | (16,126 | ) | (13,988 | ) | |||
Cash dividends paid on preferred stock | (3,599 | ) | (2,576 | ) | |||
Net share-based compensation stock transactions | (4,169 | ) | 17 | ||||
Payments to repurchase common stock | — | (2,180 | ) | ||||
Net proceeds from issuance of common stock | 485,194 | — | |||||
Net proceeds from issuance of preferred stock | — | — | |||||
Net Cash Provided by Financing Activities | 304,322 | 493,657 | |||||
Net Increase (Decrease) In Cash and Cash Equivalents | (61,008 | ) | 486,388 |
Cash and Cash Equivalents at Beginning of Period | 1,362,126 | 510,267 | |||||
Cash and Cash Equivalents at End of Period | $ | 1,301,118 | $ | 996,655 | |||
Supplemental Schedule of Non-cash Activities | |||||||
Acquisition of real estate in settlement of loans | $ | 2,733 | $ | 1,937 | |||
Common stock issued in acquisition | $ | — | $ | — | |||
Supplemental Disclosures | |||||||
Cash paid for: | |||||||
Interest on deposits and borrowings | $ | 19,850 | $ | 14,703 | |||
Income taxes, net | $ | 39,609 | $ | 4,150 |
March 31, 2017 | |||||||||||||||
(Dollars in thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | |||||||||||
Securities available for sale: | |||||||||||||||
U.S. Government-sponsored enterprise obligations | $ | 212,430 | $ | 199 | $ | (463 | ) | $ | 212,166 | ||||||
Obligations of state and political subdivisions | 297,712 | 3,190 | (3,812 | ) | 297,090 | ||||||||||
Mortgage-backed securities | 3,238,530 | 4,937 | (37,505 | ) | 3,205,962 | ||||||||||
Other securities | 108,541 | 455 | (261 | ) | 108,735 | ||||||||||
Total securities available for sale | $ | 3,857,213 | $ | 8,781 | $ | (42,041 | ) | $ | 3,823,953 | ||||||
Securities held to maturity: | |||||||||||||||
Obligations of state and political subdivisions | $ | 62,315 | $ | 1,682 | $ | (99 | ) | $ | 63,898 | ||||||
Mortgage-backed securities | 23,703 | 55 | (843 | ) | 22,915 | ||||||||||
Total securities held to maturity | $ | 86,018 | $ | 1,737 | $ | (942 | ) | $ | 86,813 | ||||||
December 31, 2016 | |||||||||||||||
(Dollars in thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | |||||||||||
Securities available for sale: | |||||||||||||||
U.S. Government-sponsored enterprise obligations | $ | 212,662 | $ | 245 | $ | (549 | ) | $ | 212,358 | ||||||
Obligations of state and political subdivisions | 286,458 | 1,948 | (5,207 | ) | 283,199 | ||||||||||
Mortgage-backed securities | 2,888,180 | 4,820 | (41,291 | ) | 2,851,709 | ||||||||||
Other securities | 98,974 | 361 | (504 | ) | 98,831 | ||||||||||
Total securities available for sale | $ | 3,486,274 | $ | 7,374 | $ | (47,551 | ) | $ | 3,446,097 | ||||||
Securities held to maturity: | |||||||||||||||
Obligations of state and political subdivisions | $ | 64,726 | $ | 1,609 | $ | (133 | ) | $ | 66,202 | ||||||
Mortgage-backed securities | 24,490 | 57 | (817 | ) | 23,730 | ||||||||||
Total securities held to maturity | $ | 89,216 | $ | 1,666 | $ | (950 | ) | $ | 89,932 |
March 31, 2017 | |||||||||||||||||||||||
Less Than Twelve Months | Over Twelve Months | Total | |||||||||||||||||||||
(Dollars in thousands) | Gross Unrealized Losses | Estimated Fair Value | Gross Unrealized Losses | Estimated Fair Value | Gross Unrealized Losses | Estimated Fair Value | |||||||||||||||||
Securities available for sale: | |||||||||||||||||||||||
U.S. Government-sponsored enterprise obligations | $ | (463 | ) | $ | 150,412 | $ | — | $ | — | $ | (463 | ) | $ | 150,412 | |||||||||
Obligations of state and political subdivisions | (3,812 | ) | 101,543 | — | — | (3,812 | ) | 101,543 | |||||||||||||||
Mortgage-backed securities | (35,221 | ) | 2,349,545 | (2,284 | ) | 94,005 | (37,505 | ) | 2,443,550 | ||||||||||||||
Other Securities | (212 | ) | 42,955 | (49 | ) | 3,614 | (261 | ) | 46,569 | ||||||||||||||
Total securities available for sale | $ | (39,708 | ) | $ | 2,644,455 | $ | (2,333 | ) | $ | 97,619 | $ | (42,041 | ) | $ | 2,742,074 | ||||||||
Securities held to maturity: | |||||||||||||||||||||||
Obligations of state and political subdivisions | $ | (99 | ) | $ | 4,986 | $ | — | $ | — | $ | (99 | ) | $ | 4,986 | |||||||||
Mortgage-backed securities | (358 | ) | 12,093 | (485 | ) | 10,366 | (843 | ) | 22,459 | ||||||||||||||
Total securities held to maturity | $ | (457 | ) | $ | 17,079 | $ | (485 | ) | $ | 10,366 | $ | (942 | ) | $ | 27,445 |
December 31, 2016 | |||||||||||||||||||||||
Less Than Twelve Months | Over Twelve Months | Total | |||||||||||||||||||||
(Dollars in thousands) | Gross Unrealized Losses | Estimated Fair Value | Gross Unrealized Losses | Estimated Fair Value | Gross Unrealized Losses | Estimated Fair Value | |||||||||||||||||
Securities available for sale: | |||||||||||||||||||||||
U.S. Government-sponsored enterprise obligations | $ | (549 | ) | $ | 150,554 | $ | — | $ | — | $ | (549 | ) | $ | 150,554 | |||||||||
Obligations of state and political subdivisions | (5,207 | ) | 148,059 | — | — | (5,207 | ) | 148,059 | |||||||||||||||
Mortgage-backed securities | (38,667 | ) | 2,191,563 | (2,624 | ) | 98,912 | (41,291 | ) | 2,290,475 | ||||||||||||||
Other Securities | (451 | ) | 36,484 | (53 | ) | 3,850 | (504 | ) | 40,334 | ||||||||||||||
Total securities available for sale | $ | (44,874 | ) | $ | 2,526,660 | $ | (2,677 | ) | $ | 102,762 | $ | (47,551 | ) | $ | 2,629,422 | ||||||||
Securities held to maturity: | |||||||||||||||||||||||
Obligations of state and political subdivisions | $ | (133 | ) | $ | 10,602 | $ | — | $ | — | $ | (133 | ) | $ | 10,602 | |||||||||
Mortgage-backed securities | (330 | ) | 12,288 | (487 | ) | 10,960 | (817 | ) | 23,248 | ||||||||||||||
Total securities held to maturity | $ | (463 | ) | $ | 22,890 | $ | (487 | ) | $ | 10,960 | $ | (950 | ) | $ | 33,850 |
• | The length of time and extent to which the estimated fair value of the securities was less than their amortized cost; |
• | Whether adverse conditions were present in the operations, geographic area, or industry of the issuer; |
• | The payment structure of the security, including scheduled interest and principal payments, including the issuer’s failures to make scheduled payments, if any, and the likelihood of failure to make scheduled payments in the future; |
• | Changes to the rating of the security by a rating agency; and |
• | Subsequent recoveries or additional declines in fair value after the balance sheet date. |
(Dollars in thousands) | March 31, 2017 | December 31, 2016 | |||||
Number of securities: | |||||||
Issued by U.S. Government-sponsored enterprises | 28 | 28 | |||||
Issued by political subdivisions | — | — | |||||
Other | 3 | 3 | |||||
31 | 31 | ||||||
Amortized Cost Basis: | |||||||
Issued by U.S. Government-sponsored enterprises | $ | 107,140 | $ | 112,983 | |||
Issued by political subdivisions | — | — | |||||
Other | 3,663 | 3,903 | |||||
$ | 110,803 | $ | 116,886 | ||||
Unrealized Loss: | |||||||
Issued by U.S. Government-sponsored enterprises | $ | 2,769 | $ | 3,111 | |||
Issued by political subdivisions | — | — | |||||
Other | 49 | 53 | |||||
$ | 2,818 | $ | 3,164 |
Securities Available for Sale | Securities Held to Maturity | ||||||||||||||||||||
(Dollars in thousands) | Weighted Average Yield | Amortized Cost | Estimated Fair Value | Weighted Average Yield | Amortized Cost | Estimated Fair Value | |||||||||||||||
Within one year or less | 1.74 | % | $ | 27,692 | $ | 27,625 | 2.87 | % | $ | 1,896 | $ | 1,907 | |||||||||
One through five years | 1.67 | 283,137 | 283,609 | 2.90 | 8,274 | 8,454 | |||||||||||||||
After five through ten years | 2.32 | 789,829 | 786,876 | 3.08 | 22,252 | 22,852 | |||||||||||||||
Over ten years | 2.26 | 2,756,555 | 2,725,843 | 2.83 | 53,596 | 53,600 | |||||||||||||||
2.22 | % | $ | 3,857,213 | $ | 3,823,953 | 2.91 | % | $ | 86,018 | $ | 86,813 |
Three Months Ended March 31 | |||||||
(Dollars in thousands) | 2017 | 2016 | |||||
Realized gains | $ | — | $ | 462 | |||
Realized losses | — | (266 | ) | ||||
$ | — | $ | 196 |
(Dollars in thousands) | March 31, 2017 | December 31, 2016 | |||||
Federal Home Loan Bank (FHLB) stock | $ | 37,415 | $ | 42,326 | |||
Federal Reserve Bank (FRB) stock | 48,584 | 48,584 | |||||
Other investments | 3,008 | 2,808 | |||||
$ | 89,007 | $ | 93,718 |
March 31, 2017 | |||||||||||
(Dollars in thousands) | Legacy Loans | Acquired Loans | Total | ||||||||
Commercial loans: | |||||||||||
Real estate | $ | 5,878,509 | $ | 1,099,365 | $ | 6,977,874 | |||||
Commercial and industrial | 3,140,205 | 315,373 | 3,455,578 | ||||||||
Energy-related | 562,515 | 1,108 | 563,623 | ||||||||
9,581,229 | 1,415,846 | 10,997,075 | |||||||||
Residential mortgage loans: | 901,859 | 394,499 | 1,296,358 | ||||||||
Consumer and other loans: | |||||||||||
Home equity | 1,797,123 | 349,673 | 2,146,796 | ||||||||
Indirect automobile | 110,174 | 26 | 110,200 | ||||||||
Other | 533,059 | 48,714 | 581,773 | ||||||||
2,440,356 | 398,413 | 2,838,769 | |||||||||
Total | $ | 12,923,444 | $ | 2,208,758 | $ | 15,132,202 |
December 31, 2016 | |||||||||||
(Dollars in thousands) | Legacy Loans | Acquired Loans | Total | ||||||||
Commercial loans: | |||||||||||
Real estate | $ | 5,623,314 | $ | 1,178,952 | $ | 6,802,266 | |||||
Commercial and industrial | 3,194,796 | 348,326 | 3,543,122 | ||||||||
Energy-related | 559,289 | 1,904 | 561,193 | ||||||||
9,377,399 | 1,529,182 | 10,906,581 | |||||||||
Residential mortgage loans: | 854,216 | 413,184 | 1,267,400 | ||||||||
Consumer and other loans: | |||||||||||
Home equity | 1,783,421 | 372,505 | 2,155,926 | ||||||||
Indirect automobile | 131,048 | 4 | 131,052 | ||||||||
Other | 548,840 | 55,172 | 604,012 | ||||||||
2,463,309 | 427,681 | 2,890,990 | |||||||||
Total | $ | 12,694,924 | $ | 2,370,047 | $ | 15,064,971 |
March 31, 2017 | |||||||||||||||||||||||||||
Legacy loans | |||||||||||||||||||||||||||
Accruing | |||||||||||||||||||||||||||
(Dollars in thousands) | Current or less than 30 days past due | 30-59 days | 60-89 days | > 90 days | Total Past Due | Non-accrual Loans | Total Loans | ||||||||||||||||||||
Commercial real estate - Construction | $ | 880,721 | $ | 187 | $ | 1,431 | $ | — | $ | 1,618 | $ | — | $ | 882,339 | |||||||||||||
Commercial real estate - Other | 4,973,144 | 4,432 | 586 | 537 | 5,555 | 17,471 | 4,996,170 | ||||||||||||||||||||
Commercial and industrial | 3,102,314 | 6,399 | 224 | 373 | 6,996 | 30,895 | 3,140,205 | ||||||||||||||||||||
Energy-related | 447,128 | — | — | 2,175 | 2,175 | 113,212 | 562,515 | ||||||||||||||||||||
Residential mortgage | 884,571 | 2,692 | 1,628 | — | 4,320 | 12,968 | 901,859 | ||||||||||||||||||||
Consumer - Home equity | 1,779,409 | 7,868 | 1,945 | — | 9,813 | 7,901 | 1,797,123 | ||||||||||||||||||||
Consumer - Indirect automobile | 107,519 | 1,333 | 299 | — | 1,632 | 1,023 | 110,174 | ||||||||||||||||||||
Consumer - Credit card | 82,636 | 350 | 190 | — | 540 | 436 | 83,612 | ||||||||||||||||||||
Consumer - Other | 445,538 | 2,141 | 581 | 15 | 2,737 | 1,172 | 449,447 | ||||||||||||||||||||
Total | $ | 12,702,980 | $ | 25,402 | $ | 6,884 | $ | 3,100 | $ | 35,386 | $ | 185,078 | $ | 12,923,444 |
December 31, 2016 | |||||||||||||||||||||||||||
Legacy loans | |||||||||||||||||||||||||||
Accruing | |||||||||||||||||||||||||||
(Dollars in thousands) | Current or less than 30 days past due | 30-59 days | 60-89 days | > 90 days | Total Past Due | Non-accrual Loans | Total Loans | ||||||||||||||||||||
Commercial real estate - Construction | $ | 740,761 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 740,761 | |||||||||||||
Commercial real estate - Other | 4,863,902 | 1,861 | 351 | — | 2,212 | 16,439 | 4,882,553 | ||||||||||||||||||||
Commercial and industrial | 3,158,700 | 3,999 | 870 | — | 4,869 | 31,227 | 3,194,796 | ||||||||||||||||||||
Energy-related | 407,434 | — | 1,526 | — | 1,526 | 150,329 | 559,289 | ||||||||||||||||||||
Residential mortgage | 836,509 | 2,012 | 1,577 | 1,104 | 4,693 | 13,014 | 854,216 | ||||||||||||||||||||
Consumer - Home equity | 1,768,763 | 5,249 | 1,430 | — | 6,679 | 7,979 | 1,783,421 | ||||||||||||||||||||
Consumer - Indirect automobile | 127,054 | 2,551 | 405 | — | 2,956 | 1,038 | 131,048 | ||||||||||||||||||||
Consumer - Credit card | 81,602 | 199 | 99 | — | 298 | 624 | 82,524 | ||||||||||||||||||||
Consumer - Other | 462,650 | 2,155 | 618 | — | 2,773 | 893 | 466,316 | ||||||||||||||||||||
Total | $ | 12,447,375 | $ | 18,026 | $ | 6,876 | $ | 1,104 | $ | 26,006 | $ | 221,543 | $ | 12,694,924 |
March 31, 2017 | |||||||||||||||||||||||||||||||||||
Acquired loans (1) (2) | |||||||||||||||||||||||||||||||||||
Accruing | |||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Current or Less Than 30 days past due | 30-59 days | 60-89 days | > 90 days | Total Past Due | Non-accrual Loans | Discount/Premium | Acquired Impaired Loans | Total Loans | ||||||||||||||||||||||||||
Commercial real estate - Construction | $ | 25,425 | $ | — | $ | — | $ | — | $ | — | $ | 1,946 | $ | (202 | ) | $ | 34,787 | $ | 61,956 | ||||||||||||||||
Commercial real estate - Other | 811,160 | — | 314 | 3,684 | 3,998 | 957 | (3,258 | ) | 224,552 | 1,037,409 | |||||||||||||||||||||||||
Commercial and industrial | 280,869 | 287 | 111 | 1,196 | 1,594 | 1,101 | (745 | ) | 32,554 | 315,373 | |||||||||||||||||||||||||
Energy-related | 956 | — | 157 | — | 157 | — | (5 | ) | — | 1,108 | |||||||||||||||||||||||||
Residential mortgage | 278,684 | 919 | 543 | — | 1,462 | 789 | (1,729 | ) | 115,293 | 394,499 | |||||||||||||||||||||||||
Consumer - Home equity | 266,706 | 1,078 | 222 | — | 1,300 | 1,367 | (4,826 | ) | 85,126 | 349,673 | |||||||||||||||||||||||||
Consumer - Indirect automobile | 19 | — | — | — | — | — | — | 7 | 26 | ||||||||||||||||||||||||||
Consumer - Credit Card | — | — | — | — | — | — | — | 501 | 501 | ||||||||||||||||||||||||||
Consumer - Other | 44,026 | 218 | 37 | — | 255 | 344 | (931 | ) | 4,519 | 48,213 | |||||||||||||||||||||||||
Total | $ | 1,707,845 | $ | 2,502 | $ | 1,384 | $ | 4,880 | $ | 8,766 | $ | 6,504 | $ | (11,696 | ) | $ | 497,339 | $ | 2,208,758 |
December 31, 2016 | |||||||||||||||||||||||||||||||||||
Acquired loans (1) (2) | |||||||||||||||||||||||||||||||||||
Accruing | |||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Current or Less Than 30 days past due | 30-59 days | 60-89 days | > 90 days | Total Past Due | Non-accrual Loans | Discount/Premium | Acquired Impaired Loans | Total Loans | ||||||||||||||||||||||||||
Commercial real estate - Construction | $ | 26,714 | $ | — | $ | — | $ | — | $ | — | $ | 1,946 | $ | (243 | ) | $ | 32,991 | $ | 61,408 | ||||||||||||||||
Commercial real estate - Other | 871,492 | 716 | 55 | 32 | 803 | 1,221 | (3,649 | ) | 247,677 | 1,117,544 | |||||||||||||||||||||||||
Commercial and industrial | 314,990 | 73 | 51 | — | 124 | 1,317 | (837 | ) | 32,732 | 348,326 | |||||||||||||||||||||||||
Energy-related | 1,910 | — | — | — | — | — | (6 | ) | — | 1,904 | |||||||||||||||||||||||||
Residential mortgage | 290,031 | 328 | 989 | — | 1,317 | 719 | (1,835 | ) | 122,952 | 413,184 | |||||||||||||||||||||||||
Consumer - Home equity | 286,411 | 1,078 | 189 | 250 | 1,517 | 1,395 | (5,237 | ) | 88,419 | 372,505 | |||||||||||||||||||||||||
Consumer - Indirect automobile | — | — | — | — | — | — | — | 4 | 4 | ||||||||||||||||||||||||||
Consumer - Credit Card | 468 | — | — | — | — | — | — | — | 468 | ||||||||||||||||||||||||||
Consumer - Other | 49,449 | 391 | 97 | — | 488 | 360 | (1,004 | ) | 5,411 | 54,704 | |||||||||||||||||||||||||
Total | $ | 1,841,465 | $ | 2,586 | $ | 1,381 | $ | 282 | $ | 4,249 | $ | 6,958 | $ | (12,811 | ) | $ | 530,186 | $ | 2,370,047 |
(1) | Past due and non-accrual information presents acquired loans at the gross loan balance, prior to application of discounts. |
(2) | Past due and non-accrual loan amounts exclude acquired impaired loans, even if contractually past due or if the Company does not expect to receive payment in full, as the Company is currently accreting interest income over the expected life of the loans. |
(Dollars in thousands) | 2017 | 2016 | ||||||
Balance at beginning of period | $ | 175,054 | $ | 227,502 | ||||
Transfers from non-accretable difference to accretable yield | 2,071 | 2,106 | ||||||
Accretion | (14,596 | ) | (18,412 | ) | ||||
Changes in expected cash flows not affecting non-accretable differences (1) | 1,060 | 8,688 | ||||||
Balance at end of period | $ | 163,589 | $ | 219,884 |
(1) | Includes changes in cash flows expected to be collected due to the impact of changes in actual or expected timing of liquidation events, modifications, changes in interest rates and changes in prepayment assumptions. |
(Dollars in thousands) | 2017 | 2016 | ||||
Extended maturities | $ | 7,199 | $ | 3,061 | ||
Maturity and interest rate adjustment | 3,224 | 253 | ||||
Movement to or extension of interest-rate only payments | 1,290 | — | ||||
Forbearance | 1,220 | 5,296 | ||||
Other concession(s) (1) | 232 | 36,172 | ||||
Total | $ | 13,165 | $ | 44,782 |
(1) | Other concessions may include covenant waivers, forgiveness of principal or interest associated with a customer bankruptcy, or a combination of any of the above concessions. |
2017 | 2016 | ||||||||||||||||||||
(In thousands, except number of loans) | Number of Loans | Pre-modification Outstanding Recorded Investment | Post-modification Outstanding Recorded Investment | Number of Loans | Pre-modification Outstanding Recorded Investment | Post-modification Outstanding Recorded Investment | |||||||||||||||
Commercial real estate | 10 | $ | 4,871 | $ | 4,854 | 9 | $ | 1,228 | $ | 1,228 | |||||||||||
Commercial and industrial | 15 | 435 | 427 | 14 | 4,927 | 4,737 | |||||||||||||||
Energy-related | — | — | — | 9 | 33,925 | 33,925 | |||||||||||||||
Residential mortgage | 4 | 259 | 241 | 15 | 3,295 | 3,219 | |||||||||||||||
Consumer - Home equity | 37 | 6,622 | 6,607 | 22 | 1,372 | 1,316 | |||||||||||||||
Consumer - Indirect | 13 | 184 | 174 | — | — | — | |||||||||||||||
Consumer - Other | 22 | 867 | 862 | 25 | 442 | 357 | |||||||||||||||
Total | 101 | $ | 13,238 | $ | 13,165 | 94 | $ | 45,189 | $ | 44,782 |
March 31, 2017 | March 31, 2016 | ||||||||||||
(In thousands, except number of loans) | Number of Loans | Recorded Investment | Number of Loans | Recorded Investment | |||||||||
Commercial real estate | 16 | $ | 13,583 | 9 | $ | 1,228 | |||||||
Commercial and industrial | 20 | 1,411 | 9 | 1,627 | |||||||||
Energy-related | 5 | 9,082 | 1 | 2,250 | |||||||||
Residential mortgage | 22 | 1,793 | 15 | 3,218 | |||||||||
Consumer - Home Equity | 31 | 1,337 | 10 | 595 | |||||||||
Consumer - Indirect automobile | 43 | 517 | — | — | |||||||||
Consumer - Other | 25 | 693 | 7 | 170 | |||||||||
Total | 162 | $ | 28,416 | 51 | $ | 9,088 |
2017 | |||||||||||
(Dollars in thousands) | Legacy Loans | Acquired Loans | Total | ||||||||
Allowance for credit losses | |||||||||||
Allowance for loan losses at beginning of period | $ | 105,569 | $ | 39,150 | $ | 144,719 | |||||
Provision for (Reversal of) loan losses | 6,566 | (412 | ) | 6,154 | |||||||
Transfer of balance to OREO and other | — | 73 | 73 | ||||||||
Loans charged-off | (7,202 | ) | (89 | ) | (7,291 | ) | |||||
Recoveries | 880 | 355 | 1,235 | ||||||||
Allowance for loan losses at end of period | $ | 105,813 | $ | 39,077 | $ | 144,890 | |||||
Reserve for unfunded commitments at beginning of period | $ | 11,241 | $ | — | $ | 11,241 | |||||
Provision for unfunded lending commitments | 419 | — | 419 | ||||||||
Reserve for unfunded commitments at end of period | $ | 11,660 | $ | — | $ | 11,660 | |||||
Allowance for credit losses at end of period | $ | 117,473 | $ | 39,077 | $ | 156,550 |
2016 | |||||||||||
Legacy Loans | Acquired Loans | Total | |||||||||
Allowance for credit losses | |||||||||||
Allowance for loan losses at beginning of period | $ | 93,808 | $ | 44,570 | $ | 138,378 | |||||
Provision for (Reversal of) loan losses before benefit attributable to FDIC loss share agreements | 15,908 | (1,261 | ) | 14,647 | |||||||
Adjustment attributable to FDIC loss share arrangements | — | 258 | 258 | ||||||||
Net provision for (Reversal of) loan losses | 15,908 | (1,003 | ) | 14,905 | |||||||
Adjustment attributable to FDIC loss share arrangements | — | (258 | ) | (258 | ) | ||||||
Transfer of balance to OREO and other | — | (2,459 | ) | (2,459 | ) | ||||||
Loans charged-off | (5,389 | ) | (171 | ) | (5,560 | ) | |||||
Recoveries | 1,247 | 304 | 1,551 | ||||||||
Allowance for loan losses at end of period | $ | 105,574 | $ | 40,983 | $ | 146,557 | |||||
Reserve for unfunded commitments at beginning of period | $ | 14,145 | $ | — | $ | 14,145 | |||||
Provision for (Reversal of) unfunded lending commitments | (112 | ) | — | (112 | ) | ||||||
Reserve for unfunded commitments at end of period | $ | 14,033 | $ | — | $ | 14,033 | |||||
Allowance for credit losses at end of period | $ | 119,607 | $ | 40,983 | $ | 160,590 |
2017 | |||||||||||||||||||||||
(Dollars in thousands) | Commercial Real Estate | Commercial and Industrial | Energy-related | Residential Mortgage | Consumer | Total | |||||||||||||||||
Allowance for loan losses at beginning of period | $ | 25,408 | $ | 35,434 | $ | 22,486 | $ | 3,835 | $ | 18,406 | $ | 105,569 | |||||||||||
Provision for (Reversal of) loan losses | 1,948 | 1,951 | 490 | (623 | ) | 2,800 | 6,566 | ||||||||||||||||
Transfer of balance to OREO and other | — | — | — | — | — | — | |||||||||||||||||
Loans charged off | (95 | ) | (917 | ) | (2,845 | ) | (22 | ) | (3,323 | ) | (7,202 | ) | |||||||||||
Recoveries | 87 | 49 | — | 43 | 701 | 880 | |||||||||||||||||
Allowance for loan losses at end of period | $ | 27,348 | $ | 36,517 | $ | 20,131 | $ | 3,233 | $ | 18,584 | $ | 105,813 | |||||||||||
Reserve for unfunded commitments at beginning of period | $ | 3,206 | $ | 3,535 | $ | 1,003 | $ | 657 | $ | 2,840 | $ | 11,241 | |||||||||||
Provision for (Reversal of) unfunded commitments | 1,377 | (83 | ) | (800 | ) | (49 | ) | (26 | ) | 419 | |||||||||||||
Reserve for unfunded commitments at end of period | $ | 4,583 | $ | 3,452 | $ | 203 | $ | 608 | $ | 2,814 | $ | 11,660 | |||||||||||
Allowance on loans individually evaluated for impairment | $ | 1,222 | $ | 13,860 | $ | 10,446 | $ | 98 | $ | 1,679 | $ | 27,305 | |||||||||||
Allowance on loans collectively evaluated for impairment | 26,126 | 22,657 | 9,685 | 3,135 | 16,905 | 78,508 | |||||||||||||||||
Loans, net of unearned income: | |||||||||||||||||||||||
Balance at end of period | $ | 5,878,509 | $ | 3,140,205 | $ | 562,515 | $ | 901,859 | $ | 2,440,356 | $ | 12,923,444 | |||||||||||
Balance at end of period individually evaluated for impairment | 46,203 | 40,380 | 142,398 | 4,583 | 23,468 | 257,032 | |||||||||||||||||
Balance at end of period collectively evaluated for impairment | 5,832,306 | 3,099,825 | 420,117 | 897,276 | 2,416,888 | 12,666,412 |
2016 | |||||||||||||||||||||||
(Dollars in thousands) | Commercial Real Estate | Commercial and Industrial | Energy-related | Residential Mortgage | Consumer | Total | |||||||||||||||||
Allowance for loan losses at beginning of period | $ | 24,658 | $ | 23,283 | $ | 23,863 | $ | 3,947 | $ | 18,057 | $ | 93,808 | |||||||||||
Provision for (Reversal of) loan losses | 1,297 | (2,431 | ) | 14,533 | (115 | ) | 2,624 | 15,908 | |||||||||||||||
Loans charged off | (1,738 | ) | (225 | ) | — | (14 | ) | (3,412 | ) | (5,389 | ) | ||||||||||||
Recoveries | 487 | 30 | — | 18 | 712 | 1,247 | |||||||||||||||||
Allowance for loan losses at end of period | $ | 24,704 | $ | 20,657 | $ | 38,396 | $ | 3,836 | $ | 17,981 | $ | 105,574 | |||||||||||
Reserve for unfunded commitments at beginning of period | $ | 4,160 | $ | 3,448 | $ | 2,665 | $ | 830 | $ | 3,042 | $ | 14,145 | |||||||||||
Provision for (Reversal of) unfunded commitments | (297 | ) | 1,952 | (1,766 | ) | (24 | ) | 23 | (112 | ) | |||||||||||||
Reserve for unfunded commitments at end of period | $ | 3,863 | $ | 5,400 | $ | 899 | $ | 806 | $ | 3,065 | $ | 14,033 | |||||||||||
Allowance on loans individually evaluated for impairment | $ | 695 | $ | 488 | $ | 10,918 | $ | 72 | $ | 809 | $ | 12,982 | |||||||||||
Allowance on loans collectively evaluated for impairment | 24,009 | 20,169 | 27,478 | 3,764 | 17,172 | 92,592 | |||||||||||||||||
Loans, net of unearned income: | |||||||||||||||||||||||
Balance at end of period | $ | 4,771,690 | $ | 2,926,686 | $ | 728,778 | $ | 730,621 | $ | 2,370,922 | $ | 11,528,697 | |||||||||||
Balance at end of period individually evaluated for impairment | 26,608 | 23,302 | 79,417 | 2,724 | 5,909 | 137,960 | |||||||||||||||||
Balance at end of period collectively evaluated for impairment | 4,745,082 | 2,903,384 | 649,361 | 727,897 | 2,365,013 | 11,390,737 |
2017 | |||||||||||||||||||||||
(Dollars in thousands) | Commercial Real Estate | Commercial and Industrial | Energy-related | Residential Mortgage | Consumer | Total | |||||||||||||||||
Allowance for loan losses at beginning of period | $ | 23,574 | $ | 3,230 | $ | 39 | $ | 7,412 | $ | 4,895 | $ | 39,150 | |||||||||||
Provision for (Reversal of) loan losses | (84 | ) | 63 | (26 | ) | (437 | ) | 72 | (412 | ) | |||||||||||||
Transfer of balance to OREO and other | 377 | (350 | ) | — | 2 | 44 | 73 | ||||||||||||||||
Loans charged off | — | — | — | — | (89 | ) | (89 | ) | |||||||||||||||
Recoveries | 109 | 35 | — | — | 211 | 355 | |||||||||||||||||
Allowance for loan losses at end of period | $ | 23,976 | $ | 2,978 | $ | 13 | $ | 6,977 | $ | 5,133 | $ | 39,077 | |||||||||||
Allowance on loans individually evaluated for impairment | $ | 694 | $ | 750 | $ | — | $ | 15 | $ | 45 | $ | 1,504 | |||||||||||
Allowance on loans collectively evaluated for impairment | 23,282 | 2,228 | 13 | 6,962 | 5,088 | 37,573 | |||||||||||||||||
Loans, net of unearned income: | |||||||||||||||||||||||
Balance at end of period | $ | 1,099,365 | $ | 315,373 | $ | 1,108 | $ | 394,499 | $ | 398,413 | $ | 2,208,758 | |||||||||||
Balance at end of period individually evaluated for impairment | 7,966 | 1,810 | — | 464 | 1,840 | 12,080 | |||||||||||||||||
Balance at end of period collectively evaluated for impairment | 832,060 | 281,009 | 1,108 | 278,742 | 306,420 | 1,699,339 | |||||||||||||||||
Balance at end of period acquired with deteriorated credit quality | 259,339 | 32,554 | — | 115,293 | 90,153 | 497,339 |
2016 | |||||||||||||||||||||||
(Dollars in thousands) | Commercial Real Estate | Commercial and Industrial | Energy-related | Residential Mortgage | Consumer | Total | |||||||||||||||||
Allowance for loan losses at beginning of period | $ | 25,979 | $ | 2,819 | $ | 125 | $ | 7,841 | $ | 7,806 | $ | 44,570 | |||||||||||
Provision for (Reversal of) loan losses | (598 | ) | 194 | (25 | ) | 662 | (1,236 | ) | (1,003 | ) | |||||||||||||
Increase (Decrease) in FDIC loss share receivable | 2 | (34 | ) | — | (35 | ) | (191 | ) | (258 | ) | |||||||||||||
Transfer of balance to OREO and other | (1,574 | ) | (343 | ) | — | (70 | ) | (472 | ) | (2,459 | ) | ||||||||||||
Loans charged off | — | (30 | ) | — | — | (141 | ) | (171 | ) | ||||||||||||||
Recoveries | 55 | 108 | — | 25 | 116 | 304 | |||||||||||||||||
Allowance for loan losses at end of period | $ | 23,864 | $ | 2,714 | $ | 100 | $ | 8,423 | $ | 5,882 | $ | 40,983 | |||||||||||
Allowance on loans individually evaluated for impairment | $ | 41 | $ | 5 | $ | — | $ | — | $ | 50 | $ | 96 | |||||||||||
Allowance on loans collectively evaluated for impairment | 23,823 | 2,709 | 100 | 8,423 | 5,832 | 40,887 | |||||||||||||||||
Loans, net of unearned income: | |||||||||||||||||||||||
Balance at end of period | $ | 1,458,938 | $ | 447,696 | $ | 2,884 | $ | 477,770 | $ | 535,259 | $ | 2,922,547 | |||||||||||
Balance at end of period individually evaluated for impairment | 911 | 1,582 | 34 | — | 4,718 | 7,245 | |||||||||||||||||
Balance at end of period collectively evaluated for impairment | 1,088,713 | 409,561 | 2,850 | 340,278 | 414,902 | 2,256,304 | |||||||||||||||||
Balance at end of period acquired with deteriorated credit quality | 369,314 | 36,553 | — | 137,492 | 115,639 | 658,998 |
Legacy loans | |||||||||||||||||||||||||||||||||||||||
March 31, 2017 | December 31, 2016 | ||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Pass | Special Mention | Sub- standard | Doubtful | Total | Pass | Special Mention | Sub- standard | Doubtful | Total | |||||||||||||||||||||||||||||
Commercial real estate - Construction | $ | 876,872 | $ | 1,119 | $ | 4,348 | $ | — | $ | 882,339 | $ | 734,687 | $ | 2,203 | $ | 3,871 | $ | — | $ | 740,761 | |||||||||||||||||||
Commercial real estate - Other | 4,882,222 | 52,083 | 61,865 | — | 4,996,170 | 4,801,494 | 26,159 | 54,900 | — | 4,882,553 | |||||||||||||||||||||||||||||
Commercial and industrial | 3,064,306 | 31,615 | 27,014 | 17,270 | 3,140,205 | 3,112,300 | 29,763 | 35,199 | 17,534 | 3,194,796 | |||||||||||||||||||||||||||||
Energy-related | 314,975 | 65,469 | 153,186 | 28,885 | 562,515 | 242,123 | 80,084 | 225,724 | 11,358 | 559,289 | |||||||||||||||||||||||||||||
Total | $ | 9,138,375 | $ | 150,286 | $ | 246,413 | $ | 46,155 | $ | 9,581,229 | $ | 8,890,604 | $ | 138,209 | $ | 319,694 | $ | 28,892 | $ | 9,377,399 |
Legacy loans | |||||||||||||||||||||||
March 31, 2017 | December 31, 2016 | ||||||||||||||||||||||
(Dollars in thousands) | Current | 30+ Days Past Due | Total | Current | 30+ Days Past Due | Total | |||||||||||||||||
Residential mortgage | $ | 884,571 | $ | 17,288 | $ | 901,859 | $ | 836,509 | $ | 17,707 | $ | 854,216 | |||||||||||
Consumer - Home equity | 1,779,409 | 17,714 | 1,797,123 | 1,768,763 | 14,658 | 1,783,421 | |||||||||||||||||
Consumer - Indirect automobile | 107,519 | 2,655 | 110,174 | 127,054 | 3,994 | 131,048 | |||||||||||||||||
Consumer - Credit card | 82,636 | 976 | 83,612 | 81,602 | 922 | 82,524 | |||||||||||||||||
Consumer - Other | 445,538 | 3,909 | 449,447 | 462,650 | 3,666 | 466,316 | |||||||||||||||||
Total | $ | 3,299,673 | $ | 42,542 | $ | 3,342,215 | $ | 3,276,578 | $ | 40,947 | $ | 3,317,525 |
Acquired loans | |||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2017 | December 31, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Pass | Special Mention | Sub-standard | Doubtful | Premium/(Discount) | Total | Pass | Special Mention | Sub-standard | Doubtful | Loss | Premium/(Discount) | Total | ||||||||||||||||||||||||||||||||||||||
Commercial real estate - Construction | $ | 45,192 | $ | 472 | $ | 2,717 | $ | 2,574 | $ | 11,001 | $ | 61,956 | $ | 46,498 | $ | 459 | $ | 3,118 | $ | 2,574 | $ | — | $ | 8,759 | $ | 61,408 | |||||||||||||||||||||||||
Commercial real estate - Other | 1,014,057 | 15,408 | 46,451 | 1,475 | (39,982 | ) | 1,037,409 | 1,090,063 | 19,284 | 49,136 | 1,457 | 23 | (42,419 | ) | 1,117,544 | ||||||||||||||||||||||||||||||||||||
Commercial and industrial | 293,402 | 5,407 | 18,030 | 403 | (1,869 | ) | 315,373 | 323,154 | 1,416 | 27,749 | 494 | — | (4,487 | ) | 348,326 | ||||||||||||||||||||||||||||||||||||
Energy-related | 1,113 | — | — | — | (5 | ) | 1,108 | 1,910 | — | — | — | — | (6 | ) | 1,904 | ||||||||||||||||||||||||||||||||||||
Total | $ | 1,353,764 | $ | 21,287 | $ | 67,198 | $ | 4,452 | $ | (30,855 | ) | $ | 1,415,846 | $ | 1,461,625 | $ | 21,159 | $ | 80,003 | $ | 4,525 | $ | 23 | $ | (38,153 | ) | $ | 1,529,182 |
Acquired loans | |||||||||||||||||||||||||||||||
March 31, 2017 | December 31, 2016 | ||||||||||||||||||||||||||||||
(Dollars in thousands) | Current | 30+ Days Past Due | Premium (Discount) | Total | Current | 30+ Days Past Due | Premium (Discount) | Total | |||||||||||||||||||||||
Residential mortgage | $ | 404,276 | $ | 19,268 | $ | (29,045 | ) | $ | 394,499 | $ | 424,300 | $ | 20,914 | $ | (32,030 | ) | $ | 413,184 | |||||||||||||
Consumer - Home equity | 352,836 | 12,971 | (16,134 | ) | 349,673 | 377,021 | 12,807 | (17,323 | ) | 372,505 | |||||||||||||||||||||
Consumer - Indirect automobile | 26 | — | — | 26 | 12 | — | (8 | ) | 4 | ||||||||||||||||||||||
Consumer - Other | 52,572 | 937 | (4,795 | ) | 48,714 | 58,141 | 1,423 | (4,392 | ) | 55,172 | |||||||||||||||||||||
Total | $ | 809,710 | $ | 33,176 | $ | (49,974 | ) | $ | 792,912 | $ | 859,474 | $ | 35,144 | $ | (53,753 | ) | $ | 840,865 |
March 31, 2017 | December 31, 2016 | ||||||||||||||||||||||
Unpaid Principal Balance | Recorded Investment | Related Allowance | Unpaid Principal Balance | Recorded Investment | Related Allowance | ||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||
Commercial real estate | $ | 24,203 | $ | 24,203 | $ | — | $ | 17,299 | $ | 16,507 | $ | — | |||||||||||
Commercial and industrial | 10,176 | 10,176 | — | 14,202 | 13,189 | — | |||||||||||||||||
Energy-related | 93,289 | 93,289 | — | 152,424 | 143,239 | — | |||||||||||||||||
Residential mortgage | 519 | 519 | — | — | — | — | |||||||||||||||||
Consumer - Home equity | 3,480 | 3,480 | — | — | — | — | |||||||||||||||||
Consumer -Other | — | — | — | — | — | — | |||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||
Commercial real estate | 22,000 | 22,000 | (1,222 | ) | 17,688 | 17,524 | (641 | ) | |||||||||||||||
Commercial and industrial | 30,204 | 30,204 | (13,860 | ) | 28,829 | 28,329 | (10,864 | ) | |||||||||||||||
Energy-related | 49,109 | 49,109 | (10,446 | ) | 53,967 | 53,088 | (9,769 | ) | |||||||||||||||
Residential mortgage | 4,392 | 4,064 | (98 | ) | 4,627 | 4,312 | (144 | ) | |||||||||||||||
Consumer - Home equity | 16,605 | 16,229 | (1,263 | ) | 13,906 | 13,257 | (993 | ) | |||||||||||||||
Consumer - Indirect automobile | 724 | 724 | (139 | ) | 1,037 | 758 | (114 | ) | |||||||||||||||
Consumer - Other | 3,124 | 3,035 | (277 | ) | 2,447 | 2,442 | (251 | ) | |||||||||||||||
Total | $ | 257,825 | $ | 257,032 | $ | (27,305 | ) | $ | 306,426 | $ | 292,645 | $ | (22,776 | ) | |||||||||
Total commercial loans | $ | 228,981 | $ | 228,981 | $ | (25,528 | ) | $ | 284,409 | $ | 271,876 | $ | (21,274 | ) | |||||||||
Total mortgage loans | 4,911 | 4,583 | (98 | ) | 4,627 | 4,312 | (144 | ) | |||||||||||||||
Total consumer loans | 23,933 | 23,468 | (1,679 | ) | 17,390 | 16,457 | (1,358 | ) |
Three Months Ended March 31, 2017 | Three Months Ended March 31, 2016 | ||||||||||||||
Average Recorded Investment | Interest Income Recognized | Average Recorded Investment | Interest Income Recognized | ||||||||||||
(Dollars in thousands) | |||||||||||||||
With no related allowance recorded: | |||||||||||||||
Commercial real estate | $ | 24,370 | $ | 315 | $ | 16,167 | $ | 38 | |||||||
Commercial and industrial | 10,408 | 92 | 27,540 | 286 | |||||||||||
Energy-related | 96,664 | 365 | 53,920 | 513 | |||||||||||
Residential mortgage | 519 | 4 | 1,289 | 16 | |||||||||||
Consumer - Home equity | 3,480 | 34 | — | — | |||||||||||
With an allowance recorded: | |||||||||||||||
Commercial real estate | 22,076 | 115 | 10,710 | 83 | |||||||||||
Commercial and industrial | 30,779 | 209 | 3,166 | 46 | |||||||||||
Energy-related | 49,887 | 2 | 21,289 | 224 | |||||||||||
Residential mortgage | 4,080 | 41 | 1,462 | 8 | |||||||||||
Consumer - Home equity | 15,746 | 170 | 5,188 | 51 | |||||||||||
Consumer - Indirect automobile | 766 | 7 | 190 | 1 | |||||||||||
Consumer - Other | 3,078 | 49 | 391 | 7 | |||||||||||
Total | $ | 261,853 | $ | 1,403 | $ | 141,312 | $ | 1,273 | |||||||
Total commercial loans | $ | 234,184 | $ | 1,098 | $ | 132,792 | $ | 1,190 | |||||||
Total mortgage loans | 4,599 | 45 | 2,751 | 24 | |||||||||||
Total consumer loans | 23,070 | 260 | 5,769 | 59 |
(Dollars in thousands) | IBERIABANK | IMC | LTC | Total | |||||||||||
Balance, December 31, 2015 | $ | 696,260 | $ | 23,178 | $ | 5,165 | $ | 724,603 | |||||||
Goodwill adjustments during the year | 2,253 | — | — | 2,253 | |||||||||||
Balance, December 31, 2016 | $ | 698,513 | $ | 23,178 | $ | 5,165 | $ | 726,856 | |||||||
Goodwill adjustments during the year | — | — | — | — | |||||||||||
Balance, March 31, 2017 | $ | 698,513 | $ | 23,178 | $ | 5,165 | $ | 726,856 |
March 31, 2017 | December 31, 2016 | ||||||||||||||||||||||
Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | ||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||
Mortgage servicing rights | $ | 7,695 | $ | (3,346 | ) | $ | 4,349 | $ | 7,202 | $ | (3,144 | ) | $ | 4,058 |
March 31, 2017 | December 31, 2016 | ||||||||||||||||||||||
(Dollars in thousands) | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | |||||||||||||||||
Core deposit intangibles | $ | 74,001 | $ | (53,887 | ) | $ | 20,114 | $ | 74,001 | $ | (52,165 | ) | $ | 21,836 | |||||||||
Customer relationship intangible asset | 1,273 | (1,036 | ) | 237 | 1,348 | (1,064 | ) | 284 | |||||||||||||||
Non-compete agreement | 63 | (27 | ) | 36 | 63 | (22 | ) | 41 | |||||||||||||||
Total | $ | 75,337 | $ | (54,950 | ) | $ | 20,387 | $ | 75,412 | $ | (53,251 | ) | $ | 22,161 |
Balance Sheet Location | Asset Derivatives Fair Value | Balance Sheet Location | Liability Derivatives Fair Value | ||||||||||||||||
(Dollars in thousands) | March 31, 2017 | December 31, 2016 | March 31, 2017 | December 31, 2016 | |||||||||||||||
Derivatives designated as hedging instruments under ASC Topic 815: | |||||||||||||||||||
Interest rate contracts | Other assets | $ | — | $ | — | Other liabilities | $ | — | $ | 525 | |||||||||
Total derivatives designated as hedging instruments under ASC Topic 815 | $ | — | $ | — | $ | — | $ | 525 | |||||||||||
Derivatives not designated as hedging instruments under ASC Topic 815: | |||||||||||||||||||
Interest rate contracts | Other assets | $ | 20,982 | $ | 20,719 | Other liabilities | $ | 17,454 | $ | 20,719 | |||||||||
Foreign exchange contracts | Other assets | 2 | 27 | Other liabilities | 2 | 26 | |||||||||||||
Forward sales contracts | Other assets | 145 | 6,014 | Other liabilities | 1,209 | 794 | |||||||||||||
Written and purchased options | Other assets | 13,043 | 12,125 | Other liabilities | 8,361 | 8,098 | |||||||||||||
Other contracts | Other assets | — | 1 | Other liabilities | 42 | 47 | |||||||||||||
Total derivatives not designated as hedging instruments under ASC Topic 815 | $ | 34,172 | $ | 38,886 | $ | 27,068 | $ | 29,684 | |||||||||||
Total | $ | 34,172 | $ | 38,886 | $ | 27,068 | $ | 30,209 | |||||||||||
Asset Derivatives Notional Amount | Liability Derivatives Notional Amount | ||||||||||||||||||
(Dollars in thousands) | March 31, 2017 | December 31, 2016 | March 31, 2017 | December 31, 2016 | |||||||||||||||
Derivatives designated as hedging instruments under ASC Topic 815: | |||||||||||||||||||
Interest rate contracts | $ | — | $ | — | $ | 108,500 | $ | 108,500 | |||||||||||
Total derivatives designated as hedging instruments under ASC Topic 815 | $ | — | $ | — | $ | 108,500 | $ | 108,500 | |||||||||||
Derivatives not designated as hedging instruments under ASC Topic 815: | |||||||||||||||||||
Interest rate contracts | $ | 1,065,894 | $ | 1,033,955 | $ | 1,065,894 | $ | 1,033,955 | |||||||||||
Foreign exchange contracts | 1,277 | 4,474 | 1,277 | 4,474 | |||||||||||||||
Forward sales contracts | 32,438 | 229,181 | 270,612 | 120,567 | |||||||||||||||
Written and purchased options | 348,417 | 289,115 | 172,782 | 154,170 | |||||||||||||||
Other contracts | 8,708 | 8,784 | 110,485 | 106,518 | |||||||||||||||
Total derivatives not designated as hedging instruments under ASC Topic 815 | $ | 1,456,734 | $ | 1,565,509 | $ | 1,621,050 | $ | 1,419,684 | |||||||||||
Total | $ | 1,456,734 | $ | 1,565,509 | $ | 1,729,550 | $ | 1,528,184 |
March 31, 2017 | |||||||||||||||
Gross Amounts Presented in the Balance Sheet | Gross Amounts Not Offset in the Balance Sheet | Net | |||||||||||||
(Dollars in thousands) | Derivatives | Collateral (1) | |||||||||||||
Derivatives subject to master netting arrangements | |||||||||||||||
Derivative assets | |||||||||||||||
Interest rate contracts not designated as hedging instruments | $ | 20,982 | $ | (11,303 | ) | $ | — | $ | 9,679 | ||||||
Written and purchased options | 8,260 | — | — | 8,260 | |||||||||||
Total derivative assets subject to master netting arrangements | $ | 29,242 | $ | (11,303 | ) | $ | — | $ | 17,939 | ||||||
Derivative liabilities | |||||||||||||||
Interest rate contracts designated as hedging instruments | $ | — | $ | — | $ | — | $ | — | |||||||
Interest rate contracts not designated as hedging instruments | 17,454 | (11,303 | ) | (23 | ) | 6,128 | |||||||||
Total derivative liabilities subject to master netting arrangements | $ | 17,454 | $ | (11,303 | ) | $ | (23 | ) | $ | 6,128 |
(1) | Consists of cash collateral recorded at cost, which approximates fair value, and investment securities. |
December 31, 2016 | |||||||||||||||
Gross Amounts Presented in the Balance Sheet | Gross Amounts Not Offset in the Balance Sheet | Net | |||||||||||||
(Dollars in thousands) | Derivatives | Collateral (1) | |||||||||||||
Derivatives subject to master netting arrangements | |||||||||||||||
Derivative assets | |||||||||||||||
Interest rate contracts not designated as hedging instruments | $ | 20,719 | $ | (9,677 | ) | $ | — | $ | 11,042 | ||||||
Written and purchased options | 8,085 | — | — | 8,085 | |||||||||||
Total derivative assets subject to master netting arrangements | $ | 28,804 | $ | (9,677 | ) | $ | — | $ | 19,127 | ||||||
Derivative liabilities | |||||||||||||||
Interest rate contracts designated as hedging instruments | $ | 525 | $ | — | $ | (181 | ) | $ | 344 | ||||||
Interest rate contracts not designated as hedging instruments | 20,719 | (9,677 | ) | (1,711 | ) | 9,331 | |||||||||
Total derivative liabilities subject to master netting arrangements | $ | 21,244 | $ | (9,677 | ) | $ | (1,892 | ) | $ | 9,675 |
(1) | Consists of cash collateral recorded at cost, which approximates fair value, and investment securities. |
Location of Gain (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing) | Amount of Gain (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing) | ||||||||||||||||||||||||||
Amount of Gain (Loss) Recognized in OCI net of taxes (Effective Portion) | Location of Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | Amount of Gain (Loss) Reclassified from Accumulated OCI into Income net of taxes (Effective Portion) | |||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||
For the Three Months Ended March 31 | |||||||||||||||||||||||||||
Derivatives in ASC Topic 815 Cash Flow Hedging Relationships | 2017 | 2016 | 2017 | 2016 | 2017 | 2016 | |||||||||||||||||||||
Interest rate contracts | $ | 163 | $ | (4,127 | ) | Other income (expense) | $ | (45 | ) | $ | — | Other income (expense) | $ | — | $ | — | |||||||||||
Total | $ | 163 | $ | (4,127 | ) | $ | (45 | ) | $ | — | $ | — | $ | — |
Location of Gain (Loss) Recognized in Income on Derivatives | Amount of Gain (Loss) Recognized in Income on Derivatives | ||||||||
For the Three Months Ended March 31 | |||||||||
(Dollars in thousands) | 2017 | 2016 | |||||||
Interest rate contracts (1) | Other income | $ | 1,117 | $ | 2,962 | ||||
Foreign exchange contracts | Other income | 7 | 1 | ||||||
Forward sales contracts | Mortgage income | (360 | ) | (5,343 | ) | ||||
Written and purchased options | Mortgage income | 655 | 3,982 | ||||||
Other contracts | Other income | 4 | — | ||||||
Total | $ | 1,423 | $ | 1,602 |
March 31, 2017 | December 31, 2016 | |||||||||||||||||
Issuance Date | Earliest Redemption Date | Annual Dividend Rate | Liquidation Amount | Carrying Amount | Carrying Amount | |||||||||||||
(Dollars in thousands) | ||||||||||||||||||
Series B Preferred Stock | 8/5/2015 | 8/1/2025 | 6.625 | % | $ | 80,000 | $ | 76,812 | $ | 76,812 | ||||||||
Series C Preferred Stock | 5/9/2016 | 5/1/2026 | 6.600 | % | 57,500 | 55,285 | 55,285 | |||||||||||
$ | 137,500 | $ | 132,097 | $ | 132,097 |
(Dollars in thousands) | March 31, 2017 | |||||||||||||||||
Minimum | Well-Capitalized | Actual | ||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||
Tier 1 Leverage | ||||||||||||||||||
Consolidated | $ | 845,887 | 4.00 | % | N/A | N/A | $ | 2,730,832 | 12.91 | % | ||||||||
IBERIABANK | 843,399 | 4.00 | 1,054,249 | 5.00 | 1,925,529 | 9.13 | ||||||||||||
Common Equity Tier 1 (CET1) (1) | ||||||||||||||||||
Consolidated | $ | 798,791 | 4.50 | % | N/A | N/A | $ | 2,598,735 | 14.64 | % | ||||||||
IBERIABANK | 796,259 | 4.50 | 1,150,153 | 6.50 | 1,925,529 | 10.88 | ||||||||||||
Tier 1 Risk-Based Capital (1) | ||||||||||||||||||
Consolidated | $ | 1,065,054 | 6.00 | % | N/A | N/A | $ | 2,730,832 | 15.38 | % | ||||||||
IBERIABANK | 1,061,679 | 6.00 | 1,415,572 | 8.00 | 1,925,529 | 10.88 | ||||||||||||
Total Risk-Based Capital (1) | ||||||||||||||||||
Consolidated | $ | 1,420,073 | 8.00 | % | N/A | N/A | $ | 3,003,882 | 16.92 | % | ||||||||
IBERIABANK | 1,415,572 | 8.00 | 1,769,465 | 10.00 | 2,082,079 | 11.77 |
December 31, 2016 | ||||||||||||||||||
Minimum | Well-Capitalized | Actual | ||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||
Tier 1 Leverage | ||||||||||||||||||
Consolidated | $ | 818,440 | 4.00 | % | N/A | N/A | $ | 2,221,528 | 10.86 | % | ||||||||
IBERIABANK | 816,152 | 4.00 | 1,020,190 | 5.00 | 1,878,703 | 9.21 | ||||||||||||
Common Equity Tier 1 (CET1) (1) | ||||||||||||||||||
Consolidated | $ | 794,334 | 4.50 | % | N/A | N/A | $ | 2,089,431 | 11.84 | % | ||||||||
IBERIABANK | 792,111 | 4.50 | 1,144,160 | 6.50 | 1,878,703 | 10.67 | ||||||||||||
Tier 1 Risk-Based Capital (1) | ||||||||||||||||||
Consolidated | $ | 1,059,112 | 6.00 | % | N/A | N/A | $ | 2,221,528 | 12.59 | % | ||||||||
IBERIABANK | 1,056,147 | 6.00 | 1,408,197 | 8.00 | 1,878,703 | 10.67 | ||||||||||||
Total Risk-Based Capital (1) | ||||||||||||||||||
Consolidated | $ | 1,412,149 | 8.00 | % | N/A | N/A | $ | 2,493,988 | 14.13 | % | ||||||||
IBERIABANK | 1,408,197 | 8.00 | 1,760,246 | 10.00 | 2,034,663 | 11.56 |
Three Months Ended March 31, | |||||||
(In thousands, except per share data) | 2017 | 2016 | |||||
Earnings per common share - basic: | |||||||
Net income | $ | 50,473 | $ | 42,769 | |||
Preferred stock dividends | (3,599 | ) | (2,576 | ) | |||
Dividends and undistributed earnings allocated to unvested restricted shares | (346 | ) | (460 | ) | |||
Net income allocated to common shareholders - basic | $ | 46,528 | $ | 39,733 | |||
Weighted average common shares outstanding | 46,123 | 40,711 | |||||
Earnings per common share - basic | 1.01 | 0.98 | |||||
Earnings per common share - diluted: | |||||||
Net income allocated to common shareholders - basic | $ | 46,528 | $ | 39,733 | |||
Dividends and undistributed earnings allocated to unvested restricted shares | (37 | ) | (2 | ) | |||
Net income allocated to common shareholders - diluted | $ | 46,491 | $ | 39,731 | |||
Weighted average common shares outstanding | 46,123 | 40,711 | |||||
Dilutive potential common shares | 373 | 54 | |||||
Weighted average common shares outstanding - diluted | 46,496 | 40,765 | |||||
Earnings per common share - diluted | $ | 1.00 | $ | 0.97 |
Number of Shares | Weighted Average Exercise Price | |||||
Outstanding options, December 31, 2016 | 721,538 | $ | 55.38 | |||
Granted | 70,433 | 85.52 | ||||
Exercised | (24,457 | ) | 53.85 | |||
Forfeited or expired | (12,539 | ) | 75.77 | |||
Outstanding options, March 31, 2017 | 754,975 | $ | 57.90 | |||
Exercisable options, March 31, 2017 | 509,347 | $ | 55.78 | |||
Outstanding options, December 31, 2015 | 813,777 | $ | 56.99 | |||
Granted | 148,684 | 47.35 | ||||
Exercised | (466 | ) | 36.48 | |||
Forfeited or expired | (43,612 | ) | 61.26 | |||
Outstanding options, March 31, 2016 | 918,383 | $ | 55.24 | |||
Exercisable options, March 31, 2016 | 606,046 | $ | 56.32 |
For the Three Months Ended March 31 | |||||||
2017 | 2016 | ||||||
Expected dividends | 1.7 | % | 2.9 | % | |||
Expected volatility | 24.9 | % | 29.1 | % | |||
Risk-free interest rate | 2.1 | % | 1.4 | % | |||
Expected term (in years) | 5.6 | 6.4 | |||||
Weighted-average grant-date fair value | $ | 18.75 | $ | 10.05 |
For the Three Months Ended March 31 | |||||||
(Dollars in thousands) | 2017 | 2016 | |||||
Compensation expense related to stock options | $ | 444 | $ | 484 | |||
Income tax benefit related to stock options | 68 | 81 |
For the Three Months Ended March 31 | |||||||
(Dollars in thousands) | 2017 | 2016 | |||||
Compensation expense related to restricted stock awards and restricted share units | $ | 3,277 | $ | 3,386 | |||
Income tax benefit related to restricted stock awards and restricted share units | 1,147 | 1,185 |
For the Three Months Ended March 31 | |||||
2017 | 2016 | ||||
Balance at beginning of period | 543,258 | 507,130 | |||
Granted | 146,175 | 226,176 | |||
Forfeited | (4,105 | ) | (3,573 | ) | |
Earned and issued | (157,753 | ) | (136,126 | ) | |
Balance at end of period | 527,575 | 593,607 |
For the Three Months Ended March 31 | |||||||
(Dollars in thousands) | 2017 | 2016 | |||||
Compensation expense related to phantom stock and performance units | $ | 3,053 | $ | 2,405 |
(Dollars in thousands) | Number of share equivalents (1) | Value of share equivalents (2) | ||||
Balance, December 31, 2016 | 472,830 | $ | 39,600 | |||
Granted | 96,897 | 7,665 | ||||
Forfeited share equivalents | (5,330 | ) | 422 | |||
Vested share equivalents | (143,643 | ) | 13,715 | |||
Balance, March 31, 2017 | 420,754 | $ | 33,282 | |||
Balance, December 31, 2015 | 462,430 | $ | 25,466 | |||
Granted | 185,798 | 9,526 | ||||
Forfeited share equivalents | (9,022 | ) | 463 | |||
Vested share equivalents | (138,752 | ) | 6,939 | |||
Balance, March 31, 2016 | 500,454 | $ | 25,658 |
(1) | Number of share equivalents includes all reinvested dividend equivalents for the periods indicated. |
(2) | Except for share equivalents at the beginning of each period, which are based on the value at that time, and vested share payments, which are based on the cash paid at the time of vesting, the value of share equivalents is calculated based on the market price of the Company’s stock at the end of the respective periods. The market price of the Company’s stock was $79.10 and $51.27 on March 31, 2017, and 2016, respectively. |
March 31, 2017 | |||||||||||||||
(Dollars in thousands) | Level 1 | Level 2 | Level 3 | Total | |||||||||||
Assets | |||||||||||||||
Securities available for sale | $ | — | $ | 3,823,953 | $ | — | $ | 3,823,953 | |||||||
Mortgage loans held for sale | — | 122,333 | — | 122,333 | |||||||||||
Derivative instruments | — | 34,172 | — | 34,172 | |||||||||||
Total | $ | — | $ | 3,980,458 | $ | — | $ | 3,980,458 | |||||||
Liabilities | |||||||||||||||
Derivative instruments | $ | — | $ | 27,068 | $ | — | $ | 27,068 | |||||||
Total | $ | — | $ | 27,068 | $ | — | $ | 27,068 | |||||||
December 31, 2016 | |||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Assets | |||||||||||||||
Securities available for sale | $ | — | $ | 3,446,097 | $ | — | $ | 3,446,097 | |||||||
Mortgage loans held for sale | — | 157,041 | — | 157,041 | |||||||||||
Derivative instruments | — | 38,886 | — | 38,886 | |||||||||||
Total | $ | — | $ | 3,642,024 | $ | — | $ | 3,642,024 | |||||||
Liabilities | |||||||||||||||
Derivative instruments | $ | — | $ | 30,209 | $ | — | $ | 30,209 | |||||||
Total | $ | — | $ | 30,209 | $ | — | $ | 30,209 |
March 31, 2017 | |||||||||||||||
(Dollars in thousands) | Level 1 | Level 2 | Level 3 | Total | |||||||||||
Assets | |||||||||||||||
Loans | $ | — | $ | — | $ | 87,425 | $ | 87,425 | |||||||
OREO, net | — | — | 2,122 | 2,122 | |||||||||||
Total | $ | — | $ | — | $ | 89,547 | $ | 89,547 | |||||||
December 31, 2016 | |||||||||||||||
(Dollars in thousands) | Level 1 | Level 2 | Level 3 | Total | |||||||||||
Assets | |||||||||||||||
Loans | $ | — | $ | — | $ | 93,485 | $ | 93,485 | |||||||
OREO, net | — | — | 185 | 185 | |||||||||||
Total | $ | — | $ | — | $ | 93,670 | $ | 93,670 |
March 31, 2017 | December 31, 2016 | ||||||||||||||||||||||
(Dollars in thousands) | Aggregate Fair Value | Aggregate Unpaid Principal | Aggregate Fair Value Less Unpaid Principal | Aggregate Fair Value | Aggregate Unpaid Principal | Aggregate Fair Value Less Unpaid Principal | |||||||||||||||||
Mortgage loans held for sale, at fair value | $ | 122,333 | $ | 118,875 | $ | 3,458 | $ | 157,041 | $ | 153,801 | $ | 3,240 |
March 31, 2017 | |||||||||||||||||||
(Dollars in thousands) | Carrying Amount | Fair Value | Level 1 | Level 2 | Level 3 | ||||||||||||||
Financial Assets | |||||||||||||||||||
Cash and cash equivalents | $ | 1,301,118 | $ | 1,301,118 | $ | 1,301,118 | $ | — | $ | — | |||||||||
Investment securities | 3,909,971 | 3,910,766 | — | 3,910,766 | — | ||||||||||||||
Loans and loans held for sale, net of unearned income and allowance for loan losses | 15,109,645 | 15,196,179 | — | 122,333 | 15,073,846 | ||||||||||||||
Derivative instruments | 34,172 | 34,172 | — | 34,172 | — | ||||||||||||||
Financial Liabilities | |||||||||||||||||||
Deposits | $ | 17,312,265 | $ | 16,663,693 | $ | — | $ | — | $ | 16,663,693 | |||||||||
Short-term borrowings | 448,696 | 448,696 | 368,696 | 80,000 | — | ||||||||||||||
Long-term debt | 628,085 | 617,254 | — | — | 617,254 | ||||||||||||||
Derivative instruments | 27,068 | 27,068 | — | 27,068 | — | ||||||||||||||
December 31, 2016 | |||||||||||||||||||
(Dollars in thousands) | Carrying Amount | Fair Value | Level 1 | Level 2 | Level 3 | ||||||||||||||
Financial Assets | |||||||||||||||||||
Cash and cash equivalents | $ | 1,362,126 | $ | 1,362,126 | $ | 1,362,126 | $ | — | $ | — | |||||||||
Investment securities | 3,535,313 | 3,536,029 | — | 3,536,029 | — | ||||||||||||||
Loans and loans held for sale, net of unearned income and allowance for loan losses | 15,077,293 | 15,066,055 | — | 157,041 | 14,909,014 | ||||||||||||||
Derivative instruments | 38,886 | 38,886 | — | 38,886 | — | ||||||||||||||
Financial Liabilities | |||||||||||||||||||
Deposits | $ | 17,408,283 | $ | 16,762,475 | $ | — | $ | — | $ | 16,762,475 | |||||||||
Short-term borrowings | 509,136 | 509,136 | 334,136 | 175,000 | — | ||||||||||||||
Long-term debt | 628,953 | 617,656 | — | — | 617,656 | ||||||||||||||
Derivative instruments | 30,209 | 30,209 | — | 30,209 | — |
• | Elimination of interest income and interest expense representing interest earned by IBERIABANK on interest-bearing checking accounts held by related companies, as well as the elimination of the related deposit balances at the IBERIABANK segment; |
• | Elimination of investment in subsidiary balances on certain operating segments included in total and average segment assets; and |
• | Elimination of intercompany due to and due from balances on certain operating segments that are included in total and average segment assets. |
Three Months Ended March 31, 2017 | |||||||||||||||
(Dollars in thousands) | IBERIABANK | IMC | LTC | Consolidated | |||||||||||
Interest and dividend income | $ | 190,823 | $ | 1,709 | $ | 1 | $ | 192,533 | |||||||
Interest expense | 19,715 | — | — | 19,715 | |||||||||||
Net interest income | 171,108 | 1,709 | 1 | 172,818 | |||||||||||
Provision for/ reversal of loan losses | 6,158 | (4 | ) | — | 6,154 | ||||||||||
Mortgage income | — | 14,115 | — | 14,115 | |||||||||||
Service charges on deposit accounts | 11,153 | — | — | 11,153 | |||||||||||
Title revenue | — | — | 4,741 | 4,741 | |||||||||||
Other non-interest income | 17,353 | (10 | ) | (6 | ) | 17,337 | |||||||||
Allocated expenses | (2,174 | ) | 1,656 | 518 | — | ||||||||||
Non-interest expense | 121,651 | 15,167 | 4,200 | 141,018 | |||||||||||
Income/(loss) before income tax expense | 73,979 | (1,005 | ) | 18 | 72,992 | ||||||||||
Income tax expense/(benefit) | 22,829 | (322 | ) | 12 | 22,519 | ||||||||||
Net income/(loss) | $ | 51,150 | $ | (683 | ) | $ | 6 | $ | 50,473 | ||||||
Total loans and loans held for sale, net of unearned income | $ | 15,072,661 | $ | 181,874 | $ | — | $ | 15,254,535 | |||||||
Total assets | 21,774,586 | 209,911 | 23,982 | 22,008,479 | |||||||||||
Total deposits | 17,306,328 | 5,937 | — | 17,312,265 | |||||||||||
Average assets | 21,550,930 | 286,694 | 23,877 | 21,861,501 |
Three Months Ended March 31, 2016 | |||||||||||||||
(Dollars in thousands) | IBERIABANK | IMC | LTC | Consolidated | |||||||||||
Interest and dividend income | $ | 175,324 | $ | 1,611 | $ | 1 | $ | 176,936 | |||||||
Interest expense | 14,654 | 879 | — | 15,533 | |||||||||||
Net interest income | 160,670 | 732 | 1 | 161,403 | |||||||||||
Provision for loan losses | 14,905 | — | — | 14,905 | |||||||||||
Mortgage income | — | 19,940 | — | 19,940 | |||||||||||
Service charges on deposit accounts | 10,951 | — | — | 10,951 | |||||||||||
Title revenue | — | — | 4,745 | 4,745 | |||||||||||
Other non-interest income | 20,210 | (1 | ) | — | 20,209 | ||||||||||
Allocated expenses | (2,669 | ) | 2,050 | 619 | — | ||||||||||
Non-interest expense | 120,027 | 13,198 | 4,227 | 137,452 | |||||||||||
Income/(loss) before income tax expense | 59,568 | 5,423 | (100 | ) | 64,891 | ||||||||||
Income tax expense/(benefit) | 20,001 | 2,153 | (32 | ) | 22,122 | ||||||||||
Net income/(loss) | $ | 39,567 | $ | 3,270 | $ | (68 | ) | $ | 42,769 | ||||||
Total loans and loans held for sale, net of unearned income | $ | 14,428,613 | $ | 215,176 | $ | — | $ | 14,643,789 | |||||||
Total assets | 19,774,092 | 291,893 | 26,578 | 20,092,563 | |||||||||||
Total deposits | 16,256,147 | 4,419 | — | 16,260,566 | |||||||||||
Average assets | 19,381,718 | 252,281 | 27,312 | 19,661,311 |
(Dollars in thousands) | March 31, 2017 | December 31, 2016 | |||||
Commitments to grant loans | $ | 419,847 | $ | 355,558 | |||
Unfunded commitments under lines of credit | 4,912,092 | 4,899,930 | |||||
Commercial and standby letters of credit | 165,784 | 163,560 | |||||
Reserve for unfunded lending commitments | 11,660 | 11,241 |
• | Return on Average Tangible Common Equity of 13% to 17% (core basis); |
• | Core Tangible Efficiency Ratio of less than 60%; and |
• | Legacy Asset Quality in the top 10% of our peers. |
• | Consolidated loan growth in the high-single digit range, including growth from our recent expansion into the South Carolina market; |
• | Easing of the risk-off trade, reducing barriers to loan growth; |
• | Deposit growth in the mid-single digit range; |
• | Improvement in net interest margin as excess liquidity is deployed into higher yielding assets (timing of the reduction in excess liquidity is the most important factor on the overall margin level for the year); |
• | Improvement in consolidated credit metrics; |
• | Decline in provision expense from 2016 as credit conditions within the energy portfolio continue to improve; |
• | Slight increase in non-interest income from 2016 as declines in the mortgage business are offset by other non-interest income categories; |
• | Continued cost containment efforts on non-interest expense to reach our goal of a sustained core tangible efficiency ratio below 60%; |
• | Effective tax rate of approximately 33.5%; |
• | EPS will continue to be pressured until excess liquidity and capital are deployed into higher yielding assets (i.e., currently excess liquidity and capital are earning the Fed Funds rate); and |
• | Realization of the full benefit from our modeled asset sensitive position if interest rates continue to move higher. The recent 25 basis point increase in the Fed Funds rate during the first quarter of 2017 should result in 5 cents of favorable quarterly EPS impact in the second quarter of 2017. |
As of and For the Three Months Ended March 31 | |||||
2017 | 2016 | ||||
Key Ratios (1) | |||||
Return on average assets | 0.94 | % | 0.87 | % | |
Core return on average assets (Non-GAAP) | 0.96 | 0.90 | |||
Return on average common equity | 6.41 | 6.59 | |||
Core return on average tangible common equity (Non-GAAP) (2) | 8.99 | 10.26 | |||
Equity to assets at end of period | 15.71 | 12.68 | |||
Earning assets to interest-bearing liabilities at end of period | 152.09 | 142.02 | |||
Interest rate spread (3) | 3.34 | 3.53 | |||
Net interest margin (TE) (3) (4) | 3.53 | 3.68 | |||
Non-interest expense to average assets (annualized) | 2.62 | 2.81 | |||
Efficiency ratio (5) | 64.1 | 63.3 | |||
Core tangible efficiency ratio (TE) (Non-GAAP) (2) (4) (5) | 61.6 | 60.3 | |||
Common stock dividend payout ratio | 39.0 | 34.9 | |||
Asset Quality Data (Legacy) | |||||
Non-performing assets to total assets at end of period (6) | 0.99 | % | 0.65 | % | |
Allowance for credit losses to non-performing loans at end of period (6) | 62.43 | 127.85 | |||
Allowance for credit losses to total loans at end of period | 0.91 | 1.04 | |||
Consolidated Capital Ratios | |||||
Tier 1 leverage capital ratio | 12.91 | % | 9.41 | % | |
Common Equity Tier 1 (CET1) | 14.64 | 10.11 | |||
Tier 1 risk-based capital ratio | 15.38 | 10.56 | |||
Total risk-based capital ratio | 16.92 | 12.21 |
(1) | With the exception of end-of-period ratios, all ratios are based on average daily balances during the respective periods. |
(2) | Tangible calculations eliminate the effect of goodwill and acquisition-related intangible assets and the corresponding amortization expense on a tax-effected basis where applicable. |
(3) | Interest rate spread represents the difference between the weighted average yield on earning assets and the weighted average cost of interest-bearing liabilities. Net interest margin represents net interest income as a percentage of average net earning assets. |
(4) | Fully taxable equivalent ("TE") calculations include the tax benefit associated with related income sources that are tax-exempt using a rate of 35%, which approximates the marginal tax rate. |
(5) | The efficiency ratio represents non-interest expense as a percentage of total revenues. Total revenues are the sum of net interest income and non-interest income. |
(6) | Non-performing loans consist of non-accruing loans and loans 90 days or more past due. Non-performing assets consist of non-performing loans and repossessed assets. |
Three Months Ended March 31 | |||||||||||||||||||||
2017 | 2016 | ||||||||||||||||||||
(Dollars in thousands) | Average Balance | Interest Income/Expense (2) | Yield/ Rate (TE) | Average Balance | Interest Income/Expense (2) | Yield/ Rate (TE) | |||||||||||||||
Earning Assets: | |||||||||||||||||||||
Loans(1): | |||||||||||||||||||||
Commercial loans | $ | 10,917,714 | $ | 119,605 | 4.50 | % | $ | 10,250,555 | $ | 113,417 | 4.51 | % | |||||||||
Residential mortgage loans | 1,273,069 | 12,848 | 4.04 | % | 1,202,692 | 13,429 | 4.47 | % | |||||||||||||
Consumer and other loans | 2,854,972 | 36,524 | 5.19 | % | 2,901,163 | 37,145 | 5.15 | % | |||||||||||||
Total loans | 15,045,755 | 168,977 | 4.59 | % | 14,354,410 | 163,991 | 4.63 | % | |||||||||||||
Loans held for sale | 175,512 | 971 | 2.21 | % | 160,873 | 1,401 | 3.48 | % | |||||||||||||
Investment securities | 3,741,128 | 19,927 | 2.24 | % | 2,866,974 | 15,212 | 2.24 | % | |||||||||||||
FDIC loss share receivable | — | — | — | % | 37,360 | (4,386 | ) | (47.22 | )% | ||||||||||||
Other earning assets | 1,123,087 | 2,658 | 0.96 | % | 453,737 | 718 | 0.64 | % | |||||||||||||
Total earning assets | 20,085,482 | 192,533 | 3.93 | % | 17,873,354 | 176,936 | 4.03 | % | |||||||||||||
Allowance for loan losses | (145,326 | ) | (141,393 | ) | |||||||||||||||||
Non-earning assets | 1,921,345 | 1,929,350 | |||||||||||||||||||
Total assets | $ | 21,861,501 | $ | 19,661,311 | |||||||||||||||||
Interest-bearing liabilities | |||||||||||||||||||||
Deposits: | |||||||||||||||||||||
NOW accounts | $ | 3,239,085 | 3,090 | 0.39 | % | $ | 2,859,940 | 1,940 | 0.27 | % | |||||||||||
Savings and money market accounts | 7,211,545 | 8,329 | 0.47 | % | 6,598,838 | 5,640 | 0.34 | % | |||||||||||||
Certificates of deposit | 2,083,749 | 4,638 | 0.90 | % | 2,098,032 | 4,354 | 0.83 | % | |||||||||||||
Total interest-bearing deposits | 12,534,379 | 16,057 | 0.52 | % | 11,556,810 | 11,934 | 0.42 | % | |||||||||||||
Short-term borrowings | 410,726 | 277 | 0.27 | % | 494,670 | 485 | 0.39 | % | |||||||||||||
Long-term debt | 618,494 | 3,381 | 2.22 | % | 523,503 | 3,114 | 2.39 | % | |||||||||||||
Total interest-bearing liabilities | 13,563,599 | 19,715 | 0.59 | % | 12,574,983 | 15,533 | 0.50 | % | |||||||||||||
Non-interest-bearing demand deposits | 4,976,945 | 4,388,259 | |||||||||||||||||||
Non-interest-bearing liabilities | 221,993 | 167,810 | |||||||||||||||||||
Total liabilities | 18,762,537 | 17,131,052 | |||||||||||||||||||
Shareholders’ equity | 3,098,964 | 2,530,259 | |||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 21,861,501 | $ | 19,661,311 | |||||||||||||||||
Net earning assets | $ | 6,521,883 | $ | 5,298,371 | |||||||||||||||||
Net interest income/ Net interest spread | $ | 172,818 | 3.34 | % | $ | 161,403 | 3.53 | % | |||||||||||||
Net interest income (TE) / Net interest margin (TE) (3) | $ | 175,309 | 3.53 | % | $ | 163,728 | 3.68 | % |
(1) | Total loans include non-accrual loans for all periods presented. |
(2) | Interest income includes loan fees of $0.7 million for the three-month periods ended March 31, 2017 and 2016. |
(3) | Taxable equivalent yields are calculated using a rate of 35%, which approximates the marginal tax rate. |
Three Months Ended March 31 | |||||||||||||
2017 | 2016 | ||||||||||||
(Dollars in thousands) | Average Balance | Average Yield (TE) | Average Balance | Average Yield (TE) | |||||||||
Legacy loans | $ | 12,760,042 | 4.19 | % | $ | 11,318,692 | 4.12 | % | |||||
Acquired loans | 2,285,713 | 6.81 | 3,035,718 | 6.56 | |||||||||
Total loans | 15,045,755 | 4.59 | 14,354,410 | 4.63 | |||||||||
FDIC loss share receivables | — | — | 37,360 | (47.22 | ) | ||||||||
Total loans and FDIC loss share receivables | $ | 15,045,755 | 4.59 | % | $ | 14,391,770 | 4.49 | % |
March 31, 2017 | |||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Commercial | Consumer and Other | |||||||||||||||||||||||||||||||||
Real Estate | Commercial and Industrial | Energy-related | Residential Mortgage | Home equity | Indirect automobile | Credit Card | Other | Total | |||||||||||||||||||||||||||
Legacy | $ | 5,878,509 | $ | 3,140,205 | $ | 562,515 | $ | 901,859 | $ | 1,797,123 | $ | 110,174 | $ | 83,612 | $ | 449,447 | $ | 12,923,444 | |||||||||||||||||
Acquired | 1,099,365 | 315,373 | 1,108 | 394,499 | 349,673 | 26 | 501 | 48,213 | 2,208,758 | ||||||||||||||||||||||||||
Total loans | $ | 6,977,874 | $ | 3,455,578 | $ | 563,623 | $ | 1,296,358 | $ | 2,146,796 | $ | 110,200 | $ | 84,113 | $ | 497,660 | $ | 15,132,202 | |||||||||||||||||
December 31, 2016 | |||||||||||||||||||||||||||||||||||
Commercial | Consumer and Other | ||||||||||||||||||||||||||||||||||
Real Estate | Commercial and Industrial | Energy-related | Residential Mortgage | Home equity | Indirect automobile | Credit Card | Other | Total | |||||||||||||||||||||||||||
Legacy | $ | 5,623,314 | $ | 3,194,796 | $ | 559,289 | $ | 854,216 | $ | 1,783,421 | $ | 131,048 | $ | 82,524 | $ | 466,316 | $ | 12,694,924 | |||||||||||||||||
Acquired | 1,178,952 | 348,326 | 1,904 | 413,184 | 372,505 | 4 | 468 | 54,704 | 2,370,047 | ||||||||||||||||||||||||||
Total loans | $ | 6,802,266 | $ | 3,543,122 | $ | 561,193 | $ | 1,267,400 | $ | 2,155,926 | $ | 131,052 | $ | 82,992 | $ | 521,020 | $ | 15,064,971 |
(Dollars in thousands) | Louisiana | Florida | Alabama | Texas | Arkansas | Georgia | Tennessee | Other | Total | ||||||||||||||||||||||||||
March 31, 2017 | |||||||||||||||||||||||||||||||||||
Legacy | $ | 3,073,432 | $ | 1,659,104 | $ | 1,213,889 | $ | 1,852,933 | $ | 650,560 | $ | 534,710 | $ | 516,679 | $ | 79,922 | $ | 9,581,229 | |||||||||||||||||
Acquired | 180,356 | 800,375 | 13,771 | 36,869 | — | 353,648 | 9,970 | 20,857 | 1,415,846 | ||||||||||||||||||||||||||
Total | $ | 3,253,788 | $ | 2,459,479 | $ | 1,227,660 | $ | 1,889,802 | $ | 650,560 | $ | 888,358 | $ | 526,649 | $ | 100,779 | $ | 10,997,075 | |||||||||||||||||
December 31, 2016 | |||||||||||||||||||||||||||||||||||
Legacy | $ | 3,133,872 | $ | 1,546,290 | $ | 1,157,914 | $ | 1,849,625 | $ | 639,053 | $ | 436,936 | $ | 540,479 | $ | 73,230 | $ | 9,377,399 | |||||||||||||||||
Acquired | 193,059 | 843,191 | 19,050 | 39,391 | — | 395,299 | 12,868 | 26,324 | 1,529,182 | ||||||||||||||||||||||||||
Total | $ | 3,326,931 | $ | 2,389,481 | $ | 1,176,964 | $ | 1,889,016 | $ | 639,053 | $ | 832,235 | $ | 553,347 | $ | 99,554 | $ | 10,906,581 |
(Dollars in thousands) | Louisiana | Florida | Alabama | Texas | Arkansas | Georgia | Tennessee | Other | Total | ||||||||||||||||||||||||||
March 31, 2017 | |||||||||||||||||||||||||||||||||||
Legacy | $ | 1,023,818 | $ | 464,690 | $ | 256,323 | $ | 114,495 | $ | 259,614 | $ | 72,505 | $ | 72,834 | $ | 176,077 | $ | 2,440,356 | |||||||||||||||||
Acquired | 119,958 | 191,188 | 3,618 | 26,746 | — | 46,466 | 10,432 | 5 | 398,413 | ||||||||||||||||||||||||||
Total | $ | 1,143,776 | $ | 655,878 | $ | 259,941 | $ | 141,241 | $ | 259,614 | $ | 118,971 | $ | 83,266 | $ | 176,082 | $ | 2,838,769 | |||||||||||||||||
December 31, 2016 | |||||||||||||||||||||||||||||||||||
Legacy | $ | 1,033,358 | $ | 437,316 | $ | 264,293 | $ | 119,366 | $ | 266,443 | $ | 68,167 | $ | 69,736 | $ | 204,630 | $ | 2,463,309 | |||||||||||||||||
Acquired | 126,758 | 203,840 | 4,085 | 30,990 | — | 50,906 | 11,085 | 17 | 427,681 | ||||||||||||||||||||||||||
Total | $ | 1,160,116 | $ | 641,156 | $ | 268,378 | $ | 150,356 | $ | 266,443 | $ | 119,073 | $ | 80,821 | $ | 204,647 | $ | 2,890,990 |
(Dollars in thousands) | Below 660 | 660-720 | Above 720 | Discount | Total | ||||||||||||||
March 31, 2017 | |||||||||||||||||||
Legacy | $ | 488,560 | $ | 597,050 | $ | 1,354,746 | $ | — | $ | 2,440,356 | |||||||||
Acquired | 98,490 | 89,115 | 231,737 | (20,929 | ) | 398,413 | |||||||||||||
Total | $ | 587,050 | $ | 686,165 | $ | 1,586,483 | $ | (20,929 | ) | $ | 2,838,769 | ||||||||
December 31, 2016 | |||||||||||||||||||
Legacy | $ | 526,479 | $ | 601,285 | $ | 1,335,545 | $ | — | $ | 2,463,309 | |||||||||
Acquired | 169,980 | 84,100 | 195,324 | (21,723 | ) | 427,681 | |||||||||||||
Total | $ | 696,459 | $ | 685,385 | $ | 1,530,869 | $ | (21,723 | ) | $ | 2,890,990 |
March 31, 2017 | December 31, 2016 | ||||||||||||||
(Dollars in thousands) | Legacy | Acquired (4) | Legacy | Acquired (4) | |||||||||||
Non-accrual loans: | |||||||||||||||
Commercial | $ | 48,366 | $ | 4,004 | $ | 47,666 | $ | 4,484 | |||||||
Energy-related | 113,212 | — | 150,329 | — | |||||||||||
Mortgage | 12,968 | 789 | 13,014 | 719 | |||||||||||
Consumer and credit card | 10,532 | 1,711 | 10,534 | 1,755 | |||||||||||
Total non-accrual loans | 185,078 | 6,504 | 221,543 | 6,958 | |||||||||||
Accruing loans 90 days or more past due | 3,100 | 4,880 | 1,104 | 282 | |||||||||||
Total non-performing loans (1) | 188,178 | 11,384 | 222,647 | 7,240 | |||||||||||
OREO and foreclosed property (2) | 8,217 | 11,838 | 9,264 | 11,935 | |||||||||||
Total non-performing assets (1) | 196,395 | 23,222 | 231,911 | 19,175 | |||||||||||
Performing troubled debt restructurings (3) | 81,379 | 8,225 | 95,951 | 8,418 | |||||||||||
Total non-performing assets and troubled debt restructurings (1) | $ | 277,774 | $ | 31,447 | $ | 327,862 | $ | 27,593 | |||||||
Non-performing loans to total loans (1) | 1.46 | % | 0.52 | % | 1.75 | % | 0.31 | % | |||||||
Non-performing assets to total assets (1) | 0.99 | % | 1.06 | % | 1.20 | % | 0.81 | % | |||||||
Non-performing assets and troubled debt restructurings to total assets (1) | 1.40 | % | 1.43 | % | 1.70 | % | 1.17 | % | |||||||
Allowance for credit losses to non-performing loans | 62.43 | % | 343.26 | % | 52.46 | % | 540.75 | % | |||||||
Allowance for credit losses to total loans | 0.91 | % | 1.77 | % | 0.92 | % | 1.65 | % |
(1) | Non-performing loans and assets include accruing loans 90 days or more past due. |
(2) | OREO and foreclosed property at March 31, 2017 and December 31, 2016 include $2.5 million and $4.8 million, respectively, of legacy former bank properties held for development or resale. |
(3) | Performing troubled debt restructurings for March 31, 2017 and December 31, 2016 exclude $106.4 million and $136.8 million, respectively, of legacy loans, and $1.6 million and $2.2 million, respectively, of acquired loans that meet non-performing asset criteria. |
(4) | Acquired non-performing loans exclude acquired impaired loans, even if contractually past due or if the Company does not expect to receive payment in full, as the Company is currently accreting interest income over the expected life of the loans. |
March 31, 2017 | ||||||||||||||||||||
Legacy | Acquired (1) | Total | ||||||||||||||||||
(Dollars in thousands) | Amount | % of Outstanding Balance | Amount | % of Outstanding Balance | Amount | % of Outstanding Balance | ||||||||||||||
Accruing loans: | ||||||||||||||||||||
30-59 days past due | $ | 25,402 | 0.20 | % | $ | 2,502 | 0.11 | % | $ | 27,904 | 0.18 | % | ||||||||
60-89 days past due | 6,884 | 0.05 | 1,384 | 0.06 | 8,268 | 0.05 | ||||||||||||||
90-119 days past due | 3,100 | 0.02 | 4,880 | 0.22 | 7,980 | 0.05 | ||||||||||||||
120 days past due or more | — | — | — | — | — | — | ||||||||||||||
35,386 | 0.27 | 8,766 | 0.40 | 44,152 | 0.29 | |||||||||||||||
Non-accrual loans | 185,078 | 1.43 | 6,504 | 0.29 | 191,582 | 1.27 | ||||||||||||||
Total past due and non-accrual loans | $ | 220,464 | 1.71 | % | $ | 15,270 | 0.69 | % | $ | 235,734 | 1.56 | % |
(1) | Acquired past due and non-accrual loan amounts exclude acquired impaired loans, even if contractually past due or if the Company does not expect to receive payment in full, as the Company is currently accreting interest income over the expected life of the loans. |
December 31, 2016 | ||||||||||||||||||||
Legacy | Acquired (1) | Total | ||||||||||||||||||
(Dollars in thousands) | Amount | % of Outstanding Balance | Amount | % of Outstanding Balance | Amount | % of Outstanding Balance | ||||||||||||||
Accruing loans: | ||||||||||||||||||||
30-59 days past due | $ | 18,026 | 0.14 | % | $ | 2,586 | 0.11 | % | $ | 20,612 | 0.14 | % | ||||||||
60-89 days past due | 6,876 | 0.05 | 1,381 | 0.06 | 8,257 | 0.05 | ||||||||||||||
90-119 days past due | 880 | 0.01 | 250 | 0.01 | 1,130 | 0.01 | ||||||||||||||
120 days past due or more | 224 | — | 32 | — | 256 | — | ||||||||||||||
26,006 | 0.20 | 4,249 | 0.18 | 30,255 | 0.20 | |||||||||||||||
Non-accrual loans | 221,543 | 1.75 | 6,958 | 0.29 | 228,501 | 1.52 | ||||||||||||||
Total past due and non-accrual loans | $ | 247,549 | 1.95 | % | $ | 11,207 | 0.47 | % | $ | 258,756 | 1.72 | % |
(1) | Acquired past due and non-accrual loan amounts exclude acquired impaired loans, even if contractually past due or if the Company does not expect to receive payment in full, as the Company is currently accreting interest income over the expected life of the loans. |
March 31, 2017 | March 31, 2016 | ||||||||||||||||||||||
(Dollars in thousands) | Legacy Loans | Acquired Loans | Total | Legacy Loans | Acquired Loans | Total | |||||||||||||||||
Allowance for loan losses at beginning of period | $ | 105,569 | $ | 39,150 | $ | 144,719 | $ | 93,808 | $ | 44,570 | $ | 138,378 | |||||||||||
Provision for (Reversal of) loan losses before benefit attributable to FDIC loss share agreements | 6,566 | (412 | ) | 6,154 | 15,908 | (1,261 | ) | 14,647 | |||||||||||||||
Adjustment attributable to FDIC loss share arrangements | — | — | — | — | 258 | 258 | |||||||||||||||||
Net provision for (Reversal of) loan losses | 6,566 | (412 | ) | 6,154 | 15,908 | (1,003 | ) | 14,905 | |||||||||||||||
Adjustment attributable to FDIC loss share arrangements | — | — | — | — | (258 | ) | (258 | ) | |||||||||||||||
Transfer of balance to OREO and other | — | 73 | 73 | — | (2,459 | ) | (2,459 | ) | |||||||||||||||
Loans charged-off | (7,202 | ) | (89 | ) | (7,291 | ) | (5,389 | ) | (171 | ) | (5,560 | ) | |||||||||||
Recoveries | 880 | 355 | 1,235 | 1,247 | 304 | 1,551 | |||||||||||||||||
Allowance for loan losses at end of period | 105,813 | 39,077 | 144,890 | 105,574 | 40,983 | 146,557 | |||||||||||||||||
Reserve for unfunded commitments at beginning of period | 11,241 | — | 11,241 | 14,145 | — | 14,145 | |||||||||||||||||
Provision for (Reversal of) unfunded lending commitments | 419 | — | 419 | (112 | ) | — | (112 | ) | |||||||||||||||
Reserve for unfunded lending commitments at end of period | 11,660 | — | 11,660 | 14,033 | — | 14,033 | |||||||||||||||||
Allowance for credit losses at end of period | $ | 117,473 | $ | 39,077 | $ | 156,550 | $ | 119,607 | $ | 40,983 | $ | 160,590 |
(Dollars in thousands) | March 31, 2017 | December 31, 2016 | $ Change | % Change | |||||||||||||||
Non-interest-bearing deposits | $ | 5,031,583 | 29 | % | $ | 4,928,878 | 28 | % | 102,705 | 2 | |||||||||
NOW accounts | 3,085,720 | 18 | 3,314,281 | 19 | (228,561 | ) | (7 | ) | |||||||||||
Money market accounts | 6,372,855 | 37 | 6,219,532 | 36 | 153,323 | 2 | |||||||||||||
Savings accounts | 813,009 | 5 | 814,385 | 5 | (1,376 | ) | — | ||||||||||||
Certificates of deposit | 2,009,098 | 11 | 2,131,207 | 12 | (122,109 | ) | (6 | ) | |||||||||||
Total deposits | $ | 17,312,265 | 100 | % | $ | 17,408,283 | 100 | % | (96,018 | ) | (1 | ) |
(Dollars in thousands) | 2017 | 2016 | |||||
Average balance | $ | 311,726 | $ | 217,296 | |||
Ending balance | 368,696 | 303,238 |
Ratio | Entity | Well- Capitalized Minimums | March 31, 2017 | December 31, 2016 | |||||||
Actual | Actual | ||||||||||
Tier 1 Leverage | IBERIABANK Corporation | N/A | 12.91 | % | 10.86 | % | |||||
IBERIABANK | 5.00 | % | 9.13 | 9.21 | |||||||
Common Equity Tier 1 (CET1) | IBERIABANK Corporation | N/A | 14.64 | 11.84 | |||||||
IBERIABANK | 6.50 | % | 10.88 | 10.67 | |||||||
Tier 1 risk-based capital | IBERIABANK Corporation | N/A | 15.38 | 12.59 | |||||||
IBERIABANK | 8.00 | % | 10.88 | 10.67 | |||||||
Total risk-based capital | IBERIABANK Corporation | N/A | 16.92 | 14.13 | |||||||
IBERIABANK | 10.00 | % | 11.77 | 11.56 |
Shift in Interest Rates (in bps) | % Change in Projected Net Interest Income | |
+200 | 10.7% | |
+100 | 5.6% | |
-100 | (10.1)% | |
-200 | (14.9)% |
(Dollars in thousands) | 2Q 2017 | 3Q 2017 | 4Q 2017 | 1Q 2018 | Total less than one year | ||||||||||||||
Investment securities | $ | 122,125 | $ | 138,297 | $ | 132,409 | $ | 131,614 | $ | 524,445 | |||||||||
Fixed rate loans | 700,589 | 540,246 | 489,654 | 457,922 | 2,188,411 | ||||||||||||||
Variable rate loans | 7,918,058 | 151,320 | 112,650 | 122,890 | 8,304,918 | ||||||||||||||
Total loans | 8,618,647 | 691,566 | 602,304 | 580,812 | 10,493,329 | ||||||||||||||
$ | 8,740,772 | $ | 829,863 | $ | 734,713 | $ | 712,426 | $ | 11,017,774 |
(Dollars in thousands) | 2Q 2017 | 3Q 2017 | 4Q 2017 | 1Q 2018 | Total less than one year | ||||||||||||||
Time deposits | $ | 417,439 | $ | 349,908 | $ | 213,245 | $ | 206,230 | $ | 1,186,822 | |||||||||
Short-term borrowings | 448,696 | — | — | — | 448,696 | ||||||||||||||
Long-term debt | 143,850 | 5,836 | 40,729 | 146,659 | 337,074 | ||||||||||||||
$ | 1,009,985 | $ | 355,744 | $ | 253,974 | $ | 352,889 | $ | 1,972,592 |
Three Months Ended | |||||||||||||||||||||||
March 31, 2017 | March 31, 2016 | ||||||||||||||||||||||
(Dollars in thousands, except per share amounts) | Pre-tax | After-tax (1) | Per share (2) | Pre-tax | After-tax (1) | Per share (2) | |||||||||||||||||
Net income | $ | 72,992 | $ | 50,473 | $ | 1.08 | $ | 64,891 | $ | 42,769 | $ | 1.03 | |||||||||||
Preferred stock dividends | — | (3,599 | ) | (0.08 | ) | — | (2,576 | ) | (0.06 | ) | |||||||||||||
Income available to common shareholders (GAAP) | 72,992 | 46,874 | 1.00 | 64,891 | 40,193 | 0.97 | |||||||||||||||||
Non-interest income adjustments: | |||||||||||||||||||||||
Gain on sale of investments and other non-interest income | (1 | ) | — | — | (196 | ) | (127 | ) | — | ||||||||||||||
Total non-core non-interest income | (1 | ) | — | — | (196 | ) | (127 | ) | — | ||||||||||||||
Non-interest and other expense adjustments: | |||||||||||||||||||||||
Merger-related expense | 54 | 35 | — | 3 | 2 | — | |||||||||||||||||
Severance expense | 98 | 63 | — | 454 | 295 | 0.01 | |||||||||||||||||
Impairment of long-lived assets, net of (gain) loss on sale | 1,429 | 929 | 0.02 | 1,044 | 679 | 0.01 | |||||||||||||||||
Other non-core non-interest expense | — | — | — | 1,091 | 709 | 0.02 | |||||||||||||||||
Total non-core non-interest expense | 1,581 | 1,027 | 0.02 | 2,592 | 1,685 | 0.04 | |||||||||||||||||
Income tax benefits | — | — | — | — | — | — | |||||||||||||||||
Core earnings (Non-GAAP) | 74,572 | 47,901 | 1.02 | 67,287 | 41,751 | 1.01 | |||||||||||||||||
Provision for loan losses | 6,154 | 4,000 | 0.09 | 14,905 | 9,688 | 0.24 | |||||||||||||||||
Core pre-provision earnings (Non-GAAP) | $ | 80,726 | $ | 51,901 | $ | 1.11 | $ | 82,192 | $ | 51,439 | $ | 1.25 |
(1) | After-tax amounts, excluding preferred stock dividends, are calculated using a tax rate of 35%, which approximates the marginal tax rate. |
(2) | Diluted per share amounts may not appear to foot due to rounding. |
As of and For the Three Months Ended March 31 | |||||||
(Dollars in thousands) | 2017 | 2016 | |||||
Net interest income (GAAP) | $ | 172,818 | $ | 161,403 | |||
Add: Effect of tax benefit on interest income | 2,491 | 2,325 | |||||
Net interest income (TE) (Non-GAAP) | $ | 175,309 | $ | 163,728 | |||
Non-interest income (GAAP) | $ | 47,346 | $ | 55,845 | |||
Add: Effect of tax benefit on non-interest income | 706 | 647 | |||||
Non-interest income (TE) (Non-GAAP) (1) | 48,052 | 56,492 | |||||
Taxable equivalent revenues (Non-GAAP) (1) | 223,361 | 220,220 | |||||
Securities gains and other non-interest income | (1 | ) | (196 | ) | |||
Taxable equivalent core revenues (Non-GAAP) (1) | $ | 223,360 | $ | 220,024 | |||
Non-interest expense (GAAP) | $ | 141,018 | $ | 137,452 | |||
Less: Intangible amortization expense | 1,770 | 2,113 | |||||
Tangible non-interest expense (Non-GAAP) (2) | 139,248 | 135,339 | |||||
Less: Merger-related expense | 54 | 3 | |||||
Severance expense | 98 | 454 | |||||
Loss on sale of long-lived assets, net of impairment | 1,429 | 1,044 | |||||
Other non-core non-interest expense | — | 1,091 | |||||
Tangible core non-interest expense | $ | 137,667 | $ | 132,747 | |||
Average assets (Non-GAAP) | $ | 21,861,501 | $ | 19,661,311 | |||
Less: Average intangible assets, net | 754,723 | 762,229 | |||||
Total average tangible assets (Non-GAAP) | $ | 21,106,778 | $ | 18,899,082 | |||
Total shareholders’ equity (GAAP) | $ | 3,457,975 | $ | 2,547,909 | |||
Less: Goodwill and other intangibles | 753,991 | 764,730 | |||||
Preferred stock | 132,097 | 76,812 | |||||
Total tangible common shareholders’ equity (Non-GAAP) | $ | 2,571,887 | $ | 1,706,367 | |||
Average shareholders’ equity (GAAP) | $ | 3,098,964 | $ | 2,530,259 | |||
Less: Average preferred equity | 132,097 | 76,812 | |||||
Average common equity | 2,966,867 | 2,453,447 | |||||
Less: Average intangible assets, net | 754,723 | 762,229 | |||||
Average tangible common shareholders’ equity (Non-GAAP) | $ | 2,212,144 | $ | 1,691,218 | |||
Return on average assets (GAAP) | 0.94 | % | 0.87 | % | |||
Add: Effect of non-core revenues and expenses | 0.02 | 0.03 | |||||
Core return on average assets (Non-GAAP) | 0.96 | % | 0.90 | % | |||
Return on average common equity (GAAP) | 6.41 | % | 6.59 | % | |||
Add: Effect of intangibles | 2.39 | 3.30 | |||||
Effect of non-core items | 0.19 | 0.37 | |||||
Core return on average tangible common equity (Non-GAAP) | 8.99 | % | 10.26 | % | |||
Efficiency ratio (GAAP) | 64.1 | % | 63.3 | % | |||
Less: Effect of tax benefit related to tax-exempt income | 1.0 | 0.9 | |||||
Efficiency ratio (TE) (Non-GAAP) (1) | 63.1 | % | 62.4 | % | |||
Less: Effect of amortization of intangibles | 0.8 | 1.0 | |||||
Effect of non-core items | 0.7 | 1.1 |
Core tangible efficiency ratio (TE) (Non-GAAP) (1) (2) | 61.6 | % | 60.3 | % | |||
Total shareholders' equity (GAAP) | $ | 3,457,975 | $ | 2,547,909 | |||
Less: Goodwill and other intangibles | 753,991 | 764,730 | |||||
Preferred stock | 132,097 | 76,812 | |||||
Tangible common equity (Non-GAAP) (2) | $ | 2,571,887 | $ | 1,706,367 | |||
Total assets (GAAP) | $ | 22,008,479 | $ | 20,092,563 | |||
Less: Goodwill and other intangibles | 753,991 | 764,730 | |||||
Tangible assets (Non-GAAP) (2) | $ | 21,254,488 | $ | 19,327,833 | |||
Tangible common equity ratio (Non-GAAP) (2) | 12.10 | % | 8.83 | % | |||
Cash Yield: | |||||||
Earning assets average balance (GAAP) | $ | 20,085,482 | $ | 17,873,354 | |||
Add: Adjustments | 86,574 | 86,010 | |||||
Earning assets average balance, as adjusted (Non-GAAP) | $ | 20,172,056 | $ | 17,959,364 | |||
Net interest income (GAAP) | $ | 172,818 | $ | 161,403 | |||
Add: Adjustments | (10,716 | ) | (6,523 | ) | |||
Net interest income, as adjusted (Non-GAAP) | $ | 162,102 | $ | 154,880 | |||
Yield, as reported | 3.53 | % | 3.68 | % | |||
Add: Adjustments | (0.23 | ) | (0.17 | ) | |||
Yield, as adjusted (Non-GAAP) | 3.30 | % | 3.51 | % |
Term | Definition |
ACL | Allowance for credit losses |
Acquired loans | Loans acquired in a business combination |
AFS | Securities available-for-sale |
ALL | Allowance for loan and lease losses |
AOCI | Accumulated other comprehensive income (loss) |
ASC | Accounting Standards Codification |
ASU | Accounting Standards Update |
Basel III | Global regulatory standards on bank capital adequacy and liquidity published by the BCBS |
BCBS | Basel Committee on Banking Supervision |
CDE | IBERIA CDE, LLC |
CET1 | Common Equity Tier 1 Capital defined by Basel III capital rules |
CFPB | Consumer Financial Protection Bureau |
Company | IBERIABANK Corporation and Subsidiaries |
Dodd-Frank Act | Dodd-Frank Wall Street Reform and Consumer Protection Act |
ECL | Expected credit losses |
EPS | Earnings per common share |
FASB | Financial Accounting Standards Board |
FDIC | Federal Deposit Insurance Corporation |
FHLB | Federal Home Loan Bank |
FOMC | Federal Open Market Committee |
FRB | Board of Governors of the Federal Reserve System |
GAAP | Accounting principles generally accepted in the United States of America |
GSE | Government-sponsored enterprises |
HTM | Securities held-to-maturity |
IAM | IBERIA Asset Management, Inc. |
IBERIABANK | Banking subsidiary of IBERIABANK Corporation |
ICP | IBERIA Capital Partners, LLC |
IFS | IBERIA Financial Services |
IMC | IBERIABANK Mortgage Company |
IWA | IBERIA Wealth Advisors |
Legacy loans | Loans that were originated directly or otherwise underwritten by the Company |
LIBOR | London Interbank Borrowing Offered Rate |
LIHTC | Low-income housing tax credit |
LTC | Lenders Title Company |
MSA | Metropolitan statistical area |
Non-GAAP | Financial measures determined by methods other than in accordance with GAAP |
NPA | Non-performing asset |
OCI | Other comprehensive income |
OREO | Other real estate owned |
OTTI | Other than temporary impairment |
Parent | IBERIABANK Corporation |
PCD | Purchased Financial Assets with Credit Deterioration |
RRP | Recognition and Retention Plan |
RULC | Reserve for unfunded lending commitments |
SBA | Small Business Administration |
SEC | Securities and Exchange Commission |
TE | Fully taxable equivalent |
TDR | Troubled debt restructuring |
U.S. | United States of America |
Period | Total Number of Shares Purchased | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs | ||||
January 1-31, 2017 | — | — | — | 747,494 | ||||
February 1-28, 2017 | — | — | — | 747,494 | ||||
March 1-31, 2017 | — | — | — | 747,494 | ||||
Total | — | — | — | 747,494 |
Exhibit No. 31.1 | Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |
Exhibit No. 31.2 | Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |
Exhibit No. 32.1 | Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
Exhibit No. 32.2 | Certification of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
Exhibit No. 101.INS | XBRL Instance Document. |
Exhibit No. 101.SCH | XBRL Taxonomy Extension Schema. |
Exhibit No. 101.CAL | XBRL Taxonomy Extension Calculation Linkbase. |
Exhibit No. 101.DEF | XBRL Taxonomy Extension Definition Linkbase. |
Exhibit No. 101.LAB | XBRL Taxonomy Extension Label Linkbase. |
Exhibit No. 101.PRE | XBRL Taxonomy Extension Presentation Linkbase. |
IBERIABANK Corporation | ||||
Date: May 5, 2017 | By: | /s/ Daryl G. Byrd | ||
Daryl G. Byrd | ||||
President and Chief Executive Officer | ||||
Date: May 5, 2017 | By: | /s/ Anthony J. Restel | ||
Anthony J. Restel | ||||
Senior Executive Vice President and Chief Financial Officer |
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) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | 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 |
d) | 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 the annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
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. |
Date: | May 5, 2017 | /s/ Daryl G. Byrd | |
Daryl G. Byrd | |||
President and Chief Executive Officer |
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) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | 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 |
d) | 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 the annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
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. |
Date: | May 5, 2017 | /s/ Anthony J. Restel | |
Anthony J. Restel | |||
Senior Executive Vice President and Chief Financial Officer |
(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 as of and for the periods covered in the Report. |
/s/ Daryl G. Byrd | |
Daryl G. Byrd | |
President and Chief Executive Officer |
(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 as of and for the periods covered in the Report. |
/s/ Anthony J. Restel | |
Anthony J. Restel | |
Senior Executive Vice President and Chief Financial Officer |
Document and Entity Information - shares |
3 Months Ended | |
---|---|---|
Mar. 31, 2017 |
Apr. 30, 2017 |
|
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2017 | |
Document Fiscal Year Focus | 2017 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | IBKC | |
Entity Registrant Name | IBERIABANK CORP | |
Entity Central Index Key | 0000933141 | |
Current Fiscal Year End Date | --12-31 | |
Entity Well-known Seasoned Issuer | Yes | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 50,966,193 |
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands |
Mar. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Securities held to maturity, fair values | $ 86,813 | $ 89,932 |
Preferred stock, par value (in usd per share) | $ 1 | |
Preferred stock, shares authorized | 5,000,000 | |
Liquidation preference (per share) | $ 10,000 | |
Preferred stock, shares issued | 13,750 | |
Preferred stock, shares outstanding | 13,750 | |
Common stock, par value (in usd per share) | $ 1 | |
Common stock, shares authorized | 100,000,000 | |
Common stock, shares issued | 50,969,908 | 44,795,386 |
Common stock, shares outstanding | 50,969,908 | 44,795,386 |
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2017 |
Mar. 31, 2016 |
|
Income Statement [Abstract] | ||
Unrealized holding gains (losses), taxes | $ 2,421 | $ 13,702 |
Reclassification adjustment for gains included in net income , taxes | 0 | 69 |
Change in fair value of derivative instruments designated as cash flow hedges, taxes | 88 | 2,223 |
Reclassification adjustment for losses included in net income, taxes | $ 24 | $ 0 |
Consolidated Statements of Shareholders' Equity (Parenthetical) - $ / shares |
3 Months Ended | |
---|---|---|
Mar. 31, 2017 |
Mar. 31, 2016 |
|
Cash dividends declared per common share (in usd per share) | $ 0.36 | $ 0.34 |
Retained Earnings | ||
Cash dividends declared per common share (in usd per share) | $ 0.36 | $ 0.34 |
Summary of Significant Accounting Policies |
3 Months Ended |
---|---|
Mar. 31, 2017 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | General The accompanying unaudited consolidated financial statements have been prepared in accordance with GAAP for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all information or footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments, consisting of normal and recurring items, necessary for a fair presentation of the consolidated financial statements have been made. These interim financial statements should be read in conjunction with the audited consolidated financial statements and footnote disclosures for the Company previously filed with the SEC in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016. Operating results for the period ended March 31, 2017 are not necessarily indicative of the results that may be expected for the year ending December 31, 2017. When we refer to the “Company,” “we,” “our,” or “us” in this Report, we mean IBERIABANK Corporation and subsidiaries (consolidated). When we refer to the “Parent,” we mean IBERIABANK Corporation. See the Glossary of Acronyms at the end of this Report for terms used throughout this Report. Principles of Consolidation The Company’s consolidated financial statements include all entities in which the Company has a controlling financial interest under either the voting interest or variable interest model. The assessment of whether or not the Company has a controlling interest (i.e., the primary beneficiary) in a variable interest entity ("VIE") is performed on an on-going basis. All equity investments in non-consolidated VIEs are included in "other assets" in the Company’s consolidated balance sheets. The Company’s maximum exposure to loss as a result of its involvement with non-consolidated VIEs was approximately $92 million and $91 million at March 31, 2017 and December 31, 2016, respectively. The Company's maximum exposure to loss was equivalent to the carrying value of its investments and any related outstanding loans to the non-consolidated VIEs. Investments in entities that are not consolidated are accounted for under either the equity, cost, or proportional amortization method of accounting. Investments for which the Company has the ability to exercise significant influence over the operating and financing decisions of the entity are accounted for under the equity method. Investments for which the Company does not hold such ability are accounted for under the cost method. Investments in qualified affordable housing projects, which meet certain criteria, are accounted for under the proportional amortization method. The consolidated financial statements include the accounts of the Company and its subsidiaries, IBERIABANK; Lenders Title Company; IBERIA Capital Partners, LLC; 1887 Leasing, LLC; IBERIA Asset Management, Inc.; 840 Denning, LLC; and IBERIA CDE, LLC. Effective January 1, 2017, IBERIABANK Mortgage Company, previously a subsidiary of IBERIABANK, merged into IBERIABANK. All significant intercompany balances and transactions have been eliminated in consolidation. All normal, recurring adjustments which, in the opinion of management, are necessary for a fair presentation of the financial statements have been included. Nature of Operations The Company offers commercial and retail banking products and services to customers throughout locations in eight states through IBERIABANK. The Company also operates mortgage production offices in 10 states and offers a full line of title insurance and closing services throughout Arkansas and Louisiana through LTC and its subsidiaries. ICP provides equity research, institutional sales and trading, and corporate finance services throughout the energy industry. 1887 Leasing, LLC owns an aircraft used by management of the Company. IAM provides wealth management and trust services for commercial and private banking clients. CDE is engaged in the purchase of tax credits. Reclassifications Certain amounts reported in prior periods have been reclassified to conform to the current period presentation. These reclassifications did not have a material effect on previously reported consolidated financial statements. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Material estimates that are susceptible to significant change in the near term are the allowance for credit losses, valuation of and accounting for acquired loans, goodwill and other intangibles, and income taxes. Concentrations of Credit Risk Most of the Company’s business activity is with customers located in the southeastern United States. The Company’s lending activity is concentrated in its market areas in those states. The Company has emphasized originations of commercial loans and private banking loans, defined as loans to higher net worth clients. Repayments on loans are expected to come from cash flows of the borrower and/or guarantor. Losses on secured loans are limited by the net realizable value of the collateral upon default of the borrowers and guarantor support. Concentrations in commercial real estate have increased as a result of the Company's organic growth and recent acquisitions of banks with significant CRE portfolios. Additionally, as the Company has executed its risk-off strategy over the past two years, CRE concentrations have naturally increased as a percentage of the total portfolio. The Company does not have any excessive concentrations to any one industry or customer. |
Recent Accounting Pronouncements |
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Mar. 31, 2017 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent Accounting Pronouncements | RECENT ACCOUNTING PRONOUNCEMENTS Pronouncements adopted during the quarter ended March 31, 2017: ASU No. 2016-09 In March 2016, the FASB issued ASU No. 2016-09, Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting. The amendments require recognition of excess tax benefits and deficiencies associated with awards which vest or settle within income tax expense or benefit in the statement of comprehensive income, with the tax effects treated as discrete items in the reporting period in which they occur. The ASU further requires entities to recognize excess tax benefits regardless of whether the benefit reduces taxes payable in the current period, which eliminates the APIC pool concept. The ASU also requires entities to exclude excess tax benefits and deficiencies from assumed proceeds when applying the treasury stock method to share-based payment awards to determine their dilutive effect on EPS; allows an accounting policy election to account for forfeitures as they occur; permits an entity to withhold up to the maximum statutory tax rates in the applicable jurisdictions while still qualifying for equity classification; and changes the classification of certain cash flows associated with stock compensation. The Company adopted the amendments effective January 1, 2017 as follows: (i) prospective adoption of the recognition of excess tax benefits associated with awards which vested or settled during the quarter ended March 31, 2017 in the statement of comprehensive income; (ii) prospective adoption of the exclusion of excess tax benefits from assumed proceeds for the calculation of diluted EPS for the quarter ended March 31, 2017; (iii) modified retrospective adoption of the minimum statutory withholdings requirements; (iv) modified retrospective adoption of the accounting policy election to account for forfeitures as they occur; and (v) prospective adoption of the classifications of certain cash flows associated with stock compensation. The adoption of these amendments did not, either individually or in aggregate, have a significant impact to the consolidated financial statements. ASU No. 2017-01 In January 2017, the FASB issued ASU No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business, which introduces amendments that are intended to clarify the definition of a business to assist companies and other reporting organizations in evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The amendments are intended to narrow the current interpretation of a business. ASU No. 2017-01 will be effective for annual reporting periods beginning after December 15, 2017, including interim reporting periods within those periods. The amendments will be applied prospectively on or after the effective date. Early application of the amendments is allowed for transactions, including when a subsidiary or group of assets is deconsolidated/derecognized, in which the acquisition date occurs before the issuance date or effective date of the amendments, only when the transaction has not been reported in financial statements that have been issued or made available for issuance. The Company adopted the amendments effective January 1, 2017. The adoption of this ASU did not and is not expected to have a significant impact on the Company’s consolidated financial statements. Pronouncements issued but not yet adopted: ASU No. 2014-09 In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers, which implements a common revenue standard and clarifies the principles used for recognizing revenue. The amendments in the ASU clarify that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The amendments in ASU No. 2014-09 will be effective for annual reporting periods beginning after December 15, 2017, including interim reporting periods within that reporting period. Earlier application is permitted only as of annual reporting periods beginning after December 15, 2016, including interim reporting periods within that annual reporting period. The amendments will be applied through the election of one of two retrospective methods. The Company intends to adopt the amendments beginning January 1, 2018 through the modified-retrospective transition method. Based on the Company’s preliminary scoping, walkthroughs, and contract reviews, it does not expect to recognize a significant cumulative adjustment to equity upon implementation of the standard. Further, the Company does not expect a significant impact to the Company’s consolidated statements of comprehensive income or consolidated balance sheets from either a presentation or timing perspective, but is still analyzing some contracts (e.g., card interchange and rewards). The Company does anticipate additional disclosures will be presented in the notes to the consolidated financial statements following adoption. ASU No. 2016-01 In January 2016, the FASB issued ASU No. 2016-01, Financial Statements - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities. The amendments will not change the guidance for classifying and measuring investments in debt securities or loans; however, the ASU will impact how the Company measures certain equity investments and discloses and presents certain financial instruments through the application of the “exit price” notion. ASU No. 2016-01 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017. An entity will record a cumulative-effect adjustment to beginning retained earnings as of the beginning of the first reporting period in which the guidance is adopted, with two exceptions. The amendments related to equity investments without readily determinable fair values (including disclosure requirements) will be applied prospectively. The requirement to use the “exit price” notion to measure the fair value of financial instruments for disclosure purposes will also be applied prospectively. The Company does not expect a significant cumulative-effect adjustment to be recorded at adoption or any significant impact to the consolidated financial statements associated with the accounting for its current equity investments. The Company does anticipate financial statement disclosures to be impacted, specifically related to financial instruments measured at amortized cost whose fair values are disclosed under the “entry price” notion, but is currently still in the process of determining the impact. ASU No. 2016-02 In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842). The most significant amendment to existing GAAP is the recognition of lease assets (i.e., right of use assets) and liabilities on the balance sheet for leases that are classified as operating leases by lessees. The lessor model remains similar to the current accounting model in existing GAAP. Additional amendments include, but are not limited to, the elimination of leveraged leases; modification to the definition of a lease; amendments on sale and leaseback transactions; and disclosure of additional quantitative and qualitative information. ASU 2016-02 will be effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Lessees and lessors are required to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach. The Company anticipates adopting the amendments on January 1, 2019. The Company is currently assessing the practical expedients it may elect at adoption, but does not anticipate the amendments will have a significant impact to the consolidated financial statements. Based on the Company’s preliminary analysis of its current portfolio, the impact to the Company’s consolidated balance sheets is estimated to result in less than a 1% increase in assets and liabilities. The adjustment to retained earnings is not expected to be significant based on the transition guidance associated with current sale-leaseback agreements. The Company also anticipates additional disclosures to be provided at adoption. ASU No. 2016-13 In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. The amendments introduce an impairment model that is based on expected credit losses (“ECL”), rather than incurred losses, to estimate credit losses on certain types of financial instruments (e.g., loans and held-to-maturity securities), including certain off-balance sheet financial instruments (e.g., loan commitments). The ECL should consider historical information, current information, and reasonable and supportable forecasts, including estimates of prepayments, over the contractual term. Financial instruments with similar risk characteristics may be grouped together when estimating the ECL. The ASU also amends the current AFS security impairment model for debt securities. The new model will require an estimate of ECL when the fair value is below the amortized cost of the asset through the use of an allowance to record estimated credit losses (and subsequent recoveries). Non-credit related losses will continue to be recognized through OCI. In addition, the amendments provide for a simplified accounting model for purchased financial assets with a more-than-insignificant amount of credit deterioration since their origination. The initial estimate of expected credit losses would be recognized through an ALL with an offset (i.e., increase) to the cost basis of the related financial asset at acquisition. ASU 2016-13 will be effective for fiscal years beginning after December 15, 2019, including interim periods. The amendments will be applied through a modified-retrospective approach, resulting in a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective. A prospective transition approach is required for debt securities for which OTTI had been recognized before the effective date. Amounts previously recognized in AOCI as of the date of adoption that relate to improvements in cash flows expected to be collected should continue to be accreted into income over the remaining life of the asset. Recoveries of amounts previously written off relating to improvements in cash flows after the date of adoption should be recorded in earnings when received. The Company is currently evaluating the impact of the ASU on the Company’s consolidated financial statements. ASU No. 2017-04 In January 2017, the FASB issued ASU No. 2017-04, Intangibles-Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment, which simplifies how an entity is required to test goodwill for impairment by eliminating Step 2 from the goodwill impairment test. Therefore, any carrying amount which exceeds the reporting unit’s fair value (up to the amount of goodwill recorded) will be recognized as an impairment loss. ASU No. 2017-04 will be effective for annual reporting periods beginning after December 15, 2019, including interim reporting periods within those periods. The amendments will be applied prospectively on or after the effective date. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. Based on recent goodwill impairments tests, which did not require the application of Step 2, the Company does not expect the adoption of this ASU to have an immediate impact. ASU No. 2017-08 In March 2017, the FASB issued ASU No. 2017-08, Receivables-Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities, which will shorten the amortization period for callable debt securities held at a premium to the earliest call date instead of the maturity date. The amendments do not require an accounting change for securities held at a discount, which will continue to be amortized to the maturity date. ASU No. 2017-08 will be effective for annual reporting periods beginning after December 15, 2018, including interim reporting periods within those periods. The amendments should be applied using a modified-retrospective transition method as of the beginning of the period of adoption. Early adoption is permitted, including adoption in an interim period. The adoption of the ASU will not have a significant impact to the Company based on its current investment portfolio. |
Investment Securities |
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Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment Securities | INVESTMENT SECURITIES The amortized cost and fair values of investment securities, with gross unrealized gains and losses, consist of the following:
Securities with carrying values of $1.6 billion and $1.5 billion were pledged to secure public deposits and other borrowings at March 31, 2017 and December 31, 2016, respectively. Information pertaining to securities with gross unrealized losses, aggregated by investment category and length of time that individual securities have been in a continuous loss position, is as follows:
The Company assessed the nature of the unrealized losses in its portfolio as of March 31, 2017 and December 31, 2016 to determine if there are losses that should be deemed other-than-temporary. In its analysis of these securities, management considered numerous factors to determine whether there were instances where the amortized cost basis of the debt securities would not be fully recoverable, including, but not limited to:
Management believes it has considered these factors, as well as all relevant information available, when determining the expected future cash flows of the securities in question. In each instance, management has determined the cost basis of the securities would be fully recoverable. Management also has the intent to hold debt securities until their maturity or anticipated recovery if the security is classified as available for sale. In addition, management does not believe the Company will be required to sell debt securities before the anticipated recovery of the amortized cost basis of the security. As a result of the Company's analysis, no declines in the estimated fair value of the Company's investment securities were deemed to be other-than-temporary at March 31, 2017 or December 31, 2016. At March 31, 2017, 393 debt securities had unrealized losses of 1.53% of the securities’ amortized cost basis. At December 31, 2016, 397 debt securities had unrealized losses of 1.79% of the securities’ amortized cost basis. The unrealized losses for each of the securities related to market interest rate changes and not credit concerns of the issuers. Additional information on securities that have been in a continuous loss position for over twelve months at March 31, 2017 and December 31, 2016 is presented in the following table.
The Fannie Mae, Freddie Mac, and Ginnie Mae securities are rated AA+ by S&P and Aaa by Moodys. The amortized cost and estimated fair value of investment securities by maturity at March 31, 2017 are presented in the following table. Securities are classified according to their contractual maturities without consideration of principal amortization, potential prepayments or call options. Accordingly, actual maturities may differ from contractual maturities. Weighted average yields are calculated on the basis of the yield to maturity based on the amortized cost of each security.
The following is a summary of realized gains and losses from the sale of securities classified as available for sale. Gains or losses on securities sold are recorded on the trade date, using the specific identification method.
In addition to the gains above, the Company realized certain gains on calls of securities held to maturity that were not significant to the consolidated financial statements. Other Equity Securities The Company accounts for the following securities at amortized cost, which approximates fair value, in “other assets” on the consolidated balance sheets:
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Loans |
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans | LOANS Loans consist of the following, segregated into legacy and acquired loans, for the periods indicated:
Net deferred loan origination fees were $22.6 million at both March 31, 2017 and December 31, 2016. In addition to loans issued in the normal course of business, the Company considers overdrafts on customer deposit accounts to be loans and reclassifies these overdrafts as loans in its consolidated balance sheets. At March 31, 2017 and December 31, 2016, overdrafts of $4.0 million and $4.2 million, respectively, have been reclassified to loans. Loans with carrying values of $4.5 billion were pledged as collateral for borrowings at both March 31, 2017 and December 31, 2016. Aging Analysis The following tables provide an analysis of the aging of loans as of March 31, 2017 and December 31, 2016. Due to the difference in accounting for acquired loans, the tables below further segregate the Company’s loans between loans originated, or renewed and underwritten by the Company ("legacy loans") and acquired loans.
Loans Acquired The following is a summary of changes in the accretable difference for all loans accounted for under ASC 310-30 during the three months ended March 31:
Troubled Debt Restructurings Information about the Company’s troubled debt restructurings ("TDRs") at March 31, 2017 and 2016 is presented in the following tables. Modifications of loans that are accounted for within a pool under ASC Topic 310-30 are excluded as TDRs. Accordingly, such modifications do not result in the removal of those loans from the pool, even if the modification of those loans would otherwise be considered a TDR. As a result, all such acquired loans that would otherwise meet the criteria for classification as a TDR are excluded from the tables below. TDRs totaling $13.2 million and $44.8 million occurred during the three months ended March 31, 2017 and March 31, 2016, respectively, through modification of the original loan terms. The following table provides information on how the TDRs were modified during the three months ended March 31, 2017 and 2016:
Of the $13.2 million of TDRs occurring during the three months ended March 31, 2017, $11.8 million are on accrual status and $1.4 million are on non-accrual status. Of the $44.8 million of TDRs occurring during the three months ended March 31, 2016, $39.6 million were on accrual status and $5.2 million were on non-accrual status. The following table presents the end of period balance for loans modified in a TDR during the three months ended March 31:
Information detailing TDRs that defaulted during the three months ended March 31, 2017 and 2016, and were modified in the previous twelve months (i.e., the twelve months prior to the default) is presented in the following table. The Company has defined a default as any loan with a loan payment that is currently past due greater than 30 days, or was past due greater than 30 days at any point during the previous twelve months, or since the date of modification, whichever is shorter.
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Allowance for Credit Losses and Credit Quality |
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for Credit Losses and Credit Quality | ALLOWANCE FOR CREDIT LOSSES AND CREDIT QUALITY Allowance for Credit Losses Activity A summary of changes in the allowance for credit losses for the three months ended March 31 is as follows:
A summary of changes in the allowance for credit losses for legacy loans, by loan portfolio type, for the three months ended March 31 is as follows:
A summary of changes in the allowance for loan losses for acquired loans, by loan portfolio type, for the three months ended March 31 is as follows:
Portfolio Segment Risk Factors Commercial real estate loans include loans to commercial customers for long-term financing of land and buildings or for land development or construction of a building. These loans are repaid through revenues from operations of the businesses, rents of properties, sales of properties and refinances. Commercial and industrial loans represent loans to commercial customers to finance general working capital needs, equipment purchases and other projects where repayment is derived from cash flows resulting from business operations. The Company originates commercial business loans on a secured and, to a lesser extent, unsecured basis. Residential mortgage loans consist of loans to consumers to finance a primary residence. The vast majority of the residential mortgage loan portfolio is comprised of non-conforming 1-4 family mortgage loans secured by properties located in the Company's market areas and originated under terms and documentation that permit their sale in a secondary market. Consumer loans are offered by the Company in order to provide a full range of retail financial services to its customers and include home equity, credit card and other direct consumer installment loans. The Company originates substantially all of its consumer loans in its primary market areas. Loans in the consumer segment are sensitive to unemployment and other key consumer economic measures. Credit Quality The Company utilizes an asset risk classification system in accordance with guidelines established by the Federal Reserve Board as part of its efforts to monitor commercial asset quality. “Special mention” loans are defined as loans where known information about possible credit problems of the borrower cause management to have some doubt as to the ability of these borrowers to comply with the present loan repayment terms which may result in future disclosure of these loans as non-performing. For problem assets with identified credit issues, the Company has two primary classifications: “substandard” and “doubtful.” Substandard assets have one or more defined weaknesses and are characterized by the distinct possibility that the Company will sustain some loss if the deficiencies are not corrected. Doubtful assets have the weaknesses of substandard assets with the additional characteristic that the weaknesses make collection or liquidation in full satisfaction of the loan balance outstanding questionable, which makes probability of loss higher based on currently existing facts, conditions, and values. Loans classified as “Pass” do not meet the criteria set forth for special mention, substandard, or doubtful classification and are not considered criticized. Asset risk classifications are determined at origination or acquisition and reviewed on an ongoing basis. Risk classifications are changed if, in the opinion of management, the risk profile of the customer has changed since the last review of the loan relationship. The Company’s investment in loans by credit quality indicator is presented in the following tables. The tables below further segregate the Company’s loans between loans that were originated, or renewed and underwritten by the Company (legacy loans) and acquired loans. Loan premiums/discounts in the tables below represent the adjustment of acquired loans to fair value at the acquisition date, as adjusted for income accretion and changes in cash flow estimates in subsequent periods. Asset risk classifications for commercial loans reflect the classification as of March 31, 2017 and December 31, 2016. Credit quality information in the tables below includes total loans acquired (including acquired impaired loans) at the gross loan balance, prior to the application of premiums/discounts, at March 31, 2017 and December 31, 2016. Loan delinquency is the primary credit quality indicator that the Company utilizes to monitor consumer asset quality.
Legacy Impaired Loans Information on the Company’s investment in legacy impaired loans, which include all TDRs and all other non-accrual loans evaluated or measured individually for impairment for purposes of determining the allowance for loan losses, is presented in the following tables as of and for the periods indicated.
As of March 31, 2017 and December 31, 2016, the Company was not committed to lend a material amount of additional funds to any customer whose loan was classified as impaired or as a troubled debt restructuring. |
Goodwill and Other Acquired Intangible Assets |
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Other Acquired Intangible Assets | GOODWILL AND OTHER ACQUIRED INTANGIBLE ASSETS Goodwill Changes to the carrying amount of goodwill by reporting unit for the three months ended March 31, 2017, and the year ended December 31, 2016 are provided in the following table.
The goodwill adjustments during 2016 were the result of the finalization of fair value estimates related to the 2015 acquisitions of Florida Bank Group, Old Florida, and Georgia Commerce during the respective measurement periods. The Company performed the required annual goodwill impairment test as of October 1, 2016. The Company’s annual impairment test did not indicate impairment in any of the Company’s reporting units as of the testing date. Following the testing date, management evaluated the events and changes that could indicate that goodwill might be impaired and concluded that a subsequent interim test was not necessary. Mortgage Servicing Rights Mortgage servicing rights are recorded at the lower of cost or market value in “other assets” on the Company's consolidated balance sheets and amortized over the remaining servicing life of the loans, with consideration given to prepayment assumptions. Mortgage servicing rights had the following carrying values as of the periods indicated:
In addition, there was an insignificant amount of non-mortgage servicing rights related to SBA loans as of March 31, 2017 and December 31, 2017, respectively. Title Plant The Company held title plant assets recorded in “other assets” on the Company's consolidated balance sheets totaling $6.7 million at both March 31, 2017 and December 31, 2016. No events or changes in circumstances occurred during the three months ended March 31, 2017 to suggest the carrying value of the title plant was not recoverable. Intangible assets subject to amortization Definite-lived intangible assets had the following carrying values included in “other assets” on the Company’s consolidated balance sheets as of the periods indicated:
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Derivative Instruments and Other Hedging Activities |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Other Hedging Activities | DERIVATIVE INSTRUMENTS AND OTHER HEDGING ACTIVITIES The Company enters into derivative financial instruments to manage interest rate risk, exposures related to liquidity and credit risk, and to facilitate customer transactions. The primary types of derivatives used by the Company include interest rate swap agreements, foreign exchange contracts, interest rate lock commitments, forward sales commitments, written and purchased options and credit derivatives. All derivative instruments are recognized on the consolidated balance sheets as "other assets" or "other liabilities" at fair value, as required by ASC Topic 815, Derivatives and Hedging. For cash flow hedges, the effective portion of the gain or loss related to the derivative instrument is initially reported as a component of other comprehensive income and subsequently reclassified into earnings when the forecasted transaction affects earnings or when the hedge is terminated. The ineffective portion of the gain or loss is reported in earnings immediately. In applying hedge accounting for derivatives, the Company establishes and documents a method for assessing the effectiveness of the hedging derivative and a measurement approach for determining the ineffective aspect of the hedge upon the inception of the hedge. The Company has designated interest rate swaps in a cash flow hedge to convert forecasted variable interest payments to a fixed rate on its junior subordinated debt and has concluded that the forecasted transactions are probable of occurring. For derivative instruments that are not designated as hedging instruments, changes in the fair value of the derivatives are recognized in earnings immediately. Information pertaining to outstanding derivative instruments is as follows:
The Company has entered into risk participation agreements with counterparties to transfer or assume credit exposures related to interest rate derivatives. The notional amounts of risk participation agreements sold were $110.5 million and $106.5 million at March 31, 2017 and December 31, 2016, respectively. Assuming all underlying third party customers referenced in the swap contracts defaulted at March 31, 2017 and December 31, 2016, the exposure from these agreements would not be material based on the fair value of the underlying swaps. The Company is party to collateral agreements with certain derivative counterparties. Such agreements require that the Company maintain collateral based on the fair values of individual derivative transactions. In the event of default by the Company, the counterparty would be entitled to the collateral. At December 31, 2016, the Company was required to post $1.9 million in cash or securities as collateral for its derivative transactions, which is included in "interest-bearing deposits in banks" on the Company’s consolidated balance sheets. Effective January 3, 2017, the Chicago Mercantile Exchange and LCH.Clearnet Limited amended their rulebooks to legally characterize variation margin payments for over-the-counter derivatives they clear as settlements of the derivatives' exposure rather than collateral against the exposures. As of March 31, 2017, the Company was required to post $3.9 million in variation margin payments for its derivative transactions, of which virtually all is now required to be netted against the fair value of the derivatives in "other assets/other liabilities" on the consolidated balance sheet. The Company does not anticipate additional assets will be required to be posted as collateral, nor does it believe additional assets would be required to settle its derivative instruments immediately if contingent features were triggered at March 31, 2017. The Company’s master netting agreements represent written, legally enforceable bilateral agreements that (1) create a single legal obligation for all individual transactions covered by the master agreement and (2) in the event of default, provide the non-defaulting counterparty the right to accelerate, terminate, and close-out on a net basis all transactions under the agreement and to promptly liquidate or set-off collateral posted by the defaulting counterparty. As permitted by U.S. GAAP, the Company does not offset fair value amounts recognized for the right to reclaim cash collateral or the obligation to return cash collateral against recognized fair value amounts of derivatives executed with the same counterparty under a master netting agreement. The following table reconciles the gross amounts presented in the consolidated balance sheets to the net amounts that would result in the event of offset.
During the three months ended March 31, 2017 and 2016, the Company has not reclassified into earnings any gain or loss as a result of the discontinuance of cash flow hedges, because it was probable the original forecasted transaction would not occur by the end of the originally specified term. At March 31, 2017, the Company does not expect to reclassify a material amount from accumulated other comprehensive income into interest income over the next twelve months for derivatives that will be settled. At March 31, 2017 and 2016, and for the three months then ended, information pertaining to the effect of the hedging instruments on the consolidated financial statements is as follows:
Information pertaining to the effect of derivatives not designated as hedging instruments on the consolidated financial statements as of March 31, is as follows:
(1) Includes fees associated with customer interest rate contracts. |
Shareholders' Equity, Capital Ratios and Other Regulatory Matters |
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Banking and Thrift [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shareholders' Equity, Capital Ratios and Other Regulatory Matters | SHAREHOLDERS' EQUITY, CAPITAL RATIOS AND OTHER REGULATORY MATTERS Preferred Stock The following table presents a summary of the Company's non-cumulative perpetual preferred stock:
Common Stock During the second quarter of 2016, the Company's Board of Directors authorized the repurchase of up to 950,000 shares of IBERIABANK Corporation's outstanding common stock. Stock repurchases under this program will be made from time to time, on the open market or in privately negotiated transactions. The timing of these repurchases will depend on market conditions and other requirements. The share repurchase program does not obligate the Company to repurchase any dollar amount or number of shares, and the program may be extended, modified, suspended, or discontinued at any time. At March 31, 2017, the remaining common shares that could be repurchased under the plan approved by the Board was 747,494 shares. The Company did not repurchase any common shares during the first quarter of 2017. On March 7, 2017, the Company issued an additional 6,100,000 shares of its common stock at a price of $83.00 per common share. Net proceeds from the offering, after deduction of underwriting discounts, commissions, and direct issuance costs, were $485.2 million. Regulatory Capital The Company and IBERIABANK are subject to various regulatory capital requirements administered by the federal and state banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Company’s consolidated financial statements. Under capital adequacy regulations and the regulatory framework for prompt corrective action, the Company and IBERIABANK, as applicable, must meet specific capital guidelines that involve quantitative measures of their assets, liabilities and certain off-balance sheet items as calculated under regulatory accounting practices. The capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings and other factors. Management believes that, as of March 31, 2017, the Company and IBERIABANK met all capital adequacy requirements to which they are subject. As of March 31, 2017, the most recent notification from the FRB categorized IBERIABANK as well-capitalized under the regulatory framework for prompt corrective action (the prompt corrective action requirements are not applicable to the Company). To be categorized as well-capitalized, an institution must maintain minimum total risk-based, Tier 1 risk-based and Tier 1 leverage ratios as set forth in the following table. There are no conditions or events since the notification that management believes have changed that categorization. The Company’s and IBERIABANK’s actual capital amounts and ratios as of March 31, 2017 and December 31, 2016 are presented in the following table.
(1) Minimum capital ratios are subject to a capital conservation buffer. In order to avoid limitations on distributions, including dividend payments, and certain discretionary bonus payments to executive officers, an institution must hold a capital conservation buffer above its minimum risk-based capital requirements. This capital conservation buffer is calculated as the lowest of the differences between the actual CET1 ratio, Tier 1 Risk-Based Capital Ratio, and Total Risk-Based Capital ratio and the corresponding minimum ratios. At March 31, 2017, the required minimum capital conservation buffer was 1.250%, and will increase in subsequent years by 0.625% until it is fully phased in on January 1, 2019 at 2.50%. At March 31, 2017, the capital conservation buffers of the Company and IBERIABANK were 8.92% and 3.77%, respectively. |
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Earnings Per Share | EARNINGS PER SHARE Share-based payment awards that entitle holders to receive non-forfeitable dividends before vesting are considered participating securities that are included in the calculation of earnings per share using the two-class method. The two-class method is an earnings allocation formula under which earnings per share is calculated for common stock and participating securities according to dividends declared and participating rights in undistributed earnings. Under this method, all earnings, distributed and undistributed, are allocated to common shares and participating securities based on their respective rights to receive dividends. The following table presents the calculation of basic and diluted earnings per share for the periods indicated.
For the three months ended March 31, 2017, and 2016, the calculations for basic shares outstanding exclude the weighted average shares owned by the Recognition and Retention Plan (“RRP”) of 406,896 and 475,423, respectively. The effects from the assumed exercises of 70,456 and 751,387 stock options were not included in the computation of diluted earnings per share for the three months ended March 31, 2017 and 2016, respectively, because such amounts would have had an antidilutive effect on earnings per common share. |
Share-Based Compensation |
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Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-Based Compensation | SHARE-BASED COMPENSATION The Company has various types of share-based compensation plans that permit the granting of awards in the form of stock options, restricted stock, restricted share units, phantom stock, and performance units. These plans are administered by the Compensation Committee of the Board of Directors, which selects persons eligible to receive awards and determines the terms, conditions and other provisions of the awards. At March 31, 2017, awards of 2,106,167 shares could be made under approved incentive compensation plans. The Company issues shares to fulfill stock option exercises and restricted share units and restricted stock awards vesting from available authorized common shares. At March 31, 2017, the Company believes there are adequate authorized shares to satisfy anticipated stock option exercises and restricted share unit and restricted stock award vesting. Stock option awards The Company issues stock options under various plans to directors, officers and other key employees. The option exercise price cannot be less than the fair value of the underlying common stock as of the date of the option grant and the maximum option term cannot exceed ten years. The following table represents the activity related to stock options during the periods indicated:
The Company uses the Black-Scholes option pricing model to estimate the fair value of stock option awards. The following weighted-average assumptions were used for option awards issued during the following periods:
The assumptions above are based on multiple factors, including historical stock option exercise patterns and post-vesting employment termination behaviors, expected future exercise patterns and the expected volatility of the Company’s stock price. The following table represents the compensation expense that is included in non-interest expense and related income tax benefits in the accompanying consolidated statements of comprehensive income related to stock options for the following periods:
At March 31, 2017, there was $2.8 million of unrecognized compensation cost related to stock options that is expected to be recognized over a weighted-average period of 3 years. Restricted stock awards The Company issues restricted stock under various plans for certain officers and directors. The restricted stock awards may not be sold or otherwise transferred until certain restrictions have lapsed. The holders of the restricted stock receive dividends and have the right to vote the shares. The compensation expense for these awards is determined based on the market price of the Company's common stock at the date of grant applied to the total number of shares granted and is recognized over the vesting period (generally three to seven years). As of March 31, 2017 and 2016, unrecognized share-based compensation associated with these awards totaled $21.4 million and $23.4 million, respectively. The unrecognized compensation cost related to restricted stock awards at March 31, 2017 is expected to be recognized over a weighted-average period of 1.7 years. Restricted share units During the first three months of 2017 and 2016, the Company issued restricted share units to certain of its executive officers. Restricted share units vest after the end of a three year performance period, based on satisfaction of the performance conditions set forth in the restricted share unit agreement. Recipients do not possess voting or investment power over the common stock underlying such units until vesting. The grant date fair value of these restricted share units is the same as the value of the corresponding number of shares of common stock, adjusted for assumptions surrounding the market-based conditions contained in the respective agreements. The following table represents the compensation expense that was included in non-interest expense and related income tax benefits in the accompanying consolidated statements of comprehensive income related to restricted stock awards and restricted share units for the periods indicated:
The following table represents unvested restricted stock award and restricted share unit activity for the following periods:
Phantom stock awards The Company issues phantom stock awards to certain key officers and employees. The awards are subject to a vesting period of five years and are paid out in cash upon vesting. The amount paid per vesting period is calculated as the number of vested “share equivalents” multiplied by the closing market price of a share of the Company’s common stock on the vesting date. Share equivalents are calculated on the date of grant as the total award’s dollar value divided by the closing market price of a share of the Company’s common stock on the grant date. Award recipients are also entitled to a “dividend equivalent” on each unvested share equivalent held by the award recipient. A dividend equivalent is a dollar amount equal to the cash dividends that the participant would have been entitled to receive if the participant’s share equivalents were issued in shares of common stock. Dividend equivalents are reinvested as share equivalents that will vest and be paid out on the same date as the underlying share equivalents on which the dividend equivalents were paid. The number of share equivalents acquired with a dividend equivalent is determined by dividing the aggregate of dividend equivalents paid on the unvested share equivalents by the closing price of a share of the Company’s common stock on the dividend payment date. Performance units Performance units are tied to the value of shares of the Company's common stock, are payable in cash, and vest in increments of one-third per year after attainment of one or more performance measures. The value of performance units is the same as the value of the corresponding number of shares of common stock. There were no performance units granted in 2017 or 2016. The following table indicates compensation expense recorded for phantom stock and performance units based on the number of share equivalents vested at March 31 of the years indicated and the current market price of the Company’s stock at that time:
The following table represents phantom stock award and performance unit activity during the periods indicated.
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Fair Value Measurements |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements | FAIR VALUE MEASUREMENTS Recurring fair value measurements The Company has segregated all financial assets and liabilities that are measured at fair value on a recurring basis into the most appropriate level within the fair value hierarchy based on the inputs used to estimate the fair value at the measurement date in the tables below. See Note 1, Summary of Significant Accounting Policies, in the Annual Report on Form 10-K for the year ended December 31, 2016, for a description of how fair value measurements are determined.
During the three months ended March 31, 2017, there were no transfers between the Level 1 and Level 2 fair value categories. Non-recurring fair value measurements The Company has segregated all assets and liabilities that are measured at fair value on a non-recurring basis into the most appropriate level within the fair value hierarchy based on the inputs used to determine the fair value at the measurement date in the tables below.
In accordance with the provisions of ASC Topic 310, the Company records certain loans considered impaired at their estimated fair value. A loan is considered impaired if it is probable the Company will be unable to collect all amounts due according to the contractual terms of the loan agreement. Fair value is measured at the estimated fair value of the collateral for collateral-dependent loans. Impaired loans with an unpaid principal balance of $120.1 million and $125.5 million were recorded at their fair value at March 31, 2017 and December 31, 2016, respectively. These loans are net of reserves and charge-offs of $32.7 million and $32.0 million included in the Company's allowance for credit losses at March 31, 2017 and December 31, 2016, respectively. The Company did not record any liabilities at fair value for which measurement of the fair value was made on a non-recurring basis at March 31, 2017 and December 31, 2016. Fair value option The Company has elected the fair value option for certain originated residential mortgage loans held for sale, which allows for a more effective offset of the changes in fair values of the loans and the derivative instruments used to hedge them without the burden of complying with the requirements for hedge accounting. The Company has $14.0 million and $12.7 million of mortgage loans held for investment for which the fair value option was elected upon origination and continue to be accounted for at fair value at March 31, 2017 and December 31, 2016, respectively. The following table summarizes the difference between the aggregate fair value and the aggregate unpaid principal balance for mortgage loans held for sale measured at fair value:
Interest income on mortgage loans held for sale is recognized based on contractual rates and is reflected in interest income on loans held for sale in the consolidated statements of comprehensive income. Net gains (losses) resulting from the change in fair value of these loans that were recorded in mortgage income in the consolidated statements of comprehensive income totaled $0.4 million and $1.9 million for the three months ended March 31, 2017 and 2016, respectively. The changes in fair value are mostly offset by economic hedging activities, with an insignificant portion of these changes attributable to changes in instrument-specific credit risk. |
Fair Value of Financial Instruments |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value of Financial Instruments | FAIR VALUE OF FINANCIAL INSTRUMENTS The estimated fair value of a financial instrument is the current amount that would be exchanged between willing parties, other than in a forced liquidation. Fair value is best determined based upon quoted market prices. However, in many instances, there are no quoted market prices for the Company’s various financial instruments. In cases where quoted market prices are not available, fair values are based on estimates using present value or other valuation techniques. Those techniques are significantly affected by the assumptions used, including the discount rate and estimates of future cash flows. Accordingly, the fair value estimates may not be realized in an immediate settlement of the instrument. ASC Topic 825, Financial Instruments, excludes certain financial instruments and all non-financial instruments from its disclosure requirements. Consequently, the aggregate fair value amounts presented may not necessarily represent the underlying fair value of the Company. The carrying amount and estimated fair values, as well as the level within the fair value hierarchy, of the Company’s financial instruments are included in the tables below. See Note 1, Summary of Significant Accounting Policies, in the 2016 Annual Report on Form 10-K for the year ended December 31, 2016 for a description of how fair value measurements are determined.
The fair value estimates presented herein are based upon pertinent information available to management as of March 31, 2017 and December 31, 2016. Although management is not aware of any factors that would significantly affect the estimated fair value amounts, such amounts have not been comprehensively revalued for purposes of these financial statements since that date and, therefore, current estimates of fair value may differ significantly from the amounts presented herein. |
Business Segments |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Segments | BUSINESS SEGMENTS Each of the Company’s reportable operating segments serves the specific needs of the Company’s customers based on the products and services it offers. The reportable segments are based upon those revenue-producing components for which separate financial information is produced internally and primarily reflect the manner in which resources are allocated and performance is assessed. Further, the reportable operating segments are also determined based on the quantitative thresholds prescribed within ASC Topic 280, Segment Reporting, and consideration of the usefulness of the information to the users of the consolidated financial statements. The Company reports the results of its operations through three reportable segments: IBERIABANK, IMC, and LTC. The IBERIABANK segment represents the Company’s commercial and retail banking functions, including its lending, investment, and deposit activities. IBERIABANK also includes the Company’s wealth management, capital markets, and other corporate functions. The IMC segment represents the Company’s origination, funding, and subsequent sale of one-to-four family residential mortgage loans. The LTC segment represents the Company’s title insurance and loan closing services. Certain expenses not directly attributable to a specific reportable segment are allocated to segments based on pre-determined methods that reflect utilization. Also within IBERIABANK are certain reconciling items that translate reportable segment results into consolidated results. The following tables present certain information regarding our operations by reportable segment, including a reconciliation of segment results to reported consolidated results for the periods presented. Reconciling items between segment results and reported results include:
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Commitments and Contingencies |
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Mar. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies | COMMITMENTS AND CONTINGENCIES Off-balance sheet commitments In the normal course of business, to meet the financing needs of its customers, the Company is a party to credit related financial instruments, with risk not reflected in the consolidated financial statements. These financial instruments include commitments to extend credit, standby letters of credit, and commercial letters of credit. Such commitments involve, to varying degrees, elements of credit and interest rate risk in excess of the amount recognized in the consolidated balance sheets. The credit policies used for these commitments are consistent with those used for on-balance sheet instruments. The Company’s exposure to credit loss in the event of non-performance by its customers under such commitments or letters of credit represents the contractual amount of the financial instruments as indicated in the table below. At March 31, 2017 and December 31, 2016, the fair value of guarantees under commercial and standby letters of credit was $1.7 million and $1.6 million, respectively. These amounts represent the unamortized fees associated with the guarantees and is included in “other liabilities” on the Company's consolidated balance sheets. This fair value will decrease as the existing commercial and standby letters of credit approach their expiration dates. At March 31, 2017 and December 31, 2016, respectively, the Company had the following financial instruments outstanding and related reserves, whose contract amounts represent credit risk:
Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since many of the commitments are expected to be drawn upon, the total commitment amounts generally represent future cash requirements. The Company evaluates each customer’s creditworthiness on a case-by-case basis. The amount of collateral, if any, is based on management’s credit evaluation of the customer. Unfunded commitments under commercial lines of credit, revolving credit lines, and overdraft protection agreements are commitments for possible future extensions of credit to existing customers. Many of these types of commitments do not contain a specified maturity date and may not be drawn upon to the total extent to which the Company is committed. See Note 5 for additional information related to the Company’s unfunded lending commitments. Commercial and standby letters of credit are conditional commitments issued by the Company to guarantee the performance of a customer to a third party. These guarantees are primarily issued to support public and private borrowing arrangements, including commercial paper issuance, bond financing, and similar transactions. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loan facilities to customers. When necessary they are collateralized, generally in the form of marketable securities and cash equivalents. Legal proceedings The nature of the business of the Company’s banking and other subsidiaries ordinarily results in a certain amount of claims, litigation, investigations, and legal and administrative cases and proceedings, which are considered incidental to the normal conduct of business. Some of these claims are against entities or assets of which the Company is a successor or acquired in business acquisitions. The Company has asserted defenses to these litigations and, with respect to such legal proceedings, intends to continue to defend itself vigorously, litigating or settling cases according to management’s judgment as to what is in the best interest of the Company and its shareholders. In July of 2016, a subsidiary of IBERIABANK received a subpoena from the Office of Inspector General of the U.S. Department of Housing and Urban Development (“HUD”) requesting information on certain previously originated loans insured by the Federal Housing Administration ("FHA") as well as other documents regarding the subsidiary's FHA-related policies and practices. The Company has provided a volume of information under the subpoena, and is currently in discussions with HUD regarding the information provided. The Company continues to cooperate with HUD with respect to the subpoena. The Company assesses its liabilities and contingencies in connection with outstanding legal proceedings utilizing the latest information available. Where it is probable that the Company will incur a loss and the amount of the loss can be reasonably estimated, the Company records a liability in its consolidated financial statements. These legal reserves may be increased or decreased to reflect any relevant developments on a quarterly basis. Where a loss is not probable or the amount of loss is not estimable, the Company does not accrue legal reserves. While the outcome of legal proceedings is inherently uncertain, based on information currently available, advice of counsel, and available insurance coverage, the Company’s management believes that it has established appropriate legal reserves. Any liabilities arising from pending legal proceedings are not expected to have a material adverse effect on the Company’s consolidated financial position, consolidated results of operations, or consolidated cash flows. However, it is possible that the ultimate resolution of these matters, if unfavorable, may be material to the Company’s consolidated financial position, consolidated results of operations, or consolidated cash flows. As of the date of this filing, the Company believes the amount of losses associated with legal proceedings that it is reasonably possible to incur above amounts already accrued is not material. |
Related Party Transactions |
3 Months Ended |
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Mar. 31, 2017 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | RELATED PARTY TRANSACTIONS In the ordinary course of business, the Company may execute transactions with various related parties. These transactions are consummated at terms equivalent to the prevailing market rates and terms at the time. Examples of such transactions may include lending or deposit arrangements, transfers of financial assets, services for administrative support, and other miscellaneous items. The Company has granted loans to executive officers and directors and their affiliates. These loans, including the related principal additions, principal payments, and unfunded commitments are not material to the consolidated financial statements at March 31, 2017 and December 31, 2016. None of the related party loans were classified as non-accrual, past due, troubled debt restructurings, or potential problem loans at March 31, 2017 and December 31, 2016, with the exception of the loan discussed below. IBERIABANK and several other financial institutions previously extended credit (the “Credit Facility”) under a multi-bank syndicated credit facility to Stone Energy Corporation (the “Borrower"). At March 31, 2017 and December 31, 2016, one of the Company’s directors, David H. Welch, was the Chairman, President and Chief Executive Officer of the Borrower. IBERIABANK held approximately 6 percent of the total commitments from twelve banks under the Credit Facility. On December 14, 2016, the Borrower filed for Chapter 11 Bankruptcy with the U.S. Bankruptcy Court in the Southern District of Texas. At the time of the filing, $341.5 million was outstanding under the Credit Facility, with approximately $20.3 million outstanding and due to IBERIABANK. At December 31, 2016, the outstanding amount due IBERIABANK under the Credit Facility was on non-accrual status. On February 15, 2017, Borrower’s Second Amended Joint Prepackaged Plan of Reorganization (the “Plan”) was confirmed by the U.S. Bankruptcy Court. Pursuant to the Plan, banks under the Credit Facility were allowed a claim in the aggregate principal amount of $341.5 million, which was the principal amount outstanding under the Credit Facility at the time of the bankruptcy filing. The confirmed plan proposed a full recovery to the banks under the Credit Facility of their prepetition claims, including IBERIABANK's prepetition claim of approximately $20.3 million. The Plan further provided that banks under the Credit Facility were to receive, on account of their prepetition claims, (i) their respective pro-rata share of commitments and obligations owing with respect to outstanding loans under a new 4-year Reserve Based Lending Facility (the “Exit Facility”), and (ii) their respective pro rata share of prepetition cash as a partial repayment of such outstanding loans subject to re-borrowing to the extent permitted and pursuant to the terms of the Exit Facility held by such banks. On February 28, 2017, the Plan became effective and the Borrower satisfied the entire amount due and owing to the financial institutions on their claim of $341.5 million, including payment to IBERIABANK of approximately $20.3 million. On that same date, having emerged from the Chapter 11 bankruptcy, the Borrower entered into the new Exit Facility with the lenders, including IBERIABANK. The new Exit Facility, which replaces the Credit Facility, provides for a $200 million reserve-based credit facility with a maturity date of February 21, 2021. Interest on advances under the Exit Facility is calculated using the London Interbank Offering Rate ("LIBOR") or the base rate, at the election of the Borrower, plus, in each case an applicable margin. The applicable margin is determined based on borrower base utilization and ranges from 2.00% to 3.00% per annum for base rate loans and 3.00% to 4.00% per annum for LIBOR loans. IBERIABANK holds a 6 percent pro-rata share, or $12 million, of the $200 million total committed under the new facility. At March 31, 2017, there are no draws or outstanding amounts under the Exit Facility. Effective April 28, 2017, David H. Welch retired from Stone Energy. Deposits from related parties held by the Company were not material at March 31, 2017 and December 31, 2016. |
Summary of Significant Accounting Policies (Policies) |
3 Months Ended |
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Mar. 31, 2017 | |
Accounting Policies [Abstract] | |
Reclassification | |
Principles of Consolidation | Principles of Consolidation The Company’s consolidated financial statements include all entities in which the Company has a controlling financial interest under either the voting interest or variable interest model. The assessment of whether or not the Company has a controlling interest (i.e., the primary beneficiary) in a variable interest entity ("VIE") is performed on an on-going basis. All equity investments in non-consolidated VIEs are included in "other assets" in the Company’s consolidated balance sheets. The Company’s maximum exposure to loss as a result of its involvement with non-consolidated VIEs was approximately $92 million and $91 million at March 31, 2017 and December 31, 2016, respectively. The Company's maximum exposure to loss was equivalent to the carrying value of its investments and any related outstanding loans to the non-consolidated VIEs. Investments in entities that are not consolidated are accounted for under either the equity, cost, or proportional amortization method of accounting. Investments for which the Company has the ability to exercise significant influence over the operating and financing decisions of the entity are accounted for under the equity method. Investments for which the Company does not hold such ability are accounted for under the cost method. Investments in qualified affordable housing projects, which meet certain criteria, are accounted for under the proportional amortization method. The consolidated financial statements include the accounts of the Company and its subsidiaries, IBERIABANK; Lenders Title Company; IBERIA Capital Partners, LLC; 1887 Leasing, LLC; IBERIA Asset Management, Inc.; 840 Denning, LLC; and IBERIA CDE, LLC. Effective January 1, 2017, IBERIABANK Mortgage Company, previously a subsidiary of IBERIABANK, merged into IBERIABANK. All significant intercompany balances and transactions have been eliminated in consolidation. |
Nature of Operations | Nature of Operations The Company offers commercial and retail banking products and services to customers throughout locations in eight states through IBERIABANK. The Company also operates mortgage production offices in 10 states and offers a full line of title insurance and closing services throughout Arkansas and Louisiana through LTC and its subsidiaries. ICP provides equity research, institutional sales and trading, and corporate finance services throughout the energy industry. 1887 Leasing, LLC owns an aircraft used by management of the Company. IAM provides wealth management and trust services for commercial and private banking clients. CDE is engaged in the purchase of tax credits. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Material estimates that are susceptible to significant change in the near term are the allowance for credit losses, valuation of and accounting for acquired loans, goodwill and other intangibles, |
Concentration of Credit Risks | Concentrations of Credit Risk |
Recent Accounting Pronouncements | Pronouncements adopted during the quarter ended March 31, 2017: ASU No. 2016-09 In March 2016, the FASB issued ASU No. 2016-09, Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting. The amendments require recognition of excess tax benefits and deficiencies associated with awards which vest or settle within income tax expense or benefit in the statement of comprehensive income, with the tax effects treated as discrete items in the reporting period in which they occur. The ASU further requires entities to recognize excess tax benefits regardless of whether the benefit reduces taxes payable in the current period, which eliminates the APIC pool concept. The ASU also requires entities to exclude excess tax benefits and deficiencies from assumed proceeds when applying the treasury stock method to share-based payment awards to determine their dilutive effect on EPS; allows an accounting policy election to account for forfeitures as they occur; permits an entity to withhold up to the maximum statutory tax rates in the applicable jurisdictions while still qualifying for equity classification; and changes the classification of certain cash flows associated with stock compensation. The Company adopted the amendments effective January 1, 2017 as follows: (i) prospective adoption of the recognition of excess tax benefits associated with awards which vested or settled during the quarter ended March 31, 2017 in the statement of comprehensive income; (ii) prospective adoption of the exclusion of excess tax benefits from assumed proceeds for the calculation of diluted EPS for the quarter ended March 31, 2017; (iii) modified retrospective adoption of the minimum statutory withholdings requirements; (iv) modified retrospective adoption of the accounting policy election to account for forfeitures as they occur; and (v) prospective adoption of the classifications of certain cash flows associated with stock compensation. The adoption of these amendments did not, either individually or in aggregate, have a significant impact to the consolidated financial statements. ASU No. 2017-01 In January 2017, the FASB issued ASU No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business, which introduces amendments that are intended to clarify the definition of a business to assist companies and other reporting organizations in evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The amendments are intended to narrow the current interpretation of a business. ASU No. 2017-01 will be effective for annual reporting periods beginning after December 15, 2017, including interim reporting periods within those periods. The amendments will be applied prospectively on or after the effective date. Early application of the amendments is allowed for transactions, including when a subsidiary or group of assets is deconsolidated/derecognized, in which the acquisition date occurs before the issuance date or effective date of the amendments, only when the transaction has not been reported in financial statements that have been issued or made available for issuance. The Company adopted the amendments effective January 1, 2017. The adoption of this ASU did not and is not expected to have a significant impact on the Company’s consolidated financial statements. Pronouncements issued but not yet adopted: ASU No. 2014-09 In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers, which implements a common revenue standard and clarifies the principles used for recognizing revenue. The amendments in the ASU clarify that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The amendments in ASU No. 2014-09 will be effective for annual reporting periods beginning after December 15, 2017, including interim reporting periods within that reporting period. Earlier application is permitted only as of annual reporting periods beginning after December 15, 2016, including interim reporting periods within that annual reporting period. The amendments will be applied through the election of one of two retrospective methods. The Company intends to adopt the amendments beginning January 1, 2018 through the modified-retrospective transition method. Based on the Company’s preliminary scoping, walkthroughs, and contract reviews, it does not expect to recognize a significant cumulative adjustment to equity upon implementation of the standard. Further, the Company does not expect a significant impact to the Company’s consolidated statements of comprehensive income or consolidated balance sheets from either a presentation or timing perspective, but is still analyzing some contracts (e.g., card interchange and rewards). The Company does anticipate additional disclosures will be presented in the notes to the consolidated financial statements following adoption. ASU No. 2016-01 In January 2016, the FASB issued ASU No. 2016-01, Financial Statements - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities. The amendments will not change the guidance for classifying and measuring investments in debt securities or loans; however, the ASU will impact how the Company measures certain equity investments and discloses and presents certain financial instruments through the application of the “exit price” notion. ASU No. 2016-01 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017. An entity will record a cumulative-effect adjustment to beginning retained earnings as of the beginning of the first reporting period in which the guidance is adopted, with two exceptions. The amendments related to equity investments without readily determinable fair values (including disclosure requirements) will be applied prospectively. The requirement to use the “exit price” notion to measure the fair value of financial instruments for disclosure purposes will also be applied prospectively. The Company does not expect a significant cumulative-effect adjustment to be recorded at adoption or any significant impact to the consolidated financial statements associated with the accounting for its current equity investments. The Company does anticipate financial statement disclosures to be impacted, specifically related to financial instruments measured at amortized cost whose fair values are disclosed under the “entry price” notion, but is currently still in the process of determining the impact. ASU No. 2016-02 In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842). The most significant amendment to existing GAAP is the recognition of lease assets (i.e., right of use assets) and liabilities on the balance sheet for leases that are classified as operating leases by lessees. The lessor model remains similar to the current accounting model in existing GAAP. Additional amendments include, but are not limited to, the elimination of leveraged leases; modification to the definition of a lease; amendments on sale and leaseback transactions; and disclosure of additional quantitative and qualitative information. ASU 2016-02 will be effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Lessees and lessors are required to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach. The Company anticipates adopting the amendments on January 1, 2019. The Company is currently assessing the practical expedients it may elect at adoption, but does not anticipate the amendments will have a significant impact to the consolidated financial statements. Based on the Company’s preliminary analysis of its current portfolio, the impact to the Company’s consolidated balance sheets is estimated to result in less than a 1% increase in assets and liabilities. The adjustment to retained earnings is not expected to be significant based on the transition guidance associated with current sale-leaseback agreements. The Company also anticipates additional disclosures to be provided at adoption. ASU No. 2016-13 In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. The amendments introduce an impairment model that is based on expected credit losses (“ECL”), rather than incurred losses, to estimate credit losses on certain types of financial instruments (e.g., loans and held-to-maturity securities), including certain off-balance sheet financial instruments (e.g., loan commitments). The ECL should consider historical information, current information, and reasonable and supportable forecasts, including estimates of prepayments, over the contractual term. Financial instruments with similar risk characteristics may be grouped together when estimating the ECL. The ASU also amends the current AFS security impairment model for debt securities. The new model will require an estimate of ECL when the fair value is below the amortized cost of the asset through the use of an allowance to record estimated credit losses (and subsequent recoveries). Non-credit related losses will continue to be recognized through OCI. In addition, the amendments provide for a simplified accounting model for purchased financial assets with a more-than-insignificant amount of credit deterioration since their origination. The initial estimate of expected credit losses would be recognized through an ALL with an offset (i.e., increase) to the cost basis of the related financial asset at acquisition. ASU 2016-13 will be effective for fiscal years beginning after December 15, 2019, including interim periods. The amendments will be applied through a modified-retrospective approach, resulting in a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective. A prospective transition approach is required for debt securities for which OTTI had been recognized before the effective date. Amounts previously recognized in AOCI as of the date of adoption that relate to improvements in cash flows expected to be collected should continue to be accreted into income over the remaining life of the asset. Recoveries of amounts previously written off relating to improvements in cash flows after the date of adoption should be recorded in earnings when received. The Company is currently evaluating the impact of the ASU on the Company’s consolidated financial statements. ASU No. 2017-04 In January 2017, the FASB issued ASU No. 2017-04, Intangibles-Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment, which simplifies how an entity is required to test goodwill for impairment by eliminating Step 2 from the goodwill impairment test. Therefore, any carrying amount which exceeds the reporting unit’s fair value (up to the amount of goodwill recorded) will be recognized as an impairment loss. ASU No. 2017-04 will be effective for annual reporting periods beginning after December 15, 2019, including interim reporting periods within those periods. The amendments will be applied prospectively on or after the effective date. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. Based on recent goodwill impairments tests, which did not require the application of Step 2, the Company does not expect the adoption of this ASU to have an immediate impact. ASU No. 2017-08 In March 2017, the FASB issued ASU No. 2017-08, Receivables-Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities, which will shorten the amortization period for callable debt securities held at a premium to the earliest call date instead of the maturity date. The amendments do not require an accounting change for securities held at a discount, which will continue to be amortized to the maturity date. ASU No. 2017-08 will be effective for annual reporting periods beginning after December 15, 2018, including interim reporting periods within those periods. The amendments should be applied using a modified-retrospective transition method as of the beginning of the period of adoption. Early adoption is permitted, including adoption in an interim period. The adoption of the ASU will not have a significant impact to the Company based on its current investment portfolio. |
Investment Securities (Tables) |
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Mar. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Available-for-sale Securities | Information pertaining to securities with gross unrealized losses, aggregated by investment category and length of time that individual securities have been in a continuous loss position, is as follows:
The amortized cost and fair values of investment securities, with gross unrealized gains and losses, consist of the following:
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Held-to-maturity Securities | Information pertaining to securities with gross unrealized losses, aggregated by investment category and length of time that individual securities have been in a continuous loss position, is as follows:
The amortized cost and fair values of investment securities, with gross unrealized gains and losses, consist of the following:
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Additional Information on Securities in a Continuous Loss Position | Additional information on securities that have been in a continuous loss position for over twelve months at March 31, 2017 and December 31, 2016 is presented in the following table.
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Schedule of Amortized Cost and Estimated Fair Value of Investment Securities by Maturity | The amortized cost and estimated fair value of investment securities by maturity at March 31, 2017 are presented in the following table. Securities are classified according to their contractual maturities without consideration of principal amortization, potential prepayments or call options. Accordingly, actual maturities may differ from contractual maturities. Weighted average yields are calculated on the basis of the yield to maturity based on the amortized cost of each security.
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Schedule of Realized Gains and Losses from Sale of Securities Classified as Available for Sale | The following is a summary of realized gains and losses from the sale of securities classified as available for sale. Gains or losses on securities sold are recorded on the trade date, using the specific identification method.
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Schedule of Securities in Other Assets on Company's Consolidated Balance Sheets | The Company accounts for the following securities at amortized cost, which approximates fair value, in “other assets” on the consolidated balance sheets:
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Loans (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2017 |
Dec. 31, 2016 |
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Non-Covered and Covered Loans | Loans consist of the following, segregated into legacy and acquired loans, for the periods indicated:
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Schedule of Aging of Loans | The following tables provide an analysis of the aging of loans as of March 31, 2017 and December 31, 2016. Due to the difference in accounting for acquired loans, the tables below further segregate the Company’s loans between loans originated, or renewed and underwritten by the Company ("legacy loans") and acquired loans.
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Summary of Changes in Accretable Yields of Acquired Loans | The following is a summary of changes in the accretable difference for all loans accounted for under ASC 310-30 during the three months ended March 31:
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Schedule of Modified TDRs | The following table provides information on how the TDRs were modified during the three months ended March 31, 2017 and 2016:
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Schedule of Subsequently Defaulted TDRs | The following table presents the end of period balance for loans modified in a TDR during the three months ended March 31:
Information detailing TDRs that defaulted during the three months ended March 31, 2017 and 2016, and were modified in the previous twelve months (i.e., the twelve months prior to the default) is presented in the following table. The Company has defined a default as any loan with a loan payment that is currently past due greater than 30 days, or was past due greater than 30 days at any point during the previous twelve months, or since the date of modification, whichever is shorter.
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Allowance for Credit Losses and Credit Quality (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2017 |
Mar. 31, 2016 |
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Allowance for Loan Losses for Covered and Non-Covered Loan Portfolios | A summary of changes in the allowance for credit losses for the three months ended March 31 is as follows:
A summary of changes in the allowance for credit losses for legacy loans, by loan portfolio type, for the three months ended March 31 is as follows:
A summary of changes in the allowance for loan losses for acquired loans, by loan portfolio type, for the three months ended March 31 is as follows:
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Investment in Legacy and Acquired Loans by Credit Quality Indicator | The Company’s investment in loans by credit quality indicator is presented in the following tables. The tables below further segregate the Company’s loans between loans that were originated, or renewed and underwritten by the Company (legacy loans) and acquired loans. Loan premiums/discounts in the tables below represent the adjustment of acquired loans to fair value at the acquisition date, as adjusted for income accretion and changes in cash flow estimates in subsequent periods. Asset risk classifications for commercial loans reflect the classification as of March 31, 2017 and December 31, 2016. Credit quality information in the tables below includes total loans acquired (including acquired impaired loans) at the gross loan balance, prior to the application of premiums/discounts, at March 31, 2017 and December 31, 2016. Loan delinquency is the primary credit quality indicator that the Company utilizes to monitor consumer asset quality.
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Schedule of Investment in Legacy Impaired Loans | Information on the Company’s investment in legacy impaired loans, which include all TDRs and all other non-accrual loans evaluated or measured individually for impairment for purposes of determining the allowance for loan losses, is presented in the following tables as of and for the periods indicated.
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Goodwill and Other Acquired Intangible Assets (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Carrying Amount of Goodwill | Changes to the carrying amount of goodwill by reporting unit for the three months ended March 31, 2017, and the year ended December 31, 2016 are provided in the following table.
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Schedule of Definite-Lived Intangible Assets | Definite-lived intangible assets had the following carrying values included in “other assets” on the Company’s consolidated balance sheets as of the periods indicated:
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Schedule of Amortization Expense of Intangible Assets | Definite-lived intangible assets had the following carrying values included in “other assets” on the Company’s consolidated balance sheets as of the periods indicated:
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Schedule of Mortgage Servicing Rights | Mortgage Servicing Rights Mortgage servicing rights are recorded at the lower of cost or market value in “other assets” on the Company's consolidated balance sheets and amortized over the remaining servicing life of the loans, with consideration given to prepayment assumptions. Mortgage servicing rights had the following carrying values as of the periods indicated:
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Derivative Instruments and Other Hedging Activities (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Outstanding Derivative Instruments | Information pertaining to outstanding derivative instruments is as follows:
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Offsetting Assets | The following table reconciles the gross amounts presented in the consolidated balance sheets to the net amounts that would result in the event of offset.
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Offsetting Liabilities | The following table reconciles the gross amounts presented in the consolidated balance sheets to the net amounts that would result in the event of offset.
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Effect of Derivatives on the Consolidated Financial Statements | At March 31, 2017 and 2016, and for the three months then ended, information pertaining to the effect of the hedging instruments on the consolidated financial statements is as follows:
Information pertaining to the effect of derivatives not designated as hedging instruments on the consolidated financial statements as of March 31, is as follows:
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Shareholders' Equity, Capital Ratios and Other Regulatory Matters (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2017 |
Dec. 31, 2016 |
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Banking and Thrift [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Preferred Stock | The following table presents a summary of the Company's non-cumulative perpetual preferred stock:
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Actual Capital Amounts and Ratios | 42825 | The Company’s and IBERIABANK’s actual capital amounts and ratios as of March 31, 2017 and December 31, 2016 are presented in the following table.
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Earnings Per Share (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Calculation of Basic and Diluted Earnings Per Share | The following table presents the calculation of basic and diluted earnings per share for the periods indicated.
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Share-Based Compensation (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Share-based Compensation Arrangements by Share-based Payment Award | The following table represents unvested restricted stock award and restricted share unit activity for the following periods:
The following table represents the activity related to stock options during the periods indicated:
The following table represents phantom stock award and performance unit activity during the periods indicated.
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Schedule of Valuation Assumptions | The following weighted-average assumptions were used for option awards issued during the following periods:
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Schedule of Allocation for Share-based Compensation Expense | The following table represents the compensation expense that is included in non-interest expense and related income tax benefits in the accompanying consolidated statements of comprehensive income related to stock options for the following periods:
The following table represents the compensation expense that was included in non-interest expense and related income tax benefits in the accompanying consolidated statements of comprehensive income related to restricted stock awards and restricted share units for the periods indicated:
The following table indicates compensation expense recorded for phantom stock and performance units based on the number of share equivalents vested at March 31 of the years indicated and the current market price of the Company’s stock at that time:
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Fair Value Measurements (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Asset and Liabilities Measured at Fair Value on Recurring Basis | The Company has segregated all financial assets and liabilities that are measured at fair value on a recurring basis into the most appropriate level within the fair value hierarchy based on the inputs used to estimate the fair value at the measurement date in the tables below. See Note 1, Summary of Significant Accounting Policies, in the Annual Report on Form 10-K for the year ended December 31, 2016, for a description of how fair value measurements are determined.
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Gains and Losses Included in Earnings Related to Asset and Liabilities Measured at Fair Value on Recurring Basis | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Asset and Liabilities Measured at Fair Value on Nonrecurring Basis | The Company has segregated all assets and liabilities that are measured at fair value on a non-recurring basis into the most appropriate level within the fair value hierarchy based on the inputs used to determine the fair value at the measurement date in the tables below.
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Summary of Difference Between the Aggregate Fair Value and the Aggregate Unpaid Principal Balance for Mortgage Loans Held for Sale | The following table summarizes the difference between the aggregate fair value and the aggregate unpaid principal balance for mortgage loans held for sale measured at fair value:
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Fair Value of Financial Instruments (Tables) |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Estimated Fair Values and Carrying Amounts of Financial Instruments | The carrying amount and estimated fair values, as well as the level within the fair value hierarchy, of the Company’s financial instruments are included in the tables below. See Note 1, Summary of Significant Accounting Policies, in the 2016 Annual Report on Form 10-K for the year ended December 31, 2016 for a description of how fair value measurements are determined.
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Business Segments (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Segment Reporting Information | The following tables present certain information regarding our operations by reportable segment, including a reconciliation of segment results to reported consolidated results for the periods presented. Reconciling items between segment results and reported results include:
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Commitments and Contingencies (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Financial Instruments Outstanding | At March 31, 2017 and December 31, 2016, respectively, the Company had the following financial instruments outstanding and related reserves, whose contract amounts represent credit risk:
|
Summary of Significant Accounting Policies (Detail) $ in Thousands |
Mar. 31, 2017
USD ($)
State
|
Dec. 31, 2016
USD ($)
|
---|---|---|
Schedule Of Significant Accounting Policies | ||
Maximum loss exposure related to unconsolidated VIE's | $ | $ 92,000 | $ 91,000 |
Other assets | $ | $ 656,911 | $ 651,229 |
IBERIABANK Corporation | ||
Schedule Of Significant Accounting Policies | ||
Number of operating states | State | 8 | |
IMC | ||
Schedule Of Significant Accounting Policies | ||
Number of operating states | State | 10 |
Investment Securities - Schedule of Realized Gains and Losses from Sale of Securities Classified as Available for Sale (Detail) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2017 |
Mar. 31, 2016 |
|
Investments, Debt and Equity Securities [Abstract] | ||
Realized gains | $ 0 | $ 462 |
Realized losses | 0 | (266) |
Net realized gains (losses) | $ 0 | $ 196 |
Investment Securities - Schedule of Securities in Other Assets on Company's Consolidated Balance Sheets (Detail) - USD ($) $ in Thousands |
Mar. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Investments, Debt and Equity Securities [Abstract] | ||
Federal Home Loan Bank (FHLB) stock | $ 37,415 | $ 42,326 |
Federal Reserve Bank Stock | 48,584 | 48,584 |
Other Investments | 3,008 | 2,808 |
Marketable Securities, Equity Securities | $ 89,007 | $ 93,718 |
Loans (Detail) - USD ($) $ in Millions |
Mar. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Accounts, Notes, Loans and Financing Receivable | ||
Deferred loan origination fees | $ 22.6 | $ 0.0 |
Deposit liabilities reclassified as loans receivable | 4.0 | $ 4.2 |
Loans with carrying value pledged to secure public deposits and other borrowings | $ 4,500.0 |
Loans - Summary of Changes in Accretable Yields of Acquired Loans (Detail) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2017 |
Mar. 31, 2016 |
|
Receivables [Abstract] | ||
Balance at beginning of period | $ 175,054 | $ 227,502 |
Transfers from non-accretable difference to accretable yield | 2,071 | 2,106 |
Accretion | (14,596) | (18,412) |
Changes in expected cash flows not affecting non-accretable differences | 1,060 | 8,688 |
Balance at end of period | $ 163,589 | $ 219,884 |
Loans - Schedule of Modified TDRs (Detail) - Troubled Debt Restructurings - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2017 |
Mar. 31, 2016 |
|
Financing Receivable, Modifications | ||
Extended maturities | $ 7,199 | $ 3,061 |
Maturity and interest rate adjustment | 3,224 | 253 |
Movement to or extension of interest-rate only payments | 1,290 | 0 |
Forbearance | 1,220 | 5,296 |
Other concession(s) | 232 | 36,172 |
Total | 13,165 | 44,782 |
Total TDRs | 13,200 | 44,800 |
TDRs in accrual status | 11,800 | 39,600 |
TDRs in non-accrual status | $ 1,400 | $ 5,200 |
Goodwill and Other Acquired Intangible Assets - Schedule of Carrying Amount of Goodwill (Detail) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended |
---|---|---|
Mar. 31, 2017 |
Dec. 31, 2016 |
|
Goodwill | ||
Balance at beginning of the period | $ 726,856 | $ 724,603 |
Goodwill adjustments during the year | 2,253 | |
Goodwill adjustments during the year | 0 | |
Balance at end of the period | 726,856 | 726,856 |
Operating Segments | IBERIABANK | ||
Goodwill | ||
Balance at beginning of the period | 698,513 | 696,260 |
Goodwill adjustments during the year | 2,253 | |
Goodwill adjustments during the year | 0 | |
Balance at end of the period | 698,513 | 698,513 |
Operating Segments | IMC | ||
Goodwill | ||
Balance at beginning of the period | 23,178 | 23,178 |
Goodwill adjustments during the year | 0 | |
Goodwill adjustments during the year | 0 | |
Balance at end of the period | 23,178 | 23,178 |
Operating Segments | LTC | ||
Goodwill | ||
Balance at beginning of the period | 5,165 | 5,165 |
Goodwill adjustments during the year | 0 | |
Goodwill adjustments during the year | 0 | |
Balance at end of the period | $ 5,165 | $ 5,165 |
Goodwill and Other Acquired Intangible Assets (Detail) - USD ($) $ in Millions |
Mar. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Title plant assets | $ 6.7 | $ 6.7 |
Goodwill and Other Acquired Intangible Assets - Schedule of Mortgage Servicing Rights at Carrying Value (Details) - USD ($) $ in Thousands |
Mar. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 75,337 | $ 75,412 |
Accumulated Amortization | (54,950) | (53,251) |
Net Carrying Amount | 20,387 | 22,161 |
Mortgage servicing rights | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 7,695 | 7,202 |
Accumulated Amortization | (3,346) | (3,144) |
Net Carrying Amount | $ 4,349 | $ 4,058 |
Goodwill and Other Acquired Intangible Assets - Schedule of Definite-Lived Intangible Assets (Detail) - USD ($) $ in Thousands |
Mar. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 75,337 | $ 75,412 |
Accumulated Amortization | (54,950) | (53,251) |
Net Carrying Amount | 20,387 | 22,161 |
Core deposit intangibles | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 74,001 | 74,001 |
Accumulated Amortization | (53,887) | (52,165) |
Net Carrying Amount | 20,114 | 21,836 |
Customer relationship intangible asset | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 1,273 | 1,348 |
Accumulated Amortization | (1,036) | (1,064) |
Net Carrying Amount | 237 | 284 |
Non-compete agreement | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 63 | 63 |
Accumulated Amortization | (27) | (22) |
Net Carrying Amount | $ 36 | $ 41 |
Derivative Instruments and Other Hedging Activities (Detail) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2016 |
Mar. 31, 2017 |
|
Derivative [Line Items] | ||
Notional amount of derivative liabilities | $ 1,528,184 | $ 1,729,550 |
Cash as collateral for derivative transactions | 1,900 | |
Cash Posted As Variation Margin for Derivatives | 3,900 | |
Not Designated as Hedging Instruments | ||
Derivative [Line Items] | ||
Notional amount of derivative liabilities | 1,419,684 | 1,621,050 |
Not Designated as Hedging Instruments | Other contracts | ||
Derivative [Line Items] | ||
Notional amount of derivative liabilities | $ 106,518 | $ 110,485 |
Shareholders' Equity, Capital Ratios and Other Regulatory Matters - Actual Capital Amounts and Ratios (Detail) - USD ($) $ in Thousands |
Mar. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Consolidated | ||
Tier 1 Leverage | ||
Minimum amount | $ 845,887 | $ 818,440 |
Minimum ratio | 4.00% | 4.00% |
Actual amount | $ 2,730,832 | $ 2,221,528 |
Actual ratio | 12.91% | 10.86% |
Common Equity Tier 1 (CET1) | ||
Minimum amount | $ 798,791 | $ 794,334 |
Minimum ratio | 4.50% | 4.50% |
Actual amount | $ 2,598,735 | $ 2,089,431 |
Actual ratio | 14.64% | 11.84% |
Tier 1 Risk-Based Capital (1) | ||
Minimum amount | $ 1,065,054 | $ 1,059,112 |
Minimum ratio | 6.00% | 6.00% |
Actual amount | $ 2,730,832 | $ 2,221,528 |
Actual ratio | 15.38% | 12.59% |
Total Risk-Based Capital (1) | ||
Minimum amount | $ 1,420,073 | $ 1,412,149 |
Minimum ratio | 8.00% | 8.00% |
Actual amount | $ 3,003,882 | $ 2,493,988 |
Actual ratio | 16.92% | 14.13% |
IBERIABANK | ||
Tier 1 Leverage | ||
Minimum amount | $ 843,399 | $ 816,152 |
Minimum ratio | 4.00% | 4.00% |
Well capitalized amount | $ 1,054,249 | $ 1,020,190 |
Well capitalized ratio | 5.00% | 5.00% |
Actual amount | $ 1,925,529 | $ 1,878,703 |
Actual ratio | 9.13% | 9.21% |
Common Equity Tier 1 (CET1) | ||
Minimum amount | $ 796,259 | $ 792,111 |
Minimum ratio | 4.50% | 4.50% |
Well capitalized amount | $ 1,150,153 | $ 1,144,160 |
Well capitalized ratio | 6.50% | 6.50% |
Actual amount | $ 1,925,529 | $ 1,878,703 |
Actual ratio | 10.88% | 10.67% |
Tier 1 Risk-Based Capital (1) | ||
Minimum amount | $ 1,061,679 | $ 1,056,147 |
Minimum ratio | 6.00% | 6.00% |
Well capitalized amount | $ 1,415,572 | $ 1,408,197 |
Well capitalized ratio | 8.00% | 8.00% |
Actual amount | $ 1,925,529 | $ 1,878,703 |
Actual ratio | 10.88% | 10.67% |
Total Risk-Based Capital (1) | ||
Minimum amount | $ 1,415,572 | $ 1,408,197 |
Minimum ratio | 8.00% | 8.00% |
Well capitalized amount | $ 1,769,465 | $ 1,760,246 |
Well capitalized ratio | 10.00% | 10.00% |
Actual amount | $ 2,082,079 | $ 2,034,663 |
Actual ratio | 11.77% | 11.56% |
Earnings Per Share (Detail) - shares |
3 Months Ended | |
---|---|---|
Mar. 31, 2017 |
Mar. 31, 2016 |
|
Antidilutive Securities Excluded from Computation of Earnings Per Share | ||
Weighted average number of shares held by Recognition and Retention Plan excluded from the calculation for basic shares outstanding | 406,896 | 475,423 |
Stock Options | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share | ||
Antidilutive securities excluded from the computation of earnings per share | 70,456 | 751,387 |
Share-Based Compensation - Activity Related to Stock Options (Detail) - Stock Option Awards - $ / shares |
3 Months Ended | |
---|---|---|
Mar. 31, 2017 |
Mar. 31, 2016 |
|
Number of shares | ||
Balance at beginning of the period (in shares) | 721,538,000 | 813,777,000 |
Granted (in shares) | 70,433,000 | 148,684,000 |
Exercised (in shares) | (24,457,000) | (466,000) |
Forfeited or expired (in shares) | (12,539,000) | (43,612,000) |
Balance at end of the period (in shares) | 754,975,000 | 918,383,000 |
Exercisable at period end (in shares) | 509,347,000 | 606,046,000 |
Weighted Average Exercise Price | ||
Balance at beginning of the period (in usd per share) | $ 55.38 | $ 56.99 |
Granted (in usd per share) | 85.52 | 47.35 |
Exercised (in usd per share) | 53.85 | 36.48 |
Forfeited or expired (in usd per share) | 75.77 | 61.26 |
Balance at end of the period (in usd per share) | 57.90 | 55.24 |
Exercisable at period end (in usd per share) | $ 55.78 | $ 56.32 |
Share-Based Compensation - Estimate Fair Value of Stock Option Awards with Weighted-Average Assumptions (Detail) - Stock Option Awards - $ / shares |
3 Months Ended | |
---|---|---|
Mar. 31, 2017 |
Mar. 31, 2016 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected dividends | 1.70% | 2.90% |
Expected volatility | 24.90% | 29.10% |
Risk-free interest rate | 2.10% | 1.40% |
Expected term (in years) | 5 years 7 months 6 days | 6 years 4 months 24 days |
Weighted-average grant-date fair value | $ 18.75 | $ 10.05 |
Share-Based Compensation - Compensation Expense Included in Non-Interest Expense and Related Income Tax Benefits (Detail) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2017 |
Mar. 31, 2016 |
|
Stock Option Awards | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Compensation expense | $ 444 | $ 484 |
Income tax benefit | 68 | 81 |
Restricted Stock And Restricted Stock Units | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Compensation expense | 3,277 | 3,386 |
Income tax benefit | 1,147 | 1,185 |
Phantom Stock and Performance Stock Units | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Compensation expense | $ 3,053 | $ 2,405 |
Share-Based Compensation - Unvested Restricted Stock Award Activity (Detail) - Restricted Stock And Restricted Stock Units - shares |
3 Months Ended | |
---|---|---|
Mar. 31, 2017 |
Mar. 31, 2016 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Balance at beginning of the period (in shares) | 543,258,000 | 507,130,000 |
Granted (in shares) | 146,175,000 | 226,176,000 |
Forfeited (in shares) | (4,105,000) | (3,573,000) |
Earned and issued (in shares) | (157,753,000) | (136,126,000) |
Balance at end of the period (in shares) | 527,575,000 | 593,607,000 |
Share-Based Compensation - Schedule of Share and Dividend Equivalent Share Award Activity (Detail) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2017 |
Mar. 31, 2016 |
|
Value of share equivalents | ||
Market price of Company's stock | $ 79.10 | $ 51.27 |
Phantom Stock and Performance Stock Units | ||
Number of share equivalents | ||
Balance at beginning of the period (in shares) | 472,830,000 | 462,430,000 |
Granted (in shares) | 96,896,992.633 | 185,798,000 |
Forfeited share equivalents (in shares) | (5,330,091.114) | (9,022,000) |
Vested share equivalents (in shares) | (143,643,092.624) | (138,752,000) |
Balance at end of the period (in shares) | 420,753,808.895 | 500,454,000 |
Value of share equivalents | ||
Balance at beginning of the period (in shares) | $ 39,600 | $ 25,466 |
Granted (in shares) | 7,665 | 9,526 |
Forfeited share equivalents (in shares) | (422) | (463) |
Vested share equivalents (in shares) | (13,715) | (6,939) |
Balance at end of the period (in shares) | $ 33,282 | $ 25,658 |
Fair Value Measurements - Financial Assets and Liabilities Measured at Fair Value on Nonrecurring Basis (Detail) - USD ($) $ in Thousands |
Mar. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Assets | ||
Unpaid principal balance | $ 257,032 | $ 292,645 |
Related allowance | 1,679 | 1,358 |
Nonrecurring | ||
Assets | ||
Loans | 87,425 | 93,485 |
OREO, net | 2,122 | 185 |
Total | 89,547 | 93,670 |
Nonrecurring | Level 1 | ||
Assets | ||
Loans | 0 | 0 |
OREO, net | 0 | 0 |
Total | 0 | 0 |
Nonrecurring | Level 2 | ||
Assets | ||
Loans | 0 | 0 |
OREO, net | 0 | 0 |
Total | 0 | 0 |
Nonrecurring | Level 3 | ||
Assets | ||
Loans | 87,425 | 93,485 |
OREO, net | 2,122 | 185 |
Total | 89,547 | 93,670 |
Fair Value | ||
Assets | ||
Unpaid principal balance | 120,100 | 125,500 |
Related allowance | $ 32,700 | $ 32,000 |
Fair Value Measurements - Summary of Difference Between the Aggregate Fair Value and the Aggregate Unpaid Principal Balance for Mortgage Loans Held for Sale (Detail) - USD ($) $ in Thousands |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2017 |
Mar. 31, 2016 |
Dec. 31, 2016 |
|
Fair Value Disclosures [Abstract] | |||
Loans held fro investment at fair value | $ 14,000 | $ 12,700 | |
Mortgages Held For Sale at Fair Value | |||
Aggregate fair value | 122,333 | 157,041 | |
Aggregate unpaid principal | 118,875 | 153,801 | |
Aggregate fair value less unpaid principal | 3,458 | $ 3,240 | |
Total mortgage income (loss) in the Consolidated Statement of Comprehensive Income | $ 400 | $ 1,900 |
Business Segments (Detail) |
3 Months Ended |
---|---|
Mar. 31, 2017
Segment
| |
Segment Reporting [Abstract] | |
Number of business segments | 3 |
Commitments and Contingencies (Detail) - USD ($) $ in Millions |
Mar. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Commitments and Contingencies Disclosure [Abstract] | ||
Fair value of guarantees under commercial and standby letters of credit | $ 1.7 | $ 1.6 |
Commitments and Contingencies - Summary of Financial Instruments Outstanding (Detail) - USD ($) $ in Thousands |
Mar. 31, 2017 |
Dec. 31, 2016 |
Mar. 31, 2016 |
Dec. 31, 2015 |
---|---|---|---|---|
Commitments and Contingencies Disclosure [Abstract] | ||||
Commitments to grant loans | $ 419,847 | $ 355,558 | ||
Unfunded commitments under lines of credit | 4,912,092 | 4,899,930 | ||
Commercial and standby letters of credit | 165,784 | 163,560 | ||
Reserve for unfunded lending commitments | $ 11,660 | $ 11,241 | $ 14,033 | $ 14,145 |
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