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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Valley National Bancorp | NASDAQ:VLY | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.45 | -5.79% | 7.32 | 7.14 | 7.74 | 7.79 | 7.29 | 7.70 | 7,044,627 | 05:00:08 |
|
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x
|
Quarterly Report Pursuant to Section 13 or 15 (d) of the Securities Exchange Act of 1934
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¨
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Transition Report Pursuant to Section 13 or 15 (d) of the Securities Exchange Act of 1934
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|
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New Jersey
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22-2477875
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(State or other jurisdiction of
Incorporation or Organization)
|
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(I.R.S. Employer
Identification Number)
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|
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1455 Valley Road
Wayne, NJ
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07470
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(Address of principal executive office)
|
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(Zip code)
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Large accelerated filer
|
x
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Accelerated filer
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¨
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|
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Non-accelerated filer
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¨
(Do not check if a smaller reporting company)
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Smaller reporting company
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¨
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Page
Number
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PART I
|
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Item 1.
|
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||
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Item 2.
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Item 3.
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Item 4.
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PART II
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|
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Item 1.
|
||
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Item 1A.
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||
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Item 2.
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||
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Item 6.
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||
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March 31,
2016 |
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December 31,
2015 |
||||
Assets
|
(Unaudited)
|
|
|
||||
Cash and due from banks
|
$
|
243,265
|
|
|
$
|
243,575
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Interest bearing deposits with banks
|
233,228
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|
|
170,225
|
|
||
Investment securities:
|
|
|
|
||||
Held to maturity (fair value of $1,660,224 at March 31, 2016 and $1,621,039 at December 31, 2015)
|
1,618,466
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|
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1,596,385
|
|
||
Available for sale
|
1,452,489
|
|
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1,506,861
|
|
||
Total investment securities
|
3,070,955
|
|
|
3,103,246
|
|
||
Loans held for sale, at fair value
|
15,347
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|
|
16,382
|
|
||
Loans
|
16,135,987
|
|
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16,043,107
|
|
||
Less: Allowance for loan losses
|
(105,415
|
)
|
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(106,178
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)
|
||
Net loans
|
16,030,572
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|
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15,936,929
|
|
||
Premises and equipment, net
|
300,072
|
|
|
298,943
|
|
||
Bank owned life insurance
|
389,500
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|
|
387,542
|
|
||
Accrued interest receivable
|
62,973
|
|
|
63,554
|
|
||
Goodwill
|
689,589
|
|
|
686,339
|
|
||
Other intangible assets, net
|
46,155
|
|
|
48,882
|
|
||
Other assets
|
645,867
|
|
|
656,999
|
|
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Total Assets
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$
|
21,727,523
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|
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$
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21,612,616
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Liabilities
|
|
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|
||||
Deposits:
|
|
|
|
||||
Non-interest bearing
|
$
|
5,053,478
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$
|
4,914,285
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Interest bearing:
|
|
|
|
||||
Savings, NOW and money market
|
8,273,936
|
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8,181,362
|
|
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Time
|
3,081,012
|
|
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3,157,904
|
|
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Total deposits
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16,408,426
|
|
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16,253,551
|
|
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Short-term borrowings
|
1,170,623
|
|
|
1,076,991
|
|
||
Long-term borrowings
|
1,660,284
|
|
|
1,810,728
|
|
||
Junior subordinated debentures issued to capital trusts
|
41,455
|
|
|
41,414
|
|
||
Accrued expenses and other liabilities
|
227,133
|
|
|
222,841
|
|
||
Total Liabilities
|
19,507,921
|
|
|
19,405,525
|
|
||
Shareholders’ Equity
|
|
|
|
||||
Preferred stock (no par value, authorized 30,000,000 shares; issued 4,600,000 shares at March 31, 2016 and December 31, 2015)
|
111,590
|
|
|
111,590
|
|
||
Common stock (no par value, authorized 332,023,233 shares; issued 254,326,257 shares at March 31, 2016 and 253,787,561 shares at December 31, 2015)
|
88,735
|
|
|
88,626
|
|
||
Surplus
|
1,930,844
|
|
|
1,927,399
|
|
||
Retained earnings
|
131,494
|
|
|
125,171
|
|
||
Accumulated other comprehensive loss
|
(42,695
|
)
|
|
(45,695
|
)
|
||
Treasury stock, at cost (40,823 common shares at March 31, 2016)
|
(366
|
)
|
|
—
|
|
||
Total Shareholders’ Equity
|
2,219,602
|
|
|
2,207,091
|
|
||
Total Liabilities and Shareholders’ Equity
|
$
|
21,727,523
|
|
|
$
|
21,612,616
|
|
|
Three Months Ended
March 31, |
||||||
|
2016
|
|
2015
|
||||
Interest Income
|
|
|
|
||||
Interest and fees on loans
|
$
|
166,071
|
|
|
$
|
150,482
|
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Interest and dividends on investment securities:
|
|
|
|
||||
Taxable
|
13,999
|
|
|
14,932
|
|
||
Tax-exempt
|
3,690
|
|
|
3,612
|
|
||
Dividends
|
1,480
|
|
|
1,739
|
|
||
Interest on federal funds sold and other short-term investments
|
357
|
|
|
220
|
|
||
Total interest income
|
185,597
|
|
|
170,985
|
|
||
Interest Expense
|
|
|
|
||||
Interest on deposits:
|
|
|
|
||||
Savings, NOW and money market
|
9,243
|
|
|
5,995
|
|
||
Time
|
9,585
|
|
|
7,974
|
|
||
Interest on short-term borrowings
|
1,872
|
|
|
94
|
|
||
Interest on long-term borrowings and junior subordinated debentures
|
16,744
|
|
|
24,836
|
|
||
Total interest expense
|
37,444
|
|
|
38,899
|
|
||
Net Interest Income
|
148,153
|
|
|
132,086
|
|
||
Provision for credit losses
|
800
|
|
|
—
|
|
||
Net Interest Income After Provision for Credit Losses
|
147,353
|
|
|
132,086
|
|
||
Non-Interest Income
|
|
|
|
||||
Trust and investment services
|
2,440
|
|
|
2,494
|
|
||
Insurance commissions
|
4,708
|
|
|
4,205
|
|
||
Service charges on deposit accounts
|
5,103
|
|
|
5,290
|
|
||
Gains on securities transactions, net
|
271
|
|
|
2,416
|
|
||
Fees from loan servicing
|
1,594
|
|
|
1,603
|
|
||
Gains on sales of loans, net
|
1,795
|
|
|
598
|
|
||
(Losses) gains on sales of assets, net
|
(10
|
)
|
|
281
|
|
||
Bank owned life insurance
|
1,963
|
|
|
1,764
|
|
||
Change in FDIC loss-share receivable
|
(560
|
)
|
|
(3,920
|
)
|
||
Other
|
4,144
|
|
|
3,914
|
|
||
Total non-interest income
|
21,448
|
|
|
18,645
|
|
||
Non-Interest Expense
|
|
|
|
||||
Salary and employee benefits expense
|
60,259
|
|
|
56,712
|
|
||
Net occupancy and equipment expense
|
22,789
|
|
|
22,200
|
|
||
FDIC insurance assessment
|
5,099
|
|
|
3,792
|
|
||
Amortization of other intangible assets
|
2,849
|
|
|
2,393
|
|
||
Professional and legal fees
|
3,895
|
|
|
3,341
|
|
||
Amortization of tax credit investments
|
7,264
|
|
|
4,496
|
|
||
Telecommunication expense
|
2,386
|
|
|
2,006
|
|
||
Other
|
13,684
|
|
|
13,178
|
|
||
Total non-interest expense
|
118,225
|
|
|
108,118
|
|
||
Income Before Income Taxes
|
50,576
|
|
|
42,613
|
|
||
Income tax expense
|
14,389
|
|
|
12,272
|
|
||
Net Income
|
$
|
36,187
|
|
|
$
|
30,341
|
|
Dividends on preferred stock
|
1,797
|
|
|
—
|
|
||
Net Income Available to Common Shareholders
|
$
|
34,390
|
|
|
$
|
30,341
|
|
Earnings Per Common Share:
|
|
|
|
||||
Basic
|
$
|
0.14
|
|
|
$
|
0.13
|
|
Diluted
|
0.14
|
|
|
0.13
|
|
||
Cash Dividends Declared per Common Share
|
0.11
|
|
|
0.11
|
|
||
Weighted Average Number of Common Shares Outstanding:
|
|
|
|||||
Basic
|
254,075,349
|
|
|
232,338,775
|
|
||
Diluted
|
254,347,420
|
|
|
232,341,921
|
|
|
Three Months Ended
March 31, |
||||||
|
2016
|
|
2015
|
||||
Net income
|
$
|
36,187
|
|
|
$
|
30,341
|
|
Other comprehensive income (loss), net of tax:
|
|
|
|
||||
Unrealized gains and losses on available for sale securities
|
|
|
|
||||
Net gains arising during the period
|
8,283
|
|
|
3,936
|
|
||
Less reclassification adjustment for net gains included in net income
|
(170
|
)
|
|
(1,409
|
)
|
||
Total
|
8,113
|
|
|
2,527
|
|
||
Non-credit impairment losses on available for sale securities
|
|
|
|
||||
Net change in non-credit impairment losses on securities
|
(59
|
)
|
|
(421
|
)
|
||
Less reclassification adjustment for accretion of credit impairment losses included in net income
|
(286
|
)
|
|
(84
|
)
|
||
Total
|
(345
|
)
|
|
(505
|
)
|
||
Unrealized gains and losses on derivatives (cash flow hedges)
|
|
|
|
||||
Net losses on derivatives arising during the period
|
(6,552
|
)
|
|
(5,259
|
)
|
||
Less reclassification adjustment for net losses included in net income
|
1,741
|
|
|
951
|
|
||
Total
|
(4,811
|
)
|
|
(4,308
|
)
|
||
Defined benefit pension plan
|
|
|
|
||||
Amortization of net loss
|
43
|
|
|
119
|
|
||
Total other comprehensive income (loss)
|
3,000
|
|
|
(2,167
|
)
|
||
Total comprehensive income
|
$
|
39,187
|
|
|
$
|
28,174
|
|
|
Three Months Ended March 31,
|
||||||
|
2016
|
|
2015
|
||||
Cash flows from operating activities:
|
|
|
|
||||
Net income
|
$
|
36,187
|
|
|
$
|
30,341
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
||||
Depreciation and amortization
|
6,417
|
|
|
5,078
|
|
||
Stock-based compensation
|
2,369
|
|
|
2,479
|
|
||
Provision for credit losses
|
800
|
|
|
—
|
|
||
Net amortization of premiums and accretion of discounts on securities and borrowings
|
4,198
|
|
|
8,371
|
|
||
Amortization of other intangible assets
|
2,849
|
|
|
2,393
|
|
||
Gains on securities transactions, net
|
(271
|
)
|
|
(2,416
|
)
|
||
Proceeds from sales of loans held for sale
|
54,907
|
|
|
38,568
|
|
||
Gains on sales of loans, net
|
(1,795
|
)
|
|
(598
|
)
|
||
Originations of loans held for sale
|
(52,749
|
)
|
|
(17,716
|
)
|
||
Losses (gains) on sales of assets, net
|
10
|
|
|
(281
|
)
|
||
FDIC loss-share receivable (excluding reimbursements)
|
560
|
|
|
3,920
|
|
||
Net change in:
|
|
|
|
||||
Trading securities
|
—
|
|
|
14,233
|
|
||
Fair value of borrowings hedged by derivative transactions
|
4,719
|
|
|
2,781
|
|
||
Cash surrender value of bank owned life insurance
|
(1,963
|
)
|
|
(1,764
|
)
|
||
Accrued interest receivable
|
581
|
|
|
743
|
|
||
Other assets
|
(6,079
|
)
|
|
(40,365
|
)
|
||
Accrued expenses and other liabilities
|
3,993
|
|
|
8,104
|
|
||
Net cash provided by operating activities
|
54,733
|
|
|
53,871
|
|
||
Cash flows from investing activities:
|
|
|
|
||||
Net loan repayments (originations)
|
95,706
|
|
|
(122,279
|
)
|
||
Loans purchased
|
(190,741
|
)
|
|
(139,935
|
)
|
||
Investment securities held to maturity:
|
|
|
|
||||
Purchases
|
(83,955
|
)
|
|
(145,973
|
)
|
||
Sales
|
—
|
|
|
11,666
|
|
||
Maturities, calls and principal repayments
|
58,907
|
|
|
85,798
|
|
||
Investment securities available for sale:
|
|
|
|
||||
Purchases
|
(302,321
|
)
|
|
(8,034
|
)
|
||
Sales
|
2,081
|
|
|
13,974
|
|
||
Maturities, calls and principal repayments
|
366,882
|
|
|
38,678
|
|
||
Proceeds from sales of real estate property and equipment
|
3,919
|
|
|
4,551
|
|
||
Purchases of real estate property and equipment
|
(7,578
|
)
|
|
(3,216
|
)
|
||
Reimbursements from the FDIC
|
370
|
|
|
1,954
|
|
||
Net cash used in investing activities
|
(56,730
|
)
|
|
(262,816
|
)
|
||
Cash flows from financing activities:
|
|
|
|
||||
Net change in deposits
|
154,875
|
|
|
182,627
|
|
||
Net change in short-term borrowings
|
93,632
|
|
|
(12,915
|
)
|
||
Repayments of long-term borrowings
|
(155,000
|
)
|
|
—
|
|
||
Cash dividends paid to preferred shareholders
|
(1,797
|
)
|
|
—
|
|
||
Cash dividends paid to common shareholders
|
(27,916
|
)
|
|
(25,512
|
)
|
||
Purchase of common shares to treasury
|
(1,496
|
)
|
|
—
|
|
||
Common stock issued, net
|
2,392
|
|
|
(948
|
)
|
||
Net cash provided by financing activities
|
64,690
|
|
|
143,252
|
|
||
Net change in cash and cash equivalents
|
62,693
|
|
|
(65,693
|
)
|
||
Cash and cash equivalents at beginning of year
|
413,800
|
|
|
830,407
|
|
||
Cash and cash equivalents at end of period
|
$
|
476,493
|
|
|
$
|
764,714
|
|
VALLEY NATIONAL BANCORP
CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)
(in thousands)
|
|||||||
|
Three Months Ended March 31,
|
||||||
|
2016
|
|
2015
|
||||
Supplemental disclosures of cash flow information:
|
|
|
|
||||
Cash payments for:
|
|
|
|
||||
Interest on deposits and borrowings
|
$
|
38,766
|
|
|
$
|
41,978
|
|
Federal and state income taxes
|
67
|
|
|
29,550
|
|
||
Supplemental schedule of non-cash investing activities:
|
|
|
|
||||
Transfer of loans to other real estate owned
|
$
|
663
|
|
|
$
|
1,944
|
|
|
Three Months Ended
March 31, |
||||||
|
2016
|
|
2015
|
||||
|
(in thousands, except for share data)
|
||||||
Net income available to common shareholders
|
$
|
34,390
|
|
|
$
|
30,341
|
|
Basic weighted average number of common shares outstanding
|
254,075,349
|
|
|
232,338,775
|
|
||
Plus: Common stock equivalents
|
272,071
|
|
|
3,146
|
|
||
Diluted weighted average number of common shares outstanding
|
254,347,420
|
|
|
232,341,921
|
|
||
Earnings per common share:
|
|
|
|
||||
Basic
|
$
|
0.14
|
|
|
$
|
0.13
|
|
Diluted
|
0.14
|
|
|
0.13
|
|
|
Components of Accumulated Other Comprehensive Loss
|
|
Total
Accumulated
Other
Comprehensive
Loss
|
||||||||||||||||
|
Unrealized Gains
and Losses on
Available for Sale
(AFS) Securities
|
|
Non-credit
Impairment
Losses on
AFS Securities
|
|
Unrealized Gains
and (Losses) on
Derivatives
|
|
Defined
Benefit
Pension Plan
|
|
|||||||||||
|
(in thousands)
|
||||||||||||||||||
Balance at December 31, 2015
|
$
|
(5,336
|
)
|
|
$
|
(520
|
)
|
|
$
|
(17,644
|
)
|
|
$
|
(22,195
|
)
|
|
$
|
(45,695
|
)
|
Other comprehensive income (loss) before reclassifications
|
8,283
|
|
|
(59
|
)
|
|
(6,552
|
)
|
|
—
|
|
|
1,672
|
|
|||||
Amounts reclassified from other comprehensive income (loss)
|
(170
|
)
|
|
(286
|
)
|
|
1,741
|
|
|
43
|
|
|
1,328
|
|
|||||
Other comprehensive income (loss), net
|
8,113
|
|
|
(345
|
)
|
|
(4,811
|
)
|
|
43
|
|
|
3,000
|
|
|||||
Balance at March 31, 2016
|
$
|
2,777
|
|
|
$
|
(865
|
)
|
|
$
|
(22,455
|
)
|
|
$
|
(22,152
|
)
|
|
$
|
(42,695
|
)
|
|
|
Amounts Reclassified from
Accumulated Other Comprehensive Loss
|
|
|
||||||
|
|
Three Months Ended
March 31, |
|
|
||||||
Components of Accumulated Other Comprehensive Loss
|
|
2016
|
|
2015
|
|
Income Statement
Line Item
|
||||
|
|
(in thousands)
|
|
|
||||||
Unrealized gains on AFS securities before tax
|
|
$
|
271
|
|
|
$
|
2,416
|
|
|
Gains on securities transactions, net
|
Tax effect
|
|
(101
|
)
|
|
(1,007
|
)
|
|
|
||
Total net of tax
|
|
170
|
|
|
1,409
|
|
|
|
||
Non-credit impairment losses on AFS securities before tax:
|
|
|
|
|
|
|
||||
Accretion of credit loss impairment due to an increase in expected cash flows
|
|
489
|
|
|
144
|
|
|
Interest and dividends on investment securities (taxable)
|
||
Tax effect
|
|
(203
|
)
|
|
(60
|
)
|
|
|
||
Total net of tax
|
|
286
|
|
|
84
|
|
|
|
||
Unrealized losses on derivatives (cash flow hedges) before tax
|
|
(2,971
|
)
|
|
(1,629
|
)
|
|
Interest expense
|
||
Tax effect
|
|
1,230
|
|
|
678
|
|
|
|
||
Total net of tax
|
|
(1,741
|
)
|
|
(951
|
)
|
|
|
||
Defined benefit pension plan:
|
|
|
|
|
|
|
||||
Amortization of net loss
|
|
(72
|
)
|
|
(205
|
)
|
|
*
|
||
Tax effect
|
|
29
|
|
|
86
|
|
|
|
||
Total net of tax
|
|
(43
|
)
|
|
(119
|
)
|
|
|
||
Total reclassifications, net of tax
|
|
$
|
(1,328
|
)
|
|
$
|
423
|
|
|
|
|
*
|
Amortization of net loss is included in the computation of net periodic pension cost.
|
|
Level 1
|
Unadjusted exchange quoted prices in active markets for identical assets or liabilities, or identical liabilities traded as assets that the reporting entity has the ability to access at the measurement date.
|
|
Level 2
|
Quoted prices in markets that are not active, or inputs that are observable either directly or indirectly (i.e., quoted prices on similar assets), for substantially the full term of the asset or liability.
|
|
Level 3
|
Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity).
|
|
March 31,
2016 |
|
Fair Value Measurements at Reporting Date Using:
|
||||||||||||
|
Quoted Prices
in Active Markets
for Identical
Assets (Level 1)
|
|
Significant
Other
Observable Inputs
(Level 2)
|
|
Significant
Unobservable
Inputs
(Level 3)
|
||||||||||
|
(in thousands)
|
||||||||||||||
Recurring fair value measurements:
|
|
||||||||||||||
Assets
|
|
|
|
|
|
|
|
||||||||
Investment securities:
|
|
|
|
|
|
|
|
||||||||
Available for sale:
|
|
|
|
|
|
|
|
||||||||
U.S. Treasury securities
|
$
|
411,335
|
|
|
$
|
411,335
|
|
|
$
|
—
|
|
|
$
|
—
|
|
U.S. government agency securities
|
26,922
|
|
|
—
|
|
|
26,922
|
|
|
—
|
|
||||
Obligations of states and political subdivisions
|
126,222
|
|
|
—
|
|
|
126,222
|
|
|
—
|
|
||||
Residential mortgage-backed securities
|
782,648
|
|
|
—
|
|
|
771,801
|
|
|
10,847
|
|
||||
Trust preferred securities
|
8,259
|
|
|
—
|
|
|
6,157
|
|
|
2,102
|
|
||||
Corporate and other debt securities
|
78,208
|
|
|
17,887
|
|
|
60,321
|
|
|
—
|
|
||||
Equity securities
|
18,895
|
|
|
464
|
|
|
18,431
|
|
|
—
|
|
||||
Total available for sale
|
1,452,489
|
|
|
429,686
|
|
|
1,009,854
|
|
|
12,949
|
|
||||
Loans held for sale
(1)
|
15,347
|
|
|
—
|
|
|
15,347
|
|
|
—
|
|
||||
Other assets
(2)
|
49,308
|
|
|
—
|
|
|
49,308
|
|
|
—
|
|
||||
Total assets
|
$
|
1,517,144
|
|
|
$
|
429,686
|
|
|
$
|
1,074,509
|
|
|
$
|
12,949
|
|
Liabilities
|
|
|
|
|
|
|
|
||||||||
Other liabilities
(2)
|
$
|
70,199
|
|
|
$
|
—
|
|
|
$
|
70,199
|
|
|
$
|
—
|
|
Total liabilities
|
$
|
70,199
|
|
|
$
|
—
|
|
|
$
|
70,199
|
|
|
$
|
—
|
|
Non-recurring fair value measurements:
|
|
|
|
|
|
|
|
||||||||
Collateral dependent impaired loans
(3)
|
$
|
6,209
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
6,209
|
|
Loan servicing rights
|
4,142
|
|
|
—
|
|
|
—
|
|
|
4,142
|
|
||||
Foreclosed assets
(4)
|
2,604
|
|
|
—
|
|
|
—
|
|
|
2,604
|
|
||||
Total
|
$
|
12,955
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
12,955
|
|
|
(1)
|
Loans held for sale carried at fair value (which consist of residential mortgages) had contractual unpaid principal balances totaling approximately
$14.8 million
and
$16.1 million
at
March 31, 2016
and
December 31, 2015
, respectively.
|
(2)
|
Derivative financial instruments are included in this category.
|
(3)
|
Excludes PCI loans.
|
(4)
|
Includes covered (i.e., subject to loss-sharing agreements with the FDIC) other real estate owned totaling
$270 thousand
and
$4.2 million
at
March 31, 2016
and
December 31, 2015
, respectively.
|
|
Available for Sale Securities
|
||||||
|
Three Months Ended
March 31, |
||||||
|
2016
|
|
2015
|
||||
|
(in thousands)
|
||||||
Balance, beginning of the period
|
$
|
13,793
|
|
|
$
|
19,309
|
|
Total net losses included in other comprehensive income for the period
|
(585
|
)
|
|
(792
|
)
|
||
Sales
|
—
|
|
|
(2,675
|
)
|
||
Settlements
|
(259
|
)
|
|
(374
|
)
|
||
Balance, end of the period
|
$
|
12,949
|
|
|
$
|
15,468
|
|
Security Type
|
Valuation
Technique
|
|
Unobservable
Input
|
|
Range
|
|
Weighted
Average
|
|
|
|
|
|
|
|
|
|
|
Private label mortgage-backed securities
|
Discounted cash flow
|
|
Prepayment rate
|
|
0.1-22.2%
|
|
10.8
|
%
|
|
|
|
Default rate
|
|
3.7-20.6
|
|
8.4
|
|
|
|
|
Loss severity
|
|
41.4-64.6
|
|
59.5
|
|
|
Fair Value
Hierarchy
|
|
March 31, 2016
|
|
December 31, 2015
|
||||||||||||
|
Carrying
Amount
|
|
Fair Value
|
|
Carrying
Amount
|
|
Fair Value
|
||||||||||
|
|
|
(in thousands)
|
||||||||||||||
Financial assets
|
|
|
|
|
|
|
|
|
|
||||||||
Cash and due from banks
|
Level 1
|
|
$
|
243,265
|
|
|
$
|
243,265
|
|
|
$
|
243,575
|
|
|
$
|
243,575
|
|
Interest bearing deposits with banks
|
Level 1
|
|
233,228
|
|
|
233,228
|
|
|
170,225
|
|
|
170,225
|
|
||||
Investment securities held to maturity:
|
|
|
|
|
|
|
|
|
|
||||||||
U.S. Treasury securities
|
Level 1
|
|
138,942
|
|
|
153,877
|
|
|
138,978
|
|
|
149,483
|
|
||||
U.S. government agency securities
|
Level 2
|
|
12,225
|
|
|
12,738
|
|
|
12,859
|
|
|
13,130
|
|
||||
Obligations of states and political subdivisions
|
Level 2
|
|
516,645
|
|
|
543,069
|
|
|
504,865
|
|
|
527,263
|
|
||||
Residential mortgage-backed securities
|
Level 2
|
|
859,305
|
|
|
870,711
|
|
|
852,289
|
|
|
855,272
|
|
||||
Trust preferred securities
|
Level 2
|
|
59,790
|
|
|
46,404
|
|
|
59,785
|
|
|
46,437
|
|
||||
Corporate and other debt securities
|
Level 2
|
|
31,559
|
|
|
33,425
|
|
|
27,609
|
|
|
29,454
|
|
||||
Total investment securities held to maturity
|
|
|
1,618,466
|
|
|
1,660,224
|
|
|
1,596,385
|
|
|
1,621,039
|
|
||||
Net loans
|
Level 3
|
|
16,030,572
|
|
|
16,008,152
|
|
|
15,936,929
|
|
|
15,824,475
|
|
||||
Accrued interest receivable
|
Level 1
|
|
62,973
|
|
|
62,973
|
|
|
63,554
|
|
|
63,554
|
|
||||
Federal Reserve Bank and Federal Home Loan Bank stock
(1)
|
Level 1
|
|
145,699
|
|
|
145,699
|
|
|
145,068
|
|
|
145,068
|
|
||||
Financial liabilities
|
|
|
|
|
|
|
|
|
|
||||||||
Deposits without stated maturities
|
Level 1
|
|
13,327,414
|
|
|
13,327,414
|
|
|
13,095,647
|
|
|
13,095,647
|
|
||||
Deposits with stated maturities
|
Level 2
|
|
3,081,012
|
|
|
3,122,098
|
|
|
3,157,904
|
|
|
3,203,389
|
|
||||
Short-term borrowings
|
Level 1
|
|
1,170,623
|
|
|
1,170,623
|
|
|
1,076,991
|
|
|
1,076,991
|
|
||||
Long-term borrowings
|
Level 2
|
|
1,660,284
|
|
|
1,823,824
|
|
|
1,810,728
|
|
|
1,945,741
|
|
||||
Junior subordinated debentures issued to capital trusts
|
Level 2
|
|
41,455
|
|
|
43,797
|
|
|
41,414
|
|
|
44,127
|
|
||||
Accrued interest payable
(2)
|
Level 1
|
|
11,789
|
|
|
11,789
|
|
|
13,110
|
|
|
13,110
|
|
|
(1)
|
Included in other assets.
|
(2)
|
Included in accrued expenses and other liabilities.
|
|
Amortized
Cost
|
|
Gross
Unrealized
Gains
|
|
Gross
Unrealized
Losses
|
|
Fair Value
|
||||||||
|
(in thousands)
|
||||||||||||||
March 31, 2016
|
|
|
|
|
|
|
|
||||||||
U.S. Treasury securities
|
$
|
138,942
|
|
|
$
|
14,935
|
|
|
$
|
—
|
|
|
$
|
153,877
|
|
U.S. government agency securities
|
12,225
|
|
|
513
|
|
|
—
|
|
|
12,738
|
|
||||
Obligations of states and political subdivisions:
|
|
|
|
|
|
|
|
||||||||
Obligations of states and state agencies
|
193,947
|
|
|
12,776
|
|
|
—
|
|
|
206,723
|
|
||||
Municipal bonds
|
322,698
|
|
|
13,648
|
|
|
—
|
|
|
336,346
|
|
||||
Total obligations of states and political subdivisions
|
516,645
|
|
|
26,424
|
|
|
—
|
|
|
543,069
|
|
||||
Residential mortgage-backed securities
|
859,305
|
|
|
15,068
|
|
|
(3,662
|
)
|
|
870,711
|
|
||||
Trust preferred securities
|
59,790
|
|
|
48
|
|
|
(13,434
|
)
|
|
46,404
|
|
||||
Corporate and other debt securities
|
31,559
|
|
|
1,866
|
|
|
—
|
|
|
33,425
|
|
||||
Total investment securities held to maturity
|
$
|
1,618,466
|
|
|
$
|
58,854
|
|
|
$
|
(17,096
|
)
|
|
$
|
1,660,224
|
|
December 31, 2015
|
|
|
|
|
|
|
|
||||||||
U.S. Treasury securities
|
$
|
138,978
|
|
|
$
|
10,505
|
|
|
$
|
—
|
|
|
$
|
149,483
|
|
U.S. government agency securities
|
12,859
|
|
|
271
|
|
|
—
|
|
|
13,130
|
|
||||
Obligations of states and political subdivisions:
|
|
|
|
|
|
|
|
||||||||
Obligations of states and state agencies
|
194,547
|
|
|
10,538
|
|
|
(10
|
)
|
|
205,075
|
|
||||
Municipal bonds
|
310,318
|
|
|
11,955
|
|
|
(85
|
)
|
|
322,188
|
|
||||
Total obligations of states and political subdivisions
|
504,865
|
|
|
22,493
|
|
|
(95
|
)
|
|
527,263
|
|
||||
Residential mortgage-backed securities
|
852,289
|
|
|
11,018
|
|
|
(8,035
|
)
|
|
855,272
|
|
||||
Trust preferred securities
|
59,785
|
|
|
36
|
|
|
(13,384
|
)
|
|
46,437
|
|
||||
Corporate and other debt securities
|
27,609
|
|
|
1,894
|
|
|
(49
|
)
|
|
29,454
|
|
||||
Total investment securities held to maturity
|
$
|
1,596,385
|
|
|
$
|
46,217
|
|
|
$
|
(21,563
|
)
|
|
$
|
1,621,039
|
|
|
Less than
Twelve Months
|
|
More than
Twelve Months
|
|
Total
|
||||||||||||||||||
|
Fair Value
|
|
Unrealized
Losses
|
|
Fair Value
|
|
Unrealized
Losses
|
|
Fair Value
|
|
Unrealized
Losses
|
||||||||||||
|
(in thousands)
|
||||||||||||||||||||||
March 31, 2016
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Residential mortgage-backed securities
|
$
|
174,784
|
|
|
$
|
(1,010
|
)
|
|
$
|
218,383
|
|
|
$
|
(2,652
|
)
|
|
$
|
393,167
|
|
|
$
|
(3,662
|
)
|
Trust preferred securities
|
—
|
|
|
—
|
|
|
45,002
|
|
|
(13,434
|
)
|
|
45,002
|
|
|
(13,434
|
)
|
||||||
Total
|
$
|
174,784
|
|
|
$
|
(1,010
|
)
|
|
$
|
263,385
|
|
|
$
|
(16,086
|
)
|
|
$
|
438,169
|
|
|
$
|
(17,096
|
)
|
December 31, 2015
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Obligations of states and political subdivisions:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Obligations of states and state agencies
|
$
|
6,837
|
|
|
$
|
(5
|
)
|
|
$
|
1,965
|
|
|
$
|
(5
|
)
|
|
$
|
8,802
|
|
|
$
|
(10
|
)
|
Municipal bonds
|
8,814
|
|
|
(72
|
)
|
|
10,198
|
|
|
(13
|
)
|
|
19,012
|
|
|
(85
|
)
|
||||||
Total obligations of states and political subdivisions
|
15,651
|
|
|
(77
|
)
|
|
12,163
|
|
|
(18
|
)
|
|
27,814
|
|
|
(95
|
)
|
||||||
Residential mortgage-backed securities
|
244,440
|
|
|
(2,916
|
)
|
|
162,756
|
|
|
(5,119
|
)
|
|
407,196
|
|
|
(8,035
|
)
|
||||||
Trust preferred securities
|
—
|
|
|
—
|
|
|
45,047
|
|
|
(13,384
|
)
|
|
45,047
|
|
|
(13,384
|
)
|
||||||
Corporate and other debt securities
|
2,951
|
|
|
(49
|
)
|
|
—
|
|
|
—
|
|
|
2,951
|
|
|
(49
|
)
|
||||||
Total
|
$
|
263,042
|
|
|
$
|
(3,042
|
)
|
|
$
|
219,966
|
|
|
$
|
(18,521
|
)
|
|
$
|
483,008
|
|
|
$
|
(21,563
|
)
|
|
March 31, 2016
|
||||||
|
Amortized
Cost
|
|
Fair
Value
|
||||
|
(in thousands)
|
||||||
Due in one year
|
$
|
91,330
|
|
|
$
|
91,344
|
|
Due after one year through five years
|
159,946
|
|
|
171,623
|
|
||
Due after five years through ten years
|
302,843
|
|
|
325,292
|
|
||
Due after ten years
|
205,042
|
|
|
201,254
|
|
||
Residential mortgage-backed securities
|
859,305
|
|
|
870,711
|
|
||
Total investment securities held to maturity
|
$
|
1,618,466
|
|
|
$
|
1,660,224
|
|
|
Amortized
Cost
|
|
Gross
Unrealized
Gains
|
|
Gross
Unrealized
Losses
|
|
Fair Value
|
||||||||
|
(in thousands)
|
||||||||||||||
March 31, 2016
|
|
|
|
|
|
|
|
||||||||
U.S. Treasury securities
|
$
|
411,059
|
|
|
$
|
295
|
|
|
$
|
(19
|
)
|
|
$
|
411,335
|
|
U.S. government agency securities
|
26,290
|
|
|
645
|
|
|
(13
|
)
|
|
26,922
|
|
||||
Obligations of states and political subdivisions:
|
|
|
|
|
|
|
|
||||||||
Obligations of states and state agencies
|
43,704
|
|
|
839
|
|
|
(6
|
)
|
|
44,537
|
|
||||
Municipal bonds
|
80,610
|
|
|
1,389
|
|
|
(314
|
)
|
|
81,685
|
|
||||
Total obligations of states and political subdivisions
|
124,314
|
|
|
2,228
|
|
|
(320
|
)
|
|
126,222
|
|
||||
Residential mortgage-backed securities
|
778,775
|
|
|
7,852
|
|
|
(3,979
|
)
|
|
782,648
|
|
||||
Trust preferred securities*
|
10,401
|
|
|
—
|
|
|
(2,142
|
)
|
|
8,259
|
|
||||
Corporate and other debt securities
|
77,852
|
|
|
1,628
|
|
|
(1,272
|
)
|
|
78,208
|
|
||||
Equity securities
|
20,522
|
|
|
384
|
|
|
(2,011
|
)
|
|
18,895
|
|
||||
Total investment securities available for sale
|
$
|
1,449,213
|
|
|
$
|
13,032
|
|
|
$
|
(9,756
|
)
|
|
$
|
1,452,489
|
|
December 31, 2015
|
|
|
|
|
|
|
|
||||||||
U.S. Treasury securities
|
$
|
551,173
|
|
|
$
|
4
|
|
|
$
|
(1,704
|
)
|
|
$
|
549,473
|
|
U.S. government agency securities
|
29,316
|
|
|
665
|
|
|
(18
|
)
|
|
29,963
|
|
||||
Obligations of states and political subdivisions:
|
|
|
|
|
|
|
|
||||||||
Obligations of states and state agencies
|
44,285
|
|
|
196
|
|
|
(67
|
)
|
|
44,414
|
|
||||
Municipal bonds
|
80,717
|
|
|
209
|
|
|
(374
|
)
|
|
80,552
|
|
||||
Total obligations of states and political subdivisions
|
125,002
|
|
|
405
|
|
|
(441
|
)
|
|
124,966
|
|
||||
Residential mortgage-backed securities
|
701,764
|
|
|
3,348
|
|
|
(8,684
|
)
|
|
696,428
|
|
||||
Trust preferred securities*
|
10,458
|
|
|
—
|
|
|
(2,054
|
)
|
|
8,404
|
|
||||
Corporate and other debt securities
|
78,202
|
|
|
1,239
|
|
|
(1,889
|
)
|
|
77,552
|
|
||||
Equity securities
|
21,022
|
|
|
575
|
|
|
(1,522
|
)
|
|
20,075
|
|
||||
Total investment securities available for sale
|
$
|
1,516,937
|
|
|
$
|
6,236
|
|
|
$
|
(16,312
|
)
|
|
$
|
1,506,861
|
|
|
*
|
Includes two pooled trust preferred securities, principally collateralized by securities issued by banks and insurance companies, at March 31, 2016 and December 31, 2015.
|
|
Less than
Twelve Months
|
|
More than
Twelve Months
|
|
Total
|
||||||||||||||||||
|
Fair
Value
|
|
Unrealized
Losses
|
|
Fair
Value
|
|
Unrealized
Losses
|
|
Fair
Value
|
|
Unrealized
Losses
|
||||||||||||
|
(in thousands)
|
||||||||||||||||||||||
March 31, 2016
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
U.S. Treasury securities
|
$
|
360,004
|
|
|
$
|
(19
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
360,004
|
|
|
$
|
(19
|
)
|
U.S. government agency securities
|
—
|
|
|
—
|
|
|
4,517
|
|
|
(13
|
)
|
|
4,517
|
|
|
(13
|
)
|
||||||
Obligations of states and political subdivisions:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Obligations of states and state agencies
|
1,576
|
|
|
(6
|
)
|
|
—
|
|
|
—
|
|
|
1,576
|
|
|
(6
|
)
|
||||||
Municipal bonds
|
—
|
|
|
—
|
|
|
12,513
|
|
|
(314
|
)
|
|
12,513
|
|
|
(314
|
)
|
||||||
Total obligations of states and political subdivisions
|
1,576
|
|
|
(6
|
)
|
|
12,513
|
|
|
(314
|
)
|
|
14,089
|
|
|
(320
|
)
|
||||||
Residential mortgage-backed securities
|
141,851
|
|
|
(804
|
)
|
|
172,436
|
|
|
(3,175
|
)
|
|
314,287
|
|
|
(3,979
|
)
|
||||||
Trust preferred securities
|
—
|
|
|
—
|
|
|
8,259
|
|
|
(2,142
|
)
|
|
8,259
|
|
|
(2,142
|
)
|
||||||
Corporate and other debt securities
|
14,207
|
|
|
(319
|
)
|
|
31,566
|
|
|
(953
|
)
|
|
45,773
|
|
|
(1,272
|
)
|
||||||
Equity securities
|
—
|
|
|
—
|
|
|
13,784
|
|
|
(2,011
|
)
|
|
13,784
|
|
|
(2,011
|
)
|
||||||
Total
|
$
|
517,638
|
|
|
$
|
(1,148
|
)
|
|
$
|
243,075
|
|
|
$
|
(8,608
|
)
|
|
$
|
760,713
|
|
|
$
|
(9,756
|
)
|
December 31, 2015
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
U.S. Treasury securities
|
$
|
548,538
|
|
|
$
|
(1,704
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
548,538
|
|
|
$
|
(1,704
|
)
|
U.S. government agency securities
|
3,489
|
|
|
(5
|
)
|
|
4,736
|
|
|
(13
|
)
|
|
8,225
|
|
|
(18
|
)
|
||||||
Obligations of states and political subdivisions:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Obligations of states and state agencies
|
24,359
|
|
|
(67
|
)
|
|
—
|
|
|
—
|
|
|
24,359
|
|
|
(67
|
)
|
||||||
Municipal bonds
|
38,207
|
|
|
(128
|
)
|
|
13,551
|
|
|
(246
|
)
|
|
51,758
|
|
|
(374
|
)
|
||||||
Total obligations of states and political subdivisions
|
62,566
|
|
|
(195
|
)
|
|
13,551
|
|
|
(246
|
)
|
|
76,117
|
|
|
(441
|
)
|
||||||
Residential mortgage-backed securities
|
293,615
|
|
|
(4,147
|
)
|
|
164,010
|
|
|
(4,537
|
)
|
|
457,625
|
|
|
(8,684
|
)
|
||||||
Trust preferred securities
|
—
|
|
|
—
|
|
|
8,404
|
|
|
(2,054
|
)
|
|
8,404
|
|
|
(2,054
|
)
|
||||||
Corporate and other debt securities
|
21,203
|
|
|
(471
|
)
|
|
36,137
|
|
|
(1,418
|
)
|
|
57,340
|
|
|
(1,889
|
)
|
||||||
Equity securities
|
—
|
|
|
—
|
|
|
14,273
|
|
|
(1,522
|
)
|
|
14,273
|
|
|
(1,522
|
)
|
||||||
Total
|
$
|
929,411
|
|
|
$
|
(6,522
|
)
|
|
$
|
241,111
|
|
|
$
|
(9,790
|
)
|
|
$
|
1,170,522
|
|
|
$
|
(16,312
|
)
|
|
March 31, 2016
|
||||||
|
Amortized
Cost
|
|
Fair
Value
|
||||
|
(in thousands)
|
||||||
Due in one year
|
$
|
361,613
|
|
|
$
|
361,604
|
|
Due after one year through five years
|
91,097
|
|
|
92,129
|
|
||
Due after five years through ten years
|
118,340
|
|
|
119,037
|
|
||
Due after ten years
|
78,866
|
|
|
78,176
|
|
||
Residential mortgage-backed securities
|
778,775
|
|
|
782,648
|
|
||
Equity securities
|
20,522
|
|
|
18,895
|
|
||
Total investment securities available for sale
|
$
|
1,449,213
|
|
|
$
|
1,452,489
|
|
|
Three Months Ended
March 31, |
||||||
|
2016
|
|
2015
|
||||
|
(in thousands)
|
||||||
Balance, beginning of period
|
$
|
5,837
|
|
|
$
|
8,947
|
|
Accretion of credit loss impairment due to an increase in expected cash flows
|
(489
|
)
|
|
(144
|
)
|
||
Sales
|
—
|
|
|
(2,382
|
)
|
||
Balance, end of period
|
$
|
5,348
|
|
|
$
|
6,421
|
|
|
Three Months Ended
March 31, |
||||||
|
2016
|
|
2015
|
||||
|
(in thousands)
|
||||||
Sales transactions:
|
|
|
|
||||
Gross gains
|
$
|
271
|
|
|
$
|
3,274
|
|
Gross losses
|
—
|
|
|
(947
|
)
|
||
|
$
|
271
|
|
|
$
|
2,327
|
|
Maturities and other securities transactions:
|
|
|
|
||||
Gross gains
|
$
|
—
|
|
|
$
|
89
|
|
Total gains on securities transactions, net
|
$
|
271
|
|
|
$
|
2,416
|
|
|
March 31, 2016
|
|
December 31, 2015
|
||||||||||||||||||||
|
Non-PCI
Loans
|
|
PCI Loans*
|
|
Total
|
|
Non-PCI
Loans
|
|
PCI Loans*
|
|
Total
|
||||||||||||
|
(in thousands)
|
||||||||||||||||||||||
Loans:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial and industrial
|
$
|
2,176,942
|
|
|
$
|
360,603
|
|
|
$
|
2,537,545
|
|
|
$
|
2,156,549
|
|
|
$
|
383,942
|
|
|
$
|
2,540,491
|
|
Commercial real estate:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial real estate
|
6,304,974
|
|
|
1,280,165
|
|
|
7,585,139
|
|
|
6,069,532
|
|
|
1,355,104
|
|
|
7,424,636
|
|
||||||
Construction
|
633,559
|
|
|
142,498
|
|
|
776,057
|
|
|
607,694
|
|
|
147,253
|
|
|
754,947
|
|
||||||
Total commercial real estate loans
|
6,938,533
|
|
|
1,422,663
|
|
|
8,361,196
|
|
|
6,677,226
|
|
|
1,502,357
|
|
|
8,179,583
|
|
||||||
Residential mortgage
|
2,892,643
|
|
|
209,171
|
|
|
3,101,814
|
|
|
2,912,079
|
|
|
218,462
|
|
|
3,130,541
|
|
||||||
Consumer:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Home equity
|
380,459
|
|
|
111,096
|
|
|
491,555
|
|
|
391,809
|
|
|
119,394
|
|
|
511,203
|
|
||||||
Automobile
|
1,187,742
|
|
|
321
|
|
|
1,188,063
|
|
|
1,238,826
|
|
|
487
|
|
|
1,239,313
|
|
||||||
Other consumer
|
444,247
|
|
|
11,567
|
|
|
455,814
|
|
|
426,147
|
|
|
15,829
|
|
|
441,976
|
|
||||||
Total consumer loans
|
2,012,448
|
|
|
122,984
|
|
|
2,135,432
|
|
|
2,056,782
|
|
|
135,710
|
|
|
2,192,492
|
|
||||||
Total loans
|
$
|
14,020,566
|
|
|
$
|
2,115,421
|
|
|
$
|
16,135,987
|
|
|
$
|
13,802,636
|
|
|
$
|
2,240,471
|
|
|
$
|
16,043,107
|
|
*
|
PCI loans include covered loans (mostly consisting of residential mortgage and commercial real estate loans) totaling
$86.8 million
and
$122.3 million
at
March 31, 2016
and
December 31, 2015
, respectively.
|
|
Three Months Ended
March 31, |
||||||
|
2016
|
|
2015
|
||||
|
(in thousands)
|
||||||
Balance, beginning of period
|
$
|
415,179
|
|
|
$
|
336,208
|
|
Accretion
|
(28,059
|
)
|
|
(26,350
|
)
|
||
Balance, end of period
|
$
|
387,120
|
|
|
$
|
309,858
|
|
|
Past Due and Non-Accrual Loans
|
|
|
|
|
||||||||||||||||||||||
|
30-59
Days
Past Due
Loans
|
|
60-89
Days
Past Due
Loans
|
|
Accruing Loans
90 Days or More
Past Due
|
|
Non-Accrual
Loans
|
|
Total
Past Due
Loans
|
|
Current
Non-PCI
Loans
|
|
Total
Non-PCI
Loans
|
||||||||||||||
|
(in thousands)
|
||||||||||||||||||||||||||
March 31, 2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Commercial and industrial
|
$
|
8,395
|
|
|
$
|
613
|
|
|
$
|
221
|
|
|
$
|
11,484
|
|
|
$
|
20,713
|
|
|
$
|
2,156,229
|
|
|
$
|
2,176,942
|
|
Commercial real estate:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Commercial real estate
|
1,389
|
|
|
120
|
|
|
131
|
|
|
26,604
|
|
|
28,244
|
|
|
6,276,730
|
|
|
6,304,974
|
|
|||||||
Construction
|
1,326
|
|
|
—
|
|
|
—
|
|
|
5,978
|
|
|
7,304
|
|
|
626,255
|
|
|
633,559
|
|
|||||||
Total commercial real estate loans
|
2,715
|
|
|
120
|
|
|
131
|
|
|
32,582
|
|
|
35,548
|
|
|
6,902,985
|
|
|
6,938,533
|
|
|||||||
Residential mortgage
|
14,628
|
|
|
3,056
|
|
|
2,613
|
|
|
16,747
|
|
|
37,044
|
|
|
2,855,599
|
|
|
2,892,643
|
|
|||||||
Consumer loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Home equity
|
1,262
|
|
|
300
|
|
|
—
|
|
|
1,685
|
|
|
3,247
|
|
|
377,212
|
|
|
380,459
|
|
|||||||
Automobile
|
1,336
|
|
|
374
|
|
|
65
|
|
|
122
|
|
|
1,897
|
|
|
1,185,845
|
|
|
1,187,742
|
|
|||||||
Other consumer
|
602
|
|
|
57
|
|
|
1
|
|
|
—
|
|
|
660
|
|
|
443,587
|
|
|
444,247
|
|
|||||||
Total consumer loans
|
3,200
|
|
|
731
|
|
|
66
|
|
|
1,807
|
|
|
5,804
|
|
|
2,006,644
|
|
|
2,012,448
|
|
|||||||
Total
|
$
|
28,938
|
|
|
$
|
4,520
|
|
|
$
|
3,031
|
|
|
$
|
62,620
|
|
|
$
|
99,109
|
|
|
$
|
13,921,457
|
|
|
$
|
14,020,566
|
|
December 31, 2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Commercial and industrial
|
$
|
3,920
|
|
|
$
|
524
|
|
|
$
|
213
|
|
|
$
|
10,913
|
|
|
$
|
15,570
|
|
|
$
|
2,140,979
|
|
|
$
|
2,156,549
|
|
Commercial real estate:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Commercial real estate
|
2,684
|
|
|
—
|
|
|
131
|
|
|
24,888
|
|
|
27,703
|
|
|
6,041,829
|
|
|
6,069,532
|
|
|||||||
Construction
|
1,876
|
|
|
2,799
|
|
|
—
|
|
|
6,163
|
|
|
10,838
|
|
|
596,856
|
|
|
607,694
|
|
|||||||
Total commercial real estate loans
|
4,560
|
|
|
2,799
|
|
|
131
|
|
|
31,051
|
|
|
38,541
|
|
|
6,638,685
|
|
|
6,677,226
|
|
|||||||
Residential mortgage
|
6,681
|
|
|
1,626
|
|
|
1,504
|
|
|
17,930
|
|
|
27,741
|
|
|
2,884,338
|
|
|
2,912,079
|
|
|||||||
Consumer loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Home equity
|
1,308
|
|
|
111
|
|
|
—
|
|
|
2,088
|
|
|
3,507
|
|
|
388,302
|
|
|
391,809
|
|
|||||||
Automobile
|
1,969
|
|
|
491
|
|
|
164
|
|
|
118
|
|
|
2,742
|
|
|
1,236,084
|
|
|
1,238,826
|
|
|||||||
Other consumer
|
71
|
|
|
24
|
|
|
44
|
|
|
—
|
|
|
139
|
|
|
426,008
|
|
|
426,147
|
|
|||||||
Total consumer loans
|
3,348
|
|
|
626
|
|
|
208
|
|
|
2,206
|
|
|
6,388
|
|
|
2,050,394
|
|
|
2,056,782
|
|
|||||||
Total
|
$
|
18,509
|
|
|
$
|
5,575
|
|
|
$
|
2,056
|
|
|
$
|
62,100
|
|
|
$
|
88,240
|
|
|
$
|
13,714,396
|
|
|
$
|
13,802,636
|
|
|
Recorded
Investment
With No Related
Allowance
|
|
Recorded
Investment
With Related
Allowance
|
|
Total
Recorded
Investment
|
|
Unpaid
Contractual
Principal
Balance
|
|
Related
Allowance
|
||||||||||
|
(in thousands)
|
||||||||||||||||||
March 31, 2016
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial and industrial
|
$
|
7,758
|
|
|
$
|
19,838
|
|
|
$
|
27,596
|
|
|
$
|
33,913
|
|
|
$
|
3,578
|
|
Commercial real estate:
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial real estate
|
32,587
|
|
|
42,816
|
|
|
75,403
|
|
|
79,295
|
|
|
4,088
|
|
|||||
Construction
|
8,685
|
|
|
1,257
|
|
|
9,942
|
|
|
9,952
|
|
|
37
|
|
|||||
Total commercial real estate loans
|
41,272
|
|
|
44,073
|
|
|
85,345
|
|
|
89,247
|
|
|
4,125
|
|
|||||
Residential mortgage
|
7,356
|
|
|
14,624
|
|
|
21,980
|
|
|
23,907
|
|
|
1,267
|
|
|||||
Consumer loans:
|
|
|
|
|
|
|
|
|
|
||||||||||
Home equity
|
204
|
|
|
2,454
|
|
|
2,658
|
|
|
2,750
|
|
|
407
|
|
|||||
Total consumer loans
|
204
|
|
|
2,454
|
|
|
2,658
|
|
|
2,750
|
|
|
407
|
|
|||||
Total
|
$
|
56,590
|
|
|
$
|
80,989
|
|
|
$
|
137,579
|
|
|
$
|
149,817
|
|
|
$
|
9,377
|
|
December 31, 2015
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial and industrial
|
$
|
7,863
|
|
|
$
|
17,851
|
|
|
$
|
25,714
|
|
|
$
|
33,071
|
|
|
$
|
3,439
|
|
Commercial real estate:
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial real estate
|
30,113
|
|
|
37,440
|
|
|
67,553
|
|
|
71,263
|
|
|
3,354
|
|
|||||
Construction
|
8,847
|
|
|
5,530
|
|
|
14,377
|
|
|
14,387
|
|
|
317
|
|
|||||
Total commercial real estate loans
|
38,960
|
|
|
42,970
|
|
|
81,930
|
|
|
85,650
|
|
|
3,671
|
|
|||||
Residential mortgage
|
7,842
|
|
|
14,770
|
|
|
22,612
|
|
|
24,528
|
|
|
1,377
|
|
|||||
Consumer loans:
|
|
|
|
|
|
|
|
|
|
||||||||||
Home equity
|
263
|
|
|
1,869
|
|
|
2,132
|
|
|
2,224
|
|
|
295
|
|
|||||
Total consumer loans
|
263
|
|
|
1,869
|
|
|
2,132
|
|
|
2,224
|
|
|
295
|
|
|||||
Total
|
$
|
54,928
|
|
|
$
|
77,460
|
|
|
$
|
132,388
|
|
|
$
|
145,473
|
|
|
$
|
8,782
|
|
|
Three Months Ended March 31,
|
||||||||||||||
|
2016
|
|
2015
|
||||||||||||
|
Average
Recorded
Investment
|
|
Interest
Income
Recognized
|
|
Average
Recorded
Investment
|
|
Interest
Income
Recognized
|
||||||||
|
(in thousands)
|
||||||||||||||
Commercial and industrial
|
$
|
28,331
|
|
|
$
|
240
|
|
|
$
|
28,282
|
|
|
$
|
246
|
|
Commercial real estate:
|
|
|
|
|
|
|
|
||||||||
Commercial real estate
|
72,398
|
|
|
639
|
|
|
78,523
|
|
|
486
|
|
||||
Construction
|
9,802
|
|
|
48
|
|
|
16,670
|
|
|
150
|
|
||||
Total commercial real estate loans
|
82,200
|
|
|
687
|
|
|
95,193
|
|
|
636
|
|
||||
Residential mortgage
|
23,603
|
|
|
202
|
|
|
21,843
|
|
|
250
|
|
||||
Consumer loans:
|
|
|
|
|
|
|
|
||||||||
Home equity
|
2,359
|
|
|
23
|
|
|
3,485
|
|
|
30
|
|
||||
Total consumer loans
|
2,359
|
|
|
23
|
|
|
3,485
|
|
|
30
|
|
||||
Total
|
$
|
136,493
|
|
|
$
|
1,152
|
|
|
$
|
148,803
|
|
|
$
|
1,162
|
|
|
Three Months Ended March 31, 2016
|
|
Three Months Ended March 31, 2015
|
||||||||||||||||||
Troubled Debt Restructurings
|
Number
of
Contracts
|
|
Pre-Modification
Outstanding
Recorded
Investment
|
|
Post-Modification
Outstanding
Recorded
Investment
|
|
Number
of
Contracts
|
|
Pre-Modification
Outstanding
Recorded
Investment
|
|
Post-Modification
Outstanding
Recorded
Investment
|
||||||||||
|
($ in thousands)
|
||||||||||||||||||||
Commercial and industrial
|
4
|
|
|
$
|
4,961
|
|
|
$
|
4,887
|
|
|
6
|
|
|
$
|
1,584
|
|
|
$
|
1,534
|
|
Commercial real estate
|
2
|
|
|
658
|
|
|
404
|
|
|
1
|
|
|
5,000
|
|
|
5,000
|
|
||||
Residential mortgage
|
2
|
|
|
392
|
|
|
381
|
|
|
1
|
|
|
280
|
|
|
278
|
|
||||
Consumer
|
1
|
|
|
54
|
|
|
53
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Total
|
9
|
|
|
$
|
6,065
|
|
|
$
|
5,725
|
|
|
8
|
|
|
$
|
6,864
|
|
|
$
|
6,812
|
|
|
Three Months Ended
March 31, 2016 |
|||||
Troubled Debt Restructurings Subsequently Defaulted
|
Number of
Contracts
|
|
Recorded
Investment
|
|||
|
($ in thousands)
|
|||||
Commercial and industrial
|
2
|
|
|
$
|
372
|
|
Commercial real estate
|
1
|
|
|
81
|
|
|
Residential mortgage
|
2
|
|
|
267
|
|
|
Consumer
|
1
|
|
|
30
|
|
|
Total
|
6
|
|
|
$
|
750
|
|
Credit exposure - by internally assigned risk rating
|
Pass
|
|
Special
Mention
|
|
Substandard
|
|
Doubtful
|
|
Total Non-PCI Loans
|
||||||||||
|
(in thousands)
|
||||||||||||||||||
March 31, 2016
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial and industrial
|
$
|
2,075,347
|
|
|
$
|
57,283
|
|
|
$
|
44,312
|
|
|
$
|
—
|
|
|
$
|
2,176,942
|
|
Commercial real estate
|
6,136,061
|
|
|
71,897
|
|
|
97,016
|
|
|
—
|
|
|
6,304,974
|
|
|||||
Construction
|
622,460
|
|
|
857
|
|
|
10,242
|
|
|
—
|
|
|
633,559
|
|
|||||
Total
|
$
|
8,833,868
|
|
|
$
|
130,037
|
|
|
$
|
151,570
|
|
|
$
|
—
|
|
|
$
|
9,115,475
|
|
December 31, 2015
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial and industrial
|
$
|
2,049,752
|
|
|
$
|
68,243
|
|
|
$
|
36,254
|
|
|
$
|
2,300
|
|
|
$
|
2,156,549
|
|
Commercial real estate
|
5,893,354
|
|
|
79,279
|
|
|
96,899
|
|
|
—
|
|
|
6,069,532
|
|
|||||
Construction
|
596,530
|
|
|
1,102
|
|
|
10,062
|
|
|
—
|
|
|
607,694
|
|
|||||
Total
|
$
|
8,539,636
|
|
|
$
|
148,624
|
|
|
$
|
143,215
|
|
|
$
|
2,300
|
|
|
$
|
8,833,775
|
|
Credit exposure - by payment activity
|
Performing
Loans
|
|
Non-Performing
Loans
|
|
Total Non-PCI
Loans
|
||||||
|
(in thousands)
|
||||||||||
March 31, 2016
|
|
|
|
|
|
||||||
Residential mortgage
|
$
|
2,875,896
|
|
|
$
|
16,747
|
|
|
$
|
2,892,643
|
|
Home equity
|
378,774
|
|
|
1,685
|
|
|
380,459
|
|
|||
Automobile
|
1,187,620
|
|
|
122
|
|
|
1,187,742
|
|
|||
Other consumer
|
444,247
|
|
|
—
|
|
|
444,247
|
|
|||
Total
|
$
|
4,886,537
|
|
|
$
|
18,554
|
|
|
$
|
4,905,091
|
|
December 31, 2015
|
|
|
|
|
|
||||||
Residential mortgage
|
$
|
2,894,149
|
|
|
$
|
17,930
|
|
|
$
|
2,912,079
|
|
Home equity
|
389,721
|
|
|
2,088
|
|
|
391,809
|
|
|||
Automobile
|
1,238,708
|
|
|
118
|
|
|
1,238,826
|
|
|||
Other consumer
|
426,147
|
|
|
—
|
|
|
426,147
|
|
|||
Total
|
$
|
4,948,725
|
|
|
$
|
20,136
|
|
|
$
|
4,968,861
|
|
Credit exposure - by payment activity
|
Performing
Loans
|
|
Non-Performing
Loans
|
|
Total
PCI Loans
|
||||||
|
(in thousands)
|
||||||||||
March 31, 2016
|
|
|
|
|
|
||||||
Commercial and industrial
|
$
|
351,442
|
|
|
$
|
9,161
|
|
|
$
|
360,603
|
|
Commercial real estate
|
1,266,695
|
|
|
13,470
|
|
|
1,280,165
|
|
|||
Construction
|
141,319
|
|
|
1,179
|
|
|
142,498
|
|
|||
Residential mortgage
|
205,928
|
|
|
3,243
|
|
|
209,171
|
|
|||
Consumer
|
117,050
|
|
|
5,934
|
|
|
122,984
|
|
|||
Total
|
$
|
2,082,434
|
|
|
$
|
32,987
|
|
|
$
|
2,115,421
|
|
December 31, 2015
|
|
|
|
|
|
||||||
Commercial and industrial
|
$
|
373,665
|
|
|
$
|
10,277
|
|
|
$
|
383,942
|
|
Commercial real estate
|
1,342,030
|
|
|
13,074
|
|
|
1,355,104
|
|
|||
Construction
|
141,547
|
|
|
5,706
|
|
|
147,253
|
|
|||
Residential mortgage
|
214,713
|
|
|
3,749
|
|
|
218,462
|
|
|||
Consumer
|
129,891
|
|
|
5,819
|
|
|
135,710
|
|
|||
Total
|
$
|
2,201,846
|
|
|
$
|
38,625
|
|
|
$
|
2,240,471
|
|
|
March 31,
2016 |
|
December 31,
2015 |
||||
|
(in thousands)
|
||||||
Components of allowance for credit losses:
|
|
|
|
||||
Allowance for loan losses
|
$
|
105,415
|
|
|
$
|
106,178
|
|
Allowance for unfunded letters of credit
|
2,260
|
|
|
2,189
|
|
||
Total allowance for credit losses
|
$
|
107,675
|
|
|
$
|
108,367
|
|
|
Three Months Ended
March 31, |
||||||
|
2016
|
|
2015
|
||||
|
(in thousands)
|
||||||
Components of provision for credit losses:
|
|
|
|
||||
Provision for loan losses
|
$
|
729
|
|
|
$
|
—
|
|
Provision for unfunded letters of credit
|
71
|
|
|
—
|
|
||
Total provision for credit losses
|
$
|
800
|
|
|
$
|
—
|
|
|
Commercial
and Industrial
|
|
Commercial
Real Estate
|
|
Residential
Mortgage
|
|
Consumer
|
|
Unallocated
|
|
Total
|
||||||||||||
|
(in thousands)
|
||||||||||||||||||||||
Three Months Ended
March 31, 2016: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Allowance for loan losses:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Beginning balance
|
$
|
48,767
|
|
|
$
|
48,006
|
|
|
$
|
4,625
|
|
|
$
|
4,780
|
|
|
$
|
—
|
|
|
$
|
106,178
|
|
Loans charged-off
|
(1,251
|
)
|
|
(105
|
)
|
|
(81
|
)
|
|
(1,074
|
)
|
|
—
|
|
|
(2,511
|
)
|
||||||
Charged-off loans recovered
|
526
|
|
|
89
|
|
|
15
|
|
|
389
|
|
|
—
|
|
|
1,019
|
|
||||||
Net (charge-offs) recoveries
|
(725
|
)
|
|
(16
|
)
|
|
(66
|
)
|
|
(685
|
)
|
|
—
|
|
|
(1,492
|
)
|
||||||
Provision for loan losses
|
375
|
|
|
464
|
|
|
(350
|
)
|
|
240
|
|
|
—
|
|
|
729
|
|
||||||
Ending balance
|
$
|
48,417
|
|
|
$
|
48,454
|
|
|
$
|
4,209
|
|
|
$
|
4,335
|
|
|
$
|
—
|
|
|
$
|
105,415
|
|
Three Months Ended
March 31, 2015: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Allowance for loan losses:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Beginning balance
|
$
|
43,676
|
|
|
$
|
42,840
|
|
|
$
|
5,093
|
|
|
$
|
5,179
|
|
|
$
|
5,565
|
|
|
$
|
102,353
|
|
Loans charged-off
|
(753
|
)
|
|
(150
|
)
|
|
(49
|
)
|
|
(714
|
)
|
|
—
|
|
|
(1,666
|
)
|
||||||
Charged-off loans recovered
|
1,051
|
|
|
460
|
|
|
114
|
|
|
319
|
|
|
—
|
|
|
1,944
|
|
||||||
Net recoveries (charge-offs)
|
298
|
|
|
310
|
|
|
65
|
|
|
(395
|
)
|
|
—
|
|
|
278
|
|
||||||
Provision for loan losses
|
919
|
|
|
(1,494
|
)
|
|
(1,066
|
)
|
|
188
|
|
|
1,453
|
|
|
—
|
|
||||||
Ending balance
|
$
|
44,893
|
|
|
$
|
41,656
|
|
|
$
|
4,092
|
|
|
$
|
4,972
|
|
|
$
|
7,018
|
|
|
$
|
102,631
|
|
|
Commercial
and Industrial
|
|
Commercial
Real Estate
|
|
Residential
Mortgage
|
|
Consumer
|
|
Total
|
||||||||||
|
(in thousands)
|
||||||||||||||||||
March 31, 2016
|
|
|
|
|
|
|
|
|
|
||||||||||
Allowance for loan losses:
|
|
|
|
|
|
|
|
|
|
||||||||||
Individually evaluated for impairment
|
$
|
3,578
|
|
|
$
|
4,125
|
|
|
$
|
1,267
|
|
|
$
|
407
|
|
|
$
|
9,377
|
|
Collectively evaluated for impairment
|
44,839
|
|
|
44,329
|
|
|
2,942
|
|
|
3,928
|
|
|
96,038
|
|
|||||
Total
|
$
|
48,417
|
|
|
$
|
48,454
|
|
|
$
|
4,209
|
|
|
$
|
4,335
|
|
|
$
|
105,415
|
|
Loans:
|
|
|
|
|
|
|
|
|
|
||||||||||
Individually evaluated for impairment
|
$
|
27,596
|
|
|
$
|
85,345
|
|
|
$
|
21,980
|
|
|
$
|
2,658
|
|
|
$
|
137,579
|
|
Collectively evaluated for impairment
|
2,149,346
|
|
|
6,853,188
|
|
|
2,870,663
|
|
|
2,009,790
|
|
|
13,882,987
|
|
|||||
Loans acquired with discounts related to credit quality
|
360,603
|
|
|
1,422,663
|
|
|
209,171
|
|
|
122,984
|
|
|
2,115,421
|
|
|||||
Total
|
$
|
2,537,545
|
|
|
$
|
8,361,196
|
|
|
$
|
3,101,814
|
|
|
$
|
2,135,432
|
|
|
$
|
16,135,987
|
|
December 31, 2015
|
|
|
|
|
|
|
|
|
|
||||||||||
Allowance for loan losses:
|
|
|
|
|
|
|
|
|
|
||||||||||
Individually evaluated for impairment
|
$
|
3,439
|
|
|
$
|
3,671
|
|
|
$
|
1,377
|
|
|
$
|
295
|
|
|
$
|
8,782
|
|
Collectively evaluated for impairment
|
45,328
|
|
|
44,335
|
|
|
3,248
|
|
|
4,485
|
|
|
97,396
|
|
|||||
Total
|
$
|
48,767
|
|
|
$
|
48,006
|
|
|
$
|
4,625
|
|
|
$
|
4,780
|
|
|
$
|
106,178
|
|
Loans:
|
|
|
|
|
|
|
|
|
|
||||||||||
Individually evaluated for impairment
|
$
|
25,714
|
|
|
$
|
81,930
|
|
|
$
|
22,612
|
|
|
$
|
2,132
|
|
|
$
|
132,388
|
|
Collectively evaluated for impairment
|
2,130,835
|
|
|
6,595,296
|
|
|
2,889,467
|
|
|
2,054,650
|
|
|
13,670,248
|
|
|||||
Loans acquired with discounts related to credit quality
|
383,942
|
|
|
1,502,357
|
|
|
218,462
|
|
|
135,710
|
|
|
2,240,471
|
|
|||||
Total
|
$
|
2,540,491
|
|
|
$
|
8,179,583
|
|
|
$
|
3,130,541
|
|
|
$
|
2,192,492
|
|
|
$
|
16,043,107
|
|
|
Business Segment / Reporting Unit*
|
||||||||||||||||||
|
Wealth
Management
|
|
Consumer
Lending
|
|
Commercial
Lending
|
|
Investment
Management
|
|
Total
|
||||||||||
|
(in thousands)
|
||||||||||||||||||
Balance at December 31, 2015
|
$
|
20,517
|
|
|
$
|
199,119
|
|
|
$
|
314,260
|
|
|
$
|
152,443
|
|
|
$
|
686,339
|
|
Goodwill from business combinations
|
701
|
|
|
697
|
|
|
1,416
|
|
|
436
|
|
|
3,250
|
|
|||||
Balance at March 31, 2016
|
$
|
21,218
|
|
|
$
|
199,816
|
|
|
$
|
315,676
|
|
|
$
|
152,879
|
|
|
$
|
689,589
|
|
|
*
|
Valley’s Wealth Management Division is comprised of trust, asset management, and insurance services. This reporting unit is included in the Consumer Lending segment for financial reporting purposes.
|
|
Gross
Intangible
Assets
|
|
Accumulated
Amortization
|
|
Valuation
Allowance
|
|
Net
Intangible
Assets
|
||||||||
|
(in thousands)
|
||||||||||||||
March 31, 2016
|
|
|
|
|
|
|
|
||||||||
Loan servicing rights
|
$
|
65,176
|
|
|
$
|
(48,934
|
)
|
|
$
|
(481
|
)
|
|
$
|
15,761
|
|
Core deposits
|
61,504
|
|
|
(33,406
|
)
|
|
—
|
|
|
28,098
|
|
||||
Other
|
4,087
|
|
|
(1,791
|
)
|
|
—
|
|
|
2,296
|
|
||||
Total other intangible assets
|
$
|
130,767
|
|
|
$
|
(84,131
|
)
|
|
$
|
(481
|
)
|
|
$
|
46,155
|
|
December 31, 2015
|
|
|
|
|
|
|
|
||||||||
Loan servicing rights
|
$
|
75,932
|
|
|
$
|
(59,251
|
)
|
|
$
|
(289
|
)
|
|
$
|
16,392
|
|
Core deposits
|
62,714
|
|
|
(31,934
|
)
|
|
—
|
|
|
30,780
|
|
||||
Other
|
4,374
|
|
|
(2,664
|
)
|
|
—
|
|
|
1,710
|
|
||||
Total other intangible assets
|
$
|
143,020
|
|
|
$
|
(93,849
|
)
|
|
$
|
(289
|
)
|
|
$
|
48,882
|
|
|
Loan
Servicing
Rights
|
|
Core
Deposits
|
|
Other
|
||||||
|
(in thousands)
|
||||||||||
2016
|
$
|
3,430
|
|
|
$
|
4,156
|
|
|
$
|
222
|
|
2017
|
3,624
|
|
|
4,842
|
|
|
280
|
|
|||
2018
|
2,793
|
|
|
4,215
|
|
|
249
|
|
|||
2019
|
2,075
|
|
|
3,671
|
|
|
235
|
|
|||
2020
|
1,555
|
|
|
3,127
|
|
|
220
|
|
|
March 31, 2016
|
|
December 31, 2015
|
||||||||||||||||||||
|
Fair Value
|
|
|
|
Fair Value
|
|
|
||||||||||||||||
|
Other Assets
|
|
Other Liabilities
|
|
Notional Amount
|
|
Other Assets
|
|
Other Liabilities
|
|
Notional Amount
|
||||||||||||
|
(in thousands)
|
||||||||||||||||||||||
Derivatives designated as hedging instruments:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Cash flow hedge interest rate caps and swaps
|
$
|
732
|
|
|
$
|
32,423
|
|
|
$
|
907,000
|
|
|
$
|
1,284
|
|
|
$
|
24,823
|
|
|
$
|
907,000
|
|
Fair value hedge interest rate swaps
|
12,385
|
|
|
1,404
|
|
|
133,158
|
|
|
7,658
|
|
|
1,306
|
|
|
133,209
|
|
||||||
Total derivatives designated as hedging instruments
|
$
|
13,117
|
|
|
$
|
33,827
|
|
|
$
|
1,040,158
|
|
|
$
|
8,942
|
|
|
$
|
26,129
|
|
|
$
|
1,040,209
|
|
Derivatives not designated as hedging instruments:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Interest rate swaps and embedded derivatives
|
$
|
35,903
|
|
|
$
|
35,900
|
|
|
$
|
715,043
|
|
|
$
|
24,628
|
|
|
$
|
24,623
|
|
|
$
|
654,134
|
|
Mortgage banking derivatives
|
288
|
|
|
472
|
|
|
198,918
|
|
|
204
|
|
|
92
|
|
|
73,438
|
|
||||||
Total derivatives not designated as hedging instruments
|
$
|
36,191
|
|
|
$
|
36,372
|
|
|
$
|
913,961
|
|
|
$
|
24,832
|
|
|
$
|
24,715
|
|
|
$
|
727,572
|
|
|
Three Months Ended
March 31, |
||||||
|
2016
|
|
2015
|
||||
|
(in thousands)
|
||||||
Amount of loss reclassified from accumulated other comprehensive loss to interest expense
|
$
|
(2,971
|
)
|
|
$
|
(1,629
|
)
|
Amount of loss recognized in other comprehensive income
|
(11,032
|
)
|
|
(8,911
|
)
|
|
Three Months Ended
March 31, |
||||||
|
2016
|
|
2015
|
||||
|
(in thousands)
|
||||||
Derivative - interest rate swaps:
|
|
|
|
||||
Interest income
|
$
|
(99
|
)
|
|
$
|
(54
|
)
|
Interest expense
|
4,728
|
|
|
2,741
|
|
||
Hedged item - loans and long-term borrowings:
|
|
|
|
||||
Interest income
|
$
|
99
|
|
|
$
|
54
|
|
Interest expense
|
(4,719
|
)
|
|
(2,781
|
)
|
|
Three Months Ended
March 31, |
||||||
|
2016
|
|
2015
|
||||
|
(in thousands)
|
||||||
Non-designated hedge interest rate derivatives
|
|
|
|
||||
Other non-interest expense
|
$
|
(297
|
)
|
|
$
|
38
|
|
|
|
|
|
|
|
|
Gross Amounts Not Offset
|
|
|
||||||||||||||
|
Gross Amounts
Recognized
|
|
Gross Amounts
Offset
|
|
Net Amounts
Presented
|
|
Financial
Instruments
|
|
Cash
Collateral
|
|
Net
Amount
|
||||||||||||
|
(in thousands)
|
||||||||||||||||||||||
March 31, 2016
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Interest rate caps and swaps
|
$
|
49,020
|
|
|
$
|
—
|
|
|
$
|
49,020
|
|
|
$
|
(13,117
|
)
|
|
$
|
—
|
|
|
$
|
35,903
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Interest rate caps and swaps
|
$
|
69,727
|
|
|
$
|
—
|
|
|
$
|
69,727
|
|
|
$
|
(13,117
|
)
|
|
$
|
(56,610
|
)
|
|
$
|
—
|
|
Repurchase agreements
|
475,000
|
|
|
—
|
|
|
475,000
|
|
|
—
|
|
|
(475,000
|
)
|
*
|
—
|
|
||||||
Total
|
$
|
544,727
|
|
|
$
|
—
|
|
|
$
|
544,727
|
|
|
$
|
(13,117
|
)
|
|
$
|
(531,610
|
)
|
|
$
|
—
|
|
December 31, 2015
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Interest rate caps and swaps
|
$
|
33,570
|
|
|
$
|
—
|
|
|
$
|
33,570
|
|
|
$
|
(8,942
|
)
|
|
$
|
—
|
|
|
$
|
24,628
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Interest rate caps and swaps
|
$
|
50,752
|
|
|
$
|
—
|
|
|
$
|
50,752
|
|
|
$
|
(8,942
|
)
|
|
$
|
(41,810
|
)
|
|
$
|
—
|
|
Repurchase agreements
|
475,000
|
|
|
—
|
|
|
475,000
|
|
|
—
|
|
|
(475,000
|
)
|
*
|
—
|
|
||||||
Total
|
$
|
525,752
|
|
|
$
|
—
|
|
|
$
|
525,752
|
|
|
$
|
(8,942
|
)
|
|
$
|
(516,810
|
)
|
|
$
|
—
|
|
|
*
|
Represents fair value of non-cash pledged investment securities.
|
|
March 31,
2016 |
|
December 31,
2015 |
||||
|
(in thousands)
|
||||||
Other Assets:
|
|
|
|
||||
Affordable housing tax credit investments, net
|
$
|
31,370
|
|
|
$
|
32,094
|
|
Other tax credit investments, net
|
64,141
|
|
|
70,681
|
|
||
Total tax credit investments, net
|
$
|
95,511
|
|
|
$
|
102,775
|
|
Other Liabilities:
|
|
|
|
||||
Unfunded affordable housing tax credit commitments
|
$
|
7,330
|
|
|
$
|
7,330
|
|
Unfunded other tax credit commitments
|
6,165
|
|
|
12,545
|
|
||
Total unfunded tax credit commitments
|
$
|
13,495
|
|
|
$
|
19,875
|
|
|
Three Months Ended
March 31, |
||||||
|
2016
|
|
2015
|
||||
|
(in thousands)
|
||||||
Components of Income Tax Expense:
|
|
|
|
||||
Affordable housing tax credits and other tax benefits
|
$
|
1,065
|
|
|
$
|
1,731
|
|
Other tax credit investment credits and tax benefits
|
3,268
|
|
|
3,618
|
|
||
Total reduction in income tax expense
|
$
|
4,333
|
|
|
$
|
5,349
|
|
Amortization of Tax Credit Investments:
|
|
|
|
||||
Affordable housing tax credit investment losses
|
$
|
584
|
|
|
$
|
677
|
|
Affordable housing tax credit investment impairment losses
|
140
|
|
|
488
|
|
||
Other tax credit investment losses
|
74
|
|
|
297
|
|
||
Other tax credit investment impairment losses
|
6,466
|
|
|
3,034
|
|
||
Total amortization of tax credit investments recorded in non-interest expense
|
$
|
7,264
|
|
|
$
|
4,496
|
|
•
|
weakness or a decline in the U.S. economy, in particular in New Jersey, New York Metropolitan area (including Long Island) and Florida;
|
•
|
unexpected changes in market interest rates for interest earning assets and/or interest bearing liabilities;
|
•
|
less than expected cost savings from the maturity, modification or prepayment of long-term borrowings that mature through 2022;
|
•
|
further prepayment penalties related to the early extinguishment of high cost borrowings;
|
•
|
less than expected cost savings in 2016 and 2017 from Valley's branch efficiency and cost reduction plans;
|
•
|
lower than expected cash flows from purchased credit-impaired loans;
|
•
|
claims and litigation pertaining to fiduciary responsibility, contractual issues, environmental laws and other matters;
|
•
|
cyber attacks, computer viruses or other malware that may breach the security of our websites or other systems to obtain unauthorized access to confidential information, destroy data, disable or degrade service, or sabotage our systems;
|
•
|
Results of examinations by the OCC, the FRB, the CFPB and other regulatory authorities, including the possibility that any such regulatory authority may, among other things, require us to increase our allowance for credit losses, write-down assets, require us to reimburse customers, change the way we do business, or limit or eliminate certain other banking activities;
|
•
|
government intervention in the U.S. financial system and the effects of and changes in trade and monetary and fiscal policies and laws, including the interest rate policies of the Federal Reserve;
|
•
|
our inability to pay dividends at current levels, or at all, because of inadequate future earnings, regulatory restrictions or limitations, and changes in the composition of qualifying regulatory capital and minimum capital requirements (including those resulting from the U.S. implementation of Basel III requirements);
|
•
|
higher than expected loan losses within one or more segments of our loan portfolio;
|
•
|
unexpected significant declines in the loan portfolio due to the lack of economic expansion, increased competition, large prepayments, changes in regulatory lending guidance or other factors;
|
•
|
unanticipated credit deterioration in our loan portfolio;
|
•
|
unanticipated loan delinquencies, loss of collateral, decreased service revenues, and other potential negative effects on our business caused by severe weather or other external events;
|
•
|
an unexpected decline in real estate values within our market areas;
|
•
|
changes in accounting policies or accounting standards, including the potential issuance of new authoritative accounting guidance which may increase the required level of our allowance for credit losses;
|
•
|
higher than expected income tax expense or tax rates, including increases resulting from changes in tax laws, regulations and case law;
|
•
|
higher than expected FDIC insurance assessments;
|
•
|
the failure of other financial institutions with whom we have trading, clearing, counterparty and other financial relationships;
|
•
|
lack of liquidity to fund our various cash obligations;
|
•
|
unanticipated reduction in our deposit base;
|
•
|
potential acquisitions that may disrupt our business;
|
•
|
declines in value in our investment portfolio, including additional other-than-temporary impairment charges on our investment securities;
|
•
|
future goodwill impairment due to changes in our business, changes in market conditions, or other factors;
|
•
|
legislative and regulatory actions (including the impact of the Dodd-Frank Wall Street Reform and Consumer Protection Act and related regulations) subject us to additional regulatory oversight which may result in higher compliance costs and/or require us to change our business model;
|
•
|
our inability to promptly adapt to technological changes;
|
•
|
our internal controls and procedures may not be adequate to prevent losses;
|
•
|
the inability to realize expected revenue synergies from the CNL merger in the amounts or in the timeframe anticipated;
|
•
|
inability to retain customers and employees, including those of CNL; and
|
•
|
other unexpected material adverse changes in our operations or earnings.
|
|
For the Month Ended
|
|||||||||||||
|
March 31,
2016
|
|
December 31,
2015 |
|
September 30,
2015
|
|
June 30,
2015
|
|
March 31,
2015
|
|||||
Selected Economic Indicators:
|
|
|
|
|
|
|
|
|
|
|||||
Unemployment rate:
|
|
|
|
|
|
|
|
|
|
|||||
U.S.
|
5.00
|
%
|
|
5.00
|
%
|
|
5.10
|
%
|
|
5.30
|
%
|
|
5.50
|
%
|
New York Metro Region
(1)
|
4.70
|
|
|
4.40
|
|
|
5.10
|
|
|
5.60
|
|
|
6.50
|
|
New Jersey
|
4.40
|
|
|
5.10
|
|
|
5.60
|
|
|
6.10
|
|
|
6.50
|
|
New York
|
4.80
|
|
|
4.80
|
|
|
5.10
|
|
|
5.50
|
|
|
5.70
|
|
Miami-Fort Lauderdale Metro Region
|
4.90
|
|
|
5.00
|
|
|
5.70
|
|
|
5.60
|
|
|
5.30
|
|
Florida
|
4.90
|
|
|
5.00
|
|
|
5.20
|
|
|
5.50
|
|
|
5.70
|
|
|
Three Months Ended
|
|||||||||||||
|
March 31,
2016
|
|
December 31,
2015 |
|
September 30,
2015
|
|
June 30,
2015
|
|
March 31,
2015
|
|||||
2-year U.S. Treasury rate
(2)
|
0.84
|
%
|
|
0.84
|
%
|
|
0.69
|
%
|
|
0.61
|
%
|
|
0.60
|
%
|
10-year U.S. Treasury rate
(2)
|
1.91
|
|
|
2.19
|
|
|
2.22
|
|
|
2.16
|
|
|
1.97
|
|
Real Gross Domestic Product
(3)
|
0.50
|
|
|
1.40
|
|
|
2.00
|
|
|
3.90
|
|
|
0.60
|
|
Change in personal income
(4)
:
|
|
|
|
|
|
|
|
|
|
|||||
New Jersey
|
NA
|
|
|
3.8
|
|
|
4.44
|
|
|
4.27
|
|
|
3.87
|
|
New York
|
NA
|
|
|
3.6
|
|
|
4.59
|
|
|
4.59
|
|
|
3.44
|
|
Florida
|
NA
|
|
|
4.8
|
|
|
5.35
|
|
|
5.19
|
|
|
5.16
|
|
Homeowner vacancy rates:
|
|
|
|
|
|
|
|
|
|
|||||
New Jersey
|
1.80
|
|
|
1.40
|
|
|
1.40
|
|
|
1.80
|
|
|
1.80
|
|
New York
|
2.20
|
|
|
2.40
|
|
|
1.60
|
|
|
1.90
|
|
|
2.20
|
|
Florida
|
2.30
|
|
|
2.70
|
|
|
2.60
|
|
|
1.90
|
|
|
2.20
|
|
Number of U.S. regional existing home sales
(5)
:
|
|
|
|
|
|
|
|
|
|
|||||
Northeast census region
|
696,667
|
|
|
733,333
|
|
|
720,000
|
|
|
676,667
|
|
|
613,333
|
|
South census region
|
2,226,667
|
|
|
2,120,000
|
|
|
2,210,000
|
|
|
2,146,667
|
|
|
2,123,333
|
|
Number of building permits authorized for new homes
(2)
:
|
|
|
|
|
|
|
|
|
|
|||||
New Jersey
|
2,594
|
|
|
2,893
|
|
|
2,159
|
|
|
3,449
|
|
|
2,092
|
|
New York
|
2,345
|
|
|
5,495
|
|
|
2,982
|
|
|
10,387
|
|
|
3,891
|
|
Florida
|
8,619
|
|
|
10,141
|
|
|
9,003
|
|
|
8,374
|
|
|
8,046
|
|
|
(1)
|
As reported by the Bureau of Labor Statistics for the NY-NJ-PA Metropolitan Statistical Area.
|
(2)
|
Quarterly average for the period presented.
|
(3)
|
Quarterly, compounded annual rate of change.
|
(4)
|
Quarterly average,
y
ear over year percent change.
|
|
Three Months Ended
March 31, |
||||
|
2016
|
|
2015
|
||
Return on average assets
|
0.67
|
%
|
|
0.64
|
%
|
Return on average shareholders’ equity
|
6.52
|
|
|
6.49
|
|
Return on average tangible shareholders’ equity (ROATE)
|
9.75
|
|
|
9.66
|
|
|
Three Months Ended
March 31, |
||||||
|
2016
|
|
2015
|
||||
|
($ in thousands)
|
||||||
Net income
|
$
|
36,187
|
|
|
$
|
30,341
|
|
Average shareholders’ equity
|
2,219,570
|
|
|
1,869,754
|
|
||
Less: Average goodwill and other intangible assets
|
(735,438
|
)
|
|
(613,556
|
)
|
||
Average tangible shareholders’ equity
|
$
|
1,484,132
|
|
|
$
|
1,256,198
|
|
Annualized ROATE
|
9.75
|
%
|
|
9.66
|
%
|
|
Three Months Ended
|
|||||||||||||||||||||||||||||||
|
March 31, 2016
|
|
December 31, 2015
|
|
March 31, 2015
|
|||||||||||||||||||||||||||
|
Average
Balance
|
|
Interest
|
|
Average
Rate
|
|
Average
Balance
|
|
Interest
|
|
Average
Rate
|
|
Average
Balance
|
|
Interest
|
|
Average
Rate
|
|||||||||||||||
|
($ in thousands)
|
|||||||||||||||||||||||||||||||
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Interest earning assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Loans (1)(2)
|
$
|
15,993,543
|
|
|
$
|
166,075
|
|
|
4.15
|
%
|
|
$
|
15,343,468
|
|
|
$
|
167,417
|
|
|
4.36
|
%
|
|
$
|
13,569,031
|
|
|
$
|
150,488
|
|
|
4.44
|
%
|
Taxable investments (3)
|
2,497,986
|
|
|
15,479
|
|
|
2.48
|
|
|
2,076,720
|
|
|
14,281
|
|
|
2.75
|
|
|
2,285,155
|
|
|
16,671
|
|
|
2.92
|
|
||||||
Tax-exempt investments (1)(3)
|
569,265
|
|
|
5,677
|
|
|
3.99
|
|
|
552,471
|
|
|
5,797
|
|
|
4.20
|
|
|
540,838
|
|
|
5,557
|
|
|
4.11
|
|
||||||
Federal funds sold and other interest bearing deposits
|
426,676
|
|
|
357
|
|
|
0.33
|
|
|
243,361
|
|
|
133
|
|
|
0.22
|
|
|
343,875
|
|
|
220
|
|
|
0.26
|
|
||||||
Total interest earning assets
|
19,487,470
|
|
|
187,588
|
|
|
3.85
|
|
|
18,216,020
|
|
|
187,628
|
|
|
4.12
|
|
|
16,738,899
|
|
|
172,936
|
|
|
4.13
|
|
||||||
Allowance for loan losses
|
(107,039
|
)
|
|
|
|
|
|
(106,540
|
)
|
|
|
|
|
|
(104,381
|
)
|
|
|
|
|
||||||||||||
Cash and due from banks
|
296,721
|
|
|
|
|
|
|
287,387
|
|
|
|
|
|
|
435,276
|
|
|
|
|
|
||||||||||||
Other assets
|
2,013,099
|
|
|
|
|
|
|
1,862,536
|
|
|
|
|
|
|
1,783,224
|
|
|
|
|
|
||||||||||||
Unrealized losses on securities available for sale, net
|
(9,973
|
)
|
|
|
|
|
|
(1,981
|
)
|
|
|
|
|
|
(2,993
|
)
|
|
|
|
|
||||||||||||
Total assets
|
$
|
21,680,278
|
|
|
|
|
|
|
$
|
20,257,422
|
|
|
|
|
|
|
$
|
18,850,025
|
|
|
|
|
|
|||||||||
Liabilities and shareholders’ equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Interest bearing liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Savings, NOW and money market deposits
|
$
|
8,334,289
|
|
|
$
|
9,243
|
|
|
0.44
|
%
|
|
$
|
7,724,927
|
|
|
$
|
7,331
|
|
|
0.38
|
%
|
|
$
|
7,143,643
|
|
|
$
|
5,995
|
|
|
0.34
|
%
|
Time deposits
|
3,127,842
|
|
|
9,585
|
|
|
1.23
|
|
|
3,154,781
|
|
|
9,795
|
|
|
1.24
|
|
|
2,757,077
|
|
|
7,974
|
|
|
1.16
|
|
||||||
Total interest bearing deposits
|
11,462,131
|
|
|
18,828
|
|
|
0.66
|
|
|
10,879,708
|
|
|
17,126
|
|
|
0.63
|
|
|
9,900,720
|
|
|
13,969
|
|
|
0.56
|
|
||||||
Short-term borrowings
|
1,061,011
|
|
|
1,872
|
|
|
0.71
|
|
|
417,097
|
|
|
492
|
|
|
0.47
|
|
|
128,085
|
|
|
94
|
|
|
0.29
|
|
||||||
Long-term borrowings (4)
|
1,812,556
|
|
|
16,744
|
|
|
3.70
|
|
|
2,071,323
|
|
|
19,930
|
|
|
3.85
|
|
|
2,569,864
|
|
|
24,836
|
|
|
3.87
|
|
||||||
Total interest bearing liabilities
|
14,335,698
|
|
|
37,444
|
|
|
1.04
|
|
|
13,368,128
|
|
|
37,548
|
|
|
1.12
|
|
|
12,598,669
|
|
|
38,899
|
|
|
1.24
|
|
||||||
Non-interest bearing deposits
|
4,918,463
|
|
|
|
|
|
|
4,641,768
|
|
|
|
|
|
|
4,209,827
|
|
|
|
|
|
||||||||||||
Other liabilities
|
206,547
|
|
|
|
|
|
|
178,442
|
|
|
|
|
|
|
171,775
|
|
|
|
|
|
||||||||||||
Shareholders’ equity
|
2,219,570
|
|
|
|
|
|
|
2,069,084
|
|
|
|
|
|
|
1,869,754
|
|
|
|
|
|
||||||||||||
Total liabilities and shareholders’ equity
|
$
|
21,680,278
|
|
|
|
|
|
|
$
|
20,257,422
|
|
|
|
|
|
|
$
|
18,850,025
|
|
|
|
|
|
|||||||||
Net interest income/interest rate spread (5)
|
|
|
$
|
150,144
|
|
|
2.81
|
%
|
|
|
|
$
|
150,080
|
|
|
3.00
|
%
|
|
|
|
$
|
134,037
|
|
|
2.89
|
%
|
||||||
Tax equivalent adjustment
|
|
|
(1,991
|
)
|
|
|
|
|
|
(2,034
|
)
|
|
|
|
|
|
(1,951
|
)
|
|
|
||||||||||||
Net interest income, as reported
|
|
|
$
|
148,153
|
|
|
|
|
|
|
$
|
148,046
|
|
|
|
|
|
|
$
|
132,086
|
|
|
|
|||||||||
Net interest margin (6)
|
|
|
|
|
3.04
|
%
|
|
|
|
|
|
3.25
|
%
|
|
|
|
|
|
3.16
|
%
|
||||||||||||
Tax equivalent effect
|
|
|
|
|
0.04
|
%
|
|
|
|
|
|
0.05
|
%
|
|
|
|
|
|
0.04
|
%
|
||||||||||||
Net interest margin on a fully tax equivalent basis (6)
|
|
|
|
|
3.08
|
%
|
|
|
|
|
|
3.30
|
%
|
|
|
|
|
|
3.20
|
%
|
|
(1)
|
Interest income is presented on a tax equivalent basis using a
35 percent
federal tax rate.
|
(2)
|
Loans are stated net of unearned income and include non-accrual loans.
|
(3)
|
The yield for securities that are classified as available for sale is based on the average historical amortized cost.
|
(4)
|
Includes junior subordinated debentures issued to capital trusts which are presented separately on the consolidated
|
(5)
|
Interest rate spread represents the difference between the average yield on interest earning assets and the average cost of interest bearing liabilities and is presented on a fully tax equivalent basis.
|
(6)
|
Net interest income as a percentage of total average interest earning assets.
|
|
Three Months Ended
March 31, 2016 Compared to March 31, 2015 |
||||||||||
|
Change
Due to
Volume
|
|
Change
Due to
Rate
|
|
Total
Change
|
||||||
|
(in thousands)
|
||||||||||
Interest Income:
|
|
|
|
|
|
||||||
Loans*
|
$
|
25,626
|
|
|
$
|
(10,039
|
)
|
|
$
|
15,587
|
|
Taxable investments
|
1,463
|
|
|
(2,655
|
)
|
|
(1,192
|
)
|
|||
Tax-exempt investments*
|
287
|
|
|
(167
|
)
|
|
120
|
|
|||
Federal funds sold and other interest bearing deposits
|
60
|
|
|
77
|
|
|
137
|
|
|||
Total increase (decrease) in interest income
|
27,436
|
|
|
(12,784
|
)
|
|
14,652
|
|
|||
Interest Expense:
|
|
|
|
|
|
||||||
Savings, NOW and money market deposits
|
1,109
|
|
|
2,139
|
|
|
3,248
|
|
|||
Time deposits
|
1,117
|
|
|
494
|
|
|
1,611
|
|
|||
Short-term borrowings
|
1,491
|
|
|
287
|
|
|
1,778
|
|
|||
Long-term borrowings and junior subordinated debentures
|
(7,038
|
)
|
|
(1,054
|
)
|
|
(8,092
|
)
|
|||
Total (decrease) increase in interest expense
|
(3,321
|
)
|
|
1,866
|
|
|
(1,455
|
)
|
|||
Total increase (decrease) in net interest income
|
$
|
30,757
|
|
|
$
|
(14,650
|
)
|
|
$
|
16,107
|
|
|
*
|
Interest income is presented on a tax equivalent basis using a
35 percent
tax rate.
|
|
Three Months Ended
March 31, |
||||||
|
2016
|
|
2015
|
||||
|
(in thousands)
|
||||||
Trust and investment services
|
$
|
2,440
|
|
|
$
|
2,494
|
|
Insurance commissions
|
4,708
|
|
|
4,205
|
|
||
Service charges on deposit accounts
|
5,103
|
|
|
5,290
|
|
||
Gains on securities transactions, net
|
271
|
|
|
2,416
|
|
||
Fees from loan servicing
|
1,594
|
|
|
1,603
|
|
||
Gains on sales of loans, net
|
1,795
|
|
|
598
|
|
||
(Losses) gains on sales of assets, net
|
(10
|
)
|
|
281
|
|
||
Bank owned life insurance
|
1,963
|
|
|
1,764
|
|
||
Change in FDIC loss-share receivable
|
(560
|
)
|
|
(3,920
|
)
|
||
Other
|
4,144
|
|
|
3,914
|
|
||
Total non-interest income
|
$
|
21,448
|
|
|
$
|
18,645
|
|
|
Three Months Ended
March 31, |
||||||
|
2016
|
|
2015
|
||||
|
|
||||||
Salary and employee benefits expense
|
$
|
60,259
|
|
|
$
|
56,712
|
|
Net occupancy and equipment expense
|
22,789
|
|
|
22,200
|
|
||
FDIC insurance assessment
|
5,099
|
|
|
3,792
|
|
||
Amortization of other intangible assets
|
2,849
|
|
|
2,393
|
|
||
Professional and legal fees
|
3,895
|
|
|
3,341
|
|
||
Amortization of tax credit investments
|
7,264
|
|
|
4,496
|
|
||
Telecommunications expense
|
2,386
|
|
|
2,006
|
|
||
Other
|
13,684
|
|
|
13,178
|
|
||
Total non-interest expense
|
$
|
118,225
|
|
|
$
|
108,118
|
|
|
Three Months Ended March 31, 2016
|
||||||||||||||||||
|
Consumer
Lending
|
|
Commercial
Lending
|
|
Investment
Management
|
|
Corporate
and Other
Adjustments
|
|
Total
|
||||||||||
|
($ in thousands)
|
||||||||||||||||||
Average interest earning assets
|
$
|
5,195,629
|
|
|
$
|
10,797,914
|
|
|
$
|
3,493,927
|
|
|
$
|
—
|
|
|
$
|
19,487,470
|
|
Income (loss) before income taxes
|
14,101
|
|
|
43,867
|
|
|
4,003
|
|
|
(11,395
|
)
|
|
50,576
|
|
|||||
Annualized return on average interest earning assets (before tax)
|
1.09
|
%
|
|
1.63
|
%
|
|
0.46
|
%
|
|
N/A
|
|
|
1.04
|
%
|
|
Three Months Ended March 31, 2015
|
||||||||||||||||||
|
Consumer
Lending
|
|
Commercial
Lending
|
|
Investment
Management
|
|
Corporate
and Other
Adjustments
|
|
Total
|
||||||||||
|
($ in thousands)
|
||||||||||||||||||
Average interest earning assets
|
$
|
4,503,490
|
|
|
$
|
9,065,541
|
|
|
$
|
3,169,868
|
|
|
$
|
—
|
|
|
$
|
16,738,899
|
|
Income (loss) before income taxes
|
10,659
|
|
|
33,623
|
|
|
4,559
|
|
|
(6,228
|
)
|
|
42,613
|
|
|||||
Annualized return on average interest earning assets (before tax)
|
0.95
|
%
|
|
1.48
|
%
|
|
0.58
|
%
|
|
N/A
|
|
|
1.02
|
%
|
|
Estimated Change in
Future Net Interest Income*
|
|||||
Changes in Interest Rates
|
Dollar
Change
|
|
Percentage
Change
|
|||
(in basis points)
|
($ in thousands)
|
|||||
+200
|
$
|
(6,586
|
)
|
|
(1.08
|
)%
|
+100
|
(1,823
|
)
|
|
(0.30
|
)
|
|
–100
|
(5,107
|
)
|
|
(0.84
|
)
|
|
March 31, 2016
|
||||||||||||||
|
Amortized
Cost
|
|
Gross
Unrealized
Gains
|
|
Gross
Unrealized
Losses
|
|
Fair Value
|
||||||||
|
(in thousands)
|
||||||||||||||
Held to maturity investment grades:*
|
|
|
|
|
|
|
|
||||||||
AAA Rated
|
$
|
1,160,489
|
|
|
$
|
41,120
|
|
|
$
|
(3,662
|
)
|
|
$
|
1,197,947
|
|
AA Rated
|
249,581
|
|
|
13,980
|
|
|
—
|
|
|
263,561
|
|
||||
A Rated
|
41,453
|
|
|
3,693
|
|
|
—
|
|
|
45,146
|
|
||||
Non-investment grade
|
3,778
|
|
|
13
|
|
|
(94
|
)
|
|
3,697
|
|
||||
Not rated
|
163,165
|
|
|
48
|
|
|
(13,340
|
)
|
|
149,873
|
|
||||
Total investment securities held to maturity
|
$
|
1,618,466
|
|
|
$
|
58,854
|
|
|
$
|
(17,096
|
)
|
|
$
|
1,660,224
|
|
Available for sale investment grades:*
|
|
|
|
|
|
|
|
||||||||
AAA Rated
|
$
|
1,244,076
|
|
|
$
|
9,505
|
|
|
$
|
(2,774
|
)
|
|
$
|
1,250,807
|
|
AA Rated
|
83,893
|
|
|
2,057
|
|
|
(1,523
|
)
|
|
84,427
|
|
||||
A Rated
|
28,196
|
|
|
79
|
|
|
(31
|
)
|
|
28,244
|
|
||||
BBB Rated
|
49,724
|
|
|
783
|
|
|
(2,866
|
)
|
|
47,641
|
|
||||
Non-investment grade
|
17,764
|
|
|
356
|
|
|
(1,886
|
)
|
|
16,234
|
|
||||
Not rated
|
25,560
|
|
|
252
|
|
|
(676
|
)
|
|
25,136
|
|
||||
Total investment securities available for sale
|
$
|
1,449,213
|
|
|
$
|
13,032
|
|
|
$
|
(9,756
|
)
|
|
$
|
1,452,489
|
|
|
*
|
Rated using external rating agencies (primarily S&P and Moody’s). Ratings categories include the entire range. For example, “A rated” includes A+, A, and A-. Split rated securities with two ratings are categorized at the higher of the rating levels.
|
|
March 31,
2016 |
|
December 31,
2015 |
|
September 30,
2015 |
|
June 30,
2015 |
|
March 31, 2015
|
||||||||||
|
($ in thousands)
|
||||||||||||||||||
Loans
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial and industrial
|
$
|
2,537,545
|
|
|
$
|
2,540,491
|
|
|
$
|
2,400,618
|
|
|
$
|
2,372,031
|
|
|
$
|
2,367,927
|
|
Commercial real estate:
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial real estate
|
7,585,139
|
|
|
7,424,636
|
|
|
6,960,677
|
|
|
6,783,149
|
|
|
6,205,873
|
|
|||||
Construction
|
776,057
|
|
|
754,947
|
|
|
569,653
|
|
|
586,068
|
|
|
542,014
|
|
|||||
Total commercial real estate
|
8,361,196
|
|
|
8,179,583
|
|
|
7,530,330
|
|
|
7,369,217
|
|
|
6,747,887
|
|
|||||
Residential mortgage
|
3,101,814
|
|
|
3,130,541
|
|
|
2,999,262
|
|
|
2,704,081
|
|
|
2,648,011
|
|
|||||
Consumer:
|
|
|
|
|
|
|
|
|
|
||||||||||
Home equity
|
491,555
|
|
|
511,203
|
|
|
478,129
|
|
|
482,366
|
|
|
485,859
|
|
|||||
Automobile
|
1,188,063
|
|
|
1,239,313
|
|
|
1,219,758
|
|
|
1,198,064
|
|
|
1,162,963
|
|
|||||
Other consumer
|
455,814
|
|
|
441,976
|
|
|
388,717
|
|
|
354,535
|
|
|
321,814
|
|
|||||
Total consumer loans
|
2,135,432
|
|
|
2,192,492
|
|
|
2,086,604
|
|
|
2,034,965
|
|
|
1,970,636
|
|
|||||
Total loans
|
16,135,987
|
|
|
16,043,107
|
|
|
15,016,814
|
|
|
14,480,294
|
|
|
13,734,461
|
|
|||||
As a percent of total loans:
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial and industrial
|
15.8
|
%
|
|
15.8
|
%
|
|
16.0
|
%
|
|
16.4
|
%
|
|
17.3
|
%
|
|||||
Commercial real estate
|
51.8
|
%
|
|
51.0
|
%
|
|
50.1
|
%
|
|
50.9
|
%
|
|
49.1
|
%
|
|||||
Residential mortgage
|
19.2
|
%
|
|
19.5
|
%
|
|
20.0
|
%
|
|
18.7
|
%
|
|
19.3
|
%
|
|||||
Consumer loans
|
13.2
|
%
|
|
13.7
|
%
|
|
13.9
|
%
|
|
14.0
|
%
|
|
14.3
|
%
|
|||||
Total
|
100.0
|
%
|
|
100.0
|
%
|
|
100.0
|
%
|
|
100.0
|
%
|
|
100.0
|
%
|
|
(1)
|
I
ncludes covered loans (primarily consisting of commercial real estate loans and residential mortgage loans) totaling $86.8 million, $122.3 million, $129.5 million, $145.2 million and $183.7 million at
March 31, 2016
,
December 31, 2015
,
September 30, 2015
,
June 30, 2015
and
March 31, 2015
respectively.
|
(2)
|
Total non-covered loans include net unearned premiums and deferred loan costs of
$5.6 million
, $3.5 million and $106 thousand at
March 31, 2016
,
December 31, 2015
and
September 30, 2015
, respectively, and net unearned discounts and deferred loan fees of $2.1 million and $9.2 million at
June 30, 2015
and
March 31, 2015
, respectively.
|
|
Three Months Ended March 31,
|
||||||||||||||
|
2016
|
|
2015
|
||||||||||||
|
Carrying
Amount, Net
|
|
Accretable
Yield
|
|
Carrying
Amount, Net
|
|
Accretable
Yield
|
||||||||
|
(in thousands)
|
||||||||||||||
PCI loans:
|
|
|
|
|
|
|
|
||||||||
Balance, beginning of the period
|
$
|
2,240,471
|
|
|
$
|
415,179
|
|
|
$
|
1,721,601
|
|
|
$
|
336,208
|
|
Accretion
|
28,059
|
|
|
(28,059
|
)
|
|
26,350
|
|
|
(26,350
|
)
|
||||
Payments received
|
(149,645
|
)
|
|
—
|
|
|
(98,187
|
)
|
|
—
|
|
||||
Transfers to other real estate owned
|
(270
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Other, net
|
(3,194
|
)
|
|
—
|
|
|
(583
|
)
|
|
—
|
|
||||
Balance, end of the period
|
$
|
2,115,421
|
|
|
$
|
387,120
|
|
|
$
|
1,649,181
|
|
|
$
|
309,858
|
|
|
March 31, 2016
|
|
December 31,
2015 |
|
September 30, 2015
|
|
June 30,
2015 |
|
March 31, 2015
|
||||||||||
|
($ in thousands)
|
||||||||||||||||||
Accruing past due loans:
(1)
|
|
||||||||||||||||||
30 to 59 days past due:
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial and industrial
|
$
|
8,395
|
|
|
$
|
3,920
|
|
|
$
|
2,081
|
|
|
$
|
1,080
|
|
|
$
|
4,472
|
|
Commercial real estate
|
1,389
|
|
|
2,684
|
|
|
2,950
|
|
|
1,542
|
|
|
4,775
|
|
|||||
Construction
|
1,326
|
|
|
1,876
|
|
|
4,707
|
|
|
404
|
|
|
6,577
|
|
|||||
Residential mortgage
|
14,628
|
|
|
6,681
|
|
|
5,617
|
|
|
4,690
|
|
|
12,498
|
|
|||||
Consumer
|
3,200
|
|
|
3,348
|
|
|
3,491
|
|
|
2,440
|
|
|
2,875
|
|
|||||
Total 30 to 59 days past due
|
28,938
|
|
|
18,509
|
|
|
18,846
|
|
|
10,156
|
|
|
31,197
|
|
|||||
60 to 89 days past due:
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial and industrial
|
613
|
|
|
524
|
|
|
1,996
|
|
|
475
|
|
|
90
|
|
|||||
Commercial real estate
|
120
|
|
|
—
|
|
|
1,415
|
|
|
2,182
|
|
|
1,883
|
|
|||||
Construction
|
—
|
|
|
2,799
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Residential mortgage
|
3,056
|
|
|
1,626
|
|
|
1,977
|
|
|
1,280
|
|
|
1,782
|
|
|||||
Consumer
|
731
|
|
|
626
|
|
|
722
|
|
|
644
|
|
|
837
|
|
|||||
Total 60 to 89 days past due
|
4,520
|
|
|
5,575
|
|
|
6,110
|
|
|
4,581
|
|
|
4,592
|
|
|||||
90 or more days past due:
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial and industrial
|
221
|
|
|
213
|
|
|
224
|
|
|
226
|
|
|
208
|
|
|||||
Commercial real estate
|
131
|
|
|
131
|
|
|
245
|
|
|
133
|
|
|
2,792
|
|
|||||
Construction
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Residential mortgage
|
2,613
|
|
|
1,504
|
|
|
3,468
|
|
|
3,014
|
|
|
564
|
|
|||||
Consumer
|
66
|
|
|
208
|
|
|
166
|
|
|
160
|
|
|
262
|
|
|||||
Total 90 or more days past due
|
3,031
|
|
|
2,056
|
|
|
4,103
|
|
|
3,533
|
|
|
3,826
|
|
|||||
Total accruing past due loans
|
$
|
36,489
|
|
|
$
|
26,140
|
|
|
$
|
29,059
|
|
|
$
|
18,270
|
|
|
$
|
39,615
|
|
Non-accrual loans:
(1)
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial and industrial
|
$
|
11,484
|
|
|
$
|
10,913
|
|
|
$
|
12,845
|
|
|
$
|
9,019
|
|
|
$
|
8,285
|
|
Commercial real estate
|
26,604
|
|
|
24,888
|
|
|
22,129
|
|
|
21,760
|
|
|
24,850
|
|
|||||
Construction
|
5,978
|
|
|
6,163
|
|
|
5,959
|
|
|
4,775
|
|
|
5,144
|
|
|||||
Residential mortgage
|
16,747
|
|
|
17,930
|
|
|
16,657
|
|
|
17,269
|
|
|
17,127
|
|
|||||
Consumer
|
1,807
|
|
|
2,206
|
|
|
1,634
|
|
|
1,855
|
|
|
2,138
|
|
|||||
Total non-accrual loans
|
62,620
|
|
|
62,100
|
|
|
59,224
|
|
|
54,678
|
|
|
57,544
|
|
|||||
Other real estate owned (OREO)
(2)
|
12,368
|
|
|
13,563
|
|
|
14,691
|
|
|
14,476
|
|
|
13,184
|
|
|||||
Other repossessed assets
|
495
|
|
|
437
|
|
|
369
|
|
|
1,510
|
|
|
477
|
|
|||||
Non-accrual debt securities
(3)
|
2,102
|
|
|
2,142
|
|
|
2,182
|
|
|
2,123
|
|
|
2,030
|
|
|||||
Total non-performing assets (NPAs)
|
$
|
77,585
|
|
|
$
|
78,242
|
|
|
$
|
76,466
|
|
|
$
|
72,787
|
|
|
$
|
73,235
|
|
Performing troubled debt restructured loans
|
$
|
80,506
|
|
|
$
|
77,627
|
|
|
$
|
91,210
|
|
|
$
|
97,625
|
|
|
$
|
100,524
|
|
Total non-accrual loans as a % of loans
|
0.39
|
%
|
|
0.39
|
%
|
|
0.39
|
%
|
|
0.38
|
%
|
|
0.42
|
%
|
|||||
Total NPAs as a % of loans and NPAs
|
0.48
|
|
|
0.49
|
|
|
0.51
|
|
|
0.50
|
|
|
0.53
|
|
|||||
Total accruing past due and non-accrual loans as a % of loans
|
0.61
|
|
|
0.55
|
|
|
0.59
|
|
|
0.50
|
|
|
0.71
|
|
|||||
Allowance for loan losses as a % of non-accrual loans
|
168.34
|
|
|
170.98
|
|
|
176.53
|
|
|
188.07
|
|
|
178.35
|
|
|
(1)
|
Past due loans and non-accrual loans exclude PCI loans that are accounted for on a pool basis.
|
(2)
|
This table excludes covered OREO properties related to FDIC-assisted transactions totaling $2.4 million and $5.0 million at
March 31, 2016
and
December 31, 2015
, respectively, $5.4 million at both September 30, 2015 and June 30, 2015, and $8.6 million at
March 31, 2015
.
|
(3)
|
Includes other-than-temporarily impaired trust preferred securities classified as available for sale, which are presented at carrying value, net of net unrealized losses totaling $651 thousand, $610 thousand, $570 thousand, $630 thousand and $723 thousand at
March 31, 2016
,
December 31, 2015
, September 30, 2015, June 30, 2015 and
March 31, 2015
, respectively.
|
•
|
segmentation of the loan portfolio based on the major loan categories, which consist of commercial, commercial real estate (including construction), residential mortgage, and other consumer loans (including automobile and home equity loans);
|
•
|
tracking the historical levels of classified loans and delinquencies;
|
•
|
assessing the nature and trend of loan charge-offs;
|
•
|
providing specific reserves on impaired loans; and
|
•
|
evaluating the PCI loan pools for additional credit impairment subsequent to the acquisition dates.
|
|
Three Months Ended
|
||||||||||
|
March 31,
2016 |
|
December 31,
2015 |
|
March 31,
2015 |
||||||
|
($ in thousands)
|
||||||||||
Average loans outstanding
|
$
|
15,993,543
|
|
|
$
|
15,343,468
|
|
|
$
|
13,569,031
|
|
Beginning balance - Allowance for credit losses
|
$
|
108,367
|
|
|
$
|
106,697
|
|
|
$
|
104,287
|
|
Loans charged-off:
|
|
|
|
|
|
||||||
Commercial and industrial
|
(1,251
|
)
|
|
(2,825
|
)
|
|
(753
|
)
|
|||
Commercial real estate
|
(105
|
)
|
|
—
|
|
|
(77
|
)
|
|||
Construction
|
—
|
|
|
(10
|
)
|
|
(73
|
)
|
|||
Residential mortgage
|
(81
|
)
|
|
(314
|
)
|
|
(49
|
)
|
|||
Consumer
|
(1,074
|
)
|
|
(799
|
)
|
|
(714
|
)
|
|||
Total charge-offs
|
(2,511
|
)
|
|
(3,948
|
)
|
|
(1,666
|
)
|
|||
Charged-off loans recovered:
|
|
|
|
|
|
||||||
Commercial and industrial
|
526
|
|
|
1,646
|
|
|
1,051
|
|
|||
Commercial real estate
|
89
|
|
|
73
|
|
|
23
|
|
|||
Construction
|
—
|
|
|
—
|
|
|
437
|
|
|||
Residential mortgage
|
15
|
|
|
26
|
|
|
114
|
|
|||
Consumer
|
389
|
|
|
366
|
|
|
319
|
|
|||
Total recoveries
|
1,019
|
|
|
2,111
|
|
|
1,944
|
|
|||
Net (charge-offs) recoveries
|
(1,492
|
)
|
|
(1,837
|
)
|
|
278
|
|
|||
Provision charged for credit losses
|
800
|
|
|
3,507
|
|
|
—
|
|
|||
Ending balance - Allowance for credit losses
|
$
|
107,675
|
|
|
$
|
108,367
|
|
|
$
|
104,565
|
|
Components of allowance for credit losses:
|
|
|
|
|
|
||||||
Allowance for loan losses
|
$
|
105,415
|
|
|
$
|
106,178
|
|
|
$
|
102,631
|
|
Allowance for unfunded letters of credit
|
2,260
|
|
|
2,189
|
|
|
1,934
|
|
|||
Allowance for credit losses
|
$
|
107,675
|
|
|
$
|
108,367
|
|
|
$
|
104,565
|
|
Components of provision for credit losses:
|
|
|
|
|
|
||||||
Provision for loan losses
|
$
|
729
|
|
|
$
|
3,464
|
|
|
$
|
—
|
|
Provision for unfunded letters of credit
|
71
|
|
|
43
|
|
|
—
|
|
|||
Provision for credit losses
|
$
|
800
|
|
|
$
|
3,507
|
|
|
$
|
—
|
|
|
|
|
|
|
|
||||||
Ratio of net charge-offs (recoveries) to average loans outstanding
|
0.04
|
%
|
|
0.05
|
%
|
|
(0.01
|
)%
|
|||
Allowance for credit losses as a % of non-PCI loans
|
0.77
|
|
|
0.79
|
|
|
0.87
|
|
|||
Allowance for credit losses as a % of total loans
|
0.67
|
|
|
0.68
|
|
|
0.76
|
|
|
March 31, 2016
|
|
December 31, 2015
|
|
March 31, 2015
|
|||||||||||||||
|
Allowance
Allocation
|
|
Allocation
as a % of
Loan
Category
|
|
Allowance
Allocation
|
|
Allocation
as a % of
Loan
Category
|
|
Allowance
Allocation
|
|
Allocation
as a % of
Loan
Category
|
|||||||||
|
($ in thousands)
|
|||||||||||||||||||
Loan Category:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Commercial and Industrial loans*
|
$
|
50,677
|
|
|
2.00
|
%
|
|
$
|
50,956
|
|
|
2.01
|
%
|
|
$
|
46,827
|
|
|
1.98
|
%
|
Commercial real estate loans:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Commercial real estate
|
31,812
|
|
|
0.42
|
%
|
|
32,037
|
|
|
0.43
|
%
|
|
26,335
|
|
|
0.42
|
%
|
|||
Construction
|
16,642
|
|
|
2.14
|
%
|
|
15,969
|
|
|
2.12
|
%
|
|
15,321
|
|
|
2.83
|
%
|
|||
Total commercial real estate loans
|
48,454
|
|
|
0.58
|
%
|
|
48,006
|
|
|
0.59
|
%
|
|
41,656
|
|
|
0.62
|
%
|
|||
Residential mortgage loans
|
4,209
|
|
|
0.14
|
%
|
|
4,625
|
|
|
0.15
|
%
|
|
4,092
|
|
|
0.15
|
%
|
|||
Consumer loans:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Home equity
|
1,061
|
|
|
0.22
|
%
|
|
1,010
|
|
|
0.20
|
%
|
|
1,588
|
|
|
0.33
|
%
|
|||
Auto and other consumer
|
3,274
|
|
|
0.20
|
%
|
|
3,770
|
|
|
0.22
|
%
|
|
3,384
|
|
|
0.23
|
%
|
|||
Total consumer loans
|
4,335
|
|
|
0.20
|
%
|
|
4,780
|
|
|
0.22
|
%
|
|
4,972
|
|
|
0.25
|
%
|
|||
Unallocated
|
—
|
|
|
|
|
|
—
|
|
|
—
|
|
|
7,018
|
|
|
—
|
|
|||
Total allowance for credit losses
|
$
|
107,675
|
|
|
0.67
|
%
|
|
$
|
108,367
|
|
|
0.68
|
%
|
|
$
|
104,565
|
|
|
0.76
|
%
|
|
*
|
Includes the reserve for unfunded letters of credit.
|
|
Actual
|
|
Minimum Capital
Requirements with Capital Conservation Buffer
|
|
To Be Well Capitalized
Under Prompt Corrective
Action Provision
|
|||||||||||||||
|
Amount
|
|
Ratio
|
|
Amount
|
|
Ratio
|
|
Amount
|
|
Ratio
|
|||||||||
|
($ in thousands)
|
|||||||||||||||||||
As of March 31, 2016
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Total Risk-based Capital
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Valley
|
$
|
1,909,303
|
|
|
11.79
|
%
|
|
$
|
1,396,861
|
|
|
8.625
|
%
|
|
N/A
|
|
|
N/A
|
|
|
Valley National Bank
|
1,853,958
|
|
|
11.48
|
|
|
1,392,714
|
|
|
8.625
|
|
|
$
|
1,614,741
|
|
|
10.00
|
%
|
||
Common Equity Tier 1 Capital
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Valley
|
1,427,350
|
|
|
8.81
|
|
|
830,019
|
|
|
5.125
|
|
|
N/A
|
|
|
N/A
|
|
|||
Valley National Bank
|
1,646,283
|
|
|
10.20
|
|
|
827,555
|
|
|
5.125
|
|
|
1,049,582
|
|
|
6.50
|
|
|||
Tier 1 Risk-based Capital
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Valley
|
1,532,628
|
|
|
9.46
|
|
|
1,072,952
|
|
|
6.625
|
|
|
N/A
|
|
|
N/A
|
|
|||
Valley National Bank
|
1,646,283
|
|
|
10.20
|
|
|
1,069,766
|
|
|
6.625
|
|
|
1,291,793
|
|
|
8.00
|
|
|||
Tier 1 Leverage Capital
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Valley
|
1,532,628
|
|
|
7.32
|
|
|
837,926
|
|
|
4.00
|
|
|
N/A
|
|
|
N/A
|
|
|||
Valley National Bank
|
1,646,283
|
|
|
7.88
|
|
|
835,968
|
|
|
4.00
|
|
|
1,044,960
|
|
|
5.00
|
|
|
Actual
|
|
Minimum Capital
Requirements
|
|
To Be Well Capitalized
Under Prompt Corrective
Action Provision
|
|||||||||||||||
|
Amount
|
|
Ratio
|
|
Amount
|
|
Ratio
|
|
Amount
|
|
Ratio
|
|||||||||
|
($ in thousands)
|
|||||||||||||||||||
As of December 31, 2015
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Total Risk-based Capital
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Valley
|
$
|
1,910,304
|
|
|
12.02
|
%
|
|
$
|
1,271,171
|
|
|
8.00
|
%
|
|
N/A
|
|
|
N/A
|
|
|
Valley National Bank
|
1,826,420
|
|
|
11.53
|
|
|
1,266,942
|
|
|
8.00
|
|
|
$
|
1,583,677
|
|
|
10.00
|
%
|
||
Common Equity Tier 1 Capital
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Valley
|
1,431,973
|
|
|
9.01
|
|
|
715,034
|
|
|
4.50
|
|
|
N/A
|
|
|
N/A
|
|
|||
Valley National Bank
|
1,618,053
|
|
|
10.22
|
|
|
712,655
|
|
|
4.50
|
|
|
1,029,390
|
|
|
6.50
|
|
|||
Tier 1 Risk-based Capital
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Valley
|
1,543,937
|
|
|
9.72
|
|
|
953,378
|
|
|
6.00
|
|
|
N/A
|
|
|
N/A
|
|
|||
Valley National Bank
|
1,618,053
|
|
|
10.22
|
|
|
950,206
|
|
|
6.00
|
|
|
1,266,942
|
|
|
8.00
|
|
|||
Tier 1 Leverage Capital
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Valley
|
1,543,937
|
|
|
7.90
|
|
|
781,388
|
|
|
4.00
|
|
|
N/A
|
|
|
N/A
|
|
|||
Valley National Bank
|
1,618,053
|
|
|
8.29
|
|
|
780,831
|
|
|
4.00
|
|
|
976,039
|
|
|
5.00
|
|
|
March 31,
2016 |
|
December 31,
2015 |
||||
|
($ in thousands, except for share data)
|
||||||
Common shares outstanding
|
254,285,434
|
|
|
253,787,561
|
|
||
Shareholders’ equity
|
$
|
2,219,602
|
|
|
$
|
2,207,091
|
|
Less: Preferred stock
|
111,590
|
|
|
111,590
|
|
||
Less: Goodwill and other intangible assets
|
735,744
|
|
|
735,221
|
|
||
Tangible shareholders’ equity
|
$
|
1,372,268
|
|
|
$
|
1,360,280
|
|
Tangible book value per common share
|
$
|
5.40
|
|
|
$
|
5.36
|
|
Book value per common share
|
$
|
8.29
|
|
|
$
|
8.26
|
|
Item 3.
|
Quantitative and Qualitative Disclosures About Market Risk
|
Item 4.
|
Controls and Procedures
|
Item 1.
|
Legal Proceedings
|
Item 1A.
|
Risk Factors
|
Item 2.
|
Unregistered Sales of Equity Securities and Use of Proceeds
|
Period
|
|
Total Number of
Shares Purchased (1)
|
|
Average
Price Paid
Per Share
|
|
Total Number of Shares
Purchased as Part of
Publicly Announced
Plans (2)
|
|
Maximum Number of
Shares that May Yet Be
Purchased Under the Plans (2)
|
|||||
January 1, 2016 to January 31, 2016
|
|
3,258
|
|
|
$
|
9.55
|
|
|
—
|
|
|
4,112,465
|
|
February 1, 2016 to February 29, 2016
|
|
157,366
|
|
|
8.81
|
|
|
—
|
|
|
4,112,465
|
|
|
March 1, 2016 to March 31, 2016
|
|
8,335
|
|
|
9.39
|
|
|
—
|
|
|
4,112,465
|
|
|
Total
|
|
168,959
|
|
|
$
|
8.85
|
|
|
—
|
|
|
|
|
(1)
|
Represents repurchases made in connection with the vesting of employee restricted stock awards.
|
(2)
|
On January 17, 2007, Valley publicly announced its intention to repurchase up to 4.7 million outstanding common shares in the open market or in privately negotiated transactions. The repurchase plan has no stated expiration date. No repurchase plans or programs expired or terminated during the
three months ended March 31, 2016
.
|
Item 6.
|
Exhibits
|
|
|
|
(3)
|
Articles of Incorporation and By-laws:
|
|
|
(3.1)
|
Restated Certificate of Incorporation of the Registrant, incorporated herein by reference to Exhibit 3.A of the Registrant's Annual Report on Form 10-K filed on February 29, 2016.
|
|
(3.2)
|
Certificate of Designations relating to the 6.25% Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series A, incorporated herein by reference to Exhibit 3.1 of the Registrant’s Form 8-K filed on June 19, 2015.
|
|
(3.3)
|
By-laws of the Registrant, as amended, incorporated herein by reference to Exhibit 3.1 to the Registrant's Form 8-K filed on December 5, 2013.
|
(10)
|
Material Contracts
|
|
|
(10.1)
|
Valley National Bancorp 2016 Long-Term Stock Incentive Plan incorporated herein by reference to Exhibit 10.1 of the Registrant’s Form 8-K filed on May 2, 2016.+
|
|
|
|
|
(10.2)
|
Valley National Bancorp Performance Restricted Stock Unit Award Agreement, under the Valley National Bancorp 2016 Long-Term Stock Incentive Plan incorporated herein by reference to Exhibit 10.2 of the Registrant’s Form 8-K filed on May 2, 2016.+
|
(31.1)
|
|
Certification pursuant to Securities Exchange Rule 13a-14(a)/15d-14(a) signed by Gerald H. Lipkin, Chairman of the Board, President and Chief Executive Officer of the Company.*
|
|
|
|
(31.2)
|
|
Certification pursuant to Securities Exchange Rule 13a-14(a)/15d-14(a) signed by Alan D. Eskow, Senior Executive Vice President and Chief Financial Officer of the Company.*
|
|
|
|
(32)
|
|
Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, signed by Gerald H. Lipkin, Chairman of the Board, President and Chief Executive Officer of the Company, and Alan D. Eskow, Senior Executive Vice President and Chief Financial Officer of the Company.*
|
|
|
|
(101)
|
|
Interactive Data File *
|
|
*
|
Filed herewith.
|
+
|
Management contract and compensatory plan or agreement.
|
|
|
|
|
|
|
|
|
|
VALLEY NATIONAL BANCORP
|
|
|
|
|
(Registrant)
|
|
|
|
||
Date: May 9, 2016
|
|
|
|
/s/ Gerald H. Lipkin
|
|
|
|
|
Gerald H. Lipkin
|
|
|
|
|
Chairman of the Board, President
|
|
|
|
|
and Chief Executive Officer
|
|
|
|
||
Date: May 9, 2016
|
|
|
|
/s/ Alan D. Eskow
|
|
|
|
|
Alan D. Eskow
|
|
|
|
|
Senior Executive Vice President and
|
|
|
|
|
Chief Financial Officer
|
1 Year Valley National Bancorp Chart |
1 Month Valley National Bancorp Chart |
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