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Texas
|
74-1751768
|
(State or other jurisdiction of
incorporation or organization)
|
(I.R.S. Employer
Identification No.)
|
|
|
100 W. Houston Street, San Antonio, Texas
|
78205
|
(Address of principal executive offices)
|
(Zip code)
|
Large accelerated filer
|
ý
|
Accelerated filer
|
¨
|
Non-accelerated filer
|
¨
(Do not check if a smaller reporting company)
|
Smaller reporting company
|
¨
|
|
Page
|
|
Item 1.
|
|
|
|
||
|
||
|
||
|
||
|
||
|
||
Item 2.
|
Management's Discussion and Analysis of Financial Condition and Results of Operations
|
|
Item 3.
|
||
Item 4.
|
||
|
|
|
|
||
Item 1.
|
||
Item 1A.
|
||
Item 2.
|
||
Item 3.
|
||
Item 4.
|
||
Item 5.
|
||
Item 6.
|
||
|
|
|
|
June 30,
2014 |
|
December 31,
2013 |
||||
Assets:
|
|
|
|
||||
Cash and due from banks
|
$
|
809,582
|
|
|
$
|
885,121
|
|
Interest-bearing deposits
|
4,193,255
|
|
|
3,646,756
|
|
||
Federal funds sold and resell agreements
|
17,773
|
|
|
24,248
|
|
||
Total cash and cash equivalents
|
5,020,610
|
|
|
4,556,125
|
|
||
Securities held to maturity, at amortized cost
|
3,065,867
|
|
|
3,139,748
|
|
||
Securities available for sale, at estimated fair value
|
6,322,943
|
|
|
5,895,436
|
|
||
Trading account securities
|
15,489
|
|
|
16,398
|
|
||
Loans, net of unearned discounts
|
10,679,377
|
|
|
9,515,700
|
|
||
Less: Allowance for loan losses
|
(98,286
|
)
|
|
(92,438
|
)
|
||
Net loans
|
10,581,091
|
|
|
9,423,262
|
|
||
Premises and equipment, net
|
369,158
|
|
|
313,331
|
|
||
Goodwill
|
649,020
|
|
|
536,649
|
|
||
Other intangible assets, net
|
15,700
|
|
|
6,345
|
|
||
Cash surrender value of life insurance policies
|
170,245
|
|
|
141,108
|
|
||
Accrued interest receivable and other assets
|
313,316
|
|
|
284,537
|
|
||
Total assets
|
$
|
26,523,439
|
|
|
$
|
24,312,939
|
|
|
|
|
|
||||
Liabilities:
|
|
|
|
||||
Deposits:
|
|
|
|
||||
Non-interest-bearing demand deposits
|
$
|
9,507,581
|
|
|
$
|
8,311,149
|
|
Interest-bearing deposits
|
13,009,025
|
|
|
12,377,637
|
|
||
Total deposits
|
22,516,606
|
|
|
20,688,786
|
|
||
Federal funds purchased and repurchase agreements
|
612,991
|
|
|
668,253
|
|
||
Junior subordinated deferrable interest debentures
|
137,115
|
|
|
123,712
|
|
||
Other long-term borrowings
|
100,000
|
|
|
100,000
|
|
||
Accrued interest payable and other liabilities
|
386,053
|
|
|
218,027
|
|
||
Total liabilities
|
23,752,765
|
|
|
21,798,778
|
|
||
|
|
|
|
||||
Shareholders’ Equity:
|
|
|
|
||||
Preferred stock, par value $0.01 per share; 10,000,000 shares authorized; 6,000,000 Series A shares ($25 liquidation preference) issued at June 30, 2014 and December 31, 2013
|
144,486
|
|
|
144,486
|
|
||
Common stock, par value $0.01 per share; 210,000,000 shares authorized; 63,632,464 shares issued at June 30, 2014 and 61,632,464 shares issued at December 31, 2013
|
637
|
|
|
617
|
|
||
Additional paid-in capital
|
879,580
|
|
|
724,197
|
|
||
Retained earnings
|
1,630,799
|
|
|
1,575,282
|
|
||
Accumulated other comprehensive income, net of tax
|
160,468
|
|
|
140,434
|
|
||
Treasury stock, at cost; 681,246 shares at June 30, 2014 and 1,066,021 shares at December 31, 2013
|
(45,296
|
)
|
|
(70,855
|
)
|
||
Total shareholders’ equity
|
2,770,674
|
|
|
2,514,161
|
|
||
Total liabilities and shareholders’ equity
|
$
|
26,523,439
|
|
|
$
|
24,312,939
|
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
|
2014
|
|
2013
|
|
2014
|
|
2013
|
||||||||
Interest income:
|
|
|
|
|
|
|
|
||||||||
Loans, including fees
|
$
|
110,268
|
|
|
$
|
103,316
|
|
|
$
|
214,583
|
|
|
$
|
205,372
|
|
Securities:
|
|
|
|
|
|
|
|
||||||||
Taxable
|
22,114
|
|
|
25,485
|
|
|
43,517
|
|
|
52,862
|
|
||||
Tax-exempt
|
37,969
|
|
|
28,690
|
|
|
73,533
|
|
|
56,644
|
|
||||
Interest-bearing deposits
|
2,681
|
|
|
1,498
|
|
|
5,085
|
|
|
2,851
|
|
||||
Federal funds sold and resell agreements
|
23
|
|
|
29
|
|
|
43
|
|
|
51
|
|
||||
Total interest income
|
173,055
|
|
|
159,018
|
|
|
336,761
|
|
|
317,780
|
|
||||
Interest expense:
|
|
|
|
|
|
|
|
||||||||
Deposits
|
2,567
|
|
|
3,882
|
|
|
5,128
|
|
|
7,890
|
|
||||
Federal funds purchased and repurchase agreements
|
34
|
|
|
29
|
|
|
61
|
|
|
59
|
|
||||
Junior subordinated deferrable interest debentures
|
601
|
|
|
1,690
|
|
|
1,162
|
|
|
3,363
|
|
||||
Other long-term borrowings
|
224
|
|
|
236
|
|
|
446
|
|
|
474
|
|
||||
Total interest expense
|
3,426
|
|
|
5,837
|
|
|
6,797
|
|
|
11,786
|
|
||||
Net interest income
|
169,629
|
|
|
153,181
|
|
|
329,964
|
|
|
305,994
|
|
||||
Provision for loan losses
|
4,924
|
|
|
3,575
|
|
|
11,524
|
|
|
9,575
|
|
||||
Net interest income after provision for loan losses
|
164,705
|
|
|
149,606
|
|
|
318,440
|
|
|
296,419
|
|
||||
Non-interest income:
|
|
|
|
|
|
|
|
||||||||
Trust and investment management fees
|
26,748
|
|
|
22,561
|
|
|
52,159
|
|
|
44,446
|
|
||||
Service charges on deposit accounts
|
20,462
|
|
|
20,044
|
|
|
40,436
|
|
|
40,088
|
|
||||
Insurance commissions and fees
|
9,823
|
|
|
9,266
|
|
|
22,949
|
|
|
22,336
|
|
||||
Interchange and debit card transaction fees
|
4,627
|
|
|
4,268
|
|
|
8,870
|
|
|
8,279
|
|
||||
Other charges, commissions and fees
|
8,550
|
|
|
8,578
|
|
|
16,757
|
|
|
16,333
|
|
||||
Net gain (loss) on securities transactions
|
2
|
|
|
6
|
|
|
2
|
|
|
11
|
|
||||
Other
|
8,938
|
|
|
7,786
|
|
|
15,467
|
|
|
18,796
|
|
||||
Total non-interest income
|
79,150
|
|
|
72,509
|
|
|
156,640
|
|
|
150,289
|
|
||||
Non-interest expense:
|
|
|
|
|
|
|
|
||||||||
Salaries and wages
|
70,473
|
|
|
66,502
|
|
|
140,690
|
|
|
132,967
|
|
||||
Employee benefits
|
14,806
|
|
|
14,629
|
|
|
32,194
|
|
|
32,620
|
|
||||
Net occupancy
|
13,733
|
|
|
12,645
|
|
|
26,686
|
|
|
24,624
|
|
||||
Furniture and equipment
|
15,207
|
|
|
14,986
|
|
|
30,160
|
|
|
29,171
|
|
||||
Deposit insurance
|
3,145
|
|
|
2,835
|
|
|
6,262
|
|
|
5,724
|
|
||||
Intangible amortization
|
806
|
|
|
788
|
|
|
1,495
|
|
|
1,608
|
|
||||
Other
|
45,800
|
|
|
37,373
|
|
|
84,424
|
|
|
78,858
|
|
||||
Total non-interest expense
|
163,970
|
|
|
149,758
|
|
|
321,911
|
|
|
305,572
|
|
||||
Income before income taxes
|
79,885
|
|
|
72,357
|
|
|
153,169
|
|
|
141,136
|
|
||||
Income taxes
|
13,415
|
|
|
12,694
|
|
|
25,511
|
|
|
26,285
|
|
||||
Net income
|
66,470
|
|
|
59,663
|
|
|
127,658
|
|
|
114,851
|
|
||||
Preferred stock dividends
|
2,015
|
|
|
2,688
|
|
|
4,031
|
|
|
2,688
|
|
||||
Net income available to common shareholders
|
$
|
64,455
|
|
|
$
|
56,975
|
|
|
$
|
123,627
|
|
|
$
|
112,163
|
|
|
|
|
|
|
|
|
|
||||||||
Earnings per common share:
|
|
|
|
|
|
|
|
||||||||
Basic
|
$
|
1.03
|
|
|
$
|
0.95
|
|
|
$
|
2.00
|
|
|
$
|
1.86
|
|
Diluted
|
1.02
|
|
|
0.94
|
|
|
1.99
|
|
|
1.85
|
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
|
2014
|
|
2013
|
|
2014
|
|
2013
|
||||||||
Net income
|
$
|
66,470
|
|
|
$
|
59,663
|
|
|
$
|
127,658
|
|
|
$
|
114,851
|
|
Other comprehensive income (loss), before tax:
|
|
|
|
|
|
|
|
||||||||
Securities available for sale and transferred securities:
|
|
|
|
|
|
|
|
||||||||
Change in net unrealized gain/loss during the period
|
45,112
|
|
|
(74,025
|
)
|
|
66,543
|
|
|
(95,369
|
)
|
||||
Change in net unrealized gain on securities transferred to held to maturity
|
(9,175
|
)
|
|
(9,745
|
)
|
|
(18,373
|
)
|
|
(18,204
|
)
|
||||
Reclassification adjustment for net (gains) losses included in net income
|
(2
|
)
|
|
(6
|
)
|
|
(2
|
)
|
|
(11
|
)
|
||||
Total securities available for sale and transferred securities
|
35,935
|
|
|
(83,776
|
)
|
|
48,168
|
|
|
(113,584
|
)
|
||||
Defined-benefit post-retirement benefit plans:
|
|
|
|
|
|
|
|
||||||||
Change in the net actuarial gain/loss
|
671
|
|
|
1,639
|
|
|
1,343
|
|
|
3,279
|
|
||||
Derivatives:
|
|
|
|
|
|
|
|
||||||||
Change in the accumulated gain/loss on effective cash flow hedge derivatives
|
—
|
|
|
(33
|
)
|
|
—
|
|
|
(33
|
)
|
||||
Reclassification adjustments for (gains) losses included in net income:
|
|
|
|
|
|
|
|
||||||||
Interest rate swaps on variable-rate loans
|
(9,345
|
)
|
|
(9,345
|
)
|
|
(18,690
|
)
|
|
(18,690
|
)
|
||||
Interest rate swap on junior subordinated deferrable interest debentures
|
—
|
|
|
1,103
|
|
|
—
|
|
|
2,188
|
|
||||
Total derivatives
|
(9,345
|
)
|
|
(8,275
|
)
|
|
(18,690
|
)
|
|
(16,535
|
)
|
||||
Other comprehensive income (loss), before tax
|
27,261
|
|
|
(90,412
|
)
|
|
30,821
|
|
|
(126,840
|
)
|
||||
Deferred tax expense (benefit) related to other comprehensive income
|
9,541
|
|
|
(31,644
|
)
|
|
10,787
|
|
|
(44,394
|
)
|
||||
Other comprehensive income (loss), net of tax
|
17,720
|
|
|
(58,768
|
)
|
|
20,034
|
|
|
(82,446
|
)
|
||||
Comprehensive income
|
$
|
84,190
|
|
|
$
|
895
|
|
|
$
|
147,692
|
|
|
$
|
32,405
|
|
|
Six Months Ended
June 30, |
||||||
|
2014
|
|
2013
|
||||
Total shareholders’ equity at beginning of period
|
$
|
2,514,161
|
|
|
$
|
2,417,482
|
|
Net income
|
127,658
|
|
|
114,851
|
|
||
Other comprehensive income (loss)
|
20,034
|
|
|
(82,446
|
)
|
||
Stock option exercises (384,775 shares in 2014 and 662,224 shares in 2013)
|
20,109
|
|
|
34,189
|
|
||
Stock compensation expense recognized in earnings
|
4,696
|
|
|
4,985
|
|
||
Tax benefits (deficiencies) related to stock compensation
|
1,664
|
|
|
(73
|
)
|
||
Common stock issued in acquisition of WNB Bancshares (2,000,000 shares)
|
149,043
|
|
|
—
|
|
||
Issuance of preferred stock (6,000,000 shares in 2013)
|
—
|
|
|
144,486
|
|
||
Purchase of treasury stock (1,905,077 shares in 2013)
|
—
|
|
|
(115,200
|
)
|
||
Accelerated share repurchase forward contract
|
—
|
|
|
(28,800
|
)
|
||
Cash dividends – preferred stock (approximately $0.67 per share in 2014 and $0.45 per share in 2013)
|
(4,031
|
)
|
|
(2,688
|
)
|
||
Cash dividends – common stock ($1.01 per share in 2014 and $0.98 per share in 2013)
|
(62,660
|
)
|
|
(58,948
|
)
|
||
Total shareholders’ equity at end of period
|
$
|
2,770,674
|
|
|
$
|
2,427,838
|
|
|
Six Months Ended
June 30, |
||||||
|
2014
|
|
2013
|
||||
Operating Activities:
|
|
|
|
||||
Net income
|
$
|
127,658
|
|
|
$
|
114,851
|
|
Adjustments to reconcile net income to net cash from operating activities:
|
|
|
|
||||
Provision for loan losses
|
11,524
|
|
|
9,575
|
|
||
Deferred tax expense (benefit)
|
(4,540
|
)
|
|
(1,739
|
)
|
||
Accretion of loan discounts
|
(7,033
|
)
|
|
(5,790
|
)
|
||
Securities premium amortization (discount accretion), net
|
28,359
|
|
|
18,124
|
|
||
Net (gain) loss on securities transactions
|
(2
|
)
|
|
(11
|
)
|
||
Depreciation and amortization
|
19,457
|
|
|
19,081
|
|
||
Net (gain) loss on sale/write-down of assets/foreclosed assets
|
939
|
|
|
3,023
|
|
||
Stock-based compensation
|
4,696
|
|
|
4,985
|
|
||
Net tax benefit (deficiency) from stock-based compensation
|
12
|
|
|
(448
|
)
|
||
Excess tax benefits from stock-based compensation
|
(1,652
|
)
|
|
(375
|
)
|
||
Earnings on life insurance policies
|
(1,414
|
)
|
|
(1,699
|
)
|
||
Net change in:
|
|
|
|
||||
Trading account securities
|
909
|
|
|
13,297
|
|
||
Accrued interest receivable and other assets
|
(34,937
|
)
|
|
(42,461
|
)
|
||
Accrued interest payable and other liabilities
|
(43,764
|
)
|
|
(163,670
|
)
|
||
Net cash from operating activities
|
100,212
|
|
|
(33,257
|
)
|
||
|
|
|
|
||||
Investing Activities:
|
|
|
|
||||
Securities held to maturity:
|
|
|
|
||||
Purchases
|
—
|
|
|
(221,107
|
)
|
||
Maturities, calls and principal repayments
|
43,271
|
|
|
9,723
|
|
||
Securities available for sale:
|
|
|
|
||||
Purchases
|
(3,303,838
|
)
|
|
(8,910,706
|
)
|
||
Sales
|
2,028
|
|
|
8,495,587
|
|
||
Maturities, calls and principal repayments
|
3,270,776
|
|
|
517,698
|
|
||
Net change in loans
|
(490,836
|
)
|
|
(26,446
|
)
|
||
Net cash (paid) received in acquisitions
|
830,656
|
|
|
—
|
|
||
Proceeds from sales of premises and equipment
|
28
|
|
|
16,301
|
|
||
Purchases of premises and equipment
|
(44,618
|
)
|
|
(18,520
|
)
|
||
Proceeds from sales of repossessed properties
|
3,410
|
|
|
4,081
|
|
||
Net cash from investing activities
|
310,877
|
|
|
(133,389
|
)
|
||
|
|
|
|
||||
Financing Activities:
|
|
|
|
||||
Net change in deposits
|
203,777
|
|
|
(419,147
|
)
|
||
Net change in short-term borrowings
|
(105,451
|
)
|
|
(11,238
|
)
|
||
Principal payments on long-term borrowings
|
—
|
|
|
(7
|
)
|
||
Proceeds from stock option exercises
|
20,109
|
|
|
34,189
|
|
||
Excess tax benefits from stock-based compensation
|
1,652
|
|
|
375
|
|
||
Proceeds from issuance of preferred stock
|
—
|
|
|
144,486
|
|
||
Purchase of treasury stock
|
—
|
|
|
(115,200
|
)
|
||
Accelerated share repurchase forward contract
|
—
|
|
|
(28,800
|
)
|
||
Cash dividends paid on preferred stock
|
(4,031
|
)
|
|
(2,688
|
)
|
||
Cash dividends paid on common stock
|
(62,660
|
)
|
|
(58,948
|
)
|
||
Net cash from financing activities
|
53,396
|
|
|
(456,978
|
)
|
||
|
|
|
|
||||
Net change in cash and cash equivalents
|
464,485
|
|
|
(623,624
|
)
|
||
Cash and equivalents at beginning of period
|
4,556,125
|
|
|
3,524,979
|
|
||
Cash and equivalents at end of period
|
$
|
5,020,610
|
|
|
$
|
2,901,355
|
|
|
Six Months Ended
June 30, |
||||||
|
2014
|
|
2013
|
||||
Cash paid for interest
|
$
|
6,461
|
|
|
$
|
12,039
|
|
Cash paid for income taxes
|
27,188
|
|
|
32,623
|
|
||
Significant non-cash transactions:
|
|
|
|
||||
Loans foreclosed and transferred to other real estate owned and foreclosed assets
|
1,622
|
|
|
2,913
|
|
||
Loans to facilitate the sale of other real estate owned
|
102
|
|
|
—
|
|
||
Deferred gain on sale of building and parking garage
|
—
|
|
|
1,120
|
|
Cash and cash equivalents
|
$
|
879,735
|
|
Securities available for sale
|
154,227
|
|
|
Loans
|
673,004
|
|
|
Premises and equipment
|
22,912
|
|
|
Core deposit intangible asset
|
10,850
|
|
|
Goodwill
|
112,371
|
|
|
Other assets
|
33,602
|
|
|
Deposits
|
(1,624,043
|
)
|
|
Other borrowings
|
(63,592
|
)
|
|
Other liabilities
|
(945
|
)
|
|
|
$
|
198,121
|
|
|
June 30, 2014
|
|
December 31, 2013
|
||||||||||||||||||||||||||||
|
Amortized
Cost
|
|
Gross
Unrealized
Gains
|
|
Gross
Unrealized
Losses
|
|
Estimated
Fair Value
|
|
Amortized
Cost
|
|
Gross
Unrealized
Gains
|
|
Gross
Unrealized
Losses
|
|
Estimated
Fair Value
|
||||||||||||||||
Held to Maturity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
U.S. Treasury
|
$
|
248,797
|
|
|
$
|
18,000
|
|
|
$
|
—
|
|
|
$
|
266,797
|
|
|
$
|
248,592
|
|
|
$
|
20,139
|
|
|
$
|
—
|
|
|
$
|
268,731
|
|
Residential mortgage-backed securities
|
9,330
|
|
|
91
|
|
|
—
|
|
|
9,421
|
|
|
9,674
|
|
|
89
|
|
|
143
|
|
|
9,620
|
|
||||||||
States and political subdivisions
|
2,806,390
|
|
|
20,671
|
|
|
32,285
|
|
|
2,794,776
|
|
|
2,880,482
|
|
|
7,691
|
|
|
137,861
|
|
|
2,750,312
|
|
||||||||
Other
|
1,350
|
|
|
—
|
|
|
—
|
|
|
1,350
|
|
|
1,000
|
|
|
—
|
|
|
—
|
|
|
1,000
|
|
||||||||
Total
|
$
|
3,065,867
|
|
|
$
|
38,762
|
|
|
$
|
32,285
|
|
|
$
|
3,072,344
|
|
|
$
|
3,139,748
|
|
|
$
|
27,919
|
|
|
$
|
138,004
|
|
|
$
|
3,029,663
|
|
Available for Sale
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
U.S. Treasury
|
$
|
2,449,708
|
|
|
$
|
19,080
|
|
|
$
|
20
|
|
|
$
|
2,468,768
|
|
|
$
|
2,522,159
|
|
|
$
|
18,395
|
|
|
$
|
—
|
|
|
$
|
2,540,554
|
|
U.S. Government agencies/corporations
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
54,024
|
|
|
—
|
|
|
44
|
|
|
53,980
|
|
||||||||
Residential mortgage-backed securities
|
1,514,030
|
|
|
77,194
|
|
|
663
|
|
|
1,590,561
|
|
|
1,710,664
|
|
|
66,791
|
|
|
1,439
|
|
|
1,776,016
|
|
||||||||
States and political subdivisions
|
2,153,351
|
|
|
67,502
|
|
|
251
|
|
|
2,220,602
|
|
|
1,476,316
|
|
|
20,090
|
|
|
7,492
|
|
|
1,488,914
|
|
||||||||
Other
|
43,012
|
|
|
—
|
|
|
—
|
|
|
43,012
|
|
|
35,972
|
|
|
—
|
|
|
—
|
|
|
35,972
|
|
||||||||
Total
|
$
|
6,160,101
|
|
|
$
|
163,776
|
|
|
$
|
934
|
|
|
$
|
6,322,943
|
|
|
$
|
5,799,135
|
|
|
$
|
105,276
|
|
|
$
|
8,975
|
|
|
$
|
5,895,436
|
|
|
Less than 12 Months
|
|
More than 12 Months
|
|
Total
|
||||||||||||||||||
|
Estimated
Fair Value
|
|
Unrealized
Losses
|
|
Estimated
Fair Value
|
|
Unrealized
Losses
|
|
Estimated
Fair Value
|
|
Unrealized
Losses
|
||||||||||||
Held to Maturity
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Residential mortgage-backed securities
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
States and political subdivisions
|
200,820
|
|
|
828
|
|
|
1,410,468
|
|
|
31,457
|
|
|
1,611,288
|
|
|
32,285
|
|
||||||
Total
|
$
|
200,820
|
|
|
$
|
828
|
|
|
$
|
1,410,468
|
|
|
$
|
31,457
|
|
|
$
|
1,611,288
|
|
|
$
|
32,285
|
|
Available for Sale
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
U.S. Treasury
|
$
|
150,176
|
|
|
$
|
20
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
150,176
|
|
|
$
|
20
|
|
Residential mortgage-backed securities
|
5,384
|
|
|
12
|
|
|
17,509
|
|
|
651
|
|
|
22,893
|
|
|
663
|
|
||||||
States and political subdivisions
|
63,962
|
|
|
213
|
|
|
5,378
|
|
|
38
|
|
|
69,340
|
|
|
251
|
|
||||||
Total
|
$
|
219,522
|
|
|
$
|
245
|
|
|
$
|
22,887
|
|
|
$
|
689
|
|
|
$
|
242,409
|
|
|
$
|
934
|
|
|
Held to Maturity
|
|
Available for Sale
|
||||||||||||
|
Amortized
Cost
|
|
Estimated
Fair Value
|
|
Amortized
Cost
|
|
Estimated
Fair Value
|
||||||||
Due in one year or less
|
$
|
168,070
|
|
|
$
|
170,552
|
|
|
$
|
803,553
|
|
|
$
|
809,751
|
|
Due after one year through five years
|
463,083
|
|
|
489,871
|
|
|
1,537,991
|
|
|
1,551,000
|
|
||||
Due after five years through ten years
|
155,173
|
|
|
153,605
|
|
|
1,266,080
|
|
|
1,291,383
|
|
||||
Due after ten years
|
2,270,211
|
|
|
2,248,895
|
|
|
995,435
|
|
|
1,037,236
|
|
||||
Residential mortgage-backed securities
|
9,330
|
|
|
9,421
|
|
|
1,514,030
|
|
|
1,590,561
|
|
||||
Equity securities
|
—
|
|
|
—
|
|
|
43,012
|
|
|
43,012
|
|
||||
Total
|
$
|
3,065,867
|
|
|
$
|
3,072,344
|
|
|
$
|
6,160,101
|
|
|
$
|
6,322,943
|
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
|
2014
|
|
2013
|
|
2014
|
|
2013
|
||||||||
Proceeds from sales
|
$
|
2,028
|
|
|
$
|
3,997,485
|
|
|
$
|
2,028
|
|
|
$
|
8,495,587
|
|
Gross realized gains
|
3
|
|
|
6
|
|
|
3
|
|
|
11
|
|
||||
Gross realized losses
|
(1
|
)
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
||||
Tax (expense) benefit of securities gains/losses
|
(1
|
)
|
|
(2
|
)
|
|
(1
|
)
|
|
(4
|
)
|
|
June 30,
2014 |
|
December 31,
2013 |
||||
U.S. Treasury
|
$
|
15,489
|
|
|
$
|
15,389
|
|
States and political subdivisions
|
—
|
|
|
1,009
|
|
||
Total
|
$
|
15,489
|
|
|
$
|
16,398
|
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
|
2014
|
|
2013
|
|
2014
|
|
2013
|
||||||||
Net gain on sales transactions
|
$
|
253
|
|
|
$
|
282
|
|
|
$
|
493
|
|
|
$
|
576
|
|
Net mark-to-market gains (losses)
|
—
|
|
|
(377
|
)
|
|
(3
|
)
|
|
(380
|
)
|
||||
Net gain (loss) on trading account securities
|
$
|
253
|
|
|
$
|
(95
|
)
|
|
$
|
490
|
|
|
$
|
196
|
|
|
June 30,
2014 |
|
Percentage
of Total
|
|
December 31,
2013 |
|
Percentage
of Total
|
||||||
Commercial and industrial:
|
|
|
|
|
|
|
|
||||||
Commercial
|
$
|
5,322,752
|
|
|
49.9
|
%
|
|
$
|
4,587,499
|
|
|
48.2
|
%
|
Leases
|
302,081
|
|
|
2.8
|
|
|
319,577
|
|
|
3.4
|
|
||
Total commercial and industrial
|
5,624,833
|
|
|
52.7
|
|
|
4,907,076
|
|
|
51.6
|
|
||
Commercial real estate:
|
|
|
|
|
|
|
|
||||||
Commercial mortgages
|
2,985,184
|
|
|
28.0
|
|
|
2,800,760
|
|
|
29.4
|
|
||
Construction
|
577,446
|
|
|
5.4
|
|
|
426,639
|
|
|
4.5
|
|
||
Land
|
272,959
|
|
|
2.5
|
|
|
239,937
|
|
|
2.5
|
|
||
Total commercial real estate
|
3,835,589
|
|
|
35.9
|
|
|
3,467,336
|
|
|
36.4
|
|
||
Consumer real estate:
|
|
|
|
|
|
|
|
||||||
Home equity loans
|
336,890
|
|
|
3.2
|
|
|
329,853
|
|
|
3.5
|
|
||
Home equity lines of credit
|
213,109
|
|
|
2.0
|
|
|
195,132
|
|
|
2.1
|
|
||
1-4 family residential mortgages
|
35,625
|
|
|
0.3
|
|
|
32,447
|
|
|
0.3
|
|
||
Construction
|
21,506
|
|
|
0.2
|
|
|
13,123
|
|
|
0.1
|
|
||
Other
|
256,085
|
|
|
2.4
|
|
|
237,649
|
|
|
2.5
|
|
||
Total consumer real estate
|
863,215
|
|
|
8.1
|
|
|
808,204
|
|
|
8.5
|
|
||
Total real estate
|
4,698,804
|
|
|
44.0
|
|
|
4,275,540
|
|
|
44.9
|
|
||
Consumer and other:
|
|
|
|
|
|
|
|
||||||
Consumer installment
|
371,648
|
|
|
3.4
|
|
|
350,827
|
|
|
3.7
|
|
||
Other
|
6,581
|
|
|
0.1
|
|
|
7,289
|
|
|
0.1
|
|
||
Total consumer and other
|
378,229
|
|
|
3.5
|
|
|
358,116
|
|
|
3.8
|
|
||
Unearned discounts
|
(22,489
|
)
|
|
(0.2
|
)
|
|
(25,032
|
)
|
|
(0.3
|
)
|
||
Total loans
|
$
|
10,679,377
|
|
|
100.0
|
%
|
|
$
|
9,515,700
|
|
|
100.0
|
%
|
|
June 30,
2014 |
|
December 31,
2013 |
||||
Commercial and industrial:
|
|
|
|
||||
Energy
|
$
|
525
|
|
|
$
|
590
|
|
Other commercial
|
34,139
|
|
|
26,143
|
|
||
Commercial real estate:
|
|
|
|
||||
Buildings, land and other
|
21,833
|
|
|
27,035
|
|
||
Construction
|
301
|
|
|
—
|
|
||
Consumer real estate
|
2,179
|
|
|
2,207
|
|
||
Consumer and other
|
654
|
|
|
745
|
|
||
Total
|
$
|
59,631
|
|
|
$
|
56,720
|
|
|
Loans
30-89 Days
Past Due
|
|
Loans
90 or More
Days
Past Due
|
|
Total
Past Due
Loans
|
|
Current
Loans
|
|
Total
Loans
|
|
Accruing
Loans 90 or
More Days
Past Due
|
||||||||||||
Commercial and industrial:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Energy
|
$
|
1,808
|
|
|
$
|
525
|
|
|
$
|
2,333
|
|
|
$
|
1,528,313
|
|
|
$
|
1,530,646
|
|
|
$
|
—
|
|
Other commercial
|
17,242
|
|
|
8,951
|
|
|
26,193
|
|
|
4,067,994
|
|
|
4,094,187
|
|
|
4,048
|
|
||||||
Commercial real estate:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Buildings, land and other
|
14,201
|
|
|
11,936
|
|
|
26,137
|
|
|
3,232,006
|
|
|
3,258,143
|
|
|
1,039
|
|
||||||
Construction
|
301
|
|
|
—
|
|
|
301
|
|
|
577,145
|
|
|
577,446
|
|
|
—
|
|
||||||
Consumer real estate
|
4,305
|
|
|
2,512
|
|
|
6,817
|
|
|
856,398
|
|
|
863,215
|
|
|
2,204
|
|
||||||
Consumer and other
|
3,053
|
|
|
777
|
|
|
3,830
|
|
|
374,399
|
|
|
378,229
|
|
|
585
|
|
||||||
Unearned discounts
|
—
|
|
|
—
|
|
|
—
|
|
|
(22,489
|
)
|
|
(22,489
|
)
|
|
—
|
|
||||||
Total
|
$
|
40,910
|
|
|
$
|
24,701
|
|
|
$
|
65,611
|
|
|
$
|
10,613,766
|
|
|
$
|
10,679,377
|
|
|
$
|
7,876
|
|
|
Unpaid Contractual
Principal
Balance
|
|
Recorded Investment
With No
Allowance
|
|
Recorded Investment
With
Allowance
|
|
Total
Recorded
Investment
|
|
Related
Allowance
|
||||||||||
June 30, 2014
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial and industrial:
|
|
|
|
|
|
|
|
|
|
||||||||||
Energy
|
$
|
545
|
|
|
$
|
525
|
|
|
$
|
—
|
|
|
$
|
525
|
|
|
$
|
—
|
|
Other commercial
|
40,764
|
|
|
29,322
|
|
|
1,805
|
|
|
31,127
|
|
|
613
|
|
|||||
Commercial real estate:
|
|
|
|
|
|
|
|
|
|
||||||||||
Buildings, land and other
|
25,390
|
|
|
18,894
|
|
|
998
|
|
|
19,892
|
|
|
776
|
|
|||||
Construction
|
478
|
|
|
301
|
|
|
—
|
|
|
301
|
|
|
—
|
|
|||||
Consumer real estate
|
881
|
|
|
689
|
|
|
—
|
|
|
689
|
|
|
—
|
|
|||||
Consumer and other
|
299
|
|
|
252
|
|
|
—
|
|
|
252
|
|
|
—
|
|
|||||
Total
|
$
|
68,357
|
|
|
$
|
49,983
|
|
|
$
|
2,803
|
|
|
$
|
52,786
|
|
|
$
|
1,389
|
|
December 31, 2013
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial and industrial:
|
|
|
|
|
|
|
|
|
|
||||||||||
Energy
|
$
|
545
|
|
|
$
|
531
|
|
|
$
|
—
|
|
|
$
|
531
|
|
|
$
|
—
|
|
Other commercial
|
31,429
|
|
|
15,337
|
|
|
7,004
|
|
|
22,341
|
|
|
4,140
|
|
|||||
Commercial real estate:
|
|
|
|
|
|
|
|
|
|
||||||||||
Buildings, land and other
|
27,792
|
|
|
15,697
|
|
|
8,870
|
|
|
24,567
|
|
|
2,786
|
|
|||||
Construction
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Consumer real estate
|
907
|
|
|
745
|
|
|
—
|
|
|
745
|
|
|
—
|
|
|||||
Consumer and other
|
334
|
|
|
278
|
|
|
—
|
|
|
278
|
|
|
—
|
|
|||||
Total
|
$
|
61,007
|
|
|
$
|
32,588
|
|
|
$
|
15,874
|
|
|
$
|
48,462
|
|
|
$
|
6,926
|
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
|
2014
|
|
2013
|
|
2014
|
|
2013
|
||||||||
Commercial and industrial:
|
|
|
|
|
|
|
|
||||||||
Energy
|
$
|
526
|
|
|
$
|
—
|
|
|
$
|
527
|
|
|
$
|
356
|
|
Other commercial
|
25,259
|
|
|
40,331
|
|
|
24,286
|
|
|
40,489
|
|
||||
Commercial real estate:
|
|
|
|
|
|
|
|
||||||||
Buildings, land and other
|
20,460
|
|
|
37,473
|
|
|
21,829
|
|
|
37,035
|
|
||||
Construction
|
307
|
|
|
1,035
|
|
|
204
|
|
|
1,057
|
|
||||
Consumer real estate
|
704
|
|
|
818
|
|
|
717
|
|
|
833
|
|
||||
Consumer and other
|
258
|
|
|
375
|
|
|
265
|
|
|
383
|
|
||||
Total
|
$
|
47,514
|
|
|
$
|
80,032
|
|
|
$
|
47,828
|
|
|
$
|
80,153
|
|
|
Six Months Ended
June 30, 2014 |
|
Six Months Ended
June 30, 2013 |
||||||||||||
|
Balance at
Restructure
|
|
Balance at
Period-End
|
|
Balance at
Restructure
|
|
Balance at
Period-End
|
||||||||
Commercial and industrial:
|
|
|
|
|
|
|
|
||||||||
Other commercial
|
$
|
3,752
|
|
|
$
|
3,672
|
|
|
$
|
2,138
|
|
|
$
|
1,343
|
|
Commercial real estate:
|
|
|
|
|
|
|
|
||||||||
Buildings, land and other
|
3,122
|
|
|
3,069
|
|
|
4,165
|
|
|
3,726
|
|
||||
|
$
|
6,874
|
|
|
$
|
6,741
|
|
|
$
|
6,303
|
|
|
$
|
5,069
|
|
•
|
Grades 1, 2 and 3
– These grades include loans to very high credit quality borrowers of investment or near investment grade. These borrowers are generally publicly traded (grades 1 and 2), have significant capital strength, moderate leverage, stable earnings and growth, and readily available financing alternatives. Smaller entities, regardless of strength, would generally not fit in these grades.
|
•
|
Grades 4 and 5
– These grades include loans to borrowers of solid credit quality with moderate risk. Borrowers in these grades are differentiated from higher grades on the basis of size (capital and/or revenue), leverage, asset quality and the stability of the industry or market area.
|
•
|
Grades 6, 7 and 8
– These grades include “pass grade” loans to borrowers of acceptable credit quality and risk. Such borrowers are differentiated from Grades 4 and 5 in terms of size, secondary sources of repayment or they are of lesser stature in other key credit metrics in that they may be over-leveraged, under capitalized, inconsistent in performance or in an industry or an economic area that is known to have a higher level of risk, volatility, or susceptibility to weaknesses in the economy.
|
•
|
Grade 9
– This grade includes loans on management’s “watch list” and is intended to be utilized on a temporary basis for pass grade borrowers where a significant risk-modifying action is anticipated in the near term.
|
•
|
Grade 10
– This grade is for “Other Assets Especially Mentioned” in accordance with regulatory guidelines. This grade is intended to be temporary and includes loans to borrowers whose credit quality has clearly deteriorated and are at risk of further decline unless active measures are taken to correct the situation.
|
•
|
Grade 11
– This grade includes “Substandard” loans, in accordance with regulatory guidelines, for which the accrual of interest has not been stopped. By definition under regulatory guidelines, a “Substandard” loan has defined weaknesses which make payment default or principal exposure likely, but not yet certain. Such loans are apt to be dependent upon collateral liquidation, a secondary source of repayment or an event outside of the normal course of business.
|
•
|
Grade 12
– This grade includes “Substandard” loans, in accordance with regulatory guidelines, for which the accrual of interest has been stopped. This grade includes loans where interest is more than
120
days past due and not fully secured and loans where a specific valuation allowance may be necessary, but generally does not exceed
30%
of the principal balance.
|
•
|
Grade 13
– This grade includes “Doubtful” loans in accordance with regulatory guidelines. Such loans are placed on non-accrual status and may be dependent upon collateral having a value that is difficult to determine or upon some near-term event which lacks certainty. Additionally, these loans generally have a specific valuation allowance in excess of
30%
of the principal balance.
|
•
|
Grade 14 –
This grade includes “Loss” loans in accordance with regulatory guidelines. Such loans are to be charged-off or charged-down when payment is acknowledged to be uncertain or when the timing or value of payments cannot be determined. “Loss” is not intended to imply that the loan or some portion of it will never be paid, nor does it in any way imply that there has been a forgiveness of debt.
|
|
June 30, 2014
|
|
December 31, 2013
|
||||||||||
|
Weighted
Average
Risk Grade
|
|
Loans
|
|
Weighted
Average
Risk Grade
|
|
Loans
|
||||||
Commercial and industrial:
|
|
|
|
|
|
|
|
||||||
Energy
|
|
|
|
|
|
|
|
||||||
Risk grades 1-8
|
5.18
|
|
|
$
|
1,498,846
|
|
|
5.37
|
|
|
$
|
1,106,348
|
|
Risk grade 9
|
9.00
|
|
|
23,819
|
|
|
9.00
|
|
|
7,726
|
|
||
Risk grade 10
|
10.00
|
|
|
1,138
|
|
|
10.00
|
|
|
245
|
|
||
Risk grade 11
|
11.00
|
|
|
6,318
|
|
|
11.00
|
|
|
500
|
|
||
Risk grade 12
|
12.00
|
|
|
525
|
|
|
12.00
|
|
|
590
|
|
||
Risk grade 13
|
13.00
|
|
|
—
|
|
|
13.00
|
|
|
—
|
|
||
Total energy
|
5.27
|
|
|
$
|
1,530,646
|
|
|
5.40
|
|
|
$
|
1,115,409
|
|
Other commercial
|
|
|
|
|
|
|
|
||||||
Risk grades 1-8
|
5.91
|
|
|
$
|
3,828,593
|
|
|
5.95
|
|
|
$
|
3,507,963
|
|
Risk grade 9
|
9.00
|
|
|
68,090
|
|
|
9.00
|
|
|
74,766
|
|
||
Risk grade 10
|
10.00
|
|
|
88,123
|
|
|
10.00
|
|
|
89,878
|
|
||
Risk grade 11
|
11.00
|
|
|
75,242
|
|
|
11.00
|
|
|
92,917
|
|
||
Risk grade 12
|
12.00
|
|
|
32,854
|
|
|
12.00
|
|
|
21,389
|
|
||
Risk grade 13
|
13.00
|
|
|
1,285
|
|
|
13.00
|
|
|
4,754
|
|
||
Total other commercial
|
6.19
|
|
|
$
|
4,094,187
|
|
|
6.27
|
|
|
$
|
3,791,667
|
|
Commercial real estate:
|
|
|
|
|
|
|
|
||||||
Buildings, land and other
|
|
|
|
|
|
|
|
||||||
Risk grades 1-8
|
6.50
|
|
|
$
|
3,041,659
|
|
|
6.59
|
|
|
$
|
2,844,665
|
|
Risk grade 9
|
9.00
|
|
|
116,775
|
|
|
9.00
|
|
|
65,770
|
|
||
Risk grade 10
|
10.00
|
|
|
35,763
|
|
|
10.00
|
|
|
49,881
|
|
||
Risk grade 11
|
11.00
|
|
|
42,112
|
|
|
11.00
|
|
|
53,208
|
|
||
Risk grade 12
|
12.00
|
|
|
21,058
|
|
|
12.00
|
|
|
24,387
|
|
||
Risk grade 13
|
13.00
|
|
|
776
|
|
|
13.00
|
|
|
2,786
|
|
||
Total commercial real estate
|
6.72
|
|
|
$
|
3,258,143
|
|
|
6.83
|
|
|
$
|
3,040,697
|
|
Construction
|
|
|
|
|
|
|
|
||||||
Risk grades 1-8
|
6.84
|
|
|
$
|
572,960
|
|
|
7.05
|
|
|
$
|
418,999
|
|
Risk grade 9
|
9.00
|
|
|
2,629
|
|
|
9.00
|
|
|
1,301
|
|
||
Risk grade 10
|
10.00
|
|
|
1,343
|
|
|
10.00
|
|
|
5,931
|
|
||
Risk grade 11
|
11.00
|
|
|
213
|
|
|
11.00
|
|
|
408
|
|
||
Risk grade 12
|
12.00
|
|
|
301
|
|
|
12.00
|
|
|
—
|
|
||
Risk grade 13
|
13.00
|
|
|
—
|
|
|
13.00
|
|
|
—
|
|
||
Total construction
|
6.86
|
|
|
$
|
577,446
|
|
|
7.10
|
|
|
$
|
426,639
|
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
|
2014
|
|
2013
|
|
2014
|
|
2013
|
||||||||
Commercial and industrial:
|
|
|
|
|
|
|
|
||||||||
Energy
|
$
|
460
|
|
|
$
|
—
|
|
|
$
|
447
|
|
|
$
|
(900
|
)
|
Other commercial
|
(1,594
|
)
|
|
(2,883
|
)
|
|
(3,277
|
)
|
|
(18,510
|
)
|
||||
Commercial real estate:
|
|
|
|
|
|
|
|
||||||||
Buildings, land and other
|
(400
|
)
|
|
(244
|
)
|
|
(2,018
|
)
|
|
(29
|
)
|
||||
Construction
|
275
|
|
|
116
|
|
|
315
|
|
|
230
|
|
||||
Consumer real estate
|
(27
|
)
|
|
15
|
|
|
(4
|
)
|
|
(261
|
)
|
||||
Consumer and other
|
(508
|
)
|
|
(768
|
)
|
|
(1,139
|
)
|
|
(1,158
|
)
|
||||
Total
|
$
|
(1,794
|
)
|
|
$
|
(3,764
|
)
|
|
$
|
(5,676
|
)
|
|
$
|
(20,628
|
)
|
|
Commercial
and
Industrial
|
|
Commercial
Real Estate
|
|
Consumer
Real Estate
|
|
Consumer
and Other
|
|
Unallocated
|
|
Total
|
||||||||||||
June 30, 2014
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Historical valuation allowances
|
$
|
37,103
|
|
|
$
|
14,226
|
|
|
$
|
2,081
|
|
|
$
|
10,054
|
|
|
$
|
—
|
|
|
$
|
63,464
|
|
Specific valuation allowances
|
613
|
|
|
776
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,389
|
|
||||||
General valuation allowances:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Environmental risk adjustment
|
7,363
|
|
|
3,409
|
|
|
470
|
|
|
2,497
|
|
|
—
|
|
|
13,739
|
|
||||||
Distressed industries
|
4,006
|
|
|
17
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4,023
|
|
||||||
Excessive industry concentrations
|
1,482
|
|
|
201
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,683
|
|
||||||
Large relationship concentrations
|
1,833
|
|
|
1,247
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,080
|
|
||||||
Highly-leveraged credit relationships
|
5,752
|
|
|
1,212
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
6,964
|
|
||||||
Policy exceptions
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,829
|
|
|
2,829
|
|
||||||
Credit and collateral exceptions
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,162
|
|
|
2,162
|
|
||||||
Loans not reviewed by concurrence
|
2,189
|
|
|
2,303
|
|
|
2,324
|
|
|
1,170
|
|
|
—
|
|
|
7,986
|
|
||||||
Adjustment for recoveries
|
(4,669
|
)
|
|
(1,345
|
)
|
|
(216
|
)
|
|
(7,294
|
)
|
|
—
|
|
|
(13,524
|
)
|
||||||
General macroeconomic risk
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4,491
|
|
|
4,491
|
|
||||||
Total
|
$
|
55,672
|
|
|
$
|
22,046
|
|
|
$
|
4,659
|
|
|
$
|
6,427
|
|
|
$
|
9,482
|
|
|
$
|
98,286
|
|
December 31, 2013
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Historical valuation allowances
|
$
|
29,357
|
|
|
$
|
13,042
|
|
|
$
|
2,644
|
|
|
$
|
8,695
|
|
|
$
|
—
|
|
|
$
|
53,738
|
|
Specific valuation allowances
|
4,140
|
|
|
2,786
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
6,926
|
|
||||||
General valuation allowances:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Environmental risk adjustment
|
5,497
|
|
|
3,314
|
|
|
664
|
|
|
2,331
|
|
|
—
|
|
|
11,806
|
|
||||||
Distressed industries
|
7,812
|
|
|
384
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
8,196
|
|
||||||
Excessive industry concentrations
|
1,499
|
|
|
367
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,866
|
|
||||||
Large relationship concentrations
|
1,529
|
|
|
1,081
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,610
|
|
||||||
Highly-leveraged credit relationships
|
4,535
|
|
|
619
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5,154
|
|
||||||
Policy exceptions
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,492
|
|
|
2,492
|
|
||||||
Credit and collateral exceptions
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,398
|
|
|
1,398
|
|
||||||
Loans not reviewed by concurrence
|
2,009
|
|
|
2,201
|
|
|
2,250
|
|
|
1,064
|
|
|
—
|
|
|
7,524
|
|
||||||
Adjustment for recoveries
|
(3,588
|
)
|
|
(1,204
|
)
|
|
(328
|
)
|
|
(7,080
|
)
|
|
—
|
|
|
(12,200
|
)
|
||||||
General macroeconomic risk
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,928
|
|
|
2,928
|
|
||||||
Total
|
$
|
52,790
|
|
|
$
|
22,590
|
|
|
$
|
5,230
|
|
|
$
|
5,010
|
|
|
$
|
6,818
|
|
|
$
|
92,438
|
|
|
Commercial
and
Industrial
|
|
Commercial
Real Estate
|
|
Consumer
Real Estate
|
|
Consumer
and Other
|
|
Unallocated
|
|
Total
|
||||||||||||
Three months ended:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
June 30, 2014
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Beginning balance
|
$
|
57,054
|
|
|
$
|
21,020
|
|
|
$
|
4,533
|
|
|
$
|
5,691
|
|
|
$
|
6,858
|
|
|
$
|
95,156
|
|
Provision for loan losses
|
(248
|
)
|
|
1,151
|
|
|
153
|
|
|
1,244
|
|
|
2,624
|
|
|
4,924
|
|
||||||
Charge-offs
|
(3,028
|
)
|
|
(935
|
)
|
|
(105
|
)
|
|
(2,269
|
)
|
|
—
|
|
|
(6,337
|
)
|
||||||
Recoveries
|
1,894
|
|
|
810
|
|
|
78
|
|
|
1,761
|
|
|
—
|
|
|
4,543
|
|
||||||
Net charge-offs
|
(1,134
|
)
|
|
(125
|
)
|
|
(27
|
)
|
|
(508
|
)
|
|
—
|
|
|
(1,794
|
)
|
||||||
Ending balance
|
$
|
55,672
|
|
|
$
|
22,046
|
|
|
$
|
4,659
|
|
|
$
|
6,427
|
|
|
$
|
9,482
|
|
|
$
|
98,286
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
June 30, 2013
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Beginning balance
|
$
|
51,085
|
|
|
$
|
24,809
|
|
|
$
|
5,148
|
|
|
$
|
3,724
|
|
|
$
|
8,823
|
|
|
$
|
93,589
|
|
Provision for loan losses
|
2,612
|
|
|
(1,108
|
)
|
|
(246
|
)
|
|
1,174
|
|
|
1,143
|
|
|
3,575
|
|
||||||
Charge-offs
|
(3,586
|
)
|
|
(415
|
)
|
|
(159
|
)
|
|
(2,374
|
)
|
|
—
|
|
|
(6,534
|
)
|
||||||
Recoveries
|
703
|
|
|
287
|
|
|
174
|
|
|
1,606
|
|
|
—
|
|
|
2,770
|
|
||||||
Net charge-offs
|
(2,883
|
)
|
|
(128
|
)
|
|
15
|
|
|
(768
|
)
|
|
—
|
|
|
(3,764
|
)
|
||||||
Ending balance
|
$
|
50,814
|
|
|
$
|
23,573
|
|
|
$
|
4,917
|
|
|
$
|
4,130
|
|
|
$
|
9,966
|
|
|
$
|
93,400
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Six months ended:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
June 30, 2014
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Beginning balance
|
$
|
52,790
|
|
|
$
|
22,590
|
|
|
$
|
5,230
|
|
|
$
|
5,010
|
|
|
$
|
6,818
|
|
|
$
|
92,438
|
|
Provision for loan losses
|
5,712
|
|
|
1,159
|
|
|
(567
|
)
|
|
2,556
|
|
|
2,664
|
|
|
11,524
|
|
||||||
Charge-offs
|
(5,395
|
)
|
|
(2,726
|
)
|
|
(126
|
)
|
|
(4,756
|
)
|
|
—
|
|
|
(13,003
|
)
|
||||||
Recoveries
|
2,565
|
|
|
1,023
|
|
|
122
|
|
|
3,617
|
|
|
—
|
|
|
7,327
|
|
||||||
Net charge-offs
|
(2,830
|
)
|
|
(1,703
|
)
|
|
(4
|
)
|
|
(1,139
|
)
|
|
—
|
|
|
(5,676
|
)
|
||||||
Ending balance
|
$
|
55,672
|
|
|
$
|
22,046
|
|
|
$
|
4,659
|
|
|
$
|
6,427
|
|
|
$
|
9,482
|
|
|
$
|
98,286
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
June 30, 2013
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Beginning balance
|
$
|
54,164
|
|
|
$
|
29,346
|
|
|
$
|
5,252
|
|
|
$
|
3,507
|
|
|
$
|
12,184
|
|
|
$
|
104,453
|
|
Provision for loan losses
|
16,060
|
|
|
(5,974
|
)
|
|
(74
|
)
|
|
1,781
|
|
|
(2,218
|
)
|
|
9,575
|
|
||||||
Charge-offs
|
(20,738
|
)
|
|
(681
|
)
|
|
(495
|
)
|
|
(4,551
|
)
|
|
—
|
|
|
(26,465
|
)
|
||||||
Recoveries
|
1,328
|
|
|
882
|
|
|
234
|
|
|
3,393
|
|
|
—
|
|
|
5,837
|
|
||||||
Net charge-offs
|
(19,410
|
)
|
|
201
|
|
|
(261
|
)
|
|
(1,158
|
)
|
|
—
|
|
|
(20,628
|
)
|
||||||
Ending balance
|
$
|
50,814
|
|
|
$
|
23,573
|
|
|
$
|
4,917
|
|
|
$
|
4,130
|
|
|
$
|
9,966
|
|
|
$
|
93,400
|
|
|
Commercial
and
Industrial
|
|
Commercial
Real Estate
|
|
Consumer
Real Estate
|
|
Consumer
and Other
|
|
Unallocated
|
|
Total
|
||||||||||||
June 30, 2014
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Loans individually evaluated for impairment
|
$
|
16,500
|
|
|
$
|
1,608
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
18,108
|
|
Loans collectively evaluated for impairment
|
39,172
|
|
|
20,438
|
|
|
4,659
|
|
|
6,427
|
|
|
9,482
|
|
|
80,178
|
|
||||||
Balance at June 30, 2014
|
$
|
55,672
|
|
|
$
|
22,046
|
|
|
$
|
4,659
|
|
|
$
|
6,427
|
|
|
$
|
9,482
|
|
|
$
|
98,286
|
|
December 31, 2013
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Loans individually evaluated for impairment
|
$
|
16,682
|
|
|
$
|
3,914
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
20,596
|
|
Loans collectively evaluated for impairment
|
36,108
|
|
|
18,676
|
|
|
5,230
|
|
|
5,010
|
|
|
6,818
|
|
|
71,842
|
|
||||||
Balance at December 31, 2013
|
$
|
52,790
|
|
|
$
|
22,590
|
|
|
$
|
5,230
|
|
|
$
|
5,010
|
|
|
$
|
6,818
|
|
|
$
|
92,438
|
|
June 30, 2013
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Loans individually evaluated for impairment
|
$
|
11,330
|
|
|
$
|
4,531
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
15,861
|
|
Loans collectively evaluated for impairment
|
39,484
|
|
|
19,042
|
|
|
4,917
|
|
|
4,130
|
|
|
9,966
|
|
|
77,539
|
|
||||||
Balance at June 30, 2013
|
$
|
50,814
|
|
|
$
|
23,573
|
|
|
$
|
4,917
|
|
|
$
|
4,130
|
|
|
$
|
9,966
|
|
|
$
|
93,400
|
|
|
Commercial
and
Industrial
|
|
Commercial
Real Estate
|
|
Consumer
Real Estate
|
|
Consumer
and Other
|
|
Unearned
Discounts
|
|
Total
|
||||||||||||
June 30, 2014
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Loans individually evaluated for impairment
|
$
|
205,485
|
|
|
$
|
101,566
|
|
|
$
|
689
|
|
|
$
|
252
|
|
|
$
|
—
|
|
|
$
|
307,992
|
|
Loans collectively evaluated for impairment
|
5,419,348
|
|
|
3,734,023
|
|
|
862,526
|
|
|
377,977
|
|
|
(22,489
|
)
|
|
10,371,385
|
|
||||||
Ending balance
|
$
|
5,624,833
|
|
|
$
|
3,835,589
|
|
|
$
|
863,215
|
|
|
$
|
378,229
|
|
|
$
|
(22,489
|
)
|
|
$
|
10,679,377
|
|
December 31, 2013
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Loans individually evaluated for impairment
|
$
|
210,273
|
|
|
$
|
136,601
|
|
|
$
|
745
|
|
|
$
|
278
|
|
|
$
|
—
|
|
|
$
|
347,897
|
|
Loans collectively evaluated for impairment
|
4,696,803
|
|
|
3,330,735
|
|
|
807,459
|
|
|
357,838
|
|
|
(25,032
|
)
|
|
9,167,803
|
|
||||||
Ending balance
|
$
|
4,907,076
|
|
|
$
|
3,467,336
|
|
|
$
|
808,204
|
|
|
$
|
358,116
|
|
|
$
|
(25,032
|
)
|
|
$
|
9,515,700
|
|
June 30, 2013
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Loans individually evaluated for impairment
|
$
|
126,402
|
|
|
$
|
147,196
|
|
|
$
|
802
|
|
|
$
|
365
|
|
|
$
|
—
|
|
|
$
|
274,765
|
|
Loans collectively evaluated for impairment
|
4,646,215
|
|
|
3,224,072
|
|
|
784,403
|
|
|
324,957
|
|
|
(21,869
|
)
|
|
8,957,778
|
|
||||||
Ending balance
|
$
|
4,772,617
|
|
|
$
|
3,371,268
|
|
|
$
|
785,205
|
|
|
$
|
325,322
|
|
|
$
|
(21,869
|
)
|
|
$
|
9,232,543
|
|
|
June 30,
2014 |
|
December 31,
2013 |
||||
Goodwill
|
$
|
649,020
|
|
|
$
|
536,649
|
|
Other intangible assets:
|
|
|
|
||||
Core deposits
|
$
|
12,833
|
|
|
$
|
3,005
|
|
Customer relationship
|
2,463
|
|
|
2,828
|
|
||
Non-compete agreements
|
404
|
|
|
512
|
|
||
|
$
|
15,700
|
|
|
$
|
6,345
|
|
Remainder of 2014
|
$
|
2,191
|
|
2015
|
3,590
|
|
|
2016
|
2,649
|
|
|
2017
|
1,828
|
|
|
2018
|
1,527
|
|
|
Thereafter
|
3,915
|
|
|
|
$
|
15,700
|
|
|
June 30,
2014 |
|
Percentage
of Total
|
|
December 31,
2013 |
|
Percentage
of Total
|
||||||
Non-interest-bearing demand deposits:
|
|
|
|
|
|
||||||||
Commercial and individual
|
$
|
8,711,011
|
|
|
38.7
|
%
|
|
$
|
7,445,656
|
|
|
36.0
|
%
|
Correspondent banks
|
409,839
|
|
|
1.8
|
|
|
427,134
|
|
|
2.1
|
|
||
Public funds
|
386,731
|
|
|
1.7
|
|
|
438,359
|
|
|
2.1
|
|
||
Total non-interest-bearing demand deposits
|
9,507,581
|
|
|
42.2
|
|
|
8,311,149
|
|
|
40.2
|
|
||
Interest-bearing deposits:
|
|
|
|
|
|
|
|
||||||
Private accounts:
|
|
|
|
|
|
|
|
||||||
Savings and interest checking
|
4,221,278
|
|
|
18.8
|
|
|
4,020,313
|
|
|
19.4
|
|
||
Money market accounts
|
7,348,003
|
|
|
32.6
|
|
|
6,883,869
|
|
|
33.3
|
|
||
Time accounts of $100,000 or more
|
568,487
|
|
|
2.5
|
|
|
508,441
|
|
|
2.5
|
|
||
Time accounts under $100,000
|
473,711
|
|
|
2.1
|
|
|
438,800
|
|
|
2.1
|
|
||
Total private accounts
|
12,611,479
|
|
|
56.0
|
|
|
11,851,423
|
|
|
57.3
|
|
||
Public funds:
|
|
|
|
|
|
|
|
||||||
Savings and interest checking
|
250,579
|
|
|
1.1
|
|
|
305,976
|
|
|
1.5
|
|
||
Money market accounts
|
55,749
|
|
|
0.3
|
|
|
56,015
|
|
|
0.2
|
|
||
Time accounts of $100,000 or more
|
87,045
|
|
|
0.4
|
|
|
160,637
|
|
|
0.8
|
|
||
Time accounts under $100,000
|
4,173
|
|
|
—
|
|
|
3,586
|
|
|
—
|
|
||
Total public funds
|
397,546
|
|
|
1.8
|
|
|
526,214
|
|
|
2.5
|
|
||
Total interest-bearing deposits
|
13,009,025
|
|
|
57.8
|
|
|
12,377,637
|
|
|
59.8
|
|
||
Total deposits
|
$
|
22,516,606
|
|
|
100.0
|
%
|
|
$
|
20,688,786
|
|
|
100.0
|
%
|
|
June 30,
2014 |
|
December 31,
2013 |
||||
Deposits from the Certificate of Deposit Account Registry Service (CDARS)
|
$
|
38,503
|
|
|
$
|
200
|
|
Deposits from the Promontory Interfinancial Network Insured Cash Sweep Service (acquired in the acquisition of WNB)
|
121,229
|
|
|
—
|
|
||
Deposits from foreign sources (primarily Mexico)
|
763,847
|
|
|
769,970
|
|
|
June 30,
2014 |
|
December 31,
2013 |
||||
Commitments to extend credit
|
$
|
7,296,613
|
|
|
$
|
6,919,942
|
|
Standby letters of credit
|
219,610
|
|
|
186,857
|
|
||
Deferred standby letter of credit fees
|
1,322
|
|
|
1,450
|
|
|
Actual
|
|
Minimum Required
for Capital Adequacy
Purposes
|
|
Required to be
Considered Well
Capitalized
|
|||||||||||||||
|
Capital
Amount
|
|
Ratio
|
|
Capital
Amount
|
|
Ratio
|
|
Capital
Amount
|
|
Ratio
|
|||||||||
June 30, 2014
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Total Capital to Risk-Weighted Assets
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Cullen/Frost
|
$
|
2,222,110
|
|
|
14.76
|
%
|
|
$
|
1,204,711
|
|
|
8.00
|
%
|
|
$
|
1,505,889
|
|
|
10.00
|
%
|
Frost Bank
|
1,974,337
|
|
|
13.14
|
|
|
1,202,231
|
|
|
8.00
|
|
|
1,502,789
|
|
|
10.00
|
|
|||
Tier 1 Capital to Risk-Weighted Assets
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Cullen/Frost
|
2,083,824
|
|
|
13.84
|
|
|
602,356
|
|
|
4.00
|
|
|
903,534
|
|
|
6.00
|
|
|||
Frost Bank
|
1,882,678
|
|
|
12.53
|
|
|
601,115
|
|
|
4.00
|
|
|
901,673
|
|
|
6.00
|
|
|||
Leverage Ratio
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Cullen/Frost
|
2,083,824
|
|
|
8.66
|
|
|
962,662
|
|
|
4.00
|
|
|
1,203,327
|
|
|
5.00
|
|
|||
Frost Bank
|
1,882,678
|
|
|
7.97
|
|
|
944,472
|
|
|
4.00
|
|
|
1,180,590
|
|
|
5.00
|
|
|||
December 31, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Total Capital to Risk-Weighted Assets
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Cullen/Frost
|
$
|
2,110,774
|
|
|
15.52
|
%
|
|
$
|
1,088,349
|
|
|
8.00
|
%
|
|
$
|
1,360,437
|
|
|
10.00
|
%
|
Frost Bank
|
1,780,313
|
|
|
13.12
|
|
|
1,085,447
|
|
|
8.00
|
|
|
1,356,809
|
|
|
10.00
|
|
|||
Tier 1 Capital to Risk-Weighted Assets
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Cullen/Frost
|
1,958,336
|
|
|
14.39
|
|
|
544,175
|
|
|
4.00
|
|
|
816,262
|
|
|
6.00
|
|
|||
Frost Bank
|
1,707,307
|
|
|
12.58
|
|
|
542,724
|
|
|
4.00
|
|
|
814,085
|
|
|
6.00
|
|
|||
Leverage Ratio
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Cullen/Frost
|
1,958,336
|
|
|
8.49
|
|
|
922,728
|
|
|
4.00
|
|
|
1,153,410
|
|
|
5.00
|
|
|||
Frost Bank
|
1,707,307
|
|
|
7.42
|
|
|
920,107
|
|
|
4.00
|
|
|
1,150,134
|
|
|
5.00
|
|
|
June 30, 2014
|
|
December 31, 2013
|
||||||||||||
|
Notional
Amount
|
|
Estimated
Fair Value
|
|
Notional
Amount
|
|
Estimated
Fair Value
|
||||||||
Derivatives designated as hedges of fair value:
|
|
|
|
|
|
|
|
||||||||
Financial institution counterparties:
|
|
|
|
|
|
|
|
||||||||
Loan/lease interest rate swaps – assets
|
$
|
34,244
|
|
|
$
|
705
|
|
|
$
|
50,965
|
|
|
$
|
1,386
|
|
Loan/lease interest rate swaps – liabilities
|
50,616
|
|
|
(3,779
|
)
|
|
43,631
|
|
|
(4,191
|
)
|
||||
Non-hedging interest rate derivatives:
|
|
|
|
|
|
|
|
||||||||
Financial institution counterparties:
|
|
|
|
|
|
|
|
||||||||
Loan/lease interest rate swaps – assets
|
185,596
|
|
|
3,776
|
|
|
195,234
|
|
|
9,573
|
|
||||
Loan/lease interest rate swaps – liabilities
|
628,254
|
|
|
(36,318
|
)
|
|
626,980
|
|
|
(32,469
|
)
|
||||
Loan/lease interest rate caps – assets
|
73,058
|
|
|
1,397
|
|
|
53,058
|
|
|
1,309
|
|
||||
Customer counterparties:
|
|
|
|
|
|
|
|
||||||||
Loan/lease interest rate swaps – assets
|
628,254
|
|
|
36,272
|
|
|
626,980
|
|
|
32,426
|
|
||||
Loan/lease interest rate swaps – liabilities
|
185,596
|
|
|
(3,776
|
)
|
|
195,234
|
|
|
(9,573
|
)
|
||||
Loan/lease interest rate caps – liabilities
|
73,058
|
|
|
(1,397
|
)
|
|
53,058
|
|
|
(1,309
|
)
|
|
Weighted-Average
|
||||
|
Interest
Rate
Paid
|
|
Interest
Rate
Received
|
||
Interest rate swaps:
|
|
|
|
||
Fair value hedge loan/lease interest rate swaps
|
2.56
|
%
|
|
0.15
|
%
|
Non-hedging interest rate swaps – financial institution counterparties
|
4.13
|
%
|
|
1.72
|
%
|
Non-hedging interest rate swaps – customer counterparties
|
4.06
|
%
|
|
1.67
|
%
|
|
|
|
June 30, 2014
|
|
December 31, 2013
|
||||||||||
|
Notional
Units
|
|
Notional
Amount
|
|
Estimated
Fair Value
|
|
Notional
Amount
|
|
Estimated
Fair Value
|
||||||
Financial institution counterparties:
|
|
|
|
|
|
|
|
|
|
||||||
Oil – assets
|
Barrels
|
|
281
|
|
|
$
|
188
|
|
|
356
|
|
|
$
|
1,004
|
|
Oil – liabilities
|
Barrels
|
|
1,130
|
|
|
(6,523
|
)
|
|
1,574
|
|
|
(2,704
|
)
|
||
Natural gas – assets
|
MMBTUs
|
|
8,540
|
|
|
2,126
|
|
|
14,240
|
|
|
2,903
|
|
||
Natural gas – liabilities
|
MMBTUs
|
|
27,630
|
|
|
(4,527
|
)
|
|
22,510
|
|
|
(3,212
|
)
|
||
Customer counterparties:
|
|
|
|
|
|
|
|
|
|
||||||
Oil – assets
|
Barrels
|
|
1,130
|
|
|
6,608
|
|
|
1,574
|
|
|
2,818
|
|
||
Oil – liabilities
|
Barrels
|
|
281
|
|
|
(188
|
)
|
|
356
|
|
|
(991
|
)
|
||
Natural gas – assets
|
MMBTUs
|
|
27,630
|
|
|
4,688
|
|
|
22,850
|
|
|
3,301
|
|
||
Natural gas – liabilities
|
MMBTUs
|
|
8,540
|
|
|
(2,124
|
)
|
|
13,900
|
|
|
(2,805
|
)
|
|
|
|
June 30, 2014
|
|
December 31, 2013
|
||||||||||
|
Notional
Currency
|
|
Notional
Amount
|
|
Estimated
Fair Value
|
|
Notional
Amount
|
|
Estimated
Fair Value
|
||||||
Financial institution counterparties:
|
|
|
|
|
|
|
|
|
|
||||||
Forward contracts – assets
|
EUR
|
|
—
|
|
|
$
|
—
|
|
|
1,175
|
|
|
$
|
5
|
|
Forward contracts – assets
|
CAD
|
|
—
|
|
|
—
|
|
|
18,886
|
|
|
85
|
|
||
Forward contracts – liabilities
|
GBP
|
|
548
|
|
|
(9
|
)
|
|
—
|
|
|
—
|
|
||
Forward contracts – liabilities
|
EUR
|
|
1,078
|
|
|
(8
|
)
|
|
494
|
|
|
(4
|
)
|
||
Forward contracts – liabilities
|
CAD
|
|
27,637
|
|
|
(437
|
)
|
|
14,078
|
|
|
(23
|
)
|
||
Customer counterparties:
|
|
|
|
|
|
|
|
|
|
||||||
Forward contracts – assets
|
CAD
|
|
27,599
|
|
|
475
|
|
|
14,055
|
|
|
45
|
|
||
Forward contracts – liabilities
|
CAD
|
|
—
|
|
|
—
|
|
|
18,859
|
|
|
(58
|
)
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
|
2014
|
|
2013
|
|
2014
|
|
2013
|
||||||||
Commercial loan/lease interest rate swaps:
|
|
|
|
|
|
|
|
||||||||
Amount of gain (loss) included in interest income on loans
|
$
|
(516
|
)
|
|
$
|
(609
|
)
|
|
$
|
(1,055
|
)
|
|
$
|
(1,232
|
)
|
Amount of (gain) loss included in other non-interest expense
|
(9
|
)
|
|
(9
|
)
|
|
—
|
|
|
6
|
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
|
2014
|
|
2013
|
|
2014
|
|
2013
|
||||||||
Interest rate swaps/caps/floors on variable-rate loans:
|
|
|
|
|
|
|
|
||||||||
Amount reclassified from accumulated other comprehensive income to interest income on loans
|
$
|
9,345
|
|
|
$
|
9,345
|
|
|
$
|
18,690
|
|
|
$
|
18,690
|
|
Interest rate swaps on junior subordinated deferrable interest debentures:
|
|
|
|
|
|
|
|
||||||||
Amount reclassified from accumulated other comprehensive income to interest expense on junior subordinated deferrable interest debentures
|
—
|
|
|
1,103
|
|
|
—
|
|
|
2,188
|
|
||||
Amount of gain (loss) recognized in other comprehensive income
|
—
|
|
|
(33
|
)
|
|
—
|
|
|
(33
|
)
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
|
2014
|
|
2013
|
|
2014
|
|
2013
|
||||||||
Non-hedging interest rate derivatives:
|
|
|
|
|
|
|
|
||||||||
Other non-interest income
|
$
|
644
|
|
|
$
|
67
|
|
|
$
|
865
|
|
|
$
|
185
|
|
Other non-interest expense
|
2
|
|
|
(37
|
)
|
|
2
|
|
|
(55
|
)
|
||||
Non-hedging commodity derivatives:
|
|
|
|
|
|
|
|
||||||||
Other non-interest income
|
11
|
|
|
89
|
|
|
93
|
|
|
256
|
|
||||
Non-hedging foreign currency derivatives:
|
|
|
|
|
|
|
|
||||||||
Other non-interest income
|
38
|
|
|
21
|
|
|
75
|
|
|
73
|
|
|
Gross Amount
Recognized
|
|
Gross Amount
Offset
|
|
Net Amount
Recognized
|
||||||
June 30, 2014
|
|
|
|
|
|
||||||
Financial assets:
|
|
|
|
|
|
||||||
Derivatives:
|
|
|
|
|
|
||||||
Loan/lease interest rate swaps and caps
|
$
|
5,878
|
|
|
$
|
—
|
|
|
$
|
5,878
|
|
Commodity swaps and options
|
2,314
|
|
|
—
|
|
|
2,314
|
|
|||
Foreign currency forward contracts
|
—
|
|
|
—
|
|
|
—
|
|
|||
Total derivatives
|
8,192
|
|
|
—
|
|
|
8,192
|
|
|||
Resell agreements
|
4,898
|
|
|
—
|
|
|
4,898
|
|
|||
Total
|
$
|
13,090
|
|
|
$
|
—
|
|
|
$
|
13,090
|
|
Financial liabilities:
|
|
|
|
|
|
||||||
Derivatives:
|
|
|
|
|
|
||||||
Loan/lease interest rate swaps
|
$
|
40,097
|
|
|
$
|
—
|
|
|
$
|
40,097
|
|
Commodity swaps and options
|
11,050
|
|
|
—
|
|
|
11,050
|
|
|||
Foreign currency forward contracts
|
454
|
|
|
—
|
|
|
454
|
|
|||
Total derivatives
|
51,601
|
|
|
—
|
|
|
51,601
|
|
|||
Repurchase agreements
|
612,541
|
|
|
—
|
|
|
612,541
|
|
|||
Total
|
$
|
664,142
|
|
|
$
|
—
|
|
|
$
|
664,142
|
|
|
|
|
Gross Amounts Not Offset
|
|
|
||||||||||
|
Net Amount
Recognized
|
|
Financial
Instruments
|
|
Collateral
|
|
Net
Amount
|
||||||||
June 30, 2014
|
|
|
|
|
|
|
|
||||||||
Financial assets:
|
|
|
|
|
|
|
|
||||||||
Derivatives:
|
|
|
|
|
|
|
|
||||||||
Counterparty A
|
$
|
1,479
|
|
|
$
|
(1,479
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
Counterparty B
|
2,063
|
|
|
(2,063
|
)
|
|
—
|
|
|
—
|
|
||||
Counterparty C
|
659
|
|
|
(659
|
)
|
|
—
|
|
|
—
|
|
||||
Other counterparties
|
3,991
|
|
|
(3,816
|
)
|
|
(40
|
)
|
|
135
|
|
||||
Total derivatives
|
8,192
|
|
|
(8,017
|
)
|
|
(40
|
)
|
|
135
|
|
||||
Resell agreements
|
4,898
|
|
|
—
|
|
|
(4,898
|
)
|
|
—
|
|
||||
Total
|
$
|
13,090
|
|
|
$
|
(8,017
|
)
|
|
$
|
(4,938
|
)
|
|
$
|
135
|
|
Financial liabilities:
|
|
|
|
|
|
|
|
||||||||
Derivatives:
|
|
|
|
|
|
|
|
||||||||
Counterparty A
|
$
|
18,933
|
|
|
$
|
(1,479
|
)
|
|
$
|
(17,109
|
)
|
|
$
|
345
|
|
Counterparty B
|
11,497
|
|
|
(2,063
|
)
|
|
(8,021
|
)
|
|
1,413
|
|
||||
Counterparty C
|
13,633
|
|
|
(659
|
)
|
|
(12,974
|
)
|
|
—
|
|
||||
Other counterparties
|
7,538
|
|
|
(3,816
|
)
|
|
(3,217
|
)
|
|
505
|
|
||||
Total derivatives
|
51,601
|
|
|
(8,017
|
)
|
|
(41,321
|
)
|
|
2,263
|
|
||||
Repurchase agreements
|
612,541
|
|
|
—
|
|
|
(612,541
|
)
|
|
—
|
|
||||
Total
|
$
|
664,142
|
|
|
$
|
(8,017
|
)
|
|
$
|
(653,862
|
)
|
|
$
|
2,263
|
|
|
Gross Amount
Recognized
|
|
Gross Amount
Offset
|
|
Net Amount
Recognized
|
||||||
December 31, 2013
|
|
|
|
|
|
||||||
Financial assets:
|
|
|
|
|
|
||||||
Derivatives:
|
|
|
|
|
|
||||||
Loan/lease interest rate swaps and caps
|
$
|
12,268
|
|
|
$
|
—
|
|
|
$
|
12,268
|
|
Commodity swaps and options
|
3,907
|
|
|
—
|
|
|
3,907
|
|
|||
Foreign currency forward contracts
|
90
|
|
|
—
|
|
|
90
|
|
|||
Total derivatives
|
16,265
|
|
|
—
|
|
|
16,265
|
|
|||
Resell agreements
|
7,898
|
|
|
—
|
|
|
7,898
|
|
|||
Total
|
$
|
24,163
|
|
|
$
|
—
|
|
|
$
|
24,163
|
|
Financial liabilities:
|
|
|
|
|
|
||||||
Derivatives:
|
|
|
|
|
|
||||||
Loan/lease interest rate swaps
|
$
|
36,660
|
|
|
$
|
—
|
|
|
$
|
36,660
|
|
Commodity swaps and options
|
5,916
|
|
|
—
|
|
|
5,916
|
|
|||
Foreign currency forward contracts
|
27
|
|
|
—
|
|
|
27
|
|
|||
Total derivatives
|
42,603
|
|
|
—
|
|
|
42,603
|
|
|||
Repurchase agreements
|
668,053
|
|
|
—
|
|
|
668,053
|
|
|||
Total
|
$
|
710,656
|
|
|
$
|
—
|
|
|
$
|
710,656
|
|
|
|
|
Gross Amounts Not Offset
|
|
|
||||||||||
|
Net Amount
Recognized
|
|
Financial
Instruments
|
|
Collateral
|
|
Net
Amount
|
||||||||
December 31, 2013
|
|
|
|
|
|
|
|
||||||||
Financial assets:
|
|
|
|
|
|
|
|
||||||||
Derivatives:
|
|
|
|
|
|
|
|
||||||||
Counterparty A
|
$
|
3,342
|
|
|
$
|
(3,342
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
Counterparty B
|
8,196
|
|
|
(8,196
|
)
|
|
—
|
|
|
—
|
|
||||
Counterparty C
|
1,187
|
|
|
(1,187
|
)
|
|
—
|
|
|
—
|
|
||||
Other counterparties
|
3,540
|
|
|
(2,099
|
)
|
|
(1,360
|
)
|
|
81
|
|
||||
Total derivatives
|
16,265
|
|
|
(14,824
|
)
|
|
(1,360
|
)
|
|
81
|
|
||||
Resell agreements
|
7,898
|
|
|
—
|
|
|
(7,898
|
)
|
|
—
|
|
||||
Total
|
$
|
24,163
|
|
|
$
|
(14,824
|
)
|
|
$
|
(9,258
|
)
|
|
$
|
81
|
|
Financial liabilities:
|
|
|
|
|
|
|
|
||||||||
Derivatives:
|
|
|
|
|
|
|
|
||||||||
Counterparty A
|
$
|
18,615
|
|
|
$
|
(3,342
|
)
|
|
$
|
(15,167
|
)
|
|
$
|
106
|
|
Counterparty B
|
9,054
|
|
|
(8,196
|
)
|
|
(613
|
)
|
|
245
|
|
||||
Counterparty C
|
10,870
|
|
|
(1,187
|
)
|
|
(9,683
|
)
|
|
—
|
|
||||
Other counterparties
|
4,064
|
|
|
(2,099
|
)
|
|
(1,549
|
)
|
|
416
|
|
||||
Total derivatives
|
42,603
|
|
|
(14,824
|
)
|
|
(27,012
|
)
|
|
767
|
|
||||
Repurchase agreements
|
668,053
|
|
|
—
|
|
|
(668,053
|
)
|
|
—
|
|
||||
Total
|
$
|
710,656
|
|
|
$
|
(14,824
|
)
|
|
$
|
(695,065
|
)
|
|
$
|
767
|
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
|
2014
|
|
2013
|
|
2014
|
|
2013
|
||||||||
Net income
|
$
|
66,470
|
|
|
$
|
59,663
|
|
|
$
|
127,658
|
|
|
$
|
114,851
|
|
Less: Preferred stock dividends
|
2,015
|
|
|
2,688
|
|
|
4,031
|
|
|
2,688
|
|
||||
Net income available to common shareholders
|
64,455
|
|
|
56,975
|
|
|
123,627
|
|
|
112,163
|
|
||||
Less: Earnings allocated to participating securities
|
246
|
|
|
209
|
|
|
472
|
|
|
407
|
|
||||
Net earnings allocated to common stock
|
$
|
64,209
|
|
|
$
|
56,766
|
|
|
$
|
123,155
|
|
|
$
|
111,756
|
|
|
|
|
|
|
|
|
|
||||||||
Distributed earnings allocated to common stock
|
$
|
32,050
|
|
|
$
|
30,058
|
|
|
$
|
62,421
|
|
|
$
|
58,733
|
|
Undistributed earnings allocated to common stock
|
32,159
|
|
|
26,708
|
|
|
60,734
|
|
|
53,023
|
|
||||
Net earnings allocated to common stock
|
$
|
64,209
|
|
|
$
|
56,766
|
|
|
$
|
123,155
|
|
|
$
|
111,756
|
|
|
|
|
|
|
|
|
|
||||||||
Weighted-average shares outstanding for basic earnings per common share
|
61,551,473
|
|
|
60,010,527
|
|
|
61,128,725
|
|
|
60,299,939
|
|
||||
Dilutive effect of stock compensation
|
915,083
|
|
|
664,597
|
|
|
902,024
|
|
|
628,961
|
|
||||
Weighted-average shares outstanding for diluted earnings per common share
|
62,466,556
|
|
|
60,675,124
|
|
|
62,030,749
|
|
|
60,928,900
|
|
|
|
|
|
|
Non-Vested Stock
Awards/Stock Units
Outstanding
|
|
Stock Options
Outstanding
|
||||||||||||
|
Shares
Available
for Grant
|
|
Director
Deferred
Stock Units
Outstanding
|
|
Number
of Shares
|
|
Weighted-
Average
Grant-Date
Fair Value
|
|
Number
of Shares
|
|
Weighted-
Average
Exercise
Price
|
||||||||
Balance, January 1, 2014
|
2,862,603
|
|
|
33,224
|
|
|
199,740
|
|
|
$
|
55.32
|
|
|
4,738,690
|
|
|
$
|
54.35
|
|
Authorized
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||
Granted
|
(100,643
|
)
|
|
5,643
|
|
|
—
|
|
|
—
|
|
|
95,000
|
|
|
79.16
|
|
||
Stock options exercised
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(384,775
|
)
|
|
52.26
|
|
||
Stock awards vested
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||
Forfeited
|
40,220
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(40,220
|
)
|
|
56.08
|
|
||
Canceled/expired
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||
Balance, June 30, 2014
|
2,802,180
|
|
|
38,867
|
|
|
199,740
|
|
|
$
|
55.32
|
|
|
4,408,695
|
|
|
$
|
55.05
|
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
|
2014
|
|
2013
|
|
2014
|
|
2013
|
||||||||
New shares issued from available authorized shares
|
—
|
|
|
—
|
|
|
—
|
|
|
153,275
|
|
||||
Issued from available treasury stock
|
54,950
|
|
|
266,799
|
|
|
384,775
|
|
|
508,949
|
|
||||
Total
|
54,950
|
|
|
266,799
|
|
|
384,775
|
|
|
662,224
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Proceeds from stock option exercises
|
$
|
2,830
|
|
|
$
|
13,743
|
|
|
$
|
20,109
|
|
|
$
|
34,189
|
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
|
2014
|
|
2013
|
|
2014
|
|
2013
|
||||||||
Stock options
|
$
|
1,754
|
|
|
$
|
1,968
|
|
|
$
|
3,524
|
|
|
$
|
3,966
|
|
Non-vested stock awards/stock units
|
366
|
|
|
345
|
|
|
732
|
|
|
689
|
|
||||
Deferred stock units
|
440
|
|
|
330
|
|
|
440
|
|
|
330
|
|
||||
Total
|
$
|
2,560
|
|
|
$
|
2,643
|
|
|
$
|
4,696
|
|
|
$
|
4,985
|
|
Stock options
|
$
|
13,886
|
|
Non-vested stock awards/stock units
|
2,097
|
|
|
Total
|
$
|
15,983
|
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
|
2014
|
|
2013
|
|
2014
|
|
2013
|
||||||||
Expected return on plan assets, net of expenses
|
$
|
(3,128
|
)
|
|
$
|
(2,772
|
)
|
|
$
|
(6,257
|
)
|
|
$
|
(5,544
|
)
|
Interest cost on projected benefit obligation
|
2,000
|
|
|
1,836
|
|
|
4,001
|
|
|
3,671
|
|
||||
Net amortization and deferral
|
671
|
|
|
1,639
|
|
|
1,343
|
|
|
3,279
|
|
||||
Net periodic expense (benefit)
|
$
|
(457
|
)
|
|
$
|
703
|
|
|
$
|
(913
|
)
|
|
$
|
1,406
|
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
|
2014
|
|
2013
|
|
2014
|
|
2013
|
||||||||
Current income tax expense
|
$
|
16,022
|
|
|
$
|
12,315
|
|
|
$
|
30,051
|
|
|
$
|
28,024
|
|
Deferred income tax expense (benefit)
|
(2,607
|
)
|
|
379
|
|
|
(4,540
|
)
|
|
(1,739
|
)
|
||||
Income tax expense, as reported
|
$
|
13,415
|
|
|
$
|
12,694
|
|
|
$
|
25,511
|
|
|
$
|
26,285
|
|
|
|
|
|
|
|
|
|
||||||||
Effective tax rate
|
16.8
|
%
|
|
17.5
|
%
|
|
16.7
|
%
|
|
18.6
|
%
|
|
Three Months Ended
June 30, 2014 |
|
Three Months Ended
June 30, 2013 |
||||||||||||||||||||
|
Before Tax
Amount
|
|
Tax Expense,
(Benefit)
|
|
Net of Tax
Amount
|
|
Before Tax
Amount
|
|
Tax Expense,
(Benefit)
|
|
Net of Tax
Amount
|
||||||||||||
Securities available for sale and transferred securities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Change in net unrealized gain/loss during the period
|
$
|
45,112
|
|
|
$
|
15,789
|
|
|
$
|
29,323
|
|
|
$
|
(74,025
|
)
|
|
$
|
(25,909
|
)
|
|
$
|
(48,116
|
)
|
Change in net unrealized gain on securities transferred to held to maturity
|
(9,175
|
)
|
|
(3,212
|
)
|
|
(5,963
|
)
|
|
(9,745
|
)
|
|
(3,411
|
)
|
|
(6,334
|
)
|
||||||
Reclassification adjustment for net (gains) losses included in net income
|
(2
|
)
|
|
—
|
|
|
(2
|
)
|
|
(6
|
)
|
|
(2
|
)
|
|
(4
|
)
|
||||||
Total securities available for sale and transferred securities
|
35,935
|
|
|
12,577
|
|
|
23,358
|
|
|
(83,776
|
)
|
|
(29,322
|
)
|
|
(54,454
|
)
|
||||||
Defined-benefit post-retirement benefit plans:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Change in the net actuarial gain/loss
|
671
|
|
|
235
|
|
|
436
|
|
|
1,639
|
|
|
574
|
|
|
1,065
|
|
||||||
Derivatives:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Change in the accumulated gain/loss on effective cash flow hedge derivatives
|
—
|
|
|
—
|
|
|
—
|
|
|
(33
|
)
|
|
(12
|
)
|
|
(21
|
)
|
||||||
Reclassification adjustments for (gains) losses included in net income:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Interest rate swaps on variable-rate loans
|
(9,345
|
)
|
|
(3,271
|
)
|
|
(6,074
|
)
|
|
(9,345
|
)
|
|
(3,270
|
)
|
|
(6,075
|
)
|
||||||
Interest rate swap on junior subordinated deferrable interest debentures
|
—
|
|
|
—
|
|
|
—
|
|
|
1,103
|
|
|
386
|
|
|
717
|
|
||||||
Total derivatives
|
(9,345
|
)
|
|
(3,271
|
)
|
|
(6,074
|
)
|
|
(8,275
|
)
|
|
(2,896
|
)
|
|
(5,379
|
)
|
||||||
Total other comprehensive income (loss)
|
$
|
27,261
|
|
|
$
|
9,541
|
|
|
$
|
17,720
|
|
|
$
|
(90,412
|
)
|
|
$
|
(31,644
|
)
|
|
$
|
(58,768
|
)
|
|
Six Months Ended
June 30, 2014 |
|
Six Months Ended
June 30, 2013 |
||||||||||||||||||||
|
Before Tax
Amount
|
|
Tax Expense,
(Benefit)
|
|
Net of Tax
Amount
|
|
Before Tax
Amount
|
|
Tax Expense,
(Benefit)
|
|
Net of Tax
Amount
|
||||||||||||
Securities available for sale and transferred securities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Change in net unrealized gain/loss during the period
|
$
|
66,543
|
|
|
$
|
23,290
|
|
|
$
|
43,253
|
|
|
$
|
(95,369
|
)
|
|
$
|
(33,379
|
)
|
|
$
|
(61,990
|
)
|
Change in net unrealized gain on securities transferred to held to maturity
|
(18,373
|
)
|
|
(6,431
|
)
|
|
(11,942
|
)
|
|
(18,204
|
)
|
|
(6,372
|
)
|
|
(11,832
|
)
|
||||||
Reclassification adjustment for net (gains) losses included in net income
|
(2
|
)
|
|
—
|
|
|
(2
|
)
|
|
(11
|
)
|
|
(4
|
)
|
|
(7
|
)
|
||||||
Total securities available for sale and transferred securities
|
48,168
|
|
|
16,859
|
|
|
31,309
|
|
|
(113,584
|
)
|
|
(39,755
|
)
|
|
(73,829
|
)
|
||||||
Defined-benefit post-retirement benefit plans:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Change in the net actuarial gain/loss
|
1,343
|
|
|
470
|
|
|
873
|
|
|
3,279
|
|
|
1,148
|
|
|
2,131
|
|
||||||
Derivatives:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Change in the accumulated gain/loss on effective cash flow hedge derivatives
|
—
|
|
|
—
|
|
|
—
|
|
|
(33
|
)
|
|
(12
|
)
|
|
(21
|
)
|
||||||
Reclassification adjustments for (gains) losses included in net income:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Interest rate swaps on variable-rate loans
|
(18,690
|
)
|
|
(6,542
|
)
|
|
(12,148
|
)
|
|
(18,690
|
)
|
|
(6,541
|
)
|
|
(12,149
|
)
|
||||||
Interest rate swap on junior subordinated deferrable interest debentures
|
—
|
|
|
—
|
|
|
—
|
|
|
2,188
|
|
|
766
|
|
|
1,422
|
|
||||||
Total derivatives
|
(18,690
|
)
|
|
(6,542
|
)
|
|
(12,148
|
)
|
|
(16,535
|
)
|
|
(5,787
|
)
|
|
(10,748
|
)
|
||||||
Total other comprehensive income (loss)
|
$
|
30,821
|
|
|
$
|
10,787
|
|
|
$
|
20,034
|
|
|
$
|
(126,840
|
)
|
|
$
|
(44,394
|
)
|
|
$
|
(82,446
|
)
|
|
Securities
Available
For Sale
|
|
Defined
Benefit
Plans
|
|
Derivatives
|
|
Accumulated
Other
Comprehensive
Income
|
||||||||
Balance January 1, 2014
|
$
|
146,672
|
|
|
$
|
(26,131
|
)
|
|
$
|
19,893
|
|
|
$
|
140,434
|
|
Other comprehensive income (loss) before reclassifications
|
31,311
|
|
|
873
|
|
|
—
|
|
|
32,184
|
|
||||
Amounts reclassified from accumulated other comprehensive income (loss)
|
(2
|
)
|
|
—
|
|
|
(12,148
|
)
|
|
(12,150
|
)
|
||||
Net other comprehensive income (loss) during period
|
31,309
|
|
|
873
|
|
|
(12,148
|
)
|
|
20,034
|
|
||||
Balance June 30, 2014
|
$
|
177,981
|
|
|
$
|
(25,258
|
)
|
|
$
|
7,745
|
|
|
$
|
160,468
|
|
|
|
|
|
|
|
|
|
||||||||
Balance January 1, 2013
|
$
|
245,539
|
|
|
$
|
(49,071
|
)
|
|
$
|
41,580
|
|
|
$
|
238,048
|
|
Other comprehensive income (loss) before reclassifications
|
(73,822
|
)
|
|
2,131
|
|
|
(21
|
)
|
|
(71,712
|
)
|
||||
Amounts reclassified from accumulated other comprehensive income (loss)
|
(7
|
)
|
|
—
|
|
|
(10,727
|
)
|
|
(10,734
|
)
|
||||
Net other comprehensive income (loss) during period
|
(73,829
|
)
|
|
2,131
|
|
|
(10,748
|
)
|
|
(82,446
|
)
|
||||
Balance June 30, 2013
|
$
|
171,710
|
|
|
$
|
(46,940
|
)
|
|
$
|
30,832
|
|
|
$
|
155,602
|
|
|
Banking
|
|
Frost Wealth
Advisors
|
|
Non-Banks
|
|
Consolidated
|
||||||||
Revenues from (expenses to) external customers:
|
|
|
|
|
|
|
|
||||||||
Three months ended:
|
|
|
|
|
|
|
|
||||||||
June 30, 2014
|
$
|
216,258
|
|
|
$
|
32,313
|
|
|
$
|
208
|
|
|
$
|
248,779
|
|
June 30, 2013
|
198,206
|
|
|
28,259
|
|
|
(775
|
)
|
|
225,690
|
|
||||
Six months ended:
|
|
|
|
|
|
|
|
||||||||
June 30, 2014
|
$
|
422,472
|
|
|
$
|
63,407
|
|
|
$
|
725
|
|
|
$
|
486,604
|
|
June 30, 2013
|
402,466
|
|
|
55,482
|
|
|
(1,665
|
)
|
|
456,283
|
|
||||
Net income (loss):
|
|
|
|
|
|
|
|
||||||||
Three months ended:
|
|
|
|
|
|
|
|
||||||||
June 30, 2014
|
$
|
63,872
|
|
|
$
|
5,388
|
|
|
$
|
(2,790
|
)
|
|
$
|
66,470
|
|
June 30, 2013
|
56,582
|
|
|
4,263
|
|
|
(1,182
|
)
|
|
59,663
|
|
||||
Six months ended:
|
|
|
|
|
|
|
|
||||||||
June 30, 2014
|
$
|
119,928
|
|
|
$
|
10,472
|
|
|
$
|
(2,742
|
)
|
|
$
|
127,658
|
|
June 30, 2013
|
110,135
|
|
|
7,501
|
|
|
(2,785
|
)
|
|
114,851
|
|
•
|
Level 1 Inputs
– Unadjusted quoted prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date.
|
•
|
Level 2 Inputs
– Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These might include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability (such as interest rates, volatilities, prepayment speeds, credit risks, etc.) or inputs that are derived principally from or corroborated by market data by correlation or other means.
|
•
|
Level 3 Inputs
– Unobservable inputs for determining the fair values of assets or liabilities that reflect an entity’s own assumptions about the assumptions that market participants would use in pricing the assets or liabilities.
|
|
Level 1
Inputs
|
|
Level 2
Inputs
|
|
Level 3
Inputs
|
|
Total Fair
Value
|
||||||||
June 30, 2014
|
|
|
|
|
|
|
|
||||||||
Securities available for sale:
|
|
|
|
|
|
|
|
||||||||
U.S. Treasury
|
$
|
2,468,768
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
2,468,768
|
|
Residential mortgage-backed securities
|
—
|
|
|
1,590,561
|
|
|
—
|
|
|
1,590,561
|
|
||||
States and political subdivisions
|
—
|
|
|
2,220,602
|
|
|
—
|
|
|
2,220,602
|
|
||||
Other
|
—
|
|
|
43,012
|
|
|
—
|
|
|
43,012
|
|
||||
Trading account securities:
|
|
|
|
|
|
|
|
||||||||
U.S. Treasury
|
15,489
|
|
|
—
|
|
|
—
|
|
|
15,489
|
|
||||
States and political subdivisions
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Derivative assets:
|
|
|
|
|
|
|
|
||||||||
Interest rate swaps, caps and floors
|
—
|
|
|
41,967
|
|
|
183
|
|
|
42,150
|
|
||||
Commodity swaps and options
|
—
|
|
|
13,610
|
|
|
—
|
|
|
13,610
|
|
||||
Foreign currency forward contracts
|
475
|
|
|
—
|
|
|
—
|
|
|
475
|
|
||||
Derivative liabilities:
|
|
|
|
|
|
|
|
||||||||
Interest rate swaps, caps and floors
|
—
|
|
|
45,270
|
|
|
—
|
|
|
45,270
|
|
||||
Commodity swaps and options
|
—
|
|
|
13,362
|
|
|
—
|
|
|
13,362
|
|
||||
Foreign currency forward contracts
|
454
|
|
|
—
|
|
|
—
|
|
|
454
|
|
December 31, 2013
|
|
|
|
|
|
|
|
||||||||
Securities available for sale:
|
|
|
|
|
|
|
|
||||||||
U.S. Treasury
|
$
|
2,540,554
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
2,540,554
|
|
U.S. Government agencies/corporations
|
—
|
|
|
53,980
|
|
|
—
|
|
|
53,980
|
|
||||
Residential mortgage-backed securities
|
—
|
|
|
1,776,016
|
|
|
—
|
|
|
1,776,016
|
|
||||
States and political subdivisions
|
—
|
|
|
1,488,914
|
|
|
—
|
|
|
1,488,914
|
|
||||
Other
|
—
|
|
|
35,972
|
|
|
—
|
|
|
35,972
|
|
||||
Trading account securities:
|
|
|
|
|
|
|
|
||||||||
U.S. Treasury
|
15,389
|
|
|
—
|
|
|
—
|
|
|
15,389
|
|
||||
States and political subdivisions
|
—
|
|
|
1,009
|
|
|
—
|
|
|
1,009
|
|
||||
Derivative assets:
|
|
|
|
|
|
|
|
||||||||
Interest rate swaps, caps and floors
|
—
|
|
|
44,520
|
|
|
174
|
|
|
44,694
|
|
||||
Commodity swaps and options
|
—
|
|
|
10,026
|
|
|
—
|
|
|
10,026
|
|
||||
Foreign currency forward contracts
|
135
|
|
|
—
|
|
|
—
|
|
|
135
|
|
||||
Derivative liabilities:
|
|
|
|
|
|
|
|
||||||||
Interest rate swaps, caps and floors
|
—
|
|
|
47,542
|
|
|
—
|
|
|
47,542
|
|
||||
Commodity swaps and options
|
—
|
|
|
9,712
|
|
|
—
|
|
|
9,712
|
|
||||
Foreign currency forward contracts
|
85
|
|
|
—
|
|
|
—
|
|
|
85
|
|
|
Six Months Ended
June 30, |
||||||
|
2014
|
|
2013
|
||||
Foreclosed assets remeasured at initial recognition:
|
|
|
|
||||
Carrying value of foreclosed assets prior to remeasurement
|
$
|
1,854
|
|
|
$
|
3,489
|
|
Charge-offs recognized in the allowance for loan losses
|
(232
|
)
|
|
(576
|
)
|
||
Fair value
|
$
|
1,622
|
|
|
$
|
2,913
|
|
Foreclosed assets remeasured subsequent to initial recognition:
|
|
|
|
||||
Carrying value of foreclosed assets prior to remeasurement
|
$
|
4,299
|
|
|
$
|
3,852
|
|
Write-downs included in other non-interest expense
|
(994
|
)
|
|
(657
|
)
|
||
Fair value
|
$
|
3,305
|
|
|
$
|
3,195
|
|
|
June 30, 2014
|
|
December 31, 2013
|
||||||||||||
|
Carrying
Amount
|
|
Estimated
Fair Value
|
|
Carrying
Amount
|
|
Estimated
Fair Value
|
||||||||
Financial assets:
|
|
|
|
|
|
|
|
||||||||
Level 2 inputs:
|
|
|
|
|
|
|
|
||||||||
Cash and cash equivalents
|
$
|
5,020,610
|
|
|
$
|
5,020,610
|
|
|
$
|
4,556,125
|
|
|
$
|
4,556,125
|
|
Securities held to maturity
|
3,065,867
|
|
|
3,072,344
|
|
|
3,139,748
|
|
|
3,029,663
|
|
||||
Cash surrender value of life insurance policies
|
170,245
|
|
|
170,245
|
|
|
141,108
|
|
|
141,108
|
|
||||
Accrued interest receivable
|
109,652
|
|
|
109,652
|
|
|
99,281
|
|
|
99,281
|
|
||||
Level 3 inputs:
|
|
|
|
|
|
|
|
||||||||
Loans, net
|
10,581,091
|
|
|
10,764,010
|
|
|
9,423,262
|
|
|
9,582,734
|
|
||||
Financial liabilities:
|
|
|
|
|
|
|
|
||||||||
Level 2 inputs:
|
|
|
|
|
|
|
|
||||||||
Deposits
|
22,516,606
|
|
|
22,517,448
|
|
|
20,688,786
|
|
|
20,689,323
|
|
||||
Federal funds purchased and repurchase agreements
|
612,991
|
|
|
612,991
|
|
|
668,253
|
|
|
668,253
|
|
||||
Junior subordinated deferrable interest debentures
|
137,115
|
|
|
137,115
|
|
|
123,712
|
|
|
123,712
|
|
||||
Subordinated notes payable and other borrowings
|
100,000
|
|
|
94,132
|
|
|
100,000
|
|
|
92,552
|
|
||||
Accrued interest payable
|
1,636
|
|
|
1,636
|
|
|
1,300
|
|
|
1,300
|
|
•
|
Local, regional, national and international economic conditions and the impact they may have on the Corporation and its customers and the Corporation’s assessment of that impact.
|
•
|
Volatility and disruption in national and international financial markets.
|
•
|
Government intervention in the U.S. financial system.
|
•
|
Changes in the mix of loan geographies, sectors and types or the level of non-performing assets and charge-offs.
|
•
|
Changes in estimates of future reserve requirements based upon the periodic review thereof under relevant regulatory and accounting requirements.
|
•
|
The effects of and changes in trade and monetary and fiscal policies and laws, including the interest rate policies of the Federal Reserve Board.
|
•
|
Inflation, interest rate, securities market and monetary fluctuations.
|
•
|
The effect of changes in laws and regulations (including laws and regulations concerning taxes, banking, securities and insurance) with which the Corporation and its subsidiaries must comply.
|
•
|
The soundness of other financial institutions.
|
•
|
Political instability.
|
•
|
Impairment of the Corporation’s goodwill or other intangible assets.
|
•
|
Acts of God or of war or terrorism.
|
•
|
The timely development and acceptance of new products and services and perceived overall value of these products and services by users.
|
•
|
Changes in consumer spending, borrowings and savings habits.
|
•
|
Changes in the financial performance and/or condition of the Corporation’s borrowers.
|
•
|
Technological changes.
|
•
|
Acquisitions and integration of acquired businesses.
|
•
|
The ability to increase market share and control expenses.
|
•
|
The Corporation’s ability to attract and retain qualified employees.
|
•
|
Changes in the competitive environment in the Corporation’s markets and among banking organizations and other financial service providers.
|
•
|
The effect of changes in accounting policies and practices, as may be adopted by the regulatory agencies, as well as the Public Company Accounting Oversight Board, the Financial Accounting Standards Board and other accounting standard setters.
|
•
|
Changes in the reliability of the Corporation’s vendors, internal control systems or information systems.
|
•
|
Changes in the Corporation’s liquidity position.
|
•
|
Changes in the Corporation’s organization, compensation and benefit plans.
|
•
|
The costs and effects of legal and regulatory developments, the resolution of legal proceedings or regulatory or other governmental inquiries, the results of regulatory examinations or reviews and the ability to obtain required regulatory approvals.
|
•
|
Greater than expected costs or difficulties related to the integration of new products and lines of business.
|
•
|
The Corporation’s success at managing the risks involved in the foregoing items.
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
June 30, 2014
|
|
June 30, 2013
|
|
June 30, 2014
|
|
June 30, 2013
|
||||||||
Taxable-equivalent net interest income
|
$
|
198,926
|
|
|
$
|
173,966
|
|
|
$
|
386,720
|
|
|
$
|
346,767
|
|
Taxable-equivalent adjustment
|
29,297
|
|
|
20,785
|
|
|
56,756
|
|
|
40,773
|
|
||||
Net interest income
|
169,629
|
|
|
153,181
|
|
|
329,964
|
|
|
305,994
|
|
||||
Provision for loan losses
|
4,924
|
|
|
3,575
|
|
|
11,524
|
|
|
9,575
|
|
||||
Net interest income after provision for loan losses
|
164,705
|
|
|
149,606
|
|
|
318,440
|
|
|
296,419
|
|
||||
Non-interest income
|
79,150
|
|
|
72,509
|
|
|
156,640
|
|
|
150,289
|
|
||||
Non-interest expense
|
163,970
|
|
|
149,758
|
|
|
321,911
|
|
|
305,572
|
|
||||
Income before income taxes
|
79,885
|
|
|
72,357
|
|
|
153,169
|
|
|
141,136
|
|
||||
Income taxes
|
13,415
|
|
|
12,694
|
|
|
25,511
|
|
|
26,285
|
|
||||
Net income
|
66,470
|
|
|
59,663
|
|
|
127,658
|
|
|
114,851
|
|
||||
Preferred stock dividends
|
2,015
|
|
|
2,688
|
|
|
4,031
|
|
|
2,688
|
|
||||
Net income available to common shareholders
|
$
|
64,455
|
|
|
$
|
56,975
|
|
|
$
|
123,627
|
|
|
$
|
112,163
|
|
Earnings per common share – basic
|
$
|
1.03
|
|
|
$
|
0.95
|
|
|
$
|
2.00
|
|
|
$
|
1.86
|
|
Earnings per common share – diluted
|
1.02
|
|
|
0.94
|
|
|
1.99
|
|
|
1.85
|
|
||||
Dividends per common share
|
0.51
|
|
|
0.50
|
|
|
1.01
|
|
|
0.98
|
|
||||
Return on average assets
|
1.04
|
%
|
|
1.03
|
%
|
|
1.02
|
%
|
|
1.02
|
%
|
||||
Return on average common equity
|
10.33
|
|
|
9.93
|
|
|
10.15
|
|
|
9.71
|
|
||||
Average shareholders’ equity to average assets
|
10.66
|
|
|
11.00
|
|
|
10.65
|
|
|
10.97
|
|
|
Quarter to Date
|
|
Year to Date
|
||||
|
June 30, 2014
vs.
June 30, 2013
|
|
June 30, 2014
vs. June 30, 2013 |
||||
Due to changes in average volumes
|
$
|
22,394
|
|
|
$
|
38,527
|
|
Due to changes in average interest rates
|
2,566
|
|
|
1,426
|
|
||
Total change
|
$
|
24,960
|
|
|
$
|
39,953
|
|
|
Three Months Ended
|
Six Months Ended
|
||||||||||||
|
June 30,
2014
|
|
June 30,
2013
|
June 30,
2014
|
|
June 30,
2013
|
||||||||
Trust and investment management fees
|
$
|
26,748
|
|
|
$
|
22,561
|
|
$
|
52,159
|
|
|
$
|
44,446
|
|
Service charges on deposit accounts
|
20,462
|
|
|
20,044
|
|
40,436
|
|
|
40,088
|
|
||||
Insurance commissions and fees
|
9,823
|
|
|
9,266
|
|
22,949
|
|
|
22,336
|
|
||||
Interchange and debit card transaction fees
|
4,627
|
|
|
4,268
|
|
8,870
|
|
|
8,279
|
|
||||
Other charges, commissions and fees
|
8,550
|
|
|
8,578
|
|
16,757
|
|
|
16,333
|
|
||||
Net gain (loss) on securities transactions
|
2
|
|
|
6
|
|
2
|
|
|
11
|
|
||||
Other
|
8,938
|
|
|
7,786
|
|
15,467
|
|
|
18,796
|
|
||||
Total
|
$
|
79,150
|
|
|
$
|
72,509
|
|
$
|
156,640
|
|
|
$
|
150,289
|
|
|
Three Months Ended
|
Six Months Ended
|
||||||||||||
|
June 30,
2014
|
|
June 30,
2013
|
June 30,
2014
|
|
June 30,
2013
|
||||||||
Salaries and wages
|
$
|
70,473
|
|
|
$
|
66,502
|
|
$
|
140,690
|
|
|
$
|
132,967
|
|
Employee benefits
|
14,806
|
|
|
14,629
|
|
32,194
|
|
|
32,620
|
|
||||
Net occupancy
|
13,733
|
|
|
12,645
|
|
26,686
|
|
|
24,624
|
|
||||
Furniture and equipment
|
15,207
|
|
|
14,986
|
|
30,160
|
|
|
29,171
|
|
||||
Deposit insurance
|
3,145
|
|
|
2,835
|
|
6,262
|
|
|
5,724
|
|
||||
Intangible amortization
|
806
|
|
|
788
|
|
1,495
|
|
|
1,608
|
|
||||
Other
|
45,800
|
|
|
37,373
|
|
84,424
|
|
|
78,858
|
|
||||
Total
|
$
|
163,970
|
|
|
$
|
149,758
|
|
$
|
321,911
|
|
|
$
|
305,572
|
|
|
Three Months Ended
|
Six Months Ended
|
||||||||||||
|
June 30,
2014
|
|
June 30,
2013
|
June 30,
2014
|
|
June 30,
2013
|
||||||||
Banking
|
$
|
63,872
|
|
|
$
|
56,582
|
|
$
|
119,928
|
|
|
$
|
110,135
|
|
Frost Wealth Advisors
|
5,388
|
|
|
4,263
|
|
10,472
|
|
|
7,501
|
|
||||
Non-Banks
|
(2,790
|
)
|
|
(1,182
|
)
|
(2,742
|
)
|
|
(2,785
|
)
|
||||
Consolidated net income
|
$
|
66,470
|
|
|
$
|
59,663
|
|
$
|
127,658
|
|
|
$
|
114,851
|
|
|
June 30,
2014
|
|
Percentage
of Total
|
|
December 31,
2013
|
|
Percentage
of Total
|
||||||
Commercial and industrial:
|
|
|
|
|
|
|
|
||||||
Commercial
|
$
|
5,322,752
|
|
|
49.9
|
%
|
|
$
|
4,587,499
|
|
|
48.2
|
%
|
Leases
|
302,081
|
|
|
2.8
|
|
|
319,577
|
|
|
3.4
|
|
||
Total commercial and industrial
|
5,624,833
|
|
|
52.7
|
|
|
4,907,076
|
|
|
51.6
|
|
||
Commercial real estate:
|
|
|
|
|
|
|
|
||||||
Commercial mortgages
|
2,985,184
|
|
|
28.0
|
|
|
2,800,760
|
|
|
29.4
|
|
||
Construction
|
577,446
|
|
|
5.4
|
|
|
426,639
|
|
|
4.5
|
|
||
Land
|
272,959
|
|
|
2.5
|
|
|
239,937
|
|
|
2.5
|
|
||
Total commercial real estate
|
3,835,589
|
|
|
35.9
|
|
|
3,467,336
|
|
|
36.4
|
|
||
Consumer real estate:
|
|
|
|
|
|
|
|
||||||
Home equity loans
|
336,890
|
|
|
3.2
|
|
|
329,853
|
|
|
3.5
|
|
||
Home equity lines of credit
|
213,109
|
|
|
2.0
|
|
|
195,132
|
|
|
2.1
|
|
||
1-4 family residential mortgages
|
35,625
|
|
|
0.3
|
|
|
32,447
|
|
|
0.3
|
|
||
Construction
|
21,506
|
|
|
0.2
|
|
|
13,123
|
|
|
0.1
|
|
||
Other
|
256,085
|
|
|
2.4
|
|
|
237,649
|
|
|
2.5
|
|
||
Total consumer real estate
|
863,215
|
|
|
8.1
|
|
|
808,204
|
|
|
8.5
|
|
||
Total real estate
|
4,698,804
|
|
|
44.0
|
|
|
4,275,540
|
|
|
44.9
|
|
||
Consumer and other:
|
|
|
|
|
|
|
|
||||||
Consumer installment
|
371,648
|
|
|
3.4
|
|
|
350,827
|
|
|
3.7
|
|
||
Other
|
6,581
|
|
|
0.1
|
|
|
7,289
|
|
|
0.1
|
|
||
Total consumer and other
|
378,229
|
|
|
3.5
|
|
|
358,116
|
|
|
3.8
|
|
||
Unearned discounts
|
(22,489
|
)
|
|
(0.2
|
)
|
|
(25,032
|
)
|
|
(0.3
|
)
|
||
Total loans
|
$
|
10,679,377
|
|
|
100.0
|
%
|
|
$
|
9,515,700
|
|
|
100.0
|
%
|
|
June 30,
2014
|
|
December 31,
2013
|
||||
Non-accrual loans:
|
|
|
|
||||
Commercial and industrial
|
$
|
34,664
|
|
|
$
|
26,733
|
|
Commercial real estate
|
22,134
|
|
|
27,035
|
|
||
Consumer real estate
|
2,179
|
|
|
2,207
|
|
||
Consumer and other
|
654
|
|
|
745
|
|
||
Total non-accrual loans
|
59,631
|
|
|
56,720
|
|
||
Restructured loans
|
—
|
|
|
1,137
|
|
||
Foreclosed assets:
|
|
|
|
||||
Real estate
|
8,935
|
|
|
11,916
|
|
||
Other
|
—
|
|
|
—
|
|
||
Total foreclosed assets
|
8,935
|
|
|
11,916
|
|
||
Total non-performing assets
|
$
|
68,566
|
|
|
$
|
69,773
|
|
|
|
|
|
||||
Ratio of non-performing assets to:
|
|
|
|
||||
Total loans and foreclosed assets
|
0.64
|
%
|
|
0.73
|
%
|
||
Total assets
|
0.26
|
|
|
0.29
|
|
||
Accruing past due loans:
|
|
|
|
||||
30 to 89 days past due
|
$
|
36,539
|
|
|
$
|
31,297
|
|
90 or more days past due
|
7,876
|
|
|
7,635
|
|
||
Total accruing past due loans
|
$
|
44,415
|
|
|
$
|
38,932
|
|
Ratio of accruing past due loans to total loans:
|
|
|
|
||||
30 to 89 days past due
|
0.34
|
%
|
|
0.33
|
%
|
||
90 or more days past due
|
0.07
|
%
|
|
0.08
|
|
||
Total accruing past due loans
|
0.41
|
%
|
|
0.41
|
%
|
|
June 30,
2014
|
|
December 31,
2013
|
||||
Commercial and industrial
|
$
|
55,672
|
|
|
$
|
52,790
|
|
Commercial real estate
|
22,046
|
|
|
22,590
|
|
||
Consumer real estate
|
4,659
|
|
|
5,230
|
|
||
Consumer and other
|
6,427
|
|
|
5,010
|
|
||
Unallocated
|
9,482
|
|
|
6,818
|
|
||
Total
|
$
|
98,286
|
|
|
$
|
92,438
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
June 30,
2014
|
|
June 30,
2013
|
|
June 30,
2014
|
|
June 30,
2013
|
||||||||
Balance at beginning of period
|
$
|
95,156
|
|
|
$
|
93,589
|
|
|
$
|
92,438
|
|
|
$
|
104,453
|
|
Provision for loan losses
|
4,924
|
|
|
3,575
|
|
|
11,524
|
|
|
9,575
|
|
||||
Charge-offs:
|
|
|
|
|
|
|
|
||||||||
Commercial and industrial
|
(3,028
|
)
|
|
(3,586
|
)
|
|
(5,395
|
)
|
|
(20,738
|
)
|
||||
Commercial real estate
|
(935
|
)
|
|
(415
|
)
|
|
(2,726
|
)
|
|
(681
|
)
|
||||
Consumer real estate
|
(105
|
)
|
|
(159
|
)
|
|
(126
|
)
|
|
(495
|
)
|
||||
Consumer and other
|
(2,269
|
)
|
|
(2,374
|
)
|
|
(4,756
|
)
|
|
(4,551
|
)
|
||||
Total charge-offs
|
(6,337
|
)
|
|
(6,534
|
)
|
|
(13,003
|
)
|
|
(26,465
|
)
|
||||
Recoveries:
|
|
|
|
|
|
|
|
||||||||
Commercial and industrial
|
1,894
|
|
|
703
|
|
|
2,565
|
|
|
1,328
|
|
||||
Commercial real estate
|
810
|
|
|
287
|
|
|
1,023
|
|
|
882
|
|
||||
Consumer real estate
|
78
|
|
|
174
|
|
|
122
|
|
|
234
|
|
||||
Consumer and other
|
1,761
|
|
|
1,606
|
|
|
3,617
|
|
|
3,393
|
|
||||
Total recoveries
|
4,543
|
|
|
2,770
|
|
|
7,327
|
|
|
5,837
|
|
||||
Net charge-offs
|
(1,794
|
)
|
|
(3,764
|
)
|
|
(5,676
|
)
|
|
(20,628
|
)
|
||||
Balance at end of period
|
$
|
98,286
|
|
|
$
|
93,400
|
|
|
$
|
98,286
|
|
|
$
|
93,400
|
|
|
|
|
|
|
|
|
|
||||||||
Ratio of allowance for loan losses to:
|
|
|
|
|
|
|
|
||||||||
Total loans
|
0.92
|
%
|
|
1.01
|
%
|
|
0.92
|
%
|
|
1.01
|
%
|
||||
Non-accrual loans
|
164.82
|
|
|
107.71
|
|
|
164.82
|
|
|
107.71
|
|
||||
Ratio of annualized net charge-offs to average total loans
|
0.07
|
|
|
0.16
|
|
|
0.12
|
|
|
0.45
|
|
|
June 30, 2014
|
|
June 30, 2013
|
||||||||||||||||||
|
Average
Balance
|
|
Interest
Income/
Expense
|
|
Yield/
Cost
|
|
Average
Balance
|
|
Interest
Income/
Expense
|
|
Yield/
Cost
|
||||||||||
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest-bearing deposits
|
$
|
4,183,819
|
|
|
$
|
2,681
|
|
|
0.26
|
%
|
|
$
|
2,309,653
|
|
|
$
|
1,498
|
|
|
0.26
|
%
|
Federal funds sold and resell agreements
|
21,153
|
|
|
23
|
|
|
0.43
|
|
|
24,302
|
|
|
29
|
|
|
0.48
|
|
||||
Securities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Taxable
|
3,972,037
|
|
|
22,114
|
|
|
2.28
|
|
|
5,619,568
|
|
|
25,485
|
|
|
1.86
|
|
||||
Tax-exempt
|
4,762,916
|
|
|
65,729
|
|
|
5.59
|
|
|
3,307,588
|
|
|
48,001
|
|
|
5.86
|
|
||||
Total securities
|
8,734,953
|
|
|
87,843
|
|
|
4.09
|
|
|
8,927,156
|
|
|
73,486
|
|
|
3.36
|
|
||||
Loans, net of unearned discounts
|
10,080,362
|
|
|
111,805
|
|
|
4.45
|
|
|
9,207,289
|
|
|
104,790
|
|
|
4.56
|
|
||||
Total Earning Assets and Average Rate Earned
|
23,020,287
|
|
|
202,352
|
|
|
3.54
|
|
|
20,468,400
|
|
|
179,803
|
|
|
3.55
|
|
||||
Cash and due from banks
|
531,691
|
|
|
|
|
|
|
552,237
|
|
|
|
|
|
||||||||
Allowance for loan losses
|
(96,054
|
)
|
|
|
|
|
|
(93,847
|
)
|
|
|
|
|
||||||||
Premises and equipment, net
|
339,440
|
|
|
|
|
|
|
306,625
|
|
|
|
|
|
||||||||
Accrued interest and other assets
|
1,033,544
|
|
|
|
|
|
|
998,754
|
|
|
|
|
|
||||||||
Total Assets
|
$
|
24,828,908
|
|
|
|
|
|
|
$
|
22,232,169
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Non-interest-bearing demand deposits:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial and individual
|
$
|
8,017,924
|
|
|
|
|
|
|
$
|
6,795,334
|
|
|
|
|
|
||||||
Correspondent banks
|
351,838
|
|
|
|
|
|
|
304,613
|
|
|
|
|
|
||||||||
Public funds
|
365,776
|
|
|
|
|
|
|
352,387
|
|
|
|
|
|
||||||||
Total non-interest-bearing demand deposits
|
8,735,538
|
|
|
|
|
|
|
7,452,334
|
|
|
|
|
|
||||||||
Interest-bearing deposits:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Private accounts
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Savings and interest checking
|
4,107,532
|
|
|
227
|
|
|
0.02
|
|
|
3,529,731
|
|
|
375
|
|
|
0.04
|
|
||||
Money market deposit accounts
|
7,022,660
|
|
|
1,789
|
|
|
0.10
|
|
|
6,394,561
|
|
|
2,709
|
|
|
0.17
|
|
||||
Time accounts
|
959,639
|
|
|
501
|
|
|
0.21
|
|
|
981,273
|
|
|
642
|
|
|
0.26
|
|
||||
Public funds
|
391,242
|
|
|
50
|
|
|
0.05
|
|
|
413,095
|
|
|
156
|
|
|
0.15
|
|
||||
Total interest-bearing deposits
|
12,481,073
|
|
|
2,567
|
|
|
0.08
|
|
|
11,318,660
|
|
|
3,882
|
|
|
0.14
|
|
||||
Total deposits
|
21,216,611
|
|
|
|
|
|
|
18,770,994
|
|
|
|
|
|
||||||||
Federal funds purchased and repurchase agreements
|
529,664
|
|
|
34
|
|
|
0.03
|
|
|
514,221
|
|
|
29
|
|
|
0.02
|
|
||||
Junior subordinated deferrable interest debentures
|
128,278
|
|
|
601
|
|
|
1.87
|
|
|
123,712
|
|
|
1,690
|
|
|
5.46
|
|
||||
Subordinated notes payable and other notes
|
100,000
|
|
|
224
|
|
|
0.90
|
|
|
100,000
|
|
|
236
|
|
|
0.94
|
|
||||
Federal Home Loan Bank advances
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Total Interest-Bearing Funds and Average Rate Paid
|
13,239,015
|
|
|
3,426
|
|
|
0.10
|
|
|
12,056,593
|
|
|
5,837
|
|
|
0.19
|
|
||||
Accrued interest and other liabilities
|
206,668
|
|
|
|
|
|
|
278,292
|
|
|
|
|
|
||||||||
Total Liabilities
|
22,181,221
|
|
|
|
|
|
|
19,787,219
|
|
|
|
|
|
||||||||
Shareholders’ Equity
|
2,647,687
|
|
|
|
|
|
|
2,444,950
|
|
|
|
|
|
||||||||
Total Liabilities and Shareholders’ Equity
|
$
|
24,828,908
|
|
|
|
|
|
|
$
|
22,232,169
|
|
|
|
|
|
||||||
Net interest income
|
|
|
$
|
198,926
|
|
|
|
|
|
|
$
|
173,966
|
|
|
|
||||||
Net interest spread
|
|
|
|
|
3.44
|
%
|
|
|
|
|
|
3.36
|
%
|
||||||||
Net interest income to total average earning assets
|
|
|
|
|
3.48
|
%
|
|
|
|
|
|
3.43
|
%
|
|
June 30, 2014
|
|
June 30, 2013
|
||||||||||||||||||
|
Average
Balance
|
|
Interest
Income/
Expense
|
|
Yield/
Cost
|
|
Average
Balance
|
|
Interest
Income/
Expense
|
|
Yield/
Cost
|
||||||||||
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest-bearing deposits
|
$
|
4,002,662
|
|
|
$
|
5,085
|
|
|
0.26
|
%
|
|
$
|
2,255,128
|
|
|
$
|
2,851
|
|
|
0.25
|
%
|
Federal funds sold and resell agreements
|
20,307
|
|
|
43
|
|
|
0.43
|
|
|
20,341
|
|
|
51
|
|
|
0.51
|
|
||||
Securities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Taxable
|
4,171,337
|
|
|
43,517
|
|
|
2.13
|
|
|
5,727,489
|
|
|
52,862
|
|
|
1.90
|
|
||||
Tax-exempt
|
4,607,513
|
|
|
127,254
|
|
|
5.58
|
|
|
3,280,537
|
|
|
94,485
|
|
|
5.82
|
|
||||
Total securities
|
8,778,850
|
|
|
170,771
|
|
|
3.95
|
|
|
9,008,026
|
|
|
147,347
|
|
|
3.34
|
|
||||
Loans, net of unearned discounts
|
9,830,339
|
|
|
217,618
|
|
|
4.46
|
|
|
9,158,225
|
|
|
208,304
|
|
|
4.59
|
|
||||
Total Earning Assets and Average Rate Earned
|
22,632,158
|
|
|
393,517
|
|
|
3.51
|
|
|
20,441,720
|
|
|
358,553
|
|
|
3.56
|
|
||||
Cash and due from banks
|
549,105
|
|
|
|
|
|
|
565,899
|
|
|
|
|
|
||||||||
Allowance for loan losses
|
(95,234
|
)
|
|
|
|
|
|
(99,472
|
)
|
|
|
|
|
||||||||
Premises and equipment, net
|
328,512
|
|
|
|
|
|
|
311,955
|
|
|
|
|
|
||||||||
Accrued interest and other assets
|
1,004,846
|
|
|
|
|
|
|
1,002,519
|
|
|
|
|
|
||||||||
Total Assets
|
$
|
24,419,387
|
|
|
|
|
|
|
$
|
22,222,621
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Non-interest-bearing demand deposits:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial and individual
|
$
|
7,704,819
|
|
|
|
|
|
|
$
|
6,759,181
|
|
|
|
|
|
||||||
Correspondent banks
|
353,849
|
|
|
|
|
|
|
319,940
|
|
|
|
|
|
||||||||
Public funds
|
387,296
|
|
|
|
|
|
|
362,615
|
|
|
|
|
|
||||||||
Total non-interest-bearing demand deposits
|
8,445,964
|
|
|
|
|
|
|
7,441,736
|
|
|
|
|
|
||||||||
Interest-bearing deposits:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Private accounts
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Savings and interest checking
|
4,030,991
|
|
|
447
|
|
|
0.02
|
|
|
3,533,484
|
|
|
753
|
|
|
0.04
|
|
||||
Money market deposit accounts
|
6,991,786
|
|
|
3,593
|
|
|
0.10
|
|
|
6,347,703
|
|
|
5,442
|
|
|
0.17
|
|
||||
Time accounts
|
951,336
|
|
|
968
|
|
|
0.21
|
|
|
988,181
|
|
|
1,381
|
|
|
0.28
|
|
||||
Public funds
|
445,717
|
|
|
120
|
|
|
0.05
|
|
|
436,104
|
|
|
314
|
|
|
0.15
|
|
||||
Total interest-bearing deposits
|
12,419,830
|
|
|
5,128
|
|
|
0.08
|
|
|
11,305,472
|
|
|
7,890
|
|
|
0.14
|
|
||||
Total deposits
|
20,865,794
|
|
|
|
|
|
|
18,747,208
|
|
|
|
|
|
||||||||
Federal funds purchased and repurchase agreements
|
516,768
|
|
|
61
|
|
|
0.02
|
|
|
523,416
|
|
|
59
|
|
|
0.02
|
|
||||
Junior subordinated deferrable interest debentures
|
126,008
|
|
|
1,162
|
|
|
1.84
|
|
|
123,712
|
|
|
3,363
|
|
|
5.44
|
|
||||
Subordinated notes payable and other notes
|
100,000
|
|
|
446
|
|
|
0.89
|
|
|
100,000
|
|
|
474
|
|
|
0.95
|
|
||||
Federal Home Loan Bank advances
|
—
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|
—
|
|
|
6.00
|
|
||||
Total Interest-Bearing Funds and Average Rate Paid
|
13,162,606
|
|
|
6,797
|
|
|
0.10
|
|
|
12,052,602
|
|
|
11,786
|
|
|
0.20
|
|
||||
Accrued interest and other liabilities
|
210,456
|
|
|
|
|
|
|
290,341
|
|
|
|
|
|
||||||||
Total Liabilities
|
21,819,026
|
|
|
|
|
|
|
19,784,679
|
|
|
|
|
|
||||||||
Shareholders’ Equity
|
2,600,361
|
|
|
|
|
|
|
2,437,942
|
|
|
|
|
|
||||||||
Total Liabilities and Shareholders’ Equity
|
$
|
24,419,387
|
|
|
|
|
|
|
$
|
22,222,621
|
|
|
|
|
|
||||||
Net interest income
|
|
|
$
|
386,720
|
|
|
|
|
|
|
$
|
346,767
|
|
|
|
||||||
Net interest spread
|
|
|
|
|
3.41
|
%
|
|
|
|
|
|
3.36
|
%
|
||||||||
Net interest income to total average earning assets
|
|
|
|
|
3.45
|
%
|
|
|
|
|
|
3.44
|
%
|
Period
|
Total Number of
Shares Purchased
|
|
Average Price
Paid Per Share
|
|
Total Number of
Shares Purchased
as Part of Publicly
Announced Plan
|
|
Maximum
Number of Shares
(or Approximate
Dollar Value)
That May Yet Be
Purchased Under
the Plan at the
End of the Period
|
||||||
April 1, 2014 to April 30, 2014
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
$
|
—
|
|
May 1, 2014 to May 31, 2014
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||
June 1, 2014 to June 30, 2014
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||
Total
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
—
|
|
Exhibit
Number
|
Description
|
31.1
|
Rule 13a-14(a) Certification of the Corporation's Chief Executive Officer
|
31.2
|
Rule 13a-14(a) Certification of the Corporation's Chief Financial Officer
|
32.1+
|
Section 1350 Certification of the Corporation's Chief Executive Officer
|
32.2+
|
Section 1350 Certification of the Corporation's Chief Financial Officer
|
101
|
Interactive Data File
|
+
|
This exhibit shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liability of that section, and shall not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934.
|
|
|
|
|
|
|
|
|
|
Cullen/Frost Bankers, Inc.
|
|
|
|
|
|
(Registrant)
|
|
|
|
|
|
|
|
|
Date:
|
July 30, 2014
|
|
By:
|
/s/ Phillip D. Green
|
|
|
|
|
|
Phillip D. Green
|
|
|
|
|
|
Group Executive Vice President
|
|
|
|
|
|
and Chief Financial Officer
|
|
|
|
|
|
(Duly Authorized Officer, Principal Financial
|
|
|
|
|
|
Officer and Principal Accounting Officer)
|
|
No information found
* THE VALUE IS THE MARKET VALUE AS OF THE LAST DAY OF THE QUARTER FOR WHICH THE 13F WAS FILED.
FUND | NUMBER OF SHARES | VALUE ($) | PUT OR CALL |
---|
DIRECTORS | AGE | BIO | OTHER DIRECTOR MEMBERSHIPS |
---|
No information found
Customers
Customer name | Ticker |
---|---|
Terex Corporation | TEX |
No Suppliers Found
Price
Yield
Owner | Position | Direct Shares | Indirect Shares |
---|