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Loans sales and securitizations (Tables)
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3 Months Ended |
|
Mar. 31, 2014
|
| Loan Sales and Securitizations [Abstract] |
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| Summarizes activity relating to loans securitized sold with servicing retained |
| |
|
|
|
Three Months Ended |
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|
|
|
March 31, |
| (dollar amounts in thousands) |
|
|
2014 |
|
|
2013 |
| Residential mortgage loans sold with servicing retained |
|
$ |
481,837 |
|
$ |
836,134 |
| Pretax gains resulting from above loan sales (1) |
|
|
12,076 |
|
|
35,569 |
| |
|
|
|
|
|
|
|
| (1) |
Recorded in mortgage banking income. |
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|
|
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Three Months Ended |
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|
|
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March 31, |
| (dollar amounts in thousands) |
|
|
2014 |
|
|
2013 |
| SBA loans sold with servicing retained |
|
$ |
40,871 |
|
$ |
26,908 |
| Pretax gains resulting from above loan sales (1) |
|
|
4,375 |
|
|
3,076 |
| |
|
|
|
|
|
|
|
| (1) |
Recorded in mortgage banking income. |
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| Summarizes activity relating to loans sold with servicing retained using the fair value method |
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Three Months Ended |
| Fair Value Method: |
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March 31, |
| (dollar amounts in thousands) |
|
|
2014 |
|
|
2013 |
| Fair value, beginning of period |
|
$ |
34,236 |
|
$ |
35,202 |
| Change in fair value during the period due to: |
|
|
|
|
|
|
| |
Time decay (1) |
|
|
(725) |
|
|
(609) |
| |
Payoffs (2) |
|
|
(1,915) |
|
|
(3,157) |
| |
Changes in valuation inputs or assumptions (3) |
|
|
(968) |
|
|
4,146 |
| Fair value, end of period: |
|
$ |
30,628 |
|
$ |
35,582 |
| Weighted-average life (years) |
|
|
4.1 |
|
|
3.6 |
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|
|
|
|
|
|
|
| (1) |
Represents decrease in value due to passage of time, including the impact from both regularly scheduled loan principal payments and partial loan paydowns. |
| (2) |
Represents decrease in value associated with loans that paid off during the period. |
| (3) |
Represents change in value resulting primarily from market-driven changes in interest rates and prepayment speeds. |
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| Summarizes activity relating to loans sold with servicing retained using the amortization method |
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Three Months Ended |
| Amortization Method: |
|
|
March 31, |
| (dollar amounts in thousands) |
|
|
2014 |
|
|
2013 |
| Carrying value, beginning of period |
|
$ |
128,064 |
|
$ |
85,545 |
| New servicing assets created |
|
|
5,053 |
|
|
9,286 |
| Servicing assets acquired |
|
|
3,505 |
|
|
--- |
| Impairment (charge) / recovery |
|
|
(629) |
|
|
13,651 |
| Amortization and other |
|
|
(3,342) |
|
|
(4,137) |
| Carrying value, end of period |
|
$ |
132,651 |
|
$ |
104,345 |
| Fair value, end of period |
|
$ |
144,694 |
|
$ |
104,512 |
| Weighted-average life (years) |
|
|
6.5 |
|
|
4.6 |
| |
|
|
|
Three Months Ended |
| |
|
|
|
March 31, |
| (dollar amounts in thousands) |
|
|
2014 |
|
|
2013 |
| Carrying value, beginning of period |
|
$ |
16,865 |
|
$ |
15,147 |
| New servicing assets created |
|
|
1,335 |
|
|
883 |
| Amortization and other |
|
|
(1,172) |
|
|
(1,136) |
| Carrying value, end of period |
|
$ |
17,028 |
|
$ |
14,894 |
| |
|
|
|
|
|
|
|
| Fair value, end of period |
|
$ |
17,028 |
|
$ |
14,894 |
| Weighted-average life (years) |
|
|
3.5 |
|
|
3.5 |
|
| Summary of key assumptions and the sensitivity of the servicing rights value to changes in the assumptions |
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March 31, 2014 |
|
December 31, 2013 |
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|
|
Decline in fair value due to |
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|
|
|
|
Decline in fair value due to |
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|
|
|
|
10% |
|
|
20% |
|
|
|
|
|
10% |
|
|
20% |
| |
|
|
|
|
adverse |
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|
adverse |
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|
|
|
|
adverse |
|
|
adverse |
| (dollar amounts in thousands) |
|
Actual |
|
change |
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|
change |
|
Actual |
|
|
change |
|
|
change |
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Constant prepayment rate (annualized)
|
|
12.60 |
% |
$ |
(1,804) |
|
$ |
(3,699) |
|
11.90 |
% |
|
$ |
(1,935) |
|
$ |
(3,816) |
| Spread over forward interest rate swap rates |
|
1,081 |
bps |
|
(1,200) |
|
|
(2,400) |
|
1,069 |
bps |
|
|
(1,376) |
|
|
(2,753) |
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March 31, 2014 |
|
December 31, 2013 |
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|
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|
|
Decline in fair value due to |
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|
|
|
|
Decline in fair value due to |
| |
|
|
|
|
10% |
|
|
20% |
|
|
|
|
|
10% |
|
|
20% |
| |
|
|
|
|
adverse |
|
|
adverse |
|
|
|
|
|
adverse |
|
|
adverse |
| (dollar amounts in thousands) |
|
Actual |
|
change |
|
|
change |
|
Actual |
|
|
change |
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|
change |
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Constant prepayment rate (annualized)
|
|
7.20 |
% |
$ |
(6,672) |
|
$ |
(13,599) |
|
6.70 |
% |
|
$ |
(6,813) |
|
$ |
(12,977) |
| Spread over forward interest rate swap rates |
|
959 |
bps |
|
(6,029) |
|
|
(12,058) |
|
940 |
bps |
|
|
(6,027) |
|
|
(12,054) |
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March 31, 2014 |
|
December 31, 2013 |
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|
|
|
|
Decline in fair value due to |
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|
|
|
|
Decline in fair value due to |
| |
|
|
|
|
10% |
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|
20% |
|
|
|
|
|
10% |
|
|
20% |
| |
|
|
|
|
adverse |
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|
adverse |
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|
|
|
|
adverse |
|
|
adverse |
| (dollar amounts in thousands) |
|
Actual |
|
change |
|
|
change |
|
Actual |
|
|
change |
|
|
change |
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Constant prepayment rate (annualized)
|
|
14.64 |
% |
$ |
(414) |
|
$ |
(895) |
|
14.65 |
% |
|
$ |
(584) |
|
$ |
(1,183) |
| Spread over forward interest rate swap rates |
|
500 |
bps |
|
(5) |
|
|
(10) |
|
500 |
bps |
|
|
(7) |
|
|
(15) |
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|
March 31, 2014 |
|
December 31, 2013 |
| |
|
|
|
|
|
Decline in fair value due to |
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|
|
|
|
Decline in fair value due to |
| |
|
|
|
|
|
10% |
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|
20% |
|
|
|
|
|
10% |
|
|
20% |
| |
|
|
|
|
|
adverse |
|
|
adverse |
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|
|
|
|
adverse |
|
|
adverse |
| (dollar amounts in thousands) |
|
Actual |
|
|
change |
|
|
change |
|
Actual |
|
|
change |
|
|
change |
|
Constant prepayment rate (annualized)
|
|
5.80 |
% |
|
$ |
(189) |
|
$ |
(375) |
|
5.90 |
% |
|
$ |
(221) |
|
$ |
(438) |
| Discount rate |
|
15 |
bps |
|
|
(488) |
|
|
(955) |
|
1,500 |
bps |
|
|
(446) |
|
|
(873) |
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