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Loans sales and securitizations (Tables)
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3 Months Ended |
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Jun. 30, 2014
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| Loan Sales and Securitizations [Abstract] |
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| Summarizes activity relating to loans securitized sold with servicing retained |
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Three Months Ended |
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Six Months Ended |
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June 30, |
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June 30, |
| (dollar amounts in thousands) |
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2014 |
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2013 |
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2014 |
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2013 |
| Residential mortgage loans sold with servicing retained |
$ |
566,471 |
|
$ |
913,994 |
|
$ |
1,048,308 |
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$ |
1,750,127 |
| Pretax gains resulting from above loan sales (1) |
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14,996 |
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32,727 |
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27,072 |
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68,295 |
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| (1) |
Recorded in mortgage banking income. |
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Three Months Ended |
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Six Months Ended |
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June 30, |
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June 30, |
| (dollar amounts in thousands) |
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2014 |
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2013 |
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2014 |
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2013 |
| SBA loans sold with servicing retained |
$ |
45,229 |
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$ |
39,378 |
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$ |
86,101 |
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$ |
66,286 |
| Pretax gains resulting from above loan sales (1) |
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5,396 |
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4,265 |
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9,772 |
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7,341 |
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| (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 |
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Six Months Ended |
| Fair Value Method: |
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June 30, |
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June 30, |
| (dollar amounts in thousands) |
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2014 |
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2013 |
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2014 |
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2013 |
| Fair value, beginning of period |
$ |
30,628 |
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$ |
35,582 |
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$ |
34,236 |
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$ |
35,202 |
| Change in fair value during the period due to: |
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Time decay (1) |
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(656) |
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(625) |
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(1,381) |
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(1,234) |
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Payoffs (2) |
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(1,611) |
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(3,601) |
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(3,525) |
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(6,759) |
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Changes in valuation inputs or assumptions (3) |
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(1,614) |
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6,188 |
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(2,583) |
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10,335 |
| Fair value, end of period: |
$ |
26,747 |
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$ |
37,544 |
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$ |
26,747 |
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$ |
37,544 |
| Weighted-average life (years) |
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3.9 |
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4.2 |
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3.9 |
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4.2 |
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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 |
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Six Months Ended |
| Amortization Method: |
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June 30, |
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June 30, |
| (dollar amounts in thousands) |
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2014 |
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2013 |
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2014 |
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2013 |
| Carrying value, beginning of period |
$ |
132,651 |
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$ |
104,345 |
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$ |
128,064 |
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$ |
85,545 |
| New servicing assets created |
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5,578 |
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9,465 |
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10,631 |
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18,750 |
| Servicing assets acquired |
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--- |
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--- |
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3,505 |
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--- |
| Impairment (charge) / recovery |
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(3,685) |
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7,940 |
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(7,027) |
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21,591 |
| Amortization and other |
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(1,431) |
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(3,772) |
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(2,060) |
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(7,908) |
| Carrying value, end of period |
$ |
133,113 |
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$ |
117,978 |
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$ |
133,113 |
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$ |
117,978 |
| Fair value, end of period |
$ |
139,915 |
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$ |
129,050 |
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$ |
139,915 |
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$ |
129,050 |
| Weighted-average life (years) |
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5.9 |
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6.4 |
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5.9 |
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6.4 |
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Three Months Ended |
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Six Months Ended |
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June 30, |
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June 30, |
| (dollar amounts in thousands) |
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2014 |
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2013 |
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2014 |
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2013 |
| Carrying value, beginning of period |
$ |
17,028 |
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$ |
14,894 |
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$ |
16,865 |
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$ |
15,147 |
| New servicing assets created |
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1,526 |
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1,344 |
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2,861 |
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|
2,227 |
| Amortization and other |
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(1,362) |
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(1,018) |
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(2,534) |
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(2,154) |
| Carrying value, end of period |
$ |
17,192 |
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$ |
15,220 |
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$ |
17,192 |
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$ |
15,220 |
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| Fair value, end of period |
$ |
17,192 |
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$ |
15,220 |
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$ |
17,192 |
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$ |
15,220 |
| Weighted-average life (years) |
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3.5 |
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3.5 |
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3.5 |
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3.5 |
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| Summary of key assumptions and the sensitivity of the servicing rights value to changes in the assumptions |
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June 30, 2014 |
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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% |
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20% |
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10% |
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20% |
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adverse |
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adverse |
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adverse |
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adverse |
| (dollar amounts in thousands) |
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Actual |
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change |
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change |
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Actual |
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change |
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change |
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Constant prepayment rate (annualized)
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14.10 |
% |
$ |
(1,871) |
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$ |
(3,700) |
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11.90 |
% |
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$ |
(1,935) |
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$ |
(3,816) |
| Spread over forward interest rate swap rates |
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1,094 |
bps |
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(1,026) |
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(2,051) |
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1,069 |
bps |
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(1,376) |
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(2,753) |
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June 30, 2014 |
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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% |
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20% |
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10% |
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20% |
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adverse |
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adverse |
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adverse |
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adverse |
| (dollar amounts in thousands) |
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Actual |
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change |
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change |
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Actual |
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change |
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change |
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Constant prepayment rate (annualized)
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8.20 |
% |
$ |
(6,901) |
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$ |
(13,520) |
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6.70 |
% |
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$ |
(6,813) |
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$ |
(12,977) |
| Spread over forward interest rate swap rates |
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950 |
bps |
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(5,661) |
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(11,323) |
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940 |
bps |
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(6,027) |
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(12,054) |
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June 30, 2014 |
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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% |
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20% |
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10% |
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20% |
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adverse |
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adverse |
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adverse |
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adverse |
| (dollar amounts in thousands) |
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Actual |
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change |
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change |
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Actual |
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change |
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change |
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Constant prepayment rate (annualized)
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14.64 |
% |
$ |
(429) |
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$ |
(770) |
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14.65 |
% |
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$ |
(584) |
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$ |
(1,183) |
| Spread over forward interest rate swap rates |
|
500 |
bps |
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(4) |
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(7) |
|
500 |
bps |
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(7) |
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(15) |
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June 30, 2014 |
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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% |
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20% |
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10% |
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20% |
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adverse |
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adverse |
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adverse |
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adverse |
| (dollar amounts in thousands) |
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Actual |
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change |
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change |
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Actual |
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change |
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change |
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Constant prepayment rate (annualized)
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5.70 |
% |
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$ |
(197) |
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$ |
(391) |
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5.90 |
% |
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$ |
(221) |
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$ |
(438) |
| Discount rate |
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1,500 |
bps |
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(511) |
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(1,001) |
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1,500 |
bps |
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(446) |
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(873) |
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