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Loans sales and securitizations (Tables)
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3 Months Ended |
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Mar. 31, 2015
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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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March 31, |
| (dollar amounts in thousands) |
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|
2015 |
|
|
2014 |
| Residential mortgage loans sold with servicing retained |
|
$ |
630,683 |
|
$ |
481,837 |
| Pretax gains resulting from above loan sales (1) |
|
|
14,862 |
|
|
12,076 |
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|
|
|
|
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|
| (1) |
Recorded in mortgage banking income. |
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Three Months Ended |
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March 31, |
| (dollar amounts in thousands) |
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2015 |
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|
2014 |
| SBA loans sold with servicing retained |
|
$ |
42,401 |
|
$ |
40,871 |
| Pretax gains resulting from above loan sales (1) |
|
|
3,574 |
|
|
4,375 |
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|
|
|
|
|
|
|
| (1) |
Recorded in gain on sale of loans. |
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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) |
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|
2015 |
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|
2014 |
| Fair value, beginning of period |
|
$ |
22,786 |
|
$ |
34,236 |
| Change in fair value during the period due to: |
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|
|
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|
|
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Time decay (1) |
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|
(339) |
|
|
(725) |
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Payoffs (2) |
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(818) |
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(1,915) |
|
Changes in valuation inputs or assumptions (3) |
|
|
(1,174) |
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|
(968) |
| Fair value, end of period: |
|
$ |
20,455 |
|
$ |
30,628 |
| Weighted-average life (years) |
|
|
4.7 |
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4.1 |
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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: |
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March 31, |
| (dollar amounts in thousands) |
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|
2015 |
|
|
2014 |
| Carrying value, beginning of period |
|
$ |
132,813 |
|
$ |
128,064 |
| New servicing assets created |
|
|
6,454 |
|
|
5,053 |
| Servicing assets acquired |
|
|
--- |
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|
3,505 |
| Impairment (charge) / recovery |
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|
(7,990) |
|
|
(629) |
| Amortization and other |
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|
(5,823) |
|
|
(3,342) |
| Carrying value, end of period |
|
$ |
125,454 |
|
$ |
132,651 |
| Fair value, end of period |
|
$ |
125,691 |
|
$ |
144,694 |
| Weighted-average life (years) |
|
|
5.7 |
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6.5 |
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|
|
Three Months Ended |
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|
|
March 31, |
| (dollar amounts in thousands) |
|
|
2015 |
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|
2014 |
| Carrying value, beginning of period |
|
$ |
18,536 |
|
$ |
16,865 |
| New servicing assets created |
|
|
1,457 |
|
|
1,335 |
| Amortization and other |
|
|
(2,046) |
|
|
(1,172) |
| Carrying value, end of period |
|
$ |
17,947 |
|
$ |
17,028 |
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|
|
|
|
|
|
|
| Fair value, end of period |
|
$ |
19,436 |
|
$ |
17,028 |
| Weighted-average life (years) |
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3.3 |
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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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March 31, 2015 |
|
December 31, 2014 |
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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 |
|
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)
|
|
15.20 |
% |
$ |
(1,046) |
|
$ |
(2,002) |
|
15.60 |
% |
|
$ |
(1,176) |
|
$ |
(2,248) |
| Spread over forward interest rate swap rates |
|
641 |
bps |
|
(625) |
|
|
(1,214) |
|
546 |
bps |
|
|
(699) |
|
|
(1,355) |
|
March 31, 2015 |
|
December 31, 2014 |
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Decline in fair value due to |
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|
|
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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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|
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|
adverse |
|
|
adverse |
| (dollar amounts in thousands) |
|
Actual |
|
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)
|
|
11.90 |
% |
$ |
(5,135) |
|
$ |
(9,860) |
|
11.40 |
% |
|
$ |
(5,289) |
|
$ |
(10,164) |
| Spread over forward interest rate swap rates |
|
928 |
bps |
|
(3,957) |
|
|
(7,663) |
|
856 |
bps |
|
|
(4,343) |
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|
(8,403) |
|
March 31, 2015 |
|
December 31, 2014 |
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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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|
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|
adverse |
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|
adverse |
| (dollar amounts in thousands) |
|
Actual |
|
change |
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|
change |
|
Actual |
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|
change |
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|
change |
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Constant prepayment rate (annualized)
|
|
15.60 |
% |
$ |
(98) |
|
$ |
(287) |
|
14.62 |
% |
|
$ |
(305) |
|
$ |
(496) |
| Spread over forward interest rate swap rates |
|
500 |
bps |
|
(1) |
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(3) |
|
500 |
bps |
|
|
(2) |
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(4) |
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|
March 31, 2015 |
|
December 31, 2014 |
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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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|
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|
adverse |
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|
adverse |
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|
adverse |
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|
adverse |
| (dollar amounts in thousands) |
|
Actual |
|
|
change |
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|
change |
|
Actual |
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|
change |
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|
change |
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Constant prepayment rate (annualized)
|
|
7.80 |
% |
|
$ |
(281) |
|
$ |
(558) |
|
5.60 |
% |
|
$ |
(211) |
|
$ |
(419) |
| Discount rate |
|
1,500 |
bps |
|
|
(521) |
|
|
(1,020) |
|
1,500 |
bps |
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|
(563) |
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|
(1,102) |
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