Quarterly report pursuant to Section 13 or 15(d)

Loans sales and securitizations (Tables)

v2.4.0.8
Loans sales and securitizations (Tables)
 3 Months Ended
Sep. 30, 2014
Loan Sales and Securitizations [Abstract]  
Summarizes activity relating to loans securitized sold with servicing retained
Three Months Ended Nine Months Ended
September 30, September 30,
(dollar amounts in thousands) 2014 2013 2014 2013
Residential mortgage loans sold with servicing retained $ 654,747 $ 853,287 $ 1,703,056 $ 2,603,414
Pretax gains resulting from above loan sales (1) 16,781 23,224 43,853 91,519
(1) Recorded in mortgage banking income.

Three Months Ended Nine Months Ended
September 30, September 30,
(dollar amounts in thousands) 2014 2013 2014 2013
SBA loans sold with servicing retained $ 63,470 $ 49,808 $ 149,571 $ 116,094
Pretax gains resulting from above loan sales (1) 7,432 4,718 17,204 12,059
(1) Recorded in other noninterest income.
Summarizes activity relating to loans sold with servicing retained using the fair value method
Three Months Ended Nine Months Ended
Fair Value Method: September 30, September 30,
(dollar amounts in thousands) 2014 2013 2014 2013
Fair value, beginning of period $ 26,747 $ 37,544 $ 34,236 $ 35,202
Change in fair value during the period due to:
Time decay (1) (467) (727) (1,848) (1,961)
Payoffs (2) (1,343) (3,015) (4,869) (9,774)
Changes in valuation inputs or assumptions (3) 501 304 (2,081) 10,639
Fair value, end of period: $ 25,438 $ 34,106 $ 25,438 $ 34,106
Weighted-average life (years) 5.2 4.1 5.2 4.1
(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.
Summarizes activity relating to loans sold with servicing retained using the amortization method
Three Months Ended Nine Months Ended
Amortization Method: September 30, September 30,
(dollar amounts in thousands) 2014 2013 2014 2013
Carrying value, beginning of period $ 133,113 $ 117,978 $ 128,064 $ 85,545
New servicing assets created 7,173 9,864 17,802 28,614
Servicing assets acquired --- --- 3,505 ---
Impairment (charge) / recovery 487 (132) (1,573) 21,459
Amortization and other (4,311) (3,040) (11,336) (10,948)
Carrying value, end of period $ 136,462 $ 124,670 $ 136,462 $ 124,670
Fair value, end of period $ 141,976 $ 136,590 $ 141,976 $ 136,590
Weighted-average life (years) 6.7 6.3 6.7 6.3

Three Months Ended Nine Months Ended
September 30, September 30,
(dollar amounts in thousands) 2014 2013 2014 2013
Carrying value, beginning of period $ 17,192 $ 15,220 $ 16,865 $ 15,147
New servicing assets created 2,181 1,339 5,042 3,567
Amortization and other (1,458) (1,154) (3,992) (3,309)
Carrying value, end of period $ 17,915 $ 15,405 $ 17,915 $ 15,405
Fair value, end of period $ 17,915 $ 15,405 $ 17,915 $ 15,405
Weighted-average life (years) 3.5 3.5 3.5 3.5
Summary of key assumptions and the sensitivity of the servicing rights value to changes in the assumptions
September 30, 2014 December 31, 2013
Decline in fair value due to Decline in fair value due to
10% 20% 10% 20%
adverse adverse adverse adverse
(dollar amounts in thousands) Actual change change Actual change change
Constant prepayment rate (annualized) 13.50 % $ (1,127) $ (2,164) 11.90 % $ (1,935) $ (3,816)
Spread over forward interest rate swap rates 676 bps (777) (1,508) 1,069 bps (1,376) (2,753)

September 30, 2014 December 31, 2013
Decline in fair value due to Decline in fair value due to
10% 20% 10% 20%
adverse adverse adverse adverse
(dollar amounts in thousands) Actual change change Actual change change
Constant prepayment rate (annualized) 9.40 % $ (4,485) $ (8,671) 6.70 % $ (6,813) $ (12,977)
Spread over forward interest rate swap rates 955 bps (4,682) (9,064) 940 bps (6,027) (12,054)

September 30, 2014 December 31, 2013
Decline in fair value due to Decline in fair value due to
10% 20% 10% 20%
adverse adverse adverse adverse
(dollar amounts in thousands) Actual change change Actual change change
Constant prepayment rate (annualized) 14.63 % $ (359) $ (604) 14.65 % $ (584) $ (1,183)
Spread over forward interest rate swap rates 500 bps (3) (6) 500 bps (7) (15)

September 30, 2014 December 31, 2013
Decline in fair value due to Decline in fair value due to
10% 20% 10% 20%
adverse adverse adverse adverse
(dollar amounts in thousands) Actual change change Actual change change
Constant prepayment rate (annualized) 5.70 % $ (206) $ (410) 5.90 % $ (221) $ (438)
Discount rate 1,500 bps (937) (1,442) 1,500 bps (446) (873)