Loans sales and securitizations (Tables)
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3 Months Ended |
Jun. 30, 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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Six Months Ended |
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June 30, |
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June 30, |
| (dollar amounts in thousands) |
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2015 |
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2014 |
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2015 |
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2014 |
| Residential mortgage loans sold with servicing retained |
$ |
938,412 |
|
$ |
566,471 |
|
$ |
1,569,096 |
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$ |
1,048,308 |
| Pretax gains resulting from above loan sales (1) |
|
27,471 |
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|
14,996 |
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42,334 |
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27,072 |
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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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2015 |
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2014 |
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2015 |
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2014 |
| Automobile loans securitized with servicing retained |
$ |
750,000 |
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$ |
--- |
|
$ |
750,000 |
|
$ |
--- |
| Pretax gains resulting from above loan sales (1) |
|
5,333 |
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|
--- |
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5,333 |
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--- |
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| (1) |
Recorded in gain on sale of loans. |
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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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2015 |
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2014 |
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2015 |
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2014 |
| SBA loans sold with servicing retained |
$ |
53,534 |
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$ |
45,229 |
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$ |
95,935 |
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$ |
86,101 |
| Pretax gains resulting from above loan sales (1) |
|
4,696 |
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|
5,396 |
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8,270 |
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|
9,772 |
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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 |
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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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2015 |
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2014 |
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2015 |
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2014 |
| Fair value, beginning of period |
$ |
20,455 |
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$ |
30,628 |
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$ |
22,786 |
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$ |
34,236 |
| Change in fair value during the period due to: |
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Time decay (1) |
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(332) |
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(656) |
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(671) |
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(1,381) |
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Payoffs (2) |
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(997) |
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(1,611) |
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(1,815) |
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(3,525) |
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Changes in valuation inputs or assumptions (3) |
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1,555 |
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(1,614) |
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|
381 |
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(2,583) |
| Fair value, end of period: |
$ |
20,681 |
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$ |
26,747 |
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$ |
20,681 |
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$ |
26,747 |
| Weighted-average life (years) |
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5.1 |
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3.9 |
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5.1 |
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3.9 |
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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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2015 |
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2014 |
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2015 |
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2014 |
| Carrying value, beginning of period |
$ |
125,454 |
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$ |
132,651 |
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$ |
132,813 |
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$ |
128,064 |
| New servicing assets created |
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10,338 |
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|
5,578 |
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16,792 |
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|
10,631 |
| Servicing assets acquired |
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--- |
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--- |
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--- |
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|
3,505 |
| Impairment (charge) / recovery |
|
12,970 |
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(3,685) |
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4,980 |
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(7,027) |
| Amortization and other |
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(5,635) |
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(1,431) |
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(11,458) |
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(2,060) |
| Carrying value, end of period |
$ |
143,127 |
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$ |
133,113 |
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$ |
143,127 |
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$ |
133,113 |
| Fair value, end of period |
$ |
143,434 |
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$ |
139,915 |
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$ |
143,434 |
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$ |
139,915 |
| Weighted-average life (years) |
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6.5 |
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5.9 |
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6.5 |
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5.9 |
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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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2015 |
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2014 |
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2015 |
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2014 |
| Carrying value, beginning of period |
$ |
17,947 |
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$ |
17,028 |
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$ |
18,536 |
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$ |
16,865 |
| New servicing assets created |
|
1,839 |
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1,526 |
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3,296 |
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2,861 |
| Amortization and other |
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(1,514) |
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(1,362) |
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(3,560) |
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(2,534) |
| Carrying value, end of period |
$ |
18,272 |
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$ |
17,192 |
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$ |
18,272 |
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$ |
17,192 |
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| Fair value, end of period |
$ |
20,350 |
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$ |
17,192 |
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$ |
20,350 |
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$ |
17,192 |
| Weighted-average life (years) |
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3.3 |
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3.5 |
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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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June 30, 2015 |
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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 |
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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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13.60 |
% |
$ |
(955) |
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$ |
(1,833) |
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15.60 |
% |
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$ |
(1,176) |
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$ |
(2,248) |
| Spread over forward interest rate swap rates |
|
597 |
bps |
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(659) |
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(1,277) |
|
546 |
bps |
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(699) |
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(1,355) |
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June 30, 2015 |
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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 |
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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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9.80 |
% |
$ |
(4,935) |
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$ |
(9,525) |
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11.40 |
% |
|
$ |
(5,289) |
|
$ |
(10,164) |
| Spread over forward interest rate swap rates |
|
969 |
bps |
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(4,776) |
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(9,240) |
|
856 |
bps |
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(4,343) |
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(8,403) |
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June 30, 2015 |
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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)
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|
15.60 |
% |
$ |
(622) |
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$ |
(1,203) |
|
14.62 |
% |
|
$ |
(305) |
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$ |
(496) |
| Spread over forward interest rate swap rates |
|
500 |
bps |
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(15) |
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(30) |
|
500 |
bps |
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(2) |
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(4) |
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June 30, 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 |
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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)
|
|
7.70 |
% |
|
$ |
(287) |
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$ |
(569) |
|
5.60 |
% |
|
$ |
(211) |
|
$ |
(419) |
| Discount rate |
|
1,500 |
bps |
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(547) |
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(1,071) |
|
1,500 |
bps |
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(563) |
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(1,102) |
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