Loans receivable | 9 Months Ended |
Sep. 30, 2013 |
Loans receivable | ' |
Loans receivable | ' |
(4) Loans receivable |
|
The following table shows a summary of our loans receivable at September 30, 2013 and December 31, 2012 (in thousands): |
|
| | September 30, | | December 31, | | | | | | | | | | | | | | |
| | 2013 | | 2012 | | | | | | | | | | | | | | |
Personal Banking: | | | | | | | | | | | | | | | | | | |
Loans held for sale | | $ | — | | 15,441 | | | | | | | | | | | | | | |
Residential mortgage loans | | 2,465,577 | | 2,416,419 | | | | | | | | | | | | | | |
Home equity loans | | 1,072,388 | | 1,076,637 | | | | | | | | | | | | | | |
Other consumer loans | | 225,978 | | 235,367 | | | | | | | | | | | | | | |
Total Personal Banking | | 3,763,943 | | 3,743,864 | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | |
Business Banking: | | | | | | | | | | | | | | | | | | |
Commercial real estate | | 1,663,592 | | 1,615,701 | | | | | | | | | | | | | | |
Commercial loans | | 433,326 | | 432,944 | | | | | | | | | | | | | | |
Total Business Banking | | 2,096,918 | | 2,048,645 | | | | | | | | | | | | | | |
Total loans receivable, gross | | 5,860,861 | | 5,792,509 | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | |
Deferred loan costs/ (fees) | | 1,697 | | (1,624 | ) | | | | | | | | | | | | | |
Allowance for loan losses | | (75,865 | ) | (73,219 | ) | | | | | | | | | | | | | |
Undisbursed loan proceeds: | | | | | | | | | | | | | | | | | | |
Residential mortgage loans | | (14,165 | ) | (14,587 | ) | | | | | | | | | | | | | |
Commercial real estate | | (76,601 | ) | (29,868 | ) | | | | | | | | | | | | | |
Commercial loans | | (40,690 | ) | (43,950 | ) | | | | | | | | | | | | | |
Total loans receivable, net | | $ | 5,655,237 | | 5,629,261 | | | | | | | | | | | | | | |
|
The following table provides information related to the allowance for loan losses by portfolio segment and by class of financing receivable for the quarter ended September 30, 2013 (in thousands): |
|
| | Balance | | Current | | Charge-offs | | Recoveries | | Balance | | | | | | | | |
September 30, | period | June 30, | | | | | | | |
2013 | provision | 2013 | | | | | | | |
Personal Banking: | | | | | | | | | | | | | | | | | | |
Residental mortgage loans | | $ | 7,821 | | 471 | | (546 | ) | 37 | | 7,859 | | | | | | | | |
Home equity loans | | 8,065 | | (116 | ) | (213 | ) | 44 | | 8,350 | | | | | | | | |
Other consumer loans | | 4,935 | | 1,553 | | (1,675 | ) | 234 | | 4,823 | | | | | | | | |
Total Personal Banking | | 20,821 | | 1,908 | | (2,434 | ) | 315 | | 21,032 | | | | | | | | |
| | | | | | | | | | | | | | | | | | |
Business Banking: | | | | | | | | | | | | | | | | | | |
Commercial real estate loans | | 38,552 | | 2,676 | | (1,048 | ) | 1,366 | | 35,558 | | | | | | | | |
Commercial loans | | 11,902 | | 32 | | (463 | ) | 547 | | 11,786 | | | | | | | | |
Total Business Banking | | 50,454 | | 2,708 | | (1,511 | ) | 1,913 | | 47,344 | | | | | | | | |
| | | | | | | | | | | | | | | | | | |
Unallocated | | 4,590 | | 376 | | — | | — | | 4,214 | | | | | | | | |
| | | | | | | | | | | | | | | | | | |
Total | | $ | 75,865 | | 4,992 | | (3,945 | ) | 2,228 | | 72,590 | | | | | | | | |
|
The following table provides information related to the allowance for loan losses by portfolio segment and by class of financing receivable for the quarter ended September 30, 2012 (in thousands): |
|
| | Balance | | Current | | Charge-offs | | Recoveries | | Balance | | | | | | | | |
September 30, | period | June 30, | | | | | | | |
2012 | provision | 2012 | | | | | | | |
Personal Banking: | | | | | | | | | | | | | | | | | | |
Residental mortgage loans | | $ | 8,361 | | 1,440 | | (1,197 | ) | 121 | | 7,997 | | | | | | | | |
Home equity loans | | 8,118 | | 710 | | (1,268 | ) | 42 | | 8,634 | | | | | | | | |
Other consumer loans | | 4,781 | | 1,073 | | (1,536 | ) | 579 | | 4,665 | | | | | | | | |
Total Personal Banking | | 21,260 | | 3,223 | | (4,001 | ) | 742 | | 21,296 | | | | | | | | |
| | | | | | | | | | | | | | | | | | |
Business Banking: | | | | | | | | | | | | | | | | | | |
Commercial real estate loans | | 34,337 | | 538 | | (1,385 | ) | 403 | | 34,781 | | | | | | | | |
Commercial loans | | 11,225 | | 3,401 | | (1,641 | ) | 34 | | 9,431 | | | | | | | | |
Total Business Banking | | 45,562 | | 3,939 | | (3,026 | ) | 437 | | 44,212 | | | | | | | | |
| | | | | | | | | | | | | | | | | | |
Unallocated | | 4,355 | | (247 | ) | — | | — | | 4,602 | | | | | | | | |
| | | | | | | | | | | | | | | | | | |
Total | | $ | 71,177 | | 6,915 | | (7,027 | ) | 1,179 | | 70,110 | | | | | | | | |
|
The following table provides information related to the allowance for loan losses by portfolio segment and by class of financing receivable for the nine months ended September 30, 2013 (in thousands): |
|
| | Balance | | Current | | Charge-offs | | Recoveries | | Balance | | | | | | | | |
September 30, | period | December 31, | | | | | | | |
2013 | provision | 2012 | | | | | | | |
Personal Banking: | | | | | | | | | | | | | | | | | | |
Residental mortgage loans | | $ | 7,821 | | 1,506 | | (2,002 | ) | 315 | | 8,002 | | | | | | | | |
Home equity loans | | 8,065 | | 1,022 | | (1,388 | ) | 137 | | 8,294 | | | | | | | | |
Other consumer loans | | 4,935 | | 3,312 | | (4,359 | ) | 826 | | 5,156 | | | | | | | | |
Total Personal Banking | | 20,821 | | 5,840 | | (7,749 | ) | 1,278 | | 21,452 | | | | | | | | |
| | | | | | | | | | | | | | | | | | |
Business Banking: | | | | | | | | | | | | | | | | | | |
Commercial real estate loans | | 38,552 | | 10,033 | | (7,734 | ) | 1,754 | | 34,499 | | | | | | | | |
Commercial loans | | 11,902 | | 1,118 | | (3,685 | ) | 1,227 | | 13,242 | | | | | | | | |
Total Business Banking | | 50,454 | | 11,151 | | (11,419 | ) | 2,981 | | 47,741 | | | | | | | | |
| | | | | | | | | | | | | | | | | | |
Unallocated | | 4,590 | | 564 | | — | | — | | 4,026 | | | | | | | | |
| | | | | | | | | | | | | | | | | | |
Total | | $ | 75,865 | | 17,555 | | (19,168 | ) | 4,259 | | 73,219 | | | | | | | | |
|
The following table provides information related to the allowance for loan losses by portfolio segment and by class of financing receivable for the nine months ended September 30, 2012 (in thousands): |
|
| | Balance | | Current | | Charge-offs | | Recoveries | | Balance | | | | | | | | |
September 30, | period | December 31, | | | | | | | |
2012 | provision | 2011 | | | | | | | |
Personal Banking: | | | | | | | | | | | | | | | | | | |
Residental mortgage loans | | $ | 8,361 | | 3,017 | | (3,459 | ) | 321 | | 8,482 | | | | | | | | |
Home equity loans | | 8,118 | | 2,078 | | (2,749 | ) | 102 | | 8,687 | | | | | | | | |
Other consumer loans | | 4,781 | | 2,619 | | (4,327 | ) | 1,164 | | 5,325 | | | | | | | | |
Total Personal Banking | | 21,260 | | 7,714 | | (10,535 | ) | 1,587 | | 22,494 | | | | | | | | |
| | | | | | | | | | | | | | | | | | |
Business Banking: | | | | | | | | | | | | | | | | | | |
Commercial real estate loans | | 34,337 | | 6,631 | | (5,817 | ) | 1,375 | | 32,148 | | | | | | | | |
Commercial loans | | 11,225 | | 3,881 | | (5,009 | ) | 273 | | 12,080 | | | | | | | | |
Total Business Banking | | 45,562 | | 10,512 | | (10,826 | ) | 1,648 | | 44,228 | | | | | | | | |
| | | | | | | | | | | | | | | | | | |
Unallocated | | 4,355 | | (61 | ) | — | | — | | 4,416 | | | | | | | | |
| | | | | | | | | | | | | | | | | | |
Total | | $ | 71,177 | | 18,165 | | (21,361 | ) | 3,235 | | 71,138 | | | | | | | | |
|
The following table provides information related to the loan portfolio by portfolio segment and by class of financing receivable at September 30, 2013 (in thousands): |
|
| | Recorded | | Allowance for | | Recorded | | Recorded | | TDRs | | Allowance | | Additional | | | | |
investment in | loan losses | investment in | investment in | related to | commitments | | | |
loans | | loans on | loans past | TDRs | to customers | | | |
receivable | | nonaccrual | due 90 days | | with loans | | | |
| | -1 | or more and | | classified as | | | |
| | | still accruing | | TDRs | | | |
Personal Banking: | | | | | | | | | | | | | | | | | | |
Residental mortgage loans | | $ | 2,453,109 | | 7,821 | | 27,972 | | — | | 4,261 | | 849 | | — | | | | |
Home equity loans | | 1,072,388 | | 8,065 | | 10,205 | | — | | 1,967 | | 407 | | — | | | | |
Other consumer loans | | 225,978 | | 4,935 | | 2,073 | | 786 | | — | | — | | — | | | | |
Total Personal Banking | | 3,751,475 | | 20,821 | | 40,250 | | 786 | | 6,228 | | 1,256 | | — | | | | |
| | | | | | | | | | | | | | | | | | |
Business Banking: | | | | | | | | | | | | | | | | | | |
Commercial real estate loans | | 1,586,991 | | 38,552 | | 52,519 | | — | | 46,622 | | 8,757 | | 208 | | | | |
Commercial loans | | 392,636 | | 11,902 | | 30,130 | | 23 | | 26,540 | | 3,577 | | 1,500 | | | | |
Total Business Banking | | 1,979,627 | | 50,454 | | 82,649 | | 23 | | 73,162 | | 12,334 | | 1,708 | | | | |
| | | | | | | | | | | | | | | | | | |
Total | | $ | 5,731,102 | | 71,275 | | 122,899 | | 809 | | 79,390 | | 13,590 | | 1,708 | | | | |
|
(1) Includes $37.5 million of nonaccrual TDRs. |
|
The following table provides information related to the loan portfolio by portfolio segment and by class of financing receivable at December 31, 2012 (in thousands): |
|
| | Recorded | | Allowance for | | Recorded | | Recorded | | TDRs | | Allowance | | Additional | | | | |
investment in | loan losses | investment in | investment in | related to | commitments | | | |
loans | | loans on | loans past | TDRs | to customers | | | |
receivable | | nonaccrual | due 90 days | | with loans | | | |
| | -1 | or more and | | classified as | | | |
| | | still accruing | | TDRs | | | |
Personal Banking: | | | | | | | | | | | | | | | | | | |
Residental mortgage loans | | $ | 2,415,649 | | 8,002 | | 25,083 | | 9 | | 5,045 | | 1,074 | | — | | | | |
Home equity loans | | 1,076,637 | | 8,294 | | 9,114 | | 2 | | 1,891 | | 266 | | — | | | | |
Other consumer loans | | 235,367 | | 5,156 | | 1,980 | | 776 | | — | | — | | — | | | | |
Total Personal Banking | | 3,727,653 | | 21,452 | | 36,177 | | 787 | | 6,936 | | 1,340 | | — | | | | |
| | | | | | | | | | | | | | | | | | |
Business Banking: | | | | | | | | | | | | | | | | | | |
Commercial real estate loans | | 1,585,833 | | 34,499 | | 57,861 | | 388 | | 49,826 | | 7,322 | | 391 | | | | |
Commercial loans | | 388,994 | | 13,242 | | 26,174 | | 523 | | 32,682 | | 4,112 | | 2,596 | | | | |
Total Business Banking | | 1,974,827 | | 47,741 | | 84,035 | | 911 | | 82,508 | | 11,434 | | 2,987 | | | | |
| | | | | | | | | | | | | | | | | | |
Total | | $ | 5,702,480 | | 69,193 | | 120,212 | | 1,698 | | 89,444 | | 12,774 | | 2,987 | | | | |
|
(1) Includes $41.2 million of nonaccrual TDRS. |
|
The following table provides geographical and delinquency information related to the loan portfolio by portfolio segment and class of financing receivable at September 30, 2013 (in thousands): |
|
| | Pennsylvania | | New York | | Ohio | | Maryland | | Other | | Total | | | | | | |
Recorded investment in loans receivable: | | | | | | | | | | | | | | | | | | |
Personal Banking: | | | | | | | | | | | | | | | | | | |
Residential mortgage loans | | $ | 2,079,888 | | 158,296 | | 18,515 | | 142,348 | | 54,062 | | 2,453,109 | | | | | | |
Home equity loans | | 913,672 | | 114,571 | | 10,469 | | 27,514 | | 6,162 | | 1,072,388 | | | | | | |
Other consumer loans | | 208,515 | | 10,268 | | 2,994 | | 1,229 | | 2,972 | | 225,978 | | | | | | |
Total Personal Banking | | 3,202,075 | | 283,135 | | 31,978 | | 171,091 | | 63,196 | | 3,751,475 | | | | | | |
| | | | | | | | | | | | | | | | | | |
Business Banking: | | | | | | | | | | | | | | | | | | |
Commercial real estate loans | | 885,260 | | 476,843 | | 25,871 | | 124,804 | | 74,213 | | 1,586,991 | | | | | | |
Commercial loans | | 284,868 | | 62,496 | | 17,071 | | 16,831 | | 11,370 | | 392,636 | | | | | | |
Total Business Banking | | 1,170,128 | | 539,339 | | 42,942 | | 141,635 | | 85,583 | | 1,979,627 | | | | | | |
| | | | | | | | | | | | | | | | | | |
Total | | $ | 4,372,203 | | 822,474 | | 74,920 | | 312,726 | | 148,779 | | 5,731,102 | | | | | | |
| | | | | | | | | | | | | | | | | | |
Percentage of total loans in geographic area 76.2% | | | | 14.4 | % | 1.3 | % | 5.5 | % | 2.6 | % | 100 | % | | | | | |
|
| | Pennsylvania | | New York | | Ohio | | Maryland | | Other | | Total | | | | | | |
Loans 90 or more days delinquent: | | | | | | | | | | | | | | | | | | |
Personal Banking: | | | | | | | | | | | | | | | | | | |
Residential mortgage loans | | $ | 15,157 | | 1,319 | | 687 | | 4,370 | | 3,469 | | 25,002 | | | | | | |
Home equity loans | | 5,832 | | 1,545 | | 145 | | 1,275 | | 162 | | 8,959 | | | | | | |
Other consumer loans | | 1,808 | | 27 | | — | | — | | 13 | | 1,848 | | | | | | |
Total Personal Banking | | 22,797 | | 2,891 | | 832 | | 5,645 | | 3,644 | | 35,809 | | | | | | |
| | | | | | | | | | | | | | | | | | |
Business Banking: | | | | | | | | | | | | | | | | | | |
Commercial real estate loans | | 14,196 | | 674 | | — | | 1,348 | | 64 | | 16,282 | | | | | | |
Commercial loans | | 2,650 | | 2,728 | | — | | 742 | | 293 | | 6,413 | | | | | | |
Total Business Banking | | 16,846 | | 3,402 | | — | | 2,090 | | 357 | | 22,695 | | | | | | |
| | | | | | | | | | | | | | | | | | |
Total | | $ | 39,643 | | 6,293 | | 832 | | 7,735 | | 4,001 | | 58,504 | | | | | | |
| | | | | | | | | | | | | | | | | | |
Percentage of loans 90 or more days delinquent in geographic area. | | 0.9 | % | 0.8 | % | 1.1 | % | 2.5 | % | 2.7 | % | 1 | % | | | | | |
|
The following table provides geographical and delinquency information related to the loan portfolio by portfolio segment and class of financing receivable at December 31, 2012 (in thousands): |
|
| | Pennsylvania | | New York | | Ohio | | Maryland | | Other | | Total | | | | | | |
Recorded investment in loans receivable: | | | | | | | | | | | | | | | | | | |
Personal Banking: | | | | | | | | | | | | | | | | | | |
Residential mortgage loans | | $ | 2,024,520 | | 158,090 | | 19,290 | | 152,676 | | 61,073 | | 2,415,649 | | | | | | |
Home equity loans | | 917,645 | | 111,461 | | 10,828 | | 29,734 | | 6,969 | | 1,076,637 | | | | | | |
Other consumer loans | | 213,604 | | 10,235 | | 3,066 | | 1,291 | | 7,171 | | 235,367 | | | | | | |
Total Personal Banking | | 3,155,769 | | 279,786 | | 33,184 | | 183,701 | | 75,213 | | 3,727,653 | | | | | | |
| | | | | | | | | | | | | | | | | | |
Business Banking: | | | | | | | | | | | | | | | | | | |
Commercial real estate loans | | 853,290 | | 443,940 | | 34,261 | | 136,600 | | 117,742 | | 1,585,833 | | | | | | |
Commercial loans | | 269,415 | | 55,517 | | 12,878 | | 25,497 | | 25,687 | | 388,994 | | | | | | |
Total Business Banking | | 1,122,705 | | 499,457 | | 47,139 | | 162,097 | | 143,429 | | 1,974,827 | | | | | | |
| | | | | | | | | | | | | | | | | | |
Total | | $ | 4,278,474 | | 779,243 | | 80,323 | | 345,798 | | 218,642 | | 5,702,480 | | | | | | |
| | | | | | | | | | | | | | | | | | |
Percentage of total loans in geographic area | | 75 | % | 13.7 | % | 1.4 | % | 6.1 | % | 3.8 | % | 100 | % | | | | | |
|
| | Pennsylvania | | New York | | Ohio | | Maryland | | Other | | Total | | | | | | |
Loans 90 or more days delinquent: | | | | | | | | | | | | | | | | | | |
Personal Banking: | | | | | | | | | | | | | | | | | | |
Residential mortgage loans | | $ | 15,694 | | 1,430 | | 231 | | 3,932 | | 2,999 | | 24,286 | | | | | | |
Home equity loans | | 5,096 | | 1,515 | | 132 | | 1,428 | | 308 | | 8,479 | | | | | | |
Other consumer loans | | 1,861 | | 69 | | — | | 5 | | 1 | | 1,936 | | | | | | |
Total Personal Banking | | 22,651 | | 3,014 | | 363 | | 5,365 | | 3,308 | | 34,701 | | | | | | |
| | | | | | | | | | | | | | | | | | |
Business Banking: | | | | | | | | | | | | | | | | | | |
Commercial real estate loans | | 17,406 | | 706 | | — | | 4,298 | | 2,140 | | 24,550 | | | | | | |
Commercial loans | | 3,493 | | 7 | | — | | 2,678 | | 2,918 | | 9,096 | | | | | | |
Total Business Banking | | 20,899 | | 713 | | — | | 6,976 | | 5,058 | | 33,646 | | | | | | |
| | | | | | | | | | | | | | | | | | |
Total | | $ | 43,550 | | 3,727 | | 363 | | 12,341 | | 8,366 | | 68,347 | | | | | | |
| | | | | | | | | | | | | | | | | | |
Percentage of loans 90 or more days delinquent in geographic area. | | 1 | % | 0.5 | % | 0.5 | % | 3.6 | % | 3.8 | % | 1.2 | % | | | | | |
|
The following table provides information related to the composition of impaired loans by portfolio segment and by class of financing receivable at and for the nine months ended September 30, 2013 (in thousands): |
|
| | Nonaccrual | | Nonaccrual | | Loans less | | TDRs less | | Total | | Average | | Interest | | | | |
loans 90 or | loans less | than 90 | than 90 | impaired | recorded | income | | | |
more days | than 90 | days | days | loans | investment | recognized | | | |
delinquent | days | delinquent | delinquent | | in impaired | on impaired | | | |
| delinquent | reviewed for | not included | | loans | loans | | | |
| | impairment | elsewhere | | | | | | |
Personal Banking: | | | | | | | | | | | | | | | | | | |
Residental mortgage loans | | $ | 25,002 | | 2,970 | | — | | 3,235 | | 31,207 | | 30,173 | | 555 | | | | |
Home equity loans | | 8,959 | | 1,246 | | — | | 1,513 | | 11,718 | | 10,558 | | 282 | | | | |
Other consumer loans | | 1,848 | | 225 | | — | | — | | 2,073 | | 1,907 | | 33 | | | | |
Total Personal Banking | | 35,809 | | 4,441 | | — | | 4,748 | | 44,998 | | 42,638 | | 870 | | | | |
| | | | | | | | | | | | | | | | | | |
Business Banking: | | | | | | | | | | | | | | | | | | |
Commercial real estate loans | | 16,282 | | 36,237 | | 33,752 | | 14,209 | | 100,480 | | 88,761 | | 2,734 | | | | |
Commercial loans | | 6,413 | | 23,717 | | 4,259 | | 3,851 | | 38,240 | | 43,459 | | 869 | | | | |
Total Business Banking | | 22,695 | | 59,954 | | 38,011 | | 18,060 | | 138,720 | | 132,220 | | 3,603 | | | | |
| | | | | | | | | | | | | | | | | | |
Total | | $ | 58,504 | | 64,395 | | 38,011 | | 22,808 | | 183,718 | | 174,858 | | 4,473 | | | | |
|
The following table provides information related to the composition of impaired loans by portfolio segment and by class of financing receivable at and for the year ended December 31, 2012 (in thousands): |
|
| | Nonaccrual | | Nonaccrual | | Loans less | | TDRs less | | Total | | Average | | Interest | | | | |
loans 90 or | loans less | than 90 | than 90 | impaired | recorded | income | | | |
more days | than 90 | days | days | loans | investment | recognized | | | |
delinquent | days | delinquent | delinquent | | in impaired | on impaired | | | |
| delinquent | reviewed for | not included | | loans | loans | | | |
| | impairment | elsewhere | | | | | | |
Personal Banking: | | | | | | | | | | | | | | | | | | |
Residental mortgage loans | | $ | 24,286 | | 797 | | — | | 3,011 | | 28,094 | | 28,078 | | 683 | | | | |
Home equity loans | | 8,479 | | 635 | | — | | 1,352 | | 10,466 | | 10,535 | | 342 | | | | |
Other consumer loans | | 1,936 | | 44 | | — | | — | | 1,980 | | 1,841 | | 35 | | | | |
Total Personal Banking | | 34,701 | | 1,476 | | — | | 4,363 | | 40,540 | | 40,454 | | 1,060 | | | | |
| | | | | | | | | | | | | | | | | | |
Business Banking: | | | | | | | | | | | | | | | | | | |
Commercial real estate loans | | 24,550 | | 33,311 | | 33,282 | | 16,274 | | 107,417 | | 98,891 | | 3,636 | | | | |
Commercial loans | | 9,096 | | 17,078 | | — | | 10,180 | | 36,354 | | 51,131 | | 1,828 | | | | |
Total Business Banking | | 33,646 | | 50,389 | | 33,282 | | 26,454 | | 143,771 | | 150,022 | | 5,464 | | | | |
| | | | | | | | | | | | | | | | | | |
Total | | $ | 68,347 | | 51,865 | | 33,282 | | 30,817 | | 184,311 | | 190,476 | | 6,524 | | | | |
|
The following table provides information related to the evaluation of impaired loans by portfolio segment and by class of financing receivable at September 30, 2013 (in thousands): |
|
| | Loans | | Loans | | Loans | | Related | | Loans | | | | | | | | |
collectively | individually | individually | impairment | individually | | | | | | | |
evaluated for | evaluated for | evaluated for | reserve | evaluated for | | | | | | | |
impairment | impairment | impairment | | impairment | | | | | | | |
| | for which | | for which | | | | | | | |
| | there is a | | there is no | | | | | | | |
| | related | | related | | | | | | | |
| | impairment | | reserve | | | | | | | |
| | reserve | | | | | | | | | |
Personal Banking: | | | | | | | | | | | | | | | | | | |
Residental mortgage loans | | $ | 2,448,848 | | 4,261 | | 4,261 | | 848 | | — | | | | | | | | |
Home equity loans | | 1,070,421 | | 1,967 | | 1,967 | | 407 | | — | | | | | | | | |
Other consumer loans | | 225,839 | | 139 | | 139 | | 1 | | — | | | | | | | | |
Total Personal Banking | | 3,745,108 | | 6,367 | | 6,367 | | 1,256 | | — | | | | | | | | |
| | | | | | | | | | | | | | | | | | |
Business Banking: | | | | | | | | | | | | | | | | | | |
Commercial real estate loans | | 1,510,810 | | 76,181 | | 58,069 | | 10,555 | | 18,112 | | | | | | | | |
Commercial loans | | 359,137 | | 33,499 | | 28,007 | | 4,427 | | 5,492 | | | | | | | | |
Total Business Banking | | 1,869,947 | | 109,680 | | 86,076 | | 14,982 | | 23,604 | | | | | | | | |
| | | | | | | | | | | | | | | | | | |
Total | | $ | 5,615,055 | | 116,047 | | 92,443 | | 16,238 | | 23,604 | | | | | | | | |
|
The following table provides information related to the evaluation of impaired loans by portfolio segment and by class of financing receivable at December 31, 2012 (in thousands): |
|
| | Loans | | Loans | | Loans | | Related | | Loans | | | | | | | | |
collectively | individually | individually | impairment | individually | | | | | | | |
evaluated for | evaluated for | evaluated for | reserve | evaluated for | | | | | | | |
impairment | impairment | impairment | | impairment | | | | | | | |
| | for which | | for which | | | | | | | |
| | there is a | | there is no | | | | | | | |
| | related | | related | | | | | | | |
| | impairment | | reserve | | | | | | | |
| | reserve | | | | | | | | | |
Personal Banking: | | | | | | | | | | | | | | | | | | |
Residental mortgage loans | | $ | 2,411,932 | | 3,717 | | 3,717 | | 992 | | — | | | | | | | | |
Home equity loans | | 1,076,012 | | 625 | | 625 | | 189 | | — | | | | | | | | |
Other consumer loans | | 235,367 | | — | | — | | — | | — | | | | | | | | |
Total Personal Banking | | 3,723,311 | | 4,342 | | 4,342 | | 1,181 | | — | | | | | | | | |
| | | | | | | | | | | | | | | | | | |
Business Banking: | | | | | | | | | | | | | | | | | | |
Commercial real estate loans | | 1,501,032 | | 84,801 | | 61,136 | | 9,789 | | 23,665 | | | | | | | | |
Commercial loans | | 352,752 | | 36,242 | | 35,622 | | 5,637 | | 620 | | | | | | | | |
Total Business Banking | | 1,853,784 | | 121,043 | | 96,758 | | 15,426 | | 24,285 | | | | | | | | |
| | | | | | | | | | | | | | | | | | |
Total | | $ | 5,577,095 | | 125,385 | | 101,100 | | 16,607 | | 24,285 | | | | | | | | |
|
Our loan portfolios include loans that have been modified in a troubled debt restructuring (TDR), where concessions have been granted to borrowers who have experienced financial difficulties. These concessions typically result from our loss mitigation activities and could include: extending the note’s maturity date, permitting interest only payments, reducing the interest rate to a rate lower than current market rates for new debt with similar risk, reducing the principal payment, principal forbearance or other actions. These concessions are applicable to all loan segments and classes. Certain TDRs are classified as nonperforming at the time of restructuring and may be returned to performing status after considering the borrower’s sustained repayment performance for a reasonable period of at least six months. |
|
When we modify loans in a TDR, we evaluate any possible impairment similar to other impaired loans based on the present value of expected future cash flows, discounted at the contractual interest rate of the original loan agreement, the loan’s observable market price or the current fair value of the collateral, less selling costs, for collateral dependent loans. If we determine that the value of the modified loan is less than the recorded investment in the loan (net of previous charge-offs, deferred loan fees or costs and unamortized premium or discount), impairment is recognized through an allowance estimate or a charge-off to the allowance. In periods subsequent to modification, we evaluate all TDRs, including those that have payment defaults, for possible impairment, using ASC 310-10. As a result, loans modified in a TDR may have the financial effect of increasing the specific allowance associated with the loan. |
|
Loans modified in a TDR are closely monitored for delinquency as an early indicator of possible future default. If loans modified in a TDR subsequently default, we evaluate the loan for possible further impairment. The allowance may be increased, adjustments may be made in the allocation of the allowance, partial charge-offs may be taken to further write-down the carrying value of the loan, or the loan may be charged-off completely. |
|
During the nine months ended September 30, 2013, four home equity loan TDRs with a combined balance of $99,000, four residential mortgage loan TDRs with a combined balance of $357,000, four commercial real estate loan TDRs with a combined balance of $1.1 million and five commercial loan TDRs with a combined balance of $250,000 were charged off. Additionally, three home equity loan TDRs with a combined balance of $9,000, one residential mortgage loan TDR with a balance of $109,000, seven commercial real estate loan TDRs with a combined balance of $3.1 million and 22 commercial loan TDRs with a combined balance of $3.5 million were paid off. For TDRs that subsequently defaulted during the nine months ended September 30, 2013, one residential mortgage loan TDR with a balance of $79,000 was charged off and two commercial loan TDRs with a combined balance of $1.9 million were paid off and are included above. Additionally, one commercial loan TDR with a balance of $2.1 million was transferred to real estate owned. |
|
The following table provides a roll forward of troubled debt restructurings for the periods indicated (in thousands): |
|
| | For the nine months ended | | For the year | | | | | | | | | | | | |
September 30, | ended | | | | | | | | | | | |
| December 31, | | | | | | | | | | | |
| | 2013 | | 2012 | | 2012 | | | | | | | | | | | | |
Beginning TDR balance: | | $ | 89,444 | | 69,429 | | 69,429 | | | | | | | | | | | | |
New TDRs (1) | | 11,310 | | 33,999 | | 56,845 | | | | | | | | | | | | |
Net paydowns | | (10,784 | ) | (15,762 | ) | (25,205 | ) | | | | | | | | | | | |
Charge-offs | | (1,769 | ) | (554 | ) | (2,704 | ) | | | | | | | | | | | |
Paid-off loans | | (6,741 | ) | (787 | ) | (8,921 | ) | | | | | | | | | | | |
Transferred to real estate owned | | (2,070 | ) | — | | — | | | | | | | | | | | | |
Ending TDR balance: | | $ | 79,390 | | 86,325 | | 89,444 | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | |
Accruing TDRs | | $ | 41,871 | | 57,064 | | 48,278 | | | | | | | | | | | | |
Non-accrual TDRs | | 37,519 | | 29,261 | | 41,166 | | | | | | | | | | | | |
|
(1) For December 31, 2012, includes $3.0 million of loans added in accordance with recent regulatory guidance requiring loans discharged under bankruptcy proceedings and not reaffirmed by the borrower to be charged-off to their collateral value and to be considered TDRs regardless of their payment delinquency status. |
|
The following table provides information related to troubled debt restructurings by portfolio segment and by class of financing receivable during the periods indicated (dollars in thousands): |
|
| | For the quarter ended | | For the nine months ended | |
September 30, 2013 | September 30, 2013 |
| | Number | | Recorded | | Current | | Current | | Number | | Recorded | | Current | | Current | |
of | investment | recorded | allowance | of | investment | recorded | allowance |
contracts | at the time of | investment | | contracts | at the time of | investment | |
| modification | | | | modification | | |
Troubled debt restructurings: | | | | | | | | | | | | | | | | | |
Personal Banking: | | | | | | | | | | | | | | | | | |
Residential mortgage loans | | — | | $ | — | | — | | — | | 2 | | $ | 179 | | 172 | | 16 | |
Home equity loans | | 1 | | 6 | | 6 | | — | | 5 | | 296 | | 286 | | 134 | |
Other consumer loans | | — | | — | | — | | — | | — | | — | | — | | — | |
Total Personal Banking | | 1 | | 6 | | 6 | | — | | 7 | | 475 | | 458 | | 150 | |
| | | | | | | | | | | | | | | | | |
Business Banking: | | | | | | | | | | | | | | | | | |
Commercial real estate loans | | 14 | | 1,900 | | 1,780 | | 277 | | 49 | | 8,982 | | 7,353 | | 1,641 | |
Commercial loans | | 4 | | 71 | | 71 | | 3 | | 28 | | 1,853 | | 1,384 | | 204 | |
Total Business Banking | | 18 | | 1,971 | | 1,851 | | 280 | | 77 | | 10,835 | | 8,737 | | 1,845 | |
| | | | | | | | | | | | | | | | | |
Total | | 19 | | $ | 1,977 | | 1,857 | | 280 | | 84 | | $ | 11,310 | | 9,195 | | 1,995 | |
| | | | | | | | | | | | | | | | | |
Troubled debt restructurings that subsequently defaulted: | | | | | | | | | | | | | | | | | |
Personal Banking: | | | | | | | | | | | | | | | | | |
Residential mortgage loans | | 1 | | $ | 214 | | 161 | | 74 | | 2 | | $ | 274 | | 231 | | 79 | |
Home equity loans | | — | | — | | — | | — | | 2 | | 237 | | 188 | | 179 | |
Other consumer loans | | — | | — | | — | | — | | — | | — | | — | | — | |
Total Personal Banking | | 1 | | 214 | | 161 | | 74 | | 4 | | 511 | | 419 | | 258 | |
| | | | | | | | | | | | | | | | | |
Business Banking: | | | | | | | | | | | | | | | | | |
Commercial real estate loans | | 4 | | 567 | | 540 | | 115 | | 8 | | 2,352 | | 1,964 | | 255 | |
Commercial loans | | 1 | | 23 | | 8 | | 2 | | 7 | | 9,082 | | 1,414 | | 182 | |
Total Business Banking | | 5 | | 590 | | 548 | | 117 | | 15 | | 11,434 | | 3,378 | | 437 | |
| | | | | | | | | | | | | | | | | |
Total | | 6 | | $ | 804 | | 709 | | 191 | | 19 | | $ | 11,945 | | 3,797 | | 695 | |
|
The following table provides information related to troubled debt restructurings by portfolio segment and by class of financing receivable during the periods indicated (dollars in thousands): |
|
| | For the quarter ended | | For the nine months ended | |
September 30, 2012 | September 30, 2012 |
| | Number | | Recorded | | Current | | Current | | Number | | Recorded | | Current | | Current | |
of | investment | recorded | allowance | of | investment | recorded | allowance |
contracts | at the time of | investment | | contracts | at the time of | investment | |
| modification | | | | modification | | |
Troubled debt restructurings: | | | | | | | | | | | | | | | | | |
Personal Banking: | | | | | | | | | | | | | | | | | |
Residential mortgage loans | | 19 | | $ | 3,422 | | 2,739 | | 729 | | 19 | | $ | 3,422 | | 2,739 | | 729 | |
Home equity loans | | 7 | | 724 | | 630 | | 174 | | 7 | | 724 | | 630 | | 174 | |
Other consumer loans | | — | | — | | — | | — | | — | | — | | — | | — | |
Total Personal Banking | | 26 | | 4,146 | | 3,369 | | 903 | | 26 | | 4,146 | | 3,369 | | 903 | |
| | | | | | | | | | | | | | | | | |
Business Banking: | | | | | | | | | | | | | | | | | |
Commercial real estate loans | | 25 | | 6,294 | | 6,102 | | 716 | | 35 | | 9,267 | | 9,014 | | 910 | |
Commercial loans | | 28 | | 7,008 | | 6,778 | | 228 | | 41 | | 20,586 | | 19,159 | | 746 | |
Total Business Banking | | 53 | | 13,302 | | 12,880 | | 944 | | 76 | | 29,853 | | 28,173 | | 1,656 | |
| | | | | | | | | | | | | | | | | |
Total | | 79 | | $ | 17,448 | | 16,249 | | 1,847 | | 102 | | $ | 33,999 | | 31,542 | | 2,559 | |
| | | | | | | | | | | | | | | | | |
Troubled debt restructurings that subsequently defaulted: | | | | | | | | | | | | | | | | | |
Personal Banking: | | | | | | | | | | | | | | | | | |
Residential mortgage loans | | — | | $ | — | | — | | — | | 1 | | $ | 449 | | 361 | | 117 | |
Home equity loans | | — | | — | | — | | — | | — | | — | | — | | — | |
Other consumer loans | | — | | — | | — | | — | | — | | — | | — | | — | |
Total Personal Banking | | — | | — | | — | | — | | 1 | | 449 | | 361 | | 117 | |
| | | | | | | | | | | | | | | | | |
Business Banking: | | | | | | | | | | | | | | | | | |
Commercial real estate loans | | 1 | | 230 | | 230 | | 23 | | 4 | | 1,381 | | 1,313 | | 81 | |
Commercial loans | | 8 | | 1,830 | | 819 | | 82 | | 8 | | 1,830 | | 819 | | 82 | |
Total Business Banking | | 9 | | 2,060 | | 1,049 | | 105 | | 12 | | 3,211 | | 2,132 | | 163 | |
| | | | | | | | | | | | | | | | | |
Total | | 9 | | $ | 2,060 | | 1,049 | | 105 | | 13 | | $ | 3,660 | | 2,493 | | 280 | |
|
The following table provides information related to re-modified troubled debt restructurings by portfolio segment and by class of financing receivable for the nine months ended September 30, 2013 (dollars in thousands): |
|
| | Number of re- | | Type of modification | | | | | | | | |
| | modified | | Rate | | Payment | | Maturity | | Other | | Total | | | | | | |
TDRs | date | | | | | |
Personal Banking: | | | | | | | | | | | | | | | | | | |
Residental mortgage loans | | — | | $ | — | | — | | — | | — | | — | | | | | | |
Home equity loans | | — | | — | | — | | — | | — | | — | | | | | | |
Other consumer loans | | — | | — | | — | | — | | — | | — | | | | | | |
Total Personal Banking | | — | | — | | — | | — | | — | | — | | | | | | |
| | | | | | | | | | | | | | | | | | |
Business Banking: | | | | | | | | | | | | | | | | | | |
Commercial real estate loans | | 6 | | — | | 227 | | 4,007 | | — | | 4,234 | | | | | | |
Commercial loans | | 1 | | — | | — | | — | | — | | — | | | | | | |
Total Business Banking | | 7 | | — | | 227 | | 4,007 | | — | | 4,234 | | | | | | |
| | | | | | | | | | | | | | | | | | |
Total | | 7 | | $ | — | | 227 | | 4,007 | | — | | 4,234 | | | | | | |
|
The following table provides information related to re-modified troubled debt restructurings by portfolio segment and by class of financing receivable for the nine months ended September 30, 2012 (dollars in thousands): |
|
| | Number of re- | | Type of modification | | | | | | | | |
| | modified | | Rate | | Payment | | Maturity | | Other | | Total | | | | | | |
TDRs | date | | | | | |
Personal Banking: | | | | | | | | | | | | | | | | | | |
Residental mortgage loans | | — | | $ | — | | — | | — | | — | | — | | | | | | |
Home equity loans | | — | | — | | — | | — | | — | | — | | | | | | |
Other consumer loans | | — | | — | | — | | — | | — | | — | | | | | | |
Total Personal Banking | | — | | — | | — | | — | | — | | — | | | | | | |
| | | | | | | | | | | | | | | | | | |
Business Banking: | | | | | | | | | | | | | | | | | | |
Commercial real estate loans | | 2 | | 800 | | — | | — | | — | | 800 | | | | | | |
Commercial loans | | 6 | | 1,747 | | — | | 4,073 | | — | | 5,820 | | | | | | |
Total Business Banking | | 8 | | 2,547 | | — | | 4,073 | | — | | 6,620 | | | | | | |
| | | | | | | | | | | | | | | | | | |
Total | | 8 | | $ | 2,547 | | — | | 4,073 | | — | | 6,620 | | | | | | |
|
The following table provides information related to loan payment delinquencies at September 30, 2013 (in thousands): |
|
| | 30-59 Days | | 60-89 Days | | 90 Days or | | Total | | Current | | Recorded | | | | | | |
delinquent | delinquent | greater | delinquency | investment | | | | | |
| | delinquent | | in loans | | | | | |
| | | | receivable | | | | | |
Personal Banking: | | | | | | | | | | | | | | | | | | |
Residential mortgage loans | | $ | 4,391 | | 6,360 | | 25,002 | | 35,753 | | 2,417,356 | | 2,453,109 | | | | | | |
Home equity loans | | 4,161 | | 2,193 | | 8,959 | | 15,313 | | 1,057,075 | | 1,072,388 | | | | | | |
Other consumer loans | | 4,193 | | 1,646 | | 1,848 | | 7,687 | | 218,291 | | 225,978 | | | | | | |
Total Personal Banking | | 12,745 | | 10,199 | | 35,809 | | 58,753 | | 3,692,722 | | 3,751,475 | | | | | | |
| | | | | | | | | | | | | | | | | | |
Business Banking: | | | | | | | | | | | | | | | | | | |
Commercial real estate loans | | 6,536 | | 3,692 | | 16,282 | | 26,510 | | 1,560,481 | | 1,586,991 | | | | | | |
Commercial loans | | 1,059 | | 1,242 | | 6,413 | | 8,714 | | 383,922 | | 392,636 | | | | | | |
Total Business Banking | | 7,595 | | 4,934 | | 22,695 | | 35,224 | | 1,944,403 | | 1,979,627 | | | | | | |
| | | | | | | | | | | | | | | | | | |
Total | | $ | 20,340 | | 15,133 | | 58,504 | | 93,977 | | 5,637,125 | | 5,731,102 | | | | | | |
|
The following table provides information related to loan payment delinquencies at December 31, 2012 (in thousands): |
|
| | 30-59 Days | | 60-89 Days | | 90 Days or | | Total | | Current | | Recorded | | | | | | |
delinquent | delinquent | greater | delinquency | investment | | | | | |
| | delinquent | | in loans | | | | | |
| | | | receivable | | | | | |
Personal Banking: | | | | | | | | | | | | | | | | | | |
Residential mortgage loans | | $ | 32,921 | | 9,387 | | 24,286 | | 66,594 | | 2,349,055 | | 2,415,649 | | | | | | |
Home equity loans | | 6,534 | | 1,977 | | 8,479 | | 16,990 | | 1,059,647 | | 1,076,637 | | | | | | |
Other consumer loans | | 5,456 | | 1,830 | | 1,936 | | 9,222 | | 226,145 | | 235,367 | | | | | | |
Total Personal Banking | | 44,911 | | 13,194 | | 34,701 | | 92,806 | | 3,634,847 | | 3,727,653 | | | | | | |
| | | | | | | | | | | | | | | | | | |
Business Banking: | | | | | | | | | | | | | | | | | | |
Commercial real estate loans | | 13,001 | | 4,596 | | 24,550 | | 42,147 | | 1,543,686 | | 1,585,833 | | | | | | |
Commercial loans | | 3,233 | | 10,158 | | 9,096 | | 22,487 | | 366,507 | | 388,994 | | | | | | |
Total Business Banking | | 16,234 | | 14,754 | | 33,646 | | 64,634 | | 1,910,193 | | 1,974,827 | | | | | | |
| | | | | | | | | | | | | | | | | | |
Total | | $ | 61,145 | | 27,948 | | 68,347 | | 157,440 | | 5,545,040 | | 5,702,480 | | | | | | |
|
Credit quality indicators: We categorize loans into risk categories based on relevant information about the ability of borrowers to service their debt such as: current financial information, historical payment experience, credit documentation, public information, and current economic trends, among other factors. We analyze loans individually by classifying the loans by credit risk. Credit relationships greater than or equal to $1.0 million classified as special mention or substandard are reviewed quarterly for deterioration or improvement to determine if the loan is appropriately classified. We use the following definitions for risk ratings other than pass: |
|
Special mention — Loans designated as special mention have specific, well-defined risk issues, which create a high level of uncertainty regarding the long-term viability of the business. Loans in this class are considered to have high-risk characteristics. A special mention loan exhibits material negative financial trends due to company-specific or systemic conditions. If these potential weaknesses are not mitigated, they threaten the borrower’s capacity to meet its debt obligations. Special mention loans still demonstrate sufficient financial flexibility to react to and positively address the root cause of the adverse financial trends without significant deviations from their current business strategy. Their potential weaknesses deserve our close attention and warrant enhanced monitoring. |
|
Substandard — Loans classified as substandard are inadequately protected by the current net worth and payment capacity of the obligor or of the collateral pledged, if any. Loans so classified have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that we will sustain some loss if the deficiencies are not corrected. |
|
Doubtful — Loans classified as doubtful have all the weaknesses inherent in those classified as substandard. In addition, those weaknesses make collection or liquidation in full highly questionable and improbable. A loan classified as doubtful exhibits discernible loss potential, but a complete loss seems very unlikely. The possibility of a loss on a doubtful loan is high, but because of certain important and reasonably specific pending factors that may strengthen the loan, its classification as an estimated loss is deferred until a more exact status can be determined. |
|
Loss— Loans classified as loss are considered uncollectible and of such value that the continuance as a loan is not warranted. A loss classification does not mean that the loan has no recovery or salvage value; instead, it means that it is not practical or desirable to defer writing off all or a portion of a basically worthless loan even though partial recovery may be affected in the future. |
|
The following table sets forth information about credit quality indicators, which were updated during the quarter ended September 30, 2013 (in thousands): |
|
| | Pass | | Special | | Substandard | | Doubtful | | Loss | | Recorded | | | | | | |
mention | investment | | | | | |
| in loans | | | | | |
| receivable | | | | | |
Personal Banking: | | | | | | | | | | | | | | | | | | |
Residential mortgage loans | | $ | 2,433,665 | | — | | 18,123 | | — | | 1,321 | | 2,453,109 | | | | | | |
Home equity loans | | 1,063,429 | | — | | 8,959 | | — | | — | | 1,072,388 | | | | | | |
Other consumer loans | | 224,644 | | — | | 1,334 | | — | | — | | 225,978 | | | | | | |
Total Personal Banking | | 3,721,738 | | — | | 28,416 | | — | | 1,321 | | 3,751,475 | | | | | | |
| | | | | | | | | | | | | | | | | | |
Business Banking: | | | | | | | | | | | | | | | | | | |
Commercial real estate loans | | 1,380,452 | | 44,173 | | 161,069 | | 1,297 | | — | | 1,586,991 | | | | | | |
Commercial loans | | 327,137 | | 12,156 | | 52,225 | | 1,118 | | — | | 392,636 | | | | | | |
Total Business Banking | | 1,707,589 | | 56,329 | | 213,294 | | 2,415 | | — | | 1,979,627 | | | | | | |
| | | | | | | | | | | | | | | | | | |
Total | | $ | 5,429,327 | | 56,329 | | 241,710 | | 2,415 | | 1,321 | | 5,731,102 | | | | | | |
|
The following table sets forth information about credit quality indicators, which were updated during the year ended December 31, 2012 (in thousands): |
|
| | Pass | | Special | | Substandard | | Doubtful | | Loss | | Recorded | | | | | | |
mention | investment | | | | | |
| in loans | | | | | |
| receivable | | | | | |
Personal Banking: | | | | | | | | | | | | | | | | | | |
Residential mortgage loans | | $ | 2,395,809 | | — | | 18,743 | | 48 | | 1,049 | | 2,415,649 | | | | | | |
Home equity loans | | 1,068,183 | | — | | 8,454 | | — | | — | | 1,076,637 | | | | | | |
Other consumer loans | | 234,106 | | — | | 1,261 | | — | | — | | 235,367 | | | | | | |
Total Personal Banking | | 3,698,098 | | — | | 28,458 | | 48 | | 1,049 | | 3,727,653 | | | | | | |
| | | | | | | | | | | | | | | | | | |
Business Banking: | | | | | | | | | | | | | | | | | | |
Commercial real estate loans | | 1,352,118 | | 68,130 | | 163,751 | | 1,834 | | — | | 1,585,833 | | | | | | |
Commercial loans | | 320,228 | | 13,077 | | 52,742 | | 2,947 | | — | | 388,994 | | | | | | |
Total Business Banking | | 1,672,346 | | 81,207 | | 216,493 | | 4,781 | | — | | 1,974,827 | | | | | | |
| | | | | | | | | | | | | | | | | | |
Total | | $ | 5,370,444 | | 81,207 | | 244,951 | | 4,829 | | 1,049 | | 5,702,480 | | | | | | |
|