Document_and_Entity_Informatio
Document and Entity Information Document (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Feb. 20, 2015 | Jun. 30, 2014 | |
Entity Information [Line Items] | |||
Entity Registrant Name | FIRSTMERIT CORP /OH/ | ||
Entity Central Index Key | 354869 | ||
Current Fiscal Year End Date | -19 | ||
Entity Filer Category | Large Accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | 31-Dec-14 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | FALSE | ||
Entity Common Stock, Shares Outstanding | 165,385,707 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $3,266,512,204 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
ASSETS | ||
Cash and due from banks | $480,998 | $571,171 |
Interest-bearing deposits in banks | 216,426 | 346,651 |
Total cash and cash equivalents | 697,424 | 917,822 |
Investment securities: | ||
Held-to-maturity | 2,903,609 | 2,935,688 |
Available-for-sale | 3,545,288 | 3,273,174 |
Other investments | 148,654 | 180,803 |
Loans held for sale | 13,428 | 11,622 |
Loans | ||
Loans | 15,326,147 | 14,300,972 |
Allowance for loan losses | -143,649 | -141,252 |
Net loans | 15,182,498 | 14,159,720 |
Premises and equipment, net | 332,297 | 327,054 |
Goodwill | 741,740 | 741,740 |
Intangible assets | 71,020 | 82,755 |
Covered other real estate | 49,641 | 65,234 |
Accrued interest receivable and other assets | 1,216,748 | 1,216,416 |
Assets | 24,902,347 | 23,912,028 |
Deposits: | ||
Noninterest-bearing | 5,786,662 | 5,459,029 |
Interest-bearing | 3,028,888 | 3,026,735 |
Savings and money market accounts | 8,399,612 | 8,587,167 |
Certificates and other time deposits | 2,289,503 | 2,460,670 |
Total deposits | 19,504,665 | 19,533,601 |
Federal funds purchased and securities sold under agreements to repurchase | 1,272,591 | 851,535 |
Wholesale borrowings | 428,071 | 200,600 |
Long-term debt | 505,192 | 324,428 |
Accrued taxes, expenses and other liabilities | 357,547 | 298,970 |
Total liabilities | 22,068,066 | 21,209,134 |
Shareholders' equity: | ||
Capital surplus | 1,393,090 | 1,390,643 |
Accumulated other comprehensive loss | -71,892 | -66,876 |
Retained earnings | 1,404,717 | 1,277,975 |
Treasury stock, at cost: December 31, 2014 - 4,793,566 shares; December 31, 2013 - 5,127,332 shares | -122,571 | -129,785 |
Total shareholders' equity | 2,834,281 | 2,702,894 |
Total liabilities and shareholders' equity | 24,902,347 | 23,912,028 |
Series A Non-Cumulative Perpetual Preferred Stock | ||
Shareholders' equity: | ||
5.875% Non-Cumulative Perpetual Preferred stock, Series A, without par value: authorized 115,000 shares; 100,000 issued | 100,000 | 100,000 |
Common stock | ||
Shareholders' equity: | ||
Common stock warrant | 3,000 | 3,000 |
Common Stock, without par value; authorized 300,000,000 shares; issued: December 31, 2014 - 170,183,540 shares; December 31, 2013 - 170,183,540 shares | 127,937 | 127,937 |
Fair Value, Inputs, Level 1 [Member] | ||
Investment securities: | ||
Available-for-sale | 2,974 | 3,036 |
Other investments | 0 | 0 |
Loans held for sale | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ||
Investment securities: | ||
Available-for-sale | 3,203,127 | 2,922,527 |
Other investments | 180,803 | |
Loans held for sale | $11,622 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets Parenthetical | Dec. 31, 2014 | Dec. 31, 2013 |
Class of Stock [Line Items] | ||
Common Stock, Shares Authorized | 300,000,000 | 300,000,000 |
Treasury Stock, Shares | 4,793,566 | 5,127,332 |
Common Stock, Shares, Issued | 170,183,540 | 170,183,540 |
Preferred Stock, Shares Authorized | 7,000,000 | |
Series A Non-Cumulative Perpetual Preferred Stock | ||
Class of Stock [Line Items] | ||
Preferred Stock, Shares Authorized | 115,000 | 115,000 |
Preferred Stock, Shares Outstanding | 100,000 | 100,000 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Interest income: | |||
Loans and loans held for sale | $682,328 | $635,872 | $410,299 |
Investment securities: | |||
Taxable | 128,363 | 108,824 | 85,030 |
Tax-exempt | 21,807 | 21,107 | 15,354 |
Total investment securities interest | 150,170 | 129,931 | 100,384 |
Total interest income | 832,498 | 765,803 | 510,683 |
Interest expense: | |||
Interest bearing | 2,963 | 2,543 | 987 |
Savings and money market accounts | 22,101 | 24,406 | 20,563 |
Certificates and other time deposits | 10,844 | 9,649 | 11,723 |
Securities sold under agreements to repurchase | 991 | 1,240 | 1,157 |
Wholesale borrowings | 6,277 | 3,893 | 4,423 |
Long-term debt | 13,754 | 13,287 | 0 |
Total interest expense | 56,930 | 55,018 | 38,853 |
Net interest income | 775,568 | 710,785 | 471,830 |
Provision for loan losses | 52,279 | 33,684 | 54,698 |
Net interest income after provision for loan losses | 723,289 | 677,101 | 417,132 |
Noninterest income: | |||
Trust department income | 39,949 | 34,770 | 23,143 |
Service charges on deposits | 71,457 | 74,399 | 57,737 |
Credit card fees | 52,666 | 50,542 | 43,569 |
ATM and other service fees | 24,179 | 19,155 | 14,792 |
Bank owned life insurance income | 19,177 | 16,926 | 12,140 |
Investment services and insurance | 15,145 | 12,777 | 8,990 |
Investment securities gains/(losses), net | 166 | -2,803 | 3,786 |
Loan sales and servicing income | 16,044 | 23,069 | 27,031 |
Other operating income | 42,741 | 41,508 | 32,416 |
Total noninterest income | 281,524 | 270,343 | 223,604 |
Noninterest expense: | |||
Salaries, wages, pension and employee benefits | 358,970 | 354,016 | 245,192 |
Net occupancy expense | 59,436 | 49,510 | 31,754 |
Equipment expense | 48,499 | 41,875 | 29,243 |
Stationery, supplies and postage | 15,587 | 14,199 | 8,800 |
Bankcard, loan processing and other costs | 45,625 | 71,929 | 34,195 |
Professional services | 21,813 | 40,680 | 23,480 |
Amortization of intangibles | 11,735 | 8,392 | 1,866 |
FDIC insurance expense | 20,481 | 17,707 | 10,753 |
Other operating expense | 82,773 | 85,945 | 65,654 |
Total noninterest expense | 664,919 | 684,253 | 450,937 |
Income before income tax expense | 339,894 | 263,191 | 189,799 |
Income tax expense | 101,943 | 79,507 | 55,693 |
Net income | 237,951 | 183,684 | 134,106 |
Less: Net income allocated to participating securities | 1,930 | 1,545 | 0 |
Preferred Stock dividends | 5,876 | 5,337 | 0 |
Net income attributable to common shareholders | $230,145 | $176,802 | $134,106 |
Basic earnings per common share | $1.39 | $1.18 | $1.22 |
Diluted earnings per common share | $1.39 | $1.18 | $1.22 |
Cash dividend per common share | $0.64 | $0.64 | $0.64 |
Weighted average number of common shares outstanding - basic | 165,296 | 149,607 | 109,518 |
Weighted average number of common shares outstanding - diluted | 166,054 | 150,421 | 109,518 |
Consolidated_Statements_of_Cha
Consolidated Statements of Changes in Shareholders' Equity (USD $) | Total | Preferred Stock | Common stock | Warrant | Capital Surplus | Accumulated Other Comprehensive Income (Loss) | Retained Earnings | Treasury Stock |
In Thousands, unless otherwise specified | ||||||||
Beginning Balance at Dec. 31, 2011 | $1,565,953 | $0 | $127,937 | $0 | $479,882 | ($23,887) | $1,131,203 | ($149,182) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 134,106 | 0 | 0 | 0 | 0 | 0 | 134,106 | 0 |
Other comprehensive income | 7,682 | 0 | 0 | 0 | 0 | 7,682 | 0 | 0 |
Comprehensive income | 141,788 | 0 | 0 | 0 | 0 | 7,682 | 134,106 | 0 |
Cash dividends - common stock | -69,459 | 0 | 0 | 0 | 0 | 0 | -69,459 | 0 |
Nonvested (restricted) shares granted | 49 | 0 | 0 | -14,582 | 0 | 14,631 | ||
Restricted stock activity | -2,389 | 0 | 0 | 0 | 1,219 | 0 | 0 | -3,608 |
Deferred compensation trust | 0 | 0 | 0 | 0 | 200 | 0 | 0 | -200 |
Issuance of a Common Stock warrant to the U.S. Treasury for Citizens TARP warrant | 0 | |||||||
Share-based compensation | 9,260 | 0 | 0 | 0 | 9,260 | 0 | 0 | 0 |
Ending Balance at Dec. 31, 2012 | 1,645,202 | 0 | 127,937 | 0 | 475,979 | -16,205 | 1,195,850 | -138,359 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 183,684 | 0 | 0 | 0 | 0 | 0 | 183,684 | 0 |
Other comprehensive income | -50,671 | 0 | 0 | 0 | 0 | -50,671 | 0 | 0 |
Comprehensive income | 133,013 | 0 | 0 | 0 | 0 | -50,671 | 183,684 | 0 |
Cash dividends - Preferred Stock | -5,337 | 0 | 0 | 0 | 0 | 0 | -5,337 | 0 |
Cash dividends - common stock | -96,222 | 0 | 0 | 0 | 0 | 0 | -96,222 | 0 |
Nonvested (restricted) shares granted | -6,813 | 0 | -19,790 | 12,977 | ||||
Common stock issued in connection with Citizens acquisition | 925,272 | 925,272 | ||||||
Restricted stock activity | -2,708 | 0 | 0 | 0 | 1,261 | 0 | 0 | -3,969 |
Deferred compensation trust | 0 | 0 | 0 | 0 | 434 | 0 | 0 | -434 |
Issuance Non-Cumulative Perpetual Preferred Stock, Series A | 96,550 | 100,000 | -3,450 | |||||
Issuance of a Common Stock warrant to the U.S. Treasury for Citizens TARP warrant | 3,000 | 3,000 | ||||||
Share-based compensation | 10,937 | 0 | 0 | 0 | 10,937 | 0 | 0 | 0 |
Ending Balance at Dec. 31, 2013 | 2,702,894 | 100,000 | 127,937 | 3,000 | 1,390,643 | -66,876 | 1,277,975 | -129,785 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 237,951 | 0 | 0 | 0 | 0 | 0 | 0 | |
Other comprehensive income | -5,016 | 0 | 0 | 0 | 0 | -5,016 | 0 | 0 |
Comprehensive income | 232,935 | 0 | 0 | 0 | 0 | -5,016 | 237,951 | 0 |
Cash dividends - Preferred Stock | -5,876 | 0 | 0 | 0 | 0 | 0 | -5,876 | 0 |
Cash dividends - common stock | -105,333 | 0 | 0 | 0 | 0 | 0 | -105,333 | 0 |
Nonvested (restricted) shares granted | 99 | 0 | -13,469 | 0 | 13,568 | |||
Restricted stock activity | -4,360 | 0 | 0 | 0 | 1,219 | 0 | 0 | -5,579 |
Deferred compensation trust | 0 | 0 | 0 | 0 | 775 | 0 | 0 | -775 |
Issuance of a Common Stock warrant to the U.S. Treasury for Citizens TARP warrant | 0 | |||||||
Share-based compensation | 13,922 | 0 | 0 | 0 | 13,922 | 0 | 0 | 0 |
Ending Balance at Dec. 31, 2014 | $2,834,281 | $100,000 | $127,937 | $3,000 | $1,393,090 | ($71,892) | $1,404,717 | ($122,571) |
Consolidated_Statements_of_Cha1
Consolidated Statements of Changes in Shareholders' Equity (parenthetical) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Statement of Stockholders' Equity [Abstract] | |||
Cash dividend per common share | $0.64 | $0.64 | $0.64 |
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 595,906 | 563,257 | 596,415 |
Treasury Stock, Shares, Acquired | 262,140 | 217,674 | 198,407 |
Stock Issued During Period, Shares, Treasury Stock Reissued | 291,419 | 198,207 | 105,850 |
Stock Issued During Period, Shares, New Issues | 0 | 55,468,283 | 0 |
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 0 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Operating Activities | |||
Net income | $237,951 | $183,684 | $134,106 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Provision for loan losses | 52,279 | 33,684 | 54,698 |
Provision (benefit) for deferred income taxes | 44,666 | -17,819 | 4,679 |
Depreciation and amortization | 53,802 | 38,236 | 32,486 |
Benefit attributable to FDIC loss share | 2,920 | 10,790 | 14,728 |
Accretion of acquired loans | -136,776 | -154,487 | -80,506 |
Amortization and accretion of investment securities, net | |||
Available for sale | 11,734 | 17,274 | 15,343 |
Held to maturity | 4,800 | 7,609 | 2,421 |
Losses (gains) on sales and calls of available-for-sale investment securities, net | -166 | 2,803 | -3,786 |
Originations of loans held for sale | -358,301 | -550,193 | -738,797 |
Proceeds from sales of loans, primarily mortgage loans sold in the secondary markets | 363,732 | 574,321 | 757,298 |
Gains on sales of loans, net | -7,237 | -12,067 | -12,107 |
Amortization of intangible assets | 11,735 | 8,392 | 1,866 |
Recognition of stock compensation expense | 13,922 | 10,937 | 9,260 |
Net decrease (increase) in other assets | -26,707 | 181,772 | 88,530 |
Net increase (decrease) in other liabilities | 16,283 | -25,570 | -99,753 |
NET CASH PROVIDED BY OPERATING ACTIVITIES | 284,637 | 309,366 | 180,466 |
Proceeds from sale of securities | |||
Available for sale | 22,463 | 2,179,728 | 418,124 |
Other | 32,486 | 89,554 | 0 |
Held to maturity | 7,088 | 897 | 0 |
Proceeds from prepayments, calls, and maturities | |||
Available for sale | 486,100 | 699,647 | 853,179 |
Held to maturity | 390,882 | 245,259 | 54,775 |
Other | 0 | 0 | 0 |
Purchases of securities | |||
Available for sale | -754,518 | -1,059,130 | -1,416,413 |
Held to maturity | -378,678 | -1,832,993 | -113,918 |
Other | -388 | -3,098 | -42 |
Net decrease (increase) in loans and leases | -952,518 | 171,929 | -511,914 |
Purchases of premises and equipment | -69,346 | -40,632 | -13,073 |
Sales of premises and equipment | 26,509 | 1,110 | 1,813 |
Cash received for acquisition, net of cash paid | 0 | 188,948 | 0 |
NET CASH PROVIDED (USED) BY INVESTING ACTIVITIES | -1,189,920 | 641,219 | -727,469 |
Financing Activities | |||
Net increase in demand accounts | 329,786 | 835,011 | 532,924 |
Net increase (decrease) in savings and money market accounts | -187,555 | 176,513 | 162,714 |
Net decrease in certificates and other time deposits | -171,167 | -514,103 | -367,822 |
Net increase (decrease) in securities sold under agreements to repurchase | 421,056 | -367,995 | 238,260 |
Increase (decrease) in long-term debt | 180,764 | 249,930 | 0 |
Net increase (decrease) in wholesale borrowings | 227,471 | -655,603 | -66,579 |
Net proceeds from issuance of preferred stock | 0 | 96,550 | 0 |
Cash dividends - common | -105,333 | -96,222 | -69,459 |
Cash dividends - preferred | -5,876 | -5,337 | 0 |
Restricted stock activity | -4,261 | -9,521 | -2,340 |
NET CASH PROVIDED (USED) BY FINANCING ACTIVITIES | 684,885 | -290,777 | 427,698 |
Increase (decrease) in cash and cash equivalents | -220,398 | 659,808 | -119,305 |
Cash and cash equivalents at beginning of year | 917,822 | 258,014 | 377,319 |
Cash and cash equivalents at end of year | 697,424 | 917,822 | 258,014 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOWS INFORMATION: | |||
Non-cash transaction: Common Stock issued in merger with Citizens | 0 | 925,211 | 0 |
Non-cash transaction: Consideration from the warrant issued to the Treasury for Citizens TARP | 0 | 3,000 | 0 |
Cash paid during the year for: | |||
Interest expense | 55,424 | 50,055 | 40,252 |
Federal income taxes | $35,981 | $27,662 | $45,321 |
Statement_of_Comprehensive_Inc
Statement of Comprehensive Income Statement (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Statement of Comprehensive Income [Abstract] | |||
Income before income tax expense | $339,894 | $263,191 | $189,799 |
Total income tax expense | 101,943 | 79,507 | 55,693 |
Net income | 237,951 | 183,684 | 134,106 |
Changes in unrealized securities' holding gains/(losses), Pre-Tax | 38,864 | -130,947 | -6,668 |
Changes in unrealized securities' holding gains/(losses), Tax | 13,602 | -45,833 | -2,334 |
Changes in unrealized securities' holding gains/(losses), After-tax | 25,262 | -85,114 | -4,334 |
Changes in unrealized securities' holding gains/(losses) that result from securities being transferred into available-for-sale from held-to-maturity, Pre-Tax | -2,157 | -2,187 | 13,059 |
Changes in unrealized securities' holding gains/(losses) that result from securities being transferred into available-for-sale from held-to-maturity, Tax | -753 | -765 | 4,571 |
Changes in unrealized securities' holding gains/(losses) that result from securities being transferred into available-for-sale from held-to-maturity, After-tax | -1,404 | -1,422 | 8,488 |
Net losses/(gains) realized on sale of securities reclassified to noninterest income, Pre-Tax | -166 | 2,803 | -3,786 |
Net losses/(gains) realized on sale of securities reclassified to noninterest income, Tax | -58 | 981 | -1,325 |
Net losses/(gains) realized on sale of securities reclassified to noninterest income, After-tax | -108 | 1,822 | -2,461 |
Net change in unrealized gains/(losses) on securities available for sale, Pre-Tax | 36,541 | -130,331 | 2,605 |
Net change in unrealized gains/(losses) on securities available for sale, Tax | 12,791 | -45,617 | 912 |
Net change in unrealized gains/(losses) on securities available for sale, After-tax | 23,750 | -84,714 | 1,693 |
Net gains/(losses) arising during the period, Pre-Tax | -49,552 | 47,939 | -1,224 |
Net gains/(losses) arising during the period, Tax | -17,344 | 16,779 | -429 |
Net gains/(losses) arising during the period, After-tax | -32,208 | 31,160 | -795 |
Amortization of actuarial gain, Pre-Tax | 3,166 | 4,437 | 10,517 |
Amortization of actuarial gain, Tax | 1,108 | 1,553 | 3,681 |
Amortization of actuarial gain, After-tax | 2,058 | 2,884 | 6,836 |
Amortization of prior service cost reclassified to other noninterest expense, Pre-Tax | 2,131 | -1 | -80 |
Amortization of prior service cost reclassified to other noninterest expense, Tax | 747 | 0 | -28 |
Amortization of prior service cost reclassified to other noninterest expense, After-tax | 1,384 | -1 | -52 |
Net change from defined benefit pension plans, Pre-Tax | -44,255 | 52,375 | 9,213 |
Net change from defined benefit pension plans, Tax | -15,489 | 18,332 | 3,224 |
Net change from defined benefit pension plans, After-tax | -28,766 | 34,043 | 5,989 |
Total other comprehensive gains/(losses), Pre-Tax | -7,714 | -77,956 | 11,818 |
Total other comprehensive gains/(losses), Tax | -2,698 | -27,285 | 4,136 |
Total other comprehensive gains/(losses), After-tax | -5,016 | -50,671 | 7,682 |
Comprehensive income, Pre-Tax | 332,180 | 185,235 | 201,617 |
Comprehensive income, Tax | 99,245 | 52,222 | 59,829 |
Comprehensive income, After-tax | $232,935 | $133,013 | $141,788 |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2014 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies |
The accounting and reporting policies of the Corporation conform to GAAP and to general practices within the financial services industry. | |
In preparing these accompanying consolidated financial statements, subsequent events were evaluated through the time the consolidated financial statements were issued. Financial statements are considered issued when they are widely distributed to all shareholders and other financial statement users, or filed with the SEC. | |
The following is a description of the Corporation’s significant accounting policies. | |
(a) Principles of Consolidation | |
The Parent Company is a bank holding company whose principal asset is the common stock of its wholly-owned subsidiary, the Bank. The Parent Company’s other subsidiaries include Citizens Savings Corporation of Stark County, FirstMerit Capital Trust I, and FirstMerit Risk Management, Inc. All significant intercompany balances and transactions have been eliminated in consolidation. | |
(b) Use of Estimates | |
Management must make certain estimates and assumptions that affect the amounts reported in the financial statements and related notes. If these estimates prove to be inaccurate, actual results could differ from those reported. | |
(c) Business Combinations | |
Business combinations are accounted for using the acquisition method of accounting. Under this accounting method, the acquired company's net assets are recorded at fair value on the date of acquisition, and the results of operations of the acquired company are combined with the Corporation's results from that date forward. Costs related to the acquisition are expensed as incurred. The difference between the purchase price and the fair value of the net assets acquired (including intangible assets with finite lives) is recorded as goodwill. The accounting policy for goodwill and intangible assets is summarized in this note under the heading "Goodwill and Other Intangible Assets". As discussed in Note 2 (Business Combinations), the Corporation completed the merger with Citizens, a Michigan corporation, during 2013. As of November 18, 2014, the recently issued FASB ASU 2014-17, Pushdown Accounting—a consensus of the FASB Emerging Issues Task Force, provides the Corporation the ability to elect push down accounting in the acquired entities separate financial statements, either in the current reporting period in which a change-in-control event occurs or in a subsequent period. This ASU is summarized in this notes under the heading “Recently Issued Accounting Standards”. | |
(d) Cash and Cash Equivalents | |
Cash and cash equivalents consist of cash and due from banks, interest bearing deposits in other banks and checks in the process of collection. | |
(e) Investment Securities | |
Debt securities are classified as held-to-maturity when the Corporation has the positive intent and ability to hold the securities to maturity. These securities are reported at amortized cost, adjusted for amortization of premiums and accretion of discounts to maturity using the effective yield method. This method produces a constant rate of return on the adjusted carrying amount. | |
Securities are classified as available-for-sale when the Corporation intends to hold the securities for an indefinite period of time but may be sold in response to changes in interest rates, prepayment risk, liquidity needs or other factors. Securities available-for-sale are reported at fair value, with unrealized gains and losses, net of income tax, reported as a separate component of other comprehensive income (loss) in shareholders’ equity. | |
In certain situations, Management may elect to transfer certain debt securities from the available-for-sale to the held to maturity classification. In such cases, any unrealized gain or loss included in accumulated other comprehensive income (loss) at the time of transfer is amortized over the remaining life of the security as a yield adjustment such that only the remaining initial discount or premium from the purchase date is recognized in income. | |
Interest and dividends on securities, including the amortization of premiums and accretion of discount, are included in interest income. Realized gains or losses on the sales of available-for-sale securities are recorded on the trade date and determined using the specific identification method. | |
On at least a quarterly basis, Management evaluates securities that are in an unrealized loss position for OTTI. An investment security is deemed impaired if the fair value of the investment is less than its amortized cost. As part of the impairment evaluation, Management considers the extent and duration of the unrealized loss, and the financial condition and near-term prospects of the issuer. Management also assesses whether it intends to sell, or it is more likely than not that it will be required to sell, a security in an unrealized loss position before recovery of its amortized cost. If either of the criteria regarding intent or requirement to sell is met, the entire difference between amortized cost and fair value is recognized as impairment through earnings. For debt securities that do not meet the aforementioned criteria, the amount of impairment is split into two components as follows: 1) OTTI related to credit loss, which must be recognized in earnings, and 2) OTTI related to other factors, such as liquidity conditions in the market or changes in market interest rates, which is recognized in other comprehensive income. The credit loss is defined as the difference between the present value of the cash flows expected to be collected and the amortized cost basis. For equity securities, the entire amount of impairment is recognized in earnings. | |
Other investments include FHLB and FRB stock. As a member of the FHLB system, the Bank is required to own a certain amount of stock based on the level of borrowings and other factors. The Bank is also a member of its regional FRB. Both FHLB and FRB stock are carried at cost and evaluated for impairment based on the ultimate recovery of par value. Cash and stock dividends received on the stock are reported as interest income in the Consolidated Statement of Income. | |
(f) Originated Loans and Loan Income | |
Loans originated for investment are stated at their principal amount outstanding adjusted for partial charge-offs, and net deferred loan fees and costs. Interest income on loans is accrued over the term of the loans primarily using the simple-interest method based on the principal balance outstanding. Interest is not accrued on loans where collectability is uncertain. Accrued interest is presented separately in the balance sheet, except for accrued interest on credit card loans, which is included in the outstanding loan balance. Loan origination fees and certain direct costs incurred to extend credit are deferred and amortized over the term of the loan or loan commitment period as an adjustment to the related loan yield. | |
(g) Loans Held for Sale | |
Mortgage loans originated and intended for sale in the secondary market are carried at fair value. The election of the fair value option aligns the accounting for these loans with the related economic hedges. Loan origination fees are recorded when earned and related direct loan origination costs are recognized when incurred. Upon their sale, differences between carrying value and sales proceeds realized are recorded to loan sales and servicing income in the Consolidated Statement of Income. | |
A discussion of the valuation methodology applied to the Corporation’s loans held for sale is described in Note 18 (Fair Value Measurement). | |
(h) Nonperforming Loans | |
Loans and leases on which payments are past due for 90 days are placed on nonaccrual, with the exception of certain commercial, credit card and mortgage loans and loans that are fully secured and in process of collection. Credit card loans on which payments are past due for 120 days are placed on nonaccrual status. Interest on mortgage loans is accrued until Management deems it uncollectible based upon the specific identification method. | |
Loans are generally written off when deemed uncollectible or when they reach a predetermined number of days past due depending upon loan product, terms, and other factors. When a loan is placed on nonaccrual status, interest deemed uncollectible that had been accrued in prior years is charged against the allowance for loan losses and interest deemed uncollectible accrued in the current year is reversed against interest income. Payments subsequently received on nonaccrual loans are generally applied to principal. A loan is returned to accrual status when principal and interest are no longer past due and collectability is probable. This generally requires a sustained period of timely principal and interest payments. | |
Under the Corporation’s credit policies and practices, individually impaired loans include all nonaccrual and restructured commercial, agricultural, construction, and commercial real estate loans, but exclude certain aggregated consumer loans, mortgage loans, and leases classified as nonaccrual. Loan impairment for all loans is measured based on either the present value of expected future cash flows discounted at the loan’s effective interest rate at inception, at the observable market price of the loan, or the fair value of the collateral for certain collateral dependent loans. | |
Restructured loans are those on which concessions in terms have been made as a result of deterioration in a borrower’s financial condition. In general, the modification or restructuring of a debt constitutes a troubled debt restructuring if the Corporation for economic or legal reasons related to the borrower’s financial difficulties grants a concession to the borrower that the Corporation would not otherwise consider under current market conditions. Debt restructurings or loan modifications for a borrower do not necessarily constitute troubled debt restructurings. Troubled debt restructurings do not necessarily result in nonaccrual loans. Specific allowances for loan losses are established for certain consumer, commercial and commercial real estate loans whose terms have been modified in a TDR. | |
Acquired nonimpaired loans are placed on nonaccrual and considered and reported as nonperforming or past due using the same criteria applied to the originated portfolio. Acquired impaired loans are not classified as nonperforming assets as the loans are considered to be performing under the provisions of ASC 310-30, Loans and Debt Securities Acquired with Deteriorated Credit Quality (“ASC 310-30”). Acquired loans restructured after acquisition are not considered TDRs for purposes of the Corporation’s accounting and disclosure if the loans evidenced credit deterioration as of the acquisition date and are accounted for in pools. | |
(i) Allowance for Loan Losses | |
The allowance for loan losses is Management’s estimate of the amount of probable credit losses inherent in the loan portfolio at the balance sheet date. Increases to the allowance for loan losses are made by charges to the provisions for loan losses. Loans deemed uncollectible are charged against the allowance for loan losses. Recoveries of previously charged-off amounts are credited to the allowance for loan losses. Management estimates credit losses based on individual loans determined to be impaired and on all other loans grouped based on similar risk characteristics. | |
The Corporation’s historical loss component is the most significant of the allowance for loan losses components and is based on historical loss experience by credit-risk grade (for commercial loan pools) and payment status (for mortgage and consumer loan pools). Loans are pooled based on similar risk characteristics supported by observable data. The historical loss experience component of the allowance for loan losses represents the results of migration analysis of historical net charge-offs for portfolios of loans (including groups of commercial loans within each credit-risk grade and groups of consumer loans by payment status). For measuring loss exposure in a pool of loans, the historical net charge-off or migration experience is utilized to estimate expected losses to be realized from the pool of loans. | |
Individual commercial loans are assigned credit-risk grades based on an internal assessment of conditions that affect a borrower’s ability to meet its contractual obligation under the loan agreement. The assessment process includes reviewing a borrower’s current financial information, historical payment experience, credit documentation, public information, and other information specific to each individual borrower. Certain commercial loans are reviewed on an annual, quarterly or rotational basis or as Management becomes aware of information affecting a borrower’s ability to fulfill its obligation. | |
The credit-risk grading process for commercial loans is summarized as follows: | |
“Pass” Loans (Grades 1, 2, 3, 4) are not considered a greater than normal credit risk. Generally, the borrowers have the apparent ability to satisfy obligations to the bank, and the Corporation anticipates insignificant uncollectible amounts based on its individual loan review. | |
“Special-Mention” Loans (Grade 5) are commercial loans that have identified potential weaknesses that deserve Management’s close attention. If left uncorrected, these potential weaknesses may result in noticeable deterioration of the repayment prospects for the asset or in the institution’s credit position. | |
“Substandard” Loans (Grade 6) are inadequately protected by the current financial condition and paying capacity of the obligor or by any collateral pledged. Loans so classified have a well-defined weakness or weaknesses that may jeopardize the liquidation of the debt pursuant to the contractual principal and interest terms. Such loans are characterized by the distinct possibility that the Corporation may sustain some loss if the deficiencies are not corrected. | |
“Doubtful” Loans (Grade 7) have all the weaknesses inherent in those classified as substandard, with the added characteristic that existing facts, conditions, and values make collection or liquidation in full highly improbable. Such loans are currently managed separately to determine the highest recovery alternatives. | |
If a nonperforming, substandard loan has an outstanding balance of $0.3 million or greater or if a doubtful loan has an outstanding balance of $0.1 million or greater, as determined by the Corporation’s credit-risk grading process, further analysis is performed to determine the probable loss, if any, and assign a specific allowance to the loan if needed. The allowance for loan losses relating to originated loans that have become impaired is based on either expected cash flows discounted at the loan’s original effective interest rate, the observable market price, or the fair value of the collateral for certain collateral dependent loans. To the extent credit deterioration occurs on purchased loans after the date of acquisition, the Corporation records an allowance for loan losses, net of any expected reimbursement under any FDIC Loss Sharing Agreements. | |
Management also considers internal and external factors such as economic conditions, credit quality trends, loan management practices, portfolio monitoring, and other risks, collectively known as qualitative factors, or Q-factors, to estimate credit losses in the loan portfolio. Q-factors are used to reflect changes in the portfolio’s collectability characteristics not captured by historical loss data. | |
The Corporation also assesses the credit risk associated with off-balance sheet loan commitments and letters of credit. The liability for off-balance sheet credit exposure related to loan commitments and other credit guarantees is included in other liabilities on the Consolidated Balance Sheet. | |
(j) Acquired Loans, Covered Loans and Related Loss Share Receivable | |
Acquired loans (nonimpaired and impaired) are initially measured at fair value as of the acquisition date. The fair value estimates for acquired loans are based on the estimate of expected cash flows, both principal and interest and prepayments, discounted at prevailing market interest rates. Credit discounts representing the principal losses expected over the life of the loan are also a component of the initial fair value; therefore, an allowance for loan losses is not recorded at the acquisition date. | |
The Corporation evaluates acquired loans for impairment in accordance with the provisions of ASC 310-30. Acquired loans are considered impaired if there is evidence of credit deterioration since origination and if it is probable at time of acquisition that all contractually required payments will not be collected. In determining the acquisition date fair value of acquired impaired loans, and in subsequent accounting, the Corporation generally aggregates impaired loans into pools of loans with common characteristics. Each pool is accounted for as a single asset with one composite interest rate and an aggregate expectation of cash flows. Expected cash flows at the acquisition date in excess of the fair value of the loans is referred to as the accretable yield and recorded as interest income over the life of the loans. Acquired impaired loans are not classified as nonaccrual or nonperforming as they are considered to be accruing loans because their interest income relates to the accretable yield recognized at the pool level and not to contractual interest payments at the loan level. Subsequent to the acquisition date, increases in expected cash flows will generally result in a recovery of any previously recorded ALL, to the extent applicable, and/or a reclassification from the nonaccretable difference to accretable yield, which will be recognized prospectively. The present value of any decreases in expected cash flows after the acquisition date will generally result in an impairment charge recorded as a provision for loan losses, resulting in an increase to the ALL, net of any expected reimbursement under FDIC Loss Share Agreements, to the extent applicable. Revolving loans, including lines of credit and credit cards loans, and leases are excluded from acquired impaired loan accounting. | |
For acquired nonimpaired loans, the difference between the acquisition date fair value and the contractual amounts due at the acquisition date represents the fair value adjustment. Fair value adjustments may be discounts (or premiums) to a loan’s cost basis and are accreted (or amortized) to interest income over the the loan’s remaining life using the level yield method. Subsequent to the acquisition date, the method utilized to estimate the required allowance for loan losses for these loans is similar to originated loans, however, the Corporation records an allowance for loan losses only when the required allowance, net of any expected reimbursement under any FDIC Loss Share Agreements, to the extent applicable, exceeds the remaining fair value adjustment. Acquired nonimpaired loans are reported net of the unamortized fair value adjustment. Nonimpaired acquired loans are placed on nonaccrual status and reported as nonperforming or past due using the same criteria applied to the originated portfolio. | |
Loans acquired in FDIC assisted transactions and covered under FDIC Loss Share Agreements are referred to as covered loans. Covered loans are recorded at fair value at the date of acquisition exclusive of the FDIC Loss Share Agreements. No allowance for loan losses related to covered loans is recorded on the acquisition date as the fair value of the loans acquired incorporates assumptions regarding credit risk. The covered loans are subsequently valued and accounted for in the same manner as the acquired loans disclosed above. | |
A loss share receivable is recorded at the acquisition date which represents the estimated fair value of reimbursement the Corporation expects to receive from the FDIC for incurred losses on certain covered loans. The fair value measurement reflects counterparty credit risk and other uncertainties. The loss share receivable continues to be measured on the same basis as the related indemnified loans. Deterioration in the credit quality of the loans (recorded as an adjustment to the allowance for covered loan losses) would immediately increase the basis of the loss share receivable, with the offset recorded through the consolidated statement of comprehensive income. Increases in the credit quality or cash flows of loans (reflected as an adjustment to yield and accreted into income over the remaining life of the loans) decrease the basis of the loss share receivable, with such decrease being accreted into income over 1) the same period or 2) the life of the loss share agreements, whichever is shorter. Loss assumptions used in the basis of the loss share receivable are consistent with the loss assumptions used to measure the related covered loans. | |
Upon the determination of an incurred loss the loss share receivable will be reduced by the amount owed by the FDIC. A corresponding claim receivable is recorded in accrued interest receivable and other assets on the Consolidated Balance Sheet until cash is received from the FDIC. | |
An acquired or covered loan may be resolved either through receipt of payment (in full or in part) from the borrower, the sale of the loan to a third party, or foreclosure of the collateral. In the period of resolution of a nonimpaired loan, any remaining unamortized fair value adjustment is recognized as interest income. In the period of resolution of an impaired loan accounted for on an individual basis, the difference between the carrying amount of the loan and the proceeds received is recognized as a gain or loss within noninterest income. The majority of impaired loans are accounted for within a pool of loans which results in any difference between the proceeds received and the loan carrying amount being deferred as part of the carrying amount of the pool. The accretable amount of the pool remains unaffected from the resolution until the subsequent quarterly cash flow re-estimation. Favorable results from removal of the resolved loan from the pool increase the future accretable yield of the pool, while unfavorable results are recorded as impairment in the quarter of the cash flow re-estimation. Acquired or covered impaired loans subject to modification are not removed from a pool even if those loans would otherwise be deemed TDRs as the pool, and not the individual loan, represents the unit of account. | |
For further discussion of the Corporation’s acquisitions and loan accounting, see Note 2 (Business Combinations), Note 4 (Loans), and Note 5 (Allowance for Loan Losses). | |
(k) Equipment Lease Financing | |
The Corporation leases equipment directly to customers. The net investment in financing leases includes the aggregate amount of lease payments to be received and the estimated residual values of the equipment, less unearned income. Income from lease financing is recognized over the lives of the leases on an approximate level rate of return on the unrecovered investment. The residual value represents the estimated fair value of the leased asset at the end of the lease term. Unguaranteed residual values of leased assets are reviewed at least annually for impairment. Declines in residual values determined to be other-than-temporary are recognized in earnings in the period such determinations are made. | |
(l) Mortgage Servicing Rights | |
The Corporation periodically sells residential real estate loans while retaining the rights and obligations to perform the servicing of such loans. Whenever the Corporation undertakes an obligation to service such loans, Management assesses whether a servicing asset or liability should be recognized. A servicing asset is recognized whenever the compensation for servicing is expected to exceed servicing costs. Likewise, a servicing liability would be recognized in the event that servicing fees to be received are not expected to adequately compensate the Corporation for its expected cost. Servicing assets associated with retained mortgage servicing rights are presented within other assets on the balance sheet. The Corporation does not presently have any servicing liabilities. | |
MSRs are initially valued at fair value. Servicing assets and liabilities are subsequently measured using the amortization method which requires servicing rights to be amortized into noninterest income in proportion to, and over the period of, the estimated future net servicing income of the underlying loans. Amortization is recorded in loan sales and servicing income in the Consolidated Statement of Income. | |
At each reporting period, MSRs are assessed for impairment based on fair value of those rights on a stratum-by-stratum basis. The Corporation stratifies its servicing rights portfolio into tranches based on loan type and interest rate, the predominant risk characteristics of the underlying loans. Any impairment is recognized through a valuation allowance for each impaired stratum through a charge to income. If the Corporation later determines that all or a portion of the impairment no longer exists for a particular grouping, a reduction of the allowance may be recorded as an increase to income. | |
The Corporation also reviews MSRs for OTTI each quarter and recognizes a direct write-down when the recoverability of a recorded allowance for impairment is determined to be remote. Unlike an allowance for impairment, a direct write-down permanently reduces the unamortized cost of the MSR and the allowance for impairment. | |
MSRs do not trade in an active open market with readily observable market prices. Although sales of MSRs do occur, the exact terms and conditions may not be available. As a result, the fair value of MSRs is estimated using discounted cash flow modeling techniques which require Management to make assumptions regarding future net servicing income, adjusted for such factors as net servicing income, discount rate and prepayments. The primary assumptions used in determining the current fair value of the Corporation’s MSRs as well as a sensitivity analysis are presented in Note 7 (Mortgage Servicing Rights and Mortgage Servicing Activity). | |
The Corporation generally records loan administration fees for servicing loans for investors on the accrual basis of accounting. Servicing fees and late fees related to delinquent loan payments are also recorded on the accrual basis of accounting. | |
(m) Depreciation and Amortization | |
Premises and equipment are reported at cost less accumulated depreciation and amortization and principally depreciated using the straight-line method over their estimated useful lives. Estimated useful lives for furniture and equipment range from three to 15 years, and depreciable buildings ranges from 10 to 35 years. Amortization of leasehold improvements is computed on the straight-line method based on related lease terms or the estimated useful lives of the assets of up to 15 years, whichever is shorter. | |
The Corporation purchases, as well as internally develops and customizes, certain software to enhance or perform internal business functions. Software development costs incurred in the planning and post-development project stages are charged to noninterest expense. Costs associated with designing software configuration and interfaces, installation, coding programs and testing systems are capitalized and amortized using the straight-line method over periods ranging from three to seven years. | |
(n) Goodwill and Other Intangible Assets | |
Goodwill represents the amount by which the cost of net assets acquired in a business combination exceeds their fair value. Goodwill is evaluated for impairment on an annual basis or whenever events or changes in circumstances indicate that the carrying value may not be recoverable. The goodwill impairment test is a two-step process. The first step compares the reporting unit’s estimated fair values, including goodwill, to its carrying amount. If the carrying amount exceeds its fair value, then goodwill impairment may be indicated. The second step allocates the reporting units fair value to its assets and liabilities. If the unallocated fair value does not exceed the carrying amount of goodwill then an impairment loss would be recognized as a charge to earnings. | |
Other intangible assets represent the present value of the future stream of income to be derived from the purchase of core deposits. Other intangible assets are amortized on a straight-line basis over their estimated useful lives. Goodwill and other intangible assets deemed to have indefinite lives are not amortized. | |
(o) Other Real Estate Owned | |
Other real estate owned is included in other assets in the consolidated balance sheets and is primarily comprised of property acquired through loan foreclosure proceedings or acceptance of a deed-in-lieu of foreclosures, and loans classified as in-substance foreclosure. Other real estate owned is recorded at the lower of the recorded investment in the loan at the time of transfer or the fair value of the underlying property collateral, less estimated selling costs. Any write-down in the carrying value of a property at the time of acquisition is charged to the allowance for loan losses. Any subsequent write-downs to reflect current fair market value, as well as gains and losses on disposition and revenues and expenses incurred in maintaining such properties, are treated as period costs. Other real estate owned also includes bank premises formerly but no longer used for banking. Banking premises are transferred at the lower of carrying value or estimated fair value, less estimated selling costs. | |
(p) Derivative Instruments and Hedging Activities | |
The Corporation uses interest rate swaps, interest rate lock commitments and forward contracts sold to hedge interest rate risk for asset and liability management purposes. All derivatives are recorded as either other assets or other liabilities at fair value. Credit risk associated with derivatives is reflected in the fair values recorded for those positions. Accounting for changes in fair value (i.e., gains or losses) of derivatives differs depending on whether the derivative has been designated and qualifies as part of a hedging relationship, and further, on the type of hedging relationship. For derivatives that are not designated as hedging instruments, the gain or loss is recognized immediately in other operating income. A derivative that is designated and qualifies as a hedging instrument must be designated a fair value hedge, a cash flow hedge or a hedge of a net investment in a foreign operation. The Corporation does not have any cash flow hedges or derivatives that hedge net investments in foreign operations. | |
Effectiveness measures the extent to which changes in the fair value of a derivative instrument offset changes in the fair value of the hedged item. If the relationship between the change in the fair value of the derivative instrument and the fair value of the hedged item falls within a range considered to be the industry norm, the hedge is considered highly-effective and qualifies for hedge accounting. A hedge is ineffective if the offsetting difference between the fair values falls outside the acceptable range. | |
A fair value hedge is used to limit exposure to changes in the fair value of existing assets, liabilities and firm commitments caused by changes in interest rates or other economic factors. The Corporation recognizes the gain or loss on these derivatives, as well as the related gain or loss on the underlying hedged item, in earnings during the period in which the fair value changes. If a hedge is perfectly effective, the change in the fair value of the hedged item will be offset, resulting in no net effect on earnings. | |
A cash flow hedge is used to minimize the variability of future cash flows that is caused by changes in interest rates or other economic factors. The effective portion of a gain or loss on any cash flow hedge is reported as a component of accumulated other comprehensive income (loss) and reclassified into other operating income in the same period or periods that the hedged transaction affects earnings. Any ineffective portion of the derivative gain or loss is recognized in other operating income during the current period. | |
The Corporation enters into commitments to originate mortgage loans whereby the interest rate on the prospective loan is determined prior to funding (rate lock commitments). Rate lock commitments on mortgage loans that are intended to be sold are considered to be derivatives. Accordingly, such commitments, along with any related fees received from potential borrowers, are recorded at fair value as derivative assets or liabilities, with changes in fair value recorded in net gain or loss on sale of mortgage loans. | |
(q) Income Taxes | |
Income tax expense is the total of the current year income tax due or refundable and the change in deferred tax assets and liabilities. Deferred tax assets and liabilities are the expected future tax amounts for the temporary differences between the carrying amounts and tax bases of assets and liabilities, computed using enacted tax rates. A valuation allowance, if needed, reduces deferred tax assets to the amount expected to be realized. | |
A tax position is recognized as a benefit only if it is “more likely than not” that the tax position would be sustained in a tax examination, with a tax being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not meeting the “more likely than not” test, no tax benefit is recorded. | |
The Corporation follows the asset and liability method of accounting for income taxes. Deferred income taxes are recognized for the tax consequences of “temporary differences” by applying enacted statutory tax rates applicable to future years to differences between the financial statement carrying amounts and the tax bases of existing assets and liabilities. The effect of a change in tax rates is recognized in income in the period of enactment date. | |
In assessing the realizability of deferred tax assets, Management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. Assessing the need for, or the sufficiency of, a valuation allowance requires Management to evaluate all available evidence, both negative and positive, including the recent trend of quarterly earnings. Positive evidence necessary to overcome the negative evidence includes whether future taxable income in sufficient amounts and character within the carryback and carryforward periods is available under the tax law, including the use of tax planning strategies. When negative evidence (e.g., cumulative losses in recent years, history of operating loss or tax credit carryforwards expiring unused) exists, more positive evidence than negative evidence will be necessary. | |
Additional information regarding income taxes is included in Note 13 (Income Taxes). | |
(r) Treasury Stock | |
Treasury stock is accounted for using the cost method in which reacquired shares reduce outstanding Common Stock and capital surplus. At the date of subsequent reissue, the treasury stock account is reduced by the cost of such stock on the last-in, first-out basis. | |
(s) Per Share Data | |
Basic net income per common share is calculated using the two-class method to determine income attributable to common shareholders. The two-class method is an earnings allocation formula that determines earnings per share for each share of common stock and participating securities according to dividends declared (distributed earnings) and participation rights in undistributed earnings. Distributed and undistributed earnings are allocated between common and participating security shareholders based on their respective rights to receive dividends. Unvested share-based payment awards that contain nonforfeitable rights to dividends or dividend equivalents are considered participating securities (i.e., nonvested restricted stock). Undistributed net losses are not allocated to nonvested restricted shareholders, as these shareholders do not have a contractual obligation to fund the losses incurred by the Corporation. Net income attributable to Common Stock is then divided by the weighted-average number of Common Stock outstanding during the period. | |
Diluted net income per common share is calculated under the more dilutive of either the treasury method or two-class method. For the diluted calculation, the weighted-average number of shares of Common Stock outstanding by the assumed conversion of outstanding convertible preferred stock from the beginning of the year or date of issuance, if later, and the number of shares of Common Stock that would be issued assuming the exercise of stock options and warrants using the treasury stock method. The treasury stock method assumes that the Corporation uses the proceeds from a hypothetical exercise of any options and warrants to repurchase Common Stock at the average market price during the period. These adjustments to the weighted-average number of shares of Common Stock outstanding are made only when such adjustments will dilute earnings per common share. | |
All earnings per share disclosures appearing in these financial statements, related notes and management’s discussion and analysis, are computed assuming dilution unless otherwise indicated. The Corporation’s earnings per share calculations are illustrated in Note 21 (Shareholders' Equity) under the heading “Earnings per Share.” | |
(t) Trust Department Assets and Income | |
Property held by the Corporation in a fiduciary or other capacity for trust customers is not included in the accompanying consolidated financial statements, since such items are not assets of the Corporation. Trust department income is reported on the accrual basis of accounting. | |
(u) Share-Based Compensation | |
The Corporation’s share-based compensation plans are described in detail in Note 15 (Share-Based Compensation). The Corporation recognizes share-based compensation expense using the straight-line method over the requisite service period for all stock awards, including those with graded vesting. The requisite service period is the period an employee is required to provide service in order to vest in the award, which cannot extend beyond the date at which the employee is no longer required to perform any service to receive the share-based compensation (the retirement-eligible date). Certain awards are contingent upon performance conditions, which affect the number of awards ultimately granted. The Corporation periodically evaluates the probable outcome of the performance conditions and makes cumulative adjustments to compensation expense as appropriate. | |
(v) Pension and Other Postretirement Plans | |
Pension and other postretirement costs are based on assumptions concerning future events that will affect the amount and timing of required benefit payments under the Corporation’s plans. These assumptions include demographic assumptions such as retirement age and mortality, a compensation rate increase, a discount rate used to determine the current benefit obligation and a long-term expected rate of return on plan assets. Net periodic benefit cost includes service and interest cost based on the assumed discount rate, an expected return on plan assets based on an actuarially derived market-related value and amortization of prior service cost and net actuarial gains or losses. The amortization of any prior service costs is determined using a straight line amortization of the cost over the average remaining lifetime of participants expected to receive benefits under the plans. Actuarial gains and losses include the impact of plan amendments and various unrecognized gains and losses, which are deferred and amortized over the future service periods of active employees. The overfunded or underfunded status of the plans is recorded as an asset or liability, respectively, in the Consolidated Balance Sheet, with changes in that status recognized through other comprehensive income. Additional information about pension and other postretirement plans is included in Note 14 (Benefit Plans). | |
(w) Revenue Recognition | |
The Corporation recognizes revenues as they are earned based on contractual terms, as transactions occur, or as services are provided and collectability is reasonably assured. The Corporation’s principal source of revenue is interest income, which is recognized on an accrual basis primarily according to nondiscretionary formulas in written contracts, such as loan agreements or securities contracts. | |
(x) Fair Value Measurement | |
Fair value is defined as the price to sell an asset or transfer a liability in an orderly transaction between market participants. It represents an exit price at the measurement date. Market participants are buyers and sellers, who are independent, knowledgeable, and willing and able to transact in the principal (or most advantageous) market for the asset or liability being measured. Current market conditions, including imbalances between supply and demand, are considered in determining fair value. The Corporation values its assets and liabilities in the principal market where it sells the particular asset or transfers the liability with the greatest volume and level of activity. In the absence of a principal market, the valuation is based on the most advantageous market for the asset or liability (i.e., the market where the asset could be sold or the liability transferred at a price that maximizes the amount to be received for the asset or minimizes the amount to be paid to transfer the liability). | |
In measuring the fair value of an asset, the Corporation assumes the highest and best use of the asset by a market participant to maximize the value of the asset, and does not consider the intended use of the asset. | |
When measuring the fair value of a liability, the Corporation assumes that the nonperformance risk associated with the liability is the same before and after the transfer. Nonperformance risk is the risk that an obligation will not be satisfied and encompasses not only the Corporation’s own credit risk (i.e., the risk that the Corporation will fail to meet its obligation), but also other risks such as settlement risk. The Corporation considers the effect of its own credit risk on the fair value for any period in which fair value is measured. | |
There are three acceptable valuation techniques that can be used to measure fair value: the market approach, the income approach and the cost approach. Selection of the appropriate technique for valuing a particular asset or liability takes into consideration the exit market, the nature of the asset or liability being valued, and how a market participant would value the same asset or liability. Ultimately, determination of the appropriate valuation method requires significant judgment, and sufficient knowledge and expertise are required to apply the valuation techniques. | |
Valuation inputs refer to the assumptions market participants would use in pricing a given asset or liability using one of the three valuation techniques. Inputs can be observable or unobservable. Observable inputs are those assumptions which market participants would use in pricing the particular asset or liability. These inputs are based on market data and are obtained from a source independent of the Corporation. Unobservable inputs are assumptions based on the Corporation’s own information or estimate of assumptions used by market participants in pricing the asset or liability. Unobservable inputs are based on the best and most current information available on the measurement date. All inputs, whether observable or unobservable, are ranked in accordance with a prescribed fair value hierarchy which gives the highest ranking to quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1) and the lowest ranking to unobservable inputs (Level 3). Fair values for assets or liabilities classified as Level 2 are based on one or a combination of the following factors: (i) quoted prices for similar assets; (ii) observable inputs for the asset or liability, such as interest rates or yield curves; or (iii) inputs derived principally from or corroborated by observable market data. The level in the fair value hierarchy within which the fair value measurement in its entirety falls is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The Corporation considers an input to be significant if it drives 10% or more of the total fair value of a particular asset or liability. | |
Assets and liabilities are considered to be fair valued on a recurring basis if fair value is measured regularly (i.e., daily, weekly, monthly or quarterly). Recurring valuation occurs at a minimum on the measurement date. Assets and liabilities are considered to be fair valued on a nonrecurring basis if the fair value measurement of the instrument does not necessarily result in a change in the amount recorded on the balance sheet. Generally, nonrecurring valuation is the result of the application of other accounting pronouncements which require assets or liabilities to be assessed for impairment or recorded at the lower of cost or fair value. The fair value of assets or liabilities transferred in or out of Level 3 is measured on the transfer date, with any additional changes in fair value subsequent to the transfer considered to be realized or unrealized gains or losses. Additional information regarding fair value measurements is provided in Note 18 (Fair Value Measurement). | |
(y) Reclassifications | |
Certain reclassifications of prior years’ amounts have been made to conform to current year presentation. Such reclassifications had no effect on prior year net income or shareholders’ equity. | |
(z) Recently Adopted Accounting Standards | |
FASB ASU 2014-01, Accounting for Investments in Qualified Affordable Housing Projects. The amendments in ASU 2014-01 do not change the existing accounting methods, but permit reporting entities to make an accounting policy election to account for their investments in qualified affordable projects using the proportional amortization method, if certain conditions are met. Under the proportional amortization method, an entity amortizes the initial cost of the investment in proportion to the tax credits and other tax benefits received and recognizes the net investment performance in the income statement as a component of income tax expense (benefit). The amendments in ASU 2014-01 are effective for annual periods and interim reporting periods within those annual periods, beginning after December 15, 2014, and should be applied retrospectively to all periods presented. The Corporation early adopted ASU 2014-01 in the first quarter of 2014. Amortization of the initial investment cost of qualifying projects is now recorded in the provision for income taxes together with the tax credits and benefits received. Previously, the amortization was recorded as other noninterest expense. All prior period amounts have been restated to reflect the adoption of the amendment, which resulted in an offsetting decrease to other noninterest expense and increase to the provision for income taxes of approximately $3.1 million and $2.7 million for the years ended, December 31, 2013, and December 31, 2012, respectively. | |
(aa) Recently Issued Accounting Standards | |
FASB ASU 2015-2, Amendments to the Consolidation Analysis. The amendments in ASU 2015-02 affect reporting entities that are required to evaluate whether they should consolidate certain legal entities. All legal entities are subject to reevaluation under the revised consolidation model. These amendments modify the evaluation of whether limited partnerships and other similar entities are variable interest entities; eliminate the presumption that a general partner should consolidate a limited partnership; affect the consolidation analysis | |
that are involved with variable interest entities; and provide a scope exception from consolidation for entities that are required to comply or operate in accordance with requirements that are similar to those in Rule 2a-7 of the Investment Company Act of 1940 for registered money market funds. The amendments are effective for public business entities for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted, including adoption in an interim period. If an entity early adopts the amendments in an interim period, any adjustments should be reflected as of the beginning of the fiscal year that includes that interim period. A reporting entity may apply the amendments using a modified retrospective approach by recording a cumulative-effect adjustment to equity as of the beginning of the fiscal year of adoption. A reporting entity also may apply the amendments retrospectively. The Corporation is in process of assessing the potential impact the adoption of this guidance will have on its consolidated financial statements. | |
FASB ASU 2014-17, Pushdown Accounting—a consensus of the FASB Emerging Issues Task Force. The objective of this update is to provide guidance on whether and at what threshold an acquired entity can apply pushdown accounting in the acquired entities separate financial statements. The amendments in this update provide the acquired entity the option to apply pushdown accounting accounting in the reporting period in which the change-in-control event occurs or in a subsequent reporting period after the change-in-control event occurs. If the election if made in the current reporting period, the entity should disclose information in the current reporting period that enables users of financial statements to evaluate the effect of pushdown accounting. If the election is made after the current period the change-in-control event, it is irrevocable and should be considered a change in accounting principle in accordance with Topic 250, Accounting Changes and Error Corrections. The ASU is effective on November 18, 2014. After the effective date, acquired entities can make the election to future change-in-control events or to its most recent change-in-control event. The adoption of this accounting guidance is not expected to have a material effect on the Corporation’s financial position or results of operations. | |
FASB ASU 2014-14, Classification of Certain Government-Guaranteed Mortgage Loans upon Foreclosure—a consensus of the FASB Emerging Issues Task Force. The objective of this update is to reduce diversity in practice by addressing the classification of certain foreclosed mortgage loans held by creditors that are either fully or partially guaranteed under government programs. The amendments in this update require that a mortgage loan be derecognized and that a separate other receivable be recognized upon foreclosure if the | |
following conditions are met: 1) the loan has a government guarantee that is not separable from the | |
loan before foreclosure; 2) at the time of foreclosure, the creditor has the intent to convey the real | |
estate property to the guarantor and make a claim on the guarantee, and the creditor has the ability to recover under that claim; and 3) at the time of foreclosure, any amount of the claim that is determined on the basis of the fair value of the real estate is fixed. Upon foreclosure, the separate other receivable should be measured based on the amount of the loan balance (principal and interest) expected to be recovered from the guarantor. The ASU is effective for interim and annual periods beginning after December 15, 2014. The amendments can be adopted using either a prospective transition method or a modified retrospective transition method. The adoption of this accounting guidance is not expected to have a material effect on the Corporation’s financial position or results of operations. | |
FASB ASU 2014–12, Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved After the Requisite Service Period — a consensus of the FASB Emerging Issues Task Force. The amendments in this update clarify that entities should treat performance targets that can be met after the requisite service period of a share-based payment award as performance conditions that affect vesting. Therefore, an entity would not record compensation expense (measured as of the grant date without taking into account the effect of the performance target) related to an award for which transfer to the employee is contingent on the entity’s satisfaction of a performance target until it becomes probable that the performance target will be met. The ASU does not contain any new disclosure requirements. The ASU is effective for interim and annual reporting periods beginning after December 15, 2015. Early adoption is permitted. In addition, entities will have the option of applying the guidance either prospectively (i.e., only to awards granted or modified on or after the effective date) or retrospectively. Retrospective application would only apply to awards with performance targets outstanding at or after the beginning of the first annual period presented (i.e., the earliest presented comparative period). The Corporation is in process of assessing the potential impact the adoption of this guidance will have on its consolidated financial statements. | |
FASB ASU 2014-11, Transfers and Servicing: Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures. The amendments in this update require entities to account for repurchase-to-maturity transactions as secured borrowings (rather than as sales with forward repurchase agreements), eliminate accounting guidance on linking repurchase financing transactions, and expand disclosure requirements related to certain transfers of financial assets that are accounted for as sales and certain transfers, such as repos, securities lending transactions, and repurchase-to-maturity transactions, accounted for as secured borrowings. The amendments in ASU 2014-11 are effective for the first interim or annual period beginning after December 15, 2014. The amendments must present changes in accounting for transactions outstanding on the effective date as a cumulative-effect adjustment to retained earnings as of the beginning of the period of adoption. Early application is prohibited. The adoption of this accounting guidance is not expected to have a material effect on the Corporation’s financial position or results of operations. | |
FASB ASU 2014-09, Revenue from Contracts with Customers. The amendments in this update supersede virtually all existing GAAP revenue recognition guidance, including most industry-specific revenue recognition guidance. ASU 2014-09 creates a single, principle-based revenue recognition framework and will require entities to apply significantly more judgment and expanded disclosures surrounding revenue recognition. The core principle requires an entity to recognize revenue in a manner that depicts the transfer of goods or services to customers at an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASU 2014-09 applies to contracts with customers to provide goods and services, with certain exclusions such as lease contracts, financing arrangements, and financial instruments. The amendments in ASU 2014-09 are effective for fiscal years beginning after December 15, 2016. The amendments can be adopted using either the full retrospective approach or a modified retrospective approach. Early adoption is prohibited. The Corporation is in process of assessing the potential impact the adoption of this guidance will have on its consolidated financial statements. | |
FASB ASU 2014-08, Presentation of Financial Statements and Property, Plant, and Equipment: Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity. The amendments in this update change the definition of a discontinued operation in ASC 205-20 and require additional disclosures for transactions that meet the definition of a discontinued operation and certain other significant transactions that do not meet the discontinued operations criteria. The amendments in ASU 2014-08 are effective prospectively for all disposals, except disposals classified as held for sale before the adoption date or components initially classified as held for sale in periods beginning on or after December 15, 2014, with early adoption permitted. The adoption of this accounting guidance is not expected to have a material effect on the Corporation’s financial position or results of operations. | |
FASB ASU 2014-04, Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure. ASU 2014-04 amends the guidance in ASC 310-40 by clarifying when an in-substance repossession or foreclosure occurs, and a creditor is considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan. Additionally, the amendments require interim and annual disclosure of both 1) the amount of foreclosed residential real estate property held by the creditor and 2) the recorded investment in consumer mortgage loans collateralized by residential real estate property that are in the process of foreclosure according to local requirements of the applicable jurisdiction. The amendments in ASU 2014-04 are effective for annual periods, and interim period within those annual periods, beginning after December 15, 2014. The amendments can either be adopted using a modified retrospective or a prospective transition method. The adoption of this accounting guidance is not expected to have a material effect on the Corporation’s financial position or results of operations. |
Business_Combinations
Business Combinations | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Business Combinations [Abstract] | ||||||||||||
Business Combinations | Business Combinations | |||||||||||
The Corporation completed the merger with Citizens, a Michigan corporation with approximately $9.6 billion in assets and 219 branches, in the quarter ended June 30, 2013. All of Citizens’ common shareholders received 1.37 shares of the Corporation’s Common Stock in exchange for one share of Citizens’ common stock, resulting in the Corporation issuing 55,468,283 shares of its Common Stock. In conjunction with the completion of the merger, the Corporation fully repurchased the $300 million of Citizens TARP Preferred plus accumulated but unpaid dividends and interest of approximately $55.4 million previously issued to the U.S. Treasury under the Capital Purchase Program. The Corporation used the net proceeds from its February 4, 2013 public offerings, which consisted of $250 million aggregate principal amount of 4.35% subordinated notes due February 4, 2023, and $100 million 5.875% Non-Cumulative Perpetual Preferred Stock, Series A, to repurchase the Citizens TARP Preferred and pay all accrued, accumulated and unpaid dividends and interest. Additionally, a warrant issued by Citizens to the U.S. Treasury to purchase up to 1,757,812.5 shares of Citizens’ common stock has been converted into a warrant issued by the Corporation to the U.S. Treasury to purchase 2,408,203 shares of FirstMerit Common Stock. | ||||||||||||
The Citizens transaction was accounted for using the acquisition method of accounting and, as such, assets acquired, liabilities assumed and consideration exchanged were recorded at estimated fair value on the Acquisition Date. Per the applicable accounting guidance for business combinations, these fair values were subject to refinement for up to one year after the closing date of the acquisition as additional information relative to closing date fair values become available. The measurement period ended on March 31, 2014. | ||||||||||||
The following table provides the purchase price calculation as of the Acquisition Date and the identifiable assets purchased and the liabilities assumed at their estimated fair value. These fair value measurements are based on third-party valuations. | ||||||||||||
(In thousands, except per share amounts) | ||||||||||||
Purchase Price: | ||||||||||||
FirstMerit shares of Common Stock issued for Citizens' shares | 55,468,283 | |||||||||||
Closing price per share of the Corporation's Common Stock on April 12, 2013 | $ | 16.68 | ||||||||||
Consideration from Common Stock conversion (1.37 ratio) | 925,211 | |||||||||||
Cash paid to the Treasury for Citizens' TARP Preferred | 355,371 | |||||||||||
Cash paid in lieu of fractional shares to the former Citizens' shareholders | 61 | |||||||||||
Consideration from the warrant issued to the Treasury for Citizens' TARP warrant | 3,000 | |||||||||||
Total purchase price | $ | 1,283,643 | ||||||||||
Statement of Net Assets Acquired at Fair Value: | ||||||||||||
ASSETS | ||||||||||||
Cash and due from banks | $ | 544,380 | ||||||||||
Investment securities | 3,202,575 | |||||||||||
Loans | 4,617,004 | |||||||||||
Premises and equipment | 138,536 | |||||||||||
Intangible assets | 84,774 | (1) | ||||||||||
Accrued interest receivable and other assets | 681,100 | |||||||||||
Total assets | $ | 9,268,369 | ||||||||||
LIABILITIES | ||||||||||||
Deposits | $ | 7,276,754 | ||||||||||
Borrowings | 908,824 | |||||||||||
Accrued taxes, expenses, and other liabilities | 80,842 | |||||||||||
Total liabilities | $ | 8,266,420 | ||||||||||
Net identifiable assets acquired | 1,001,949 | |||||||||||
Goodwill | $ | 281,694 | ||||||||||
(1) Intangible assets consist of core deposit intangibles of $70.8 million and trust relationships of approximately $14.0 million. The useful lives for which the core deposit intangible and the trust relationships are being amortized over are 15 years and 12 years, respectively. | ||||||||||||
The amount of goodwill recorded reflects the increased market share and related synergies that are expected to result from the acquisition, and represents the excess purchase price over the estimated fair value of the net assets acquired. None of the goodwill is deductible for income tax purposes as the merger is accounted for as a tax-free exchange. The tax-free exchange resulted in a carryover of tax attributes and tax basis to the Corporation's subsequent income tax filings. These carryovers were comprised of DTA of $313.0 million and DTL of $51.3 million for a net DTA carryover of $261.7 million. This net DTA includes $224.8 million of net operating loss and tax credit carryovers. The carryover of these tax attributes is subject to limitation as to the tax period in which they can be used to reduce future tax payments. The amounts recorded are expected to be substantially used by 2016, however, some will continue to carryover until 2032. These tax attribute benefits will also be subject to regulatory capital adjustments until fully utilized. An additional net DTA of $87.6 million was established on the Acquisition Date as a result of the purchase accounting fair value adjustments resulting in a total net DTA on the Acquisition Date of $349.3 million. | ||||||||||||
The following table summarizes the final fair value of both acquired impaired and nonimpaired loans by product type as of the Acquisition Date. | ||||||||||||
(In thousands) | Acquired Impaired Loans | Acquired Nonimpaired Loans | Acquired Loans Total | |||||||||
Commercial | ||||||||||||
C&I | $ | 93,735 | $ | 1,660,199 | $ | 1,753,934 | ||||||
CRE | 378,569 | 359,066 | 737,635 | |||||||||
Construction | 13,399 | 17,135 | 30,534 | |||||||||
Total commercial | 485,703 | 2,036,400 | 2,522,103 | |||||||||
Consumer | ||||||||||||
Residential mortgages | 232,291 | 278,404 | 510,695 | |||||||||
Installment | 54,108 | 1,165,235 | 1,219,343 | |||||||||
Home equity lines | 47,613 | 317,250 | 364,863 | |||||||||
Total consumer | 334,012 | 1,760,889 | 2,094,901 | |||||||||
Total | $ | 819,715 | $ | 3,797,289 | $ | 4,617,004 | ||||||
The determination of estimated fair values of the acquired loans required the Corporation to make certain estimates about discount rates, future expected cash flows, market conditions and other future events that are highly subjective in nature. Based on such factors as past due status, nonaccrual status and credit risk ratings, the acquired loans were divided into loans with evidence of credit quality deterioration, which are accounted for under ASC 310-30 (acquired impaired), and loans that do not meet this criteria, which are accounted for under ASC 310-20 (acquired nonimpaired). The acquired loans were further segregated into loan pools designed to facilitate the development of expected cash flows to be used in estimating fair value. Acquired loans were segregated into pools based on characteristics such as loan type, credit risk profiles, contractual interest rate and repayment terms and market area in which originated. Expected cash flows, both principal and interest, were estimated based on key assumptions covering such factors as prepayments, default rates and severity of loss given default. These assumptions were developed using both Citizens’ historical experience and the portfolio characteristics at Acquisition Date as well as available market research. The fair value estimates for acquired loans was based on the amount and timing of expected principal, interest and other cash flows, included expected prepayments, discounted at prevailing market interest rates. | ||||||||||||
For acquired nonimpaired loans, the difference between the Acquisition Date fair value and the contractual amounts due at the Acquisition Date represents the fair value adjustment. The fair value adjustment may be a discount (or premium) to an individual loan’s cost basis and is accreted (or amortized) to interest income over the the loan’s remaining life using the level yield method. Acquired nonimpaired loans are reported net of the unamortized fair value adjustment. The fair value adjustment for acquired nonimpaired loans as of the Acquisition Date is presented in the following table. | ||||||||||||
(In thousands) | Acquired Nonimpaired Loans | |||||||||||
Outstanding balance | $ | 4,017,304 | ||||||||||
Less: Fair value adjustment | 220,015 | |||||||||||
Fair value of acquired nonimpaired loans | $ | 3,797,289 | ||||||||||
The table below details contractually required payments, cash flows not expected to be collected and cash flows expected to be collected on acquired nonimpaired loans as of the Acquisition Date. | ||||||||||||
(In thousands) | Acquired Nonimpaired Loans | |||||||||||
Contractually required payments including interest (1) | $ | 4,955,180 | ||||||||||
Less: Contractual cash flows not expected to be collected | 680,664 | |||||||||||
Cash flows expected to be collected | $ | 4,274,516 | ||||||||||
(1) Total undiscounted amounts of all uncollected contractual principal and interest, including any fees and penalties, both past due and scheduled for the future, assuming no loss or prepayment. | ||||||||||||
For acquired impaired loans, the excess of cash flows expected over the estimated fair value at the Acquisition Date represents the accretable yield and is recognized as interest income using a level yield method over the remaining life of the pooled impaired loans. Each pool of acquired impaired loans is accounted for as a single asset with a single composite interest rate and an aggregate expectation of cash flows. Acquired impaired loans in pools with an accretable yield are considered to be accruing and performing even though collection of contractual payments on loans within the pool may be in doubt, because the pool is the unit of accounting and income continues to be accreted on the pool as long as expected cash flows are reasonably estimable. | ||||||||||||
Total outstanding acquired impaired loans as of the Acquisition Date were $1.1 billion. A reconciliation of the contractual required payments to the fair value of the acquired impaired loans at the Acquisition Date is as follows: | ||||||||||||
(In thousands) | Acquired Impaired Loans | |||||||||||
Contractually required payments including interest (1) | $ | 1,231,172 | ||||||||||
Nonaccretable difference (2) | (279,899 | ) | ||||||||||
Cash flows expected to be collected (3) | 951,273 | |||||||||||
Accretable yield (4) | (131,558 | ) | ||||||||||
Fair value of loans acquired | $ | 819,715 | ||||||||||
(1) Total undiscounted amounts of all uncollected contractual principal and interest, including any fees and penalties, both past due and scheduled for the future, assuming no loss or prepayment. | ||||||||||||
(2) The nonaccretable difference represents, as of the Acquisition Date, the amount of contractually required payments, including interest, that are not expected to be collected based on estimated credit losses and other factors, such as prepayments. | ||||||||||||
(3) Represents the estimate, at Acquisition Date, of the amount and timing of undiscounted principal, interest, and other cash flows expected to be collected. This estimate includes the effect of anticipated prepayments. | ||||||||||||
(4) The accretable yield represents the excess of cash flows expected at Acquisition Date over the estimated fair value and is recognized as interest income over the remaining life of the loan using the level yield method. | ||||||||||||
The fair value of the investment securities acquired was approximately $3.2 billion. Management’s strategy to reduce prepayment and credit risk of the acquired investment securities portfolio resulted in the sale of approximately $2.2 billion in agency MBS, agency CMO, municipal securities and private label MBS investments subsequent to the close of the acquisition. During the second quarter of 2013, Management repurchased approximately $1.5 billion of agency MBS and CMO securities in accordance with the Corporation’s investment polices. | ||||||||||||
As part of the merger, the Corporation assumed Citizens' FHLB advances with a fair value of $719.3 million. On April 15, 2013, in conjunction with Management’s strategy to de-leverage the acquired Citizens’ balance sheet, the Corporation terminated all but two assumed FHLB advances resulting in cash outlay of $652.5 million, which approximated the fair value. The fair value of the two retained FHLB advances totaled $66.8 million and mature on May 16, 2016. FHLB advances are reflected in the line item “Federal funds purchased and securities sold under agreements to repurchase” on the Consolidated Balance Sheet. | ||||||||||||
The Corporation also assumed obligations under junior subordinated debentures at fair value in the amount of $74.5 million, payable to two unconsolidated trusts that issued trust preferred securities. The junior subordinated debentures were the sole assets of each trust. The variable interest rate junior subordinated debenture had a maturity date of June 26, 2033, and bare interest at an annual rate equal to the three-month LIBOR plus 3.10% and adjusted on a quarterly basis not to exceed 11.75%. The fixed 7.50% interest rate junior subordinated debenture had a maturity date of September 15, 2066, and was listed on the NYSE (NYSE symbol CTZ-PA). Interest was payable quarterly in arrears and became callable on September 15, 2011. These trust preferred securities junior subordinated debentures, totaling $74.5 million, were redeemed on September 26, 2014. | ||||||||||||
The Corporation also assumed long-term repurchase agreements with a fair value amount of $115.0 million. On April 15, 2013, in conjunction with Management’s strategy to de-leverage the newly acquired Citizens’ balance sheet, all of these these long-term repurchase agreements were terminated. | ||||||||||||
There were merger-related charges recorded in the Consolidated Statement of Income of $1.0 million in the year ended December 31, 2014. These costs were primarily composed of professional service fees. In the year ended December 31, 2013, merger-related costs of $75.1 million were recognized and were primarily composed of severance and retention employee benefits, professional services, and fees for early termination of existing agreements assumed from the merger. | ||||||||||||
The following table provides the unaudited pro forma information for the results of operations for the year ended December 31, 2013, as if the Citizens acquisition had occurred January 1, 2013. These adjustments include the impact of certain purchase accounting adjustments including accretion of loan marks, which makes up the vast majority of the adjustments, followed by intangible assets amortization, investment securities amortization, fixed assets depreciation and deposit accretion. In addition, $75.1 million in merger-related expenses recorded in 2013 are included in the period presented. The unaudited pro forma results are presented for illustrative purposes and are not intended to represent or be indicative of the actual results of operations of the combined corporation that would have been achieved had the acquisition occurred at the beginning of the year of acquisition, nor are they intended to represent or be indicative of future results of operations. | ||||||||||||
(Unaudited) | ||||||||||||
Year Ended December 31, | ||||||||||||
(In thousands) | 2013 | |||||||||||
Total revenue, net of interest expense | $ | 1,096,960 | ||||||||||
Net income | 196,744 | |||||||||||
Investment_Securities
Investment Securities | 12 Months Ended | ||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||
Investment Securities | Investment Securities | ||||||||||||||||||||||||||||||
The following tables provide the amortized cost and fair value for the major categories of held-to-maturity and available-for-sale securities. Held-to-maturity securities are carried at amortized cost, which reflects historical cost, adjusted for amortization of premiums and accretion of discounts. Available-for-sale securities are carried at fair value with net unrealized gains or losses reported on an after tax basis as a component of OCI in shareholders' equity. | |||||||||||||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||||||||
(In thousands) | Amortized | Gross Unrealized Gains | Gross Unrealized Losses | Fair | |||||||||||||||||||||||||||
Cost | Value | ||||||||||||||||||||||||||||||
Securities available-for-sale | |||||||||||||||||||||||||||||||
Debt securities | |||||||||||||||||||||||||||||||
U.S. government agency debentures | $ | 2,500 | $ | — | $ | (18 | ) | $ | 2,482 | ||||||||||||||||||||||
U.S. states and political subdivisions | 221,052 | 6,756 | (466 | ) | 227,342 | ||||||||||||||||||||||||||
Residential mortgage-backed securities: | |||||||||||||||||||||||||||||||
U.S. government agencies | 951,839 | 22,377 | (3,218 | ) | 970,998 | ||||||||||||||||||||||||||
Commercial mortgage-backed securities: | |||||||||||||||||||||||||||||||
U.S. government agencies | 104,176 | 598 | (1,371 | ) | 103,403 | ||||||||||||||||||||||||||
Residential collateralized mortgage-backed securities: | |||||||||||||||||||||||||||||||
U.S. government agencies | 1,698,015 | 4,777 | (26,225 | ) | 1,676,567 | ||||||||||||||||||||||||||
Nonagency | 7 | — | — | 7 | |||||||||||||||||||||||||||
Commercial collateralized mortgage-backed securities: | |||||||||||||||||||||||||||||||
U.S. government agencies | 222,876 | 863 | (1,405 | ) | 222,334 | ||||||||||||||||||||||||||
Asset-backed securities: | |||||||||||||||||||||||||||||||
Collateralized loan obligations | 297,446 | 11 | (9,613 | ) | 287,844 | ||||||||||||||||||||||||||
Corporate debt securities | 61,652 | — | (10,315 | ) | 51,337 | ||||||||||||||||||||||||||
Total debt securities | 3,559,563 | 35,382 | (52,631 | ) | 3,542,314 | ||||||||||||||||||||||||||
Equity securities | |||||||||||||||||||||||||||||||
Marketable equity securities | 2,974 | — | — | 2,974 | |||||||||||||||||||||||||||
Total equity securities | 2,974 | — | — | 2,974 | |||||||||||||||||||||||||||
Total securities available for sale | $ | 3,562,537 | $ | 35,382 | $ | (52,631 | ) | $ | 3,545,288 | ||||||||||||||||||||||
Securities held-to-maturity | |||||||||||||||||||||||||||||||
Debt securities | |||||||||||||||||||||||||||||||
U.S. treasuries | $ | 5,000 | $ | — | $ | — | $ | 5,000 | |||||||||||||||||||||||
U.S. government agency debentures | 25,000 | — | (537 | ) | 24,463 | ||||||||||||||||||||||||||
U.S. states and political subdivisions | 517,824 | 12,645 | (191 | ) | 530,278 | ||||||||||||||||||||||||||
Residential mortgage-backed securities: | |||||||||||||||||||||||||||||||
U.S. government agencies | 580,727 | 7,495 | (3,045 | ) | 585,177 | ||||||||||||||||||||||||||
Commercial mortgage-backed securities: | |||||||||||||||||||||||||||||||
U.S. government agencies | 58,143 | 281 | (329 | ) | 58,095 | ||||||||||||||||||||||||||
Residential collateralized mortgage-backed securities: | |||||||||||||||||||||||||||||||
U.S. government agencies | 1,368,534 | 718 | (38,875 | ) | 1,330,377 | ||||||||||||||||||||||||||
Commercial collateralized mortgage-backed securities: | |||||||||||||||||||||||||||||||
U.S. government agencies | 257,642 | 557 | (6,768 | ) | 251,431 | ||||||||||||||||||||||||||
Corporate debt securities | 90,739 | 412 | (52 | ) | 91,099 | ||||||||||||||||||||||||||
Total securities held to maturity | $ | 2,903,609 | $ | 22,108 | $ | (49,797 | ) | $ | 2,875,920 | ||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||||
(In thousands) | Amortized | Gross Unrealized Gains | Gross Unrealized Losses | Fair | |||||||||||||||||||||||||||
Cost | Value | ||||||||||||||||||||||||||||||
Securities available-for-sale | |||||||||||||||||||||||||||||||
Debt securities | |||||||||||||||||||||||||||||||
U.S. states and political subdivisions | $ | 258,787 | $ | 7,376 | $ | (3,796 | ) | $ | 262,367 | ||||||||||||||||||||||
Residential mortgage-backed securities: | |||||||||||||||||||||||||||||||
U.S. government agencies | 962,687 | 21,662 | (14,427 | ) | 969,922 | ||||||||||||||||||||||||||
Commercial mortgage-backed securities: | |||||||||||||||||||||||||||||||
U.S. government agencies | 72,048 | 7 | (2,488 | ) | 69,567 | ||||||||||||||||||||||||||
Residential collateralized mortgage-backed securities: | |||||||||||||||||||||||||||||||
U.S. government agencies | 1,566,262 | 4,199 | (52,068 | ) | 1,518,393 | ||||||||||||||||||||||||||
Nonagency | 9 | — | — | 9 | |||||||||||||||||||||||||||
Commercial collateralized mortgage-backed securities: | |||||||||||||||||||||||||||||||
U.S. government agencies | 104,152 | 273 | (2,157 | ) | 102,268 | ||||||||||||||||||||||||||
Asset-backed securities: | |||||||||||||||||||||||||||||||
Collateralized loan obligations | 297,259 | 760 | (4,332 | ) | 293,687 | ||||||||||||||||||||||||||
Corporate debt securities | 61,596 | — | (10,952 | ) | 50,644 | ||||||||||||||||||||||||||
Total debt securities | 3,322,800 | 34,277 | (90,220 | ) | 3,266,857 | ||||||||||||||||||||||||||
Equity Securities | |||||||||||||||||||||||||||||||
Marketable equity securities | 3,036 | — | — | 3,036 | |||||||||||||||||||||||||||
Nonmarketable equity securities | 3,281 | — | — | 3,281 | |||||||||||||||||||||||||||
Total equity securities | 6,317 | — | — | 6,317 | |||||||||||||||||||||||||||
Total securities available for sale | $ | 3,329,117 | $ | 34,277 | $ | (90,220 | ) | $ | 3,273,174 | ||||||||||||||||||||||
Securities held-to-maturity | |||||||||||||||||||||||||||||||
Debt securities | |||||||||||||||||||||||||||||||
U.S. treasuries | $ | 5,000 | $ | 4 | $ | — | $ | 5,004 | |||||||||||||||||||||||
U.S. government agency debentures | 25,000 | — | (1,348 | ) | 23,652 | ||||||||||||||||||||||||||
U.S. states and political subdivisions | 480,703 | 5,335 | (10,459 | ) | 475,579 | ||||||||||||||||||||||||||
Residential mortgage-backed securities: | |||||||||||||||||||||||||||||||
U.S. government agencies | 569,960 | 1,108 | (11,617 | ) | 559,451 | ||||||||||||||||||||||||||
Commercial mortgage-backed securities: | — | ||||||||||||||||||||||||||||||
U.S. government agencies | 56,596 | — | (1,190 | ) | 55,406 | ||||||||||||||||||||||||||
Residential collateralized mortgage-backed securities: | |||||||||||||||||||||||||||||||
U.S. government agencies | 1,464,732 | — | (81,818 | ) | 1,382,914 | ||||||||||||||||||||||||||
Commercial collateralized mortgage-backed securities: | |||||||||||||||||||||||||||||||
U.S. government agencies | 240,069 | 6 | (11,052 | ) | 229,023 | ||||||||||||||||||||||||||
Corporate debt securities | 93,628 | 308 | (725 | ) | 93,211 | ||||||||||||||||||||||||||
Total securities held to maturity | $ | 2,935,688 | $ | 6,761 | $ | (118,209 | ) | $ | 2,824,240 | ||||||||||||||||||||||
The Corporation’s U.S. states and political subdivisions portfolio is composed of general obligation bonds issued by a highly diversified number of states, cities, counties, and school districts. The amortized cost and fair value of the Corporation’s portfolio of general obligation bonds are summarized by U.S. state in the tables below. As illustrated in the tables below, the aggregate fair value of the Corporation’s general obligation bonds was greater than $10 million in eleven of the thirty-seven U.S. states in which it holds investments. | |||||||||||||||||||||||||||||||
(Dollars in thousands) | December 31, 2014 | ||||||||||||||||||||||||||||||
U.S. State | # of Issuers | Average Issue Size, Fair Value | Amortized Cost | Fair Value | |||||||||||||||||||||||||||
Ohio | 137 | $ | 979 | $ | 130,741 | $ | 134,127 | ||||||||||||||||||||||||
Michigan | 169 | 842 | 138,325 | 142,292 | |||||||||||||||||||||||||||
Illinois | 66 | 1,897 | 121,560 | 125,169 | |||||||||||||||||||||||||||
Wisconsin | 77 | 841 | 62,543 | 64,776 | |||||||||||||||||||||||||||
Texas | 64 | 801 | 50,307 | 51,293 | |||||||||||||||||||||||||||
Pennsylvania | 45 | 1,000 | 44,443 | 45,006 | |||||||||||||||||||||||||||
Minnesota | 42 | 674 | 27,740 | 28,326 | |||||||||||||||||||||||||||
Washington | 30 | 952 | 27,987 | 28,558 | |||||||||||||||||||||||||||
New Jersey | 37 | 746 | 26,755 | 27,612 | |||||||||||||||||||||||||||
Missouri | 19 | 1,011 | 18,764 | 19,207 | |||||||||||||||||||||||||||
New York | 19 | 628 | 11,659 | 11,929 | |||||||||||||||||||||||||||
Other | 120 | 650 | 76,849 | 78,020 | |||||||||||||||||||||||||||
Total general obligation bonds | 825 | $ | 917 | $ | 737,673 | $ | 756,315 | ||||||||||||||||||||||||
(Dollars in thousands) | December 31, 2013 | ||||||||||||||||||||||||||||||
U.S. State | # of Issuers | Average Issue Size, Fair Value | Amortized Cost | Fair Value | |||||||||||||||||||||||||||
Michigan | 166 | $ | 744 | $ | 122,198 | $ | 123,571 | ||||||||||||||||||||||||
Ohio | 152 | 1,048 | 158,641 | 159,232 | |||||||||||||||||||||||||||
Illinois | 75 | 1,314 | 96,863 | 98,521 | |||||||||||||||||||||||||||
Texas | 69 | 771 | 54,295 | 53,204 | |||||||||||||||||||||||||||
Wisconsin | 86 | 648 | 54,516 | 55,747 | |||||||||||||||||||||||||||
Pennsylvania | 50 | 898 | 47,835 | 44,883 | |||||||||||||||||||||||||||
Minnesota | 45 | 663 | 29,840 | 29,816 | |||||||||||||||||||||||||||
Washington | 30 | 930 | 28,393 | 27,906 | |||||||||||||||||||||||||||
New Jersey | 38 | 722 | 27,101 | 27,440 | |||||||||||||||||||||||||||
Missouri | 20 | 969 | 19,253 | 19,382 | |||||||||||||||||||||||||||
New York | 22 | 585 | 13,064 | 12,878 | |||||||||||||||||||||||||||
California | 18 | 599 | 10,651 | 10,788 | |||||||||||||||||||||||||||
Other | 115 | 631 | 74,918 | 72,572 | |||||||||||||||||||||||||||
Total general obligation bonds | 886 | $ | 831 | $ | 737,568 | $ | 735,940 | ||||||||||||||||||||||||
The Corporation’s investment policy states that municipal securities purchased are to be investment grade and allows for a 20% maximum portfolio concentration in municipal securities with a combined individual state to total municipal outstanding equal to or less than 25%. A municipal security is investment grade if (1) the security has a low risk of default by the obligor and (2) the full and timely payment of principal and interest is expected over the anticipated life of the instrument. The fact that a municipal security is rated by one nationally recognized credit rating agency is indicative, but not sufficient evidence, that a municipal security is investment grade. In all cases, the Corporation considers and documents within a security pre-purchase analysis factors such as capacity to pay, market and economic data, and such other factors as are available and relevant to the security or issuer. Factors to be considered in the ongoing monitoring of municipal securities and in the pre-purchase analysis include soundness of budgetary position, and sources, strength, and stability of tax or enterprise revenues. The Corporation also considers spreads to U.S. Treasuries on comparable bonds of similar credit quality, in addition to the above analysis, to assess whether municipal securities are investment grade. The Corporation performs a risk analysis for any security that is downgraded below investment grade to determine if the security should be retained or sold. This risk analysis includes, but is not limited to, discussions with the Corporation’s credit department as well as third party municipal credit analysts and review of the nationally recognized credit rating agency’s analysis describing the downgrade. | |||||||||||||||||||||||||||||||
The Corporation's evaluation of its municipal bond portfolio at December 31, 2014 did not uncover any facts or circumstances resulting in significantly different credit ratings than those assigned by a nationally recognized credit rating agency. | |||||||||||||||||||||||||||||||
FRB and FHLB stock constitute the majority of other investments on the Consolidated Balance Sheet. | |||||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||||
(In thousands) | 2014 | 2013 | |||||||||||||||||||||||||||||
FRB stock | $ | 55,681 | $ | 55,294 | |||||||||||||||||||||||||||
FHLB stock | 92,547 | 125,032 | |||||||||||||||||||||||||||||
Other | 426 | 477 | |||||||||||||||||||||||||||||
Total other investments | $ | 148,654 | $ | 180,803 | |||||||||||||||||||||||||||
FRB and FHLB stock is classified as a restricted investment, carried at cost and valued based on the ultimate recoverability of par value. Cash and stock dividends received on the stock are reported as interest income. There are no identified events or changes in circumstances that may have a significant adverse effect on these investments carried at cost. | |||||||||||||||||||||||||||||||
Securities with a carrying value of $2.8 billion and $3.2 billion at December 31, 2014 and 2013, respectively, were pledged to secure trust and public deposits and securities sold under agreements to repurchase and for other purposes required or permitted by law. | |||||||||||||||||||||||||||||||
Realized Gains and Losses | |||||||||||||||||||||||||||||||
The following table presents the proceeds from sales of available-for-sale securities and the gross realized gains and losses on the sales of those securities that have been included in earnings as a result of those sales. Gains or losses on the sales of available-for-sale securities are recognized upon sale and are determined using the specific identification method. | |||||||||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||||||||
(In thousands) | 2014 | 2013 | 2012 | ||||||||||||||||||||||||||||
Realized gains | $ | 382 | $ | 3,786 | $ | 3,786 | |||||||||||||||||||||||||
Realized losses | (216 | ) | (6,589 | ) | — | ||||||||||||||||||||||||||
Net securities (losses)/gains | $ | 166 | $ | (2,803 | ) | $ | 3,786 | ||||||||||||||||||||||||
Gross Unrealized Losses and Fair Value | |||||||||||||||||||||||||||||||
The following table presents the gross unrealized losses and fair value of securities by length of time that individual securities had been in a continuous loss position by major categories of available-for-sale and held-to-maturity securities. | |||||||||||||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||||||||
Less than 12 months | 12 months or longer | Total | |||||||||||||||||||||||||||||
(Dollars in thousands) | Fair Value | Unrealized | Number | Fair Value | Unrealized | Number | Fair Value | Unrealized | |||||||||||||||||||||||
Losses | Impaired | Losses | Impaired | Losses | |||||||||||||||||||||||||||
Securities | Securities | ||||||||||||||||||||||||||||||
Securities available-for-sale | |||||||||||||||||||||||||||||||
Debt Securities | |||||||||||||||||||||||||||||||
U.S. government agency debentures | $ | 2,482 | $ | (18 | ) | 1 | $ | — | $ | — | — | $ | 2,482 | $ | (18 | ) | |||||||||||||||
U.S. states and political subdivisions | 5,637 | (11 | ) | 11 | 22,528 | (455 | ) | 36 | 28,165 | (466 | ) | ||||||||||||||||||||
Residential mortgage-backed securities: | |||||||||||||||||||||||||||||||
U.S. government agencies | 50,126 | (182 | ) | 5 | 199,773 | (3,036 | ) | 14 | 249,899 | (3,218 | ) | ||||||||||||||||||||
Commercial mortgage-backed securities: | |||||||||||||||||||||||||||||||
U.S. government agencies | 12,284 | (55 | ) | 2 | 45,485 | (1,316 | ) | 6 | 57,769 | (1,371 | ) | ||||||||||||||||||||
Residential collateralized mortgage-backed securities: | |||||||||||||||||||||||||||||||
U.S. government agencies | 243,970 | (906 | ) | 15 | 905,478 | (25,319 | ) | 64 | 1,149,448 | (26,225 | ) | ||||||||||||||||||||
Commercial collateralized mortgage-backed securities: | |||||||||||||||||||||||||||||||
U.S. government agencies | 31,375 | (229 | ) | 4 | 67,169 | (1,176 | ) | 7 | 98,544 | (1,405 | ) | ||||||||||||||||||||
Asset-backed securities: | |||||||||||||||||||||||||||||||
Collateralized loan obligations | 79,042 | (1,406 | ) | 15 | 193,687 | (8,207 | ) | 27 | 272,729 | (9,613 | ) | ||||||||||||||||||||
Corporate debt securities | — | — | — | 51,338 | (10,315 | ) | 8 | 51,338 | (10,315 | ) | |||||||||||||||||||||
Total available-for-sale securities | $ | 424,916 | $ | (2,807 | ) | 53 | $ | 1,485,458 | $ | (49,824 | ) | 162 | $ | 1,910,374 | $ | (52,631 | ) | ||||||||||||||
Securities held-to-maturity | |||||||||||||||||||||||||||||||
Debt Securities | |||||||||||||||||||||||||||||||
U.S. government agency debentures | $ | — | $ | — | — | $ | 24,463 | $ | (537 | ) | 1 | $ | 24,463 | $ | (537 | ) | |||||||||||||||
U.S. states and political subdivisions | 9,085 | (17 | ) | 9 | 18,371 | (174 | ) | 21 | 27,456 | (191 | ) | ||||||||||||||||||||
Residential mortgage-backed securities: | |||||||||||||||||||||||||||||||
U.S. government agencies | — | — | — | 185,361 | (3,045 | ) | 10 | 185,361 | (3,045 | ) | |||||||||||||||||||||
Commercial mortgage-backed securities: | |||||||||||||||||||||||||||||||
U.S. government agencies | 9,950 | (4 | ) | 2 | 16,735 | (325 | ) | 2 | 26,685 | (329 | ) | ||||||||||||||||||||
Residential collateralized mortgage-backed securities: | |||||||||||||||||||||||||||||||
U.S. government agencies | 28,333 | (149 | ) | 3 | 1,161,297 | (38,726 | ) | 58 | 1,189,630 | (38,875 | ) | ||||||||||||||||||||
Commercial collateralized mortgage-backed securities: | |||||||||||||||||||||||||||||||
U.S. government agencies | 41,474 | (55 | ) | 3 | 171,570 | (6,713 | ) | 16 | 213,044 | (6,768 | ) | ||||||||||||||||||||
Corporate debt securities | 36,933 | (52 | ) | 13 | — | — | — | 36,933 | (52 | ) | |||||||||||||||||||||
Total held-to-maturity securities | $ | 125,775 | $ | (277 | ) | 30 | $ | 1,577,797 | $ | (49,520 | ) | 108 | $ | 1,703,572 | $ | (49,797 | ) | ||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||||
Less than 12 months | 12 months or longer | Total | |||||||||||||||||||||||||||||
(Dollars in thousands) | Fair Value | Unrealized | Number | Fair Value | Unrealized | Number | Fair Value | Unrealized | |||||||||||||||||||||||
Losses | Impaired | Losses | Impaired | Losses | |||||||||||||||||||||||||||
Securities | Securities | ||||||||||||||||||||||||||||||
Securities available-for-sale | |||||||||||||||||||||||||||||||
Debt securities | |||||||||||||||||||||||||||||||
U.S. states and political subdivisions | $ | 38,039 | $ | (1,996 | ) | 65 | $ | 14,157 | $ | (1,800 | ) | 25 | $ | 52,196 | $ | (3,796 | ) | ||||||||||||||
Residential mortgage-backed securities: | |||||||||||||||||||||||||||||||
U.S. government agencies | 434,761 | (13,109 | ) | 35 | 14,890 | (1,318 | ) | 2 | 449,651 | (14,427 | ) | ||||||||||||||||||||
Commercial mortgage-backed securities: | |||||||||||||||||||||||||||||||
U.S. government agencies | 33,387 | (1,491 | ) | 5 | 16,944 | (997 | ) | 2 | 50,331 | (2,488 | ) | ||||||||||||||||||||
Residential collateralized mortgage-backed securities: | |||||||||||||||||||||||||||||||
U.S. government agencies | 1,135,151 | (44,775 | ) | 74 | 100,530 | (7,293 | ) | 7 | 1,235,681 | (52,068 | ) | ||||||||||||||||||||
Nonagency | — | — | — | 1 | — | 1 | 1 | — | |||||||||||||||||||||||
Commercial collateralized mortgage-backed securities: | |||||||||||||||||||||||||||||||
U.S. government agencies | 43,747 | (2,055 | ) | 6 | 2,525 | (102 | ) | 1 | 46,272 | (2,157 | ) | ||||||||||||||||||||
Asset-backed securities: | |||||||||||||||||||||||||||||||
Collateralized loan obligations | 223,458 | (4,332 | ) | 33 | — | — | — | 223,458 | (4,332 | ) | |||||||||||||||||||||
Corporate debt securities | — | — | — | 50,644 | (10,952 | ) | 8 | 50,644 | (10,952 | ) | |||||||||||||||||||||
Total available-for-sale securities | $ | 1,908,543 | $ | (67,758 | ) | 218 | $ | 199,691 | $ | (22,462 | ) | 46 | $ | 2,108,234 | $ | (90,220 | ) | ||||||||||||||
Securities held-to-maturity | |||||||||||||||||||||||||||||||
Debt securities | |||||||||||||||||||||||||||||||
U.S. government agency debentures | $ | 23,652 | $ | (1,348 | ) | 1 | $ | — | $ | — | — | $ | 23,652 | $ | (1,348 | ) | |||||||||||||||
U.S. states and political subdivisions | 222,154 | (10,276 | ) | 353 | 2,478 | (183 | ) | 6 | 224,632 | (10,459 | ) | ||||||||||||||||||||
Residential mortgage-backed securities: | |||||||||||||||||||||||||||||||
U.S. government agencies | 422,192 | (11,617 | ) | 22 | — | — | — | 422,192 | (11,617 | ) | |||||||||||||||||||||
Commercial mortgage-backed securities: | |||||||||||||||||||||||||||||||
U.S. government agencies | 48,831 | (1,190 | ) | 8 | — | — | — | 48,831 | (1,190 | ) | |||||||||||||||||||||
Residential collateralized mortgage-backed securities: | |||||||||||||||||||||||||||||||
U.S. government agencies | 1,382,915 | (81,818 | ) | 66 | — | — | — | 1,382,915 | (81,818 | ) | |||||||||||||||||||||
Nonagency | — | — | — | — | — | — | — | — | |||||||||||||||||||||||
Commercial collateralized mortgage-backed securities: | |||||||||||||||||||||||||||||||
U.S. government agencies | 208,863 | (11,052 | ) | 19 | — | — | — | 208,863 | (11,052 | ) | |||||||||||||||||||||
Corporate debt securities | 64,541 | (725 | ) | 23 | — | — | — | 64,541 | (725 | ) | |||||||||||||||||||||
Total held-to-maturity securities | $ | 2,373,148 | $ | (118,026 | ) | 492 | $ | 2,478 | $ | (183 | ) | 6 | $ | 2,375,626 | $ | (118,209 | ) | ||||||||||||||
At least quarterly, the Corporation conducts a comprehensive security-level impairment assessment on all securities in an unrealized loss position to determine if OTTI exists. An unrealized loss exists when the current fair value of an individual security is less than its amortized cost basis. An OTTI loss must be recognized for a debt security in an unrealized loss position if the Corporation intends to sell the security or it is more likely than not that the Corporation will be required to sell the security before recovery of its amortized cost basis. In this situation, the amount of loss recognized in income is equal to the difference between the fair value and the amortized cost basis of the security. Even if the Corporation does not expect to sell the security, the Corporation must evaluate the expected cash flows to be received to determine if a credit loss has occurred. In the event of a credit loss, only the amount of impairment associated with the credit loss is recognized in income. The portion of the unrealized loss relating to other factors, such as liquidity conditions in the market or changes in market interest rates, is recorded in OCI. Equity securities are also evaluated to determine whether the unrealized loss is expected to be recoverable based on whether evidence exists to support a realizable value equal to or greater than the amortized cost basis. If it is probable that the Corporation will not recover the amortized cost basis, taking into consideration the estimated recovery period and its ability to hold the equity security until recovery, OTTI is recognized. | |||||||||||||||||||||||||||||||
The security-level assessment is performed on each security, regardless of the classification of the security as available for sale or held to maturity. The assessments are based on the nature of the securities, the financial condition of the issuer, the extent and duration of the securities, the extent and duration of the loss and the intent and whether Management intends to sell or it is more likely than not that it will be required to sell a security before recovery of its amortized cost basis, which may be maturity. For those securities for which the assessment shows the Corporation will recover the entire cost basis, Management does not intend to sell these securities and it is not more likely than not that the Corporation will be required to sell them before the anticipated recovery of the amortized cost basis, the gross unrealized losses are recognized in OCI, net of tax. | |||||||||||||||||||||||||||||||
The investment securities portfolio was in a net unrealized loss position of $44.9 million at December 31, 2014, compared to a net unrealized loss position of $167.4 million at December 31, 2013. Gross unrealized losses were $102.4 million as of December 31, 2014, compared to $208.4 million at December 31, 2013. As of December 31, 2014, gross unrealized losses are concentrated within agency MBS, CLOs, and corporate debt securities. The fair values of the agency MBSs have been impacted by the flattening yield curves throughout 2014 in which shorter term rates are higher and longer terms rates are longer than the previous year. The fair value of the CLOs have been impacted by increased supply which has widened spreads. Corporate debt securities are composed of eight, single issuer, trust preferred securities with stated maturities. Such investments are only 1% of the fair value of the entire investment portfolio. None of the corporate issuers have deferred paying dividends on their issued trust preferred shares in which the Corporation is invested. The fair values of these investments have been impacted by the market conditions which have caused risk premiums to increase, resulting in the decline in the fair value of the trust preferred securities. | |||||||||||||||||||||||||||||||
Management believes the Corporation will fully recover the cost of these agency MBSs, CLOs, and corporate debt securities, and it does not intend to sell these securities and it is not more likely than not that it will be required to sell them before the anticipated recovery of the remaining amortized cost basis, which may be maturity. As a result, Management concluded that these securities were not other-than-temporarily impaired at December 31, 2014 and has recognized the total amount of the impairment in OCI, net of tax. | |||||||||||||||||||||||||||||||
The Corporation also holds $287.8 million of CLOs with a gross unrealized loss position of $9.6 million as of December 31, 2014. The new Volcker regulations, as originally adopted, may affect the Corporation’s ability to hold these CLOs. Management believes that its holdings of CLOs are not ownership interests in a covered fund prohibited by the Volcker regulations, and, therefore, expect to be able to hold these investments until their stated maturities with no restriction. | |||||||||||||||||||||||||||||||
Contractual Maturity of Debt Securities | |||||||||||||||||||||||||||||||
The following table shows the remaining contractual maturities and contractual yields of debt securities held-to-maturity and available-for-sale as of December 31, 2014. Estimated lives on MBSs may differ from contractual maturities as issuers may have the right to call or prepay obligations with or without call or prepayment penalties. |
Loans
Loans | 12 Months Ended | |||||||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||||||
Receivables [Abstract] | ||||||||||||||||||||||||||||||||
Loans | Loans | |||||||||||||||||||||||||||||||
Loans outstanding as of December 31, 2014 and 2013, net of unearned income, consisted of the following: | ||||||||||||||||||||||||||||||||
(In thousands) | December 31, 2014 | December 31, 2013 | ||||||||||||||||||||||||||||||
Originated loans | ||||||||||||||||||||||||||||||||
Commercial | $ | 7,830,085 | $ | 6,648,279 | ||||||||||||||||||||||||||||
Residential mortgage | 625,283 | 529,253 | ||||||||||||||||||||||||||||||
Installment | 2,393,451 | 1,727,925 | ||||||||||||||||||||||||||||||
Home equity | 1,110,336 | 920,066 | ||||||||||||||||||||||||||||||
Credit cards | 164,478 | 148,313 | ||||||||||||||||||||||||||||||
Leases | 370,179 | 239,551 | ||||||||||||||||||||||||||||||
Total originated loans | 12,493,812 | 10,213,387 | ||||||||||||||||||||||||||||||
Allowance for originated loan losses | (95,696 | ) | (96,484 | ) | ||||||||||||||||||||||||||||
Net originated loans | $ | 12,398,116 | $ | 10,116,903 | ||||||||||||||||||||||||||||
Acquired loans: | ||||||||||||||||||||||||||||||||
Commercial | $ | 1,086,899 | $ | 1,725,970 | ||||||||||||||||||||||||||||
Residential mortgage | 394,484 | 470,652 | ||||||||||||||||||||||||||||||
Installment | 764,168 | 1,004,569 | ||||||||||||||||||||||||||||||
Home equity | 233,629 | 294,424 | ||||||||||||||||||||||||||||||
Total acquired loans | 2,479,180 | 3,495,615 | ||||||||||||||||||||||||||||||
Allowance for acquired loan losses | (7,457 | ) | (741 | ) | ||||||||||||||||||||||||||||
Net acquired loans | $ | 2,471,723 | $ | 3,494,874 | ||||||||||||||||||||||||||||
Covered loans: | ||||||||||||||||||||||||||||||||
Commercial | 211,607 | 375,860 | ||||||||||||||||||||||||||||||
Residential mortgage | 41,276 | 50,679 | ||||||||||||||||||||||||||||||
Installment | 4,874 | 6,162 | ||||||||||||||||||||||||||||||
Home equity | 73,365 | 97,442 | ||||||||||||||||||||||||||||||
Loss share receivable | 22,033 | 61,827 | ||||||||||||||||||||||||||||||
Total covered loans | 353,155 | 591,970 | ||||||||||||||||||||||||||||||
Allowance for covered loan losses | (40,496 | ) | (44,027 | ) | ||||||||||||||||||||||||||||
Net covered loans | $ | 312,659 | $ | 547,943 | ||||||||||||||||||||||||||||
Total loans: | ||||||||||||||||||||||||||||||||
Commercial | $ | 9,128,591 | $ | 8,750,109 | ||||||||||||||||||||||||||||
Residential mortgage | 1,061,043 | 1,050,584 | ||||||||||||||||||||||||||||||
Installment | 3,162,493 | 2,738,656 | ||||||||||||||||||||||||||||||
Home equity | 1,417,330 | 1,311,932 | ||||||||||||||||||||||||||||||
Credit cards | 164,478 | 148,313 | ||||||||||||||||||||||||||||||
Leases | 370,179 | 239,551 | ||||||||||||||||||||||||||||||
Loss share receivable | 22,033 | 61,827 | ||||||||||||||||||||||||||||||
Total loans | 15,326,147 | 14,300,972 | ||||||||||||||||||||||||||||||
Total allowance for loan losses | (143,649 | ) | (141,252 | ) | ||||||||||||||||||||||||||||
Total Net loans | $ | 15,182,498 | $ | 14,159,720 | ||||||||||||||||||||||||||||
The Corporation makes loans to officers on the same terms and conditions as made available to all employees and to directors on substantially the same terms and conditions as transactions with other parties. An analysis of loan activity with related parties for the years ended December 31, 2014, 2013, and 2012 is summarized as follows: | ||||||||||||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||||||||||
(In thousands) | 2014 | 2013 | 2012 | |||||||||||||||||||||||||||||
Aggregate amount at beginning of year | $ | 24,536 | $ | 16,578 | $ | 15,629 | ||||||||||||||||||||||||||
New loans | 2,534 | 11,507 | 3,500 | |||||||||||||||||||||||||||||
Repayments | (6,388 | ) | (4,374 | ) | (2,739 | ) | ||||||||||||||||||||||||||
Changes in directors and their affiliations | — | 825 | 188 | |||||||||||||||||||||||||||||
Aggregate amount at end of year | $ | 20,682 | $ | 24,536 | $ | 16,578 | ||||||||||||||||||||||||||
The following describes the distinction between originated, acquired and covered loan portfolios and certain significant accounting policies relevant to each of these portfolios. | ||||||||||||||||||||||||||||||||
Originated Loans | ||||||||||||||||||||||||||||||||
Loans originated for investment are stated at their principal amount outstanding adjusted for partial charge-offs, the ALL, and net deferred loan fees and costs. Interest income on loans is accrued over the term of the loans primarily using the "simple-interest" method based on the principal balance outstanding. Interest is not accrued on loans where collectability is uncertain. Accrued interest is presented separately in the Consolidated Balance Sheet, except for accrued interest on credit card loans, which is included in the outstanding loan balance. Loan origination fees and certain direct costs incurred to extend credit are deferred and amortized over the term of the loan or loan commitment period as an adjustment to the related loan yield. Net deferred loan origination fees and costs amounted to $5.4 million and $6.6 million at December 31, 2014 and 2013, respectively. | ||||||||||||||||||||||||||||||||
Acquired Loans | ||||||||||||||||||||||||||||||||
Acquired loans are those purchased in the Citizens acquisition (See Note 2 (Business Combinations) for further information). These loans were recorded at estimated fair value at the Acquisition Date with no carryover of the related ALL. The acquired loans were segregated as of the Acquisition Date between those considered to be performing (acquired nonimpaired loans) and those with evidence of credit deterioration (acquired impaired loans). Acquired loans are considered impaired if there is evidence of credit deterioration and if it is probable, at acquisition, all contractually required payments will not be collected. Revolving loans, including lines of credit, are excluded from acquired impaired loan accounting. | ||||||||||||||||||||||||||||||||
Total outstanding acquired impaired loans were $590.9 million and $817.6 million as of December 31, 2014 and 2013. The outstanding balance of these loans is the undiscounted sum of all amounts, including amounts deemed principal, interest, fees, penalties, and other under the loans, owed at the reporting date, whether or not currently due and whether or not any such amounts have been charged off. Changes in the carrying amount and accretable yield for acquired impaired loans were as follows for the years ended December 31, 2014 and 2013: | ||||||||||||||||||||||||||||||||
Year Ended | ||||||||||||||||||||||||||||||||
Acquired Impaired Loans | December 31, 2014 | December 31, 2013 | ||||||||||||||||||||||||||||||
(In thousands) | Accretable Yield | Carrying Amount of Loans | Accretable Yield | Carrying Amount of Loans | ||||||||||||||||||||||||||||
Balance at beginning of period | $ | 136,646 | $ | 601,000 | $ | — | $ | — | ||||||||||||||||||||||||
Additions due to Citizens acquisition on April 12, 2013 | — | — | 131,558 | 819,715 | ||||||||||||||||||||||||||||
Accretion | (49,271 | ) | 49,271 | (27,144 | ) | 27,144 | ||||||||||||||||||||||||||
Net reclassifications from nonaccretable to accretable | 45,824 | — | 46,361 | — | ||||||||||||||||||||||||||||
Payments received, net | — | (227,062 | ) | — | (245,859 | ) | ||||||||||||||||||||||||||
Disposals | (13,749 | ) | — | (14,129 | ) | — | ||||||||||||||||||||||||||
Balance at end of period | $ | 119,450 | $ | 423,209 | $ | 136,646 | $ | 601,000 | ||||||||||||||||||||||||
Cash flows expected to be collected on acquired impaired loans are estimated quarterly by incorporating several key assumptions similar to the initial estimate of fair value. These key assumptions include probability of default, and the amount of actual prepayments after the acquisition date. Prepayments affect the estimated life of the loans and could change the amount of interest income, and possibly principal expected to be collected. In reforecasting future estimated cash flows, credit loss expectations are adjusted as necessary. | ||||||||||||||||||||||||||||||||
Improved cash flow expectations for loans or pools that were impaired in prior periods are recorded first as a reversal of previously recorded impairment and then as an increase in prospective yield when all previously recorded impairment has been recaptured. Decreases in expected cash flows are recognized as an impairment through a provision for loan loss and an increase to the allowance for acquired impaired loans. | ||||||||||||||||||||||||||||||||
During the year ended December 31, 2014, there was an overall improvement in cash flow expectations which resulted in the reclassification of $45.8 million from the nonaccretable difference to accretable yield. This reclassification results in prospective yield adjustments on these loan pools. | ||||||||||||||||||||||||||||||||
Covered Loans and Related Loss Share Receivable | ||||||||||||||||||||||||||||||||
The loans purchased in the 2010 FDIC-assisted acquisitions of George Washington and Midwest are covered by loss sharing agreements between the FDIC and the Corporation that afford the Bank significant loss protection. These covered loans were recorded at estimated fair value at the Acquisition Date with no carryover of the related ALL and are accounted for as acquired impaired loans. A loss share receivable was recorded at the Acquisition Date which represents the estimated fair value of reimbursement the Corporation expects to receive from the FDIC for incurred losses on certain covered loans. These expected reimbursements are recorded as part of covered loans in the accompanying Consolidated Balance Sheets. | ||||||||||||||||||||||||||||||||
Changes in the loss share receivable associated with covered loans for the years ended December 31, 2014 and 2013, respectively, were as follows: | ||||||||||||||||||||||||||||||||
Loss Share Receivable | Year Ended | |||||||||||||||||||||||||||||||
(In thousands) | December 31, 2014 | December 31, 2013 | ||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 61,827 | $ | 113,734 | ||||||||||||||||||||||||||||
Amortization | (20,943 | ) | (24,307 | ) | ||||||||||||||||||||||||||||
Increase due to impairment on covered loans | 2,920 | 10,790 | ||||||||||||||||||||||||||||||
FDIC reimbursement | (17,837 | ) | (27,234 | ) | ||||||||||||||||||||||||||||
Covered loans paid in full | (3,934 | ) | (11,156 | ) | ||||||||||||||||||||||||||||
Balance at end of period | $ | 22,033 | $ | 61,827 | ||||||||||||||||||||||||||||
Total outstanding covered impaired loans were $451.2 million and $756.1 million as of December 31, 2014 and 2013, respectively. The outstanding balance of these loans is the undiscounted sum of all amounts, including amounts deemed principal, interest, fees, penalties, and other under the loans, owed at the reporting date, whether or not currently due and whether or not any such amounts have been charged off. Changes in the carrying amount and accretable yield for covered impaired loans were as follows for the years ended December 31, 2014 and 2013: | ||||||||||||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||||||||||
Covered Impaired Loans | 2014 | 2013 | ||||||||||||||||||||||||||||||
(In thousands) | Accretable | Carrying | Accretable | Carrying | ||||||||||||||||||||||||||||
Yield | Amount of | Yield | Amount of | |||||||||||||||||||||||||||||
Loans | Loans | |||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 67,282 | $ | 403,692 | $ | 113,288 | $ | 762,386 | ||||||||||||||||||||||||
Accretion | (42,161 | ) | 42,161 | (64,528 | ) | 64,528 | ||||||||||||||||||||||||||
Net reclassifications from nonaccretable to accretable | 16,841 | — | 34,965 | — | ||||||||||||||||||||||||||||
Payments received, net | — | (213,401 | ) | — | (423,222 | ) | ||||||||||||||||||||||||||
Disposals | (4,451 | ) | — | (16,443 | ) | — | ||||||||||||||||||||||||||
Balance at end of period | $ | 37,511 | $ | 232,452 | $ | 67,282 | $ | 403,692 | ||||||||||||||||||||||||
The cash flows expected to be collected on covered impaired loans are estimated quarterly in a similar manner as described above for acquired impaired loans. During the year ended December 31, 2014, the overall improvement in the cash flow expectations resulted in the reclassification of $16.8 million from the nonaccretable difference to accretable yield. This reclassification results in prospective yield adjustments on the loan pools. | ||||||||||||||||||||||||||||||||
Credit Quality Disclosures | ||||||||||||||||||||||||||||||||
The credit quality of the Corporation’s loan portfolios is assessed as a function of net credit losses, levels of nonperforming assets and delinquencies, and credit quality ratings as defined by the Corporation. These credit quality ratings are an important part of the Corporation’s overall credit risk management process and evaluation of the allowance for credit losses. | ||||||||||||||||||||||||||||||||
Generally loans, except for certain commercial, credit card and mortgage loans, and leases on which payments are past due for 90 days are placed on nonaccrual status, unless those loans are in the process of collection and, in Management’s opinion, are fully secured. Credit card loans on which payments are past due for 120 days are placed on nonaccrual status. Acquired and covered impaired loans are considered to be accruing and performing even though collection of contractual payments may be in doubt because income continues to be accreted on the loan pool as long as expected cash flows are reasonably estimable. | ||||||||||||||||||||||||||||||||
When a loan is placed on nonaccrual status, interest deemed uncollectible which had been accrued in prior years is charged against the ALL and interest deemed uncollectible accrued in the current year is reversed against interest income. Interest on mortgage loans is accrued until Management deems it uncollectible based upon the specific identification method. Payments subsequently received on nonaccrual loans are generally applied to principal. A loan is returned to accrual status when principal and interest are no longer past due and collectability is probable. This generally requires timely principal and interest payments for a minimum of six consecutive payment cycles. Loans are generally written off when deemed uncollectible or when they reach a predetermined number of days past due depending upon loan product, terms and other factors. | ||||||||||||||||||||||||||||||||
The following tables provide a summary of loans by portfolio type, including the delinquency status of those loans that continue to accrue interest and those loans that are nonaccrual: | ||||||||||||||||||||||||||||||||
As of December 31, 2014 | ||||||||||||||||||||||||||||||||
(In thousands) | ≥ 90 Days | |||||||||||||||||||||||||||||||
Originated Loans | Days Past Due | Total | Total | Past Due and | Nonaccrual | |||||||||||||||||||||||||||
30-59 | 60-89 | ≥ 90 | Past Due | Current | Loans | Accruing (1) | Loans | |||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||||||
C&I | $ | 2,212 | $ | 1,162 | $ | 2,670 | $ | 6,044 | $ | 5,169,157 | $ | 5,175,201 | $ | 1,547 | $ | 6,114 | ||||||||||||||||
CRE | 2,155 | 1,460 | 8,864 | 12,479 | 2,104,639 | 2,117,118 | 1,696 | 11,033 | ||||||||||||||||||||||||
Construction | — | — | — | — | 537,766 | 537,766 | — | — | ||||||||||||||||||||||||
Leases | — | — | — | — | 370,179 | 370,179 | — | — | ||||||||||||||||||||||||
Consumer | ||||||||||||||||||||||||||||||||
Installment | 14,621 | 3,647 | 4,716 | 22,984 | 2,370,467 | 2,393,451 | 3,695 | 3,268 | ||||||||||||||||||||||||
Home equity lines | 1,357 | 587 | 1,206 | 3,150 | 1,107,186 | 1,110,336 | 569 | 1,654 | ||||||||||||||||||||||||
Credit cards | 668 | 516 | 860 | 2,044 | 162,434 | 164,478 | 407 | 596 | ||||||||||||||||||||||||
Residential mortgages | 12,086 | 2,744 | 8,013 | 22,843 | 602,440 | 625,283 | 4,242 | 11,952 | ||||||||||||||||||||||||
Total | $ | 33,099 | $ | 10,116 | $ | 26,329 | $ | 69,544 | $ | 12,424,268 | $ | 12,493,812 | $ | 12,156 | $ | 34,617 | ||||||||||||||||
≥ 90 Days | ||||||||||||||||||||||||||||||||
Acquired Loans | Total | Total | Past Due and | Nonaccrual | ||||||||||||||||||||||||||||
30-59 | 60-89 | ≥ 90 | Past Due | Current | Loans | Accruing | Loans | |||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||||||
C&I | $ | 92 | $ | 234 | $ | 4,791 | $ | 5,117 | $ | 444,137 | $ | 449,254 | $ | — | $ | 787 | ||||||||||||||||
CRE | 3,479 | 3,398 | 23,509 | 30,386 | 600,288 | 630,674 | 44 | 4,171 | ||||||||||||||||||||||||
Construction | — | — | 685 | 685 | 6,286 | 6,971 | — | — | ||||||||||||||||||||||||
Consumer | ||||||||||||||||||||||||||||||||
Installment | 6,204 | 2,029 | 1,861 | 10,094 | 754,074 | 764,168 | 615 | 1,218 | ||||||||||||||||||||||||
Home equity lines | 2,819 | 2,123 | 2,333 | 7,275 | 226,354 | 233,629 | 1,519 | 631 | ||||||||||||||||||||||||
Residential mortgages | 13,062 | 1,648 | 7,089 | 21,799 | 372,685 | 394,484 | 1,293 | 1,249 | ||||||||||||||||||||||||
Total | $ | 25,656 | $ | 9,432 | $ | 40,268 | $ | 75,356 | $ | 2,403,824 | $ | 2,479,180 | $ | 3,471 | $ | 8,056 | ||||||||||||||||
≥ 90 Days | ||||||||||||||||||||||||||||||||
Covered Loans (2) | Days Past Due | Total | Total | Past Due and | Nonaccrual | |||||||||||||||||||||||||||
30-59 | 60-89 | ≥ 90 | Past Due | Current | Loans | Accruing (3) | Loans (3) | |||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||||||
C&I | $ | 58 | $ | — | $ | 6,041 | $ | 6,099 | $ | 42,738 | $ | 48,837 | n/a | n/a | ||||||||||||||||||
CRE | 234 | 1,517 | 47,233 | 48,984 | 104,524 | 153,508 | n/a | n/a | ||||||||||||||||||||||||
Construction | — | — | 6,064 | 6,064 | 3,198 | 9,262 | n/a | n/a | ||||||||||||||||||||||||
Consumer | ||||||||||||||||||||||||||||||||
Installment | 23 | — | 34 | 57 | 4,817 | 4,874 | n/a | n/a | ||||||||||||||||||||||||
Home equity lines | 1,395 | 870 | 3,859 | 6,124 | 67,241 | 73,365 | n/a | n/a | ||||||||||||||||||||||||
Residential mortgages | 6,205 | 91 | 3,572 | 9,868 | 31,408 | 41,276 | n/a | n/a | ||||||||||||||||||||||||
Total | $ | 7,915 | $ | 2,478 | $ | 66,803 | $ | 77,196 | $ | 253,926 | $ | 331,122 | n/a | n/a | ||||||||||||||||||
(1) Installment loans 90 days or more past due and accruing include $2.4 million of loans guaranteed by the U.S. government as of December 31, 2014. | ||||||||||||||||||||||||||||||||
(2) Excludes loss share receivable of $22.0 million as of December 31, 2014. | ||||||||||||||||||||||||||||||||
(3) Acquired impaired loans were not classified as nonperforming assets at December 31, 2014 as the loans are considered to be performing under ASC 310-30. As a result interest income, through the accretion of the difference between the carrying amount of the loans and the expected cash flows, is being recognized on all acquired impaired loans. These asset quality disclosures are, therefore, not applicable to acquired impaired loans. | ||||||||||||||||||||||||||||||||
As of December 31, 2013 | ||||||||||||||||||||||||||||||||
(In thousands) | ≥ 90 Days | |||||||||||||||||||||||||||||||
Originated Loans | Days Past Due | Total | Total | Past Due and | Nonaccrual | |||||||||||||||||||||||||||
30-59 | 60-89 | ≥ 90 | Past Due | Current | Loans | Accruing (1) | Loans | |||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||||||
C&I | $ | 8,941 | $ | 994 | $ | 10,622 | $ | 20,557 | $ | 4,119,010 | $ | 4,139,567 | $ | 151 | $ | 11,323 | ||||||||||||||||
CRE | 4,507 | 2,400 | 9,688 | 16,595 | 2,153,192 | 2,169,787 | 460 | 14,229 | ||||||||||||||||||||||||
Construction | 351 | 21 | 66 | 438 | 338,487 | 338,925 | — | 122 | ||||||||||||||||||||||||
Leases | 902 | — | — | 902 | 238,649 | 239,551 | — | — | ||||||||||||||||||||||||
Consumer | ||||||||||||||||||||||||||||||||
Installment | 15,433 | 4,050 | 4,462 | 23,945 | 1,703,980 | 1,727,925 | 3,735 | 3,681 | ||||||||||||||||||||||||
Home equity lines | 1,864 | 918 | 965 | 3,747 | 916,319 | 920,066 | 418 | 1,819 | ||||||||||||||||||||||||
Credit cards | 729 | 471 | 735 | 1,935 | 146,378 | 148,313 | 404 | 558 | ||||||||||||||||||||||||
Residential mortgages | 19,858 | 2,072 | 9,350 | 31,280 | 497,973 | 529,253 | 6,008 | 10,471 | ||||||||||||||||||||||||
Total | $ | 52,585 | $ | 10,926 | $ | 35,888 | $ | 99,399 | $ | 10,113,988 | $ | 10,213,387 | $ | 11,176 | $ | 42,203 | ||||||||||||||||
≥ 90 Days | ||||||||||||||||||||||||||||||||
Acquired Loans | Total | Total | Past Due and | Nonaccrual | ||||||||||||||||||||||||||||
30-59 | 60-89 | ≥ 90 | Past Due | Current | Loans | Accruing | Loans | |||||||||||||||||||||||||
Commercial | $ | 1,295 | $ | 862 | $ | 3,744 | $ | 5,901 | $ | 788,178 | $ | 794,079 | $ | 40 | $ | 795 | ||||||||||||||||
C&I | 5,603 | 5,281 | 26,366 | 37,250 | 881,395 | 918,645 | 403 | 651 | ||||||||||||||||||||||||
CRE | 2,675 | — | — | 2,675 | 10,571 | 13,246 | — | — | ||||||||||||||||||||||||
Construction | ||||||||||||||||||||||||||||||||
Consumer | 14,528 | 4,076 | 3,354 | 21,958 | 982,611 | 1,004,569 | 2,263 | 679 | ||||||||||||||||||||||||
Installment | 4,774 | 1,933 | 3,606 | 10,313 | 284,111 | 294,424 | 1,039 | 1,300 | ||||||||||||||||||||||||
Home equity lines | 3,918 | 1,426 | 8,063 | 13,407 | 457,245 | 470,652 | 403 | 582 | ||||||||||||||||||||||||
Residential mortgages | $ | 32,793 | $ | 13,578 | $ | 45,133 | $ | 91,504 | $ | 3,404,111 | $ | 3,495,615 | $ | 4,148 | $ | 4,007 | ||||||||||||||||
Total | ||||||||||||||||||||||||||||||||
Covered Loans (2) | Days Past Due | Total | Total | Past Due and | Nonaccrual | |||||||||||||||||||||||||||
30-59 | 60-89 | ≥ 90 | Past Due | Current | Loans | Accruing (3) | Loans (3) | |||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||||||
C&I | $ | 836 | $ | 1,489 | $ | 12,957 | $ | 15,282 | $ | 60,955 | $ | 76,237 | n/a | n/a | ||||||||||||||||||
CRE | 2,855 | 3,443 | 103,077 | 109,375 | 164,219 | 273,594 | n/a | n/a | ||||||||||||||||||||||||
Construction | 2,191 | 1,917 | 20,388 | 24,496 | 1,533 | 26,029 | n/a | n/a | ||||||||||||||||||||||||
Consumer | ||||||||||||||||||||||||||||||||
Installment | 33 | — | — | 33 | 6,130 | 6,163 | n/a | n/a | ||||||||||||||||||||||||
Home equity lines | 544 | 1,467 | 1,651 | 3,662 | 93,780 | 97,442 | n/a | n/a | ||||||||||||||||||||||||
Residential mortgages | 7,463 | 1,565 | 5,165 | 14,193 | 36,485 | 50,678 | n/a | n/a | ||||||||||||||||||||||||
Total | $ | 13,922 | $ | 9,881 | $ | 143,238 | $ | 167,041 | $ | 363,102 | $ | 530,143 | n/a | n/a | ||||||||||||||||||
(1) Installment loans 90 days or more past due and accruing include $2.1 million of loans guaranteed by the U.S. government as of December 31, 2013. | ||||||||||||||||||||||||||||||||
(2) Excludes loss share receivable of $61.8 million as of December 31, 2013. | ||||||||||||||||||||||||||||||||
(3) Acquired impaired loans were not classified as nonperforming assets at December 31, 2013 as the loans are considered to be performing under ASC 310-30. As a result interest income, through the accretion of the difference between the carrying amount of the loans and the expected cash flows, is being recognized on all acquired impaired loans. These asset quality disclosures are, therefore, not applicable to acquired impaired loans. | ||||||||||||||||||||||||||||||||
Individual commercial loans are assigned credit risk grades based on an internal assessment of conditions that affect a borrower’s ability to meet its contractual obligation under the loan agreement. The assessment process includes reviewing a borrower’s current financial information, historical payment experience, credit documentation, public information, and other information specific to each borrower. Commercial loans are reviewed on an annual, quarterly or rotational basis or as Management becomes aware of information during a borrower’s ability to fulfill its obligation. For consumer loans, Management evaluates credit quality based on the aging status of the loan as well as by payment activity, which is presented in the above tables. | ||||||||||||||||||||||||||||||||
The credit-risk grading process for commercial loans is summarized as follows: | ||||||||||||||||||||||||||||||||
“Pass” Loans (Grades 1, 2, 3, 4) are not considered a greater than normal credit risk. Generally, the borrowers have the apparent ability to satisfy obligations to the bank, and the Corporation anticipates insignificant uncollectible amounts based on its individual loan review. | ||||||||||||||||||||||||||||||||
“Special-Mention” Loans (Grade 5) are commercial loans that have identified potential weaknesses that deserve Management’s close attention. If left uncorrected, these potential weaknesses may result in noticeable deterioration of the repayment prospects for the asset or in the institution’s credit position. | ||||||||||||||||||||||||||||||||
“Substandard” Loans (Grade 6) are inadequately protected by the current financial condition and paying capacity of the obligor or by any collateral pledged. Loans so classified have a well-defined weakness or weaknesses that may jeopardize the liquidation of the debt pursuant to the contractual principal and interest terms. Such loans are characterized by the distinct possibility that the Corporation may sustain some loss if the deficiencies are not corrected. | ||||||||||||||||||||||||||||||||
“Doubtful” Loans (Grade 7) have all the weaknesses inherent in those classified as substandard, with the added characteristic that existing facts, conditions, and values make collection or liquidation in full highly improbable. Such loans are currently managed separately to determine the highest recovery alternatives. | ||||||||||||||||||||||||||||||||
“Loss” Loans (Grade 8) are considered uncollectible and of such little value that their continuance as bankable assets is not warranted. These loans are charged off when loss is identified. | ||||||||||||||||||||||||||||||||
The following tables provide a summary of commercial loans by portfolio type and the Corporation’s internal credit quality rating: | ||||||||||||||||||||||||||||||||
As of December 31, 2014 | ||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||
Originated Loans | Commercial | |||||||||||||||||||||||||||||||
C&I | CRE | Construction | Leases | Total | ||||||||||||||||||||||||||||
Grade 1 | $ | 52,676 | $ | 683 | $ | 678 | $ | 4,451 | $ | 58,488 | ||||||||||||||||||||||
Grade 2 | 186,278 | 3,454 | — | 14,959 | 204,691 | |||||||||||||||||||||||||||
Grade 3 | 1,340,100 | 294,281 | 46,074 | 71,908 | 1,752,363 | |||||||||||||||||||||||||||
Grade 4 | 3,413,446 | 1,745,470 | 490,757 | 277,277 | 5,926,950 | |||||||||||||||||||||||||||
Grade 5 | 139,083 | 29,990 | 257 | 1,389 | 170,719 | |||||||||||||||||||||||||||
Grade 6 | 43,618 | 43,240 | — | 195 | 87,053 | |||||||||||||||||||||||||||
Grade 7 | — | — | — | — | — | |||||||||||||||||||||||||||
Total | $ | 5,175,201 | $ | 2,117,118 | $ | 537,766 | $ | 370,179 | $ | 8,200,264 | ||||||||||||||||||||||
Acquired Loans | Commercial | |||||||||||||||||||||||||||||||
C&I | CRE | Construction | Leases | Total | ||||||||||||||||||||||||||||
Grade 1 | $ | 1,076 | $ | — | $ | — | $ | — | $ | 1,076 | ||||||||||||||||||||||
Grade 2 | — | — | — | — | — | |||||||||||||||||||||||||||
Grade 3 | 20,891 | 24,867 | — | — | 45,758 | |||||||||||||||||||||||||||
Grade 4 | 376,129 | 532,447 | 6,286 | — | 914,862 | |||||||||||||||||||||||||||
Grade 5 | 23,268 | 28,382 | 685 | — | 52,335 | |||||||||||||||||||||||||||
Grade 6 | 27,890 | 44,978 | — | — | 72,868 | |||||||||||||||||||||||||||
Grade 7 | — | — | — | — | — | |||||||||||||||||||||||||||
Total | $ | 449,254 | $ | 630,674 | $ | 6,971 | $ | — | $ | 1,086,899 | ||||||||||||||||||||||
Covered Loans | Commercial | |||||||||||||||||||||||||||||||
C&I | CRE | Construction | Leases | Total | ||||||||||||||||||||||||||||
Grade 1 | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||
Grade 2 | 1,347 | — | — | — | 1,347 | |||||||||||||||||||||||||||
Grade 3 | — | — | — | — | — | |||||||||||||||||||||||||||
Grade 4 | 36,406 | 86,779 | 823 | — | 124,008 | |||||||||||||||||||||||||||
Grade 5 | 167 | 3,401 | — | — | 3,568 | |||||||||||||||||||||||||||
Grade 6 | 10,917 | 63,328 | 8,248 | — | 82,493 | |||||||||||||||||||||||||||
Grade 7 | — | — | 191 | — | 191 | |||||||||||||||||||||||||||
Total | $ | 48,837 | $ | 153,508 | $ | 9,262 | $ | — | $ | 211,607 | ||||||||||||||||||||||
As of December 31, 2013 | ||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||
Originated Loans | Commercial | |||||||||||||||||||||||||||||||
C&I | CRE | Construction | Leases | Total | ||||||||||||||||||||||||||||
Grade 1 | $ | 34,909 | $ | 241 | $ | — | $ | 9,271 | $ | 44,421 | ||||||||||||||||||||||
Grade 2 | 108,709 | 3,730 | — | 2,900 | 115,339 | |||||||||||||||||||||||||||
Grade 3 | 802,624 | 315,150 | 25,632 | 54,446 | 1,197,852 | |||||||||||||||||||||||||||
Grade 4 | 3,083,458 | 1,759,383 | 306,795 | 167,022 | 5,316,658 | |||||||||||||||||||||||||||
Grade 5 | 71,857 | 34,969 | 267 | 5,750 | 112,843 | |||||||||||||||||||||||||||
Grade 6 | 38,010 | 56,314 | 6,231 | 162 | 100,717 | |||||||||||||||||||||||||||
Grade 7 | — | — | — | — | — | |||||||||||||||||||||||||||
Total | $ | 4,139,567 | $ | 2,169,787 | $ | 338,925 | $ | 239,551 | $ | 6,887,830 | ||||||||||||||||||||||
Acquired Loans | Commercial | |||||||||||||||||||||||||||||||
C&I | CRE | Construction | Leases | Total | ||||||||||||||||||||||||||||
Grade 1 | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||
Grade 2 | 1,741 | 703 | — | — | 2,444 | |||||||||||||||||||||||||||
Grade 3 | 79,634 | 29,224 | — | — | 108,858 | |||||||||||||||||||||||||||
Grade 4 | 643,495 | 722,307 | 13,246 | — | 1,379,048 | |||||||||||||||||||||||||||
Grade 5 | 46,807 | 93,499 | — | — | 140,306 | |||||||||||||||||||||||||||
Grade 6 | 22,402 | 72,912 | — | — | 95,314 | |||||||||||||||||||||||||||
Grade 7 | — | — | — | — | — | |||||||||||||||||||||||||||
Total | $ | 794,079 | $ | 918,645 | $ | 13,246 | $ | — | $ | 1,725,970 | ||||||||||||||||||||||
Covered Loans | Commercial | |||||||||||||||||||||||||||||||
C&I | CRE | Construction | Leases | Total | ||||||||||||||||||||||||||||
Grade 1 | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||
Grade 2 | 968 | — | — | — | 968 | |||||||||||||||||||||||||||
Grade 3 | — | — | — | — | — | |||||||||||||||||||||||||||
Grade 4 | 41,115 | 113,863 | 601 | — | 155,579 | |||||||||||||||||||||||||||
Grade 5 | 427 | 6,219 | — | — | 6,646 | |||||||||||||||||||||||||||
Grade 6 | 31,621 | 153,318 | 23,208 | — | 208,147 | |||||||||||||||||||||||||||
Grade 7 | 2,106 | 194 | 2,220 | — | 4,520 | |||||||||||||||||||||||||||
Total | $ | 76,237 | $ | 273,594 | $ | 26,029 | $ | — | $ | 375,860 | ||||||||||||||||||||||
Allowance_for_Loan_and_Lease_L
Allowance for Loan and Lease Losses | 12 Months Ended | ||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||||||
Allowance for Loan and Lease Losses [Abstract] | |||||||||||||||||||||||||||||||||||||
Allowance for Loan Losses | Allowance for Loan Losses | ||||||||||||||||||||||||||||||||||||
The Corporation’s Credit Policy Division manages credit risk by establishing common credit policies for its subsidiary bank, participating in approval of its loans, conducting reviews of loan portfolios, providing centralized consumer underwriting, collections and loan operation services, and overseeing loan workouts. The Corporation’s objective is to minimize losses from its commercial lending activities and to maintain consumer losses at acceptable levels that are stable and consistent with growth and profitability objectives. | |||||||||||||||||||||||||||||||||||||
The ALL is Management’s estimate of the amount of probable credit losses inherent in a loan portfolio at the balance sheet date. The following describes the distinctions in methodology used to estimate the ALL of originated, acquired and covered loan portfolios as well as certain significant accounting policies relevant to each category. | |||||||||||||||||||||||||||||||||||||
Allowance for Originated Loan Losses | |||||||||||||||||||||||||||||||||||||
Management estimates credit losses based on originated individual loans determined to be impaired and on all other loans grouped based on similar risk characteristics. Management also considers internal and external factors such as economic conditions, loan management practices, portfolio monitoring, and other risks, collectively known as qualitative factors, or Q-factors, to estimate credit losses in the loan portfolio. Q-factors are used to reflect changes in the portfolio’s collectability characteristics not captured by historical loss data. | |||||||||||||||||||||||||||||||||||||
The Corporation’s historical loss component is the most significant of the ALL components and is based on historical loss experience by credit-risk grade (for commercial loan pools) and payment status (for mortgage and consumer loan pools). The historical loss experience component of the ALL represents the results of migration analysis of historical net charge-offs for portfolios of loans (including groups of commercial loans within each credit-risk grade and groups of consumer loans by payment status). For measuring loss exposure in a pool of loans, the historical net charge-off or migration experience is utilized to estimate expected losses to be realized from the pool of loans. | |||||||||||||||||||||||||||||||||||||
If a nonperforming, substandard loan has an outstanding balance of $0.3 million or greater or if a doubtful loan has an outstanding balance of $0.1 million or greater, as determined by the Corporation’s credit-risk grading process, further analysis is performed to determine the probable loss content and assign a specific allowance to the loan, if deemed appropriate. The ALL relating to originated loans that have become impaired is based on either expected cash flows discounted using the original effective interest rate, the observable market price, or the fair value of the collateral for certain collateral dependent loans. | |||||||||||||||||||||||||||||||||||||
The following tables show activity in the originated ALL, by portfolio segment for the years ended December 31, 2014, 2013 and 2012, as well as the corresponding recorded investment in originated loans at the end of the period: | |||||||||||||||||||||||||||||||||||||
As of December 31, 2014 | |||||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||
Originated Loans | C&I | CRE | Construction | Leases | Installment | Home Equity Lines | Credit Cards | Residential Mortgages | Total | ||||||||||||||||||||||||||||
Year ended | |||||||||||||||||||||||||||||||||||||
Allowance for originated loan losses, beginning balance | $ | 42,981 | $ | 12,265 | $ | 2,810 | $ | 1,081 | $ | 11,935 | $ | 12,900 | $ | 7,740 | $ | 4,772 | $ | 96,484 | |||||||||||||||||||
Charge-offs | (9,617 | ) | (3,512 | ) | — | — | (20,328 | ) | (4,831 | ) | (4,604 | ) | (2,031 | ) | (44,923 | ) | |||||||||||||||||||||
Recoveries | 3,872 | 515 | 39 | 379 | 11,185 | 2,940 | 1,716 | 318 | 20,964 | ||||||||||||||||||||||||||||
Provision for loan losses | 139 | 1,224 | (647 | ) | (786 | ) | 10,126 | 8,315 | 3,114 | 1,686 | 23,171 | ||||||||||||||||||||||||||
Allowance for originated loan losses, ending balance | $ | 37,375 | $ | 10,492 | $ | 2,202 | $ | 674 | $ | 12,918 | $ | 19,324 | $ | 7,966 | $ | 4,745 | $ | 95,696 | |||||||||||||||||||
Ending allowance for originated loan losses balance attributable to loans: | |||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 72 | $ | 2,914 | $ | — | $ | — | $ | 1,178 | $ | 207 | $ | 296 | $ | 1,283 | $ | 5,950 | |||||||||||||||||||
Collectively evaluated for impairment | 37,303 | 7,578 | 2,202 | 674 | 11,740 | 19,117 | 7,670 | 3,462 | 89,746 | ||||||||||||||||||||||||||||
Total ending allowance for originated loan losses balance | $ | 37,375 | $ | 10,492 | $ | 2,202 | $ | 674 | $ | 12,918 | $ | 19,324 | $ | 7,966 | $ | 4,745 | $ | 95,696 | |||||||||||||||||||
Originated loans: | |||||||||||||||||||||||||||||||||||||
Originated loans individually evaluated for impairment | $ | 11,759 | $ | 23,300 | $ | — | $ | — | $ | 24,905 | $ | 7,379 | $ | 854 | $ | 25,251 | $ | 93,448 | |||||||||||||||||||
Originated loans collectively evaluated for impairment | 5,163,442 | 2,093,818 | 537,766 | 370,179 | 2,368,546 | 1,102,957 | 163,624 | 600,032 | 12,400,364 | ||||||||||||||||||||||||||||
Total ending originated loan balance | $ | 5,175,201 | $ | 2,117,118 | $ | 537,766 | $ | 370,179 | $ | 2,393,451 | $ | 1,110,336 | $ | 164,478 | $ | 625,283 | $ | 12,493,812 | |||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||
Originated Loans | C&I | CRE | Construction | Leases | Installment | Home Equity Lines | Credit Cards | Residential Mortgages | Total | ||||||||||||||||||||||||||||
Year ended | |||||||||||||||||||||||||||||||||||||
Allowance for originated loan losses, beginning balance | $ | 36,209 | $ | 20,126 | $ | 3,821 | $ | 639 | $ | 11,154 | $ | 13,724 | $ | 7,384 | $ | 5,885 | $ | 98,942 | |||||||||||||||||||
Charge-offs | (5,840 | ) | (1,281 | ) | (516 | ) | (1,237 | ) | (16,683 | ) | (7,172 | ) | (5,541 | ) | (1,903 | ) | (40,173 | ) | |||||||||||||||||||
Recoveries | 7,981 | 524 | 507 | 100 | 10,519 | 2,979 | 1,841 | 230 | 24,681 | ||||||||||||||||||||||||||||
Provision for loan losses | 4,631 | (7,104 | ) | (1,002 | ) | 1,579 | 6,945 | 3,369 | 4,056 | 560 | 13,034 | ||||||||||||||||||||||||||
Allowance for originated loan losses, ending balance | $ | 42,981 | $ | 12,265 | $ | 2,810 | $ | 1,081 | $ | 11,935 | $ | 12,900 | $ | 7,740 | $ | 4,772 | $ | 96,484 | |||||||||||||||||||
Ending allowance for originated loan losses balance attributable to loans: | |||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 3,235 | $ | 229 | $ | — | $ | — | $ | 1,014 | $ | 223 | $ | 312 | $ | 1,133 | $ | 6,146 | |||||||||||||||||||
Collectively evaluated for impairment | 39,746 | 12,036 | 2,810 | 1,081 | 10,921 | 12,677 | 7,428 | 3,639 | 90,338 | ||||||||||||||||||||||||||||
Total ending allowance for originated loan losses balance | $ | 42,981 | $ | 12,265 | $ | 2,810 | $ | 1,081 | $ | 11,935 | $ | 12,900 | $ | 7,740 | $ | 4,772 | $ | 96,484 | |||||||||||||||||||
Originated loans: | |||||||||||||||||||||||||||||||||||||
Originated loans individually evaluated for impairment | $ | 8,053 | $ | 20,616 | $ | 906 | $ | — | $ | 27,285 | $ | 6,726 | $ | 1,112 | $ | 23,066 | $ | 87,764 | |||||||||||||||||||
Originated loans collectively evaluated for impairment | 4,131,514 | 2,149,171 | 338,019 | 239,551 | 1,700,640 | 913,340 | 147,201 | 506,187 | 10,125,623 | ||||||||||||||||||||||||||||
Total ending originated loan balance | $ | 4,139,567 | $ | 2,169,787 | $ | 338,925 | $ | 239,551 | $ | 1,727,925 | $ | 920,066 | $ | 148,313 | $ | 529,253 | $ | 10,213,387 | |||||||||||||||||||
As of December 31, 2012 | |||||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||
Originated Loans | C&I | CRE | Construction | Leases | Installment | Home Equity Lines | Credit Cards | Residential Mortgages | Total | ||||||||||||||||||||||||||||
Year ended | |||||||||||||||||||||||||||||||||||||
Allowance for originated loan losses, beginning balance | $ | 32,363 | $ | 31,857 | $ | 5,173 | $ | 341 | $ | 17,981 | $ | 6,766 | $ | 7,369 | $ | 5,849 | $ | 107,699 | |||||||||||||||||||
Charge-offs | (22,639 | ) | (5,312 | ) | (697 | ) | (144 | ) | (18,029 | ) | (8,949 | ) | (6,171 | ) | (3,964 | ) | (65,905 | ) | |||||||||||||||||||
Recoveries | 4,266 | 911 | 449 | 38 | 11,694 | 3,441 | 2,138 | 235 | 23,172 | ||||||||||||||||||||||||||||
Provision for loan losses | 22,219 | (7,330 | ) | (1,104 | ) | 404 | (492 | ) | 12,466 | 4,048 | 3,765 | 33,976 | |||||||||||||||||||||||||
Allowance for originated loan losses, ending balance | $ | 36,209 | $ | 20,126 | $ | 3,821 | $ | 639 | $ | 11,154 | $ | 13,724 | $ | 7,384 | $ | 5,885 | $ | 98,942 | |||||||||||||||||||
Ending allowance for originated loan losses balance attributable to loans: | |||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 577 | $ | 913 | $ | 105 | $ | — | $ | 1,526 | $ | 34 | $ | 127 | $ | 1,722 | $ | 5,004 | |||||||||||||||||||
Collectively evaluated for impairment | 35,632 | 19,213 | 3,716 | 639 | 9,628 | 13,690 | 7,257 | 4,163 | 93,938 | ||||||||||||||||||||||||||||
Total ending allowance for originated loan losses balance | $ | 36,209 | $ | 20,126 | $ | 3,821 | $ | 639 | $ | 11,154 | $ | 13,724 | $ | 7,384 | $ | 5,885 | $ | 98,942 | |||||||||||||||||||
Originated loans: | |||||||||||||||||||||||||||||||||||||
Originated loans individually evaluated for impairment | $ | 6,187 | $ | 24,007 | $ | 3,405 | $ | — | $ | 30,870 | $ | 6,281 | $ | 1,612 | $ | 24,009 | $ | 96,371 | |||||||||||||||||||
Originated loans collectively evaluated for impairment | 3,300,339 | 2,200,409 | 332,142 | 139,236 | 1,297,388 | 799,797 | 144,775 | 421,202 | 8,635,288 | ||||||||||||||||||||||||||||
Total ending originated loan balance | $ | 3,306,526 | $ | 2,224,416 | $ | 335,547 | $ | 139,236 | $ | 1,328,258 | $ | 806,078 | $ | 146,387 | $ | 445,211 | $ | 8,731,659 | |||||||||||||||||||
Allowance for Acquired Loan Losses | |||||||||||||||||||||||||||||||||||||
The Citizens’ loans were recorded at their fair value as of the Acquisition Date and the prior ALL was eliminated. An ALL for acquired nonimpaired loans is estimated using a methodology similar to that used for originated loans. The allowance determined for each acquired nonimpaired loan is compared to the remaining fair value adjustment for that loan. If the computed allowance is greater, the excess is added to the allowance through a provision for loan losses. If the computed allowance is less, no additional allowance is recognized. As of December 31, 2014 and 2013, the computed ALL was less than the remaining fair value discount; therefore, no allowance for acquired nonimpaired loan losses was recorded. | |||||||||||||||||||||||||||||||||||||
Charge-offs and actual losses on an acquired nonimpaired loan first reduce any remaining fair value | |||||||||||||||||||||||||||||||||||||
discount for that loan. Once a loan’s discount is depleted, charge-offs and actual losses are applied against | |||||||||||||||||||||||||||||||||||||
the acquired ALL. During the years ended December 31, 2014 and 2013, provision for loan losses, equal to net charge-offs, of $14.7 million and $6.8 million was recorded, respectively. Charge-offs on acquired nonimpaired loans were mainly related to consumer loans that were written off in accordance with the Corporation’s credit policies based on a predetermined number of days past due. | |||||||||||||||||||||||||||||||||||||
The ALL for acquired impaired loans is determined by comparing the present value of the cash flows expected to be collected to the carrying amount for a given pool of loans. Management reforecasts the estimated cash flows expected to be collected on acquired impaired loans on a quarterly basis. If the present value of expected cash flows for a pool is less than its carrying value, impairment is recognized by an increase in the ALL and a charge to the provision for loan losses. If the present value of expected cash flows for a pool is greater than its carrying value, any previously established ALL is reversed and any remaining difference increases the accretable yield which will be taken into interest income over the remaining life of the loan pool. See Note 4 (Loans) for further information on changes in accretable yield. | |||||||||||||||||||||||||||||||||||||
The following table presents activity in the allowance for acquired impaired loan losses for the years ended December 31, 2014 and 2013: | |||||||||||||||||||||||||||||||||||||
Allowance for Acquired Impaired Loan Losses | Year Ended December 31, | ||||||||||||||||||||||||||||||||||||
(In thousands) | 2014 | 2013 | |||||||||||||||||||||||||||||||||||
Balance at beginning of the period | $ | 741 | $ | — | |||||||||||||||||||||||||||||||||
Charge-offs | — | — | |||||||||||||||||||||||||||||||||||
Recoveries | — | — | |||||||||||||||||||||||||||||||||||
Provision for loan losses | 6,716 | 741 | |||||||||||||||||||||||||||||||||||
Balance at end of the period | $ | 7,457 | $ | 741 | |||||||||||||||||||||||||||||||||
Allowance for Covered Loan Losses | |||||||||||||||||||||||||||||||||||||
The ALL for covered loans is estimated similar to acquired loans as described above except any increase to the allowance and provision for loan losses is partially offset by an increase in the loss share receivable for the portion of the losses recoverable under the loss sharing agreements with the FDIC. As of December 31, 2014 and 2013, the computed ALL was less than the remaining fair value discount, therefore, no ALL for covered nonimpaired loans was recorded. | |||||||||||||||||||||||||||||||||||||
The following table presents activity in the allowance for covered impaired loan losses for the years ended December 31, 2014, 2013, and 2012: | |||||||||||||||||||||||||||||||||||||
Allowance for Covered Impaired Loan Losses | Year Ended December 31, | ||||||||||||||||||||||||||||||||||||
(In thousands) | 2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||
Balance at beginning of the period | $ | 44,027 | $ | 43,255 | $ | 36,417 | |||||||||||||||||||||||||||||||
Net provision for loan losses before benefit attributable to FDIC loss share agreements | 10,568 | 23,892 | 35,450 | ||||||||||||||||||||||||||||||||||
Net benefit attributable to FDIC loss share agreements | (2,920 | ) | (10,790 | ) | (14,728 | ) | |||||||||||||||||||||||||||||||
Net provision for loan losses | 7,648 | 13,102 | 20,722 | ||||||||||||||||||||||||||||||||||
Increase in loss share receivable | 2,920 | 10,790 | 14,728 | ||||||||||||||||||||||||||||||||||
Loans charged-off | (14,099 | ) | (23,120 | ) | (28,612 | ) | |||||||||||||||||||||||||||||||
Balance at end of the period | $ | 40,496 | $ | 44,027 | $ | 43,255 | |||||||||||||||||||||||||||||||
An acquired or covered loan may be resolved either through receipt of payment (in full or in part)from the borrower, the sale of the loan to a third party, or foreclosure of the collateral. In the period of resolution of a nonimpaired loan, any remaining unamortized fair value adjustment is recognized as interest income. In the period of resolution of an impaired loan accounted for on an individual basis, the difference between the carrying amount of the loan and the proceeds received is recognized as a gain or loss within noninterest income. The majority of impaired loans are accounted for within a pool of loans which results in any difference between the proceeds received and the loan carrying amount being deferred as part of the carrying amount of the pool. The accretable amount of the pool remains unaffected from the resolution until the subsequent quarterly cash flow re-estimation. Favorable results from removal of the resolved loan from the pool increase the future accretable yield of the pool, while unfavorable results are recorded as impairment in the quarter of the cash flow re-estimation. Acquired or covered impaired loans subject to modification are not removed from a pool even if those loans would otherwise be deemed TDRs as the pool, and not the individual loan, represents the unit of account. | |||||||||||||||||||||||||||||||||||||
Credit Quality | |||||||||||||||||||||||||||||||||||||
A loan is considered to be impaired when, based on current events or information, it is probable the Corporation will be unable to collect all amounts due (principal and interest) per the contractual terms of the loan agreement. | |||||||||||||||||||||||||||||||||||||
Interest income recognized on impaired loans was $0.9 million, $1.3 million, and $1.3 million during the years ended 2014, 2013 and 2012, respectively. Interest income which would have been earned in accordance with the original terms was $2.8 million, $5.5 million, and $3.2 million during the years ended 2014, 2013, and 2012, respectively. | |||||||||||||||||||||||||||||||||||||
Loan impairment is measured based on either the present value of expected future cash flows discounted at the loan’s effective interest rate, at the observable market price of the loan, or the fair value of the collateral for certain collateral dependent loans. Impaired loans include all nonaccrual commercial, agricultural, construction, and commercial real estate loans, and loans modified as a TDR, regardless of nonperforming status. Acquired and covered impaired loans are not considered or reported as impaired loans. Nonimpaired acquired loans that are subsequently placed on nonaccrual status are reported as impaired loans and included in the tables below. Acquired loans restructured after acquisition are not considered or reported as TDRs if the loans evidenced credit deterioration as of the date of acquisition and are accounted for in pools. | |||||||||||||||||||||||||||||||||||||
The following tables provide further detail on impaired loans individually evaluated for impairment and the associated ALL. Certain impaired loans do not have a related ALL as the valuation of these impaired loans exceeded the recorded investment. | |||||||||||||||||||||||||||||||||||||
As of December 31, 2014 | |||||||||||||||||||||||||||||||||||||
Originated Loans | Unpaid | Average | |||||||||||||||||||||||||||||||||||
Recorded | Principal | Related | Recorded | ||||||||||||||||||||||||||||||||||
(In thousands) | Investment | Balance | Allowance | Investment | |||||||||||||||||||||||||||||||||
Impaired loans with no related allowance | |||||||||||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||||||||||
C&I | $ | 11,451 | $ | 18,207 | $ | — | $ | 14,193 | |||||||||||||||||||||||||||||
CRE | 16,874 | 22,696 | — | 18,027 | |||||||||||||||||||||||||||||||||
Construction | — | — | — | — | |||||||||||||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||||||||||
Installment | 4,460 | 4,584 | — | 4,272 | |||||||||||||||||||||||||||||||||
Home equity line | 1,723 | 1,754 | — | 1,792 | |||||||||||||||||||||||||||||||||
Credit card | 16 | 16 | — | 32 | |||||||||||||||||||||||||||||||||
Residential mortgages | 12,204 | 15,119 | — | 12,425 | |||||||||||||||||||||||||||||||||
Subtotal | 46,728 | 62,376 | — | 50,741 | |||||||||||||||||||||||||||||||||
Impaired loans with a related allowance | |||||||||||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||||||||||
C&I | 308 | 344 | 72 | 326 | |||||||||||||||||||||||||||||||||
CRE | 6,426 | 6,440 | 2,914 | 4,497 | |||||||||||||||||||||||||||||||||
Construction | — | — | — | — | |||||||||||||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||||||||||
Installment | 20,445 | 21,024 | 1,178 | 19,513 | |||||||||||||||||||||||||||||||||
Home equity line | 5,656 | 5,875 | 207 | 5,944 | |||||||||||||||||||||||||||||||||
Credit card | 838 | 838 | 296 | 966 | |||||||||||||||||||||||||||||||||
Residential mortgages | 13,047 | 13,158 | 1,283 | 13,121 | |||||||||||||||||||||||||||||||||
Subtotal | 46,720 | 47,679 | 5,950 | 44,367 | |||||||||||||||||||||||||||||||||
Total impaired loans | $ | 93,448 | $ | 110,055 | $ | 5,950 | $ | 95,108 | |||||||||||||||||||||||||||||
Note 1: These tables exclude loans fully charged off. | |||||||||||||||||||||||||||||||||||||
Note 2: The differences between the recorded investment and unpaid principal balance amounts represent partial charge offs. | |||||||||||||||||||||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||||||||||||||
Originated Loans | Unpaid | Average | |||||||||||||||||||||||||||||||||||
Recorded | Principal | Related | Recorded | ||||||||||||||||||||||||||||||||||
(In thousands) | Investment | Balance | Allowance | Investment | |||||||||||||||||||||||||||||||||
Impaired loans with no related allowance | |||||||||||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||||||||||
C&I | $ | 2,503 | $ | 6,679 | $ | — | $ | 7,256 | |||||||||||||||||||||||||||||
CRE | 17,871 | 23,709 | — | 18,639 | |||||||||||||||||||||||||||||||||
Construction | 906 | 1,179 | — | 1,035 | |||||||||||||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||||||||||
Installment | 2,813 | 3,978 | — | 3,338 | |||||||||||||||||||||||||||||||||
Home equity line | 1,018 | 1,347 | — | 1,079 | |||||||||||||||||||||||||||||||||
Credit card | 49 | 49 | — | 91 | |||||||||||||||||||||||||||||||||
Residential mortgages | 10,250 | 12,778 | — | 10,258 | |||||||||||||||||||||||||||||||||
Subtotal | 35,410 | 49,719 | — | 41,696 | |||||||||||||||||||||||||||||||||
Impaired loans with a related allowance | |||||||||||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||||||||||
C&I | 5,551 | 7,428 | 3,235 | 5,009 | |||||||||||||||||||||||||||||||||
CRE | 2,744 | 2,870 | 229 | 2,836 | |||||||||||||||||||||||||||||||||
Construction | — | — | — | — | |||||||||||||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||||||||||
Installment | 24,472 | 24,558 | 1,014 | 24,985 | |||||||||||||||||||||||||||||||||
Home equity line | 5,707 | 5,707 | 223 | 5,874 | |||||||||||||||||||||||||||||||||
Credit card | 1,064 | 1,064 | 312 | 1,238 | |||||||||||||||||||||||||||||||||
Residential mortgages | 12,816 | 12,898 | 1,133 | 12,064 | |||||||||||||||||||||||||||||||||
Subtotal | 52,354 | 54,525 | 6,146 | 52,006 | |||||||||||||||||||||||||||||||||
Total impaired loans | $ | 87,764 | $ | 104,244 | $ | 6,146 | $ | 93,702 | |||||||||||||||||||||||||||||
Note 1: These tables exclude loans fully charged off. | |||||||||||||||||||||||||||||||||||||
Note 2: The differences between the recorded investment and unpaid principal balance amounts represent partial charge offs. | |||||||||||||||||||||||||||||||||||||
Troubled Debt Restructurings | |||||||||||||||||||||||||||||||||||||
In certain circumstances, the Corporation may modify the terms of a loan to maximize the collection of amounts due when a borrower is experiencing financial difficulties or is expected to experience difficulties in the near term. In most cases the modification is either a concessionary reduction in interest rate, extension of the maturity date or modification of the adjustable rate provisions of the loan that would otherwise not be considered; however, forgiveness of principal is rarely granted. Concessionary modifications are classified as TDRs unless the modification is short-term, typically less than 90 days. TDRs accrue interest if the borrower complies with the revised terms and conditions and has demonstrated repayment performance at a level commensurate with the modified terms for a minimum of six consecutive payment cycles after the restructuring date. Acquired loans restructured after acquisition are not considered or reported as TDRs if the loans evidenced credit deterioration as of the Acquisition Date and are accounted for in pools. | |||||||||||||||||||||||||||||||||||||
The substantial majority of the Corporation’s residential mortgage TDRs involve reducing the client’s loan payment through an interest rate reduction for a set period of time based on the borrower’s ability to service the modified loan payment. Modifications of mortgages retained in portfolio are handled using proprietary modification guidelines, or the FDIC’s Modification Program for residential first mortgages covered by loss share agreements (agreements between the Bank and the FDIC that afford the Bank significant protection against future losses). The Corporation participates in the U.S. Treasury’s Home Affordable Modification Program for originated mortgages sold to and serviced for FNMA and FHLMC. | |||||||||||||||||||||||||||||||||||||
Commercial and industrial loans modified in a TDR often involve temporary interest-only payments, term extensions and converting revolving credit lines to term loans. Additional collateral, a co-borrower, or a guarantor is often requested. Commercial real estate and construction loans modified in a TDR often involve reducing the interest rate for the remaining term of the loan, extending the maturity date at an interest rate lower than the current market rate for new debt with similar risk, or substituting or adding a new borrower or guarantor. Construction loans modified in a TDR may also involve extending the interest-only payment period. The Corporation has modified certain loans according to provisions in loss share agreements. Losses associated with modifications on these loans, including the economic impact of interest rate reductions, are generally eligible for reimbursement under the loss share agreements. | |||||||||||||||||||||||||||||||||||||
The following tables provide the number of loans modified in a TDR and the recorded investment and unpaid principal balance by loan portfolio as of December 31, 2014, and 2013. | |||||||||||||||||||||||||||||||||||||
As of December 31, 2014 | |||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Number of Loans | Recorded Investment | Unpaid Principal Balance | ||||||||||||||||||||||||||||||||||
Originated loans | |||||||||||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||||||||||
C&I | 41 | $ | 7,123 | $ | 13,887 | ||||||||||||||||||||||||||||||||
CRE | 67 | 17,607 | 22,645 | ||||||||||||||||||||||||||||||||||
Construction | 31 | — | — | ||||||||||||||||||||||||||||||||||
Total originated commercial | 139 | 24,730 | 36,532 | ||||||||||||||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||||||||||
Installment | 1,205 | 24,905 | 25,608 | ||||||||||||||||||||||||||||||||||
Home equity lines | 270 | 7,379 | 7,629 | ||||||||||||||||||||||||||||||||||
Credit card | 238 | 854 | 854 | ||||||||||||||||||||||||||||||||||
Residential mortgages | 315 | 25,251 | 28,277 | ||||||||||||||||||||||||||||||||||
Total originated consumer | 2,028 | 58,389 | 62,368 | ||||||||||||||||||||||||||||||||||
Total originated loans | 2,167 | $ | 83,119 | $ | 98,900 | ||||||||||||||||||||||||||||||||
Acquired Loans | |||||||||||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||||||||||
C&I | 2 | $ | 18 | $ | 19 | ||||||||||||||||||||||||||||||||
CRE | 3 | 2,542 | 2,595 | ||||||||||||||||||||||||||||||||||
Total acquired commercial | 5 | 2,560 | 2,614 | ||||||||||||||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||||||||||
Installment | 40 | 975 | 1,054 | ||||||||||||||||||||||||||||||||||
Home equity lines | 145 | 6,932 | 6,983 | ||||||||||||||||||||||||||||||||||
Residential mortgages | 26 | 1,633 | 1,823 | ||||||||||||||||||||||||||||||||||
Total acquired consumer | 211 | 9,540 | 9,860 | ||||||||||||||||||||||||||||||||||
Total acquired loans | 216 | $ | 12,100 | $ | 12,474 | ||||||||||||||||||||||||||||||||
Covered loans | |||||||||||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||||||||||
C&I | 8 | $ | 177 | $ | 1,589 | ||||||||||||||||||||||||||||||||
CRE | 24 | 25,499 | 42,226 | ||||||||||||||||||||||||||||||||||
Construction | 9 | 339 | 9,552 | ||||||||||||||||||||||||||||||||||
Total covered commercial | 41 | 26,015 | 53,367 | ||||||||||||||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||||||||||
Home equity lines | 68 | 8,890 | 8,901 | ||||||||||||||||||||||||||||||||||
Residential mortgages | 2 | 334 | 334 | ||||||||||||||||||||||||||||||||||
Total covered consumer | 70 | 9,224 | 9,235 | ||||||||||||||||||||||||||||||||||
Total covered loans | 111 | $ | 35,239 | $ | 62,602 | ||||||||||||||||||||||||||||||||
Total loans | |||||||||||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||||||||||
C&I | 51 | $ | 7,318 | $ | 15,495 | ||||||||||||||||||||||||||||||||
CRE | 94 | 45,648 | 67,466 | ||||||||||||||||||||||||||||||||||
Construction | 40 | 339 | 9,552 | ||||||||||||||||||||||||||||||||||
Total commercial | 185 | 53,305 | 92,513 | ||||||||||||||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||||||||||
Installment | 1,245 | 25,880 | 26,662 | ||||||||||||||||||||||||||||||||||
Home equity lines | 483 | 23,201 | 23,513 | ||||||||||||||||||||||||||||||||||
Credit card | 238 | 854 | 854 | ||||||||||||||||||||||||||||||||||
Residential mortgages | 343 | 27,218 | 30,434 | ||||||||||||||||||||||||||||||||||
Total consumer | 2,309 | 77,153 | 81,463 | ||||||||||||||||||||||||||||||||||
Total loans | 2,494 | $ | 130,458 | $ | 173,976 | ||||||||||||||||||||||||||||||||
Note 1: The differences between the recorded investment and unpaid principal balance amounts represent partial charge offs. | |||||||||||||||||||||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Number of Loans | Recorded Investment | Unpaid Principal Balance | ||||||||||||||||||||||||||||||||||
Originated loans | |||||||||||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||||||||||
C&I | 35 | $ | 4,449 | $ | 7,660 | ||||||||||||||||||||||||||||||||
CRE | 52 | 15,932 | 20,569 | ||||||||||||||||||||||||||||||||||
Construction | 30 | 905 | 1,179 | ||||||||||||||||||||||||||||||||||
Total originated commercial | 117 | 21,286 | 29,408 | ||||||||||||||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||||||||||
Installment | 1,553 | 27,285 | 28,536 | ||||||||||||||||||||||||||||||||||
Home equity lines | 231 | 6,725 | 7,054 | ||||||||||||||||||||||||||||||||||
Credit card | 307 | 1,113 | 1,113 | ||||||||||||||||||||||||||||||||||
Residential mortgages | 301 | 23,067 | 25,676 | ||||||||||||||||||||||||||||||||||
Total originated consumer | 2,392 | 58,190 | 62,379 | ||||||||||||||||||||||||||||||||||
Total originated loans | 2,509 | $ | 79,476 | $ | 91,787 | ||||||||||||||||||||||||||||||||
Acquired Loans | |||||||||||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||||||||||
C&I | 1 | $ | 6 | $ | 5 | ||||||||||||||||||||||||||||||||
CRE | 1 | 1,730 | 1,730 | ||||||||||||||||||||||||||||||||||
Total acquired commercial | 2 | 1,736 | 1,735 | ||||||||||||||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||||||||||
Installment | 12 | 505 | 542 | ||||||||||||||||||||||||||||||||||
Home equity lines | 8 | 245 | 270 | ||||||||||||||||||||||||||||||||||
Residential mortgages | 7 | 431 | 502 | ||||||||||||||||||||||||||||||||||
Total acquired consumer | 27 | 1,181 | 1,314 | ||||||||||||||||||||||||||||||||||
Total acquired loans | 29 | $ | 2,917 | $ | 3,049 | ||||||||||||||||||||||||||||||||
Covered loans | |||||||||||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||||||||||
C&I | 4 | $ | 1,104 | $ | 2,331 | ||||||||||||||||||||||||||||||||
CRE | 24 | 39,995 | 57,008 | ||||||||||||||||||||||||||||||||||
Construction | 10 | 4,144 | 24,547 | ||||||||||||||||||||||||||||||||||
Total covered commercial | 38 | 45,243 | 83,886 | ||||||||||||||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||||||||||
Home equity lines | 47 | 5,401 | 5,421 | ||||||||||||||||||||||||||||||||||
Residential Mortgages | 1 | 150 | 150 | ||||||||||||||||||||||||||||||||||
Total covered consumer | 48 | 5,551 | 5,571 | ||||||||||||||||||||||||||||||||||
Total covered loans | 86 | $ | 50,794 | $ | 89,457 | ||||||||||||||||||||||||||||||||
Total loans | |||||||||||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||||||||||
C&I | 40 | $ | 5,559 | $ | 9,996 | ||||||||||||||||||||||||||||||||
CRE | 77 | 57,657 | 79,307 | ||||||||||||||||||||||||||||||||||
Construction | 40 | 5,049 | 25,726 | ||||||||||||||||||||||||||||||||||
Total commercial | 157 | 68,265 | 115,029 | ||||||||||||||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||||||||||
Installment | 1,565 | 27,790 | 29,078 | ||||||||||||||||||||||||||||||||||
Home equity lines | 286 | 12,371 | 12,745 | ||||||||||||||||||||||||||||||||||
Credit card | 307 | 1,113 | 1,113 | ||||||||||||||||||||||||||||||||||
Residential mortgages | 309 | 23,648 | 26,328 | ||||||||||||||||||||||||||||||||||
Total consumer | 2,467 | 64,922 | 69,264 | ||||||||||||||||||||||||||||||||||
Total loans | 2,624 | $ | 133,187 | $ | 184,293 | ||||||||||||||||||||||||||||||||
Note 1: The differences between the recorded investment and unpaid principal balance amounts represent partial charge offs. | |||||||||||||||||||||||||||||||||||||
The pre-modification and post-modification outstanding recorded investments of loans modified as TDRs during the years ended December 31, 2014 and 2013 were not materially different. Post-modification balances may include capitalization of unpaid accrued interest and fees associated with the modification as well as forgiveness of principal. Loans modified as TDRs during the years ended December 31, 2014, 2013 and 2012 did not involve the forgiveness of principal, accordingly, the Corporation did not record a charge-off at the modification date. Additionally, capitalization of any unpaid accrued interest and fees assessed to loans modified in the years ended December 31, 2014, 2013 and 2012 were not material to the accompanying consolidated financial statements. Specific allowances for loan losses are established for loans whose terms have been modified in a TDR. Specific reserve allocations are generally assessed prior to loans being modified in a TDR, as most of these loans migrate from the Corporation’s internal watch list and have been specifically allocated for as part of the Corporation’s normal loan loss provisioning methodology. At December 31, 2014, the Corporation had $0.2 million in commitments to lend additional funds to debtors owing receivables whose terms have been modified in a TDR. | |||||||||||||||||||||||||||||||||||||
The following tables provide a summary of the delinquency status of TDRs along with the specific allowance for loan loss, by loan type, as of December 31, 2014 and 2013, including TDRs that continue to accrue interest and TDRs included in nonperforming assets. | |||||||||||||||||||||||||||||||||||||
As of December 31, 2014 | |||||||||||||||||||||||||||||||||||||
Accruing TDRs | Nonaccruing TDRs | Total | Total | ||||||||||||||||||||||||||||||||||
(In thousands) | Current | Delinquent | Total | Current | Delinquent | Total | TDRs | Allowance | |||||||||||||||||||||||||||||
Originated loans | |||||||||||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||||||||||
C&I | $ | 6,740 | $ | — | $ | 6,740 | $ | — | $ | 383 | $ | 383 | $ | 7,123 | $ | 72 | |||||||||||||||||||||
CRE | 12,885 | 952 | 13,837 | 394 | 3,376 | 3,770 | 17,607 | 159 | |||||||||||||||||||||||||||||
Construction | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||
Total originated commercial | 19,625 | 952 | 20,577 | 394 | 3,759 | 4,153 | 24,730 | 231 | |||||||||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||||||||||
Installment | 22,254 | 726 | 22,980 | 1,663 | 262 | 1,925 | 24,905 | 1,178 | |||||||||||||||||||||||||||||
Home equity lines | 6,239 | 269 | 6,508 | 871 | — | 871 | 7,379 | 207 | |||||||||||||||||||||||||||||
Credit card | 775 | 60 | 835 | 15 | 4 | 19 | 854 | 296 | |||||||||||||||||||||||||||||
Residential mortgages | 13,440 | 3,538 | 16,978 | 5,006 | 3,267 | 8,273 | 25,251 | 1,283 | |||||||||||||||||||||||||||||
Total originated consumer | 42,708 | 4,593 | 47,301 | 7,555 | 3,533 | 11,088 | 58,389 | 2,964 | |||||||||||||||||||||||||||||
Total originated TDRs | $ | 62,333 | $ | 5,545 | $ | 67,878 | $ | 7,949 | $ | 7,292 | $ | 15,241 | $ | 83,119 | $ | 3,195 | |||||||||||||||||||||
Acquired loans | |||||||||||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||||||||||
C&I | $ | 15 | $ | — | $ | 15 | $ | 3 | $ | — | $ | 3 | $ | 18 | $ | 18 | |||||||||||||||||||||
CRE | — | — | — | 978 | 1,564 | 2,542 | 2,542 | 134 | |||||||||||||||||||||||||||||
Total acquired commercial | 15 | — | 15 | 981 | 1,564 | 2,545 | 2,560 | 152 | |||||||||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||||||||||
Installment | 841 | 87 | 928 | 24 | 23 | 47 | 975 | 65 | |||||||||||||||||||||||||||||
Home equity lines | 6,186 | 607 | 6,793 | 139 | — | 139 | 6,932 | 9 | |||||||||||||||||||||||||||||
Residential mortgages | 868 | — | 868 | 470 | 295 | 765 | 1,633 | 2 | |||||||||||||||||||||||||||||
Total acquired consumer | 7,895 | 694 | 8,589 | 633 | 318 | 951 | 9,540 | 76 | |||||||||||||||||||||||||||||
Total acquired TDRs | $ | 7,910 | $ | 694 | $ | 8,604 | $ | 1,614 | $ | 1,882 | $ | 3,496 | $ | 12,100 | $ | 228 | |||||||||||||||||||||
Covered loans | |||||||||||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||||||||||
C&I | $ | — | $ | 177 | $ | 177 | $ | — | $ | — | $ | — | $ | 177 | $ | — | |||||||||||||||||||||
CRE | 5,123 | 20,376 | 25,499 | — | — | — | 25,499 | 2,879 | |||||||||||||||||||||||||||||
Construction | 339 | — | 339 | — | — | — | 339 | 295 | |||||||||||||||||||||||||||||
Total covered commercial | 5,462 | 20,553 | 26,015 | — | — | — | 26,015 | 3,174 | |||||||||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||||||||||
Home equity lines | 8,561 | — | 8,561 | 329 | — | 329 | 8,890 | 27 | |||||||||||||||||||||||||||||
Residential mortgages | 334 | — | 334 | — | — | — | 334 | 21 | |||||||||||||||||||||||||||||
Total covered consumer | 8,895 | — | 8,895 | 329 | — | 329 | 9,224 | 48 | |||||||||||||||||||||||||||||
Total covered TDRs | $ | 14,357 | $ | 20,553 | $ | 34,910 | $ | 329 | $ | — | $ | 329 | $ | 35,239 | $ | 3,222 | |||||||||||||||||||||
Total loans | |||||||||||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||||||||||
C&I | $ | 6,755 | $ | 177 | $ | 6,932 | $ | 3 | $ | 383 | $ | 386 | $ | 7,318 | $ | 90 | |||||||||||||||||||||
CRE | 18,008 | 21,328 | 39,336 | 1,372 | 4,940 | 6,312 | 45,648 | 3,172 | |||||||||||||||||||||||||||||
Construction | 339 | — | 339 | — | — | — | 339 | 295 | |||||||||||||||||||||||||||||
Total commercial | 25,102 | 21,505 | 46,607 | 1,375 | 5,323 | 6,698 | 53,305 | 3,557 | |||||||||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||||||||||
Installment | 23,095 | 813 | 23,908 | 1,687 | 285 | 1,972 | 25,880 | 1,243 | |||||||||||||||||||||||||||||
Home equity lines | 20,986 | 876 | 21,862 | 1,339 | — | 1,339 | 23,201 | 243 | |||||||||||||||||||||||||||||
Credit card | 775 | 60 | 835 | 15 | 4 | 19 | 854 | 296 | |||||||||||||||||||||||||||||
Residential mortgages | 14,642 | 3,538 | 18,180 | 5,476 | 3,562 | 9,038 | 27,218 | 1,306 | |||||||||||||||||||||||||||||
Total consumer | 59,498 | 5,287 | 64,785 | 8,517 | 3,851 | 12,368 | 77,153 | 3,088 | |||||||||||||||||||||||||||||
Total TDRs | $ | 84,600 | $ | 26,792 | $ | 111,392 | $ | 9,892 | $ | 9,174 | $ | 19,066 | $ | 130,458 | $ | 6,645 | |||||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||||||||||||||
Accruing TDRs | Nonaccruing TDRs | Total | Total | ||||||||||||||||||||||||||||||||||
(In thousands) | Current | Delinquent | Total | Current | Delinquent | Total | TDRs | Allowance | |||||||||||||||||||||||||||||
Originated loans | |||||||||||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||||||||||
C&I | $ | 1,438 | $ | 879 | $ | 2,317 | $ | 177 | $ | 1,955 | $ | 2,132 | $ | 4,449 | $ | 665 | |||||||||||||||||||||
CRE | 10,442 | 382 | 10,824 | 1,208 | 3,900 | 5,108 | 15,932 | 32 | |||||||||||||||||||||||||||||
Construction | 848 | — | 848 | — | 57 | 57 | 905 | — | |||||||||||||||||||||||||||||
Total originated commercial | 12,728 | 1,261 | 13,989 | 1,385 | 5,912 | 7,297 | 21,286 | 697 | |||||||||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||||||||||
Installment | 23,342 | 1,238 | 24,580 | 2,483 | 222 | 2,705 | 27,285 | 1,014 | |||||||||||||||||||||||||||||
Home equity lines | 5,313 | 194 | 5,507 | 1,206 | 12 | 1,218 | 6,725 | 223 | |||||||||||||||||||||||||||||
Credit card | 1,046 | 66 | 1,112 | — | 1 | 1 | 1,113 | 312 | |||||||||||||||||||||||||||||
Residential mortgages | 12,276 | 3,327 | 15,603 | 4,360 | 3,104 | 7,464 | 23,067 | 1,133 | |||||||||||||||||||||||||||||
Total originated consumer | 41,977 | 4,825 | 46,802 | 8,049 | 3,339 | 11,388 | 58,190 | 2,682 | |||||||||||||||||||||||||||||
Total originated TDRs | $ | 54,705 | $ | 6,086 | $ | 60,791 | $ | 9,434 | $ | 9,251 | $ | 18,685 | $ | 79,476 | $ | 3,379 | |||||||||||||||||||||
Acquired loans | |||||||||||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||||||||||
C&I | $ | — | $ | — | $ | — | $ | 6 | $ | — | $ | 6 | $ | 6 | $ | — | |||||||||||||||||||||
CRE | 1,730 | — | 1,730 | — | — | — | 1,730 | — | |||||||||||||||||||||||||||||
Total acquired commercial | 1,730 | — | 1,730 | 6 | — | 6 | 1,736 | — | |||||||||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||||||||||
Installment | 369 | 136 | 505 | — | — | — | 505 | — | |||||||||||||||||||||||||||||
Home equity lines | 182 | — | 182 | 63 | — | 63 | 245 | — | |||||||||||||||||||||||||||||
Residential mortgages | 245 | — | 245 | 32 | 154 | 186 | 431 | — | |||||||||||||||||||||||||||||
Total acquired consumer | 796 | 136 | 932 | 95 | 154 | 249 | 1,181 | — | |||||||||||||||||||||||||||||
Total acquired TDRs | $ | 2,526 | $ | 136 | $ | 2,662 | $ | 101 | $ | 154 | $ | 255 | $ | 2,917 | $ | — | |||||||||||||||||||||
Covered loans | |||||||||||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||||||||||
C&I | $ | 362 | $ | 742 | $ | 1,104 | $ | — | $ | — | $ | — | $ | 1,104 | $ | — | |||||||||||||||||||||
CRE | 5,259 | 34,736 | 39,995 | — | — | — | 39,995 | 3,022 | |||||||||||||||||||||||||||||
Construction | 698 | 3,446 | 4,144 | — | — | — | 4,144 | 800 | |||||||||||||||||||||||||||||
Total covered commercial | 6,319 | 38,924 | 45,243 | — | — | — | 45,243 | 3,822 | |||||||||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||||||||||
Home equity lines | 5,377 | 24 | 5,401 | — | — | — | 5,401 | — | |||||||||||||||||||||||||||||
Residential mortgages | 150 | — | 150 | — | — | — | 150 | — | |||||||||||||||||||||||||||||
Total covered consumer | 5,527 | 24 | 5,551 | — | — | — | 5,551 | — | |||||||||||||||||||||||||||||
Total covered TDRs | $ | 11,846 | $ | 38,948 | $ | 50,794 | $ | — | $ | — | $ | — | $ | 50,794 | $ | 3,822 | |||||||||||||||||||||
Total loans | |||||||||||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||||||||||
C&I | $ | 1,800 | $ | 1,621 | $ | 3,421 | $ | 183 | $ | 1,955 | $ | 2,138 | $ | 5,559 | $ | 665 | |||||||||||||||||||||
CRE | 17,431 | 35,118 | 52,549 | 1,208 | 3,900 | 5,108 | 57,657 | 3,054 | |||||||||||||||||||||||||||||
Construction | 1,546 | 3,446 | 4,992 | — | 57 | 57 | 5,049 | 800 | |||||||||||||||||||||||||||||
Total commercial | 20,777 | 40,185 | 60,962 | 1,391 | 5,912 | 7,303 | 68,265 | 4,519 | |||||||||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||||||||||
Installment | 23,711 | 1,374 | 25,085 | 2,483 | 222 | 2,705 | 27,790 | 1,014 | |||||||||||||||||||||||||||||
Home equity lines | 10,872 | 218 | 11,090 | 1,269 | 12 | 1,281 | 12,371 | 223 | |||||||||||||||||||||||||||||
Credit card | 1,046 | 66 | 1,112 | — | 1 | 1 | 1,113 | 312 | |||||||||||||||||||||||||||||
Residential mortgages | 12,671 | 3,327 | 15,998 | 4,392 | 3,258 | 7,650 | 23,648 | 1,133 | |||||||||||||||||||||||||||||
Total consumer | 48,300 | 4,985 | 53,285 | 8,144 | 3,493 | 11,637 | 64,922 | 2,682 | |||||||||||||||||||||||||||||
Total TDRs | $ | 69,077 | $ | 45,170 | $ | 114,247 | $ | 9,535 | $ | 9,405 | $ | 18,940 | $ | 133,187 | $ | 7,201 | |||||||||||||||||||||
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, the Corporation evaluates the loan for possible further impairment. The ALL may be increased, adjustments may be made in the allocation of the ALL, or partial charge-offs may be taken to further write-down the carrying value of the loan. | |||||||||||||||||||||||||||||||||||||
On an ongoing basis, the Corporation monitors the performance of modified loans to their restructured terms. In the event of a subsequent default, the ALL continues to be reassessed on the basis of an individual evaluation of the loan. | |||||||||||||||||||||||||||||||||||||
The following table provides the number of loans modified in a TDR during the previous 12 months that subsequently defaulted during the year ended December 31, 2014 and 2013, as well as the amount defaulted in these restructured loans as of December 31, 2014 and 2013. | |||||||||||||||||||||||||||||||||||||
As of December 31, 2014 | |||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Number of Loans | Amount Defaulted | |||||||||||||||||||||||||||||||||||
Originated loans | |||||||||||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||||||||||
C&I | 3 | $ | 4,930 | ||||||||||||||||||||||||||||||||||
CRE | 1 | 363 | |||||||||||||||||||||||||||||||||||
Construction | — | — | |||||||||||||||||||||||||||||||||||
Total originated commercial | 4 | 5,293 | |||||||||||||||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||||||||||
Installment | 11 | 40 | |||||||||||||||||||||||||||||||||||
Home equity lines | 1 | 29 | |||||||||||||||||||||||||||||||||||
Credit card | 28 | 140 | |||||||||||||||||||||||||||||||||||
Residential mortgages | 3 | 183 | |||||||||||||||||||||||||||||||||||
Total originated consumer | 43 | $ | 392 | ||||||||||||||||||||||||||||||||||
Covered loans | |||||||||||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||||||||||
C&I | 1 | $ | 427 | ||||||||||||||||||||||||||||||||||
CRE | — | — | |||||||||||||||||||||||||||||||||||
Construction | — | — | |||||||||||||||||||||||||||||||||||
Total covered commercial | 1 | $ | 427 | ||||||||||||||||||||||||||||||||||
Acquired loans | |||||||||||||||||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||||||||||
Installment | 2 | $ | 165 | ||||||||||||||||||||||||||||||||||
Home equity lines | 1 | 61 | |||||||||||||||||||||||||||||||||||
Residential mortgages | — | — | |||||||||||||||||||||||||||||||||||
Total acquired consumer | 3 | $ | 226 | ||||||||||||||||||||||||||||||||||
Total loans | |||||||||||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||||||||||
C&I | 4 | $ | 5,357 | ||||||||||||||||||||||||||||||||||
CRE | 1 | 363 | |||||||||||||||||||||||||||||||||||
Construction | — | — | |||||||||||||||||||||||||||||||||||
Total commercial | 5 | 5,720 | |||||||||||||||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||||||||||
Installment | 13 | 205 | |||||||||||||||||||||||||||||||||||
Home equity lines | 2 | 90 | |||||||||||||||||||||||||||||||||||
Credit card | 28 | 140 | |||||||||||||||||||||||||||||||||||
Residential mortgages | 3 | 183 | |||||||||||||||||||||||||||||||||||
Total consumer | 46 | 618 | |||||||||||||||||||||||||||||||||||
Total | 51 | $ | 6,338 | ||||||||||||||||||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Number of Loans | Amount Defaulted | |||||||||||||||||||||||||||||||||||
Originated loans | |||||||||||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||||||||||
C&I | 4 | $ | 1,773 | ||||||||||||||||||||||||||||||||||
CRE | 6 | 3,101 | |||||||||||||||||||||||||||||||||||
Construction | 1 | 231 | |||||||||||||||||||||||||||||||||||
Total originated commercial | 11 | 5,105 | |||||||||||||||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||||||||||
Installment | 17 | 170 | |||||||||||||||||||||||||||||||||||
Home equity lines | — | — | |||||||||||||||||||||||||||||||||||
Credit card | 33 | 245 | |||||||||||||||||||||||||||||||||||
Residential mortgages | 1 | 75 | |||||||||||||||||||||||||||||||||||
Total originated consumer | 51 | $ | 490 | ||||||||||||||||||||||||||||||||||
Covered loans | |||||||||||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||||||||||
C&I | — | $ | — | ||||||||||||||||||||||||||||||||||
CRE | 1 | — | |||||||||||||||||||||||||||||||||||
Construction | 1 | 45 | |||||||||||||||||||||||||||||||||||
Total covered commercial | 2 | $ | 45 | ||||||||||||||||||||||||||||||||||
Total loans | |||||||||||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||||||||||
C&I | 4 | $ | 1,773 | ||||||||||||||||||||||||||||||||||
CRE | 7 | 3,101 | |||||||||||||||||||||||||||||||||||
Construction | 2 | 276 | |||||||||||||||||||||||||||||||||||
Total commercial | 13 | 5,150 | |||||||||||||||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||||||||||
Installment | 17 | 170 | |||||||||||||||||||||||||||||||||||
Home equity lines | — | — | |||||||||||||||||||||||||||||||||||
Credit card | 33 | 245 | |||||||||||||||||||||||||||||||||||
Residential mortgages | 1 | 75 | |||||||||||||||||||||||||||||||||||
Total consumer | 51 | 490 | |||||||||||||||||||||||||||||||||||
Total | 64 | $ | 5,640 | ||||||||||||||||||||||||||||||||||
Goodwill_and_Other_Intangible_
Goodwill and Other Intangible Assets | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets | |||||||||||||||
Goodwill | ||||||||||||||||
Goodwill totaled $741.7 million as of December 31, 2014 and 2013. The following table shows goodwill allocated by business segment. | ||||||||||||||||
(In thousands) | Commercial | Retail | Wealth | Total | ||||||||||||
Balance at December 31, 2013 | $ | 527,406 | $ | 193,961 | $ | 20,373 | $ | 741,740 | ||||||||
Balance at December 31, 2014 | $ | 527,406 | $ | 193,961 | $ | 20,373 | $ | 741,740 | ||||||||
The Corporation performed its annual impairment test of goodwill as of November 30, 2014 and determined that no impairment of goodwill had been incurred. Key changes in the market and our operations were monitored from our impairment test date of November 30th to year end in order to identify circumstances necessitating further testing of impairment. No such changes were noted for 2014. It is possible that a future conclusion could be reached that all or a portion of the Corporation’s goodwill may be impaired, in which case a noncash charge for the amount of such impairment would be recorded in earnings. | ||||||||||||||||
Other Intangible Assets | ||||||||||||||||
The following tables show the gross carrying amount and the amount of accumulated amortization of intangible assets subject to amortization. | ||||||||||||||||
December 31, 2014 | ||||||||||||||||
Gross Carrying | Accumulated | Net Carrying | ||||||||||||||
(In thousands) | Amount | Amortization | Amount | |||||||||||||
Core deposit intangibles (1) | $ | 82,323 | $ | (19,996 | ) | $ | 62,327 | |||||||||
Lease intangible | 238 | (176 | ) | 62 | ||||||||||||
Trust relationships (2) | 14,000 | (5,369 | ) | 8,631 | ||||||||||||
Total intangibles | $ | 96,561 | $ | (25,541 | ) | $ | 71,020 | |||||||||
December 31, 2013 | ||||||||||||||||
Gross Carrying | Accumulated | Net Carrying | ||||||||||||||
(In thousands) | Amount | Amortization | Amount | |||||||||||||
Core deposit intangibles (1) | $ | 87,533 | $ | (16,065 | ) | $ | 71,468 | |||||||||
Noncompete covenant | 102 | (102 | ) | — | ||||||||||||
Lease intangible | 238 | (140 | ) | 98 | ||||||||||||
Trust relationships (2) | 14,000 | (2,811 | ) | 11,189 | ||||||||||||
Total intangibles | $ | 101,873 | $ | (19,118 | ) | $ | 82,755 | |||||||||
(1) Core deposit intangibles are amortized on an accelerated basis over their estimated useful lives, which range from 10-15 years. | ||||||||||||||||
(2) Trust relationship intangibles are amortized on an accelerated basis on their estimated useful lives of 12 years. | ||||||||||||||||
Amortization expense for intangible assets was $11.7 million in 2014, $8.4 million in 2013, and $1.9 million in 2012. | ||||||||||||||||
The following table shows the estimated future amortization expense for intangible assets subject to amortization as of December 31, 2014. | ||||||||||||||||
(In thousands) | ||||||||||||||||
For the years ended: | ||||||||||||||||
December 31, 2015 | $ | 10,391 | ||||||||||||||
December 31, 2016 | 9,209 | |||||||||||||||
December 31, 2017 | 8,161 | |||||||||||||||
December 31, 2018 | 7,273 | |||||||||||||||
December 31, 2019 | 6,500 | |||||||||||||||
Total estimated future amortization | $ | 41,534 | ||||||||||||||
Mortgage_Servicing_Rights_and_
Mortgage Servicing Rights and Mortgage Servicing Activity | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Transfers and Servicing [Abstract] | ||||||||||||
Mortgage Servicing Rights and Mortgage Servicing Activity | Mortgage Servicing Rights and Mortgage Servicing Activity | |||||||||||
In the years ended December 31, 2014 and 2013, the Corporation sold residential mortgage loans from the held for sale portfolio with unpaid principal balances of $356.5 million and $562.3 million, respectively, and recognized pretax gains of $7.2 million and $12.1 million, respectively, which are included as a component of loan sales and servicing income. As of December 31, 2014 and 2013, the Corporation retained the related MSRs, for which it receives servicing fees, on $314.4 million and $514.6 million, respectively, of the loans sold. | ||||||||||||
The Corporation serviced for third parties approximately $2.6 billion of residential mortgage loans at December 31, 2014, and $2.7 billion at December 31, 2013. Loan servicing fees, not including valuation changes on MSRs included in loan sales and servicing income, were $6.6 million, $6.4 million, and $5.8 million for the years ended December 31, 2014, 2013 and 2012, respectively. | ||||||||||||
Servicing rights are presented within other assets on the accompanying Consolidated Balance Sheet. The retained servicing rights are initially valued at fair value. Since MSRs do not trade in an active market with readily observable prices, the Corporation relies primarily on a discounted cash flow analysis model to estimate the fair value of its mortgage servicing rights. Additional information can be found in Note 18 (Fair Value Measurement). MSRs are subsequently measured using the amortization method. Accordingly, the MSRs are amortized over the period of, and in proportion to, the estimated net servicing income and the related amortization is recorded in loan sales and servicing income. | ||||||||||||
Changes in the carrying amount of MSRs and the MSR valuation allowance are as follows: | ||||||||||||
Year Ended December 31, | ||||||||||||
(In thousands) | 2014 | 2013 | 2012 | |||||||||
Balance at beginning of period | $ | 22,760 | $ | 21,316 | $ | 21,179 | ||||||
Addition of Citizens’ MSRs on Acquisition Date | — | 1,065 | — | |||||||||
Additions | 3,049 | 4,952 | 5,876 | |||||||||
Amortization | (3,798 | ) | (4,573 | ) | (5,739 | ) | ||||||
Balance at end of period | 22,011 | 22,760 | 21,316 | |||||||||
Valuation allowance at beginning of period | (282 | ) | (2,564 | ) | (3,539 | ) | ||||||
Recoveries (Additions) | (673 | ) | 2,282 | 975 | ||||||||
Valuation Allowance at end of period | (955 | ) | (282 | ) | (2,564 | ) | ||||||
MSRs, net carrying balance | $ | 21,056 | $ | 22,478 | $ | 18,752 | ||||||
Fair value at end of period | $ | 21,228 | $ | 23,041 | $ | 18,833 | ||||||
On a quarterly basis, the Corporation assesses its capitalized servicing rights for impairment based on their current fair value. For purposes of the impairment, the servicing rights are disaggregated based on loan type and interest rate which are the predominant risk characteristics of the underlying loans. A valuation allowance is established through a charge to earnings to the extent the amortized cost of the MSRs exceeds the estimated fair value by stratification. If it is later determined that all or a portion of the temporary impairment no longer exists for the stratification, the valuation is reduced through a recovery to earnings. No permanent impairment losses were written off against the allowance during the years ended December 31, 2014, 2013, and 2012. | ||||||||||||
Key economic assumptions and the sensitivity of the current fair value of the MSRS related to immediate 10% and 25% adverse changes in those assumptions at December 31, 2014, are presented in the following table below. These sensitivities are hypothetical and should be used with caution. As the figures indicate, changes in the fair value based on 10% variation in the prepayment speed assumption generally cannot be extrapolated because the relationship of the change in the prepayment speed assumption to the change in fair value may not be linear. Also, in the below table, the effect of a variation in the discount rate assumption on the fair value of the MSRs is calculated independently without changing any other assumption. In reality, changes in one factor may result in changes in another (for example, changes in prepayment speed estimates could result in changes in the discount rates), which might magnify or counteract the sensitivities. | ||||||||||||
(Dollars in thousands) | ||||||||||||
Prepayment speed assumption (annual CPR) | 11.79 | % | ||||||||||
Decrease in fair value from 10% adverse change | $ | 767 | ||||||||||
Decrease in fair value from 25% adverse change | $ | 1,837 | ||||||||||
Discount rate assumption | 9.89 | % | ||||||||||
Decrease in fair value from 100 basis point adverse change | $ | 660 | ||||||||||
Decrease in fair value from 200 basis point adverse change | $ | 1,277 | ||||||||||
Expected weighted-average life (in months) | 96.9 | |||||||||||
The following table shows the estimated future amortization for net MSRs as of December 31, 2014: | ||||||||||||
(In thousands) | ||||||||||||
Year Ended December 31, | ||||||||||||
2015 | $ | 3,562 | ||||||||||
2016 | 3,128 | |||||||||||
2017 | 2,610 | |||||||||||
2018 | 2,189 | |||||||||||
2019 | 1,836 | |||||||||||
more than 5 years | 7,731 | |||||||||||
Total estimated future amortization | $ | 21,056 | ||||||||||
Restrictions_on_Cash_and_Divid
Restrictions on Cash and Dividends | 12 Months Ended |
Dec. 31, 2014 | |
Restrictions on Cash and Dividends [Abstract] | |
Restrictions on Cash and Dividends | Restrictions on Cash and Dividends |
The average balance on deposit with the FRB or other governing bodies to satisfy reserve requirements amounted to $5.9 million and $41.8 million during 2014 and 2013, respectively. The level of this balance is based upon amounts and types of customers’ deposits held by the banking subsidiary of the Corporation. In addition, deposits are maintained with other banks at levels determined by Management based upon the volumes of activity and prevailing interest rates to compensate for check-clearing, safekeeping, collection and other bank services performed by these banks. At December 31, 2014, cash and due from banks included $0.1 million deposited with the FRB and other banks for these reasons. | |
Dividends paid by the subsidiaries are the principal source of funds to enable the payment of dividends by the Corporation to its shareholders. These payments by the subsidiaries in 2014 were restricted, by the regulatory agencies, principally to the total of 2014 net income plus undistributed net income of the previous two calendar years. Regulatory approval must be obtained for the payment of dividends of any greater amount. |
Premises_and_Equipment
Premises and Equipment | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Property, Plant and Equipment [Abstract] | ||||||||||
Premises and Equipment | Premises and Equipment | |||||||||
The components of premises and equipment are as follows: | ||||||||||
As of December 31, | Estimated | |||||||||
(In thousands) | 2014 | 2013 | useful lives | |||||||
Land | $ | 60,397 | $ | 64,810 | - | |||||
Buildings | 308,144 | 310,345 | 10-35 yrs | |||||||
Equipment | 176,906 | 156,521 | 3-15 yrs | |||||||
Leasehold improvements | 25,151 | 23,872 | 1-20 yrs | |||||||
Software | 103,782 | 83,989 | 3-7 yrs | |||||||
674,380 | 639,537 | |||||||||
Less accumulated depreciation and amortization | 342,083 | 312,483 | ||||||||
Total premises and equipment | $ | 332,297 | $ | 327,054 | ||||||
Amounts included in noninterest expense in the accompanying Consolidated Statement of Income for depreciation and amortization aggregated $37.6 million, $32.2 million, and $23.1 million for the years ended 2014, 2013, and 2012, respectively. |
Certificates_and_Other_Time_De
Certificates and Other Time Deposits | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Time Deposits [Abstract] | ||||
Certificates and Other Time Deposits | Certificates and Other Time Deposits | |||
The aggregate amounts of certificates and other time deposits of $100 thousand and over at December 31, 2014, 2013, and 2012, were $716.5 million, $882.4 million, and $489.9 million respectively. Interest expense on these certificates and time deposits amounted to $3.8 million, $4.5 million, and $3.8 million in 2014, 2013, and 2012, respectively. | ||||
Maturities of certificates and other time deposits as of December 31, 2014 are as follows: | ||||
(In thousands) | ||||
For the year ended December 31, | ||||
2015 | $ | 1,627,788 | ||
2016 | 341,135 | |||
2017 | 101,325 | |||
2018 | 109,896 | |||
2019 | 105,632 | |||
2020 and after | 3,727 | |||
Total certificates and other time deposits | $ | 2,289,503 | ||
Federal_Funds_Purchased_and_Se
Federal Funds Purchased and Securities Sold Under Agreements to Repurchase | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Federal Funds Purchased and Securities Sold under Agreements to Repurchase [Abstract] | ||||||||||||
Federal Funds Purchased And Securities Sold Under Agreements to Repurchase | Federal Funds Purchased and Securities Sold under Agreements to Repurchase | |||||||||||
The following table presents federal funds purchased and securities sold under agreements to repurchase as of December 31, 2014 and 2013. | ||||||||||||
As of December 31, | ||||||||||||
(In thousands) | 2014 | 2013 | ||||||||||
Federal funds purchased and securities sold under agreements to repurchase | $ | 1,272,591 | $ | 851,535 | ||||||||
Securities sold under agreements to repurchase are secured by securities with a carrying value of $888.4 million and $1.0 billion at December 31, 2014 and 2013, respectively. Securities sold under agreements to repurchase have an overnight maturity at December 31, 2014. | ||||||||||||
Selected financial statement information pertaining to the securities sold under agreements to repurchase is as follows: | ||||||||||||
As of December 31, | ||||||||||||
(Dollars in thousands) | 2014 | 2013 | 2012 | |||||||||
Average balance during the year | $ | 1,084,532 | $ | 949,068 | $ | 949,756 | ||||||
Weighted-average annual interest rate during the year | 0.09 | % | 0.13 | % | 0.12 | % | ||||||
Maximum month-end balance | $ | 1,289,460 | $ | 1,123,795 | $ | 1,104,525 | ||||||
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||
Income Taxes | Income Taxes | |||||||||||
Income tax expense is comprised of the following: | ||||||||||||
Year Ended December 31, | ||||||||||||
(In thousands) | 2014 | 2013 | 2012 | |||||||||
Taxes currently payable | ||||||||||||
Federal | $ | 52,514 | $ | 24,426 | $ | 48,359 | ||||||
State | 4,763 | 3,496 | 2,655 | |||||||||
Deferred expense (benefit) | 44,666 | 51,585 | 4,679 | |||||||||
Total income tax expense | $ | 101,943 | $ | 79,507 | $ | 55,693 | ||||||
The actual income tax rate differs from the statutory tax rate as shown in the following table: | ||||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Statutory rate | 35 | % | 35 | % | 35 | % | ||||||
Increase (decrease) in rate due to: | ||||||||||||
Interest on tax-exempt securities and tax-free loans, net | (2.77 | ) | (3.16 | ) | (3.23 | ) | ||||||
Merger expenses at acquisition | — | 0.54 | — | |||||||||
Reduction in excess tax reserves | — | 0.11 | — | |||||||||
Bank owned life insurance | (2.10 | ) | (2.53 | ) | (3.10 | ) | ||||||
State income tax (net) | 0.91 | 0.87 | 0.94 | |||||||||
Tax credits | (0.96 | ) | (1.06 | ) | (1.14 | ) | ||||||
ESOP Dividends | (0.13 | ) | (0.14 | ) | (0.21 | ) | ||||||
Nondeductible meals and entertainment | 0.22 | 0.27 | 0.25 | |||||||||
Other | (0.18 | ) | 0.31 | 0.83 | ||||||||
Effective tax rates | 29.99 | % | 30.21 | % | 29.34 | % | ||||||
Income tax expense as reflected in the previous table excludes net worth-based taxes, which are assessed on financial institutions in lieu of income tax in Ohio, Pennsylvania and Michigan. These taxes are $8.2 million, $9.9 million, and $7.8 million in 2014, 2013, and 2012, respectively, and are recorded in other operating expense in the accompanying Consolidated Statement of Income. | ||||||||||||
Principal components of the Corporation’s net deferred tax asset are summarized as follows: | ||||||||||||
Year Ended | ||||||||||||
December 31, | ||||||||||||
(In thousands) | 2014 | 2013 | ||||||||||
Deferred tax assets: | ||||||||||||
Allowance for credit losses | $ | 35,760 | $ | 37,857 | ||||||||
Employee benefits | 51,584 | 33,676 | ||||||||||
Real Estate Mortgage Investment Credit | 4,831 | 5,645 | ||||||||||
Acquired liabilities | 6,296 | 14,768 | ||||||||||
Acquired loans | 51,701 | 62,993 | ||||||||||
Available for sale securities | 3,862 | 16,819 | ||||||||||
Loan fees and expenses | — | 2,777 | ||||||||||
Federal NOL carryforwards | 131,195 | 190,350 | ||||||||||
Alternative minimum tax credit carryforward | 83,428 | 41,882 | ||||||||||
General business tax credit carryforward | 1,982 | 5,715 | ||||||||||
State income tax (net of federal benefit) | 1,970 | 4,728 | ||||||||||
Other | 467 | — | ||||||||||
Total deferred tax assets | 373,076 | 417,210 | ||||||||||
Deferred tax liabilities: | ||||||||||||
Leased assets and depreciation | (24,699 | ) | (25,818 | ) | ||||||||
FHLB stock | (18,165 | ) | (24,401 | ) | ||||||||
Loan fees and expenses | (2,537 | ) | — | |||||||||
Goodwill | (16,580 | ) | (7,129 | ) | ||||||||
Core deposit intangibles | (22,013 | ) | (25,302 | ) | ||||||||
Other | — | (3,510 | ) | |||||||||
Total deferred tax liabilities | (83,994 | ) | (86,160 | ) | ||||||||
Total net deferred tax asset | $ | 289,082 | $ | 331,050 | ||||||||
At December 31, 2014 and 2013, there was no valuation allowance for deferred tax assets. | ||||||||||||
At December 31, 2014, the Corporation had gross federal loss carryforwards of $374.8 million that expire in 2028 through 2032, general business credits of $2.0 million that expire in 2028, and $83.4 million of federal alternative minimum tax credits with an indefinite life. In addition, future state income taxes are expected to be reduced by $2.3 million resulting from state non-operating losses at various levels in various states. This benefit is expected to be fully used during the expiration period of 2014 through 2027. | ||||||||||||
The period change in deferred taxes recorded both directly to shareholders’ equity and as a part of the income tax expense is summarized as follows: | ||||||||||||
Year Ended December 31, | ||||||||||||
(In thousands) | 2014 | 2013 | ||||||||||
Deferred tax changes reflected in other comprehensive income | $ | (2,698 | ) | $ | (27,285 | ) | ||||||
Deferred tax changes reflected in Federal income tax expense | 44,666 | 51,585 | ||||||||||
Deferred tax changes reflected in acquired net assets | — | (348,239 | ) | |||||||||
Net decrease/(increase) in DTA | $ | 41,968 | $ | (323,939 | ) | |||||||
Income tax benefits are recognized in the financial statements for a tax position only if it is considered “more likely than not” of being sustained on audit based solely on the technical merits of the income tax position. If the recognition criteria are met, the amount of income tax benefits to be recognized is measured based on the largest income tax benefit that is more than 50 percent likely to be realized on ultimate resolution of the tax position. | ||||||||||||
A reconciliation of the change in the reserve for uncertain tax positions for 2014 and 2013 is as follows: | ||||||||||||
(In thousands) | Federal and | Accrued | Gross Unrecognized Income Tax Benefits | |||||||||
State Tax | Interest and | |||||||||||
Penalties | ||||||||||||
Balance as of January 1, 2014 | $ | 1,003 | $ | 262 | $ | 1,265 | ||||||
Additions for tax provisions related to prior year | 798 | 14 | 812 | |||||||||
Reduction for tax positions related to prior year due closed tax years | (31 | ) | (3 | ) | (34 | ) | ||||||
Reduction for tax positions related to prior tax years | (1,465 | ) | (254 | ) | (1,719 | ) | ||||||
Balance at December 31, 2014 | $ | 305 | $ | 19 | $ | 324 | ||||||
Components of Reserve: | ||||||||||||
State income tax exposure | $ | 305 | $ | 19 | $ | 324 | ||||||
Balance at December 31, 2014 | $ | 305 | $ | 19 | $ | 324 | ||||||
(In thousands) | Federal and | Accrued | Gross Unrecognized Income Tax Benefits | |||||||||
State Tax | Interest and | |||||||||||
Penalties | ||||||||||||
Balance as of January 1, 2013 | $ | 953 | $ | 854 | $ | 1,807 | ||||||
Additions for tax provisions related to prior year | 77 | 72 | 149 | |||||||||
Reduction for tax positions related to prior tax years | (27 | ) | (664 | ) | (691 | ) | ||||||
Balance at December 31, 2013 | $ | 1,003 | $ | 262 | $ | 1,265 | ||||||
Components of Reserve: | ||||||||||||
Potential adjustment to nondeductible interest expense | $ | 30 | $ | 5 | $ | 35 | ||||||
State income tax exposure | 973 | 257 | 1,230 | |||||||||
Balance at December 31, 2013 | $ | 1,003 | $ | 262 | $ | 1,265 | ||||||
The Corporation recognized accrued interest and penalties, as appropriate, related to UTBs, in the effective tax rate. The balance of accrued interest and penalties at the reporting periods is presented in the table above. The reserve of uncertain tax positions is recorded in accrued taxes, expenses and other liabilities on the Consolidated Balance Sheet. | ||||||||||||
The Corporation is routinely examined by various taxing authorities. With few exceptions, the Corporation is no longer subject to federal, state and local tax examinations by tax authorities for years before 2011. The expiration of statutes of limitation for various jurisdictions is expected to reduce the UTB balance by approximately $0.05 million within the next twelve months. Management anticipates that the UTB balance will increase by $0.2 million as a result of the 2014 tax filings in the next twelve months. If the total amount of UTBs were recognized the effective tax rate would decrease by 9 basis points to 29.90% at December 31, 2014. | ||||||||||||
Management monitors changes in tax statutes and regulations and the issuance of judicial decisions to determine the potential impact to uncertain income tax positions. As of December 31, 2014, Management had identified no other potential U.S. Treasury regulations or legislative initiatives that could have a significant impact on the UTB balance within the next twelve months. |
Benefit_Plans
Benefit Plans | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ||||||||||||||||||||||||
Benefit Plans | Benefit Plans | |||||||||||||||||||||||
Pension plans. The Corporation had a noncontributory qualified defined benefit pension plan that covered all eligible legacy FirstMerit employees vested in the pension plan as of December 31, 2006 (“FirstMerit Pension Plan”). The FirstMerit Pension Plan was frozen for nonvested employees and closed to new entrants after December 31, 2006. Effective December 31, 2012, the FirstMerit Pension Plan was frozen for vested employees resulting in no benefits accruing after December 31, 2012. Employees will have an accrued benefit which will be paid upon retirement. | ||||||||||||||||||||||||
Certain former Citizens’ employees were covered by a cash balance defined benefit pension plan after the Acquisition Date through December 31, 2013 (“Citizens Pension Plan”). Effective December 31, 2006, the Citizens Pension Plan was frozen, preserving prior earned benefits but discontinuing the accrual of future benefits. | ||||||||||||||||||||||||
As of December 31, 2013, the Corporation adopted one noncontributory qualified defined pension plan covering all eligible FirstMerit and former Citizens employees, with the FirstMerit Pension Plan being the surviving plan. The Citizens Pension Plan ceased to exist after December 31, 2013. The plan assets of the FirstMerit Pension Plan and the Citizens Pension Plan were combined and invested in a single trust as of December 31, 2013. Benefits remain frozen in the combined plan with the unique benefit structure under each of the FirstMerit and Citizens Pension Plans retained in the combined plan. | ||||||||||||||||||||||||
A supplemental nonqualified, nonfunded pension plan for certain officers is also maintained and is being provided for by charges to earnings sufficient to meet the projected benefit obligation. The pension cost for this plan is based on substantially the same actuarial methods and economic assumptions as those used for the FirstMerit Pension Plan. On December 18, 2013, the FirstMerit Corporation Amended and Restated Supplemental Executive Retirement Plan was amended to freeze the benefit payable to the Corporation’s Chairman, President and Chief Executive Officer (“CEO”) at the level of the benefit accrued by the CEO under the plan as of November 30, 2013. Subsequent increases or decreases in the CEO’s compensation nor any changes in circumstances will cause any increase or decrease in the amount payable to the CEO under this plan. | ||||||||||||||||||||||||
Postretirement medical and life insurance plan. The Corporation also sponsors a benefit plan that provided postretirement medical and life insurance for retired employees (“FirstMerit Postretirement Plan”). The Corporation’s medical contribution was limited to 200% of the 1993 level for employees who retire after January 1, 1993. | ||||||||||||||||||||||||
Effective March 1, 2009, the Corporation discontinued the subsidy for retiree medical for current eligible active employees. Eligible employees who retired on or prior to March 1, 2009, were offered subsidized retiree medical coverage until age 65. Employees who retired after March 1, 2009, do not receive a Corporation subsidy toward retiree medical coverage. | ||||||||||||||||||||||||
Effective January 1, 2012, the FirstMerit Postretirement Plan was amended to cap the Corporation’s subsidy on retiree medical costs. Any cost incurred over the cap will be the responsibility of the retiree. | ||||||||||||||||||||||||
Postretirement medical and life insurance plans were also maintained for certain former Citizens employees after the Acquisition Date through December 31, 2013, (“Citizens Postretirement Plan”). Citizens’ Postretirement Plan provided postretirement health and dental care to full-time employees who retired with eligibility for coverage based on historical plan terms. | ||||||||||||||||||||||||
As of December 31, 2013, the Corporation adopted one postretirement plan covering all eligible FirstMerit and former Citizens employees, with the FirstMerit Postretirement Plan being the surviving plan. The Citizens Postretirement Plan ceased to exist after December 31, 2013, and future benefits to the existing participants of the Citizens Postretirement Plan Plan will be provided under the FirstMerit Postretirement Plan. The Corporation reserves the right to terminate or amend the FirstMerit Postretirement Plan at any time. | ||||||||||||||||||||||||
Other employee benefits. FirstMerit’s Amended and Restated Executive Deferred Compensation Plan (“FirstMerit Deferred Compensation Plan”) allows participating executives to elect to receive incentive compensation payable with respect to any year in whole Common Stock or cash, or to elect to defer receipt of any incentive compensation otherwise payable with respect to any year in increments of 1%. An account is maintained in the name of each participant and is credited with cash or Common Stock equal to the number of shares that could have been purchased with the amount of any compensation so deferred, at the closing price of the Common Stock on the day as of which the share account is so credited. The deferred compensation liability at December 31, 2014, and 2013, was $19.0 million and $19.2 million, respectively, and is included in accrued taxes, expenses and other liabilities on the accompanying Consolidated Balance Sheet. | ||||||||||||||||||||||||
Savings plans. The Corporation maintains a retirement savings plan under Section 401(k) of the Internal Revenue Code of 1986, as amended, covering substantially all full-time and part-time employees beginning in the quarter following three months of continuous employment (“FirstMerit 401(k) Plan”). For the years ended December 31, 2014 and 2013, the employer’s matching contribution to the FirstMerit 401(k) Plan was 100% on the first 3% and then 50% on the next 2% of the employee’s qualifying salary. For the year ended December 31, 2012, the employer’s matching contribution was $0.50 of each $1.00 up to 1% of employee’s qualifying salary. Contributions made by the Corporation to the FirstMerit 401(k) Plan were $7.7 million for 2014, $4.4 million in 2013, and $0.6 million in 2012. Matching contributions vest in accordance with plan specifications. | ||||||||||||||||||||||||
From the Acquisition Date through the close of business December 31, 2013, eligible Citizens employees who were employed by the Corporation continued to be covered by an employee savings plan under Section 401(k) ("Citizens 401(k) Plan"). Contributions to the Citizens 401(k) Plan were matched 50% on the first 2% of salary deferred and 25% on the next 6% deferred. The Corporation contributed $1.1 million to the Citizens 401(k) Plan from Acquisition Date through December 31, 2013. The Citizens 401(k) Plan was merged with the FirstMerit 401(k) Plan as of close of business December 31, 2013. The plan terms of the merged plans are substantially the same as the FirstMerit 401(k) Plan. | ||||||||||||||||||||||||
The Corporation maintained a qualified defined contribution plan known as Retirement Investment Plan through December 31, 2012. Effective with the termination of this plan as of January 1, 2013, the Corporation will provide, for a five-year period, a transition contribution equal to 3% of an employee’s qualifying salary to all eligible plan participants that have earned 60 age-plus-service points, as of December 31, 2012. This transition contribution totaled $0.7 million and $1.1 million for the years ended December 31, 2014 and December 31, 2013, respectively. | ||||||||||||||||||||||||
The combined components of net periodic pension and postretirement benefits and other amounts recognized in AOCI for the Corporation's pension and postretirement benefit plans as of December 31, 2014, 2013 and 2012, are as follows: | ||||||||||||||||||||||||
Pension Benefits | Postretirement Benefits | |||||||||||||||||||||||
(In thousands) | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||||||
Net periodic cost consists of: | ||||||||||||||||||||||||
Service cost | $ | 728 | $ | 2,339 | $ | 7,194 | $ | 65 | $ | 99 | $ | 77 | ||||||||||||
Interest cost | 14,337 | 12,814 | 11,862 | 655 | 563 | 697 | ||||||||||||||||||
Expected return on plan assets | (16,035 | ) | (14,938 | ) | (12,136 | ) | — | — | — | |||||||||||||||
Amortization of prior service cost/(credit) | 2,599 | 467 | 388 | (468 | ) | (468 | ) | (468 | ) | |||||||||||||||
Amortization of actuarial (gains)/losses | 2,930 | 4,693 | 10,371 | 236 | 268 | 288 | ||||||||||||||||||
Settlement / curtailment income | — | (524 | ) | (142 | ) | — | — | — | ||||||||||||||||
Net periodic cost (benefit) | 4,559 | 4,851 | 17,537 | 488 | 462 | 594 | ||||||||||||||||||
Other changes in plan assets and benefit obligations recognized in Other comprehensive income: | ||||||||||||||||||||||||
Current year actuarial losses/(gains) | 49,488 | (47,257 | ) | 1,281 | 64 | (682 | ) | (57 | ) | |||||||||||||||
Amortization of actuarial gains/(losses) | (2,930 | ) | (4,169 | ) | (10,229 | ) | (236 | ) | (268 | ) | (288 | ) | ||||||||||||
Amortization of prior service (cost)/credit | (2,599 | ) | (467 | ) | (388 | ) | 468 | 468 | 468 | |||||||||||||||
Total recognized in AOCI, before income taxes | 43,959 | (51,893 | ) | (9,336 | ) | 296 | (482 | ) | 123 | |||||||||||||||
Total recognized in net periodic cost and AOCI | $ | 48,518 | $ | (47,042 | ) | $ | 8,201 | $ | 784 | $ | (20 | ) | $ | 717 | ||||||||||
A measurement date of December 31 is used for plan assets and benefit obligations. The following table sets forth a reconciliation of the changes in the projected benefit obligation for the Corporation’s pension and postretirement benefit plans as of December 31, 2014, and 2013, as well as the change in plan assets for the Corporation’s qualified pension plans: | ||||||||||||||||||||||||
Pension Benefits | Postretirement Benefits | |||||||||||||||||||||||
(In thousands) | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||
Accumulated benefit obligation, end of year | $ | 354,402 | $ | 307,739 | ||||||||||||||||||||
Change in projected benefit obligation: | ||||||||||||||||||||||||
Projected benefit obligation, beginning of year | 308,834 | 259,428 | $ | 15,544 | $ | 14,771 | ||||||||||||||||||
Citizens acquisition | — | 85,483 | — | 2,062 | ||||||||||||||||||||
Service cost | 728 | 2,339 | 65 | 99 | ||||||||||||||||||||
Interest cost | 14,337 | 12,814 | 655 | 563 | ||||||||||||||||||||
Plan amendments | — | 3,927 | (1,979 | ) | — | |||||||||||||||||||
Participant contributions | — | — | 1,851 | 1,538 | ||||||||||||||||||||
Actuarial (gains)/losses and change in assumptions | 50,115 | (35,984 | ) | 2,046 | (682 | ) | ||||||||||||||||||
Benefits paid | (18,372 | ) | (19,172 | ) | (3,018 | ) | (2,808 | ) | ||||||||||||||||
Projected benefit obligation, end of year | $ | 355,642 | $ | 308,834 | $ | 15,164 | $ | 15,544 | ||||||||||||||||
Change in plan assets, at fair value: | ||||||||||||||||||||||||
Fair value of plan assets, beginning of year | $ | 257,510 | $ | 174,385 | $ | — | $ | — | ||||||||||||||||
Citizens acquisition | — | 68,304 | — | — | ||||||||||||||||||||
Actual return on plan assets | 16,663 | 30,298 | — | — | ||||||||||||||||||||
Participant contributions | — | — | 1,851 | 1,538 | ||||||||||||||||||||
Employer contributions | 1,554 | 3,695 | 1,167 | 1,270 | ||||||||||||||||||||
Benefits paid | (18,372 | ) | (19,172 | ) | (3,018 | ) | (2,808 | ) | ||||||||||||||||
Fair value of plan assets, end of year | $ | 257,355 | $ | 257,510 | $ | — | $ | — | ||||||||||||||||
Funded status (1) | (98,287 | ) | (51,324 | ) | (15,164 | ) | (15,544 | ) | ||||||||||||||||
Amounts recognized in AOCI before income taxes: | ||||||||||||||||||||||||
Prior service cost (credit) | $ | 2,587 | $ | 5,121 | $ | (5,370 | ) | $ | (3,858 | ) | ||||||||||||||
Net actuarial loss | 99,715 | 53,061 | 5,138 | 3,329 | ||||||||||||||||||||
Amount recognized in AOCI | $ | 102,302 | $ | 58,182 | $ | (232 | ) | $ | (529 | ) | ||||||||||||||
(1) The Corporation recognizes the underfunded status of the plans in accrued taxes, expenses and other liabilities on the Consolidated Balance Sheet. | ||||||||||||||||||||||||
As indicated in the table above, the benefit obligation and accumulated benefit obligation for all of the Corporation’s pension plans were in excess of the fair value of plan assets. | ||||||||||||||||||||||||
Actuarial assumptions. The actuarial assumptions used to determine year end obligations for the Corporation’s pension and postretirement plans were as follows: | ||||||||||||||||||||||||
Weighted-average assumptions for year end obligations | 2014 | 2013 | 2012 | |||||||||||||||||||||
Discount rate | ||||||||||||||||||||||||
Qualified pensions | 4.19 | % | 4.99 | % | 4.21 | % | ||||||||||||||||||
Nonqualified pensions | 3.61 | % | 4.12 | % | 4.21 | % | ||||||||||||||||||
Postretirement medical benefits, FirstMerit’s plan | 3.5 | % | 4.01 | % | 3.18 | % | ||||||||||||||||||
Postretirement medical benefits, Citizens’ plan | 3.61 | % | 3.98 | % | na | |||||||||||||||||||
Postretirement life insurance benefits | 4.36 | % | 5.08 | % | 4.3 | % | ||||||||||||||||||
Expected long-term rate of return | 6.5 | % | 6.75 | % | 7 | % | ||||||||||||||||||
Rate of compensation increase | ||||||||||||||||||||||||
Qualified pensions | na | na | na | |||||||||||||||||||||
Nonqualified pensions | 3.75 | % | 3.75 | % | 3.75 | % | ||||||||||||||||||
Assumed health care cost trend rate, pre-65 (1) | ||||||||||||||||||||||||
Initial trend | 7 | % | 7.5 | % | 8 | % | ||||||||||||||||||
Ultimate trend | 5 | % | 5 | % | 5 | % | ||||||||||||||||||
Year ultimate trend reached | 2019 | 2019 | 2019 | |||||||||||||||||||||
Assumed health care cost trend rate, post-65 (1) | ||||||||||||||||||||||||
Initial trend | 11 | % | 11.5 | % | 12 | % | ||||||||||||||||||
Ultimate trend | 5 | % | 5 | % | 5 | % | ||||||||||||||||||
Year ultimate trend reached | 2027 | 2027 | 2027 | |||||||||||||||||||||
Prescription Drugs | ||||||||||||||||||||||||
Initial trend | 7 | % | 7.5 | % | 8 | % | ||||||||||||||||||
Ultimate trend | 5 | % | 5 | % | 5 | % | ||||||||||||||||||
Year ultimate trend reached | 2019 | 2019 | 2019 | |||||||||||||||||||||
(1) The health care cost trend assumptions relate only to the postretirement benefit plans. Increasing or decreasing the assumed health care cost trend rates by one percentage point each future year would not have a material impact on total service and interest cost or the year end benefit obligation. | ||||||||||||||||||||||||
The actuarial assumptions used as of the beginning of the year to determine the net periodic costs for the Corporation’s pension and postretirement plans were as follows: | ||||||||||||||||||||||||
Weighted-average assumptions for benefit cost at beginning of year | 2014 | 2013 | 2012 | |||||||||||||||||||||
Discount rate | ||||||||||||||||||||||||
Qualified pension | 4.99 | % | 4.21 | % | 5.04 | % | ||||||||||||||||||
Nonqualified pensions | 4.12 | % | 4.21 | % | 5.04 | % | ||||||||||||||||||
Postretirement medical benefits | 4.01 | % | 3.18 | % | 4.23 | % | ||||||||||||||||||
Postretirement life insurance benefits | 5.08 | % | 4.3 | % | 5.03 | % | ||||||||||||||||||
Expected long-term rate of return | 6.75 | % | 7 | % | 7.25 | % | ||||||||||||||||||
Rate of compensation increase | ||||||||||||||||||||||||
Qualified pension | na | na | 5.22 | % | ||||||||||||||||||||
Nonqualified pensions | 3.75 | % | 3.75 | % | 3.75 | % | ||||||||||||||||||
Assumed health care cost trend rate, pre-65 (1) | ||||||||||||||||||||||||
Initial trend | 7.5 | % | 8 | % | 8.5 | % | ||||||||||||||||||
Ultimate trend | 5 | % | 5 | % | 5 | % | ||||||||||||||||||
Year ultimate trend reached | 2019 | 2019 | 2019 | |||||||||||||||||||||
Assumed health care cost trend rate, post-65 (1) | ||||||||||||||||||||||||
Initial trend | 11.5 | % | 12 | % | 12.5 | % | ||||||||||||||||||
Ultimate trend | 5 | % | 5 | % | 5 | % | ||||||||||||||||||
Year ultimate trend reached | 2027 | 2027 | 2027 | |||||||||||||||||||||
Prescription Drugs | ||||||||||||||||||||||||
Initial trend | 7.5 | % | 8 | % | 8.5 | % | ||||||||||||||||||
Ultimate trend | 5 | % | 5 | % | 5 | % | ||||||||||||||||||
Year ultimate trend reached | 2019 | 2019 | 2019 | |||||||||||||||||||||
(1) The health care cost trend assumptions relate only to the postretirement benefit plans. Increasing or decreasing the assumed health care cost trend rates by one percentage point each future year would not have a material impact on total service and interest cost or the year end benefit obligation | ||||||||||||||||||||||||
The discount rates are determined independently for each plan and reflect the market rate for high-quality fixed income debt instruments, that are rated double-A or higher by a recognized ratings agency. | ||||||||||||||||||||||||
The rate of return on plan assets is a long-term assumption established by considering historic plan asset returns and anticipated returns of the asset classes invested in by the pension plan and the allocation strategy currently in place among those classes. The expected return on equities was computed using a valuation framework, which projected future returns based on current equity valuations rather than historical returns. Due to active management of the plan’s assets, the return on the plan equity investments historically has exceeded market averages. Management estimated the rate by which the plan assets would outperform the market in the future based on historical experience adjusted for changes in asset allocation and expectations for overall future returns on equities compared to past periods. | ||||||||||||||||||||||||
The Medicare Prescription Drug, Improvement, and Modernization Act of 2003 introduced a prescription drug benefit under Medicare, and provides a federal subsidy to sponsors of retiree healthcare benefit plans that offer “actuarially equivalent” prescription drug coverage to retirees. For the years ended December 31, 2014, 2013, and 2012, these subsidies did not have a material effect on the APBO and net postretirement benefit cost for the Corporation. | ||||||||||||||||||||||||
Net unrecognized actuarial gains or losses and prior service costs are recognized as an adjustment to accumulated other comprehensive income, net of tax, in the period they arise and, subsequently, recognized as a component of net periodic benefit cost over the average remaining service period of the active employees. The amounts in accumulated other comprehensive loss that are expected to be recognized as components of net periodic benefit cost (credit) during the next fiscal year are as follows: | ||||||||||||||||||||||||
(In thousands) | Pension | Postretirement | Total | |||||||||||||||||||||
Prior service cost/(credit) | $ | 2,279 | $ | (639 | ) | $ | 1,640 | |||||||||||||||||
Actuarial net loss | 4,224 | 325 | 4,549 | |||||||||||||||||||||
At December 31, 2014, the FirstMerit Pension Plan was sufficiently funded under the requirements of ERISA, consequently, the Corporation was not required to make a minimum contribution to that plan in 2014. The Corporation also does not expect to make any significant discretionary contributions during 2015. | ||||||||||||||||||||||||
At December 31, 2014, the following table shows when benefit payments were expected to be paid. The expected benefits were estimated using the same assumptions as those used to calculate the benefit obligations in the preceding tables and includes benefits attributable to estimated future employee service. | ||||||||||||||||||||||||
(In thousands) | Pension | Postretirement | ||||||||||||||||||||||
2015 | $ | 26,555 | $ | 1,247 | ||||||||||||||||||||
2016 | 26,420 | 1,137 | ||||||||||||||||||||||
2017 | 22,162 | 1,063 | ||||||||||||||||||||||
2018 | 21,858 | 1,004 | ||||||||||||||||||||||
2019 | 20,239 | 951 | ||||||||||||||||||||||
2020 through 2024 | 93,104 | 4,331 | ||||||||||||||||||||||
FirstMerit Pension Plan Investment Policy and Strategy. The FirstMerit Pension Plan invests in equities and other return-seeking assets such as real assets, as well as liability-hedging assets, primarily fixed income. The Investment Policy recognizes that the plan’s asset return requirements and risk tolerances will change over time. The Corporation utilizes a dynamic investment policy, whereby the allocation to return-seeking assets and liability-hedging assets is determined by comparing plan assets to the plan liabilities. As the plan’s funded ratio status improves, the allocation to liability-hedging assets will increase. | ||||||||||||||||||||||||
Dynamic Investment Policy Schedule | ||||||||||||||||||||||||
Return-Seeking (and Diversification) Allocation Strategy | ||||||||||||||||||||||||
Funded Ratio | Minimum | Target | Maximum | |||||||||||||||||||||
≤97% | 36% | 40% | 44% | |||||||||||||||||||||
98% | 34% | 38% | 42% | |||||||||||||||||||||
99% | 31% | 35% | 39% | |||||||||||||||||||||
100% | 30% | 33% | 36% | |||||||||||||||||||||
101% | 28% | 31% | 34% | |||||||||||||||||||||
102% | 26% | 29% | 32% | |||||||||||||||||||||
103% | 23% | 26% | 29% | |||||||||||||||||||||
104% | 21% | 24% | 27% | |||||||||||||||||||||
105% | 18% | 21% | 24% | |||||||||||||||||||||
106% | 16% | 18% | 20% | |||||||||||||||||||||
107% | 12% | 14% | 16% | |||||||||||||||||||||
≥108% | 8% | 10% | 12% | |||||||||||||||||||||
The weighted-average allocations for the FirstMerit Pension Plan as of December 31, 2014 and 2013, by asset category, are as follows: | ||||||||||||||||||||||||
Percentage of | ||||||||||||||||||||||||
Plan Assets on | ||||||||||||||||||||||||
Measurement Date | ||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||
Asset Category | 2014 | 2013 | ||||||||||||||||||||||
Cash and domestic money market funds | 1.49 | % | 1.92 | % | ||||||||||||||||||||
U.S. Treasury obligations | 1.97 | % | 1.76 | % | ||||||||||||||||||||
U.S. Government agencies | 1.12 | % | 0.95 | % | ||||||||||||||||||||
Corporate bonds | 2.79 | % | 3.12 | % | ||||||||||||||||||||
Common stocks | 13.54 | % | 11.24 | % | ||||||||||||||||||||
Equity mutual funds | 18.85 | % | 27.62 | % | ||||||||||||||||||||
Fixed income mutual funds | 50.11 | % | 36.56 | % | ||||||||||||||||||||
Foreign mutual funds | 10.13 | % | 16.83 | % | ||||||||||||||||||||
100 | % | 100 | % | |||||||||||||||||||||
The following is a description of the valuation methodologies used to measure assets held by the FirstMerit Pension Plans at fair value. | ||||||||||||||||||||||||
• | Domestic and foreign money market funds: Valued at quoted prices as reported on the active market in which the money market funds are traded. | |||||||||||||||||||||||
• | United States government securities, United States government agency issues and corporate bonds: Valued using independent evaluated prices which are based on observable inputs, such as available trade information, spreads, bids and offers, and United States Treasury curves. | |||||||||||||||||||||||
• | Common stocks: Valued at the closing price reported on the active market in which the individual securities are traded. | |||||||||||||||||||||||
• | Registered equity, fixed income and foreign mutual funds: Valued at quoted prices as reported on the active market in which the securities are traded. | |||||||||||||||||||||||
The preceding methods described may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, although the Corporation believes its valuation method is appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of financial instruments could result in a different fair value measurement at the reporting date. | ||||||||||||||||||||||||
The following table sets forth by level, within the fair value hierarchy, the FirstMerit Pension Plan’s assets at fair value as of December 31, 2014: | ||||||||||||||||||||||||
(In thousands) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
Domestic money market funds | $ | 3,836 | $ | — | $ | — | $ | 3,836 | ||||||||||||||||
United States government securities | — | 5,067 | — | 5,067 | ||||||||||||||||||||
United States government agency issues | — | 2,897 | — | 2,897 | ||||||||||||||||||||
Corporate bonds | — | 7,177 | — | 7,177 | ||||||||||||||||||||
Common stocks | 34,835 | — | — | 34,835 | ||||||||||||||||||||
Equity mutual funds | 48,518 | — | — | 48,518 | ||||||||||||||||||||
Fixed income mutual funds | 128,951 | — | — | 128,951 | ||||||||||||||||||||
Foreign mutual funds | 26,074 | — | — | 26,074 | ||||||||||||||||||||
Total assets at fair value | $ | 242,214 | $ | 15,141 | $ | — | $ | 257,355 | ||||||||||||||||
ShareBased_Compensation
Share-Based Compensation | 12 Months Ended | ||||||||||||||
Dec. 31, 2014 | |||||||||||||||
Share-based Compensation [Abstract] | |||||||||||||||
Share-Based Compensation | Share-Based Compensation | ||||||||||||||
The Corporation’s 2002, 2006 and 2011 Stock and Equity Plans, and the Citizens Republic Bancorp, Inc. Stock Compensation plan, and the Republic Bancorp, Inc 1998 Stock Option Plan that were assumed by the Corporation in connection with the Citizens acquisition (the “Plans”), provide stock options and restricted stock awards available to grant to employees for up to 5,769,655 shares of Common Stock of the Corporation. The Plans also provide for the granting of nonqualified stock options and nonvested (restricted) shares to certain nonemployee directors of the Corporation. Outstanding options under these Plans are generally not exercisable for twelve months from date of grant. The total share-based compensation expense recognized during the years ended December 31, 2014, 2013, and 2012, was $13.9 million, $10.9 million, and $9.3 million, respectively, and the related tax benefit was $4.9 million, $3.8 million, and $3.3 million, respectively. Share-based compensation expense related to awards granted to employees as well as awards granted to directors is recorded in salaries, wages, pension and employee benefits in the accompanying Consolidated Statements of Income. | |||||||||||||||
Certain of the Corporation’s share-based award grants contain terms that provide for a graded vesting schedule whereby portions of the award vest in increments over the requisite service period. The Corporation has elected to recognize compensation expense for awards with graded vesting schedule on a straight-line basis over the service period for the entire award. Compensation expense is recognized based on the estimated number of stock options and awards for which service is to be rendered. Upon stock option exercise or stock unit conversion, it is the policy of the Corporation to issue shares from treasury stock. No open market repurchases of Common Stock are planned in the upcoming calendar year. The Corporation has the authority to issue shares well in excess of the total number of stock option and restricted stock awards available for grant. | |||||||||||||||
In accordance with the Corporation’s stock option and nonvested (restricted) shares plans, employee participants that are 55 or older and have fifteen years of service are eligible to retire. Prior to the Plans’ amendments during 2007, which eliminated post retirement vesting, all unvested awards at the time of retirement continued to vest. The Corporation accelerates the recognition of compensation costs for share-based awards granted or modified to retirement-eligible employees and employees who become retirement-eligible. The compensation cost of these awards is recognized over the period up to the date the employee first becomes eligible to retire. | |||||||||||||||
Stock Option Awards | |||||||||||||||
Options under these Plans are granted with an exercise price equal to the market price of the Corporation’s shares at the date of grant; those option awards generally vest based on three years of continuous service and have a 10-year contractual term. Options granted as incentive stock options must be exercised within ten years and options granted as nonqualified stock options have terms established by the Compensation Committee of the Board and approved by the nonemployee directors of the Board. Upon termination, options are cancelable within defined periods based upon the reason for termination of employment. | |||||||||||||||
The Black-Scholes option pricing model was used to estimate the fair market value of the options at the date of grant. This model was originally developed for use in estimating the fair value of traded options which have different characteristics from the Corporation’s employee stock options. Because of these differences, the Black-Scholes model is not a perfect indicator of value of an employee stock option, but it is commonly used for this purpose. | |||||||||||||||
A summary of stock option activity under the Plans as of December 31, 2014, 2013, and 2012, and changes during the years then ended is as follows: | |||||||||||||||
Options | Shares (000’s) | Weighted-Average Exercise Price | Weighted-Average Remaining Contractual Term | Aggregate InstrinsicValue (000’s) | |||||||||||
Outstanding at January 1, 2012 | 2,077 | $ | 25.15 | 1.85 | — | ||||||||||
Exercised | — | — | |||||||||||||
Forfeited | (71 | ) | 25.85 | ||||||||||||
Expired | (186 | ) | 25.97 | ||||||||||||
Outstanding at December 31, 2012 | 1,820 | $ | 24.73 | 1.82 | $ | — | |||||||||
Acquired | 63 | 218.01 | |||||||||||||
Exercised | — | — | |||||||||||||
Forfeited | (8 | ) | 23.93 | ||||||||||||
Expired | (479 | ) | 36.64 | ||||||||||||
Outstanding at December 31, 2013 | 1,396 | $ | 28.84 | 1.14 | $ | 87 | |||||||||
Exercised | — | — | |||||||||||||
Forfeited | — | — | |||||||||||||
Expired | (558 | ) | 31.91 | ||||||||||||
Outstanding at December 31, 2014 | 838 | $ | 26.64 | 0.62 | $ | — | |||||||||
Exercisable at December 31, 2014 | 838 | $ | 26.64 | 0.62 | $ | — | |||||||||
There were no options granted in the years ended December 31, 2014, 2013, and 2012. During the years ended December 31, 2014, 2013, and 2012, no options were exercised. | |||||||||||||||
At December 31, 2014, there was no unrecognized compensation costs related to stock options granted to be realized under the Plans. | |||||||||||||||
Nonvested (Restricted) Stock Awards | |||||||||||||||
The market price of the Corporation’s Common Stock at the date of grant is used to estimate the fair value of nonvested (restricted) stock awards. A summary of the status of the Corporation’s nonvested shares as of December 31, 2014, 2013, and 2012, and changes during the years then ended, is as follows: | |||||||||||||||
Weighted-Average | |||||||||||||||
Grant Date | |||||||||||||||
Nonvested (restricted) Stock Awards | Shares (000’s) | Fair Value | |||||||||||||
Nonvested at January 1, 2012 | 1,026 | $ | 18.26 | ||||||||||||
Granted | 596 | 16.06 | |||||||||||||
Vested | (493 | ) | 18.29 | ||||||||||||
Forfeited or expired | (50 | ) | 18.94 | ||||||||||||
Nonvested at December 31, 2012 | 1,079 | $ | 17 | ||||||||||||
Granted | 823 | 16.47 | |||||||||||||
Vested | (508 | ) | 17.9 | ||||||||||||
Forfeited or expired | (52 | ) | 16.89 | ||||||||||||
Nonvested at December 31, 2013 | 1,342 | $ | 16.34 | ||||||||||||
Granted | 777 | 19.67 | |||||||||||||
Vested | (664 | ) | 16.3 | ||||||||||||
Forfeited or expired | (42 | ) | 18.16 | ||||||||||||
Nonvested at December 31, 2014 | 1,413 | $ | 18.16 | ||||||||||||
At December 31, 2014, there was $14.6 million of total unrecognized compensation cost related to nonvested share-based compensation arrangements granted under the Plans. That cost is expected to be recognized over a weighted-average period of 1.65 years. The total fair value of shares vested during the year ended December 31, 2014, 2013, and 2012, was $10.8 million, $9.1 million, and $9.0 million, respectively. |
Parent_Company
Parent Company | 12 Months Ended | ||||||||||||||
Dec. 31, 2014 | |||||||||||||||
Parent Company [Abstract] | |||||||||||||||
Parent Company | Parent Company | ||||||||||||||
Condensed financial information of FirstMerit Corporation (Parent Company only) is as follows: | |||||||||||||||
(In thousands) | As of December 31, | ||||||||||||||
Condensed Balance Sheet | 2014 | 2013 | |||||||||||||
Assets: | |||||||||||||||
Cash and due from banks | $ | 142,950 | $ | 125,032 | |||||||||||
Investment securities | 1,553 | 2,253 | |||||||||||||
Investment in subsidiaries, at equity in underlying value of their net assets | 2,936,865 | 2,863,473 | |||||||||||||
Other assets | 20,479 | 77,674 | |||||||||||||
Total Assets | $ | 3,101,847 | $ | 3,068,432 | |||||||||||
Liabilities and Shareholders’ Equity: | |||||||||||||||
Long-term debt | $ | 249,935 | $ | 324,428 | |||||||||||
Accrued and other liabilities | 17,631 | 41,110 | |||||||||||||
Shareholders’ equity | 2,834,281 | 2,702,894 | |||||||||||||
Total Liabilities and Shareholders’ Equity | $ | 3,101,847 | $ | 3,068,432 | |||||||||||
(In thousands) | Year Ended December 31, | ||||||||||||||
Condensed Statement of Income | 2014 | 2013 | 2012 | ||||||||||||
Income: | |||||||||||||||
Cash dividends from subsidiaries | $ | 82,642 | $ | 81,715 | $ | 155,493 | |||||||||
Noninterest income | 437 | 483 | 309 | ||||||||||||
Total income | 83,079 | 82,198 | 155,802 | ||||||||||||
Interest and other expenses | 30,613 | 29,684 | 10,799 | ||||||||||||
Income before income tax benefit and equity in undistributed income of subsidiaries | 52,466 | 52,514 | 145,003 | ||||||||||||
Income tax benefit | (10,324 | ) | (9,341 | ) | (2,004 | ) | |||||||||
Income before equity in undistributed net income of subsidiaries | 62,790 | 61,855 | 147,007 | ||||||||||||
Equity in undistributed income of subsidiaries | 175,161 | 121,829 | (12,901 | ) | |||||||||||
Net income | $ | 237,951 | $ | 183,684 | $ | 134,106 | |||||||||
(In thousands) | Year Ended December 31, | ||||||||||||||
Condensed Statement of Cash Flows | 2014 | 2013 | 2012 | ||||||||||||
Operating activities: | |||||||||||||||
Net income | $ | 237,951 | $ | 183,684 | $ | 134,106 | |||||||||
Adjustments to reconcile net income to net cash provided by operating activities | |||||||||||||||
Equity in undistributed income of subsidiaries | (175,161 | ) | (121,829 | ) | 12,901 | ||||||||||
Decrease (increase) in Federal income tax receivable | 35,672 | (30,399 | ) | (4,446 | ) | ||||||||||
(Increase) decrease in deferred Federal tax asset | (1,449 | ) | 27,032 | 106 | |||||||||||
Increase in interest payable | — | 4,618 | — | ||||||||||||
Other | (552 | ) | 924 | 738 | |||||||||||
Net cash provided by operating activities | 96,461 | 64,030 | 143,405 | ||||||||||||
Investing activities: | |||||||||||||||
Loans or advances to subsidiaries | — | (50 | ) | — | |||||||||||
Repayment of loans to or investment in subsidiaries | 110,675 | — | — | ||||||||||||
Cash paid for acquisition, net of cash received | — | (315,069 | ) | — | |||||||||||
Sale of investments in subsidiaries | — | — | 7,827 | ||||||||||||
Sale of investment securities | 784 | — | — | ||||||||||||
Purchases of investment securities | (81 | ) | (215 | ) | (44 | ) | |||||||||
Net cash provided (used) by investing activities | 111,378 | (315,334 | ) | 7,783 | |||||||||||
Financing activities: | |||||||||||||||
Proceeds from issuance of subordinated debt | — | 249,927 | — | ||||||||||||
Proceeds from issuance of preferred stock | — | 96,550 | — | ||||||||||||
Repayment of long-term debt | (74,451 | ) | — | — | |||||||||||
Cash dividends-common stock | (105,333 | ) | (96,222 | ) | (69,459 | ) | |||||||||
Cash dividends-preferred stock | (5,876 | ) | (5,337 | ) | — | ||||||||||
Purchase of treasury shares | (4,261 | ) | (9,521 | ) | (2,389 | ) | |||||||||
Net cash (used) provided by financing activities | (189,921 | ) | 235,397 | (71,848 | ) | ||||||||||
Increase (decrease) in cash and cash equivalents | 17,918 | (15,907 | ) | 79,340 | |||||||||||
Cash and cash equivalents at beginning of year | 125,032 | 140,939 | 61,599 | ||||||||||||
Cash and cash equivalents at end of year | $ | 142,950 | $ | 125,032 | $ | 140,939 | |||||||||
Segment_Information
Segment Information | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||
Segment Information | Segment Information | ||||||||||||||||||||
Management monitors the Corporation’s results by an internal performance measurement system, which provides lines of business results and key performance measures. The profitability measurement system is based on internal financial management practices designed to produce consistent results and reflect the underlying economics of the businesses. The development and application of these methodologies is a dynamic process. Accordingly, these measurement tools and assumptions may be revised periodically to reflect methodological, product, and/or management organizational changes. Further, these tools measure financial results that support the strategic objectives and internal organizational structure of the Corporation. Consequently, the information presented is not necessarily comparable with similar information for other financial institutions. | |||||||||||||||||||||
A description of each business, selected financial performance, and the methodologies used to measure financial performance are presented below. | |||||||||||||||||||||
• | Commercial – The commercial line of business provides a full range of lending, depository, and related financial services to middle-market corporate, industrial, financial, core business banking, public entities, and leasing clients. Commercial also includes personal business from commercial loan clients in coordination with the Wealth Management segment. Products and services offered include commercial term loans, revolving credit arrangements, asset-based lending, leasing, commercial mortgages, real estate construction lending, letters of credit, treasury management, government banking, international banking, merchant card and other depository products and services. | ||||||||||||||||||||
• | Retail – The retail line of business includes consumer lending and deposit gathering, residential mortgage loan origination and servicing, and branch-based small business banking (formerly known as the “micro business” line). Retail offers a variety of retail financial products and services including consumer direct and indirect installment loans, debit and credit cards, debit gift cards, residential mortgage loans, home equity loans and lines of credit, deposit products, fixed and variable annuities and ATM network services. Deposit products include checking, savings, money market accounts and certificates of deposit. | ||||||||||||||||||||
• | Wealth – The wealth line of business offers a broad array of asset management, private banking, financial planning, estate settlement and administration, credit and deposit products and services. Trust and investment services include personal trust and planning, investment management, estate settlement and administration services. Retirement plan services focus on investment management and fiduciary activities. Brokerage and insurance delivers retail mutual funds, other securities, variable and fixed annuities, personal disability and life insurance products and brokerage services. Private banking provides credit, deposit and asset management solutions for affluent clients. | ||||||||||||||||||||
• | Other – The other line of business includes activities that are not directly attributable to one of the three principal lines of business. Included in the Other category are the parent company, eliminations companies, community development operations, the treasury group, which includes the securities portfolio, wholesale funding and asset liability management activities, and the economic impact of certain assets, capital and support functions not specifically identifiable with the three primary lines of business. | ||||||||||||||||||||
The accounting policies of the lines of businesses are the same as those of the Corporation described in Note 1 (Summary of Significant Accounting Policies). Funds transfer pricing is used in the determination of net interest income by assigning a cost for funds used or credit for funds provided to assets and liabilities within each business unit. In the first quarter of 2014, Management changed the estimate regarding the funds transfer pricing crediting rate provided on non-maturity deposits, including amounts for 2013. The same crediting rate estimate for 2012 did not need to be changed. Assets and liabilities are match-funded based on their maturity, prepayment and/or repricing characteristics. As a result, the three primary lines of business are generally insulated from changes in interest rates. Changes in net interest income due to changes in rates are reported in Other by the treasury group. Capital has been allocated on an economic risk basis. Loans and lines of credit have been allocated capital based upon their respective credit risk. Asset management holdings in the Wealth segment have been allocated capital based upon their respective market risk related to assets under management. Normal business operating risk has been allocated to each line of business by the level of noninterest expense. Mismatch between asset and liability cash flow as well as interest rate risk for mortgage servicing rights and the origination business franchise value have been allocated capital based upon their respective asset/liability management risk. The provision for loan loss is allocated based upon the actual net charge-offs of each respective line of business, adjusted for loan growth and changes in risk profile. Noninterest income and expenses directly attributable to a line of business are assigned to that line of business. Expenses for centrally provided services are allocated to the business line by various activity based cost formulas. | |||||||||||||||||||||
Substantially all of the Corporation’s business is conducted in the United States of America. The following tables present a summary of financial results as of and for the years ended December 31, 2014, 2013, and 2012: | |||||||||||||||||||||
(In thousands) | FirstMerit | ||||||||||||||||||||
December 31, 2014 | Commercial | Retail | Wealth | Other | Consolidated | ||||||||||||||||
OPERATIONS: | |||||||||||||||||||||
Net interest income/(expense) | $ | 421,136 | $ | 378,597 | $ | 19,836 | $ | (44,001 | ) | $ | 775,568 | ||||||||||
Provision for loan losses | 2,898 | 39,618 | 1,895 | 7,868 | 52,279 | ||||||||||||||||
Noninterest income | 91,483 | 106,356 | 55,800 | 27,885 | 281,524 | ||||||||||||||||
Noninterest expense | 240,142 | 354,305 | 51,269 | 19,203 | 664,919 | ||||||||||||||||
Net income/(loss) | 175,227 | 59,169 | 14,606 | (11,051 | ) | 237,951 | |||||||||||||||
AVERAGES: | |||||||||||||||||||||
Assets | 9,265,088 | 5,632,881 | 271,975 | 9,248,267 | 24,418,211 | ||||||||||||||||
Loans | 9,262,224 | 5,305,513 | 261,321 | 62,257 | 14,891,315 | ||||||||||||||||
Earnings assets | 9,549,341 | 5,328,548 | 261,321 | 6,363,537 | 21,502,747 | ||||||||||||||||
Deposits | 6,679,007 | 11,484,769 | 1,089,068 | 275,591 | 19,528,435 | ||||||||||||||||
Economic capital | 743,071 | 353,098 | 58,106 | 1,635,864 | 2,790,139 | ||||||||||||||||
(In thousands) | FirstMerit | ||||||||||||||||||||
December 31, 2013 | Commercial | Retail | Wealth | Other | Consolidated | ||||||||||||||||
OPERATIONS: | |||||||||||||||||||||
Net interest income/(expense) | $ | 408,006 | $ | 349,433 | $ | 17,192 | $ | (63,846 | ) | $ | 710,785 | ||||||||||
Provision for loan losses | 17,072 | 16,151 | (692 | ) | 1,153 | 33,684 | |||||||||||||||
Noninterest income | 83,933 | 114,679 | 48,289 | 23,442 | 270,343 | ||||||||||||||||
Noninterest expense | 209,936 | 330,875 | 54,196 | 89,246 | 684,253 | ||||||||||||||||
Net income/(loss) | 172,206 | 76,105 | 7,784 | (72,411 | ) | 183,684 | |||||||||||||||
AVERAGES: | |||||||||||||||||||||
Assets | 8,397,357 | 4,746,277 | 259,601 | 8,086,540 | 21,489,775 | ||||||||||||||||
Loans | 8,292,805 | 4,367,701 | 226,152 | 62,008 | 12,948,666 | ||||||||||||||||
Earnings assets | 8,480,005 | 4,392,937 | 226,179 | 5,393,874 | 18,492,995 | ||||||||||||||||
Deposits | 5,572,287 | 10,749,725 | 826,794 | 152,782 | 17,301,588 | ||||||||||||||||
Economic capital | 602,561 | 256,362 | 72,244 | 1,477,698 | 2,408,865 | ||||||||||||||||
(In thousands) | FirstMerit | ||||||||||||||||||||
December 31, 2012 | Commercial | Retail | Wealth | Other | Consolidated | ||||||||||||||||
OPERATIONS: | |||||||||||||||||||||
Net interest income/(expense) | $ | 258,575 | $ | 207,907 | $ | 17,444 | $ | (12,096 | ) | $ | 471,830 | ||||||||||
Provision for loan losses | 32,319 | 10,008 | (626 | ) | 12,997 | 54,698 | |||||||||||||||
Noninterest income | 67,606 | 103,279 | 32,996 | 19,723 | 223,604 | ||||||||||||||||
Noninterest expense | 159,525 | 221,297 | 39,296 | 30,819 | 450,937 | ||||||||||||||||
Net income/(loss) | 87,318 | 51,922 | 7,650 | (12,784 | ) | 134,106 | |||||||||||||||
AVERAGES: | |||||||||||||||||||||
Assets | 6,424,226 | 2,952,280 | 238,805 | 5,005,316 | 14,620,627 | ||||||||||||||||
Loans | 6,391,189 | 2,674,997 | 225,018 | 65,876 | 9,357,080 | ||||||||||||||||
Earnings assets | 6,493,713 | 2,707,632 | 225,044 | 3,646,302 | 13,072,691 | ||||||||||||||||
Deposits | 3,284,722 | 7,416,982 | 709,786 | 142,308 | 11,553,798 | ||||||||||||||||
Economic capital | 404,005 | 212,409 | 49,313 | 942,381 | 1,608,108 | ||||||||||||||||
Fair_Value_Measurement
Fair Value Measurement | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||||||
Fair Value Measurement | 18. Fair Value Measurement | |||||||||||||||||||
As defined in ASC 820, Fair Value Measurements and Disclosures, fair value is defined as the price to sell an asset or transfer a liability in an orderly transaction between market participants in the principal market or most advantageous market for the asset or liability. Fair value is based on quoted market prices, when available, for identical or similar assets or liabilities. In the absence of quoted market prices, Management determines the fair value of the Corporation’s assets and liabilities using valuation models or third-party pricing services. Both of these approaches rely on market-based parameters when available, such as interest rate yield curves, option volatilities and credit spreads, or unobservable inputs. Unobservable inputs may be based on Management’s judgment, assumptions and estimates related to credit quality, liquidity, interest rates and other relevant inputs. | ||||||||||||||||||||
GAAP establishes a three-level valuation hierarchy for determining fair value that is based on the transparency of the inputs used in the valuation process. The inputs used in determining fair value in each of the three levels of the hierarchy, highest ranking to lowest, are as follows: | ||||||||||||||||||||
• | Level 1 — Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date. | |||||||||||||||||||
• | Level 2 — Significant other observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. | |||||||||||||||||||
• | Level 3 — Significant unobservable inputs that reflect a company’s own assumptions about the assumptions that market participants would use in pricing an asset or liability. | |||||||||||||||||||
The level in the fair value hierarchy ascribed to a fair value measurement in its entirety is based on the lowest level input that is significant to the overall fair value measurement. | ||||||||||||||||||||
Valuation adjustments, such as those pertaining to counterparty and the Corporation's own credit quality and liquidity, may be necessary to ensure that assets and liabilities are recorded at fair value. Credit valuation adjustments are made when market pricing does not accurately reflect the counterparty's credit quality. As determined by Management, liquidity valuation adjustments may be made to the fair value of certain assets to reflect the uncertainty in the pricing and trading of the instruments when Management is unable to observe recent market transactions for identical or similar instruments. Liquidity valuation adjustments are based on the following factors: | ||||||||||||||||||||
• | the amount of time since the last relevant valuation; | |||||||||||||||||||
• | whether there is an actual trade or relevant external quote available at the measurement date; and | |||||||||||||||||||
• | volatility associated with the primary pricing components. | |||||||||||||||||||
Management ensures that fair value measurements are accurate and appropriate by relying upon various controls, including: | ||||||||||||||||||||
• | an independent review and approval of valuation models; | |||||||||||||||||||
• | recurring detailed reviews of profit and loss; and | |||||||||||||||||||
• | a validation of valuation model components against benchmark data and similar products, where possible. | |||||||||||||||||||
Management reviews any changes to its valuation methodologies to ensure they are appropriate and justified, and refines valuation methodologies as more market-based data becomes available. Transfers between levels of the fair value hierarchy are recognized at the end of the reporting period. | ||||||||||||||||||||
Additional information regarding the Corporation's accounting policies for determining fair value is provided in Note 1 (Summary of Significant Accounting Policies) under the heading “Fair Value Measurements.” | ||||||||||||||||||||
The following tables present the balance of assets and liabilities measured at fair value on a recurring and nonrecurring basis at December 31, 2014 and 2013: | ||||||||||||||||||||
Fair Value by Hierarchy | ||||||||||||||||||||
(In thousands) | 31-Dec-14 | Level 1 | Level 2 | Level 3 | ||||||||||||||||
Recurring fair value measurement | ||||||||||||||||||||
Available-for-sale securities: | ||||||||||||||||||||
Marketable equity securities | $ | 2,974 | $ | 2,974 | $ | — | $ | — | ||||||||||||
U.S. government agency debentures | 2,482 | — | 2,482 | — | ||||||||||||||||
U.S. States and political subdivisions | 227,342 | — | 227,342 | — | ||||||||||||||||
Residential mortgage-backed securities: | ||||||||||||||||||||
U.S. government agencies | 970,998 | — | 970,998 | — | ||||||||||||||||
Commercial mortgage-backed securities: | ||||||||||||||||||||
U.S. government agencies | 103,403 | — | 103,403 | — | ||||||||||||||||
Residential collateralized mortgage-backed securities: | ||||||||||||||||||||
U.S. government agencies | 1,676,567 | — | 1,676,567 | — | ||||||||||||||||
Nonagency | 7 | — | 1 | 6 | ||||||||||||||||
Commercial collateralized mortgage-backed securities: | ||||||||||||||||||||
U.S. government agencies | 222,334 | — | 222,334 | — | ||||||||||||||||
Corporate debt securities | 51,337 | — | — | 51,337 | ||||||||||||||||
Asset-backed securities: | ||||||||||||||||||||
Collateralized loan obligations, nonagency issued | 287,844 | — | — | 287,844 | ||||||||||||||||
Total available-for-sale securities | 3,545,288 | 2,974 | 3,203,127 | 339,187 | ||||||||||||||||
Residential loans held for sale | 13,428 | — | 13,428 | — | ||||||||||||||||
Derivative assets: | ||||||||||||||||||||
Interest rate swaps - fair value hedges | 5,256 | — | 5,256 | — | ||||||||||||||||
Interest rate swaps - nondesignated | 48,366 | — | 48,366 | — | ||||||||||||||||
Mortgage loan commitments | 1,408 | — | 1,408 | — | ||||||||||||||||
Foreign exchange | 167 | — | 167 | — | ||||||||||||||||
Total derivative assets | 55,197 | — | 55,197 | — | ||||||||||||||||
Total fair value of assets (1) | $ | 3,613,913 | $ | 2,974 | $ | 3,271,752 | $ | 339,187 | ||||||||||||
Derivative liabilities: | ||||||||||||||||||||
Interest rate swaps - fair value hedges | 6,683 | — | 6,683 | — | ||||||||||||||||
Interest rate swaps - nondesignated | 48,366 | — | 48,366 | — | ||||||||||||||||
Forward sales contracts | 272 | — | 272 | — | ||||||||||||||||
Foreign exchange | 118 | — | 118 | — | ||||||||||||||||
Total derivative liabilities | 55,439 | — | 55,439 | — | ||||||||||||||||
True-up liability | 13,294 | — | — | 13,294 | ||||||||||||||||
Total fair value of liabilities (1) | $ | 68,733 | $ | — | $ | 55,439 | $ | 13,294 | ||||||||||||
Nonrecurring fair value measurement | ||||||||||||||||||||
Mortgage servicing rights (2) | $ | 21,228 | $ | — | $ | — | $ | 21,228 | ||||||||||||
Impaired loans (3) | 56,041 | — | — | 56,041 | ||||||||||||||||
Other property (4) | 12,510 | — | — | 12,510 | ||||||||||||||||
Other real estate covered by loss share (5) | 3,614 | — | — | 3,614 | ||||||||||||||||
Total fair value | $ | 93,393 | $ | — | $ | — | $ | 93,393 | ||||||||||||
(1) There were no transfers between levels 1, 2, or 3 of the fair value hierarchy during the year ended December 31, 2014. | ||||||||||||||||||||
(2) MSRs with a recorded investment of $22.0 million were reduced by a specific valuation allowance totaling $1.0 million to a reported carrying value of $21.1 million resulting in a recovery of previously recognized expense of $0.7 million included in loans sales and servicing income in the year ended December 31, 2014. | ||||||||||||||||||||
(3) Collateral dependent impaired loans with a recorded investment of $60.3 million were reduced by specific valuation allowance allocations totaling $4.3 million to a reported net carrying value of $56.0 million. | ||||||||||||||||||||
(4) Amounts do not include assets held at cost at December 31, 2014. During the year ended December 31, 2014, the re-measurement of foreclosed assets at fair value subsequent to initial recognition resulted in losses of $2.6 million included in noninterest expense. | ||||||||||||||||||||
(5) Amounts do not include assets held at cost at December 31, 2014. During the year ended December 31, 2014, the re-measurement of covered foreclosed assets at fair value subsequent to initial recognition resulted in losses of $1.2 million included in noninterest expense. | ||||||||||||||||||||
Fair Value by Hierarchy | ||||||||||||||||||||
(In thousands) | 31-Dec-13 | Level 1 | Level 2 | Level 3 | ||||||||||||||||
Recurring fair value measurement | ||||||||||||||||||||
Available-for-sale securities: | ||||||||||||||||||||
Marketable equity securities | $ | 3,036 | $ | 3,036 | $ | — | $ | — | ||||||||||||
Nonmarketable equity securities | 3,281 | — | 10 | 3,271 | ||||||||||||||||
U.S. States and political subdivisions | 262,367 | — | 262,367 | — | ||||||||||||||||
Residential mortgage-backed securities: | ||||||||||||||||||||
U.S. government agencies | 969,922 | — | 969,922 | — | ||||||||||||||||
Commercial mortgage-backed securities: | ||||||||||||||||||||
U.S. government agencies | 69,567 | — | 69,567 | — | ||||||||||||||||
Residential collateralized mortgage-backed securities: | ||||||||||||||||||||
U.S. government agencies | 1,518,393 | — | 1,518,393 | — | ||||||||||||||||
Nonagency | 9 | — | — | 9 | ||||||||||||||||
Commercial collateralized mortgage-backed securities: | ||||||||||||||||||||
U.S. government agencies | 102,268 | — | 102,268 | — | ||||||||||||||||
Corporate debt securities | 50,644 | — | — | 50,644 | ||||||||||||||||
Asset-backed securities: | ||||||||||||||||||||
Collateralized loan obligations, nonagency issued | 293,687 | — | — | 293,687 | ||||||||||||||||
Total available-for-sale securities | 3,273,174 | 3,036 | 2,922,527 | 347,611 | ||||||||||||||||
Residential loans held for sale | 11,622 | — | 11,622 | — | ||||||||||||||||
Derivative assets: | ||||||||||||||||||||
Interest rate swaps - nondesignated | 46,577 | — | 46,577 | — | ||||||||||||||||
Mortgage loan commitments | 891 | — | 891 | — | ||||||||||||||||
Forward sale contracts | 384 | — | 384 | — | ||||||||||||||||
Foreign exchange | 50 | — | 50 | — | ||||||||||||||||
Total derivative assets | 47,902 | — | 47,902 | — | ||||||||||||||||
Total fair value of assets (1) | $ | 3,332,698 | $ | 3,036 | $ | 2,982,051 | $ | 347,611 | ||||||||||||
Derivative liabilities: | ||||||||||||||||||||
Interest rate swaps - fair value hedges | 11,574 | — | 11,574 | — | ||||||||||||||||
Interest rate swaps - nondesignated | 46,577 | — | 46,577 | — | ||||||||||||||||
Foreign exchange | 50 | — | 50 | — | ||||||||||||||||
Total derivative liabilities | 58,201 | — | 58,201 | — | ||||||||||||||||
True-up liability | 11,463 | — | — | 11,463 | ||||||||||||||||
Total fair value of liabilities (1) | $ | 69,664 | $ | — | $ | 58,201 | $ | 11,463 | ||||||||||||
Nonrecurring fair value measurement | ||||||||||||||||||||
Mortgage servicing rights (2) | $ | 23,041 | $ | — | $ | — | $ | 23,041 | ||||||||||||
Impaired loans (3) | 47,870 | — | — | 47,870 | ||||||||||||||||
Other property (4) | 10,018 | — | — | 10,018 | ||||||||||||||||
Other real estate covered by loss share (5) | 8,754 | — | — | 8,754 | ||||||||||||||||
Total fair value | $ | 89,683 | $ | — | $ | — | $ | 89,683 | ||||||||||||
(1) There were no transfers between levels 1, 2, or 3 of the fair value hierarchy during the year ended December 31, 2013. | ||||||||||||||||||||
(2) MSRs with a recorded investment of $22.8 million were reduced by a specific valuation allowance totaling $0.3 million to a reported carrying value of $22.5 million resulting in the recovery of previously recognized expense of $2.3 million included in loan sales and servicing income in the year ended December 31, 2013. | ||||||||||||||||||||
(3) Collateral dependent impaired loans with a recorded investment of $52.6 million were reduced by specific valuation allowance allocations totaling $4.8 million to a reported net carrying value of $47.9 million. | ||||||||||||||||||||
(4) Amounts do not include assets held at cost at December 31, 2013. During the year ended December 31, 2013, the re-measurement of foreclosed assets at fair value subsequent to initial recognition resulted in losses of $1.4 million included in noninterest expense. | ||||||||||||||||||||
(5) Amounts do not include assets held at cost at December 31, 2013. During the year ended December 31, 2013, the re-measurement of covered foreclosed assets at fair value subsequent to initial recognition resulted in losses of $1.0 million included in noninterest expense. | ||||||||||||||||||||
The following section describes the valuation methodologies used by the Corporation to measure financial assets and liabilities at fair value. During years ended December 31, 2014 and 2013, there were no significant changes to the valuation techniques used by the Corporation to measure fair value. | ||||||||||||||||||||
Available-for-sale securities. When quoted prices are available in an active market, securities are valued using the quoted price and are classified as Level 1. The quoted prices are not adjusted. Level 1 instruments include money market mutual funds. | ||||||||||||||||||||
Securities are classified as Level 2 if quoted prices for identical securities are not available, and fair value is determined using pricing models by a third-party pricing service. Approximately 90% of the available-for-sale portfolio is Level 2. For the majority of available-for sale securities, the Corporation obtains fair value measurements from an independent third party pricing service. These instruments include: municipal bonds; bonds backed by the U.S. government; corporate bonds; MBS; securities issued by the U.S. Treasury; and certain agency and corporate CMO. The independent pricing service uses industry-standard models to price U.S. Government agencies and MBS that consider various assumptions, including time value, yield curves, volatility factors, prepayment speeds, default rates, loss severity, current market and contractual prices for the underlying financial instruments, as well as other relevant economic measures. Obligations of state and political subdivisions are valued using a matrix, or grid, pricing in which securities are benchmarked against the treasury rate based on credit rating. For collateralized mortgage securities, depending on the characteristics of a given tranche, a volatility driven multidimensional static model or Option-Adjusted Spread model is generally used. Substantially all assumptions used by the independent pricing service for securities classified as Level 2 are observable in the marketplace, can be derived from observable data, or are supported by observable levels at which transactions are executed in the marketplace. | ||||||||||||||||||||
Securities are classified as Level 3 when there is limited activity in the market for a particular instrument and fair value is determined by obtaining broker quotes. As of December 31, 2014, approximately 10% of the available-for-sale portfolio is Level 3, which consists of single issuer trust preferred securities and CLOs. | ||||||||||||||||||||
The single issuer trust preferred securities are measured at unadjusted prices obtained from the independent pricing service. The independent pricing service prices these instruments through a broker quote when sufficient information, such as cash flows or other security structure or market information, is not available to produce an evaluation. Broker-quoted securities are adjusted by the independent pricing service based solely on the receipt of updated quotes from market makers or broker-dealers recognized as market participants. A list of such issues is compiled by the independent pricing service daily. For broker-quoted issues, the independent pricing service applies a zero spread relationship to the bid-side valuation, resulting in the same values for the mean and ask. | ||||||||||||||||||||
CLOs are securitized products where payments from multiple middle sized and large business loans are pooled together and segregated into different classes of bonds with payments on these bonds based on their priority within the overall deal structure. The markets for such securities are generally characterized by low trading volumes and wide bid-ask spreads, all driven by limited market participants. Although estimated prices are generally obtained for such securities, the level of market observable assumptions used is limited in the valuation. Specifically, market assumptions regarding credit adjusted cash flows and liquidity influences on discount rates were difficult to observe at the individual bond level. Accordingly, the securities are currently valued by a third party that primarily utilizes dealer or pricing service prices and, subsequently, verifies this pricing through a disciplined process to ensure proper valuations and to highlight differences in cash flow modeling or other risks to determine if the market perception of the risk of a CLO is beginning to deviate from other similar tranches. This is done by establishing ranges for appropriate pricing yields for each CLO tranche and, using a standardized cash flow scenario, ensuring yields are consistent with expectations. | ||||||||||||||||||||
On a monthly basis, Management validates the pricing methodologies utilized by our independent pricing service to ensure the fair value determination is consistent with the applicable accounting guidance and that the investments are properly classified in the fair value hierarchy. Management substantiates the fair values determined for a sample of securities held in portfolio by reviewing the key assumptions used by the independent pricing service to value the securities and comparing the fair values to prices from other independent sources for the same and similar securities. Management analyzes variances and conducts additional research with the independent pricing service, if necessary, and takes appropriate action based on its findings. | ||||||||||||||||||||
Loans held for sale. These loans are regularly traded in active markets through programs offered by FHLMC and FNMA, and observable pricing information is available from market participants. The prices are adjusted as necessary to include any embedded servicing value in the loans and to take into consideration the specific characteristics of certain loans. These adjustments represent unobservable inputs to the valuation but are not considered significant to the fair value of the loans. Accordingly, residential real estate loans held for sale are classified as Level 2. | ||||||||||||||||||||
Impaired loans. Certain impaired collateral dependent loans are reported at fair value less costs to sell the collateral. Collateral values are estimated using Level 3 inputs, consisting of third-party appraisals or price opinions and internal adjustments necessary in the judgment of Management to reflect current market conditions and current operating results for the specific collateral. Collateral may be in the form of real estate or personal property including equipment and inventory. The vast majority of the collateral is real estate. When impaired collateral dependent loans are individually re-measured and reported at fair value of the collateral, less costs to sell, a direct loan charge off to the ALL and/or a specific valuation allowance allocation is recorded. | ||||||||||||||||||||
Other Property. Certain other property which consists of foreclosed assets and properties securing residential and commercial loans, upon initial recognition and transfer from loans, are re-measured and reported at fair value less costs to sell to the property through a charge-off to the ALL based on the fair value of the foreclosed assets. The fair value of a foreclosed asset, upon initial recognition, is estimated using Level 3 inputs, consisting of third party appraisals or price opinions and internal adjustments necessary in the judgment of Management to reflect current market conditions and current operating results for the specific collateral. Subsequent to foreclosure, valuations are updated periodically, and the assets may be written down further through a charge to noninterest expense. | ||||||||||||||||||||
Mortgage Servicing Rights. The Corporation carries its MSRs at lower of cost or fair value, and, therefore, they are subject to fair value measurements on a nonrecurring basis. Since sales of MSRs tend to occur in private transactions and the precise terms and conditions of the sales are typically not readily available, there is a limited market to refer to in determining the fair value of mortgage servicing rights. As such, like other participants in the mortgage banking business, the Corporation relies primarily on a discounted cash flow model, incorporating assumptions about loan prepayment rates, discount rates, servicing costs and other economic factors, to estimate the fair value of its MSRs. Since the valuation model uses significant unobservable inputs, the Corporation classifies mortgage servicing rights within Level 3. | ||||||||||||||||||||
The Corporation utilizes a third-party vendor to perform the modeling to estimate the fair value of its MSRs. The Corporation reviews the estimated fair values and assumptions used by the third party in the model on a quarterly basis. The Corporation also compares the estimates of fair value and assumptions to recent market activity and against its own experience. See Note 7 (Mortgage Servicing Rights and Mortgage Servicing Activity) for further information on MSRs valuation assumptions. | ||||||||||||||||||||
Derivatives. The Corporation’s derivatives include interest rate swaps and written loan commitments and forward sales contracts related to residential mortgage loan origination activity. Valuations for interest rate swaps are derived from third-party models whose significant inputs are readily observable market parameters, primarily yield curves, with appropriate adjustments for liquidity and credit risk. These fair value measurements are classified as Level 2. The fair values of written loan commitments and forward sales contracts on the associated loans are based on quoted prices for similar loans in the secondary market, consistent with the valuation of residential mortgage loans held for sale. Expected net future cash flows related to loan servicing activities are included in the fair value measurement of written loan commitments. A written loan commitment does not bind the potential borrower to entering into the loan, nor does it guarantee that the Corporation will approve the potential borrower for the loan. Therefore, when determining fair value, the Corporation makes estimates of expected “fallout” (interest rate locked pipeline loans not expected to close), using models, which consider cumulative historical fallout rates and other factors. Fallout can occur for a variety of reasons including falling rate environments when a borrower will abandon a fixed rate loan commitment at one lender and enter into a new lower fixed rate loan commitment at another, when a borrower is not approved as an acceptable credit risk by the lender or for a variety of other noneconomic reasons. Fallout is not a significant input to the fair value of the written loan commitments in their entirety. These measurements are classified as Level 2. | ||||||||||||||||||||
Derivative assets are typically secured through securities with financial counterparties or cross collateralization with a borrowing customer. Derivative liabilities are typically secured through the Corporation pledging securities to financial counterparties or, in the case of a borrowing customer, by the right of setoff. The Corporation considers factors such as the likelihood of default by itself and its counterparties, right of setoff, and remaining maturities in determining the appropriate fair value adjustments. All derivative counterparties approved by the Bank's Board are regularly reviewed, and appropriate business action is taken to adjust the exposure to certain counterparties, as necessary. Counterparty exposure is evaluated by netting positions that are subject to master netting agreements, as well as considering the amount of marketable collateral securing the position. This approach used to estimate impacted exposures to counterparties is also used by the Corporation to estimate its own credit risk on derivative liability positions. To date, no material losses have been incurred due to a counterparty's inability to pay any uncollateralized position. There was no significant change in value of derivative assets and liabilities attributed to credit risk in the year ended December 31, 2014. | ||||||||||||||||||||
True-up liability. In connection with the George Washington and Midwest acquisitions in 2010, the Bank has agreed to pay the FDIC should the estimated losses on the acquired loan portfolios as well as servicing fees earned on the acquired loan portfolios not meet thresholds as stated in the loss sharing agreements (the “true-up liability”). This contingent consideration is classified as a liability within accrued taxes, expenses and other liabilities on the Consolidated Balance Sheet and is remeasured at fair value each reporting date until the contingency is resolved. The changes in fair value are recognized in earnings in the current period. | ||||||||||||||||||||
An expected value methodology is used as a starting point for determining the fair value of the true-up liability based on the contractual terms prescribed in the loss sharing agreements. The resulting values under both calculations are discounted over 10 years (the period defined in the loss sharing agreements) to reflect the uncertainty in the timing and payment of the true-up liability by the Bank to arrive at a net present value. The discount rate used to value the true-up liability was 3.36% and 3.69% as of December 31, 2014 and 2013, respectively. Increasing or decreasing the discount rate by one percentage point would change the liability by approximately $0.7 million and $1.3 million, respectively, as of December 31, 2014. | ||||||||||||||||||||
In accordance with the loss sharing agreements governing the Midwest acquisition, on July 15, 2020 (the “Midwest True-Up Measurement Date”), the Bank has agreed to pay to the FDIC half of the amount, if positive, calculated as: (1) 20% of the intrinsic loss estimate of the FDIC (approximately $152 million); minus (2) the sum of (A) 25% of the asset premium paid in connection with the Midwest acquisition (approximately $21 million); plus (B) 25% of the cumulative shared-loss payments (as defined below) plus (C) the cumulative servicing amount (as defined below). The fair value of the true-up liability associated with the Midwest acquisition was $8.5 million and $7.1 million as of December 31, 2014, and December 31, 2013, respectively. | ||||||||||||||||||||
In accordance with the loss sharing agreements governing the George Washington acquisition, on April 14, 2020 (the “George Washington True-Up Measurement Date”), the Bank has agreed to pay to the FDIC 50% of the excess, if any, of (1) 20% of the stated threshold (approximately $34.4 million) less (2) the sum of (A) 25% of the asset discount (approximately $12 million) received in connection with the George Washington acquisition plus (B) 25% of the cumulative shared-loss payments (as defined below) plus (C) the cumulative servicing amount (as defined below). The fair value of the true-up liability associated with the George Washington acquisition was $4.8 million and $4.3 million as of December 31, 2014, and December 31, 2013, respectively. | ||||||||||||||||||||
For the purposes of the above calculations, cumulative shared-loss payments means: (i) the aggregate of all of the payments made or payable to the Bank under the loss sharing agreements minus (ii) the aggregate of all of the payments made or payable to the FDIC. The cumulative servicing amount means the period servicing amounts (as defined in the loss sharing agreements) for every consecutive twelve-month period prior to and ending on the Midwest and George Washington True-Up Measurement Dates. The cumulative loss share payments and cumulative service amounts components of the true-up calculations are estimated each period end based on the expected amount and timing of cash flows of the acquired loan portfolios. See Note 4 (Loans) and Note 5 (Allowance for Loan Losses) for additional information on the estimated cash flows of the acquired loan portfolios. | ||||||||||||||||||||
The changes in Level 3 assets and liabilities measured at fair value on a recurring basis for the years ended December 31, 2014 and 2013 are summarized as follows: | ||||||||||||||||||||
Year Ended | ||||||||||||||||||||
December 31, 2014 | December 31, 2013 | |||||||||||||||||||
(In thousands) | Available-for-sale securities | True-up liability | Available-for-sale securities | True-up liability | ||||||||||||||||
Balance at beginning of period | $ | 347,611 | $ | 11,463 | $ | 49,661 | $ | 12,259 | ||||||||||||
Fair value of assets acquired | — | — | 3,271 | — | ||||||||||||||||
(Gains) losses included in earnings (1) | — | 1,831 | — | (796 | ) | |||||||||||||||
Unrealized gains (losses) (2) | (6,030 | ) | — | (2,635 | ) | — | ||||||||||||||
Purchases | — | — | 297,232 | — | ||||||||||||||||
Settlements | (2,394 | ) | — | 82 | — | |||||||||||||||
Balance at ending of period | $ | 339,187 | $ | 13,294 | $ | 347,611 | $ | 11,463 | ||||||||||||
(1) Reported in noninterest expense | ||||||||||||||||||||
(2) Reported in other comprehensive income (loss) | ||||||||||||||||||||
Fair Value Option | ||||||||||||||||||||
Residential mortgage loans held for sale are recorded at fair value under fair value option accounting guidance. The election of the fair value option aligns the accounting for these loans with the related hedges. It also eliminates the requirements of the hedge accounting under GAAP. | ||||||||||||||||||||
Interest income on loans held for sale is accrued on the principal outstanding primarily using the “simple-interest” method. None of these loans were 90 days or more past due, nor were any on nonaccrual as of December 31, 2014 and 2013. The aggregate fair value, contractual balance, and gain or loss on loans held for sale was as follows: | ||||||||||||||||||||
(In thousands) | December 31, 2014 | December 31, 2013 | ||||||||||||||||||
Aggregate fair value carrying amount | $ | 14,389 | $ | 11,622 | ||||||||||||||||
Aggregate unpaid principal / contractual balance | 13,873 | 11,438 | ||||||||||||||||||
Carrying amount over aggregate unpaid principal (1) | $ | 516 | $ | 184 | ||||||||||||||||
(1) These changes are included in loan sales and servicing income in the Consolidated Statement of Income. | ||||||||||||||||||||
Disclosures about Fair Value of Financial Instruments | ||||||||||||||||||||
The carrying amount and estimated fair value of the Corporation’s financial instruments that are carried at either fair value or cost as of December 31, 2014, and 2013, are shown in the tables below. | ||||||||||||||||||||
December 31, 2014 | ||||||||||||||||||||
Carrying | Fair Value | |||||||||||||||||||
(In thousands) | Amount | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||
Financial assets: | ||||||||||||||||||||
Cash and due from banks | $ | 697,424 | $ | 697,424 | $ | 697,424 | $ | — | $ | — | ||||||||||
Available-for-sale securities | 3,545,288 | 3,545,288 | 2,974 | 3,203,127 | 339,187 | |||||||||||||||
Held-to-maturity securities | 2,903,609 | 2,875,920 | — | 2,875,920 | — | |||||||||||||||
Other securities | 148,654 | 148,654 | — | 148,654 | — | |||||||||||||||
Loans held for sale | 13,428 | 13,428 | — | 13,428 | — | |||||||||||||||
Net originated loans | 12,398,116 | 12,235,530 | — | — | 12,235,530 | |||||||||||||||
Net acquired loans | 2,471,723 | 2,564,842 | — | — | 2,564,842 | |||||||||||||||
Net covered loans and loss share receivable | 312,659 | 312,659 | — | — | 312,659 | |||||||||||||||
Accrued interest receivable | 63,657 | 63,657 | — | 63,657 | — | |||||||||||||||
Derivatives | 55,197 | 55,197 | — | 55,197 | — | |||||||||||||||
Financial liabilities: | ||||||||||||||||||||
Deposits | $ | 19,504,665 | $ | 19,510,192 | $ | — | $ | 19,510,192 | $ | — | ||||||||||
Federal funds purchased and securities sold under agreements to repurchase | 1,272,591 | 1,272,591 | — | 1,272,591 | — | |||||||||||||||
Wholesale borrowings | 428,071 | 430,676 | — | 430,676 | — | |||||||||||||||
Long-term debt | 505,192 | 516,476 | — | 516,476 | — | |||||||||||||||
Accrued interest payable | 9,820 | 9,820 | — | 9,820 | — | |||||||||||||||
Derivatives | 55,439 | 55,439 | — | 55,439 | — | |||||||||||||||
December 31, 2013 | ||||||||||||||||||||
Carrying | Fair Value | |||||||||||||||||||
(In thousands) | Amount | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||
Financial assets: | ||||||||||||||||||||
Cash and due from banks | $ | 917,822 | $ | 917,822 | $ | 917,822 | $ | — | $ | — | ||||||||||
Available for sale securities | 3,273,174 | 3,273,174 | 3,036 | 2,922,527 | 347,611 | |||||||||||||||
Held to maturity securities | 2,935,688 | 2,824,240 | — | 2,824,240 | — | |||||||||||||||
Other securities | 180,803 | 180,803 | — | 180,803 | — | |||||||||||||||
Loans held for sale | 11,622 | 11,622 | — | 11,622 | — | |||||||||||||||
Net originated loans | 10,116,903 | 10,017,722 | — | — | 10,017,722 | |||||||||||||||
Net acquired loans | 3,494,874 | 3,627,275 | — | — | 3,627,275 | |||||||||||||||
Net covered loans and loss share receivable | 547,943 | 547,943 | — | — | 547,943 | |||||||||||||||
Accrued interest receivable | 52,929 | 52,929 | — | 52,929 | — | |||||||||||||||
Derivatives | 47,902 | 47,902 | — | 47,902 | — | |||||||||||||||
Financial liabilities: | ||||||||||||||||||||
Deposits | $ | 19,533,601 | $ | 19,532,368 | $ | — | $ | 19,532,368 | $ | — | ||||||||||
Federal funds purchased and securities sold under agreements to repurchase | 851,535 | 851,535 | — | 851,535 | — | |||||||||||||||
Wholesale borrowings | 200,600 | 204,124 | — | 204,124 | — | |||||||||||||||
Long-term debt | 324,428 | 319,711 | — | 319,711 | — | |||||||||||||||
Accrued interest payable | 9,339 | 9,339 | — | 9,339 | — | |||||||||||||||
Derivatives | 58,201 | 58,201 | — | 58,201 | — | |||||||||||||||
The following methods and assumptions were used to estimate the fair values of each class of financial instrument presented: | ||||||||||||||||||||
Cash and cash equivalents – For these short-term instruments, the carrying amount is considered a reasonable estimate of fair value. | ||||||||||||||||||||
Investment securities – See Financial Instruments Measured at Fair Value above. | ||||||||||||||||||||
Loans held for sale – The majority of loans held for sale are residential mortgage loans which are recorded at fair value. All other loans held for sale are recorded at the lower of cost or market, less costs to sell. See Financial Instruments Measured at Fair Value above. | ||||||||||||||||||||
Net originated loans – The originated loan portfolio was segmented based on loan type and repricing characteristics. Carrying values are used to estimate fair values of variable rate loans. A discounted cash flow method was used to estimate the fair value of fixed-rate loans. Discounting was based on the contractual cash flows, and discount rates are based on the year-end yield curve plus a spread that reflects current pricing on loans with similar characteristics. If applicable, prepayment assumptions are factored into the fair value determination based on historical experience and current economic conditions. | ||||||||||||||||||||
Net acquired and covered loans – Fair values for acquired and covered loans were estimated based on a discounted projected cash flow methodology that considered factors including the type of loan and related collateral, classification status, fixed or variable interest rate, term of loan and whether or not the loan was amortizing, and current discount rates. Loans were grouped together according to similar characteristics and were treated in the aggregate when applying various valuation techniques. The discount rates used for loans are based on current market rates for new originations of comparable loans and include adjustments for liquidity concerns. The discount rate does not include a factor for credit losses as that has been included in the estimated cash flows. | ||||||||||||||||||||
Loss share receivable – This loss sharing asset is measured separately from the related covered assets as it is not contractually embedded in the covered assets and is not transferable with the covered assets should the Bank choose to dispose of them. Fair value was estimated using discounted projected cash flows related to the FDIC loss share agreements based on the expected reimbursements for losses and the applicable loss sharing percentages. These cash flows were discounted to reflect the uncertainty of the timing and receipt from the FDIC. | ||||||||||||||||||||
Accrued interest receivable – The carrying amount is considered a reasonable estimate of fair value. | ||||||||||||||||||||
Mortgage servicing rights – See Financial Instruments Measured at Fair Value above. | ||||||||||||||||||||
Deposits – The estimated fair value of deposits with no stated maturity, which includes demand deposits, money market accounts and other savings accounts, are established at carrying value because of the customers’ ability to withdraw funds immediately. A discounted cash flow method is used to estimate the fair value of fixed rate time deposits. Discounting was based on the contractual cash flows and the current rates at which similar deposits with similar remaining maturities would be issued. | ||||||||||||||||||||
Federal funds purchased and securities sold under agreements to repurchase, wholesale borrowings and long-term debt – The carrying amount of variable rate borrowings including federal funds purchased is considered to be their fair value. Quoted market prices or the discounted cash flow method was used to estimate the fair value of the Corporation’s long-term debt. Discounting was based on the contractual cash flows and the current rate at which debt with similar terms could be issued. | ||||||||||||||||||||
Accrued interest payable – The carrying amount is considered a reasonable estimate of fair value. | ||||||||||||||||||||
Derivative assets and liabilities – See Financial Instruments Measured at Fair Value above. | ||||||||||||||||||||
True-up liability – See Financial Instruments Measured at Fair Value above. |
Derivatives_and_Hedging_Activi
Derivatives and Hedging Activities | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||
Derivatives and Hedging Activities | Derivatives and Hedging Activity | ||||||||||||||||||||||||||||||||
The Corporation, through its mortgage banking and risk management operations, is party to various derivative instruments that are used for asset and liability management and customers’ financing needs. Derivative instruments are contracts between two or more parties that have a notional amount and underlying variable, require no net investment and allow for the net settlement of positions. The notional amount serves as the basis for the payment provision of the contract and takes the form of units, such as shares or dollars. The underlying variable represents a specified interest rate, index or other component. The interaction between the notional amount and the underlying variable determines the number of units to be exchanged between the parties and influences the market value of the derivative contract. | |||||||||||||||||||||||||||||||||
The predominant derivative and hedging activities include interest rate swaps and certain mortgage banking activities. Generally, these instruments help the Corporation manage exposure to market risk, and meet customer financing needs. Market risk represents the possibility that economic value or net interest income will be adversely affected by fluctuations in external factors, such as interest rates, market-driven rates and prices or other economic factors. Foreign exchange contracts are entered into to accommodate the needs of customers. | |||||||||||||||||||||||||||||||||
Derivatives Designated in Hedge Relationships | |||||||||||||||||||||||||||||||||
The Corporation’s fixed rate loans result in exposure to losses in value as interest rates change. The risk management objective for hedging fixed rate loans is to convert the fixed rate received to a floating rate. The Corporation hedges exposure to changes in the fair value of fixed rate loans through the use of swaps. For a qualifying fair value hedge, changes in the value of the derivatives that have been highly effective as hedges are recognized in current period earnings along with the corresponding changes in the fair value of the designated hedged item attributable to the risk being hedged. | |||||||||||||||||||||||||||||||||
At December 31, 2014 and 2013, the notional values or contractual amounts and fair value of the Corporation’s derivatives designated in hedge relationships were as follows: | |||||||||||||||||||||||||||||||||
Asset Derivatives | Liability Derivatives | ||||||||||||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | December 31, 2014 | December 31, 2013 | ||||||||||||||||||||||||||||||
(In thousands) | Notional/ Contract Amount | Fair | Notional/ Contract Amount | Fair | Notional/ Contract Amount | Fair | Notional/ Contract Amount | Fair | |||||||||||||||||||||||||
Value (1) | Value (1) | Value (2) | Value (2) | ||||||||||||||||||||||||||||||
Interest rate swaps: | |||||||||||||||||||||||||||||||||
Fair value hedges | $ | 250,000 | $ | 5,256 | $ | — | $ | — | $ | 93,313 | $ | 6,683 | $ | 126,637 | $ | 11,574 | |||||||||||||||||
(1) Included in Other Assets on the Consolidated Balance Sheet | |||||||||||||||||||||||||||||||||
(2) Included in Other Liabilities on the Consolidated Balance Sheet | |||||||||||||||||||||||||||||||||
Fair Value Hedges. Prior to 2009, the Corporation entered into interest rate swaps with dealer | |||||||||||||||||||||||||||||||||
counterparties to convert certain fixed rate loans to variable rate instruments over the terms of the loans (termed | |||||||||||||||||||||||||||||||||
by the Corporation as the FRAP Program). These interest rate swaps are designated as fair value hedges and meet the criteria to qualify for the short cut method of accounting. Based on this shortcut method of accounting | |||||||||||||||||||||||||||||||||
treatment, no ineffectiveness is assumed. The Corporation discontinued originating interest rate swaps under the | |||||||||||||||||||||||||||||||||
FRAP Program in February 2008. | |||||||||||||||||||||||||||||||||
During the fourth quarter of 2014, the Corporation entered into a $250.0 million interest rate swap simultaneously with its long-term debt issuance for interest rate risk management purposes. This interest rate swap effectively modifies the receipt of fixed-rate interest amounts in exchange for floating-rate interest payments over the life of the swap, without an exchange of the underlying principal amount. This interest rate swap was designated as a fair value hedge, and through application of the “short cut method of accounting”, there is an assumption that the hedge is effective in offsetting changes in the fair value of the long-term debt due to changes in the U.S. LIBOR swap rate (the designated benchmark interest rate). | |||||||||||||||||||||||||||||||||
Derivatives Not Designated in Hedge Relationships | |||||||||||||||||||||||||||||||||
As of December 31, 2014 and 2013, the notional values or contractual amounts and fair value of the Corporation’s derivatives not designated in hedge relationships were as follows: | |||||||||||||||||||||||||||||||||
Asset Derivatives | Liability Derivatives | ||||||||||||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | December 31, 2014 | December 31, 2013 | ||||||||||||||||||||||||||||||
(In thousands) | Notional/ Contract Amount | Fair | Notional/ Contract Amount | Fair | Notional/ Contract Amount | Fair | Notional/ Contract Amount | Fair | |||||||||||||||||||||||||
Value (1) | Value (1) | Value (2) | Value (2) | ||||||||||||||||||||||||||||||
Interest rate swaps | $ | 1,673,012 | $ | 48,366 | $ | 1,622,525 | $ | 46,577 | $ | 1,673,012 | $ | 48,366 | $ | 1,622,531 | $ | 46,577 | |||||||||||||||||
Mortgage loan commitments | 102,523 | 1,408 | 90,541 | 891 | — | — | — | — | |||||||||||||||||||||||||
Forward sales contracts | 47,657 | — | 40,906 | 384 | — | 272 | — | — | |||||||||||||||||||||||||
Credit contracts | 10,001 | — | — | — | 69,227 | — | 49,914 | — | |||||||||||||||||||||||||
Foreign exchange | 22,406 | 167 | 6,478 | 50 | 6,580 | 118 | 6,893 | 50 | |||||||||||||||||||||||||
Equity swap | — | — | — | — | 75,138 | — | 63,813 | — | |||||||||||||||||||||||||
Total | $ | 1,855,599 | $ | 49,941 | $ | 1,760,450 | $ | 47,902 | $ | 1,823,957 | $ | 48,756 | $ | 1,743,151 | $ | 46,627 | |||||||||||||||||
(1) Included in Other Assets on the Consolidated Balance Sheet | |||||||||||||||||||||||||||||||||
(2) Included in Other Liabilities on the Consolidated Balance Sheet | |||||||||||||||||||||||||||||||||
Interest Rate Swaps. The Corporation’s Back-to-Back Program is an interest rate swap program for commercial loan customers that provides the customer with a fixed rate loan while creating a variable rate asset for the Corporation through the customer entering into an interest rate swap with the Corporation on terms that match the loan. The Corporation offsets its risk exposure by entering into an offsetting interest rate swap with a dealer counterparty. These swaps do not qualify as designated hedges; therefore, each swap is accounted for as a stand-alone derivative. | |||||||||||||||||||||||||||||||||
Mortgage banking. In the normal course of business, the Corporation sells originated mortgage loans into the secondary mortgage loan markets. During the period of loan origination and prior to the sale of the loans in the secondary market, the Corporation has exposure to movements in interest rates associated with mortgage loans that are in the “mortgage pipeline” and the “mortgage warehouse”. A pipeline loan is one in which the Corporation has entered into a written mortgage loan commitment with a potential borrower that will be held for resale. Once a mortgage loan is closed and funded, it is included within the mortgage warehouse of loans awaiting sale and delivery into the secondary market. | |||||||||||||||||||||||||||||||||
Written loan commitments that relate to the origination of mortgage loans that will be held for resale are considered free-standing derivatives and do not qualify for hedge accounting. Written loan commitments generally have a term of up to 60 days before the closing of the loan. The loan commitment does not bind the potential borrower to entering into the loan, nor does it guarantee that the Corporation will approve the potential borrower for the loan. Therefore, when determining fair value, the Corporation makes estimates of expected “fallout” (loan commitments not expected to close), using models which consider cumulative historical fallout rates and other factors. In addition, expected net future cash flows related to loan servicing activities are included in the fair value measurement of a written loan commitment. | |||||||||||||||||||||||||||||||||
Written loan commitments in which the borrower has locked in an interest rate results in market risk to the Corporation to the extent market interest rates change from the rate quoted to the borrower. The Corporation economically hedges the risk of changing interest rates associated with its interest rate lock commitments by entering into forward sales contracts. | |||||||||||||||||||||||||||||||||
The Corporation’s warehouse (mortgage loans held for sale) is subject to changes in fair value, due to fluctuations in interest rates from the loan’s closing date through the date of sale of the loan into the secondary market. Typically, the fair value of the warehouse declines in value when interest rates increase and rises in value when interest rates decrease. To mitigate this risk, the Corporation enters into forward sales contracts on a significant portion of the warehouse to provide an economic hedge against those changes in fair value. Mortgage loans held for sale and the forward sales contracts were recorded at fair value with ineffective changes in value recorded in current earnings as Loan sales and servicing income. | |||||||||||||||||||||||||||||||||
Credit contracts. The Corporation has bought and sold credit protection in the form of participations in interest rate swaps (swap participations). These swap participations, which meet the definition of credit derivatives, were entered into in the ordinary course of business. Credit derivatives, whereby the Corporation has purchased credit protection, entitles the Corporation to receive a payment from the counterparty when the customer fails to make payment on any amounts due to the Corporation. Swap participations whereby the Corporation has purchased credit protection have maturities that range between three to nine years. For swap participations where the Corporation sold credit protection, the Corporation has guaranteed payment in the event that the counterparty experiences a loss on the swap due to a failure to pay by the Corporation’s commercial loan customer. The Corporation simultaneously entered into reimbursement agreements with the commercial loan customers obligating the customers to reimburse the Corporation for any payments it makes under the swap participations. The Corporation monitors its payment risk on its swap participations by monitoring the creditworthiness of its commercial loan customers, which is based on the normal credit review process the Corporation would have performed had it entered into these derivative instruments directly with the commercial loan customers. Credit derivatives whereby the Corporation has sold credit protection have maturities ranging from less than one to ten years. The Corporation’s maximum estimated exposure to sold swap participations, as measured by projecting a maximum value of the guaranteed derivative instruments based on interest rate curve simulations and assuming 100% default by all obligors on the maximum values, was approximately $5.0 million as of December 31, 2014. The fair values of the written swap participations were not material at December 31, 2014 or 2013. | |||||||||||||||||||||||||||||||||
Gains and losses recognized in income on nondesignated hedging instruments for the years ended December 31, 2014, 2013 and 2012, are as follows: | |||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||
Derivatives not | Location of Gain/(Loss) | Amount of Gain / (Loss) Recognized | |||||||||||||||||||||||||||||||
designated as hedging | Recognized | in Income on Derivatives | |||||||||||||||||||||||||||||||
instruments | in Income on | Year Ended December 31, | |||||||||||||||||||||||||||||||
Derivative | 2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||
Mortgage loan commitments | Other operating income | $ | 517 | $ | (3,509 | ) | $ | (559 | ) | ||||||||||||||||||||||||
Forward sales contracts | Other operating income | (656 | ) | 446 | 1,737 | ||||||||||||||||||||||||||||
Foreign exchange contracts | Other operating income | (193 | ) | (116 | ) | 189 | |||||||||||||||||||||||||||
Other | Other operating expense | — | — | — | |||||||||||||||||||||||||||||
Total | $ | (332 | ) | $ | (3,179 | ) | $ | 1,367 | |||||||||||||||||||||||||
Counterparty Credit Risk | |||||||||||||||||||||||||||||||||
Like other financial instruments, derivatives contain an element of “credit risk” or the possibility that the Corporation will incur a loss because a counterparty, which may be a bank, a broker-dealer or a customer, fails to meet its contractual obligations. This risk is measured as the expected positive replacement value of contracts. All derivative contracts may be executed only with exchanges or counterparties approved by the Corporation’s ALCO, and only within the Corporation’s Board of Directors Credit Committee approved credit exposure limits. Where contracts have been created for customers, the Corporation enters into derivatives with dealers to offset its risk exposure. To manage the credit exposure to exchanges and counterparties, the Corporation generally enters into bilateral collateral agreements using standard forms published by the ISDA. These agreements are to include thresholds of credit exposure or the maximum amount of unsecured credit exposure that the Corporation is willing to assume. Beyond the threshold levels, collateral in the form of securities made available from the investment portfolio or other forms of collateral acceptable under the bilateral collateral agreements are provided. The threshold levels for each counterparty are established by the Corporation’s ALCO. The Corporation generally posts collateral in the form of highly rated Government Agency issued bonds or MBS. Collateral posted against derivative liabilities was $53.5 million and $70.5 million as of December 31, 2014 and 2013, respectively. | |||||||||||||||||||||||||||||||||
Derivative assets and liabilities are recorded at fair value on the balance sheet and do not take into account the effects of master netting agreements the Corporation has with its financial institution counterparties. These master netting agreements allow the Corporation to settle all derivative contracts held with a single financial institution counterparty on a net basis, and to offset net derivative positions with related collateral, where applicable. Collateral, usually in the form of investment securities, is posted by the counterparty with net liability position in accordance with contract thresholds. The following tables illustrate the potential effect of the Corporation’s derivative master netting arrangements, by type of financial instrument, on the Corporation’s statement of financial position as of December 31, 2014 and 2013. The swap agreements the Corporation has in place with its commercial customers are not subject to enforceable master netting arrangements, and, therefore, are excluded from these tables. | |||||||||||||||||||||||||||||||||
As of December 31, 2014 | |||||||||||||||||||||||||||||||||
Gross amounts recognized | Gross amounts offset in the consolidated balance sheet | Net amounts presented in the consolidated balance sheet | Gross amounts not offset in the consolidated balance sheet | Net amount | |||||||||||||||||||||||||||||
(In thousands) | Financial instruments (1) | Collateral (2) | |||||||||||||||||||||||||||||||
Derivative Assets | |||||||||||||||||||||||||||||||||
Interest rate swaps - designated | $ | 5,256 | $ | — | $ | 5,256 | $ | — | $ | — | $ | 5,256 | |||||||||||||||||||||
Interest rate swaps - nondesignated | 352 | — | 352 | (352 | ) | — | — | ||||||||||||||||||||||||||
Total derivative assets | $ | 5,608 | $ | — | $ | 5,608 | $ | (352 | ) | $ | — | $ | 5,256 | ||||||||||||||||||||
Gross amounts of recognized liabilities | Gross amounts offset in the statement of financial position | Net amounts of liabilities presented in the statement of financial position | Gross amounts of financial instruments not offset in the statement of financial position | Net amount | |||||||||||||||||||||||||||||
Netting adjustment per applicable master netting agreements | Fair value of financial collateral | ||||||||||||||||||||||||||||||||
Derivative Liabilities | |||||||||||||||||||||||||||||||||
Interest rate swaps - designated | $ | 6,683 | $ | — | $ | 6,683 | $ | — | $ | (6,683 | ) | $ | — | ||||||||||||||||||||
Interest rate swaps - nondesignated | 48,014 | — | 48,014 | (352 | ) | (47,662 | ) | — | |||||||||||||||||||||||||
Total derivative liabilities | $ | 54,697 | $ | — | $ | 54,697 | $ | (352 | ) | $ | (54,345 | ) | $ | — | |||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||||||||||
Gross amounts recognized | Gross amounts offset in the consolidated balance sheet | Net amounts presented in the consolidated balance sheet | Gross amounts not offset in the consolidated balance sheet | Net amount | |||||||||||||||||||||||||||||
(In thousands) | Financial instruments (1) | Collateral (2) | |||||||||||||||||||||||||||||||
Derivative Assets | |||||||||||||||||||||||||||||||||
Interest rate swaps - nondesignated | $ | 4,791 | $ | — | $ | 4,791 | $ | (4,791 | ) | $ | — | $ | — | ||||||||||||||||||||
Foreign exchange | 4 | — | 4 | (46 | ) | 42 | — | ||||||||||||||||||||||||||
Total derivative assets | $ | 4,795 | $ | — | $ | 4,795 | $ | (4,837 | ) | $ | 42 | $ | — | ||||||||||||||||||||
Gross amounts of recognized liabilities | Gross amounts offset in the statement of financial position | Net amounts of liabilities presented in the statement of financial position | Gross amounts of financial instruments not offset in the statement of financial position | Net amount | |||||||||||||||||||||||||||||
Netting adjustment per applicable master netting agreements | Fair value of financial collateral | ||||||||||||||||||||||||||||||||
Derivative Liabilities | |||||||||||||||||||||||||||||||||
Interest rate swaps - designated | $ | 11,574 | $ | — | $ | 11,574 | $ | — | $ | (11,574 | ) | $ | — | ||||||||||||||||||||
Interest rate swaps - nondesignated | 41,787 | — | 41,787 | (4,791 | ) | (36,996 | ) | — | |||||||||||||||||||||||||
Foreign exchange | 46 | — | 46 | (46 | ) | — | — | ||||||||||||||||||||||||||
Total derivative liabilities | $ | 53,407 | $ | — | $ | 53,407 | $ | (4,837 | ) | $ | (48,570 | ) | $ | — | |||||||||||||||||||
(1) For derivative assets, this includes any derivative liability fair values that could be offset in the event of counterparty default. For derivative liabilities, this includes any derivative asset fair values that could be offset in the event of counterparty default. | |||||||||||||||||||||||||||||||||
(2) For derivate assets, this includes the fair value of collateral received by the Corporation from the counterparty. Securities received as collateral are not included in the Consolidated Balance Sheet unless the counterparty defaults. For derivative liabilities, this includes the fair value of securities pledged by the Corporation to the counterparty. These securities are included in the Consolidated Balance Sheet unless the Corporation defaults |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ||||||||||||
Commitments and Contingencies | Commitments and Contingencies | |||||||||||
Obligations Under Noncancelable Leases | ||||||||||||
The Corporation is obligated under various noncancelable operating leases on branch offices. Minimum future rental payments under noncancelable operating leases at December 31, 2014 are as follows: | ||||||||||||
(In thousands) | ||||||||||||
Year Ended December 31, | Lease | |||||||||||
Commitments | ||||||||||||
2015 | $ | 13,598 | ||||||||||
2016 | 11,167 | |||||||||||
2017 | 9,841 | |||||||||||
2018 | 8,426 | |||||||||||
2019 | 6,459 | |||||||||||
2020-2031 | 21,999 | |||||||||||
Total minimum future rental payments | $ | 71,490 | ||||||||||
Commitments to Extend Credit | ||||||||||||
Commitments to extend credit are agreements to lend to a customer provided there is no violation of any condition established in the contract. Loan commitments to originate residential mortgage loans held for sale and forward commitments to sell residential mortgage loans are considered derivative instruments, and the fair value of these commitments is recorded on the consolidated balance sheets. Additional information is provided in Note 18 (Fair Value Measurement). Commitments generally are extended at the then-prevailing interest rates, have fixed expiration dates or other termination clauses and may require payment of a fee. Since many of the commitments are expected to expire without being drawn upon the total commitment amounts do not necessarily represent future cash requirements. Loan commitments involve credit risk not reflected on the balance sheet. The Corporation mitigates exposure to credit risk with internal controls that guide how applications for credit are reviewed and approved, how credit limits are established and, when necessary, how demands for collateral are made. Collateral held varies but may include accounts receivable, inventory, property, plant and equipment, and income-producing commercial properties. Management evaluates the creditworthiness of each prospective borrower on a case-by-case basis and, when appropriate, adjusts the allowance for probable credit losses inherent in all commitments. The allowance for unfunded lending commitments at December 31, 2014, was $5.8 million, compared with $7.9 million at December 31, 2013. Additional information pertaining to this allowance is included in Note 5 (Allowance for Loan Losses) and under the heading “Allowance for Originated Loan Losses and Reserve For Unfunded Lending Commitments” within Item 7. “Management’s Discussion and Analysis of Financial Condition and Results of Operation” of this report. | ||||||||||||
The following table shows the remaining contractual amount of each class of commitments to extend credit as of December 31, 2014 and 2013. This amount represents the Corporation’s maximum exposure to loss if the customer were to draw upon the full amount of the commitment and subsequently default on payment for the total amount of the then outstanding loan. | ||||||||||||
At December 31, | ||||||||||||
(In thousands) | 2014 | 2013 | ||||||||||
Loan Commitments | ||||||||||||
Commercial | $ | 3,748,690 | $ | 3,367,625 | ||||||||
Consumer | 2,387,623 | 2,179,010 | ||||||||||
Total loan commitments | $ | 6,136,313 | $ | 5,546,635 | ||||||||
Guarantees | ||||||||||||
The Corporation is a guarantor in certain agreements with third parties. The following table shows the types of guarantees the Corporation had outstanding as of December 31, 2014, and 2013. | ||||||||||||
At December 31, | ||||||||||||
(In thousands) | 2014 | 2013 | ||||||||||
Financial guarantees | ||||||||||||
Standby letters of credit | $ | 242,390 | $ | 196,400 | ||||||||
Loans sold with recourse | 45,071 | 45,082 | ||||||||||
Total financial guarantees | $ | 287,461 | $ | 241,482 | ||||||||
Standby letters of credit obligate the Corporation to pay a specified third party when a customer fails to repay an outstanding loan or debt instrument, or fails to perform some contractual nonfinancial obligation. The credit risk involved in issuing letters of credit is essentially the same as involved in extending loan facilities to customers. Collateral held varies, but may include marketable securities, equipment and real estate. Any amounts drawn under standby letters of credit are treated as loans; they bear interest and pose the same credit risk to the Corporation as a loan. Except for short-term guarantees of $176.4 million at December 31, 2014, the remaining guarantees extend in varying amounts through 2019. | ||||||||||||
Asset Sales | ||||||||||||
The Corporation regularly sells residential mortgage loans service retained to GSEs as part of its mortgage banking activities. The Corporation provides customary representation and warranties to the GSEs in conjunction with these sales. These representations and warranties generally require the Corporation to repurchase assets if it is subsequently determined that a loan did not meet specified criteria, such as a documentation deficiency or rescission of mortgage insurance. If the Corporation is unable to cure or refute a repurchase request, the Corporation is generally obligated to repurchase the loan or otherwise reimburse the counterparty for losses. The Corporation also sells residential mortgage loans serviced released to other investors which contain early payment default recourse provisions. As of December 31, 2014 and 2013, the Corporation had sold $38.1 million and $34.6 million, respectively, of outstanding residential mortgage loans to GSEs and other investors with recourse provisions. The Corporation had reserved $7.3 million and $8.7 million as of December 31, 2014 and 2013, respectively, for estimated losses from representation and warranty obligations and early payment default recourse provisions. | ||||||||||||
Due to prior acquisitions, as of December 31, 2014, the Corporation continued to service approximately $3.7 million in manufactured housing loans that were sold with recourse compared to $6.4 million as of December 31, 2013. The Corporation had reserved $1.1 million for estimated losses from these manufactured housing loans at December 31, 2014 and 2013. | ||||||||||||
The total reserve associated with loans sold with recourse was approximately $8.4 million and $9.9 million as of December 31, 2014 and 2013, respectively, and is included in accrued taxes, expenses and other liabilities on the consolidated balance sheet. As a result of the merger with Citizens, $6.0 million was recorded as a contingent liability to reflect the fair value of the liability associated with the expected commitment to repurchase mortgage loans previously sold by Citizens subject to recourse provisions. The Corporation’s reserve reflects management’s best estimate of losses. The Corporation’s reserving methodology uses current information about investor repurchase requests, and assumptions about repurchase mix and loss severity, based upon the Corporation’s most recent loss trends. The Corporation also considers qualitative factors that may result in anticipated losses differing from historical loss trends, such as loan vintage, underwriting characteristics and macroeconomic trends. | ||||||||||||
Changes in the amount of the repurchase reserve for the years ended December 31, 2014, and 2013, are as follows: | ||||||||||||
Year Ended December 31, 2014 | ||||||||||||
(In thousands) | Reserve on residential mortgage loans | Reserve on manufactured housing loans | Total repurchased reserve | |||||||||
Balance at beginning of period | $ | 8,737 | $ | 1,114 | $ | 9,851 | ||||||
Net realized losses | (4,528 | ) | — | (4,528 | ) | |||||||
Net increase (decrease) to reserve | 3,041 | 10 | 3,051 | |||||||||
Balance at end of period | $ | 7,250 | $ | 1,124 | $ | 8,374 | ||||||
Year Ended December 31, 2013 | ||||||||||||
(In thousands) | Reserve on residential mortgage loans | Reserve on manufactured housing loans | Total repurchased reserve | |||||||||
Balance at beginning of period | $ | 1,500 | $ | 1,167 | $ | 2,667 | ||||||
Assumed Obligation | 6,000 | — | 6,000 | |||||||||
Net realized losses | (5,818 | ) | — | (5,818 | ) | |||||||
Net increase (decrease) to reserve | 7,055 | (53 | ) | 7,002 | ||||||||
Balance at end of period | $ | 8,737 | $ | 1,114 | $ | 9,851 | ||||||
Litigation
Litigation | 12 Months Ended |
Dec. 31, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | |
Litigation | Litigation |
In the normal course of business, the Corporation and its subsidiaries are at all times subject to pending and threatened legal actions, some for which the relief or damages sought are substantial. Although the Corporation is not able to predict the outcome of such actions, after reviewing pending and threatened actions with counsel, Management believes that based on the information currently available the outcome of such actions, individually or in the aggregate, will not have a material adverse effect on the results of operations or shareholders' equity of the Corporation. However, it is possible that the ultimate resolution of these matters, if unfavorable, may be material to the results of operations in a particular future period as the time and amount of any resolution of such actions and its relationship to the future results of operations are not known. | |
Reserves are established for legal claims only when losses associated with the claims are judged to be probable, and the loss can be reasonably estimated. In many lawsuits and arbitrations, including almost all of the class action lawsuits, it is not possible to determine whether a liability will be incurred or to estimate the ultimate or minimum amount of that liability until the case is close to resolution, in which case a reserve will not be recognized until that time. | |
Overdraft Litigation | |
Commencing in December 2010, two separate lawsuits were filed in the Summit County Court of Common Pleas and the Lake County Court of Common Pleas against the Corporation and the Bank. The complaints were brought as putative class actions on behalf of Ohio residents who maintained a checking account at the Bank and who incurred one or more overdraft fees as a result of the alleged re-sequencing of debit transactions. The lawsuit that had been filed in Summit County Court of Common Pleas was dismissed without prejudice on July 11, 2011. The remaining suit in Lake County seeks actual damages, disgorgement of overdraft fees, punitive damages, interest, injunctive relief and attorney fees. In December 2012, the trial court issued an order certifying a proposed class and the Bank and Corporation appealed the order to the Eleventh District Court of Appeals. In September 2013, the Eleventh District Court of Appeals affirmed in part and reversed in part the trial court’s class certification order, and remanded the case back to the trial court for further consideration, in particular with respect to the class definition. On October 9, 2013, the Bank and Corporation filed with the Eleventh District Court of Appeals an application for reconsideration and application for consideration en banc. On November 20, 2013, the Eleventh District denied those applications. On December 4, 2013, the Bank and Corporation filed a notice of appeal with the Ohio Supreme Court, and on January 3, 2014, they filed with the Ohio Supreme Court a memorandum in support of the Court’s exercising its jurisdiction and accepting the appeal. The plaintiffs filed an opposition, and, on April 24, 2014, the Ohio Supreme Court declined to accept jurisdiction. On August 6, 2014, the Bank and Corporation filed a motion asking the trial court to stay the lawsuit pending arbitration of claims subject to an arbitration agreement. That motion has been fully briefed and is awaiting a decision by the court. On August 25, 2014, the parties stipulated to a revised class definition (without affecting the pending motion to stay), and an order approving that stipulation is awaiting court approval. | |
Merger Litigation | |
Between September 17, 2012 and October 5, 2012, alleged shareholders of Citizens filed six purported class action lawsuits in the Circuit Court of Genesee County, Michigan, relating to the proposed merger between Citizens and FirstMerit, which merger closed in April 2013. The lawsuits were consolidated under the caption In re Citizens Republic Bancorp, Inc. Shareholder Litigation, Case No. 12-99027-CK (the “Lawsuit”). The consolidated complaint in the Lawsuit alleges that the former directors of Citizens breached their fiduciary duties by failing to obtain the best available price in the merger and by not providing Citizens shareholders with all material information related to the merger, and that FirstMerit and Citizens aided and abetted those alleged breaches of fiduciary duty. The Complaint sought declaratory and injunctive relief to prevent the consummation of the merger, rescissory damages and other equitable relief. | |
The plaintiffs and defendants have entered into a settlement of the Lawsuit, and the court approved the settlement on September 20, 2013. Under the settlement, the defendants amended the joint proxy statement/prospectus relating to the merger to include certain supplemental disclosures to shareholders of Citizens and agreed to pay attorneys’ fees and expenses as awarded by the court. An alleged former shareholder of Citizens objected to the settlement and has filed an appeal of the court’s approval of the settlement; the settlement will not become final until that appeal has been resolved. | |
CRBC 401(k) Litigation | |
Participants in the Citizens Republic Bancorp 401(k) Plan filed a lawsuit in the United States Court for the Eastern District of Michigan in 2011, alleging that Citizens and certain of its officers and directors violated the Employee Retirement Income Security Act by offering Citizens common stock as an investment alternative in the Plan during periods when it was imprudent to do so and by failing to adequately monitor fiduciaries responsible for administering the Plan. The lawsuit, captioned Kidd v. Citizens Republic Bancorp, Inc. et al., Case No. 2:11-cv-11709, asserts claims for monetary and injunctive relief on behalf of a purported class of participants and beneficiaries in the Plan who held Citizens stock in their Plan accounts during the period from April 17, 2008 to “the present.” In April 2014, the court denied the defendants’ motion to dismiss the second amended complaint. | |
Based on information currently available, consultation with counsel, available insurance coverage and established reserves, Management believes that the eventual outcome of all claims against the Corporation and its subsidiaries will not, individually or in the aggregate, have a material adverse effect on its consolidated financial position or results of operations. However, it is possible that the ultimate resolution of these matters, if unfavorable, may be material to the results of operations for a particular period. The Corporation has not established any reserves with respect to any of this disclosed litigation because it is not possible to determine (i) whether a liability has been incurred; or (ii) an estimate of the ultimate or minimum amount of such liability. |
Shareholders_Equity
Shareholders' Equity | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Shareholders' Equity [Abstract] | ||||||||||||
Stockholders' Equity | Shareholders' Equity | |||||||||||
Common Stock Warrant | ||||||||||||
The Corporation has an outstanding warrant previously issued by Citizen’s to the U.S. Treasury to initially purchase 2,408,203 shares of FirstMerit Common Stock. Due to a dividend protection clause, the strike price is reduced by an amount equivalent to the dividend as a percentage of the closing market price on the day prior to the ex-dividend date. The adjusted shares are calculated by dividing the original proceeds by the adjusted strike price. At December 31, 2014, the adjusted strike price is $17.65 with a corresponding adjusted number of shares of 2,549,702 issuable upon exercise of the warrant issued to the U.S. Treasury and currently available for purchase. | ||||||||||||
Preferred Stock | ||||||||||||
The Corporation has 7,000,000 shares of authorized Preferred Stock and has designated 115,000 shares of its Preferred Stock as 5.875% Non-Cumulative Perpetual Preferred Stock, Series A. On February 4, 2013, the Corporation issued 100,000 shares of its 5.875% Non-Cumulative Perpetual Preferred Stock, Series A, which began paying cash dividends on May 4, 2013, quarterly in arrears on the 4th day of February, May, August and November. | ||||||||||||
Earnings per Share | ||||||||||||
Basic net income per common share is calculated using the two-class method to determine income | ||||||||||||
attributable to common shareholders. Net income attributable to Common Stock is then divided by the | ||||||||||||
weighted-average number of Common Stock outstanding during the period. | ||||||||||||
Diluted net income per common share is calculated under the more dilutive of either the treasury method | ||||||||||||
or two-class method. Adjustments to the weighted-average number of shares of Common Stock outstanding are | ||||||||||||
made only when such adjustments will dilute earnings per common share. Net income attributable to Common | ||||||||||||
Stock is then divided by the weighted-average number of Common Stock and Common Stock equivalents | ||||||||||||
outstanding during the period. | ||||||||||||
The reconciliation between basic and diluted EPS using the two-class method and treasury stock method is presented as follows: | ||||||||||||
Year Ended December 31, | ||||||||||||
(In thousands, except per share amounts) | 2014 | 2013 | 2012 | |||||||||
Basic EPS: | ||||||||||||
Net income | $ | 237,951 | $ | 183,684 | $ | 134,106 | ||||||
Less: | ||||||||||||
Cash dividends on 5.875% non-cumulative perpetual series A, preferred stock | 5,876 | 5,337 | — | |||||||||
Income allocated to participating securities | 1,930 | 1,545 | — | |||||||||
Net income attributable to common shareholders | $ | 230,145 | $ | 176,802 | $ | 134,106 | ||||||
Weighted average Common Stock outstanding used in basic EPS | 165,296 | 149,607 | 109,518 | |||||||||
Basic net income per common share | $ | 1.39 | $ | 1.18 | $ | 1.22 | ||||||
Diluted EPS: | ||||||||||||
Income used in diluted earnings per share calculation | $ | 230,145 | $ | 176,802 | $ | 134,106 | ||||||
Weighted average Common Stock outstanding used in basic EPS | 165,296 | 149,607 | 109,518 | |||||||||
Add: Common Stock equivalents: | ||||||||||||
Warrant and stock plans | 758 | 814 | — | |||||||||
Weighted average Common and Common Stock equivalent shares outstanding | 166,054 | 150,421 | 109,518 | |||||||||
Diluted net income per common share | $ | 1.39 | $ | 1.18 | $ | 1.22 | ||||||
Common Stock equivalents consist of employee stock award plans and the Common Stock warrant. These Common Stock equivalents do not enter into the calculation of diluted EPS if the impact would be anti-dilutive, that is, increase EPS or reduce a loss per share. There were $0.8 million antidilutive Common Stock equivalents for the year ended December 31, 2014, and $1.4 million and $3.4 million antidilutive Common Stock equivalents for the years ended December 31, 2013 and 2012, respectively. |
Changes_and_Reclassifications_
Changes and Reclassifications Out of Other Comprehensive Income (Notes) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Changes and Reclassifications Out of Other Comprehensive Income [Abstract] | ||||||||||||
Changes and Reclassifications Out of Accumulated Other Comprehensive Income | Changes and Reclassifications Out of Accumulated Other Comprehensive Income | |||||||||||
The following table presents the changes in AOCI by components of comprehensive income for the years ended December 31, 2014 and 2013: | ||||||||||||
Year Ended December 31, 2014 | ||||||||||||
(In thousands) | Pre-tax | Tax | After-tax | |||||||||
Unrealized and realized securities gains and losses: | ||||||||||||
Balance at the beginning of the period | $ | (45,072 | ) | $ | (15,776 | ) | $ | (29,296 | ) | |||
Changes in unrealized securities’ holding gains/(losses) | 38,864 | 13,602 | 25,262 | |||||||||
Changes in unrealized securities’ holding gains/(losses) that result from securities being transferred into available-for-sale from held-to-maturity | (2,157 | ) | (753 | ) | (1,404 | ) | ||||||
Net losses/(gains) realized on sale of securities reclassified to noninterest income | (166 | ) | (58 | ) | (108 | ) | ||||||
Balance at the end of the period | (8,531 | ) | (2,985 | ) | (5,546 | ) | ||||||
Pension plans and other postretirement benefits: | ||||||||||||
Balance at the beginning and end of the period | (57,813 | ) | (20,233 | ) | (37,580 | ) | ||||||
Current year actual gains/(losses) | (49,552 | ) | (17,344 | ) | (32,208 | ) | ||||||
Amortization of actuarial losses/(gains) | 3,166 | 1,108 | 2,058 | |||||||||
Amortization of prior service cost reclassified to other noninterest expense | 2,131 | 747 | 1,384 | |||||||||
Balance at the end of the period | (102,068 | ) | (35,722 | ) | (66,346 | ) | ||||||
Total Accumulated Other Comprehensive Income | $ | (110,599 | ) | $ | (38,707 | ) | $ | (71,892 | ) | |||
Year Ended December 31, 2013 | ||||||||||||
(In thousands) | Pre-tax | Tax | After-tax | |||||||||
Unrealized and realized securities gains and losses: | ||||||||||||
Balance at the beginning of the period | $ | 85,259 | $ | 29,841 | $ | 55,418 | ||||||
Changes in unrealized securities’ holding gains/(losses) | (130,947 | ) | (45,833 | ) | (85,114 | ) | ||||||
Changes in unrealized securities’ holding gains/(losses) that result from securities being transferred into available-for-sale from held-to-maturity | (2,187 | ) | (765 | ) | (1,422 | ) | ||||||
Net losses/(gains) realized on sale of securities reclassified to noninterest income | 2,803 | 981 | 1,822 | |||||||||
Balance at the end of the period | (45,072 | ) | (15,776 | ) | (29,296 | ) | ||||||
Pension plans and other postretirement benefits: | ||||||||||||
Balance at the beginning and end of the period | (110,188 | ) | (38,565 | ) | (71,623 | ) | ||||||
Current year actual gains/(losses) | 47,939 | 16,779 | 31,160 | |||||||||
Amortization of actuarial losses/(gains) | 4,437 | 1,553 | 2,884 | |||||||||
Amortization of prior service cost reclassified to other noninterest expense | (1 | ) | — | (1 | ) | |||||||
Balance at the end of the period | (57,813 | ) | (20,233 | ) | (37,580 | ) | ||||||
Total Accumulated Other Comprehensive Income | $ | (102,885 | ) | $ | (36,009 | ) | $ | (66,876 | ) | |||
The following table presents current period reclassifications out of AOCI by component of comprehensive income for the years ended December 31, 2014 and 2013: | ||||||||||||
(In thousands) | Year Ended December 31, 2014 | Statement of Income line item presentation | ||||||||||
Realized (gains) losses on sale of securities | $ | (166 | ) | Investment securities losses (gains), net | ||||||||
Tax expense (benefit) (35%) | (58 | ) | Income tax expense (benefit) | |||||||||
Reclassified amount, net of tax | $ | (108 | ) | |||||||||
(In thousands) | Year Ended December 31, 2013 | Statement of Income line item presentation | ||||||||||
Realized (gains) losses on sale of securities | $ | 2,803 | Investment securities losses (gains), net | |||||||||
Tax expense (benefit) (35%) | 981 | Income tax expense (benefit) | ||||||||||
Reclassified amount, net of tax | $ | 1,822 | ||||||||||
Regulatory_Matters
Regulatory Matters | 12 Months Ended | |||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||
Regulatory Capital Requirements [Abstract] | ||||||||||||||||||||||
Regulatory Matters | Regulatory Matters | |||||||||||||||||||||
The Corporation is subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory – and possibly additional discretionary – actions by regulators that, if undertaken, could have a material effect on the Corporation’s financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Corporation must meet specific capital guidelines that involve quantitative measures of the Corporation’s assets, liabilities, and certain off-balance-sheet items as calculated under regulatory accounting practices. The Corporation’s capital amounts and classification are also subject to quantitative judgments by regulators about components, risk weightings, and other factors. | ||||||||||||||||||||||
Quantitative measures established by regulation to ensure capital adequacy require the Corporation to maintain minimum amounts and ratios (set forth in the following table) of total and Tier I capital to risk-weighted assets, and of Tier I capital to average assets. At December 31, 2014 and 2013, Management believes the Corporation meets all capital adequacy requirements to which it is subject. The capital terms used in this note to the consolidated financial statements are defined in the regulations as well as in the “Capital Resources” section of Management’s Discussion and Analysis of Financial Condition and Results of Operations. | ||||||||||||||||||||||
(Dollars in thousands) | Consolidated | |||||||||||||||||||||
Actual | Adequately Capitalized: | Well Capitalized: | ||||||||||||||||||||
As of December 31, 2014 | Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||
Total Capital | ||||||||||||||||||||||
(to Risk Weighted Assets) | $ | 2,653,893 | 15.26 | % | > | $ | 1,391,282 | 8 | % | > | $ | 1,739,102 | 10 | % | ||||||||
Tier I Capital | ||||||||||||||||||||||
(to Risk Weighted Assets) | $ | 2,004,461 | 11.53 | % | > | $ | 695,641 | 4 | % | > | $ | 1,043,461 | 6 | % | ||||||||
Tier I Capital | ||||||||||||||||||||||
(to Average Assets) | $ | 2,004,461 | 8.43 | % | > | $ | 951,430 | 4 | % | > | $ | 1,189,287 | 5 | % | ||||||||
(Dollars in thousands) | Actual | Adequately Capitalized: | Well Capitalized: | |||||||||||||||||||
As of December 31, 2013 | Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||
Total Capital | ||||||||||||||||||||||
(to Risk Weighted Assets) | $ | 2,279,891 | 13.97 | % | > | $ | 1,305,667 | 8 | % | > | $ | 1,632,083 | 10 | % | ||||||||
Tier I Capital | ||||||||||||||||||||||
(to Risk Weighted Assets) | $ | 1,880,804 | 11.52 | % | > | $ | 652,833 | 4 | % | > | $ | 979,250 | 6 | % | ||||||||
Tier I Capital | ||||||||||||||||||||||
(to Average Assets) | $ | 1,880,804 | 8.14 | % | > | $ | 923,887 | 4 | % | > | $ | 1,154,858 | 5 | % | ||||||||
At December 31, 2014 and 2013, the most recent notification from the OCC categorized the Bank as well capitalized under the regulatory framework for prompt corrective action. To be categorized as well-capitalized the Bank must maintain minimum total risk-based, Tier I risk-based, and Tier I leverage ratios as set forth in the table. In Management’s opinion, there are no conditions or events since the OCC’s notification that have changed the Bank’s categorization as “well-capitalized.” | ||||||||||||||||||||||
Bank Only | ||||||||||||||||||||||
(Dollars in thousands) | Actual | Adequately Capitalized: | Well Capitalized: | |||||||||||||||||||
As of December 31, 2014 | Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||
Total Capital | ||||||||||||||||||||||
(to Risk Weighted Assets) | $ | 2,521,412 | 14.49 | % | > | $ | 1,391,988 | 8 | % | > | $ | 1,739,986 | 10 | % | ||||||||
Tier I Capital | ||||||||||||||||||||||
(to Risk Weighted Assets) | $ | 2,127,065 | 12.22 | % | > | $ | 695,994 | 4 | % | > | $ | 1,043,991 | 6 | % | ||||||||
Tier I Capital | ||||||||||||||||||||||
(to Average Assets) | $ | 2,127,065 | 8.94 | % | > | $ | 951,455 | 4 | % | > | $ | 1,189,319 | 5 | % | ||||||||
(Dollars in thousands) | Actual | Adequately Capitalized: | Well Capitalized: | |||||||||||||||||||
As of December 31, 2013 | Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||
Total Capital | ||||||||||||||||||||||
(to Risk Weighted Assets) | $ | 2,122,124 | 13.02 | % | > | $ | 1,303,579 | 8 | % | > | $ | 1,629,473 | 10 | % | ||||||||
Tier I Capital | ||||||||||||||||||||||
(to Risk Weighted Assets) | $ | 1,978,140 | 12.14 | % | > | $ | 651,789 | 4 | % | > | $ | 977,684 | 6 | % | ||||||||
Tier I Capital | ||||||||||||||||||||||
(to Average Assets) | $ | 1,978,140 | 8.58 | % | > | $ | 922,312 | 4 | % | > | $ | 1,152,890 | 5 | % | ||||||||
FirstMerit Mortgage Corporation, a subsidiary of the Corporation, is subject to net worth requirements issued by the U.S. Department of Housing and Urban Development (HUD). Failure to meet minimum capital requirements of HUD can result in certain mandatory and possibly additional discretionary actions that, if undertaken, could have a direct material effect on FirstMerit Mortgage Corporation's operations. | ||||||||||||||||||||||
The minimum net worth requirement of HUD at December 31, 2014, and 2013, was $1.0 million. FirstMerit Mortgage Corporations’ net worth significantly exceeded the HUD requirements at December 31, 2014, and 2013. |
Subsequent_Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2014 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events |
In preparing these financial statements, subsequent events were evaluated through the time the financial statements were issued. Financial statements are considered issued when they are widely distributed to all shareholders and other financial statement users, or filed with the SEC. In accordance with applicable accounting standards, all material subsequent events have been either recognized in the financial statements or disclosed in the notes to the financial statements. |
Borrowed_Funds_Notes
Borrowed Funds (Notes) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||
Borrowed Funds | Borrowed Funds | ||||||||||||||||||||
The following table presents wholesale borrowings and long-term debt as of December 31, 2014 and 2013. | |||||||||||||||||||||
As of December 31, | |||||||||||||||||||||
(In thousands) | 2014 | 2013 | |||||||||||||||||||
FHLB advances | $ | 427,857 | $ | 200,323 | |||||||||||||||||
Subordinated debentures | 505,192 | 249,928 | |||||||||||||||||||
Fixed and variable junior subordinated deferral debentures | — | 74,500 | |||||||||||||||||||
Other | 214 | 277 | |||||||||||||||||||
Total borrowed funds | $ | 933,263 | $ | 525,028 | |||||||||||||||||
FHLB advances were secured by a lien on residential and other real estate-related loans totaling $5.1 billion at December 31, 2014, and $2.4 billion at December 31, 2013. The FHLB advances have interest rates that range from 1.11% to 4.12% as of December 31, 2014. | |||||||||||||||||||||
On November 25, 2014, the Bank issued $250 million in aggregate principal of subordinated notes, due November 25, 2026, and bearing interest at an annual rate of 4.27% payable semi-annually in arrears on May 25 and November 25 of each year. The net proceeds were used to initially pay down existing federal funds purchased and securities sold under repurchase agreements, general corporate purposes, and as capital to support the Bank’s growth. The subordinated notes are not redeemable by the Bank or callable by the holders prior to maturity. | |||||||||||||||||||||
On February 4, 2013, the Corporation issued $250 million in aggregate principal of subordinated notes, due February 4, 2023, and bearing interest at an annual rate of 4.35% payable semi-annually in arrears on February 4 and August 4 of each year. The net proceeds were used to fund the Citizens acquisition. | |||||||||||||||||||||
As part of the merger with Citizens, the Corporation assumed two active wholly owned trusts formed for the purpose of issuing securities. Each of the two active trusts had issued separate offerings of trust preferred securities to investors in 2006 and 2003. In accordance with GAAP, the financial statements of the Trusts were not included in the Corporation's consolidated financial statements. In conjunction with these trusts, the Corporation assumed a variable rate junior subordinated deferrable debenture in an aggregate principal amount approximating $25.8 million. This debenture bore interest at an annual rate equal to three-month LIBOR plus 3.10%, payable quarterly. Interest was adjusted on a quarterly basis not exceeding 11.75%. The Corporation assumed a 7.50% junior subordinated debenture in an aggregate principal amount approximating $48.7 million. These trust preferred securities and the junior subordinated debentures, totaling $74.5 million, were redeemed on September 26, 2014 and the associated debentures were paid off. | |||||||||||||||||||||
Selected financial statement information pertaining to the Corporation’s borrowed funds is as follows: | |||||||||||||||||||||
As of December 31, | |||||||||||||||||||||
(Dollars in thousands) | 2014 | 2013 | 2012 | ||||||||||||||||||
Average balance during the year | $ | 715,383 | $ | 474,473 | $ | 175,989 | |||||||||||||||
Weighted-average annual interest rate during the year | 2.8 | % | 3.62 | % | 2.51 | % | |||||||||||||||
Maximum month-end balance | $ | 973,453 | $ | 527,155 | $ | 178,489 | |||||||||||||||
The following table illustrates the contractual maturities of the Corporation's borrowed funds at December 31, 2014: | |||||||||||||||||||||
One Year | One to | Three to | Over Five | ||||||||||||||||||
(In thousands) | or Less | Three Years | Five Years | Years | Total | ||||||||||||||||
FHLB advances | $ | 189,808 | $ | 212,495 | $ | 202 | $ | 25,352 | $ | 427,857 | |||||||||||
Subordinated debentures | — | — | — | 505,192 | 505,192 | ||||||||||||||||
Other | 67 | 147 | — | — | 214 | ||||||||||||||||
Total borrowed funds | $ | 189,875 | $ | 212,642 | $ | 202 | $ | 530,544 | $ | 933,263 | |||||||||||
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2014 | |
Basis of Presentation | |
Basis of Accounting | The accounting and reporting policies of the Corporation conform to GAAP and to general practices within the financial services industry. |
In preparing these accompanying consolidated financial statements, subsequent events were evaluated through the time the consolidated financial statements were issued. Financial statements are considered issued when they are widely distributed to all shareholders and other financial statement users, or filed with the SEC. | |
The following is a description of the Corporation’s significant accounting policies. | |
Principles of Consolidation | Principles of Consolidation |
The Parent Company is a bank holding company whose principal asset is the common stock of its wholly-owned subsidiary, the Bank. The Parent Company’s other subsidiaries include Citizens Savings Corporation of Stark County, FirstMerit Capital Trust I, and FirstMerit Risk Management, Inc. All significant intercompany balances and transactions have been eliminated in consolidation. | |
Use of Estimates | Use of Estimates |
Management must make certain estimates and assumptions that affect the amounts reported in the financial statements and related notes. If these estimates prove to be inaccurate, actual results could differ from those reported. | |
Business Combinations | Business Combinations |
Business combinations are accounted for using the acquisition method of accounting. Under this accounting method, the acquired company's net assets are recorded at fair value on the date of acquisition, and the results of operations of the acquired company are combined with the Corporation's results from that date forward. Costs related to the acquisition are expensed as incurred. The difference between the purchase price and the fair value of the net assets acquired (including intangible assets with finite lives) is recorded as goodwill. The accounting policy for goodwill and intangible assets is summarized in this note under the heading "Goodwill and Other Intangible Assets". As discussed in Note 2 (Business Combinations), the Corporation completed the merger with Citizens, a Michigan corporation, during 2013. As of November 18, 2014, the recently issued FASB ASU 2014-17, Pushdown Accounting—a consensus of the FASB Emerging Issues Task Force, provides the Corporation the ability to elect push down accounting in the acquired entities separate financial statements, either in the current reporting period in which a change-in-control event occurs or in a subsequent period. This ASU is summarized in this notes under the heading “Recently Issued Accounting Standards”. | |
Cash and Cash Equivalents | Cash and Cash Equivalents |
Cash and cash equivalents consist of cash and due from banks, interest bearing deposits in other banks and checks in the process of collection. | |
Investment Securities | Investment Securities |
Debt securities are classified as held-to-maturity when the Corporation has the positive intent and ability to hold the securities to maturity. These securities are reported at amortized cost, adjusted for amortization of premiums and accretion of discounts to maturity using the effective yield method. This method produces a constant rate of return on the adjusted carrying amount. | |
Securities are classified as available-for-sale when the Corporation intends to hold the securities for an indefinite period of time but may be sold in response to changes in interest rates, prepayment risk, liquidity needs or other factors. Securities available-for-sale are reported at fair value, with unrealized gains and losses, net of income tax, reported as a separate component of other comprehensive income (loss) in shareholders’ equity. | |
In certain situations, Management may elect to transfer certain debt securities from the available-for-sale to the held to maturity classification. In such cases, any unrealized gain or loss included in accumulated other comprehensive income (loss) at the time of transfer is amortized over the remaining life of the security as a yield adjustment such that only the remaining initial discount or premium from the purchase date is recognized in income. | |
Interest and dividends on securities, including the amortization of premiums and accretion of discount, are included in interest income. Realized gains or losses on the sales of available-for-sale securities are recorded on the trade date and determined using the specific identification method. | |
On at least a quarterly basis, Management evaluates securities that are in an unrealized loss position for OTTI. An investment security is deemed impaired if the fair value of the investment is less than its amortized cost. As part of the impairment evaluation, Management considers the extent and duration of the unrealized loss, and the financial condition and near-term prospects of the issuer. Management also assesses whether it intends to sell, or it is more likely than not that it will be required to sell, a security in an unrealized loss position before recovery of its amortized cost. If either of the criteria regarding intent or requirement to sell is met, the entire difference between amortized cost and fair value is recognized as impairment through earnings. For debt securities that do not meet the aforementioned criteria, the amount of impairment is split into two components as follows: 1) OTTI related to credit loss, which must be recognized in earnings, and 2) OTTI related to other factors, such as liquidity conditions in the market or changes in market interest rates, which is recognized in other comprehensive income. The credit loss is defined as the difference between the present value of the cash flows expected to be collected and the amortized cost basis. For equity securities, the entire amount of impairment is recognized in earnings. | |
Other investments include FHLB and FRB stock. As a member of the FHLB system, the Bank is required to own a certain amount of stock based on the level of borrowings and other factors. The Bank is also a member of its regional FRB. Both FHLB and FRB stock are carried at cost and evaluated for impairment based on the ultimate recovery of par value. Cash and stock dividends received on the stock are reported as interest income in the Consolidated Statement of Income. | |
Originated Loans and Loan Income | Originated Loans and Loan Income |
Loans originated for investment are stated at their principal amount outstanding adjusted for partial charge-offs, and net deferred loan fees and costs. Interest income on loans is accrued over the term of the loans primarily using the simple-interest method based on the principal balance outstanding. Interest is not accrued on loans where collectability is uncertain. Accrued interest is presented separately in the balance sheet, except for accrued interest on credit card loans, which is included in the outstanding loan balance. Loan origination fees and certain direct costs incurred to extend credit are deferred and amortized over the term of the loan or loan commitment period as an adjustment to the related loan yield. | |
Loans Held for Sale | Loans Held for Sale |
Mortgage loans originated and intended for sale in the secondary market are carried at fair value. The election of the fair value option aligns the accounting for these loans with the related economic hedges. Loan origination fees are recorded when earned and related direct loan origination costs are recognized when incurred. Upon their sale, differences between carrying value and sales proceeds realized are recorded to loan sales and servicing income in the Consolidated Statement of Income. | |
A discussion of the valuation methodology applied to the Corporation’s loans held for sale is described in Note 18 (Fair Value Measurement). | |
Nonperforming Loans | Nonperforming Loans |
Loans and leases on which payments are past due for 90 days are placed on nonaccrual, with the exception of certain commercial, credit card and mortgage loans and loans that are fully secured and in process of collection. Credit card loans on which payments are past due for 120 days are placed on nonaccrual status. Interest on mortgage loans is accrued until Management deems it uncollectible based upon the specific identification method. | |
Loans are generally written off when deemed uncollectible or when they reach a predetermined number of days past due depending upon loan product, terms, and other factors. When a loan is placed on nonaccrual status, interest deemed uncollectible that had been accrued in prior years is charged against the allowance for loan losses and interest deemed uncollectible accrued in the current year is reversed against interest income. Payments subsequently received on nonaccrual loans are generally applied to principal. A loan is returned to accrual status when principal and interest are no longer past due and collectability is probable. This generally requires a sustained period of timely principal and interest payments. | |
Under the Corporation’s credit policies and practices, individually impaired loans include all nonaccrual and restructured commercial, agricultural, construction, and commercial real estate loans, but exclude certain aggregated consumer loans, mortgage loans, and leases classified as nonaccrual. Loan impairment for all loans is measured based on either the present value of expected future cash flows discounted at the loan’s effective interest rate at inception, at the observable market price of the loan, or the fair value of the collateral for certain collateral dependent loans. | |
Restructured loans are those on which concessions in terms have been made as a result of deterioration in a borrower’s financial condition. In general, the modification or restructuring of a debt constitutes a troubled debt restructuring if the Corporation for economic or legal reasons related to the borrower’s financial difficulties grants a concession to the borrower that the Corporation would not otherwise consider under current market conditions. Debt restructurings or loan modifications for a borrower do not necessarily constitute troubled debt restructurings. Troubled debt restructurings do not necessarily result in nonaccrual loans. Specific allowances for loan losses are established for certain consumer, commercial and commercial real estate loans whose terms have been modified in a TDR. | |
Acquired nonimpaired loans are placed on nonaccrual and considered and reported as nonperforming or past due using the same criteria applied to the originated portfolio. Acquired impaired loans are not classified as nonperforming assets as the loans are considered to be performing under the provisions of ASC 310-30, Loans and Debt Securities Acquired with Deteriorated Credit Quality (“ASC 310-30”). Acquired loans restructured after acquisition are not considered TDRs for purposes of the Corporation’s accounting and disclosure if the loans evidenced credit deterioration as of the acquisition date and are accounted for in pools. | |
Allowance for Loan Losses | Allowance for Loan Losses |
The allowance for loan losses is Management’s estimate of the amount of probable credit losses inherent in the loan portfolio at the balance sheet date. Increases to the allowance for loan losses are made by charges to the provisions for loan losses. Loans deemed uncollectible are charged against the allowance for loan losses. Recoveries of previously charged-off amounts are credited to the allowance for loan losses. Management estimates credit losses based on individual loans determined to be impaired and on all other loans grouped based on similar risk characteristics. | |
The Corporation’s historical loss component is the most significant of the allowance for loan losses components and is based on historical loss experience by credit-risk grade (for commercial loan pools) and payment status (for mortgage and consumer loan pools). Loans are pooled based on similar risk characteristics supported by observable data. The historical loss experience component of the allowance for loan losses represents the results of migration analysis of historical net charge-offs for portfolios of loans (including groups of commercial loans within each credit-risk grade and groups of consumer loans by payment status). For measuring loss exposure in a pool of loans, the historical net charge-off or migration experience is utilized to estimate expected losses to be realized from the pool of loans. | |
Individual commercial loans are assigned credit-risk grades based on an internal assessment of conditions that affect a borrower’s ability to meet its contractual obligation under the loan agreement. The assessment process includes reviewing a borrower’s current financial information, historical payment experience, credit documentation, public information, and other information specific to each individual borrower. Certain commercial loans are reviewed on an annual, quarterly or rotational basis or as Management becomes aware of information affecting a borrower’s ability to fulfill its obligation. | |
The credit-risk grading process for commercial loans is summarized as follows: | |
“Pass” Loans (Grades 1, 2, 3, 4) are not considered a greater than normal credit risk. Generally, the borrowers have the apparent ability to satisfy obligations to the bank, and the Corporation anticipates insignificant uncollectible amounts based on its individual loan review. | |
“Special-Mention” Loans (Grade 5) are commercial loans that have identified potential weaknesses that deserve Management’s close attention. If left uncorrected, these potential weaknesses may result in noticeable deterioration of the repayment prospects for the asset or in the institution’s credit position. | |
“Substandard” Loans (Grade 6) are inadequately protected by the current financial condition and paying capacity of the obligor or by any collateral pledged. Loans so classified have a well-defined weakness or weaknesses that may jeopardize the liquidation of the debt pursuant to the contractual principal and interest terms. Such loans are characterized by the distinct possibility that the Corporation may sustain some loss if the deficiencies are not corrected. | |
“Doubtful” Loans (Grade 7) have all the weaknesses inherent in those classified as substandard, with the added characteristic that existing facts, conditions, and values make collection or liquidation in full highly improbable. Such loans are currently managed separately to determine the highest recovery alternatives. | |
If a nonperforming, substandard loan has an outstanding balance of $0.3 million or greater or if a doubtful loan has an outstanding balance of $0.1 million or greater, as determined by the Corporation’s credit-risk grading process, further analysis is performed to determine the probable loss, if any, and assign a specific allowance to the loan if needed. The allowance for loan losses relating to originated loans that have become impaired is based on either expected cash flows discounted at the loan’s original effective interest rate, the observable market price, or the fair value of the collateral for certain collateral dependent loans. To the extent credit deterioration occurs on purchased loans after the date of acquisition, the Corporation records an allowance for loan losses, net of any expected reimbursement under any FDIC Loss Sharing Agreements. | |
Management also considers internal and external factors such as economic conditions, credit quality trends, loan management practices, portfolio monitoring, and other risks, collectively known as qualitative factors, or Q-factors, to estimate credit losses in the loan portfolio. Q-factors are used to reflect changes in the portfolio’s collectability characteristics not captured by historical loss data. | |
The Corporation also assesses the credit risk associated with off-balance sheet loan commitments and letters of credit. The liability for off-balance sheet credit exposure related to loan commitments and other credit guarantees is included in other liabilities on the Consolidated Balance Sheet. | |
Acquired Loans, Covered Loans and Related Loss Share Receivable | Acquired Loans, Covered Loans and Related Loss Share Receivable |
Acquired loans (nonimpaired and impaired) are initially measured at fair value as of the acquisition date. The fair value estimates for acquired loans are based on the estimate of expected cash flows, both principal and interest and prepayments, discounted at prevailing market interest rates. Credit discounts representing the principal losses expected over the life of the loan are also a component of the initial fair value; therefore, an allowance for loan losses is not recorded at the acquisition date. | |
The Corporation evaluates acquired loans for impairment in accordance with the provisions of ASC 310-30. Acquired loans are considered impaired if there is evidence of credit deterioration since origination and if it is probable at time of acquisition that all contractually required payments will not be collected. In determining the acquisition date fair value of acquired impaired loans, and in subsequent accounting, the Corporation generally aggregates impaired loans into pools of loans with common characteristics. Each pool is accounted for as a single asset with one composite interest rate and an aggregate expectation of cash flows. Expected cash flows at the acquisition date in excess of the fair value of the loans is referred to as the accretable yield and recorded as interest income over the life of the loans. Acquired impaired loans are not classified as nonaccrual or nonperforming as they are considered to be accruing loans because their interest income relates to the accretable yield recognized at the pool level and not to contractual interest payments at the loan level. Subsequent to the acquisition date, increases in expected cash flows will generally result in a recovery of any previously recorded ALL, to the extent applicable, and/or a reclassification from the nonaccretable difference to accretable yield, which will be recognized prospectively. The present value of any decreases in expected cash flows after the acquisition date will generally result in an impairment charge recorded as a provision for loan losses, resulting in an increase to the ALL, net of any expected reimbursement under FDIC Loss Share Agreements, to the extent applicable. Revolving loans, including lines of credit and credit cards loans, and leases are excluded from acquired impaired loan accounting. | |
For acquired nonimpaired loans, the difference between the acquisition date fair value and the contractual amounts due at the acquisition date represents the fair value adjustment. Fair value adjustments may be discounts (or premiums) to a loan’s cost basis and are accreted (or amortized) to interest income over the the loan’s remaining life using the level yield method. Subsequent to the acquisition date, the method utilized to estimate the required allowance for loan losses for these loans is similar to originated loans, however, the Corporation records an allowance for loan losses only when the required allowance, net of any expected reimbursement under any FDIC Loss Share Agreements, to the extent applicable, exceeds the remaining fair value adjustment. Acquired nonimpaired loans are reported net of the unamortized fair value adjustment. Nonimpaired acquired loans are placed on nonaccrual status and reported as nonperforming or past due using the same criteria applied to the originated portfolio. | |
Loans acquired in FDIC assisted transactions and covered under FDIC Loss Share Agreements are referred to as covered loans. Covered loans are recorded at fair value at the date of acquisition exclusive of the FDIC Loss Share Agreements. No allowance for loan losses related to covered loans is recorded on the acquisition date as the fair value of the loans acquired incorporates assumptions regarding credit risk. The covered loans are subsequently valued and accounted for in the same manner as the acquired loans disclosed above. | |
A loss share receivable is recorded at the acquisition date which represents the estimated fair value of reimbursement the Corporation expects to receive from the FDIC for incurred losses on certain covered loans. The fair value measurement reflects counterparty credit risk and other uncertainties. The loss share receivable continues to be measured on the same basis as the related indemnified loans. Deterioration in the credit quality of the loans (recorded as an adjustment to the allowance for covered loan losses) would immediately increase the basis of the loss share receivable, with the offset recorded through the consolidated statement of comprehensive income. Increases in the credit quality or cash flows of loans (reflected as an adjustment to yield and accreted into income over the remaining life of the loans) decrease the basis of the loss share receivable, with such decrease being accreted into income over 1) the same period or 2) the life of the loss share agreements, whichever is shorter. Loss assumptions used in the basis of the loss share receivable are consistent with the loss assumptions used to measure the related covered loans. | |
Upon the determination of an incurred loss the loss share receivable will be reduced by the amount owed by the FDIC. A corresponding claim receivable is recorded in accrued interest receivable and other assets on the Consolidated Balance Sheet until cash is received from the FDIC. | |
An acquired or covered loan may be resolved either through receipt of payment (in full or in part) from the borrower, the sale of the loan to a third party, or foreclosure of the collateral. In the period of resolution of a nonimpaired loan, any remaining unamortized fair value adjustment is recognized as interest income. In the period of resolution of an impaired loan accounted for on an individual basis, the difference between the carrying amount of the loan and the proceeds received is recognized as a gain or loss within noninterest income. The majority of impaired loans are accounted for within a pool of loans which results in any difference between the proceeds received and the loan carrying amount being deferred as part of the carrying amount of the pool. The accretable amount of the pool remains unaffected from the resolution until the subsequent quarterly cash flow re-estimation. Favorable results from removal of the resolved loan from the pool increase the future accretable yield of the pool, while unfavorable results are recorded as impairment in the quarter of the cash flow re-estimation. Acquired or covered impaired loans subject to modification are not removed from a pool even if those loans would otherwise be deemed TDRs as the pool, and not the individual loan, represents the unit of account. | |
For further discussion of the Corporation’s acquisitions and loan accounting, see Note 2 (Business Combinations), Note 4 (Loans), and Note 5 (Allowance for Loan Losses). | |
Equipment Lease Financing | Equipment Lease Financing |
The Corporation leases equipment directly to customers. The net investment in financing leases includes the aggregate amount of lease payments to be received and the estimated residual values of the equipment, less unearned income. Income from lease financing is recognized over the lives of the leases on an approximate level rate of return on the unrecovered investment. The residual value represents the estimated fair value of the leased asset at the end of the lease term. Unguaranteed residual values of leased assets are reviewed at least annually for impairment. Declines in residual values determined to be other-than-temporary are recognized in earnings in the period such determinations are made. | |
Mortgage Servicing Rights | Mortgage Servicing Rights |
The Corporation periodically sells residential real estate loans while retaining the rights and obligations to perform the servicing of such loans. Whenever the Corporation undertakes an obligation to service such loans, Management assesses whether a servicing asset or liability should be recognized. A servicing asset is recognized whenever the compensation for servicing is expected to exceed servicing costs. Likewise, a servicing liability would be recognized in the event that servicing fees to be received are not expected to adequately compensate the Corporation for its expected cost. Servicing assets associated with retained mortgage servicing rights are presented within other assets on the balance sheet. The Corporation does not presently have any servicing liabilities. | |
MSRs are initially valued at fair value. Servicing assets and liabilities are subsequently measured using the amortization method which requires servicing rights to be amortized into noninterest income in proportion to, and over the period of, the estimated future net servicing income of the underlying loans. Amortization is recorded in loan sales and servicing income in the Consolidated Statement of Income. | |
At each reporting period, MSRs are assessed for impairment based on fair value of those rights on a stratum-by-stratum basis. The Corporation stratifies its servicing rights portfolio into tranches based on loan type and interest rate, the predominant risk characteristics of the underlying loans. Any impairment is recognized through a valuation allowance for each impaired stratum through a charge to income. If the Corporation later determines that all or a portion of the impairment no longer exists for a particular grouping, a reduction of the allowance may be recorded as an increase to income. | |
The Corporation also reviews MSRs for OTTI each quarter and recognizes a direct write-down when the recoverability of a recorded allowance for impairment is determined to be remote. Unlike an allowance for impairment, a direct write-down permanently reduces the unamortized cost of the MSR and the allowance for impairment. | |
MSRs do not trade in an active open market with readily observable market prices. Although sales of MSRs do occur, the exact terms and conditions may not be available. As a result, the fair value of MSRs is estimated using discounted cash flow modeling techniques which require Management to make assumptions regarding future net servicing income, adjusted for such factors as net servicing income, discount rate and prepayments. The primary assumptions used in determining the current fair value of the Corporation’s MSRs as well as a sensitivity analysis are presented in Note 7 (Mortgage Servicing Rights and Mortgage Servicing Activity). | |
The Corporation generally records loan administration fees for servicing loans for investors on the accrual basis of accounting. Servicing fees and late fees related to delinquent loan payments are also recorded on the accrual basis of accounting. | |
Depreciation and Amortization | Depreciation and Amortization |
Premises and equipment are reported at cost less accumulated depreciation and amortization and principally depreciated using the straight-line method over their estimated useful lives. Estimated useful lives for furniture and equipment range from three to 15 years, and depreciable buildings ranges from 10 to 35 years. Amortization of leasehold improvements is computed on the straight-line method based on related lease terms or the estimated useful lives of the assets of up to 15 years, whichever is shorter. | |
The Corporation purchases, as well as internally develops and customizes, certain software to enhance or perform internal business functions. Software development costs incurred in the planning and post-development project stages are charged to noninterest expense. Costs associated with designing software configuration and interfaces, installation, coding programs and testing systems are capitalized and amortized using the straight-line method over periods ranging from three to seven years. | |
Goodwill and Intangible Assets | Goodwill and Other Intangible Assets |
Goodwill represents the amount by which the cost of net assets acquired in a business combination exceeds their fair value. Goodwill is evaluated for impairment on an annual basis or whenever events or changes in circumstances indicate that the carrying value may not be recoverable. The goodwill impairment test is a two-step process. The first step compares the reporting unit’s estimated fair values, including goodwill, to its carrying amount. If the carrying amount exceeds its fair value, then goodwill impairment may be indicated. The second step allocates the reporting units fair value to its assets and liabilities. If the unallocated fair value does not exceed the carrying amount of goodwill then an impairment loss would be recognized as a charge to earnings. | |
Other intangible assets represent the present value of the future stream of income to be derived from the purchase of core deposits. Other intangible assets are amortized on a straight-line basis over their estimated useful lives. Goodwill and other intangible assets deemed to have indefinite lives are not amortized. | |
Other Real Estate Owned | Other Real Estate Owned |
Other real estate owned is included in other assets in the consolidated balance sheets and is primarily comprised of property acquired through loan foreclosure proceedings or acceptance of a deed-in-lieu of foreclosures, and loans classified as in-substance foreclosure. Other real estate owned is recorded at the lower of the recorded investment in the loan at the time of transfer or the fair value of the underlying property collateral, less estimated selling costs. Any write-down in the carrying value of a property at the time of acquisition is charged to the allowance for loan losses. Any subsequent write-downs to reflect current fair market value, as well as gains and losses on disposition and revenues and expenses incurred in maintaining such properties, are treated as period costs. Other real estate owned also includes bank premises formerly but no longer used for banking. Banking premises are transferred at the lower of carrying value or estimated fair value, less estimated selling costs. | |
Derivative Instruments and Hedging Activites | Derivative Instruments and Hedging Activities |
The Corporation uses interest rate swaps, interest rate lock commitments and forward contracts sold to hedge interest rate risk for asset and liability management purposes. All derivatives are recorded as either other assets or other liabilities at fair value. Credit risk associated with derivatives is reflected in the fair values recorded for those positions. Accounting for changes in fair value (i.e., gains or losses) of derivatives differs depending on whether the derivative has been designated and qualifies as part of a hedging relationship, and further, on the type of hedging relationship. For derivatives that are not designated as hedging instruments, the gain or loss is recognized immediately in other operating income. A derivative that is designated and qualifies as a hedging instrument must be designated a fair value hedge, a cash flow hedge or a hedge of a net investment in a foreign operation. The Corporation does not have any cash flow hedges or derivatives that hedge net investments in foreign operations. | |
Effectiveness measures the extent to which changes in the fair value of a derivative instrument offset changes in the fair value of the hedged item. If the relationship between the change in the fair value of the derivative instrument and the fair value of the hedged item falls within a range considered to be the industry norm, the hedge is considered highly-effective and qualifies for hedge accounting. A hedge is ineffective if the offsetting difference between the fair values falls outside the acceptable range. | |
A fair value hedge is used to limit exposure to changes in the fair value of existing assets, liabilities and firm commitments caused by changes in interest rates or other economic factors. The Corporation recognizes the gain or loss on these derivatives, as well as the related gain or loss on the underlying hedged item, in earnings during the period in which the fair value changes. If a hedge is perfectly effective, the change in the fair value of the hedged item will be offset, resulting in no net effect on earnings. | |
A cash flow hedge is used to minimize the variability of future cash flows that is caused by changes in interest rates or other economic factors. The effective portion of a gain or loss on any cash flow hedge is reported as a component of accumulated other comprehensive income (loss) and reclassified into other operating income in the same period or periods that the hedged transaction affects earnings. Any ineffective portion of the derivative gain or loss is recognized in other operating income during the current period. | |
The Corporation enters into commitments to originate mortgage loans whereby the interest rate on the prospective loan is determined prior to funding (rate lock commitments). Rate lock commitments on mortgage loans that are intended to be sold are considered to be derivatives. Accordingly, such commitments, along with any related fees received from potential borrowers, are recorded at fair value as derivative assets or liabilities, with changes in fair value recorded in net gain or loss on sale of mortgage loans. | |
Income Taxes | Income Taxes |
Income tax expense is the total of the current year income tax due or refundable and the change in deferred tax assets and liabilities. Deferred tax assets and liabilities are the expected future tax amounts for the temporary differences between the carrying amounts and tax bases of assets and liabilities, computed using enacted tax rates. A valuation allowance, if needed, reduces deferred tax assets to the amount expected to be realized. | |
A tax position is recognized as a benefit only if it is “more likely than not” that the tax position would be sustained in a tax examination, with a tax being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not meeting the “more likely than not” test, no tax benefit is recorded. | |
The Corporation follows the asset and liability method of accounting for income taxes. Deferred income taxes are recognized for the tax consequences of “temporary differences” by applying enacted statutory tax rates applicable to future years to differences between the financial statement carrying amounts and the tax bases of existing assets and liabilities. The effect of a change in tax rates is recognized in income in the period of enactment date. | |
In assessing the realizability of deferred tax assets, Management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. Assessing the need for, or the sufficiency of, a valuation allowance requires Management to evaluate all available evidence, both negative and positive, including the recent trend of quarterly earnings. Positive evidence necessary to overcome the negative evidence includes whether future taxable income in sufficient amounts and character within the carryback and carryforward periods is available under the tax law, including the use of tax planning strategies. When negative evidence (e.g., cumulative losses in recent years, history of operating loss or tax credit carryforwards expiring unused) exists, more positive evidence than negative evidence will be necessary. | |
Additional information regarding income taxes is included in Note 13 (Income Taxes). | |
Treasury Stock | Treasury Stock |
Treasury stock is accounted for using the cost method in which reacquired shares reduce outstanding Common Stock and capital surplus. At the date of subsequent reissue, the treasury stock account is reduced by the cost of such stock on the last-in, first-out basis. | |
Per Share Data | Per Share Data |
Basic net income per common share is calculated using the two-class method to determine income attributable to common shareholders. The two-class method is an earnings allocation formula that determines earnings per share for each share of common stock and participating securities according to dividends declared (distributed earnings) and participation rights in undistributed earnings. Distributed and undistributed earnings are allocated between common and participating security shareholders based on their respective rights to receive dividends. Unvested share-based payment awards that contain nonforfeitable rights to dividends or dividend equivalents are considered participating securities (i.e., nonvested restricted stock). Undistributed net losses are not allocated to nonvested restricted shareholders, as these shareholders do not have a contractual obligation to fund the losses incurred by the Corporation. Net income attributable to Common Stock is then divided by the weighted-average number of Common Stock outstanding during the period. | |
Diluted net income per common share is calculated under the more dilutive of either the treasury method or two-class method. For the diluted calculation, the weighted-average number of shares of Common Stock outstanding by the assumed conversion of outstanding convertible preferred stock from the beginning of the year or date of issuance, if later, and the number of shares of Common Stock that would be issued assuming the exercise of stock options and warrants using the treasury stock method. The treasury stock method assumes that the Corporation uses the proceeds from a hypothetical exercise of any options and warrants to repurchase Common Stock at the average market price during the period. These adjustments to the weighted-average number of shares of Common Stock outstanding are made only when such adjustments will dilute earnings per common share. | |
All earnings per share disclosures appearing in these financial statements, related notes and management’s discussion and analysis, are computed assuming dilution unless otherwise indicated. The Corporation’s earnings per share calculations are illustrated in Note 21 (Shareholders' Equity) under the heading “Earnings per Share. | |
Trust Department Assets and Income | Trust Department Assets and Income |
Property held by the Corporation in a fiduciary or other capacity for trust customers is not included in the accompanying consolidated financial statements, since such items are not assets of the Corporation. Trust department income is reported on the accrual basis of accounting. | |
Share-Based Compensation | Share-Based Compensation |
The Corporation’s share-based compensation plans are described in detail in Note 15 (Share-Based Compensation). The Corporation recognizes share-based compensation expense using the straight-line method over the requisite service period for all stock awards, including those with graded vesting. The requisite service period is the period an employee is required to provide service in order to vest in the award, which cannot extend beyond the date at which the employee is no longer required to perform any service to receive the share-based compensation (the retirement-eligible date). Certain awards are contingent upon performance conditions, which affect the number of awards ultimately granted. The Corporation periodically evaluates the probable outcome of the performance conditions and makes cumulative adjustments to compensation expense as appropriate. | |
Pension and Other Postretirement Plans | Pension and Other Postretirement Plans |
Pension and other postretirement costs are based on assumptions concerning future events that will affect the amount and timing of required benefit payments under the Corporation’s plans. These assumptions include demographic assumptions such as retirement age and mortality, a compensation rate increase, a discount rate used to determine the current benefit obligation and a long-term expected rate of return on plan assets. Net periodic benefit cost includes service and interest cost based on the assumed discount rate, an expected return on plan assets based on an actuarially derived market-related value and amortization of prior service cost and net actuarial gains or losses. The amortization of any prior service costs is determined using a straight line amortization of the cost over the average remaining lifetime of participants expected to receive benefits under the plans. Actuarial gains and losses include the impact of plan amendments and various unrecognized gains and losses, which are deferred and amortized over the future service periods of active employees. The overfunded or underfunded status of the plans is recorded as an asset or liability, respectively, in the Consolidated Balance Sheet, with changes in that status recognized through other comprehensive income. Additional information about pension and other postretirement plans is included in Note 14 (Benefit Plans). | |
Revenue Recognition | Revenue Recognition |
The Corporation recognizes revenues as they are earned based on contractual terms, as transactions occur, or as services are provided and collectability is reasonably assured. The Corporation’s principal source of revenue is interest income, which is recognized on an accrual basis primarily according to nondiscretionary formulas in written contracts, such as loan agreements or securities contracts. | |
Fair Value Measurement | Fair Value Measurement |
Fair value is defined as the price to sell an asset or transfer a liability in an orderly transaction between market participants. It represents an exit price at the measurement date. Market participants are buyers and sellers, who are independent, knowledgeable, and willing and able to transact in the principal (or most advantageous) market for the asset or liability being measured. Current market conditions, including imbalances between supply and demand, are considered in determining fair value. The Corporation values its assets and liabilities in the principal market where it sells the particular asset or transfers the liability with the greatest volume and level of activity. In the absence of a principal market, the valuation is based on the most advantageous market for the asset or liability (i.e., the market where the asset could be sold or the liability transferred at a price that maximizes the amount to be received for the asset or minimizes the amount to be paid to transfer the liability). | |
In measuring the fair value of an asset, the Corporation assumes the highest and best use of the asset by a market participant to maximize the value of the asset, and does not consider the intended use of the asset. | |
When measuring the fair value of a liability, the Corporation assumes that the nonperformance risk associated with the liability is the same before and after the transfer. Nonperformance risk is the risk that an obligation will not be satisfied and encompasses not only the Corporation’s own credit risk (i.e., the risk that the Corporation will fail to meet its obligation), but also other risks such as settlement risk. The Corporation considers the effect of its own credit risk on the fair value for any period in which fair value is measured. | |
There are three acceptable valuation techniques that can be used to measure fair value: the market approach, the income approach and the cost approach. Selection of the appropriate technique for valuing a particular asset or liability takes into consideration the exit market, the nature of the asset or liability being valued, and how a market participant would value the same asset or liability. Ultimately, determination of the appropriate valuation method requires significant judgment, and sufficient knowledge and expertise are required to apply the valuation techniques. | |
Valuation inputs refer to the assumptions market participants would use in pricing a given asset or liability using one of the three valuation techniques. Inputs can be observable or unobservable. Observable inputs are those assumptions which market participants would use in pricing the particular asset or liability. These inputs are based on market data and are obtained from a source independent of the Corporation. Unobservable inputs are assumptions based on the Corporation’s own information or estimate of assumptions used by market participants in pricing the asset or liability. Unobservable inputs are based on the best and most current information available on the measurement date. All inputs, whether observable or unobservable, are ranked in accordance with a prescribed fair value hierarchy which gives the highest ranking to quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1) and the lowest ranking to unobservable inputs (Level 3). Fair values for assets or liabilities classified as Level 2 are based on one or a combination of the following factors: (i) quoted prices for similar assets; (ii) observable inputs for the asset or liability, such as interest rates or yield curves; or (iii) inputs derived principally from or corroborated by observable market data. The level in the fair value hierarchy within which the fair value measurement in its entirety falls is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The Corporation considers an input to be significant if it drives 10% or more of the total fair value of a particular asset or liability. | |
Assets and liabilities are considered to be fair valued on a recurring basis if fair value is measured regularly (i.e., daily, weekly, monthly or quarterly). Recurring valuation occurs at a minimum on the measurement date. Assets and liabilities are considered to be fair valued on a nonrecurring basis if the fair value measurement of the instrument does not necessarily result in a change in the amount recorded on the balance sheet. Generally, nonrecurring valuation is the result of the application of other accounting pronouncements which require assets or liabilities to be assessed for impairment or recorded at the lower of cost or fair value. The fair value of assets or liabilities transferred in or out of Level 3 is measured on the transfer date, with any additional changes in fair value subsequent to the transfer considered to be realized or unrealized gains or losses. Additional information regarding fair value measurements is provided in Note 18 (Fair Value Measurement). | |
Reclassifications | Reclassifications |
Certain reclassifications of prior years’ amounts have been made to conform to current year presentation. Such reclassifications had no effect on prior year net income or shareholders’ equity. | |
New Accounting Pronouncements and Changes in Accounting Principles | |
New Accounting Pronouncements, Policy | ) Recently Adopted Accounting Standards |
FASB ASU 2014-01, Accounting for Investments in Qualified Affordable Housing Projects. The amendments in ASU 2014-01 do not change the existing accounting methods, but permit reporting entities to make an accounting policy election to account for their investments in qualified affordable projects using the proportional amortization method, if certain conditions are met. Under the proportional amortization method, an entity amortizes the initial cost of the investment in proportion to the tax credits and other tax benefits received and recognizes the net investment performance in the income statement as a component of income tax expense (benefit). The amendments in ASU 2014-01 are effective for annual periods and interim reporting periods within those annual periods, beginning after December 15, 2014, and should be applied retrospectively to all periods presented. The Corporation early adopted ASU 2014-01 in the first quarter of 2014. Amortization of the initial investment cost of qualifying projects is now recorded in the provision for income taxes together with the tax credits and benefits received. Previously, the amortization was recorded as other noninterest expense. All prior period amounts have been restated to reflect the adoption of the amendment, which resulted in an offsetting decrease to other noninterest expense and increase to the provision for income taxes of approximately $3.1 million and $2.7 million for the years ended, December 31, 2013, and December 31, 2012, respectively. | |
(aa) Recently Issued Accounting Standards | |
FASB ASU 2015-2, Amendments to the Consolidation Analysis. The amendments in ASU 2015-02 affect reporting entities that are required to evaluate whether they should consolidate certain legal entities. All legal entities are subject to reevaluation under the revised consolidation model. These amendments modify the evaluation of whether limited partnerships and other similar entities are variable interest entities; eliminate the presumption that a general partner should consolidate a limited partnership; affect the consolidation analysis | |
that are involved with variable interest entities; and provide a scope exception from consolidation for entities that are required to comply or operate in accordance with requirements that are similar to those in Rule 2a-7 of the Investment Company Act of 1940 for registered money market funds. The amendments are effective for public business entities for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted, including adoption in an interim period. If an entity early adopts the amendments in an interim period, any adjustments should be reflected as of the beginning of the fiscal year that includes that interim period. A reporting entity may apply the amendments using a modified retrospective approach by recording a cumulative-effect adjustment to equity as of the beginning of the fiscal year of adoption. A reporting entity also may apply the amendments retrospectively. The Corporation is in process of assessing the potential impact the adoption of this guidance will have on its consolidated financial statements. | |
FASB ASU 2014-17, Pushdown Accounting—a consensus of the FASB Emerging Issues Task Force. The objective of this update is to provide guidance on whether and at what threshold an acquired entity can apply pushdown accounting in the acquired entities separate financial statements. The amendments in this update provide the acquired entity the option to apply pushdown accounting accounting in the reporting period in which the change-in-control event occurs or in a subsequent reporting period after the change-in-control event occurs. If the election if made in the current reporting period, the entity should disclose information in the current reporting period that enables users of financial statements to evaluate the effect of pushdown accounting. If the election is made after the current period the change-in-control event, it is irrevocable and should be considered a change in accounting principle in accordance with Topic 250, Accounting Changes and Error Corrections. The ASU is effective on November 18, 2014. After the effective date, acquired entities can make the election to future change-in-control events or to its most recent change-in-control event. The adoption of this accounting guidance is not expected to have a material effect on the Corporation’s financial position or results of operations. | |
FASB ASU 2014-14, Classification of Certain Government-Guaranteed Mortgage Loans upon Foreclosure—a consensus of the FASB Emerging Issues Task Force. The objective of this update is to reduce diversity in practice by addressing the classification of certain foreclosed mortgage loans held by creditors that are either fully or partially guaranteed under government programs. The amendments in this update require that a mortgage loan be derecognized and that a separate other receivable be recognized upon foreclosure if the | |
following conditions are met: 1) the loan has a government guarantee that is not separable from the | |
loan before foreclosure; 2) at the time of foreclosure, the creditor has the intent to convey the real | |
estate property to the guarantor and make a claim on the guarantee, and the creditor has the ability to recover under that claim; and 3) at the time of foreclosure, any amount of the claim that is determined on the basis of the fair value of the real estate is fixed. Upon foreclosure, the separate other receivable should be measured based on the amount of the loan balance (principal and interest) expected to be recovered from the guarantor. The ASU is effective for interim and annual periods beginning after December 15, 2014. The amendments can be adopted using either a prospective transition method or a modified retrospective transition method. The adoption of this accounting guidance is not expected to have a material effect on the Corporation’s financial position or results of operations. | |
FASB ASU 2014–12, Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved After the Requisite Service Period — a consensus of the FASB Emerging Issues Task Force. The amendments in this update clarify that entities should treat performance targets that can be met after the requisite service period of a share-based payment award as performance conditions that affect vesting. Therefore, an entity would not record compensation expense (measured as of the grant date without taking into account the effect of the performance target) related to an award for which transfer to the employee is contingent on the entity’s satisfaction of a performance target until it becomes probable that the performance target will be met. The ASU does not contain any new disclosure requirements. The ASU is effective for interim and annual reporting periods beginning after December 15, 2015. Early adoption is permitted. In addition, entities will have the option of applying the guidance either prospectively (i.e., only to awards granted or modified on or after the effective date) or retrospectively. Retrospective application would only apply to awards with performance targets outstanding at or after the beginning of the first annual period presented (i.e., the earliest presented comparative period). The Corporation is in process of assessing the potential impact the adoption of this guidance will have on its consolidated financial statements. | |
FASB ASU 2014-11, Transfers and Servicing: Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures. The amendments in this update require entities to account for repurchase-to-maturity transactions as secured borrowings (rather than as sales with forward repurchase agreements), eliminate accounting guidance on linking repurchase financing transactions, and expand disclosure requirements related to certain transfers of financial assets that are accounted for as sales and certain transfers, such as repos, securities lending transactions, and repurchase-to-maturity transactions, accounted for as secured borrowings. The amendments in ASU 2014-11 are effective for the first interim or annual period beginning after December 15, 2014. The amendments must present changes in accounting for transactions outstanding on the effective date as a cumulative-effect adjustment to retained earnings as of the beginning of the period of adoption. Early application is prohibited. The adoption of this accounting guidance is not expected to have a material effect on the Corporation’s financial position or results of operations. | |
FASB ASU 2014-09, Revenue from Contracts with Customers. The amendments in this update supersede virtually all existing GAAP revenue recognition guidance, including most industry-specific revenue recognition guidance. ASU 2014-09 creates a single, principle-based revenue recognition framework and will require entities to apply significantly more judgment and expanded disclosures surrounding revenue recognition. The core principle requires an entity to recognize revenue in a manner that depicts the transfer of goods or services to customers at an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASU 2014-09 applies to contracts with customers to provide goods and services, with certain exclusions such as lease contracts, financing arrangements, and financial instruments. The amendments in ASU 2014-09 are effective for fiscal years beginning after December 15, 2016. The amendments can be adopted using either the full retrospective approach or a modified retrospective approach. Early adoption is prohibited. The Corporation is in process of assessing the potential impact the adoption of this guidance will have on its consolidated financial statements. | |
FASB ASU 2014-08, Presentation of Financial Statements and Property, Plant, and Equipment: Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity. The amendments in this update change the definition of a discontinued operation in ASC 205-20 and require additional disclosures for transactions that meet the definition of a discontinued operation and certain other significant transactions that do not meet the discontinued operations criteria. The amendments in ASU 2014-08 are effective prospectively for all disposals, except disposals classified as held for sale before the adoption date or components initially classified as held for sale in periods beginning on or after December 15, 2014, with early adoption permitted. The adoption of this accounting guidance is not expected to have a material effect on the Corporation’s financial position or results of operations. | |
FASB ASU 2014-04, Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure. ASU 2014-04 amends the guidance in ASC 310-40 by clarifying when an in-substance repossession or foreclosure occurs, and a creditor is considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan. Additionally, the amendments require interim and annual disclosure of both 1) the amount of foreclosed residential real estate property held by the creditor and 2) the recorded investment in consumer mortgage loans collateralized by residential real estate property that are in the process of foreclosure according to local requirements of the applicable jurisdiction. The amendments in ASU 2014-04 are effective for annual periods, and interim period within those annual periods, beginning after December 15, 2014. The amendments can either be adopted using a modified retrospective or a prospective transition method. The adoption of this accounting guidance is not expected to have a material effect on the Corporation’s financial position or results of operations. |
Business_Combinations_Tables
Business Combinations (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Business Combinations [Abstract] | ||||||||||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The Citizens transaction was accounted for using the acquisition method of accounting and, as such, assets acquired, liabilities assumed and consideration exchanged were recorded at estimated fair value on the Acquisition Date. Per the applicable accounting guidance for business combinations, these fair values were subject to refinement for up to one year after the closing date of the acquisition as additional information relative to closing date fair values become available. The measurement period ended on March 31, 2014. | |||||||||||
The following table provides the purchase price calculation as of the Acquisition Date and the identifiable assets purchased and the liabilities assumed at their estimated fair value. These fair value measurements are based on third-party valuations. | ||||||||||||
(In thousands, except per share amounts) | ||||||||||||
Purchase Price: | ||||||||||||
FirstMerit shares of Common Stock issued for Citizens' shares | 55,468,283 | |||||||||||
Closing price per share of the Corporation's Common Stock on April 12, 2013 | $ | 16.68 | ||||||||||
Consideration from Common Stock conversion (1.37 ratio) | 925,211 | |||||||||||
Cash paid to the Treasury for Citizens' TARP Preferred | 355,371 | |||||||||||
Cash paid in lieu of fractional shares to the former Citizens' shareholders | 61 | |||||||||||
Consideration from the warrant issued to the Treasury for Citizens' TARP warrant | 3,000 | |||||||||||
Total purchase price | $ | 1,283,643 | ||||||||||
Statement of Net Assets Acquired at Fair Value: | ||||||||||||
ASSETS | ||||||||||||
Cash and due from banks | $ | 544,380 | ||||||||||
Investment securities | 3,202,575 | |||||||||||
Loans | 4,617,004 | |||||||||||
Premises and equipment | 138,536 | |||||||||||
Intangible assets | 84,774 | (1) | ||||||||||
Accrued interest receivable and other assets | 681,100 | |||||||||||
Total assets | $ | 9,268,369 | ||||||||||
LIABILITIES | ||||||||||||
Deposits | $ | 7,276,754 | ||||||||||
Borrowings | 908,824 | |||||||||||
Accrued taxes, expenses, and other liabilities | 80,842 | |||||||||||
Total liabilities | $ | 8,266,420 | ||||||||||
Net identifiable assets acquired | 1,001,949 | |||||||||||
Goodwill | $ | 281,694 | ||||||||||
(1) Intangible assets consist of core deposit intangibles of $70.8 million and trust relationships of approximately $14.0 million. The useful lives for which the core deposit intangible and the trust relationships are being amortized over are 15 years and 12 years, respectively. | ||||||||||||
Acquired Impaired and Non-Impaired Loans at Acquisition Date | The following table summarizes the final fair value of both acquired impaired and nonimpaired loans by product type as of the Acquisition Date. | |||||||||||
(In thousands) | Acquired Impaired Loans | Acquired Nonimpaired Loans | Acquired Loans Total | |||||||||
Commercial | ||||||||||||
C&I | $ | 93,735 | $ | 1,660,199 | $ | 1,753,934 | ||||||
CRE | 378,569 | 359,066 | 737,635 | |||||||||
Construction | 13,399 | 17,135 | 30,534 | |||||||||
Total commercial | 485,703 | 2,036,400 | 2,522,103 | |||||||||
Consumer | ||||||||||||
Residential mortgages | 232,291 | 278,404 | 510,695 | |||||||||
Installment | 54,108 | 1,165,235 | 1,219,343 | |||||||||
Home equity lines | 47,613 | 317,250 | 364,863 | |||||||||
Total consumer | 334,012 | 1,760,889 | 2,094,901 | |||||||||
Total | $ | 819,715 | $ | 3,797,289 | $ | 4,617,004 | ||||||
Acquired Non-impaired Loans Fair Value at Acquisition Date | For acquired nonimpaired loans, the difference between the Acquisition Date fair value and the contractual amounts due at the Acquisition Date represents the fair value adjustment. The fair value adjustment may be a discount (or premium) to an individual loan’s cost basis and is accreted (or amortized) to interest income over the the loan’s remaining life using the level yield method. Acquired nonimpaired loans are reported net of the unamortized fair value adjustment. The fair value adjustment for acquired nonimpaired loans as of the Acquisition Date is presented in the following table. | |||||||||||
(In thousands) | Acquired Nonimpaired Loans | |||||||||||
Outstanding balance | $ | 4,017,304 | ||||||||||
Less: Fair value adjustment | 220,015 | |||||||||||
Fair value of acquired nonimpaired loans | $ | 3,797,289 | ||||||||||
Nonimpaired Loans Cash Flows Reconciliation at Acquisition Date | The table below details contractually required payments, cash flows not expected to be collected and cash flows expected to be collected on acquired nonimpaired loans as of the Acquisition Date. | |||||||||||
(In thousands) | Acquired Nonimpaired Loans | |||||||||||
Contractually required payments including interest (1) | $ | 4,955,180 | ||||||||||
Less: Contractual cash flows not expected to be collected | 680,664 | |||||||||||
Cash flows expected to be collected | $ | 4,274,516 | ||||||||||
(1) Total undiscounted amounts of all uncollected contractual principal and interest, including any fees and penalties, both past due and scheduled for the future, assuming no loss or prepayment. | ||||||||||||
Reconciliation of Carrying Amount of Acquired Impaired Loans | A reconciliation of the contractual required payments to the fair value of the acquired impaired loans at the Acquisition Date is as follows: | |||||||||||
(In thousands) | Acquired Impaired Loans | |||||||||||
Contractually required payments including interest (1) | $ | 1,231,172 | ||||||||||
Nonaccretable difference (2) | (279,899 | ) | ||||||||||
Cash flows expected to be collected (3) | 951,273 | |||||||||||
Accretable yield (4) | (131,558 | ) | ||||||||||
Fair value of loans acquired | $ | 819,715 | ||||||||||
(1) Total undiscounted amounts of all uncollected contractual principal and interest, including any fees and penalties, both past due and scheduled for the future, assuming no loss or prepayment. | ||||||||||||
(2) The nonaccretable difference represents, as of the Acquisition Date, the amount of contractually required payments, including interest, that are not expected to be collected based on estimated credit losses and other factors, such as prepayments. | ||||||||||||
(3) Represents the estimate, at Acquisition Date, of the amount and timing of undiscounted principal, interest, and other cash flows expected to be collected. This estimate includes the effect of anticipated prepayments. | ||||||||||||
(4) The accretable yield represents the excess of cash flows expected at Acquisition Date over the estimated fair value and is recognized as interest income over the remaining life of the loan using the level yield method. | ||||||||||||
Business Acquisition, Pro Forma Information | The following table provides the unaudited pro forma information for the results of operations for the year ended December 31, 2013, as if the Citizens acquisition had occurred January 1, 2013. These adjustments include the impact of certain purchase accounting adjustments including accretion of loan marks, which makes up the vast majority of the adjustments, followed by intangible assets amortization, investment securities amortization, fixed assets depreciation and deposit accretion. In addition, $75.1 million in merger-related expenses recorded in 2013 are included in the period presented. The unaudited pro forma results are presented for illustrative purposes and are not intended to represent or be indicative of the actual results of operations of the combined corporation that would have been achieved had the acquisition occurred at the beginning of the year of acquisition, nor are they intended to represent or be indicative of future results of operations. | |||||||||||
(Unaudited) | ||||||||||||
Year Ended December 31, | ||||||||||||
(In thousands) | 2013 | |||||||||||
Total revenue, net of interest expense | $ | 1,096,960 | ||||||||||
Net income | 196,744 | |||||||||||
Investment_Securities_Tables
Investment Securities (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||
Amortized cost and fair value for the major categories of held-to-maturity and available-for-sale securities | The following tables provide the amortized cost and fair value for the major categories of held-to-maturity and available-for-sale securities. Held-to-maturity securities are carried at amortized cost, which reflects historical cost, adjusted for amortization of premiums and accretion of discounts. Available-for-sale securities are carried at fair value with net unrealized gains or losses reported on an after tax basis as a component of OCI in shareholders' equity. | |||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2014 | ||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | Amortized | Gross Unrealized Gains | Gross Unrealized Losses | Fair | ||||||||||||||||||||||||||||||||||||||||||||
Cost | Value | |||||||||||||||||||||||||||||||||||||||||||||||
Securities available-for-sale | ||||||||||||||||||||||||||||||||||||||||||||||||
Debt securities | ||||||||||||||||||||||||||||||||||||||||||||||||
U.S. government agency debentures | $ | 2,500 | $ | — | $ | (18 | ) | $ | 2,482 | |||||||||||||||||||||||||||||||||||||||
U.S. states and political subdivisions | 221,052 | 6,756 | (466 | ) | 227,342 | |||||||||||||||||||||||||||||||||||||||||||
Residential mortgage-backed securities: | ||||||||||||||||||||||||||||||||||||||||||||||||
U.S. government agencies | 951,839 | 22,377 | (3,218 | ) | 970,998 | |||||||||||||||||||||||||||||||||||||||||||
Commercial mortgage-backed securities: | ||||||||||||||||||||||||||||||||||||||||||||||||
U.S. government agencies | 104,176 | 598 | (1,371 | ) | 103,403 | |||||||||||||||||||||||||||||||||||||||||||
Residential collateralized mortgage-backed securities: | ||||||||||||||||||||||||||||||||||||||||||||||||
U.S. government agencies | 1,698,015 | 4,777 | (26,225 | ) | 1,676,567 | |||||||||||||||||||||||||||||||||||||||||||
Nonagency | 7 | — | — | 7 | ||||||||||||||||||||||||||||||||||||||||||||
Commercial collateralized mortgage-backed securities: | ||||||||||||||||||||||||||||||||||||||||||||||||
U.S. government agencies | 222,876 | 863 | (1,405 | ) | 222,334 | |||||||||||||||||||||||||||||||||||||||||||
Asset-backed securities: | ||||||||||||||||||||||||||||||||||||||||||||||||
Collateralized loan obligations | 297,446 | 11 | (9,613 | ) | 287,844 | |||||||||||||||||||||||||||||||||||||||||||
Corporate debt securities | 61,652 | — | (10,315 | ) | 51,337 | |||||||||||||||||||||||||||||||||||||||||||
Total debt securities | 3,559,563 | 35,382 | (52,631 | ) | 3,542,314 | |||||||||||||||||||||||||||||||||||||||||||
Equity securities | ||||||||||||||||||||||||||||||||||||||||||||||||
Marketable equity securities | 2,974 | — | — | 2,974 | ||||||||||||||||||||||||||||||||||||||||||||
Total equity securities | 2,974 | — | — | 2,974 | ||||||||||||||||||||||||||||||||||||||||||||
Total securities available for sale | $ | 3,562,537 | $ | 35,382 | $ | (52,631 | ) | $ | 3,545,288 | |||||||||||||||||||||||||||||||||||||||
Securities held-to-maturity | ||||||||||||||||||||||||||||||||||||||||||||||||
Debt securities | ||||||||||||||||||||||||||||||||||||||||||||||||
U.S. treasuries | $ | 5,000 | $ | — | $ | — | $ | 5,000 | ||||||||||||||||||||||||||||||||||||||||
U.S. government agency debentures | 25,000 | — | (537 | ) | 24,463 | |||||||||||||||||||||||||||||||||||||||||||
U.S. states and political subdivisions | 517,824 | 12,645 | (191 | ) | 530,278 | |||||||||||||||||||||||||||||||||||||||||||
Residential mortgage-backed securities: | ||||||||||||||||||||||||||||||||||||||||||||||||
U.S. government agencies | 580,727 | 7,495 | (3,045 | ) | 585,177 | |||||||||||||||||||||||||||||||||||||||||||
Commercial mortgage-backed securities: | ||||||||||||||||||||||||||||||||||||||||||||||||
U.S. government agencies | 58,143 | 281 | (329 | ) | 58,095 | |||||||||||||||||||||||||||||||||||||||||||
Residential collateralized mortgage-backed securities: | ||||||||||||||||||||||||||||||||||||||||||||||||
U.S. government agencies | 1,368,534 | 718 | (38,875 | ) | 1,330,377 | |||||||||||||||||||||||||||||||||||||||||||
Commercial collateralized mortgage-backed securities: | ||||||||||||||||||||||||||||||||||||||||||||||||
U.S. government agencies | 257,642 | 557 | (6,768 | ) | 251,431 | |||||||||||||||||||||||||||||||||||||||||||
Corporate debt securities | 90,739 | 412 | (52 | ) | 91,099 | |||||||||||||||||||||||||||||||||||||||||||
Total securities held to maturity | $ | 2,903,609 | $ | 22,108 | $ | (49,797 | ) | $ | 2,875,920 | |||||||||||||||||||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | Amortized | Gross Unrealized Gains | Gross Unrealized Losses | Fair | ||||||||||||||||||||||||||||||||||||||||||||
Cost | Value | |||||||||||||||||||||||||||||||||||||||||||||||
Securities available-for-sale | ||||||||||||||||||||||||||||||||||||||||||||||||
Debt securities | ||||||||||||||||||||||||||||||||||||||||||||||||
U.S. states and political subdivisions | $ | 258,787 | $ | 7,376 | $ | (3,796 | ) | $ | 262,367 | |||||||||||||||||||||||||||||||||||||||
Residential mortgage-backed securities: | ||||||||||||||||||||||||||||||||||||||||||||||||
U.S. government agencies | 962,687 | 21,662 | (14,427 | ) | 969,922 | |||||||||||||||||||||||||||||||||||||||||||
Commercial mortgage-backed securities: | ||||||||||||||||||||||||||||||||||||||||||||||||
U.S. government agencies | 72,048 | 7 | (2,488 | ) | 69,567 | |||||||||||||||||||||||||||||||||||||||||||
Residential collateralized mortgage-backed securities: | ||||||||||||||||||||||||||||||||||||||||||||||||
U.S. government agencies | 1,566,262 | 4,199 | (52,068 | ) | 1,518,393 | |||||||||||||||||||||||||||||||||||||||||||
Nonagency | 9 | — | — | 9 | ||||||||||||||||||||||||||||||||||||||||||||
Commercial collateralized mortgage-backed securities: | ||||||||||||||||||||||||||||||||||||||||||||||||
U.S. government agencies | 104,152 | 273 | (2,157 | ) | 102,268 | |||||||||||||||||||||||||||||||||||||||||||
Asset-backed securities: | ||||||||||||||||||||||||||||||||||||||||||||||||
Collateralized loan obligations | 297,259 | 760 | (4,332 | ) | 293,687 | |||||||||||||||||||||||||||||||||||||||||||
Corporate debt securities | 61,596 | — | (10,952 | ) | 50,644 | |||||||||||||||||||||||||||||||||||||||||||
Total debt securities | 3,322,800 | 34,277 | (90,220 | ) | 3,266,857 | |||||||||||||||||||||||||||||||||||||||||||
Equity Securities | ||||||||||||||||||||||||||||||||||||||||||||||||
Marketable equity securities | 3,036 | — | — | 3,036 | ||||||||||||||||||||||||||||||||||||||||||||
Nonmarketable equity securities | 3,281 | — | — | 3,281 | ||||||||||||||||||||||||||||||||||||||||||||
Total equity securities | 6,317 | — | — | 6,317 | ||||||||||||||||||||||||||||||||||||||||||||
Total securities available for sale | $ | 3,329,117 | $ | 34,277 | $ | (90,220 | ) | $ | 3,273,174 | |||||||||||||||||||||||||||||||||||||||
Securities held-to-maturity | ||||||||||||||||||||||||||||||||||||||||||||||||
Debt securities | ||||||||||||||||||||||||||||||||||||||||||||||||
U.S. treasuries | $ | 5,000 | $ | 4 | $ | — | $ | 5,004 | ||||||||||||||||||||||||||||||||||||||||
U.S. government agency debentures | 25,000 | — | (1,348 | ) | 23,652 | |||||||||||||||||||||||||||||||||||||||||||
U.S. states and political subdivisions | 480,703 | 5,335 | (10,459 | ) | 475,579 | |||||||||||||||||||||||||||||||||||||||||||
Residential mortgage-backed securities: | ||||||||||||||||||||||||||||||||||||||||||||||||
U.S. government agencies | 569,960 | 1,108 | (11,617 | ) | 559,451 | |||||||||||||||||||||||||||||||||||||||||||
Commercial mortgage-backed securities: | — | |||||||||||||||||||||||||||||||||||||||||||||||
U.S. government agencies | 56,596 | — | (1,190 | ) | 55,406 | |||||||||||||||||||||||||||||||||||||||||||
Residential collateralized mortgage-backed securities: | ||||||||||||||||||||||||||||||||||||||||||||||||
U.S. government agencies | 1,464,732 | — | (81,818 | ) | 1,382,914 | |||||||||||||||||||||||||||||||||||||||||||
Commercial collateralized mortgage-backed securities: | ||||||||||||||||||||||||||||||||||||||||||||||||
U.S. government agencies | 240,069 | 6 | (11,052 | ) | 229,023 | |||||||||||||||||||||||||||||||||||||||||||
Corporate debt securities | 93,628 | 308 | (725 | ) | 93,211 | |||||||||||||||||||||||||||||||||||||||||||
Total securities held to maturity | $ | 2,935,688 | $ | 6,761 | $ | (118,209 | ) | $ | 2,824,240 | |||||||||||||||||||||||||||||||||||||||
Schedule of general obligation bonds | The Corporation’s U.S. states and political subdivisions portfolio is composed of general obligation bonds issued by a highly diversified number of states, cities, counties, and school districts. The amortized cost and fair value of the Corporation’s portfolio of general obligation bonds are summarized by U.S. state in the tables below. As illustrated in the tables below, the aggregate fair value of the Corporation’s general obligation bonds was greater than $10 million in eleven of the thirty-seven U.S. states in which it holds investments. | |||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | December 31, 2014 | |||||||||||||||||||||||||||||||||||||||||||||||
U.S. State | # of Issuers | Average Issue Size, Fair Value | Amortized Cost | Fair Value | ||||||||||||||||||||||||||||||||||||||||||||
Ohio | 137 | $ | 979 | $ | 130,741 | $ | 134,127 | |||||||||||||||||||||||||||||||||||||||||
Michigan | 169 | 842 | 138,325 | 142,292 | ||||||||||||||||||||||||||||||||||||||||||||
Illinois | 66 | 1,897 | 121,560 | 125,169 | ||||||||||||||||||||||||||||||||||||||||||||
Wisconsin | 77 | 841 | 62,543 | 64,776 | ||||||||||||||||||||||||||||||||||||||||||||
Texas | 64 | 801 | 50,307 | 51,293 | ||||||||||||||||||||||||||||||||||||||||||||
Pennsylvania | 45 | 1,000 | 44,443 | 45,006 | ||||||||||||||||||||||||||||||||||||||||||||
Minnesota | 42 | 674 | 27,740 | 28,326 | ||||||||||||||||||||||||||||||||||||||||||||
Washington | 30 | 952 | 27,987 | 28,558 | ||||||||||||||||||||||||||||||||||||||||||||
New Jersey | 37 | 746 | 26,755 | 27,612 | ||||||||||||||||||||||||||||||||||||||||||||
Missouri | 19 | 1,011 | 18,764 | 19,207 | ||||||||||||||||||||||||||||||||||||||||||||
New York | 19 | 628 | 11,659 | 11,929 | ||||||||||||||||||||||||||||||||||||||||||||
Other | 120 | 650 | 76,849 | 78,020 | ||||||||||||||||||||||||||||||||||||||||||||
Total general obligation bonds | 825 | $ | 917 | $ | 737,673 | $ | 756,315 | |||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | December 31, 2013 | |||||||||||||||||||||||||||||||||||||||||||||||
U.S. State | # of Issuers | Average Issue Size, Fair Value | Amortized Cost | Fair Value | ||||||||||||||||||||||||||||||||||||||||||||
Michigan | 166 | $ | 744 | $ | 122,198 | $ | 123,571 | |||||||||||||||||||||||||||||||||||||||||
Ohio | 152 | 1,048 | 158,641 | 159,232 | ||||||||||||||||||||||||||||||||||||||||||||
Illinois | 75 | 1,314 | 96,863 | 98,521 | ||||||||||||||||||||||||||||||||||||||||||||
Texas | 69 | 771 | 54,295 | 53,204 | ||||||||||||||||||||||||||||||||||||||||||||
Wisconsin | 86 | 648 | 54,516 | 55,747 | ||||||||||||||||||||||||||||||||||||||||||||
Pennsylvania | 50 | 898 | 47,835 | 44,883 | ||||||||||||||||||||||||||||||||||||||||||||
Minnesota | 45 | 663 | 29,840 | 29,816 | ||||||||||||||||||||||||||||||||||||||||||||
Washington | 30 | 930 | 28,393 | 27,906 | ||||||||||||||||||||||||||||||||||||||||||||
New Jersey | 38 | 722 | 27,101 | 27,440 | ||||||||||||||||||||||||||||||||||||||||||||
Missouri | 20 | 969 | 19,253 | 19,382 | ||||||||||||||||||||||||||||||||||||||||||||
New York | 22 | 585 | 13,064 | 12,878 | ||||||||||||||||||||||||||||||||||||||||||||
California | 18 | 599 | 10,651 | 10,788 | ||||||||||||||||||||||||||||||||||||||||||||
Other | 115 | 631 | 74,918 | 72,572 | ||||||||||||||||||||||||||||||||||||||||||||
Total general obligation bonds | 886 | $ | 831 | $ | 737,568 | $ | 735,940 | |||||||||||||||||||||||||||||||||||||||||
Schedule of other investments | FRB and FHLB stock constitute the majority of other investments on the Consolidated Balance Sheet. | |||||||||||||||||||||||||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | 2014 | 2013 | ||||||||||||||||||||||||||||||||||||||||||||||
FRB stock | $ | 55,681 | $ | 55,294 | ||||||||||||||||||||||||||||||||||||||||||||
FHLB stock | 92,547 | 125,032 | ||||||||||||||||||||||||||||||||||||||||||||||
Other | 426 | 477 | ||||||||||||||||||||||||||||||||||||||||||||||
Total other investments | $ | 148,654 | $ | 180,803 | ||||||||||||||||||||||||||||||||||||||||||||
Schedule of Realized Gain (Loss) | Realized Gains and Losses | |||||||||||||||||||||||||||||||||||||||||||||||
The following table presents the proceeds from sales of available-for-sale securities and the gross realized gains and losses on the sales of those securities that have been included in earnings as a result of those sales. Gains or losses on the sales of available-for-sale securities are recognized upon sale and are determined using the specific identification method. | ||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | 2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||||||||||||||||
Realized gains | $ | 382 | $ | 3,786 | $ | 3,786 | ||||||||||||||||||||||||||||||||||||||||||
Realized losses | (216 | ) | (6,589 | ) | — | |||||||||||||||||||||||||||||||||||||||||||
Net securities (losses)/gains | $ | 166 | $ | (2,803 | ) | $ | 3,786 | |||||||||||||||||||||||||||||||||||||||||
Unrealized Gain (Loss) on Investments | The following table presents the gross unrealized losses and fair value of securities by length of time that individual securities had been in a continuous loss position by major categories of available-for-sale and held-to-maturity securities. | |||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2014 | ||||||||||||||||||||||||||||||||||||||||||||||||
Less than 12 months | 12 months or longer | Total | ||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Fair Value | Unrealized | Number | Fair Value | Unrealized | Number | Fair Value | Unrealized | ||||||||||||||||||||||||||||||||||||||||
Losses | Impaired | Losses | Impaired | Losses | ||||||||||||||||||||||||||||||||||||||||||||
Securities | Securities | |||||||||||||||||||||||||||||||||||||||||||||||
Securities available-for-sale | ||||||||||||||||||||||||||||||||||||||||||||||||
Debt Securities | ||||||||||||||||||||||||||||||||||||||||||||||||
U.S. government agency debentures | $ | 2,482 | $ | (18 | ) | 1 | $ | — | $ | — | — | $ | 2,482 | $ | (18 | ) | ||||||||||||||||||||||||||||||||
U.S. states and political subdivisions | 5,637 | (11 | ) | 11 | 22,528 | (455 | ) | 36 | 28,165 | (466 | ) | |||||||||||||||||||||||||||||||||||||
Residential mortgage-backed securities: | ||||||||||||||||||||||||||||||||||||||||||||||||
U.S. government agencies | 50,126 | (182 | ) | 5 | 199,773 | (3,036 | ) | 14 | 249,899 | (3,218 | ) | |||||||||||||||||||||||||||||||||||||
Commercial mortgage-backed securities: | ||||||||||||||||||||||||||||||||||||||||||||||||
U.S. government agencies | 12,284 | (55 | ) | 2 | 45,485 | (1,316 | ) | 6 | 57,769 | (1,371 | ) | |||||||||||||||||||||||||||||||||||||
Residential collateralized mortgage-backed securities: | ||||||||||||||||||||||||||||||||||||||||||||||||
U.S. government agencies | 243,970 | (906 | ) | 15 | 905,478 | (25,319 | ) | 64 | 1,149,448 | (26,225 | ) | |||||||||||||||||||||||||||||||||||||
Commercial collateralized mortgage-backed securities: | ||||||||||||||||||||||||||||||||||||||||||||||||
U.S. government agencies | 31,375 | (229 | ) | 4 | 67,169 | (1,176 | ) | 7 | 98,544 | (1,405 | ) | |||||||||||||||||||||||||||||||||||||
Asset-backed securities: | ||||||||||||||||||||||||||||||||||||||||||||||||
Collateralized loan obligations | 79,042 | (1,406 | ) | 15 | 193,687 | (8,207 | ) | 27 | 272,729 | (9,613 | ) | |||||||||||||||||||||||||||||||||||||
Corporate debt securities | — | — | — | 51,338 | (10,315 | ) | 8 | 51,338 | (10,315 | ) | ||||||||||||||||||||||||||||||||||||||
Total available-for-sale securities | $ | 424,916 | $ | (2,807 | ) | 53 | $ | 1,485,458 | $ | (49,824 | ) | 162 | $ | 1,910,374 | $ | (52,631 | ) | |||||||||||||||||||||||||||||||
Securities held-to-maturity | ||||||||||||||||||||||||||||||||||||||||||||||||
Debt Securities | ||||||||||||||||||||||||||||||||||||||||||||||||
U.S. government agency debentures | $ | — | $ | — | — | $ | 24,463 | $ | (537 | ) | 1 | $ | 24,463 | $ | (537 | ) | ||||||||||||||||||||||||||||||||
U.S. states and political subdivisions | 9,085 | (17 | ) | 9 | 18,371 | (174 | ) | 21 | 27,456 | (191 | ) | |||||||||||||||||||||||||||||||||||||
Residential mortgage-backed securities: | ||||||||||||||||||||||||||||||||||||||||||||||||
U.S. government agencies | — | — | — | 185,361 | (3,045 | ) | 10 | 185,361 | (3,045 | ) | ||||||||||||||||||||||||||||||||||||||
Commercial mortgage-backed securities: | ||||||||||||||||||||||||||||||||||||||||||||||||
U.S. government agencies | 9,950 | (4 | ) | 2 | 16,735 | (325 | ) | 2 | 26,685 | (329 | ) | |||||||||||||||||||||||||||||||||||||
Residential collateralized mortgage-backed securities: | ||||||||||||||||||||||||||||||||||||||||||||||||
U.S. government agencies | 28,333 | (149 | ) | 3 | 1,161,297 | (38,726 | ) | 58 | 1,189,630 | (38,875 | ) | |||||||||||||||||||||||||||||||||||||
Commercial collateralized mortgage-backed securities: | ||||||||||||||||||||||||||||||||||||||||||||||||
U.S. government agencies | 41,474 | (55 | ) | 3 | 171,570 | (6,713 | ) | 16 | 213,044 | (6,768 | ) | |||||||||||||||||||||||||||||||||||||
Corporate debt securities | 36,933 | (52 | ) | 13 | — | — | — | 36,933 | (52 | ) | ||||||||||||||||||||||||||||||||||||||
Total held-to-maturity securities | $ | 125,775 | $ | (277 | ) | 30 | $ | 1,577,797 | $ | (49,520 | ) | 108 | $ | 1,703,572 | $ | (49,797 | ) | |||||||||||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||
Less than 12 months | 12 months or longer | Total | ||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Fair Value | Unrealized | Number | Fair Value | Unrealized | Number | Fair Value | Unrealized | ||||||||||||||||||||||||||||||||||||||||
Losses | Impaired | Losses | Impaired | Losses | ||||||||||||||||||||||||||||||||||||||||||||
Securities | Securities | |||||||||||||||||||||||||||||||||||||||||||||||
Securities available-for-sale | ||||||||||||||||||||||||||||||||||||||||||||||||
Debt securities | ||||||||||||||||||||||||||||||||||||||||||||||||
U.S. states and political subdivisions | $ | 38,039 | $ | (1,996 | ) | 65 | $ | 14,157 | $ | (1,800 | ) | 25 | $ | 52,196 | $ | (3,796 | ) | |||||||||||||||||||||||||||||||
Residential mortgage-backed securities: | ||||||||||||||||||||||||||||||||||||||||||||||||
U.S. government agencies | 434,761 | (13,109 | ) | 35 | 14,890 | (1,318 | ) | 2 | 449,651 | (14,427 | ) | |||||||||||||||||||||||||||||||||||||
Commercial mortgage-backed securities: | ||||||||||||||||||||||||||||||||||||||||||||||||
U.S. government agencies | 33,387 | (1,491 | ) | 5 | 16,944 | (997 | ) | 2 | 50,331 | (2,488 | ) | |||||||||||||||||||||||||||||||||||||
Residential collateralized mortgage-backed securities: | ||||||||||||||||||||||||||||||||||||||||||||||||
U.S. government agencies | 1,135,151 | (44,775 | ) | 74 | 100,530 | (7,293 | ) | 7 | 1,235,681 | (52,068 | ) | |||||||||||||||||||||||||||||||||||||
Nonagency | — | — | — | 1 | — | 1 | 1 | — | ||||||||||||||||||||||||||||||||||||||||
Commercial collateralized mortgage-backed securities: | ||||||||||||||||||||||||||||||||||||||||||||||||
U.S. government agencies | 43,747 | (2,055 | ) | 6 | 2,525 | (102 | ) | 1 | 46,272 | (2,157 | ) | |||||||||||||||||||||||||||||||||||||
Asset-backed securities: | ||||||||||||||||||||||||||||||||||||||||||||||||
Collateralized loan obligations | 223,458 | (4,332 | ) | 33 | — | — | — | 223,458 | (4,332 | ) | ||||||||||||||||||||||||||||||||||||||
Corporate debt securities | — | — | — | 50,644 | (10,952 | ) | 8 | 50,644 | (10,952 | ) | ||||||||||||||||||||||||||||||||||||||
Total available-for-sale securities | $ | 1,908,543 | $ | (67,758 | ) | 218 | $ | 199,691 | $ | (22,462 | ) | 46 | $ | 2,108,234 | $ | (90,220 | ) | |||||||||||||||||||||||||||||||
Securities held-to-maturity | ||||||||||||||||||||||||||||||||||||||||||||||||
Debt securities | ||||||||||||||||||||||||||||||||||||||||||||||||
U.S. government agency debentures | $ | 23,652 | $ | (1,348 | ) | 1 | $ | — | $ | — | — | $ | 23,652 | $ | (1,348 | ) | ||||||||||||||||||||||||||||||||
U.S. states and political subdivisions | 222,154 | (10,276 | ) | 353 | 2,478 | (183 | ) | 6 | 224,632 | (10,459 | ) | |||||||||||||||||||||||||||||||||||||
Residential mortgage-backed securities: | ||||||||||||||||||||||||||||||||||||||||||||||||
U.S. government agencies | 422,192 | (11,617 | ) | 22 | — | — | — | 422,192 | (11,617 | ) | ||||||||||||||||||||||||||||||||||||||
Commercial mortgage-backed securities: | ||||||||||||||||||||||||||||||||||||||||||||||||
U.S. government agencies | 48,831 | (1,190 | ) | 8 | — | — | — | 48,831 | (1,190 | ) | ||||||||||||||||||||||||||||||||||||||
Residential collateralized mortgage-backed securities: | ||||||||||||||||||||||||||||||||||||||||||||||||
U.S. government agencies | 1,382,915 | (81,818 | ) | 66 | — | — | — | 1,382,915 | (81,818 | ) | ||||||||||||||||||||||||||||||||||||||
Nonagency | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||
Commercial collateralized mortgage-backed securities: | ||||||||||||||||||||||||||||||||||||||||||||||||
U.S. government agencies | 208,863 | (11,052 | ) | 19 | — | — | — | 208,863 | (11,052 | ) | ||||||||||||||||||||||||||||||||||||||
Corporate debt securities | 64,541 | (725 | ) | 23 | — | — | — | 64,541 | (725 | ) | ||||||||||||||||||||||||||||||||||||||
Total held-to-maturity securities | $ | 2,373,148 | $ | (118,026 | ) | 492 | $ | 2,478 | $ | (183 | ) | 6 | $ | 2,375,626 | $ | (118,209 | ) | |||||||||||||||||||||||||||||||
Investment Securities Maturities | ||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | U.S. Government agency debentures | U.S. Treasuries | U.S. States and political subdivisions obligations | Residential mortgage-backed securities - U.S. govt. agency obligations | Commercial mortgage-backed securities - U.S. govt. agency obligations | Residential collateralized mortgage obligations - U.S. govt. agency obligations | Residential collateralized mortgage obligations - non- U.S. govt. agency issued | Commercial collateralized mortgage obligations - U.S. govt. agency obligations | Collateralized loan obligations | Corporate debt securities | Total | Weighted Average Yield | ||||||||||||||||||||||||||||||||||||
Securities Available for Sale | ||||||||||||||||||||||||||||||||||||||||||||||||
Remaining maturity: | ||||||||||||||||||||||||||||||||||||||||||||||||
One year or less | $ | — | $ | — | $ | 12,365 | $ | 2,777 | $ | 16,850 | $ | 8,248 | $ | — | $ | — | $ | 7,500 | $ | — | $ | 47,740 | 3.72 | % | ||||||||||||||||||||||||
Over one year through five years | — | — | 70,589 | 791,641 | 44,030 | 1,579,527 | 7 | 151,025 | — | — | 2,636,819 | 2.22 | % | |||||||||||||||||||||||||||||||||||
Over five years through ten years | 2,482 | — | 115,140 | 176,580 | 42,523 | 88,792 | — | 71,309 | 280,344 | — | 777,170 | 2.92 | % | |||||||||||||||||||||||||||||||||||
Over ten years | — | — | 29,248 | — | — | — | — | — | — | 51,337 | 80,585 | 1.94 | % | |||||||||||||||||||||||||||||||||||
Fair Value | $ | 2,482 | $ | — | $ | 227,342 | $ | 970,998 | $ | 103,403 | $ | 1,676,567 | $ | 7 | $ | 222,334 | $ | 287,844 | $ | 51,337 | $ | 3,542,314 | 2.38 | % | ||||||||||||||||||||||||
Amortized Cost | $ | 2,500 | $ | — | $ | 221,052 | $ | 951,839 | $ | 104,176 | $ | 1,698,015 | $ | 7 | $ | 222,876 | $ | 297,446 | $ | 61,652 | $ | 3,559,563 | ||||||||||||||||||||||||||
Weighted-Average Yield | 1.25 | % | — | % | 5.23 | % | 2.6 | % | 2.28 | % | 1.96 | % | 3.35 | % | 1.97 | % | 2.67 | % | 0.96 | % | 2.38 | % | ||||||||||||||||||||||||||
Weighted-Average Maturity (in years) | 3.42 | — | 6 | 3.81 | 4.16 | 3.68 | 2 | 4.01 | 6.06 | 12.81 | 4.25 | |||||||||||||||||||||||||||||||||||||
Securities Held to Maturity | ||||||||||||||||||||||||||||||||||||||||||||||||
Remaining maturity: | ||||||||||||||||||||||||||||||||||||||||||||||||
One year or less | $ | — | $ | 5,000 | $ | 64,719 | $ | — | $ | 16,305 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 86,024 | 1.93 | % | ||||||||||||||||||||||||
Over one year through five years | — | — | 78,522 | 468,348 | 22,119 | 1,307,203 | — | 159,587 | — | 91,099 | 2,126,878 | 1.88 | % | |||||||||||||||||||||||||||||||||||
Over five years through ten years | 24,463 | — | 199,054 | 116,829 | 19,671 | 23,174 | — | 91,844 | — | — | 475,035 | 3.04 | % | |||||||||||||||||||||||||||||||||||
Over ten years | — | — | 187,983 | — | — | — | — | — | — | — | 187,983 | 5.51 | % | |||||||||||||||||||||||||||||||||||
Fair Value | $ | 24,463 | $ | 5,000 | $ | 530,278 | $ | 585,177 | $ | 58,095 | $ | 1,330,377 | $ | — | $ | 251,431 | $ | — | $ | 91,099 | $ | 2,875,920 | 2.3 | % | ||||||||||||||||||||||||
Amortized Cost | $ | 25,000 | $ | 5,000 | $ | 517,824 | $ | 580,727 | $ | 58,143 | $ | 1,368,534 | $ | — | $ | 257,642 | $ | — | $ | 90,739 | $ | 2,903,609 | ||||||||||||||||||||||||||
Weighted-Average Yield | 1.33 | % | 0.26 | % | 4.68 | % | 2.16 | % | 2.12 | % | 1.61 | % | — | % | 2.28 | % | — | % | 2.25 | % | 2.3 | % | ||||||||||||||||||||||||||
Weighted-Average Maturity (in years) | 4.83 | 0.08 | 9.4 | 4.27 | 3.51 | 3.91 | — | 4.61 | — | 3.03 | 4.76 | |||||||||||||||||||||||||||||||||||||
Loans_Tables
Loans (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||||||
Receivables [Abstract] | ||||||||||||||||||||||||||||||||
Total originated, acquired and covered loans outstanding table | Loans outstanding as of December 31, 2014 and 2013, net of unearned income, consisted of the following: | |||||||||||||||||||||||||||||||
(In thousands) | December 31, 2014 | December 31, 2013 | ||||||||||||||||||||||||||||||
Originated loans | ||||||||||||||||||||||||||||||||
Commercial | $ | 7,830,085 | $ | 6,648,279 | ||||||||||||||||||||||||||||
Residential mortgage | 625,283 | 529,253 | ||||||||||||||||||||||||||||||
Installment | 2,393,451 | 1,727,925 | ||||||||||||||||||||||||||||||
Home equity | 1,110,336 | 920,066 | ||||||||||||||||||||||||||||||
Credit cards | 164,478 | 148,313 | ||||||||||||||||||||||||||||||
Leases | 370,179 | 239,551 | ||||||||||||||||||||||||||||||
Total originated loans | 12,493,812 | 10,213,387 | ||||||||||||||||||||||||||||||
Allowance for originated loan losses | (95,696 | ) | (96,484 | ) | ||||||||||||||||||||||||||||
Net originated loans | $ | 12,398,116 | $ | 10,116,903 | ||||||||||||||||||||||||||||
Acquired loans: | ||||||||||||||||||||||||||||||||
Commercial | $ | 1,086,899 | $ | 1,725,970 | ||||||||||||||||||||||||||||
Residential mortgage | 394,484 | 470,652 | ||||||||||||||||||||||||||||||
Installment | 764,168 | 1,004,569 | ||||||||||||||||||||||||||||||
Home equity | 233,629 | 294,424 | ||||||||||||||||||||||||||||||
Total acquired loans | 2,479,180 | 3,495,615 | ||||||||||||||||||||||||||||||
Allowance for acquired loan losses | (7,457 | ) | (741 | ) | ||||||||||||||||||||||||||||
Net acquired loans | $ | 2,471,723 | $ | 3,494,874 | ||||||||||||||||||||||||||||
Covered loans: | ||||||||||||||||||||||||||||||||
Commercial | 211,607 | 375,860 | ||||||||||||||||||||||||||||||
Residential mortgage | 41,276 | 50,679 | ||||||||||||||||||||||||||||||
Installment | 4,874 | 6,162 | ||||||||||||||||||||||||||||||
Home equity | 73,365 | 97,442 | ||||||||||||||||||||||||||||||
Loss share receivable | 22,033 | 61,827 | ||||||||||||||||||||||||||||||
Total covered loans | 353,155 | 591,970 | ||||||||||||||||||||||||||||||
Allowance for covered loan losses | (40,496 | ) | (44,027 | ) | ||||||||||||||||||||||||||||
Net covered loans | $ | 312,659 | $ | 547,943 | ||||||||||||||||||||||||||||
Total loans: | ||||||||||||||||||||||||||||||||
Commercial | $ | 9,128,591 | $ | 8,750,109 | ||||||||||||||||||||||||||||
Residential mortgage | 1,061,043 | 1,050,584 | ||||||||||||||||||||||||||||||
Installment | 3,162,493 | 2,738,656 | ||||||||||||||||||||||||||||||
Home equity | 1,417,330 | 1,311,932 | ||||||||||||||||||||||||||||||
Credit cards | 164,478 | 148,313 | ||||||||||||||||||||||||||||||
Leases | 370,179 | 239,551 | ||||||||||||||||||||||||||||||
Loss share receivable | 22,033 | 61,827 | ||||||||||||||||||||||||||||||
Total loans | 15,326,147 | 14,300,972 | ||||||||||||||||||||||||||||||
Total allowance for loan losses | (143,649 | ) | (141,252 | ) | ||||||||||||||||||||||||||||
Total Net loans | $ | 15,182,498 | $ | 14,159,720 | ||||||||||||||||||||||||||||
Summary of loans to related parties table | An analysis of loan activity with related parties for the years ended December 31, 2014, 2013, and 2012 is summarized as follows: | |||||||||||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||||||||||
(In thousands) | 2014 | 2013 | 2012 | |||||||||||||||||||||||||||||
Aggregate amount at beginning of year | $ | 24,536 | $ | 16,578 | $ | 15,629 | ||||||||||||||||||||||||||
New loans | 2,534 | 11,507 | 3,500 | |||||||||||||||||||||||||||||
Repayments | (6,388 | ) | (4,374 | ) | (2,739 | ) | ||||||||||||||||||||||||||
Changes in directors and their affiliations | — | 825 | 188 | |||||||||||||||||||||||||||||
Aggregate amount at end of year | $ | 20,682 | $ | 24,536 | $ | 16,578 | ||||||||||||||||||||||||||
Changes in the Carrying Amount of Accretable Yield for Acquired Impaired Loans [Table Text Block] | Total outstanding acquired impaired loans were $590.9 million and $817.6 million as of December 31, 2014 and 2013. The outstanding balance of these loans is the undiscounted sum of all amounts, including amounts deemed principal, interest, fees, penalties, and other under the loans, owed at the reporting date, whether or not currently due and whether or not any such amounts have been charged off. Changes in the carrying amount and accretable yield for acquired impaired loans were as follows for the years ended December 31, 2014 and 2013: | |||||||||||||||||||||||||||||||
Year Ended | ||||||||||||||||||||||||||||||||
Acquired Impaired Loans | December 31, 2014 | December 31, 2013 | ||||||||||||||||||||||||||||||
(In thousands) | Accretable Yield | Carrying Amount of Loans | Accretable Yield | Carrying Amount of Loans | ||||||||||||||||||||||||||||
Balance at beginning of period | $ | 136,646 | $ | 601,000 | $ | — | $ | — | ||||||||||||||||||||||||
Additions due to Citizens acquisition on April 12, 2013 | — | — | 131,558 | 819,715 | ||||||||||||||||||||||||||||
Accretion | (49,271 | ) | 49,271 | (27,144 | ) | 27,144 | ||||||||||||||||||||||||||
Net reclassifications from nonaccretable to accretable | 45,824 | — | 46,361 | — | ||||||||||||||||||||||||||||
Payments received, net | — | (227,062 | ) | — | (245,859 | ) | ||||||||||||||||||||||||||
Disposals | (13,749 | ) | — | (14,129 | ) | — | ||||||||||||||||||||||||||
Balance at end of period | $ | 119,450 | $ | 423,209 | $ | 136,646 | $ | 601,000 | ||||||||||||||||||||||||
Cash flows expected to be collected on acquired impaired loans are estimated quarterly by incorporating several key assumptions similar to the initial estimate of fair value. These key assumptions include probability of default, and the amount of actual prepayments after the acquisition date. Prepayments affect the estimated life of the loans and could change the amount of interest income, and possibly principal expected to be collected. In reforecasting future estimated cash flows, credit loss expectations are adjusted as necessary. | ||||||||||||||||||||||||||||||||
Improved cash flow expectations for loans or pools that were impaired in prior periods are recorded first as a reversal of previously recorded impairment and then as an increase in prospective yield when all previously recorded impairment has been recaptured. Decreases in expected cash flows are recognized as an impairment through a provision for loan loss and an increase to the allowance for acquired impaired loans. | ||||||||||||||||||||||||||||||||
During the year ended December 31, 2014, there was an overall improvement in cash flow expectations which resulted in the reclassification of $45.8 million from the nonaccretable difference to accretable yield. This reclassification results in prospective yield adjustments on these loan pools. | ||||||||||||||||||||||||||||||||
Changes in Loss Share Receivable Associated with Covered Loans | Changes in the loss share receivable associated with covered loans for the years ended December 31, 2014 and 2013, respectively, were as follows: | |||||||||||||||||||||||||||||||
Loss Share Receivable | Year Ended | |||||||||||||||||||||||||||||||
(In thousands) | December 31, 2014 | December 31, 2013 | ||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 61,827 | $ | 113,734 | ||||||||||||||||||||||||||||
Amortization | (20,943 | ) | (24,307 | ) | ||||||||||||||||||||||||||||
Increase due to impairment on covered loans | 2,920 | 10,790 | ||||||||||||||||||||||||||||||
FDIC reimbursement | (17,837 | ) | (27,234 | ) | ||||||||||||||||||||||||||||
Covered loans paid in full | (3,934 | ) | (11,156 | ) | ||||||||||||||||||||||||||||
Balance at end of period | $ | 22,033 | $ | 61,827 | ||||||||||||||||||||||||||||
Changes in Carrying Amount of Accretable Yield for Covered Impaired Loans | Changes in the carrying amount and accretable yield for covered impaired loans were as follows for the years ended December 31, 2014 and 2013: | |||||||||||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||||||||||
Covered Impaired Loans | 2014 | 2013 | ||||||||||||||||||||||||||||||
(In thousands) | Accretable | Carrying | Accretable | Carrying | ||||||||||||||||||||||||||||
Yield | Amount of | Yield | Amount of | |||||||||||||||||||||||||||||
Loans | Loans | |||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 67,282 | $ | 403,692 | $ | 113,288 | $ | 762,386 | ||||||||||||||||||||||||
Accretion | (42,161 | ) | 42,161 | (64,528 | ) | 64,528 | ||||||||||||||||||||||||||
Net reclassifications from nonaccretable to accretable | 16,841 | — | 34,965 | — | ||||||||||||||||||||||||||||
Payments received, net | — | (213,401 | ) | — | (423,222 | ) | ||||||||||||||||||||||||||
Disposals | (4,451 | ) | — | (16,443 | ) | — | ||||||||||||||||||||||||||
Balance at end of period | $ | 37,511 | $ | 232,452 | $ | 67,282 | $ | 403,692 | ||||||||||||||||||||||||
The cash flows expected to be collected on covered impaired loans are estimated quarterly in a similar manner as described above for acquired impaired loans. During the year ended December 31, 2014, the overall improvement in the cash flow expectations resulted in the reclassification of $16.8 million from the nonaccretable difference to accretable yield. This reclassification results in prospective yield adjustments on the loan pools. | ||||||||||||||||||||||||||||||||
Past Due Financing Receivables | The following tables provide a summary of loans by portfolio type, including the delinquency status of those loans that continue to accrue interest and those loans that are nonaccrual: | |||||||||||||||||||||||||||||||
As of December 31, 2014 | ||||||||||||||||||||||||||||||||
(In thousands) | ≥ 90 Days | |||||||||||||||||||||||||||||||
Originated Loans | Days Past Due | Total | Total | Past Due and | Nonaccrual | |||||||||||||||||||||||||||
30-59 | 60-89 | ≥ 90 | Past Due | Current | Loans | Accruing (1) | Loans | |||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||||||
C&I | $ | 2,212 | $ | 1,162 | $ | 2,670 | $ | 6,044 | $ | 5,169,157 | $ | 5,175,201 | $ | 1,547 | $ | 6,114 | ||||||||||||||||
CRE | 2,155 | 1,460 | 8,864 | 12,479 | 2,104,639 | 2,117,118 | 1,696 | 11,033 | ||||||||||||||||||||||||
Construction | — | — | — | — | 537,766 | 537,766 | — | — | ||||||||||||||||||||||||
Leases | — | — | — | — | 370,179 | 370,179 | — | — | ||||||||||||||||||||||||
Consumer | ||||||||||||||||||||||||||||||||
Installment | 14,621 | 3,647 | 4,716 | 22,984 | 2,370,467 | 2,393,451 | 3,695 | 3,268 | ||||||||||||||||||||||||
Home equity lines | 1,357 | 587 | 1,206 | 3,150 | 1,107,186 | 1,110,336 | 569 | 1,654 | ||||||||||||||||||||||||
Credit cards | 668 | 516 | 860 | 2,044 | 162,434 | 164,478 | 407 | 596 | ||||||||||||||||||||||||
Residential mortgages | 12,086 | 2,744 | 8,013 | 22,843 | 602,440 | 625,283 | 4,242 | 11,952 | ||||||||||||||||||||||||
Total | $ | 33,099 | $ | 10,116 | $ | 26,329 | $ | 69,544 | $ | 12,424,268 | $ | 12,493,812 | $ | 12,156 | $ | 34,617 | ||||||||||||||||
≥ 90 Days | ||||||||||||||||||||||||||||||||
Acquired Loans | Total | Total | Past Due and | Nonaccrual | ||||||||||||||||||||||||||||
30-59 | 60-89 | ≥ 90 | Past Due | Current | Loans | Accruing | Loans | |||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||||||
C&I | $ | 92 | $ | 234 | $ | 4,791 | $ | 5,117 | $ | 444,137 | $ | 449,254 | $ | — | $ | 787 | ||||||||||||||||
CRE | 3,479 | 3,398 | 23,509 | 30,386 | 600,288 | 630,674 | 44 | 4,171 | ||||||||||||||||||||||||
Construction | — | — | 685 | 685 | 6,286 | 6,971 | — | — | ||||||||||||||||||||||||
Consumer | ||||||||||||||||||||||||||||||||
Installment | 6,204 | 2,029 | 1,861 | 10,094 | 754,074 | 764,168 | 615 | 1,218 | ||||||||||||||||||||||||
Home equity lines | 2,819 | 2,123 | 2,333 | 7,275 | 226,354 | 233,629 | 1,519 | 631 | ||||||||||||||||||||||||
Residential mortgages | 13,062 | 1,648 | 7,089 | 21,799 | 372,685 | 394,484 | 1,293 | 1,249 | ||||||||||||||||||||||||
Total | $ | 25,656 | $ | 9,432 | $ | 40,268 | $ | 75,356 | $ | 2,403,824 | $ | 2,479,180 | $ | 3,471 | $ | 8,056 | ||||||||||||||||
≥ 90 Days | ||||||||||||||||||||||||||||||||
Covered Loans (2) | Days Past Due | Total | Total | Past Due and | Nonaccrual | |||||||||||||||||||||||||||
30-59 | 60-89 | ≥ 90 | Past Due | Current | Loans | Accruing (3) | Loans (3) | |||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||||||
C&I | $ | 58 | $ | — | $ | 6,041 | $ | 6,099 | $ | 42,738 | $ | 48,837 | n/a | n/a | ||||||||||||||||||
CRE | 234 | 1,517 | 47,233 | 48,984 | 104,524 | 153,508 | n/a | n/a | ||||||||||||||||||||||||
Construction | — | — | 6,064 | 6,064 | 3,198 | 9,262 | n/a | n/a | ||||||||||||||||||||||||
Consumer | ||||||||||||||||||||||||||||||||
Installment | 23 | — | 34 | 57 | 4,817 | 4,874 | n/a | n/a | ||||||||||||||||||||||||
Home equity lines | 1,395 | 870 | 3,859 | 6,124 | 67,241 | 73,365 | n/a | n/a | ||||||||||||||||||||||||
Residential mortgages | 6,205 | 91 | 3,572 | 9,868 | 31,408 | 41,276 | n/a | n/a | ||||||||||||||||||||||||
Total | $ | 7,915 | $ | 2,478 | $ | 66,803 | $ | 77,196 | $ | 253,926 | $ | 331,122 | n/a | n/a | ||||||||||||||||||
(1) Installment loans 90 days or more past due and accruing include $2.4 million of loans guaranteed by the U.S. government as of December 31, 2014. | ||||||||||||||||||||||||||||||||
(2) Excludes loss share receivable of $22.0 million as of December 31, 2014. | ||||||||||||||||||||||||||||||||
(3) Acquired impaired loans were not classified as nonperforming assets at December 31, 2014 as the loans are considered to be performing under ASC 310-30. As a result interest income, through the accretion of the difference between the carrying amount of the loans and the expected cash flows, is being recognized on all acquired impaired loans. These asset quality disclosures are, therefore, not applicable to acquired impaired loans. | ||||||||||||||||||||||||||||||||
As of December 31, 2013 | ||||||||||||||||||||||||||||||||
(In thousands) | ≥ 90 Days | |||||||||||||||||||||||||||||||
Originated Loans | Days Past Due | Total | Total | Past Due and | Nonaccrual | |||||||||||||||||||||||||||
30-59 | 60-89 | ≥ 90 | Past Due | Current | Loans | Accruing (1) | Loans | |||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||||||
C&I | $ | 8,941 | $ | 994 | $ | 10,622 | $ | 20,557 | $ | 4,119,010 | $ | 4,139,567 | $ | 151 | $ | 11,323 | ||||||||||||||||
CRE | 4,507 | 2,400 | 9,688 | 16,595 | 2,153,192 | 2,169,787 | 460 | 14,229 | ||||||||||||||||||||||||
Construction | 351 | 21 | 66 | 438 | 338,487 | 338,925 | — | 122 | ||||||||||||||||||||||||
Leases | 902 | — | — | 902 | 238,649 | 239,551 | — | — | ||||||||||||||||||||||||
Consumer | ||||||||||||||||||||||||||||||||
Installment | 15,433 | 4,050 | 4,462 | 23,945 | 1,703,980 | 1,727,925 | 3,735 | 3,681 | ||||||||||||||||||||||||
Home equity lines | 1,864 | 918 | 965 | 3,747 | 916,319 | 920,066 | 418 | 1,819 | ||||||||||||||||||||||||
Credit cards | 729 | 471 | 735 | 1,935 | 146,378 | 148,313 | 404 | 558 | ||||||||||||||||||||||||
Residential mortgages | 19,858 | 2,072 | 9,350 | 31,280 | 497,973 | 529,253 | 6,008 | 10,471 | ||||||||||||||||||||||||
Total | $ | 52,585 | $ | 10,926 | $ | 35,888 | $ | 99,399 | $ | 10,113,988 | $ | 10,213,387 | $ | 11,176 | $ | 42,203 | ||||||||||||||||
≥ 90 Days | ||||||||||||||||||||||||||||||||
Acquired Loans | Total | Total | Past Due and | Nonaccrual | ||||||||||||||||||||||||||||
30-59 | 60-89 | ≥ 90 | Past Due | Current | Loans | Accruing | Loans | |||||||||||||||||||||||||
Commercial | $ | 1,295 | $ | 862 | $ | 3,744 | $ | 5,901 | $ | 788,178 | $ | 794,079 | $ | 40 | $ | 795 | ||||||||||||||||
C&I | 5,603 | 5,281 | 26,366 | 37,250 | 881,395 | 918,645 | 403 | 651 | ||||||||||||||||||||||||
CRE | 2,675 | — | — | 2,675 | 10,571 | 13,246 | — | — | ||||||||||||||||||||||||
Construction | ||||||||||||||||||||||||||||||||
Consumer | 14,528 | 4,076 | 3,354 | 21,958 | 982,611 | 1,004,569 | 2,263 | 679 | ||||||||||||||||||||||||
Installment | 4,774 | 1,933 | 3,606 | 10,313 | 284,111 | 294,424 | 1,039 | 1,300 | ||||||||||||||||||||||||
Home equity lines | 3,918 | 1,426 | 8,063 | 13,407 | 457,245 | 470,652 | 403 | 582 | ||||||||||||||||||||||||
Residential mortgages | $ | 32,793 | $ | 13,578 | $ | 45,133 | $ | 91,504 | $ | 3,404,111 | $ | 3,495,615 | $ | 4,148 | $ | 4,007 | ||||||||||||||||
Total | ||||||||||||||||||||||||||||||||
Covered Loans (2) | Days Past Due | Total | Total | Past Due and | Nonaccrual | |||||||||||||||||||||||||||
30-59 | 60-89 | ≥ 90 | Past Due | Current | Loans | Accruing (3) | Loans (3) | |||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||||||
C&I | $ | 836 | $ | 1,489 | $ | 12,957 | $ | 15,282 | $ | 60,955 | $ | 76,237 | n/a | n/a | ||||||||||||||||||
CRE | 2,855 | 3,443 | 103,077 | 109,375 | 164,219 | 273,594 | n/a | n/a | ||||||||||||||||||||||||
Construction | 2,191 | 1,917 | 20,388 | 24,496 | 1,533 | 26,029 | n/a | n/a | ||||||||||||||||||||||||
Consumer | ||||||||||||||||||||||||||||||||
Installment | 33 | — | — | 33 | 6,130 | 6,163 | n/a | n/a | ||||||||||||||||||||||||
Home equity lines | 544 | 1,467 | 1,651 | 3,662 | 93,780 | 97,442 | n/a | n/a | ||||||||||||||||||||||||
Residential mortgages | 7,463 | 1,565 | 5,165 | 14,193 | 36,485 | 50,678 | n/a | n/a | ||||||||||||||||||||||||
Total | $ | 13,922 | $ | 9,881 | $ | 143,238 | $ | 167,041 | $ | 363,102 | $ | 530,143 | n/a | n/a | ||||||||||||||||||
(1) Installment loans 90 days or more past due and accruing include $2.1 million of loans guaranteed by the U.S. government as of December 31, 2013. | ||||||||||||||||||||||||||||||||
(2) Excludes loss share receivable of $61.8 million as of December 31, 2013. | ||||||||||||||||||||||||||||||||
(3) Acquired impaired loans were not classified as nonperforming assets at December 31, 2013 as the loans are considered to be performing under ASC 310-30. As a result interest income, through the accretion of the difference between the carrying amount of the loans and the expected cash flows, is being recognized on all acquired impaired loans. These asset quality disclosures are, therefore, not applicable to acquired impaired loans | ||||||||||||||||||||||||||||||||
Financing Receivable Credit Quality Indicators | The following tables provide a summary of commercial loans by portfolio type and the Corporation’s internal credit quality rating: | |||||||||||||||||||||||||||||||
As of December 31, 2014 | ||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||
Originated Loans | Commercial | |||||||||||||||||||||||||||||||
C&I | CRE | Construction | Leases | Total | ||||||||||||||||||||||||||||
Grade 1 | $ | 52,676 | $ | 683 | $ | 678 | $ | 4,451 | $ | 58,488 | ||||||||||||||||||||||
Grade 2 | 186,278 | 3,454 | — | 14,959 | 204,691 | |||||||||||||||||||||||||||
Grade 3 | 1,340,100 | 294,281 | 46,074 | 71,908 | 1,752,363 | |||||||||||||||||||||||||||
Grade 4 | 3,413,446 | 1,745,470 | 490,757 | 277,277 | 5,926,950 | |||||||||||||||||||||||||||
Grade 5 | 139,083 | 29,990 | 257 | 1,389 | 170,719 | |||||||||||||||||||||||||||
Grade 6 | 43,618 | 43,240 | — | 195 | 87,053 | |||||||||||||||||||||||||||
Grade 7 | — | — | — | — | — | |||||||||||||||||||||||||||
Total | $ | 5,175,201 | $ | 2,117,118 | $ | 537,766 | $ | 370,179 | $ | 8,200,264 | ||||||||||||||||||||||
Acquired Loans | Commercial | |||||||||||||||||||||||||||||||
C&I | CRE | Construction | Leases | Total | ||||||||||||||||||||||||||||
Grade 1 | $ | 1,076 | $ | — | $ | — | $ | — | $ | 1,076 | ||||||||||||||||||||||
Grade 2 | — | — | — | — | — | |||||||||||||||||||||||||||
Grade 3 | 20,891 | 24,867 | — | — | 45,758 | |||||||||||||||||||||||||||
Grade 4 | 376,129 | 532,447 | 6,286 | — | 914,862 | |||||||||||||||||||||||||||
Grade 5 | 23,268 | 28,382 | 685 | — | 52,335 | |||||||||||||||||||||||||||
Grade 6 | 27,890 | 44,978 | — | — | 72,868 | |||||||||||||||||||||||||||
Grade 7 | — | — | — | — | — | |||||||||||||||||||||||||||
Total | $ | 449,254 | $ | 630,674 | $ | 6,971 | $ | — | $ | 1,086,899 | ||||||||||||||||||||||
Covered Loans | Commercial | |||||||||||||||||||||||||||||||
C&I | CRE | Construction | Leases | Total | ||||||||||||||||||||||||||||
Grade 1 | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||
Grade 2 | 1,347 | — | — | — | 1,347 | |||||||||||||||||||||||||||
Grade 3 | — | — | — | — | — | |||||||||||||||||||||||||||
Grade 4 | 36,406 | 86,779 | 823 | — | 124,008 | |||||||||||||||||||||||||||
Grade 5 | 167 | 3,401 | — | — | 3,568 | |||||||||||||||||||||||||||
Grade 6 | 10,917 | 63,328 | 8,248 | — | 82,493 | |||||||||||||||||||||||||||
Grade 7 | — | — | 191 | — | 191 | |||||||||||||||||||||||||||
Total | $ | 48,837 | $ | 153,508 | $ | 9,262 | $ | — | $ | 211,607 | ||||||||||||||||||||||
As of December 31, 2013 | ||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||
Originated Loans | Commercial | |||||||||||||||||||||||||||||||
C&I | CRE | Construction | Leases | Total | ||||||||||||||||||||||||||||
Grade 1 | $ | 34,909 | $ | 241 | $ | — | $ | 9,271 | $ | 44,421 | ||||||||||||||||||||||
Grade 2 | 108,709 | 3,730 | — | 2,900 | 115,339 | |||||||||||||||||||||||||||
Grade 3 | 802,624 | 315,150 | 25,632 | 54,446 | 1,197,852 | |||||||||||||||||||||||||||
Grade 4 | 3,083,458 | 1,759,383 | 306,795 | 167,022 | 5,316,658 | |||||||||||||||||||||||||||
Grade 5 | 71,857 | 34,969 | 267 | 5,750 | 112,843 | |||||||||||||||||||||||||||
Grade 6 | 38,010 | 56,314 | 6,231 | 162 | 100,717 | |||||||||||||||||||||||||||
Grade 7 | — | — | — | — | — | |||||||||||||||||||||||||||
Total | $ | 4,139,567 | $ | 2,169,787 | $ | 338,925 | $ | 239,551 | $ | 6,887,830 | ||||||||||||||||||||||
Acquired Loans | Commercial | |||||||||||||||||||||||||||||||
C&I | CRE | Construction | Leases | Total | ||||||||||||||||||||||||||||
Grade 1 | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||
Grade 2 | 1,741 | 703 | — | — | 2,444 | |||||||||||||||||||||||||||
Grade 3 | 79,634 | 29,224 | — | — | 108,858 | |||||||||||||||||||||||||||
Grade 4 | 643,495 | 722,307 | 13,246 | — | 1,379,048 | |||||||||||||||||||||||||||
Grade 5 | 46,807 | 93,499 | — | — | 140,306 | |||||||||||||||||||||||||||
Grade 6 | 22,402 | 72,912 | — | — | 95,314 | |||||||||||||||||||||||||||
Grade 7 | — | — | — | — | — | |||||||||||||||||||||||||||
Total | $ | 794,079 | $ | 918,645 | $ | 13,246 | $ | — | $ | 1,725,970 | ||||||||||||||||||||||
Covered Loans | Commercial | |||||||||||||||||||||||||||||||
C&I | CRE | Construction | Leases | Total | ||||||||||||||||||||||||||||
Grade 1 | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||
Grade 2 | 968 | — | — | — | 968 | |||||||||||||||||||||||||||
Grade 3 | — | — | — | — | — | |||||||||||||||||||||||||||
Grade 4 | 41,115 | 113,863 | 601 | — | 155,579 | |||||||||||||||||||||||||||
Grade 5 | 427 | 6,219 | — | — | 6,646 | |||||||||||||||||||||||||||
Grade 6 | 31,621 | 153,318 | 23,208 | — | 208,147 | |||||||||||||||||||||||||||
Grade 7 | 2,106 | 194 | 2,220 | — | 4,520 | |||||||||||||||||||||||||||
Total | $ | 76,237 | $ | 273,594 | $ | 26,029 | $ | — | $ | 375,860 | ||||||||||||||||||||||
Allowance_for_Loan_Losses_Tabl
Allowance for Loan Losses (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||||||
Allowance for Loan and Lease Losses [Abstract] | |||||||||||||||||||||||||||||||||||||
Schedule of Credit Losses Related to Financing Receivables, Current and Non-Current | The following tables show activity in the originated ALL, by portfolio segment for the years ended December 31, 2014, 2013 and 2012, as well as the corresponding recorded investment in originated loans at the end of the period: | ||||||||||||||||||||||||||||||||||||
As of December 31, 2014 | |||||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||
Originated Loans | C&I | CRE | Construction | Leases | Installment | Home Equity Lines | Credit Cards | Residential Mortgages | Total | ||||||||||||||||||||||||||||
Year ended | |||||||||||||||||||||||||||||||||||||
Allowance for originated loan losses, beginning balance | $ | 42,981 | $ | 12,265 | $ | 2,810 | $ | 1,081 | $ | 11,935 | $ | 12,900 | $ | 7,740 | $ | 4,772 | $ | 96,484 | |||||||||||||||||||
Charge-offs | (9,617 | ) | (3,512 | ) | — | — | (20,328 | ) | (4,831 | ) | (4,604 | ) | (2,031 | ) | (44,923 | ) | |||||||||||||||||||||
Recoveries | 3,872 | 515 | 39 | 379 | 11,185 | 2,940 | 1,716 | 318 | 20,964 | ||||||||||||||||||||||||||||
Provision for loan losses | 139 | 1,224 | (647 | ) | (786 | ) | 10,126 | 8,315 | 3,114 | 1,686 | 23,171 | ||||||||||||||||||||||||||
Allowance for originated loan losses, ending balance | $ | 37,375 | $ | 10,492 | $ | 2,202 | $ | 674 | $ | 12,918 | $ | 19,324 | $ | 7,966 | $ | 4,745 | $ | 95,696 | |||||||||||||||||||
Ending allowance for originated loan losses balance attributable to loans: | |||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 72 | $ | 2,914 | $ | — | $ | — | $ | 1,178 | $ | 207 | $ | 296 | $ | 1,283 | $ | 5,950 | |||||||||||||||||||
Collectively evaluated for impairment | 37,303 | 7,578 | 2,202 | 674 | 11,740 | 19,117 | 7,670 | 3,462 | 89,746 | ||||||||||||||||||||||||||||
Total ending allowance for originated loan losses balance | $ | 37,375 | $ | 10,492 | $ | 2,202 | $ | 674 | $ | 12,918 | $ | 19,324 | $ | 7,966 | $ | 4,745 | $ | 95,696 | |||||||||||||||||||
Originated loans: | |||||||||||||||||||||||||||||||||||||
Originated loans individually evaluated for impairment | $ | 11,759 | $ | 23,300 | $ | — | $ | — | $ | 24,905 | $ | 7,379 | $ | 854 | $ | 25,251 | $ | 93,448 | |||||||||||||||||||
Originated loans collectively evaluated for impairment | 5,163,442 | 2,093,818 | 537,766 | 370,179 | 2,368,546 | 1,102,957 | 163,624 | 600,032 | 12,400,364 | ||||||||||||||||||||||||||||
Total ending originated loan balance | $ | 5,175,201 | $ | 2,117,118 | $ | 537,766 | $ | 370,179 | $ | 2,393,451 | $ | 1,110,336 | $ | 164,478 | $ | 625,283 | $ | 12,493,812 | |||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||
Originated Loans | C&I | CRE | Construction | Leases | Installment | Home Equity Lines | Credit Cards | Residential Mortgages | Total | ||||||||||||||||||||||||||||
Year ended | |||||||||||||||||||||||||||||||||||||
Allowance for originated loan losses, beginning balance | $ | 36,209 | $ | 20,126 | $ | 3,821 | $ | 639 | $ | 11,154 | $ | 13,724 | $ | 7,384 | $ | 5,885 | $ | 98,942 | |||||||||||||||||||
Charge-offs | (5,840 | ) | (1,281 | ) | (516 | ) | (1,237 | ) | (16,683 | ) | (7,172 | ) | (5,541 | ) | (1,903 | ) | (40,173 | ) | |||||||||||||||||||
Recoveries | 7,981 | 524 | 507 | 100 | 10,519 | 2,979 | 1,841 | 230 | 24,681 | ||||||||||||||||||||||||||||
Provision for loan losses | 4,631 | (7,104 | ) | (1,002 | ) | 1,579 | 6,945 | 3,369 | 4,056 | 560 | 13,034 | ||||||||||||||||||||||||||
Allowance for originated loan losses, ending balance | $ | 42,981 | $ | 12,265 | $ | 2,810 | $ | 1,081 | $ | 11,935 | $ | 12,900 | $ | 7,740 | $ | 4,772 | $ | 96,484 | |||||||||||||||||||
Ending allowance for originated loan losses balance attributable to loans: | |||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 3,235 | $ | 229 | $ | — | $ | — | $ | 1,014 | $ | 223 | $ | 312 | $ | 1,133 | $ | 6,146 | |||||||||||||||||||
Collectively evaluated for impairment | 39,746 | 12,036 | 2,810 | 1,081 | 10,921 | 12,677 | 7,428 | 3,639 | 90,338 | ||||||||||||||||||||||||||||
Total ending allowance for originated loan losses balance | $ | 42,981 | $ | 12,265 | $ | 2,810 | $ | 1,081 | $ | 11,935 | $ | 12,900 | $ | 7,740 | $ | 4,772 | $ | 96,484 | |||||||||||||||||||
Originated loans: | |||||||||||||||||||||||||||||||||||||
Originated loans individually evaluated for impairment | $ | 8,053 | $ | 20,616 | $ | 906 | $ | — | $ | 27,285 | $ | 6,726 | $ | 1,112 | $ | 23,066 | $ | 87,764 | |||||||||||||||||||
Originated loans collectively evaluated for impairment | 4,131,514 | 2,149,171 | 338,019 | 239,551 | 1,700,640 | 913,340 | 147,201 | 506,187 | 10,125,623 | ||||||||||||||||||||||||||||
Total ending originated loan balance | $ | 4,139,567 | $ | 2,169,787 | $ | 338,925 | $ | 239,551 | $ | 1,727,925 | $ | 920,066 | $ | 148,313 | $ | 529,253 | $ | 10,213,387 | |||||||||||||||||||
Schedule of Credit Losses Financing Receivables Acquired Loans | The following table presents activity in the allowance for acquired impaired loan losses for the years ended December 31, 2014 and 2013: | ||||||||||||||||||||||||||||||||||||
Allowance for Acquired Impaired Loan Losses | Year Ended December 31, | ||||||||||||||||||||||||||||||||||||
(In thousands) | 2014 | 2013 | |||||||||||||||||||||||||||||||||||
Balance at beginning of the period | $ | 741 | $ | — | |||||||||||||||||||||||||||||||||
Charge-offs | — | — | |||||||||||||||||||||||||||||||||||
Recoveries | — | — | |||||||||||||||||||||||||||||||||||
Provision for loan losses | 6,716 | 741 | |||||||||||||||||||||||||||||||||||
Balance at end of the period | $ | 7,457 | $ | 741 | |||||||||||||||||||||||||||||||||
Schedule of Credit Losses Related to Covered FInancing Receivables, Current | The following table presents activity in the allowance for covered impaired loan losses for the years ended December 31, 2014, 2013, and 2012: | ||||||||||||||||||||||||||||||||||||
Allowance for Covered Impaired Loan Losses | Year Ended December 31, | ||||||||||||||||||||||||||||||||||||
(In thousands) | 2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||
Balance at beginning of the period | $ | 44,027 | $ | 43,255 | $ | 36,417 | |||||||||||||||||||||||||||||||
Net provision for loan losses before benefit attributable to FDIC loss share agreements | 10,568 | 23,892 | 35,450 | ||||||||||||||||||||||||||||||||||
Net benefit attributable to FDIC loss share agreements | (2,920 | ) | (10,790 | ) | (14,728 | ) | |||||||||||||||||||||||||||||||
Net provision for loan losses | 7,648 | 13,102 | 20,722 | ||||||||||||||||||||||||||||||||||
Increase in loss share receivable | 2,920 | 10,790 | 14,728 | ||||||||||||||||||||||||||||||||||
Loans charged-off | (14,099 | ) | (23,120 | ) | (28,612 | ) | |||||||||||||||||||||||||||||||
Balance at end of the period | $ | 40,496 | $ | 44,027 | $ | 43,255 | |||||||||||||||||||||||||||||||
Impaired Financing Receivables | The following tables provide further detail on impaired loans individually evaluated for impairment and the associated ALL. Certain impaired loans do not have a related ALL as the valuation of these impaired loans exceeded the recorded investment. | ||||||||||||||||||||||||||||||||||||
As of December 31, 2014 | |||||||||||||||||||||||||||||||||||||
Originated Loans | Unpaid | Average | |||||||||||||||||||||||||||||||||||
Recorded | Principal | Related | Recorded | ||||||||||||||||||||||||||||||||||
(In thousands) | Investment | Balance | Allowance | Investment | |||||||||||||||||||||||||||||||||
Impaired loans with no related allowance | |||||||||||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||||||||||
C&I | $ | 11,451 | $ | 18,207 | $ | — | $ | 14,193 | |||||||||||||||||||||||||||||
CRE | 16,874 | 22,696 | — | 18,027 | |||||||||||||||||||||||||||||||||
Construction | — | — | — | — | |||||||||||||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||||||||||
Installment | 4,460 | 4,584 | — | 4,272 | |||||||||||||||||||||||||||||||||
Home equity line | 1,723 | 1,754 | — | 1,792 | |||||||||||||||||||||||||||||||||
Credit card | 16 | 16 | — | 32 | |||||||||||||||||||||||||||||||||
Residential mortgages | 12,204 | 15,119 | — | 12,425 | |||||||||||||||||||||||||||||||||
Subtotal | 46,728 | 62,376 | — | 50,741 | |||||||||||||||||||||||||||||||||
Impaired loans with a related allowance | |||||||||||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||||||||||
C&I | 308 | 344 | 72 | 326 | |||||||||||||||||||||||||||||||||
CRE | 6,426 | 6,440 | 2,914 | 4,497 | |||||||||||||||||||||||||||||||||
Construction | — | — | — | — | |||||||||||||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||||||||||
Installment | 20,445 | 21,024 | 1,178 | 19,513 | |||||||||||||||||||||||||||||||||
Home equity line | 5,656 | 5,875 | 207 | 5,944 | |||||||||||||||||||||||||||||||||
Credit card | 838 | 838 | 296 | 966 | |||||||||||||||||||||||||||||||||
Residential mortgages | 13,047 | 13,158 | 1,283 | 13,121 | |||||||||||||||||||||||||||||||||
Subtotal | 46,720 | 47,679 | 5,950 | 44,367 | |||||||||||||||||||||||||||||||||
Total impaired loans | $ | 93,448 | $ | 110,055 | $ | 5,950 | $ | 95,108 | |||||||||||||||||||||||||||||
Note 1: These tables exclude loans fully charged off. | |||||||||||||||||||||||||||||||||||||
Note 2: The differences between the recorded investment and unpaid principal balance amounts represent partial charge offs. | |||||||||||||||||||||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||||||||||||||
Originated Loans | Unpaid | Average | |||||||||||||||||||||||||||||||||||
Recorded | Principal | Related | Recorded | ||||||||||||||||||||||||||||||||||
(In thousands) | Investment | Balance | Allowance | Investment | |||||||||||||||||||||||||||||||||
Impaired loans with no related allowance | |||||||||||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||||||||||
C&I | $ | 2,503 | $ | 6,679 | $ | — | $ | 7,256 | |||||||||||||||||||||||||||||
CRE | 17,871 | 23,709 | — | 18,639 | |||||||||||||||||||||||||||||||||
Construction | 906 | 1,179 | — | 1,035 | |||||||||||||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||||||||||
Installment | 2,813 | 3,978 | — | 3,338 | |||||||||||||||||||||||||||||||||
Home equity line | 1,018 | 1,347 | — | 1,079 | |||||||||||||||||||||||||||||||||
Credit card | 49 | 49 | — | 91 | |||||||||||||||||||||||||||||||||
Residential mortgages | 10,250 | 12,778 | — | 10,258 | |||||||||||||||||||||||||||||||||
Subtotal | 35,410 | 49,719 | — | 41,696 | |||||||||||||||||||||||||||||||||
Impaired loans with a related allowance | |||||||||||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||||||||||
C&I | 5,551 | 7,428 | 3,235 | 5,009 | |||||||||||||||||||||||||||||||||
CRE | 2,744 | 2,870 | 229 | 2,836 | |||||||||||||||||||||||||||||||||
Construction | — | — | — | — | |||||||||||||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||||||||||
Installment | 24,472 | 24,558 | 1,014 | 24,985 | |||||||||||||||||||||||||||||||||
Home equity line | 5,707 | 5,707 | 223 | 5,874 | |||||||||||||||||||||||||||||||||
Credit card | 1,064 | 1,064 | 312 | 1,238 | |||||||||||||||||||||||||||||||||
Residential mortgages | 12,816 | 12,898 | 1,133 | 12,064 | |||||||||||||||||||||||||||||||||
Subtotal | 52,354 | 54,525 | 6,146 | 52,006 | |||||||||||||||||||||||||||||||||
Total impaired loans | $ | 87,764 | $ | 104,244 | $ | 6,146 | $ | 93,702 | |||||||||||||||||||||||||||||
Note 1: These tables exclude loans fully charged off. | |||||||||||||||||||||||||||||||||||||
Note 2: The differences between the recorded investment and unpaid principal balance amounts represent partial charge offs. | |||||||||||||||||||||||||||||||||||||
Troubled Debt Restructurings on Financing Receivables | The following tables provide the number of loans modified in a TDR and the recorded investment and unpaid principal balance by loan portfolio as of December 31, 2014, and 2013. | ||||||||||||||||||||||||||||||||||||
As of December 31, 2014 | |||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Number of Loans | Recorded Investment | Unpaid Principal Balance | ||||||||||||||||||||||||||||||||||
Originated loans | |||||||||||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||||||||||
C&I | 41 | $ | 7,123 | $ | 13,887 | ||||||||||||||||||||||||||||||||
CRE | 67 | 17,607 | 22,645 | ||||||||||||||||||||||||||||||||||
Construction | 31 | — | — | ||||||||||||||||||||||||||||||||||
Total originated commercial | 139 | 24,730 | 36,532 | ||||||||||||||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||||||||||
Installment | 1,205 | 24,905 | 25,608 | ||||||||||||||||||||||||||||||||||
Home equity lines | 270 | 7,379 | 7,629 | ||||||||||||||||||||||||||||||||||
Credit card | 238 | 854 | 854 | ||||||||||||||||||||||||||||||||||
Residential mortgages | 315 | 25,251 | 28,277 | ||||||||||||||||||||||||||||||||||
Total originated consumer | 2,028 | 58,389 | 62,368 | ||||||||||||||||||||||||||||||||||
Total originated loans | 2,167 | $ | 83,119 | $ | 98,900 | ||||||||||||||||||||||||||||||||
Acquired Loans | |||||||||||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||||||||||
C&I | 2 | $ | 18 | $ | 19 | ||||||||||||||||||||||||||||||||
CRE | 3 | 2,542 | 2,595 | ||||||||||||||||||||||||||||||||||
Total acquired commercial | 5 | 2,560 | 2,614 | ||||||||||||||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||||||||||
Installment | 40 | 975 | 1,054 | ||||||||||||||||||||||||||||||||||
Home equity lines | 145 | 6,932 | 6,983 | ||||||||||||||||||||||||||||||||||
Residential mortgages | 26 | 1,633 | 1,823 | ||||||||||||||||||||||||||||||||||
Total acquired consumer | 211 | 9,540 | 9,860 | ||||||||||||||||||||||||||||||||||
Total acquired loans | 216 | $ | 12,100 | $ | 12,474 | ||||||||||||||||||||||||||||||||
Covered loans | |||||||||||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||||||||||
C&I | 8 | $ | 177 | $ | 1,589 | ||||||||||||||||||||||||||||||||
CRE | 24 | 25,499 | 42,226 | ||||||||||||||||||||||||||||||||||
Construction | 9 | 339 | 9,552 | ||||||||||||||||||||||||||||||||||
Total covered commercial | 41 | 26,015 | 53,367 | ||||||||||||||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||||||||||
Home equity lines | 68 | 8,890 | 8,901 | ||||||||||||||||||||||||||||||||||
Residential mortgages | 2 | 334 | 334 | ||||||||||||||||||||||||||||||||||
Total covered consumer | 70 | 9,224 | 9,235 | ||||||||||||||||||||||||||||||||||
Total covered loans | 111 | $ | 35,239 | $ | 62,602 | ||||||||||||||||||||||||||||||||
Total loans | |||||||||||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||||||||||
C&I | 51 | $ | 7,318 | $ | 15,495 | ||||||||||||||||||||||||||||||||
CRE | 94 | 45,648 | 67,466 | ||||||||||||||||||||||||||||||||||
Construction | 40 | 339 | 9,552 | ||||||||||||||||||||||||||||||||||
Total commercial | 185 | 53,305 | 92,513 | ||||||||||||||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||||||||||
Installment | 1,245 | 25,880 | 26,662 | ||||||||||||||||||||||||||||||||||
Home equity lines | 483 | 23,201 | 23,513 | ||||||||||||||||||||||||||||||||||
Credit card | 238 | 854 | 854 | ||||||||||||||||||||||||||||||||||
Residential mortgages | 343 | 27,218 | 30,434 | ||||||||||||||||||||||||||||||||||
Total consumer | 2,309 | 77,153 | 81,463 | ||||||||||||||||||||||||||||||||||
Total loans | 2,494 | $ | 130,458 | $ | 173,976 | ||||||||||||||||||||||||||||||||
Note 1: The differences between the recorded investment and unpaid principal balance amounts represent partial charge offs. | |||||||||||||||||||||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Number of Loans | Recorded Investment | Unpaid Principal Balance | ||||||||||||||||||||||||||||||||||
Originated loans | |||||||||||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||||||||||
C&I | 35 | $ | 4,449 | $ | 7,660 | ||||||||||||||||||||||||||||||||
CRE | 52 | 15,932 | 20,569 | ||||||||||||||||||||||||||||||||||
Construction | 30 | 905 | 1,179 | ||||||||||||||||||||||||||||||||||
Total originated commercial | 117 | 21,286 | 29,408 | ||||||||||||||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||||||||||
Installment | 1,553 | 27,285 | 28,536 | ||||||||||||||||||||||||||||||||||
Home equity lines | 231 | 6,725 | 7,054 | ||||||||||||||||||||||||||||||||||
Credit card | 307 | 1,113 | 1,113 | ||||||||||||||||||||||||||||||||||
Residential mortgages | 301 | 23,067 | 25,676 | ||||||||||||||||||||||||||||||||||
Total originated consumer | 2,392 | 58,190 | 62,379 | ||||||||||||||||||||||||||||||||||
Total originated loans | 2,509 | $ | 79,476 | $ | 91,787 | ||||||||||||||||||||||||||||||||
Acquired Loans | |||||||||||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||||||||||
C&I | 1 | $ | 6 | $ | 5 | ||||||||||||||||||||||||||||||||
CRE | 1 | 1,730 | 1,730 | ||||||||||||||||||||||||||||||||||
Total acquired commercial | 2 | 1,736 | 1,735 | ||||||||||||||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||||||||||
Installment | 12 | 505 | 542 | ||||||||||||||||||||||||||||||||||
Home equity lines | 8 | 245 | 270 | ||||||||||||||||||||||||||||||||||
Residential mortgages | 7 | 431 | 502 | ||||||||||||||||||||||||||||||||||
Total acquired consumer | 27 | 1,181 | 1,314 | ||||||||||||||||||||||||||||||||||
Total acquired loans | 29 | $ | 2,917 | $ | 3,049 | ||||||||||||||||||||||||||||||||
Covered loans | |||||||||||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||||||||||
C&I | 4 | $ | 1,104 | $ | 2,331 | ||||||||||||||||||||||||||||||||
CRE | 24 | 39,995 | 57,008 | ||||||||||||||||||||||||||||||||||
Construction | 10 | 4,144 | 24,547 | ||||||||||||||||||||||||||||||||||
Total covered commercial | 38 | 45,243 | 83,886 | ||||||||||||||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||||||||||
Home equity lines | 47 | 5,401 | 5,421 | ||||||||||||||||||||||||||||||||||
Residential Mortgages | 1 | 150 | 150 | ||||||||||||||||||||||||||||||||||
Total covered consumer | 48 | 5,551 | 5,571 | ||||||||||||||||||||||||||||||||||
Total covered loans | 86 | $ | 50,794 | $ | 89,457 | ||||||||||||||||||||||||||||||||
Total loans | |||||||||||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||||||||||
C&I | 40 | $ | 5,559 | $ | 9,996 | ||||||||||||||||||||||||||||||||
CRE | 77 | 57,657 | 79,307 | ||||||||||||||||||||||||||||||||||
Construction | 40 | 5,049 | 25,726 | ||||||||||||||||||||||||||||||||||
Total commercial | 157 | 68,265 | 115,029 | ||||||||||||||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||||||||||
Installment | 1,565 | 27,790 | 29,078 | ||||||||||||||||||||||||||||||||||
Home equity lines | 286 | 12,371 | 12,745 | ||||||||||||||||||||||||||||||||||
Credit card | 307 | 1,113 | 1,113 | ||||||||||||||||||||||||||||||||||
Residential mortgages | 309 | 23,648 | 26,328 | ||||||||||||||||||||||||||||||||||
Total consumer | 2,467 | 64,922 | 69,264 | ||||||||||||||||||||||||||||||||||
Total loans | 2,624 | $ | 133,187 | $ | 184,293 | ||||||||||||||||||||||||||||||||
Note 1: The differences between the recorded investment and unpaid principal balance amounts represent partial charge offs. | |||||||||||||||||||||||||||||||||||||
Accruing and Nonaccruing Troubled Debt Restructurings | The following tables provide a summary of the delinquency status of TDRs along with the specific allowance for loan loss, by loan type, as of December 31, 2014 and 2013, including TDRs that continue to accrue interest and TDRs included in nonperforming assets. | ||||||||||||||||||||||||||||||||||||
As of December 31, 2014 | |||||||||||||||||||||||||||||||||||||
Accruing TDRs | Nonaccruing TDRs | Total | Total | ||||||||||||||||||||||||||||||||||
(In thousands) | Current | Delinquent | Total | Current | Delinquent | Total | TDRs | Allowance | |||||||||||||||||||||||||||||
Originated loans | |||||||||||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||||||||||
C&I | $ | 6,740 | $ | — | $ | 6,740 | $ | — | $ | 383 | $ | 383 | $ | 7,123 | $ | 72 | |||||||||||||||||||||
CRE | 12,885 | 952 | 13,837 | 394 | 3,376 | 3,770 | 17,607 | 159 | |||||||||||||||||||||||||||||
Construction | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||
Total originated commercial | 19,625 | 952 | 20,577 | 394 | 3,759 | 4,153 | 24,730 | 231 | |||||||||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||||||||||
Installment | 22,254 | 726 | 22,980 | 1,663 | 262 | 1,925 | 24,905 | 1,178 | |||||||||||||||||||||||||||||
Home equity lines | 6,239 | 269 | 6,508 | 871 | — | 871 | 7,379 | 207 | |||||||||||||||||||||||||||||
Credit card | 775 | 60 | 835 | 15 | 4 | 19 | 854 | 296 | |||||||||||||||||||||||||||||
Residential mortgages | 13,440 | 3,538 | 16,978 | 5,006 | 3,267 | 8,273 | 25,251 | 1,283 | |||||||||||||||||||||||||||||
Total originated consumer | 42,708 | 4,593 | 47,301 | 7,555 | 3,533 | 11,088 | 58,389 | 2,964 | |||||||||||||||||||||||||||||
Total originated TDRs | $ | 62,333 | $ | 5,545 | $ | 67,878 | $ | 7,949 | $ | 7,292 | $ | 15,241 | $ | 83,119 | $ | 3,195 | |||||||||||||||||||||
Acquired loans | |||||||||||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||||||||||
C&I | $ | 15 | $ | — | $ | 15 | $ | 3 | $ | — | $ | 3 | $ | 18 | $ | 18 | |||||||||||||||||||||
CRE | — | — | — | 978 | 1,564 | 2,542 | 2,542 | 134 | |||||||||||||||||||||||||||||
Total acquired commercial | 15 | — | 15 | 981 | 1,564 | 2,545 | 2,560 | 152 | |||||||||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||||||||||
Installment | 841 | 87 | 928 | 24 | 23 | 47 | 975 | 65 | |||||||||||||||||||||||||||||
Home equity lines | 6,186 | 607 | 6,793 | 139 | — | 139 | 6,932 | 9 | |||||||||||||||||||||||||||||
Residential mortgages | 868 | — | 868 | 470 | 295 | 765 | 1,633 | 2 | |||||||||||||||||||||||||||||
Total acquired consumer | 7,895 | 694 | 8,589 | 633 | 318 | 951 | 9,540 | 76 | |||||||||||||||||||||||||||||
Total acquired TDRs | $ | 7,910 | $ | 694 | $ | 8,604 | $ | 1,614 | $ | 1,882 | $ | 3,496 | $ | 12,100 | $ | 228 | |||||||||||||||||||||
Covered loans | |||||||||||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||||||||||
C&I | $ | — | $ | 177 | $ | 177 | $ | — | $ | — | $ | — | $ | 177 | $ | — | |||||||||||||||||||||
CRE | 5,123 | 20,376 | 25,499 | — | — | — | 25,499 | 2,879 | |||||||||||||||||||||||||||||
Construction | 339 | — | 339 | — | — | — | 339 | 295 | |||||||||||||||||||||||||||||
Total covered commercial | 5,462 | 20,553 | 26,015 | — | — | — | 26,015 | 3,174 | |||||||||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||||||||||
Home equity lines | 8,561 | — | 8,561 | 329 | — | 329 | 8,890 | 27 | |||||||||||||||||||||||||||||
Residential mortgages | 334 | — | 334 | — | — | — | 334 | 21 | |||||||||||||||||||||||||||||
Total covered consumer | 8,895 | — | 8,895 | 329 | — | 329 | 9,224 | 48 | |||||||||||||||||||||||||||||
Total covered TDRs | $ | 14,357 | $ | 20,553 | $ | 34,910 | $ | 329 | $ | — | $ | 329 | $ | 35,239 | $ | 3,222 | |||||||||||||||||||||
Total loans | |||||||||||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||||||||||
C&I | $ | 6,755 | $ | 177 | $ | 6,932 | $ | 3 | $ | 383 | $ | 386 | $ | 7,318 | $ | 90 | |||||||||||||||||||||
CRE | 18,008 | 21,328 | 39,336 | 1,372 | 4,940 | 6,312 | 45,648 | 3,172 | |||||||||||||||||||||||||||||
Construction | 339 | — | 339 | — | — | — | 339 | 295 | |||||||||||||||||||||||||||||
Total commercial | 25,102 | 21,505 | 46,607 | 1,375 | 5,323 | 6,698 | 53,305 | 3,557 | |||||||||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||||||||||
Installment | 23,095 | 813 | 23,908 | 1,687 | 285 | 1,972 | 25,880 | 1,243 | |||||||||||||||||||||||||||||
Home equity lines | 20,986 | 876 | 21,862 | 1,339 | — | 1,339 | 23,201 | 243 | |||||||||||||||||||||||||||||
Credit card | 775 | 60 | 835 | 15 | 4 | 19 | 854 | 296 | |||||||||||||||||||||||||||||
Residential mortgages | 14,642 | 3,538 | 18,180 | 5,476 | 3,562 | 9,038 | 27,218 | 1,306 | |||||||||||||||||||||||||||||
Total consumer | 59,498 | 5,287 | 64,785 | 8,517 | 3,851 | 12,368 | 77,153 | 3,088 | |||||||||||||||||||||||||||||
Total TDRs | $ | 84,600 | $ | 26,792 | $ | 111,392 | $ | 9,892 | $ | 9,174 | $ | 19,066 | $ | 130,458 | $ | 6,645 | |||||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||||||||||||||
Accruing TDRs | Nonaccruing TDRs | Total | Total | ||||||||||||||||||||||||||||||||||
(In thousands) | Current | Delinquent | Total | Current | Delinquent | Total | TDRs | Allowance | |||||||||||||||||||||||||||||
Originated loans | |||||||||||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||||||||||
C&I | $ | 1,438 | $ | 879 | $ | 2,317 | $ | 177 | $ | 1,955 | $ | 2,132 | $ | 4,449 | $ | 665 | |||||||||||||||||||||
CRE | 10,442 | 382 | 10,824 | 1,208 | 3,900 | 5,108 | 15,932 | 32 | |||||||||||||||||||||||||||||
Construction | 848 | — | 848 | — | 57 | 57 | 905 | — | |||||||||||||||||||||||||||||
Total originated commercial | 12,728 | 1,261 | 13,989 | 1,385 | 5,912 | 7,297 | 21,286 | 697 | |||||||||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||||||||||
Installment | 23,342 | 1,238 | 24,580 | 2,483 | 222 | 2,705 | 27,285 | 1,014 | |||||||||||||||||||||||||||||
Home equity lines | 5,313 | 194 | 5,507 | 1,206 | 12 | 1,218 | 6,725 | 223 | |||||||||||||||||||||||||||||
Credit card | 1,046 | 66 | 1,112 | — | 1 | 1 | 1,113 | 312 | |||||||||||||||||||||||||||||
Residential mortgages | 12,276 | 3,327 | 15,603 | 4,360 | 3,104 | 7,464 | 23,067 | 1,133 | |||||||||||||||||||||||||||||
Total originated consumer | 41,977 | 4,825 | 46,802 | 8,049 | 3,339 | 11,388 | 58,190 | 2,682 | |||||||||||||||||||||||||||||
Total originated TDRs | $ | 54,705 | $ | 6,086 | $ | 60,791 | $ | 9,434 | $ | 9,251 | $ | 18,685 | $ | 79,476 | $ | 3,379 | |||||||||||||||||||||
Acquired loans | |||||||||||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||||||||||
C&I | $ | — | $ | — | $ | — | $ | 6 | $ | — | $ | 6 | $ | 6 | $ | — | |||||||||||||||||||||
CRE | 1,730 | — | 1,730 | — | — | — | 1,730 | — | |||||||||||||||||||||||||||||
Total acquired commercial | 1,730 | — | 1,730 | 6 | — | 6 | 1,736 | — | |||||||||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||||||||||
Installment | 369 | 136 | 505 | — | — | — | 505 | — | |||||||||||||||||||||||||||||
Home equity lines | 182 | — | 182 | 63 | — | 63 | 245 | — | |||||||||||||||||||||||||||||
Residential mortgages | 245 | — | 245 | 32 | 154 | 186 | 431 | — | |||||||||||||||||||||||||||||
Total acquired consumer | 796 | 136 | 932 | 95 | 154 | 249 | 1,181 | — | |||||||||||||||||||||||||||||
Total acquired TDRs | $ | 2,526 | $ | 136 | $ | 2,662 | $ | 101 | $ | 154 | $ | 255 | $ | 2,917 | $ | — | |||||||||||||||||||||
Covered loans | |||||||||||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||||||||||
C&I | $ | 362 | $ | 742 | $ | 1,104 | $ | — | $ | — | $ | — | $ | 1,104 | $ | — | |||||||||||||||||||||
CRE | 5,259 | 34,736 | 39,995 | — | — | — | 39,995 | 3,022 | |||||||||||||||||||||||||||||
Construction | 698 | 3,446 | 4,144 | — | — | — | 4,144 | 800 | |||||||||||||||||||||||||||||
Total covered commercial | 6,319 | 38,924 | 45,243 | — | — | — | 45,243 | 3,822 | |||||||||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||||||||||
Home equity lines | 5,377 | 24 | 5,401 | — | — | — | 5,401 | — | |||||||||||||||||||||||||||||
Residential mortgages | 150 | — | 150 | — | — | — | 150 | — | |||||||||||||||||||||||||||||
Total covered consumer | 5,527 | 24 | 5,551 | — | — | — | 5,551 | — | |||||||||||||||||||||||||||||
Total covered TDRs | $ | 11,846 | $ | 38,948 | $ | 50,794 | $ | — | $ | — | $ | — | $ | 50,794 | $ | 3,822 | |||||||||||||||||||||
Total loans | |||||||||||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||||||||||
C&I | $ | 1,800 | $ | 1,621 | $ | 3,421 | $ | 183 | $ | 1,955 | $ | 2,138 | $ | 5,559 | $ | 665 | |||||||||||||||||||||
CRE | 17,431 | 35,118 | 52,549 | 1,208 | 3,900 | 5,108 | 57,657 | 3,054 | |||||||||||||||||||||||||||||
Construction | 1,546 | 3,446 | 4,992 | — | 57 | 57 | 5,049 | 800 | |||||||||||||||||||||||||||||
Total commercial | 20,777 | 40,185 | 60,962 | 1,391 | 5,912 | 7,303 | 68,265 | 4,519 | |||||||||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||||||||||
Installment | 23,711 | 1,374 | 25,085 | 2,483 | 222 | 2,705 | 27,790 | 1,014 | |||||||||||||||||||||||||||||
Home equity lines | 10,872 | 218 | 11,090 | 1,269 | 12 | 1,281 | 12,371 | 223 | |||||||||||||||||||||||||||||
Credit card | 1,046 | 66 | 1,112 | — | 1 | 1 | 1,113 | 312 | |||||||||||||||||||||||||||||
Residential mortgages | 12,671 | 3,327 | 15,998 | 4,392 | 3,258 | 7,650 | 23,648 | 1,133 | |||||||||||||||||||||||||||||
Total consumer | 48,300 | 4,985 | 53,285 | 8,144 | 3,493 | 11,637 | 64,922 | 2,682 | |||||||||||||||||||||||||||||
Total TDRs | $ | 69,077 | $ | 45,170 | $ | 114,247 | $ | 9,535 | $ | 9,405 | $ | 18,940 | $ | 133,187 | $ | 7,201 | |||||||||||||||||||||
Schedule of Debtor Troubled Debt Restructuring, Current Period | The following table provides the number of loans modified in a TDR during the previous 12 months that subsequently defaulted during the year ended December 31, 2014 and 2013, as well as the amount defaulted in these restructured loans as of December 31, 2014 and 2013. | ||||||||||||||||||||||||||||||||||||
As of December 31, 2014 | |||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Number of Loans | Amount Defaulted | |||||||||||||||||||||||||||||||||||
Originated loans | |||||||||||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||||||||||
C&I | 3 | $ | 4,930 | ||||||||||||||||||||||||||||||||||
CRE | 1 | 363 | |||||||||||||||||||||||||||||||||||
Construction | — | — | |||||||||||||||||||||||||||||||||||
Total originated commercial | 4 | 5,293 | |||||||||||||||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||||||||||
Installment | 11 | 40 | |||||||||||||||||||||||||||||||||||
Home equity lines | 1 | 29 | |||||||||||||||||||||||||||||||||||
Credit card | 28 | 140 | |||||||||||||||||||||||||||||||||||
Residential mortgages | 3 | 183 | |||||||||||||||||||||||||||||||||||
Total originated consumer | 43 | $ | 392 | ||||||||||||||||||||||||||||||||||
Covered loans | |||||||||||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||||||||||
C&I | 1 | $ | 427 | ||||||||||||||||||||||||||||||||||
CRE | — | — | |||||||||||||||||||||||||||||||||||
Construction | — | — | |||||||||||||||||||||||||||||||||||
Total covered commercial | 1 | $ | 427 | ||||||||||||||||||||||||||||||||||
Acquired loans | |||||||||||||||||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||||||||||
Installment | 2 | $ | 165 | ||||||||||||||||||||||||||||||||||
Home equity lines | 1 | 61 | |||||||||||||||||||||||||||||||||||
Residential mortgages | — | — | |||||||||||||||||||||||||||||||||||
Total acquired consumer | 3 | $ | 226 | ||||||||||||||||||||||||||||||||||
Total loans | |||||||||||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||||||||||
C&I | 4 | $ | 5,357 | ||||||||||||||||||||||||||||||||||
CRE | 1 | 363 | |||||||||||||||||||||||||||||||||||
Construction | — | — | |||||||||||||||||||||||||||||||||||
Total commercial | 5 | 5,720 | |||||||||||||||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||||||||||
Installment | 13 | 205 | |||||||||||||||||||||||||||||||||||
Home equity lines | 2 | 90 | |||||||||||||||||||||||||||||||||||
Credit card | 28 | 140 | |||||||||||||||||||||||||||||||||||
Residential mortgages | 3 | 183 | |||||||||||||||||||||||||||||||||||
Total consumer | 46 | 618 | |||||||||||||||||||||||||||||||||||
Total | 51 | $ | 6,338 | ||||||||||||||||||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Number of Loans | Amount Defaulted | |||||||||||||||||||||||||||||||||||
Originated loans | |||||||||||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||||||||||
C&I | 4 | $ | 1,773 | ||||||||||||||||||||||||||||||||||
CRE | 6 | 3,101 | |||||||||||||||||||||||||||||||||||
Construction | 1 | 231 | |||||||||||||||||||||||||||||||||||
Total originated commercial | 11 | 5,105 | |||||||||||||||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||||||||||
Installment | 17 | 170 | |||||||||||||||||||||||||||||||||||
Home equity lines | — | — | |||||||||||||||||||||||||||||||||||
Credit card | 33 | 245 | |||||||||||||||||||||||||||||||||||
Residential mortgages | 1 | 75 | |||||||||||||||||||||||||||||||||||
Total originated consumer | 51 | $ | 490 | ||||||||||||||||||||||||||||||||||
Covered loans | |||||||||||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||||||||||
C&I | — | $ | — | ||||||||||||||||||||||||||||||||||
CRE | 1 | — | |||||||||||||||||||||||||||||||||||
Construction | 1 | 45 | |||||||||||||||||||||||||||||||||||
Total covered commercial | 2 | $ | 45 | ||||||||||||||||||||||||||||||||||
Total loans | |||||||||||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||||||||||
C&I | 4 | $ | 1,773 | ||||||||||||||||||||||||||||||||||
CRE | 7 | 3,101 | |||||||||||||||||||||||||||||||||||
Construction | 2 | 276 | |||||||||||||||||||||||||||||||||||
Total commercial | 13 | 5,150 | |||||||||||||||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||||||||||
Installment | 17 | 170 | |||||||||||||||||||||||||||||||||||
Home equity lines | — | — | |||||||||||||||||||||||||||||||||||
Credit card | 33 | 245 | |||||||||||||||||||||||||||||||||||
Residential mortgages | 1 | 75 | |||||||||||||||||||||||||||||||||||
Total consumer | 51 | 490 | |||||||||||||||||||||||||||||||||||
Total | 64 | $ | 5,640 | ||||||||||||||||||||||||||||||||||
Goodwill_and_Other_Intangible_1
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||
Schedule of Goodwill | ||||||||||||||||
(In thousands) | Commercial | Retail | Wealth | Total | ||||||||||||
Balance at December 31, 2013 | $ | 527,406 | $ | 193,961 | $ | 20,373 | $ | 741,740 | ||||||||
Balance at December 31, 2014 | $ | 527,406 | $ | 193,961 | $ | 20,373 | $ | 741,740 | ||||||||
Schedule of Finite-Lived Intangible Assets | The following tables show the gross carrying amount and the amount of accumulated amortization of intangible assets subject to amortization. | |||||||||||||||
December 31, 2014 | ||||||||||||||||
Gross Carrying | Accumulated | Net Carrying | ||||||||||||||
(In thousands) | Amount | Amortization | Amount | |||||||||||||
Core deposit intangibles (1) | $ | 82,323 | $ | (19,996 | ) | $ | 62,327 | |||||||||
Lease intangible | 238 | (176 | ) | 62 | ||||||||||||
Trust relationships (2) | 14,000 | (5,369 | ) | 8,631 | ||||||||||||
Total intangibles | $ | 96,561 | $ | (25,541 | ) | $ | 71,020 | |||||||||
December 31, 2013 | ||||||||||||||||
Gross Carrying | Accumulated | Net Carrying | ||||||||||||||
(In thousands) | Amount | Amortization | Amount | |||||||||||||
Core deposit intangibles (1) | $ | 87,533 | $ | (16,065 | ) | $ | 71,468 | |||||||||
Noncompete covenant | 102 | (102 | ) | — | ||||||||||||
Lease intangible | 238 | (140 | ) | 98 | ||||||||||||
Trust relationships (2) | 14,000 | (2,811 | ) | 11,189 | ||||||||||||
Total intangibles | $ | 101,873 | $ | (19,118 | ) | $ | 82,755 | |||||||||
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | The following table shows the estimated future amortization expense for intangible assets subject to amortization as of December 31, 2014. | |||||||||||||||
(In thousands) | ||||||||||||||||
For the years ended: | ||||||||||||||||
December 31, 2015 | $ | 10,391 | ||||||||||||||
December 31, 2016 | 9,209 | |||||||||||||||
December 31, 2017 | 8,161 | |||||||||||||||
December 31, 2018 | 7,273 | |||||||||||||||
December 31, 2019 | 6,500 | |||||||||||||||
Total estimated future amortization | $ | 41,534 | ||||||||||||||
Mortgage_Servicing_Rights_and_1
Mortgage Servicing Rights and Mortgage Servicing Activity (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Transfers and Servicing [Abstract] | ||||||||||||
Changes in the carrying amount of mortgage servicing rights | Changes in the carrying amount of MSRs and the MSR valuation allowance are as follows: | |||||||||||
Year Ended December 31, | ||||||||||||
(In thousands) | 2014 | 2013 | 2012 | |||||||||
Balance at beginning of period | $ | 22,760 | $ | 21,316 | $ | 21,179 | ||||||
Addition of Citizens’ MSRs on Acquisition Date | — | 1,065 | — | |||||||||
Additions | 3,049 | 4,952 | 5,876 | |||||||||
Amortization | (3,798 | ) | (4,573 | ) | (5,739 | ) | ||||||
Balance at end of period | 22,011 | 22,760 | 21,316 | |||||||||
Valuation allowance at beginning of period | (282 | ) | (2,564 | ) | (3,539 | ) | ||||||
Recoveries (Additions) | (673 | ) | 2,282 | 975 | ||||||||
Valuation Allowance at end of period | (955 | ) | (282 | ) | (2,564 | ) | ||||||
MSRs, net carrying balance | $ | 21,056 | $ | 22,478 | $ | 18,752 | ||||||
Fair value at end of period | $ | 21,228 | $ | 23,041 | $ | 18,833 | ||||||
Changes in Key economics assumptions | Key economic assumptions and the sensitivity of the current fair value of the MSRS related to immediate 10% and 25% adverse changes in those assumptions at December 31, 2014, are presented in the following table below. These sensitivities are hypothetical and should be used with caution. As the figures indicate, changes in the fair value based on 10% variation in the prepayment speed assumption generally cannot be extrapolated because the relationship of the change in the prepayment speed assumption to the change in fair value may not be linear. Also, in the below table, the effect of a variation in the discount rate assumption on the fair value of the MSRs is calculated independently without changing any other assumption. In reality, changes in one factor may result in changes in another (for example, changes in prepayment speed estimates could result in changes in the discount rates), which might magnify or counteract the sensitivities. | |||||||||||
(Dollars in thousands) | ||||||||||||
Prepayment speed assumption (annual CPR) | 11.79 | % | ||||||||||
Decrease in fair value from 10% adverse change | $ | 767 | ||||||||||
Decrease in fair value from 25% adverse change | $ | 1,837 | ||||||||||
Discount rate assumption | 9.89 | % | ||||||||||
Decrease in fair value from 100 basis point adverse change | $ | 660 | ||||||||||
Decrease in fair value from 200 basis point adverse change | $ | 1,277 | ||||||||||
Expected weighted-average life (in months) | 96.9 | |||||||||||
Estimated amortization expense for mortgage servicing rights | The following table shows the estimated future amortization for net MSRs as of December 31, 2014: | |||||||||||
(In thousands) | ||||||||||||
Year Ended December 31, | ||||||||||||
2015 | $ | 3,562 | ||||||||||
2016 | 3,128 | |||||||||||
2017 | 2,610 | |||||||||||
2018 | 2,189 | |||||||||||
2019 | 1,836 | |||||||||||
more than 5 years | 7,731 | |||||||||||
Total estimated future amortization | $ | 21,056 | ||||||||||
Premises_and_Equipment_Tables
Premises and Equipment (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Property, Plant and Equipment [Abstract] | ||||||||||
Schedule of Premises and Equipment | The components of premises and equipment are as follows: | |||||||||
As of December 31, | Estimated | |||||||||
(In thousands) | 2014 | 2013 | useful lives | |||||||
Land | $ | 60,397 | $ | 64,810 | - | |||||
Buildings | 308,144 | 310,345 | 10-35 yrs | |||||||
Equipment | 176,906 | 156,521 | 3-15 yrs | |||||||
Leasehold improvements | 25,151 | 23,872 | 1-20 yrs | |||||||
Software | 103,782 | 83,989 | 3-7 yrs | |||||||
674,380 | 639,537 | |||||||||
Less accumulated depreciation and amortization | 342,083 | 312,483 | ||||||||
Total premises and equipment | $ | 332,297 | $ | 327,054 | ||||||
Certificates_and_Other_Time_De1
Certificates and Other Time Deposits (Tables) | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Time Deposits [Abstract] | ||||
Maturities of Certificates and Other Time Deposits | Maturities of certificates and other time deposits as of December 31, 2014 are as follows: | |||
(In thousands) | ||||
For the year ended December 31, | ||||
2015 | $ | 1,627,788 | ||
2016 | 341,135 | |||
2017 | 101,325 | |||
2018 | 109,896 | |||
2019 | 105,632 | |||
2020 and after | 3,727 | |||
Total certificates and other time deposits | $ | 2,289,503 | ||
Federal_Funds_Purchased_and_Se1
Federal Funds Purchased and Securities Sold Under Agreements to Repurchase (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Federal Funds Purchased and Securities Sold under Agreements to Repurchase [Abstract] | ||||||||||||
Schedule Of Federal Funds Purchased And Securities Sold Under Agreements To Repurchase And Wholesale Borrowings | The following table presents federal funds purchased and securities sold under agreements to repurchase as of December 31, 2014 and 2013. | |||||||||||
As of December 31, | ||||||||||||
(In thousands) | 2014 | 2013 | ||||||||||
Federal funds purchased and securities sold under agreements to repurchase | $ | 1,272,591 | $ | 851,535 | ||||||||
The following table presents wholesale borrowings and long-term debt as of December 31, 2014 and 2013. | ||||||||||||
As of December 31, | ||||||||||||
(In thousands) | 2014 | 2013 | ||||||||||
FHLB advances | $ | 427,857 | $ | 200,323 | ||||||||
Subordinated debentures | 505,192 | 249,928 | ||||||||||
Fixed and variable junior subordinated deferral debentures | — | 74,500 | ||||||||||
Other | 214 | 277 | ||||||||||
Total borrowed funds | $ | 933,263 | $ | 525,028 | ||||||||
Schedule Of Select Financial Data Federal Funds Purchased And Securities Sold Under Agreements To Repurchase And Wholesale Borrowings | Selected financial statement information pertaining to the securities sold under agreements to repurchase is as follows: | |||||||||||
As of December 31, | ||||||||||||
(Dollars in thousands) | 2014 | 2013 | 2012 | |||||||||
Average balance during the year | $ | 1,084,532 | $ | 949,068 | $ | 949,756 | ||||||
Weighted-average annual interest rate during the year | 0.09 | % | 0.13 | % | 0.12 | % | ||||||
Maximum month-end balance | $ | 1,289,460 | $ | 1,123,795 | $ | 1,104,525 | ||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||
Schedule of Components of Income Tax Expense (Benefit) | Income tax expense is comprised of the following: | |||||||||||
Year Ended December 31, | ||||||||||||
(In thousands) | 2014 | 2013 | 2012 | |||||||||
Taxes currently payable | ||||||||||||
Federal | $ | 52,514 | $ | 24,426 | $ | 48,359 | ||||||
State | 4,763 | 3,496 | 2,655 | |||||||||
Deferred expense (benefit) | 44,666 | 51,585 | 4,679 | |||||||||
Total income tax expense | $ | 101,943 | $ | 79,507 | $ | 55,693 | ||||||
Schedule of Effective Income Tax Rate Reconciliation | The actual income tax rate differs from the statutory tax rate as shown in the following table: | |||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Statutory rate | 35 | % | 35 | % | 35 | % | ||||||
Increase (decrease) in rate due to: | ||||||||||||
Interest on tax-exempt securities and tax-free loans, net | (2.77 | ) | (3.16 | ) | (3.23 | ) | ||||||
Merger expenses at acquisition | — | 0.54 | — | |||||||||
Reduction in excess tax reserves | — | 0.11 | — | |||||||||
Bank owned life insurance | (2.10 | ) | (2.53 | ) | (3.10 | ) | ||||||
State income tax (net) | 0.91 | 0.87 | 0.94 | |||||||||
Tax credits | (0.96 | ) | (1.06 | ) | (1.14 | ) | ||||||
ESOP Dividends | (0.13 | ) | (0.14 | ) | (0.21 | ) | ||||||
Nondeductible meals and entertainment | 0.22 | 0.27 | 0.25 | |||||||||
Other | (0.18 | ) | 0.31 | 0.83 | ||||||||
Effective tax rates | 29.99 | % | 30.21 | % | 29.34 | % | ||||||
Schedule of Deferred Tax Assets and Liabilities | Principal components of the Corporation’s net deferred tax asset are summarized as follows: | |||||||||||
Year Ended | ||||||||||||
December 31, | ||||||||||||
(In thousands) | 2014 | 2013 | ||||||||||
Deferred tax assets: | ||||||||||||
Allowance for credit losses | $ | 35,760 | $ | 37,857 | ||||||||
Employee benefits | 51,584 | 33,676 | ||||||||||
Real Estate Mortgage Investment Credit | 4,831 | 5,645 | ||||||||||
Acquired liabilities | 6,296 | 14,768 | ||||||||||
Acquired loans | 51,701 | 62,993 | ||||||||||
Available for sale securities | 3,862 | 16,819 | ||||||||||
Loan fees and expenses | — | 2,777 | ||||||||||
Federal NOL carryforwards | 131,195 | 190,350 | ||||||||||
Alternative minimum tax credit carryforward | 83,428 | 41,882 | ||||||||||
General business tax credit carryforward | 1,982 | 5,715 | ||||||||||
State income tax (net of federal benefit) | 1,970 | 4,728 | ||||||||||
Other | 467 | — | ||||||||||
Total deferred tax assets | 373,076 | 417,210 | ||||||||||
Deferred tax liabilities: | ||||||||||||
Leased assets and depreciation | (24,699 | ) | (25,818 | ) | ||||||||
FHLB stock | (18,165 | ) | (24,401 | ) | ||||||||
Loan fees and expenses | (2,537 | ) | — | |||||||||
Goodwill | (16,580 | ) | (7,129 | ) | ||||||||
Core deposit intangibles | (22,013 | ) | (25,302 | ) | ||||||||
Other | — | (3,510 | ) | |||||||||
Total deferred tax liabilities | (83,994 | ) | (86,160 | ) | ||||||||
Total net deferred tax asset | $ | 289,082 | $ | 331,050 | ||||||||
Change in Deferred Taxes | At December 31, 2014, the Corporation had gross federal loss carryforwards of $374.8 million that expire in 2028 through 2032, general business credits of $2.0 million that expire in 2028, and $83.4 million of federal alternative minimum tax credits with an indefinite life. In addition, future state income taxes are expected to be reduced by $2.3 million resulting from state non-operating losses at various levels in various states. This benefit is expected to be fully used during the expiration period of 2014 through 2027. | |||||||||||
The period change in deferred taxes recorded both directly to shareholders’ equity and as a part of the income tax expense is summarized as follows: | ||||||||||||
Year Ended December 31, | ||||||||||||
(In thousands) | 2014 | 2013 | ||||||||||
Deferred tax changes reflected in other comprehensive income | $ | (2,698 | ) | $ | (27,285 | ) | ||||||
Deferred tax changes reflected in Federal income tax expense | 44,666 | 51,585 | ||||||||||
Deferred tax changes reflected in acquired net assets | — | (348,239 | ) | |||||||||
Net decrease/(increase) in DTA | $ | 41,968 | $ | (323,939 | ) | |||||||
Summary of Income Tax Contingencies | A reconciliation of the change in the reserve for uncertain tax positions for 2014 and 2013 is as follows: | |||||||||||
(In thousands) | Federal and | Accrued | Gross Unrecognized Income Tax Benefits | |||||||||
State Tax | Interest and | |||||||||||
Penalties | ||||||||||||
Balance as of January 1, 2014 | $ | 1,003 | $ | 262 | $ | 1,265 | ||||||
Additions for tax provisions related to prior year | 798 | 14 | 812 | |||||||||
Reduction for tax positions related to prior year due closed tax years | (31 | ) | (3 | ) | (34 | ) | ||||||
Reduction for tax positions related to prior tax years | (1,465 | ) | (254 | ) | (1,719 | ) | ||||||
Balance at December 31, 2014 | $ | 305 | $ | 19 | $ | 324 | ||||||
Components of Reserve: | ||||||||||||
State income tax exposure | $ | 305 | $ | 19 | $ | 324 | ||||||
Balance at December 31, 2014 | $ | 305 | $ | 19 | $ | 324 | ||||||
(In thousands) | Federal and | Accrued | Gross Unrecognized Income Tax Benefits | |||||||||
State Tax | Interest and | |||||||||||
Penalties | ||||||||||||
Balance as of January 1, 2013 | $ | 953 | $ | 854 | $ | 1,807 | ||||||
Additions for tax provisions related to prior year | 77 | 72 | 149 | |||||||||
Reduction for tax positions related to prior tax years | (27 | ) | (664 | ) | (691 | ) | ||||||
Balance at December 31, 2013 | $ | 1,003 | $ | 262 | $ | 1,265 | ||||||
Components of Reserve: | ||||||||||||
Potential adjustment to nondeductible interest expense | $ | 30 | $ | 5 | $ | 35 | ||||||
State income tax exposure | 973 | 257 | 1,230 | |||||||||
Balance at December 31, 2013 | $ | 1,003 | $ | 262 | $ | 1,265 | ||||||
Benefit_Plans_Tables
Benefit Plans (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ||||||||||||||||||||||||
Schedule of Net Benefit Costs | The combined components of net periodic pension and postretirement benefits and other amounts recognized in AOCI for the Corporation's pension and postretirement benefit plans as of December 31, 2014, 2013 and 2012, are as follows: | |||||||||||||||||||||||
Pension Benefits | Postretirement Benefits | |||||||||||||||||||||||
(In thousands) | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||||||
Net periodic cost consists of: | ||||||||||||||||||||||||
Service cost | $ | 728 | $ | 2,339 | $ | 7,194 | $ | 65 | $ | 99 | $ | 77 | ||||||||||||
Interest cost | 14,337 | 12,814 | 11,862 | 655 | 563 | 697 | ||||||||||||||||||
Expected return on plan assets | (16,035 | ) | (14,938 | ) | (12,136 | ) | — | — | — | |||||||||||||||
Amortization of prior service cost/(credit) | 2,599 | 467 | 388 | (468 | ) | (468 | ) | (468 | ) | |||||||||||||||
Amortization of actuarial (gains)/losses | 2,930 | 4,693 | 10,371 | 236 | 268 | 288 | ||||||||||||||||||
Settlement / curtailment income | — | (524 | ) | (142 | ) | — | — | — | ||||||||||||||||
Net periodic cost (benefit) | 4,559 | 4,851 | 17,537 | 488 | 462 | 594 | ||||||||||||||||||
Other changes in plan assets and benefit obligations recognized in Other comprehensive income: | ||||||||||||||||||||||||
Current year actuarial losses/(gains) | 49,488 | (47,257 | ) | 1,281 | 64 | (682 | ) | (57 | ) | |||||||||||||||
Amortization of actuarial gains/(losses) | (2,930 | ) | (4,169 | ) | (10,229 | ) | (236 | ) | (268 | ) | (288 | ) | ||||||||||||
Amortization of prior service (cost)/credit | (2,599 | ) | (467 | ) | (388 | ) | 468 | 468 | 468 | |||||||||||||||
Total recognized in AOCI, before income taxes | 43,959 | (51,893 | ) | (9,336 | ) | 296 | (482 | ) | 123 | |||||||||||||||
Total recognized in net periodic cost and AOCI | $ | 48,518 | $ | (47,042 | ) | $ | 8,201 | $ | 784 | $ | (20 | ) | $ | 717 | ||||||||||
Schedule of Net Funded Status | The following table sets forth a reconciliation of the changes in the projected benefit obligation for the Corporation’s pension and postretirement benefit plans as of December 31, 2014, and 2013, as well as the change in plan assets for the Corporation’s qualified pension plans: | |||||||||||||||||||||||
Pension Benefits | Postretirement Benefits | |||||||||||||||||||||||
(In thousands) | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||
Accumulated benefit obligation, end of year | $ | 354,402 | $ | 307,739 | ||||||||||||||||||||
Change in projected benefit obligation: | ||||||||||||||||||||||||
Projected benefit obligation, beginning of year | 308,834 | 259,428 | $ | 15,544 | $ | 14,771 | ||||||||||||||||||
Citizens acquisition | — | 85,483 | — | 2,062 | ||||||||||||||||||||
Service cost | 728 | 2,339 | 65 | 99 | ||||||||||||||||||||
Interest cost | 14,337 | 12,814 | 655 | 563 | ||||||||||||||||||||
Plan amendments | — | 3,927 | (1,979 | ) | — | |||||||||||||||||||
Participant contributions | — | — | 1,851 | 1,538 | ||||||||||||||||||||
Actuarial (gains)/losses and change in assumptions | 50,115 | (35,984 | ) | 2,046 | (682 | ) | ||||||||||||||||||
Benefits paid | (18,372 | ) | (19,172 | ) | (3,018 | ) | (2,808 | ) | ||||||||||||||||
Projected benefit obligation, end of year | $ | 355,642 | $ | 308,834 | $ | 15,164 | $ | 15,544 | ||||||||||||||||
Change in plan assets, at fair value: | ||||||||||||||||||||||||
Fair value of plan assets, beginning of year | $ | 257,510 | $ | 174,385 | $ | — | $ | — | ||||||||||||||||
Citizens acquisition | — | 68,304 | — | — | ||||||||||||||||||||
Actual return on plan assets | 16,663 | 30,298 | — | — | ||||||||||||||||||||
Participant contributions | — | — | 1,851 | 1,538 | ||||||||||||||||||||
Employer contributions | 1,554 | 3,695 | 1,167 | 1,270 | ||||||||||||||||||||
Benefits paid | (18,372 | ) | (19,172 | ) | (3,018 | ) | (2,808 | ) | ||||||||||||||||
Fair value of plan assets, end of year | $ | 257,355 | $ | 257,510 | $ | — | $ | — | ||||||||||||||||
Funded status (1) | (98,287 | ) | (51,324 | ) | (15,164 | ) | (15,544 | ) | ||||||||||||||||
Amounts recognized in AOCI before income taxes: | ||||||||||||||||||||||||
Prior service cost (credit) | $ | 2,587 | $ | 5,121 | $ | (5,370 | ) | $ | (3,858 | ) | ||||||||||||||
Net actuarial loss | 99,715 | 53,061 | 5,138 | 3,329 | ||||||||||||||||||||
Amount recognized in AOCI | $ | 102,302 | $ | 58,182 | $ | (232 | ) | $ | (529 | ) | ||||||||||||||
(1) The Corporation recognizes the underfunded status of the plans in accrued taxes, expenses and other liabilities on the Consolidated Balance Sheet. | ||||||||||||||||||||||||
Schedule of Assumptions Used | The actuarial assumptions used to determine year end obligations for the Corporation’s pension and postretirement plans were as follows: | |||||||||||||||||||||||
Weighted-average assumptions for year end obligations | 2014 | 2013 | 2012 | |||||||||||||||||||||
Discount rate | ||||||||||||||||||||||||
Qualified pensions | 4.19 | % | 4.99 | % | 4.21 | % | ||||||||||||||||||
Nonqualified pensions | 3.61 | % | 4.12 | % | 4.21 | % | ||||||||||||||||||
Postretirement medical benefits, FirstMerit’s plan | 3.5 | % | 4.01 | % | 3.18 | % | ||||||||||||||||||
Postretirement medical benefits, Citizens’ plan | 3.61 | % | 3.98 | % | na | |||||||||||||||||||
Postretirement life insurance benefits | 4.36 | % | 5.08 | % | 4.3 | % | ||||||||||||||||||
Expected long-term rate of return | 6.5 | % | 6.75 | % | 7 | % | ||||||||||||||||||
Rate of compensation increase | ||||||||||||||||||||||||
Qualified pensions | na | na | na | |||||||||||||||||||||
Nonqualified pensions | 3.75 | % | 3.75 | % | 3.75 | % | ||||||||||||||||||
Assumed health care cost trend rate, pre-65 (1) | ||||||||||||||||||||||||
Initial trend | 7 | % | 7.5 | % | 8 | % | ||||||||||||||||||
Ultimate trend | 5 | % | 5 | % | 5 | % | ||||||||||||||||||
Year ultimate trend reached | 2019 | 2019 | 2019 | |||||||||||||||||||||
Assumed health care cost trend rate, post-65 (1) | ||||||||||||||||||||||||
Initial trend | 11 | % | 11.5 | % | 12 | % | ||||||||||||||||||
Ultimate trend | 5 | % | 5 | % | 5 | % | ||||||||||||||||||
Year ultimate trend reached | 2027 | 2027 | 2027 | |||||||||||||||||||||
Prescription Drugs | ||||||||||||||||||||||||
Initial trend | 7 | % | 7.5 | % | 8 | % | ||||||||||||||||||
Ultimate trend | 5 | % | 5 | % | 5 | % | ||||||||||||||||||
Year ultimate trend reached | 2019 | 2019 | 2019 | |||||||||||||||||||||
(1) The health care cost trend assumptions relate only to the postretirement benefit plans. Increasing or decreasing the assumed health care cost trend rates by one percentage point each future year would not have a material impact on total service and interest cost or the year end benefit obligation. | ||||||||||||||||||||||||
The actuarial assumptions used as of the beginning of the year to determine the net periodic costs for the Corporation’s pension and postretirement plans were as follows: | ||||||||||||||||||||||||
Weighted-average assumptions for benefit cost at beginning of year | 2014 | 2013 | 2012 | |||||||||||||||||||||
Discount rate | ||||||||||||||||||||||||
Qualified pension | 4.99 | % | 4.21 | % | 5.04 | % | ||||||||||||||||||
Nonqualified pensions | 4.12 | % | 4.21 | % | 5.04 | % | ||||||||||||||||||
Postretirement medical benefits | 4.01 | % | 3.18 | % | 4.23 | % | ||||||||||||||||||
Postretirement life insurance benefits | 5.08 | % | 4.3 | % | 5.03 | % | ||||||||||||||||||
Expected long-term rate of return | 6.75 | % | 7 | % | 7.25 | % | ||||||||||||||||||
Rate of compensation increase | ||||||||||||||||||||||||
Qualified pension | na | na | 5.22 | % | ||||||||||||||||||||
Nonqualified pensions | 3.75 | % | 3.75 | % | 3.75 | % | ||||||||||||||||||
Assumed health care cost trend rate, pre-65 (1) | ||||||||||||||||||||||||
Initial trend | 7.5 | % | 8 | % | 8.5 | % | ||||||||||||||||||
Ultimate trend | 5 | % | 5 | % | 5 | % | ||||||||||||||||||
Year ultimate trend reached | 2019 | 2019 | 2019 | |||||||||||||||||||||
Assumed health care cost trend rate, post-65 (1) | ||||||||||||||||||||||||
Initial trend | 11.5 | % | 12 | % | 12.5 | % | ||||||||||||||||||
Ultimate trend | 5 | % | 5 | % | 5 | % | ||||||||||||||||||
Year ultimate trend reached | 2027 | 2027 | 2027 | |||||||||||||||||||||
Prescription Drugs | ||||||||||||||||||||||||
Initial trend | 7.5 | % | 8 | % | 8.5 | % | ||||||||||||||||||
Ultimate trend | 5 | % | 5 | % | 5 | % | ||||||||||||||||||
Year ultimate trend reached | 2019 | 2019 | 2019 | |||||||||||||||||||||
(1) The health care cost trend assumptions relate only to the postretirement benefit plans. Increasing or decreasing the assumed health care cost trend rates by one percentage point each future year would not have a material impact on total service and interest cost or the year end benefit obligation | ||||||||||||||||||||||||
Schedule of Amounts in Accumulated Other Comprehensive Income (Loss) to be Recognized over Next Fiscal Year | The amounts in accumulated other comprehensive loss that are expected to be recognized as components of net periodic benefit cost (credit) during the next fiscal year are as follows: | |||||||||||||||||||||||
(In thousands) | Pension | Postretirement | Total | |||||||||||||||||||||
Prior service cost/(credit) | $ | 2,279 | $ | (639 | ) | $ | 1,640 | |||||||||||||||||
Actuarial net loss | 4,224 | 325 | 4,549 | |||||||||||||||||||||
Schedule of Expected Benefit Payments | The expected benefits were estimated using the same assumptions as those used to calculate the benefit obligations in the preceding tables and includes benefits attributable to estimated future employee service. | |||||||||||||||||||||||
(In thousands) | Pension | Postretirement | ||||||||||||||||||||||
2015 | $ | 26,555 | $ | 1,247 | ||||||||||||||||||||
2016 | 26,420 | 1,137 | ||||||||||||||||||||||
2017 | 22,162 | 1,063 | ||||||||||||||||||||||
2018 | 21,858 | 1,004 | ||||||||||||||||||||||
2019 | 20,239 | 951 | ||||||||||||||||||||||
2020 through 2024 | 93,104 | 4,331 | ||||||||||||||||||||||
Investment Allocation Strategy | As the plan’s funded ratio status improves, the allocation to liability-hedging assets will increase. | |||||||||||||||||||||||
Dynamic Investment Policy Schedule | ||||||||||||||||||||||||
Return-Seeking (and Diversification) Allocation Strategy | ||||||||||||||||||||||||
Funded Ratio | Minimum | Target | Maximum | |||||||||||||||||||||
≤97% | 36% | 40% | 44% | |||||||||||||||||||||
98% | 34% | 38% | 42% | |||||||||||||||||||||
99% | 31% | 35% | 39% | |||||||||||||||||||||
100% | 30% | 33% | 36% | |||||||||||||||||||||
101% | 28% | 31% | 34% | |||||||||||||||||||||
102% | 26% | 29% | 32% | |||||||||||||||||||||
103% | 23% | 26% | 29% | |||||||||||||||||||||
104% | 21% | 24% | 27% | |||||||||||||||||||||
105% | 18% | 21% | 24% | |||||||||||||||||||||
106% | 16% | 18% | 20% | |||||||||||||||||||||
107% | 12% | 14% | 16% | |||||||||||||||||||||
≥108% | 8% | 10% | 12% | |||||||||||||||||||||
Schedule of Allocation of Plan Assets | The weighted-average allocations for the FirstMerit Pension Plan as of December 31, 2014 and 2013, by asset category, are as follows: | |||||||||||||||||||||||
Percentage of | ||||||||||||||||||||||||
Plan Assets on | ||||||||||||||||||||||||
Measurement Date | ||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||
Asset Category | 2014 | 2013 | ||||||||||||||||||||||
Cash and domestic money market funds | 1.49 | % | 1.92 | % | ||||||||||||||||||||
U.S. Treasury obligations | 1.97 | % | 1.76 | % | ||||||||||||||||||||
U.S. Government agencies | 1.12 | % | 0.95 | % | ||||||||||||||||||||
Corporate bonds | 2.79 | % | 3.12 | % | ||||||||||||||||||||
Common stocks | 13.54 | % | 11.24 | % | ||||||||||||||||||||
Equity mutual funds | 18.85 | % | 27.62 | % | ||||||||||||||||||||
Fixed income mutual funds | 50.11 | % | 36.56 | % | ||||||||||||||||||||
Foreign mutual funds | 10.13 | % | 16.83 | % | ||||||||||||||||||||
100 | % | 100 | % | |||||||||||||||||||||
Schedule of Defined Benefit Plans Disclosure | The following table sets forth by level, within the fair value hierarchy, the FirstMerit Pension Plan’s assets at fair value as of December 31, 2014: | |||||||||||||||||||||||
(In thousands) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
Domestic money market funds | $ | 3,836 | $ | — | $ | — | $ | 3,836 | ||||||||||||||||
United States government securities | — | 5,067 | — | 5,067 | ||||||||||||||||||||
United States government agency issues | — | 2,897 | — | 2,897 | ||||||||||||||||||||
Corporate bonds | — | 7,177 | — | 7,177 | ||||||||||||||||||||
Common stocks | 34,835 | — | — | 34,835 | ||||||||||||||||||||
Equity mutual funds | 48,518 | — | — | 48,518 | ||||||||||||||||||||
Fixed income mutual funds | 128,951 | — | — | 128,951 | ||||||||||||||||||||
Foreign mutual funds | 26,074 | — | — | 26,074 | ||||||||||||||||||||
Total assets at fair value | $ | 242,214 | $ | 15,141 | $ | — | $ | 257,355 | ||||||||||||||||
ShareBased_Compensation_Tables
Share-Based Compensation (Tables) | 12 Months Ended | ||||||||||||||
Dec. 31, 2014 | |||||||||||||||
Share-based Compensation [Abstract] | |||||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity | A summary of stock option activity under the Plans as of December 31, 2014, 2013, and 2012, and changes during the years then ended is as follows: | ||||||||||||||
Options | Shares (000’s) | Weighted-Average Exercise Price | Weighted-Average Remaining Contractual Term | Aggregate InstrinsicValue (000’s) | |||||||||||
Outstanding at January 1, 2012 | 2,077 | $ | 25.15 | 1.85 | — | ||||||||||
Exercised | — | — | |||||||||||||
Forfeited | (71 | ) | 25.85 | ||||||||||||
Expired | (186 | ) | 25.97 | ||||||||||||
Outstanding at December 31, 2012 | 1,820 | $ | 24.73 | 1.82 | $ | — | |||||||||
Acquired | 63 | 218.01 | |||||||||||||
Exercised | — | — | |||||||||||||
Forfeited | (8 | ) | 23.93 | ||||||||||||
Expired | (479 | ) | 36.64 | ||||||||||||
Outstanding at December 31, 2013 | 1,396 | $ | 28.84 | 1.14 | $ | 87 | |||||||||
Exercised | — | — | |||||||||||||
Forfeited | — | — | |||||||||||||
Expired | (558 | ) | 31.91 | ||||||||||||
Outstanding at December 31, 2014 | 838 | $ | 26.64 | 0.62 | $ | — | |||||||||
Exercisable at December 31, 2014 | 838 | $ | 26.64 | 0.62 | $ | — | |||||||||
Schedule of Nonvested Share Activity | A summary of the status of the Corporation’s nonvested shares as of December 31, 2014, 2013, and 2012, and changes during the years then ended, is as follows: | ||||||||||||||
Weighted-Average | |||||||||||||||
Grant Date | |||||||||||||||
Nonvested (restricted) Stock Awards | Shares (000’s) | Fair Value | |||||||||||||
Nonvested at January 1, 2012 | 1,026 | $ | 18.26 | ||||||||||||
Granted | 596 | 16.06 | |||||||||||||
Vested | (493 | ) | 18.29 | ||||||||||||
Forfeited or expired | (50 | ) | 18.94 | ||||||||||||
Nonvested at December 31, 2012 | 1,079 | $ | 17 | ||||||||||||
Granted | 823 | 16.47 | |||||||||||||
Vested | (508 | ) | 17.9 | ||||||||||||
Forfeited or expired | (52 | ) | 16.89 | ||||||||||||
Nonvested at December 31, 2013 | 1,342 | $ | 16.34 | ||||||||||||
Granted | 777 | 19.67 | |||||||||||||
Vested | (664 | ) | 16.3 | ||||||||||||
Forfeited or expired | (42 | ) | 18.16 | ||||||||||||
Nonvested at December 31, 2014 | 1,413 | $ | 18.16 | ||||||||||||
Parent_Company_Tables
Parent Company (Tables) | 12 Months Ended | ||||||||||||||
Dec. 31, 2014 | |||||||||||||||
Parent Company [Abstract] | |||||||||||||||
Schedule Of Condensed Financial Statements | Condensed financial information of FirstMerit Corporation (Parent Company only) is as follows: | ||||||||||||||
(In thousands) | As of December 31, | ||||||||||||||
Condensed Balance Sheet | 2014 | 2013 | |||||||||||||
Assets: | |||||||||||||||
Cash and due from banks | $ | 142,950 | $ | 125,032 | |||||||||||
Investment securities | 1,553 | 2,253 | |||||||||||||
Investment in subsidiaries, at equity in underlying value of their net assets | 2,936,865 | 2,863,473 | |||||||||||||
Other assets | 20,479 | 77,674 | |||||||||||||
Total Assets | $ | 3,101,847 | $ | 3,068,432 | |||||||||||
Liabilities and Shareholders’ Equity: | |||||||||||||||
Long-term debt | $ | 249,935 | $ | 324,428 | |||||||||||
Accrued and other liabilities | 17,631 | 41,110 | |||||||||||||
Shareholders’ equity | 2,834,281 | 2,702,894 | |||||||||||||
Total Liabilities and Shareholders’ Equity | $ | 3,101,847 | $ | 3,068,432 | |||||||||||
(In thousands) | Year Ended December 31, | ||||||||||||||
Condensed Statement of Income | 2014 | 2013 | 2012 | ||||||||||||
Income: | |||||||||||||||
Cash dividends from subsidiaries | $ | 82,642 | $ | 81,715 | $ | 155,493 | |||||||||
Noninterest income | 437 | 483 | 309 | ||||||||||||
Total income | 83,079 | 82,198 | 155,802 | ||||||||||||
Interest and other expenses | 30,613 | 29,684 | 10,799 | ||||||||||||
Income before income tax benefit and equity in undistributed income of subsidiaries | 52,466 | 52,514 | 145,003 | ||||||||||||
Income tax benefit | (10,324 | ) | (9,341 | ) | (2,004 | ) | |||||||||
Income before equity in undistributed net income of subsidiaries | 62,790 | 61,855 | 147,007 | ||||||||||||
Equity in undistributed income of subsidiaries | 175,161 | 121,829 | (12,901 | ) | |||||||||||
Net income | $ | 237,951 | $ | 183,684 | $ | 134,106 | |||||||||
(In thousands) | Year Ended December 31, | ||||||||||||||
Condensed Statement of Cash Flows | 2014 | 2013 | 2012 | ||||||||||||
Operating activities: | |||||||||||||||
Net income | $ | 237,951 | $ | 183,684 | $ | 134,106 | |||||||||
Adjustments to reconcile net income to net cash provided by operating activities | |||||||||||||||
Equity in undistributed income of subsidiaries | (175,161 | ) | (121,829 | ) | 12,901 | ||||||||||
Decrease (increase) in Federal income tax receivable | 35,672 | (30,399 | ) | (4,446 | ) | ||||||||||
(Increase) decrease in deferred Federal tax asset | (1,449 | ) | 27,032 | 106 | |||||||||||
Increase in interest payable | — | 4,618 | — | ||||||||||||
Other | (552 | ) | 924 | 738 | |||||||||||
Net cash provided by operating activities | 96,461 | 64,030 | 143,405 | ||||||||||||
Investing activities: | |||||||||||||||
Loans or advances to subsidiaries | — | (50 | ) | — | |||||||||||
Repayment of loans to or investment in subsidiaries | 110,675 | — | — | ||||||||||||
Cash paid for acquisition, net of cash received | — | (315,069 | ) | — | |||||||||||
Sale of investments in subsidiaries | — | — | 7,827 | ||||||||||||
Sale of investment securities | 784 | — | — | ||||||||||||
Purchases of investment securities | (81 | ) | (215 | ) | (44 | ) | |||||||||
Net cash provided (used) by investing activities | 111,378 | (315,334 | ) | 7,783 | |||||||||||
Financing activities: | |||||||||||||||
Proceeds from issuance of subordinated debt | — | 249,927 | — | ||||||||||||
Proceeds from issuance of preferred stock | — | 96,550 | — | ||||||||||||
Repayment of long-term debt | (74,451 | ) | — | — | |||||||||||
Cash dividends-common stock | (105,333 | ) | (96,222 | ) | (69,459 | ) | |||||||||
Cash dividends-preferred stock | (5,876 | ) | (5,337 | ) | — | ||||||||||
Purchase of treasury shares | (4,261 | ) | (9,521 | ) | (2,389 | ) | |||||||||
Net cash (used) provided by financing activities | (189,921 | ) | 235,397 | (71,848 | ) | ||||||||||
Increase (decrease) in cash and cash equivalents | 17,918 | (15,907 | ) | 79,340 | |||||||||||
Cash and cash equivalents at beginning of year | 125,032 | 140,939 | 61,599 | ||||||||||||
Cash and cash equivalents at end of year | $ | 142,950 | $ | 125,032 | $ | 140,939 | |||||||||
Segment_Information_Tables
Segment Information (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||
Lines of business results and key performance measures | The following tables present a summary of financial results as of and for the years ended December 31, 2014, 2013, and 2012: | ||||||||||||||||||||
(In thousands) | FirstMerit | ||||||||||||||||||||
December 31, 2014 | Commercial | Retail | Wealth | Other | Consolidated | ||||||||||||||||
OPERATIONS: | |||||||||||||||||||||
Net interest income/(expense) | $ | 421,136 | $ | 378,597 | $ | 19,836 | $ | (44,001 | ) | $ | 775,568 | ||||||||||
Provision for loan losses | 2,898 | 39,618 | 1,895 | 7,868 | 52,279 | ||||||||||||||||
Noninterest income | 91,483 | 106,356 | 55,800 | 27,885 | 281,524 | ||||||||||||||||
Noninterest expense | 240,142 | 354,305 | 51,269 | 19,203 | 664,919 | ||||||||||||||||
Net income/(loss) | 175,227 | 59,169 | 14,606 | (11,051 | ) | 237,951 | |||||||||||||||
AVERAGES: | |||||||||||||||||||||
Assets | 9,265,088 | 5,632,881 | 271,975 | 9,248,267 | 24,418,211 | ||||||||||||||||
Loans | 9,262,224 | 5,305,513 | 261,321 | 62,257 | 14,891,315 | ||||||||||||||||
Earnings assets | 9,549,341 | 5,328,548 | 261,321 | 6,363,537 | 21,502,747 | ||||||||||||||||
Deposits | 6,679,007 | 11,484,769 | 1,089,068 | 275,591 | 19,528,435 | ||||||||||||||||
Economic capital | 743,071 | 353,098 | 58,106 | 1,635,864 | 2,790,139 | ||||||||||||||||
(In thousands) | FirstMerit | ||||||||||||||||||||
December 31, 2013 | Commercial | Retail | Wealth | Other | Consolidated | ||||||||||||||||
OPERATIONS: | |||||||||||||||||||||
Net interest income/(expense) | $ | 408,006 | $ | 349,433 | $ | 17,192 | $ | (63,846 | ) | $ | 710,785 | ||||||||||
Provision for loan losses | 17,072 | 16,151 | (692 | ) | 1,153 | 33,684 | |||||||||||||||
Noninterest income | 83,933 | 114,679 | 48,289 | 23,442 | 270,343 | ||||||||||||||||
Noninterest expense | 209,936 | 330,875 | 54,196 | 89,246 | 684,253 | ||||||||||||||||
Net income/(loss) | 172,206 | 76,105 | 7,784 | (72,411 | ) | 183,684 | |||||||||||||||
AVERAGES: | |||||||||||||||||||||
Assets | 8,397,357 | 4,746,277 | 259,601 | 8,086,540 | 21,489,775 | ||||||||||||||||
Loans | 8,292,805 | 4,367,701 | 226,152 | 62,008 | 12,948,666 | ||||||||||||||||
Earnings assets | 8,480,005 | 4,392,937 | 226,179 | 5,393,874 | 18,492,995 | ||||||||||||||||
Deposits | 5,572,287 | 10,749,725 | 826,794 | 152,782 | 17,301,588 | ||||||||||||||||
Economic capital | 602,561 | 256,362 | 72,244 | 1,477,698 | 2,408,865 | ||||||||||||||||
(In thousands) | FirstMerit | ||||||||||||||||||||
December 31, 2012 | Commercial | Retail | Wealth | Other | Consolidated | ||||||||||||||||
OPERATIONS: | |||||||||||||||||||||
Net interest income/(expense) | $ | 258,575 | $ | 207,907 | $ | 17,444 | $ | (12,096 | ) | $ | 471,830 | ||||||||||
Provision for loan losses | 32,319 | 10,008 | (626 | ) | 12,997 | 54,698 | |||||||||||||||
Noninterest income | 67,606 | 103,279 | 32,996 | 19,723 | 223,604 | ||||||||||||||||
Noninterest expense | 159,525 | 221,297 | 39,296 | 30,819 | 450,937 | ||||||||||||||||
Net income/(loss) | 87,318 | 51,922 | 7,650 | (12,784 | ) | 134,106 | |||||||||||||||
AVERAGES: | |||||||||||||||||||||
Assets | 6,424,226 | 2,952,280 | 238,805 | 5,005,316 | 14,620,627 | ||||||||||||||||
Loans | 6,391,189 | 2,674,997 | 225,018 | 65,876 | 9,357,080 | ||||||||||||||||
Earnings assets | 6,493,713 | 2,707,632 | 225,044 | 3,646,302 | 13,072,691 | ||||||||||||||||
Deposits | 3,284,722 | 7,416,982 | 709,786 | 142,308 | 11,553,798 | ||||||||||||||||
Economic capital | 404,005 | 212,409 | 49,313 | 942,381 | 1,608,108 | ||||||||||||||||
Fair_Value_Measurement_Tables
Fair Value Measurement (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||||||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis | The following tables present the balance of assets and liabilities measured at fair value on a recurring and nonrecurring basis at December 31, 2014 and 2013: | |||||||||||||||||||
Fair Value by Hierarchy | ||||||||||||||||||||
(In thousands) | 31-Dec-14 | Level 1 | Level 2 | Level 3 | ||||||||||||||||
Recurring fair value measurement | ||||||||||||||||||||
Available-for-sale securities: | ||||||||||||||||||||
Marketable equity securities | $ | 2,974 | $ | 2,974 | $ | — | $ | — | ||||||||||||
U.S. government agency debentures | 2,482 | — | 2,482 | — | ||||||||||||||||
U.S. States and political subdivisions | 227,342 | — | 227,342 | — | ||||||||||||||||
Residential mortgage-backed securities: | ||||||||||||||||||||
U.S. government agencies | 970,998 | — | 970,998 | — | ||||||||||||||||
Commercial mortgage-backed securities: | ||||||||||||||||||||
U.S. government agencies | 103,403 | — | 103,403 | — | ||||||||||||||||
Residential collateralized mortgage-backed securities: | ||||||||||||||||||||
U.S. government agencies | 1,676,567 | — | 1,676,567 | — | ||||||||||||||||
Nonagency | 7 | — | 1 | 6 | ||||||||||||||||
Commercial collateralized mortgage-backed securities: | ||||||||||||||||||||
U.S. government agencies | 222,334 | — | 222,334 | — | ||||||||||||||||
Corporate debt securities | 51,337 | — | — | 51,337 | ||||||||||||||||
Asset-backed securities: | ||||||||||||||||||||
Collateralized loan obligations, nonagency issued | 287,844 | — | — | 287,844 | ||||||||||||||||
Total available-for-sale securities | 3,545,288 | 2,974 | 3,203,127 | 339,187 | ||||||||||||||||
Residential loans held for sale | 13,428 | — | 13,428 | — | ||||||||||||||||
Derivative assets: | ||||||||||||||||||||
Interest rate swaps - fair value hedges | 5,256 | — | 5,256 | — | ||||||||||||||||
Interest rate swaps - nondesignated | 48,366 | — | 48,366 | — | ||||||||||||||||
Mortgage loan commitments | 1,408 | — | 1,408 | — | ||||||||||||||||
Foreign exchange | 167 | — | 167 | — | ||||||||||||||||
Total derivative assets | 55,197 | — | 55,197 | — | ||||||||||||||||
Total fair value of assets (1) | $ | 3,613,913 | $ | 2,974 | $ | 3,271,752 | $ | 339,187 | ||||||||||||
Derivative liabilities: | ||||||||||||||||||||
Interest rate swaps - fair value hedges | 6,683 | — | 6,683 | — | ||||||||||||||||
Interest rate swaps - nondesignated | 48,366 | — | 48,366 | — | ||||||||||||||||
Forward sales contracts | 272 | — | 272 | — | ||||||||||||||||
Foreign exchange | 118 | — | 118 | — | ||||||||||||||||
Total derivative liabilities | 55,439 | — | 55,439 | — | ||||||||||||||||
True-up liability | 13,294 | — | — | 13,294 | ||||||||||||||||
Total fair value of liabilities (1) | $ | 68,733 | $ | — | $ | 55,439 | $ | 13,294 | ||||||||||||
Nonrecurring fair value measurement | ||||||||||||||||||||
Mortgage servicing rights (2) | $ | 21,228 | $ | — | $ | — | $ | 21,228 | ||||||||||||
Impaired loans (3) | 56,041 | — | — | 56,041 | ||||||||||||||||
Other property (4) | 12,510 | — | — | 12,510 | ||||||||||||||||
Other real estate covered by loss share (5) | 3,614 | — | — | 3,614 | ||||||||||||||||
Total fair value | $ | 93,393 | $ | — | $ | — | $ | 93,393 | ||||||||||||
(1) There were no transfers between levels 1, 2, or 3 of the fair value hierarchy during the year ended December 31, 2014. | ||||||||||||||||||||
(2) MSRs with a recorded investment of $22.0 million were reduced by a specific valuation allowance totaling $1.0 million to a reported carrying value of $21.1 million resulting in a recovery of previously recognized expense of $0.7 million included in loans sales and servicing income in the year ended December 31, 2014. | ||||||||||||||||||||
(3) Collateral dependent impaired loans with a recorded investment of $60.3 million were reduced by specific valuation allowance allocations totaling $4.3 million to a reported net carrying value of $56.0 million. | ||||||||||||||||||||
(4) Amounts do not include assets held at cost at December 31, 2014. During the year ended December 31, 2014, the re-measurement of foreclosed assets at fair value subsequent to initial recognition resulted in losses of $2.6 million included in noninterest expense. | ||||||||||||||||||||
(5) Amounts do not include assets held at cost at December 31, 2014. During the year ended December 31, 2014, the re-measurement of covered foreclosed assets at fair value subsequent to initial recognition resulted in losses of $1.2 million included in noninterest expense. | ||||||||||||||||||||
Fair Value by Hierarchy | ||||||||||||||||||||
(In thousands) | 31-Dec-13 | Level 1 | Level 2 | Level 3 | ||||||||||||||||
Recurring fair value measurement | ||||||||||||||||||||
Available-for-sale securities: | ||||||||||||||||||||
Marketable equity securities | $ | 3,036 | $ | 3,036 | $ | — | $ | — | ||||||||||||
Nonmarketable equity securities | 3,281 | — | 10 | 3,271 | ||||||||||||||||
U.S. States and political subdivisions | 262,367 | — | 262,367 | — | ||||||||||||||||
Residential mortgage-backed securities: | ||||||||||||||||||||
U.S. government agencies | 969,922 | — | 969,922 | — | ||||||||||||||||
Commercial mortgage-backed securities: | ||||||||||||||||||||
U.S. government agencies | 69,567 | — | 69,567 | — | ||||||||||||||||
Residential collateralized mortgage-backed securities: | ||||||||||||||||||||
U.S. government agencies | 1,518,393 | — | 1,518,393 | — | ||||||||||||||||
Nonagency | 9 | — | — | 9 | ||||||||||||||||
Commercial collateralized mortgage-backed securities: | ||||||||||||||||||||
U.S. government agencies | 102,268 | — | 102,268 | — | ||||||||||||||||
Corporate debt securities | 50,644 | — | — | 50,644 | ||||||||||||||||
Asset-backed securities: | ||||||||||||||||||||
Collateralized loan obligations, nonagency issued | 293,687 | — | — | 293,687 | ||||||||||||||||
Total available-for-sale securities | 3,273,174 | 3,036 | 2,922,527 | 347,611 | ||||||||||||||||
Residential loans held for sale | 11,622 | — | 11,622 | — | ||||||||||||||||
Derivative assets: | ||||||||||||||||||||
Interest rate swaps - nondesignated | 46,577 | — | 46,577 | — | ||||||||||||||||
Mortgage loan commitments | 891 | — | 891 | — | ||||||||||||||||
Forward sale contracts | 384 | — | 384 | — | ||||||||||||||||
Foreign exchange | 50 | — | 50 | — | ||||||||||||||||
Total derivative assets | 47,902 | — | 47,902 | — | ||||||||||||||||
Total fair value of assets (1) | $ | 3,332,698 | $ | 3,036 | $ | 2,982,051 | $ | 347,611 | ||||||||||||
Derivative liabilities: | ||||||||||||||||||||
Interest rate swaps - fair value hedges | 11,574 | — | 11,574 | — | ||||||||||||||||
Interest rate swaps - nondesignated | 46,577 | — | 46,577 | — | ||||||||||||||||
Foreign exchange | 50 | — | 50 | — | ||||||||||||||||
Total derivative liabilities | 58,201 | — | 58,201 | — | ||||||||||||||||
True-up liability | 11,463 | — | — | 11,463 | ||||||||||||||||
Total fair value of liabilities (1) | $ | 69,664 | $ | — | $ | 58,201 | $ | 11,463 | ||||||||||||
Nonrecurring fair value measurement | ||||||||||||||||||||
Mortgage servicing rights (2) | $ | 23,041 | $ | — | $ | — | $ | 23,041 | ||||||||||||
Impaired loans (3) | 47,870 | — | — | 47,870 | ||||||||||||||||
Other property (4) | 10,018 | — | — | 10,018 | ||||||||||||||||
Other real estate covered by loss share (5) | 8,754 | — | — | 8,754 | ||||||||||||||||
Total fair value | $ | 89,683 | $ | — | $ | — | $ | 89,683 | ||||||||||||
(1) There were no transfers between levels 1, 2, or 3 of the fair value hierarchy during the year ended December 31, 2013. | ||||||||||||||||||||
(2) MSRs with a recorded investment of $22.8 million were reduced by a specific valuation allowance totaling $0.3 million to a reported carrying value of $22.5 million resulting in the recovery of previously recognized expense of $2.3 million included in loan sales and servicing income in the year ended December 31, 2013. | ||||||||||||||||||||
(3) Collateral dependent impaired loans with a recorded investment of $52.6 million were reduced by specific valuation allowance allocations totaling $4.8 million to a reported net carrying value of $47.9 million. | ||||||||||||||||||||
(4) Amounts do not include assets held at cost at December 31, 2013. During the year ended December 31, 2013, the re-measurement of foreclosed assets at fair value subsequent to initial recognition resulted in losses of $1.4 million included in noninterest expense. | ||||||||||||||||||||
(5) Amounts do not include assets held at cost at December 31, 2013. During the year ended December 31, 2013, the re-measurement of covered foreclosed assets at fair value subsequent to initial recognition resulted in losses of $1.0 million included in noninterest expense. | ||||||||||||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The changes in Level 3 assets and liabilities measured at fair value on a recurring basis for the years ended December 31, 2014 and 2013 are summarized as follows: | |||||||||||||||||||
Year Ended | ||||||||||||||||||||
December 31, 2014 | December 31, 2013 | |||||||||||||||||||
(In thousands) | Available-for-sale securities | True-up liability | Available-for-sale securities | True-up liability | ||||||||||||||||
Balance at beginning of period | $ | 347,611 | $ | 11,463 | $ | 49,661 | $ | 12,259 | ||||||||||||
Fair value of assets acquired | — | — | 3,271 | — | ||||||||||||||||
(Gains) losses included in earnings (1) | — | 1,831 | — | (796 | ) | |||||||||||||||
Unrealized gains (losses) (2) | (6,030 | ) | — | (2,635 | ) | — | ||||||||||||||
Purchases | — | — | 297,232 | — | ||||||||||||||||
Settlements | (2,394 | ) | — | 82 | — | |||||||||||||||
Balance at ending of period | $ | 339,187 | $ | 13,294 | $ | 347,611 | $ | 11,463 | ||||||||||||
(1) Reported in noninterest expense | ||||||||||||||||||||
(2) Reported in other comprehensive income (loss) | ||||||||||||||||||||
Schedule of Change in Fair Value Carrying Amount of Residential Mortgages | Interest income on loans held for sale is accrued on the principal outstanding primarily using the “simple-interest” method. None of these loans were 90 days or more past due, nor were any on nonaccrual as of December 31, 2014 and 2013. The aggregate fair value, contractual balance, and gain or loss on loans held for sale was as follows: | |||||||||||||||||||
(In thousands) | December 31, 2014 | December 31, 2013 | ||||||||||||||||||
Aggregate fair value carrying amount | $ | 14,389 | $ | 11,622 | ||||||||||||||||
Aggregate unpaid principal / contractual balance | 13,873 | 11,438 | ||||||||||||||||||
Carrying amount over aggregate unpaid principal (1) | $ | 516 | $ | 184 | ||||||||||||||||
(1) These changes are included in loan sales and servicing income in the Consolidated Statement of Income. | ||||||||||||||||||||
Fair Value, by Balance Sheet Grouping | Disclosures about Fair Value of Financial Instruments | |||||||||||||||||||
The carrying amount and estimated fair value of the Corporation’s financial instruments that are carried at either fair value or cost as of December 31, 2014, and 2013, are shown in the tables below. | ||||||||||||||||||||
December 31, 2014 | ||||||||||||||||||||
Carrying | Fair Value | |||||||||||||||||||
(In thousands) | Amount | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||
Financial assets: | ||||||||||||||||||||
Cash and due from banks | $ | 697,424 | $ | 697,424 | $ | 697,424 | $ | — | $ | — | ||||||||||
Available-for-sale securities | 3,545,288 | 3,545,288 | 2,974 | 3,203,127 | 339,187 | |||||||||||||||
Held-to-maturity securities | 2,903,609 | 2,875,920 | — | 2,875,920 | — | |||||||||||||||
Other securities | 148,654 | 148,654 | — | 148,654 | — | |||||||||||||||
Loans held for sale | 13,428 | 13,428 | — | 13,428 | — | |||||||||||||||
Net originated loans | 12,398,116 | 12,235,530 | — | — | 12,235,530 | |||||||||||||||
Net acquired loans | 2,471,723 | 2,564,842 | — | — | 2,564,842 | |||||||||||||||
Net covered loans and loss share receivable | 312,659 | 312,659 | — | — | 312,659 | |||||||||||||||
Accrued interest receivable | 63,657 | 63,657 | — | 63,657 | — | |||||||||||||||
Derivatives | 55,197 | 55,197 | — | 55,197 | — | |||||||||||||||
Financial liabilities: | ||||||||||||||||||||
Deposits | $ | 19,504,665 | $ | 19,510,192 | $ | — | $ | 19,510,192 | $ | — | ||||||||||
Federal funds purchased and securities sold under agreements to repurchase | 1,272,591 | 1,272,591 | — | 1,272,591 | — | |||||||||||||||
Wholesale borrowings | 428,071 | 430,676 | — | 430,676 | — | |||||||||||||||
Long-term debt | 505,192 | 516,476 | — | 516,476 | — | |||||||||||||||
Accrued interest payable | 9,820 | 9,820 | — | 9,820 | — | |||||||||||||||
Derivatives | 55,439 | 55,439 | — | 55,439 | — | |||||||||||||||
December 31, 2013 | ||||||||||||||||||||
Carrying | Fair Value | |||||||||||||||||||
(In thousands) | Amount | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||
Financial assets: | ||||||||||||||||||||
Cash and due from banks | $ | 917,822 | $ | 917,822 | $ | 917,822 | $ | — | $ | — | ||||||||||
Available for sale securities | 3,273,174 | 3,273,174 | 3,036 | 2,922,527 | 347,611 | |||||||||||||||
Held to maturity securities | 2,935,688 | 2,824,240 | — | 2,824,240 | — | |||||||||||||||
Other securities | 180,803 | 180,803 | — | 180,803 | — | |||||||||||||||
Loans held for sale | 11,622 | 11,622 | — | 11,622 | — | |||||||||||||||
Net originated loans | 10,116,903 | 10,017,722 | — | — | 10,017,722 | |||||||||||||||
Net acquired loans | 3,494,874 | 3,627,275 | — | — | 3,627,275 | |||||||||||||||
Net covered loans and loss share receivable | 547,943 | 547,943 | — | — | 547,943 | |||||||||||||||
Accrued interest receivable | 52,929 | 52,929 | — | 52,929 | — | |||||||||||||||
Derivatives | 47,902 | 47,902 | — | 47,902 | — | |||||||||||||||
Financial liabilities: | ||||||||||||||||||||
Deposits | $ | 19,533,601 | $ | 19,532,368 | $ | — | $ | 19,532,368 | $ | — | ||||||||||
Federal funds purchased and securities sold under agreements to repurchase | 851,535 | 851,535 | — | 851,535 | — | |||||||||||||||
Wholesale borrowings | 200,600 | 204,124 | — | 204,124 | — | |||||||||||||||
Long-term debt | 324,428 | 319,711 | — | 319,711 | — | |||||||||||||||
Accrued interest payable | 9,339 | 9,339 | — | 9,339 | — | |||||||||||||||
Derivatives | 58,201 | 58,201 | — | 58,201 | — | |||||||||||||||
Derivatives_and_Hedging_Activi1
Derivatives and Hedging Activities (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||
Derivative Instruments Designated as Hedging Instruments | At December 31, 2014 and 2013, the notional values or contractual amounts and fair value of the Corporation’s derivatives designated in hedge relationships were as follows: | ||||||||||||||||||||||||||||||||
Asset Derivatives | Liability Derivatives | ||||||||||||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | December 31, 2014 | December 31, 2013 | ||||||||||||||||||||||||||||||
(In thousands) | Notional/ Contract Amount | Fair | Notional/ Contract Amount | Fair | Notional/ Contract Amount | Fair | Notional/ Contract Amount | Fair | |||||||||||||||||||||||||
Value (1) | Value (1) | Value (2) | Value (2) | ||||||||||||||||||||||||||||||
Interest rate swaps: | |||||||||||||||||||||||||||||||||
Fair value hedges | $ | 250,000 | $ | 5,256 | $ | — | $ | — | $ | 93,313 | $ | 6,683 | $ | 126,637 | $ | 11,574 | |||||||||||||||||
(1) Included in Other Assets on the Consolidated Balance Sheet | |||||||||||||||||||||||||||||||||
(2) Included in Other Liabilities on the Consolidated Balance Sheet | |||||||||||||||||||||||||||||||||
Fair Value Hedges. Prior to 2009, the Corporation entered into interest rate swaps with dealer | |||||||||||||||||||||||||||||||||
counterparties to convert certain fixed rate loans to variable rate instruments over the terms of the loans (termed | |||||||||||||||||||||||||||||||||
by the Corporation as the FRAP Program). These interest rate swaps are designated as fair value hedges and meet the criteria to qualify for the short cut method of accounting. Based on this shortcut method of accounting | |||||||||||||||||||||||||||||||||
treatment, no ineffectiveness is assumed. The Corporation discontinued originating interest rate swaps under the | |||||||||||||||||||||||||||||||||
FRAP Program in February 2008. | |||||||||||||||||||||||||||||||||
During the fourth quarter of 2014, the Corporation entered into a $250.0 million interest rate swap simultaneously with its long-term debt issuance for interest rate risk management purposes. This interest rate swap effectively modifies the receipt of fixed-rate interest amounts in exchange for floating-rate interest payments over the life of the swap, without an exchange of the underlying principal amount. This interest rate swap was designated as a fair value hedge, and through application of the “short cut method of accounting”, there is an assumption that the hedge is effective in offsetting changes in the fair value of the long-term debt due to changes in the U.S. LIBOR swap rate (the designated benchmark interest rate). | |||||||||||||||||||||||||||||||||
Derivative Instruments not Designated as Hedging Instruments | As of December 31, 2014 and 2013, the notional values or contractual amounts and fair value of the Corporation’s derivatives not designated in hedge relationships were as follows: | ||||||||||||||||||||||||||||||||
Asset Derivatives | Liability Derivatives | ||||||||||||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | December 31, 2014 | December 31, 2013 | ||||||||||||||||||||||||||||||
(In thousands) | Notional/ Contract Amount | Fair | Notional/ Contract Amount | Fair | Notional/ Contract Amount | Fair | Notional/ Contract Amount | Fair | |||||||||||||||||||||||||
Value (1) | Value (1) | Value (2) | Value (2) | ||||||||||||||||||||||||||||||
Interest rate swaps | $ | 1,673,012 | $ | 48,366 | $ | 1,622,525 | $ | 46,577 | $ | 1,673,012 | $ | 48,366 | $ | 1,622,531 | $ | 46,577 | |||||||||||||||||
Mortgage loan commitments | 102,523 | 1,408 | 90,541 | 891 | — | — | — | — | |||||||||||||||||||||||||
Forward sales contracts | 47,657 | — | 40,906 | 384 | — | 272 | — | — | |||||||||||||||||||||||||
Credit contracts | 10,001 | — | — | — | 69,227 | — | 49,914 | — | |||||||||||||||||||||||||
Foreign exchange | 22,406 | 167 | 6,478 | 50 | 6,580 | 118 | 6,893 | 50 | |||||||||||||||||||||||||
Equity swap | — | — | — | — | 75,138 | — | 63,813 | — | |||||||||||||||||||||||||
Total | $ | 1,855,599 | $ | 49,941 | $ | 1,760,450 | $ | 47,902 | $ | 1,823,957 | $ | 48,756 | $ | 1,743,151 | $ | 46,627 | |||||||||||||||||
(1) Included in Other Assets on the Consolidated Balance Sheet | |||||||||||||||||||||||||||||||||
(2) Included in Other Liabilities on the Consolidated Balance Sheet | |||||||||||||||||||||||||||||||||
Derivative Instruments, Gain (Loss) | Gains and losses recognized in income on nondesignated hedging instruments for the years ended December 31, 2014, 2013 and 2012, are as follows: | ||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||
Derivatives not | Location of Gain/(Loss) | Amount of Gain / (Loss) Recognized | |||||||||||||||||||||||||||||||
designated as hedging | Recognized | in Income on Derivatives | |||||||||||||||||||||||||||||||
instruments | in Income on | Year Ended December 31, | |||||||||||||||||||||||||||||||
Derivative | 2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||
Mortgage loan commitments | Other operating income | $ | 517 | $ | (3,509 | ) | $ | (559 | ) | ||||||||||||||||||||||||
Forward sales contracts | Other operating income | (656 | ) | 446 | 1,737 | ||||||||||||||||||||||||||||
Foreign exchange contracts | Other operating income | (193 | ) | (116 | ) | 189 | |||||||||||||||||||||||||||
Other | Other operating expense | — | — | — | |||||||||||||||||||||||||||||
Total | $ | (332 | ) | $ | (3,179 | ) | $ | 1,367 | |||||||||||||||||||||||||
Offsetting disclosure for derivatives contracts | Derivative assets and liabilities are recorded at fair value on the balance sheet and do not take into account the effects of master netting agreements the Corporation has with its financial institution counterparties. These master netting agreements allow the Corporation to settle all derivative contracts held with a single financial institution counterparty on a net basis, and to offset net derivative positions with related collateral, where applicable. Collateral, usually in the form of investment securities, is posted by the counterparty with net liability position in accordance with contract thresholds. The following tables illustrate the potential effect of the Corporation’s derivative master netting arrangements, by type of financial instrument, on the Corporation’s statement of financial position as of December 31, 2014 and 2013. The swap agreements the Corporation has in place with its commercial customers are not subject to enforceable master netting arrangements, and, therefore, are excluded from these tables. | ||||||||||||||||||||||||||||||||
As of December 31, 2014 | |||||||||||||||||||||||||||||||||
Gross amounts recognized | Gross amounts offset in the consolidated balance sheet | Net amounts presented in the consolidated balance sheet | Gross amounts not offset in the consolidated balance sheet | Net amount | |||||||||||||||||||||||||||||
(In thousands) | Financial instruments (1) | Collateral (2) | |||||||||||||||||||||||||||||||
Derivative Assets | |||||||||||||||||||||||||||||||||
Interest rate swaps - designated | $ | 5,256 | $ | — | $ | 5,256 | $ | — | $ | — | $ | 5,256 | |||||||||||||||||||||
Interest rate swaps - nondesignated | 352 | — | 352 | (352 | ) | — | — | ||||||||||||||||||||||||||
Total derivative assets | $ | 5,608 | $ | — | $ | 5,608 | $ | (352 | ) | $ | — | $ | 5,256 | ||||||||||||||||||||
Gross amounts of recognized liabilities | Gross amounts offset in the statement of financial position | Net amounts of liabilities presented in the statement of financial position | Gross amounts of financial instruments not offset in the statement of financial position | Net amount | |||||||||||||||||||||||||||||
Netting adjustment per applicable master netting agreements | Fair value of financial collateral | ||||||||||||||||||||||||||||||||
Derivative Liabilities | |||||||||||||||||||||||||||||||||
Interest rate swaps - designated | $ | 6,683 | $ | — | $ | 6,683 | $ | — | $ | (6,683 | ) | $ | — | ||||||||||||||||||||
Interest rate swaps - nondesignated | 48,014 | — | 48,014 | (352 | ) | (47,662 | ) | — | |||||||||||||||||||||||||
Total derivative liabilities | $ | 54,697 | $ | — | $ | 54,697 | $ | (352 | ) | $ | (54,345 | ) | $ | — | |||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||||||||||
Gross amounts recognized | Gross amounts offset in the consolidated balance sheet | Net amounts presented in the consolidated balance sheet | Gross amounts not offset in the consolidated balance sheet | Net amount | |||||||||||||||||||||||||||||
(In thousands) | Financial instruments (1) | Collateral (2) | |||||||||||||||||||||||||||||||
Derivative Assets | |||||||||||||||||||||||||||||||||
Interest rate swaps - nondesignated | $ | 4,791 | $ | — | $ | 4,791 | $ | (4,791 | ) | $ | — | $ | — | ||||||||||||||||||||
Foreign exchange | 4 | — | 4 | (46 | ) | 42 | — | ||||||||||||||||||||||||||
Total derivative assets | $ | 4,795 | $ | — | $ | 4,795 | $ | (4,837 | ) | $ | 42 | $ | — | ||||||||||||||||||||
Gross amounts of recognized liabilities | Gross amounts offset in the statement of financial position | Net amounts of liabilities presented in the statement of financial position | Gross amounts of financial instruments not offset in the statement of financial position | Net amount | |||||||||||||||||||||||||||||
Netting adjustment per applicable master netting agreements | Fair value of financial collateral | ||||||||||||||||||||||||||||||||
Derivative Liabilities | |||||||||||||||||||||||||||||||||
Interest rate swaps - designated | $ | 11,574 | $ | — | $ | 11,574 | $ | — | $ | (11,574 | ) | $ | — | ||||||||||||||||||||
Interest rate swaps - nondesignated | 41,787 | — | 41,787 | (4,791 | ) | (36,996 | ) | — | |||||||||||||||||||||||||
Foreign exchange | 46 | — | 46 | (46 | ) | — | — | ||||||||||||||||||||||||||
Total derivative liabilities | $ | 53,407 | $ | — | $ | 53,407 | $ | (4,837 | ) | $ | (48,570 | ) | $ | — | |||||||||||||||||||
(1) For derivative assets, this includes any derivative liability fair values that could be offset in the event of counterparty default. For derivative liabilities, this includes any derivative asset fair values that could be offset in the event of counterparty default. | |||||||||||||||||||||||||||||||||
(2) For derivate assets, this includes the fair value of collateral received by the Corporation from the counterparty. Securities received as collateral are not included in the Consolidated Balance Sheet unless the counterparty defaults. For derivative liabilities, this includes the fair value of securities pledged by the Corporation to the counterparty. These securities are included in the Consolidated Balance Sheet unless the Corporation defaults. |
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ||||||||||||
Schedule of Future Minimum Rental Payments for Operating Leases | The Corporation is obligated under various noncancelable operating leases on branch offices. Minimum future rental payments under noncancelable operating leases at December 31, 2014 are as follows: | |||||||||||
(In thousands) | ||||||||||||
Year Ended December 31, | Lease | |||||||||||
Commitments | ||||||||||||
2015 | $ | 13,598 | ||||||||||
2016 | 11,167 | |||||||||||
2017 | 9,841 | |||||||||||
2018 | 8,426 | |||||||||||
2019 | 6,459 | |||||||||||
2020-2031 | 21,999 | |||||||||||
Total minimum future rental payments | $ | 71,490 | ||||||||||
Schedule of commitments to extend credit | This amount represents the Corporation’s maximum exposure to loss if the customer were to draw upon the full amount of the commitment and subsequently default on payment for the total amount of the then outstanding loan. | |||||||||||
At December 31, | ||||||||||||
(In thousands) | 2014 | 2013 | ||||||||||
Loan Commitments | ||||||||||||
Commercial | $ | 3,748,690 | $ | 3,367,625 | ||||||||
Consumer | 2,387,623 | 2,179,010 | ||||||||||
Total loan commitments | $ | 6,136,313 | $ | 5,546,635 | ||||||||
Schedule of Guarantor Obligations | The Corporation is a guarantor in certain agreements with third parties. The following table shows the types of guarantees the Corporation had outstanding as of December 31, 2014, and 2013. | |||||||||||
At December 31, | ||||||||||||
(In thousands) | 2014 | 2013 | ||||||||||
Financial guarantees | ||||||||||||
Standby letters of credit | $ | 242,390 | $ | 196,400 | ||||||||
Loans sold with recourse | 45,071 | 45,082 | ||||||||||
Total financial guarantees | $ | 287,461 | $ | 241,482 | ||||||||
Changes in Repurchase Reserve | Changes in the amount of the repurchase reserve for the years ended December 31, 2014, and 2013, are as follows: | |||||||||||
Year Ended December 31, 2014 | ||||||||||||
(In thousands) | Reserve on residential mortgage loans | Reserve on manufactured housing loans | Total repurchased reserve | |||||||||
Balance at beginning of period | $ | 8,737 | $ | 1,114 | $ | 9,851 | ||||||
Net realized losses | (4,528 | ) | — | (4,528 | ) | |||||||
Net increase (decrease) to reserve | 3,041 | 10 | 3,051 | |||||||||
Balance at end of period | $ | 7,250 | $ | 1,124 | $ | 8,374 | ||||||
Year Ended December 31, 2013 | ||||||||||||
(In thousands) | Reserve on residential mortgage loans | Reserve on manufactured housing loans | Total repurchased reserve | |||||||||
Balance at beginning of period | $ | 1,500 | $ | 1,167 | $ | 2,667 | ||||||
Assumed Obligation | 6,000 | — | 6,000 | |||||||||
Net realized losses | (5,818 | ) | — | (5,818 | ) | |||||||
Net increase (decrease) to reserve | 7,055 | (53 | ) | 7,002 | ||||||||
Balance at end of period | $ | 8,737 | $ | 1,114 | $ | 9,851 | ||||||
Shareholders_Equity_Tables
Shareholders' Equity (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Shareholders' Equity [Abstract] | ||||||||||||
Earnings per share | ||||||||||||
Year Ended December 31, | ||||||||||||
(In thousands, except per share amounts) | 2014 | 2013 | 2012 | |||||||||
Basic EPS: | ||||||||||||
Net income | $ | 237,951 | $ | 183,684 | $ | 134,106 | ||||||
Less: | ||||||||||||
Cash dividends on 5.875% non-cumulative perpetual series A, preferred stock | 5,876 | 5,337 | — | |||||||||
Income allocated to participating securities | 1,930 | 1,545 | — | |||||||||
Net income attributable to common shareholders | $ | 230,145 | $ | 176,802 | $ | 134,106 | ||||||
Weighted average Common Stock outstanding used in basic EPS | 165,296 | 149,607 | 109,518 | |||||||||
Basic net income per common share | $ | 1.39 | $ | 1.18 | $ | 1.22 | ||||||
Diluted EPS: | ||||||||||||
Income used in diluted earnings per share calculation | $ | 230,145 | $ | 176,802 | $ | 134,106 | ||||||
Weighted average Common Stock outstanding used in basic EPS | 165,296 | 149,607 | 109,518 | |||||||||
Add: Common Stock equivalents: | ||||||||||||
Warrant and stock plans | 758 | 814 | — | |||||||||
Weighted average Common and Common Stock equivalent shares outstanding | 166,054 | 150,421 | 109,518 | |||||||||
Diluted net income per common share | $ | 1.39 | $ | 1.18 | $ | 1.22 | ||||||
Changes_and_Reclassifications_1
Changes and Reclassifications Out of Other Comprehensive Income (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Changes and Reclassifications Out of Other Comprehensive Income [Abstract] | ||||||||||||
Comprehensive Income (Loss) | The following table presents the changes in AOCI by components of comprehensive income for the years ended December 31, 2014 and 2013: | |||||||||||
Year Ended December 31, 2014 | ||||||||||||
(In thousands) | Pre-tax | Tax | After-tax | |||||||||
Unrealized and realized securities gains and losses: | ||||||||||||
Balance at the beginning of the period | $ | (45,072 | ) | $ | (15,776 | ) | $ | (29,296 | ) | |||
Changes in unrealized securities’ holding gains/(losses) | 38,864 | 13,602 | 25,262 | |||||||||
Changes in unrealized securities’ holding gains/(losses) that result from securities being transferred into available-for-sale from held-to-maturity | (2,157 | ) | (753 | ) | (1,404 | ) | ||||||
Net losses/(gains) realized on sale of securities reclassified to noninterest income | (166 | ) | (58 | ) | (108 | ) | ||||||
Balance at the end of the period | (8,531 | ) | (2,985 | ) | (5,546 | ) | ||||||
Pension plans and other postretirement benefits: | ||||||||||||
Balance at the beginning and end of the period | (57,813 | ) | (20,233 | ) | (37,580 | ) | ||||||
Current year actual gains/(losses) | (49,552 | ) | (17,344 | ) | (32,208 | ) | ||||||
Amortization of actuarial losses/(gains) | 3,166 | 1,108 | 2,058 | |||||||||
Amortization of prior service cost reclassified to other noninterest expense | 2,131 | 747 | 1,384 | |||||||||
Balance at the end of the period | (102,068 | ) | (35,722 | ) | (66,346 | ) | ||||||
Total Accumulated Other Comprehensive Income | $ | (110,599 | ) | $ | (38,707 | ) | $ | (71,892 | ) | |||
Year Ended December 31, 2013 | ||||||||||||
(In thousands) | Pre-tax | Tax | After-tax | |||||||||
Unrealized and realized securities gains and losses: | ||||||||||||
Balance at the beginning of the period | $ | 85,259 | $ | 29,841 | $ | 55,418 | ||||||
Changes in unrealized securities’ holding gains/(losses) | (130,947 | ) | (45,833 | ) | (85,114 | ) | ||||||
Changes in unrealized securities’ holding gains/(losses) that result from securities being transferred into available-for-sale from held-to-maturity | (2,187 | ) | (765 | ) | (1,422 | ) | ||||||
Net losses/(gains) realized on sale of securities reclassified to noninterest income | 2,803 | 981 | 1,822 | |||||||||
Balance at the end of the period | (45,072 | ) | (15,776 | ) | (29,296 | ) | ||||||
Pension plans and other postretirement benefits: | ||||||||||||
Balance at the beginning and end of the period | (110,188 | ) | (38,565 | ) | (71,623 | ) | ||||||
Current year actual gains/(losses) | 47,939 | 16,779 | 31,160 | |||||||||
Amortization of actuarial losses/(gains) | 4,437 | 1,553 | 2,884 | |||||||||
Amortization of prior service cost reclassified to other noninterest expense | (1 | ) | — | (1 | ) | |||||||
Balance at the end of the period | (57,813 | ) | (20,233 | ) | (37,580 | ) | ||||||
Total Accumulated Other Comprehensive Income | $ | (102,885 | ) | $ | (36,009 | ) | $ | (66,876 | ) | |||
Reclassification out of Accumulated Other Comprehensive Income | The following table presents current period reclassifications out of AOCI by component of comprehensive income for the years ended December 31, 2014 and 2013: | |||||||||||
(In thousands) | Year Ended December 31, 2014 | Statement of Income line item presentation | ||||||||||
Realized (gains) losses on sale of securities | $ | (166 | ) | Investment securities losses (gains), net | ||||||||
Tax expense (benefit) (35%) | (58 | ) | Income tax expense (benefit) | |||||||||
Reclassified amount, net of tax | $ | (108 | ) | |||||||||
(In thousands) | Year Ended December 31, 2013 | Statement of Income line item presentation | ||||||||||
Realized (gains) losses on sale of securities | $ | 2,803 | Investment securities losses (gains), net | |||||||||
Tax expense (benefit) (35%) | 981 | Income tax expense (benefit) | ||||||||||
Reclassified amount, net of tax | $ | 1,822 | ||||||||||
Regulatory_Matters_Tables
Regulatory Matters (Tables) | 12 Months Ended | |||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||
Regulatory Capital Requirements [Abstract] | ||||||||||||||||||||||
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations | The capital terms used in this note to the consolidated financial statements are defined in the regulations as well as in the “Capital Resources” section of Management’s Discussion and Analysis of Financial Condition and Results of Operations. | |||||||||||||||||||||
(Dollars in thousands) | Consolidated | |||||||||||||||||||||
Actual | Adequately Capitalized: | Well Capitalized: | ||||||||||||||||||||
As of December 31, 2014 | Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||
Total Capital | ||||||||||||||||||||||
(to Risk Weighted Assets) | $ | 2,653,893 | 15.26 | % | > | $ | 1,391,282 | 8 | % | > | $ | 1,739,102 | 10 | % | ||||||||
Tier I Capital | ||||||||||||||||||||||
(to Risk Weighted Assets) | $ | 2,004,461 | 11.53 | % | > | $ | 695,641 | 4 | % | > | $ | 1,043,461 | 6 | % | ||||||||
Tier I Capital | ||||||||||||||||||||||
(to Average Assets) | $ | 2,004,461 | 8.43 | % | > | $ | 951,430 | 4 | % | > | $ | 1,189,287 | 5 | % | ||||||||
(Dollars in thousands) | Actual | Adequately Capitalized: | Well Capitalized: | |||||||||||||||||||
As of December 31, 2013 | Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||
Total Capital | ||||||||||||||||||||||
(to Risk Weighted Assets) | $ | 2,279,891 | 13.97 | % | > | $ | 1,305,667 | 8 | % | > | $ | 1,632,083 | 10 | % | ||||||||
Tier I Capital | ||||||||||||||||||||||
(to Risk Weighted Assets) | $ | 1,880,804 | 11.52 | % | > | $ | 652,833 | 4 | % | > | $ | 979,250 | 6 | % | ||||||||
Tier I Capital | ||||||||||||||||||||||
(to Average Assets) | $ | 1,880,804 | 8.14 | % | > | $ | 923,887 | 4 | % | > | $ | 1,154,858 | 5 | % | ||||||||
At December 31, 2014 and 2013, the most recent notification from the OCC categorized the Bank as well capitalized under the regulatory framework for prompt corrective action. To be categorized as well-capitalized the Bank must maintain minimum total risk-based, Tier I risk-based, and Tier I leverage ratios as set forth in the table. In Management’s opinion, there are no conditions or events since the OCC’s notification that have changed the Bank’s categorization as “well-capitalized.” | ||||||||||||||||||||||
Bank Only | ||||||||||||||||||||||
(Dollars in thousands) | Actual | Adequately Capitalized: | Well Capitalized: | |||||||||||||||||||
As of December 31, 2014 | Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||
Total Capital | ||||||||||||||||||||||
(to Risk Weighted Assets) | $ | 2,521,412 | 14.49 | % | > | $ | 1,391,988 | 8 | % | > | $ | 1,739,986 | 10 | % | ||||||||
Tier I Capital | ||||||||||||||||||||||
(to Risk Weighted Assets) | $ | 2,127,065 | 12.22 | % | > | $ | 695,994 | 4 | % | > | $ | 1,043,991 | 6 | % | ||||||||
Tier I Capital | ||||||||||||||||||||||
(to Average Assets) | $ | 2,127,065 | 8.94 | % | > | $ | 951,455 | 4 | % | > | $ | 1,189,319 | 5 | % | ||||||||
(Dollars in thousands) | Actual | Adequately Capitalized: | Well Capitalized: | |||||||||||||||||||
As of December 31, 2013 | Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||
Total Capital | ||||||||||||||||||||||
(to Risk Weighted Assets) | $ | 2,122,124 | 13.02 | % | > | $ | 1,303,579 | 8 | % | > | $ | 1,629,473 | 10 | % | ||||||||
Tier I Capital | ||||||||||||||||||||||
(to Risk Weighted Assets) | $ | 1,978,140 | 12.14 | % | > | $ | 651,789 | 4 | % | > | $ | 977,684 | 6 | % | ||||||||
Tier I Capital | ||||||||||||||||||||||
(to Average Assets) | $ | 1,978,140 | 8.58 | % | > | $ | 922,312 | 4 | % | > | $ | 1,152,890 | 5 | % | ||||||||
Borrowed_Funds_Tables
Borrowed Funds (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||
Schedule Of Federal Funds Purchased And Securities Sold Under Agreements To Repurchase And Wholesale Borrowings | The following table presents federal funds purchased and securities sold under agreements to repurchase as of December 31, 2014 and 2013. | ||||||||||||||||||||
As of December 31, | |||||||||||||||||||||
(In thousands) | 2014 | 2013 | |||||||||||||||||||
Federal funds purchased and securities sold under agreements to repurchase | $ | 1,272,591 | $ | 851,535 | |||||||||||||||||
The following table presents wholesale borrowings and long-term debt as of December 31, 2014 and 2013. | |||||||||||||||||||||
As of December 31, | |||||||||||||||||||||
(In thousands) | 2014 | 2013 | |||||||||||||||||||
FHLB advances | $ | 427,857 | $ | 200,323 | |||||||||||||||||
Subordinated debentures | 505,192 | 249,928 | |||||||||||||||||||
Fixed and variable junior subordinated deferral debentures | — | 74,500 | |||||||||||||||||||
Other | 214 | 277 | |||||||||||||||||||
Total borrowed funds | $ | 933,263 | $ | 525,028 | |||||||||||||||||
Schedule of Select Financial Data Wholesale Borrowings | Selected financial statement information pertaining to the Corporation’s borrowed funds is as follows: | ||||||||||||||||||||
As of December 31, | |||||||||||||||||||||
(Dollars in thousands) | 2014 | 2013 | 2012 | ||||||||||||||||||
Average balance during the year | $ | 715,383 | $ | 474,473 | $ | 175,989 | |||||||||||||||
Weighted-average annual interest rate during the year | 2.8 | % | 3.62 | % | 2.51 | % | |||||||||||||||
Maximum month-end balance | $ | 973,453 | $ | 527,155 | $ | 178,489 | |||||||||||||||
Schedule Of Contractual Maturities Of Federal Funds Purchased And Securities Sold Under Agreements To Repurchase And Wholesale Borrowings | The following table illustrates the contractual maturities of the Corporation's borrowed funds at December 31, 2014: | ||||||||||||||||||||
One Year | One to | Three to | Over Five | ||||||||||||||||||
(In thousands) | or Less | Three Years | Five Years | Years | Total | ||||||||||||||||
FHLB advances | $ | 189,808 | $ | 212,495 | $ | 202 | $ | 25,352 | $ | 427,857 | |||||||||||
Subordinated debentures | — | — | — | 505,192 | 505,192 | ||||||||||||||||
Other | 67 | 147 | — | — | 214 | ||||||||||||||||
Total borrowed funds | $ | 189,875 | $ | 212,642 | $ | 202 | $ | 530,544 | $ | 933,263 | |||||||||||
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Allowance of Loan Losses) (Details) (USD $) | Dec. 31, 2014 |
In Millions, unless otherwise specified | |
Accounting Policies [Abstract] | |
Minimum Non Performing Substandard Loans Outstanding for Allowance for Credit Losses | $0.30 |
Minimum Non Performing Substandard Doubtful Loans Outstanding for Allowance for Credit Losses | $0.10 |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies (Recently Adopted Accounting Standards) (Details) (Accounting Standards Update 2014-01, USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Accounting Standards Update 2014-01 | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | $3.10 | $2.70 |
Business_Combinations_Details
Business Combinations (Details) (USD $) | 12 Months Ended | 0 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Apr. 12, 2013 |
Schedule of recognized identifiable assets at acquisition date [Line Items] | ||||
Non-cash transaction: Common Stock issued in merger with Citizens | $0 | $925,211 | $0 | |
Non-cash transaction: Consideration from the warrant issued to the Treasury for Citizens TARP | 0 | 3,000 | 0 | |
Citizens Republic Bancorp | ||||
Schedule of recognized identifiable assets at acquisition date [Line Items] | ||||
Business Acquisition, Share Price | $16.68 | |||
Non-cash transaction: Common Stock issued in merger with Citizens | 925,211 | |||
Sale to the Treasury of Newly issued Non-Voting Preferred Shares Part of TARP | 355,371 | |||
Cash paid in lieu of stock to Citizens stockholders at acquisition | 61 | |||
Non-cash transaction: Consideration from the warrant issued to the Treasury for Citizens TARP | 3,000 | |||
Business Combination, Consideration Transferred | 1,283,643 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | 544,380 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Marketable Securities | 3,202,575 | |||
Acquired Receivables, Fair Value | 4,617,004 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 138,536 | |||
Finite-Lived intangible assets acquired | 84,774 | |||
Addition of Citizens' MSR's on Acquisition Date | 681,100 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | 9,268,369 | |||
Business Combination Recognized Identifiable Assets Acquired and Liabilities Assumed Deposits | 7,276,754 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Long-term Debt | 908,824 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Other | 80,842 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | 8,266,420 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 1,001,949 | |||
Goodwill, Acquired During Period | 281,694 | |||
Core Deposits | Citizens Republic Bancorp | ||||
Schedule of recognized identifiable assets at acquisition date [Line Items] | ||||
Finite-Lived intangible assets acquired | 70,800 | |||
Useful Life | 15 years | |||
Customer Relationships | Citizens Republic Bancorp | ||||
Schedule of recognized identifiable assets at acquisition date [Line Items] | ||||
Finite-Lived intangible assets acquired | $14,000 | |||
Useful Life | 12 years |
Business_Combinations_Acquired
Business Combinations (Acquired Impaired and Non-Impaired Loans at Acquisition Date) (Details) (Citizens Republic Bancorp, USD $) | Apr. 12, 2013 |
In Thousands, unless otherwise specified | |
Acquired Impaired and Non-Impaired Loans at Acquisition Date [Line Items] | |
Acquired Receivables, Fair Value | $4,617,004 |
Acquired Impaired Loans | |
Acquired Impaired and Non-Impaired Loans at Acquisition Date [Line Items] | |
Acquired Receivables, Fair Value | 819,715 |
Acquired performing loans | |
Acquired Impaired and Non-Impaired Loans at Acquisition Date [Line Items] | |
Acquired Receivables, Fair Value | 3,797,289 |
Commercial Loan | Acquired Impaired Loans | |
Acquired Impaired and Non-Impaired Loans at Acquisition Date [Line Items] | |
Acquired Receivables, Fair Value | 485,703 |
Commercial Loan | Acquired Impaired Loans | Commercial and Industrial Financing Receivable | |
Acquired Impaired and Non-Impaired Loans at Acquisition Date [Line Items] | |
Acquired Receivables, Fair Value | 93,735 |
Commercial Loan | Acquired Impaired Loans | Commercial Real Estate Other Receivable | |
Acquired Impaired and Non-Impaired Loans at Acquisition Date [Line Items] | |
Acquired Receivables, Fair Value | 378,569 |
Commercial Loan | Acquired Impaired Loans | Commercial Real Estate Construction Financing Receivable | |
Acquired Impaired and Non-Impaired Loans at Acquisition Date [Line Items] | |
Acquired Receivables, Fair Value | 13,399 |
Commercial Loan | Acquired performing loans | |
Acquired Impaired and Non-Impaired Loans at Acquisition Date [Line Items] | |
Acquired Receivables, Fair Value | 2,036,400 |
Commercial Loan | Acquired performing loans | Commercial and Industrial Financing Receivable | |
Acquired Impaired and Non-Impaired Loans at Acquisition Date [Line Items] | |
Acquired Receivables, Fair Value | 1,660,199 |
Commercial Loan | Acquired performing loans | Commercial Real Estate Other Receivable | |
Acquired Impaired and Non-Impaired Loans at Acquisition Date [Line Items] | |
Acquired Receivables, Fair Value | 359,066 |
Commercial Loan | Acquired performing loans | Commercial Real Estate Construction Financing Receivable | |
Acquired Impaired and Non-Impaired Loans at Acquisition Date [Line Items] | |
Acquired Receivables, Fair Value | 17,135 |
Commercial Loan | Acquired Loans | |
Acquired Impaired and Non-Impaired Loans at Acquisition Date [Line Items] | |
Acquired Receivables, Fair Value | 2,522,103 |
Commercial Loan | Acquired Loans | Commercial and Industrial Financing Receivable | |
Acquired Impaired and Non-Impaired Loans at Acquisition Date [Line Items] | |
Acquired Receivables, Fair Value | 1,753,934 |
Commercial Loan | Acquired Loans | Commercial Real Estate Other Receivable | |
Acquired Impaired and Non-Impaired Loans at Acquisition Date [Line Items] | |
Acquired Receivables, Fair Value | 737,635 |
Commercial Loan | Acquired Loans | Commercial Real Estate Construction Financing Receivable | |
Acquired Impaired and Non-Impaired Loans at Acquisition Date [Line Items] | |
Acquired Receivables, Fair Value | 30,534 |
Consumer Loan | Acquired Impaired Loans | |
Acquired Impaired and Non-Impaired Loans at Acquisition Date [Line Items] | |
Acquired Receivables, Fair Value | 334,012 |
Consumer Loan | Acquired Impaired Loans | Residential Mortgage | |
Acquired Impaired and Non-Impaired Loans at Acquisition Date [Line Items] | |
Acquired Receivables, Fair Value | 232,291 |
Consumer Loan | Acquired Impaired Loans | Consumer Installment Financing Receivable | |
Acquired Impaired and Non-Impaired Loans at Acquisition Date [Line Items] | |
Acquired Receivables, Fair Value | 54,108 |
Consumer Loan | Acquired Impaired Loans | Consumer Home Equity Lines Financing Receivable | |
Acquired Impaired and Non-Impaired Loans at Acquisition Date [Line Items] | |
Acquired Receivables, Fair Value | 47,613 |
Consumer Loan | Acquired performing loans | |
Acquired Impaired and Non-Impaired Loans at Acquisition Date [Line Items] | |
Acquired Receivables, Fair Value | 1,760,889 |
Consumer Loan | Acquired performing loans | Residential Mortgage | |
Acquired Impaired and Non-Impaired Loans at Acquisition Date [Line Items] | |
Acquired Receivables, Fair Value | 278,404 |
Consumer Loan | Acquired performing loans | Consumer Installment Financing Receivable | |
Acquired Impaired and Non-Impaired Loans at Acquisition Date [Line Items] | |
Acquired Receivables, Fair Value | 1,165,235 |
Consumer Loan | Acquired performing loans | Consumer Home Equity Lines Financing Receivable | |
Acquired Impaired and Non-Impaired Loans at Acquisition Date [Line Items] | |
Acquired Receivables, Fair Value | 317,250 |
Consumer Loan | Acquired Loans | |
Acquired Impaired and Non-Impaired Loans at Acquisition Date [Line Items] | |
Acquired Receivables, Fair Value | 2,094,901 |
Consumer Loan | Acquired Loans | Residential Mortgage | |
Acquired Impaired and Non-Impaired Loans at Acquisition Date [Line Items] | |
Acquired Receivables, Fair Value | 510,695 |
Consumer Loan | Acquired Loans | Consumer Installment Financing Receivable | |
Acquired Impaired and Non-Impaired Loans at Acquisition Date [Line Items] | |
Acquired Receivables, Fair Value | 1,219,343 |
Consumer Loan | Acquired Loans | Consumer Home Equity Lines Financing Receivable | |
Acquired Impaired and Non-Impaired Loans at Acquisition Date [Line Items] | |
Acquired Receivables, Fair Value | $364,863 |
Business_Combinations_Acquired1
Business Combinations (Acquired Impaired Loans Fair Value at Acquisition Date) (Details) (Citizens Republic Bancorp, USD $) | 0 Months Ended |
In Thousands, unless otherwise specified | Apr. 12, 2013 |
Fair Value Adjustment for Acquired Non-Impaired Loans [Line Items] | |
Fair value of acquired nonimpaired loans | $4,617,004 |
Acquired performing loans | |
Fair Value Adjustment for Acquired Non-Impaired Loans [Line Items] | |
Outstanding balance | 4,017,304 |
Less: Fair value adjustment | 220,015 |
Fair value of acquired nonimpaired loans | $3,797,289 |
Business_Combinations_Nonimpai
Business Combinations (Nonimpaired Cash Flows Reconciliation at Acquisition Date) (Details) (Acquired performing loans, Citizens Republic Bancorp, USD $) | Apr. 12, 2013 |
In Thousands, unless otherwise specified | |
Acquired performing loans | Citizens Republic Bancorp | |
Nonimpaired Loans Cash Flows Reconciliation at Acquisition Date [Line Items] | |
Business Combination, Acquired Receivables, Gross Contractual Amount | $4,955,180 |
Business Combination, Acquired Receivables, Estimated Uncollectible | 680,664 |
Contractually required payments at acquisition date, net of uncollectibles | $4,274,516 |
Business_Combinations_Reconcil
Business Combinations (Reconciliation of Carrying Amounts of Acquired Loans) (Details) (Acquired Impaired Loans, USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Apr. 12, 2013 |
In Thousands, unless otherwise specified | ||||
Reconciliation of Carrying Amount of Acquired Loans [Line Items] | ||||
Certain Loans Acquired in Transfer, Accretable Yield | ($119,450) | ($136,646) | $0 | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Carrying Amount, Net | 423,209 | 601,000 | 0 | |
Citizens Republic Bancorp | ||||
Reconciliation of Carrying Amount of Acquired Loans [Line Items] | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Outstanding Balance | 1,231,172 | |||
Certain Loans Acquired in Transfer, Nonaccretable Difference | 279,899 | |||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Acquired During Period, Cash Flows Expected to be Collected at Acquisition | 951,273 | |||
Certain Loans Acquired in Transfer, Accretable Yield | 0 | -131,558 | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Carrying Amount, Net | $0 | $819,715 |
Business_Combinations_Acquisit
Business Combinations (Acquisition Proforma Details) (Details) (Citizens Republic Bancorp, USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2014 |
Citizens Republic Bancorp | |
Business Acquisition, Pro-forma Information [Line Items] | |
Business Acquisition, Pro Forma Revenue | $1,096,960 |
Business Acquisition, Pro Forma Net Income (Loss) | $196,744 |
Business_Combinations_Narrativ
Business Combinations (Narrative) (Details) (USD $) | 12 Months Ended | 0 Months Ended | 3 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Apr. 15, 2013 | Jun. 30, 2013 | Apr. 12, 2013 | Feb. 04, 2013 | |
Branch | ||||||
Business Combinations [Line Items] | ||||||
Assets | $24,902,347,000 | $23,912,028,000 | ||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 0 | |||||
Deferred Tax Assets, Net | 289,082,000 | 331,050,000 | ||||
Business Combination, Acquisition Related Costs | 1,000,000 | 75,100,000 | ||||
Citizens Republic Bancorp | ||||||
Business Combinations [Line Items] | ||||||
Assets | 9,600,000,000 | |||||
Number of Branches | 219 | |||||
Business Acquisition, Equity Interest Issued or Issuable, Share Conversion Ratio | 1.37 | |||||
Amount of Citizens TARP Preferred Stock | 300,000,000 | |||||
Accumulated but unpaid interest and dividends related to Citizens TARP Preferred Stock | 55,400,000 | |||||
Debt Instrument, Face Amount | 250,000,000 | |||||
Debt Instrument, Interest Rate, Stated Percentage | 4.35% | |||||
Total gross proceeds from issuance of depositary shares | 100,000,000 | |||||
Interest rate of Non-Cumulative Perpetual Preferred Stock, Series A | 5.88% | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Assets Noncurrent | 313,000,000 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities Noncurrent | 51,300,000 | |||||
Deferred Tax Assets, Net | 261,700,000 | |||||
Net Operating Loss and Tax Credit Carryforwards included in Acquired Deferred Tax Asset | 224,800,000 | |||||
Business combination, deferred tax asset fair market value adjustment | 87,600,000 | |||||
Deferred tax changes reflected in acquired net assets | 0 | -348,239,000 | 349,300,000 | |||
Acquired Receivables, Fair Value | 4,617,004,000 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Marketable Securities | 3,202,575,000 | |||||
Amount of securities sold subsequent to acquisition | 2,200,000,000 | |||||
Repurchase of securities subsequent to acquisition | 1,500,000,000 | |||||
Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Federal Home Loan Bank Advances | 719,300,000 | |||||
Repayments of Federal Home Loan Bank Borrowings | 652,500,000 | |||||
Federal home loan bank advances retained | 66,800,000 | |||||
Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Subordinated Debt | 74,500,000 | |||||
Business Combination Recognized Identifiable Assets Acquired And Liabilities Long Term Repurchase Agreements | 115,000,000 | |||||
FirstMerit | Citizens Republic Bancorp | ||||||
Business Combinations [Line Items] | ||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 2,549,701.61 | 2,408,203 | ||||
Citizens Republic Bancorp | Citizens Republic Bancorp | ||||||
Business Combinations [Line Items] | ||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 1,757,812.50 | |||||
Acquired performing loans | Citizens Republic Bancorp | ||||||
Business Combinations [Line Items] | ||||||
Acquired Receivables, Fair Value | 3,797,289,000 | |||||
Acquired Impaired Loans | Citizens Republic Bancorp | ||||||
Business Combinations [Line Items] | ||||||
Acquired Receivables, Fair Value | 819,715,000 | |||||
Acquired Impaired Loans | Citizens Republic Bancorp | ||||||
Business Combinations [Line Items] | ||||||
Acquired Receivables, Fair Value | $1,100,000,000 | |||||
VIE 2 | ||||||
Business Combinations [Line Items] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.10% | |||||
London Interbank Offered Rate (LIBOR) [Member] | Maximum | Junior Subordinated Debt | Citizens Republic Bancorp | ||||||
Business Combinations [Line Items] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 11.75% | |||||
London Interbank Offered Rate (LIBOR) [Member] | VIE 2 | ||||||
Business Combinations [Line Items] | ||||||
Debt Instrument, Description of Variable Rate Basis | LIBOR |
Investment_Securities_Narrativ
Investment Securities (Narrative) (Details Textual) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Schedule of Available-for-Sale and Held-to-Maturity Securities [Line Items] | ||
Available for sale securities, net unrealized losses | ($44,900,000) | ($167,400,000) |
Unrealized Gain (Loss) on Investments | -102,400,000 | -208,400,000 |
Number of Single Issuer Trust Preferred Securities With Stated Maturities | 8 | |
Investment Securities | ||
Other investment securities pledged | 2,800,000,000 | 3,200,000,000 |
Number of states with aggregate fair value of general obligation bonds greater than $10 million | 11 | |
Total number of states general obligation bonds are held | 37 | |
Maximum portfolio concentration in municipal securities per corporate investment policy | 20.00% | |
Amount of municipal securities with a combined individual state to total municipal outstanding equal to or less than, per corporate policy | 25.00% | |
Percent of trust preferred securities included in fair value of entire investment portfolio | 1.00% | |
Available-for-sale | 3,545,288,000 | 3,273,174,000 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 424,916,000 | 1,908,543,000 |
Available-for-sale Securities, Gross Unrealized Loss at End of Period | 52,631,000 | 90,220,000 |
Collateralized Loan Obligations | ||
Investment Securities | ||
Available-for-sale | 287,844,000 | 293,687,000 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 79,042,000 | 223,458,000 |
Available-for-sale Securities, Gross Unrealized Loss at End of Period | 9,613,000 | 4,332,000 |
Corporate bonds | ||
Investment Securities | ||
Available-for-sale | 51,337,000 | 50,644,000 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 0 | 0 |
Available-for-sale Securities, Gross Unrealized Loss at End of Period | 10,315,000 | 10,952,000 |
12 States | ||
Investment Securities | ||
General obligation bonds, fair value | $10,000,000 |
Investment_Securities_Amortize
Investment Securities (Amortized Cost Table) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Securities available for sale | ||
Available-for-sale Securities, Amortized Cost | $3,562,537 | $3,329,117 |
Available-for-sale Securities, Gross Unrealized Gain at End of Period | 35,382 | 34,277 |
Available-for-sale Securities, Gross Unrealized Loss at End of Period | -52,631 | -90,220 |
Available-for-sale | 3,545,288 | 3,273,174 |
Securities held to maturity | ||
Held-to-maturity Securities, Amortized Cost | 2,903,609 | 2,935,688 |
Held-to-maturity Securities, Unrecognized Holding Gain End of Period | 22,108 | 6,761 |
Held-to-Maturity Securities, Unrecognized Holding Loss End of Period | -49,797 | -118,209 |
Held-to-maturity Securities, Fair Value | 2,875,920 | 2,824,240 |
U.S. Government agencies | ||
Securities available for sale | ||
Available-for-sale Securities, Amortized Cost | 2,500 | |
Available-for-sale Securities, Gross Unrealized Gain at End of Period | 0 | |
Available-for-sale Securities, Gross Unrealized Loss at End of Period | -18 | |
Available-for-sale | 2,482 | |
Securities held to maturity | ||
Held-to-maturity Securities, Amortized Cost | 25,000 | 25,000 |
Held-to-maturity Securities, Unrecognized Holding Gain End of Period | 0 | 0 |
Held-to-Maturity Securities, Unrecognized Holding Loss End of Period | -537 | -1,348 |
Held-to-maturity Securities, Fair Value | 24,463 | 23,652 |
U.S. States and political subdivisions | ||
Securities available for sale | ||
Available-for-sale Securities, Amortized Cost | 221,052 | 258,787 |
Available-for-sale Securities, Gross Unrealized Gain at End of Period | 6,756 | 7,376 |
Available-for-sale Securities, Gross Unrealized Loss at End of Period | -466 | -3,796 |
Available-for-sale | 227,342 | 262,367 |
Securities held to maturity | ||
Held-to-maturity Securities, Amortized Cost | 517,824 | 480,703 |
Held-to-maturity Securities, Unrecognized Holding Gain End of Period | 12,645 | 5,335 |
Held-to-Maturity Securities, Unrecognized Holding Loss End of Period | -191 | -10,459 |
Held-to-maturity Securities, Fair Value | 530,278 | 475,579 |
Residential Mortgage Backed Securities Issued by US Government Sponsored Enterprises | ||
Securities available for sale | ||
Available-for-sale Securities, Amortized Cost | 951,839 | 962,687 |
Available-for-sale Securities, Gross Unrealized Gain at End of Period | 22,377 | 21,662 |
Available-for-sale Securities, Gross Unrealized Loss at End of Period | -3,218 | -14,427 |
Available-for-sale | 970,998 | 969,922 |
Securities held to maturity | ||
Held-to-maturity Securities, Amortized Cost | 580,727 | 569,960 |
Held-to-maturity Securities, Unrecognized Holding Gain End of Period | 7,495 | 1,108 |
Held-to-Maturity Securities, Unrecognized Holding Loss End of Period | -3,045 | -11,617 |
Held-to-maturity Securities, Fair Value | 585,177 | 559,451 |
Commercial Mortgage Backed Securities Issued by US Government Sponsored Enterprises | ||
Securities available for sale | ||
Available-for-sale Securities, Amortized Cost | 104,176 | 72,048 |
Available-for-sale Securities, Gross Unrealized Gain at End of Period | 598 | 7 |
Available-for-sale Securities, Gross Unrealized Loss at End of Period | -1,371 | -2,488 |
Available-for-sale | 103,403 | 69,567 |
Securities held to maturity | ||
Held-to-maturity Securities, Amortized Cost | 58,143 | 56,596 |
Held-to-maturity Securities, Unrecognized Holding Gain End of Period | 281 | 0 |
Held-to-Maturity Securities, Unrecognized Holding Loss End of Period | -329 | -1,190 |
Held-to-maturity Securities, Fair Value | 58,095 | 55,406 |
Residential Collateralized Mortgage-Backed Securities Issued by US Government Sponsored Enterprises | ||
Securities available for sale | ||
Available-for-sale Securities, Amortized Cost | 1,698,015 | 1,566,262 |
Available-for-sale Securities, Gross Unrealized Gain at End of Period | 4,777 | 4,199 |
Available-for-sale Securities, Gross Unrealized Loss at End of Period | -26,225 | -52,068 |
Available-for-sale | 1,676,567 | 1,518,393 |
Securities held to maturity | ||
Held-to-maturity Securities, Amortized Cost | 1,368,534 | 1,464,732 |
Held-to-maturity Securities, Unrecognized Holding Gain End of Period | 718 | 0 |
Held-to-Maturity Securities, Unrecognized Holding Loss End of Period | -38,875 | -81,818 |
Held-to-maturity Securities, Fair Value | 1,330,377 | 1,382,914 |
Residential Collateralized Mortgage-Backed Securities Issued by Non-US Government Agency | ||
Securities available for sale | ||
Available-for-sale Securities, Amortized Cost | 7 | 9 |
Available-for-sale Securities, Gross Unrealized Gain at End of Period | 0 | 0 |
Available-for-sale Securities, Gross Unrealized Loss at End of Period | 0 | 0 |
Available-for-sale | 7 | 9 |
Securities held to maturity | ||
Held-to-maturity Securities, Amortized Cost | 0 | |
Commercial Collateralized Mortgage Backed Securities Issued by US Government Sponsored Enterprises | ||
Securities available for sale | ||
Available-for-sale Securities, Amortized Cost | 222,876 | 104,152 |
Available-for-sale Securities, Gross Unrealized Gain at End of Period | 863 | 273 |
Available-for-sale Securities, Gross Unrealized Loss at End of Period | -1,405 | -2,157 |
Available-for-sale | 222,334 | 102,268 |
Securities held to maturity | ||
Held-to-maturity Securities, Amortized Cost | 257,642 | 240,069 |
Held-to-maturity Securities, Unrecognized Holding Gain End of Period | 557 | 6 |
Held-to-Maturity Securities, Unrecognized Holding Loss End of Period | -6,768 | -11,052 |
Held-to-maturity Securities, Fair Value | 251,431 | 229,023 |
Collateralized Loan Obligations | ||
Securities available for sale | ||
Available-for-sale Securities, Amortized Cost | 297,446 | 297,259 |
Available-for-sale Securities, Gross Unrealized Gain at End of Period | 11 | 760 |
Available-for-sale Securities, Gross Unrealized Loss at End of Period | -9,613 | -4,332 |
Available-for-sale | 287,844 | 293,687 |
Securities held to maturity | ||
Held-to-maturity Securities, Amortized Cost | 0 | |
Corporate bonds | ||
Securities available for sale | ||
Available-for-sale Securities, Amortized Cost | 61,652 | 61,596 |
Available-for-sale Securities, Gross Unrealized Gain at End of Period | 0 | 0 |
Available-for-sale Securities, Gross Unrealized Loss at End of Period | -10,315 | -10,952 |
Available-for-sale | 51,337 | 50,644 |
Securities held to maturity | ||
Held-to-maturity Securities, Amortized Cost | 90,739 | 93,628 |
Held-to-maturity Securities, Unrecognized Holding Gain End of Period | 412 | 308 |
Held-to-Maturity Securities, Unrecognized Holding Loss End of Period | -52 | -725 |
Held-to-maturity Securities, Fair Value | 91,099 | 93,211 |
Total debt securities | ||
Securities available for sale | ||
Available-for-sale Securities, Amortized Cost | 3,559,563 | 3,322,800 |
Available-for-sale Securities, Gross Unrealized Gain at End of Period | 35,382 | 34,277 |
Available-for-sale Securities, Gross Unrealized Loss at End of Period | -52,631 | -90,220 |
Available-for-sale | 3,542,314 | 3,266,857 |
Marketable equity securities | ||
Securities available for sale | ||
Available-for-sale Securities, Amortized Cost | 2,974 | |
Available-for-sale Securities, Gross Unrealized Gain at End of Period | 0 | |
Available-for-sale Securities, Gross Unrealized Loss at End of Period | 0 | |
Available-for-sale | 2,974 | 3,036 |
Marketable Securities and Investments Held at Cost [Domain] | ||
Securities available for sale | ||
Available-for-sale Securities, Amortized Cost | 3,036 | |
Available-for-sale Securities, Gross Unrealized Gain at End of Period | 0 | |
Available-for-sale Securities, Gross Unrealized Loss at End of Period | 0 | |
Available-for-sale | 3,036 | |
Non-marketable equity securities | ||
Securities available for sale | ||
Available-for-sale Securities, Amortized Cost | 3,281 | |
Available-for-sale Securities, Gross Unrealized Gain at End of Period | 0 | |
Available-for-sale Securities, Gross Unrealized Loss at End of Period | 0 | |
Available-for-sale | 3,281 | |
Total equity securities | ||
Securities available for sale | ||
Available-for-sale Securities, Amortized Cost | 2,974 | 6,317 |
Available-for-sale Securities, Gross Unrealized Gain at End of Period | 0 | 0 |
Available-for-sale Securities, Gross Unrealized Loss at End of Period | 0 | 0 |
Available-for-sale | 2,974 | 6,317 |
U.S. Treasury obligations | ||
Securities available for sale | ||
Available-for-sale Securities, Amortized Cost | 0 | |
Available-for-sale | 0 | |
Securities held to maturity | ||
Held-to-maturity Securities, Amortized Cost | 5,000 | 5,000 |
Held-to-maturity Securities, Unrecognized Holding Gain End of Period | 0 | 4 |
Held-to-Maturity Securities, Unrecognized Holding Loss End of Period | 0 | 0 |
Held-to-maturity Securities, Fair Value | $5,000 | $5,004 |
Investment_Securities_Schedule
Investment Securities (Schedule of general obligation bonds) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
general obligation bonds [Line Items] | ||
General Obligation Bonds number of issuers | 825 | 886 |
General obligation bonds, average issue size, fair value | $917 | $831 |
General obligation bonds, amortized cost | 737,673 | 737,568 |
General obligation bonds, fair value | 756,315 | 735,940 |
MICHIGAN | ||
general obligation bonds [Line Items] | ||
General Obligation Bonds number of issuers | 169 | 166 |
General obligation bonds, average issue size, fair value | 842 | 744 |
General obligation bonds, amortized cost | 138,325 | 122,198 |
General obligation bonds, fair value | 142,292 | 123,571 |
OHIO | ||
general obligation bonds [Line Items] | ||
General Obligation Bonds number of issuers | 137 | 152 |
General obligation bonds, average issue size, fair value | 979 | 1,048 |
General obligation bonds, amortized cost | 130,741 | 158,641 |
General obligation bonds, fair value | 134,127 | 159,232 |
ILLINOIS | ||
general obligation bonds [Line Items] | ||
General Obligation Bonds number of issuers | 66 | 75 |
General obligation bonds, average issue size, fair value | 1,897 | 1,314 |
General obligation bonds, amortized cost | 121,560 | 96,863 |
General obligation bonds, fair value | 125,169 | 98,521 |
WISCONSIN | ||
general obligation bonds [Line Items] | ||
General Obligation Bonds number of issuers | 77 | 86 |
General obligation bonds, average issue size, fair value | 841 | 648 |
General obligation bonds, amortized cost | 62,543 | 54,516 |
General obligation bonds, fair value | 64,776 | 55,747 |
TEXAS | ||
general obligation bonds [Line Items] | ||
General Obligation Bonds number of issuers | 64 | 69 |
General obligation bonds, average issue size, fair value | 801 | 771 |
General obligation bonds, amortized cost | 50,307 | 54,295 |
General obligation bonds, fair value | 51,293 | 53,204 |
PENNSYLVANIA | ||
general obligation bonds [Line Items] | ||
General Obligation Bonds number of issuers | 45 | 50 |
General obligation bonds, average issue size, fair value | 1,000 | 898 |
General obligation bonds, amortized cost | 44,443 | 47,835 |
General obligation bonds, fair value | 45,006 | 44,883 |
MINNESOTA | ||
general obligation bonds [Line Items] | ||
General Obligation Bonds number of issuers | 42 | 45 |
General obligation bonds, average issue size, fair value | 674 | 663 |
General obligation bonds, amortized cost | 27,740 | 29,840 |
General obligation bonds, fair value | 28,326 | 29,816 |
WASHINGTON | ||
general obligation bonds [Line Items] | ||
General Obligation Bonds number of issuers | 30 | 30 |
General obligation bonds, average issue size, fair value | 952 | 930 |
General obligation bonds, amortized cost | 27,987 | 28,393 |
General obligation bonds, fair value | 28,558 | 27,906 |
NEW JERSEY | ||
general obligation bonds [Line Items] | ||
General Obligation Bonds number of issuers | 37 | 38 |
General obligation bonds, average issue size, fair value | 746 | 722 |
General obligation bonds, amortized cost | 26,755 | 27,101 |
General obligation bonds, fair value | 27,612 | 27,440 |
MISSOURI | ||
general obligation bonds [Line Items] | ||
General Obligation Bonds number of issuers | 19 | 20 |
General obligation bonds, average issue size, fair value | 1,011 | 969 |
General obligation bonds, amortized cost | 18,764 | 19,253 |
General obligation bonds, fair value | 19,207 | 19,382 |
NEW YORK | ||
general obligation bonds [Line Items] | ||
General Obligation Bonds number of issuers | 19 | 22 |
General obligation bonds, average issue size, fair value | 628 | 585 |
General obligation bonds, amortized cost | 11,659 | 13,064 |
General obligation bonds, fair value | 11,929 | 12,878 |
CALIFORNIA | ||
general obligation bonds [Line Items] | ||
General Obligation Bonds number of issuers | 18 | |
General obligation bonds, average issue size, fair value | 599 | |
General obligation bonds, amortized cost | 10,651 | |
General obligation bonds, fair value | 10,788 | |
Other states | ||
general obligation bonds [Line Items] | ||
General Obligation Bonds number of issuers | 120 | 115 |
General obligation bonds, average issue size, fair value | 650 | 631 |
General obligation bonds, amortized cost | 76,849 | 74,918 |
General obligation bonds, fair value | $78,020 | $72,572 |
Investment_Securities_Other_In
Investment Securities (Other Investments Table) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Other investments | ||
FRB stock | $55,681 | $55,294 |
FHLB stock | 92,547 | 125,032 |
Other | 426 | 477 |
Total other investments | $148,654 | $180,803 |
Investment_Securities_Realized
Investment Securities (Realized Gain Loss Table) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Proceeds and gross unrealized gains and losses on sales of available-for-sale securities | |||
Realized gains | $382 | $3,786 | $3,786 |
Realized losses | -216 | -6,589 | 0 |
Net securities gains | $166 | ($2,803) | $3,786 |
Investment_Securities_Gross_Un
Investment Securities (Gross Unrealized Loss Table) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Securities available for sale | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | $424,916 | $1,908,543 |
Available-for-sale Securities, Continous Unrealized Loss Position, Less than 12 Months, Aggregate Loss as of Period End | -2,807 | -67,758 |
Available for Sale Securities in Unrealized Loss Positions Less than Twelve Months Qualitative Disclosure Number of Positions | 53 | 218 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 1,485,458 | 199,691 |
available for sale securities, continuous unrealized loss position, 12 months or longer, aggregate loss at end of period | -49,824 | -22,462 |
Available for Sale Securities in Unrealized Loss Positions Twelve Months or Longer Qualitative Disclosure Number of Positions | 162 | 46 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 1,910,374 | 2,108,234 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Loss at End of Period | -52,631 | -90,220 |
Securities held to maturity | ||
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | 125,775 | 2,373,148 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Loss as of Period End | -277 | -118,026 |
Held to Maturity Securities in Unrealized Loss Positions Less than Twelve Months Qualitative Disclosure Number of Positions | 30 | 492 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 1,577,797 | 2,478 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Loss at End of Period | -49,520 | -183 |
Held to Maturity Securities in Unrealized Loss Positions Twelve Months or Longer Qualitative Disclosure Number of Positions | 108 | 6 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value | 1,703,572 | 2,375,626 |
Held-to-Maturity Securities, Continuous Unrealized Loss Position, Aggregate Loss at End of Period | -49,797 | -118,209 |
U.S. Government agencies | ||
Securities available for sale | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 2,482 | |
Available-for-sale Securities, Continous Unrealized Loss Position, Less than 12 Months, Aggregate Loss as of Period End | -18 | |
Available for Sale Securities in Unrealized Loss Positions Less than Twelve Months Qualitative Disclosure Number of Positions | 1 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 0 | |
available for sale securities, continuous unrealized loss position, 12 months or longer, aggregate loss at end of period | 0 | |
Available for Sale Securities in Unrealized Loss Positions Twelve Months or Longer Qualitative Disclosure Number of Positions | 0 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 2,482 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Loss at End of Period | -18 | |
Securities held to maturity | ||
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | 0 | 23,652 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Loss as of Period End | 0 | -1,348 |
Held to Maturity Securities in Unrealized Loss Positions Less than Twelve Months Qualitative Disclosure Number of Positions | 0 | 1 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 24,463 | 0 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Loss at End of Period | -537 | 0 |
Held to Maturity Securities in Unrealized Loss Positions Twelve Months or Longer Qualitative Disclosure Number of Positions | 1 | 0 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value | 24,463 | 23,652 |
Held-to-Maturity Securities, Continuous Unrealized Loss Position, Aggregate Loss at End of Period | -537 | -1,348 |
U.S. States and political subdivisions | ||
Securities available for sale | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 5,637 | 38,039 |
Available-for-sale Securities, Continous Unrealized Loss Position, Less than 12 Months, Aggregate Loss as of Period End | -11 | -1,996 |
Available for Sale Securities in Unrealized Loss Positions Less than Twelve Months Qualitative Disclosure Number of Positions | 11 | 65 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 22,528 | 14,157 |
available for sale securities, continuous unrealized loss position, 12 months or longer, aggregate loss at end of period | -455 | -1,800 |
Available for Sale Securities in Unrealized Loss Positions Twelve Months or Longer Qualitative Disclosure Number of Positions | 36 | 25 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 28,165 | 52,196 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Loss at End of Period | -466 | -3,796 |
Securities held to maturity | ||
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | 9,085 | 222,154 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Loss as of Period End | -17 | -10,276 |
Held to Maturity Securities in Unrealized Loss Positions Less than Twelve Months Qualitative Disclosure Number of Positions | 9 | 353 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 18,371 | 2,478 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Loss at End of Period | -174 | -183 |
Held to Maturity Securities in Unrealized Loss Positions Twelve Months or Longer Qualitative Disclosure Number of Positions | 21 | 6 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value | 27,456 | 224,632 |
Held-to-Maturity Securities, Continuous Unrealized Loss Position, Aggregate Loss at End of Period | -191 | -10,459 |
Residential Mortgage Backed Securities Issued by US Government Sponsored Enterprises | ||
Securities available for sale | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 50,126 | 434,761 |
Available-for-sale Securities, Continous Unrealized Loss Position, Less than 12 Months, Aggregate Loss as of Period End | -182 | -13,109 |
Available for Sale Securities in Unrealized Loss Positions Less than Twelve Months Qualitative Disclosure Number of Positions | 5 | 35 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 199,773 | 14,890 |
available for sale securities, continuous unrealized loss position, 12 months or longer, aggregate loss at end of period | -3,036 | -1,318 |
Available for Sale Securities in Unrealized Loss Positions Twelve Months or Longer Qualitative Disclosure Number of Positions | 14 | 2 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 249,899 | 449,651 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Loss at End of Period | -3,218 | -14,427 |
Securities held to maturity | ||
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | 0 | 422,192 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Loss as of Period End | 0 | -11,617 |
Held to Maturity Securities in Unrealized Loss Positions Less than Twelve Months Qualitative Disclosure Number of Positions | 0 | 22 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 185,361 | 0 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Loss at End of Period | -3,045 | 0 |
Held to Maturity Securities in Unrealized Loss Positions Twelve Months or Longer Qualitative Disclosure Number of Positions | 10 | 0 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value | 185,361 | 422,192 |
Held-to-Maturity Securities, Continuous Unrealized Loss Position, Aggregate Loss at End of Period | -3,045 | -11,617 |
Commercial Mortgage Backed Securities Issued by US Government Sponsored Enterprises | ||
Securities available for sale | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 12,284 | 33,387 |
Available-for-sale Securities, Continous Unrealized Loss Position, Less than 12 Months, Aggregate Loss as of Period End | -55 | -1,491 |
Available for Sale Securities in Unrealized Loss Positions Less than Twelve Months Qualitative Disclosure Number of Positions | 2 | 5 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 45,485 | 16,944 |
available for sale securities, continuous unrealized loss position, 12 months or longer, aggregate loss at end of period | -1,316 | -997 |
Available for Sale Securities in Unrealized Loss Positions Twelve Months or Longer Qualitative Disclosure Number of Positions | 6 | 2 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 57,769 | 50,331 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Loss at End of Period | -1,371 | -2,488 |
Securities held to maturity | ||
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | 9,950 | 48,831 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Loss as of Period End | -4 | -1,190 |
Held to Maturity Securities in Unrealized Loss Positions Less than Twelve Months Qualitative Disclosure Number of Positions | 2 | 8 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 16,735 | 0 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Loss at End of Period | -325 | 0 |
Held to Maturity Securities in Unrealized Loss Positions Twelve Months or Longer Qualitative Disclosure Number of Positions | 2 | 0 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value | 26,685 | 48,831 |
Held-to-Maturity Securities, Continuous Unrealized Loss Position, Aggregate Loss at End of Period | -329 | -1,190 |
Residential Collateralized Mortgage-Backed Securities Issued by US Government Sponsored Enterprises | ||
Securities available for sale | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 243,970 | 1,135,151 |
Available-for-sale Securities, Continous Unrealized Loss Position, Less than 12 Months, Aggregate Loss as of Period End | -906 | -44,775 |
Available for Sale Securities in Unrealized Loss Positions Less than Twelve Months Qualitative Disclosure Number of Positions | 15 | 74 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 905,478 | 100,530 |
available for sale securities, continuous unrealized loss position, 12 months or longer, aggregate loss at end of period | -25,319 | -7,293 |
Available for Sale Securities in Unrealized Loss Positions Twelve Months or Longer Qualitative Disclosure Number of Positions | 64 | 7 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 1,149,448 | 1,235,681 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Loss at End of Period | -26,225 | -52,068 |
Securities held to maturity | ||
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | 28,333 | 1,382,915 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Loss as of Period End | -149 | -81,818 |
Held to Maturity Securities in Unrealized Loss Positions Less than Twelve Months Qualitative Disclosure Number of Positions | 3 | 66 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 1,161,297 | 0 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Loss at End of Period | -38,726 | 0 |
Held to Maturity Securities in Unrealized Loss Positions Twelve Months or Longer Qualitative Disclosure Number of Positions | 58 | 0 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value | 1,189,630 | 1,382,915 |
Held-to-Maturity Securities, Continuous Unrealized Loss Position, Aggregate Loss at End of Period | -38,875 | -81,818 |
Residential Collateralized Mortgage-Backed Securities Issued by Non-US Government Agency | ||
Securities available for sale | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 0 | |
Available-for-sale Securities, Continous Unrealized Loss Position, Less than 12 Months, Aggregate Loss as of Period End | 0 | |
Available for Sale Securities in Unrealized Loss Positions Less than Twelve Months Qualitative Disclosure Number of Positions | 0 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 1 | |
available for sale securities, continuous unrealized loss position, 12 months or longer, aggregate loss at end of period | 0 | |
Available for Sale Securities in Unrealized Loss Positions Twelve Months or Longer Qualitative Disclosure Number of Positions | 1 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 1 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Loss at End of Period | 0 | |
Securities held to maturity | ||
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | 0 | |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Loss as of Period End | 0 | |
Held to Maturity Securities in Unrealized Loss Positions Less than Twelve Months Qualitative Disclosure Number of Positions | 0 | |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 0 | |
Held-to-maturity Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Loss at End of Period | 0 | |
Held to Maturity Securities in Unrealized Loss Positions Twelve Months or Longer Qualitative Disclosure Number of Positions | 0 | |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value | 0 | |
Held-to-Maturity Securities, Continuous Unrealized Loss Position, Aggregate Loss at End of Period | 0 | |
Commercial Collateralized Mortgage Backed Securities Issued by US Government Sponsored Enterprises | ||
Securities available for sale | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 31,375 | 43,747 |
Available-for-sale Securities, Continous Unrealized Loss Position, Less than 12 Months, Aggregate Loss as of Period End | -229 | -2,055 |
Available for Sale Securities in Unrealized Loss Positions Less than Twelve Months Qualitative Disclosure Number of Positions | 4 | 6 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 67,169 | 2,525 |
available for sale securities, continuous unrealized loss position, 12 months or longer, aggregate loss at end of period | -1,176 | -102 |
Available for Sale Securities in Unrealized Loss Positions Twelve Months or Longer Qualitative Disclosure Number of Positions | 7 | 1 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 98,544 | 46,272 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Loss at End of Period | -1,405 | -2,157 |
Securities held to maturity | ||
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | 41,474 | 208,863 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Loss as of Period End | -55 | -11,052 |
Held to Maturity Securities in Unrealized Loss Positions Less than Twelve Months Qualitative Disclosure Number of Positions | 3 | 19 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 171,570 | 0 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Loss at End of Period | -6,713 | 0 |
Held to Maturity Securities in Unrealized Loss Positions Twelve Months or Longer Qualitative Disclosure Number of Positions | 16 | 0 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value | 213,044 | 208,863 |
Held-to-Maturity Securities, Continuous Unrealized Loss Position, Aggregate Loss at End of Period | -6,768 | -11,052 |
Collateralized Loan Obligations | ||
Securities available for sale | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 79,042 | 223,458 |
Available-for-sale Securities, Continous Unrealized Loss Position, Less than 12 Months, Aggregate Loss as of Period End | -1,406 | -4,332 |
Available for Sale Securities in Unrealized Loss Positions Less than Twelve Months Qualitative Disclosure Number of Positions | 15 | 33 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 193,687 | 0 |
available for sale securities, continuous unrealized loss position, 12 months or longer, aggregate loss at end of period | -8,207 | 0 |
Available for Sale Securities in Unrealized Loss Positions Twelve Months or Longer Qualitative Disclosure Number of Positions | 27 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 272,729 | 223,458 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Loss at End of Period | -9,613 | -4,332 |
Corporate bonds | ||
Securities available for sale | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 0 | 0 |
Available-for-sale Securities, Continous Unrealized Loss Position, Less than 12 Months, Aggregate Loss as of Period End | 0 | 0 |
Available for Sale Securities in Unrealized Loss Positions Less than Twelve Months Qualitative Disclosure Number of Positions | 0 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 51,338 | 50,644 |
available for sale securities, continuous unrealized loss position, 12 months or longer, aggregate loss at end of period | -10,315 | -10,952 |
Available for Sale Securities in Unrealized Loss Positions Twelve Months or Longer Qualitative Disclosure Number of Positions | 8 | 8 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 51,338 | 50,644 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Loss at End of Period | -10,315 | -10,952 |
Securities held to maturity | ||
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | 36,933 | 64,541 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Loss as of Period End | -52 | -725 |
Held to Maturity Securities in Unrealized Loss Positions Less than Twelve Months Qualitative Disclosure Number of Positions | 13 | 23 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 0 | 0 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Loss at End of Period | 0 | 0 |
Held to Maturity Securities in Unrealized Loss Positions Twelve Months or Longer Qualitative Disclosure Number of Positions | 0 | 0 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value | 36,933 | 64,541 |
Held-to-Maturity Securities, Continuous Unrealized Loss Position, Aggregate Loss at End of Period | ($52) | ($725) |
Investment_Securities_Maturiti
Investment Securities (Maturities Table) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Securities Available for Sale | ||
One year or less | $47,740 | |
Over one year through five years | 2,636,819 | |
Over five years through ten years | 777,170 | |
Over ten years | 80,585 | |
Available-for-sale | 3,545,288 | 3,273,174 |
Weighted Average Yield, one year or less | 3.72% | |
Weighted Average Yield, over one year through five years | 2.22% | |
Weighted Average Yield, over five years through ten years | 2.92% | |
Weighted Average Yield, over ten years | 1.94% | |
Available-for-sale Securities, Amortized Cost Basis | 3,562,537 | 3,329,117 |
Weighted-Average Yield | 2.38% | |
Available for Sale Securities, Debt Maturities, Weighted-Average Maturity | 4 years 3 months 1 day | |
Securities Held to Maturity | ||
One year or less | 86,024 | |
Over one year through five years | 2,126,878 | |
Over five years through ten years | 475,035 | |
Over ten years | 187,983 | |
Weighted Average Yield, over one year through five years | 1.93% | |
Weighted Average Yield, over five years through ten years | 1.88% | |
Weighted Average Yield, over ten years | 3.04% | |
Weighted Average Yield, Total | 5.51% | |
Held-to-maturity | 2,935,688 | |
Held-to-maturity Securities, Fair Value | 2,875,920 | 2,824,240 |
Held-to-maturity Securities, Amortized Cost | 2,903,609 | 2,935,688 |
Held to Maturity Securities Debt Maturities Weighted Average Yield | 2.30% | |
Held to Maturity Securities Debt Maturities Weighted Average Maturity | 4 years 9 months 4 days | |
U.S. Government agencies | ||
Securities Available for Sale | ||
One year or less | 0 | |
Over one year through five years | 0 | |
Over five years through ten years | 2,482 | |
Over ten years | 0 | |
Available-for-sale | 2,482 | |
Available-for-sale Securities, Amortized Cost Basis | 2,500 | |
Weighted-Average Yield | 1.25% | |
Available for Sale Securities, Debt Maturities, Weighted-Average Maturity | 3 years 5 months 2 days | |
Securities Held to Maturity | ||
One year or less | 0 | |
Over one year through five years | 0 | |
Over five years through ten years | 24,463 | |
Over ten years | 0 | |
Held-to-maturity Securities, Fair Value | 24,463 | 23,652 |
Held-to-maturity Securities, Amortized Cost | 25,000 | 25,000 |
Held to Maturity Securities Debt Maturities Weighted Average Yield | 1.33% | |
Held to Maturity Securities Debt Maturities Weighted Average Maturity | 4 years 9 months 29 days | |
U.S. Treasury obligations | ||
Securities Available for Sale | ||
One year or less | 0 | |
Over one year through five years | 0 | |
Over five years through ten years | 0 | |
Over ten years | 0 | |
Available-for-sale | 0 | |
Available-for-sale Securities, Amortized Cost Basis | 0 | |
Weighted-Average Yield | 0.00% | |
Available for Sale Securities, Debt Maturities, Weighted-Average Maturity | 0 years | |
Securities Held to Maturity | ||
One year or less | 5,000 | |
Over one year through five years | 0 | |
Over five years through ten years | 0 | |
Over ten years | 0 | |
Held-to-maturity Securities, Fair Value | 5,000 | 5,004 |
Held-to-maturity Securities, Amortized Cost | 5,000 | 5,000 |
Held to Maturity Securities Debt Maturities Weighted Average Yield | 0.26% | |
Held to Maturity Securities Debt Maturities Weighted Average Maturity | 0 years 0 months 28 days | |
U.S. States and political subdivisions | ||
Securities Available for Sale | ||
One year or less | 12,365 | |
Over one year through five years | 70,589 | |
Over five years through ten years | 115,140 | |
Over ten years | 29,248 | |
Available-for-sale | 227,342 | 262,367 |
Available-for-sale Securities, Amortized Cost Basis | 221,052 | 258,787 |
Weighted-Average Yield | 5.23% | |
Available for Sale Securities, Debt Maturities, Weighted-Average Maturity | 6 years 0 months 0 days | |
Securities Held to Maturity | ||
One year or less | 64,719 | |
Over one year through five years | 78,522 | |
Over five years through ten years | 199,054 | |
Over ten years | 187,983 | |
Held-to-maturity Securities, Fair Value | 530,278 | 475,579 |
Held-to-maturity Securities, Amortized Cost | 517,824 | 480,703 |
Held to Maturity Securities Debt Maturities Weighted Average Yield | 4.68% | |
Held to Maturity Securities Debt Maturities Weighted Average Maturity | 9 years 4 months 26 days | |
Residential Mortgage Backed Securities Issued by US Government Sponsored Enterprises | ||
Securities Available for Sale | ||
One year or less | 2,777 | |
Over one year through five years | 791,641 | |
Over five years through ten years | 176,580 | |
Over ten years | 0 | |
Available-for-sale | 970,998 | 969,922 |
Available-for-sale Securities, Amortized Cost Basis | 951,839 | 962,687 |
Weighted-Average Yield | 2.60% | |
Available for Sale Securities, Debt Maturities, Weighted-Average Maturity | 3 years 9 months 22 days | |
Securities Held to Maturity | ||
One year or less | 0 | |
Over one year through five years | 468,348 | |
Over five years through ten years | 116,829 | |
Over ten years | 0 | |
Held-to-maturity Securities, Fair Value | 585,177 | 559,451 |
Held-to-maturity Securities, Amortized Cost | 580,727 | 569,960 |
Held to Maturity Securities Debt Maturities Weighted Average Yield | 2.16% | |
Held to Maturity Securities Debt Maturities Weighted Average Maturity | 4 years 3 months 8 days | |
Commercial Mortgage Backed Securities Issued by US Government Sponsored Enterprises | ||
Securities Available for Sale | ||
One year or less | 16,850 | |
Over one year through five years | 44,030 | |
Over five years through ten years | 42,523 | |
Over ten years | 0 | |
Available-for-sale | 103,403 | 69,567 |
Available-for-sale Securities, Amortized Cost Basis | 104,176 | 72,048 |
Weighted-Average Yield | 2.28% | |
Available for Sale Securities, Debt Maturities, Weighted-Average Maturity | 4 years 1 month 27 days | |
Securities Held to Maturity | ||
One year or less | 16,305 | |
Over one year through five years | 22,119 | |
Over five years through ten years | 19,671 | |
Over ten years | 0 | |
Held-to-maturity Securities, Fair Value | 58,095 | 55,406 |
Held-to-maturity Securities, Amortized Cost | 58,143 | 56,596 |
Held to Maturity Securities Debt Maturities Weighted Average Yield | 2.12% | |
Held to Maturity Securities Debt Maturities Weighted Average Maturity | 3 years 6 months 5 days | |
Residential Collateralized Mortgage-Backed Securities Issued by US Government Sponsored Enterprises | ||
Securities Available for Sale | ||
One year or less | 8,248 | |
Over one year through five years | 1,579,527 | |
Over five years through ten years | 88,792 | |
Over ten years | 0 | |
Available-for-sale | 1,676,567 | 1,518,393 |
Available-for-sale Securities, Amortized Cost Basis | 1,698,015 | 1,566,262 |
Weighted-Average Yield | 1.96% | |
Available for Sale Securities, Debt Maturities, Weighted-Average Maturity | 3 years 8 months 5 days | |
Securities Held to Maturity | ||
One year or less | 0 | |
Over one year through five years | 1,307,203 | |
Over five years through ten years | 23,174 | |
Over ten years | 0 | |
Held-to-maturity Securities, Fair Value | 1,330,377 | 1,382,914 |
Held-to-maturity Securities, Amortized Cost | 1,368,534 | 1,464,732 |
Held to Maturity Securities Debt Maturities Weighted Average Yield | 1.61% | |
Held to Maturity Securities Debt Maturities Weighted Average Maturity | 3 years 10 months 28 days | |
Residential Collateralized Mortgage-Backed Securities Issued by Non-US Government Agency | ||
Securities Available for Sale | ||
One year or less | 0 | |
Over one year through five years | 7 | |
Over five years through ten years | 0 | |
Over ten years | 0 | |
Available-for-sale | 7 | 9 |
Available-for-sale Securities, Amortized Cost Basis | 7 | 9 |
Weighted-Average Yield | 3.35% | |
Available for Sale Securities, Debt Maturities, Weighted-Average Maturity | 2 years 0 months 0 days | |
Securities Held to Maturity | ||
One year or less | 0 | |
Over one year through five years | 0 | |
Over five years through ten years | 0 | |
Over ten years | 0 | |
Held-to-maturity | 0 | |
Held-to-maturity Securities, Amortized Cost | 0 | |
Held to Maturity Securities Debt Maturities Weighted Average Yield | 0.00% | |
Held to Maturity Securities Debt Maturities Weighted Average Maturity | 0 years | |
Commercial Collateralized Mortgage Backed Securities Issued by US Government Sponsored Enterprises | ||
Securities Available for Sale | ||
One year or less | 0 | |
Over one year through five years | 151,025 | |
Over five years through ten years | 71,309 | |
Over ten years | 0 | |
Available-for-sale | 222,334 | 102,268 |
Available-for-sale Securities, Amortized Cost Basis | 222,876 | 104,152 |
Weighted-Average Yield | 1.97% | |
Available for Sale Securities, Debt Maturities, Weighted-Average Maturity | 4 years 0 months 2 days | |
Securities Held to Maturity | ||
One year or less | 0 | |
Over one year through five years | 159,587 | |
Over five years through ten years | 91,844 | |
Over ten years | 0 | |
Held-to-maturity Securities, Fair Value | 251,431 | 229,023 |
Held-to-maturity Securities, Amortized Cost | 257,642 | 240,069 |
Held to Maturity Securities Debt Maturities Weighted Average Yield | 2.28% | |
Held to Maturity Securities Debt Maturities Weighted Average Maturity | 4 years 7 months 10 days | |
Collateralized Loan Obligations | ||
Securities Available for Sale | ||
One year or less | 7,500 | |
Over one year through five years | 0 | |
Over five years through ten years | 280,344 | |
Over ten years | 0 | |
Available-for-sale | 287,844 | 293,687 |
Available-for-sale Securities, Amortized Cost Basis | 297,446 | 297,259 |
Weighted-Average Yield | 2.67% | |
Available for Sale Securities, Debt Maturities, Weighted-Average Maturity | 6 years 0 months 22 days | |
Securities Held to Maturity | ||
One year or less | 0 | |
Over one year through five years | 0 | |
Over five years through ten years | 0 | |
Over ten years | 0 | |
Held-to-maturity Securities, Amortized Cost | 0 | |
Held to Maturity Securities Debt Maturities Weighted Average Yield | 0.00% | |
Held to Maturity Securities Debt Maturities Weighted Average Maturity | 0 years | |
Corporate bonds | ||
Securities Available for Sale | ||
One year or less | 0 | |
Over one year through five years | 0 | |
Over five years through ten years | 0 | |
Over ten years | 51,337 | |
Available-for-sale | 51,337 | 50,644 |
Available-for-sale Securities, Amortized Cost Basis | 61,652 | 61,596 |
Weighted-Average Yield | 0.96% | |
Available for Sale Securities, Debt Maturities, Weighted-Average Maturity | 12 years 9 months 22 days | |
Securities Held to Maturity | ||
One year or less | 0 | |
Over one year through five years | 91,099 | |
Over five years through ten years | 0 | |
Over ten years | 0 | |
Held-to-maturity Securities, Fair Value | 91,099 | 93,211 |
Held-to-maturity Securities, Amortized Cost | 90,739 | 93,628 |
Held to Maturity Securities Debt Maturities Weighted Average Yield | 2.25% | |
Held to Maturity Securities Debt Maturities Weighted Average Maturity | 3 years 0 months 10 days | |
Total debt securities | ||
Securities Available for Sale | ||
Available-for-sale | 3,542,314 | 3,266,857 |
Available-for-sale Securities, Amortized Cost Basis | 3,559,563 | 3,322,800 |
Fair Value, Inputs, Level 2 [Member] | ||
Securities Available for Sale | ||
Available-for-sale | 3,203,127 | 2,922,527 |
Securities Held to Maturity | ||
Held-to-maturity Securities, Fair Value | 2,824,240 | |
Fair Value, Inputs, Level 2 [Member] | U.S. States and political subdivisions | ||
Securities Available for Sale | ||
Available-for-sale | 262,367 | |
Fair Value, Inputs, Level 2 [Member] | Residential Mortgage Backed Securities Issued by US Government Sponsored Enterprises | ||
Securities Available for Sale | ||
Available-for-sale | 969,922 | |
Fair Value, Inputs, Level 2 [Member] | Commercial Mortgage Backed Securities Issued by US Government Sponsored Enterprises | ||
Securities Available for Sale | ||
Available-for-sale | 69,567 | |
Fair Value, Inputs, Level 2 [Member] | Residential Collateralized Mortgage-Backed Securities Issued by US Government Sponsored Enterprises | ||
Securities Available for Sale | ||
Available-for-sale | 1,518,393 | |
Fair Value, Inputs, Level 2 [Member] | Residential Collateralized Mortgage-Backed Securities Issued by Non-US Government Agency | ||
Securities Available for Sale | ||
Available-for-sale | 1 | 0 |
Fair Value, Inputs, Level 2 [Member] | Commercial Collateralized Mortgage Backed Securities Issued by US Government Sponsored Enterprises | ||
Securities Available for Sale | ||
Available-for-sale | 102,268 | |
Fair Value, Inputs, Level 2 [Member] | Collateralized Loan Obligations | ||
Securities Available for Sale | ||
Available-for-sale | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Corporate bonds | ||
Securities Available for Sale | ||
Available-for-sale | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | ||
Securities Available for Sale | ||
Available-for-sale | 339,187 | 347,611 |
Securities Held to Maturity | ||
Held-to-maturity Securities, Fair Value | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | U.S. States and political subdivisions | ||
Securities Available for Sale | ||
Available-for-sale | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Residential Mortgage Backed Securities Issued by US Government Sponsored Enterprises | ||
Securities Available for Sale | ||
Available-for-sale | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Commercial Mortgage Backed Securities Issued by US Government Sponsored Enterprises | ||
Securities Available for Sale | ||
Available-for-sale | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Residential Collateralized Mortgage-Backed Securities Issued by US Government Sponsored Enterprises | ||
Securities Available for Sale | ||
Available-for-sale | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Residential Collateralized Mortgage-Backed Securities Issued by Non-US Government Agency | ||
Securities Available for Sale | ||
Available-for-sale | 6 | 9 |
Fair Value, Inputs, Level 3 [Member] | Commercial Collateralized Mortgage Backed Securities Issued by US Government Sponsored Enterprises | ||
Securities Available for Sale | ||
Available-for-sale | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Collateralized Loan Obligations | ||
Securities Available for Sale | ||
Available-for-sale | 293,687 | |
Securities Held to Maturity | ||
Held-to-maturity | 0 | |
Fair Value, Inputs, Level 3 [Member] | Corporate bonds | ||
Securities Available for Sale | ||
Available-for-sale | $50,644 |
Loans_Total_Originated_Acquire
Loans (Total Originated, Acquired and Covered Loans Outstanding Table) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross, Commercial | $9,128,591 | $8,750,109 |
Loans and Leases Receivable, Gross, Consumer, Mortgage | 1,061,043 | 1,050,584 |
Loans and Leases Receivable, Gross, Consumer, Installment, Other | 3,162,493 | 2,738,656 |
Loans and Leases Receivable, Gross, Consumer, Home Equity | 1,417,330 | 1,311,932 |
FDIC Indemnification Asset | 22,033 | 61,827 |
Loans and Leases Receivable, Gross, Consumer, Revolving, Credit Card | 164,478 | 148,313 |
Loans and Leases Receivable, Gross, Consumer, Lease Financing | 370,179 | 239,551 |
Loans and Leases Receivable, Gross | 15,326,147 | 14,300,972 |
Allowance for loan losses | -143,649 | -141,252 |
Net loans | 15,182,498 | 14,159,720 |
Loans and Leases Receivable, Gross, Carrying Amount, Covered | 547,943 | |
Originated Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross, Commercial | 7,830,085 | 6,648,279 |
Loans and Leases Receivable, Gross, Consumer, Mortgage | 625,283 | 529,253 |
Loans and Leases Receivable, Gross, Consumer, Installment, Other | 2,393,451 | 1,727,925 |
Loans and Leases Receivable, Gross, Consumer, Home Equity | 1,110,336 | 920,066 |
Loans and Leases Receivable, Gross, Consumer, Revolving, Credit Card | 164,478 | 148,313 |
Loans and Leases Receivable, Gross, Consumer, Lease Financing | 370,179 | 239,551 |
Loans and Leases Receivable, Gross | 12,493,812 | 10,213,387 |
Allowance for loan losses | -95,696 | -96,484 |
Net loans | 10,116,903 | |
Acquired Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross, Commercial | 1,086,899 | 1,725,970 |
Loans and Leases Receivable, Gross, Consumer, Mortgage | 394,484 | 470,652 |
Loans and Leases Receivable, Gross, Consumer, Installment, Other | 764,168 | 1,004,569 |
Loans and Leases Receivable, Gross, Consumer, Home Equity | 233,629 | 294,424 |
Loans and Leases Receivable, Gross | 2,479,180 | 3,495,615 |
Allowance for loan losses | -7,457 | -741 |
Net loans | 2,471,723 | 3,494,874 |
Covered Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross, Commercial | 211,607 | 375,860 |
Loans and Leases Receivable, Gross, Consumer, Mortgage | 41,276 | 50,679 |
Loans and Leases Receivable, Gross, Consumer, Installment, Other | 4,874 | 6,162 |
Loans and Leases Receivable, Gross, Consumer, Home Equity | 73,365 | 97,442 |
FDIC Indemnification Asset | 22,033 | 61,827 |
Loans and Leases Receivable, Gross, Carrying Amount, Covered | 353,155 | 591,970 |
Loans and Leases Receivable, Allowance, Covered | -40,496 | -44,027 |
Loans and Leases Receivable, Net Reported Amount, Covered | $312,659 | $547,943 |
Loans_Summary_of_Loans_to_Rela
Loans (Summary of Loans to Related Parties Table) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Loans and Leases Receivable, Related Parties [Roll Forward] | |||
Aggregate amount at beginning of year | $24,536 | $16,578 | $15,629 |
New loans | 2,534 | 11,507 | 3,500 |
Repayments | -6,388 | -4,374 | -2,739 |
Changes in directors and their affiliations | 0 | 825 | 188 |
Aggregate amount at end of year | $20,682 | $24,536 | $16,578 |
Loans_Changes_in_the_carrying_
Loans (Changes in the carrying amount and accretable yield for acquired impaired loans) (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Apr. 12, 2013 |
Acquired Impaired Loans | ||||
Changes in the carrying amount and accretable yield for acquired impaired loans [Line Items] | ||||
Certain Loans Acquired in Transfer, Accretable Yield | $119,450 | $136,646 | $0 | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Carrying Amount, Net | 423,209 | 601,000 | 0 | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield, Accretion | -49,271 | -27,144 | ||
Certain Loans Acquired in Transfer not Accounted for as Debt Securities Carrying Amount Accretion | 49,271 | 27,144 | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield, Reclassifications from Nonaccretable Difference | 45,824 | 46,361 | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities F D I C Payments Received under Loss Sharing Agreement | -227,062 | -245,859 | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield, Disposals of Loans | -13,749 | -14,129 | ||
Acquired Impaired Loans | Citizens Republic Bancorp | ||||
Changes in the carrying amount and accretable yield for acquired impaired loans [Line Items] | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Outstanding Balance | 1,231,172 | |||
Certain Loans Acquired in Transfer, Accretable Yield | 0 | 131,558 | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Carrying Amount, Net | 0 | 819,715 | ||
Impaired loans | Acquired Loans | ||||
Changes in the carrying amount and accretable yield for acquired impaired loans [Line Items] | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Outstanding Balance | $590,900 | $817,600 |
Loans_Changes_in_Loss_Share_Re
Loans (Changes in Loss Share Receivable Associated with Covered Loans Table) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Acquired Impaired Loans | |||
Changes in Loss Share Receivable Associated with Covered Loans [Line Items] | |||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield, Reclassifications from Nonaccretable Difference | $45,824 | $46,361 | |
Loss Share Receivable | |||
Changes in Loss Share Receivable Associated with Covered Loans [Line Items] | |||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield | 61,827 | 113,734 | |
Changes in Loss Share Receivable [Roll Forward] | |||
Amortization | -20,943 | -24,307 | |
Increase due to impairment on covered loans | 2,920 | 10,790 | |
FDIC reimbursement | -17,837 | -27,234 | |
Covered loans paid in full | -3,934 | -11,156 | |
Balance at end of period | $22,033 | $61,827 |
Loans_Changes_in_the_carrying_1
Loans (Changes in the carrying amount and accretable yield for covered loans) (Details) (Covered impaired loan, USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Covered impaired loan | |||
Changes in the carrying amount of accretable yield for covered loans [Line Items] | |||
Certain Loans Acquired in Transfer, Accretable Yield | $37,511 | $67,282 | $113,288 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Carrying Amount, Net | 232,452 | 403,692 | 762,386 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield, Accretion | -42,161 | -64,528 | |
Certain Loans Acquired in Transfer not Accounted for as Debt Securities Carrying Amount Accretion | 42,161 | 64,528 | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield, Reclassifications from Nonaccretable Difference | 16,841 | 34,965 | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities F D I C Payments Received under Loss Sharing Agreement | -213,401 | -423,222 | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield, Disposals of Loans | ($4,451) | ($16,443) |
Loans_Past_Due_Financing_Recei
Loans (Past Due Financing Receivables Table) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Consumer Loans Guaranteed by Government | $2,400,000 | $2,100,000 | |
FDIC Indemnification Asset | 22,033,000 | 61,827,000 | |
Originated Loans | |||
Summary of loans by portfolio type | |||
Days Past Due 30 to 59 | 33,099,000 | 52,585,000 | |
Days Past Due 60 to 89 | 10,116,000 | 10,926,000 | |
Days Past Due more than 90 | 26,329,000 | 35,888,000 | |
Total Past Due | 69,544,000 | 99,399,000 | |
Current | 12,424,268,000 | 10,113,988,000 | |
Total Loans | 12,493,812,000 | 10,213,387,000 | 8,731,659,000 |
More than 90 days Past Due and Accruing | 12,156,000 | 11,176,000 | |
Nonaccrual Loans | 34,617,000 | 42,203,000 | |
Acquired Loans | |||
Summary of loans by portfolio type | |||
Days Past Due 30 to 59 | 25,656,000 | 32,793,000 | |
Days Past Due 60 to 89 | 9,432,000 | 13,578,000 | |
Days Past Due more than 90 | 40,268,000 | 45,133,000 | |
Total Past Due | 75,356,000 | 91,504,000 | |
Current | 2,403,824,000 | 3,404,111,000 | |
Total Loans | 2,479,180,000 | 3,495,615,000 | |
More than 90 days Past Due and Accruing | 3,471,000 | 4,148,000 | |
Nonaccrual Loans | 8,056,000 | 4,007,000 | |
Covered Loans | |||
Summary of loans by portfolio type | |||
Days Past Due 30 to 59 | 7,915,000 | 13,922,000 | |
Days Past Due 60 to 89 | 2,478,000 | 9,881,000 | |
Days Past Due more than 90 | 66,803,000 | 143,238,000 | |
Total Past Due | 77,196,000 | 167,041,000 | |
Current | 253,926,000 | 363,102,000 | |
Total Loans | 331,122,000 | 530,143,000 | |
Commercial and Industrial Financing Receivable | Originated Loans | |||
Summary of loans by portfolio type | |||
Days Past Due 30 to 59 | 2,212,000 | 8,941,000 | |
Days Past Due 60 to 89 | 1,162,000 | 994,000 | |
Days Past Due more than 90 | 2,670,000 | 10,622,000 | |
Total Past Due | 6,044,000 | 20,557,000 | |
Current | 5,169,157,000 | 4,119,010,000 | |
Total Loans | 5,175,201,000 | 4,139,567,000 | 3,306,526,000 |
More than 90 days Past Due and Accruing | 1,547,000 | 151,000 | |
Nonaccrual Loans | 6,114,000 | 11,323,000 | |
Commercial and Industrial Financing Receivable | Acquired Loans | |||
Summary of loans by portfolio type | |||
Days Past Due 30 to 59 | 92,000 | 1,295,000 | |
Days Past Due 60 to 89 | 234,000 | 862,000 | |
Days Past Due more than 90 | 4,791,000 | 3,744,000 | |
Total Past Due | 5,117,000 | 5,901,000 | |
Current | 444,137,000 | 788,178,000 | |
Total Loans | 449,254,000 | 794,079,000 | |
More than 90 days Past Due and Accruing | 0 | 40,000 | |
Nonaccrual Loans | 787,000 | 795,000 | |
Commercial and Industrial Financing Receivable | Covered Loans | |||
Summary of loans by portfolio type | |||
Days Past Due 30 to 59 | 58,000 | 836,000 | |
Days Past Due 60 to 89 | 0 | 1,489,000 | |
Days Past Due more than 90 | 6,041,000 | 12,957,000 | |
Total Past Due | 6,099,000 | 15,282,000 | |
Current | 42,738,000 | 60,955,000 | |
Total Loans | 48,837,000 | 76,237,000 | |
Commercial Real Estate Other Receivable | Originated Loans | |||
Summary of loans by portfolio type | |||
Days Past Due 30 to 59 | 2,155,000 | 4,507,000 | |
Days Past Due 60 to 89 | 1,460,000 | 2,400,000 | |
Days Past Due more than 90 | 8,864,000 | 9,688,000 | |
Total Past Due | 12,479,000 | 16,595,000 | |
Current | 2,104,639,000 | 2,153,192,000 | |
Total Loans | 2,117,118,000 | 2,169,787,000 | |
More than 90 days Past Due and Accruing | 1,696,000 | 460,000 | |
Nonaccrual Loans | 11,033,000 | 14,229,000 | |
Commercial Real Estate Other Receivable | Acquired Loans | |||
Summary of loans by portfolio type | |||
Days Past Due 30 to 59 | 3,479,000 | 5,603,000 | |
Days Past Due 60 to 89 | 3,398,000 | 5,281,000 | |
Days Past Due more than 90 | 23,509,000 | 26,366,000 | |
Total Past Due | 30,386,000 | 37,250,000 | |
Current | 600,288,000 | 881,395,000 | |
Total Loans | 630,674,000 | 918,645,000 | |
More than 90 days Past Due and Accruing | 44,000 | 403,000 | |
Nonaccrual Loans | 4,171,000 | 651,000 | |
Commercial Real Estate Other Receivable | Covered Loans | |||
Summary of loans by portfolio type | |||
Days Past Due 30 to 59 | 234,000 | 2,855,000 | |
Days Past Due 60 to 89 | 1,517,000 | 3,443,000 | |
Days Past Due more than 90 | 47,233,000 | 103,077,000 | |
Total Past Due | 48,984,000 | 109,375,000 | |
Current | 104,524,000 | 164,219,000 | |
Total Loans | 153,508,000 | 273,594,000 | |
Commercial Construction Financing Receivable [Member] | Acquired Loans | |||
Summary of loans by portfolio type | |||
Days Past Due 30 to 59 | 2,675,000 | ||
Days Past Due 60 to 89 | 0 | ||
Days Past Due more than 90 | 0 | ||
Total Past Due | 2,675,000 | ||
Current | 10,571,000 | ||
Total Loans | 13,246,000 | ||
More than 90 days Past Due and Accruing | 0 | ||
Nonaccrual Loans | 0 | ||
Commercial Real Estate Construction Financing Receivable | Originated Loans | |||
Summary of loans by portfolio type | |||
Days Past Due 30 to 59 | 0 | 351,000 | |
Days Past Due 60 to 89 | 0 | 21,000 | |
Days Past Due more than 90 | 0 | 66,000 | |
Total Past Due | 0 | 438,000 | |
Current | 537,766,000 | 338,487,000 | |
Total Loans | 537,766,000 | 338,925,000 | |
More than 90 days Past Due and Accruing | 0 | 0 | |
Nonaccrual Loans | 0 | 122,000 | |
Commercial Real Estate Construction Financing Receivable | Acquired Loans | |||
Summary of loans by portfolio type | |||
Days Past Due 30 to 59 | 0 | ||
Days Past Due 60 to 89 | 0 | ||
Days Past Due more than 90 | 685,000 | ||
Total Past Due | 685,000 | ||
Current | 6,286,000 | ||
Total Loans | 6,971,000 | 13,246,000 | |
More than 90 days Past Due and Accruing | 0 | ||
Nonaccrual Loans | 0 | ||
Commercial Real Estate Construction Financing Receivable | Covered Loans | |||
Summary of loans by portfolio type | |||
Days Past Due 30 to 59 | 0 | 2,191,000 | |
Days Past Due 60 to 89 | 0 | 1,917,000 | |
Days Past Due more than 90 | 6,064,000 | 20,388,000 | |
Total Past Due | 6,064,000 | 24,496,000 | |
Current | 3,198,000 | 1,533,000 | |
Total Loans | 9,262,000 | 26,029,000 | |
Commercial Leases Financing Receivable | Originated Loans | |||
Summary of loans by portfolio type | |||
Days Past Due 30 to 59 | 0 | 902,000 | |
Days Past Due 60 to 89 | 0 | 0 | |
Days Past Due more than 90 | 0 | 0 | |
Total Past Due | 0 | 902,000 | |
Current | 370,179,000 | 238,649,000 | |
Total Loans | 370,179,000 | 239,551,000 | |
More than 90 days Past Due and Accruing | 0 | 0 | |
Nonaccrual Loans | 0 | 0 | |
Commercial Leases Financing Receivable | Acquired Loans | |||
Summary of loans by portfolio type | |||
Total Loans | 0 | 0 | |
Commercial Leases Financing Receivable | Covered Loans | |||
Summary of loans by portfolio type | |||
Total Loans | 0 | 0 | |
Consumer Installment Financing Receivable | Originated Loans | |||
Summary of loans by portfolio type | |||
Days Past Due 30 to 59 | 14,621,000 | 15,433,000 | |
Days Past Due 60 to 89 | 3,647,000 | 4,050,000 | |
Days Past Due more than 90 | 4,716,000 | 4,462,000 | |
Total Past Due | 22,984,000 | 23,945,000 | |
Current | 2,370,467,000 | 1,703,980,000 | |
Total Loans | 2,393,451,000 | 1,727,925,000 | |
More than 90 days Past Due and Accruing | 3,695,000 | 3,735,000 | |
Nonaccrual Loans | 3,268,000 | 3,681,000 | |
Consumer Installment Financing Receivable | Acquired Loans | |||
Summary of loans by portfolio type | |||
Days Past Due 30 to 59 | 6,204,000 | 14,528,000 | |
Days Past Due 60 to 89 | 2,029,000 | 4,076,000 | |
Days Past Due more than 90 | 1,861,000 | 3,354,000 | |
Total Past Due | 10,094,000 | 21,958,000 | |
Current | 754,074,000 | 982,611,000 | |
Total Loans | 764,168,000 | 1,004,569,000 | |
More than 90 days Past Due and Accruing | 615,000 | 2,263,000 | |
Nonaccrual Loans | 1,218,000 | 679,000 | |
Consumer Installment Financing Receivable | Covered Loans | |||
Summary of loans by portfolio type | |||
Days Past Due 30 to 59 | 23,000 | 33,000 | |
Days Past Due 60 to 89 | 0 | 0 | |
Days Past Due more than 90 | 34,000 | 0 | |
Total Past Due | 57,000 | 33,000 | |
Current | 4,817,000 | 6,130,000 | |
Total Loans | 4,874,000 | 6,163,000 | |
Consumer Home Equity Lines Financing Receivable | Originated Loans | |||
Summary of loans by portfolio type | |||
Days Past Due 30 to 59 | 1,357,000 | 1,864,000 | |
Days Past Due 60 to 89 | 587,000 | 918,000 | |
Days Past Due more than 90 | 1,206,000 | 965,000 | |
Total Past Due | 3,150,000 | 3,747,000 | |
Current | 1,107,186,000 | 916,319,000 | |
Total Loans | 1,110,336,000 | 920,066,000 | |
More than 90 days Past Due and Accruing | 569,000 | 418,000 | |
Nonaccrual Loans | 1,654,000 | 1,819,000 | |
Consumer Home Equity Lines Financing Receivable | Acquired Loans | |||
Summary of loans by portfolio type | |||
Days Past Due 30 to 59 | 2,819,000 | 4,774,000 | |
Days Past Due 60 to 89 | 2,123,000 | 1,933,000 | |
Days Past Due more than 90 | 2,333,000 | 3,606,000 | |
Total Past Due | 7,275,000 | 10,313,000 | |
Current | 226,354,000 | 284,111,000 | |
Total Loans | 233,629,000 | 294,424,000 | |
More than 90 days Past Due and Accruing | 1,519,000 | 1,039,000 | |
Nonaccrual Loans | 631,000 | 1,300,000 | |
Consumer Home Equity Lines Financing Receivable | Covered Loans | |||
Summary of loans by portfolio type | |||
Days Past Due 30 to 59 | 1,395,000 | 544,000 | |
Days Past Due 60 to 89 | 870,000 | 1,467,000 | |
Days Past Due more than 90 | 3,859,000 | 1,651,000 | |
Total Past Due | 6,124,000 | 3,662,000 | |
Current | 67,241,000 | 93,780,000 | |
Total Loans | 73,365,000 | 97,442,000 | |
Consumer Credit Card Financing Receivable | Originated Loans | |||
Summary of loans by portfolio type | |||
Days Past Due 30 to 59 | 668,000 | 729,000 | |
Days Past Due 60 to 89 | 516,000 | 471,000 | |
Days Past Due more than 90 | 860,000 | 735,000 | |
Total Past Due | 2,044,000 | 1,935,000 | |
Current | 162,434,000 | 146,378,000 | |
Total Loans | 164,478,000 | 148,313,000 | |
More than 90 days Past Due and Accruing | 407,000 | 404,000 | |
Nonaccrual Loans | 596,000 | 558,000 | |
Consumer Residential Mortgages Financing Receivable | Originated Loans | |||
Summary of loans by portfolio type | |||
Days Past Due 30 to 59 | 12,086,000 | 19,858,000 | |
Days Past Due 60 to 89 | 2,744,000 | 2,072,000 | |
Days Past Due more than 90 | 8,013,000 | 9,350,000 | |
Total Past Due | 22,843,000 | 31,280,000 | |
Current | 602,440,000 | 497,973,000 | |
Total Loans | 625,283,000 | 529,253,000 | |
More than 90 days Past Due and Accruing | 4,242,000 | 6,008,000 | |
Nonaccrual Loans | 11,952,000 | 10,471,000 | |
Consumer Residential Mortgages Financing Receivable | Acquired Loans | |||
Summary of loans by portfolio type | |||
Days Past Due 30 to 59 | 13,062,000 | 3,918,000 | |
Days Past Due 60 to 89 | 1,648,000 | 1,426,000 | |
Days Past Due more than 90 | 7,089,000 | 8,063,000 | |
Total Past Due | 21,799,000 | 13,407,000 | |
Current | 372,685,000 | 457,245,000 | |
Total Loans | 394,484,000 | 470,652,000 | |
More than 90 days Past Due and Accruing | 1,293,000 | 403,000 | |
Nonaccrual Loans | 1,249,000 | 582,000 | |
Consumer Residential Mortgages Financing Receivable | Covered Loans | |||
Summary of loans by portfolio type | |||
Days Past Due 30 to 59 | 6,205,000 | 7,463,000 | |
Days Past Due 60 to 89 | 91,000 | 1,565,000 | |
Days Past Due more than 90 | 3,572,000 | 5,165,000 | |
Total Past Due | 9,868,000 | 14,193,000 | |
Current | 31,408,000 | 36,485,000 | |
Total Loans | $41,276,000 | $50,678,000 |
Loans_Financing_Receivables_Cr
Loans (Financing Receivables Credit Quality Indicators Table) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||
Originated Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Net | $12,493,812 | $10,213,387 | $8,731,659 |
Originated Loans | Commercial and Industrial Financing Receivable | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Net | 5,175,201 | 4,139,567 | 3,306,526 |
Originated Loans | Commercial and Industrial Financing Receivable | Grade 1 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Net | 52,676 | 34,909 | |
Originated Loans | Commercial and Industrial Financing Receivable | Grade 2 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Net | 186,278 | 108,709 | |
Originated Loans | Commercial and Industrial Financing Receivable | Grade 3 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Net | 1,340,100 | 802,624 | |
Originated Loans | Commercial and Industrial Financing Receivable | Grade 4 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Net | 3,413,446 | 3,083,458 | |
Originated Loans | Commercial and Industrial Financing Receivable | Grade 5 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Net | 139,083 | 71,857 | |
Originated Loans | Commercial and Industrial Financing Receivable | Grade 6 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Net | 43,618 | 38,010 | |
Originated Loans | Commercial and Industrial Financing Receivable | Grade 7 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Net | 0 | 0 | |
Originated Loans | Commercial Real Estate Other Receivable | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Net | 2,117,118 | 2,169,787 | |
Originated Loans | Commercial Real Estate Other Receivable | Grade 1 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Net | 683 | 241 | |
Originated Loans | Commercial Real Estate Other Receivable | Grade 2 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Net | 3,454 | 3,730 | |
Originated Loans | Commercial Real Estate Other Receivable | Grade 3 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Net | 294,281 | 315,150 | |
Originated Loans | Commercial Real Estate Other Receivable | Grade 4 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Net | 1,745,470 | 1,759,383 | |
Originated Loans | Commercial Real Estate Other Receivable | Grade 5 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Net | 29,990 | 34,969 | |
Originated Loans | Commercial Real Estate Other Receivable | Grade 6 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Net | 43,240 | 56,314 | |
Originated Loans | Commercial Real Estate Other Receivable | Grade 7 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Net | 0 | 0 | |
Originated Loans | Commercial Real Estate Construction Financing Receivable | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Net | 537,766 | 338,925 | |
Originated Loans | Commercial Real Estate Construction Financing Receivable | Grade 1 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Net | 678 | 0 | |
Originated Loans | Commercial Real Estate Construction Financing Receivable | Grade 2 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Net | 0 | 0 | |
Originated Loans | Commercial Real Estate Construction Financing Receivable | Grade 3 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Net | 46,074 | 25,632 | |
Originated Loans | Commercial Real Estate Construction Financing Receivable | Grade 4 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Net | 490,757 | 306,795 | |
Originated Loans | Commercial Real Estate Construction Financing Receivable | Grade 5 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Net | 257 | 267 | |
Originated Loans | Commercial Real Estate Construction Financing Receivable | Grade 6 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Net | 0 | 6,231 | |
Originated Loans | Commercial Real Estate Construction Financing Receivable | Grade 7 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Net | 0 | 0 | |
Originated Loans | Commercial Leases Financing Receivable | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Net | 370,179 | 239,551 | |
Originated Loans | Commercial Leases Financing Receivable | Grade 1 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Net | 4,451 | 9,271 | |
Originated Loans | Commercial Leases Financing Receivable | Grade 2 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Net | 14,959 | 2,900 | |
Originated Loans | Commercial Leases Financing Receivable | Grade 3 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Net | 71,908 | 54,446 | |
Originated Loans | Commercial Leases Financing Receivable | Grade 4 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Net | 277,277 | 167,022 | |
Originated Loans | Commercial Leases Financing Receivable | Grade 5 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Net | 1,389 | 5,750 | |
Originated Loans | Commercial Leases Financing Receivable | Grade 6 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Net | 195 | 162 | |
Originated Loans | Commercial Leases Financing Receivable | Grade 7 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Net | 0 | 0 | |
Originated Loans | Commercial | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Net | 8,200,264 | 6,887,830 | |
Originated Loans | Commercial | Grade 1 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Net | 58,488 | 44,421 | |
Originated Loans | Commercial | Grade 2 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Net | 204,691 | 115,339 | |
Originated Loans | Commercial | Grade 3 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Net | 1,752,363 | 1,197,852 | |
Originated Loans | Commercial | Grade 4 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Net | 5,926,950 | 5,316,658 | |
Originated Loans | Commercial | Grade 5 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Net | 170,719 | 112,843 | |
Originated Loans | Commercial | Grade 6 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Net | 87,053 | 100,717 | |
Originated Loans | Commercial | Grade 7 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Net | 0 | 0 | |
Acquired Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Net | 2,479,180 | 3,495,615 | |
Acquired Loans | Commercial and Industrial Financing Receivable | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Net | 449,254 | 794,079 | |
Acquired Loans | Commercial and Industrial Financing Receivable | Grade 1 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Net | 1,076 | 0 | |
Acquired Loans | Commercial and Industrial Financing Receivable | Grade 2 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Net | 0 | 1,741 | |
Acquired Loans | Commercial and Industrial Financing Receivable | Grade 3 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Net | 20,891 | 79,634 | |
Acquired Loans | Commercial and Industrial Financing Receivable | Grade 4 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Net | 376,129 | 643,495 | |
Acquired Loans | Commercial and Industrial Financing Receivable | Grade 5 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Net | 23,268 | 46,807 | |
Acquired Loans | Commercial and Industrial Financing Receivable | Grade 6 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Net | 27,890 | 22,402 | |
Acquired Loans | Commercial and Industrial Financing Receivable | Grade 7 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Net | 0 | 0 | |
Acquired Loans | Commercial Real Estate Other Receivable | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Net | 630,674 | 918,645 | |
Acquired Loans | Commercial Real Estate Other Receivable | Grade 1 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Net | 0 | 0 | |
Acquired Loans | Commercial Real Estate Other Receivable | Grade 2 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Net | 0 | 703 | |
Acquired Loans | Commercial Real Estate Other Receivable | Grade 3 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Net | 24,867 | 29,224 | |
Acquired Loans | Commercial Real Estate Other Receivable | Grade 4 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Net | 532,447 | 722,307 | |
Acquired Loans | Commercial Real Estate Other Receivable | Grade 5 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Net | 28,382 | 93,499 | |
Acquired Loans | Commercial Real Estate Other Receivable | Grade 6 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Net | 44,978 | 72,912 | |
Acquired Loans | Commercial Real Estate Other Receivable | Grade 7 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Net | 0 | 0 | |
Acquired Loans | Commercial Real Estate Construction Financing Receivable | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Net | 6,971 | 13,246 | |
Acquired Loans | Commercial Real Estate Construction Financing Receivable | Grade 1 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Net | 0 | 0 | |
Acquired Loans | Commercial Real Estate Construction Financing Receivable | Grade 2 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Net | 0 | 0 | |
Acquired Loans | Commercial Real Estate Construction Financing Receivable | Grade 3 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Net | 0 | 0 | |
Acquired Loans | Commercial Real Estate Construction Financing Receivable | Grade 4 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Net | 6,286 | 13,246 | |
Acquired Loans | Commercial Real Estate Construction Financing Receivable | Grade 5 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Net | 685 | 0 | |
Acquired Loans | Commercial Real Estate Construction Financing Receivable | Grade 6 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Net | 0 | 0 | |
Acquired Loans | Commercial Real Estate Construction Financing Receivable | Grade 7 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Net | 0 | 0 | |
Acquired Loans | Commercial Leases Financing Receivable | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Net | 0 | 0 | |
Acquired Loans | Commercial Leases Financing Receivable | Grade 1 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Net | 0 | 0 | |
Acquired Loans | Commercial Leases Financing Receivable | Grade 2 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Net | 0 | 0 | |
Acquired Loans | Commercial Leases Financing Receivable | Grade 3 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Net | 0 | 0 | |
Acquired Loans | Commercial Leases Financing Receivable | Grade 4 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Net | 0 | 0 | |
Acquired Loans | Commercial Leases Financing Receivable | Grade 5 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Net | 0 | 0 | |
Acquired Loans | Commercial Leases Financing Receivable | Grade 6 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Net | 0 | 0 | |
Acquired Loans | Commercial Leases Financing Receivable | Grade 7 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Net | 0 | 0 | |
Acquired Loans | Commercial | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Net | 1,086,899 | 1,725,970 | |
Acquired Loans | Commercial | Grade 1 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Net | 1,076 | 0 | |
Acquired Loans | Commercial | Grade 2 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Net | 0 | 2,444 | |
Acquired Loans | Commercial | Grade 3 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Net | 45,758 | 108,858 | |
Acquired Loans | Commercial | Grade 4 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Net | 914,862 | 1,379,048 | |
Acquired Loans | Commercial | Grade 5 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Net | 52,335 | 140,306 | |
Acquired Loans | Commercial | Grade 6 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Net | 72,868 | 95,314 | |
Acquired Loans | Commercial | Grade 7 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Net | 0 | 0 | |
Covered Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Net | 331,122 | 530,143 | |
Covered Loans | Commercial and Industrial Financing Receivable | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Net | 48,837 | 76,237 | |
Covered Loans | Commercial and Industrial Financing Receivable | Grade 1 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Net | 0 | 0 | |
Covered Loans | Commercial and Industrial Financing Receivable | Grade 2 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Net | 1,347 | 968 | |
Covered Loans | Commercial and Industrial Financing Receivable | Grade 3 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Net | 0 | 0 | |
Covered Loans | Commercial and Industrial Financing Receivable | Grade 4 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Net | 36,406 | 41,115 | |
Covered Loans | Commercial and Industrial Financing Receivable | Grade 5 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Net | 167 | 427 | |
Covered Loans | Commercial and Industrial Financing Receivable | Grade 6 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Net | 10,917 | 31,621 | |
Covered Loans | Commercial and Industrial Financing Receivable | Grade 7 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Net | 0 | 2,106 | |
Covered Loans | Commercial Real Estate Other Receivable | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Net | 153,508 | 273,594 | |
Covered Loans | Commercial Real Estate Other Receivable | Grade 1 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Net | 0 | 0 | |
Covered Loans | Commercial Real Estate Other Receivable | Grade 2 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Net | 0 | 0 | |
Covered Loans | Commercial Real Estate Other Receivable | Grade 3 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Net | 0 | 0 | |
Covered Loans | Commercial Real Estate Other Receivable | Grade 4 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Net | 86,779 | 113,863 | |
Covered Loans | Commercial Real Estate Other Receivable | Grade 5 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Net | 3,401 | 6,219 | |
Covered Loans | Commercial Real Estate Other Receivable | Grade 6 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Net | 63,328 | 153,318 | |
Covered Loans | Commercial Real Estate Other Receivable | Grade 7 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Net | 0 | 194 | |
Covered Loans | Commercial Real Estate Construction Financing Receivable | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Net | 9,262 | 26,029 | |
Covered Loans | Commercial Real Estate Construction Financing Receivable | Grade 1 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Net | 0 | 0 | |
Covered Loans | Commercial Real Estate Construction Financing Receivable | Grade 2 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Net | 0 | 0 | |
Covered Loans | Commercial Real Estate Construction Financing Receivable | Grade 3 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Net | 0 | 0 | |
Covered Loans | Commercial Real Estate Construction Financing Receivable | Grade 4 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Net | 823 | 601 | |
Covered Loans | Commercial Real Estate Construction Financing Receivable | Grade 5 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Net | 0 | 0 | |
Covered Loans | Commercial Real Estate Construction Financing Receivable | Grade 6 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Net | 8,248 | 23,208 | |
Covered Loans | Commercial Real Estate Construction Financing Receivable | Grade 7 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Net | 191 | 2,220 | |
Covered Loans | Commercial Leases Financing Receivable | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Net | 0 | 0 | |
Covered Loans | Commercial Leases Financing Receivable | Grade 1 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Net | 0 | 0 | |
Covered Loans | Commercial Leases Financing Receivable | Grade 2 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Net | 0 | 0 | |
Covered Loans | Commercial Leases Financing Receivable | Grade 3 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Net | 0 | 0 | |
Covered Loans | Commercial Leases Financing Receivable | Grade 4 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Net | 0 | 0 | |
Covered Loans | Commercial Leases Financing Receivable | Grade 5 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Net | 0 | 0 | |
Covered Loans | Commercial Leases Financing Receivable | Grade 6 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Net | 0 | 0 | |
Covered Loans | Commercial Leases Financing Receivable | Grade 7 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Net | 0 | 0 | |
Covered Loans | Commercial | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Net | 211,607 | 375,860 | |
Covered Loans | Commercial | Grade 1 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Net | 0 | 0 | |
Covered Loans | Commercial | Grade 2 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Net | 1,347 | 968 | |
Covered Loans | Commercial | Grade 3 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Net | 0 | 0 | |
Covered Loans | Commercial | Grade 4 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Net | 124,008 | 155,579 | |
Covered Loans | Commercial | Grade 5 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Net | 3,568 | 6,646 | |
Covered Loans | Commercial | Grade 6 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Net | 82,493 | 208,147 | |
Covered Loans | Commercial | Grade 7 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Net | $191 | $4,520 |
Loans_Details_Textual
Loans (Details Textual) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Unamortized Loan Commitment and Origination Fees and Unamortized Discounts or Premiums | $5,400,000 | $6,600,000 |
Loans and Leases Receivable, Gross, Carrying Amount, Covered | 547,943,000 | |
Time period for non-payment of loans that are placed on non-accrual status | 90 days | |
Days past due for nonaccrual status credit card loans | 120 days | |
Covered impaired loan | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount, Covered | 451,200,000 | 756,100,000 |
Acquired Loans | Impaired loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Outstanding balance, including contractual principal, interest, fees and penalties, of all purchased loans | $590,900,000 | $817,600,000 |
Allowance_for_Loan_Losses_Sche
Allowance for Loan Losses (Schedule of Credit Losses Related to Originated Financing Receivables, Current and Non-Current) (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Financing Receivable, Allowance for Credit Losses, Write-downs | ($14,700) | ($6,800) | ||
Provision for Loan, Lease, and Other Losses | -52,279 | -33,684 | -54,698 | |
Originated Loans | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Financing Receivable, Allowance for Credit Losses | 95,696 | 96,484 | 98,942 | 107,699 |
Financing Receivable, Allowance for Credit Losses, Write-downs | 44,923 | 40,173 | 65,905 | |
Financing Receivable, Allowance for Credit Losses, Recovery | 20,964 | 24,681 | 23,172 | |
Provision for Loan, Lease, and Other Losses | 23,171 | 13,034 | 33,976 | |
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 5,950 | 6,146 | 5,004 | |
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 89,746 | 90,338 | 93,938 | |
Financing Receivable, Individually Evaluated for Impairment | 93,448 | 87,764 | 96,371 | |
Financing Receivable, Collectively Evaluated for Impairment | 12,400,364 | 10,125,623 | 8,635,288 | |
Financing Receivable, Net | 12,493,812 | 10,213,387 | 8,731,659 | |
Originated Loans | Commercial and Industrial Financing Receivable | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Financing Receivable, Allowance for Credit Losses | 37,375 | 42,981 | 36,209 | 32,363 |
Financing Receivable, Allowance for Credit Losses, Write-downs | 9,617 | 5,840 | 22,639 | |
Financing Receivable, Allowance for Credit Losses, Recovery | 3,872 | 7,981 | 4,266 | |
Provision for Loan, Lease, and Other Losses | 139 | 4,631 | 22,219 | |
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 72 | 3,235 | 577 | |
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 37,303 | 39,746 | 35,632 | |
Financing Receivable, Individually Evaluated for Impairment | 11,759 | 8,053 | 6,187 | |
Financing Receivable, Collectively Evaluated for Impairment | 5,163,442 | 4,131,514 | 3,300,339 | |
Financing Receivable, Net | 5,175,201 | 4,139,567 | 3,306,526 | |
Originated Loans | Commercial Real Estate Portfolio Segment | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Financing Receivable, Allowance for Credit Losses | 10,492 | 12,265 | 20,126 | 31,857 |
Financing Receivable, Allowance for Credit Losses, Write-downs | 3,512 | 1,281 | 5,312 | |
Financing Receivable, Allowance for Credit Losses, Recovery | 515 | 524 | 911 | |
Provision for Loan, Lease, and Other Losses | 1,224 | -7,104 | -7,330 | |
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 229 | 913 | ||
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 7,578 | 12,036 | 19,213 | |
Financing Receivable, Individually Evaluated for Impairment | 23,300 | 20,616 | 24,007 | |
Financing Receivable, Collectively Evaluated for Impairment | 2,093,818 | 2,149,171 | 2,200,409 | |
Financing Receivable, Net | 2,117,118 | 2,169,787 | 2,224,416 | |
Originated Loans | Commercial Construction Financing Receivable Portfolio Segment | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Financing Receivable, Allowance for Credit Losses | 2,202 | 2,810 | 3,821 | 5,173 |
Financing Receivable, Allowance for Credit Losses, Write-downs | 0 | 516 | 697 | |
Financing Receivable, Allowance for Credit Losses, Recovery | 39 | 507 | 449 | |
Provision for Loan, Lease, and Other Losses | -647 | -1,002 | -1,104 | |
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 0 | 105 | ||
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 2,202 | 2,810 | 3,716 | |
Financing Receivable, Individually Evaluated for Impairment | 0 | 906 | 3,405 | |
Financing Receivable, Collectively Evaluated for Impairment | 537,766 | 338,019 | 332,142 | |
Financing Receivable, Net | 537,766 | 338,925 | 335,547 | |
Originated Loans | Finance Leases Portfolio Segment | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Financing Receivable, Allowance for Credit Losses | 674 | 1,081 | 639 | 341 |
Financing Receivable, Allowance for Credit Losses, Write-downs | 0 | 1,237 | 144 | |
Financing Receivable, Allowance for Credit Losses, Recovery | 379 | 100 | 38 | |
Provision for Loan, Lease, and Other Losses | -786 | 1,579 | 404 | |
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 0 | 0 | 0 | |
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 674 | 1,081 | 639 | |
Financing Receivable, Individually Evaluated for Impairment | 0 | 0 | 0 | |
Financing Receivable, Collectively Evaluated for Impairment | 370,179 | 239,551 | 139,236 | |
Financing Receivable, Net | 370,179 | 239,551 | 139,236 | |
Originated Loans | Installment Financing Receivable Portfolio Segment | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Financing Receivable, Allowance for Credit Losses | 12,918 | 11,935 | 11,154 | 17,981 |
Financing Receivable, Allowance for Credit Losses, Write-downs | 20,328 | 16,683 | 18,029 | |
Financing Receivable, Allowance for Credit Losses, Recovery | 11,185 | 10,519 | 11,694 | |
Provision for Loan, Lease, and Other Losses | 10,126 | 6,945 | -492 | |
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 1,014 | 1,526 | ||
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 11,740 | 10,921 | 9,628 | |
Financing Receivable, Individually Evaluated for Impairment | 24,905 | 27,285 | 30,870 | |
Financing Receivable, Collectively Evaluated for Impairment | 2,368,546 | 1,700,640 | 1,297,388 | |
Financing Receivable, Net | 2,393,451 | 1,727,925 | 1,328,258 | |
Originated Loans | Home Equity Receivable Portfolio Segment | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Financing Receivable, Allowance for Credit Losses | 19,324 | 12,900 | 13,724 | 6,766 |
Financing Receivable, Allowance for Credit Losses, Write-downs | 4,831 | 7,172 | 8,949 | |
Financing Receivable, Allowance for Credit Losses, Recovery | 2,940 | 2,979 | 3,441 | |
Provision for Loan, Lease, and Other Losses | 8,315 | 3,369 | 12,466 | |
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 223 | 34 | ||
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 19,117 | 12,677 | 13,690 | |
Financing Receivable, Individually Evaluated for Impairment | 7,379 | 6,726 | 6,281 | |
Financing Receivable, Collectively Evaluated for Impairment | 1,102,957 | 913,340 | 799,797 | |
Financing Receivable, Net | 1,110,336 | 920,066 | 806,078 | |
Originated Loans | Credit Card Receivables Portfolio Segment | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Financing Receivable, Allowance for Credit Losses | 7,966 | 7,740 | 7,384 | 7,369 |
Financing Receivable, Allowance for Credit Losses, Write-downs | 4,604 | 5,541 | 6,171 | |
Financing Receivable, Allowance for Credit Losses, Recovery | 1,716 | 1,841 | 2,138 | |
Provision for Loan, Lease, and Other Losses | 3,114 | 4,056 | 4,048 | |
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 312 | 127 | ||
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 7,670 | 7,428 | 7,257 | |
Financing Receivable, Individually Evaluated for Impairment | 854 | 1,112 | 1,612 | |
Financing Receivable, Collectively Evaluated for Impairment | 163,624 | 147,201 | 144,775 | |
Financing Receivable, Net | 164,478 | 148,313 | 146,387 | |
Originated Loans | Residential Portfolio Segment | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Financing Receivable, Allowance for Credit Losses | 4,745 | 4,772 | 5,885 | 5,849 |
Financing Receivable, Allowance for Credit Losses, Write-downs | 2,031 | 1,903 | 3,964 | |
Financing Receivable, Allowance for Credit Losses, Recovery | 318 | 230 | 235 | |
Provision for Loan, Lease, and Other Losses | 1,686 | 560 | 3,765 | |
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 1,283 | 1,133 | 1,722 | |
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 3,462 | 3,639 | 4,163 | |
Financing Receivable, Individually Evaluated for Impairment | 25,251 | 23,066 | 24,009 | |
Financing Receivable, Collectively Evaluated for Impairment | 600,032 | 506,187 | 421,202 | |
Financing Receivable, Net | $625,283 | $529,253 | $445,211 |
Allowance_for_Loan_Losses_Sche1
Allowance for Loan Losses (Schedule of Credit Losses Related to Acquired Financing Receivables) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Provision for loan losses | $52,279 | $33,684 | $54,698 |
Acquired Loans | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Financing Receivable, Allowance for Credit Losses | 7,457 | 741 | 0 |
Provision for loan losses | $6,716 | $741 |
Allowance_for_Loan_Losses_Sche2
Allowance for Loan Losses (Schedule of Credit Losses Related to Covered Financing Receivables, Current) (Details) (Covered Loans, USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Covered Loans | ||||
Schedule of Allowance for Loan Losses Related to Covered Financing Receivables, Current [Line Items] | ||||
Loans and Leases Receivable, Allowance, Covered | $40,496 | $44,027 | $43,255 | $36,417 |
Provision for Loan Losses Before Benefit Attributable to FDIC Loss Share Agreements | 10,568 | 23,892 | 35,450 | |
Benefit Attributable to FDIC Loss Share Agreements | 2,920 | -10,790 | -14,728 | |
Provision for Loan Lease and Other Losses Covered | 7,648 | 13,102 | 20,722 | |
Increase in Indemnification Asset | 2,920 | 10,790 | 14,728 | |
Allowance for Loan and Lease Losses, Write-offs | $14,099 | ($23,120) | ($28,612) |
Allowance_for_Loan_Losses_Impa
Allowance for Loan Losses (Impaired Financing Receivables) (Details) (Originated Loans, USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Financing Receivable, Impaired [Line Items] | |||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | $5,950 | $6,146 | $5,004 |
Impaired Financing Receivable, Recorded Investment | 93,448 | 87,764 | |
Impaired Financing Receivable, Unpaid Principal Balance | 110,055 | 104,244 | |
Impaired Financing Receivable, Related Allowance | 5,950 | 6,146 | |
Impaired Financing Receivable, Average Recorded Investment | 95,108 | 93,702 | |
Commercial and Industrial Financing Receivable | |||
Financing Receivable, Impaired [Line Items] | |||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 11,451 | 2,503 | |
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 18,207 | 6,679 | |
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 14,193 | 7,256 | |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 308 | 5,551 | |
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 344 | 7,428 | |
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 72 | 3,235 | 577 |
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 326 | 5,009 | |
Commercial Real Estate | |||
Financing Receivable, Impaired [Line Items] | |||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 16,874 | 17,871 | |
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 22,696 | 23,709 | |
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 18,027 | 18,639 | |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 6,426 | 2,744 | |
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 6,440 | 2,870 | |
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 2,914 | 229 | |
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 4,497 | 2,836 | |
Commercial Real Estate Construction Financing Receivable | |||
Financing Receivable, Impaired [Line Items] | |||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 0 | 906 | |
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 0 | 1,179 | |
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 0 | 1,035 | |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 0 | 0 | |
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 0 | 0 | |
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 0 | 0 | |
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 0 | 0 | |
Consumer Installment Financing Receivable | |||
Financing Receivable, Impaired [Line Items] | |||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 4,460 | 2,813 | |
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 4,584 | 3,978 | |
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 4,272 | 3,338 | |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 20,445 | 24,472 | |
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 21,024 | 24,558 | |
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 1,178 | 1,014 | |
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 19,513 | 24,985 | |
Consumer Home Equity Lines Financing Receivable | |||
Financing Receivable, Impaired [Line Items] | |||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 1,723 | 1,018 | |
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 1,754 | 1,347 | |
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 1,792 | 1,079 | |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 5,656 | 5,707 | |
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 5,875 | 5,707 | |
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 207 | 223 | |
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 5,944 | 5,874 | |
Consumer Credit Card Financing Receivable | |||
Financing Receivable, Impaired [Line Items] | |||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 16 | 49 | |
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 16 | 49 | |
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 32 | 91 | |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 838 | 1,064 | |
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 838 | 1,064 | |
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 296 | 312 | |
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 966 | 1,238 | |
Residential Portfolio Segment | |||
Financing Receivable, Impaired [Line Items] | |||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 12,204 | 10,250 | |
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 15,119 | 12,778 | |
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 12,425 | 10,258 | |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 13,047 | 12,816 | |
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 13,158 | 12,898 | |
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 1,283 | 1,133 | 1,722 |
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 13,121 | 12,064 | |
Total impaired loans with no related allowance | |||
Financing Receivable, Impaired [Line Items] | |||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 46,728 | 35,410 | |
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 62,376 | 49,719 | |
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 50,741 | 41,696 | |
Total impaired loans with a related allowance | |||
Financing Receivable, Impaired [Line Items] | |||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 46,720 | 52,354 | |
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 47,679 | 54,525 | |
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 5,950 | 6,146 | |
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | $44,367 | $52,006 |
Allowance_for_Loan_Losses_Trou
Allowance for Loan Losses (Troubled Debt Restructurings on Financing Receivables) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Modifications [Line Items] | ||
financing receivables, modifications, number of contracts at period end | 2,494 | 2,624 |
Financing Receivable, Modifications, Recorded Investment | $130,458 | $133,187 |
Financing Receiables, Modifications, Unpaid Principal Balance | 173,976 | 184,293 |
Commercial and Industrial Financing Receivable | ||
Financing Receivable, Modifications [Line Items] | ||
financing receivables, modifications, number of contracts at period end | 51 | 40 |
Financing Receivable, Modifications, Recorded Investment | 7,318 | 5,559 |
Financing Receiables, Modifications, Unpaid Principal Balance | 15,495 | 9,996 |
Commercial Real Estate | ||
Financing Receivable, Modifications [Line Items] | ||
financing receivables, modifications, number of contracts at period end | 94 | 77 |
Financing Receivable, Modifications, Recorded Investment | 45,648 | 57,657 |
Financing Receiables, Modifications, Unpaid Principal Balance | 67,466 | 79,307 |
Commercial Real Estate Construction Financing Receivable | ||
Financing Receivable, Modifications [Line Items] | ||
financing receivables, modifications, number of contracts at period end | 40 | 40 |
Financing Receivable, Modifications, Recorded Investment | 339 | 5,049 |
Financing Receiables, Modifications, Unpaid Principal Balance | 9,552 | 25,726 |
Commercial Loan | ||
Financing Receivable, Modifications [Line Items] | ||
financing receivables, modifications, number of contracts at period end | 185 | 157 |
Financing Receivable, Modifications, Recorded Investment | 53,305 | 68,265 |
Financing Receiables, Modifications, Unpaid Principal Balance | 92,513 | 115,029 |
Consumer Installment Financing Receivable | ||
Financing Receivable, Modifications [Line Items] | ||
financing receivables, modifications, number of contracts at period end | 1,245 | 1,565 |
Financing Receivable, Modifications, Recorded Investment | 25,880 | 27,790 |
Financing Receiables, Modifications, Unpaid Principal Balance | 26,662 | 29,078 |
Home Equity Line of Credit | ||
Financing Receivable, Modifications [Line Items] | ||
financing receivables, modifications, number of contracts at period end | 483 | 286 |
Financing Receivable, Modifications, Recorded Investment | 23,201 | 12,371 |
Financing Receiables, Modifications, Unpaid Principal Balance | 23,513 | 12,745 |
Consumer Credit Card Financing Receivable | ||
Financing Receivable, Modifications [Line Items] | ||
financing receivables, modifications, number of contracts at period end | 238 | 307 |
Financing Receivable, Modifications, Recorded Investment | 854 | 1,113 |
Financing Receiables, Modifications, Unpaid Principal Balance | 854 | 1,113 |
Residential Mortgage | ||
Financing Receivable, Modifications [Line Items] | ||
financing receivables, modifications, number of contracts at period end | 343 | 309 |
Financing Receivable, Modifications, Recorded Investment | 27,218 | 23,648 |
Financing Receiables, Modifications, Unpaid Principal Balance | 30,434 | 26,328 |
Consumer Loan | ||
Financing Receivable, Modifications [Line Items] | ||
financing receivables, modifications, number of contracts at period end | 2,309 | 2,467 |
Financing Receivable, Modifications, Recorded Investment | 77,153 | 64,922 |
Financing Receiables, Modifications, Unpaid Principal Balance | 81,463 | 69,264 |
Originated Loans Commercial | Commercial and Industrial Financing Receivable | ||
Financing Receivable, Modifications [Line Items] | ||
financing receivables, modifications, number of contracts at period end | 41 | 35 |
Financing Receivable, Modifications, Recorded Investment | 7,123 | 4,449 |
Financing Receiables, Modifications, Unpaid Principal Balance | 13,887 | 7,660 |
Originated Loans Commercial | Commercial Real Estate | ||
Financing Receivable, Modifications [Line Items] | ||
financing receivables, modifications, number of contracts at period end | 67 | 52 |
Financing Receivable, Modifications, Recorded Investment | 17,607 | 15,932 |
Financing Receiables, Modifications, Unpaid Principal Balance | 22,645 | 20,569 |
Originated Loans Commercial | Commercial Real Estate Construction Financing Receivable | ||
Financing Receivable, Modifications [Line Items] | ||
financing receivables, modifications, number of contracts at period end | 31 | 30 |
Financing Receivable, Modifications, Recorded Investment | 0 | 905 |
Financing Receiables, Modifications, Unpaid Principal Balance | 0 | 1,179 |
Originated Loans Commercial | Commercial Loan | ||
Financing Receivable, Modifications [Line Items] | ||
financing receivables, modifications, number of contracts at period end | 139 | 117 |
Financing Receivable, Modifications, Recorded Investment | 24,730 | 21,286 |
Financing Receiables, Modifications, Unpaid Principal Balance | 36,532 | 29,408 |
Originated Consumer Loans | Consumer Installment Financing Receivable | ||
Financing Receivable, Modifications [Line Items] | ||
financing receivables, modifications, number of contracts at period end | 1,205 | 1,553 |
Financing Receivable, Modifications, Recorded Investment | 24,905 | 27,285 |
Financing Receiables, Modifications, Unpaid Principal Balance | 25,608 | 28,536 |
Originated Consumer Loans | Home Equity Line of Credit | ||
Financing Receivable, Modifications [Line Items] | ||
financing receivables, modifications, number of contracts at period end | 270 | 231 |
Financing Receivable, Modifications, Recorded Investment | 7,379 | 6,725 |
Financing Receiables, Modifications, Unpaid Principal Balance | 7,629 | 7,054 |
Originated Consumer Loans | Consumer Credit Card Financing Receivable | ||
Financing Receivable, Modifications [Line Items] | ||
financing receivables, modifications, number of contracts at period end | 238 | 307 |
Financing Receivable, Modifications, Recorded Investment | 854 | 1,113 |
Financing Receiables, Modifications, Unpaid Principal Balance | 854 | 1,113 |
Originated Consumer Loans | Residential Mortgage | ||
Financing Receivable, Modifications [Line Items] | ||
financing receivables, modifications, number of contracts at period end | 315 | 301 |
Financing Receivable, Modifications, Recorded Investment | 25,251 | 23,067 |
Financing Receiables, Modifications, Unpaid Principal Balance | 28,277 | 25,676 |
Originated Consumer Loans | Consumer Loan | ||
Financing Receivable, Modifications [Line Items] | ||
financing receivables, modifications, number of contracts at period end | 2,028 | 2,392 |
Financing Receivable, Modifications, Recorded Investment | 58,389 | 58,190 |
Financing Receiables, Modifications, Unpaid Principal Balance | 62,368 | 62,379 |
Originated Loans | ||
Financing Receivable, Modifications [Line Items] | ||
financing receivables, modifications, number of contracts at period end | 2,167 | 2,509 |
Financing Receivable, Modifications, Recorded Investment | 83,119 | 79,476 |
Financing Receiables, Modifications, Unpaid Principal Balance | 98,900 | 91,787 |
Acquired Loans | ||
Financing Receivable, Modifications [Line Items] | ||
financing receivables, modifications, number of contracts at period end | 216 | 29 |
Financing Receivable, Modifications, Recorded Investment | 12,100 | 2,917 |
Financing Receiables, Modifications, Unpaid Principal Balance | 12,474 | 3,049 |
Acquired Loans | Commercial and Industrial Financing Receivable | ||
Financing Receivable, Modifications [Line Items] | ||
financing receivables, modifications, number of contracts at period end | 2 | 1 |
Financing Receivable, Modifications, Recorded Investment | 18 | 6 |
Financing Receiables, Modifications, Unpaid Principal Balance | 19 | 5 |
Acquired Loans | Commercial Real Estate | ||
Financing Receivable, Modifications [Line Items] | ||
financing receivables, modifications, number of contracts at period end | 3 | 1 |
Financing Receivable, Modifications, Recorded Investment | 2,542 | 1,730 |
Financing Receiables, Modifications, Unpaid Principal Balance | 2,595 | 1,730 |
Acquired Loans | Commercial | ||
Financing Receivable, Modifications [Line Items] | ||
financing receivables, modifications, number of contracts at period end | 2 | |
Financing Receivable, Modifications, Recorded Investment | 1,736 | |
Financing Receiables, Modifications, Unpaid Principal Balance | 1,735 | |
Acquired Loans | Commercial Loan | ||
Financing Receivable, Modifications [Line Items] | ||
financing receivables, modifications, number of contracts at period end | 5 | |
Financing Receivable, Modifications, Recorded Investment | 2,560 | 1,736 |
Financing Receiables, Modifications, Unpaid Principal Balance | 2,614 | |
Acquired Loans | installment | ||
Financing Receivable, Modifications [Line Items] | ||
financing receivables, modifications, number of contracts at period end | 40 | 12 |
Financing Receivable, Modifications, Recorded Investment | 975 | 505 |
Financing Receiables, Modifications, Unpaid Principal Balance | 1,054 | 542 |
Acquired Loans | Home Equity Line of Credit | ||
Financing Receivable, Modifications [Line Items] | ||
financing receivables, modifications, number of contracts at period end | 145 | 8 |
Financing Receivable, Modifications, Recorded Investment | 6,932 | 245 |
Financing Receiables, Modifications, Unpaid Principal Balance | 6,983 | 270 |
Acquired Loans | Residential Mortgage | ||
Financing Receivable, Modifications [Line Items] | ||
financing receivables, modifications, number of contracts at period end | 26 | 7 |
Financing Receivable, Modifications, Recorded Investment | 1,633 | 431 |
Financing Receiables, Modifications, Unpaid Principal Balance | 1,823 | 502 |
Acquired Loans | Consumer Loan | ||
Financing Receivable, Modifications [Line Items] | ||
financing receivables, modifications, number of contracts at period end | 211 | 27 |
Financing Receivable, Modifications, Recorded Investment | 9,540 | 1,181 |
Financing Receiables, Modifications, Unpaid Principal Balance | 9,860 | 1,314 |
Covered Loans Commercial | Commercial and Industrial Financing Receivable | ||
Financing Receivable, Modifications [Line Items] | ||
financing receivables, modifications, number of contracts at period end | 8 | 4 |
Financing Receivable, Modifications, Recorded Investment | 177 | 1,104 |
Financing Receiables, Modifications, Unpaid Principal Balance | 1,589 | 2,331 |
Covered Loans Commercial | Commercial Real Estate | ||
Financing Receivable, Modifications [Line Items] | ||
financing receivables, modifications, number of contracts at period end | 24 | 24 |
Financing Receivable, Modifications, Recorded Investment | 25,499 | 39,995 |
Financing Receiables, Modifications, Unpaid Principal Balance | 42,226 | 57,008 |
Covered Loans Commercial | Commercial Real Estate Construction Financing Receivable | ||
Financing Receivable, Modifications [Line Items] | ||
financing receivables, modifications, number of contracts at period end | 9 | 10 |
Financing Receivable, Modifications, Recorded Investment | 339 | 4,144 |
Financing Receiables, Modifications, Unpaid Principal Balance | 9,552 | 24,547 |
Covered Loans Commercial | Commercial Loan | ||
Financing Receivable, Modifications [Line Items] | ||
financing receivables, modifications, number of contracts at period end | 41 | 38 |
Financing Receivable, Modifications, Recorded Investment | 26,015 | 45,243 |
Financing Receiables, Modifications, Unpaid Principal Balance | 53,367 | 83,886 |
Covered Consumer Loans | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modifications, Recorded Investment | 9,224 | 5,551 |
Covered Consumer Loans | Home Equity Line of Credit | ||
Financing Receivable, Modifications [Line Items] | ||
financing receivables, modifications, number of contracts at period end | 68 | 47 |
Financing Receivable, Modifications, Recorded Investment | 8,890 | 5,401 |
Financing Receiables, Modifications, Unpaid Principal Balance | 8,901 | 5,421 |
Covered Consumer Loans | Residential Mortgage | ||
Financing Receivable, Modifications [Line Items] | ||
financing receivables, modifications, number of contracts at period end | 2 | |
Financing Receivable, Modifications, Recorded Investment | 334 | 150 |
Financing Receiables, Modifications, Unpaid Principal Balance | 334 | |
Covered TDR Loans | ||
Financing Receivable, Modifications [Line Items] | ||
financing receivables, modifications, number of contracts at period end | 111 | 86 |
Financing Receivable, Modifications, Recorded Investment | 35,239 | 50,794 |
Financing Receiables, Modifications, Unpaid Principal Balance | 62,602 | 89,457 |
Covered TDR Loans | Residential Mortgage | ||
Financing Receivable, Modifications [Line Items] | ||
financing receivables, modifications, number of contracts at period end | 1 | |
Financing Receivable, Modifications, Recorded Investment | 150 | |
Financing Receiables, Modifications, Unpaid Principal Balance | 150 | |
Covered TDR Loans | Consumer Loan | ||
Financing Receivable, Modifications [Line Items] | ||
financing receivables, modifications, number of contracts at period end | 70 | 48 |
Financing Receivable, Modifications, Recorded Investment | 9,224 | 5,551 |
Financing Receiables, Modifications, Unpaid Principal Balance | $9,235 | $5,571 |
Allowance_for_Loan_Losses_Accr
Allowance for Loan Losses (Accruing and Non-Accruing Troubled Debt Restructurings) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||
Accruing and Nonaccruing Troubled Debt Restructurings [Line Items] | |||
Financing Receivable, Modifications, Recorded Investment | $130,458 | $133,187 | |
Originated Loans | |||
Accruing and Nonaccruing Troubled Debt Restructurings [Line Items] | |||
Financing Receivable, Recorded Investment, Current | 12,424,268 | 10,113,988 | |
Financing Receivable, Recorded Investment, Past Due | 69,544 | 99,399 | |
Financing Receivable, Modifications, Recorded Investment | 83,119 | 79,476 | |
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 5,950 | 6,146 | 5,004 |
Impaired Financing Receivable, Related Allowance | 5,950 | 6,146 | |
Acquired Loans | |||
Accruing and Nonaccruing Troubled Debt Restructurings [Line Items] | |||
Financing Receivable, Recorded Investment, Current | 2,403,824 | 3,404,111 | |
Financing Receivable, Recorded Investment, Past Due | 75,356 | 91,504 | |
Financing Receivable, Modifications, Recorded Investment | 12,100 | 2,917 | |
Covered Consumer Loans | |||
Accruing and Nonaccruing Troubled Debt Restructurings [Line Items] | |||
Financing Receivable, Modifications, Recorded Investment | 9,224 | 5,551 | |
Covered TDR Loans | |||
Accruing and Nonaccruing Troubled Debt Restructurings [Line Items] | |||
Financing Receivable, Modifications, Recorded Investment | 35,239 | 50,794 | |
Commercial and Industrial Financing Receivable | |||
Accruing and Nonaccruing Troubled Debt Restructurings [Line Items] | |||
Financing Receivable, Modifications, Recorded Investment | 7,318 | 5,559 | |
Commercial and Industrial Financing Receivable | Originated Loans Commercial | |||
Accruing and Nonaccruing Troubled Debt Restructurings [Line Items] | |||
Financing Receivable, Modifications, Recorded Investment | 7,123 | 4,449 | |
Commercial and Industrial Financing Receivable | Acquired Loans | |||
Accruing and Nonaccruing Troubled Debt Restructurings [Line Items] | |||
Financing Receivable, Modifications, Recorded Investment | 18 | 6 | |
Commercial and Industrial Financing Receivable | Covered Commercial TDR Loans | |||
Accruing and Nonaccruing Troubled Debt Restructurings [Line Items] | |||
Financing Receivable, Modifications, Recorded Investment | 177 | 1,104 | |
Commercial Real Estate | |||
Accruing and Nonaccruing Troubled Debt Restructurings [Line Items] | |||
Financing Receivable, Modifications, Recorded Investment | 45,648 | 57,657 | |
Commercial Real Estate | Originated Loans Commercial | |||
Accruing and Nonaccruing Troubled Debt Restructurings [Line Items] | |||
Financing Receivable, Modifications, Recorded Investment | 17,607 | 15,932 | |
Commercial Real Estate | Acquired Loans | |||
Accruing and Nonaccruing Troubled Debt Restructurings [Line Items] | |||
Financing Receivable, Modifications, Recorded Investment | 2,542 | 1,730 | |
Commercial Real Estate | Covered Commercial TDR Loans | |||
Accruing and Nonaccruing Troubled Debt Restructurings [Line Items] | |||
Financing Receivable, Modifications, Recorded Investment | 25,499 | 39,995 | |
Commercial Real Estate Construction Financing Receivable | |||
Accruing and Nonaccruing Troubled Debt Restructurings [Line Items] | |||
Financing Receivable, Modifications, Recorded Investment | 339 | 5,049 | |
Commercial Real Estate Construction Financing Receivable | Originated Loans Commercial | |||
Accruing and Nonaccruing Troubled Debt Restructurings [Line Items] | |||
Financing Receivable, Modifications, Recorded Investment | 0 | 905 | |
Commercial Real Estate Construction Financing Receivable | Covered Commercial TDR Loans | |||
Accruing and Nonaccruing Troubled Debt Restructurings [Line Items] | |||
Financing Receivable, Modifications, Recorded Investment | 339 | 4,144 | |
Commercial Loan | |||
Accruing and Nonaccruing Troubled Debt Restructurings [Line Items] | |||
Financing Receivable, Modifications, Recorded Investment | 53,305 | 68,265 | |
Commercial Loan | Originated Loans Commercial | |||
Accruing and Nonaccruing Troubled Debt Restructurings [Line Items] | |||
Financing Receivable, Modifications, Recorded Investment | 24,730 | 21,286 | |
Commercial Loan | Acquired Loans | |||
Accruing and Nonaccruing Troubled Debt Restructurings [Line Items] | |||
Financing Receivable, Modifications, Recorded Investment | 2,560 | 1,736 | |
Commercial Loan | Covered Commercial TDR Loans | |||
Accruing and Nonaccruing Troubled Debt Restructurings [Line Items] | |||
Financing Receivable, Modifications, Recorded Investment | 26,015 | 45,243 | |
Consumer Installment | |||
Accruing and Nonaccruing Troubled Debt Restructurings [Line Items] | |||
Financing Receivable, Modifications, Recorded Investment | 25,880 | 27,790 | |
Consumer Installment | Originated Consumer Loans | |||
Accruing and Nonaccruing Troubled Debt Restructurings [Line Items] | |||
Financing Receivable, Modifications, Recorded Investment | 24,905 | 27,285 | |
Consumer Installment | Acquired Loans | |||
Accruing and Nonaccruing Troubled Debt Restructurings [Line Items] | |||
Financing Receivable, Modifications, Recorded Investment | 975 | 505 | |
Consumer Home Equity Lines Financing Receivable | |||
Accruing and Nonaccruing Troubled Debt Restructurings [Line Items] | |||
Financing Receivable, Modifications, Recorded Investment | 23,201 | 12,371 | |
Consumer Home Equity Lines Financing Receivable | Originated Consumer Loans | |||
Accruing and Nonaccruing Troubled Debt Restructurings [Line Items] | |||
Financing Receivable, Modifications, Recorded Investment | 7,379 | 6,725 | |
Consumer Home Equity Lines Financing Receivable | Acquired Loans | |||
Accruing and Nonaccruing Troubled Debt Restructurings [Line Items] | |||
Financing Receivable, Modifications, Recorded Investment | 6,932 | 245 | |
Consumer Home Equity Lines Financing Receivable | Covered Consumer Loans | |||
Accruing and Nonaccruing Troubled Debt Restructurings [Line Items] | |||
Financing Receivable, Modifications, Recorded Investment | 8,890 | 5,401 | |
Consumer Credit Card Financing Receivable | |||
Accruing and Nonaccruing Troubled Debt Restructurings [Line Items] | |||
Financing Receivable, Modifications, Recorded Investment | 854 | 1,113 | |
Consumer Credit Card Financing Receivable | Originated Consumer Loans | |||
Accruing and Nonaccruing Troubled Debt Restructurings [Line Items] | |||
Financing Receivable, Modifications, Recorded Investment | 854 | 1,113 | |
Residential Mortgage | |||
Accruing and Nonaccruing Troubled Debt Restructurings [Line Items] | |||
Financing Receivable, Modifications, Recorded Investment | 27,218 | 23,648 | |
Residential Mortgage | Originated Consumer Loans | |||
Accruing and Nonaccruing Troubled Debt Restructurings [Line Items] | |||
Financing Receivable, Modifications, Recorded Investment | 25,251 | 23,067 | |
Residential Mortgage | Acquired Loans | |||
Accruing and Nonaccruing Troubled Debt Restructurings [Line Items] | |||
Financing Receivable, Modifications, Recorded Investment | 1,633 | 431 | |
Residential Mortgage | Covered Consumer Loans | |||
Accruing and Nonaccruing Troubled Debt Restructurings [Line Items] | |||
Financing Receivable, Modifications, Recorded Investment | 334 | 150 | |
Residential Mortgage | Covered TDR Loans | |||
Accruing and Nonaccruing Troubled Debt Restructurings [Line Items] | |||
Financing Receivable, Modifications, Recorded Investment | 150 | ||
Consumer Loan | |||
Accruing and Nonaccruing Troubled Debt Restructurings [Line Items] | |||
Financing Receivable, Modifications, Recorded Investment | 77,153 | 64,922 | |
Consumer Loan | Originated Consumer Loans | |||
Accruing and Nonaccruing Troubled Debt Restructurings [Line Items] | |||
Financing Receivable, Modifications, Recorded Investment | 58,389 | 58,190 | |
Consumer Loan | Acquired Loans | |||
Accruing and Nonaccruing Troubled Debt Restructurings [Line Items] | |||
Financing Receivable, Modifications, Recorded Investment | 9,540 | 1,181 | |
Consumer Loan | Covered TDR Loans | |||
Accruing and Nonaccruing Troubled Debt Restructurings [Line Items] | |||
Financing Receivable, Modifications, Recorded Investment | 9,224 | 5,551 | |
Accruing TDRs | |||
Accruing and Nonaccruing Troubled Debt Restructurings [Line Items] | |||
Financing Receivable, Recorded Investment, Current | 84,600 | 69,077 | |
Financing Receivable, Recorded Investment, Past Due | 26,792 | 45,170 | |
Financing Receivable, Modifications, Recorded Investment | 111,392 | 114,247 | |
Accruing TDRs | Originated Loans | |||
Accruing and Nonaccruing Troubled Debt Restructurings [Line Items] | |||
Financing Receivable, Recorded Investment, Current | 62,333 | 54,705 | |
Financing Receivable, Recorded Investment, Past Due | 5,545 | 6,086 | |
Financing Receivable, Modifications, Recorded Investment | 67,878 | 60,791 | |
Accruing TDRs | Acquired Loans | |||
Accruing and Nonaccruing Troubled Debt Restructurings [Line Items] | |||
Financing Receivable, Recorded Investment, Current | 7,910 | 2,526 | |
Financing Receivable, Recorded Investment, Past Due | 694 | 136 | |
Financing Receivable, Modifications, Recorded Investment | 8,604 | 2,662 | |
Accruing TDRs | Covered Consumer Loans | |||
Accruing and Nonaccruing Troubled Debt Restructurings [Line Items] | |||
Financing Receivable, Recorded Investment, Current | 8,895 | 5,527 | |
Financing Receivable, Recorded Investment, Past Due | 0 | 24 | |
Financing Receivable, Modifications, Recorded Investment | 8,895 | 5,551 | |
Accruing TDRs | Covered TDR Loans | |||
Accruing and Nonaccruing Troubled Debt Restructurings [Line Items] | |||
Financing Receivable, Recorded Investment, Current | 14,357 | 11,846 | |
Financing Receivable, Recorded Investment, Past Due | 20,553 | 38,948 | |
Financing Receivable, Modifications, Recorded Investment | 34,910 | 50,794 | |
Accruing TDRs | Commercial and Industrial Financing Receivable | |||
Accruing and Nonaccruing Troubled Debt Restructurings [Line Items] | |||
Financing Receivable, Recorded Investment, Current | 6,755 | 1,800 | |
Financing Receivable, Recorded Investment, Past Due | 177 | 1,621 | |
Financing Receivable, Modifications, Recorded Investment | 6,932 | 3,421 | |
Accruing TDRs | Commercial and Industrial Financing Receivable | Originated Loans Commercial | |||
Accruing and Nonaccruing Troubled Debt Restructurings [Line Items] | |||
Financing Receivable, Recorded Investment, Current | 6,740 | 1,438 | |
Financing Receivable, Recorded Investment, Past Due | 0 | 879 | |
Financing Receivable, Modifications, Recorded Investment | 6,740 | 2,317 | |
Accruing TDRs | Commercial and Industrial Financing Receivable | Acquired Loans | |||
Accruing and Nonaccruing Troubled Debt Restructurings [Line Items] | |||
Financing Receivable, Recorded Investment, Current | 15 | 0 | |
Financing Receivable, Recorded Investment, Past Due | 0 | 0 | |
Financing Receivable, Modifications, Recorded Investment | 15 | 0 | |
Accruing TDRs | Commercial and Industrial Financing Receivable | Covered Commercial TDR Loans | |||
Accruing and Nonaccruing Troubled Debt Restructurings [Line Items] | |||
Financing Receivable, Recorded Investment, Current | 0 | 362 | |
Financing Receivable, Recorded Investment, Past Due | 177 | 742 | |
Financing Receivable, Modifications, Recorded Investment | 177 | 1,104 | |
Accruing TDRs | Commercial Real Estate | |||
Accruing and Nonaccruing Troubled Debt Restructurings [Line Items] | |||
Financing Receivable, Recorded Investment, Current | 18,008 | 17,431 | |
Financing Receivable, Recorded Investment, Past Due | 21,328 | 35,118 | |
Financing Receivable, Modifications, Recorded Investment | 39,336 | 52,549 | |
Accruing TDRs | Commercial Real Estate | Originated Loans Commercial | |||
Accruing and Nonaccruing Troubled Debt Restructurings [Line Items] | |||
Financing Receivable, Recorded Investment, Current | 12,885 | 10,442 | |
Financing Receivable, Recorded Investment, Past Due | 952 | 382 | |
Financing Receivable, Modifications, Recorded Investment | 13,837 | 10,824 | |
Accruing TDRs | Commercial Real Estate | Acquired Loans | |||
Accruing and Nonaccruing Troubled Debt Restructurings [Line Items] | |||
Financing Receivable, Recorded Investment, Current | 0 | 1,730 | |
Financing Receivable, Recorded Investment, Past Due | 0 | 0 | |
Financing Receivable, Modifications, Recorded Investment | 0 | 1,730 | |
Accruing TDRs | Commercial Real Estate | Covered Commercial TDR Loans | |||
Accruing and Nonaccruing Troubled Debt Restructurings [Line Items] | |||
Financing Receivable, Recorded Investment, Current | 5,123 | 5,259 | |
Financing Receivable, Recorded Investment, Past Due | 20,376 | 34,736 | |
Financing Receivable, Modifications, Recorded Investment | 25,499 | 39,995 | |
Accruing TDRs | Commercial Real Estate Construction Financing Receivable | |||
Accruing and Nonaccruing Troubled Debt Restructurings [Line Items] | |||
Financing Receivable, Recorded Investment, Current | 339 | 1,546 | |
Financing Receivable, Recorded Investment, Past Due | 0 | 3,446 | |
Financing Receivable, Modifications, Recorded Investment | 339 | 4,992 | |
Accruing TDRs | Commercial Real Estate Construction Financing Receivable | Originated Loans Commercial | |||
Accruing and Nonaccruing Troubled Debt Restructurings [Line Items] | |||
Financing Receivable, Recorded Investment, Current | 0 | 848 | |
Financing Receivable, Recorded Investment, Past Due | 0 | 0 | |
Financing Receivable, Modifications, Recorded Investment | 0 | 848 | |
Accruing TDRs | Commercial Real Estate Construction Financing Receivable | Covered Commercial TDR Loans | |||
Accruing and Nonaccruing Troubled Debt Restructurings [Line Items] | |||
Financing Receivable, Recorded Investment, Current | 339 | 698 | |
Financing Receivable, Recorded Investment, Past Due | 0 | 3,446 | |
Financing Receivable, Modifications, Recorded Investment | 339 | 4,144 | |
Accruing TDRs | Commercial Loan | |||
Accruing and Nonaccruing Troubled Debt Restructurings [Line Items] | |||
Financing Receivable, Recorded Investment, Current | 25,102 | 20,777 | |
Financing Receivable, Recorded Investment, Past Due | 21,505 | 40,185 | |
Financing Receivable, Modifications, Recorded Investment | 46,607 | 60,962 | |
Accruing TDRs | Commercial Loan | Originated Loans Commercial | |||
Accruing and Nonaccruing Troubled Debt Restructurings [Line Items] | |||
Financing Receivable, Recorded Investment, Current | 19,625 | 12,728 | |
Financing Receivable, Recorded Investment, Past Due | 952 | 1,261 | |
Financing Receivable, Modifications, Recorded Investment | 20,577 | 13,989 | |
Accruing TDRs | Commercial Loan | Acquired Loans | |||
Accruing and Nonaccruing Troubled Debt Restructurings [Line Items] | |||
Financing Receivable, Recorded Investment, Current | 15 | 1,730 | |
Financing Receivable, Recorded Investment, Past Due | 0 | 0 | |
Financing Receivable, Modifications, Recorded Investment | 15 | 1,730 | |
Accruing TDRs | Commercial Loan | Covered Commercial TDR Loans | |||
Accruing and Nonaccruing Troubled Debt Restructurings [Line Items] | |||
Financing Receivable, Recorded Investment, Current | 5,462 | 6,319 | |
Financing Receivable, Recorded Investment, Past Due | 20,553 | 38,924 | |
Financing Receivable, Modifications, Recorded Investment | 26,015 | 45,243 | |
Accruing TDRs | Consumer Installment | |||
Accruing and Nonaccruing Troubled Debt Restructurings [Line Items] | |||
Financing Receivable, Recorded Investment, Current | 23,095 | 23,711 | |
Financing Receivable, Recorded Investment, Past Due | 813 | 1,374 | |
Financing Receivable, Modifications, Recorded Investment | 23,908 | 25,085 | |
Accruing TDRs | Consumer Installment | Originated Consumer Loans | |||
Accruing and Nonaccruing Troubled Debt Restructurings [Line Items] | |||
Financing Receivable, Recorded Investment, Current | 22,254 | 23,342 | |
Financing Receivable, Recorded Investment, Past Due | 726 | 1,238 | |
Financing Receivable, Modifications, Recorded Investment | 22,980 | 24,580 | |
Accruing TDRs | Consumer Installment | Acquired Loans | |||
Accruing and Nonaccruing Troubled Debt Restructurings [Line Items] | |||
Financing Receivable, Recorded Investment, Current | 841 | 369 | |
Financing Receivable, Recorded Investment, Past Due | 87 | 136 | |
Financing Receivable, Modifications, Recorded Investment | 928 | 505 | |
Accruing TDRs | Consumer Home Equity Lines Financing Receivable | |||
Accruing and Nonaccruing Troubled Debt Restructurings [Line Items] | |||
Financing Receivable, Recorded Investment, Current | 20,986 | 10,872 | |
Financing Receivable, Recorded Investment, Past Due | 876 | 218 | |
Financing Receivable, Modifications, Recorded Investment | 21,862 | 11,090 | |
Accruing TDRs | Consumer Home Equity Lines Financing Receivable | Originated Consumer Loans | |||
Accruing and Nonaccruing Troubled Debt Restructurings [Line Items] | |||
Financing Receivable, Recorded Investment, Current | 6,239 | 5,313 | |
Financing Receivable, Recorded Investment, Past Due | 269 | 194 | |
Financing Receivable, Modifications, Recorded Investment | 6,508 | 5,507 | |
Accruing TDRs | Consumer Home Equity Lines Financing Receivable | Acquired Loans | |||
Accruing and Nonaccruing Troubled Debt Restructurings [Line Items] | |||
Financing Receivable, Recorded Investment, Current | 6,186 | 182 | |
Financing Receivable, Recorded Investment, Past Due | 607 | 0 | |
Financing Receivable, Modifications, Recorded Investment | 6,793 | 182 | |
Accruing TDRs | Consumer Home Equity Lines Financing Receivable | Covered Consumer Loans | |||
Accruing and Nonaccruing Troubled Debt Restructurings [Line Items] | |||
Financing Receivable, Recorded Investment, Current | 8,561 | 5,377 | |
Financing Receivable, Recorded Investment, Past Due | 0 | 24 | |
Financing Receivable, Modifications, Recorded Investment | 8,561 | 5,401 | |
Accruing TDRs | Consumer Credit Card Financing Receivable | |||
Accruing and Nonaccruing Troubled Debt Restructurings [Line Items] | |||
Financing Receivable, Recorded Investment, Current | 775 | 1,046 | |
Financing Receivable, Recorded Investment, Past Due | 60 | 66 | |
Financing Receivable, Modifications, Recorded Investment | 835 | 1,112 | |
Accruing TDRs | Consumer Credit Card Financing Receivable | Originated Consumer Loans | |||
Accruing and Nonaccruing Troubled Debt Restructurings [Line Items] | |||
Financing Receivable, Recorded Investment, Current | 775 | 1,046 | |
Financing Receivable, Recorded Investment, Past Due | 60 | 66 | |
Financing Receivable, Modifications, Recorded Investment | 835 | 1,112 | |
Accruing TDRs | Residential Mortgage | |||
Accruing and Nonaccruing Troubled Debt Restructurings [Line Items] | |||
Financing Receivable, Recorded Investment, Current | 14,642 | 12,671 | |
Financing Receivable, Recorded Investment, Past Due | 3,538 | 3,327 | |
Financing Receivable, Modifications, Recorded Investment | 18,180 | 15,998 | |
Accruing TDRs | Residential Mortgage | Originated Consumer Loans | |||
Accruing and Nonaccruing Troubled Debt Restructurings [Line Items] | |||
Financing Receivable, Recorded Investment, Current | 13,440 | 12,276 | |
Financing Receivable, Recorded Investment, Past Due | 3,538 | 3,327 | |
Financing Receivable, Modifications, Recorded Investment | 16,978 | 15,603 | |
Accruing TDRs | Residential Mortgage | Acquired Loans | |||
Accruing and Nonaccruing Troubled Debt Restructurings [Line Items] | |||
Financing Receivable, Recorded Investment, Current | 868 | 245 | |
Financing Receivable, Recorded Investment, Past Due | 0 | 0 | |
Financing Receivable, Modifications, Recorded Investment | 868 | 245 | |
Accruing TDRs | Residential Mortgage | Covered Consumer Loans | |||
Accruing and Nonaccruing Troubled Debt Restructurings [Line Items] | |||
Financing Receivable, Recorded Investment, Current | 334 | 150 | |
Financing Receivable, Recorded Investment, Past Due | 0 | 0 | |
Financing Receivable, Modifications, Recorded Investment | 334 | 150 | |
Accruing TDRs | Consumer Loan | |||
Accruing and Nonaccruing Troubled Debt Restructurings [Line Items] | |||
Financing Receivable, Recorded Investment, Current | 59,498 | 48,300 | |
Financing Receivable, Recorded Investment, Past Due | 5,287 | 4,985 | |
Financing Receivable, Modifications, Recorded Investment | 64,785 | 53,285 | |
Accruing TDRs | Consumer Loan | Originated Consumer Loans | |||
Accruing and Nonaccruing Troubled Debt Restructurings [Line Items] | |||
Financing Receivable, Recorded Investment, Current | 42,708 | 41,977 | |
Financing Receivable, Recorded Investment, Past Due | 4,593 | 4,825 | |
Financing Receivable, Modifications, Recorded Investment | 47,301 | 46,802 | |
Accruing TDRs | Consumer Loan | Acquired Loans | |||
Accruing and Nonaccruing Troubled Debt Restructurings [Line Items] | |||
Financing Receivable, Recorded Investment, Current | 7,895 | 796 | |
Financing Receivable, Recorded Investment, Past Due | 694 | 136 | |
Financing Receivable, Modifications, Recorded Investment | 8,589 | 932 | |
Nonaccruing TDRs | |||
Accruing and Nonaccruing Troubled Debt Restructurings [Line Items] | |||
Financing Receivable, Recorded Investment, Current | 9,892 | 9,535 | |
Financing Receivable, Recorded Investment, Past Due | 9,174 | 9,405 | |
Financing Receivable, Modifications, Recorded Investment | 19,066 | 18,940 | |
Nonaccruing TDRs | Originated Loans | |||
Accruing and Nonaccruing Troubled Debt Restructurings [Line Items] | |||
Financing Receivable, Recorded Investment, Current | 7,949 | 9,434 | |
Financing Receivable, Recorded Investment, Past Due | 7,292 | 9,251 | |
Financing Receivable, Modifications, Recorded Investment | 15,241 | 18,685 | |
Nonaccruing TDRs | Acquired Loans | |||
Accruing and Nonaccruing Troubled Debt Restructurings [Line Items] | |||
Financing Receivable, Recorded Investment, Current | 1,614 | 101 | |
Financing Receivable, Recorded Investment, Past Due | 1,882 | 154 | |
Financing Receivable, Modifications, Recorded Investment | 3,496 | 255 | |
Nonaccruing TDRs | Covered Consumer Loans | |||
Accruing and Nonaccruing Troubled Debt Restructurings [Line Items] | |||
Financing Receivable, Recorded Investment, Current | 329 | 0 | |
Financing Receivable, Recorded Investment, Past Due | 0 | 0 | |
Financing Receivable, Modifications, Recorded Investment | 329 | 0 | |
Nonaccruing TDRs | Covered TDR Loans | |||
Accruing and Nonaccruing Troubled Debt Restructurings [Line Items] | |||
Financing Receivable, Recorded Investment, Current | 329 | 0 | |
Financing Receivable, Recorded Investment, Past Due | 0 | 0 | |
Financing Receivable, Modifications, Recorded Investment | 329 | 0 | |
Nonaccruing TDRs | Commercial and Industrial Financing Receivable | |||
Accruing and Nonaccruing Troubled Debt Restructurings [Line Items] | |||
Financing Receivable, Recorded Investment, Current | 3 | 183 | |
Financing Receivable, Recorded Investment, Past Due | 383 | 1,955 | |
Financing Receivable, Modifications, Recorded Investment | 386 | 2,138 | |
Nonaccruing TDRs | Commercial and Industrial Financing Receivable | Originated Loans Commercial | |||
Accruing and Nonaccruing Troubled Debt Restructurings [Line Items] | |||
Financing Receivable, Recorded Investment, Current | 0 | 177 | |
Financing Receivable, Recorded Investment, Past Due | 383 | 1,955 | |
Financing Receivable, Modifications, Recorded Investment | 383 | 2,132 | |
Nonaccruing TDRs | Commercial and Industrial Financing Receivable | Acquired Loans | |||
Accruing and Nonaccruing Troubled Debt Restructurings [Line Items] | |||
Financing Receivable, Recorded Investment, Current | 3 | 6 | |
Financing Receivable, Recorded Investment, Past Due | 0 | 0 | |
Financing Receivable, Modifications, Recorded Investment | 3 | 6 | |
Nonaccruing TDRs | Commercial and Industrial Financing Receivable | Covered Commercial TDR Loans | |||
Accruing and Nonaccruing Troubled Debt Restructurings [Line Items] | |||
Financing Receivable, Recorded Investment, Current | 0 | 0 | |
Financing Receivable, Recorded Investment, Past Due | 0 | 0 | |
Financing Receivable, Modifications, Recorded Investment | 0 | 0 | |
Nonaccruing TDRs | Commercial Real Estate | |||
Accruing and Nonaccruing Troubled Debt Restructurings [Line Items] | |||
Financing Receivable, Recorded Investment, Current | 1,372 | 1,208 | |
Financing Receivable, Recorded Investment, Past Due | 4,940 | 3,900 | |
Financing Receivable, Modifications, Recorded Investment | 6,312 | 5,108 | |
Nonaccruing TDRs | Commercial Real Estate | Originated Loans Commercial | |||
Accruing and Nonaccruing Troubled Debt Restructurings [Line Items] | |||
Financing Receivable, Recorded Investment, Current | 394 | 1,208 | |
Financing Receivable, Recorded Investment, Past Due | 3,376 | 3,900 | |
Financing Receivable, Modifications, Recorded Investment | 3,770 | 5,108 | |
Nonaccruing TDRs | Commercial Real Estate | Acquired Loans | |||
Accruing and Nonaccruing Troubled Debt Restructurings [Line Items] | |||
Financing Receivable, Recorded Investment, Current | 978 | 0 | |
Financing Receivable, Recorded Investment, Past Due | 1,564 | 0 | |
Financing Receivable, Modifications, Recorded Investment | 2,542 | 0 | |
Nonaccruing TDRs | Commercial Real Estate | Covered Commercial TDR Loans | |||
Accruing and Nonaccruing Troubled Debt Restructurings [Line Items] | |||
Financing Receivable, Recorded Investment, Current | 0 | 0 | |
Financing Receivable, Recorded Investment, Past Due | 0 | 0 | |
Financing Receivable, Modifications, Recorded Investment | 0 | 0 | |
Nonaccruing TDRs | Commercial Real Estate Construction Financing Receivable | |||
Accruing and Nonaccruing Troubled Debt Restructurings [Line Items] | |||
Financing Receivable, Recorded Investment, Current | 0 | 0 | |
Financing Receivable, Recorded Investment, Past Due | 0 | 57 | |
Financing Receivable, Modifications, Recorded Investment | 0 | 57 | |
Nonaccruing TDRs | Commercial Real Estate Construction Financing Receivable | Originated Loans Commercial | |||
Accruing and Nonaccruing Troubled Debt Restructurings [Line Items] | |||
Financing Receivable, Recorded Investment, Current | 0 | 0 | |
Financing Receivable, Recorded Investment, Past Due | 0 | 57 | |
Financing Receivable, Modifications, Recorded Investment | 0 | 57 | |
Nonaccruing TDRs | Commercial Real Estate Construction Financing Receivable | Covered Commercial TDR Loans | |||
Accruing and Nonaccruing Troubled Debt Restructurings [Line Items] | |||
Financing Receivable, Recorded Investment, Current | 0 | 0 | |
Financing Receivable, Recorded Investment, Past Due | 0 | 0 | |
Financing Receivable, Modifications, Recorded Investment | 0 | 0 | |
Nonaccruing TDRs | Commercial Loan | |||
Accruing and Nonaccruing Troubled Debt Restructurings [Line Items] | |||
Financing Receivable, Recorded Investment, Current | 1,375 | 1,391 | |
Financing Receivable, Recorded Investment, Past Due | 5,323 | 5,912 | |
Financing Receivable, Modifications, Recorded Investment | 6,698 | 7,303 | |
Nonaccruing TDRs | Commercial Loan | Originated Loans Commercial | |||
Accruing and Nonaccruing Troubled Debt Restructurings [Line Items] | |||
Financing Receivable, Recorded Investment, Current | 394 | 1,385 | |
Financing Receivable, Recorded Investment, Past Due | 3,759 | 5,912 | |
Financing Receivable, Modifications, Recorded Investment | 4,153 | 7,297 | |
Nonaccruing TDRs | Commercial Loan | Acquired Loans | |||
Accruing and Nonaccruing Troubled Debt Restructurings [Line Items] | |||
Financing Receivable, Recorded Investment, Current | 981 | 6 | |
Financing Receivable, Recorded Investment, Past Due | 1,564 | 0 | |
Financing Receivable, Modifications, Recorded Investment | 2,545 | 6 | |
Nonaccruing TDRs | Commercial Loan | Covered Commercial TDR Loans | |||
Accruing and Nonaccruing Troubled Debt Restructurings [Line Items] | |||
Financing Receivable, Recorded Investment, Current | 0 | 0 | |
Financing Receivable, Recorded Investment, Past Due | 0 | 0 | |
Financing Receivable, Modifications, Recorded Investment | 0 | 0 | |
Nonaccruing TDRs | Consumer Installment | |||
Accruing and Nonaccruing Troubled Debt Restructurings [Line Items] | |||
Financing Receivable, Recorded Investment, Current | 1,687 | 2,483 | |
Financing Receivable, Recorded Investment, Past Due | 285 | 222 | |
Financing Receivable, Modifications, Recorded Investment | 1,972 | 2,705 | |
Nonaccruing TDRs | Consumer Installment | Originated Consumer Loans | |||
Accruing and Nonaccruing Troubled Debt Restructurings [Line Items] | |||
Financing Receivable, Recorded Investment, Current | 1,663 | 2,483 | |
Financing Receivable, Recorded Investment, Past Due | 262 | 222 | |
Financing Receivable, Modifications, Recorded Investment | 1,925 | 2,705 | |
Nonaccruing TDRs | Consumer Installment | Acquired Loans | |||
Accruing and Nonaccruing Troubled Debt Restructurings [Line Items] | |||
Financing Receivable, Recorded Investment, Current | 24 | 0 | |
Financing Receivable, Recorded Investment, Past Due | 23 | 0 | |
Financing Receivable, Modifications, Recorded Investment | 47 | 0 | |
Nonaccruing TDRs | Consumer Home Equity Lines Financing Receivable | |||
Accruing and Nonaccruing Troubled Debt Restructurings [Line Items] | |||
Financing Receivable, Recorded Investment, Current | 1,339 | 1,269 | |
Financing Receivable, Recorded Investment, Past Due | 0 | 12 | |
Financing Receivable, Modifications, Recorded Investment | 1,339 | 1,281 | |
Nonaccruing TDRs | Consumer Home Equity Lines Financing Receivable | Originated Consumer Loans | |||
Accruing and Nonaccruing Troubled Debt Restructurings [Line Items] | |||
Financing Receivable, Recorded Investment, Current | 871 | 1,206 | |
Financing Receivable, Recorded Investment, Past Due | 0 | 12 | |
Financing Receivable, Modifications, Recorded Investment | 871 | 1,218 | |
Nonaccruing TDRs | Consumer Home Equity Lines Financing Receivable | Acquired Loans | |||
Accruing and Nonaccruing Troubled Debt Restructurings [Line Items] | |||
Financing Receivable, Recorded Investment, Current | 139 | 63 | |
Financing Receivable, Recorded Investment, Past Due | 0 | 0 | |
Financing Receivable, Modifications, Recorded Investment | 139 | 63 | |
Nonaccruing TDRs | Consumer Home Equity Lines Financing Receivable | Covered Consumer Loans | |||
Accruing and Nonaccruing Troubled Debt Restructurings [Line Items] | |||
Financing Receivable, Recorded Investment, Current | 329 | 0 | |
Financing Receivable, Recorded Investment, Past Due | 0 | 0 | |
Financing Receivable, Modifications, Recorded Investment | 329 | 0 | |
Nonaccruing TDRs | Consumer Credit Card Financing Receivable | |||
Accruing and Nonaccruing Troubled Debt Restructurings [Line Items] | |||
Financing Receivable, Recorded Investment, Current | 15 | 0 | |
Financing Receivable, Recorded Investment, Past Due | 4 | 1 | |
Financing Receivable, Modifications, Recorded Investment | 19 | 1 | |
Nonaccruing TDRs | Consumer Credit Card Financing Receivable | Originated Consumer Loans | |||
Accruing and Nonaccruing Troubled Debt Restructurings [Line Items] | |||
Financing Receivable, Recorded Investment, Current | 15 | 0 | |
Financing Receivable, Recorded Investment, Past Due | 4 | 1 | |
Financing Receivable, Modifications, Recorded Investment | 19 | 1 | |
Nonaccruing TDRs | Residential Mortgage | |||
Accruing and Nonaccruing Troubled Debt Restructurings [Line Items] | |||
Financing Receivable, Recorded Investment, Current | 5,476 | 4,392 | |
Financing Receivable, Recorded Investment, Past Due | 3,562 | 3,258 | |
Financing Receivable, Modifications, Recorded Investment | 9,038 | 7,650 | |
Nonaccruing TDRs | Residential Mortgage | Originated Consumer Loans | |||
Accruing and Nonaccruing Troubled Debt Restructurings [Line Items] | |||
Financing Receivable, Recorded Investment, Current | 5,006 | 4,360 | |
Financing Receivable, Recorded Investment, Past Due | 3,267 | 3,104 | |
Financing Receivable, Modifications, Recorded Investment | 8,273 | 7,464 | |
Nonaccruing TDRs | Residential Mortgage | Acquired Loans | |||
Accruing and Nonaccruing Troubled Debt Restructurings [Line Items] | |||
Financing Receivable, Recorded Investment, Current | 470 | 32 | |
Financing Receivable, Recorded Investment, Past Due | 295 | 154 | |
Financing Receivable, Modifications, Recorded Investment | 765 | 186 | |
Nonaccruing TDRs | Residential Mortgage | Covered Consumer Loans | |||
Accruing and Nonaccruing Troubled Debt Restructurings [Line Items] | |||
Financing Receivable, Recorded Investment, Current | 0 | 0 | |
Financing Receivable, Recorded Investment, Past Due | 0 | 0 | |
Financing Receivable, Modifications, Recorded Investment | 0 | 0 | |
Nonaccruing TDRs | Consumer Loan | |||
Accruing and Nonaccruing Troubled Debt Restructurings [Line Items] | |||
Financing Receivable, Recorded Investment, Current | 8,517 | 8,144 | |
Financing Receivable, Recorded Investment, Past Due | 3,851 | 3,493 | |
Financing Receivable, Modifications, Recorded Investment | 12,368 | 11,637 | |
Nonaccruing TDRs | Consumer Loan | Originated Consumer Loans | |||
Accruing and Nonaccruing Troubled Debt Restructurings [Line Items] | |||
Financing Receivable, Recorded Investment, Current | 7,555 | 8,049 | |
Financing Receivable, Recorded Investment, Past Due | 3,533 | 3,339 | |
Financing Receivable, Modifications, Recorded Investment | 11,088 | 11,388 | |
Nonaccruing TDRs | Consumer Loan | Acquired Loans | |||
Accruing and Nonaccruing Troubled Debt Restructurings [Line Items] | |||
Financing Receivable, Recorded Investment, Current | 633 | 95 | |
Financing Receivable, Recorded Investment, Past Due | 318 | 154 | |
Financing Receivable, Modifications, Recorded Investment | 951 | 249 | |
Total Tdr Allowance | |||
Accruing and Nonaccruing Troubled Debt Restructurings [Line Items] | |||
Impaired Financing Receivable, Related Allowance | 6,645 | 7,201 | |
Total Tdr Allowance | Originated Loans | |||
Accruing and Nonaccruing Troubled Debt Restructurings [Line Items] | |||
Impaired Financing Receivable, Related Allowance | 3,195 | 3,379 | |
Total Tdr Allowance | Acquired Loans | |||
Accruing and Nonaccruing Troubled Debt Restructurings [Line Items] | |||
Impaired Financing Receivable, Related Allowance | 228 | 0 | |
Total Tdr Allowance | Covered Consumer Loans | |||
Accruing and Nonaccruing Troubled Debt Restructurings [Line Items] | |||
Impaired Financing Receivable, Related Allowance | 48 | 0 | |
Total Tdr Allowance | Covered TDR Loans | |||
Accruing and Nonaccruing Troubled Debt Restructurings [Line Items] | |||
Impaired Financing Receivable, Related Allowance | 3,222 | 3,822 | |
Total Tdr Allowance | Commercial and Industrial Financing Receivable | |||
Accruing and Nonaccruing Troubled Debt Restructurings [Line Items] | |||
Impaired Financing Receivable, Related Allowance | 90 | 665 | |
Total Tdr Allowance | Commercial and Industrial Financing Receivable | Originated Loans Commercial | |||
Accruing and Nonaccruing Troubled Debt Restructurings [Line Items] | |||
Impaired Financing Receivable, Related Allowance | 72 | 665 | |
Total Tdr Allowance | Commercial and Industrial Financing Receivable | Acquired Loans | |||
Accruing and Nonaccruing Troubled Debt Restructurings [Line Items] | |||
Impaired Financing Receivable, Related Allowance | 18 | 0 | |
Total Tdr Allowance | Commercial and Industrial Financing Receivable | Covered Commercial TDR Loans | |||
Accruing and Nonaccruing Troubled Debt Restructurings [Line Items] | |||
Impaired Financing Receivable, Related Allowance | 0 | 0 | |
Total Tdr Allowance | Commercial Real Estate | |||
Accruing and Nonaccruing Troubled Debt Restructurings [Line Items] | |||
Impaired Financing Receivable, Related Allowance | 3,172 | 3,054 | |
Total Tdr Allowance | Commercial Real Estate | Originated Loans Commercial | |||
Accruing and Nonaccruing Troubled Debt Restructurings [Line Items] | |||
Impaired Financing Receivable, Related Allowance | 159 | 32 | |
Total Tdr Allowance | Commercial Real Estate | Acquired Loans | |||
Accruing and Nonaccruing Troubled Debt Restructurings [Line Items] | |||
Impaired Financing Receivable, Related Allowance | 134 | 0 | |
Total Tdr Allowance | Commercial Real Estate | Covered Commercial TDR Loans | |||
Accruing and Nonaccruing Troubled Debt Restructurings [Line Items] | |||
Impaired Financing Receivable, Related Allowance | 2,879 | 3,022 | |
Total Tdr Allowance | Commercial Real Estate Construction Financing Receivable | |||
Accruing and Nonaccruing Troubled Debt Restructurings [Line Items] | |||
Impaired Financing Receivable, Related Allowance | 295 | 800 | |
Total Tdr Allowance | Commercial Real Estate Construction Financing Receivable | Originated Loans Commercial | |||
Accruing and Nonaccruing Troubled Debt Restructurings [Line Items] | |||
Impaired Financing Receivable, Related Allowance | 0 | 0 | |
Total Tdr Allowance | Commercial Real Estate Construction Financing Receivable | Covered Commercial TDR Loans | |||
Accruing and Nonaccruing Troubled Debt Restructurings [Line Items] | |||
Impaired Financing Receivable, Related Allowance | 295 | 800 | |
Total Tdr Allowance | Commercial Loan | |||
Accruing and Nonaccruing Troubled Debt Restructurings [Line Items] | |||
Impaired Financing Receivable, Related Allowance | 3,557 | 4,519 | |
Total Tdr Allowance | Commercial Loan | Originated Loans Commercial | |||
Accruing and Nonaccruing Troubled Debt Restructurings [Line Items] | |||
Impaired Financing Receivable, Related Allowance | 231 | 697 | |
Total Tdr Allowance | Commercial Loan | Acquired Loans | |||
Accruing and Nonaccruing Troubled Debt Restructurings [Line Items] | |||
Impaired Financing Receivable, Related Allowance | 152 | 0 | |
Total Tdr Allowance | Commercial Loan | Covered Commercial TDR Loans | |||
Accruing and Nonaccruing Troubled Debt Restructurings [Line Items] | |||
Impaired Financing Receivable, Related Allowance | 3,174 | 3,822 | |
Total Tdr Allowance | Consumer Installment | |||
Accruing and Nonaccruing Troubled Debt Restructurings [Line Items] | |||
Impaired Financing Receivable, Related Allowance | 1,243 | 1,014 | |
Total Tdr Allowance | Consumer Installment | Originated Consumer Loans | |||
Accruing and Nonaccruing Troubled Debt Restructurings [Line Items] | |||
Impaired Financing Receivable, Related Allowance | 1,014 | ||
Total Tdr Allowance | Consumer Installment | Acquired Loans | |||
Accruing and Nonaccruing Troubled Debt Restructurings [Line Items] | |||
Impaired Financing Receivable, Related Allowance | 65 | 0 | |
Total Tdr Allowance | Consumer Home Equity Lines Financing Receivable | |||
Accruing and Nonaccruing Troubled Debt Restructurings [Line Items] | |||
Impaired Financing Receivable, Related Allowance | 243 | 223 | |
Total Tdr Allowance | Consumer Home Equity Lines Financing Receivable | Originated Consumer Loans | |||
Accruing and Nonaccruing Troubled Debt Restructurings [Line Items] | |||
Impaired Financing Receivable, Related Allowance | 223 | ||
Total Tdr Allowance | Consumer Home Equity Lines Financing Receivable | Acquired Loans | |||
Accruing and Nonaccruing Troubled Debt Restructurings [Line Items] | |||
Impaired Financing Receivable, Related Allowance | 9 | 0 | |
Total Tdr Allowance | Consumer Home Equity Lines Financing Receivable | Covered Consumer Loans | |||
Accruing and Nonaccruing Troubled Debt Restructurings [Line Items] | |||
Impaired Financing Receivable, Related Allowance | 27 | 0 | |
Total Tdr Allowance | Consumer Credit Card Financing Receivable | |||
Accruing and Nonaccruing Troubled Debt Restructurings [Line Items] | |||
Impaired Financing Receivable, Related Allowance | 296 | 312 | |
Total Tdr Allowance | Consumer Credit Card Financing Receivable | Originated Consumer Loans | |||
Accruing and Nonaccruing Troubled Debt Restructurings [Line Items] | |||
Impaired Financing Receivable, Related Allowance | 312 | ||
Total Tdr Allowance | Residential Mortgage | |||
Accruing and Nonaccruing Troubled Debt Restructurings [Line Items] | |||
Impaired Financing Receivable, Related Allowance | 1,306 | 1,133 | |
Total Tdr Allowance | Residential Mortgage | Originated Consumer Loans | |||
Accruing and Nonaccruing Troubled Debt Restructurings [Line Items] | |||
Impaired Financing Receivable, Related Allowance | 1,133 | ||
Total Tdr Allowance | Residential Mortgage | Acquired Loans | |||
Accruing and Nonaccruing Troubled Debt Restructurings [Line Items] | |||
Impaired Financing Receivable, Related Allowance | 2 | 0 | |
Total Tdr Allowance | Residential Mortgage | Covered Consumer Loans | |||
Accruing and Nonaccruing Troubled Debt Restructurings [Line Items] | |||
Impaired Financing Receivable, Related Allowance | 21 | 0 | |
Total Tdr Allowance | Consumer Loan | |||
Accruing and Nonaccruing Troubled Debt Restructurings [Line Items] | |||
Impaired Financing Receivable, Related Allowance | 3,088 | 2,682 | |
Total Tdr Allowance | Consumer Loan | Originated Consumer Loans | |||
Accruing and Nonaccruing Troubled Debt Restructurings [Line Items] | |||
Impaired Financing Receivable, Related Allowance | 2,964 | 2,682 | |
Total Tdr Allowance | Consumer Loan | Acquired Loans | |||
Accruing and Nonaccruing Troubled Debt Restructurings [Line Items] | |||
Impaired Financing Receivable, Related Allowance | $76 | $0 |
Allowance_for_Loan_Losses_Sche3
Allowance for Loan Losses (Schedule of Debtor Troubled Debt Restructuring, Current Period) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Troubled Debt Restructuring, Debtor, Current Period [Line Items] | ||
financing receivables, modifications, subsequent default, recorded investment at period end | $6,338,000 | $5,640,000 |
financing receivable, modifications, subsequent default, number of contracts at period end | 51 | 64 |
Commercial and Industrial Financing Receivable | ||
Troubled Debt Restructuring, Debtor, Current Period [Line Items] | ||
financing receivables, modifications, subsequent default, recorded investment at period end | 5,357,000 | 1,773,000 |
financing receivable, modifications, subsequent default, number of contracts at period end | 4 | 4 |
Commercial and Industrial Financing Receivable | Originated Loans | ||
Troubled Debt Restructuring, Debtor, Current Period [Line Items] | ||
financing receivables, modifications, subsequent default, recorded investment at period end | 4,930,116 | 1,773,000 |
financing receivable, modifications, subsequent default, number of contracts at period end | 3 | 4 |
Commercial and Industrial Financing Receivable | Covered Loans | ||
Troubled Debt Restructuring, Debtor, Current Period [Line Items] | ||
financing receivables, modifications, subsequent default, recorded investment at period end | 427,000 | 0 |
financing receivable, modifications, subsequent default, number of contracts at period end | 1 | 0 |
Commercial Real Estate | ||
Troubled Debt Restructuring, Debtor, Current Period [Line Items] | ||
financing receivables, modifications, subsequent default, recorded investment at period end | 363,000 | 3,101,000 |
financing receivable, modifications, subsequent default, number of contracts at period end | 1 | 7 |
Commercial Real Estate | Originated Loans | ||
Troubled Debt Restructuring, Debtor, Current Period [Line Items] | ||
financing receivables, modifications, subsequent default, recorded investment at period end | 362,812 | 3,101,000 |
financing receivable, modifications, subsequent default, number of contracts at period end | 1 | 6 |
Commercial Real Estate | Covered Loans | ||
Troubled Debt Restructuring, Debtor, Current Period [Line Items] | ||
financing receivables, modifications, subsequent default, recorded investment at period end | 0 | 0 |
financing receivable, modifications, subsequent default, number of contracts at period end | 0 | 1 |
Commercial Real Estate Construction Financing Receivable | ||
Troubled Debt Restructuring, Debtor, Current Period [Line Items] | ||
financing receivables, modifications, subsequent default, recorded investment at period end | 0 | 276,000 |
financing receivable, modifications, subsequent default, number of contracts at period end | 0 | 2 |
Commercial Real Estate Construction Financing Receivable | Originated Loans | ||
Troubled Debt Restructuring, Debtor, Current Period [Line Items] | ||
financing receivables, modifications, subsequent default, recorded investment at period end | 0 | 231,000 |
financing receivable, modifications, subsequent default, number of contracts at period end | 0 | 1 |
Commercial Real Estate Construction Financing Receivable | Covered Loans | ||
Troubled Debt Restructuring, Debtor, Current Period [Line Items] | ||
financing receivables, modifications, subsequent default, recorded investment at period end | 0 | 45,000 |
financing receivable, modifications, subsequent default, number of contracts at period end | 0 | 1 |
Commercial Loan | ||
Troubled Debt Restructuring, Debtor, Current Period [Line Items] | ||
financing receivables, modifications, subsequent default, recorded investment at period end | 5,720,000 | 5,150,000 |
financing receivable, modifications, subsequent default, number of contracts at period end | 5 | 13 |
Commercial Loan | Originated Loans | ||
Troubled Debt Restructuring, Debtor, Current Period [Line Items] | ||
financing receivables, modifications, subsequent default, recorded investment at period end | 5,293,000 | 5,105,000 |
financing receivable, modifications, subsequent default, number of contracts at period end | 4 | 11 |
Commercial Loan | Covered Loans | ||
Troubled Debt Restructuring, Debtor, Current Period [Line Items] | ||
financing receivables, modifications, subsequent default, recorded investment at period end | 427,000 | 45,000 |
financing receivable, modifications, subsequent default, number of contracts at period end | 1 | 2 |
Consumer Installment | ||
Troubled Debt Restructuring, Debtor, Current Period [Line Items] | ||
financing receivables, modifications, subsequent default, recorded investment at period end | 205,000 | 170,000 |
financing receivable, modifications, subsequent default, number of contracts at period end | 13 | 17 |
Consumer Installment | Originated Consumer Loans | ||
Troubled Debt Restructuring, Debtor, Current Period [Line Items] | ||
financing receivables, modifications, subsequent default, recorded investment at period end | 40,358 | 170,000 |
financing receivable, modifications, subsequent default, number of contracts at period end | 11 | 17 |
Consumer Installment | Acquired Loans | ||
Troubled Debt Restructuring, Debtor, Current Period [Line Items] | ||
financing receivables, modifications, subsequent default, recorded investment at period end | 165,000 | |
financing receivable, modifications, subsequent default, number of contracts at period end | 2 | |
Home Equity Line of Credit | ||
Troubled Debt Restructuring, Debtor, Current Period [Line Items] | ||
financing receivables, modifications, subsequent default, recorded investment at period end | 90,000 | 0 |
financing receivable, modifications, subsequent default, number of contracts at period end | 2 | 0 |
Home Equity Line of Credit | Originated Consumer Loans | ||
Troubled Debt Restructuring, Debtor, Current Period [Line Items] | ||
financing receivables, modifications, subsequent default, recorded investment at period end | 29,000 | 0 |
financing receivable, modifications, subsequent default, number of contracts at period end | 1 | 0 |
Home Equity Line of Credit | Acquired Loans | ||
Troubled Debt Restructuring, Debtor, Current Period [Line Items] | ||
financing receivables, modifications, subsequent default, recorded investment at period end | 61,000 | |
financing receivable, modifications, subsequent default, number of contracts at period end | 1 | |
Consumer Credit Card Financing Receivable | ||
Troubled Debt Restructuring, Debtor, Current Period [Line Items] | ||
financing receivables, modifications, subsequent default, recorded investment at period end | 140,000 | 245,000 |
financing receivable, modifications, subsequent default, number of contracts at period end | 28 | 33 |
Consumer Credit Card Financing Receivable | Originated Consumer Loans | ||
Troubled Debt Restructuring, Debtor, Current Period [Line Items] | ||
financing receivables, modifications, subsequent default, recorded investment at period end | 140,000 | 245,000 |
financing receivable, modifications, subsequent default, number of contracts at period end | 28 | 33 |
Residential Mortgage | ||
Troubled Debt Restructuring, Debtor, Current Period [Line Items] | ||
financing receivables, modifications, subsequent default, recorded investment at period end | 183,000 | 75,000 |
financing receivable, modifications, subsequent default, number of contracts at period end | 3 | 1 |
Residential Mortgage | Originated Consumer Loans | ||
Troubled Debt Restructuring, Debtor, Current Period [Line Items] | ||
financing receivables, modifications, subsequent default, recorded investment at period end | 183,000 | 75,000 |
financing receivable, modifications, subsequent default, number of contracts at period end | 3 | 1 |
Residential Mortgage | Acquired Loans | ||
Troubled Debt Restructuring, Debtor, Current Period [Line Items] | ||
financing receivables, modifications, subsequent default, recorded investment at period end | 0 | |
financing receivable, modifications, subsequent default, number of contracts at period end | 0 | |
Consumer Loan | ||
Troubled Debt Restructuring, Debtor, Current Period [Line Items] | ||
financing receivables, modifications, subsequent default, recorded investment at period end | 618,000 | 490,000 |
financing receivable, modifications, subsequent default, number of contracts at period end | 46 | 51 |
Consumer Loan | Originated Consumer Loans | ||
Troubled Debt Restructuring, Debtor, Current Period [Line Items] | ||
financing receivables, modifications, subsequent default, recorded investment at period end | 392,000 | 490,000 |
financing receivable, modifications, subsequent default, number of contracts at period end | 43 | 51 |
Consumer Loan | Acquired Loans | ||
Troubled Debt Restructuring, Debtor, Current Period [Line Items] | ||
financing receivables, modifications, subsequent default, recorded investment at period end | $226,000 | |
financing receivable, modifications, subsequent default, number of contracts at period end | 3 |
Allowance_for_Loan_Losses_Narr
Allowance for Loan Losses (Narrative) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Minimum Non Performing Substandard Loans Outstanding for Allowance for Credit Losses | $300,000 | ||
Minimum Non Performing Substandard Doubtful Loans Outstanding for Allowance for Credit Losses | 100,000 | ||
Financing Receivable, Allowance for Credit Losses, Write-downs | 14,700,000 | 6,800,000 | |
Impaired Financing Receivable, Interest Income, Cash Basis Method | 900,000 | 1,300,000 | |
Loans and Leases Receivable, Impaired, Troubled Debt, Interest Income | 2,800,000 | 5,500,000 | 3,200,000 |
Loan Commitments | 6,136,313,000 | 5,546,635,000 | |
Total impaired loans with no related allowance | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loan Commitments | 200,000 | ||
Acquired Loans | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Financing Receivable, Allowance for Credit Losses | 7,457,000 | 741,000 | 0 |
Covered Loans | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Provision for Loan Losses Before Benefit Attributable to FDIC Loss Share Agreements | 10,568,000 | 23,892,000 | 35,450,000 |
Benefit Attributable to FDIC Loss Share Agreements | -2,920,000 | 10,790,000 | 14,728,000 |
Provision for Loan Lease and Other Losses Covered | $7,648,000 | $13,102,000 | $20,722,000 |
Goodwill_and_Other_Intangible_2
Goodwill and Other Intangible Assets (Details Textual) (USD $) | 12 Months Ended | 0 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Apr. 12, 2013 |
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Goodwill | $741,740 | $741,740 | ||
Amortization of intangible assets | 11,735 | 8,392 | 1,866 | |
Citizens Republic Bancorp | ||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Finite-Lived intangible assets acquired | 84,774 | |||
Goodwill, Acquired During Period | 281,694 | |||
Citizens Republic Bancorp | Core Deposits | ||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Finite-Lived intangible assets acquired | 70,800 | |||
Useful Life | 15 years | |||
Citizens Republic Bancorp | Customer Relationships | ||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Finite-Lived intangible assets acquired | $14,000 | |||
Useful Life | 12 years |
Goodwill_and_Other_Intangible_3
Goodwill and Other Intangible Assets (Schedule of Goodwill) (Details) (USD $) | 0 Months Ended | ||
In Thousands, unless otherwise specified | Apr. 12, 2013 | Dec. 31, 2014 | Dec. 31, 2013 |
Goodwill [Line Items] | |||
Finite-Lived Intangible Assets, Gross | $96,561 | $101,873 | |
Goodwill | 741,740 | 741,740 | |
Finite-Lived Intangible Assets, Accumulated Amortization | 25,541 | 19,118 | |
Finite-Lived Intangible Assets, Net | 71,020 | 82,755 | |
Commercial | |||
Goodwill [Line Items] | |||
Goodwill | 527,406 | 527,406 | |
Retail | |||
Goodwill [Line Items] | |||
Goodwill | 193,961 | 193,961 | |
Wealth | |||
Goodwill [Line Items] | |||
Goodwill | 20,373 | 20,373 | |
Citizens Republic Bancorp | |||
Goodwill [Line Items] | |||
Goodwill, Acquired During Period | 281,694 | ||
Core Deposits | |||
Goodwill [Line Items] | |||
Finite-Lived Intangible Assets, Gross | 82,323 | 87,533 | |
Finite-Lived Intangible Assets, Accumulated Amortization | 19,996 | 16,065 | |
Finite-Lived Intangible Assets, Net | 62,327 | 71,468 | |
Noncompete Agreements | |||
Goodwill [Line Items] | |||
Finite-Lived Intangible Assets, Gross | 102 | ||
Finite-Lived Intangible Assets, Accumulated Amortization | 102 | ||
Finite-Lived Intangible Assets, Net | 0 | ||
Lease Agreements | |||
Goodwill [Line Items] | |||
Finite-Lived Intangible Assets, Gross | 238 | 238 | |
Finite-Lived Intangible Assets, Accumulated Amortization | 176 | 140 | |
Finite-Lived Intangible Assets, Net | 62 | 98 | |
Customer Relationships | |||
Goodwill [Line Items] | |||
Finite-Lived Intangible Assets, Gross | 14,000 | ||
Finite-Lived Intangible Assets, Accumulated Amortization | 2,811 | ||
Finite-Lived Intangible Assets, Net | 11,189 | ||
Customer Relationships | Citizens Republic Bancorp | |||
Goodwill [Line Items] | |||
Finite-Lived Intangible Assets, Gross | 14,000 | ||
Finite-Lived Intangible Assets, Accumulated Amortization | 5,369 | ||
Finite-Lived Intangible Assets, Net | $8,631 |
Goodwill_and_Other_Intangible_4
Goodwill and Other Intangible Assets (Accumulated Amortization of Intangible Asset Schedule) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Apr. 12, 2013 |
In Thousands, unless otherwise specified | |||
Accumulated amortization of intangible assets | |||
Gross Carrying Amount | $96,561 | $101,873 | |
Accumulated Amortization | -25,541 | -19,118 | |
Net Carrying Amount | 71,020 | 82,755 | |
Core Deposits | |||
Accumulated amortization of intangible assets | |||
Gross Carrying Amount | 82,323 | 87,533 | |
Accumulated Amortization | -19,996 | -16,065 | |
Net Carrying Amount | 62,327 | 71,468 | |
Noncompete Agreements | |||
Accumulated amortization of intangible assets | |||
Gross Carrying Amount | 102 | ||
Accumulated Amortization | -102 | ||
Net Carrying Amount | 0 | ||
Lease Agreements | |||
Accumulated amortization of intangible assets | |||
Gross Carrying Amount | 238 | 238 | |
Accumulated Amortization | -176 | -140 | |
Net Carrying Amount | 62 | 98 | |
Customer Relationships | |||
Accumulated amortization of intangible assets | |||
Gross Carrying Amount | 14,000 | ||
Accumulated Amortization | -2,811 | ||
Net Carrying Amount | 11,189 | ||
Citizens Republic Bancorp | |||
Accumulated amortization of intangible assets | |||
Finite-Lived intangible assets acquired | 84,774 | ||
Citizens Republic Bancorp | Core Deposits | |||
Accumulated amortization of intangible assets | |||
Finite-Lived intangible assets acquired | 70,800 | ||
Citizens Republic Bancorp | Customer Relationships | |||
Accumulated amortization of intangible assets | |||
Gross Carrying Amount | 14,000 | ||
Accumulated Amortization | -5,369 | ||
Net Carrying Amount | 8,631 | ||
Finite-Lived intangible assets acquired | $14,000 |
Goodwill_and_Other_Intangible_5
Goodwill and Other Intangible Assets (Schedule of Expected Amortization Expense) (Details) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
31-Dec-15 | $10,391 |
31-Dec-16 | 9,209 |
31-Dec-17 | 8,161 |
31-Dec-18 | 7,273 |
31-Dec-19 | 6,500 |
Total estimated future amortization | $41,534 |
Mortgage_Servicing_Rights_and_2
Mortgage Servicing Rights and Mortgage Servicing Activity (Details Textual) (USD $) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Servicing Assets at Fair Value [Line Items] | ||||
Principal Amount Outstanding of Loans Held-in-portfolio | $356,500,000 | $562,300,000 | ||
Mortgage Servicing rights Valuation Allowance | -955,000 | 282,000 | 2,564,000 | 3,539,000 |
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale, Gain (Loss) on Sale | 7,200,000 | 12,100,000 | ||
Qualitative and Quantitative Information, Transferor's Continuing Involvement, Principal Amount Outstanding, Continued Recognition, Amount | 314,400,000 | 514,600,000 | ||
Minimum percentage adverse change in prepayment speed | 10.00% | |||
Maximum percentage adverse change in prepayment speed | 25.00% | |||
Percentage of variation in prepayment speed | 10.00% | |||
Residential Mortgage | ||||
Servicing Assets at Fair Value [Line Items] | ||||
Servicing Asset | 2,600,000,000 | 2,700,000,000 | ||
Contractually Specified Servicing Fees, Amount | $6,600,000 | $6,400,000 | $5,800,000 |
Mortgage_Servicing_Rights_and_3
Mortgage Servicing Rights and Mortgage Servicing Activity (Changes in the Carrying Amount of Mortgage Servicing Rights) (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Apr. 12, 2013 |
Mortage Servicing Rights Amortized Value [Roll Forward] | ||||
Mortgage Servicing Rights Beginning of Period | $22,760 | $21,316 | $21,179 | |
Mortgage Servicing Rights Additions | 3,049 | 4,952 | 5,876 | |
Amortization of Mortgage Servicing Rights (MSRs) | -3,798 | -4,573 | -5,739 | |
Mortgage Servicing Rights, End of Period | 22,011 | 22,760 | 21,316 | |
Mortage Servicing Rights Valuation Rollforward [Roll Forward] | ||||
Mortgage Servicing rights Valuation Allowance Beginning of Period | -282 | -2,564 | -3,539 | |
Mortgage Servicing Rights (MSR) Impairment (Recovery) | -673 | 2,282 | 975 | |
Mortgage Servicing rights Valuation Allowance, End of Period | 955 | -282 | -2,564 | |
MSRs, net carrying balance | 21,056 | 22,478 | 18,752 | |
Fair value at end of period | 21,228 | 23,041 | ||
Citizens Republic Bancorp | ||||
Mortage Servicing Rights Amortized Value [Roll Forward] | ||||
Addition of Citizens' MSR's on Acquisition Date | 681,100 | |||
Mortgage Servicing Rights [Member] | Citizens Republic Bancorp | ||||
Mortage Servicing Rights Amortized Value [Roll Forward] | ||||
Addition of Citizens' MSR's on Acquisition Date | $0 | $0 | $1,065 |
Mortgage_Servicing_Rights_and_4
Mortgage Servicing Rights and Mortgage Servicing Activity (Changes In Key Economic Assumptions) (Details) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2014 |
Transfers and Servicing [Abstract] | |
Prepayment speed assumption (annual CPR) | 11.79% |
Decrease in fair value from 10% adverse change | $767 |
Decrease in fair value from 25% adverse change | 1,837 |
Discount rate assumption | 9.89% |
Decrease in fair value from 100 basis point adverse change | 660 |
Decrease in fair value from 200 basis point adverse change | $1,277 |
Expected weighted-average life (in months) | 96 years 10 months 24 days |
Mortgage_Servicing_Rights_and_5
Mortgage Servicing Rights and Mortgage Servicing Activity (Estimated Amortization Expense for Mortgage Servicing Rights) (Details) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2014 |
Transfers and Servicing [Abstract] | |
2015 | $3,562 |
2016 | 3,128 |
2017 | 2,610 |
2018 | 2,189 |
2019 | 1,836 |
more than 5 years | 7,731 |
Total estimated future amortization | $21,056 |
Restrictions_on_Cash_and_Divid1
Restrictions on Cash and Dividends (Narrative) (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Restrictions on Cash and Dividends [Abstract] | ||
Average Balance On Deposit To Satisfy Reserve Requirements | $5.90 | $41.80 |
Cash And Due Deposited With The Federal Reserve Bank | $0.10 |
Premises_and_Equipment_Schedul
Premises and Equipment (Schedule of Premises and Equipment) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Premises and Equipment [Line Items] | ||
Premises and Equipment, gross | 674,380 | $639,537 |
Less accumulated depreciation and amortization | 342,083 | 312,483 |
Premises and Equipment, net | 332,297 | 327,054 |
Land | ||
Premises and Equipment [Line Items] | ||
Premises and Equipment, gross | 60,397 | 64,810 |
Buildings | ||
Premises and Equipment [Line Items] | ||
Premises and Equipment, gross | 308,144 | 310,345 |
Equipment | ||
Premises and Equipment [Line Items] | ||
Premises and Equipment, gross | 176,906 | 156,521 |
Leasehold improvements | ||
Premises and Equipment [Line Items] | ||
Premises and Equipment, gross | 25,151 | 23,872 |
Software | ||
Premises and Equipment [Line Items] | ||
Premises and Equipment, gross | 103,782 | $83,989 |
Minimum | Buildings | ||
Premises and Equipment [Line Items] | ||
Property, Plant and Equipment, Estimated Useful Lives | 10 years | |
Minimum | Equipment | ||
Premises and Equipment [Line Items] | ||
Property, Plant and Equipment, Estimated Useful Lives | 3 years | |
Minimum | Leasehold improvements | ||
Premises and Equipment [Line Items] | ||
Property, Plant and Equipment, Estimated Useful Lives | 1 year | |
Minimum | Software | ||
Premises and Equipment [Line Items] | ||
Property, Plant and Equipment, Estimated Useful Lives | 3 years | |
Maximum | Buildings | ||
Premises and Equipment [Line Items] | ||
Property, Plant and Equipment, Estimated Useful Lives | 35 years | |
Maximum | Equipment | ||
Premises and Equipment [Line Items] | ||
Property, Plant and Equipment, Estimated Useful Lives | 15 years | |
Maximum | Leasehold improvements | ||
Premises and Equipment [Line Items] | ||
Property, Plant and Equipment, Estimated Useful Lives | 20 years | |
Maximum | Software | ||
Premises and Equipment [Line Items] | ||
Property, Plant and Equipment, Estimated Useful Lives | 7 years |
Premises_and_Equipment_Narrati
Premises and Equipment (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Property, Plant and Equipment [Abstract] | |||
Depreciation, Amortization and Accretion, Net | $37,594 | $32,153 | $23,060 |
Certificates_and_Other_Time_De2
Certificates and Other Time Deposits (Narrative) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Certificates and Other Deposits [Abstract] | |||
Value of Certificates Disclosed, Equal or Greater Than | $100,000 | ||
Time Deposits, $100,000 or More | 716,500,000 | 882,400,000 | 489,900,000 |
Interest Expense, Time Deposits, $100,000 or More | $3,800,000 | $4,500,000 | $3,800,000 |
Certificates_and_Other_Time_De3
Certificates and Other Time Deposits (Maturities of Certificates and Other Time Deposits) (Details) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Time Deposits [Abstract] | |
2015 | $1,627,788 |
2016 | 341,135 |
2017 | 101,325 |
2018 | 109,896 |
2019 | 105,632 |
2020 and after | 3,727 |
Total certificates and other time deposits | $2,289,503 |
Federal_Funds_Purchased_and_Se2
Federal Funds Purchased and Securities Sold Under Agreements to Repurchase (Schedule of Federal Funds Purchased and Securities Sold Under Agreements to Repurchase and Wholesale Borrowings) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Federal Funds Purchased and Securities Sold under Agreements to Repurchase [Abstract] | ||
Federal funds purchased and securities sold under agreements to repurchase | $1,272,591 | $851,535 |
Federal_Funds_Purchased_and_Se3
Federal Funds Purchased and Securities Sold Under Agreements to Repurchase (Narrative) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Federal Funds Purchased and Securities Sold under Agreements to Repurchase [Abstract] | ||
Securities Sold under Agreements to Repurchase, Fair Value of Collateral | $888.40 | $1,000 |
Federal_Funds_Purchased_and_Se4
Federal Funds Purchased and Securities Sold Under Agreements to Repurchase (Schedule of Select Financial Data Federal Funds Purchased and Securities Sold Under Agreements to Repurchase) (Details) (Federal Funds Purchased and Securities Sold under Agreements to Repurchase, USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2013 |
Federal Funds Purchased and Securities Sold under Agreements to Repurchase | ||||
Average balance during the year | $1,084,532 | $949,068 | $949,756 | |
Weighted-average annual interest rate during the year | 0.09% | 0.13% | 0.12% | |
Maximum month-end balance | $1,289,460 | $1,123,795 | $1,104,525 |
Income_Taxes_Narrative_Details
Income Taxes (Narrative) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Income Tax [Line Items] | |||
Federal NOL carryforwards | $131,195,000 | $190,350,000 | |
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Amount | 2,300,000 | ||
Total income tax expense | 101,943,000 | 79,507,000 | 55,693,000 |
Income Tax (Benefits), Probability Threshold For Recognition, Minimum Percentage | 50.00% | ||
Unrecognized Tax Benefits, Decrease Resulting from Current Period Tax Positions | 9 | ||
Unrecognized Tax Benefits, Effective Tax Rate If Fully Recognized | 29.90% | ||
Alternative minimum tax credit carryforward | 83,428,000 | 41,882,000 | |
Expiration of Statues of Limitation | |||
Income Tax [Line Items] | |||
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit | -50,000 | ||
2013 Tax Filings | |||
Income Tax [Line Items] | |||
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit | -200,000 | ||
Net-worth Taxes | |||
Income Tax [Line Items] | |||
Total income tax expense | 8,200,000 | 9,900,000 | 7,800,000 |
Federal | |||
Income Tax [Line Items] | |||
Federal NOL carryforwards | 374,800,000 | ||
General Business Tax Credit Carryforward | |||
Income Tax [Line Items] | |||
General business tax credit carryforward | $1,982,000 | $5,715,000 |
Income_Taxes_Schedule_of_Compo
Income Taxes (Schedule of Components of Income Tax Expense) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | |||
Federal | $52,514 | $24,426 | $48,359 |
State | 4,763 | 3,496 | 2,655 |
Deferred expense (benefit) | 44,666 | 51,585 | 4,679 |
Total income tax expense | $101,943 | $79,507 | $55,693 |
Income_Taxes_Schedule_of_Effec
Income Taxes (Schedule of Effective Income Tax Rate Reconciliation) (Details) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Income Tax Disclosure [Abstract] | |||
Statutory rate | 35.00% | 35.00% | 35.00% |
Increase (decrease) in rate due to: | |||
Interest on tax-exempt securities and tax-free loans, net | -2.77% | -3.16% | -3.23% |
Merger expenses at acquisition | 0.00% | 0.54% | 0.00% |
Reduction in excess tax reserves | 0.00% | 0.11% | 0.00% |
Bank owned life insurance | -2.10% | -2.53% | -3.10% |
State income tax (net) | 0.91% | 0.87% | 0.94% |
Tax credits | -0.96% | -1.06% | -1.14% |
ESOP Dividends | -0.13% | -0.14% | -0.21% |
Nondeductible meals and entertainment | 0.22% | 0.27% | 0.25% |
Other | -0.18% | 0.31% | 0.83% |
Effective tax rates | 29.99% | 30.21% | 29.34% |
Income_Taxes_Schedule_of_Defer
Income Taxes (Schedule of Deferred Income Tax Assets and Liabilities) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Deferred Tax Assets, Gross [Abstract] | ||
Allowance for credit losses | $35,760 | $37,857 |
Employee benefits | 51,584 | 33,676 |
Real Estate Mortgage Investment Credit | 4,831 | 5,645 |
Acquired liabilities | 6,296 | 14,768 |
Acquired loans | 51,701 | 62,993 |
Available for sale securities | 3,862 | 16,819 |
Loan fees and expenses | 0 | 2,777 |
Federal NOL carryforwards | 131,195 | 190,350 |
Alternative minimum tax credit carryforward | 83,428 | 41,882 |
State income tax (net of federal benefit) | 1,970 | 4,728 |
Other | 467 | 0 |
Deferred Tax Assets, Gross | 373,076 | 417,210 |
Deferred tax liabilities: | ||
Leased assets and depreciation | -24,699 | -25,818 |
FHLB stock | -18,165 | -24,401 |
Loan fees and expenses | 2,537 | 0 |
Goodwill | -16,580 | 7,129 |
Core deposit intangibles | -22,013 | 25,302 |
Other | 0 | -3,510 |
Deferred Tax Liabilities, Net | -83,994 | -86,160 |
Total net deferred tax asset | $289,082 | $331,050 |
Income_Taxes_Change_in_Deferre
Income Taxes (Change in Deferred Income Taxes) (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Apr. 12, 2013 |
Period Change in Deferred Taxes [Line Items] | ||||
Deferred tax changes reflected in other comprehensive income | ($2,698) | ($27,285) | $4,136 | |
Deferred tax changes reflected in Federal income tax expense | 44,666 | 51,585 | ||
Net decrease/(increase) in DTA | 41,968 | -323,939 | ||
Citizens Republic Bancorp | ||||
Period Change in Deferred Taxes [Line Items] | ||||
Deferred tax changes reflected in acquired net assets | $0 | ($348,239) | $349,300 |
Income_Taxes_Summary_of_Income
Income Taxes (Summary of Income Tax Contingencies) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ||
Balance at beginning of period | $1,265 | $1,807 |
Additions for tax provisions related to prior year | 812 | 149 |
Reduction for tax positions related to prior year due closed tax years | -34 | |
Reduction for tax positions related to prior tax years | -1,719 | -691 |
Potential adjustment to nondeductible interest expense | 35 | |
State income tax exposure | 324 | 1,230 |
Balance at end of period | 324 | 1,265 |
Federal and State Tax | ||
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ||
Balance at beginning of period | 1,003 | 953 |
Additions for tax provisions related to prior year | 798 | 77 |
Reduction for tax positions related to prior year due closed tax years | -31 | |
Reduction for tax positions related to prior tax years | -1,465 | -27 |
Potential adjustment to nondeductible interest expense | 30 | |
State income tax exposure | 305 | 973 |
Balance at end of period | 305 | 1,003 |
Accrued Interest and Penalties | ||
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ||
Balance at beginning of period | 262 | 854 |
Additions for tax provisions related to prior year | 14 | 72 |
Reduction for tax positions related to prior year due closed tax years | -3 | |
Reduction for tax positions related to prior tax years | -254 | -664 |
Potential adjustment to nondeductible interest expense | 5 | |
State income tax exposure | 19 | 257 |
Balance at end of period | $19 | $262 |
Benefit_Plans_Narratives_Detai
Benefit Plans (Narratives) (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Apr. 02, 2011 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension Plan Transition Contribution | $700,000 | $1,100,000 | ||
Postretirement Medical Plans, Description of Change, Limit Employer Medical Contributions, Percent | 200.00% | |||
Postretirement Medical Plans, Description of Change, Age Limit for Subsidized Retiree Coverage | 65 | |||
Deferred Compensation Arrangements, Participating Executive Election to Defer, Percent | 1.00% | |||
Defined Benefit Plan, Contributions by Employer, Amount Matched Every One Dollar | 0.5 | |||
Defined Benefit Plan, Contributions by Employer, Matching Policy Per Dollar | 1 | |||
Defined Benefit Plan, Contributions by Employer, Maximum Limit of Employee Salary, Percent | 1.00% | |||
Savings Plan, 401k | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Employer Contributions | 1,100,000 | |||
FirstMerit | Savings Plan, 401k | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Employer Contributions | $7,700,000 | $4,400,000 | $600,000 |
Benefit_Plans_Schedule_of_Net_
Benefit Plans (Schedule of Net Benefit Costs) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Defined Benefit Plan Disclosure [Line Items] | |||
Net change from defined benefit pension plans, Pre-Tax | $44,255 | ($52,375) | ($9,213) |
Net change from defined benefit pension plans, After-tax | -28,766 | 34,043 | 5,989 |
Pension Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 728 | 2,339 | 7,194 |
Interest cost | 14,337 | 12,814 | 11,862 |
Expected return on assets | -16,035 | -14,938 | -12,136 |
Prior service cost | -2,599 | -467 | -388 |
Defined Benefit Plan, Amortization of Gains (Losses), prior to settlement/curtailment income | 2,930 | 4,693 | 10,371 |
Curtailment gain | 0 | -524 | -142 |
Defined Benefit Plan, Net Periodic Benefit Cost | 4,559 | 4,851 | 17,537 |
Defined Benefit Plan, Actuarial Gain (Loss) | 49,488 | -47,257 | 1,281 |
Cumulative net loss | -2,930 | -4,169 | -10,229 |
Net change from defined benefit pension plans, Pre-Tax | 43,959 | -51,893 | -9,336 |
Net change from defined benefit pension plans, After-tax | -48,518 | 47,042 | -8,201 |
Postretirement Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 65 | 99 | 77 |
Interest cost | 655 | 563 | 697 |
Expected return on assets | 0 | 0 | 0 |
Prior service cost | 468 | 468 | 468 |
Defined Benefit Plan, Amortization of Gains (Losses), prior to settlement/curtailment income | 236 | 268 | 288 |
Curtailment gain | 0 | 0 | 0 |
Defined Benefit Plan, Net Periodic Benefit Cost | 488 | 462 | 594 |
Defined Benefit Plan, Actuarial Gain (Loss) | 64 | -682 | -57 |
Cumulative net loss | -236 | -268 | -288 |
Net change from defined benefit pension plans, Pre-Tax | 296 | -482 | 123 |
Net change from defined benefit pension plans, After-tax | ($784) | $20 | ($717) |
Schedule_of_Net_Funded_Status_
(Schedule of Net Funded Status) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Accumulated Benefit Obligation | $354,402 | $307,739 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan assets, ending balance | 257,355 | ||
Pension Benefits | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Projected Benefit Obligation, Beginning Balance | 308,834 | 259,428 | |
Service cost | 728 | 2,339 | 7,194 |
Interest cost | 14,337 | 12,814 | 11,862 |
Plan amendments | 0 | 3,927 | |
Participant contributions | 0 | 0 | |
actuarial gains/losses and changes in assumptions | 50,115 | -35,984 | |
Benefits paid | -18,372 | 19,172 | |
Projected Benefit Obligation, Ending Balance | 355,642 | 308,834 | 259,428 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan assets, beginning balance | 257,510 | 174,385 | |
Citizens acquisition | 0 | 68,304 | |
Actual return on plan assets | 16,663 | 30,298 | |
Participant contributions | 0 | 0 | |
Employer Contributions | 1,554 | 3,695 | |
Benefits paid | -18,372 | 19,172 | |
Fair value of plan assets, ending balance | 257,355 | 257,510 | 174,385 |
Defined Benefit Plan, Funded Status of Plan [Abstract] | |||
Funded Status | 98,287 | 51,324 | |
Amounts recognized in AOCI before income taxes: | |||
Prior service cost (credit) | -2,587 | -5,121 | |
Net actuarial loss | 99,715 | 53,061 | |
Amount recognized in AOCI | 102,302 | 58,182 | |
Pension Benefits | Citizens Republic Bancorp | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Projected Benefit Obligation, Ending Balance | 0 | 85,483 | |
Postretirement Benefits | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Projected Benefit Obligation, Beginning Balance | 15,544 | 14,771 | |
Service cost | 65 | 99 | 77 |
Interest cost | 655 | 563 | 697 |
Plan amendments | -1,979 | 0 | |
Participant contributions | 1,851 | 1,538 | |
actuarial gains/losses and changes in assumptions | 2,046 | -682 | |
Benefits paid | -3,018 | 2,808 | |
Projected Benefit Obligation, Ending Balance | 15,164 | 15,544 | 14,771 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan assets, beginning balance | 0 | 0 | |
Citizens acquisition | 0 | 0 | |
Actual return on plan assets | 0 | 0 | |
Participant contributions | 1,851 | 1,538 | |
Employer Contributions | 1,167 | 1,270 | |
Benefits paid | -3,018 | 2,808 | |
Fair value of plan assets, ending balance | 0 | 0 | 0 |
Defined Benefit Plan, Funded Status of Plan [Abstract] | |||
Funded Status | 15,164 | 15,544 | |
Amounts recognized in AOCI before income taxes: | |||
Prior service cost (credit) | -5,370 | 3,858 | |
Net actuarial loss | 5,138 | 3,329 | |
Amount recognized in AOCI | 232 | -529 | |
Postretirement Benefits | Citizens Republic Bancorp | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Projected Benefit Obligation, Ending Balance | $0 | $2,062 |
Schedule_of_Assumptions_Used_D
(Schedule of Assumptions Used) (Details) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | |
End of year | Supplemental Executive Retirement Nonqualified Pension Plan | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Discount Rate | 3.61% | 4.12% | 4.21% | |
Nonqualified pensions | 3.75% | 3.75% | 3.75% | |
End of year | Medical Trend Rates, Non-Medicare Risk, Under Age 65, Percent | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Initial trend | 7.00% | 7.50% | 8.00% | |
Ultimate trend | 5.00% | 5.00% | 5.00% | |
Year ultimate trend reached | 2019 | 2019 | 2019 | |
End of year | Medical Trend Rates, Non-Medicare Risk, After Age 65, Percent | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Initial trend | 11.00% | 11.50% | 12.00% | |
Ultimate trend | 5.00% | 5.00% | 5.00% | |
Year ultimate trend reached | 2027 | 2027 | 2027 | |
End of year | Prescription Drugs | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Initial trend | 7.00% | 7.50% | 8.00% | |
Ultimate trend | 5.00% | 5.00% | 5.00% | |
Year ultimate trend reached | 2019 | 2019 | 2019 | |
Beginning of year | Supplemental Executive Retirement Nonqualified Pension Plan | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Discount Rate | 4.12% | 4.21% | 5.04% | |
Nonqualified pensions | 3.75% | 3.75% | 3.75% | |
Beginning of year | Medical Trend Rates, Non-Medicare Risk, Under Age 65, Percent | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Initial trend | 7.50% | 8.00% | 8.50% | |
Ultimate trend | 5.00% | 5.00% | 5.00% | |
Year ultimate trend reached | 2019 | 2019 | 2019 | |
Beginning of year | Medical Trend Rates, Non-Medicare Risk, After Age 65, Percent | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Initial trend | 11.50% | 12.00% | 12.50% | |
Ultimate trend | 5.00% | 5.00% | 5.00% | |
Year ultimate trend reached | 2027 | 2027 | 2027 | |
Beginning of year | Prescription Drugs | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Initial trend | 7.50% | 8.00% | 8.50% | |
Ultimate trend | 5.00% | 5.00% | 5.00% | |
Year ultimate trend reached | 2019 | 2019 | 2019 | |
Pension Benefits | End of year | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Discount Rate | 4.19% | 4.99% | 4.21% | |
Expected long-term rate of return | 6.50% | 6.75% | 7.00% | |
Pension Benefits | Beginning of year | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Discount Rate | 4.99% | 4.21% | 5.04% | |
Rate of Compensation Increase | 5.22% | |||
Postretirement Benefits | End of year | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Discount Rate | 3.50% | 4.01% | 3.18% | |
Postretirement Benefits | End of year | Citizens Republic Bancorp | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Discount Rate | 3.61% | 3.98% | ||
Postretirement Benefits | Beginning of year | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Discount Rate | 4.01% | 3.18% | 4.23% | |
Defined Benefit Postretirement Life Insurance | End of year | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Discount Rate | 4.36% | 5.08% | 4.30% | |
Defined Benefit Postretirement Life Insurance | Beginning of year | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Discount Rate | 5.08% | 4.30% | 5.03% | |
Expected long-term rate of return | 6.75% | 7.00% | 7.25% |
Schedule_of_Amounts_in_Accumul
(Schedule of Amounts in Accumulated Other Comprehensive Income (Loss) to be Recognized over Next Fiscal Year) (Details) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Defined Benefit Plan Disclosure [Line Items] | |
Prior service cost | ($1,640) |
Cumulative net loss | 4,549 |
Pension Benefits | |
Defined Benefit Plan Disclosure [Line Items] | |
Prior service cost | -2,279 |
Cumulative net loss | 4,224 |
Postretirement Benefits | |
Defined Benefit Plan Disclosure [Line Items] | |
Prior service cost | -639 |
Cumulative net loss | $325 |
Benefit_Plans_Estimated_Future
Benefit Plans (Estimated Future Benefit Payments) (Details) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Pension Benefits | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
2015 | $26,555 |
2016 | 26,420 |
2017 | 22,162 |
2018 | 21,858 |
2019 | 20,239 |
2020 through 2024 | 93,104 |
Postretirement Benefits | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
2015 | 1,247 |
2016 | 1,137 |
2017 | 1,063 |
2018 | 1,004 |
2019 | 951 |
2020 through 2024 | $4,331 |
Benefit_Plans_Investment_Alloc
Benefit Plans (Investment Allocation Strategy) (Details) (Return Seeking Investments) | 12 Months Ended |
Dec. 31, 2014 | |
b $97% | |
Minimum | 36.00% |
Target | 40.00% |
Maximum | 44.00% |
0.98 | |
Minimum | 34.00% |
Target | 38.00% |
Maximum | 42.00% |
0.99 | |
Minimum | 31.00% |
Target | 35.00% |
Maximum | 39.00% |
1 | |
Minimum | 30.00% |
Target | 33.00% |
Maximum | 36.00% |
1.01 | |
Minimum | 28.00% |
Target | 31.00% |
Maximum | 34.00% |
1.02 | |
Minimum | 26.00% |
Target | 29.00% |
Maximum | 32.00% |
1.03 | |
Minimum | 23.00% |
Target | 26.00% |
Maximum | 29.00% |
1.04 | |
Minimum | 21.00% |
Target | 24.00% |
Maximum | 27.00% |
1.05 | |
Minimum | 18.00% |
Target | 21.00% |
Maximum | 24.00% |
1.06 | |
Minimum | 16.00% |
Target | 18.00% |
Maximum | 20.00% |
1.07 | |
Minimum | 12.00% |
Target | 14.00% |
Maximum | 16.00% |
Greater than 110% | |
Minimum | 8.00% |
Target | 10.00% |
Maximum | 12.00% |
Schedule_of_Allocation_of_Plan
(Schedule of Allocation of Plan Assets) (Details) | Dec. 31, 2014 | Dec. 31, 2013 |
Defined Benefit Plan Disclosure [Line Items] | ||
Percentage of Plan Assets on Measurement Date | 100.00% | 100.00% |
Cash and domestic money market funds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Percentage of Plan Assets on Measurement Date | 1.49% | 1.92% |
U.S. Treasury obligations | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Percentage of Plan Assets on Measurement Date | 1.97% | 1.76% |
U.S. Government agencies | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Percentage of Plan Assets on Measurement Date | 1.12% | 0.95% |
Corporate bonds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Percentage of Plan Assets on Measurement Date | 2.79% | 3.12% |
Common stocks | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Percentage of Plan Assets on Measurement Date | 13.54% | 11.24% |
Equity mutual funds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Percentage of Plan Assets on Measurement Date | 18.85% | 27.62% |
Fixed income mutual funds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Percentage of Plan Assets on Measurement Date | 50.11% | 36.56% |
Foreign mutual funds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Percentage of Plan Assets on Measurement Date | 10.13% | 16.83% |
Schedule_of_Fair_Value_of_Plan
(Schedule of Fair Value of Plan Assets by Measurement) (Details) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Fair Value of Plan Assets | $257,355 |
Level 1 | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Fair Value of Plan Assets | 242,214 |
Level 2 | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Fair Value of Plan Assets | 15,141 |
Fair Value, Inputs, Level 3 [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Fair Value of Plan Assets | 0 |
Cash and domestic money market funds | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Fair Value of Plan Assets | 3,836 |
Cash and domestic money market funds | Level 1 | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Fair Value of Plan Assets | 3,836 |
Cash and domestic money market funds | Level 2 | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Fair Value of Plan Assets | 0 |
Cash and domestic money market funds | Fair Value, Inputs, Level 3 [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Fair Value of Plan Assets | 0 |
U.S. Treasury obligations | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Fair Value of Plan Assets | 5,067 |
U.S. Treasury obligations | Level 1 | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Fair Value of Plan Assets | 0 |
U.S. Treasury obligations | Level 2 | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Fair Value of Plan Assets | 5,067 |
U.S. Treasury obligations | Fair Value, Inputs, Level 3 [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Fair Value of Plan Assets | 0 |
U.S. Government agencies | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Fair Value of Plan Assets | 2,897 |
U.S. Government agencies | Level 1 | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Fair Value of Plan Assets | 0 |
U.S. Government agencies | Level 2 | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Fair Value of Plan Assets | 2,897 |
U.S. Government agencies | Fair Value, Inputs, Level 3 [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Fair Value of Plan Assets | 0 |
Corporate bonds | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Fair Value of Plan Assets | 7,177 |
Corporate bonds | Level 1 | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Fair Value of Plan Assets | 0 |
Corporate bonds | Level 2 | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Fair Value of Plan Assets | 7,177 |
Corporate bonds | Fair Value, Inputs, Level 3 [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Fair Value of Plan Assets | 0 |
Common stock | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Fair Value of Plan Assets | 34,835 |
Common stock | Level 1 | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Fair Value of Plan Assets | 34,835 |
Common stock | Level 2 | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Fair Value of Plan Assets | 0 |
Common stock | Fair Value, Inputs, Level 3 [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Fair Value of Plan Assets | 0 |
Equity mutual funds | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Fair Value of Plan Assets | 48,518 |
Equity mutual funds | Level 1 | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Fair Value of Plan Assets | 48,518 |
Equity mutual funds | Level 2 | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Fair Value of Plan Assets | 0 |
Equity mutual funds | Fair Value, Inputs, Level 3 [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Fair Value of Plan Assets | 0 |
Fixed income mutual funds | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Fair Value of Plan Assets | 128,951 |
Fixed income mutual funds | Level 1 | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Fair Value of Plan Assets | 128,951 |
Fixed income mutual funds | Level 2 | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Fair Value of Plan Assets | 0 |
Fixed income mutual funds | Fair Value, Inputs, Level 3 [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Fair Value of Plan Assets | 0 |
Foreign mutual funds | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Fair Value of Plan Assets | 26,074 |
Foreign mutual funds | Level 1 | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Fair Value of Plan Assets | 26,074 |
Foreign mutual funds | Level 2 | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Fair Value of Plan Assets | 0 |
Foreign mutual funds | Fair Value, Inputs, Level 3 [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Fair Value of Plan Assets | $0 |
ShareBased_Compensation_Narrat
Share-Based Compensation (Narrative) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Shares Authorized | 5,769,655 | ||
Share-based Compensation Expense | $13,900,000 | $10,900,000 | $9,300,000 |
Share-based Compensation Expense, Tax Benefit | 4,900,000 | 3,800,000 | 3,300,000 |
Share-based Compensation, Share-based Payment Award, Participant Period of Service | 15 years | ||
Share-based Compensation, Share-Based Award, Participant Age, Minimum | 55 | ||
Award Vesting Period | 3 years | ||
Award Requisite Service Period | 10 years | ||
Treasury Stock, Shares, Acquired | 262,140 | 217,674 | 198,407 |
Total Compensation Cost Not yet Recognized | 14,600,000 | ||
Total Compensation Cost Not yet Recognized, Period for Recognition | 1 year 7 months 24 days | ||
Restricted Stock Vested in Period, Total Fair Value | 10,800,000 | 9,100,000 | 9,000,000 |
Stock Options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total Compensation Cost Not yet Recognized | $0 |
ShareBased_Compensation_Stock_
Share-Based Compensation (Stock Option Activity) (Details) (USD $) | 12 Months Ended | |||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Share-based Compensation [Abstract] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 1 year 1 month 20 days | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||||
Balance Outstanding (shares) Beginning Balance | 1,396 | 1,820 | 2,077 | |
Outstanding, Weighted-Average Exercise Price (dollars per share) Beginning | $28.84 | $24.73 | $25.15 | |
Exercised (shares) | 0 | 0 | 0 | |
Exercised, Weighted-Average Exercise Price (dollars per share) | $0 | $0 | $0 | |
Forfeited (shares) | 0 | -8 | -71 | |
Forfeited, Weighted-Average Exercise Price (dollars per share) | $0 | $23.93 | $25.85 | |
Expired (shares) | -558 | -479 | -186 | |
Expired, Weighted-Average Exercise Price (dollars per share) | $31.91 | $36.64 | $25.97 | |
Balance Outstanding (shares) Ending Balance | 838 | 1,396 | 1,820 | 2,077 |
Outstanding, Weighted-Average Exercise Price (dollars per share) Ending | $26.64 | $28.84 | $24.73 | $25.15 |
Outstanding, Weighted-Average Remaining Contractual Term (years) | 1 year 1 month 20 days | 1 year 1 month 20 days | 1 year 9 months 26 days | 1 year 10 months 6 days |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Aggregate Intrinsic Value | $0 | $87 | $0 | $0 |
Acquired (shares) | 63 | |||
Weighted average exercise price acquired stock | $218.01 | |||
Exercisable (shares) | 838 | |||
Exercisable, Weighted-Average Exercise Price (dollars per share) | $26.64 |
ShareBased_Compensation_Restri
Share-Based Compensation (Restricted Stock Activity) (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | |||
Nonvested Balance Outstanding (shares) Beginning Balance | 1,342 | 1,079 | 1,026 |
Nonvested, Outstanding, Weighted-Average Grant Date Fair Value (dollars per share) Beginning | $16.34 | $17 | $18.26 |
Granted (shares) | 777 | 823 | 596 |
Granted, Weighted-Average Grant Date Fair Value (dollars per share) | $19.67 | $16.47 | $16.06 |
Vested (shares) | -664 | -508 | -493 |
Vested, Weighted-Average Grant Date Fair Value (dollars per share) | $16.30 | $17.90 | $18.29 |
Forfeited or expired (shares) | -42 | -52 | -50 |
Forfeited or expired, Weighted-Average Grant Date Fair Value (dollars per share) | $18.16 | $16.89 | $18.94 |
Nonvested Balance Outstanding (shares) Ending Balance | 1,413 | 1,342 | 1,079 |
Nonvested, Outstanding, Weighted-Average Grant Date Fair Value (dollars per share) Ending | $18.16 | $16.34 | $17 |
Parent_Company_Schedule_of_Con
Parent Company (Schedule of Condensed Financial Statements-Balance Sheet) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
Assets: | ||||
Cash and due from banks | $480,998 | $571,171 | ||
Loans to subsidiaries | 20,682 | 24,536 | 16,578 | 15,629 |
Other assets | 1,216,748 | 1,216,416 | ||
Assets | 24,902,347 | 23,912,028 | ||
Long-term debt | 505,192 | 324,428 | ||
Liabilities and Shareholders' Equity: | ||||
Shareholders' equity | 2,834,281 | 2,702,894 | 1,645,202 | 1,565,953 |
Total liabilities and shareholders' equity | 24,902,347 | 23,912,028 | ||
Parent | ||||
Assets: | ||||
Cash and due from banks | 142,950 | 125,032 | ||
Investment securities | 1,553 | 2,253 | ||
Investment in subsidiaries, at equity in underlying value of their net assets | 2,936,865 | 2,863,473 | ||
Other assets | 20,479 | 77,674 | ||
Assets | 3,101,847 | 3,068,432 | ||
Long-term debt | 249,935 | 324,428 | ||
Liabilities and Shareholders' Equity: | ||||
Accrued and other liabilities | 17,631 | 41,110 | ||
Shareholders' equity | 2,834,281 | 2,702,894 | ||
Total liabilities and shareholders' equity | $3,101,847 | $3,068,432 |
Parent_Company_Schedule_of_Con1
Parent Company (Schedule of Condensed Financial Statements-Income Statement ) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Condensed Financial Statements, Captions [Line Items] | |||
Income before income tax expense | $339,894 | $263,191 | $189,799 |
Income tax benefit | -101,943 | -79,507 | -55,693 |
Net income | 237,951 | 183,684 | 134,106 |
Parent | |||
Condensed Financial Statements, Captions [Line Items] | |||
Cash dividends from subsidiaries | 82,642 | 81,715 | 155,493 |
Other income | 437 | 483 | 309 |
Total Income | 83,079 | 82,198 | 155,802 |
Interest and other expenses | 30,613 | 29,684 | 10,799 |
Income before income tax expense | 52,466 | 52,514 | 145,003 |
Income tax benefit | 10,324 | 9,341 | 2,004 |
Income before undistributed income of subsidiaries | 62,790 | 61,855 | 147,007 |
Equity in undistributed income of subsidiaries | 175,161 | 121,829 | -12,901 |
Net income | $237,951 | $183,684 | $134,106 |
Parent_Company_Schedule_of_Con2
Parent Company (Schedule of Condensed Financial Statements-Cash Flows) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Operating activities: | |||
Net income | $237,951 | $183,684 | $134,106 |
Adjustments to reconcile net income to net cash provided by operating activities | |||
NET CASH PROVIDED BY OPERATING ACTIVITIES | 284,637 | 309,366 | 180,466 |
Investing activities: | |||
NET CASH PROVIDED (USED) BY INVESTING ACTIVITIES | -1,189,920 | 641,219 | -727,469 |
Financing activities: | |||
Cash dividends - common | -105,333 | -96,222 | -69,459 |
Cash dividends - preferred | -5,876 | -5,337 | 0 |
NET CASH PROVIDED (USED) BY FINANCING ACTIVITIES | 684,885 | -290,777 | 427,698 |
Increase (decrease) in cash and cash equivalents | -220,398 | 659,808 | -119,305 |
Cash and cash equivalents at beginning of year | 917,822 | 258,014 | 377,319 |
Cash and cash equivalents at end of year | 697,424 | 917,822 | 258,014 |
Parent | |||
Operating activities: | |||
Net income | 237,951 | 183,684 | 134,106 |
Adjustments to reconcile net income to net cash provided by operating activities | |||
Equity in undistributed income of subsidiaries | -175,161 | -121,829 | 12,901 |
Increase (Decrease) in Income Taxes Receivable | 35,672 | -30,399 | -4,446 |
(Decrease) increase in Federal income tax payable | -1,449 | 27,032 | 106 |
Increase (Decrease) in Interest Payable, Net | 0 | 4,618 | 0 |
Other | -552 | 924 | 738 |
NET CASH PROVIDED BY OPERATING ACTIVITIES | 96,461 | 64,030 | 143,405 |
Investing activities: | |||
Loans to subsidiaries | 0 | -50 | 0 |
Repayment of loans to subsidiaries | 110,675 | 0 | 0 |
Payments for investments in and advances to subsidiaries | 0 | -315,069 | 0 |
Sale of Investments and Advances to Subsidiaries | 0 | 0 | 7,827 |
Proceeds from Sale of Available-for-sale Securities, Equity | 784 | 0 | 0 |
Purchases of investment securities | -81 | -215 | -44 |
NET CASH PROVIDED (USED) BY INVESTING ACTIVITIES | 111,378 | -315,334 | 7,783 |
Proceeds from Issuance of Subordinated Long-term Debt | 0 | 249,927 | 0 |
Financing activities: | |||
Proceeds from Issuance of Subordinated Long-term Debt | 0 | 249,927 | 0 |
Proceeds from Issuance of Convertible Preferred Stock | 0 | 96,550 | 0 |
Repayments of Long-term Debt, Long-term Capital Lease Obligations, and Capital Securities | -74,451 | 0 | 0 |
Cash dividends - common | -105,333 | -96,222 | -69,459 |
Cash dividends - preferred | -5,876 | -5,337 | 0 |
Purchase of treasury shares | -4,261 | -9,521 | -2,389 |
NET CASH PROVIDED (USED) BY FINANCING ACTIVITIES | -189,921 | 235,397 | -71,848 |
Increase (decrease) in cash and cash equivalents | 17,918 | -15,907 | 79,340 |
Cash and cash equivalents at beginning of year | 125,032 | 61,599 | |
Cash and cash equivalents at end of year | $142,950 | $125,032 |
Segment_Information_Details
Segment Information (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
OPERATIONS: | |||
Net interest income | $775,568 | $710,785 | $471,830 |
Provision for Loan, Lease, and Other Losses | -52,279 | -33,684 | -54,698 |
Other income | 281,524 | 270,343 | 223,604 |
Other expenses | 664,919 | 684,253 | 450,937 |
Net income | 237,951 | 183,684 | 134,106 |
SegmentReportingInformationAverageAssets1 | 24,418,211 | 21,489,775 | 14,620,627 |
AVERAGES : | |||
Loans | 14,891,315 | 12,948,666 | 9,357,080 |
Earnings assets | 21,502,747 | 18,492,995 | 13,072,691 |
Deposits | 19,528,435 | 17,301,588 | 11,553,798 |
Economic Capital | 2,790,139 | 2,408,865 | 1,608,108 |
Nonreportable segments and reconciling items | |||
OPERATIONS: | |||
Net interest income | -44,001 | -63,846 | -12,096 |
Provision for Loan, Lease, and Other Losses | -7,868 | -1,153 | -12,997 |
Other income | 27,885 | 23,442 | 19,723 |
Other expenses | 19,203 | 89,246 | 30,819 |
Net income | -11,051 | -72,411 | -12,784 |
SegmentReportingInformationAverageAssets1 | 9,248,267 | 8,086,540 | 5,005,316 |
AVERAGES : | |||
Loans | 62,257 | 62,008 | 65,876 |
Earnings assets | 6,363,537 | 5,393,874 | 3,646,302 |
Deposits | 275,591 | 152,782 | 142,308 |
Economic Capital | 1,635,864 | 1,477,698 | 942,381 |
Commercial Loan | |||
OPERATIONS: | |||
Net interest income | 421,136 | 408,006 | 258,575 |
Provision for Loan, Lease, and Other Losses | -2,898 | -17,072 | -32,319 |
Other income | 91,483 | 83,933 | 67,606 |
Other expenses | 240,142 | 209,936 | 159,525 |
Net income | 175,227 | 172,206 | 87,318 |
SegmentReportingInformationAverageAssets1 | 9,265,088 | 8,397,357 | 6,424,226 |
AVERAGES : | |||
Loans | 9,262,224 | 8,292,805 | 6,391,189 |
Earnings assets | 9,549,341 | 8,480,005 | 6,493,713 |
Deposits | 6,679,007 | 5,572,287 | 3,284,722 |
Economic Capital | 743,071 | 602,561 | 404,005 |
Retail | |||
OPERATIONS: | |||
Net interest income | 378,597 | 349,433 | 207,907 |
Provision for Loan, Lease, and Other Losses | -39,618 | -16,151 | -10,008 |
Other income | 106,356 | 114,679 | 103,279 |
Other expenses | 354,305 | 330,875 | 221,297 |
Net income | 59,169 | 76,105 | 51,922 |
SegmentReportingInformationAverageAssets1 | 5,632,881 | 4,746,277 | 2,952,280 |
AVERAGES : | |||
Loans | 5,305,513 | 4,367,701 | 2,674,997 |
Earnings assets | 5,328,548 | 4,392,937 | 2,707,632 |
Deposits | 11,484,769 | 10,749,725 | 7,416,982 |
Economic Capital | 353,098 | 256,362 | 212,409 |
Wealth | |||
OPERATIONS: | |||
Net interest income | 19,836 | 17,192 | 17,444 |
Provision for Loan, Lease, and Other Losses | -1,895 | 692 | 626 |
Other income | 55,800 | 48,289 | 32,996 |
Other expenses | 51,269 | 54,196 | 39,296 |
Net income | 14,606 | 7,784 | 7,650 |
SegmentReportingInformationAverageAssets1 | 271,975 | 259,601 | 238,805 |
AVERAGES : | |||
Loans | 261,321 | 226,152 | 225,018 |
Earnings assets | 261,321 | 226,179 | 225,044 |
Deposits | 1,089,068 | 826,794 | 709,786 |
Economic Capital | $58,106 | $72,244 | $49,313 |
Fair_Value_Measurement_Narrati
Fair Value Measurement (Narrative) (Details Textual) (USD $) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Mortgage Servicing Rights | $22,011,000 | $22,760,000 | $21,316,000 | $21,179,000 |
Mortgage Servicing rights Valuation Allowance | -955,000 | 282,000 | 2,564,000 | 3,539,000 |
MSRs, net carrying balance | 21,056,000 | 22,478,000 | 18,752,000 | |
Mortgage Servicing Rights (MSR) Impairment (Recovery) | 673,000 | -2,282,000 | -975,000 | |
Impaired Collateral Dependant Loans, Recorded Investment | 60,300,000 | 52,600,000 | ||
Determination Of Specific Allowance For Loan Losses | 4,300,000 | 4,800,000 | ||
Collateral Dependant Impaired and Non Accrual Loans Carrying Amount | 56,000,000 | 47,900,000 | ||
Impairment of Other Real Estate Owned | 2,600,000 | 1,400,000 | ||
Impairment of Covered Other Real Esate Owned | 1,200,000 | 1,000,000 | ||
Percent of available for sale securities classified as level 2 | 90.00% | |||
Percentage of Level 3 investments in available for sale investment portfolio | 10.00% | |||
True up liability, discount period | 10 years | |||
True-up Liabitlity Discount Rate | 3.36% | 3.69% | ||
True-up Liability Effect of Change in Discount Rate Increase By One Percent | 700,000 | -1,300,000 | ||
Number of loans that were 90 days or more past due, or were any on nonaccrual status | 0 | |||
Time period for non-payment of loans that are placed on non-accrual status | 90 days | |||
Midwest | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Percent of FDIC Intrinsic Loss Estimate | 20.00% | |||
Intrinsic Loss Estimate of the FDIC | 152,000,000 | |||
Percent of Asset Premium Paid | 25.00% | |||
Asset Premium Paid | 21,000,000 | |||
Percent of cumulative shared loss payments under loss sharing agreements | 25.00% | |||
Estimated fair value of true up liability | 8,500,000 | 7,100,000 | ||
George Washington | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Percent of cumulative shared loss payments under loss sharing agreements | 25.00% | |||
Estimated fair value of true up liability | 4,800,000 | 4,300,000 | ||
Percent of excess threshold paid by the Bank under loss sharing agreements | 50.00% | |||
Percent Theshold of Loss Sharing Agreements Paid by Bank | 20.00% | |||
Stated Threshold of Loss Sharing Agreements Paid by Bank | 34,400,000 | |||
Percent of Asset Discount Under Loss Sharing Percent of Asset Discount Under Loss Sharing Agreements | 25.00% | |||
Stated amount of Asset Discount Under Loss Sharing Agreements | $12,000,000 |
Fair_Value_Measurement_Recurri
Fair Value Measurement (Recurring and Nonrecurring Table) (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Recurring Fair Value Measurements | ||||
Available-for-sale | $3,545,288,000 | $3,273,174,000 | ||
Residential loans held for sale | 13,428,000 | 11,622,000 | ||
Derivative Asset, Fair Value, Gross Asset | 55,197,000 | 47,902,000 | ||
Total Assets, Fair Value Disclosure, Recurring | 3,613,913,000 | 3,332,698,000 | ||
Derivative Liability, Fair Value, Gross Liability | 55,439,000 | 58,201,000 | ||
True Up Liability | 13,294,000 | 11,463,000 | ||
Total liabilities at fair value on a recurring basis | 68,733,000 | 69,664,000 | ||
Nonrecurring Fair Value Measurements [Abstract] | ||||
Fair Value of Mortgage Servicing Rights | 21,228,000 | 23,041,000 | ||
Impaired and Non Accrual Loans Fair Value Disclosure | 56,041,000 | 47,870,000 | ||
Other Real Estate, Non Covered | 12,510,000 | 10,018,000 | ||
Other Real Estate Covered by Loss Share | 3,614,000 | 8,754,000 | ||
Nonrecurring Fair Value | 93,393,000 | 89,683,000 | ||
Mortgage Servicing Rights | 22,011,000 | 22,760,000 | 21,316,000 | 21,179,000 |
Mortgage Servicing rights Valuation Allowance | 955,000 | -282,000 | -2,564,000 | -3,539,000 |
MSRs, net carrying balance | 21,056,000 | 22,478,000 | 18,752,000 | |
Mortgage Servicing Rights (MSR) Impairment (Recovery) | 673,000 | -2,282,000 | -975,000 | |
Impaired Collateral Dependant Loans, Recorded Investment | 60,300,000 | 52,600,000 | ||
Determination Of Specific Allowance For Loan Losses | -4,300,000 | -4,800,000 | ||
Collateral Dependant Impaired and Non Accrual Loans Carrying Amount | 56,000,000 | 47,900,000 | ||
Impairment of Other Real Estate Owned | 2,600,000 | 1,400,000 | ||
Impairment of Covered Other Real Esate Owned | 1,200,000 | 1,000,000 | ||
Level 1 | ||||
Recurring Fair Value Measurements | ||||
Available-for-sale | 2,974,000 | 3,036,000 | ||
Residential loans held for sale | 0 | 0 | ||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 | ||
Total Assets, Fair Value Disclosure, Recurring | 2,974,000 | 3,036,000 | ||
Derivative Liability, Fair Value, Gross Liability | 0 | 0 | ||
True Up Liability | 0 | 0 | ||
Total liabilities at fair value on a recurring basis | 0 | 0 | ||
Nonrecurring Fair Value Measurements [Abstract] | ||||
Fair Value of Mortgage Servicing Rights | 0 | 0 | ||
Impaired and Non Accrual Loans Fair Value Disclosure | 0 | 0 | ||
Other Real Estate, Non Covered | 0 | 0 | ||
Other Real Estate Covered by Loss Share | 0 | 0 | ||
Nonrecurring Fair Value | 0 | 0 | ||
Level 2 | ||||
Recurring Fair Value Measurements | ||||
Available-for-sale | 3,203,127,000 | 2,922,527,000 | ||
Residential loans held for sale | 11,622,000 | |||
Derivative Asset, Fair Value, Gross Asset | 55,197,000 | 47,902,000 | ||
Total Assets, Fair Value Disclosure, Recurring | 3,271,752,000 | 2,982,051,000 | ||
Derivative Liability, Fair Value, Gross Liability | 55,439,000 | 58,201,000 | ||
True Up Liability | 0 | 0 | ||
Total liabilities at fair value on a recurring basis | 55,439,000 | 58,201,000 | ||
Nonrecurring Fair Value Measurements [Abstract] | ||||
Fair Value of Mortgage Servicing Rights | 0 | 0 | ||
Impaired and Non Accrual Loans Fair Value Disclosure | 0 | 0 | ||
Other Real Estate, Non Covered | 0 | 0 | ||
Other Real Estate Covered by Loss Share | 0 | 0 | ||
Nonrecurring Fair Value | 0 | 0 | ||
Fair Value, Inputs, Level 3 [Member] | ||||
Recurring Fair Value Measurements | ||||
Available-for-sale | 339,187,000 | 347,611,000 | ||
Residential loans held for sale | 0 | 0 | ||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 | ||
Total Assets, Fair Value Disclosure, Recurring | 339,187,000 | 347,611,000 | ||
Derivative Liability, Fair Value, Gross Liability | 0 | 0 | ||
True Up Liability | 13,294,000 | 11,463,000 | ||
Total liabilities at fair value on a recurring basis | 13,294,000 | 11,463,000 | ||
Nonrecurring Fair Value Measurements [Abstract] | ||||
Fair Value of Mortgage Servicing Rights | 21,228,000 | 23,041,000 | 18,833,000 | |
Impaired and Non Accrual Loans Fair Value Disclosure | 56,041,000 | 47,870,000 | ||
Other Real Estate, Non Covered | 12,510,000 | 10,018,000 | ||
Other Real Estate Covered by Loss Share | 3,614,000 | 8,754,000 | ||
Nonrecurring Fair Value | 93,393,000 | 89,683,000 | ||
Marketable equity securities | ||||
Recurring Fair Value Measurements | ||||
Available-for-sale | 2,974,000 | 3,036,000 | ||
Marketable equity securities | Level 1 | ||||
Recurring Fair Value Measurements | ||||
Available-for-sale | 3,036,000 | |||
Marketable equity securities | Level 2 | ||||
Recurring Fair Value Measurements | ||||
Available-for-sale | 0 | 0 | ||
Marketable equity securities | Fair Value, Inputs, Level 3 [Member] | ||||
Recurring Fair Value Measurements | ||||
Available-for-sale | 0 | 0 | ||
Non-marketable Equity Securities | ||||
Recurring Fair Value Measurements | ||||
Available-for-sale | 3,281,000 | |||
Non-marketable Equity Securities | Level 1 | ||||
Recurring Fair Value Measurements | ||||
Available-for-sale | 0 | |||
Non-marketable Equity Securities | Level 2 | ||||
Recurring Fair Value Measurements | ||||
Available-for-sale | 10,000 | |||
Non-marketable Equity Securities | Fair Value, Inputs, Level 3 [Member] | ||||
Recurring Fair Value Measurements | ||||
Available-for-sale | 3,271,000 | |||
U.S. Government agencies | ||||
Recurring Fair Value Measurements | ||||
Available-for-sale | 2,482,000 | |||
U.S. States and political subdivisions | ||||
Recurring Fair Value Measurements | ||||
Available-for-sale | 227,342,000 | 262,367,000 | ||
U.S. States and political subdivisions | Level 1 | ||||
Recurring Fair Value Measurements | ||||
Available-for-sale | 0 | 0 | ||
U.S. States and political subdivisions | Level 2 | ||||
Recurring Fair Value Measurements | ||||
Available-for-sale | 262,367,000 | |||
U.S. States and political subdivisions | Fair Value, Inputs, Level 3 [Member] | ||||
Recurring Fair Value Measurements | ||||
Available-for-sale | 0 | 0 | ||
Residential Mortgage Backed Securities Issued by US Government Sponsored Enterprises | ||||
Recurring Fair Value Measurements | ||||
Available-for-sale | 970,998,000 | 969,922,000 | ||
Residential Mortgage Backed Securities Issued by US Government Sponsored Enterprises | Level 1 | ||||
Recurring Fair Value Measurements | ||||
Available-for-sale | 0 | 0 | ||
Residential Mortgage Backed Securities Issued by US Government Sponsored Enterprises | Level 2 | ||||
Recurring Fair Value Measurements | ||||
Available-for-sale | 969,922,000 | |||
Residential Mortgage Backed Securities Issued by US Government Sponsored Enterprises | Fair Value, Inputs, Level 3 [Member] | ||||
Recurring Fair Value Measurements | ||||
Available-for-sale | 0 | 0 | ||
Commercial Mortgage Backed Securities Issued by US Government Sponsored Enterprises | ||||
Recurring Fair Value Measurements | ||||
Available-for-sale | 103,403,000 | 69,567,000 | ||
Commercial Mortgage Backed Securities Issued by US Government Sponsored Enterprises | Level 1 | ||||
Recurring Fair Value Measurements | ||||
Available-for-sale | 0 | 0 | ||
Commercial Mortgage Backed Securities Issued by US Government Sponsored Enterprises | Level 2 | ||||
Recurring Fair Value Measurements | ||||
Available-for-sale | 69,567,000 | |||
Commercial Mortgage Backed Securities Issued by US Government Sponsored Enterprises | Fair Value, Inputs, Level 3 [Member] | ||||
Recurring Fair Value Measurements | ||||
Available-for-sale | 0 | 0 | ||
Residential Collateralized Mortgage-Backed Securities Issued by US Government Sponsored Enterprises | ||||
Recurring Fair Value Measurements | ||||
Available-for-sale | 1,676,567,000 | 1,518,393,000 | ||
Residential Collateralized Mortgage-Backed Securities Issued by US Government Sponsored Enterprises | Level 1 | ||||
Recurring Fair Value Measurements | ||||
Available-for-sale | 0 | 0 | ||
Residential Collateralized Mortgage-Backed Securities Issued by US Government Sponsored Enterprises | Level 2 | ||||
Recurring Fair Value Measurements | ||||
Available-for-sale | 1,518,393,000 | |||
Residential Collateralized Mortgage-Backed Securities Issued by US Government Sponsored Enterprises | Fair Value, Inputs, Level 3 [Member] | ||||
Recurring Fair Value Measurements | ||||
Available-for-sale | 0 | 0 | ||
Residential Collateralized Mortgage-Backed Securities Issued by Non-US Government Agency | ||||
Recurring Fair Value Measurements | ||||
Available-for-sale | 7,000 | 9,000 | ||
Residential Collateralized Mortgage-Backed Securities Issued by Non-US Government Agency | Level 1 | ||||
Recurring Fair Value Measurements | ||||
Available-for-sale | 0 | 0 | ||
Residential Collateralized Mortgage-Backed Securities Issued by Non-US Government Agency | Level 2 | ||||
Recurring Fair Value Measurements | ||||
Available-for-sale | 1,000 | 0 | ||
Residential Collateralized Mortgage-Backed Securities Issued by Non-US Government Agency | Fair Value, Inputs, Level 3 [Member] | ||||
Recurring Fair Value Measurements | ||||
Available-for-sale | 6,000 | 9,000 | ||
Commercial Collateralized Mortgage Backed Securities Issued by US Government Sponsored Enterprises | ||||
Recurring Fair Value Measurements | ||||
Available-for-sale | 222,334,000 | 102,268,000 | ||
Commercial Collateralized Mortgage Backed Securities Issued by US Government Sponsored Enterprises | Level 1 | ||||
Recurring Fair Value Measurements | ||||
Available-for-sale | 0 | 0 | ||
Commercial Collateralized Mortgage Backed Securities Issued by US Government Sponsored Enterprises | Level 2 | ||||
Recurring Fair Value Measurements | ||||
Available-for-sale | 102,268,000 | |||
Commercial Collateralized Mortgage Backed Securities Issued by US Government Sponsored Enterprises | Fair Value, Inputs, Level 3 [Member] | ||||
Recurring Fair Value Measurements | ||||
Available-for-sale | 0 | 0 | ||
Corporate bonds | ||||
Recurring Fair Value Measurements | ||||
Available-for-sale | 51,337,000 | 50,644,000 | ||
Corporate bonds | Level 1 | ||||
Recurring Fair Value Measurements | ||||
Available-for-sale | 0 | 0 | ||
Corporate bonds | Level 2 | ||||
Recurring Fair Value Measurements | ||||
Available-for-sale | 0 | 0 | ||
Corporate bonds | Fair Value, Inputs, Level 3 [Member] | ||||
Recurring Fair Value Measurements | ||||
Available-for-sale | 50,644,000 | |||
Collateralized Loan Obligations | ||||
Recurring Fair Value Measurements | ||||
Available-for-sale | 287,844,000 | 293,687,000 | ||
Collateralized Loan Obligations | Level 1 | ||||
Recurring Fair Value Measurements | ||||
Available-for-sale | 0 | 0 | ||
Collateralized Loan Obligations | Level 2 | ||||
Recurring Fair Value Measurements | ||||
Available-for-sale | 0 | 0 | ||
Collateralized Loan Obligations | Fair Value, Inputs, Level 3 [Member] | ||||
Recurring Fair Value Measurements | ||||
Available-for-sale | 293,687,000 | |||
Not Designated as Hedging Instrument | ||||
Recurring Fair Value Measurements | ||||
Derivative Asset, Fair Value, Gross Asset | 49,941,000 | 47,902,000 | ||
Derivative Liability, Fair Value, Gross Liability | 48,756,000 | 46,627,000 | ||
Interest Rate Swap | Designated as Hedging Instrument | ||||
Recurring Fair Value Measurements | ||||
Derivative Asset, Fair Value, Gross Asset | 5,256,000 | 0 | ||
Derivative Liability, Fair Value, Gross Liability | 6,683,000 | 11,574,000 | ||
Interest Rate Swap | Designated as Hedging Instrument | Level 1 | ||||
Recurring Fair Value Measurements | ||||
Derivative Asset, Fair Value, Gross Asset | 0 | |||
Derivative Liability, Fair Value, Gross Liability | 0 | 0 | ||
Interest Rate Swap | Designated as Hedging Instrument | Level 2 | ||||
Recurring Fair Value Measurements | ||||
Derivative Asset, Fair Value, Gross Asset | 5,256,000 | |||
Derivative Liability, Fair Value, Gross Liability | 6,683,000 | 11,574,000 | ||
Interest Rate Swap | Designated as Hedging Instrument | Fair Value, Inputs, Level 3 [Member] | ||||
Recurring Fair Value Measurements | ||||
Derivative Asset, Fair Value, Gross Asset | 0 | |||
Derivative Liability, Fair Value, Gross Liability | 0 | 0 | ||
Interest Rate Swap | Not Designated as Hedging Instrument | ||||
Recurring Fair Value Measurements | ||||
Derivative Asset, Fair Value, Gross Asset | 48,366,000 | 46,577,000 | ||
Derivative Liability, Fair Value, Gross Liability | 48,366,000 | 46,577,000 | ||
Interest Rate Swap | Not Designated as Hedging Instrument | Level 1 | ||||
Recurring Fair Value Measurements | ||||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 | ||
Derivative Liability, Fair Value, Gross Liability | 0 | 0 | ||
Interest Rate Swap | Not Designated as Hedging Instrument | Level 2 | ||||
Recurring Fair Value Measurements | ||||
Derivative Asset, Fair Value, Gross Asset | 48,366,000 | 46,577,000 | ||
Derivative Liability, Fair Value, Gross Liability | 48,366,000 | 46,577,000 | ||
Interest Rate Swap | Not Designated as Hedging Instrument | Fair Value, Inputs, Level 3 [Member] | ||||
Recurring Fair Value Measurements | ||||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 | ||
Derivative Liability, Fair Value, Gross Liability | 0 | 0 | ||
Mortgage Loan Commitments | Not Designated as Hedging Instrument | ||||
Recurring Fair Value Measurements | ||||
Derivative Asset, Fair Value, Gross Asset | 1,408,000 | 891,000 | ||
Derivative Liability, Fair Value, Gross Liability | 0 | 0 | ||
Mortgage Loan Commitments | Not Designated as Hedging Instrument | Level 1 | ||||
Recurring Fair Value Measurements | ||||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 | ||
Mortgage Loan Commitments | Not Designated as Hedging Instrument | Level 2 | ||||
Recurring Fair Value Measurements | ||||
Derivative Asset, Fair Value, Gross Asset | 1,408,000 | 891,000 | ||
Mortgage Loan Commitments | Not Designated as Hedging Instrument | Fair Value, Inputs, Level 3 [Member] | ||||
Recurring Fair Value Measurements | ||||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 | ||
Forward Contracts | Not Designated as Hedging Instrument | ||||
Recurring Fair Value Measurements | ||||
Derivative Asset, Fair Value, Gross Asset | 384,000 | |||
Derivative Liability, Fair Value, Gross Liability | 272,000 | 0 | ||
Forward Contracts | Not Designated as Hedging Instrument | Level 1 | ||||
Recurring Fair Value Measurements | ||||
Derivative Asset, Fair Value, Gross Asset | 0 | |||
Derivative Liability, Fair Value, Gross Liability | 0 | |||
Forward Contracts | Not Designated as Hedging Instrument | Level 2 | ||||
Recurring Fair Value Measurements | ||||
Derivative Asset, Fair Value, Gross Asset | 0 | 384,000 | ||
Derivative Liability, Fair Value, Gross Liability | 272,000 | |||
Forward Contracts | Not Designated as Hedging Instrument | Fair Value, Inputs, Level 3 [Member] | ||||
Recurring Fair Value Measurements | ||||
Derivative Asset, Fair Value, Gross Asset | 0 | |||
Derivative Liability, Fair Value, Gross Liability | 0 | |||
Foreign Exchange | Not Designated as Hedging Instrument | ||||
Recurring Fair Value Measurements | ||||
Derivative Asset, Fair Value, Gross Asset | 167,000 | 50,000 | ||
Derivative Liability, Fair Value, Gross Liability | 118,000 | 50,000 | ||
Foreign Exchange | Not Designated as Hedging Instrument | Level 1 | ||||
Recurring Fair Value Measurements | ||||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 | ||
Derivative Liability, Fair Value, Gross Liability | 0 | 0 | ||
Foreign Exchange | Not Designated as Hedging Instrument | Level 2 | ||||
Recurring Fair Value Measurements | ||||
Derivative Asset, Fair Value, Gross Asset | 167,000 | 50,000 | ||
Derivative Liability, Fair Value, Gross Liability | 118,000 | 50,000 | ||
Foreign Exchange | Not Designated as Hedging Instrument | Fair Value, Inputs, Level 3 [Member] | ||||
Recurring Fair Value Measurements | ||||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 | ||
Derivative Liability, Fair Value, Gross Liability | 0 | 0 | ||
Other Contract | Not Designated as Hedging Instrument | ||||
Recurring Fair Value Measurements | ||||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 | ||
Derivative Liability, Fair Value, Gross Liability | 0 | |||
Other Contract | Not Designated as Hedging Instrument | Fair Value, Inputs, Level 3 [Member] | ||||
Recurring Fair Value Measurements | ||||
Derivative Liability, Fair Value, Gross Liability | $0 |
Fair_Value_Measurement_Fair_Va
Fair Value Measurement (Fair Value, Assets Measured on a Recurring Basis, Unobservable Inputs) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Available-for-sale | $3,545,288 | $3,273,174 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Available-for-sale securities, Beginning balance | 347,611 | 49,661 |
True-up liability, Beginning balance | 11,463 | 12,259 |
Available-for-sale securities, Total unrealized gains/losses | 0 | 0 |
True-up liability, Total unrealized gains/losses | 1,831 | -796 |
fair value measurement asssets acquired | 0 | 3,271 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | -6,030 | -2,635 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Other Comprehensive Income (Loss) | 0 | 0 |
Available-for-sale securities, Purchases | 0 | 297,232 |
True-up liability, Purchases | 0 | 0 |
Available-for-sale securities, Settlements | -2,394 | 82 |
True-up liability, Settlements | 0 | 0 |
Available-for-sale securities, Ending balance | 339,187 | 347,611 |
True-up liability, Ending balance | $13,294 | $11,463 |
Fair_Value_Measurement_Changes
Fair Value Measurement (Changes in Fair Value Carrying Amount of Residential Mortgages) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value of Assets Loans Receivable Aggregate Unpaid Principal [Line Items] | ||
Loans held for sale | $13,428 | $11,622 |
Aggregate Fair Value | ||
Fair Value of Assets Loans Receivable Aggregate Unpaid Principal [Line Items] | ||
Loans held for sale | 14,389 | 11,622 |
Contractual Balance | ||
Fair Value of Assets Loans Receivable Aggregate Unpaid Principal [Line Items] | ||
Loans held for sale | 13,873 | 11,438 |
Fair Value, Option, Loans Held as Assets, Aggregate Difference | $516 | $184 |
Fair_Value_Measurement_Fair_Va1
Fair Value Measurement (Fair Value, by Balance Sheet Grouping) (Details) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and Cash Equivalents, at Carrying Value | $697,424 | $917,822 | $258,014 | $377,319 |
Cash and Cash Equivalents, Fair Value Disclosure | 697,424 | 917,822 | ||
Available-for-sale | 3,545,288 | 3,273,174 | ||
Held-to-maturity | 2,935,688 | |||
Held-to-maturity Securities, Fair Value | 2,875,920 | 2,824,240 | ||
Other Investments and Securities, at Cost | 148,654 | 180,803 | ||
Other Investments | 148,654 | 180,803 | ||
Loans Receivable Held-for-sale, Net | 13,428 | 11,622 | ||
Loans held for sale | 13,428 | 11,622 | ||
Originated loans and leases receivable, carrying value | 12,398,116 | 10,116,903 | ||
Originated Loans and Leases Receivable Fair Value | 12,235,530 | 10,017,722 | ||
Loans and Leases Receivable, Net Amount | 15,182,498 | 14,159,720 | ||
Covered Loans and Leases Receivable Fair Value Disclosure | 312,659 | 547,943 | ||
Interest Receivable | 63,657 | 52,929 | ||
Accrued Interest Receivable Fair Value Disclosure | 63,657 | 52,929 | ||
Derivative Asset | 55,197 | 47,902 | ||
Derivative Asset, Fair Value, Gross Asset | 55,197 | 47,902 | ||
Deposits | 19,504,665 | 19,533,601 | ||
Deposits, Fair Value Disclosure | 19,510,192 | 19,532,368 | ||
Total borrowed funds | 1,272,591 | 851,535 | ||
Federal Funds Purchased and Securities Loaned or Sold under Agreements to Repurchase, Fair Value Disclosure | 1,272,591 | 851,535 | ||
Wholesale borrowings | 428,071 | 200,600 | ||
Other Borrowings, Fair Value | 430,676 | 204,124 | ||
Long-term debt | 505,192 | 324,428 | ||
Long-term Debt, Fair Value | 516,476 | 319,711 | ||
Interest Payable | 9,820 | 9,339 | ||
Accrued Liabilities, Fair Value Disclosure | 9,820 | 9,339 | ||
Derivative Liability | 55,439 | 58,201 | ||
Derivative Liability, Fair Value, Gross Liability | 55,439 | 58,201 | ||
Level 1 | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and Cash Equivalents, Fair Value Disclosure | 917,822 | |||
Available-for-sale | 2,974 | 3,036 | ||
Held-to-maturity Securities, Fair Value | 0 | 0 | ||
Other Investments | 0 | 0 | ||
Loans held for sale | 0 | 0 | ||
Originated Loans and Leases Receivable Fair Value | 0 | 0 | ||
Covered Loans and Leases Receivable Fair Value Disclosure | 0 | 0 | ||
Accrued Interest Receivable Fair Value Disclosure | 0 | 0 | ||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 | ||
Deposits, Fair Value Disclosure | 0 | 0 | ||
Federal Funds Purchased and Securities Loaned or Sold under Agreements to Repurchase, Fair Value Disclosure | 0 | 0 | ||
Other Borrowings, Fair Value | 0 | 0 | ||
Long-term Debt, Fair Value | 0 | 0 | ||
Accrued Liabilities, Fair Value Disclosure | 0 | 0 | ||
Derivative Liability, Fair Value, Gross Liability | 0 | 0 | ||
Level 2 | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and Cash Equivalents, Fair Value Disclosure | 0 | 0 | ||
Available-for-sale | 3,203,127 | 2,922,527 | ||
Held-to-maturity Securities, Fair Value | 2,824,240 | |||
Other Investments | 180,803 | |||
Loans held for sale | 11,622 | |||
Originated Loans and Leases Receivable Fair Value | 0 | 0 | ||
Covered Loans and Leases Receivable Fair Value Disclosure | 0 | 0 | ||
Accrued Interest Receivable Fair Value Disclosure | 63,657 | 52,929 | ||
Derivative Asset, Fair Value, Gross Asset | 55,197 | 47,902 | ||
Deposits, Fair Value Disclosure | 19,510,192 | 19,532,368 | ||
Federal Funds Purchased and Securities Loaned or Sold under Agreements to Repurchase, Fair Value Disclosure | 851,535 | |||
Other Borrowings, Fair Value | 430,676 | 204,124 | ||
Long-term Debt, Fair Value | 516,476 | 319,711 | ||
Accrued Liabilities, Fair Value Disclosure | 9,820 | 9,339 | ||
Derivative Liability, Fair Value, Gross Liability | 55,439 | 58,201 | ||
Fair Value, Inputs, Level 3 [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and Cash Equivalents, Fair Value Disclosure | 0 | 0 | ||
Available-for-sale | 339,187 | 347,611 | ||
Held-to-maturity Securities, Fair Value | 0 | 0 | ||
Other Investments | 0 | 0 | ||
Loans held for sale | 0 | 0 | ||
Originated Loans and Leases Receivable Fair Value | 12,235,530 | 10,017,722 | ||
Covered Loans and Leases Receivable Fair Value Disclosure | 312,659 | 547,943 | ||
Accrued Interest Receivable Fair Value Disclosure | 0 | 0 | ||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 | ||
Deposits, Fair Value Disclosure | 0 | 0 | ||
Federal Funds Purchased and Securities Loaned or Sold under Agreements to Repurchase, Fair Value Disclosure | 0 | 0 | ||
Other Borrowings, Fair Value | 0 | 0 | ||
Long-term Debt, Fair Value | 0 | 0 | ||
Accrued Liabilities, Fair Value Disclosure | 0 | 0 | ||
Derivative Liability, Fair Value, Gross Liability | 0 | 0 | ||
Originated Loans | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Loans and Leases Receivable, Net Amount | 10,116,903 | |||
Acquired Loans | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Originated Loans and Leases Receivable Fair Value | 2,564,842 | 3,627,275 | ||
Loans and Leases Receivable, Net Amount | 2,471,723 | 3,494,874 | ||
Acquired Loans | Level 1 | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Originated Loans and Leases Receivable Fair Value | 0 | 0 | ||
Acquired Loans | Level 2 | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Originated Loans and Leases Receivable Fair Value | 0 | 0 | ||
Acquired Loans | Fair Value, Inputs, Level 3 [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Originated Loans and Leases Receivable Fair Value | $2,564,842 | $3,627,275 |
Derivatives_and_Hedging_Activi2
Derivatives and Hedging Activities (Details Textual) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Derivative [Line Items] | ||
Term of written loan commitments, days | 60 days | |
Default Assumptions Percentage | 100.00% | |
Government Agency Issued Bonds or MBS | ||
Derivative [Line Items] | ||
Collateral Already Posted, Aggregate Fair Value | 53,500,000 | $70,500,000 |
Collateral posted against derivative liabilities | 53,500,000 | 70,500,000 |
Designated as Hedging Instrument | Interest Rate Swap | ||
Derivative [Line Items] | ||
Derivative Asset, Notional Amount | 250,000,000 | $0 |
Derivatives_and_Hedging_Activi3
Derivatives and Hedging Activities (Derivative Instruments Designated as Hedging Instruments) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Derivatives designated in hedge relationships | ||
Derivative Asset, Fair Value | $55,197 | $47,902 |
Derivative Liability, Fair Value | 55,439 | 58,201 |
Interest Rate Swap | Designated as Hedging Instrument | ||
Derivatives designated in hedge relationships | ||
Derivative Asset, Notional/Contract Amount | 250,000 | 0 |
Derivative Asset, Fair Value | 5,256 | 0 |
Derivative Liability, Notional/Contract Amount | 93,313 | 126,637 |
Derivative Liability, Fair Value | $6,683 | $11,574 |
Derivatives_and_Hedging_Activi4
Derivatives and Hedging Activities (Derivative Instruments not Designated as Hedging Instruments) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Derivatives not designated in hedge relationships | ||
Derivative Asset, Fair Value | $55,197 | $47,902 |
Derivative Liability, Fair Value | 55,439 | 58,201 |
Not Designated as Hedging Instrument | ||
Derivatives not designated in hedge relationships | ||
Derivative Asset, Notional/Contract Amount | 1,855,599 | 1,760,450 |
Derivative Asset, Fair Value | 49,941 | 47,902 |
Derivative Liability, Notional/Contract Amount | 1,823,957 | 1,743,151 |
Derivative Liability, Fair Value | 48,756 | 46,627 |
Not Designated as Hedging Instrument | Interest Rate Swap | ||
Derivatives not designated in hedge relationships | ||
Derivative Asset, Notional/Contract Amount | 1,673,012 | 1,622,525 |
Derivative Asset, Fair Value | 48,366 | 46,577 |
Derivative Liability, Notional/Contract Amount | 1,673,012 | 1,622,531 |
Derivative Liability, Fair Value | 48,366 | 46,577 |
Not Designated as Hedging Instrument | Mortgage Loan Commitments | ||
Derivatives not designated in hedge relationships | ||
Derivative Asset, Notional/Contract Amount | 102,523 | 90,541 |
Derivative Asset, Fair Value | 1,408 | 891 |
Derivative Liability, Notional/Contract Amount | 0 | 0 |
Derivative Liability, Fair Value | 0 | 0 |
Not Designated as Hedging Instrument | Forward Contracts | ||
Derivatives not designated in hedge relationships | ||
Derivative Asset, Notional/Contract Amount | 47,657 | 40,906 |
Derivative Asset, Fair Value | 384 | |
Derivative Liability, Notional/Contract Amount | 0 | 0 |
Derivative Liability, Fair Value | 272 | 0 |
Not Designated as Hedging Instrument | Foreign Exchange | ||
Derivatives not designated in hedge relationships | ||
Derivative Asset, Notional/Contract Amount | 22,406 | 6,478 |
Derivative Asset, Fair Value | 167 | 50 |
Derivative Liability, Notional/Contract Amount | 6,580 | 6,893 |
Derivative Liability, Fair Value | 118 | 50 |
Not Designated as Hedging Instrument | Credit contracts | ||
Derivatives not designated in hedge relationships | ||
Derivative Asset, Notional/Contract Amount | 10,001 | 0 |
Derivative Asset, Fair Value | 0 | 0 |
Derivative Liability, Notional/Contract Amount | 69,227 | 49,914 |
Derivative Liability, Fair Value | 0 | 0 |
Not Designated as Hedging Instrument | Other Contract | ||
Derivatives not designated in hedge relationships | ||
Derivative Asset, Notional/Contract Amount | 0 | 0 |
Derivative Asset, Fair Value | 0 | 0 |
Derivative Liability, Notional/Contract Amount | 75,138 | 63,813 |
Derivative Liability, Fair Value | $0 |
Derivatives_and_Hedging_Activi5
Derivatives and Hedging Activities (Derivative Instruments, Gain (Loss)) (Details) (Not Designated as Hedging Instrument, USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Gains and losses recognized in income on non-designated hedging instruments | |||
Gains and losses recognized in income on derivatives | ($332) | ($3,179) | $1,367 |
Mortgage Loan Commitments | Other income | |||
Gains and losses recognized in income on non-designated hedging instruments | |||
Gains and losses recognized in income on derivatives | 517 | -3,509 | -559 |
Forward Contracts | Other income | |||
Gains and losses recognized in income on non-designated hedging instruments | |||
Gains and losses recognized in income on derivatives | -656 | 446 | 1,737 |
Credit contracts | Other income | |||
Gains and losses recognized in income on non-designated hedging instruments | |||
Gains and losses recognized in income on derivatives | -193 | -116 | 189 |
Other [Member] | Other Expenses | |||
Gains and losses recognized in income on non-designated hedging instruments | |||
Gains and losses recognized in income on derivatives | $0 | $0 | $0 |
Derivatives_and_Hedging_Activi6
Derivatives and Hedging Activities (Offsetting Disclosure for Derivative Contracts) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Offsetting Disclosure for Derivative Contracts [Line Items] | ||
offsetting disclosure, derivative asset, fair value, gross | $5,608 | $4,795 |
offsetting disclosure, offset amount, derivative liability, fair value, gross | 0 | 0 |
offsetting disclosure, net amount, derivative asset, falir value | 5,608 | 4,795 |
offseting disclosure, netting adjustment, derivative liability, fair value | -352 | -4,837 |
offsetting disclosure, collateral value, derivative asset | 0 | 42 |
offsetting disclosure, net amount total, derivative asset, fair value | 5,256 | 0 |
offsetting disclosure, derivative liability, fair value, gross | 54,697 | 53,407 |
offsetting disclosure, offset amount, derivative asset, fair value, gross | 0 | 0 |
offsetting disclosure, net amount, derivative liability, falir value | 54,697 | 53,407 |
offseting disclosure, netting adjustment, derivative asset, fair value | -352 | -4,837 |
offsetting disclosure, collateral value, derivative liability | -54,345 | -48,570 |
offsetting disclosure, net amount total, derivative liability, fair value | 0 | 0 |
Designated as Hedging Instrument | Interest Rate Swap | ||
Offsetting Disclosure for Derivative Contracts [Line Items] | ||
offsetting disclosure, derivative liability, fair value, gross | 6,683 | 11,574 |
offsetting disclosure, offset amount, derivative asset, fair value, gross | 0 | 0 |
offsetting disclosure, net amount, derivative liability, falir value | 6,683 | 11,574 |
offseting disclosure, netting adjustment, derivative asset, fair value | 0 | 0 |
offsetting disclosure, collateral value, derivative liability | -6,683 | -11,574 |
offsetting disclosure, net amount total, derivative liability, fair value | 0 | 0 |
Not Designated as Hedging Instrument | Interest Rate Swap | ||
Offsetting Disclosure for Derivative Contracts [Line Items] | ||
offsetting disclosure, derivative asset, fair value, gross | 352 | 4,791 |
offsetting disclosure, offset amount, derivative liability, fair value, gross | 0 | 0 |
offsetting disclosure, net amount, derivative asset, falir value | 352 | 4,791 |
offseting disclosure, netting adjustment, derivative liability, fair value | -352 | -4,791 |
offsetting disclosure, collateral value, derivative asset | 0 | 0 |
offsetting disclosure, net amount total, derivative asset, fair value | 0 | 0 |
offsetting disclosure, derivative liability, fair value, gross | 48,014 | 41,787 |
offsetting disclosure, offset amount, derivative asset, fair value, gross | 0 | 0 |
offsetting disclosure, net amount, derivative liability, falir value | 48,014 | 41,787 |
offseting disclosure, netting adjustment, derivative asset, fair value | -352 | -4,791 |
offsetting disclosure, collateral value, derivative liability | -47,662 | -36,996 |
offsetting disclosure, net amount total, derivative liability, fair value | 0 | 0 |
Not Designated as Hedging Instrument | Foreign Exchange Contract [Member] | ||
Offsetting Disclosure for Derivative Contracts [Line Items] | ||
offsetting disclosure, derivative asset, fair value, gross | 4 | |
offsetting disclosure, offset amount, derivative liability, fair value, gross | 0 | |
offsetting disclosure, net amount, derivative asset, falir value | 4 | |
offseting disclosure, netting adjustment, derivative liability, fair value | -46 | |
offsetting disclosure, collateral value, derivative asset | 42 | |
offsetting disclosure, net amount total, derivative asset, fair value | 0 | |
offsetting disclosure, derivative liability, fair value, gross | 46 | |
offsetting disclosure, offset amount, derivative asset, fair value, gross | 0 | |
offsetting disclosure, net amount, derivative liability, falir value | 46 | |
offseting disclosure, netting adjustment, derivative asset, fair value | -46 | |
offsetting disclosure, collateral value, derivative liability | 0 | |
offsetting disclosure, net amount total, derivative liability, fair value | $0 |
Commitments_and_Contingencies_1
Commitments and Contingencies (Narratives) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Apr. 12, 2013 | Dec. 31, 2012 |
Loss Contingencies [Line Items] | ||||
Outstanding, Intrinsic Value | $800,000 | $1,400,000 | $3,400,000 | |
Allowance for unfunded lending commitments | 5,800,000 | 7,900,000 | ||
Short-term guarantees | 176,400,000 | |||
Repurchase Reserve | 8,374,000 | 9,851,000 | 2,667,000 | |
Assumed Obligation | 6,000,000 | |||
Residential Mortgage | ||||
Loss Contingencies [Line Items] | ||||
Financing Receivable, Loans Sold to Third Party Investors | 38,100,000 | 34,600,000 | ||
Repurchase Reserve | 7,250,000 | 8,737,000 | 1,500,000 | |
Assumed Obligation | 6,000,000 | |||
Manufactured Housing | ||||
Loss Contingencies [Line Items] | ||||
Financing Receivable, Loans Sold to Third Party Investors | 3,700,000 | 6,400,000 | ||
Repurchase Reserve | 1,124,000 | 1,114,000 | 1,167,000 | |
Assumed Obligation | $0 |
Commitments_and_Contingencies_2
Commitments and Contingencies (Schedule of Future Minimum Rental Payments for Operating Leases) (Details) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Operating Leases, Future Minimum Payments Due [Abstract] | |
2015 | $13,598 |
2016 | 11,167 |
2017 | 9,841 |
2018 | 8,426 |
2019 | 6,459 |
2020-2031 | 21,999 |
Operating Leases, Future Minimum Payments Due | $71,490 |
Commitments_and_Contingencies_3
Commitments and Contingencies (Schedule of Commitments to Extend Credit) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Loan Commitments | $6,136,313 | $5,546,635 |
Commercial Loan | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Loan Commitments | 3,748,690 | 3,367,625 |
Consumer Loan | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Loan Commitments | $2,387,623 | $2,179,010 |
Commitments_and_Contingencies_4
Commitments and Contingencies (Schedule of Guarantor Obligations) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Guarantor Obligations [Line Items] | ||
Guarantor Obligations, Current Carrying Value | $287,461 | $241,482 |
Standby Letters of Credit | ||
Guarantor Obligations [Line Items] | ||
Guarantor Obligations, Current Carrying Value | 242,390 | 196,400 |
Loans Sold with Recourse | ||
Guarantor Obligations [Line Items] | ||
Guarantor Obligations, Current Carrying Value | $45,071 | $45,082 |
Commitments_and_Contingencies_5
Commitments and Contingencies (Changes in Repurchase Reserve) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Apr. 12, 2013 |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Balance at beginning of period | $9,851 | $2,667 | |
Assumed Obligation | 6,000 | ||
Net realized losses | -4,528 | -5,818 | |
Net increase (decrease) to reserve | 3,051 | 7,002 | |
Balance at end of period | 8,374 | 9,851 | |
Residential Mortgage | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Balance at beginning of period | 8,737 | 1,500 | |
Assumed Obligation | 6,000 | ||
Net realized losses | -4,528 | -5,818 | |
Net increase (decrease) to reserve | 3,041 | 7,055 | |
Balance at end of period | 7,250 | 8,737 | |
Manufactured Housing | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Balance at beginning of period | 1,114 | 1,167 | |
Assumed Obligation | 0 | ||
Net realized losses | 0 | 0 | |
Net increase (decrease) to reserve | 10 | -53 | |
Balance at end of period | $1,124 | $1,114 |
Shareholders_Equity_Narrative_
Shareholders' Equity (Narrative) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Feb. 04, 2013 | Apr. 12, 2013 |
In Millions, except Share data, unless otherwise specified | |||||
Business Acquisition [Line Items] | |||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 0 | ||||
Preferred Stock, Shares Authorized | 7,000,000 | ||||
Non-cumulative Perpetual Preferred Stock, Series A, Shares Authorized | 115,000 | ||||
Non-cumulative Perpetual Preferred Stock, Shares Outstanding | 100,000 | ||||
Outstanding, Intrinsic Value | $0.80 | $1.40 | $3.40 | ||
Citizens Republic Bancorp | |||||
Business Acquisition [Line Items] | |||||
Interest rate of Non-Cumulative Perpetual Preferred Stock, Series A | 5.88% | ||||
FirstMerit | Citizens Republic Bancorp | |||||
Business Acquisition [Line Items] | |||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 2,549,701.60 | 2,408,203 | |||
Citizens Republic Bancorp | Citizens Republic Bancorp | |||||
Business Acquisition [Line Items] | |||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 1,757,812.50 | ||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $17.65 |
Shareholders_Equity_Earnings_P
Shareholders' Equity (Earnings Per Share Reconciliation) (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock Option Plan | 166,054 | 150,421 | 109,518 |
Net income | $237,951 | $183,684 | $134,106 |
Preferred Stock dividends | 5,876 | 5,337 | 0 |
Less: Net income allocated to participating securities | 1,930 | 1,545 | 0 |
Net income attributable to common shareholders | 230,145 | 176,802 | 134,106 |
Weighted average number of common shares outstanding - basic | 165,296 | 149,607 | 109,518 |
Basic earnings per common share | $1.39 | $1.18 | $1.22 |
Diluted earnings per common share | $1.39 | $1.18 | $1.22 |
Stock Options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock Option Plan | 758 | 814 | 0 |
Net income attributable to common shareholders | $230,145 | $176,802 | $134,106 |
Changes_and_Reclassifications_2
Changes and Reclassifications Out of Other Comprehensive Income (Changes in AOCI by Components of Comprehensive Income) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Balance at the beginning of the Period, Pre-tax | ($102,885) | ||
Balance at the beginning of the period, Tax | -36,009 | ||
Balance at the beginning of the period, After-tax | -66,876 | ||
Changes in unrealized securities' holding gains/(losses), Pre-Tax | 38,864 | -130,947 | -6,668 |
Changes in unrealized securities' holding gains/(losses), Tax | 13,602 | -45,833 | -2,334 |
Changes in unrealized securities' holding gains/(losses), After-tax | 25,262 | -85,114 | -4,334 |
Changes in unrealized securities' holding gains/(losses) that result from securities being transferred into available-for-sale from held-to-maturity, Pre-tax | -2,157 | -2,187 | 13,059 |
Changes in unrealized securities' holding gains/(losses) that result from securities being transferred into available-for-sale from held-to-maturity, Tax | -753 | -765 | 4,571 |
Changes in unrealized securities' holding gains/(losses) that result from securities being transferred into available-for-sale from held-to-maturity, After-tax | -1,404 | -1,422 | 8,488 |
Net losses/(gains) realized on sale of securities reclassified to noninterest income, Pre-Tax | -166 | 2,803 | -3,786 |
Net losses/(gains) realized on sale of securities reclassified to noninterest income, Tax | -58 | 981 | -1,325 |
Net losses/(gains) realized on sale of securities reclassified to noninterest income, After-tax | -108 | 1,822 | -2,461 |
Balance at the beginning and end of the period, Pre-tax | -102,068 | -57,813 | -110,188 |
Accumulated other comprehensive income reclassifications, benefit plan, tax | -35,722 | -20,233 | -38,565 |
Accumulated Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net of Tax | -66,346 | -37,580 | -71,623 |
Net gains/(losses) arising during the period, Pre-Tax | -49,552 | 47,939 | -1,224 |
Net gains/(losses) arising during the period, Tax | -17,344 | 16,779 | -429 |
Net gains/(losses) arising during the period, After-tax | -32,208 | 31,160 | -795 |
Amortization of actuarial gain, Pre-Tax | 3,166 | 4,437 | 10,517 |
Amortization of actuarial gain, Tax | 1,108 | 1,553 | 3,681 |
Amortization of actuarial gain, After-tax | 2,058 | 2,884 | 6,836 |
Amortization of prior service cost reclassified to other noninterest expense, Pre-Tax | -2,131 | 1 | 80 |
Amortization of prior service cost reclassified to other noninterest expense, Tax | -747 | 0 | 28 |
Amortization of prior service cost reclassified to other noninterest expense, After-tax | -1,384 | 1 | 52 |
Balance at the end of the Period, Pre-tax | -110,599 | -102,885 | |
Balance at the end of the period, Tax | -38,707 | -36,009 | |
Balance at the end of the period, After-tax | -71,892 | -66,876 | |
Accumulated Net Unrealized Investment Gain (Loss) | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Balance at the end of the Period, Pre-tax | -8,531 | -45,072 | 85,259 |
Balance at the end of the period, Tax | -2,985 | -15,776 | 29,841 |
Balance at the end of the period, After-tax | ($5,546) | ($29,296) | $55,418 |
Changes_and_Reclassifications_3
Changes and Reclassifications Out of Other Comprehensive Income (Current Period Reclassifications out of AOCI) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Changes and Reclassifications Out of Comprehensive Income [Abstract] | |||
Realized (gains) losses on sale of securities | $166 | ($2,803) | $3,786 |
Tax expense (benefit) (35%) | 58 | -981 | 1,325 |
Reclassified amount, net of tax | $108 | ($1,822) | $2,461 |
Regulatory_Matters_Narrative_D
Regulatory Matters (Narrative) (Details) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2014 |
Regulatory Matters [Abstract] | |
Minimum net worth requirement of HUD | $1 |
Regulatory_Matters_Schedule_of
Regulatory Matters (Schedule of Compliance with Regulatory Capital Requirements Under Banking Regulations) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Consolidated | ||
Total Capital (to Risk Weighted Assets) [Abstract] | ||
Total Capital | $2,653,893 | $2,279,891 |
Total Capital to Risk Weighted Assets (Ratio) | 15.26% | 13.97% |
Capital Required for Capital Adequacy | 1,391,282 | 1,305,667 |
Capital Required for Capital Adequacy to Risk Weighted Assets (Ratio) | 8.00% | 8.00% |
Capital Required to be Well Capitalized | 1,739,102 | 1,632,083 |
Capital Required to be Well Capitalized to Risk Weighted Assets (Ratio) | 10.00% | 10.00% |
Tier I Capital (to Risk Weighted Assets) [Abstract] | ||
Tier One Risk Based Capital to Risk Weighted Assets (Ratio) | 11.53% | 11.52% |
Tier One Risk Based Capital Required for Capital Adequacy | 695,641 | 652,833 |
Tier One Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets (Ratio) | 4.00% | 4.00% |
Tier One Risk Based Capital Required to be Well Capitalized | 1,043,461 | 979,250 |
Tier One Risk Based Capital Required to be Well Capitalized to Risk Weighted Assets (Ratio) | 6.00% | 6.00% |
Tier I Capital (to Average Assets) [Abstract] | ||
Tier One Leverage Capital | 2,004,461 | 1,880,804 |
Tier One Leverage Capital to Average Assets (Ratio) | 8.43% | 8.14% |
Tier One Leverage Capital Required for Capital Adequacy | 951,430 | 923,887 |
Tier One Leverage Capital Required for Capital Adequacy to Average Assets (Ratio) | 4.00% | 4.00% |
Tier One Leverage Capital Required to be Well Capitalized | 1,189,287 | 1,154,858 |
Tier One Leverage Capital Required to be Well Capitalized to Average Assets (Ratio) | 5.00% | 5.00% |
Bank Only | ||
Total Capital (to Risk Weighted Assets) [Abstract] | ||
Total Capital | 2,521,412 | 2,122,124 |
Total Capital to Risk Weighted Assets (Ratio) | 14.49% | 13.02% |
Capital Required for Capital Adequacy | 1,391,988 | 1,303,579 |
Capital Required for Capital Adequacy to Risk Weighted Assets (Ratio) | 8.00% | 8.00% |
Capital Required to be Well Capitalized | 1,739,986 | 1,629,473 |
Capital Required to be Well Capitalized to Risk Weighted Assets (Ratio) | 10.00% | 10.00% |
Tier I Capital (to Risk Weighted Assets) [Abstract] | ||
Tier One Risk Based Capital to Risk Weighted Assets (Ratio) | 12.22% | 12.14% |
Tier One Risk Based Capital Required for Capital Adequacy | 695,994 | 651,789 |
Tier One Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets (Ratio) | 4.00% | 4.00% |
Tier One Risk Based Capital Required to be Well Capitalized | 1,043,991 | 977,684 |
Tier One Risk Based Capital Required to be Well Capitalized to Risk Weighted Assets (Ratio) | 6.00% | 6.00% |
Tier I Capital (to Average Assets) [Abstract] | ||
Tier One Leverage Capital | 2,127,065 | 1,978,140 |
Tier One Leverage Capital to Average Assets (Ratio) | 8.94% | 8.58% |
Tier One Leverage Capital Required for Capital Adequacy | 951,455 | 922,312 |
Tier One Leverage Capital Required for Capital Adequacy to Average Assets (Ratio) | 4.00% | 4.00% |
Tier One Leverage Capital Required to be Well Capitalized | $1,189,319 | $1,152,890 |
Tier One Leverage Capital Required to be Well Capitalized to Average Assets (Ratio) | 5.00% | 5.00% |
Borrowed_Funds_Narrative_Detai
Borrowed Funds (Narrative) (Details) (USD $) | 12 Months Ended | ||||
Dec. 31, 2013 | Dec. 31, 2014 | Nov. 25, 2014 | Apr. 12, 2013 | Feb. 04, 2013 | |
Debt Instrument [Line Items] | |||||
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Collateral Pledged | 2,400,000,000 | $5,100,000,000 | |||
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Interest Rate, Range from | 1.11% | ||||
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Interest Rate, Range to | 4.12% | ||||
Subordinate debentures | Subordinated Notes Due 2026 | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Face Amount | 250,000,000 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 4.27% | ||||
Citizens Republic Bancorp | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Face Amount | 250,000,000 | ||||
Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Subordinated Debt | 74,500,000 | ||||
Citizens Republic Bancorp | Subordinate debentures | Subordinated Notes Due 2023 | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Face Amount | 250,000,000 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 4.35% | ||||
Citizens Republic Bancorp | Maximum | Junior Subordinated Debt | London Interbank Offered Rate (LIBOR) [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Basis Spread on Variable Rate | 11.75% | ||||
VIE 2 | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Interest Rate, Stated Percentage | 3.10% | ||||
VIE 2 | London Interbank Offered Rate (LIBOR) [Member] | |||||
Debt Instrument [Line Items] | |||||
Variable Interest Entity-Aggregate Liquidation Amount Outstanding | 25,800,000 | ||||
Debt Instrument, Description of Variable Rate Basis | LIBOR | ||||
VIE 1 | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Interest Rate, Stated Percentage | 7.50% | ||||
Variable Interest Entity-Aggregate Liquidation Amount Outstanding | 48,700,000 |
Borrowed_Funds_Wholesale_Borro
Borrowed Funds (Wholesale Borrowings and Long-term Debt) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ||
Total borrowed funds | $1,272,591 | $851,535 |
FHLB advances | ||
Debt Instrument [Line Items] | ||
Federal Home Loan Bank Advances | 427,857 | 200,323 |
Wholesale Borrowings | ||
Debt Instrument [Line Items] | ||
Federal Home Loan Bank Advances | 214 | 277 |
Subordinated debentures | 505,192 | 249,928 |
Other | 0 | 74,500 |
Total borrowed funds | $933,263 | $525,028 |
Borrowed_Funds_Selected_Inform
Borrowed Funds (Selected Information Pertaining to the Corporation's Borrowed Funds) (Details) (Wholesale Borrowings [Member], USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Wholesale Borrowings [Member] | |||
Debt Instrument [Line Items] | |||
Average balance during the year | $715,383 | $474,473 | $175,989 |
Weighted-average annual interest rate during the year | 2.80% | 3.62% | 2.51% |
Maximum month-end balance | $973,453 | $527,155 | $178,489 |
Borrowed_Funds_Wholesale_Borro1
Borrowed Funds (Wholesale Borrowings Schedule of Maturities) (Details) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Debt Instrument [Line Items] | |
One year or less | $189,875 |
One to three years | 212,642 |
Three to five years | 202 |
Over five years | 530,544 |
Total | 933,263 |
FHLB advances | |
Debt Instrument [Line Items] | |
One year or less | 189,808 |
One to three years | 212,495 |
Three to five years | 202 |
Over five years | 25,352 |
Total | 427,857 |
Subordinate debentures | |
Debt Instrument [Line Items] | |
One year or less | 0 |
One to three years | 0 |
Three to five years | 0 |
Over five years | 505,192 |
Total | 505,192 |
Wholesale Borrowings | |
Debt Instrument [Line Items] | |
One year or less | 67 |
One to three years | 147 |
Three to five years | 0 |
Over five years | 0 |
Total | $214 |
Uncategorized_Items
Uncategorized Items | |
[us-gaap_CashAndCashEquivalentsAtCarryingValue] | 140,939,000 |