LOANS AND ALLOWANCE FOR LOAN LOSSES | 9 Months Ended |
Sep. 30, 2013 |
Receivables [Abstract] | ' |
LOANS AND ALLOWANCE FOR LOAN LOSSES | ' |
LOANS AND ALLOWANCE FOR LOAN LOSSES |
Following is a summary of loans, net of unearned income: |
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| | Originated | | | Acquired | | | Total | | | | | | | | | | | | | | | | | |
Loans | Loans | Loans | | | | | | | | | | | | | | | | |
September 30, 2013 | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Commercial real estate | | $ | 2,548,278 | | | $ | 372,530 | | | $ | 2,920,808 | | | | | | | | | | | | | | | | | |
Commercial and industrial | | | 1,689,467 | | | | 65,768 | | | | 1,755,235 | | | | | | | | | | | | | | | | | |
Commercial leases | | | 141,714 | | | | — | | | | 141,714 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total commercial loans and leases | | | 4,379,459 | | | | 438,298 | | | | 4,817,757 | | | | | | | | | | | | | | | | | |
Direct installment | | | 1,349,804 | | | | 58,735 | | | | 1,408,539 | | | | | | | | | | | | | | | | | |
Residential mortgages | | | 669,978 | | | | 361,827 | | | | 1,031,805 | | | | | | | | | | | | | | | | | |
Indirect installment | | | 631,030 | | | | 7,282 | | | | 638,312 | | | | | | | | | | | | | | | | | |
Consumer lines of credit | | | 804,453 | | | | 83,528 | | | | 887,981 | | | | | | | | | | | | | | | | | |
Other | | | 52,511 | | | | — | | | | 52,511 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | $ | 7,887,235 | | | $ | 949,670 | | | $ | 8,836,905 | | | | | | | | | | | | | | | | | |
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December 31, 2012 | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Commercial real estate | | $ | 2,448,471 | | | $ | 258,575 | | | $ | 2,707,046 | | | | | | | | | | | | | | | | | |
Commercial and industrial | | | 1,555,301 | | | | 47,013 | | | | 1,602,314 | | | | | | | | | | | | | | | | | |
Commercial leases | | | 130,133 | | | | — | | | | 130,133 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total commercial loans and leases | | | 4,133,905 | | | | 305,588 | | | | 4,439,493 | | | | | | | | | | | | | | | | | |
Direct installment | | | 1,108,865 | | | | 69,665 | | | | 1,178,530 | | | | | | | | | | | | | | | | | |
Residential mortgages | | | 653,826 | | | | 438,402 | | | | 1,092,228 | | | | | | | | | | | | | | | | | |
Indirect installment | | | 568,324 | | | | 13,713 | | | | 582,037 | | | | | | | | | | | | | | | | | |
Consumer lines of credit | | | 732,534 | | | | 72,960 | | | | 805,494 | | | | | | | | | | | | | | | | | |
Other | | | 39,937 | | | | — | | | | 39,937 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | $ | 7,237,391 | | | $ | 900,328 | | | $ | 8,137,719 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
The carrying amount of acquired loans at September 30, 2013 totaled $944,954, including purchased credit-impaired (PCI) loans with a carrying amount of $16,559, while the carrying amount of acquired loans at December 31, 2012 totaled $896,148, including PCI loans with a carrying amount of $15,864. The outstanding contractual balance receivable of acquired loans at September 30, 2013 totaled $1,011,890, including PCI loans with an outstanding contractual balance receivable of $43,767, while the outstanding contractual balance receivable of acquired loans at December 31, 2012 totaled $949,862, including PCI loans with an outstanding contractual balance receivable of $41,134. |
Commercial real estate includes both owner-occupied and non-owner-occupied loans secured by commercial properties. Commercial and industrial includes loans to businesses that are not secured by real estate. Commercial leases consist of loans for new or used equipment. Direct installment is comprised of fixed-rate, closed-end consumer loans for personal, family or household use, such as home equity loans and automobile loans. Residential mortgages consist of conventional and jumbo mortgage loans for non-commercial properties. Indirect installment is comprised of loans originated by third parties and underwritten by the Corporation, primarily automobile loans. Consumer lines of credit include home equity lines of credit (HELOC) and consumer lines of credit that are either unsecured or secured by collateral other than home equity. Other is comprised primarily of mezzanine loans and student loans. |
The loan portfolio consists principally of loans to individuals and small- and medium-sized businesses within the Corporation’s primary market area of Pennsylvania, northeastern Ohio, northern West Virginia and central Maryland. The commercial real estate portfolio also includes run-off loans in Florida, which totaled $49,189 or 0.6% of total loans at September 30, 2013, compared to $68,627 or 0.8% of total loans at December 31, 2012. Additionally, the total loan portfolio contains consumer finance loans to individuals in Pennsylvania, Ohio, Tennessee and Kentucky, which equaled $175,123 or 2.0% of total loans at September 30, 2013, compared to $170,999 or 2.1% of total loans at December 31, 2012. Due to the relative size of the consumer finance loan portfolio, they are not segregated from other consumer loans. |
As of September 30, 2013, 45.2% of the commercial real estate loans were owner-occupied, while the remaining 54.8% were non-owner-occupied, compared to 46.5% and 53.5%, respectively, as of December 31, 2012. As of September 30, 2013 and December 31, 2012, the Corporation had commercial construction loans of $215,433 and $190,206, respectively, representing 2.4% and 2.3% of total loans, respectively. |
ASC 310-30 Loans |
All loans acquired in the ANNB and Parkvale acquisitions, except for revolving loans, are accounted for in accordance with ASC 310-30. Revolving loans are accounted for under ASC 310-20. The Corporation’s allowance for loan losses for acquired loans reflects only those losses incurred after acquisition. |
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The following table reflects amounts at acquisition for all purchased loans subject to ASC310-30 (impaired and non-impaired) acquired from ANNB in 2013 and Parkvale in 2012: |
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| | Acquired | | | Acquired | | | Total | | | | | | | | | | | | | | | | | |
Impaired | Performing | | | | | | | | | | | | | | | | |
Loans | Loans | | | | | | | | | | | | | | | | |
Acquired from ANNB in 2013 | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Contractually required cash flows at acquisition | | $ | 12,200 | | | $ | 270,197 | | | $ | 282,397 | | | | | | | | | | | | | | | | | |
Non-accretable difference (expected losses and foregone interest) | | | (7,829 | ) | | | (13,705 | ) | | | (21,534 | ) | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash flows expected to be collected at acquisition | | | 4,371 | | | | 256,492 | | | | 260,863 | | | | | | | | | | | | | | | | | |
Accretable yield | | | (523 | ) | | | (41,207 | ) | | | (41,730 | ) | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Basis in acquired loans at acquisition | | $ | 3,848 | | | $ | 215,285 | | | $ | 219,133 | | | | | | | | | | | | | | | | | |
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Acquired from Parkvale in 2012 | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Contractually required cash flows at acquisition | | $ | 12,224 | | | $ | 1,327,342 | | | $ | 1,339,566 | | | | | | | | | | | | | | | | | |
Non-accretable difference (expected losses and foregone interest) | | | (6,070 | ) | | | (214,541 | ) | | | (220,611 | ) | | | | | | | | | | | | | | | | |
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Cash flows expected to be collected at acquisition | | | 6,154 | | | | 1,112,801 | | | | 1,118,955 | | | | | | | | | | | | | | | | | |
Accretable yield | | | (589 | ) | | | (293,594 | ) | | | (294,183 | ) | | | | | | | | | | | | | | | | |
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Basis in acquired loans at acquisition | | $ | 5,565 | | | $ | 819,207 | | | $ | 824,772 | | | | | | | | | | | | | | | | | |
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The following table provides a summary of change in accretable yield for all acquired loans: |
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| | Acquired | | | Acquired | | | Total | | | | | | | | | | | | | | | | | |
Impaired | Performing | | | | | | | | | | | | | | | | |
Loans | Loans | | | | | | | | | | | | | | | | |
Nine Months Ended September 30, 2013 | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Balance at beginning of period | | $ | 778 | | | $ | 253,375 | | | $ | 254,153 | | | | | | | | | | | | | | | | | |
Acquisitions | | | 523 | | | | 41,207 | | | | 41,730 | | | | | | | | | | | | | | | | | |
Reduction due to unexpected early payoffs | | | — | | | | (37,432 | ) | | | (37,432 | ) | | | | | | | | | | | | | | | | |
Reclass from non-accretable difference | | | 6,318 | | | | 1,555 | | | | 7,873 | | | | | | | | | | | | | | | | | |
Disposals/transfers | | | 164 | | | | (210 | ) | | | (46 | ) | | | | | | | | | | | | | | | | |
Accretion | | | (2,250 | ) | | | (27,629 | ) | | | (29,879 | ) | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Balance at end of period | | $ | 5,533 | | | $ | 230,866 | | | $ | 236,399 | | | | | | | | | | | | | | | | | |
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Year Ended December 31, 2012 | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Balance at beginning of period | | $ | 2,477 | | | $ | 49,229 | | | $ | 51,706 | | | | | | | | | | | | | | | | | |
Acquisitions | | | 589 | | | | 293,594 | | | | 294,183 | | | | | | | | | | | | | | | | | |
Reduction due to unexpected early payoffs | | | — | | | | (57,840 | ) | | | (57,840 | ) | | | | | | | | | | | | | | | | |
Reclass from non-accretable difference | | | 3,539 | | | | 10,915 | | | | 14,454 | | | | | | | | | | | | | | | | | |
Disposals/transfers | | | (49 | ) | | | (615 | ) | | | (664 | ) | | | | | | | | | | | | | | | | |
Accretion | | | (5,778 | ) | | | (41,908 | ) | | | (47,686 | ) | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Balance at end of period | | $ | 778 | | | $ | 253,375 | | | $ | 254,153 | | | | | | | | | | | | | | | | | |
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Purchased Credit-Impaired (PCI) Loans |
The Corporation has acquired loans for which there was evidence of deterioration of credit quality since origination and for which it was probable, at acquisition, that all contractually required payments would not be collected. |
Following is information about PCI loans identified in the Corporation’s acquisition of ANNB: |
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| | At | | | September 30, | | | | | | | | | | | | | | | | | | | | | |
Acquisition | 2013 | | | | | | | | | | | | | | | | | | | | |
Outstanding balance | | $ | 12,220 | | | $ | 11,867 | | | | | | | | | | | | | | | | | | | | | |
Carrying amount | | | 3,848 | | | | 3,442 | | | | | | | | | | | | | | | | | | | | | |
Allowance for loan losses | | | n/a | | | | — | | | | | | | | | | | | | | | | | | | | | |
Impairment recognized since acquisition | | | n/a | | | | — | | | | | | | | | | | | | | | | | | | | | |
Allowance reduction recognized since acquisition | | | n/a | | | | — | | | | | | | | | | | | | | | | | | | | | |
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Following is information about PCI loans identified in the Corporation’s acquisition of Parkvale: |
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| | At | | | December 31, | | | | | | | | | | | | | | | | | | | | | |
Acquisition | 2012 | | | | | | | | | | | | | | | | | | | | |
Outstanding balance | | $ | 9,135 | | | $ | 3,704 | | | | | | | | | | | | | | | | | | | | | |
Carrying amount | | | 5,565 | | | | 2,552 | | | | | | | | | | | | | | | | | | | | | |
Allowance for loan losses | | | n/a | | | | 103 | | | | | | | | | | | | | | | | | | | | | |
Impairment recognized since acquisition | | | n/a | | | | 103 | | | | | | | | | | | | | | | | | | | | | |
Allowance reduction recognized since acquisition | | | n/a | | | | — | | | | | | | | | | | | | | | | | | | | | |
Following is information about the Corporation’s PCI loans: |
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| | Outstanding | | | Non- | | | Expected | | | Accretable | | | Recorded | | | | | | | | | |
Balance | Accretable | Cash Flows | Yield | Investment | | | | | | | | |
| Difference | | | | | | | | | | | |
For the Nine Months Ended September 30, 2013 | | | | | | | | | | | | | | | | | | | | | |
Balance at beginning of period | | $ | 41,134 | | | $ | (23,733 | ) | | $ | 17,401 | | | $ | (778 | ) | | $ | 16,623 | | | | | | | | | |
Acquisitions | | | 12,220 | | | | (7,849 | ) | | | 4,371 | | | | (523 | ) | | | 3,848 | | | | | | | | | |
Accretion | | | — | | | | — | | | | — | | | | 2,250 | | | | 2,250 | | | | | | | | | |
Payments received | | | (3,087 | ) | | | — | | | | (3,087 | ) | | | — | | | | (3,087 | ) | | | | | | | | |
Reclass from non-accretable difference | | | — | | | | 6,318 | | | | 6,318 | | | | (6,318 | ) | | | — | | | | | | | | | |
Disposals/transfers | | | (8,442 | ) | | | 6,193 | | | | (2,249 | ) | | | (164 | ) | | | (2,413 | ) | | | | | | | | |
Contractual interest | | | 1,942 | | | | (1,942 | ) | | | — | | | | — | | | | — | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Balance at end of period | | $ | 43,767 | | | $ | (21,013 | ) | | $ | 22,754 | | | $ | (5,533 | ) | | $ | 17,221 | | | | | | | | | |
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For the Year Ended December 31, 2012 | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Balance at beginning of period | | $ | 51,693 | | | $ | (33,377 | ) | | $ | 18,316 | | | $ | (2,477 | ) | | $ | 15,839 | | | | | | | | | |
Acquisitions | | | 9,135 | | | | (2,981 | ) | | | 6,154 | | | | (589 | ) | | | 5,565 | | | | | | | | | |
Accretion | | | — | | | | — | | | | — | | | | 5,778 | | | | 5,778 | | | | | | | | | |
Payments received | | | (9,556 | ) | | | — | | | | (9,556 | ) | | | — | | | | (9,556 | ) | | | | | | | | |
Reclass from non-accretable difference | | | — | | | | 3,539 | | | | 3,539 | | | | (3,539 | ) | | | — | | | | | | | | | |
Disposals/transfers | | | (12,494 | ) | | | 11,442 | | | | (1,052 | ) | | | 49 | | | | (1,003 | ) | | | | | | | | |
Contractual interest | | | 2,356 | | | | (2,356 | ) | | | — | | | | — | | | | — | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Balance at end of period | | $ | 41,134 | | | $ | (23,733 | ) | | $ | 17,401 | | | $ | (778 | ) | | $ | 16,623 | | | | | | | | | |
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The accretion in the table above includes $440 in 2013 and $3,539 in 2012 that primarily represents payoffs received on certain loans in excess of expected cash flows. |
Credit Quality |
Management monitors the credit quality of the Corporation’s loan portfolio on an ongoing basis. Measurement of delinquency and past due status are based on the contractual terms of each loan. |
Non-performing loans include non-accrual loans and non-performing troubled debt restructurings (TDRs). Past due loans are reviewed on a monthly basis to identify loans for non-accrual status. The Corporation places a loan on non-accrual status and discontinues interest accruals on originated loans generally when principal or interest is due and has remained unpaid for a certain number of days unless the loan is both well secured and in the process of collection. Commercial loans are placed on non-accrual at 90 days, installment loans are placed on non-accrual at 120 days and residential mortgages and consumer lines of credit are generally placed on non-accrual at 180 days. When a loan is placed on non-accrual status, all unpaid interest is reversed. Non-accrual loans may not be restored to accrual status until all delinquent principal and interest have been paid and the ultimate ability to collect the remaining principal and interest is reasonably assured. TDRs are loans in which the borrower has been granted a concession on the interest rate or the original repayment terms due to financial distress. Non-performing assets also include debt securities on which OTTI has been taken in the current or prior periods that have not been returned to accrual status. |
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Following is a summary of non-performing assets: |
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| | September 30, | | | December 31, | | | | | | | | | | | | | | | | | | | | | |
2013 | 2012 | | | | | | | | | | | | | | | | | | | | |
Non-accrual loans | | $ | 65,451 | | | $ | 66,004 | | | | | | | | | | | | | | | | | | | | | |
Troubled debt restructurings | | | 17,252 | | | | 14,876 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total non-performing loans | | | 82,703 | | | | 80,880 | | | | | | | | | | | | | | | | | | | | | |
Other real estate owned (OREO) | | | 35,144 | | | | 35,257 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total non-performing loans and OREO | | | 117,847 | | | | 116,137 | | | | | | | | | | | | | | | | | | | | | |
Non-performing investments | | | 733 | | | | 2,809 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total non-performing assets | | $ | 118,580 | | | $ | 118,946 | | | | | | | | | | | | | | | | | | | | | |
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Asset quality ratios: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Non-performing loans as a percent of total loans | | | 0.94 | % | | | 0.99 | % | | | | | | | | | | | | | | | | | | | | |
Non-performing loans + OREO as a percent of total loans + OREO | | | 1.33 | % | | | 1.42 | % | | | | | | | | | | | | | | | | | | | | |
Non-performing assets as a percent of total assets | | | 0.93 | % | | | 0.99 | % | | | | | | | | | | | | | | | | | | | | |
The following tables provide an analysis of the aging of the Corporation’s past due loans by class, segregated by loans originated and loans acquired: |
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| | 30-89 Days | | | >90 Days | | | Non- | | | Total | | | Current | | | Total | | | | | |
Past Due | Past Due and | Accrual | Past Due | Loans | | | | |
| Still Accruing | | | | | | | |
Originated loans: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
September 30, 2013 | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Commercial real estate | | $ | 7,041 | | | $ | 301 | | | $ | 47,151 | | | $ | 54,493 | | | $ | 2,493,785 | | | $ | 2,548,278 | | | | | |
Commercial and industrial | | | 4,068 | | | | 459 | | | | 8,081 | | | | 12,608 | | | | 1,676,859 | | | | 1,689,467 | | | | | |
Commercial leases | | | 836 | | | | — | | | | 782 | | | | 1,618 | | | | 140,096 | | | | 141,714 | | | | | |
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Total commercial loans and leases | | | 11,945 | | | | 760 | | | | 56,014 | | | | 68,719 | | | | 4,310,740 | | | | 4,379,459 | | | | | |
Direct installment | | | 9,952 | | | | 2,515 | | | | 4,462 | | | | 16,929 | | | | 1,332,875 | | | | 1,349,804 | | | | | |
Residential mortgages | | | 12,331 | | | | 1,986 | | | | 3,694 | | | | 18,011 | | | | 651,967 | | | | 669,978 | | | | | |
Indirect installment | | | 4,815 | | | | 607 | | | | 975 | | | | 6,397 | | | | 624,633 | | | | 631,030 | | | | | |
Consumer lines of credit | | | 2,146 | | | | 1,113 | | | | 306 | | | | 3,565 | | | | 800,888 | | | | 804,453 | | | | | |
Other | | | 23 | | | | 37 | | | | — | | | | 60 | | | | 52,451 | | | | 52,511 | | | | | |
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| | $ | 41,212 | | | $ | 7,018 | | | $ | 65,451 | | | $ | 113,681 | | | $ | 7,773,554 | | | $ | 7,887,235 | | | | | |
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December 31, 2012 | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Commercial real estate | | $ | 5,786 | | | $ | 533 | | | $ | 47,895 | | | $ | 54,214 | | | $ | 2,394,257 | | | $ | 2,448,471 | | | | | |
Commercial and industrial | | | 7,310 | | | | 456 | | | | 6,017 | | | | 13,783 | | | | 1,541,518 | | | | 1,555,301 | | | | | |
Commercial leases | | | 1,671 | | | | — | | | | 965 | | | | 2,636 | | | | 127,497 | | | | 130,133 | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total commercial loans and leases | | | 14,767 | | | | 989 | | | | 54,877 | | | | 70,633 | | | | 4,063,272 | | | | 4,133,905 | | | | | |
Direct installment | | | 8,834 | | | | 2,717 | | | | 3,342 | | | | 14,893 | | | | 1,093,972 | | | | 1,108,865 | | | | | |
Residential mortgages | | | 15,821 | | | | 2,365 | | | | 2,891 | | | | 21,077 | | | | 632,749 | | | | 653,826 | | | | | |
Indirect installment | | | 5,114 | | | | 374 | | | | 1,039 | | | | 6,527 | | | | 561,797 | | | | 568,324 | | | | | |
Consumer lines of credit | | | 1,633 | | | | 247 | | | | 355 | | | | 2,235 | | | | 730,299 | | | | 732,534 | | | | | |
Other | | | 36 | | | | 15 | | | | 3,500 | | | | 3,551 | | | | 36,386 | | | | 39,937 | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | $ | 46,205 | | | $ | 6,707 | | | $ | 66,004 | | | $ | 118,916 | | | $ | 7,118,475 | | | $ | 7,237,391 | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 30-89 | | | ³ 90 Days | | | Non-Accrual | | | Total | | | Current | | | Discount | | | Total | |
Days | Past Due | Past | Loans |
Past Due | and Still | Due (1) | |
| Accruing | | |
Acquired Loans: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
September 30, 2013 | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Commercial real estate | | $ | 4,681 | | | $ | 16,002 | | | | — | | | $ | 20,683 | | | $ | 370,373 | | | $ | (18,526 | ) | | $ | 372,530 | |
Commercial and industrial | | | 3,396 | | | | 4,500 | | | | — | | | | 7,896 | | | | 63,566 | | | | (5,694 | ) | | | 65,768 | |
Commercial leases | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total commercial loans and leases | | | 8,077 | | | | 20,502 | | | | — | | | | 28,579 | | | | 433,939 | | | | (24,220 | ) | | | 438,298 | |
Direct installment | | | 1,147 | | | | 1,023 | | | | — | | | | 2,170 | | | | 53,785 | | | | 2,780 | | | | 58,735 | |
Residential mortgages | | | 7,272 | | | | 19,002 | | | | — | | | | 26,274 | | | | 370,609 | | | | (35,056 | ) | | | 361,827 | |
Indirect installment | | | 246 | | | | 38 | | | | — | | | | 284 | | | | 7,661 | | | | (663 | ) | | | 7,282 | |
Consumer lines of credit | | | 226 | | | | 893 | | | | — | | | | 1,119 | | | | 87,470 | | | | (5,061 | ) | | | 83,528 | |
Other | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | $ | 16,968 | | | $ | 41,458 | | | | — | | | $ | 58,426 | | | $ | 953,464 | | | $ | (62,220 | ) | | $ | 949,670 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
December 31, 2012 | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Commercial real estate | | $ | 6,829 | | | $ | 13,597 | | | | — | | | $ | 20,426 | | | $ | 250,116 | | | $ | (11,967 | ) | | $ | 258,575 | |
Commercial and industrial | | | 1,653 | | | | 138 | | | | — | | | | 1,791 | | | | 47,351 | | | | (2,129 | ) | | | 47,013 | |
Commercial leases | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total commercial loans and leases | | | 8,482 | | | | 13,735 | | | | — | | | | 22,217 | | | | 297,467 | | | | (14,096 | ) | | | 305,588 | |
Direct installment | | | 1,454 | | | | 947 | | | | — | | | | 2,401 | | | | 63,502 | | | | 3,762 | | | | 69,665 | |
Residential mortgages | | | 12,137 | | | | 21,069 | | | | — | | | | 33,206 | | | | 439,620 | | | | (34,424 | ) | | | 438,402 | |
Indirect installment | | | 347 | | | | 56 | | | | — | | | | 403 | | | | 14,089 | | | | (779 | ) | | | 13,713 | |
Consumer lines of credit | | | 379 | | | | 778 | | | | — | | | | 1,157 | | | | 75,800 | | | | (3,997 | ) | | | 72,960 | |
Other | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | $ | 22,799 | | | $ | 36,585 | | | | — | | | $ | 59,384 | | | $ | 890,478 | | | $ | (49,534 | ) | | $ | 900,328 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
-1 | Past due information for loans acquired is based on the contractual balance outstanding at September 30, 2013 and December 31, 2012. | | | | | | | | | | | | | | | | | | | | | | | | | | | |
The Corporation utilizes the following categories to monitor credit quality within its commercial loan portfolio: |
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Rating | | Definition | | | | | | | | | | | | | | | | | | | | | | | | | | |
Category | | | | | | | | | | | | | | | | | | | | | | | | | | |
Pass | | in general, the condition of the borrower and the performance of the loan is satisfactory or better | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
Special Mention | | in general, the condition of the borrower has deteriorated, requiring an increased level of monitoring | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
Substandard | | in general, the condition of the borrower has significantly deteriorated and the performance of the loan could further deteriorate if deficiencies are not corrected | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
Doubtful | | in general, the condition of the borrower has significantly deteriorated and the collection in full of both principal and interest is highly questionable or improbable | | | | | | | | | | | | | | | | | | | | | | | | | | |
The use of these internally assigned credit quality categories within the commercial loan portfolio permits management’s use of migration and roll rate analysis to estimate a quantitative portion of credit risk. The Corporation’s internal credit risk grading system is based on past experiences with similarly graded loans and conforms with regulatory categories. In general, loan risk ratings within each category are reviewed on an ongoing basis according to the Corporation’s policy for each class of loans. Each quarter, management analyzes the resulting ratings, as well as other external statistics and factors such as delinquency, to track the migration performance of the commercial loan portfolio. Loans within the Pass credit category or that migrate toward the Pass credit category generally have a lower risk of loss compared to loans that migrate toward the Substandard or Doubtful credit categories. Accordingly, management applies higher risk factors to Substandard and Doubtful credit categories. |
|
The following tables present a summary of the Corporation’s commercial loans by credit quality category, segregated by loans originated and loans acquired: |
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Commercial Loan Credit Quality Categories | | | | | | | | | |
| | Pass | | | Special | | | Substandard | | | Doubtful | | | Total | | | | | | | | | |
Mention | | | | | | | | |
Originated Loans: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
September 30, 2013 | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Commercial real estate | | $ | 2,388,404 | | | $ | 46,750 | | | $ | 110,342 | | | $ | 2,782 | | | $ | 2,548,278 | | | | | | | | | |
Commercial and industrial | | | 1,550,195 | | | | 80,987 | | | | 57,966 | | | | 319 | | | | 1,689,467 | | | | | | | | | |
Commercial leases | | | 139,966 | | | | 764 | | | | 984 | | | | — | | | | 141,714 | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | $ | 4,078,565 | | | $ | 128,501 | | | $ | 169,292 | | | $ | 3,101 | | | $ | 4,379,459 | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
December 31, 2012 | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Commercial real estate | | $ | 2,282,139 | | | $ | 57,938 | | | $ | 106,258 | | | $ | 2,136 | | | $ | 2,448,471 | | | | | | | | | |
Commercial and industrial | | | 1,472,598 | | | | 32,227 | | | | 49,814 | | | | 662 | | | | 1,555,301 | | | | | | | | | |
Commercial leases | | | 126,283 | | | | 243 | | | | 3,607 | | | | — | | | | 130,133 | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | $ | 3,881,020 | | | $ | 90,408 | | | $ | 159,679 | | | $ | 2,798 | | | $ | 4,133,905 | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Acquired Loans: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
September 30, 2013 | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Commercial real estate | | $ | 277,806 | | | $ | 47,663 | | | $ | 45,673 | | | $ | 1,388 | | | $ | 372,530 | | | | | | | | | |
Commercial and industrial | | | 49,105 | | | | 5,067 | | | | 11,582 | | | | 14 | | | | 65,768 | | | | | | | | | |
Commercial leases | | | — | | | | — | | | | — | | | | — | | | | — | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | $ | 326,911 | | | $ | 52,730 | | | $ | 57,255 | | | $ | 1,402 | | | $ | 438,298 | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
December 31, 2012 | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Commercial real estate | | $ | 204,300 | | | $ | 14,713 | | | $ | 39,093 | | | $ | 469 | | | $ | 258,575 | | | | | | | | | |
Commercial and industrial | | | 39,596 | | | | 3,611 | | | | 3,804 | | | | 2 | | | | 47,013 | | | | | | | | | |
Commercial leases | | | — | | | | — | | | | — | | | | — | | | | — | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | $ | 243,896 | | | $ | 18,324 | | | $ | 42,897 | | | $ | 471 | | | $ | 305,588 | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Credit quality information for acquired loans is based on the contractual balance outstanding at September 30, 2013 and December 31, 2012. The increase in acquired loans in 2013 primarily relates to the ANNB acquisition on April 6, 2013. |
The Corporation uses payment status and delinquency migration analysis within the consumer and other loan classes to enable management to estimate a quantitative portion of credit risk. Each month, management analyzes payment and volume activity, as well as other external statistics and factors such as unemployment, to determine how consumer loans are performing. |
|
Following is a table showing originated consumer loans by payment status: |
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Consumer Loan Credit Quality | | | | | | | | | | | | | | | | | |
by Payment Status | | | | | | | | | | | | | | | | |
| | Performing | | | Non-Performing | | | Total | | | | | | | | | | | | | | | | | |
September 30, 2013 | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Direct installment | | $ | 1,339,139 | | | $ | 10,665 | | | $ | 1,349,804 | | | | | | | | | | | | | | | | | |
Residential mortgages | | | 656,674 | | | | 13,304 | | | | 669,978 | | | | | | | | | | | | | | | | | |
Indirect installment | | | 629,838 | | | | 1,092 | | | | 631,030 | | | | | | | | | | | | | | | | | |
Consumer lines of credit | | | 803,904 | | | | 549 | | | | 804,453 | | | | | | | | | | | | | | | | | |
Other | | | 52,511 | | | | — | | | | 52,511 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | |
December 31, 2012 | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Direct installment | | $ | 1,100,324 | | | $ | 8,541 | | | $ | 1,108,865 | | | | | | | | | | | | | | | | | |
Residential mortgages | | | 642,406 | | | | 11,420 | | | | 653,826 | | | | | | | | | | | | | | | | | |
Indirect installment | | | 567,192 | | | | 1,132 | | | | 568,324 | | | | | | | | | | | | | | | | | |
Consumer lines of credit | | | 731,788 | | | | 746 | | | | 732,534 | | | | | | | | | | | | | | | | | |
Other | | | 36,437 | | | | 3,500 | | | | 39,937 | | | | | | | | | | | | | | | | | |
Loans are designated as impaired when, in the opinion of management, based on current information and events, the collection of principal and interest in accordance with the loan contract is doubtful. Typically, the Corporation does not consider loans for impairment unless a sustained period of delinquency (i.e., 90-plus days) is noted or there are subsequent events that impact repayment probability (i.e., negative financial trends, bankruptcy filings, imminent foreclosure proceedings, etc.). Impairment is evaluated in the aggregate for consumer installment loans, residential mortgages, consumer lines of credit, commercial leases and commercial loan relationships less than $500. For commercial loan relationships greater than or equal to $500, a specific valuation allowance is allocated, if necessary, so that the loan is reported net, at the present value of estimated future cash flows using a market interest rate or at the fair value of collateral if repayment is expected solely from the collateral. Consistent with the Corporation’s existing method of income recognition for loans, interest on impaired loans, except those classified as non-accrual, is recognized as income using the accrual method. Impaired loans, or portions thereof, are charged off when deemed uncollectible. |
|
Following is a summary of information pertaining to originated loans considered to be impaired, by class of loans: |
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Recorded | | | Unpaid | | | Specific | | | Average | | | | | | | | | | | | | |
Investment | Principal | Related | Recorded | | | | | | | | | | | | |
| Balance | Allowance | Investment | | | | | | | | | | | | |
At or For the Nine Months Ended September 30, 2013 | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
With no specific allowance recorded: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Commercial real estate | | $ | 34,281 | | | $ | 46,548 | | | $ | — | | | $ | 34,165 | | | | | | | | | | | | | |
Commercial and industrial | | | 9,308 | | | | 11,377 | | | | — | | | | 9,448 | | | | | | | | | | | | | |
Commercial leases | | | 782 | | | | 782 | | | | — | | | | 729 | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total commercial loans and leases | | | 44,371 | | | | 58,707 | | | | — | | | | 44,342 | | | | | | | | | | | | | |
Direct installment | | | 10,665 | | | | 10,901 | | | | — | | | | 10,451 | | | | | | | | | | | | | |
Residential mortgages | | | 13,298 | | | | 13,561 | | | | — | | | | 13,767 | | | | | | | | | | | | | |
Indirect installment | | | 1,092 | | | | 2,491 | | | | — | | | | 1,169 | | | | | | | | | | | | | |
Consumer lines of credit | | | 549 | | | | 609 | | | | — | | | | 631 | | | | | | | | | | | | | |
Other | | | — | | | | — | | | | — | | | | 583 | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
With a specific allowance recorded: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Commercial real estate | | | 14,300 | | | | 23,748 | | | | 2,782 | | | | 14,379 | | | | | | | | | | | | | |
Commercial and industrial | | | 124 | | | | 131 | | | | 124 | | | | 126 | | | | | | | | | | | | | |
Commercial leases | | | — | | | | — | | | | — | | | | — | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total commercial loans and leases | | | 14,424 | | | | 23,879 | | | | 2,906 | | | | 14,505 | | | | | | | | | | | | | |
Direct installment | | | — | | | | — | | | | — | | | | — | | | | | | | | | | | | | |
Residential mortgages | | | — | | | | — | | | | — | | | | — | | | | | | | | | | | | | |
Indirect installment | | | — | | | | — | | | | — | | | | — | | | | | | | | | | | | | |
Consumer lines of credit | | | — | | | | — | | | | — | | | | — | | | | | | | | | | | | | |
Other | | | — | | | | — | | | | — | | | | — | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
Total: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Commercial real estate | | | 48,581 | | | | 70,296 | | | | 2,782 | | | | 48,544 | | | | | | | | | | | | | |
Commercial and industrial | | | 9,432 | | | | 11,508 | | | | 124 | | | | 9,574 | | | | | | | | | | | | | |
Commercial leases | | | 782 | | | | 782 | | | | — | | | | 729 | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total commercial loans and leases | | | 58,795 | | | | 82,586 | | | | 2,906 | | | | 58,847 | | | | | | | | | | | | | |
Direct installment | | | 10,665 | | | | 10,901 | | | | — | | | | 10,451 | | | | | | | | | | | | | |
Residential mortgages | | | 13,298 | | | | 13,561 | | | | — | | | | 13,767 | | | | | | | | | | | | | |
Indirect installment | | | 1,092 | | | | 2,491 | | | | — | | | | 1,169 | | | | | | | | | | | | | |
Consumer lines of credit | | | 549 | | | | 609 | | | | — | | | | 631 | | | | | | | | | | | | | |
Other | | | — | | | | — | | | | — | | | | 583 | | | | | | | | | | | | | |
At or For the Year Ended December 31, 2012 | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
With no specific allowance recorded: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Commercial real estate | | $ | 37,119 | | | $ | 50,234 | | | $ | — | | | $ | 36,426 | | | | | | | | | | | | | |
Commercial and industrial | | | 7,074 | | | | 9,597 | | | | — | | | | 6,992 | | | | | | | | | | | | | |
Commercial leases | | | 965 | | | | — | | | | — | | | | 1,053 | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total commercial loans and leases | | | 45,158 | | | | 59,831 | | | | — | | | | 44,471 | | | | | | | | | | | | | |
Direct installment | | | 8,541 | | | | 8,693 | | | | — | | | | 6,443 | | | | | | | | | | | | | |
Residential mortgages | | | 11,414 | | | | 11,223 | | | | — | | | | 9,059 | | | | | | | | | | | | | |
Indirect installment | | | 1,132 | | | | 2,381 | | | | — | | | | 1,133 | | | | | | | | | | | | | |
Consumer lines of credit | | | 746 | | | | 792 | | | | — | | | | 591 | | | | | | | | | | | | | |
Other | | | 3,500 | | | | 3,500 | | | | — | | | | 3,500 | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
With a specific allowance recorded: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Commercial real estate | | | 12,623 | | | | 21,877 | | | | 2,136 | | | | 14,522 | | | | | | | | | | | | | |
Commercial and industrial | | | 590 | | | | 590 | | | | 590 | | | | 592 | | | | | | | | | | | | | |
Commercial leases | | | — | | | | — | | | | — | | | | — | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total commercial loans and leases | | | 13,213 | | | | 22,467 | | | | 2,726 | | | | 15,114 | | | | | | | | | | | | | |
Direct installment | | | — | | | | — | | | | — | | | | — | | | | | | | | | | | | | |
Residential mortgages | | | — | | | | — | | | | — | | | | — | | | | | | | | | | | | | |
Indirect installment | | | — | | | | — | | | | — | | | | — | | | | | | | | | | | | | |
Consumer lines of credit | | | — | | | | — | | | | — | | | | — | | | | | | | | | | | | | |
Other | | | — | | | | — | | | | — | | | | — | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
Total: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Commercial real estate | | | 49,742 | | | | 72,111 | | | | 2,136 | | | | 50,948 | | | | | | | | | | | | | |
Commercial and industrial | | | 7,664 | | | | 10,187 | | | | 590 | | | | 7,584 | | | | | | | | | | | | | |
Commercial leases | | | 965 | | | | — | | | | — | | | | 1,053 | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total commercial loans and leases | | | 58,371 | | | | 82,298 | | | | 2,726 | | | | 59,585 | | | | | | | | | | | | | |
Direct installment | | | 8,541 | | | | 8,693 | | | | — | | | | 6,443 | | | | | | | | | | | | | |
Residential mortgages | | | 11,414 | | | | 11,223 | | | | — | | | | 9,059 | | | | | | | | | | | | | |
Indirect installment | | | 1,132 | | | | 2,381 | | | | — | | | | 1,133 | | | | | | | | | | | | | |
Consumer lines of credit | | | 746 | | | | 792 | | | | — | | | | 591 | | | | | | | | | | | | | |
Other | | | 3,500 | | | | 3,500 | | | | — | | | | 3,500 | | | | | | | | | | | | | |
Interest income is generally no longer recognized once a loan becomes impaired. |
The above tables do not include PCI loans with a recorded investment of $17,221 at September 30, 2013 and $16,623 at December 31, 2012. These tables do not reflect the additional allowance for loan losses relating to acquired loans in the following pools and categories: commercial real estate of $1,443; commercial and industrial of $1,023; direct installment of $916: residential mortgages of $1,039; and indirect installment of $295, totaling $4,716 at September 30, 2013 and commercial real estate of $1,955; commercial and industrial of $1,140; direct installment of $657; residential mortgages of $69; and indirect installment of $359, totaling $4,180 at December 31, 2012. |
Troubled Debt Restructurings |
TDRs are loans whose contractual terms have been modified in a manner that grants a concession to a borrower experiencing financial difficulties. TDRs typically result from loss mitigation activities and could include the extension of a maturity date, interest rate reduction, principal forgiveness, deferral or decrease in payments for a period of time and other actions intended to minimize the economic loss and to avoid foreclosure or repossession of collateral. |
|
Following is a summary of the composition of total TDRs: |
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | September 30, | | | December 31, | | | | | | | | | | | | | | | | | | | | | |
2013 | 2012 | | | | | | | | | | | | | | | | | | | | |
Accruing: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Performing | | $ | 10,102 | | | $ | 12,659 | | | | | | | | | | | | | | | | | | | | | |
Non-performing | | | 17,252 | | | | 14,876 | | | | | | | | | | | | | | | | | | | | | |
Non-accrual | | | 12,185 | | | | 12,385 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | $ | 39,539 | | | $ | 39,920 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
TDRs that are accruing and performing include loans that met the criteria for non-accrual of interest prior to restructuring for which the Corporation can reasonably estimate the timing and amount of the expected cash flows on such loans and for which the Corporation expects to fully collect the new carrying value of the loans. During the nine months ended September 30, 2013, the Corporation returned to performing status $1,737 in restructured loans, all of which were secured by residential mortgages that have consistently met their modified obligations for more than six months. TDRs that are accruing and non-performing are comprised of consumer loans that have not demonstrated a consistent repayment pattern on the modified terms for more than six months, however it is expected that the Corporation will collect all future principal and interest payments. TDRs that are on non-accrual are not placed on accruing status until all delinquent principal and interest have been paid and the ultimate collectability of the remaining principal and interest is reasonably assured. Some loan modifications classified as TDRs may not ultimately result in the full collection of principal and interest, as modified, and result in potential incremental losses which are factored into the allowance for loan losses. |
Excluding purchased impaired loans, commercial loans over $500 whose terms have been modified in a TDR are generally placed on non-accrual, individually analyzed and measured for estimated impairment based on the fair value of the underlying collateral. The Corporation’s allowance for loan losses included specific reserves for commercial TDRs of $756 and $41 at September 30, 2013 and December 31, 2012, respectively, and pooled reserves for individual loans under $500 of $108 and $297 for those same periods, based on historical loss experience. Upon default, the amount of the recorded investment in the TDR in excess of the fair value of the collateral less estimated selling costs is generally considered a confirmed loss and is charged-off against the allowance for loan losses. |
All other classes of loans, which are primarily secured by residential properties, whose terms have been modified in a TDR are pooled and measured for estimated impairment based on the expected net present value of the estimated future cash flows of the pool. The Corporation’s allowance for loan losses included pooled reserves for these classes of loans of $1,096 and $1,455 at September 30, 2013 and December 31, 2012, respectively. Upon default of an individual loan, the Corporation’s charge-off policy is followed accordingly for that class of loan. |
|
The majority of TDRs are the result of interest rate concessions for a limited period of time. Following is a summary of loans, by class, that have been restructured during the periods indicated: |
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended | | | Nine Months Ended | | | | | |
September 30, 2013 | September 30, 2013 | | | | |
| | Number | | | Pre-Modification | | | Post- | | | Number | | | Pre-Modification | | | Post- | | | | | |
of | Outstanding | Modification | of | Outstanding | Modification | | | | |
Contracts | Recorded | Outstanding | Contracts | Recorded | Outstanding | | | | |
| Investment | Recorded | | Investment | Recorded | | | | |
| | Investment | | | Investment | | | | |
Commercial real estate | | | 2 | | | $ | 212 | | | $ | 207 | | | | 7 | | | $ | 1,252 | | | $ | 1,031 | | | | | |
Commercial and industrial | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | | |
Commercial leases | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total commercial loans and leases | | | 2 | | | | 212 | | | | 207 | | | | 7 | | | | 1,252 | | | | 1,031 | | | | | |
Direct installment | | | 117 | | | | 1,199 | | | | 1,168 | | | | 300 | | | | 3,078 | | | | 2,930 | | | | | |
Residential mortgages | | | 9 | | | | 346 | | | | 348 | | | | 39 | | | | 1,809 | | | | 1,784 | | | | | |
Indirect installment | | | 5 | | | | 20 | | | | 18 | | | | 20 | | | | 92 | | | | 84 | | | | | |
Consumer lines of credit | | | 1 | | | | 6 | | | | 6 | | | | 14 | | | | 207 | | | | 204 | | | | | |
Other | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | 134 | | | $ | 1,783 | | | $ | 1,747 | | | | 380 | | | $ | 6,438 | | | $ | 6,033 | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended | | | Nine Months Ended | | | | | |
30-Sep-12 | 30-Sep-12 | | | | |
| | Number | | | Pre-Modification | | | Post- | | | Number | | | Pre-Modification | | | Post- | | | | | |
of | Outstanding | Modification | of | Outstanding | Modification | | | | |
Contracts | Recorded | Outstanding | Contracts | Recorded | Outstanding | | | | |
| Investment | Recorded | | Investment | Recorded | | | | |
| | Investment | | | Investment | | | | |
Commercial real estate | | | 13 | | | $ | 2,183 | | | $ | 2,245 | | | | 16 | | | $ | 2,341 | | | $ | 2,971 | | | | | |
Commercial and industrial | | | 4 | | | | 51 | | | | 48 | | | | 7 | | | | 254 | | | | 123 | | | | | |
Commercial leases | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total commercial loans and leases | | | 17 | | | | 2,234 | | | | 2,293 | | | | 23 | | | | 2,595 | | | | 3,094 | | | | | |
Direct installment | | | 50 | | | | 237 | | | | 228 | | | | 229 | | | | 1,597 | | | | 1,557 | | | | | |
Residential mortgages | | | 15 | | | | 934 | | | | 996 | | | | 39 | | | | 2,085 | | | | 2,266 | | | | | |
Indirect installment | | | 4 | | | | 30 | | | | 30 | | | | 17 | | | | 105 | | | | 97 | | | | | |
Consumer lines of credit | | | 2 | | | | 2 | | | | 3 | | | | 4 | | | | 5 | | | | 5 | | | | | |
Other | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | 88 | | | $ | 3,437 | | | $ | 3,550 | | | | 312 | | | $ | 6,387 | | | $ | 7,019 | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Following is a summary of TDRs, by class of loans, for which there was a payment default during the periods indicated, excluding loans that were either charged-off or cured by period end. Default occurs when a loan is 90 days or more past due and is within 12 months of restructuring. |
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended | | | Nine Months Ended | | | | | | | | | | | | | |
September 30, 2013 (1) | September 30, 2013 (1) | | | | | | | | | | | | |
| | Number of | | | Recorded | | | Number of | | | Recorded | | | | | | | | | | | | | |
Contracts | Investment | Contracts | Investment | | | | | | | | | | | | |
Commercial real estate | | | — | | | $ | — | | | | 1 | | | $ | 751 | | | | | | | | | | | | | |
Commercial and industrial | | | — | | | | — | | | | 1 | | | | 15 | | | | | | | | | | | | | |
Commercial leases | | | — | | | | — | | | | — | | | | — | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total commercial loans and leases | | | — | | | | — | | | | 2 | | | | 766 | | | | | | | | | | | | | |
Direct installment | | | 24 | | | | 254 | | | | 53 | | | | 509 | | | | | | | | | | | | | |
Residential mortgages | | | 2 | | | | 99 | | | | 5 | | | | 240 | | | | | | | | | | | | | |
Indirect installment | | | — | | | | — | | | | 4 | | | | 37 | | | | | | | | | | | | | |
Consumer lines of credit | | | 1 | | | | 85 | | | | 1 | | | | 85 | | | | | | | | | | | | | |
Other | | | — | | | | — | | | | — | | | | — | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | 27 | | | $ | 438 | | | | 65 | | | $ | 1,637 | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended | | | Nine Months Ended | | | | | | | | | | | | | |
September 30, 2012 (1) | September 30, 2012 (1) | | | | | | | | | | | | |
| | Number of | | | Recorded | | | Number of | | | Recorded | | | | | | | | | | | | | |
Contracts | Investment | Contracts | Investment | | | | | | | | | | | | |
Commercial real estate | | | — | | | $ | — | | | | — | | | $ | — | | | | | | | | | | | | | |
Commercial and industrial | | | — | | | | — | | | | — | | | | — | | | | | | | | | | | | | |
Commercial leases | | | — | | | | — | | | | — | | | | — | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total commercial loans and leases | | | — | | | | — | | | | — | | | | — | | | | | | | | | | | | | |
Direct installment | | | 21 | | | | 138 | | | | 27 | | | | 165 | | | | | | | | | | | | | |
Residential mortgages | | | 1 | | | | 25 | | | | 3 | | | | 208 | | | | | | | | | | | | | |
Indirect installment | | | 2 | | | | 6 | | | | 3 | | | | 8 | | | | | | | | | | | | | |
Consumer lines of credit | | | — | | | | — | | | | — | | | | — | | | | | | | | | | | | | |
Other | | | — | | | | — | | | | — | | | | — | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | 24 | | | $ | 169 | | | | 33 | | | $ | 381 | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
-1 | The recorded investment is as of period end. | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Allowance for Loan Losses |
The allowance for loan losses is established as losses are estimated to have occurred through a provision charged to earnings. Loan losses are charged against the allowance for loan losses when management believes the uncollectibility of a loan balance is confirmed. Subsequent recoveries, if any, are credited to the allowance for loan losses. Allowances for impaired loans are generally determined based on collateral values or the present value of estimated cash flows. Changes in the allowance for loan losses related to impaired loans are charged or credited to the provision for loan losses. |
The allowance for loan losses is maintained at a level that, in management’s judgment, is believed adequate to absorb probable losses associated with specifically identified loans, as well as estimated probable credit losses inherent in the remainder of the loan portfolio. Adequacy of the allowance for loan losses is based on management’s evaluation of potential loan losses in the loan portfolio, which includes an assessment of past experience, current economic conditions in specific industries and geographic areas, general economic conditions, known and inherent risks in the loan portfolio, the estimated value of underlying collateral and residuals and changes in the composition of the loan portfolio. Determination of the allowance for loan losses is inherently subjective as it requires significant estimates, including the amounts and timing of expected future cash flows on impaired loans, estimated losses on pools of homogeneous loans based on historical loss experience and consideration of current environmental factors and economic trends, all of which are susceptible to significant change. |
|
Management estimates the allowance for loan losses pursuant to ASC 450, Contingencies, and ASC 310, Receivables. ASC 310 is applied to commercial loans that are individually evaluated for impairment. Under ASC 310, a loan is impaired when, based upon current information and events, it is probable that the loan will not be repaid according to its original contractual terms, including both principal and interest. Management performs individual assessments of impaired commercial loan relationships greater than or equal to $500 to determine the existence of loss exposure and, where applicable, the extent of loss exposure based upon the present value of expected future cash flows available to pay the loan, or based upon the fair value of the collateral less estimated selling costs where a loan is collateral dependent. Commercial loans excluded from individual assessment, as well as smaller balance homogeneous loans, such as consumer installment, residential mortgages, consumer lines of credit and commercial leases, are evaluated for loss exposure under ASC 450 based upon historical loss rates for each of these categories of loans. |
Following is a summary of changes in the allowance for loan losses, by loan class: |
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Balance at | | | Charge- | | | Recoveries | | | Net | | | Provision | | | Balance at | | | | | |
Beginning of | Offs | Charge- | for Loan | End of | | | | |
Period | | Offs | Losses | Period | | | | |
Three Months Ended September 30, 2013 | | | | | | | | | | | | | | | | | | | | | |
Commercial real estate | | $ | 35,666 | | | $ | (365 | ) | | $ | 80 | | | $ | (285 | ) | | $ | (538 | ) | | $ | 34,843 | | | | | |
Commercial and industrial | | | 32,486 | | | | (1,529 | ) | | | 231 | | | | (1,298 | ) | | | 1,460 | | | | 32,648 | | | | | |
Commercial leases | | | 1,756 | | | | (69 | ) | | | 59 | | | | (10 | ) | | | 21 | | | | 1,767 | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total commercial loans and leases | | | 69,908 | | | | (1,963 | ) | | | 370 | | | | (1,593 | ) | | | 943 | | | | 69,258 | | | | | |
Direct installment | | | 15,993 | | | | (2,183 | ) | | | 227 | | | | (1,956 | ) | | | 3,194 | | | | 17,231 | | | | | |
Residential mortgages | | | 5,120 | | | | (174 | ) | | | 50 | | | | (124 | ) | | | 437 | | | | 5,433 | | | | | |
Indirect installment | | | 5,626 | | | | (807 | ) | | | 188 | | | | (619 | ) | | | 1,120 | | | | 6,127 | | | | | |
Consumer lines of credit | | | 6,421 | | | | (454 | ) | | | 60 | | | | (394 | ) | | | 1,052 | | | | 7,079 | | | | | |
Other | | | (219 | ) | | | (333 | ) | | | — | | | | (333 | ) | | | 760 | | | | 208 | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total allowance on originated loans | | | 102,849 | | | | (5,914 | ) | | | 895 | | | | (5,019 | ) | | | 7,506 | | | | 105,336 | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | |
Purchased credit-impaired loans | | | 325 | | | | — | | | | — | | | | — | | | | 337 | | | | 662 | | | | | |
Other acquired loans | | | 5,106 | | | | 70 | | | | (559 | ) | | | (489 | ) | | | (563 | ) | | | 4,054 | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total allowance on acquired loans | | | 5,431 | | | | 70 | | | | (559 | ) | | | (489 | ) | | | (226 | ) | | | 4,716 | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | |
Total allowance | | $ | 108,280 | | | $ | (5,844 | ) | | $ | 336 | | | $ | (5,508 | ) | | $ | 7,280 | | | $ | 110,052 | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | |
Three Months Ended September 30, 2012 | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Commercial real estate | | $ | 38,480 | | | $ | (1,481 | ) | | $ | 1,375 | | | $ | (106 | ) | | $ | (3,360 | ) | | $ | 35,014 | | | | | |
Commercial and industrial | | | 30,779 | | | | (3,746 | ) | | | (19 | ) | | | (3,765 | ) | | | 4,861 | | | | 31,875 | | | | | |
Commercial leases | | | 1,674 | | | | (216 | ) | | | 78 | | | | (138 | ) | | | 214 | | | | 1,750 | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total commercial loans and leases | | | 70,933 | | | | (5,443 | ) | | | 1,434 | | | | (4,009 | ) | | | 1,715 | | | | 68,639 | | | | | |
Direct installment | | | 14,536 | | | | (1,985 | ) | | | 225 | | | | (1,760 | ) | | | 1,929 | | | | 14,705 | | | | | |
Residential mortgages | | | 4,259 | | | | (3 | ) | | | 4 | | | | 1 | | | | 256 | | | | 4,516 | | | | | |
Indirect installment | | | 5,666 | | | | (688 | ) | | | 158 | | | | (530 | ) | | | 539 | | | | 5,675 | | | | | |
Consumer lines of credit | | | 5,266 | | | | (831 | ) | | | 37 | | | | (794 | ) | | | 1,556 | | | | 6,028 | | | | | |
Other | | | 203 | | | | (270 | ) | | | — | | | | (270 | ) | | | 229 | | | | 162 | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total allowance on originated loans | | | 100,863 | | | | (9,220 | ) | | | 1,858 | | | | (7,362 | ) | | | 6,224 | | | | 99,725 | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | |
Purchased credit-impaired loans | | | 784 | | | | — | | | | — | | | | — | | | | 2,205 | | | | 2,989 | | | | | |
Other acquired loans | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total allowance on acquired loans | | | 784 | | | | — | | | | — | | | | — | | | | 2,205 | | | | 2,989 | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | |
Total allowance | | $ | 101,647 | | | $ | (9,220 | ) | | $ | 1,858 | | | $ | (7,362 | ) | | $ | 8,429 | | | $ | 102,714 | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Nine Months Ended September 30, 2013 | | | | | | | | | | | | | | | | | | | | | |
Commercial real estate | | $ | 34,810 | | | $ | (3,067 | ) | | $ | 1,606 | | | $ | (1,461 | ) | | $ | 1,494 | | | $ | 34,843 | | | | | |
Commercial and industrial | | | 31,849 | | | | (4,262 | ) | | | 734 | | | | (3,528 | ) | | | 4,327 | | | | 32,648 | | | | | |
Commercial leases | | | 1,744 | | | | (317 | ) | | | 161 | | | | (156 | ) | | | 179 | | | | 1,767 | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total commercial loans and leases | | | 68,403 | | | | (7,646 | ) | | | 2,501 | | | | (5,145 | ) | | | 6,000 | | | | 69,258 | | | | | |
Direct installment | | | 15,130 | | | | (6,824 | ) | | | 709 | | | | (6,115 | ) | | | 8,216 | | | | 17,231 | | | | | |
Residential mortgages | | | 5,155 | | | | (733 | ) | | | 90 | | | | (643 | ) | | | 921 | | | | 5,433 | | | | | |
Indirect installment | | | 5,449 | | | | (2,349 | ) | | | 576 | | | | (1,773 | ) | | | 2,451 | | | | 6,127 | | | | | |
Consumer lines of credit | | | 6,057 | | | | (1,183 | ) | | | 209 | | | | (974 | ) | | | 1,996 | | | | 7,079 | | | | | |
Other | | | — | | | | (721 | ) | | | — | | | | (721 | ) | | | 929 | | | | 208 | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total allowance on originated loans | | | 100,194 | | | | (19,456 | ) | | | 4,085 | | | | (15,371 | ) | | | 20,513 | | | | 105,336 | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | |
Purchased credit-impaired loans | | | 759 | | | | (156 | ) | | | — | | | | (156 | ) | | | 59 | | | | 662 | | | | | |
Other acquired loans | | | 3,421 | | | | (1,199 | ) | | | (320 | ) | | | (1,519 | ) | | | 2,152 | | | | 4,054 | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total allowance on acquired loans | | | 4,180 | | | | (1,355 | ) | | | (320 | ) | | | (1,675 | ) | | | 2,211 | | | | 4,716 | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | |
Total allowance | | $ | 104,374 | | | $ | (20,811 | ) | | $ | 3,765 | | | $ | (17,046 | ) | | $ | 22,724 | | | $ | 110,052 | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | |
Nine Months Ended September 30, 2012 | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Commercial real estate | | $ | 43,283 | | | $ | (4,733 | ) | | $ | 1,634 | | | $ | (3,099 | ) | | $ | (5,170 | ) | | $ | 35,014 | | | | | |
Commercial and industrial | | | 25,476 | | | | (7,086 | ) | | | 349 | | | | (6,737 | ) | | | 13,136 | | | | 31,875 | | | | | |
Commercial leases | | | 1,556 | | | | (509 | ) | | | 177 | | | | (332 | ) | | | 526 | | | | 1,750 | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total commercial loans and leases | | | 70,315 | | | | (12,328 | ) | | | 2,160 | | | | (10,168 | ) | | | 8,492 | | | | 68,639 | | | | | |
Direct installment | | | 14,814 | | | | (5,908 | ) | | | 721 | | | | (5,187 | ) | | | 5,078 | | | | 14,705 | | | | | |
Residential mortgages | | | 4,437 | | | | (644 | ) | | | 127 | | | | (517 | ) | | | 596 | | | | 4,516 | | | | | |
Indirect installment | | | 5,503 | | | | (2,128 | ) | | | 433 | | | | (1,695 | ) | | | 1,867 | | | | 5,675 | | | | | |
Consumer lines of credit | | | 5,447 | | | | (1,585 | ) | | | 146 | | | | (1,439 | ) | | | 2,020 | | | | 6,028 | | | | | |
Other | | | 146 | | | | (716 | ) | | | — | | | | (716 | ) | | | 732 | | | | 162 | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total allowance on originated loans | | | 100,662 | | | | (23,309 | ) | | | 3,587 | | | | (19,722 | ) | | | 18,785 | | | | 99,725 | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
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Purchased credit-impaired loans | | | — | | | | (254 | ) | | | — | | | | (254 | ) | | | 3,243 | | | | 2,989 | | | | | |
Other acquired loans | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total allowance on acquired loans | | | — | | | | (254 | ) | | | — | | | | (254 | ) | | | 3,243 | | | | 2,989 | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | |
Total allowance | | $ | 100,662 | | | $ | (23,563 | ) | | $ | 3,587 | | | $ | (19,976 | ) | | $ | 22,028 | | | $ | 102,714 | | | | | |
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Following is a summary of the individual and collective originated allowance for loan losses and corresponding loan balances by class: |
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| | Allowance | | | Loans Outstanding | | | | | | | | | |
| | Individually | | | Collectively | | | Loans | | | Individually | | | Collectively | | | | | | | | | |
Evaluated for | Evaluated for | Evaluated for | Evaluated for | | | | | | | | |
Impairment | Impairment | Impairment | Impairment | | | | | | | | |
September 30, 2013 | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Commercial real estate | | $ | 2,782 | | | $ | 32,061 | | | $ | 2,548,278 | | | $ | 35,740 | | | $ | 2,512,538 | | | | | | | | | |
Commercial and industrial | | | 124 | | | | 32,524 | | | | 1,689,467 | | | | 5,357 | | | | 1,684,110 | | | | | | | | | |
Commercial leases | | | — | | | | 1,767 | | | | 141,714 | | | | — | | | | 141,714 | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total commercial loans and leases | | | 2,906 | | | | 66,352 | | | | 4,379,459 | | | | 41,097 | | | | 4,338,362 | | | | | | | | | |
Direct installment | | | — | | | | 17,231 | | | | 1,349,804 | | | | — | | | | 1,349,804 | | | | | | | | | |
Residential mortgages | | | — | | | | 5,433 | | | | 669,978 | | | | — | | | | 669,978 | | | | | | | | | |
Indirect installment | | | — | | | | 6,127 | | | | 631,030 | | | | — | | | | 631,030 | | | | | | | | | |
Consumer lines of credit | | | — | | | | 7,079 | | | | 804,453 | | | | — | | | | 804,453 | | | | | | | | | |
Other | | | — | | | | 208 | | | | 52,511 | | | | — | | | | 52,511 | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | $ | 2,906 | | | $ | 102,430 | | | $ | 7,887,235 | | | $ | 41,097 | | | $ | 7,846,138 | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
December 31, 2012 | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Commercial real estate | | $ | 2,136 | | | $ | 32,674 | | | $ | 2,448,471 | | | $ | 35,024 | | | $ | 2,413,447 | | | | | | | | | |
Commercial and industrial | | | 590 | | | | 31,259 | | | | 1,555,301 | | | | 1,624 | | | | 1,553,677 | | | | | | | | | |
Commercial leases | | | — | | | | 1,744 | | | | 130,133 | | | | — | | | | 130,133 | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total commercial loans and leases | | | 2,726 | | | | 65,677 | | | | 4,133,905 | | | | 36,648 | | | | 4,097,257 | | | | | | | | | |
Direct installment | | | — | | | | 15,130 | | | | 1,108,865 | | | | — | | | | 1,108,865 | | | | | | | | | |
Residential mortgages | | | — | | | | 5,155 | | | | 653,826 | | | | — | | | | 653,826 | | | | | | | | | |
Indirect installment | | | — | | | | 5,449 | | | | 568,324 | | | | — | | | | 568,324 | | | | | | | | | |
Consumer lines of credit | | | — | | | | 6,057 | | | | 732,534 | | | | — | | | | 732,534 | | | | | | | | | |
Other | | | — | | | | — | | | | 39,937 | | | | — | | | | 39,937 | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | $ | 2,726 | | | $ | 97,468 | | | $ | 7,237,391 | | | $ | 36,648 | | | $ | 7,200,743 | | | | | | | | | |
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