Loans and Allowance for Credit Losses (Tables) | 3 Months Ended |
Mar. 31, 2014 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | ' |
Loans and Allowance for Credit Losses |
|
Loans, Net of Unearned Income |
Loans, net of unearned income are summarized as follows: |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 31-Mar-14 | | 31-Dec-13 | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| (in thousands) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Real-estate - commercial mortgage | $ | 5,137,454 | | | $ | 5,101,922 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
Commercial - industrial, financial and agricultural | 3,574,130 | | | 3,628,420 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
Real-estate - home equity | 1,740,496 | | | 1,764,197 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
Real-estate - residential mortgage | 1,331,465 | | | 1,337,380 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
Real-estate - construction | 584,217 | | | 573,672 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
Consumer | 270,021 | | | 283,124 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
Leasing and other | 103,192 | | | 99,256 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
Overdrafts | 3,034 | | | 4,045 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
Loans, gross of unearned income | 12,744,009 | | | 12,792,016 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
Unearned income | (10,217 | ) | | (9,796 | ) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Loans, net of unearned income | $ | 12,733,792 | | | $ | 12,782,220 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Allowance for Credit Losses |
The allowance for credit losses consists of the allowance for loan losses and the reserve for unfunded lending commitments. The allowance for loan losses represents management’s estimate of incurred losses in the loan portfolio as of the balance sheet date and is recorded as a reduction to loans. The reserve for unfunded lending commitments represents management’s estimate of incurred losses in its unfunded loan commitments and is recorded in other liabilities on the consolidated balance sheet. The allowance for credit losses is increased by charges to expense, through the provision for credit losses, and decreased by charge-offs, net of recoveries. |
The Corporation’s allowance for credit losses includes: (1) specific allowances allocated to loans evaluated for impairment under the Financial Accounting Standards Board’s (FASB) Accounting Standards Codification (ASC) Section 310-10-35; and (2) allowances calculated for pools of loans measured for impairment under FASB ASC Subtopic 450-20. |
The Corporation segments its loan portfolio by general loan type, or "portfolio segments," as presented in the table under the heading, "Loans, Net of Unearned Income," above. Certain portfolio segments are further disaggregated and evaluated collectively for impairment based on "class segments," which are largely based on the type of collateral underlying each loan. For commercial loans, class segments include loans secured by collateral and unsecured loans. Construction loan class segments include loans secured by commercial real estate, loans to commercial borrowers secured by residential real estate and loans to individuals secured by residential real estate. Consumer loan class segments include direct consumer installment loans and indirect automobile loans. |
The following table presents the components of the allowance for credit losses: |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| March 31, | | December 31, | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
2014 | 2013 | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| (in thousands) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Allowance for loan losses | $ | 197,089 | | | $ | 202,780 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
Reserve for unfunded lending commitments | 1,917 | | | 2,137 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
Allowance for credit losses | $ | 199,006 | | | $ | 204,917 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
The following table presents the activity in the allowance for credit losses: |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three months ended March 31 | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 2014 | | 2013 | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| (in thousands) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Balance at beginning of period | $ | 204,917 | | | $ | 225,439 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
Loans charged off | (10,268 | ) | | (22,106 | ) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Recoveries of loans previously charged off | 1,857 | | | 3,194 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net loans charged off | (8,411 | ) | | (18,912 | ) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Provision for credit losses | 2,500 | | | 15,000 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
Balance at end of period | $ | 199,006 | | | $ | 221,527 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
The following table presents the activity in the allowance for loan losses by portfolio segment: |
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Real Estate - | | Commercial - | | Real Estate - | | Real Estate - | | Real Estate - | | Consumer | | Leasing | | Unallocated | | Total |
Commercial | Industrial, | Home | Residential | Construction | and other |
Mortgage | Financial and | Equity | Mortgage | | and |
| Agricultural | | | | overdrafts |
| (in thousands) |
Three months ended March 31, 2014 | | | | | | | | | | | | | | | | | |
Balance at December 31, 2013 | $ | 55,659 | | | $ | 50,330 | | | $ | 28,222 | | | $ | 33,082 | | | $ | 12,649 | | | $ | 3,260 | | | $ | 3,370 | | | $ | 16,208 | | | $ | 202,780 | |
|
Loans charged off | (1,386 | ) | | (5,125 | ) | | (1,651 | ) | | (846 | ) | | (214 | ) | | (751 | ) | | (295 | ) | | — | | | (10,268 | ) |
|
Recoveries of loans previously charged off | 44 | | | 744 | | | 356 | | | 116 | | | 224 | | | 209 | | | 164 | | | — | | | 1,857 | |
|
Net loans charged off | (1,342 | ) | | (4,381 | ) | | (1,295 | ) | | (730 | ) | | 10 | | | (542 | ) | | (131 | ) | | — | | | (8,411 | ) |
|
Provision for loan losses (1) | (560 | ) | | 4,614 | | | 5,533 | | | 977 | | | (2,817 | ) | | 606 | | | (1,228 | ) | | (4,405 | ) | | 2,720 | |
|
Balance at March 31, 2014 | $ | 53,757 | | | $ | 50,563 | | | $ | 32,460 | | | $ | 33,329 | | | $ | 9,842 | | | $ | 3,324 | | | $ | 2,011 | | | $ | 11,803 | | | $ | 197,089 | |
|
Three months ended March 31, 2013 | | | | | | | | | | | | | | | | | |
Balance at December 31, 2012 | $ | 62,928 | | | $ | 60,205 | | | $ | 22,776 | | | $ | 34,536 | | | $ | 17,287 | | | $ | 2,367 | | | $ | 2,752 | | | $ | 21,052 | | | $ | 223,903 | |
|
Loans charged off | (4,133 | ) | | (9,502 | ) | | (2,404 | ) | | (3,050 | ) | | (1,986 | ) | | (550 | ) | | (481 | ) | | — | | | (22,106 | ) |
|
Recoveries of loans previously charged off | 1,064 | | | 379 | | | 331 | | | 81 | | | 671 | | | 506 | | | 162 | | | — | | | 3,194 | |
|
Net loans charged off | (3,069 | ) | | (9,123 | ) | | (2,073 | ) | | (2,969 | ) | | (1,315 | ) | | (44 | ) | | (319 | ) | | — | | | (18,912 | ) |
|
Provision for loan losses (1) | 4,126 | | | 5,590 | | | 2,998 | | | 1,917 | | | 32 | | | (37 | ) | | 354 | | | 70 | | | 15,050 | |
|
Balance at March 31, 2013 | $ | 63,985 | | | $ | 56,672 | | | $ | 23,701 | | | $ | 33,484 | | | $ | 16,004 | | | $ | 2,286 | | | $ | 2,787 | | | $ | 21,122 | | | $ | 220,041 | |
|
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
-1 | The provision for loan losses excluded a $220,000 decrease in the reserve for unfunded lending commitments for the three months ended March 31, 2014 and excluded a $50,000 decrease in the reserve for unfunded lending commitments for the three months ended March 31, 2013. The total provision for credit losses, comprised of allocations for both funded and unfunded loans, was $2.5 million for the three months ended March 31, 2014 and $15.0 million for the three months ended March 31, 2013. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
The following table presents loans, net of unearned income and their related allowance for loan losses, by portfolio segment: |
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Real Estate - | | Commercial - | | Real Estate - | | Real Estate - | | Real Estate - | | Consumer | | Leasing | | Unallocated | | Total |
Commercial | Industrial, | Home | Residential | Construction | and other | -1 |
Mortgage | Financial and | Equity | Mortgage | | and | |
| Agricultural | | | | overdrafts | |
| (in thousands) |
Allowance for loan losses at March 31, 2014 | | | | | | | | | | | | | | |
Measured for impairment under FASB ASC Subtopic 450-20 | $ | 37,363 | | | $ | 36,859 | | | $ | 22,969 | | | $ | 11,618 | | | $ | 7,256 | | | $ | 3,309 | | | $ | 2,011 | | | $ | 11,803 | | | $ | 133,188 | |
|
Evaluated for impairment under FASB ASC Section 310-10-35 | 16,394 | | | 13,704 | | | 9,491 | | | 21,711 | | | 2,586 | | | 15 | | | — | | | N/A | | | 63,901 | |
|
| $ | 53,757 | | | $ | 50,563 | | | $ | 32,460 | | | $ | 33,329 | | | $ | 9,842 | | | $ | 3,324 | | | $ | 2,011 | | | $ | 11,803 | | | $ | 197,089 | |
|
| | | | | | | | | | | | | | | | | |
Loans, net of unearned income at March 31, 2014 | | | | | | | | | | | | | | |
Measured for impairment under FASB ASC Subtopic 450-20 | $ | 5,075,556 | | | $ | 3,528,857 | | | $ | 1,726,342 | | | $ | 1,279,783 | | | $ | 555,852 | | | $ | 270,004 | | | $ | 96,009 | | | N/A | | | $ | 12,532,403 | |
|
Evaluated for impairment under FASB ASC Section 310-10-35 | 61,898 | | | 45,273 | | | 14,154 | | | 51,682 | | | 28,365 | | | 17 | | | — | | | N/A | | | 201,389 | |
|
| $ | 5,137,454 | | | $ | 3,574,130 | | | $ | 1,740,496 | | | $ | 1,331,465 | | | $ | 584,217 | | | $ | 270,021 | | | $ | 96,009 | | | N/A | | | $ | 12,733,792 | |
|
| | | | | | | | | | | | | | | | | |
Allowance for loan losses at March 31, 2013 | | | | | | | | | | | | | | |
Measured for impairment under FASB ASC Subtopic 450-20 | $ | 40,920 | | | $ | 38,988 | | | $ | 14,947 | | | $ | 10,075 | | | $ | 8,838 | | | $ | 2,271 | | | $ | 2,758 | | | $ | 21,122 | | | $ | 139,919 | |
|
Evaluated for impairment under FASB ASC Section 310-10-35 | 23,065 | | | 17,684 | | | 8,754 | | | 23,409 | | | 7,166 | | | 15 | | | 29 | | | N/A | | | 80,122 | |
|
| $ | 63,985 | | | $ | 56,672 | | | $ | 23,701 | | | $ | 33,484 | | | $ | 16,004 | | | $ | 2,286 | | | $ | 2,787 | | | $ | 21,122 | | | $ | 220,041 | |
|
| | | | | | | | | | | | | | | | | |
Loans, net of unearned income at March 31, 2013 | | | | | | | | | | | | | | |
Measured for impairment under FASB ASC Subtopic 450-20 | $ | 4,646,355 | | | $ | 3,591,753 | | | $ | 1,675,577 | | | $ | 1,247,976 | | | $ | 554,757 | | | $ | 309,120 | | | $ | 89,195 | | | N/A | | | $ | 12,114,733 | |
|
Evaluated for impairment under FASB ASC Section 310-10-35 | 83,575 | | | 66,730 | | | 13,869 | | | 55,478 | | | 42,840 | | | 18 | | | 45 | | | N/A | | | 262,555 | |
|
| $ | 4,729,930 | | | $ | 3,658,483 | | | $ | 1,689,446 | | | $ | 1,303,454 | | | $ | 597,597 | | | $ | 309,138 | | | $ | 89,240 | | | N/A | | | $ | 12,377,288 | |
|
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
-1 | The unallocated allowance, which was approximately 6% and 10% of the total allowance for credit losses as of March 31, 2014 and March 31, 2013, respectively, was, in the opinion of management, reasonable and appropriate given that the estimates used in the allocation process are inherently imprecise. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
N/A – Not applicable. |
In March 2013, the Corporation sold $9.9 million of non-accrual commercial mortgage, commercial and construction loans to an investor, resulting in a total increase to charge-offs of $5.2 million during the three months ended March 31, 2013, as detailed in the following table. |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Real Estate - Commercial mortgage | | Commercial - industrial, financial and agricultural | | Real Estate - Construction | | Total | | | | | | | | | | | | | | | | | | | | |
| (in thousands) | | | | | | | | | | | | | | | | | | | | |
Unpaid principal balance of loans sold | $ | 7,690 | | | $ | 4,730 | | | $ | 740 | | | $ | 13,160 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | |
Charge-offs prior to sale | (2,420 | ) | | (710 | ) | | (150 | ) | | (3,280 | ) | | | | | | | | | | | | | | | | | | | | |
Net recorded investment in loans sold | 5,270 | | | 4,020 | | | 590 | | | 9,880 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | |
Proceeds from sale, net of selling expenses | 2,770 | | | 1,730 | | | 140 | | | 4,640 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | |
Total charge-off upon sale | $ | (2,500 | ) | | $ | (2,290 | ) | | $ | (450 | ) | | $ | (5,240 | ) | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
Existing allocation for credit losses on sold loans | $ | (2,870 | ) | | $ | (1,960 | ) | | $ | (300 | ) | | $ | (5,130 | ) | | | | | | | | | | | | | | | | | | | | |
|
Impaired Loans |
A loan is considered to be impaired if it is probable that all amounts will not be collected according to the contractual terms of the loan agreement. Impaired loans consist of all loans on non-accrual status and accruing troubled debt restructurings (TDRs). An allowance for loan losses is established for an impaired loan if its carrying value exceeds its estimated fair value. Impaired loans to borrowers with total outstanding commitments greater than $1.0 million are evaluated individually for impairment. Impaired loans to borrowers with total outstanding commitments less than $1.0 million are pooled and measured for impairment collectively. All loans evaluated for impairment under FASB ASC Section 310-10-35 are measured for losses on a quarterly basis. As of March 31, 2014 and December 31, 2013, substantially all of the Corporation’s individually evaluated impaired loans with total outstanding balances greater than $1.0 million were measured based on the estimated fair value of each loan’s collateral. Collateral could be in the form of real estate, in the case of impaired commercial mortgages and construction loans, or business assets, such as accounts receivable or inventory, in the case of commercial and industrial loans. Commercial and industrial loans may also be secured by real property. |
As of March 31, 2014 and 2013, approximately 79% and 73%, respectively, of impaired loans with principal balances greater than $1.0 million, whose primary collateral is real estate, were measured at estimated fair value using state certified third-party appraisals that had been updated within the preceding 12 months. |
When updated certified appraisals are not obtained for loans to commercial borrowers evaluated for impairment under FASB ASC Section 310-10-35 that are secured by real estate, fair values are estimated based on the original appraisal values, as long as the original appraisal indicated a strong loan-to-value position and, in the opinion of the Corporation's internal loan evaluation staff, there has not been a significant deterioration in the collateral value since the original appraisal was performed. Original appraisals are typically used only when the estimated collateral value, as adjusted appropriately for the age of the appraisal, results in a current loan-to-value ratio that is lower than the Corporation's loan-to-value requirements for new loans, generally less than 70%. |
The following table presents total impaired loans by class segment: |
| | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| March 31, 2014 | | December 31, 2013 | | | | | | | | | | | | |
| Unpaid | | Recorded | | Related | | Unpaid | | Recorded | | Related | | | | | | | | | | | | |
Principal | Investment | Allowance | Principal | Investment | Allowance | | | | | | | | | | | | |
Balance | | | Balance | | | | | | | | | | | | | | |
| (in thousands) | | | | | | | | | | | | |
With no related allowance recorded: | | | | | | | | | | | | | | | | | | | | | | |
Real estate - commercial mortgage | $ | 27,433 | | | $ | 23,491 | | | $ | — | | | $ | 28,892 | | | $ | 24,494 | | | $ | — | | | | | | | | | | | | | |
| | | | | | | | | | | |
Commercial - secured | 23,862 | | | 20,867 | | | — | | | 23,890 | | | 21,383 | | | — | | | | | | | | | | | | | |
| | | | | | | | | | | |
Real estate - home equity | 399 | | | 300 | | | — | | | 399 | | | 300 | | | — | | | | | | | | | | | | | |
| | | | | | | | | | | |
Real estate - residential mortgage | 317 | | | 317 | | | — | | | — | | | — | | | — | | | | | | | | | | | | | |
| | | | | | | | | | | |
Construction - commercial residential | 26,475 | | | 20,705 | | | — | | | 18,943 | | | 13,740 | | | — | | | | | | | | | | | | | |
| | | | | | | | | | | |
Construction - commercial | 2,992 | | | 1,962 | | | — | | | 2,996 | | | 1,976 | | | — | | | | | | | | | | | | | |
| | | | | | | | | | | |
| 81,478 | | | 67,642 | | | | | 75,120 | | | 61,893 | | | | | | | | | | | | | | | |
| | | | | | | | | | | |
With a related allowance recorded: | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | |
Real estate - commercial mortgage | 47,010 | | | 38,407 | | | 16,394 | | | 43,282 | | | 35,830 | | | 14,444 | | | | | | | | | | | | | |
| | | | | | | | | | | |
Commercial - secured | 36,309 | | | 23,765 | | | 13,232 | | | 34,267 | | | 22,324 | | | 13,315 | | | | | | | | | | | | | |
| | | | | | | | | | | |
Commercial - unsecured | 693 | | | 641 | | | 472 | | | 1,113 | | | 1,048 | | | 752 | | | | | | | | | | | | | |
| | | | | | | | | | | |
Real estate - home equity | 19,420 | | | 13,854 | | | 9,491 | | | 20,383 | | | 14,337 | | | 9,059 | | | | | | | | | | | | | |
| | | | | | | | | | | |
Real estate - residential mortgage | 61,733 | | | 51,365 | | | 21,711 | | | 63,682 | | | 51,097 | | | 21,745 | | | | | | | | | | | | | |
| | | | | | | | | | | |
Construction - commercial residential | 15,753 | | | 4,963 | | | 2,212 | | | 25,769 | | | 14,579 | | | 3,493 | | | | | | | | | | | | | |
| | | | | | | | | | | |
Construction - commercial | 481 | | | 191 | | | 76 | | | 485 | | | 195 | | | 77 | | | | | | | | | | | | | |
| | | | | | | | | | | |
Construction - other | 718 | | | 544 | | | 298 | | | 719 | | | 548 | | | 301 | | | | | | | | | | | | | |
| | | | | | | | | | | |
Consumer - direct | 15 | | | 15 | | | 13 | | | 11 | | | 11 | | | 10 | | | | | | | | | | | | | |
| | | | | | | | | | | |
Consumer - indirect | 15 | | | 2 | | | 2 | | | 2 | | | 2 | | | 2 | | | | | | | | | | | | | |
| | | | | | | | | | | |
| 182,147 | | | 133,747 | | | 63,901 | | | 189,713 | | | 139,971 | | | 63,198 | | | | | | | | | | | | | |
| | | | | | | | | | | |
Total | $ | 263,625 | | | $ | 201,389 | | | $ | 63,901 | | | $ | 264,833 | | | $ | 201,864 | | | $ | 63,198 | | | | | | | | | | | | | |
| | | | | | | | | | | |
As of March 31, 2014 and December 31, 2013, there were $67.6 million and $61.9 million, respectively, of impaired loans that did not have a related allowance for loan loss. The estimated fair values of the collateral for these loans exceeded their carrying amount, or they were previously charged down to collateral values. Accordingly, no specific valuation allowance was considered to be necessary. |
The following table presents average impaired loans by class segment: |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three months ended March 31 | | | | | | | | | | | | | | | | | | | | |
| 2014 | | 2013 | | | | | | | | | | | | | | | | | | | | |
| Average | | Interest | | Average | | Interest | | | | | | | | | | | | | | | | | | | | |
Recorded | Income | Recorded | Income | | | | | | | | | | | | | | | | | | | | |
Investment | Recognized (1) | Investment | Recognized (1) | | | | | | | | | | | | | | | | | | | | |
| (in thousands) | | | | | | | | | | | | | | | | | | | | |
With no related allowance recorded: | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Real estate - commercial mortgage | $ | 23,993 | | | $ | 86 | | | $ | 32,140 | | | $ | 160 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | |
Commercial - secured | 21,125 | | | 35 | | | 31,413 | | | 34 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | |
Commercial - unsecured | — | | | — | | | 66 | | | — | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | |
Real estate - home equity | 300 | | | — | | | 205 | | | 1 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | |
Real estate - residential mortgage | 159 | | | 1 | | | 991 | | | 12 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | |
Construction - commercial residential | 17,223 | | | 60 | | | 22,650 | | | 63 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | |
Construction - commercial | 1,969 | | | — | | | 4,979 | | | 2 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | |
| 64,769 | | | 182 | | | 92,444 | | | 272 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | |
With a related allowance recorded: | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Real estate - commercial mortgage | 37,119 | | | 132 | | | 54,464 | | | 221 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | |
Commercial - secured | 23,045 | | | 38 | | | 35,864 | | | 43 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | |
Commercial - unsecured | 845 | | | 1 | | | 1,743 | | | 2 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | |
Real estate - home equity | 14,096 | | | 20 | | | 13,301 | | | 16 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | |
Real estate - residential mortgage | 51,231 | | | 294 | | | 53,797 | | | 339 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | |
Construction - commercial residential | 9,771 | | | 35 | | | 11,496 | | | 42 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | |
Construction - commercial | 193 | | | — | | | 2,758 | | | 3 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | |
Construction - other | 546 | | | — | | | 533 | | | 1 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | |
Consumer - direct | 13 | | | — | | | 24 | | | — | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | |
Consumer - indirect | 2 | | | — | | | — | | | — | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | |
Leasing and other and overdrafts | — | | | — | | | 28 | | | — | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | |
| 136,861 | | | 520 | | | 174,008 | | | 667 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | |
Total | $ | 201,630 | | | $ | 702 | | | $ | 266,452 | | | $ | 939 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
-1 | All impaired loans, excluding accruing TDRs, were non-accrual loans. Interest income recognized for the three months ended March 31, 2014 and 2013 represents amounts earned on accruing TDRs. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Credit Quality Indicators and Non-performing Assets |
The following table presents internal credit risk ratings for commercial - secured loans, commercial - unsecured loans, commercial mortgages, construction - commercial residential loans and construction - commercial loans: |
| | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Pass | | Special Mention | | Substandard or Lower | | Total | | | | |
| March 31, 2014 | | December 31, 2013 | | March 31, 2014 | | December 31, 2013 | | March 31, 2014 | | December 31, 2013 | | March 31, 2014 | | December 31, 2013 | | | | |
| (dollars in thousands) | | | | |
Real estate - commercial mortgage | $ | 4,833,982 | | | $ | 4,763,987 | | | $ | 122,929 | | | $ | 141,013 | | | $ | 180,543 | | | $ | 196,922 | | | $ | 5,137,454 | | | $ | 5,101,922 | | | | | |
| | | |
Commercial - secured | 3,109,539 | | | 3,167,168 | | | 137,176 | | | 111,613 | | | 128,326 | | | 125,382 | | | 3,375,041 | | | 3,404,163 | | | | | |
| | | |
Commercial -unsecured | 183,734 | | | 209,836 | | | 10,369 | | | 11,666 | | | 4,986 | | | 2,755 | | | 199,089 | | | 224,257 | | | | | |
| | | |
Total commercial - industrial, financial and agricultural | 3,293,273 | | | 3,377,004 | | | 147,545 | | | 123,279 | | | 133,312 | | | 128,137 | | | 3,574,130 | | | 3,628,420 | | | | | |
| | | |
Construction - commercial residential | 153,495 | | | 146,041 | | | 29,556 | | | 31,522 | | | 46,490 | | | 57,806 | | | 229,541 | | | 235,369 | | | | | |
| | | |
Construction - commercial | 274,037 | | | 258,441 | | | 2,915 | | | 2,932 | | | 6,144 | | | 8,124 | | | 283,096 | | | 269,497 | | | | | |
| | | |
Total construction (excluding Construction - other) | 427,532 | | | 404,482 | | | 32,471 | | | 34,454 | | | 52,634 | | | 65,930 | | | 512,637 | | | 504,866 | | | | | |
| | | |
| $ | 8,554,787 | | | $ | 8,545,473 | | | $ | 302,945 | | | $ | 298,746 | | | $ | 366,489 | | | $ | 390,989 | | | $ | 9,224,221 | | | $ | 9,235,208 | | | | | |
| | | |
% of Total | 92.7 | % | | 92.6 | % | | 3.3 | % | | 3.2 | % | | 4 | % | | 4.2 | % | | 100 | % | | 100 | % | | | | |
|
The following is a summary of the Corporation's internal risk rating categories: |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
• | Pass: These loans do not currently pose undue credit risk and can range from the highest to average quality, depending on the degree of potential risk. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
• | Special Mention: These loans constitute an undue and unwarranted credit risk, but not to a point of justifying a classification of substandard. Loans in this category are currently acceptable, but are nevertheless potentially weak. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
• | Substandard or Lower: These loans are inadequately protected by current sound worth and paying capacity of the borrower. There exists a well-defined weakness or weaknesses that jeopardize the normal repayment of the debt. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
The Corporation believes that internal risk ratings are the most relevant credit quality indicator for the class segments presented above. The migration of loans through the various internal risk rating categories is a significant component of the allowance for credit loss methodology, which bases the probability of default on this migration. Assigning risk ratings involves judgment. Risk ratings are initially assigned to loans by loan officers and are reviewed on a regular basis by credit administration staff. The Corporation's loan review officers provide a separate assessment of risk rating accuracy. Ratings may be changed based on the ongoing monitoring procedures performed by loan officers or credit administration staff, or if specific loan review activities identify a deterioration or an improvement in the loan. The risk rating process allows management to identify riskier credits in a timely manner and to allocate resources to managing troubled accounts. |
|
The Corporation does not assign internal risk ratings to smaller balance, homogeneous loans, such as home equity, residential mortgage, consumer, leasing and other and construction loans to individuals secured by residential real estate. For these loans, the most relevant credit quality indicator is delinquency status. The migration of these loans through the various delinquency status categories is a significant component of the allowance for credit losses methodology, which bases the probability of default on this migration. |
|
The following table presents a summary of delinquency and non-performing status for home equity, residential mortgages, construction loans to individuals and consumer, leasing and other loans by class segment: |
| | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Performing | | Delinquent (1) | | Non-performing (2) | | Total | | | | |
| March 31, 2014 | | December 31, 2013 | | March 31, 2014 | | December 31, 2013 | | March 31, 2014 | | December 31, 2013 | | March 31, 2014 | | December 31, 2013 | | | | |
| (dollars in thousands) | | | | |
Real estate - home equity | $ | 1,711,430 | | | $ | 1,731,185 | | | $ | 11,978 | | | $ | 16,029 | | | $ | 17,088 | | | $ | 16,983 | | | $ | 1,740,496 | | | $ | 1,764,197 | | | | | |
| | | |
Real estate - residential mortgage | 1,281,854 | | | 1,282,754 | | | 20,306 | | | 23,279 | | | 29,305 | | | 31,347 | | | 1,331,465 | | | 1,337,380 | | | | | |
| | | |
Construction - other | 70,096 | | | 68,258 | | | 940 | | | — | | | 544 | | | 548 | | | 71,580 | | | 68,806 | | | | | |
| | | |
Consumer - direct | 116,748 | | | 126,666 | | | 3,634 | | | 3,586 | | | 2,872 | | | 2,391 | | | 123,254 | | | 132,643 | | | | | |
| | | |
Consumer - indirect | 144,220 | | | 147,017 | | | 2,420 | | | 3,312 | | | 127 | | | 152 | | | 146,767 | | | 150,481 | | | | | |
| | | |
Total consumer | 260,968 | | | 273,683 | | | 6,054 | | | 6,898 | | | 2,999 | | | 2,543 | | | 270,021 | | | 283,124 | | | | | |
| | | |
Leasing and other and overdrafts | 95,141 | | | 92,876 | | | 794 | | | 581 | | | 74 | | | 48 | | | 96,009 | | | 93,505 | | | | | |
| | | |
| $ | 3,419,489 | | | $ | 3,448,756 | | | $ | 40,072 | | | $ | 46,787 | | | $ | 50,010 | | | $ | 51,469 | | | $ | 3,509,571 | | | $ | 3,547,012 | | | | | |
| | | |
% of Total | 97.4 | % | | 97.2 | % | | 1.2 | % | | 1.3 | % | | 1.4 | % | | 1.5 | % | | 100 | % | | 100 | % | | | | |
| | | |
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
-1 | Includes all accruing loans 31 days to 89 days past due. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
-2 | Includes all accruing loans 90 days or more past due and all non-accrual loans. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
The following table presents non-performing assets: |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| March 31, | | December 31, | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
2014 | 2013 | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| (in thousands) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Non-accrual loans | $ | 133,705 | | | $ | 133,753 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
Accruing loans greater than 90 days past due | 21,225 | | | 20,524 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total non-performing loans | 154,930 | | | 154,277 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
Other real estate owned (OREO) | 15,300 | | | 15,052 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total non-performing assets | $ | 170,230 | | | $ | 169,329 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
The following table presents TDRs, by class segment: |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| March 31, | | December 31, | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
2014 | 2013 | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| (in thousands) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Real-estate - residential mortgage | $ | 30,363 | | | $ | 28,815 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
Real-estate - commercial mortgage | 19,514 | | | 19,758 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
Construction - commercial residential | 8,430 | | | 10,117 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
Commercial - secured | 6,674 | | | 7,933 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
Real estate - home equity | 2,606 | | | 1,365 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
Commercial - unsecured | 81 | | | 112 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
Consumer - direct | 15 | | | 11 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
Consumer - indirect | 1 | | | — | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total accruing TDRs | 67,684 | | | 68,111 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
Non-accrual TDRs (1) | 27,487 | | | 30,209 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total TDRs | $ | 95,171 | | | $ | 98,320 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
-1 | Included within non-accrual loans in the preceding table detailing non-performing assets. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
As of March 31, 2014 and December 31, 2013, there were $5.2 million and $9.6 million, respectively, of commitments to lend additional funds to borrowers whose loans were modified under TDRs. |
|
The following table presents TDRs, by class segment, as of March 31, 2014 and 2013 that were modified during the three months ended March 31, 2014 and 2013: |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three months ended March 31 | | | | | | | | | | | | | | | | | | | | | | | | |
| 2014 | | 2013 | | | | | | | | | | | | | | | | | | | | | | | | |
| Number of Loans | | Recorded Investment | | Number of Loans | | Recorded Investment | | | | | | | | | | | | | | | | | | | | | | | | |
| (dollars in thousands) | | | | | | | | | | | | | | | | | | | | | | | | |
Real estate - commercial mortgage | 7 | | $ | 7,470 | | | 5 | | $ | 2,652 | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
Real estate - residential mortgage | 6 | | 706 | | | 28 | | 3,966 | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
Construction - commercial residential | 1 | | 548 | | | 2 | | 628 | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
Real estate - home equity | 10 | | 529 | | | 17 | | 1,180 | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
Consumer - direct | 4 | | 4 | | | — | | — | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
Consumer - indirect | 3 | | 1 | | | — | | — | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
Commercial - secured | — | | — | | | 5 | | 457 | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
Commercial - unsecured | — | | — | | | 1 | | 15 | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
| 31 | | $ | 9,258 | | | 58 | | $ | 8,898 | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
|
The following table presents TDRs, by class segment, as of March 31, 2014 and 2013 that were modified within the previous 12 months and had a post-modification payment default during the three months ended March 31, 2014 and 2013. The Corporation defines a payment default as a single missed payment. |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three months ended March 31 | | | | | | | | | | | | | | | | | | | | | | | | |
| 2014 | | 2013 | | | | | | | | | | | | | | | | | | | | | | | | |
| Number of Loans | | Recorded Investment | | Number of Loans | | Recorded Investment | | | | | | | | | | | | | | | | | | | | | | | | |
| (dollars in thousands) | | | | | | | | | | | | | | | | | | | | | | | | |
Real estate - residential mortgage | 12 | | $ | 2,522 | | | 31 | | $ | 5,849 | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
Real estate - home equity | 14 | | 1,432 | | | 20 | | 1,233 | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
Construction - commercial residential | 1 | | 619 | | | 4 | | 1,308 | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
Real estate - commercial mortgage | 3 | | 126 | | | 12 | | 6,893 | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
Commercial - secured | 1 | | 11 | | | 6 | | 708 | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
Construction - commercial | — | | — | | | 1 | | 930 | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
| 31 | | $ | 4,710 | | | 74 | | $ | 16,921 | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
|
The following table presents past due status and non-accrual loans by portfolio segment and class segment: |
| | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 31-Mar-14 | | | | |
| 31-59 | | 60-89 | | ≥ 90 Days | | Non- | | Total ≥ 90 | | Total Past | | Current | | Total | | | | |
Days Past | Days Past | Past Due | accrual | Days | Due | | | | |
Due | Due | and | | | | | | | |
| | Accruing | | | | | | | |
| (in thousands) | | | | |
Real estate - commercial mortgage | $ | 13,290 | | | $ | 4,633 | | | $ | 3,492 | | | $ | 42,384 | | | $ | 45,876 | | | $ | 63,799 | | | $ | 5,073,655 | | | $ | 5,137,454 | | | | | |
| | | |
Commercial - secured | 9,370 | | | 1,886 | | | 308 | | | 37,958 | | | 38,266 | | | 49,522 | | | 3,325,519 | | | 3,375,041 | | | | | |
| | | |
Commercial - unsecured | 304 | | | 275 | | | 4 | | | 560 | | | 564 | | | 1,143 | | | 197,946 | | | 199,089 | | | | | |
| | | |
Total commercial - industrial, financial and agricultural | 9,674 | | | 2,161 | | | 312 | | | 38,518 | | | 38,830 | | | 50,665 | | | 3,523,465 | | | 3,574,130 | | | | | |
| | | |
Real estate - home equity | 9,347 | | | 2,631 | | | 5,540 | | | 11,548 | | | 17,088 | | | 29,066 | | | 1,711,430 | | | 1,740,496 | | | | | |
| | | |
Real estate - residential mortgage | 14,682 | | | 5,624 | | | 7,986 | | | 21,319 | | | 29,305 | | | 49,611 | | | 1,281,854 | | | 1,331,465 | | | | | |
| | | |
Construction - commercial residential | 1,352 | | | 228 | | | 796 | | | 17,238 | | | 18,034 | | | 19,614 | | | 209,927 | | | 229,541 | | | | | |
| | | |
Construction - commercial | — | | | — | | | 27 | | | 2,153 | | | 2,180 | | | 2,180 | | | 280,916 | | | 283,096 | | | | | |
| | | |
Construction - other | 940 | | | — | | | — | | | 544 | | | 544 | | | 1,484 | | | 70,096 | | | 71,580 | | | | | |
| | | |
Total real estate - construction | 2,292 | | | 228 | | | 823 | | | 19,935 | | | 20,758 | | | 23,278 | | | 560,939 | | | 584,217 | | | | | |
| | | |
Consumer - direct | 2,495 | | | 1,139 | | | 2,872 | | | — | | | 2,872 | | | 6,506 | | | 116,748 | | | 123,254 | | | | | |
| | | |
Consumer - indirect | 1,960 | | | 460 | | | 126 | | | 1 | | | 127 | | | 2,547 | | | 144,220 | | | 146,767 | | | | | |
| | | |
Total consumer | 4,455 | | | 1,599 | | | 2,998 | | | 1 | | | 2,999 | | | 9,053 | | | 260,968 | | | 270,021 | | | | | |
| | | |
Leasing and other and overdrafts | 331 | | | 463 | | | 74 | | | — | | | 74 | | | 868 | | | 95,141 | | | 96,009 | | | | | |
| | | |
| $ | 54,071 | | | $ | 17,339 | | | $ | 21,225 | | | $ | 133,705 | | | $ | 154,930 | | | $ | 226,340 | | | $ | 12,507,452 | | | $ | 12,733,792 | | | | | |
| | | |
| | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 31-Dec-13 | | | | |
| 31-59 | | 60-89 | | ≥ 90 Days | | Non- | | Total ≥ 90 | | Total Past | | Current | | Total | | | | |
Days Past | Days Past | Past Due | accrual | Days | Due | | | | |
Due | Due | and | | | | | | | |
| | Accruing | | | | | | | |
| (in thousands) | | | | |
Real estate - commercial mortgage | $ | 15,474 | | | $ | 4,009 | | | $ | 3,502 | | | $ | 40,566 | | | $ | 44,068 | | | $ | 63,551 | | | $ | 5,038,371 | | | $ | 5,101,922 | | | | | |
| | | |
Commercial - secured | 8,916 | | | 1,365 | | | 1,311 | | | 35,774 | | | 37,085 | | | 47,366 | | | 3,356,797 | | | 3,404,163 | | | | | |
| | | |
Commercial - unsecured | 332 | | | 125 | | | — | | | 936 | | | 936 | | | 1,393 | | | 222,864 | | | 224,257 | | | | | |
| | | |
Total commercial - industrial, financial and agricultural | 9,248 | | | 1,490 | | | 1,311 | | | 36,710 | | | 38,021 | | | 48,759 | | | 3,579,661 | | | 3,628,420 | | | | | |
| | | |
Real estate - home equity | 13,555 | | | 2,474 | | | 3,711 | | | 13,272 | | | 16,983 | | | 33,012 | | | 1,731,185 | | | 1,764,197 | | | | | |
| | | |
Real estate - residential mortgage | 16,969 | | | 6,310 | | | 9,065 | | | 22,282 | | | 31,347 | | | 54,626 | | | 1,282,754 | | | 1,337,380 | | | | | |
| | | |
Construction - commercial residential | — | | | 645 | | | 346 | | | 18,202 | | | 18,548 | | | 19,193 | | | 216,176 | | | 235,369 | | | | | |
| | | |
Construction - commercial | 14 | | | — | | | — | | | 2,171 | | | 2,171 | | | 2,185 | | | 267,312 | | | 269,497 | | | | | |
| | | |
Construction - other | — | | | — | | | — | | | 548 | | | 548 | | | 548 | | | 68,258 | | | 68,806 | | | | | |
| | | |
Total real estate - construction | 14 | | | 645 | | | 346 | | | 20,921 | | | 21,267 | | | 21,926 | | | 551,746 | | | 573,672 | | | | | |
| | | |
Consumer - direct | 2,091 | | | 1,495 | | | 2,391 | | | — | | | 2,391 | | | 5,977 | | | 126,666 | | | 132,643 | | | | | |
| | | |
Consumer - indirect | 2,864 | | | 448 | | | 150 | | | 2 | | | 152 | | | 3,464 | | | 147,017 | | | 150,481 | | | | | |
| | | |
Total consumer | 4,955 | | | 1,943 | | | 2,541 | | | 2 | | | 2,543 | | | 9,441 | | | 273,683 | | | 283,124 | | | | | |
| | | |
Leasing and other and overdrafts | 559 | | | 22 | | | 48 | | | — | | | 48 | | | 629 | | | 92,876 | | | 93,505 | | | | | |
| | | |
| $ | 60,774 | | | $ | 16,893 | | | $ | 20,524 | | | $ | 133,753 | | | $ | 154,277 | | | $ | 231,944 | | | $ | 12,550,276 | | | $ | 12,782,220 | | | | | |
| | | |
The following table presents past due status and non-accrual loans by portfolio segment and class segment: |
| | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 31-Mar-14 | | | | |
| 31-59 | | 60-89 | | ≥ 90 Days | | Non- | | Total ≥ 90 | | Total Past | | Current | | Total | | | | |
Days Past | Days Past | Past Due | accrual | Days | Due | | | | |
Due | Due | and | | | | | | | |
| | Accruing | | | | | | | |
| (in thousands) | | | | |
Real estate - commercial mortgage | $ | 13,290 | | | $ | 4,633 | | | $ | 3,492 | | | $ | 42,384 | | | $ | 45,876 | | | $ | 63,799 | | | $ | 5,073,655 | | | $ | 5,137,454 | | | | | |
| | | |
Commercial - secured | 9,370 | | | 1,886 | | | 308 | | | 37,958 | | | 38,266 | | | 49,522 | | | 3,325,519 | | | 3,375,041 | | | | | |
| | | |
Commercial - unsecured | 304 | | | 275 | | | 4 | | | 560 | | | 564 | | | 1,143 | | | 197,946 | | | 199,089 | | | | | |
| | | |
Total commercial - industrial, financial and agricultural | 9,674 | | | 2,161 | | | 312 | | | 38,518 | | | 38,830 | | | 50,665 | | | 3,523,465 | | | 3,574,130 | | | | | |
| | | |
Real estate - home equity | 9,347 | | | 2,631 | | | 5,540 | | | 11,548 | | | 17,088 | | | 29,066 | | | 1,711,430 | | | 1,740,496 | | | | | |
| | | |
Real estate - residential mortgage | 14,682 | | | 5,624 | | | 7,986 | | | 21,319 | | | 29,305 | | | 49,611 | | | 1,281,854 | | | 1,331,465 | | | | | |
| | | |
Construction - commercial residential | 1,352 | | | 228 | | | 796 | | | 17,238 | | | 18,034 | | | 19,614 | | | 209,927 | | | 229,541 | | | | | |
| | | |
Construction - commercial | — | | | — | | | 27 | | | 2,153 | | | 2,180 | | | 2,180 | | | 280,916 | | | 283,096 | | | | | |
| | | |
Construction - other | 940 | | | — | | | — | | | 544 | | | 544 | | | 1,484 | | | 70,096 | | | 71,580 | | | | | |
| | | |
Total real estate - construction | 2,292 | | | 228 | | | 823 | | | 19,935 | | | 20,758 | | | 23,278 | | | 560,939 | | | 584,217 | | | | | |
| | | |
Consumer - direct | 2,495 | | | 1,139 | | | 2,872 | | | — | | | 2,872 | | | 6,506 | | | 116,748 | | | 123,254 | | | | | |
| | | |
Consumer - indirect | 1,960 | | | 460 | | | 126 | | | 1 | | | 127 | | | 2,547 | | | 144,220 | | | 146,767 | | | | | |
| | | |
Total consumer | 4,455 | | | 1,599 | | | 2,998 | | | 1 | | | 2,999 | | | 9,053 | | | 260,968 | | | 270,021 | | | | | |
| | | |
Leasing and other and overdrafts | 331 | | | 463 | | | 74 | | | — | | | 74 | | | 868 | | | 95,141 | | | 96,009 | | | | | |
| | | |
| $ | 54,071 | | | $ | 17,339 | | | $ | 21,225 | | | $ | 133,705 | | | $ | 154,930 | | | $ | 226,340 | | | $ | 12,507,452 | | | $ | 12,733,792 | | | | | |
| | | |
Summary of Gross Loans by Type | ' |
Loans, net of unearned income are summarized as follows: |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 31-Mar-14 | | 31-Dec-13 | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| (in thousands) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Real-estate - commercial mortgage | $ | 5,137,454 | | | $ | 5,101,922 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
Commercial - industrial, financial and agricultural | 3,574,130 | | | 3,628,420 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
Real-estate - home equity | 1,740,496 | | | 1,764,197 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
Real-estate - residential mortgage | 1,331,465 | | | 1,337,380 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
Real-estate - construction | 584,217 | | | 573,672 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
Consumer | 270,021 | | | 283,124 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
Leasing and other | 103,192 | | | 99,256 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
Overdrafts | 3,034 | | | 4,045 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
Loans, gross of unearned income | 12,744,009 | | | 12,792,016 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
Unearned income | (10,217 | ) | | (9,796 | ) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Loans, net of unearned income | $ | 12,733,792 | | | $ | 12,782,220 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
Schedule of Allowance for Credit Losses | ' |
The following table presents the components of the allowance for credit losses: |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| March 31, | | December 31, | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
2014 | 2013 | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| (in thousands) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Allowance for loan losses | $ | 197,089 | | | $ | 202,780 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
Reserve for unfunded lending commitments | 1,917 | | | 2,137 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
Allowance for credit losses | $ | 199,006 | | | $ | 204,917 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
Activity in the Allowance for Credit Losses | ' |
The following table presents the activity in the allowance for credit losses: |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three months ended March 31 | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 2014 | | 2013 | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| (in thousands) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Balance at beginning of period | $ | 204,917 | | | $ | 225,439 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
Loans charged off | (10,268 | ) | | (22,106 | ) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Recoveries of loans previously charged off | 1,857 | | | 3,194 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net loans charged off | (8,411 | ) | | (18,912 | ) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Provision for credit losses | 2,500 | | | 15,000 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
Balance at end of period | $ | 199,006 | | | $ | 221,527 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
The following table presents the activity in the allowance for loan losses by portfolio segment: |
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Real Estate - | | Commercial - | | Real Estate - | | Real Estate - | | Real Estate - | | Consumer | | Leasing | | Unallocated | | Total |
Commercial | Industrial, | Home | Residential | Construction | and other |
Mortgage | Financial and | Equity | Mortgage | | and |
| Agricultural | | | | overdrafts |
| (in thousands) |
Three months ended March 31, 2014 | | | | | | | | | | | | | | | | | |
Balance at December 31, 2013 | $ | 55,659 | | | $ | 50,330 | | | $ | 28,222 | | | $ | 33,082 | | | $ | 12,649 | | | $ | 3,260 | | | $ | 3,370 | | | $ | 16,208 | | | $ | 202,780 | |
|
Loans charged off | (1,386 | ) | | (5,125 | ) | | (1,651 | ) | | (846 | ) | | (214 | ) | | (751 | ) | | (295 | ) | | — | | | (10,268 | ) |
|
Recoveries of loans previously charged off | 44 | | | 744 | | | 356 | | | 116 | | | 224 | | | 209 | | | 164 | | | — | | | 1,857 | |
|
Net loans charged off | (1,342 | ) | | (4,381 | ) | | (1,295 | ) | | (730 | ) | | 10 | | | (542 | ) | | (131 | ) | | — | | | (8,411 | ) |
|
Provision for loan losses (1) | (560 | ) | | 4,614 | | | 5,533 | | | 977 | | | (2,817 | ) | | 606 | | | (1,228 | ) | | (4,405 | ) | | 2,720 | |
|
Balance at March 31, 2014 | $ | 53,757 | | | $ | 50,563 | | | $ | 32,460 | | | $ | 33,329 | | | $ | 9,842 | | | $ | 3,324 | | | $ | 2,011 | | | $ | 11,803 | | | $ | 197,089 | |
|
Three months ended March 31, 2013 | | | | | | | | | | | | | | | | | |
Balance at December 31, 2012 | $ | 62,928 | | | $ | 60,205 | | | $ | 22,776 | | | $ | 34,536 | | | $ | 17,287 | | | $ | 2,367 | | | $ | 2,752 | | | $ | 21,052 | | | $ | 223,903 | |
|
Loans charged off | (4,133 | ) | | (9,502 | ) | | (2,404 | ) | | (3,050 | ) | | (1,986 | ) | | (550 | ) | | (481 | ) | | — | | | (22,106 | ) |
|
Recoveries of loans previously charged off | 1,064 | | | 379 | | | 331 | | | 81 | | | 671 | | | 506 | | | 162 | | | — | | | 3,194 | |
|
Net loans charged off | (3,069 | ) | | (9,123 | ) | | (2,073 | ) | | (2,969 | ) | | (1,315 | ) | | (44 | ) | | (319 | ) | | — | | | (18,912 | ) |
|
Provision for loan losses (1) | 4,126 | | | 5,590 | | | 2,998 | | | 1,917 | | | 32 | | | (37 | ) | | 354 | | | 70 | | | 15,050 | |
|
Balance at March 31, 2013 | $ | 63,985 | | | $ | 56,672 | | | $ | 23,701 | | | $ | 33,484 | | | $ | 16,004 | | | $ | 2,286 | | | $ | 2,787 | | | $ | 21,122 | | | $ | 220,041 | |
|
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
-1 | The provision for loan losses excluded a $220,000 decrease in the reserve for unfunded lending commitments for the three months ended March 31, 2014 and excluded a $50,000 decrease in the reserve for unfunded lending commitments for the three months ended March 31, 2013. The total provision for credit losses, comprised of allocations for both funded and unfunded loans, was $2.5 million for the three months ended March 31, 2014 and $15.0 million for the three months ended March 31, 2013. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
The following table presents loans, net of unearned income and their related allowance for loan losses, by portfolio segment: |
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Real Estate - | | Commercial - | | Real Estate - | | Real Estate - | | Real Estate - | | Consumer | | Leasing | | Unallocated | | Total |
Commercial | Industrial, | Home | Residential | Construction | and other | -1 |
Mortgage | Financial and | Equity | Mortgage | | and | |
| Agricultural | | | | overdrafts | |
| (in thousands) |
Allowance for loan losses at March 31, 2014 | | | | | | | | | | | | | | |
Measured for impairment under FASB ASC Subtopic 450-20 | $ | 37,363 | | | $ | 36,859 | | | $ | 22,969 | | | $ | 11,618 | | | $ | 7,256 | | | $ | 3,309 | | | $ | 2,011 | | | $ | 11,803 | | | $ | 133,188 | |
|
Evaluated for impairment under FASB ASC Section 310-10-35 | 16,394 | | | 13,704 | | | 9,491 | | | 21,711 | | | 2,586 | | | 15 | | | — | | | N/A | | | 63,901 | |
|
| $ | 53,757 | | | $ | 50,563 | | | $ | 32,460 | | | $ | 33,329 | | | $ | 9,842 | | | $ | 3,324 | | | $ | 2,011 | | | $ | 11,803 | | | $ | 197,089 | |
|
| | | | | | | | | | | | | | | | | |
Loans, net of unearned income at March 31, 2014 | | | | | | | | | | | | | | |
Measured for impairment under FASB ASC Subtopic 450-20 | $ | 5,075,556 | | | $ | 3,528,857 | | | $ | 1,726,342 | | | $ | 1,279,783 | | | $ | 555,852 | | | $ | 270,004 | | | $ | 96,009 | | | N/A | | | $ | 12,532,403 | |
|
Evaluated for impairment under FASB ASC Section 310-10-35 | 61,898 | | | 45,273 | | | 14,154 | | | 51,682 | | | 28,365 | | | 17 | | | — | | | N/A | | | 201,389 | |
|
| $ | 5,137,454 | | | $ | 3,574,130 | | | $ | 1,740,496 | | | $ | 1,331,465 | | | $ | 584,217 | | | $ | 270,021 | | | $ | 96,009 | | | N/A | | | $ | 12,733,792 | |
|
| | | | | | | | | | | | | | | | | |
Allowance for loan losses at March 31, 2013 | | | | | | | | | | | | | | |
Measured for impairment under FASB ASC Subtopic 450-20 | $ | 40,920 | | | $ | 38,988 | | | $ | 14,947 | | | $ | 10,075 | | | $ | 8,838 | | | $ | 2,271 | | | $ | 2,758 | | | $ | 21,122 | | | $ | 139,919 | |
|
Evaluated for impairment under FASB ASC Section 310-10-35 | 23,065 | | | 17,684 | | | 8,754 | | | 23,409 | | | 7,166 | | | 15 | | | 29 | | | N/A | | | 80,122 | |
|
| $ | 63,985 | | | $ | 56,672 | | | $ | 23,701 | | | $ | 33,484 | | | $ | 16,004 | | | $ | 2,286 | | | $ | 2,787 | | | $ | 21,122 | | | $ | 220,041 | |
|
| | | | | | | | | | | | | | | | | |
Loans, net of unearned income at March 31, 2013 | | | | | | | | | | | | | | |
Measured for impairment under FASB ASC Subtopic 450-20 | $ | 4,646,355 | | | $ | 3,591,753 | | | $ | 1,675,577 | | | $ | 1,247,976 | | | $ | 554,757 | | | $ | 309,120 | | | $ | 89,195 | | | N/A | | | $ | 12,114,733 | |
|
Evaluated for impairment under FASB ASC Section 310-10-35 | 83,575 | | | 66,730 | | | 13,869 | | | 55,478 | | | 42,840 | | | 18 | | | 45 | | | N/A | | | 262,555 | |
|
| $ | 4,729,930 | | | $ | 3,658,483 | | | $ | 1,689,446 | | | $ | 1,303,454 | | | $ | 597,597 | | | $ | 309,138 | | | $ | 89,240 | | | N/A | | | $ | 12,377,288 | |
|
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
-1 | The unallocated allowance, which was approximately 6% and 10% of the total allowance for credit losses as of March 31, 2014 and March 31, 2013, respectively, was, in the opinion of management, reasonable and appropriate given that the estimates used in the allocation process are inherently imprecise. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
N/A – Not applicable |
Allowance For Credit Losses On Financing Receivables Sold | ' |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Real Estate - Commercial mortgage | | Commercial - industrial, financial and agricultural | | Real Estate - Construction | | Total | | | | | | | | | | | | | | | | | | | | |
| (in thousands) | | | | | | | | | | | | | | | | | | | | |
Unpaid principal balance of loans sold | $ | 7,690 | | | $ | 4,730 | | | $ | 740 | | | $ | 13,160 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | |
Charge-offs prior to sale | (2,420 | ) | | (710 | ) | | (150 | ) | | (3,280 | ) | | | | | | | | | | | | | | | | | | | | |
Net recorded investment in loans sold | 5,270 | | | 4,020 | | | 590 | | | 9,880 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | |
Proceeds from sale, net of selling expenses | 2,770 | | | 1,730 | | | 140 | | | 4,640 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | |
Total charge-off upon sale | $ | (2,500 | ) | | $ | (2,290 | ) | | $ | (450 | ) | | $ | (5,240 | ) | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
Existing allocation for credit losses on sold loans | $ | (2,870 | ) | | $ | (1,960 | ) | | $ | (300 | ) | | $ | (5,130 | ) | | | | | | | | | | | | | | | | | | | | |
Total Impaired Loans by Class Segment | ' |
The following table presents total impaired loans by class segment: |
| | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| March 31, 2014 | | December 31, 2013 | | | | | | | | | | | | |
| Unpaid | | Recorded | | Related | | Unpaid | | Recorded | | Related | | | | | | | | | | | | |
Principal | Investment | Allowance | Principal | Investment | Allowance | | | | | | | | | | | | |
Balance | | | Balance | | | | | | | | | | | | | | |
| (in thousands) | | | | | | | | | | | | |
With no related allowance recorded: | | | | | | | | | | | | | | | | | | | | | | |
Real estate - commercial mortgage | $ | 27,433 | | | $ | 23,491 | | | $ | — | | | $ | 28,892 | | | $ | 24,494 | | | $ | — | | | | | | | | | | | | | |
| | | | | | | | | | | |
Commercial - secured | 23,862 | | | 20,867 | | | — | | | 23,890 | | | 21,383 | | | — | | | | | | | | | | | | | |
| | | | | | | | | | | |
Real estate - home equity | 399 | | | 300 | | | — | | | 399 | | | 300 | | | — | | | | | | | | | | | | | |
| | | | | | | | | | | |
Real estate - residential mortgage | 317 | | | 317 | | | — | | | — | | | — | | | — | | | | | | | | | | | | | |
| | | | | | | | | | | |
Construction - commercial residential | 26,475 | | | 20,705 | | | — | | | 18,943 | | | 13,740 | | | — | | | | | | | | | | | | | |
| | | | | | | | | | | |
Construction - commercial | 2,992 | | | 1,962 | | | — | | | 2,996 | | | 1,976 | | | — | | | | | | | | | | | | | |
| | | | | | | | | | | |
| 81,478 | | | 67,642 | | | | | 75,120 | | | 61,893 | | | | | | | | | | | | | | | |
| | | | | | | | | | | |
With a related allowance recorded: | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | |
Real estate - commercial mortgage | 47,010 | | | 38,407 | | | 16,394 | | | 43,282 | | | 35,830 | | | 14,444 | | | | | | | | | | | | | |
| | | | | | | | | | | |
Commercial - secured | 36,309 | | | 23,765 | | | 13,232 | | | 34,267 | | | 22,324 | | | 13,315 | | | | | | | | | | | | | |
| | | | | | | | | | | |
Commercial - unsecured | 693 | | | 641 | | | 472 | | | 1,113 | | | 1,048 | | | 752 | | | | | | | | | | | | | |
| | | | | | | | | | | |
Real estate - home equity | 19,420 | | | 13,854 | | | 9,491 | | | 20,383 | | | 14,337 | | | 9,059 | | | | | | | | | | | | | |
| | | | | | | | | | | |
Real estate - residential mortgage | 61,733 | | | 51,365 | | | 21,711 | | | 63,682 | | | 51,097 | | | 21,745 | | | | | | | | | | | | | |
| | | | | | | | | | | |
Construction - commercial residential | 15,753 | | | 4,963 | | | 2,212 | | | 25,769 | | | 14,579 | | | 3,493 | | | | | | | | | | | | | |
| | | | | | | | | | | |
Construction - commercial | 481 | | | 191 | | | 76 | | | 485 | | | 195 | | | 77 | | | | | | | | | | | | | |
| | | | | | | | | | | |
Construction - other | 718 | | | 544 | | | 298 | | | 719 | | | 548 | | | 301 | | | | | | | | | | | | | |
| | | | | | | | | | | |
Consumer - direct | 15 | | | 15 | | | 13 | | | 11 | | | 11 | | | 10 | | | | | | | | | | | | | |
| | | | | | | | | | | |
Consumer - indirect | 15 | | | 2 | | | 2 | | | 2 | | | 2 | | | 2 | | | | | | | | | | | | | |
| | | | | | | | | | | |
| 182,147 | | | 133,747 | | | 63,901 | | | 189,713 | | | 139,971 | | | 63,198 | | | | | | | | | | | | | |
| | | | | | | | | | | |
Total | $ | 263,625 | | | $ | 201,389 | | | $ | 63,901 | | | $ | 264,833 | | | $ | 201,864 | | | $ | 63,198 | | | | | | | | | | | | | |
| | | | | | | | | | | |
As of March 31, 2014 and December 31, 2013, there were $67.6 million and $61.9 million, respectively, of impaired loans that did not have a related allowance for loan loss. The estimated fair values of the collateral for these loans exceeded their carrying amount, or they were previously charged down to collateral values. Accordingly, no specific valuation allowance was considered to be necessary. |
The following table presents average impaired loans by class segment: |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three months ended March 31 | | | | | | | | | | | | | | | | | | | | |
| 2014 | | 2013 | | | | | | | | | | | | | | | | | | | | |
| Average | | Interest | | Average | | Interest | | | | | | | | | | | | | | | | | | | | |
Recorded | Income | Recorded | Income | | | | | | | | | | | | | | | | | | | | |
Investment | Recognized (1) | Investment | Recognized (1) | | | | | | | | | | | | | | | | | | | | |
| (in thousands) | | | | | | | | | | | | | | | | | | | | |
With no related allowance recorded: | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Real estate - commercial mortgage | $ | 23,993 | | | $ | 86 | | | $ | 32,140 | | | $ | 160 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | |
Commercial - secured | 21,125 | | | 35 | | | 31,413 | | | 34 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | |
Commercial - unsecured | — | | | — | | | 66 | | | — | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | |
Real estate - home equity | 300 | | | — | | | 205 | | | 1 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | |
Real estate - residential mortgage | 159 | | | 1 | | | 991 | | | 12 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | |
Construction - commercial residential | 17,223 | | | 60 | | | 22,650 | | | 63 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | |
Construction - commercial | 1,969 | | | — | | | 4,979 | | | 2 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | |
| 64,769 | | | 182 | | | 92,444 | | | 272 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | |
With a related allowance recorded: | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Real estate - commercial mortgage | 37,119 | | | 132 | | | 54,464 | | | 221 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | |
Commercial - secured | 23,045 | | | 38 | | | 35,864 | | | 43 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | |
Commercial - unsecured | 845 | | | 1 | | | 1,743 | | | 2 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | |
Real estate - home equity | 14,096 | | | 20 | | | 13,301 | | | 16 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | |
Real estate - residential mortgage | 51,231 | | | 294 | | | 53,797 | | | 339 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | |
Construction - commercial residential | 9,771 | | | 35 | | | 11,496 | | | 42 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | |
Construction - commercial | 193 | | | — | | | 2,758 | | | 3 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | |
Construction - other | 546 | | | — | | | 533 | | | 1 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | |
Consumer - direct | 13 | | | — | | | 24 | | | — | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | |
Consumer - indirect | 2 | | | — | | | — | | | — | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | |
Leasing and other and overdrafts | — | | | — | | | 28 | | | — | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | |
| 136,861 | | | 520 | | | 174,008 | | | 667 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | |
Total | $ | 201,630 | | | $ | 702 | | | $ | 266,452 | | | $ | 939 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
-1 | All impaired loans, excluding accruing TDRs, were non-accrual loans. Interest income recognized for the three months ended March 31, 2014 and 2013 represents amounts earned on accruing TDRs. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Financing Receivable Credit Quality Indicators | ' |
The following table presents internal credit risk ratings for commercial - secured loans, commercial - unsecured loans, commercial mortgages, construction - commercial residential loans and construction - commercial loans: |
| | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Pass | | Special Mention | | Substandard or Lower | | Total | | | | |
| March 31, 2014 | | December 31, 2013 | | March 31, 2014 | | December 31, 2013 | | March 31, 2014 | | December 31, 2013 | | March 31, 2014 | | December 31, 2013 | | | | |
| (dollars in thousands) | | | | |
Real estate - commercial mortgage | $ | 4,833,982 | | | $ | 4,763,987 | | | $ | 122,929 | | | $ | 141,013 | | | $ | 180,543 | | | $ | 196,922 | | | $ | 5,137,454 | | | $ | 5,101,922 | | | | | |
| | | |
Commercial - secured | 3,109,539 | | | 3,167,168 | | | 137,176 | | | 111,613 | | | 128,326 | | | 125,382 | | | 3,375,041 | | | 3,404,163 | | | | | |
| | | |
Commercial -unsecured | 183,734 | | | 209,836 | | | 10,369 | | | 11,666 | | | 4,986 | | | 2,755 | | | 199,089 | | | 224,257 | | | | | |
| | | |
Total commercial - industrial, financial and agricultural | 3,293,273 | | | 3,377,004 | | | 147,545 | | | 123,279 | | | 133,312 | | | 128,137 | | | 3,574,130 | | | 3,628,420 | | | | | |
| | | |
Construction - commercial residential | 153,495 | | | 146,041 | | | 29,556 | | | 31,522 | | | 46,490 | | | 57,806 | | | 229,541 | | | 235,369 | | | | | |
| | | |
Construction - commercial | 274,037 | | | 258,441 | | | 2,915 | | | 2,932 | | | 6,144 | | | 8,124 | | | 283,096 | | | 269,497 | | | | | |
| | | |
Total construction (excluding Construction - other) | 427,532 | | | 404,482 | | | 32,471 | | | 34,454 | | | 52,634 | | | 65,930 | | | 512,637 | | | 504,866 | | | | | |
| | | |
| $ | 8,554,787 | | | $ | 8,545,473 | | | $ | 302,945 | | | $ | 298,746 | | | $ | 366,489 | | | $ | 390,989 | | | $ | 9,224,221 | | | $ | 9,235,208 | | | | | |
| | | |
% of Total | 92.7 | % | | 92.6 | % | | 3.3 | % | | 3.2 | % | | 4 | % | | 4.2 | % | | 100 | % | | 100 | % | | | | |
|
The following is a summary of the Corporation's internal risk rating categories: |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
• | Pass: These loans do not currently pose undue credit risk and can range from the highest to average quality, depending on the degree of potential risk. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
• | Special Mention: These loans constitute an undue and unwarranted credit risk, but not to a point of justifying a classification of substandard. Loans in this category are currently acceptable, but are nevertheless potentially weak. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
• | Substandard or Lower: These loans are inadequately protected by current sound worth and paying capacity of the borrower. There exists a well-defined weakness or weaknesses that jeopardize the normal repayment of the debt. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
The Corporation believes that internal risk ratings are the most relevant credit quality indicator for the class segments presented above. The migration of loans through the various internal risk rating categories is a significant component of the allowance for credit loss methodology, which bases the probability of default on this migration. Assigning risk ratings involves judgment. Risk ratings are initially assigned to loans by loan officers and are reviewed on a regular basis by credit administration staff. The Corporation's loan review officers provide a separate assessment of risk rating accuracy. Ratings may be changed based on the ongoing monitoring procedures performed by loan officers or credit administration staff, or if specific loan review activities identify a deterioration or an improvement in the loan. The risk rating process allows management to identify riskier credits in a timely manner and to allocate resources to managing troubled accounts. |
|
The Corporation does not assign internal risk ratings to smaller balance, homogeneous loans, such as home equity, residential mortgage, consumer, leasing and other and construction loans to individuals secured by residential real estate. For these loans, the most relevant credit quality indicator is delinquency status. The migration of these loans through the various delinquency status categories is a significant component of the allowance for credit losses methodology, which bases the probability of default on this migration. |
|
The following table presents a summary of delinquency and non-performing status for home equity, residential mortgages, construction loans to individuals and consumer, leasing and other loans by class segment: |
| | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Performing | | Delinquent (1) | | Non-performing (2) | | Total | | | | |
| March 31, 2014 | | December 31, 2013 | | March 31, 2014 | | December 31, 2013 | | March 31, 2014 | | December 31, 2013 | | March 31, 2014 | | December 31, 2013 | | | | |
| (dollars in thousands) | | | | |
Real estate - home equity | $ | 1,711,430 | | | $ | 1,731,185 | | | $ | 11,978 | | | $ | 16,029 | | | $ | 17,088 | | | $ | 16,983 | | | $ | 1,740,496 | | | $ | 1,764,197 | | | | | |
| | | |
Real estate - residential mortgage | 1,281,854 | | | 1,282,754 | | | 20,306 | | | 23,279 | | | 29,305 | | | 31,347 | | | 1,331,465 | | | 1,337,380 | | | | | |
| | | |
Construction - other | 70,096 | | | 68,258 | | | 940 | | | — | | | 544 | | | 548 | | | 71,580 | | | 68,806 | | | | | |
| | | |
Consumer - direct | 116,748 | | | 126,666 | | | 3,634 | | | 3,586 | | | 2,872 | | | 2,391 | | | 123,254 | | | 132,643 | | | | | |
| | | |
Consumer - indirect | 144,220 | | | 147,017 | | | 2,420 | | | 3,312 | | | 127 | | | 152 | | | 146,767 | | | 150,481 | | | | | |
| | | |
Total consumer | 260,968 | | | 273,683 | | | 6,054 | | | 6,898 | | | 2,999 | | | 2,543 | | | 270,021 | | | 283,124 | | | | | |
| | | |
Leasing and other and overdrafts | 95,141 | | | 92,876 | | | 794 | | | 581 | | | 74 | | | 48 | | | 96,009 | | | 93,505 | | | | | |
| | | |
| $ | 3,419,489 | | | $ | 3,448,756 | | | $ | 40,072 | | | $ | 46,787 | | | $ | 50,010 | | | $ | 51,469 | | | $ | 3,509,571 | | | $ | 3,547,012 | | | | | |
| | | |
% of Total | 97.4 | % | | 97.2 | % | | 1.2 | % | | 1.3 | % | | 1.4 | % | | 1.5 | % | | 100 | % | | 100 | % | | | | |
| | | |
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
-1 | Includes all accruing loans 31 days to 89 days past due. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
-2 | Includes all accruing loans 90 days or more past due and all non-accrual loans. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Non-Performing Assets | ' |
The following table presents non-performing assets: |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| March 31, | | December 31, | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
2014 | 2013 | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| (in thousands) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Non-accrual loans | $ | 133,705 | | | $ | 133,753 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
Accruing loans greater than 90 days past due | 21,225 | | | 20,524 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total non-performing loans | 154,930 | | | 154,277 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
Other real estate owned (OREO) | 15,300 | | | 15,052 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total non-performing assets | $ | 170,230 | | | $ | 169,329 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
Troubled Debt Restructurings on Financing Receivables | ' |
The following table presents TDRs, by class segment: |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| March 31, | | December 31, | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
2014 | 2013 | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| (in thousands) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Real-estate - residential mortgage | $ | 30,363 | | | $ | 28,815 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
Real-estate - commercial mortgage | 19,514 | | | 19,758 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
Construction - commercial residential | 8,430 | | | 10,117 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
Commercial - secured | 6,674 | | | 7,933 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
Real estate - home equity | 2,606 | | | 1,365 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
Commercial - unsecured | 81 | | | 112 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
Consumer - direct | 15 | | | 11 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
Consumer - indirect | 1 | | | — | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total accruing TDRs | 67,684 | | | 68,111 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
Non-accrual TDRs (1) | 27,487 | | | 30,209 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total TDRs | $ | 95,171 | | | $ | 98,320 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
-1 | Included within non-accrual loans in the preceding table detailing non-performing assets | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Loan Terms Modified Under Troubled Debt Restructurings | ' |
The following table presents TDRs, by class segment, as of March 31, 2014 and 2013 that were modified during the three months ended March 31, 2014 and 2013: |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three months ended March 31 | | | | | | | | | | | | | | | | | | | | | | | | |
| 2014 | | 2013 | | | | | | | | | | | | | | | | | | | | | | | | |
| Number of Loans | | Recorded Investment | | Number of Loans | | Recorded Investment | | | | | | | | | | | | | | | | | | | | | | | | |
| (dollars in thousands) | | | | | | | | | | | | | | | | | | | | | | | | |
Real estate - commercial mortgage | 7 | | $ | 7,470 | | | 5 | | $ | 2,652 | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
Real estate - residential mortgage | 6 | | 706 | | | 28 | | 3,966 | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
Construction - commercial residential | 1 | | 548 | | | 2 | | 628 | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
Real estate - home equity | 10 | | 529 | | | 17 | | 1,180 | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
Consumer - direct | 4 | | 4 | | | — | | — | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
Consumer - indirect | 3 | | 1 | | | — | | — | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
Commercial - secured | — | | — | | | 5 | | 457 | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
Commercial - unsecured | — | | — | | | 1 | | 15 | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
| 31 | | $ | 9,258 | | | 58 | | $ | 8,898 | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
|
The following table presents TDRs, by class segment, as of March 31, 2014 and 2013 that were modified within the previous 12 months and had a post-modification payment default during the three months ended March 31, 2014 and 2013. The Corporation defines a payment default as a single missed payment. |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three months ended March 31 | | | | | | | | | | | | | | | | | | | | | | | | |
| 2014 | | 2013 | | | | | | | | | | | | | | | | | | | | | | | | |
| Number of Loans | | Recorded Investment | | Number of Loans | | Recorded Investment | | | | | | | | | | | | | | | | | | | | | | | | |
| (dollars in thousands) | | | | | | | | | | | | | | | | | | | | | | | | |
Real estate - residential mortgage | 12 | | $ | 2,522 | | | 31 | | $ | 5,849 | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
Real estate - home equity | 14 | | 1,432 | | | 20 | | 1,233 | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
Construction - commercial residential | 1 | | 619 | | | 4 | | 1,308 | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
Real estate - commercial mortgage | 3 | | 126 | | | 12 | | 6,893 | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
Commercial - secured | 1 | | 11 | | | 6 | | 708 | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
Construction - commercial | — | | — | | | 1 | | 930 | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
| 31 | | $ | 4,710 | | | 74 | | $ | 16,921 | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
Past due Loan Status and Non-Accrual Loans by Portfolio Segment | ' |
The following table presents past due status and non-accrual loans by portfolio segment and class segment: |
| | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 31-Mar-14 | | | | |
| 31-59 | | 60-89 | | ≥ 90 Days | | Non- | | Total ≥ 90 | | Total Past | | Current | | Total | | | | |
Days Past | Days Past | Past Due | accrual | Days | Due | | | | |
Due | Due | and | | | | | | | |
| | Accruing | | | | | | | |
| (in thousands) | | | | |
Real estate - commercial mortgage | $ | 13,290 | | | $ | 4,633 | | | $ | 3,492 | | | $ | 42,384 | | | $ | 45,876 | | | $ | 63,799 | | | $ | 5,073,655 | | | $ | 5,137,454 | | | | | |
| | | |
Commercial - secured | 9,370 | | | 1,886 | | | 308 | | | 37,958 | | | 38,266 | | | 49,522 | | | 3,325,519 | | | 3,375,041 | | | | | |
| | | |
Commercial - unsecured | 304 | | | 275 | | | 4 | | | 560 | | | 564 | | | 1,143 | | | 197,946 | | | 199,089 | | | | | |
| | | |
Total commercial - industrial, financial and agricultural | 9,674 | | | 2,161 | | | 312 | | | 38,518 | | | 38,830 | | | 50,665 | | | 3,523,465 | | | 3,574,130 | | | | | |
| | | |
Real estate - home equity | 9,347 | | | 2,631 | | | 5,540 | | | 11,548 | | | 17,088 | | | 29,066 | | | 1,711,430 | | | 1,740,496 | | | | | |
| | | |
Real estate - residential mortgage | 14,682 | | | 5,624 | | | 7,986 | | | 21,319 | | | 29,305 | | | 49,611 | | | 1,281,854 | | | 1,331,465 | | | | | |
| | | |
Construction - commercial residential | 1,352 | | | 228 | | | 796 | | | 17,238 | | | 18,034 | | | 19,614 | | | 209,927 | | | 229,541 | | | | | |
| | | |
Construction - commercial | — | | | — | | | 27 | | | 2,153 | | | 2,180 | | | 2,180 | | | 280,916 | | | 283,096 | | | | | |
| | | |
Construction - other | 940 | | | — | | | — | | | 544 | | | 544 | | | 1,484 | | | 70,096 | | | 71,580 | | | | | |
| | | |
Total real estate - construction | 2,292 | | | 228 | | | 823 | | | 19,935 | | | 20,758 | | | 23,278 | | | 560,939 | | | 584,217 | | | | | |
| | | |
Consumer - direct | 2,495 | | | 1,139 | | | 2,872 | | | — | | | 2,872 | | | 6,506 | | | 116,748 | | | 123,254 | | | | | |
| | | |
Consumer - indirect | 1,960 | | | 460 | | | 126 | | | 1 | | | 127 | | | 2,547 | | | 144,220 | | | 146,767 | | | | | |
| | | |
Total consumer | 4,455 | | | 1,599 | | | 2,998 | | | 1 | | | 2,999 | | | 9,053 | | | 260,968 | | | 270,021 | | | | | |
| | | |
Leasing and other and overdrafts | 331 | | | 463 | | | 74 | | | — | | | 74 | | | 868 | | | 95,141 | | | 96,009 | | | | | |
| | | |
| $ | 54,071 | | | $ | 17,339 | | | $ | 21,225 | | | $ | 133,705 | | | $ | 154,930 | | | $ | 226,340 | | | $ | 12,507,452 | | | $ | 12,733,792 | | | | | |
| | | |
| | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 31-Dec-13 | | | | |
| 31-59 | | 60-89 | | ≥ 90 Days | | Non- | | Total ≥ 90 | | Total Past | | Current | | Total | | | | |
Days Past | Days Past | Past Due | accrual | Days | Due | | | | |
Due | Due | and | | | | | | | |
| | Accruing | | | | | | | |
| (in thousands) | | | | |
Real estate - commercial mortgage | $ | 15,474 | | | $ | 4,009 | | | $ | 3,502 | | | $ | 40,566 | | | $ | 44,068 | | | $ | 63,551 | | | $ | 5,038,371 | | | $ | 5,101,922 | | | | | |
| | | |
Commercial - secured | 8,916 | | | 1,365 | | | 1,311 | | | 35,774 | | | 37,085 | | | 47,366 | | | 3,356,797 | | | 3,404,163 | | | | | |
| | | |
Commercial - unsecured | 332 | | | 125 | | | — | | | 936 | | | 936 | | | 1,393 | | | 222,864 | | | 224,257 | | | | | |
| | | |
Total commercial - industrial, financial and agricultural | 9,248 | | | 1,490 | | | 1,311 | | | 36,710 | | | 38,021 | | | 48,759 | | | 3,579,661 | | | 3,628,420 | | | | | |
| | | |
Real estate - home equity | 13,555 | | | 2,474 | | | 3,711 | | | 13,272 | | | 16,983 | | | 33,012 | | | 1,731,185 | | | 1,764,197 | | | | | |
| | | |
Real estate - residential mortgage | 16,969 | | | 6,310 | | | 9,065 | | | 22,282 | | | 31,347 | | | 54,626 | | | 1,282,754 | | | 1,337,380 | | | | | |
| | | |
Construction - commercial residential | — | | | 645 | | | 346 | | | 18,202 | | | 18,548 | | | 19,193 | | | 216,176 | | | 235,369 | | | | | |
| | | |
Construction - commercial | 14 | | | — | | | — | | | 2,171 | | | 2,171 | | | 2,185 | | | 267,312 | | | 269,497 | | | | | |
| | | |
Construction - other | — | | | — | | | — | | | 548 | | | 548 | | | 548 | | | 68,258 | | | 68,806 | | | | | |
| | | |
Total real estate - construction | 14 | | | 645 | | | 346 | | | 20,921 | | | 21,267 | | | 21,926 | | | 551,746 | | | 573,672 | | | | | |
| | | |
Consumer - direct | 2,091 | | | 1,495 | | | 2,391 | | | — | | | 2,391 | | | 5,977 | | | 126,666 | | | 132,643 | | | | | |
| | | |
Consumer - indirect | 2,864 | | | 448 | | | 150 | | | 2 | | | 152 | | | 3,464 | | | 147,017 | | | 150,481 | | | | | |
| | | |
Total consumer | 4,955 | | | 1,943 | | | 2,541 | | | 2 | | | 2,543 | | | 9,441 | | | 273,683 | | | 283,124 | | | | | |
| | | |
Leasing and other and overdrafts | 559 | | | 22 | | | 48 | | | — | | | 48 | | | 629 | | | 92,876 | | | 93,505 | | | | | |
| | | |
| $ | 60,774 | | | $ | 16,893 | | | $ | 20,524 | | | $ | 133,753 | | | $ | 154,277 | | | $ | 231,944 | | | $ | 12,550,276 | | | $ | 12,782,220 | | | | | |
| | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |