Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2014 | Apr. 30, 2014 | |
Document and Entity Information | ' | ' |
Entity Registrant Name | 'FULTON FINANCIAL CORP | ' |
Entity Central Index Key | '0000700564 | ' |
Trading Symbol | 'fult | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Document Type | '10-Q | ' |
Document Period End Date | 31-Mar-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
Amendment Flag | 'false | ' |
Entity Common Stock, Shares Outstanding | ' | 188,969,000 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
ASSETS | ' | ' |
Cash and due from banks | $260,389 | $218,540 |
Interest-bearing deposits with other banks | 225,428 | 163,988 |
Restricted Investments | 81,634 | 84,173 |
Loans held for sale | 24,417 | 21,351 |
Investment securities: | ' | ' |
Available-for-sale Securities | 2,501,198 | 2,568,434 |
Loans, net of unearned income | 12,733,792 | 12,782,220 |
Less: Allowance for loan losses | -197,089 | -202,780 |
Net Loans | 12,536,703 | 12,579,440 |
Premises and equipment | 225,647 | 226,021 |
Accrued interest receivable | 43,376 | 44,037 |
Goodwill | 532,747 | 533,076 |
Other assets | 480,350 | 495,574 |
Total Assets | 16,911,889 | 16,934,634 |
LIABILITIES | ' | ' |
Noninterest-bearing | 3,359,900 | 3,283,172 |
Interest-bearing | 9,310,017 | 9,208,014 |
Total Deposits | 12,669,917 | 12,491,186 |
Short-term borrowings: | ' | ' |
Federal funds purchased | 361,098 | 582,436 |
Other short-term borrowings | 708,586 | 676,193 |
Total Short-Term Borrowings | 1,069,684 | 1,258,629 |
Accrued interest payable | 16,972 | 15,218 |
Other liabilities | 213,136 | 222,830 |
Federal Home Loan Bank advances and long-term debt | 883,461 | 883,584 |
Total Liabilities | 14,853,170 | 14,871,447 |
SHAREHOLDERS' EQUITY | ' | ' |
Common stock, $2.50 par value, 600 million shares authorized, 217.9 million shares issued in 2014 and 217.8 million shares issued in 2013 | 544,821 | 544,568 |
Additional paid-in capital | 1,434,546 | 1,432,974 |
Retained earnings | 490,517 | 463,843 |
Accumulated Other Comprehensive Income | -21,889 | -37,341 |
Treasury stock, at cost, 29.1 million shares in 2014 and 25.2 million shares in 2013 | -389,276 | -340,857 |
Total Shareholders' Equity | 2,058,719 | 2,063,187 |
Total Liabilities and Shareholders' Equity | $16,911,889 | $16,934,634 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
Statement of Financial Position [Abstract] | ' | ' |
Common stock, par value | $2.50 | $2.50 |
Common stock, shares authorized | 600,000,000 | 600,000,000 |
Common stock, shares issued | 217,900,000 | 217,800,000 |
Treasury stock, shares | 29,100,000 | 25,200,000 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
INTEREST INCOME | ' | ' |
Loans, including fees | $131,830 | $134,130 |
Investment securities: | ' | ' |
Taxable | 13,266 | 13,397 |
Tax-exempt | 2,348 | 2,481 |
Dividends | 332 | 390 |
Loans held for sale | 134 | 495 |
Other interest income | 882 | 429 |
Total Interest Income | 148,792 | 151,322 |
INTEREST EXPENSE | ' | ' |
Deposits | 7,896 | 10,401 |
Short-term borrowings | 633 | 509 |
Long-term debt | 10,698 | 10,768 |
Total Interest Expense | 19,227 | 21,678 |
Net Interest Income | 129,565 | 129,644 |
Provision for credit losses | 2,500 | 15,000 |
Net Interest Income After Provision for Credit Losses | 127,065 | 114,644 |
NON-INTEREST INCOME | ' | ' |
Service charges on deposit accounts | 11,711 | 14,111 |
Investment management and trust services | 10,958 | 10,096 |
Other service charges and fees | 8,927 | 8,510 |
Mortgage banking income | 3,605 | 8,173 |
Other | 3,305 | 3,896 |
Investment securities gains, net | 0 | 2,473 |
Total Non-Interest Income | 38,506 | 47,259 |
NON-INTEREST EXPENSE | ' | ' |
Salaries and employee benefits | 59,566 | 61,212 |
Net occupancy expense | 13,603 | 11,844 |
Other outside services | 3,812 | 2,860 |
Data processing | 3,796 | 3,903 |
Equipment expense | 3,602 | 3,908 |
Professional Fees | 2,904 | 3,047 |
Operating risk loss | 1,828 | 1,766 |
Software | 2,925 | 2,748 |
FDIC insurance expense | 2,689 | 2,847 |
Marketing | 1,584 | 1,872 |
Other real estate owned and repossession expense | 983 | 2,854 |
Intangible amortization | 315 | 534 |
Other | 11,947 | 11,541 |
Total Non-Interest Expense | 109,554 | 110,936 |
Income Before Income Taxes | 56,017 | 50,967 |
Income taxes | 14,234 | 11,740 |
Net Income | $41,783 | $39,227 |
PER SHARE: | ' | ' |
Net Income (Basic) | $0.22 | $0.20 |
Net Income (Diluted) | $0.22 | $0.20 |
Cash Dividends | $0.08 | $0.08 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Net Income | $41,783 | $39,227 |
Other Comprehensive Income (Loss), Net of Tax [Abstract] | ' | ' |
Unrealized gain (loss) on securities | 13,933 | 125 |
Reclassification adjustment for securities (gains) losses included in net income | -944 | -1,608 |
Non-credit related unrealized gain (loss) on other-than-temporarily impaired debt securities | 189 | 1,083 |
Unrealized gain on derivative financial instruments | 34 | 34 |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Unamortized Gain (Loss) Arising During Period, Net of Tax | 2,144 | 0 |
Amortization (accretion) of net unrecognized pension and postretirement plan items | 96 | 328 |
Other Comprehensive Income (Loss) | 15,452 | -38 |
Total Comprehensive Income | $57,235 | $39,189 |
Consolidated_Statements_of_Sha
Consolidated Statements of Shareholders' Equity (USD $) | Total | Common Stock [Member] | Additional Paid-In Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income [Member] | Treasury Stock [Member] |
In Thousands, unless otherwise specified | ||||||
Beginning Balance at Dec. 31, 2012 | $2,081,656 | $542,093 | $1,426,267 | $363,937 | $5,675 | ($256,316) |
Beginning Balance (in shares) at Dec. 31, 2012 | ' | 199,225 | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' |
Net Income | 39,227 | ' | ' | 39,227 | ' | ' |
Other Comprehensive Income (Loss) | -38 | ' | ' | ' | -38 | ' |
Stock issued, including related tax benefits | 2,735 | 393 | 196 | ' | ' | 2,146 |
Stock issued, including related tax benefits (in shares) | ' | 297 | ' | ' | ' | ' |
Stock-based compensation awards | 847 | ' | 847 | ' | ' | ' |
Acquisition of treasury stock (in shares) | ' | -4,246 | ' | ' | ' | ' |
Acquisition of treasury stock | -47,046 | ' | ' | ' | ' | -47,046 |
Common stock cash dividends | -15,618 | ' | ' | -15,618 | ' | ' |
Ending Balance at Mar. 31, 2013 | 2,061,763 | 542,486 | 1,427,310 | 387,546 | 5,637 | -301,216 |
Ending Balance (in shares) at Mar. 31, 2013 | ' | 195,276 | ' | ' | ' | ' |
Beginning Balance at Dec. 31, 2013 | 2,063,187 | 544,568 | 1,432,974 | 463,843 | -37,341 | -340,857 |
Beginning Balance (in shares) at Dec. 31, 2013 | ' | 192,652 | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' |
Net Income | 41,783 | ' | ' | 41,783 | ' | ' |
Other Comprehensive Income (Loss) | 15,452 | ' | ' | ' | 15,452 | ' |
Stock issued, including related tax benefits | 2,177 | 253 | 539 | ' | ' | 1,385 |
Stock issued, including related tax benefits (in shares) | ' | 198 | ' | ' | ' | ' |
Stock-based compensation awards | 1,033 | ' | 1,033 | ' | ' | ' |
Acquisition of treasury stock (in shares) | ' | -4,000 | ' | ' | ' | ' |
Acquisition of treasury stock | -49,804 | ' | ' | ' | ' | -49,804 |
Common stock cash dividends | -15,109 | ' | ' | -15,109 | ' | ' |
Ending Balance at Mar. 31, 2014 | $2,058,719 | $544,821 | $1,434,546 | $490,517 | ($21,889) | ($389,276) |
Ending Balance (in shares) at Mar. 31, 2014 | ' | 188,850 | ' | ' | ' | ' |
Consolidated_Statements_of_Sha1
Consolidated Statements of Shareholders' Equity (Parenthetical) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Statement of Stockholders' Equity [Abstract] | ' | ' |
Cash dividends per share | $0.08 | $0.08 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' |
Net Income | $41,783 | $39,227 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Provision for credit losses | 2,500 | 15,000 |
Depreciation and amortization of premises and equipment | 6,629 | 6,171 |
Net amortization of investment securities premiums | 1,435 | 3,846 |
Investment securities gains, net | 0 | -2,473 |
Net (increase) decrease in loans held for sale | -3,066 | 4,854 |
Amortization of intangible assets | 315 | 534 |
Stock-based compensation | 1,033 | 847 |
Excess tax benefit from share-based compensation | -25 | -88 |
Decrease in accrued interest receivable | 661 | -1,699 |
Decrease in other assets | 7,271 | 7,074 |
Decrease in accrued interest payable | 1,754 | 2,063 |
Decrease in other liabilities | 182 | -11,713 |
Total adjustments | 18,689 | 24,416 |
Net cash provided by operating activities | 60,472 | 63,643 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' |
Proceeds from sales of securities available for sale | 12,548 | 56,896 |
Proceeds from maturities of securities held to maturity | 0 | 35 |
Proceeds from maturities of securities available for sale | 79,045 | 199,910 |
Purchase of securities available for sale | -11,700 | -334,660 |
Decrease in short-term investments | -58,901 | 73,275 |
Net increase in loans | 40,017 | -249,229 |
Net purchases of premises and equipment | -6,255 | -5,202 |
Net cash used in investing activities | 54,754 | -258,975 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' |
Net increase in demand and savings deposits | 94,093 | 19,339 |
Net decrease in time deposits | 84,638 | -115,042 |
Decrease in short-term borrowings | -188,945 | 258,567 |
Repayments of long-term debt | -123 | -5,042 |
Net proceeds from issuance of stock | 2,152 | 2,647 |
Excess tax benefit from share-based compensation | 25 | 88 |
Dividends paid | -15,413 | 0 |
Acquisition of treasury stock | -49,804 | -47,046 |
Net cash used in financing activities | -73,377 | 113,511 |
Net (Decrease) Increase in Cash and Due From Banks | 41,849 | -81,821 |
Cash and Due From Banks at Beginning of Period | 218,540 | 256,300 |
Cash and Due From Banks at End of Period | 260,389 | 174,479 |
Cash paid during the period for: | ' | ' |
Interest | 17,473 | 19,615 |
Income taxes | $631 | $5,086 |
Basis_of_Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Basis of Presentation | ' |
Basis of Presentation | |
The accompanying unaudited consolidated financial statements of Fulton Financial Corporation (the Corporation) have been prepared in conformity with U.S. generally accepted accounting principles (U.S. GAAP) for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and notes required by U.S. GAAP for complete financial statements. The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the amounts of assets and liabilities as of the date of the financial statements as well as revenues and expenses during the period. Actual results could differ from those estimates. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three months ended March 31, 2014 are not necessarily indicative of the results that may be expected for the year ending December 31, 2014. The Corporation evaluates subsequent events through the filing date of this Form 10-Q with the Securities and Exchange Commission (SEC). |
Net_Income_Per_Share
Net Income Per Share | 3 Months Ended | |||||
Mar. 31, 2014 | ||||||
Earnings Per Share [Abstract] | ' | |||||
Net Income Per Share | ' | |||||
Net Income Per Share | ||||||
Basic net income per share is calculated as net income divided by the weighted average number of shares outstanding. | ||||||
Diluted net income per share is calculated as net income divided by the weighted average number of shares outstanding plus the incremental number of shares added as a result of converting common stock equivalents, calculated using the treasury stock method. The Corporation’s common stock equivalents consist of outstanding stock options and restricted stock. | ||||||
A reconciliation of weighted average shares outstanding used to calculate basic net income per share and diluted net income per share follows: | ||||||
Three months ended March 31 | ||||||
2014 | 2013 | |||||
(in thousands) | ||||||
Weighted average shares outstanding (basic) | 189,467 | 196,299 | ||||
Effect of dilutive securities | 1,022 | 918 | ||||
Weighted average shares outstanding (diluted) | 190,489 | 197,217 | ||||
For the three months ended March 31, 2014 and March 31, 2013, 3.1 million and 3.7 million shares issuable under stock options, respectively, were excluded from the diluted net income per share computation as their effect would have been anti-dilutive. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income | 3 Months Ended | |||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||
Accumulated Other Comprehensive Income [Abstract] | ' | |||||||||||||||||||
Accumulated Other Comprehensive Income | ' | |||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | ||||||||||||||||||||
The following table presents changes in other comprehensive income (loss):Â | ||||||||||||||||||||
Before-Tax Amount | Tax Effect | Net of Tax Amount | ||||||||||||||||||
(in thousands) | ||||||||||||||||||||
Three months ended March 31, 2014 | ||||||||||||||||||||
Unrealized gain (loss) on securities | $ | 21,435 | $ | (7,502 | ) | $ | 13,933 | |||||||||||||
Reclassification adjustment for postretirement gains included in net income (1) | (1,452 | ) | 508 | (944 | ) | |||||||||||||||
Non-credit related unrealized gains (losses) on other-than-temporarily impaired debt securities | 291 | (102 | ) | 189 | ||||||||||||||||
Unrealized gain on derivative financial instruments | 52 | (18 | ) | 34 | ||||||||||||||||
Unrecognized pension and postretirement income | 3,291 | (1,147 | ) | 2,144 | ||||||||||||||||
Amortization of net unrecognized pension and postretirement items (1) | 149 | (53 | ) | 96 | ||||||||||||||||
Total Other Comprehensive Income (Loss) | $ | 23,766 | $ | (8,314 | ) | $ | 15,452 | |||||||||||||
Three months ended March 31, 2013 | ||||||||||||||||||||
Unrealized gain (loss) on securities | $ | 192 | $ | (67 | ) | $ | 125 | |||||||||||||
Reclassification adjustment for securities gains included in net income (2) | (2,473 | ) | 865 | (1,608 | ) | |||||||||||||||
Non-credit related unrealized gains (losses) on other-than-temporarily impaired debt securities | 1,666 | (583 | ) | 1,083 | ||||||||||||||||
Unrealized gain on derivative financial instruments | 54 | (20 | ) | 34 | ||||||||||||||||
Amortization of net unrecognized pension and postretirement items (1) | 505 | (177 | ) | 328 | ||||||||||||||||
Total Other Comprehensive Income (Loss) | $ | (56 | ) | $ | 18 | $ | (38 | ) | ||||||||||||
-1 | Amounts reclassified out of accumulated other comprehensive income. Before-tax amounts included within "Salaries and employee benefits" on the consolidated statements of income. See Note H, "Employee Benefit Plans," for additional details. | |||||||||||||||||||
-2 | Amounts reclassified out of accumulated other comprehensive income. Before-tax amounts included within "Investment securities gains, net" on the consolidated statements of income. See Note D, "Investment Securities," for additional details. | |||||||||||||||||||
The following table presents changes in each component of accumulated other comprehensive income (loss), net of tax:Â | ||||||||||||||||||||
Unrealized Gains (Losses) on Investment Securities Not Other-Than-Temporarily Impaired | Unrealized Non-Credit Gains (Losses) on Other-Than-Temporarily Impaired Debt Securities | Unrealized Effective Portions of Losses on Forward-Starting Interest Rate Swaps | Unrecognized Pension and Postretirement Plan Income (Costs) | Total | ||||||||||||||||
(in thousands) | ||||||||||||||||||||
Three months ended March 31, 2014 | ||||||||||||||||||||
Balance at December 31, 2013 | $ | (27,510 | ) | $ | 1,652 | $ | (2,682 | ) | $ | (8,801 | ) | $ | (37,341 | ) | ||||||
Other comprehensive income (loss) before reclassifications | 13,933 | 189 | — | 2,144 | 16,266 | |||||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | — | — | 34 | (848 | ) | (814 | ) | |||||||||||||
Balance at March 31, 2014 | $ | (13,577 | ) | $ | 1,841 | $ | (2,648 | ) | $ | (7,505 | ) | $ | (21,889 | ) | ||||||
Three months ended March 31, 2013 | ||||||||||||||||||||
Balance at December 31, 2012 | $ | 26,361 | $ | 613 | $ | (2,818 | ) | $ | (18,481 | ) | $ | 5,675 | ||||||||
Other comprehensive income (loss) before reclassifications | 125 | 1,083 | — | — | 1,208 | |||||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | (1,608 | ) | — | 34 | 328 | (1,246 | ) | |||||||||||||
Balance at March 31, 2013 | $ | 24,878 | $ | 1,696 | $ | (2,784 | ) | $ | (18,153 | ) | $ | 5,637 | ||||||||
Investment_Securities
Investment Securities | 3 Months Ended | |||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | |||||||||||||||||||||||
Investment Securities | ' | |||||||||||||||||||||||
Investment Securities | ||||||||||||||||||||||||
The following table presents the amortized cost and estimated fair values of investment securities, which were all classified as available for sale: | ||||||||||||||||||||||||
Amortized | Gross | Gross | Estimated | |||||||||||||||||||||
Cost | Unrealized | Unrealized | Fair | |||||||||||||||||||||
Gains | Losses | Value | ||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
31-Mar-14 | ||||||||||||||||||||||||
Equity securities | $ | 34,231 | $ | 11,524 | $ | (21 | ) | $ | 45,734 | |||||||||||||||
U.S. Government securities | 526 | — | — | 526 | ||||||||||||||||||||
U.S. Government sponsored agency securities | 275 | 6 | (1 | ) | 280 | |||||||||||||||||||
State and municipal securities | 278,019 | 7,190 | (1,756 | ) | 283,453 | |||||||||||||||||||
Corporate debt securities | 100,348 | 6,292 | (6,088 | ) | 100,552 | |||||||||||||||||||
Collateralized mortgage obligations | 1,031,968 | 7,638 | (32,869 | ) | 1,006,737 | |||||||||||||||||||
Mortgage-backed securities | 914,502 | 13,582 | (11,881 | ) | 916,203 | |||||||||||||||||||
Auction rate securities | 159,379 | 2 | (11,668 | ) | 147,713 | |||||||||||||||||||
$ | 2,519,248 | $ | 46,234 | $ | (64,284 | ) | $ | 2,501,198 | ||||||||||||||||
Amortized | Gross | Gross | Estimated | |||||||||||||||||||||
Cost | Unrealized | Unrealized | Fair | |||||||||||||||||||||
Gains | Losses | Value | ||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||
Equity securities | $ | 33,922 | $ | 12,355 | $ | (76 | ) | $ | 46,201 | |||||||||||||||
U.S. Government securities | 525 | — | — | 525 | ||||||||||||||||||||
U.S. Government sponsored agency securities | 720 | 7 | (1 | ) | 726 | |||||||||||||||||||
State and municipal securities | 281,810 | 6,483 | (3,444 | ) | 284,849 | |||||||||||||||||||
Corporate debt securities | 100,468 | 5,685 | (7,404 | ) | 98,749 | |||||||||||||||||||
Collateralized mortgage obligations | 1,069,138 | 8,036 | (44,776 | ) | 1,032,398 | |||||||||||||||||||
Mortgage-backed securities | 949,328 | 13,881 | (17,497 | ) | 945,712 | |||||||||||||||||||
Auction rate securities | 172,299 | 234 | (13,259 | ) | 159,274 | |||||||||||||||||||
$ | 2,608,210 | $ | 46,681 | $ | (86,457 | ) | $ | 2,568,434 | ||||||||||||||||
Securities carried at $1.8 billion as of March 31, 2014 and $1.7 billion as of December 31, 2013 were pledged as collateral to secure public and trust deposits and customer repurchase agreements. | ||||||||||||||||||||||||
Equity securities include common stocks of financial institutions ($39.8 million at March 31, 2014 and $40.6 million at December 31, 2013) and other equity investments ($5.9 million at March 31, 2014 and $5.6 million at December 31, 2013). | ||||||||||||||||||||||||
As of March 31, 2014, the financial institutions stock portfolio had a cost basis of $28.5 million and a fair value of $39.8 million, including an investment in a single financial institution with a cost basis of $20.0 million and a fair value of $27.9 million. The fair value of this investment accounted for 70.1% of the fair value of the Corporation's investments in the common stocks of publicly traded financial institutions. No other investment within the financial institutions stock portfolio exceeded 5% of the portfolio's fair value. | ||||||||||||||||||||||||
The amortized cost and estimated fair values of debt securities as of March 31, 2014, by contractual maturity, are shown in the following table. Actual maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. | ||||||||||||||||||||||||
Amortized | Estimated | |||||||||||||||||||||||
Cost | Fair Value | |||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Due in one year or less | $ | 30,424 | $ | 30,517 | ||||||||||||||||||||
Due from one year to five years | 67,544 | 71,350 | ||||||||||||||||||||||
Due from five years to ten years | 199,377 | 203,240 | ||||||||||||||||||||||
Due after ten years | 241,202 | 227,417 | ||||||||||||||||||||||
538,547 | 532,524 | |||||||||||||||||||||||
Mortgage-backed securities | 914,502 | 916,203 | ||||||||||||||||||||||
Collateralized mortgage obligations | 1,031,968 | 1,006,737 | ||||||||||||||||||||||
$ | 2,485,017 | $ | 2,455,464 | |||||||||||||||||||||
There were no losses recognized for the other-than-temporary impairment of investments during the three months ended March 31, 2014 and 2013. The following table presents information related to the gross realized gains and losses on the sales of equity and debt securities: | ||||||||||||||||||||||||
Gross | Gross | Net Gains | ||||||||||||||||||||||
Realized | Realized | |||||||||||||||||||||||
Gains | Losses | |||||||||||||||||||||||
Three months ended March 31, 2014 | (in thousands) | |||||||||||||||||||||||
Equity securities | $ | 1 | $ | — | $ | 1 | ||||||||||||||||||
Debt securities | 322 | (323 | ) | (1 | ) | |||||||||||||||||||
Total | $ | 323 | $ | (323 | ) | $ | — | |||||||||||||||||
Three months ended March 31, 2013 | ||||||||||||||||||||||||
Equity securities | $ | 1,139 | $ | — | $ | 1,139 | ||||||||||||||||||
Debt securities | 1,334 | — | 1,334 | |||||||||||||||||||||
Total | $ | 2,473 | $ | — | $ | 2,473 | ||||||||||||||||||
The following table presents a summary of the cumulative credit related other-than-temporary impairment charges, recognized as components of earnings, for debt securities held by the Corporation at March 31, 2014 and 2013: | ||||||||||||||||||||||||
Three months ended March 31 | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Balance of cumulative credit losses on debt securities, beginning of period | $ | (20,691 | ) | $ | (23,079 | ) | ||||||||||||||||||
Reductions for increases in cash flows expected to be collected that are recognized over the remaining life of the security | 4 | — | ||||||||||||||||||||||
Balance of cumulative credit losses on debt securities, end of period | $ | (20,687 | ) | $ | (23,079 | ) | ||||||||||||||||||
The following table presents the gross unrealized losses and estimated fair values of investments, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at March 31, 2014: | ||||||||||||||||||||||||
Less than 12 months | 12 months or longer | Total | ||||||||||||||||||||||
Estimated | Unrealized | Estimated | Unrealized | Estimated | Unrealized | |||||||||||||||||||
Fair Value | Losses | Fair Value | Losses | Fair Value | Losses | |||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
U.S. Government sponsored agency securities | $ | — | $ | — | $ | 50 | $ | (1 | ) | $ | 50 | $ | (1 | ) | ||||||||||
State and municipal securities | 50,286 | (1,510 | ) | 3,996 | (246 | ) | 54,282 | (1,756 | ) | |||||||||||||||
Corporate debt securities | 3,939 | (58 | ) | 38,804 | (6,030 | ) | 42,743 | (6,088 | ) | |||||||||||||||
Collateralized mortgage obligations | 416,584 | (13,921 | ) | 313,758 | (18,948 | ) | 730,342 | (32,869 | ) | |||||||||||||||
Mortgage-backed securities | 621,165 | (11,881 | ) | — | — | 621,165 | (11,881 | ) | ||||||||||||||||
Auction rate securities | — | — | 147,619 | (11,668 | ) | 147,619 | (11,668 | ) | ||||||||||||||||
Total debt securities | 1,091,974 | (27,370 | ) | 504,227 | (36,893 | ) | 1,596,201 | (64,263 | ) | |||||||||||||||
Equity securities | 3 | (1 | ) | 118 | (20 | ) | 121 | (21 | ) | |||||||||||||||
$ | 1,091,977 | $ | (27,371 | ) | $ | 504,345 | $ | (36,913 | ) | $ | 1,596,322 | $ | (64,284 | ) | ||||||||||
The Corporation’s collateralized mortgage obligations and mortgage-backed securities have contractual terms that generally do not permit the issuer to settle the securities at a price less than the amortized cost of the investment. Because the decline in market value of these securities is attributable to changes in interest rates and not credit quality, and because the Corporation does not have the intent to sell and does not believe it will more likely than not be required to sell any of these securities prior to a recovery of their fair value to amortized cost, the Corporation does not consider these investments to be other-than-temporarily impaired as of March 31, 2014. | ||||||||||||||||||||||||
The unrealized holding losses on auction rate securities, or auction rate certificates (ARCs), are attributable to liquidity issues resulting from the failure of periodic auctions. The Corporation had previously purchased ARCs for investment management and trust customers as short-term investments with fair values that could be derived based on periodic auctions under normal market conditions. During 2008 and 2009, the Corporation purchased ARCs from these customers due to the failure of these periodic auctions, which made these previously short-term investments illiquid. | ||||||||||||||||||||||||
As of March 31, 2014, approximately $143 million, or 97%, of the ARCs were rated above investment grade, with approximately $6 million, or 4%, AAA rated and $103 million, or 70%, AA rated. Approximately $4 million, or 3%, of ARCs were either not rated or rated below investment grade by at least one ratings agency. Of this amount, approximately $3 million, or 59%, of the student loans underlying these ARCs have principal payments which are guaranteed by the federal government. In total, approximately $146 million, or 99%, of the student loans underlying the ARCs have principal payments that are guaranteed by the federal government. | ||||||||||||||||||||||||
During the first quarter of 2014, the Corporation sold ARCs with a total book value of $11.9 million, with no gain or loss upon sale. As of March 31, 2014, all ARCs were current and making scheduled interest payments. Based on management’s evaluations, ARCs with a fair value of $147.7 million were not subject to any other-than-temporary impairment charges as of March 31, 2014. The Corporation does not have the intent to sell and does not believe it will more likely than not be required to sell any of these securities prior to a recovery of their fair value to amortized cost, which may be at maturity. | ||||||||||||||||||||||||
For its investments in equity securities, particularly its investments in stocks of financial institutions, management evaluates the near-term prospects of the issuers in relation to the severity and duration of the impairment. Based on that evaluation and the Corporation’s ability and intent to hold those investments for a reasonable period of time sufficient for a recovery of fair value, the Corporation does not consider those investments with unrealized holding losses as of March 31, 2014 to be other-than-temporarily impaired. | ||||||||||||||||||||||||
The majority of the Corporation's available for sale corporate debt securities are issued by financial institutions. The following table presents the amortized cost and estimated fair value of corporate debt securities: | ||||||||||||||||||||||||
March 31, 2014 | December 31, 2013 | |||||||||||||||||||||||
Amortized | Estimated | Amortized | Estimated | |||||||||||||||||||||
cost | fair value | cost | fair value | |||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Single-issuer trust preferred securities | $ | 47,502 | $ | 41,879 | $ | 47,481 | $ | 40,531 | ||||||||||||||||
Subordinated debt | 47,436 | 50,429 | 47,405 | 50,327 | ||||||||||||||||||||
Pooled trust preferred securities | 2,825 | 5,659 | 2,997 | 5,306 | ||||||||||||||||||||
Corporate debt securities issued by financial institutions | 97,763 | 97,967 | 97,883 | 96,164 | ||||||||||||||||||||
Other corporate debt securities | 2,585 | 2,585 | 2,585 | 2,585 | ||||||||||||||||||||
Available for sale corporate debt securities | $ | 100,348 | $ | 100,552 | $ | 100,468 | $ | 98,749 | ||||||||||||||||
The Corporation’s investments in single-issuer trust preferred securities had an unrealized loss of $5.6 million at March 31, 2014. The Corporation did not record any other-than-temporary impairment charges for single-issuer trust preferred securities during the three months ended March 31, 2014 or 2013. Six of the Corporation's 22 single-issuer trust preferred securities were rated below investment grade by at least one ratings agency, with an amortized cost of $13.5 million and an estimated fair value of $11.7 million at March 31, 2014. All of the single-issuer trust preferred securities rated below investment grade were rated BB or Ba. Three single-issuer trust preferred securities with an amortized cost of $4.7 million and an estimated fair value of $3.8 million at March 31, 2014 were not rated by any ratings agency. | ||||||||||||||||||||||||
As of March 31, 2014, all eight of the Corporation's pooled trust preferred securities, with an amortized cost of $2.8 million and an estimated fair value of $5.7 million, were rated below investment grade by at least one ratings agency, with ratings ranging from C to Ca. The class of securities held by the Corporation was below the most senior tranche, with the Corporation’s interests being subordinate to other investors in the pool. The Corporation determines the fair value of pooled trust preferred securities based on quotes provided by third-party brokers. | ||||||||||||||||||||||||
The amortized cost of pooled trust preferred securities is the purchase price of the securities, net of cumulative credit related other-than-temporary impairment charges, determined using an expected cash flows model. The most significant input to the expected cash flows model is the expected payment deferral rate for each pooled trust preferred security. The Corporation evaluates the financial metrics, such as capital ratios and non-performing assets ratios, of the individual financial institution issuers that comprise each pooled trust preferred security to estimate its expected deferral rate. | ||||||||||||||||||||||||
Based on management’s evaluations, corporate debt securities with a fair value of $100.6 million were not subject to any additional other-than-temporary impairment charges as of March 31, 2014. The Corporation does not have the intent to sell and does not believe it will more likely than not be required to sell any of these securities prior to a recovery of their fair value to amortized cost, which may be at maturity. |
Loans_and_Allowance_for_Credit
Loans and Allowance for Credit Losses | 3 Months Ended | |||||||||||||||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | ' | |||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||
Mortgage_Servicing_Rights
Mortgage Servicing Rights | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Transfers and Servicing [Abstract] | ' | |||||||
Mortgage Servicing Rights | ' | |||||||
Mortgage Servicing Rights | ||||||||
The following table summarizes the changes in mortgage servicing rights (MSRs), which are included in other assets on the consolidated balance sheets: | ||||||||
Three months ended | ||||||||
31-Mar | ||||||||
2014 | 2013 | |||||||
(in thousands) | ||||||||
Amortized cost: | ||||||||
Balance at beginning of period | $ | 42,452 | $ | 39,737 | ||||
Originations of mortgage servicing rights | 1,115 | 4,227 | ||||||
Amortization | (1,899 | ) | (2,958 | ) | ||||
Balance at end of period | $ | 41,668 | $ | 41,006 | ||||
Valuation allowance | $ | — | $ | (3,680 | ) | |||
Net MSRs at end of period | $ | 41,668 | 37,326 | |||||
MSRs represent the economic value of existing contractual rights to service mortgage loans that have been sold. Accordingly, actual and expected prepayments of the underlying mortgage loans can impact the value of MSRs. | ||||||||
The Corporation estimates the fair value of its MSRs by discounting the estimated cash flows from servicing income, net of expense, over the expected life of the underlying loans at a discount rate commensurate with the risk associated with these assets. Expected life is based on the contractual terms of the loans, as adjusted for prepayment projections. | ||||||||
As of March 31, 2014, the estimated fair value of MSRs was $48.2 million, which exceeded their book value. Therefore, no increase to the valuation allowance was necessary during the three months ended March 31, 2014. |
StockBased_Compensation
Stock-Based Compensation | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||
Stock-Based Compensation | ' | |||||||
Stock-Based Compensation | ||||||||
The fair value of equity awards granted to employees is recognized as compensation expense over the period during which employees are required to provide service in exchange for such awards. The Corporation grants equity awards to employees, consisting of stock options and restricted stock, under its Amended and Restated Equity and Cash Incentive Compensation Plan (Employee Option Plan). In addition, employees may purchase stock under the Corporation’s Employee Stock Purchase Plan. | ||||||||
The Corporation also grants restricted stock to non-employee members of the board of directors under its 2011 Directors’ Equity Participation Plan (Directors’ Plan). Under the Directors’ Plan, the Corporation can grant equity awards to non-employee holding company and subsidiary bank directors in the form of stock options, restricted stock or common stock. | ||||||||
The following table presents compensation expense and the related tax benefits for equity awards recognized in the consolidated statements of income: | ||||||||
Three months ended March 31 | ||||||||
2014 | 2013 | |||||||
(in thousands) | ||||||||
Stock-based compensation expense | $ | 1,033 | $ | 847 | ||||
Tax benefit | (263 | ) | (224 | ) | ||||
Stock-based compensation expense, net of tax | $ | 770 | $ | 623 | ||||
Stock option fair values are estimated through the use of the Black-Scholes valuation methodology as of the date of grant. Stock options carry terms of up to ten years. The fair value of restricted stock is based on the trading price of the Corporation’s stock on the date of grant. Restricted stock awards earn dividends during the vesting period, which are forfeitable if the awards do not vest. Equity awards issued under the Employee Option Plan have historically been granted annually and become fully vested over or after a three year vesting period. Equity awards under the Directors' Plan generally vest immediately upon grant. Certain events, as defined in the Employee Option Plan and the Directors' Plan, result in the acceleration of the vesting of equity awards. As of March 31, 2014, the Employee Option Plan had 11.0 million shares reserved for future grants through 2023. As of March 31, 2014, the Directors’ Plan had 438,000 shares reserved for future grants through 2021. | ||||||||
On April 1, 2014, the Corporation granted approximately 389,000 performance based restricted stock units (PSUs), 289,000 stock options and 96,000 restricted stock units (RSUs) under its Employee Option Plan. The fair value of RSUs and a majority of PSUs are based on the trading price of the Corporation's stock on the date of grant. The fair value of certain PSUs are estimated through the use of the Monte Carlo valuation methodology as of the date of grant. RSUs become fully vested over or after a three year vesting period, however, certain events, as defined in the Employee Option Plan, can result in the acceleration of the vesting of RSUs. RSUs and PSUs earn dividends during the vesting period, which are forfeitable if the awards do not vest. The amount of PSUs that vest is variable based on the achievement of Corporate and individual performance measures, as defined in each grantees' award agreement. As such, the fair value of PSUs, which is recognized as compensation expense over the period during which employees are required to provide service in exchange for such awards, may vary, based on the expectations for actual performance relative to defined performance measures. |
Employee_Benefit_Plans
Employee Benefit Plans | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||
Employee Benefit Plans | ' | |||||||
Employee Benefit Plans | ||||||||
The Corporation maintains a defined benefit pension plan (Pension Plan) for certain employees, which was curtailed effective January 1, 2008. Contributions to the Pension Plan are actuarially determined and funded annually, if required. Pension Plan assets are invested in: money markets; fixed income securities, including corporate bonds, U.S. Treasury securities and common trust funds; and equity securities, including common stocks and common stock mutual funds. | ||||||||
The net periodic benefit cost for the Corporation’s Pension Plan, as determined by consulting actuaries, consisted of the following components: | ||||||||
Three months ended | ||||||||
31-Mar | ||||||||
2014 | 2013 | |||||||
(in thousands) | ||||||||
Service cost (1) | $ | 92 | $ | 51 | ||||
Interest cost | 853 | 772 | ||||||
Expected return on plan assets | (811 | ) | (800 | ) | ||||
Net amortization and deferral | 244 | 596 | ||||||
Net periodic benefit cost | $ | 378 | $ | 619 | ||||
-1 | The Pension Plan service cost recorded for the three months ended March 31, 2014 and 2013, respectively, was related to administrative costs associated with the plan and was not due to the accrual of additional participant benefits. | |||||||
The Corporation currently provides medical and life insurance benefits under a postretirement benefits plan (Postretirement Plan) to certain retired full-time employees who were employees of the Corporation prior to January 1, 1998. | ||||||||
Effective February 1, 2014, the Corporation amended the Postretirement Plan, making all active full-time employees ineligible for benefits under this plan. As a result of this amendment, the Corporation recorded a $1.5 million gain in 2014, as determined by consulting actuaries and included as a component of salaries and employee benefits on the consolidated statements of income. The gain resulted from the recognition of the remaining pre-curtailment prior service cost as of December 31, 2013. In addition, this amendment resulted in a $3.3 million decrease in the accumulated postretirement benefit obligation and a corresponding increase in unrecognized prior service cost credits. | ||||||||
The net periodic benefit cost of the Corporation’s Postretirement Plan as determined by consulting actuaries, consisted of the following components, excluding the impact of the $1.5 million gain: | ||||||||
Three months ended | ||||||||
31-Mar | ||||||||
2014 | 2013 | |||||||
(in thousands) | ||||||||
Service cost | $ | 15 | $ | 57 | ||||
Interest cost | 61 | 81 | ||||||
Expected return on plan assets | — | — | ||||||
Net accretion and deferral | (95 | ) | (91 | ) | ||||
Net periodic benefit (income) cost | $ | (19 | ) | $ | 47 | |||
-1 | As a result of the plan amendment, additional participant benefits are not accrued under the Postretirement Plan after February 1, 2014. Service costs recorded after the effective date of the amendment represent administrative costs associated with the plan. | |||||||
The Corporation recognizes the funded status of its Pension Plan and Postretirement Plan on the consolidated balance sheets and recognizes the change in that funded status through other comprehensive income. |
Derivative_Financial_Instrumen
Derivative Financial Instruments | 3 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||||||||
Derivative Financial Instruments | ' | |||||||||||||||
Derivative Financial Instruments | ||||||||||||||||
The Corporation manages its exposure to certain interest rate and foreign currency risks through the use of derivatives. None of the Corporation's outstanding derivative contracts are designated as hedges and none are entered into for speculative purposes. Derivative instruments are carried at fair value, with changes in fair values recognized in earnings as components of non-interest income and non-interest expense on the consolidated statements of income. | ||||||||||||||||
Derivative contracts create counterparty credit risk with both the Corporation's customers and with institutional derivative counterparties. The Corporation manages credit risk through its credit approval processes, monitoring procedures and obtaining adequate collateral, when appropriate. | ||||||||||||||||
Mortgage Banking Derivatives | ||||||||||||||||
In connection with its mortgage banking activities, the Corporation enters into commitments to originate certain fixed rate residential mortgage loans for customers, also referred to as interest rate locks. In addition, the Corporation enters into forward commitments for the future sales or purchases of mortgage-backed securities to or from third-party counterparties to hedge the effect of changes in interest rates on the values of both the interest rate locks and mortgage loans held for sale. Forward sales commitments may also be in the form of commitments to sell individual mortgage loans or interest rate locks at a fixed price at a future date. The amount necessary to settle each interest rate lock is based on the price that secondary market investors would pay for loans with similar characteristics, including interest rate and term, as of the date fair value is measured. Gross derivative assets and liabilities are recorded within other assets and other liabilities, respectively, on the consolidated balance sheets, with changes in fair values during the period recorded within mortgage banking income on the consolidated statements of income. | ||||||||||||||||
Interest Rate Swaps | ||||||||||||||||
The Corporation enters into interest rate swaps with certain qualifying commercial loan customers to meet their interest rate risk management needs. The Corporation simultaneously enters into interest rate swaps with dealer counterparties, with identical notional amounts and terms. The net result of these interest rate swaps is that the customer pays a fixed rate of interest and the Corporation receives a floating rate. These interest rate swaps are derivative financial instruments that are recorded at their fair values within other assets and liabilities on the consolidated balance sheets. Changes in fair value during the period are recorded within other non-interest expense on the consolidated statements of income. | ||||||||||||||||
Foreign Exchange Contracts | ||||||||||||||||
The Corporation enters into foreign exchange contracts to accommodate the needs of its customers. Foreign exchange contracts are commitments to buy or sell foreign currency on a future date at a contractual price. The Corporation offsets its foreign exchange contract exposure with customers by entering into contracts with third-party correspondent financial institutions to mitigate its exposure to fluctuations in foreign currency exchange rates. The Corporation also holds certain amounts of foreign currency with international correspondent banks. The Corporation's policy limits the total net foreign currency open positions, which includes all outstanding contracts and foreign account balances, to $500,000. Gross derivative assets and liabilities are recorded within other assets and other liabilities, respectively, on the consolidated balance sheets, with changes in fair values during the period recorded within other service charges and fees on the consolidated statements of income. | ||||||||||||||||
The following table presents a summary of the notional amounts and fair values of derivative financial instruments: | ||||||||||||||||
March 31, 2014 | December 31, 2013 | |||||||||||||||
Notional | Asset | Notional | Asset | |||||||||||||
Amount | (Liability) | Amount | (Liability) | |||||||||||||
Fair Value | Fair Value | |||||||||||||||
(in thousands) | ||||||||||||||||
Interest Rate Locks with Customers | ||||||||||||||||
Positive fair values | $ | 91,145 | $ | 1,202 | $ | 75,217 | $ | 867 | ||||||||
Negative fair values | 1,258 | (5 | ) | 11,393 | (59 | ) | ||||||||||
Net interest rate locks with customers | 1,197 | 808 | ||||||||||||||
Forward Commitments | ||||||||||||||||
Positive fair values | 4,904 | 2 | 87,904 | 1,263 | ||||||||||||
Negative fair values | 95,750 | (242 | ) | 2,373 | (5 | ) | ||||||||||
Net forward commitments | (240 | ) | 1,258 | |||||||||||||
Interest Rate Swaps with Customers | ||||||||||||||||
Positive fair values | 228,588 | 4,955 | 111,899 | 2,105 | ||||||||||||
Negative fair values | 81,163 | (1,638 | ) | 105,673 | (2,993 | ) | ||||||||||
Net interest rate swaps with customers | 3,317 | (888 | ) | |||||||||||||
Interest Rate Swaps with Dealer Counterparties | ||||||||||||||||
Positive fair values | 81,163 | 1,638 | 105,673 | 2,993 | ||||||||||||
Negative fair values | 228,588 | (4,955 | ) | 111,899 | (2,105 | ) | ||||||||||
Net interest rate swaps with dealer counterparties | (3,317 | ) | 888 | |||||||||||||
Foreign Exchange Contracts with Customers | ||||||||||||||||
Positive fair values | 9,927 | 56 | 2,150 | 24 | ||||||||||||
Negative fair values | 9,965 | (183 | ) | 12,775 | (343 | ) | ||||||||||
Net foreign exchange contracts with customers | (127 | ) | (319 | ) | ||||||||||||
Foreign Exchange Contracts with Correspondent Banks | ||||||||||||||||
Positive fair values | 15,036 | 198 | 17,348 | 498 | ||||||||||||
Negative fair values | 4,466 | (16 | ) | 5,872 | (48 | ) | ||||||||||
Net foreign exchange contracts with correspondent banks | 182 | 450 | ||||||||||||||
Net derivative fair value asset | $ | 1,012 | $ | 2,197 | ||||||||||||
The following table presents a summary of the fair value gains and losses on derivative financial instruments: | ||||||||||||||||
Three months ended | ||||||||||||||||
31-Mar | ||||||||||||||||
2014 | 2013 | |||||||||||||||
(in thousands) | ||||||||||||||||
Interest rate locks with customers | $ | 389 | $ | (2,538 | ) | |||||||||||
Forward commitments | (1,498 | ) | 428 | |||||||||||||
Interest rate swaps with customers | 4,205 | (408 | ) | |||||||||||||
Interest rate swaps with dealer counterparties | (4,205 | ) | 408 | |||||||||||||
Foreign exchange contracts with customers | 192 | 460 | ||||||||||||||
Foreign exchange contracts with correspondent banks | (268 | ) | 418 | |||||||||||||
Net fair value losses on derivative financial instruments | $ | (1,185 | ) | $ | (1,232 | ) |
Balance_Sheet_Offsetting
Balance Sheet Offsetting | 3 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Offsetting [Abstract] | ' | |||||||||||||||
Balance Sheet Offsetting | ' | |||||||||||||||
Balance Sheet Offsetting | ||||||||||||||||
Certain financial assets and liabilities may be eligible for offset on the consolidated balance sheets as they are subject to master netting arrangements or similar agreements. The Corporation elects to not offset assets and liabilities subject to such arrangements on the consolidated financial statements. | ||||||||||||||||
The Corporation is a party to interest rate swap transactions with financial institution counterparties and customers, disclosed in detail within Note I, "Derivative Financial Instruments." Under these agreements, the Corporation has the right to net settle multiple contracts with the same counterparty in the event of default on, or termination of, any one contract. Cash collateral is posted by the party with a net liability position in accordance with contract thresholds and can be used to settle the fair value of the interest rate swap agreements in the event of default. | ||||||||||||||||
Beginning in the first quarter of 2014, the Corporation is also a party to foreign currency exchange contracts with financial institution counterparties, under which the Corporation has the right to net settle multiple contracts with the same counterparty in the event of default on, or termination of, any one contract. As with interest rate swap contracts, cash collateral is posted by the party with a net liability position in accordance with contract thresholds and can be used to settle the fair value of the interest rate swap agreements in the event of default. For additional details, see Note I, "Derivative Financial Instruments." | ||||||||||||||||
The Corporation also enters into agreements with customers in which it sells securities subject to an obligation to repurchase the same or similar securities, referred to as repurchase agreements. Under these agreements, the Corporation may transfer legal control over the assets but still maintain effective control through agreements that both entitle and obligate the Corporation to repurchase the assets. Therefore, repurchase agreements are reported as secured borrowings, classified within short-term borrowings on the consolidated balance sheets, while the securities underlying the repurchase agreements remain classified with investment securities on the consolidated balance sheets. The Corporation has no intention of setting off these amounts, therefore, these repurchase agreements are not eligible for offset. | ||||||||||||||||
The following table presents the Corporation's financial instruments that are eligible for offset, and the effects of offsetting, on the consolidated balance sheets: | ||||||||||||||||
Gross Amounts | Gross Amounts Not Offset | |||||||||||||||
Recognized | Â on the Consolidated | |||||||||||||||
on the | Balance Sheets | |||||||||||||||
Consolidated | Financial | Cash | Net | |||||||||||||
Balance Sheets | Instruments (1) | Collateral (2) | Amount | |||||||||||||
(in thousands) | ||||||||||||||||
March 31, 2014 | ||||||||||||||||
Interest rate swap derivative assets | $ | 6,593 | $ | (1,830 | ) | $ | — | $ | 4,763 | |||||||
Foreign exchange derivative assets with correspondent banks | 198 | (16 | ) | — | 182 | |||||||||||
Total | $ | 6,791 | $ | (1,846 | ) | $ | — | $ | 4,945 | |||||||
Interest rate swap derivative liabilities | $ | 6,593 | $ | (1,830 | ) | $ | (3,870 | ) | $ | 893 | ||||||
Foreign exchange derivative liabilities with correspondent banks | 16 | (16 | ) | — | — | |||||||||||
Total | $ | 6,609 | $ | (1,846 | ) | $ | (3,870 | ) | $ | 893 | ||||||
December 31, 2013 | ||||||||||||||||
Interest rate swap derivative assets | $ | 5,098 | $ | (2,104 | ) | $ | — | $ | 2,994 | |||||||
Interest rate swap derivative liabilities | $ | 5,098 | $ | (2,104 | ) | $ | (730 | ) | $ | 2,264 | ||||||
-1 | For interest rate swap and foreign exchange derivative assets, amounts represent any derivative liability fair values that could be offset in the event of counterparty or customer default. For interest rate swap and foreign exchange derivative liabilities, amounts represent any derivative asset fair values that could be offset in the event of counterparty or customer default. | |||||||||||||||
-2 | Amounts represent cash collateral posted on interest rate swap transactions with financial institution counterparties. Interest rate swaps with customers are collateralized by the underlying loans to those borrowers. |
Commitments_and_Contingencies
Commitments and Contingencies | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||||||
Commitments and Contingencies | ' | |||||||
Commitments and Contingencies | ||||||||
Commitments | ||||||||
The Corporation is a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its customers. | ||||||||
Those financial instruments include commitments to extend credit and letters of credit, which involve, to varying degrees, elements of credit risk and interest rate risk in excess of the amounts recognized on the Corporation’s consolidated balance sheets. Exposure to credit loss in the event of nonperformance by the other party to the financial instrument for commitments to extend credit and letters of credit is represented by the outstanding amount of those instruments. | ||||||||
The outstanding amounts of commitments to extend credit and letters of credit were as follows: | ||||||||
March 31, | December 31, 2013 | |||||||
2014 | ||||||||
(in thousands) | ||||||||
Commitments to extend credit | $ | 4,258,552 | $ | 4,379,578 | ||||
Standby letters of credit | 387,424 | 391,445 | ||||||
Commercial letters of credit | 35,404 | 36,344 | ||||||
The Corporation records a reserve for unfunded lending commitments, which represents management’s estimate of losses associated with unused commitments to extend credit. See Note E, "Loans and Allowance for Credit Losses," for additional details. | ||||||||
Residential Lending | ||||||||
Residential mortgages are originated and sold by the Corporation and consist primarily of conforming, prime loans sold to government sponsored agencies, such as the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac). The Corporation also sells a portion of prime loans to non-government sponsored agency investors. | ||||||||
The Corporation provides customary representations and warranties to investors that specify, among other things, that the loans have been underwritten to the standards established by the investor. The Corporation may be required to repurchase a loan or reimburse the investor for a credit loss incurred on a loan if it is determined that the representations and warranties have not been met. Such repurchases or reimbursements generally result from an underwriting or documentation deficiency. As of March 31, 2014 and December 31, 2013, total outstanding repurchase requests totaled $543,000 and $8.8 million, respectively. During the three months ended March 31, 2014, the Corporation entered into a settlement agreement with a secondary market investor. Under this agreement, the Corporation agreed to pay this investor $4.5 million to settle all outstanding and potential future repurchase requests under a series of specified loan purchase agreements with that secondary market investor. The result of this settlement was a reduction to outstanding repurchase requests of $7.5 million and a reduction to reserves for repurchases of $5.1 million, resulting in a $600,000 reduction of operating risk loss on the consolidated statements of income during the first quarter of 2014. | ||||||||
From 2000 to 2011, the Corporation sold loans to the Federal Home Loan Bank (FHLB) under its Mortgage Partnership Finance Program (MPF Program). No loans were sold under this program during the three months ended March 31, 2014 or during 2013 or 2012. The Corporation provided a "credit enhancement" for residential mortgage loans sold under the MPF Program whereby it would assume credit losses in excess of a defined "First Loss Account" (FLA) balance, up to specified amounts. The FLA is funded by the FHLB based on a percentage of the outstanding principal balance of loans sold. As of March 31, 2014, the unpaid principal balance of loans sold under the MPF Program was approximately $175 million. As of March 31, 2014 and December 31, 2013, the reserve for estimated credit losses related to loans sold under the MPF Program was $3.2 million and $3.6 million, respectively. Required reserves are calculated based on delinquency status and estimated loss rates established through the Corporation's existing allowance for credit losses methodology. | ||||||||
As of March 31, 2014 and December 31, 2013, the total reserve for losses on residential mortgage loans sold was $3.6 million and $8.6 million, respectively, including both reserves for credit losses under the MPF Program and reserves for representation and warranty exposures. Management believes that the reserves recorded as of March 31, 2014 are adequate. However, declines in collateral values, the identification of additional loans to be repurchased, or a deterioration in the credit quality of loans sold under the MPF Program could necessitate additional reserves in the future. | ||||||||
Other Contingencies |
Fair_Value_Option
Fair Value Option | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Fair Value Disclosures [Abstract] | ' | |||||||
Fair Value Option | ' | |||||||
Fair Value Option | ||||||||
FASB ASC Subtopic 825-10 permits entities to measure many financial instruments and certain other items at fair value and requires certain disclosures for amounts for which the fair value option is applied. The Corporation has elected to measure mortgage loans held for sale at fair value to more accurately reflect the financial results of its mortgage banking activities in its consolidated financial statements. Derivative financial instruments related to these activities are also recorded at fair value, as noted within Note I, "Derivative Financial Instruments." The Corporation determines fair value for its mortgage loans held for sale based on the price that secondary market investors would pay for loans with similar characteristics, including interest rate and term, as of the date fair value is measured. Changes in fair values during the period are recorded as components of mortgage banking income on the consolidated statements of income. Interest income earned on mortgage loans held for sale is recorded within interest income on the consolidated statements of income. | ||||||||
The following table presents a summary of the Corporation’s mortgage loans held for sale: | ||||||||
March 31, | December 31, | |||||||
2014 | 2013 | |||||||
(in thousands) | ||||||||
Cost | $ | 23,941 | $ | 21,172 | ||||
Fair value | 24,417 | 21,351 | ||||||
During the three months ended March 31, 2014, the Corporation recorded gains related to changes in fair values of mortgage loans held for sale of $297,000 and $699,000, respectively. |
Fair_Value_Measurements
Fair Value Measurements | 3 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Fair Value Measurements | ' | |||||||||||||||
Fair Value Measurements | ||||||||||||||||
FASB ASC Topic 820 establishes a fair value hierarchy for the inputs to valuation techniques used to measure assets and liabilities at fair value using the following three categories (from highest to lowest priority): | ||||||||||||||||
• | Level 1 – Inputs that represent quoted prices for identical instruments in active markets. | |||||||||||||||
• | Level 2 – Inputs that represent quoted prices for similar instruments in active markets, or quoted prices for identical instruments in non-active markets. Also includes valuation techniques whose inputs are derived principally from observable market data other than quoted prices, such as interest rates or other market-corroborated means. | |||||||||||||||
• | Level 3 – Inputs that are largely unobservable, as little or no market data exists for the instrument being valued. | |||||||||||||||
The Corporation has categorized all assets and liabilities measured at fair value on both a recurring and nonrecurring basis into the above three levels. | ||||||||||||||||
The following tables present summaries of the Corporation’s assets and liabilities measured at fair value on a recurring basis and reported on the consolidated balance sheets: | ||||||||||||||||
March 31, 2014 | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
(in thousands) | ||||||||||||||||
Mortgage loans held for sale | $ | — | $ | 24,417 | $ | — | $ | 24,417 | ||||||||
Available for sale investment securities: | ||||||||||||||||
Equity securities | 45,734 | — | — | 45,734 | ||||||||||||
U.S. Government securities | — | 526 | — | 526 | ||||||||||||
U.S. Government sponsored agency securities | — | 280 | — | 280 | ||||||||||||
State and municipal securities | — | 283,453 | — | 283,453 | ||||||||||||
Corporate debt securities | — | 91,073 | 9,479 | 100,552 | ||||||||||||
Collateralized mortgage obligations | — | 1,006,737 | — | 1,006,737 | ||||||||||||
Mortgage-backed securities | — | 916,203 | — | 916,203 | ||||||||||||
Auction rate securities | — | — | 147,713 | 147,713 | ||||||||||||
Total available for sale investments | 45,734 | 2,298,272 | 157,192 | 2,501,198 | ||||||||||||
Other assets | 15,943 | 7,798 | — | 23,741 | ||||||||||||
Total assets | $ | 61,677 | $ | 2,330,487 | $ | 157,192 | $ | 2,549,356 | ||||||||
Other liabilities | $ | 15,886 | $ | 6,841 | $ | — | $ | 22,727 | ||||||||
December 31, 2013 | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
(in thousands) | ||||||||||||||||
Mortgage loans held for sale | $ | — | $ | 21,351 | $ | — | $ | 21,351 | ||||||||
Available for sale investment securities: | ||||||||||||||||
Equity securities | 46,201 | — | — | 46,201 | ||||||||||||
U.S. Government securities | — | 525 | — | 525 | ||||||||||||
U.S. Government sponsored agency securities | — | 726 | — | 726 | ||||||||||||
State and municipal securities | — | 284,849 | — | 284,849 | ||||||||||||
Corporate debt securities | — | 89,662 | 9,087 | 98,749 | ||||||||||||
Collateralized mortgage obligations | — | 1,032,398 | — | 1,032,398 | ||||||||||||
Mortgage-backed securities | — | 945,712 | — | 945,712 | ||||||||||||
Auction rate securities | — | — | 159,274 | 159,274 | ||||||||||||
Total available for sale investments | 46,201 | 2,353,872 | 168,361 | 2,568,434 | ||||||||||||
Other assets | 15,779 | 7,227 | — | 23,006 | ||||||||||||
Total assets | $ | 61,980 | $ | 2,382,450 | $ | 168,361 | $ | 2,612,791 | ||||||||
Other liabilities | $ | 15,648 | $ | 5,161 | $ | — | $ | 20,809 | ||||||||
The valuation techniques used to measure fair value for the items in the preceding tables are as follows: | ||||||||||||||||
• | Mortgage loans held for sale – This category consists of mortgage loans held for sale that the Corporation has elected to measure at fair value. Fair values as of March 31, 2014 and December 31, 2013 were measured based on the price that secondary market investors were offering for loans with similar characteristics. | |||||||||||||||
• | Available for sale investment securities – Included within this asset category are both equity and debt securities. Level 2 available for sale debt securities are valued by a third-party pricing service commonly used in the banking industry. The pricing service uses pricing models that vary based on asset class and incorporate available market information, including quoted prices of investment securities with similar characteristics. Because many fixed income securities do not trade on a daily basis, pricing models use available information, as applicable, through processes such as benchmark yield curves, benchmarking of like securities, sector groupings, and matrix pricing. | |||||||||||||||
Standard market inputs include: benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers and reference data, including market research publications. For certain security types, additional inputs may be used, or some of the standard market inputs may not be applicable. | ||||||||||||||||
Management tests the values provided by the pricing service by obtaining securities prices from an alternative third-party source and comparing the results. This test is done for approximately 75% of the securities valued by the pricing service. Generally, differences by security in excess of 5% are researched to reconcile the difference. | ||||||||||||||||
• | Equity securities – Equity securities consist of stocks of financial institutions ($39.8 million at March 31, 2014 and $40.6 million at December 31, 2013) and other equity investments ($5.9 million at March 31, 2014 and $5.6 million at December 31, 2013). These Level 1 investments are measured at fair value based on quoted prices for identical securities in active markets. | |||||||||||||||
• | U.S. Government securities/U.S. Government sponsored agency securities/State and municipal securities/Collateralized mortgage obligations/Mortgage-backed securities – These debt securities are classified as Level 2 investments. Fair values are determined by a third-party pricing service, as detailed above. | |||||||||||||||
• | Corporate debt securities – This category consists of subordinated debt issued by financial institutions ($50.4 million at March 31, 2014 and $50.3 million at December 31, 2013), single-issuer trust preferred securities issued by financial institutions ($41.9 million at March 31, 2014 and $40.5 million at December 31, 2013), pooled trust preferred securities issued by financial institutions ($5.7 million at March 31, 2014 and $5.3 million at December 31, 2013) and other corporate debt issued by non-financial institutions ($2.6 million at March 31, 2014 and December 31, 2013). | |||||||||||||||
Level 2 investments include the Corporation’s subordinated debt, other corporate debt issued by non-financial institutions and $38.1 million and $36.7 million of single-issuer trust preferred securities held at March 31, 2014 and December 31, 2013, respectively. The fair values for these corporate debt securities are determined by a third-party pricing service, as detailed above. | ||||||||||||||||
Level 3 investments include the Corporation’s investments in pooled trust preferred securities and certain single-issuer trust preferred securities ($3.8 million at March 31, 2014 and December 31, 2013). The fair values of these securities were determined based on quotes provided by third-party brokers who determined fair values based predominantly on internal valuation models which were not indicative prices or binding offers. The Corporation’s third-party pricing service cannot derive fair values for these securities primarily due to inactive markets for similar investments. Level 3 values are tested by management primarily through trend analysis, by comparing current values to those reported at the end of the preceding calendar quarter, and determining if they are reasonable based on price and spread movements for this asset class. | ||||||||||||||||
• | Auction rate securities – Due to their illiquidity, ARCs are classified as Level 3 investments and are valued through the use of an expected cash flows model prepared by a third-party valuation expert. The assumptions used in preparing the expected cash flows model include estimates for coupon rates, time to maturity and market rates of return. The most significant unobservable input to the expected cash flows model is an assumed return to market liquidity sometime within the next five years. If the assumed return to market liquidity was lengthened beyond the next five years, this would result in a decrease in the fair value of these ARCs. The Corporation believes that the trusts underlying the ARCs will self-liquidate as student loans are repaid. Level 3 values are tested by management through the performance of a trend analysis of the market price and discount rate. Changes in the price and discount rates are compared to changes in market data, including bond ratings, parity ratios, balances and delinquency levels. | |||||||||||||||
• | Other assets – Included within this category are the following: | |||||||||||||||
• | Level 1 assets include mutual funds that are held in trust for employee deferred compensation plans ($15.7 million at March 31, 2014 and $15.3 million at December 31, 2013) and the fair value of foreign currency exchange contracts ($257,000 at March 31, 2014 and $522,000 at December 31, 2013). The mutual funds and foreign exchange prices used to measure these items at fair value are based on quoted prices for identical instruments in active markets. | |||||||||||||||
• | Level 2 assets include the fair value of mortgage banking derivatives in the form of interest rate locks and forward commitments with secondary market investors ($1.2 million at March 31, 2014 and $2.1 million at December 31, 2013) and the fair value of interest rate swaps ($6.6 million at March 31, 2014 and $5.1 million at December 31, 2013). The fair values of the Corporation’s interest rate locks, forward commitments and interest rate swaps represent the amounts that would be required to settle the derivative financial instruments at the balance sheet date. See Note I, "Derivative Financial Instruments," for additional information. | |||||||||||||||
• | Other liabilities – Included within this category are the following: | |||||||||||||||
• | Level 1 liabilities include employee deferred compensation liabilities which represent amounts due to employees under deferred compensation plans ($15.7 million at March 31, 2014 and $15.3 million at December 31, 2013) and the fair value of foreign currency exchange contracts ($199,000 at March 31, 2014 and $391,000 at December 31, 2013). The fair value of these liabilities are determined in the same manner as the related assets, as described under the heading "Other assets" above. | |||||||||||||||
• | Level 2 liabilities include the fair value of mortgage banking derivatives in the form of interest rate locks and forward commitments with secondary market investors ($247,000 at March 31, 2014 and $64,000 at December 31, 2013) and the fair value of interest rate swaps ($6.6 million at March 31, 2014 and $5.1 million at December 31, 2013). The fair values of these liabilities are determined in the same manner as the related assets, as described under the heading "Other assets" above. | |||||||||||||||
The following table presents the changes in the Corporation’s available for sale investment securities measured at fair value on a recurring basis using unobservable inputs (Level 3): | ||||||||||||||||
Three months ended March 31, 2014 | ||||||||||||||||
Pooled Trust | Single-issuer | ARCs | ||||||||||||||
Preferred | Trust Preferred | |||||||||||||||
Securities | Securities | |||||||||||||||
(in thousands) | ||||||||||||||||
Balance at December 31, 2013 | $ | 5,306 | $ | 3,781 | $ | 159,274 | ||||||||||
Sales | — | — | (11,912 | ) | ||||||||||||
Unrealized adjustment to fair value (1) | 521 | 38 | 124 | |||||||||||||
Settlements - calls | (172 | ) | — | — | ||||||||||||
Discount accretion (2) | 4 | 1 | 227 | |||||||||||||
Balance at March 31, 2014 | $ | 5,659 | $ | 3,820 | $ | 147,713 | ||||||||||
Three months ended March 31, 2013 | ||||||||||||||||
Balance at December 31, 2012 | $ | 6,927 | $ | 3,360 | $ | 149,339 | ||||||||||
Unrealized adjustment to fair value (1) | 1,429 | 7 | 5,360 | |||||||||||||
Settlements - calls | — | — | (342 | ) | ||||||||||||
Discount accretion (2) | — | 3 | 282 | |||||||||||||
Balance at March 31, 2013 | $ | 8,356 | $ | 3,370 | $ | 154,639 | ||||||||||
-1 | Pooled trust preferred securities, single-issuer trust preferred securities and ARCs are classified as available for sale investment securities; as such, the unrealized adjustment to fair value was recorded as an unrealized holding gain and included as a component of available for sale investment securities on the consolidated balance sheets. | |||||||||||||||
-2 | Included as a component of net interest income on the consolidated statements of income. | |||||||||||||||
Certain financial assets are not measured at fair value on an ongoing basis, but are subject to fair value measurement in certain circumstances, such as upon their acquisition or when there is evidence of impairment. The following table presents the Corporation’s financial assets measured at fair value on a nonrecurring basis and reported on the Corporation’s consolidated balance sheets: | ||||||||||||||||
March 31, 2014 | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
(in thousands) | ||||||||||||||||
Net loans | $ | — | $ | — | $ | 137,488 | $ | 137,488 | ||||||||
Other financial assets | — | — | 56,968 | 56,968 | ||||||||||||
Total assets | $ | — | $ | — | $ | 194,456 | $ | 194,456 | ||||||||
December 31, 2013 | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
(in thousands) | ||||||||||||||||
Net loans | $ | — | $ | — | $ | 138,666 | $ | 138,666 | ||||||||
Other financial assets | — | — | 57,504 | 57,504 | ||||||||||||
Total assets | $ | — | $ | — | $ | 196,170 | $ | 196,170 | ||||||||
The valuation techniques used to measure fair value for the items in the table above are as follows: | ||||||||||||||||
• | Net loans – This category consists of loans that were evaluated for impairment under FASB ASC Section 310-10-35 and have been classified as Level 3 assets. The amount shown is the balance of impaired loans, net of the related allowance for loan losses. See Note E, "Loans and Allowance for Credit Losses," for additional details. | |||||||||||||||
• | Other financial assets – This category includes OREO ($15.3 million at March 31, 2014 and $15.1 million at December 31, 2013) and MSRs ($41.7 million at March 31, 2014 and $42.5 million at December 31, 2013), both classified as Level 3 assets. | |||||||||||||||
Fair values for OREO were based on estimated selling prices less estimated selling costs for similar assets in active markets. | ||||||||||||||||
MSRs are initially recorded at fair value upon the sale of residential mortgage loans to secondary market investors. MSRs are amortized as a reduction to servicing income over the estimated lives of the underlying loans. MSRs are stratified and evaluated for impairment by comparing each stratum's carrying amount to its estimated fair value. Fair values are determined at the end of each quarter through a discounted cash flows valuation performed by a third-party valuation expert. Significant inputs to the valuation included expected net servicing income, the discount rate and the expected life of the underlying loans. Expected life is based on the contractual terms of the loans, as adjusted for prepayment projections. The weighted average annual constant prepayment rate and the weighted average discount rate used in the March 31, 2014 valuation were 11.2% and 9.1%, respectively. Management tests the reasonableness of the significant inputs to the third-party valuation in comparison to market data. | ||||||||||||||||
As required by FASB ASC Section 825-10-50, the following table details the book values and estimated fair values of the Corporation’s financial instruments as of March 31, 2014 and December 31, 2013. In addition, a general description of the methods and assumptions used to estimate such fair values is also provided. | ||||||||||||||||
Fair values of financial instruments are significantly affected by the assumptions used, principally the timing of future cash flows and discount rates. Because assumptions are inherently subjective in nature, the estimated fair values cannot be substantiated by comparison to independent market quotes and, in many cases, the estimated fair values could not necessarily be realized in an immediate sale or settlement of the instrument. The aggregate fair value amounts presented do not necessarily represent management’s estimate of the underlying value of the Corporation. | ||||||||||||||||
March 31, 2014 | December 31, 2013 | |||||||||||||||
Book Value | Estimated | Book Value | Estimated | |||||||||||||
Fair Value | Fair Value | |||||||||||||||
(in thousands) | ||||||||||||||||
FINANCIAL ASSETS | ||||||||||||||||
Cash and due from banks | $ | 260,389 | $ | 260,389 | $ | 218,540 | $ | 218,540 | ||||||||
Interest-bearing deposits with other banks | 225,428 | 225,428 | 163,988 | 163,988 | ||||||||||||
Federal Reserve Bank and Federal Home Loan Bank stock | 81,634 | 81,634 | 84,173 | 84,173 | ||||||||||||
Loans held for sale (1) | 24,417 | 24,417 | 21,351 | 21,351 | ||||||||||||
Available for sale investment securities (1) | 2,501,198 | 2,501,198 | 2,568,434 | 2,568,434 | ||||||||||||
Loans, net of unearned income (1) | 12,733,792 | 12,628,983 | 12,782,220 | 12,688,774 | ||||||||||||
Accrued interest receivable | 43,376 | 43,376 | 44,037 | 44,037 | ||||||||||||
Other financial assets (1) | 149,453 | 149,453 | 146,933 | 146,933 | ||||||||||||
FINANCIAL LIABILITIES | ||||||||||||||||
Demand and savings deposits | $ | 9,667,357 | $ | 9,667,357 | $ | 9,573,264 | $ | 9,573,264 | ||||||||
Time deposits | 3,002,560 | 3,011,698 | 2,917,922 | 2,927,374 | ||||||||||||
Short-term borrowings | 1,069,684 | 1,069,684 | 1,258,629 | 1,258,629 | ||||||||||||
Accrued interest payable | 16,972 | 16,972 | 15,218 | 15,218 | ||||||||||||
Other financial liabilities (1) | 133,848 | 133,848 | 124,440 | 124,440 | ||||||||||||
FHLB advances and long-term debt | 883,461 | 881,197 | 883,584 | 875,984 | ||||||||||||
-1 | These financial instruments, or certain financial instruments within these categories, are measured at fair value on the Corporation’s consolidated balance sheets. Descriptions of the fair value determinations for these financial instruments are disclosed above. | |||||||||||||||
For short-term financial instruments, defined as those with remaining maturities of 90 days or less, and excluding those recorded at fair value on the Corporation’s consolidated balance sheets, book value was considered to be a reasonable estimate of fair value. | ||||||||||||||||
The following instruments are predominantly short-term: | ||||||||||||||||
Assets | Â Â | Liabilities | ||||||||||||||
Cash and due from banks | Â Â | Demand and savings deposits | ||||||||||||||
Interest bearing deposits | Â Â | Short-term borrowings | ||||||||||||||
Accrued interest receivable | Â Â | Accrued interest payable | ||||||||||||||
Federal Reserve Bank and FHLB stock represent restricted investments and are carried at cost on the consolidated balance sheets. | ||||||||||||||||
Fair values for loans and time deposits were estimated by discounting future cash flows using the current rates at which similar loans would be made to borrowers and similar deposits would be issued to customers for the same remaining maturities. Fair values estimated in this manner do not fully incorporate an exit price approach to fair value, as defined in FASB ASC Topic 820. | ||||||||||||||||
The fair values of FHLB advances and long-term debt were estimated by discounting the remaining contractual cash flows using a rate at which the Corporation could issue debt with similar remaining maturities as of the balance sheet date. These borrowings would be categorized within Level 2 liabilities under FASB ASC Topic 820. |
Common_Stock_Repurchase_Plan
Common Stock Repurchase Plan | 3 Months Ended |
Mar. 31, 2014 | |
Common Stock Share Repurchase Plan [Abstract] | ' |
Common Stock Repurchase Plan | ' |
Common Stock Repurchase Plan | |
In October 2013, the Corporation announced that its board of directors had approved a share repurchase program pursuant to which the Corporation was authorized to repurchase up to four million shares, or approximately 2.1% of its outstanding shares, through March 2014. During the first quarter of 2014, the Corporation repurchased 4.0 million shares under this repurchase plan at an average cost of $12.45 per share, completing this repurchase program on February 19, 2014. |
New_Accounting_Standard_Notes
New Accounting Standard (Notes) | 3 Months Ended |
Mar. 31, 2014 | |
New Accounting Standard [Abstract] | ' |
New Accounting Pronouncements, Policy [Policy Text Block] | ' |
NOTE O – New Accounting Standard | |
In April 2014, the FASB issued ASC Update 2014-08, "Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity." ASC Update 2014-08 changes the criteria for reporting discontinued operations, including a change in the definition of what constitutes the disposal of a component and additional disclosure requirements. ASC Update 2014-08 is effective for disposals that occur within annual periods beginning after December 15, 2014. For the Corporation, this standards update is effective with its March 31, 2015 quarterly report on Form 10-Q. The adoption of ASC Update 2014-08 is not expected to have an impact on the Corporation's consolidated financial statements. |
Reclassifications
Reclassifications | 3 Months Ended |
Mar. 31, 2014 | |
Accounting Changes and Error Corrections [Abstract] | ' |
Reclassifications | ' |
Reclassifications | |
Certain amounts in the 2013 consolidated financial statements and notes have been reclassified to conform to the 2014 presentation. |
Net_Income_Per_Share_Tables
Net Income Per Share (Tables) | 3 Months Ended | |||||
Mar. 31, 2014 | ||||||
Earnings Per Share [Abstract] | ' | |||||
Reconciliation of Weighted Average Common Shares Outstanding | ' | |||||
A reconciliation of weighted average shares outstanding used to calculate basic net income per share and diluted net income per share follows: | ||||||
Three months ended March 31 | ||||||
2014 | 2013 | |||||
(in thousands) | ||||||
Weighted average shares outstanding (basic) | 189,467 | 196,299 | ||||
Effect of dilutive securities | 1,022 | 918 | ||||
Weighted average shares outstanding (diluted) | 190,489 | 197,217 | ||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income Accumulated Other Comprehensive Income (Tables) | 3 Months Ended | |||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||
Accumulated Other Comprehensive Income [Abstract] | ' | |||||||||||||||||||
Changes in other comprehensive income [Table Text Block] | ' | |||||||||||||||||||
The following table presents changes in other comprehensive income (loss):Â | ||||||||||||||||||||
Before-Tax Amount | Tax Effect | Net of Tax Amount | ||||||||||||||||||
(in thousands) | ||||||||||||||||||||
Three months ended March 31, 2014 | ||||||||||||||||||||
Unrealized gain (loss) on securities | $ | 21,435 | $ | (7,502 | ) | $ | 13,933 | |||||||||||||
Reclassification adjustment for postretirement gains included in net income (1) | (1,452 | ) | 508 | (944 | ) | |||||||||||||||
Non-credit related unrealized gains (losses) on other-than-temporarily impaired debt securities | 291 | (102 | ) | 189 | ||||||||||||||||
Unrealized gain on derivative financial instruments | 52 | (18 | ) | 34 | ||||||||||||||||
Unrecognized pension and postretirement income | 3,291 | (1,147 | ) | 2,144 | ||||||||||||||||
Amortization of net unrecognized pension and postretirement items (1) | 149 | (53 | ) | 96 | ||||||||||||||||
Total Other Comprehensive Income (Loss) | $ | 23,766 | $ | (8,314 | ) | $ | 15,452 | |||||||||||||
Three months ended March 31, 2013 | ||||||||||||||||||||
Unrealized gain (loss) on securities | $ | 192 | $ | (67 | ) | $ | 125 | |||||||||||||
Reclassification adjustment for securities gains included in net income (2) | (2,473 | ) | 865 | (1,608 | ) | |||||||||||||||
Non-credit related unrealized gains (losses) on other-than-temporarily impaired debt securities | 1,666 | (583 | ) | 1,083 | ||||||||||||||||
Unrealized gain on derivative financial instruments | 54 | (20 | ) | 34 | ||||||||||||||||
Amortization of net unrecognized pension and postretirement items (1) | 505 | (177 | ) | 328 | ||||||||||||||||
Total Other Comprehensive Income (Loss) | $ | (56 | ) | $ | 18 | $ | (38 | ) | ||||||||||||
-1 | Amounts reclassified out of accumulated other comprehensive income. Before-tax amounts included within "Salaries and employee benefits" on the consolidated statements of income. See Note H, "Employee Benefit Plans," for additional details. | |||||||||||||||||||
-2 | Amounts reclassified out of accumulated other comprehensive income. Before-tax amounts included within "Investment securities gains, net" on the consolidated statements of income. See Note D, "Investment Securities," for additional details. | |||||||||||||||||||
Changes in each component of accumulated other comprehensive income [Table Text Block] | ' | |||||||||||||||||||
The following table presents changes in each component of accumulated other comprehensive income (loss), net of tax:Â | ||||||||||||||||||||
Unrealized Gains (Losses) on Investment Securities Not Other-Than-Temporarily Impaired | Unrealized Non-Credit Gains (Losses) on Other-Than-Temporarily Impaired Debt Securities | Unrealized Effective Portions of Losses on Forward-Starting Interest Rate Swaps | Unrecognized Pension and Postretirement Plan Income (Costs) | Total | ||||||||||||||||
(in thousands) | ||||||||||||||||||||
Three months ended March 31, 2014 | ||||||||||||||||||||
Balance at December 31, 2013 | $ | (27,510 | ) | $ | 1,652 | $ | (2,682 | ) | $ | (8,801 | ) | $ | (37,341 | ) | ||||||
Other comprehensive income (loss) before reclassifications | 13,933 | 189 | — | 2,144 | 16,266 | |||||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | — | — | 34 | (848 | ) | (814 | ) | |||||||||||||
Balance at March 31, 2014 | $ | (13,577 | ) | $ | 1,841 | $ | (2,648 | ) | $ | (7,505 | ) | $ | (21,889 | ) | ||||||
Three months ended March 31, 2013 | ||||||||||||||||||||
Balance at December 31, 2012 | $ | 26,361 | $ | 613 | $ | (2,818 | ) | $ | (18,481 | ) | $ | 5,675 | ||||||||
Other comprehensive income (loss) before reclassifications | 125 | 1,083 | — | — | 1,208 | |||||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | (1,608 | ) | — | 34 | 328 | (1,246 | ) | |||||||||||||
Balance at March 31, 2013 | $ | 24,878 | $ | 1,696 | $ | (2,784 | ) | $ | (18,153 | ) | $ | 5,637 | ||||||||
Investment_Securities_Tables
Investment Securities (Tables) | 3 Months Ended | |||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | |||||||||||||||||||||||
Schedule of Amortized Cost and Fair Values of Investment Securities | ' | |||||||||||||||||||||||
The following table presents the amortized cost and estimated fair values of investment securities, which were all classified as available for sale: | ||||||||||||||||||||||||
Amortized | Gross | Gross | Estimated | |||||||||||||||||||||
Cost | Unrealized | Unrealized | Fair | |||||||||||||||||||||
Gains | Losses | Value | ||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
31-Mar-14 | ||||||||||||||||||||||||
Equity securities | $ | 34,231 | $ | 11,524 | $ | (21 | ) | $ | 45,734 | |||||||||||||||
U.S. Government securities | 526 | — | — | 526 | ||||||||||||||||||||
U.S. Government sponsored agency securities | 275 | 6 | (1 | ) | 280 | |||||||||||||||||||
State and municipal securities | 278,019 | 7,190 | (1,756 | ) | 283,453 | |||||||||||||||||||
Corporate debt securities | 100,348 | 6,292 | (6,088 | ) | 100,552 | |||||||||||||||||||
Collateralized mortgage obligations | 1,031,968 | 7,638 | (32,869 | ) | 1,006,737 | |||||||||||||||||||
Mortgage-backed securities | 914,502 | 13,582 | (11,881 | ) | 916,203 | |||||||||||||||||||
Auction rate securities | 159,379 | 2 | (11,668 | ) | 147,713 | |||||||||||||||||||
$ | 2,519,248 | $ | 46,234 | $ | (64,284 | ) | $ | 2,501,198 | ||||||||||||||||
Amortized | Gross | Gross | Estimated | |||||||||||||||||||||
Cost | Unrealized | Unrealized | Fair | |||||||||||||||||||||
Gains | Losses | Value | ||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||
Equity securities | $ | 33,922 | $ | 12,355 | $ | (76 | ) | $ | 46,201 | |||||||||||||||
U.S. Government securities | 525 | — | — | 525 | ||||||||||||||||||||
U.S. Government sponsored agency securities | 720 | 7 | (1 | ) | 726 | |||||||||||||||||||
State and municipal securities | 281,810 | 6,483 | (3,444 | ) | 284,849 | |||||||||||||||||||
Corporate debt securities | 100,468 | 5,685 | (7,404 | ) | 98,749 | |||||||||||||||||||
Collateralized mortgage obligations | 1,069,138 | 8,036 | (44,776 | ) | 1,032,398 | |||||||||||||||||||
Mortgage-backed securities | 949,328 | 13,881 | (17,497 | ) | 945,712 | |||||||||||||||||||
Auction rate securities | 172,299 | 234 | (13,259 | ) | 159,274 | |||||||||||||||||||
$ | 2,608,210 | $ | 46,681 | $ | (86,457 | ) | $ | 2,568,434 | ||||||||||||||||
Schedule of Amortized Cost and Fair Values of Debt Securities by Contractual Maturities | ' | |||||||||||||||||||||||
The amortized cost and estimated fair values of debt securities as of March 31, 2014, by contractual maturity, are shown in the following table. Actual maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. | ||||||||||||||||||||||||
Amortized | Estimated | |||||||||||||||||||||||
Cost | Fair Value | |||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Due in one year or less | $ | 30,424 | $ | 30,517 | ||||||||||||||||||||
Due from one year to five years | 67,544 | 71,350 | ||||||||||||||||||||||
Due from five years to ten years | 199,377 | 203,240 | ||||||||||||||||||||||
Due after ten years | 241,202 | 227,417 | ||||||||||||||||||||||
538,547 | 532,524 | |||||||||||||||||||||||
Mortgage-backed securities | 914,502 | 916,203 | ||||||||||||||||||||||
Collateralized mortgage obligations | 1,031,968 | 1,006,737 | ||||||||||||||||||||||
$ | 2,485,017 | $ | 2,455,464 | |||||||||||||||||||||
Summary of Gains and Losses from Equity and Debt Securities, and Losses Recognized from Other-than-Temporary Impairment | ' | |||||||||||||||||||||||
The following table presents information related to the gross realized gains and losses on the sales of equity and debt securities: | ||||||||||||||||||||||||
Gross | Gross | Net Gains | ||||||||||||||||||||||
Realized | Realized | |||||||||||||||||||||||
Gains | Losses | |||||||||||||||||||||||
Three months ended March 31, 2014 | (in thousands) | |||||||||||||||||||||||
Equity securities | $ | 1 | $ | — | $ | 1 | ||||||||||||||||||
Debt securities | 322 | (323 | ) | (1 | ) | |||||||||||||||||||
Total | $ | 323 | $ | (323 | ) | $ | — | |||||||||||||||||
Three months ended March 31, 2013 | ||||||||||||||||||||||||
Equity securities | $ | 1,139 | $ | — | $ | 1,139 | ||||||||||||||||||
Debt securities | 1,334 | — | 1,334 | |||||||||||||||||||||
Total | $ | 2,473 | $ | — | $ | 2,473 | ||||||||||||||||||
Summary Of Other Than Temporary Impairment Charges Recorded In Statement Of Operations [Table Text Block] | ' | |||||||||||||||||||||||
The following table presents a summary of the cumulative credit related other-than-temporary impairment charges, recognized as components of earnings, for debt securities held by the Corporation at March 31, 2014 and 2013: | ||||||||||||||||||||||||
Three months ended March 31 | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Balance of cumulative credit losses on debt securities, beginning of period | $ | (20,691 | ) | $ | (23,079 | ) | ||||||||||||||||||
Reductions for increases in cash flows expected to be collected that are recognized over the remaining life of the security | 4 | — | ||||||||||||||||||||||
Balance of cumulative credit losses on debt securities, end of period | $ | (20,687 | ) | $ | (23,079 | ) | ||||||||||||||||||
Gross Unrealized Losses and Fair Values of Investments by Category and Length of Time in Continuous Unrealized Loss Position | ' | |||||||||||||||||||||||
The following table presents the gross unrealized losses and estimated fair values of investments, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at March 31, 2014: | ||||||||||||||||||||||||
Less than 12 months | 12 months or longer | Total | ||||||||||||||||||||||
Estimated | Unrealized | Estimated | Unrealized | Estimated | Unrealized | |||||||||||||||||||
Fair Value | Losses | Fair Value | Losses | Fair Value | Losses | |||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
U.S. Government sponsored agency securities | $ | — | $ | — | $ | 50 | $ | (1 | ) | $ | 50 | $ | (1 | ) | ||||||||||
State and municipal securities | 50,286 | (1,510 | ) | 3,996 | (246 | ) | 54,282 | (1,756 | ) | |||||||||||||||
Corporate debt securities | 3,939 | (58 | ) | 38,804 | (6,030 | ) | 42,743 | (6,088 | ) | |||||||||||||||
Collateralized mortgage obligations | 416,584 | (13,921 | ) | 313,758 | (18,948 | ) | 730,342 | (32,869 | ) | |||||||||||||||
Mortgage-backed securities | 621,165 | (11,881 | ) | — | — | 621,165 | (11,881 | ) | ||||||||||||||||
Auction rate securities | — | — | 147,619 | (11,668 | ) | 147,619 | (11,668 | ) | ||||||||||||||||
Total debt securities | 1,091,974 | (27,370 | ) | 504,227 | (36,893 | ) | 1,596,201 | (64,263 | ) | |||||||||||||||
Equity securities | 3 | (1 | ) | 118 | (20 | ) | 121 | (21 | ) | |||||||||||||||
$ | 1,091,977 | $ | (27,371 | ) | $ | 504,345 | $ | (36,913 | ) | $ | 1,596,322 | $ | (64,284 | ) | ||||||||||
Summary of Amortized Cost and Fair Values of Corporate Debt Securities | ' | |||||||||||||||||||||||
The following table presents the amortized cost and estimated fair value of corporate debt securities: | ||||||||||||||||||||||||
March 31, 2014 | December 31, 2013 | |||||||||||||||||||||||
Amortized | Estimated | Amortized | Estimated | |||||||||||||||||||||
cost | fair value | cost | fair value | |||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Single-issuer trust preferred securities | $ | 47,502 | $ | 41,879 | $ | 47,481 | $ | 40,531 | ||||||||||||||||
Subordinated debt | 47,436 | 50,429 | 47,405 | 50,327 | ||||||||||||||||||||
Pooled trust preferred securities | 2,825 | 5,659 | 2,997 | 5,306 | ||||||||||||||||||||
Corporate debt securities issued by financial institutions | 97,763 | 97,967 | 97,883 | 96,164 | ||||||||||||||||||||
Other corporate debt securities | 2,585 | 2,585 | 2,585 | 2,585 | ||||||||||||||||||||
Available for sale corporate debt securities | $ | 100,348 | $ | 100,552 | $ | 100,468 | $ | 98,749 | ||||||||||||||||
Loans_and_Allowance_for_Credit1
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 | |||||||||||||||||||||
Mortgage_Servicing_Rights_Tabl
Mortgage Servicing Rights (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Transfers and Servicing [Abstract] | ' | |||||||
Summary of Changes in Mortgage Servicing Rights | ' | |||||||
The following table summarizes the changes in mortgage servicing rights (MSRs), which are included in other assets on the consolidated balance sheets: | ||||||||
Three months ended | ||||||||
31-Mar | ||||||||
2014 | 2013 | |||||||
(in thousands) | ||||||||
Amortized cost: | ||||||||
Balance at beginning of period | $ | 42,452 | $ | 39,737 | ||||
Originations of mortgage servicing rights | 1,115 | 4,227 | ||||||
Amortization | (1,899 | ) | (2,958 | ) | ||||
Balance at end of period | $ | 41,668 | $ | 41,006 | ||||
Valuation allowance | $ | — | $ | (3,680 | ) | |||
Net MSRs at end of period | $ | 41,668 | 37,326 | |||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||
Summary of Compensation Expense and Related Tax Benefits | ' | |||||||
The following table presents compensation expense and the related tax benefits for equity awards recognized in the consolidated statements of income: | ||||||||
Three months ended March 31 | ||||||||
2014 | 2013 | |||||||
(in thousands) | ||||||||
Stock-based compensation expense | $ | 1,033 | $ | 847 | ||||
Tax benefit | (263 | ) | (224 | ) | ||||
Stock-based compensation expense, net of tax | $ | 770 | $ | 623 | ||||
Employee_Benefit_Plans_Tables
Employee Benefit Plans (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||
Schedule of Defined Benefit Plans Disclosures [Table Text Block] | ' | |||||||
The net periodic benefit cost for the Corporation’s Pension Plan, as determined by consulting actuaries, consisted of the following components: | ||||||||
Three months ended | ||||||||
31-Mar | ||||||||
2014 | 2013 | |||||||
(in thousands) | ||||||||
Service cost (1) | $ | 92 | $ | 51 | ||||
Interest cost | 853 | 772 | ||||||
Expected return on plan assets | (811 | ) | (800 | ) | ||||
Net amortization and deferral | 244 | 596 | ||||||
Net periodic benefit cost | $ | 378 | $ | 619 | ||||
-1 | The Pension Plan service cost recorded for the three months ended March 31, 2014 and 2013, respectively, was related to administrative costs associated with the plan and was not due to the accrual of additional participant benefits. | |||||||
The Corporation currently provides medical and life insurance benefits under a postretirement benefits plan (Postretirement Plan) to certain retired full-time employees who were employees of the Corporation prior to January 1, 1998. | ||||||||
Effective February 1, 2014, the Corporation amended the Postretirement Plan, making all active full-time employees ineligible for benefits under this plan. As a result of this amendment, the Corporation recorded a $1.5 million gain in 2014, as determined by consulting actuaries and included as a component of salaries and employee benefits on the consolidated statements of income. The gain resulted from the recognition of the remaining pre-curtailment prior service cost as of December 31, 2013. In addition, this amendment resulted in a $3.3 million decrease in the accumulated postretirement benefit obligation and a corresponding increase in unrecognized prior service cost credits. | ||||||||
The net periodic benefit cost of the Corporation’s Postretirement Plan as determined by consulting actuaries, consisted of the following components, excluding the impact of the $1.5 million gain: | ||||||||
Three months ended | ||||||||
31-Mar | ||||||||
2014 | 2013 | |||||||
(in thousands) | ||||||||
Service cost | $ | 15 | $ | 57 | ||||
Interest cost | 61 | 81 | ||||||
Expected return on plan assets | — | — | ||||||
Net accretion and deferral | (95 | ) | (91 | ) | ||||
Net periodic benefit (income) cost | $ | (19 | ) | $ | 47 | |||
-1 | As a result of the plan amendment, additional participant benefits are not accrued under the Postretirement Plan after February 1, 2014. Service costs recorded after the effective date of the amendment represent administrative costs associated with the plan. | |||||||
The Corporation recognizes the funded status of its Pension Plan and Postretirement Plan on the consolidated balance sheets and recognizes the change in that funded status through other comprehensive income. |
Derivative_Financial_Instrumen1
Derivative Financial Instruments (Tables) | 3 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||||||||
Summary of Notional Amounts and Fair Values of Derivative Financial Instruments | ' | |||||||||||||||
The following table presents a summary of the notional amounts and fair values of derivative financial instruments: | ||||||||||||||||
March 31, 2014 | December 31, 2013 | |||||||||||||||
Notional | Asset | Notional | Asset | |||||||||||||
Amount | (Liability) | Amount | (Liability) | |||||||||||||
Fair Value | Fair Value | |||||||||||||||
(in thousands) | ||||||||||||||||
Interest Rate Locks with Customers | ||||||||||||||||
Positive fair values | $ | 91,145 | $ | 1,202 | $ | 75,217 | $ | 867 | ||||||||
Negative fair values | 1,258 | (5 | ) | 11,393 | (59 | ) | ||||||||||
Net interest rate locks with customers | 1,197 | 808 | ||||||||||||||
Forward Commitments | ||||||||||||||||
Positive fair values | 4,904 | 2 | 87,904 | 1,263 | ||||||||||||
Negative fair values | 95,750 | (242 | ) | 2,373 | (5 | ) | ||||||||||
Net forward commitments | (240 | ) | 1,258 | |||||||||||||
Interest Rate Swaps with Customers | ||||||||||||||||
Positive fair values | 228,588 | 4,955 | 111,899 | 2,105 | ||||||||||||
Negative fair values | 81,163 | (1,638 | ) | 105,673 | (2,993 | ) | ||||||||||
Net interest rate swaps with customers | 3,317 | (888 | ) | |||||||||||||
Interest Rate Swaps with Dealer Counterparties | ||||||||||||||||
Positive fair values | 81,163 | 1,638 | 105,673 | 2,993 | ||||||||||||
Negative fair values | 228,588 | (4,955 | ) | 111,899 | (2,105 | ) | ||||||||||
Net interest rate swaps with dealer counterparties | (3,317 | ) | 888 | |||||||||||||
Foreign Exchange Contracts with Customers | ||||||||||||||||
Positive fair values | 9,927 | 56 | 2,150 | 24 | ||||||||||||
Negative fair values | 9,965 | (183 | ) | 12,775 | (343 | ) | ||||||||||
Net foreign exchange contracts with customers | (127 | ) | (319 | ) | ||||||||||||
Foreign Exchange Contracts with Correspondent Banks | ||||||||||||||||
Positive fair values | 15,036 | 198 | 17,348 | 498 | ||||||||||||
Negative fair values | 4,466 | (16 | ) | 5,872 | (48 | ) | ||||||||||
Net foreign exchange contracts with correspondent banks | 182 | 450 | ||||||||||||||
Net derivative fair value asset | $ | 1,012 | $ | 2,197 | ||||||||||||
Summary of Fair Value Gains and Losses on Derivative Financial Instruments | ' | |||||||||||||||
The following table presents a summary of the fair value gains and losses on derivative financial instruments: | ||||||||||||||||
Three months ended | ||||||||||||||||
31-Mar | ||||||||||||||||
2014 | 2013 | |||||||||||||||
(in thousands) | ||||||||||||||||
Interest rate locks with customers | $ | 389 | $ | (2,538 | ) | |||||||||||
Forward commitments | (1,498 | ) | 428 | |||||||||||||
Interest rate swaps with customers | 4,205 | (408 | ) | |||||||||||||
Interest rate swaps with dealer counterparties | (4,205 | ) | 408 | |||||||||||||
Foreign exchange contracts with customers | 192 | 460 | ||||||||||||||
Foreign exchange contracts with correspondent banks | (268 | ) | 418 | |||||||||||||
Net fair value losses on derivative financial instruments | $ | (1,185 | ) | $ | (1,232 | ) |
Balance_Sheet_Offsetting_Table
Balance Sheet Offsetting (Tables) | 3 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Offsetting [Abstract] | ' | |||||||||||||||
Balance Sheet Offsetting | ' | |||||||||||||||
Gross Amounts | Gross Amounts Not Offset | |||||||||||||||
Recognized | Â on the Consolidated | |||||||||||||||
on the | Balance Sheets | |||||||||||||||
Consolidated | Financial | Cash | Net | |||||||||||||
Balance Sheets | Instruments (1) | Collateral (2) | Amount | |||||||||||||
(in thousands) | ||||||||||||||||
March 31, 2014 | ||||||||||||||||
Interest rate swap derivative assets | $ | 6,593 | $ | (1,830 | ) | $ | — | $ | 4,763 | |||||||
Foreign exchange derivative assets with correspondent banks | 198 | (16 | ) | — | 182 | |||||||||||
Total | $ | 6,791 | $ | (1,846 | ) | $ | — | $ | 4,945 | |||||||
Interest rate swap derivative liabilities | $ | 6,593 | $ | (1,830 | ) | $ | (3,870 | ) | $ | 893 | ||||||
Foreign exchange derivative liabilities with correspondent banks | 16 | (16 | ) | — | — | |||||||||||
Total | $ | 6,609 | $ | (1,846 | ) | $ | (3,870 | ) | $ | 893 | ||||||
December 31, 2013 | ||||||||||||||||
Interest rate swap derivative assets | $ | 5,098 | $ | (2,104 | ) | $ | — | $ | 2,994 | |||||||
Interest rate swap derivative liabilities | $ | 5,098 | $ | (2,104 | ) | $ | (730 | ) | $ | 2,264 | ||||||
-1 | For interest rate swap and foreign exchange derivative assets, amounts represent any derivative liability fair values that could be offset in the event of counterparty or customer default. For interest rate swap and foreign exchange derivative liabilities, amounts represent any derivative asset fair values that could be offset in the event of counterparty or customer default. | |||||||||||||||
-2 | Amounts represent cash collateral posted on interest rate swap transactions with financial institution counterparties. Interest rate swaps with customers are collateralized by the underlying loans to those borrowers. |
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||||||
Summary of Outstanding Commitments to Extend Credit and Letters of Credit | ' | |||||||
The outstanding amounts of commitments to extend credit and letters of credit were as follows: | ||||||||
March 31, | December 31, 2013 | |||||||
2014 | ||||||||
(in thousands) | ||||||||
Commitments to extend credit | $ | 4,258,552 | $ | 4,379,578 | ||||
Standby letters of credit | 387,424 | 391,445 | ||||||
Commercial letters of credit | 35,404 | 36,344 | ||||||
Fair_Value_Option_Tables
Fair Value Option (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Fair Value Disclosures [Abstract] | ' | |||||||
Summary of Corporation's Mortgage Loans Held for Sale | ' | |||||||
The following table presents a summary of the Corporation’s mortgage loans held for sale: | ||||||||
March 31, | December 31, | |||||||
2014 | 2013 | |||||||
(in thousands) | ||||||||
Cost | $ | 23,941 | $ | 21,172 | ||||
Fair value | 24,417 | 21,351 | ||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 3 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | ' | |||||||||||||||
ollowing tables present summaries of the Corporation’s assets and liabilities measured at fair value on a recurring basis and reported on the consolidated balance sheets: | ||||||||||||||||
March 31, 2014 | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
(in thousands) | ||||||||||||||||
Mortgage loans held for sale | $ | — | $ | 24,417 | $ | — | $ | 24,417 | ||||||||
Available for sale investment securities: | ||||||||||||||||
Equity securities | 45,734 | — | — | 45,734 | ||||||||||||
U.S. Government securities | — | 526 | — | 526 | ||||||||||||
U.S. Government sponsored agency securities | — | 280 | — | 280 | ||||||||||||
State and municipal securities | — | 283,453 | — | 283,453 | ||||||||||||
Corporate debt securities | — | 91,073 | 9,479 | 100,552 | ||||||||||||
Collateralized mortgage obligations | — | 1,006,737 | — | 1,006,737 | ||||||||||||
Mortgage-backed securities | — | 916,203 | — | 916,203 | ||||||||||||
Auction rate securities | — | — | 147,713 | 147,713 | ||||||||||||
Total available for sale investments | 45,734 | 2,298,272 | 157,192 | 2,501,198 | ||||||||||||
Other assets | 15,943 | 7,798 | — | 23,741 | ||||||||||||
Total assets | $ | 61,677 | $ | 2,330,487 | $ | 157,192 | $ | 2,549,356 | ||||||||
Other liabilities | $ | 15,886 | $ | 6,841 | $ | — | $ | 22,727 | ||||||||
December 31, 2013 | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
(in thousands) | ||||||||||||||||
Mortgage loans held for sale | $ | — | $ | 21,351 | $ | — | $ | 21,351 | ||||||||
Available for sale investment securities: | ||||||||||||||||
Equity securities | 46,201 | — | — | 46,201 | ||||||||||||
U.S. Government securities | — | 525 | — | 525 | ||||||||||||
U.S. Government sponsored agency securities | — | 726 | — | 726 | ||||||||||||
State and municipal securities | — | 284,849 | — | 284,849 | ||||||||||||
Corporate debt securities | — | 89,662 | 9,087 | 98,749 | ||||||||||||
Collateralized mortgage obligations | — | 1,032,398 | — | 1,032,398 | ||||||||||||
Mortgage-backed securities | — | 945,712 | — | 945,712 | ||||||||||||
Auction rate securities | — | — | 159,274 | 159,274 | ||||||||||||
Total available for sale investments | 46,201 | 2,353,872 | 168,361 | 2,568,434 | ||||||||||||
Other assets | 15,779 | 7,227 | — | 23,006 | ||||||||||||
Total assets | $ | 61,980 | $ | 2,382,450 | $ | 168,361 | $ | 2,612,791 | ||||||||
Other liabilities | $ | 15,648 | $ | 5,161 | $ | — | $ | 20,809 | ||||||||
Schedule of Changes in Assets and Liabilities Measured at Fair Value on a Recurring Basis using Level 3 Inputs | ' | |||||||||||||||
The following table presents the changes in the Corporation’s available for sale investment securities measured at fair value on a recurring basis using unobservable inputs (Level 3): | ||||||||||||||||
Three months ended March 31, 2014 | ||||||||||||||||
Pooled Trust | Single-issuer | ARCs | ||||||||||||||
Preferred | Trust Preferred | |||||||||||||||
Securities | Securities | |||||||||||||||
(in thousands) | ||||||||||||||||
Balance at December 31, 2013 | $ | 5,306 | $ | 3,781 | $ | 159,274 | ||||||||||
Sales | — | — | (11,912 | ) | ||||||||||||
Unrealized adjustment to fair value (1) | 521 | 38 | 124 | |||||||||||||
Settlements - calls | (172 | ) | — | — | ||||||||||||
Discount accretion (2) | 4 | 1 | 227 | |||||||||||||
Balance at March 31, 2014 | $ | 5,659 | $ | 3,820 | $ | 147,713 | ||||||||||
Three months ended March 31, 2013 | ||||||||||||||||
Balance at December 31, 2012 | $ | 6,927 | $ | 3,360 | $ | 149,339 | ||||||||||
Unrealized adjustment to fair value (1) | 1,429 | 7 | 5,360 | |||||||||||||
Settlements - calls | — | — | (342 | ) | ||||||||||||
Discount accretion (2) | — | 3 | 282 | |||||||||||||
Balance at March 31, 2013 | $ | 8,356 | $ | 3,370 | $ | 154,639 | ||||||||||
-1 | Pooled trust preferred securities, single-issuer trust preferred securities and ARCs are classified as available for sale investment securities; as such, the unrealized adjustment to fair value was recorded as an unrealized holding gain and included as a component of available for sale investment securities on the consolidated balance sheets. | |||||||||||||||
-2 | Included as a component of net interest income on the consolidated statements of income. | |||||||||||||||
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis | ' | |||||||||||||||
Certain financial assets are not measured at fair value on an ongoing basis, but are subject to fair value measurement in certain circumstances, such as upon their acquisition or when there is evidence of impairment. The following table presents the Corporation’s financial assets measured at fair value on a nonrecurring basis and reported on the Corporation’s consolidated balance sheets: | ||||||||||||||||
March 31, 2014 | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
(in thousands) | ||||||||||||||||
Net loans | $ | — | $ | — | $ | 137,488 | $ | 137,488 | ||||||||
Other financial assets | — | — | 56,968 | 56,968 | ||||||||||||
Total assets | $ | — | $ | — | $ | 194,456 | $ | 194,456 | ||||||||
December 31, 2013 | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
(in thousands) | ||||||||||||||||
Net loans | $ | — | $ | — | $ | 138,666 | $ | 138,666 | ||||||||
Other financial assets | — | — | 57,504 | 57,504 | ||||||||||||
Total assets | $ | — | $ | — | $ | 196,170 | $ | 196,170 | ||||||||
Details of Book Value and Fair Value of Financial Instruments | ' | |||||||||||||||
As required by FASB ASC Section 825-10-50, the following table details the book values and estimated fair values of the Corporation’s financial instruments as of March 31, 2014 and December 31, 2013. In addition, a general description of the methods and assumptions used to estimate such fair values is also provided. | ||||||||||||||||
Fair values of financial instruments are significantly affected by the assumptions used, principally the timing of future cash flows and discount rates. Because assumptions are inherently subjective in nature, the estimated fair values cannot be substantiated by comparison to independent market quotes and, in many cases, the estimated fair values could not necessarily be realized in an immediate sale or settlement of the instrument. The aggregate fair value amounts presented do not necessarily represent management’s estimate of the underlying value of the Corporation. | ||||||||||||||||
March 31, 2014 | December 31, 2013 | |||||||||||||||
Book Value | Estimated | Book Value | Estimated | |||||||||||||
Fair Value | Fair Value | |||||||||||||||
(in thousands) | ||||||||||||||||
FINANCIAL ASSETS | ||||||||||||||||
Cash and due from banks | $ | 260,389 | $ | 260,389 | $ | 218,540 | $ | 218,540 | ||||||||
Interest-bearing deposits with other banks | 225,428 | 225,428 | 163,988 | 163,988 | ||||||||||||
Federal Reserve Bank and Federal Home Loan Bank stock | 81,634 | 81,634 | 84,173 | 84,173 | ||||||||||||
Loans held for sale (1) | 24,417 | 24,417 | 21,351 | 21,351 | ||||||||||||
Available for sale investment securities (1) | 2,501,198 | 2,501,198 | 2,568,434 | 2,568,434 | ||||||||||||
Loans, net of unearned income (1) | 12,733,792 | 12,628,983 | 12,782,220 | 12,688,774 | ||||||||||||
Accrued interest receivable | 43,376 | 43,376 | 44,037 | 44,037 | ||||||||||||
Other financial assets (1) | 149,453 | 149,453 | 146,933 | 146,933 | ||||||||||||
FINANCIAL LIABILITIES | ||||||||||||||||
Demand and savings deposits | $ | 9,667,357 | $ | 9,667,357 | $ | 9,573,264 | $ | 9,573,264 | ||||||||
Time deposits | 3,002,560 | 3,011,698 | 2,917,922 | 2,927,374 | ||||||||||||
Short-term borrowings | 1,069,684 | 1,069,684 | 1,258,629 | 1,258,629 | ||||||||||||
Accrued interest payable | 16,972 | 16,972 | 15,218 | 15,218 | ||||||||||||
Other financial liabilities (1) | 133,848 | 133,848 | 124,440 | 124,440 | ||||||||||||
FHLB advances and long-term debt | 883,461 | 881,197 | 883,584 | 875,984 | ||||||||||||
-1 | ||||||||||||||||
Schedule of Financial Instruments Classified as Predominantly Short-Term Instruments | ' | |||||||||||||||
The following instruments are predominantly short-term: | ||||||||||||||||
Assets | Â Â | Liabilities | ||||||||||||||
Cash and due from banks | Â Â | Demand and savings deposits | ||||||||||||||
Interest bearing deposits | Â Â | Short-term borrowings | ||||||||||||||
Accrued interest receivable | Â Â | Accrued interest payable |
Net_Income_Per_Share_Reconcili
Net Income Per Share Reconciliation of Weighted Average Common Shares Outstanding (Details) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Weighted Average Number of Shares Outstanding Reconciliation [Abstract] | ' | ' |
Weighted average shares outstanding (basic) | 189,467 | 196,299 |
Effect of dilutive securities | 1,022 | 918 |
Weighted average shares outstanding (diluted) | 190,489 | 197,217 |
Net_Income_Per_Share_Narrative
Net Income Per Share Narrative (Details) (Stock Option [Member]) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Stock Option [Member] | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 3.1 | 3.7 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income Changes in Other Comprehensive Income (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ' | ' |
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, before Tax | $21,435 | $192 |
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Tax | -7,502 | -67 |
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Net of Tax | 13,933 | 125 |
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), Net Gains (Losses), before Tax | -1,452 | ' |
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Tax | 508 | ' |
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax | -944 | ' |
Other Comprehensive Income (Loss), Reclassification Adjustment for Sale of Securities Included in Net Income, before Tax | ' | -2,473 |
Other Comprehensive Income (Loss), Reclassification Adjustment for Sale of Securities Included in Net Income, Tax | ' | 865 |
Other Comprehensive Income (Loss), Reclassification Adjustment for Sale of Securities Included in Net Income, Net of Tax | -944 | -1,608 |
Other than Temporary Impairment Losses, Investments, Portion in Other Comprehensive Income (Loss), before Tax, Including Portion Attributable to Noncontrolling Interest | 291 | 1,666 |
Other than Temporary Impairment Losses, Investments, Portion in Other Comprehensive Income (Loss), Tax, Portion Attributable to Parent | -102 | -583 |
Other than Temporary Impairment Losses, Investments, Portion in Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 189 | 1,083 |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | 52 | 54 |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Tax | -18 | -20 |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax | 34 | 34 |
Other comprehensive income, pension and other postretirement benefit plans, net unamortized gain (loss) arising during period, before tax | 3,291 | ' |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Unamortized Gain (Loss) Arising During Period, Tax | -1,147 | ' |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Unamortized Gain (Loss) Arising During Period, Net of Tax | 2,144 | 0 |
Other Comprehensive Income (Loss), Amortization, Pension and Other Postretirement Benefit Plans, Net Prior Service Cost (Credit) Recognized in Net Periodic Benefit Cost, before Tax | 149 | 505 |
Other Comprehensive Income (Loss), Amortization, Pension and Other Postretirement Benefit Plans, Net Prior Service Cost Recognized in Net Periodic Pension Cost, Tax Effect | -53 | -177 |
Other Comprehensive Income (Loss), Amortization, Pension and Other Postretirement Benefit Plans, Net Prior Service Cost Recognized in Net Periodic Pension Cost, Net of Tax | 96 | 328 |
Other Comprehensive Income (Loss), before Tax | 23,766 | -56 |
Other Comprehensive Income (Loss), Tax | -8,314 | 18 |
Other Comprehensive Income (Loss) | $15,452 | ($38) |
Accumulated_Other_Comprehensiv3
Accumulated Other Comprehensive Income Components of Other Comprehensive Income (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Accumulated Other Comprehensive Income [Roll Forward] | ' | ' |
Beginning Balance | ($37,341) | $5,675 |
Other comprehensive income (loss) before reclassifications | 16,266 | 1,208 |
Amounts reclassified from accumulated other comprehensive income (loss) | -814 | -1,246 |
Ending Balance | -21,889 | 5,637 |
Unrealized Gains on Investment Securities Not Other-Than-Temporarily Impaired [Member] | ' | ' |
Accumulated Other Comprehensive Income [Roll Forward] | ' | ' |
Beginning Balance | -27,510 | 26,361 |
Other comprehensive income (loss) before reclassifications | 13,933 | 125 |
Amounts reclassified from accumulated other comprehensive income (loss) | 0 | -1,608 |
Ending Balance | -13,577 | 24,878 |
Unrealized Non-Credit Losses on Other-Than-Temporarily Impaired Debt Securities [Member] | ' | ' |
Accumulated Other Comprehensive Income [Roll Forward] | ' | ' |
Beginning Balance | 1,652 | 613 |
Other comprehensive income (loss) before reclassifications | 189 | 1,083 |
Amounts reclassified from accumulated other comprehensive income (loss) | 0 | 0 |
Ending Balance | 1,841 | 1,696 |
Unrealized Effective Portions of Losses on Forward-Starting Interest Rate Swaps [Member] | ' | ' |
Accumulated Other Comprehensive Income [Roll Forward] | ' | ' |
Beginning Balance | -2,682 | -2,818 |
Amounts reclassified from accumulated other comprehensive income (loss) | 34 | 34 |
Ending Balance | -2,648 | -2,784 |
Unrecognized Pension and Postretirement Plan Items [Member] | ' | ' |
Accumulated Other Comprehensive Income [Roll Forward] | ' | ' |
Beginning Balance | -8,801 | -18,481 |
Other comprehensive income (loss) before reclassifications | 2,144 | ' |
Amounts reclassified from accumulated other comprehensive income (loss) | -848 | 328 |
Ending Balance | ($7,505) | ($18,153) |
Investment_Securities_Schedule
Investment Securities Schedule of Amortized Cost and Fair Values of Investment Securities (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Statement of Investments [Line Items] | ' | ' |
Available-for-sale Securities, Amortized Cost Basis | $2,519,248 | $2,608,210 |
Available-for-sale Securities, Gross Unrealized Gain, Accumulated Investments | 46,234 | 46,681 |
Available-for-sale Securities, Gross Unrealized Loss, Accumulated Investments | 64,284 | 86,457 |
Available-for-sale Securities | 2,501,198 | 2,568,434 |
Equity Securities [Member] | ' | ' |
Statement of Investments [Line Items] | ' | ' |
Available-for-sale Securities, Amortized Cost Basis | 34,231 | 33,922 |
Available-for-sale Securities, Gross Unrealized Gain, Accumulated Investments | 11,524 | 12,355 |
Available-for-sale Securities, Gross Unrealized Loss, Accumulated Investments | 21 | 76 |
Available-for-sale Securities | 45,734 | 46,201 |
U.S. Government Securities [Member] | ' | ' |
Statement of Investments [Line Items] | ' | ' |
Available-for-sale Securities, Amortized Cost Basis | 526 | 525 |
Available-for-sale Securities, Gross Unrealized Gain, Accumulated Investments | 0 | 0 |
Available-for-sale Securities, Gross Unrealized Loss, Accumulated Investments | 0 | 0 |
Available-for-sale Securities | 526 | 525 |
U.S. Government-Sponsored Agency Securities [Member] | ' | ' |
Statement of Investments [Line Items] | ' | ' |
Available-for-sale Securities, Amortized Cost Basis | 275 | 720 |
Available-for-sale Securities, Gross Unrealized Gain, Accumulated Investments | 6 | 7 |
Available-for-sale Securities, Gross Unrealized Loss, Accumulated Investments | 1 | 1 |
Available-for-sale Securities | 280 | 726 |
State and Municipal Securities [Member] | ' | ' |
Statement of Investments [Line Items] | ' | ' |
Available-for-sale Securities, Amortized Cost Basis | 278,019 | 281,810 |
Available-for-sale Securities, Gross Unrealized Gain, Accumulated Investments | 7,190 | 6,483 |
Available-for-sale Securities, Gross Unrealized Loss, Accumulated Investments | 1,756 | 3,444 |
Available-for-sale Securities | 283,453 | 284,849 |
Corporate Debt Securities [Member] | ' | ' |
Statement of Investments [Line Items] | ' | ' |
Available-for-sale Securities, Amortized Cost Basis | 100,348 | 100,468 |
Available-for-sale Securities, Gross Unrealized Gain, Accumulated Investments | 6,292 | 5,685 |
Available-for-sale Securities, Gross Unrealized Loss, Accumulated Investments | 6,088 | 7,404 |
Available-for-sale Securities | 100,552 | 98,749 |
Collateralized Mortgage Obligations [Member] | ' | ' |
Statement of Investments [Line Items] | ' | ' |
Available-for-sale Securities, Amortized Cost Basis | 1,031,968 | 1,069,138 |
Available-for-sale Securities, Gross Unrealized Gain, Accumulated Investments | 7,638 | 8,036 |
Available-for-sale Securities, Gross Unrealized Loss, Accumulated Investments | 32,869 | 44,776 |
Available-for-sale Securities | 1,006,737 | 1,032,398 |
Mortgage Backed Securities, Other [Member] | ' | ' |
Statement of Investments [Line Items] | ' | ' |
Available-for-sale Securities, Amortized Cost Basis | 914,502 | ' |
Available-for-sale Securities | 916,203 | ' |
Mortgage-Backed Securities [Member] | ' | ' |
Statement of Investments [Line Items] | ' | ' |
Available-for-sale Securities, Amortized Cost Basis | ' | 949,328 |
Available-for-sale Securities, Gross Unrealized Gain, Accumulated Investments | 13,582 | 13,881 |
Available-for-sale Securities, Gross Unrealized Loss, Accumulated Investments | 11,881 | 17,497 |
Available-for-sale Securities | ' | 945,712 |
Auction Rate Securities [Member] | ' | ' |
Statement of Investments [Line Items] | ' | ' |
Available-for-sale Securities, Amortized Cost Basis | 159,379 | 172,299 |
Available-for-sale Securities, Gross Unrealized Gain, Accumulated Investments | 2 | 234 |
Available-for-sale Securities, Gross Unrealized Loss, Accumulated Investments | 11,668 | 13,259 |
Available-for-sale Securities | $147,713 | $159,274 |
Investment_Securities_Schedule1
Investment Securities Schedule of Amortized Cost and Fair Values of Debt Securities by Contractual Maturities (Details) (USD $) | Mar. 31, 2014 |
In Thousands, unless otherwise specified | |
Statement of Investments [Line Items] | ' |
Available-for-sale Securities, Debt Maturities, within One Year, Amortized Cost Basis | $30,424 |
Available-for-sale Securities, Debt Maturities, within One Year, Fair Value | 30,517 |
Available-for-sale Securities, Debt Maturities, after One Through Five Years, Amortized Cost Basis | 67,544 |
Available-for-sale Securities, Debt Maturities, after One Through Five Years, Fair Value | 71,350 |
Available-for-sale Securities, Debt Maturities, after Five Through Ten Years, Amortized Cost Basis | 199,377 |
Available-for-sale Securities, Debt Maturities, after Five Through Ten Years, Fair Value | 203,240 |
Available-for-sale Securities, Debt Maturities, after Ten Years, Amortized Cost Basis | 241,202 |
Available-for-sale Securities, Debt Maturities, after Ten Years, Fair Value | 227,417 |
Available for Sale Securities, Debt Securities, Amortized Cost, Before Securities Without Debt Maturities | 538,547 |
Available for Sale Securities, Debt Maturities, Before Securities Without Single Maturities | 532,524 |
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis | 2,485,017 |
Available for Sale, Estimated Fair Value | 2,455,464 |
Collateralized Mortgage Backed Securities [Member] | ' |
Statement of Investments [Line Items] | ' |
Available-for-sale Securities, Debt Maturities, without Single Maturity Date, Amortized Cost Basis | 1,031,968 |
Available-for-sale Securities, Debt Maturities, without Single Maturity Date, Fair Value | 1,006,737 |
Collateralized Mortgage Obligations [Member] | ' |
Statement of Investments [Line Items] | ' |
Available-for-sale Securities, Debt Maturities, without Single Maturity Date, Amortized Cost Basis | 914,502 |
Available-for-sale Securities, Debt Maturities, without Single Maturity Date, Fair Value | $916,203 |
Investment_Securities_Summary_
Investment Securities Summary of Gains and Losses from Equity and Debt Securities, and Losses from Other-than-Temporary Impairment (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Gain (Loss) on Investments [Line Items] | ' | ' |
Gross Realized Gains | $323 | $2,473 |
Available-for-sale Securities, Gross Realized Losses | -323 | 0 |
Available-for-sale Securities, Gross Realized Gain (Loss) | 0 | 2,473 |
Equity Securities [Member] | ' | ' |
Gain (Loss) on Investments [Line Items] | ' | ' |
Gross Realized Gains | 1 | 1,139 |
Available-for-sale Securities, Gross Realized Losses | 0 | 0 |
Available-for-sale Securities, Gross Realized Gain (Loss) | 1 | 1,139 |
Debt Securities [Member] | ' | ' |
Gain (Loss) on Investments [Line Items] | ' | ' |
Gross Realized Gains | 322 | 1,334 |
Available-for-sale Securities, Gross Realized Losses | -323 | 0 |
Available-for-sale Securities, Gross Realized Gain (Loss) | ($1) | $1,334 |
Investment_Securities_Summary_1
Investment Securities Summary of Cumulative Other-than-Temporary Impairment Charges Recognized as Components of Earnings (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Roll Forward] | ' | ' |
Balance of cumulative credit losses on debt securities, beginning of period | ($20,691) | ($23,079) |
Reductions for increases in cash flows expected to be collected that are recognized over the remaining life of the security | 4 | 0 |
Balance of cumulative credit losses on debt securities, end of period | ($20,687) | ($23,079) |
Investment_Securities_Gross_Un
Investment Securities Gross Unrealized Losses and Fair Values of Investments by Category and Length of Time in a Continuous Unrealized Loss Position (Details) (USD $) | Mar. 31, 2014 |
In Thousands, unless otherwise specified | |
Estimated Fair Value, Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | $1,091,977 |
Available-for-sale Securities, Continuous Unrealized Loss Position Less Than 12 Months, Aggregate Losses Accumulated In Investments | 27,371 |
Estimated Fair Value, Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 504,345 |
Unrealized Losses, Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses, | -36,913 |
Estimated Fair Value, Total | 1,596,322 |
Available-for-sale Securities, Continuous Unrealized Loss Position Aggregate Losses Accumulated In Investments | 64,284 |
US Government-sponsored Enterprises Debt Securities [Member] | ' |
Estimated Fair Value, Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 0 |
Estimated Fair Value, Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 50 |
Estimated Fair Value, Total | 50 |
Municipal Bonds [Member] | ' |
Estimated Fair Value, Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 50,286 |
Estimated Fair Value, Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 3,996 |
Estimated Fair Value, Total | 54,282 |
Corporate Debt Securities [Member] | ' |
Estimated Fair Value, Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 3,939 |
Estimated Fair Value, Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 38,804 |
Estimated Fair Value, Total | 42,743 |
Collateralized Mortgage Obligations [Member] | ' |
Estimated Fair Value, Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 416,584 |
Estimated Fair Value, Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 313,758 |
Estimated Fair Value, Total | 730,342 |
Collateralized Mortgage Backed Securities [Member] | ' |
Estimated Fair Value, Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 621,165 |
Estimated Fair Value, Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 0 |
Estimated Fair Value, Total | 621,165 |
Auction Rate Securities [Member] | ' |
Estimated Fair Value, Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 0 |
Estimated Fair Value, Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 147,619 |
Estimated Fair Value, Total | 147,619 |
Debt Securities [Member] | ' |
Estimated Fair Value, Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 1,091,974 |
Estimated Fair Value, Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 504,227 |
Estimated Fair Value, Total | 1,596,201 |
Equity Securities [Member] | ' |
Estimated Fair Value, Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 3 |
Estimated Fair Value, Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 118 |
Estimated Fair Value, Total | 121 |
US Government Agencies Debt Securities [Member] | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position Less Than 12 Months, Aggregate Losses Accumulated In Investments | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position 12 Months Or Longer, Aggregate Losses Accumulated In Investments | 1 |
Available-for-sale Securities, Continuous Unrealized Loss Position Aggregate Losses Accumulated In Investments | 1 |
Equity Securities [Member] | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position Less Than 12 Months, Aggregate Losses Accumulated In Investments | 1 |
Available-for-sale Securities, Continuous Unrealized Loss Position 12 Months Or Longer, Aggregate Losses Accumulated In Investments | 20 |
Available-for-sale Securities, Continuous Unrealized Loss Position Aggregate Losses Accumulated In Investments | 21 |
Debt Securities [Member] | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position Less Than 12 Months, Aggregate Losses Accumulated In Investments | 27,370 |
Available-for-sale Securities, Continuous Unrealized Loss Position 12 Months Or Longer, Aggregate Losses Accumulated In Investments | 36,893 |
Available-for-sale Securities, Continuous Unrealized Loss Position Aggregate Losses Accumulated In Investments | 64,263 |
Auction Rate Securities [Member] | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position Less Than 12 Months, Aggregate Losses Accumulated In Investments | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position 12 Months Or Longer, Aggregate Losses Accumulated In Investments | 11,668 |
Available-for-sale Securities, Continuous Unrealized Loss Position Aggregate Losses Accumulated In Investments | 11,668 |
Collateralized Mortgage Backed Securities [Member] | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position Less Than 12 Months, Aggregate Losses Accumulated In Investments | 11,881 |
Available-for-sale Securities, Continuous Unrealized Loss Position 12 Months Or Longer, Aggregate Losses Accumulated In Investments | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position Aggregate Losses Accumulated In Investments | 11,881 |
Collateralized Mortgage Obligations [Member] | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position Less Than 12 Months, Aggregate Losses Accumulated In Investments | 13,921 |
Available-for-sale Securities, Continuous Unrealized Loss Position 12 Months Or Longer, Aggregate Losses Accumulated In Investments | 18,948 |
Available-for-sale Securities, Continuous Unrealized Loss Position Aggregate Losses Accumulated In Investments | 32,869 |
Corporate Debt Securities [Member] | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position Less Than 12 Months, Aggregate Losses Accumulated In Investments | 58 |
Available-for-sale Securities, Continuous Unrealized Loss Position 12 Months Or Longer, Aggregate Losses Accumulated In Investments | 6,030 |
Available-for-sale Securities, Continuous Unrealized Loss Position Aggregate Losses Accumulated In Investments | 6,088 |
Municipal Bonds [Member] | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position Less Than 12 Months, Aggregate Losses Accumulated In Investments | 1,510 |
Available-for-sale Securities, Continuous Unrealized Loss Position 12 Months Or Longer, Aggregate Losses Accumulated In Investments | 246 |
Available-for-sale Securities, Continuous Unrealized Loss Position Aggregate Losses Accumulated In Investments | $1,756 |
Investment_Securities_Summary_2
Investment Securities Summary of Amortized Cost and Fair Values of Corporate Debt Securities (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-sale Securities, Debt Securities | $2,455,464 | ' |
Corporate Debt Securities Issued by Financial Institutions [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-sale Debt Securities, Amortized Cost Basis | 97,763 | 97,883 |
Available-for-sale Securities, Debt Securities | 97,967 | 96,164 |
Single-issuer Trust Preferred Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Number of Trust Preferred Securities Below Investment Grade | 22 | ' |
Available-for-sale Debt Securities, Amortized Cost Basis | 47,502 | 47,481 |
Available-for-sale Securities, Debt Securities | 41,879 | 40,531 |
Subordinated Debt [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-sale Debt Securities, Amortized Cost Basis | 47,436 | 47,405 |
Available-for-sale Securities, Debt Securities | 50,429 | 50,327 |
Pooled Trust Preferred Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Number of Trust Preferred Securities Below Investment Grade | 8 | ' |
Available-for-sale Debt Securities, Amortized Cost Basis | 2,825 | 2,997 |
Available-for-sale Securities, Debt Securities | 5,659 | 5,306 |
Other Corporate Debt Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-sale Debt Securities, Amortized Cost Basis | 2,585 | 2,585 |
Available-for-sale Securities, Debt Securities | 2,585 | 2,585 |
Corporate Debt Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-sale Debt Securities, Amortized Cost Basis | 100,348 | 100,468 |
Available-for-sale Securities, Debt Securities | $100,552 | $98,749 |
Investment_Securities_Narrativ
Investment Securities Narrative (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Dec. 31, 2013 | |
Statement of Investments [Line Items] | ' | ' |
Amortized cost | $2,519,248,000 | $2,608,210,000 |
Securities Available-for-sale | 2,501,198,000 | 2,568,434,000 |
SingleBankStockInvestment, cost basis | 20,000,000 | ' |
BankStockInvestmentFairValue | 27,900,000 | ' |
PercentOwnershipInAnIndividualFinancialInstitution | 70.10% | ' |
IndividualBankStockInvestmentPercenttoTotalPortfolio | 5.00% | ' |
Proceeds from Sale of Available-for-sale Securities | 11,900,000 | ' |
Auction Rate Certificates Not Subject To Any Additional Other Than Temporary Impairment Charges Fair Value | 147,700,000 | ' |
Available-for-sale Securities, Amortized Cost Basis | 2,519,248,000 | 2,608,210,000 |
Available-for-sale Securities | 2,501,198,000 | 2,568,434,000 |
Domestic Corporate debt securities | 100,600,000 | ' |
Available-for-sale Securities Pledged as Collateral | 1,800,000,000 | 0 |
Equity Securities [Member] | ' | ' |
Statement of Investments [Line Items] | ' | ' |
Amortized cost | 34,231,000 | 33,922,000 |
Securities Available-for-sale | 45,734,000 | 46,201,000 |
Available-for-sale Securities, Amortized Cost Basis | 34,231,000 | 33,922,000 |
Available-for-sale Securities | 45,734,000 | 46,201,000 |
Equity Securities Financial Institution [Member] | ' | ' |
Statement of Investments [Line Items] | ' | ' |
Available-for-sale Securities, Equity Securities | 39,800,000 | 40,600,000 |
Amortized cost | 28,500,000 | ' |
Securities Available-for-sale | 39,800,000 | ' |
Available-for-sale Securities, Amortized Cost Basis | 28,500,000 | ' |
Available-for-sale Securities | 39,800,000 | ' |
Equity Securities, Other [Member] | ' | ' |
Statement of Investments [Line Items] | ' | ' |
Available-for-sale Securities, Equity Securities | 5,900,000 | 5,600,000 |
Auction Rate Securities [Member] | ' | ' |
Statement of Investments [Line Items] | ' | ' |
Amortized cost | 159,379,000 | 172,299,000 |
Securities Available-for-sale | 147,713,000 | 159,274,000 |
Carrying value auction rate securities below investment grade | 4,000,000 | ' |
Percentage Auction Rate Securities Below Investment Grade | 3.00% | ' |
US Government Guaranteed student loans below investment grade | 3,000,000 | ' |
Percentage US Government guaranteed student loans below investment grade | 59.00% | ' |
US Government Guaranteed student loan auction rate securities | 146,000,000 | ' |
US Government Guaranteed student loan auction rate securities percentage | 99.00% | ' |
Available-for-sale Securities, Amortized Cost Basis | 159,379,000 | 172,299,000 |
Available-for-sale Securities | 147,713,000 | 159,274,000 |
Pooled Trust Preferred Securities [Member] | ' | ' |
Statement of Investments [Line Items] | ' | ' |
Number of Trust Preferred Securities Below Investment Grade | 8 | ' |
Single-issuer Trust Preferred Securities [Member] | ' | ' |
Statement of Investments [Line Items] | ' | ' |
Unrealized Gain (Loss) on Securities | -5,600,000 | ' |
Number of Trust Preferred Securities Below Investment Grade | 22 | ' |
Moody's, A2 Rating [Member] | Auction Rate Securities [Member] | ' | ' |
Statement of Investments [Line Items] | ' | ' |
Carrying Value Auction Rate Securities Rated Investment Grade | 103,000,000 | ' |
Percentage Auction Rate Securities Investment Grade | 70.00% | ' |
Moody's, A3 Rating [Member] | Auction Rate Securities [Member] | ' | ' |
Statement of Investments [Line Items] | ' | ' |
Carrying Value Auction Rate Securities Rated Investment Grade | 6,000,000 | ' |
Percentage Auction Rate Securities Investment Grade | 4.00% | ' |
External Credit Rating, BBB [Member] | Single-issuer Trust Preferred Securities [Member] | ' | ' |
Statement of Investments [Line Items] | ' | ' |
Amortized cost | 4,700,000 | ' |
Securities Available-for-sale | 3,800,000 | ' |
Available-for-sale Securities, Amortized Cost Basis | 4,700,000 | ' |
Available-for-sale Securities | 3,800,000 | ' |
External Credit Rating, Rated Above Investment Grade [Member] | Auction Rate Securities [Member] | ' | ' |
Statement of Investments [Line Items] | ' | ' |
Carrying Value Action Rate Securities Above Investment Grade | 143,000,000 | ' |
Percentage Action Rate Securities Above Investment Grade | 97.00% | ' |
External Credit Rating, Rated Below Investment Grade [Member] | Pooled Trust Preferred Securities [Member] | ' | ' |
Statement of Investments [Line Items] | ' | ' |
Amortized cost | 2,800,000 | ' |
Securities Available-for-sale | 5,700,000 | ' |
Available-for-sale Securities, Amortized Cost Basis | 2,800,000 | ' |
Available-for-sale Securities | 5,700,000 | ' |
External Credit Rating, Rated Below Investment Grade [Member] | Single-issuer Trust Preferred Securities [Member] | ' | ' |
Statement of Investments [Line Items] | ' | ' |
Amortized cost | 13,500,000 | ' |
Securities Available-for-sale | 11,700,000 | ' |
Number of Trust Preferred Securities Below Investment Grade | 6 | ' |
Available-for-sale Securities, Amortized Cost Basis | 13,500,000 | ' |
Available-for-sale Securities | $11,700,000 | ' |
Loans_and_Allowance_for_Credit2
Loans and Allowance for Credit Losses Summary Of Gross Loans (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
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 | 12,377,288 |
Real-estate commercial mortage [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Loans, gross of unearned income | 5,137,454 | 5,101,922 | ' |
Loans, net of unearned income | 5,137,454 | 5,101,922 | 4,729,930 |
Commercial - industrial, financial, and agricultural | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Loans, gross of unearned income | 3,574,130 | 3,628,420 | ' |
Loans, net of unearned income | 3,574,130 | 3,628,420 | 3,658,483 |
Real-estate - home equity [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Loans, gross of unearned income | 1,740,496 | 1,764,197 | ' |
Loans, net of unearned income | 1,740,496 | 1,764,197 | 1,689,446 |
Real-estate - residential mortgage [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Loans, gross of unearned income | 1,331,465 | 1,337,380 | ' |
Loans, net of unearned income | 1,331,465 | 1,337,380 | 1,303,454 |
Real-estate - construction | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Loans, gross of unearned income | 584,217 | 573,672 | ' |
Loans, net of unearned income | 584,217 | 573,672 | 597,597 |
Consumer | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Loans, gross of unearned income | 270,021 | 283,124 | ' |
Loans, net of unearned income | 270,021 | 283,124 | 309,138 |
Leasing and other [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Loans, gross of unearned income | 103,192 | 99,256 | ' |
Overdrafts [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Loans, gross of unearned income | $3,034 | $4,045 | ' |
Loans_and_Allowance_for_Credit3
Loans and Allowance for Credit Losses Allowance for Credit Losses (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||||
Loans and Leases Receivable, Allowance [Abstract] | ' | ' | ' | ' |
Loans and Leases Receivable, Allowance | $197,089 | $202,780 | $220,041 | $223,903 |
Reserve For Unfunded Lending Commitments | 1,917 | 2,137 | ' | ' |
Financing Receivable, Allowance for Credit Losses | $199,006 | $204,917 | $221,527 | $225,439 |
Loans_and_Allowance_for_Credit4
Loans and Allowance for Credit Losses Activity in the Allowance for Credit Losses (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Allowance for Loan and Lease Losses [Roll Forward] | ' | ' |
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 |
Loans_and_Allowance_for_Credit5
Loans and Allowance for Credit Losses Allowance for Loan Losses by Portfolio Segment (Details) (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | ||
Beginning Balance | $202,780 | $223,903 | ||
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 loan losses | 2,720 | [1] | 15,050 | |
Ending Balance | 197,089 | 220,041 | ||
Real-estate commercial mortage [Member] | ' | ' | ||
Beginning Balance | 55,659 | 62,928 | ||
Loans charged off | -1,386 | -4,133 | ||
Recoveries of loans previously charged off | 44 | 1,064 | ||
Net loans charged off | -1,342 | -3,069 | ||
Provision for loan losses | -560 | [1] | 4,126 | |
Ending Balance | 53,757 | 63,985 | ||
Commercial - industrial, financial, and agricultural | ' | ' | ||
Beginning Balance | 50,330 | 60,205 | ||
Loans charged off | -5,125 | -9,502 | ||
Recoveries of loans previously charged off | 744 | 379 | ||
Net loans charged off | -4,381 | -9,123 | ||
Provision for loan losses | 4,614 | [1] | 5,590 | |
Ending Balance | 50,563 | 56,672 | ||
Real-estate - home equity [Member] | ' | ' | ||
Beginning Balance | 28,222 | 22,776 | ||
Loans charged off | -1,651 | -2,404 | ||
Recoveries of loans previously charged off | 356 | 331 | ||
Net loans charged off | -1,295 | -2,073 | ||
Provision for loan losses | 5,533 | [1] | 2,998 | |
Ending Balance | 32,460 | 23,701 | ||
Real-estate - residential mortgage [Member] | ' | ' | ||
Beginning Balance | 33,082 | 34,536 | ||
Loans charged off | -846 | -3,050 | ||
Recoveries of loans previously charged off | 116 | 81 | ||
Net loans charged off | -730 | -2,969 | ||
Provision for loan losses | 977 | [1] | 1,917 | |
Ending Balance | 33,329 | 33,484 | ||
Real-estate - construction | ' | ' | ||
Beginning Balance | 12,649 | 17,287 | ||
Loans charged off | -214 | -1,986 | ||
Recoveries of loans previously charged off | 224 | 671 | ||
Net loans charged off | 10 | -1,315 | ||
Provision for loan losses | -2,817 | [1] | 32 | |
Ending Balance | 9,842 | 16,004 | ||
Consumer | ' | ' | ||
Beginning Balance | 3,260 | 2,367 | ||
Loans charged off | -751 | -550 | ||
Recoveries of loans previously charged off | 209 | 506 | ||
Net loans charged off | -542 | -44 | ||
Provision for loan losses | 606 | [1] | -37 | |
Ending Balance | 3,324 | 2,286 | ||
Leasing and other and overdrafts [Member] | ' | ' | ||
Beginning Balance | 3,370 | 2,752 | ||
Loans charged off | -295 | -481 | ||
Recoveries of loans previously charged off | 164 | 162 | ||
Net loans charged off | -131 | -319 | ||
Provision for loan losses | -1,228 | [1] | 354 | |
Ending Balance | 2,011 | 2,787 | ||
Unallocated | ' | ' | ||
Beginning Balance | 16,208 | 21,052 | ||
Loans charged off | 0 | 0 | ||
Recoveries of loans previously charged off | 0 | 0 | ||
Net loans charged off | 0 | 0 | ||
Provision for loan losses | -4,405 | [1] | 70 | |
Ending Balance | $11,803 | [2] | $21,122 | [2] |
[1] | The provision for loan losses excluded a $220,000 decrease in the reserve for unfunded lending commitments for the three months ended MarchB 31, 2014 and excluded a $50,000 decrease in the reserve for unfunded lending commitments for the three months ended MarchB 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 MarchB 31, 2014 and $15.0 million for the three months ended MarchB 31, 2013. | |||
[2] | The unallocated allowance, which was approximately 6% and 10% of the total allowance for credit losses as of MarchB 31, 2014 and MarchB 31, 2013, respectively, was, in the opinion of management, reasonable and appropriate given that the estimates used in the allocation process are inherently imprecise. |
Loans_and_Allowance_for_Credit6
Loans and Allowance for Credit Losses Present Loans, Net of Unearned Income and Their Related Allowance for Loan Losses, by Portfolio Segment (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||||
Allowance for loan losses measured for impairment under FASB ASC Subtopic 450-20 | $133,188 | ' | $139,919 | ' | ||
Allowance for loan losses evaluated for impairment under FASB ASC Section 310-10-35 | 63,901 | ' | 80,122 | ' | ||
Allowance for loan losses | 197,089 | 202,780 | 220,041 | 223,903 | ||
Loans, net of unearned income, measured for impairment under FASB ASC Subtopic 450-20 | 12,532,403 | ' | 12,114,733 | ' | ||
Loans, net of unearned income, evaluated for impairment under FASB ASC Subtopic 310-10-35 | 201,389 | ' | 262,555 | ' | ||
Loans, net of unearned income | 12,733,792 | 12,782,220 | 12,377,288 | ' | ||
Real-estate commercial mortage [Member] | ' | ' | ' | ' | ||
Allowance for loan losses measured for impairment under FASB ASC Subtopic 450-20 | 37,363 | ' | 40,920 | ' | ||
Allowance for loan losses evaluated for impairment under FASB ASC Section 310-10-35 | 16,394 | ' | 23,065 | ' | ||
Allowance for loan losses | 53,757 | 55,659 | 63,985 | 62,928 | ||
Loans, net of unearned income, measured for impairment under FASB ASC Subtopic 450-20 | 5,075,556 | ' | 4,646,355 | ' | ||
Loans, net of unearned income, evaluated for impairment under FASB ASC Subtopic 310-10-35 | 61,898 | ' | 83,575 | ' | ||
Loans, net of unearned income | 5,137,454 | 5,101,922 | 4,729,930 | ' | ||
ERROR in label resolution. | ' | ' | ' | ' | ||
Allowance for loan losses measured for impairment under FASB ASC Subtopic 450-20 | 36,859 | ' | 38,988 | ' | ||
Allowance for loan losses evaluated for impairment under FASB ASC Section 310-10-35 | 13,704 | ' | 17,684 | ' | ||
Allowance for loan losses | 50,563 | 50,330 | 56,672 | 60,205 | ||
Loans, net of unearned income, measured for impairment under FASB ASC Subtopic 450-20 | 3,528,857 | ' | 3,591,753 | ' | ||
Loans, net of unearned income, evaluated for impairment under FASB ASC Subtopic 310-10-35 | 45,273 | ' | 66,730 | ' | ||
Loans, net of unearned income | 3,574,130 | 3,628,420 | 3,658,483 | ' | ||
Home Equity [Member] | ' | ' | ' | ' | ||
Allowance for loan losses measured for impairment under FASB ASC Subtopic 450-20 | 22,969 | ' | 14,947 | ' | ||
Allowance for loan losses evaluated for impairment under FASB ASC Section 310-10-35 | 9,491 | ' | 8,754 | ' | ||
Allowance for loan losses | 32,460 | 28,222 | 23,701 | 22,776 | ||
Loans, net of unearned income, measured for impairment under FASB ASC Subtopic 450-20 | 1,726,342 | ' | 1,675,577 | ' | ||
Loans, net of unearned income, evaluated for impairment under FASB ASC Subtopic 310-10-35 | 14,154 | ' | 13,869 | ' | ||
Loans, net of unearned income | 1,740,496 | 1,764,197 | 1,689,446 | ' | ||
Real-estate - residential mortgage [Member] | ' | ' | ' | ' | ||
Allowance for loan losses measured for impairment under FASB ASC Subtopic 450-20 | 11,618 | ' | 10,075 | ' | ||
Allowance for loan losses evaluated for impairment under FASB ASC Section 310-10-35 | 21,711 | ' | 23,409 | ' | ||
Allowance for loan losses | 33,329 | 33,082 | 33,484 | 34,536 | ||
Loans, net of unearned income, measured for impairment under FASB ASC Subtopic 450-20 | 1,279,783 | ' | 1,247,976 | ' | ||
Loans, net of unearned income, evaluated for impairment under FASB ASC Subtopic 310-10-35 | 51,682 | ' | 55,478 | ' | ||
Loans, net of unearned income | 1,331,465 | 1,337,380 | 1,303,454 | ' | ||
Real-estate - construction | ' | ' | ' | ' | ||
Allowance for loan losses measured for impairment under FASB ASC Subtopic 450-20 | 7,256 | ' | 8,838 | ' | ||
Allowance for loan losses evaluated for impairment under FASB ASC Section 310-10-35 | 2,586 | ' | 7,166 | ' | ||
Allowance for loan losses | 9,842 | 12,649 | 16,004 | 17,287 | ||
Loans, net of unearned income, measured for impairment under FASB ASC Subtopic 450-20 | 555,852 | ' | 554,757 | ' | ||
Loans, net of unearned income, evaluated for impairment under FASB ASC Subtopic 310-10-35 | 28,365 | ' | 42,840 | ' | ||
Loans, net of unearned income | 584,217 | 573,672 | 597,597 | ' | ||
Consumer | ' | ' | ' | ' | ||
Allowance for loan losses measured for impairment under FASB ASC Subtopic 450-20 | 3,309 | ' | 2,271 | ' | ||
Allowance for loan losses evaluated for impairment under FASB ASC Section 310-10-35 | 15 | ' | 15 | ' | ||
Allowance for loan losses | 3,324 | 3,260 | 2,286 | 2,367 | ||
Loans, net of unearned income, measured for impairment under FASB ASC Subtopic 450-20 | 270,004 | ' | 309,120 | ' | ||
Loans, net of unearned income, evaluated for impairment under FASB ASC Subtopic 310-10-35 | 17 | ' | 18 | ' | ||
Loans, net of unearned income | 270,021 | 283,124 | 309,138 | ' | ||
Leasing and other and overdrafts [Member] | ' | ' | ' | ' | ||
Allowance for loan losses measured for impairment under FASB ASC Subtopic 450-20 | 2,011 | ' | 2,758 | ' | ||
Allowance for loan losses evaluated for impairment under FASB ASC Section 310-10-35 | 0 | ' | 29 | ' | ||
Allowance for loan losses | 2,011 | 3,370 | 2,787 | 2,752 | ||
Loans, net of unearned income, measured for impairment under FASB ASC Subtopic 450-20 | 96,009 | ' | 89,195 | ' | ||
Loans, net of unearned income, evaluated for impairment under FASB ASC Subtopic 310-10-35 | 0 | ' | 45 | ' | ||
Loans, net of unearned income | 96,009 | 93,505 | 89,240 | ' | ||
Unallocated | ' | ' | ' | ' | ||
Allowance for loan losses measured for impairment under FASB ASC Subtopic 450-20 | 11,803 | [1] | ' | 21,122 | [1] | ' |
Allowance for loan losses | $11,803 | [1] | $16,208 | $21,122 | [1] | $21,052 |
[1] | The unallocated allowance, which was approximately 6% and 10% of the total allowance for credit losses as of MarchB 31, 2014 and MarchB 31, 2013, respectively, was, in the opinion of management, reasonable and appropriate given that the estimates used in the allocation process are inherently imprecise. |
Loans_and_Allowance_for_Credit7
Loans and Allowance for Credit Losses Allowance on Sold Loans (Details) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2013 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' |
Unpaid principal balance of loans sold | $13,160 |
Charge-offs prior to sale | -3,280 |
Net recorded investment in loans sold | 9,880 |
Proceeds from sale, net of selling expenses | 4,640 |
Total charge-off upon sale | 5,240 |
Existing allocation for credit losses on sold loans | -5,130 |
Real-estate commercial mortage [Member] | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' |
Unpaid principal balance of loans sold | 7,690 |
Charge-offs prior to sale | -2,420 |
Net recorded investment in loans sold | 5,270 |
Proceeds from sale, net of selling expenses | 2,770 |
Total charge-off upon sale | 2,500 |
Existing allocation for credit losses on sold loans | -2,870 |
Commercial - industrial, financial, and agricultural | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' |
Unpaid principal balance of loans sold | 4,730 |
Charge-offs prior to sale | -710 |
Net recorded investment in loans sold | 4,020 |
Proceeds from sale, net of selling expenses | 1,730 |
Total charge-off upon sale | 2,290 |
Existing allocation for credit losses on sold loans | -1,960 |
Real-estate - construction | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' |
Unpaid principal balance of loans sold | 740 |
Charge-offs prior to sale | -150 |
Net recorded investment in loans sold | 590 |
Proceeds from sale, net of selling expenses | 140 |
Total charge-off upon sale | 450 |
Existing allocation for credit losses on sold loans | ($300) |
Loans_and_Allowance_for_Credit8
Loans and Allowance for Credit Losses Total Impaired Loans by Class Segments (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 |
Real-estate commercial mortage [Member] | Real-estate commercial mortage [Member] | Commercial - Secured [Member] | Commercial - Secured [Member] | Commercial - unsecured [Member] | Commercial - unsecured [Member] | Real-estate - home equity [Member] | Real-estate - home equity [Member] | Real-estate - residential mortgage [Member] | Real-estate - residential mortgage [Member] | Construction - commercial residential [Member] | Construction - commercial residential [Member] | Construction - Commercial [Member] | Construction - Commercial [Member] | Construction other [Member] | Construction other [Member] | Consumer - direct [Member] | Consumer - direct [Member] | Consumer - Indirect [Member] | Consumer - Indirect [Member] | Nonperforming Financing Receivable [Member] | |||
Impaired Financing Receivables [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Impaired Loans Balances, Real Estate as Collateral | $1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Financing Receivable, Recorded Investment, Days Outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 90 |
Unpaid principal balance, with no related allowance | 81,478,000 | 75,120,000 | 27,433,000 | 28,892,000 | 23,862,000 | 23,890,000 | ' | ' | 399,000 | 399,000 | 317,000 | 0 | 26,475,000 | 18,943,000 | 2,992,000 | 2,996,000 | ' | ' | ' | ' | ' | ' | ' |
Unpaid principal balance, with related allowance | 182,147,000 | 189,713,000 | 47,010,000 | 43,282,000 | 36,309,000 | 34,267,000 | 693,000 | 1,113,000 | 19,420,000 | 20,383,000 | 61,733,000 | 63,682,000 | 15,753,000 | 25,769,000 | 481,000 | 485,000 | 718,000 | 719,000 | 15,000 | 11,000 | 15,000 | 2,000 | ' |
Unpaid Principal Balance | 263,625,000 | 264,833,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Recorded investment, with no related allowance | 67,642,000 | 61,893,000 | 23,491,000 | 24,494,000 | 20,867,000 | 21,383,000 | ' | ' | 300,000 | 300,000 | 317,000 | 0 | 20,705,000 | 13,740,000 | 1,962,000 | 1,976,000 | ' | ' | ' | ' | ' | ' | ' |
Recorded investment, with related allowance | 133,747,000 | 139,971,000 | 38,407,000 | 35,830,000 | 23,765,000 | 22,324,000 | 641,000 | 1,048,000 | 13,854,000 | 14,337,000 | 51,365,000 | 51,097,000 | 4,963,000 | 14,579,000 | 191,000 | 195,000 | 544,000 | 548,000 | 15,000 | 11,000 | 2,000 | 2,000 | ' |
Recorded Investment | 201,389,000 | 201,864,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Related Allowance | $63,901,000 | $63,198,000 | $16,394,000 | $14,444,000 | $13,232,000 | $13,315,000 | $472,000 | $752,000 | $9,491,000 | $9,059,000 | $21,711,000 | $21,745,000 | $2,212,000 | $3,493,000 | $76,000 | $77,000 | $298,000 | $301,000 | $13,000 | $10,000 | $2,000 | $2,000 | ' |
Loans_and_Allowance_for_Credit9
Loans and Allowance for Credit Losses Average Impaired Loans by Class Segment (Details) (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | ||
Financing Receivable, Impaired [Line Items] | ' | ' | ||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | $64,769 | $92,444 | ||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 182 | [1] | 272 | [1] |
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 136,861 | 174,008 | ||
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 520 | [1] | 667 | [1] |
Impaired Financing Receivable, Average Recorded Investment | 201,630 | 266,452 | ||
Impaired Financing Receivable, Interest Income, Accrual Method | 702 | [1] | 939 | [1] |
Real-estate commercial mortage [Member] | ' | ' | ||
Financing Receivable, Impaired [Line Items] | ' | ' | ||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 23,993 | 32,140 | ||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 86 | [1] | 160 | [1] |
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 37,119 | 54,464 | ||
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 132 | [1] | 221 | [1] |
Commercial - Secured [Member] | ' | ' | ||
Financing Receivable, Impaired [Line Items] | ' | ' | ||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 21,125 | 31,413 | ||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 35 | [1] | 34 | [1] |
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 23,045 | 35,864 | ||
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 38 | [1] | 43 | [1] |
Commercial - unsecured [Member] | ' | ' | ||
Financing Receivable, Impaired [Line Items] | ' | ' | ||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 0 | 66 | ||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 0 | [1] | 0 | [1] |
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 845 | 1,743 | ||
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 1 | [1] | 2 | [1] |
Real-estate - home equity [Member] | ' | ' | ||
Financing Receivable, Impaired [Line Items] | ' | ' | ||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 300 | 205 | ||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 0 | [1] | 1 | [1] |
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 14,096 | 13,301 | ||
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 20 | [1] | 16 | [1] |
Real-estate - residential mortgage [Member] | ' | ' | ||
Financing Receivable, Impaired [Line Items] | ' | ' | ||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 159 | 991 | ||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 1 | [1] | 12 | [1] |
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 51,231 | 53,797 | ||
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 294 | [1] | 339 | [1] |
Construction - Commercial Residential [Member] | ' | ' | ||
Financing Receivable, Impaired [Line Items] | ' | ' | ||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 17,223 | 22,650 | ||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 60 | [1] | 63 | [1] |
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 9,771 | 11,496 | ||
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 35 | [1] | 42 | [1] |
Construction - Commercial [Member] | ' | ' | ||
Financing Receivable, Impaired [Line Items] | ' | ' | ||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 1,969 | 4,979 | ||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 0 | [1] | 2 | [1] |
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 193 | 2,758 | ||
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 0 | [1] | 3 | [1] |
Construction other [Member] | ' | ' | ||
Financing Receivable, Impaired [Line Items] | ' | ' | ||
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 546 | 533 | ||
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 0 | [1] | 1 | [1] |
Consumer - direct [Member] | ' | ' | ||
Financing Receivable, Impaired [Line Items] | ' | ' | ||
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 13 | 24 | ||
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 0 | [1] | 0 | [1] |
Consumer - Indirect [Member] | ' | ' | ||
Financing Receivable, Impaired [Line Items] | ' | ' | ||
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 2 | 0 | ||
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 0 | [1] | 0 | [1] |
Leasing and other and overdrafts [Member] | ' | ' | ||
Financing Receivable, Impaired [Line Items] | ' | ' | ||
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 0 | 28 | ||
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | $0 | [1] | $0 | [1] |
[1] | All impaired loans, excluding accruing TDRs, were non-accrual loans. Interest income recognized for the three months ended MarchB 31, 2014 and 2013 represents amounts earned on accruing TDRs. |
Recovered_Sheet1
Loans and Allowance for Credit Losses Credit Quality Indicators (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Internal risk ratings for loans by segment [Line Items] | ' | ' |
Loans, gross of unearned income | $12,744,009 | $12,792,016 |
Commercial Loans, Commerical Mortgages, Constructions Loans [Member] | ' | ' |
Internal risk ratings for loans by segment [Line Items] | ' | ' |
Loans, gross of unearned income | 9,224,221 | 9,235,208 |
Percentage of total loans rated | 100.00% | 100.00% |
Real-estate commercial mortage [Member] | ' | ' |
Internal risk ratings for loans by segment [Line Items] | ' | ' |
Loans, gross of unearned income | 5,137,454 | 5,101,922 |
Commercial - industrial, financial, and agricultural | ' | ' |
Internal risk ratings for loans by segment [Line Items] | ' | ' |
Loans, gross of unearned income | 3,574,130 | 3,628,420 |
Commercial - Secured [Member] | ' | ' |
Internal risk ratings for loans by segment [Line Items] | ' | ' |
Loans, gross of unearned income | 3,375,041 | 3,404,163 |
Commercial - Unsecured [Member] | ' | ' |
Internal risk ratings for loans by segment [Line Items] | ' | ' |
Loans, gross of unearned income | 199,089 | 224,257 |
Construction, Excluding Contstruction Other [Member] | ' | ' |
Internal risk ratings for loans by segment [Line Items] | ' | ' |
Loans, gross of unearned income | 512,637 | 504,866 |
Construction - Commercial Residential [Member] | ' | ' |
Internal risk ratings for loans by segment [Line Items] | ' | ' |
Loans, gross of unearned income | 229,541 | 235,369 |
Construction - Commercial [Member] | ' | ' |
Internal risk ratings for loans by segment [Line Items] | ' | ' |
Loans, gross of unearned income | 283,096 | 269,497 |
Pass [Member] | Commercial Loans, Commerical Mortgages, Constructions Loans [Member] | ' | ' |
Internal risk ratings for loans by segment [Line Items] | ' | ' |
Loans, gross of unearned income | 8,554,787 | 8,545,473 |
Percentage of total loans rated | 92.70% | 92.60% |
Pass [Member] | Real-estate commercial mortage [Member] | ' | ' |
Internal risk ratings for loans by segment [Line Items] | ' | ' |
Loans, gross of unearned income | 4,833,982 | 4,763,987 |
Pass [Member] | Commercial - industrial, financial, and agricultural | ' | ' |
Internal risk ratings for loans by segment [Line Items] | ' | ' |
Loans, gross of unearned income | 3,293,273 | 3,377,004 |
Pass [Member] | Commercial - Secured [Member] | ' | ' |
Internal risk ratings for loans by segment [Line Items] | ' | ' |
Loans, gross of unearned income | 3,109,539 | 3,167,168 |
Pass [Member] | Commercial - Unsecured [Member] | ' | ' |
Internal risk ratings for loans by segment [Line Items] | ' | ' |
Loans, gross of unearned income | 183,734 | 209,836 |
Pass [Member] | Construction, Excluding Contstruction Other [Member] | ' | ' |
Internal risk ratings for loans by segment [Line Items] | ' | ' |
Loans, gross of unearned income | 427,532 | 404,482 |
Pass [Member] | Construction - Commercial Residential [Member] | ' | ' |
Internal risk ratings for loans by segment [Line Items] | ' | ' |
Loans, gross of unearned income | 153,495 | 146,041 |
Pass [Member] | Construction - Commercial [Member] | ' | ' |
Internal risk ratings for loans by segment [Line Items] | ' | ' |
Loans, gross of unearned income | 274,037 | 258,441 |
Special Mention [Member] | Commercial Loans, Commerical Mortgages, Constructions Loans [Member] | ' | ' |
Internal risk ratings for loans by segment [Line Items] | ' | ' |
Loans, gross of unearned income | 302,945 | 298,746 |
Percentage of total loans rated | 3.30% | 3.20% |
Special Mention [Member] | Real-estate commercial mortage [Member] | ' | ' |
Internal risk ratings for loans by segment [Line Items] | ' | ' |
Loans, gross of unearned income | 122,929 | 141,013 |
Special Mention [Member] | Commercial - industrial, financial, and agricultural | ' | ' |
Internal risk ratings for loans by segment [Line Items] | ' | ' |
Loans, gross of unearned income | 147,545 | 123,279 |
Special Mention [Member] | Commercial - Secured [Member] | ' | ' |
Internal risk ratings for loans by segment [Line Items] | ' | ' |
Loans, gross of unearned income | 137,176 | 111,613 |
Special Mention [Member] | Commercial - Unsecured [Member] | ' | ' |
Internal risk ratings for loans by segment [Line Items] | ' | ' |
Loans, gross of unearned income | 10,369 | 11,666 |
Special Mention [Member] | Construction, Excluding Contstruction Other [Member] | ' | ' |
Internal risk ratings for loans by segment [Line Items] | ' | ' |
Loans, gross of unearned income | 32,471 | 34,454 |
Special Mention [Member] | Construction - Commercial Residential [Member] | ' | ' |
Internal risk ratings for loans by segment [Line Items] | ' | ' |
Loans, gross of unearned income | 29,556 | 31,522 |
Special Mention [Member] | Construction - Commercial [Member] | ' | ' |
Internal risk ratings for loans by segment [Line Items] | ' | ' |
Loans, gross of unearned income | 2,915 | 2,932 |
Substandard [Member] | Commercial Loans, Commerical Mortgages, Constructions Loans [Member] | ' | ' |
Internal risk ratings for loans by segment [Line Items] | ' | ' |
Loans, gross of unearned income | 366,489 | 390,989 |
Percentage of total loans rated | 4.00% | 4.20% |
Substandard [Member] | Real-estate commercial mortage [Member] | ' | ' |
Internal risk ratings for loans by segment [Line Items] | ' | ' |
Loans, gross of unearned income | 180,543 | 196,922 |
Substandard [Member] | Commercial - industrial, financial, and agricultural | ' | ' |
Internal risk ratings for loans by segment [Line Items] | ' | ' |
Loans, gross of unearned income | 133,312 | 128,137 |
Substandard [Member] | Commercial - Secured [Member] | ' | ' |
Internal risk ratings for loans by segment [Line Items] | ' | ' |
Loans, gross of unearned income | 128,326 | 125,382 |
Substandard [Member] | Commercial - Unsecured [Member] | ' | ' |
Internal risk ratings for loans by segment [Line Items] | ' | ' |
Loans, gross of unearned income | 4,986 | 2,755 |
Substandard [Member] | Construction, Excluding Contstruction Other [Member] | ' | ' |
Internal risk ratings for loans by segment [Line Items] | ' | ' |
Loans, gross of unearned income | 52,634 | 65,930 |
Substandard [Member] | Construction - Commercial Residential [Member] | ' | ' |
Internal risk ratings for loans by segment [Line Items] | ' | ' |
Loans, gross of unearned income | 46,490 | 57,806 |
Substandard [Member] | Construction - Commercial [Member] | ' | ' |
Internal risk ratings for loans by segment [Line Items] | ' | ' |
Loans, gross of unearned income | $6,144 | $8,124 |
Recovered_Sheet2
Loans and Allowance for Credit Losses Summary of Delinquency and Non-Performing Status by Portfolio Segment (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | Commercial - Unsecured [Member] | Commercial - Unsecured [Member] | Commercial Loans, Commerical Mortgages, Constructions Loans [Member] | Commercial Loans, Commerical Mortgages, Constructions Loans [Member] | Real-estate - home equity [Member] | Real-estate - home equity [Member] | Real-estate - home equity [Member] | Real-estate - residential mortgage [Member] | Real-estate - residential mortgage [Member] | Real-estate - residential mortgage [Member] | Construction other [Member] | Construction other [Member] | Total Consumer | Total Consumer | Total Consumer | Consumer - direct [Member] | Consumer - direct [Member] | Consumer - Indirect [Member] | Consumer - Indirect [Member] | Leasing and other and overdrafts [Member] | Leasing and other and overdrafts [Member] | Leasing and other and overdrafts [Member] | Nonperforming Financing Receivable [Member] | Nonperforming Financing Receivable [Member] | Nonperforming Financing Receivable [Member] | Nonperforming Financing Receivable [Member] | Nonperforming Financing Receivable [Member] | Nonperforming Financing Receivable [Member] | Nonperforming Financing Receivable [Member] | Nonperforming Financing Receivable [Member] | Nonperforming Financing Receivable [Member] | Nonperforming Financing Receivable [Member] | Nonperforming Financing Receivable [Member] | Nonperforming Financing Receivable [Member] | Nonperforming Financing Receivable [Member] | Nonperforming Financing Receivable [Member] | Nonperforming Financing Receivable [Member] | Nonperforming Financing Receivable [Member] | Nonperforming Financing Receivable [Member] | Performing Financing Receivable [Member] | Performing Financing Receivable [Member] | Performing Financing Receivable [Member] | Performing Financing Receivable [Member] | Performing Financing Receivable [Member] | Performing Financing Receivable [Member] | Performing Financing Receivable [Member] | Performing Financing Receivable [Member] | Performing Financing Receivable [Member] | Performing Financing Receivable [Member] | Performing Financing Receivable [Member] | Performing Financing Receivable [Member] | Performing Financing Receivable [Member] | Performing Financing Receivable [Member] | Performing Financing Receivable [Member] | Performing Financing Receivable [Member] | |||
Commercial Loans, Commerical Mortgages, Constructions Loans [Member] | Commercial Loans, Commerical Mortgages, Constructions Loans [Member] | Real-estate - home equity [Member] | Real-estate - home equity [Member] | Real-estate - residential mortgage [Member] | Real-estate - residential mortgage [Member] | Construction other [Member] | Construction other [Member] | Total Consumer | Total Consumer | Consumer - direct [Member] | Consumer - direct [Member] | Consumer - Indirect [Member] | Consumer - Indirect [Member] | Leasing and other and overdrafts [Member] | Leasing and other and overdrafts [Member] | Commercial Loans, Commerical Mortgages, Constructions Loans [Member] | Commercial Loans, Commerical Mortgages, Constructions Loans [Member] | Real-estate - home equity [Member] | Real-estate - home equity [Member] | Real-estate - residential mortgage [Member] | Real-estate - residential mortgage [Member] | Construction other [Member] | Construction other [Member] | Total Consumer | Total Consumer | Consumer - direct [Member] | Consumer - direct [Member] | Consumer - Indirect [Member] | Consumer - Indirect [Member] | Leasing and other and overdrafts [Member] | Leasing and other and overdrafts [Member] | |||||||||||||||||||||||||||
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Financing Receivable, Recorded Investment, Days Outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 90 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loans and Leases Receivable, Net of Deferred Income | $12,733,792 | $12,782,220 | $12,377,288 | $199,089 | $224,257 | $3,509,571 | $3,547,012 | $1,740,496 | $1,764,197 | $1,689,446 | $1,331,465 | $1,337,380 | $1,303,454 | $71,580 | $68,806 | $270,021 | $283,124 | $309,138 | $123,254 | $132,643 | $146,767 | $150,481 | $96,009 | $93,505 | $89,240 | ' | $50,010 | $51,469 | $17,088 | $16,983 | $29,305 | $31,347 | $544 | $548 | $2,999 | $2,543 | $2,872 | $2,391 | $127 | $152 | $74 | $48 | $3,419,489 | $3,448,756 | $1,711,430 | $1,731,185 | $1,281,854 | $1,282,754 | $70,096 | $68,258 | $260,968 | $273,683 | $116,748 | $126,666 | $144,220 | $147,017 | $95,141 | $92,876 |
Loans And Leases Receivable Percentage Of Loans Within Delinquecy Category By Total Non Risk Rated Loans | ' | ' | ' | ' | ' | 100.00% | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.40% | 1.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 97.40% | 97.20% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Recovered_Sheet3
Loans and Allowance for Credit Losses Non-Performing Assets (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Receivables [Abstract] | ' | ' |
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 |
Recovered_Sheet4
Loans and Allowance for Credit Losses Loans Modified Under Troubled Debt Restructurings (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Financing Receivable, Modifications [Line Items] | ' | ' | ||
Total accruing TDRs | $67,684 | $68,111 | ||
Non-accrual TDRs | 27,487 | [1] | 30,209 | [1] |
Total TDRs | 95,171 | 98,320 | ||
Real-estate - residential mortgage [Member] | ' | ' | ||
Financing Receivable, Modifications [Line Items] | ' | ' | ||
Total accruing TDRs | 30,363 | 28,815 | ||
Real-estate commercial mortage [Member] | ' | ' | ||
Financing Receivable, Modifications [Line Items] | ' | ' | ||
Total accruing TDRs | 19,514 | 19,758 | ||
Commercial - Secured [Member] | ' | ' | ||
Financing Receivable, Modifications [Line Items] | ' | ' | ||
Total accruing TDRs | 6,674 | 7,933 | ||
Construction - Commercial Residential [Member] | ' | ' | ||
Financing Receivable, Modifications [Line Items] | ' | ' | ||
Total accruing TDRs | 8,430 | 10,117 | ||
Home Equity [Member] | ' | ' | ||
Financing Receivable, Modifications [Line Items] | ' | ' | ||
Total accruing TDRs | 2,606 | 1,365 | ||
Commercial - unsecured [Member] | ' | ' | ||
Financing Receivable, Modifications [Line Items] | ' | ' | ||
Total accruing TDRs | 81 | 112 | ||
Consumer Other Financing Receivable [Member] | ' | ' | ||
Financing Receivable, Modifications [Line Items] | ' | ' | ||
Total accruing TDRs | $1 | $0 | ||
[1] | Included within non-accrual loans in the preceding table detailing non-performing assets. |
Recovered_Sheet5
Loans and Allowance for Credit Losses Troubled Debt Restructuring Modification (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
loans | loans | |
Financing Receivable, Modifications [Line Items] | ' | ' |
Number of loans modified as TDRs during the reporting periods | 31 | 58 |
Recorded investment of loans modified as TDRs during the reporting periods | $9,258 | $8,898 |
Number of loans modified as TDRs within the previous 12 months which had a payment default during the reporting period | 31 | 74 |
Recorded investment of loans modified as TDRs within the previous 12 months which had a payment default during the reporting period | 4,710 | 16,921 |
Real-estate commercial mortage [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Number of loans modified as TDRs during the reporting periods | 7 | 5 |
Recorded investment of loans modified as TDRs during the reporting periods | 7,470 | 2,652 |
Number of loans modified as TDRs within the previous 12 months which had a payment default during the reporting period | 3 | 12 |
Recorded investment of loans modified as TDRs within the previous 12 months which had a payment default during the reporting period | 126 | 6,893 |
Real-estate - residential mortgage [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Number of loans modified as TDRs during the reporting periods | 6 | 28 |
Recorded investment of loans modified as TDRs during the reporting periods | 706 | 3,966 |
Number of loans modified as TDRs within the previous 12 months which had a payment default during the reporting period | 12 | 31 |
Recorded investment of loans modified as TDRs within the previous 12 months which had a payment default during the reporting period | 2,522 | 5,849 |
Construction - commercial residential [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Number of loans modified as TDRs during the reporting periods | 1 | 2 |
Recorded investment of loans modified as TDRs during the reporting periods | 548 | 628 |
Real-estate - home equity [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Number of loans modified as TDRs during the reporting periods | 10 | 17 |
Recorded investment of loans modified as TDRs during the reporting periods | 529 | 1,180 |
Number of loans modified as TDRs within the previous 12 months which had a payment default during the reporting period | 14 | 20 |
Recorded investment of loans modified as TDRs within the previous 12 months which had a payment default during the reporting period | 1,432 | 1,233 |
Commercial - Secured [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Number of loans modified as TDRs during the reporting periods | 0 | 5 |
Recorded investment of loans modified as TDRs during the reporting periods | 0 | 457 |
Number of loans modified as TDRs within the previous 12 months which had a payment default during the reporting period | 1 | 6 |
Recorded investment of loans modified as TDRs within the previous 12 months which had a payment default during the reporting period | 11 | 708 |
Commercial - unsecured [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Number of loans modified as TDRs during the reporting periods | 0 | 1 |
Recorded investment of loans modified as TDRs during the reporting periods | 0 | 15 |
Construction - Commercial [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Number of loans modified as TDRs within the previous 12 months which had a payment default during the reporting period | 0 | 1 |
Recorded investment of loans modified as TDRs within the previous 12 months which had a payment default during the reporting period | 0 | 930 |
Consumer - direct [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Number of loans modified as TDRs during the reporting periods | 4 | 0 |
Recorded investment of loans modified as TDRs during the reporting periods | 4 | 0 |
Consumer - Indirect [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Number of loans modified as TDRs during the reporting periods | 3 | 0 |
Recorded investment of loans modified as TDRs during the reporting periods | $1 | $0 |
Recovered_Sheet6
Loans and Allowance for Credit Losses Past Due Loan Status and Non-Accrual Loans by Portfolio Segment (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | |||
31-59 Days Past Due | $54,071 | $60,774 | ' |
60-89 Days Past Due | 17,339 | 16,893 | ' |
>90 Days Past Due and Accruing | 21,225 | 20,524 | ' |
Non-accrual | 133,705 | 133,753 | ' |
Total >90 Days | 154,930 | 154,277 | ' |
Total Past Due | 226,340 | 231,944 | ' |
Current | 12,507,452 | 12,550,276 | ' |
Loans, net of unearned income | 12,733,792 | 12,782,220 | 12,377,288 |
Real-estate commercial mortage [Member] | ' | ' | ' |
31-59 Days Past Due | 13,290 | 15,474 | ' |
60-89 Days Past Due | 4,633 | 4,009 | ' |
>90 Days Past Due and Accruing | 3,492 | 3,502 | ' |
Non-accrual | 42,384 | 40,566 | ' |
Total >90 Days | 45,876 | 44,068 | ' |
Total Past Due | 63,799 | 63,551 | ' |
Current | 5,073,655 | 5,038,371 | ' |
Loans, net of unearned income | 5,137,454 | 5,101,922 | 4,729,930 |
Commercial - industrial, financial, and agricultural | ' | ' | ' |
31-59 Days Past Due | 9,674 | 9,248 | ' |
60-89 Days Past Due | 2,161 | 1,490 | ' |
>90 Days Past Due and Accruing | 312 | 1,311 | ' |
Non-accrual | 38,518 | 36,710 | ' |
Total >90 Days | 38,830 | 38,021 | ' |
Total Past Due | 50,665 | 48,759 | ' |
Current | 3,523,465 | 3,579,661 | ' |
Loans, net of unearned income | 3,574,130 | 3,628,420 | 3,658,483 |
Commercial - Secured [Member] | ' | ' | ' |
31-59 Days Past Due | 9,370 | 8,916 | ' |
60-89 Days Past Due | 1,886 | 1,365 | ' |
>90 Days Past Due and Accruing | 308 | 1,311 | ' |
Non-accrual | 37,958 | 35,774 | ' |
Total >90 Days | 38,266 | 37,085 | ' |
Total Past Due | 49,522 | 47,366 | ' |
Current | 3,325,519 | 3,356,797 | ' |
Loans, net of unearned income | 3,375,041 | 3,404,163 | ' |
Commercial - unsecured [Member] | ' | ' | ' |
31-59 Days Past Due | 304 | 332 | ' |
60-89 Days Past Due | 275 | 125 | ' |
>90 Days Past Due and Accruing | 4 | 0 | ' |
Non-accrual | 560 | 936 | ' |
Total >90 Days | 564 | 936 | ' |
Total Past Due | 1,143 | 1,393 | ' |
Current | 197,946 | 222,864 | ' |
Loans, net of unearned income | 199,089 | 224,257 | ' |
Real-estate - home equity [Member] | ' | ' | ' |
31-59 Days Past Due | 9,347 | 13,555 | ' |
60-89 Days Past Due | 2,631 | 2,474 | ' |
>90 Days Past Due and Accruing | 5,540 | 3,711 | ' |
Non-accrual | 11,548 | 13,272 | ' |
Total >90 Days | 17,088 | 16,983 | ' |
Total Past Due | 29,066 | 33,012 | ' |
Current | 1,711,430 | 1,731,185 | ' |
Loans, net of unearned income | 1,740,496 | 1,764,197 | 1,689,446 |
Real-estate - residential mortgage [Member] | ' | ' | ' |
31-59 Days Past Due | 14,682 | 16,969 | ' |
60-89 Days Past Due | 5,624 | 6,310 | ' |
>90 Days Past Due and Accruing | 7,986 | 9,065 | ' |
Non-accrual | 21,319 | 22,282 | ' |
Total >90 Days | 29,305 | 31,347 | ' |
Total Past Due | 49,611 | 54,626 | ' |
Current | 1,281,854 | 1,282,754 | ' |
Loans, net of unearned income | 1,331,465 | 1,337,380 | 1,303,454 |
Construction other [Member] | ' | ' | ' |
31-59 Days Past Due | 940 | 0 | ' |
60-89 Days Past Due | 0 | 0 | ' |
>90 Days Past Due and Accruing | 0 | 0 | ' |
Non-accrual | 544 | 548 | ' |
Total >90 Days | 544 | 548 | ' |
Total Past Due | 1,484 | 548 | ' |
Current | 70,096 | 68,258 | ' |
Loans, net of unearned income | 71,580 | 68,806 | ' |
Real-estate - construction | ' | ' | ' |
31-59 Days Past Due | 2,292 | 14 | ' |
60-89 Days Past Due | 228 | 645 | ' |
>90 Days Past Due and Accruing | 823 | 346 | ' |
Non-accrual | 19,935 | 20,921 | ' |
Total >90 Days | 20,758 | 21,267 | ' |
Total Past Due | 23,278 | 21,926 | ' |
Current | 560,939 | 551,746 | ' |
Loans, net of unearned income | 584,217 | 573,672 | 597,597 |
Construction - Commercial Residential [Member] | ' | ' | ' |
31-59 Days Past Due | 1,352 | 0 | ' |
60-89 Days Past Due | 228 | 645 | ' |
>90 Days Past Due and Accruing | 796 | 346 | ' |
Non-accrual | 17,238 | 18,202 | ' |
Total >90 Days | 18,034 | 18,548 | ' |
Total Past Due | 19,614 | 19,193 | ' |
Current | 209,927 | 216,176 | ' |
Loans, net of unearned income | 229,541 | 235,369 | ' |
Construction - Commercial [Member] | ' | ' | ' |
31-59 Days Past Due | 0 | 14 | ' |
60-89 Days Past Due | 0 | 0 | ' |
>90 Days Past Due and Accruing | 27 | 0 | ' |
Non-accrual | 2,153 | 2,171 | ' |
Total >90 Days | 2,180 | 2,171 | ' |
Total Past Due | 2,180 | 2,185 | ' |
Current | 280,916 | 267,312 | ' |
Loans, net of unearned income | 283,096 | 269,497 | ' |
Total Consumer | ' | ' | ' |
31-59 Days Past Due | 4,455 | 4,955 | ' |
60-89 Days Past Due | 1,599 | 1,943 | ' |
>90 Days Past Due and Accruing | 2,998 | 2,541 | ' |
Non-accrual | 1 | 2 | ' |
Total >90 Days | 2,999 | 2,543 | ' |
Total Past Due | 9,053 | 9,441 | ' |
Current | 260,968 | 273,683 | ' |
Loans, net of unearned income | 270,021 | 283,124 | 309,138 |
Consumer - direct [Member] | ' | ' | ' |
31-59 Days Past Due | 2,495 | 2,091 | ' |
60-89 Days Past Due | 1,139 | 1,495 | ' |
>90 Days Past Due and Accruing | 2,872 | 2,391 | ' |
Non-accrual | 0 | 0 | ' |
Total >90 Days | 2,872 | 2,391 | ' |
Total Past Due | 6,506 | 5,977 | ' |
Current | 116,748 | 126,666 | ' |
Loans, net of unearned income | 123,254 | 132,643 | ' |
Consumer - Indirect [Member] | ' | ' | ' |
31-59 Days Past Due | 1,960 | 2,864 | ' |
60-89 Days Past Due | 460 | 448 | ' |
>90 Days Past Due and Accruing | 126 | 150 | ' |
Non-accrual | 1 | 2 | ' |
Total >90 Days | 127 | 152 | ' |
Total Past Due | 2,547 | 3,464 | ' |
Current | 144,220 | 147,017 | ' |
Loans, net of unearned income | 146,767 | 150,481 | ' |
Leasing and other and overdrafts [Member] | ' | ' | ' |
31-59 Days Past Due | 331 | 559 | ' |
60-89 Days Past Due | 463 | 22 | ' |
>90 Days Past Due and Accruing | 74 | 48 | ' |
Non-accrual | 0 | 0 | ' |
Total >90 Days | 74 | 48 | ' |
Total Past Due | 868 | 629 | ' |
Current | 95,141 | 92,876 | ' |
Loans, net of unearned income | 96,009 | 93,505 | 89,240 |
Commercial Loans, Commerical Mortgages, Constructions Loans [Member] | ' | ' | ' |
Loans, net of unearned income | 3,509,571 | 3,547,012 | ' |
Loans And Leases Receivable Percentage Of Loans Within Delinquecy Category By Total Non Risk Rated Loans | 100.00% | 100.00% | ' |
Delinquent [Member] | Real-estate - home equity [Member] | ' | ' | ' |
Loans, net of unearned income | 11,978 | 16,029 | ' |
Delinquent [Member] | Real-estate - residential mortgage [Member] | ' | ' | ' |
Loans, net of unearned income | 20,306 | 23,279 | ' |
Delinquent [Member] | Construction other [Member] | ' | ' | ' |
Loans, net of unearned income | 940 | 0 | ' |
Delinquent [Member] | Total Consumer | ' | ' | ' |
Loans, net of unearned income | 6,054 | 6,898 | ' |
Delinquent [Member] | Consumer - direct [Member] | ' | ' | ' |
Loans, net of unearned income | 3,634 | 3,586 | ' |
Delinquent [Member] | Consumer - Indirect [Member] | ' | ' | ' |
Loans, net of unearned income | 2,420 | 3,312 | ' |
Delinquent [Member] | Leasing and other and overdrafts [Member] | ' | ' | ' |
Loans, net of unearned income | 794 | 581 | ' |
Delinquent [Member] | Commercial Loans, Commerical Mortgages, Constructions Loans [Member] | ' | ' | ' |
Loans, net of unearned income | 40,072 | 46,787 | ' |
Loans And Leases Receivable Percentage Of Loans Within Delinquecy Category By Total Non Risk Rated Loans | 1.20% | 1.30% | ' |
Nonperforming Financing Receivable [Member] | Real-estate - home equity [Member] | ' | ' | ' |
Loans, net of unearned income | 17,088 | 16,983 | ' |
Nonperforming Financing Receivable [Member] | Real-estate - residential mortgage [Member] | ' | ' | ' |
Loans, net of unearned income | 29,305 | 31,347 | ' |
Nonperforming Financing Receivable [Member] | Construction other [Member] | ' | ' | ' |
Loans, net of unearned income | 544 | 548 | ' |
Nonperforming Financing Receivable [Member] | Total Consumer | ' | ' | ' |
Loans, net of unearned income | 2,999 | 2,543 | ' |
Nonperforming Financing Receivable [Member] | Consumer - direct [Member] | ' | ' | ' |
Loans, net of unearned income | 2,872 | 2,391 | ' |
Nonperforming Financing Receivable [Member] | Consumer - Indirect [Member] | ' | ' | ' |
Loans, net of unearned income | 127 | 152 | ' |
Nonperforming Financing Receivable [Member] | Leasing and other and overdrafts [Member] | ' | ' | ' |
Loans, net of unearned income | 74 | 48 | ' |
Nonperforming Financing Receivable [Member] | Commercial Loans, Commerical Mortgages, Constructions Loans [Member] | ' | ' | ' |
Loans, net of unearned income | 50,010 | 51,469 | ' |
Loans And Leases Receivable Percentage Of Loans Within Delinquecy Category By Total Non Risk Rated Loans | 1.40% | 1.50% | ' |
Performing Financing Receivable [Member] | Real-estate - home equity [Member] | ' | ' | ' |
Loans, net of unearned income | 1,711,430 | 1,731,185 | ' |
Performing Financing Receivable [Member] | Real-estate - residential mortgage [Member] | ' | ' | ' |
Loans, net of unearned income | 1,281,854 | 1,282,754 | ' |
Performing Financing Receivable [Member] | Construction other [Member] | ' | ' | ' |
Loans, net of unearned income | 70,096 | 68,258 | ' |
Performing Financing Receivable [Member] | Total Consumer | ' | ' | ' |
Loans, net of unearned income | 260,968 | 273,683 | ' |
Performing Financing Receivable [Member] | Consumer - direct [Member] | ' | ' | ' |
Loans, net of unearned income | 116,748 | 126,666 | ' |
Performing Financing Receivable [Member] | Consumer - Indirect [Member] | ' | ' | ' |
Loans, net of unearned income | 144,220 | 147,017 | ' |
Performing Financing Receivable [Member] | Leasing and other and overdrafts [Member] | ' | ' | ' |
Loans, net of unearned income | 95,141 | 92,876 | ' |
Performing Financing Receivable [Member] | Commercial Loans, Commerical Mortgages, Constructions Loans [Member] | ' | ' | ' |
Loans, net of unearned income | $3,419,489 | $3,448,756 | ' |
Loans And Leases Receivable Percentage Of Loans Within Delinquecy Category By Total Non Risk Rated Loans | 97.40% | 97.20% | ' |
Recovered_Sheet7
Loans and Allowance for Credit Losses Narrative (Details) (USD $) | 3 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Provision for loan losses gross | $200,000 | $50,000 | ' |
Provision for credit losses | 2,500,000 | 15,000,000 | ' |
Percentage of unallocated allowance | 6.00% | 10.00% | ' |
Recorded Investment, Loans Sold | ' | 9,880,000 | ' |
Charge-offs Upon Sale, Loan Sold | ' | 5,240,000 | ' |
Minimum balance of loans evaluated individually for impairment | 1,000,000 | ' | ' |
Impaired loans with principal balances approximately in percentage | 79.00% | 73.00% | ' |
Impaired loans balances, real estate as collateral | 1,000,000 | ' | ' |
Loan to value ratio in the Corporation's policy | 70.00% | ' | ' |
Recorded investment, with no related allowance | 67,642,000 | ' | 61,893,000 |
TDR additional commitments to lend | $5,200,000 | ' | $9,600,000 |
Delinquent [Member] | Minimum [Member] | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Days past due | 31 | ' | ' |
Delinquent [Member] | Maximum [Member] | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Days past due | 89 | ' | ' |
Non-performing [Member] | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Days past due | 90 | ' | ' |
Recovered_Sheet8
Loans and Allowance for Credit Losses Allocation for Credit Losses on Loans Sold (Details) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2013 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' |
Unpaid principal balance of loans sold | $13,160 |
Charge-offs prior to sale | -3,280 |
Net recorded investment in loans sold | 9,880 |
Proceeds from sale, net of selling expenses | 4,640 |
Total charge-off upon sale | 5,240 |
Existing allocation for credit losses on sold loans | -5,130 |
Commercial - industrial, financial, and agricultural | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' |
Unpaid principal balance of loans sold | 4,730 |
Charge-offs prior to sale | -710 |
Net recorded investment in loans sold | 4,020 |
Proceeds from sale, net of selling expenses | 1,730 |
Total charge-off upon sale | 2,290 |
Existing allocation for credit losses on sold loans | -1,960 |
Real-estate - construction | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' |
Unpaid principal balance of loans sold | 740 |
Charge-offs prior to sale | -150 |
Net recorded investment in loans sold | 590 |
Proceeds from sale, net of selling expenses | 140 |
Total charge-off upon sale | 450 |
Existing allocation for credit losses on sold loans | -300 |
Real-estate commercial mortage [Member] | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' |
Unpaid principal balance of loans sold | 7,690 |
Charge-offs prior to sale | -2,420 |
Net recorded investment in loans sold | 5,270 |
Proceeds from sale, net of selling expenses | 2,770 |
Total charge-off upon sale | 2,500 |
Existing allocation for credit losses on sold loans | ($2,870) |
Mortgage_Servicing_Rights_Summ
Mortgage Servicing Rights Summary of Changes in Mortgage Servicing Rights (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Valuation Allowance: | ' | ' |
Mortgage Servicing Rights (MSR) Impairment (Recovery) | ' | ($2,130,000) |
Servicing Asset at Fair Value, Amount | 48,200,000 | ' |
Residential Mortgage [Member] | ' | ' |
Amortized Cost: | ' | ' |
Balance at beginning of period | 42,452,000 | 39,737,000 |
Originations of mortgage servicing rights | 1,115,000 | 4,227,000 |
Amortization | -1,899,000 | -2,958,000 |
Balance at end of period | 41,668,000 | 41,006,000 |
Valuation Allowance: | ' | ' |
Valuation Allowance | 0 | -3,680,000 |
Net MSRs at end of period | $41,668,000 | $37,326,000 |
StockBased_Compensation_Compen
Stock-Based Compensation Compensation Expense and Related Tax Benefits (Details) (USD $) | 3 Months Ended | 0 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Apr. 01, 2014 | Apr. 01, 2014 |
Restricted Stock Units (RSUs) [Member] | Employee Stock Option [Member] | |||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures | ' | ' | 96,000 | 289,000 |
Stock-based compensation expense | $1,033 | $847 | ' | ' |
Tax benefit | -263 | -224 | ' | ' |
Stock-based compensation expense, net of tax | $770 | $623 | ' | ' |
StockBased_Compensation_Narrat
Stock-Based Compensation Narrative (Details) | 3 Months Ended | 3 Months Ended | 0 Months Ended | |||
Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Apr. 01, 2014 | Apr. 01, 2014 | Apr. 01, 2014 | |
Directors' Plan [Member] | Employee Stock Option [Member] | Performance Shares [Member] | Restricted Stock Units (RSUs) [Member] | Employee Stock Option [Member] | ||
Statement [Line Items] | ' | ' | ' | ' | ' | ' |
Share Based Compensation Arrangement By Share Based Payment Award Options Expiration Term | '10 years | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period 1 | ' | ' | '3 years | ' | ' | ' |
Shares reserved for future grants under the stock option and compensation plan | ' | 438,000 | 11,000,000 | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures | ' | ' | ' | 389,000 | 96,000 | 289,000 |
Employee_Benefit_Plans_Summary
Employee Benefit Plans Summary of Pension Plan and Postretirement Plan Net Periodic Benefit Cost (Details) (USD $) | 0 Months Ended | 3 Months Ended | |||
Feb. 01, 2014 | Mar. 31, 2014 | Mar. 31, 2013 | |||
Pension Plan [Member] | ' | ' | ' | ||
Define Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Service cost | ' | $92,000 | [1] | $51,000 | [1] |
Interest cost | ' | 853,000 | 772,000 | ||
Expected return on plan assets | ' | -811,000 | -800,000 | ||
Net amortization and deferral | ' | 244,000 | 596,000 | ||
Net periodic benefit cost | ' | 378,000 | 619,000 | ||
Postretirement Plan [Member] | ' | ' | ' | ||
Define Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Curtailments | 1,500,000 | ' | ' | ||
Defined Benefit Plan, Curtailments | ' | 3,300,000 | ' | ||
Service cost | ' | 15,000 | 57,000 | ||
Interest cost | ' | 61,000 | 81,000 | ||
Expected return on plan assets | ' | 0 | 0 | ||
Net accretion and deferral | ' | -95,000 | -91,000 | ||
Net periodic benefit cost | ' | ($19,000) | $47,000 | ||
[1] | The Pension Plan service cost recorded for the three months ended MarchB 31, 2014 and 2013, respectively, was related to administrative costs associated with the plan and was not due to the accrual of additional participant benefits. |
Derivative_Financial_Instrumen2
Derivative Financial Instruments Notional Amounts and Fair Values of Derivative Financial Instruments (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Foreign Currency Open Position | $500,000 | ' |
Derivative, Fair Value, Net | 1,012 | 2,197 |
Negative Fair Values [Member] | ' | ' |
Asset (Liability) Fair Value | -3,317 | 888 |
Interest Rate Lock Commitments [Member] | ' | ' |
Asset (Liability) Fair Value | 1,197 | 808 |
Interest Rate Lock Commitments [Member] | Positive Fair Values [Member] | ' | ' |
Asset, Fair Value | 1,202 | 867 |
Derivative, Notional Amount | 91,145 | 75,217 |
Interest Rate Lock Commitments [Member] | Negative Fair Values [Member] | ' | ' |
Derivative, Notional Amount | 1,258 | 11,393 |
Liability, Fair Value | -5 | -59 |
Forward Commitments [Member] | ' | ' |
Asset (Liability) Fair Value | -240 | 1,258 |
Forward Commitments [Member] | Positive Fair Values [Member] | ' | ' |
Asset, Fair Value | 2 | 1,263 |
Derivative, Notional Amount | 4,904 | 87,904 |
Forward Commitments [Member] | Negative Fair Values [Member] | ' | ' |
Derivative, Notional Amount | 95,750 | 2,373 |
Liability, Fair Value | -242 | -5 |
InterestRateSwapWithCustomer [Domain] | ' | ' |
Asset (Liability) Fair Value | 3,317 | -888 |
InterestRateSwapWithCustomer [Domain] | Positive Fair Values [Member] | ' | ' |
Asset, Fair Value | 4,955 | 2,105 |
Derivative, Notional Amount | 228,588 | 111,899 |
InterestRateSwapWithCustomer [Domain] | Negative Fair Values [Member] | ' | ' |
Derivative, Notional Amount | 81,163 | 105,673 |
Liability, Fair Value | -1,638 | -2,993 |
InterestRateSwapWithCounterparty [Domain] | Positive Fair Values [Member] | ' | ' |
Asset, Fair Value | 1,638 | 2,993 |
Derivative, Notional Amount | 81,163 | 105,673 |
InterestRateSwapWithCounterparty [Domain] | Negative Fair Values [Member] | ' | ' |
Derivative, Notional Amount | 228,588 | 111,899 |
Liability, Fair Value | -4,955 | -2,105 |
ForeignCurrencyForwardWithCustomer [Domain] | ' | ' |
Foreign Currency Derivatives at Fair Value, Net | -127 | -319 |
ForeignCurrencyForwardWithCustomer [Domain] | Positive Fair Values [Member] | ' | ' |
Derivative, Notional Amount | 9,927 | 2,150 |
Foreign Currency Contract, Asset, Fair Value Disclosure | 56 | 24 |
ForeignCurrencyForwardWithCustomer [Domain] | Negative Fair Values [Member] | ' | ' |
Derivative, Notional Amount | 9,965 | 12,775 |
Foreign Currency Contracts, Liability, Fair Value Disclosure | -183 | -343 |
ForeignCurrencyForwardWithCorrespondentBanks [Domain] | ' | ' |
Foreign Currency Derivatives at Fair Value, Net | 182 | 450 |
ForeignCurrencyForwardWithCorrespondentBanks [Domain] | Positive Fair Values [Member] | ' | ' |
Derivative, Notional Amount | 15,036 | 17,348 |
Foreign Currency Contract, Asset, Fair Value Disclosure | 198 | 498 |
ForeignCurrencyForwardWithCorrespondentBanks [Domain] | Negative Fair Values [Member] | ' | ' |
Derivative, Notional Amount | 4,466 | 5,872 |
Foreign Currency Contracts, Liability, Fair Value Disclosure | ($16) | ($48) |
Derivative_Financial_Instrumen3
Derivative Financial Instruments Fair Value Gains and Losses on Derivative Financial Instruments (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Mortgage Banking Income [Member] | Interest rate lock with customers [Member] | ' | ' |
Gain (Loss) on Interest Rate Derivative Instruments Not Designated as Hedging Instruments | $389 | ($2,538) |
Mortgage Banking Income [Member] | Forward Commitments [Member] | ' | ' |
Gain (Loss) on Interest Rate Derivative Instruments Not Designated as Hedging Instruments | -1,498 | 428 |
Other Income [Member] | ' | ' |
Derivative Instruments, Gain (Loss) Recognized in Income, Net | -1,185 | -1,232 |
Other Income [Member] | InterestRateSwapWithCustomer [Domain] | ' | ' |
Gain (Loss) on Interest Rate Derivative Instruments Not Designated as Hedging Instruments | 4,205 | -408 |
Other Income [Member] | Interest Rate Swap [Member] | ' | ' |
Gain (Loss) on Interest Rate Derivative Instruments Not Designated as Hedging Instruments | -4,205 | 408 |
Other Income [Member] | ForeignCurrencyForwardWithCustomer [Domain] | ' | ' |
Gain (Loss) on Foreign Currency Derivatives Recorded in Earnings, Net | 192 | 460 |
Other Income [Member] | ForeignCurrencyForwardWithCustomer [Domain] | ' | ' |
Gain (Loss) on Foreign Currency Derivatives Recorded in Earnings, Net | ($268) | $418 |
Balance_Sheet_Offsetting_Detai
Balance Sheet Offsetting (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Foreign Exchange Contract [Member] | ' | ' |
Offsetting Assets [Line Items] | ' | ' |
Gross Amounts Recognized on the Consolidated Balance Sheets | $198 | ' |
Gross Amounts Not Offset on the Consolidated Balance Sheets, Financial Instruments | -16 | ' |
Gross Amounts Not Offset on the Consolidated Balance Sheets, Cash Collateral | 0 | ' |
Net Amount | 182 | ' |
Offsetting Liabilities [Line Items] | ' | ' |
Gross Amounts Recognized on the Consolidated Balance Sheets | 16 | ' |
Gross Amounts Not Offset on the Consolidated Balance Sheets, Financial Instruments | -16 | ' |
Gross Amounts Not Offset on the Consolidated Balance Sheets, Cash Collateral | 0 | ' |
Net Amount | 0 | ' |
Interest Rate Swap [Member] | ' | ' |
Offsetting Assets [Line Items] | ' | ' |
Gross Amounts Recognized on the Consolidated Balance Sheets | 6,593 | 5,098 |
Gross Amounts Not Offset on the Consolidated Balance Sheets, Financial Instruments | -1,830 | -2,104 |
Gross Amounts Not Offset on the Consolidated Balance Sheets, Cash Collateral | 0 | 0 |
Net Amount | 4,763 | 2,994 |
Offsetting Liabilities [Line Items] | ' | ' |
Gross Amounts Recognized on the Consolidated Balance Sheets | 6,593 | 5,098 |
Gross Amounts Not Offset on the Consolidated Balance Sheets, Financial Instruments | -1,830 | -2,104 |
Gross Amounts Not Offset on the Consolidated Balance Sheets, Cash Collateral | -3,870 | -730 |
Net Amount | $893 | $2,264 |
Commitments_and_Contingencies_1
Commitments and Contingencies Outstanding Commitments to Extend Credit and Letters of Credit (Details) (USD $) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2014 | Dec. 31, 2013 | |
Residential Mortgage Principal Balance Repurchase Request Received | $500,000 | $8,800,000 |
Residential Mortgage, Settlement Agreement, Amount | 4,500,000 | ' |
Residential Mortgage, Settlement Agreement Resulting in Reduction to Outstanding Repurchase Request | 7,500,000 | ' |
Residential Mortgage, Settlement Agreement Resulting in Reduction to Reserves for Repurchase | 5,100,000 | ' |
Decrease in Operating Risk Loss | 600,000 | ' |
Residential Mortgage Principal Balance FHLB Credit Enhancement | 175,000,000 | ' |
Residential Mortgage Repurchase Reserves FHLB Credit Enhancement | 3,200,000 | 3,600,000 |
Commitments to Extend Credit [Member] | Reserve for Off-balance Sheet Activities [Member] | ' | ' |
Valuation allowances and Reserves, Balance | 4,258,552,000 | 4,379,578,000 |
Standby Letters of Credit [Member] | Reserve for Off-balance Sheet Activities [Member] | ' | ' |
Valuation allowances and Reserves, Balance | 387,424,000 | 391,445,000 |
Commercial Letters of Credit [Member] | Reserve for Off-balance Sheet Activities [Member] | ' | ' |
Valuation allowances and Reserves, Balance | 35,404,000 | 36,344,000 |
Residential Mortgage [Member] | Reserve for Off-balance Sheet Activities [Member] | ' | ' |
Valuation allowances and Reserves, Balance | $3,600,000 | $8,600,000 |
Fair_Value_Option_Summary_of_C
Fair Value Option Summary of Corporation's Mortgage Loans Held for Sale (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 |
Mortgage Loans Held For Sale [Member] | Mortgage Loans Held For Sale [Member] | Mortgage Loans Held For Sale [Member] | Mortgage Loans Held For Sale [Member] | Mortgage Loans Held For Sale [Member] | Mortgage Loans Held For Sale [Member] | |||
Cost [Member] | Cost [Member] | Fair Value | Fair Value | |||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Loans Held-for-sale, Mortgages | $24,417,000 | $21,351,000 | ' | ' | $23,941,000 | $21,172,000 | $24,417,000 | $21,351,000 |
Gain (loss) in fair values of mortgage loans held for sale | ' | ' | $300,000 | $700,000 | ' | ' | ' | ' |
Fair_Value_Measurements_Assets
Fair Value Measurements Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Available-for-sale Securities, Fair Value Disclosure | $2,501,198 | $2,568,434 |
Equity Securities [Member] | ' | ' |
Available-for-sale Securities, Fair Value Disclosure | 45,734 | 46,201 |
U.S. Government Securities [Member] | ' | ' |
Available-for-sale Securities, Fair Value Disclosure | 526 | 525 |
U.S. Government-Sponsored Agency Securities [Member] | ' | ' |
Available-for-sale Securities, Fair Value Disclosure | 280 | 726 |
State and Municipal Securities [Member] | ' | ' |
Available-for-sale Securities, Fair Value Disclosure | 283,453 | 284,849 |
Corporate Debt Securities [Member] | ' | ' |
Available-for-sale Securities, Fair Value Disclosure | 100,552 | 98,749 |
Collateralized Mortgage Obligations [Member] | ' | ' |
Available-for-sale Securities, Fair Value Disclosure | 1,006,737 | 1,032,398 |
Mortgage-Backed Securities [Member] | ' | ' |
Available-for-sale Securities, Fair Value Disclosure | ' | 945,712 |
Auction Rate Securities [Member] | ' | ' |
Available-for-sale Securities, Fair Value Disclosure | 147,713 | 159,274 |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Mortgages Held-for-sale, Fair Value Disclosure | 0 | 0 |
Available-for-sale Securities, Fair Value Disclosure | 45,734 | 46,201 |
Other Assets, Fair Value Disclosure | 15,943 | 15,779 |
Assets, Fair Value Disclosure | 61,677 | 61,980 |
Liabilities, Fair Value Disclosure | 15,886 | 15,648 |
Fair Value, Inputs, Level 1 [Member] | Equity Securities [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Available-for-sale Securities, Fair Value Disclosure | 45,734 | 46,201 |
Fair Value, Inputs, Level 1 [Member] | U.S. Government Securities [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Available-for-sale Securities, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | U.S. Government-Sponsored Agency Securities [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Available-for-sale Securities, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | State and Municipal Securities [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Available-for-sale Securities, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Corporate Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Available-for-sale Securities, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Collateralized Mortgage Obligations [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Available-for-sale Securities, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Mortgage-Backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Available-for-sale Securities, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Auction Rate Securities [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Available-for-sale Securities, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Mortgages Held-for-sale, Fair Value Disclosure | 24,417 | 21,351 |
Available-for-sale Securities, Fair Value Disclosure | 2,298,272 | 2,353,872 |
Other Assets, Fair Value Disclosure | 7,798 | 7,227 |
Assets, Fair Value Disclosure | 2,330,487 | 2,382,450 |
Liabilities, Fair Value Disclosure | 6,841 | 5,161 |
Fair Value, Inputs, Level 2 [Member] | Equity Securities [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Available-for-sale Securities, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | U.S. Government Securities [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Available-for-sale Securities, Fair Value Disclosure | 526 | 525 |
Fair Value, Inputs, Level 2 [Member] | U.S. Government-Sponsored Agency Securities [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Available-for-sale Securities, Fair Value Disclosure | 280 | 726 |
Fair Value, Inputs, Level 2 [Member] | State and Municipal Securities [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Available-for-sale Securities, Fair Value Disclosure | 283,453 | 284,849 |
Fair Value, Inputs, Level 2 [Member] | Corporate Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Available-for-sale Securities, Fair Value Disclosure | 91,073 | 89,662 |
Fair Value, Inputs, Level 2 [Member] | Collateralized Mortgage Obligations [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Available-for-sale Securities, Fair Value Disclosure | 1,006,737 | 1,032,398 |
Fair Value, Inputs, Level 2 [Member] | Mortgage-Backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Available-for-sale Securities, Fair Value Disclosure | 916,203 | 945,712 |
Fair Value, Inputs, Level 2 [Member] | Auction Rate Securities [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Available-for-sale Securities, Fair Value Disclosure | 0 | 0 |
Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Mortgages Held-for-sale, Fair Value Disclosure | 0 | 0 |
Available-for-sale Securities, Fair Value Disclosure | 157,192 | 168,361 |
Other Assets, Fair Value Disclosure | 0 | 0 |
Assets, Fair Value Disclosure | 157,192 | 168,361 |
Liabilities, Fair Value Disclosure | 0 | 0 |
Level 3 [Member] | Equity Securities [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Available-for-sale Securities, Fair Value Disclosure | 0 | 0 |
Level 3 [Member] | U.S. Government Securities [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Available-for-sale Securities, Fair Value Disclosure | 0 | 0 |
Level 3 [Member] | U.S. Government-Sponsored Agency Securities [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Available-for-sale Securities, Fair Value Disclosure | 0 | 0 |
Level 3 [Member] | State and Municipal Securities [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Available-for-sale Securities, Fair Value Disclosure | 0 | 0 |
Level 3 [Member] | Corporate Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Available-for-sale Securities, Fair Value Disclosure | 9,479 | 9,087 |
Level 3 [Member] | Collateralized Mortgage Obligations [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Available-for-sale Securities, Fair Value Disclosure | 0 | 0 |
Level 3 [Member] | Mortgage-Backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Available-for-sale Securities, Fair Value Disclosure | 0 | 0 |
Level 3 [Member] | Auction Rate Securities [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Available-for-sale Securities, Fair Value Disclosure | 147,713 | 159,274 |
Total [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Mortgages Held-for-sale, Fair Value Disclosure | 24,417 | 21,351 |
Available-for-sale Securities, Fair Value Disclosure | 2,501,198 | 2,568,434 |
Other Assets, Fair Value Disclosure | 23,741 | 23,006 |
Assets, Fair Value Disclosure | 2,549,356 | 2,612,791 |
Liabilities, Fair Value Disclosure | 22,727 | 20,809 |
Total [Member] | Equity Securities [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Available-for-sale Securities, Fair Value Disclosure | 45,734 | 46,201 |
Total [Member] | U.S. Government Securities [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Available-for-sale Securities, Fair Value Disclosure | 526 | 525 |
Total [Member] | U.S. Government-Sponsored Agency Securities [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Available-for-sale Securities, Fair Value Disclosure | 280 | 726 |
Total [Member] | State and Municipal Securities [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Available-for-sale Securities, Fair Value Disclosure | 283,453 | 284,849 |
Total [Member] | Corporate Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Available-for-sale Securities, Fair Value Disclosure | 100,552 | 98,749 |
Total [Member] | Collateralized Mortgage Obligations [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Available-for-sale Securities, Fair Value Disclosure | 1,006,737 | 1,032,398 |
Total [Member] | Mortgage-Backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Available-for-sale Securities, Fair Value Disclosure | 916,203 | 945,712 |
Total [Member] | Auction Rate Securities [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Available-for-sale Securities, Fair Value Disclosure | $147,713 | $159,274 |
Fair_Value_Measurements_Change
Fair Value Measurements Changes in Assets and Liabilities Measured at Fair Value on a Recurring Basis Using Level 3 Inputs (Details) (USD $) | 3 Months Ended | ||||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ||
Available-for-sale Securities, Debt Securities | $2,455,464 | ' | ' | ||
Corporate Debt Securities [Member] | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ||
Available-for-sale Securities, Debt Securities | 100,552 | ' | 98,749 | ||
Pooled Trust Preferred Securities [Member] | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ||
Available-for-sale Securities, Debt Securities | 5,659 | ' | 5,306 | ||
Single-issuer Trust Preferred Securities [Member] | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ||
Available-for-sale Securities, Debt Securities | 41,879 | ' | 40,531 | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Pooled Trust Preferred Securities [Member] | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ||
Available-for-sale Securities, Debt Securities | 5,700 | ' | 5,300 | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ' | ||
Balance, beginning of period | 5,306 | 6,927 | ' | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | 0 | ' | ' | ||
Unrealized adjustment to fair value | 521 | [1] | 1,429 | [1] | ' |
Settlements - calls | -172 | 0 | ' | ||
(Premium amortization) discount accretion | 4 | [2] | 0 | [2] | ' |
Balance, end of period | 5,659 | 8,356 | ' | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Single-issuer Trust Preferred Securities [Member] | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ||
Available-for-sale Securities, Debt Securities | 3,800 | ' | ' | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ' | ||
Balance, beginning of period | 3,781 | 3,360 | ' | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | 0 | ' | ' | ||
Unrealized adjustment to fair value | 38 | [1] | 7 | [1] | ' |
Settlements - calls | 0 | 0 | ' | ||
(Premium amortization) discount accretion | 1 | [2] | 3 | [2] | ' |
Balance, end of period | 3,820 | 3,370 | ' | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Auction Rate Securities [Member] | ' | ' | ' | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ' | ||
Balance, beginning of period | 159,274 | 149,339 | ' | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | -11,912 | ' | ' | ||
Unrealized adjustment to fair value | 124 | [1] | 5,360 | [1] | ' |
Settlements - calls | 0 | -342 | ' | ||
(Premium amortization) discount accretion | 227 | [2] | 282 | [2] | ' |
Balance, end of period | 147,713 | 154,639 | ' | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Financial Institutions Subordinated Debt [Member] | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ||
Available-for-sale Securities, Debt Securities | 50,400 | ' | 50,300 | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Single-issuer Trust Preferred Securities [Member] | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ||
Available-for-sale Securities, Debt Securities | $38,100 | ' | $36,700 | ||
[1] | Pooled trust preferred securities, single-issuer trust preferred securities and ARCs are classified as available for sale investment securities; as such, the unrealized adjustment to fair value was recorded as an unrealized holding gain and included as a component of available for sale investment securities on the consolidated balance sheets. | ||||
[2] | Included as a component of net interest income on the consolidated statements of income. |
Fair_Value_Measurements_Assets1
Fair Value Measurements Assets Measured at Fair Value on a Nonrecurring Basis (Details) (Fair Value, Measurements, Nonrecurring [Member], USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Inputs, Level 1 [Member] | ' | ' |
Net loans | $0 | $0 |
Total assets | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Other Assets [Member] | ' | ' |
Other finanical assets | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ' | ' |
Net loans | 0 | 0 |
Total assets | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Other Assets [Member] | ' | ' |
Other finanical assets | 0 | 0 |
Level 3 [Member] | ' | ' |
Net loans | 137,488 | 138,666 |
Total assets | 194,456 | 196,170 |
Level 3 [Member] | Other Assets [Member] | ' | ' |
Other finanical assets | 56,968 | 57,504 |
Total [Member] | ' | ' |
Net loans | 137,488 | 138,666 |
Total assets | 194,456 | 196,170 |
Total [Member] | Other Assets [Member] | ' | ' |
Other finanical assets | $56,968 | $57,504 |
Fair_Value_Measurements_Detail
Fair Value Measurements Details of Book Value and Fair Value of Financial Instruments (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Fair Value, Balance Sheet Grouping, FinancialStatement Captions[Line Items] | ' | ' | ||
Securities Available-for-sale | $2,501,198 | $2,568,434 | ||
Reported Value Measurement [Member] | ' | ' | ||
Fair Value, Balance Sheet Grouping, FinancialStatement Captions[Line Items] | ' | ' | ||
Cash and Cash Equivalents | 260,389 | 218,540 | ||
Interest-Rate Deposits with Other Banks | 225,428 | 163,988 | ||
Loans Held-for-sale | 24,417 | [1] | 21,351 | [1] |
Securities Available-for-sale | 2,501,198 | [1] | 2,568,434 | [1] |
Loans, net of unearned income | 12,733,792 | [1] | 12,782,220 | [1] |
Accrued Interest Receivable | 43,376 | 44,037 | ||
Other Financial Assets | 149,453 | [1] | 146,933 | [1] |
Demand and Savings Deposit Liabilities, Fair Value Disclosure | 9,667,357 | 9,573,264 | ||
Time Deposit Liabilities, Fair Value Disclosure | 3,002,560 | 2,917,922 | ||
Short-term borrowings | 1,069,684 | 1,258,629 | ||
Accrued interest payable | 16,972 | 15,218 | ||
Other Financial Liabilities | 133,848 | [1] | 124,440 | [1] |
Federal Home Loan Bank Advances And Debt Long Term, Fair Value Disclosre | 883,461 | 883,584 | ||
Estimate of Fair Value Measurement [Member] | ' | ' | ||
Fair Value, Balance Sheet Grouping, FinancialStatement Captions[Line Items] | ' | ' | ||
Cash and Cash Equivalents | 260,389 | 218,540 | ||
Interest-Rate Deposits with Other Banks | 225,428 | 163,988 | ||
Loans Held-for-sale | 24,417 | [1] | 21,351 | [1] |
Securities Available-for-sale | 2,501,198 | [1] | 2,568,434 | [1] |
Loans, net of unearned income | 12,628,983 | [1] | 12,688,774 | [1] |
Accrued Interest Receivable | 43,376 | 44,037 | ||
Other Financial Assets | 149,453 | [1] | 146,933 | [1] |
Demand and Savings Deposit Liabilities, Fair Value Disclosure | 9,667,357 | 9,573,264 | ||
Time Deposit Liabilities, Fair Value Disclosure | 3,011,698 | 2,927,374 | ||
Short-term borrowings | 1,069,684 | 1,258,629 | ||
Accrued interest payable | 16,972 | 15,218 | ||
Other Financial Liabilities | 133,848 | [1] | 124,440 | [1] |
Federal Home Loan Bank Advances And Debt Long Term, Fair Value Disclosre | 881,197 | 875,984 | ||
Interest-bearing Deposits [Member] | Reported Value Measurement [Member] | ' | ' | ||
Fair Value, Balance Sheet Grouping, FinancialStatement Captions[Line Items] | ' | ' | ||
Investment in Federal Home Loan Bank Stock, Fair Value Disclosure | 81,634 | 84,173 | ||
Interest-bearing Deposits [Member] | Estimate of Fair Value Measurement [Member] | ' | ' | ||
Fair Value, Balance Sheet Grouping, FinancialStatement Captions[Line Items] | ' | ' | ||
Investment in Federal Home Loan Bank Stock, Fair Value Disclosure | $81,634 | $84,173 | ||
[1] | {F|ahBzfndlYmZpbGluZ3MtaHJkcmoLEgZYTUxEb2MiXlhCUkxEb2NHZW5JbmZvOmUxM2UwMzg5OWY5MDRhMjViODhjNGZhMTAzNDZhYTk4fFRleHRTZWxlY3Rpb246RDFEOTA2RENCMzAzQ0E4RkVDQ0QyN0M4OEUzOUYxQ0EM} |
Fair_Value_Measurements_Narrat
Fair Value Measurements Narrative (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Dec. 31, 2013 | |
Fair Value, Equity Securities, Value Test Coverage, Percent | 75.00% | ' |
Fair Value, Equity Securities, Fair Value Price Difference Threshold, Percent | 5.00% | ' |
Corporate debt securities | $2,455,464,000 | ' |
Significant Input, Assumed Market Return to Liquidity, Years | '5 years | ' |
Other real estate owned (OREO) | 15,300,000 | 15,052,000 |
Short Term Borrowings, Reprice Period, In Days | 90 | ' |
Minimum [Member] | ' | ' |
Servicing Assets and Servicing Liabilities at Fair Value, Assumptions Used to Estimate Fair Value, Prepayment Speed | 11.20% | ' |
Servicing Assets and Servicing Liabilities at Fair Value, Assumptions Used to Estimate Fair Value, Discount Rate | 9.10% | ' |
Equity Securities Financial Institution [Member] | ' | ' |
Available-for-sale Securities, Equity Securities | 39,800,000 | 40,600,000 |
Other Equity Securities [Member] | ' | ' |
Available-for-sale Securities, Equity Securities | 5,900,000 | 5,600,000 |
Corporate Debt Securities [Member] | ' | ' |
Corporate debt securities | 100,552,000 | 98,749,000 |
Single-issuer Trust Preferred Securities [Member] | ' | ' |
Corporate debt securities | 41,879,000 | 40,531,000 |
Pooled Trust Preferred Securities [Member] | ' | ' |
Corporate debt securities | 5,659,000 | 5,306,000 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Equity Securities Financial Institution [Member] | ' | ' |
Available-for-sale Securities, Equity Securities | 39,800,000 | 40,600,000 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Other Equity Securities [Member] | ' | ' |
Available-for-sale Securities, Equity Securities | 5,900,000 | 5,600,000 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Financial Institutions Subordinated Debt [Member] | ' | ' |
Corporate debt securities | 50,400,000 | 50,300,000 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Single-issuer Trust Preferred Securities [Member] | ' | ' |
Corporate debt securities | 38,100,000 | 36,700,000 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Other Corporate Debt [Member] | ' | ' |
Corporate debt securities | 2,600,000 | 2,600,000 |
Fair Value, Measurements, Recurring [Member] | Estimate of Fair Value Measurement [Member] | Single-issuer Trust Preferred Securities [Member] | ' | ' |
Corporate debt securities | 41,900,000 | 40,500,000 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Single-issuer Trust Preferred Securities [Member] | ' | ' |
Corporate debt securities | 3,800,000 | ' |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Pooled Trust Preferred Securities [Member] | ' | ' |
Corporate debt securities | 5,700,000 | 5,300,000 |
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' |
Other real estate owned (OREO) | 15,300,000 | 15,100,000 |
Servicing Asset at Amortized Value, Fair Value | 41,700,000 | 42,500,000 |
Trust for Benefit of Employees [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' |
Other financial assets | 15,700,000 | 15,300,000 |
Foreign Exchange Contract [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' |
Other financial assets | 300,000 | 500,000 |
Forward Contracts [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Other financial assets | 1,200,000 | 2,100,000 |
Other financial liabilities | 200,000 | 100,000 |
Interest Rate Swap [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Other financial assets | 6,600,000 | 5,100,000 |
Other financial liabilities | 6,600,000 | 5,100,000 |
Foreign Exchange Contract [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' |
Other financial liabilities | 199,000 | 400,000 |
Trust for Benefit of Employees [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' |
Other financial liabilities | $15,700,000 | $15,300,000 |
Common_Stock_Repurchase_Plan_D
Common Stock Repurchase Plan (Details) (USD $) | Oct. 22, 2013 | Feb. 19, 2014 |
Subsequent Event [Member] | ||
Class of Stock [Line Items] | ' | ' |
Stock Repurchased During Period, Shares | ' | 4,000,000 |
Treasury Stock Acquired, Average Cost Per Share | ' | $12.45 |
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | 4,000,000 | ' |
AuthorizedShareRepurchasePlanPercentOfCommonSharesOutstanding | 2.10% | ' |