Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
In Billions, except Share data, unless otherwise specified | Dec. 31, 2014 | Jan. 31, 2015 | Jun. 30, 2014 |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | FULTON FINANCIAL CORP | ||
Entity Central Index Key | 700564 | ||
Trading Symbol | fult | ||
Current Fiscal Year End Date | -19 | ||
Entity Filer Category | Large Accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | 31-Dec-14 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | FALSE | ||
Entity Common Stock, Shares Outstanding | 179,030,000 | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Public Float | $2.30 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Assets | ||
Cash and due from banks | $105,702 | $218,540 |
Interest-bearing deposits with other banks | 358,130 | 163,988 |
Federal Reserve Bank and Federal Home Loan Bank stock | 64,953 | 84,173 |
Loans held for sale | 17,522 | 21,351 |
Available for sale investment securities | 2,323,371 | 2,568,434 |
Loans, net of unearned income | 13,111,716 | 12,782,220 |
Allowance for loan losses | -184,144 | -202,780 |
Net Loans | 12,927,572 | 12,579,440 |
Premises and equipment | 226,027 | 226,021 |
Accrued interest receivable | 41,818 | 44,037 |
Goodwill and intangible assets | 531,803 | 533,076 |
Other assets | 527,869 | 495,574 |
Total Assets | 17,124,767 | 16,934,634 |
Liabilities | ||
Noninterest-bearing | 3,640,623 | 3,283,172 |
Interest-bearing | 9,726,883 | 9,208,014 |
Total Deposits | 13,367,506 | 12,491,186 |
Short-term borrowings: | ||
Federal funds purchased | 6,219 | 582,436 |
Other short-term borrowings | 323,500 | 676,193 |
Total Short-Term Borrowings | 329,719 | 1,258,629 |
Accrued interest payable | 18,045 | 15,218 |
Other liabilities | 273,419 | 222,830 |
Federal Home Loan Bank advances and long-term debt | 1,139,413 | 883,584 |
Total Liabilities | 15,128,102 | 14,871,447 |
Shareholders’ Equity | ||
Common stock, $2.50 par value, 600 million shares authorized, 218.2 million shares issued in 2014 and 217.8 million shares issued in 2013 | 545,555 | 544,568 |
Additional paid-in capital | 1,420,523 | 1,432,974 |
Retained earnings | 558,810 | 463,843 |
Accumulated other comprehensive loss | -17,722 | -37,341 |
Treasury stock, 39.3 million shares in 2014 and 25.2 million shares in 2013 | -510,501 | -340,857 |
Total Shareholders’ Equity | 1,996,665 | 2,063,187 |
Total Liabilities and Shareholders’ Equity | $17,124,767 | $16,934,634 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Statement of Financial Position [Abstract] | ||
Common stock, par value (usd per share) | $2.50 | $2.50 |
Common stock, shares authorized | 600,000,000 | 600,000,000 |
Common stock, shares issued | 218,200,000 | 217,800,000 |
Treasury stock, shares | 39,300,000 | 25,200,000 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Interest Income | |||
Loans, including fees | $530,308 | $540,667 | $564,616 |
Investment securities: | |||
Taxable | 50,651 | 54,321 | 67,349 |
Tax-exempt | 8,977 | 9,475 | 10,362 |
Dividends | 1,338 | 1,411 | 1,275 |
Loans held for sale | 786 | 1,551 | 2,064 |
Other interest income | 4,018 | 2,264 | 1,830 |
Total Interest Income | 596,078 | 609,689 | 647,496 |
Interest Expense | |||
Deposits | 35,110 | 36,770 | 56,895 |
Short-term borrowings | 1,608 | 2,420 | 1,068 |
Long-term debt | 44,493 | 43,305 | 45,205 |
Total Interest Expense | 81,211 | 82,495 | 103,168 |
Net Interest Income | 514,867 | 527,194 | 544,328 |
Provision for credit losses | 12,500 | 40,500 | 94,000 |
Net Interest Income After Provision for Credit Losses | 502,367 | 486,694 | 450,328 |
Non-Interest Income | |||
Service charges on deposit accounts | 49,293 | 55,470 | 61,502 |
Investment management and trust services | 44,605 | 41,706 | 38,239 |
Other service charges and fees | 39,896 | 36,957 | 44,345 |
Mortgage banking income | 17,107 | 30,656 | 44,600 |
Gain on sale of Global Exchange | 0 | 0 | 6,215 |
Other | 14,437 | 14,871 | 18,485 |
Investment securities gains, net: | |||
Other-than-temporary impairment losses | -122 | -202 | -1,107 |
Less: Portion of loss recognized in other comprehensive loss (before taxes) | 92 | 78 | 298 |
Net other-than-temporary impairment losses | -30 | -124 | -809 |
Net gains on sales of investment securities | 2,071 | 8,128 | 3,835 |
Investment securities gains, net | 2,041 | 8,004 | 3,026 |
Total Non-Interest Income | 167,379 | 187,664 | 216,412 |
Non-Interest Expense | |||
Salaries and employee benefits | 251,021 | 253,240 | 243,915 |
Net occupancy expense | 48,130 | 46,944 | 44,663 |
Other outside services | 28,404 | 18,856 | 17,752 |
Data processing | 17,162 | 16,555 | 14,936 |
Equipment expense | 13,567 | 15,419 | 14,243 |
Software | 12,758 | 11,560 | 9,520 |
Professional fees | 12,097 | 13,150 | 11,522 |
FDIC insurance expense | 10,958 | 11,605 | 11,996 |
Supplies and postage | 9,795 | 10,210 | 9,516 |
Marketing | 8,133 | 7,705 | 8,240 |
Telecommunications | 6,870 | 7,362 | 6,884 |
Operating risk loss | 4,271 | 9,290 | 9,454 |
Other real estate owned and repossession expense | 3,270 | 7,364 | 11,182 |
Intangible amortization | 1,259 | 2,438 | 3,031 |
FHLB advances prepayment penalty | 0 | 0 | 3,007 |
Other | 31,551 | 29,735 | 29,433 |
Total Non-Interest Expense | 459,246 | 461,433 | 449,294 |
Income Before Income Taxes | 210,500 | 212,925 | 217,446 |
Income taxes | 52,606 | 51,085 | 57,601 |
Net Income | $157,894 | $161,840 | $159,845 |
PER COMMON SHARE: | |||
Net Income (Basic) (usd per share) | $0.85 | $0.84 | $0.80 |
Net Income (Diluted) (usd per share) | $0.84 | $0.83 | $0.80 |
Cash Dividends (usd per share) | $0.34 | $0.32 | $0.30 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Statement of Comprehensive Income [Abstract] | |||
Net Income | $157,894 | $161,840 | $159,845 |
Unrealized gain (loss) on securities | 33,734 | -49,607 | 1,569 |
Reclassification adjustment for securities gains included in net income | -1,327 | -5,203 | -1,967 |
Reclassification adjustment for postretirement plan curtailment gain included in net income | -944 | 0 | 0 |
Non-credit related unrealized gain on other-than-temporarily impaired debt securities | 780 | 1,977 | 1,330 |
Unrealized gain on derivative financial instruments | 136 | 136 | 136 |
Unrecognized pension and postretirement (cost) income | -13,168 | 8,369 | -4,207 |
Amortization of net unrecognized pension and postretirement income | 408 | 1,312 | 859 |
Other Comprehensive Income (Loss) | 19,619 | -43,016 | -2,280 |
Total Comprehensive Income | $177,513 | $118,824 | $157,565 |
Consolidated_Statements_of_Sha
Consolidated Statements of Shareholders' Equity and Comprehensive Income (loss) (USD $) | Total | Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Treasury Stock |
In Thousands, unless otherwise specified | ||||||
Beginning Balance at Dec. 31, 2011 | $1,992,539 | $540,386 | $1,423,727 | $264,059 | $7,955 | ($243,588) |
Beginning Balance (in shares) at Dec. 31, 2011 | 200,164 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net Income | 159,845 | 159,845 | ||||
Other comprehensive loss | -2,280 | -2,280 | ||||
Stock issued, including related tax benefits | 7,044 | 1,707 | -2,294 | 7,631 | ||
Stock issued, including related tax benefits (in shares) | 1,176 | |||||
Stock-based compensation awards | 4,834 | 4,834 | ||||
Acquisition of treasury stock | -20,359 | |||||
Acquisition of treasury stock (in shares) | -2,115 | |||||
Common stock cash dividends | -59,967 | -59,967 | ||||
Ending Balance at Dec. 31, 2012 | 2,081,656 | 542,093 | 1,426,267 | 363,937 | 5,675 | -256,316 |
Ending Balance (in shares) at Dec. 31, 2012 | 199,225 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net Income | 161,840 | 161,840 | ||||
Other comprehensive loss | -43,016 | -43,016 | ||||
Stock issued, including related tax benefits | 10,238 | 2,475 | 1,377 | 6,386 | ||
Stock issued, including related tax benefits (in shares) | 1,427 | |||||
Stock-based compensation awards | 5,330 | 5,330 | ||||
Acquisition of treasury stock | -90,927 | -90,927 | ||||
Acquisition of treasury stock (in shares) | -8,000 | |||||
Common stock cash dividends | -61,934 | -61,934 | ||||
Ending Balance at Dec. 31, 2013 | 2,063,187 | 544,568 | 1,432,974 | 463,843 | -37,341 | -340,857 |
Ending Balance (in shares) at Dec. 31, 2013 | 192,652 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net Income | 157,894 | 157,894 | ||||
Other comprehensive loss | 19,619 | 19,619 | ||||
Stock issued, including related tax benefits | 8,282 | 987 | 1,684 | 5,611 | ||
Stock issued, including related tax benefits (in shares) | 781 | |||||
Stock-based compensation awards | 5,865 | 5,865 | ||||
Acquisition of treasury stock | -175,255 | -175,255 | ||||
Deferred accelerated stock repurchase payment | -20,000 | -20,000 | ||||
Acquisition of treasury stock (in shares) | -14,509 | |||||
Common stock cash dividends | -62,927 | -62,927 | ||||
Ending Balance at Dec. 31, 2014 | $1,996,665 | $545,555 | $1,420,523 | $558,810 | ($17,722) | ($510,501) |
Ending Balance (in shares) at Dec. 31, 2014 | 178,924 |
Consolidated_Statements_of_Sha1
Consolidated Statements of Shareholders' Equity and Comprehensive Income (loss) (Parentheticals) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Statement of Stockholders' Equity [Abstract] | |||
Common Stock cash dividends (usd per share) | $0.34 | $0.32 | $0.30 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net Income | $157,894 | $161,840 | $159,845 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Provision for credit losses | 12,500 | 40,500 | 94,000 |
Depreciation and amortization of premises and equipment | 24,555 | 25,911 | 22,575 |
Net amortization of investment security premiums | 5,120 | 10,002 | 12,151 |
Deferred income tax expense | 18,523 | 11,825 | 17,007 |
Investment securities gains, net | -2,041 | -8,004 | -3,026 |
Gains on sales of mortgage loans | -10,063 | -24,609 | -46,310 |
Proceeds from sales of mortgage loans held for sale | 654,654 | 1,424,896 | 1,825,562 |
Originations of mortgage loans held for sale | -640,762 | -1,353,739 | -1,800,142 |
Amortization of intangible assets | 1,259 | 2,438 | 3,031 |
Gain on sale of Global Exchange | 0 | 0 | -6,215 |
Stock-based compensation | 5,865 | 5,330 | 4,834 |
Excess tax benefits from stock-based compensation | -81 | -302 | -39 |
Decrease in accrued interest receivable | 2,219 | 1,749 | 5,312 |
(Increase) decrease in other assets | -8,803 | 37,236 | 15,791 |
Increase (decrease) in accrued interest payable | 2,827 | -4,112 | -6,356 |
Decrease in other liabilities | -13,294 | -29,344 | -3,508 |
Total adjustments | 52,478 | 139,777 | 134,667 |
Net cash provided by operating activities | 210,372 | 301,617 | 294,512 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Proceeds from sales of securities available for sale | 32,227 | 267,126 | 244,702 |
Proceeds from maturities of securities available for sale | 417,559 | 637,851 | 878,375 |
Purchase of securities available for sale | -164,769 | -776,352 | -1,127,394 |
(Increase) decrease in short-term investments | -174,922 | -3,202 | 12,853 |
Net cash received from sale of Global Exchange | 0 | 0 | 11,834 |
Net increase in loans | -360,982 | -699,961 | -302,486 |
Net purchases of premises and equipment | -24,561 | -24,209 | -38,024 |
Net cash used in investing activities | -275,448 | -598,747 | -320,140 |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Net increase in demand and savings deposits | 722,791 | 472,439 | 579,759 |
Net increase (decrease) in time deposits | 153,529 | -465,416 | -630,612 |
(Decrease) increase in short-term borrowings | -928,910 | 390,230 | 271,366 |
Additions to long-term debt | 262,113 | 0 | 5,700 |
Repayments of long-term debt | -6,284 | -10,669 | -151,596 |
Net proceeds from issuance of common stock | 8,201 | 9,936 | 7,005 |
Excess tax benefits from stock-based compensation | 81 | 302 | 39 |
Dividends paid | -64,028 | -46,525 | -71,972 |
Acquisition of treasury stock | -175,255 | -90,927 | -20,359 |
Deferred accelerated stock repurchase payment | -20,000 | 0 | 0 |
Net cash (used in) provided by financing activities | -47,762 | 259,370 | -10,670 |
Net Decrease in Cash and Due From Banks | -112,838 | -37,760 | -36,298 |
Cash and Due From Banks at Beginning of Year | 218,540 | 256,300 | 292,598 |
Cash and Due From Banks at End of Year | 105,702 | 218,540 | 256,300 |
Cash paid during period for: | |||
Interest | 78,384 | 86,607 | 109,524 |
Income taxes | $16,778 | $32,605 | $30,985 |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Accounting Policies [Abstract] | |||||||||
Summary of Significant Accounting Policies | |||||||||
NOTE A – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |||||||||
Business: Fulton Financial Corporation (Parent Company) is a multi-bank financial holding company which provides a full range of banking and financial services to businesses and consumers through its six wholly owned banking subsidiaries: Fulton Bank, N.A., Fulton Bank of New Jersey, The Columbia Bank, Lafayette Ambassador Bank, FNB Bank, N.A. and Swineford National Bank. In addition, the Parent Company owns the following non-bank subsidiaries: Fulton Reinsurance Company, LTD, Fulton Financial Realty Company, Central Pennsylvania Financial Corp., FFC Management, Inc., FFC Penn Square, Inc. and Fulton Insurance Services Group, Inc. Collectively, the Parent Company and its subsidiaries are referred to as the Corporation. | |||||||||
The Corporation’s primary sources of revenue are interest income on loans and investment securities and fee income on its products and services. Its expenses consist of interest expense on deposits and borrowed funds, provision for credit losses, other operating expenses and income taxes. The Corporation’s primary competition is other financial services providers operating in its region. Competitors also include financial services providers located outside the Corporation’s geographical market as a result of the growth in electronic delivery systems. The Corporation is subject to the regulations of certain Federal and state agencies and undergoes periodic examinations by such regulatory authorities. | |||||||||
The Corporation offers, through its banking subsidiaries, a full range of retail and commercial banking services in Pennsylvania, Delaware, Maryland, New Jersey and Virginia. Industry diversity is the key to the economic well-being of these markets, and the Corporation is not dependent upon any single customer or industry. | |||||||||
Basis of Financial Statement Presentation: The consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States (U.S. GAAP) and include the accounts of the Parent Company and all wholly owned subsidiaries. All significant intercompany accounts and transactions have been eliminated. The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosed amount of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the period. Actual results could differ from those estimates. The Corporation evaluates subsequent events through the date of the filing of this report with the Securities and Exchange Commission (SEC). | |||||||||
Federal Reserve Bank and Federal Home Loan Bank Stock: Certain of the Corporation's wholly owned banking subsidiaries are members of the Federal Reserve Bank and Federal Home Loan Bank and are required by federal law to hold stock in these institutions according to predetermined formulas. These restricted investments are carried at cost on the consolidated balance sheets and are periodically evaluated for impairment. Each of the Corporation’s subsidiary banks is a member of the Federal Home Loan Bank for the region encompassing the headquarters of the subsidiary bank. Memberships are maintained with the Atlanta, New York and Pittsburgh regional Federal Home Loan Banks (collectively referred to as the FHLB). | |||||||||
Investments: Debt securities are classified as held to maturity at the time of purchase when the Corporation has both the intent and ability to hold these investments until they mature. Such debt securities are carried at cost, adjusted for amortization of premiums and accretion of discounts using the effective yield method. The Corporation does not engage in trading activities, however, since the investment portfolio serves as a source of liquidity, all debt securities and marketable equity securities are classified as available for sale. Securities available for sale are carried at estimated fair value with the related unrealized holding gains and losses reported in shareholders’ equity as a component of other comprehensive income, net of tax. Realized securities gains and losses are computed using the specific identification method and are recorded on a trade date basis. | |||||||||
Securities are evaluated periodically to determine whether declines in value are other-than-temporary. For its investments in equity securities, most notably its investments in stocks of financial institutions, the Corporation evaluates the near-term prospects of the issuers in relation to the severity and duration of the impairment. Equity securities with fair values less than cost are considered to be other-than-temporarily impaired if the Corporation does not have the ability and intent to hold the investments for a reasonable period of time that would be sufficient for a recovery of fair value. | |||||||||
Impaired debt securities are determined to be other-than-temporarily impaired if the Corporation concludes at the balance sheet date that it has the intent to sell, or believes it will more likely than not be required to sell, an impaired debt security before a recovery of its amortized cost basis. Credit losses on other-than-temporarily impaired debt securities are recorded through earnings, regardless of the intent or the requirement to sell. Credit loss is measured as the difference between the present value of an impaired debt security’s expected cash flows and its amortized cost. Non-credit related other-than-temporary impairment charges are recorded as decreases to accumulated other comprehensive income as long as the Corporation has no intent or expected requirement to sell the impaired debt security before a recovery of its amortized cost basis. | |||||||||
Fair Value Option: As permitted under FASB ASC Subtopic 825-10, the Corporation has elected to measure mortgage loans held for sale at fair value. Derivative financial instruments related to mortgage banking activities are also recorded at fair value, as detailed under the heading "Derivative Financial Instruments" below. 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 classified within interest income on the consolidated statements of income. | |||||||||
Loans and Revenue Recognition: Loan and lease financing receivables are stated at their principal amount outstanding, except for mortgage loans held for sale, which are carried at fair value, as detailed above. Interest income on loans is accrued as earned. Unearned income on lease financing receivables is recognized on a basis which approximates the effective yield method. Premiums and discounts on purchased loans are amortized as adjustments to interest income using the effective yield method. | |||||||||
In general, a loan is placed on non-accrual status once it becomes 90 days delinquent as to principal or interest. In certain cases a loan may be placed on non-accrual status prior to being 90 days delinquent if there is an indication that the borrower is having difficulty making payments, or the Corporation believes it is probable that all amounts will not be collected according to the contractual terms of the loan agreement. When interest accruals are discontinued, unpaid interest previously credited to income is reversed. Non-accrual loans may be restored to accrual status when all delinquent principal and interest has been paid currently for six consecutive months or the loan is considered secured and in the process of collection. The Corporation generally applies payments received on non-accruing loans to principal until such time as the principal is paid off, after which time any payments received are recognized as interest income. If the Corporation believes that all amounts outstanding on a non-accrual loan will ultimately be collected, payments received subsequent to its classification as a non-accrual loan are allocated between interest income and principal. | |||||||||
A loan that is 90 days delinquent may continue to accrue interest if the loan is both adequately secured and is in the process of collection. Past due status is determined based on contractual due dates for loan payments. An adequately secured loan is one that has collateral with a supported fair value that is sufficient to discharge the debt, and/or has an enforceable guarantee from a financially responsible party. A loan is considered to be in the process of collection if collection is proceeding through legal action or through other activities that are reasonably expected to result in repayment of the debt or restoration to current status in the near future. | |||||||||
Loans and lease financing receivables deemed to be a loss are written off through a charge against the allowance for loan losses. Closed-end consumer loans are generally charged off when they become 120 days past due (180 days for open-end consumer loans) if they are not adequately secured by real estate. All other loans are evaluated for possible charge-off when it is probable that the balance will not be collected, based on the ability of the borrower to pay and the value of the underlying collateral. Principal recoveries of loans previously charged off are recorded as increases to the allowance for loan losses. | |||||||||
Loan Origination Fees and Costs: Loan origination fees and the related direct origination costs are deferred and amortized over the life of the loan as an adjustment to interest income generally using the effective yield method. For mortgage loans sold, net loan origination fees and costs are included in the gain or loss on sale of the related loan. | |||||||||
Troubled Debt Restructurings (TDRs): Loans whose terms are modified are classified as TDRs if the Corporation grants the borrowers concessions and it is determined that those borrowers are experiencing financial difficulty. Concessions granted under a TDR typically involve a temporary deferral of scheduled loan payments, an extension of a loan’s stated maturity date or a reduction in the interest rate. Non-accrual TDRs can be restored to accrual status if principal and interest payments, under the modified terms, are current for six consecutive months after modification. | |||||||||
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 sheets. 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. Management believes that the allowance for loan losses and the reserve for unfunded lending commitments are adequate as of the balance sheet date; however, future changes to the allowance or reserve may be necessary based on changes in any of the factors discussed in the following paragraphs. | |||||||||
Maintaining an adequate allowance for credit losses is dependent upon various factors, including the ability to identify potential problem loans in a timely manner. For commercial loans, commercial mortgages and construction loans to commercial borrowers, an internal risk rating process is used. The risk rating process allows management to identify riskier credits in a timely manner and to allocate resources to managing troubled assets. The Corporation believes that internal risk ratings are the most relevant credit quality indicator for these types of loans. The migration of loans through the various internal risk rating categories is a significant component of the allowance for credit loss methodology for these loans, 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 assessments identify a deterioration or an improvement in the loan. | |||||||||
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 the 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 does not assign internal risk ratings for smaller balance, homogeneous loans, such as: home equity, residential mortgage, consumer, lease receivables 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 loans through the various delinquency status categories is a significant component of the allowance for credit loss methodology for these loans, which bases the probability of default on this migration. | |||||||||
The Corporation’s allowance for loan losses includes: 1) specific allowances allocated to loans evaluated for impairment under the Financial Accounting Standards Board's Accounting Standards Codification (FASB ASC) Section 310-10-35; and 2) allowances calculated for pools of loans measured for impairment under FASB ASC Subtopic 450-20. | |||||||||
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 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 or equal to $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 December 31, 2014 and 2013, substantially all of the Corporation’s impaired loans to borrowers with total outstanding loan balances greater than or equal to $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. | |||||||||
For loans secured by real estate, estimated fair values are determined primarily through appraisals performed by state certified third-party appraisers, discounted to arrive at expected sale prices. For collateral dependent loans, estimated real estate fair values are also net of estimated selling costs. When a real estate secured loan becomes impaired, a decision is made regarding whether an updated appraisal of the real estate is necessary. This decision is based on various considerations, including: the age of the most recent appraisal; the loan-to-value ratio based on the original appraisal; the condition of the property; the Corporation’s experience and knowledge of the real estate market; the purpose of the loan; market factors; payment status; the strength of any guarantors; and the existence and age of other indications of value such as broker price opinions, among others. The Corporation generally obtains updated state certified third-party appraisals for impaired loans secured predominately by real estate every 12 months. | |||||||||
As of December 31, 2014 and 2013, approximately 81% and 79%, respectively, of impaired loans with principal balances greater than or equal to $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 appraisals are not obtained for loans 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 credit administration 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%. | |||||||||
For impaired loans with principal balances greater than or equal to $1.0 million secured by non-real estate collateral, such as accounts receivable or inventory, estimated fair values are determined based on borrower financial statements, inventory listings, accounts receivable agings or borrowing base certificates. Indications of value from these sources are generally discounted based on the age of the financial information or the quality of the assets. Liquidation or collection discounts are applied to these assets based upon existing loan evaluation policies. | |||||||||
All loans not evaluated for impairment under FASB ASC Section 310-10-35 are evaluated for impairment under FASB ASC Subtopic 450-20, using a pooled loss evaluation approach. In general, these loans include residential mortgages, home equity loans, consumer loans, and lease receivables. Accruing commercial loans, commercial mortgages and construction loans are also evaluated 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," within Note D, "Loans and Allowance for Credit Losses." 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 are based on collateral types and include direct consumer installment loans and indirect automobile loans. | |||||||||
The Corporation calculates allowance allocation needs for loans measured under FASB ASC Subtopic 450-20 through the following procedures: | |||||||||
• | The loans are segmented into pools with similar characteristics, as noted above. Commercial loans, commercial mortgages and construction loans to commercial borrowers are further segmented into separate pools based on internally assigned risk ratings. Residential mortgages, home equity loans, consumer loans, and lease receivables are further segmented into separate pools based on delinquency status. | ||||||||
• | A loss rate is calculated for each pool through a migration analysis of historical losses as loans migrate through the various risk rating or delinquency categories. Estimated loss rates are based on a probability of default and a loss given default. | ||||||||
• | The loss rate is adjusted to consider qualitative factors, such as economic conditions and trends. | ||||||||
• | The resulting adjusted loss rate is applied to the balance of the loans in the pool to arrive at the allowance allocation for the pool. | ||||||||
The allocation of the allowance for credit losses is reviewed to evaluate its appropriateness in relation to the overall risk profile of the loan portfolio. The Corporation considers risk factors such as: local and national economic conditions; trends in delinquencies and non-accrual loans; the diversity of borrower industry types; and the composition of the portfolio by loan type. An unallocated allowance is maintained for factors and conditions that exist at the balance sheet date, but are not specifically identifiable, and to recognize the inherent imprecision in estimating and measuring loss exposure. | |||||||||
Premises and Equipment: Premises and equipment are stated at cost, less accumulated depreciation and amortization. The provision for depreciation and amortization is generally computed using the straight-line method over the estimated useful lives of the related assets, which are a maximum of 50 years for buildings and improvements, 8 years for furniture and 5 years for equipment. Leasehold improvements are amortized over the shorter of the useful life or the non-cancelable lease term. Interest costs incurred during the construction of major bank premises are capitalized. | |||||||||
Other Real Estate Owned: Assets acquired in settlement of mortgage loan indebtedness are recorded as other real estate owned (OREO) and are included in other assets on the consolidated balance sheets, initially at the lower of the estimated fair value of the asset less estimated selling costs or the carrying amount of the loan. Costs to maintain the assets and subsequent gains and losses on sales are included in OREO and repossession expense on the consolidated statements of income. | |||||||||
Mortgage Servicing Rights: The estimated fair value of mortgage servicing rights (MSRs) related to residential mortgage loans sold and serviced by the Corporation is recorded as an asset upon the sale of such loans. 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 through a discounted cash flows valuation completed by a third-party valuation expert. Significant inputs to the valuation include expected net servicing income, the discount rate and the expected lives of the underlying loans. Expected life is based on the contractual terms of the loans, as adjusted for prepayment projections. To the extent the amortized cost of the MSRs exceeds their estimated fair value, a valuation allowance is established through a charge against servicing income, included as a component of mortgage banking income on the consolidated statements of income. If subsequent valuations indicate that impairment no longer exists, the valuation allowance is reduced through an increase to servicing income. | |||||||||
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 or 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 counterparty credit risk through its credit approval processes, monitoring procedures and obtaining adequate collateral, when the Corporation determines it is appropriate to do so and in accordance with counterparty contracts. | |||||||||
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 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 value 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. | |||||||||
Balance Sheet Offsetting: Although 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 such qualifying assets and liabilities. | |||||||||
The Corporation is a party to interest rate swap transactions with financial institution counterparties and customers. 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. | |||||||||
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. | |||||||||
Income Taxes: The provision for income taxes is based upon income before income taxes, adjusted primarily for the effect of tax-exempt income, non-deductible expenses and credits received from investments in partnerships that generate such credits under various federal programs (Tax Credit Investments). Certain items of income and expense are reported in different periods for financial reporting and tax return purposes resulting in temporary net income differences between financial reporting and tax returns. The tax effects of these temporary differences are recognized currently in the deferred income tax provision or benefit. Deferred tax assets or liabilities are computed based on the difference between the financial statement and income tax bases of assets and liabilities using the applicable enacted marginal tax rate. The deferred income tax provision or benefit is based on the changes in the deferred tax asset or liability from period to period. | |||||||||
The Corporation accounts for uncertain tax positions by applying a recognition threshold and measurement attribute for tax positions taken or expected to be taken on a tax return. Recognition and measurement of tax positions is based on management’s evaluations of relevant tax code and appropriate industry information about audit proceedings for comparable positions at other organizations. Virtually all of the Corporation’s unrecognized tax benefits relate to positions that are taken on an annual basis on state tax returns. Increases to unrecognized tax benefits will occur as a result of accruing for the nonrecognition of the position for the current year. Decreases will occur as a result of the lapsing of the statute of limitations or through settlements of positions with the tax authorities. | |||||||||
Stock-Based Compensation: The Corporation grants equity awards to employees, consisting of stock options, restricted stock, restricted stock units (RSUs) and performance based restricted stock units (PSUs) under its Amended and Restated Equity and Cash Incentive Compensation Plan (Employee Equity Plan). In addition, employees may purchase stock under the Corporation’s Employee Stock Purchase Plan (ESPP). | |||||||||
The Corporation also grants stock equity awards to non-employee members of its board of directors under the 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. | |||||||||
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. Restricted stock, RSUs and a majority of PSUs are based on the trading price of the Corporation's stock on the date of grant and earn dividends during the vesting period, which are forfeitable if the awards do not vest. The fair value of certain PSUs are estimated through the use of the Monte Carlo valuation methodology as of the date of grant. | |||||||||
Equity awards issued under the Employee Equity Plan are generally granted annually and become fully vested over or after a three-year vesting period. The vesting period for non-performance based awards represents the period during which employees are required to provide service in exchange for such awards. Equity awards under the Directors' Plan generally vest immediately upon grant. Certain events, as defined in the Employee Equity Plan and the Directors' Plan, result in the acceleration of the vesting of equity awards. | |||||||||
The fair value of stock options, restricted stock and RSUs granted to employees is recognized as compensation expense over the vesting period for such awards. Compensation expense for PSUs is also recognized over the vesting period, however, compensation expense for PSUs may vary based on the expectations for actual performance relative to defined performance measures. | |||||||||
Net Income Per Share: Basic net income per common 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, restricted stock, RSUs and PSUs. PSUs are required to be included in weighted average shares outstanding if performance measures, as defined in each PSU award agreement, are met as of the end of the period. | |||||||||
A reconciliation of weighted average common shares outstanding used to calculate basic and diluted net income per share follows: | |||||||||
2014 | 2013 | 2012 | |||||||
(in thousands) | |||||||||
Weighted average common shares outstanding (basic) | 186,219 | 193,334 | 199,067 | ||||||
Impact of common stock equivalents | 962 | 1,020 | 972 | ||||||
Weighted average common shares outstanding (diluted) | 187,181 | 194,354 | 200,039 | ||||||
In 2014, 2013 and 2012, 2.8 million, 3.6 million and 5.2 million stock options, respectively, were excluded from the diluted earnings per share computation as their effect would have been anti-dilutive. | |||||||||
Disclosures about Segments of an Enterprise and Related Information: The Corporation does not have any operating segments which require disclosure of additional information. While the Corporation owns six separate banks, each engages in similar activities, provides similar products and services, and operates in the same general geographical area. The Corporation’s non-banking activities are immaterial and, therefore, separate information has not been disclosed. | |||||||||
Financial Guarantees: Financial guarantees, which consist primarily of standby and commercial letters of credit, are accounted for by recognizing a liability equal to the fair value of the guarantees and crediting the liability to income over the term of the guarantee. Fair value is estimated based on the fees currently charged to enter into similar agreements with similar terms. | |||||||||
Business Combinations and Intangible Assets: The Corporation accounts for its acquisitions using the purchase accounting method. Purchase accounting requires that all assets acquired and liabilities assumed, including certain intangible assets that must be recognized, be recorded at their estimated fair values as of the acquisition date. Any purchase price exceeding the fair value of net assets acquired is recorded as goodwill. | |||||||||
Goodwill is not amortized to expense, but is tested for impairment at least annually. A quantitative annual impairment test is not required if, based on a qualitative analysis, the Corporation determines that the existence of events and circumstances indicate that it is more likely than not that goodwill is not impaired. Write-downs of the balance, if necessary as a result of the impairment test, are charged to expense in the period in which goodwill is determined to be impaired. The Corporation performs its annual test of goodwill impairment as of October 31st of each year. If certain events occur which indicate goodwill might be impaired between annual tests, goodwill must be tested when such events occur. Based on the results of its annual impairment test, the Corporation concluded that there was no impairment in 2014, 2013 or 2012. See Note F, "Goodwill and Intangible Assets," for additional details. | |||||||||
Intangible assets are amortized over their estimated lives. Some intangible assets have indefinite lives and are, therefore, not amortized. All intangible assets must be evaluated for impairment if certain events occur. Any impairment write-downs are recognized as expense on the consolidated statements of income. | |||||||||
Variable Interest Entities: FASB ASC Topic 810 provides guidance on when to consolidate certain Variable Interest Entities(VIE’s) in the financial statements of the Corporation. VIE’s are entities in which equity investors do not have a controlling financial interest or do not have sufficient equity at risk for the entity to finance activities without additional financial support from other parties. VIEs are assessed for consolidation under ASC Topic 810 when the Corporation holds variable interests in these entities. The Corporation consolidates VIEs when it is deemed to be the primary beneficiary. The primary beneficiary of a VIE is determined to be the party that has the power to make decisions that most significantly affect the economic performance of the VIE and has the obligation to absorb losses or the right to receive benefits that in either case could potentially be significant to the VIE. | |||||||||
The Parent Company owns all of the common stock of four subsidiary trusts, which have issued securities (Trust Preferred Securities) in conjunction with the Parent Company issuing junior subordinated deferrable interest debentures to the trusts. The terms of the junior subordinated deferrable interest debentures are the same as the terms of the Trust Preferred Securities. The Parent Company’s obligations under the debentures constitute a full and unconditional guarantee by the Parent Company of the obligations of the trusts. The provisions of FASB ASC Topic 810 related to subsidiary trusts, as interpreted by the SEC, disallow consolidation of subsidiary trusts in the financial statements of the Corporation. As a result, Trust Preferred Securities are not included on the Corporation’s consolidated balance sheets. The junior subordinated debentures issued by the Parent Company to the subsidiary trusts, which have the same total balance and rate as the combined equity securities and Trust Preferred Securities issued by the subsidiary trusts, remain in long-term debt. See Note I, "Short-Term Borrowings and Long-Term Debt," for additional information. | |||||||||
The Corporation has made certain Tax Credit Investments under various Federal programs that promote investment in low and moderate income housing and local economic development. Tax Credit Investments are amortized under the effective yield method over the life of the Federal income tax credits generated as a result of such investments, generally seven to ten years. As of December 31, 2014 and 2013, the Corporation’s Tax Credit Investments, included in other assets on the consolidated balance sheets, totaled $155.6 million and $129.2 million, respectively. The net income tax benefit associated with these investments, which consists of the amortization of the investments, net of tax benefits, and the income tax credits earned on the investments, and is recorded in income taxes on the consolidated income statements, was $10.4 million, $10.3 million and $9.6 million in 2014, 2013 and 2012, respectively. None of the Corporation’s Tax Credit Investments were consolidated based on FASB ASC Topic 810 as of December 31, 2014 or 2013. | |||||||||
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 required to be measured at fair value on both a recurring and nonrecurring basis into the above three levels. See Note R, "Fair Value Measurements," for additional details. | |||||||||
New Accounting Standards: 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. For public business entities, 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 a material impact on the Corporation's consolidated financial statements. | |||||||||
In May 2014, the FASB issued ASC Update 2014-09, "Revenue from Contracts with Customers." This standards update establishes a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. The core principle prescribed by this standards update is that an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The standard applies to all contracts with customers, except those that are within the scope of other topics in the FASB ASC. The standard also requires significantly expanded disclosures about revenue recognition. For public business entities, ASC Update 2014-09 is effective for interim and annual reporting periods beginning after December 15, 2016. Early application is not permitted. For the Corporation, this standards update is effective with its March 31, 2017 quarterly report on Form 10-Q. The Corporation is currently evaluating the impact of the adoption of ASC Update 2014-09 on its consolidated financial statements. | |||||||||
In June 2014, the FASB issued ASC Update 2014-11, "Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures." In addition to new disclosure requirements, ASC Update 2014-11 requires that all repurchase-to-maturity transactions be accounted for as secured borrowings rather than as sales of financial assets. Also, all transfers of financial assets executed contemporaneously with a repurchase agreement with the same counterparty must be accounted for separately, the result of which would be the treatment of such transactions as secured borrowings. For public business entities, ASC Update 2014-11 is effective for interim and annual reporting 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 2014-11 is not expected to have a material impact on the Corporation’s consolidated financial statements. | |||||||||
In June 2014, the FASB issued ASC Update 2014-12, "Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period." ASC Update 2014-12 clarifies guidance related to accounting for share-based payment awards with terms that allow an employee to vest in the award regardless of whether the employee is rendering service on the date a performance target is achieved. ASC Update 2014-12 requires that a performance target that affects vesting, and that could be achieved after the requisite service period, be treated as a performance condition. As such, the performance target should not be reflected in estimating the grant-date fair value of the award. For public business entities, ASC Update 2014-12 is effective for interim and annual reporting periods beginning after December 15, 2014, with earlier adoption permitted. For the Corporation, this standards update is effective with its March 31, 2015 quarterly report on Form 10-Q. The adoption of ASC Update 2014-12 is not expected to have a material impact on the Corporation’s consolidated financial statements. | |||||||||
In August 2014, the FASB issued ASC Update 2014-14, "Receivables - Troubled Debt Restructuring by Creditors." ASC Update 2014-14 clarifies TDR guidance related to the classification and measurement of certain government-sponsored loan guarantee programs upon foreclosure. For public business entities, ASC Update 2014-14 is for effective interim and annual reporting periods beginning after December 15, 2014, with earlier adoption permitted. For the Corporation, this standards update is effective with its March 31, 2015 quarterly report on Form 10-Q. The adoption of ASC Update 2014-14 is not expected to have a material impact on the Corporation’s consolidated financial statements. | |||||||||
In August 2014, the FASB issued ASC Update 2014-15, "Presentation of Financial Statements - Going Concern." ASC Update 2014-15 provides guidance regarding management's responsibility to evaluate whether there is substantial doubt about an entity's ability to continue as a going concern and to provide related disclosures. The standards update describes how an entity's management should assess whether there are conditions and events, considered in the aggregate, that raise substantial doubt about an entity's ability to continue as a going concern within one year after the date that the financial statements are issued. For public business entities, ASC Update 2014-15 is effective for annual reporting periods ending after December 15, 2016, with earlier adoption permitted. For the Corporation, this standards update is effective with its December 31, 2016 annual report on Form 10-K. The adoption of ASC Update 2014-15 is not expected to have a material impact on the Corporation’s consolidated financial statements. | |||||||||
In November 2014, the FASB issued ASC Update 2014-16, "Derivatives and Hedging: Determining Whether the Host Contract in a Hybrid Financial Instrument Issued in the Form of a Share is More Akin to Debt or to Equity." ASC Update 2014-16 was issued to reduce existing diversity in the accounting for hybrid financial instruments issued in the form of a share, such as redeemable convertible preferred stock. ASC Update 2014-16 applies to all entities that are issuers of, or investors in, hybrid financial instruments that are issued in the form of a share, and is effective for public business entities’ annual reporting periods beginning after December 15, 2015, with earlier adoption permitted. For the Corporation, this standards update is effective with its March 31, 2016 annual report on Form 10-Q. The adoption of ASC Update 2014-16 is not expected to have a material impact on the Corporation’s consolidated financial statements. | |||||||||
In November 2014, the FASB issued ASC Update 2014-17, "Business Combinations: Pushdown Accounting." ASC Update 2014-17 was issued to provide guidance on whether and at what threshold an acquired entity can apply pushdown accounting in its separate financial statements. ASC Update 2014-17 applies to the separate financial statements of an acquired entity upon the occurrence of an event in which an acquirer obtains control of the acquired entity. This update was effective upon issuance and did not have an impact on the Corporation's consolidated financial statements. | |||||||||
In January 2015, the FASB issued ASC Update 2015-01, "Income Statement - Extraordinary and Unusual Items." ASC Update 2015-01 was issued to eliminate the concept of extraordinary items from U.S. GAAP. net of tax, after income from continuing operations. ASC Update 2015-01 amends existing extraordinary items disclosure guidance. Under the amended guidance, reporting entities will no longer separately disclose extraordinary items net of tax, after income from continuing operations in the income statement. ASC Update 2015-01 is effective for annual reporting periods beginning after December 15, 2015, with earlier adoption permitted provided that the guidance is applied from the beginning of the fiscal year of adoption. The Corporation intends to adopt this standards update effective with its March 31, 2016 quarterly report on Form 10-Q and does not expect the adoption of ASC Update 2015-01 to have a material impact on its consolidated financial statements. | |||||||||
Reclassifications: Certain amounts in the 2013 and 2012 consolidated financial statements and notes have been reclassified to conform to the 2014 presentation. |
Restrictions_on_Cash_and_Due_f
Restrictions on Cash and Due from Banks | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Cash and Due from Banks [Abstract] | |||||
Restrictions on Cash and Due From Banks | |||||
NOTE B – RESTRICTIONS ON CASH AND DUE FROM BANKS | |||||
The Corporation’s subsidiary banks are required to maintain reserves, in the form of cash and balances with the Federal Reserve Bank, against their deposit liabilities. The amounts of such reserves as of December 31, 2014 and 2013 were $97.0 million and $93.1 million, respectively. |
Investment_Securities
Investment Securities | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ||||||||||||||||||||||||
Investment Securities | ||||||||||||||||||||||||
NOTE C – INVESTMENT SECURITIES | ||||||||||||||||||||||||
The following tables present the amortized cost and estimated fair values of investment securities, which were all classified as available for sale, as of December 31: | ||||||||||||||||||||||||
Amortized | Gross | Gross | Estimated | |||||||||||||||||||||
Cost | Unrealized | Unrealized | Fair | |||||||||||||||||||||
Gains | Losses | Value | ||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
2014 | ||||||||||||||||||||||||
Equity securities | $ | 33,469 | $ | 14,167 | $ | (13 | ) | $ | 47,623 | |||||||||||||||
U.S. Government securities | 200 | — | — | 200 | ||||||||||||||||||||
U.S. Government sponsored agency securities | 209 | 5 | — | 214 | ||||||||||||||||||||
State and municipal securities | 238,250 | 7,231 | (266 | ) | 245,215 | |||||||||||||||||||
Corporate debt securities | 99,016 | 5,126 | (6,108 | ) | 98,034 | |||||||||||||||||||
Collateralized mortgage obligations | 917,395 | 5,705 | (20,787 | ) | 902,313 | |||||||||||||||||||
Mortgage-backed securities | 914,797 | 16,978 | (2,944 | ) | 928,831 | |||||||||||||||||||
Auction rate securities | 108,751 | — | (7,810 | ) | 100,941 | |||||||||||||||||||
$ | 2,312,087 | $ | 49,212 | $ | (37,928 | ) | $ | 2,323,371 | ||||||||||||||||
2013 | ||||||||||||||||||||||||
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 $1.7 billion as of December 31, 2014 and 2013 were pledged as collateral to secure public and trust deposits and customer repurchase agreements. | ||||||||||||||||||||||||
Equity securities include common stocks of financial institutions (estimated fair value of $41.8 million at December 31, 2014 and $40.6 million at December 31, 2013) and other equity investments (estimated fair value of $5.8 million at December 31, 2014 and $5.6 million at December 31, 2013). | ||||||||||||||||||||||||
As of December 31, 2014, the financial institutions stock portfolio had a cost basis of $27.7 million and an estimated fair value of $41.8 million, including an investment in a single financial institution with a cost basis of $20.0 million and an estimated fair value of $30.4 million. This investment accounted for 72.7% of the estimated fair value of the Corporation's investments in the common stocks of publicly traded financial institutions. No other investment in the financial institutions stock portfolio exceeded 5% of the portfolio's estimated fair value. | ||||||||||||||||||||||||
The amortized cost and estimated fair values of debt securities as of December 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 | $ | 16,698 | $ | 16,851 | ||||||||||||||||||||
Due from one year to five years | 76,704 | 80,142 | ||||||||||||||||||||||
Due from five years to ten years | 170,783 | 175,687 | ||||||||||||||||||||||
Due after ten years | 182,241 | 171,924 | ||||||||||||||||||||||
446,426 | 444,604 | |||||||||||||||||||||||
Collateralized mortgage obligations | 917,395 | 902,313 | ||||||||||||||||||||||
Mortgage-backed securities | 914,797 | 928,831 | ||||||||||||||||||||||
$ | 2,278,618 | $ | 2,275,748 | |||||||||||||||||||||
The following table presents information related to gross gains and losses on the sales of equity and debt securities, and losses recognized for other-than-temporary impairment of investments: | ||||||||||||||||||||||||
Gross | Gross | Other- | Net | |||||||||||||||||||||
Realized | Realized | than- | Gains | |||||||||||||||||||||
Gains | Losses | temporary | ||||||||||||||||||||||
Impairment | ||||||||||||||||||||||||
Losses | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
2014:00:00 | ||||||||||||||||||||||||
Equity securities | $ | 335 | $ | — | $ | (12 | ) | $ | 323 | |||||||||||||||
Debt securities | 2,058 | (322 | ) | (18 | ) | 1,718 | ||||||||||||||||||
Total | $ | 2,393 | $ | (322 | ) | $ | (30 | ) | $ | 2,041 | ||||||||||||||
2013:00:00 | ||||||||||||||||||||||||
Equity securities | $ | 4,391 | $ | (28 | ) | $ | (27 | ) | $ | 4,336 | ||||||||||||||
Debt securities | 3,787 | (22 | ) | (97 | ) | 3,668 | ||||||||||||||||||
Total | $ | 8,178 | $ | (50 | ) | $ | (124 | ) | $ | 8,004 | ||||||||||||||
2012:00:00 | ||||||||||||||||||||||||
Equity securities | $ | 2,620 | $ | — | $ | (356 | ) | $ | 2,264 | |||||||||||||||
Debt securities | 1,215 | — | (453 | ) | 762 | |||||||||||||||||||
Total | $ | 3,835 | $ | — | $ | (809 | ) | $ | 3,026 | |||||||||||||||
The following table presents a summary of other-than-temporary impairment charges recorded as decreases to investment securities gains on the consolidated statements of income, by investment security type: | ||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Equity securities - financial institution stocks | $ | 12 | $ | 27 | $ | 356 | ||||||||||||||||||
Pooled trust preferred securities | 18 | 97 | 19 | |||||||||||||||||||||
Auction rate securities | — | — | 434 | |||||||||||||||||||||
Total debt securities | 18 | 97 | 453 | |||||||||||||||||||||
Total other-than-temporary impairment charges | $ | 30 | $ | 124 | $ | 809 | ||||||||||||||||||
Other-than-temporary impairment charges related to investments in common stocks of financial institutions were due to the severity and duration of the declines in fair values of certain financial institution stocks, in conjunction with management’s assessment of the near-term prospects of each specific financial institution. The credit related other-than-temporary impairment charges for debt securities were determined based on expected cash flows models. | ||||||||||||||||||||||||
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 December 31: | ||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Balance of cumulative credit losses on debt securities, beginning of year | $ | (20,691 | ) | $ | (23,079 | ) | $ | (22,781 | ) | |||||||||||||||
Additions for credit losses recorded which were not previously recognized as components of earnings | (18 | ) | (97 | ) | (453 | ) | ||||||||||||||||||
Reductions for securities sold during the period | 4,460 | 2,468 | — | |||||||||||||||||||||
Reductions for increases in cash flows expected to be collected that are recognized over the remaining life of the security | 7 | 17 | 155 | |||||||||||||||||||||
Balance of cumulative credit losses on debt securities, end of year | $ | (16,242 | ) | $ | (20,691 | ) | $ | (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, as of December 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) | ||||||||||||||||||||||||
State and municipal securities | 3,282 | (4 | ) | 19,640 | (262 | ) | 22,922 | (266 | ) | |||||||||||||||
Corporate debt securities | 4,952 | (17 | ) | 36,849 | (6,091 | ) | 41,801 | (6,108 | ) | |||||||||||||||
Collateralized mortgage obligations | 46,121 | (179 | ) | 592,119 | (20,608 | ) | 638,240 | (20,787 | ) | |||||||||||||||
Mortgage-backed securities | 36,791 | (40 | ) | 235,368 | (2,904 | ) | 272,159 | (2,944 | ) | |||||||||||||||
Auction rate securities | — | — | 100,941 | (7,810 | ) | 100,941 | (7,810 | ) | ||||||||||||||||
Total debt securities | 91,146 | (240 | ) | 984,917 | (37,675 | ) | 1,076,063 | (37,915 | ) | |||||||||||||||
Equity securities | 5 | (1 | ) | 77 | (12 | ) | 82 | (13 | ) | |||||||||||||||
$ | 91,151 | $ | (241 | ) | $ | 984,994 | $ | (37,687 | ) | $ | 1,076,145 | $ | (37,928 | ) | ||||||||||
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 did not consider these investments to be other-than-temporarily impaired as of December 31, 2014. | ||||||||||||||||||||||||
The unrealized holding losses on student loan 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 December 31, 2014, all of the ARCs were rated above investment grade, with approximately $5.4 million, or 5%, "AAA" rated and $95.5 million, or 95%, "AA" rated. All of the loans underlying the ARCs have principal payments which are guaranteed by the federal government. | ||||||||||||||||||||||||
During 2014, ARCs with a total book value of $51.2 million were redeemed at par and ARCs with a total book value of $11.9 million were sold with no gain or loss upon sale. As of December 31, 2014, all ARCs were current and making scheduled interest payments. Based on management’s evaluations, ARCs with a fair value of $100.9 million were not subject to any other-than-temporary impairment charges as of December 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 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 common 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 December 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 values of corporate debt securities as of December 31: | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Amortized | Estimated | Amortized | Estimated | |||||||||||||||||||||
Cost | Fair Value | Cost | Fair Value | |||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Single-issuer trust preferred securities | $ | 47,569 | $ | 42,016 | $ | 47,481 | $ | 40,531 | ||||||||||||||||
Subordinated debt | 47,530 | 50,023 | 47,405 | 50,327 | ||||||||||||||||||||
Pooled trust preferred securities | 2,010 | 4,088 | 2,997 | 5,306 | ||||||||||||||||||||
Corporate debt securities issued by financial institutions | 97,109 | 96,127 | 97,883 | 96,164 | ||||||||||||||||||||
Other corporate debt securities | 1,907 | 1,907 | 2,585 | 2,585 | ||||||||||||||||||||
Available for sale corporate debt securities | $ | 99,016 | $ | 98,034 | $ | 100,468 | $ | 98,749 | ||||||||||||||||
The Corporation’s investments in single-issuer trust preferred securities had an unrealized loss of $5.6 million as of December 31, 2014. The Corporation did not record any other-than-temporary impairment charges for single-issuer trust preferred securities in 2014, 2013 or 2012. Seven of the Corporation's 20 single-issuer trust preferred securities held were rated below investment grade by at least one ratings agency, with an amortized cost of $14.5 million and an estimated fair value of $12.4 million as of December 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 as of December 31, 2014 were not rated by any ratings agency. | ||||||||||||||||||||||||
During the year ended December 31, 2014, the Corporation sold three pooled trust preferred securities with a total amortized cost of $728,000, for a gain of $1.7 million. As of December 31, 2014, all five of the Corporation's pooled trust preferred securities, with an amortized cost of $2.0 million and an estimated fair value of $4.1 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 flow 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 asset 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 $98.0 million were not subject to any additional other-than-temporary impairment charges as of December 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. | ||||||||||||||||||||||||
As mandated by the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act), in December 2013, five regulatory bodies issued final rulings (the Final Rules) implementing certain prohibitions and restrictions on the ability of a banking entity and non-bank financial company supervised by the Federal Reserve Board to engage in proprietary trading and have certain ownership interests in, or relationships with, a "covered fund" (the so-called "Volcker Rule"). The Final Rules generally treat as a covered fund any entity that would be an investment company under the Investment Company Act of 1940 (1940 Act) but for the application of the exemptions from SEC registration set forth in Section 3(c)(1) (fewer than 100 beneficial owners) or Section 3(c)(7) (qualified purchasers) of the 1940 Act. The Final Rules also require regulated entities to establish an internal compliance program that is consistent with the extent to which it engages in activities covered by the Volcker Rule, which must include making regular reports about those activities to regulators. Although the Final Rules provide some tiering of compliance and reporting obligations based on size, the fundamental prohibitions of the Volcker Rule apply to banking entities of any size, including the Corporation. Banking entities have until July 21, 2015 to conform their activities and investments to the requirements of the Final Rules. The Corporation does not engage in proprietary trading or in any other activities prohibited by the Final Rules. Based on the Corporation's evaluation of its investments, none fall within the definition of a "covered fund" and would need to be disposed of by July 21, 2015. Therefore, it does not currently expect that the Final Rules will have a material effect on its business, financial condition or results of operations. |
Loans_and_Allowance_for_Credit
Loans and Allowance for Credit Losses | 12 Months Ended | |||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | ||||||||||||||||||||||||||||||||||||
Loans and Allowance for Credit Losses | ||||||||||||||||||||||||||||||||||||
NOTE D – LOANS AND ALLOWANCE FOR CREDIT LOSSES | ||||||||||||||||||||||||||||||||||||
Loans, net of unearned income | ||||||||||||||||||||||||||||||||||||
Loans, net of unearned income are summarized as follows as of December 31: | ||||||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||||||
Real estate – commercial mortgage | $ | 5,197,155 | $ | 5,101,922 | ||||||||||||||||||||||||||||||||
Commercial – industrial, financial and agricultural | 3,725,567 | 3,628,420 | ||||||||||||||||||||||||||||||||||
Real estate – home equity | 1,736,688 | 1,764,197 | ||||||||||||||||||||||||||||||||||
Real estate – residential mortgage | 1,377,068 | 1,337,380 | ||||||||||||||||||||||||||||||||||
Real estate – construction | 690,601 | 573,672 | ||||||||||||||||||||||||||||||||||
Consumer | 265,431 | 283,124 | ||||||||||||||||||||||||||||||||||
Leasing and other | 127,562 | 99,256 | ||||||||||||||||||||||||||||||||||
Overdrafts | 4,021 | 4,045 | ||||||||||||||||||||||||||||||||||
Loans, gross of unearned income | 13,124,093 | 12,792,016 | ||||||||||||||||||||||||||||||||||
Unearned income | (12,377 | ) | (9,796 | ) | ||||||||||||||||||||||||||||||||
Loans, net of unearned income | $ | 13,111,716 | $ | 12,782,220 | ||||||||||||||||||||||||||||||||
The Corporation has extended credit to the officers and directors of the Corporation and to their associates. These related-party loans are made on substantially the same terms, including interest rates and collateral, as those prevailing at the time for comparable transactions with unrelated persons and do not involve more than the normal risk of collection. The aggregate dollar amount of these loans, including unadvanced commitments, was $252.6 million and $149.1 million as of December 31, 2014 and 2013, respectively. During 2014, additions totaled $120.2 million and repayments and other changes in related-party loans totaled $16.7 million. | ||||||||||||||||||||||||||||||||||||
The total portfolio of mortgage loans serviced by the Corporation for unrelated third parties was $4.9 billion as of December 31, 2014 and 2013. | ||||||||||||||||||||||||||||||||||||
Allowance for Credit Losses | ||||||||||||||||||||||||||||||||||||
The following table presents the components of the allowance for credit losses as of December 31: | ||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||||||
Allowance for loan losses | $ | 184,144 | $ | 202,780 | $ | 223,903 | ||||||||||||||||||||||||||||||
Reserve for unfunded lending commitments | 1,787 | 2,137 | 1,536 | |||||||||||||||||||||||||||||||||
Allowance for credit losses | $ | 185,931 | $ | 204,917 | $ | 225,439 | ||||||||||||||||||||||||||||||
The following table presents the activity in the allowance for credit losses for the years ended December 31: | ||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||||||
Balance at beginning of year | $ | 204,917 | $ | 225,439 | $ | 258,177 | ||||||||||||||||||||||||||||||
Loans charged off | (44,593 | ) | (80,212 | ) | (140,366 | ) | ||||||||||||||||||||||||||||||
Recoveries of loans previously charged off | 13,107 | 19,190 | 13,628 | |||||||||||||||||||||||||||||||||
Net loans charged off | (31,486 | ) | (61,022 | ) | (126,738 | ) | ||||||||||||||||||||||||||||||
Provision for credit losses | 12,500 | 40,500 | 94,000 | |||||||||||||||||||||||||||||||||
Balance at end of year | $ | 185,931 | $ | 204,917 | $ | 225,439 | ||||||||||||||||||||||||||||||
The following table presents the activity in the allowance for loan losses by portfolio segment for the years ended December 31 and loans, net of unearned income, and their related allowance for loan losses, by portfolio segment, as of December 31: | ||||||||||||||||||||||||||||||||||||
Real Estate - | Commercial - | Real Estate - | Real Estate - | Real Estate - | Consumer | Leasing | Unallocated (1) | Total | ||||||||||||||||||||||||||||
Commercial | Industrial, | Home | Residential | Construction | and other | |||||||||||||||||||||||||||||||
Mortgage | Financial and | Equity | Mortgage | and | ||||||||||||||||||||||||||||||||
Agricultural | Overdrafts | |||||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||||||
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 | (20,829 | ) | (30,383 | ) | (8,193 | ) | (9,705 | ) | (6,572 | ) | (1,877 | ) | (2,653 | ) | — | (80,212 | ) | |||||||||||||||||||
Recoveries of loans previously charged off | 3,494 | 9,281 | 860 | 548 | 2,682 | 1,518 | 807 | — | 19,190 | |||||||||||||||||||||||||||
Net loans charged off | (17,335 | ) | (21,102 | ) | (7,333 | ) | (9,157 | ) | (3,890 | ) | (359 | ) | (1,846 | ) | — | (61,022 | ) | |||||||||||||||||||
Provision for loan losses (2) | 10,066 | 11,227 | 12,779 | 7,703 | (748 | ) | 1,252 | 2,464 | (4,844 | ) | 39,899 | |||||||||||||||||||||||||
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 | (6,004 | ) | (24,516 | ) | (5,486 | ) | (2,918 | ) | (1,209 | ) | (2,325 | ) | (2,135 | ) | — | (44,593 | ) | |||||||||||||||||||
Recoveries of loans previously charged off | 1,960 | 4,256 | 1,025 | 451 | 3,177 | 1,322 | 916 | — | 13,107 | |||||||||||||||||||||||||||
Net loans charged off | (4,044 | ) | (20,260 | ) | (4,461 | ) | (2,467 | ) | 1,968 | (1,003 | ) | (1,219 | ) | — | (31,486 | ) | ||||||||||||||||||||
Provision for loan losses (2) | 1,878 | 21,308 | 4,510 | (1,543 | ) | (4,861 | ) | 758 | (352 | ) | (8,848 | ) | 12,850 | |||||||||||||||||||||||
Balance at December 31, 2014 | $ | 53,493 | $ | 51,378 | $ | 28,271 | $ | 29,072 | $ | 9,756 | $ | 3,015 | $ | 1,799 | $ | 7,360 | $ | 184,144 | ||||||||||||||||||
Allowance for loan losses at December 31, 2014 | ||||||||||||||||||||||||||||||||||||
Measured for impairment under FASB ASC Subtopic 450-20 | $ | 36,778 | $ | 38,348 | $ | 19,047 | $ | 10,480 | $ | 6,485 | $ | 2,980 | $ | 1,799 | $ | 7,360 | $ | 123,277 | ||||||||||||||||||
Evaluated for impairment under FASB ASC Section 310-10-35 | 16,715 | 13,030 | 9,224 | 18,592 | 3,271 | 35 | — | N/A | 60,867 | |||||||||||||||||||||||||||
$ | 53,493 | $ | 51,378 | $ | 28,271 | $ | 29,072 | $ | 9,756 | $ | 3,015 | $ | 1,799 | $ | 7,360 | $ | 184,144 | |||||||||||||||||||
Loans, net of unearned income at December 31, 2014 | ||||||||||||||||||||||||||||||||||||
Measured for impairment under FASB ASC Subtopic 450-20 | $ | 5,133,896 | $ | 3,690,561 | $ | 1,723,230 | $ | 1,325,717 | $ | 665,012 | $ | 265,393 | $ | 119,206 | N/A | $ | 12,923,015 | |||||||||||||||||||
Evaluated for impairment under FASB ASC Section 310-10-35 | 63,259 | 35,006 | 13,458 | 51,351 | 25,589 | 38 | — | N/A | 188,701 | |||||||||||||||||||||||||||
$ | 5,197,155 | $ | 3,725,567 | $ | 1,736,688 | $ | 1,377,068 | $ | 690,601 | $ | 265,431 | $ | 119,206 | N/A | $ | 13,111,716 | ||||||||||||||||||||
Allowance for loan losses at December 31, 2013 | ||||||||||||||||||||||||||||||||||||
Measured for impairment under FASB ASC Subtopic 450-20 | $ | 41,215 | $ | 36,263 | $ | 19,163 | $ | 11,337 | $ | 8,778 | $ | 3,248 | $ | 3,370 | $ | 16,208 | $ | 139,582 | ||||||||||||||||||
Evaluated for impairment under FASB ASC Section 310-10-35 | 14,444 | 14,067 | 9,059 | 21,745 | 3,871 | 12 | — | N/A | 63,198 | |||||||||||||||||||||||||||
$ | 55,659 | $ | 50,330 | $ | 28,222 | $ | 33,082 | $ | 12,649 | $ | 3,260 | $ | 3,370 | $ | 16,208 | $ | 202,780 | |||||||||||||||||||
Loans, net of unearned income at December 31, 2013 | ||||||||||||||||||||||||||||||||||||
Measured for impairment under FASB ASC Subtopic 450-20 | $ | 5,041,598 | $ | 3,583,665 | $ | 1,749,560 | $ | 1,286,283 | $ | 542,634 | $ | 283,111 | $ | 93,505 | N/A | $ | 12,580,356 | |||||||||||||||||||
Evaluated for impairment under FASB ASC Section 310-10-35 | 60,324 | 44,755 | 14,637 | 51,097 | 31,038 | 13 | — | N/A | 201,864 | |||||||||||||||||||||||||||
$ | 5,101,922 | $ | 3,628,420 | $ | 1,764,197 | $ | 1,337,380 | $ | 573,672 | $ | 283,124 | $ | 93,505 | N/A | $ | 12,782,220 | ||||||||||||||||||||
-1 | The Corporation’s unallocated allowance, which was approximately 4% and 8% of the total allowance for credit losses as of December 31, 2014 and December 31, 2013, respectively, was, in the opinion of management, reasonable and appropriate given that the estimates used in the allocation process are inherently imprecise. | |||||||||||||||||||||||||||||||||||
-2 | For the year ended December 31, 2014, the provision for loan losses excluded a $350,000 decrease in the reserve for unfunded lending commitments. The total provision for credit losses, comprised of allocations for both funded and unfunded loans, was $12.5 million for the year ended December 31, 2014. For the year ended December 31, 2013, the provision for loan losses excluded a $601,000 increase in the reserve for unfunded lending commitments. The total provision for credit losses, comprised of allocations for both funded and unfunded loans, was $40.5 million for the year ended December 31, 2013. | |||||||||||||||||||||||||||||||||||
N/A – Not applicable. | ||||||||||||||||||||||||||||||||||||
Impaired Loans | ||||||||||||||||||||||||||||||||||||
The following table presents total impaired loans by class segment as of December 31: | ||||||||||||||||||||||||||||||||||||
2014 | 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 | $ | 25,802 | $ | 23,236 | $ | — | $ | 28,892 | $ | 24,494 | $ | — | ||||||||||||||||||||||||
Commercial - secured | 17,599 | 14,582 | — | 23,890 | 21,383 | — | ||||||||||||||||||||||||||||||
Real estate - home equity | — | — | — | 399 | 300 | — | ||||||||||||||||||||||||||||||
Real estate - residential mortgage | 4,873 | 4,873 | — | — | — | — | ||||||||||||||||||||||||||||||
Construction - commercial residential | 18,041 | 14,801 | — | 18,468 | 13,265 | — | ||||||||||||||||||||||||||||||
Construction - commercial | 1,707 | 1,581 | — | 3,471 | 2,451 | — | ||||||||||||||||||||||||||||||
68,022 | 59,073 | 75,120 | 61,893 | |||||||||||||||||||||||||||||||||
With a related allowance recorded: | ||||||||||||||||||||||||||||||||||||
Real estate - commercial mortgage | 49,619 | 40,023 | 16,715 | 43,282 | 35,830 | 14,444 | ||||||||||||||||||||||||||||||
Commercial - secured | 24,824 | 19,335 | 12,165 | 34,267 | 22,324 | 13,315 | ||||||||||||||||||||||||||||||
Commercial - unsecured | 1,241 | 1,089 | 865 | 1,113 | 1,048 | 752 | ||||||||||||||||||||||||||||||
Real estate - home equity | 19,392 | 13,458 | 9,224 | 20,383 | 14,337 | 9,059 | ||||||||||||||||||||||||||||||
Real estate - residential mortgage | 56,607 | 46,478 | 18,592 | 63,682 | 51,097 | 21,745 | ||||||||||||||||||||||||||||||
Construction - commercial residential | 14,007 | 7,903 | 2,675 | 22,594 | 12,777 | 2,646 | ||||||||||||||||||||||||||||||
Construction - commercial | 1,501 | 1,023 | 459 | 3,660 | 1,997 | 924 | ||||||||||||||||||||||||||||||
Construction - other | 452 | 281 | 137 | 719 | 548 | 301 | ||||||||||||||||||||||||||||||
Consumer - indirect | 20 | 19 | 18 | 2 | 2 | 2 | ||||||||||||||||||||||||||||||
Consumer - direct | 19 | 19 | 17 | 11 | 11 | 10 | ||||||||||||||||||||||||||||||
167,682 | 129,628 | 60,867 | 189,713 | 139,971 | 63,198 | |||||||||||||||||||||||||||||||
Total | $ | 235,704 | $ | 188,701 | $ | 60,867 | $ | 264,833 | $ | 201,864 | $ | 63,198 | ||||||||||||||||||||||||
As of December 31, 2014 and 2013, there were $59.1 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 securing these loans exceeded their carrying amount, or the loans have been charged down to realizable collateral values. Accordingly, no specific valuation allowance was considered to be necessary. | ||||||||||||||||||||||||||||||||||||
The following table presents average impaired loans, by class segment, for the years ended December 31: | ||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||
Average | Interest Income | Average | Interest Income | Average | Interest | |||||||||||||||||||||||||||||||
Recorded | Recognized (1) | Recorded | Recognized (1) | Recorded | Income | |||||||||||||||||||||||||||||||
Investment | Investment | Investment | Recognized | |||||||||||||||||||||||||||||||||
-1 | ||||||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||||||
With no related allowance recorded: | ||||||||||||||||||||||||||||||||||||
Real estate - commercial mortgage | $ | 23,467 | $ | 320 | $ | 28,603 | $ | 489 | $ | 41,575 | $ | 538 | ||||||||||||||||||||||||
Commercial - secured | 18,928 | 119 | 30,299 | 173 | 26,443 | 50 | ||||||||||||||||||||||||||||||
Commercial - unsecured | — | — | 26 | — | 52 | — | ||||||||||||||||||||||||||||||
Real estate - home equity | 180 | 1 | 262 | 1 | 433 | 2 | ||||||||||||||||||||||||||||||
Real estate - residential mortgage | 1,532 | 31 | 695 | 25 | 989 | 45 | ||||||||||||||||||||||||||||||
Construction - commercial residential | 15,421 | 227 | 19,847 | 256 | 27,361 | 185 | ||||||||||||||||||||||||||||||
Construction - commercial | 1,907 | — | 3,480 | 2 | 3,492 | 19 | ||||||||||||||||||||||||||||||
61,435 | 698 | 83,212 | 946 | 100,345 | 839 | |||||||||||||||||||||||||||||||
With a related allowance recorded: | ||||||||||||||||||||||||||||||||||||
Real estate - commercial mortgage | 38,240 | 524 | 44,136 | 706 | 64,739 | 755 | ||||||||||||||||||||||||||||||
Commercial - secured | 20,991 | 129 | 27,919 | 153 | 45,217 | 97 | ||||||||||||||||||||||||||||||
Commercial - unsecured | 895 | 3 | 1,411 | 5 | 2,604 | 6 | ||||||||||||||||||||||||||||||
Real estate - home equity | 13,976 | 108 | 14,092 | 65 | 8,017 | 23 | ||||||||||||||||||||||||||||||
Real estate - residential mortgage | 50,281 | 1,178 | 52,251 | 1,210 | 44,791 | 1,446 | ||||||||||||||||||||||||||||||
Construction - commercial residential | 8,723 | 136 | 11,219 | 168 | 19,284 | 130 | ||||||||||||||||||||||||||||||
Construction - commercial | 1,900 | — | 2,468 | 3 | 2,233 | 17 | ||||||||||||||||||||||||||||||
Construction - other | 387 | — | 523 | 1 | 974 | 7 | ||||||||||||||||||||||||||||||
Consumer - indirect | 7 | — | 1 | — | — | — | ||||||||||||||||||||||||||||||
Consumer - direct | 16 | 1 | 19 | — | 84 | — | ||||||||||||||||||||||||||||||
Leasing and other and overdrafts | — | — | 11 | — | 83 | — | ||||||||||||||||||||||||||||||
135,416 | 2,079 | 154,050 | 2,311 | 188,026 | 2,481 | |||||||||||||||||||||||||||||||
Total | $ | 196,851 | $ | 2,777 | $ | 237,262 | $ | 3,257 | $ | 288,371 | $ | 3,320 | ||||||||||||||||||||||||
-1 | All impaired loans, excluding accruing TDRs, were non-accrual loans. Interest income recognized for the years ended December 31, 2014, 2013 and 2012 represents amounts earned on accruing TDRs. | |||||||||||||||||||||||||||||||||||
Credit Quality Indicators and Non-performing Assets | ||||||||||||||||||||||||||||||||||||
The following table presents internal credit risk ratings for real estate - commercial mortgages, commercial - secured loans, | ||||||||||||||||||||||||||||||||||||
commercial - unsecured loans, construction - commercial residential loans and construction - commercial loans as of December 31: | ||||||||||||||||||||||||||||||||||||
Pass | Special Mention | Substandard or Lower | Total | |||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||||||||||||
Real estate - commercial mortgage | $ | 4,899,016 | $ | 4,763,987 | $ | 127,302 | $ | 141,013 | $ | 170,837 | $ | 196,922 | $ | 5,197,155 | $ | 5,101,922 | ||||||||||||||||||||
Commercial - secured | 3,333,486 | 3,167,168 | 120,584 | 111,613 | 110,544 | 125,382 | 3,564,614 | 3,404,163 | ||||||||||||||||||||||||||||
Commercial -unsecured | 146,680 | 209,836 | 7,463 | 11,666 | 6,810 | 2,755 | 160,953 | 224,257 | ||||||||||||||||||||||||||||
Total commercial - industrial, financial and agricultural | 3,480,166 | 3,377,004 | 128,047 | 123,279 | 117,354 | 128,137 | 3,725,567 | 3,628,420 | ||||||||||||||||||||||||||||
Construction - commercial residential | 136,109 | 117,680 | 27,495 | 30,946 | 40,066 | 55,309 | 203,670 | 203,935 | ||||||||||||||||||||||||||||
Construction - commercial | 409,631 | 286,802 | 12,202 | 3,508 | 5,586 | 10,621 | 427,419 | 300,931 | ||||||||||||||||||||||||||||
Total real estate - construction (excluding construction - other) | 545,740 | 404,482 | 39,697 | 34,454 | 45,652 | 65,930 | 631,089 | 504,866 | ||||||||||||||||||||||||||||
Total | $ | 8,924,922 | $ | 8,545,473 | $ | 295,046 | $ | 298,746 | $ | 333,843 | $ | 390,989 | $ | 9,553,811 | $ | 9,235,208 | ||||||||||||||||||||
% of Total | 93.4 | % | 92.6 | % | 3.1 | % | 3.2 | % | 3.5 | % | 4.2 | % | 100 | % | 100 | % | ||||||||||||||||||||
The following table presents the delinquency and non-performing status of home equity, real estate - residential mortgages, construction loans to individuals, consumer, leasing and other loans by class segment as of December 31: | ||||||||||||||||||||||||||||||||||||
Performing | Delinquent (1) | Non-performing (2) | Total | |||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||||||||||||
Real estate - home equity | $ | 1,711,017 | $ | 1,731,185 | $ | 10,931 | $ | 16,029 | $ | 14,740 | $ | 16,983 | $ | 1,736,688 | $ | 1,764,197 | ||||||||||||||||||||
Real estate - residential mortgage | 1,321,139 | 1,282,754 | 26,934 | 23,279 | 28,995 | 31,347 | 1,377,068 | 1,337,380 | ||||||||||||||||||||||||||||
Real estate - construction - other | 59,180 | 68,258 | — | — | 332 | 548 | 59,512 | 68,806 | ||||||||||||||||||||||||||||
Consumer - direct | 104,018 | 126,666 | 2,891 | 3,586 | 2,414 | 2,391 | 109,323 | 132,643 | ||||||||||||||||||||||||||||
Consumer - indirect | 153,358 | 147,017 | 2,574 | 3,312 | 176 | 152 | 156,108 | 150,481 | ||||||||||||||||||||||||||||
Total consumer | 257,376 | 273,683 | 5,465 | 6,898 | 2,590 | 2,543 | 265,431 | 283,124 | ||||||||||||||||||||||||||||
Leasing and other and overdrafts | 118,550 | 92,876 | 523 | 581 | 133 | 48 | 119,206 | 93,505 | ||||||||||||||||||||||||||||
Total | $ | 3,467,262 | $ | 3,448,756 | $ | 43,853 | $ | 46,787 | $ | 46,790 | $ | 51,469 | $ | 3,557,905 | $ | 3,547,012 | ||||||||||||||||||||
% of Total | 97.5 | % | 97.2 | % | 1.2 | % | 1.3 | % | 1.3 | % | 1.5 | % | 100 | % | 100 | % | ||||||||||||||||||||
(1)Includes all accruing loans 30 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 as of December 31: | ||||||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||||||
Non-accrual loans | $ | 121,080 | $ | 133,753 | ||||||||||||||||||||||||||||||||
Accruing loans greater than 90 days past due | 17,402 | 20,524 | ||||||||||||||||||||||||||||||||||
Total non-performing loans | 138,482 | 154,277 | ||||||||||||||||||||||||||||||||||
Other real estate owned | 12,022 | 15,052 | ||||||||||||||||||||||||||||||||||
Total non-performing assets | $ | 150,504 | $ | 169,329 | ||||||||||||||||||||||||||||||||
The following table presents loans whose terms were modified under TDRs as of December 31: | ||||||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||||||
Real-estate - residential mortgage | $ | 31,308 | $ | 28,815 | ||||||||||||||||||||||||||||||||
Real-estate - commercial mortgage | 18,822 | 19,758 | ||||||||||||||||||||||||||||||||||
Construction - commercial residential | 9,241 | 9,889 | ||||||||||||||||||||||||||||||||||
Commercial - secured | 5,170 | 7,933 | ||||||||||||||||||||||||||||||||||
Real estate - home equity | 2,975 | 1,365 | ||||||||||||||||||||||||||||||||||
Commercial - unsecured | 67 | 112 | ||||||||||||||||||||||||||||||||||
Consumer - direct | 19 | 11 | ||||||||||||||||||||||||||||||||||
Consumer - indirect | 19 | — | ||||||||||||||||||||||||||||||||||
Construction - commercial | — | 228 | ||||||||||||||||||||||||||||||||||
Total accruing TDRs | 67,621 | 68,111 | ||||||||||||||||||||||||||||||||||
Non-accrual TDRs (1) | 24,616 | 30,209 | ||||||||||||||||||||||||||||||||||
Total TDRs | $ | 92,237 | $ | 98,320 | ||||||||||||||||||||||||||||||||
(1)Included within non-accrual loans in the preceding table. | ||||||||||||||||||||||||||||||||||||
As of December 31, 2014 and 2013, there were $3.9 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 December 31, 2014 and 2013 that were modified during the years ended December 31, 2014 and 2013: | ||||||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||||||
Number of Loans | Recorded Investment | Number of Loans | Recorded Investment | |||||||||||||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||||||||||||
Real estate - commercial mortgage | 8 | $ | 6,841 | 16 | $ | 9,439 | ||||||||||||||||||||||||||||||
Construction - commercial residential | 3 | 3,616 | 3 | 5,285 | ||||||||||||||||||||||||||||||||
Real estate - residential mortgage | 23 | 2,407 | 49 | 9,611 | ||||||||||||||||||||||||||||||||
Real estate - home equity | 30 | 1,551 | 36 | 2,602 | ||||||||||||||||||||||||||||||||
Commercial - secured | 11 | 1,955 | 8 | 1,699 | ||||||||||||||||||||||||||||||||
Consumer - indirect | 4 | 20 | — | — | ||||||||||||||||||||||||||||||||
Consumer - direct | 7 | 7 | 12 | 1 | ||||||||||||||||||||||||||||||||
Commercial - unsecured | — | — | 1 | 12 | ||||||||||||||||||||||||||||||||
86 | $ | 16,397 | 125 | $ | 28,649 | |||||||||||||||||||||||||||||||
The following table presents TDRs, by class segment, as of December 31, 2014 and 2013 that were modified during the years ended December 31, 2014 and 2013 and had a post-modification payment default during their respective year of modification. The Corporation defines a payment default as a single missed scheduled payment: | ||||||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||||||
Number of Loans | Recorded Investment | Number of Loans | Recorded Investment | |||||||||||||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||||||||||||
Construction - commercial residential | 2 | $ | 1,803 | 1 | $ | 568 | ||||||||||||||||||||||||||||||
Real estate - commercial mortgage | 2 | 1,660 | 6 | 3,683 | ||||||||||||||||||||||||||||||||
Real estate - residential mortgage | 11 | 1,430 | 19 | 4,211 | ||||||||||||||||||||||||||||||||
Commercial - secured | 4 | 1,208 | 2 | 108 | ||||||||||||||||||||||||||||||||
Real estate - home equity | 11 | 961 | 15 | 1,249 | ||||||||||||||||||||||||||||||||
Consumer - direct | 1 | 1 | — | — | ||||||||||||||||||||||||||||||||
31 | $ | 7,063 | 43 | $ | 9,819 | |||||||||||||||||||||||||||||||
The following table presents past due status and non-accrual loans by portfolio segment and class segment as of December 31: | ||||||||||||||||||||||||||||||||||||
2014 | ||||||||||||||||||||||||||||||||||||
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 | $ | 14,399 | $ | 3,677 | $ | 800 | $ | 44,437 | $ | 45,237 | $ | 63,313 | $ | 5,133,842 | $ | 5,197,155 | ||||||||||||||||||||
Commercial - secured | 4,839 | 958 | 610 | 28,747 | 29,357 | 35,154 | 3,529,460 | 3,564,614 | ||||||||||||||||||||||||||||
Commercial - unsecured | 395 | 65 | 9 | 1,022 | 1,031 | 1,491 | 159,462 | 160,953 | ||||||||||||||||||||||||||||
Total Commercial - industrial, financial and agricultural | 5,234 | 1,023 | 619 | 29,769 | 30,388 | 36,645 | 3,688,922 | 3,725,567 | ||||||||||||||||||||||||||||
Real estate - home equity | 8,048 | 2,883 | 4,257 | 10,483 | 14,740 | 25,671 | 1,711,017 | 1,736,688 | ||||||||||||||||||||||||||||
Real estate - residential mortgage | 18,789 | 8,145 | 8,952 | 20,043 | 28,995 | 55,929 | 1,321,139 | 1,377,068 | ||||||||||||||||||||||||||||
Construction - commercial | — | — | — | 2,604 | 2,604 | 2,604 | 424,815 | 427,419 | ||||||||||||||||||||||||||||
Construction - commercial residential | 160 | — | — | 13,463 | 13,463 | 13,623 | 190,047 | 203,670 | ||||||||||||||||||||||||||||
Construction - other | — | — | 51 | 281 | 332 | 332 | 59,180 | 59,512 | ||||||||||||||||||||||||||||
Total Real estate - construction | 160 | — | 51 | 16,348 | 16,399 | 16,559 | 674,042 | 690,601 | ||||||||||||||||||||||||||||
Consumer - direct | 2,034 | 857 | 2,414 | — | 2,414 | 5,305 | 104,018 | 109,323 | ||||||||||||||||||||||||||||
Consumer - indirect | 2,156 | 418 | 176 | — | 176 | 2,750 | 153,358 | 156,108 | ||||||||||||||||||||||||||||
Total Consumer | 4,190 | 1,275 | 2,590 | — | 2,590 | 8,055 | 257,376 | 265,431 | ||||||||||||||||||||||||||||
Leasing and other and overdrafts | 357 | 166 | 133 | — | 133 | 656 | 118,550 | 119,206 | ||||||||||||||||||||||||||||
$ | 51,177 | $ | 17,169 | $ | 17,402 | $ | 121,080 | $ | 138,482 | $ | 206,828 | $ | 12,904,888 | $ | 13,111,716 | |||||||||||||||||||||
2013 | ||||||||||||||||||||||||||||||||||||
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 | 14 | 375 | — | 4,220 | 4,220 | 4,609 | 296,322 | 300,931 | ||||||||||||||||||||||||||||
Construction - commercial residential | — | 270 | 346 | 16,153 | 16,499 | 16,769 | 187,166 | 203,935 | ||||||||||||||||||||||||||||
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 | |||||||||||||||||||||
Premises_and_Equipment
Premises and Equipment | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Property, Plant and Equipment [Abstract] | ||||||||
Premises and Equipment | ||||||||
NOTE E – PREMISES AND EQUIPMENT | ||||||||
The following is a summary of premises and equipment as of December 31: | ||||||||
2014 | 2013 | |||||||
(in thousands) | ||||||||
Land | $ | 37,667 | $ | 37,815 | ||||
Buildings and improvements | 287,271 | 281,904 | ||||||
Furniture and equipment | 176,808 | 170,970 | ||||||
Construction in progress | 21,055 | 14,195 | ||||||
522,801 | 504,884 | |||||||
Less: Accumulated depreciation and amortization | (296,774 | ) | (278,863 | ) | ||||
$ | 226,027 | $ | 226,021 | |||||
Goodwill_and_Intangible_Assets
Goodwill and Intangible Assets | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||
Goodwill and Intangible Assets | ||||||||||||||||||||||||
NOTE F – GOODWILL AND INTANGIBLE ASSETS | ||||||||||||||||||||||||
The following table summarizes the changes in goodwill: | ||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Balance at beginning of year | $ | 530,607 | $ | 530,656 | $ | 536,005 | ||||||||||||||||||
Sale of Global Exchange | — | — | (5,295 | ) | ||||||||||||||||||||
Other goodwill deductions | (14 | ) | (49 | ) | (54 | ) | ||||||||||||||||||
Balance at end of year | $ | 530,593 | $ | 530,607 | $ | 530,656 | ||||||||||||||||||
In December 2012, the Corporation's Fulton Bank, N.A. subsidiary sold its Global Exchange Group division (Global Exchange) for a gain of $6.2 million. Global Exchange provided international payment solutions to meet the needs of companies, law firms and professionals. As a result of this divestiture, $5.3 million of goodwill allocated to Global Exchange was written-off and included as a reduction to the gain on sale recorded in non-interest income on the consolidated statements of income. | ||||||||||||||||||||||||
As a result of the divestiture of Global Exchange, gross intangible assets totaling $2.3 million ($266,000, net of accumulated amortization) that were allocated to Global Exchange were written-off and included as a reduction to the gain on sale recorded in non-interest income on the consolidated statements of income for the year ended December 31, 2012. | ||||||||||||||||||||||||
All of the Corporation’s reporting units passed the 2014 goodwill impairment test, resulting in no goodwill impairment charges in 2014. Two reporting units, with total allocated goodwill of $170.4 million, had fair values that exceeded adjusted net book values by less than 5%. The remaining five reporting units, with total allocated goodwill of $360.2 million, had fair values that exceeded net book values by approximately 27% in the aggregate. | ||||||||||||||||||||||||
The estimated fair values of the Corporation’s reporting units are subject to uncertainty, including future changes in the trading and acquisition multiples of comparable financial institutions and future operating results of reporting units which could differ significantly from the assumptions used in the valuation of reporting units. | ||||||||||||||||||||||||
The following table summarizes intangible assets as of December 31: | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Gross | Accumulated | Net | Gross | Accumulated | Net | |||||||||||||||||||
Amortization | Amortization | |||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Amortizing: | ||||||||||||||||||||||||
Core deposit | $ | 50,279 | $ | (50,054 | ) | $ | 225 | $ | 50,279 | $ | (48,839 | ) | $ | 1,440 | ||||||||||
Other | 9,123 | (9,101 | ) | 22 | 9,123 | (9,057 | ) | 66 | ||||||||||||||||
Total amortizing | 59,402 | (59,155 | ) | 247 | 59,402 | (57,896 | ) | 1,506 | ||||||||||||||||
Non-amortizing | 963 | — | 963 | 1,263 | (300 | ) | 963 | |||||||||||||||||
$ | 60,365 | $ | (59,155 | ) | $ | 1,210 | $ | 60,665 | $ | (58,196 | ) | $ | 2,469 | |||||||||||
Core deposit intangible assets are amortized using an accelerated method over the estimated remaining life of the acquired core deposits. Other amortizing intangible assets, consisting primarily of premiums paid on branch acquisitions in prior years that did not qualify for business combinations accounting under FASB ASC Topic 810. As December 31, 2014, all amortizing intangible assets had a weighted average remaining life of less than one year. Amortization expense related to intangible assets totaled $1.3 million, $2.4 million and $3.0 million in 2014, 2013 and 2012, respectively. Amortization expense for 2015 is expected to be $247,000 with no remaining amortization in future years. |
Mortgage_Servicing_Rights
Mortgage Servicing Rights | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Transfers and Servicing [Abstract] | ||||||||
Mortgage Servicing Rights | ||||||||
NOTE G – MORTGAGE SERVICING RIGHTS | ||||||||
The following table summarizes the changes in MSRs, which are included in other assets on the consolidated balance sheets: | ||||||||
2014 | 2013 | |||||||
(in thousands) | ||||||||
Amortized cost: | ||||||||
Balance at beginning of year | $ | 42,452 | $ | 39,737 | ||||
Originations of mortgage servicing rights | 5,047 | 12,072 | ||||||
Amortization expense | (5,351 | ) | (9,357 | ) | ||||
Balance at end of year | $ | 42,148 | $ | 42,452 | ||||
Valuation allowance: | ||||||||
Balance at beginning of year | $ | — | $ | (3,680 | ) | |||
Reversals | — | 3,680 | ||||||
Balance at end of year | $ | — | $ | — | ||||
Net MSRs at end of year | $ | 42,148 | $ | 42,452 | ||||
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. No adjustment to the valuation allowance was necessary for the year ended December 31, 2014. A $3.7 million decrease to the valuation allowance was recorded for the year ended December 31, 2013. | ||||||||
The Corporation accounts for MSRs at the lower of amortized cost or fair value. The estimated fair value of MSRs were $46.0 million and $49.3 million as of December 31, 2014 and 2013, respectively. As a result of the MSR fair values exceeding book values, no increases to the valuation allowance were necessary for the years ended December 31, 2014 or 2013. | ||||||||
Estimated MSR amortization expense for the next five years, based on balances as of December 31, 2014 and the contractual remaining lives of the underlying loans, follows (in thousands): | ||||||||
Year | ||||||||
2015 | $ | 10,224 | ||||||
2016 | 9,028 | |||||||
2017 | 7,717 | |||||||
2018 | 6,283 | |||||||
2019 | 4,717 | |||||||
Deposits
Deposits | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Deposits [Abstract] | ||||||||
Deposits | ||||||||
NOTE H – DEPOSITS | ||||||||
Deposits consisted of the following as of December 31: | ||||||||
2014 | 2013 | |||||||
(in thousands) | ||||||||
Noninterest-bearing demand | $ | 3,640,623 | $ | 3,283,172 | ||||
Interest-bearing demand | 3,150,612 | 2,945,210 | ||||||
Savings and money market accounts | 3,504,820 | 3,344,882 | ||||||
Time deposits | 3,071,451 | 2,917,922 | ||||||
$ | 13,367,506 | $ | 12,491,186 | |||||
Included in time deposits were certificates of deposit equal to or greater than $100,000 of $1.2 billion and $1.1 billion as of December 31, 2014 and 2013, respectively. The scheduled maturities of time deposits as of December 31, 2014 were as follows (in thousands): | ||||||||
Year | ||||||||
2015 | $ | 1,592,986 | ||||||
2016 | 422,414 | |||||||
2017 | 369,968 | |||||||
2018 | 109,299 | |||||||
2019 | 499,984 | |||||||
Thereafter | 76,800 | |||||||
$ | 3,071,451 | |||||||
ShortTerm_Borrowings_and_LongT
Short-Term Borrowings and Long-Term Debt | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Short-Term Borrowings and Long-Term Debt [Abstract] | ||||||||||||||||||||||||
Short-Term Borrowings and Long-Term Debt | ||||||||||||||||||||||||
NOTE I – SHORT-TERM BORROWINGS AND LONG-TERM DEBT | ||||||||||||||||||||||||
Short-term borrowings as of December 31, 2014, 2013 and 2012 and the related maximum amounts outstanding at the end of any month in each of the three years then ended are presented below. The securities underlying the repurchase agreements remain in available for sale investment securities. | ||||||||||||||||||||||||
December 31 | Maximum Outstanding | |||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Federal funds purchased | $ | 6,219 | $ | 582,436 | $ | 592,470 | $ | 577,581 | $ | 848,179 | $ | 636,562 | ||||||||||||
Short-term FHLB advances (1) | 70,000 | 400,000 | — | 600,000 | 600,000 | 25,000 | ||||||||||||||||||
Customer repurchase agreements | 158,394 | 175,621 | 156,238 | 244,729 | 215,305 | 258,734 | ||||||||||||||||||
Customer short-term promissory notes | 95,106 | 100,572 | 119,691 | 95,106 | 115,129 | 152,570 | ||||||||||||||||||
$ | 329,719 | $ | 1,258,629 | $ | 868,399 | |||||||||||||||||||
(1) Represents FHLB advances with an original maturity term of less than one year. | ||||||||||||||||||||||||
As of December 31, 2014, the Corporation had aggregate availability under Federal funds lines of $1.2 billion, with $6.2 million of that amount outstanding. A combination of commercial real estate loans, commercial loans and securities are pledged to the Federal Reserve Bank of Philadelphia to provide access to Federal Reserve Bank Discount Window borrowings. As of December 31, 2014 and 2013, the Corporation had $1.1 billion and $2.0 billion, respectively, of collateralized borrowing availability at the Discount Window, and no outstanding borrowings. | ||||||||||||||||||||||||
The following table presents information related to customer repurchase agreements: | ||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||
Amount outstanding as of December 31 | $ | 158,394 | $ | 175,621 | $ | 156,238 | ||||||||||||||||||
Weighted average interest rate at year end | 0.13 | % | 0.12 | % | 0.16 | % | ||||||||||||||||||
Average amount outstanding during the year | $ | 197,432 | $ | 186,851 | $ | 206,842 | ||||||||||||||||||
Weighted average interest rate during the year | 0.1 | % | 0.11 | % | 0.12 | % | ||||||||||||||||||
FHLB advances and long-term debt included the following as of December 31: | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
FHLB advances | $ | 673,107 | $ | 513,854 | ||||||||||||||||||||
Subordinated debt | 300,000 | 200,000 | ||||||||||||||||||||||
Junior subordinated deferrable interest debentures | 171,136 | 171,136 | ||||||||||||||||||||||
Unamortized issuance costs and other | (4,830 | ) | (1,406 | ) | ||||||||||||||||||||
$ | 1,139,413 | $ | 883,584 | |||||||||||||||||||||
Excluded from the preceding table is the Parent Company’s revolving line of credit with its subsidiary banks. As of December 31, 2014 and 2013, there were no amounts outstanding under this line of credit. This line of credit, with a total commitment of $100.0 million, is secured by equity securities and insurance investments and bears interest at London Interbank Offered Rate (LIBOR) plus 2.00%. Although balances drawn on the line of credit and related interest income and expense are eliminated in the consolidated financial statements, this borrowing arrangement is senior to the subordinated debt and the junior subordinated deferrable interest debentures. | ||||||||||||||||||||||||
FHLB advances mature through March 2027 and carry a weighted average interest rate of 3.43%. As of December 31, 2014, the Corporation had an additional borrowing capacity of approximately $2.6 billion with the FHLB. Advances from the FHLB are secured by FHLB stock, qualifying residential mortgages, investments and other assets. | ||||||||||||||||||||||||
The following table summarizes the scheduled maturities of FHLB advances and long-term debt as of December 31, 2014 (in thousands): | ||||||||||||||||||||||||
Year | ||||||||||||||||||||||||
2015 | $ | 184,950 | ||||||||||||||||||||||
2016 | 236,015 | |||||||||||||||||||||||
2017 | 314,702 | |||||||||||||||||||||||
2018 | — | |||||||||||||||||||||||
2019 | 127,007 | |||||||||||||||||||||||
Thereafter | 276,739 | |||||||||||||||||||||||
$ | 1,139,413 | |||||||||||||||||||||||
In November 2014, the Corporation issued $100 million of ten-year subordinated notes, which mature on November 15, 2024 and carry a fixed rate of 4.50% and an effective rate of approximately 4.87% as a result of issuance costs. Interest is paid semi-annually in May and November. In May 2007, the Corporation issued $100 million of ten-year subordinated notes, which mature on May 1, 2017 and carry a fixed rate of 5.75% and an effective rate of approximately 5.96% as a result of issuance costs. Interest is paid semi-annually in May and November. In March 2005, the Corporation issued $100 million of ten-year subordinated notes, which mature April 1, 2015 and carry a fixed rate of 5.35% and an effective rate of approximately 5.49% as a result of issuance costs. Interest is paid semi-annually in October and April. | ||||||||||||||||||||||||
The Parent Company owns all of the common stock of four subsidiary trusts, which have issued Trust Preferred Securities in conjunction with the Parent Company issuing junior subordinated deferrable interest debentures to the trusts. The Trust Preferred Securities are redeemable on specified dates, or earlier if certain events arise. | ||||||||||||||||||||||||
The following table provides details of the debentures as of December 31, 2014 (dollars in thousands): | ||||||||||||||||||||||||
Debentures Issued to | Fixed/ | Interest | Amount | Maturity | Callable | Call Price | ||||||||||||||||||
Variable | Rate | |||||||||||||||||||||||
Columbia Bancorp Statutory Trust | Variable | 2.91 | % | $ | 6,186 | 6/30/34 | 3/31/14 | 100 | ||||||||||||||||
Columbia Bancorp Statutory Trust II | Variable | 2.13 | % | 4,124 | 3/15/35 | 3/15/14 | 100 | |||||||||||||||||
Columbia Bancorp Statutory Trust III | Variable | 2.01 | % | 6,186 | 6/15/35 | 3/15/14 | 100 | |||||||||||||||||
Fulton Capital Trust I | Fixed | 6.29 | % | 154,640 | 2/1/36 | N/A | N/A | |||||||||||||||||
$ | 171,136 | |||||||||||||||||||||||
N/A – Not applicable. |
Derivative_Financial_Instrumen
Derivative Financial Instruments | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||
Derivative Financial Instruments | ||||||||||||||||
NOTE J – DERIVATIVE FINANCIAL INSTRUMENTS | ||||||||||||||||
The following table presents the notional amounts and fair values of derivative financial instruments as of December 31: | ||||||||||||||||
2014 | 2013 | |||||||||||||||
Notional | Asset | Notional | Asset | |||||||||||||
Amount | (Liability) | Amount | (Liability) | |||||||||||||
Fair Value | Fair Value | |||||||||||||||
(in thousands) | ||||||||||||||||
Interest Rate Locks with Customers | ||||||||||||||||
Positive fair values | $ | 89,655 | $ | 1,391 | $ | 75,217 | $ | 867 | ||||||||
Negative fair values | 301 | (6 | ) | 11,393 | (59 | ) | ||||||||||
Net interest rate locks with customers | 1,385 | 808 | ||||||||||||||
Forward Commitments | ||||||||||||||||
Positive fair values | — | — | 87,904 | 1,263 | ||||||||||||
Negative fair values | 93,802 | (1,164 | ) | 2,373 | (5 | ) | ||||||||||
Net forward commitments | (1,164 | ) | 1,258 | |||||||||||||
Interest Rate Swaps with Customers | ||||||||||||||||
Positive fair values | 468,080 | 19,716 | 111,899 | 2,105 | ||||||||||||
Negative fair values | 25,418 | (198 | ) | 105,673 | (2,993 | ) | ||||||||||
Net interest rate swaps with customers | 19,518 | (888 | ) | |||||||||||||
Interest Rate Swaps with Dealer Counterparties | ||||||||||||||||
Positive fair values | 25,418 | 198 | 105,673 | 2,993 | ||||||||||||
Negative fair values | 468,080 | (19,716 | ) | 111,899 | (2,105 | ) | ||||||||||
Net interest rate swaps with dealer counterparties | (19,518 | ) | 888 | |||||||||||||
Foreign Exchange Contracts with Customers | ||||||||||||||||
Positive fair values | 11,616 | 810 | 2,150 | 24 | ||||||||||||
Negative fair values | 5,250 | (441 | ) | 12,775 | (343 | ) | ||||||||||
Net foreign exchange contracts with customers | 369 | (319 | ) | |||||||||||||
Foreign Exchange Contracts with Correspondent Banks | ||||||||||||||||
Positive fair values | 5,287 | 446 | 17,348 | 498 | ||||||||||||
Negative fair values | 13,572 | (876 | ) | 5,872 | (48 | ) | ||||||||||
Net foreign exchange contracts with correspondent banks | (430 | ) | 450 | |||||||||||||
Net derivative fair value asset | $ | 160 | $ | 2,197 | ||||||||||||
The following table presents the fair value gains and losses on derivative financial instruments for the years ended December 31: | ||||||||||||||||
2014 | 2013 | 2012 | Statements of Income Classification | |||||||||||||
(in thousands) | ||||||||||||||||
Interest rate locks with customers | $ | 577 | $ | (5,949 | ) | $ | 2,879 | Mortgage banking income | ||||||||
Forward commitments | (2,422 | ) | 1,466 | 2,503 | Mortgage banking income | |||||||||||
Interest rate swaps with customers | 20,406 | (7,978 | ) | 4,346 | Other non-interest expense | |||||||||||
Interest rate swaps with counterparties | (20,406 | ) | 7,978 | (4,346 | ) | Other non-interest expense | ||||||||||
Foreign exchange contracts with customers | 688 | (108 | ) | (1,487 | ) | Other service charges and fees | ||||||||||
Foreign exchange contracts with correspondent banks | (880 | ) | 507 | 1,648 | Other service charges and fees | |||||||||||
Net fair value (losses) gains on derivative financial instruments | $ | (2,037 | ) | $ | (4,084 | ) | $ | 5,543 | ||||||||
The Corporation has elected to record mortgage loans held for sale at fair value. The following table presents a summary of mortgage loans held for sale and the impact of the fair value election on the consolidated financial statements as of and for the years ended December 31, 2014 and 2013: | ||||||||||||||||
Cost (1) | Fair Value | Balance Sheet | Fair Value (Loss) Gain | Statements of Income Classification | ||||||||||||
Classification | ||||||||||||||||
(in thousands) | ||||||||||||||||
December 31, 2014: | ||||||||||||||||
Mortgage loans held for sale | $ | 17,080 | $ | 17,522 | Loans held for sale | $ | 263 | Mortgage banking income | ||||||||
December 31, 2013: | ||||||||||||||||
Mortgage loans held for sale | 21,172 | 21,351 | Loans held for sale | (1,975 | ) | Mortgage banking income | ||||||||||
-1 | Cost basis of mortgage loans held for sale represents the unpaid principal balance. | |||||||||||||||
The fair values of interest rate swap agreements the Corporation enters into with customers and dealer counterparties 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 following table presents the Corporation's financial instruments that are eligible for offset, and the effects of offsetting, on the consolidated balance sheets as of December 31: | ||||||||||||||||
Gross Amounts | Gross Amounts Not Offset | |||||||||||||||
Recognized | on the Consolidated | |||||||||||||||
on the | Balance Sheets | |||||||||||||||
Consolidated | Financial | Cash | Net | |||||||||||||
Balance Sheets | Instruments (1) | Collateral (2) | Amount | |||||||||||||
(in thousands) | ||||||||||||||||
2014 | ||||||||||||||||
Interest rate swap assets | $ | 19,914 | $ | (206 | ) | $ | — | $ | 19,708 | |||||||
Interest rate swap liabilities | $ | 19,914 | $ | (206 | ) | $ | (19,210 | ) | $ | 498 | ||||||
2013 | ||||||||||||||||
Interest rate swap assets | $ | 5,098 | $ | (2,104 | ) | $ | — | $ | 2,994 | |||||||
Interest rate swap liabilities | $ | 5,098 | $ | (2,104 | ) | $ | (730 | ) | $ | 2,264 | ||||||
-1 | For interest rate swap assets, amounts represent any derivative liability fair values that could be offset in the event of counterparty or customer default. For interest rate swap 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. |
Regulatory_Matters
Regulatory Matters | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Regulatory Matters [Abstract] | ||||||||||||||||||||
Regulatory Matters | ||||||||||||||||||||
NOTE K – REGULATORY MATTERS | ||||||||||||||||||||
Regulatory Capital Requirements | ||||||||||||||||||||
The Corporation’s subsidiary banks are subject to regulatory capital requirements administered by banking regulators. Failure to meet minimum capital requirements can trigger certain mandatory – and possibly additional discretionary – actions by regulators that, if undertaken, could have a direct material effect on the Corporation’s financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the subsidiary banks must meet specific capital guidelines that involve quantitative measures of the subsidiary banks’ assets, liabilities, and certain off-balance sheet items as calculated under regulatory accounting practices. The subsidiary banks’ capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors. | ||||||||||||||||||||
Quantitative measures established by regulation to ensure capital adequacy require the subsidiary banks to maintain minimum amounts and ratios of Total and Tier I capital to risk-weighted assets, and of Tier I capital to average assets (as defined in the regulations). Management believes, as of December 31, 2014, that all of its bank subsidiaries met the capital adequacy requirements to which they were subject. | ||||||||||||||||||||
As of December 31, 2014 and 2013, the Corporation’s four significant subsidiaries, Fulton Bank, N.A., Fulton Bank of New Jersey, The Columbia Bank and Lafayette Ambassador Bank, were well capitalized under the regulatory framework for prompt corrective action based on their capital ratio calculations. To be categorized as well capitalized, these banks must maintain minimum total risk-based, Tier I risk-based, and Tier I leverage ratios as set forth in the following table. There are no conditions or events since December 31, 2014 that management believes have changed the institutions’ categories. | ||||||||||||||||||||
The following tables present the Total risk-based, Tier I risk-based and Tier I leverage requirements for the Corporation and its significant subsidiaries with total assets in excess of $1 billion. | ||||||||||||||||||||
2014 | ||||||||||||||||||||
Actual | For Capital | Well Capitalized | ||||||||||||||||||
Adequacy Purposes | ||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||||
(dollars in thousands) | ||||||||||||||||||||
Total Capital (to Risk-Weighted Assets): | ||||||||||||||||||||
Corporation | $ | 1,970,569 | 14.7 | % | $ | 1,076,013 | 8 | % | N/A | N/A | ||||||||||
Fulton Bank, N.A. | 1,065,445 | 13.2 | 643,791 | 8 | 804,739 | 10 | % | |||||||||||||
Fulton Bank of New Jersey | 347,235 | 13.1 | 211,823 | 8 | 264,779 | 10 | ||||||||||||||
The Columbia Bank | 203,109 | 13.5 | 119,934 | 8 | 149,917 | 10 | ||||||||||||||
Lafayette Ambassador Bank | 167,800 | 15.9 | 84,407 | 8 | 105,508 | 10 | ||||||||||||||
Tier I Capital (to Risk-Weighted Assets): | ||||||||||||||||||||
Corporation | 1,655,853 | 12.3 | 538,007 | 4 | % | N/A | N/A | |||||||||||||
Fulton Bank, N.A | 977,547 | 12.1 | 321,896 | 4 | 482,843 | 6 | % | |||||||||||||
Fulton Bank of New Jersey | 313,843 | 11.9 | 105,911 | 4 | 158,867 | 6 | ||||||||||||||
The Columbia Bank | 184,331 | 12.3 | 59,967 | 4 | 89,950 | 6 | ||||||||||||||
Lafayette Ambassador Bank | 154,817 | 14.7 | 42,203 | 4 | 63,305 | 6 | ||||||||||||||
Tier I Capital (to Average Assets): | ||||||||||||||||||||
Corporation | 1,655,853 | 10 | 663,421 | 4 | % | N/A | N/A | |||||||||||||
Fulton Bank, N.A | 977,547 | 10.5 | 373,288 | 4 | 466,610 | 5 | % | |||||||||||||
Fulton Bank of New Jersey | 313,843 | 9.4 | 133,580 | 4 | 166,975 | 5 | ||||||||||||||
The Columbia Bank | 184,331 | 9.4 | 78,186 | 4 | 97,733 | 5 | ||||||||||||||
Lafayette Ambassador Bank | 154,817 | 10.8 | 57,132 | 4 | 71,416 | 5 | ||||||||||||||
N/A – Not applicable as "well capitalized" applies to banks only. | ||||||||||||||||||||
2013 | ||||||||||||||||||||
Actual | For Capital | Well Capitalized | ||||||||||||||||||
Adequacy Purposes | ||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||||
(dollars in thousands) | ||||||||||||||||||||
Total Capital (to Risk-Weighted Assets): | ||||||||||||||||||||
Corporation | $ | 1,987,737 | 15 | % | $ | 1,056,974 | 8 | % | N/A | N/A | ||||||||||
Fulton Bank, N.A. | 1,053,214 | 13.1 | 641,218 | 8 | 801,523 | 10 | % | |||||||||||||
Fulton Bank of New Jersey | 343,341 | 13.8 | 199,120 | 8 | 248,900 | 10 | ||||||||||||||
The Columbia Bank | 215,648 | 15.4 | 111,675 | 8 | 139,594 | 10 | ||||||||||||||
Lafayette Ambassador Bank | 155,475 | 14.2 | 87,566 | 8 | 109,458 | 10 | ||||||||||||||
Tier I Capital (to Risk-Weighted Assets): | ||||||||||||||||||||
Corporation | $ | 1,736,567 | 13.1 | $ | 528,487 | 4 | % | N/A | N/A | |||||||||||
Fulton Bank, N.A | 941,546 | 11.8 | 320,609 | 4 | 480,914 | 6 | % | |||||||||||||
Fulton Bank of New Jersey | 308,210 | 12.4 | 99,560 | 4 | 149,340 | 6 | ||||||||||||||
The Columbia Bank | 198,135 | 14.2 | 55,837 | 4 | 83,756 | 6 | ||||||||||||||
Lafayette Ambassador Bank | 140,733 | 12.9 | 43,783 | 4 | 65,675 | 6 | ||||||||||||||
Tier I Capital (to Average Assets): | ||||||||||||||||||||
Corporation | $ | 1,736,567 | 10.6 | $ | 654,532 | 4 | % | N/A | N/A | |||||||||||
Fulton Bank, N.A | 941,546 | 10 | 375,647 | 4 | 469,558 | 5 | % | |||||||||||||
Fulton Bank of New Jersey | 308,210 | 9.6 | 128,250 | 4 | 160,312 | 5 | ||||||||||||||
The Columbia Bank | 198,135 | 10.6 | 75,098 | 4 | 93,873 | 5 | ||||||||||||||
Lafayette Ambassador Bank | 140,733 | 10.1 | 55,563 | 4 | 69,454 | 5 | ||||||||||||||
N/A – Not applicable as "well capitalized" applies to banks only. | ||||||||||||||||||||
Dividend and Loan Limitations | ||||||||||||||||||||
The dividends that may be paid by subsidiary banks to the Parent Company are subject to certain legal and regulatory limitations. Dividend limitations vary, depending on the subsidiary bank’s charter and primary regulator and whether or not it is a member of the Federal Reserve System. Generally, subsidiaries are prohibited from paying dividends when doing so would cause them to fall below the regulatory minimum capital levels. Additionally, limits may exist on paying dividends in excess of net income for specified periods. The total amount available for payment of dividends by subsidiary banks was approximately $243 million as of December 31, 2014, based on the subsidiary banks maintaining enough capital to be considered well capitalized, as defined above. | ||||||||||||||||||||
Under current Federal Reserve regulations, the subsidiary banks are limited in the amount they may loan to their affiliates, including the Parent Company. Loans to a single affiliate may not exceed 10%, and the aggregate of loans to all affiliates may not exceed 20% of each bank subsidiary’s regulatory capital. | ||||||||||||||||||||
U.S. Basel III Capital Rules | ||||||||||||||||||||
In July 2013, the Federal Reserve Board approved final rules (the U.S. Basel III Capital Rules) establishing a new comprehensive capital framework for U.S. banking organizations and implementing the Basel Committee on Banking Supervision's December 2010 framework for strengthening international capital standards. The U.S. Basel III Capital Rules substantially revise the risk-based capital requirements applicable to bank holding companies and depository institutions. | ||||||||||||||||||||
The new minimum regulatory capital requirements established by the U.S. Basel III Capital Rules became effective for the Corporation on January 1, 2015, and become fully phased in on January 1, 2019. | ||||||||||||||||||||
When fully phased in, the U.S. Basel III Capital Rules will require the Corporation and its bank subsidiaries to: | ||||||||||||||||||||
• | Meet a new minimum Common Equity Tier 1 capital ratio of 4.50% of risk-weighted assets and a minimum Tier 1 capital of 6.00% of risk-weighted assets; | |||||||||||||||||||
• | Continue to require the current minimum Total capital ratio of 8.00% of risk-weighted assets and the minimum Tier 1 leverage capital ratio of 4.00% of average assets; | |||||||||||||||||||
• | Maintain a "capital conservation buffer" of 2.50% above the minimum risk-based capital requirements, which must be maintained to avoid restrictions on capital distributions and certain discretionary bonus payments; and | |||||||||||||||||||
• | Comply with a revised definition of capital to improve the ability of regulatory capital instruments to absorb losses. Certain non-qualifying capital instruments, including cumulative preferred stock and trust preferred securities, will be excluded as a component of Tier 1 capital for institutions of the Corporation's size. | |||||||||||||||||||
The U.S. Basel III Capital Rules use a standardized approach for risk weightings that expand the risk-weightings for assets and off-balance sheet exposures from the current 0%, 20%, 50% and 100% categories to a much larger and more risk-sensitive number of categories, depending on the nature of the assets and off-balance sheet exposures and resulting in higher risk weights for a variety of asset categories. | ||||||||||||||||||||
As of December 31, 2014, the Corporation believes its current capital levels would meet the fully-phased in minimum capital requirements, including capital conservation buffers, as prescribed in the U.S. Basel III Capital Rules. | ||||||||||||||||||||
Regulatory Enforcement Orders | ||||||||||||||||||||
In July 2014, three wholly owned banking subsidiaries of the Corporation, Fulton Bank, N.A., Swineford National Bank and FNB Bank, N.A., each entered into a Stipulation and Consent to the Issuance of a Consent Order with their primary federal banking regulatory agency, the Office of the Comptroller of the Currency (OCC), consenting to the issuance by the OCC of a Consent Order (collectively, together with each Stipulation and Consent to the Issuance of a Consent Order, the OCC Consent Orders). The OCC Consent Orders relate to identified deficiencies in a centralized Bank Secrecy Act and anti-money laundering compliance program (the BSA/AML Compliance Program), which was designed to comply with the requirements of the Bank Secrecy Act, the USA Patriot Act of 2001 and related anti-money laundering regulations (collectively, the BSA/AML Requirements), as disclosed by the Corporation in a Current Report on Form 8-K filed with the SEC on July 18, 2014. The OCC Consent Orders require, among other things, that the banking subsidiaries review, assess and take actions to strengthen and enhance their the BSA/AML Compliance Program, including elements of the BSA/AML Compliance Program relating to: internal controls designed to ensure compliance with the BSA/AML Requirements; the periodic risk assessment process relating to the BSA/AML Requirements; customer due diligence procedures; enhanced due diligence procedures for higher-risk customers; procedures for monitoring for, identifying, investigating and reporting suspicious activity, or known or suspected violations of law; the qualifications and sufficiency of staff responsible for carrying out the BSA/AML Compliance Program; and training related to the BSA/AML Requirements. | ||||||||||||||||||||
In September 2014, the Corporation and its wholly owned banking subsidiary, Lafayette Ambassador Bank (Lafayette), entered into a Cease and Desist Order Issued Upon Consent (the Cease and Desist Order) with their primary federal banking regulatory agency, the Board of Governors of the Federal Reserve System (the FRB), as disclosed by the Corporation in a Current Report on Form 8-K filed with the SEC on September 9, 2014. The Cease and Desist Order relates to identified deficiencies in the BSA/AML Compliance Program, which was designed to comply with the BSA/AML Requirements. The requirements of the Cease and Desist Order are similar to the requirements of the OCC Consent Orders. In addition, the Cease and Desist Order requires, among other things, that the Corporation engage an independent third-party firm to conduct a comprehensive assessment of the BSA/AML Compliance Program, and that Lafayette engage an independent third-party firm to conduct a retrospective review of account and transaction activity from January 1, 2014 to June 30, 2014 associated with high-risk customers to determine whether suspicious activity was properly identified and reported in accordance with the BSA/AML Requirements. Based on the results of this transaction review, the FRB may require a review of transactions for additional time periods. | ||||||||||||||||||||
As disclosed by the Corporation in a Current Report on Form 8-K filed with the SEC on December 29, 2014, in December 2014, The Columbia Bank (Columbia), a wholly-owned banking subsidiary of the Corporation, entered into a Stipulation and Consent to the Issuance of a Consent Order with the Federal Deposit Insurance Corporation (the FDIC) consenting to the issuance by the FDIC of a Consent Order (the FDIC Consent Order). In addition, Columbia entered into a Stipulation and Consent to the Issuance of a Consent Order with the Commissioner of Financial Regulation for the State of Maryland (the Commissioner), consenting to the issuance by the Commissioner of a Consent Order, and an Acknowledgement of Adoption of FDIC Consent Order by the Commissioner of Financial Regulation, pursuant to which, the Commissioner and Columbia agreed that, upon issuance of the FDIC Consent Order, the FDIC Consent Order shall be binding between the Commissioner and Columbia with the same legal effect as if the Commissioner had issued a separate Consent Order that included all of the provisions of the FDIC Consent Order. The FDIC Consent Order relates to identified deficiencies in the BSA/AML Compliance Program, which was designed to comply with the BSA/AML Requirements. The requirements of the FDIC Consent Order are similar to the requirements of the OCC Consent Orders and the Cease and Desist Order. In addition, the FDIC Consent Order requires, among other things, that: (i) the Board of Directors of Columbia designate a permanent, qualified and experienced Bank Secrecy Act officer that: is acceptable to the FDIC and the Commissioner; reports monthly to the Board of Directors of Columbia; and is provided with sufficient authority and resources to implement the BSA/AML Compliance Program; and (ii) Columbia conduct a retrospective review of currency transaction aggregation reports and Currency Transaction Reports from May 1, 2013 through the effective date of the FDIC Consent Order to determine whether transactions by a common conductor were properly identified and reported. | ||||||||||||||||||||
On February 25, 2015, Fulton Bank of New Jersey (FBNJ), the Corporation’s sixth wholly owned banking subsidiary, entered into a Stipulation and Consent to the Issuance of a Consent Order with the FDIC consenting to the issuance by the FDIC of a Consent Order (the 2015 FDIC Consent Order). In addition, on February 25, 2015, FBNJ entered into a Consent Order with the Commissioner of Banking and Insurance for the State of New Jersey (the New Jersey Consent Order and, together with the FDIC Consent Order, the 2015 Consent Orders). The 2015 Consent Orders impose substantially identical requirements and relate to identified deficiencies in the BSA/AML Compliance Program, which was designed to comply with the BSA/AML Requirements. The requirements of the 2015 Consent Orders are similar to the requirements of the FDIC Consent Order, except that FBNJ is required to review and enhance its periodic risk assessment process relating to the BSA/AML Requirements, and FBNJ is not required to conduct a retrospective review of past currency transaction aggregation reports and Currency Transaction Reports. See Part II, Item 9B "Other Information" for additional information regarding the 2015 Consent Orders. |
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||
Income Taxes | ||||||||||||
NOTE L – INCOME TAXES | ||||||||||||
The components of the provision for income taxes are as follows: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(in thousands) | ||||||||||||
Current tax expense (benefit): | ||||||||||||
Federal | $ | 32,957 | $ | 38,573 | $ | 41,151 | ||||||
State | 1,126 | 687 | (557 | ) | ||||||||
34,083 | 39,260 | 40,594 | ||||||||||
Deferred tax expense (benefit): | ||||||||||||
Federal | 18,523 | 15,357 | 17,007 | |||||||||
State | — | (3,532 | ) | — | ||||||||
18,523 | 11,825 | 17,007 | ||||||||||
Income tax expense | $ | 52,606 | $ | 51,085 | $ | 57,601 | ||||||
The differences between the effective income tax rate and the federal statutory income tax rate are as follows: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Statutory tax rate | 35 | % | 35 | % | 35 | % | ||||||
Tax-exempt income | (5.4 | ) | (5.2 | ) | (5.0 | ) | ||||||
Low income housing investments | (4.9 | ) | (4.9 | ) | (4.4 | ) | ||||||
Change in valuation allowance | (0.8 | ) | (2.0 | ) | (0.6 | ) | ||||||
Bank owned life insurance | (0.5 | ) | (0.5 | ) | (0.8 | ) | ||||||
State income taxes, net of federal benefit | 1.2 | 1.1 | 0.6 | |||||||||
Executive compensation | 0.1 | 0.1 | 0.5 | |||||||||
Non-deductible goodwill | — | — | 0.9 | |||||||||
Other, net | 0.3 | 0.4 | 0.3 | |||||||||
Effective income tax rate | 25 | % | 24 | % | 26.5 | % | ||||||
The net deferred tax asset recorded by the Corporation is included in other assets and consists of the following tax effects of temporary differences as of December 31: | ||||||||||||
2014 | 2013 | |||||||||||
(in thousands) | ||||||||||||
Deferred tax assets: | ||||||||||||
Allowance for credit losses | $ | 68,407 | $ | 75,525 | ||||||||
Postretirement and defined benefit plans | 16,017 | 9,561 | ||||||||||
State loss carryforwards | 12,960 | 13,724 | ||||||||||
Deferred compensation | 12,486 | 12,099 | ||||||||||
Other-than-temporary impairment of investments | 8,126 | 10,378 | ||||||||||
Other accrued expenses | 7,335 | 9,987 | ||||||||||
Unrealized holding losses on securities available for sale | — | 13,922 | ||||||||||
Other | 8,433 | 10,850 | ||||||||||
Total gross deferred tax assets | 133,764 | 156,046 | ||||||||||
Deferred tax liabilities: | ||||||||||||
Mortgage servicing rights | 15,004 | 15,118 | ||||||||||
Direct leasing | 12,399 | 7,948 | ||||||||||
Acquisition premiums/discounts | 8,200 | 7,631 | ||||||||||
Premises and equipment | 7,897 | 9,864 | ||||||||||
Unrealized holding gains on securities available for sale | 3,949 | — | ||||||||||
Intangible assets | 1,382 | 1,498 | ||||||||||
Other | 7,960 | 4,112 | ||||||||||
Total gross deferred tax liabilities | 56,791 | 46,171 | ||||||||||
Net deferred tax asset, before valuation allowance | 76,973 | 109,875 | ||||||||||
Valuation allowance | (10,187 | ) | (11,880 | ) | ||||||||
Net deferred tax asset | $ | 66,786 | $ | 97,995 | ||||||||
In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income and/or capital gain income during periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income and tax planning strategies, such as those that may be implemented to generate capital gains, in making this assessment. | ||||||||||||
The valuation allowance relates to state deferred tax assets and net operating loss carryforwards for which realizability is uncertain. As of December 31, 2014 and 2013, the Corporation had state net operating loss carryforwards of approximately $451 million and $475 million, respectively, which are available to offset future state taxable income, and expire at various dates through 2034. | ||||||||||||
The Corporation has $8.2 million of deferred tax assets resulting from unrealized other-than-temporary impairment losses on investment securities, which would be characterized as capital losses for tax purposes. If realized, the income tax benefits of these potential capital losses can only be recognized for tax purposes to the extent of capital gains generated during carryback and carryforward periods. Other deferred tax assets include $3.1 million related to realized capital losses on sales of investment securities that have not been deducted on tax returns as there were no capital gains available for offset in the current or carryback periods. These losses will begin to expire in 2016. If sufficient capital gains are not realized during this period, some or all of this deferred tax asset may need to be written off through a charge to income tax expense. The Corporation has the ability to generate sufficient offsetting capital gains in future periods through the execution of certain tax planning strategies, which may include the sale and leaseback of some or all of its branch and office properties. As such, no valuation allowance for the deferred tax assets related to the realized or unrealized capital losses is considered necessary as of December 31, 2014. | ||||||||||||
Based on the level of historical taxable income and projections for future taxable income over the periods in which the deferred tax assets are deductible, management believes it is more likely than not that the Corporation will realize the benefits of its deferred tax assets, net of the valuation allowance, as of December 31, 2014. | ||||||||||||
Uncertain Tax Positions | ||||||||||||
The following summarizes the changes in unrecognized tax benefits for the years ended December 31: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(in thousands) | ||||||||||||
Balance at beginning of year | $ | 1,651 | $ | 1,453 | $ | 9,438 | ||||||
Prior period tax positions | 188 | — | (378 | ) | ||||||||
Current period tax positions | 269 | 318 | 203 | |||||||||
Settlement with taxing authority | — | — | (7,171 | ) | ||||||||
Lapse of statute of limitations | (164 | ) | (120 | ) | (639 | ) | ||||||
Balance at end of year | $ | 1,944 | $ | 1,651 | $ | 1,453 | ||||||
Virtually all of the Corporation’s unrecognized tax benefits are for positions that are taken on an annual basis on state tax returns. Increases to unrecognized tax benefits will generally occur as a result of accruing for the nonrecognition of the position for the current year. Decreases will occur as a result of the lapsing of the statute of limitations for the oldest outstanding year which includes the position. These offsetting increases and decreases are likely to continue in the future, including over the next twelve months. While the net effect on future total unrecognized tax benefits cannot be reasonably estimated, approximately $64,000 is expected to reverse in 2015 due to lapsing of the statute of limitations. Decreases can also occur through the settlement of a position with the taxing authority. | ||||||||||||
The $188,000 increase for prior period tax positions in 2014 resulted from changes in state case law, which impacted the estimated amount of positions taken in prior years that will ultimately be recognized. | ||||||||||||
As of December 31, 2014, if recognized, all of the Corporation’s unrecognized tax benefits would impact the effective tax rate. Not included in the table above is $640,000 of federal tax expense on unrecognized state tax benefits which, if recognized, would also impact the effective tax rate. Interest accrued related to unrecognized tax benefits is recorded as a component of income tax expense. Penalties, if incurred, would also be recognized in income tax expense. The Corporation recognized approximately $47,000 of interest and penalty expense, net of reversals, in income tax expense related to unrecognized tax positions in 2014. The Corporation recognized as a benefit approximately $3,000 and $84,000 of interest and penalties in income tax expense related to unrecognized tax positions in 2013 and 2012, respectively, as a result of reversals exceeding current period expenses. As of December 31, 2014 and 2013, total accrued interest and penalties related to unrecognized tax positions were approximately $485,000 and $439,000, respectively. | ||||||||||||
The Corporation and its subsidiaries file income tax returns in the federal and various state jurisdictions. In most cases, unrecognized tax benefits are related to tax years that remain subject to examination by the relevant taxing authorities. With few exceptions, the Corporation is no longer subject to federal, state and local examinations by tax authorities for years before 2011. |
Employee_Benefit_Plans
Employee Benefit Plans | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ||||||||||||||||
Employee Benefit Plans | ||||||||||||||||
NOTE M – EMPLOYEE BENEFIT PLANS | ||||||||||||||||
The following summarizes the Corporation’s expense under its retirement plans for the years ended December 31: | ||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
(in thousands) | ||||||||||||||||
401(k) Retirement Plan | $ | 8,643 | $ | 11,807 | $ | 11,983 | ||||||||||
Pension Plan | 1,514 | 2,477 | 1,834 | |||||||||||||
$ | 10,157 | $ | 14,284 | $ | 13,817 | |||||||||||
401(k) Retirement Plan – A defined contribution plan that includes two contribution features: | ||||||||||||||||
• | Employer Profit Sharing – elective contributions based on a formula providing for an amount not to exceed 5% of each eligible employee’s covered compensation. Employees hired after July 1, 2007 are not eligible for this contribution. Beginning January 1, 2015, the Corporation suspended all contributions to the plan. | |||||||||||||||
• | 401(k) Contributions – eligible employees may defer a portion of their pre-tax covered compensation on an annual basis, with employer matches of up to 5% of employee contributions. Employee and employer contributions under these features are 100% vested. | |||||||||||||||
Defined Benefit Pension Plan – Contributions to the Corporation’s defined benefit pension plan (Pension Plan) are actuarially determined and funded annually, if necessary. The Corporation recognizes the funded status of its Pension Plan and postretirement benefits plan on the consolidated balance sheets and recognizes the changes in that funded status through other comprehensive income. See the heading “Postretirement Benefits” below for a description of the Corporation’s postretirement benefits plan. | ||||||||||||||||
Pension Plan | ||||||||||||||||
The net periodic pension cost for the Pension Plan, as determined by consulting actuaries, consisted of the following components for the years ended December 31: | ||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
(in thousands) | ||||||||||||||||
Service cost (1) | $ | 367 | $ | 202 | $ | 157 | ||||||||||
Interest cost | 3,413 | 3,087 | 3,223 | |||||||||||||
Expected return on assets | (3,240 | ) | (3,194 | ) | (3,230 | ) | ||||||||||
Net amortization and deferral | 974 | 2,382 | 1,684 | |||||||||||||
Net periodic pension cost | $ | 1,514 | $ | 2,477 | $ | 1,834 | ||||||||||
-1 | The Pension Plan was curtailed effective January 1, 2008. Pension plan service cost for all years presented was related to administrative costs associated with the plan and not due to the accrual of additional participant benefits. | |||||||||||||||
The following table summarizes the changes in the projected benefit obligation and fair value of plan assets for the plan years ended December 31: | ||||||||||||||||
2014 | 2013 | |||||||||||||||
(in thousands) | ||||||||||||||||
Projected benefit obligation at beginning of year | $ | 73,362 | $ | 84,032 | ||||||||||||
Service cost | 367 | 202 | ||||||||||||||
Interest cost | 3,413 | 3,087 | ||||||||||||||
Benefit payments | (5,164 | ) | (3,009 | ) | ||||||||||||
Change due to change in assumptions | 22,055 | (10,773 | ) | |||||||||||||
Experience gain | (954 | ) | (177 | ) | ||||||||||||
Projected benefit obligation at end of year | $ | 93,079 | $ | 73,362 | ||||||||||||
Fair value of plan assets at beginning of year | $ | 55,448 | $ | 54,772 | ||||||||||||
Actual return on assets | 1,446 | 3,685 | ||||||||||||||
Benefit payments | (5,164 | ) | (3,009 | ) | ||||||||||||
Fair value of plan assets at end of year | $ | 51,730 | $ | 55,448 | ||||||||||||
The following table presents the funded status of the Pension Plan, included in other liabilities on the consolidated balance sheets, as of December 31: | ||||||||||||||||
2014 | 2013 | |||||||||||||||
(in thousands) | ||||||||||||||||
Projected benefit obligation | $ | (93,079 | ) | $ | (73,362 | ) | ||||||||||
Fair value of plan assets | 51,730 | 55,448 | ||||||||||||||
Funded status | $ | (41,349 | ) | $ | (17,914 | ) | ||||||||||
The following table summarizes the changes in the unrecognized net loss included as a component of accumulated other comprehensive loss: | ||||||||||||||||
Unrecognized Net Loss | ||||||||||||||||
Gross of tax | Net of tax | |||||||||||||||
(in thousands) | ||||||||||||||||
Balance as of December 31, 2012 | $ | 29,984 | $ | 19,490 | ||||||||||||
Recognized as a component of 2013 periodic pension cost | (2,382 | ) | (1,548 | ) | ||||||||||||
Unrecognized gains arising in 2013 | (11,441 | ) | (7,437 | ) | ||||||||||||
Balance as of December 31, 2013 | 16,161 | 10,505 | ||||||||||||||
Recognized as a component of 2014 periodic pension cost | (974 | ) | (633 | ) | ||||||||||||
Unrecognized losses arising in 2014 | 22,895 | 14,882 | ||||||||||||||
Balance as of December 31, 2014 | $ | 38,082 | $ | 24,754 | ||||||||||||
The total amount of unrecognized net loss that will be amortized as a component of net periodic pension cost in 2015 is expected to be $3.6 million. | ||||||||||||||||
The following rates were used to calculate net periodic pension cost and the present value of benefit obligations as of December 31: | ||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
Discount rate-projected benefit obligation | 3.75 | % | 4.75 | % | 3.75 | % | ||||||||||
Expected long-term rate of return on plan assets | 6 | % | 6 | % | 6 | % | ||||||||||
As of December 31, 2014, 2013 and 2012, the discount rate used to calculate the present value of benefit obligations was determined using the Citigroup Average Life discount rate table, as adjusted based on the Pension Plan's expected benefit payments and rounded to the nearest 0.25%. | ||||||||||||||||
As of December 31, 2014, the mortality table used to calculate the present value of benefit obligations was determined using the RP-2014 White Collar Mortality Table, compared to the IRS 2014 Static Mortality Table as of December 31, 2013. | ||||||||||||||||
The 6.00% long-term rate of return on plan assets used to calculate the net periodic pension cost was based on historical returns, adjusted for expectations of long-term asset returns based on the December 31, 2014 weighted average asset allocations. The expected long-term return is considered to be appropriate based on the asset mix and the historical returns realized. | ||||||||||||||||
The following table presents a summary of the fair values of the Pension Plan’s assets as of December 31: | ||||||||||||||||
2014 | 2013 | |||||||||||||||
Estimated | % of Total | Estimated | % of Total | |||||||||||||
Fair Value | Assets | Fair Value | Assets | |||||||||||||
(dollars in thousands) | ||||||||||||||||
Equity mutual funds | $ | 8,503 | $ | 5,882 | ||||||||||||
Equity common trust funds | 6,018 | 8,418 | ||||||||||||||
Equity securities | 14,521 | 28.1 | % | 14,300 | 25.8 | % | ||||||||||
Cash and money market funds | 8,957 | 10,574 | ||||||||||||||
Fixed income mutual funds | 9,845 | 9,579 | ||||||||||||||
Corporate debt securities | 4,971 | 7,815 | ||||||||||||||
U.S. Government agency securities | 3,856 | 3,938 | ||||||||||||||
Fixed income securities and cash | 27,629 | 53.4 | % | 31,906 | 57.5 | % | ||||||||||
Other alternative investment funds | 9,580 | 18.5 | % | 9,242 | 16.7 | % | ||||||||||
$ | 51,730 | 100 | % | $ | 55,448 | 100 | % | |||||||||
Investment allocation decisions are made by a retirement plan committee. The goal of the investment allocation strategy is to match certain benefit obligations with maturities of fixed income securities. Pension Plan assets are invested with a conservative growth objective, with target asset allocations of approximately 25% in equities, 55% in fixed income securities and cash and 20% in alternative investments. Alternative investments may include managed futures, commodities, real estate investment trusts, master limited partnerships, and long-short strategies with traditional stocks and bonds. All alternative investments are in the form of mutual funds, not individual contracts, to enable daily liquidity. | ||||||||||||||||
The fair values for all assets held by the Pension Plan, excluding equity common trust funds, are based on quoted prices for identical instruments and would be categorized as Level 1 assets under FASB ASC Topic 810. Equity common trust funds would be categorized as Level 2 assets under FASB ASC Topic 810. | ||||||||||||||||
Estimated future benefit payments are as follows (in thousands): | ||||||||||||||||
Year | ||||||||||||||||
2015 | $ | 2,889 | ||||||||||||||
2016 | 3,123 | |||||||||||||||
2017 | 3,388 | |||||||||||||||
2018 | 3,758 | |||||||||||||||
2019 | 3,881 | |||||||||||||||
2020 – 2024 | 23,574 | |||||||||||||||
$ | 40,613 | |||||||||||||||
Postretirement Benefits | ||||||||||||||||
The Corporation provides medical benefits 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. Prior to February 1, 2014 certain full-time employees became eligible for these discretionary benefits if they reached retirement age while working for the Corporation. | ||||||||||||||||
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 curtailment gain as a reduction to salaries and employee benefits in 2014, as determined by consulting actuaries. The curtailment 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 $3.4 million decrease in the accumulated postretirement benefit obligation and a corresponding increase in unrecognized prior service cost credits. | ||||||||||||||||
The components of the expense for postretirement benefits other than pensions are as follows: | ||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
(in thousands) | ||||||||||||||||
Service cost | $ | 15 | $ | 228 | $ | 211 | ||||||||||
Interest cost | 206 | 322 | 346 | |||||||||||||
Expected return on plan assets | — | (1 | ) | (2 | ) | |||||||||||
Net amortization and deferral | (347 | ) | (363 | ) | (363 | ) | ||||||||||
Net postretirement benefit cost | $ | (126 | ) | $ | 186 | $ | 192 | |||||||||
The following table summarizes the changes in the accumulated postretirement benefit obligation and fair value of plan assets for the years ended December 31: | ||||||||||||||||
2014 | 2013 | |||||||||||||||
(in thousands) | ||||||||||||||||
Accumulated postretirement benefit obligation at beginning of year | $ | 8,169 | $ | 9,272 | ||||||||||||
Service cost | 15 | 228 | ||||||||||||||
Interest cost | 206 | 322 | ||||||||||||||
Benefit payments | (209 | ) | (230 | ) | ||||||||||||
Experience gain | (532 | ) | (423 | ) | ||||||||||||
Change due to change in assumptions | 1,261 | (1,000 | ) | |||||||||||||
Effect of curtailment | (3,358 | ) | — | |||||||||||||
Accumulated postretirement benefit obligation at end of year | $ | 5,552 | $ | 8,169 | ||||||||||||
Fair value of plan assets at beginning of year | $ | 23 | $ | 45 | ||||||||||||
Employer contributions | 194 | 208 | ||||||||||||||
Benefit payments | (209 | ) | (230 | ) | ||||||||||||
Fair value of plan assets at end of year | $ | 8 | $ | 23 | ||||||||||||
The following table presents the funded status of the Postretirement Plan, included in other liabilities on the consolidated balance sheets as of December 31: | ||||||||||||||||
2014 | 2013 | |||||||||||||||
(in thousands) | ||||||||||||||||
Accumulated postretirement benefit obligation | $ | (5,552 | ) | $ | (8,169 | ) | ||||||||||
Fair value of plan assets | 8 | 23 | ||||||||||||||
Funded status | $ | (5,544 | ) | $ | (8,146 | ) | ||||||||||
The following table summarizes the changes in items recognized as a component of accumulated other comprehensive loss: | ||||||||||||||||
Gross of tax | ||||||||||||||||
Unrecognized | Unrecognized | Total | Net of tax | |||||||||||||
Prior Service | Net Loss (Gain) | |||||||||||||||
Cost | ||||||||||||||||
(in thousands) | ||||||||||||||||
Balance as of December 31, 2012 | $ | (1,847 | ) | $ | 297 | $ | (1,550 | ) | $ | (1,008 | ) | |||||
Recognized as a component of 2013 postretirement benefit cost | 363 | — | 363 | 236 | ||||||||||||
Unrecognized gains arising in 2013 | — | (1,434 | ) | (1,434 | ) | (932 | ) | |||||||||
Balance as of December 31, 2013 | (1,484 | ) | (1,137 | ) | (2,621 | ) | (1,704 | ) | ||||||||
Recognized as a component of 2014 postretirement benefit cost, before curtailment | 32 | 10 | 42 | 26 | ||||||||||||
Unrecognized gains arising in 2014, prior to curtailment | — | (313 | ) | (313 | ) | (203 | ) | |||||||||
Curtailment gain | 1,452 | — | 1,452 | 944 | ||||||||||||
Recognized as a component of 2014 postretirement benefit cost, after curtailment | 235 | 70 | 305 | 199 | ||||||||||||
Unrecognized gains arising in 2014, after curtailment | (3,358 | ) | 1,034 | (2,324 | ) | (1,511 | ) | |||||||||
Balance as of December 31, 2014 | $ | (3,123 | ) | $ | (336 | ) | $ | (3,459 | ) | $ | (2,249 | ) | ||||
For measuring the postretirement benefit obligation, the annual increase in the per capita cost of health care benefits was assumed to be 6% in year one, declining to an ultimate rate of 5.5% by year two. This health care cost trend rate has a significant impact on the amounts reported. Assuming a 1.0% increase in the health care cost trend rate above the assumed annual increase, the accumulated postretirement benefit obligation would increase by approximately $430,000 and the current period expense would increase by approximately $10,000. Conversely, a 1.0% decrease in the health care cost trend rate would decrease the accumulated postretirement benefit obligation by approximately $380,000 and the current period expense by approximately $10,000. | ||||||||||||||||
The following rates were used to calculate net periodic postretirement benefit cost and the present value of benefit obligations as of December 31: | ||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
Discount rate-projected benefit obligation | 3.75 | % | 4.75 | % | 3.75 | % | ||||||||||
Expected long-term rate of return on plan assets | 3 | % | 3 | % | 3 | % | ||||||||||
As of December 31, 2014 and 2013, the discount rate used to calculate the accumulated postretirement benefit obligation was determined using the Citigroup Average Life discount rate table, as adjusted based on the Postretirement Plan's expected benefit payments and rounded to the nearest 0.25%. | ||||||||||||||||
As of December 31, 2014, the mortality table used to calculate the accumulated postretirement benefit obligation was determined using the RP-2014 White Collar Mortality Table, compared to the IRS 2014 Static Mortality Table as of December 31, 2013. | ||||||||||||||||
Estimated future benefit payments under the Postretirement Plan are as follows (in thousands): | ||||||||||||||||
Year | ||||||||||||||||
2015 | $ | 404 | ||||||||||||||
2016 | 400 | |||||||||||||||
2017 | 392 | |||||||||||||||
2018 | 389 | |||||||||||||||
2019 | 384 | |||||||||||||||
2020 – 2024 | 1,809 | |||||||||||||||
$ | 3,778 | |||||||||||||||
Shareholders_Equity
Shareholders' Equity | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Accumulated Other Comprehensive Income [Abstract] | ||||||||||||||||||||
Stockholders' Equity | ||||||||||||||||||||
NOTE N – SHAREHOLDERS’ EQUITY | ||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | ||||||||||||||||||||
The following table presents the components of other comprehensive income (loss) for the years ended December 31: | ||||||||||||||||||||
Before-Tax Amount | Tax Effect | Net of Tax Amount | ||||||||||||||||||
(in thousands) | ||||||||||||||||||||
2014:00:00 | ||||||||||||||||||||
Unrealized gain on securities | $ | 51,901 | $ | (18,167 | ) | $ | 33,734 | |||||||||||||
Reclassification adjustment for securities gains included in net income (1) | (2,041 | ) | 714 | (1,327 | ) | |||||||||||||||
Non-credit related unrealized gains on other-than-temporarily impaired debt securities | 1,200 | (420 | ) | 780 | ||||||||||||||||
Unrealized gain on derivative financial instruments | 209 | (73 | ) | 136 | ||||||||||||||||
Unrecognized pension and postretirement cost | (20,258 | ) | 7,090 | (13,168 | ) | |||||||||||||||
Reclass adjustment for postretirement plan gain included in net income (2) | (1,452 | ) | 508 | (944 | ) | |||||||||||||||
Amortization of net unrecognized pension and postretirement income (2) | 627 | (219 | ) | 408 | ||||||||||||||||
Total Other Comprehensive Income | $ | 30,186 | $ | (10,567 | ) | $ | 19,619 | |||||||||||||
2013:00:00 | ||||||||||||||||||||
Unrealized loss on securities | $ | (76,319 | ) | $ | 26,712 | $ | (49,607 | ) | ||||||||||||
Reclassification adjustment for securities gains included in net income (1) | (8,004 | ) | 2,801 | (5,203 | ) | |||||||||||||||
Non-credit related unrealized gains on other-than-temporarily impaired debt securities | 3,042 | (1,065 | ) | 1,977 | ||||||||||||||||
Unrealized gain on derivative financial instruments | 209 | (73 | ) | 136 | ||||||||||||||||
Unrecognized pension and postretirement income | 12,875 | (4,506 | ) | 8,369 | ||||||||||||||||
Amortization of net unrecognized pension and postretirement income (2) | 2,019 | (707 | ) | 1,312 | ||||||||||||||||
Total Other Comprehensive Loss | $ | (66,178 | ) | $ | 23,162 | $ | (43,016 | ) | ||||||||||||
2012:00:00 | ||||||||||||||||||||
Unrealized gain on securities | $ | 2,414 | $ | (845 | ) | $ | 1,569 | |||||||||||||
Reclassification adjustment for securities gains included in net income (1) | (3,026 | ) | 1,059 | (1,967 | ) | |||||||||||||||
Non-credit related unrealized gains on other-than-temporarily impaired debt securities | 2,046 | (716 | ) | 1,330 | ||||||||||||||||
Unrealized gain on derivative financial instruments | 209 | (73 | ) | 136 | ||||||||||||||||
Unrecognized pension and postretirement cost | (6,470 | ) | 2,263 | (4,207 | ) | |||||||||||||||
Amortization of net unrecognized pension and postretirement income (2) | 1,321 | (462 | ) | 859 | ||||||||||||||||
Total Other Comprehensive Loss | $ | (3,506 | ) | $ | 1,226 | $ | (2,280 | ) | ||||||||||||
-1 | 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 C, "Investment Securities," for additional details. | |||||||||||||||||||
-2 | 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 M, "Employee Benefit Plans," for additional details. | |||||||||||||||||||
The following table presents changes in each component of accumulated other comprehensive income (loss), net of tax, for the years ended December 31: | ||||||||||||||||||||
Unrealized Gain (Losses) on Investment Securities Not Other-Than-Temporarily Impaired | Unrealized Non-Credit Gains (Losses) on Other-Than-Temporarily Impaired Debt Securities | Unrecognized Pension and Postretirement Plan Income (Cost) | Unrealized Effective Portions of Losses on Forward-Starting Interest Rate Swaps | Total | ||||||||||||||||
(in thousands) | ||||||||||||||||||||
Balance as of December 31, 2011 | $ | 27,054 | $ | (1,011 | ) | $ | (15,134 | ) | $ | (2,954 | ) | $ | 7,955 | |||||||
Current-period other comprehensive income (loss) | 1,275 | 1,624 | (4,207 | ) | — | (1,308 | ) | |||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | (1,967 | ) | — | 859 | 136 | (972 | ) | |||||||||||||
Balance as of December 31, 2012 | 26,362 | 613 | (18,482 | ) | (2,818 | ) | 5,675 | |||||||||||||
Other comprehensive income (loss) before reclassifications | (49,607 | ) | 1,977 | 8,369 | — | (39,261 | ) | |||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | (4,265 | ) | (938 | ) | 1,312 | 136 | (3,755 | ) | ||||||||||||
Balance as of December 31, 2013 | (27,510 | ) | 1,652 | (8,801 | ) | (2,682 | ) | (37,341 | ) | |||||||||||
Other comprehensive income (loss) before reclassifications | 33,734 | 780 | (14,112 | ) | — | 20,402 | ||||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | (244 | ) | (1,083 | ) | 408 | 136 | (783 | ) | ||||||||||||
Balance as of December 31, 2014 | $ | 5,980 | $ | 1,349 | $ | (22,505 | ) | $ | (2,546 | ) | $ | (17,722 | ) | |||||||
Common Stock Repurchase Plans | ||||||||||||||||||||
In January 2013, the Corporation announced that its board of directors had approved a share repurchase program pursuant to which the Corporation was authorized to repurchase of up to 8.0 million shares, or approximately 4.0% of its outstanding shares, through June 30, 2013. During 2013, the Corporation repurchased 8.0 million shares, completing this repurchase program. | ||||||||||||||||||||
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 4.0 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 program at an average cost of $12.45 per share, completing this repurchase program on February 19, 2014. | ||||||||||||||||||||
In May 2014, 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 4.0 million shares, or approximately 2.1% of its outstanding shares, through December 31, 2014. During the third quarter of 2014, the Corporation repurchased 4.0 million shares under this repurchase program at an average cost of $11.36 per share, completing this repurchase program on August 25, 2014. | ||||||||||||||||||||
In November 2014, the Corporation entered into an accelerated share repurchase agreement (ASR) with a third party to repurchase $100 million of shares of its common stock. Under the terms of the ASR, the Corporation paid $100 million to the third party in November 2014 and received an initial delivery of 6.5 million shares, representing 80% of the shares expected to be delivered under the ASR, based on the closing price for the Corporation’s shares on November 13, 2014. The final number of shares to be repurchased under the ASR will depend upon the daily volume-weighted average prices of the Corporation’s shares, less a discount, over the term of the ASR. The ASR contains customary terms for such transactions, including mechanisms to determine the number of shares or the amount of cash that will be delivered at settlement, circumstances under which adjustments may be made to the transaction, circumstances under which the transaction may be terminated prior to its scheduled maturity and customary representations and warranties made by the parties. Final settlement of the ASR is scheduled for no later than April 17, 2015, and may occur earlier at the option of the third party. |
StockBased_Compensation_Plans
Stock-Based Compensation Plans | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||||||
Stock-based compensation plans | ||||||||||||||
NOTE O – STOCK-BASED COMPENSATION PLANS | ||||||||||||||
The following table presents compensation expense and related tax benefits for all equity awards recognized in the consolidated statements of income: | ||||||||||||||
2014 | 2013 | 2012 | ||||||||||||
(in thousands) | ||||||||||||||
Compensation expense | $ | 5,865 | $ | 5,330 | $ | 4,834 | ||||||||
Tax benefit | (1,608 | ) | (1,475 | ) | (1,253 | ) | ||||||||
Stock-based compensation, net of tax | $ | 4,257 | $ | 3,855 | $ | 3,581 | ||||||||
The tax benefit shown in the preceding table is less than the benefit that would be calculated using the Corporation’s 35% statutory federal tax rate. Tax benefits are only recognized over the vesting period for awards that ordinarily will generate a tax deduction when exercised, in the case of non-qualified stock options, or upon vesting, in the case of restricted stock. The Corporation did not grant any non-qualified stock options in 2014. Non-qualified stock options granted in 2013 and 2012 were 50,000 and 15,000 non-qualified stock options, respectively. | ||||||||||||||
The following table presents compensation expense and related tax benefits for restricted stock awards, RSUs and PSUs recognized in the consolidated statements of income, and included as a component of total stock-based compensation within the preceding table: | ||||||||||||||
2014 | 2013 | 2012 | ||||||||||||
(in thousands) | ||||||||||||||
Compensation expense | $ | 4,345 | $ | 3,705 | $ | 3,506 | ||||||||
Tax benefit | (1,510 | ) | (1,297 | ) | (1,227 | ) | ||||||||
Restricted stock compensation, net of tax | $ | 2,835 | $ | 2,408 | $ | 2,279 | ||||||||
The following table provides information about stock option activity for the year ended December 31, 2014: | ||||||||||||||
Stock | Weighted | Weighted | Aggregate | |||||||||||
Options | Average | Average | Intrinsic | |||||||||||
Exercise | Remaining | Value | ||||||||||||
Price | Contractual | (in millions) | ||||||||||||
Term | ||||||||||||||
Outstanding as of December 31, 2013 | 5,567,701 | $ | 13.25 | |||||||||||
Granted | 288,626 | 12.61 | ||||||||||||
Exercised | (215,047 | ) | 9.62 | |||||||||||
Forfeited | (435,502 | ) | 14.73 | |||||||||||
Expired | (903,314 | ) | 14.95 | |||||||||||
Outstanding as of December 31, 2014 | 4,302,464 | $ | 12.89 | 4.4 years | $ | 4.5 | ||||||||
Exercisable as of December 31, 2014 | 3,546,500 | $ | 13.13 | 3.5 years | $ | 4 | ||||||||
The following table provides information about nonvested stock options, restricted stock, RSUs and PSUs granted under the Employee Option Plan and Directors' Plan for the year ended December 31, 2014: | ||||||||||||||
Nonvested Stock Options | Restricted Stock/RSUs/PSUs | |||||||||||||
Options | Weighted | Shares | Weighted | |||||||||||
Average | Average | |||||||||||||
Grant Date | Grant Date | |||||||||||||
Fair Value | Fair Value | |||||||||||||
Nonvested as of December 31, 2013 | 1,071,266 | $ | 2.35 | 943,039 | $ | 10.9 | ||||||||
Granted | 288,626 | 3.14 | 553,343 | 12.51 | ||||||||||
Vested | (514,734 | ) | 2.29 | (389,328 | ) | 9.83 | ||||||||
Forfeited | (89,194 | ) | 2.49 | (43,967 | ) | 10.61 | ||||||||
Nonvested as of December 31, 2014 | 755,964 | $ | 2.68 | 1,063,087 | $ | 11.83 | ||||||||
As of December 31, 2014, there was $7.4 million of total unrecognized compensation cost related to nonvested stock options, restricted stock, RSUs and PSUs that will be recognized as compensation expense over a weighted average period of two years. As of December 31, 2014, the Employee Option Plan had 11.4 million shares reserved for future grants through 2023 and the Directors’ Plan had 410,000 shares reserved for future grants through 2021. | ||||||||||||||
The following table presents information about stock options exercised: | ||||||||||||||
2014 | 2013 | 2012 | ||||||||||||
(dollars in thousands) | ||||||||||||||
Number of options exercised | 215,047 | 451,102 | 141,305 | |||||||||||
Total intrinsic value of options exercised | $ | 568 | $ | 1,612 | $ | 402 | ||||||||
Cash received from options exercised | $ | 2,068 | $ | 3,650 | $ | 987 | ||||||||
Tax deduction realized from options exercised | $ | 568 | $ | 1,416 | $ | 322 | ||||||||
Upon exercise, the Corporation issues shares from its authorized, but unissued, common stock to satisfy the options. | ||||||||||||||
The fair value of stock option awards under the Employee Option Plan was estimated on the grant date using the Black-Scholes valuation methodology, which is dependent upon certain assumptions, as summarized in the following table: | ||||||||||||||
2014 | 2013 | 2012 | ||||||||||||
Risk-free interest rate | 2.44 | % | 1.27 | % | 1.68 | % | ||||||||
Volatility of Corporation’s stock | 28.05 | % | 27.64 | % | 26.6 | % | ||||||||
Expected dividend yield | 2.36 | % | 2.48 | % | 2.54 | % | ||||||||
Expected life of options | 7 Years | 7 Years | 7 Years | |||||||||||
The expected life of the options was estimated based on historical activity. Volatility of the Corporation’s stock was based on historical volatility for the period commensurate with the expected life of the options. The risk-free interest rate is the zero-coupon U.S. Treasury rate commensurate with the expected life of the options on the date of the grant. | ||||||||||||||
Based on the assumptions above, the Corporation calculated an estimated fair value per option of $3.14, $2.49 and $2.22 for options granted in 2014, 2013 and 2012, respectively. The Corporation granted 288,626 options in 2014, 617,869 options in 2013 and 470,528 options in 2012. | ||||||||||||||
The fair value of certain PSUs with market based performance conditions granted in 2014 under the Employee Option Plan was estimated on the grant date using the Monte Carlo valuation methodology performed by a third-party valuation expert, which is dependent upon certain assumptions, as summarized in the following table: | ||||||||||||||
Risk-free interest rate | 0.91 | % | ||||||||||||
Volatility of Corporation’s stock | 29.63 | % | ||||||||||||
Expected life of options | 3 Years | |||||||||||||
The expected life of the PSUs with fair values measured using the Monte Carlo valuation methodology was based on the defined performance period of three years. Volatility of the Corporation’s stock was based on historical volatility for the period commensurate with the expected life of the PSUs. The risk-free interest rate is the zero-coupon U.S. Treasury rate commensurate with the expected life of the PSUs on the date of the grant. Based on the assumptions above, the Corporation calculated an estimated fair value per PSU granted in 2014 of $10.33. | ||||||||||||||
Under the ESPP, eligible employees can purchase stock of the Corporation at 85% of the fair market value of the stock on the date of purchase. The ESPP is considered to be a compensatory plan and, as such, compensation expense is recognized for the 15% discount on shares purchased. The following table summarizes activity under the ESPP: | ||||||||||||||
2014 | 2013 | 2012 | ||||||||||||
ESPP shares purchased | 132,640 | 141,608 | 165,456 | |||||||||||
Average purchase price per share (85% of market value) | $ | 10.31 | $ | 10.02 | $ | 8.35 | ||||||||
Compensation expense recognized (in thousands) | $ | 241 | $ | 251 | $ | 244 | ||||||||
Leases
Leases | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Leases [Abstract] | |||||
Leases | |||||
NOTE P – LEASES | |||||
Certain branch offices and equipment are leased under agreements that expire at varying dates through 2035. Most leases contain renewal provisions at the Corporation’s option. Total rental expense was approximately $18.1 million in 2014, $19.0 million in 2013 and $19.4 million in 2012. | |||||
Future minimum payments as of December 31, 2014 under non-cancelable operating leases with initial terms exceeding one year are as follows (in thousands): | |||||
Year | |||||
2015 | $ | 16,226 | |||
2016 | 15,176 | ||||
2017 | 13,789 | ||||
2018 | 11,517 | ||||
2019 | 9,656 | ||||
Thereafter | 51,840 | ||||
$ | 118,204 | ||||
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Commitments and Contingencies Disclosure [Abstract] | ||||||||
Commitments and Contingencies | ||||||||
NOTE Q – 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. | ||||||||
Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since a portion of the commitments is expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. The Corporation evaluates each customer’s creditworthiness on a case-by-case basis. The amount of collateral obtained upon extension of credit is based on management’s credit evaluation of the customer. Collateral held varies but may include accounts receivable, inventory, property, equipment and income producing commercial properties. The Corporation records a reserve for unfunded commitments, included in other liabilities on the consolidated balance sheets, which represents management’s estimate of losses inherent in these commitments. See Note D, "Loans and Allowance for Credit Losses," for additional information. | ||||||||
Standby letters of credit are conditional commitments issued to guarantee the financial or performance obligation of a customer to a third party. The credit risk involved in issuing letters of credit is similar to that involved in extending loan facilities. These obligations are underwritten consistently with commercial lending standards. The maximum exposure to loss for standby letters of credit is equal to the contractual (or notional) amount of the instruments. | ||||||||
The following table presents commitments to extend credit and letters of credit: | ||||||||
2014 | 2013 | |||||||
(in thousands) | ||||||||
Commercial and other | $ | 2,743,415 | $ | 2,673,415 | ||||
Home equity | 1,294,205 | 1,245,589 | ||||||
Commercial mortgage and construction | 351,444 | 360,574 | ||||||
Total commitments to extend credit | $ | 4,389,064 | $ | 4,279,578 | ||||
Standby letters of credit | $ | 382,465 | $ | 391,445 | ||||
Commercial letters of credit | 32,304 | 36,344 | ||||||
Total letters of credit | $ | 414,769 | $ | 427,789 | ||||
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 certain residential mortgages 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. During the first quarter of 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. As of December 31, 2014 and 2013, total outstanding repurchase requests totaled approximately $917,000 and $6.1 million, respectively. | ||||||||
From 2000 to 2011, the Corporation sold loans to the FHLB under its Mortgage Partnership Finance Program (MPF Program). No loans were sold under this program in 2014, 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 of Pittsburgh based on a percentage of the outstanding principal balance of loans sold. As of December 31, 2014, the unpaid principal balance of loans sold under the MPF Program was approximately $153 million. As of December 31, 2014 and 2013, the reserves for estimated credit losses related to loans sold under the MPF Program were $2.3 million and $2.5 million, respectively. Required reserves are calculated based on delinquency status and estimated loss rates established through the Corporation's existing allowance for credit loss methodology for residential mortgage loans. | ||||||||
As of December 31, 2014 and 2013, the reserve for losses on residential mortgage loans sold was $3.2 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 December 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, established through charges to earnings, in the future. | ||||||||
Other Contingencies | ||||||||
The Corporation and its subsidiaries are involved in various legal proceedings in the ordinary course of business of the Corporation. The Corporation periodically evaluates the possible impact of pending litigation matters based on, among other factors, the advice of counsel, available insurance coverage and recorded liabilities and reserves for probable legal liabilities and costs. In addition, from time to time, the Corporation is the subject of investigations or other forms of regulatory or governmental inquiry covering a range of possible issues and, in some cases, these may be part of similar reviews of the specified activities of other industry participants. These inquiries could lead to administrative, civil or criminal proceedings, and could possibly result in fines, penalties, restitution or the need to alter the Corporation’s business practices, and cause the Corporation to incur additional costs. The Corporation’s practice is to cooperate fully with regulatory and governmental investigations. | ||||||||
As of the date of this report, the Corporation believes that any liabilities, individually or in the aggregate, which may result from the final outcomes of pending proceedings will not have a material adverse effect on the financial position, the operating results and/or the liquidity of the Corporation. However, legal proceedings are often unpredictable, and the actual results of such proceedings cannot be determined with certainty. | ||||||||
See also, Note K "Regulatory Matters," under the sub-heading "Regulatory Enforcement Orders." |
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||
Fair Value Measurements | ||||||||||||||||
NOTE R – FAIR VALUE MEASUREMENTS | ||||||||||||||||
As required by FASB ASC Topic 820, all assets and liabilities measured at fair value on both a recurring and nonrecurring basis have been categorized based on the method of their fair value determination. | ||||||||||||||||
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 as of December 31: | ||||||||||||||||
2014 | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
(in thousands) | ||||||||||||||||
Mortgage loans held for sale | $ | — | $ | 17,522 | $ | — | $ | 17,522 | ||||||||
Available for sale investment securities: | ||||||||||||||||
Equity securities | 47,623 | — | — | 47,623 | ||||||||||||
U.S. Government securities | — | 200 | — | 200 | ||||||||||||
U.S. Government sponsored agency securities | — | 214 | — | 214 | ||||||||||||
State and municipal securities | — | 245,215 | — | 245,215 | ||||||||||||
Corporate debt securities | — | 90,126 | 7,908 | 98,034 | ||||||||||||
Collateralized mortgage obligations | — | 902,313 | — | 902,313 | ||||||||||||
Mortgage-backed securities | — | 928,831 | — | 928,831 | ||||||||||||
Auction rate securities | — | — | 100,941 | 100,941 | ||||||||||||
Total available for sale investment securities | 47,623 | 2,166,899 | 108,849 | 2,323,371 | ||||||||||||
Other assets | 17,682 | 21,305 | — | 38,987 | ||||||||||||
Total assets | $ | 65,305 | $ | 2,205,726 | $ | 108,849 | $ | 2,379,880 | ||||||||
Other liabilities | $ | 17,737 | $ | 21,084 | $ | — | $ | 38,821 | ||||||||
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 investment securities | 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 table above 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 December 31, 2014 and December 31, 2013 were measured as the price that secondary market investors were offering for loans with similar characteristics. See Note A, "Summary of Significant Accounting Policies" for details related to the Corporation’s election to measure assets and liabilities at fair value. | |||||||||||||||
• | 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 80% 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 ($41.8 million at December 31, 2014 and $40.6 million at December 31, 2013) and other equity investments ($5.8 million at December 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 ($50.0 million at December 31, 2014 and $50.3 million at December 31, 2013), single-issuer trust preferred securities issued by financial institutions ($42.0 million at December 31, 2014 and $40.5 million at December 31, 2013), pooled trust preferred securities issued by financial institutions ($4.1 million at December 31, 2014 and $5.3 million at December 31, 2013) and other corporate debt issued by non-financial institutions ($1.9 million at December 31, 2014 and $2.6 million at December 31, 2013). | |||||||||||||||
Level 2 investments include subordinated debt, other corporate debt issued by non-financial institutions and $38.2 million and $36.7 million of single-issuer trust preferred securities held at December 31, 2014 and 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 investments in pooled trust preferred securities and certain single-issuer trust preferred securities ($3.8 million at December 31, 2014 and $3.8 million at 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, consisting of mutual funds that are held in trust for employee deferred compensation plans ($16.4 million at December 31, 2014 and $15.3 million at December 31, 2013) and the fair value of foreign currency exchange contracts ($1.3 million at December 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, representing the fair value of mortgage banking derivatives in the form of interest rate locks and forward commitments with secondary market investors ($1.4 million at December 31, 2014 and $2.1 million at December 31, 2013) and the fair value of interest rate swaps ($19.9 million at December 31, 2014 and $5.1 million at December 31, 2013). The fair values of the 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 J, " Financial Instruments," for additional information. | |||||||||||||||
• | Other liabilities – Included within this category are the following: | |||||||||||||||
• | Level 1 employee deferred compensation liabilities which represent amounts due to employees under deferred compensation plans ($16.4 million at December 31, 2014 and $15.3 million at December 31, 2013) and the fair value of foreign currency exchange contracts ($1.3 million at December 31, 2014 and $391,000 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. | |||||||||||||||
• | Level 2 liabilities, representing 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 December 31, 2014 and $64,000 at December 31, 2013) and the fair value of interest rate swaps ($19.9 million at December 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, which are described under the heading "Other assets" above. | |||||||||||||||
The following table presents the changes in available for sale investment securities measured at fair value on a recurring basis using unobservable inputs (Level 3) for the years ended December 31: | ||||||||||||||||
Pooled Trust | Single-issuer | ARCs | ||||||||||||||
Preferred | Trust | |||||||||||||||
Securities | Preferred | |||||||||||||||
Securities | ||||||||||||||||
(in thousands) | ||||||||||||||||
Balance as of December 31, 2012 | $ | 6,927 | $ | 3,360 | $ | 149,339 | ||||||||||
Realized adjustments to fair value (1) | 1,604 | — | — | |||||||||||||
Unrealized adjustments to fair value (2) | 1,981 | 412 | 11,688 | |||||||||||||
Sales | (4,987 | ) | — | (25 | ) | |||||||||||
Settlements - calls | (219 | ) | — | (2,725 | ) | |||||||||||
Discount accretion (3) | — | 9 | 997 | |||||||||||||
Balance as of December 31, 2013 | 5,306 | 3,781 | 159,274 | |||||||||||||
Sales | (1,888 | ) | — | (11,912 | ) | |||||||||||
Realized adjustments to fair value (1) | (18 | ) | — | — | ||||||||||||
Unrealized adjustments to fair value (2) | 923 | 32 | 3,970 | |||||||||||||
Settlements - calls | (239 | ) | — | (51,212 | ) | |||||||||||
Discount accretion (3) | 4 | 7 | 821 | |||||||||||||
Balance as of December 31, 2014 | $ | 4,088 | $ | 3,820 | $ | 100,941 | ||||||||||
-1 | Realized adjustments to fair value represent credit related other-than-temporary impairment charges and gains on sales of investment securities, both included as components of investment securities gains on the consolidated statements of income. | |||||||||||||||
-2 | 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 (loss) and included as a component of available for sale investment securities on the consolidated balance sheets. | |||||||||||||||
-3 | 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 financial assets measured at fair value on a nonrecurring basis and reported on the consolidated balance sheets at December 31: | ||||||||||||||||
2014 | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
(in thousands) | ||||||||||||||||
Net loans | $ | — | $ | — | $ | 127,834 | $ | 127,834 | ||||||||
Other financial assets | — | — | 54,170 | 54,170 | ||||||||||||
Total assets | $ | — | $ | — | $ | 182,004 | $ | 182,004 | ||||||||
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 D, "Loans and Allowance for Credit Losses," for additional details. | |||||||||||||||
• | Other financial assets – This category includes OREO ($12.0 million at December 31, 2014 and $15.1 million at December 31, 2013) and MSRs ($42.1 million at December 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, prepared by a third-party valuation expert. Significant inputs to the valuation include 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 December 31, 2014 valuation were 12.6% 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 the estimated fair values of the Corporation’s financial instruments as of December 31, 2014 and 2013. A general description of the methods and assumptions used to estimate such fair values is also provided. | ||||||||||||||||
2014 | 2013 | |||||||||||||||
Book Value | Estimated | Book Value | Estimated | |||||||||||||
Fair Value | Fair Value | |||||||||||||||
(in thousands) | ||||||||||||||||
FINANCIAL ASSETS | ||||||||||||||||
Cash and due from banks | $ | 105,702 | $ | 105,702 | $ | 218,540 | $ | 218,540 | ||||||||
Interest-bearing deposits with other banks | 358,130 | 358,130 | 163,988 | 163,988 | ||||||||||||
Federal Reserve Bank and FHLB stock | 64,953 | 64,953 | 84,173 | 84,173 | ||||||||||||
Loans held for sale (1) | 17,522 | 17,522 | 21,351 | 21,351 | ||||||||||||
Securities available for sale (1) | 2,323,371 | 2,323,371 | 2,568,434 | 2,568,434 | ||||||||||||
Loans, net of unearned income (1) | 13,111,716 | 13,030,543 | 12,782,220 | 12,688,774 | ||||||||||||
Accrued interest receivable | 41,818 | 41,818 | 44,037 | 44,037 | ||||||||||||
Other financial assets (1) | 169,764 | 169,764 | 146,933 | 146,933 | ||||||||||||
FINANCIAL LIABILITIES | ||||||||||||||||
Demand and savings deposits | $ | 10,296,055 | $ | 10,296,055 | $ | 9,573,264 | $ | 9,573,264 | ||||||||
Time deposits | 3,071,451 | 3,069,883 | 2,917,922 | 2,927,374 | ||||||||||||
Short-term borrowings | 329,719 | 329,719 | 1,258,629 | 1,258,629 | ||||||||||||
Accrued interest payable | 18,045 | 18,045 | 15,218 | 15,218 | ||||||||||||
Other financial liabilities (1) | 172,786 | 172,786 | 124,440 | 124,440 | ||||||||||||
FHLB advances and long-term debt | 1,139,413 | 1,142,980 | 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. | |||||||||||||||
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. | ||||||||||||||||
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 | Liabilities | |||||||||||||||
Cash and due from banks | Demand and savings deposits | |||||||||||||||
Interest-bearing deposits | Short-term borrowings | |||||||||||||||
Accrued interest receivable | Accrued interest payable | |||||||||||||||
Federal Reserve Bank and FHLB stock represent restricted investments and are carried at cost on the consolidated balance sheets. | ||||||||||||||||
Estimated 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. |
Condensed_Financial_Informatio
Condensed Financial Information - Parent Company Only | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |||||||||||||||||
Condensed Financial Statements - Parent Company Only | |||||||||||||||||
NOTE S – CONDENSED FINANCIAL INFORMATION - PARENT COMPANY ONLY | |||||||||||||||||
CONDENSED BALANCE SHEETS | |||||||||||||||||
(in thousands) | |||||||||||||||||
31-Dec | 31-Dec | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
ASSETS | LIABILITIES AND EQUITY | ||||||||||||||||
Cash | $ | 137 | $ | 8 | Long-term debt | $ | 465,936 | $ | 368,487 | ||||||||
Other assets | 10,053 | 2,526 | Payable to non-bank subsidiaries | 84,676 | 42,944 | ||||||||||||
Receivable from subsidiaries | 29,120 | 21,849 | Other liabilities | 81,682 | 66,313 | ||||||||||||
Total Liabilities | 632,294 | 477,744 | |||||||||||||||
Investments in: | |||||||||||||||||
Bank subsidiaries | 2,174,786 | 2,109,696 | |||||||||||||||
Non-bank subsidiaries | 414,863 | 406,852 | Shareholders’ equity | 1,996,665 | 2,063,187 | ||||||||||||
Total Assets | $ | 2,628,959 | $ | 2,540,931 | Total Liabilities and Shareholders’ Equity | $ | 2,628,959 | $ | 2,540,931 | ||||||||
CONDENSED STATEMENTS OF INCOME | |||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
(in thousands) | |||||||||||||||||
Income: | |||||||||||||||||
Dividends from subsidiaries | $ | 139,150 | $ | 114,438 | $ | 142,000 | |||||||||||
Other | 120,543 | 106,297 | 88,380 | ||||||||||||||
259,693 | 220,735 | 230,380 | |||||||||||||||
Expenses | 152,243 | 138,164 | 124,525 | ||||||||||||||
Income before income taxes and equity in undistributed net income of subsidiaries | 107,450 | 82,571 | 105,855 | ||||||||||||||
Income tax benefit | (10,549 | ) | (10,744 | ) | (10,847 | ) | |||||||||||
117,999 | 93,315 | 116,702 | |||||||||||||||
Equity in undistributed net income (loss) of: | |||||||||||||||||
Bank subsidiaries | 33,134 | 56,552 | 46,350 | ||||||||||||||
Non-bank subsidiaries | 6,761 | 11,973 | (3,207 | ) | |||||||||||||
Net Income | $ | 157,894 | $ | 161,840 | $ | 159,845 | |||||||||||
CONDENSED STATEMENTS OF CASH FLOWS | |||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
(in thousands) | |||||||||||||||||
Cash Flows From Operating Activities: | |||||||||||||||||
Net Income | $ | 157,894 | $ | 161,840 | $ | 159,845 | |||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||||||
Stock-based compensation | 5,865 | 5,330 | 4,834 | ||||||||||||||
Excess tax benefits from stock-based compensation | (81 | ) | (302 | ) | (39 | ) | |||||||||||
(Increase) decrease in other assets | (7,120 | ) | 1,893 | (6,340 | ) | ||||||||||||
Equity in undistributed net income of subsidiaries | (39,895 | ) | (68,525 | ) | (43,143 | ) | |||||||||||
Increase in other liabilities and payable to non-bank subsidiaries | 37,354 | 26,946 | 6,885 | ||||||||||||||
Total adjustments | (3,877 | ) | (34,658 | ) | (37,803 | ) | |||||||||||
Net cash provided by operating activities | 154,017 | 127,182 | 122,042 | ||||||||||||||
Cash Flows From Investing Activities: | |||||||||||||||||
Investments in non-bank subsidiaries | — | — | (32,649 | ) | |||||||||||||
Net cash used in investing activities | — | — | (32,649 | ) | |||||||||||||
Cash Flows From Financing Activities: | |||||||||||||||||
Repayments of long-term debt | — | — | (4,125 | ) | |||||||||||||
Additions to long-term debt | 97,113 | — | — | ||||||||||||||
Net proceeds from issuance of common stock | 8,201 | 9,936 | 7,005 | ||||||||||||||
Excess tax benefits from stock-based compensation | 81 | 302 | 39 | ||||||||||||||
Dividends paid | (64,028 | ) | (46,525 | ) | (71,972 | ) | |||||||||||
Acquisition of treasury stock | (175,255 | ) | (90,927 | ) | (20,359 | ) | |||||||||||
Deferred accelerated stock repurchase payment | (20,000 | ) | — | — | |||||||||||||
Net cash used in financing activities | (153,888 | ) | (127,214 | ) | (89,412 | ) | |||||||||||
Net Increase (Decrease) in Cash and Cash Equivalents | 129 | (32 | ) | (19 | ) | ||||||||||||
Cash and Cash Equivalents at Beginning of Year | 8 | 40 | 59 | ||||||||||||||
Cash and Cash Equivalents at End of Year | $ | 137 | $ | 8 | $ | 40 | |||||||||||
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | |
Dec. 31, 2014 | ||
Accounting Policies [Abstract] | ||
Business and Basis of Financial Statement Presentation | Business: Fulton Financial Corporation (Parent Company) is a multi-bank financial holding company which provides a full range of banking and financial services to businesses and consumers through its six wholly owned banking subsidiaries: Fulton Bank, N.A., Fulton Bank of New Jersey, The Columbia Bank, Lafayette Ambassador Bank, FNB Bank, N.A. and Swineford National Bank. In addition, the Parent Company owns the following non-bank subsidiaries: Fulton Reinsurance Company, LTD, Fulton Financial Realty Company, Central Pennsylvania Financial Corp., FFC Management, Inc., FFC Penn Square, Inc. and Fulton Insurance Services Group, Inc. Collectively, the Parent Company and its subsidiaries are referred to as the Corporation. | |
The Corporation’s primary sources of revenue are interest income on loans and investment securities and fee income on its products and services. Its expenses consist of interest expense on deposits and borrowed funds, provision for credit losses, other operating expenses and income taxes. The Corporation’s primary competition is other financial services providers operating in its region. Competitors also include financial services providers located outside the Corporation’s geographical market as a result of the growth in electronic delivery systems. The Corporation is subject to the regulations of certain Federal and state agencies and undergoes periodic examinations by such regulatory authorities. | ||
The Corporation offers, through its banking subsidiaries, a full range of retail and commercial banking services in Pennsylvania, Delaware, Maryland, New Jersey and Virginia. Industry diversity is the key to the economic well-being of these markets, and the Corporation is not dependent upon any single customer or industry. | ||
Basis of Financial Statement Presentation: The consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States (U.S. GAAP) and include the accounts of the Parent Company and all wholly owned subsidiaries. All significant intercompany accounts and transactions have been eliminated. The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosed amount of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the period. Actual results could differ from those estimates. The Corporation evaluates subsequent events through the date of the filing of this report with the Securities and Exchange Commission (SEC). | ||
Federal Reserve Bank and Federal Home Loan Bank (FHLB) Stock | Federal Reserve Bank and Federal Home Loan Bank Stock: Certain of the Corporation's wholly owned banking subsidiaries are members of the Federal Reserve Bank and Federal Home Loan Bank and are required by federal law to hold stock in these institutions according to predetermined formulas. These restricted investments are carried at cost on the consolidated balance sheets and are periodically evaluated for impairment. Each of the Corporation’s subsidiary banks is a member of the Federal Home Loan Bank for the region encompassing the headquarters of the subsidiary bank. Memberships are maintained with the Atlanta, New York and Pittsburgh regional Federal Home Loan Banks (collectively referred to as the FHLB). | |
Investments | Investments: Debt securities are classified as held to maturity at the time of purchase when the Corporation has both the intent and ability to hold these investments until they mature. Such debt securities are carried at cost, adjusted for amortization of premiums and accretion of discounts using the effective yield method. The Corporation does not engage in trading activities, however, since the investment portfolio serves as a source of liquidity, all debt securities and marketable equity securities are classified as available for sale. Securities available for sale are carried at estimated fair value with the related unrealized holding gains and losses reported in shareholders’ equity as a component of other comprehensive income, net of tax. Realized securities gains and losses are computed using the specific identification method and are recorded on a trade date basis. | |
Securities are evaluated periodically to determine whether declines in value are other-than-temporary. For its investments in equity securities, most notably its investments in stocks of financial institutions, the Corporation evaluates the near-term prospects of the issuers in relation to the severity and duration of the impairment. Equity securities with fair values less than cost are considered to be other-than-temporarily impaired if the Corporation does not have the ability and intent to hold the investments for a reasonable period of time that would be sufficient for a recovery of fair value. | ||
Impaired debt securities are determined to be other-than-temporarily impaired if the Corporation concludes at the balance sheet date that it has the intent to sell, or believes it will more likely than not be required to sell, an impaired debt security before a recovery of its amortized cost basis. Credit losses on other-than-temporarily impaired debt securities are recorded through earnings, regardless of the intent or the requirement to sell. Credit loss is measured as the difference between the present value of an impaired debt security’s expected cash flows and its amortized cost. Non-credit related other-than-temporary impairment charges are recorded as decreases to accumulated other comprehensive income as long as the Corporation has no intent or expected requirement to sell the impaired debt security before a recovery of its amortized cost basis. | ||
Loans and Revenue Recognition | Loans and Revenue Recognition: Loan and lease financing receivables are stated at their principal amount outstanding, except for mortgage loans held for sale, which are carried at fair value, as detailed above. Interest income on loans is accrued as earned. Unearned income on lease financing receivables is recognized on a basis which approximates the effective yield method. Premiums and discounts on purchased loans are amortized as adjustments to interest income using the effective yield method. | |
In general, a loan is placed on non-accrual status once it becomes 90 days delinquent as to principal or interest. In certain cases a loan may be placed on non-accrual status prior to being 90 days delinquent if there is an indication that the borrower is having difficulty making payments, or the Corporation believes it is probable that all amounts will not be collected according to the contractual terms of the loan agreement. When interest accruals are discontinued, unpaid interest previously credited to income is reversed. Non-accrual loans may be restored to accrual status when all delinquent principal and interest has been paid currently for six consecutive months or the loan is considered secured and in the process of collection. The Corporation generally applies payments received on non-accruing loans to principal until such time as the principal is paid off, after which time any payments received are recognized as interest income. If the Corporation believes that all amounts outstanding on a non-accrual loan will ultimately be collected, payments received subsequent to its classification as a non-accrual loan are allocated between interest income and principal. | ||
A loan that is 90 days delinquent may continue to accrue interest if the loan is both adequately secured and is in the process of collection. Past due status is determined based on contractual due dates for loan payments. An adequately secured loan is one that has collateral with a supported fair value that is sufficient to discharge the debt, and/or has an enforceable guarantee from a financially responsible party. A loan is considered to be in the process of collection if collection is proceeding through legal action or through other activities that are reasonably expected to result in repayment of the debt or restoration to current status in the near future. | ||
Loans and lease financing receivables deemed to be a loss are written off through a charge against the allowance for loan losses. Closed-end consumer loans are generally charged off when they become 120 days past due (180 days for open-end consumer loans) if they are not adequately secured by real estate. All other loans are evaluated for possible charge-off when it is probable that the balance will not be collected, based on the ability of the borrower to pay and the value of the underlying collateral. Principal recoveries of loans previously charged off are recorded as increases to the allowance for loan losses. | ||
Loan Origination Fees and Costs | Loan Origination Fees and Costs: Loan origination fees and the related direct origination costs are deferred and amortized over the life of the loan as an adjustment to interest income generally using the effective yield method. For mortgage loans sold, net loan origination fees and costs are included in the gain or loss on sale of the related loan. | |
Troubled Debt Restructurings (TDRs) | Troubled Debt Restructurings (TDRs): Loans whose terms are modified are classified as TDRs if the Corporation grants the borrowers concessions and it is determined that those borrowers are experiencing financial difficulty. Concessions granted under a TDR typically involve a temporary deferral of scheduled loan payments, an extension of a loan’s stated maturity date or a reduction in the interest rate. Non-accrual TDRs can be restored to accrual status if principal and interest payments, under the modified terms, are current for six consecutive months after modification. | |
Allowance for Credit Losses | 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 sheets. 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. Management believes that the allowance for loan losses and the reserve for unfunded lending commitments are adequate as of the balance sheet date; however, future changes to the allowance or reserve may be necessary based on changes in any of the factors discussed in the following paragraphs. | |
Maintaining an adequate allowance for credit losses is dependent upon various factors, including the ability to identify potential problem loans in a timely manner. For commercial loans, commercial mortgages and construction loans to commercial borrowers, an internal risk rating process is used. The risk rating process allows management to identify riskier credits in a timely manner and to allocate resources to managing troubled assets. The Corporation believes that internal risk ratings are the most relevant credit quality indicator for these types of loans. The migration of loans through the various internal risk rating categories is a significant component of the allowance for credit loss methodology for these loans, 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 assessments identify a deterioration or an improvement in the loan. | ||
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 the 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 does not assign internal risk ratings for smaller balance, homogeneous loans, such as: home equity, residential mortgage, consumer, lease receivables 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 loans through the various delinquency status categories is a significant component of the allowance for credit loss methodology for these loans, which bases the probability of default on this migration. | ||
The Corporation’s allowance for loan losses includes: 1) specific allowances allocated to loans evaluated for impairment under the Financial Accounting Standards Board's Accounting Standards Codification (FASB ASC) Section 310-10-35; and 2) allowances calculated for pools of loans measured for impairment under FASB ASC Subtopic 450-20. | ||
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 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 or equal to $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 December 31, 2014 and 2013, substantially all of the Corporation’s impaired loans to borrowers with total outstanding loan balances greater than or equal to $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. | ||
For loans secured by real estate, estimated fair values are determined primarily through appraisals performed by state certified third-party appraisers, discounted to arrive at expected sale prices. For collateral dependent loans, estimated real estate fair values are also net of estimated selling costs. When a real estate secured loan becomes impaired, a decision is made regarding whether an updated appraisal of the real estate is necessary. This decision is based on various considerations, including: the age of the most recent appraisal; the loan-to-value ratio based on the original appraisal; the condition of the property; the Corporation’s experience and knowledge of the real estate market; the purpose of the loan; market factors; payment status; the strength of any guarantors; and the existence and age of other indications of value such as broker price opinions, among others. The Corporation generally obtains updated state certified third-party appraisals for impaired loans secured predominately by real estate every 12 months. | ||
As of December 31, 2014 and 2013, approximately 81% and 79%, respectively, of impaired loans with principal balances greater than or equal to $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 appraisals are not obtained for loans 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 credit administration 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%. | ||
For impaired loans with principal balances greater than or equal to $1.0 million secured by non-real estate collateral, such as accounts receivable or inventory, estimated fair values are determined based on borrower financial statements, inventory listings, accounts receivable agings or borrowing base certificates. Indications of value from these sources are generally discounted based on the age of the financial information or the quality of the assets. Liquidation or collection discounts are applied to these assets based upon existing loan evaluation policies. | ||
All loans not evaluated for impairment under FASB ASC Section 310-10-35 are evaluated for impairment under FASB ASC Subtopic 450-20, using a pooled loss evaluation approach. In general, these loans include residential mortgages, home equity loans, consumer loans, and lease receivables. Accruing commercial loans, commercial mortgages and construction loans are also evaluated 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," within Note D, "Loans and Allowance for Credit Losses." 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 are based on collateral types and include direct consumer installment loans and indirect automobile loans. | ||
The Corporation calculates allowance allocation needs for loans measured under FASB ASC Subtopic 450-20 through the following procedures: | ||
• | The loans are segmented into pools with similar characteristics, as noted above. Commercial loans, commercial mortgages and construction loans to commercial borrowers are further segmented into separate pools based on internally assigned risk ratings. Residential mortgages, home equity loans, consumer loans, and lease receivables are further segmented into separate pools based on delinquency status. | |
• | A loss rate is calculated for each pool through a migration analysis of historical losses as loans migrate through the various risk rating or delinquency categories. Estimated loss rates are based on a probability of default and a loss given default. | |
• | The loss rate is adjusted to consider qualitative factors, such as economic conditions and trends. | |
• | The resulting adjusted loss rate is applied to the balance of the loans in the pool to arrive at the allowance allocation for the pool. | |
The allocation of the allowance for credit losses is reviewed to evaluate its appropriateness in relation to the overall risk profile of the loan portfolio. The Corporation considers risk factors such as: local and national economic conditions; trends in delinquencies and non-accrual loans; the diversity of borrower industry types; and the composition of the portfolio by loan type. An unallocated allowance is maintained for factors and conditions that exist at the balance sheet date, but are not specifically identifiable, and to recognize the inherent imprecision in estimating and measuring loss exposure. | ||
Premises and Equipment | Premises and Equipment: Premises and equipment are stated at cost, less accumulated depreciation and amortization. The provision for depreciation and amortization is generally computed using the straight-line method over the estimated useful lives of the related assets, which are a maximum of 50 years for buildings and improvements, 8 years for furniture and 5 years for equipment. Leasehold improvements are amortized over the shorter of the useful life or the non-cancelable lease term. Interest costs incurred during the construction of major bank premises are capitalized. | |
Other Real Estate Owned | Other Real Estate Owned: Assets acquired in settlement of mortgage loan indebtedness are recorded as other real estate owned (OREO) and are included in other assets on the consolidated balance sheets, initially at the lower of the estimated fair value of the asset less estimated selling costs or the carrying amount of the loan. Costs to maintain the assets and subsequent gains and losses on sales are included in OREO and repossession expense on the consolidated statements of income. | |
Mortgage Servicing Rights | Mortgage Servicing Rights: The estimated fair value of mortgage servicing rights (MSRs) related to residential mortgage loans sold and serviced by the Corporation is recorded as an asset upon the sale of such loans. 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 through a discounted cash flows valuation completed by a third-party valuation expert. Significant inputs to the valuation include expected net servicing income, the discount rate and the expected lives of the underlying loans. Expected life is based on the contractual terms of the loans, as adjusted for prepayment projections. To the extent the amortized cost of the MSRs exceeds their estimated fair value, a valuation allowance is established through a charge against servicing income, included as a component of mortgage banking income on the consolidated statements of income. If subsequent valuations indicate that impairment no longer exists, the valuation allowance is reduced through an increase to servicing income. | ||
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 or 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 counterparty credit risk through its credit approval processes, monitoring procedures and obtaining adequate collateral, when the Corporation determines it is appropriate to do so and in accordance with counterparty contracts. | ||
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 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 value 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. | ||
Balance Sheet Offsetting | Balance Sheet Offsetting: Although 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 such qualifying assets and liabilities. | |
The Corporation is a party to interest rate swap transactions with financial institution counterparties and customers. 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. | ||
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. | ||
Income Taxes | Income Taxes: The provision for income taxes is based upon income before income taxes, adjusted primarily for the effect of tax-exempt income, non-deductible expenses and credits received from investments in partnerships that generate such credits under various federal programs (Tax Credit Investments). Certain items of income and expense are reported in different periods for financial reporting and tax return purposes resulting in temporary net income differences between financial reporting and tax returns. The tax effects of these temporary differences are recognized currently in the deferred income tax provision or benefit. Deferred tax assets or liabilities are computed based on the difference between the financial statement and income tax bases of assets and liabilities using the applicable enacted marginal tax rate. The deferred income tax provision or benefit is based on the changes in the deferred tax asset or liability from period to period. | |
The Corporation accounts for uncertain tax positions by applying a recognition threshold and measurement attribute for tax positions taken or expected to be taken on a tax return. Recognition and measurement of tax positions is based on management’s evaluations of relevant tax code and appropriate industry information about audit proceedings for comparable positions at other organizations. Virtually all of the Corporation’s unrecognized tax benefits relate to positions that are taken on an annual basis on state tax returns. Increases to unrecognized tax benefits will occur as a result of accruing for the nonrecognition of the position for the current year. Decreases will occur as a result of the lapsing of the statute of limitations or through settlements of positions with the tax authorities. | ||
Stock-Based Compensation | Stock-Based Compensation: The Corporation grants equity awards to employees, consisting of stock options, restricted stock, restricted stock units (RSUs) and performance based restricted stock units (PSUs) under its Amended and Restated Equity and Cash Incentive Compensation Plan (Employee Equity Plan). In addition, employees may purchase stock under the Corporation’s Employee Stock Purchase Plan (ESPP). | |
The Corporation also grants stock equity awards to non-employee members of its board of directors under the 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. | ||
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. Restricted stock, RSUs and a majority of PSUs are based on the trading price of the Corporation's stock on the date of grant and earn dividends during the vesting period, which are forfeitable if the awards do not vest. The fair value of certain PSUs are estimated through the use of the Monte Carlo valuation methodology as of the date of grant. | ||
Equity awards issued under the Employee Equity Plan are generally granted annually and become fully vested over or after a three-year vesting period. The vesting period for non-performance based awards represents the period during which employees are required to provide service in exchange for such awards. Equity awards under the Directors' Plan generally vest immediately upon grant. Certain events, as defined in the Employee Equity Plan and the Directors' Plan, result in the acceleration of the vesting of equity awards. | ||
The fair value of stock options, restricted stock and RSUs granted to employees is recognized as compensation expense over the vesting period for such awards. Compensation expense for PSUs is also recognized over the vesting period, however, compensation expense for PSUs may vary based on the expectations for actual performance relative to defined performance measures. | ||
Net Income Per Share | Net Income Per Share: Basic net income per common 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, restricted stock, RSUs and PSUs. PSUs are required to be included in weighted average shares outstanding if performance measures, as defined in each PSU award agreement, are met as of the end of the period. | ||
Disclosures about Segments of an Enterprise and Related Information | Disclosures about Segments of an Enterprise and Related Information: The Corporation does not have any operating segments which require disclosure of additional information. While the Corporation owns six separate banks, each engages in similar activities, provides similar products and services, and operates in the same general geographical area. The Corporation’s non-banking activities are immaterial and, therefore, separate information has not been disclosed. | |
Financial Guarantees | Financial Guarantees: Financial guarantees, which consist primarily of standby and commercial letters of credit, are accounted for by recognizing a liability equal to the fair value of the guarantees and crediting the liability to income over the term of the guarantee. Fair value is estimated based on the fees currently charged to enter into similar agreements with similar terms. | |
Business Combinations and Intangible Assets | Business Combinations and Intangible Assets: The Corporation accounts for its acquisitions using the purchase accounting method. Purchase accounting requires that all assets acquired and liabilities assumed, including certain intangible assets that must be recognized, be recorded at their estimated fair values as of the acquisition date. Any purchase price exceeding the fair value of net assets acquired is recorded as goodwill. | |
Goodwill is not amortized to expense, but is tested for impairment at least annually. A quantitative annual impairment test is not required if, based on a qualitative analysis, the Corporation determines that the existence of events and circumstances indicate that it is more likely than not that goodwill is not impaired. Write-downs of the balance, if necessary as a result of the impairment test, are charged to expense in the period in which goodwill is determined to be impaired. The Corporation performs its annual test of goodwill impairment as of October 31st of each year. If certain events occur which indicate goodwill might be impaired between annual tests, goodwill must be tested when such events occur. Based on the results of its annual impairment test, the Corporation concluded that there was no impairment in 2014, 2013 or 2012. See Note F, "Goodwill and Intangible Assets," for additional details. | ||
Intangible assets are amortized over their estimated lives. Some intangible assets have indefinite lives and are, therefore, not amortized. All intangible assets must be evaluated for impairment if certain events occur. Any impairment write-downs are recognized as expense on the consolidated statements of income. | ||
Variable Interest Entities | Variable Interest Entities: FASB ASC Topic 810 provides guidance on when to consolidate certain Variable Interest Entities(VIE’s) in the financial statements of the Corporation. VIE’s are entities in which equity investors do not have a controlling financial interest or do not have sufficient equity at risk for the entity to finance activities without additional financial support from other parties. VIEs are assessed for consolidation under ASC Topic 810 when the Corporation holds variable interests in these entities. The Corporation consolidates VIEs when it is deemed to be the primary beneficiary. The primary beneficiary of a VIE is determined to be the party that has the power to make decisions that most significantly affect the economic performance of the VIE and has the obligation to absorb losses or the right to receive benefits that in either case could potentially be significant to the VIE. | |
The Parent Company owns all of the common stock of four subsidiary trusts, which have issued securities (Trust Preferred Securities) in conjunction with the Parent Company issuing junior subordinated deferrable interest debentures to the trusts. The terms of the junior subordinated deferrable interest debentures are the same as the terms of the Trust Preferred Securities. The Parent Company’s obligations under the debentures constitute a full and unconditional guarantee by the Parent Company of the obligations of the trusts. The provisions of FASB ASC Topic 810 related to subsidiary trusts, as interpreted by the SEC, disallow consolidation of subsidiary trusts in the financial statements of the Corporation. As a result, Trust Preferred Securities are not included on the Corporation’s consolidated balance sheets. The junior subordinated debentures issued by the Parent Company to the subsidiary trusts, which have the same total balance and rate as the combined equity securities and Trust Preferred Securities issued by the subsidiary trusts, remain in long-term debt. See Note I, "Short-Term Borrowings and Long-Term Debt," for additional information. | ||
The Corporation has made certain Tax Credit Investments under various Federal programs that promote investment in low and moderate income housing and local economic development. Tax Credit Investments are amortized under the effective yield method over the life of the Federal income tax credits generated as a result of such investments, generally seven to ten years. | ||
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 required to be measured at fair value on both a recurring and nonrecurring basis into the above three levels. See Note R, "Fair Value Measurements," for additional details. | ||
Fair Value Option: As permitted under FASB ASC Subtopic 825-10, the Corporation has elected to measure mortgage loans held for sale at fair value. Derivative financial instruments related to mortgage banking activities are also recorded at fair value, as detailed under the heading "Derivative Financial Instruments" below. 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 classified within interest income on the consolidated statements of income. | ||
New Accounting Standards | New Accounting Standards: 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. For public business entities, 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 a material impact on the Corporation's consolidated financial statements. | |
In May 2014, the FASB issued ASC Update 2014-09, "Revenue from Contracts with Customers." This standards update establishes a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. The core principle prescribed by this standards update is that an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The standard applies to all contracts with customers, except those that are within the scope of other topics in the FASB ASC. The standard also requires significantly expanded disclosures about revenue recognition. For public business entities, ASC Update 2014-09 is effective for interim and annual reporting periods beginning after December 15, 2016. Early application is not permitted. For the Corporation, this standards update is effective with its March 31, 2017 quarterly report on Form 10-Q. The Corporation is currently evaluating the impact of the adoption of ASC Update 2014-09 on its consolidated financial statements. | ||
In June 2014, the FASB issued ASC Update 2014-11, "Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures." In addition to new disclosure requirements, ASC Update 2014-11 requires that all repurchase-to-maturity transactions be accounted for as secured borrowings rather than as sales of financial assets. Also, all transfers of financial assets executed contemporaneously with a repurchase agreement with the same counterparty must be accounted for separately, the result of which would be the treatment of such transactions as secured borrowings. For public business entities, ASC Update 2014-11 is effective for interim and annual reporting 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 2014-11 is not expected to have a material impact on the Corporation’s consolidated financial statements. | ||
In June 2014, the FASB issued ASC Update 2014-12, "Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period." ASC Update 2014-12 clarifies guidance related to accounting for share-based payment awards with terms that allow an employee to vest in the award regardless of whether the employee is rendering service on the date a performance target is achieved. ASC Update 2014-12 requires that a performance target that affects vesting, and that could be achieved after the requisite service period, be treated as a performance condition. As such, the performance target should not be reflected in estimating the grant-date fair value of the award. For public business entities, ASC Update 2014-12 is effective for interim and annual reporting periods beginning after December 15, 2014, with earlier adoption permitted. For the Corporation, this standards update is effective with its March 31, 2015 quarterly report on Form 10-Q. The adoption of ASC Update 2014-12 is not expected to have a material impact on the Corporation’s consolidated financial statements. | ||
In August 2014, the FASB issued ASC Update 2014-14, "Receivables - Troubled Debt Restructuring by Creditors." ASC Update 2014-14 clarifies TDR guidance related to the classification and measurement of certain government-sponsored loan guarantee programs upon foreclosure. For public business entities, ASC Update 2014-14 is for effective interim and annual reporting periods beginning after December 15, 2014, with earlier adoption permitted. For the Corporation, this standards update is effective with its March 31, 2015 quarterly report on Form 10-Q. The adoption of ASC Update 2014-14 is not expected to have a material impact on the Corporation’s consolidated financial statements. | ||
In August 2014, the FASB issued ASC Update 2014-15, "Presentation of Financial Statements - Going Concern." ASC Update 2014-15 provides guidance regarding management's responsibility to evaluate whether there is substantial doubt about an entity's ability to continue as a going concern and to provide related disclosures. The standards update describes how an entity's management should assess whether there are conditions and events, considered in the aggregate, that raise substantial doubt about an entity's ability to continue as a going concern within one year after the date that the financial statements are issued. For public business entities, ASC Update 2014-15 is effective for annual reporting periods ending after December 15, 2016, with earlier adoption permitted. For the Corporation, this standards update is effective with its December 31, 2016 annual report on Form 10-K. The adoption of ASC Update 2014-15 is not expected to have a material impact on the Corporation’s consolidated financial statements. | ||
In November 2014, the FASB issued ASC Update 2014-16, "Derivatives and Hedging: Determining Whether the Host Contract in a Hybrid Financial Instrument Issued in the Form of a Share is More Akin to Debt or to Equity." ASC Update 2014-16 was issued to reduce existing diversity in the accounting for hybrid financial instruments issued in the form of a share, such as redeemable convertible preferred stock. ASC Update 2014-16 applies to all entities that are issuers of, or investors in, hybrid financial instruments that are issued in the form of a share, and is effective for public business entities’ annual reporting periods beginning after December 15, 2015, with earlier adoption permitted. For the Corporation, this standards update is effective with its March 31, 2016 annual report on Form 10-Q. The adoption of ASC Update 2014-16 is not expected to have a material impact on the Corporation’s consolidated financial statements. | ||
In November 2014, the FASB issued ASC Update 2014-17, "Business Combinations: Pushdown Accounting." ASC Update 2014-17 was issued to provide guidance on whether and at what threshold an acquired entity can apply pushdown accounting in its separate financial statements. ASC Update 2014-17 applies to the separate financial statements of an acquired entity upon the occurrence of an event in which an acquirer obtains control of the acquired entity. This update was effective upon issuance and did not have an impact on the Corporation's consolidated financial statements. | ||
In January 2015, the FASB issued ASC Update 2015-01, "Income Statement - Extraordinary and Unusual Items." ASC Update 2015-01 was issued to eliminate the concept of extraordinary items from U.S. GAAP. net of tax, after income from continuing operations. ASC Update 2015-01 amends existing extraordinary items disclosure guidance. Under the amended guidance, reporting entities will no longer separately disclose extraordinary items net of tax, after income from continuing operations in the income statement. ASC Update 2015-01 is effective for annual reporting periods beginning after December 15, 2015, with earlier adoption permitted provided that the guidance is applied from the beginning of the fiscal year of adoption. The Corporation intends to adopt this standards update effective with its March 31, 2016 quarterly report on Form 10-Q and does not expect the adoption of ASC Update 2015-01 to have a material impact on its consolidated financial statements. | ||
Reclassification | Reclassifications: Certain amounts in the 2013 and 2012 consolidated financial statements and notes have been reclassified to conform to the 2014 presentation. |
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Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Accounting Policies [Abstract] | |||||||||
Reconciliation of Weighted Average Common Shares Outstanding | A reconciliation of weighted average common shares outstanding used to calculate basic and diluted net income per share follows: | ||||||||
2014 | 2013 | 2012 | |||||||
(in thousands) | |||||||||
Weighted average common shares outstanding (basic) | 186,219 | 193,334 | 199,067 | ||||||
Impact of common stock equivalents | 962 | 1,020 | 972 | ||||||
Weighted average common shares outstanding (diluted) | 187,181 | 194,354 | 200,039 | ||||||
Investment_Securities_Tables
Investment Securities (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ||||||||||||||||||||||||
Schedule of Amortized Cost and Fair Values of Investment Securities | The following tables present the amortized cost and estimated fair values of investment securities, which were all classified as available for sale, as of December 31: | |||||||||||||||||||||||
Amortized | Gross | Gross | Estimated | |||||||||||||||||||||
Cost | Unrealized | Unrealized | Fair | |||||||||||||||||||||
Gains | Losses | Value | ||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
2014 | ||||||||||||||||||||||||
Equity securities | $ | 33,469 | $ | 14,167 | $ | (13 | ) | $ | 47,623 | |||||||||||||||
U.S. Government securities | 200 | — | — | 200 | ||||||||||||||||||||
U.S. Government sponsored agency securities | 209 | 5 | — | 214 | ||||||||||||||||||||
State and municipal securities | 238,250 | 7,231 | (266 | ) | 245,215 | |||||||||||||||||||
Corporate debt securities | 99,016 | 5,126 | (6,108 | ) | 98,034 | |||||||||||||||||||
Collateralized mortgage obligations | 917,395 | 5,705 | (20,787 | ) | 902,313 | |||||||||||||||||||
Mortgage-backed securities | 914,797 | 16,978 | (2,944 | ) | 928,831 | |||||||||||||||||||
Auction rate securities | 108,751 | — | (7,810 | ) | 100,941 | |||||||||||||||||||
$ | 2,312,087 | $ | 49,212 | $ | (37,928 | ) | $ | 2,323,371 | ||||||||||||||||
2013 | ||||||||||||||||||||||||
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 December 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 | $ | 16,698 | $ | 16,851 | ||||||||||||||||||||
Due from one year to five years | 76,704 | 80,142 | ||||||||||||||||||||||
Due from five years to ten years | 170,783 | 175,687 | ||||||||||||||||||||||
Due after ten years | 182,241 | 171,924 | ||||||||||||||||||||||
446,426 | 444,604 | |||||||||||||||||||||||
Collateralized mortgage obligations | 917,395 | 902,313 | ||||||||||||||||||||||
Mortgage-backed securities | 914,797 | 928,831 | ||||||||||||||||||||||
$ | 2,278,618 | $ | 2,275,748 | |||||||||||||||||||||
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 gross gains and losses on the sales of equity and debt securities, and losses recognized for other-than-temporary impairment of investments: | |||||||||||||||||||||||
Gross | Gross | Other- | Net | |||||||||||||||||||||
Realized | Realized | than- | Gains | |||||||||||||||||||||
Gains | Losses | temporary | ||||||||||||||||||||||
Impairment | ||||||||||||||||||||||||
Losses | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
2014:00:00 | ||||||||||||||||||||||||
Equity securities | $ | 335 | $ | — | $ | (12 | ) | $ | 323 | |||||||||||||||
Debt securities | 2,058 | (322 | ) | (18 | ) | 1,718 | ||||||||||||||||||
Total | $ | 2,393 | $ | (322 | ) | $ | (30 | ) | $ | 2,041 | ||||||||||||||
2013:00:00 | ||||||||||||||||||||||||
Equity securities | $ | 4,391 | $ | (28 | ) | $ | (27 | ) | $ | 4,336 | ||||||||||||||
Debt securities | 3,787 | (22 | ) | (97 | ) | 3,668 | ||||||||||||||||||
Total | $ | 8,178 | $ | (50 | ) | $ | (124 | ) | $ | 8,004 | ||||||||||||||
2012:00:00 | ||||||||||||||||||||||||
Equity securities | $ | 2,620 | $ | — | $ | (356 | ) | $ | 2,264 | |||||||||||||||
Debt securities | 1,215 | — | (453 | ) | 762 | |||||||||||||||||||
Total | $ | 3,835 | $ | — | $ | (809 | ) | $ | 3,026 | |||||||||||||||
Summary Of Other Than Temporary Impairment Charges Recorded In Statement Of Operations | The following table presents a summary of other-than-temporary impairment charges recorded as decreases to investment securities gains on the consolidated statements of income, by investment security type: | |||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Equity securities - financial institution stocks | $ | 12 | $ | 27 | $ | 356 | ||||||||||||||||||
Pooled trust preferred securities | 18 | 97 | 19 | |||||||||||||||||||||
Auction rate securities | — | — | 434 | |||||||||||||||||||||
Total debt securities | 18 | 97 | 453 | |||||||||||||||||||||
Total other-than-temporary impairment charges | $ | 30 | $ | 124 | $ | 809 | ||||||||||||||||||
Summary of Cumulative Other-than-Temporary Impairment Charges Recognized in Earnings for Pooled Trust Preferred Securities Held | 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 December 31: | |||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Balance of cumulative credit losses on debt securities, beginning of year | $ | (20,691 | ) | $ | (23,079 | ) | $ | (22,781 | ) | |||||||||||||||
Additions for credit losses recorded which were not previously recognized as components of earnings | (18 | ) | (97 | ) | (453 | ) | ||||||||||||||||||
Reductions for securities sold during the period | 4,460 | 2,468 | — | |||||||||||||||||||||
Reductions for increases in cash flows expected to be collected that are recognized over the remaining life of the security | 7 | 17 | 155 | |||||||||||||||||||||
Balance of cumulative credit losses on debt securities, end of year | $ | (16,242 | ) | $ | (20,691 | ) | $ | (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, as of December 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) | ||||||||||||||||||||||||
State and municipal securities | 3,282 | (4 | ) | 19,640 | (262 | ) | 22,922 | (266 | ) | |||||||||||||||
Corporate debt securities | 4,952 | (17 | ) | 36,849 | (6,091 | ) | 41,801 | (6,108 | ) | |||||||||||||||
Collateralized mortgage obligations | 46,121 | (179 | ) | 592,119 | (20,608 | ) | 638,240 | (20,787 | ) | |||||||||||||||
Mortgage-backed securities | 36,791 | (40 | ) | 235,368 | (2,904 | ) | 272,159 | (2,944 | ) | |||||||||||||||
Auction rate securities | — | — | 100,941 | (7,810 | ) | 100,941 | (7,810 | ) | ||||||||||||||||
Total debt securities | 91,146 | (240 | ) | 984,917 | (37,675 | ) | 1,076,063 | (37,915 | ) | |||||||||||||||
Equity securities | 5 | (1 | ) | 77 | (12 | ) | 82 | (13 | ) | |||||||||||||||
$ | 91,151 | $ | (241 | ) | $ | 984,994 | $ | (37,687 | ) | $ | 1,076,145 | $ | (37,928 | ) | ||||||||||
Summary of Amortized Cost and Fair Values of Corporate Debt Securities | 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 values of corporate debt securities as of December 31: | |||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Amortized | Estimated | Amortized | Estimated | |||||||||||||||||||||
Cost | Fair Value | Cost | Fair Value | |||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Single-issuer trust preferred securities | $ | 47,569 | $ | 42,016 | $ | 47,481 | $ | 40,531 | ||||||||||||||||
Subordinated debt | 47,530 | 50,023 | 47,405 | 50,327 | ||||||||||||||||||||
Pooled trust preferred securities | 2,010 | 4,088 | 2,997 | 5,306 | ||||||||||||||||||||
Corporate debt securities issued by financial institutions | 97,109 | 96,127 | 97,883 | 96,164 | ||||||||||||||||||||
Other corporate debt securities | 1,907 | 1,907 | 2,585 | 2,585 | ||||||||||||||||||||
Available for sale corporate debt securities | $ | 99,016 | $ | 98,034 | $ | 100,468 | $ | 98,749 | ||||||||||||||||
Loans_and_Allowance_for_Credit1
Loans and Allowance for Credit Losses (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | ||||||||||||||||||||||||||||||||||||
Summary of Gross Loans by Type | Loans, net of unearned income are summarized as follows as of December 31: | |||||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||||||
Real estate – commercial mortgage | $ | 5,197,155 | $ | 5,101,922 | ||||||||||||||||||||||||||||||||
Commercial – industrial, financial and agricultural | 3,725,567 | 3,628,420 | ||||||||||||||||||||||||||||||||||
Real estate – home equity | 1,736,688 | 1,764,197 | ||||||||||||||||||||||||||||||||||
Real estate – residential mortgage | 1,377,068 | 1,337,380 | ||||||||||||||||||||||||||||||||||
Real estate – construction | 690,601 | 573,672 | ||||||||||||||||||||||||||||||||||
Consumer | 265,431 | 283,124 | ||||||||||||||||||||||||||||||||||
Leasing and other | 127,562 | 99,256 | ||||||||||||||||||||||||||||||||||
Overdrafts | 4,021 | 4,045 | ||||||||||||||||||||||||||||||||||
Loans, gross of unearned income | 13,124,093 | 12,792,016 | ||||||||||||||||||||||||||||||||||
Unearned income | (12,377 | ) | (9,796 | ) | ||||||||||||||||||||||||||||||||
Loans, net of unearned income | $ | 13,111,716 | $ | 12,782,220 | ||||||||||||||||||||||||||||||||
Schedule of Allowance for Credit Losses | The following table presents the components of the allowance for credit losses as of December 31: | |||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||||||
Allowance for loan losses | $ | 184,144 | $ | 202,780 | $ | 223,903 | ||||||||||||||||||||||||||||||
Reserve for unfunded lending commitments | 1,787 | 2,137 | 1,536 | |||||||||||||||||||||||||||||||||
Allowance for credit losses | $ | 185,931 | $ | 204,917 | $ | 225,439 | ||||||||||||||||||||||||||||||
Activity in the Allowance for Credit Losses | The following table presents the activity in the allowance for credit losses for the years ended December 31: | |||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||||||
Balance at beginning of year | $ | 204,917 | $ | 225,439 | $ | 258,177 | ||||||||||||||||||||||||||||||
Loans charged off | (44,593 | ) | (80,212 | ) | (140,366 | ) | ||||||||||||||||||||||||||||||
Recoveries of loans previously charged off | 13,107 | 19,190 | 13,628 | |||||||||||||||||||||||||||||||||
Net loans charged off | (31,486 | ) | (61,022 | ) | (126,738 | ) | ||||||||||||||||||||||||||||||
Provision for credit losses | 12,500 | 40,500 | 94,000 | |||||||||||||||||||||||||||||||||
Balance at end of year | $ | 185,931 | $ | 204,917 | $ | 225,439 | ||||||||||||||||||||||||||||||
The following table presents the activity in the allowance for loan losses by portfolio segment for the years ended December 31 and loans, net of unearned income, and their related allowance for loan losses, by portfolio segment, as of December 31: | ||||||||||||||||||||||||||||||||||||
Real Estate - | Commercial - | Real Estate - | Real Estate - | Real Estate - | Consumer | Leasing | Unallocated (1) | Total | ||||||||||||||||||||||||||||
Commercial | Industrial, | Home | Residential | Construction | and other | |||||||||||||||||||||||||||||||
Mortgage | Financial and | Equity | Mortgage | and | ||||||||||||||||||||||||||||||||
Agricultural | Overdrafts | |||||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||||||
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 | (20,829 | ) | (30,383 | ) | (8,193 | ) | (9,705 | ) | (6,572 | ) | (1,877 | ) | (2,653 | ) | — | (80,212 | ) | |||||||||||||||||||
Recoveries of loans previously charged off | 3,494 | 9,281 | 860 | 548 | 2,682 | 1,518 | 807 | — | 19,190 | |||||||||||||||||||||||||||
Net loans charged off | (17,335 | ) | (21,102 | ) | (7,333 | ) | (9,157 | ) | (3,890 | ) | (359 | ) | (1,846 | ) | — | (61,022 | ) | |||||||||||||||||||
Provision for loan losses (2) | 10,066 | 11,227 | 12,779 | 7,703 | (748 | ) | 1,252 | 2,464 | (4,844 | ) | 39,899 | |||||||||||||||||||||||||
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 | (6,004 | ) | (24,516 | ) | (5,486 | ) | (2,918 | ) | (1,209 | ) | (2,325 | ) | (2,135 | ) | — | (44,593 | ) | |||||||||||||||||||
Recoveries of loans previously charged off | 1,960 | 4,256 | 1,025 | 451 | 3,177 | 1,322 | 916 | — | 13,107 | |||||||||||||||||||||||||||
Net loans charged off | (4,044 | ) | (20,260 | ) | (4,461 | ) | (2,467 | ) | 1,968 | (1,003 | ) | (1,219 | ) | — | (31,486 | ) | ||||||||||||||||||||
Provision for loan losses (2) | 1,878 | 21,308 | 4,510 | (1,543 | ) | (4,861 | ) | 758 | (352 | ) | (8,848 | ) | 12,850 | |||||||||||||||||||||||
Balance at December 31, 2014 | $ | 53,493 | $ | 51,378 | $ | 28,271 | $ | 29,072 | $ | 9,756 | $ | 3,015 | $ | 1,799 | $ | 7,360 | $ | 184,144 | ||||||||||||||||||
Allowance for loan losses at December 31, 2014 | ||||||||||||||||||||||||||||||||||||
Measured for impairment under FASB ASC Subtopic 450-20 | $ | 36,778 | $ | 38,348 | $ | 19,047 | $ | 10,480 | $ | 6,485 | $ | 2,980 | $ | 1,799 | $ | 7,360 | $ | 123,277 | ||||||||||||||||||
Evaluated for impairment under FASB ASC Section 310-10-35 | 16,715 | 13,030 | 9,224 | 18,592 | 3,271 | 35 | — | N/A | 60,867 | |||||||||||||||||||||||||||
$ | 53,493 | $ | 51,378 | $ | 28,271 | $ | 29,072 | $ | 9,756 | $ | 3,015 | $ | 1,799 | $ | 7,360 | $ | 184,144 | |||||||||||||||||||
Loans, net of unearned income at December 31, 2014 | ||||||||||||||||||||||||||||||||||||
Measured for impairment under FASB ASC Subtopic 450-20 | $ | 5,133,896 | $ | 3,690,561 | $ | 1,723,230 | $ | 1,325,717 | $ | 665,012 | $ | 265,393 | $ | 119,206 | N/A | $ | 12,923,015 | |||||||||||||||||||
Evaluated for impairment under FASB ASC Section 310-10-35 | 63,259 | 35,006 | 13,458 | 51,351 | 25,589 | 38 | — | N/A | 188,701 | |||||||||||||||||||||||||||
$ | 5,197,155 | $ | 3,725,567 | $ | 1,736,688 | $ | 1,377,068 | $ | 690,601 | $ | 265,431 | $ | 119,206 | N/A | $ | 13,111,716 | ||||||||||||||||||||
Allowance for loan losses at December 31, 2013 | ||||||||||||||||||||||||||||||||||||
Measured for impairment under FASB ASC Subtopic 450-20 | $ | 41,215 | $ | 36,263 | $ | 19,163 | $ | 11,337 | $ | 8,778 | $ | 3,248 | $ | 3,370 | $ | 16,208 | $ | 139,582 | ||||||||||||||||||
Evaluated for impairment under FASB ASC Section 310-10-35 | 14,444 | 14,067 | 9,059 | 21,745 | 3,871 | 12 | — | N/A | 63,198 | |||||||||||||||||||||||||||
$ | 55,659 | $ | 50,330 | $ | 28,222 | $ | 33,082 | $ | 12,649 | $ | 3,260 | $ | 3,370 | $ | 16,208 | $ | 202,780 | |||||||||||||||||||
Loans, net of unearned income at December 31, 2013 | ||||||||||||||||||||||||||||||||||||
Measured for impairment under FASB ASC Subtopic 450-20 | $ | 5,041,598 | $ | 3,583,665 | $ | 1,749,560 | $ | 1,286,283 | $ | 542,634 | $ | 283,111 | $ | 93,505 | N/A | $ | 12,580,356 | |||||||||||||||||||
Evaluated for impairment under FASB ASC Section 310-10-35 | 60,324 | 44,755 | 14,637 | 51,097 | 31,038 | 13 | — | N/A | 201,864 | |||||||||||||||||||||||||||
$ | 5,101,922 | $ | 3,628,420 | $ | 1,764,197 | $ | 1,337,380 | $ | 573,672 | $ | 283,124 | $ | 93,505 | N/A | $ | 12,782,220 | ||||||||||||||||||||
-1 | The Corporation’s unallocated allowance, which was approximately 4% and 8% of the total allowance for credit losses as of December 31, 2014 and December 31, 2013, respectively, was, in the opinion of management, reasonable and appropriate given that the estimates used in the allocation process are inherently imprecise. | |||||||||||||||||||||||||||||||||||
-2 | For the year ended December 31, 2014, the provision for loan losses excluded a $350,000 decrease in the reserve for unfunded lending commitments. The total provision for credit losses, comprised of allocations for both funded and unfunded loans, was $12.5 million for the year ended December 31, 2014. For the year ended December 31, 2013, the provision for loan losses excluded a $601,000 increase in the reserve for unfunded lending commitments. The total provision for credit losses, comprised of allocations for both funded and unfunded loans, was $40.5 million for the year ended December 31, 2013. | |||||||||||||||||||||||||||||||||||
N/A – Not applicable. | ||||||||||||||||||||||||||||||||||||
Total Impaired Loans by Class Segment | The following table presents total impaired loans by class segment as of December 31: | |||||||||||||||||||||||||||||||||||
2014 | 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 | $ | 25,802 | $ | 23,236 | $ | — | $ | 28,892 | $ | 24,494 | $ | — | ||||||||||||||||||||||||
Commercial - secured | 17,599 | 14,582 | — | 23,890 | 21,383 | — | ||||||||||||||||||||||||||||||
Real estate - home equity | — | — | — | 399 | 300 | — | ||||||||||||||||||||||||||||||
Real estate - residential mortgage | 4,873 | 4,873 | — | — | — | — | ||||||||||||||||||||||||||||||
Construction - commercial residential | 18,041 | 14,801 | — | 18,468 | 13,265 | — | ||||||||||||||||||||||||||||||
Construction - commercial | 1,707 | 1,581 | — | 3,471 | 2,451 | — | ||||||||||||||||||||||||||||||
68,022 | 59,073 | 75,120 | 61,893 | |||||||||||||||||||||||||||||||||
With a related allowance recorded: | ||||||||||||||||||||||||||||||||||||
Real estate - commercial mortgage | 49,619 | 40,023 | 16,715 | 43,282 | 35,830 | 14,444 | ||||||||||||||||||||||||||||||
Commercial - secured | 24,824 | 19,335 | 12,165 | 34,267 | 22,324 | 13,315 | ||||||||||||||||||||||||||||||
Commercial - unsecured | 1,241 | 1,089 | 865 | 1,113 | 1,048 | 752 | ||||||||||||||||||||||||||||||
Real estate - home equity | 19,392 | 13,458 | 9,224 | 20,383 | 14,337 | 9,059 | ||||||||||||||||||||||||||||||
Real estate - residential mortgage | 56,607 | 46,478 | 18,592 | 63,682 | 51,097 | 21,745 | ||||||||||||||||||||||||||||||
Construction - commercial residential | 14,007 | 7,903 | 2,675 | 22,594 | 12,777 | 2,646 | ||||||||||||||||||||||||||||||
Construction - commercial | 1,501 | 1,023 | 459 | 3,660 | 1,997 | 924 | ||||||||||||||||||||||||||||||
Construction - other | 452 | 281 | 137 | 719 | 548 | 301 | ||||||||||||||||||||||||||||||
Consumer - indirect | 20 | 19 | 18 | 2 | 2 | 2 | ||||||||||||||||||||||||||||||
Consumer - direct | 19 | 19 | 17 | 11 | 11 | 10 | ||||||||||||||||||||||||||||||
167,682 | 129,628 | 60,867 | 189,713 | 139,971 | 63,198 | |||||||||||||||||||||||||||||||
Total | $ | 235,704 | $ | 188,701 | $ | 60,867 | $ | 264,833 | $ | 201,864 | $ | 63,198 | ||||||||||||||||||||||||
As of December 31, 2014 and 2013, there were $59.1 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 securing these loans exceeded their carrying amount, or the loans have been charged down to realizable collateral values. Accordingly, no specific valuation allowance was considered to be necessary. | ||||||||||||||||||||||||||||||||||||
The following table presents average impaired loans, by class segment, for the years ended December 31: | ||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||
Average | Interest Income | Average | Interest Income | Average | Interest | |||||||||||||||||||||||||||||||
Recorded | Recognized (1) | Recorded | Recognized (1) | Recorded | Income | |||||||||||||||||||||||||||||||
Investment | Investment | Investment | Recognized | |||||||||||||||||||||||||||||||||
-1 | ||||||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||||||
With no related allowance recorded: | ||||||||||||||||||||||||||||||||||||
Real estate - commercial mortgage | $ | 23,467 | $ | 320 | $ | 28,603 | $ | 489 | $ | 41,575 | $ | 538 | ||||||||||||||||||||||||
Commercial - secured | 18,928 | 119 | 30,299 | 173 | 26,443 | 50 | ||||||||||||||||||||||||||||||
Commercial - unsecured | — | — | 26 | — | 52 | — | ||||||||||||||||||||||||||||||
Real estate - home equity | 180 | 1 | 262 | 1 | 433 | 2 | ||||||||||||||||||||||||||||||
Real estate - residential mortgage | 1,532 | 31 | 695 | 25 | 989 | 45 | ||||||||||||||||||||||||||||||
Construction - commercial residential | 15,421 | 227 | 19,847 | 256 | 27,361 | 185 | ||||||||||||||||||||||||||||||
Construction - commercial | 1,907 | — | 3,480 | 2 | 3,492 | 19 | ||||||||||||||||||||||||||||||
61,435 | 698 | 83,212 | 946 | 100,345 | 839 | |||||||||||||||||||||||||||||||
With a related allowance recorded: | ||||||||||||||||||||||||||||||||||||
Real estate - commercial mortgage | 38,240 | 524 | 44,136 | 706 | 64,739 | 755 | ||||||||||||||||||||||||||||||
Commercial - secured | 20,991 | 129 | 27,919 | 153 | 45,217 | 97 | ||||||||||||||||||||||||||||||
Commercial - unsecured | 895 | 3 | 1,411 | 5 | 2,604 | 6 | ||||||||||||||||||||||||||||||
Real estate - home equity | 13,976 | 108 | 14,092 | 65 | 8,017 | 23 | ||||||||||||||||||||||||||||||
Real estate - residential mortgage | 50,281 | 1,178 | 52,251 | 1,210 | 44,791 | 1,446 | ||||||||||||||||||||||||||||||
Construction - commercial residential | 8,723 | 136 | 11,219 | 168 | 19,284 | 130 | ||||||||||||||||||||||||||||||
Construction - commercial | 1,900 | — | 2,468 | 3 | 2,233 | 17 | ||||||||||||||||||||||||||||||
Construction - other | 387 | — | 523 | 1 | 974 | 7 | ||||||||||||||||||||||||||||||
Consumer - indirect | 7 | — | 1 | — | — | — | ||||||||||||||||||||||||||||||
Consumer - direct | 16 | 1 | 19 | — | 84 | — | ||||||||||||||||||||||||||||||
Leasing and other and overdrafts | — | — | 11 | — | 83 | — | ||||||||||||||||||||||||||||||
135,416 | 2,079 | 154,050 | 2,311 | 188,026 | 2,481 | |||||||||||||||||||||||||||||||
Total | $ | 196,851 | $ | 2,777 | $ | 237,262 | $ | 3,257 | $ | 288,371 | $ | 3,320 | ||||||||||||||||||||||||
-1 | All impaired loans, excluding accruing TDRs, were non-accrual loans. Interest income recognized for the years ended December 31, 2014, 2013 and 2012 represents amounts earned on accruing TDRs. | |||||||||||||||||||||||||||||||||||
Financing Receivable Credit Quality Indicators | The following table presents internal credit risk ratings for real estate - commercial mortgages, commercial - secured loans, | |||||||||||||||||||||||||||||||||||
commercial - unsecured loans, construction - commercial residential loans and construction - commercial loans as of December 31: | ||||||||||||||||||||||||||||||||||||
Pass | Special Mention | Substandard or Lower | Total | |||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||||||||||||
Real estate - commercial mortgage | $ | 4,899,016 | $ | 4,763,987 | $ | 127,302 | $ | 141,013 | $ | 170,837 | $ | 196,922 | $ | 5,197,155 | $ | 5,101,922 | ||||||||||||||||||||
Commercial - secured | 3,333,486 | 3,167,168 | 120,584 | 111,613 | 110,544 | 125,382 | 3,564,614 | 3,404,163 | ||||||||||||||||||||||||||||
Commercial -unsecured | 146,680 | 209,836 | 7,463 | 11,666 | 6,810 | 2,755 | 160,953 | 224,257 | ||||||||||||||||||||||||||||
Total commercial - industrial, financial and agricultural | 3,480,166 | 3,377,004 | 128,047 | 123,279 | 117,354 | 128,137 | 3,725,567 | 3,628,420 | ||||||||||||||||||||||||||||
Construction - commercial residential | 136,109 | 117,680 | 27,495 | 30,946 | 40,066 | 55,309 | 203,670 | 203,935 | ||||||||||||||||||||||||||||
Construction - commercial | 409,631 | 286,802 | 12,202 | 3,508 | 5,586 | 10,621 | 427,419 | 300,931 | ||||||||||||||||||||||||||||
Total real estate - construction (excluding construction - other) | 545,740 | 404,482 | 39,697 | 34,454 | 45,652 | 65,930 | 631,089 | 504,866 | ||||||||||||||||||||||||||||
Total | $ | 8,924,922 | $ | 8,545,473 | $ | 295,046 | $ | 298,746 | $ | 333,843 | $ | 390,989 | $ | 9,553,811 | $ | 9,235,208 | ||||||||||||||||||||
% of Total | 93.4 | % | 92.6 | % | 3.1 | % | 3.2 | % | 3.5 | % | 4.2 | % | 100 | % | 100 | % | ||||||||||||||||||||
The following table presents the delinquency and non-performing status of home equity, real estate - residential mortgages, construction loans to individuals, consumer, leasing and other loans by class segment as of December 31: | ||||||||||||||||||||||||||||||||||||
Performing | Delinquent (1) | Non-performing (2) | Total | |||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||||||||||||
Real estate - home equity | $ | 1,711,017 | $ | 1,731,185 | $ | 10,931 | $ | 16,029 | $ | 14,740 | $ | 16,983 | $ | 1,736,688 | $ | 1,764,197 | ||||||||||||||||||||
Real estate - residential mortgage | 1,321,139 | 1,282,754 | 26,934 | 23,279 | 28,995 | 31,347 | 1,377,068 | 1,337,380 | ||||||||||||||||||||||||||||
Real estate - construction - other | 59,180 | 68,258 | — | — | 332 | 548 | 59,512 | 68,806 | ||||||||||||||||||||||||||||
Consumer - direct | 104,018 | 126,666 | 2,891 | 3,586 | 2,414 | 2,391 | 109,323 | 132,643 | ||||||||||||||||||||||||||||
Consumer - indirect | 153,358 | 147,017 | 2,574 | 3,312 | 176 | 152 | 156,108 | 150,481 | ||||||||||||||||||||||||||||
Total consumer | 257,376 | 273,683 | 5,465 | 6,898 | 2,590 | 2,543 | 265,431 | 283,124 | ||||||||||||||||||||||||||||
Leasing and other and overdrafts | 118,550 | 92,876 | 523 | 581 | 133 | 48 | 119,206 | 93,505 | ||||||||||||||||||||||||||||
Total | $ | 3,467,262 | $ | 3,448,756 | $ | 43,853 | $ | 46,787 | $ | 46,790 | $ | 51,469 | $ | 3,557,905 | $ | 3,547,012 | ||||||||||||||||||||
% of Total | 97.5 | % | 97.2 | % | 1.2 | % | 1.3 | % | 1.3 | % | 1.5 | % | 100 | % | 100 | % | ||||||||||||||||||||
(1)Includes all accruing loans 30 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 as of December 31: | |||||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||||||
Non-accrual loans | $ | 121,080 | $ | 133,753 | ||||||||||||||||||||||||||||||||
Accruing loans greater than 90 days past due | 17,402 | 20,524 | ||||||||||||||||||||||||||||||||||
Total non-performing loans | 138,482 | 154,277 | ||||||||||||||||||||||||||||||||||
Other real estate owned | 12,022 | 15,052 | ||||||||||||||||||||||||||||||||||
Total non-performing assets | $ | 150,504 | $ | 169,329 | ||||||||||||||||||||||||||||||||
Troubled Debt Restructurings on Financing Receivables | The following table presents loans whose terms were modified under TDRs as of December 31: | |||||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||||||
Real-estate - residential mortgage | $ | 31,308 | $ | 28,815 | ||||||||||||||||||||||||||||||||
Real-estate - commercial mortgage | 18,822 | 19,758 | ||||||||||||||||||||||||||||||||||
Construction - commercial residential | 9,241 | 9,889 | ||||||||||||||||||||||||||||||||||
Commercial - secured | 5,170 | 7,933 | ||||||||||||||||||||||||||||||||||
Real estate - home equity | 2,975 | 1,365 | ||||||||||||||||||||||||||||||||||
Commercial - unsecured | 67 | 112 | ||||||||||||||||||||||||||||||||||
Consumer - direct | 19 | 11 | ||||||||||||||||||||||||||||||||||
Consumer - indirect | 19 | — | ||||||||||||||||||||||||||||||||||
Construction - commercial | — | 228 | ||||||||||||||||||||||||||||||||||
Total accruing TDRs | 67,621 | 68,111 | ||||||||||||||||||||||||||||||||||
Non-accrual TDRs (1) | 24,616 | 30,209 | ||||||||||||||||||||||||||||||||||
Total TDRs | $ | 92,237 | $ | 98,320 | ||||||||||||||||||||||||||||||||
(1)Included within non-accrual loans in the preceding table | ||||||||||||||||||||||||||||||||||||
Loan Terms Modified Under Troubled Debt Restructurings during The Period By Class Segment | . | |||||||||||||||||||||||||||||||||||
The following table presents TDRs by class segment as of December 31, 2014 and 2013 that were modified during the years ended December 31, 2014 and 2013: | ||||||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||||||
Number of Loans | Recorded Investment | Number of Loans | Recorded Investment | |||||||||||||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||||||||||||
Real estate - commercial mortgage | 8 | $ | 6,841 | 16 | $ | 9,439 | ||||||||||||||||||||||||||||||
Construction - commercial residential | 3 | 3,616 | 3 | 5,285 | ||||||||||||||||||||||||||||||||
Real estate - residential mortgage | 23 | 2,407 | 49 | 9,611 | ||||||||||||||||||||||||||||||||
Real estate - home equity | 30 | 1,551 | 36 | 2,602 | ||||||||||||||||||||||||||||||||
Commercial - secured | 11 | 1,955 | 8 | 1,699 | ||||||||||||||||||||||||||||||||
Consumer - indirect | 4 | 20 | — | — | ||||||||||||||||||||||||||||||||
Consumer - direct | 7 | 7 | 12 | 1 | ||||||||||||||||||||||||||||||||
Commercial - unsecured | — | — | 1 | 12 | ||||||||||||||||||||||||||||||||
86 | $ | 16,397 | 125 | $ | 28,649 | |||||||||||||||||||||||||||||||
Schedule Of TDRs Modified Last 12 Months Which Had Payment Default In 2014 | The following table presents TDRs, by class segment, as of December 31, 2014 and 2013 that were modified during the years ended December 31, 2014 and 2013 and had a post-modification payment default during their respective year of modification. The Corporation defines a payment default as a single missed scheduled payment: | |||||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||||||
Number of Loans | Recorded Investment | Number of Loans | Recorded Investment | |||||||||||||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||||||||||||
Construction - commercial residential | 2 | $ | 1,803 | 1 | $ | 568 | ||||||||||||||||||||||||||||||
Real estate - commercial mortgage | 2 | 1,660 | 6 | 3,683 | ||||||||||||||||||||||||||||||||
Real estate - residential mortgage | 11 | 1,430 | 19 | 4,211 | ||||||||||||||||||||||||||||||||
Commercial - secured | 4 | 1,208 | 2 | 108 | ||||||||||||||||||||||||||||||||
Real estate - home equity | 11 | 961 | 15 | 1,249 | ||||||||||||||||||||||||||||||||
Consumer - direct | 1 | 1 | — | — | ||||||||||||||||||||||||||||||||
31 | $ | 7,063 | 43 | $ | 9,819 | |||||||||||||||||||||||||||||||
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 as of December 31: | |||||||||||||||||||||||||||||||||||
2014 | ||||||||||||||||||||||||||||||||||||
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 | $ | 14,399 | $ | 3,677 | $ | 800 | $ | 44,437 | $ | 45,237 | $ | 63,313 | $ | 5,133,842 | $ | 5,197,155 | ||||||||||||||||||||
Commercial - secured | 4,839 | 958 | 610 | 28,747 | 29,357 | 35,154 | 3,529,460 | 3,564,614 | ||||||||||||||||||||||||||||
Commercial - unsecured | 395 | 65 | 9 | 1,022 | 1,031 | 1,491 | 159,462 | 160,953 | ||||||||||||||||||||||||||||
Total Commercial - industrial, financial and agricultural | 5,234 | 1,023 | 619 | 29,769 | 30,388 | 36,645 | 3,688,922 | 3,725,567 | ||||||||||||||||||||||||||||
Real estate - home equity | 8,048 | 2,883 | 4,257 | 10,483 | 14,740 | 25,671 | 1,711,017 | 1,736,688 | ||||||||||||||||||||||||||||
Real estate - residential mortgage | 18,789 | 8,145 | 8,952 | 20,043 | 28,995 | 55,929 | 1,321,139 | 1,377,068 | ||||||||||||||||||||||||||||
Construction - commercial | — | — | — | 2,604 | 2,604 | 2,604 | 424,815 | 427,419 | ||||||||||||||||||||||||||||
Construction - commercial residential | 160 | — | — | 13,463 | 13,463 | 13,623 | 190,047 | 203,670 | ||||||||||||||||||||||||||||
Construction - other | — | — | 51 | 281 | 332 | 332 | 59,180 | 59,512 | ||||||||||||||||||||||||||||
Total Real estate - construction | 160 | — | 51 | 16,348 | 16,399 | 16,559 | 674,042 | 690,601 | ||||||||||||||||||||||||||||
Consumer - direct | 2,034 | 857 | 2,414 | — | 2,414 | 5,305 | 104,018 | 109,323 | ||||||||||||||||||||||||||||
Consumer - indirect | 2,156 | 418 | 176 | — | 176 | 2,750 | 153,358 | 156,108 | ||||||||||||||||||||||||||||
Total Consumer | 4,190 | 1,275 | 2,590 | — | 2,590 | 8,055 | 257,376 | 265,431 | ||||||||||||||||||||||||||||
Leasing and other and overdrafts | 357 | 166 | 133 | — | 133 | 656 | 118,550 | 119,206 | ||||||||||||||||||||||||||||
$ | 51,177 | $ | 17,169 | $ | 17,402 | $ | 121,080 | $ | 138,482 | $ | 206,828 | $ | 12,904,888 | $ | 13,111,716 | |||||||||||||||||||||
2013 | ||||||||||||||||||||||||||||||||||||
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 | 14 | 375 | — | 4,220 | 4,220 | 4,609 | 296,322 | 300,931 | ||||||||||||||||||||||||||||
Construction - commercial residential | — | 270 | 346 | 16,153 | 16,499 | 16,769 | 187,166 | 203,935 | ||||||||||||||||||||||||||||
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 | |||||||||||||||||||||
Premises_and_Equipment_Tables
Premises and Equipment (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Property, Plant and Equipment [Abstract] | ||||||||
Summary of Premises and Equipment | The following is a summary of premises and equipment as of December 31: | |||||||
2014 | 2013 | |||||||
(in thousands) | ||||||||
Land | $ | 37,667 | $ | 37,815 | ||||
Buildings and improvements | 287,271 | 281,904 | ||||||
Furniture and equipment | 176,808 | 170,970 | ||||||
Construction in progress | 21,055 | 14,195 | ||||||
522,801 | 504,884 | |||||||
Less: Accumulated depreciation and amortization | (296,774 | ) | (278,863 | ) | ||||
$ | 226,027 | $ | 226,021 | |||||
Goodwill_and_Intangible_Assets1
Goodwill and Intangible Assets (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||
Schedule of Goodwill | The following table summarizes the changes in goodwill: | |||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Balance at beginning of year | $ | 530,607 | $ | 530,656 | $ | 536,005 | ||||||||||||||||||
Sale of Global Exchange | — | — | (5,295 | ) | ||||||||||||||||||||
Other goodwill deductions | (14 | ) | (49 | ) | (54 | ) | ||||||||||||||||||
Balance at end of year | $ | 530,593 | $ | 530,607 | $ | 530,656 | ||||||||||||||||||
Schedule of Finite-Lived Intangible Assets by Major Class | The following table summarizes intangible assets as of December 31: | |||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Gross | Accumulated | Net | Gross | Accumulated | Net | |||||||||||||||||||
Amortization | Amortization | |||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Amortizing: | ||||||||||||||||||||||||
Core deposit | $ | 50,279 | $ | (50,054 | ) | $ | 225 | $ | 50,279 | $ | (48,839 | ) | $ | 1,440 | ||||||||||
Other | 9,123 | (9,101 | ) | 22 | 9,123 | (9,057 | ) | 66 | ||||||||||||||||
Total amortizing | 59,402 | (59,155 | ) | 247 | 59,402 | (57,896 | ) | 1,506 | ||||||||||||||||
Non-amortizing | 963 | — | 963 | 1,263 | (300 | ) | 963 | |||||||||||||||||
$ | 60,365 | $ | (59,155 | ) | $ | 1,210 | $ | 60,665 | $ | (58,196 | ) | $ | 2,469 | |||||||||||
Mortgage_Servicing_Rights_Tabl
Mortgage Servicing Rights (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Transfers and Servicing [Abstract] | ||||||||
Summary of Changes in Mortgage Servicing Rights | The following table summarizes the changes in MSRs, which are included in other assets on the consolidated balance sheets: | |||||||
2014 | 2013 | |||||||
(in thousands) | ||||||||
Amortized cost: | ||||||||
Balance at beginning of year | $ | 42,452 | $ | 39,737 | ||||
Originations of mortgage servicing rights | 5,047 | 12,072 | ||||||
Amortization expense | (5,351 | ) | (9,357 | ) | ||||
Balance at end of year | $ | 42,148 | $ | 42,452 | ||||
Valuation allowance: | ||||||||
Balance at beginning of year | $ | — | $ | (3,680 | ) | |||
Reversals | — | 3,680 | ||||||
Balance at end of year | $ | — | $ | — | ||||
Net MSRs at end of year | $ | 42,148 | $ | 42,452 | ||||
Schedule Of Servicing Assets Expected Amortization Expense | Estimated MSR amortization expense for the next five years, based on balances as of December 31, 2014 and the contractual remaining lives of the underlying loans, follows (in thousands): | |||||||
Year | ||||||||
2015 | $ | 10,224 | ||||||
2016 | 9,028 | |||||||
2017 | 7,717 | |||||||
2018 | 6,283 | |||||||
2019 | 4,717 | |||||||
Deposits_Tables
Deposits (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Deposits [Abstract] | ||||||||
Schedule Of Deposits Liabilities | Deposits consisted of the following as of December 31: | |||||||
2014 | 2013 | |||||||
(in thousands) | ||||||||
Noninterest-bearing demand | $ | 3,640,623 | $ | 3,283,172 | ||||
Interest-bearing demand | 3,150,612 | 2,945,210 | ||||||
Savings and money market accounts | 3,504,820 | 3,344,882 | ||||||
Time deposits | 3,071,451 | 2,917,922 | ||||||
$ | 13,367,506 | $ | 12,491,186 | |||||
Scheduled Maturities Of Time Deposits | The scheduled maturities of time deposits as of December 31, 2014 were as follows (in thousands): | |||||||
Year | ||||||||
2015 | $ | 1,592,986 | ||||||
2016 | 422,414 | |||||||
2017 | 369,968 | |||||||
2018 | 109,299 | |||||||
2019 | 499,984 | |||||||
Thereafter | 76,800 | |||||||
$ | 3,071,451 | |||||||
ShortTerm_Borrowings_and_LongT1
Short-Term Borrowings and Long-Term Debt (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Short-Term Borrowings and Long-Term Debt [Abstract] | ||||||||||||||||||||||||
Schedule of Short-term Debt | Short-term borrowings as of December 31, 2014, 2013 and 2012 and the related maximum amounts outstanding at the end of any month in each of the three years then ended are presented below. The securities underlying the repurchase agreements remain in available for sale investment securities. | |||||||||||||||||||||||
December 31 | Maximum Outstanding | |||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Federal funds purchased | $ | 6,219 | $ | 582,436 | $ | 592,470 | $ | 577,581 | $ | 848,179 | $ | 636,562 | ||||||||||||
Short-term FHLB advances (1) | 70,000 | 400,000 | — | 600,000 | 600,000 | 25,000 | ||||||||||||||||||
Customer repurchase agreements | 158,394 | 175,621 | 156,238 | 244,729 | 215,305 | 258,734 | ||||||||||||||||||
Customer short-term promissory notes | 95,106 | 100,572 | 119,691 | 95,106 | 115,129 | 152,570 | ||||||||||||||||||
$ | 329,719 | $ | 1,258,629 | $ | 868,399 | |||||||||||||||||||
Schedule of Repurchase Agreements | The following table presents information related to customer repurchase agreements: | |||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||
Amount outstanding as of December 31 | $ | 158,394 | $ | 175,621 | $ | 156,238 | ||||||||||||||||||
Weighted average interest rate at year end | 0.13 | % | 0.12 | % | 0.16 | % | ||||||||||||||||||
Average amount outstanding during the year | $ | 197,432 | $ | 186,851 | $ | 206,842 | ||||||||||||||||||
Weighted average interest rate during the year | 0.1 | % | 0.11 | % | 0.12 | % | ||||||||||||||||||
Schedule of Long-term Debt Instruments | FHLB advances and long-term debt included the following as of December 31: | |||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
FHLB advances | $ | 673,107 | $ | 513,854 | ||||||||||||||||||||
Subordinated debt | 300,000 | 200,000 | ||||||||||||||||||||||
Junior subordinated deferrable interest debentures | 171,136 | 171,136 | ||||||||||||||||||||||
Unamortized issuance costs and other | (4,830 | ) | (1,406 | ) | ||||||||||||||||||||
$ | 1,139,413 | $ | 883,584 | |||||||||||||||||||||
Schedule of Maturities of Long-term Debt | The following table summarizes the scheduled maturities of FHLB advances and long-term debt as of December 31, 2014 (in thousands): | |||||||||||||||||||||||
Year | ||||||||||||||||||||||||
2015 | $ | 184,950 | ||||||||||||||||||||||
2016 | 236,015 | |||||||||||||||||||||||
2017 | 314,702 | |||||||||||||||||||||||
2018 | — | |||||||||||||||||||||||
2019 | 127,007 | |||||||||||||||||||||||
Thereafter | 276,739 | |||||||||||||||||||||||
$ | 1,139,413 | |||||||||||||||||||||||
Schedule of Subordinated Borrowing | The following table provides details of the debentures as of December 31, 2014 (dollars in thousands): | |||||||||||||||||||||||
Debentures Issued to | Fixed/ | Interest | Amount | Maturity | Callable | Call Price | ||||||||||||||||||
Variable | Rate | |||||||||||||||||||||||
Columbia Bancorp Statutory Trust | Variable | 2.91 | % | $ | 6,186 | 6/30/34 | 3/31/14 | 100 | ||||||||||||||||
Columbia Bancorp Statutory Trust II | Variable | 2.13 | % | 4,124 | 3/15/35 | 3/15/14 | 100 | |||||||||||||||||
Columbia Bancorp Statutory Trust III | Variable | 2.01 | % | 6,186 | 6/15/35 | 3/15/14 | 100 | |||||||||||||||||
Fulton Capital Trust I | Fixed | 6.29 | % | 154,640 | 2/1/36 | N/A | N/A | |||||||||||||||||
$ | 171,136 | |||||||||||||||||||||||
N/A – Not applicable. |
Derivative_Financial_Instrumen1
Derivative Financial Instruments (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||
Summary of Notion Amoutns and Fair Values of Derivative Financial Instruments | The following table presents the notional amounts and fair values of derivative financial instruments as of December 31: | |||||||||||||||
2014 | 2013 | |||||||||||||||
Notional | Asset | Notional | Asset | |||||||||||||
Amount | (Liability) | Amount | (Liability) | |||||||||||||
Fair Value | Fair Value | |||||||||||||||
(in thousands) | ||||||||||||||||
Interest Rate Locks with Customers | ||||||||||||||||
Positive fair values | $ | 89,655 | $ | 1,391 | $ | 75,217 | $ | 867 | ||||||||
Negative fair values | 301 | (6 | ) | 11,393 | (59 | ) | ||||||||||
Net interest rate locks with customers | 1,385 | 808 | ||||||||||||||
Forward Commitments | ||||||||||||||||
Positive fair values | — | — | 87,904 | 1,263 | ||||||||||||
Negative fair values | 93,802 | (1,164 | ) | 2,373 | (5 | ) | ||||||||||
Net forward commitments | (1,164 | ) | 1,258 | |||||||||||||
Interest Rate Swaps with Customers | ||||||||||||||||
Positive fair values | 468,080 | 19,716 | 111,899 | 2,105 | ||||||||||||
Negative fair values | 25,418 | (198 | ) | 105,673 | (2,993 | ) | ||||||||||
Net interest rate swaps with customers | 19,518 | (888 | ) | |||||||||||||
Interest Rate Swaps with Dealer Counterparties | ||||||||||||||||
Positive fair values | 25,418 | 198 | 105,673 | 2,993 | ||||||||||||
Negative fair values | 468,080 | (19,716 | ) | 111,899 | (2,105 | ) | ||||||||||
Net interest rate swaps with dealer counterparties | (19,518 | ) | 888 | |||||||||||||
Foreign Exchange Contracts with Customers | ||||||||||||||||
Positive fair values | 11,616 | 810 | 2,150 | 24 | ||||||||||||
Negative fair values | 5,250 | (441 | ) | 12,775 | (343 | ) | ||||||||||
Net foreign exchange contracts with customers | 369 | (319 | ) | |||||||||||||
Foreign Exchange Contracts with Correspondent Banks | ||||||||||||||||
Positive fair values | 5,287 | 446 | 17,348 | 498 | ||||||||||||
Negative fair values | 13,572 | (876 | ) | 5,872 | (48 | ) | ||||||||||
Net foreign exchange contracts with correspondent banks | (430 | ) | 450 | |||||||||||||
Net derivative fair value asset | $ | 160 | $ | 2,197 | ||||||||||||
Summary of Fair Value Gains and Losses on Derivative Financial Instruments | The following table presents the fair value gains and losses on derivative financial instruments for the years ended December 31: | |||||||||||||||
2014 | 2013 | 2012 | Statements of Income Classification | |||||||||||||
(in thousands) | ||||||||||||||||
Interest rate locks with customers | $ | 577 | $ | (5,949 | ) | $ | 2,879 | Mortgage banking income | ||||||||
Forward commitments | (2,422 | ) | 1,466 | 2,503 | Mortgage banking income | |||||||||||
Interest rate swaps with customers | 20,406 | (7,978 | ) | 4,346 | Other non-interest expense | |||||||||||
Interest rate swaps with counterparties | (20,406 | ) | 7,978 | (4,346 | ) | Other non-interest expense | ||||||||||
Foreign exchange contracts with customers | 688 | (108 | ) | (1,487 | ) | Other service charges and fees | ||||||||||
Foreign exchange contracts with correspondent banks | (880 | ) | 507 | 1,648 | Other service charges and fees | |||||||||||
Net fair value (losses) gains on derivative financial instruments | $ | (2,037 | ) | $ | (4,084 | ) | $ | 5,543 | ||||||||
Fair Value, Option, Qualitative Disclosures Related to Election | The Corporation has elected to record mortgage loans held for sale at fair value. The following table presents a summary of mortgage loans held for sale and the impact of the fair value election on the consolidated financial statements as of and for the years ended December 31, 2014 and 2013: | |||||||||||||||
Cost (1) | Fair Value | Balance Sheet | Fair Value (Loss) Gain | Statements of Income Classification | ||||||||||||
Classification | ||||||||||||||||
(in thousands) | ||||||||||||||||
December 31, 2014: | ||||||||||||||||
Mortgage loans held for sale | $ | 17,080 | $ | 17,522 | Loans held for sale | $ | 263 | Mortgage banking income | ||||||||
December 31, 2013: | ||||||||||||||||
Mortgage loans held for sale | 21,172 | 21,351 | Loans held for sale | (1,975 | ) | Mortgage banking income | ||||||||||
-1 | Cost basis of mortgage loans held for sale represents the unpaid principal balance. | |||||||||||||||
Offsetting Assets and Liabilities | The following table presents the Corporation's financial instruments that are eligible for offset, and the effects of offsetting, on the consolidated balance sheets as of December 31: | |||||||||||||||
Gross Amounts | Gross Amounts Not Offset | |||||||||||||||
Recognized | on the Consolidated | |||||||||||||||
on the | Balance Sheets | |||||||||||||||
Consolidated | Financial | Cash | Net | |||||||||||||
Balance Sheets | Instruments (1) | Collateral (2) | Amount | |||||||||||||
(in thousands) | ||||||||||||||||
2014 | ||||||||||||||||
Interest rate swap assets | $ | 19,914 | $ | (206 | ) | $ | — | $ | 19,708 | |||||||
Interest rate swap liabilities | $ | 19,914 | $ | (206 | ) | $ | (19,210 | ) | $ | 498 | ||||||
2013 | ||||||||||||||||
Interest rate swap assets | $ | 5,098 | $ | (2,104 | ) | $ | — | $ | 2,994 | |||||||
Interest rate swap liabilities | $ | 5,098 | $ | (2,104 | ) | $ | (730 | ) | $ | 2,264 | ||||||
-1 | For interest rate swap assets, amounts represent any derivative liability fair values that could be offset in the event of counterparty or customer default. For interest rate swap 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. |
Regulatory_Matters_Tables
Regulatory Matters (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Regulatory Matters [Abstract] | ||||||||||||||||||||
Schedule of Compliance with Regulatory Capital Requirements | The following tables present the Total risk-based, Tier I risk-based and Tier I leverage requirements for the Corporation and its significant subsidiaries with total assets in excess of $1 billion. | |||||||||||||||||||
2014 | ||||||||||||||||||||
Actual | For Capital | Well Capitalized | ||||||||||||||||||
Adequacy Purposes | ||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||||
(dollars in thousands) | ||||||||||||||||||||
Total Capital (to Risk-Weighted Assets): | ||||||||||||||||||||
Corporation | $ | 1,970,569 | 14.7 | % | $ | 1,076,013 | 8 | % | N/A | N/A | ||||||||||
Fulton Bank, N.A. | 1,065,445 | 13.2 | 643,791 | 8 | 804,739 | 10 | % | |||||||||||||
Fulton Bank of New Jersey | 347,235 | 13.1 | 211,823 | 8 | 264,779 | 10 | ||||||||||||||
The Columbia Bank | 203,109 | 13.5 | 119,934 | 8 | 149,917 | 10 | ||||||||||||||
Lafayette Ambassador Bank | 167,800 | 15.9 | 84,407 | 8 | 105,508 | 10 | ||||||||||||||
Tier I Capital (to Risk-Weighted Assets): | ||||||||||||||||||||
Corporation | 1,655,853 | 12.3 | 538,007 | 4 | % | N/A | N/A | |||||||||||||
Fulton Bank, N.A | 977,547 | 12.1 | 321,896 | 4 | 482,843 | 6 | % | |||||||||||||
Fulton Bank of New Jersey | 313,843 | 11.9 | 105,911 | 4 | 158,867 | 6 | ||||||||||||||
The Columbia Bank | 184,331 | 12.3 | 59,967 | 4 | 89,950 | 6 | ||||||||||||||
Lafayette Ambassador Bank | 154,817 | 14.7 | 42,203 | 4 | 63,305 | 6 | ||||||||||||||
Tier I Capital (to Average Assets): | ||||||||||||||||||||
Corporation | 1,655,853 | 10 | 663,421 | 4 | % | N/A | N/A | |||||||||||||
Fulton Bank, N.A | 977,547 | 10.5 | 373,288 | 4 | 466,610 | 5 | % | |||||||||||||
Fulton Bank of New Jersey | 313,843 | 9.4 | 133,580 | 4 | 166,975 | 5 | ||||||||||||||
The Columbia Bank | 184,331 | 9.4 | 78,186 | 4 | 97,733 | 5 | ||||||||||||||
Lafayette Ambassador Bank | 154,817 | 10.8 | 57,132 | 4 | 71,416 | 5 | ||||||||||||||
N/A – Not applicable as "well capitalized" applies to banks only. | ||||||||||||||||||||
2013 | ||||||||||||||||||||
Actual | For Capital | Well Capitalized | ||||||||||||||||||
Adequacy Purposes | ||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||||
(dollars in thousands) | ||||||||||||||||||||
Total Capital (to Risk-Weighted Assets): | ||||||||||||||||||||
Corporation | $ | 1,987,737 | 15 | % | $ | 1,056,974 | 8 | % | N/A | N/A | ||||||||||
Fulton Bank, N.A. | 1,053,214 | 13.1 | 641,218 | 8 | 801,523 | 10 | % | |||||||||||||
Fulton Bank of New Jersey | 343,341 | 13.8 | 199,120 | 8 | 248,900 | 10 | ||||||||||||||
The Columbia Bank | 215,648 | 15.4 | 111,675 | 8 | 139,594 | 10 | ||||||||||||||
Lafayette Ambassador Bank | 155,475 | 14.2 | 87,566 | 8 | 109,458 | 10 | ||||||||||||||
Tier I Capital (to Risk-Weighted Assets): | ||||||||||||||||||||
Corporation | $ | 1,736,567 | 13.1 | $ | 528,487 | 4 | % | N/A | N/A | |||||||||||
Fulton Bank, N.A | 941,546 | 11.8 | 320,609 | 4 | 480,914 | 6 | % | |||||||||||||
Fulton Bank of New Jersey | 308,210 | 12.4 | 99,560 | 4 | 149,340 | 6 | ||||||||||||||
The Columbia Bank | 198,135 | 14.2 | 55,837 | 4 | 83,756 | 6 | ||||||||||||||
Lafayette Ambassador Bank | 140,733 | 12.9 | 43,783 | 4 | 65,675 | 6 | ||||||||||||||
Tier I Capital (to Average Assets): | ||||||||||||||||||||
Corporation | $ | 1,736,567 | 10.6 | $ | 654,532 | 4 | % | N/A | N/A | |||||||||||
Fulton Bank, N.A | 941,546 | 10 | 375,647 | 4 | 469,558 | 5 | % | |||||||||||||
Fulton Bank of New Jersey | 308,210 | 9.6 | 128,250 | 4 | 160,312 | 5 | ||||||||||||||
The Columbia Bank | 198,135 | 10.6 | 75,098 | 4 | 93,873 | 5 | ||||||||||||||
Lafayette Ambassador Bank | 140,733 | 10.1 | 55,563 | 4 | 69,454 | 5 | ||||||||||||||
N/A – Not applicable as "well capitalized" applies to banks only. |
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||
Schedule of Components of Income Tax Expense (Benefit) | The components of the provision for income taxes are as follows: | |||||||||||
2014 | 2013 | 2012 | ||||||||||
(in thousands) | ||||||||||||
Current tax expense (benefit): | ||||||||||||
Federal | $ | 32,957 | $ | 38,573 | $ | 41,151 | ||||||
State | 1,126 | 687 | (557 | ) | ||||||||
34,083 | 39,260 | 40,594 | ||||||||||
Deferred tax expense (benefit): | ||||||||||||
Federal | 18,523 | 15,357 | 17,007 | |||||||||
State | — | (3,532 | ) | — | ||||||||
18,523 | 11,825 | 17,007 | ||||||||||
Income tax expense | $ | 52,606 | $ | 51,085 | $ | 57,601 | ||||||
Schedule of Effective Income Tax Rate Reconciliation | The differences between the effective income tax rate and the federal statutory income tax rate are as follows: | |||||||||||
2014 | 2013 | 2012 | ||||||||||
Statutory tax rate | 35 | % | 35 | % | 35 | % | ||||||
Tax-exempt income | (5.4 | ) | (5.2 | ) | (5.0 | ) | ||||||
Low income housing investments | (4.9 | ) | (4.9 | ) | (4.4 | ) | ||||||
Change in valuation allowance | (0.8 | ) | (2.0 | ) | (0.6 | ) | ||||||
Bank owned life insurance | (0.5 | ) | (0.5 | ) | (0.8 | ) | ||||||
State income taxes, net of federal benefit | 1.2 | 1.1 | 0.6 | |||||||||
Executive compensation | 0.1 | 0.1 | 0.5 | |||||||||
Non-deductible goodwill | — | — | 0.9 | |||||||||
Other, net | 0.3 | 0.4 | 0.3 | |||||||||
Effective income tax rate | 25 | % | 24 | % | 26.5 | % | ||||||
Schedule of Deferred Tax Assets and Liabilities | The net deferred tax asset recorded by the Corporation is included in other assets and consists of the following tax effects of temporary differences as of December 31: | |||||||||||
2014 | 2013 | |||||||||||
(in thousands) | ||||||||||||
Deferred tax assets: | ||||||||||||
Allowance for credit losses | $ | 68,407 | $ | 75,525 | ||||||||
Postretirement and defined benefit plans | 16,017 | 9,561 | ||||||||||
State loss carryforwards | 12,960 | 13,724 | ||||||||||
Deferred compensation | 12,486 | 12,099 | ||||||||||
Other-than-temporary impairment of investments | 8,126 | 10,378 | ||||||||||
Other accrued expenses | 7,335 | 9,987 | ||||||||||
Unrealized holding losses on securities available for sale | — | 13,922 | ||||||||||
Other | 8,433 | 10,850 | ||||||||||
Total gross deferred tax assets | 133,764 | 156,046 | ||||||||||
Deferred tax liabilities: | ||||||||||||
Mortgage servicing rights | 15,004 | 15,118 | ||||||||||
Direct leasing | 12,399 | 7,948 | ||||||||||
Acquisition premiums/discounts | 8,200 | 7,631 | ||||||||||
Premises and equipment | 7,897 | 9,864 | ||||||||||
Unrealized holding gains on securities available for sale | 3,949 | — | ||||||||||
Intangible assets | 1,382 | 1,498 | ||||||||||
Other | 7,960 | 4,112 | ||||||||||
Total gross deferred tax liabilities | 56,791 | 46,171 | ||||||||||
Net deferred tax asset, before valuation allowance | 76,973 | 109,875 | ||||||||||
Valuation allowance | (10,187 | ) | (11,880 | ) | ||||||||
Net deferred tax asset | $ | 66,786 | $ | 97,995 | ||||||||
Summary of Income Tax Contingencies | The following summarizes the changes in unrecognized tax benefits for the years ended December 31: | |||||||||||
2014 | 2013 | 2012 | ||||||||||
(in thousands) | ||||||||||||
Balance at beginning of year | $ | 1,651 | $ | 1,453 | $ | 9,438 | ||||||
Prior period tax positions | 188 | — | (378 | ) | ||||||||
Current period tax positions | 269 | 318 | 203 | |||||||||
Settlement with taxing authority | — | — | (7,171 | ) | ||||||||
Lapse of statute of limitations | (164 | ) | (120 | ) | (639 | ) | ||||||
Balance at end of year | $ | 1,944 | $ | 1,651 | $ | 1,453 | ||||||
Employee_Benefit_Plans_Tables
Employee Benefit Plans (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||||||||||||
Schedule of Costs of Retirement Plans | The following summarizes the Corporation’s expense under its retirement plans for the years ended December 31: | |||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
(in thousands) | ||||||||||||||||
401(k) Retirement Plan | $ | 8,643 | $ | 11,807 | $ | 11,983 | ||||||||||
Pension Plan | 1,514 | 2,477 | 1,834 | |||||||||||||
$ | 10,157 | $ | 14,284 | $ | 13,817 | |||||||||||
Pension Plans | ||||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||||||||||||
Summary of Pension Plan and Postretirement Plan Net Periodic Benefit Cost | The net periodic pension cost for the Pension Plan, as determined by consulting actuaries, consisted of the following components for the years ended December 31: | |||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
(in thousands) | ||||||||||||||||
Service cost (1) | $ | 367 | $ | 202 | $ | 157 | ||||||||||
Interest cost | 3,413 | 3,087 | 3,223 | |||||||||||||
Expected return on assets | (3,240 | ) | (3,194 | ) | (3,230 | ) | ||||||||||
Net amortization and deferral | 974 | 2,382 | 1,684 | |||||||||||||
Net periodic pension cost | $ | 1,514 | $ | 2,477 | $ | 1,834 | ||||||||||
-1 | The Pension Plan was curtailed effective January 1, 2008. Pension plan service cost for all years presented was related to administrative costs associated with the plan and not due to the accrual of additional participant benefits. | |||||||||||||||
Schedule of Changes in Projected Benefit Obligations | The following table summarizes the changes in the projected benefit obligation and fair value of plan assets for the plan years ended December 31: | |||||||||||||||
2014 | 2013 | |||||||||||||||
(in thousands) | ||||||||||||||||
Projected benefit obligation at beginning of year | $ | 73,362 | $ | 84,032 | ||||||||||||
Service cost | 367 | 202 | ||||||||||||||
Interest cost | 3,413 | 3,087 | ||||||||||||||
Benefit payments | (5,164 | ) | (3,009 | ) | ||||||||||||
Change due to change in assumptions | 22,055 | (10,773 | ) | |||||||||||||
Experience gain | (954 | ) | (177 | ) | ||||||||||||
Projected benefit obligation at end of year | $ | 93,079 | $ | 73,362 | ||||||||||||
Fair value of plan assets at beginning of year | $ | 55,448 | $ | 54,772 | ||||||||||||
Actual return on assets | 1,446 | 3,685 | ||||||||||||||
Benefit payments | (5,164 | ) | (3,009 | ) | ||||||||||||
Fair value of plan assets at end of year | $ | 51,730 | $ | 55,448 | ||||||||||||
Schedule of Net Funded Status | The following table presents the funded status of the Pension Plan, included in other liabilities on the consolidated balance sheets, as of December 31: | |||||||||||||||
2014 | 2013 | |||||||||||||||
(in thousands) | ||||||||||||||||
Projected benefit obligation | $ | (93,079 | ) | $ | (73,362 | ) | ||||||||||
Fair value of plan assets | 51,730 | 55,448 | ||||||||||||||
Funded status | $ | (41,349 | ) | $ | (17,914 | ) | ||||||||||
Schedule Of Changes In Unrecognized Pension And Postretirement Items | The following table summarizes the changes in the unrecognized net loss included as a component of accumulated other comprehensive loss: | |||||||||||||||
Unrecognized Net Loss | ||||||||||||||||
Gross of tax | Net of tax | |||||||||||||||
(in thousands) | ||||||||||||||||
Balance as of December 31, 2012 | $ | 29,984 | $ | 19,490 | ||||||||||||
Recognized as a component of 2013 periodic pension cost | (2,382 | ) | (1,548 | ) | ||||||||||||
Unrecognized gains arising in 2013 | (11,441 | ) | (7,437 | ) | ||||||||||||
Balance as of December 31, 2013 | 16,161 | 10,505 | ||||||||||||||
Recognized as a component of 2014 periodic pension cost | (974 | ) | (633 | ) | ||||||||||||
Unrecognized losses arising in 2014 | 22,895 | 14,882 | ||||||||||||||
Balance as of December 31, 2014 | $ | 38,082 | $ | 24,754 | ||||||||||||
Schedule Of Rates Used To Calculate Net Periodic Pension Costs And Present Value Of Benefit Obligations | The following rates were used to calculate net periodic pension cost and the present value of benefit obligations as of December 31: | |||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
Discount rate-projected benefit obligation | 3.75 | % | 4.75 | % | 3.75 | % | ||||||||||
Expected long-term rate of return on plan assets | 6 | % | 6 | % | 6 | % | ||||||||||
Schedule of Allocation of Plan Assets | The following table presents a summary of the fair values of the Pension Plan’s assets as of December 31: | |||||||||||||||
2014 | 2013 | |||||||||||||||
Estimated | % of Total | Estimated | % of Total | |||||||||||||
Fair Value | Assets | Fair Value | Assets | |||||||||||||
(dollars in thousands) | ||||||||||||||||
Equity mutual funds | $ | 8,503 | $ | 5,882 | ||||||||||||
Equity common trust funds | 6,018 | 8,418 | ||||||||||||||
Equity securities | 14,521 | 28.1 | % | 14,300 | 25.8 | % | ||||||||||
Cash and money market funds | 8,957 | 10,574 | ||||||||||||||
Fixed income mutual funds | 9,845 | 9,579 | ||||||||||||||
Corporate debt securities | 4,971 | 7,815 | ||||||||||||||
U.S. Government agency securities | 3,856 | 3,938 | ||||||||||||||
Fixed income securities and cash | 27,629 | 53.4 | % | 31,906 | 57.5 | % | ||||||||||
Other alternative investment funds | 9,580 | 18.5 | % | 9,242 | 16.7 | % | ||||||||||
$ | 51,730 | 100 | % | $ | 55,448 | 100 | % | |||||||||
Schedule of Expected Benefit Payments | Estimated future benefit payments are as follows (in thousands): | |||||||||||||||
Year | ||||||||||||||||
2015 | $ | 2,889 | ||||||||||||||
2016 | 3,123 | |||||||||||||||
2017 | 3,388 | |||||||||||||||
2018 | 3,758 | |||||||||||||||
2019 | 3,881 | |||||||||||||||
2020 – 2024 | 23,574 | |||||||||||||||
$ | 40,613 | |||||||||||||||
Other Postretirement Benefit Plans | ||||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||||||||||||
Summary of Pension Plan and Postretirement Plan Net Periodic Benefit Cost | The components of the expense for postretirement benefits other than pensions are as follows: | |||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
(in thousands) | ||||||||||||||||
Service cost | $ | 15 | $ | 228 | $ | 211 | ||||||||||
Interest cost | 206 | 322 | 346 | |||||||||||||
Expected return on plan assets | — | (1 | ) | (2 | ) | |||||||||||
Net amortization and deferral | (347 | ) | (363 | ) | (363 | ) | ||||||||||
Net postretirement benefit cost | $ | (126 | ) | $ | 186 | $ | 192 | |||||||||
Schedule of Net Funded Status | The following table presents the funded status of the Postretirement Plan, included in other liabilities on the consolidated balance sheets as of December 31: | |||||||||||||||
2014 | 2013 | |||||||||||||||
(in thousands) | ||||||||||||||||
Accumulated postretirement benefit obligation | $ | (5,552 | ) | $ | (8,169 | ) | ||||||||||
Fair value of plan assets | 8 | 23 | ||||||||||||||
Funded status | $ | (5,544 | ) | $ | (8,146 | ) | ||||||||||
Schedule Of Changes In Unrecognized Pension And Postretirement Items | The following table summarizes the changes in items recognized as a component of accumulated other comprehensive loss: | |||||||||||||||
Gross of tax | ||||||||||||||||
Unrecognized | Unrecognized | Total | Net of tax | |||||||||||||
Prior Service | Net Loss (Gain) | |||||||||||||||
Cost | ||||||||||||||||
(in thousands) | ||||||||||||||||
Balance as of December 31, 2012 | $ | (1,847 | ) | $ | 297 | $ | (1,550 | ) | $ | (1,008 | ) | |||||
Recognized as a component of 2013 postretirement benefit cost | 363 | — | 363 | 236 | ||||||||||||
Unrecognized gains arising in 2013 | — | (1,434 | ) | (1,434 | ) | (932 | ) | |||||||||
Balance as of December 31, 2013 | (1,484 | ) | (1,137 | ) | (2,621 | ) | (1,704 | ) | ||||||||
Recognized as a component of 2014 postretirement benefit cost, before curtailment | 32 | 10 | 42 | 26 | ||||||||||||
Unrecognized gains arising in 2014, prior to curtailment | — | (313 | ) | (313 | ) | (203 | ) | |||||||||
Curtailment gain | 1,452 | — | 1,452 | 944 | ||||||||||||
Recognized as a component of 2014 postretirement benefit cost, after curtailment | 235 | 70 | 305 | 199 | ||||||||||||
Unrecognized gains arising in 2014, after curtailment | (3,358 | ) | 1,034 | (2,324 | ) | (1,511 | ) | |||||||||
Balance as of December 31, 2014 | $ | (3,123 | ) | $ | (336 | ) | $ | (3,459 | ) | $ | (2,249 | ) | ||||
Schedule Of Rates Used To Calculate Net Periodic Pension Costs And Present Value Of Benefit Obligations | The following rates were used to calculate net periodic postretirement benefit cost and the present value of benefit obligations as of December 31: | |||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
Discount rate-projected benefit obligation | 3.75 | % | 4.75 | % | 3.75 | % | ||||||||||
Expected long-term rate of return on plan assets | 3 | % | 3 | % | 3 | % | ||||||||||
Schedule of Expected Benefit Payments | Estimated future benefit payments under the Postretirement Plan are as follows (in thousands): | |||||||||||||||
Year | ||||||||||||||||
2015 | $ | 404 | ||||||||||||||
2016 | 400 | |||||||||||||||
2017 | 392 | |||||||||||||||
2018 | 389 | |||||||||||||||
2019 | 384 | |||||||||||||||
2020 – 2024 | 1,809 | |||||||||||||||
$ | 3,778 | |||||||||||||||
Schedule of Changes in Accumulated Postemployment Benefit Obligations | The following table summarizes the changes in the accumulated postretirement benefit obligation and fair value of plan assets for the years ended December 31: | |||||||||||||||
2014 | 2013 | |||||||||||||||
(in thousands) | ||||||||||||||||
Accumulated postretirement benefit obligation at beginning of year | $ | 8,169 | $ | 9,272 | ||||||||||||
Service cost | 15 | 228 | ||||||||||||||
Interest cost | 206 | 322 | ||||||||||||||
Benefit payments | (209 | ) | (230 | ) | ||||||||||||
Experience gain | (532 | ) | (423 | ) | ||||||||||||
Change due to change in assumptions | 1,261 | (1,000 | ) | |||||||||||||
Effect of curtailment | (3,358 | ) | — | |||||||||||||
Accumulated postretirement benefit obligation at end of year | $ | 5,552 | $ | 8,169 | ||||||||||||
Fair value of plan assets at beginning of year | $ | 23 | $ | 45 | ||||||||||||
Employer contributions | 194 | 208 | ||||||||||||||
Benefit payments | (209 | ) | (230 | ) | ||||||||||||
Fair value of plan assets at end of year | $ | 8 | $ | 23 | ||||||||||||
Shareholders_Equity_Tables
Shareholders' Equity (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Accumulated Other Comprehensive Income [Abstract] | ||||||||||||||||||||
Schedule of Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) | |||||||||||||||||||
The following table presents the components of other comprehensive income (loss) for the years ended December 31: | ||||||||||||||||||||
Before-Tax Amount | Tax Effect | Net of Tax Amount | ||||||||||||||||||
(in thousands) | ||||||||||||||||||||
2014:00:00 | ||||||||||||||||||||
Unrealized gain on securities | $ | 51,901 | $ | (18,167 | ) | $ | 33,734 | |||||||||||||
Reclassification adjustment for securities gains included in net income (1) | (2,041 | ) | 714 | (1,327 | ) | |||||||||||||||
Non-credit related unrealized gains on other-than-temporarily impaired debt securities | 1,200 | (420 | ) | 780 | ||||||||||||||||
Unrealized gain on derivative financial instruments | 209 | (73 | ) | 136 | ||||||||||||||||
Unrecognized pension and postretirement cost | (20,258 | ) | 7,090 | (13,168 | ) | |||||||||||||||
Reclass adjustment for postretirement plan gain included in net income (2) | (1,452 | ) | 508 | (944 | ) | |||||||||||||||
Amortization of net unrecognized pension and postretirement income (2) | 627 | (219 | ) | 408 | ||||||||||||||||
Total Other Comprehensive Income | $ | 30,186 | $ | (10,567 | ) | $ | 19,619 | |||||||||||||
2013:00:00 | ||||||||||||||||||||
Unrealized loss on securities | $ | (76,319 | ) | $ | 26,712 | $ | (49,607 | ) | ||||||||||||
Reclassification adjustment for securities gains included in net income (1) | (8,004 | ) | 2,801 | (5,203 | ) | |||||||||||||||
Non-credit related unrealized gains on other-than-temporarily impaired debt securities | 3,042 | (1,065 | ) | 1,977 | ||||||||||||||||
Unrealized gain on derivative financial instruments | 209 | (73 | ) | 136 | ||||||||||||||||
Unrecognized pension and postretirement income | 12,875 | (4,506 | ) | 8,369 | ||||||||||||||||
Amortization of net unrecognized pension and postretirement income (2) | 2,019 | (707 | ) | 1,312 | ||||||||||||||||
Total Other Comprehensive Loss | $ | (66,178 | ) | $ | 23,162 | $ | (43,016 | ) | ||||||||||||
2012:00:00 | ||||||||||||||||||||
Unrealized gain on securities | $ | 2,414 | $ | (845 | ) | $ | 1,569 | |||||||||||||
Reclassification adjustment for securities gains included in net income (1) | (3,026 | ) | 1,059 | (1,967 | ) | |||||||||||||||
Non-credit related unrealized gains on other-than-temporarily impaired debt securities | 2,046 | (716 | ) | 1,330 | ||||||||||||||||
Unrealized gain on derivative financial instruments | 209 | (73 | ) | 136 | ||||||||||||||||
Unrecognized pension and postretirement cost | (6,470 | ) | 2,263 | (4,207 | ) | |||||||||||||||
Amortization of net unrecognized pension and postretirement income (2) | 1,321 | (462 | ) | 859 | ||||||||||||||||
Total Other Comprehensive Loss | $ | (3,506 | ) | $ | 1,226 | $ | (2,280 | ) | ||||||||||||
-1 | 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 C, "Investment Securities," for additional details. | |||||||||||||||||||
-2 | 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 M, "Employee Benefit Plans," for additional details. | |||||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) | The following table presents changes in each component of accumulated other comprehensive income (loss), net of tax, for the years ended December 31: | |||||||||||||||||||
Unrealized Gain (Losses) on Investment Securities Not Other-Than-Temporarily Impaired | Unrealized Non-Credit Gains (Losses) on Other-Than-Temporarily Impaired Debt Securities | Unrecognized Pension and Postretirement Plan Income (Cost) | Unrealized Effective Portions of Losses on Forward-Starting Interest Rate Swaps | Total | ||||||||||||||||
(in thousands) | ||||||||||||||||||||
Balance as of December 31, 2011 | $ | 27,054 | $ | (1,011 | ) | $ | (15,134 | ) | $ | (2,954 | ) | $ | 7,955 | |||||||
Current-period other comprehensive income (loss) | 1,275 | 1,624 | (4,207 | ) | — | (1,308 | ) | |||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | (1,967 | ) | — | 859 | 136 | (972 | ) | |||||||||||||
Balance as of December 31, 2012 | 26,362 | 613 | (18,482 | ) | (2,818 | ) | 5,675 | |||||||||||||
Other comprehensive income (loss) before reclassifications | (49,607 | ) | 1,977 | 8,369 | — | (39,261 | ) | |||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | (4,265 | ) | (938 | ) | 1,312 | 136 | (3,755 | ) | ||||||||||||
Balance as of December 31, 2013 | (27,510 | ) | 1,652 | (8,801 | ) | (2,682 | ) | (37,341 | ) | |||||||||||
Other comprehensive income (loss) before reclassifications | 33,734 | 780 | (14,112 | ) | — | 20,402 | ||||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | (244 | ) | (1,083 | ) | 408 | 136 | (783 | ) | ||||||||||||
Balance as of December 31, 2014 | $ | 5,980 | $ | 1,349 | $ | (22,505 | ) | $ | (2,546 | ) | $ | (17,722 | ) | |||||||
StockBased_Compensation_Plans_
Stock-Based Compensation Plans (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||||||
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs | The following table presents compensation expense and related tax benefits for all equity awards recognized in the consolidated statements of income: | |||||||||||||
2014 | 2013 | 2012 | ||||||||||||
(in thousands) | ||||||||||||||
Compensation expense | $ | 5,865 | $ | 5,330 | $ | 4,834 | ||||||||
Tax benefit | (1,608 | ) | (1,475 | ) | (1,253 | ) | ||||||||
Stock-based compensation, net of tax | $ | 4,257 | $ | 3,855 | $ | 3,581 | ||||||||
Schedule of Unrecognized Compensation Cost, Nonvested Awards | The following table presents compensation expense and related tax benefits for restricted stock awards, RSUs and PSUs recognized in the consolidated statements of income, and included as a component of total stock-based compensation within the preceding table: | |||||||||||||
2014 | 2013 | 2012 | ||||||||||||
(in thousands) | ||||||||||||||
Compensation expense | $ | 4,345 | $ | 3,705 | $ | 3,506 | ||||||||
Tax benefit | (1,510 | ) | (1,297 | ) | (1,227 | ) | ||||||||
Restricted stock compensation, net of tax | $ | 2,835 | $ | 2,408 | $ | 2,279 | ||||||||
Schedule of Share-based Compensation, Stock Options, Activity | The following table provides information about stock option activity for the year ended December 31, 2014: | |||||||||||||
Stock | Weighted | Weighted | Aggregate | |||||||||||
Options | Average | Average | Intrinsic | |||||||||||
Exercise | Remaining | Value | ||||||||||||
Price | Contractual | (in millions) | ||||||||||||
Term | ||||||||||||||
Outstanding as of December 31, 2013 | 5,567,701 | $ | 13.25 | |||||||||||
Granted | 288,626 | 12.61 | ||||||||||||
Exercised | (215,047 | ) | 9.62 | |||||||||||
Forfeited | (435,502 | ) | 14.73 | |||||||||||
Expired | (903,314 | ) | 14.95 | |||||||||||
Outstanding as of December 31, 2014 | 4,302,464 | $ | 12.89 | 4.4 years | $ | 4.5 | ||||||||
Exercisable as of December 31, 2014 | 3,546,500 | $ | 13.13 | 3.5 years | $ | 4 | ||||||||
Schedule of Nonvested Share Activity | The following table provides information about nonvested stock options, restricted stock, RSUs and PSUs granted under the Employee Option Plan and Directors' Plan for the year ended December 31, 2014: | |||||||||||||
Nonvested Stock Options | Restricted Stock/RSUs/PSUs | |||||||||||||
Options | Weighted | Shares | Weighted | |||||||||||
Average | Average | |||||||||||||
Grant Date | Grant Date | |||||||||||||
Fair Value | Fair Value | |||||||||||||
Nonvested as of December 31, 2013 | 1,071,266 | $ | 2.35 | 943,039 | $ | 10.9 | ||||||||
Granted | 288,626 | 3.14 | 553,343 | 12.51 | ||||||||||
Vested | (514,734 | ) | 2.29 | (389,328 | ) | 9.83 | ||||||||
Forfeited | (89,194 | ) | 2.49 | (43,967 | ) | 10.61 | ||||||||
Nonvested as of December 31, 2014 | 755,964 | $ | 2.68 | 1,063,087 | $ | 11.83 | ||||||||
Schedule Of Options Exercised | The following table presents information about stock options exercised: | |||||||||||||
2014 | 2013 | 2012 | ||||||||||||
(dollars in thousands) | ||||||||||||||
Number of options exercised | 215,047 | 451,102 | 141,305 | |||||||||||
Total intrinsic value of options exercised | $ | 568 | $ | 1,612 | $ | 402 | ||||||||
Cash received from options exercised | $ | 2,068 | $ | 3,650 | $ | 987 | ||||||||
Tax deduction realized from options exercised | $ | 568 | $ | 1,416 | $ | 322 | ||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | The fair value of certain PSUs with market based performance conditions granted in 2014 under the Employee Option Plan was estimated on the grant date using the Monte Carlo valuation methodology performed by a third-party valuation expert, which is dependent upon certain assumptions, as summarized in the following table: | |||||||||||||
Risk-free interest rate | 0.91 | % | ||||||||||||
Volatility of Corporation’s stock | 29.63 | % | ||||||||||||
Expected life of options | 3 Years | |||||||||||||
The fair value of stock option awards under the Employee Option Plan was estimated on the grant date using the Black-Scholes valuation methodology, which is dependent upon certain assumptions, as summarized in the following table: | ||||||||||||||
2014 | 2013 | 2012 | ||||||||||||
Risk-free interest rate | 2.44 | % | 1.27 | % | 1.68 | % | ||||||||
Volatility of Corporation’s stock | 28.05 | % | 27.64 | % | 26.6 | % | ||||||||
Expected dividend yield | 2.36 | % | 2.48 | % | 2.54 | % | ||||||||
Expected life of options | 7 Years | 7 Years | 7 Years | |||||||||||
Schedule of Share-based Payment Award, Employee Stock Purchase Plan, Valuation Assumptions | The following table summarizes activity under the ESPP: | |||||||||||||
2014 | 2013 | 2012 | ||||||||||||
ESPP shares purchased | 132,640 | 141,608 | 165,456 | |||||||||||
Average purchase price per share (85% of market value) | $ | 10.31 | $ | 10.02 | $ | 8.35 | ||||||||
Compensation expense recognized (in thousands) | $ | 241 | $ | 251 | $ | 244 | ||||||||
Leases_Tables
Leases (Tables) | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Leases [Abstract] | ||||
Schedule of Future Minimum Rental Payments for Operating Leases | Future minimum payments as of December 31, 2014 under non-cancelable operating leases with initial terms exceeding one year are as follows (in thousands): | |||
Year | ||||
2015 | $ | 16,226 | ||
2016 | 15,176 | |||
2017 | 13,789 | |||
2018 | 11,517 | |||
2019 | 9,656 | |||
Thereafter | 51,840 | |||
$ | 118,204 | |||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Commitments and Contingencies Disclosure [Abstract] | ||||||||
Summary of Outstanding Commitments to Extend Credit and Letters of Credit | The following table presents commitments to extend credit and letters of credit: | |||||||
2014 | 2013 | |||||||
(in thousands) | ||||||||
Commercial and other | $ | 2,743,415 | $ | 2,673,415 | ||||
Home equity | 1,294,205 | 1,245,589 | ||||||
Commercial mortgage and construction | 351,444 | 360,574 | ||||||
Total commitments to extend credit | $ | 4,389,064 | $ | 4,279,578 | ||||
Standby letters of credit | $ | 382,465 | $ | 391,445 | ||||
Commercial letters of credit | 32,304 | 36,344 | ||||||
Total letters of credit | $ | 414,769 | $ | 427,789 | ||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | ||||||||||||||||
2014 | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
(in thousands) | ||||||||||||||||
Mortgage loans held for sale | $ | — | $ | 17,522 | $ | — | $ | 17,522 | ||||||||
Available for sale investment securities: | ||||||||||||||||
Equity securities | 47,623 | — | — | 47,623 | ||||||||||||
U.S. Government securities | — | 200 | — | 200 | ||||||||||||
U.S. Government sponsored agency securities | — | 214 | — | 214 | ||||||||||||
State and municipal securities | — | 245,215 | — | 245,215 | ||||||||||||
Corporate debt securities | — | 90,126 | 7,908 | 98,034 | ||||||||||||
Collateralized mortgage obligations | — | 902,313 | — | 902,313 | ||||||||||||
Mortgage-backed securities | — | 928,831 | — | 928,831 | ||||||||||||
Auction rate securities | — | — | 100,941 | 100,941 | ||||||||||||
Total available for sale investment securities | 47,623 | 2,166,899 | 108,849 | 2,323,371 | ||||||||||||
Other assets | 17,682 | 21,305 | — | 38,987 | ||||||||||||
Total assets | $ | 65,305 | $ | 2,205,726 | $ | 108,849 | $ | 2,379,880 | ||||||||
Other liabilities | $ | 17,737 | $ | 21,084 | $ | — | $ | 38,821 | ||||||||
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 investment securities | 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 available for sale investment securities measured at fair value on a recurring basis using unobservable inputs (Level 3) for the years ended December 31: | |||||||||||||||
Pooled Trust | Single-issuer | ARCs | ||||||||||||||
Preferred | Trust | |||||||||||||||
Securities | Preferred | |||||||||||||||
Securities | ||||||||||||||||
(in thousands) | ||||||||||||||||
Balance as of December 31, 2012 | $ | 6,927 | $ | 3,360 | $ | 149,339 | ||||||||||
Realized adjustments to fair value (1) | 1,604 | — | — | |||||||||||||
Unrealized adjustments to fair value (2) | 1,981 | 412 | 11,688 | |||||||||||||
Sales | (4,987 | ) | — | (25 | ) | |||||||||||
Settlements - calls | (219 | ) | — | (2,725 | ) | |||||||||||
Discount accretion (3) | — | 9 | 997 | |||||||||||||
Balance as of December 31, 2013 | 5,306 | 3,781 | 159,274 | |||||||||||||
Sales | (1,888 | ) | — | (11,912 | ) | |||||||||||
Realized adjustments to fair value (1) | (18 | ) | — | — | ||||||||||||
Unrealized adjustments to fair value (2) | 923 | 32 | 3,970 | |||||||||||||
Settlements - calls | (239 | ) | — | (51,212 | ) | |||||||||||
Discount accretion (3) | 4 | 7 | 821 | |||||||||||||
Balance as of December 31, 2014 | $ | 4,088 | $ | 3,820 | $ | 100,941 | ||||||||||
-1 | Realized adjustments to fair value represent credit related other-than-temporary impairment charges and gains on sales of investment securities, both included as components of investment securities gains on the consolidated statements of income. | |||||||||||||||
-2 | 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 (loss) and included as a component of available for sale investment securities on the consolidated balance sheets. | |||||||||||||||
-3 | Included as a component of net interest income on the consolidated statements of income. | |||||||||||||||
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis | The following table presents financial assets measured at fair value on a nonrecurring basis and reported on the consolidated balance sheets at December 31: | |||||||||||||||
2014 | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
(in thousands) | ||||||||||||||||
Net loans | $ | — | $ | — | $ | 127,834 | $ | 127,834 | ||||||||
Other financial assets | — | — | 54,170 | 54,170 | ||||||||||||
Total assets | $ | — | $ | — | $ | 182,004 | $ | 182,004 | ||||||||
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 the estimated fair values of the Corporation’s financial instruments as of December 31, 2014 and 2013. A general description of the methods and assumptions used to estimate such fair values is also provided. | |||||||||||||||
2014 | 2013 | |||||||||||||||
Book Value | Estimated | Book Value | Estimated | |||||||||||||
Fair Value | Fair Value | |||||||||||||||
(in thousands) | ||||||||||||||||
FINANCIAL ASSETS | ||||||||||||||||
Cash and due from banks | $ | 105,702 | $ | 105,702 | $ | 218,540 | $ | 218,540 | ||||||||
Interest-bearing deposits with other banks | 358,130 | 358,130 | 163,988 | 163,988 | ||||||||||||
Federal Reserve Bank and FHLB stock | 64,953 | 64,953 | 84,173 | 84,173 | ||||||||||||
Loans held for sale (1) | 17,522 | 17,522 | 21,351 | 21,351 | ||||||||||||
Securities available for sale (1) | 2,323,371 | 2,323,371 | 2,568,434 | 2,568,434 | ||||||||||||
Loans, net of unearned income (1) | 13,111,716 | 13,030,543 | 12,782,220 | 12,688,774 | ||||||||||||
Accrued interest receivable | 41,818 | 41,818 | 44,037 | 44,037 | ||||||||||||
Other financial assets (1) | 169,764 | 169,764 | 146,933 | 146,933 | ||||||||||||
FINANCIAL LIABILITIES | ||||||||||||||||
Demand and savings deposits | $ | 10,296,055 | $ | 10,296,055 | $ | 9,573,264 | $ | 9,573,264 | ||||||||
Time deposits | 3,071,451 | 3,069,883 | 2,917,922 | 2,927,374 | ||||||||||||
Short-term borrowings | 329,719 | 329,719 | 1,258,629 | 1,258,629 | ||||||||||||
Accrued interest payable | 18,045 | 18,045 | 15,218 | 15,218 | ||||||||||||
Other financial liabilities (1) | 172,786 | 172,786 | 124,440 | 124,440 | ||||||||||||
FHLB advances and long-term debt | 1,139,413 | 1,142,980 | 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. |
Condensed_Financial_Informatio1
Condensed Financial Information - Parent Company Only (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |||||||||||||||||
Condensed Financial Information Parent Only | CONDENSED BALANCE SHEETS | ||||||||||||||||
(in thousands) | |||||||||||||||||
31-Dec | 31-Dec | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
ASSETS | LIABILITIES AND EQUITY | ||||||||||||||||
Cash | $ | 137 | $ | 8 | Long-term debt | $ | 465,936 | $ | 368,487 | ||||||||
Other assets | 10,053 | 2,526 | Payable to non-bank subsidiaries | 84,676 | 42,944 | ||||||||||||
Receivable from subsidiaries | 29,120 | 21,849 | Other liabilities | 81,682 | 66,313 | ||||||||||||
Total Liabilities | 632,294 | 477,744 | |||||||||||||||
Investments in: | |||||||||||||||||
Bank subsidiaries | 2,174,786 | 2,109,696 | |||||||||||||||
Non-bank subsidiaries | 414,863 | 406,852 | Shareholders’ equity | 1,996,665 | 2,063,187 | ||||||||||||
Total Assets | $ | 2,628,959 | $ | 2,540,931 | Total Liabilities and Shareholders’ Equity | $ | 2,628,959 | $ | 2,540,931 | ||||||||
CONDENSED STATEMENTS OF INCOME | |||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
(in thousands) | |||||||||||||||||
Income: | |||||||||||||||||
Dividends from subsidiaries | $ | 139,150 | $ | 114,438 | $ | 142,000 | |||||||||||
Other | 120,543 | 106,297 | 88,380 | ||||||||||||||
259,693 | 220,735 | 230,380 | |||||||||||||||
Expenses | 152,243 | 138,164 | 124,525 | ||||||||||||||
Income before income taxes and equity in undistributed net income of subsidiaries | 107,450 | 82,571 | 105,855 | ||||||||||||||
Income tax benefit | (10,549 | ) | (10,744 | ) | (10,847 | ) | |||||||||||
117,999 | 93,315 | 116,702 | |||||||||||||||
Equity in undistributed net income (loss) of: | |||||||||||||||||
Bank subsidiaries | 33,134 | 56,552 | 46,350 | ||||||||||||||
Non-bank subsidiaries | 6,761 | 11,973 | (3,207 | ) | |||||||||||||
Net Income | $ | 157,894 | $ | 161,840 | $ | 159,845 | |||||||||||
CONDENSED STATEMENTS OF CASH FLOWS | |||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
(in thousands) | |||||||||||||||||
Cash Flows From Operating Activities: | |||||||||||||||||
Net Income | $ | 157,894 | $ | 161,840 | $ | 159,845 | |||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||||||
Stock-based compensation | 5,865 | 5,330 | 4,834 | ||||||||||||||
Excess tax benefits from stock-based compensation | (81 | ) | (302 | ) | (39 | ) | |||||||||||
(Increase) decrease in other assets | (7,120 | ) | 1,893 | (6,340 | ) | ||||||||||||
Equity in undistributed net income of subsidiaries | (39,895 | ) | (68,525 | ) | (43,143 | ) | |||||||||||
Increase in other liabilities and payable to non-bank subsidiaries | 37,354 | 26,946 | 6,885 | ||||||||||||||
Total adjustments | (3,877 | ) | (34,658 | ) | (37,803 | ) | |||||||||||
Net cash provided by operating activities | 154,017 | 127,182 | 122,042 | ||||||||||||||
Cash Flows From Investing Activities: | |||||||||||||||||
Investments in non-bank subsidiaries | — | — | (32,649 | ) | |||||||||||||
Net cash used in investing activities | — | — | (32,649 | ) | |||||||||||||
Cash Flows From Financing Activities: | |||||||||||||||||
Repayments of long-term debt | — | — | (4,125 | ) | |||||||||||||
Additions to long-term debt | 97,113 | — | — | ||||||||||||||
Net proceeds from issuance of common stock | 8,201 | 9,936 | 7,005 | ||||||||||||||
Excess tax benefits from stock-based compensation | 81 | 302 | 39 | ||||||||||||||
Dividends paid | (64,028 | ) | (46,525 | ) | (71,972 | ) | |||||||||||
Acquisition of treasury stock | (175,255 | ) | (90,927 | ) | (20,359 | ) | |||||||||||
Deferred accelerated stock repurchase payment | (20,000 | ) | — | — | |||||||||||||
Net cash used in financing activities | (153,888 | ) | (127,214 | ) | (89,412 | ) | |||||||||||
Net Increase (Decrease) in Cash and Cash Equivalents | 129 | (32 | ) | (19 | ) | ||||||||||||
Cash and Cash Equivalents at Beginning of Year | 8 | 40 | 59 | ||||||||||||||
Cash and Cash Equivalents at End of Year | $ | 137 | $ | 8 | $ | 40 | |||||||||||
Summary_of_Significant_Account3
Summary of Significant Accounting Policies Narrative (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
subsidiarytrusts | |||
Property, Plant and Equipment [Line Items] | |||
Number of banks owned | 6 | ||
Days past due for nonaccrual status | 90 days | ||
Period for which change in loans are evaluated individually for impairment quarterly | 12 months | ||
Individual impairment, outstanding commitment threshold | $1,000,000 | ||
Financing Receivable, Obtaining Certified Thrid-party Appraisal For Impaired Loans, Period | 12 months | ||
Collective impairment review, outstanding commitment threshold (less than $1.0 million) | 1,000,000 | ||
Impaired loans with principal balances | 81.00% | 79.00% | |
Impaired loans balances, real estate as collateral | 1,000,000 | ||
Threshold of companies current loan to value ratio of original appraisals used | 70.00% | ||
Foreign currency open position | 500,000,000 | ||
Variable Interest Entity [Abstract] | |||
Subsidiary trusts owned by parent | 4 | ||
Amortization period of LIH investments | 10 years | ||
Income taxes | 52,606,000 | 51,085,000 | 57,601,000 |
LIH Low Income Housing | |||
Variable Interest Entity [Abstract] | |||
Income taxes | -10,400,000 | -10,300,000 | -9,600,000 |
Other Assets | |||
Variable Interest Entity [Abstract] | |||
Investments in low income housing | $155,600,000 | $129,200,000 | |
Building and Building Improvements | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, useful life | 50 years | ||
Furniture and Fixtures | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, useful life | 8 years | ||
Equipment | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, useful life | 5 years | ||
Consumer Loan | |||
Property, Plant and Equipment [Line Items] | |||
Number of days closed end consumer loans are charged off when they become past due | 120 days | ||
Number of days open end consumer loans are charged off when they become past due | 180 days |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies Net income (Loss) Per Common Share (Details) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Weighted Average Number of Shares Outstanding Reconciliation [Abstract] | |||
Weighted average common shares outstanding (basic) | 186,219,000 | 193,334,000 | 199,067,000 |
Impact of common stock equivalents | 962,000 | 1,020,000 | 972,000 |
Weighted average common shares outstanding (diluted) | 187,181,000 | 194,354,000 | 200,039,000 |
Stock Options | |||
Weighted Average Number of Shares Outstanding Reconciliation [Abstract] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 2,800,000 | 3,600,000 | 5,200,000 |
Restrictions_on_Cash_and_Due_f1
Restrictions on Cash and Due from Banks (Details) (Subsidiaries, USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Subsidiaries | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Restricted cash reserves due from subsidiary | $97 | $93.10 |
Investment_Securities_Schedule
Investment Securities Schedule of Amortized Cost and Fair Values of Investment Securities (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Statement [Line Items] | ||
Available-for-sale securities, amortized cost basis | $2,312,087,000 | $2,608,210,000 |
Available-for-sale Securities, Gross Unrealized Gain, Accumulated Investments | 49,212,000 | 46,681,000 |
Available-for-sale Securities, Gross Unrealized Loss, Accumulated Investments | -37,928,000 | -86,457,000 |
Available-for-sale Securities | 2,323,371,000 | 2,568,434,000 |
Equity securities | ||
Statement [Line Items] | ||
Available-for-sale securities, amortized cost basis | 33,469,000 | 33,922,000 |
Available-for-sale Securities, Gross Unrealized Gain, Accumulated Investments | 14,167,000 | 12,355,000 |
Available-for-sale Securities, Gross Unrealized Loss, Accumulated Investments | -13,000 | -76,000 |
Available-for-sale Securities | 47,623,000 | 46,201,000 |
U.S. Government securities | ||
Statement [Line Items] | ||
Available-for-sale securities, amortized cost basis | 200,000 | 525,000 |
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 | 200,000 | 525,000 |
U.S. Government sponsored agency securities | ||
Statement [Line Items] | ||
Available-for-sale securities, amortized cost basis | 209,000 | 720,000 |
Available-for-sale Securities, Gross Unrealized Gain, Accumulated Investments | 5,000 | 7,000 |
Available-for-sale Securities, Gross Unrealized Loss, Accumulated Investments | 0 | -1,000 |
Available-for-sale Securities | 214,000 | 726,000 |
State and municipal securities | ||
Statement [Line Items] | ||
Available-for-sale securities, amortized cost basis | 238,250,000 | 281,810,000 |
Available-for-sale Securities, Gross Unrealized Gain, Accumulated Investments | 7,231,000 | 6,483,000 |
Available-for-sale Securities, Gross Unrealized Loss, Accumulated Investments | -266,000 | -3,444,000 |
Available-for-sale Securities | 245,215,000 | 284,849,000 |
Corporate debt securities | ||
Statement [Line Items] | ||
Available-for-sale securities, amortized cost basis | 99,016,000 | 100,468,000 |
Available-for-sale Securities, Gross Unrealized Gain, Accumulated Investments | 5,126,000 | 5,685,000 |
Available-for-sale Securities, Gross Unrealized Loss, Accumulated Investments | -6,108,000 | -7,404,000 |
Available-for-sale Securities | 98,034,000 | 98,749,000 |
Collateralized mortgage obligations | ||
Statement [Line Items] | ||
Available-for-sale securities, amortized cost basis | 917,395,000 | 1,069,138,000 |
Available-for-sale Securities, Gross Unrealized Gain, Accumulated Investments | 5,705,000 | 8,036,000 |
Available-for-sale Securities, Gross Unrealized Loss, Accumulated Investments | -20,787,000 | -44,776,000 |
Available-for-sale Securities | 902,313,000 | 1,032,398,000 |
Mortgage-backed securities | ||
Statement [Line Items] | ||
Available-for-sale securities, amortized cost basis | 914,797,000 | 949,328,000 |
Available-for-sale Securities, Gross Unrealized Gain, Accumulated Investments | 16,978,000 | 13,881,000 |
Available-for-sale Securities, Gross Unrealized Loss, Accumulated Investments | -2,944,000 | -17,497,000 |
Available-for-sale Securities | 928,831,000 | 945,712,000 |
Auction rate securities | ||
Statement [Line Items] | ||
Available-for-sale securities, amortized cost basis | 108,751,000 | 172,299,000 |
Available-for-sale Securities, Gross Unrealized Gain, Accumulated Investments | 0 | 234,000 |
Available-for-sale Securities, Gross Unrealized Loss, Accumulated Investments | -7,810,000 | -13,259,000 |
Available-for-sale Securities | $100,941,000 | $159,274,000 |
Investment_Securities_Schedule1
Investment Securities Schedule of Amortized Cost and Fair Values of Debt Securities by Contractual Maturities (Details) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Amortized Cost | |
Due in one year or less | $16,698 |
Due from one year to five years | 76,704 |
Due from five years to ten years | 170,783 |
Due after ten years | 182,241 |
Amortized cost, before securities without debt maturities | 446,426 |
Amortized cost basis | 2,278,618 |
Estimated Fair Value | |
Due in one year or less | 16,851 |
Due from one year to five years | 80,142 |
Due from five years to ten years | 175,687 |
Due after ten years | 171,924 |
Available for sale securities, debt maturities, before securities without single maturities | 444,604 |
Estimated Fair Value | 2,275,748 |
Collateralized mortgage obligations | |
Amortized Cost | |
Available-for-sale securities, amortized cost without single maturity date | 917,395 |
Estimated Fair Value | |
Available-for-sale securities, debt maturities, without single maturity date, fair value | 902,313 |
Mortgage-backed securities | |
Amortized Cost | |
Available-for-sale securities, amortized cost without single maturity date | 914,797 |
Estimated Fair Value | |
Available-for-sale securities, debt maturities, without single maturity date, fair value | $928,831 |
Investment_Securities_Summary_
Investment Securities Summary of Gains and Losses from Equity and Debt Securities, and Losses from Other-than-Temporary Impairment (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Gross Realized Gains | $2,393 | $8,178 | $3,835 |
Gross Realized Losses | -322 | -50 | 0 |
Other- than- temporary Impairment Losses | -30 | -124 | -809 |
Net Gains | 2,041 | 8,004 | 3,026 |
Equity securities | |||
Gross Realized Gains | 335 | 4,391 | 2,620 |
Gross Realized Losses | 0 | -28 | 0 |
Other- than- temporary Impairment Losses | -12 | -27 | -356 |
Net Gains | 323 | 4,336 | 2,264 |
Debt securities | |||
Gross Realized Gains | 2,058 | 3,787 | 1,215 |
Gross Realized Losses | -322 | -22 | 0 |
Other- than- temporary Impairment Losses | -18 | -97 | -453 |
Net Gains | $1,718 | $3,668 | $762 |
Investment_Securities_Other_Th
Investment Securities Other Than Temporary Impairment Charges (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Investment [Line Items] | |||
Other than temporary impairment losses, investments, portion recognized in earnings, net, available-for-sale securities | $30 | $124 | $809 |
Debt securities | |||
Investment [Line Items] | |||
Other than temporary impairment losses, investments, portion recognized in earnings, net, available-for-sale securities | 18 | 97 | 453 |
Equity securities - financial institution stocks | |||
Investment [Line Items] | |||
Other than temporary impairment losses, investments, portion recognized in earnings, net, available-for-sale securities | 12 | 27 | 356 |
Pooled trust preferred securities | |||
Investment [Line Items] | |||
Other than temporary impairment losses, investments, portion recognized in earnings, net, available-for-sale securities | 18 | 97 | 19 |
Auction rate securities | |||
Investment [Line Items] | |||
Other than temporary impairment losses, investments, portion recognized in earnings, net, available-for-sale securities | $0 | $0 | $434 |
Investment_Securities_Summary_1
Investment Securities Summary of Cumulative Other-than-Temporary Impairment Charges Recognized in Earnings for Pooled Trust Preferred Securities Held (Details) (Pooled trust preferred securities, USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Pooled trust preferred securities | |||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Roll Forward] | |||
Balance of cumulative credit losses on debt securities, beginning of year | ($20,691) | ($23,079) | ($22,781) |
Additions for credit losses recorded which were not previously recognized as components of earnings | -18 | -97 | -453 |
Reductions for securities sold during the period | 4,460 | 2,468 | 0 |
Reductions for increases in cash flows expected to be collected that are recognized over the remaining life of the security | 7 | 17 | 155 |
Balance of cumulative credit losses on debt securities, end of year | ($16,242) | ($20,691) | ($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 $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Estimated Fair Value, Less than 12 Months | $91,151 |
Unrealized Losses, Less than 12 Months | -241 |
Estimated Fair Value, 12 Months or Longer | 984,994 |
Unrealized Losses, 12 Months or Longer | -37,687 |
Estimated Fair Value, Total | 1,076,145 |
Unrealized Losses, Total | -37,928 |
State and municipal securities | |
Estimated Fair Value, Less than 12 Months | 3,282 |
Unrealized Losses, Less than 12 Months | -4 |
Estimated Fair Value, 12 Months or Longer | 19,640 |
Unrealized Losses, 12 Months or Longer | -262 |
Estimated Fair Value, Total | 22,922 |
Unrealized Losses, Total | -266 |
Corporate debt securities | |
Estimated Fair Value, Less than 12 Months | 4,952 |
Unrealized Losses, Less than 12 Months | -17 |
Estimated Fair Value, 12 Months or Longer | 36,849 |
Unrealized Losses, 12 Months or Longer | -6,091 |
Estimated Fair Value, Total | 41,801 |
Unrealized Losses, Total | -6,108 |
Collateralized mortgage obligations | |
Estimated Fair Value, Less than 12 Months | 46,121 |
Unrealized Losses, Less than 12 Months | -179 |
Estimated Fair Value, 12 Months or Longer | 592,119 |
Unrealized Losses, 12 Months or Longer | -20,608 |
Estimated Fair Value, Total | 638,240 |
Unrealized Losses, Total | -20,787 |
Mortgage-backed securities | |
Estimated Fair Value, Less than 12 Months | 36,791 |
Unrealized Losses, Less than 12 Months | -40 |
Estimated Fair Value, 12 Months or Longer | 235,368 |
Unrealized Losses, 12 Months or Longer | -2,904 |
Estimated Fair Value, Total | 272,159 |
Unrealized Losses, Total | -2,944 |
Auction rate securities | |
Estimated Fair Value, Less than 12 Months | 0 |
Unrealized Losses, Less than 12 Months | 0 |
Estimated Fair Value, 12 Months or Longer | 100,941 |
Unrealized Losses, 12 Months or Longer | -7,810 |
Estimated Fair Value, Total | 100,941 |
Unrealized Losses, Total | -7,810 |
Debt securities | |
Estimated Fair Value, Less than 12 Months | 91,146 |
Unrealized Losses, Less than 12 Months | -240 |
Estimated Fair Value, 12 Months or Longer | 984,917 |
Unrealized Losses, 12 Months or Longer | -37,675 |
Estimated Fair Value, Total | 1,076,063 |
Unrealized Losses, Total | -37,915 |
Equity securities | |
Estimated Fair Value, Less than 12 Months | 5 |
Unrealized Losses, Less than 12 Months | -1 |
Estimated Fair Value, 12 Months or Longer | 77 |
Unrealized Losses, 12 Months or Longer | -12 |
Estimated Fair Value, Total | 82 |
Unrealized Losses, Total | ($13) |
Investment_Securities_Summary_2
Investment Securities Summary of Amortized Cost and Fair Values of Corporate Debt Securities (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Amortized Cost | $2,278,618 | |
Estimated Fair Value | 2,275,748 | |
Corporate Debt Securities Issued by Financial Institutions [Member] | ||
Amortized Cost | 97,109 | 97,883 |
Estimated Fair Value | 96,127 | 96,164 |
Single-issuer trust preferred securities | ||
Amortized Cost | 47,569 | 47,481 |
Estimated Fair Value | 42,016 | 40,531 |
Subordinated debt | ||
Amortized Cost | 47,530 | 47,405 |
Estimated Fair Value | 50,023 | 50,327 |
Pooled trust preferred securities | ||
Amortized Cost | 2,010 | 2,997 |
Estimated Fair Value | 4,088 | 5,306 |
Other corporate debt securities | ||
Amortized Cost | 1,907 | 2,585 |
Estimated Fair Value | 1,907 | 2,585 |
Corporate debt securities | ||
Amortized Cost | 99,016 | 100,468 |
Estimated Fair Value | $98,034 | $98,749 |
Investment_Securities_Narrativ
Investment Securities Narrative (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Security | |||
Available-for-sale securities pledged as collateral | $1,700,000,000 | $1,700,000,000 | |
Available-for-sale securities, amortized cost basis | 2,312,087,000 | 2,608,210,000 | |
Single bank stock investment, cost basis | 20,000,000 | ||
Bank stock investment, fair value | 30,400,000 | ||
Percent ownership in an individual financial institution | 72.70% | ||
Individual bank stock investment percent to total portfolio | 5.00% | ||
Proceeds from sales of securities available for sale | 32,227,000 | 267,126,000 | 244,702,000 |
Net Gains | 2,041,000 | 8,004,000 | 3,026,000 |
Securities available for sale | 2,323,371,000 | 2,568,434,000 | |
Pooled trusts sold | 3 | ||
Number pooled trust securities | 5 | ||
Domestic corporate debt securities | 98,000,000 | ||
Equity securities | |||
Available-for-sale securities, amortized cost basis | 33,469,000 | 33,922,000 | |
Net Gains | 323,000 | 4,336,000 | 2,264,000 |
Securities available for sale | 47,623,000 | 46,201,000 | |
Equity Securities Financial Institution | |||
Available-for-sale securities, equity securities | 41,800,000 | 40,600,000 | |
Available-for-sale securities, amortized cost basis | 27,700,000 | ||
Equity Securities, Miscellaneous | |||
Available-for-sale securities, equity securities | 5,800,000 | 5,600,000 | |
Pooled trust preferred securities | |||
Available-for-sale securities, amortized cost basis | 728,000 | ||
Net Gains | 1,700,000 | ||
Auction rate securities | |||
Available-for-sale securities, amortized cost basis | 108,751,000 | 172,299,000 | |
Proceeds from sales of securities available for sale | 11,900,000 | ||
Available-for-sale securities, sold at par | 51,200,000 | ||
Securities available for sale | 100,941,000 | 159,274,000 | |
Single-issuer trust preferred securities | |||
Number of Trust Preferred Securities | 20 | ||
Unrealized gain (loss) on securities | -5,600,000 | ||
External Credit Rating, Rated Above Investment Grade | Auction rate securities | |||
Carrying value auction rate securities rated AAA | 95,500,000 | ||
Percentage auction rate securities rated AAA | 95.00% | ||
External Credit Rated AAA | Auction rate securities | |||
Carrying value auction rate securities rated AAA | 5,400,000 | ||
Percentage auction rate securities rated AAA | 5.00% | ||
External Credit Rating, Rated Below Investment Grade | Pooled trust preferred securities | |||
Available-for-sale securities, amortized cost basis | 2,000,000 | ||
Securities available for sale | 4,100,000 | ||
External Credit Rating, Rated Below Investment Grade | Single-issuer trust preferred securities | |||
Available-for-sale securities, amortized cost basis | 14,500,000 | ||
Securities available for sale | 12,400,000 | ||
Number of trust preferred securities | 7 | ||
External Credit Rating, BBB | Single-issuer trust preferred securities | |||
Available-for-sale securities, amortized cost basis | 4,700,000 | ||
Securities available for sale | $3,800,000 |
Loans_and_Allowance_for_Credit2
Loans and Allowance for Credit Losses Summary Of Gross Loans (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans before unearned income | $13,124,093,000 | $12,792,016,000 |
Unearned income | -12,377,000 | -9,796,000 |
Loans, net of unearned income | 13,111,716,000 | 12,782,220,000 |
Loans and leases receivable, related parties | 252,600,000 | 149,100,000 |
Proceeds from related party debt | 120,200,000 | |
Repayments of related party debt | 16,700,000 | |
Loans serviced by unrelated third party | 4,900,000,000 | |
Real estate – commercial mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans before unearned income | 5,197,155,000 | 5,101,922,000 |
Loans, net of unearned income | 5,197,155,000 | 5,101,922,000 |
Commercial – industrial, financial and agricultural | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans before unearned income | 3,725,567,000 | 3,628,420,000 |
Loans, net of unearned income | 3,725,567,000 | 3,628,420,000 |
Real estate – home equity | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans before unearned income | 1,736,688,000 | 1,764,197,000 |
Loans, net of unearned income | 1,736,688,000 | 1,764,197,000 |
Real estate – residential mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans before unearned income | 1,377,068,000 | 1,337,380,000 |
Loans, net of unearned income | 1,377,068,000 | 1,337,380,000 |
Real estate – construction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans before unearned income | 690,601,000 | 573,672,000 |
Loans, net of unearned income | 690,601,000 | 573,672,000 |
Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans before unearned income | 265,431,000 | 283,124,000 |
Loans, net of unearned income | 265,431,000 | 283,124,000 |
Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans before unearned income | 127,562,000 | 99,256,000 |
Overdrafts | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans before unearned income | $4,021,000 | $4,045,000 |
Loans_and_Allowance_for_Credit3
Loans and Allowance for Credit Losses Allowance for Credit Losses (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
Receivables [Abstract] | ||||
Allowance for loan losses | $184,144 | $202,780 | $223,903 | |
Reserve for unfunded lending commitments | 1,787 | 2,137 | 1,536 | |
Allowance for credit losses | $185,931 | $204,917 | $225,439 | $258,177 |
Loans_and_Allowance_for_Credit4
Loans and Allowance for Credit Losses Activity in the Allowance for Credit Losses (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 |
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Loans and Leases Receivable, Allowance, Beginning Balance | $202,780 | $223,903 | $184,144 | |
Loans charged off | -44,593 | -80,212 | -140,366 | |
Recoveries of loans previously charged off | 13,107 | 19,190 | 13,628 | |
Net loans charged off | -31,486 | -61,022 | -126,738 | |
Provision for loan losses (2) | 12,850 | 39,899 | ||
Measured for impairment under FASB ASC Subtopic 450-20 | 123,277 | 139,582 | ||
Evaluated for impairment under FASB ASC Section 310-10-35 | 60,867 | 63,198 | ||
Loans and leases receivable, net of deferred income | 13,111,716 | 12,782,220 | ||
Measured for impairment under FASB ASC Subtopic 450-20 | 12,923,015 | 12,580,356 | ||
Evaluated for impairment under FASB ASC Section 310-10-35 | 188,701 | 201,864 | ||
Percentage of Unallocated Allowance | 4.00% | 8.00% | ||
Provision for loan losses gross | 350 | 601 | ||
Provision for credit losses | 12,500 | 40,500 | 94,000 | |
Real estate – commercial mortgage | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Loans and Leases Receivable, Allowance, Beginning Balance | 55,659 | 62,928 | 53,493 | |
Loans charged off | -6,004 | -20,829 | ||
Recoveries of loans previously charged off | 1,960 | 3,494 | ||
Net loans charged off | -4,044 | -17,335 | ||
Provision for loan losses (2) | 1,878 | 10,066 | ||
Measured for impairment under FASB ASC Subtopic 450-20 | 36,778 | 41,215 | ||
Evaluated for impairment under FASB ASC Section 310-10-35 | 16,715 | 14,444 | ||
Loans and leases receivable, net of deferred income | 5,197,155 | 5,101,922 | ||
Measured for impairment under FASB ASC Subtopic 450-20 | 5,133,896 | 5,041,598 | ||
Evaluated for impairment under FASB ASC Section 310-10-35 | 63,259 | 60,324 | ||
Commercial – industrial, financial and agricultural | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Loans and Leases Receivable, Allowance, Beginning Balance | 50,330 | 60,205 | 51,378 | |
Loans charged off | -24,516 | -30,383 | ||
Recoveries of loans previously charged off | 4,256 | 9,281 | ||
Net loans charged off | -20,260 | -21,102 | ||
Provision for loan losses (2) | 21,308 | 11,227 | ||
Measured for impairment under FASB ASC Subtopic 450-20 | 38,348 | 36,263 | ||
Evaluated for impairment under FASB ASC Section 310-10-35 | 13,030 | 14,067 | ||
Loans and leases receivable, net of deferred income | 3,725,567 | 3,628,420 | ||
Measured for impairment under FASB ASC Subtopic 450-20 | 3,690,561 | 3,583,665 | ||
Evaluated for impairment under FASB ASC Section 310-10-35 | 35,006 | 44,755 | ||
Real estate – home equity | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Loans and Leases Receivable, Allowance, Beginning Balance | 28,222 | 22,776 | 28,271 | |
Loans charged off | -5,486 | -8,193 | ||
Recoveries of loans previously charged off | 1,025 | 860 | ||
Net loans charged off | -4,461 | -7,333 | ||
Provision for loan losses (2) | 4,510 | 12,779 | ||
Measured for impairment under FASB ASC Subtopic 450-20 | 19,047 | 19,163 | ||
Evaluated for impairment under FASB ASC Section 310-10-35 | 9,224 | 9,059 | ||
Loans and leases receivable, net of deferred income | 1,736,688 | 1,764,197 | ||
Measured for impairment under FASB ASC Subtopic 450-20 | 1,723,230 | 1,749,560 | ||
Evaluated for impairment under FASB ASC Section 310-10-35 | 13,458 | 14,637 | ||
Real estate – residential mortgage | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Loans and Leases Receivable, Allowance, Beginning Balance | 33,082 | 34,536 | 29,072 | |
Loans charged off | -2,918 | -9,705 | ||
Recoveries of loans previously charged off | 451 | 548 | ||
Net loans charged off | -2,467 | -9,157 | ||
Provision for loan losses (2) | -1,543 | 7,703 | ||
Measured for impairment under FASB ASC Subtopic 450-20 | 10,480 | 11,337 | ||
Evaluated for impairment under FASB ASC Section 310-10-35 | 18,592 | 21,745 | ||
Loans and leases receivable, net of deferred income | 1,377,068 | 1,337,380 | ||
Measured for impairment under FASB ASC Subtopic 450-20 | 1,325,717 | 1,286,283 | ||
Evaluated for impairment under FASB ASC Section 310-10-35 | 51,351 | 51,097 | ||
Real estate – construction | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Loans and Leases Receivable, Allowance, Beginning Balance | 12,649 | 17,287 | 9,756 | |
Loans charged off | -1,209 | -6,572 | ||
Recoveries of loans previously charged off | 3,177 | 2,682 | ||
Net loans charged off | 1,968 | -3,890 | ||
Provision for loan losses (2) | -4,861 | -748 | ||
Measured for impairment under FASB ASC Subtopic 450-20 | 6,485 | 8,778 | ||
Evaluated for impairment under FASB ASC Section 310-10-35 | 3,271 | 3,871 | ||
Loans and leases receivable, net of deferred income | 690,601 | 573,672 | ||
Measured for impairment under FASB ASC Subtopic 450-20 | 665,012 | 542,634 | ||
Evaluated for impairment under FASB ASC Section 310-10-35 | 25,589 | 31,038 | ||
Consumer | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Loans and Leases Receivable, Allowance, Beginning Balance | 3,260 | 2,367 | 3,015 | |
Loans charged off | -2,325 | -1,877 | ||
Recoveries of loans previously charged off | 1,322 | 1,518 | ||
Net loans charged off | -1,003 | -359 | ||
Provision for loan losses (2) | 758 | 1,252 | ||
Measured for impairment under FASB ASC Subtopic 450-20 | 2,980 | 3,248 | ||
Evaluated for impairment under FASB ASC Section 310-10-35 | 35 | 12 | ||
Loans and leases receivable, net of deferred income | 265,431 | 283,124 | ||
Measured for impairment under FASB ASC Subtopic 450-20 | 265,393 | 283,111 | ||
Evaluated for impairment under FASB ASC Section 310-10-35 | 38 | 13 | ||
Leasing and other and overdrafts | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Loans and Leases Receivable, Allowance, Beginning Balance | 3,370 | 2,752 | 1,799 | |
Loans charged off | -2,135 | -2,653 | ||
Recoveries of loans previously charged off | 916 | 807 | ||
Net loans charged off | -1,219 | -1,846 | ||
Provision for loan losses (2) | -352 | 2,464 | ||
Measured for impairment under FASB ASC Subtopic 450-20 | 1,799 | 3,370 | ||
Evaluated for impairment under FASB ASC Section 310-10-35 | 0 | 0 | ||
Loans and leases receivable, net of deferred income | 119,206 | 93,505 | ||
Measured for impairment under FASB ASC Subtopic 450-20 | 119,206 | 93,505 | ||
Evaluated for impairment under FASB ASC Section 310-10-35 | 0 | 0 | ||
Unallocated | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Loans and Leases Receivable, Allowance, Beginning Balance | 16,208 | 21,052 | 7,360 | |
Loans charged off | 0 | 0 | ||
Recoveries of loans previously charged off | 0 | |||
Net loans charged off | 0 | 0 | ||
Provision for loan losses (2) | -8,848 | -4,844 | ||
Measured for impairment under FASB ASC Subtopic 450-20 | $7,360 | $16,208 |
Loans_and_Allowance_for_Credit5
Loans and Allowance for Credit Losses Allowance for Loan Losses by Portfolio Segment (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans and Leases Receivable, Allowance, Beginning Balance | $202,780 | $223,903 | |
Loans charged off | -44,593 | -80,212 | -140,366 |
Loans Charged Off, Net Of Recoveries | -31,486 | -61,022 | -126,738 |
Provision for loan losses | 12,850 | 39,899 | |
Loans and Leases Receivable, Allowance, Ending Balance | 184,144 | 202,780 | 223,903 |
Change in provision allocated to commitments to lend to borrowers | 350 | 601 | |
Financing receivable, allowance for credit losses, collectively evaluated for impairment | 123,277 | 139,582 | |
Financing receivable, allowance for credit losses, individually evaluated for impairment | 60,867 | 63,198 | |
Loans, net of unearned income | 13,111,716 | 12,782,220 | |
Real estate – commercial mortgage | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans and Leases Receivable, Allowance, Beginning Balance | 55,659 | 62,928 | |
Loans charged off | -6,004 | -20,829 | |
Loans Charged Off, Net Of Recoveries | -4,044 | -17,335 | |
Provision for loan losses | 1,878 | 10,066 | |
Loans and Leases Receivable, Allowance, Ending Balance | 53,493 | 55,659 | |
Financing receivable, allowance for credit losses, collectively evaluated for impairment | 36,778 | 41,215 | |
Financing receivable, allowance for credit losses, individually evaluated for impairment | 16,715 | 14,444 | |
Loans, net of unearned income | 5,197,155 | 5,101,922 | |
Commercial – industrial, financial and agricultural | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans and Leases Receivable, Allowance, Beginning Balance | 50,330 | 60,205 | |
Loans charged off | -24,516 | -30,383 | |
Loans Charged Off, Net Of Recoveries | -20,260 | -21,102 | |
Provision for loan losses | 21,308 | 11,227 | |
Loans and Leases Receivable, Allowance, Ending Balance | 51,378 | 50,330 | |
Financing receivable, allowance for credit losses, collectively evaluated for impairment | 38,348 | 36,263 | |
Financing receivable, allowance for credit losses, individually evaluated for impairment | 13,030 | 14,067 | |
Loans, net of unearned income | 3,725,567 | 3,628,420 | |
Real estate – home equity | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans and Leases Receivable, Allowance, Beginning Balance | 28,222 | 22,776 | |
Loans charged off | -5,486 | -8,193 | |
Loans Charged Off, Net Of Recoveries | -4,461 | -7,333 | |
Provision for loan losses | 4,510 | 12,779 | |
Loans and Leases Receivable, Allowance, Ending Balance | 28,271 | 28,222 | |
Financing receivable, allowance for credit losses, collectively evaluated for impairment | 19,047 | 19,163 | |
Financing receivable, allowance for credit losses, individually evaluated for impairment | 9,224 | 9,059 | |
Loans, net of unearned income | 1,736,688 | 1,764,197 | |
Real estate – residential mortgage | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans and Leases Receivable, Allowance, Beginning Balance | 33,082 | 34,536 | |
Loans charged off | -2,918 | -9,705 | |
Loans Charged Off, Net Of Recoveries | -2,467 | -9,157 | |
Provision for loan losses | -1,543 | 7,703 | |
Loans and Leases Receivable, Allowance, Ending Balance | 29,072 | 33,082 | |
Financing receivable, allowance for credit losses, collectively evaluated for impairment | 10,480 | 11,337 | |
Financing receivable, allowance for credit losses, individually evaluated for impairment | 18,592 | 21,745 | |
Loans, net of unearned income | 1,377,068 | 1,337,380 | |
Real estate – construction | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans and Leases Receivable, Allowance, Beginning Balance | 12,649 | 17,287 | |
Loans charged off | -1,209 | -6,572 | |
Loans Charged Off, Net Of Recoveries | 1,968 | -3,890 | |
Provision for loan losses | -4,861 | -748 | |
Loans and Leases Receivable, Allowance, Ending Balance | 9,756 | 12,649 | |
Financing receivable, allowance for credit losses, collectively evaluated for impairment | 6,485 | 8,778 | |
Financing receivable, allowance for credit losses, individually evaluated for impairment | 3,271 | 3,871 | |
Loans, net of unearned income | 690,601 | 573,672 | |
Consumer | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans and Leases Receivable, Allowance, Beginning Balance | 3,260 | 2,367 | |
Loans charged off | -2,325 | -1,877 | |
Loans Charged Off, Net Of Recoveries | -1,003 | -359 | |
Provision for loan losses | 758 | 1,252 | |
Loans and Leases Receivable, Allowance, Ending Balance | 3,015 | 3,260 | |
Financing receivable, allowance for credit losses, collectively evaluated for impairment | 2,980 | 3,248 | |
Financing receivable, allowance for credit losses, individually evaluated for impairment | 35 | 12 | |
Loans, net of unearned income | 265,431 | 283,124 | |
Leasing and other and overdrafts | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans and Leases Receivable, Allowance, Beginning Balance | 3,370 | 2,752 | |
Loans charged off | -2,135 | -2,653 | |
Loans Charged Off, Net Of Recoveries | -1,219 | -1,846 | |
Provision for loan losses | -352 | 2,464 | |
Loans and Leases Receivable, Allowance, Ending Balance | 1,799 | 3,370 | |
Financing receivable, allowance for credit losses, collectively evaluated for impairment | 1,799 | 3,370 | |
Financing receivable, allowance for credit losses, individually evaluated for impairment | 0 | 0 | |
Loans, net of unearned income | 119,206 | 93,505 | |
Unallocated | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans and Leases Receivable, Allowance, Beginning Balance | 16,208 | 21,052 | |
Loans charged off | 0 | 0 | |
Loans Charged Off, Net Of Recoveries | 0 | 0 | |
Provision for loan losses | -8,848 | -4,844 | |
Loans and Leases Receivable, Allowance, Ending Balance | 7,360 | 16,208 | |
Financing receivable, allowance for credit losses, collectively evaluated for impairment | $7,360 | $16,208 |
Loans_and_Allowance_for_Credit6
Loans and Allowance for Credit Losses Total Impaired Loans by Class Segments (Details) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Impaired Financing Receivables [Line Items] | ||||||
No Related Allowance, Unpaid Principal Balance | $68,022 | $75,120 | ||||
No Related Allowance, Recorded Investment | 59,073 | 61,893 | ||||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 167,682 | 189,713 | ||||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 129,628 | 139,971 | ||||
Unpaid Principal Balance | 235,704 | 264,833 | ||||
Recorded Investment | 188,701 | 201,864 | ||||
Related Allowance | 60,867 | 63,198 | ||||
No Related Allowance, Average Recorded Investment | 61,435 | 83,212 | 100,345 | |||
No Related Allowance, Interest Income Recognized | 698 | [1] | 946 | [1] | 839 | [1] |
Related Allowance, Average Recorded Investment | 135,416 | 154,050 | 188,026 | |||
Related Allowance, Interest Income, Accrual Method | 2,079 | [1] | 2,311 | [1] | 2,481 | [1] |
Impaired Financing Receivable, Average Recorded Investment | 196,851 | 237,262 | 288,371 | |||
Interest income on impaired loans | 2,777 | [1] | 3,257 | [1] | 3,320 | [1] |
Real estate – commercial mortgage | ||||||
Impaired Financing Receivables [Line Items] | ||||||
No Related Allowance, Unpaid Principal Balance | 25,802 | 28,892 | ||||
No Related Allowance, Recorded Investment | 23,236 | 24,494 | ||||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 49,619 | 43,282 | ||||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 40,023 | 35,830 | ||||
Related Allowance | 16,715 | 14,444 | ||||
No Related Allowance, Average Recorded Investment | 23,467 | 28,603 | 41,575 | |||
No Related Allowance, Interest Income Recognized | 320 | [1] | 489 | [1] | 538 | [1] |
Related Allowance, Average Recorded Investment | 38,240 | 44,136 | 64,739 | |||
Related Allowance, Interest Income, Accrual Method | 524 | [1] | 706 | [1] | 755 | [1] |
Commercial - secured | ||||||
Impaired Financing Receivables [Line Items] | ||||||
No Related Allowance, Unpaid Principal Balance | 17,599 | 23,890 | ||||
No Related Allowance, Recorded Investment | 14,582 | 21,383 | ||||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 24,824 | 34,267 | ||||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 19,335 | 22,324 | ||||
Related Allowance | 12,165 | 13,315 | ||||
No Related Allowance, Average Recorded Investment | 18,928 | 30,299 | 26,443 | |||
No Related Allowance, Interest Income Recognized | 119 | [1] | 173 | [1] | 50 | [1] |
Related Allowance, Average Recorded Investment | 20,991 | 27,919 | 45,217 | |||
Related Allowance, Interest Income, Accrual Method | 129 | [1] | 153 | [1] | 97 | [1] |
Commercial - unsecured | ||||||
Impaired Financing Receivables [Line Items] | ||||||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 1,241 | 1,113 | ||||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 1,089 | 1,048 | ||||
Related Allowance | 865 | 752 | ||||
No Related Allowance, Average Recorded Investment | 0 | 26 | 52 | |||
No Related Allowance, Interest Income Recognized | 0 | [1] | 0 | [1] | 0 | [1] |
Related Allowance, Average Recorded Investment | 895 | 1,411 | 2,604 | |||
Related Allowance, Interest Income, Accrual Method | 3 | [1] | 5 | [1] | 6 | [1] |
Real estate – home equity | ||||||
Impaired Financing Receivables [Line Items] | ||||||
No Related Allowance, Unpaid Principal Balance | 0 | 399 | ||||
No Related Allowance, Recorded Investment | 0 | 300 | ||||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 19,392 | 20,383 | ||||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 13,458 | 14,337 | ||||
Related Allowance | 9,224 | 9,059 | ||||
No Related Allowance, Average Recorded Investment | 180 | 262 | 433 | |||
No Related Allowance, Interest Income Recognized | 1 | [1] | 1 | [1] | 2 | [1] |
Related Allowance, Average Recorded Investment | 13,976 | 14,092 | 8,017 | |||
Related Allowance, Interest Income, Accrual Method | 108 | [1] | 65 | [1] | 23 | [1] |
Real estate – residential mortgage | ||||||
Impaired Financing Receivables [Line Items] | ||||||
No Related Allowance, Unpaid Principal Balance | 4,873 | 0 | ||||
No Related Allowance, Recorded Investment | 4,873 | 0 | ||||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 56,607 | 63,682 | ||||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 46,478 | 51,097 | ||||
Related Allowance | 18,592 | 21,745 | ||||
No Related Allowance, Average Recorded Investment | 1,532 | 695 | 989 | |||
No Related Allowance, Interest Income Recognized | 31 | [1] | 25 | [1] | 45 | [1] |
Related Allowance, Average Recorded Investment | 50,281 | 52,251 | 44,791 | |||
Related Allowance, Interest Income, Accrual Method | 1,178 | [1] | 1,210 | [1] | 1,446 | [1] |
Construction - commercial residential | ||||||
Impaired Financing Receivables [Line Items] | ||||||
No Related Allowance, Unpaid Principal Balance | 18,041 | 18,468 | ||||
No Related Allowance, Recorded Investment | 14,801 | 13,265 | ||||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 14,007 | 22,594 | ||||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 7,903 | 12,777 | ||||
Related Allowance | 2,675 | 2,646 | ||||
No Related Allowance, Average Recorded Investment | 15,421 | 19,847 | 27,361 | |||
No Related Allowance, Interest Income Recognized | 227 | [1] | 256 | [1] | 185 | [1] |
Related Allowance, Average Recorded Investment | 8,723 | 11,219 | 19,284 | |||
Related Allowance, Interest Income, Accrual Method | 136 | [1] | 168 | [1] | 130 | [1] |
Construction - commercial | ||||||
Impaired Financing Receivables [Line Items] | ||||||
No Related Allowance, Unpaid Principal Balance | 1,707 | 3,471 | ||||
No Related Allowance, Recorded Investment | 1,581 | 2,451 | ||||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 1,501 | 3,660 | ||||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 1,023 | 1,997 | ||||
Related Allowance | 459 | 924 | ||||
No Related Allowance, Average Recorded Investment | 1,907 | 3,480 | 3,492 | |||
No Related Allowance, Interest Income Recognized | 0 | [1] | 2 | [1] | 19 | [1] |
Related Allowance, Average Recorded Investment | 1,900 | 2,468 | 2,233 | |||
Related Allowance, Interest Income, Accrual Method | 0 | [1] | 3 | [1] | 17 | [1] |
Construction - other | ||||||
Impaired Financing Receivables [Line Items] | ||||||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 452 | 719 | ||||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 281 | 548 | ||||
Related Allowance | 137 | 301 | ||||
Related Allowance, Average Recorded Investment | 387 | 523 | 974 | |||
Related Allowance, Interest Income, Accrual Method | 0 | [1] | 1 | [1] | 7 | [1] |
Consumer - indirect | ||||||
Impaired Financing Receivables [Line Items] | ||||||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 20 | 2 | ||||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 19 | 2 | ||||
Related Allowance | 18 | 2 | ||||
Related Allowance, Average Recorded Investment | 7 | 1 | 0 | |||
Related Allowance, Interest Income, Accrual Method | 0 | [1] | 0 | [1] | 0 | [1] |
Consumer - direct | ||||||
Impaired Financing Receivables [Line Items] | ||||||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 19 | 11 | ||||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 19 | 11 | ||||
Related Allowance | 17 | 10 | ||||
Related Allowance, Average Recorded Investment | 16 | 19 | 84 | |||
Related Allowance, Interest Income, Accrual Method | 1 | [1] | 0 | [1] | 0 | [1] |
Leasing and other and overdrafts | ||||||
Impaired Financing Receivables [Line Items] | ||||||
Related Allowance, Average Recorded Investment | 0 | 11 | 83 | |||
Related Allowance, Interest Income, Accrual Method | $0 | [1] | $0 | [1] | $0 | [1] |
[1] | (1)All impaired loans, excluding accruing TDRs, were non-accrual loans. Interest income recognized for the years ended December 31, 2014, 2013 and 2012 represents amounts earned on accruing TDRs. |
Loans_and_Allowance_for_Credit7
Loans and Allowance for Credit Losses Credit Quality Indicators (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Carrying Amount | $13,124,093 | $12,792,016 |
Commercial – industrial, financial and agricultural | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Carrying Amount | 3,725,567 | 3,628,420 |
Real estate – commercial mortgage | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Carrying Amount | 5,197,155 | 5,101,922 |
Commercial - secured | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Carrying Amount | 3,564,614 | 3,404,163 |
Commercial - unsecured | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Carrying Amount | 160,953 | 224,257 |
Construction - commercial residential | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Carrying Amount | 203,670 | 203,935 |
Construction - commercial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Carrying Amount | 427,419 | 300,931 |
Total real estate - construction (excluding construction - other) | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Carrying Amount | 631,089 | 504,866 |
Commercial Loans, Commerical Mortgages, Constructions Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Carrying Amount | 9,553,811 | 9,235,208 |
Ratio of nonperforming loans to all loans | 100.00% | 100.00% |
Pass | Commercial – industrial, financial and agricultural | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Carrying Amount | 3,480,166 | 3,377,004 |
Pass | Real estate – commercial mortgage | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Carrying Amount | 4,899,016 | 4,763,987 |
Pass | Commercial - secured | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Carrying Amount | 3,333,486 | 3,167,168 |
Pass | Commercial - unsecured | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Carrying Amount | 146,680 | 209,836 |
Pass | Construction - commercial residential | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Carrying Amount | 136,109 | 117,680 |
Pass | Construction - commercial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Carrying Amount | 409,631 | 286,802 |
Pass | Total real estate - construction (excluding construction - other) | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Carrying Amount | 545,740 | 404,482 |
Pass | Commercial Loans, Commerical Mortgages, Constructions Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Carrying Amount | 8,924,922 | 8,545,473 |
Ratio of nonperforming loans to all loans | 93.40% | 92.60% |
Special Mention | Commercial – industrial, financial and agricultural | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Carrying Amount | 128,047 | 123,279 |
Special Mention | Real estate – commercial mortgage | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Carrying Amount | 127,302 | 141,013 |
Special Mention | Commercial - secured | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Carrying Amount | 120,584 | 111,613 |
Special Mention | Commercial - unsecured | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Carrying Amount | 7,463 | 11,666 |
Special Mention | Construction - commercial residential | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Carrying Amount | 27,495 | 30,946 |
Special Mention | Construction - commercial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Carrying Amount | 12,202 | 3,508 |
Special Mention | Total real estate - construction (excluding construction - other) | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Carrying Amount | 39,697 | 34,454 |
Special Mention | Commercial Loans, Commerical Mortgages, Constructions Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Carrying Amount | 295,046 | 298,746 |
Ratio of nonperforming loans to all loans | 3.10% | 3.20% |
Substandard or Lower | Commercial – industrial, financial and agricultural | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Carrying Amount | 117,354 | 128,137 |
Substandard or Lower | Real estate – commercial mortgage | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Carrying Amount | 170,837 | 196,922 |
Substandard or Lower | Commercial - secured | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Carrying Amount | 110,544 | 125,382 |
Substandard or Lower | Commercial - unsecured | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Carrying Amount | 6,810 | 2,755 |
Substandard or Lower | Construction - commercial residential | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Carrying Amount | 40,066 | 55,309 |
Substandard or Lower | Construction - commercial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Carrying Amount | 5,586 | 10,621 |
Substandard or Lower | Total real estate - construction (excluding construction - other) | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Carrying Amount | 45,652 | 65,930 |
Substandard or Lower | Commercial Loans, Commerical Mortgages, Constructions Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Carrying Amount | $333,843 | $390,989 |
Ratio of nonperforming loans to all loans | 3.50% | 4.20% |
Loans_and_Allowance_for_Credit8
Loans and Allowance for Credit Losses Summary of Delinquency and Non-Performing Status by Portfolio Segment (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | ||
Loans, net of unearned income | $13,111,716 | $12,782,220 | ||
Period for which change in loans evaluated individually for impairment | 90 | |||
Minimum | ||||
Days outstanding | 30 | |||
Maximum | ||||
Days outstanding | 89 | |||
Real estate – home equity | ||||
Loans, net of unearned income | 1,736,688 | 1,764,197 | ||
Real estate – residential mortgage | ||||
Loans, net of unearned income | 1,377,068 | 1,337,380 | ||
Construction - other | ||||
Loans, net of unearned income | 59,512 | 68,806 | ||
Consumer - direct | ||||
Loans, net of unearned income | 109,323 | 132,643 | ||
Consumer - indirect | ||||
Loans, net of unearned income | 156,108 | 150,481 | ||
Consumer | ||||
Loans, net of unearned income | 265,431 | 283,124 | ||
Leasing and other and overdrafts | ||||
Loans, net of unearned income | 119,206 | 93,505 | ||
Commercial Loans, Commerical Mortgages, Constructions Loans | ||||
Loans, net of unearned income | 3,557,905 | 3,547,012 | ||
Ratio of nonperforming loans to all loans | 100.00% | 100.00% | ||
Performing | Real estate – home equity | ||||
Loans, net of unearned income | 1,711,017 | 1,731,185 | ||
Performing | Real estate – residential mortgage | ||||
Loans, net of unearned income | 1,321,139 | 1,282,754 | ||
Performing | Construction - other | ||||
Loans, net of unearned income | 59,180 | 68,258 | ||
Performing | Consumer - direct | ||||
Loans, net of unearned income | 104,018 | 126,666 | ||
Performing | Consumer - indirect | ||||
Loans, net of unearned income | 153,358 | 147,017 | ||
Performing | Consumer | ||||
Loans, net of unearned income | 257,376 | 273,683 | ||
Performing | Leasing and other and overdrafts | ||||
Loans, net of unearned income | 118,550 | 92,876 | ||
Performing | Commercial Loans, Commerical Mortgages, Constructions Loans | ||||
Loans, net of unearned income | 3,467,262 | 3,448,756 | ||
Ratio of nonperforming loans to all loans | 97.50% | 97.20% | ||
Delinquent | Real estate – home equity | ||||
Loans, net of unearned income | 10,931 | [1] | 16,029 | [1] |
Delinquent | Real estate – residential mortgage | ||||
Loans, net of unearned income | 26,934 | [1] | 23,279 | [1] |
Delinquent | Construction - other | ||||
Loans, net of unearned income | 0 | [1] | 0 | [1] |
Delinquent | Consumer - direct | ||||
Loans, net of unearned income | 2,891 | [1] | 3,586 | [1] |
Delinquent | Consumer - indirect | ||||
Loans, net of unearned income | 2,574 | [1] | 3,312 | [1] |
Delinquent | Consumer | ||||
Loans, net of unearned income | 5,465 | [1] | 6,898 | [1] |
Delinquent | Leasing and other and overdrafts | ||||
Loans, net of unearned income | 523 | [1] | 581 | [1] |
Delinquent | Commercial Loans, Commerical Mortgages, Constructions Loans | ||||
Loans, net of unearned income | 43,853 | [1] | 46,787 | [1] |
Ratio of nonperforming loans to all loans | 1.20% | 1.30% | ||
Nonperforming | Real estate – home equity | ||||
Loans, net of unearned income | 14,740 | [2] | 16,983 | [2] |
Nonperforming | Real estate – residential mortgage | ||||
Loans, net of unearned income | 28,995 | [2] | 31,347 | [2] |
Nonperforming | Construction - other | ||||
Loans, net of unearned income | 332 | [2] | 548 | [2] |
Nonperforming | Consumer - direct | ||||
Loans, net of unearned income | 2,414 | [2] | 2,391 | [2] |
Nonperforming | Consumer - indirect | ||||
Loans, net of unearned income | 176 | [2] | 152 | [2] |
Nonperforming | Consumer | ||||
Loans, net of unearned income | 2,590 | [2] | 2,543 | [2] |
Nonperforming | Leasing and other and overdrafts | ||||
Loans, net of unearned income | 133 | [2] | 48 | [2] |
Nonperforming | Commercial Loans, Commerical Mortgages, Constructions Loans | ||||
Loans, net of unearned income | $46,790 | [2] | $51,469 | [2] |
Ratio of nonperforming loans to all loans | 1.30% | 1.50% | ||
[1] | 1)Includes all accruing loans 30 days to 89 days past due | |||
[2] | 2)Includes all accruing loans 90 days or more past due and all non-accrual loans |
Loans_and_Allowance_for_Credit9
Loans and Allowance for Credit Losses Non-Performing Assets (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Receivables [Abstract] | ||
Non-accrual loans | $121,080 | $133,753 |
Accruing loans greater than 90 days past due | 17,402 | 20,524 |
Total non-performing loans | 138,482 | 154,277 |
Other real estate owned | 12,022 | 15,052 |
Total non-performing assets | $150,504 | $169,329 |
Recovered_Sheet1
Loans and Allowance for Credit Losses Modified Under Troubled Debt Restructurings (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Modifications [Line Items] | ||
Total accruing TDRs | $67,621 | $68,111 |
Non-accrual TDRs | 24,616 | 30,209 |
Total TDRs | 92,237 | 98,320 |
Residential Mortgage | ||
Financing Receivable, Modifications [Line Items] | ||
Total accruing TDRs | 31,308 | 28,815 |
Real-estate - residential mortgage | ||
Financing Receivable, Modifications [Line Items] | ||
Total accruing TDRs | 18,822 | 19,758 |
Construction - commercial residential | ||
Financing Receivable, Modifications [Line Items] | ||
Total accruing TDRs | 9,241 | 9,889 |
Construction - Commercial [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Total accruing TDRs | 0 | 228 |
Commercial - secured | ||
Financing Receivable, Modifications [Line Items] | ||
Total accruing TDRs | 5,170 | 7,933 |
Real estate – home equity | ||
Financing Receivable, Modifications [Line Items] | ||
Total accruing TDRs | 2,975 | 1,365 |
Commercial - unsecured | ||
Financing Receivable, Modifications [Line Items] | ||
Total accruing TDRs | 67 | 112 |
Consumer - direct | ||
Financing Receivable, Modifications [Line Items] | ||
Total accruing TDRs | 19 | 11 |
Consumer - Indirect | ||
Financing Receivable, Modifications [Line Items] | ||
Total accruing TDRs | $19 | $0 |
Recovered_Sheet2
Loans and Allowance for Credit Losses Troubled Debt Restructuring Modification (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | 86 | 125 |
Recorded Investment | $16,397 | $28,649 |
Number of Loans | 31 | 43 |
Recorded Investment | 7,063 | 9,819 |
Real estate – commercial mortgage | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | 8 | 16 |
Recorded Investment | 6,841 | 9,439 |
Number of Loans | 2 | 6 |
Recorded Investment | 1,660 | 3,683 |
Construction - commercial residential | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | 3 | 3 |
Recorded Investment | 3,616 | 5,285 |
Number of Loans | 2 | 1 |
Recorded Investment | 1,803 | 568 |
Real estate – residential mortgage | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | 23 | 49 |
Recorded Investment | 2,407 | 9,611 |
Number of Loans | 11 | 19 |
Recorded Investment | 1,430 | 4,211 |
Commercial - secured | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | 11 | 8 |
Recorded Investment | 1,955 | 1,699 |
Number of Loans | 4 | 2 |
Recorded Investment | 1,208 | 108 |
Real estate – home equity | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | 30 | 36 |
Recorded Investment | 1,551 | 2,602 |
Number of Loans | 11 | 15 |
Recorded Investment | 961 | 1,249 |
Consumer - direct | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | 7 | 12 |
Recorded Investment | 7 | 1 |
Number of Loans | 1 | 0 |
Recorded Investment | 1 | 0 |
Consumer - Indirect | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | 4 | 0 |
Recorded Investment | 20 | 0 |
Commercial - unsecured | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | 0 | 1 |
Recorded Investment | $0 | $12 |
Recovered_Sheet3
Loans and Allowance for Credit Losses Past Due Loan Status and Non-Accrual Loans by Portfolio Segment (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
31-59 Days Past Due | $51,177 | $60,774 |
60-89 Days Past Due | 17,169 | 16,893 |
>90 Days Past Due and Accruing | 17,402 | 20,524 |
Non-accrual | 121,080 | 133,753 |
Total >90 Days | 138,482 | 154,277 |
Total Past Due | 206,828 | 231,944 |
Current | 12,904,888 | 12,550,276 |
Loans, net of unearned income | 13,111,716 | 12,782,220 |
Commercial – industrial, financial and agricultural | ||
31-59 Days Past Due | 5,234 | 9,248 |
60-89 Days Past Due | 1,023 | 1,490 |
>90 Days Past Due and Accruing | 619 | 1,311 |
Non-accrual | 29,769 | 36,710 |
Total >90 Days | 30,388 | 38,021 |
Total Past Due | 36,645 | 48,759 |
Current | 3,688,922 | 3,579,661 |
Loans, net of unearned income | 3,725,567 | 3,628,420 |
Real estate – commercial mortgage | ||
31-59 Days Past Due | 14,399 | 15,474 |
60-89 Days Past Due | 3,677 | 4,009 |
>90 Days Past Due and Accruing | 800 | 3,502 |
Non-accrual | 44,437 | 40,566 |
Total >90 Days | 45,237 | 44,068 |
Total Past Due | 63,313 | 63,551 |
Current | 5,133,842 | 5,038,371 |
Loans, net of unearned income | 5,197,155 | 5,101,922 |
Commercial - secured | ||
31-59 Days Past Due | 4,839 | 8,916 |
60-89 Days Past Due | 958 | 1,365 |
>90 Days Past Due and Accruing | 610 | 1,311 |
Non-accrual | 28,747 | 35,774 |
Total >90 Days | 29,357 | 37,085 |
Total Past Due | 35,154 | 47,366 |
Current | 3,529,460 | 3,356,797 |
Loans, net of unearned income | 3,564,614 | 3,404,163 |
Commercial - unsecured | ||
31-59 Days Past Due | 395 | 332 |
60-89 Days Past Due | 65 | 125 |
>90 Days Past Due and Accruing | 9 | 0 |
Non-accrual | 1,022 | 936 |
Total >90 Days | 1,031 | 936 |
Total Past Due | 1,491 | 1,393 |
Current | 159,462 | 222,864 |
Loans, net of unearned income | 160,953 | 224,257 |
Real estate – home equity | ||
31-59 Days Past Due | 8,048 | 13,555 |
60-89 Days Past Due | 2,883 | 2,474 |
>90 Days Past Due and Accruing | 4,257 | 3,711 |
Non-accrual | 10,483 | 13,272 |
Total >90 Days | 14,740 | 16,983 |
Total Past Due | 25,671 | 33,012 |
Current | 1,711,017 | 1,731,185 |
Loans, net of unearned income | 1,736,688 | 1,764,197 |
Real estate – residential mortgage | ||
31-59 Days Past Due | 18,789 | 16,969 |
60-89 Days Past Due | 8,145 | 6,310 |
>90 Days Past Due and Accruing | 8,952 | 9,065 |
Non-accrual | 20,043 | 22,282 |
Total >90 Days | 28,995 | 31,347 |
Total Past Due | 55,929 | 54,626 |
Current | 1,321,139 | 1,282,754 |
Loans, net of unearned income | 1,377,068 | 1,337,380 |
Real estate – construction | ||
31-59 Days Past Due | 160 | 14 |
60-89 Days Past Due | 0 | 645 |
>90 Days Past Due and Accruing | 51 | 346 |
Non-accrual | 16,348 | 20,921 |
Total >90 Days | 16,399 | 21,267 |
Total Past Due | 16,559 | 21,926 |
Current | 674,042 | 551,746 |
Loans, net of unearned income | 690,601 | 573,672 |
Construction - commercial residential | ||
31-59 Days Past Due | 160 | 0 |
60-89 Days Past Due | 0 | 270 |
>90 Days Past Due and Accruing | 0 | 346 |
Non-accrual | 13,463 | 16,153 |
Total >90 Days | 13,463 | 16,499 |
Total Past Due | 13,623 | 16,769 |
Current | 190,047 | 187,166 |
Loans, net of unearned income | 203,670 | 203,935 |
Construction - commercial | ||
31-59 Days Past Due | 0 | 14 |
60-89 Days Past Due | 0 | 375 |
>90 Days Past Due and Accruing | 0 | 0 |
Non-accrual | 2,604 | 4,220 |
Total >90 Days | 2,604 | 4,220 |
Total Past Due | 2,604 | 4,609 |
Current | 424,815 | 296,322 |
Loans, net of unearned income | 427,419 | 300,931 |
Construction - other | ||
31-59 Days Past Due | 0 | 0 |
60-89 Days Past Due | 0 | 0 |
>90 Days Past Due and Accruing | 51 | 0 |
Non-accrual | 281 | 548 |
Total >90 Days | 332 | 548 |
Total Past Due | 332 | 548 |
Current | 59,180 | 68,258 |
Loans, net of unearned income | 59,512 | 68,806 |
Consumer | ||
31-59 Days Past Due | 4,190 | 4,955 |
60-89 Days Past Due | 1,275 | 1,943 |
>90 Days Past Due and Accruing | 2,590 | 2,541 |
Non-accrual | 0 | 2 |
Total >90 Days | 2,590 | 2,543 |
Total Past Due | 8,055 | 9,441 |
Current | 257,376 | 273,683 |
Loans, net of unearned income | 265,431 | 283,124 |
Consumer - direct | ||
31-59 Days Past Due | 2,034 | 2,091 |
60-89 Days Past Due | 857 | 1,495 |
>90 Days Past Due and Accruing | 2,414 | 2,391 |
Non-accrual | 0 | 0 |
Total >90 Days | 2,414 | 2,391 |
Total Past Due | 5,305 | 5,977 |
Current | 104,018 | 126,666 |
Loans, net of unearned income | 109,323 | 132,643 |
Consumer - indirect | ||
31-59 Days Past Due | 2,156 | 2,864 |
60-89 Days Past Due | 418 | 448 |
>90 Days Past Due and Accruing | 176 | 150 |
Non-accrual | 0 | 2 |
Total >90 Days | 176 | 152 |
Total Past Due | 2,750 | 3,464 |
Current | 153,358 | 147,017 |
Loans, net of unearned income | 156,108 | 150,481 |
Leasing and other and overdrafts | ||
31-59 Days Past Due | 357 | 559 |
60-89 Days Past Due | 166 | 22 |
>90 Days Past Due and Accruing | 133 | 48 |
Non-accrual | 0 | 0 |
Total >90 Days | 133 | 48 |
Total Past Due | 656 | 629 |
Current | 118,550 | 92,876 |
Loans, net of unearned income | $119,206 | $93,505 |
Recovered_Sheet4
Loans and Allowance for Credit Losses Narrative (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Receivables [Abstract] | ||
Commitments to lend additional funds to borrowers | $3.90 | $9.60 |
Premises_and_Equipment_Details
Premises and Equipment (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, gross | $522,801 | $504,884 |
Less: Accumulated depreciation and amortization | -296,774 | -278,863 |
Premises and equipment, net | 226,027 | 226,021 |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, gross | 37,667 | 37,815 |
Buildings and improvements | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, gross | 287,271 | 281,904 |
Furniture and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, gross | 176,808 | 170,970 |
Construction in progress | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, gross | $21,055 | $14,195 |
Goodwill_and_Intangible_Assets2
Goodwill and Intangible Assets Goodwill (Details) (USD $) | 1 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Goodwill [Roll Forward] | ||||
Balance at beginning of year | $530,607 | $530,656 | $536,005 | |
Sale of Global Exchange | 0 | 0 | -5,295 | |
Other goodwill deductions | -14 | -49 | -54 | |
Balance at end of year | 530,656 | 530,593 | 530,607 | 530,656 |
Gain on sale of business | 6,200 | 0 | 0 | 6,215 |
Goodwill | 530,656 | 530,593 | 530,607 | 530,656 |
Subsidiaries | Two Reporting Units | ||||
Goodwill [Roll Forward] | ||||
Balance at end of year | 170,400 | |||
Goodwill | 170,400 | |||
Goodwill impairment test fair value exceeding adjusted net book value | 5.00% | |||
Subsidiaries | Five Reporting Units | ||||
Goodwill [Roll Forward] | ||||
Balance at end of year | 360,200 | |||
Goodwill | $360,200 | |||
Goodwill impairment test fair value exceeding adjusted net book value | 27.00% |
Goodwill_and_Intangible_Assets3
Goodwill and Intangible Assets Intangibles (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Finite-Lived Intangible Assets [Abstract] | |||
Gross | $59,402 | $59,402 | |
Accumulated Amortization | -59,155 | -57,896 | |
Net | 247 | 1,506 | |
Indefinite-Lived Intangible Assets [Abstract] | |||
Gross | 963 | 1,263 | |
Write-off | 0 | -300 | |
Net | 963 | 963 | |
Intangible Assets, Net [Abstract] | |||
Gross | 60,365 | 60,665 | |
Accumulated Amortization | -59,155 | -58,196 | |
Net | 1,210 | 2,469 | |
Weighted-average useful life | 1 year | ||
Intangible amortization | 1,259 | 2,438 | 3,031 |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |||
2015 | 247 | ||
Core deposit | |||
Finite-Lived Intangible Assets [Abstract] | |||
Gross | 50,279 | 50,279 | |
Accumulated Amortization | -50,054 | -48,839 | |
Net | 225 | 1,440 | |
Other | |||
Finite-Lived Intangible Assets [Abstract] | |||
Gross | 9,123 | 9,123 | |
Accumulated Amortization | -9,101 | -9,057 | |
Net | 22 | 66 | |
Other | Global Exchange | |||
Finite-Lived Intangible Assets [Abstract] | |||
Gross | 2,300 | ||
Net | $266 |
Mortgage_Servicing_Rights_Summ
Mortgage Servicing Rights Summary of Changes in Mortgage Servicing Rights (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Valuation allowance: | ||
Servicing Asset at Fair Value, Amount | $46,000,000 | $49,300,000 |
Amortization [Abstract] | ||
2014 | 247,000 | |
Mortgage | ||
Amortized cost: | ||
Balance at beginning of year | 42,452,000 | 39,737,000 |
Originations of mortgage servicing rights | 5,047,000 | 12,072,000 |
Amortization expense | -5,351,000 | -9,357,000 |
Balance at end of year | 42,148,000 | 42,452,000 |
Valuation allowance: | ||
Balance at beginning of year | 0 | -3,680,000 |
Reversals | 0 | 3,680,000 |
Balance at end of year | 0 | 0 |
Net MSRs at end of year | 42,148,000 | 42,452,000 |
Valuation Allowance for Impairment of Recognized Servicing Assets, Period Increase (Decrease) | 0 | |
Amortization [Abstract] | ||
2014 | 10,224,000 | |
2015 | 9,028,000 | |
2016 | 7,717,000 | |
2017 | 6,283,000 | |
2018 | $4,717,000 |
Deposits_Details
Deposits (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Deposits [Line Items] | ||
Noninterest-bearing demand | $3,640,623,000 | $3,283,172,000 |
Interest-bearing demand | 3,150,612,000 | 2,945,210,000 |
Savings and money market accounts | 3,504,820,000 | 3,344,882,000 |
Time deposits | 3,071,451,000 | 2,917,922,000 |
Total Deposits | 13,367,506,000 | 12,491,186,000 |
Maturities of Time Deposits [Abstract] | ||
2014 | 1,592,986,000 | |
2015 | 422,414,000 | |
2016 | 369,968,000 | |
2017 | 109,299,000 | |
2018 | 499,984,000 | |
Thereafter | 76,800,000 | |
Total | 3,071,451,000 | 2,917,922,000 |
Certificates of Deposit | ||
Deposits [Line Items] | ||
Time Deposits, $100,000 or More | $1,200,000,000 | $1,100,000,000 |
ShortTerm_Borrowings_and_LongT2
Short-Term Borrowings and Long-Term Debt Short Term (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Short-term Debt [Line Items] | |||
Maximum borrowing capacity | $1,200,000,000 | ||
Short-term borrowings | 329,719,000 | 1,258,629,000 | 868,399,000 |
Collateralized borrowings availability at discount window | 1,100,000,000 | 2,000,000,000 | |
Federal funds purchased | |||
Short-term Debt [Line Items] | |||
Short-term borrowings | 6,219,000 | 582,436,000 | 592,470,000 |
Maximum month-end outstanding amount | 577,581,000 | 848,179,000 | 636,562,000 |
Short-term FHLB advances | |||
Short-term Debt [Line Items] | |||
Short-term borrowings | 70,000,000 | 400,000,000 | 0 |
Maximum month-end outstanding amount | 600,000,000 | 600,000,000 | 25,000,000 |
Customer repurchase agreements | |||
Short-term Debt [Line Items] | |||
Short-term borrowings | 158,394,000 | 175,621,000 | 156,238,000 |
Maximum month-end outstanding amount | 244,729,000 | 215,305,000 | 258,734,000 |
Customer short-term promissory notes | |||
Short-term Debt [Line Items] | |||
Short-term borrowings | 95,106,000 | 100,572,000 | 119,691,000 |
Maximum month-end outstanding amount | $95,106,000 | $115,129,000 | $152,570,000 |
ShortTerm_Borrowings_and_LongT3
Short-Term Borrowings and Long-Term Debt Repurchase Agreements (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Short-term Debt [Line Items] | |||
Amount outstanding as of December 31 | $329,719 | $1,258,629 | $868,399 |
Customer repurchase agreements | |||
Short-term Debt [Line Items] | |||
Amount outstanding as of December 31 | 158,394 | 175,621 | 156,238 |
Weighted average interest rate at year end | 0.13% | 0.12% | 0.16% |
Average amount outstanding during the year | $197,432 | $186,851 | $206,842 |
Weighted average interest rate during the year | 0.10% | 0.11% | 0.12% |
ShortTerm_Borrowings_and_LongT4
Short-Term Borrowings and Long-Term Debt Long Term (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Debt Instrument [Line Items] | ||
Federal Home Loan Bank advances and long-term debt | -1,139,413,000 | ($883,584,000) |
Short-term FHLB advances | ||
Debt Instrument [Line Items] | ||
Federal Home Loan Bank advances and long-term debt | -673,107,000 | -513,854,000 |
Weighted average interest rate | 3.43% | |
Unused borrowing capacity | 2,600,000,000 | |
Subordinated debt | ||
Debt Instrument [Line Items] | ||
Federal Home Loan Bank advances and long-term debt | -300,000,000 | -200,000,000 |
Intercompany revolving line of credit | 100,000,000 | |
Junior subordinated deferrable interest debentures | ||
Debt Instrument [Line Items] | ||
Federal Home Loan Bank advances and long-term debt | -171,136,000 | -171,136,000 |
Unamortized issuance costs and other | ||
Debt Instrument [Line Items] | ||
Federal Home Loan Bank advances and long-term debt | -4,830,000 | ($1,406,000) |
Line of Credit | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 2.00% |
ShortTerm_Borrowings_and_LongT5
Short-Term Borrowings and Long-Term Debt Maturiities (Details) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Short-Term Borrowings and Long-Term Debt [Abstract] | |
2014 | $184,950 |
2015 | 236,015 |
2016 | 314,702 |
2017 | 0 |
2018 | 127,007 |
Thereafter | 276,739 |
Long Term Debt Maturities Total | $1,139,413 |
ShortTerm_Borrowings_and_LongT6
Short-Term Borrowings and Long-Term Debt Subordinated Debt (Details) (USD $) | 12 Months Ended | 1 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | 31-May-07 | Mar. 31, 2005 | Nov. 30, 2014 |
subsidiarytrusts | ||||
Subordinated Debt [Abstract] | ||||
Subsidiary trusts owned by parent | 4 | |||
Junior subordinated deferrable interest debentures | ||||
Subordinated Debt [Abstract] | ||||
Subordinated Debt | 171,136 | |||
Junior subordinated deferrable interest debentures | Columbia Bancorp Statutory Trust | ||||
Subordinated Debt [Abstract] | ||||
Interest Rate | 2.91% | |||
Subordinated Debt | 6,186 | |||
Maturity | 30-Jun-34 | |||
Callable | 31-Mar-14 | |||
Call Price | 1 | |||
Junior subordinated deferrable interest debentures | Columbia Bancorp Statutory Trust II | ||||
Subordinated Debt [Abstract] | ||||
Interest Rate | 2.13% | |||
Subordinated Debt | 4,124 | |||
Maturity | 15-Mar-35 | |||
Callable | 15-Mar-14 | |||
Call Price | 1 | |||
Junior subordinated deferrable interest debentures | Columbia Bancorp Statutory Trust III | ||||
Subordinated Debt [Abstract] | ||||
Interest Rate | 2.01% | |||
Subordinated Debt | 6,186 | |||
Maturity | 15-Jun-35 | |||
Callable | 15-Mar-14 | |||
Call Price | 1 | |||
Junior subordinated deferrable interest debentures | Fulton Capital Trust I | ||||
Subordinated Debt [Abstract] | ||||
Interest Rate | 6.29% | |||
Subordinated Debt | 154,640 | |||
Maturity | 1-Feb-36 | |||
Subordinated debt | May 2017 Subordinated Debt | ||||
Subordinated Debt [Abstract] | ||||
Stated interest rate | 5.75% | |||
Effective interest rate | 5.96% | |||
Subordinated Debt | 100,000 | |||
Debt instrument, term | 10 years | |||
Subordinated debt | April 2015 Subordinated Debt | ||||
Subordinated Debt [Abstract] | ||||
Stated interest rate | 5.35% | |||
Effective interest rate | 5.49% | |||
Subordinated Debt | 100,000 | |||
Debt instrument, term | 10 years | |||
Subordinated debt | November 2024 Subordinated Debt | ||||
Subordinated Debt [Abstract] | ||||
Stated interest rate | 4.50% | |||
Effective interest rate | 4.87% | |||
Subordinated Debt | $100,000 | |||
Debt instrument, term | 10 years |
Derivative_Financial_Instrumen2
Derivative Financial Instruments Notional Amounts and Fair Values of Derivative Financial Instruments (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Derivatives, Fair Value [Line Items] | ||
Foreign Currency Contract, Fair Value, Net | $160 | $2,197 |
Interest Rate Locks with Customers | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, at Fair Value, Net | 1,385 | 808 |
Interest Rate Locks with Customers | Positive fair values | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Notional Amount | 89,655 | 75,217 |
Derivative Assets, at Fair Value | 1,391 | 867 |
Interest Rate Locks with Customers | Negative fair values | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Notional Amount | 301 | 11,393 |
Derivative Liabilities, at Fair Value | -6 | -59 |
Forward Commitments | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, at Fair Value, Net | -1,164 | 1,258 |
Forward Commitments | Positive fair values | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Notional Amount | 0 | 87,904 |
Derivative Assets, at Fair Value | 0 | 1,263 |
Forward Commitments | Negative fair values | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Notional Amount | 93,802 | 2,373 |
Derivative Liabilities, at Fair Value | -1,164 | -5 |
Interest Rate Swaps with Customers | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, at Fair Value, Net | 19,518 | -888 |
Interest Rate Swaps with Customers | Positive fair values | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Notional Amount | 468,080 | 111,899 |
Derivative Assets, at Fair Value | 19,716 | 2,105 |
Interest Rate Swaps with Customers | Negative fair values | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Notional Amount | 25,418 | 105,673 |
Derivative Liabilities, at Fair Value | -198 | -2,993 |
Interest Rate Swaps with Dealer Counterparties | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, at Fair Value, Net | -19,518 | 888 |
Interest Rate Swaps with Dealer Counterparties | Positive fair values | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Notional Amount | 25,418 | 105,673 |
Derivative Assets, at Fair Value | 198 | 2,993 |
Interest Rate Swaps with Dealer Counterparties | Negative fair values | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Notional Amount | 468,080 | 111,899 |
Derivative Liabilities, at Fair Value | -19,716 | -2,105 |
Foreign Exchange Contracts with Customers | ||
Derivatives, Fair Value [Line Items] | ||
Foreign Currency Contract, Fair Value, Net | 369 | -319 |
Foreign Exchange Contracts with Customers | Positive fair values | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Notional Amount | 11,616 | 2,150 |
Foreign Currency Contract, Asset, Fair Value | 810 | 24 |
Foreign Exchange Contracts with Customers | Negative fair values | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Notional Amount | 5,250 | 12,775 |
Foreign Currency Contracts, Liability, Fair Value | -441 | -343 |
Foreign Exchange Contracts with Correspondent Banks | ||
Derivatives, Fair Value [Line Items] | ||
Foreign Currency Contract, Fair Value, Net | -430 | 450 |
Foreign Exchange Contracts with Correspondent Banks | Positive fair values | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Notional Amount | 5,287 | 17,348 |
Foreign Currency Contract, Asset, Fair Value | 446 | 498 |
Foreign Exchange Contracts with Correspondent Banks | Negative fair values | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Notional Amount | 13,572 | 5,872 |
Foreign Currency Contracts, Liability, Fair Value | ($876) | ($48) |
Derivative_Financial_Instrumen3
Derivative Financial Instruments Fair Value Gains and Losses on Derivative Financial Instruments (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Other Income | |||
Derivatives, Fair Value [Line Items] | |||
Net fair value (losses) gains on derivative financial instruments | ($2,037) | ($4,084) | $5,543 |
Interest rate locks with customers | Mortgage Banking Income | |||
Derivatives, Fair Value [Line Items] | |||
Gain (loss) on interest rate derivative instruments | 577 | -5,949 | 2,879 |
Forward Commitments | Mortgage Banking Income | |||
Derivatives, Fair Value [Line Items] | |||
Gain (loss) on interest rate derivative instruments | -2,422 | 1,466 | 2,503 |
Interest Rate Swaps with Customers | Other Income | |||
Derivatives, Fair Value [Line Items] | |||
Gain (loss) on interest rate derivative instruments | 20,406 | -7,978 | 4,346 |
Interest Rate Swaps with Dealer Counterparties | Other Income | |||
Derivatives, Fair Value [Line Items] | |||
Gain (loss) on interest rate derivative instruments | -20,406 | 7,978 | -4,346 |
Foreign Exchange Contracts with Correspondent Banks | Other Income | |||
Derivatives, Fair Value [Line Items] | |||
Gain (loss) on foreign currency derivatives | -880 | 507 | 1,648 |
Foreign exchange contracts with customers | Other Income | |||
Derivatives, Fair Value [Line Items] | |||
Gain (loss) on foreign currency derivatives | $688 | ($108) | ($1,487) |
Derivative_Financial_Instrumen4
Derivative Financial Instruments Fair Value Option (Details) (Mortgage loans held for sale, USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Mortgage Banking Income | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Fair Value (Loss) Gain | $263 | ($1,975) |
Mortgage loans held for sale | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Cost | 17,080 | 21,172 |
Fair Value | $17,522 | $21,351 |
Derivative_Financial_Instrumen5
Derivative Financial Instruments Balance Sheet Offsetting (Details) (Interest Rate Swap, USD $) | Dec. 31, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Interest Rate Swap | ||||
Offsetting Assets and Liabilities [Line Items] | ||||
Gross asset | $19,914 | $5,098 | ||
Financial Instruments | -206 | [1] | -2,104 | [1] |
Cash collateral | 0 | [2] | 0 | [2] |
Net asset | 19,708 | 2,994 | ||
Gross liability | 19,914 | 5,098 | ||
Financial Instruments | -206 | [1] | -2,104 | [1] |
Cash Collateral | -19,210 | [2] | -730 | [2] |
Net liability | $498 | $2,264 | ||
[1] | For interest rate swap assets, amounts represent any derivative liability fair values that could be offset in the event of counterparty or customer default. For interest rate swap 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. |
Regulatory_Matters_Details
Regulatory Matters (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
banks | banks | |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Amount available for dividend distribution without affecting capital adequacy requirements | $243,000,000 | |
Maximum allowed percentage of loans issued to a single affiliate | 10.00% | |
Maximum allowed percentage of aggregate loans issued to all affiliate | 20.00% | |
Significant subidiaries | 4 | 4 |
Excess tier one risk based capital | 1,000,000,000 | 1,000,000,000 |
Total Capital [Abstract] | ||
Capital | 1,970,569,000 | 1,987,737,000 |
Capital to risk weighted assets | 14.70% | 15.00% |
Capital required for capital adequacy | 1,076,013,000 | 1,056,974,000 |
Capital required for capital adequacy to risk weighted assets | 8.00% | 8.00% |
Tier One Risk Based Capital [Abstract] | ||
Tier one risk based capital | 1,655,853,000 | 1,736,567,000 |
Tier one risk based capital to risk weighted assets | 12.30% | 13.10% |
Tier one risk based capital required for capital adequacy | 538,007,000 | 528,487,000 |
Tier one risk based capital required for capital adequacy to risk weighted assets | 4.00% | 4.00% |
Tier One Leverage Capital [Abstract] | ||
Tier one leverage capital | 1,655,853,000 | 1,736,567,000 |
Tier one leverage capital to average assets | 10.00% | 10.60% |
Tier one leverage capital required for capital adequacy | 663,421,000 | 654,532,000 |
Tier one leverage capital required for capital adequacy to average assets | 4.00% | 4.00% |
Fulton Bank, N.A. | ||
Total Capital [Abstract] | ||
Capital | 1,065,445,000 | 1,053,214,000 |
Capital to risk weighted assets | 13.20% | 13.10% |
Capital required for capital adequacy | 643,791,000 | 641,218,000 |
Capital required for capital adequacy to risk weighted assets | 8.00% | 8.00% |
Capital required to be well capitalized | 804,739,000 | 801,523,000 |
Capital required to be well capitalized to risk weighted assets | 10.00% | 10.00% |
Tier One Risk Based Capital [Abstract] | ||
Tier one risk based capital | 977,547,000 | 941,546,000 |
Tier one risk based capital to risk weighted assets | 12.10% | 11.80% |
Tier one risk based capital required for capital adequacy | 321,896,000 | 320,609,000 |
Tier one risk based capital required for capital adequacy to risk weighted assets | 4.00% | 4.00% |
Tier one risk based capital required to be well capitalized | 482,843,000 | 480,914,000 |
Tier one risk based capital required to be well capitalized to risk weighted assets | 6.00% | 6.00% |
Tier One Leverage Capital [Abstract] | ||
Tier one leverage capital | 977,547,000 | 941,546,000 |
Tier one leverage capital to average assets | 10.50% | 10.00% |
Tier one leverage capital required for capital adequacy | 373,288,000 | 375,647,000 |
Tier one leverage capital required for capital adequacy to average assets | 4.00% | 4.00% |
Tier one leverage capital required to be well capitalized | 466,610,000 | 469,558,000 |
Tier one leverage capital required to be well capitalized to average assets | 5.00% | 5.00% |
Fulton Bank of New Jersey | ||
Total Capital [Abstract] | ||
Capital | 347,235,000 | 343,341,000 |
Capital to risk weighted assets | 13.10% | 13.80% |
Capital required for capital adequacy | 211,823,000 | 199,120,000 |
Capital required for capital adequacy to risk weighted assets | 8.00% | 8.00% |
Capital required to be well capitalized | 264,779,000 | 248,900,000 |
Capital required to be well capitalized to risk weighted assets | 10.00% | 10.00% |
Tier One Risk Based Capital [Abstract] | ||
Tier one risk based capital | 313,843,000 | 308,210,000 |
Tier one risk based capital to risk weighted assets | 11.90% | 12.40% |
Tier one risk based capital required for capital adequacy | 105,911,000 | 99,560,000 |
Tier one risk based capital required for capital adequacy to risk weighted assets | 4.00% | 4.00% |
Tier one risk based capital required to be well capitalized | 158,867,000 | 149,340,000 |
Tier one risk based capital required to be well capitalized to risk weighted assets | 6.00% | 6.00% |
Tier One Leverage Capital [Abstract] | ||
Tier one leverage capital | 313,843,000 | 308,210,000 |
Tier one leverage capital to average assets | 9.40% | 9.60% |
Tier one leverage capital required for capital adequacy | 133,580,000 | 128,250,000 |
Tier one leverage capital required for capital adequacy to average assets | 4.00% | 4.00% |
Tier one leverage capital required to be well capitalized | 166,975,000 | 160,312,000 |
Tier one leverage capital required to be well capitalized to average assets | 5.00% | 5.00% |
The Columbia Bank | ||
Total Capital [Abstract] | ||
Capital | 203,109,000 | 215,648,000 |
Capital to risk weighted assets | 13.50% | 15.40% |
Capital required for capital adequacy | 119,934,000 | 111,675,000 |
Capital required for capital adequacy to risk weighted assets | 8.00% | 8.00% |
Capital required to be well capitalized | 149,917,000 | 139,594,000 |
Capital required to be well capitalized to risk weighted assets | 10.00% | 10.00% |
Tier One Risk Based Capital [Abstract] | ||
Tier one risk based capital | 184,331,000 | 198,135,000 |
Tier one risk based capital to risk weighted assets | 12.30% | 14.20% |
Tier one risk based capital required for capital adequacy | 59,967,000 | 55,837,000 |
Tier one risk based capital required for capital adequacy to risk weighted assets | 4.00% | 4.00% |
Tier one risk based capital required to be well capitalized | 89,950,000 | 83,756,000 |
Tier one risk based capital required to be well capitalized to risk weighted assets | 6.00% | 6.00% |
Tier One Leverage Capital [Abstract] | ||
Tier one leverage capital | 184,331,000 | 198,135,000 |
Tier one leverage capital to average assets | 9.40% | 10.60% |
Tier one leverage capital required for capital adequacy | 78,186,000 | 75,098,000 |
Tier one leverage capital required for capital adequacy to average assets | 4.00% | 4.00% |
Tier one leverage capital required to be well capitalized | 97,733,000 | 93,873,000 |
Tier one leverage capital required to be well capitalized to average assets | 5.00% | 5.00% |
Lafayette Ambassador Bank | ||
Total Capital [Abstract] | ||
Capital | 167,800,000 | 155,475,000 |
Capital to risk weighted assets | 15.90% | 14.20% |
Capital required for capital adequacy | 84,407,000 | 87,566,000 |
Capital required for capital adequacy to risk weighted assets | 8.00% | 8.00% |
Capital required to be well capitalized | 105,508,000 | 109,458,000 |
Capital required to be well capitalized to risk weighted assets | 10.00% | 10.00% |
Tier One Risk Based Capital [Abstract] | ||
Tier one risk based capital | 154,817,000 | 140,733,000 |
Tier one risk based capital to risk weighted assets | 14.70% | 12.90% |
Tier one risk based capital required for capital adequacy | 42,203,000 | 43,783,000 |
Tier one risk based capital required for capital adequacy to risk weighted assets | 4.00% | 4.00% |
Tier one risk based capital required to be well capitalized | 63,305,000 | 65,675,000 |
Tier one risk based capital required to be well capitalized to risk weighted assets | 6.00% | 6.00% |
Tier One Leverage Capital [Abstract] | ||
Tier one leverage capital | 154,817,000 | 140,733,000 |
Tier one leverage capital to average assets | 10.80% | 10.10% |
Tier one leverage capital required for capital adequacy | 57,132,000 | 55,563,000 |
Tier one leverage capital required for capital adequacy to average assets | 4.00% | 4.00% |
Tier one leverage capital required to be well capitalized | $71,416,000 | $69,454,000 |
Tier one leverage capital required to be well capitalized to average assets | 5.00% | 5.00% |
Income_Taxes_Expense_Benefit_D
Income Taxes Expense (Benefit) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Current tax expense (benefit): | |||
Federal | $32,957 | $38,573 | $41,151 |
State | 1,126 | 687 | -557 |
Total | 34,083 | 39,260 | 40,594 |
Deferred Income Tax Expense (Benefit), Continuing Operations [Abstract] | |||
Federal | 18,523 | 15,357 | 17,007 |
State | 0 | -3,532 | 0 |
Total | 18,523 | 11,825 | 17,007 |
Income tax expense | $52,606 | $51,085 | $57,601 |
Income_Taxes_Effective_Tax_Rat
Income Taxes Effective Tax Rate (Details) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Effective Income Tax Rate Reconciliation, Percent [Abstract] | |||
Statutory tax rate | 35.00% | 35.00% | 35.00% |
Tax-exempt income | -5.40% | -5.20% | -5.00% |
Low income housing investments | -4.90% | -4.90% | -4.40% |
Change in valuation allowance | -0.80% | -2.00% | -0.60% |
Bank owned life insurance | -0.50% | -0.50% | -0.80% |
State income taxes, net of federal benefit | 1.20% | 1.10% | 0.60% |
Executive compensation | 0.10% | 0.10% | 0.50% |
Non-deductible goodwill | 0.00% | 0.00% | 0.90% |
Other, net | 0.30% | 0.40% | 0.30% |
Effective income tax rate | 25.00% | 24.00% | 26.50% |
Income_Taxes_Deferred_Tax_Asse
Income Taxes Deferred Tax Assetss And Liabilities (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Deferred tax assets: | ||
Allowance for credit losses | $68,407,000 | $75,525,000 |
Postretirement and defined benefit plans | 16,017,000 | 9,561,000 |
State loss carryforwards | 12,960,000 | 13,724,000 |
Deferred compensation | 12,486,000 | 12,099,000 |
Other-than-temporary impairment of investments | 8,126,000 | 10,378,000 |
Other accrued expenses | 7,335,000 | 9,987,000 |
Unrealized holding losses on securities available for sale | 0 | 13,922,000 |
Other | 8,433,000 | 10,850,000 |
Total gross deferred tax assets | 133,764,000 | 156,046,000 |
Deferred Tax Liabilities, Gross [Abstract] | ||
Mortgage servicing rights | 15,004,000 | 15,118,000 |
Direct leasing | 12,399,000 | 7,948,000 |
Acquisition premiums/discounts | 8,200,000 | 7,631,000 |
Premises and equipment | 7,897,000 | 9,864,000 |
Unrealized holding gains on securities available for sale | 3,949,000 | 0 |
Intangible assets | 1,382,000 | 1,498,000 |
Other | 7,960,000 | 4,112,000 |
Total gross deferred tax liabilities | 56,791,000 | 46,171,000 |
Net deferred tax asset, before valuation allowance | 76,973,000 | 109,875,000 |
Valuation allowance | -10,187,000 | -11,880,000 |
Net deferred tax asset | 66,786,000 | 97,995,000 |
State and local operating loss carryforwards | 451,000,000 | 475,000,000 |
Capital loss carryforwards | 3,100,000 | |
Deferred tax assets other than temporary impairment losses investment securities | $8,200,000 |
Income_Taxes_Unrecognized_Bene
Income Taxes Unrecognized Benefit (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Reconciliation of Unrecognized Tax Benefits [Roll Forward] | |||
Balance at beginning of year | $1,651 | $1,453 | $9,438 |
Prior period tax positions | 188 | 0 | -378 |
Current period tax positions | 269 | 318 | 203 |
Settlement with taxing authority | 0 | 0 | -7,171 |
Lapse of statute of limitations | -164 | -120 | -639 |
Balance at end of year | 1,944 | 1,651 | 1,453 |
Lapse of statute of limitations expected to reverse in 2014 | 64 | ||
Unrecognized tax benefits that would impact effective tax rate | 640 | ||
Unrecognized tax benefits, interest and penalties income | 47 | 3 | 84 |
Income tax penalties and interest accrued | $485 | $439 |
Employee_Benefit_Plans_Benefit
Employee Benefit Plans Benefits (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Compensation expense | $10,157,000 | $14,284,000 | $13,817,000 |
Amount to be amortized from accumulated other comprehensive income (loss) in next twelve months | 3,600,000 | ||
Other Postretirement Benefit Plan | 401k Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Compensation expense | 8,643,000 | 11,807,000 | 11,983,000 |
Maximum percentage of eligible employee’s covered compensation | 5.00% | ||
Percentage of plan vested | 100.00% | ||
Pension Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Compensation expense | $1,514,000 | $2,477,000 | $1,834,000 |
Employee_Benefit_Plans_Net_Per
Employee Benefit Plans Net Periodic Benefit Cost (Details) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Pension Plans | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Service cost | $367 | [1] | $202 | [1] | $157 | [1] |
Interest cost | 3,413 | 3,087 | 3,223 | |||
Expected return on assets | -3,240 | -3,194 | -3,230 | |||
Net amortization and deferral | 974 | 2,382 | 1,684 | |||
Net periodic benefit cost | 1,514 | 2,477 | 1,834 | |||
Other Postretirement Benefit Plans | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Service cost | 15 | 228 | 211 | |||
Interest cost | 206 | 322 | 346 | |||
Expected return on assets | 0 | -1 | -2 | |||
Net amortization and deferral | -347 | -363 | -363 | |||
Net periodic benefit cost | ($126) | $186 | $192 | |||
[1] | Pension plan service cost for all years presented was related to administrative costs associated with the plan and not due to the accrual of additional participant benefits. |
Employee_Benefit_Plans_Project
Employee Benefit Plans Projected Benefit Obligation (Details) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||||||
Fair value of plan assets at end of year | $51,730 | $55,448 | ||||
Other Postretirement Benefit Plans | ||||||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ||||||
Projected benefit obligation at beginning of year | 8,169 | 9,272 | ||||
Service cost | 15 | 228 | 211 | |||
Interest cost | 206 | 322 | 346 | |||
Benefit payments | -209 | -230 | ||||
Change due to change in assumptions | 1,261 | -1,000 | ||||
Effect of curtailment | -3,358 | 0 | ||||
Experience gain | -532 | -423 | ||||
Projected benefit obligation at end of year | 5,552 | 8,169 | 9,272 | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||||||
Fair value of plan assets at beginning of year | 23 | 45 | ||||
Employer contributions | 194 | 208 | ||||
Benefit payments | -209 | -230 | ||||
Fair value of plan assets at end of year | 8 | 23 | 45 | |||
Pension Plans | ||||||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ||||||
Projected benefit obligation at beginning of year | 73,362 | 84,032 | ||||
Service cost | 367 | [1] | 202 | [1] | 157 | [1] |
Interest cost | 3,413 | 3,087 | 3,223 | |||
Benefit payments | -5,164 | -3,009 | ||||
Change due to change in assumptions | 22,055 | -10,773 | ||||
Experience gain | -954 | -177 | ||||
Projected benefit obligation at end of year | 93,079 | 73,362 | 84,032 | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||||||
Fair value of plan assets at beginning of year | 55,448 | 54,772 | ||||
Actual return on assets | 1,446 | 3,685 | ||||
Benefit payments | -5,164 | -3,009 | ||||
Fair value of plan assets at end of year | $51,730 | $55,448 | $54,772 | |||
[1] | Pension plan service cost for all years presented was related to administrative costs associated with the plan and not due to the accrual of additional participant benefits. |
Employee_Benefit_Plans_Funded_
Employee Benefit Plans Funded Status (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | $51,730 | $55,448 | |
Pension Plans | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Projected benefit obligation | -93,079 | -73,362 | -84,032 |
Fair value of plan assets | 51,730 | 55,448 | 54,772 |
Funded status | -41,349 | -17,914 | |
Other Postretirement Benefit Plans | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Projected benefit obligation | -5,552 | -8,169 | -9,272 |
Fair value of plan assets | 8 | 23 | 45 |
Funded status | ($5,544) | ($8,146) |
Employee_Benefit_Plans_Unrecog
Employee Benefit Plans Unrecognized loss (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Accumulated other comprehensive loss | ($37,341) | $5,675 | $7,955 | |
Unrecognized gains arising in current year | -13,168 | 8,369 | -4,207 | |
Accumulated other comprehensive loss | -17,722 | -37,341 | 5,675 | |
Accumulated Defined Benefit Plans Adjustment [Member] | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Accumulated other comprehensive loss | -15,134 | |||
Accumulated other comprehensive loss | -22,505 | -8,801 | -18,482 | -15,134 |
Pension Plans | Accumulated Defined Benefit Plans Adjustment, Net Unamortized Gain (Loss) [Member] | ||||
Gross of tax | ||||
AOCI before Tax, Attributable to Parent | 16,161 | 29,984 | ||
Reclass adjustment for postretirement plan gain included in net income | -974 | -2,382 | ||
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Unamortized Gain (Loss) Arising During Period, before Tax | 22,895 | -11,441 | ||
AOCI before Tax, Attributable to Parent | 38,082 | 16,161 | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Accumulated other comprehensive loss | 10,505 | 19,490 | ||
Recognized as component of current year postretirement benefit cost | -633 | -1,548 | ||
Unrecognized gains arising in current year | 14,882 | -7,437 | ||
Accumulated other comprehensive loss | 24,754 | 10,505 | ||
Other Postretirement Benefit Plans | ||||
Gross of tax | ||||
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Unamortized Gain (Loss) Arising During Period, After Curtailment, before Tax | -3,358 | |||
Other Postretirement Benefit Plans | Accumulated Defined Benefit Plans Adjustment, Net Prior Service Cost [Member] | ||||
Gross of tax | ||||
AOCI before Tax, Attributable to Parent | -1,484 | -1,847 | ||
Reclass adjustment for postretirement plan gain included in net income | 363 | |||
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Unamortized Gain (Loss) Arising During Period, before Tax | 0 | |||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, Prior to Curtailment, before Tax | 32 | |||
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Unamortized Gain (Loss) Arising During Period, Prior to Curtailment, before Tax | 0 | |||
Other Comprehensive Income (Loss), Finalization of Pension and Other Postretirement Benefit Plan Valuation, before Tax | 1,452 | |||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, After Curtailment, before Tax | 235 | |||
AOCI before Tax, Attributable to Parent | -3,123 | -1,484 | ||
Other Postretirement Benefit Plans | Accumulated Defined Benefit Plans Adjustment, Net Unamortized Gain (Loss) [Member] | ||||
Gross of tax | ||||
AOCI before Tax, Attributable to Parent | -1,137 | 297 | ||
Reclass adjustment for postretirement plan gain included in net income | 0 | |||
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Unamortized Gain (Loss) Arising During Period, before Tax | -1,434 | |||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, Prior to Curtailment, before Tax | 10 | |||
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Unamortized Gain (Loss) Arising During Period, Prior to Curtailment, before Tax | -313 | |||
Other Comprehensive Income (Loss), Finalization of Pension and Other Postretirement Benefit Plan Valuation, before Tax | 0 | |||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, After Curtailment, before Tax | 70 | |||
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Unamortized Gain (Loss) Arising During Period, After Curtailment, before Tax | 1,034 | |||
AOCI before Tax, Attributable to Parent | -336 | -1,137 | ||
Other Postretirement Benefit Plans | Accumulated Defined Benefit Plans Adjustment [Member] | ||||
Gross of tax | ||||
AOCI before Tax, Attributable to Parent | -2,621 | -1,550 | ||
Reclass adjustment for postretirement plan gain included in net income | 363 | |||
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Unamortized Gain (Loss) Arising During Period, before Tax | -1,434 | |||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, Prior to Curtailment, before Tax | 42 | |||
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Unamortized Gain (Loss) Arising During Period, Prior to Curtailment, before Tax | -313 | |||
Other Comprehensive Income (Loss), Finalization of Pension and Other Postretirement Benefit Plan Valuation, before Tax | 1,452 | |||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, After Curtailment, before Tax | 305 | |||
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Unamortized Gain (Loss) Arising During Period, After Curtailment, before Tax | -2,324 | |||
AOCI before Tax, Attributable to Parent | -3,459 | -2,621 | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Accumulated other comprehensive loss | -1,704 | -1,008 | ||
Recognized as component of current year postretirement benefit cost | 236 | |||
Unrecognized gains arising in current year | -932 | |||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, Prior to Curtailment, Net of Tax | 26 | |||
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Unamortized Gain (Loss) Arising During Period, Prior to Curtailment, Net of Tax | -203 | |||
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, Net of Tax | 944 | |||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, After Curtailment, Net of Tax | 199 | |||
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Unamortized Gain (Loss) Arising During Period, After Curtailment, Net of Tax | -1,511 | |||
Accumulated other comprehensive loss | ($2,249) | ($1,704) |
Employee_Benefit_Plans_Health_
Employee Benefit Plans Health Trends (Details) (Other Postretirement Benefit Plans, USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2014 |
Other Postretirement Benefit Plans | |
Defined Benefit Plan Disclosure [Line Items] | |
Health care cost trend rate assumed for next fiscal year | 6.00% |
Ultimate health care cost trend rate | 5.50% |
Effect of 1% point increase on accumulated postretirement benefit obligation | $0.43 |
Effect of 1% point increase on service and interest cost components | 0.01 |
Effect of 1% point decrease on accumulated postretirement benefit obligation | 0.38 |
Effect of 1% point decrease on service and interest cost components | $0.01 |
Employee_Benefit_Plans_Rates_D
Employee Benefit Plans Rates (Details) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Pension Plans | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Discount rate-projected benefit obligation | 3.75% | 4.75% | 3.75% |
Expected long-term rate of return on plan assets | 6.00% | 6.00% | 6.00% |
Percentage of Increase threshold using citigroup average life discount rate table | 0.25% | ||
Other Postretirement Benefit Plans | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Discount rate-projected benefit obligation | 3.75% | 4.75% | 3.75% |
Expected long-term rate of return on plan assets | 3.00% | 3.00% | 3.00% |
Percentage of Increase threshold using citigroup average life discount rate table | 0.25% |
Employee_Benefit_Plans_Fair_Va
Employee Benefit Plans Fair Value Of Plan Assets (Details) (USD $) | 0 Months Ended | 12 Months Ended | ||
Feb. 01, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Fair value of plan assets | $51,730,000 | $55,448,000 | ||
Actual plan asset allocations | 100.00% | 100.00% | ||
Equity securities | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Target allocation percentage of assets, equity securities | 25.00% | |||
Fair value of plan assets | 14,521,000 | 14,300,000 | ||
Actual plan asset allocations | 28.10% | 25.80% | ||
Equity Funds | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Fair value of plan assets | 8,503,000 | 5,882,000 | ||
Mutual Funds | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Fair value of plan assets | 6,018,000 | 8,418,000 | ||
Debt securities | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Target allocation percentage of assets, equity securities | 55.00% | |||
Fair value of plan assets | 27,629,000 | 31,906,000 | ||
Actual plan asset allocations | 53.40% | 57.50% | ||
Money Market Funds | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Fair value of plan assets | 8,957,000 | 10,574,000 | ||
Fixed Income Funds | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Fair value of plan assets | 9,845,000 | 9,579,000 | ||
Corporate debt securities | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Fair value of plan assets | 4,971,000 | 7,815,000 | ||
US Government Agencies Debt Securities | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Fair value of plan assets | 3,856,000 | 3,938,000 | ||
Other Alternative Investment Mutual Funds | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Target allocation percentage of assets, equity securities | 20.00% | |||
Fair value of plan assets | 9,580,000 | 9,242,000 | ||
Actual plan asset allocations | 18.50% | 16.70% | ||
Other Postretirement Benefit Plans | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Recognized net gain (loss) due to curtailments | 1,500,000 | |||
Effect of curtailment | 3,358,000 | 0 | ||
Fair value of plan assets | $8,000 | $23,000 | $45,000 |
Employee_Benefit_Plans_Expecte
Employee Benefit Plans Expected benefits (Details) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Pension Plans | |
Defined Benefit Plan, Estimated Future Benefit Payments [Abstract] | |
2014 | $2,889 |
2015 | 3,123 |
2016 | 3,388 |
2017 | 3,758 |
2018 | 3,881 |
2019-2023 | 23,574 |
Defined Benefit Plan Expected Future Benefit Payments | 40,613 |
Other Postretirement Benefit Plans | |
Defined Benefit Plan, Estimated Future Benefit Payments [Abstract] | |
2014 | 404 |
2015 | 400 |
2016 | 392 |
2017 | 389 |
2018 | 384 |
2019-2023 | 1,809 |
Defined Benefit Plan Expected Future Benefit Payments | $3,778 |
Shareholders_Equity_Details
Shareholders' Equity (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Before-Tax Amount | |||
Unrealized gain on securities | $51,901 | ($76,319) | $2,414 |
Reclassification adjustment for securities gains included in net income (1) | -2,041 | -8,004 | -3,026 |
Non-credit related unrealized gains on other-than-temporarily impaired debt securities | 1,200 | 3,042 | 2,046 |
Unrealized gain on derivative financial instruments | 209 | 209 | 209 |
Unrecognized pension and postretirement cost | -20,258 | 12,875 | -6,470 |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Gain (Loss), before Tax | -1,452 | ||
Amortization of net unrecognized pension and postretirement income (2) | 627 | 2,019 | 1,321 |
Total Other Comprehensive Income | 30,186 | -66,178 | -3,506 |
Tax Effect | |||
Unrealized gain on securities | -18,167 | 26,712 | -845 |
Reclassification adjustment for securities gains included in net income (1) | 714 | 2,801 | 1,059 |
Non-credit related unrealized gains on other-than-temporarily impaired debt securities | -420 | -1,065 | -716 |
Unrealized gain on derivative financial instruments | -73 | -73 | -73 |
Unrecognized pension and postretirement cost | 7,090 | -4,506 | 2,263 |
Reclass adjustment for postretirement plan gain included in net income, tax | 508 | ||
Amortization of net unrecognized pension and postretirement income (2) | -219 | -707 | -462 |
Total Other Comprehensive Income | -10,567 | 23,162 | 1,226 |
Net of Tax Amount | |||
Unrealized gain on securities | 33,734 | -49,607 | 1,569 |
Reclassification adjustment for securities gains included in net income (1) | -1,327 | -5,203 | -1,967 |
Non-credit related unrealized gains on other-than-temporarily impaired debt securities | 780 | 1,977 | 1,330 |
Unrealized gain on derivative financial instruments | 136 | 136 | 136 |
Unrecognized pension and postretirement cost | -13,168 | 8,369 | -4,207 |
Reclass adjustment for postretirement plan gain included in net income, net of tax | 944 | 0 | 0 |
Amortization of net unrecognized pension and postretirement income (2) | 408 | 1,312 | 859 |
Total Other Comprehensive Income | $19,619 | ($43,016) | ($2,280) |
Shareholders_Equity_Changes_in
Shareholders' Equity Changes in Accumulated Other Comprehensive Income (Details) (USD $) | 12 Months Ended | |||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | 31-May-14 | Oct. 22, 2013 | Jan. 31, 2013 |
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||||
Accumulated other comprehensive loss | ($37,341) | $5,675 | $7,955 | |||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 20,402 | -39,261 | -1,308 | |||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | -783 | -3,755 | -972 | |||
Accumulated other comprehensive loss | -17,722 | -37,341 | 5,675 | |||
Number of shares authorized to be repurchased | 8,000,000 | 4,000,000 | 4,000,000 | 8,000,000 | ||
Authorized share repurchase plan percent of common shares outstanding | 2.10% | 2.10% | 4.00% | |||
Accumulated Net Unrealized Investment Gain (Loss) [Member] | ||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||||
Accumulated other comprehensive loss | -27,510 | 26,362 | 27,054 | |||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 33,734 | -49,607 | 1,275 | |||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | -244 | -4,265 | -1,967 | |||
Accumulated other comprehensive loss | 5,980 | -27,510 | 26,362 | |||
Accumulated Other-than-Temporary Impairment [Member] | ||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||||
Accumulated other comprehensive loss | 1,652 | 613 | -1,011 | |||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 780 | 1,977 | 1,624 | |||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | -1,083 | -938 | 0 | |||
Accumulated other comprehensive loss | 1,349 | 1,652 | 613 | |||
Accumulated Defined Benefit Plans Adjustment [Member] | ||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||||
Accumulated other comprehensive loss | -8,801 | -18,482 | -15,134 | |||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | -14,112 | 8,369 | -4,207 | |||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 408 | 1,312 | 859 | |||
Accumulated other comprehensive loss | -22,505 | -8,801 | -18,482 | |||
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | ||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||||
Accumulated other comprehensive loss | -2,682 | -2,818 | -2,954 | |||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 136 | 136 | 136 | |||
Accumulated other comprehensive loss | ($2,546) | ($2,682) | ($2,818) |
Shareholders_Equity_Common_Sto
Shareholders' Equity Common Stock Repurchase Plans (Details) (USD $) | 1 Months Ended | 2 Months Ended | 12 Months Ended | |||||
Nov. 30, 2014 | 31-May-14 | Feb. 19, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Oct. 22, 2013 | Jan. 31, 2013 | |
Equity [Abstract] | ||||||||
Number of shares authorized to be repurchased | 4,000,000 | 8,000,000 | 4,000,000 | 8,000,000 | ||||
Authorized share repurchase plan percent of common shares outstanding | 2.10% | 2.10% | 4.00% | |||||
Average cost per share of treasury stock acquired (usd per share) | $11.36 | $12.45 | ||||||
Treasury stock, value | $100,000,000 | |||||||
Acquisition of treasury stock | ($100,000,000) | ($175,255,000) | ($90,927,000) | ($20,359,000) | ||||
Acquisition of treasury stock (in shares) | -6,500,000 | -4,000,000 | -4,000,000 | |||||
Percent of common shares outstanding, expected to be delivered | 80.00% |
StockBased_Compensation_Plans_1
Stock-Based Compensation Plans Compensation Expense and Related Tax Benefits (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation | $5,865 | $5,330 | $4,834 |
Statutory tax rate | 35.00% | 35.00% | 35.00% |
Restricted Stock/RSUs/PSUs | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation | 4,345 | 3,705 | 3,506 |
Tax benefit | -1,510 | -1,297 | -1,227 |
Stock-based compensation, net of tax | 2,835 | 2,408 | 2,279 |
Non Qualified Stock Options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Granted | 0 | 50,000 | 15,000 |
Stock Options And Restricted Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation | 5,865 | 5,330 | 4,834 |
Tax benefit | -1,608 | -1,475 | -1,253 |
Stock-based compensation, net of tax | $4,257 | $3,855 | $3,581 |
StockBased_Compensation_Plans_2
Stock-Based Compensation Plans Options Activity (Details) (Stock Options, USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Stock Options | |||
Stock Options | |||
Outstanding as of December 31, 2013 | 5,567,701 | ||
Granted | 288,626 | 617,869 | 470,528 |
Exercised | -215,047 | ||
Forfeited | -435,502 | ||
Expired | -903,314 | ||
Outstanding as of December 31, 2014 | 4,302,464 | 5,567,701 | |
Exercisable as of December 31, 2014 | 3,546,500 | ||
Weighted Average Exercise Price | |||
Outstanding as of December 31, 2013 (usd per share) | $13.25 | ||
Granted (usd per share) | $12.61 | ||
Exercised (usd per share) | $9.62 | ||
Forfeited (usd per share) | $14.73 | ||
Expired (usd per share) | $14.95 | ||
Outstanding as of December 31, 2014 (usd per share) | $12.89 | $13.25 | |
Exercisable as of December 31, 2014 (usd per share) | $13.13 | ||
Additional Disclosures [Abstract] | |||
Outstanding, Weighted Average Remaining Contractual Term | 4 years 4 months 24 days | ||
Exercisable, Weighted Average Remaining Contractual Term | 3 years 6 months | ||
Outstanding, Aggregate Intrinsic Value | $4,500,000 | ||
Exercisable, Aggregate Intrinsic Value | 4,000,000 | ||
Number of options exercised | 215,047 | 451,102 | 141,305 |
Total intrinsic value of options exercised | 568,000 | 1,612,000 | 402,000 |
Cash received from options exercised | 2,068,000 | 3,650,000 | 987,000 |
Tax deduction realized from options exercised | $568,000 | $1,416,000 | $322,000 |
StockBased_Compensation_Plans_3
Stock-Based Compensation Plans Nonvested (Details) (USD $) | 12 Months Ended |
Dec. 31, 2014 | |
Nonvested Stock Options | |
Options | |
Nonvested as of December 31, 2013 | 1,071,266 |
Granted | 288,626 |
Vested | -514,734 |
Forfeited | -89,194 |
Nonvested as of December 31, 2014 | 755,964 |
Weighted Average Grant Date Fair Value | |
Nonvested as of December 31, 2013 (usd per share) | $2.35 |
Granted (usd per share) | $3.14 |
Vested (usd per share) | $2.29 |
Forfeited (usd per share) | $2.49 |
Nonvested as of December 31, 2014 (usd per share) | $2.68 |
Restricted Stock/RSUs/PSUs | |
Options | |
Nonvested as of December 31, 2013 | 943,039 |
Granted | 553,343 |
Vested | -389,328 |
Forfeited | -43,967 |
Nonvested as of December 31, 2014 | 1,063,087 |
Weighted Average Grant Date Fair Value | |
Nonvested as of December 31, 2013 (usd per share) | $10.90 |
Granted (usd per share) | $12.51 |
Vested (usd per share) | $9.83 |
Forfeited (usd per share) | $10.61 |
Nonvested as of December 31, 2014 (usd per share) | $11.83 |
StockBased_Compensation_Plans_4
Stock-Based Compensation Plans Assumptions (Details) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Stock Options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Risk-free interest rate | 2.44% | 1.27% | 1.68% |
Volatility of Corporation’s stock | 28.05% | 27.64% | 26.60% |
Expected dividend yield | 2.36% | 2.48% | 2.54% |
Expected life of options | 7 years | 7 years | 7 years |
Restricted Stock/RSUs/PSUs | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Risk-free interest rate | 0.91% | ||
Volatility of Corporation’s stock | 29.63% | ||
Expected life of options | 3 years |
StockBased_Compensation_Plans_5
Stock-Based Compensation Plans ESPP (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Percentage of fair value at purchase date | 85.00% | ||
Discount from market price, purchase date | 15.00% | ||
ESPP shares purchased | 132,640 | 141,608 | 165,456 |
Average purchase price per share (85% of market value) | $10.31 | $10.02 | $8.35 |
Compensation expense recognized (in thousands) | $241 | $251 | $244 |
StockBased_Compensation_Plans_6
Stock-Based Compensation Plans Narrative (Details) (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Statutory tax rate | 35.00% | 35.00% | 35.00% |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | $7.40 | ||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | 2 years | ||
Percentage of fair value at purchase date | 85.00% | ||
Discount from market price, purchase date | 15.00% | ||
Employee Option Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares reserved for future grants under the stock option and compensation plan | 11,400,000 | ||
Directors' Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares reserved for future grants under the stock option and compensation plan | 410,000 | ||
Non Qualified Stock Options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures | 0 | 50,000 | 15,000 |
Stock Options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $3.14 | 2.49 | 2.22 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures | 288,626 | 617,869 | 470,528 |
Restricted Stock/RSUs/PSUs | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $10.33 |
Leases_Details
Leases (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Leases [Abstract] | |||
Rent expense | $18,100,000 | $19,000,000 | $19,400,000 |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |||
2014 | 16,226,000 | ||
2015 | 15,176,000 | ||
2016 | 13,789,000 | ||
2017 | 11,517,000 | ||
2018 | 9,656,000 | ||
Thereafter | 51,840,000 | ||
Total | $118,204,000 |
Outstanding_Commitments_to_Ext
Outstanding Commitments to Extend Credit and Letters of Credit (Details) (Reserve for Off-balance Sheet Activities, USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Valuation allowances and reserves | $414,769 | $427,789 |
Commercial and other | ||
Valuation allowances and reserves | 2,743,415 | 2,673,415 |
Home equity | ||
Valuation allowances and reserves | 1,294,205 | 1,245,589 |
Commerical mortgage and construction | ||
Valuation allowances and reserves | 351,444 | 360,574 |
Total commitments to extend credit | ||
Valuation allowances and reserves | 4,389,064 | 4,279,578 |
Standby letters of credit | ||
Valuation allowances and reserves | 382,465 | 391,445 |
Commercial letters of credit | ||
Valuation allowances and reserves | 32,304 | 36,344 |
Residential Mortgage | ||
Valuation allowances and reserves | $3,200 | $8,600 |
Commitments_and_Contingencies_1
Commitments and Contingencies Narrative (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Loss Contingencies [Line Items] | ||||
Reduction in repurchase requests | $7,500,000 | |||
Operating risk loss | 4,271,000 | 9,290,000 | 9,454,000 | |
Residential mortgage principal balance repurchase request received | 917,000 | 6,100,000 | ||
Residential mortgage principal balance FHLB credit enhancement | 153,000,000 | |||
Residential mortgage repurchase reserves FHLB credit enhancement | 2,300,000 | 2,500,000 | ||
Obligation to Repurchase Receivables Sold | ||||
Loss Contingencies [Line Items] | ||||
Settlement amount | 4,500,000 | |||
Increase (Decrease) Residential Mortgage Principal Balance Repurchase Request Reserve | 5,100,000 | |||
Reserve for Off-balance Sheet Activities | ||||
Loss Contingencies [Line Items] | ||||
Valuation allowances and reserves | 414,769,000 | 427,789,000 | ||
Reserve for Off-balance Sheet Activities | Residential Mortgage | ||||
Loss Contingencies [Line Items] | ||||
Valuation allowances and reserves | $3,200,000 | $8,600,000 |
Fair_Value_Measurements_Assets
Fair Value Measurements Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Securities available for sale | $2,323,371 | $2,568,434 |
Equity securities | ||
Securities available for sale | 47,623 | 46,201 |
U.S. Government securities | ||
Securities available for sale | 200 | 525 |
U.S. Government sponsored agency securities | ||
Securities available for sale | 214 | 726 |
State and municipal securities | ||
Securities available for sale | 245,215 | 284,849 |
Corporate debt securities | ||
Securities available for sale | 98,034 | 98,749 |
Collateralized mortgage obligations | ||
Securities available for sale | 902,313 | 1,032,398 |
Mortgage-backed securities | ||
Securities available for sale | 928,831 | 945,712 |
Auction rate securities | ||
Securities available for sale | 100,941 | 159,274 |
Fair Value, Measurements, Recurring | ||
Mortgage loans held for sale | 17,522 | 21,351 |
Securities available for sale | 2,323,371 | 2,568,434 |
Other financial assets | 38,987 | 23,006 |
Total assets | 2,379,880 | 2,612,791 |
Other financial liabilities | 38,821 | 20,809 |
Fair Value, Measurements, Recurring | Equity securities | ||
Securities available for sale | 47,623 | 46,201 |
Fair Value, Measurements, Recurring | U.S. Government securities | ||
Securities available for sale | 200 | 525 |
Fair Value, Measurements, Recurring | U.S. Government sponsored agency securities | ||
Securities available for sale | 214 | 726 |
Fair Value, Measurements, Recurring | State and municipal securities | ||
Securities available for sale | 245,215 | 284,849 |
Fair Value, Measurements, Recurring | Corporate debt securities | ||
Securities available for sale | 98,034 | 98,749 |
Fair Value, Measurements, Recurring | Collateralized mortgage obligations | ||
Securities available for sale | 902,313 | 1,032,398 |
Fair Value, Measurements, Recurring | Mortgage-backed securities | ||
Securities available for sale | 928,831 | 945,712 |
Fair Value, Measurements, Recurring | Auction rate securities | ||
Securities available for sale | 100,941 | 159,274 |
Fair Value, Measurements, Recurring | Level 1 | ||
Mortgage loans held for sale | 0 | 0 |
Securities available for sale | 47,623 | 46,201 |
Other financial assets | 17,682 | 15,779 |
Total assets | 65,305 | 61,980 |
Other financial liabilities | 17,737 | 15,648 |
Fair Value, Measurements, Recurring | Level 1 | Equity securities | ||
Securities available for sale | 47,623 | 46,201 |
Fair Value, Measurements, Recurring | Level 1 | U.S. Government securities | ||
Securities available for sale | 0 | 0 |
Fair Value, Measurements, Recurring | Level 1 | U.S. Government sponsored agency securities | ||
Securities available for sale | 0 | 0 |
Fair Value, Measurements, Recurring | Level 1 | State and municipal securities | ||
Securities available for sale | 0 | 0 |
Fair Value, Measurements, Recurring | Level 1 | Corporate debt securities | ||
Securities available for sale | 0 | 0 |
Fair Value, Measurements, Recurring | Level 1 | Collateralized mortgage obligations | ||
Securities available for sale | 0 | 0 |
Fair Value, Measurements, Recurring | Level 1 | Mortgage-backed securities | ||
Securities available for sale | 0 | 0 |
Fair Value, Measurements, Recurring | Level 1 | Auction rate securities | ||
Securities available for sale | 0 | 0 |
Fair Value, Measurements, Recurring | Level 2 | ||
Mortgage loans held for sale | 17,522 | 21,351 |
Securities available for sale | 2,166,899 | 2,353,872 |
Other financial assets | 21,305 | 7,227 |
Total assets | 2,205,726 | 2,382,450 |
Other financial liabilities | 21,084 | 5,161 |
Fair Value, Measurements, Recurring | Level 2 | Equity securities | ||
Securities available for sale | 0 | 0 |
Fair Value, Measurements, Recurring | Level 2 | U.S. Government securities | ||
Securities available for sale | 200 | 525 |
Fair Value, Measurements, Recurring | Level 2 | U.S. Government sponsored agency securities | ||
Securities available for sale | 214 | 726 |
Fair Value, Measurements, Recurring | Level 2 | State and municipal securities | ||
Securities available for sale | 245,215 | 284,849 |
Fair Value, Measurements, Recurring | Level 2 | Corporate debt securities | ||
Securities available for sale | 90,126 | 89,662 |
Fair Value, Measurements, Recurring | Level 2 | Collateralized mortgage obligations | ||
Securities available for sale | 902,313 | 1,032,398 |
Fair Value, Measurements, Recurring | Level 2 | Mortgage-backed securities | ||
Securities available for sale | 928,831 | 945,712 |
Fair Value, Measurements, Recurring | Level 2 | Auction rate securities | ||
Securities available for sale | 0 | 0 |
Fair Value, Measurements, Recurring | Level 3 | ||
Mortgage loans held for sale | 0 | 0 |
Securities available for sale | 108,849 | 168,361 |
Other financial assets | 0 | 0 |
Total assets | 108,849 | 168,361 |
Other financial liabilities | 0 | 0 |
Fair Value, Measurements, Recurring | Level 3 | Equity securities | ||
Securities available for sale | 0 | 0 |
Fair Value, Measurements, Recurring | Level 3 | U.S. Government securities | ||
Securities available for sale | 0 | 0 |
Fair Value, Measurements, Recurring | Level 3 | U.S. Government sponsored agency securities | ||
Securities available for sale | 0 | 0 |
Fair Value, Measurements, Recurring | Level 3 | State and municipal securities | ||
Securities available for sale | 0 | 0 |
Fair Value, Measurements, Recurring | Level 3 | Corporate debt securities | ||
Securities available for sale | 7,908 | 9,087 |
Fair Value, Measurements, Recurring | Level 3 | Collateralized mortgage obligations | ||
Securities available for sale | 0 | 0 |
Fair Value, Measurements, Recurring | Level 3 | Mortgage-backed securities | ||
Securities available for sale | 0 | 0 |
Fair Value, Measurements, Recurring | Level 3 | Auction rate securities | ||
Securities available for sale | $100,941 | $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) (Fair Value, Measurements, Recurring, Level 3, USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | ||
Pooled trust preferred securities | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Balance, beginning of period | $5,306 | $6,927 | ||
Realized adjustment to fair value | -18 | [1] | 1,604 | [1] |
Unrealized adjustment to fair value | 923 | [2] | 1,981 | [2] |
Sales | -1,888 | -4,987 | ||
Discount accretion | 4 | 0 | ||
Balance, end of period | 4,088 | 5,306 | ||
Pooled trust preferred securities | Call Option [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Settlements - calls | -239 | -219 | ||
Single-issuer trust preferred securities | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Balance, beginning of period | 3,781 | 3,360 | ||
Realized adjustment to fair value | 0 | [1] | 0 | [1] |
Unrealized adjustment to fair value | 32 | [2] | 412 | [2] |
Sales | 0 | 0 | ||
Discount accretion | 7 | 9 | ||
Balance, end of period | 3,820 | 3,781 | ||
Single-issuer trust preferred securities | Call Option [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Settlements - calls | 0 | 0 | ||
Auction rate securities | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Balance, beginning of period | 159,274 | 149,339 | ||
Realized adjustment to fair value | 0 | [1] | 0 | [1] |
Unrealized adjustment to fair value | 3,970 | [2] | 11,688 | [2] |
Sales | -11,912 | -25 | ||
Discount accretion | 821 | 997 | ||
Balance, end of period | 100,941 | 159,274 | ||
Auction rate securities | Call Option [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Settlements - calls | ($51,212) | ($2,725) | ||
[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 (loss) 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 $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Net loans | $127,834 | $138,666 |
Total assets | 182,004 | 196,170 |
Other Assets | ||
Other financial assets | 54,170 | 57,504 |
Level 1 | ||
Net loans | 0 | 0 |
Total assets | 0 | 0 |
Level 1 | Other Assets | ||
Other financial assets | 0 | 0 |
Level 2 | ||
Net loans | 0 | 0 |
Total assets | 0 | 0 |
Level 2 | Other Assets | ||
Other financial assets | 0 | 0 |
Level 3 | ||
Net loans | 127,834 | 138,666 |
Total assets | 182,004 | 196,170 |
Level 3 | Other Assets | ||
Other financial assets | $54,170 | $57,504 |
Fair_Value_Measurements_Detail
Fair Value Measurements Details of Book Value and Fair Value of Financial Instruments (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Fair Value, Balance Sheet Grouping, FinancialStatement Captions[Line Items] | ||||
Securities available for sale | $2,323,371 | $2,568,434 | ||
FHLB advances and long-term debt | 1,139,413 | 883,584 | ||
Book Value | ||||
Fair Value, Balance Sheet Grouping, FinancialStatement Captions[Line Items] | ||||
Loans held for sale | 17,522 | [1] | 21,351 | [1] |
Loans, net of unearned income | 13,111,716 | [1] | 12,782,220 | [1] |
Accrued interest receivable | 41,818 | 44,037 | ||
Short-term borrowings | 329,719 | 1,258,629 | ||
Accrued interest payable | 18,045 | 15,218 | ||
FHLB advances and long-term debt | 1,139,413 | 883,584 | ||
Book Value | Cash and due from banks | ||||
Fair Value, Balance Sheet Grouping, FinancialStatement Captions[Line Items] | ||||
Cash and due from banks | 105,702 | 218,540 | ||
Book Value | Interest-bearing Deposits | ||||
Fair Value, Balance Sheet Grouping, FinancialStatement Captions[Line Items] | ||||
Interest-bearing deposits with other banks | 358,130 | 163,988 | ||
Federal Reserve Bank and FHLB stock | 64,953 | 84,173 | ||
Book Value | Available-for-sale Securities | ||||
Fair Value, Balance Sheet Grouping, FinancialStatement Captions[Line Items] | ||||
Securities available for sale | 2,323,371 | [1] | 2,568,434 | [1] |
Book Value | Other Assets | ||||
Fair Value, Balance Sheet Grouping, FinancialStatement Captions[Line Items] | ||||
Other financial assets | 169,764 | [1] | 146,933 | [1] |
Book Value | Deposits | ||||
Fair Value, Balance Sheet Grouping, FinancialStatement Captions[Line Items] | ||||
Demand and savings deposits | 10,296,055 | 9,573,264 | ||
Time deposits | 3,071,451 | 2,917,922 | ||
Book Value | Other financial liabilities | ||||
Fair Value, Balance Sheet Grouping, FinancialStatement Captions[Line Items] | ||||
Other financial liabilities | 172,786 | [1] | 124,440 | [1] |
Estimated Fair Value | ||||
Fair Value, Balance Sheet Grouping, FinancialStatement Captions[Line Items] | ||||
Loans held for sale | 17,522 | [1] | 21,351 | [1] |
Loans, net of unearned income | 13,030,543 | [1] | 12,688,774 | [1] |
Accrued interest receivable | 41,818 | 44,037 | ||
Short-term borrowings | 329,719 | 1,258,629 | ||
Accrued interest payable | 18,045 | 15,218 | ||
FHLB advances and long-term debt | 1,142,980 | 875,984 | ||
Estimated Fair Value | Cash and due from banks | ||||
Fair Value, Balance Sheet Grouping, FinancialStatement Captions[Line Items] | ||||
Cash and due from banks | 105,702 | 218,540 | ||
Estimated Fair Value | Interest-bearing Deposits | ||||
Fair Value, Balance Sheet Grouping, FinancialStatement Captions[Line Items] | ||||
Interest-bearing deposits with other banks | 358,130 | 163,988 | ||
Federal Reserve Bank and FHLB stock | 64,953 | 84,173 | ||
Estimated Fair Value | Available-for-sale Securities | ||||
Fair Value, Balance Sheet Grouping, FinancialStatement Captions[Line Items] | ||||
Securities available for sale | 2,323,371 | [1] | 2,568,434 | [1] |
Estimated Fair Value | Other Assets | ||||
Fair Value, Balance Sheet Grouping, FinancialStatement Captions[Line Items] | ||||
Other financial assets | 169,764 | [1] | 146,933 | [1] |
Estimated Fair Value | Deposits | ||||
Fair Value, Balance Sheet Grouping, FinancialStatement Captions[Line Items] | ||||
Demand and savings deposits | 10,296,055 | 9,573,264 | ||
Time deposits | 3,069,883 | 2,927,374 | ||
Estimated Fair Value | Other financial liabilities | ||||
Fair Value, Balance Sheet Grouping, FinancialStatement Captions[Line Items] | ||||
Other financial liabilities | $172,786 | [1] | $124,440 | [1] |
[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. |
Fair_Value_Measurements_Narrat
Fair Value Measurements Narrative (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Equity securities, value test coverage | 80.00% | |
Fair value price difference threshold | 5.00% | |
Estimated Fair Value | $2,275,748,000 | |
Other real estate owned (OREO) | 12,022,000 | 15,052,000 |
Assumed market return to liquidity | 5 years | |
Equity Securities Financial Institution | ||
Available-for-sale securities, equity securities | 41,800,000 | 40,600,000 |
Equity Securities, Miscellaneous | ||
Available-for-sale securities, equity securities | 5,800,000 | 5,600,000 |
Corporate debt securities | ||
Estimated Fair Value | 98,034,000 | 98,749,000 |
Single-issuer trust preferred securities | ||
Estimated Fair Value | 42,016,000 | 40,531,000 |
Pooled trust preferred securities | ||
Estimated Fair Value | 4,088,000 | 5,306,000 |
Level 3 | Other Assets | ||
Other real estate owned (OREO) | 12,000,000 | 15,100,000 |
Fair value of servicing asset at amortized value | 42,100,000 | 42,500,000 |
Fair Value, Measurements, Recurring | ||
Other financial assets | 38,987,000 | 23,006,000 |
Other financial liabilities | 38,821,000 | 20,809,000 |
Fair Value, Measurements, Recurring | Single-issuer trust preferred securities | ||
Estimated Fair Value | 42,000,000 | 40,500,000 |
Fair Value, Measurements, Recurring | Level 1 | ||
Other financial assets | 17,682,000 | 15,779,000 |
Other financial liabilities | 17,737,000 | 15,648,000 |
Fair Value, Measurements, Recurring | Level 1 | Equity Securities Financial Institution | ||
Available-for-sale securities, equity securities | 41,800,000 | 40,600,000 |
Fair Value, Measurements, Recurring | Level 1 | Equity Securities, Miscellaneous | ||
Available-for-sale securities, equity securities | 5,800,000 | 5,600,000 |
Fair Value, Measurements, Recurring | Level 2 | ||
Other financial assets | 21,305,000 | 7,227,000 |
Other financial liabilities | 21,084,000 | 5,161,000 |
Fair Value, Measurements, Recurring | Level 2 | Financial Institutions Subordinated Debt | ||
Estimated Fair Value | 50,000,000 | 50,300,000 |
Fair Value, Measurements, Recurring | Level 2 | Single-issuer trust preferred securities | ||
Estimated Fair Value | 38,200,000 | 36,700,000 |
Fair Value, Measurements, Recurring | Level 2 | Other Corporate Debt | ||
Estimated Fair Value | 1,900,000 | 2,600,000 |
Fair Value, Measurements, Recurring | Level 3 | ||
Other financial assets | 0 | 0 |
Other financial liabilities | 0 | 0 |
Fair Value, Measurements, Recurring | Level 3 | Single-issuer trust preferred securities | ||
Estimated Fair Value | 3,800,000 | 3,800,000 |
Fair Value, Measurements, Recurring | Level 3 | Pooled trust preferred securities | ||
Estimated Fair Value | 4,100,000 | 5,300,000 |
Minimum | ||
Assumptions used to estimate fair value, prepayment speed | 12.60% | |
Assumptions used to estimate fair value, discount rate | 9.10% | |
Trust for Benefit of Employees | Fair Value, Measurements, Recurring | Level 1 | ||
Other financial assets | 16,400,000 | 15,300,000 |
Foreign Exchange Contract | Fair Value, Measurements, Recurring | Level 1 | ||
Other financial assets | 1,300,000 | 522,000 |
Forward Commitments | Fair Value, Measurements, Recurring | Level 2 | ||
Other financial assets | 1,400,000 | 2,100,000 |
Other financial liabilities | 1,200,000 | 64,000 |
Interest Rate Swap | Fair Value, Measurements, Recurring | Level 2 | ||
Other financial assets | 19,900,000 | 5,100,000 |
Other financial liabilities | 19,900,000 | 5,100,000 |
Foreign Exchange Contract | Fair Value, Measurements, Recurring | Level 1 | ||
Other financial liabilities | 1,300,000 | 391,000 |
Trust for Benefit of Employees | Fair Value, Measurements, Recurring | Level 1 | ||
Other financial liabilities | $16,400,000 | $15,300,000 |
Short Term Financial Instruments | ||
Short term borrowings, reprice period | 90 |
Condensed_Financial_Informatio2
Condensed Financial Information - Parent Company Only Balance Sheet (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
Assets [Abstract] | ||||
Other assets | $527,869 | $495,574 | ||
Investments in: | ||||
Total Assets | 17,124,767 | 16,934,634 | ||
Other liabilities | 273,419 | 222,830 | ||
Total Liabilities | 15,128,102 | 14,871,447 | ||
Shareholders' Equity [Abstract] | ||||
Shareholders’ equity | 1,996,665 | 2,063,187 | 2,081,656 | 1,992,539 |
Total Liabilities and Shareholders’ Equity | 17,124,767 | 16,934,634 | ||
Parent | ||||
Assets [Abstract] | ||||
Cash | 137 | 8 | 40 | 59 |
Other assets | 10,053 | 2,526 | ||
Receivable from subsidiaries | 29,120 | 21,849 | ||
Investments in: | ||||
Bank subsidiaries | 2,174,786 | 2,109,696 | ||
Non-bank subsidiaries | 414,863 | 406,852 | ||
Total Assets | 2,628,959 | 2,540,931 | ||
Long-term debt | 465,936 | 368,487 | ||
Payable to non-bank subsidiaries | 84,676 | 42,944 | ||
Other liabilities | 81,682 | 66,313 | ||
Total Liabilities | 632,294 | 477,744 | ||
Shareholders' Equity [Abstract] | ||||
Shareholders’ equity | 1,996,665 | 2,063,187 | ||
Total Liabilities and Shareholders’ Equity | $2,628,959 | $2,540,931 |
Condensed_Financial_Informatio3
Condensed Financial Information - Parent Company Only Income statement (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Condensed Financial Statements, Captions [Line Items] | |||
Total Non-Interest Income | $167,379 | $187,664 | $216,412 |
Income Before Income Taxes | 210,500 | 212,925 | 217,446 |
Income tax benefit | 52,606 | 51,085 | 57,601 |
Net Income | 157,894 | 161,840 | 159,845 |
Parent | |||
Condensed Financial Statements, Captions [Line Items] | |||
Dividends from subsidiaries | 139,150 | 114,438 | 142,000 |
Other | 120,543 | 106,297 | 88,380 |
Total Non-Interest Income | 259,693 | 220,735 | 230,380 |
Expenses | 152,243 | 138,164 | 124,525 |
Income Before Income Taxes | 107,450 | 82,571 | 105,855 |
Income tax benefit | -10,549 | -10,744 | -10,847 |
Income before equity in undistributed income of subsidiaries | 117,999 | 93,315 | 116,702 |
Net Income | 157,894 | 161,840 | 159,845 |
Parent | Bank subsidiaries | |||
Condensed Financial Statements, Captions [Line Items] | |||
Non-bank subsidiaries | 33,134 | 56,552 | 46,350 |
Parent | Non-bank subsidiaries | |||
Condensed Financial Statements, Captions [Line Items] | |||
Non-bank subsidiaries | $6,761 | $11,973 | ($3,207) |
Condensed_Financial_Informatio4
Condensed Financial Information - Parent Company Only Cash Flows (Details) (USD $) | 1 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Nov. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Cash Flows From Operating Activities: | ||||
Net Income | $157,894 | $161,840 | $159,845 | |
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities [Abstract] | ||||
Stock-based compensation | 5,865 | 5,330 | 4,834 | |
Excess tax benefits from stock-based compensation | -81 | -302 | -39 | |
(Increase) decrease in other assets | -8,803 | 37,236 | 15,791 | |
Increase in other liabilities and payable to non-bank subsidiaries | -13,294 | -29,344 | -3,508 | |
Total adjustments | 52,478 | 139,777 | 134,667 | |
Net cash provided by operating activities | 210,372 | 301,617 | 294,512 | |
Cash Flows From Investing Activities: | ||||
Net cash used in investing activities | -275,448 | -598,747 | -320,140 | |
Cash Flows From Financing Activities: | ||||
Repayments of long-term debt | -6,284 | -10,669 | -151,596 | |
Additions to long-term debt | 262,113 | 0 | 5,700 | |
Net proceeds from issuance of common stock | 8,201 | 9,936 | 7,005 | |
Excess tax benefits from stock-based compensation | 81 | 302 | 39 | |
Dividends paid | -64,028 | -46,525 | -71,972 | |
Acquisition of treasury stock | -100,000 | -175,255 | -90,927 | -20,359 |
Deferred accelerated stock repurchase payment | -20,000 | 0 | 0 | |
Deferred accelerated stock repurchase payment | 175,255 | 90,927 | 20,359 | |
Net cash (used in) provided by financing activities | -47,762 | 259,370 | -10,670 | |
Net Increase (Decrease) in Cash and Cash Equivalents | -112,838 | -37,760 | -36,298 | |
Parent | ||||
Cash Flows From Operating Activities: | ||||
Net Income | 157,894 | 161,840 | 159,845 | |
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities [Abstract] | ||||
Stock-based compensation | 5,865 | 5,330 | 4,834 | |
Excess tax benefits from stock-based compensation | -81 | -302 | -39 | |
(Increase) decrease in other assets | -7,120 | 1,893 | -6,340 | |
Equity in undistributed net income of subsidiaries | -39,895 | -68,525 | -43,143 | |
Increase in other liabilities and payable to non-bank subsidiaries | 37,354 | 26,946 | 6,885 | |
Total adjustments | -3,877 | -34,658 | -37,803 | |
Net cash provided by operating activities | 154,017 | 127,182 | 122,042 | |
Cash Flows From Investing Activities: | ||||
Investments in non-bank subsidiaries | 0 | 0 | -32,649 | |
Net cash used in investing activities | 0 | 0 | -32,649 | |
Cash Flows From Financing Activities: | ||||
Repayments of long-term debt | 0 | 0 | -4,125 | |
Additions to long-term debt | 97,113 | 0 | 0 | |
Net proceeds from issuance of common stock | 8,201 | 9,936 | 7,005 | |
Excess tax benefits from stock-based compensation | 81 | 302 | 39 | |
Dividends paid | -64,028 | -46,525 | -71,972 | |
Acquisition of treasury stock | -175,255 | -90,927 | -20,359 | |
Deferred accelerated stock repurchase payment | -20,000 | 0 | 0 | |
Net cash (used in) provided by financing activities | -153,888 | -127,214 | -89,412 | |
Net Increase (Decrease) in Cash and Cash Equivalents | 129 | -32 | -19 | |
Cash and Cash Equivalents at Beginning of Year | 8 | 40 | 59 | |
Cash and Cash Equivalents at End of Year | $137 | $8 | $40 |