Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2016 | Jul. 29, 2016 | |
Document and Entity Information | ||
Entity Registrant Name | FULTON FINANCIAL CORP | |
Entity Central Index Key | 700,564 | |
Trading Symbol | fult | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 173,060,000 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
ASSETS | ||
Cash and due from banks | $ 84,647 | $ 101,120 |
Interest-bearing deposits with other banks | 348,232 | 230,300 |
Federal Reserve Bank and Federal Home Loan Bank stock | 59,854 | 62,216 |
Loans held for sale | 34,330 | 16,886 |
Available for sale investment securities | 2,529,724 | 2,484,773 |
Loans, net of unearned income | 14,155,159 | 13,838,602 |
Less: Allowance for loan losses | (162,546) | (169,054) |
Net Loans | 13,992,613 | 13,669,548 |
Premises and equipment | 228,861 | 225,535 |
Accrued interest receivable | 43,316 | 42,767 |
Goodwill and intangible assets | 531,556 | 531,556 |
Other assets | 626,902 | 550,017 |
Total Assets | 18,480,035 | 17,914,718 |
LIABILITIES | ||
Noninterest-bearing | 4,125,375 | 3,948,114 |
Interest-bearing | 10,167,189 | 10,184,203 |
Total Deposits | 14,292,564 | 14,132,317 |
Short-term borrowings: | ||
Federal funds purchased | 449,184 | 197,235 |
Other short-term borrowings | 273,030 | 300,428 |
Total Short-Term Borrowings | 722,214 | 497,663 |
Accrued interest payable | 8,336 | 10,724 |
Other liabilities | 384,372 | 282,578 |
Federal Home Loan Bank advances and long-term debt | 965,552 | 949,542 |
Total Liabilities | 16,373,038 | 15,872,824 |
SHAREHOLDERS’ EQUITY | ||
Common stock, $2.50 par value, 600 million shares authorized, 219.0 million shares issued in 2016 and 218.9 million shares issued in 2015 | 547,530 | 547,141 |
Additional paid-in capital | 1,455,351 | 1,450,690 |
Retained earnings | 686,635 | 641,588 |
Accumulated other comprehensive income (loss) | 7,689 | (22,017) |
Treasury stock, at cost, 45.9 million shares in 2016 and 44.7 million shares in 2015 | (590,208) | (575,508) |
Total Shareholders’ Equity | 2,106,997 | 2,041,894 |
Total Liabilities and Shareholders’ Equity | $ 18,480,035 | $ 17,914,718 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2016 | Dec. 31, 2015 |
Statement of Financial Position [Abstract] | ||
Common stock, par value (in dollars per share) | $ 2.5 | $ 2.5 |
Common stock, shares authorized (in shares) | 600,000,000 | 600,000,000 |
Common stock, shares issued (in shares) | 219,000,000 | 218,900,000 |
Treasury stock, shares (in shares) | 45,900,000 | 44,700,000 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
INTEREST INCOME | ||||
Loans, including fees | $ 134,643 | $ 129,910 | $ 268,722 | $ 259,687 |
Investment securities: | ||||
Taxable | 11,159 | 10,944 | 23,162 | 22,226 |
Tax-exempt | 2,320 | 1,881 | 4,360 | 3,968 |
Dividends | 135 | 296 | 295 | 644 |
Loans held for sale | 188 | 265 | 319 | 438 |
Other interest income | 864 | 933 | 1,762 | 3,038 |
Total Interest Income | 149,309 | 144,229 | 298,620 | 290,001 |
INTEREST EXPENSE | ||||
Deposits | 10,887 | 10,053 | 21,614 | 19,876 |
Short-term borrowings | 217 | 103 | 485 | 180 |
Long-term debt | 9,289 | 11,153 | 18,551 | 23,444 |
Total Interest Expense | 20,393 | 21,309 | 40,650 | 43,500 |
Net Interest Income | 128,916 | 122,920 | 257,970 | 246,501 |
Provision for credit losses | 2,511 | 2,200 | 4,041 | (1,500) |
Net Interest Income After Provision for Credit Losses | 126,405 | 120,720 | 253,929 | 248,001 |
NON-INTEREST INCOME | ||||
Other service charges and fees | 12,983 | 10,988 | 23,733 | 20,351 |
Service charges on deposit accounts | 12,896 | 12,637 | 25,454 | 24,206 |
Investment management and trust services | 11,247 | 11,011 | 22,235 | 21,900 |
Mortgage banking income | 3,897 | 5,339 | 7,927 | 10,027 |
Investment securities gains, net | 76 | 2,415 | 1,023 | 6,560 |
Other | 5,038 | 4,099 | 8,902 | 8,182 |
Total Non-Interest Income | 46,137 | 46,489 | 89,274 | 91,226 |
NON-INTEREST EXPENSE | ||||
Salaries and employee benefits | 70,029 | 65,067 | 139,401 | 130,057 |
Net occupancy expense | 11,811 | 11,809 | 24,031 | 25,501 |
Other outside services | 5,508 | 8,125 | 11,564 | 13,875 |
Data processing | 5,476 | 4,894 | 10,876 | 9,662 |
Software | 3,953 | 3,376 | 7,874 | 6,694 |
Professional fees | 3,353 | 2,731 | 5,686 | 5,602 |
FDIC insurance expense | 2,960 | 2,885 | 5,909 | 5,707 |
Equipment expense | 2,872 | 3,335 | 6,243 | 7,293 |
Supplies and postage | 2,706 | 2,726 | 5,285 | 5,095 |
Marketing | 1,916 | 2,235 | 3,540 | 3,468 |
Telecommunications | 1,459 | 1,617 | 2,947 | 3,333 |
Operating risk loss | 986 | 674 | 1,526 | 1,501 |
Other real estate owned and repossession expense | 365 | 129 | 1,003 | 1,491 |
Intangible amortization | 0 | 106 | 0 | 236 |
Other | 8,243 | 8,645 | 16,165 | 17,317 |
Total Non-Interest Expense | 121,637 | 118,354 | 242,050 | 236,832 |
Income Before Income Taxes | 50,905 | 48,855 | 101,153 | 102,395 |
Income taxes | 11,155 | 12,175 | 23,146 | 25,679 |
Net Income | $ 39,750 | $ 36,680 | $ 78,007 | $ 76,716 |
PER SHARE: | ||||
Net Income (Basic) (in dollars per share) | $ 0.23 | $ 0.21 | $ 0.45 | $ 0.43 |
Net Income (Diluted) (in dollars per share) | 0.23 | 0.21 | 0.45 | 0.43 |
Cash Dividends (in dollars per share) | $ 0.10 | $ 0.09 | $ 0.19 | $ 0.18 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Statement of Comprehensive Income [Abstract] | ||||
Net Income | $ 39,750 | $ 36,680 | $ 78,007 | $ 76,716 |
Other Comprehensive Income (Loss), net of tax: | ||||
Unrealized gain (loss) on securities | 12,839 | (12,008) | 29,865 | (2,016) |
Reclassification adjustment for securities gains included in net income | (49) | (1,569) | (665) | (4,264) |
Non-credit related unrealized gain on other-than-temporarily impaired debt securities | 0 | 0 | 0 | 125 |
Amortization of unrealized loss on derivative financial instruments | 4 | 34 | 8 | 68 |
Amortization of net unrecognized pension and postretirement items | 32 | 466 | 498 | 932 |
Other Comprehensive Income (Loss) | 12,826 | (13,077) | 29,706 | (5,155) |
Total Comprehensive Income | $ 52,576 | $ 23,603 | $ 107,713 | $ 71,561 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) shares in Thousands, $ in Thousands | Total | Share Repurchase Program [Member] | Accelerated Stock Repurchase Program [Member] | Common Stock [Member] | Common Stock [Member]Share Repurchase Program [Member] | Common Stock [Member]Accelerated Stock Repurchase Program [Member] | Additional Paid-In Capital [Member] | Additional Paid-In Capital [Member]Accelerated Stock Repurchase Program [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income [Member] | Treasury Stock [Member] | Treasury Stock [Member]Share Repurchase Program [Member] | Treasury Stock [Member]Accelerated Stock Repurchase Program [Member] |
Beginning Balance at Dec. 31, 2014 | $ 1,996,665 | $ 545,555 | $ 1,420,523 | $ 558,810 | $ (17,722) | $ (510,501) | |||||||
Beginning Balance (in shares) at Dec. 31, 2014 | 178,924 | ||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||
Net Income | 76,716 | 76,716 | |||||||||||
Other comprehensive income | (5,155) | (5,155) | |||||||||||
Stock issued, including related tax benefits | 4,695 | $ 664 | 1,954 | 2,077 | |||||||||
Stock issued, including related tax benefits (in shares) | 423 | ||||||||||||
Stock-based compensation awards | 2,838 | 2,838 | |||||||||||
Acquisition of treasury stock (in shares) | (1,538) | (1,790) | |||||||||||
Acquisition of treasury stock | (19,013) | $ 0 | $ 20,000 | (19,013) | $ (20,000) | ||||||||
Common stock cash dividends | (31,929) | (31,929) | |||||||||||
Ending Balance at Jun. 30, 2015 | 2,024,817 | $ 546,219 | 1,445,315 | 603,597 | (22,877) | (547,437) | |||||||
Ending Balance (in shares) at Jun. 30, 2015 | 176,019 | ||||||||||||
Beginning Balance at Dec. 31, 2015 | 2,041,894 | $ 547,141 | 1,450,690 | 641,588 | (22,017) | (575,508) | |||||||
Beginning Balance (in shares) at Dec. 31, 2015 | 174,176 | ||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||
Net Income | 78,007 | 78,007 | |||||||||||
Other comprehensive income | 29,706 | 29,706 | |||||||||||
Stock issued, including related tax benefits | 3,348 | $ 389 | 1,405 | 1,554 | |||||||||
Stock issued, including related tax benefits (in shares) | 273 | ||||||||||||
Stock-based compensation awards | 3,256 | 3,256 | |||||||||||
Acquisition of treasury stock (in shares) | (1,310) | ||||||||||||
Acquisition of treasury stock | $ (16,254) | $ (16,254) | |||||||||||
Common stock cash dividends | (32,960) | (32,960) | |||||||||||
Ending Balance at Jun. 30, 2016 | $ 2,106,997 | $ 547,530 | $ 1,455,351 | $ 686,635 | $ 7,689 | $ (590,208) | |||||||
Ending Balance (in shares) at Jun. 30, 2016 | 173,139 |
Consolidated Statements of Sha7
Consolidated Statements of Shareholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Statement of Stockholders' Equity [Abstract] | ||||
Cash dividends per share | $ 0.10 | $ 0.09 | $ 0.19 | $ 0.18 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net Income | $ 78,007 | $ 76,716 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Provision for credit losses | 4,041 | (1,500) |
Depreciation and amortization of premises and equipment | 13,804 | 13,920 |
Net amortization of investment securities premiums | 4,647 | 3,288 |
Investment securities gains, net | (1,023) | (6,560) |
Gain on sales of mortgage loans held for sale | (7,110) | (7,961) |
Proceeds from sales of mortgage loans held for sale | 304,516 | 406,703 |
Originations of mortgage loans held for sale | (314,850) | (415,200) |
Amortization of intangible assets | 0 | 236 |
Amortization of issuance costs on long-term debt | 193 | 279 |
Stock-based compensation | 3,256 | 2,838 |
Excess tax benefits from stock-based compensation | (28) | (63) |
(Increase) decrease in accrued interest receivable | (549) | 625 |
(Increase) decrease in other assets | (18,268) | 10,181 |
Decrease in accrued interest payable | (2,388) | (2,873) |
Increase (decrease) in other liabilities | 9,866 | (3,322) |
Total adjustments | (3,893) | 591 |
Net cash provided by operating activities | 74,114 | 77,307 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Proceeds from sales of securities available for sale | 84,972 | 18,815 |
Proceeds from maturities of securities available for sale | 282,832 | 205,620 |
Purchase of securities available for sale | (355,220) | (346,322) |
(Increase) decrease in short-term investments | (115,570) | 35,759 |
Net increase in loans | (326,902) | (147,492) |
Net purchases of premises and equipment | (17,130) | (14,687) |
Net cash used in investing activities | (447,018) | (248,307) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Net increase in demand and savings deposits | 202,552 | 205,901 |
Net decrease in time deposits | (42,305) | (67,698) |
Increase in short-term borrowings | 224,551 | 79,316 |
Additions to long-term debt | 16,000 | 148,099 |
Repayments of long-term debt | (183) | (155,150) |
Net proceeds from issuance of common stock | 3,320 | 4,632 |
Excess tax benefits from stock-based compensation | 28 | 63 |
Dividends paid | (31,278) | (30,397) |
Acquisition of treasury stock | (16,254) | (19,013) |
Net cash provided by financing activities | 356,431 | 165,753 |
Net Decrease in Cash and Due From Banks | (16,473) | (5,247) |
Cash and Due From Banks at Beginning of Period | 101,120 | 105,702 |
Cash and Due From Banks at End of Period | 84,647 | 100,455 |
Cash paid during the period for: | ||
Interest | 43,038 | 46,373 |
Income taxes | $ 9,087 | $ 11,051 |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited consolidated financial statements of Fulton Financial Corporation (the "Corporation") have been prepared in conformity with U.S. generally accepted accounting principles ("U.S. GAAP") for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and notes required by U.S. GAAP for complete financial statements. The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the amounts of assets and liabilities as of the date of the financial statements as well as revenues and expenses during the period. Actual results could differ from those estimates. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. These consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2015 . Operating results for the three and six months ended June 30, 2016 are not necessarily indicative of the results that may be expected for the year ending December 31, 2016 . The Corporation evaluates subsequent events through the date of filing of this Form 10-Q with the Securities and Exchange Commission ("SEC"). Recently Issued Accounting Standards In May 2014, the Financial Accounting Standards Board ("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. During the first half of 2016, the FASB issued amendments to this standard (ASC Updates 2016-08, 2016-10, 2016-11 and 2016-12). These amendments provide further clarification to the standard. For public business entities, ASC Update 2014-09 is effective for interim and annual reporting periods beginning after December 15, 2017. Early application is not permitted. For the Corporation, this standards update is effective with its March 31, 2018 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 January 2016, the FASB issued ASC Update 2016-01, "Financial Instruments - Overall: Recognition and Measurement of Financial Assets and Financial Liabilities." ASC Update 2016-01 provides guidance regarding the income statement impact of equity investments held by an entity and the recognition of changes in fair value of financial liabilities when the fair value option is elected. ASC Update 2016-01 is effective for public business entities' annual and interim reporting periods beginning after December 15, 2017, with earlier adoption permitted. The Corporation intends to adopt this standards update effective with its March 31, 2018 quarterly report on Form 10-Q and does not expect the adoption of ASC Update 2016-01 to have a material impact on its consolidated financial statements. In February 2016, the FASB issued ASC Update 2016-02, "Leases." This standards update states that a lessee should recognize the assets and liabilities that arise from all leases with a term greater than 12 months. The core principle requires the lessee to recognize a liability to make lease payments and a "right-of-use" asset. The accounting applied by the lessor is relatively unchanged. The standards update also requires expanded qualitative and quantitative disclosures. For public business entities, ASC Update 2016-02 is effective for interim and annual reporting periods beginning after December 15, 2018. ASC Update 2016-02 mandates a modified retrospective transition for all entities. Early application is permitted. For the Corporation, this standards update is effective with its March 31, 2019 quarterly report on Form 10-Q. The Corporation is currently evaluating the impact of the adoption of ASC Update 2016-02 on its consolidated financial statements. In March 2016, the FASB issued ASC Update 2016-09, "Stock Compensation: Improvements to Employee Share-Based Payment Accounting." The purpose of this standards update is to simplify several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liability, and classification on the statement of cash flows. ASC Update 2016-09 is effective for interim and annual reporting periods beginning after December 15, 2016. Early application is 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 2016-09 on its consolidated financial statements. In June 2016, the FASB issued ASC Update 2016-13, "Financial Instruments - Credit Losses." The new impairment model prescribed by this standards update is a single impairment model for all financial assets (i.e., loans and investments). The recognition of credit losses would be based on an entity’s current estimate of expected losses (referred to as the Current Expected Credit Loss model, or "CECL"), as opposed to recognition of losses only when they are probable (current practice). ASC Update 2016-13 is effective for interim and annual reporting periods beginning after December 15, 2019. Early adoption is permitted. For the Corporation, this standards update is effective with its March 31, 2020 quarterly report on Form 10-Q. The Corporation is currently evaluating the impact of the adoption of ASC Update 2016-13 on its consolidated financial statements. Reclassifications Certain amounts in the 2015 consolidated financial statements and notes have been reclassified to conform to the 2016 presentation. |
Net Income Per Share
Net Income Per Share | 6 Months Ended |
Jun. 30, 2016 | |
Earnings Per Share [Abstract] | |
Net Income Per Share | Net Income Per Share Basic net income per share is calculated as net income divided by the weighted average number of shares outstanding. Diluted net income per share is calculated as net income divided by the weighted average number of shares outstanding plus the incremental number of shares added as a result of converting common stock equivalents, calculated using the treasury stock method. The Corporation’s common stock equivalents consist of outstanding stock options, restricted stock, restricted stock units ("RSUs") and performance-based restricted stock units ("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 shares outstanding used to calculate basic net income per share and diluted net income per share follows: Three months ended June 30 Six months ended June 30 2016 2015 2016 2015 (in thousands) Weighted average shares outstanding (basic) 173,394 176,433 173,363 177,446 Impact of common stock equivalents 924 1,098 1,004 1,042 Weighted average shares outstanding (diluted) 174,318 177,531 174,367 178,488 For the three and six months ended June 30, 2016 , 802,000 and 844,000 stock options, respectively, were excluded from the diluted net income per share computation as their effect would have been anti-dilutive. For the three and six months ended June 30, 2015, 1.8 million and 2.0 million stock options, respectively, were excluded from the diluted net income per share computation as their effect would have been anti-dilutive. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income | 6 Months Ended |
Jun. 30, 2016 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income | Accumulated Other Comprehensive Income The following table presents changes in other comprehensive income: Before-Tax Amount Tax Effect Net of Tax Amount (in thousands) Three months ended June 30, 2016 Unrealized gain on securities $ 19,753 $ (6,914 ) $ 12,839 Reclassification adjustment for securities gains included in net income (1) (76 ) 27 (49 ) Amortization of unrealized loss on derivative financial instruments (2) 6 (2 ) 4 Amortization of net unrecognized pension and postretirement items (3) 49 (17 ) 32 Total Other Comprehensive Income $ 19,732 $ (6,906 ) $ 12,826 Three months ended June 30, 2015 Unrealized loss on securities $ (18,474 ) $ 6,466 $ (12,008 ) Reclassification adjustment for securities gains included in net income (1) (2,413 ) 844 (1,569 ) Amortization of unrealized loss on derivative financial instruments (2) 52 (18 ) 34 Amortization of net unrecognized pension and postretirement items (3) 717 (251 ) 466 Total Other Comprehensive Loss $ (20,118 ) $ 7,041 $ (13,077 ) Six months ended June 30, 2016 Unrealized gain on securities $ 45,946 $ (16,081 ) $ 29,865 Reclassification adjustment for securities gains included in net income (1) (1,023 ) 358 (665 ) Amortization of unrealized loss on derivative financial instruments (2) 12 (4 ) 8 Amortization of net unrecognized pension and postretirement items (3) 766 (268 ) 498 Total Other Comprehensive Income $ 45,701 $ (15,995 ) $ 29,706 Six months ended June 30, 2015 Unrealized loss on securities $ (3,103 ) $ 1,087 $ (2,016 ) Reclassification adjustment for securities gains included in net income (1) (6,558 ) 2,294 (4,264 ) Non-credit related unrealized gains on other-than-temporarily impaired debt securities 192 (67 ) 125 Amortization of unrealized loss on derivative financial instruments (2) 104 (36 ) 68 Amortization of net unrecognized pension and postretirement items (3) 1,434 (502 ) 932 Total Other Comprehensive Loss $ (7,931 ) $ 2,776 $ (5,155 ) (1) Amounts reclassified out of accumulated other comprehensive income. Before-tax amounts included in "Investment securities gains, net" on the consolidated statements of income. See Note 4, "Investment Securities," for additional details. (2) Amounts reclassified out of accumulated other comprehensive income. Before-tax amounts included in "Interest expense" on the consolidated statements of income. (3) Amounts reclassified out of accumulated other comprehensive income. Before-tax amounts included in "Salaries and employee benefits" on the consolidated statements of income. See Note 8, "Employee Benefit Plans," for additional details. The following table presents changes in each component of accumulated other comprehensive income, net of tax: Unrealized Gains (Losses) on Investment Securities Not Other-Than-Temporarily Impaired Unrealized Non-Credit Gains (Losses) on Other-Than-Temporarily Impaired Debt Securities Unrealized Effective Portions of Losses on Forward-Starting Interest Rate Swaps Unrecognized Pension and Postretirement Plan Income (Costs) Total (in thousands) Three months ended June 30, 2016 Balance at March 31, 2016 $ 9,911 $ 458 $ (11 ) $ (15,495 ) $ (5,137 ) Other comprehensive income before reclassifications 12,839 — — — 12,839 Amounts reclassified from accumulated other comprehensive income (loss) (49 ) — 4 32 (13 ) Balance at June 30, 2016 $ 22,701 $ 458 $ (7 ) $ (15,463 ) $ 7,689 Three months ended June 30, 2015 Balance at March 31, 2015 $ 14,311 $ 440 $ (2,512 ) $ (22,039 ) $ (9,800 ) Other comprehensive income before reclassifications (12,008 ) — — — (12,008 ) Amounts reclassified from accumulated other comprehensive income (loss) (1,473 ) (96 ) 34 466 (1,069 ) Balance at June 30, 2015 $ 830 $ 344 $ (2,478 ) $ (21,573 ) $ (22,877 ) Six months ended June 30, 2016 Balance at December 31, 2015 $ (6,499 ) $ 458 $ (15 ) $ (15,961 ) $ (22,017 ) Other comprehensive income before reclassifications 29,865 — — — 29,865 Amounts reclassified from accumulated other comprehensive income (loss) (665 ) — 8 498 (159 ) Balance at June 30, 2016 $ 22,701 $ 458 $ (7 ) $ (15,463 ) $ 7,689 Six months ended June 30, 2015 Balance at December 31, 2014 $ 5,980 $ 1,349 $ (2,546 ) $ (22,505 ) $ (17,722 ) Other comprehensive income before reclassifications (2,016 ) 125 — — (1,891 ) Amounts reclassified from accumulated other comprehensive income (loss) (3,134 ) (1,130 ) 68 932 (3,264 ) Balance at June 30, 2015 $ 830 $ 344 $ (2,478 ) $ (21,573 ) $ (22,877 ) |
Investment Securities
Investment Securities | 6 Months Ended |
Jun. 30, 2016 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | Investment Securities The following table presents the amortized cost and estimated fair values of investment securities, which were all classified as available for sale: Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value (in thousands) June 30, 2016 U.S. Government sponsored agency securities $ 143 $ 3 $ — $ 146 State and municipal securities 333,246 12,101 — 345,347 Corporate debt securities 95,419 3,001 (6,873 ) 91,547 Collateralized mortgage obligations 701,853 5,951 (1,458 ) 706,346 Mortgage-backed securities 1,242,267 25,501 (5 ) 1,267,763 Auction rate securities 106,949 — (9,063 ) 97,886 Total debt securities 2,479,877 46,557 (17,399 ) 2,509,035 Equity securities 14,210 6,493 (14 ) 20,689 Total $ 2,494,087 $ 53,050 $ (17,413 ) $ 2,529,724 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value (in thousands) December 31, 2015 U.S. Government sponsored agency securities $ 25,154 $ 35 $ (53 ) $ 25,136 State and municipal securities 256,746 6,019 — 262,765 Corporate debt securities 100,336 2,695 (6,076 ) 96,955 Collateralized mortgage obligations 835,439 3,042 (16,972 ) 821,509 Mortgage-backed securities 1,154,935 10,104 (6,204 ) 1,158,835 Auction rate securities 106,772 — (8,713 ) 98,059 Total debt securities 2,479,382 21,895 (38,018 ) 2,463,259 Equity securities 14,677 6,845 (8 ) 21,514 Total $ 2,494,059 $ 28,740 $ (38,026 ) $ 2,484,773 Securities carried at $1.7 billion as of June 30, 2016 and December 31, 2015 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 $19.8 million at June 30, 2016 and $20.6 million at December 31, 2015 ) and other equity investments (estimated fair value of $895,000 at June 30, 2016 and $914,000 at December 31, 2015 ). As of June 30, 2016 , the financial institutions stock portfolio had a cost basis of $13.4 million and an estimated fair value of $19.8 million , including an investment in a single financial institution with a cost basis of $7.4 million and an estimated fair value of $10.4 million . The estimated fair value of this investment accounted for 52.5% of the estimated fair value of the Corporation's investments in the common stocks of publicly traded financial institutions. No other investment in a single financial institution in the financial institutions stock portfolio exceeded 10% of the portfolio's estimated fair value. The amortized cost and estimated fair values of debt securities as of June 30, 2016 , 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 (in thousands) Due in one year or less $ 55,965 $ 56,628 Due from one year to five years 44,833 46,408 Due from five years to ten years 94,787 97,933 Due after ten years 340,172 333,957 535,757 534,926 Collateralized mortgage obligations 701,853 706,346 Mortgage-backed securities 1,242,267 1,267,763 Total debt securities $ 2,479,877 $ 2,509,035 The following table presents information related to the gross realized gains and losses on the sales of equity and debt securities: Gross Gross Net Gains (Losses) Three months ended June 30, 2016 (in thousands) Equity securities $ 4 $ (10 ) $ (6 ) Debt securities 108 (26 ) 82 Total $ 112 $ (36 ) $ 76 Three months ended June 30, 2015 Equity securities $ 2,290 $ — $ 2,290 Debt securities 125 — 125 Total $ 2,415 $ — $ 2,415 Six months ended June 30, 2016 Equity securities $ 737 $ (10 ) $ 727 Debt securities 322 (26 ) 296 Total $ 1,059 $ (36 ) $ 1,023 Six months ended June 30, 2015 Equity securities $ 4,260 $ — $ 4,260 Debt securities 2,300 — 2,300 Total $ 6,560 $ — $ 6,560 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 June 30, 2016 and 2015: Three months ended June 30 Six months ended June 30 2016 2015 2016 2015 (in thousands) Balance of cumulative credit losses on debt securities, beginning of period $ (11,510 ) $ (12,302 ) $ (11,510 ) $ (16,242 ) Reductions for securities sold during the period — 792 — 4,730 Reductions for increases in cash flows expected to be collected that are recognized over the remaining life of the security — — — 2 Balance of cumulative credit losses on debt securities, end of period $ (11,510 ) $ (11,510 ) $ (11,510 ) $ (11,510 ) The following table presents the gross unrealized losses and estimated fair values of investments, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at June 30, 2016 : Less than 12 months 12 months or longer Total Estimated Fair Value Unrealized Losses Estimated Fair Value Unrealized Losses Estimated Fair Value Unrealized Losses (in thousands) Corporate debt securities $ — $ — $ 32,186 $ (6,873 ) $ 32,186 $ (6,873 ) Collateralized mortgage obligations 21,695 (17 ) 292,954 (1,441 ) 314,649 (1,458 ) Mortgage-backed securities — — 11,569 (5 ) 11,569 (5 ) Auction rate securities — — 97,886 (9,063 ) 97,886 (9,063 ) Total debt securities 21,695 (17 ) 434,595 (17,382 ) 456,290 (17,399 ) Equity securities 681 (14 ) — — 681 (14 ) $ 22,376 $ (31 ) $ 434,595 $ (17,382 ) $ 456,971 $ (17,413 ) The Corporation’s collateralized mortgage obligations and mortgage-backed securities have contractual terms that generally do not permit the issuer to settle the securities at a price less than the amortized cost of the investment. Because the decline in market value of these securities is attributable to changes in interest rates and not credit quality, and because the Corporation does not have the intent to sell and does not believe it will more likely than not be required to sell any of these securities prior to a recovery of their fair value to amortized cost, the Corporation does not consider these investments to be other-than-temporarily impaired as of June 30, 2016 . As of June 30, 2016 , all of the auction rate securities (auction rate certificates, or "ARCs"), were rated above investment grade. All of the loans underlying the ARCs have principal payments which are guaranteed by the federal government. As of June 30, 2016 , all ARCs were current and making scheduled interest payments. Based on management’s evaluations, ARCs with an estimated fair value of $97.9 million were not subject to any other-than-temporary impairment charges as of June 30, 2016 . The Corporation does not have the intent to sell and does not believe it will more likely than not be required to sell any of these securities prior to a recovery of their fair value to amortized cost, which may be at maturity. For its investments in equity securities, particularly its investments in stocks of financial institutions, management evaluates the near-term prospects of the issuers in relation to the severity and duration of the impairment. Based on that evaluation and the Corporation’s ability and intent to hold those investments for a reasonable period of time sufficient for a recovery of fair value, the Corporation does not consider those investments with unrealized holding losses as of June 30, 2016 to be other-than-temporarily impaired. The majority of the Corporation's available for sale corporate debt securities are issued by financial institutions. The following table presents the amortized cost and estimated fair value of corporate debt securities: June 30, 2016 December 31, 2015 Amortized cost Estimated fair value Amortized cost Estimated fair value (in thousands) Single-issuer trust preferred securities $ 43,697 $ 37,461 $ 44,648 $ 39,106 Subordinated debt 29,662 30,708 39,610 40,779 Senior debt 18,040 18,652 12,043 12,329 Pooled trust preferred securities — 706 — 706 Corporate debt securities issued by financial institutions 91,399 87,527 96,301 92,920 Other corporate debt securities 4,020 4,020 4,035 4,035 Available for sale corporate debt securities $ 95,419 $ 91,547 $ 100,336 $ 96,955 Single-issuer trust preferred securities had an unrealized loss of $6.2 million at June 30, 2016 . Six of the 19 single-issuer trust preferred securities were rated below investment grade by at least one ratings agency, with an amortized cost of $11.5 million and an estimated fair value of $9.5 million at June 30, 2016 . All of the single-issuer trust preferred securities rated below investment grade were rated "BB" or "Ba". Two single-issuer trust preferred securities with an amortized cost of $3.7 million and an estimated fair value of $2.4 million at June 30, 2016 were not rated by any ratings agency. Based on management’s evaluations, corporate debt securities with a fair value of $91.5 million were not subject to any other-than-temporary impairment charges as of June 30, 2016 . The Corporation does not have the intent to sell and does not believe it will more likely than not be required to sell any of these securities prior to a recovery of their fair value to amortized cost, which may be at maturity. |
Loans and Allowance for Credit
Loans and Allowance for Credit Losses | 6 Months Ended |
Jun. 30, 2016 | |
Receivables [Abstract] | |
Loans and Allowance for Credit Losses | Loans and Allowance for Credit Losses Loans, Net of Unearned Income Loans, net of unearned income are summarized as follows: June 30, December 31, 2015 (in thousands) Real-estate - commercial mortgage $ 5,635,347 $ 5,462,330 Commercial - industrial, financial and agricultural 4,099,177 4,088,962 Real-estate - home equity 1,647,319 1,684,439 Real-estate - residential mortgage 1,447,292 1,376,160 Real-estate - construction 853,699 799,988 Consumer 278,071 268,588 Leasing and other 208,602 170,914 Overdrafts 3,214 2,737 Loans, gross of unearned income 14,172,721 13,854,118 Unearned income (17,562 ) (15,516 ) Loans, net of unearned income $ 14,155,159 $ 13,838,602 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. The Corporation’s allowance for credit losses includes: (1) specific allowances allocated to loans evaluated for impairment under the FASB's ASC Section 310-10-35; and (2) allowances calculated for pools of loans measured for impairment under FASB ASC Subtopic 450-20. The Corporation segments its loan portfolio by general loan type, or "portfolio segments," as presented in the table under the heading, "Loans, Net of Unearned Income," above. Certain portfolio segments are further disaggregated and evaluated collectively for impairment based on "class segments," which are largely based on the type of collateral underlying each loan. Commercial loans include loans secured by collateral and unsecured loans. Construction loan class segments include loans secured by commercial real estate, loans to commercial borrowers secured by residential real estate and loans to individuals secured by residential real estate. Consumer loan class segments include direct consumer installment loans and indirect automobile loans. The following table presents the components of the allowance for credit losses: June 30, December 31, (in thousands) Allowance for loan losses $ 162,546 $ 169,054 Reserve for unfunded lending commitments 2,562 2,358 Allowance for credit losses $ 165,108 $ 171,412 The following table presents the activity in the allowance for credit losses: Three months ended June 30 Six months ended June 30 2016 2015 2016 2015 (in thousands) Balance at beginning of period $ 166,065 $ 179,658 $ 171,412 $ 185,931 Loans charged off (10,746 ) (15,372 ) (21,901 ) (21,136 ) Recoveries of loans previously charged off 7,278 2,967 11,556 6,158 Net loans charged off (3,468 ) (12,405 ) (10,345 ) (14,978 ) Provision for credit losses 2,511 2,200 4,041 (1,500 ) Balance at end of period $ 165,108 $ 169,453 $ 165,108 $ 169,453 The following table presents the activity in the allowance for loan losses by portfolio segment: Real Estate - Commercial Mortgage Commercial - Industrial, Financial and Agricultural Real Estate - Home Equity Real Estate - Residential Mortgage Real Estate - Construction Consumer Leasing, other and overdrafts Unallocated Total (in thousands) Three months ended June 30, 2016 Balance at March 31, 2016 $ 48,311 $ 54,333 $ 22,524 $ 19,928 $ 6,282 $ 2,324 $ 2,974 $ 7,165 $ 163,841 Loans charged off (1,474 ) (4,625 ) (1,045 ) (340 ) (742 ) (569 ) (1,951 ) — (10,746 ) Recoveries of loans previously charged off 1,367 2,931 350 420 1,563 539 108 — 7,278 Net loans charged off (107 ) (1,694 ) (695 ) 80 821 (30 ) (1,843 ) — (3,468 ) Provision for loan losses (1) (4,464 ) (884 ) 4,341 1,218 (1,331 ) 690 1,387 1,216 2,173 Balance at June 30, 2016 $ 43,740 $ 51,755 $ 26,170 $ 21,226 $ 5,772 $ 2,984 $ 2,518 $ 8,381 $ 162,546 Three months ended June 30, 2015 Balance at March 31, 2015 $ 52,860 $ 57,150 $ 23,481 $ 23,235 $ 8,487 $ 2,527 $ 1,653 $ 8,308 $ 177,701 Loans charged off (1,642 ) (11,166 ) (870 ) (783 ) (87 ) (357 ) (467 ) — (15,372 ) Recoveries of loans previously charged off 451 1,471 189 187 231 368 70 — 2,967 Net loans charged off (1,191 ) (9,695 ) (681 ) (596 ) 144 11 (397 ) — (12,405 ) Provision for loan losses (1) (989 ) 1,715 (294 ) 148 (882 ) 70 359 2,062 2,189 Balance at June 30, 2015 $ 50,680 $ 49,170 $ 22,506 $ 22,787 $ 7,749 $ 2,608 $ 1,615 $ 10,370 $ 167,485 Six months ended June 30, 2016 Balance at December 31, 2015 $ 47,866 $ 57,098 $ 22,405 $ 21,375 $ 6,529 $ 2,585 $ 2,468 $ 8,728 $ 169,054 Loans charged off (2,056 ) (10,813 ) (2,586 ) (1,408 ) (1,068 ) (1,576 ) (2,394 ) — (21,901 ) Recoveries of loans previously charged off 2,192 5,250 688 556 1,946 735 189 — 11,556 Net loans charged off 136 (5,563 ) (1,898 ) (852 ) 878 (841 ) (2,205 ) — (10,345 ) Provision for loan losses (1) (4,262 ) 220 5,663 703 (1,635 ) 1,240 2,255 (347 ) 3,837 Balance at June 30, 2016 $ 43,740 $ 51,755 $ 26,170 $ 21,226 $ 5,772 $ 2,984 $ 2,518 $ 8,381 $ 162,546 Six months ended June 30, 2015 Balance at December 31, 2014 $ 53,493 $ 51,378 $ 28,271 $ 29,072 $ 9,756 $ 3,015 $ 1,799 $ 7,360 $ 184,144 Loans charged off (2,351 ) (13,029 ) (1,638 ) (2,064 ) (87 ) (1,137 ) (830 ) — (21,136 ) Recoveries of loans previously charged off 887 2,257 440 346 1,378 609 241 — 6,158 Net loans charged off (1,464 ) (10,772 ) (1,198 ) (1,718 ) 1,291 (528 ) (589 ) — (14,978 ) Provision for loan losses (1) (1,349 ) 8,564 (4,567 ) (4,567 ) (3,298 ) 121 405 3,010 (1,681 ) Balance at June 30, 2015 $ 50,680 $ 49,170 $ 22,506 $ 22,787 $ 7,749 $ 2,608 $ 1,615 $ 10,370 $ 167,485 (1) The provision for loan losses excluded a $338,000 and $204,000 increase, respectively, in the reserve for unfunded lending commitments for the three and six months ended June 30, 2016 and an $11,000 and $181,000 increase, respectively, in the reserve for unfunded lending commitments for the three and six months ended June 30, 2015 . The total provision for credit losses, comprised of allocations for both funded and unfunded loans, was $2.5 million and $4.0 million for the three and six months ended June 30, 2016 , respectively, and $2.2 million and a negative $1.5 million for the three and six months ended June 30, 2015 . The following table presents loans, net of unearned income and their related allowance for loan losses, by portfolio segment: Real Estate - Commercial Mortgage Commercial - Industrial, Financial and Agricultural Real Estate - Home Equity Real Estate - Residential Mortgage Real Estate - Construction Consumer Leasing, other and overdrafts Unallocated (1) Total (in thousands) Allowance for loan losses at June 30, 2016: Measured for impairment under FASB ASC Subtopic 450-20 $ 32,861 $ 40,945 $ 17,089 $ 9,044 $ 4,004 $ 2,971 $ 2,518 $ 8,381 $ 117,813 Evaluated for impairment under FASB ASC Section 310-10-35 10,879 10,810 9,081 12,182 1,768 13 — N/A 44,733 $ 43,740 $ 51,755 $ 26,170 $ 21,226 $ 5,772 $ 2,984 $ 2,518 $ 8,381 $ 162,546 Loans, net of unearned income at June 30, 2016: Measured for impairment under FASB ASC Subtopic 450-20 $ 5,582,027 $ 4,057,883 $ 1,629,443 $ 1,399,399 $ 841,193 $ 278,053 $ 194,254 N/A $ 13,982,252 Evaluated for impairment under FASB ASC Section 310-10-35 53,320 41,294 17,876 47,893 12,506 18 — N/A 172,907 $ 5,635,347 $ 4,099,177 $ 1,647,319 $ 1,447,292 $ 853,699 $ 278,071 $ 194,254 N/A $ 14,155,159 Allowance for loan losses at June 30, 2015: Measured for impairment under FASB ASC Subtopic 450-20 $ 37,228 $ 38,090 $ 15,838 $ 8,763 $ 5,430 $ 2,588 $ 1,615 $ 10,370 $ 119,922 Evaluated for impairment under FASB ASC Section 310-10-35 13,452 11,080 6,668 14,024 2,319 20 — N/A 47,563 $ 50,680 $ 49,170 $ 22,506 $ 22,787 $ 7,749 $ 2,608 $ 1,615 $ 10,370 $ 167,485 Loans, net of unearned income at June 30, 2015: Measured for impairment under FASB ASC Subtopic 450-20 $ 5,172,333 $ 3,764,999 $ 1,676,410 $ 1,315,908 $ 712,975 $ 272,463 $ 136,521 N/A $ 13,051,609 Evaluated for impairment under FASB ASC Section 310-10-35 65,467 41,700 13,278 53,195 18,950 31 — N/A 192,621 $ 5,237,800 $ 3,806,699 $ 1,689,688 $ 1,369,103 $ 731,925 $ 272,494 $ 136,521 N/A $ 13,244,230 (1) The unallocated allowance, which was approximately 5% and 6% of the total allowance for credit losses, respectively, as of June 30, 2016 and 2015 , was, in the opinion of management, reasonable and appropriate given that the estimates used in the allocation process are inherently imprecise. N/A - Not applicable. Impaired Loans A loan is considered to be impaired if it is probable that all amounts will not be collected according to the contractual terms of the loan agreement. Impaired loans consist of all loans on non-accrual status and accruing troubled debt restructurings ("TDRs"). An allowance for loan losses is established for an impaired loan if its carrying value exceeds its estimated fair value. Impaired loans to borrowers with total outstanding commitments greater than 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. Based on an evaluation of all relevant credit quality factors, the Corporation recorded a $2.5 million provision for credit losses during the three months ended June 30, 2016, compared to a $2.2 million provision for credit losses for the same period in 2015. All loans individually evaluated for impairment under FASB ASC Section 310-10-35 are measured for losses on a quarterly basis. As of June 30, 2016 and December 31, 2015 , substantially all of the Corporation’s individually evaluated impaired loans with total outstanding 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. As of June 30, 2016 and 2015 , approximately 89% and 72% , 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 in 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 an acceptable 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 for the age of the appraisal, results in a current loan-to-value ratio that is lower than the Corporation's loan-to-value requirements for new loans, generally less than 70% . The following table presents total impaired loans by class segment: June 30, 2016 December 31, 2015 Unpaid Principal Balance Recorded Investment Related Allowance Unpaid Principal Balance Recorded Investment Related Allowance (in thousands) With no related allowance recorded: Real estate - commercial mortgage $ 25,452 $ 22,501 $ — $ 27,872 $ 22,596 $ — Commercial - secured 21,458 18,137 — 18,012 13,702 — Real estate - residential mortgage 6,353 6,171 — 4,790 4,790 — Construction - commercial residential 7,743 6,543 — 9,916 8,865 — 61,006 53,352 60,590 49,953 With a related allowance recorded: Real estate - commercial mortgage 41,420 30,819 10,879 45,189 35,698 12,471 Commercial - secured 27,349 22,183 10,230 39,659 33,629 14,085 Commercial - unsecured 1,182 974 580 971 821 498 Real estate - home equity 22,944 17,876 9,081 20,347 15,766 7,993 Real estate - residential mortgage 49,976 41,722 12,182 55,242 45,635 13,422 Construction - commercial residential 8,610 5,043 1,447 9,949 6,290 2,110 Construction - commercial 731 504 166 820 638 217 Construction - other 416 416 155 331 193 68 Consumer - direct 18 18 13 19 19 14 Consumer - indirect — — — 14 14 8 Leasing, other and overdrafts — — — 1,658 1,425 704 152,646 119,555 44,733 174,199 140,128 51,590 Total $ 213,652 $ 172,907 $ 44,733 $ 234,789 $ 190,081 $ 51,590 As of June 30, 2016 and December 31, 2015 , there were $53.4 million and $50.0 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 they were previously 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: Three months ended June 30 Six months ended June 30 2016 2015 2016 2015 Average Interest Average Interest Average Interest Average Interest (in thousands) With no related allowance recorded: Real estate - commercial mortgage $ 22,762 $ 72 $ 27,410 $ 87 $ 22,707 $ 141 $ 26,018 178 Commercial - secured 15,182 20 16,163 24 14,688 36 15,636 45 Real estate - residential mortgage 6,191 33 5,541 32 5,724 63 5,318 60 Construction - commercial residential 6,421 16 12,171 40 7,236 35 13,048 95 Construction - commercial — — 925 — — — 1,144 — 50,556 141 62,210 183 50,355 275 61,164 378 With a related allowance recorded: Real estate - commercial mortgage 33,042 104 40,204 126 33,927 212 40,143 259 Commercial - secured 25,919 33 25,902 38 28,489 71 23,713 74 Commercial - unsecured 929 1 2,082 2 893 2 1,751 3 Real estate - home equity 17,950 70 13,016 33 17,222 127 13,163 64 Real estate - residential mortgage 41,928 226 47,020 270 43,164 461 46,839 543 Construction - commercial residential 5,566 14 6,031 21 5,807 29 6,655 49 Construction - commercial 548 — 960 — 578 — 981 — Construction - other 513 — 281 — 406 — 281 — Consumer - direct 10 — 17 — 16 — 18 — Consumer - indirect 15 — 17 — 11 — 17 — Leasing, other and overdrafts 711 — — — 949 — — — 127,131 448 135,530 490 131,462 902 133,561 992 Total $ 177,687 $ 589 $ 197,740 $ 673 $ 181,817 $ 1,177 $ 194,725 1,370 (1) All impaired loans, excluding accruing TDRs, were non-accrual loans. Interest income recognized for the three and six months ended June 30, 2016 and 2015 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: Pass Special Mention Substandard or Lower Total June 30, 2016 December 31, 2015 June 30, 2016 December 31, 2015 June 30, 2016 December 31, 2015 June 30, 2016 December 31, 2015 (dollars in thousands) Real estate - commercial mortgage $ 5,371,366 $ 5,204,263 $ 141,417 $ 102,625 $ 122,564 $ 155,442 $ 5,635,347 $ 5,462,330 Commercial - secured 3,718,231 3,696,692 95,330 92,711 130,180 136,710 3,943,741 3,926,113 Commercial - unsecured 149,548 156,742 2,467 2,761 3,421 3,346 155,436 162,849 Total commercial - industrial, financial and agricultural 3,867,779 3,853,434 97,797 95,472 133,601 140,056 4,099,177 4,088,962 Construction - commercial residential 151,817 140,337 17,012 17,154 14,838 21,812 183,667 179,303 Construction - commercial 596,971 552,710 2,548 3,684 4,594 3,597 604,113 559,991 Total construction (excluding Construction - other) 748,788 693,047 19,560 20,838 19,432 25,409 787,780 739,294 $ 9,987,933 $ 9,750,744 $ 258,774 $ 218,935 $ 275,597 $ 320,907 $ 10,522,304 $ 10,290,586 % of Total 94.9 % 94.8 % 2.5 % 2.1 % 2.6 % 3.1 % 100.0 % 100.0 % The following is a summary of the Corporation's internal risk rating categories: • Pass : These loans do not currently pose undue credit risk and can range from the highest to average quality, depending on the degree of potential risk. • Special Mention : These loans constitute an undue and unwarranted credit risk, but not to a point of justifying a classification of substandard. Loans in this category are currently acceptable, but are nevertheless potentially weak. • Substandard or Lower : These loans are inadequately protected by current sound worth and paying capacity of the borrower. There exists a well-defined weakness or weaknesses that jeopardize the normal repayment of the debt. The risk rating process allows management to identify credits that potentially carry more risk in a timely manner and to allocate resources to managing troubled accounts. The Corporation believes that internal risk ratings are the most relevant credit quality indicator for the class segments presented above. The migration of loans through the various internal risk rating categories is a significant component of the allowance for credit loss methodology, which bases the probability of default on this migration. Assigning risk ratings involves judgment. The Corporation's loan review officers provide an independent assessment of risk rating accuracy. Ratings may be changed based on the ongoing monitoring procedures performed by loan officers or credit administration staff, or if specific loan review activities identify a deterioration or an improvement in the loan. The Corporation does not assign internal risk ratings to smaller balance, homogeneous loans, such as home equity, residential mortgage, construction loans to individuals secured by residential real estate, consumer and lease receivables. 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 losses methodology for those loans, which bases the probability of default on this migration. The following table presents a summary of performing, delinquency and non-performing status for home equity, real estate - residential mortgages, construction loans to individuals and consumer, leasing and other loans by class segment: Performing Delinquent (1) Non-performing (2) Total June 30, 2016 December 31, 2015 June 30, 2016 December 31, 2015 June 30, 2016 December 31, 2015 June 30, 2016 December 31, 2015 (dollars in thousands) Real estate - home equity $ 1,623,095 $ 1,660,773 $ 10,051 $ 8,983 $ 14,173 $ 14,683 $ 1,647,319 $ 1,684,439 Real estate - residential mortgage 1,408,244 1,329,371 14,018 18,305 25,030 28,484 1,447,292 1,376,160 Construction - other 63,404 59,997 1,416 88 1,099 609 65,919 60,694 Consumer - direct 92,906 94,262 1,860 2,254 1,695 2,203 96,461 98,719 Consumer - indirect 179,293 166,823 2,124 2,809 193 237 181,610 169,869 Total consumer 272,199 261,085 3,984 5,063 1,888 2,440 278,071 268,588 Leasing, other and overdrafts 193,233 155,870 863 759 158 1,506 194,254 158,135 $ 3,560,175 $ 3,467,096 $ 30,332 $ 33,198 $ 42,348 $ 47,722 $ 3,632,855 $ 3,548,016 % of Total 98.0 % 97.7 % 0.8 % 1.0 % 1.2 % 1.3 % 100.0 % 100.0 % (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: June 30, December 31, (in thousands) Non-accrual loans $ 111,742 $ 129,523 Loans 90 days or more past due and still accruing 15,992 15,291 Total non-performing loans 127,734 144,814 Other real estate owned (OREO) 11,918 11,099 Total non-performing assets $ 139,652 $ 155,913 The following table presents past due status and non-accrual loans by portfolio segment and class segment: June 30, 2016 30-59 Days Past Due 60-89 Days Past Due ≥ 90 Days Past Due and Accruing Non- accrual Total ≥ 90 Days Total Past Due Current Total (in thousands) Real estate - commercial mortgage $ 7,813 $ 2,288 $ 192 $ 35,512 $ 35,704 $ 45,805 $ 5,589,542 $ 5,635,347 Commercial - secured 4,532 7,207 2,997 34,675 37,672 49,411 3,894,330 3,943,741 Commercial - unsecured 372 43 367 863 1,230 1,645 153,791 155,436 Total commercial - industrial, financial and agricultural 4,904 7,250 3,364 35,538 38,902 51,056 4,048,121 4,099,177 Real estate - home equity 7,600 2,451 3,470 10,703 14,173 24,224 1,623,095 1,647,319 Real estate - residential mortgage 10,356 3,662 4,461 20,569 25,030 39,048 1,408,244 1,447,292 Construction - commercial residential — 541 — 8,499 8,499 9,040 174,627 183,667 Construction - commercial 1,482 1,134 1,777 504 2,281 4,897 599,216 604,113 Construction - other 1,416 — 682 417 1,099 2,515 63,404 65,919 Total real estate - construction 2,898 1,675 2,459 9,420 11,879 16,452 837,247 853,699 Consumer - direct 1,169 691 1,695 — 1,695 3,555 92,906 96,461 Consumer - indirect 1,734 390 193 — 193 2,317 179,293 181,610 Total consumer 2,903 1,081 1,888 — 1,888 5,872 272,199 278,071 Leasing, other and overdrafts 400 463 158 — 158 1,021 193,233 194,254 Total $ 36,874 $ 18,870 $ 15,992 $ 111,742 $ 127,734 $ 183,478 $ 13,971,681 $ 14,155,159 December 31, 2015 30-59 Days Past Due 60-89 Days Past Due ≥ 90 Days Past Due and Accruing Non- accrual Total ≥ 90 Days Total Past Due Current Total (in thousands) Real estate - commercial mortgage $ 6,469 $ 1,312 $ 439 $ 40,731 $ 41,170 $ 48,951 $ 5,413,379 $ 5,462,330 Commercial - secured 5,654 2,615 1,853 41,498 43,351 51,620 3,874,493 3,926,113 Commercial - unsecured 510 83 19 701 720 1,313 161,536 162,849 Total commercial - industrial, financial and agricultural 6,164 2,698 1,872 42,199 44,071 52,933 4,036,029 4,088,962 Real estate - home equity 6,438 2,545 3,473 11,210 14,683 23,666 1,660,773 1,684,439 Real estate - residential mortgage 15,141 3,164 6,570 21,914 28,484 46,789 1,329,371 1,376,160 Construction - commercial residential 1,366 494 — 11,213 11,213 13,073 166,230 179,303 Construction - commercial 50 176 — 638 638 864 559,127 559,991 Construction - other 88 — 416 193 609 697 59,997 60,694 Total real estate - construction 1,504 670 416 12,044 12,460 14,634 785,354 799,988 Consumer - direct 1,687 567 2,203 — 2,203 4,457 94,262 98,719 Consumer - indirect 2,308 501 237 — 237 3,046 166,823 169,869 Total consumer 3,995 1,068 2,440 — 2,440 7,503 261,085 268,588 Leasing, other and overdrafts 483 276 81 1,425 1,506 2,265 155,870 158,135 Total $ 40,194 $ 11,733 $ 15,291 $ 129,523 $ 144,814 $ 196,741 $ 13,641,861 $ 13,838,602 The following table presents TDRs, by class segment: June 30, December 31, (in thousands) Real-estate - residential mortgage $ 27,324 $ 28,511 Real-estate - commercial mortgage 17,808 17,563 Commercial - secured 5,645 5,833 Construction - commercial residential 3,086 3,942 Real estate - home equity 7,173 4,556 Commercial - unsecured 111 120 Consumer - indirect — 14 Consumer - direct 18 19 Total accruing TDRs 61,165 60,558 Non-accrual TDRs (1) 24,887 31,035 Total TDRs $ 86,052 $ 91,593 (1) Included in non-accrual loans in the preceding table detailing non-performing assets. As of June 30, 2016 and December 31, 2015 , there were $3.8 million and $5.3 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 June 30, 2016 and 2015 , that were modified during the three and six months ended June 30, 2016 and 2015 : Three months ended June 30 Six months ended June 30 2016 2015 2016 2015 Number of Loans Post-Modification Recorded Investment Number of Loans Post-Modification Recorded Investment Number of Loans Post-Modification Recorded Investment Number of Loans Post-Modification Recorded Investment (dollars in thousands) Commercial – secured: Extend maturity without rate concession 4 $ 1,146 3 $ 1,047 6 $ 1,976 11 $ 7,823 Commercial – unsecured: Extend maturity without rate concession — — — — 2 103 1 42 Real estate - commercial mortgage: Extend maturity without rate concession — — 1 132 — — 4 2,627 Real estate - home equity: Extend maturity with rate concession — — — — 1 44 — — Bankruptcy 23 969 15 739 60 3,667 25 1,231 Real estate – residential mortgage: Extend maturity with rate concession — — — — — — 1 104 Extend maturity without rate concession 2 315 — — 2 315 2 225 Bankruptcy 1 373 4 456 1 373 5 737 Construction - commercial residential: Extend maturity without rate concession — — — — — — 1 889 Consumer - direct: Bankruptcy — — — — 1 2 — — Consumer - indirect: Bankruptcy — — — — — — 1 13 Total 30 $ 2,803 23 $ 2,374 73 $ 6,480 51 $ 13,691 The following table presents TDRs, by class segment, as of June 30, 2016 and 2015 , that were modified in the previous 12 months and had a post-modification payment default during the six months ended June 30, 2016 and 2015 . The Corporation defines a payment default as a single missed payment. 2016 2015 Number of Loans Recorded Investment Number of Loans Recorded Investment (dollars in thousands) Real estate - home equity 22 $ 1,448 7 $ 614 Real estate - residential mortgage 5 972 6 652 Commercial - secured 4 1,096 8 4,779 Real estate - commercial mortgage 2 132 2 191 Commercial - unsecured 1 27 — — Total 34 $ 3,675 23 $ 6,236 |
Mortgage Servicing Rights
Mortgage Servicing Rights | 6 Months Ended |
Jun. 30, 2016 | |
Transfers and Servicing [Abstract] | |
Mortgage Servicing Rights | Mortgage Servicing Rights The following table summarizes the changes in mortgage servicing rights ("MSRs"), which are included in other assets on the consolidated balance sheets: Three months ended June 30 Six months ended June 30 2016 2015 2016 2015 (in thousands) Amortized cost: Balance at beginning of period $ 40,195 $ 41,803 $ 40,944 $ 42,148 Originations of mortgage servicing rights 1,508 1,956 2,428 3,513 Amortization (1,829 ) (2,161 ) (3,498 ) (4,063 ) Balance at end of period $ 39,874 $ 41,598 $ 39,874 $ 41,598 Valuation allowance: Balance at beginning of period $ — $ — $ — $ — Additions (1,721 ) — (1,721 ) — Balance at end of period $ (1,721 ) $ — $ (1,721 ) $ — Net MSRs at end of period $ 38,153 $ 41,598 $ 38,153 $ 41,598 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 accounts for MSRs at the lower of amortized cost or fair value. The fair value of MSRs is estimated 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. Based on its fair value analysis, the Corporation determined that an addition to the valuation allowance of $ 1.7 million was necessary as of June 30, 2016 . No valuation allowance was necessary as of June 30, 2015 . |
Stock-Based Compensation
Stock-Based Compensation | 6 Months Ended |
Jun. 30, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation The Corporation grants equity awards to employees, consisting of stock options, restricted stock, RSUs and 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. The fair value of equity awards granted to employees is recognized as compensation expense over the period during which employees are required to provide service in exchange for such awards. Compensation expense for PSUs is also recognized over the period during which employees are required to provide service in exchange for such awards, however, compensation expense may vary based on the expectations for actual performance relative to defined performance measures. The Corporation also grants 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. 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 following table presents compensation expense and the related tax benefits for equity awards recognized in the consolidated statements of income: Three months ended June 30 Six months ended June 30 2016 2015 2016 2015 (in thousands) Stock-based compensation expense $ 1,820 $ 1,767 $ 3,256 $ 2,838 Tax benefit (642 ) (622 ) (1,075 ) (914 ) Stock-based compensation expense, net of tax $ 1,178 $ 1,145 $ 2,181 $ 1,924 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. Fair values for 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. As of June 30, 2016 , the Employee Equity Plan had 11.5 million shares reserved for future grants through 2023 , and the Directors’ Plan had approximately 384,000 shares reserved for future grants through 2021 . On May 1, 2016, the Corporation granted approximately 356,000 PSUs and 163,000 RSUs under the Employee Equity Plan. On June 1, 2016, the Corporation granted approximately 12,000 shares of common stock to its directors. Total expense of $175,000 was recognized in other expense for this grant. |
Employee Benefit Plans
Employee Benefit Plans | 6 Months Ended |
Jun. 30, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Employee Benefit Plans | Employee Benefit Plans The Corporation maintains a defined benefit pension plan ("Pension Plan") for certain employees, which was curtailed in 2008 . Contributions to the Pension Plan are actuarially determined and funded annually, if required. Pension Plan assets are invested in: money markets; fixed income securities, including corporate bonds, U.S. Treasury securities and common trust funds; and equity securities, including common stocks and common stock mutual funds. The net periodic benefit cost for the Corporation’s Pension Plan consisted of the following components: Three months ended June 30 Six months ended June 30 2016 2015 2016 2015 (in thousands) Service cost (1) $ 194 $ 145 $ 344 $ 290 Interest cost 879 851 1,760 1,702 Expected return on plan assets (433 ) (752 ) (1,159 ) (1,504 ) Net amortization and deferral 428 782 1,210 1,564 Net periodic benefit cost $ 1,068 $ 1,026 $ 2,155 $ 2,052 (1) Service cost was related to administrative costs associated with the plan and was not due to the accrual of additional participant benefits. The Corporation provides benefits under a postretirement benefits plan ("Postretirement Plan") to certain retirees who were employees of the Corporation prior to January 1, 1998 and retired from employment with the Corporation prior to February 1, 2014. The net periodic cost (benefit) of the Corporation’s Postretirement Plan consisted of the following components: Three months ended June 30 Six months ended June 30 2016 2015 2016 2015 (in thousands) Interest cost 5 52 43 104 Expected return on plan assets (1 ) — (1 ) — Net accretion and deferral (210 ) (65 ) (275 ) (130 ) Net periodic benefit $ (206 ) $ (13 ) $ (233 ) $ (26 ) The Corporation recognizes the funded status of its Pension Plan and Postretirement Plan on the consolidated balance sheets and recognizes the change in that funded status through other comprehensive income. |
Derivative Financial Instrument
Derivative Financial Instruments | 6 Months Ended |
Jun. 30, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | Derivative Financial Instruments The Corporation manages its exposure to certain interest rate and foreign currency risks through the use of derivatives. None of the Corporation's outstanding derivative contracts are designated as hedges, and none are entered into for speculative purposes. Derivative instruments are carried at fair value, with changes in fair values recognized in earnings as components of non-interest income and non-interest expense on the consolidated statements of income. Derivative contracts create counterparty credit risk with both the Corporation's customers and with institutional derivative counterparties. The Corporation manages 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 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 in other assets and other liabilities, respectively, on the consolidated balance sheets, and changes in fair values during the period are recorded in 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 in other assets and other liabilities on the consolidated balance sheets, with changes in fair value during the period recorded in 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 in other assets and other liabilities, respectively, on the consolidated balance sheets, with changes in fair values during the period recorded within other service charges and fees on the consolidated statements of income. The following table presents a summary of the notional amounts and fair values of derivative financial instruments: June 30, 2016 December 31, 2015 Notional Asset Notional Asset (in thousands) Interest Rate Locks with Customers Positive fair values $ 159,646 $ 3,023 $ 87,781 $ 1,291 Negative fair values 414 (4 ) 267 (16 ) Net interest rate locks with customers 3,019 1,275 Forward Commitments Positive fair values — — 69,045 205 Negative fair values 137,811 (1,831 ) 16,193 (24 ) Net forward commitments (1,831 ) 181 Interest Rate Swaps with Customers Positive fair values 1,098,942 82,874 846,490 32,915 Negative fair values 8,000 (14 ) 8,757 (55 ) Net interest rate swaps with customers 82,860 32,860 Interest Rate Swaps with Dealer Counterparties Positive fair values 8,000 14 8,757 55 Negative fair values 1,098,942 (82,874 ) 846,490 (32,915 ) Net interest rate swaps with dealer counterparties (82,860 ) (32,860 ) Foreign Exchange Contracts with Customers Positive fair values 11,577 479 4,897 114 Negative fair values 6,268 (94 ) 8,050 (184 ) Net foreign exchange contracts with customers 385 (70 ) Foreign Exchange Contracts with Correspondent Banks Positive fair values 9,595 377 9,728 428 Negative fair values 15,231 (443 ) 6,899 (147 ) Net foreign exchange contracts with correspondent banks (66 ) 281 Net derivative fair value asset $ 1,507 $ 1,667 The following table presents a summary of the fair value gains and losses on derivative financial instruments: Three months ended June 30 Six months ended June 30 2016 2015 2016 2015 (in thousands) Interest rate locks with customers $ 512 $ (1,287 ) $ 1,744 $ (165 ) Forward commitments (906 ) 2,291 (2,012 ) 2,845 Interest rate swaps with customers 20,569 (9,839 ) 50,000 (435 ) Interest rate swaps with dealer counterparties (20,569 ) 9,839 (50,000 ) 435 Foreign exchange contracts with customers 81 (748 ) 455 (181 ) Foreign exchange contracts with correspondent banks (68 ) 711 (347 ) 387 Net fair value gains (losses) on derivative financial instruments $ (381 ) $ 967 $ (160 ) $ 2,886 Fair Value Option U.S. GAAP permits entities to measure many financial instruments and certain other items at fair value and requires certain disclosures for amounts for which the fair value option is applied. The Corporation has elected to measure mortgage loans held for sale at fair value to more accurately reflect the financial results of its mortgage banking activities in its consolidated financial statements. Derivative financial instruments related to these activities are also recorded at fair value, as noted above. 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 in interest income on the consolidated statements of income. The following table presents a summary of the Corporation’s mortgage loans held for sale: June 30, December 31, (in thousands) Cost $ 33,164 $ 16,584 Fair value 34,330 16,886 During the three and six months ended June 30, 2016 , the Corporation recorded gains related to changes in fair values of mortgage loans held for sale of $634,000 and $864,000 , respectively. During the three and six months ended June 30, 2015 , the Corporation recorded losses related to changes in fair values of mortgage loans held for sale of $483,000 and $222,000 , respectively. Balance Sheet Offsetting Certain financial assets and liabilities may be eligible for offset on the consolidated balance sheets because they are subject to master netting arrangements or similar agreements. The Corporation elects to not offset assets and liabilities subject to such arrangements on the consolidated financial statements. The Corporation is a party to interest rate swap transactions with financial institution counterparties and customers, disclosed in detail above. 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 is also a party to foreign currency exchange contracts with financial institution counterparties, under which the Corporation has the right to net-settle multiple contracts with the same counterparty in the event of default on, or termination of, any one contract. As with interest rate swap contracts, cash collateral is posted by the party with a net liability position in accordance with contract thresholds and can be used to settle the fair value of the foreign currency exchange contracts 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 in short-term borrowings on the consolidated balance sheets, while the securities underlying the repurchase agreements remain classified with investment securities on the consolidated balance sheets. The Corporation has no intention of setting off these amounts. Therefore, these repurchase agreements are not eligible for offset. The following table presents the Corporation's financial instruments that are eligible for offset, and the effects of offsetting, on the consolidated balance sheets: Gross Amounts Gross Amounts Not Offset Recognized on the Consolidated on the Balance Sheets Consolidated Financial Cash Net Balance Sheets Instruments (1) Collateral (2) Amount (in thousands) June 30, 2016 Interest rate swap derivative assets $ 82,888 $ (14 ) $ — $ 82,874 Foreign exchange derivative assets with correspondent banks 377 (359 ) (18 ) — Total $ 83,265 $ (373 ) $ (18 ) $ 82,874 Interest rate swap derivative liabilities $ 82,888 $ (14 ) $ (82,510 ) $ 364 Foreign exchange derivative liabilities with correspondent banks 443 (359 ) — 84 Total $ 83,331 $ (373 ) $ (82,510 ) $ 448 December 31, 2015 Interest rate swap derivative assets $ 32,970 $ (55 ) $ — $ 32,915 Foreign exchange derivative assets with correspondent banks 428 (147 ) — 281 Total $ 33,398 $ (202 ) $ — $ 33,196 Interest rate swap derivative liabilities $ 32,970 $ (55 ) $ (31,130 ) $ 1,785 Foreign exchange derivative liabilities with correspondent banks 147 (147 ) — — Total $ 33,117 $ (202 ) $ (31,130 ) $ 1,785 (1) For derivative assets, amounts represent any derivative liability fair values that could be offset in the event of counterparty or customer default. For derivative liabilities, amounts represent any derivative asset fair values that could be offset in the event of counterparty or customer default. (2) Amounts represent cash collateral received from the counterparty or posted by the Corporation. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Commitments The Corporation is a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its customers. Those financial instruments include commitments to extend credit and letters of credit, which involve, to varying degrees, elements of credit risk and interest rate risk in excess of the amounts recognized on the Corporation’s consolidated balance sheets. Exposure to credit loss in the event of nonperformance by the other party to the financial instrument for commitments to extend credit and letters of credit is represented by the outstanding amount of those instruments. The outstanding amounts of commitments to extend credit and letters of credit as of the dates indicated were as follows: June 30, December 31, 2015 (in thousands) Commitments to extend credit $ 5,898,623 $ 5,784,138 Standby letters of credit 362,506 374,729 Commercial letters of credit 37,836 39,529 The Corporation records a reserve for unfunded lending commitments, which represents management’s estimate of losses associated with unused commitments to extend credit. See Note 5, "Loans and Allowance for Credit Losses," for additional details. Residential Lending Residential mortgages originated and sold by the Corporation 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 prime loans it originates to non-government sponsored agency investors. The Corporation provides customary representations and warranties to government sponsored entities and investors that specify, among other things, that the loans have been underwritten to the standards established by the government sponsored entity or investor. The Corporation may be required to repurchase a loan, or reimburse the government sponsored entity or investor for a credit loss incurred on a loan, if it is determined that the representations and warranties have not been met. Such repurchases or reimbursements generally result from an underwriting or documentation deficiency. As of both June 30, 2016 and December 31, 2015 , total outstanding repurchase requests totaled approximately $543,000 . From 2000 to 2011 , the Corporation sold loans to the Federal Home Loan Bank of Pittsburgh under its Mortgage Partnership Finance Program ("MPF Program"). 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," or "FLA" balance, up to specified amounts. The FLA is funded by the Federal Home Loan Bank of Pittsburgh based on a percentage of the outstanding principal balance of loans sold. As of June 30, 2016 , the unpaid principal balance of loans sold under the MPF Program was approximately $114 million . As of June 30, 2016 and December 31, 2015 , the reserve for estimated credit losses related to loans sold under the MPF Program was $2.1 million and $1.8 million , respectively. Required reserves are calculated based on delinquency status and estimated loss rates established through the Corporation's existing allowance for credit losses methodology for residential mortgage loans. As of June 30, 2016 and December 31, 2015 , the total reserve for losses on residential mortgage loans sold was $2.8 million and $2.6 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 June 30, 2016 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. Legal Proceedings 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 condition of the Corporation. However, legal proceedings are often unpredictable, and it is possible that the ultimate resolution of any such matters, if unfavorable, may be material to the Corporation’s results of operations for any particular period, depending, in part, upon the size of the loss or liability imposed and the operating results for the applicable period. BSA/AML Enforcement Orders The Corporation and each of its bank subsidiaries are subject to regulatory enforcement orders issued during 2014 and 2015 by their respective federal and state bank regulatory agencies relating to identified deficiencies in the Corporation’s 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"). The regulatory enforcement orders, which are in the form of consent orders or orders to cease and desist issued upon consent ("Consent Orders"), generally require, among other things, that the Corporation and its bank subsidiaries undertake a number of required actions to strengthen and enhance the BSA/AML Compliance Program, and, in some cases, conduct retrospective reviews of past account activity and transactions, as well as certain reports filed in accordance with the BSA/AML Requirements, to determine whether suspicious activity and certain transactions in currency were properly identified and reported in accordance with the BSA/AML Requirements. In addition to requiring strengthening and enhancement of the BSA/AML Compliance Program, while the Consent Orders remain in effect, the Corporation is subject to certain restrictions on expansion activities of the Corporation and its bank subsidiaries. Further, any failure to comply with the requirements of any of the Consent Orders involving the Corporation or its bank subsidiaries could result in further enforcement actions, the imposition of material restrictions on the activities of the Corporation or its bank subsidiaries, or the assessment of fines or penalties. Fair Lending Investigation During the second quarter of 2015, Fulton Bank, N.A. (the "Bank"), the Corporation’s largest bank subsidiary, received a letter from the U.S. Department of Justice (the "Department") indicating that the Department had initiated an investigation regarding potential violations of fair lending laws by the Bank in certain of its geographies. The Bank is cooperating with the Department and responding to the Department’s requests for information. Although the Corporation is not able to predict the outcome of the Department’s investigation, it could result in legal proceedings the resolution of which could potentially involve a settlement, fines or other remedial actions. Agostino, et al. Litigation Fulton Bank, N.A. (the "Bank"), the Corporation’s largest bank subsidiary, and two unrelated, third-party defendants, Ameriprise Financial Services, Inc. and Riverview Bank, have been named as defendants in a lawsuit brought on behalf of a group of 58 plaintiffs filed on March 31, 2016 in the Court of Common Pleas for Dauphin County, Pennsylvania (Agostino, et al. v. Ameriprise Financial Services, Inc., et al., No. 2016-CV-2048-CV). The plaintiffs in this action, who are individuals, trustees of certain irrevocable trusts or the executors of the estates of deceased individuals, were clients of Jeffrey M. Mottern, a now deceased attorney, who is alleged to have operated a Ponzi scheme which defrauded the plaintiffs over a period of years through the sale of fictitious, high-yielding investments or by otherwise misappropriating funds entrusted to Mr. Mottern. Mr. Mottern is alleged to have used the proceeds of these activities to engage in speculative securities trading, which incurred significant losses, and for Mr. Mottern’s personal expenses. The allegations against the Bank relate to a commercial checking account at the Bank maintained by Mr. Mottern in connection with Mr. Mottern’s law practice. The lawsuit alleges that the Bank is liable to the plaintiffs for failing to properly monitor Mr. Mottern’s checking account and detect Mr. Mottern’s fraudulent activity, and specifically alleges that the Bank aided and abetted Mr. Mottern’s: (1) fraud; (2) breach of fiduciary duty; (3) violations of the Pennsylvania Unfair Trade Practices and Consumer Protection Law; and (4) conversion. Similar claims have been asserted against Ameriprise Financial Services, Inc. and Riverview Bank, which allegedly maintained a personal brokerage account and a trust account for client or other third-party funds, respectively, for Mr. Mottern. The lawsuit seeks damages from the defendants, including the Bank, alleged to be in excess of $11.3 million , treble damages and attorneys’ fees with respect to alleged violations of the Pennsylvania Unfair Trade Practices and Consumer Protection Law, punitive damages, plus interest and costs. On April 29, 2016, the Bank filed a Notice of Removal to remove this lawsuit to the United States District Court for the Middle District of Pennsylvania. On May 25, 2016, the Bank filed a motion to dismiss the lawsuit for failure to state a claim. On May 31, 2016, the plaintiffs filed a motion to remand the lawsuit to the Court of Common Pleas for Dauphin County, Pennsylvania. On June 17, 2016, the Bank filed a brief opposing the motion to remand. The motion to remand is pending before the District Court and further briefing on the motion to dismiss has been stayed pending resolution of the motion to remand. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements FASB ASC Topic 820 establishes a fair value hierarchy for the inputs to valuation techniques used to measure assets and liabilities at fair value using the following three categories (from highest to lowest priority): • Level 1 – Inputs that represent quoted prices for identical instruments in active markets. • Level 2 – Inputs that represent quoted prices for similar instruments in active markets, or quoted prices for identical instruments in non-active markets. Also includes valuation techniques whose inputs are derived principally from observable market data other than quoted prices, such as interest rates or other market-corroborated means. • Level 3 – Inputs that are largely unobservable, as little or no market data exists for the instrument being valued. The Corporation has categorized all assets and liabilities measured at fair value on both a recurring and nonrecurring basis into the above three levels. The following tables present summaries of the Corporation’s assets and liabilities measured at fair value on a recurring basis and reported on the consolidated balance sheets: June 30, 2016 Level 1 Level 2 Level 3 Total (in thousands) Mortgage loans held for sale $ — $ 34,330 $ — $ 34,330 Available for sale investment securities: Equity securities 20,689 — — 20,689 U.S. Government sponsored agency securities — 146 — 146 State and municipal securities — 345,347 — 345,347 Corporate debt securities — 88,416 3,131 91,547 Collateralized mortgage obligations — 706,346 — 706,346 Mortgage-backed securities — 1,267,763 — 1,267,763 Auction rate securities — — 97,886 97,886 Total available for sale investment securities 20,689 2,408,018 101,017 2,529,724 Other assets 16,873 85,911 — 102,784 Total assets $ 37,562 $ 2,528,259 $ 101,017 $ 2,666,838 Other liabilities $ 16,541 $ 84,722 $ — $ 101,263 December 31, 2015 Level 1 Level 2 Level 3 Total (in thousands) Mortgage loans held for sale $ — $ 16,886 $ — $ 16,886 Available for sale investment securities: Equity securities 21,514 — — 21,514 U.S. Government sponsored agency securities — 25,136 — 25,136 State and municipal securities — 262,765 — 262,765 Corporate debt securities — 93,619 3,336 96,955 Collateralized mortgage obligations — 821,509 — 821,509 Mortgage-backed securities — 1,158,835 — 1,158,835 Auction rate securities — — 98,059 98,059 Total available for sale investment securities 21,514 2,361,864 101,395 2,484,773 Other assets 16,129 34,465 — 50,594 Total assets $ 37,643 $ 2,413,215 $ 101,395 $ 2,552,253 Other liabilities $ 15,914 $ 33,010 $ — $ 48,924 The valuation techniques used to measure fair value for the items in the preceding tables are as follows: • Mortgage loans held for sale – This category consists of mortgage loans held for sale that the Corporation has elected to measure at fair value. Fair values as of June 30, 2016 and December 31, 2015 were measured based on the price that secondary market investors were offering for loans with similar characteristics. See Note 9, "Derivative Financial Instruments" for details related to the Corporation’s election to measure assets and liabilities at fair value. • Available for sale investment securities – Included in 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 common stocks of financial institutions ( $19.8 million at June 30, 2016 and $20.6 million at December 31, 2015 ) and other equity investments ( $895,000 at June 30, 2016 and $914,000 at December 31, 2015 ). 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 ( $30.7 million at June 30, 2016 and $40.8 million at December 31, 2015 ), senior debt ( $18.7 million at June 30, 2016 and $12.3 million at December 31, 2015), single-issuer trust preferred securities issued by financial institutions ( $37.4 million at June 30, 2016 and $39.1 million at December 31, 2015 ), pooled trust preferred securities issued by financial institutions ( $706,000 at both June 30, 2016 and December 31, 2015 ) and other corporate debt issued by non-financial institutions ( $4.0 million at both June 30, 2016 and December 31, 2015 ). Level 2 investments include the Corporation’s holdings of subordinated debt, other corporate debt issued by non-financial institutions and $35.0 million and $36.5 million of single-issuer trust preferred securities held at June 30, 2016 and December 31, 2015 , respectively. The fair values for these corporate debt securities are determined by a third-party pricing service, as detailed above. Level 3 investments include the Corporation’s investments in pooled trust preferred securities ( $706,000 at both June 30, 2016 and December 31, 2015 ) and certain single-issuer trust preferred securities ( $2.4 million at June 30, 2016 and $2.6 million at December 31, 2015 ). 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 in 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 fair 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 in this category are the following: • Level 1 assets include mutual funds that are held in trust for employee deferred compensation plans ( $16.0 million at June 30, 2016 and $15.6 million at December 31, 2015 ) and the fair value of foreign currency exchange contracts ( $868,000 at June 30, 2016 and $547,000 at December 31, 2015 ). The mutual funds and foreign exchange prices used to measure these items at fair value are based on quoted prices for identical instruments in active markets. • Level 2 assets include the fair value of mortgage banking derivatives in the form of interest rate locks and forward commitments with secondary market investors ( $3.0 million at June 30, 2016 and $1.5 million at December 31, 2015 ) and the fair value of interest rate swaps ( $82.9 million at June 30, 2016 and $33.0 million at December 31, 2015 ). The fair values of the Corporation’s interest rate locks, forward commitments and interest rate swaps represent the amounts that would be required to settle the derivative financial instruments at the balance sheet date. See Note 9, "Derivative Financial Instruments," for additional information. Other liabilities – Included in this category are the following: • Level 1 liabilities include employee deferred compensation liabilities which represent amounts due to employees under deferred compensation plans ( $16.0 million at June 30, 2016 and $15.6 million at December 31, 2015 ) and the fair value of foreign currency exchange contracts ( $537,000 at June 30, 2016 and $331,000 at December 31, 2015 ). The fair value of these liabilities are determined in the same manner as the related assets, as described under the heading "Other assets" above. • Level 2 liabilities include the fair value of mortgage banking derivatives in the form of interest rate locks and forward commitments with secondary market investors ( $1.8 million at June 30, 2016 and $40,000 at December 31, 2015 ) and the fair value of interest rate swaps ( $82.9 million at June 30, 2016 and $33.0 million at December 31, 2015 ). The fair values of these liabilities are determined in the same manner as the related assets, as described under the heading "Other assets" above. The following table presents the changes in the Corporation’s available for sale investment securities measured at fair value on a recurring basis using unobservable inputs (Level 3): Three months ended June 30, 2016 Pooled Trust Single-issuer ARCs (in thousands) Balance at March 31, 2016 $ 706 $ 2,400 $ 97,326 Unrealized adjustment to fair value (1) — 22 482 Discount accretion (2) — 3 78 Balance at June 30, 2016 $ 706 $ 2,425 $ 97,886 Three months ended June 30, 2015 Balance at March 31, 2015 $ 1,084 $ 3,820 $ 98,932 Sales (554 ) — — Unrealized adjustment to fair value (1) — (2 ) (420 ) Discount accretion (2) — 2 94 Balance at June 30, 2015 $ 530 $ 3,820 $ 98,606 Six months ended June 30, 2016 Pooled Trust Single-issuer ARCs (in thousands) Balance at December 31, 2015 $ 706 $ 2,630 $ 98,059 Unrealized adjustment to fair value (1) — (211 ) (350 ) Discount accretion (2) — 6 177 Balance at June 30, 2016 $ 706 $ 2,425 $ 97,886 Six months ended June 30, 2015 Balance at December 31, 2014 $ 4,088 $ 3,820 $ 100,941 Sales (3,633 ) — — Unrealized adjustment to fair value (1) 190 (4 ) (88 ) Settlements - calls (117 ) — (2,446 ) Discount accretion (2) 2 4 199 Balance at June 30, 2015 $ 530 $ 3,820 $ 98,606 (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. Certain financial assets are not measured at fair value on an ongoing basis, but are subject to fair value measurement in certain circumstances, such as upon their acquisition or when there is evidence of impairment. The following table presents the Corporation’s financial assets measured at fair value on a nonrecurring basis and reported on the Corporation’s consolidated balance sheets: June 30, 2016 Level 1 Level 2 Level 3 Total (in thousands) Net loans $ — $ — $ 128,174 $ 128,174 Other financial assets — — 50,071 50,071 Total assets $ — $ — $ 178,245 $ 178,245 December 31, 2015 Level 1 Level 2 Level 3 Total (in thousands) Net loans $ — $ — $ 138,491 $ 138,491 Other financial assets — — 52,043 52,043 Total assets $ — $ — $ 190,534 $ 190,534 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 5, "Loans and Allowance for Credit Losses," for additional details. • Other financial assets – This category includes OREO ( $11.9 million at June 30, 2016 and $11.1 million at December 31, 2015 ) and MSRs ( $38.2 million at June 30, 2016 and $40.9 million at December 31, 2015 ), both classified as Level 3 assets. Fair values for OREO were based on estimated selling prices less estimated selling costs for similar assets in active markets. MSRs are initially recorded at fair value upon the sale of residential mortgage loans to secondary market investors. MSRs are amortized as a reduction to servicing income over the estimated lives of the underlying loans. MSRs are stratified and evaluated for impairment by comparing each stratum's carrying amount to its estimated fair value. Fair values are determined at the end of each quarter through a discounted cash flows valuation performed by a third-party valuation expert. Significant inputs to the valuation included expected net servicing income, the discount rate and the expected life of the underlying loans. Expected life is based on the contractual terms of the loans, as adjusted for prepayment projections. The weighted average annual constant prepayment rate and the weighted average discount rate used in the June 30, 2016 valuation were 13.7% and 10.1% , respectively. Management tests the reasonableness of the significant inputs to the third-party valuation in comparison to market data. As required by FASB ASC Section 825-10-50, the following table details the book values and estimated fair values of the Corporation’s financial instruments as of June 30, 2016 and December 31, 2015 . In addition, a general description of the methods and assumptions used to estimate such fair values is also provided. June 30, 2016 December 31, 2015 Book Value Estimated Book Value Estimated (in thousands) FINANCIAL ASSETS Cash and due from banks $ 84,647 $ 84,647 $ 101,120 $ 101,120 Interest-bearing deposits with other banks 348,232 348,232 230,300 230,300 Federal Reserve Bank and Federal Home Loan Bank stock 59,854 59,854 62,216 62,216 Loans held for sale (1) 34,330 34,330 16,886 16,886 Available for sale investment securities (1) 2,529,724 2,529,724 2,484,773 2,484,773 Net Loans (1) 13,992,613 13,950,868 13,669,548 13,540,903 Accrued interest receivable 43,316 43,316 42,767 42,767 Other financial assets (1) 226,808 226,808 166,920 166,920 FINANCIAL LIABILITIES Demand and savings deposits $ 11,469,919 $ 11,469,919 $ 11,267,367 $ 11,267,367 Time deposits 2,822,645 2,973,640 2,864,950 2,862,868 Short-term borrowings 722,214 722,214 497,663 497,663 Accrued interest payable 8,336 8,336 10,724 10,724 Other financial liabilities (1) 274,104 274,104 190,927 190,927 Federal Home Loan Bank advances and long-term debt 965,552 993,194 949,542 959,315 (1) These financial instruments, or certain financial instruments in 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 with other banks Short-term borrowings Accrued interest receivable Accrued interest payable Federal Reserve Bank and Federal Home Loan Bank ("FHLB") stock represent restricted investments and are carried at cost on the consolidated balance sheets. Fair values for loans and time deposits were estimated by discounting future cash flows using the current rates at which similar loans would be made to borrowers and similar deposits would be issued to customers for the same remaining maturities. Fair values estimated in this manner do not fully incorporate an exit price approach to fair value, as defined in FASB ASC Topic 820. The fair values of FHLB advances and long-term debt were estimated by discounting the remaining contractual cash flows using a rate at which the Corporation could issue debt with similar remaining maturities as of the balance sheet date. These borrowings would be categorized in Level 2 liabilities under FASB ASC Topic 820. |
Basis of Presentation Basis of
Basis of Presentation Basis of Presentation (Policies) | 6 Months Ended |
Jun. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited consolidated financial statements of Fulton Financial Corporation (the "Corporation") have been prepared in conformity with U.S. generally accepted accounting principles ("U.S. GAAP") for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and notes required by U.S. GAAP for complete financial statements. The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the amounts of assets and liabilities as of the date of the financial statements as well as revenues and expenses during the period. Actual results could differ from those estimates. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. These consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2015 . Operating results for the three and six months ended June 30, 2016 are not necessarily indicative of the results that may be expected for the year ending December 31, 2016 . The Corporation evaluates subsequent events through the date of filing of this Form 10-Q with the Securities and Exchange Commission ("SEC"). |
Recently Issued Accounting Standards | Recently Issued Accounting Standards In May 2014, the Financial Accounting Standards Board ("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. During the first half of 2016, the FASB issued amendments to this standard (ASC Updates 2016-08, 2016-10, 2016-11 and 2016-12). These amendments provide further clarification to the standard. For public business entities, ASC Update 2014-09 is effective for interim and annual reporting periods beginning after December 15, 2017. Early application is not permitted. For the Corporation, this standards update is effective with its March 31, 2018 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 January 2016, the FASB issued ASC Update 2016-01, "Financial Instruments - Overall: Recognition and Measurement of Financial Assets and Financial Liabilities." ASC Update 2016-01 provides guidance regarding the income statement impact of equity investments held by an entity and the recognition of changes in fair value of financial liabilities when the fair value option is elected. ASC Update 2016-01 is effective for public business entities' annual and interim reporting periods beginning after December 15, 2017, with earlier adoption permitted. The Corporation intends to adopt this standards update effective with its March 31, 2018 quarterly report on Form 10-Q and does not expect the adoption of ASC Update 2016-01 to have a material impact on its consolidated financial statements. In February 2016, the FASB issued ASC Update 2016-02, "Leases." This standards update states that a lessee should recognize the assets and liabilities that arise from all leases with a term greater than 12 months. The core principle requires the lessee to recognize a liability to make lease payments and a "right-of-use" asset. The accounting applied by the lessor is relatively unchanged. The standards update also requires expanded qualitative and quantitative disclosures. For public business entities, ASC Update 2016-02 is effective for interim and annual reporting periods beginning after December 15, 2018. ASC Update 2016-02 mandates a modified retrospective transition for all entities. Early application is permitted. For the Corporation, this standards update is effective with its March 31, 2019 quarterly report on Form 10-Q. The Corporation is currently evaluating the impact of the adoption of ASC Update 2016-02 on its consolidated financial statements. In March 2016, the FASB issued ASC Update 2016-09, "Stock Compensation: Improvements to Employee Share-Based Payment Accounting." The purpose of this standards update is to simplify several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liability, and classification on the statement of cash flows. ASC Update 2016-09 is effective for interim and annual reporting periods beginning after December 15, 2016. Early application is 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 2016-09 on its consolidated financial statements. In June 2016, the FASB issued ASC Update 2016-13, "Financial Instruments - Credit Losses." The new impairment model prescribed by this standards update is a single impairment model for all financial assets (i.e., loans and investments). The recognition of credit losses would be based on an entity’s current estimate of expected losses (referred to as the Current Expected Credit Loss model, or "CECL"), as opposed to recognition of losses only when they are probable (current practice). ASC Update 2016-13 is effective for interim and annual reporting periods beginning after December 15, 2019. Early adoption is permitted. For the Corporation, this standards update is effective with its March 31, 2020 quarterly report on Form 10-Q. The Corporation is currently evaluating the impact of the adoption of ASC Update 2016-13 on its consolidated financial statements. |
Reclassifications | Reclassifications Certain amounts in the 2015 consolidated financial statements and notes have been reclassified to conform to the 2016 presentation. |
Net Income Per Share (Tables)
Net Income Per Share (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Earnings Per Share [Abstract] | |
Reconciliation of Weighted Average Common Shares Outstanding | A reconciliation of weighted average shares outstanding used to calculate basic net income per share and diluted net income per share follows: Three months ended June 30 Six months ended June 30 2016 2015 2016 2015 (in thousands) Weighted average shares outstanding (basic) 173,394 176,433 173,363 177,446 Impact of common stock equivalents 924 1,098 1,004 1,042 Weighted average shares outstanding (diluted) 174,318 177,531 174,367 178,488 |
Accumulated Other Comprehensi22
Accumulated Other Comprehensive Income Accumulated Other Comprehensive Income (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Equity [Abstract] | |
Changes in other comprehensive income | The following table presents changes in other comprehensive income: Before-Tax Amount Tax Effect Net of Tax Amount (in thousands) Three months ended June 30, 2016 Unrealized gain on securities $ 19,753 $ (6,914 ) $ 12,839 Reclassification adjustment for securities gains included in net income (1) (76 ) 27 (49 ) Amortization of unrealized loss on derivative financial instruments (2) 6 (2 ) 4 Amortization of net unrecognized pension and postretirement items (3) 49 (17 ) 32 Total Other Comprehensive Income $ 19,732 $ (6,906 ) $ 12,826 Three months ended June 30, 2015 Unrealized loss on securities $ (18,474 ) $ 6,466 $ (12,008 ) Reclassification adjustment for securities gains included in net income (1) (2,413 ) 844 (1,569 ) Amortization of unrealized loss on derivative financial instruments (2) 52 (18 ) 34 Amortization of net unrecognized pension and postretirement items (3) 717 (251 ) 466 Total Other Comprehensive Loss $ (20,118 ) $ 7,041 $ (13,077 ) Six months ended June 30, 2016 Unrealized gain on securities $ 45,946 $ (16,081 ) $ 29,865 Reclassification adjustment for securities gains included in net income (1) (1,023 ) 358 (665 ) Amortization of unrealized loss on derivative financial instruments (2) 12 (4 ) 8 Amortization of net unrecognized pension and postretirement items (3) 766 (268 ) 498 Total Other Comprehensive Income $ 45,701 $ (15,995 ) $ 29,706 Six months ended June 30, 2015 Unrealized loss on securities $ (3,103 ) $ 1,087 $ (2,016 ) Reclassification adjustment for securities gains included in net income (1) (6,558 ) 2,294 (4,264 ) Non-credit related unrealized gains on other-than-temporarily impaired debt securities 192 (67 ) 125 Amortization of unrealized loss on derivative financial instruments (2) 104 (36 ) 68 Amortization of net unrecognized pension and postretirement items (3) 1,434 (502 ) 932 Total Other Comprehensive Loss $ (7,931 ) $ 2,776 $ (5,155 ) (1) Amounts reclassified out of accumulated other comprehensive income. Before-tax amounts included in "Investment securities gains, net" on the consolidated statements of income. See Note 4, "Investment Securities," for additional details. (2) Amounts reclassified out of accumulated other comprehensive income. Before-tax amounts included in "Interest expense" on the consolidated statements of income. (3) Amounts reclassified out of accumulated other comprehensive income. Before-tax amounts included in "Salaries and employee benefits" on the consolidated statements of income. See Note 8, "Employee Benefit Plans," for additional details. |
Changes in each component of accumulated other comprehensive income | The following table presents changes in each component of accumulated other comprehensive income, net of tax: Unrealized Gains (Losses) on Investment Securities Not Other-Than-Temporarily Impaired Unrealized Non-Credit Gains (Losses) on Other-Than-Temporarily Impaired Debt Securities Unrealized Effective Portions of Losses on Forward-Starting Interest Rate Swaps Unrecognized Pension and Postretirement Plan Income (Costs) Total (in thousands) Three months ended June 30, 2016 Balance at March 31, 2016 $ 9,911 $ 458 $ (11 ) $ (15,495 ) $ (5,137 ) Other comprehensive income before reclassifications 12,839 — — — 12,839 Amounts reclassified from accumulated other comprehensive income (loss) (49 ) — 4 32 (13 ) Balance at June 30, 2016 $ 22,701 $ 458 $ (7 ) $ (15,463 ) $ 7,689 Three months ended June 30, 2015 Balance at March 31, 2015 $ 14,311 $ 440 $ (2,512 ) $ (22,039 ) $ (9,800 ) Other comprehensive income before reclassifications (12,008 ) — — — (12,008 ) Amounts reclassified from accumulated other comprehensive income (loss) (1,473 ) (96 ) 34 466 (1,069 ) Balance at June 30, 2015 $ 830 $ 344 $ (2,478 ) $ (21,573 ) $ (22,877 ) Six months ended June 30, 2016 Balance at December 31, 2015 $ (6,499 ) $ 458 $ (15 ) $ (15,961 ) $ (22,017 ) Other comprehensive income before reclassifications 29,865 — — — 29,865 Amounts reclassified from accumulated other comprehensive income (loss) (665 ) — 8 498 (159 ) Balance at June 30, 2016 $ 22,701 $ 458 $ (7 ) $ (15,463 ) $ 7,689 Six months ended June 30, 2015 Balance at December 31, 2014 $ 5,980 $ 1,349 $ (2,546 ) $ (22,505 ) $ (17,722 ) Other comprehensive income before reclassifications (2,016 ) 125 — — (1,891 ) Amounts reclassified from accumulated other comprehensive income (loss) (3,134 ) (1,130 ) 68 932 (3,264 ) Balance at June 30, 2015 $ 830 $ 344 $ (2,478 ) $ (21,573 ) $ (22,877 ) |
Investment Securities (Tables)
Investment Securities (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Amortized Cost and Fair Values of Investment Securities | The following table presents the amortized cost and estimated fair values of investment securities, which were all classified as available for sale: Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value (in thousands) June 30, 2016 U.S. Government sponsored agency securities $ 143 $ 3 $ — $ 146 State and municipal securities 333,246 12,101 — 345,347 Corporate debt securities 95,419 3,001 (6,873 ) 91,547 Collateralized mortgage obligations 701,853 5,951 (1,458 ) 706,346 Mortgage-backed securities 1,242,267 25,501 (5 ) 1,267,763 Auction rate securities 106,949 — (9,063 ) 97,886 Total debt securities 2,479,877 46,557 (17,399 ) 2,509,035 Equity securities 14,210 6,493 (14 ) 20,689 Total $ 2,494,087 $ 53,050 $ (17,413 ) $ 2,529,724 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value (in thousands) December 31, 2015 U.S. Government sponsored agency securities $ 25,154 $ 35 $ (53 ) $ 25,136 State and municipal securities 256,746 6,019 — 262,765 Corporate debt securities 100,336 2,695 (6,076 ) 96,955 Collateralized mortgage obligations 835,439 3,042 (16,972 ) 821,509 Mortgage-backed securities 1,154,935 10,104 (6,204 ) 1,158,835 Auction rate securities 106,772 — (8,713 ) 98,059 Total debt securities 2,479,382 21,895 (38,018 ) 2,463,259 Equity securities 14,677 6,845 (8 ) 21,514 Total $ 2,494,059 $ 28,740 $ (38,026 ) $ 2,484,773 |
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 June 30, 2016 , 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 (in thousands) Due in one year or less $ 55,965 $ 56,628 Due from one year to five years 44,833 46,408 Due from five years to ten years 94,787 97,933 Due after ten years 340,172 333,957 535,757 534,926 Collateralized mortgage obligations 701,853 706,346 Mortgage-backed securities 1,242,267 1,267,763 Total debt securities $ 2,479,877 $ 2,509,035 |
Summary of Gains and Losses from Equity and Debt Securities, and Losses Recognized from Other-than-Temporary Impairment | The following table presents information related to the gross realized gains and losses on the sales of equity and debt securities: Gross Gross Net Gains (Losses) Three months ended June 30, 2016 (in thousands) Equity securities $ 4 $ (10 ) $ (6 ) Debt securities 108 (26 ) 82 Total $ 112 $ (36 ) $ 76 Three months ended June 30, 2015 Equity securities $ 2,290 $ — $ 2,290 Debt securities 125 — 125 Total $ 2,415 $ — $ 2,415 Six months ended June 30, 2016 Equity securities $ 737 $ (10 ) $ 727 Debt securities 322 (26 ) 296 Total $ 1,059 $ (36 ) $ 1,023 Six months ended June 30, 2015 Equity securities $ 4,260 $ — $ 4,260 Debt securities 2,300 — 2,300 Total $ 6,560 $ — $ 6,560 |
Summary Of Other Than Temporary Impairment Charges Recorded In Statement Of Operations [Table Text Block] | The following table presents a summary of the cumulative credit related other-than-temporary impairment charges, recognized as components of earnings, for debt securities held by the Corporation at June 30, 2016 and 2015: Three months ended June 30 Six months ended June 30 2016 2015 2016 2015 (in thousands) Balance of cumulative credit losses on debt securities, beginning of period $ (11,510 ) $ (12,302 ) $ (11,510 ) $ (16,242 ) Reductions for securities sold during the period — 792 — 4,730 Reductions for increases in cash flows expected to be collected that are recognized over the remaining life of the security — — — 2 Balance of cumulative credit losses on debt securities, end of period $ (11,510 ) $ (11,510 ) $ (11,510 ) $ (11,510 ) |
Gross Unrealized Losses and Fair Values of Investments by Category and Length of Time in Continuous Unrealized Loss Position | The following table presents the gross unrealized losses and estimated fair values of investments, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at June 30, 2016 : Less than 12 months 12 months or longer Total Estimated Fair Value Unrealized Losses Estimated Fair Value Unrealized Losses Estimated Fair Value Unrealized Losses (in thousands) Corporate debt securities $ — $ — $ 32,186 $ (6,873 ) $ 32,186 $ (6,873 ) Collateralized mortgage obligations 21,695 (17 ) 292,954 (1,441 ) 314,649 (1,458 ) Mortgage-backed securities — — 11,569 (5 ) 11,569 (5 ) Auction rate securities — — 97,886 (9,063 ) 97,886 (9,063 ) Total debt securities 21,695 (17 ) 434,595 (17,382 ) 456,290 (17,399 ) Equity securities 681 (14 ) — — 681 (14 ) $ 22,376 $ (31 ) $ 434,595 $ (17,382 ) $ 456,971 $ (17,413 ) |
Summary of Amortized Cost and Fair Values of Corporate Debt Securities | The following table presents the amortized cost and estimated fair value of corporate debt securities: June 30, 2016 December 31, 2015 Amortized cost Estimated fair value Amortized cost Estimated fair value (in thousands) Single-issuer trust preferred securities $ 43,697 $ 37,461 $ 44,648 $ 39,106 Subordinated debt 29,662 30,708 39,610 40,779 Senior debt 18,040 18,652 12,043 12,329 Pooled trust preferred securities — 706 — 706 Corporate debt securities issued by financial institutions 91,399 87,527 96,301 92,920 Other corporate debt securities 4,020 4,020 4,035 4,035 Available for sale corporate debt securities $ 95,419 $ 91,547 $ 100,336 $ 96,955 |
Loans and Allowance for Credi24
Loans and Allowance for Credit Losses (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Receivables [Abstract] | |
Summary of Gross Loans by Type | Loans, net of unearned income are summarized as follows: June 30, December 31, 2015 (in thousands) Real-estate - commercial mortgage $ 5,635,347 $ 5,462,330 Commercial - industrial, financial and agricultural 4,099,177 4,088,962 Real-estate - home equity 1,647,319 1,684,439 Real-estate - residential mortgage 1,447,292 1,376,160 Real-estate - construction 853,699 799,988 Consumer 278,071 268,588 Leasing and other 208,602 170,914 Overdrafts 3,214 2,737 Loans, gross of unearned income 14,172,721 13,854,118 Unearned income (17,562 ) (15,516 ) Loans, net of unearned income $ 14,155,159 $ 13,838,602 |
Schedule of Allowance for Credit Losses | The following table presents the components of the allowance for credit losses: June 30, December 31, (in thousands) Allowance for loan losses $ 162,546 $ 169,054 Reserve for unfunded lending commitments 2,562 2,358 Allowance for credit losses $ 165,108 $ 171,412 |
Activity in the Allowance for Credit Losses | The following table presents the activity in the allowance for credit losses: Three months ended June 30 Six months ended June 30 2016 2015 2016 2015 (in thousands) Balance at beginning of period $ 166,065 $ 179,658 $ 171,412 $ 185,931 Loans charged off (10,746 ) (15,372 ) (21,901 ) (21,136 ) Recoveries of loans previously charged off 7,278 2,967 11,556 6,158 Net loans charged off (3,468 ) (12,405 ) (10,345 ) (14,978 ) Provision for credit losses 2,511 2,200 4,041 (1,500 ) Balance at end of period $ 165,108 $ 169,453 $ 165,108 $ 169,453 The following table presents the activity in the allowance for loan losses by portfolio segment: Real Estate - Commercial Mortgage Commercial - Industrial, Financial and Agricultural Real Estate - Home Equity Real Estate - Residential Mortgage Real Estate - Construction Consumer Leasing, other and overdrafts Unallocated Total (in thousands) Three months ended June 30, 2016 Balance at March 31, 2016 $ 48,311 $ 54,333 $ 22,524 $ 19,928 $ 6,282 $ 2,324 $ 2,974 $ 7,165 $ 163,841 Loans charged off (1,474 ) (4,625 ) (1,045 ) (340 ) (742 ) (569 ) (1,951 ) — (10,746 ) Recoveries of loans previously charged off 1,367 2,931 350 420 1,563 539 108 — 7,278 Net loans charged off (107 ) (1,694 ) (695 ) 80 821 (30 ) (1,843 ) — (3,468 ) Provision for loan losses (1) (4,464 ) (884 ) 4,341 1,218 (1,331 ) 690 1,387 1,216 2,173 Balance at June 30, 2016 $ 43,740 $ 51,755 $ 26,170 $ 21,226 $ 5,772 $ 2,984 $ 2,518 $ 8,381 $ 162,546 Three months ended June 30, 2015 Balance at March 31, 2015 $ 52,860 $ 57,150 $ 23,481 $ 23,235 $ 8,487 $ 2,527 $ 1,653 $ 8,308 $ 177,701 Loans charged off (1,642 ) (11,166 ) (870 ) (783 ) (87 ) (357 ) (467 ) — (15,372 ) Recoveries of loans previously charged off 451 1,471 189 187 231 368 70 — 2,967 Net loans charged off (1,191 ) (9,695 ) (681 ) (596 ) 144 11 (397 ) — (12,405 ) Provision for loan losses (1) (989 ) 1,715 (294 ) 148 (882 ) 70 359 2,062 2,189 Balance at June 30, 2015 $ 50,680 $ 49,170 $ 22,506 $ 22,787 $ 7,749 $ 2,608 $ 1,615 $ 10,370 $ 167,485 Six months ended June 30, 2016 Balance at December 31, 2015 $ 47,866 $ 57,098 $ 22,405 $ 21,375 $ 6,529 $ 2,585 $ 2,468 $ 8,728 $ 169,054 Loans charged off (2,056 ) (10,813 ) (2,586 ) (1,408 ) (1,068 ) (1,576 ) (2,394 ) — (21,901 ) Recoveries of loans previously charged off 2,192 5,250 688 556 1,946 735 189 — 11,556 Net loans charged off 136 (5,563 ) (1,898 ) (852 ) 878 (841 ) (2,205 ) — (10,345 ) Provision for loan losses (1) (4,262 ) 220 5,663 703 (1,635 ) 1,240 2,255 (347 ) 3,837 Balance at June 30, 2016 $ 43,740 $ 51,755 $ 26,170 $ 21,226 $ 5,772 $ 2,984 $ 2,518 $ 8,381 $ 162,546 Six months ended June 30, 2015 Balance at December 31, 2014 $ 53,493 $ 51,378 $ 28,271 $ 29,072 $ 9,756 $ 3,015 $ 1,799 $ 7,360 $ 184,144 Loans charged off (2,351 ) (13,029 ) (1,638 ) (2,064 ) (87 ) (1,137 ) (830 ) — (21,136 ) Recoveries of loans previously charged off 887 2,257 440 346 1,378 609 241 — 6,158 Net loans charged off (1,464 ) (10,772 ) (1,198 ) (1,718 ) 1,291 (528 ) (589 ) — (14,978 ) Provision for loan losses (1) (1,349 ) 8,564 (4,567 ) (4,567 ) (3,298 ) 121 405 3,010 (1,681 ) Balance at June 30, 2015 $ 50,680 $ 49,170 $ 22,506 $ 22,787 $ 7,749 $ 2,608 $ 1,615 $ 10,370 $ 167,485 (1) The provision for loan losses excluded a $338,000 and $204,000 increase, respectively, in the reserve for unfunded lending commitments for the three and six months ended June 30, 2016 and an $11,000 and $181,000 increase, respectively, in the reserve for unfunded lending commitments for the three and six months ended June 30, 2015 . The total provision for credit losses, comprised of allocations for both funded and unfunded loans, was $2.5 million and $4.0 million for the three and six months ended June 30, 2016 , respectively, and $2.2 million and a negative $1.5 million for the three and six months ended June 30, 2015 . The following table presents loans, net of unearned income and their related allowance for loan losses, by portfolio segment: Real Estate - Commercial Mortgage Commercial - Industrial, Financial and Agricultural Real Estate - Home Equity Real Estate - Residential Mortgage Real Estate - Construction Consumer Leasing, other and overdrafts Unallocated (1) Total (in thousands) Allowance for loan losses at June 30, 2016: Measured for impairment under FASB ASC Subtopic 450-20 $ 32,861 $ 40,945 $ 17,089 $ 9,044 $ 4,004 $ 2,971 $ 2,518 $ 8,381 $ 117,813 Evaluated for impairment under FASB ASC Section 310-10-35 10,879 10,810 9,081 12,182 1,768 13 — N/A 44,733 $ 43,740 $ 51,755 $ 26,170 $ 21,226 $ 5,772 $ 2,984 $ 2,518 $ 8,381 $ 162,546 Loans, net of unearned income at June 30, 2016: Measured for impairment under FASB ASC Subtopic 450-20 $ 5,582,027 $ 4,057,883 $ 1,629,443 $ 1,399,399 $ 841,193 $ 278,053 $ 194,254 N/A $ 13,982,252 Evaluated for impairment under FASB ASC Section 310-10-35 53,320 41,294 17,876 47,893 12,506 18 — N/A 172,907 $ 5,635,347 $ 4,099,177 $ 1,647,319 $ 1,447,292 $ 853,699 $ 278,071 $ 194,254 N/A $ 14,155,159 Allowance for loan losses at June 30, 2015: Measured for impairment under FASB ASC Subtopic 450-20 $ 37,228 $ 38,090 $ 15,838 $ 8,763 $ 5,430 $ 2,588 $ 1,615 $ 10,370 $ 119,922 Evaluated for impairment under FASB ASC Section 310-10-35 13,452 11,080 6,668 14,024 2,319 20 — N/A 47,563 $ 50,680 $ 49,170 $ 22,506 $ 22,787 $ 7,749 $ 2,608 $ 1,615 $ 10,370 $ 167,485 Loans, net of unearned income at June 30, 2015: Measured for impairment under FASB ASC Subtopic 450-20 $ 5,172,333 $ 3,764,999 $ 1,676,410 $ 1,315,908 $ 712,975 $ 272,463 $ 136,521 N/A $ 13,051,609 Evaluated for impairment under FASB ASC Section 310-10-35 65,467 41,700 13,278 53,195 18,950 31 — N/A 192,621 $ 5,237,800 $ 3,806,699 $ 1,689,688 $ 1,369,103 $ 731,925 $ 272,494 $ 136,521 N/A $ 13,244,230 (1) The unallocated allowance, which was approximately 5% and 6% of the total allowance for credit losses, respectively, as of June 30, 2016 and 2015 , was, in the opinion of management, reasonable and appropriate given that the estimates used in the allocation process are inherently imprecise. N/A - Not applicable |
Total Impaired Loans by Class Segment | The following table presents total impaired loans by class segment: June 30, 2016 December 31, 2015 Unpaid Principal Balance Recorded Investment Related Allowance Unpaid Principal Balance Recorded Investment Related Allowance (in thousands) With no related allowance recorded: Real estate - commercial mortgage $ 25,452 $ 22,501 $ — $ 27,872 $ 22,596 $ — Commercial - secured 21,458 18,137 — 18,012 13,702 — Real estate - residential mortgage 6,353 6,171 — 4,790 4,790 — Construction - commercial residential 7,743 6,543 — 9,916 8,865 — 61,006 53,352 60,590 49,953 With a related allowance recorded: Real estate - commercial mortgage 41,420 30,819 10,879 45,189 35,698 12,471 Commercial - secured 27,349 22,183 10,230 39,659 33,629 14,085 Commercial - unsecured 1,182 974 580 971 821 498 Real estate - home equity 22,944 17,876 9,081 20,347 15,766 7,993 Real estate - residential mortgage 49,976 41,722 12,182 55,242 45,635 13,422 Construction - commercial residential 8,610 5,043 1,447 9,949 6,290 2,110 Construction - commercial 731 504 166 820 638 217 Construction - other 416 416 155 331 193 68 Consumer - direct 18 18 13 19 19 14 Consumer - indirect — — — 14 14 8 Leasing, other and overdrafts — — — 1,658 1,425 704 152,646 119,555 44,733 174,199 140,128 51,590 Total $ 213,652 $ 172,907 $ 44,733 $ 234,789 $ 190,081 $ 51,590 As of June 30, 2016 and December 31, 2015 , there were $53.4 million and $50.0 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 they were previously 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: Three months ended June 30 Six months ended June 30 2016 2015 2016 2015 Average Interest Average Interest Average Interest Average Interest (in thousands) With no related allowance recorded: Real estate - commercial mortgage $ 22,762 $ 72 $ 27,410 $ 87 $ 22,707 $ 141 $ 26,018 178 Commercial - secured 15,182 20 16,163 24 14,688 36 15,636 45 Real estate - residential mortgage 6,191 33 5,541 32 5,724 63 5,318 60 Construction - commercial residential 6,421 16 12,171 40 7,236 35 13,048 95 Construction - commercial — — 925 — — — 1,144 — 50,556 141 62,210 183 50,355 275 61,164 378 With a related allowance recorded: Real estate - commercial mortgage 33,042 104 40,204 126 33,927 212 40,143 259 Commercial - secured 25,919 33 25,902 38 28,489 71 23,713 74 Commercial - unsecured 929 1 2,082 2 893 2 1,751 3 Real estate - home equity 17,950 70 13,016 33 17,222 127 13,163 64 Real estate - residential mortgage 41,928 226 47,020 270 43,164 461 46,839 543 Construction - commercial residential 5,566 14 6,031 21 5,807 29 6,655 49 Construction - commercial 548 — 960 — 578 — 981 — Construction - other 513 — 281 — 406 — 281 — Consumer - direct 10 — 17 — 16 — 18 — Consumer - indirect 15 — 17 — 11 — 17 — Leasing, other and overdrafts 711 — — — 949 — — — 127,131 448 135,530 490 131,462 902 133,561 992 Total $ 177,687 $ 589 $ 197,740 $ 673 $ 181,817 $ 1,177 $ 194,725 1,370 (1) All impaired loans, excluding accruing TDRs, were non-accrual loans. Interest income recognized for the three and six months ended June 30, 2016 and 2015 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: Pass Special Mention Substandard or Lower Total June 30, 2016 December 31, 2015 June 30, 2016 December 31, 2015 June 30, 2016 December 31, 2015 June 30, 2016 December 31, 2015 (dollars in thousands) Real estate - commercial mortgage $ 5,371,366 $ 5,204,263 $ 141,417 $ 102,625 $ 122,564 $ 155,442 $ 5,635,347 $ 5,462,330 Commercial - secured 3,718,231 3,696,692 95,330 92,711 130,180 136,710 3,943,741 3,926,113 Commercial - unsecured 149,548 156,742 2,467 2,761 3,421 3,346 155,436 162,849 Total commercial - industrial, financial and agricultural 3,867,779 3,853,434 97,797 95,472 133,601 140,056 4,099,177 4,088,962 Construction - commercial residential 151,817 140,337 17,012 17,154 14,838 21,812 183,667 179,303 Construction - commercial 596,971 552,710 2,548 3,684 4,594 3,597 604,113 559,991 Total construction (excluding Construction - other) 748,788 693,047 19,560 20,838 19,432 25,409 787,780 739,294 $ 9,987,933 $ 9,750,744 $ 258,774 $ 218,935 $ 275,597 $ 320,907 $ 10,522,304 $ 10,290,586 % of Total 94.9 % 94.8 % 2.5 % 2.1 % 2.6 % 3.1 % 100.0 % 100.0 % The following table presents a summary of performing, delinquency and non-performing status for home equity, real estate - residential mortgages, construction loans to individuals and consumer, leasing and other loans by class segment: Performing Delinquent (1) Non-performing (2) Total June 30, 2016 December 31, 2015 June 30, 2016 December 31, 2015 June 30, 2016 December 31, 2015 June 30, 2016 December 31, 2015 (dollars in thousands) Real estate - home equity $ 1,623,095 $ 1,660,773 $ 10,051 $ 8,983 $ 14,173 $ 14,683 $ 1,647,319 $ 1,684,439 Real estate - residential mortgage 1,408,244 1,329,371 14,018 18,305 25,030 28,484 1,447,292 1,376,160 Construction - other 63,404 59,997 1,416 88 1,099 609 65,919 60,694 Consumer - direct 92,906 94,262 1,860 2,254 1,695 2,203 96,461 98,719 Consumer - indirect 179,293 166,823 2,124 2,809 193 237 181,610 169,869 Total consumer 272,199 261,085 3,984 5,063 1,888 2,440 278,071 268,588 Leasing, other and overdrafts 193,233 155,870 863 759 158 1,506 194,254 158,135 $ 3,560,175 $ 3,467,096 $ 30,332 $ 33,198 $ 42,348 $ 47,722 $ 3,632,855 $ 3,548,016 % of Total 98.0 % 97.7 % 0.8 % 1.0 % 1.2 % 1.3 % 100.0 % 100.0 % (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: June 30, December 31, (in thousands) Non-accrual loans $ 111,742 $ 129,523 Loans 90 days or more past due and still accruing 15,992 15,291 Total non-performing loans 127,734 144,814 Other real estate owned (OREO) 11,918 11,099 Total non-performing assets $ 139,652 $ 155,913 |
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: June 30, 2016 30-59 Days Past Due 60-89 Days Past Due ≥ 90 Days Past Due and Accruing Non- accrual Total ≥ 90 Days Total Past Due Current Total (in thousands) Real estate - commercial mortgage $ 7,813 $ 2,288 $ 192 $ 35,512 $ 35,704 $ 45,805 $ 5,589,542 $ 5,635,347 Commercial - secured 4,532 7,207 2,997 34,675 37,672 49,411 3,894,330 3,943,741 Commercial - unsecured 372 43 367 863 1,230 1,645 153,791 155,436 Total commercial - industrial, financial and agricultural 4,904 7,250 3,364 35,538 38,902 51,056 4,048,121 4,099,177 Real estate - home equity 7,600 2,451 3,470 10,703 14,173 24,224 1,623,095 1,647,319 Real estate - residential mortgage 10,356 3,662 4,461 20,569 25,030 39,048 1,408,244 1,447,292 Construction - commercial residential — 541 — 8,499 8,499 9,040 174,627 183,667 Construction - commercial 1,482 1,134 1,777 504 2,281 4,897 599,216 604,113 Construction - other 1,416 — 682 417 1,099 2,515 63,404 65,919 Total real estate - construction 2,898 1,675 2,459 9,420 11,879 16,452 837,247 853,699 Consumer - direct 1,169 691 1,695 — 1,695 3,555 92,906 96,461 Consumer - indirect 1,734 390 193 — 193 2,317 179,293 181,610 Total consumer 2,903 1,081 1,888 — 1,888 5,872 272,199 278,071 Leasing, other and overdrafts 400 463 158 — 158 1,021 193,233 194,254 Total $ 36,874 $ 18,870 $ 15,992 $ 111,742 $ 127,734 $ 183,478 $ 13,971,681 $ 14,155,159 December 31, 2015 30-59 Days Past Due 60-89 Days Past Due ≥ 90 Days Past Due and Accruing Non- accrual Total ≥ 90 Days Total Past Due Current Total (in thousands) Real estate - commercial mortgage $ 6,469 $ 1,312 $ 439 $ 40,731 $ 41,170 $ 48,951 $ 5,413,379 $ 5,462,330 Commercial - secured 5,654 2,615 1,853 41,498 43,351 51,620 3,874,493 3,926,113 Commercial - unsecured 510 83 19 701 720 1,313 161,536 162,849 Total commercial - industrial, financial and agricultural 6,164 2,698 1,872 42,199 44,071 52,933 4,036,029 4,088,962 Real estate - home equity 6,438 2,545 3,473 11,210 14,683 23,666 1,660,773 1,684,439 Real estate - residential mortgage 15,141 3,164 6,570 21,914 28,484 46,789 1,329,371 1,376,160 Construction - commercial residential 1,366 494 — 11,213 11,213 13,073 166,230 179,303 Construction - commercial 50 176 — 638 638 864 559,127 559,991 Construction - other 88 — 416 193 609 697 59,997 60,694 Total real estate - construction 1,504 670 416 12,044 12,460 14,634 785,354 799,988 Consumer - direct 1,687 567 2,203 — 2,203 4,457 94,262 98,719 Consumer - indirect 2,308 501 237 — 237 3,046 166,823 169,869 Total consumer 3,995 1,068 2,440 — 2,440 7,503 261,085 268,588 Leasing, other and overdrafts 483 276 81 1,425 1,506 2,265 155,870 158,135 Total $ 40,194 $ 11,733 $ 15,291 $ 129,523 $ 144,814 $ 196,741 $ 13,641,861 $ 13,838,602 |
Troubled Debt Restructurings on Financing Receivables | The following table presents TDRs, by class segment: June 30, December 31, (in thousands) Real-estate - residential mortgage $ 27,324 $ 28,511 Real-estate - commercial mortgage 17,808 17,563 Commercial - secured 5,645 5,833 Construction - commercial residential 3,086 3,942 Real estate - home equity 7,173 4,556 Commercial - unsecured 111 120 Consumer - indirect — 14 Consumer - direct 18 19 Total accruing TDRs 61,165 60,558 Non-accrual TDRs (1) 24,887 31,035 Total TDRs $ 86,052 $ 91,593 (1) Included in non-accrual loans in the preceding table detailing non-performing assets |
Loan Terms Modified Under Troubled Debt Restructurings | The following table presents TDRs, by class segment, as of June 30, 2016 and 2015 , that were modified in the previous 12 months and had a post-modification payment default during the six months ended June 30, 2016 and 2015 . The Corporation defines a payment default as a single missed payment. 2016 2015 Number of Loans Recorded Investment Number of Loans Recorded Investment (dollars in thousands) Real estate - home equity 22 $ 1,448 7 $ 614 Real estate - residential mortgage 5 972 6 652 Commercial - secured 4 1,096 8 4,779 Real estate - commercial mortgage 2 132 2 191 Commercial - unsecured 1 27 — — Total 34 $ 3,675 23 $ 6,236 The following table presents TDRs, by class segment as of June 30, 2016 and 2015 , that were modified during the three and six months ended June 30, 2016 and 2015 : Three months ended June 30 Six months ended June 30 2016 2015 2016 2015 Number of Loans Post-Modification Recorded Investment Number of Loans Post-Modification Recorded Investment Number of Loans Post-Modification Recorded Investment Number of Loans Post-Modification Recorded Investment (dollars in thousands) Commercial – secured: Extend maturity without rate concession 4 $ 1,146 3 $ 1,047 6 $ 1,976 11 $ 7,823 Commercial – unsecured: Extend maturity without rate concession — — — — 2 103 1 42 Real estate - commercial mortgage: Extend maturity without rate concession — — 1 132 — — 4 2,627 Real estate - home equity: Extend maturity with rate concession — — — — 1 44 — — Bankruptcy 23 969 15 739 60 3,667 25 1,231 Real estate – residential mortgage: Extend maturity with rate concession — — — — — — 1 104 Extend maturity without rate concession 2 315 — — 2 315 2 225 Bankruptcy 1 373 4 456 1 373 5 737 Construction - commercial residential: Extend maturity without rate concession — — — — — — 1 889 Consumer - direct: Bankruptcy — — — — 1 2 — — Consumer - indirect: Bankruptcy — — — — — — 1 13 Total 30 $ 2,803 23 $ 2,374 73 $ 6,480 51 $ 13,691 |
Mortgage Servicing Rights (Tabl
Mortgage Servicing Rights (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Transfers and Servicing [Abstract] | |
Summary of Changes in Mortgage Servicing Rights | The following table summarizes the changes in mortgage servicing rights ("MSRs"), which are included in other assets on the consolidated balance sheets: Three months ended June 30 Six months ended June 30 2016 2015 2016 2015 (in thousands) Amortized cost: Balance at beginning of period $ 40,195 $ 41,803 $ 40,944 $ 42,148 Originations of mortgage servicing rights 1,508 1,956 2,428 3,513 Amortization (1,829 ) (2,161 ) (3,498 ) (4,063 ) Balance at end of period $ 39,874 $ 41,598 $ 39,874 $ 41,598 Valuation allowance: Balance at beginning of period $ — $ — $ — $ — Additions (1,721 ) — (1,721 ) — Balance at end of period $ (1,721 ) $ — $ (1,721 ) $ — Net MSRs at end of period $ 38,153 $ 41,598 $ 38,153 $ 41,598 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Summary of Compensation Expense and Related Tax Benefits | The following table presents compensation expense and the related tax benefits for equity awards recognized in the consolidated statements of income: Three months ended June 30 Six months ended June 30 2016 2015 2016 2015 (in thousands) Stock-based compensation expense $ 1,820 $ 1,767 $ 3,256 $ 2,838 Tax benefit (642 ) (622 ) (1,075 ) (914 ) Stock-based compensation expense, net of tax $ 1,178 $ 1,145 $ 2,181 $ 1,924 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Schedule of Defined Benefit Plans Disclosures | The net periodic benefit cost for the Corporation’s Pension Plan consisted of the following components: Three months ended June 30 Six months ended June 30 2016 2015 2016 2015 (in thousands) Service cost (1) $ 194 $ 145 $ 344 $ 290 Interest cost 879 851 1,760 1,702 Expected return on plan assets (433 ) (752 ) (1,159 ) (1,504 ) Net amortization and deferral 428 782 1,210 1,564 Net periodic benefit cost $ 1,068 $ 1,026 $ 2,155 $ 2,052 (1) Service cost was related to administrative costs associated with the plan and was not due to the accrual of additional participant benefits. The net periodic cost (benefit) of the Corporation’s Postretirement Plan consisted of the following components: Three months ended June 30 Six months ended June 30 2016 2015 2016 2015 (in thousands) Interest cost 5 52 43 104 Expected return on plan assets (1 ) — (1 ) — Net accretion and deferral (210 ) (65 ) (275 ) (130 ) Net periodic benefit $ (206 ) $ (13 ) $ (233 ) $ (26 ) |
Derivative Financial Instrume28
Derivative Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Summary of Notional Amounts and Fair Values of Derivative Financial Instruments | The following table presents a summary of the notional amounts and fair values of derivative financial instruments: June 30, 2016 December 31, 2015 Notional Asset Notional Asset (in thousands) Interest Rate Locks with Customers Positive fair values $ 159,646 $ 3,023 $ 87,781 $ 1,291 Negative fair values 414 (4 ) 267 (16 ) Net interest rate locks with customers 3,019 1,275 Forward Commitments Positive fair values — — 69,045 205 Negative fair values 137,811 (1,831 ) 16,193 (24 ) Net forward commitments (1,831 ) 181 Interest Rate Swaps with Customers Positive fair values 1,098,942 82,874 846,490 32,915 Negative fair values 8,000 (14 ) 8,757 (55 ) Net interest rate swaps with customers 82,860 32,860 Interest Rate Swaps with Dealer Counterparties Positive fair values 8,000 14 8,757 55 Negative fair values 1,098,942 (82,874 ) 846,490 (32,915 ) Net interest rate swaps with dealer counterparties (82,860 ) (32,860 ) Foreign Exchange Contracts with Customers Positive fair values 11,577 479 4,897 114 Negative fair values 6,268 (94 ) 8,050 (184 ) Net foreign exchange contracts with customers 385 (70 ) Foreign Exchange Contracts with Correspondent Banks Positive fair values 9,595 377 9,728 428 Negative fair values 15,231 (443 ) 6,899 (147 ) Net foreign exchange contracts with correspondent banks (66 ) 281 Net derivative fair value asset $ 1,507 $ 1,667 |
Summary of Fair Value Gains and Losses on Derivative Financial Instruments | The following table presents a summary of the fair value gains and losses on derivative financial instruments: Three months ended June 30 Six months ended June 30 2016 2015 2016 2015 (in thousands) Interest rate locks with customers $ 512 $ (1,287 ) $ 1,744 $ (165 ) Forward commitments (906 ) 2,291 (2,012 ) 2,845 Interest rate swaps with customers 20,569 (9,839 ) 50,000 (435 ) Interest rate swaps with dealer counterparties (20,569 ) 9,839 (50,000 ) 435 Foreign exchange contracts with customers 81 (748 ) 455 (181 ) Foreign exchange contracts with correspondent banks (68 ) 711 (347 ) 387 Net fair value gains (losses) on derivative financial instruments $ (381 ) $ 967 $ (160 ) $ 2,886 |
Summary of Corporation's Mortgage Loans Held for Sale | The following table presents a summary of the Corporation’s mortgage loans held for sale: June 30, December 31, (in thousands) Cost $ 33,164 $ 16,584 Fair value 34,330 16,886 |
Summary of Offsetting Derivative Assets | The following table presents the Corporation's financial instruments that are eligible for offset, and the effects of offsetting, on the consolidated balance sheets: Gross Amounts Gross Amounts Not Offset Recognized on the Consolidated on the Balance Sheets Consolidated Financial Cash Net Balance Sheets Instruments (1) Collateral (2) Amount (in thousands) June 30, 2016 Interest rate swap derivative assets $ 82,888 $ (14 ) $ — $ 82,874 Foreign exchange derivative assets with correspondent banks 377 (359 ) (18 ) — Total $ 83,265 $ (373 ) $ (18 ) $ 82,874 Interest rate swap derivative liabilities $ 82,888 $ (14 ) $ (82,510 ) $ 364 Foreign exchange derivative liabilities with correspondent banks 443 (359 ) — 84 Total $ 83,331 $ (373 ) $ (82,510 ) $ 448 December 31, 2015 Interest rate swap derivative assets $ 32,970 $ (55 ) $ — $ 32,915 Foreign exchange derivative assets with correspondent banks 428 (147 ) — 281 Total $ 33,398 $ (202 ) $ — $ 33,196 Interest rate swap derivative liabilities $ 32,970 $ (55 ) $ (31,130 ) $ 1,785 Foreign exchange derivative liabilities with correspondent banks 147 (147 ) — — Total $ 33,117 $ (202 ) $ (31,130 ) $ 1,785 (1) For derivative assets, amounts represent any derivative liability fair values that could be offset in the event of counterparty or customer default. For derivative liabilities, amounts represent any derivative asset fair values that could be offset in the event of counterparty or customer default. (2) Amounts represent cash collateral received from the counterparty or posted by the Corporation. |
Summary of Offsetting Derivative 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: 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) June 30, 2016 Interest rate swap derivative assets $ 82,888 $ (14 ) $ — $ 82,874 Foreign exchange derivative assets with correspondent banks 377 (359 ) (18 ) — Total $ 83,265 $ (373 ) $ (18 ) $ 82,874 Interest rate swap derivative liabilities $ 82,888 $ (14 ) $ (82,510 ) $ 364 Foreign exchange derivative liabilities with correspondent banks 443 (359 ) — 84 Total $ 83,331 $ (373 ) $ (82,510 ) $ 448 December 31, 2015 Interest rate swap derivative assets $ 32,970 $ (55 ) $ — $ 32,915 Foreign exchange derivative assets with correspondent banks 428 (147 ) — 281 Total $ 33,398 $ (202 ) $ — $ 33,196 Interest rate swap derivative liabilities $ 32,970 $ (55 ) $ (31,130 ) $ 1,785 Foreign exchange derivative liabilities with correspondent banks 147 (147 ) — — Total $ 33,117 $ (202 ) $ (31,130 ) $ 1,785 (1) For derivative assets, amounts represent any derivative liability fair values that could be offset in the event of counterparty or customer default. For derivative liabilities, amounts represent any derivative asset fair values that could be offset in the event of counterparty or customer default. (2) Amounts represent cash collateral received from the counterparty or posted by the Corporation. |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Summary of Outstanding Commitments to Extend Credit and Letters of Credit | The outstanding amounts of commitments to extend credit and letters of credit as of the dates indicated were as follows: June 30, December 31, 2015 (in thousands) Commitments to extend credit $ 5,898,623 $ 5,784,138 Standby letters of credit 362,506 374,729 Commercial letters of credit 37,836 39,529 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | 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: June 30, 2016 Level 1 Level 2 Level 3 Total (in thousands) Mortgage loans held for sale $ — $ 34,330 $ — $ 34,330 Available for sale investment securities: Equity securities 20,689 — — 20,689 U.S. Government sponsored agency securities — 146 — 146 State and municipal securities — 345,347 — 345,347 Corporate debt securities — 88,416 3,131 91,547 Collateralized mortgage obligations — 706,346 — 706,346 Mortgage-backed securities — 1,267,763 — 1,267,763 Auction rate securities — — 97,886 97,886 Total available for sale investment securities 20,689 2,408,018 101,017 2,529,724 Other assets 16,873 85,911 — 102,784 Total assets $ 37,562 $ 2,528,259 $ 101,017 $ 2,666,838 Other liabilities $ 16,541 $ 84,722 $ — $ 101,263 December 31, 2015 Level 1 Level 2 Level 3 Total (in thousands) Mortgage loans held for sale $ — $ 16,886 $ — $ 16,886 Available for sale investment securities: Equity securities 21,514 — — 21,514 U.S. Government sponsored agency securities — 25,136 — 25,136 State and municipal securities — 262,765 — 262,765 Corporate debt securities — 93,619 3,336 96,955 Collateralized mortgage obligations — 821,509 — 821,509 Mortgage-backed securities — 1,158,835 — 1,158,835 Auction rate securities — — 98,059 98,059 Total available for sale investment securities 21,514 2,361,864 101,395 2,484,773 Other assets 16,129 34,465 — 50,594 Total assets $ 37,643 $ 2,413,215 $ 101,395 $ 2,552,253 Other liabilities $ 15,914 $ 33,010 $ — $ 48,924 |
Schedule of Changes in Assets and Liabilities Measured at Fair Value on a Recurring Basis using Level 3 Inputs | The following table presents the changes in the Corporation’s available for sale investment securities measured at fair value on a recurring basis using unobservable inputs (Level 3): Three months ended June 30, 2016 Pooled Trust Single-issuer ARCs (in thousands) Balance at March 31, 2016 $ 706 $ 2,400 $ 97,326 Unrealized adjustment to fair value (1) — 22 482 Discount accretion (2) — 3 78 Balance at June 30, 2016 $ 706 $ 2,425 $ 97,886 Three months ended June 30, 2015 Balance at March 31, 2015 $ 1,084 $ 3,820 $ 98,932 Sales (554 ) — — Unrealized adjustment to fair value (1) — (2 ) (420 ) Discount accretion (2) — 2 94 Balance at June 30, 2015 $ 530 $ 3,820 $ 98,606 Six months ended June 30, 2016 Pooled Trust Single-issuer ARCs (in thousands) Balance at December 31, 2015 $ 706 $ 2,630 $ 98,059 Unrealized adjustment to fair value (1) — (211 ) (350 ) Discount accretion (2) — 6 177 Balance at June 30, 2016 $ 706 $ 2,425 $ 97,886 Six months ended June 30, 2015 Balance at December 31, 2014 $ 4,088 $ 3,820 $ 100,941 Sales (3,633 ) — — Unrealized adjustment to fair value (1) 190 (4 ) (88 ) Settlements - calls (117 ) — (2,446 ) Discount accretion (2) 2 4 199 Balance at June 30, 2015 $ 530 $ 3,820 $ 98,606 (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, Assets and Liabilities Measured on Nonrecurring Basis | The following table presents the Corporation’s financial assets measured at fair value on a nonrecurring basis and reported on the Corporation’s consolidated balance sheets: June 30, 2016 Level 1 Level 2 Level 3 Total (in thousands) Net loans $ — $ — $ 128,174 $ 128,174 Other financial assets — — 50,071 50,071 Total assets $ — $ — $ 178,245 $ 178,245 December 31, 2015 Level 1 Level 2 Level 3 Total (in thousands) Net loans $ — $ — $ 138,491 $ 138,491 Other financial assets — — 52,043 52,043 Total assets $ — $ — $ 190,534 $ 190,534 |
Details of Book Value and Fair Value of Financial Instruments | As required by FASB ASC Section 825-10-50, the following table details the book values and estimated fair values of the Corporation’s financial instruments as of June 30, 2016 and December 31, 2015 . In addition, a general description of the methods and assumptions used to estimate such fair values is also provided. June 30, 2016 December 31, 2015 Book Value Estimated Book Value Estimated (in thousands) FINANCIAL ASSETS Cash and due from banks $ 84,647 $ 84,647 $ 101,120 $ 101,120 Interest-bearing deposits with other banks 348,232 348,232 230,300 230,300 Federal Reserve Bank and Federal Home Loan Bank stock 59,854 59,854 62,216 62,216 Loans held for sale (1) 34,330 34,330 16,886 16,886 Available for sale investment securities (1) 2,529,724 2,529,724 2,484,773 2,484,773 Net Loans (1) 13,992,613 13,950,868 13,669,548 13,540,903 Accrued interest receivable 43,316 43,316 42,767 42,767 Other financial assets (1) 226,808 226,808 166,920 166,920 FINANCIAL LIABILITIES Demand and savings deposits $ 11,469,919 $ 11,469,919 $ 11,267,367 $ 11,267,367 Time deposits 2,822,645 2,973,640 2,864,950 2,862,868 Short-term borrowings 722,214 722,214 497,663 497,663 Accrued interest payable 8,336 8,336 10,724 10,724 Other financial liabilities (1) 274,104 274,104 190,927 190,927 Federal Home Loan Bank advances and long-term debt 965,552 993,194 949,542 959,315 (1) These financial instruments, or certain financial instruments in 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. |
Net Income Per Share Reconcilia
Net Income Per Share Reconciliation of Weighted Average Common Shares Outstanding (Details) - shares shares in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Weighted Average Number of Shares Outstanding Reconciliation [Abstract] | ||||
Weighted average shares outstanding (basic) (in shares) | 173,394 | 176,433 | 173,363 | 177,446 |
Impact of common stock equivalents (in shares) | 924 | 1,098 | 1,004 | 1,042 |
Weighted average shares outstanding (diluted) (in shares) | 174,318 | 177,531 | 174,367 | 178,488 |
Net Income Per Share Narrative
Net Income Per Share Narrative (Details) - shares shares in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Stock Option [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Stock options excluded from the diluted net income per share computation (in shares) | 802 | 1,800 | 844 | 2,000 |
Accumulated Other Comprehensi33
Accumulated Other Comprehensive Income Changes in Other Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Equity [Abstract] | ||||
Unrealized gain on securities, before tax amount | $ 19,753 | $ (18,474) | $ 45,946 | $ (3,103) |
Unrealized gain on securities, tax effect | (6,914) | 6,466 | (16,081) | 1,087 |
Unrealized gain on securities, net of tax amount | 12,839 | (12,008) | 29,865 | (2,016) |
Reclassification adjustment for securities gains included in net income, before tax amount | (76) | (2,413) | (1,023) | (6,558) |
Reclassification adjustment for securities gains included in net income, tax effect | 27 | 844 | 358 | 2,294 |
Reclassification adjustment for securities gains included in net income, net of tax amount | (49) | (1,569) | (665) | (4,264) |
Non-credit related unrealized gains on other-than-temporarily impaired debt securities, before tax amount | 192 | |||
Non-credit related unrealized gains on other-than-temporarily impaired debt securities, tax effect | (67) | |||
Non-credit related unrealized gains on other-than-temporarily impaired debt securities, net of tax amount | 0 | 0 | 0 | 125 |
Amortization of unrealized loss on derivative financial instruments, before tax amount | 6 | 52 | 12 | 104 |
Amortization of unrealized loss on derivative financial instruments, tax effect | (2) | (18) | (4) | (36) |
Amortization of unrealized loss on derivative financial instruments, net of tax amount | 4 | 34 | 8 | 68 |
Amortization of net unrecognized pension and postretirement items, before tax amount | 49 | 717 | 766 | 1,434 |
Amortization of net unrecognized pension and postretirement items, tax effect | (17) | (251) | (268) | (502) |
Amortization of net unrecognized pension and postretirement items, net of tax amount | 32 | 466 | 498 | 932 |
Total Other Comprehensive Income, Before Tax Amount | 19,732 | (20,118) | 45,701 | (7,931) |
Total Other Comprehensive Income, Tax Effect | (6,906) | 7,041 | (15,995) | 2,776 |
Other Comprehensive Income (Loss) | $ 12,826 | $ (13,077) | $ 29,706 | $ (5,155) |
Accumulated Other Comprehensi34
Accumulated Other Comprehensive Income Components of Other Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Accumulated Other Comprehensive Income [Roll Forward] | ||||
Beginning Balance | $ (5,137) | $ (9,800) | $ (22,017) | $ (17,722) |
Other comprehensive income before reclassifications | 12,839 | (12,008) | 29,865 | (1,891) |
Amounts reclassified from accumulated other comprehensive income (loss) | (13) | (1,069) | (159) | (3,264) |
Ending Balance | 7,689 | (22,877) | 7,689 | (22,877) |
Unrealized Gains on Investment Securities Not Other-Than-Temporarily Impaired [Member] | ||||
Accumulated Other Comprehensive Income [Roll Forward] | ||||
Beginning Balance | 9,911 | 14,311 | (6,499) | 5,980 |
Other comprehensive income before reclassifications | 12,839 | (12,008) | 29,865 | (2,016) |
Amounts reclassified from accumulated other comprehensive income (loss) | (49) | (1,473) | (665) | (3,134) |
Ending Balance | 22,701 | 830 | 22,701 | 830 |
Unrealized Non-Credit Losses on Other-Than-Temporarily Impaired Debt Securities [Member] | ||||
Accumulated Other Comprehensive Income [Roll Forward] | ||||
Beginning Balance | 458 | 440 | 458 | 1,349 |
Other comprehensive income before reclassifications | 0 | 0 | 0 | 125 |
Amounts reclassified from accumulated other comprehensive income (loss) | 0 | (96) | 0 | (1,130) |
Ending Balance | 458 | 344 | 458 | 344 |
Unrealized Effective Portions of Losses on Forward-Starting Interest Rate Swaps [Member] | ||||
Accumulated Other Comprehensive Income [Roll Forward] | ||||
Beginning Balance | (11) | (2,512) | (15) | (2,546) |
Other comprehensive income before reclassifications | 0 | 0 | 0 | 0 |
Amounts reclassified from accumulated other comprehensive income (loss) | 4 | 34 | 8 | 68 |
Ending Balance | (7) | (2,478) | (7) | (2,478) |
Unrecognized Pension and Postretirement Plan Income (Costs) [Member] | ||||
Accumulated Other Comprehensive Income [Roll Forward] | ||||
Beginning Balance | (15,495) | (22,039) | (15,961) | (22,505) |
Other comprehensive income before reclassifications | 0 | 0 | 0 | 0 |
Amounts reclassified from accumulated other comprehensive income (loss) | 32 | 466 | 498 | 932 |
Ending Balance | $ (15,463) | $ (21,573) | $ (15,463) | $ (21,573) |
Investment Securities Schedule
Investment Securities Schedule of Amortized Cost and Fair Values of Investment Securities (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Schedule of Investments [Line Items] | ||
Amortized Cost | $ 2,494,087 | $ 2,494,059 |
Gross Unrealized Gains | 53,050 | 28,740 |
Gross Unrealized Losses | (17,413) | (38,026) |
Estimated Fair Value | 2,529,724 | 2,484,773 |
U.S. Government-Sponsored Agency Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 143 | 25,154 |
Gross Unrealized Gains | 3 | 35 |
Gross Unrealized Losses | 0 | (53) |
Estimated Fair Value | 146 | 25,136 |
State and Municipal Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 333,246 | 256,746 |
Gross Unrealized Gains | 12,101 | 6,019 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Value | 345,347 | 262,765 |
Corporate Debt Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 95,419 | 100,336 |
Gross Unrealized Gains | 3,001 | 2,695 |
Gross Unrealized Losses | (6,873) | (6,076) |
Estimated Fair Value | 91,547 | 96,955 |
Collateralized Mortgage Obligations [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 701,853 | 835,439 |
Gross Unrealized Gains | 5,951 | 3,042 |
Gross Unrealized Losses | (1,458) | (16,972) |
Estimated Fair Value | 706,346 | 821,509 |
Mortgage-Backed Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 1,242,267 | 1,154,935 |
Gross Unrealized Gains | 25,501 | 10,104 |
Gross Unrealized Losses | (5) | (6,204) |
Estimated Fair Value | 1,267,763 | 1,158,835 |
Auction Rate Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 106,949 | 106,772 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (9,063) | (8,713) |
Estimated Fair Value | 97,886 | 98,059 |
Debt Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 2,479,877 | 2,479,382 |
Gross Unrealized Gains | 46,557 | 21,895 |
Gross Unrealized Losses | (17,399) | (38,018) |
Estimated Fair Value | 2,509,035 | 2,463,259 |
Equity Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 14,210 | 14,677 |
Gross Unrealized Gains | 6,493 | 6,845 |
Gross Unrealized Losses | (14) | (8) |
Estimated Fair Value | $ 20,689 | $ 21,514 |
Investment Securities Schedul36
Investment Securities Schedule of Amortized Cost and Fair Values of Debt Securities by Contractual Maturities (Details) $ in Thousands | Jun. 30, 2016USD ($) |
Amortized Cost | |
Due in one year or less | $ 55,965 |
Due from one year to five years | 44,833 |
Due from five years to ten years | 94,787 |
Due after ten years | 340,172 |
Amortized cost, before securities without debt maturities | 535,757 |
Amortized Cost | 2,479,877 |
Estimated Fair Value | |
Due in one year or less | 56,628 |
Due from one year to five years | 46,408 |
Due from five years to ten years | 97,933 |
Due after ten years | 333,957 |
Available for sale securities, debt maturities, before securities without single maturities | 534,926 |
Estimated Fair Value | 2,509,035 |
Collateralized Mortgage Obligations [Member] | |
Amortized Cost | |
Available-for-sale securities, amortized cost without single maturity date | 701,853 |
Estimated Fair Value | |
Available-for-sale securities, debt maturities, without single maturity date, fair value | 706,346 |
Mortgage-Backed Securities [Member] | |
Amortized Cost | |
Available-for-sale securities, amortized cost without single maturity date | 1,242,267 |
Estimated Fair Value | |
Available-for-sale securities, debt maturities, without single maturity date, fair value | $ 1,267,763 |
Investment Securities Summary o
Investment Securities Summary of Gains and Losses from Equity and Debt Securities, and Losses from Other-than-Temporary Impairment (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Gain (Loss) on Investments [Line Items] | ||||
Gross Realized Gains | $ 112 | $ 2,415 | $ 1,059 | $ 6,560 |
Gross Realized Losses | (36) | 0 | (36) | 0 |
Net Gains (Losses) | 76 | 2,415 | 1,023 | 6,560 |
Equity Securities [Member] | ||||
Gain (Loss) on Investments [Line Items] | ||||
Gross Realized Gains | 4 | 2,290 | 737 | 4,260 |
Gross Realized Losses | (10) | 0 | (10) | 0 |
Net Gains (Losses) | (6) | 2,290 | 727 | 4,260 |
Debt Securities [Member] | ||||
Gain (Loss) on Investments [Line Items] | ||||
Gross Realized Gains | 108 | 125 | 322 | 2,300 |
Gross Realized Losses | (26) | 0 | (26) | 0 |
Net Gains (Losses) | $ 82 | $ 125 | $ 296 | $ 2,300 |
Investment Securities Summary38
Investment Securities Summary of Cumulative Other-than-Temporary Impairment Charges Recognized as Components of Earnings (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Roll Forward] | ||||
Balance of cumulative credit losses on debt securities, beginning of period | $ (11,510) | $ (12,302) | $ (11,510) | $ (16,242) |
Reductions for securities sold during the period | 0 | 792 | 0 | 4,730 |
Reductions for increases in cash flows expected to be collected that are recognized over the remaining life of the security | 0 | 0 | 0 | 2 |
Balance of cumulative credit losses on debt securities, end of period | $ (11,510) | $ (11,510) | $ (11,510) | $ (11,510) |
Investment Securities Gross Unr
Investment Securities Gross Unrealized Losses and Fair Values of Investments by Category and Length of Time in a Continuous Unrealized Loss Position (Details) $ in Thousands | Jun. 30, 2016USD ($) |
Schedule of Investments [Line Items] | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | $ 22,376 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (31) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 434,595 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (17,382) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 456,971 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (17,413) |
Corporate Debt Securities [Member] | |
Schedule of Investments [Line Items] | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 32,186 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (6,873) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 32,186 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (6,873) |
Collateralized Mortgage Obligations [Member] | |
Schedule of Investments [Line Items] | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 21,695 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (17) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 292,954 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (1,441) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 314,649 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (1,458) |
Mortgage-Backed Securities [Member] | |
Schedule of Investments [Line Items] | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 11,569 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (5) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 11,569 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (5) |
Auction Rate Securities [Member] | |
Schedule of Investments [Line Items] | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 97,886 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (9,063) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 97,886 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (9,063) |
Debt Securities [Member] | |
Schedule of Investments [Line Items] | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 21,695 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (17) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 434,595 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (17,382) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 456,290 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (17,399) |
Equity Securities [Member] | |
Schedule of Investments [Line Items] | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 681 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (14) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 681 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | $ (14) |
Investment Securities Summary40
Investment Securities Summary of Amortized Cost and Fair Values of Corporate Debt Securities (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $ 2,479,877 | |
Corporate debt securities | 2,509,035 | |
Corporate Debt Securities Issued by Financial Institutions [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 91,399 | $ 96,301 |
Corporate debt securities | 87,527 | 92,920 |
Single-issuer Trust Preferred Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 43,697 | 44,648 |
Corporate debt securities | 37,461 | 39,106 |
Subordinated Debt | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 29,662 | 39,610 |
Corporate debt securities | 30,708 | 40,779 |
Senior Debt Obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 18,040 | 12,043 |
Corporate debt securities | 18,652 | 12,329 |
Pooled Trust Preferred Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 0 | 0 |
Corporate debt securities | 706 | 706 |
Other Corporate Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 4,020 | 4,035 |
Corporate debt securities | 4,020 | 4,035 |
Corporate Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 95,419 | 100,336 |
Corporate debt securities | $ 91,547 | $ 96,955 |
Investment Securities Narrative
Investment Securities Narrative (Details) $ in Thousands | 6 Months Ended | |
Jun. 30, 2016USD ($)Security | Dec. 31, 2015USD ($) | |
Schedule of Investments [Line Items] | ||
Available-for-sale Securities Pledged as Collateral | $ 1,700,000 | $ 1,674,687 |
Amortized cost | 2,494,087 | 2,494,059 |
Available-for-sale Securities, Fair Value Disclosure | 2,529,724 | 2,484,773 |
Single Bank Stock Investment, cost basis | 7,400 | |
Single Bank Stock Investment, Fair Value | $ 10,400 | |
Percent Ownership In An Individual Financial Institution | 52.50% | |
Individual Bank Stock Investment Percent to Total Portfolio | 10.00% | |
Auction Rate Certificates Not Subject To Any Additional Other Than Temporary Impairment Charges Fair Value | $ 97,900 | |
Domestic Corporate debt securities | 91,500 | |
Equity Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized cost | 14,210 | 14,677 |
Available-for-sale Securities, Fair Value Disclosure | 20,689 | 21,514 |
Equity Securities Financial Institution [Member] | ||
Schedule of Investments [Line Items] | ||
Available-for-sale Securities, Equity Securities | 19,800 | $ 20,600 |
Amortized cost | 13,400 | |
Available-for-sale Securities, Fair Value Disclosure | 19,800 | |
Equity Securities, Other [Member] | ||
Schedule of Investments [Line Items] | ||
Available-for-sale Securities, Equity Securities | 895 | |
Single-issuer Trust Preferred Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Unrealized Loss on Securities | $ 6,200 | |
Number of Trust Preferred Securities | Security | 19 | |
External Credit Rating, BBB [Member] | Single-issuer Trust Preferred Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized cost | $ 3,700 | |
Available-for-sale Securities, Fair Value Disclosure | 2,400 | |
External Credit Rating, Rated Below Investment Grade [Member] | Single-issuer Trust Preferred Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized cost | 11,500 | |
Available-for-sale Securities, Fair Value Disclosure | $ 9,500 | |
Number of Trust Preferred Securities | Security | 6 |
Loans and Allowance for Credi42
Loans and Allowance for Credit Losses Summary Of Gross Loans (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 | Jun. 30, 2015 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, gross of unearned income | $ 14,172,721 | $ 13,854,118 | |
Unearned income | (17,562) | (15,516) | |
Loans, net of unearned income | 14,155,159 | 13,838,602 | $ 13,244,230 |
Real-estate commercial mortage [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, gross of unearned income | 5,635,347 | 5,462,330 | |
Loans, net of unearned income | 5,635,347 | 5,462,330 | 5,237,800 |
Commercial - industrial, financial, and agricultural [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, gross of unearned income | 4,099,177 | 4,088,962 | |
Loans, net of unearned income | 4,099,177 | 4,088,962 | 3,806,699 |
Real-estate - home equity [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, gross of unearned income | 1,647,319 | 1,684,439 | |
Loans, net of unearned income | 1,647,319 | 1,684,439 | 1,689,688 |
Real-estate - residential mortgage [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, gross of unearned income | 1,447,292 | 1,376,160 | |
Loans, net of unearned income | 1,447,292 | 1,376,160 | 1,369,103 |
Real-estate - construction [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, gross of unearned income | 853,699 | 799,988 | |
Loans, net of unearned income | 853,699 | 799,988 | 731,925 |
Consumer [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, gross of unearned income | 278,071 | 268,588 | |
Loans, net of unearned income | 278,071 | 268,588 | $ 272,494 |
Leasing and other [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, gross of unearned income | 208,602 | 170,914 | |
Overdrafts [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, gross of unearned income | $ 3,214 | $ 2,737 |
Loans and Allowance for Credi43
Loans and Allowance for Credit Losses Allowance for Credit Losses (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 |
Receivables [Abstract] | ||||||
Allowance for loan losses | $ 162,546 | $ 163,841 | $ 169,054 | $ 167,485 | $ 177,701 | $ 184,144 |
Reserve for unfunded lending commitments | 2,562 | 2,358 | ||||
Allowance for credit losses | $ 165,108 | $ 166,065 | $ 171,412 | $ 169,453 | $ 179,658 | $ 185,931 |
Loans and Allowance for Credi44
Loans and Allowance for Credit Losses Activity in the Allowance for Credit Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Balance at beginning of period | $ 166,065 | $ 179,658 | $ 171,412 | $ 185,931 |
Loans charged off | (10,746) | (15,372) | (21,901) | (21,136) |
Recoveries of loans previously charged off | 7,278 | 2,967 | 11,556 | 6,158 |
Net loans charged off | (3,468) | (12,405) | (10,345) | (14,978) |
Provision for credit losses | 2,511 | 2,200 | 4,041 | (1,500) |
Balance at end of period | $ 165,108 | $ 169,453 | $ 165,108 | $ 169,453 |
Loans and Allowance for Credi45
Loans and Allowance for Credit Losses Allowance for Loan Losses by Portfolio Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Beginning Balance | $ 163,841 | $ 177,701 | $ 169,054 | $ 184,144 |
Loans charged off | (10,746) | (15,372) | (21,901) | (21,136) |
Recoveries of loans previously charged off | 7,278 | 2,967 | 11,556 | 6,158 |
Net loans charged off | (3,468) | (12,405) | (10,345) | (14,978) |
Provision for loan losses | 2,173 | 2,189 | 3,837 | (1,681) |
Ending Balance | 162,546 | 167,485 | 162,546 | 167,485 |
Provision for loan losses gross | 338 | 11 | 200 | 180 |
Provision for credit losses | 2,511 | 2,200 | 4,041 | (1,500) |
Real-estate commercial mortage [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Beginning Balance | 48,311 | 52,860 | 47,866 | 53,493 |
Loans charged off | (1,474) | (1,642) | (2,056) | (2,351) |
Recoveries of loans previously charged off | 1,367 | 451 | 2,192 | 887 |
Net loans charged off | (107) | (1,191) | 136 | (1,464) |
Provision for loan losses | (4,464) | (989) | (4,262) | (1,349) |
Ending Balance | 43,740 | 50,680 | 43,740 | 50,680 |
Commercial - industrial, financial, and agricultural [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Beginning Balance | 54,333 | 57,150 | 57,098 | 51,378 |
Loans charged off | (4,625) | (11,166) | (10,813) | (13,029) |
Recoveries of loans previously charged off | 2,931 | 1,471 | 5,250 | 2,257 |
Net loans charged off | (1,694) | (9,695) | (5,563) | (10,772) |
Provision for loan losses | (884) | 1,715 | 220 | 8,564 |
Ending Balance | 51,755 | 49,170 | 51,755 | 49,170 |
Real-estate - home equity [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Beginning Balance | 22,524 | 23,481 | 22,405 | 28,271 |
Loans charged off | (1,045) | (870) | (2,586) | (1,638) |
Recoveries of loans previously charged off | 350 | 189 | 688 | 440 |
Net loans charged off | (695) | (681) | (1,898) | (1,198) |
Provision for loan losses | 4,341 | (294) | 5,663 | (4,567) |
Ending Balance | 26,170 | 22,506 | 26,170 | 22,506 |
Real-estate - residential mortgage [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Beginning Balance | 19,928 | 23,235 | 21,375 | 29,072 |
Loans charged off | (340) | (783) | (1,408) | (2,064) |
Recoveries of loans previously charged off | 420 | 187 | 556 | 346 |
Net loans charged off | 80 | (596) | (852) | (1,718) |
Provision for loan losses | 1,218 | 148 | 703 | (4,567) |
Ending Balance | 21,226 | 22,787 | 21,226 | 22,787 |
Real-estate - construction [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Beginning Balance | 6,282 | 8,487 | 6,529 | 9,756 |
Loans charged off | (742) | (87) | (1,068) | (87) |
Recoveries of loans previously charged off | 1,563 | 231 | 1,946 | 1,378 |
Net loans charged off | 821 | 144 | 878 | 1,291 |
Provision for loan losses | (1,331) | (882) | (1,635) | (3,298) |
Ending Balance | 5,772 | 7,749 | 5,772 | 7,749 |
Consumer [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Beginning Balance | 2,324 | 2,527 | 2,585 | 3,015 |
Loans charged off | (569) | (357) | (1,576) | (1,137) |
Recoveries of loans previously charged off | 539 | 368 | 735 | 609 |
Net loans charged off | (30) | 11 | (841) | (528) |
Provision for loan losses | 690 | 70 | 1,240 | 121 |
Ending Balance | 2,984 | 2,608 | 2,984 | 2,608 |
Leasing and other and overdrafts [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Beginning Balance | 2,974 | 1,653 | 2,468 | 1,799 |
Loans charged off | (1,951) | (467) | (2,394) | (830) |
Recoveries of loans previously charged off | 108 | 70 | 189 | 241 |
Net loans charged off | (1,843) | (397) | (2,205) | (589) |
Provision for loan losses | 1,387 | 359 | 2,255 | 405 |
Ending Balance | 2,518 | 1,615 | 2,518 | 1,615 |
Unallocated [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Beginning Balance | 7,165 | 8,308 | 8,728 | 7,360 |
Loans charged off | 0 | 0 | 0 | 0 |
Recoveries of loans previously charged off | 0 | 0 | 0 | 0 |
Net loans charged off | 0 | 0 | 0 | 0 |
Provision for loan losses | 1,216 | 2,062 | (347) | 3,010 |
Ending Balance | $ 8,381 | $ 10,370 | $ 8,381 | $ 10,370 |
Loans and Allowance for Credi46
Loans and Allowance for Credit Losses Present Loans, Net of Unearned Income and Their Related Allowance for Loan Losses, by Portfolio Segment (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for loan losses measured for impairment under FASB ASC Subtopic 450-20 | $ 117,813 | $ 119,922 | ||||
Allowance for loan losses evaluated for impairment under FASB ASC Section 310-10-35 | 44,733 | 47,563 | ||||
Allowance for loan losses | 162,546 | $ 163,841 | $ 169,054 | 167,485 | $ 177,701 | $ 184,144 |
Loans, net of unearned income, measured for impairment under FASB ASC Subtopic 450-20 | 13,982,252 | 13,051,609 | ||||
Loans, net of unearned income, evaluated for impairment under FASB ASC Subtopic 310-10-35 | 172,907 | 192,621 | ||||
Loans, net of unearned income | $ 14,155,159 | 13,838,602 | $ 13,244,230 | |||
Percentage of unallocated allowance | 5.00% | 6.00% | ||||
Real-estate commercial mortage [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for loan losses measured for impairment under FASB ASC Subtopic 450-20 | $ 32,861 | $ 37,228 | ||||
Allowance for loan losses evaluated for impairment under FASB ASC Section 310-10-35 | 10,879 | 13,452 | ||||
Allowance for loan losses | 43,740 | 48,311 | 47,866 | 50,680 | 52,860 | 53,493 |
Loans, net of unearned income, measured for impairment under FASB ASC Subtopic 450-20 | 5,582,027 | 5,172,333 | ||||
Loans, net of unearned income, evaluated for impairment under FASB ASC Subtopic 310-10-35 | 53,320 | 65,467 | ||||
Loans, net of unearned income | 5,635,347 | 5,462,330 | 5,237,800 | |||
Commercial - industrial, financial, and agricultural [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for loan losses measured for impairment under FASB ASC Subtopic 450-20 | 40,945 | 38,090 | ||||
Allowance for loan losses evaluated for impairment under FASB ASC Section 310-10-35 | 10,810 | 11,080 | ||||
Allowance for loan losses | 51,755 | 54,333 | 57,098 | 49,170 | 57,150 | 51,378 |
Loans, net of unearned income, measured for impairment under FASB ASC Subtopic 450-20 | 4,057,883 | 3,764,999 | ||||
Loans, net of unearned income, evaluated for impairment under FASB ASC Subtopic 310-10-35 | 41,294 | 41,700 | ||||
Loans, net of unearned income | 4,099,177 | 4,088,962 | 3,806,699 | |||
Home Equity [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for loan losses measured for impairment under FASB ASC Subtopic 450-20 | 17,089 | 15,838 | ||||
Allowance for loan losses evaluated for impairment under FASB ASC Section 310-10-35 | 9,081 | 6,668 | ||||
Allowance for loan losses | 26,170 | 22,524 | 22,405 | 22,506 | 23,481 | 28,271 |
Loans, net of unearned income, measured for impairment under FASB ASC Subtopic 450-20 | 1,629,443 | 1,676,410 | ||||
Loans, net of unearned income, evaluated for impairment under FASB ASC Subtopic 310-10-35 | 17,876 | 13,278 | ||||
Loans, net of unearned income | 1,647,319 | 1,684,439 | 1,689,688 | |||
Real-estate - residential mortgage [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for loan losses measured for impairment under FASB ASC Subtopic 450-20 | 9,044 | 8,763 | ||||
Allowance for loan losses evaluated for impairment under FASB ASC Section 310-10-35 | 12,182 | 14,024 | ||||
Allowance for loan losses | 21,226 | 19,928 | 21,375 | 22,787 | 23,235 | 29,072 |
Loans, net of unearned income, measured for impairment under FASB ASC Subtopic 450-20 | 1,399,399 | 1,315,908 | ||||
Loans, net of unearned income, evaluated for impairment under FASB ASC Subtopic 310-10-35 | 47,893 | 53,195 | ||||
Loans, net of unearned income | 1,447,292 | 1,376,160 | 1,369,103 | |||
Real-estate - construction [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for loan losses measured for impairment under FASB ASC Subtopic 450-20 | 4,004 | 5,430 | ||||
Allowance for loan losses evaluated for impairment under FASB ASC Section 310-10-35 | 1,768 | 2,319 | ||||
Allowance for loan losses | 5,772 | 6,282 | 6,529 | 7,749 | 8,487 | 9,756 |
Loans, net of unearned income, measured for impairment under FASB ASC Subtopic 450-20 | 841,193 | 712,975 | ||||
Loans, net of unearned income, evaluated for impairment under FASB ASC Subtopic 310-10-35 | 12,506 | 18,950 | ||||
Loans, net of unearned income | 853,699 | 799,988 | 731,925 | |||
Consumer [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for loan losses measured for impairment under FASB ASC Subtopic 450-20 | 2,971 | 2,588 | ||||
Allowance for loan losses evaluated for impairment under FASB ASC Section 310-10-35 | 13 | 20 | ||||
Allowance for loan losses | 2,984 | 2,324 | 2,585 | 2,608 | 2,527 | 3,015 |
Loans, net of unearned income, measured for impairment under FASB ASC Subtopic 450-20 | 278,053 | 272,463 | ||||
Loans, net of unearned income, evaluated for impairment under FASB ASC Subtopic 310-10-35 | 18 | 31 | ||||
Loans, net of unearned income | 278,071 | 268,588 | 272,494 | |||
Leasing and other and overdrafts [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for loan losses measured for impairment under FASB ASC Subtopic 450-20 | 2,518 | 1,615 | ||||
Allowance for loan losses evaluated for impairment under FASB ASC Section 310-10-35 | 0 | 0 | ||||
Allowance for loan losses | 2,518 | 2,974 | 2,468 | 1,615 | 1,653 | 1,799 |
Loans, net of unearned income, measured for impairment under FASB ASC Subtopic 450-20 | 194,254 | 136,521 | ||||
Loans, net of unearned income, evaluated for impairment under FASB ASC Subtopic 310-10-35 | 0 | 0 | ||||
Loans, net of unearned income | 194,254 | 158,135 | 136,521 | |||
Unallocated [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for loan losses measured for impairment under FASB ASC Subtopic 450-20 | 8,381 | 10,370 | ||||
Allowance for loan losses | $ 8,381 | $ 7,165 | $ 8,728 | $ 10,370 | $ 8,308 | $ 7,360 |
Loans and Allowance for Credi47
Loans and Allowance for Credit Losses Total Impaired Loans by Class Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | |
Impaired Financing Receivables [Line Items] | |||||
Provision for Loan and Lease Losses | $ 2,511 | $ 2,200 | $ 4,041 | $ (1,500) | |
Unpaid principal balance, with no related allowance | 61,006 | 61,006 | $ 60,590 | ||
Unpaid principal balance, with related allowance | 152,646 | 152,646 | 174,199 | ||
Unpaid Principal Balance | 213,652 | 213,652 | 234,789 | ||
Recorded investment, with no related allowance | 53,352 | 53,352 | 49,953 | ||
Recorded investment, with related allowance | 119,555 | 119,555 | 140,128 | ||
Recorded Investment | 172,907 | 172,907 | 190,081 | ||
Related Allowance | 44,733 | 44,733 | 51,590 | ||
Real-estate commercial mortage [Member] | |||||
Impaired Financing Receivables [Line Items] | |||||
Unpaid principal balance, with no related allowance | 25,452 | 25,452 | 27,872 | ||
Unpaid principal balance, with related allowance | 41,420 | 41,420 | 45,189 | ||
Recorded investment, with no related allowance | 22,501 | 22,501 | 22,596 | ||
Recorded investment, with related allowance | 30,819 | 30,819 | 35,698 | ||
Related Allowance | 10,879 | 10,879 | 12,471 | ||
Commercial - Secured [Member] | |||||
Impaired Financing Receivables [Line Items] | |||||
Unpaid principal balance, with no related allowance | 21,458 | 21,458 | 18,012 | ||
Unpaid principal balance, with related allowance | 27,349 | 27,349 | 39,659 | ||
Recorded investment, with no related allowance | 18,137 | 18,137 | 13,702 | ||
Recorded investment, with related allowance | 22,183 | 22,183 | 33,629 | ||
Related Allowance | 10,230 | 10,230 | 14,085 | ||
Commercial - unsecured [Member] | |||||
Impaired Financing Receivables [Line Items] | |||||
Unpaid principal balance, with related allowance | 1,182 | 1,182 | 971 | ||
Recorded investment, with related allowance | 974 | 974 | 821 | ||
Related Allowance | 580 | 580 | 498 | ||
Real-estate - home equity [Member] | |||||
Impaired Financing Receivables [Line Items] | |||||
Unpaid principal balance, with related allowance | 22,944 | 22,944 | 20,347 | ||
Recorded investment, with related allowance | 17,876 | 17,876 | 15,766 | ||
Related Allowance | 9,081 | 9,081 | 7,993 | ||
Real-estate - residential mortgage [Member] | |||||
Impaired Financing Receivables [Line Items] | |||||
Unpaid principal balance, with no related allowance | 6,353 | 6,353 | 4,790 | ||
Unpaid principal balance, with related allowance | 49,976 | 49,976 | 55,242 | ||
Recorded investment, with no related allowance | 6,171 | 6,171 | 4,790 | ||
Recorded investment, with related allowance | 41,722 | 41,722 | 45,635 | ||
Related Allowance | 12,182 | 12,182 | 13,422 | ||
Construction - commercial residential [Member] | |||||
Impaired Financing Receivables [Line Items] | |||||
Unpaid principal balance, with no related allowance | 7,743 | 7,743 | 9,916 | ||
Unpaid principal balance, with related allowance | 8,610 | 8,610 | 9,949 | ||
Recorded investment, with no related allowance | 6,543 | 6,543 | 8,865 | ||
Recorded investment, with related allowance | 5,043 | 5,043 | 6,290 | ||
Related Allowance | 1,447 | 1,447 | 2,110 | ||
Construction - Commercial [Member] | |||||
Impaired Financing Receivables [Line Items] | |||||
Unpaid principal balance, with related allowance | 731 | 731 | 820 | ||
Recorded investment, with related allowance | 504 | 504 | 638 | ||
Related Allowance | 166 | 166 | 217 | ||
Construction other [Member] | |||||
Impaired Financing Receivables [Line Items] | |||||
Unpaid principal balance, with related allowance | 416 | 416 | 331 | ||
Recorded investment, with related allowance | 416 | 416 | 193 | ||
Related Allowance | 155 | 155 | 68 | ||
Consumer - direct [Member] | |||||
Impaired Financing Receivables [Line Items] | |||||
Unpaid principal balance, with related allowance | 18 | 18 | 19 | ||
Recorded investment, with related allowance | 18 | 18 | 19 | ||
Related Allowance | 13 | 13 | 14 | ||
Consumer - Indirect [Member] | |||||
Impaired Financing Receivables [Line Items] | |||||
Unpaid principal balance, with related allowance | 0 | 0 | 14 | ||
Recorded investment, with related allowance | 0 | 0 | 14 | ||
Related Allowance | 0 | 0 | 8 | ||
Leasing and other and overdrafts [Member] | |||||
Impaired Financing Receivables [Line Items] | |||||
Unpaid principal balance, with related allowance | 0 | 0 | 1,658 | ||
Recorded investment, with related allowance | 0 | 0 | 1,425 | ||
Related Allowance | $ 0 | $ 0 | $ 704 |
Loans and Allowance for Credi48
Loans and Allowance for Credit Losses Average Impaired Loans by Class Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Financing Receivable, Impaired [Line Items] | ||||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | $ 50,556 | $ 62,210 | $ 50,355 | $ 61,164 |
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 141 | 183 | 275 | 378 |
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 127,131 | 135,530 | 131,462 | 133,561 |
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 448 | 490 | 902 | 992 |
Impaired Financing Receivable, Average Recorded Investment | 177,687 | 197,740 | 181,817 | 194,725 |
Impaired Financing Receivable, Interest Income, Accrual Method | 589 | 673 | 1,177 | 1,370 |
Real-estate commercial mortage [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 22,762 | 27,410 | 22,707 | 26,018 |
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 72 | 87 | 141 | 178 |
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 33,042 | 40,204 | 33,927 | 40,143 |
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 104 | 126 | 212 | 259 |
Commercial - Secured [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 15,182 | 16,163 | 14,688 | 15,636 |
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 20 | 24 | 36 | 45 |
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 25,919 | 25,902 | 28,489 | 23,713 |
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 33 | 38 | 71 | 74 |
Commercial - unsecured [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 929 | 2,082 | 893 | 1,751 |
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 1 | 2 | 2 | 3 |
Real-estate - home equity [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 17,950 | 13,016 | 17,222 | 13,163 |
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 70 | 33 | 127 | 64 |
Real-estate - residential mortgage [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 6,191 | 5,541 | 5,724 | 5,318 |
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 33 | 32 | 63 | 60 |
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 41,928 | 47,020 | 43,164 | 46,839 |
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 226 | 270 | 461 | 543 |
Construction - Commercial Residential [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 6,421 | 12,171 | 7,236 | 13,048 |
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 16 | 40 | 35 | 95 |
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 5,566 | 6,031 | 5,807 | 6,655 |
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 14 | 21 | 29 | 49 |
Construction - Commercial [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 0 | 925 | 0 | 1,144 |
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 0 | 0 | 0 | 0 |
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 548 | 960 | 578 | 981 |
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 0 | 0 | 0 | 0 |
Construction other [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 513 | 281 | 406 | 281 |
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 0 | 0 | 0 | 0 |
Consumer - direct [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 10 | 17 | 16 | 18 |
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 0 | 0 | 0 | 0 |
Consumer - Indirect [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 15 | 17 | 11 | 17 |
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 0 | 0 | 0 | 0 |
Leasing and other and overdrafts [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 711 | 0 | 949 | 0 |
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | $ 0 | $ 0 | $ 0 | $ 0 |
Loans and Allowance for Credi49
Loans and Allowance for Credit Losses Credit Quality Indicators (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 | Jun. 30, 2015 |
Internal risk ratings for loans by segment [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | $ 14,155,159 | $ 13,838,602 | $ 13,244,230 |
Commercial Loans, Commerical Mortgages, Constructions Loans [Member] | |||
Internal risk ratings for loans by segment [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | $ 10,522,304 | $ 10,290,586 | |
Percentage of total loans rated | 100.00% | 100.00% | |
Real-estate commercial mortage [Member] | |||
Internal risk ratings for loans by segment [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | $ 5,635,347 | $ 5,462,330 | 5,237,800 |
Commercial - industrial, financial, and agricultural [Member] | |||
Internal risk ratings for loans by segment [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 4,099,177 | 4,088,962 | $ 3,806,699 |
Commercial - Secured [Member] | |||
Internal risk ratings for loans by segment [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 3,943,741 | 3,926,113 | |
Commercial - unsecured [Member] | |||
Internal risk ratings for loans by segment [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 155,436 | 162,849 | |
Construction, Excluding Construction Other [Member] | |||
Internal risk ratings for loans by segment [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 787,780 | 739,294 | |
Construction - Commercial Residential [Member] | |||
Internal risk ratings for loans by segment [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 183,667 | 179,303 | |
Construction - Commercial [Member] | |||
Internal risk ratings for loans by segment [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 604,113 | 559,991 | |
Pass [Member] | Commercial Loans, Commerical Mortgages, Constructions Loans [Member] | |||
Internal risk ratings for loans by segment [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | $ 9,987,933 | $ 9,750,744 | |
Percentage of total loans rated | 94.90% | 94.80% | |
Pass [Member] | Real-estate commercial mortage [Member] | |||
Internal risk ratings for loans by segment [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | $ 5,371,366 | $ 5,204,263 | |
Pass [Member] | Commercial - industrial, financial, and agricultural [Member] | |||
Internal risk ratings for loans by segment [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 3,867,779 | 3,853,434 | |
Pass [Member] | Commercial - Secured [Member] | |||
Internal risk ratings for loans by segment [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 3,718,231 | 3,696,692 | |
Pass [Member] | Commercial - unsecured [Member] | |||
Internal risk ratings for loans by segment [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 149,548 | 156,742 | |
Pass [Member] | Construction, Excluding Construction Other [Member] | |||
Internal risk ratings for loans by segment [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 748,788 | 693,047 | |
Pass [Member] | Construction - Commercial Residential [Member] | |||
Internal risk ratings for loans by segment [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 151,817 | 140,337 | |
Pass [Member] | Construction - Commercial [Member] | |||
Internal risk ratings for loans by segment [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 596,971 | 552,710 | |
Special Mention [Member] | Commercial Loans, Commerical Mortgages, Constructions Loans [Member] | |||
Internal risk ratings for loans by segment [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | $ 258,774 | $ 218,935 | |
Percentage of total loans rated | 2.50% | 2.10% | |
Special Mention [Member] | Real-estate commercial mortage [Member] | |||
Internal risk ratings for loans by segment [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | $ 141,417 | $ 102,625 | |
Special Mention [Member] | Commercial - industrial, financial, and agricultural [Member] | |||
Internal risk ratings for loans by segment [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 97,797 | 95,472 | |
Special Mention [Member] | Commercial - Secured [Member] | |||
Internal risk ratings for loans by segment [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 95,330 | 92,711 | |
Special Mention [Member] | Commercial - unsecured [Member] | |||
Internal risk ratings for loans by segment [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 2,467 | 2,761 | |
Special Mention [Member] | Construction, Excluding Construction Other [Member] | |||
Internal risk ratings for loans by segment [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 19,560 | 20,838 | |
Special Mention [Member] | Construction - Commercial Residential [Member] | |||
Internal risk ratings for loans by segment [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 17,012 | 17,154 | |
Special Mention [Member] | Construction - Commercial [Member] | |||
Internal risk ratings for loans by segment [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 2,548 | 3,684 | |
Substandard [Member] | Commercial Loans, Commerical Mortgages, Constructions Loans [Member] | |||
Internal risk ratings for loans by segment [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | $ 275,597 | $ 320,907 | |
Percentage of total loans rated | 2.60% | 3.10% | |
Substandard [Member] | Real-estate commercial mortage [Member] | |||
Internal risk ratings for loans by segment [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | $ 122,564 | $ 155,442 | |
Substandard [Member] | Commercial - industrial, financial, and agricultural [Member] | |||
Internal risk ratings for loans by segment [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 133,601 | 140,056 | |
Substandard [Member] | Commercial - Secured [Member] | |||
Internal risk ratings for loans by segment [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 130,180 | 136,710 | |
Substandard [Member] | Commercial - unsecured [Member] | |||
Internal risk ratings for loans by segment [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 3,421 | 3,346 | |
Substandard [Member] | Construction, Excluding Construction Other [Member] | |||
Internal risk ratings for loans by segment [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 19,432 | 25,409 | |
Substandard [Member] | Construction - Commercial Residential [Member] | |||
Internal risk ratings for loans by segment [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 14,838 | 21,812 | |
Substandard [Member] | Construction - Commercial [Member] | |||
Internal risk ratings for loans by segment [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | $ 4,594 | $ 3,597 |
Loans and Allowance for Credi50
Loans and Allowance for Credit Losses Summary of Delinquency and Non-Performing Status by Portfolio Segment (Details) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2016USD ($)day | Dec. 31, 2015USD ($) | Jun. 30, 2015USD ($) | |
Financing Receivable, Impaired [Line Items] | |||
Loans, net of unearned income | $ 14,155,159 | $ 13,838,602 | $ 13,244,230 |
Real-estate - home equity [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Loans, net of unearned income | 1,647,319 | 1,684,439 | 1,689,688 |
Real-estate - residential mortgage [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Loans, net of unearned income | 1,447,292 | 1,376,160 | 1,369,103 |
Construction other [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Loans, net of unearned income | 65,919 | 60,694 | |
Consumer [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Loans, net of unearned income | 278,071 | 268,588 | 272,494 |
Consumer - direct [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Loans, net of unearned income | 96,461 | 98,719 | |
Consumer - Indirect [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Loans, net of unearned income | 181,610 | 169,869 | |
Leasing and other and overdrafts [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Loans, net of unearned income | 194,254 | 158,135 | $ 136,521 |
Real Estate, Home Equity, Construction, Other, Consumer and Leasing [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Loans, net of unearned income | 3,632,855 | 3,548,016 | |
Commercial Loans, Commerical Mortgages, Constructions Loans [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Loans, net of unearned income | $ 10,522,304 | $ 10,290,586 | |
% of Total | 100.00% | 100.00% | |
Performing Financing Receivable [Member] | Real-estate - home equity [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Loans, net of unearned income | $ 1,623,095 | $ 1,660,773 | |
Performing Financing Receivable [Member] | Real-estate - residential mortgage [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Loans, net of unearned income | 1,408,244 | 1,329,371 | |
Performing Financing Receivable [Member] | Construction other [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Loans, net of unearned income | 63,404 | 59,997 | |
Performing Financing Receivable [Member] | Consumer [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Loans, net of unearned income | 272,199 | 261,085 | |
Performing Financing Receivable [Member] | Consumer - direct [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Loans, net of unearned income | 92,906 | 94,262 | |
Performing Financing Receivable [Member] | Consumer - Indirect [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Loans, net of unearned income | 179,293 | 166,823 | |
Performing Financing Receivable [Member] | Leasing and other and overdrafts [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Loans, net of unearned income | 193,233 | 155,870 | |
Performing Financing Receivable [Member] | Real Estate, Home Equity, Construction, Other, Consumer and Leasing [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Loans, net of unearned income | $ 3,560,175 | $ 3,467,096 | |
Performing Financing Receivable [Member] | Commercial Loans, Commerical Mortgages, Constructions Loans [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
% of Total | 98.00% | 97.70% | |
Delinquent [Member] | Real-estate - home equity [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Loans, net of unearned income | $ 10,051 | $ 8,983 | |
Delinquent [Member] | Real-estate - residential mortgage [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Loans, net of unearned income | 14,018 | 18,305 | |
Delinquent [Member] | Construction other [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Loans, net of unearned income | 1,416 | 88 | |
Delinquent [Member] | Consumer [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Loans, net of unearned income | 3,984 | 5,063 | |
Delinquent [Member] | Consumer - direct [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Loans, net of unearned income | 1,860 | 2,254 | |
Delinquent [Member] | Consumer - Indirect [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Loans, net of unearned income | 2,124 | 2,809 | |
Delinquent [Member] | Leasing and other and overdrafts [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Loans, net of unearned income | 863 | 759 | |
Delinquent [Member] | Real Estate, Home Equity, Construction, Other, Consumer and Leasing [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Loans, net of unearned income | $ 30,332 | $ 33,198 | |
Delinquent [Member] | Commercial Loans, Commerical Mortgages, Constructions Loans [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
% of Total | 0.80% | 1.00% | |
Nonperforming Financing Receivable [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Days past due | day | 90 | ||
Nonperforming Financing Receivable [Member] | Real-estate - home equity [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Loans, net of unearned income | $ 14,173 | $ 14,683 | |
Nonperforming Financing Receivable [Member] | Real-estate - residential mortgage [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Loans, net of unearned income | 25,030 | 28,484 | |
Nonperforming Financing Receivable [Member] | Construction other [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Loans, net of unearned income | 1,099 | 609 | |
Nonperforming Financing Receivable [Member] | Consumer [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Loans, net of unearned income | 1,888 | 2,440 | |
Nonperforming Financing Receivable [Member] | Consumer - direct [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Loans, net of unearned income | 1,695 | 2,203 | |
Nonperforming Financing Receivable [Member] | Consumer - Indirect [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Loans, net of unearned income | 193 | 237 | |
Nonperforming Financing Receivable [Member] | Leasing and other and overdrafts [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Loans, net of unearned income | 158 | 1,506 | |
Nonperforming Financing Receivable [Member] | Real Estate, Home Equity, Construction, Other, Consumer and Leasing [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Loans, net of unearned income | $ 42,348 | $ 47,722 | |
Nonperforming Financing Receivable [Member] | Commercial Loans, Commerical Mortgages, Constructions Loans [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
% of Total | 1.20% | 1.30% | |
Minimum [Member] | Delinquent [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Days past due | day | 30 | ||
Maximum [Member] | Delinquent [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Days past due | day | 89 |
Loans and Allowance for Credi51
Loans and Allowance for Credit Losses Non-Performing Assets (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Receivables [Abstract] | ||
Non-accrual loans | $ 111,742 | $ 129,523 |
Loans 90 days or more past due and still accruing | 15,992 | 15,291 |
Total non-performing loans | 127,734 | 144,814 |
Other real estate owned (OREO) | 11,918 | 11,099 |
Total non-performing assets | $ 139,652 | $ 155,913 |
Loans and Allowance for Credi52
Loans and Allowance for Credit Losses Past Due Loan Status and Non-Accrual Loans by Portfolio Segment (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 | Jun. 30, 2015 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | $ 183,478 | $ 196,741 | |
≥ 90 Days Past Due and Accruing | 15,992 | 15,291 | |
Non- accrual | 111,742 | 129,523 | |
Current | 13,971,681 | 13,641,861 | |
Loans, net of unearned income | 14,155,159 | 13,838,602 | $ 13,244,230 |
Real-estate commercial mortage [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 45,805 | 48,951 | |
≥ 90 Days Past Due and Accruing | 192 | 439 | |
Non- accrual | 35,512 | 40,731 | |
Current | 5,589,542 | 5,413,379 | |
Loans, net of unearned income | 5,635,347 | 5,462,330 | 5,237,800 |
Commercial - Secured [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 49,411 | 51,620 | |
≥ 90 Days Past Due and Accruing | 2,997 | 1,853 | |
Non- accrual | 34,675 | 41,498 | |
Current | 3,894,330 | 3,874,493 | |
Loans, net of unearned income | 3,943,741 | 3,926,113 | |
Commercial - unsecured [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 1,645 | 1,313 | |
≥ 90 Days Past Due and Accruing | 367 | 19 | |
Non- accrual | 863 | 701 | |
Current | 153,791 | 161,536 | |
Loans, net of unearned income | 155,436 | 162,849 | |
Commercial - industrial, financial, and agricultural [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 51,056 | 52,933 | |
≥ 90 Days Past Due and Accruing | 3,364 | 1,872 | |
Non- accrual | 35,538 | 42,199 | |
Current | 4,048,121 | 4,036,029 | |
Loans, net of unearned income | 4,099,177 | 4,088,962 | 3,806,699 |
Real-estate - home equity [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 24,224 | 23,666 | |
≥ 90 Days Past Due and Accruing | 3,470 | 3,473 | |
Non- accrual | 10,703 | 11,210 | |
Current | 1,623,095 | 1,660,773 | |
Loans, net of unearned income | 1,647,319 | 1,684,439 | 1,689,688 |
Real-estate - residential mortgage [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 39,048 | 46,789 | |
≥ 90 Days Past Due and Accruing | 4,461 | 6,570 | |
Non- accrual | 20,569 | 21,914 | |
Current | 1,408,244 | 1,329,371 | |
Loans, net of unearned income | 1,447,292 | 1,376,160 | 1,369,103 |
Construction - Commercial Residential [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 9,040 | 13,073 | |
≥ 90 Days Past Due and Accruing | 0 | 0 | |
Non- accrual | 8,499 | 11,213 | |
Current | 174,627 | 166,230 | |
Loans, net of unearned income | 183,667 | 179,303 | |
Construction - Commercial [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 4,897 | 864 | |
≥ 90 Days Past Due and Accruing | 1,777 | 0 | |
Non- accrual | 504 | 638 | |
Current | 599,216 | 559,127 | |
Loans, net of unearned income | 604,113 | 559,991 | |
Construction other [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 2,515 | 697 | |
≥ 90 Days Past Due and Accruing | 682 | 416 | |
Non- accrual | 417 | 193 | |
Current | 63,404 | 59,997 | |
Loans, net of unearned income | 65,919 | 60,694 | |
Real-estate - construction [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 16,452 | 14,634 | |
≥ 90 Days Past Due and Accruing | 2,459 | 416 | |
Non- accrual | 9,420 | 12,044 | |
Current | 837,247 | 785,354 | |
Loans, net of unearned income | 853,699 | 799,988 | 731,925 |
Consumer - direct [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 3,555 | 4,457 | |
≥ 90 Days Past Due and Accruing | 1,695 | 2,203 | |
Non- accrual | 0 | 0 | |
Current | 92,906 | 94,262 | |
Loans, net of unearned income | 96,461 | 98,719 | |
Consumer - Indirect [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 2,317 | 3,046 | |
≥ 90 Days Past Due and Accruing | 193 | 237 | |
Non- accrual | 0 | 0 | |
Current | 179,293 | 166,823 | |
Loans, net of unearned income | 181,610 | 169,869 | |
Consumer [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 5,872 | 7,503 | |
≥ 90 Days Past Due and Accruing | 1,888 | 2,440 | |
Non- accrual | 0 | 0 | |
Current | 272,199 | 261,085 | |
Loans, net of unearned income | 278,071 | 268,588 | 272,494 |
Leasing and other and overdrafts [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 1,021 | 2,265 | |
≥ 90 Days Past Due and Accruing | 158 | 81 | |
Non- accrual | 0 | 1,425 | |
Current | 193,233 | 155,870 | |
Loans, net of unearned income | 194,254 | 158,135 | $ 136,521 |
Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 36,874 | 40,194 | |
Financing Receivables, 30 to 59 Days Past Due [Member] | Real-estate commercial mortage [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 7,813 | 6,469 | |
Financing Receivables, 30 to 59 Days Past Due [Member] | Commercial - Secured [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 4,532 | 5,654 | |
Financing Receivables, 30 to 59 Days Past Due [Member] | Commercial - unsecured [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 372 | 510 | |
Financing Receivables, 30 to 59 Days Past Due [Member] | Commercial - industrial, financial, and agricultural [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 4,904 | 6,164 | |
Financing Receivables, 30 to 59 Days Past Due [Member] | Real-estate - home equity [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 7,600 | 6,438 | |
Financing Receivables, 30 to 59 Days Past Due [Member] | Real-estate - residential mortgage [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 10,356 | 15,141 | |
Financing Receivables, 30 to 59 Days Past Due [Member] | Construction - Commercial Residential [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 0 | 1,366 | |
Financing Receivables, 30 to 59 Days Past Due [Member] | Construction - Commercial [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 1,482 | 50 | |
Financing Receivables, 30 to 59 Days Past Due [Member] | Construction other [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 1,416 | 88 | |
Financing Receivables, 30 to 59 Days Past Due [Member] | Real-estate - construction [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 2,898 | 1,504 | |
Financing Receivables, 30 to 59 Days Past Due [Member] | Consumer - direct [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 1,169 | 1,687 | |
Financing Receivables, 30 to 59 Days Past Due [Member] | Consumer - Indirect [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 1,734 | 2,308 | |
Financing Receivables, 30 to 59 Days Past Due [Member] | Consumer [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 2,903 | 3,995 | |
Financing Receivables, 30 to 59 Days Past Due [Member] | Leasing and other and overdrafts [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 400 | 483 | |
Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 18,870 | 11,733 | |
Financing Receivables, 60 to 89 Days Past Due [Member] | Real-estate commercial mortage [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 2,288 | 1,312 | |
Financing Receivables, 60 to 89 Days Past Due [Member] | Commercial - Secured [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 7,207 | 2,615 | |
Financing Receivables, 60 to 89 Days Past Due [Member] | Commercial - unsecured [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 43 | 83 | |
Financing Receivables, 60 to 89 Days Past Due [Member] | Commercial - industrial, financial, and agricultural [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 7,250 | 2,698 | |
Financing Receivables, 60 to 89 Days Past Due [Member] | Real-estate - home equity [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 2,451 | 2,545 | |
Financing Receivables, 60 to 89 Days Past Due [Member] | Real-estate - residential mortgage [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 3,662 | 3,164 | |
Financing Receivables, 60 to 89 Days Past Due [Member] | Construction - Commercial Residential [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 541 | 494 | |
Financing Receivables, 60 to 89 Days Past Due [Member] | Construction - Commercial [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 1,134 | 176 | |
Financing Receivables, 60 to 89 Days Past Due [Member] | Construction other [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 0 | 0 | |
Financing Receivables, 60 to 89 Days Past Due [Member] | Real-estate - construction [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 1,675 | 670 | |
Financing Receivables, 60 to 89 Days Past Due [Member] | Consumer - direct [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 691 | 567 | |
Financing Receivables, 60 to 89 Days Past Due [Member] | Consumer - Indirect [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 390 | 501 | |
Financing Receivables, 60 to 89 Days Past Due [Member] | Consumer [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 1,081 | 1,068 | |
Financing Receivables, 60 to 89 Days Past Due [Member] | Leasing and other and overdrafts [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 463 | 276 | |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 127,734 | 144,814 | |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Real-estate commercial mortage [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 35,704 | 41,170 | |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Commercial - Secured [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 37,672 | 43,351 | |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Commercial - unsecured [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 1,230 | 720 | |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Commercial - industrial, financial, and agricultural [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 38,902 | 44,071 | |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Real-estate - home equity [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 14,173 | 14,683 | |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Real-estate - residential mortgage [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 25,030 | 28,484 | |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Construction - Commercial Residential [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 8,499 | 11,213 | |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Construction - Commercial [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 2,281 | 638 | |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Construction other [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 1,099 | 609 | |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Real-estate - construction [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 11,879 | 12,460 | |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Consumer - direct [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 1,695 | 2,203 | |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Consumer - Indirect [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 193 | 237 | |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Consumer [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 1,888 | 2,440 | |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Leasing and other and overdrafts [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | $ 158 | $ 1,506 |
Loans and Allowance for Credi53
Loans and Allowance for Credit Losses Loans Modified Under Troubled Debt Restructurings (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Financing Receivable, Modifications [Line Items] | ||
Total accruing TDRs | $ 61,165 | $ 60,558 |
Non-accrual TDRs (1) | 24,887 | 31,035 |
Total TDRs | 86,052 | 91,593 |
Real-estate - residential mortgage [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Total accruing TDRs | 27,324 | 28,511 |
Real-estate commercial mortage [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Total accruing TDRs | 17,808 | 17,563 |
Commercial - Secured [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Total accruing TDRs | 5,645 | 5,833 |
Construction - Commercial Residential [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Total accruing TDRs | 3,086 | 3,942 |
Home Equity [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Total accruing TDRs | 7,173 | 4,556 |
Commercial - unsecured [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Total accruing TDRs | 111 | 120 |
Consumer Other Financing Receivable [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Total accruing TDRs | 0 | 14 |
Consumer - direct [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Total accruing TDRs | $ 18 | $ 19 |
Loans and Allowance for Credi54
Loans and Allowance for Credit Losses Troubled Debt Restructuring Modification (Details) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016USD ($)loans | Jun. 30, 2015USD ($)loans | Jun. 30, 2016USD ($)loans | Jun. 30, 2015USD ($)loans | |
Financing Receivable, Modifications [Line Items] | ||||
Number of Loans | loans | 30 | 23 | 73 | 51 |
Post-Modification Recorded Investment | $ 2,803,000 | $ 2,374,000 | $ 6,480,000 | $ 13,691,000 |
Extended Maturity With Rate Concession [Member] | Real-estate - home equity [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Loans | loans | 0 | 0 | 1 | 0 |
Post-Modification Recorded Investment | $ 0 | $ 0 | $ 44,000 | $ 0 |
Extended Maturity With Rate Concession [Member] | Real-estate - residential mortgage [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Loans | loans | 0 | 0 | 0 | 1 |
Post-Modification Recorded Investment | $ 0 | $ 0 | $ 0 | $ 104,000 |
Extended Maturity Without Rate Concession [Member] | Commercial - Secured [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Loans | 4 | 3 | 6 | 11 |
Post-Modification Recorded Investment | $ 1,146,000 | $ 1,047,000 | $ 1,976,000 | $ 7,823,000 |
Extended Maturity Without Rate Concession [Member] | Commercial - unsecured [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Loans | loans | 0 | 0 | 2 | 1 |
Post-Modification Recorded Investment | $ 0 | $ 0 | $ 103,000 | $ 42,000 |
Extended Maturity Without Rate Concession [Member] | Real-estate commercial mortage [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Loans | loans | 0 | 1 | 0 | 4 |
Post-Modification Recorded Investment | $ 0 | $ 132,000 | $ 0 | $ 2,627,000 |
Extended Maturity Without Rate Concession [Member] | Real-estate - residential mortgage [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Loans | loans | 2 | 0 | 2 | 2 |
Post-Modification Recorded Investment | $ 315,000 | $ 0 | $ 315,000 | $ 225,000 |
Extended Maturity Without Rate Concession [Member] | Construction - commercial residential [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Loans | loans | 0 | 0 | 0 | 1 |
Post-Modification Recorded Investment | $ 0 | $ 0 | $ 0 | $ 889,000 |
Bankruptcy [Member] | Real-estate - home equity [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Loans | loans | 23 | 15 | 60 | 25 |
Post-Modification Recorded Investment | $ 969,000 | $ 739,000 | $ 3,667,000 | $ 1,231,000 |
Bankruptcy [Member] | Real-estate - residential mortgage [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Loans | loans | 1 | 4 | 1 | 5 |
Post-Modification Recorded Investment | $ 373,000 | $ 456,000 | $ 373,000 | $ 737,000 |
Bankruptcy [Member] | Consumer - direct [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Loans | loans | 0 | 0 | 1 | 0 |
Post-Modification Recorded Investment | $ 0 | $ 0 | $ 2,000 | $ 0 |
Bankruptcy [Member] | Consumer - Indirect [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Loans | loans | 0 | 0 | 0 | 1 |
Post-Modification Recorded Investment | $ 0 | $ 0 | $ 0 | $ 13,000 |
Loans and Allowance for Credi55
Loans and Allowance for Credit Losses TDRs by Class Segment (Details) $ in Thousands | 6 Months Ended | |
Jun. 30, 2016USD ($)loans | Jun. 30, 2015USD ($)loans | |
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | loans | 34 | 23 |
Recorded Investment | $ | $ 3,675 | $ 6,236 |
Real-estate - home equity [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | loans | 22 | 7 |
Recorded Investment | $ | $ 1,448 | $ 614 |
Real-estate - residential mortgage [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | loans | 5 | 6 |
Recorded Investment | $ | $ 972 | $ 652 |
Commercial - Secured [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | loans | 4 | 8 |
Recorded Investment | $ | $ 1,096 | $ 4,779 |
Real-estate commercial mortage [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | loans | 2 | 2 |
Recorded Investment | $ | $ 132 | $ 191 |
Commercial - unsecured [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | loans | 1 | 0 |
Recorded Investment | $ | $ 27 | $ 0 |
Loans and Allowance for Credi56
Loans and Allowance for Credit Losses Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Provision for credit losses | $ 2,511 | $ 2,200 | $ 4,041 | $ (1,500) | |
Impaired loans with principal balances approximately in percentage | 89.00% | 72.00% | |||
Loan to value ratio in the Corporation's policy | 70.00% | 70.00% | |||
Recorded investment, with no related allowance | $ 53,352 | $ 53,352 | $ 49,953 | ||
TDR additional commitments to lend | 3,800 | 3,800 | $ 5,300 | ||
Minimum [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Minimum balance of loans evaluated individually for impairment | 1,000 | ||||
Impaired loans balances, real estate as collateral | $ 1,000 | 1,000 | |||
Maximum [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Minimum balance of loans evaluated individually for impairment | $ 1,000 |
Mortgage Servicing Rights Summa
Mortgage Servicing Rights Summary of Changes in Mortgage Servicing Rights (Details) - Residential Mortgage [Member] - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Amortized Cost: | ||||
Balance at beginning of period | $ 40,195 | $ 41,803 | $ 40,944 | $ 42,148 |
Originations of mortgage servicing rights | 1,508 | 1,956 | 2,428 | 3,513 |
Amortization | (1,829) | (2,161) | (3,498) | (4,063) |
Balance at end of period | 39,874 | 41,598 | 39,874 | 41,598 |
Valuation allowance: | ||||
Balance at beginning of period | 0 | 0 | 0 | 0 |
Additions | (1,721) | 0 | (1,721) | 0 |
Balance at end of period | (1,721) | 0 | (1,721) | 0 |
Net MSRs at end of period | $ 38,153 | $ 41,598 | $ 38,153 | $ 41,598 |
Mortgage Servicing Rights - Nar
Mortgage Servicing Rights - Narrative (Details) - USD ($) | 3 Months Ended | 6 Months Ended |
Jun. 30, 2016 | Jun. 30, 2015 | |
Transfers and Servicing [Abstract] | ||
Valuation allowance | $ 1,700,000 | $ 0 |
Stock-Based Compensation Compen
Stock-Based Compensation Compensation Expense and Related Tax Benefits (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||
Stock-based compensation expense | $ 1,820 | $ 1,767 | $ 3,256 | $ 2,838 |
Tax benefit | (642) | (622) | (1,075) | (914) |
Stock-based compensation expense, net of tax | $ 1,178 | $ 1,145 | $ 2,181 | $ 1,924 |
Stock-Based Compensation Narrat
Stock-Based Compensation Narrative (Details) - USD ($) $ in Thousands | Jun. 01, 2016 | May 01, 2016 | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 |
Statement [Line Items] | ||||||
Stock options terms (in years) | 10 years | |||||
Stock-based compensation expense | $ 1,820 | $ 1,767 | $ 3,256 | $ 2,838 | ||
Directors' Plan [Member] | ||||||
Statement [Line Items] | ||||||
Shares reserved for future grants under the stock option and compensation plan | 384,000 | 384,000 | ||||
Awards granted in period (in shares) | 12,000 | |||||
Stock-based compensation expense | $ 175 | |||||
Employee Equity Plan [Member] | ||||||
Statement [Line Items] | ||||||
Awards vesting period (in years) | 3 years | |||||
Shares reserved for future grants under the stock option and compensation plan | 11,500,000 | 11,500,000 | ||||
Performance Shares [Member] | Employee Equity Plan [Member] | ||||||
Statement [Line Items] | ||||||
Awards granted in period (in shares) | 356,000 | |||||
Restricted Stock Units (RSUs) [Member] | Employee Equity Plan [Member] | ||||||
Statement [Line Items] | ||||||
Awards granted in period (in shares) | 163,000 |
Employee Benefit Plans Summary
Employee Benefit Plans Summary of Pension Plan and Postretirement Plan Net Periodic Benefit Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Pension Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 194 | $ 145 | $ 344 | $ 290 |
Interest cost | 879 | 851 | 1,760 | 1,702 |
Expected return on plan assets | (433) | (752) | (1,159) | (1,504) |
Net amortization and deferral | 428 | 782 | 1,210 | 1,564 |
Net periodic benefit | 1,068 | 1,026 | 2,155 | 2,052 |
Other Postretirement Benefit Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Interest cost | 5 | 52 | 43 | 104 |
Expected return on plan assets | (1) | 0 | (1) | 0 |
Net accretion and deferral | (210) | (65) | (275) | (130) |
Net periodic benefit | $ (206) | $ (13) | $ (233) | $ (26) |
Derivative Financial Instrume62
Derivative Financial Instruments Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Derivative [Line Items] | ||||
Foreign currency open position | $ 500 | $ 500 | ||
Mortgage Loans Held For Sale [Member] | ||||
Derivative [Line Items] | ||||
Gain (loss) in fair values of mortgage loans held for sale | $ 634 | $ (483) | $ 864 | $ (222) |
Derivative Financial Instrume63
Derivative Financial Instruments Notional Amounts and Fair Values of Derivative Financial Instruments (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Derivative [Line Items] | ||
Derivative asset, fair value | $ 83,265 | $ 33,398 |
Derivative liability, fair value | (83,331) | (33,117) |
Derivative asset (liability), net | 1,507 | 1,667 |
Interest Rate Lock Commitments [Member] | ||
Derivative [Line Items] | ||
Derivative asset, notional amount | 159,646 | 87,781 |
Derivative liability, notional amount | 414 | 267 |
Derivative asset, fair value | 3,023 | 1,291 |
Derivative liability, fair value | (4) | (16) |
Derivative asset (liability), net | 3,019 | 1,275 |
Forward Commitments [Member] | ||
Derivative [Line Items] | ||
Derivative asset, notional amount | 0 | 69,045 |
Derivative liability, notional amount | 137,811 | 16,193 |
Derivative asset, fair value | 0 | 205 |
Derivative liability, fair value | (1,831) | (24) |
Derivative asset (liability), net | (1,831) | 181 |
Interest Rate Swap with Customer [Member] | ||
Derivative [Line Items] | ||
Derivative asset, notional amount | 1,098,942 | 846,490 |
Derivative liability, notional amount | 8,000 | 8,757 |
Derivative asset, fair value | 82,874 | 32,915 |
Derivative liability, fair value | (14) | (55) |
Derivative asset (liability), net | 82,860 | 32,860 |
Interest Rate Swap with Counterparty [Member] | ||
Derivative [Line Items] | ||
Derivative asset, notional amount | 8,000 | 8,757 |
Derivative liability, notional amount | 1,098,942 | 846,490 |
Derivative asset, fair value | 14 | 55 |
Derivative liability, fair value | (82,874) | (32,915) |
Derivative asset (liability), net | (82,860) | (32,860) |
Foreign Exchange Contracts With Customer [Member] | ||
Derivative [Line Items] | ||
Derivative asset, notional amount | 11,577 | 4,897 |
Derivative liability, notional amount | 6,268 | 8,050 |
Derivative asset, fair value | 479 | 114 |
Derivative liability, fair value | (94) | (184) |
Derivative asset (liability), net | 385 | (70) |
Foreign Exchange Contracts With Correspondent Banks [Member] | ||
Derivative [Line Items] | ||
Derivative asset, notional amount | 9,595 | 9,728 |
Derivative liability, notional amount | 15,231 | 6,899 |
Derivative asset, fair value | 377 | 428 |
Derivative liability, fair value | (443) | (147) |
Derivative asset (liability), net | $ (66) | $ 281 |
Derivative Financial Instrume64
Derivative Financial Instruments Fair Value Gains and Losses on Derivative Financial Instruments (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Derivative [Line Items] | ||||
Net fair value gains (losses) on derivative financial instruments | $ (381) | $ 967 | $ (160) | $ 2,886 |
Interest rate lock with customers [Member] | ||||
Derivative [Line Items] | ||||
Net fair value gains (losses) on derivative financial instruments | 512 | (1,287) | 1,744 | (165) |
Forward Commitments [Member] | ||||
Derivative [Line Items] | ||||
Net fair value gains (losses) on derivative financial instruments | (906) | 2,291 | (2,012) | 2,845 |
Interest Rate Swap with Customer [Member] | ||||
Derivative [Line Items] | ||||
Net fair value gains (losses) on derivative financial instruments | 20,569 | (9,839) | 50,000 | (435) |
Interest Rate Swap with Counterparty [Member] | ||||
Derivative [Line Items] | ||||
Net fair value gains (losses) on derivative financial instruments | (20,569) | 9,839 | (50,000) | 435 |
Foreign Exchange Contracts With Customer [Member] | ||||
Derivative [Line Items] | ||||
Net fair value gains (losses) on derivative financial instruments | 81 | (748) | 455 | (181) |
Foreign Exchange Contracts With Correspondent Banks [Member] | ||||
Derivative [Line Items] | ||||
Net fair value gains (losses) on derivative financial instruments | $ (68) | $ 711 | $ (347) | $ 387 |
Derivative Financial Instrume65
Derivative Financial Instruments Summary of Mortgage Loans Held For Sale (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Loans Held-for-sale, Mortgages | $ 34,330 | $ 16,886 |
Cost | Mortgage Loans Held For Sale [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Loans Held-for-sale, Mortgages | 33,164 | 16,584 |
Fair value | Mortgage Loans Held For Sale [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Loans Held-for-sale, Mortgages | $ 34,330 | $ 16,886 |
Derivative Financial Instrume66
Derivative Financial Instruments Offsetting Derivative Assets and Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Offsetting Assets [Line Items] | ||
Derivative asset, fair value | $ 83,265 | $ 33,398 |
Derivative, Collateral, Obligation to Return Securities | 373 | 202 |
Derivative, Collateral, Obligation to Return Cash | (18) | 0 |
Net Amount | 82,874 | 33,196 |
Derivative liability, gross liability | 83,331 | 33,117 |
Derivative liability, Collateral, Right to Reclaim Securities | (373) | (202) |
Derivative liability, Collateral, Right to Reclaim Cash | (82,510) | (31,130) |
Derivative liability, Net Amount | 448 | 1,785 |
Interest Rate Swap [Member] | ||
Offsetting Assets [Line Items] | ||
Derivative asset, fair value | 82,888 | 32,970 |
Derivative, Collateral, Obligation to Return Securities | 14 | 55 |
Derivative, Collateral, Obligation to Return Cash | 0 | 0 |
Net Amount | 82,874 | 32,915 |
Derivative liability, gross liability | 82,888 | 32,970 |
Derivative liability, Collateral, Right to Reclaim Securities | (14) | (55) |
Derivative liability, Collateral, Right to Reclaim Cash | (82,510) | (31,130) |
Derivative liability, Net Amount | 364 | 1,785 |
Foreign Exchange Contract [Member] | ||
Offsetting Assets [Line Items] | ||
Derivative asset, fair value | 377 | 428 |
Derivative, Collateral, Obligation to Return Securities | 359 | 147 |
Derivative, Collateral, Obligation to Return Cash | (18) | 0 |
Net Amount | 0 | 281 |
Derivative liability, gross liability | 443 | 147 |
Derivative liability, Collateral, Right to Reclaim Securities | (359) | (147) |
Derivative liability, Collateral, Right to Reclaim Cash | 0 | 0 |
Derivative liability, Net Amount | $ 84 | $ 0 |
Commitments and Contingencies O
Commitments and Contingencies Outstanding Commitments to Extend Credit and Letters of Credit (Details) - Reserve for Off-balance Sheet Activities [Member] - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Commitments to Extend Credit [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Valuation allowances and reserves, balance | $ 5,898,623 | $ 5,784,138 |
Standby Letters of Credit [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Valuation allowances and reserves, balance | 362,506 | 374,729 |
Commercial Letters of Credit [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Valuation allowances and reserves, balance | $ 37,836 | $ 39,529 |
Commitments and Contingencies -
Commitments and Contingencies - Narrative (Details) $ in Thousands | Mar. 31, 2016USD ($)defendantplaintiff | Jun. 30, 2016USD ($) | Dec. 31, 2015USD ($) |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Residential mortgage principal balance repurchase request received | $ 543 | $ 543 | |
Residential mortgage principal balance FHLB credit enhancement | 114,000 | ||
Residential mortgage repurchase reserves FHLB credit enhancement | 2,100 | 1,800 | |
Residential Mortgage [Member] | Reserve for Off-balance Sheet Activities [Member] | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Valuation allowances and reserves, balance | $ 2,800 | $ 2,600 | |
Agostino, et al. v. Ameriprise Financial Services, Inc [Member] | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Number of unrelated defendants | defendant | 2 | ||
Amount alleged in damages | $ 11,300 | ||
Pending Litigation [Member] | Agostino, et al. v. Ameriprise Financial Services, Inc [Member] | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Number of plaintiffs | plaintiff | 58 |
Fair Value Measurements Assets
Fair Value Measurements Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | $ 2,509,035 | |
Available-for-sale Securities, Fair Value Disclosure | 2,529,724 | $ 2,484,773 |
Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgages Held-for-sale, Fair Value Disclosure | 34,330 | 16,886 |
Available-for-sale Securities, Fair Value Disclosure | 2,529,724 | 2,484,773 |
Other Assets, Fair Value Disclosure | 102,784 | 50,594 |
Assets, Fair Value Disclosure | 2,666,838 | 2,552,253 |
Liabilities, Fair Value Disclosure | 101,263 | 48,924 |
Pooled Trust Preferred Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 706 | 706 |
Senior Debt Obligations [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 18,652 | 12,329 |
Equity Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | 20,689 | 21,514 |
Equity Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | 20,689 | 21,514 |
U.S. Government-Sponsored Agency Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | 146 | 25,136 |
U.S. Government-Sponsored Agency Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | 146 | 25,136 |
State and Municipal Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | 345,347 | 262,765 |
State and Municipal Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | 345,347 | 262,765 |
Corporate Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 91,547 | 96,955 |
Available-for-sale Securities, Fair Value Disclosure | 91,547 | 96,955 |
Corporate Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | 91,547 | 96,955 |
Collateralized Mortgage Obligations [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | 706,346 | 821,509 |
Collateralized Mortgage Obligations [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | 706,346 | 821,509 |
Mortgage-Backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | 1,267,763 | 1,158,835 |
Mortgage-Backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | 1,267,763 | 1,158,835 |
Auction Rate Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | 97,886 | 98,059 |
Auction Rate Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | 97,886 | 98,059 |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgages Held-for-sale, Fair Value Disclosure | 0 | 0 |
Available-for-sale Securities, Fair Value Disclosure | 20,689 | 21,514 |
Other Assets, Fair Value Disclosure | 16,873 | 16,129 |
Assets, Fair Value Disclosure | 37,562 | 37,643 |
Liabilities, Fair Value Disclosure | 16,541 | 15,914 |
Fair Value, Inputs, Level 1 [Member] | Equity Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | 20,689 | 21,514 |
Fair Value, Inputs, Level 1 [Member] | U.S. Government-Sponsored Agency Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | State and Municipal Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Corporate Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Collateralized Mortgage Obligations [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Mortgage-Backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Auction Rate Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgages Held-for-sale, Fair Value Disclosure | 34,330 | 16,886 |
Available-for-sale Securities, Fair Value Disclosure | 2,408,018 | 2,361,864 |
Other Assets, Fair Value Disclosure | 85,911 | 34,465 |
Assets, Fair Value Disclosure | 2,528,259 | 2,413,215 |
Liabilities, Fair Value Disclosure | 84,722 | 33,010 |
Fair Value, Inputs, Level 2 [Member] | Other Corporate Debt [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 4,000 | 4,000 |
Fair Value, Inputs, Level 2 [Member] | Financial Institutions Subordinated Debt [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 30,700 | 40,800 |
Fair Value, Inputs, Level 2 [Member] | Senior Debt Obligations [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 18,700 | 12,300 |
Fair Value, Inputs, Level 2 [Member] | Equity Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | U.S. Government-Sponsored Agency Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | 146 | 25,136 |
Fair Value, Inputs, Level 2 [Member] | State and Municipal Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | 345,347 | 262,765 |
Fair Value, Inputs, Level 2 [Member] | Corporate Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | 88,416 | 93,619 |
Fair Value, Inputs, Level 2 [Member] | Collateralized Mortgage Obligations [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | 706,346 | 821,509 |
Fair Value, Inputs, Level 2 [Member] | Mortgage-Backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | 1,267,763 | 1,158,835 |
Fair Value, Inputs, Level 2 [Member] | Auction Rate Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgages Held-for-sale, Fair Value Disclosure | 0 | 0 |
Available-for-sale Securities, Fair Value Disclosure | 101,017 | 101,395 |
Other Assets, Fair Value Disclosure | 0 | 0 |
Assets, Fair Value Disclosure | 101,017 | 101,395 |
Liabilities, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Pooled Trust Preferred Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 706 | 706 |
Fair Value, Inputs, Level 3 [Member] | Equity Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | U.S. Government-Sponsored Agency Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | State and Municipal Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Corporate Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | 3,131 | 3,336 |
Fair Value, Inputs, Level 3 [Member] | Collateralized Mortgage Obligations [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Mortgage-Backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Auction Rate Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | $ 97,886 | $ 98,059 |
Fair Value Measurements Changes
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 [Member] - Fair Value, Inputs, Level 3 [Member] - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Pooled Trust Preferred Securities [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Balance, beginning of period | $ 706 | $ 1,084 | $ 706 | $ 4,088 |
Sales | (554) | (3,633) | ||
Unrealized adjustment to fair value | 0 | 0 | 0 | 190 |
(Premium amortization) discount accretion | 0 | 0 | 0 | 2 |
Settlements - calls | (117) | |||
Balance, end of period | 706 | 530 | 706 | 530 |
Single-issuer Trust Preferred Securities [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Balance, beginning of period | 2,400 | 3,820 | 2,630 | 3,820 |
Sales | 0 | 0 | ||
Unrealized adjustment to fair value | 22 | (2) | (211) | (4) |
(Premium amortization) discount accretion | 3 | 2 | 6 | 4 |
Settlements - calls | 0 | |||
Balance, end of period | 2,425 | 3,820 | 2,425 | 3,820 |
Auction Rate Securities [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Balance, beginning of period | 97,326 | 98,932 | 98,059 | 100,941 |
Sales | 0 | 0 | ||
Unrealized adjustment to fair value | 482 | (420) | (350) | (88) |
(Premium amortization) discount accretion | 78 | 94 | 177 | 199 |
Settlements - calls | (2,446) | |||
Balance, end of period | $ 97,886 | $ 98,606 | $ 97,886 | $ 98,606 |
Fair Value Measurements Asset71
Fair Value Measurements Assets Measured at Fair Value on a Nonrecurring Basis (Details) - Fair Value, Measurements, Nonrecurring [Member] - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Net loans | $ 128,174 | $ 138,491 |
Other financial assets | 50,071 | 52,043 |
Assets, Fair Value Disclosure | 178,245 | 190,534 |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Net loans | 0 | 0 |
Other financial assets | 0 | 0 |
Assets, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Net loans | 0 | 0 |
Other financial assets | 0 | 0 |
Assets, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Net loans | 128,174 | 138,491 |
Other financial assets | 50,071 | 52,043 |
Assets, Fair Value Disclosure | $ 178,245 | $ 190,534 |
Fair Value Measurements Details
Fair Value Measurements Details of Book Value and Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Fair Value, Balance Sheet Grouping, FinancialStatement Captions[Line Items] | ||
Available for sale investment securities | $ 2,529,724 | $ 2,484,773 |
Reported Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, FinancialStatement Captions[Line Items] | ||
Cash and due from banks | 84,647 | 101,120 |
Interest-bearing deposits with other banks | 348,232 | 230,300 |
Federal Reserve Bank and Federal Home Loan Bank stock | 59,854 | 62,216 |
Loans held for sale | 34,330 | 16,886 |
Available for sale investment securities | 2,529,724 | 2,484,773 |
Net Loans | 13,992,613 | 13,669,548 |
Accrued interest receivable | 43,316 | 42,767 |
Other financial assets | 226,808 | 166,920 |
Demand and savings deposits | 11,469,919 | 11,267,367 |
Time deposits | 2,822,645 | 2,864,950 |
Short-term borrowings | 722,214 | 497,663 |
Accrued interest payable | 8,336 | 10,724 |
Other financial liabilities | 274,104 | 190,927 |
Federal Home Loan Bank advances and long-term debt | 965,552 | 949,542 |
Estimate of Fair Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, FinancialStatement Captions[Line Items] | ||
Cash and due from banks | 84,647 | 101,120 |
Interest-bearing deposits with other banks | 348,232 | 230,300 |
Federal Reserve Bank and Federal Home Loan Bank stock | 59,854 | 62,216 |
Loans held for sale | 34,330 | 16,886 |
Available for sale investment securities | 2,529,724 | 2,484,773 |
Net Loans | 13,950,868 | 13,540,903 |
Accrued interest receivable | 43,316 | 42,767 |
Other financial assets | 226,808 | 166,920 |
Demand and savings deposits | 11,469,919 | 11,267,367 |
Time deposits | 2,973,640 | 2,862,868 |
Short-term borrowings | 722,214 | 497,663 |
Accrued interest payable | 8,336 | 10,724 |
Other financial liabilities | 274,104 | 190,927 |
Federal Home Loan Bank advances and long-term debt | $ 993,194 | $ 959,315 |
Fair Value Measurements Narrati
Fair Value Measurements Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2016 | Dec. 31, 2015 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Securities valued by the pricing service | 80.00% | 80.00% | |
Researched securities to reconcile the difference | 5.00% | 5.00% | |
Corporate debt securities | $ 2,509,035 | $ 2,509,035 | |
Significant input, assumed market return to liquidity (years) | 5 years | ||
Other real estate owned (OREO) | $ 11,918 | $ 11,918 | $ 11,099 |
Minimum [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Weighted average annual constant prepayment rate | 13.70% | ||
Weighted average discount rate | 10.10% | ||
Equity Securities Financial Institution [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale securities, equity securities | 19,800 | $ 19,800 | 20,600 |
Equity Securities, Other [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale securities, equity securities | 895 | 895 | |
Corporate Debt Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Corporate debt securities | 91,547 | 91,547 | 96,955 |
Senior Debt Obligations [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Corporate debt securities | 18,652 | 18,652 | 12,329 |
Single-issuer Trust Preferred Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Corporate debt securities | 37,461 | 37,461 | 39,106 |
Pooled Trust Preferred Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Corporate debt securities | 706 | 706 | 706 |
Fair Value, Measurements, Recurring [Member] | Single-issuer Trust Preferred Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Corporate debt securities | 37,400 | 37,400 | 39,100 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Trust for Benefit of Employees [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Other financial assets | 16,000 | 16,000 | 15,600 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Foreign Exchange Contract [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Other financial assets | 868 | 868 | 547 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Trust for Benefit of Employees [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Other financial liabilities | 16,000 | 16,000 | 15,600 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Foreign Exchange Contract [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Other financial liabilities | 537 | 537 | 331 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Equity Securities Financial Institution [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale securities, equity securities | 19,800 | 19,800 | 20,600 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Equity Securities, Other [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale securities, equity securities | 895 | 895 | 914 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Forward Contracts [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Other financial assets | 3,000 | 3,000 | 1,500 |
Other financial liabilities | 1,834 | 1,834 | 40 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Interest Rate Swap [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Other financial assets | 82,900 | 82,900 | 33,000 |
Other financial liabilities | 82,900 | 82,900 | 33,000 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Financial Institutions Subordinated Debt [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Corporate debt securities | 30,700 | 30,700 | 40,800 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Senior Debt Obligations [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Corporate debt securities | 18,700 | 18,700 | 12,300 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Single-issuer Trust Preferred Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Corporate debt securities | 35,000 | 35,000 | 36,500 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Other Corporate Debt [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Corporate debt securities | 4,000 | 4,000 | 4,000 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Single-issuer Trust Preferred Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Corporate debt securities | 2,400 | 2,400 | 2,600 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Pooled Trust Preferred Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Corporate debt securities | 706 | 706 | 706 |
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Other real estate owned (OREO) | 11,900 | 11,900 | 11,100 |
Other financial assets (MSRs) | $ 38,200 | $ 38,200 | $ 40,900 |