Document and Entity Information
Document and Entity Information - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2016 | Feb. 17, 2017 | Jun. 30, 2016 | |
Document and Entity Information [Abstract] | |||
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-K | ||
Document Period End Date | Dec. 31, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 174,097,000 | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Public Float | $ 2.3 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Assets | ||
Cash and due from banks | $ 118,763 | $ 101,120 |
Interest-bearing deposits with other banks | 233,763 | 230,300 |
Federal Reserve Bank and Federal Home Loan Bank stock | 57,489 | 62,216 |
Loans held for sale | 28,697 | 16,886 |
Available for sale investment securities | 2,559,227 | 2,484,773 |
Loans, net of unearned income | 14,699,272 | 13,838,602 |
Allowance for loan losses | (168,679) | (169,054) |
Net Loans | 14,530,593 | 13,669,548 |
Premises and equipment | 217,806 | 225,535 |
Accrued interest receivable | 46,294 | 42,767 |
Goodwill and intangible assets | 531,556 | 531,556 |
Other assets | 620,059 | 550,017 |
Total Assets | 18,944,247 | 17,914,718 |
Liabilities | ||
Noninterest-bearing | 4,376,137 | 3,948,114 |
Interest-bearing | 10,636,727 | 10,184,203 |
Total Deposits | 15,012,864 | 14,132,317 |
Short-term borrowings: | ||
Federal funds purchased | 278,570 | 197,235 |
Other short-term borrowings | 262,747 | 300,428 |
Total Short-Term Borrowings | 541,317 | 497,663 |
Accrued interest payable | 9,632 | 10,724 |
Other liabilities | 329,916 | 282,578 |
Federal Home Loan Bank advances and long-term debt | 929,403 | 949,542 |
Total Liabilities | 16,823,132 | 15,872,824 |
Shareholders’ Equity | ||
Common stock, $2.50 par value, 600 million shares authorized, 219.9 million shares issued in 2016 and 218.9 million shares issued in 2015 | 549,707 | 547,141 |
Additional paid-in capital | 1,467,602 | 1,450,690 |
Retained earnings | 732,099 | 641,588 |
Accumulated other comprehensive loss | (38,449) | (22,017) |
Treasury stock, 45.8 million shares in 2016 and 44.7 million shares in 2015 | (589,844) | (575,508) |
Total Shareholders’ Equity | 2,121,115 | 2,041,894 |
Total Liabilities and Shareholders’ Equity | $ 18,944,247 | $ 17,914,718 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2016 | Dec. 31, 2015 |
Statement of Financial Position [Abstract] | ||
Common stock, par value (usd per share) | $ 2.5 | $ 2.5 |
Common stock, shares authorized | 600,000,000 | 600,000,000 |
Common stock, shares issued | 219,900,000 | 218,900,000 |
Treasury stock, shares | 45,800,000 | 44,700,000 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Interest Income | |||
Loans, including fees | $ 543,385 | $ 524,060 | $ 530,308 |
Investment securities: | |||
Taxable | 44,975 | 45,279 | 50,651 |
Tax-exempt | 9,662 | 7,879 | 8,977 |
Dividends | 571 | 985 | 1,338 |
Loans held for sale | 728 | 801 | 786 |
Other interest income | 3,779 | 4,785 | 4,018 |
Total Interest Income | 603,100 | 583,789 | 596,078 |
Interest Expense | |||
Deposits | 44,693 | 40,482 | 35,110 |
Short-term borrowings | 855 | 372 | 1,608 |
Long-term debt | 36,780 | 42,941 | 44,493 |
Total Interest Expense | 82,328 | 83,795 | 81,211 |
Net Interest Income | 520,772 | 499,994 | 514,867 |
Provision for credit losses | 13,182 | 2,250 | 12,500 |
Net Interest Income After Provision for Credit Losses | 507,590 | 497,744 | 502,367 |
Non-Interest Income | |||
Service charges on deposit accounts | 51,346 | 50,097 | 49,293 |
Investment management and trust services | 45,270 | 44,056 | 44,605 |
Other service charges and fees | 51,473 | 43,992 | 39,896 |
Mortgage banking income | 19,415 | 18,208 | 17,107 |
Other | 20,124 | 16,420 | 14,437 |
Investment securities gains (losses): | |||
Net gains on sales of investment securities | 2,550 | 9,066 | 2,071 |
Net other-than-temporary impairment losses | 0 | 0 | (30) |
Investment securities gains, net | 2,550 | 9,066 | 2,041 |
Total Non-Interest Income | 190,178 | 181,839 | 167,379 |
Non-Interest Expense | |||
Salaries and employee benefits | 283,353 | 260,832 | 251,021 |
Net occupancy expense | 47,611 | 47,777 | 48,130 |
Other outside services | 23,883 | 27,785 | 28,404 |
Data processing | 20,016 | 19,894 | 17,162 |
Software | 16,903 | 14,746 | 12,758 |
Equipment expense | 12,788 | 14,514 | 13,567 |
Professional fees | 11,004 | 11,244 | 12,097 |
FDIC insurance expense | 9,767 | 11,470 | 10,958 |
Marketing | 7,044 | 7,324 | 8,133 |
Telecommunications | 5,702 | 6,350 | 6,870 |
Supplies and postage | 10,292 | 10,202 | 9,795 |
Operating risk loss | 2,815 | 3,624 | 4,271 |
Other real estate owned and repossession expense | 1,926 | 3,630 | 3,270 |
Loss on redemption of trust preferred securities | 0 | 5,626 | 0 |
Intangible amortization | 0 | 247 | 1,259 |
Other | 36,415 | 34,895 | 31,551 |
Total Non-Interest Expense | 489,519 | 480,160 | 459,246 |
Income Before Income Taxes | 208,249 | 199,423 | 210,500 |
Income taxes | 46,624 | 49,921 | 52,606 |
Net Income | $ 161,625 | $ 149,502 | $ 157,894 |
PER COMMON SHARE: | |||
Net Income (Basic) (usd per share) | $ 0.93 | $ 0.85 | $ 0.85 |
Net Income (Diluted) (usd per share) | 0.93 | 0.85 | 0.84 |
Cash Dividends (usd per share) | $ 0.41 | $ 0.38 | $ 0.34 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Statement of Comprehensive Income [Abstract] | |||
Net Income | $ 161,625 | $ 149,502 | $ 157,894 |
Unrealized (losses) gains on available for sale investment securities: | |||
Unrealized (loss) gain on securities | (14,891) | (7,717) | 33,734 |
Reclassification adjustment for securities gains included in net income | (1,657) | (5,892) | (1,327) |
Non-credit related unrealized (loss) gain on other-than-temporarily impaired debt securities | (185) | 239 | 780 |
Net unrealized (losses) gains on available for sale investment securities | (16,733) | (13,370) | 33,187 |
Unrealized gains on derivative financial instruments: | |||
Amortization of unrealized loss on derivative financial instruments | 16 | 75 | 136 |
Reclassification adjustment for loss on derivative financial instruments included in net income | 0 | 2,456 | 0 |
Net unrealized gains on derivative financial instruments | 16 | 2,531 | 136 |
Defined benefit pension plan and postretirement benefits: | |||
Unrecognized pension and postretirement (cost) income | (931) | 4,680 | (13,168) |
Amortization of net unrecognized pension and postretirement income | 1,216 | 1,864 | 408 |
Non-credit related unrealized (loss) gain on other-than-temporarily impaired debt securities | 0 | 0 | (944) |
Net unrealized gains (losses) on pension and postretirement plans | 285 | 6,544 | (13,704) |
Other Comprehensive (Loss) Income | (16,432) | (4,295) | 19,619 |
Total Comprehensive Income | $ 145,193 | $ 145,207 | $ 177,513 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) shares in Thousands, $ in Thousands | Total | Accelerated Stock Repurchase Program | Common Stock | Common StockAccelerated Stock Repurchase Program | Additional Paid-in Capital | Additional Paid-in CapitalAccelerated Stock Repurchase Program | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Treasury Stock | Treasury StockAccelerated Stock Repurchase Program |
Beginning Balance at Dec. 31, 2013 | $ 2,063,187 | $ 544,568 | $ 1,432,974 | $ 463,843 | $ (37,341) | $ (340,857) | ||||
Beginning Balance (in shares) at Dec. 31, 2013 | 192,652 | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net Income | 157,894 | 157,894 | ||||||||
Other comprehensive income | 19,619 | 19,619 | ||||||||
Stock issued, including related tax benefits | 8,282 | $ 987 | 1,684 | 5,611 | ||||||
Stock issued, including related tax benefits (in shares) | 781 | |||||||||
Stock-based compensation awards | 5,865 | 5,865 | ||||||||
Acquisition of treasury stock | (175,255) | (175,255) | ||||||||
Acquisition of treasury stock (in shares) | (14,509) | |||||||||
Deferred accelerated stock repurchase payment | (20,000) | (20,000) | ||||||||
Common stock cash dividends | (62,927) | (62,927) | ||||||||
Ending Balance at Dec. 31, 2014 | 1,996,665 | $ 545,555 | 1,420,523 | 558,810 | (17,722) | (510,501) | ||||
Ending Balance (in shares) at Dec. 31, 2014 | 178,924 | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net Income | 149,502 | 149,502 | ||||||||
Other comprehensive income | (4,295) | (4,295) | ||||||||
Stock issued, including related tax benefits | 10,808 | $ 1,586 | 4,229 | 4,993 | ||||||
Stock issued, including related tax benefits (in shares) | 1,018 | |||||||||
Stock-based compensation awards | 5,938 | $ 0 | 5,938 | $ 20,000 | $ (20,000) | |||||
Acquisition of treasury stock | (50,000) | (50,000) | ||||||||
Acquisition of treasury stock (in shares) | (3,976) | (1,790) | ||||||||
Common stock cash dividends | (66,724) | (66,724) | ||||||||
Ending Balance at Dec. 31, 2015 | 2,041,894 | $ 547,141 | 1,450,690 | 641,588 | (22,017) | (575,508) | ||||
Ending Balance (in shares) at Dec. 31, 2015 | 174,176 | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net Income | 161,625 | 161,625 | ||||||||
Other comprehensive income | (16,432) | (16,432) | ||||||||
Stock issued, including related tax benefits | 17,131 | $ 2,566 | 10,356 | 4,209 | ||||||
Stock issued, including related tax benefits (in shares) | 1,350 | |||||||||
Stock-based compensation awards | 6,556 | 6,556 | ||||||||
Acquisition of treasury stock | (18,545) | (18,545) | ||||||||
Acquisition of treasury stock (in shares) | (1,486) | |||||||||
Common stock cash dividends | (71,114) | (71,114) | ||||||||
Ending Balance at Dec. 31, 2016 | $ 2,121,115 | $ 549,707 | $ 1,467,602 | $ 732,099 | $ (38,449) | $ (589,844) | ||||
Ending Balance (in shares) at Dec. 31, 2016 | 174,040 |
Consolidated Statements of Sha7
Consolidated Statements of Shareholders' Equity (Parentheticals) - $ / shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Statement of Stockholders' Equity [Abstract] | |||
Common Stock cash dividends (usd per share) | $ 0.41 | $ 0.38 | $ 0.34 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net Income | $ 161,625 | $ 149,502 | $ 157,894 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Provision for credit losses | 13,182 | 2,250 | 12,500 |
Depreciation and amortization of premises and equipment | 27,403 | 27,605 | 24,555 |
Net amortization of investment security premiums | 10,430 | 7,330 | 5,120 |
Deferred income tax expense | 11,054 | 13,424 | 18,523 |
Investment securities gains, net | (2,550) | (9,066) | (2,041) |
Gains on sales of mortgage loans | (15,685) | (13,264) | (10,063) |
Proceeds from sales of mortgage loans held for sale | 709,316 | 757,850 | 654,654 |
Originations of mortgage loans held for sale | (705,442) | (743,950) | (640,762) |
Intangible amortization | 0 | 247 | 1,259 |
Amortization of issuance costs and discount of long-term debt | 617 | 582 | 337 |
Stock-based compensation | 6,556 | 5,938 | 5,865 |
Excess tax benefits from stock-based compensation | (964) | (201) | (81) |
(Increase) decrease in accrued interest receivable | (3,527) | (949) | 2,219 |
Loss on redemption of trust preferred securities | 0 | 5,626 | 0 |
Increase in other assets | (29,940) | (22,987) | (23,619) |
(Decrease) increase in accrued interest payable | (1,092) | (7,321) | 2,827 |
Increase in other liabilities | 4,427 | 4,928 | 1,522 |
Total adjustments | 23,785 | 28,042 | 52,815 |
Net cash provided by operating activities | 185,410 | 177,544 | 210,709 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Proceeds from sales of securities available for sale | 115,844 | 66,480 | 32,227 |
Proceeds from maturities and paydowns of securities available for sale | 558,854 | 439,533 | 417,559 |
Purchase of securities available for sale | (782,765) | (683,839) | (164,769) |
Decrease (increase) in short-term investments | 1,264 | 130,567 | (174,922) |
Net increase in loans | (873,939) | (743,655) | (360,982) |
Net purchases of premises and equipment | (19,674) | (27,113) | (24,561) |
Net cash used in investing activities | (1,000,416) | (818,027) | (275,448) |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Net increase in demand and savings deposits | 992,253 | 971,312 | 722,791 |
Net (decrease) increase in time deposits | (111,706) | (206,501) | 153,529 |
Increase (decrease) in short-term borrowings | 43,654 | 167,944 | (928,910) |
Additions to long-term debt | 215,884 | 347,778 | 262,113 |
Repayments of long-term debt | (236,640) | (540,079) | (6,621) |
Net proceeds from issuance of common stock | 16,167 | 10,607 | 8,201 |
Excess tax benefits from stock-based compensation | 964 | 201 | 81 |
Dividends paid | (69,382) | (65,361) | (64,028) |
Acquisition of treasury stock | (18,545) | (50,000) | (175,255) |
Deferred accelerated stock repurchase payment | 0 | 0 | (20,000) |
Net cash provided by (used in) financing activities | 832,649 | 635,901 | (48,099) |
Net Increase (decrease) in Cash and Due From Banks | 17,643 | (4,582) | (112,838) |
Cash and Due From Banks at Beginning of Year | 101,120 | 105,702 | 218,540 |
Cash and Due From Banks at End of Year | 118,763 | 101,120 | 105,702 |
Cash paid during period for: | |||
Interest | 83,420 | 91,116 | 78,384 |
Income taxes | $ 16,193 | $ 13,378 | $ 16,778 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Business: Fulton Financial Corporation ("Parent Company") is a multi-bank financial holding company which provides a full range of banking and financial services to businesses and consumers through its six wholly owned banking subsidiaries: Fulton Bank, N.A., Fulton Bank of New Jersey, The Columbia Bank, Lafayette Ambassador Bank, FNB Bank, N.A. and Swineford National Bank. In addition, the Parent Company owns the following non-bank subsidiaries: Fulton Financial Realty Company, Central Pennsylvania Financial Corp., FFC Management, Inc., FFC Penn Square, Inc. and Fulton Insurance Services Group, Inc. Collectively, the Parent Company and its subsidiaries are referred to as the Corporation. The Corporation’s primary sources of revenue are interest income on loans and investment securities and fee income on its products and services. Its expenses consist of interest expense on deposits and borrowed funds, provision for credit losses, other operating expenses and income taxes. The Corporation’s primary competition is other financial services providers operating in its region. Competitors also include financial services providers located outside the Corporation’s geographic market as a result of the growth in electronic delivery systems. The Corporation is subject to the regulations of certain federal and state agencies and undergoes periodic examinations by such regulatory authorities. The Corporation offers, through its banking subsidiaries, a full range of retail and commercial banking services in Pennsylvania, Delaware, Maryland, New Jersey and Virginia. Industry diversity is the key to the economic well-being of these markets, and the Corporation is not dependent upon any single customer or industry. Basis of Financial Statement Presentation: The consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States ("U.S. GAAP") and include the accounts of the Parent Company and all wholly owned subsidiaries. All significant intercompany accounts and transactions have been eliminated. The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosed amount of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the period. Actual results could differ from those estimates. The Corporation evaluates subsequent events through the date of the filing of this report with the Securities and Exchange Commission ("SEC"). Federal Reserve Bank and Federal Home Loan Bank Stock: Certain of the Corporation's wholly owned banking subsidiaries are members of the Federal Reserve Bank and Federal Home Loan Bank and are required by federal law to hold stock in these institutions according to predetermined formulas. These restricted investments are carried at cost on the consolidated balance sheets and are periodically evaluated for impairment. Each of the Corporation’s subsidiary banks is a member of the Federal Home Loan Bank for the region encompassing the headquarters of the subsidiary bank. Memberships are maintained with the Atlanta, New York and Pittsburgh regional Federal Home Loan Banks (collectively referred to as the "FHLB"). Investments: Debt securities are classified as held to maturity at the time of purchase when the Corporation has both the intent and ability to hold these investments until they mature. Such debt securities are carried at cost, adjusted for amortization of premiums and accretion of discounts using the effective yield method. The Corporation does not engage in trading activities, however, since the investment portfolio serves as a source of liquidity, all debt securities and marketable equity securities are classified as available for sale. Securities available for sale are carried at estimated fair value with the related unrealized holding gains and losses reported in shareholders’ equity as a component of other comprehensive income, net of tax. Realized securities gains and losses are computed using the specific identification method and are recorded on a trade date basis. Securities are evaluated periodically to determine whether declines in value are other-than-temporary. For its investments in equity securities, most notably its investments in stocks of financial institutions, the Corporation evaluates the near-term prospects of the issuers in relation to the severity and duration of the impairment. Equity securities with fair values less than cost are considered to be other-than-temporarily impaired if the Corporation does not have the ability and intent to hold the investments for a reasonable period of time that would be sufficient for a recovery of fair value. Impaired debt securities are determined to be other-than-temporarily impaired if the Corporation concludes at the balance sheet date that it has the intent to sell, or believes it will more likely than not be required to sell, an impaired debt security before a recovery of its amortized cost basis. Credit losses on other-than-temporarily impaired debt securities are recorded through earnings, regardless of the intent or the requirement to sell. Credit loss is measured as the difference between the present value of an impaired debt security’s expected cash flows and its amortized cost. Non-credit related other-than-temporary impairment charges are recorded as decreases to accumulated other comprehensive income as long as the Corporation has no intent or expected requirement to sell the impaired debt security before a recovery of its amortized cost basis. Fair Value Option: The Corporation has elected to measure mortgage loans held for sale at fair value. Derivative financial instruments related to mortgage banking activities are also recorded at fair value, as detailed under the heading "Derivative Financial Instruments," below. The Corporation determines fair value for its mortgage loans held for sale based on the price that secondary market investors would pay for loans with similar characteristics, including interest rate and term, as of the date fair value is measured. Changes in fair values during the period are recorded as components of mortgage banking income on the consolidated statements of income. Interest income earned on mortgage loans held for sale is classified in interest income on the consolidated statements of income. Loans and Revenue Recognition : Loan and lease financing receivables are stated at their principal amount outstanding, except for mortgage loans held for sale, which are carried at fair value. Interest income on loans is accrued as earned. Unearned income on lease financing receivables is recognized on a basis which approximates the effective yield method. In general, a loan is placed on non-accrual status once it becomes 90 days delinquent as to principal or interest. In certain cases a loan may be placed on non-accrual status prior to being 90 days delinquent if there is an indication that the borrower is having difficulty making payments, or the Corporation believes it is probable that all amounts will not be collected according to the contractual terms of the loan agreement. When interest accruals are discontinued, unpaid interest previously credited to income is reversed. Non-accrual loans may be restored to accrual status when all delinquent principal and interest has been paid currently for six consecutive months or the loan is considered secured and in the process of collection. The Corporation generally applies payments received on non-accruing loans to principal until such time as the principal is paid off, after which time any payments received are recognized as interest income. If the Corporation believes that all amounts outstanding on a non-accrual loan will ultimately be collected, payments received subsequent to its classification as a non-accrual loan are allocated between interest income and principal. A loan that is 90 days delinquent may continue to accrue interest if the loan is both adequately secured and is in the process of collection. Past due status is determined based on contractual due dates for loan payments. An adequately secured loan is one that has collateral with a supported fair value that is sufficient to discharge the debt, and/or has an enforceable guarantee from a financially responsible party. A loan is considered to be in the process of collection if collection is proceeding through legal action or through other activities that are reasonably expected to result in repayment of the debt or restoration to current status in the near future. Loans and lease financing receivables deemed to be a loss are written off through a charge against the allowance for loan losses. Closed-end consumer loans are generally charged off when they become 120 days past due ( 180 days for open-end consumer loans) if they are not adequately secured by real estate. All other loans are evaluated for possible charge-off when it is probable that the balance will not be collected, based on the ability of the borrower to pay and the value of the underlying collateral. Principal recoveries of loans previously charged off are recorded as increases to the allowance for loan losses. Loan Origination Fees and Costs: Loan origination fees and the related direct origination costs are deferred and amortized over the life of the loan as an adjustment to interest income generally using the effective yield method. For mortgage loans sold, net loan origination fees and costs are included in the gain or loss on sale of the related loan. Troubled Debt Restructurings ("TDRs"): Loans whose terms are modified are classified as TDRs if the Corporation grants the borrowers concessions and it is determined that those borrowers are experiencing financial difficulty. Concessions, whether negotiated or imposed by bankruptcy, granted under a TDR typically involve a temporary deferral of scheduled loan payments, an extension of a loan’s stated maturity date or a reduction in the interest rate. Non-accrual TDRs can be restored to accrual status if principal and interest payments, under the modified terms, are current for six consecutive months after modification. Allowance for Credit Losses: The allowance for credit losses consists of the allowance for loan losses and the reserve for unfunded lending commitments. The allowance for loan losses represents management’s estimate of incurred losses in the loan portfolio as of the balance sheet date and is recorded as a reduction to loans. The reserve for unfunded lending commitments represents management’s estimate of incurred losses in its unfunded loan commitments and is recorded in other liabilities on the consolidated balance sheets. The allowance for credit losses is increased by charges to expense, through the provision for credit losses, and decreased by charge-offs, net of recoveries. Management believes that the allowance for loan losses and the reserve for unfunded lending commitments are adequate as of the balance sheet date; however, future changes to the allowance or reserve may be necessary based on changes in any of the factors discussed in the following paragraphs. Maintaining an adequate allowance for credit losses is dependent upon various factors, including the ability to identify potential problem loans in a timely manner. For commercial loans, commercial mortgages and construction loans to commercial borrowers, an internal risk rating process is used. The Corporation believes that internal risk ratings are the most relevant credit quality indicator for these types of loans. The migration of loans through the various internal risk rating categories is a significant component of the allowance for credit loss methodology for these loans, which bases the probability of default on this migration. Assigning risk ratings involves judgment. The Corporation's loan review officers provide a separate assessment of risk rating accuracy. Risk ratings may be changed based on the ongoing monitoring procedures performed by loan officers or credit administration staff, or if specific loan review assessments identify a deterioration or an improvement in the loan. The following is a summary of the Corporation's internal risk rating categories: • Pass : These loans do not currently pose undue credit risk and can range from the highest to average quality, depending on the degree of potential risk. • Special Mention : These loans have an undue and unwarranted credit risk, but not to the point of justifying a classification of substandard. Loans in this category are currently acceptable, but are nevertheless potentially weak. • Substandard or Lower : These loans are inadequately protected by current sound worth and paying capacity of the borrower. There exists a well-defined weakness or weaknesses that jeopardize the normal repayment of the debt. The Corporation does not assign internal risk ratings for smaller balance, homogeneous loans, such as: home equity, residential mortgage, consumer, lease receivables and construction loans to individuals secured by residential real estate. For these loans, the most relevant credit quality indicator is delinquency status. The migration of loans through the various delinquency status categories is a significant component of the allowance for credit loss methodology for these loans, which bases the probability of default on this migration. The Corporation’s allowance for loan losses includes: 1) specific allowances allocated to loans evaluated for impairment under the Financial Accounting Standards Board's Accounting Standards Codification ("FASB ASC") Section 310-10-35; and 2) allowances calculated for pools of loans measured for impairment under FASB ASC Subtopic 450-20. A loan is considered to be impaired if it is probable that all amounts will not be collected according to the contractual terms of the loan agreement. Impaired loans consist of all loans on non-accrual status and accruing TDRs. An allowance for loan losses is established for an impaired loan if its carrying value exceeds its estimated fair value. Impaired loans to borrowers with total outstanding commitments greater than or equal to $1.0 million are evaluated individually for impairment. Impaired loans to borrowers with total outstanding commitments less than $1.0 million are pooled and measured for impairment collectively. All loans evaluated for impairment under FASB ASC Section 310-10-35 are measured for losses on a quarterly basis. As of December 31, 2016 and 2015 , substantially all of the Corporation’s impaired loans to borrowers with total outstanding loan balances greater than or equal to $1.0 million were measured based on the estimated fair value of each loan’s collateral. Collateral could be in the form of real estate, in the case of impaired commercial mortgages and construction loans, or business assets, such as accounts receivable or inventory, in the case of commercial and industrial loans. Commercial and industrial loans may also be secured by real property. For loans secured by real estate, estimated fair values are determined primarily through appraisals performed by state certified third-party appraisers, discounted to arrive at expected net sale proceeds. For collateral dependent loans, estimated real estate fair values are also net of estimated selling costs. When a real estate secured loan becomes impaired, a decision is made regarding whether an updated appraisal of the real estate is necessary. This decision is based on various considerations, including: the age of the most recent appraisal; the loan-to-value ratio based on the original appraisal; the condition of the property; the Corporation’s experience and knowledge of the real estate market; the purpose of the loan; market factors; payment status; the strength of any guarantors; and the existence and age of other indications of value such as broker price opinions, among others. The Corporation generally obtains updated state certified third-party appraisals for impaired loans secured predominantly by real estate every 12 months. As of December 31, 2016 and 2015 , approximately 62% and 69% , respectively, of impaired loans with principal balances greater than or equal to $1.0 million , whose primary collateral is real estate, were measured at estimated fair value using state certified third-party appraisals that had been updated within the preceding 12 months. When updated appraisals are not obtained for loans evaluated for impairment under FASB ASC Section 310-10-35 that are secured by real estate, fair values are estimated based on the original appraisal values, as long as the original appraisal indicated 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 appropriately for the age of the appraisal, results in a current loan-to-value ratio that is lower than the Corporation's loan-to-value requirements for new loans, generally less than 70% . For impaired loans with principal balances greater than or equal to $1.0 million secured by non-real estate collateral, such as accounts receivable or inventory, estimated fair values are determined based on borrower financial statements, inventory listings, accounts receivable agings or borrowing base certificates. Indications of value from these sources are generally discounted based on the age of the financial information or the quality of the assets. Liquidation or collection discounts are applied to these assets based upon existing loan evaluation policies. All loans not evaluated for impairment under FASB ASC Section 310-10-35 are evaluated for impairment under FASB ASC Subtopic 450-20, using a pooled loss evaluation approach. In general, these loans include residential mortgages, home equity loans, consumer loans, and lease receivables. Accruing commercial loans, commercial mortgages and construction loans are also evaluated for impairment under FASB ASC Subtopic 450-20. The Corporation segments its loan portfolio by general loan type, or "portfolio segments," as presented in the table under the heading, "Loans, net of unearned income," within Note 4, "Loans and Allowance for Credit Losses." Certain portfolio segments are further disaggregated and evaluated collectively for impairment based on "class segments," which are largely based on the type of collateral underlying each loan. For commercial loans, class segments include loans secured by collateral and unsecured loans. Construction loan class segments include loans secured by commercial real estate, loans to commercial borrowers secured by residential real estate and loans to individuals secured by residential real estate. Consumer loan class segments are based on collateral types and include direct consumer installment loans and indirect automobile loans. The Corporation calculates allowance allocation needs for loans measured under FASB ASC Subtopic 450-20 through the following procedures: • The loans are segmented into pools with similar characteristics, as noted above. Commercial loans, commercial mortgages and construction loans to commercial borrowers are further segmented into separate pools based on internally assigned risk ratings. Residential mortgages, home equity loans, consumer loans, and lease receivables are further segmented into separate pools based on delinquency status. • A loss rate is calculated for each pool through a migration analysis of historical losses as loans migrate through the various risk rating or delinquency categories. Estimated loss rates are based on a probability of default and a loss rate forecast. • The loss rate is adjusted to consider qualitative factors, such as economic conditions and trends. • The resulting adjusted loss rate is applied to the balance of the loans in the pool to arrive at the allowance allocation for the pool. The allocation of the allowance for credit losses is reviewed to evaluate its appropriateness in relation to the overall risk profile of the loan portfolio. The Corporation considers risk factors such as: local and national economic conditions; trends in delinquencies and non-accrual loans; the diversity of borrower industry types; and the composition of the portfolio by loan type. An unallocated allowance is maintained for factors and conditions that exist at the balance sheet date, but are not specifically identifiable, and to recognize the inherent imprecision in estimating and measuring loss exposure. Premises and Equipment: Premises and equipment are stated at cost, less accumulated depreciation and amortization. The provision for depreciation and amortization is generally computed using the straight-line method over the estimated useful lives of the related assets, which are a maximum of 50 years for buildings and improvements, 8 years for furniture and 5 years for equipment. Leasehold improvements are amortized over the shorter of the useful life or the non-cancelable lease term. Other Real Estate Owned ("OREO"): Assets acquired in settlement of mortgage loan indebtedness are recorded as OREO and are included in other assets on the consolidated balance sheets, initially at the lower of the estimated fair value of the asset, less estimated selling costs, or the carrying amount of the loan. Costs to maintain the assets and subsequent gains and losses on sales are included in OREO and repossession expense on the consolidated statements of income. Mortgage Servicing Rights ("MSRs"): The estimated fair value of MSRs related to residential mortgage loans sold and serviced by the Corporation is recorded as an asset upon the sale of such loans. MSRs are amortized as a reduction to servicing income over the estimated lives of the underlying loans. MSRs are stratified and evaluated for impairment by comparing each stratum's carrying amount to its estimated fair value. Fair values are determined through a discounted cash flows valuation completed by a third-party valuation expert. Significant inputs to the valuation include expected net servicing income, the discount rate and the expected lives of the underlying loans. Expected life is based on the contractual terms of the loans, as adjusted for prepayment projections. To the extent the amortized cost of the MSRs exceeds their estimated fair value, a valuation allowance is established through a charge against servicing income, included as a component of mortgage banking income on the consolidated statements of income. If subsequent valuations indicate that impairment no longer exists, the valuation allowance is reduced through an increase to servicing income. Derivative Financial Instruments: The Corporation manages its exposure to certain interest rate and foreign currency risks through the use of derivatives. None of the Corporation's outstanding derivative contracts are designated as hedges and none are entered into for speculative purposes. Derivative instruments are carried at fair value, with changes in fair values recognized in earnings as components of non-interest income or non-interest expense on the consolidated statements of income. Derivative contracts create counterparty credit risk with both the Corporation's customers and with institutional derivative counterparties. The Corporation manages counterparty credit risk through its credit approval processes, monitoring procedures and obtaining adequate collateral, when the Corporation determines it is appropriate to do so and in accordance with counterparty contracts. Mortgage Banking Derivatives In connection with its mortgage banking activities, the Corporation enters into commitments to originate certain fixed-rate residential mortgage loans for customers, also referred to as interest rate locks. In addition, the Corporation enters into forward commitments for the future sales or purchases of mortgage-backed securities to or from third-party counterparties to hedge the effect of changes in interest rates on the values of both the interest rate locks and mortgage loans held for sale. Forward sales commitments may also be in the form of commitments to sell individual mortgage loans at a fixed price at a future date. The amount necessary to settle each interest rate lock is based on the price that secondary market investors would pay for loans with similar characteristics, including interest rate and term, as of the date fair value is measured. Gross derivative assets and liabilities are recorded in other assets and other liabilities, respectively, on the consolidated balance sheets, with changes in fair values during the period 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 and the gross fair values are recorded 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 fair values are recorded in other assets and other liabilities on the consolidated balance sheets, with changes in fair values during the period recorded in other service charges and fees on the consolidated statements of income. Balance Sheet Offsetting: Although certain financial assets and liabilities may be eligible for offset on the consolidated balance sheets as they are subject to master netting arrangements or similar agreements, the Corporation elects to not offset such qualifying assets and liabilities. The Corporation is a party to interest rate swap transactions with financial institution counterparties and customers. Under these agreements, the Corporation has the right to net-settle multiple contracts with the same counterparty in the event of default on, or termination of, any one contract. Cash collateral is posted by the party with a net liability position in accordance with contract thresholds and can be used to settle the fair value of the interest rate swap agreements in the event of default. The Corporation 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. For additional details, see "Note 10 - Derivative Financial Instruments." The Corporation also enters into agreements with customers in which it sells securities subject to an obligation to repurchase the same or similar securities, referred to as repurchase agreements. Under these agreements, the Corporation may transfer legal control over the assets but still maintain effective control through agreements that both entitle and obligate the Corporation to repurchase the assets. Therefore, repurchase agreements are reported as secured borrowings, classified 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. Income Taxes: The Corporation accounts for income taxes in accordance with FASB ASC Topic 740, "Income Taxes" ("ASC Topic 740"). Under ASC Topic 740, deferred tax assets and liabilities are determined based on the differences between the financial statement carrying amounts and the tax bases of existing assets and liabilities and are measured at the prevailing enacted tax rates that will be in effect when these differences are settled or realized. ASC Topic 740 also requires that deferred tax assets be reduced by a valuation allowance if it is more likely than not that some portion or all of the deferred tax assets will not be realized. The realizability of the net deferred tax assets is evaluated quarterly by assessing the valuation allowance and by adjusting the amount of the allowance, if necessary. The Corporation considers all available positive and negative evidence including projected future taxable income and available tax planning strategies that could be implemented to realize the net deferred tax assets. The evaluation of both positive and negative evidence is a requirement pursuant to ASC Topic 740 in determining whether it is more-likely-than-not the net deferred tax assets will be realized. In the event the Corporation determines that the deferred income tax assets would be realized in the future in excess of their net recorded amount, an adjustment to the valuation allowance would be recorded, which would reduce the provision for income taxes. ASC Topic 740 also creates a single model to address uncertainty in tax positions, and clarifies the accounting for uncertainty in income taxes recognized in an enterprise's financial statements by prescribing the minimum recognition threshold a tax position is required to meet before being recognized in an enterprise's financial statements. It also provides guidance on derecognition, measurement, classification, interest and penalties, accounting in interim periods, disclosure and transition. The liability for unrecognized tax benefits is included in other liabilities within the consolidated balance sheets at December 31, 2016 and 2015 . Stock-Based Compensation: The Corporation grants equity awards to employees, consisting of stock options, restricted stock, restricted stock units ("RSUs") and performance-based restricted stock units ("PSUs") under its Amended and Restated Equity and Cash Incentive Compensation Plan ("Employee Equity Plan"). In addition, employees may purchase stock under the Corporation’s Employee Stock Purchase Plan ("ESPP"). The Corporation also grants stock equity awards to non-employee members of its board of directors under the 2011 Directors’ Equity Participation Plan ("Directors’ Plan"). Under the Directors’ Plan, the Corporation can grant equity awards to non-employee holding company and subsidiary bank directors in the form of stock options, restricted stock or common stock. Stock option fair values are estimated through the use of the Black-Scholes valuation methodology as of the date of grant. Stock options carry terms of up to ten years. The fair value of restricted stock, RSUs and a majority of PSUs are based on the trading price of the Corporation's stock on the date of grant. The fair value of certain PSUs are estimated through the use of the Monte Carlo valuation methodology as of the date of grant. 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. C |
Restrictions on Cash and Due fr
Restrictions on Cash and Due from Banks | 12 Months Ended |
Dec. 31, 2016 | |
Cash and Due from Banks [Abstract] | |
Restrictions on Cash and Due From Banks | NOTE 2 – RESTRICTIONS ON CASH AND DUE FROM BANKS The Corporation’s subsidiary banks are required to maintain reserves, in the form of cash and balances with the Federal Reserve Bank, against their deposit liabilities. The amounts of such reserves as of December 31, 2016 and 2015 were $113.3 million and $91.1 million , respectively. |
Investment Securities
Investment Securities | 12 Months Ended |
Dec. 31, 2016 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | NOTE 3 – INVESTMENT SECURITIES The following tables present the amortized cost and estimated fair values of investment securities, which were all classified as available for sale, as of December 31 : Amortized Gross Gross Estimated (in thousands) 2016 U.S. Government sponsored agency securities $ 132 $ 2 $ — $ 134 State and municipal securities 405,274 2,043 (15,676 ) 391,641 Corporate debt securities 112,016 1,978 (4,585 ) 109,409 Collateralized mortgage obligations 604,095 1,943 (12,178 ) 593,860 Mortgage-backed securities 1,353,292 6,546 (17,437 ) 1,342,401 Auction rate securities 107,215 — (9,959 ) 97,256 Total debt securities 2,582,024 12,512 (59,835 ) 2,534,701 Equity securities 12,231 12,295 — 24,526 Total $ 2,594,255 $ 24,807 $ (59,835 ) $ 2,559,227 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 $1.8 billion and $1.7 billion as of December 31, 2016 and 2015 , respectively, 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 $23.5 million and $20.6 million at December 31, 2016 and 2015 , respectively) and other equity investments (estimated fair value of $1.0 million and $914,000 at December 31, 2016 and 2015 , respectively). As of December 31, 2016 , the financial institutions stock portfolio had a cost basis of $11.5 million and an estimated fair value of $23.5 million , including an investment in a single financial institution with a cost basis of $5.8 million and an estimated fair value of $11.9 million . This investment accounted for 50.5% of the estimated fair value of the Corporation's investments in the common stocks of publicly traded financial institutions. No other investment in the financial institutions stock portfolio exceeded 10% of the portfolio's estimated fair value. The amortized cost and estimated fair values of debt securities as of December 31, 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 $ 54,727 $ 55,027 Due from one year to five years 28,720 29,342 Due from five years to ten years 95,658 96,933 Due after ten years 445,532 417,138 624,637 598,440 Collateralized mortgage obligations (1) 604,095 593,860 Mortgage-backed securities (1) 1,353,292 1,342,401 Total debt securities $ 2,582,024 $ 2,534,701 (1) Maturities for mortgage-backed securities and collateralized mortgage obligations are dependent upon the interest rate environment and prepayments on the underlying loans. The following table presents information related to gross gains and losses on the sales of equity and debt securities, and losses recognized for other-than-temporary impairment of investments: Gross Gross Other- Net (in thousands) 2016: Equity securities $ 2,005 $ (10 ) $ — $ 1,995 Debt securities 581 (26 ) — 555 Total $ 2,586 $ (36 ) $ — $ 2,550 2015: Equity securities $ 6,496 $ (1 ) $ — $ 6,495 Debt securities 2,571 — — 2,571 Total $ 9,067 $ (1 ) $ — $ 9,066 2014: Equity securities $ 335 $ — $ (12 ) $ 323 Debt securities 2,058 (322 ) (18 ) 1,718 Total $ 2,393 $ (322 ) $ (30 ) $ 2,041 There were no other-than-temporary impairment charges in 2016 or 2015. In 2014, there were $30,000 of other-than-temporary impairment charges, consisting of $12,000 of impairment charges on equity securities and $18,000 of charges on pooled trust preferred securities. The following table presents a summary of the cumulative credit related other-than-temporary impairment charges, recognized as components of earnings, for debt securities held by the Corporation at December 31 : 2016 2015 2014 (in thousands) Balance of cumulative credit losses on debt securities, beginning of year $ (11,510 ) $ (16,242 ) $ (20,691 ) Additions for credit losses recorded which were not previously recognized as components of earnings — — (18 ) Reductions for securities sold during the period — 4,730 4,460 Reductions for increases in cash flows expected to be collected that are recognized over the remaining life of the security — 2 7 Balance of cumulative credit losses on debt securities, end of year $ (11,510 ) $ (11,510 ) $ (16,242 ) Other-than-temporary impairment charges related to investments in common stocks of financial institutions were due to the severity and duration of the declines in fair values of certain financial institution stocks, in conjunction with management’s assessment of the near-term prospects of each specific financial institution. The credit related other-than-temporary impairment charges for debt securities were determined based on expected cash flows models. The following table presents the gross unrealized losses and estimated fair values of investments, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, as of December 31, 2016 . There were no gross unrealized losses on equity securities as of December 31, 2016 . Less Than 12 months 12 Months or Longer Total Estimated Unrealized Estimated Unrealized Estimated Unrealized (in thousands) State and municipal securities $ 247,509 $ (15,676 ) $ — $ — $ 247,509 $ (15,676 ) Corporate debt securities 11,922 (110 ) 34,629 (4,475 ) 46,551 (4,585 ) Collateralized mortgage obligations 166,905 (3,899 ) 258,237 (8,279 ) 425,142 (12,178 ) Mortgage-backed securities 1,137,510 (17,437 ) — — 1,137,510 (17,437 ) Auction rate securities — — 97,256 (9,959 ) 97,256 (9,959 ) Total debt securities 1,563,846 (37,122 ) 390,122 (22,713 ) 1,953,968 (59,835 ) For comparative purposes, the following table presents gross unrealized losses and the estimated fair value of investments, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at December 31, 2015. Less Than 12 months 12 Months or Longer Total Estimated Unrealized Estimated Unrealized Estimated Unrealized (in thousands) U.S. Government sponsored agency securities $ 9,957 $ (53 ) $ — $ — $ 9,957 $ (53 ) Corporate debt securities 12,892 (97 ) 33,036 (5,979 ) 45,928 (6,076 ) Collateralized mortgage obligations 166,007 (1,467 ) 467,778 (15,505 ) 633,785 (16,972 ) Mortgage-backed securities 611,920 (4,783 ) 63,818 (1,421 ) 675,738 (6,204 ) Auction rate securities — — 98,059 (8,713 ) 98,059 (8,713 ) Total debt securities 800,776 (6,400 ) 662,691 (31,618 ) 1,463,467 (38,018 ) Equity securities — — 14 (8 ) 14 (8 ) Total $ 800,776 $ (6,400 ) $ 662,705 $ (31,626 ) $ 1,463,481 $ (38,026 ) 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 fair value of these securities is attributable to changes in interest rates and not credit quality, and because the Corporation does not have the intent to sell and does not believe it will more likely than not be required to sell any of these securities prior to a recovery of their fair value to amortized cost, the Corporation did not consider these investments to be other-than-temporarily impaired as of December 31, 2016 . As of December 31, 2016 , all student loan auction rate certificates ("ARCs") were current and making scheduled interest payments and were rated above investment grade, with approximately $5.5 million , or 6% , "AAA" rated and $91.8 million , or 94% , "AA" rated. All of the loans underlying the ARCs have principal payments which are guaranteed by the federal government. Based on management’s evaluations, ARCs with a fair value of $97.3 million were not subject to any other-than-temporary impairment charges as of December 31, 2016 . The Corporation does not have the intent to sell and does not believe it will more likely than not be required to sell these securities prior to a recovery of their fair value to amortized cost, which may be at maturity. The majority of the Corporation’s available for sale corporate debt securities are issued by financial institutions. The following table presents the amortized cost and estimated fair values of corporate debt securities as of December 31 : 2016 2015 Amortized Estimated Amortized Estimated (in thousands) Single-issuer trust preferred securities $ 43,746 $ 39,829 $ 44,648 $ 39,106 Subordinated debt 46,231 46,723 39,610 40,779 Senior debt 18,037 18,433 12,043 12,329 Pooled trust preferred securities — 422 — 706 Corporate debt securities issued by financial institutions 108,014 105,407 96,301 92,920 Other corporate debt securities 4,002 4,002 4,035 4,035 Available for sale corporate debt securities $ 112,016 $ 109,409 $ 100,336 $ 96,955 Single-issuer trust preferred securities had an unrealized loss of $3.9 million as of December 31, 2016 . Six of the 19 single-issuer trust preferred securities held 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 $10.0 million as of December 31, 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 $2.5 million as of December 31, 2016 were not rated by any ratings agency. Based on management's evaluations, corporate debt securities with a fair value of $109.4 million were not subject to any additional other-than-temporary impairment charges as of December 31, 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 | 12 Months Ended |
Dec. 31, 2016 | |
Receivables [Abstract] | |
Loans and Allowance for Credit Losses | NOTE 4 – LOANS AND ALLOWANCE FOR CREDIT LOSSES Loans, net of unearned income Loans, net of unearned income are summarized as follows as of December 31 : 2016 2015 (in thousands) Real estate – commercial mortgage $ 6,018,582 $ 5,462,330 Commercial – industrial, financial and agricultural 4,087,486 4,088,962 Real estate – home equity 1,625,115 1,684,439 Real estate – residential mortgage 1,601,994 1,376,160 Real estate – construction 843,649 799,988 Consumer 291,470 268,588 Leasing and other 246,704 170,914 Overdrafts 3,662 2,737 Loans, gross of unearned income 14,718,662 13,854,118 Unearned income (19,390 ) (15,516 ) Loans, net of unearned income $ 14,699,272 $ 13,838,602 The Corporation has extended credit to the officers and directors of the Corporation and to their associates. These related-party loans are made on substantially the same terms, including interest rates and collateral, as those prevailing at the time for comparable transactions with unrelated persons and do not involve more than the normal risk of collection. The aggregate dollar amount of these loans, including unadvanced commitments, was $154.4 million and $191.6 million as of December 31, 2016 and 2015 , respectively. During 2016 , additions totaled $26.6 million and repayments totaled $63.8 million in related-party loans. The total portfolio of mortgage loans serviced by the Corporation for unrelated third parties was $4.7 billion and $4.8 billion as of December 31, 2016 and 2015 , respectively. Allowance for Credit Losses The following table presents the components of the allowance for credit losses as of December 31 : 2016 2015 2014 (in thousands) Allowance for loan losses $ 168,679 $ 169,054 $ 184,144 Reserve for unfunded lending commitments 2,646 2,358 1,787 Allowance for credit losses $ 171,325 $ 171,412 $ 185,931 The following table presents the activity in the allowance for credit losses for the years ended December 31 : 2016 2015 2014 (in thousands) Balance at beginning of year $ 171,412 $ 185,931 $ 204,917 Loans charged off (33,927 ) (32,157 ) (44,593 ) Recoveries of loans previously charged off 20,658 15,388 13,107 Net loans charged off (13,269 ) (16,769 ) (31,486 ) Provision for credit losses 13,182 2,250 12,500 Balance at end of year $ 171,325 $ 171,412 $ 185,931 The following table presents the activity in the allowance for loan losses by portfolio segment for the years ended December 31 and loans, net of unearned income, and their related allowance for loan losses, by portfolio segment, as of December 31: Real Estate - Commercial - Real Estate - Real Estate - Real Estate - Consumer Leasing Unallocated Total (in thousands) 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 (4,218 ) (15,639 ) (3,604 ) (3,612 ) (201 ) (2,227 ) (2,656 ) — (32,157 ) Recoveries of loans previously charged off 2,801 5,264 1,362 1,322 2,824 1,130 685 — 15,388 Net loans charged off (1,417 ) (10,375 ) (2,242 ) (2,290 ) 2,623 (1,097 ) (1,971 ) — (16,769 ) Provision for loan losses (1) (4,210 ) 16,095 (3,624 ) (5,407 ) (5,850 ) 667 2,640 1,368 1,679 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 (3,580 ) (15,276 ) (4,912 ) (2,326 ) (1,218 ) (2,800 ) (3,815 ) — (33,927 ) Recoveries of loans previously charged off 3,373 8,981 1,171 1,072 3,924 1,295 842 — 20,658 Net loans charged off (207 ) (6,295 ) (3,741 ) (1,254 ) 2,706 (1,505 ) (2,973 ) — (13,269 ) Provision for loan losses (1) (817 ) 3,550 8,137 2,808 (2,780 ) 2,494 3,697 (4,195 ) 12,894 Balance at December 31, 2016 $ 46,842 $ 54,353 $ 26,801 $ 22,929 $ 6,455 $ 3,574 $ 3,192 $ 4,533 $ 168,679 Allowance for loan losses at December 31, 2016 Measured for impairment under FASB ASC Subtopic 450-20 $ 36,680 $ 40,700 $ 17,290 $ 11,032 $ 4,587 $ 3,548 $ 3,192 $ 4,533 $ 121,562 Evaluated for impairment under FASB ASC Section 310-10-35 10,162 13,653 9,511 11,897 1,868 26 — N/A 47,117 $ 46,842 $ 54,353 $ 26,801 $ 22,929 $ 6,455 $ 3,574 $ 3,192 $ 4,533 $ 168,679 Loans, net of unearned income at December 31, 2016 Measured for impairment under FASB ASC Subtopic 450-20 $ 5,963,689 $ 4,038,511 $ 1,605,910 $ 1,555,946 $ 833,117 $ 291,430 $ 230,976 N/A $ 14,519,579 Evaluated for impairment under FASB ASC Section 310-10-35 54,893 48,975 19,205 46,048 10,532 40 — N/A 179,693 $ 6,018,582 $ 4,087,486 $ 1,625,115 $ 1,601,994 $ 843,649 $ 291,470 $ 230,976 N/A $ 14,699,272 Allowance for loan losses at December 31, 2015 Measured for impairment under FASB ASC Subtopic 450-20 $ 35,395 $ 42,515 $ 14,412 $ 7,953 $ 4,134 $ 2,563 $ 1,764 $ 8,728 $ 117,464 Evaluated for impairment under FASB ASC Section 310-10-35 12,471 14,583 7,993 13,422 2,395 22 704 N/A 51,590 $ 47,866 $ 57,098 $ 22,405 $ 21,375 $ 6,529 $ 2,585 $ 2,468 $ 8,728 $ 169,054 Loans, net of unearned income at December 31, 2015 Measured for impairment under FASB ASC Subtopic 450-20 $ 5,404,036 $ 4,040,810 $ 1,668,673 $ 1,325,735 $ 784,002 $ 268,555 $ 156,710 N/A $ 13,648,521 Evaluated for impairment under FASB ASC Section 310-10-35 58,294 48,152 15,766 50,425 15,986 33 1,425 N/A 190,081 $ 5,462,330 $ 4,088,962 $ 1,684,439 $ 1,376,160 $ 799,988 $ 268,588 $ 158,135 N/A $ 13,838,602 (1) For the year ended December 31, 2016 , the provision for loan losses excluded a $288,000 increase in the reserve for unfunded lending commitments. The total provision for credit losses, comprised of allocations for both funded and unfunded loans, was $13.2 million for the year ended December 31, 2016 . For the year ended December 31, 2015 , the provision for loan losses excluded a $571,000 increase in the reserve for unfunded lending commitments. The total provision for credit losses was $2.3 million for the year ended December 31, 2015 . N/A – Not applicable. Impaired Loans The following table presents total impaired loans by class segment as of December 31 : 2016 2015 Unpaid Recorded Related Unpaid Recorded Related (in thousands) With no related allowance recorded: Real estate - commercial mortgage $ 28,757 $ 25,447 $ — $ 27,872 $ 22,596 $ — Commercial - secured 29,296 25,526 — 18,012 13,702 — Real estate - residential mortgage 4,689 4,689 — 4,790 4,790 — Construction - commercial residential 6,271 4,795 — 9,916 8,865 — 69,013 60,457 60,590 49,953 With a related allowance recorded: Real estate - commercial mortgage 37,132 29,446 10,162 45,189 35,698 12,471 Commercial - secured 27,767 22,626 13,198 39,659 33,629 14,085 Commercial - unsecured 1,122 823 455 971 821 498 Real estate - home equity 23,971 19,205 9,511 20,347 15,766 7,993 Real estate - residential mortgage 48,885 41,359 11,897 55,242 45,635 13,422 Construction - commercial residential 10,103 4,206 1,300 9,949 6,290 2,110 Construction - commercial 681 435 145 820 638 217 Construction - other 1,096 1,096 423 331 193 68 Consumer - indirect 19 19 12 14 14 8 Consumer - direct 21 21 14 19 19 14 Leasing and other and overdrafts — — — 1,658 1,425 704 150,797 119,236 47,117 174,199 140,128 51,590 Total $ 219,810 $ 179,693 $ 47,117 $ 234,789 $ 190,081 $ 51,590 As of December 31, 2016 and 2015 , there were $60.5 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 the loans have been charged down to realizable collateral values. Accordingly, no specific valuation allowance was considered to be necessary. The following table presents average impaired loans, by class segment, for the years ended December 31 : 2016 2015 2014 Average Interest Income Average Interest Income Average Interest Income (in thousands) With no related allowance recorded: Real estate - commercial mortgage $ 24,232 $ 294 $ 25,345 $ 315 $ 23,467 $ 320 Commercial - secured 19,825 104 15,654 97 18,928 119 Commercial - unsecured — — 17 — — — Real estate - home equity — — — — 180 1 Real estate - residential mortgage 5,598 126 5,389 124 1,532 31 Construction - commercial residential 6,285 48 11,685 148 15,421 227 Construction - commercial — — 915 — 1,907 — 55,940 572 59,005 684 61,435 698 With a related allowance recorded: Real estate - commercial mortgage 31,737 384 39,232 475 38,240 524 Commercial - secured 25,857 130 25,660 150 20,991 129 Commercial - unsecured 887 4 1,749 6 895 3 Real estate - home equity 17,912 285 13,887 144 13,976 108 Real estate - residential mortgage 42,191 908 46,252 1,041 50,281 1,178 Construction - commercial residential 5,295 41 6,455 79 8,723 136 Construction - commercial 524 — 931 — 1,900 — Construction - other 682 — 263 — 387 — Consumer - indirect 15 1 16 1 7 — Consumer - direct 18 1 17 1 16 1 Leasing, other and overdrafts 854 — 285 — — — 125,972 1,754 134,747 1,897 135,416 2,079 Total $ 181,912 $ 2,326 $ 193,752 $ 2,581 $ 196,851 $ 2,777 (1) All impaired loans, excluding accruing TDRs, were non-accrual loans. Interest income recognized for the years ended December 31, 2016 , 2015 and 2014 represents amounts earned on accruing TDRs. Credit Quality Indicators and Non-performing Assets The following table presents internal credit risk ratings as of December 31 : Pass Special Mention Substandard or Lower Total 2016 2015 2016 2015 2016 2015 2016 2015 (dollars in thousands) Real estate - commercial mortgage $ 5,763,122 $ 5,204,263 $ 132,484 $ 102,625 $ 122,976 $ 155,442 $ 6,018,582 $ 5,462,330 Commercial - secured 3,686,152 3,696,692 128,873 92,711 118,527 136,710 3,933,552 3,926,113 Commercial -unsecured 145,922 156,742 4,481 2,761 3,531 3,346 153,934 162,849 Total commercial - industrial, financial and agricultural 3,832,074 3,853,434 133,354 95,472 122,058 140,056 4,087,486 4,088,962 Construction - commercial residential 113,570 140,337 15,447 17,154 13,172 21,812 142,189 179,303 Construction - commercial 635,963 552,710 3,412 3,684 5,115 3,597 644,490 559,991 Total real estate - construction (excluding construction - other) 749,533 693,047 18,859 20,838 18,287 25,409 786,679 739,294 Total $ 10,344,729 $ 9,750,744 $ 284,697 $ 218,935 $ 263,321 $ 320,907 $ 10,892,747 $ 10,290,586 % of Total 95.0 % 94.8 % 2.6 % 2.1 % 2.4 % 3.1 % 100.0 % 100.0 % The following table presents delinquency and non-performing status for loans that do not have internal credit risk ratings, by class segment, as of December 31 : Performing Delinquent (1) Non-performing (2) Total 2016 2015 2016 2015 2016 2015 2016 2015 (dollars in thousands) Real estate - home equity $ 1,602,687 $ 1,660,773 $ 9,274 $ 8,983 $ 13,154 $ 14,683 $ 1,625,115 $ 1,684,439 Real estate - residential mortgage 1,557,995 1,329,371 20,344 18,305 23,655 28,484 1,601,994 1,376,160 Real estate - construction - other 55,874 59,997 — 88 1,096 609 56,970 60,694 Consumer - direct 93,572 94,262 1,752 2,254 1,563 2,203 96,887 98,719 Consumer - indirect 190,656 166,823 3,599 2,809 328 237 194,583 169,869 Total consumer 284,228 261,085 5,351 5,063 1,891 2,440 291,470 268,588 Leasing, other and overdrafts 229,591 155,870 1,068 759 317 1,506 230,976 158,135 Total $ 3,730,375 $ 3,467,096 $ 36,037 $ 33,198 $ 40,113 $ 47,722 $ 3,806,525 $ 3,548,016 % of Total 98.0 % 97.7 % 0.9 % 1.0 % 1.1 % 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 total non-performing assets as of December 31 : 2016 2015 (in thousands) Non-accrual loans $ 120,133 $ 129,523 Loans 90 days or more past due and still accruing 11,505 15,291 Total non-performing loans 131,638 144,814 Other real estate owned 12,815 11,099 Total non-performing assets $ 144,453 $ 155,913 The following table presents past due status and non-accrual loans, by portfolio segment and class segment, as of December 31 : 2016 30-59 60-89 ≥ 90 Days Non- Total ≥ 90 Total Past Current Total (in thousands) Real estate - commercial mortgage $ 6,254 $ 1,622 $ 383 $ 38,936 $ 39,319 $ 47,195 $ 5,971,387 $ 6,018,582 Commercial - secured 6,660 2,616 959 41,589 42,548 51,824 3,881,728 3,933,552 Commercial - unsecured 898 35 152 760 912 1,845 152,089 153,934 Total Commercial - industrial, financial and agricultural 7,558 2,651 1,111 42,349 43,460 53,669 4,033,817 4,087,486 Real estate - home equity 6,596 2,678 2,543 10,611 13,154 22,428 1,602,687 1,625,115 Real estate - residential mortgage 15,600 4,744 5,224 18,431 23,655 43,999 1,557,995 1,601,994 Construction - commercial 743 — — 435 435 1,178 643,312 644,490 Construction - commercial residential 233 51 36 8,275 8,311 8,595 133,594 142,189 Construction - other — — — 1,096 1,096 1,096 55,874 56,970 Total Real estate - construction 976 51 36 9,806 9,842 10,869 832,780 843,649 Consumer - direct 1,211 541 1,563 — 1,563 3,315 93,572 96,887 Consumer - indirect 3,200 399 328 — 328 3,927 190,656 194,583 Total Consumer 4,411 940 1,891 — 1,891 7,242 284,228 291,470 Leasing, other and overdrafts 543 525 317 — 317 1,385 229,591 230,976 $ 41,938 $ 13,211 $ 11,505 $ 120,133 $ 131,638 $ 186,787 $ 14,512,485 $ 14,699,272 2015 30-59 60-89 ≥ 90 Days Non- Total ≥ 90 Total Past 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 50 176 — 638 638 864 559,127 559,991 Construction - commercial residential 1,366 494 — 11,213 11,213 13,073 166,230 179,303 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 $ 40,194 $ 11,733 $ 15,291 $ 129,523 $ 144,814 $ 196,741 $ 13,641,861 $ 13,838,602 The following table presents TDRs as of December 31 : 2016 2015 (in thousands) Real-estate - residential mortgage $ 27,617 $ 28,511 Real-estate - commercial mortgage 15,957 17,563 Construction - commercial residential 726 3,942 Commercial - secured 6,564 5,833 Real estate - home equity 8,594 4,556 Commercial - unsecured 63 120 Consumer - direct 20 19 Consumer - indirect 19 14 Total accruing TDRs 59,560 60,558 Non-accrual TDRs (1) 27,850 31,035 Total TDRs $ 87,410 $ 91,593 (1) Included within non-accrual loans in the preceding table. As of December 31, 2016 and 2015 , there were $ 3.6 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 and type of concession for loans that were modified during the years ended December 31, 2016, 2015 and 2014: 2016 2015 2014 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 with rate concession — $ — 2 $ 127 3 $ 315 Extend maturity without rate concession 10 3,801 9 3,785 8 1,640 Commercial – unsecured: Extend maturity without rate concession 2 103 1 38 — — Real estate - commercial mortgage: Extend maturity with rate concession — — 5 2,014 1 60 Extend maturity without rate concession — — 4 639 7 6,781 Real estate - home equity: Extend maturity with rate concession — — 2 36 — — Extend maturity without rate concession 89 4,484 3 203 — — Bankruptcy 47 2,671 52 2,501 30 1,551 Real estate – residential mortgage: Extend maturity with rate concession — — 4 750 2 390 Extend maturity without rate concession 2 315 3 262 2 210 Bankruptcy 6 981 7 2,508 19 1,807 Construction - commercial residential: Extend maturity without rate concession — — 1 1,535 3 3,616 Consumer - direct: Bankruptcy 1 2 2 6 7 7 Consumer - indirect: Bankruptcy 1 21 1 12 4 20 Total 158 $ 12,378 96 $ 14,416 86 $ 16,397 The following table presents TDRs, by class segment, as of December 31, 2016 , 2015 and 2014 that were modified during the years ended December 31, 2016 , 2015 and 2014 and had a post-modification payment default during their respective year of modification. The Corporation defines a payment default as a single missed scheduled payment: 2016 2015 2014 Number of Loans Recorded Investment Number of Loans Recorded Investment Number of Loans Recorded Investment (dollars in thousands) Construction - commercial residential — $ — — $ — 2 $ 1,803 Real estate - commercial mortgage 1 118 4 359 2 1,660 Real estate - residential mortgage 8 1,500 4 445 11 1,430 Commercial - secured 6 2,497 8 3,549 4 1,208 Commercial - unsecured 1 26 — — — — Real estate - home equity 28 1,836 13 763 11 961 Consumer - indirect 1 19 — — — — Consumer - direct — — — — 1 1 Total 45 $ 5,996 29 $ 5,116 31 $ 7,063 |
Premises and Equipment
Premises and Equipment | 12 Months Ended |
Dec. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Premises and Equipment | NOTE 5 – PREMISES AND EQUIPMENT The following is a summary of premises and equipment as of December 31 : 2016 2015 (in thousands) Land $ 36,097 $ 37,380 Buildings and improvements 293,836 297,018 Furniture and equipment 137,282 136,029 Construction in progress 21,096 16,585 488,311 487,012 Less: Accumulated depreciation and amortization (270,505 ) (261,477 ) $ 217,806 $ 225,535 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Dec. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | NOTE 6 – GOODWILL AND INTANGIBLE ASSETS The following table summarizes the changes in goodwill: 2016 2015 (in thousands) Goodwill $ 530,593 $ 530,593 Non-amortizing intangible assets 963 963 Balance at end of year $ 531,556 $ 531,556 All of the Corporation’s reporting units passed the 2016 goodwill impairment test, resulting in no goodwill impairment charges in 2016 . All reporting units, with total allocated goodwill of $530.6 million , had fair values that exceeded net book values by approximately 62% in the aggregate. The estimated fair values of the Corporation’s reporting units are subject to uncertainty, including future changes in fair values of banks in general and future operating results of reporting units, which could differ significantly from the assumptions used in the valuation of reporting units. Non-amortizing intangible assets consist of trade name intangible assets. |
Mortgage Servicing Rights
Mortgage Servicing Rights | 12 Months Ended |
Dec. 31, 2016 | |
Transfers and Servicing [Abstract] | |
Mortgage Servicing Rights | NOTE 7 – MORTGAGE SERVICING RIGHTS The following table summarizes the changes in MSRs, which are included in other assets on the consolidated balance sheets: 2016 2015 (in thousands) Amortized cost: Balance at beginning of year $ 40,944 $ 42,148 Originations of mortgage servicing rights 5,485 6,166 Amortization expense (7,607 ) (7,370 ) Balance at end of year $ 38,822 $ 40,944 Valuation allowance: Balance at beginning of year $ — $ — Net additions to the valuation allowance (1,291 ) — Balance at end of year $ (1,291 ) $ — Net MSRs at end of year $ 37,531 $ 40,944 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 estimated prepayments. Based on a fair value analysis, the Corporation determined that net additions of $1.3 million to the valuation allowance were appropriate during 2016 . No valuation allowance was determined to be necessary as of December 31, 2015 . The estimated fair value of MSRs was $38.2 million and $45.3 million as of December 31, 2016 and 2015, respectively. Total MSR amortization expense, recognized as a reduction to mortgage banking income in the consolidated statements of income, was $7.6 million and $7.4 million in 2016 and 2015, respectively. Estimated MSR amortization expense for the next five years, based on balances as of December 31, 2016 and the estimated remaining lives of the underlying loans, follows (in thousands): Year 2017 $ 6,538 2018 6,087 2019 5,590 2020 5,043 2021 4,443 |
Deposits
Deposits | 12 Months Ended |
Dec. 31, 2016 | |
Deposits [Abstract] | |
Deposits | NOTE 8 – DEPOSITS Deposits consisted of the following as of December 31 : 2016 2015 (in thousands) Noninterest-bearing demand $ 4,376,137 $ 3,948,114 Interest-bearing demand 3,703,712 3,451,207 Savings and money market accounts 4,179,773 3,868,046 Time deposits 2,753,242 2,864,950 Total Deposits $ 15,012,864 $ 14,132,317 Included in time deposits were certificates of deposit equal to or greater than $100,000 of $1.2 billion as of both December 31, 2016 and 2015 . Time deposits of $250,000 or more were $374.4 million and $359.9 million as of December 31, 2016 and 2015 , respectively. The scheduled maturities of time deposits as of December 31, 2016 were as follows (in thousands): Year 2017 $ 1,333,954 2018 376,599 2019 665,027 2020 182,473 2021 105,934 Thereafter 89,255 $ 2,753,242 |
Short-Term Borrowings and Long-
Short-Term Borrowings and Long-Term Debt | 12 Months Ended |
Dec. 31, 2016 | |
Short-Term Borrowings and Long-Term Debt [Abstract] | |
Short-Term Borrowings and Long-Term Debt | NOTE 9 – SHORT-TERM BORROWINGS AND LONG-TERM DEBT Short-term borrowings as of December 31, 2016 , 2015 and 2014 and the related maximum amounts outstanding at the end of any month in each of the three years then ended are presented below. The securities underlying the repurchase agreements remain in available for sale investment securities. December 31, Maximum Outstanding 2016 2015 2014 2016 2015 2014 (in thousands) Federal funds purchased $ 278,570 $ 197,235 $ 6,219 $ 449,184 $ 266,338 $ 577,581 Short-term FHLB advances (1) — 110,000 70,000 — 200,000 600,000 Customer repurchase agreements 195,734 111,496 158,394 221,989 212,509 244,729 Customer short-term promissory notes 67,013 78,932 95,106 77,887 93,176 95,106 $ 541,317 $ 497,663 $ 329,719 (1) Represents FHLB advances with an original maturity term of less than one year. As of December 31, 2016 , the Corporation had aggregate availability under Federal funds lines of $1.1 billion , with $278.6 million borrowed against that amount. A combination of commercial real estate loans, commercial loans and securities were pledged to the Federal Reserve Bank of Philadelphia to provide access to Federal Reserve Bank Discount Window borrowings. As of December 31, 2016 and 2015 , the Corporation had $1.2 billion of collateralized borrowing availability at the Discount Window, and no outstanding borrowings. The following table presents information related to customer repurchase agreements: 2016 2015 2014 (dollars in thousands) Amount outstanding as of December 31 $ 195,734 $ 111,496 $ 158,394 Weighted average interest rate as of December 31 0.10 % 0.15 % 0.13 % Average amount outstanding during the year $ 184,978 $ 161,093 $ 197,432 Weighted average interest rate during the year 0.11 % 0.10 % 0.10 % FHLB advances with an original maturity of one year or more and long-term debt included the following as of December 31: 2016 2015 (in thousands) FHLB advances $ 567,240 $ 587,756 Subordinated debt 350,000 350,000 Junior subordinated deferrable interest debentures 16,496 16,496 Unamortized discounts and issuance costs (4,333 ) (4,710 ) $ 929,403 $ 949,542 Excluded from the preceding table is the Parent Company’s revolving line of credit with its subsidiary banks. As of December 31, 2016 and 2015 , there were no amounts outstanding under this line of credit. This line of credit, with a total commitment of $75.0 million , is secured by equity securities and insurance investments and bears interest at London Interbank Offered Rate ("LIBOR") for maturities of one month plus 2.00% . The amount that the Corporation is permitted to borrow under this commitment at any given time is subject to a formula based on a percentage of the value of the collateral pledged. Although balances drawn on the line of credit and related interest income and expense are eliminated in the consolidated financial statements, this borrowing arrangement is senior to the subordinated debt and the junior subordinated deferrable interest debentures. FHLB advances mature through March 2027 and carry a weighted average interest rate of 2.50% . As of December 31, 2016 , the Corporation had an additional borrowing capacity of approximately $3.1 billion with the FHLB. Advances from the FHLB are secured by FHLB stock, qualifying residential mortgages, investments and other assets. The following table summarizes the scheduled maturities of FHLB advances with an original maturity of one year or more and long-term debt as of December 31, 2016 (in thousands): Year 2017 $ 114,415 2018 — 2019 202,731 2020 142,370 2021 199,444 Thereafter 270,443 $ 929,403 In June 2015 , the Corporation issued $150.0 million of ten -year subordinated notes, which mature on November 15, 2024 and carry a fixed rate of 4.50% and an effective rate of approximately 4.69% as a result of discounts and issuance costs. Interest is paid semi-annually in May and November . In November 2014 , the Corporation issued $100.0 million of ten -year subordinated notes, which mature on November 15, 2024 and carry a fixed rate of 4.50% and an effective rate of approximately 4.87% as a result of discounts and issuance costs. Interest is paid semi-annually in May and November . In May 2007 , the Corporation issued $100.0 million of ten -year subordinated notes, which mature on May 1, 2017 and carry a fixed rate of 5.75% and an effective rate of approximately 5.96% as a result of discounts and issuance costs. Interest is paid semi-annually in May and November . During the third quarter of 2015, $150.0 million of TruPS, with a scheduled maturity of February 1, 2036 and an effective rate of approximately 6.52% , were redeemed. As a result of this transaction, the Corporation recorded a $5.6 million loss on redemption, included as a component of non-interest expense. The loss on redemption consisted of $1.8 million of unamortized issuance costs and $2.5 million , net of a $1.3 million tax effect, of unamortized losses on a cash flow hedge recorded in accumulated other comprehensive income. As of December 31, 2016, the Parent Company owned all of the common stock of three subsidiary trusts, which have issued TruPS in conjunction with the Parent Company issuing junior subordinated deferrable interest debentures to the trusts. The TruPS are redeemable on specified dates, or earlier if certain events arise. The following table provides details of the debentures as of December 31, 2016 (dollars in thousands): Debentures Issued to Fixed/ Interest Amount Maturity Callable Call Price Columbia Bancorp Statutory Trust Variable 3.49 % $ 6,186 06/30/34 03/31/17 100.0 Columbia Bancorp Statutory Trust II Variable 2.85 % 4,124 03/15/35 03/31/17 100.0 Columbia Bancorp Statutory Trust III Variable 2.73 % 6,186 06/15/35 03/31/17 100.0 $ 16,496 |
Derivative Financial Instrument
Derivative Financial Instruments | 12 Months Ended |
Dec. 31, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | NOTE 10 – DERIVATIVE FINANCIAL INSTRUMENTS The following table presents the notional amounts and fair values of derivative financial instruments as of December 31 : 2016 2015 Notional Asset Notional Asset (in thousands) Interest Rate Locks with Customers Positive fair values $ 87,119 $ 863 $ 87,781 $ 1,291 Negative fair values 18,239 (227 ) 267 (16 ) Net interest rate locks with customers 636 1,275 Forward Commitments Positive fair values 70,031 2,223 69,045 205 Negative fair values 19,964 (112 ) 16,193 (24 ) Net forward commitments 2,111 181 Interest Rate Swaps with Customers Positive fair values 876,744 24,397 846,490 32,915 Negative fair values 583,060 (16,998 ) 8,757 (55 ) Net interest rate swaps with customers 7,399 32,860 Interest Rate Swaps with Dealer Counterparties Positive fair values 583,060 16,998 8,757 55 Negative fair values 876,744 (24,397 ) 846,490 (32,915 ) Net interest rate swaps with dealer counterparties (7,399 ) (32,860 ) Foreign Exchange Contracts with Customers Positive fair values 11,674 504 4,897 114 Negative fair values 4,659 (221 ) 8,050 (184 ) Net foreign exchange contracts with customers 283 (70 ) Foreign Exchange Contracts with Correspondent Banks Positive fair values 7,040 241 9,728 428 Negative fair values 12,869 (447 ) 6,899 (147 ) Net foreign exchange contracts with correspondent banks (206 ) 281 Net derivative fair value asset $ 2,824 $ 1,667 The following table presents the fair value gains and losses on derivative financial instruments for the years ended December 31: 2016 2015 2014 Statement of Income Classification (in thousands) Interest rate locks with customers $ (639 ) $ (110 ) $ 577 Mortgage banking income Forward commitments 1,930 1,345 (2,422 ) Mortgage banking income Interest rate swaps with customers (25,461 ) 13,342 20,406 Other non-interest expense Interest rate swaps with counterparties 25,461 (13,342 ) (20,406 ) Other non-interest expense Foreign exchange contracts with customers 353 (439 ) 688 Other service charges and fees Foreign exchange contracts with correspondent banks (487 ) 711 (880 ) Other service charges and fees Net fair value gains (losses) on derivative financial instruments $ 1,157 $ 1,507 $ (2,037 ) The Corporation has elected to record mortgage loans held for sale at fair value. The following table presents a summary of mortgage loans held for sale and the impact of the fair value election on the consolidated financial statements as of and for the years ended December 31, 2016 and 2015 : Cost (1) Fair Value Balance Sheet Fair Value Loss Statement of Income Classification (in thousands) December 31, 2016: Mortgage loans held for sale $ 28,708 $ 28,697 Loans held for sale $ (313 ) Mortgage banking income December 31, 2015: Mortgage loans held for sale 16,584 16,886 Loans held for sale (140 ) Mortgage banking income (1) Cost basis of mortgage loans held for sale represents the unpaid principal balance. The fair values of interest rate swap agreements and foreign exchange contracts the Corporation enters into with customers and dealer counterparties may be eligible for offset on the consolidated balance sheets as they are subject to master netting arrangements or similar agreements. The Corporation elects to not offset assets and liabilities subject to such arrangements on the consolidated financial statements. The following table presents the financial instruments that are eligible for offset, and the effects of offsetting, on the consolidated balance sheets as of December 31: Gross Amounts Gross Amounts Not Offset Recognized on the Consolidated on the Balance Sheets Consolidated Financial Cash Net Balance Sheets Instruments (1) Collateral (2) Amount (in thousands) 2016 Interest rate swap derivative assets $ 41,395 $ (15,117 ) $ — $ 26,278 Foreign exchange derivative assets with correspondent banks 241 (241 ) — — Total $ 41,636 $ (15,358 ) $ — $ 26,278 Interest rate swap derivative liabilities $ 41,395 $ (15,117 ) $ (4,010 ) $ 22,268 Foreign exchange derivative liabilities with correspondent banks 447 (241 ) (206 ) — Total $ 41,842 $ (15,358 ) $ (4,216 ) $ 22,268 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 interest rate swap assets, amounts represent any derivative liability fair values that could be offset in the event of counterparty or customer default. For interest rate swap liabilities, amounts represent any derivative asset fair values that could be offset in the event of counterparty or customer default. (2) Amounts represent cash collateral posted on interest rate swap transactions and foreign exchange contracts with financial institution counterparties. Interest rate swaps with customers are collateralized by the underlying loans to those borrowers. Cash and securities collateral amounts are included in the table only to the extent of the net derivative fair values. |
Regulatory Matters
Regulatory Matters | 12 Months Ended |
Dec. 31, 2016 | |
Regulatory Matters [Abstract] | |
Regulatory Matters | NOTE 11 – REGULATORY MATTERS Regulatory Capital Requirements The Corporation’s subsidiary banks are subject to regulatory capital requirements administered by banking regulators. Failure to meet minimum capital requirements can trigger certain mandatory – and possibly additional discretionary – actions by regulators that, if undertaken, could have a direct material effect on the Corporation’s financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the subsidiary banks must meet specific capital guidelines that involve quantitative measures of the subsidiary banks’ assets, liabilities, and certain off-balance sheet items as calculated under regulatory accounting practices. The subsidiary banks’ capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors. U.S. Basel III Capital Rules In July 2013, the Federal Reserve Board approved final rules (the "U.S. Basel III Capital Rules") establishing a new comprehensive capital framework for U.S. banking organizations and implementing the Basel Committee on Banking Supervision's December 2010 framework for strengthening international capital standards. The U.S. Basel III Capital Rules substantially revise the risk-based capital requirements applicable to bank holding companies and depository institutions. The minimum regulatory capital requirements established by the U.S. Basel III Capital Rules became effective for the Corporation on January 1, 2015, and become fully phased in on January 1, 2019. When fully phased in, the U.S. Basel III Capital Rules will require the Corporation and its bank subsidiaries to: • Meet a minimum Common Equity Tier 1 capital ratio of 4.50% of risk-weighted assets and a minimum Tier 1 capital of 6.00% of risk-weighted assets; • Continue to require a minimum Total capital ratio of 8.00% of risk-weighted assets and a minimum Tier 1 leverage capital ratio of 4.00% of average assets; • Maintain a "capital conservation buffer" of 2.50% above the minimum risk-based capital requirements, which must be maintained to avoid restrictions on capital distributions and certain discretionary bonus payments; and • Comply with a revised definition of capital to improve the ability of regulatory capital instruments to absorb losses. Certain non-qualifying capital instruments, including cumulative preferred stock and TruPS, will be excluded as a component of Tier 1 capital for institutions of the Corporation's size. The U.S. Basel III Capital Rules use a standardized approach for risk weightings that expand the risk-weightings for assets and off-balance sheet exposures from the previous 0%, 20%, 50% and 100% categories to a much larger and more risk-sensitive number of categories, depending on the nature of the assets and off-balance sheet exposures, resulting in higher risk weights for a variety of asset categories. When fully phased in on January 1, 2019, the Corporation and its bank subsidiaries will also be required to maintain a "capital conservation buffer" of 2.50% above the minimum risk-based capital requirements. The required minimum capital conservation buffer began to be phased in incrementally, starting at 0.625%, on January 1, 2016, and increasing to 1.25% on January 1, 2017, and will continue to increase to 1.875% on January 1, 2018 and 2.50% on January 1, 2019. The rules provide that the failure to maintain the "capital conservation buffer" will result in restrictions on capital distributions and discretionary cash bonus payments to executive officers. As a result, under the U.S. Basel III Capital Rules, if any of the Corporation's bank subsidiaries fails to maintain the required minimum capital conservation buffer, the Corporation will be subject to limits, and possibly prohibitions, on its ability to obtain capital distributions from such subsidiaries. If the Corporation does not receive sufficient cash dividends from its bank subsidiaries, it may not have sufficient funds to pay dividends on its capital stock, service its debt obligations or repurchase its common stock. In addition, the restrictions on payments of discretionary cash bonuses to executive officers may make it more difficult for the Corporation to retain key personnel. As of December 31, 2016 , the Corporation believes its current capital levels would meet the fully phased-in minimum capital requirements, including the new capital conservation buffers, as prescribed in the U.S. Basel III Capital Rules. As of December 31, 2016 and 2015 , each of the Corporation’s subsidiary banks was well capitalized under the regulatory framework for prompt corrective action based on their capital ratio calculations. To be categorized as well capitalized, these banks must maintain minimum total risk-based, Tier I risk-based, Common Equity Tier I risk-based and Tier I leverage ratios as set forth in the following table. There are no conditions or events since December 31, 2016 that management believes have changed the institutions’ categories. The following table presents the Total risk-based, Tier I risk-based, Common Equity Tier I risk-based and Tier I leverage requirements for the Corporation and its four significant subsidiaries with total assets in excess of $1 billion , as of December 31, 2016 , under the U.S. Basel III Capital Rules: 2016 Actual For Capital Well Capitalized Amount Ratio Amount Ratio Amount Ratio (dollars in thousands) Total Capital (to Risk-Weighted Assets): Corporation $ 2,074,526 13.2 % $ 1,255,292 8.0 % N/A N/A Fulton Bank, N.A. 1,142,326 12.2 747,359 8.0 $ 934,199 10.0 % Fulton Bank of New Jersey 385,807 13.1 234,782 8.0 293,427 10.0 The Columbia Bank 203,890 12.2 133,836 8.0 167,294 10.0 Lafayette Ambassador Bank 175,254 14.6 96,100 8.0 120,125 10.0 Tier I Capital (to Risk-Weighted Assets): Corporation $ 1,637,150 10.4 % $ 941,469 6.0 % N/A N/A Fulton Bank, N.A 1,050,175 11.2 560,519 6.0 $ 747,359 8.0 % Fulton Bank of New Jersey 348,992 11.9 176,086 6.0 234,782 8.0 The Columbia Bank 185,983 11.1 100,377 6.0 133,836 8.0 Lafayette Ambassador Bank 166,186 13.8 72,075 6.0 96,100 8.0 Common Equity Tier I Capital (to Risk-weighted Assets): Corporation $ 1,637,150 10.4 % $ 706,102 4.5 % N/A N/A Fulton Bank, N.A 1,006,175 10.8 420,389 4.5 $ 607,229 6.5 % Fulton Bank of New Jersey 348,992 11.9 132,065 4.5 190,760 6.5 The Columbia Bank 185,983 11.1 72,282 4.5 108,741 6.5 Lafayette Ambassador Bank 166,186 13.8 54,056 4.5 78,081 6.5 Tier I Capital (to Average Assets): Corporation $ 1,637,150 9.0 % $ 727,745 4.0 % N/A N/A Fulton Bank, N.A 1,050,175 10.1 415,981 4.0 $ 519,977 5.0 % Fulton Bank of New Jersey 348,992 9.4 148,472 4.0 185,590 5.0 The Columbia Bank 185,983 8.6 86,310 4.0 107,888 5.0 Lafayette Ambassador Bank 166,186 10.9 61,129 4.0 76,412 5.0 N/A – Not applicable as "well capitalized" applies to banks only. The following table presents the Total risk-based, Tier I risk-based and Tier I leverage requirements as of December 31, 2015 , under U.S. Basel III Capital Rules: 2015 Actual For Capital Well Capitalized Amount Ratio Amount Ratio Amount Ratio (dollars in thousands) Total Capital (to Risk-Weighted Assets): Corporation $ 1,997,926 13.2 % $ 1,214,868 8.0 % N/A N/A Fulton Bank, N.A. 1,088,709 12.2 714,734 8.0 $ 893,418 10.0 % Fulton Bank of New Jersey 373,465 12.6 236,691 8.0 295,864 10.0 The Columbia Bank 211,355 13.7 123,260 8.0 154,075 10.0 Lafayette Ambassador Bank 172,345 14.1 97,792 8.0 122,240 10.0 Tier I Capital (to Risk-Weighted Assets): Corporation $ 1,544,495 10.2 % $ 911,151 6.0 % N/A N/A Fulton Bank, N.A 1,000,603 11.2 536,051 6.0 $ 714,734 8.0 % Fulton Bank of New Jersey 336,319 11.4 177,518 6.0 236,691 8.0 The Columbia Bank 192,090 12.5 92,445 6.0 123,260 8.0 Lafayette Ambassador Bank 162,092 13.3 73,344 6.0 97,792 8.0 Common Equity Tier I Capital (to Risk-weighted Assets): Corporation $ 1,541,214 10.2 % $ 683,363 4.5 % N/A N/A Fulton Bank, N.A 956,603 10.7 402,038 4.5 $ 580,721 6.5 % Fulton Bank of New Jersey 336,319 11.4 133,139 4.5 192,311 6.5 The Columbia Bank 192,090 12.5 69,334 4.5 100,149 6.5 Lafayette Ambassador Bank 162,092 13.3 55,008 4.5 79,456 6.5 Tier I Capital (to Average Assets): Corporation $ 1,544,495 9.0 % $ 688,500 4.0 % N/A N/A Fulton Bank, N.A 1,000,603 10.2 391,783 4.0 $ 489,729 5.0 % Fulton Bank of New Jersey 336,319 9.5 141,257 4.0 176,572 5.0 The Columbia Bank 192,090 9.7 79,618 4.0 99,523 5.0 Lafayette Ambassador Bank 162,092 11.0 59,152 4.0 73,940 5.0 N/A – Not applicable as "well capitalized" applies to banks only. Dividend and Loan Limitations The dividends that may be paid by subsidiary banks to the Parent Company are subject to certain legal and regulatory limitations. Dividend limitations vary, depending on the subsidiary bank’s charter and primary regulator and whether or not it is a member of the Federal Reserve System. Generally, subsidiaries are prohibited from paying dividends when doing so would cause them to fall below the regulatory minimum capital levels. Additionally, limits may exist on paying dividends in excess of net income for specified periods. The total amount available for payment of dividends by subsidiary banks was approximately $233 million as of December 31, 2016 , based on the subsidiary banks maintaining enough capital to be considered well capitalized under the U.S. Basel III Capital Rules. Under current Federal Reserve regulations, the subsidiary banks are limited in the amount they may loan to their affiliates, including the Parent Company. Loans to a single affiliate may not exceed 10% , and the aggregate of loans to all affiliates may not exceed 20% of each bank subsidiary’s regulatory capital. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | NOTE 12 – INCOME TAXES The components of the provision for income taxes are as follows: 2016 2015 2014 (in thousands) Current tax expense: Federal $ 33,872 $ 34,455 $ 32,957 State 1,698 2,042 1,126 35,570 36,497 34,083 Deferred tax expense: Federal 7,968 12,752 18,523 State 3,086 672 — 11,054 13,424 18,523 Income tax expense $ 46,624 $ 49,921 $ 52,606 The differences between the effective income tax rate and the federal statutory income tax rate are as follows: 2016 2015 2014 Statutory tax rate 35.0 % 35.0 % 35.0 % Tax credit investments (7.0 ) (5.2 ) (4.9 ) Tax-exempt income (6.5 ) (6.0 ) (5.4 ) State income taxes, net of federal benefit 1.2 1.9 1.2 Bank owned life insurance (0.6 ) (0.6 ) (0.5 ) Change in valuation allowance 0.3 (0.9 ) (0.8 ) Executive compensation 0.1 0.1 0.1 Other, net (0.1 ) 0.7 (0.3 ) Effective income tax rate 22.4 % 25.0 % 24.4 % The net deferred tax asset recorded by the Corporation is included in other assets and consists of the following tax effects of temporary differences as of December 31 : 2016 2015 (in thousands) Deferred tax assets: Allowance for credit losses $ 62,726 $ 62,846 Postretirement and defined benefit plans 12,659 13,070 Unrealized holding losses on securities available for sale 12,260 3,250 Deferred compensation 12,017 11,839 State loss carryforwards 9,820 11,170 Other accrued expenses 9,520 7,142 Other-than-temporary impairment of investments 5,187 5,501 Other 8,500 10,165 Total gross deferred tax assets 132,689 124,983 Deferred tax liabilities: Direct leasing 27,663 20,309 Mortgage servicing rights 13,369 14,582 Acquisition premiums/discounts 9,167 8,897 Premises and equipment 5,625 5,955 Intangible assets 1,810 1,614 Other 12,530 9,593 Total gross deferred tax liabilities 70,164 60,950 Net deferred tax asset, before valuation allowance 62,525 64,033 Valuation allowance (8,950 ) (8,359 ) Net deferred tax asset $ 53,575 $ 55,674 In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income and/or capital gain income during periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income and tax planning strategies, such as those that may be implemented to generate capital gains, in making this assessment. The valuation allowance relates to state deferred tax assets and net operating loss carryforwards for which realizability is uncertain. As of December 31, 2016 and 2015 , the Corporation had state net operating loss carryforwards of approximately $391 million and $424 million , respectively, which are available to offset future state taxable income, and expire at various dates through 2036 . The Corporation has $5.0 million of deferred tax assets resulting from unrealized other-than-temporary impairment losses on investment securities, which would be characterized as capital losses for tax purposes. If realized, the income tax benefits of these potential capital losses can only be recognized for tax purposes to the extent of capital gains generated during carryback and carryforward periods. Other deferred tax assets include $2.5 million related to realized capital losses on sales of investment securities that have not been deducted on tax returns as there were no capital gains available for offset in the current or carryback periods. These losses will begin to expire in 2018 . If sufficient capital gains are not realized during this period, some or all of this deferred tax asset may need to be written off through a charge to income tax expense. The Corporation currently believes that it has the ability to generate sufficient offsetting capital gains in future periods through the execution of certain tax planning strategies, which may include the sale and leaseback of some or all of its branch and office properties. As such, no valuation allowance for the deferred tax assets related to the realized or unrealized capital losses is considered to be necessary as of December 31, 2016 . Based on the level of historical taxable income and projections for future taxable income over the periods in which the deferred tax assets are deductible, management believes it is more likely than not that the Corporation will realize the benefits of its deferred tax assets, net of the valuation allowance, as of December 31, 2016 . Uncertain Tax Positions The following summarizes the changes in unrecognized tax benefits for the years ended December 31 : 2016 2015 2014 (in thousands) Balance at beginning of year $ 2,373 $ 1,944 $ 1,651 Prior period tax positions — — 188 Current period tax positions 456 492 269 Lapse of statute of limitations (391 ) (63 ) (164 ) Balance at end of year $ 2,438 $ 2,373 $ 1,944 As of December 31, 2016 , if recognized, all of the Corporation’s unrecognized tax benefits would impact the effective tax rate. Not included in the table above is $845,000 of federal income tax benefit on unrecognized state tax benefits which, if recognized, would also impact the effective tax rate. Interest accrued related to unrecognized tax benefits is recorded as a component of income tax expense. Penalties, if incurred, would also be recognized in income tax expense. The Corporation recognized approximately $43,000 and $46,000 in 2016 and 2015 , respectively, for interest and penalties in income tax expense related to unrecognized tax positions. As of December 31, 2016 and 2015 , total accrued interest and penalties related to unrecognized tax positions were approximately $574,000 and $531,000 , respectively. The Corporation and its subsidiaries file income tax returns in the federal and various state jurisdictions. In most cases, unrecognized tax benefits are related to tax years that remain subject to examination by the relevant taxing authorities. With few exceptions, the Corporation is no longer subject to federal, state and local examinations by tax authorities for years before 2013 . |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Employee Benefit Plans | NOTE 13 – EMPLOYEE BENEFIT PLANS The following summarizes the Corporation’s expense under its retirement plans for the years ended December 31 : 2016 2015 2014 (in thousands) 401(k) Retirement Plan $ 7,418 $ 6,423 $ 8,643 Pension Plan 4,310 4,102 1,514 $ 11,728 $ 10,525 $ 10,157 The 401(k) Retirement Plan is a defined contribution plan under which eligible employees may defer a portion of their pre-tax covered compensation on an annual basis, with employer matches of up to 5% of employee compensation. Employee and employer contributions under these features are 100% vested. Prior to January 1, 2015, this plan also included a profit sharing component whereby additional employer contributions not to exceed 5% of each eligible employee’s covered compensation, were provided for certain employees. Contributions to the Defined Benefit Pension Plan ("Pension Plan") are actuarially determined and funded annually, if necessary. The Corporation recognizes the funded status of its Pension Plan on the consolidated balance sheets and recognizes the changes in that funded status through other comprehensive income. The Pension Plan has been curtailed, with no additional benefits accruing to participants. Pension Plan The net periodic pension cost for the Pension Plan, as determined by consulting actuaries, consisted of the following components for the years ended December 31 : 2016 2015 2014 (in thousands) Service cost (1) $ 688 $ 579 $ 367 Interest cost 3,520 3,405 3,413 Expected return on assets (2,318 ) (3,009 ) (3,240 ) Net amortization and deferral 2,420 3,127 974 Net periodic pension cost $ 4,310 $ 4,102 $ 1,514 (1) The Pension Plan was curtailed effective January 1, 2008. Pension plan service cost for all years presented was related to administrative costs associated with the plan and not due to the accrual of additional participant benefits. The following table summarizes the changes in the projected benefit obligation and fair value of plan assets for the plan years ended December 31 : 2016 2015 (in thousands) Projected benefit obligation at beginning of year $ 84,736 $ 93,079 Service cost 688 579 Interest cost 3,520 3,405 Benefit payments (5,172 ) (3,904 ) Change in assumptions 1,635 (7,722 ) Experience gain (44 ) (701 ) Projected benefit obligation at end of year $ 85,363 $ 84,736 Fair value of plan assets at beginning of year $ 46,971 $ 51,730 Employer contributions (1) 5,169 — Actual return on plan assets 1,716 (855 ) Benefit payments (5,172 ) (3,904 ) Fair value of plan assets at end of year $ 48,684 $ 46,971 (1) The Corporation funds at least the minimum amount required by the funding requirements of federal law and regulations. The corporation contributed $5.2 million to the Pension Plan during 2016 . There were no contributions to the Pension Plan in 2015 . The following table presents the funded status of the Pension Plan, included in other liabilities on the consolidated balance sheets, as of December 31 : 2016 2015 (in thousands) Projected benefit obligation $ (85,363 ) $ (84,736 ) Fair value of plan assets 48,684 46,971 Funded status $ (36,679 ) $ (37,765 ) The following table summarizes the changes in the unrecognized net loss included as a component of accumulated other comprehensive loss: Unrecognized Net Loss Gross of tax Net of tax (in thousands) Balance as of December 31, 2014 $ 38,082 $ 24,754 Recognized as a component of 2015 periodic pension cost (3,127 ) (2,033 ) Unrecognized gains arising in 2015 (4,559 ) (2,963 ) Balance as of December 31, 2015 30,396 19,758 Recognized as a component of 2016 periodic pension cost (2,420 ) (1,573 ) Unrecognized losses arising in 2016 2,193 1,425 Balance as of December 31, 2016 $ 30,169 $ 19,610 The total amount of unrecognized net loss that will be amortized as a component of net periodic pension cost in 2017 is expected to be $2.7 million . The following rates were used to calculate net periodic pension cost and the present value of benefit obligations as of December 31 : 2016 2015 2014 Discount rate-projected benefit obligation 4.00 % 4.25 % 3.75 % Expected long-term rate of return on plan assets 5.00 % 6.00 % 6.00 % As of December 31, 2016 and 2015 , the discount rate used was determined using the Citigroup Average Life discount rate table, as adjusted based on the Pension Plan's expected benefit payments and rounded to the nearest 0.25% . The 5.00% long-term rate of return on plan assets used to calculate the net periodic pension cost was based on historical returns, adjusted for expectations of long-term asset returns based on the December 31, 2016 weighted average asset allocations. The expected long-term return is considered to be appropriate based on the asset mix and the historical returns realized. The following table presents a summary of the fair values of the Pension Plan’s assets as of December 31 : 2016 2015 Estimated % of Total Estimated % of Total (dollars in thousands) Equity mutual funds $ 12,689 $ 8,269 Equity common trust funds 7,936 6,350 Equity securities 20,625 42.4 % 14,619 31.1 % Cash and money market funds 7,149 8,196 Fixed income mutual funds 10,540 9,578 Corporate debt securities 3,252 3,749 U.S. Government agency securities 496 2,881 Fixed income securities and cash 21,437 44.0 % 24,404 52.0 % Other alternative investment funds 6,622 13.6 % 7,948 16.9 % $ 48,684 100.0 % $ 46,971 100.0 % Investment allocation decisions are made by a retirement plan committee. The goal of the investment allocation strategy is to match certain benefit obligations with maturities of fixed income securities. Pension Plan assets are invested with a balanced objective, with target asset allocations of approximately 50% in equities, 40% in fixed income securities and cash and 10% in alternative investments. Alternative investments may include managed futures, commodities, real estate investment trusts, master limited partnerships, and long-short strategies with traditional stocks and bonds. All alternative investments are in the form of mutual funds, not individual contracts, to enable daily liquidity. The fair values for all assets held by the Pension Plan, excluding equity common trust funds, are based on quoted prices for identical instruments and would be categorized as Level 1 assets under FASB ASC Topic 810. Equity common trust funds would be categorized as Level 2 assets under FASB ASC Topic 810. Estimated future benefit payments are as follows (in thousands): Year 2017 $ 3,409 2018 3,742 2019 3,831 2020 4,213 2021 4,410 2022 – 2026 24,219 $ 43,824 Postretirement Benefits The Corporation provides medical benefits and life insurance benefits under a postretirement benefits plan ("Postretirement Plan") to certain retired full-time employees who were employees of the Corporation prior to January 1, 1998 . Prior to February 1, 2014, certain full-time employees became eligible for these discretionary benefits if they reached retirement age while working for the Corporation. The Corporation recognizes the funded status of the postretirement plan on the consolidated balance sheets and recognizes the changes in that funded status through other comprehensive income. In 2015, the Corporation amended the postretirement plan to eliminate a death benefit provision and to fix the cost of health insurance premiums paid for by each participant. This amendment resulted in a $2.5 million decrease in the postretirement benefit obligation that will be amortized to income over the estimated average remaining life of plan participants, or approximately 14 years. In 2014, the Corporation amended the Postretirement Plan, making all active full-time employees ineligible for benefits under this plan. As a result of this amendment, the Corporation recorded a $1.5 million curtailment gain as a reduction to salaries and employee benefits expense in 2014. The curtailment gain resulted from the recognition of the remaining pre-curtailment prior service cost as of December 31, 2013. In addition, this amendment resulted in a $3.4 million decrease in the accumulated postretirement benefit obligation and a corresponding increase in unrecognized prior service cost credits. The components of the net (benefit) expense for postretirement benefits other than pensions are as follows: 2016 2015 2014 (in thousands) Service cost $ — $ — $ 15 Interest cost 85 206 206 Net amortization and deferral (551 ) (258 ) (347 ) Net postretirement benefit cost $ (466 ) $ (52 ) $ (126 ) The following table summarizes the changes in the accumulated postretirement benefit obligation and fair value of plan assets for the years ended December 31 : 2016 2015 (in thousands) Accumulated postretirement benefit obligation at beginning of year $ 2,875 $ 5,552 Interest cost 85 206 Benefit payments (282 ) (251 ) Experience gain (732 ) 189 Change in assumptions (20 ) (2,821 ) Accumulated postretirement benefit obligation at end of year $ 1,926 $ 2,875 Fair value of plan assets at beginning of year $ 15 $ 8 Employer contributions 270 258 Benefit payments (282 ) (251 ) Fair value of plan assets at end of year $ 3 $ 15 The following table presents the funded status of the Postretirement Plan, included in other liabilities on the consolidated balance sheets as of December 31 : 2016 2015 (in thousands) Accumulated postretirement benefit obligation $ (1,926 ) $ (2,875 ) Fair value of plan assets 3 15 Funded status $ (1,923 ) $ (2,860 ) The following table summarizes the changes in items recognized as a component of accumulated other comprehensive loss: Gross of tax Unrecognized Unrecognized Total Net of tax (in thousands) Balance as of December 31, 2014 $ (3,123 ) $ (336 ) $ (3,459 ) $ (2,249 ) Recognized as a component of 2015 postretirement benefit cost 258 — 258 168 Unrecognized gains arising in 2015 (2,469 ) (172 ) (2,641 ) (1,717 ) Balance as of December 31, 2015 (5,334 ) (508 ) (5,842 ) (3,798 ) Recognized as a component of 2016 postretirement benefit cost 465 86 551 358 Unrecognized gains arising in 2016 — (761 ) (761 ) (495 ) Balance as of December 31, 2016 $ (4,869 ) $ (1,183 ) $ (6,052 ) $ (3,935 ) The following rates were used to calculate net periodic postretirement benefit cost and the present value of benefit obligations as of December 31 : 2016 2015 2014 Discount rate-projected benefit obligation 4.25 % 4.25 % 3.75 % Expected long-term rate of return on plan assets 3.00 % 3.00 % 3.00 % As of December 31, 2016 and 2015 , the discount rate used to calculate the accumulated postretirement benefit obligation was determined using the Citigroup Average Life discount rate table, as adjusted based on the Postretirement Plan's expected benefit payments and rounded to the nearest 0.25% . Estimated future benefit payments under the Postretirement Plan are as follows (in thousands): Year 2017 $ 237 2018 222 2019 207 2020 193 2021 178 2022 – 2026 695 $ 1,732 |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Dec. 31, 2016 | |
Accumulated Other Comprehensive Income [Abstract] | |
Stockholders' Equity | NOTE 14 – SHAREHOLDERS’ EQUITY Accumulated Other Comprehensive Income (Loss) The following table presents the components of other comprehensive income (loss) for the years ended December 31 : Before-Tax Amount Tax Effect Net of Tax Amount (in thousands) 2016: Unrealized loss on securities $ (22,907 ) $ 8,016 $ (14,891 ) Reclassification adjustment for securities gains included in net income (1) (2,550 ) 893 (1,657 ) Non-credit related unrealized loss on other-than-temporarily impaired debt securities (285 ) 100 (185 ) Amortization of unrealized loss on derivative financial instruments (2) 25 (9 ) 16 Unrecognized pension and postretirement cost (1,432 ) 501 (931 ) Amortization of net unrecognized pension and postretirement items (3) 1,869 (653 ) 1,216 Total Other Comprehensive Loss $ (25,280 ) $ 8,848 $ (16,432 ) 2015: Unrealized loss on securities $ (11,872 ) $ 4,155 $ (7,717 ) Reclassification adjustment for securities gains included in net income (1) (9,066 ) 3,174 (5,892 ) Reclassification adjustment for loss on derivative financial instruments included in net income (2) 3,778 (1,322 ) 2,456 Non-credit related unrealized gains on other-than-temporarily impaired debt securities 368 (129 ) 239 Amortization of unrealized loss on derivative financial instruments (2) 115 (40 ) 75 Unrecognized pension and postretirement cost 7,200 (2,520 ) 4,680 Amortization of net unrecognized pension and postretirement items (3) 2,869 (1,005 ) 1,864 Total Other Comprehensive Loss $ (6,608 ) $ 2,313 $ (4,295 ) 2014: Unrealized gain on securities $ 51,901 $ (18,167 ) $ 33,734 Reclassification adjustment for securities gains included in net income (1) (2,041 ) 714 (1,327 ) Non-credit related unrealized gains on other-than-temporarily impaired debt securities 1,200 (420 ) 780 Amortization of unrealized loss on derivative financial instruments (2) 209 (73 ) 136 Reclass adjustment for postretirement plan gain included in net income (3) (1,452 ) 508 (944 ) Unrecognized pension and postretirement income (20,258 ) 7,090 (13,168 ) Amortization of net unrecognized pension and postretirement items (3) 627 (219 ) 408 Total Other Comprehensive Income $ 30,186 $ (10,567 ) $ 19,619 (1) Amounts reclassified out of accumulated other comprehensive loss. Before-tax amounts included in "Investment securities gains, net" on the consolidated statements of income. See "Note 3 - Investment Securities," for additional details. (2) Amounts reclassified out of accumulated other comprehensive loss. Before-tax amounts included in "Interest Expense" on the consolidated statements of income. (3) Amounts reclassified out of accumulated other comprehensive loss. Before-tax amounts included in "Salaries and employee benefits" on the consolidated statements of income. See "Note 13 - Employee Benefit Plans," for additional details. The following table presents changes in each component of accumulated other comprehensive income (loss), net of tax, for the years ended December 31 : Unrealized Gain (Losses) on Investment Securities Not Other-Than-Temporarily Impaired Unrealized Non-Credit Gains (Losses) on Other-Than-Temporarily Impaired Debt Securities Unrealized Effective Portions of Losses on Forward-Starting Interest Rate Swaps Unrecognized Pension and Postretirement Plan Income (Cost) Total (in thousands) Balance as of December 31, 2013 $ (27,510 ) $ 1,652 $ (2,682 ) $ (8,801 ) $ (37,341 ) Other comprehensive income (loss) before reclassifications 33,734 780 — (14,112 ) 20,402 Amounts reclassified from accumulated other comprehensive income (loss) (244 ) (1,083 ) 136 408 (783 ) Balance as of December 31, 2014 5,980 1,349 (2,546 ) (22,505 ) (17,722 ) Other comprehensive income (loss) before reclassifications (7,717 ) 239 — 4,680 (2,798 ) Amounts reclassified from accumulated other comprehensive income (loss) (4,762 ) (1,130 ) 75 1,864 (3,953 ) Reclassification adjustment for loss on derivative financial instruments — — 2,456 — 2,456 Balance as of December 31, 2015 (6,499 ) 458 (15 ) (15,961 ) (22,017 ) Other comprehensive income (loss) before reclassifications (14,891 ) (185 ) — (931 ) (16,007 ) Amounts reclassified from accumulated other comprehensive income (loss) (1,657 ) — 15 1,217 (425 ) Balance as of December 31, 2016 $ (23,047 ) $ 273 $ — $ (15,675 ) $ (38,449 ) Common Stock Repurchase Plans In November 2016 , the Corporation's board of directors approved an extension to a share repurchase program pursuant to which the Corporation is authorized to repurchase up to $50.0 million of its outstanding shares of common stock, or approximately 2.3% of its outstanding shares, through December 31, 2017 . Repurchased shares will be added to treasury stock, at cost. As permitted by securities laws and other legal requirements, and subject to market conditions and other factors, purchases may be made from time to time in open market or privately negotiated transactions, including, without limitation, through accelerated share repurchase transactions. The share repurchase program may be discontinued at any time. During 2016, 1.5 million shares were repurchased under this program for a total cost of $18.5 million , or $12.48 per share. As of December 31, 2016, up to an additional $31.5 million of the Corporation's common stock may be repurchased under this program through December 31, 2017. In April 2015 , the Corporation announced that its board of directors had approved a share repurchase program pursuant to which the Corporation was authorized to repurchase up to $50.0 million of its outstanding shares of common stock, or approximately 2.3% of its outstanding shares, through December 31, 2015 . During 2015, the Corporation repurchased approximately 4.0 million shares under this program for a total cost of $50.0 million , or $12.57 per share, completing this program. In 2014, the Corporation repurchased outstanding shares of its common stock under various repurchase programs approved by its board of directors. A total of 8.0 million shares were repurchased for $95.2 million , or an average cost of $11.91 per share. In addition to the repurchases discussed above, in November 2014 , the Corporation entered into an accelerated share repurchase agreement ("ASR") with a third party to repurchase $100 million of shares of its common stock. Under the terms of the ASR, the Corporation paid $100 million to the third party in November 2014 and received an initial delivery of 6.5 million shares, representing 80% of the shares expected to be delivered under the ASR, based on the closing price for the Corporation’s shares on November 13, 2014 . In April 2015, the third party delivered an additional 1.8 million shares of common stock pursuant to the terms of the ASR, thereby completing the $100.0 million ASR. The Corporation repurchased a total of 8.3 million shares of common stock under the ASR at an average price of $12.05 per share. |
Stock-Based Compensation Plans
Stock-Based Compensation Plans | 12 Months Ended |
Dec. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-based compensation plans | NOTE 15 – STOCK-BASED COMPENSATION PLANS The following table presents compensation expense and related tax benefits for all equity awards recognized in the consolidated statements of income: 2016 2015 2014 (in thousands) Compensation expense $ 6,556 $ 5,938 $ 5,865 Tax benefit (2,679 ) (2,011 ) (1,608 ) Stock-based compensation, net of tax $ 3,877 $ 3,927 $ 4,257 The tax benefits as a percentage of compensation expense, as shown in the preceding table, were 40.9% , 33.9% and 27.4% in 2016 , 2015 and 2014 , respectively. These percentages differ from the Corporation’s 35% statutory federal tax rate. Tax benefits are only recognized over the vesting period for awards that ordinarily will generate a tax deduction when exercised, in the case of non-qualified stock options, or upon vesting, in the case of restricted stock, RSUs and PSUs. Tax benefits less than the 35% statutory federal tax rate resulted from incentive stock options, for which a tax benefit is not recognized during the vesting period. Tax benefits in excess of the 35% statutory federal tax rate resulted from incentive stock option exercises that triggered a tax deduction when they were exercised. The following table presents compensation expense and related tax benefits for restricted stock awards, RSUs and PSUs recognized in the consolidated statements of income, and included as a component of total stock-based compensation in the preceding table: 2016 2015 2014 (in thousands) Compensation expense $ 6,165 $ 4,646 $ 4,345 Tax benefit (2,158 ) (1,626 ) (1,510 ) Restricted stock compensation, net of tax $ 4,007 $ 3,020 $ 2,835 The following table provides information about stock option activity for the year ended December 31, 2016 : Stock Weighted Weighted Aggregate Outstanding as of December 31, 2015 2,980,087 $ 12.31 Exercised (920,924 ) 11.70 Forfeited (263,685 ) 14.33 Expired (465,295 ) 16.19 Outstanding as of December 31, 2016 1,330,183 $ 10.98 4.7 years $ 10.4 Exercisable as of December 31, 2016 1,247,736 $ 10.87 4.5 years $ 9.9 The following table provides information about nonvested stock options, restricted stock, RSUs and PSUs granted under the Employee Equity Plan and Directors' Plan for the year ended December 31, 2016 : Nonvested Stock Options Restricted Stock/RSUs/PSUs Options Weighted Shares Weighted Nonvested as of December 31, 2015 349,852 $ 2.82 1,388,389 $ 12.16 Granted — — 447,130 13.86 Vested (247,727 ) 2.71 (292,583 ) 11.73 Forfeited (19,678 ) 2.84 (17,221 ) 12.20 Nonvested as of December 31, 2016 82,447 $ 3.14 1,525,715 $ 12.74 As of December 31, 2016 , there was $8.4 million of total unrecognized compensation cost related to nonvested stock options, restricted stock, RSUs and PSUs that will be recognized as compensation expense over a weighted average period of two years. As of December 31, 2016 , the Employee Equity Plan had 11.4 million shares reserved for future grants through 2023 , and the Directors’ Plan had 371,000 shares reserved for future grants through 2021 . The following table presents information about stock options exercised: 2016 2015 2014 (dollars in thousands) Number of options exercised 920,924 490,151 215,047 Total intrinsic value of options exercised $ 4,619 $ 1,442 $ 568 Cash received from options exercised $ 10,240 $ 4,936 $ 2,068 Tax deduction realized from options exercised $ 4,328 $ 1,389 $ 530 Upon exercise, the Corporation issues shares from its authorized, but unissued, common stock to satisfy the options. The fair value of stock option awards under the Employee Equity Plan was estimated on the grant date using the Black-Scholes valuation methodology, which is dependent upon certain assumptions, as summarized in the table below. No options were granted in 2016 and 2015 under the Employee Equity Plan. 2014 Risk-free interest rate 2.44 % Volatility of Corporation’s stock 28.05 % Expected dividend yield 2.36 % Expected life of options 7 Years The expected life of the options was estimated based on historical activity. Volatility of the Corporation’s stock was based on historical volatility for the period commensurate with the expected life of the options. The risk-free interest rate is the zero-coupon U.S. Treasury rate commensurate with the expected life of the options on the date of the grant. Based on the assumptions above, the Corporation calculated an estimated fair value per option of $3.14 for options granted in 2014 . The Corporation granted 288,626 options in 2014 , including 50,000 non-qualified stock options. The fair value of certain PSUs with market-based performance conditions granted in 2016 under the Employee Equity Plan was estimated on the grant date using the Monte Carlo valuation methodology performed by a third-party valuation expert. This valuation is dependent upon certain assumptions, as summarized in the following table: 2016 2015 2014 Risk-free interest rate 0.92 % 0.86 % 0.91 % Volatility of Corporation’s stock 20.75 % 20.08 % 29.63 % Expected life of PSUs 3 Years 3 Years 3 Years The expected life of the PSUs with fair values measured using the Monte Carlo valuation methodology was based on the defined performance period of three years . Volatility of the Corporation’s stock was based on historical volatility for the period commensurate with the expected life of the PSUs. The risk-free interest rate is the zero-coupon U.S. Treasury rate commensurate with the expected life of the PSUs on the date of the grant. Based on the assumptions above, the Corporation calculated an estimated fair value per PSU granted in 2016 of $11.23 . Under the ESPP, eligible employees can purchase stock of the Corporation at 85% of the fair market value of the stock on the date of purchase. The ESPP is considered to be a compensatory plan and, as such, compensation expense is recognized for the 15% discount on shares purchased. The following table summarizes activity under the ESPP: 2016 2015 2014 ESPP shares purchased 109,665 121,890 132,640 Average purchase price per share (85% of market value) $ 12.37 $ 10.86 $ 10.31 Compensation expense recognized (in thousands) $ 240 $ 234 $ 241 |
Leases
Leases | 12 Months Ended |
Dec. 31, 2016 | |
Leases [Abstract] | |
Leases | NOTE 16 – LEASES Certain branch offices and equipment are leased under agreements that expire at varying dates through 2036 . Most leases contain renewal provisions at the Corporation’s option. Total rental expense was approximately $18.4 million in 2016 , $18.1 million in 2015 and $18.1 million in 2014 . Future minimum payments as of December 31, 2016 under non-cancelable operating leases with initial terms exceeding one year are as follows (in thousands): Year 2017 $ 16,330 2018 14,206 2019 12,286 2020 11,040 2021 9,396 Thereafter 44,395 $ 107,653 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | NOTE 17 – COMMITMENTS AND CONTINGENCIES Commitments The Corporation is a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its customers. Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since a portion of the commitments is expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. The Corporation evaluates each customer’s creditworthiness on a case-by-case basis. The amount of collateral, if any, obtained upon extension of credit is based on management’s credit evaluation of the customer. Collateral held varies but may include accounts receivable, inventory, property, equipment and income producing commercial properties. The Corporation records a reserve for unfunded commitments, included in other liabilities on the consolidated balance sheets, which represents management’s estimate of losses inherent in these commitments. See "Note 4 - Loans and Allowance for Credit Losses," for additional information. Standby letters of credit are conditional commitments issued to guarantee the financial or performance obligation of a customer to a third party. Commercial letters of credit are conditional commitments issued to facilitate foreign and domestic trade transactions for customers. The credit risk involved in issuing letters of credit is similar to that involved in extending loan facilities. These obligations are underwritten consistently with commercial lending standards. The maximum exposure to loss for standby and commercial letters of credit is equal to the contractual (or notional) amount of the instruments. The following table presents commitments to extend credit and letters of credit: 2016 2015 (in thousands) Commercial and other $ 3,673,815 $ 3,518,960 Home equity 1,368,465 1,300,062 Commercial mortgage and construction 1,033,287 965,116 Total commitments to extend credit $ 6,075,567 $ 5,784,138 Standby letters of credit $ 356,359 $ 374,729 Commercial letters of credit 38,901 39,529 Total letters of credit $ 395,260 $ 414,258 Residential Lending Residential mortgages are originated and sold by the Corporation and consist primarily of conforming, prime loans sold to government sponsored agencies such as the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac). The Corporation also sells certain residential mortgages to non-government sponsored agency investors. The Corporation provides customary representations and warranties to government sponsored agencies and investors that specify, among other things, that the loans have been underwritten to the standards established by the government sponsored agency or investor. The Corporation may be required to repurchase a loan or reimburse the government sponsored agency 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 December 31, 2016 and 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"). No loans were sold under this program since 2011. 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 December 31, 2016 , the unpaid principal balance of loans sold under the MPF Program was approximately $104 million . As of December 31, 2016 and 2015 , the reserves for estimated credit losses related to loans sold under the MPF Program were $1.7 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 loss methodology for residential mortgage loans. As of December 31, 2016 and 2015 , the reserve for losses on residential mortgage loans sold was $2.5 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 December 31, 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 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 (specifically, the Equal Credit Opportunity Act and the Fair Housing Act) by Fulton Bank, N.A. in certain geographies. Fulton Bank, N.A. has been and is cooperating with the Department and responding to the Department’s requests for information. During the third quarter of 2016, the Department informed the Corporation, Fulton Bank, N.A., and three of the Corporation’s other bank subsidiaries, Fulton Bank of New Jersey, The Columbia Bank and Lafayette Ambassador Bank, that the Department was expanding its investigation of potential lending discrimination on the basis of race and national origin to encompass additional geographies that were not included in the initial letter from the Department. In addition to requesting information concerning the lending activities of these bank subsidiaries, the Department also requested information concerning the Corporation and the residential mortgage lending activities conducted under the Fulton Mortgage Company brand, the trade name used by all of the Corporation’s bank subsidiaries for residential mortgage lending. The investigation relates to lending activities during the period January 1, 2009 to the present. The Corporation and the identified bank subsidiaries are cooperating with the Department and responding to the Department’s requests for information. The Corporation and its bank subsidiaries are not able at this time to determine the terms on which this investigation will be resolved or the timing of such resolution, or to reliably estimate the amounts of any settlement, fines or other penalties or the cost of any other remedial actions, if enforcement action is taken. In addition, should the investigation result in an enforcement action against the Corporation or its bank subsidiaries, or a settlement with the Department, the ability of the Corporation and its bank subsidiaries to engage in certain expansion or other activities may be restricted. 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. (“Ameriprise”) and Riverview Bank (“Riverview”), have been named as defendants in a lawsuit brought on behalf of a group of 67 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 fraud scheme over a period of years through the sale of fictitious high-yield 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 through defendant Ameriprise, which caused 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 and Riverview, 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 31, 2016, the plaintiffs filed a motion to remand the lawsuit to the Court of Common Pleas for Dauphin County, Pennsylvania. On October 24, 2016, the District Court granted the plaintiffs' motion and the lawsuit was remanded back to the Court of Common Pleas for Dauphin County. All defendants subsequently filed preliminary objections to the Complaint, including objections that, if granted, would result in dismissal of the case. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | NOTE 18 – FAIR VALUE MEASUREMENTS All assets and liabilities measured at fair value on both a recurring and nonrecurring basis have been categorized based on the method of their fair value determination. The following tables summarizes the Corporation’s assets and liabilities measured at fair value on a recurring basis and reported on the consolidated balance sheets as of December 31: 2016 Level 1 Level 2 Level 3 Total (in thousands) Mortgage loans held for sale $ — $ 28,697 $ — $ 28,697 Available for sale investment securities: Equity securities 24,526 — — 24,526 U.S. Government sponsored agency securities — 134 — 134 State and municipal securities — 391,641 — 391,641 Corporate debt securities — 106,537 2,872 109,409 Collateralized mortgage obligations — 593,860 — 593,860 Mortgage-backed securities — 1,342,401 — 1,342,401 Auction rate securities — — 97,256 97,256 Total available for sale investment securities 24,526 2,434,573 100,128 2,559,227 Other assets 17,111 44,481 — 61,592 Total assets $ 41,637 $ 2,507,751 $ 100,128 $ 2,649,516 Other liabilities $ 17,032 $ 41,734 $ — $ 58,766 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 table above are as follows: • Mortgage loans held for sale – This category consists of mortgage loans held for sale that the Corporation has elected to measure at fair value. Fair values as of December 31, 2016 and 2015 were measured as the price that secondary market investors were offering for loans with similar characteristics. See "Note 1 - Summary of Significant Accounting Policies" for details related to the Corporation’s election to measure assets and liabilities at fair value. • Available for sale investment securities – Included within this asset category are both equity and debt securities. Level 2 available for sale debt securities are valued by a third-party pricing service commonly used in the banking industry. The pricing service uses pricing models that vary based on asset class and incorporate available market information, including quoted prices of investment securities with similar characteristics. Because many fixed income securities do not trade on a daily basis, pricing models use available information, as applicable, through processes such as benchmark yield curves, benchmarking of like securities, sector groupings, and matrix pricing. Standard market inputs include: benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers and reference data, including market research publications. For certain security types, additional inputs may be used, or some of the standard market inputs may not be applicable. Management tests the values provided by the pricing service by obtaining securities prices from an alternative third-party source and comparing the results. This test is done for approximately 80% of the securities valued by the pricing service. Generally, differences by security in excess of 5% are researched to reconcile the difference. • Equity securities – Equity securities consist of stocks of financial institutions ( $23.5 million at December 31, 2016 and $20.6 million at December 31, 2015 ) and other equity investments ( $1.0 million at December 31, 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 and senior debt issued by financial institutions ( $65.2 million at December 31, 2016 and $53.1 million at December 31, 2015 ), single-issuer trust preferred securities issued by financial institutions ( $39.8 million at December 31, 2016 and $39.1 million at December 31, 2015 ), pooled trust preferred securities issued by financial institutions ( $422,000 at December 31, 2016 and $706,000 at December 31, 2015 ) and other corporate debt issued by non-financial institutions ( $4.0 million at December 31, 2016 and 2015 ). Level 2 investments include subordinated debt, other corporate debt issued by non-financial institutions and $37.3 million and $36.5 million of single-issuer trust preferred securities held at December 31, 2016 and 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 ( $422,000 at December 31, 2016 and $706,000 at December 31, 2015 ) and certain single-issuer trust preferred securities ( $2.5 million at December 31, 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 within the next five years. If the assumed return to market liquidity was lengthened beyond the next five years, this would result in a decrease in the fair value of these ARCs. The Corporation believes that the trusts underlying the ARCs will self-liquidate as student loans are repaid. Level 3 values are tested by management through the performance of a trend analysis of the market price and discount rate. Changes in the price and discount rates are compared to changes in market data, including bond ratings, parity ratios, balances and delinquency levels. • Other assets – Included within this category are the following: • Level 1 assets, consisting of mutual funds that are held in trust for employee deferred compensation plans ( $16.4 million at December 31, 2016 and $15.6 million at December 31, 2015 ) and the fair value of foreign currency exchange contracts ( $745,000 at December 31, 2016 and $542,000 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, representing the fair value of mortgage banking derivatives in the form of interest rate locks and forward commitments with secondary market investors ( $3.1 million at December 31, 2016 and $1.5 million at December 31, 2015 ) and the fair value of interest rate swaps ( $41.4 million at December 31, 2016 and $33.0 million at December 31, 2015 ). The fair values of the interest rate locks, forward commitments and interest rate swaps represent the amounts that would be required to settle the derivative financial instruments at the balance sheet date. See "Note 10 - Derivative Financial Instruments," for additional information. • Other liabilities – Included within this category are the following: • Level 1 employee deferred compensation liabilities which represent amounts due to employees under deferred compensation plans ( $16.4 million at December 31, 2016 and $15.6 million at December 31, 2015 ) and the fair value of foreign currency exchange contracts ( $668,000 at December 31, 2016 and $331,000 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. • Level 2 liabilities, representing the fair value of mortgage banking derivatives in the form of interest rate locks and forward commitments with secondary market investors ( $339,000 at December 31, 2016 and $40,000 at December 31, 2015 ) and the fair value of interest rate swaps ( $41.4 million at December 31, 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, which are described under the heading "Other assets" above. The following table presents the changes in available for sale investment securities measured at fair value on a recurring basis using unobservable inputs (Level 3) for the years ended December 31 : Pooled Trust Single-issuer ARCs (in thousands) Balance as of December 31, 2014 $ 4,088 $ 3,820 $ 100,941 Unrealized adjustments to fair value (1) 366 (230 ) (903 ) Sales (3,633 ) — — Settlements - calls (117 ) (970 ) (2,446 ) Discount accretion (2) 2 10 467 Balance as of December 31, 2015 706 2,630 98,059 Unrealized adjustments to fair value (1) (286 ) (190 ) (1,246 ) Discount accretion (2) 2 10 443 Balance as of December 31, 2016 $ 422 $ 2,450 $ 97,256 (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 consolidated balance sheets at December 31 : 2016 Level 1 Level 2 Level 3 Total (in thousands) Net loans $ — $ — $ 132,576 $ 132,576 Other financial assets — — 50,347 50,347 Total assets $ — $ — $ 182,923 $ 182,923 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 4 - Loans and Allowance for Credit Losses," for additional details. • Other financial assets – This category includes OREO ( $12.8 million at December 31, 2016 and $11.1 million at December 31, 2015 ) and MSRs ( $37.5 million at December 31, 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, prepared by a third-party valuation expert. Significant inputs to the valuation include expected net servicing income, the discount rate and the expected life of the underlying loans. Expected life is based on the contractual terms of the loans, as adjusted for prepayment projections. The weighted average annual constant prepayment rate and the weighted average discount rate used in the December 31, 2016 valuation were 12.6% 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 the estimated fair values of the Corporation’s financial instruments as of December 31, 2016 and 2015 . A general description of the methods and assumptions used to estimate such fair values is also provided. 2016 2015 Book Value Estimated Book Value Estimated (in thousands) FINANCIAL ASSETS Cash and due from banks $ 118,763 $ 118,763 $ 101,120 $ 101,120 Interest-bearing deposits with other banks 233,763 233,763 230,300 230,300 Federal Reserve Bank and FHLB stock 57,489 57,489 62,216 62,216 Loans held for sale (1) 28,697 28,697 16,886 16,886 Securities available for sale (1) 2,559,227 2,559,227 2,484,773 2,484,773 Net Loans (1) 14,530,593 14,387,454 13,669,548 13,540,903 Accrued interest receivable 46,294 46,294 42,767 42,767 Other financial assets (1) 206,132 206,132 166,920 166,920 FINANCIAL LIABILITIES Demand and savings deposits $ 12,259,622 $ 12,259,622 $ 11,267,367 $ 11,267,367 Time deposits 2,753,242 2,769,757 2,864,950 2,862,868 Short-term borrowings 541,317 541,317 497,663 497,663 Accrued interest payable 9,632 9,632 10,724 10,724 Other financial liabilities (1) 216,080 216,080 190,927 190,927 FHLB advances and long-term debt 929,403 928,167 949,542 959,315 (1) These financial instruments, or certain financial instruments within these categories, are measured at fair value on the Corporation’s consolidated balance sheets. Descriptions of the fair value determinations for these financial instruments are disclosed above. Fair values of financial instruments are significantly affected by the assumptions used, principally the timing of future cash flows and discount rates. Because assumptions are inherently subjective in nature, the estimated fair values cannot be substantiated by comparison to independent market quotes and, in many cases, the estimated fair values could not necessarily be realized in an immediate sale or settlement of the instrument. The aggregate fair value amounts presented do not necessarily represent management’s estimate of the underlying value of the Corporation. For short-term financial instruments, defined as those with remaining maturities of 90 days or less, and excluding those recorded at fair value on the Corporation’s consolidated balance sheets, book value was considered to be a reasonable estimate of fair value. The following instruments are predominantly short-term: Assets Liabilities Cash and due from banks Demand and savings deposits Interest-bearing deposits with other banks Short-term borrowings Accrued interest receivable Accrued interest payable Federal Reserve Bank and FHLB stock represent restricted investments and are carried at cost on the consolidated balance sheets. Fair values for loans and time deposits were estimated by discounting future cash flows using the current rates at which similar loans would be made to borrowers and similar deposits would be issued to customers for the same remaining maturities. Fair values estimated in this manner do not fully incorporate an exit price approach to fair value, as defined in FASB ASC Topic 820. The fair values of FHLB advances and long-term debt were estimated by discounting the remaining contractual cash flows using a rate at which the Corporation could issue debt with similar remaining maturities as of the balance sheet date. These borrowings would be categorized within Level 2 liabilities under FASB ASC Topic 820. |
Condensed Financial Information
Condensed Financial Information - Parent Company Only | 12 Months Ended |
Dec. 31, 2016 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Condensed Financial Statements - Parent Company Only | NOTE 19 – CONDENSED FINANCIAL INFORMATION - PARENT COMPANY ONLY CONDENSED BALANCE SHEETS (in thousands) December 31 December 31 2016 2015 2016 2015 ASSETS LIABILITIES AND EQUITY Cash $ 8,568 $ — Long-term debt $ 362,005 $ 361,504 Other assets 5,648 4,337 Payable to non-bank subsidiaries 183,152 188,087 Receivable from subsidiaries 46,715 29,249 Other liabilities 77,538 77,263 Total Liabilities 622,695 626,854 Investments in: Bank subsidiaries 2,265,264 2,226,975 Non-bank subsidiaries 417,615 408,187 Shareholders’ equity 2,121,115 2,041,894 Total Assets $ 2,743,810 $ 2,668,748 Total Liabilities and Shareholders’ Equity $ 2,743,810 $ 2,668,748 CONDENSED STATEMENTS OF INCOME 2016 2015 2014 (in thousands) Income: Dividends from subsidiaries $ 115,000 $ 114,000 $ 139,150 Other (1) 148,577 141,241 120,543 263,577 255,241 259,693 Expenses 177,835 176,457 152,243 Income before income taxes and equity in undistributed net income of subsidiaries 85,742 78,784 107,450 Income tax benefit (10,543 ) (11,834 ) (10,549 ) 96,285 90,618 117,999 Equity in undistributed net income (loss) of: Bank subsidiaries 58,477 60,806 33,134 Non-bank subsidiaries 6,863 (1,922 ) 6,761 Net Income $ 161,625 $ 149,502 $ 157,894 (1) Consists primarily of management fees received from subsidiary banks. CONDENSED STATEMENTS OF CASH FLOWS 2016 2015 2014 (in thousands) Cash Flows From Operating Activities: Net Income $ 161,625 $ 149,502 $ 157,894 Adjustments to reconcile net income to net cash provided by operating activities: Stock-based compensation 6,556 5,938 5,865 Excess tax benefits from stock-based compensation (964 ) (201 ) (81 ) (Increase) decrease in other assets (16,585 ) 2,806 (7,120 ) Equity in undistributed net income of subsidiaries (65,340 ) (58,884 ) (39,895 ) Loss on redemption of trust preferred securities — 5,626 — (Decrease) increase in other liabilities and payable to non-bank subsidiaries (5,928 ) 106,490 37,354 Total adjustments (82,261 ) 61,775 (3,877 ) Net cash provided by operating activities 79,364 211,277 154,017 Cash Flows From Investing Activities — — — Cash Flows From Financing Activities: Repayments of long-term debt — (254,640 ) — Additions to long-term debt — 147,779 97,113 Net proceeds from issuance of common stock 16,167 10,607 8,201 Excess tax benefits from stock-based compensation 964 201 81 Dividends paid (69,382 ) (65,361 ) (64,028 ) Acquisition of treasury stock (18,545 ) (50,000 ) (175,255 ) Deferred accelerated stock repurchase payment — — (20,000 ) Net cash used in financing activities (70,796 ) (211,414 ) (153,888 ) Net Increase (Decrease) in Cash and Cash Equivalents 8,568 (137 ) 129 Cash and Cash Equivalents at Beginning of Year — 137 8 Cash and Cash Equivalents at End of Year $ 8,568 $ — $ 137 |
Summary of Significant Accoun28
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Business and Basis of Financial Statement Presentation | Business: Fulton Financial Corporation ("Parent Company") is a multi-bank financial holding company which provides a full range of banking and financial services to businesses and consumers through its six wholly owned banking subsidiaries: Fulton Bank, N.A., Fulton Bank of New Jersey, The Columbia Bank, Lafayette Ambassador Bank, FNB Bank, N.A. and Swineford National Bank. In addition, the Parent Company owns the following non-bank subsidiaries: Fulton Financial Realty Company, Central Pennsylvania Financial Corp., FFC Management, Inc., FFC Penn Square, Inc. and Fulton Insurance Services Group, Inc. Collectively, the Parent Company and its subsidiaries are referred to as the Corporation. The Corporation’s primary sources of revenue are interest income on loans and investment securities and fee income on its products and services. Its expenses consist of interest expense on deposits and borrowed funds, provision for credit losses, other operating expenses and income taxes. The Corporation’s primary competition is other financial services providers operating in its region. Competitors also include financial services providers located outside the Corporation’s geographic market as a result of the growth in electronic delivery systems. The Corporation is subject to the regulations of certain federal and state agencies and undergoes periodic examinations by such regulatory authorities. The Corporation offers, through its banking subsidiaries, a full range of retail and commercial banking services in Pennsylvania, Delaware, Maryland, New Jersey and Virginia. Industry diversity is the key to the economic well-being of these markets, and the Corporation is not dependent upon any single customer or industry. Basis of Financial Statement Presentation: The consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States ("U.S. GAAP") and include the accounts of the Parent Company and all wholly owned subsidiaries. All significant intercompany accounts and transactions have been eliminated. The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosed amount of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the period. Actual results could differ from those estimates. The Corporation evaluates subsequent events through the date of the filing of this report with the Securities and Exchange Commission ("SEC"). |
Federal Reserve Bank and Federal Home Loan Bank (FHLB) Stock | Federal Reserve Bank and Federal Home Loan Bank Stock: Certain of the Corporation's wholly owned banking subsidiaries are members of the Federal Reserve Bank and Federal Home Loan Bank and are required by federal law to hold stock in these institutions according to predetermined formulas. These restricted investments are carried at cost on the consolidated balance sheets and are periodically evaluated for impairment. Each of the Corporation’s subsidiary banks is a member of the Federal Home Loan Bank for the region encompassing the headquarters of the subsidiary bank. Memberships are maintained with the Atlanta, New York and Pittsburgh regional Federal Home Loan Banks (collectively referred to as the "FHLB"). |
Investments | Investments: Debt securities are classified as held to maturity at the time of purchase when the Corporation has both the intent and ability to hold these investments until they mature. Such debt securities are carried at cost, adjusted for amortization of premiums and accretion of discounts using the effective yield method. The Corporation does not engage in trading activities, however, since the investment portfolio serves as a source of liquidity, all debt securities and marketable equity securities are classified as available for sale. Securities available for sale are carried at estimated fair value with the related unrealized holding gains and losses reported in shareholders’ equity as a component of other comprehensive income, net of tax. Realized securities gains and losses are computed using the specific identification method and are recorded on a trade date basis. Securities are evaluated periodically to determine whether declines in value are other-than-temporary. For its investments in equity securities, most notably its investments in stocks of financial institutions, the Corporation evaluates the near-term prospects of the issuers in relation to the severity and duration of the impairment. Equity securities with fair values less than cost are considered to be other-than-temporarily impaired if the Corporation does not have the ability and intent to hold the investments for a reasonable period of time that would be sufficient for a recovery of fair value. Impaired debt securities are determined to be other-than-temporarily impaired if the Corporation concludes at the balance sheet date that it has the intent to sell, or believes it will more likely than not be required to sell, an impaired debt security before a recovery of its amortized cost basis. Credit losses on other-than-temporarily impaired debt securities are recorded through earnings, regardless of the intent or the requirement to sell. Credit loss is measured as the difference between the present value of an impaired debt security’s expected cash flows and its amortized cost. Non-credit related other-than-temporary impairment charges are recorded as decreases to accumulated other comprehensive income as long as the Corporation has no intent or expected requirement to sell the impaired debt security before a recovery of its amortized cost basis. |
Loans and Revenue Recognition | Loans and Revenue Recognition : Loan and lease financing receivables are stated at their principal amount outstanding, except for mortgage loans held for sale, which are carried at fair value. Interest income on loans is accrued as earned. Unearned income on lease financing receivables is recognized on a basis which approximates the effective yield method. In general, a loan is placed on non-accrual status once it becomes 90 days delinquent as to principal or interest. In certain cases a loan may be placed on non-accrual status prior to being 90 days delinquent if there is an indication that the borrower is having difficulty making payments, or the Corporation believes it is probable that all amounts will not be collected according to the contractual terms of the loan agreement. When interest accruals are discontinued, unpaid interest previously credited to income is reversed. Non-accrual loans may be restored to accrual status when all delinquent principal and interest has been paid currently for six consecutive months or the loan is considered secured and in the process of collection. The Corporation generally applies payments received on non-accruing loans to principal until such time as the principal is paid off, after which time any payments received are recognized as interest income. If the Corporation believes that all amounts outstanding on a non-accrual loan will ultimately be collected, payments received subsequent to its classification as a non-accrual loan are allocated between interest income and principal. A loan that is 90 days delinquent may continue to accrue interest if the loan is both adequately secured and is in the process of collection. Past due status is determined based on contractual due dates for loan payments. An adequately secured loan is one that has collateral with a supported fair value that is sufficient to discharge the debt, and/or has an enforceable guarantee from a financially responsible party. A loan is considered to be in the process of collection if collection is proceeding through legal action or through other activities that are reasonably expected to result in repayment of the debt or restoration to current status in the near future. Loans and lease financing receivables deemed to be a loss are written off through a charge against the allowance for loan losses. Closed-end consumer loans are generally charged off when they become 120 days past due ( 180 days for open-end consumer loans) if they are not adequately secured by real estate. All other loans are evaluated for possible charge-off when it is probable that the balance will not be collected, based on the ability of the borrower to pay and the value of the underlying collateral. Principal recoveries of loans previously charged off are recorded as increases to the allowance for loan losses. |
Loan Origination Fees and Costs | Loan Origination Fees and Costs: Loan origination fees and the related direct origination costs are deferred and amortized over the life of the loan as an adjustment to interest income generally using the effective yield method. For mortgage loans sold, net loan origination fees and costs are included in the gain or loss on sale of the related loan. |
Troubled Debt Restructurings (TDRs) | Troubled Debt Restructurings ("TDRs"): Loans whose terms are modified are classified as TDRs if the Corporation grants the borrowers concessions and it is determined that those borrowers are experiencing financial difficulty. Concessions, whether negotiated or imposed by bankruptcy, granted under a TDR typically involve a temporary deferral of scheduled loan payments, an extension of a loan’s stated maturity date or a reduction in the interest rate. Non-accrual TDRs can be restored to accrual status if principal and interest payments, under the modified terms, are current for six consecutive months after modification. |
Allowance for Credit Losses | Allowance for Credit Losses: The allowance for credit losses consists of the allowance for loan losses and the reserve for unfunded lending commitments. The allowance for loan losses represents management’s estimate of incurred losses in the loan portfolio as of the balance sheet date and is recorded as a reduction to loans. The reserve for unfunded lending commitments represents management’s estimate of incurred losses in its unfunded loan commitments and is recorded in other liabilities on the consolidated balance sheets. The allowance for credit losses is increased by charges to expense, through the provision for credit losses, and decreased by charge-offs, net of recoveries. Management believes that the allowance for loan losses and the reserve for unfunded lending commitments are adequate as of the balance sheet date; however, future changes to the allowance or reserve may be necessary based on changes in any of the factors discussed in the following paragraphs. Maintaining an adequate allowance for credit losses is dependent upon various factors, including the ability to identify potential problem loans in a timely manner. For commercial loans, commercial mortgages and construction loans to commercial borrowers, an internal risk rating process is used. The Corporation believes that internal risk ratings are the most relevant credit quality indicator for these types of loans. The migration of loans through the various internal risk rating categories is a significant component of the allowance for credit loss methodology for these loans, which bases the probability of default on this migration. Assigning risk ratings involves judgment. The Corporation's loan review officers provide a separate assessment of risk rating accuracy. Risk ratings may be changed based on the ongoing monitoring procedures performed by loan officers or credit administration staff, or if specific loan review assessments identify a deterioration or an improvement in the loan. The following is a summary of the Corporation's internal risk rating categories: • Pass : These loans do not currently pose undue credit risk and can range from the highest to average quality, depending on the degree of potential risk. • Special Mention : These loans have an undue and unwarranted credit risk, but not to the point of justifying a classification of substandard. Loans in this category are currently acceptable, but are nevertheless potentially weak. • Substandard or Lower : These loans are inadequately protected by current sound worth and paying capacity of the borrower. There exists a well-defined weakness or weaknesses that jeopardize the normal repayment of the debt. The Corporation does not assign internal risk ratings for smaller balance, homogeneous loans, such as: home equity, residential mortgage, consumer, lease receivables and construction loans to individuals secured by residential real estate. For these loans, the most relevant credit quality indicator is delinquency status. The migration of loans through the various delinquency status categories is a significant component of the allowance for credit loss methodology for these loans, which bases the probability of default on this migration. The Corporation’s allowance for loan losses includes: 1) specific allowances allocated to loans evaluated for impairment under the Financial Accounting Standards Board's Accounting Standards Codification ("FASB ASC") Section 310-10-35; and 2) allowances calculated for pools of loans measured for impairment under FASB ASC Subtopic 450-20. A loan is considered to be impaired if it is probable that all amounts will not be collected according to the contractual terms of the loan agreement. Impaired loans consist of all loans on non-accrual status and accruing TDRs. An allowance for loan losses is established for an impaired loan if its carrying value exceeds its estimated fair value. Impaired loans to borrowers with total outstanding commitments greater than or equal to $1.0 million are evaluated individually for impairment. Impaired loans to borrowers with total outstanding commitments less than $1.0 million are pooled and measured for impairment collectively. All loans evaluated for impairment under FASB ASC Section 310-10-35 are measured for losses on a quarterly basis. As of December 31, 2016 and 2015 , substantially all of the Corporation’s impaired loans to borrowers with total outstanding loan balances greater than or equal to $1.0 million were measured based on the estimated fair value of each loan’s collateral. Collateral could be in the form of real estate, in the case of impaired commercial mortgages and construction loans, or business assets, such as accounts receivable or inventory, in the case of commercial and industrial loans. Commercial and industrial loans may also be secured by real property. For loans secured by real estate, estimated fair values are determined primarily through appraisals performed by state certified third-party appraisers, discounted to arrive at expected net sale proceeds. For collateral dependent loans, estimated real estate fair values are also net of estimated selling costs. When a real estate secured loan becomes impaired, a decision is made regarding whether an updated appraisal of the real estate is necessary. This decision is based on various considerations, including: the age of the most recent appraisal; the loan-to-value ratio based on the original appraisal; the condition of the property; the Corporation’s experience and knowledge of the real estate market; the purpose of the loan; market factors; payment status; the strength of any guarantors; and the existence and age of other indications of value such as broker price opinions, among others. The Corporation generally obtains updated state certified third-party appraisals for impaired loans secured predominantly by real estate every 12 months. As of December 31, 2016 and 2015 , approximately 62% and 69% , respectively, of impaired loans with principal balances greater than or equal to $1.0 million , whose primary collateral is real estate, were measured at estimated fair value using state certified third-party appraisals that had been updated within the preceding 12 months. When updated appraisals are not obtained for loans evaluated for impairment under FASB ASC Section 310-10-35 that are secured by real estate, fair values are estimated based on the original appraisal values, as long as the original appraisal indicated 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 appropriately for the age of the appraisal, results in a current loan-to-value ratio that is lower than the Corporation's loan-to-value requirements for new loans, generally less than 70% . For impaired loans with principal balances greater than or equal to $1.0 million secured by non-real estate collateral, such as accounts receivable or inventory, estimated fair values are determined based on borrower financial statements, inventory listings, accounts receivable agings or borrowing base certificates. Indications of value from these sources are generally discounted based on the age of the financial information or the quality of the assets. Liquidation or collection discounts are applied to these assets based upon existing loan evaluation policies. All loans not evaluated for impairment under FASB ASC Section 310-10-35 are evaluated for impairment under FASB ASC Subtopic 450-20, using a pooled loss evaluation approach. In general, these loans include residential mortgages, home equity loans, consumer loans, and lease receivables. Accruing commercial loans, commercial mortgages and construction loans are also evaluated for impairment under FASB ASC Subtopic 450-20. The Corporation segments its loan portfolio by general loan type, or "portfolio segments," as presented in the table under the heading, "Loans, net of unearned income," within Note 4, "Loans and Allowance for Credit Losses." Certain portfolio segments are further disaggregated and evaluated collectively for impairment based on "class segments," which are largely based on the type of collateral underlying each loan. For commercial loans, class segments include loans secured by collateral and unsecured loans. Construction loan class segments include loans secured by commercial real estate, loans to commercial borrowers secured by residential real estate and loans to individuals secured by residential real estate. Consumer loan class segments are based on collateral types and include direct consumer installment loans and indirect automobile loans. The Corporation calculates allowance allocation needs for loans measured under FASB ASC Subtopic 450-20 through the following procedures: • The loans are segmented into pools with similar characteristics, as noted above. Commercial loans, commercial mortgages and construction loans to commercial borrowers are further segmented into separate pools based on internally assigned risk ratings. Residential mortgages, home equity loans, consumer loans, and lease receivables are further segmented into separate pools based on delinquency status. • A loss rate is calculated for each pool through a migration analysis of historical losses as loans migrate through the various risk rating or delinquency categories. Estimated loss rates are based on a probability of default and a loss rate forecast. • The loss rate is adjusted to consider qualitative factors, such as economic conditions and trends. • The resulting adjusted loss rate is applied to the balance of the loans in the pool to arrive at the allowance allocation for the pool. The allocation of the allowance for credit losses is reviewed to evaluate its appropriateness in relation to the overall risk profile of the loan portfolio. The Corporation considers risk factors such as: local and national economic conditions; trends in delinquencies and non-accrual loans; the diversity of borrower industry types; and the composition of the portfolio by loan type. An unallocated allowance is maintained for factors and conditions that exist at the balance sheet date, but are not specifically identifiable, and to recognize the inherent imprecision in estimating and measuring loss exposure. |
Premises and Equipment | Premises and Equipment: Premises and equipment are stated at cost, less accumulated depreciation and amortization. The provision for depreciation and amortization is generally computed using the straight-line method over the estimated useful lives of the related assets, which are a maximum of 50 years for buildings and improvements, 8 years for furniture and 5 years for equipment. Leasehold improvements are amortized over the shorter of the useful life or the non-cancelable lease term. |
Other Real Estate Owned | Other Real Estate Owned ("OREO"): Assets acquired in settlement of mortgage loan indebtedness are recorded as OREO and are included in other assets on the consolidated balance sheets, initially at the lower of the estimated fair value of the asset, less estimated selling costs, or the carrying amount of the loan. Costs to maintain the assets and subsequent gains and losses on sales are included in OREO and repossession expense on the consolidated statements of income. |
Mortgage Servicing Rights | Mortgage Servicing Rights ("MSRs"): The estimated fair value of MSRs related to residential mortgage loans sold and serviced by the Corporation is recorded as an asset upon the sale of such loans. MSRs are amortized as a reduction to servicing income over the estimated lives of the underlying loans. MSRs are stratified and evaluated for impairment by comparing each stratum's carrying amount to its estimated fair value. Fair values are determined through a discounted cash flows valuation completed by a third-party valuation expert. Significant inputs to the valuation include expected net servicing income, the discount rate and the expected lives of the underlying loans. Expected life is based on the contractual terms of the loans, as adjusted for prepayment projections. To the extent the amortized cost of the MSRs exceeds their estimated fair value, a valuation allowance is established through a charge against servicing income, included as a component of mortgage banking income on the consolidated statements of income. If subsequent valuations indicate that impairment no longer exists, the valuation allowance is reduced through an increase to servicing income. |
Derivative Financial Instruments | Derivative Financial Instruments: The Corporation manages its exposure to certain interest rate and foreign currency risks through the use of derivatives. None of the Corporation's outstanding derivative contracts are designated as hedges and none are entered into for speculative purposes. Derivative instruments are carried at fair value, with changes in fair values recognized in earnings as components of non-interest income or non-interest expense on the consolidated statements of income. Derivative contracts create counterparty credit risk with both the Corporation's customers and with institutional derivative counterparties. The Corporation manages counterparty credit risk through its credit approval processes, monitoring procedures and obtaining adequate collateral, when the Corporation determines it is appropriate to do so and in accordance with counterparty contracts. Mortgage Banking Derivatives In connection with its mortgage banking activities, the Corporation enters into commitments to originate certain fixed-rate residential mortgage loans for customers, also referred to as interest rate locks. In addition, the Corporation enters into forward commitments for the future sales or purchases of mortgage-backed securities to or from third-party counterparties to hedge the effect of changes in interest rates on the values of both the interest rate locks and mortgage loans held for sale. Forward sales commitments may also be in the form of commitments to sell individual mortgage loans at a fixed price at a future date. The amount necessary to settle each interest rate lock is based on the price that secondary market investors would pay for loans with similar characteristics, including interest rate and term, as of the date fair value is measured. Gross derivative assets and liabilities are recorded in other assets and other liabilities, respectively, on the consolidated balance sheets, with changes in fair values during the period 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 and the gross fair values are recorded 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 fair values are recorded in other assets and other liabilities on the consolidated balance sheets, with changes in fair values during the period recorded in other service charges and fees on the consolidated statements of income. |
Balance Sheet Offsetting | Balance Sheet Offsetting: Although certain financial assets and liabilities may be eligible for offset on the consolidated balance sheets as they are subject to master netting arrangements or similar agreements, the Corporation elects to not offset such qualifying assets and liabilities. The Corporation is a party to interest rate swap transactions with financial institution counterparties and customers. Under these agreements, the Corporation has the right to net-settle multiple contracts with the same counterparty in the event of default on, or termination of, any one contract. Cash collateral is posted by the party with a net liability position in accordance with contract thresholds and can be used to settle the fair value of the interest rate swap agreements in the event of default. The Corporation 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. For additional details, see "Note 10 - Derivative Financial Instruments." The Corporation also enters into agreements with customers in which it sells securities subject to an obligation to repurchase the same or similar securities, referred to as repurchase agreements. Under these agreements, the Corporation may transfer legal control over the assets but still maintain effective control through agreements that both entitle and obligate the Corporation to repurchase the assets. Therefore, repurchase agreements are reported as secured borrowings, classified 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. |
Income Taxes | Income Taxes: |
Stock-Based Compensation | Stock-Based Compensation: The Corporation grants equity awards to employees, consisting of stock options, restricted stock, restricted stock units ("RSUs") and performance-based restricted stock units ("PSUs") under its Amended and Restated Equity and Cash Incentive Compensation Plan ("Employee Equity Plan"). In addition, employees may purchase stock under the Corporation’s Employee Stock Purchase Plan ("ESPP"). The Corporation also grants stock equity awards to non-employee members of its board of directors under the 2011 Directors’ Equity Participation Plan ("Directors’ Plan"). Under the Directors’ Plan, the Corporation can grant equity awards to non-employee holding company and subsidiary bank directors in the form of stock options, restricted stock or common stock. Stock option fair values are estimated through the use of the Black-Scholes valuation methodology as of the date of grant. Stock options carry terms of up to ten years. The fair value of restricted stock, RSUs and a majority of PSUs are based on the trading price of the Corporation's stock on the date of grant. The fair value of certain PSUs are estimated through the use of the Monte Carlo valuation methodology as of the date of grant. 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. Restricted stock, RSUs and PSUs earn dividends during the vesting period, which are forfeitable if the awards do not vest. The fair value of stock options, restricted stock and RSUs granted to employees is recognized as compensation expense over the vesting period for such awards. Compensation expense for PSUs is also recognized over the vesting period, however, compensation expense for PSUs may vary based on the expectations for actual performance relative to defined performance measures. |
Net Income Per Share | Net Income Per Share: Basic net income per common share is calculated as net income divided by the weighted average number of shares outstanding. Diluted net income per share is calculated as net income divided by the weighted average number of shares outstanding plus the incremental number of shares added as a result of converting common stock equivalents, calculated using the treasury stock method. The Corporation’s common stock equivalents consist of outstanding stock options, restricted stock, RSUs and PSUs. PSUs are required to be included in weighted average diluted shares outstanding if performance measures, as defined in each PSU award agreement, are met as of the end of the period. |
Disclosures about Segments of an Enterprise and Related Information | Disclosures about Segments of an Enterprise and Related Information : The Corporation does not have any operating segments which require disclosure of additional information. While the Corporation owns six separate banks, each engages in similar activities, provides similar products and services, and operates in the same general geographic area. The Corporation’s non-banking activities are immaterial and, therefore, separate information has not been disclosed. |
Financial Guarantees | Financial Guarantees : Financial guarantees, which consist primarily of standby and commercial letters of credit, are accounted for by recognizing a liability equal to the fair value of the guarantees and crediting the liability to income over the term of the guarantee. Fair value is estimated based on the fees currently charged to enter into similar agreements with similar terms. |
Business Combinations and Intangible Assets | Business Combinations and Intangible Assets : The Corporation accounts for its acquisitions using the purchase accounting method. Purchase accounting requires that all assets acquired and liabilities assumed, including certain intangible assets that must be recognized, be recorded at their estimated fair values as of the acquisition date. Any purchase price exceeding the fair value of net assets acquired is recorded as goodwill. Goodwill is not amortized to expense, but is tested for impairment at least annually. A quantitative annual impairment test is not required if, based on a qualitative analysis, the Corporation determines that the existence of events and circumstances indicate that it is more likely than not that goodwill is not impaired. Write-downs of the balance, if necessary as a result of the impairment test, are charged to expense in the period in which goodwill is determined to be impaired. The Corporation performs its annual test of goodwill impairment as of October 31st of each year. If certain events occur which indicate goodwill might be impaired between annual tests, goodwill must be tested when such events occur. Based on the results of its annual impairment tests, the Corporation concluded that there was no impairment in 2016 , 2015 or 2014 . See "Note 6 - Goodwill and Intangible Assets," for additional details. Intangible assets are amortized over their estimated lives. Some intangible assets have indefinite lives and are, therefore, not amortized. All intangible assets must be evaluated for impairment if certain events occur. Any impairment write-downs are recognized as non-interest expense on the consolidated statements of income. |
Variable Interest Entities | Variable Interest Entities ("VIEs") : FASB ASC Topic 810 provides guidance on when to consolidate certain VIEs in the financial statements of the Corporation. VIEs are entities in which equity investors do not have a controlling financial interest or do not have sufficient equity at risk for the entity to finance activities without additional financial support from other parties. VIEs are assessed for consolidation under ASC Topic 810 when the Corporation holds variable interests in these entities. The Corporation consolidates VIEs when it is deemed to be the primary beneficiary. The primary beneficiary of a VIE is determined to be the party that has the power to make decisions that most significantly affect the economic performance of the VIE and has the obligation to absorb losses or the right to receive benefits that in either case could potentially be significant to the VIE. The Parent Company owns all of the common stock of three subsidiary trusts, which have issued securities (Trust Preferred Securities) in conjunction with the Parent Company issuing junior subordinated deferrable interest debentures to the trusts. The terms of the junior subordinated deferrable interest debentures are the same as the terms of the Trust Preferred Securities ("TruPS"). The Parent Company’s obligations under the debentures constitute a full and unconditional guarantee by the Parent Company of the obligations of the trusts. The provisions of ASC Topic 810 related to subsidiary trusts, as interpreted by the SEC, disallow consolidation of subsidiary trusts in the financial statements of the Corporation. As a result, TruPS are not included on the Corporation’s consolidated balance sheets. The junior subordinated debentures issued by the Parent Company to the subsidiary trusts, which have the same total balance and rate as the combined equity securities and TruPS issued by the subsidiary trusts, remain in long-term debt. See "Note 9 - Short-Term Borrowings and Long-Term Debt," for additional information. |
Fair Value Measurements | Fair Value Measurements: FASB ASC Topic 820 establishes a fair value hierarchy for the inputs to valuation techniques used to measure assets and liabilities at fair value using the following three categories (from highest to lowest priority): • Level 1 – Inputs that represent quoted prices for identical instruments in active markets. • Level 2 – Inputs that represent quoted prices for similar instruments in active markets, or quoted prices for identical instruments in non-active markets. Also includes valuation techniques whose inputs are derived principally from observable market data other than quoted prices, such as interest rates or other market-corroborated means. • Level 3 – Inputs that are largely unobservable, as little or no market data exists for the instrument being valued. The Corporation has categorized all assets and liabilities required to be measured at fair value on both a recurring and nonrecurring basis into the above three levels. See "Note 18 - Fair Value Measurements," for additional details. Fair Value Option: The Corporation has elected to measure mortgage loans held for sale at fair value. Derivative financial instruments related to mortgage banking activities are also recorded at fair value, as detailed under the heading "Derivative Financial Instruments," below. The Corporation determines fair value for its mortgage loans held for sale based on the price that secondary market investors would pay for loans with similar characteristics, including interest rate and term, as of the date fair value is measured. Changes in fair values during the period are recorded as components of mortgage banking income on the consolidated statements of income. Interest income earned on mortgage loans held for sale is classified in interest income on the consolidated statements of income. |
New Accounting Standards | Recently Adopted Accounting Standards: In August 2014, the FASB issued ASC Update 2014-15, "Presentation of Financial Statements - Going Concern." ASC Update 2014-15 provides guidance regarding management's responsibility to evaluate whether there is substantial doubt about an entity's ability to continue as a going concern and to provide related disclosures. The standards update describes how an entity's management should assess whether there are conditions and events, considered in the aggregate, that raise substantial doubt about an entity's ability to continue as a going concern within one year after the date that the financial statements are issued. For public business entities, ASC Update 2014-15 was effective for annual reporting periods ending after December 15, 2016, with earlier adoption permitted. For the Corporation, this standards update was effective with this 2016 annual report on Form 10-K. The adoption of ASC Update 2014-15 did not have an impact on the Corporation’s consolidated financial statements. In November 2014, the FASB issued ASC Update 2014-16, "Derivatives and Hedging: Determining Whether the Host Contract in a Hybrid Financial Instrument Issued in the Form of a Share is More Akin to Debt or to Equity." ASC Update 2014-16 was issued to reduce existing diversity in the accounting for hybrid financial instruments issued in the form of a share, such as redeemable convertible preferred stock. ASC Update 2014-16 applies to all entities that are issuers of, or investors in, hybrid financial instruments that are issued in the form of a share, and was effective for public business entities’ annual reporting periods beginning after December 15, 2015 and interim periods within those annual periods, with earlier adoption permitted. For the Corporation, this standards update was effective with its March 31, 2016 quarterly report on Form 10-Q. The adoption of ASC Update 2014-16 did not have an impact on the Corporation’s consolidated financial statements. In January 2015, the FASB issued ASC Update 2015-01, "Income Statement - Extraordinary and Unusual Items." ASC Update 2015-01 was issued to eliminate the concept of extraordinary items from U.S. GAAP. net of tax, after income from continuing operations. ASC Update 2015-01 amends existing extraordinary items disclosure guidance. Under the amended guidance, reporting entities will no longer separately disclose extraordinary items, net of tax, after income from continuing operations in the income statement. ASC Update 2015-01 was effective for annual reporting periods beginning after December 15, 2015, with earlier adoption permitted provided that the guidance is applied from the beginning of the fiscal year of adoption. The Corporation adopted this standards update effective with its March 31, 2016 quarterly report on Form 10-Q and the adoption of ASC Update 2015-01 did not have an impact on its consolidated financial statements. In February 2015, the FASB issued ASC Update 2015-02, "Consolidation: Amendments to the Consolidation Analysis." ASC Update 2015-02 changes the way reporting enterprises evaluate whether: (a) they should consolidate limited partnerships and similar entities, (b) fees paid to a decision maker or service provider are variable interests in a VIE, and (c) variable interests in a VIE held by related parties of the reporting enterprise require the reporting enterprise to consolidate the VIE. ASC Update 2015-02 was effective for public business entities' annual and interim reporting periods beginning after December 15, 2015, with earlier adoption permitted. The Corporation adopted this standards update effective with its March 31, 2016 quarterly report on Form 10-Q, and the adoption of ASC Update 2015-02 did not have an impact on its consolidated financial statements. In April 2015, the FASB issued ASC Update 2015-03, "Interest - Imputation of Interest" and updated ASC Update 2015-03 with the issuance of ASC Update 2015-15, "Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements," in August of 2015. ASC Update 2015-03 simplifies the presentation of debt issuances costs. Debt issuance costs related to a recognized debt liability will be presented on the balance sheet as a direct deduction to the debt liability, similar to the presentation of debt discounts. Under prior U.S. GAAP, debt issuance costs were reported on the balance sheet as assets. The costs will continue to be amortized to interest expense using the effective interest method. ASC Update 2015-03 was effective for public business entities' annual and interim reporting periods beginning after December 15, 2015, with earlier adoption permitted. The Corporation adopted this standards update effective with its March 31, 2016 quarterly report on Form 10-Q and the adoption of ASC Update 2015-03 did not have a material impact on its consolidated financial statements. In April 2015, the FASB issued ASC Update 2015-05, "Customer's Accounting for Fees Paid in a Cloud Computing Arrangement." ASC Update 2015-05 provides explicit guidance to determine when a customer's fees paid in a cloud computing arrangement is for the acquisition of software licenses, services, or both. ASC Update 2015-05 was effective for public business entities' annual and interim reporting periods beginning after December 15, 2015, with earlier adoption permitted. The Corporation adopted this standards update effective with its March 31, 2016 quarterly report on Form 10-Q and the adoption of ASC Update 2015-05 did not have a material impact on its consolidated financial statements. 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 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. The Corporation currently operates a number of branches that are leased, with the leases accounted for as operating leases that are not recognized on the balance sheet. Under ASC update 2016-02, right-of-use assets and lease liabilities will need to be recognized on the consolidated balance sheet for these branches. This is expected to be the most significant impact of the adoption of this standards update. 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 does not expect the adoption of ASC Update 2016-09 to have a material impact 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. The Corporation intends to adopt this standards update 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. In August 2016, the FASB issued ASC Update 2016-15, "Statement of Cash Flows - Classification of Certain Cash Receipts and Cash Payments." This standards update provides guidance regarding the presentation of certain cash receipts and cash payments in the statement of cash flows, addressing eight specific cash flow classification issues, in order to reduce existing diversity in practice. ASC Update 2016-15 is effective for interim and annual reporting periods beginning after December 15, 2017. Early adoption is 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 2016-15 to have a material impact on its consolidated financial statements. In November 2016, the FASB issued ASC Update 2016-18, "Statement of Cash Flows - Restricted Cash." This standards update provides guidance regarding the presentation of restricted cash in the statement of cash flows. The update requires companies to include amounts generally described as restricted cash and restricted cash equivalents, along with cash and cash equivalents, when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. It also requires an entity to disclose the nature of the restrictions on cash and cash equivalents. ASC Update 2016-18 is effective for interim and annual reporting periods beginning after December 15, 2017. Early adoption is 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 2016-18 to have a material impact on its consolidated financial statements. In January 2017, the FASB issued ASC Update 2017-04, "Intangibles - Goodwill and Other." This standards update eliminates Step 2 of the goodwill impairment test which measures the impairment amount. Identifying and measuring impairment will take place in a single quantitative step. In addition, no separate qualitative assessment for reporting units with zero or negative carrying amount is required. Entities must disclose the existence of these reporting units and the amount of goodwill allocated to them. This update should be applied on a prospective basis and an entity is required to disclose the nature of and reason for the change in accounting principle upon transition. ASC Update 2017-04 is effective for annual or interim goodwill impairment tests in reporting periods beginning after December 15, 2019. Early adoption is permitted. The Corporation intends to adopt this standards update effective with its 2020 goodwill impairment test and does not expect the adoption of ASC Update 2017-04 to have a material impact on its consolidated financial statements. |
Reclassification | Reclassifications: Certain amounts in the 2015 and 2014 consolidated financial statements and notes have been reclassified to conform to the 2016 presentation. |
Summary of Significant Accoun29
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Reconciliation of Weighted Average Common Shares Outstanding | A reconciliation of weighted average common shares outstanding used to calculate basic and diluted net income per share follows: 2016 2015 2014 (in thousands) Weighted average common shares outstanding (basic) 173,325 175,721 186,219 Impact of common stock equivalents 1,093 1,053 962 Weighted average common shares outstanding (diluted) 174,418 176,774 187,181 |
Investment Securities (Tables)
Investment Securities (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Amortized Cost and Fair Values of Investment Securities | The following tables present the amortized cost and estimated fair values of investment securities, which were all classified as available for sale, as of December 31 : Amortized Gross Gross Estimated (in thousands) 2016 U.S. Government sponsored agency securities $ 132 $ 2 $ — $ 134 State and municipal securities 405,274 2,043 (15,676 ) 391,641 Corporate debt securities 112,016 1,978 (4,585 ) 109,409 Collateralized mortgage obligations 604,095 1,943 (12,178 ) 593,860 Mortgage-backed securities 1,353,292 6,546 (17,437 ) 1,342,401 Auction rate securities 107,215 — (9,959 ) 97,256 Total debt securities 2,582,024 12,512 (59,835 ) 2,534,701 Equity securities 12,231 12,295 — 24,526 Total $ 2,594,255 $ 24,807 $ (59,835 ) $ 2,559,227 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 December 31, 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 $ 54,727 $ 55,027 Due from one year to five years 28,720 29,342 Due from five years to ten years 95,658 96,933 Due after ten years 445,532 417,138 624,637 598,440 Collateralized mortgage obligations (1) 604,095 593,860 Mortgage-backed securities (1) 1,353,292 1,342,401 Total debt securities $ 2,582,024 $ 2,534,701 |
Summary of Gains and Losses from Equity and Debt Securities, and Losses Recognized from Other-than-Temporary Impairment | The following table presents information related to gross gains and losses on the sales of equity and debt securities, and losses recognized for other-than-temporary impairment of investments: Gross Gross Other- Net (in thousands) 2016: Equity securities $ 2,005 $ (10 ) $ — $ 1,995 Debt securities 581 (26 ) — 555 Total $ 2,586 $ (36 ) $ — $ 2,550 2015: Equity securities $ 6,496 $ (1 ) $ — $ 6,495 Debt securities 2,571 — — 2,571 Total $ 9,067 $ (1 ) $ — $ 9,066 2014: Equity securities $ 335 $ — $ (12 ) $ 323 Debt securities 2,058 (322 ) (18 ) 1,718 Total $ 2,393 $ (322 ) $ (30 ) $ 2,041 |
Summary Of Other Than Temporary Impairment Charges Recorded In Statement Of Operations | There were no other-than-temporary impairment charges in 2016 or 2015. In 2014, there were $30,000 of other-than-temporary impairment charges, consisting of $12,000 of impairment charges on equity securities and $18,000 of charges on pooled trust preferred securities. |
Summary of Cumulative Other-than-Temporary Impairment Charges Recognized in Earnings for Pooled Trust Preferred Securities Held | The following table presents a summary of the cumulative credit related other-than-temporary impairment charges, recognized as components of earnings, for debt securities held by the Corporation at December 31 : 2016 2015 2014 (in thousands) Balance of cumulative credit losses on debt securities, beginning of year $ (11,510 ) $ (16,242 ) $ (20,691 ) Additions for credit losses recorded which were not previously recognized as components of earnings — — (18 ) Reductions for securities sold during the period — 4,730 4,460 Reductions for increases in cash flows expected to be collected that are recognized over the remaining life of the security — 2 7 Balance of cumulative credit losses on debt securities, end of year $ (11,510 ) $ (11,510 ) $ (16,242 ) |
Gross Unrealized Losses and Fair Values of Investments by Category and Length of Time in Continuous Unrealized Loss Position | The following table presents the gross unrealized losses and estimated fair values of investments, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, as of December 31, 2016 . There were no gross unrealized losses on equity securities as of December 31, 2016 . Less Than 12 months 12 Months or Longer Total Estimated Unrealized Estimated Unrealized Estimated Unrealized (in thousands) State and municipal securities $ 247,509 $ (15,676 ) $ — $ — $ 247,509 $ (15,676 ) Corporate debt securities 11,922 (110 ) 34,629 (4,475 ) 46,551 (4,585 ) Collateralized mortgage obligations 166,905 (3,899 ) 258,237 (8,279 ) 425,142 (12,178 ) Mortgage-backed securities 1,137,510 (17,437 ) — — 1,137,510 (17,437 ) Auction rate securities — — 97,256 (9,959 ) 97,256 (9,959 ) Total debt securities 1,563,846 (37,122 ) 390,122 (22,713 ) 1,953,968 (59,835 ) For comparative purposes, the following table presents gross unrealized losses and the estimated fair value of investments, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at December 31, 2015. Less Than 12 months 12 Months or Longer Total Estimated Unrealized Estimated Unrealized Estimated Unrealized (in thousands) U.S. Government sponsored agency securities $ 9,957 $ (53 ) $ — $ — $ 9,957 $ (53 ) Corporate debt securities 12,892 (97 ) 33,036 (5,979 ) 45,928 (6,076 ) Collateralized mortgage obligations 166,007 (1,467 ) 467,778 (15,505 ) 633,785 (16,972 ) Mortgage-backed securities 611,920 (4,783 ) 63,818 (1,421 ) 675,738 (6,204 ) Auction rate securities — — 98,059 (8,713 ) 98,059 (8,713 ) Total debt securities 800,776 (6,400 ) 662,691 (31,618 ) 1,463,467 (38,018 ) Equity securities — — 14 (8 ) 14 (8 ) Total $ 800,776 $ (6,400 ) $ 662,705 $ (31,626 ) $ 1,463,481 $ (38,026 ) |
Summary of Amortized Cost and Fair Values of Corporate Debt Securities | The majority of the Corporation’s available for sale corporate debt securities are issued by financial institutions. The following table presents the amortized cost and estimated fair values of corporate debt securities as of December 31 : 2016 2015 Amortized Estimated Amortized Estimated (in thousands) Single-issuer trust preferred securities $ 43,746 $ 39,829 $ 44,648 $ 39,106 Subordinated debt 46,231 46,723 39,610 40,779 Senior debt 18,037 18,433 12,043 12,329 Pooled trust preferred securities — 422 — 706 Corporate debt securities issued by financial institutions 108,014 105,407 96,301 92,920 Other corporate debt securities 4,002 4,002 4,035 4,035 Available for sale corporate debt securities $ 112,016 $ 109,409 $ 100,336 $ 96,955 |
Loans and Allowance for Credi31
Loans and Allowance for Credit Losses (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Receivables [Abstract] | |
Summary of Gross Loans by Type | Loans, net of unearned income are summarized as follows as of December 31 : 2016 2015 (in thousands) Real estate – commercial mortgage $ 6,018,582 $ 5,462,330 Commercial – industrial, financial and agricultural 4,087,486 4,088,962 Real estate – home equity 1,625,115 1,684,439 Real estate – residential mortgage 1,601,994 1,376,160 Real estate – construction 843,649 799,988 Consumer 291,470 268,588 Leasing and other 246,704 170,914 Overdrafts 3,662 2,737 Loans, gross of unearned income 14,718,662 13,854,118 Unearned income (19,390 ) (15,516 ) Loans, net of unearned income $ 14,699,272 $ 13,838,602 |
Schedule of Allowance for Credit Losses | The following table presents the components of the allowance for credit losses as of December 31 : 2016 2015 2014 (in thousands) Allowance for loan losses $ 168,679 $ 169,054 $ 184,144 Reserve for unfunded lending commitments 2,646 2,358 1,787 Allowance for credit losses $ 171,325 $ 171,412 $ 185,931 |
Activity in the Allowance for Credit Losses | The following table presents the activity in the allowance for credit losses for the years ended December 31 : 2016 2015 2014 (in thousands) Balance at beginning of year $ 171,412 $ 185,931 $ 204,917 Loans charged off (33,927 ) (32,157 ) (44,593 ) Recoveries of loans previously charged off 20,658 15,388 13,107 Net loans charged off (13,269 ) (16,769 ) (31,486 ) Provision for credit losses 13,182 2,250 12,500 Balance at end of year $ 171,325 $ 171,412 $ 185,931 The following table presents the activity in the allowance for loan losses by portfolio segment for the years ended December 31 and loans, net of unearned income, and their related allowance for loan losses, by portfolio segment, as of December 31: Real Estate - Commercial - Real Estate - Real Estate - Real Estate - Consumer Leasing Unallocated Total (in thousands) 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 (4,218 ) (15,639 ) (3,604 ) (3,612 ) (201 ) (2,227 ) (2,656 ) — (32,157 ) Recoveries of loans previously charged off 2,801 5,264 1,362 1,322 2,824 1,130 685 — 15,388 Net loans charged off (1,417 ) (10,375 ) (2,242 ) (2,290 ) 2,623 (1,097 ) (1,971 ) — (16,769 ) Provision for loan losses (1) (4,210 ) 16,095 (3,624 ) (5,407 ) (5,850 ) 667 2,640 1,368 1,679 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 (3,580 ) (15,276 ) (4,912 ) (2,326 ) (1,218 ) (2,800 ) (3,815 ) — (33,927 ) Recoveries of loans previously charged off 3,373 8,981 1,171 1,072 3,924 1,295 842 — 20,658 Net loans charged off (207 ) (6,295 ) (3,741 ) (1,254 ) 2,706 (1,505 ) (2,973 ) — (13,269 ) Provision for loan losses (1) (817 ) 3,550 8,137 2,808 (2,780 ) 2,494 3,697 (4,195 ) 12,894 Balance at December 31, 2016 $ 46,842 $ 54,353 $ 26,801 $ 22,929 $ 6,455 $ 3,574 $ 3,192 $ 4,533 $ 168,679 Allowance for loan losses at December 31, 2016 Measured for impairment under FASB ASC Subtopic 450-20 $ 36,680 $ 40,700 $ 17,290 $ 11,032 $ 4,587 $ 3,548 $ 3,192 $ 4,533 $ 121,562 Evaluated for impairment under FASB ASC Section 310-10-35 10,162 13,653 9,511 11,897 1,868 26 — N/A 47,117 $ 46,842 $ 54,353 $ 26,801 $ 22,929 $ 6,455 $ 3,574 $ 3,192 $ 4,533 $ 168,679 Loans, net of unearned income at December 31, 2016 Measured for impairment under FASB ASC Subtopic 450-20 $ 5,963,689 $ 4,038,511 $ 1,605,910 $ 1,555,946 $ 833,117 $ 291,430 $ 230,976 N/A $ 14,519,579 Evaluated for impairment under FASB ASC Section 310-10-35 54,893 48,975 19,205 46,048 10,532 40 — N/A 179,693 $ 6,018,582 $ 4,087,486 $ 1,625,115 $ 1,601,994 $ 843,649 $ 291,470 $ 230,976 N/A $ 14,699,272 Allowance for loan losses at December 31, 2015 Measured for impairment under FASB ASC Subtopic 450-20 $ 35,395 $ 42,515 $ 14,412 $ 7,953 $ 4,134 $ 2,563 $ 1,764 $ 8,728 $ 117,464 Evaluated for impairment under FASB ASC Section 310-10-35 12,471 14,583 7,993 13,422 2,395 22 704 N/A 51,590 $ 47,866 $ 57,098 $ 22,405 $ 21,375 $ 6,529 $ 2,585 $ 2,468 $ 8,728 $ 169,054 Loans, net of unearned income at December 31, 2015 Measured for impairment under FASB ASC Subtopic 450-20 $ 5,404,036 $ 4,040,810 $ 1,668,673 $ 1,325,735 $ 784,002 $ 268,555 $ 156,710 N/A $ 13,648,521 Evaluated for impairment under FASB ASC Section 310-10-35 58,294 48,152 15,766 50,425 15,986 33 1,425 N/A 190,081 $ 5,462,330 $ 4,088,962 $ 1,684,439 $ 1,376,160 $ 799,988 $ 268,588 $ 158,135 N/A $ 13,838,602 (1) For the year ended December 31, 2016 , the provision for loan losses excluded a $288,000 increase in the reserve for unfunded lending commitments. The total provision for credit losses, comprised of allocations for both funded and unfunded loans, was $13.2 million for the year ended December 31, 2016 . For the year ended December 31, 2015 , the provision for loan losses excluded a $571,000 increase in the reserve for unfunded lending commitments. The total provision for credit losses was $2.3 million for the year ended December 31, 2015 . N/A – Not applicable. |
Total Impaired Loans by Class Segment | The following table presents total impaired loans by class segment as of December 31 : 2016 2015 Unpaid Recorded Related Unpaid Recorded Related (in thousands) With no related allowance recorded: Real estate - commercial mortgage $ 28,757 $ 25,447 $ — $ 27,872 $ 22,596 $ — Commercial - secured 29,296 25,526 — 18,012 13,702 — Real estate - residential mortgage 4,689 4,689 — 4,790 4,790 — Construction - commercial residential 6,271 4,795 — 9,916 8,865 — 69,013 60,457 60,590 49,953 With a related allowance recorded: Real estate - commercial mortgage 37,132 29,446 10,162 45,189 35,698 12,471 Commercial - secured 27,767 22,626 13,198 39,659 33,629 14,085 Commercial - unsecured 1,122 823 455 971 821 498 Real estate - home equity 23,971 19,205 9,511 20,347 15,766 7,993 Real estate - residential mortgage 48,885 41,359 11,897 55,242 45,635 13,422 Construction - commercial residential 10,103 4,206 1,300 9,949 6,290 2,110 Construction - commercial 681 435 145 820 638 217 Construction - other 1,096 1,096 423 331 193 68 Consumer - indirect 19 19 12 14 14 8 Consumer - direct 21 21 14 19 19 14 Leasing and other and overdrafts — — — 1,658 1,425 704 150,797 119,236 47,117 174,199 140,128 51,590 Total $ 219,810 $ 179,693 $ 47,117 $ 234,789 $ 190,081 $ 51,590 As of December 31, 2016 and 2015 , there were $60.5 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 the loans have been charged down to realizable collateral values. Accordingly, no specific valuation allowance was considered to be necessary. The following table presents average impaired loans, by class segment, for the years ended December 31 : 2016 2015 2014 Average Interest Income Average Interest Income Average Interest Income (in thousands) With no related allowance recorded: Real estate - commercial mortgage $ 24,232 $ 294 $ 25,345 $ 315 $ 23,467 $ 320 Commercial - secured 19,825 104 15,654 97 18,928 119 Commercial - unsecured — — 17 — — — Real estate - home equity — — — — 180 1 Real estate - residential mortgage 5,598 126 5,389 124 1,532 31 Construction - commercial residential 6,285 48 11,685 148 15,421 227 Construction - commercial — — 915 — 1,907 — 55,940 572 59,005 684 61,435 698 With a related allowance recorded: Real estate - commercial mortgage 31,737 384 39,232 475 38,240 524 Commercial - secured 25,857 130 25,660 150 20,991 129 Commercial - unsecured 887 4 1,749 6 895 3 Real estate - home equity 17,912 285 13,887 144 13,976 108 Real estate - residential mortgage 42,191 908 46,252 1,041 50,281 1,178 Construction - commercial residential 5,295 41 6,455 79 8,723 136 Construction - commercial 524 — 931 — 1,900 — Construction - other 682 — 263 — 387 — Consumer - indirect 15 1 16 1 7 — Consumer - direct 18 1 17 1 16 1 Leasing, other and overdrafts 854 — 285 — — — 125,972 1,754 134,747 1,897 135,416 2,079 Total $ 181,912 $ 2,326 $ 193,752 $ 2,581 $ 196,851 $ 2,777 (1) All impaired loans, excluding accruing TDRs, were non-accrual loans. Interest income recognized for the years ended December 31, 2016 , 2015 and 2014 represents amounts earned on accruing TDRs. |
Financing Receivable Credit Quality Indicators | The following table presents internal credit risk ratings as of December 31 : Pass Special Mention Substandard or Lower Total 2016 2015 2016 2015 2016 2015 2016 2015 (dollars in thousands) Real estate - commercial mortgage $ 5,763,122 $ 5,204,263 $ 132,484 $ 102,625 $ 122,976 $ 155,442 $ 6,018,582 $ 5,462,330 Commercial - secured 3,686,152 3,696,692 128,873 92,711 118,527 136,710 3,933,552 3,926,113 Commercial -unsecured 145,922 156,742 4,481 2,761 3,531 3,346 153,934 162,849 Total commercial - industrial, financial and agricultural 3,832,074 3,853,434 133,354 95,472 122,058 140,056 4,087,486 4,088,962 Construction - commercial residential 113,570 140,337 15,447 17,154 13,172 21,812 142,189 179,303 Construction - commercial 635,963 552,710 3,412 3,684 5,115 3,597 644,490 559,991 Total real estate - construction (excluding construction - other) 749,533 693,047 18,859 20,838 18,287 25,409 786,679 739,294 Total $ 10,344,729 $ 9,750,744 $ 284,697 $ 218,935 $ 263,321 $ 320,907 $ 10,892,747 $ 10,290,586 % of Total 95.0 % 94.8 % 2.6 % 2.1 % 2.4 % 3.1 % 100.0 % 100.0 % The following table presents delinquency and non-performing status for loans that do not have internal credit risk ratings, by class segment, as of December 31 : Performing Delinquent (1) Non-performing (2) Total 2016 2015 2016 2015 2016 2015 2016 2015 (dollars in thousands) Real estate - home equity $ 1,602,687 $ 1,660,773 $ 9,274 $ 8,983 $ 13,154 $ 14,683 $ 1,625,115 $ 1,684,439 Real estate - residential mortgage 1,557,995 1,329,371 20,344 18,305 23,655 28,484 1,601,994 1,376,160 Real estate - construction - other 55,874 59,997 — 88 1,096 609 56,970 60,694 Consumer - direct 93,572 94,262 1,752 2,254 1,563 2,203 96,887 98,719 Consumer - indirect 190,656 166,823 3,599 2,809 328 237 194,583 169,869 Total consumer 284,228 261,085 5,351 5,063 1,891 2,440 291,470 268,588 Leasing, other and overdrafts 229,591 155,870 1,068 759 317 1,506 230,976 158,135 Total $ 3,730,375 $ 3,467,096 $ 36,037 $ 33,198 $ 40,113 $ 47,722 $ 3,806,525 $ 3,548,016 % of Total 98.0 % 97.7 % 0.9 % 1.0 % 1.1 % 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 total non-performing assets as of December 31 : 2016 2015 (in thousands) Non-accrual loans $ 120,133 $ 129,523 Loans 90 days or more past due and still accruing 11,505 15,291 Total non-performing loans 131,638 144,814 Other real estate owned 12,815 11,099 Total non-performing assets $ 144,453 $ 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, as of December 31 : 2016 30-59 60-89 ≥ 90 Days Non- Total ≥ 90 Total Past Current Total (in thousands) Real estate - commercial mortgage $ 6,254 $ 1,622 $ 383 $ 38,936 $ 39,319 $ 47,195 $ 5,971,387 $ 6,018,582 Commercial - secured 6,660 2,616 959 41,589 42,548 51,824 3,881,728 3,933,552 Commercial - unsecured 898 35 152 760 912 1,845 152,089 153,934 Total Commercial - industrial, financial and agricultural 7,558 2,651 1,111 42,349 43,460 53,669 4,033,817 4,087,486 Real estate - home equity 6,596 2,678 2,543 10,611 13,154 22,428 1,602,687 1,625,115 Real estate - residential mortgage 15,600 4,744 5,224 18,431 23,655 43,999 1,557,995 1,601,994 Construction - commercial 743 — — 435 435 1,178 643,312 644,490 Construction - commercial residential 233 51 36 8,275 8,311 8,595 133,594 142,189 Construction - other — — — 1,096 1,096 1,096 55,874 56,970 Total Real estate - construction 976 51 36 9,806 9,842 10,869 832,780 843,649 Consumer - direct 1,211 541 1,563 — 1,563 3,315 93,572 96,887 Consumer - indirect 3,200 399 328 — 328 3,927 190,656 194,583 Total Consumer 4,411 940 1,891 — 1,891 7,242 284,228 291,470 Leasing, other and overdrafts 543 525 317 — 317 1,385 229,591 230,976 $ 41,938 $ 13,211 $ 11,505 $ 120,133 $ 131,638 $ 186,787 $ 14,512,485 $ 14,699,272 2015 30-59 60-89 ≥ 90 Days Non- Total ≥ 90 Total Past 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 50 176 — 638 638 864 559,127 559,991 Construction - commercial residential 1,366 494 — 11,213 11,213 13,073 166,230 179,303 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 $ 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 as of December 31 : 2016 2015 (in thousands) Real-estate - residential mortgage $ 27,617 $ 28,511 Real-estate - commercial mortgage 15,957 17,563 Construction - commercial residential 726 3,942 Commercial - secured 6,564 5,833 Real estate - home equity 8,594 4,556 Commercial - unsecured 63 120 Consumer - direct 20 19 Consumer - indirect 19 14 Total accruing TDRs 59,560 60,558 Non-accrual TDRs (1) 27,850 31,035 Total TDRs $ 87,410 $ 91,593 (1) Included within non-accrual loans in the preceding table |
Loan Terms Modified Under Troubled Debt Restructurings during The Period By Class Segment | The following table presents TDRs by class segment and type of concession for loans that were modified during the years ended December 31, 2016, 2015 and 2014: 2016 2015 2014 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 with rate concession — $ — 2 $ 127 3 $ 315 Extend maturity without rate concession 10 3,801 9 3,785 8 1,640 Commercial – unsecured: Extend maturity without rate concession 2 103 1 38 — — Real estate - commercial mortgage: Extend maturity with rate concession — — 5 2,014 1 60 Extend maturity without rate concession — — 4 639 7 6,781 Real estate - home equity: Extend maturity with rate concession — — 2 36 — — Extend maturity without rate concession 89 4,484 3 203 — — Bankruptcy 47 2,671 52 2,501 30 1,551 Real estate – residential mortgage: Extend maturity with rate concession — — 4 750 2 390 Extend maturity without rate concession 2 315 3 262 2 210 Bankruptcy 6 981 7 2,508 19 1,807 Construction - commercial residential: Extend maturity without rate concession — — 1 1,535 3 3,616 Consumer - direct: Bankruptcy 1 2 2 6 7 7 Consumer - indirect: Bankruptcy 1 21 1 12 4 20 Total 158 $ 12,378 96 $ 14,416 86 $ 16,397 |
Schedule Of TDRs Modified Last 12 Months Which Had Payment Default In 2014 | The following table presents TDRs, by class segment, as of December 31, 2016 , 2015 and 2014 that were modified during the years ended December 31, 2016 , 2015 and 2014 and had a post-modification payment default during their respective year of modification. The Corporation defines a payment default as a single missed scheduled payment: 2016 2015 2014 Number of Loans Recorded Investment Number of Loans Recorded Investment Number of Loans Recorded Investment (dollars in thousands) Construction - commercial residential — $ — — $ — 2 $ 1,803 Real estate - commercial mortgage 1 118 4 359 2 1,660 Real estate - residential mortgage 8 1,500 4 445 11 1,430 Commercial - secured 6 2,497 8 3,549 4 1,208 Commercial - unsecured 1 26 — — — — Real estate - home equity 28 1,836 13 763 11 961 Consumer - indirect 1 19 — — — — Consumer - direct — — — — 1 1 Total 45 $ 5,996 29 $ 5,116 31 $ 7,063 |
Premises and Equipment (Tables)
Premises and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Summary of Premises and Equipment | The following is a summary of premises and equipment as of December 31 : 2016 2015 (in thousands) Land $ 36,097 $ 37,380 Buildings and improvements 293,836 297,018 Furniture and equipment 137,282 136,029 Construction in progress 21,096 16,585 488,311 487,012 Less: Accumulated depreciation and amortization (270,505 ) (261,477 ) $ 217,806 $ 225,535 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | The following table summarizes the changes in goodwill: 2016 2015 (in thousands) Goodwill $ 530,593 $ 530,593 Non-amortizing intangible assets 963 963 Balance at end of year $ 531,556 $ 531,556 |
Mortgage Servicing Rights (Tabl
Mortgage Servicing Rights (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Transfers and Servicing [Abstract] | |
Summary of Changes in Mortgage Servicing Rights | The following table summarizes the changes in MSRs, which are included in other assets on the consolidated balance sheets: 2016 2015 (in thousands) Amortized cost: Balance at beginning of year $ 40,944 $ 42,148 Originations of mortgage servicing rights 5,485 6,166 Amortization expense (7,607 ) (7,370 ) Balance at end of year $ 38,822 $ 40,944 Valuation allowance: Balance at beginning of year $ — $ — Net additions to the valuation allowance (1,291 ) — Balance at end of year $ (1,291 ) $ — Net MSRs at end of year $ 37,531 $ 40,944 |
Schedule Of Servicing Assets Expected Amortization Expense | Estimated MSR amortization expense for the next five years, based on balances as of December 31, 2016 and the estimated remaining lives of the underlying loans, follows (in thousands): Year 2017 $ 6,538 2018 6,087 2019 5,590 2020 5,043 2021 4,443 |
Deposits (Tables)
Deposits (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Deposits [Abstract] | |
Schedule Of Deposits Liabilities | Deposits consisted of the following as of December 31 : 2016 2015 (in thousands) Noninterest-bearing demand $ 4,376,137 $ 3,948,114 Interest-bearing demand 3,703,712 3,451,207 Savings and money market accounts 4,179,773 3,868,046 Time deposits 2,753,242 2,864,950 Total Deposits $ 15,012,864 $ 14,132,317 |
Scheduled Maturities Of Time Deposits | The scheduled maturities of time deposits as of December 31, 2016 were as follows (in thousands): Year 2017 $ 1,333,954 2018 376,599 2019 665,027 2020 182,473 2021 105,934 Thereafter 89,255 $ 2,753,242 |
Short-Term Borrowings and Lon36
Short-Term Borrowings and Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Short-Term Borrowings and Long-Term Debt [Abstract] | |
Schedule of Short-term Debt | Short-term borrowings as of December 31, 2016 , 2015 and 2014 and the related maximum amounts outstanding at the end of any month in each of the three years then ended are presented below. The securities underlying the repurchase agreements remain in available for sale investment securities. December 31, Maximum Outstanding 2016 2015 2014 2016 2015 2014 (in thousands) Federal funds purchased $ 278,570 $ 197,235 $ 6,219 $ 449,184 $ 266,338 $ 577,581 Short-term FHLB advances (1) — 110,000 70,000 — 200,000 600,000 Customer repurchase agreements 195,734 111,496 158,394 221,989 212,509 244,729 Customer short-term promissory notes 67,013 78,932 95,106 77,887 93,176 95,106 $ 541,317 $ 497,663 $ 329,719 |
Schedule of Repurchase Agreements | The following table presents information related to customer repurchase agreements: 2016 2015 2014 (dollars in thousands) Amount outstanding as of December 31 $ 195,734 $ 111,496 $ 158,394 Weighted average interest rate as of December 31 0.10 % 0.15 % 0.13 % Average amount outstanding during the year $ 184,978 $ 161,093 $ 197,432 Weighted average interest rate during the year 0.11 % 0.10 % 0.10 % |
Schedule of Long-term Debt Instruments | FHLB advances with an original maturity of one year or more and long-term debt included the following as of December 31: 2016 2015 (in thousands) FHLB advances $ 567,240 $ 587,756 Subordinated debt 350,000 350,000 Junior subordinated deferrable interest debentures 16,496 16,496 Unamortized discounts and issuance costs (4,333 ) (4,710 ) $ 929,403 $ 949,542 |
Schedule of Maturities of Long-term Debt | The following table summarizes the scheduled maturities of FHLB advances with an original maturity of one year or more and long-term debt as of December 31, 2016 (in thousands): Year 2017 $ 114,415 2018 — 2019 202,731 2020 142,370 2021 199,444 Thereafter 270,443 $ 929,403 |
Schedule of Subordinated Borrowing | The following table provides details of the debentures as of December 31, 2016 (dollars in thousands): Debentures Issued to Fixed/ Interest Amount Maturity Callable Call Price Columbia Bancorp Statutory Trust Variable 3.49 % $ 6,186 06/30/34 03/31/17 100.0 Columbia Bancorp Statutory Trust II Variable 2.85 % 4,124 03/15/35 03/31/17 100.0 Columbia Bancorp Statutory Trust III Variable 2.73 % 6,186 06/15/35 03/31/17 100.0 $ 16,496 |
Derivative Financial Instrume37
Derivative Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Summary of Notion Amoutns and Fair Values of Derivative Financial Instruments | The following table presents the notional amounts and fair values of derivative financial instruments as of December 31 : 2016 2015 Notional Asset Notional Asset (in thousands) Interest Rate Locks with Customers Positive fair values $ 87,119 $ 863 $ 87,781 $ 1,291 Negative fair values 18,239 (227 ) 267 (16 ) Net interest rate locks with customers 636 1,275 Forward Commitments Positive fair values 70,031 2,223 69,045 205 Negative fair values 19,964 (112 ) 16,193 (24 ) Net forward commitments 2,111 181 Interest Rate Swaps with Customers Positive fair values 876,744 24,397 846,490 32,915 Negative fair values 583,060 (16,998 ) 8,757 (55 ) Net interest rate swaps with customers 7,399 32,860 Interest Rate Swaps with Dealer Counterparties Positive fair values 583,060 16,998 8,757 55 Negative fair values 876,744 (24,397 ) 846,490 (32,915 ) Net interest rate swaps with dealer counterparties (7,399 ) (32,860 ) Foreign Exchange Contracts with Customers Positive fair values 11,674 504 4,897 114 Negative fair values 4,659 (221 ) 8,050 (184 ) Net foreign exchange contracts with customers 283 (70 ) Foreign Exchange Contracts with Correspondent Banks Positive fair values 7,040 241 9,728 428 Negative fair values 12,869 (447 ) 6,899 (147 ) Net foreign exchange contracts with correspondent banks (206 ) 281 Net derivative fair value asset $ 2,824 $ 1,667 |
Summary of Fair Value Gains and Losses on Derivative Financial Instruments | The following table presents the fair value gains and losses on derivative financial instruments for the years ended December 31: 2016 2015 2014 Statement of Income Classification (in thousands) Interest rate locks with customers $ (639 ) $ (110 ) $ 577 Mortgage banking income Forward commitments 1,930 1,345 (2,422 ) Mortgage banking income Interest rate swaps with customers (25,461 ) 13,342 20,406 Other non-interest expense Interest rate swaps with counterparties 25,461 (13,342 ) (20,406 ) Other non-interest expense Foreign exchange contracts with customers 353 (439 ) 688 Other service charges and fees Foreign exchange contracts with correspondent banks (487 ) 711 (880 ) Other service charges and fees Net fair value gains (losses) on derivative financial instruments $ 1,157 $ 1,507 $ (2,037 ) |
Fair Value, Option, Qualitative Disclosures Related to Election | The Corporation has elected to record mortgage loans held for sale at fair value. The following table presents a summary of mortgage loans held for sale and the impact of the fair value election on the consolidated financial statements as of and for the years ended December 31, 2016 and 2015 : Cost (1) Fair Value Balance Sheet Fair Value Loss Statement of Income Classification (in thousands) December 31, 2016: Mortgage loans held for sale $ 28,708 $ 28,697 Loans held for sale $ (313 ) Mortgage banking income December 31, 2015: Mortgage loans held for sale 16,584 16,886 Loans held for sale (140 ) Mortgage banking income (1) Cost basis of mortgage loans held for sale represents the unpaid principal balance. |
Offsetting Assets and Liabilities | The following table presents the financial instruments that are eligible for offset, and the effects of offsetting, on the consolidated balance sheets as of December 31: Gross Amounts Gross Amounts Not Offset Recognized on the Consolidated on the Balance Sheets Consolidated Financial Cash Net Balance Sheets Instruments (1) Collateral (2) Amount (in thousands) 2016 Interest rate swap derivative assets $ 41,395 $ (15,117 ) $ — $ 26,278 Foreign exchange derivative assets with correspondent banks 241 (241 ) — — Total $ 41,636 $ (15,358 ) $ — $ 26,278 Interest rate swap derivative liabilities $ 41,395 $ (15,117 ) $ (4,010 ) $ 22,268 Foreign exchange derivative liabilities with correspondent banks 447 (241 ) (206 ) — Total $ 41,842 $ (15,358 ) $ (4,216 ) $ 22,268 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 interest rate swap assets, amounts represent any derivative liability fair values that could be offset in the event of counterparty or customer default. For interest rate swap liabilities, amounts represent any derivative asset fair values that could be offset in the event of counterparty or customer default. (2) Amounts represent cash collateral posted on interest rate swap transactions and foreign exchange contracts with financial institution counterparties. Interest rate swaps with customers are collateralized by the underlying loans to those borrowers. Cash and securities collateral amounts are included in the table only to the extent of the net derivative fair values. |
Regulatory Matters (Tables)
Regulatory Matters (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Regulatory Matters [Abstract] | |
Schedule of Compliance with Regulatory Capital Requirements | The following table presents the Total risk-based, Tier I risk-based, Common Equity Tier I risk-based and Tier I leverage requirements for the Corporation and its four significant subsidiaries with total assets in excess of $1 billion , as of December 31, 2016 , under the U.S. Basel III Capital Rules: 2016 Actual For Capital Well Capitalized Amount Ratio Amount Ratio Amount Ratio (dollars in thousands) Total Capital (to Risk-Weighted Assets): Corporation $ 2,074,526 13.2 % $ 1,255,292 8.0 % N/A N/A Fulton Bank, N.A. 1,142,326 12.2 747,359 8.0 $ 934,199 10.0 % Fulton Bank of New Jersey 385,807 13.1 234,782 8.0 293,427 10.0 The Columbia Bank 203,890 12.2 133,836 8.0 167,294 10.0 Lafayette Ambassador Bank 175,254 14.6 96,100 8.0 120,125 10.0 Tier I Capital (to Risk-Weighted Assets): Corporation $ 1,637,150 10.4 % $ 941,469 6.0 % N/A N/A Fulton Bank, N.A 1,050,175 11.2 560,519 6.0 $ 747,359 8.0 % Fulton Bank of New Jersey 348,992 11.9 176,086 6.0 234,782 8.0 The Columbia Bank 185,983 11.1 100,377 6.0 133,836 8.0 Lafayette Ambassador Bank 166,186 13.8 72,075 6.0 96,100 8.0 Common Equity Tier I Capital (to Risk-weighted Assets): Corporation $ 1,637,150 10.4 % $ 706,102 4.5 % N/A N/A Fulton Bank, N.A 1,006,175 10.8 420,389 4.5 $ 607,229 6.5 % Fulton Bank of New Jersey 348,992 11.9 132,065 4.5 190,760 6.5 The Columbia Bank 185,983 11.1 72,282 4.5 108,741 6.5 Lafayette Ambassador Bank 166,186 13.8 54,056 4.5 78,081 6.5 Tier I Capital (to Average Assets): Corporation $ 1,637,150 9.0 % $ 727,745 4.0 % N/A N/A Fulton Bank, N.A 1,050,175 10.1 415,981 4.0 $ 519,977 5.0 % Fulton Bank of New Jersey 348,992 9.4 148,472 4.0 185,590 5.0 The Columbia Bank 185,983 8.6 86,310 4.0 107,888 5.0 Lafayette Ambassador Bank 166,186 10.9 61,129 4.0 76,412 5.0 N/A – Not applicable as "well capitalized" applies to banks only. The following table presents the Total risk-based, Tier I risk-based and Tier I leverage requirements as of December 31, 2015 , under U.S. Basel III Capital Rules: 2015 Actual For Capital Well Capitalized Amount Ratio Amount Ratio Amount Ratio (dollars in thousands) Total Capital (to Risk-Weighted Assets): Corporation $ 1,997,926 13.2 % $ 1,214,868 8.0 % N/A N/A Fulton Bank, N.A. 1,088,709 12.2 714,734 8.0 $ 893,418 10.0 % Fulton Bank of New Jersey 373,465 12.6 236,691 8.0 295,864 10.0 The Columbia Bank 211,355 13.7 123,260 8.0 154,075 10.0 Lafayette Ambassador Bank 172,345 14.1 97,792 8.0 122,240 10.0 Tier I Capital (to Risk-Weighted Assets): Corporation $ 1,544,495 10.2 % $ 911,151 6.0 % N/A N/A Fulton Bank, N.A 1,000,603 11.2 536,051 6.0 $ 714,734 8.0 % Fulton Bank of New Jersey 336,319 11.4 177,518 6.0 236,691 8.0 The Columbia Bank 192,090 12.5 92,445 6.0 123,260 8.0 Lafayette Ambassador Bank 162,092 13.3 73,344 6.0 97,792 8.0 Common Equity Tier I Capital (to Risk-weighted Assets): Corporation $ 1,541,214 10.2 % $ 683,363 4.5 % N/A N/A Fulton Bank, N.A 956,603 10.7 402,038 4.5 $ 580,721 6.5 % Fulton Bank of New Jersey 336,319 11.4 133,139 4.5 192,311 6.5 The Columbia Bank 192,090 12.5 69,334 4.5 100,149 6.5 Lafayette Ambassador Bank 162,092 13.3 55,008 4.5 79,456 6.5 Tier I Capital (to Average Assets): Corporation $ 1,544,495 9.0 % $ 688,500 4.0 % N/A N/A Fulton Bank, N.A 1,000,603 10.2 391,783 4.0 $ 489,729 5.0 % Fulton Bank of New Jersey 336,319 9.5 141,257 4.0 176,572 5.0 The Columbia Bank 192,090 9.7 79,618 4.0 99,523 5.0 Lafayette Ambassador Bank 162,092 11.0 59,152 4.0 73,940 5.0 N/A – Not applicable as "well capitalized" applies to banks only. |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) | The components of the provision for income taxes are as follows: 2016 2015 2014 (in thousands) Current tax expense: Federal $ 33,872 $ 34,455 $ 32,957 State 1,698 2,042 1,126 35,570 36,497 34,083 Deferred tax expense: Federal 7,968 12,752 18,523 State 3,086 672 — 11,054 13,424 18,523 Income tax expense $ 46,624 $ 49,921 $ 52,606 |
Schedule of Effective Income Tax Rate Reconciliation | The differences between the effective income tax rate and the federal statutory income tax rate are as follows: 2016 2015 2014 Statutory tax rate 35.0 % 35.0 % 35.0 % Tax credit investments (7.0 ) (5.2 ) (4.9 ) Tax-exempt income (6.5 ) (6.0 ) (5.4 ) State income taxes, net of federal benefit 1.2 1.9 1.2 Bank owned life insurance (0.6 ) (0.6 ) (0.5 ) Change in valuation allowance 0.3 (0.9 ) (0.8 ) Executive compensation 0.1 0.1 0.1 Other, net (0.1 ) 0.7 (0.3 ) Effective income tax rate 22.4 % 25.0 % 24.4 % |
Schedule of Deferred Tax Assets and Liabilities | The net deferred tax asset recorded by the Corporation is included in other assets and consists of the following tax effects of temporary differences as of December 31 : 2016 2015 (in thousands) Deferred tax assets: Allowance for credit losses $ 62,726 $ 62,846 Postretirement and defined benefit plans 12,659 13,070 Unrealized holding losses on securities available for sale 12,260 3,250 Deferred compensation 12,017 11,839 State loss carryforwards 9,820 11,170 Other accrued expenses 9,520 7,142 Other-than-temporary impairment of investments 5,187 5,501 Other 8,500 10,165 Total gross deferred tax assets 132,689 124,983 Deferred tax liabilities: Direct leasing 27,663 20,309 Mortgage servicing rights 13,369 14,582 Acquisition premiums/discounts 9,167 8,897 Premises and equipment 5,625 5,955 Intangible assets 1,810 1,614 Other 12,530 9,593 Total gross deferred tax liabilities 70,164 60,950 Net deferred tax asset, before valuation allowance 62,525 64,033 Valuation allowance (8,950 ) (8,359 ) Net deferred tax asset $ 53,575 $ 55,674 |
Summary of Income Tax Contingencies | The following summarizes the changes in unrecognized tax benefits for the years ended December 31 : 2016 2015 2014 (in thousands) Balance at beginning of year $ 2,373 $ 1,944 $ 1,651 Prior period tax positions — — 188 Current period tax positions 456 492 269 Lapse of statute of limitations (391 ) (63 ) (164 ) Balance at end of year $ 2,438 $ 2,373 $ 1,944 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Schedule of Costs of Retirement Plans | The following summarizes the Corporation’s expense under its retirement plans for the years ended December 31 : 2016 2015 2014 (in thousands) 401(k) Retirement Plan $ 7,418 $ 6,423 $ 8,643 Pension Plan 4,310 4,102 1,514 $ 11,728 $ 10,525 $ 10,157 |
Pension Plans | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Summary of Pension Plan and Postretirement Plan Net Periodic Benefit Cost | The net periodic pension cost for the Pension Plan, as determined by consulting actuaries, consisted of the following components for the years ended December 31 : 2016 2015 2014 (in thousands) Service cost (1) $ 688 $ 579 $ 367 Interest cost 3,520 3,405 3,413 Expected return on assets (2,318 ) (3,009 ) (3,240 ) Net amortization and deferral 2,420 3,127 974 Net periodic pension cost $ 4,310 $ 4,102 $ 1,514 (1) The Pension Plan was curtailed effective January 1, 2008. Pension plan service cost for all years presented was related to administrative costs associated with the plan and not due to the accrual of additional participant benefits. |
Schedule of Changes in Accumulated Postemployment Benefit Obligations | The following table summarizes the changes in the projected benefit obligation and fair value of plan assets for the plan years ended December 31 : 2016 2015 (in thousands) Projected benefit obligation at beginning of year $ 84,736 $ 93,079 Service cost 688 579 Interest cost 3,520 3,405 Benefit payments (5,172 ) (3,904 ) Change in assumptions 1,635 (7,722 ) Experience gain (44 ) (701 ) Projected benefit obligation at end of year $ 85,363 $ 84,736 Fair value of plan assets at beginning of year $ 46,971 $ 51,730 Employer contributions (1) 5,169 — Actual return on plan assets 1,716 (855 ) Benefit payments (5,172 ) (3,904 ) Fair value of plan assets at end of year $ 48,684 $ 46,971 (1) The Corporation funds at least the minimum amount required by the funding requirements of federal law and regulations. The corporation contributed $5.2 million to the Pension Plan during 2016 . There were no contributions to the Pension Plan in 2015 . |
Schedule of Net Funded Status | The following table presents the funded status of the Pension Plan, included in other liabilities on the consolidated balance sheets, as of December 31 : 2016 2015 (in thousands) Projected benefit obligation $ (85,363 ) $ (84,736 ) Fair value of plan assets 48,684 46,971 Funded status $ (36,679 ) $ (37,765 ) |
Schedule Of Changes In Unrecognized Pension And Postretirement Items | The following table summarizes the changes in the unrecognized net loss included as a component of accumulated other comprehensive loss: Unrecognized Net Loss Gross of tax Net of tax (in thousands) Balance as of December 31, 2014 $ 38,082 $ 24,754 Recognized as a component of 2015 periodic pension cost (3,127 ) (2,033 ) Unrecognized gains arising in 2015 (4,559 ) (2,963 ) Balance as of December 31, 2015 30,396 19,758 Recognized as a component of 2016 periodic pension cost (2,420 ) (1,573 ) Unrecognized losses arising in 2016 2,193 1,425 Balance as of December 31, 2016 $ 30,169 $ 19,610 |
Schedule Of Rates Used To Calculate Net Periodic Pension Costs And Present Value Of Benefit Obligations | The following rates were used to calculate net periodic pension cost and the present value of benefit obligations as of December 31 : 2016 2015 2014 Discount rate-projected benefit obligation 4.00 % 4.25 % 3.75 % Expected long-term rate of return on plan assets 5.00 % 6.00 % 6.00 % |
Schedule of Allocation of Plan Assets | The following table presents a summary of the fair values of the Pension Plan’s assets as of December 31 : 2016 2015 Estimated % of Total Estimated % of Total (dollars in thousands) Equity mutual funds $ 12,689 $ 8,269 Equity common trust funds 7,936 6,350 Equity securities 20,625 42.4 % 14,619 31.1 % Cash and money market funds 7,149 8,196 Fixed income mutual funds 10,540 9,578 Corporate debt securities 3,252 3,749 U.S. Government agency securities 496 2,881 Fixed income securities and cash 21,437 44.0 % 24,404 52.0 % Other alternative investment funds 6,622 13.6 % 7,948 16.9 % $ 48,684 100.0 % $ 46,971 100.0 % |
Schedule of Expected Benefit Payments | Estimated future benefit payments are as follows (in thousands): Year 2017 $ 3,409 2018 3,742 2019 3,831 2020 4,213 2021 4,410 2022 – 2026 24,219 $ 43,824 |
Other Postretirement Benefit Plans | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Summary of Pension Plan and Postretirement Plan Net Periodic Benefit Cost | The components of the net (benefit) expense for postretirement benefits other than pensions are as follows: 2016 2015 2014 (in thousands) Service cost $ — $ — $ 15 Interest cost 85 206 206 Net amortization and deferral (551 ) (258 ) (347 ) Net postretirement benefit cost $ (466 ) $ (52 ) $ (126 ) |
Schedule of Changes in Accumulated Postemployment Benefit Obligations | The following table summarizes the changes in the accumulated postretirement benefit obligation and fair value of plan assets for the years ended December 31 : 2016 2015 (in thousands) Accumulated postretirement benefit obligation at beginning of year $ 2,875 $ 5,552 Interest cost 85 206 Benefit payments (282 ) (251 ) Experience gain (732 ) 189 Change in assumptions (20 ) (2,821 ) Accumulated postretirement benefit obligation at end of year $ 1,926 $ 2,875 Fair value of plan assets at beginning of year $ 15 $ 8 Employer contributions 270 258 Benefit payments (282 ) (251 ) Fair value of plan assets at end of year $ 3 $ 15 |
Schedule of Net Funded Status | The following table presents the funded status of the Postretirement Plan, included in other liabilities on the consolidated balance sheets as of December 31 : 2016 2015 (in thousands) Accumulated postretirement benefit obligation $ (1,926 ) $ (2,875 ) Fair value of plan assets 3 15 Funded status $ (1,923 ) $ (2,860 ) |
Schedule Of Changes In Unrecognized Pension And Postretirement Items | The following table summarizes the changes in items recognized as a component of accumulated other comprehensive loss: Gross of tax Unrecognized Unrecognized Total Net of tax (in thousands) Balance as of December 31, 2014 $ (3,123 ) $ (336 ) $ (3,459 ) $ (2,249 ) Recognized as a component of 2015 postretirement benefit cost 258 — 258 168 Unrecognized gains arising in 2015 (2,469 ) (172 ) (2,641 ) (1,717 ) Balance as of December 31, 2015 (5,334 ) (508 ) (5,842 ) (3,798 ) Recognized as a component of 2016 postretirement benefit cost 465 86 551 358 Unrecognized gains arising in 2016 — (761 ) (761 ) (495 ) Balance as of December 31, 2016 $ (4,869 ) $ (1,183 ) $ (6,052 ) $ (3,935 ) |
Schedule Of Rates Used To Calculate Net Periodic Pension Costs And Present Value Of Benefit Obligations | The following rates were used to calculate net periodic postretirement benefit cost and the present value of benefit obligations as of December 31 : 2016 2015 2014 Discount rate-projected benefit obligation 4.25 % 4.25 % 3.75 % Expected long-term rate of return on plan assets 3.00 % 3.00 % 3.00 % |
Schedule of Expected Benefit Payments | Estimated future benefit payments under the Postretirement Plan are as follows (in thousands): Year 2017 $ 237 2018 222 2019 207 2020 193 2021 178 2022 – 2026 695 $ 1,732 |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Accumulated Other Comprehensive Income [Abstract] | |
Schedule of Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) The following table presents the components of other comprehensive income (loss) for the years ended December 31 : Before-Tax Amount Tax Effect Net of Tax Amount (in thousands) 2016: Unrealized loss on securities $ (22,907 ) $ 8,016 $ (14,891 ) Reclassification adjustment for securities gains included in net income (1) (2,550 ) 893 (1,657 ) Non-credit related unrealized loss on other-than-temporarily impaired debt securities (285 ) 100 (185 ) Amortization of unrealized loss on derivative financial instruments (2) 25 (9 ) 16 Unrecognized pension and postretirement cost (1,432 ) 501 (931 ) Amortization of net unrecognized pension and postretirement items (3) 1,869 (653 ) 1,216 Total Other Comprehensive Loss $ (25,280 ) $ 8,848 $ (16,432 ) 2015: Unrealized loss on securities $ (11,872 ) $ 4,155 $ (7,717 ) Reclassification adjustment for securities gains included in net income (1) (9,066 ) 3,174 (5,892 ) Reclassification adjustment for loss on derivative financial instruments included in net income (2) 3,778 (1,322 ) 2,456 Non-credit related unrealized gains on other-than-temporarily impaired debt securities 368 (129 ) 239 Amortization of unrealized loss on derivative financial instruments (2) 115 (40 ) 75 Unrecognized pension and postretirement cost 7,200 (2,520 ) 4,680 Amortization of net unrecognized pension and postretirement items (3) 2,869 (1,005 ) 1,864 Total Other Comprehensive Loss $ (6,608 ) $ 2,313 $ (4,295 ) 2014: Unrealized gain on securities $ 51,901 $ (18,167 ) $ 33,734 Reclassification adjustment for securities gains included in net income (1) (2,041 ) 714 (1,327 ) Non-credit related unrealized gains on other-than-temporarily impaired debt securities 1,200 (420 ) 780 Amortization of unrealized loss on derivative financial instruments (2) 209 (73 ) 136 Reclass adjustment for postretirement plan gain included in net income (3) (1,452 ) 508 (944 ) Unrecognized pension and postretirement income (20,258 ) 7,090 (13,168 ) Amortization of net unrecognized pension and postretirement items (3) 627 (219 ) 408 Total Other Comprehensive Income $ 30,186 $ (10,567 ) $ 19,619 (1) Amounts reclassified out of accumulated other comprehensive loss. Before-tax amounts included in "Investment securities gains, net" on the consolidated statements of income. See "Note 3 - Investment Securities," for additional details. (2) Amounts reclassified out of accumulated other comprehensive loss. Before-tax amounts included in "Interest Expense" on the consolidated statements of income. (3) Amounts reclassified out of accumulated other comprehensive loss. Before-tax amounts included in "Salaries and employee benefits" on the consolidated statements of income. See "Note 13 - Employee Benefit Plans," for additional details. |
Schedule of Accumulated Other Comprehensive Income (Loss) | The following table presents changes in each component of accumulated other comprehensive income (loss), net of tax, for the years ended December 31 : Unrealized Gain (Losses) on Investment Securities Not Other-Than-Temporarily Impaired Unrealized Non-Credit Gains (Losses) on Other-Than-Temporarily Impaired Debt Securities Unrealized Effective Portions of Losses on Forward-Starting Interest Rate Swaps Unrecognized Pension and Postretirement Plan Income (Cost) Total (in thousands) Balance as of December 31, 2013 $ (27,510 ) $ 1,652 $ (2,682 ) $ (8,801 ) $ (37,341 ) Other comprehensive income (loss) before reclassifications 33,734 780 — (14,112 ) 20,402 Amounts reclassified from accumulated other comprehensive income (loss) (244 ) (1,083 ) 136 408 (783 ) Balance as of December 31, 2014 5,980 1,349 (2,546 ) (22,505 ) (17,722 ) Other comprehensive income (loss) before reclassifications (7,717 ) 239 — 4,680 (2,798 ) Amounts reclassified from accumulated other comprehensive income (loss) (4,762 ) (1,130 ) 75 1,864 (3,953 ) Reclassification adjustment for loss on derivative financial instruments — — 2,456 — 2,456 Balance as of December 31, 2015 (6,499 ) 458 (15 ) (15,961 ) (22,017 ) Other comprehensive income (loss) before reclassifications (14,891 ) (185 ) — (931 ) (16,007 ) Amounts reclassified from accumulated other comprehensive income (loss) (1,657 ) — 15 1,217 (425 ) Balance as of December 31, 2016 $ (23,047 ) $ 273 $ — $ (15,675 ) $ (38,449 ) |
Stock-Based Compensation Plans
Stock-Based Compensation Plans (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs | The following table presents compensation expense and related tax benefits for all equity awards recognized in the consolidated statements of income: 2016 2015 2014 (in thousands) Compensation expense $ 6,556 $ 5,938 $ 5,865 Tax benefit (2,679 ) (2,011 ) (1,608 ) Stock-based compensation, net of tax $ 3,877 $ 3,927 $ 4,257 |
Schedule of Unrecognized Compensation Cost, Nonvested Awards | The following table presents compensation expense and related tax benefits for restricted stock awards, RSUs and PSUs recognized in the consolidated statements of income, and included as a component of total stock-based compensation in the preceding table: 2016 2015 2014 (in thousands) Compensation expense $ 6,165 $ 4,646 $ 4,345 Tax benefit (2,158 ) (1,626 ) (1,510 ) Restricted stock compensation, net of tax $ 4,007 $ 3,020 $ 2,835 |
Schedule of Share-based Compensation, Stock Options, Activity | The following table provides information about stock option activity for the year ended December 31, 2016 : Stock Weighted Weighted Aggregate Outstanding as of December 31, 2015 2,980,087 $ 12.31 Exercised (920,924 ) 11.70 Forfeited (263,685 ) 14.33 Expired (465,295 ) 16.19 Outstanding as of December 31, 2016 1,330,183 $ 10.98 4.7 years $ 10.4 Exercisable as of December 31, 2016 1,247,736 $ 10.87 4.5 years $ 9.9 |
Schedule of Nonvested Share Activity | The following table provides information about nonvested stock options, restricted stock, RSUs and PSUs granted under the Employee Equity Plan and Directors' Plan for the year ended December 31, 2016 : Nonvested Stock Options Restricted Stock/RSUs/PSUs Options Weighted Shares Weighted Nonvested as of December 31, 2015 349,852 $ 2.82 1,388,389 $ 12.16 Granted — — 447,130 13.86 Vested (247,727 ) 2.71 (292,583 ) 11.73 Forfeited (19,678 ) 2.84 (17,221 ) 12.20 Nonvested as of December 31, 2016 82,447 $ 3.14 1,525,715 $ 12.74 |
Schedule Of Options Exercised | The following table presents information about stock options exercised: 2016 2015 2014 (dollars in thousands) Number of options exercised 920,924 490,151 215,047 Total intrinsic value of options exercised $ 4,619 $ 1,442 $ 568 Cash received from options exercised $ 10,240 $ 4,936 $ 2,068 Tax deduction realized from options exercised $ 4,328 $ 1,389 $ 530 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | The fair value of stock option awards under the Employee Equity Plan was estimated on the grant date using the Black-Scholes valuation methodology, which is dependent upon certain assumptions, as summarized in the table below. No options were granted in 2016 and 2015 under the Employee Equity Plan. 2014 Risk-free interest rate 2.44 % Volatility of Corporation’s stock 28.05 % Expected dividend yield 2.36 % Expected life of options 7 Years The fair value of certain PSUs with market-based performance conditions granted in 2016 under the Employee Equity Plan was estimated on the grant date using the Monte Carlo valuation methodology performed by a third-party valuation expert. This valuation is dependent upon certain assumptions, as summarized in the following table: 2016 2015 2014 Risk-free interest rate 0.92 % 0.86 % 0.91 % Volatility of Corporation’s stock 20.75 % 20.08 % 29.63 % Expected life of PSUs 3 Years 3 Years 3 Years |
Schedule of Share-based Payment Award, Employee Stock Purchase Plan, Valuation Assumptions | The following table summarizes activity under the ESPP: 2016 2015 2014 ESPP shares purchased 109,665 121,890 132,640 Average purchase price per share (85% of market value) $ 12.37 $ 10.86 $ 10.31 Compensation expense recognized (in thousands) $ 240 $ 234 $ 241 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Leases [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases | Future minimum payments as of December 31, 2016 under non-cancelable operating leases with initial terms exceeding one year are as follows (in thousands): Year 2017 $ 16,330 2018 14,206 2019 12,286 2020 11,040 2021 9,396 Thereafter 44,395 $ 107,653 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Summary of Outstanding Commitments to Extend Credit and Letters of Credit | The following table presents commitments to extend credit and letters of credit: 2016 2015 (in thousands) Commercial and other $ 3,673,815 $ 3,518,960 Home equity 1,368,465 1,300,062 Commercial mortgage and construction 1,033,287 965,116 Total commitments to extend credit $ 6,075,567 $ 5,784,138 Standby letters of credit $ 356,359 $ 374,729 Commercial letters of credit 38,901 39,529 Total letters of credit $ 395,260 $ 414,258 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The following tables summarizes the Corporation’s assets and liabilities measured at fair value on a recurring basis and reported on the consolidated balance sheets as of December 31: 2016 Level 1 Level 2 Level 3 Total (in thousands) Mortgage loans held for sale $ — $ 28,697 $ — $ 28,697 Available for sale investment securities: Equity securities 24,526 — — 24,526 U.S. Government sponsored agency securities — 134 — 134 State and municipal securities — 391,641 — 391,641 Corporate debt securities — 106,537 2,872 109,409 Collateralized mortgage obligations — 593,860 — 593,860 Mortgage-backed securities — 1,342,401 — 1,342,401 Auction rate securities — — 97,256 97,256 Total available for sale investment securities 24,526 2,434,573 100,128 2,559,227 Other assets 17,111 44,481 — 61,592 Total assets $ 41,637 $ 2,507,751 $ 100,128 $ 2,649,516 Other liabilities $ 17,032 $ 41,734 $ — $ 58,766 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 available for sale investment securities measured at fair value on a recurring basis using unobservable inputs (Level 3) for the years ended December 31 : Pooled Trust Single-issuer ARCs (in thousands) Balance as of December 31, 2014 $ 4,088 $ 3,820 $ 100,941 Unrealized adjustments to fair value (1) 366 (230 ) (903 ) Sales (3,633 ) — — Settlements - calls (117 ) (970 ) (2,446 ) Discount accretion (2) 2 10 467 Balance as of December 31, 2015 706 2,630 98,059 Unrealized adjustments to fair value (1) (286 ) (190 ) (1,246 ) Discount accretion (2) 2 10 443 Balance as of December 31, 2016 $ 422 $ 2,450 $ 97,256 (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 consolidated balance sheets at December 31 : 2016 Level 1 Level 2 Level 3 Total (in thousands) Net loans $ — $ — $ 132,576 $ 132,576 Other financial assets — — 50,347 50,347 Total assets $ — $ — $ 182,923 $ 182,923 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 the estimated fair values of the Corporation’s financial instruments as of December 31, 2016 and 2015 . A general description of the methods and assumptions used to estimate such fair values is also provided. 2016 2015 Book Value Estimated Book Value Estimated (in thousands) FINANCIAL ASSETS Cash and due from banks $ 118,763 $ 118,763 $ 101,120 $ 101,120 Interest-bearing deposits with other banks 233,763 233,763 230,300 230,300 Federal Reserve Bank and FHLB stock 57,489 57,489 62,216 62,216 Loans held for sale (1) 28,697 28,697 16,886 16,886 Securities available for sale (1) 2,559,227 2,559,227 2,484,773 2,484,773 Net Loans (1) 14,530,593 14,387,454 13,669,548 13,540,903 Accrued interest receivable 46,294 46,294 42,767 42,767 Other financial assets (1) 206,132 206,132 166,920 166,920 FINANCIAL LIABILITIES Demand and savings deposits $ 12,259,622 $ 12,259,622 $ 11,267,367 $ 11,267,367 Time deposits 2,753,242 2,769,757 2,864,950 2,862,868 Short-term borrowings 541,317 541,317 497,663 497,663 Accrued interest payable 9,632 9,632 10,724 10,724 Other financial liabilities (1) 216,080 216,080 190,927 190,927 FHLB advances and long-term debt 929,403 928,167 949,542 959,315 (1) These financial instruments, or certain financial instruments within these categories, are measured at fair value on the Corporation’s consolidated balance sheets. Descriptions of the fair value determinations for these financial instruments are disclosed above. |
Condensed Financial Informati46
Condensed Financial Information - Parent Company Only (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Condensed Financial Information Parent Only | CONDENSED BALANCE SHEETS (in thousands) December 31 December 31 2016 2015 2016 2015 ASSETS LIABILITIES AND EQUITY Cash $ 8,568 $ — Long-term debt $ 362,005 $ 361,504 Other assets 5,648 4,337 Payable to non-bank subsidiaries 183,152 188,087 Receivable from subsidiaries 46,715 29,249 Other liabilities 77,538 77,263 Total Liabilities 622,695 626,854 Investments in: Bank subsidiaries 2,265,264 2,226,975 Non-bank subsidiaries 417,615 408,187 Shareholders’ equity 2,121,115 2,041,894 Total Assets $ 2,743,810 $ 2,668,748 Total Liabilities and Shareholders’ Equity $ 2,743,810 $ 2,668,748 CONDENSED STATEMENTS OF INCOME 2016 2015 2014 (in thousands) Income: Dividends from subsidiaries $ 115,000 $ 114,000 $ 139,150 Other (1) 148,577 141,241 120,543 263,577 255,241 259,693 Expenses 177,835 176,457 152,243 Income before income taxes and equity in undistributed net income of subsidiaries 85,742 78,784 107,450 Income tax benefit (10,543 ) (11,834 ) (10,549 ) 96,285 90,618 117,999 Equity in undistributed net income (loss) of: Bank subsidiaries 58,477 60,806 33,134 Non-bank subsidiaries 6,863 (1,922 ) 6,761 Net Income $ 161,625 $ 149,502 $ 157,894 (1) Consists primarily of management fees received from subsidiary banks. CONDENSED STATEMENTS OF CASH FLOWS 2016 2015 2014 (in thousands) Cash Flows From Operating Activities: Net Income $ 161,625 $ 149,502 $ 157,894 Adjustments to reconcile net income to net cash provided by operating activities: Stock-based compensation 6,556 5,938 5,865 Excess tax benefits from stock-based compensation (964 ) (201 ) (81 ) (Increase) decrease in other assets (16,585 ) 2,806 (7,120 ) Equity in undistributed net income of subsidiaries (65,340 ) (58,884 ) (39,895 ) Loss on redemption of trust preferred securities — 5,626 — (Decrease) increase in other liabilities and payable to non-bank subsidiaries (5,928 ) 106,490 37,354 Total adjustments (82,261 ) 61,775 (3,877 ) Net cash provided by operating activities 79,364 211,277 154,017 Cash Flows From Investing Activities — — — Cash Flows From Financing Activities: Repayments of long-term debt — (254,640 ) — Additions to long-term debt — 147,779 97,113 Net proceeds from issuance of common stock 16,167 10,607 8,201 Excess tax benefits from stock-based compensation 964 201 81 Dividends paid (69,382 ) (65,361 ) (64,028 ) Acquisition of treasury stock (18,545 ) (50,000 ) (175,255 ) Deferred accelerated stock repurchase payment — — (20,000 ) Net cash used in financing activities (70,796 ) (211,414 ) (153,888 ) Net Increase (Decrease) in Cash and Cash Equivalents 8,568 (137 ) 129 Cash and Cash Equivalents at Beginning of Year — 137 8 Cash and Cash Equivalents at End of Year $ 8,568 $ — $ 137 |
Summary of Significant Accoun47
Summary of Significant Accounting Policies Narrative (Details) | 12 Months Ended | ||
Dec. 31, 2016USD ($)subsidiarytrusts | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Property, Plant and Equipment [Line Items] | |||
Number of banks owned | subsidiarytrusts | 6 | ||
Days past due for nonaccrual status | 90 days | ||
Period for which change in loans are evaluated individually for impairment quarterly | 12 months | ||
Individual impairment, outstanding commitment threshold | $ 1,000,000 | ||
Financing Receivable, Obtaining Certified Thrid-party Appraisal For Impaired Loans, Period | 12 months | ||
Collective impairment review, outstanding commitment threshold (less than $1.0 million) | $ 1,000,000 | ||
Impaired loans with principal balances | 62.00% | 69.00% | |
Impaired loans balances, real estate as collateral | $ 1,000,000 | ||
Threshold of companies current loan to value ratio of original appraisals used | 70.00% | ||
Foreign currency open position | $ 500,000 | ||
Award vesting period | 3 years | ||
Goodwill, impairment | $ 0 | $ 0 | $ 0 |
Variable Interest Entity [Abstract] | |||
Subsidiary trusts owned by parent | subsidiarytrusts | 3 | ||
Amortization period of LIH investments | 10 years | ||
Income taxes | $ (46,624,000) | (49,921,000) | $ (52,606,000) |
Stock Options | |||
Property, Plant and Equipment [Line Items] | |||
Term of award | P10Y | ||
LIH Low Income Housing | |||
Variable Interest Entity [Abstract] | |||
Income taxes | $ 14,600,000 | 10,400,000 | |
Other Assets | |||
Variable Interest Entity [Abstract] | |||
Investments in low income housing | 186,400,000 | $ 175,000,000 | |
Other Noncurrent Liabilities | |||
Variable Interest Entity [Abstract] | |||
Investments, in low income housing, additional commitments | $ 40,600,000 | ||
Building and Building Improvements | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, useful life | 50 years | ||
Furniture and Fixtures | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, useful life | 8 years | ||
Equipment | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, useful life | 5 years | ||
Consumer Loan | |||
Property, Plant and Equipment [Line Items] | |||
Number of days closed end consumer loans are charged off when they become past due | 120 days | ||
Number of days open end consumer loans are charged off when they become past due | 180 days |
Summary of Significant Accoun48
Summary of Significant Accounting Policies Net income (Loss) Per Common Share (Details) - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Weighted Average Number of Shares Outstanding Reconciliation [Abstract] | |||
Weighted average common shares outstanding (basic) | 173,325 | 175,721 | 186,219 |
Impact of common stock equivalents | 1,093 | 1,053 | 962 |
Weighted average common shares outstanding (diluted) | 174,418 | 176,774 | 187,181 |
Stock Options | |||
Weighted Average Number of Shares Outstanding Reconciliation [Abstract] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 500 | 1,700 | 2,800 |
Restrictions on Cash and Due 49
Restrictions on Cash and Due from Banks (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Subsidiaries | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Restricted cash reserves due from subsidiary | $ 113.3 | $ 91.1 |
Investment Securities Schedule
Investment Securities Schedule of Amortized Cost and Fair Values of Investment Securities (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Statement [Line Items] | ||
Available-for-sale securities, amortized cost basis | $ 2,594,255 | $ 2,494,059 |
Available-for-sale Securities, Gross Unrealized Gain, Accumulated Investments | 24,807 | 28,740 |
Available-for-sale Securities, Gross Unrealized Loss, Accumulated Investments | (59,835) | (38,026) |
Available-for-sale Securities | 2,559,227 | 2,484,773 |
U.S. Government sponsored agency securities | ||
Statement [Line Items] | ||
Available-for-sale securities, amortized cost basis | 132 | 25,154 |
Available-for-sale Securities, Gross Unrealized Gain, Accumulated Investments | 2 | 35 |
Available-for-sale Securities, Gross Unrealized Loss, Accumulated Investments | 0 | (53) |
Available-for-sale Securities | 134 | 25,136 |
State and municipal securities | ||
Statement [Line Items] | ||
Available-for-sale securities, amortized cost basis | 405,274 | 256,746 |
Available-for-sale Securities, Gross Unrealized Gain, Accumulated Investments | 2,043 | 6,019 |
Available-for-sale Securities, Gross Unrealized Loss, Accumulated Investments | (15,676) | 0 |
Available-for-sale Securities | 391,641 | 262,765 |
Corporate debt securities | ||
Statement [Line Items] | ||
Available-for-sale securities, amortized cost basis | 112,016 | 100,336 |
Available-for-sale Securities, Gross Unrealized Gain, Accumulated Investments | 1,978 | 2,695 |
Available-for-sale Securities, Gross Unrealized Loss, Accumulated Investments | (4,585) | (6,076) |
Available-for-sale Securities | 109,409 | 96,955 |
Collateralized mortgage obligations | ||
Statement [Line Items] | ||
Available-for-sale securities, amortized cost basis | 604,095 | 835,439 |
Available-for-sale Securities, Gross Unrealized Gain, Accumulated Investments | 1,943 | 3,042 |
Available-for-sale Securities, Gross Unrealized Loss, Accumulated Investments | (12,178) | (16,972) |
Available-for-sale Securities | 593,860 | 821,509 |
Mortgage-backed securities | ||
Statement [Line Items] | ||
Available-for-sale securities, amortized cost basis | 1,353,292 | 1,154,935 |
Available-for-sale Securities, Gross Unrealized Gain, Accumulated Investments | 6,546 | 10,104 |
Available-for-sale Securities, Gross Unrealized Loss, Accumulated Investments | (17,437) | (6,204) |
Available-for-sale Securities | 1,342,401 | 1,158,835 |
Auction rate securities | ||
Statement [Line Items] | ||
Available-for-sale securities, amortized cost basis | 107,215 | 106,772 |
Available-for-sale Securities, Gross Unrealized Gain, Accumulated Investments | 0 | 0 |
Available-for-sale Securities, Gross Unrealized Loss, Accumulated Investments | (9,959) | (8,713) |
Available-for-sale Securities | 97,256 | 98,059 |
Debt securities | ||
Statement [Line Items] | ||
Available-for-sale securities, amortized cost basis | 2,582,024 | 2,479,382 |
Available-for-sale Securities, Gross Unrealized Gain, Accumulated Investments | 12,512 | 21,895 |
Available-for-sale Securities, Gross Unrealized Loss, Accumulated Investments | (59,835) | (38,018) |
Available-for-sale Securities | 2,534,701 | 2,463,259 |
Equity securities | ||
Statement [Line Items] | ||
Available-for-sale securities, amortized cost basis | 12,231 | 14,677 |
Available-for-sale Securities, Gross Unrealized Gain, Accumulated Investments | 12,295 | 6,845 |
Available-for-sale Securities, Gross Unrealized Loss, Accumulated Investments | 0 | (8) |
Available-for-sale Securities | $ 24,526 | $ 21,514 |
Investment Securities Narrative
Investment Securities Narrative (Details) | 12 Months Ended | ||
Dec. 31, 2016USD ($)Security | Dec. 31, 2014USD ($) | Dec. 31, 2015USD ($) | |
Available-for-sale securities pledged as collateral | $ 1,800,000,000 | $ 1,700,000,000 | |
Available-for-sale securities, amortized cost basis | 2,594,255,000 | 2,494,059,000 | |
Single bank stock investment, cost basis | 5,800,000 | ||
Bank stock investment, fair value | $ 11,900,000 | ||
Percent ownership in an individual financial institution | 50.50% | ||
Individual bank stock investment percent to total portfolio | 10.00% | ||
Other than temporary impairment losses, investments, portion recognized in earnings, net, available-for-sale securities | $ 0 | $ 30,000 | |
Securities available for sale | 2,559,227,000 | 2,484,773,000 | |
Domestic corporate debt securities | 109,400,000 | ||
Equity Securities Financial Institution | |||
Available-for-sale securities, equity securities | 23,500,000 | 20,600,000 | |
Available-for-sale securities, amortized cost basis | 11,500,000 | ||
Equity Securities, Miscellaneous | |||
Available-for-sale securities, equity securities | 1,003,000 | 900,000 | |
Auction rate securities | |||
Available-for-sale securities, amortized cost basis | 107,215,000 | 106,772,000 | |
Securities available for sale | 97,256,000 | $ 98,059,000 | |
Auction rate securities | External Credit Rated AAA | |||
Carrying value auction rate securities rated AAA | $ 5,500,000 | ||
Percentage auction rate securities rated AAA | 6.00% | ||
Auction rate securities | External Credit Rating, Rated Above Investment Grade | |||
Carrying value auction rate securities rated AAA | $ 91,800,000 | ||
Percentage auction rate securities rated AAA | 94.00% | ||
Single-issuer trust preferred securities | |||
Unrealized gain (loss) on securities | $ (3,900,000) | ||
Number of securities | Security | 19 | ||
Single-issuer trust preferred securities | External Credit Rating, Rated Below Investment Grade | |||
Available-for-sale securities, amortized cost basis | $ 11,500,000 | ||
Securities available for sale | $ 10,000,000 | ||
Number of trust preferred securities | 6 | ||
Single-issuer trust preferred securities | External Credit Rating, BBB | |||
Available-for-sale securities, amortized cost basis | $ 3,700,000 | ||
Securities available for sale | $ 2,500,000 |
Investment Securities Schedul52
Investment Securities Schedule of Amortized Cost and Fair Values of Debt Securities by Contractual Maturities (Details) $ in Thousands | Dec. 31, 2016USD ($) |
Amortized Cost | |
Due in one year or less | $ 54,727 |
Due from one year to five years | 28,720 |
Due from five years to ten years | 95,658 |
Due after ten years | 445,532 |
Amortized cost, before securities without debt maturities | 624,637 |
Amortized cost basis | 2,582,024 |
Estimated Fair Value | |
Due in one year or less | 55,027 |
Due from one year to five years | 29,342 |
Due from five years to ten years | 96,933 |
Due after ten years | 417,138 |
Available for sale securities, debt maturities, before securities without single maturities | 598,440 |
Estimated Fair Value | 2,534,701 |
Collateralized mortgage obligations | |
Amortized Cost | |
Available-for-sale securities, amortized cost without single maturity date | 604,095 |
Estimated Fair Value | |
Available-for-sale securities, debt maturities, without single maturity date, fair value | 593,860 |
Mortgage-backed securities | |
Amortized Cost | |
Available-for-sale securities, amortized cost without single maturity date | 1,353,292 |
Estimated Fair Value | |
Available-for-sale securities, debt maturities, without single maturity date, fair value | $ 1,342,401 |
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 | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Gross Realized Gains | $ 2,586 | $ 9,067 | $ 2,393 |
Gross Realized Losses | (36) | (1) | (322) |
Other- than- temporary Impairment Losses | 0 | 0 | (30) |
Net Gains | 2,550 | 9,066 | 2,041 |
Equity securities | |||
Gross Realized Gains | 2,005 | 6,496 | 335 |
Gross Realized Losses | (10) | (1) | 0 |
Other- than- temporary Impairment Losses | 0 | 0 | (12) |
Net Gains | 1,995 | 6,495 | 323 |
Debt securities | |||
Gross Realized Gains | 581 | 2,571 | 2,058 |
Gross Realized Losses | (26) | 0 | (322) |
Other- than- temporary Impairment Losses | 0 | 0 | (18) |
Net Gains | $ 555 | $ 2,571 | $ 1,718 |
Investment Securities Other Tha
Investment Securities Other Than Temporary Impairment Charges (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2014 | |
Investment [Line Items] | ||
Other than temporary impairment losses, investments, portion recognized in earnings, net, available-for-sale securities | $ 0 | $ 30,000 |
Equity securities - financial institution stocks | ||
Investment [Line Items] | ||
Other than temporary impairment losses, investments, portion recognized in earnings, net, available-for-sale securities | 12,000 | |
Pooled trust preferred securities | ||
Investment [Line Items] | ||
Other than temporary impairment losses, investments, portion recognized in earnings, net, available-for-sale securities | $ 18,000 |
Investment Securities Summary55
Investment Securities Summary of Cumulative Other-than-Temporary Impairment Charges Recognized in Earnings for Pooled Trust Preferred Securities Held (Details) - Pooled trust preferred securities - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Roll Forward] | |||
Balance of cumulative credit losses on debt securities, beginning of year | $ (11,510) | $ (16,242) | $ (20,691) |
Additions for credit losses recorded which were not previously recognized as components of earnings | 0 | 0 | (18) |
Reductions for securities sold during the period | 0 | 4,730 | 4,460 |
Reductions for increases in cash flows expected to be collected that are recognized over the remaining life of the security | 0 | 2 | 7 |
Balance of cumulative credit losses on debt securities, end of year | $ (11,510) | $ (11,510) | $ (16,242) |
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) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Estimated Fair Value, Less than 12 Months | $ 800,776 | |
Unrealized Losses, Less than 12 Months | (6,400) | |
Estimated Fair Value, 12 Months or Longer | 662,705 | |
Unrealized Losses, 12 Months or Longer | (31,626) | |
Estimated Fair Value, Total | 1,463,481 | |
Unrealized Losses, Total | (38,026) | |
US Government Agencies Debt Securities [Member] | ||
Estimated Fair Value, Less than 12 Months | 9,957 | |
Unrealized Losses, Less than 12 Months | (53) | |
Estimated Fair Value, 12 Months or Longer | 0 | |
Unrealized Losses, 12 Months or Longer | 0 | |
Estimated Fair Value, Total | 9,957 | |
Unrealized Losses, Total | (53) | |
State and municipal securities | ||
Estimated Fair Value, Less than 12 Months | $ 247,509 | |
Unrealized Losses, Less than 12 Months | (15,676) | |
Estimated Fair Value, 12 Months or Longer | 0 | |
Unrealized Losses, 12 Months or Longer | 0 | |
Estimated Fair Value, Total | 247,509 | |
Unrealized Losses, Total | (15,676) | |
Corporate debt securities | ||
Estimated Fair Value, Less than 12 Months | 11,922 | 12,892 |
Unrealized Losses, Less than 12 Months | (110) | (97) |
Estimated Fair Value, 12 Months or Longer | 34,629 | 33,036 |
Unrealized Losses, 12 Months or Longer | (4,475) | (5,979) |
Estimated Fair Value, Total | 46,551 | 45,928 |
Unrealized Losses, Total | (4,585) | (6,076) |
Collateralized mortgage obligations | ||
Estimated Fair Value, Less than 12 Months | 166,905 | 166,007 |
Unrealized Losses, Less than 12 Months | (3,899) | (1,467) |
Estimated Fair Value, 12 Months or Longer | 258,237 | 467,778 |
Unrealized Losses, 12 Months or Longer | (8,279) | (15,505) |
Estimated Fair Value, Total | 425,142 | 633,785 |
Unrealized Losses, Total | (12,178) | (16,972) |
Mortgage-backed securities | ||
Estimated Fair Value, Less than 12 Months | 1,137,510 | 611,920 |
Unrealized Losses, Less than 12 Months | (17,437) | (4,783) |
Estimated Fair Value, 12 Months or Longer | 0 | 63,818 |
Unrealized Losses, 12 Months or Longer | 0 | (1,421) |
Estimated Fair Value, Total | 1,137,510 | 675,738 |
Unrealized Losses, Total | (17,437) | (6,204) |
Auction rate securities | ||
Estimated Fair Value, Less than 12 Months | 0 | 0 |
Unrealized Losses, Less than 12 Months | 0 | 0 |
Estimated Fair Value, 12 Months or Longer | 97,256 | 98,059 |
Unrealized Losses, 12 Months or Longer | (9,959) | (8,713) |
Estimated Fair Value, Total | 97,256 | 98,059 |
Unrealized Losses, Total | (9,959) | (8,713) |
Debt securities | ||
Estimated Fair Value, Less than 12 Months | 1,563,846 | 800,776 |
Unrealized Losses, Less than 12 Months | (37,122) | (6,400) |
Estimated Fair Value, 12 Months or Longer | 390,122 | 662,691 |
Unrealized Losses, 12 Months or Longer | (22,713) | (31,618) |
Estimated Fair Value, Total | 1,953,968 | 1,463,467 |
Unrealized Losses, Total | $ (59,835) | (38,018) |
Equity securities | ||
Estimated Fair Value, Less than 12 Months | 0 | |
Unrealized Losses, Less than 12 Months | 0 | |
Estimated Fair Value, 12 Months or Longer | 14 | |
Unrealized Losses, 12 Months or Longer | (8) | |
Estimated Fair Value, Total | 14 | |
Unrealized Losses, Total | $ (8) |
Investment Securities Summary57
Investment Securities Summary of Amortized Cost and Fair Values of Corporate Debt Securities (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Amortized Cost | $ 2,582,024 | |
Estimated Fair Value | 2,534,701 | |
Corporate Debt Securities Issued by Financial Institutions [Member] | ||
Amortized Cost | 108,014 | $ 96,301 |
Estimated Fair Value | 105,407 | 92,920 |
Single-issuer trust preferred securities | ||
Amortized Cost | 43,746 | 44,648 |
Estimated Fair Value | 39,829 | 39,106 |
Subordinated debt | ||
Amortized Cost | 46,231 | 39,610 |
Estimated Fair Value | 46,723 | 40,779 |
Senior debt | ||
Amortized Cost | 18,037 | 12,043 |
Estimated Fair Value | 18,433 | 12,329 |
Pooled trust preferred securities | ||
Amortized Cost | 0 | 0 |
Estimated Fair Value | 422 | 706 |
Other corporate debt securities | ||
Amortized Cost | 4,002 | 4,035 |
Estimated Fair Value | 4,002 | 4,035 |
Corporate debt securities | ||
Amortized Cost | 112,016 | 100,336 |
Estimated Fair Value | $ 109,409 | $ 96,955 |
Loans and Allowance for Credi58
Loans and Allowance for Credit Losses Summary Of Gross Loans (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans before unearned income | $ 14,718,662,000 | $ 13,854,118,000 |
Unearned income | (19,390,000) | (15,516,000) |
Loans, net of unearned income | 14,699,272,000 | 13,838,602,000 |
Loans and leases receivable, related parties | 154,400,000 | 191,600,000 |
Proceeds from related party debt | 26,600,000 | |
Repayments of related party debt | 63,800,000 | |
Loans serviced by unrelated third party | 4,700,000,000 | 4,800,000,000 |
Real estate – commercial mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans before unearned income | 6,018,582,000 | 5,462,330,000 |
Loans, net of unearned income | 6,018,582,000 | 5,462,330,000 |
Commercial – industrial, financial and agricultural | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans before unearned income | 4,087,486,000 | 4,088,962,000 |
Loans, net of unearned income | 4,087,486,000 | 4,088,962,000 |
Real estate – home equity | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans before unearned income | 1,625,115,000 | 1,684,439,000 |
Loans, net of unearned income | 1,625,115,000 | 1,684,439,000 |
Real estate – residential mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans before unearned income | 1,601,994,000 | 1,376,160,000 |
Loans, net of unearned income | 1,601,994,000 | 1,376,160,000 |
Real estate – construction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans before unearned income | 843,649,000 | 799,988,000 |
Loans, net of unearned income | 843,649,000 | 799,988,000 |
Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans before unearned income | 291,470,000 | 268,588,000 |
Loans, net of unearned income | 291,470,000 | 268,588,000 |
Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans before unearned income | 246,704,000 | 170,914,000 |
Overdrafts | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans before unearned income | $ 3,662,000 | $ 2,737,000 |
Loans and Allowance for Credi59
Loans and Allowance for Credit Losses Allowance for Credit Losses (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Receivables [Abstract] | ||||
Allowance for loan losses | $ 168,679 | $ 169,054 | $ 184,144 | |
Reserve for unfunded lending commitments | 2,646 | 2,358 | 1,787 | |
Allowance for credit losses | $ 171,325 | $ 171,412 | $ 185,931 | $ 204,917 |
Loans and Allowance for Credi60
Loans and Allowance for Credit Losses Activity in the Allowance for Credit Losses (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Receivables [Abstract] | |||
Balance at beginning of year | $ 171,412 | $ 185,931 | $ 204,917 |
Loans charged off | (33,927) | (32,157) | (44,593) |
Recoveries of loans previously charged off | 20,658 | 15,388 | 13,107 |
Net loans charged off | (13,269) | (16,769) | (31,486) |
Provision for credit losses | 13,182 | 2,250 | 12,500 |
Balance at end of year | $ 171,325 | $ 171,412 | $ 185,931 |
Loans and Allowance for Credi61
Loans and Allowance for Credit Losses Allowance for Loan Losses by Portfolio Segment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans and Leases Receivable, Allowance, Beginning Balance | $ 169,054 | $ 184,144 | |
Loans charged off | (33,927) | (32,157) | $ (44,593) |
Recoveries of loans previously charged off | 20,658 | 15,388 | 13,107 |
Loans Charged Off, Net Of Recoveries | (13,269) | (16,769) | (31,486) |
Provision for loan losses | 12,894 | 1,679 | |
Financing receivable, allowance for credit losses, collectively evaluated for impairment | 121,562 | 117,464 | |
Financing receivable, allowance for credit losses, individually evaluated for impairment | 47,117 | 51,590 | |
Loans and Leases Receivable, Allowance, Ending Balance | 168,679 | 169,054 | 184,144 |
Measured for impairment under FASB ASC Subtopic 450-20 | 14,519,579 | 13,648,521 | |
Evaluated for impairment under FASB ASC Section 310-10-35 | 179,693 | 190,081 | |
Loans, net of unearned income | 14,699,272 | 13,838,602 | |
Change in provision allocated to commitments to lend to borrowers | 288 | 570 | |
Provision for credit losses | 13,182 | 2,250 | 12,500 |
Real estate – commercial mortgage | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans and Leases Receivable, Allowance, Beginning Balance | 47,866 | 53,493 | |
Loans charged off | (3,580) | (4,218) | |
Recoveries of loans previously charged off | 3,373 | 2,801 | |
Loans Charged Off, Net Of Recoveries | (207) | (1,417) | |
Provision for loan losses | (817) | (4,210) | |
Financing receivable, allowance for credit losses, collectively evaluated for impairment | 36,680 | 35,395 | |
Financing receivable, allowance for credit losses, individually evaluated for impairment | 10,162 | 12,471 | |
Loans and Leases Receivable, Allowance, Ending Balance | 46,842 | 47,866 | 53,493 |
Measured for impairment under FASB ASC Subtopic 450-20 | 5,963,689 | 5,404,036 | |
Evaluated for impairment under FASB ASC Section 310-10-35 | 54,893 | 58,294 | |
Loans, net of unearned income | 6,018,582 | 5,462,330 | |
Commercial – industrial, financial and agricultural | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans and Leases Receivable, Allowance, Beginning Balance | 57,098 | 51,378 | |
Loans charged off | (15,276) | (15,639) | |
Recoveries of loans previously charged off | 8,981 | 5,264 | |
Loans Charged Off, Net Of Recoveries | (6,295) | (10,375) | |
Provision for loan losses | 3,550 | 16,095 | |
Financing receivable, allowance for credit losses, collectively evaluated for impairment | 40,700 | 42,515 | |
Financing receivable, allowance for credit losses, individually evaluated for impairment | 13,653 | 14,583 | |
Loans and Leases Receivable, Allowance, Ending Balance | 54,353 | 57,098 | 51,378 |
Measured for impairment under FASB ASC Subtopic 450-20 | 4,038,511 | 4,040,810 | |
Evaluated for impairment under FASB ASC Section 310-10-35 | 48,975 | 48,152 | |
Loans, net of unearned income | 4,087,486 | 4,088,962 | |
Real estate – home equity | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans and Leases Receivable, Allowance, Beginning Balance | 22,405 | 28,271 | |
Loans charged off | (4,912) | (3,604) | |
Recoveries of loans previously charged off | 1,171 | 1,362 | |
Loans Charged Off, Net Of Recoveries | (3,741) | (2,242) | |
Provision for loan losses | 8,137 | (3,624) | |
Financing receivable, allowance for credit losses, collectively evaluated for impairment | 17,290 | 14,412 | |
Financing receivable, allowance for credit losses, individually evaluated for impairment | 9,511 | 7,993 | |
Loans and Leases Receivable, Allowance, Ending Balance | 26,801 | 22,405 | 28,271 |
Measured for impairment under FASB ASC Subtopic 450-20 | 1,605,910 | 1,668,673 | |
Evaluated for impairment under FASB ASC Section 310-10-35 | 19,205 | 15,766 | |
Loans, net of unearned income | 1,625,115 | 1,684,439 | |
Real estate – residential mortgage | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans and Leases Receivable, Allowance, Beginning Balance | 21,375 | 29,072 | |
Loans charged off | (2,326) | (3,612) | |
Recoveries of loans previously charged off | 1,072 | 1,322 | |
Loans Charged Off, Net Of Recoveries | (1,254) | (2,290) | |
Provision for loan losses | 2,808 | (5,407) | |
Financing receivable, allowance for credit losses, collectively evaluated for impairment | 11,032 | 7,953 | |
Financing receivable, allowance for credit losses, individually evaluated for impairment | 11,897 | 13,422 | |
Loans and Leases Receivable, Allowance, Ending Balance | 22,929 | 21,375 | 29,072 |
Measured for impairment under FASB ASC Subtopic 450-20 | 1,555,946 | 1,325,735 | |
Evaluated for impairment under FASB ASC Section 310-10-35 | 46,048 | 50,425 | |
Loans, net of unearned income | 1,601,994 | 1,376,160 | |
Real estate – construction | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans and Leases Receivable, Allowance, Beginning Balance | 6,529 | 9,756 | |
Loans charged off | (1,218) | (201) | |
Recoveries of loans previously charged off | 3,924 | 2,824 | |
Loans Charged Off, Net Of Recoveries | 2,706 | 2,623 | |
Provision for loan losses | (2,780) | (5,850) | |
Financing receivable, allowance for credit losses, collectively evaluated for impairment | 4,587 | 4,134 | |
Financing receivable, allowance for credit losses, individually evaluated for impairment | 1,868 | 2,395 | |
Loans and Leases Receivable, Allowance, Ending Balance | 6,455 | 6,529 | 9,756 |
Measured for impairment under FASB ASC Subtopic 450-20 | 833,117 | 784,002 | |
Evaluated for impairment under FASB ASC Section 310-10-35 | 10,532 | 15,986 | |
Loans, net of unearned income | 843,649 | 799,988 | |
Consumer | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans and Leases Receivable, Allowance, Beginning Balance | 2,585 | 3,015 | |
Loans charged off | (2,800) | (2,227) | |
Recoveries of loans previously charged off | 1,295 | 1,130 | |
Loans Charged Off, Net Of Recoveries | (1,505) | (1,097) | |
Provision for loan losses | 2,494 | 667 | |
Financing receivable, allowance for credit losses, collectively evaluated for impairment | 3,548 | 2,563 | |
Financing receivable, allowance for credit losses, individually evaluated for impairment | 26 | 22 | |
Loans and Leases Receivable, Allowance, Ending Balance | 3,574 | 2,585 | 3,015 |
Measured for impairment under FASB ASC Subtopic 450-20 | 291,430 | 268,555 | |
Evaluated for impairment under FASB ASC Section 310-10-35 | 40 | 33 | |
Loans, net of unearned income | 291,470 | 268,588 | |
Leasing and other and overdrafts | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans and Leases Receivable, Allowance, Beginning Balance | 2,468 | 1,799 | |
Loans charged off | (3,815) | (2,656) | |
Recoveries of loans previously charged off | 842 | 685 | |
Loans Charged Off, Net Of Recoveries | (2,973) | (1,971) | |
Provision for loan losses | 3,697 | 2,640 | |
Financing receivable, allowance for credit losses, collectively evaluated for impairment | 3,192 | 1,764 | |
Financing receivable, allowance for credit losses, individually evaluated for impairment | 0 | 704 | |
Loans and Leases Receivable, Allowance, Ending Balance | 3,192 | 2,468 | 1,799 |
Measured for impairment under FASB ASC Subtopic 450-20 | 230,976 | 156,710 | |
Evaluated for impairment under FASB ASC Section 310-10-35 | 0 | 1,425 | |
Loans, net of unearned income | 230,976 | 158,135 | |
Unallocated | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans and Leases Receivable, Allowance, Beginning Balance | 8,728 | 7,360 | |
Loans charged off | 0 | 0 | |
Recoveries of loans previously charged off | 0 | ||
Loans Charged Off, Net Of Recoveries | 0 | 0 | |
Provision for loan losses | (4,195) | 1,368 | |
Financing receivable, allowance for credit losses, collectively evaluated for impairment | 4,533 | 8,728 | |
Loans and Leases Receivable, Allowance, Ending Balance | $ 4,533 | $ 8,728 | $ 7,360 |
Loans and Allowance for Credi62
Loans and Allowance for Credit Losses Total Impaired Loans by Class Segments (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Impaired Financing Receivables [Line Items] | |||
No Related Allowance, Unpaid Principal Balance | $ 69,013 | $ 60,590 | |
No Related Allowance, Recorded Investment | 60,457 | 49,953 | |
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 150,797 | 174,199 | |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 119,236 | 140,128 | |
Unpaid Principal Balance | 219,810 | 234,789 | |
Recorded Investment | 179,693 | 190,081 | |
Related Allowance | 47,117 | 51,590 | |
No Related Allowance, Average Recorded Investment | 55,940 | 59,005 | $ 61,435 |
No Related Allowance, Interest Income Recognized | 572 | 684 | 698 |
Related Allowance, Average Recorded Investment | 125,972 | 134,747 | 135,416 |
Related Allowance, Interest Income, Accrual Method | 1,754 | 1,897 | 2,079 |
Impaired Financing Receivable, Average Recorded Investment | 181,912 | 193,752 | 196,851 |
Interest income on impaired loans | 2,326 | 2,581 | 2,777 |
Leasing and other and overdrafts | |||
Impaired Financing Receivables [Line Items] | |||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 0 | 1,658 | |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 0 | 1,425 | |
Related Allowance | 0 | 704 | |
Related Allowance, Average Recorded Investment | 854 | 285 | 0 |
Related Allowance, Interest Income, Accrual Method | 0 | 0 | 0 |
Consumer - direct | |||
Impaired Financing Receivables [Line Items] | |||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 21 | 19 | |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 21 | 19 | |
Related Allowance | 14 | 14 | |
Related Allowance, Average Recorded Investment | 18 | 17 | 16 |
Related Allowance, Interest Income, Accrual Method | 1 | 1 | 1 |
Consumer - indirect: | |||
Impaired Financing Receivables [Line Items] | |||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 19 | 14 | |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 19 | 14 | |
Related Allowance | 12 | 8 | |
Related Allowance, Average Recorded Investment | 15 | 16 | 7 |
Related Allowance, Interest Income, Accrual Method | 1 | 1 | 0 |
Construction - other | |||
Impaired Financing Receivables [Line Items] | |||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 1,096 | 331 | |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 1,096 | 193 | |
Related Allowance | 423 | 68 | |
Related Allowance, Average Recorded Investment | 682 | 263 | 387 |
Related Allowance, Interest Income, Accrual Method | 0 | 0 | 0 |
Construction - commercial | |||
Impaired Financing Receivables [Line Items] | |||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 681 | 820 | |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 435 | 638 | |
Related Allowance | 145 | 217 | |
No Related Allowance, Average Recorded Investment | 0 | 915 | 1,907 |
No Related Allowance, Interest Income Recognized | 0 | 0 | 0 |
Related Allowance, Average Recorded Investment | 524 | 931 | 1,900 |
Related Allowance, Interest Income, Accrual Method | 0 | 0 | 0 |
Construction - commercial residential | |||
Impaired Financing Receivables [Line Items] | |||
No Related Allowance, Unpaid Principal Balance | 6,271 | 9,916 | |
No Related Allowance, Recorded Investment | 4,795 | 8,865 | |
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 10,103 | 9,949 | |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 4,206 | 6,290 | |
Related Allowance | 1,300 | 2,110 | |
No Related Allowance, Average Recorded Investment | 6,285 | 11,685 | 15,421 |
No Related Allowance, Interest Income Recognized | 48 | 148 | 227 |
Related Allowance, Average Recorded Investment | 5,295 | 6,455 | 8,723 |
Related Allowance, Interest Income, Accrual Method | 41 | 79 | 136 |
Real estate – residential mortgage | |||
Impaired Financing Receivables [Line Items] | |||
No Related Allowance, Unpaid Principal Balance | 4,689 | 4,790 | |
No Related Allowance, Recorded Investment | 4,689 | 4,790 | |
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 48,885 | 55,242 | |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 41,359 | 45,635 | |
Related Allowance | 11,897 | 13,422 | |
No Related Allowance, Average Recorded Investment | 5,598 | 5,389 | 1,532 |
No Related Allowance, Interest Income Recognized | 126 | 124 | 31 |
Related Allowance, Average Recorded Investment | 42,191 | 46,252 | 50,281 |
Related Allowance, Interest Income, Accrual Method | 908 | 1,041 | 1,178 |
Real estate – home equity | |||
Impaired Financing Receivables [Line Items] | |||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 23,971 | 20,347 | |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 19,205 | 15,766 | |
Related Allowance | 9,511 | 7,993 | |
No Related Allowance, Average Recorded Investment | 0 | 0 | 180 |
No Related Allowance, Interest Income Recognized | 0 | 0 | 1 |
Related Allowance, Average Recorded Investment | 17,912 | 13,887 | 13,976 |
Related Allowance, Interest Income, Accrual Method | 285 | 144 | 108 |
Commercial - unsecured | |||
Impaired Financing Receivables [Line Items] | |||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 1,122 | 971 | |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 823 | 821 | |
Related Allowance | 455 | 498 | |
No Related Allowance, Average Recorded Investment | 0 | 17 | 0 |
No Related Allowance, Interest Income Recognized | 0 | 0 | 0 |
Related Allowance, Average Recorded Investment | 887 | 1,749 | 895 |
Related Allowance, Interest Income, Accrual Method | 4 | 6 | 3 |
Commercial - secured | |||
Impaired Financing Receivables [Line Items] | |||
No Related Allowance, Unpaid Principal Balance | 29,296 | 18,012 | |
No Related Allowance, Recorded Investment | 25,526 | 13,702 | |
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 27,767 | 39,659 | |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 22,626 | 33,629 | |
Related Allowance | 13,198 | 14,085 | |
No Related Allowance, Average Recorded Investment | 19,825 | 15,654 | 18,928 |
No Related Allowance, Interest Income Recognized | 104 | 97 | 119 |
Related Allowance, Average Recorded Investment | 25,857 | 25,660 | 20,991 |
Related Allowance, Interest Income, Accrual Method | 130 | 150 | 129 |
Real estate – commercial mortgage | |||
Impaired Financing Receivables [Line Items] | |||
No Related Allowance, Unpaid Principal Balance | 28,757 | 27,872 | |
No Related Allowance, Recorded Investment | 25,447 | 22,596 | |
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 37,132 | 45,189 | |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 29,446 | 35,698 | |
Related Allowance | 10,162 | 12,471 | |
No Related Allowance, Average Recorded Investment | 24,232 | 25,345 | 23,467 |
No Related Allowance, Interest Income Recognized | 294 | 315 | 320 |
Related Allowance, Average Recorded Investment | 31,737 | 39,232 | 38,240 |
Related Allowance, Interest Income, Accrual Method | $ 384 | $ 475 | $ 524 |
Loans and Allowance for Credi63
Loans and Allowance for Credit Losses Credit Quality Indicators (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Financing Receivable, Recorded Investment [Line Items] | ||
Carrying Amount | $ 14,718,662 | $ 13,854,118 |
Commercial – industrial, financial and agricultural | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Carrying Amount | 4,087,486 | 4,088,962 |
Real estate – commercial mortgage | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Carrying Amount | 6,018,582 | 5,462,330 |
Commercial - secured | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Carrying Amount | 3,933,552 | 3,926,113 |
Commercial - unsecured | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Carrying Amount | 153,934 | 162,849 |
Construction - commercial residential | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Carrying Amount | 142,189 | 179,303 |
Construction - commercial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Carrying Amount | 644,490 | 559,991 |
Total real estate - construction (excluding construction - other) | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Carrying Amount | 786,679 | 739,294 |
Commercial Loans, Commerical Mortgages, Constructions Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Carrying Amount | $ 10,892,747 | $ 10,290,586 |
% of Total | 100.00% | 100.00% |
Pass | Commercial – industrial, financial and agricultural | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Carrying Amount | $ 3,832,074 | $ 3,853,434 |
Pass | Real estate – commercial mortgage | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Carrying Amount | 5,763,122 | 5,204,263 |
Pass | Commercial - secured | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Carrying Amount | 3,686,152 | 3,696,692 |
Pass | Commercial - unsecured | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Carrying Amount | 145,922 | 156,742 |
Pass | Construction - commercial residential | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Carrying Amount | 113,570 | 140,337 |
Pass | Construction - commercial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Carrying Amount | 635,963 | 552,710 |
Pass | Total real estate - construction (excluding construction - other) | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Carrying Amount | 749,533 | 693,047 |
Pass | Commercial Loans, Commerical Mortgages, Constructions Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Carrying Amount | $ 10,344,729 | $ 9,750,744 |
% of Total | 95.00% | 94.80% |
Special Mention | Commercial – industrial, financial and agricultural | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Carrying Amount | $ 133,354 | $ 95,472 |
Special Mention | Real estate – commercial mortgage | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Carrying Amount | 132,484 | 102,625 |
Special Mention | Commercial - secured | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Carrying Amount | 128,873 | 92,711 |
Special Mention | Commercial - unsecured | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Carrying Amount | 4,481 | 2,761 |
Special Mention | Construction - commercial residential | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Carrying Amount | 15,447 | 17,154 |
Special Mention | Construction - commercial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Carrying Amount | 3,412 | 3,684 |
Special Mention | Total real estate - construction (excluding construction - other) | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Carrying Amount | 18,859 | 20,838 |
Special Mention | Commercial Loans, Commerical Mortgages, Constructions Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Carrying Amount | $ 284,697 | $ 218,935 |
% of Total | 2.60% | 2.10% |
Substandard or Lower | Commercial – industrial, financial and agricultural | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Carrying Amount | $ 122,058 | $ 140,056 |
Substandard or Lower | Real estate – commercial mortgage | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Carrying Amount | 122,976 | 155,442 |
Substandard or Lower | Commercial - secured | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Carrying Amount | 118,527 | 136,710 |
Substandard or Lower | Commercial - unsecured | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Carrying Amount | 3,531 | 3,346 |
Substandard or Lower | Construction - commercial residential | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Carrying Amount | 13,172 | 21,812 |
Substandard or Lower | Construction - commercial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Carrying Amount | 5,115 | 3,597 |
Substandard or Lower | Total real estate - construction (excluding construction - other) | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Carrying Amount | 18,287 | 25,409 |
Substandard or Lower | Commercial Loans, Commerical Mortgages, Constructions Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Carrying Amount | $ 263,321 | $ 320,907 |
% of Total | 2.40% | 3.10% |
Loans and Allowance for Credi64
Loans and Allowance for Credit Losses Summary of Delinquency and Non-Performing Status by Portfolio Segment (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Loans, net of unearned income | $ 14,699,272 | $ 13,838,602 |
Period for which change in loans evaluated individually for impairment | 90 | |
Minimum | ||
Days outstanding | 30 | |
Maximum | ||
Days outstanding | 89 | |
Real estate – home equity | ||
Loans, net of unearned income | $ 1,625,115 | 1,684,439 |
Real estate – residential mortgage | ||
Loans, net of unearned income | 1,601,994 | 1,376,160 |
Construction - other | ||
Loans, net of unearned income | 56,970 | 60,694 |
Consumer - direct | ||
Loans, net of unearned income | 96,887 | 98,719 |
Consumer - indirect: | ||
Loans, net of unearned income | 194,583 | 169,869 |
Consumer | ||
Loans, net of unearned income | 291,470 | 268,588 |
Leasing and other and overdrafts | ||
Loans, net of unearned income | 230,976 | 158,135 |
Commercial Loans, Commerical Mortgages, Constructions Loans | ||
Loans, net of unearned income | $ 3,806,525 | $ 3,548,016 |
Ratio of nonperforming loans to all loans | 100.00% | 100.00% |
Performing | Real estate – home equity | ||
Loans, net of unearned income | $ 1,602,687 | $ 1,660,773 |
Performing | Real estate – residential mortgage | ||
Loans, net of unearned income | 1,557,995 | 1,329,371 |
Performing | Construction - other | ||
Loans, net of unearned income | 55,874 | 59,997 |
Performing | Consumer - direct | ||
Loans, net of unearned income | 93,572 | 94,262 |
Performing | Consumer - indirect: | ||
Loans, net of unearned income | 190,656 | 166,823 |
Performing | Consumer | ||
Loans, net of unearned income | 284,228 | 261,085 |
Performing | Leasing and other and overdrafts | ||
Loans, net of unearned income | 229,591 | 155,870 |
Performing | Commercial Loans, Commerical Mortgages, Constructions Loans | ||
Loans, net of unearned income | $ 3,730,375 | $ 3,467,096 |
Ratio of nonperforming loans to all loans | 98.00% | 97.70% |
Delinquent | Real estate – home equity | ||
Loans, net of unearned income | $ 9,274 | $ 8,983 |
Delinquent | Real estate – residential mortgage | ||
Loans, net of unearned income | 20,344 | 18,305 |
Delinquent | Construction - other | ||
Loans, net of unearned income | 0 | 88 |
Delinquent | Consumer - direct | ||
Loans, net of unearned income | 1,752 | 2,254 |
Delinquent | Consumer - indirect: | ||
Loans, net of unearned income | 3,599 | 2,809 |
Delinquent | Consumer | ||
Loans, net of unearned income | 5,351 | 5,063 |
Delinquent | Leasing and other and overdrafts | ||
Loans, net of unearned income | 1,068 | 759 |
Delinquent | Commercial Loans, Commerical Mortgages, Constructions Loans | ||
Loans, net of unearned income | $ 36,037 | $ 33,198 |
Ratio of nonperforming loans to all loans | 0.90% | 1.00% |
Nonperforming | Real estate – home equity | ||
Loans, net of unearned income | $ 13,154 | $ 14,683 |
Nonperforming | Real estate – residential mortgage | ||
Loans, net of unearned income | 23,655 | 28,484 |
Nonperforming | Construction - other | ||
Loans, net of unearned income | 1,096 | 609 |
Nonperforming | Consumer - direct | ||
Loans, net of unearned income | 1,563 | 2,203 |
Nonperforming | Consumer - indirect: | ||
Loans, net of unearned income | 328 | 237 |
Nonperforming | Consumer | ||
Loans, net of unearned income | 1,891 | 2,440 |
Nonperforming | Leasing and other and overdrafts | ||
Loans, net of unearned income | 317 | 1,506 |
Nonperforming | Commercial Loans, Commerical Mortgages, Constructions Loans | ||
Loans, net of unearned income | $ 40,113 | $ 47,722 |
Ratio of nonperforming loans to all loans | 1.10% | 1.30% |
Loans and Allowance for Credi65
Loans and Allowance for Credit Losses Non-Performing Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Receivables [Abstract] | ||
Non-accrual loans | $ 120,133 | $ 129,523 |
Loans 90 days or more past due and still accruing | 11,505 | 15,291 |
Total non-performing loans | 131,638 | 144,814 |
Other real estate owned | 12,815 | 11,099 |
Total non-performing assets | $ 144,453 | $ 155,913 |
Loans and Allowance for Credi66
Loans and Allowance for Credit Losses Past Due Loan Status and Non-Accrual Loans by Portfolio Segment (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
>90 Days Past Due and Accruing | $ 11,505 | $ 15,291 |
Non-accrual | 120,133 | 129,523 |
Total Past Due | 186,787 | 196,741 |
Current | 14,512,485 | 13,641,861 |
Loans, net of unearned income | 14,699,272 | 13,838,602 |
Commercial – industrial, financial and agricultural | ||
>90 Days Past Due and Accruing | 1,111 | 1,872 |
Non-accrual | 42,349 | 42,199 |
Total Past Due | 53,669 | 52,933 |
Current | 4,033,817 | 4,036,029 |
Loans, net of unearned income | 4,087,486 | 4,088,962 |
Real estate – commercial mortgage | ||
>90 Days Past Due and Accruing | 383 | 439 |
Non-accrual | 38,936 | 40,731 |
Total Past Due | 47,195 | 48,951 |
Current | 5,971,387 | 5,413,379 |
Loans, net of unearned income | 6,018,582 | 5,462,330 |
Commercial - secured | ||
>90 Days Past Due and Accruing | 959 | 1,853 |
Non-accrual | 41,589 | 41,498 |
Total Past Due | 51,824 | 51,620 |
Current | 3,881,728 | 3,874,493 |
Loans, net of unearned income | 3,933,552 | 3,926,113 |
Commercial - unsecured | ||
>90 Days Past Due and Accruing | 152 | 19 |
Non-accrual | 760 | 701 |
Total Past Due | 1,845 | 1,313 |
Current | 152,089 | 161,536 |
Loans, net of unearned income | 153,934 | 162,849 |
Real estate – home equity | ||
>90 Days Past Due and Accruing | 2,543 | 3,473 |
Non-accrual | 10,611 | 11,210 |
Total Past Due | 22,428 | 23,666 |
Current | 1,602,687 | 1,660,773 |
Loans, net of unearned income | 1,625,115 | 1,684,439 |
Real estate – residential mortgage | ||
>90 Days Past Due and Accruing | 5,224 | 6,570 |
Non-accrual | 18,431 | 21,914 |
Total Past Due | 43,999 | 46,789 |
Current | 1,557,995 | 1,329,371 |
Loans, net of unearned income | 1,601,994 | 1,376,160 |
Real estate – construction | ||
>90 Days Past Due and Accruing | 36 | 416 |
Non-accrual | 9,806 | 12,044 |
Total Past Due | 10,869 | 14,634 |
Current | 832,780 | 785,354 |
Loans, net of unearned income | 843,649 | 799,988 |
Construction - commercial residential | ||
>90 Days Past Due and Accruing | 36 | 0 |
Non-accrual | 8,275 | 11,213 |
Total Past Due | 8,595 | 13,073 |
Current | 133,594 | 166,230 |
Loans, net of unearned income | 142,189 | 179,303 |
Construction - commercial | ||
>90 Days Past Due and Accruing | 0 | 0 |
Non-accrual | 435 | 638 |
Total Past Due | 1,178 | 864 |
Current | 643,312 | 559,127 |
Loans, net of unearned income | 644,490 | 559,991 |
Construction - other | ||
>90 Days Past Due and Accruing | 0 | 416 |
Non-accrual | 1,096 | 193 |
Total Past Due | 1,096 | 697 |
Current | 55,874 | 59,997 |
Loans, net of unearned income | 56,970 | 60,694 |
Consumer | ||
>90 Days Past Due and Accruing | 1,891 | 2,440 |
Non-accrual | 0 | 0 |
Total Past Due | 7,242 | 7,503 |
Current | 284,228 | 261,085 |
Loans, net of unearned income | 291,470 | 268,588 |
Consumer - direct | ||
>90 Days Past Due and Accruing | 1,563 | 2,203 |
Non-accrual | 0 | 0 |
Total Past Due | 3,315 | 4,457 |
Current | 93,572 | 94,262 |
Loans, net of unearned income | 96,887 | 98,719 |
Consumer - indirect | ||
>90 Days Past Due and Accruing | 328 | 237 |
Non-accrual | 0 | 0 |
Total Past Due | 3,927 | 3,046 |
Current | 190,656 | 166,823 |
Loans, net of unearned income | 194,583 | 169,869 |
Leasing and other and overdrafts | ||
>90 Days Past Due and Accruing | 317 | 81 |
Non-accrual | 0 | 1,425 |
Total Past Due | 1,385 | 2,265 |
Current | 229,591 | 155,870 |
Loans, net of unearned income | 230,976 | 158,135 |
30-59 Days Past Due | ||
Total Past Due | 41,938 | 40,194 |
30-59 Days Past Due | Commercial – industrial, financial and agricultural | ||
Total Past Due | 7,558 | 6,164 |
30-59 Days Past Due | Real estate – commercial mortgage | ||
Total Past Due | 6,254 | 6,469 |
30-59 Days Past Due | Commercial - secured | ||
Total Past Due | 6,660 | 5,654 |
30-59 Days Past Due | Commercial - unsecured | ||
Total Past Due | 898 | 510 |
30-59 Days Past Due | Real estate – home equity | ||
Total Past Due | 6,596 | 6,438 |
30-59 Days Past Due | Real estate – residential mortgage | ||
Total Past Due | 15,600 | 15,141 |
30-59 Days Past Due | Real estate – construction | ||
Total Past Due | 976 | 1,504 |
30-59 Days Past Due | Construction - commercial residential | ||
Total Past Due | 233 | 1,366 |
30-59 Days Past Due | Construction - commercial | ||
Total Past Due | 743 | 50 |
30-59 Days Past Due | Construction - other | ||
Total Past Due | 0 | 88 |
30-59 Days Past Due | Consumer | ||
Total Past Due | 4,411 | 3,995 |
30-59 Days Past Due | Consumer - direct | ||
Total Past Due | 1,211 | 1,687 |
30-59 Days Past Due | Consumer - indirect | ||
Total Past Due | 3,200 | 2,308 |
30-59 Days Past Due | Leasing and other and overdrafts | ||
Total Past Due | 543 | 483 |
60-89 Days Past Due | ||
Total Past Due | 13,211 | 11,733 |
60-89 Days Past Due | Commercial – industrial, financial and agricultural | ||
Total Past Due | 2,651 | 2,698 |
60-89 Days Past Due | Real estate – commercial mortgage | ||
Total Past Due | 1,622 | 1,312 |
60-89 Days Past Due | Commercial - secured | ||
Total Past Due | 2,616 | 2,615 |
60-89 Days Past Due | Commercial - unsecured | ||
Total Past Due | 35 | 83 |
60-89 Days Past Due | Real estate – home equity | ||
Total Past Due | 2,678 | 2,545 |
60-89 Days Past Due | Real estate – residential mortgage | ||
Total Past Due | 4,744 | 3,164 |
60-89 Days Past Due | Real estate – construction | ||
Total Past Due | 51 | 670 |
60-89 Days Past Due | Construction - commercial residential | ||
Total Past Due | 51 | 494 |
60-89 Days Past Due | Construction - commercial | ||
Total Past Due | 0 | 176 |
60-89 Days Past Due | Construction - other | ||
Total Past Due | 0 | 0 |
60-89 Days Past Due | Consumer | ||
Total Past Due | 940 | 1,068 |
60-89 Days Past Due | Consumer - direct | ||
Total Past Due | 541 | 567 |
60-89 Days Past Due | Consumer - indirect | ||
Total Past Due | 399 | 501 |
60-89 Days Past Due | Leasing and other and overdrafts | ||
Total Past Due | 525 | 276 |
Total ≥ 90 Days | ||
Total Past Due | 131,638 | 144,814 |
Total ≥ 90 Days | Commercial – industrial, financial and agricultural | ||
Total Past Due | 43,460 | 44,071 |
Total ≥ 90 Days | Real estate – commercial mortgage | ||
Total Past Due | 39,319 | 41,170 |
Total ≥ 90 Days | Commercial - secured | ||
Total Past Due | 42,548 | 43,351 |
Total ≥ 90 Days | Commercial - unsecured | ||
Total Past Due | 912 | 720 |
Total ≥ 90 Days | Real estate – home equity | ||
Total Past Due | 13,154 | 14,683 |
Total ≥ 90 Days | Real estate – residential mortgage | ||
Total Past Due | 23,655 | 28,484 |
Total ≥ 90 Days | Real estate – construction | ||
Total Past Due | 9,842 | 12,460 |
Total ≥ 90 Days | Construction - commercial residential | ||
Total Past Due | 8,311 | 11,213 |
Total ≥ 90 Days | Construction - commercial | ||
Total Past Due | 435 | 638 |
Total ≥ 90 Days | Construction - other | ||
Total Past Due | 1,096 | 609 |
Total ≥ 90 Days | Consumer | ||
Total Past Due | 1,891 | 2,440 |
Total ≥ 90 Days | Consumer - direct | ||
Total Past Due | 1,563 | 2,203 |
Total ≥ 90 Days | Consumer - indirect | ||
Total Past Due | 328 | 237 |
Total ≥ 90 Days | Leasing and other and overdrafts | ||
Total Past Due | $ 317 | $ 1,506 |
Loans and Allowance for Credi67
Loans and Allowance for Credit Losses Troubled Debt Restructurings (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Financing Receivable, Modifications [Line Items] | ||
Total accruing TDRs | $ 59,560 | $ 60,558 |
Non-accrual TDRs | 27,850 | 31,035 |
Total TDRs | 87,410 | 91,593 |
Residential Mortgage | ||
Financing Receivable, Modifications [Line Items] | ||
Total accruing TDRs | 27,617 | 28,511 |
Commercial Real Estate [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Total accruing TDRs | 15,957 | 17,563 |
Construction - commercial residential | ||
Financing Receivable, Modifications [Line Items] | ||
Total accruing TDRs | 726 | 3,942 |
Commercial - secured | ||
Financing Receivable, Modifications [Line Items] | ||
Total accruing TDRs | 6,564 | 5,833 |
Real estate – home equity | ||
Financing Receivable, Modifications [Line Items] | ||
Total accruing TDRs | 8,594 | 4,556 |
Commercial - unsecured | ||
Financing Receivable, Modifications [Line Items] | ||
Total accruing TDRs | 63 | 120 |
Consumer - direct | ||
Financing Receivable, Modifications [Line Items] | ||
Total accruing TDRs | 20 | 19 |
Consumer - indirect: | ||
Financing Receivable, Modifications [Line Items] | ||
Total accruing TDRs | $ 19 | $ 14 |
Loans and Allowance for Credi68
Loans and Allowance for Credit Losses Troubled Debt Restructuring Modification (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016USD ($)loans | Dec. 31, 2015USD ($)loans | Dec. 31, 2014USD ($)loans | |
Financing Receivable, Modifications [Line Items] | |||
Number of loans modified during the year (loans) | loans | 158 | 96 | 86 |
Post-Modification Recorded Investment | $ 12,378 | $ 14,416 | $ 16,397 |
Number of Loans, modified during the year that had a post-modification default | 45 | 29 | 31 |
Recorded Investment, modified during the year that had a post-modification default | $ 5,996 | $ 5,116 | $ 7,063 |
Real estate – commercial mortgage | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans, modified during the year that had a post-modification default | 1 | 4 | 2 |
Recorded Investment, modified during the year that had a post-modification default | $ 118 | $ 359 | $ 1,660 |
Real estate – commercial mortgage | Extend maturity with rate concession | |||
Financing Receivable, Modifications [Line Items] | |||
Number of loans modified during the year (loans) | loans | 0 | 5 | 1 |
Post-Modification Recorded Investment | $ 0 | $ 2,014 | $ 60 |
Real estate – commercial mortgage | Extend maturity without rate concession | |||
Financing Receivable, Modifications [Line Items] | |||
Number of loans modified during the year (loans) | loans | 0 | 4 | 7 |
Post-Modification Recorded Investment | $ 0 | $ 639 | $ 6,781 |
Real estate – residential mortgage | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans, modified during the year that had a post-modification default | 8 | 4 | 11 |
Recorded Investment, modified during the year that had a post-modification default | $ 1,500 | $ 445 | $ 1,430 |
Real estate – residential mortgage | Extend maturity with rate concession | |||
Financing Receivable, Modifications [Line Items] | |||
Number of loans modified during the year (loans) | loans | 0 | 4 | 2 |
Post-Modification Recorded Investment | $ 0 | $ 750 | $ 390 |
Real estate – residential mortgage | Extend maturity without rate concession | |||
Financing Receivable, Modifications [Line Items] | |||
Number of loans modified during the year (loans) | loans | 2 | 3 | 2 |
Post-Modification Recorded Investment | $ 315 | $ 262 | $ 210 |
Real estate – residential mortgage | Bankruptcy | |||
Financing Receivable, Modifications [Line Items] | |||
Number of loans modified during the year (loans) | loans | 6 | 7 | 19 |
Post-Modification Recorded Investment | $ 981 | $ 2,508 | $ 1,807 |
Commercial - secured | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans, modified during the year that had a post-modification default | 6 | 8 | 4 |
Recorded Investment, modified during the year that had a post-modification default | $ 2,497 | $ 3,549 | $ 1,208 |
Commercial - secured | Extend maturity with rate concession | |||
Financing Receivable, Modifications [Line Items] | |||
Number of loans modified during the year (loans) | loans | 0 | 2 | 3 |
Post-Modification Recorded Investment | $ 0 | $ 127 | $ 315 |
Commercial - secured | Extend maturity without rate concession | |||
Financing Receivable, Modifications [Line Items] | |||
Number of loans modified during the year (loans) | loans | 10 | 9 | 8 |
Post-Modification Recorded Investment | $ 3,801 | $ 3,785 | $ 1,640 |
Commercial - unsecured | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans, modified during the year that had a post-modification default | loans | 1 | 0 | 0 |
Recorded Investment, modified during the year that had a post-modification default | $ 26 | $ 0 | $ 0 |
Commercial - unsecured | Extend maturity without rate concession | |||
Financing Receivable, Modifications [Line Items] | |||
Number of loans modified during the year (loans) | loans | 2 | 1 | 0 |
Post-Modification Recorded Investment | $ 103 | $ 38 | $ 0 |
Real estate – home equity | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans, modified during the year that had a post-modification default | 28 | 13 | 11 |
Recorded Investment, modified during the year that had a post-modification default | $ 1,836 | $ 763 | $ 961 |
Real estate – home equity | Extend maturity with rate concession | |||
Financing Receivable, Modifications [Line Items] | |||
Number of loans modified during the year (loans) | loans | 0 | 2 | 0 |
Post-Modification Recorded Investment | $ 0 | $ 36 | $ 0 |
Real estate – home equity | Extend maturity without rate concession | |||
Financing Receivable, Modifications [Line Items] | |||
Number of loans modified during the year (loans) | loans | 89 | 3 | 0 |
Post-Modification Recorded Investment | $ 4,484 | $ 203 | $ 0 |
Real estate – home equity | Bankruptcy | |||
Financing Receivable, Modifications [Line Items] | |||
Number of loans modified during the year (loans) | loans | 47 | 52 | 30 |
Post-Modification Recorded Investment | $ 2,671 | $ 2,501 | $ 1,551 |
Construction - commercial residential | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans, modified during the year that had a post-modification default | 0 | 0 | 2 |
Recorded Investment, modified during the year that had a post-modification default | $ 0 | $ 0 | $ 1,803 |
Construction - commercial residential | Extend maturity without rate concession | |||
Financing Receivable, Modifications [Line Items] | |||
Number of loans modified during the year (loans) | loans | 0 | 1 | 3 |
Post-Modification Recorded Investment | $ 0 | $ 1,535 | $ 3,616 |
Consumer - direct | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans, modified during the year that had a post-modification default | 0 | 0 | 1 |
Recorded Investment, modified during the year that had a post-modification default | $ 0 | $ 0 | $ 1 |
Consumer - direct | Bankruptcy | |||
Financing Receivable, Modifications [Line Items] | |||
Number of loans modified during the year (loans) | loans | 1 | 2 | 7 |
Post-Modification Recorded Investment | $ 2 | $ 6 | $ 7 |
Consumer - indirect: | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans, modified during the year that had a post-modification default | loans | 1 | 0 | 0 |
Recorded Investment, modified during the year that had a post-modification default | $ 19 | $ 0 | $ 0 |
Consumer - indirect: | Bankruptcy | |||
Financing Receivable, Modifications [Line Items] | |||
Number of loans modified during the year (loans) | loans | 1 | 1 | 4 |
Post-Modification Recorded Investment | $ 21 | $ 12 | $ 20 |
Loans and Allowance for Credi69
Loans and Allowance for Credit Losses Narrative (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Receivables [Abstract] | ||
Commitments to lend additional funds to borrowers | $ 3.6 | $ 5.3 |
Premises and Equipment (Details
Premises and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, gross | $ 488,311 | $ 487,012 |
Less: Accumulated depreciation and amortization | (270,505) | (261,477) |
Premises and equipment, net | 217,806 | 225,535 |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, gross | 36,097 | 37,380 |
Buildings and improvements | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, gross | 293,836 | 297,018 |
Furniture and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, gross | 137,282 | 136,029 |
Construction in progress | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, gross | $ 21,096 | $ 16,585 |
Goodwill and Intangible Asset71
Goodwill and Intangible Assets (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Goodwill [Line Items] | |||
Goodwill | $ 530,593,000 | $ 530,593,000 | |
Non-amortizing intangible assets | 963,000 | 963,000 | |
Balance at end of year | 531,556,000 | 531,556,000 | |
Goodwill impairment charges | 0 | $ 0 | $ 0 |
Subsidiaries | Six Reporting Units | |||
Goodwill [Line Items] | |||
Goodwill | $ 530,600,000 | ||
Goodwill impairment test fair value exceeding adjusted net book value | 62.00% |
Mortgage Servicing Rights Summa
Mortgage Servicing Rights Summary of Changes in Mortgage Servicing Rights (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Valuation allowance: | ||
Estimated fair value of MSRs | $ 38,200,000 | $ 45,300,000 |
Mortgage | ||
Amortized cost: | ||
Balance at beginning of year | 40,944,000 | 42,148,000 |
Originations of mortgage servicing rights | 5,485,000 | 6,166,000 |
Amortization expense | (7,607,000) | (7,370,000) |
Balance at end of year | 38,822,000 | 40,944,000 |
Valuation allowance: | ||
Balance at beginning of year | 0 | 0 |
Net additions to the valuation allowance | (1,291,000) | 0 |
Balance at end of year | (1,291,000) | 0 |
Net MSRs at end of year | 37,531,000 | $ 40,944,000 |
Amortization [Abstract] | ||
2,017 | 6,538,000 | |
2,018 | 6,087,000 | |
2,019 | 5,590,000 | |
2,020 | 5,043,000 | |
2,021 | $ 4,443,000 |
Deposits (Details)
Deposits (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Deposits [Line Items] | ||
Noninterest-bearing demand | $ 4,376,137 | $ 3,948,114 |
Interest-bearing demand | 3,703,712 | 3,451,207 |
Savings and money market accounts | 4,179,773 | 3,868,046 |
Time deposits | 2,753,242 | 2,864,950 |
Total Deposits | 15,012,864 | 14,132,317 |
Time Deposits, $250,000 or More | 374,400 | 359,900 |
Maturities of Time Deposits [Abstract] | ||
2,017 | 1,333,954 | |
2,018 | 376,599 | |
2,019 | 665,027 | |
2,020 | 182,473 | |
2,021 | 105,934 | |
Thereafter | 89,255 | |
Total | 2,753,242 | 2,864,950 |
Certificates of Deposit | ||
Deposits [Line Items] | ||
Time Deposits, $100,000 or More | $ 1,200,000 | $ 1,200,000 |
Short-Term Borrowings and Lon74
Short-Term Borrowings and Long-Term Debt Short Term (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Short-term Debt [Line Items] | |||
Maximum borrowing capacity | $ 1,100,000 | ||
Short-term borrowings | 541,317 | $ 497,663 | $ 329,719 |
Collateralized borrowings availability at discount window | 1,200,000 | 1,200,000 | |
Federal funds purchased | |||
Short-term Debt [Line Items] | |||
Short-term borrowings | 278,570 | 197,235 | 6,219 |
Maximum month-end outstanding amount | 449,184 | 266,338 | 577,581 |
Short-term FHLB advances | |||
Short-term Debt [Line Items] | |||
Short-term borrowings | 0 | 110,000 | 70,000 |
Maximum month-end outstanding amount | 0 | 200,000 | 600,000 |
Customer repurchase agreements | |||
Short-term Debt [Line Items] | |||
Short-term borrowings | 195,734 | 111,496 | 158,394 |
Maximum month-end outstanding amount | 221,989 | 212,509 | 244,729 |
Customer short-term promissory notes | |||
Short-term Debt [Line Items] | |||
Short-term borrowings | 67,013 | 78,932 | 95,106 |
Maximum month-end outstanding amount | $ 77,887 | $ 93,176 | $ 95,106 |
Short-Term Borrowings and Lon75
Short-Term Borrowings and Long-Term Debt Repurchase Agreements (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Short-term Debt [Line Items] | |||
Amount outstanding as of December 31 | $ 541,317 | $ 497,663 | $ 329,719 |
Customer repurchase agreements | |||
Short-term Debt [Line Items] | |||
Amount outstanding as of December 31 | $ 195,734 | $ 111,496 | $ 158,394 |
Weighted average interest rate as of December 31 | 0.10% | 0.15% | 0.13% |
Average amount outstanding during the year | $ 184,978 | $ 161,093 | $ 197,432 |
Weighted average interest rate during the year | 0.11% | 0.10% | 0.10% |
Short-Term Borrowings and Lon76
Short-Term Borrowings and Long-Term Debt Long Term (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Debt Instrument [Line Items] | ||
Federal Home Loan Bank advances and long-term debt | $ (929,403) | $ (949,542) |
Short-term FHLB advances | ||
Debt Instrument [Line Items] | ||
Federal Home Loan Bank advances and long-term debt | $ (567,240) | (587,756) |
Weighted average interest rate | 2.50% | |
Unused borrowing capacity | $ 3,100,000 | |
Subordinated debt | ||
Debt Instrument [Line Items] | ||
Federal Home Loan Bank advances and long-term debt | (350,000) | (350,000) |
Intercompany revolving line of credit | 75,000 | |
Junior subordinated deferrable interest debentures | ||
Debt Instrument [Line Items] | ||
Federal Home Loan Bank advances and long-term debt | (16,496) | (16,496) |
Unamortized discounts and issuance costs | ||
Debt Instrument [Line Items] | ||
Federal Home Loan Bank advances and long-term debt | $ (4,333) | $ (4,710) |
Line of Credit | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 2.00% |
Short-Term Borrowings and Lon77
Short-Term Borrowings and Long-Term Debt Maturiities (Details) $ in Thousands | Dec. 31, 2016USD ($) |
Short-Term Borrowings and Long-Term Debt [Abstract] | |
2,017 | $ 114,415 |
2,018 | 0 |
2,019 | 202,731 |
2,020 | 142,370 |
2,021 | 199,444 |
Thereafter | 270,443 |
Long Term Debt Maturities Total | $ 929,403 |
Short-Term Borrowings and Lon78
Short-Term Borrowings and Long-Term Debt Subordinated Debt (Details) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||
Jun. 30, 2015 | Sep. 30, 2015USD ($) | Dec. 31, 2016USD ($)subsidiarytrusts | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Sep. 30, 2016 | Nov. 30, 2014USD ($) | May 31, 2007USD ($) | |
Subordinated Debt [Abstract] | ||||||||
Net Income | $ 161,625,000 | $ 149,502,000 | $ 157,894,000 | |||||
Income taxes | $ 46,624,000 | $ 49,921,000 | $ 52,606,000 | |||||
Subsidiary trusts owned by parent | subsidiarytrusts | 3 | |||||||
Junior subordinated deferrable interest debentures | ||||||||
Subordinated Debt [Abstract] | ||||||||
Effective interest rate | 6.52% | |||||||
Extinguishment of debt, amount | $ 150,000,000 | |||||||
Amortization of financing costs | 1,800,000 | |||||||
Non-Interest Income (Expense) | Junior subordinated deferrable interest debentures | ||||||||
Subordinated Debt [Abstract] | ||||||||
Loss on debt extinguishment | (5,600,000) | |||||||
Unrealized Effective Portions of Losses on Forward-Starting Interest Rate Swaps | Reclassification out of Accumulated Other Comprehensive Income | Junior subordinated deferrable interest debentures | ||||||||
Subordinated Debt [Abstract] | ||||||||
Net Income | 2,500,000 | |||||||
Income taxes | 1,300,000 | |||||||
Junior subordinated deferrable interest debentures | ||||||||
Subordinated Debt [Abstract] | ||||||||
Subordinated Debt | $ 16,496,000 | |||||||
Junior subordinated deferrable interest debentures | Columbia Bancorp Statutory Trust | ||||||||
Subordinated Debt [Abstract] | ||||||||
Interest Rate | 3.49% | |||||||
Subordinated Debt | $ 6,186,000 | |||||||
Maturity | Jun. 30, 2034 | |||||||
Callable | Mar. 31, 2017 | |||||||
Call Price | 1 | |||||||
Junior subordinated deferrable interest debentures | Columbia Bancorp Statutory Trust II | ||||||||
Subordinated Debt [Abstract] | ||||||||
Interest Rate | 2.85% | |||||||
Subordinated Debt | $ 4,124,000 | |||||||
Maturity | Mar. 15, 2035 | |||||||
Callable | Mar. 31, 2017 | |||||||
Call Price | 1 | |||||||
Junior subordinated deferrable interest debentures | Columbia Bancorp Statutory Trust III | ||||||||
Subordinated Debt [Abstract] | ||||||||
Interest Rate | 2.73% | |||||||
Subordinated Debt | $ 6,186,000 | |||||||
Maturity | Jun. 15, 2035 | |||||||
Callable | Mar. 31, 2017 | |||||||
Call Price | 1 | |||||||
Subordinated debt | ||||||||
Subordinated Debt [Abstract] | ||||||||
Debt instrument, face amount | $ 150,000,000 | |||||||
Debt instrument, term | 10 years | |||||||
Interest Rate | 4.50% | |||||||
Effective interest rate | 4.69% | |||||||
Subordinated debt | May 2017 Subordinated Debt | ||||||||
Subordinated Debt [Abstract] | ||||||||
Effective interest rate | 5.96% | |||||||
Subordinated Debt | $ 100,000,000 | |||||||
Stated interest rate | 5.75% | |||||||
Subordinated debt | November 2024 Subordinated Debt | ||||||||
Subordinated Debt [Abstract] | ||||||||
Effective interest rate | 4.87% | |||||||
Subordinated Debt | $ 100,000,000 | |||||||
Stated interest rate | 4.50% |
Derivative Financial Instrume79
Derivative Financial Instruments Notional Amounts and Fair Values of Derivative Financial Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Derivatives, Fair Value [Line Items] | ||
Foreign Currency Contract, Fair Value, Net | $ 2,824 | $ 1,667 |
Interest Rate Locks with Customers | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, at Fair Value, Net | 636 | 1,275 |
Interest Rate Locks with Customers | Positive fair values | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Notional Amount | 87,119 | 87,781 |
Derivative Assets, at Fair Value | 863 | 1,291 |
Interest Rate Locks with Customers | Negative fair values | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Notional Amount | 18,239 | 267 |
Derivative Liabilities, at Fair Value | (227) | (16) |
Forward Commitments | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, at Fair Value, Net | 2,111 | 181 |
Forward Commitments | Positive fair values | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Notional Amount | 70,031 | 69,045 |
Derivative Assets, at Fair Value | 2,223 | 205 |
Forward Commitments | Negative fair values | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Notional Amount | 19,964 | 16,193 |
Derivative Liabilities, at Fair Value | (112) | (24) |
Interest Rate Swaps with Customers | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, at Fair Value, Net | 7,399 | 32,860 |
Interest Rate Swaps with Customers | Positive fair values | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Notional Amount | 876,744 | 846,490 |
Derivative Assets, at Fair Value | 24,397 | 32,915 |
Interest Rate Swaps with Customers | Negative fair values | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Notional Amount | 583,060 | 8,757 |
Derivative Liabilities, at Fair Value | (16,998) | (55) |
Interest Rate Swaps with Dealer Counterparties | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, at Fair Value, Net | (7,399) | (32,860) |
Interest Rate Swaps with Dealer Counterparties | Positive fair values | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Notional Amount | 583,060 | 8,757 |
Derivative Assets, at Fair Value | 16,998 | 55 |
Interest Rate Swaps with Dealer Counterparties | Negative fair values | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Notional Amount | 876,744 | 846,490 |
Derivative Liabilities, at Fair Value | (24,397) | (32,915) |
Foreign Exchange Contracts with Customers | ||
Derivatives, Fair Value [Line Items] | ||
Foreign Currency Contract, Fair Value, Net | 283 | (70) |
Foreign Exchange Contracts with Customers | Positive fair values | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Notional Amount | 11,674 | 4,897 |
Foreign Currency Contract, Asset, Fair Value | 504 | 114 |
Foreign Exchange Contracts with Customers | Negative fair values | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Notional Amount | 4,659 | 8,050 |
Foreign Currency Contracts, Liability, Fair Value | (221) | (184) |
Foreign Exchange Contracts with Correspondent Banks | ||
Derivatives, Fair Value [Line Items] | ||
Foreign Currency Contract, Fair Value, Net | (206) | 281 |
Foreign Exchange Contracts with Correspondent Banks | Positive fair values | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Notional Amount | 7,040 | 9,728 |
Foreign Currency Contract, Asset, Fair Value | 241 | 428 |
Foreign Exchange Contracts with Correspondent Banks | Negative fair values | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Notional Amount | 12,869 | 6,899 |
Foreign Currency Contracts, Liability, Fair Value | $ (447) | $ (147) |
Derivative Financial Instrume80
Derivative Financial Instruments Fair Value Gains and Losses on Derivative Financial Instruments (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Other Income | |||
Derivatives, Fair Value [Line Items] | |||
Net fair value gains (losses) on derivative financial instruments | $ 1,157 | $ 1,507 | $ (2,037) |
Interest rate locks with customers | Mortgage Banking Income | |||
Derivatives, Fair Value [Line Items] | |||
Gain (loss) on interest rate derivative instruments | (639) | (110) | 577 |
Forward Commitments | Mortgage Banking Income | |||
Derivatives, Fair Value [Line Items] | |||
Gain (loss) on interest rate derivative instruments | 1,930 | 1,345 | (2,422) |
Interest Rate Swaps with Customers | Other Income | |||
Derivatives, Fair Value [Line Items] | |||
Gain (loss) on interest rate derivative instruments | (25,461) | 13,342 | 20,406 |
Interest Rate Swaps with Dealer Counterparties | Other Income | |||
Derivatives, Fair Value [Line Items] | |||
Gain (loss) on interest rate derivative instruments | 25,461 | (13,342) | (20,406) |
Foreign Exchange Contracts with Correspondent Banks | Other Income | |||
Derivatives, Fair Value [Line Items] | |||
Gain (loss) on foreign currency derivatives | (487) | 711 | (880) |
Foreign exchange contracts with customers | Other Income | |||
Derivatives, Fair Value [Line Items] | |||
Gain (loss) on foreign currency derivatives | $ 353 | $ (439) | $ 688 |
Derivative Financial Instrume81
Derivative Financial Instruments Fair Value Option (Details) - Mortgage loans held for sale - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Mortgage Banking Income | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Fair Value Loss | $ (313) | $ (140) |
Mortgage loans held for sale | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Cost | 28,708 | 16,584 |
Fair Value | $ 28,697 | $ 16,886 |
Derivative Financial Instrume82
Derivative Financial Instruments Balance Sheet Offsetting (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Offsetting Assets and Liabilities [Line Items] | ||
Gross asset | $ 41,636 | $ 33,398 |
Financial Instruments | (15,358) | (202) |
Cash collateral | 0 | 0 |
Net asset | 26,278 | 33,196 |
Gross liability | 41,842 | 33,117 |
Financial Instruments | (15,358) | (202) |
Cash Collateral | (4,216) | (31,130) |
Net liability | 22,268 | 1,785 |
Interest Rate Swap | ||
Offsetting Assets and Liabilities [Line Items] | ||
Gross asset | 41,395 | 32,970 |
Financial Instruments | (15,117) | (55) |
Cash collateral | 0 | 0 |
Net asset | 26,278 | 32,915 |
Gross liability | 41,395 | 32,970 |
Financial Instruments | (15,117) | (55) |
Cash Collateral | (4,010) | (31,130) |
Net liability | 22,268 | 1,785 |
Foreign Exchange Contract | ||
Offsetting Assets and Liabilities [Line Items] | ||
Gross asset | 241 | 428 |
Financial Instruments | (241) | (147) |
Cash collateral | 0 | 0 |
Net asset | 0 | 281 |
Gross liability | 447 | 147 |
Financial Instruments | (241) | (147) |
Cash Collateral | (206) | 0 |
Net liability | $ 0 | $ 0 |
Regulatory Matters (Details)
Regulatory Matters (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016USD ($)banks | Dec. 31, 2015USD ($) | |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Amount available for dividend distribution without affecting capital adequacy requirements | $ 233,000 | |
Maximum allowed percentage of loans issued to a single affiliate | 10000.00% | |
Maximum allowed percentage of aggregate loans issued to all affiliate | 20000.00% | |
Significant subidiaries | banks | 4 | |
Excess tier one risk based capital | $ 1,000,000 | $ 1,000,000 |
Total Capital [Abstract] | ||
Capital | $ 2,074,526 | $ 1,997,926 |
Capital to risk weighted assets | 13.20% | 13.20% |
Capital required for capital adequacy | $ 1,255,292 | $ 1,214,868 |
Capital required for capital adequacy to risk weighted assets | 8.00% | 8.00% |
Tier One Risk Based Capital [Abstract] | ||
Tier one risk based capital | $ 1,637,150 | $ 1,544,495 |
Tier one risk based capital to risk weighted assets | 10.40% | 10.20% |
Tier one risk based capital required for capital adequacy | $ 941,469 | $ 911,151 |
Tier one risk based capital required for capital adequacy to risk weighted assets | 6.00% | 6.00% |
CommonEquityTierOneCapitalAbstract [Abstract] | ||
Common equity tier 1 capital | $ 1,637,150 | $ 1,541,214 |
Common equity tier one capital ratio | 10.40% | 10.20% |
Common equity tier one capital required for capital adequacy | $ 706,102 | $ 683,363 |
Common equity tier one capital required for capital adequacy to risk weighted assets | 4.50% | 4.50% |
Tier One Leverage Capital [Abstract] | ||
Tier one leverage capital | $ 1,637,150 | $ 1,544,495 |
Tier one leverage capital to average assets | 9.00% | 9.00% |
Tier one leverage capital required for capital adequacy | $ 727,745 | $ 688,500 |
Tier one leverage capital required for capital adequacy to average assets | 4.00% | 4.00% |
Fulton Bank, N.A. | ||
Total Capital [Abstract] | ||
Capital | $ 1,142,326 | $ 1,088,709 |
Capital to risk weighted assets | 12.20% | 12.20% |
Capital required for capital adequacy | $ 747,359 | $ 714,734 |
Capital required for capital adequacy to risk weighted assets | 8.00% | 8.00% |
Capital required to be well capitalized | $ 934,199 | $ 893,418 |
Capital required to be well capitalized to risk weighted assets | 10.00% | 10.00% |
Tier One Risk Based Capital [Abstract] | ||
Tier one risk based capital | $ 1,050,175 | $ 1,000,603 |
Tier one risk based capital to risk weighted assets | 11.20% | 11.20% |
Tier one risk based capital required for capital adequacy | $ 560,519 | $ 536,051 |
Tier one risk based capital required for capital adequacy to risk weighted assets | 6.00% | 6.00% |
Tier one risk based capital required to be well capitalized | $ 747,359 | $ 714,734 |
Tier one risk based capital required to be well capitalized to risk weighted assets | 8.00% | 8.00% |
CommonEquityTierOneCapitalAbstract [Abstract] | ||
Common equity tier 1 capital | $ 1,006,175 | $ 956,603 |
Common equity tier one capital ratio | 10.80% | 10.70% |
Common equity tier one capital required for capital adequacy | $ 420,389 | $ 402,038 |
Common equity tier one capital required for capital adequacy to risk weighted assets | 4.50% | 4.50% |
Common equity tier one capital required to be well-capitalized | $ 607,229 | $ 580,721 |
Common equity tier one capital required to be well capitalized to risk weighted assets | 6.50% | 6.50% |
Tier One Leverage Capital [Abstract] | ||
Tier one leverage capital | $ 1,050,175 | $ 1,000,603 |
Tier one leverage capital to average assets | 10.10% | 10.20% |
Tier one leverage capital required for capital adequacy | $ 415,981 | $ 391,783 |
Tier one leverage capital required for capital adequacy to average assets | 4.00% | 4.00% |
Tier one leverage capital required to be well capitalized | $ 519,977 | $ 489,729 |
Tier one leverage capital required to be well capitalized to average assets | 5.00% | 5.00% |
Fulton Bank of New Jersey | ||
Total Capital [Abstract] | ||
Capital | $ 385,807 | $ 373,465 |
Capital to risk weighted assets | 13.10% | 12.60% |
Capital required for capital adequacy | $ 234,782 | $ 236,691 |
Capital required for capital adequacy to risk weighted assets | 8.00% | 8.00% |
Capital required to be well capitalized | $ 293,427 | $ 295,864 |
Capital required to be well capitalized to risk weighted assets | 10.00% | 10.00% |
Tier One Risk Based Capital [Abstract] | ||
Tier one risk based capital | $ 348,992 | $ 336,319 |
Tier one risk based capital to risk weighted assets | 11.90% | 11.40% |
Tier one risk based capital required for capital adequacy | $ 176,086 | $ 177,518 |
Tier one risk based capital required for capital adequacy to risk weighted assets | 6.00% | 6.00% |
Tier one risk based capital required to be well capitalized | $ 234,782 | $ 236,691 |
Tier one risk based capital required to be well capitalized to risk weighted assets | 8.00% | 8.00% |
CommonEquityTierOneCapitalAbstract [Abstract] | ||
Common equity tier 1 capital | $ 348,992 | $ 336,319 |
Common equity tier one capital ratio | 11.90% | 11.40% |
Common equity tier one capital required for capital adequacy | $ 132,065 | $ 133,139 |
Common equity tier one capital required for capital adequacy to risk weighted assets | 4.50% | 4.50% |
Common equity tier one capital required to be well-capitalized | $ 190,760 | $ 192,311 |
Common equity tier one capital required to be well capitalized to risk weighted assets | 6.50% | 6.50% |
Tier One Leverage Capital [Abstract] | ||
Tier one leverage capital | $ 348,992 | $ 336,319 |
Tier one leverage capital to average assets | 9.40% | 9.50% |
Tier one leverage capital required for capital adequacy | $ 148,472 | $ 141,257 |
Tier one leverage capital required for capital adequacy to average assets | 4.00% | 4.00% |
Tier one leverage capital required to be well capitalized | $ 185,590 | $ 176,572 |
Tier one leverage capital required to be well capitalized to average assets | 5.00% | 5.00% |
The Columbia Bank | ||
Total Capital [Abstract] | ||
Capital | $ 203,890 | $ 211,355 |
Capital to risk weighted assets | 12.20% | 13.70% |
Capital required for capital adequacy | $ 133,836 | $ 123,260 |
Capital required for capital adequacy to risk weighted assets | 8.00% | 8.00% |
Capital required to be well capitalized | $ 167,294 | $ 154,075 |
Capital required to be well capitalized to risk weighted assets | 10.00% | 10.00% |
Tier One Risk Based Capital [Abstract] | ||
Tier one risk based capital | $ 185,983 | $ 192,090 |
Tier one risk based capital to risk weighted assets | 11.10% | 12.50% |
Tier one risk based capital required for capital adequacy | $ 100,377 | $ 92,445 |
Tier one risk based capital required for capital adequacy to risk weighted assets | 6.00% | 6.00% |
Tier one risk based capital required to be well capitalized | $ 133,836 | $ 123,260 |
Tier one risk based capital required to be well capitalized to risk weighted assets | 8.00% | 8.00% |
CommonEquityTierOneCapitalAbstract [Abstract] | ||
Common equity tier 1 capital | $ 185,983 | $ 192,090 |
Common equity tier one capital ratio | 11.10% | 12.50% |
Common equity tier one capital required for capital adequacy | $ 72,282 | $ 69,334 |
Common equity tier one capital required for capital adequacy to risk weighted assets | 4.50% | 4.50% |
Common equity tier one capital required to be well-capitalized | $ 108,741 | $ 100,149 |
Common equity tier one capital required to be well capitalized to risk weighted assets | 6.50% | 6.50% |
Tier One Leverage Capital [Abstract] | ||
Tier one leverage capital | $ 185,983 | $ 192,090 |
Tier one leverage capital to average assets | 8.60% | 9.70% |
Tier one leverage capital required for capital adequacy | $ 86,310 | $ 79,618 |
Tier one leverage capital required for capital adequacy to average assets | 4.00% | 4.00% |
Tier one leverage capital required to be well capitalized | $ 107,888 | $ 99,523 |
Tier one leverage capital required to be well capitalized to average assets | 5.00% | 5.00% |
Lafayette Ambassador Bank | ||
Total Capital [Abstract] | ||
Capital | $ 175,254 | $ 172,345 |
Capital to risk weighted assets | 14.60% | 14.10% |
Capital required for capital adequacy | $ 96,100 | $ 97,792 |
Capital required for capital adequacy to risk weighted assets | 8.00% | 8.00% |
Capital required to be well capitalized | $ 120,125 | $ 122,240 |
Capital required to be well capitalized to risk weighted assets | 10.00% | 10.00% |
Tier One Risk Based Capital [Abstract] | ||
Tier one risk based capital | $ 166,186 | $ 162,092 |
Tier one risk based capital to risk weighted assets | 13.80% | 13.30% |
Tier one risk based capital required for capital adequacy | $ 72,075 | $ 73,344 |
Tier one risk based capital required for capital adequacy to risk weighted assets | 6.00% | 6.00% |
Tier one risk based capital required to be well capitalized | $ 96,100 | $ 97,792 |
Tier one risk based capital required to be well capitalized to risk weighted assets | 8.00% | 8.00% |
CommonEquityTierOneCapitalAbstract [Abstract] | ||
Common equity tier 1 capital | $ 166,186 | $ 162,092 |
Common equity tier one capital ratio | 13.80% | 13.30% |
Common equity tier one capital required for capital adequacy | $ 54,056 | $ 55,008 |
Common equity tier one capital required for capital adequacy to risk weighted assets | 4.50% | 4.50% |
Common equity tier one capital required to be well-capitalized | $ 78,081 | $ 79,456 |
Common equity tier one capital required to be well capitalized to risk weighted assets | 6.50% | 6.50% |
Tier One Leverage Capital [Abstract] | ||
Tier one leverage capital | $ 166,186 | $ 162,092 |
Tier one leverage capital to average assets | 10.90% | 11.00% |
Tier one leverage capital required for capital adequacy | $ 61,129 | $ 59,152 |
Tier one leverage capital required for capital adequacy to average assets | 4.00% | 4.00% |
Tier one leverage capital required to be well capitalized | $ 76,412 | $ 73,940 |
Tier one leverage capital required to be well capitalized to average assets | 5.00% | 5.00% |
Income Taxes Expense (Benefit)
Income Taxes Expense (Benefit) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Current tax expense: | |||
Federal | $ 33,872 | $ 34,455 | $ 32,957 |
State | 1,698 | 2,042 | 1,126 |
Total | 35,570 | 36,497 | 34,083 |
Deferred Income Tax Expense (Benefit), Continuing Operations [Abstract] | |||
Federal | 7,968 | 12,752 | 18,523 |
State | 3,086 | 672 | 0 |
Total | 11,054 | 13,424 | 18,523 |
Income tax expense | $ 46,624 | $ 49,921 | $ 52,606 |
Income Taxes Effective Tax Rate
Income Taxes Effective Tax Rate (Details) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Effective Income Tax Rate Reconciliation, Percent [Abstract] | |||
Statutory tax rate | 35.00% | 35.00% | 35.00% |
Tax-exempt income | (6.50%) | (6.00%) | (5.40%) |
Tax Credit Investments | (7.00%) | (5.20%) | (4.90%) |
Change in valuation allowance | 0.30% | (0.90%) | (0.80%) |
Bank owned life insurance | (0.60%) | (0.60%) | (0.50%) |
State income taxes, net of federal benefit | 1.20% | 1.90% | 1.20% |
Executive compensation | 0.10% | 0.10% | 0.10% |
Other, net | (0.10%) | 0.70% | (0.30%) |
Effective income tax rate | 22.40% | 25.00% | 24.40% |
Income Taxes Deferred Tax Asset
Income Taxes Deferred Tax Assetss And Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Deferred tax assets: | ||
Allowance for credit losses | $ 62,726 | $ 62,846 |
Postretirement and defined benefit plans | 12,659 | 13,070 |
State loss carryforwards | 9,820 | 11,170 |
Other accrued expenses | 12,017 | 11,839 |
Other-than-temporary impairment of investments | 5,187 | 5,501 |
Other accrued expenses | 9,520 | 7,142 |
Unrealized holding losses on securities available for sale | 12,260 | 3,250 |
Other | 8,500 | 10,165 |
Total gross deferred tax assets | 132,689 | 124,983 |
Deferred Tax Liabilities, Gross [Abstract] | ||
Mortgage servicing rights | 13,369 | 14,582 |
Direct leasing | 27,663 | 20,309 |
Acquisition premiums/discounts | 9,167 | 8,897 |
Premises and equipment | 5,625 | 5,955 |
Intangible assets | 1,810 | 1,614 |
Other | 12,530 | 9,593 |
Total gross deferred tax liabilities | 70,164 | 60,950 |
Net deferred tax asset, before valuation allowance | 62,525 | 64,033 |
Valuation allowance | (8,950) | (8,359) |
Net deferred tax asset | 53,575 | 55,674 |
State and local operating loss carryforwards | 391,000 | $ 424,000 |
Capital loss carryforwards | 2,500 | |
Deferred tax assets other than temporary impairment losses investment securities | $ 5,000 |
Income Taxes Unrecognized Benef
Income Taxes Unrecognized Benefit (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Reconciliation of Unrecognized Tax Benefits [Roll Forward] | |||
Balance at beginning of year | $ 2,373,000 | $ 1,944,000 | $ 1,651,000 |
Prior period tax positions | 0 | 0 | 188,000 |
Current period tax positions | 456,000 | 492,000 | 269,000 |
Lapse of statute of limitations | (391,000) | (63,000) | (164,000) |
Balance at end of year | 2,438,000 | 2,373,000 | $ 1,944,000 |
Unrecognized tax benefits that would impact effective tax rate | 845,000 | ||
Interest and penalties in income tax expense related to unrecognized tax positions | 43,000 | 46,000 | |
Income tax penalties and interest accrued | $ 574,000 | $ 531,000 |
Employee Benefit Plans Benefits
Employee Benefit Plans Benefits (Details) - USD ($) $ in Thousands | Feb. 01, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Defined Benefit Plan Disclosure [Line Items] | ||||
Retirement plan and pension plan, total | $ 11,728 | $ 10,525 | $ 10,157 | |
Amount to be amortized from accumulated other comprehensive income (loss) in next twelve months | 2,700 | |||
Other Postretirement Benefit Plan | 401k Plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
401(k) Retirement Plan | $ 7,418 | 6,423 | 8,643 | |
Maximum percentage of eligible employee’s covered compensation | 5.00% | |||
Percentage of plan vested | 100.00% | |||
Pension Plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension Plan | $ 4,310 | 4,102 | 1,514 | |
Other Postretirement Benefit Plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension Plan | (466) | $ (52) | $ (126) | |
Effect of curtailment | $ 3,400 | |||
Plan amendment | $ 2,500 |
Employee Benefit Plans Net Peri
Employee Benefit Plans Net Periodic Benefit Cost (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Pension Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | $ 688 | $ 579 | $ 367 |
Interest cost | 3,520 | 3,405 | 3,413 |
Expected return on assets | (2,318) | (3,009) | (3,240) |
Net amortization and deferral | 2,420 | 3,127 | 974 |
Net periodic benefit cost | 4,310 | 4,102 | 1,514 |
Other Postretirement Benefit Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 0 | 0 | 15 |
Interest cost | 85 | 206 | 206 |
Net amortization and deferral | (551) | (258) | (347) |
Net periodic benefit cost | $ (466) | $ (52) | $ (126) |
Employee Benefit Plans Projecte
Employee Benefit Plans Projected Benefit Obligation (Details) - USD ($) | Feb. 01, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||||
Fair value of plan assets at beginning of year | $ 46,971,000 | |||
Fair value of plan assets at end of year | 48,684,000 | $ 46,971,000 | ||
Other Postretirement Benefit Plans | ||||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ||||
Projected benefit obligation at beginning of year | 2,875,000 | 5,552,000 | ||
Service cost | 0 | 0 | $ 15,000 | |
Interest cost | 85,000 | 206,000 | 206,000 | |
Benefit payments | (282,000) | (251,000) | ||
Change in assumptions | (20,000) | (2,821,000) | ||
Effect of curtailment | $ (3,400,000) | |||
Experience gain | 732,000 | (189,000) | ||
Projected benefit obligation at end of year | 1,926,000 | 2,875,000 | 5,552,000 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||||
Fair value of plan assets at beginning of year | 15,000 | 8,000 | ||
Benefit payments | (282,000) | (251,000) | ||
Fair value of plan assets at end of year | 3,000 | 15,000 | 8,000 | |
Employer contributions | 270,000 | 258,000 | ||
Pension Plans | ||||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ||||
Projected benefit obligation at beginning of year | 84,736,000 | 93,079,000 | ||
Service cost | 688,000 | 579,000 | 367,000 | |
Interest cost | 3,520,000 | 3,405,000 | 3,413,000 | |
Benefit payments | (5,172,000) | (3,904,000) | ||
Change in assumptions | 1,635,000 | (7,722,000) | ||
Experience gain | (44,000) | (701,000) | ||
Projected benefit obligation at end of year | 85,363,000 | 84,736,000 | 93,079,000 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||||
Fair value of plan assets at beginning of year | 46,971,000 | 51,730,000 | ||
Actual return on plan assets | 1,716,000 | (855,000) | ||
Benefit payments | (5,172,000) | (3,904,000) | ||
Fair value of plan assets at end of year | 48,684,000 | 46,971,000 | $ 51,730,000 | |
Employer contributions | $ 5,169,000 | $ 0 |
Employee Benefit Plans Funded S
Employee Benefit Plans Funded Status (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | $ 48,684 | $ 46,971 | |
Pension Plans | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Projected benefit obligation | (85,363) | (84,736) | $ (93,079) |
Fair value of plan assets | 48,684 | 46,971 | 51,730 |
Funded status | (36,679) | (37,765) | |
Other Postretirement Benefit Plans | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Projected benefit obligation | (1,926) | (2,875) | (5,552) |
Fair value of plan assets | 3 | 15 | $ 8 |
Funded status | $ (1,923) | $ (2,860) |
Employee Benefit Plans Unrecogn
Employee Benefit Plans Unrecognized loss (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Gross of tax | |||
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Unamortized Gain (Loss) Arising During Period, before Tax | $ (1,452) | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning Balance | $ (22,017) | $ (17,722) | (37,341) |
Recognized component of periodic pension cost | (944) | ||
Unrecognized gains arising in current year | (931) | 4,680 | (13,168) |
Ending Balance | (38,449) | (22,017) | (17,722) |
Unrecognized Pension and Postretirement Plan Income (Cost) | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning Balance | (15,961) | (22,505) | (8,801) |
Ending Balance | (15,675) | (15,961) | (22,505) |
Pension Plans | Accumulated Defined Benefit Plans Adjustment, Net Unamortized Gain (Loss) [Member] | |||
Gross of tax | |||
AOCI before Tax, Attributable to Parent | 30,396 | 38,082 | |
Reclass adjustment for postretirement plan gain included in net income | (2,420) | (3,127) | |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Unamortized Gain (Loss) Arising During Period, before Tax | 2,193 | (4,559) | |
AOCI before Tax, Attributable to Parent | 30,169 | 30,396 | 38,082 |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning Balance | 19,758 | 24,754 | |
Recognized component of periodic pension cost | (1,573) | (2,033) | |
Unrecognized gains arising in current year | 1,425 | (2,963) | |
Ending Balance | 19,610 | 19,758 | 24,754 |
Other Postretirement Benefit Plans | Accumulated Defined Benefit Plans Adjustment, Net Prior Service Cost [Member] | |||
Gross of tax | |||
AOCI before Tax, Attributable to Parent | (5,334) | (3,123) | |
Reclass adjustment for postretirement plan gain included in net income | 465 | 258 | |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Unamortized Gain (Loss) Arising During Period, before Tax | 0 | ||
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Unamortized Gain (Loss) Arising During Period, Prior to Curtailment, before Tax | (2,469) | ||
AOCI before Tax, Attributable to Parent | (4,869) | (5,334) | (3,123) |
Other Postretirement Benefit Plans | Accumulated Defined Benefit Plans Adjustment, Net Unamortized Gain (Loss) [Member] | |||
Gross of tax | |||
AOCI before Tax, Attributable to Parent | (508) | (336) | |
Reclass adjustment for postretirement plan gain included in net income | 86 | 0 | |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Unamortized Gain (Loss) Arising During Period, before Tax | (761) | ||
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Unamortized Gain (Loss) Arising During Period, Prior to Curtailment, before Tax | (172) | ||
AOCI before Tax, Attributable to Parent | (1,183) | (508) | (336) |
Other Postretirement Benefit Plans | Unrecognized Pension and Postretirement Plan Income (Cost) | |||
Gross of tax | |||
AOCI before Tax, Attributable to Parent | (5,842) | (3,459) | |
Reclass adjustment for postretirement plan gain included in net income | 551 | 258 | |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Unamortized Gain (Loss) Arising During Period, before Tax | (761) | ||
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Unamortized Gain (Loss) Arising During Period, Prior to Curtailment, before Tax | (2,641) | ||
AOCI before Tax, Attributable to Parent | (6,052) | (5,842) | (3,459) |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning Balance | (3,798) | (2,249) | |
Recognized component of periodic pension cost | 358 | ||
Unrecognized gains arising in current year | (495) | ||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, Prior to Curtailment, Net of Tax | 168 | ||
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Unamortized Gain (Loss) Arising During Period, Prior to Curtailment, Net of Tax | (1,717) | ||
Ending Balance | $ (3,935) | $ (3,798) | $ (2,249) |
Employee Benefit Plans Rates (D
Employee Benefit Plans Rates (Details) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Pension Plans | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Discount rate-projected benefit obligation | 4.00% | 4.25% | 3.75% |
Expected long-term rate of return on plan assets | 5.00% | 6.00% | 6.00% |
Other Postretirement Benefit Plans | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Discount rate-projected benefit obligation | 4.25% | 4.25% | 3.75% |
Expected long-term rate of return on plan assets | 3.00% | 3.00% | 3.00% |
Percentage of Increase threshold using citigroup average life discount rate table | 0.25% |
Employee Benefit Plans Fair Val
Employee Benefit Plans Fair Value Of Plan Assets (Details) - USD ($) $ in Thousands | Feb. 01, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Fair value of plan assets | $ 48,684 | $ 46,971 | ||
Actual plan asset allocations | 100.00% | 100.00% | ||
Equity securities | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Target allocation percentage of assets, equity securities | 50.00% | |||
Fair value of plan assets | $ 20,625 | $ 14,619 | ||
Actual plan asset allocations | 42.40% | 31.10% | ||
Equity Funds | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Fair value of plan assets | $ 12,689 | $ 8,269 | ||
Mutual Funds | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Fair value of plan assets | $ 7,936 | 6,350 | ||
Debt securities | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Target allocation percentage of assets, equity securities | 40.00% | |||
Fair value of plan assets | $ 21,437 | $ 24,404 | ||
Actual plan asset allocations | 44.00% | 52.00% | ||
Money Market Funds | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Fair value of plan assets | $ 7,149 | $ 8,196 | ||
Fixed Income Funds | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Fair value of plan assets | 10,540 | 9,578 | ||
Corporate debt securities | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Fair value of plan assets | 3,252 | 3,749 | ||
US Government Agencies Debt Securities | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Fair value of plan assets | $ 496 | 2,881 | ||
Other Alternative Investment Mutual Funds | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Target allocation percentage of assets, equity securities | 10.00% | |||
Fair value of plan assets | $ 6,622 | $ 7,948 | ||
Actual plan asset allocations | 13.60% | 16.90% | ||
Other Postretirement Benefit Plans | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Recognized net gain (loss) due to curtailments | $ 1,500 | |||
Effect of curtailment | $ 3,400 | |||
Fair value of plan assets | $ 3 | $ 15 | $ 8 |
Employee Benefit Plans Expected
Employee Benefit Plans Expected benefits (Details) $ in Thousands | Dec. 31, 2016USD ($) |
Pension Plans | |
Defined Benefit Plan, Estimated Future Benefit Payments [Abstract] | |
2,017 | $ 3,409 |
2,018 | 3,742 |
2,019 | 3,831 |
2,020 | 4,213 |
2,021 | 4,410 |
2022-2026 | 24,219 |
Defined Benefit Plan Expected Future Benefit Payments | 43,824 |
Other Postretirement Benefit Plans | |
Defined Benefit Plan, Estimated Future Benefit Payments [Abstract] | |
2,017 | 237 |
2,018 | 222 |
2,019 | 207 |
2,020 | 193 |
2,021 | 178 |
2022-2026 | 695 |
Defined Benefit Plan Expected Future Benefit Payments | $ 1,732 |
Shareholders' Equity (Details)
Shareholders' Equity (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Before-Tax Amount | |||
Unrealized loss on securities | $ (22,907) | $ (11,872) | $ 51,901 |
Reclassification adjustment for securities gains included in net income (1) | (2,550) | (9,066) | (2,041) |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, before Tax | 3,778 | ||
Non-credit related unrealized loss on other-than-temporarily impaired debt securities | (285) | 368 | 1,200 |
Amortization of unrealized loss on derivative financial instruments (2) | 25 | 115 | 209 |
Unrecognized pension and postretirement cost | (1,432) | 7,200 | (20,258) |
Amortization of net unrecognized pension and postretirement items (3) | 1,869 | 2,869 | 627 |
Total Other Comprehensive Loss | (25,280) | (6,608) | 30,186 |
Tax Effect | |||
Unrealized loss on securities | 8,016 | 4,155 | (18,167) |
Reclassification adjustment for securities gains included in net income (1) | 893 | 3,174 | 714 |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Tax | (1,322) | ||
Non-credit related unrealized loss on other-than-temporarily impaired debt securities | 100 | (129) | (420) |
Amortization of unrealized loss on derivative financial instruments (2) | (9) | (40) | (73) |
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, Tax | (508) | ||
Unrecognized pension and postretirement cost | 501 | (2,520) | 7,090 |
Amortization of net unrecognized pension and postretirement items (3) | (653) | (1,005) | (219) |
Total Other Comprehensive Loss | 8,848 | 2,313 | (10,567) |
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, Net of Tax | (944) | ||
Net of Tax Amount | |||
Unrealized loss on securities | (14,891) | (7,717) | 33,734 |
Reclassification adjustment for securities gains included in net income (1) | (1,657) | (5,892) | (1,327) |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Net of Tax | 0 | 2,456 | 0 |
Non-credit related unrealized loss on other-than-temporarily impaired debt securities | (185) | 239 | 780 |
Amortization of unrealized loss on derivative financial instruments (2) | 16 | 75 | 136 |
Unrecognized pension and postretirement cost | (931) | 4,680 | (13,168) |
Amortization of net unrecognized pension and postretirement items (3) | 1,216 | 1,864 | 408 |
Total Other Comprehensive Loss | $ (16,432) | $ (4,295) | 19,619 |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Unamortized Gain (Loss) Arising During Period, before Tax | $ (1,452) |
Shareholders' Equity Changes in
Shareholders' Equity Changes in Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||
Beginning Balance | $ (22,017) | $ (17,722) | $ (37,341) |
Other comprehensive income (loss) before reclassifications | (16,007) | (2,798) | 20,402 |
Amounts reclassified from accumulated other comprehensive income (loss) | (425) | (3,953) | (783) |
Reclassification adjustment for loss on derivative financial instruments included in net income | 0 | 2,456 | 0 |
Ending Balance | (38,449) | (22,017) | (17,722) |
Unrealized Gain (Losses) on Investment Securities Not Other-Than-Temporarily Impaired | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||
Beginning Balance | (6,499) | 5,980 | (27,510) |
Other comprehensive income (loss) before reclassifications | (14,891) | (7,717) | 33,734 |
Amounts reclassified from accumulated other comprehensive income (loss) | (1,657) | (4,762) | (244) |
Reclassification adjustment for loss on derivative financial instruments included in net income | 0 | ||
Ending Balance | (23,047) | (6,499) | 5,980 |
Unrealized Non-Credit Gains (Losses) on Other-Than-Temporarily Impaired Debt Securities | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||
Beginning Balance | 458 | 1,349 | 1,652 |
Other comprehensive income (loss) before reclassifications | (185) | 239 | 780 |
Amounts reclassified from accumulated other comprehensive income (loss) | 0 | (1,130) | (1,083) |
Reclassification adjustment for loss on derivative financial instruments included in net income | 0 | ||
Ending Balance | 273 | 458 | 1,349 |
Unrealized Effective Portions of Losses on Forward-Starting Interest Rate Swaps | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||
Beginning Balance | (15) | (2,546) | (2,682) |
Other comprehensive income (loss) before reclassifications | 0 | 0 | 0 |
Amounts reclassified from accumulated other comprehensive income (loss) | 15 | 75 | 136 |
Reclassification adjustment for loss on derivative financial instruments included in net income | 2,456 | ||
Ending Balance | 0 | (15) | (2,546) |
Unrecognized Pension and Postretirement Plan Income (Cost) | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||
Beginning Balance | (15,961) | (22,505) | (8,801) |
Other comprehensive income (loss) before reclassifications | (931) | 4,680 | (14,112) |
Amounts reclassified from accumulated other comprehensive income (loss) | 1,217 | 1,864 | 408 |
Reclassification adjustment for loss on derivative financial instruments included in net income | 0 | ||
Ending Balance | $ (15,675) | $ (15,961) | $ (22,505) |
Shareholders' Equity Common Sto
Shareholders' Equity Common Stock Repurchase Plans (Details) - USD ($) | 1 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Nov. 30, 2016 | Apr. 30, 2015 | Nov. 30, 2014 | Apr. 30, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Equity, Class of Treasury Stock [Line Items] | |||||||
Common stock repurchase amount | $ 18,545,000 | $ 50,000,000 | $ 175,255,000 | ||||
Acquisition of treasury stock | (18,545,000) | (50,000,000) | $ (175,255,000) | ||||
Common Stock | |||||||
Equity, Class of Treasury Stock [Line Items] | |||||||
Common stock repurchase amount | $ 95,200,000 | ||||||
Average cost per share of treasury stock acquired (usd per share) | $ 11.91 | ||||||
Acquisition of treasury stock (in shares) | (8,000,000) | ||||||
Common Stock | Accelerated Stock Repurchase Program | |||||||
Equity, Class of Treasury Stock [Line Items] | |||||||
Treasury stock, value | $ 100,000,000 | ||||||
Common stock repurchase amount | $ 100,000,000 | ||||||
Average cost per share of treasury stock acquired (usd per share) | $ 12.05 | ||||||
Acquisition of treasury stock | $ (100,000,000) | ||||||
Acquisition of treasury stock (in shares) | (1,800,000) | (6,500,000) | (8,300,000) | ||||
Percent of common shares outstanding, expected to be delivered | 80.00% | ||||||
Common Stock | April 2015 Stock Repurchase Program | |||||||
Equity, Class of Treasury Stock [Line Items] | |||||||
Treasury stock, value | $ 50,000,000 | $ 50,000,000 | |||||
Common stock repurchase amount | $ 50,000,000 | ||||||
Average cost per share of treasury stock acquired (usd per share) | $ 12.57 | ||||||
Acquisition of treasury stock (in shares) | (4,000,000) | ||||||
Percent of common shares outstanding, expected to be delivered | 2.30% | ||||||
Common Stock | November 2016 Stock Repurchase Program | |||||||
Equity, Class of Treasury Stock [Line Items] | |||||||
Treasury stock, value | $ 50,000,000 | ||||||
Common stock repurchase amount | $ 18,500,000 | ||||||
Average cost per share of treasury stock acquired (usd per share) | $ 12.48 | ||||||
Remaining repurchase amount | $ 31,500,000 | ||||||
Acquisition of treasury stock (in shares) | (1,500,000) | ||||||
Percent of common shares outstanding, expected to be delivered | 2.30% |
Stock-Based Compensation Plan99
Stock-Based Compensation Plans Compensation Expense and Related Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation | $ 6,556 | $ 5,938 | $ 5,865 |
Tax benefits as a percentage of compensation expense | 40.90% | 33.90% | 27.40% |
Statutory tax rate | 35.00% | 35.00% | 35.00% |
Restricted Stock/RSUs/PSUs | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation | $ 6,165 | $ 4,646 | $ 4,345 |
Tax benefit | (2,158) | (1,626) | (1,510) |
Stock-based compensation, net of tax | 4,007 | 3,020 | 2,835 |
Stock Options And Restricted Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation | 6,556 | 5,938 | 5,865 |
Tax benefit | (2,679) | (2,011) | (1,608) |
Stock-based compensation, net of tax | $ 3,877 | $ 3,927 | $ 4,257 |
Stock-Based Compensation Pla100
Stock-Based Compensation Plans Options Activity (Details) - Stock Options - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Stock Options | |||
Outstanding as of December 31, 2015 | 2,980,087 | ||
Granted | 288,626 | ||
Exercised | (920,924) | ||
Forfeited | (263,685) | ||
Expired | (465,295) | ||
Outstanding as of December 31, 2016 | 1,330,183 | 2,980,087 | |
Exercisable as of December 31, 2016 | 1,247,736 | ||
Weighted Average Exercise Price | |||
Outstanding as of December 31, 2013 (usd per share) | $ 12.31 | ||
Exercised (usd per share) | 11.70 | ||
Forfeited (usd per share) | 14.33 | ||
Expired (usd per share) | 16.19 | ||
Outstanding as of December 31, 2014 (usd per share) | 10.98 | $ 12.31 | |
Exercisable as of December 31, 2014 (usd per share) | $ 10.87 | ||
Weighted Average Remaining Contractual Term, Outstanding | 4 years 8 months 12 days | ||
Weighted Average Remaining Contractual Term, Exercisable | 4 years 6 months | ||
Additional Disclosures [Abstract] | |||
Outstanding, Aggregate Intrinsic Value | $ 10,400,000 | ||
Exercisable, Aggregate Intrinsic Value | 9,900,000 | ||
Number of options exercised | 920,924 | $ 490,151 | $ 215,047 |
Total intrinsic value of options exercised | 4,619,000 | 1,442,000 | 568,000 |
Cash received from options exercised | 10,240,000 | 4,936,000 | 2,068,000 |
Tax deduction realized from options exercised | $ 4,328,000 | $ 1,389,000 | $ 530,000 |
Stock-Based Compensation Pla101
Stock-Based Compensation Plans Nonvested (Details) | 12 Months Ended |
Dec. 31, 2016$ / sharesshares | |
Nonvested Stock Options | |
Options | |
Nonvested as of December 31, 2015 | shares | 349,852 |
Granted | shares | 0 |
Vested | shares | (247,727) |
Forfeited | shares | (19,678) |
Nonvested as of December 31, 2016 | shares | 82,447 |
Weighted Average Grant Date Fair Value | |
Nonvested as of December 31, 2013 (usd per share) | $ / shares | $ 2.82 |
Granted (usd per share) | $ / shares | 0 |
Vested (usd per share) | $ / shares | 2.71 |
Forfeited (usd per share) | $ / shares | 2.84 |
Nonvested as of December 31, 2014 (usd per share) | $ / shares | $ 3.14 |
Restricted Stock/RSUs/PSUs | |
Options | |
Nonvested as of December 31, 2015 | shares | 1,388,389 |
Granted | shares | 447,130 |
Vested | shares | (292,583) |
Forfeited | shares | (17,221) |
Nonvested as of December 31, 2016 | shares | 1,525,715 |
Weighted Average Grant Date Fair Value | |
Nonvested as of December 31, 2013 (usd per share) | $ / shares | $ 12.16 |
Granted (usd per share) | $ / shares | 13.86 |
Vested (usd per share) | $ / shares | 11.73 |
Forfeited (usd per share) | $ / shares | 12.20 |
Nonvested as of December 31, 2014 (usd per share) | $ / shares | $ 12.74 |
Stock-Based Compensation Pla102
Stock-Based Compensation Plans Assumptions (Details) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Stock Options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Risk-free interest rate | 2.44% | ||
Volatility of Corporation’s stock | 28.05% | ||
Expected dividend yield | 2.36% | ||
Expected life of options | 7 years | ||
Restricted Stock/RSUs/PSUs | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Risk-free interest rate | 0.92% | 0.86% | 0.91% |
Volatility of Corporation’s stock | 20.75% | 20.08% | 29.63% |
Expected life of options | 3 years | 3 years | 3 years |
Stock-Based Compensation Pla103
Stock-Based Compensation Plans ESPP (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Percentage of fair value at purchase date | 85.00% | ||
Discount from market price, purchase date | 15.00% | ||
ESPP shares purchased | 109,665 | 121,890 | 132,640 |
Average purchase price per share (85% of market value) | $ 12.37 | $ 10.86 | $ 10.31 |
Compensation expense recognized (in thousands) | $ 240 | $ 234 | $ 241 |
Stock-Based Compensation Pla104
Stock-Based Compensation Plans Narrative (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Statutory tax rate | 35.00% | 35.00% | 35.00% |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | $ 8.4 | ||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | 2 years | ||
Percentage of fair value at purchase date | 85.00% | ||
Discount from market price, purchase date | 15.00% | ||
Employee Option Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares reserved for future grants under the stock option and compensation plan | 11,400,000 | ||
Directors' Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares reserved for future grants under the stock option and compensation plan | 371,000 | ||
Stock Options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted average grant date fair value, options granted (in dollars per share) | $ 3.14 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures | 288,626 | ||
Expected life of options | 7 years | ||
Non Qualified Stock Options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures | 50,000 | ||
Restricted Stock/RSUs/PSUs | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted average grant date fair value, options granted (in dollars per share) | $ 11.23 | ||
Expected life of options | 3 years | 3 years | 3 years |
Leases (Details)
Leases (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Leases [Abstract] | |||
Rent expense | $ 18,400 | $ 18,100 | $ 18,100 |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |||
2,017 | 16,330 | ||
2,018 | 14,206 | ||
2,019 | 12,286 | ||
2,020 | 11,040 | ||
2,021 | 9,396 | ||
Thereafter | 44,395 | ||
Total | $ 107,653 |
Outstanding Commitments to Exte
Outstanding Commitments to Extend Credit and Letters of Credit (Details) - Reserve for Off-balance Sheet Activities - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Valuation allowances and reserves | $ 395,260 | $ 414,258 |
Commercial and other | ||
Valuation allowances and reserves | 3,673,815 | 3,518,960 |
Home equity | ||
Valuation allowances and reserves | 1,368,465 | 1,300,062 |
Commerical mortgage and construction | ||
Valuation allowances and reserves | 1,033,287 | 965,116 |
Total commitments to extend credit | ||
Valuation allowances and reserves | 6,075,567 | 5,784,138 |
Standby letters of credit | ||
Valuation allowances and reserves | 356,359 | 374,729 |
Commercial letters of credit | ||
Valuation allowances and reserves | $ 38,901 | $ 39,529 |
Commitments and Contingencies N
Commitments and Contingencies Narrative (Details) $ in Thousands | Mar. 31, 2016USD ($)defendantplaintiff | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) |
Loss Contingencies [Line Items] | |||
Residential mortgage principal balance repurchase request received | $ 543 | ||
Residential mortgage principal balance FHLB credit enhancement | 104,000 | ||
Residential mortgage repurchase reserves FHLB credit enhancement | 1,700 | $ 1,800 | |
Agostino, et al. v. Ameriprise Financial Services, Inc | |||
Loss Contingencies [Line Items] | |||
Number of unrelated defendants | defendant | 2 | ||
Amount alleged in damages | $ 11,300 | ||
Reserve for Off-balance Sheet Activities | |||
Loss Contingencies [Line Items] | |||
Valuation allowances and reserves | 395,260 | 414,258 | |
Reserve for Off-balance Sheet Activities | Residential Mortgage | |||
Loss Contingencies [Line Items] | |||
Valuation allowances and reserves | $ 2,500 | $ 2,600 | |
Pending Litigation [Member] | Agostino, et al. v. Ameriprise Financial Services, Inc | |||
Loss Contingencies [Line Items] | |||
Number of plaintiffs | plaintiff | 67 |
Fair Value Measurements Assets
Fair Value Measurements Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Securities available for sale | $ 2,559,227 | $ 2,484,773 |
Equity securities | ||
Securities available for sale | 24,526 | 21,514 |
U.S. Government sponsored agency securities | ||
Securities available for sale | 134 | 25,136 |
State and municipal securities | ||
Securities available for sale | 391,641 | 262,765 |
Corporate debt securities | ||
Securities available for sale | 109,409 | 96,955 |
Collateralized mortgage obligations | ||
Securities available for sale | 593,860 | 821,509 |
Mortgage-backed securities | ||
Securities available for sale | 1,342,401 | 1,158,835 |
Auction rate securities | ||
Securities available for sale | 97,256 | 98,059 |
Fair Value, Measurements, Recurring | ||
Mortgage loans held for sale | 28,697 | 16,886 |
Securities available for sale | 2,559,227 | 2,484,773 |
Other financial assets | 61,592 | 50,594 |
Total assets | 2,649,516 | 2,552,253 |
Other financial liabilities | 58,766 | 48,924 |
Fair Value, Measurements, Recurring | Equity securities | ||
Securities available for sale | 24,526 | 21,514 |
Fair Value, Measurements, Recurring | U.S. Government sponsored agency securities | ||
Securities available for sale | 134 | 25,136 |
Fair Value, Measurements, Recurring | State and municipal securities | ||
Securities available for sale | 391,641 | 262,765 |
Fair Value, Measurements, Recurring | Corporate debt securities | ||
Securities available for sale | 109,409 | 96,955 |
Fair Value, Measurements, Recurring | Collateralized mortgage obligations | ||
Securities available for sale | 593,860 | 821,509 |
Fair Value, Measurements, Recurring | Mortgage-backed securities | ||
Securities available for sale | 1,342,401 | 1,158,835 |
Fair Value, Measurements, Recurring | Auction rate securities | ||
Securities available for sale | 97,256 | 98,059 |
Fair Value, Measurements, Recurring | Level 1 | ||
Mortgage loans held for sale | 0 | 0 |
Securities available for sale | 24,526 | 21,514 |
Other financial assets | 17,111 | 16,129 |
Total assets | 41,637 | 37,643 |
Other financial liabilities | 17,032 | 15,914 |
Fair Value, Measurements, Recurring | Level 1 | Equity securities | ||
Securities available for sale | 24,526 | 21,514 |
Fair Value, Measurements, Recurring | Level 1 | U.S. Government sponsored agency securities | ||
Securities available for sale | 0 | 0 |
Fair Value, Measurements, Recurring | Level 1 | State and municipal securities | ||
Securities available for sale | 0 | 0 |
Fair Value, Measurements, Recurring | Level 1 | Corporate debt securities | ||
Securities available for sale | 0 | 0 |
Fair Value, Measurements, Recurring | Level 1 | Collateralized mortgage obligations | ||
Securities available for sale | 0 | 0 |
Fair Value, Measurements, Recurring | Level 1 | Mortgage-backed securities | ||
Securities available for sale | 0 | 0 |
Fair Value, Measurements, Recurring | Level 1 | Auction rate securities | ||
Securities available for sale | 0 | 0 |
Fair Value, Measurements, Recurring | Level 2 | ||
Mortgage loans held for sale | 28,697 | 16,886 |
Securities available for sale | 2,434,573 | 2,361,864 |
Other financial assets | 44,481 | 34,465 |
Total assets | 2,507,751 | 2,413,215 |
Other financial liabilities | 41,734 | 33,010 |
Fair Value, Measurements, Recurring | Level 2 | Equity securities | ||
Securities available for sale | 0 | 0 |
Fair Value, Measurements, Recurring | Level 2 | U.S. Government sponsored agency securities | ||
Securities available for sale | 134 | 25,136 |
Fair Value, Measurements, Recurring | Level 2 | State and municipal securities | ||
Securities available for sale | 391,641 | 262,765 |
Fair Value, Measurements, Recurring | Level 2 | Corporate debt securities | ||
Securities available for sale | 106,537 | 93,619 |
Fair Value, Measurements, Recurring | Level 2 | Collateralized mortgage obligations | ||
Securities available for sale | 593,860 | 821,509 |
Fair Value, Measurements, Recurring | Level 2 | Mortgage-backed securities | ||
Securities available for sale | 1,342,401 | 1,158,835 |
Fair Value, Measurements, Recurring | Level 2 | Auction rate securities | ||
Securities available for sale | 0 | 0 |
Fair Value, Measurements, Recurring | Level 3 | ||
Mortgage loans held for sale | 0 | 0 |
Securities available for sale | 100,128 | 101,395 |
Other financial assets | 0 | 0 |
Total assets | 100,128 | 101,395 |
Other financial liabilities | 0 | 0 |
Fair Value, Measurements, Recurring | Level 3 | Equity securities | ||
Securities available for sale | 0 | 0 |
Fair Value, Measurements, Recurring | Level 3 | U.S. Government sponsored agency securities | ||
Securities available for sale | 0 | 0 |
Fair Value, Measurements, Recurring | Level 3 | State and municipal securities | ||
Securities available for sale | 0 | 0 |
Fair Value, Measurements, Recurring | Level 3 | Corporate debt securities | ||
Securities available for sale | 2,872 | 3,336 |
Fair Value, Measurements, Recurring | Level 3 | Collateralized mortgage obligations | ||
Securities available for sale | 0 | 0 |
Fair Value, Measurements, Recurring | Level 3 | Mortgage-backed securities | ||
Securities available for sale | 0 | 0 |
Fair Value, Measurements, Recurring | Level 3 | Auction rate securities | ||
Securities available for sale | $ 97,256 | $ 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 - Level 3 - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Pooled trust preferred securities | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance, beginning of period | $ 706 | $ 4,088 |
Unrealized adjustment to fair value | (286) | 366 |
Sales | (3,633) | |
Discount accretion | 2 | 2 |
Balance, end of period | 422 | 706 |
Pooled trust preferred securities | Call Option [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Settlements - calls | (117) | |
Single-issuer trust preferred securities | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance, beginning of period | 2,630 | 3,820 |
Unrealized adjustment to fair value | (190) | (230) |
Sales | 0 | |
Discount accretion | 10 | 10 |
Balance, end of period | 2,450 | 2,630 |
Single-issuer trust preferred securities | Call Option [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Settlements - calls | (970) | |
Auction rate securities | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance, beginning of period | 98,059 | 100,941 |
Unrealized adjustment to fair value | (1,246) | (903) |
Sales | 0 | |
Discount accretion | 443 | 467 |
Balance, end of period | $ 97,256 | 98,059 |
Auction rate securities | Call Option [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Settlements - calls | $ (2,446) |
Fair Value Measurements Asse110
Fair Value Measurements Assets Measured at Fair Value on a Nonrecurring Basis (Details) - Fair Value, Measurements, Nonrecurring [Member] - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Net loans | $ 132,576 | $ 138,491 |
Total assets | 182,923 | 190,534 |
Other Assets | ||
Other financial assets | 50,347 | 52,043 |
Level 1 | ||
Net loans | 0 | 0 |
Total assets | 0 | 0 |
Level 1 | Other Assets | ||
Other financial assets | 0 | 0 |
Level 2 | ||
Net loans | 0 | 0 |
Total assets | 0 | 0 |
Level 2 | Other Assets | ||
Other financial assets | 0 | 0 |
Level 3 | ||
Net loans | 138,491 | |
Total assets | 182,923 | 190,534 |
Level 3 | Other Assets | ||
Other financial assets | $ 50,347 | $ 52,043 |
Fair Value Measurements Details
Fair Value Measurements Details of Book Value and Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Fair Value, Balance Sheet Grouping, FinancialStatement Captions[Line Items] | ||
Securities available for sale | $ 2,559,227 | $ 2,484,773 |
FHLB advances and long-term debt | 929,403 | 949,542 |
Book Value | ||
Fair Value, Balance Sheet Grouping, FinancialStatement Captions[Line Items] | ||
Loans held for sale | 28,697 | 16,886 |
Loans, net of unearned income | 14,530,593 | 13,669,548 |
Accrued interest receivable | 46,294 | 42,767 |
Short-term borrowings | 541,317 | 497,663 |
Accrued interest payable | 9,632 | 10,724 |
FHLB advances and long-term debt | 929,403 | 949,542 |
Book Value | Cash and due from banks | ||
Fair Value, Balance Sheet Grouping, FinancialStatement Captions[Line Items] | ||
Cash and due from banks | 118,763 | 101,120 |
Book Value | Interest-bearing Deposits | ||
Fair Value, Balance Sheet Grouping, FinancialStatement Captions[Line Items] | ||
Interest-bearing deposits with other banks | 233,763 | 230,300 |
Federal Reserve Bank and FHLB stock | 57,489 | 62,216 |
Book Value | Available-for-sale Securities | ||
Fair Value, Balance Sheet Grouping, FinancialStatement Captions[Line Items] | ||
Securities available for sale | 2,559,227 | 2,484,773 |
Book Value | Other Assets | ||
Fair Value, Balance Sheet Grouping, FinancialStatement Captions[Line Items] | ||
Other financial assets | 206,132 | 166,920 |
Book Value | Deposits | ||
Fair Value, Balance Sheet Grouping, FinancialStatement Captions[Line Items] | ||
Demand and savings deposits | 12,259,622 | 11,267,367 |
Time deposits | 2,753,242 | 2,864,950 |
Book Value | Other financial liabilities | ||
Fair Value, Balance Sheet Grouping, FinancialStatement Captions[Line Items] | ||
Other financial liabilities | 216,080 | 190,927 |
Estimated Fair Value | ||
Fair Value, Balance Sheet Grouping, FinancialStatement Captions[Line Items] | ||
Loans held for sale | 28,697 | 16,886 |
Loans, net of unearned income | 14,387,454 | 13,540,903 |
Accrued interest receivable | 46,294 | 42,767 |
Short-term borrowings | 541,317 | 497,663 |
Accrued interest payable | 9,632 | 10,724 |
FHLB advances and long-term debt | 928,167 | 959,315 |
Estimated Fair Value | Cash and due from banks | ||
Fair Value, Balance Sheet Grouping, FinancialStatement Captions[Line Items] | ||
Cash and due from banks | 118,763 | 101,120 |
Estimated Fair Value | Interest-bearing Deposits | ||
Fair Value, Balance Sheet Grouping, FinancialStatement Captions[Line Items] | ||
Interest-bearing deposits with other banks | 233,763 | 230,300 |
Federal Reserve Bank and FHLB stock | 57,489 | 62,216 |
Estimated Fair Value | Available-for-sale Securities | ||
Fair Value, Balance Sheet Grouping, FinancialStatement Captions[Line Items] | ||
Securities available for sale | 2,559,227 | 2,484,773 |
Estimated Fair Value | Other Assets | ||
Fair Value, Balance Sheet Grouping, FinancialStatement Captions[Line Items] | ||
Other financial assets | 206,132 | 166,920 |
Estimated Fair Value | Deposits | ||
Fair Value, Balance Sheet Grouping, FinancialStatement Captions[Line Items] | ||
Demand and savings deposits | 12,259,622 | 11,267,367 |
Time deposits | 2,769,757 | 2,862,868 |
Estimated Fair Value | Other financial liabilities | ||
Fair Value, Balance Sheet Grouping, FinancialStatement Captions[Line Items] | ||
Other financial liabilities | $ 216,080 | $ 190,927 |
Fair Value Measurements Narrati
Fair Value Measurements Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Equity securities, value test coverage | 80.00% | |
Fair value price difference threshold | 5.00% | |
Estimated Fair Value | $ 2,534,701 | |
Other real estate owned (OREO) | $ 12,815 | $ 11,099 |
Assumed market return to liquidity | 5 years | |
Equity Securities Financial Institution | ||
Available-for-sale securities, equity securities | $ 23,500 | 20,600 |
Equity Securities, Miscellaneous | ||
Available-for-sale securities, equity securities | 1,003 | 900 |
Corporate debt securities | ||
Estimated Fair Value | 109,409 | 96,955 |
Single-issuer trust preferred securities | ||
Estimated Fair Value | 39,829 | 39,106 |
Pooled trust preferred securities | ||
Estimated Fair Value | 422 | 706 |
Level 3 | Other Assets | ||
Other real estate owned (OREO) | 12,800 | 11,100 |
Net MSRs at end of year | 37,500 | 40,900 |
Fair Value, Measurements, Recurring | ||
Other financial assets | 61,592 | 50,594 |
Other financial liabilities | 58,766 | 48,924 |
Fair Value, Measurements, Recurring | Single-issuer trust preferred securities | ||
Estimated Fair Value | 39,800 | 39,100 |
Fair Value, Measurements, Recurring | Level 1 | ||
Other financial assets | 17,111 | 16,129 |
Other financial liabilities | 17,032 | 15,914 |
Fair Value, Measurements, Recurring | Level 1 | Equity Securities Financial Institution | ||
Available-for-sale securities, equity securities | 23,500 | 20,600 |
Fair Value, Measurements, Recurring | Level 1 | Equity Securities, Miscellaneous | ||
Available-for-sale securities, equity securities | 1,000 | 900 |
Fair Value, Measurements, Recurring | Level 2 | ||
Other financial assets | 44,481 | 34,465 |
Other financial liabilities | 41,734 | 33,010 |
Fair Value, Measurements, Recurring | Level 2 | Financial Institutions Subordinated Debt | ||
Estimated Fair Value | 65,200 | 53,100 |
Fair Value, Measurements, Recurring | Level 2 | Single-issuer trust preferred securities | ||
Estimated Fair Value | 37,300 | 36,500 |
Fair Value, Measurements, Recurring | Level 2 | Other Corporate Debt | ||
Estimated Fair Value | 4,000 | 4,000 |
Fair Value, Measurements, Recurring | Level 3 | ||
Other financial assets | 0 | 0 |
Other financial liabilities | 0 | 0 |
Fair Value, Measurements, Recurring | Level 3 | Single-issuer trust preferred securities | ||
Estimated Fair Value | 2,500 | 2,600 |
Fair Value, Measurements, Recurring | Level 3 | Pooled trust preferred securities | ||
Estimated Fair Value | $ 422 | 700 |
Minimum | ||
Assumptions used to estimate fair value, prepayment speed | 12.60% | |
Assumptions used to estimate fair value, discount rate | 10.10% | |
Trust for Benefit of Employees | Fair Value, Measurements, Recurring | Level 1 | ||
Other financial assets | $ 16,400 | 15,600 |
Foreign Exchange Contract | Fair Value, Measurements, Recurring | Level 1 | ||
Other financial assets | 745 | 500 |
Forward Commitments | Fair Value, Measurements, Recurring | Level 2 | ||
Other financial assets | 3,100 | 1,500 |
Other financial liabilities | 339 | 0 |
Interest Rate Swap | Fair Value, Measurements, Recurring | Level 2 | ||
Other financial assets | 41,400 | 33,000 |
Other financial liabilities | 41,400 | 33,000 |
Foreign Exchange Contract | Fair Value, Measurements, Recurring | Level 1 | ||
Other financial liabilities | 668 | 300 |
Trust for Benefit of Employees | Fair Value, Measurements, Recurring | Level 1 | ||
Other financial liabilities | $ 16,400 | $ 15,600 |
Short Term Financial Instruments | ||
Short term borrowings, reprice period | 90 |
Condensed Financial Informat113
Condensed Financial Information - Parent Company Only Balance Sheet (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Assets [Abstract] | ||||
Other assets | $ 620,059 | $ 550,017 | ||
Investments in: | ||||
Total Assets | 18,944,247 | 17,914,718 | ||
Other liabilities | 329,916 | 282,578 | ||
Total Liabilities | 16,823,132 | 15,872,824 | ||
Shareholders' Equity [Abstract] | ||||
Shareholders’ equity | 2,121,115 | 2,041,894 | $ 1,996,665 | $ 2,063,187 |
Total Liabilities and Shareholders’ Equity | 18,944,247 | 17,914,718 | ||
Parent | ||||
Assets [Abstract] | ||||
Cash | 8,568 | 0 | $ 137 | $ 8 |
Other assets | 5,648 | 4,337 | ||
Receivable from subsidiaries | 46,715 | 29,249 | ||
Investments in: | ||||
Bank subsidiaries | 2,265,264 | 2,226,975 | ||
Non-bank subsidiaries | 417,615 | 408,187 | ||
Total Assets | 2,743,810 | 2,668,748 | ||
Long-term debt | 362,005 | 361,504 | ||
Payable to non-bank subsidiaries | 183,152 | 188,087 | ||
Other liabilities | 77,538 | 77,263 | ||
Total Liabilities | 622,695 | 626,854 | ||
Shareholders' Equity [Abstract] | ||||
Shareholders’ equity | 2,121,115 | 2,041,894 | ||
Total Liabilities and Shareholders’ Equity | $ 2,743,810 | $ 2,668,748 |
Condensed Financial Informat114
Condensed Financial Information - Parent Company Only Income statement (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Condensed Financial Statements, Captions [Line Items] | |||
Total Non-Interest Income | $ 190,178 | $ 181,839 | $ 167,379 |
Income Before Income Taxes | 208,249 | 199,423 | 210,500 |
Income tax benefit | 46,624 | 49,921 | 52,606 |
Net Income | 161,625 | 149,502 | 157,894 |
Parent | |||
Condensed Financial Statements, Captions [Line Items] | |||
Dividends from subsidiaries | 115,000 | 114,000 | 139,150 |
Other (1) | 148,577 | 141,241 | 120,543 |
Total Non-Interest Income | 263,577 | 255,241 | 259,693 |
Expenses | 177,835 | 176,457 | 152,243 |
Income Before Income Taxes | 85,742 | 78,784 | 107,450 |
Income tax benefit | (10,543) | (11,834) | (10,549) |
Income before equity in undistributed income of subsidiaries | 96,285 | 90,618 | 117,999 |
Net Income | 161,625 | 149,502 | 157,894 |
Parent | Bank subsidiaries | |||
Condensed Financial Statements, Captions [Line Items] | |||
Non-bank subsidiaries | 58,477 | 60,806 | 33,134 |
Parent | Non-bank subsidiaries | |||
Condensed Financial Statements, Captions [Line Items] | |||
Non-bank subsidiaries | $ 6,863 | $ (1,922) | $ 6,761 |
Condensed Financial Informat115
Condensed Financial Information - Parent Company Only Cash Flows (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Cash Flows From Operating Activities: | |||
Net Income | $ 161,625 | $ 149,502 | $ 157,894 |
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities [Abstract] | |||
Stock-based compensation | 6,556 | 5,938 | 5,865 |
Excess tax benefits from stock-based compensation | (964) | (201) | (81) |
(Increase) decrease in other assets | (29,940) | (22,987) | (23,619) |
Loss on redemption of trust preferred securities | 0 | 5,626 | 0 |
(Decrease) increase in other liabilities and payable to non-bank subsidiaries | 4,427 | 4,928 | 1,522 |
Total adjustments | 23,785 | 28,042 | 52,815 |
Net cash provided by operating activities | 185,410 | 177,544 | 210,709 |
Cash Flows From Investing Activities | |||
Net cash used in investing activities | (1,000,416) | (818,027) | (275,448) |
Cash Flows From Financing Activities: | |||
Repayments of long-term debt | (236,640) | (540,079) | (6,621) |
Additions to long-term debt | 215,884 | 347,778 | 262,113 |
Net proceeds from issuance of common stock | 16,167 | 10,607 | 8,201 |
Excess tax benefits from stock-based compensation | 964 | 201 | 81 |
Dividends paid | (69,382) | (65,361) | (64,028) |
Acquisition of treasury stock | (18,545) | (50,000) | (175,255) |
Deferred accelerated stock repurchase payment | 0 | 0 | (20,000) |
Deferred accelerated stock repurchase payment | 18,545 | 50,000 | 175,255 |
Net cash provided by (used in) financing activities | 832,649 | 635,901 | (48,099) |
Net Increase (Decrease) in Cash and Cash Equivalents | 17,643 | (4,582) | (112,838) |
Parent | |||
Cash Flows From Operating Activities: | |||
Net Income | 161,625 | 149,502 | 157,894 |
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities [Abstract] | |||
Stock-based compensation | 6,556 | 5,938 | 5,865 |
Excess tax benefits from stock-based compensation | (964) | (201) | (81) |
(Increase) decrease in other assets | (16,585) | 2,806 | (7,120) |
Equity in undistributed net income of subsidiaries | (65,340) | (58,884) | (39,895) |
Loss on redemption of trust preferred securities | 0 | 5,626 | 0 |
(Decrease) increase in other liabilities and payable to non-bank subsidiaries | (5,928) | 106,490 | 37,354 |
Total adjustments | (82,261) | 61,775 | (3,877) |
Net cash provided by operating activities | 79,364 | 211,277 | 154,017 |
Cash Flows From Financing Activities: | |||
Repayments of long-term debt | 0 | (254,640) | 0 |
Additions to long-term debt | 0 | 147,779 | 97,113 |
Net proceeds from issuance of common stock | 16,167 | 10,607 | 8,201 |
Excess tax benefits from stock-based compensation | 964 | 201 | 81 |
Dividends paid | (69,382) | (65,361) | (64,028) |
Acquisition of treasury stock | (18,545) | (50,000) | (175,255) |
Deferred accelerated stock repurchase payment | 0 | 0 | (20,000) |
Net cash provided by (used in) financing activities | (70,796) | (211,414) | (153,888) |
Net Increase (Decrease) in Cash and Cash Equivalents | 8,568 | (137) | 129 |
Cash and Cash Equivalents at Beginning of Year | 0 | 137 | 8 |
Cash and Cash Equivalents at End of Year | $ 8,568 | $ 0 | $ 137 |