Document and Entity Information
Document and Entity Information - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2017 | Feb. 15, 2018 | Jun. 30, 2017 | |
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, 2017 | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 175,289,000 | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Public Float | $ 3.2 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Assets | ||
Cash and due from banks | $ 108,291 | $ 118,763 |
Interest-bearing deposits with other banks | 293,805 | 233,763 |
Federal Reserve Bank and Federal Home Loan Bank stock | 60,761 | 57,489 |
Loans held for sale | 31,530 | 28,697 |
Available for sale investment securities | 2,547,956 | 2,559,227 |
Loans, net of unearned income | 15,768,247 | 14,699,272 |
Allowance for loan losses | (169,910) | (168,679) |
Net Loans | 15,598,337 | 14,530,593 |
Premises and equipment | 222,802 | 217,806 |
Accrued interest receivable | 52,910 | 46,294 |
Goodwill and intangible assets | 531,556 | 531,556 |
Other assets | 588,957 | 620,059 |
Total Assets | 20,036,905 | 18,944,247 |
Liabilities | ||
Noninterest-bearing | 4,437,294 | 4,376,137 |
Interest-bearing | 11,360,238 | 10,636,727 |
Total Deposits | 15,797,532 | 15,012,864 |
Short-term borrowings: | ||
Federal funds purchased | 220,000 | 278,570 |
Other short-term borrowings | 397,524 | 262,747 |
Total Short-Term Borrowings | 617,524 | 541,317 |
Accrued interest payable | 9,317 | 9,632 |
Other liabilities | 344,329 | 329,916 |
Federal Home Loan Bank advances and long-term debt | 1,038,346 | 929,403 |
Total Liabilities | 17,807,048 | 16,823,132 |
Shareholders’ Equity | ||
Common stock, $2.50 par value, 600 million shares authorized, 220.9 million shares issued in 2017 and 219.9 million shares issued in 2016 | 552,232 | 549,707 |
Additional paid-in capital | 1,478,389 | 1,467,602 |
Retained earnings | 821,619 | 732,099 |
Accumulated other comprehensive loss | (32,974) | (38,449) |
Treasury stock, 45.7 million shares in 2017 and 45.8 million shares in 2016 | (589,409) | (589,844) |
Total Shareholders’ Equity | 2,229,857 | 2,121,115 |
Total Liabilities and Shareholders’ Equity | $ 20,036,905 | $ 18,944,247 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2017 | Dec. 31, 2016 |
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 | 220,900,000 | 219,900,000 |
Treasury stock, shares | 45,700,000 | 45,800,000 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Interest Income | |||
Loans, including fees | $ 603,961 | $ 543,385 | $ 524,060 |
Investment securities: | |||
Taxable | 47,028 | 44,975 | 45,279 |
Tax-exempt | 11,566 | 9,662 | 7,879 |
Dividends | 369 | 571 | 985 |
Loans held for sale | 876 | 728 | 801 |
Other interest income | 5,066 | 3,779 | 4,785 |
Total Interest Income | 668,866 | 603,100 | 583,789 |
Interest Expense | |||
Deposits | 57,791 | 44,693 | 40,482 |
Short-term borrowings | 2,779 | 855 | 372 |
Long-term debt | 32,932 | 36,780 | 42,941 |
Total Interest Expense | 93,502 | 82,328 | 83,795 |
Net Interest Income | 575,364 | 520,772 | 499,994 |
Provision for credit losses | 23,305 | 13,182 | 2,250 |
Net Interest Income After Provision for Credit Losses | 552,059 | 507,590 | 497,744 |
Non-Interest Income | |||
Other service charges and fees | 52,859 | 51,473 | 43,992 |
Service charges on deposit accounts | 51,006 | 51,346 | 50,097 |
Investment management and trust services | 49,249 | 45,270 | 44,056 |
Mortgage banking income | 19,928 | 19,415 | 18,208 |
Other | 25,861 | 20,124 | 16,420 |
Non-interest income before investment securities gains | 198,903 | 187,628 | 172,773 |
Investment securities gains, net | 9,071 | 2,550 | 9,066 |
Total Non-Interest Income | 207,974 | 190,178 | 181,839 |
Non-Interest Expense | |||
Salaries and employee benefits | 290,130 | 283,353 | 260,832 |
Net occupancy expense | 49,708 | 47,611 | 47,777 |
Other outside services | 27,501 | 23,883 | 27,785 |
Equipment expense | 38,735 | 36,919 | 34,640 |
Amortization of tax credit investments | 11,028 | 0 | 0 |
Marketing | 12,935 | 12,788 | 14,514 |
Loss on redemption of trust preferred securities | 12,688 | 11,004 | 11,244 |
FDIC insurance expense | 11,049 | 9,767 | 11,470 |
Marketing | 8,034 | 7,044 | 7,324 |
State taxes | 10,051 | 6,405 | 7,297 |
Loss on redemption of trust preferred securities | 0 | 0 | 5,626 |
Other Noninterest Expense | 53,720 | 50,745 | 51,651 |
Total Non-Interest Expense | 525,579 | 489,519 | 480,160 |
Income Before Income Taxes | 234,454 | 208,249 | 199,423 |
Income taxes | 62,701 | 46,624 | 49,921 |
Net Income | $ 171,753 | $ 161,625 | $ 149,502 |
PER COMMON SHARE: | |||
Net Income (Basic) (usd per share) | $ 0.98 | $ 0.93 | $ 0.85 |
Net Income (Diluted) (usd per share) | 0.98 | 0.93 | 0.85 |
Cash Dividends (usd per share) | $ 0.47 | $ 0.41 | $ 0.38 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Statement of Comprehensive Income [Abstract] | |||
Net Income | $ 171,753 | $ 161,625 | $ 149,502 |
Unrealized (losses) gains on available for sale investment securities: | |||
Unrealized gain (loss) on securities | 10,432 | (14,891) | (7,717) |
Reclassification adjustment for securities gains included in net income | (5,894) | (1,657) | (5,892) |
Non-credit related unrealized gain (loss) on other-than-temporarily impaired debt securities | 185 | (185) | 239 |
Net unrealized gains (losses) on available for sale investment securities | 4,723 | (16,733) | (13,370) |
Unrealized gains on derivative financial instruments: | |||
Amortization of unrealized loss on derivative financial instruments | 0 | 16 | 75 |
Reclassification adjustment for loss on derivative financial instruments included in net income | 0 | 0 | 2,456 |
Net unrealized gains on derivative financial instruments | 0 | 16 | 2,531 |
Defined benefit pension plan and postretirement benefits: | |||
Unrecognized pension and postretirement (cost) income | (609) | (931) | 4,680 |
Amortization of net unrecognized pension and postretirement income | 1,361 | 1,216 | 1,864 |
Net unrealized gains on defined benefit pension and postretirement plans | 752 | 285 | 6,544 |
Other Comprehensive Income (Loss) | 5,475 | (16,432) | (4,295) |
Total Comprehensive Income | $ 177,228 | $ 145,193 | $ 145,207 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Treasury Stock | Accelerated Stock Repurchase Program | Accelerated Stock Repurchase ProgramCommon Stock | Accelerated Stock Repurchase ProgramAdditional Paid-in Capital | Accelerated Stock Repurchase ProgramTreasury Stock |
Beginning Balance at Dec. 31, 2014 | $ 1,996,665 | $ 545,555 | $ 1,420,523 | $ 558,810 | $ (17,722) | $ (510,501) | ||||
Beginning Balance (in shares) at Dec. 31, 2014 | 178,924 | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net Income | 149,502 | 149,502 | ||||||||
Other comprehensive loss | (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 | 5,938 | ||||||||
Acquisition of treasury stock | (50,000) | (50,000) | ||||||||
Acquisition of treasury stock (in shares) | (3,976) | (1,790) | ||||||||
Deferred accelerated stock repurchase payment | $ 0 | $ 20,000 | $ (20,000) | |||||||
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 loss | (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 | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net Income | 171,753 | 171,753 | ||||||||
Other comprehensive loss | 5,475 | 5,475 | ||||||||
Stock issued, including related tax benefits | 8,538 | $ 2,525 | 5,578 | 435 | ||||||
Stock issued, including related tax benefits (in shares) | 1,130 | |||||||||
Stock-based compensation awards | 5,209 | 5,209 | ||||||||
Common stock cash dividends | (82,233) | (82,233) | ||||||||
Ending Balance at Dec. 31, 2017 | $ 2,229,857 | $ 552,232 | $ 1,478,389 | $ 821,619 | $ (32,974) | $ (589,409) | ||||
Ending Balance (in shares) at Dec. 31, 2017 | 175,170 |
Consolidated Statements of Sha7
Consolidated Statements of Shareholders' Equity (Parentheticals) - $ / shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Statement of Stockholders' Equity [Abstract] | |||
Common Stock cash dividends (usd per share) | $ 0.47 | $ 0.41 | $ 0.38 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net Income | $ 171,753 | $ 161,625 | $ 149,502 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Provision for credit losses | 23,305 | 13,182 | 2,250 |
Depreciation and amortization of premises and equipment | 28,096 | 27,403 | 27,605 |
Net amortization of investment security premiums | 10,107 | 10,430 | 7,330 |
Deferred income tax expense | 24,896 | 11,054 | 13,424 |
Re-measurement of net deferred tax asset | 15,635 | 0 | 0 |
Investment securities gains, net | (9,071) | (2,550) | (9,066) |
Gains on sales of mortgage loans held for sale | (13,036) | (15,685) | (13,264) |
Proceeds from sales of mortgage loans held for sale | 644,400 | 709,316 | 757,850 |
Originations of mortgage loans held for sale | (634,197) | (705,442) | (743,950) |
Intangible amortization | 0 | 0 | 247 |
Amortization of financing costs | 845 | 617 | 582 |
Stock-based compensation | 5,209 | 6,556 | 5,938 |
Excess tax benefits from stock-based compensation | 0 | (964) | (201) |
Increase in accrued interest receivable | (6,616) | (3,527) | (949) |
Loss on redemption of trust preferred securities | 0 | 0 | 5,626 |
Decrease (increase) in other assets | 29,227 | (29,940) | (22,987) |
Decrease in accrued interest payable | (315) | (1,092) | (7,321) |
(Decrease) increase in other liabilities | (31,412) | 4,427 | 4,928 |
Total adjustments | 87,073 | 23,785 | 28,042 |
Net cash provided by operating activities | 258,826 | 185,410 | 177,544 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Proceeds from sales of securities available for sale | 184,734 | 115,844 | 66,480 |
Proceeds from maturities and paydowns of securities available for sale | 417,673 | 558,854 | 439,533 |
Purchase of securities available for sale | (584,921) | (782,765) | (683,839) |
(Increase) decrease in short-term investments | (63,314) | 1,264 | 130,567 |
Net increase in loans | (1,087,521) | (873,939) | (743,655) |
Net purchases of premises and equipment | (33,092) | (19,674) | (27,113) |
Net cash used in investing activities | (1,166,441) | (1,000,416) | (818,027) |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Net increase in demand and savings deposits | 782,525 | 992,253 | 971,312 |
Net increase (decrease) in time deposits | 2,143 | (111,706) | (206,501) |
Increase in short-term borrowings | 76,207 | 43,654 | 167,944 |
Additions to long-term debt | 223,251 | 215,884 | 347,778 |
Repayments of long-term debt | (115,153) | (236,640) | (540,079) |
Net proceeds from issuance of common stock | 8,538 | 16,167 | 10,607 |
Excess tax benefits from stock-based compensation | 0 | 964 | 201 |
Dividends paid | (80,368) | (69,382) | (65,361) |
Acquisition of treasury stock | 0 | (18,545) | (50,000) |
Net cash provided by financing activities | 897,143 | 832,649 | 635,901 |
Net (decrease) increase in Cash and Due From Banks | (10,472) | 17,643 | (4,582) |
Cash and Due From Banks at Beginning of Year | 118,763 | 101,120 | 105,702 |
Cash and Due From Banks at End of Year | 108,291 | 118,763 | 101,120 |
Cash paid during period for: | |||
Interest | 93,817 | 83,420 | 91,116 |
Income taxes | $ 6,537 | $ 16,193 | $ 13,378 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2017 | |
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, investment securities and other interest-earning assets and fee income earned 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 ("FRB") and Federal Home Loan Bank Stock: Certain of the Corporation's wholly owned banking subsidiaries are members of the FRB 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 other off-balance sheet credit exposures, such as letters of credit, 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 appropriate 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 evaluated 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 evaluated 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, 2017 and 2016 , 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 appraisals performed by state certified third-party appraisers for impaired loans secured predominantly by real estate every 12 months. As of December 31, 2017 and 2016 , approximately 94% and 62% , 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 appraisals performed by state certified third-party appraisers that had been updated within the preceding 12 months. When updated appraisals are not obtained for loans secured by real estate and evaluated for impairment under FASB ASC Section 310-10-35, 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 for loan loss allocation needs for loans evaluated 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 an 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. Prior to 2017, the Corporation maintained an unallocated allowance for credit losses 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. In 2017, enhancements were made to allow for the impact of these factors and conditions to be quantified in the allowance allocation process. Accordingly, an unallocated allowance for credit losses is no longer necessary. This change did not have a material impact. 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 other non-interest 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 value 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. Fulton Bank, N.A. ("Fulton Bank"), the Corporation's largest banking subsidiary, exceeded $10 billion in total assets as of December 31, 2016 and was required to clear all eligible interest rate swap contracts with a central counterparty, effective January 1, 2017. As a result, Fulton Bank became subject to the regulations of Commodity Futures Trading Commission ("CFTC") on that date. 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 specific date at a contractual price. The Corporation offsets its foreign exchange exposure with customers by entering into contracts with correspondent financial institutions to mitigate its foreign exchange risk. The Corporation also holds certain amounts of foreign currency with international correspondent banks ("Foreign Currency Nostro Accounts"). The Corporation limits the total overnight net foreign currency open positions, which is defined as an aggregate of all outstanding contracts and Foreign Currency Nostro 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 because 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. A daily settlement occurs through a clearing agent for changes in the fair value of centrally cleared derivatives. As a result, the total fair values of interest rate swap derivative assets and derivative liabilities recognized on the consolidated balance sheet are not equal and offsetting. 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, 2017 and 2016 . 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 grant |
Restrictions on Cash and Due fr
Restrictions on Cash and Due from Banks | 12 Months Ended |
Dec. 31, 2017 | |
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 against their deposit liabilities. These reserves are in the form of cash and balances with the FRB, included in interest-bearing deposits with other banks. The amounts of such reserves as of December 31, 2017 and 2016 were $124.4 million and $113.3 million , respectively. |
Investment Securities
Investment Securities | 12 Months Ended |
Dec. 31, 2017 | |
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) 2017 U.S. Government sponsored agency securities $ 5,962 $ 2 $ (26 ) $ 5,938 State and municipal securities 405,860 5,638 (2,549 ) 408,949 Corporate debt securities 96,353 2,832 (1,876 ) 97,309 Collateralized mortgage obligations 611,927 491 (9,795 ) 602,623 Residential mortgage-backed securities 1,132,080 3,957 (15,241 ) 1,120,796 Commercial mortgage-backed securities 215,351 — (2,596 ) 212,755 Auction rate securities 107,410 — (8,742 ) 98,668 Total debt securities 2,574,943 12,920 (40,825 ) 2,547,038 Equity securities 776 142 — 918 Total $ 2,575,719 $ 13,062 $ (40,825 ) $ 2,547,956 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 Residential mortgage-backed securities 1,328,192 6,546 (16,900 ) 1,317,838 Commercial mortgage-backed securities 25,100 — (537 ) 24,563 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 Securities carried at $1.8 billion at both December 31, 2017 and 2016 were pledged as collateral to secure public and trust deposits and customer repurchase agreements. The amortized cost and estimated fair values of debt securities as of December 31, 2017 , 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 $ 16,837 $ 16,920 Due from one year to five years 33,191 33,565 Due from five years to ten years 112,181 113,164 Due after ten years 453,376 447,215 615,585 610,864 Residential mortgage-backed securities (1) 1,132,080 1,120,796 Commercial mortgage-backed securities (1) 215,351 212,755 Collateralized mortgage obligations (1) 611,927 602,623 Total debt securities $ 2,574,943 $ 2,547,038 (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: Gross Gross Net (in thousands) 2017: Equity securities $ 13,558 $ — $ 13,558 Debt securities 315 (4,802 ) (4,487 ) Total $ 13,873 $ (4,802 ) $ 9,071 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 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 : 2017 2016 2015 (in thousands) Balance of cumulative credit losses on debt securities, beginning of year $ (11,510 ) $ (11,510 ) $ (16,242 ) Reductions for securities sold during the period — — 4,730 Reductions for increases in cash flows expected to be collected that are recognized over the remaining life of the security — — 2 Balance of cumulative credit losses on debt securities, end of year $ (11,510 ) $ (11,510 ) $ (11,510 ) 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, 2017 . There were no gross unrealized losses on equity securities as of December 31, 2017 . Less Than 12 months 12 Months or Longer Total Estimated Unrealized Estimated Unrealized Estimated Unrealized (in thousands) U.S. Government sponsored agency securities $ 5,830 $ (26 ) $ — $ — $ 5,830 $ (26 ) State and municipal securities 11,650 (50 ) 118,297 (2,499 ) 129,947 (2,549 ) Corporate debt securities 4,544 (48 ) 32,163 (1,828 ) 36,707 (1,876 ) Collateralized mortgage obligations 303,932 (2,408 ) 187,690 (7,387 ) 491,622 (9,795 ) Residential mortgage-backed securities 511,378 (4,348 ) 500,375 (10,893 ) 1,011,753 (15,241 ) Commercial mortgage-backed securities 190,985 (2,118 ) 21,770 (478 ) 212,755 (2,596 ) Auction rate securities — — 98,668 (8,742 ) 98,668 (8,742 ) Total $ 1,028,319 $ (8,998 ) $ 958,963 $ (31,827 ) $ 1,987,282 $ (40,825 ) 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, 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 $ 1,563,846 $ (37,122 ) $ 390,122 $ (22,713 ) $ 1,953,968 $ (59,835 ) 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, 2017 . As of December 31, 2017 , all student loan auction rate certificates ("ARCs") were rated above investment grade. All of the loans underlying the ARCs have principal payments which are guaranteed by the federal government. All of the loans were current and making scheduled payments and, based on management’s evaluations, were not subject to any other-than-temporary impairment charges as of December 31, 2017 . 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 : 2017 2016 Amortized Estimated Amortized Estimated (in thousands) Single-issuer trust preferred securities $ 31,335 $ 30,703 $ 43,746 $ 39,829 Subordinated debt 49,013 49,533 46,231 46,723 Senior notes 12,031 12,392 18,037 18,433 Pooled trust preferred securities — 707 — 422 Corporate debt securities issued by financial institutions 92,379 93,335 108,014 105,407 Other corporate debt securities 3,974 3,974 4,002 4,002 Available for sale corporate debt securities $ 96,353 $ 97,309 $ 112,016 $ 109,409 Single-issuer trust preferred securities had an unrealized loss of $632,000 as of December 31, 2017 . Four of the 18 single-issuer trust preferred securities held were rated below investment grade by at least one ratings agency, with an amortized cost of $4.9 million and an estimated fair value of $4.7 million as of December 31, 2017 . 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 $3.8 million and an estimated fair value of $3.1 million as of December 31, 2017 were not rated by any ratings agency. Based on management’s evaluations, no corporate debt securities were subject to any other-than-temporary impairment charges as of December 31, 2017. 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, 2017 | |
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 : 2017 2016 (in thousands) Real estate – commercial mortgage $ 6,364,804 $ 6,018,582 Commercial – industrial, financial and agricultural 4,300,297 4,087,486 Real estate – residential mortgage 1,954,711 1,601,994 Real estate – home equity 1,559,719 1,625,115 Real estate – construction 1,006,935 843,649 Consumer 313,783 291,470 Leasing and other 291,556 246,704 Overdrafts 4,113 3,662 Loans, gross of unearned income 15,795,918 14,718,662 Unearned income (27,671 ) (19,390 ) Loans, net of unearned income $ 15,768,247 $ 14,699,272 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 $113.6 million and $154.4 million as of December 31, 2017 and 2016 , respectively. During 2017 , additions totaled $4.9 million and repayments totaled $45.8 million in related-party loans. The total portfolio of mortgage loans serviced by the Corporation for unrelated third parties was $4.6 billion and $4.7 billion as of December 31, 2017 and 2016 , respectively. Allowance for Credit Losses The following table presents the components of the allowance for credit losses as of December 31 : 2017 2016 2015 (in thousands) Allowance for loan losses $ 169,910 $ 168,679 $ 169,054 Reserve for unfunded lending commitments 6,174 2,646 2,358 Allowance for credit losses $ 176,084 $ 171,325 $ 171,412 The following table presents the activity in the allowance for credit losses for the years ended December 31 : 2017 2016 2015 (in thousands) Balance at beginning of year $ 171,325 $ 171,412 $ 185,931 Loans charged off (33,290 ) (33,927 ) (32,157 ) Recoveries of loans previously charged off 14,744 20,658 15,388 Net loans charged off (18,546 ) (13,269 ) (16,769 ) Provision for credit losses 23,305 13,182 2,250 Balance at end of year $ 176,084 $ 171,325 $ 171,412 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, 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 Loans charged off (2,169 ) (19,067 ) (2,340 ) (687 ) (3,765 ) (2,227 ) (3,035 ) — (33,290 ) Recoveries of loans previously charged off 1,668 7,771 813 786 1,582 1,156 968 — 14,744 Net loans charged off (501 ) (11,296 ) (1,527 ) 99 (2,183 ) (1,071 ) (2,067 ) — (18,546 ) Provision for loan losses (1) 12,452 23,223 (7,147 ) (6,940 ) 2,348 (458 ) 832 (4,533 ) 19,777 Balance at December 31, 2017 $ 58,793 $ 66,280 $ 18,127 $ 16,088 $ 6,620 $ 2,045 $ 1,957 $ — $ 169,910 Allowance for loan losses at December 31, 2017 Evaluated for impairment under FASB ASC Subtopic 450-20 $ 50,681 $ 54,874 $ 7,003 $ 6,193 $ 5,653 $ 2,028 $ 1,957 $ — $ 128,389 Evaluated for impairment under FASB ASC Section 310-10-35 8,112 11,406 11,124 9,895 967 17 — N/A 41,521 $ 58,793 $ 66,280 $ 18,127 $ 16,088 $ 6,620 $ 2,045 $ 1,957 $ — $ 169,910 Loans, net of unearned income at December 31, 2017 Evaluated for impairment under FASB ASC Subtopic 450-20 $ 6,316,023 $ 4,236,572 $ 1,535,026 $ 1,913,004 $ 994,738 $ 313,757 $ 267,998 N/A $ 15,577,118 Evaluated for impairment under FASB ASC Section 310-10-35 48,781 63,725 24,693 41,707 12,197 26 — N/A 191,129 $ 6,364,804 $ 4,300,297 $ 1,559,719 $ 1,954,711 $ 1,006,935 $ 313,783 $ 267,998 N/A $ 15,768,247 Allowance for loan losses at December 31, 2016 Evaluated 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 Evaluated 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 (1) For the year ended December 31, 2017 , the provision for loan losses excluded a $3.5 million increase in the reserve for unfunded lending commitments. The total provision for credit losses, comprised of allocations for both funded and unfunded loans, was $23.3 million for the year ended December 31, 2017 . 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 was $13.2 million for the year ended December 31, 2016 . N/A – Not applicable. Impaired Loans The following table presents total impaired loans by class segment as of December 31 : 2017 2016 Unpaid Recorded Related Unpaid Recorded Related (in thousands) With no related allowance recorded: Real estate - commercial mortgage $ 26,728 $ 22,886 $ — $ 28,757 $ 25,447 $ — Commercial - secured 44,936 39,550 — 29,296 25,526 — Real estate - residential mortgage 4,575 4,575 — 4,689 4,689 — Construction - commercial residential 12,477 8,100 — 6,271 4,795 — 88,716 75,111 69,013 60,457 With a related allowance recorded: Real estate - commercial mortgage 33,710 25,895 8,112 37,132 29,446 10,162 Commercial - secured 28,819 23,442 11,013 27,767 22,626 13,198 Commercial - unsecured 997 733 393 1,122 823 455 Real estate - home equity 28,282 24,693 11,124 23,971 19,205 9,511 Real estate - residential mortgage 42,597 37,132 9,895 48,885 41,359 11,897 Construction - commercial residential 6,846 3,667 813 10,103 4,206 1,300 Construction - commercial 45 19 7 681 435 145 Construction - other 417 411 147 1,096 1,096 423 Consumer - indirect 11 11 7 19 19 12 Consumer - direct 15 15 10 21 21 14 141,739 116,018 41,521 150,797 119,236 47,117 Total $ 230,455 $ 191,129 $ 41,521 $ 219,810 $ 179,693 $ 47,117 As of December 31, 2017 and 2016 , there were $75.1 million and $60.5 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 : 2017 2016 2015 Average Interest Income (1) Average Interest Income (1) Average Interest Income (1) (in thousands) With no related allowance recorded: Real estate - commercial mortgage $ 22,793 $ 281 $ 24,232 $ 294 $ 25,345 $ 315 Commercial - secured 31,357 182 19,825 104 15,654 97 Commercial - unsecured — — — — 17 — Real estate - residential mortgage 4,631 107 5,598 126 5,389 124 Construction - commercial residential 7,016 12 6,285 48 11,685 148 Construction - commercial 239 — — — 915 — 66,036 582 55,940 572 59,005 684 With a related allowance recorded: Real estate - commercial mortgage 27,193 338 31,737 384 39,232 475 Commercial - secured 23,321 135 25,857 130 25,660 150 Commercial - unsecured 791 2 887 4 1,749 6 Real estate - home equity 21,704 534 17,912 285 13,887 144 Real estate - residential mortgage 39,093 903 42,191 908 46,252 1,041 Construction - commercial residential 5,051 11 5,295 41 6,455 79 Construction - commercial 152 — 524 — 931 — Construction - other 957 — 682 — 263 — Consumer - indirect 15 1 15 1 16 1 Consumer - direct 18 1 18 1 17 1 Leasing, other and overdrafts 285 — 854 — 285 — 118,580 1,925 125,972 1,754 134,747 1,897 Total $ 184,616 $ 2,507 $ 181,912 $ 2,326 $ 193,752 $ 2,581 (1) Interest income recognized for the years ended December 31, 2017 , 2016 and 2015 represents amounts earned on accruing TDRs. Impaired loans consist of loans on non-accrual status and 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 2017 2016 2017 2016 2017 2016 2017 2016 (dollars in thousands) Real estate - commercial mortgage $ 6,066,396 $ 5,763,122 $ 147,604 $ 132,484 $ 150,804 $ 122,976 $ 6,364,804 $ 6,018,582 Commercial - secured 3,831,485 3,686,152 121,842 128,873 179,113 118,527 4,132,440 3,933,552 Commercial -unsecured 159,620 145,922 5,478 4,481 2,759 3,531 167,857 153,934 Total commercial - industrial, financial and agricultural 3,991,105 3,832,074 127,320 133,354 181,872 122,058 4,300,297 4,087,486 Construction - commercial residential 143,759 113,570 5,259 15,447 14,084 13,172 163,102 142,189 Construction - commercial 761,218 635,963 846 3,412 3,752 5,115 765,816 644,490 Total real estate - construction (excluding construction - other) 904,977 749,533 6,105 18,859 17,836 18,287 928,918 786,679 Total $ 10,962,478 $ 10,344,729 $ 281,029 $ 284,697 $ 350,512 $ 263,321 $ 11,594,019 $ 10,892,747 % of Total 94.6 % 95.0 % 2.4 % 2.6 % 3.0 % 2.4 % 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 2017 2016 2017 2016 2017 2016 2017 2016 (dollars in thousands) Real estate - home equity $ 1,535,557 $ 1,602,687 $ 12,655 $ 9,274 $ 11,507 $ 13,154 $ 1,559,719 $ 1,625,115 Real estate - residential mortgage 1,914,888 1,557,995 18,852 20,344 20,971 23,655 1,954,711 1,601,994 Real estate - construction - other 77,403 55,874 203 — 411 1,096 78,017 56,970 Consumer - direct 54,828 93,572 315 1,752 70 1,563 55,213 96,887 Consumer - indirect 254,663 190,656 3,681 3,599 226 328 258,570 194,583 Total consumer 309,491 284,228 3,996 5,351 296 1,891 313,783 291,470 Leasing, other and overdrafts 267,111 229,591 855 1,068 32 317 267,998 230,976 Total $ 4,104,450 $ 3,730,375 $ 36,561 $ 36,037 $ 33,217 $ 40,113 $ 4,174,228 $ 3,806,525 % of Total 98.3 % 98.0 % 0.9 % 0.9 % 0.8 % 1.1 % 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 : 2017 2016 (in thousands) Non-accrual loans $ 124,749 $ 120,133 Loans 90 days or more past due and still accruing 10,010 11,505 Total non-performing loans 134,759 131,638 Other real estate owned 9,823 12,815 Total non-performing assets $ 144,582 $ 144,453 The following table presents past due status and non-accrual loans, by portfolio segment and class segment, as of December 31 : 2017 30-59 60-89 ≥ 90 Days Non- Total ≥ 90 Total Past Current Total (in thousands) Real estate - commercial mortgage $ 9,456 $ 4,223 $ 625 $ 34,822 $ 35,447 $ 49,126 $ 6,315,678 $ 6,364,804 Commercial - secured 4,778 5,254 1,360 52,255 53,615 63,647 4,068,793 4,132,440 Commercial - unsecured 305 10 45 649 694 1,009 166,848 167,857 Total Commercial - industrial, financial and agricultural 5,083 5,264 1,405 52,904 54,309 64,656 4,235,641 4,300,297 Real estate - home equity 9,640 3,015 2,372 9,135 11,507 24,162 1,535,557 1,559,719 Real estate - residential mortgage 11,961 6,891 5,280 15,691 20,971 39,823 1,914,888 1,954,711 Construction - commercial 483 — — 19 19 502 765,314 765,816 Construction - commercial residential — 439 — 11,767 11,767 12,206 150,896 163,102 Construction - other 203 — — 411 411 614 77,403 78,017 Total Real estate - construction 686 439 — 12,197 12,197 13,322 993,613 1,006,935 Consumer - direct 260 55 70 — 70 385 54,828 55,213 Consumer - indirect 3,055 626 226 — 226 3,907 254,663 258,570 Total Consumer 3,315 681 296 — 296 4,292 309,491 313,783 Leasing, other and overdrafts 568 287 32 — 32 887 267,111 267,998 $ 40,709 $ 20,800 $ 10,010 $ 124,749 $ 134,759 $ 196,268 $ 15,571,979 $ 15,768,247 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 The following table presents TDRs as of December 31 : 2017 2016 (in thousands) Real-estate - residential mortgage $ 26,016 $ 27,617 Real estate - home equity 15,558 8,594 Commercial 10,820 6,627 Real-estate - commercial mortgage 13,959 15,957 Consumer - direct 26 39 Construction - commercial residential — 726 Total accruing TDRs 66,379 59,560 Non-accrual TDRs (1) 29,051 27,850 Total TDRs $ 95,430 $ 87,410 (1) Included within non-accrual loans in the preceding table. As of December 31, 2017 and 2016 , there were $ 8.6 million and $ 3.6 million , respectively, of commitments to lend additional funds to borrowers whose loans were modified under TDRs. The following table presents TDRs by class segment and type of concession for loans that were modified during the years ended December 31, 2017, 2016 and 2015: 2017 2016 2015 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: Extend maturity with rate concession — $ — — $ — 2 $ 127 Extend maturity without rate concession 23 15,058 12 3,904 10 3,823 Bankruptcy 1 490 — — — — Real estate - commercial mortgage: Extend maturity with rate concession — — — — 5 2,014 Extend maturity without rate concession 9 2,899 — — 4 639 Bankruptcy 1 12 — — — — Real estate - home equity: Extend maturity with rate concession — — — — 2 36 Extend maturity without rate concession 69 5,843 89 4,484 3 203 Bankruptcy 28 1,813 47 2,671 52 2,501 Real estate – residential mortgage: Extend maturity with rate concession 2 468 — — 4 750 Extend maturity without rate concession 5 1,044 2 315 3 262 Bankruptcy 3 392 6 981 7 2,508 Construction - commercial residential: Extend maturity without rate concession 1 1,204 — — 1 1,535 Bankruptcy 1 411 — — — — Consumer: Bankruptcy — — 2 23 3 18 Total 143 $ 29,634 158 $ 12,378 96 $ 14,416 The following table presents TDRs, by class segment, that were modified during the years ended December 31, 2017 , 2016 and 2015 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: 2017 2016 2015 Number of Loans Recorded Investment Number of Loans Recorded Investment Number of Loans Recorded Investment (dollars in thousands) Construction - commercial residential 1 $ 1,192 — $ — — $ — Construction - other 1 411 — — — — Real estate - commercial mortgage 2 549 1 118 4 359 Real estate - residential mortgage 5 577 8 1,500 4 445 Commercial 6 1,571 7 2,523 8 3,549 Real estate - home equity 25 1,575 28 1,836 13 763 Consumer — — 1 19 — — Total 40 $ 5,875 45 $ 5,996 29 $ 5,116 |
Premises and Equipment
Premises and Equipment | 12 Months Ended |
Dec. 31, 2017 | |
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 : 2017 2016 (in thousands) Land $ 35,560 $ 36,097 Buildings and improvements 307,332 293,836 Furniture and equipment 150,876 137,282 Construction in progress 19,916 21,096 513,684 488,311 Less: Accumulated depreciation and amortization (290,882 ) (270,505 ) $ 222,802 $ 217,806 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Dec. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | NOTE 6 – GOODWILL AND INTANGIBLE ASSETS Goodwill totaled $530.6 million and non-amortizing trade name intangible assets totaled $963,000 as of both December 31, 2017 and 2016. All of the Corporation’s reporting units passed the 2017 goodwill impairment test, resulting in no goodwill impairment charges in 2017 . All reporting units, with total allocated goodwill of $530.6 million , had fair values that exceeded net book values by approximately 75% 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 current valuation of reporting units. |
Mortgage Servicing Rights
Mortgage Servicing Rights | 12 Months Ended |
Dec. 31, 2017 | |
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: 2017 2016 (in thousands) Amortized cost: Balance at beginning of year $ 38,822 $ 40,944 Originations of mortgage servicing rights 4,968 5,485 Amortization expense (6,127 ) (7,607 ) Balance at end of year $ 37,663 $ 38,822 Valuation allowance: Balance at beginning of year $ (1,291 ) $ — Net deductions (additions) to the valuation allowance 1,291 (1,291 ) Balance at end of year $ — $ (1,291 ) Net MSRs at end of year $ 37,663 $ 37,531 MSRs represent the economic value of existing contractual rights to service mortgage loans that have been sold. Accordingly, actual and expected prepayments of the underlying mortgage loans can impact the value of MSRs. The Corporation accounts for MSRs at the lower of amortized cost or fair value. The fair value of MSRs is estimated by discounting the estimated cash flows from servicing income, net of expense, over the expected life of the underlying loans at a discount rate commensurate with the risk associated with these assets. Expected life is based on the contractual terms of the loans, as adjusted for prepayment projections. Based on its fair value analysis, the Corporation determined that a valuation allowance was no longer necessary as of December 31, 2017 and reduced it by $1.3 million net additions recorded in 2016. Reductions and additions to the valuation allowance are recorded as increases and decreases, respectively, to mortgage banking income on the consolidated statements of income. The estimated fair value of MSRs was $41.6 million and $38.2 million as of December 31, 2017 and 2016, respectively. Total MSR amortization expense, recognized as a reduction to mortgage banking income in the consolidated statements of income, was $6.1 million and $7.6 million in 2017 and 2016, respectively. Estimated MSR amortization expense for the next five years, based on balances as of December 31, 2017 and the estimated remaining lives of the underlying loans, follows (in thousands): Year 2018 $ 6,342 2019 5,905 2020 5,423 2021 4,893 2022 4,311 |
Deposits
Deposits | 12 Months Ended |
Dec. 31, 2017 | |
Deposits [Abstract] | |
Deposits | NOTE 8 – DEPOSITS Deposits consisted of the following as of December 31 : 2017 2016 (in thousands) Noninterest-bearing demand $ 4,437,294 $ 4,376,137 Interest-bearing demand 4,018,107 3,703,712 Savings and money market accounts 4,586,746 4,179,773 Total demand and savings 13,042,147 12,259,622 Brokered deposits 90,473 — Time deposits 2,664,912 2,753,242 Total Deposits $ 15,797,532 $ 15,012,864 Included in time deposits were certificates of deposit equal to or greater than $100,000 of $1.2 billion as of both December 31, 2017 and 2016 . Time deposits of $250,000 or more were $373.9 million and $374.4 million as of December 31, 2017 and 2016 , respectively. The scheduled maturities of time deposits as of December 31, 2017 were as follows (in thousands): Year 2018 $ 1,085,369 2019 866,233 2020 436,690 2021 122,516 2022 76,962 Thereafter 77,142 $ 2,664,912 |
Short-Term Borrowings and Long-
Short-Term Borrowings and Long-Term Debt | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017 , 2016 and 2015 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 2017 2016 2015 2017 2016 2015 (in thousands) Federal funds purchased $ 220,000 $ 278,570 $ 197,235 $ 387,110 $ 449,184 $ 266,338 Short-term FHLB advances (1) — — 110,000 250,000 — 200,000 Customer repurchase agreements 172,017 195,734 111,496 233,274 221,989 212,509 Customer short-term promissory notes 225,507 67,013 78,932 237,298 77,887 93,176 $ 617,524 $ 541,317 $ 497,663 (1) Represents FHLB advances with an original maturity term of less than one year. As of December 31, 2017 , the Corporation had aggregate availability under Federal funds lines of $1.2 billion , with $220.0 million borrowed against that amount. A combination of commercial real estate loans, commercial loans and securities were pledged to the FRB of Philadelphia to provide access to FRB Discount Window borrowings. As of December 31, 2017 and 2016 , the Corporation had $617.4 million and $1.2 billion , respectively, of collateralized borrowing availability at the Discount Window, and no outstanding borrowings. The following table presents information related to customer repurchase agreements: 2017 2016 2015 (dollars in thousands) Amount outstanding as of December 31 $ 172,017 $ 195,734 $ 111,496 Weighted average interest rate as of December 31 0.13 % 0.10 % 0.15 % Average amount outstanding during the year $ 188,974 $ 184,978 $ 161,093 Weighted average interest rate during the year 0.12 % 0.11 % 0.10 % FHLB advances with an original maturity of one year or more and long-term debt included the following as of December 31: 2017 2016 (in thousands) FHLB advances $ 652,113 $ 567,240 Subordinated debt 250,000 350,000 Senior notes 125,000 — Junior subordinated deferrable interest debentures 16,496 16,496 Unamortized discounts and issuance costs (5,263 ) (4,333 ) $ 1,038,346 $ 929,403 Excluded from the preceding table is the Parent Company’s revolving line of credit with one of its subsidiary banks. As of December 31, 2017 and 2016 , 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 insurance investments and equity securities 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 2.31% . As of December 31, 2017 , the Corporation had additional borrowing capacity of approximately $3.6 billion with the FHLB. Advances from the FHLB are secured by FHLB stock, qualifying residential mortgages, investments and other assets. The following table summarizes the scheduled maturities of FHLB advances with an original maturity of one year or more and long-term debt as of December 31, 2017 (in thousands): Year 2018 $ 99,217 2019 202,275 2020 142,039 2021 199,054 2022 130,076 Thereafter 265,685 $ 1,038,346 In March 2017 , the Corporation issued $125.0 million of senior notes, with a fixed rate of 3.60% and an effective rate of 3.95% , as a result of discounts and issuance costs, which mature on March 16, 2022 . Interest is paid semi-annually in September and March . 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 . On May 1, 2017 , $100.0 million of the Corporation's outstanding ten -year subordinated notes originally issued in May 2007 with an effective rate of approximately 5.96% , matured and were fully repaid. 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, 2017, 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, 2017 (dollars in thousands): Debentures Issued to Fixed/ Interest Amount Maturity Callable Call Price Columbia Bancorp Statutory Trust Variable 3.99 % $ 6,186 06/30/34 03/31/18 100.0 Columbia Bancorp Statutory Trust II Variable 3.48 % 4,124 03/15/35 03/31/18 100.0 Columbia Bancorp Statutory Trust III Variable 3.36 % 6,186 06/15/35 03/31/18 100.0 $ 16,496 |
Derivative Financial Instrument
Derivative Financial Instruments | 12 Months Ended |
Dec. 31, 2017 | |
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 : 2017 2016 Notional Asset Notional Asset (in thousands) Interest Rate Locks with Customers Positive fair values $ 129,469 $ 1,059 $ 87,119 $ 863 Negative fair values 8,957 (59 ) 18,239 (227 ) Net interest rate locks with customers 1,000 636 Forward Commitments Positive fair values 3,856 34 70,031 2,223 Negative fair values 100,808 (213 ) 19,964 (112 ) Net forward commitments (179 ) 2,111 Interest Rate Swaps with Customers Positive fair values 1,316,548 24,505 876,744 24,397 Negative fair values 716,634 (18,978 ) 583,060 (16,998 ) Net interest rate swaps with customers 5,527 7,399 Interest Rate Swaps with Dealer Counterparties Positive fair values (1) (3) 716,634 18,941 583,060 16,998 Negative fair values (2) (3) 1,316,548 (19,764 ) 876,744 (24,397 ) Net interest rate swaps with dealer counterparties (823 ) (7,399 ) Foreign Exchange Contracts with Customers Positive fair values 4,852 276 11,674 504 Negative fair values 5,914 (119 ) 4,659 (221 ) Net foreign exchange contracts with customers 157 283 Foreign Exchange Contracts with Correspondent Banks Positive fair values 7,960 184 7,040 241 Negative fair values 6,048 (255 ) 12,869 (447 ) Net foreign exchange contracts with correspondent banks (71 ) (206 ) Net derivative fair value asset $ 5,611 $ 2,824 (1) Includes centrally cleared interest rate swaps with a notional amount of $24.4 million and a fair value of $0 as of December 31, 2017 . (2) Includes centrally cleared interest rate swaps with a notional amount of $377.1 million and a fair value of $0 as of December 31, 2017 . (3) The variation margin posted as collateral on centrally cleared interest rate swaps, which represents the fair value of such swaps, is legally characterized as settlements of the outstanding derivative contracts instead of cash collateral. Accordingly, the fair values of centrally cleared interest rate swaps were offset by variation margins totaling $4.6 million as of December 31, 2017, reducing the fair value of such swaps to $0 . There were no centrally cleared interest rate swaps as of December 31, 2016. The following table presents the fair value gains and losses on derivative financial instruments for the years ended December 31: 2017 2016 2015 Statement of Income Classification (in thousands) Interest rate locks with customers $ 364 $ (639 ) $ (110 ) Mortgage banking income Forward commitments (2,290 ) 1,930 1,345 Mortgage banking income Interest rate swaps with customers (1) (1,872 ) (25,461 ) 13,342 Other non-interest expense Interest rate swaps with counterparties (1) 6,576 25,461 (13,342 ) Other non-interest expense Foreign exchange contracts with customers (126 ) 353 (439 ) Other service charges and fees Foreign exchange contracts with correspondent banks 135 (487 ) 711 Other service charges and fees Net fair value gains on derivative financial instruments $ 2,787 $ 1,157 $ 1,507 (1) Not included is the $4.6 million expense related to the variation margin settlement. 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, 2017 and 2016 : Cost (1) Fair Value Balance Sheet Fair Value Gain (Loss) Statement of Income Classification (in thousands) December 31, 2017: Mortgage loans held for sale $ 31,069 $ 31,530 Loans held for sale $ 472 Mortgage banking income December 31, 2016: Mortgage loans held for sale 28,708 28,697 Loans held for sale (313 ) 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) 2017 Interest rate swap derivative assets $ 43,446 $ (16,844 ) $ — $ 26,602 Foreign exchange derivative assets with correspondent banks 184 (184 ) — — Total $ 43,630 $ (17,028 ) $ — $ 26,602 Interest rate swap derivative liabilities $ 38,742 $ (16,844 ) $ (6,588 ) $ 15,310 Foreign exchange derivative liabilities with correspondent banks 255 (184 ) — 71 Total $ 38,997 $ (17,028 ) $ (6,588 ) $ 15,381 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 (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 by the Corporation) or received from the counterparty on interest rate swap transactions and foreign exchange contracts with financial institution counterparties. Interest rate swaps with customers are collateralized by the same collateral securing 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, 2017 | |
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 revised 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, 2017 , the Corporation's capital levels 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, 2017 and 2016 , 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, 2017 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, 2017 , under the U.S. Basel III Capital Rules: 2017 Actual For Capital Well Capitalized Amount Ratio Amount Ratio Amount Ratio (dollars in thousands) Total Capital (to Risk-Weighted Assets): Corporation $ 2,179,147 13.0 % $ 1,338,560 8.0 % N/A N/A Fulton Bank, N.A. 1,234,536 12.3 805,125 8.0 $ 1,006,406 10.0 % Fulton Bank of New Jersey 385,858 12.4 248,640 8.0 310,801 10.0 The Columbia Bank 234,647 12.2 153,441 8.0 191,801 10.0 Lafayette Ambassador Bank 173,097 14.6 94,720 8.0 118,400 10.0 Tier I Capital (to Risk-Weighted Assets): Corporation $ 1,737,060 10.4 % $ 1,003,920 6.0 % N/A N/A Fulton Bank, N.A 1,142,230 11.3 603,843 6.0 $ 805,125 8.0 % Fulton Bank of New Jersey 346,867 11.2 186,480 6.0 248,640 8.0 The Columbia Bank 215,651 11.2 115,081 6.0 153,441 8.0 Lafayette Ambassador Bank 162,292 13.7 71,040 6.0 94,720 8.0 Common Equity Tier I Capital (to Risk-weighted Assets): Corporation $ 1,737,060 10.4 % $ 752,940 4.5 % N/A N/A Fulton Bank, N.A 1,098,230 10.9 452,883 4.5 $ 654,164 6.5 % Fulton Bank of New Jersey 346,867 11.2 139,860 4.5 202,020 6.5 The Columbia Bank 215,651 11.2 86,310 4.5 124,671 6.5 Lafayette Ambassador Bank 162,292 13.7 53,280 4.5 76,960 6.5 Tier I Capital (to Average Assets): Corporation $ 1,737,060 8.9 % $ 778,451 4.0 % N/A N/A Fulton Bank, N.A 1,142,230 10.0 458,016 4.0 $ 572,520 5.0 % Fulton Bank of New Jersey 346,867 8.8 158,027 4.0 197,534 5.0 The Columbia Bank 215,651 9.3 92,797 4.0 115,996 5.0 Lafayette Ambassador Bank 162,292 10.1 64,191 4.0 80,239 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, Common Equity Tier 1 risk-based and Tier I leverage requirements as of December 31, 2016 , under 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. 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 $283 million as of December 31, 2017 , 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, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | NOTE 12 – INCOME TAXES On December 22, 2017, the President signed the Tax Cuts and Jobs Act of 2017 ("Tax Act"), which among other things, lowered the U.S. corporate income tax rate from a top rate of 35% to a flat rate of 21%. The reduction of the U.S. corporate income tax rate required the Corporation to re-measure its deferred tax assets and liabilities utilizing the lower tax rate as of December 22, 2017. As of December 31, 2017, the Corporation had not completed its accounting for the tax effects of the Tax Act; however, the Corporation was able to reasonably estimate the effects of the re-measurement of its deferred tax balances and recorded a charge of $15.6 million to income tax expense. The components of the provision for income taxes are as follows: 2017 2016 2015 (in thousands) Current tax expense: Federal $ 19,553 $ 33,872 $ 34,455 State 2,617 1,698 2,042 22,170 35,570 36,497 Deferred tax expense: Federal 39,885 7,968 12,752 State 646 3,086 672 40,531 11,054 13,424 Income tax expense $ 62,701 $ 46,624 $ 49,921 The differences between the effective income tax rate and the federal statutory income tax rate are as follows: 2017 2016 2015 Statutory tax rate 35.0 % 35.0 % 35.0 % Tax credit investments (7.8 ) (7.0 ) (5.2 ) Tax-exempt income (6.6 ) (6.5 ) (6.0 ) State income taxes, net of federal benefit (0.5 ) 1.2 1.9 Bank owned life insurance (0.4 ) (0.6 ) (0.6 ) Re-measurement of net deferred tax asset due to the Tax Act 6.7 — — Change in valuation allowance 1.2 0.3 (0.9 ) Executive compensation 0.1 0.1 0.1 Other, net (1.0 ) (0.1 ) 0.7 Effective income tax rate 26.7 % 22.4 % 25.0 % 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 : 2017 2016 (in thousands) Deferred tax assets: Allowance for credit losses $ 40,554 $ 62,726 State loss carryforwards 11,855 9,820 Deferred compensation 7,663 12,017 Postretirement and defined benefit plans 7,274 12,659 Other accrued expenses 6,977 9,520 Unrealized holding losses on securities available for sale 5,830 12,260 Other-than-temporary impairment of investments 2,045 5,187 Other 6,742 8,500 Total gross deferred tax assets 88,940 132,689 Deferred tax liabilities: Direct leasing 21,917 27,663 Mortgage servicing rights 8,204 13,369 Acquisition premiums/discounts 6,030 9,167 Premises and equipment 3,099 5,625 Intangible assets 1,155 1,810 Other 10,420 12,530 Total gross deferred tax liabilities 50,825 70,164 Net deferred tax asset, before valuation allowance 38,115 62,525 Valuation allowance (11,855 ) (8,950 ) Net deferred tax asset $ 26,260 $ 53,575 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, 2017 and 2016 , the Corporation had state net operating loss carryforwards of approximately $369 million and $391 million , respectively, which are available to offset future state taxable income, and expire at various dates through 2037 . The Corporation has $2.0 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. 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, 2017 . 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, 2017 . Uncertain Tax Positions The following summarizes the changes in unrecognized tax benefits for the years ended December 31 : 2017 2016 2015 (in thousands) Balance at beginning of year $ 2,438 $ 2,373 $ 1,944 Current period tax positions 523 456 492 Lapse of statute of limitations (411 ) (391 ) (63 ) Balance at end of year $ 2,550 $ 2,438 $ 2,373 As of December 31, 2017 , if recognized, all of the Corporation’s unrecognized tax benefits would impact the effective tax rate. Not included in the table above is $540,000 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 $42,000 and $43,000 in 2017 and 2016 , respectively, for interest and penalties in income tax expense related to unrecognized tax positions. As of December 31, 2017 and 2016 , total accrued interest and penalties related to unrecognized tax positions were approximately $616,000 and $574,000 , 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 2014 . |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2017 | |
Retirement Benefits [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 : 2017 2016 2015 (in thousands) 401(k) Retirement Plan $ 8,121 $ 7,418 $ 6,423 Pension Plan 4,168 4,310 4,102 $ 12,289 $ 11,728 $ 10,525 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 : 2017 2016 2015 (in thousands) Service cost (1) $ — $ 688 $ 579 Interest cost 3,320 3,520 3,405 Expected return on assets (1,804 ) (2,318 ) (3,009 ) Net amortization and deferral 2,652 2,420 3,127 Net periodic pension cost $ 4,168 $ 4,310 $ 4,102 (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. Beginning January 1, 2017 the administrative costs were netted with the expected return on assets. The following table summarizes the changes in the projected benefit obligation and fair value of plan assets for the plan years ended December 31 : 2017 2016 (in thousands) Projected benefit obligation at beginning of year $ 85,363 $ 84,736 Service cost (1) — 688 Interest cost 3,320 3,520 Benefit payments (3,751 ) (5,172 ) Change in assumptions 5,008 1,635 Experience gain (458 ) (44 ) Projected benefit obligation at end of year $ 89,482 $ 85,363 Fair value of plan assets at beginning of year $ 48,684 $ 46,971 Employer contributions (2) 3,816 5,169 Actual return on plan assets 5,312 1,716 Benefit payments (3,751 ) (5,172 ) Fair value of plan assets at end of year $ 54,061 $ 48,684 (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. Beginning January 1, 2017 the administrative costs were netted with the expected return on assets. (2) The Corporation funds at least the minimum amount required by federal law and regulations. The Corporation contributed $3.8 million and $5.2 million to the Pension Plan during 2017 and 2016 , respectively. The following table presents the funded status of the Pension Plan, included in other liabilities on the consolidated balance sheets, as of December 31 : 2017 2016 (in thousands) Projected benefit obligation $ (89,482 ) $ (85,363 ) Fair value of plan assets 54,061 48,684 Funded status $ (35,421 ) $ (36,679 ) The following table summarizes the changes in the unrecognized net loss included as a component of accumulated other comprehensive loss: Unrecognized Net Loss Before tax Net of tax (in thousands) Balance as of December 31, 2015 $ 30,396 $ 19,758 Recognized as a component of 2016 periodic pension cost (2,420 ) (1,573 ) Unrecognized gains arising in 2016 2,193 1,425 Balance as of December 31, 2016 30,169 19,610 Recognized as a component of 2017 periodic pension cost (2,652 ) (1,724 ) Unrecognized losses arising in 2017 1,042 678 Balance as of December 31, 2017 $ 28,559 $ 18,564 The total amount of unrecognized net loss that will be amortized as a component of net periodic pension cost in 2018 is expected to be $2.8 million . The following rates were used to calculate net periodic pension cost and the present value of benefit obligations as of December 31 : 2017 2016 2015 Discount rate-projected benefit obligation 3.50 % 4.00 % 4.25 % Expected long-term rate of return on plan assets 5.00 % 5.00 % 6.00 % The discount rates used were 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, 2017 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 : 2017 2016 Estimated % of Total Estimated % of Total (dollars in thousands) Equity mutual funds $ 19,219 $ 12,689 Equity common trust funds 9,612 7,936 Equity securities 28,831 53.3 % 20,625 42.4 % Cash and money market funds 5,675 7,149 Fixed income mutual funds 11,136 10,540 Corporate debt securities 2,999 3,252 U.S. Government agency securities 249 496 Fixed income securities and cash 20,059 37.1 % 21,437 44.0 % Other alternative investment funds 5,171 9.6 % 6,622 13.6 % $ 54,061 100.0 % $ 48,684 100.0 % 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 2018 $ 3,773 2019 3,858 2020 4,220 2021 4,424 2022 4,530 2023 – 2027 24,571 $ 45,376 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. The components of the net (benefit) expense for postretirement benefits other than pensions are as follows: 2017 2016 2015 (in thousands) Interest cost $ 68 $ 85 $ 206 Net amortization and deferral (565 ) (551 ) (258 ) Net postretirement benefit $ (497 ) $ (466 ) $ (52 ) The following table summarizes the changes in the accumulated postretirement benefit obligation and fair value of plan assets for the years ended December 31 : 2017 2016 (in thousands) Accumulated postretirement benefit obligation at beginning of year $ 1,926 $ 2,875 Interest cost 68 85 Benefit payments (216 ) (282 ) Experience gain (104 ) (732 ) Change in assumptions 26 (20 ) Accumulated postretirement benefit obligation at end of year $ 1,700 $ 1,926 Fair value of plan assets at beginning of year $ 3 $ 15 Employer contributions 213 270 Benefit payments (216 ) (282 ) Fair value of plan assets at end of year $ — $ 3 The following table presents the funded status of the Postretirement Plan, included in other liabilities on the consolidated balance sheets as of December 31 : 2017 2016 (in thousands) Accumulated postretirement benefit obligation $ (1,700 ) $ (1,926 ) Fair value of plan assets — 3 Funded status $ (1,700 ) $ (1,923 ) The following table summarizes the changes in items recognized as a component of accumulated other comprehensive loss: Before tax Unrecognized Unrecognized Total Net of tax (in thousands) 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 ) Recognized as a component of 2017 postretirement benefit cost 465 101 566 368 Unrecognized gains arising in 2017 — (77 ) (77 ) (50 ) Balance as of December 31, 2017 $ (4,404 ) $ (1,159 ) $ (5,563 ) $ (3,617 ) The following rates were used to calculate net periodic postretirement benefit cost and the present value of benefit obligations as of December 31 : 2017 2016 2015 Discount rate-projected benefit obligation 3.50 % 4.25 % 4.25 % Expected long-term rate of return on plan assets 3.00 % 3.00 % 3.00 % The discount rates used to calculate the accumulated postretirement benefit obligation were 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 2018 $ 196 2019 184 2020 171 2021 159 2022 147 2023 – 2027 574 $ 1,431 |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Dec. 31, 2017 | |
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) 2017: Unrealized gain on securities $ 16,051 $ (5,619 ) $ 10,432 Reclassification adjustment for securities gains included in net income (1) (9,071 ) 3,177 (5,894 ) Non-credit related unrealized loss on other-than-temporarily impaired debt securities 285 (100 ) 185 Unrecognized pension and postretirement cost (937 ) 328 (609 ) Amortization of net unrecognized pension and postretirement income (2) 2,092 (731 ) 1,361 Total Other Comprehensive Income $ 8,420 $ (2,945 ) $ 5,475 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 (3) 25 (9 ) 16 Unrecognized pension and postretirement cost (1,432 ) 501 (931 ) Amortization of net unrecognized pension and postretirement income (2) 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 (3) 115 (40 ) 75 Unrecognized pension and postretirement income 7,200 (2,520 ) 4,680 Amortization of net unrecognized pension and postretirement income (2) 2,869 (1,005 ) 1,864 Total Other Comprehensive Loss $ (6,608 ) $ 2,313 $ (4,295 ) (1) Amounts reclassified out of accumulated other comprehensive income (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 income (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. (3) Amounts reclassified out of accumulated other comprehensive income (loss). Before-tax amounts included in "Interest Expense" on the consolidated statements of income. 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, 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 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 ) Other comprehensive income before reclassifications 10,432 185 — (609 ) 10,008 Amounts reclassified from accumulated other comprehensive income (loss) (5,894 ) — — 1,361 (4,533 ) Balance as of December 31, 2017 $ (18,509 ) $ 458 $ — $ (14,923 ) $ (32,974 ) Common Stock Repurchase Plans In November 2017 , 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, 2018 . 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. As of December 31, 2017, 1.5 million shares had been repurchased under this program for a total cost of $18.5 million , or $12.48 per share. Up to an additional $31.5 million of the Corporation's common stock may be repurchased under this program through December 31, 2018. 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. |
Stock-Based Compensation Plans
Stock-Based Compensation Plans | 12 Months Ended |
Dec. 31, 2017 | |
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: 2017 2016 2015 (in thousands) Compensation expense $ 5,209 $ 6,556 $ 5,938 Tax benefit (3,994 ) (2,679 ) (2,011 ) Stock-based compensation, net of tax $ 1,215 $ 3,877 $ 3,927 The tax benefits as a percentage of compensation expense, as shown in the preceding table, were 76.7% , 40.9% and 33.9% in 2017 , 2016 and 2015 , 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, and excess tax benefits realized on vesting RSUs and PSUs during the period. 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: 2017 2016 2015 (in thousands) Compensation expense $ 4,922 $ 6,165 $ 4,646 Tax benefit (1,559 ) (2,158 ) (1,626 ) Restricted stock compensation, net of tax $ 3,363 $ 4,007 $ 3,020 The following table provides information about stock option activity for the year ended December 31, 2017 : Stock Weighted Weighted Aggregate Outstanding as of December 31, 2016 1,330,183 $ 10.98 Exercised (411,292 ) 11.45 Forfeited (14,574 ) 10.64 Expired (26,115 ) 13.97 Outstanding as of December 31, 2017 878,202 $ 10.66 4.1 years $ 6.4 Exercisable as of December 31, 2017 878,202 $ 10.66 4.1 years $ 6.4 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, 2017 : Nonvested Stock Options Restricted Stock/RSUs/PSUs Options Weighted Shares Weighted Nonvested as of December 31, 2016 82,447 $ 3.14 1,525,715 $ 12.74 Granted — — 501,664 15.85 Vested (81,847 ) 3.14 (603,308 ) 12.51 Forfeited (600 ) 3.14 (117,134 ) 14.15 Nonvested as of December 31, 2017 — $ — 1,306,937 $ 13.91 The vested and forfeited stock option shown in the table above were granted in 2014. There were no stock options granted in 2017, 2016, or 2015. The fair value of stock options granted in 2014 was estimated on the grant date using the Black-Scholes valuation methodology. As of December 31, 2017 , there was $7.4 million of total unrecognized compensation cost (pre-tax) related to restricted stock, RSUs and PSUs that will be recognized as compensation expense over a weighted average period of two years. As of December 31, 2017 , the Employee Equity Plan had 11.1 million shares reserved for future grants through 2023 , and the Directors’ Plan had 360,000 shares reserved for future grants through 2021 . The following table presents information about stock options exercised: 2017 2016 2015 (dollars in thousands) Number of options exercised 411,292 920,924 490,151 Total intrinsic value of options exercised $ 2,955 $ 4,619 $ 1,442 Cash received from options exercised $ 4,644 $ 10,240 $ 4,936 Tax deduction realized from options exercised $ 2,825 $ 4,328 $ 1,389 Upon exercise, the Corporation issues shares from its authorized, but unissued, common stock to satisfy the options. The fair value of certain PSUs with market-based performance conditions granted 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: 2017 2016 2015 Risk-free interest rate 1.43 % 0.92 % 0.86 % Volatility of Corporation’s stock 22.45 % 20.75 % 20.08 % 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 with market-based performance conditions granted in 2017, 2016 and 2015 of $17.25 , $11.23 and $10.66 , respectively. 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: 2017 2016 2015 ESPP shares purchased 98,000 109,665 121,890 Average purchase price per share (85% of market value) $ 15.28 $ 12.37 $ 10.86 Compensation expense recognized (in thousands) $ 261 $ 240 $ 234 |
Leases
Leases | 12 Months Ended |
Dec. 31, 2017 | |
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 $18.7 million in 2017 , $18.4 million in 2016 and $18.1 million in 2015 . Future minimum payments as of December 31, 2017 under non-cancelable operating leases with initial terms exceeding one year are as follows (in thousands): Year 2018 $ 17,417 2019 15,730 2020 14,592 2021 12,988 2022 10,763 Thereafter 45,905 $ 117,395 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2017 | |
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. 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 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 commitments to extend credit and letters of credit. See "Note 4 - Loans and Allowance for Credit Losses," for additional information. The following table presents commitments to extend credit and letters of credit: 2017 2016 (in thousands) Commercial and other $ 3,689,700 $ 3,673,815 Home equity 1,422,284 1,368,465 Commercial mortgage and construction 1,093,045 1,033,287 Total commitments to extend credit $ 6,205,029 $ 6,075,567 Standby letters of credit $ 326,973 $ 356,359 Commercial letters of credit 41,801 38,901 Total letters of credit $ 368,774 $ 395,260 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, 2017 and 2016 , total outstanding repurchase requests totaled approximately $543,000 . From 2000 to 2011 , the Corporation sold loans to the FHLB 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 FHLB of Pittsburgh based on a percentage of the outstanding principal balance of loans sold. As of December 31, 2017 , the unpaid principal balance of loans sold under the MPF Program was approximately $84 million . As of December 31, 2017 and 2016 , the reserves for estimated credit losses related to loans sold under the MPF Program were $1.2 million and $1.7 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, 2017 and 2016 , the reserve for losses on residential mortgage loans sold was $2.1 million and $2.5 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, 2017 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 three 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 the affected 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. The Corporation and the affected bank subsidiaries have implemented numerous enhancements to the BSA/AML Compliance Program, completed the retrospective reviews required under the Consent Orders, and continue to strengthen and refine the BSA/AML Compliance Program to achieve a sustainable program 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 the affected 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. As previously disclosed, on October 27, 2017, the Office of the Comptroller of the Currency (the "OCC") terminated the Consent Orders that it issued on July 14, 2014 to three of the Corporation's bank subsidiaries, Fulton Bank, N.A., FNB Bank, N.A. and Swineford National Bank, relating to deficiencies in the BSA/AML Compliance Programs at those bank subsidiaries. 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"), were 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 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. The lawsuit sought 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. In October 2017, the Bank and the plaintiffs agreed to settle the lawsuit. Pursuant to the terms of the settlement agreement between the Bank and the plaintiffs, the claims against the Bank were dismissed with prejudice on December 13, 2017, and the Bank made the agreed-upon settlement payment. Also during December 2017, the Corporation received reimbursement from the Corporation’s insurance carrier for the full amount of the agreed-upon settlement payment. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2017 | |
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: 2017 Level 1 Level 2 Level 3 Total (in thousands) Mortgage loans held for sale $ — $ 31,530 $ — $ 31,530 Available for sale investment securities: Equity securities 918 — — 918 U.S. Government sponsored agency securities — 5,938 — 5,938 State and municipal securities — 408,949 — 408,949 Corporate debt securities — 93,552 3,757 97,309 Collateralized mortgage obligations — 602,623 — 602,623 Residential mortgage-backed securities — 1,120,796 — 1,120,796 Commercial mortgage-backed securities — 212,755 — 212,755 Auction rate securities — — 98,668 98,668 Total available for sale investment securities 918 2,444,613 102,425 2,547,956 Other assets 19,451 44,539 — 63,990 Total assets $ 20,369 $ 2,520,682 $ 102,425 $ 2,643,476 Other liabilities $ 19,357 $ 39,014 $ — $ 58,371 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 Residential mortgage-backed securities — 1,317,838 — 1,317,838 Commercial mortgage-backed securities — 24,563 — 24,563 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 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, 2017 and 2016 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 ( $7,000 at December 31, 2017 and $23.5 million at December 31, 2016 ) and other equity investments ( $911,000 at December 31, 2017 and $1.0 million at December 31, 2016 ). 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/Residential mortgage-backed securities/Commercial 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 ( $61.9 million at December 31, 2017 and $65.2 million at December 31, 2016 ), single-issuer trust preferred securities issued by financial institutions ( $30.7 million at December 31, 2017 and $39.8 million at December 31, 2016 ), pooled trust preferred securities issued by financial institutions ( $707,000 at December 31, 2017 and $422,000 at December 31, 2016 ) and other corporate debt issued by non-financial institutions ( $4.0 million at December 31, 2017 and 2016 ). Level 2 investments include subordinated debt and senior debt, other corporate debt issued by non-financial institutions and $27.7 million and $37.3 million of single-issuer trust preferred securities held at December 31, 2017 and 2016 , 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 ( $707,000 at December 31, 2017 and $422,000 at December 31, 2016 ) and certain single-issuer trust preferred securities ( $3.1 million at December 31, 2017 and $2.5 million at December 31, 2016 ). 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 ( $19.0 million at December 31, 2017 and $16.4 million at December 31, 2016 ) and the fair value of foreign currency exchange contracts ( $460,000 at December 31, 2017 and $745,000 at December 31, 2016 ). The mutual funds and foreign exchange prices used to measure these items at fair value are based on quoted prices for identical instruments in active markets. • Level 2 assets, representing the fair value of mortgage banking derivatives in the form of interest rate locks and forward commitments with secondary market investors ( $1.1 million at December 31, 2017 and $3.1 million at December 31, 2016 ) and the fair value of interest rate swaps ( $43.4 million at December 31, 2017 and $41.4 million at December 31, 2016 ). 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 ( $19.0 million at December 31, 2017 and $16.4 million at December 31, 2016 ) and the fair value of foreign currency exchange contracts ( $374,000 at December 31, 2017 and $668,000 at December 31, 2016 ). 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 ( $272,000 at December 31, 2017 and $339,000 at December 31, 2016 ) and the fair value of interest rate swaps ( $38.7 million at December 31, 2017 and $41.4 million at December 31, 2016 ). 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 Auction Rate Securities (in thousands) 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 Unrealized adjustments to fair value (1) 285 588 1,217 Discount accretion (2) — 12 195 Balance as of December 31, 2017 $ 707 $ 3,050 $ 98,668 (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 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 assets measured at fair value on a nonrecurring basis and reported on the consolidated balance sheets at December 31 : 2017 2016 (in thousands) Net loans $ 149,608 $ 132,576 OREO 9,823 12,815 MSRs 37,663 37,532 Total assets $ 197,094 $ 182,923 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. • OREO – This category includes OREO ( $9.8 million at December 31, 2017 and $12.8 million at December 31, 2016 ) 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 - This category includes MSRs ( $37.7 million at December 31, 2017 and $37.5 million at December 31, 2016 ), classified as Level 3 assets. MSRs are initially recorded at fair value upon the sale of residential mortgage loans to secondary market investors. MSRs are amortized as a reduction to servicing income over the estimated lives of the underlying loans. MSRs are stratified and evaluated for impairment by comparing each stratum's carrying amount to its estimated fair value. Fair values are determined at the end of each quarter through a discounted cash flows valuation performed by a third-party valuation expert. Significant inputs to the valuation included expected net servicing income, the discount rate and the expected life of the underlying loans. Expected life is based on the contractual terms of the loans, as adjusted for prepayment projections. The weighted average annual constant prepayment rate and the weighted average discount rate used in the December 31, 2017 valuation were 11.7% and 9.5% , 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, 2017 and 2016 . A general description of the methods and assumptions used to estimate such fair values is also provided. 2017 2016 Book Value Estimated Book Value Estimated (in thousands) FINANCIAL ASSETS Cash and due from banks (1) $ 108,291 $ 108,291 $ 118,763 $ 118,763 Interest-bearing deposits with other banks (1) 293,805 293,805 233,763 233,763 FRB and FHLB stock (2) 60,761 60,761 57,489 57,489 Loans held for sale (3) 31,530 31,530 28,697 28,697 Available for sale investment securities (2) 2,547,956 2,547,956 2,559,227 2,559,227 Net Loans (4) 15,598,337 15,380,974 14,530,593 14,387,454 Accrued interest receivable (1) 52,910 52,910 46,294 46,294 Other financial assets (1) 215,464 215,464 206,132 206,132 FINANCIAL LIABILITIES Demand and savings deposits (1) $ 13,042,147 $ 13,042,147 $ 12,259,622 $ 12,259,622 Brokered deposits (1) 90,473 90,473 — — Time deposits (5) 2,664,912 2,673,359 2,753,242 2,769,757 Short-term borrowings (1) 617,524 617,524 541,317 541,317 Accrued interest payable (1) 9,317 9,317 9,632 9,632 Other financial liabilities (3) 227,569 227,569 216,080 216,080 FHLB advances and long-term debt (5) 1,038,346 1,025,640 929,403 928,167 (1) Short-term financial instrument, defined as those with remaining maturities of 90 days or less and excluding those recorded at fair value on the consolidated balance sheets. Book value is considered to be a reasonable estimate of fair value. (2) Restricted investments, carried at cost on the consolidated balance sheets. (3) These financial instruments, or certain financial instruments within these categories, are measured at fair value on the consolidated balance sheets. Descriptions of the fair value determinations for these financial instruments are disclosed above. (4) Fair value measured using unobservable inputs (level 3). Includes impaired loans, which are measured on a nonrecurring basis. (5) Fair value measured using observable inputs (level 2). 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. Fair values for loans 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 time deposits and FHLB advances and long-term debt were estimated by discounting the remaining contractual cash flows using a rate at which instruments with similar remaining maturities could be issued as of the balance sheet date. These 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, 2017 | |
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 December 31, 2017 2016 (in thousands) ASSETS Cash $ 22,857 $ 8,568 Other assets 5,959 5,648 Receivable from subsidiaries 53,880 46,715 Investments in: Bank subsidiaries 2,399,053 2,265,264 Non-bank subsidiaries 426,846 417,615 Total Assets $ 2,908,595 $ 2,743,810 LIABILITIES AND EQUITY Long-term debt $ 386,101 $ 362,005 Payable to non-bank subsidiaries 206,766 183,152 Other liabilities 85,871 77,538 Total Liabilities 678,738 622,695 Shareholders’ equity 2,229,857 2,121,115 Total Liabilities and Shareholders’ Equity $ 2,908,595 $ 2,743,810 CONDENSED STATEMENTS OF INCOME 2017 2016 2015 (in thousands) Income: Dividends from subsidiaries $ 66,500 $ 115,000 $ 114,000 Other (1) 171,490 148,577 141,241 237,990 263,577 255,241 Expenses 199,981 177,835 176,457 Income before income taxes and equity in undistributed net income of subsidiaries 38,009 85,742 78,784 Income tax benefit (5,448 ) (10,543 ) (11,834 ) 43,457 96,285 90,618 Equity in undistributed net income (loss) of: Bank subsidiaries 111,226 58,477 60,806 Non-bank subsidiaries 17,070 6,863 (1,922 ) Net Income $ 171,753 $ 161,625 $ 149,502 (1) Consists primarily of management fees received from subsidiary banks. CONDENSED STATEMENTS OF CASH FLOWS 2017 2016 2015 (in thousands) Cash Flows From Operating Activities: Net Income $ 171,753 $ 161,625 $ 149,502 Adjustments to reconcile net income to net cash provided by operating activities: Amortization of issuance costs and discount of long-term debt 845 — — Stock-based compensation 4,740 6,556 5,938 Excess tax benefits from stock-based compensation — (964 ) (201 ) Increase in other assets (17,882 ) (16,585 ) 2,806 Equity in undistributed net income of subsidiaries (128,298 ) (65,340 ) (58,884 ) Loss on redemption of trust preferred securities — — 5,626 Increase (decrease) in other liabilities and payable to non-bank subsidiaries 31,241 (5,928 ) 106,490 Total adjustments (109,354 ) (82,261 ) 61,775 Net cash provided by operating activities 62,399 79,364 211,277 Cash Flows From Investing Activities — — — Cash Flows From Financing Activities: Repayments of long-term debt (100,000 ) — (254,640 ) Additions to long-term debt 123,251 — 147,779 Net proceeds from issuance of common stock 9,007 16,167 10,607 Excess tax benefits from stock-based compensation — 964 201 Dividends paid (80,368 ) (69,382 ) (65,361 ) Acquisition of treasury stock — (18,545 ) (50,000 ) Net cash used in financing activities (48,110 ) (70,796 ) (211,414 ) Net Increase (Decrease) in Cash and Cash Equivalents 14,289 8,568 (137 ) Cash and Cash Equivalents at Beginning of Year 8,568 — 137 Cash and Cash Equivalents at End of Year $ 22,857 $ 8,568 $ — |
Summary of Significant Accoun28
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
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, investment securities and other interest-earning assets and fee income earned 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 ("FRB") and Federal Home Loan Bank Stock: Certain of the Corporation's wholly owned banking subsidiaries are members of the FRB 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 other off-balance sheet credit exposures, such as letters of credit, 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 appropriate 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 evaluated 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 evaluated 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, 2017 and 2016 , 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 appraisals performed by state certified third-party appraisers for impaired loans secured predominantly by real estate every 12 months. As of December 31, 2017 and 2016 , approximately 94% and 62% , 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 appraisals performed by state certified third-party appraisers that had been updated within the preceding 12 months. When updated appraisals are not obtained for loans secured by real estate and evaluated for impairment under FASB ASC Section 310-10-35, 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 for loan loss allocation needs for loans evaluated 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 an 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. Prior to 2017, the Corporation maintained an unallocated allowance for credit losses 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. In 2017, enhancements were made to allow for the impact of these factors and conditions to be quantified in the allowance allocation process. Accordingly, an unallocated allowance for credit losses is no longer necessary. This change did not have a material impact. |
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 other non-interest 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 value 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. Fulton Bank, N.A. ("Fulton Bank"), the Corporation's largest banking subsidiary, exceeded $10 billion in total assets as of December 31, 2016 and was required to clear all eligible interest rate swap contracts with a central counterparty, effective January 1, 2017. As a result, Fulton Bank became subject to the regulations of Commodity Futures Trading Commission ("CFTC") on that date. 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 specific date at a contractual price. The Corporation offsets its foreign exchange exposure with customers by entering into contracts with correspondent financial institutions to mitigate its foreign exchange risk. The Corporation also holds certain amounts of foreign currency with international correspondent banks ("Foreign Currency Nostro Accounts"). The Corporation limits the total overnight net foreign currency open positions, which is defined as an aggregate of all outstanding contracts and Foreign Currency Nostro 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 because 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. A daily settlement occurs through a clearing agent for changes in the fair value of centrally cleared derivatives. As a result, the total fair values of interest rate swap derivative assets and derivative liabilities recognized on the consolidated balance sheet are not equal and offsetting. 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: 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, 2017 and 2016 . |
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 is not required to be 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 2017 , 2016 or 2015 . 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. Subsidiary Trusts 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. Tax Credit Investments The Corporation makes investments in certain community development projects that generate tax credits under various federal programs, including qualified affordable housing projects, New Markets Tax Credit ("NMTC") projects and historic rehabilitation projects (collectively, "Tax Credit Investments"). These investments are made throughout the Corporation's market area as a means of supporting the communities it serves. The Corporation typically acts as a limited partner or member of a limited liability company in its Tax Credit Investments and does not exert control over the operating or financial policies of the partnership or limited liability company. Tax credits earned are subject to recapture by federal taxing authorities based upon compliance requirements to be met at the project level. As of December 31, 2017 and 2016 , the Corporation’s Tax Credit Investments, included in other assets on the consolidated balance sheets and representing total committed equity investments, totaled $205.8 million and $186.4 million , respectively. As of December 31, 2017 , the Corporation had future funding commitments, included in other liabilities on the consolidated balance sheets, of approximately $68.8 million . Because the Corporation owns 100% of the equity interests in its New Markets Tax Credit investments, these investments were consolidated based on FASB ASC Topic 810 as of December 31, 2017 and 2016 . Investments in affordable housing projects were not consolidated based on management's assessment of the provisions of FASB ASC Topic 810. Tax Credit Investments are tested for impairment when events or changes in circumstances indicate that it is more likely than not that the carrying amount of the investment will not be realized. An impairment loss is measured as the amount by which the current carrying value exceeds its aggregated remaining value of the tax benefits of the investment. There were no impairment losses recognized for the Corporation’s Tax Credit Investments in 2017 , 2016 or 2015 . |
Fair Value Measurements | 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. 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. |
New Accounting Standards | Recently Adopted Accounting Standards: 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 was effective for interim and annual reporting periods beginning after December 15, 2016, with early adoption permitted. For the Corporation, this standards update was effective with its March 31, 2017 quarterly report on Form 10-Q. As a result of adopting ASC Update 2016-09, excess tax benefits from stock-based compensation totaling $1.3 million were rec ognized in 2017 as a reduction to income taxes, rather then as an adjustment to additional paid-in capital. Recently Issued Accounting Standards: In May 2014, the FASB issued ASC Update 2014-09, "Revenue from Contracts with Customers." This standards update establishes a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. The core principle prescribed by this standards update is that an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The standard applies to all contracts with customers, except those that are within the scope of other topics in the FASB ASC. The standard also requires significantly expanded disclosures about revenue recognition. The FASB has issued amendments to this standard (ASC Updates 2016-08, 2016-10, 2016-11, 2016-12 and 2017-13). 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. For the Corporation, this standards update is effective with its March 31, 2018 quarterly report on Form 10-Q. The Corporation evaluated the impact of the adoption of ASC Update 2014-09 on its consolidated financial statements and did not identify any significant changes in the timing of revenue recognition as a result of this amended guidance. The Corporation adopted this standards update on January 1, 2018, under the modified retrospective approach, and the adoption of ASC Update 2014-09 did not have a material impact 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. This standards update will require equity investments to be measured at fair value, with changes recorded in net income. 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 adopted this standards update on January 1, 2018 and the adoption of ASC Update 2016-01 did not have a material impact on its consolidated financial statements. In February 2016, the FASB issued ASC Update 2016-02, "Leases." This standards update requires a lessee to 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. In September of 2017, the FASB issued clarifying guidance to this standard (ASC Update 2017-13). 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, which requires restatement of all comparative periods in the year of adoption. Early adoption 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 consolidated 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, which will also have an impact on regulatory capital ratios. The recognition of operating leases on the consolidated balance sheet is expected to be the most significant impact of the adoption of this standards update. 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. In March 2017, the FASB issued ASC Update 2017-07, "Improving the Presentation of Net Periodic Pension Costs and Net Periodic Benefit Cost." This standards update requires a company to present service cost separately from the other components of net benefit cost. In addition, the update provides explicit guidance on how to present the service cost component and the other components of net benefit cost in the income statement and allow only the service cost component of net benefit cost to be eligible for capitalization. ASC Update 2017-07 is effective for annual or interim 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 2017-07 to have a material impact on its consolidated financial statements. In March 2017, the FASB issued ASC Update 2017-08, "Premium Amortization on Purchased Callable Debt Securities." This standards update requires that a company amortize the premium on callable debt securities to the earliest call date versus current U.S. GAAP, which requires amortization over the contractual life of the securities. The amortization period for callable debt securities purchased at a discount would not be impacted by the new accounting standards update. This amendment is to be adopted on a modified retrospective basis with a cumulative effect adjustment to retained earnings as of the beginning of the period of adoption. ASC Update 2017-08 is effective for annual or interim reporting periods beginning after December 15, 2018. Early adoption is permitted. The Corporation intends to adopt this standards update effective with its March 31, 2019 quarterly report on Form 10-Q and does not expect the adoption of ASC Update 2017-08 to have a material impact on its consolidated financial statements. In February 2018, the FASB issued ASC Update 2018-02, "Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income." This standards update permits a reclassification from accumulated other comprehensive income to retained earnings of the stranded tax effects resulting from the application of the new federal corporate income tax rate. ASC Update 2018-02 is effective for annual or interim reporting periods beginning after December 15, 2018. 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 2018-02 to have a material impact on its consolidated financial statements. |
Reclassification | Reclassifications: Certain amounts in the 2016 and 2015 consolidated financial statements and notes have been reclassified to conform to the 2017 presentation. |
Summary of Significant Accoun29
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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: 2017 2016 2015 (in thousands) Weighted average common shares outstanding (basic) 174,721 173,325 175,721 Impact of common stock equivalents 1,211 1,093 1,053 Weighted average common shares outstanding (diluted) 175,932 174,418 176,774 |
Investment Securities (Tables)
Investment Securities (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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) 2017 U.S. Government sponsored agency securities $ 5,962 $ 2 $ (26 ) $ 5,938 State and municipal securities 405,860 5,638 (2,549 ) 408,949 Corporate debt securities 96,353 2,832 (1,876 ) 97,309 Collateralized mortgage obligations 611,927 491 (9,795 ) 602,623 Residential mortgage-backed securities 1,132,080 3,957 (15,241 ) 1,120,796 Commercial mortgage-backed securities 215,351 — (2,596 ) 212,755 Auction rate securities 107,410 — (8,742 ) 98,668 Total debt securities 2,574,943 12,920 (40,825 ) 2,547,038 Equity securities 776 142 — 918 Total $ 2,575,719 $ 13,062 $ (40,825 ) $ 2,547,956 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 Residential mortgage-backed securities 1,328,192 6,546 (16,900 ) 1,317,838 Commercial mortgage-backed securities 25,100 — (537 ) 24,563 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 |
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, 2017 , 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 $ 16,837 $ 16,920 Due from one year to five years 33,191 33,565 Due from five years to ten years 112,181 113,164 Due after ten years 453,376 447,215 615,585 610,864 Residential mortgage-backed securities (1) 1,132,080 1,120,796 Commercial mortgage-backed securities (1) 215,351 212,755 Collateralized mortgage obligations (1) 611,927 602,623 Total debt securities $ 2,574,943 $ 2,547,038 (1) Maturities for mortgage-backed securities and collateralized mortgage obligations are dependent upon the interest rate environment and prepayments on the underlying loans. |
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: Gross Gross Net (in thousands) 2017: Equity securities $ 13,558 $ — $ 13,558 Debt securities 315 (4,802 ) (4,487 ) Total $ 13,873 $ (4,802 ) $ 9,071 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 |
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 : 2017 2016 2015 (in thousands) Balance of cumulative credit losses on debt securities, beginning of year $ (11,510 ) $ (11,510 ) $ (16,242 ) Reductions for securities sold during the period — — 4,730 Reductions for increases in cash flows expected to be collected that are recognized over the remaining life of the security — — 2 Balance of cumulative credit losses on debt securities, end of year $ (11,510 ) $ (11,510 ) $ (11,510 ) |
Gross Unrealized Losses and Fair Values of Investments by Category and Length of Time in Continuous Unrealized Loss Position | The following table presents the gross unrealized losses and estimated fair values of investments, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, as of December 31, 2017 . There were no gross unrealized losses on equity securities as of December 31, 2017 . Less Than 12 months 12 Months or Longer Total Estimated Unrealized Estimated Unrealized Estimated Unrealized (in thousands) U.S. Government sponsored agency securities $ 5,830 $ (26 ) $ — $ — $ 5,830 $ (26 ) State and municipal securities 11,650 (50 ) 118,297 (2,499 ) 129,947 (2,549 ) Corporate debt securities 4,544 (48 ) 32,163 (1,828 ) 36,707 (1,876 ) Collateralized mortgage obligations 303,932 (2,408 ) 187,690 (7,387 ) 491,622 (9,795 ) Residential mortgage-backed securities 511,378 (4,348 ) 500,375 (10,893 ) 1,011,753 (15,241 ) Commercial mortgage-backed securities 190,985 (2,118 ) 21,770 (478 ) 212,755 (2,596 ) Auction rate securities — — 98,668 (8,742 ) 98,668 (8,742 ) Total $ 1,028,319 $ (8,998 ) $ 958,963 $ (31,827 ) $ 1,987,282 $ (40,825 ) 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, 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 $ 1,563,846 $ (37,122 ) $ 390,122 $ (22,713 ) $ 1,953,968 $ (59,835 ) |
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 : 2017 2016 Amortized Estimated Amortized Estimated (in thousands) Single-issuer trust preferred securities $ 31,335 $ 30,703 $ 43,746 $ 39,829 Subordinated debt 49,013 49,533 46,231 46,723 Senior notes 12,031 12,392 18,037 18,433 Pooled trust preferred securities — 707 — 422 Corporate debt securities issued by financial institutions 92,379 93,335 108,014 105,407 Other corporate debt securities 3,974 3,974 4,002 4,002 Available for sale corporate debt securities $ 96,353 $ 97,309 $ 112,016 $ 109,409 |
Loans and Allowance for Credi31
Loans and Allowance for Credit Losses (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Receivables [Abstract] | |
Summary of Gross Loans by Type | Loans, net of unearned income are summarized as follows as of December 31 : 2017 2016 (in thousands) Real estate – commercial mortgage $ 6,364,804 $ 6,018,582 Commercial – industrial, financial and agricultural 4,300,297 4,087,486 Real estate – residential mortgage 1,954,711 1,601,994 Real estate – home equity 1,559,719 1,625,115 Real estate – construction 1,006,935 843,649 Consumer 313,783 291,470 Leasing and other 291,556 246,704 Overdrafts 4,113 3,662 Loans, gross of unearned income 15,795,918 14,718,662 Unearned income (27,671 ) (19,390 ) Loans, net of unearned income $ 15,768,247 $ 14,699,272 |
Schedule of Allowance for Credit Losses | The following table presents the components of the allowance for credit losses as of December 31 : 2017 2016 2015 (in thousands) Allowance for loan losses $ 169,910 $ 168,679 $ 169,054 Reserve for unfunded lending commitments 6,174 2,646 2,358 Allowance for credit losses $ 176,084 $ 171,325 $ 171,412 |
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 : 2017 2016 2015 (in thousands) Balance at beginning of year $ 171,325 $ 171,412 $ 185,931 Loans charged off (33,290 ) (33,927 ) (32,157 ) Recoveries of loans previously charged off 14,744 20,658 15,388 Net loans charged off (18,546 ) (13,269 ) (16,769 ) Provision for credit losses 23,305 13,182 2,250 Balance at end of year $ 176,084 $ 171,325 $ 171,412 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, 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 Loans charged off (2,169 ) (19,067 ) (2,340 ) (687 ) (3,765 ) (2,227 ) (3,035 ) — (33,290 ) Recoveries of loans previously charged off 1,668 7,771 813 786 1,582 1,156 968 — 14,744 Net loans charged off (501 ) (11,296 ) (1,527 ) 99 (2,183 ) (1,071 ) (2,067 ) — (18,546 ) Provision for loan losses (1) 12,452 23,223 (7,147 ) (6,940 ) 2,348 (458 ) 832 (4,533 ) 19,777 Balance at December 31, 2017 $ 58,793 $ 66,280 $ 18,127 $ 16,088 $ 6,620 $ 2,045 $ 1,957 $ — $ 169,910 Allowance for loan losses at December 31, 2017 Evaluated for impairment under FASB ASC Subtopic 450-20 $ 50,681 $ 54,874 $ 7,003 $ 6,193 $ 5,653 $ 2,028 $ 1,957 $ — $ 128,389 Evaluated for impairment under FASB ASC Section 310-10-35 8,112 11,406 11,124 9,895 967 17 — N/A 41,521 $ 58,793 $ 66,280 $ 18,127 $ 16,088 $ 6,620 $ 2,045 $ 1,957 $ — $ 169,910 Loans, net of unearned income at December 31, 2017 Evaluated for impairment under FASB ASC Subtopic 450-20 $ 6,316,023 $ 4,236,572 $ 1,535,026 $ 1,913,004 $ 994,738 $ 313,757 $ 267,998 N/A $ 15,577,118 Evaluated for impairment under FASB ASC Section 310-10-35 48,781 63,725 24,693 41,707 12,197 26 — N/A 191,129 $ 6,364,804 $ 4,300,297 $ 1,559,719 $ 1,954,711 $ 1,006,935 $ 313,783 $ 267,998 N/A $ 15,768,247 Allowance for loan losses at December 31, 2016 Evaluated 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 Evaluated 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 (1) For the year ended December 31, 2017 , the provision for loan losses excluded a $3.5 million increase in the reserve for unfunded lending commitments. The total provision for credit losses, comprised of allocations for both funded and unfunded loans, was $23.3 million for the year ended December 31, 2017 . 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 was $13.2 million for the year ended December 31, 2016 . N/A – Not applicable. |
Total Impaired Loans by Class Segment | The following table presents total impaired loans by class segment as of December 31 : 2017 2016 Unpaid Recorded Related Unpaid Recorded Related (in thousands) With no related allowance recorded: Real estate - commercial mortgage $ 26,728 $ 22,886 $ — $ 28,757 $ 25,447 $ — Commercial - secured 44,936 39,550 — 29,296 25,526 — Real estate - residential mortgage 4,575 4,575 — 4,689 4,689 — Construction - commercial residential 12,477 8,100 — 6,271 4,795 — 88,716 75,111 69,013 60,457 With a related allowance recorded: Real estate - commercial mortgage 33,710 25,895 8,112 37,132 29,446 10,162 Commercial - secured 28,819 23,442 11,013 27,767 22,626 13,198 Commercial - unsecured 997 733 393 1,122 823 455 Real estate - home equity 28,282 24,693 11,124 23,971 19,205 9,511 Real estate - residential mortgage 42,597 37,132 9,895 48,885 41,359 11,897 Construction - commercial residential 6,846 3,667 813 10,103 4,206 1,300 Construction - commercial 45 19 7 681 435 145 Construction - other 417 411 147 1,096 1,096 423 Consumer - indirect 11 11 7 19 19 12 Consumer - direct 15 15 10 21 21 14 141,739 116,018 41,521 150,797 119,236 47,117 Total $ 230,455 $ 191,129 $ 41,521 $ 219,810 $ 179,693 $ 47,117 As of December 31, 2017 and 2016 , there were $75.1 million and $60.5 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 : 2017 2016 2015 Average Interest Income (1) Average Interest Income (1) Average Interest Income (1) (in thousands) With no related allowance recorded: Real estate - commercial mortgage $ 22,793 $ 281 $ 24,232 $ 294 $ 25,345 $ 315 Commercial - secured 31,357 182 19,825 104 15,654 97 Commercial - unsecured — — — — 17 — Real estate - residential mortgage 4,631 107 5,598 126 5,389 124 Construction - commercial residential 7,016 12 6,285 48 11,685 148 Construction - commercial 239 — — — 915 — 66,036 582 55,940 572 59,005 684 With a related allowance recorded: Real estate - commercial mortgage 27,193 338 31,737 384 39,232 475 Commercial - secured 23,321 135 25,857 130 25,660 150 Commercial - unsecured 791 2 887 4 1,749 6 Real estate - home equity 21,704 534 17,912 285 13,887 144 Real estate - residential mortgage 39,093 903 42,191 908 46,252 1,041 Construction - commercial residential 5,051 11 5,295 41 6,455 79 Construction - commercial 152 — 524 — 931 — Construction - other 957 — 682 — 263 — Consumer - indirect 15 1 15 1 16 1 Consumer - direct 18 1 18 1 17 1 Leasing, other and overdrafts 285 — 854 — 285 — 118,580 1,925 125,972 1,754 134,747 1,897 Total $ 184,616 $ 2,507 $ 181,912 $ 2,326 $ 193,752 $ 2,581 (1) Interest income recognized for the years ended December 31, 2017 , 2016 and 2015 represents amounts earned on accruing TDRs. Impaired loans consist of loans on non-accrual status and 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 2017 2016 2017 2016 2017 2016 2017 2016 (dollars in thousands) Real estate - commercial mortgage $ 6,066,396 $ 5,763,122 $ 147,604 $ 132,484 $ 150,804 $ 122,976 $ 6,364,804 $ 6,018,582 Commercial - secured 3,831,485 3,686,152 121,842 128,873 179,113 118,527 4,132,440 3,933,552 Commercial -unsecured 159,620 145,922 5,478 4,481 2,759 3,531 167,857 153,934 Total commercial - industrial, financial and agricultural 3,991,105 3,832,074 127,320 133,354 181,872 122,058 4,300,297 4,087,486 Construction - commercial residential 143,759 113,570 5,259 15,447 14,084 13,172 163,102 142,189 Construction - commercial 761,218 635,963 846 3,412 3,752 5,115 765,816 644,490 Total real estate - construction (excluding construction - other) 904,977 749,533 6,105 18,859 17,836 18,287 928,918 786,679 Total $ 10,962,478 $ 10,344,729 $ 281,029 $ 284,697 $ 350,512 $ 263,321 $ 11,594,019 $ 10,892,747 % of Total 94.6 % 95.0 % 2.4 % 2.6 % 3.0 % 2.4 % 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 2017 2016 2017 2016 2017 2016 2017 2016 (dollars in thousands) Real estate - home equity $ 1,535,557 $ 1,602,687 $ 12,655 $ 9,274 $ 11,507 $ 13,154 $ 1,559,719 $ 1,625,115 Real estate - residential mortgage 1,914,888 1,557,995 18,852 20,344 20,971 23,655 1,954,711 1,601,994 Real estate - construction - other 77,403 55,874 203 — 411 1,096 78,017 56,970 Consumer - direct 54,828 93,572 315 1,752 70 1,563 55,213 96,887 Consumer - indirect 254,663 190,656 3,681 3,599 226 328 258,570 194,583 Total consumer 309,491 284,228 3,996 5,351 296 1,891 313,783 291,470 Leasing, other and overdrafts 267,111 229,591 855 1,068 32 317 267,998 230,976 Total $ 4,104,450 $ 3,730,375 $ 36,561 $ 36,037 $ 33,217 $ 40,113 $ 4,174,228 $ 3,806,525 % of Total 98.3 % 98.0 % 0.9 % 0.9 % 0.8 % 1.1 % 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 : 2017 2016 (in thousands) Non-accrual loans $ 124,749 $ 120,133 Loans 90 days or more past due and still accruing 10,010 11,505 Total non-performing loans 134,759 131,638 Other real estate owned 9,823 12,815 Total non-performing assets $ 144,582 $ 144,453 |
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 : 2017 30-59 60-89 ≥ 90 Days Non- Total ≥ 90 Total Past Current Total (in thousands) Real estate - commercial mortgage $ 9,456 $ 4,223 $ 625 $ 34,822 $ 35,447 $ 49,126 $ 6,315,678 $ 6,364,804 Commercial - secured 4,778 5,254 1,360 52,255 53,615 63,647 4,068,793 4,132,440 Commercial - unsecured 305 10 45 649 694 1,009 166,848 167,857 Total Commercial - industrial, financial and agricultural 5,083 5,264 1,405 52,904 54,309 64,656 4,235,641 4,300,297 Real estate - home equity 9,640 3,015 2,372 9,135 11,507 24,162 1,535,557 1,559,719 Real estate - residential mortgage 11,961 6,891 5,280 15,691 20,971 39,823 1,914,888 1,954,711 Construction - commercial 483 — — 19 19 502 765,314 765,816 Construction - commercial residential — 439 — 11,767 11,767 12,206 150,896 163,102 Construction - other 203 — — 411 411 614 77,403 78,017 Total Real estate - construction 686 439 — 12,197 12,197 13,322 993,613 1,006,935 Consumer - direct 260 55 70 — 70 385 54,828 55,213 Consumer - indirect 3,055 626 226 — 226 3,907 254,663 258,570 Total Consumer 3,315 681 296 — 296 4,292 309,491 313,783 Leasing, other and overdrafts 568 287 32 — 32 887 267,111 267,998 $ 40,709 $ 20,800 $ 10,010 $ 124,749 $ 134,759 $ 196,268 $ 15,571,979 $ 15,768,247 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 |
Troubled Debt Restructurings on Financing Receivables | The following table presents TDRs as of December 31 : 2017 2016 (in thousands) Real-estate - residential mortgage $ 26,016 $ 27,617 Real estate - home equity 15,558 8,594 Commercial 10,820 6,627 Real-estate - commercial mortgage 13,959 15,957 Consumer - direct 26 39 Construction - commercial residential — 726 Total accruing TDRs 66,379 59,560 Non-accrual TDRs (1) 29,051 27,850 Total TDRs $ 95,430 $ 87,410 (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, 2017, 2016 and 2015: 2017 2016 2015 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: Extend maturity with rate concession — $ — — $ — 2 $ 127 Extend maturity without rate concession 23 15,058 12 3,904 10 3,823 Bankruptcy 1 490 — — — — Real estate - commercial mortgage: Extend maturity with rate concession — — — — 5 2,014 Extend maturity without rate concession 9 2,899 — — 4 639 Bankruptcy 1 12 — — — — Real estate - home equity: Extend maturity with rate concession — — — — 2 36 Extend maturity without rate concession 69 5,843 89 4,484 3 203 Bankruptcy 28 1,813 47 2,671 52 2,501 Real estate – residential mortgage: Extend maturity with rate concession 2 468 — — 4 750 Extend maturity without rate concession 5 1,044 2 315 3 262 Bankruptcy 3 392 6 981 7 2,508 Construction - commercial residential: Extend maturity without rate concession 1 1,204 — — 1 1,535 Bankruptcy 1 411 — — — — Consumer: Bankruptcy — — 2 23 3 18 Total 143 $ 29,634 158 $ 12,378 96 $ 14,416 |
Schedule Of TDRs Modified Last 12 Months Which Had Payment Default In 2014 | The following table presents TDRs, by class segment, that were modified during the years ended December 31, 2017 , 2016 and 2015 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: 2017 2016 2015 Number of Loans Recorded Investment Number of Loans Recorded Investment Number of Loans Recorded Investment (dollars in thousands) Construction - commercial residential 1 $ 1,192 — $ — — $ — Construction - other 1 411 — — — — Real estate - commercial mortgage 2 549 1 118 4 359 Real estate - residential mortgage 5 577 8 1,500 4 445 Commercial 6 1,571 7 2,523 8 3,549 Real estate - home equity 25 1,575 28 1,836 13 763 Consumer — — 1 19 — — Total 40 $ 5,875 45 $ 5,996 29 $ 5,116 |
Premises and Equipment (Tables)
Premises and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |
Summary of Premises and Equipment | The following is a summary of premises and equipment as of December 31 : 2017 2016 (in thousands) Land $ 35,560 $ 36,097 Buildings and improvements 307,332 293,836 Furniture and equipment 150,876 137,282 Construction in progress 19,916 21,096 513,684 488,311 Less: Accumulated depreciation and amortization (290,882 ) (270,505 ) $ 222,802 $ 217,806 |
Mortgage Servicing Rights (Tabl
Mortgage Servicing Rights (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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: 2017 2016 (in thousands) Amortized cost: Balance at beginning of year $ 38,822 $ 40,944 Originations of mortgage servicing rights 4,968 5,485 Amortization expense (6,127 ) (7,607 ) Balance at end of year $ 37,663 $ 38,822 Valuation allowance: Balance at beginning of year $ (1,291 ) $ — Net deductions (additions) to the valuation allowance 1,291 (1,291 ) Balance at end of year $ — $ (1,291 ) Net MSRs at end of year $ 37,663 $ 37,531 |
Schedule Of Servicing Assets Expected Amortization Expense | Estimated MSR amortization expense for the next five years, based on balances as of December 31, 2017 and the estimated remaining lives of the underlying loans, follows (in thousands): Year 2018 $ 6,342 2019 5,905 2020 5,423 2021 4,893 2022 4,311 |
Deposits (Tables)
Deposits (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Deposits [Abstract] | |
Schedule Of Deposits Liabilities | Deposits consisted of the following as of December 31 : 2017 2016 (in thousands) Noninterest-bearing demand $ 4,437,294 $ 4,376,137 Interest-bearing demand 4,018,107 3,703,712 Savings and money market accounts 4,586,746 4,179,773 Total demand and savings 13,042,147 12,259,622 Brokered deposits 90,473 — Time deposits 2,664,912 2,753,242 Total Deposits $ 15,797,532 $ 15,012,864 |
Scheduled Maturities Of Time Deposits | The scheduled maturities of time deposits as of December 31, 2017 were as follows (in thousands): Year 2018 $ 1,085,369 2019 866,233 2020 436,690 2021 122,516 2022 76,962 Thereafter 77,142 $ 2,664,912 |
Short-Term Borrowings and Lon35
Short-Term Borrowings and Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Short-Term Borrowings and Long-Term Debt [Abstract] | |
Schedule of Short-term Debt | Short-term borrowings as of December 31, 2017 , 2016 and 2015 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 2017 2016 2015 2017 2016 2015 (in thousands) Federal funds purchased $ 220,000 $ 278,570 $ 197,235 $ 387,110 $ 449,184 $ 266,338 Short-term FHLB advances (1) — — 110,000 250,000 — 200,000 Customer repurchase agreements 172,017 195,734 111,496 233,274 221,989 212,509 Customer short-term promissory notes 225,507 67,013 78,932 237,298 77,887 93,176 $ 617,524 $ 541,317 $ 497,663 (1) Represents FHLB advances with an original maturity term of less than one year. |
Schedule of Repurchase Agreements | The following table presents information related to customer repurchase agreements: 2017 2016 2015 (dollars in thousands) Amount outstanding as of December 31 $ 172,017 $ 195,734 $ 111,496 Weighted average interest rate as of December 31 0.13 % 0.10 % 0.15 % Average amount outstanding during the year $ 188,974 $ 184,978 $ 161,093 Weighted average interest rate during the year 0.12 % 0.11 % 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: 2017 2016 (in thousands) FHLB advances $ 652,113 $ 567,240 Subordinated debt 250,000 350,000 Senior notes 125,000 — Junior subordinated deferrable interest debentures 16,496 16,496 Unamortized discounts and issuance costs (5,263 ) (4,333 ) $ 1,038,346 $ 929,403 |
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, 2017 (in thousands): Year 2018 $ 99,217 2019 202,275 2020 142,039 2021 199,054 2022 130,076 Thereafter 265,685 $ 1,038,346 |
Schedule of Subordinated Borrowing | The following table provides details of the debentures as of December 31, 2017 (dollars in thousands): Debentures Issued to Fixed/ Interest Amount Maturity Callable Call Price Columbia Bancorp Statutory Trust Variable 3.99 % $ 6,186 06/30/34 03/31/18 100.0 Columbia Bancorp Statutory Trust II Variable 3.48 % 4,124 03/15/35 03/31/18 100.0 Columbia Bancorp Statutory Trust III Variable 3.36 % 6,186 06/15/35 03/31/18 100.0 $ 16,496 |
Derivative Financial Instrume36
Derivative Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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 : 2017 2016 Notional Asset Notional Asset (in thousands) Interest Rate Locks with Customers Positive fair values $ 129,469 $ 1,059 $ 87,119 $ 863 Negative fair values 8,957 (59 ) 18,239 (227 ) Net interest rate locks with customers 1,000 636 Forward Commitments Positive fair values 3,856 34 70,031 2,223 Negative fair values 100,808 (213 ) 19,964 (112 ) Net forward commitments (179 ) 2,111 Interest Rate Swaps with Customers Positive fair values 1,316,548 24,505 876,744 24,397 Negative fair values 716,634 (18,978 ) 583,060 (16,998 ) Net interest rate swaps with customers 5,527 7,399 Interest Rate Swaps with Dealer Counterparties Positive fair values (1) (3) 716,634 18,941 583,060 16,998 Negative fair values (2) (3) 1,316,548 (19,764 ) 876,744 (24,397 ) Net interest rate swaps with dealer counterparties (823 ) (7,399 ) Foreign Exchange Contracts with Customers Positive fair values 4,852 276 11,674 504 Negative fair values 5,914 (119 ) 4,659 (221 ) Net foreign exchange contracts with customers 157 283 Foreign Exchange Contracts with Correspondent Banks Positive fair values 7,960 184 7,040 241 Negative fair values 6,048 (255 ) 12,869 (447 ) Net foreign exchange contracts with correspondent banks (71 ) (206 ) Net derivative fair value asset $ 5,611 $ 2,824 (1) Includes centrally cleared interest rate swaps with a notional amount of $24.4 million and a fair value of $0 as of December 31, 2017 . (2) Includes centrally cleared interest rate swaps with a notional amount of $377.1 million and a fair value of $0 as of December 31, 2017 . (3) The variation margin posted as collateral on centrally cleared interest rate swaps, which represents the fair value of such swaps, is legally characterized as settlements of the outstanding derivative contracts instead of cash collateral. Accordingly, the fair values of centrally cleared interest rate swaps were offset by variation margins totaling $4.6 million as of December 31, 2017, reducing the fair value of such swaps to $0 . There were no centrally cleared interest rate swaps as of December 31, 2016. |
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: 2017 2016 2015 Statement of Income Classification (in thousands) Interest rate locks with customers $ 364 $ (639 ) $ (110 ) Mortgage banking income Forward commitments (2,290 ) 1,930 1,345 Mortgage banking income Interest rate swaps with customers (1) (1,872 ) (25,461 ) 13,342 Other non-interest expense Interest rate swaps with counterparties (1) 6,576 25,461 (13,342 ) Other non-interest expense Foreign exchange contracts with customers (126 ) 353 (439 ) Other service charges and fees Foreign exchange contracts with correspondent banks 135 (487 ) 711 Other service charges and fees Net fair value gains on derivative financial instruments $ 2,787 $ 1,157 $ 1,507 |
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, 2017 and 2016 : Cost (1) Fair Value Balance Sheet Fair Value Gain (Loss) Statement of Income Classification (in thousands) December 31, 2017: Mortgage loans held for sale $ 31,069 $ 31,530 Loans held for sale $ 472 Mortgage banking income December 31, 2016: Mortgage loans held for sale 28,708 28,697 Loans held for sale (313 ) 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) 2017 Interest rate swap derivative assets $ 43,446 $ (16,844 ) $ — $ 26,602 Foreign exchange derivative assets with correspondent banks 184 (184 ) — — Total $ 43,630 $ (17,028 ) $ — $ 26,602 Interest rate swap derivative liabilities $ 38,742 $ (16,844 ) $ (6,588 ) $ 15,310 Foreign exchange derivative liabilities with correspondent banks 255 (184 ) — 71 Total $ 38,997 $ (17,028 ) $ (6,588 ) $ 15,381 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 (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 by the Corporation) or received from the counterparty on interest rate swap transactions and foreign exchange contracts with financial institution counterparties. Interest rate swaps with customers are collateralized by the same collateral securing 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, 2017 | |
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, 2017 , under the U.S. Basel III Capital Rules: 2017 Actual For Capital Well Capitalized Amount Ratio Amount Ratio Amount Ratio (dollars in thousands) Total Capital (to Risk-Weighted Assets): Corporation $ 2,179,147 13.0 % $ 1,338,560 8.0 % N/A N/A Fulton Bank, N.A. 1,234,536 12.3 805,125 8.0 $ 1,006,406 10.0 % Fulton Bank of New Jersey 385,858 12.4 248,640 8.0 310,801 10.0 The Columbia Bank 234,647 12.2 153,441 8.0 191,801 10.0 Lafayette Ambassador Bank 173,097 14.6 94,720 8.0 118,400 10.0 Tier I Capital (to Risk-Weighted Assets): Corporation $ 1,737,060 10.4 % $ 1,003,920 6.0 % N/A N/A Fulton Bank, N.A 1,142,230 11.3 603,843 6.0 $ 805,125 8.0 % Fulton Bank of New Jersey 346,867 11.2 186,480 6.0 248,640 8.0 The Columbia Bank 215,651 11.2 115,081 6.0 153,441 8.0 Lafayette Ambassador Bank 162,292 13.7 71,040 6.0 94,720 8.0 Common Equity Tier I Capital (to Risk-weighted Assets): Corporation $ 1,737,060 10.4 % $ 752,940 4.5 % N/A N/A Fulton Bank, N.A 1,098,230 10.9 452,883 4.5 $ 654,164 6.5 % Fulton Bank of New Jersey 346,867 11.2 139,860 4.5 202,020 6.5 The Columbia Bank 215,651 11.2 86,310 4.5 124,671 6.5 Lafayette Ambassador Bank 162,292 13.7 53,280 4.5 76,960 6.5 Tier I Capital (to Average Assets): Corporation $ 1,737,060 8.9 % $ 778,451 4.0 % N/A N/A Fulton Bank, N.A 1,142,230 10.0 458,016 4.0 $ 572,520 5.0 % Fulton Bank of New Jersey 346,867 8.8 158,027 4.0 197,534 5.0 The Columbia Bank 215,651 9.3 92,797 4.0 115,996 5.0 Lafayette Ambassador Bank 162,292 10.1 64,191 4.0 80,239 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, Common Equity Tier 1 risk-based and Tier I leverage requirements as of December 31, 2016 , under 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. |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) | The components of the provision for income taxes are as follows: 2017 2016 2015 (in thousands) Current tax expense: Federal $ 19,553 $ 33,872 $ 34,455 State 2,617 1,698 2,042 22,170 35,570 36,497 Deferred tax expense: Federal 39,885 7,968 12,752 State 646 3,086 672 40,531 11,054 13,424 Income tax expense $ 62,701 $ 46,624 $ 49,921 |
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: 2017 2016 2015 Statutory tax rate 35.0 % 35.0 % 35.0 % Tax credit investments (7.8 ) (7.0 ) (5.2 ) Tax-exempt income (6.6 ) (6.5 ) (6.0 ) State income taxes, net of federal benefit (0.5 ) 1.2 1.9 Bank owned life insurance (0.4 ) (0.6 ) (0.6 ) Re-measurement of net deferred tax asset due to the Tax Act 6.7 — — Change in valuation allowance 1.2 0.3 (0.9 ) Executive compensation 0.1 0.1 0.1 Other, net (1.0 ) (0.1 ) 0.7 Effective income tax rate 26.7 % 22.4 % 25.0 % |
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 : 2017 2016 (in thousands) Deferred tax assets: Allowance for credit losses $ 40,554 $ 62,726 State loss carryforwards 11,855 9,820 Deferred compensation 7,663 12,017 Postretirement and defined benefit plans 7,274 12,659 Other accrued expenses 6,977 9,520 Unrealized holding losses on securities available for sale 5,830 12,260 Other-than-temporary impairment of investments 2,045 5,187 Other 6,742 8,500 Total gross deferred tax assets 88,940 132,689 Deferred tax liabilities: Direct leasing 21,917 27,663 Mortgage servicing rights 8,204 13,369 Acquisition premiums/discounts 6,030 9,167 Premises and equipment 3,099 5,625 Intangible assets 1,155 1,810 Other 10,420 12,530 Total gross deferred tax liabilities 50,825 70,164 Net deferred tax asset, before valuation allowance 38,115 62,525 Valuation allowance (11,855 ) (8,950 ) Net deferred tax asset $ 26,260 $ 53,575 |
Summary of Income Tax Contingencies | The following summarizes the changes in unrecognized tax benefits for the years ended December 31 : 2017 2016 2015 (in thousands) Balance at beginning of year $ 2,438 $ 2,373 $ 1,944 Current period tax positions 523 456 492 Lapse of statute of limitations (411 ) (391 ) (63 ) Balance at end of year $ 2,550 $ 2,438 $ 2,373 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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 : 2017 2016 2015 (in thousands) 401(k) Retirement Plan $ 8,121 $ 7,418 $ 6,423 Pension Plan 4,168 4,310 4,102 $ 12,289 $ 11,728 $ 10,525 |
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 : 2017 2016 2015 (in thousands) Service cost (1) $ — $ 688 $ 579 Interest cost 3,320 3,520 3,405 Expected return on assets (1,804 ) (2,318 ) (3,009 ) Net amortization and deferral 2,652 2,420 3,127 Net periodic pension cost $ 4,168 $ 4,310 $ 4,102 (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. Beginning January 1, 2017 the administrative costs were netted with the expected return on assets. |
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 : 2017 2016 (in thousands) Projected benefit obligation at beginning of year $ 85,363 $ 84,736 Service cost (1) — 688 Interest cost 3,320 3,520 Benefit payments (3,751 ) (5,172 ) Change in assumptions 5,008 1,635 Experience gain (458 ) (44 ) Projected benefit obligation at end of year $ 89,482 $ 85,363 Fair value of plan assets at beginning of year $ 48,684 $ 46,971 Employer contributions (2) 3,816 5,169 Actual return on plan assets 5,312 1,716 Benefit payments (3,751 ) (5,172 ) Fair value of plan assets at end of year $ 54,061 $ 48,684 (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. Beginning January 1, 2017 the administrative costs were netted with the expected return on assets. (2) The Corporation funds at least the minimum amount required by federal law and regulations. The Corporation contributed $3.8 million and $5.2 million to the Pension Plan during 2017 and 2016 , respectively. |
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 : 2017 2016 (in thousands) Projected benefit obligation $ (89,482 ) $ (85,363 ) Fair value of plan assets 54,061 48,684 Funded status $ (35,421 ) $ (36,679 ) |
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 Before tax Net of tax (in thousands) Balance as of December 31, 2015 $ 30,396 $ 19,758 Recognized as a component of 2016 periodic pension cost (2,420 ) (1,573 ) Unrecognized gains arising in 2016 2,193 1,425 Balance as of December 31, 2016 30,169 19,610 Recognized as a component of 2017 periodic pension cost (2,652 ) (1,724 ) Unrecognized losses arising in 2017 1,042 678 Balance as of December 31, 2017 $ 28,559 $ 18,564 |
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 : 2017 2016 2015 Discount rate-projected benefit obligation 3.50 % 4.00 % 4.25 % Expected long-term rate of return on plan assets 5.00 % 5.00 % 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 : 2017 2016 Estimated % of Total Estimated % of Total (dollars in thousands) Equity mutual funds $ 19,219 $ 12,689 Equity common trust funds 9,612 7,936 Equity securities 28,831 53.3 % 20,625 42.4 % Cash and money market funds 5,675 7,149 Fixed income mutual funds 11,136 10,540 Corporate debt securities 2,999 3,252 U.S. Government agency securities 249 496 Fixed income securities and cash 20,059 37.1 % 21,437 44.0 % Other alternative investment funds 5,171 9.6 % 6,622 13.6 % $ 54,061 100.0 % $ 48,684 100.0 % |
Schedule of Expected Benefit Payments | Estimated future benefit payments are as follows (in thousands): Year 2018 $ 3,773 2019 3,858 2020 4,220 2021 4,424 2022 4,530 2023 – 2027 24,571 $ 45,376 |
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: 2017 2016 2015 (in thousands) Interest cost $ 68 $ 85 $ 206 Net amortization and deferral (565 ) (551 ) (258 ) Net postretirement benefit $ (497 ) $ (466 ) $ (52 ) |
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 : 2017 2016 (in thousands) Accumulated postretirement benefit obligation at beginning of year $ 1,926 $ 2,875 Interest cost 68 85 Benefit payments (216 ) (282 ) Experience gain (104 ) (732 ) Change in assumptions 26 (20 ) Accumulated postretirement benefit obligation at end of year $ 1,700 $ 1,926 Fair value of plan assets at beginning of year $ 3 $ 15 Employer contributions 213 270 Benefit payments (216 ) (282 ) Fair value of plan assets at end of year $ — $ 3 |
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 : 2017 2016 (in thousands) Accumulated postretirement benefit obligation $ (1,700 ) $ (1,926 ) Fair value of plan assets — 3 Funded status $ (1,700 ) $ (1,923 ) |
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: Before tax Unrecognized Unrecognized Total Net of tax (in thousands) 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 ) Recognized as a component of 2017 postretirement benefit cost 465 101 566 368 Unrecognized gains arising in 2017 — (77 ) (77 ) (50 ) Balance as of December 31, 2017 $ (4,404 ) $ (1,159 ) $ (5,563 ) $ (3,617 ) |
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 : 2017 2016 2015 Discount rate-projected benefit obligation 3.50 % 4.25 % 4.25 % 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 2018 $ 196 2019 184 2020 171 2021 159 2022 147 2023 – 2027 574 $ 1,431 |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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) 2017: Unrealized gain on securities $ 16,051 $ (5,619 ) $ 10,432 Reclassification adjustment for securities gains included in net income (1) (9,071 ) 3,177 (5,894 ) Non-credit related unrealized loss on other-than-temporarily impaired debt securities 285 (100 ) 185 Unrecognized pension and postretirement cost (937 ) 328 (609 ) Amortization of net unrecognized pension and postretirement income (2) 2,092 (731 ) 1,361 Total Other Comprehensive Income $ 8,420 $ (2,945 ) $ 5,475 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 (3) 25 (9 ) 16 Unrecognized pension and postretirement cost (1,432 ) 501 (931 ) Amortization of net unrecognized pension and postretirement income (2) 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 (3) 115 (40 ) 75 Unrecognized pension and postretirement income 7,200 (2,520 ) 4,680 Amortization of net unrecognized pension and postretirement income (2) 2,869 (1,005 ) 1,864 Total Other Comprehensive Loss $ (6,608 ) $ 2,313 $ (4,295 ) (1) Amounts reclassified out of accumulated other comprehensive income (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 income (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. (3) Amounts reclassified out of accumulated other comprehensive income (loss). Before-tax amounts included in "Interest Expense" on the consolidated statements of income. |
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, 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 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 ) Other comprehensive income before reclassifications 10,432 185 — (609 ) 10,008 Amounts reclassified from accumulated other comprehensive income (loss) (5,894 ) — — 1,361 (4,533 ) Balance as of December 31, 2017 $ (18,509 ) $ 458 $ — $ (14,923 ) $ (32,974 ) |
Stock-Based Compensation Plans
Stock-Based Compensation Plans (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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: 2017 2016 2015 (in thousands) Compensation expense $ 5,209 $ 6,556 $ 5,938 Tax benefit (3,994 ) (2,679 ) (2,011 ) Stock-based compensation, net of tax $ 1,215 $ 3,877 $ 3,927 |
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: 2017 2016 2015 (in thousands) Compensation expense $ 4,922 $ 6,165 $ 4,646 Tax benefit (1,559 ) (2,158 ) (1,626 ) Restricted stock compensation, net of tax $ 3,363 $ 4,007 $ 3,020 |
Schedule of Share-based Compensation, Stock Options, Activity | The following table provides information about stock option activity for the year ended December 31, 2017 : Stock Weighted Weighted Aggregate Outstanding as of December 31, 2016 1,330,183 $ 10.98 Exercised (411,292 ) 11.45 Forfeited (14,574 ) 10.64 Expired (26,115 ) 13.97 Outstanding as of December 31, 2017 878,202 $ 10.66 4.1 years $ 6.4 Exercisable as of December 31, 2017 878,202 $ 10.66 4.1 years $ 6.4 |
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, 2017 : Nonvested Stock Options Restricted Stock/RSUs/PSUs Options Weighted Shares Weighted Nonvested as of December 31, 2016 82,447 $ 3.14 1,525,715 $ 12.74 Granted — — 501,664 15.85 Vested (81,847 ) 3.14 (603,308 ) 12.51 Forfeited (600 ) 3.14 (117,134 ) 14.15 Nonvested as of December 31, 2017 — $ — 1,306,937 $ 13.91 |
Schedule Of Options Exercised | The following table presents information about stock options exercised: 2017 2016 2015 (dollars in thousands) Number of options exercised 411,292 920,924 490,151 Total intrinsic value of options exercised $ 2,955 $ 4,619 $ 1,442 Cash received from options exercised $ 4,644 $ 10,240 $ 4,936 Tax deduction realized from options exercised $ 2,825 $ 4,328 $ 1,389 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | The fair value of certain PSUs with market-based performance conditions granted 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: 2017 2016 2015 Risk-free interest rate 1.43 % 0.92 % 0.86 % Volatility of Corporation’s stock 22.45 % 20.75 % 20.08 % 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: 2017 2016 2015 ESPP shares purchased 98,000 109,665 121,890 Average purchase price per share (85% of market value) $ 15.28 $ 12.37 $ 10.86 Compensation expense recognized (in thousands) $ 261 $ 240 $ 234 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Leases [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases | Future minimum payments as of December 31, 2017 under non-cancelable operating leases with initial terms exceeding one year are as follows (in thousands): Year 2018 $ 17,417 2019 15,730 2020 14,592 2021 12,988 2022 10,763 Thereafter 45,905 $ 117,395 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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: 2017 2016 (in thousands) Commercial and other $ 3,689,700 $ 3,673,815 Home equity 1,422,284 1,368,465 Commercial mortgage and construction 1,093,045 1,033,287 Total commitments to extend credit $ 6,205,029 $ 6,075,567 Standby letters of credit $ 326,973 $ 356,359 Commercial letters of credit 41,801 38,901 Total letters of credit $ 368,774 $ 395,260 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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: 2017 Level 1 Level 2 Level 3 Total (in thousands) Mortgage loans held for sale $ — $ 31,530 $ — $ 31,530 Available for sale investment securities: Equity securities 918 — — 918 U.S. Government sponsored agency securities — 5,938 — 5,938 State and municipal securities — 408,949 — 408,949 Corporate debt securities — 93,552 3,757 97,309 Collateralized mortgage obligations — 602,623 — 602,623 Residential mortgage-backed securities — 1,120,796 — 1,120,796 Commercial mortgage-backed securities — 212,755 — 212,755 Auction rate securities — — 98,668 98,668 Total available for sale investment securities 918 2,444,613 102,425 2,547,956 Other assets 19,451 44,539 — 63,990 Total assets $ 20,369 $ 2,520,682 $ 102,425 $ 2,643,476 Other liabilities $ 19,357 $ 39,014 $ — $ 58,371 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 Residential mortgage-backed securities — 1,317,838 — 1,317,838 Commercial mortgage-backed securities — 24,563 — 24,563 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 |
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 Auction Rate Securities (in thousands) 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 Unrealized adjustments to fair value (1) 285 588 1,217 Discount accretion (2) — 12 195 Balance as of December 31, 2017 $ 707 $ 3,050 $ 98,668 (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 assets measured at fair value on a nonrecurring basis and reported on the consolidated balance sheets at December 31 : 2017 2016 (in thousands) Net loans $ 149,608 $ 132,576 OREO 9,823 12,815 MSRs 37,663 37,532 Total assets $ 197,094 $ 182,923 |
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, 2017 and 2016 . A general description of the methods and assumptions used to estimate such fair values is also provided. 2017 2016 Book Value Estimated Book Value Estimated (in thousands) FINANCIAL ASSETS Cash and due from banks (1) $ 108,291 $ 108,291 $ 118,763 $ 118,763 Interest-bearing deposits with other banks (1) 293,805 293,805 233,763 233,763 FRB and FHLB stock (2) 60,761 60,761 57,489 57,489 Loans held for sale (3) 31,530 31,530 28,697 28,697 Available for sale investment securities (2) 2,547,956 2,547,956 2,559,227 2,559,227 Net Loans (4) 15,598,337 15,380,974 14,530,593 14,387,454 Accrued interest receivable (1) 52,910 52,910 46,294 46,294 Other financial assets (1) 215,464 215,464 206,132 206,132 FINANCIAL LIABILITIES Demand and savings deposits (1) $ 13,042,147 $ 13,042,147 $ 12,259,622 $ 12,259,622 Brokered deposits (1) 90,473 90,473 — — Time deposits (5) 2,664,912 2,673,359 2,753,242 2,769,757 Short-term borrowings (1) 617,524 617,524 541,317 541,317 Accrued interest payable (1) 9,317 9,317 9,632 9,632 Other financial liabilities (3) 227,569 227,569 216,080 216,080 FHLB advances and long-term debt (5) 1,038,346 1,025,640 929,403 928,167 (1) Short-term financial instrument, defined as those with remaining maturities of 90 days or less and excluding those recorded at fair value on the consolidated balance sheets. Book value is considered to be a reasonable estimate of fair value. (2) Restricted investments, carried at cost on the consolidated balance sheets. (3) These financial instruments, or certain financial instruments within these categories, are measured at fair value on the consolidated balance sheets. Descriptions of the fair value determinations for these financial instruments are disclosed above. (4) Fair value measured using unobservable inputs (level 3). Includes impaired loans, which are measured on a nonrecurring basis. (5) Fair value measured using observable inputs (level 2). |
Condensed Financial Informati45
Condensed Financial Information - Parent Company Only (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Condensed Financial Information Parent Only | CONDENSED BALANCE SHEETS December 31, 2017 2016 (in thousands) ASSETS Cash $ 22,857 $ 8,568 Other assets 5,959 5,648 Receivable from subsidiaries 53,880 46,715 Investments in: Bank subsidiaries 2,399,053 2,265,264 Non-bank subsidiaries 426,846 417,615 Total Assets $ 2,908,595 $ 2,743,810 LIABILITIES AND EQUITY Long-term debt $ 386,101 $ 362,005 Payable to non-bank subsidiaries 206,766 183,152 Other liabilities 85,871 77,538 Total Liabilities 678,738 622,695 Shareholders’ equity 2,229,857 2,121,115 Total Liabilities and Shareholders’ Equity $ 2,908,595 $ 2,743,810 CONDENSED STATEMENTS OF INCOME 2017 2016 2015 (in thousands) Income: Dividends from subsidiaries $ 66,500 $ 115,000 $ 114,000 Other (1) 171,490 148,577 141,241 237,990 263,577 255,241 Expenses 199,981 177,835 176,457 Income before income taxes and equity in undistributed net income of subsidiaries 38,009 85,742 78,784 Income tax benefit (5,448 ) (10,543 ) (11,834 ) 43,457 96,285 90,618 Equity in undistributed net income (loss) of: Bank subsidiaries 111,226 58,477 60,806 Non-bank subsidiaries 17,070 6,863 (1,922 ) Net Income $ 171,753 $ 161,625 $ 149,502 (1) Consists primarily of management fees received from subsidiary banks. CONDENSED STATEMENTS OF CASH FLOWS 2017 2016 2015 (in thousands) Cash Flows From Operating Activities: Net Income $ 171,753 $ 161,625 $ 149,502 Adjustments to reconcile net income to net cash provided by operating activities: Amortization of issuance costs and discount of long-term debt 845 — — Stock-based compensation 4,740 6,556 5,938 Excess tax benefits from stock-based compensation — (964 ) (201 ) Increase in other assets (17,882 ) (16,585 ) 2,806 Equity in undistributed net income of subsidiaries (128,298 ) (65,340 ) (58,884 ) Loss on redemption of trust preferred securities — — 5,626 Increase (decrease) in other liabilities and payable to non-bank subsidiaries 31,241 (5,928 ) 106,490 Total adjustments (109,354 ) (82,261 ) 61,775 Net cash provided by operating activities 62,399 79,364 211,277 Cash Flows From Investing Activities — — — Cash Flows From Financing Activities: Repayments of long-term debt (100,000 ) — (254,640 ) Additions to long-term debt 123,251 — 147,779 Net proceeds from issuance of common stock 9,007 16,167 10,607 Excess tax benefits from stock-based compensation — 964 201 Dividends paid (80,368 ) (69,382 ) (65,361 ) Acquisition of treasury stock — (18,545 ) (50,000 ) Net cash used in financing activities (48,110 ) (70,796 ) (211,414 ) Net Increase (Decrease) in Cash and Cash Equivalents 14,289 8,568 (137 ) Cash and Cash Equivalents at Beginning of Year 8,568 — 137 Cash and Cash Equivalents at End of Year $ 22,857 $ 8,568 $ — |
Summary of Significant Accoun46
Summary of Significant Accounting Policies Narrative (Details) | 12 Months Ended | ||
Dec. 31, 2017USD ($)subsidiarytrusts | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
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 | 94.00% | 62.00% | |
Impaired loans balances, real estate as collateral | $ 1,000,000 | ||
Threshold of companies current loan to value ratio of original appraisals used | 70.00% | ||
Assets | $ 20,036,905,000 | $ 18,944,247,000 | |
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 | $ 62,701,000 | 46,624,000 | 49,921,000 |
FDIC insurance expense | 11,049,000 | 9,767,000 | 11,470,000 |
Share-based compensation, excess tax benefit, amount | $ 1,300,000 | ||
Stock Options | |||
Property, Plant and Equipment [Line Items] | |||
Term of award | P10Y | ||
New Market Tax Credit (NMTC) and Historic Rehabilitation (Tax Credit Investments) | |||
Variable Interest Entity [Abstract] | |||
Income taxes | $ (2,200,000) | (3,100,000) | (2,600,000) |
LIH Low Income Housing | |||
Variable Interest Entity [Abstract] | |||
Income taxes | 13,400,000 | 11,200,000 | 9,800,000 |
Income Tax Credits and Adjustments | (41,400,000) | (31,800,000) | $ (26,000,000) |
Other Assets | |||
Variable Interest Entity [Abstract] | |||
Investments in low income housing | 205,800,000 | 186,400,000 | |
Other Noncurrent Liabilities | |||
Variable Interest Entity [Abstract] | |||
Investments, in low income housing, additional commitments | $ 68,800,000 | ||
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 | ||
Fulton Bank Subsidiary | |||
Property, Plant and Equipment [Line Items] | |||
Assets | $ 10,000,000,000 |
Summary of Significant Accoun47
Summary of Significant Accounting Policies Net income (Loss) Per Common Share (Details) - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Weighted Average Number of Shares Outstanding Reconciliation [Abstract] | |||
Weighted average common shares outstanding (basic) | 174,721 | 173,325 | 175,721 |
Impact of common stock equivalents | 1,211 | 1,093 | 1,053 |
Weighted average common shares outstanding (diluted) | 175,932 | 174,418 | 176,774 |
Stock Options | |||
Weighted Average Number of Shares Outstanding Reconciliation [Abstract] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 500 | 1,700 |
Restrictions on Cash and Due 48
Restrictions on Cash and Due from Banks (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Subsidiaries | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Restricted cash reserves due from subsidiary | $ 124.4 | $ 113.3 |
Investment Securities Schedule
Investment Securities Schedule of Amortized Cost and Fair Values of Investment Securities (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Statement [Line Items] | ||
Available-for-sale securities, amortized cost basis | $ 2,575,719 | $ 2,594,255 |
Available-for-sale Securities, Gross Unrealized Gain, Accumulated Investments | 13,062 | 24,807 |
Available-for-sale Securities, Gross Unrealized Loss, Accumulated Investments | (40,825) | (59,835) |
Available-for-sale Securities | 2,547,956 | 2,559,227 |
U.S. Government sponsored agency securities | ||
Statement [Line Items] | ||
Available-for-sale securities, amortized cost basis | 5,962 | 132 |
Available-for-sale Securities, Gross Unrealized Gain, Accumulated Investments | 2 | 2 |
Available-for-sale Securities, Gross Unrealized Loss, Accumulated Investments | (26) | 0 |
Available-for-sale Securities | 5,938 | 134 |
State and municipal securities | ||
Statement [Line Items] | ||
Available-for-sale securities, amortized cost basis | 405,860 | 405,274 |
Available-for-sale Securities, Gross Unrealized Gain, Accumulated Investments | 5,638 | 2,043 |
Available-for-sale Securities, Gross Unrealized Loss, Accumulated Investments | (2,549) | (15,676) |
Available-for-sale Securities | 408,949 | 391,641 |
Corporate debt securities | ||
Statement [Line Items] | ||
Available-for-sale securities, amortized cost basis | 96,353 | 112,016 |
Available-for-sale Securities, Gross Unrealized Gain, Accumulated Investments | 2,832 | 1,978 |
Available-for-sale Securities, Gross Unrealized Loss, Accumulated Investments | (1,876) | (4,585) |
Available-for-sale Securities | 97,309 | 109,409 |
Collateralized mortgage obligations | ||
Statement [Line Items] | ||
Available-for-sale securities, amortized cost basis | 611,927 | 604,095 |
Available-for-sale Securities, Gross Unrealized Gain, Accumulated Investments | 491 | 1,943 |
Available-for-sale Securities, Gross Unrealized Loss, Accumulated Investments | (9,795) | (12,178) |
Available-for-sale Securities | 602,623 | 593,860 |
Residential mortgage-backed securities | ||
Statement [Line Items] | ||
Available-for-sale securities, amortized cost basis | 1,132,080 | 1,328,192 |
Available-for-sale Securities, Gross Unrealized Gain, Accumulated Investments | 3,957 | 6,546 |
Available-for-sale Securities, Gross Unrealized Loss, Accumulated Investments | (15,241) | (16,900) |
Available-for-sale Securities | 1,120,796 | 1,317,838 |
Residential mortgage-backed securities | ||
Statement [Line Items] | ||
Available-for-sale securities, amortized cost basis | 215,351 | 25,100 |
Available-for-sale Securities, Gross Unrealized Gain, Accumulated Investments | 0 | 0 |
Available-for-sale Securities, Gross Unrealized Loss, Accumulated Investments | (2,596) | (537) |
Available-for-sale Securities | 212,755 | 24,563 |
Auction rate securities | ||
Statement [Line Items] | ||
Available-for-sale securities, amortized cost basis | 107,410 | 107,215 |
Available-for-sale Securities, Gross Unrealized Gain, Accumulated Investments | 0 | 0 |
Available-for-sale Securities, Gross Unrealized Loss, Accumulated Investments | (8,742) | (9,959) |
Available-for-sale Securities | 98,668 | 97,256 |
Debt securities | ||
Statement [Line Items] | ||
Available-for-sale securities, amortized cost basis | 2,574,943 | 2,582,024 |
Available-for-sale Securities, Gross Unrealized Gain, Accumulated Investments | 12,920 | 12,512 |
Available-for-sale Securities, Gross Unrealized Loss, Accumulated Investments | (40,825) | (59,835) |
Available-for-sale Securities | 2,547,038 | 2,534,701 |
Equity securities | ||
Statement [Line Items] | ||
Available-for-sale securities, amortized cost basis | 776 | 12,231 |
Available-for-sale Securities, Gross Unrealized Gain, Accumulated Investments | 142 | 12,295 |
Available-for-sale Securities, Gross Unrealized Loss, Accumulated Investments | 0 | 0 |
Available-for-sale Securities | $ 918 | $ 24,526 |
Investment Securities Narrative
Investment Securities Narrative (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017USD ($)Security | Dec. 31, 2016USD ($) | |
Available-for-sale securities pledged as collateral | $ 1,800,000 | |
Available-for-sale securities, amortized cost basis | 2,575,719 | $ 2,594,255 |
Securities available for sale | 2,547,956 | 2,559,227 |
Auction rate securities | ||
Available-for-sale securities, amortized cost basis | 107,410 | 107,215 |
Securities available for sale | 98,668 | $ 97,256 |
Single-issuer trust preferred securities | ||
Unrealized gain (loss) on securities | $ (600) | |
Number of securities | Security | 18 | |
Single-issuer trust preferred securities | External Credit Rating, Rated Below Investment Grade | ||
Available-for-sale securities, amortized cost basis | $ 4,900 | |
Securities available for sale | $ 4,700 | |
Number of trust preferred securities | 4 | |
Single-issuer trust preferred securities | Not Rated by an External Agency | ||
Available-for-sale securities, amortized cost basis | $ 3,800 | |
Securities available for sale | $ 3,100 |
Investment Securities Schedul51
Investment Securities Schedule of Amortized Cost and Fair Values of Debt Securities by Contractual Maturities (Details) $ in Thousands | Dec. 31, 2017USD ($) |
Amortized Cost | |
Due in one year or less | $ 16,837 |
Due from one year to five years | 33,191 |
Due from five years to ten years | 112,181 |
Due after ten years | 453,376 |
Amortized cost, before securities without debt maturities | 615,585 |
Amortized cost basis | 2,574,943 |
Estimated Fair Value | |
Due in one year or less | 16,920 |
Due from one year to five years | 33,565 |
Due from five years to ten years | 113,164 |
Due after ten years | 447,215 |
Available for sale securities, debt maturities, before securities without single maturities | 610,864 |
Estimated Fair Value | 2,547,038 |
Residential mortgage-backed securities | |
Amortized Cost | |
Available-for-sale securities, amortized cost without single maturity date | 1,132,080 |
Estimated Fair Value | |
Available-for-sale securities, debt maturities, without single maturity date, fair value | 1,120,796 |
Collateralized mortgage obligations | |
Amortized Cost | |
Available-for-sale securities, amortized cost without single maturity date | 611,927 |
Estimated Fair Value | |
Available-for-sale securities, debt maturities, without single maturity date, fair value | 602,623 |
Residential mortgage-backed securities | |
Amortized Cost | |
Available-for-sale securities, amortized cost without single maturity date | 215,351 |
Estimated Fair Value | |
Available-for-sale securities, debt maturities, without single maturity date, fair value | $ 212,755 |
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, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Gross Realized Gains | $ 13,873 | $ 2,586 | $ 9,067 |
Gross Realized Losses | (4,802) | (36) | (1) |
Net Gains (Losses) | 9,071 | 2,550 | 9,066 |
Equity securities | |||
Gross Realized Gains | 13,558 | 2,005 | 6,496 |
Gross Realized Losses | 0 | (10) | (1) |
Net Gains (Losses) | 13,558 | 1,995 | 6,495 |
Debt securities | |||
Gross Realized Gains | 315 | 581 | 2,571 |
Gross Realized Losses | (4,802) | (26) | 0 |
Net Gains (Losses) | $ (4,487) | $ 555 | $ 2,571 |
Investment Securities Summary53
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, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Roll Forward] | |||
Balance of cumulative credit losses on debt securities, beginning of year | $ (11,510) | $ (11,510) | $ (16,242) |
Reductions for securities sold during the period | 0 | 0 | 4,730 |
Reductions for increases in cash flows expected to be collected that are recognized over the remaining life of the security | 0 | 0 | 2 |
Balance of cumulative credit losses on debt securities, end of year | $ (11,510) | $ (11,510) | $ (11,510) |
Investment Securities Gross Unr
Investment Securities Gross Unrealized Losses and Fair Values of Investments by Category and Length of Time in a Continuous Unrealized Loss Position (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
U.S. Government sponsored agency securities | ||
Estimated Fair Value, Less than 12 Months | $ 5,830 | $ 247,509 |
Unrealized Losses, Less than 12 Months | (26) | (15,676) |
Estimated Fair Value, 12 Months or Longer | 0 | 0 |
Unrealized Losses, 12 Months or Longer | 0 | 0 |
Estimated Fair Value, Total | 5,830 | 247,509 |
Unrealized Losses, Total | (26) | (15,676) |
State and municipal securities | ||
Estimated Fair Value, Less than 12 Months | 11,650 | |
Unrealized Losses, Less than 12 Months | (50) | |
Estimated Fair Value, 12 Months or Longer | 118,297 | |
Unrealized Losses, 12 Months or Longer | (2,499) | |
Estimated Fair Value, Total | 129,947 | |
Unrealized Losses, Total | (2,549) | |
Corporate debt securities | ||
Estimated Fair Value, Less than 12 Months | 4,544 | 11,922 |
Unrealized Losses, Less than 12 Months | (48) | (110) |
Estimated Fair Value, 12 Months or Longer | 32,163 | 34,629 |
Unrealized Losses, 12 Months or Longer | (1,828) | (4,475) |
Estimated Fair Value, Total | 36,707 | 46,551 |
Unrealized Losses, Total | (1,876) | (4,585) |
Collateralized mortgage obligations | ||
Estimated Fair Value, Less than 12 Months | 303,932 | 166,905 |
Unrealized Losses, Less than 12 Months | (2,408) | (3,899) |
Estimated Fair Value, 12 Months or Longer | 187,690 | 258,237 |
Unrealized Losses, 12 Months or Longer | (7,387) | (8,279) |
Estimated Fair Value, Total | 491,622 | 425,142 |
Unrealized Losses, Total | (9,795) | (12,178) |
Mortgage-backed securities | ||
Estimated Fair Value, Less than 12 Months | 1,137,510 | |
Unrealized Losses, Less than 12 Months | (17,437) | |
Estimated Fair Value, 12 Months or Longer | 0 | |
Unrealized Losses, 12 Months or Longer | 0 | |
Estimated Fair Value, Total | 1,137,510 | |
Unrealized Losses, Total | (17,437) | |
Residential mortgage-backed securities | ||
Estimated Fair Value, Less than 12 Months | 511,378 | |
Unrealized Losses, Less than 12 Months | (4,348) | |
Estimated Fair Value, 12 Months or Longer | 500,375 | |
Unrealized Losses, 12 Months or Longer | (10,893) | |
Estimated Fair Value, Total | 1,011,753 | |
Unrealized Losses, Total | (15,241) | |
Residential mortgage-backed securities | ||
Estimated Fair Value, Less than 12 Months | 190,985 | |
Unrealized Losses, Less than 12 Months | (2,118) | |
Estimated Fair Value, 12 Months or Longer | 21,770 | |
Unrealized Losses, 12 Months or Longer | (478) | |
Estimated Fair Value, Total | 212,755 | |
Unrealized Losses, Total | (2,596) | |
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 | 98,668 | 97,256 |
Unrealized Losses, 12 Months or Longer | (8,742) | (9,959) |
Estimated Fair Value, Total | 98,668 | 97,256 |
Unrealized Losses, Total | (8,742) | (9,959) |
Debt securities | ||
Estimated Fair Value, Less than 12 Months | 1,028,319 | 1,563,846 |
Unrealized Losses, Less than 12 Months | (8,998) | (37,122) |
Estimated Fair Value, 12 Months or Longer | 958,963 | 390,122 |
Unrealized Losses, 12 Months or Longer | (31,827) | (22,713) |
Estimated Fair Value, Total | 1,987,282 | 1,953,968 |
Unrealized Losses, Total | $ (40,825) | $ (59,835) |
Investment Securities Summary55
Investment Securities Summary of Amortized Cost and Fair Values of Corporate Debt Securities (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Amortized Cost | $ 2,574,943 | |
Estimated Fair Value | 2,547,038 | |
Corporate Debt Securities Issued by Financial Institutions [Member] | ||
Amortized Cost | 92,379 | $ 108,014 |
Estimated Fair Value | 93,335 | 105,407 |
Single-issuer trust preferred securities | ||
Amortized Cost | 31,335 | 43,746 |
Estimated Fair Value | 30,703 | 39,829 |
Subordinated debt | ||
Amortized Cost | 49,013 | 46,231 |
Estimated Fair Value | 49,533 | 46,723 |
Senior notes | ||
Amortized Cost | 12,031 | 18,037 |
Estimated Fair Value | 12,392 | 18,433 |
Pooled trust preferred securities | ||
Amortized Cost | 0 | 0 |
Estimated Fair Value | 707 | 422 |
Other corporate debt securities | ||
Amortized Cost | 3,974 | 4,002 |
Estimated Fair Value | 3,974 | 4,002 |
Corporate debt securities | ||
Amortized Cost | 96,353 | 112,016 |
Estimated Fair Value | $ 97,309 | $ 109,409 |
Loans and Allowance for Credi56
Loans and Allowance for Credit Losses Summary Of Gross Loans (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans before unearned income | $ 15,795,918,000 | $ 14,718,662,000 |
Unearned income | (27,671,000) | (19,390,000) |
Loans, net of unearned income | 15,768,247,000 | 14,699,272,000 |
Loans and leases receivable, related parties | 113,600,000 | 154,400,000 |
Proceeds from related party debt | 4,916,000 | |
Repayments of related party debt | 45,800,000 | |
Loans serviced by unrelated third party | 4,600,000,000 | 4,700,000,000 |
Real estate – commercial mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans before unearned income | 6,364,804,000 | 6,018,582,000 |
Loans, net of unearned income | 6,364,804,000 | 6,018,582,000 |
Commercial – industrial, financial and agricultural | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans before unearned income | 4,300,297,000 | 4,087,486,000 |
Loans, net of unearned income | 4,300,297,000 | 4,087,486,000 |
Real estate – home equity | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans before unearned income | 1,559,719,000 | 1,625,115,000 |
Loans, net of unearned income | 1,559,719,000 | 1,625,115,000 |
Real estate – residential mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans before unearned income | 1,954,711,000 | 1,601,994,000 |
Loans, net of unearned income | 1,954,711,000 | 1,601,994,000 |
Real estate – construction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans before unearned income | 1,006,935,000 | 843,649,000 |
Loans, net of unearned income | 1,006,935,000 | 843,649,000 |
Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans before unearned income | 313,783,000 | 291,470,000 |
Loans, net of unearned income | 313,783,000 | 291,470,000 |
Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans before unearned income | 291,556,000 | 246,704,000 |
Overdrafts | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans before unearned income | $ 4,113,000 | $ 3,662,000 |
Loans and Allowance for Credi57
Loans and Allowance for Credit Losses Allowance for Credit Losses (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Receivables [Abstract] | ||||
Allowance for loan losses | $ 169,910 | $ 168,679 | $ 169,054 | |
Reserve for unfunded lending commitments | 6,174 | 2,646 | 2,358 | |
Allowance for credit losses | $ 176,084 | $ 171,325 | $ 171,412 | $ 185,931 |
Loans and Allowance for Credi58
Loans and Allowance for Credit Losses Activity in the Allowance for Credit Losses (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Receivables [Abstract] | |||
Balance at beginning of year | $ 171,325 | $ 171,412 | $ 185,931 |
Loans charged off | (33,290) | (33,927) | (32,157) |
Recoveries of loans previously charged off | 14,744 | 20,658 | 15,388 |
Net loans charged off | (18,546) | (13,269) | (16,769) |
Provision for credit losses | 23,305 | 13,182 | 2,250 |
Balance at end of year | $ 176,084 | $ 171,325 | $ 171,412 |
Loans and Allowance for Credi59
Loans and Allowance for Credit Losses Allowance for Loan Losses by Portfolio Segment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans and Leases Receivable, Allowance, Beginning Balance | $ 168,679 | $ 169,054 | |
Loans charged off | (33,290) | (33,927) | $ (32,157) |
Recoveries of loans previously charged off | 14,744 | 20,658 | 15,388 |
Loans Charged Off, Net Of Recoveries | (18,546) | (13,269) | (16,769) |
Provision for loan losses | 19,777 | 12,894 | |
Financing receivable, allowance for credit losses, collectively evaluated for impairment | 128,389 | 121,562 | |
Financing receivable, allowance for credit losses, individually evaluated for impairment | 41,521 | 47,117 | |
Loans and Leases Receivable, Allowance, Ending Balance | 169,910 | 168,679 | 169,054 |
Measured for impairment under FASB ASC Subtopic 450-20 | 15,577,118 | 14,519,579 | |
Evaluated for impairment under FASB ASC Section 310-10-35 | 191,129 | 179,693 | |
Loans, net of unearned income | 15,768,247 | 14,699,272 | |
Change in provision allocated to commitments to lend to borrowers | 3,528 | 290 | |
Provision for credit losses | 23,305 | 13,182 | 2,250 |
Real estate – commercial mortgage | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans and Leases Receivable, Allowance, Beginning Balance | 46,842 | 47,866 | |
Loans charged off | (2,169) | (3,580) | |
Recoveries of loans previously charged off | 1,668 | 3,373 | |
Loans Charged Off, Net Of Recoveries | (501) | (207) | |
Provision for loan losses | 12,452 | (817) | |
Financing receivable, allowance for credit losses, collectively evaluated for impairment | 50,681 | 36,680 | |
Financing receivable, allowance for credit losses, individually evaluated for impairment | 8,112 | 10,162 | |
Loans and Leases Receivable, Allowance, Ending Balance | 58,793 | 46,842 | 47,866 |
Measured for impairment under FASB ASC Subtopic 450-20 | 6,316,023 | 5,963,689 | |
Evaluated for impairment under FASB ASC Section 310-10-35 | 48,781 | 54,893 | |
Loans, net of unearned income | 6,364,804 | 6,018,582 | |
Commercial – industrial, financial and agricultural | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans and Leases Receivable, Allowance, Beginning Balance | 54,353 | 57,098 | |
Loans charged off | (19,067) | (15,276) | |
Recoveries of loans previously charged off | 7,771 | 8,981 | |
Loans Charged Off, Net Of Recoveries | (11,296) | (6,295) | |
Provision for loan losses | 23,223 | 3,550 | |
Financing receivable, allowance for credit losses, collectively evaluated for impairment | 54,874 | 40,700 | |
Financing receivable, allowance for credit losses, individually evaluated for impairment | 11,406 | 13,653 | |
Loans and Leases Receivable, Allowance, Ending Balance | 66,280 | 54,353 | 57,098 |
Measured for impairment under FASB ASC Subtopic 450-20 | 4,236,572 | 4,038,511 | |
Evaluated for impairment under FASB ASC Section 310-10-35 | 63,725 | 48,975 | |
Loans, net of unearned income | 4,300,297 | 4,087,486 | |
Real estate – home equity | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans and Leases Receivable, Allowance, Beginning Balance | 26,801 | 22,405 | |
Loans charged off | (2,340) | (4,912) | |
Recoveries of loans previously charged off | 813 | 1,171 | |
Loans Charged Off, Net Of Recoveries | (1,527) | (3,741) | |
Provision for loan losses | (7,147) | 8,137 | |
Financing receivable, allowance for credit losses, collectively evaluated for impairment | 7,003 | 17,290 | |
Financing receivable, allowance for credit losses, individually evaluated for impairment | 11,124 | 9,511 | |
Loans and Leases Receivable, Allowance, Ending Balance | 18,127 | 26,801 | 22,405 |
Measured for impairment under FASB ASC Subtopic 450-20 | 1,535,026 | 1,605,910 | |
Evaluated for impairment under FASB ASC Section 310-10-35 | 24,693 | 19,205 | |
Loans, net of unearned income | 1,559,719 | 1,625,115 | |
Real estate – residential mortgage | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans and Leases Receivable, Allowance, Beginning Balance | 22,929 | 21,375 | |
Loans charged off | (687) | (2,326) | |
Recoveries of loans previously charged off | 786 | 1,072 | |
Loans Charged Off, Net Of Recoveries | 99 | (1,254) | |
Provision for loan losses | (6,940) | 2,808 | |
Financing receivable, allowance for credit losses, collectively evaluated for impairment | 6,193 | 11,032 | |
Financing receivable, allowance for credit losses, individually evaluated for impairment | 9,895 | 11,897 | |
Loans and Leases Receivable, Allowance, Ending Balance | 16,088 | 22,929 | 21,375 |
Measured for impairment under FASB ASC Subtopic 450-20 | 1,913,004 | 1,555,946 | |
Evaluated for impairment under FASB ASC Section 310-10-35 | 41,707 | 46,048 | |
Loans, net of unearned income | 1,954,711 | 1,601,994 | |
Real estate – construction | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans and Leases Receivable, Allowance, Beginning Balance | 6,455 | 6,529 | |
Loans charged off | (3,765) | (1,218) | |
Recoveries of loans previously charged off | 1,582 | 3,924 | |
Loans Charged Off, Net Of Recoveries | (2,183) | 2,706 | |
Provision for loan losses | 2,348 | (2,780) | |
Financing receivable, allowance for credit losses, collectively evaluated for impairment | 5,653 | 4,587 | |
Financing receivable, allowance for credit losses, individually evaluated for impairment | 967 | 1,868 | |
Loans and Leases Receivable, Allowance, Ending Balance | 6,620 | 6,455 | 6,529 |
Measured for impairment under FASB ASC Subtopic 450-20 | 994,738 | 833,117 | |
Evaluated for impairment under FASB ASC Section 310-10-35 | 12,197 | 10,532 | |
Loans, net of unearned income | 1,006,935 | 843,649 | |
Consumer | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans and Leases Receivable, Allowance, Beginning Balance | 3,574 | 2,585 | |
Loans charged off | (2,227) | (2,800) | |
Recoveries of loans previously charged off | 1,156 | 1,295 | |
Loans Charged Off, Net Of Recoveries | (1,071) | (1,505) | |
Provision for loan losses | (458) | 2,494 | |
Financing receivable, allowance for credit losses, collectively evaluated for impairment | 2,028 | 3,548 | |
Financing receivable, allowance for credit losses, individually evaluated for impairment | 17 | 26 | |
Loans and Leases Receivable, Allowance, Ending Balance | 2,045 | 3,574 | 2,585 |
Measured for impairment under FASB ASC Subtopic 450-20 | 313,757 | 291,430 | |
Evaluated for impairment under FASB ASC Section 310-10-35 | 26 | 40 | |
Loans, net of unearned income | 313,783 | 291,470 | |
Leasing and other and overdrafts | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans and Leases Receivable, Allowance, Beginning Balance | 3,192 | 2,468 | |
Loans charged off | (3,035) | (3,815) | |
Recoveries of loans previously charged off | 968 | 842 | |
Loans Charged Off, Net Of Recoveries | (2,067) | (2,973) | |
Provision for loan losses | 832 | 3,697 | |
Financing receivable, allowance for credit losses, collectively evaluated for impairment | 1,957 | 3,192 | |
Financing receivable, allowance for credit losses, individually evaluated for impairment | 0 | 0 | |
Loans and Leases Receivable, Allowance, Ending Balance | 1,957 | 3,192 | 2,468 |
Measured for impairment under FASB ASC Subtopic 450-20 | 267,998 | 230,976 | |
Evaluated for impairment under FASB ASC Section 310-10-35 | 0 | 0 | |
Loans, net of unearned income | 267,998 | 230,976 | |
Unallocated | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans and Leases Receivable, Allowance, Beginning Balance | 4,533 | 8,728 | |
Loans charged off | 0 | 0 | |
Recoveries of loans previously charged off | 0 | ||
Loans Charged Off, Net Of Recoveries | 0 | 0 | |
Provision for loan losses | (4,533) | (4,195) | |
Financing receivable, allowance for credit losses, collectively evaluated for impairment | 0 | 4,533 | |
Loans and Leases Receivable, Allowance, Ending Balance | $ 0 | $ 4,533 | $ 8,728 |
Loans and Allowance for Credi60
Loans and Allowance for Credit Losses Total Impaired Loans by Class Segments (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Impaired Financing Receivables [Line Items] | |||
No Related Allowance, Unpaid Principal Balance | $ 88,716 | $ 69,013 | |
No Related Allowance, Recorded Investment | 75,111 | 60,457 | |
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 141,739 | 150,797 | |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 116,018 | 119,236 | |
Unpaid Principal Balance | 230,455 | 219,810 | |
Recorded Investment | 191,129 | 179,693 | |
Related Allowance | 41,521 | 47,117 | |
No Related Allowance, Average Recorded Investment | 66,036 | 55,940 | $ 59,005 |
No Related Allowance, Interest Income Recognized | 582 | 572 | 684 |
Related Allowance, Average Recorded Investment | 118,580 | 125,972 | 134,747 |
Related Allowance, Interest Income, Accrual Method | 1,925 | 1,754 | 1,897 |
Impaired Financing Receivable, Average Recorded Investment | 184,616 | 181,912 | 193,752 |
Interest income on impaired loans | 2,507 | 2,326 | 2,581 |
Leasing and other and overdrafts | |||
Impaired Financing Receivables [Line Items] | |||
Related Allowance, Average Recorded Investment | 285 | 854 | 285 |
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 | 15 | 21 | |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 15 | 21 | |
Related Allowance | 10 | 14 | |
Related Allowance, Average Recorded Investment | 18 | 18 | 17 |
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 | 11 | 19 | |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 11 | 19 | |
Related Allowance | 7 | 12 | |
Related Allowance, Average Recorded Investment | 15 | 15 | 16 |
Related Allowance, Interest Income, Accrual Method | 1 | 1 | 1 |
Construction - other | |||
Impaired Financing Receivables [Line Items] | |||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 417 | 1,096 | |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 411 | 1,096 | |
Related Allowance | 147 | 423 | |
Related Allowance, Average Recorded Investment | 957 | 682 | 263 |
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 | 45 | 681 | |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 19 | 435 | |
Related Allowance | 7 | 145 | |
No Related Allowance, Average Recorded Investment | 239 | 0 | 915 |
No Related Allowance, Interest Income Recognized | 0 | 0 | 0 |
Related Allowance, Average Recorded Investment | 152 | 524 | 931 |
Related Allowance, Interest Income, Accrual Method | 0 | 0 | 0 |
Construction - commercial residential | |||
Impaired Financing Receivables [Line Items] | |||
No Related Allowance, Unpaid Principal Balance | 12,477 | 6,271 | |
No Related Allowance, Recorded Investment | 8,100 | 4,795 | |
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 6,846 | 10,103 | |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 3,667 | 4,206 | |
Related Allowance | 813 | 1,300 | |
No Related Allowance, Average Recorded Investment | 7,016 | 6,285 | 11,685 |
No Related Allowance, Interest Income Recognized | 12 | 48 | 148 |
Related Allowance, Average Recorded Investment | 5,051 | 5,295 | 6,455 |
Related Allowance, Interest Income, Accrual Method | 11 | 41 | 79 |
Real estate – residential mortgage | |||
Impaired Financing Receivables [Line Items] | |||
No Related Allowance, Unpaid Principal Balance | 4,575 | 4,689 | |
No Related Allowance, Recorded Investment | 4,575 | 4,689 | |
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 42,597 | 48,885 | |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 37,132 | 41,359 | |
Related Allowance | 9,895 | 11,897 | |
No Related Allowance, Average Recorded Investment | 4,631 | 5,598 | 5,389 |
No Related Allowance, Interest Income Recognized | 107 | 126 | 124 |
Related Allowance, Average Recorded Investment | 39,093 | 42,191 | 46,252 |
Related Allowance, Interest Income, Accrual Method | 903 | 908 | 1,041 |
Real estate – home equity | |||
Impaired Financing Receivables [Line Items] | |||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 28,282 | 23,971 | |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 24,693 | 19,205 | |
Related Allowance | 11,124 | 9,511 | |
Related Allowance, Average Recorded Investment | 21,704 | 17,912 | 13,887 |
Related Allowance, Interest Income, Accrual Method | 534 | 285 | 144 |
Commercial - unsecured | |||
Impaired Financing Receivables [Line Items] | |||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 997 | 1,122 | |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 733 | 823 | |
Related Allowance | 393 | 455 | |
No Related Allowance, Average Recorded Investment | 0 | 0 | 17 |
No Related Allowance, Interest Income Recognized | 0 | 0 | 0 |
Related Allowance, Average Recorded Investment | 791 | 887 | 1,749 |
Related Allowance, Interest Income, Accrual Method | 2 | 4 | 6 |
Commercial - secured | |||
Impaired Financing Receivables [Line Items] | |||
No Related Allowance, Unpaid Principal Balance | 44,936 | 29,296 | |
No Related Allowance, Recorded Investment | 39,550 | 25,526 | |
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 28,819 | 27,767 | |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 23,442 | 22,626 | |
Related Allowance | 11,013 | 13,198 | |
No Related Allowance, Average Recorded Investment | 31,357 | 19,825 | 15,654 |
No Related Allowance, Interest Income Recognized | 182 | 104 | 97 |
Related Allowance, Average Recorded Investment | 23,321 | 25,857 | 25,660 |
Related Allowance, Interest Income, Accrual Method | 135 | 130 | 150 |
Real estate – commercial mortgage | |||
Impaired Financing Receivables [Line Items] | |||
No Related Allowance, Unpaid Principal Balance | 26,728 | 28,757 | |
No Related Allowance, Recorded Investment | 22,886 | 25,447 | |
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 33,710 | 37,132 | |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 25,895 | 29,446 | |
Related Allowance | 8,112 | 10,162 | |
No Related Allowance, Average Recorded Investment | 22,793 | 24,232 | 25,345 |
No Related Allowance, Interest Income Recognized | 281 | 294 | 315 |
Related Allowance, Average Recorded Investment | 27,193 | 31,737 | 39,232 |
Related Allowance, Interest Income, Accrual Method | $ 338 | $ 384 | $ 475 |
Loans and Allowance for Credi61
Loans and Allowance for Credit Losses Credit Quality Indicators (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Financing Receivable, Recorded Investment [Line Items] | ||
Carrying Amount | $ 15,795,918 | $ 14,718,662 |
Commercial – industrial, financial and agricultural | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Carrying Amount | 4,300,297 | 4,087,486 |
Real estate – commercial mortgage | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Carrying Amount | 6,364,804 | 6,018,582 |
Commercial - secured | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Carrying Amount | 4,132,440 | 3,933,552 |
Commercial - unsecured | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Carrying Amount | 167,857 | 153,934 |
Construction - commercial residential | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Carrying Amount | 163,102 | 142,189 |
Construction - commercial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Carrying Amount | 765,816 | 644,490 |
Total real estate - construction (excluding construction - other) | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Carrying Amount | 928,918 | 786,679 |
Commercial Loans, Commerical Mortgages, Constructions Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Carrying Amount | $ 11,594,019 | $ 10,892,747 |
% of Total | 100.00% | 100.00% |
Pass | Commercial – industrial, financial and agricultural | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Carrying Amount | $ 3,991,105 | $ 3,832,074 |
Pass | Real estate – commercial mortgage | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Carrying Amount | 6,066,396 | 5,763,122 |
Pass | Commercial - secured | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Carrying Amount | 3,831,485 | 3,686,152 |
Pass | Commercial - unsecured | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Carrying Amount | 159,620 | 145,922 |
Pass | Construction - commercial residential | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Carrying Amount | 143,759 | 113,570 |
Pass | Construction - commercial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Carrying Amount | 761,218 | 635,963 |
Pass | Total real estate - construction (excluding construction - other) | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Carrying Amount | 904,977 | 749,533 |
Pass | Commercial Loans, Commerical Mortgages, Constructions Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Carrying Amount | $ 10,962,478 | $ 10,344,729 |
% of Total | 94.60% | 95.00% |
Special Mention | Commercial – industrial, financial and agricultural | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Carrying Amount | $ 127,320 | $ 133,354 |
Special Mention | Real estate – commercial mortgage | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Carrying Amount | 147,604 | 132,484 |
Special Mention | Commercial - secured | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Carrying Amount | 121,842 | 128,873 |
Special Mention | Commercial - unsecured | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Carrying Amount | 5,478 | 4,481 |
Special Mention | Construction - commercial residential | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Carrying Amount | 5,259 | 15,447 |
Special Mention | Construction - commercial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Carrying Amount | 846 | 3,412 |
Special Mention | Total real estate - construction (excluding construction - other) | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Carrying Amount | 6,105 | 18,859 |
Special Mention | Commercial Loans, Commerical Mortgages, Constructions Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Carrying Amount | $ 281,029 | $ 284,697 |
% of Total | 2.40% | 2.60% |
Substandard or Lower | Commercial – industrial, financial and agricultural | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Carrying Amount | $ 181,872 | $ 122,058 |
Substandard or Lower | Real estate – commercial mortgage | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Carrying Amount | 150,804 | 122,976 |
Substandard or Lower | Commercial - secured | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Carrying Amount | 179,113 | 118,527 |
Substandard or Lower | Commercial - unsecured | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Carrying Amount | 2,759 | 3,531 |
Substandard or Lower | Construction - commercial residential | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Carrying Amount | 14,084 | 13,172 |
Substandard or Lower | Construction - commercial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Carrying Amount | 3,752 | 5,115 |
Substandard or Lower | Total real estate - construction (excluding construction - other) | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Carrying Amount | 17,836 | 18,287 |
Substandard or Lower | Commercial Loans, Commerical Mortgages, Constructions Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Carrying Amount | $ 350,512 | $ 263,321 |
% of Total | 3.00% | 2.40% |
Loans and Allowance for Credi62
Loans and Allowance for Credit Losses Summary of Delinquency and Non-Performing Status by Portfolio Segment (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Loans, net of unearned income | $ 15,768,247 | $ 14,699,272 |
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 | $ 1,559,719 | 1,625,115 |
Real estate – residential mortgage | ||
Loans, net of unearned income | 1,954,711 | 1,601,994 |
Construction - other | ||
Loans, net of unearned income | 78,017 | 56,970 |
Consumer - direct | ||
Loans, net of unearned income | 55,213 | 96,887 |
Consumer - indirect: | ||
Loans, net of unearned income | 258,570 | 194,583 |
Consumer | ||
Loans, net of unearned income | 313,783 | 291,470 |
Leasing and other and overdrafts | ||
Loans, net of unearned income | 267,998 | 230,976 |
Real Estate, Consumer, Leasing and Other Loans | ||
Loans, net of unearned income | $ 4,174,228 | $ 3,806,525 |
Ratio of nonperforming loans to all loans | 100.00% | 100.00% |
Performing | Real estate – home equity | ||
Loans, net of unearned income | $ 1,535,557 | $ 1,602,687 |
Performing | Real estate – residential mortgage | ||
Loans, net of unearned income | 1,914,888 | 1,557,995 |
Performing | Construction - other | ||
Loans, net of unearned income | 77,403 | 55,874 |
Performing | Consumer - direct | ||
Loans, net of unearned income | 54,828 | 93,572 |
Performing | Consumer - indirect: | ||
Loans, net of unearned income | 254,663 | 190,656 |
Performing | Consumer | ||
Loans, net of unearned income | 309,491 | 284,228 |
Performing | Leasing and other and overdrafts | ||
Loans, net of unearned income | 267,111 | 229,591 |
Performing | Real Estate, Consumer, Leasing and Other Loans | ||
Loans, net of unearned income | $ 4,104,450 | $ 3,730,375 |
Ratio of nonperforming loans to all loans | 98.30% | 98.00% |
Delinquent | Real estate – home equity | ||
Loans, net of unearned income | $ 12,655 | $ 9,274 |
Delinquent | Real estate – residential mortgage | ||
Loans, net of unearned income | 18,852 | 20,344 |
Delinquent | Construction - other | ||
Loans, net of unearned income | 203 | 0 |
Delinquent | Consumer - direct | ||
Loans, net of unearned income | 315 | 1,752 |
Delinquent | Consumer - indirect: | ||
Loans, net of unearned income | 3,681 | 3,599 |
Delinquent | Consumer | ||
Loans, net of unearned income | 3,996 | 5,351 |
Delinquent | Leasing and other and overdrafts | ||
Loans, net of unearned income | 855 | 1,068 |
Delinquent | Real Estate, Consumer, Leasing and Other Loans | ||
Loans, net of unearned income | $ 36,561 | $ 36,037 |
Ratio of nonperforming loans to all loans | 0.90% | 0.90% |
Nonperforming | Real estate – home equity | ||
Loans, net of unearned income | $ 11,507 | $ 13,154 |
Nonperforming | Real estate – residential mortgage | ||
Loans, net of unearned income | 20,971 | 23,655 |
Nonperforming | Construction - other | ||
Loans, net of unearned income | 411 | 1,096 |
Nonperforming | Consumer - direct | ||
Loans, net of unearned income | 70 | 1,563 |
Nonperforming | Consumer - indirect: | ||
Loans, net of unearned income | 226 | 328 |
Nonperforming | Consumer | ||
Loans, net of unearned income | 296 | 1,891 |
Nonperforming | Leasing and other and overdrafts | ||
Loans, net of unearned income | 32 | 317 |
Nonperforming | Real Estate, Consumer, Leasing and Other Loans | ||
Loans, net of unearned income | $ 33,217 | $ 40,113 |
Ratio of nonperforming loans to all loans | 0.80% | 1.10% |
Loans and Allowance for Credi63
Loans and Allowance for Credit Losses Non-Performing Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Receivables [Abstract] | ||
Non-accrual loans | $ 124,749 | $ 120,133 |
Loans 90 days or more past due and still accruing | 10,010 | 11,505 |
Total non-performing loans | 134,759 | 131,638 |
Other real estate owned | 9,823 | 12,815 |
Total non-performing assets | $ 144,582 | $ 144,453 |
Loans and Allowance for Credi64
Loans and Allowance for Credit Losses Past Due Loan Status and Non-Accrual Loans by Portfolio Segment (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
>90 Days Past Due and Accruing | $ 10,010 | $ 11,505 |
Non-accrual | 124,749 | 120,133 |
Total Past Due | 196,268 | 186,787 |
Current | 15,571,979 | 14,512,485 |
Loans, net of unearned income | 15,768,247 | 14,699,272 |
Commercial – industrial, financial and agricultural | ||
>90 Days Past Due and Accruing | 1,405 | 1,111 |
Non-accrual | 52,904 | 42,349 |
Total Past Due | 64,656 | 53,669 |
Current | 4,235,641 | 4,033,817 |
Loans, net of unearned income | 4,300,297 | 4,087,486 |
Real estate – commercial mortgage | ||
>90 Days Past Due and Accruing | 625 | 383 |
Non-accrual | 34,822 | 38,936 |
Total Past Due | 49,126 | 47,195 |
Current | 6,315,678 | 5,971,387 |
Loans, net of unearned income | 6,364,804 | 6,018,582 |
Commercial - secured | ||
>90 Days Past Due and Accruing | 1,360 | 959 |
Non-accrual | 52,255 | 41,589 |
Total Past Due | 63,647 | 51,824 |
Current | 4,068,793 | 3,881,728 |
Loans, net of unearned income | 4,132,440 | 3,933,552 |
Commercial - unsecured | ||
>90 Days Past Due and Accruing | 45 | 152 |
Non-accrual | 649 | 760 |
Total Past Due | 1,009 | 1,845 |
Current | 166,848 | 152,089 |
Loans, net of unearned income | 167,857 | 153,934 |
Real estate – home equity | ||
>90 Days Past Due and Accruing | 2,372 | 2,543 |
Non-accrual | 9,135 | 10,611 |
Total Past Due | 24,162 | 22,428 |
Current | 1,535,557 | 1,602,687 |
Loans, net of unearned income | 1,559,719 | 1,625,115 |
Real estate – residential mortgage | ||
>90 Days Past Due and Accruing | 5,280 | 5,224 |
Non-accrual | 15,691 | 18,431 |
Total Past Due | 39,823 | 43,999 |
Current | 1,914,888 | 1,557,995 |
Loans, net of unearned income | 1,954,711 | 1,601,994 |
Real estate – construction | ||
>90 Days Past Due and Accruing | 0 | 36 |
Non-accrual | 12,197 | 9,806 |
Total Past Due | 13,322 | 10,869 |
Current | 993,613 | 832,780 |
Loans, net of unearned income | 1,006,935 | 843,649 |
Construction - commercial residential | ||
>90 Days Past Due and Accruing | 0 | 36 |
Non-accrual | 11,767 | 8,275 |
Total Past Due | 12,206 | 8,595 |
Current | 150,896 | 133,594 |
Loans, net of unearned income | 163,102 | 142,189 |
Construction - commercial | ||
>90 Days Past Due and Accruing | 0 | 0 |
Non-accrual | 19 | 435 |
Total Past Due | 502 | 1,178 |
Current | 765,314 | 643,312 |
Loans, net of unearned income | 765,816 | 644,490 |
Construction - other | ||
>90 Days Past Due and Accruing | 0 | 0 |
Non-accrual | 411 | 1,096 |
Total Past Due | 614 | 1,096 |
Current | 77,403 | 55,874 |
Loans, net of unearned income | 78,017 | 56,970 |
Consumer | ||
>90 Days Past Due and Accruing | 296 | 1,891 |
Non-accrual | 0 | 0 |
Total Past Due | 4,292 | 7,242 |
Current | 309,491 | 284,228 |
Loans, net of unearned income | 313,783 | 291,470 |
Consumer - direct | ||
>90 Days Past Due and Accruing | 70 | 1,563 |
Non-accrual | 0 | 0 |
Total Past Due | 385 | 3,315 |
Current | 54,828 | 93,572 |
Loans, net of unearned income | 55,213 | 96,887 |
Consumer - indirect | ||
>90 Days Past Due and Accruing | 226 | 328 |
Non-accrual | 0 | 0 |
Total Past Due | 3,907 | 3,927 |
Current | 254,663 | 190,656 |
Loans, net of unearned income | 258,570 | 194,583 |
Leasing and other and overdrafts | ||
>90 Days Past Due and Accruing | 32 | 317 |
Non-accrual | 0 | 0 |
Total Past Due | 887 | 1,385 |
Current | 267,111 | 229,591 |
Loans, net of unearned income | 267,998 | 230,976 |
30-59 Days Past Due | ||
Total Past Due | 40,709 | 41,938 |
30-59 Days Past Due | Commercial – industrial, financial and agricultural | ||
Total Past Due | 5,083 | 7,558 |
30-59 Days Past Due | Real estate – commercial mortgage | ||
Total Past Due | 9,456 | 6,254 |
30-59 Days Past Due | Commercial - secured | ||
Total Past Due | 4,778 | 6,660 |
30-59 Days Past Due | Commercial - unsecured | ||
Total Past Due | 305 | 898 |
30-59 Days Past Due | Real estate – home equity | ||
Total Past Due | 9,640 | 6,596 |
30-59 Days Past Due | Real estate – residential mortgage | ||
Total Past Due | 11,961 | 15,600 |
30-59 Days Past Due | Real estate – construction | ||
Total Past Due | 686 | 976 |
30-59 Days Past Due | Construction - commercial residential | ||
Total Past Due | 0 | 233 |
30-59 Days Past Due | Construction - commercial | ||
Total Past Due | 483 | 743 |
30-59 Days Past Due | Construction - other | ||
Total Past Due | 203 | 0 |
30-59 Days Past Due | Consumer | ||
Total Past Due | 3,315 | 4,411 |
30-59 Days Past Due | Consumer - direct | ||
Total Past Due | 260 | 1,211 |
30-59 Days Past Due | Consumer - indirect | ||
Total Past Due | 3,055 | 3,200 |
30-59 Days Past Due | Leasing and other and overdrafts | ||
Total Past Due | 568 | 543 |
60-89 Days Past Due | ||
Total Past Due | 20,800 | 13,211 |
60-89 Days Past Due | Commercial – industrial, financial and agricultural | ||
Total Past Due | 5,264 | 2,651 |
60-89 Days Past Due | Real estate – commercial mortgage | ||
Total Past Due | 4,223 | 1,622 |
60-89 Days Past Due | Commercial - secured | ||
Total Past Due | 5,254 | 2,616 |
60-89 Days Past Due | Commercial - unsecured | ||
Total Past Due | 10 | 35 |
60-89 Days Past Due | Real estate – home equity | ||
Total Past Due | 3,015 | 2,678 |
60-89 Days Past Due | Real estate – residential mortgage | ||
Total Past Due | 6,891 | 4,744 |
60-89 Days Past Due | Real estate – construction | ||
Total Past Due | 439 | 51 |
60-89 Days Past Due | Construction - commercial residential | ||
Total Past Due | 439 | 51 |
60-89 Days Past Due | Construction - commercial | ||
Total Past Due | 0 | 0 |
60-89 Days Past Due | Construction - other | ||
Total Past Due | 0 | 0 |
60-89 Days Past Due | Consumer | ||
Total Past Due | 681 | 940 |
60-89 Days Past Due | Consumer - direct | ||
Total Past Due | 55 | 541 |
60-89 Days Past Due | Consumer - indirect | ||
Total Past Due | 626 | 399 |
60-89 Days Past Due | Leasing and other and overdrafts | ||
Total Past Due | 287 | 525 |
Total ≥ 90 Days | ||
Total Past Due | 134,759 | 131,638 |
Total ≥ 90 Days | Commercial – industrial, financial and agricultural | ||
Total Past Due | 54,309 | 43,460 |
Total ≥ 90 Days | Real estate – commercial mortgage | ||
Total Past Due | 35,447 | 39,319 |
Total ≥ 90 Days | Commercial - secured | ||
Total Past Due | 53,615 | 42,548 |
Total ≥ 90 Days | Commercial - unsecured | ||
Total Past Due | 694 | 912 |
Total ≥ 90 Days | Real estate – home equity | ||
Total Past Due | 11,507 | 13,154 |
Total ≥ 90 Days | Real estate – residential mortgage | ||
Total Past Due | 20,971 | 23,655 |
Total ≥ 90 Days | Real estate – construction | ||
Total Past Due | 12,197 | 9,842 |
Total ≥ 90 Days | Construction - commercial residential | ||
Total Past Due | 11,767 | 8,311 |
Total ≥ 90 Days | Construction - commercial | ||
Total Past Due | 19 | 435 |
Total ≥ 90 Days | Construction - other | ||
Total Past Due | 411 | 1,096 |
Total ≥ 90 Days | Consumer | ||
Total Past Due | 296 | 1,891 |
Total ≥ 90 Days | Consumer - direct | ||
Total Past Due | 70 | 1,563 |
Total ≥ 90 Days | Consumer - indirect | ||
Total Past Due | 226 | 328 |
Total ≥ 90 Days | Leasing and other and overdrafts | ||
Total Past Due | $ 32 | $ 317 |
Loans and Allowance for Credi65
Loans and Allowance for Credit Losses Troubled Debt Restructurings (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Financing Receivable, Modifications [Line Items] | ||
Total accruing TDRs | $ 66,379 | $ 59,560 |
Non-accrual TDRs | 29,051 | 27,850 |
Total TDRs | 95,430 | 87,410 |
Residential Mortgage | ||
Financing Receivable, Modifications [Line Items] | ||
Total accruing TDRs | 26,016 | 27,617 |
Commercial Real Estate [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Total accruing TDRs | 13,959 | 15,957 |
Construction - commercial residential | ||
Financing Receivable, Modifications [Line Items] | ||
Total accruing TDRs | 0 | 726 |
Commercial - secured | ||
Financing Receivable, Modifications [Line Items] | ||
Total accruing TDRs | 10,820 | 6,627 |
Real estate – home equity | ||
Financing Receivable, Modifications [Line Items] | ||
Total accruing TDRs | 15,558 | 8,594 |
Consumer - direct | ||
Financing Receivable, Modifications [Line Items] | ||
Total accruing TDRs | $ 26 | $ 39 |
Loans and Allowance for Credi66
Loans and Allowance for Credit Losses Troubled Debt Restructuring Modification (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017USD ($)loans | Dec. 31, 2016USD ($)loans | Dec. 31, 2015USD ($)loans | |
Financing Receivable, Modifications [Line Items] | |||
Number of loans modified during the year (loans) | loans | 143 | 158 | 96 |
Post-Modification Recorded Investment | $ 29,634 | $ 12,378 | $ 14,416 |
Number of Loans, modified during the year that had a post-modification default | 40 | 45 | 29 |
Recorded Investment, modified during the year that had a post-modification default | $ 5,875 | $ 5,996 | $ 5,116 |
Real estate – commercial mortgage | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans, modified during the year that had a post-modification default | 2 | 1 | 4 |
Recorded Investment, modified during the year that had a post-modification default | $ 549 | $ 118 | $ 359 |
Real estate – commercial mortgage | Extend maturity with rate concession | |||
Financing Receivable, Modifications [Line Items] | |||
Number of loans modified during the year (loans) | loans | 0 | 0 | 5 |
Post-Modification Recorded Investment | $ 0 | $ 0 | $ 2,014 |
Real estate – commercial mortgage | Extend maturity without rate concession | |||
Financing Receivable, Modifications [Line Items] | |||
Number of loans modified during the year (loans) | loans | 9 | 0 | 4 |
Post-Modification Recorded Investment | $ 2,899 | $ 0 | $ 639 |
Real estate – residential mortgage | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans, modified during the year that had a post-modification default | 5 | 8 | 4 |
Recorded Investment, modified during the year that had a post-modification default | $ 577 | $ 1,500 | $ 445 |
Real estate – residential mortgage | Extend maturity with rate concession | |||
Financing Receivable, Modifications [Line Items] | |||
Number of loans modified during the year (loans) | loans | 2 | 0 | 4 |
Post-Modification Recorded Investment | $ 468 | $ 0 | $ 750 |
Real estate – residential mortgage | Extend maturity without rate concession | |||
Financing Receivable, Modifications [Line Items] | |||
Number of loans modified during the year (loans) | loans | 5 | 2 | 3 |
Post-Modification Recorded Investment | $ 1,044 | $ 315 | $ 262 |
Real estate – residential mortgage | Bankruptcy | |||
Financing Receivable, Modifications [Line Items] | |||
Number of loans modified during the year (loans) | loans | 3 | 6 | 7 |
Post-Modification Recorded Investment | $ 392 | $ 981 | $ 2,508 |
Commercial - secured | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans, modified during the year that had a post-modification default | 6 | 7 | 8 |
Recorded Investment, modified during the year that had a post-modification default | $ 1,571 | $ 2,523 | $ 3,549 |
Commercial - secured | Extend maturity with rate concession | |||
Financing Receivable, Modifications [Line Items] | |||
Number of loans modified during the year (loans) | loans | 0 | 0 | 2 |
Post-Modification Recorded Investment | $ 0 | $ 0 | $ 127 |
Commercial - secured | Extend maturity without rate concession | |||
Financing Receivable, Modifications [Line Items] | |||
Number of loans modified during the year (loans) | loans | 23 | 12 | 10 |
Post-Modification Recorded Investment | $ 15,058 | $ 3,904 | $ 3,823 |
Commercial - secured | Bankruptcy | |||
Financing Receivable, Modifications [Line Items] | |||
Number of loans modified during the year (loans) | loans | 1 | 0 | |
Post-Modification Recorded Investment | $ 490 | $ 0 | |
Real estate – home equity | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans, modified during the year that had a post-modification default | 25 | 28 | 13 |
Recorded Investment, modified during the year that had a post-modification default | $ 1,575 | $ 1,836 | $ 763 |
Real estate – home equity | Extend maturity with rate concession | |||
Financing Receivable, Modifications [Line Items] | |||
Number of loans modified during the year (loans) | loans | 0 | 0 | 2 |
Post-Modification Recorded Investment | $ 0 | $ 0 | $ 36 |
Real estate – home equity | Extend maturity without rate concession | |||
Financing Receivable, Modifications [Line Items] | |||
Number of loans modified during the year (loans) | loans | 69 | 89 | 3 |
Post-Modification Recorded Investment | $ 5,843 | $ 4,484 | $ 203 |
Real estate – home equity | Bankruptcy | |||
Financing Receivable, Modifications [Line Items] | |||
Number of loans modified during the year (loans) | loans | 28 | 47 | 52 |
Post-Modification Recorded Investment | $ 1,813 | $ 2,671 | $ 2,501 |
Construction - commercial residential | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans, modified during the year that had a post-modification default | 1 | 0 | 0 |
Recorded Investment, modified during the year that had a post-modification default | $ 1,192 | $ 0 | $ 0 |
Construction - commercial residential | Extend maturity without rate concession | |||
Financing Receivable, Modifications [Line Items] | |||
Number of loans modified during the year (loans) | loans | 1 | 0 | 1 |
Post-Modification Recorded Investment | $ 1,204 | $ 0 | $ 1,535 |
Construction - commercial residential | Bankruptcy | |||
Financing Receivable, Modifications [Line Items] | |||
Number of loans modified during the year (loans) | loans | 1 | 0 | |
Post-Modification Recorded Investment | $ 411 | $ 0 | |
Construction - other | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans, modified during the year that had a post-modification default | 1 | 0 | 0 |
Recorded Investment, modified during the year that had a post-modification default | $ 411 | $ 0 | $ 0 |
Consumer - direct | Bankruptcy | |||
Financing Receivable, Modifications [Line Items] | |||
Number of loans modified during the year (loans) | loans | 0 | 2 | 3 |
Post-Modification Recorded Investment | $ 0 | $ 23 | $ 18 |
Consumer - indirect: | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans, modified during the year that had a post-modification default | loans | 0 | 1 | 0 |
Recorded Investment, modified during the year that had a post-modification default | $ 0 | $ 19 | $ 0 |
Loans and Allowance for Credi67
Loans and Allowance for Credit Losses Narrative (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Receivables [Abstract] | ||
Commitments to lend additional funds to borrowers | $ 8.6 | $ 3.6 |
Premises and Equipment (Details
Premises and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, gross | $ 513,684 | $ 488,311 |
Less: Accumulated depreciation and amortization | (290,882) | (270,505) |
Premises and equipment, net | 222,802 | 217,806 |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, gross | 35,560 | 36,097 |
Buildings and improvements | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, gross | 307,332 | 293,836 |
Furniture and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, gross | 150,876 | 137,282 |
Construction in progress | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, gross | $ 19,916 | $ 21,096 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Goodwill [Line Items] | |||
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 | 530,600,000 | |
Indefinite-Lived Intangible Assets (Excluding Goodwill) | $ 963,000 | ||
Goodwill impairment test fair value exceeding adjusted net book value | 75.00% |
Mortgage Servicing Rights Summa
Mortgage Servicing Rights Summary of Changes in Mortgage Servicing Rights (Details) - Mortgage - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Amortized cost: | ||
Balance at beginning of year | $ 38,822 | $ 40,944 |
Originations of mortgage servicing rights | 4,968 | 5,485 |
Amortization expense | (6,127) | (7,607) |
Balance at end of year | 37,663 | 38,822 |
Valuation allowance: | ||
Balance at beginning of year | (1,291) | 0 |
Net deductions (additions) to the valuation allowance | 1,291 | (1,291) |
Balance at end of year | 0 | (1,291) |
Net MSRs at end of year | 37,663 | $ 37,531 |
Amortization [Abstract] | ||
2,017 | 6,342 | |
2,018 | 5,905 | |
2,019 | 5,423 | |
2,020 | 4,893 | |
2,021 | $ 4,311 |
Mortgage Servicing Rights Narra
Mortgage Servicing Rights Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Servicing Assets at Amortized Value [Line Items] | ||
Estimated fair value of MSRs | $ 41,600 | $ 38,200 |
Mortgage | ||
Servicing Assets at Amortized Value [Line Items] | ||
Net additions (deductions) to the valuation allowance | (1,291) | 1,291 |
Amortization expense | $ 6,127 | $ 7,607 |
Deposits (Details)
Deposits (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Deposits [Line Items] | ||
Noninterest-bearing demand | $ 4,437,294 | $ 4,376,137 |
Interest-bearing demand | 4,018,107 | 3,703,712 |
Savings and money market accounts | 4,586,746 | 4,179,773 |
Total demand and savings | 13,042,147 | 12,259,622 |
Time deposits | 2,664,912 | 2,753,242 |
Total Deposits | 15,797,532 | 15,012,864 |
Time Deposits, $250,000 or More | 373,900 | 374,400 |
Maturities of Time Deposits [Abstract] | ||
2,018 | 1,085,369 | |
2,019 | 866,233 | |
2,020 | 436,690 | |
2,021 | 122,516 | |
2,022 | 76,962 | |
Thereafter | 77,142 | |
Total | 2,664,912 | 2,753,242 |
Interest-bearing Domestic Deposit, Brokered | 90,473 | 0 |
Certificates of Deposit | ||
Deposits [Line Items] | ||
Time Deposits, $100,000 or More | $ 1,200,000 | $ 1,200,000 |
Short-Term Borrowings and Lon73
Short-Term Borrowings and Long-Term Debt Short Term (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Short-term Debt [Line Items] | |||
Maximum borrowing capacity | $ 1,200,000 | ||
Short-term borrowings | 617,524 | $ 541,317 | $ 497,663 |
Collateralized borrowings availability at discount window | 617,400 | 1,200,000 | |
Federal funds purchased | |||
Short-term Debt [Line Items] | |||
Short-term borrowings | 220,000 | 278,570 | 197,235 |
Maximum month-end outstanding amount | 387,110 | 449,184 | 266,338 |
Short-term FHLB advances | |||
Short-term Debt [Line Items] | |||
Short-term borrowings | 0 | 0 | 110,000 |
Maximum month-end outstanding amount | 250,000 | 0 | 200,000 |
Customer repurchase agreements | |||
Short-term Debt [Line Items] | |||
Short-term borrowings | 172,017 | 195,734 | 111,496 |
Maximum month-end outstanding amount | 233,274 | 221,989 | 212,509 |
Customer short-term promissory notes | |||
Short-term Debt [Line Items] | |||
Short-term borrowings | 225,507 | 67,013 | 78,932 |
Maximum month-end outstanding amount | $ 237,298 | $ 77,887 | $ 93,176 |
Short-Term Borrowings and Lon74
Short-Term Borrowings and Long-Term Debt Repurchase Agreements (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Short-term Debt [Line Items] | |||
Amount outstanding as of December 31 | $ 617,524 | $ 541,317 | $ 497,663 |
Customer repurchase agreements | |||
Short-term Debt [Line Items] | |||
Amount outstanding as of December 31 | $ 172,017 | $ 195,734 | $ 111,496 |
Weighted average interest rate as of December 31 | 0.13% | 0.10% | 0.15% |
Average amount outstanding during the year | $ 188,974 | $ 184,978 | $ 161,093 |
Weighted average interest rate during the year | 0.12% | 0.11% | 0.10% |
Short-Term Borrowings and Lon75
Short-Term Borrowings and Long-Term Debt Long Term (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Debt Instrument [Line Items] | ||
Federal Home Loan Bank advances and long-term debt | $ (1,038,346) | $ (929,403) |
Short-term FHLB advances | ||
Debt Instrument [Line Items] | ||
Federal Home Loan Bank advances and long-term debt | $ (652,113) | (567,240) |
Weighted average interest rate | 2.30% | |
Unused borrowing capacity | $ 3,600,000 | |
Subordinated debt | ||
Debt Instrument [Line Items] | ||
Federal Home Loan Bank advances and long-term debt | (250,000) | (350,000) |
Intercompany revolving line of credit | 75,000 | |
Senior Subordinated Notes [Member] | ||
Debt Instrument [Line Items] | ||
Federal Home Loan Bank advances and long-term debt | (125,000) | 0 |
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 | $ (5,263) | $ (4,333) |
Line of Credit | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 2.00% |
Short-Term Borrowings and Lon76
Short-Term Borrowings and Long-Term Debt Maturiities (Details) $ in Thousands | Dec. 31, 2017USD ($) |
Short-Term Borrowings and Long-Term Debt [Abstract] | |
2,018 | $ 99,217 |
2,019 | 202,275 |
2,020 | 142,039 |
2,021 | 199,054 |
2,022 | 130,076 |
Thereafter | 265,685 |
Long Term Debt Maturities Total | $ 1,038,346 |
Short-Term Borrowings and Lon77
Short-Term Borrowings and Long-Term Debt Subordinated Debt (Details) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||
Jun. 30, 2015 | Sep. 30, 2016USD ($) | Dec. 31, 2017USD ($)subsidiarytrusts | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Sep. 30, 2017 | Mar. 31, 2017USD ($) | Nov. 30, 2014USD ($) | May 31, 2007USD ($) | |
Subordinated Debt [Abstract] | |||||||||
Amortization of financing costs | $ 845,000 | $ 617,000 | $ 582,000 | ||||||
Net Income | 171,753,000 | 161,625,000 | 149,502,000 | ||||||
Income taxes | $ 62,701,000 | $ 46,624,000 | $ 49,921,000 | ||||||
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 | ||||||||
Senior Notes | |||||||||
Subordinated Debt [Abstract] | |||||||||
Debt instrument, face amount | $ 125,000,000 | ||||||||
Effective interest rate | 3.95% | ||||||||
Stated interest rate | 3.60% | ||||||||
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 | 3.99% | ||||||||
Subordinated Debt | $ 6,186,000 | ||||||||
Maturity | Jun. 30, 2034 | ||||||||
Callable | Mar. 31, 2018 | ||||||||
Call Price | 1 | ||||||||
Junior subordinated deferrable interest debentures | Columbia Bancorp Statutory Trust II | |||||||||
Subordinated Debt [Abstract] | |||||||||
Interest Rate | 3.48% | ||||||||
Subordinated Debt | $ 4,124,000 | ||||||||
Maturity | Mar. 15, 2035 | ||||||||
Callable | Mar. 31, 2018 | ||||||||
Call Price | 1 | ||||||||
Junior subordinated deferrable interest debentures | Columbia Bancorp Statutory Trust III | |||||||||
Subordinated Debt [Abstract] | |||||||||
Interest Rate | 3.36% | ||||||||
Subordinated Debt | $ 6,186,000 | ||||||||
Maturity | Jun. 15, 2035 | ||||||||
Callable | Mar. 31, 2018 | ||||||||
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 | ||||||||
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 Instrume78
Derivative Financial Instruments Notional Amounts and Fair Values of Derivative Financial Instruments (Details) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Derivatives, Fair Value [Line Items] | ||
Foreign Currency Contract, Fair Value, Net | $ 5,611,000 | $ 2,824,000 |
Centrally Cleared Interest Rate Swap With Counterparty | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liability, fair value | 0 | |
Derivatives variation margin | 4,600,000 | |
Centrally Cleared Interest Rate Swap With Counterparty | Positive fair values | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Notional Amount | 24,400,000 | |
Derivative Asset, at Fair Value | 0 | |
Centrally Cleared Interest Rate Swap With Counterparty | Negative fair values | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Notional Amount | 377,100,000 | |
Derivative liability, fair value | 0 | |
Interest Rate Locks with Customers | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, at Fair Value, Net | 1,000,000 | 636,000 |
Interest Rate Locks with Customers | Positive fair values | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Notional Amount | 129,469,000 | 87,119,000 |
Derivative Assets, at Fair Value | 1,059,000 | 863,000 |
Interest Rate Locks with Customers | Negative fair values | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Notional Amount | 8,957,000 | 18,239,000 |
Derivative Liabilities, at Fair Value | (59,000) | (227,000) |
Forward Commitments | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, at Fair Value, Net | (179,000) | 2,111,000 |
Forward Commitments | Positive fair values | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Notional Amount | 3,856,000 | 70,031,000 |
Derivative Assets, at Fair Value | 34,000 | 2,223,000 |
Forward Commitments | Negative fair values | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Notional Amount | 100,808,000 | 19,964,000 |
Derivative Liabilities, at Fair Value | (213,000) | (112,000) |
Interest Rate Swaps with Customers | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, at Fair Value, Net | 5,527,000 | 7,399,000 |
Interest Rate Swaps with Customers | Positive fair values | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Notional Amount | 1,316,548,000 | 876,744,000 |
Derivative Assets, at Fair Value | 24,505,000 | 24,397,000 |
Interest Rate Swaps with Customers | Negative fair values | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Notional Amount | 716,634,000 | 583,060,000 |
Derivative Liabilities, at Fair Value | (18,978,000) | (16,998,000) |
Interest Rate Swaps with Dealer Counterparties | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, at Fair Value, Net | (823,000) | (7,399,000) |
Interest Rate Swaps with Dealer Counterparties | Positive fair values | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Notional Amount | 716,634,000 | 583,060,000 |
Derivative Assets, at Fair Value | 18,941,000 | 16,998,000 |
Interest Rate Swaps with Dealer Counterparties | Negative fair values | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Notional Amount | 1,316,548,000 | 876,744,000 |
Derivative Liabilities, at Fair Value | (19,764,000) | (24,397,000) |
Foreign Exchange Contracts with Customers | ||
Derivatives, Fair Value [Line Items] | ||
Foreign Currency Contract, Fair Value, Net | 157,000 | 283,000 |
Foreign Exchange Contracts with Customers | Positive fair values | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Notional Amount | 4,852,000 | 11,674,000 |
Foreign Currency Contract, Asset, Fair Value | 276,000 | 504,000 |
Foreign Exchange Contracts with Customers | Negative fair values | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Notional Amount | 5,914,000 | 4,659,000 |
Foreign Currency Contracts, Liability, Fair Value | (119,000) | (221,000) |
Foreign Exchange Contracts with Correspondent Banks | ||
Derivatives, Fair Value [Line Items] | ||
Foreign Currency Contract, Fair Value, Net | (71,000) | (206,000) |
Foreign Exchange Contracts with Correspondent Banks | Positive fair values | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Notional Amount | 7,960,000 | 7,040,000 |
Foreign Currency Contract, Asset, Fair Value | 184,000 | 241,000 |
Foreign Exchange Contracts with Correspondent Banks | Negative fair values | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Notional Amount | 6,048,000 | 12,869,000 |
Foreign Currency Contracts, Liability, Fair Value | $ (255,000) | $ (447,000) |
Derivative Financial Instrume79
Derivative Financial Instruments Fair Value Gains and Losses on Derivative Financial Instruments (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Other Income | |||
Derivatives, Fair Value [Line Items] | |||
Net fair value gains on derivative financial instruments | $ 2,787 | $ 1,157 | $ 1,507 |
Centrally Cleared Interest Rate Swap With Counterparty | |||
Derivatives, Fair Value [Line Items] | |||
Derivatives variation margin | 4,600 | ||
Interest rate locks with customers | Mortgage Banking Income | |||
Derivatives, Fair Value [Line Items] | |||
Gain (loss) on interest rate derivative instruments | 364 | (639) | (110) |
Forward Commitments | Mortgage Banking Income | |||
Derivatives, Fair Value [Line Items] | |||
Gain (loss) on interest rate derivative instruments | (2,290) | 1,930 | 1,345 |
Interest Rate Swaps with Customers | Other Income | |||
Derivatives, Fair Value [Line Items] | |||
Gain (loss) on interest rate derivative instruments | (1,872) | (25,461) | 13,342 |
Interest Rate Swaps with Dealer Counterparties | Other Income | |||
Derivatives, Fair Value [Line Items] | |||
Gain (loss) on interest rate derivative instruments | 6,576 | 25,461 | (13,342) |
Foreign Exchange Contracts with Correspondent Banks | Other Income | |||
Derivatives, Fair Value [Line Items] | |||
Gain (loss) on foreign currency derivatives | 135 | (487) | 711 |
Foreign exchange contracts with customers | Other Income | |||
Derivatives, Fair Value [Line Items] | |||
Gain (loss) on foreign currency derivatives | $ (126) | $ 353 | $ (439) |
Derivative Financial Instrume80
Derivative Financial Instruments Fair Value Option (Details) - Mortgage loans held for sale - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Mortgage Banking Income | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Fair Value Gain (Loss) | $ 472 | $ (313) |
Mortgage loans held for sale | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Cost | 31,069 | 28,708 |
Fair Value | $ 31,530 | $ 28,697 |
Derivative Financial Instrume81
Derivative Financial Instruments Balance Sheet Offsetting (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Offsetting Assets and Liabilities [Line Items] | ||
Gross asset | $ 43,630 | $ 41,636 |
Financial Instruments | (17,028) | (15,358) |
Cash collateral | 0 | 0 |
Net asset | 26,602 | 26,278 |
Gross liability | 38,997 | 41,842 |
Financial Instruments | (17,028) | (15,358) |
Cash Collateral | (6,588) | (4,216) |
Net liability | 15,381 | 22,268 |
Interest Rate Swap | ||
Offsetting Assets and Liabilities [Line Items] | ||
Gross asset | 43,446 | 41,395 |
Financial Instruments | (16,844) | (15,117) |
Cash collateral | 0 | 0 |
Net asset | 26,602 | 26,278 |
Gross liability | 38,742 | 41,395 |
Financial Instruments | (16,844) | (15,117) |
Cash Collateral | (6,588) | (4,010) |
Net liability | 15,310 | 22,268 |
Foreign Exchange Contract | ||
Offsetting Assets and Liabilities [Line Items] | ||
Gross asset | 184 | 241 |
Financial Instruments | (184) | (241) |
Cash collateral | 0 | 0 |
Net asset | 0 | 0 |
Gross liability | 255 | 447 |
Financial Instruments | (184) | (241) |
Cash Collateral | 0 | (206) |
Net liability | $ 71 | $ 0 |
Regulatory Matters (Details)
Regulatory Matters (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017USD ($)banks | Dec. 31, 2016USD ($) | |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Amount available for dividend distribution without affecting capital adequacy requirements | $ 283,000 | |
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 | $ 2,179,147 | $ 2,074,526 |
Capital to risk weighted assets | 13.00% | 13.20% |
Capital required for capital adequacy | $ 1,338,560 | $ 1,255,292 |
Capital required for capital adequacy to risk weighted assets | 8.00% | 8.00% |
Tier One Risk Based Capital [Abstract] | ||
Tier one risk based capital | $ 1,737,060 | $ 1,637,150 |
Tier one risk based capital to risk weighted assets | 10.40% | 10.40% |
Tier one risk based capital required for capital adequacy | $ 1,003,920 | $ 941,469 |
Tier one risk based capital required for capital adequacy to risk weighted assets | 6.00% | 6.00% |
CommonEquityTierOneCapitalAbstract [Abstract] | ||
Common equity tier 1 capital | $ 1,737,060 | $ 1,637,150 |
Common equity tier one capital ratio | 10.40% | 10.40% |
Common equity tier one capital required for capital adequacy | $ 752,940 | $ 706,102 |
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 | $ 1,737,060 | $ 1,637,150 |
Tier one leverage capital to average assets | 8.90% | 9.00% |
Tier one leverage capital required for capital adequacy | $ 778,451 | $ 727,745 |
Tier one leverage capital required for capital adequacy to average assets | 4.00% | 4.00% |
Fulton Bank, N.A. | ||
Total Capital [Abstract] | ||
Capital | $ 1,234,536 | $ 1,142,326 |
Capital to risk weighted assets | 12.30% | 12.20% |
Capital required for capital adequacy | $ 805,125 | $ 747,359 |
Capital required for capital adequacy to risk weighted assets | 8.00% | 8.00% |
Capital required to be well capitalized | $ 1,006,406 | $ 934,199 |
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 | $ 1,142,230 | $ 1,050,175 |
Tier one risk based capital to risk weighted assets | 11.30% | 11.20% |
Tier one risk based capital required for capital adequacy | $ 603,843 | $ 560,519 |
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 | $ 805,125 | $ 747,359 |
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 | $ 1,098,230 | $ 1,006,175 |
Common equity tier one capital ratio | 10.90% | 10.80% |
Common equity tier one capital required for capital adequacy | $ 452,883 | $ 420,389 |
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 | $ 654,164 | $ 607,229 |
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 | $ 1,142,230 | $ 1,050,175 |
Tier one leverage capital to average assets | 10.00% | 10.10% |
Tier one leverage capital required for capital adequacy | $ 458,016 | $ 415,981 |
Tier one leverage capital required for capital adequacy to average assets | 4.00% | 4.00% |
Tier one leverage capital required to be well capitalized | $ 572,520 | $ 519,977 |
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 | $ 385,858 | $ 385,807 |
Capital to risk weighted assets | 12.40% | 13.10% |
Capital required for capital adequacy | $ 248,640 | $ 234,782 |
Capital required for capital adequacy to risk weighted assets | 8.00% | 8.00% |
Capital required to be well capitalized | $ 310,801 | $ 293,427 |
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 | $ 346,867 | $ 348,992 |
Tier one risk based capital to risk weighted assets | 11.20% | 11.90% |
Tier one risk based capital required for capital adequacy | $ 186,480 | $ 176,086 |
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 | $ 248,640 | $ 234,782 |
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 | $ 346,867 | $ 348,992 |
Common equity tier one capital ratio | 11.20% | 11.90% |
Common equity tier one capital required for capital adequacy | $ 139,860 | $ 132,065 |
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 | $ 202,020 | $ 190,760 |
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 | $ 346,867 | $ 348,992 |
Tier one leverage capital to average assets | 8.80% | 9.40% |
Tier one leverage capital required for capital adequacy | $ 158,027 | $ 148,472 |
Tier one leverage capital required for capital adequacy to average assets | 4.00% | 4.00% |
Tier one leverage capital required to be well capitalized | $ 197,534 | $ 185,590 |
Tier one leverage capital required to be well capitalized to average assets | 5.00% | 5.00% |
The Columbia Bank | ||
Total Capital [Abstract] | ||
Capital | $ 234,647 | $ 203,890 |
Capital to risk weighted assets | 12.20% | 12.20% |
Capital required for capital adequacy | $ 153,441 | $ 133,836 |
Capital required for capital adequacy to risk weighted assets | 8.00% | 8.00% |
Capital required to be well capitalized | $ 191,801 | $ 167,294 |
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 | $ 215,651 | $ 185,983 |
Tier one risk based capital to risk weighted assets | 11.20% | 11.10% |
Tier one risk based capital required for capital adequacy | $ 115,081 | $ 100,377 |
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 | $ 153,441 | $ 133,836 |
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 | $ 215,651 | $ 185,983 |
Common equity tier one capital ratio | 11.20% | 11.10% |
Common equity tier one capital required for capital adequacy | $ 86,310 | $ 72,282 |
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 | $ 124,671 | $ 108,741 |
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 | $ 215,651 | $ 185,983 |
Tier one leverage capital to average assets | 9.30% | 8.60% |
Tier one leverage capital required for capital adequacy | $ 92,797 | $ 86,310 |
Tier one leverage capital required for capital adequacy to average assets | 4.00% | 4.00% |
Tier one leverage capital required to be well capitalized | $ 115,996 | $ 107,888 |
Tier one leverage capital required to be well capitalized to average assets | 5.00% | 5.00% |
Lafayette Ambassador Bank | ||
Total Capital [Abstract] | ||
Capital | $ 173,097 | $ 175,254 |
Capital to risk weighted assets | 14.60% | 14.60% |
Capital required for capital adequacy | $ 94,720 | $ 96,100 |
Capital required for capital adequacy to risk weighted assets | 8.00% | 8.00% |
Capital required to be well capitalized | $ 118,400 | $ 120,125 |
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 | $ 162,292 | $ 166,186 |
Tier one risk based capital to risk weighted assets | 13.70% | 13.80% |
Tier one risk based capital required for capital adequacy | $ 71,040 | $ 72,075 |
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 | $ 94,720 | $ 96,100 |
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 | $ 162,292 | $ 166,186 |
Common equity tier one capital ratio | 13.70% | 13.80% |
Common equity tier one capital required for capital adequacy | $ 53,280 | $ 54,056 |
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 | $ 76,960 | $ 78,081 |
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 | $ 162,292 | $ 166,186 |
Tier one leverage capital to average assets | 10.10% | 10.90% |
Tier one leverage capital required for capital adequacy | $ 64,191 | $ 61,129 |
Tier one leverage capital required for capital adequacy to average assets | 4.00% | 4.00% |
Tier one leverage capital required to be well capitalized | $ 80,239 | $ 76,412 |
Tier one leverage capital required to be well capitalized to average assets | 5.00% | 5.00% |
Income Taxes Narrative (Details
Income Taxes Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |||
Re-measurement of net deferred tax asset | $ 15,635 | $ 0 | $ 0 |
Income Taxes Expense (Benefit)
Income Taxes Expense (Benefit) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Current tax expense: | |||
Federal | $ 19,553 | $ 33,872 | $ 34,455 |
State | 2,617 | 1,698 | 2,042 |
Total | 22,170 | 35,570 | 36,497 |
Deferred Income Tax Expense (Benefit), Continuing Operations [Abstract] | |||
Federal | 39,885 | 7,968 | 12,752 |
State | 646 | 3,086 | 672 |
Total | 40,531 | 11,054 | 13,424 |
Income tax expense | $ 62,701 | $ 46,624 | $ 49,921 |
Income Taxes Effective Tax Rate
Income Taxes Effective Tax Rate (Details) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Effective Income Tax Rate Reconciliation, Percent [Abstract] | |||
Statutory tax rate | 35.00% | 35.00% | 35.00% |
Tax-exempt income | (6.60%) | (6.50%) | (6.00%) |
Tax credit investments | (7.80%) | (7.00%) | (5.20%) |
Change in valuation allowance | 1.20% | 0.30% | (0.90%) |
Bank owned life insurance | (0.40%) | (0.60%) | (0.60%) |
Re-measurement of net deferred tax asset due to the Tax Act | 6.70% | 0.00% | 0.00% |
State income taxes, net of federal benefit | (0.50%) | 1.20% | 1.90% |
Executive compensation | 0.10% | 0.10% | 0.10% |
Other, net | (1.00%) | (0.10%) | 0.70% |
Effective income tax rate | 26.70% | 22.40% | 25.00% |
Income Taxes Deferred Tax Asset
Income Taxes Deferred Tax Assetss And Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Deferred tax assets: | ||
Allowance for credit losses | $ 40,554 | $ 62,726 |
Postretirement and defined benefit plans | 7,274 | 12,659 |
State loss carryforwards | 11,855 | 9,820 |
Other accrued expenses | 7,663 | 12,017 |
Other-than-temporary impairment of investments | 2,045 | 5,187 |
Other accrued expenses | 6,977 | 9,520 |
Unrealized holding losses on securities available for sale | 5,830 | 12,260 |
Other | 6,742 | 8,500 |
Total gross deferred tax assets | 88,940 | 132,689 |
Deferred Tax Liabilities, Gross [Abstract] | ||
Mortgage servicing rights | 8,204 | 13,369 |
Direct leasing | 21,917 | 27,663 |
Acquisition premiums/discounts | 6,030 | 9,167 |
Premises and equipment | 3,099 | 5,625 |
Intangible assets | 1,155 | 1,810 |
Other | 10,420 | 12,530 |
Total gross deferred tax liabilities | 50,825 | 70,164 |
Net deferred tax asset, before valuation allowance | 38,115 | 62,525 |
Valuation allowance | (11,855) | (8,950) |
Net deferred tax asset | 26,260 | 53,575 |
State and local operating loss carryforwards | 369,000 | $ 391,000 |
Deferred tax assets other than temporary impairment losses investment securities | $ 2,000 |
Income Taxes Unrecognized Benef
Income Taxes Unrecognized Benefit (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Reconciliation of Unrecognized Tax Benefits [Roll Forward] | |||
Balance at beginning of year | $ 2,438 | $ 2,373 | $ 1,944 |
Current period tax positions | 523 | 456 | 492 |
Lapse of statute of limitations | (411) | (391) | (63) |
Balance at end of year | 2,550 | 2,438 | $ 2,373 |
Unrecognized tax benefits that would impact effective tax rate | 540 | ||
Interest and penalties in income tax expense related to unrecognized tax positions | 42 | 43 | |
Income tax penalties and interest accrued | $ 616 | $ 574 |
Employee Benefit Plans Benefits
Employee Benefit Plans Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Retirement plan and pension plan, total | $ 12,289 | $ 11,728 | $ 10,525 |
Amount to be amortized from accumulated other comprehensive income (loss) in next twelve months | 2,800 | ||
Other Postretirement Benefit Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension Plan | (497) | (466) | (52) |
Plan amendment | 2,500 | ||
Other Postretirement Benefit Plan | 401k Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
401(k) Retirement Plan | $ 8,121 | 7,418 | 6,423 |
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 | $ 4,168 | $ 4,310 | $ 4,102 |
Employee Benefit Plans Net Peri
Employee Benefit Plans Net Periodic Benefit Cost (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Pension Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost (1) | $ 0 | $ 688 | $ 579 |
Interest cost | 3,320 | 3,520 | 3,405 |
Expected return on assets | (1,804) | (2,318) | (3,009) |
Net amortization and deferral | 2,652 | 2,420 | 3,127 |
Net periodic benefit cost | 4,168 | 4,310 | 4,102 |
Other Postretirement Benefit Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Interest cost | 68 | 85 | 206 |
Net amortization and deferral | (565) | (551) | (258) |
Net periodic benefit cost | $ (497) | $ (466) | $ (52) |
Employee Benefit Plans Projecte
Employee Benefit Plans Projected Benefit Obligation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan assets at beginning of year | $ 48,684 | ||
Fair value of plan assets at end of year | $ 54,061 | $ 48,684 | |
Other Postretirement Benefit Plans | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Percentage of Increase threshold using citigroup average life discount rate table | 0.25% | ||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Projected benefit obligation at beginning of year | $ 1,926 | 2,875 | |
Interest cost | 68 | 85 | $ 206 |
Change in assumptions | 26 | (20) | |
Experience gain | 104 | 732 | |
Projected benefit obligation at end of year | 1,700 | 1,926 | 2,875 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan assets at beginning of year | 3 | 15 | |
Fair value of plan assets at end of year | 0 | 3 | 15 |
Employer contributions | 213 | 270 | |
Defined Benefit Plan, Benefit Obligation, Benefits Paid | 216 | 282 | |
Pension Plans | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Projected benefit obligation at beginning of year | 85,363 | 84,736 | |
Service cost (1) | 0 | 688 | 579 |
Interest cost | 3,320 | 3,520 | 3,405 |
Change in assumptions | 5,008 | 1,635 | |
Experience gain | (458) | (44) | |
Projected benefit obligation at end of year | 89,482 | 85,363 | 84,736 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan assets at beginning of year | 48,684 | 46,971 | |
Actual return on plan assets | 5,312 | 1,716 | |
Fair value of plan assets at end of year | 54,061 | 48,684 | $ 46,971 |
Employer contributions | 3,816 | 5,200 | |
Defined Benefit Plan, Benefit Obligation, Benefits Paid | $ 3,751 | $ 5,172 |
Employee Benefit Plans Funded S
Employee Benefit Plans Funded Status (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | $ 54,061 | $ 48,684 | |
Pension Plans | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Projected benefit obligation | (89,482) | (85,363) | $ (84,736) |
Fair value of plan assets | 54,061 | 48,684 | 46,971 |
Funded status | (35,421) | (36,679) | |
Other Postretirement Benefit Plans | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Projected benefit obligation | (1,700) | (1,926) | (2,875) |
Fair value of plan assets | 0 | 3 | $ 15 |
Funded status | $ (1,700) | $ (1,923) |
Employee Benefit Plans Unrecogn
Employee Benefit Plans Unrecognized loss (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning Balance | $ (38,449) | $ (22,017) | $ (17,722) |
Unrecognized gains arising in current year | (609) | (931) | 4,680 |
Ending Balance | (32,974) | (38,449) | (22,017) |
Unrecognized Pension and Postretirement Plan Income (Cost) | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning Balance | (15,675) | (15,961) | (22,505) |
Ending Balance | (14,923) | (15,675) | (15,961) |
Pension Plans | Accumulated Defined Benefit Plans Adjustment, Net Unamortized Gain (Loss) [Member] | |||
Before tax | |||
AOCI before Tax, Attributable to Parent | 30,169 | 30,396 | |
Reclass adjustment for postretirement plan gain included in net income | (2,652) | (2,420) | |
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, before Tax | 1,042 | 2,193 | |
AOCI before Tax, Attributable to Parent | 28,559 | 30,169 | 30,396 |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning Balance | 19,610 | 19,758 | |
Recognized component of periodic pension cost | (1,724) | (1,573) | |
Unrecognized gains arising in current year | 678 | 1,425 | |
Ending Balance | 18,564 | 19,610 | 19,758 |
Other Postretirement Benefit Plans | Accumulated Defined Benefit Plans Adjustment, Net Prior Service Cost [Member] | |||
Before tax | |||
AOCI before Tax, Attributable to Parent | (4,869) | (5,334) | |
Reclass adjustment for postretirement plan gain included in net income | 465 | 465 | |
Other Comprehensive Income (Loss), Defined Benefit Plan, 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 | 0 | ||
AOCI before Tax, Attributable to Parent | (4,404) | (4,869) | (5,334) |
Other Postretirement Benefit Plans | Accumulated Defined Benefit Plans Adjustment, Net Unamortized Gain (Loss) [Member] | |||
Before tax | |||
AOCI before Tax, Attributable to Parent | (1,183) | (508) | |
Reclass adjustment for postretirement plan gain included in net income | 101 | 86 | |
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, before Tax | (77) | ||
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Unamortized Gain (Loss) Arising During Period, Prior to Curtailment, before Tax | (761) | ||
AOCI before Tax, Attributable to Parent | (1,159) | (1,183) | (508) |
Other Postretirement Benefit Plans | Unrecognized Pension and Postretirement Plan Income (Cost) | |||
Before tax | |||
AOCI before Tax, Attributable to Parent | (6,052) | (5,842) | |
Reclass adjustment for postretirement plan gain included in net income | 566 | 551 | |
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, before Tax | (77) | ||
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Unamortized Gain (Loss) Arising During Period, Prior to Curtailment, before Tax | (761) | ||
AOCI before Tax, Attributable to Parent | (5,563) | (6,052) | (5,842) |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning Balance | (3,935) | (3,798) | |
Recognized component of periodic pension cost | 368 | ||
Unrecognized gains arising in current year | (50) | ||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, Prior to Curtailment, Net of Tax | 358 | ||
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Unamortized Gain (Loss) Arising During Period, Prior to Curtailment, Net of Tax | (495) | ||
Ending Balance | $ (3,617) | $ (3,935) | $ (3,798) |
Employee Benefit Plans Rates (D
Employee Benefit Plans Rates (Details) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Pension Plans | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Discount rate-projected benefit obligation | 3.50% | 4.00% | 4.25% |
Expected long-term rate of return on plan assets | 5.00% | 5.00% | 6.00% |
Other Postretirement Benefit Plans | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Discount rate-projected benefit obligation | 3.50% | 4.25% | 4.25% |
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 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | $ 54,061 | $ 48,684 | |
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 | $ 28,831 | $ 20,625 | |
Actual plan asset allocations | 53.30% | 42.40% | |
Equity Funds | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | $ 19,219 | $ 12,689 | |
Mutual Funds | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | $ 9,612 | 7,936 | |
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 | $ 20,059 | $ 21,437 | |
Actual plan asset allocations | 37.10% | 44.00% | |
Money Market Funds | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | $ 5,675 | $ 7,149 | |
Fixed Income Funds | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 11,136 | 10,540 | |
Corporate debt securities | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 2,999 | 3,252 | |
US Government Agencies Debt Securities | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | $ 249 | 496 | |
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 | $ 5,171 | $ 6,622 | |
Actual plan asset allocations | 9.60% | 13.60% | |
Other Postretirement Benefit Plans | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | $ 0 | $ 3 | $ 15 |
Employee Benefit Plans Expected
Employee Benefit Plans Expected benefits (Details) $ in Thousands | Dec. 31, 2017USD ($) |
Pension Plans | |
Defined Benefit Plan, Estimated Future Benefit Payments [Abstract] | |
2,018 | $ 3,773 |
2,019 | 3,858 |
2,020 | 4,220 |
2,021 | 4,424 |
2,022 | 4,530 |
2023-2027 | 24,571 |
Defined Benefit Plan Expected Future Benefit Payments | 45,376 |
Other Postretirement Benefit Plans | |
Defined Benefit Plan, Estimated Future Benefit Payments [Abstract] | |
2,018 | 196 |
2,019 | 184 |
2,020 | 171 |
2,021 | 159 |
2,022 | 147 |
2023-2027 | 574 |
Defined Benefit Plan Expected Future Benefit Payments | $ 1,431 |
Shareholders' Equity (Details)
Shareholders' Equity (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Before-Tax Amount | |||
Unrealized gain on securities | $ 16,051 | $ (22,907) | $ (11,872) |
Reclassification adjustment for securities gains included in net income (1) | (9,071) | (2,550) | (9,066) |
Reclassification adjustment for loss on derivative financial instruments included in net income (2) | 3,778 | ||
Non-credit related unrealized loss on other-than-temporarily impaired debt securities | 285 | (285) | 368 |
Amortization of unrealized loss on derivative financial instruments (2) | 25 | 115 | |
Unrecognized pension and postretirement cost | (937) | (1,432) | 7,200 |
Amortization of net unrecognized pension and postretirement income (2) | 2,092 | 1,869 | 2,869 |
Total Other Comprehensive Income | 8,420 | (25,280) | (6,608) |
Tax Effect | |||
Unrealized gain on securities | (5,619) | 8,016 | 4,155 |
Reclassification adjustment for securities gains included in net income (1) | 3,177 | 893 | 3,174 |
Reclassification adjustment for loss on derivative financial instruments included in net income (2) | (1,322) | ||
Non-credit related unrealized loss on other-than-temporarily impaired debt securities | (100) | 100 | (129) |
Amortization of unrealized loss on derivative financial instruments (2) | (9) | (40) | |
Unrecognized pension and postretirement cost | 328 | 501 | (2,520) |
Amortization of net unrecognized pension and postretirement income (2) | (731) | (653) | (1,005) |
Total Other Comprehensive Income | (2,945) | 8,848 | 2,313 |
Net of Tax Amount | |||
Unrealized gain on securities | 10,432 | (14,891) | (7,717) |
Reclassification adjustment for securities gains included in net income (1) | (5,894) | (1,657) | (5,892) |
Reclassification adjustment for loss on derivative financial instruments included in net income (2) | 0 | 0 | 2,456 |
Non-credit related unrealized loss on other-than-temporarily impaired debt securities | 185 | (185) | 239 |
Amortization of unrealized loss on derivative financial instruments (2) | 0 | 16 | 75 |
Unrecognized pension and postretirement cost | (609) | (931) | 4,680 |
Amortization of net unrecognized pension and postretirement income (2) | 1,361 | 1,216 | 1,864 |
Total Other Comprehensive Income | $ 5,475 | $ (16,432) | $ (4,295) |
Shareholders' Equity Changes in
Shareholders' Equity Changes in Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||
Beginning Balance | $ (38,449) | $ (22,017) | $ (17,722) |
Other comprehensive income (loss) before reclassifications | 10,008 | (16,007) | (2,798) |
Reclassification adjustment for loss on derivative financial instruments | 0 | 0 | 2,456 |
Amounts reclassified from accumulated other comprehensive income (loss) | (4,533) | (425) | (3,953) |
Ending Balance | (32,974) | (38,449) | (22,017) |
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 | (23,047) | (6,499) | 5,980 |
Other comprehensive income (loss) before reclassifications | 10,432 | (14,891) | (7,717) |
Reclassification adjustment for loss on derivative financial instruments | 0 | ||
Amounts reclassified from accumulated other comprehensive income (loss) | (5,894) | (1,657) | (4,762) |
Ending Balance | (18,509) | (23,047) | (6,499) |
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 | 273 | 458 | 1,349 |
Other comprehensive income (loss) before reclassifications | 185 | (185) | 239 |
Reclassification adjustment for loss on derivative financial instruments | 0 | ||
Amounts reclassified from accumulated other comprehensive income (loss) | 0 | 0 | (1,130) |
Ending Balance | 458 | 273 | 458 |
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 | 0 | (15) | (2,546) |
Other comprehensive income (loss) before reclassifications | 0 | 0 | 0 |
Reclassification adjustment for loss on derivative financial instruments | 2,456 | ||
Amounts reclassified from accumulated other comprehensive income (loss) | 0 | 15 | 75 |
Ending Balance | 0 | 0 | (15) |
Unrecognized Pension and Postretirement Plan Income (Cost) | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||
Beginning Balance | (15,675) | (15,961) | (22,505) |
Other comprehensive income (loss) before reclassifications | (609) | (931) | 4,680 |
Reclassification adjustment for loss on derivative financial instruments | 0 | ||
Amounts reclassified from accumulated other comprehensive income (loss) | 1,361 | 1,217 | 1,864 |
Ending Balance | $ (14,923) | $ (15,675) | $ (15,961) |
Shareholders' Equity Common Sto
Shareholders' Equity Common Stock Repurchase Plans (Details) - USD ($) $ / shares in Units, shares in Millions | 1 Months Ended | 12 Months Ended | |||
Nov. 30, 2016 | Apr. 30, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Equity, Class of Treasury Stock [Line Items] | |||||
Common stock repurchase amount | $ 18,545,000 | $ 50,000,000 | |||
Common Stock | April 2015 Stock Repurchase Program | |||||
Equity, Class of Treasury Stock [Line Items] | |||||
Treasury stock, value | $ 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) | ||||
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) | (1.5) | ||||
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, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation | $ 5,209 | $ 6,556 | $ 5,938 |
Tax benefits as a percentage of compensation expense | 76.70% | 40.90% | 33.90% |
Statutory tax rate | 35.00% | 35.00% | 35.00% |
Restricted Stock/RSUs/PSUs | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation | $ 4,922 | $ 6,165 | $ 4,646 |
Tax benefit | (1,559) | (2,158) | (1,626) |
Stock-based compensation, net of tax | 3,363 | 4,007 | 3,020 |
Stock Options And Restricted Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation | 5,209 | 6,556 | 5,938 |
Tax benefit | (3,994) | (2,679) | (2,011) |
Stock-based compensation, net of tax | $ 1,215 | $ 3,877 | $ 3,927 |
Stock-Based Compensation Pla100
Stock-Based Compensation Plans Options Activity (Details) - Stock Options - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Stock Options | |||
Outstanding as of December 31, 2016 | 1,330,183 | ||
Exercised | (411,292) | ||
Forfeited | (14,574) | ||
Expired | (26,115) | ||
Outstanding as of December 31, 2017 | 878,202 | 1,330,183 | |
Exercisable as of December 31, 2017 | 878,202 | ||
Weighted Average Exercise Price | |||
Outstanding as of December 31, 2013 (usd per share) | $ 10.98 | ||
Exercised (usd per share) | 11.45 | ||
Forfeited (usd per share) | 10.64 | ||
Expired (usd per share) | 13.97 | ||
Outstanding as of December 31, 2014 (usd per share) | 10.66 | $ 10.98 | |
Exercisable as of December 31, 2016 (usd per share) | $ 10.66 | ||
Weighted Average Remaining Contractual Term, Outstanding | 4 years 1 month 6 days | ||
Weighted Average Remaining Contractual Term, Exercisable | 4 years 1 month 6 days | ||
Additional Disclosures [Abstract] | |||
Outstanding, Aggregate Intrinsic Value | $ 6,400,000 | ||
Exercisable, Aggregate Intrinsic Value | 6,400,000 | ||
Number of options exercised | 411,292 | $ 920,924 | $ 490,151 |
Total intrinsic value of options exercised | 2,955,000 | 4,619,000 | 1,442,000 |
Cash received from options exercised | 4,644,000 | 10,240,000 | 4,936,000 |
Tax deduction realized from options exercised | $ 2,825,000 | $ 4,328,000 | $ 1,389,000 |
Stock-Based Compensation Pla101
Stock-Based Compensation Plans Nonvested (Details) | 12 Months Ended |
Dec. 31, 2017$ / sharesshares | |
Nonvested Stock Options | |
Options | |
Nonvested as of December 31, 2016 | shares | 82,447 |
Granted | shares | 0 |
Vested | shares | (81,847) |
Forfeited | shares | (600) |
Nonvested as of December 31, 2017 | shares | 0 |
Weighted Average Grant Date Fair Value | |
Nonvested as of December 31, 2013 (usd per share) | $ / shares | $ 3.14 |
Granted (usd per share) | $ / shares | 0 |
Vested (usd per share) | $ / shares | 3.14 |
Forfeited (usd per share) | $ / shares | 3.14 |
Nonvested as of December 31, 2014 (usd per share) | $ / shares | $ 0 |
Restricted Stock/RSUs/PSUs | |
Options | |
Nonvested as of December 31, 2016 | shares | 1,525,715 |
Granted | shares | 501,664 |
Vested | shares | (603,308) |
Forfeited | shares | (117,134) |
Nonvested as of December 31, 2017 | shares | 1,306,937 |
Weighted Average Grant Date Fair Value | |
Nonvested as of December 31, 2013 (usd per share) | $ / shares | $ 12.74 |
Granted (usd per share) | $ / shares | 15.85 |
Vested (usd per share) | $ / shares | 12.51 |
Forfeited (usd per share) | $ / shares | 14.15 |
Nonvested as of December 31, 2014 (usd per share) | $ / shares | $ 13.91 |
Stock-Based Compensation Pla102
Stock-Based Compensation Plans Assumptions (Details) - Restricted Stock/RSUs/PSUs | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Risk-free interest rate | 1.43% | 0.92% | 0.86% |
Volatility of Corporation’s stock | 22.45% | 20.75% | 20.08% |
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, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
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 | 98,000 | 109,665 | 121,890 |
Average purchase price per share (85% of market value) | $ 15.28 | $ 12.37 | $ 10.86 |
Compensation expense recognized (in thousands) | $ 261 | $ 240 | $ 234 |
Stock-Based Compensation Pla104
Stock-Based Compensation Plans Narrative (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Statutory tax rate | 35.00% | 35.00% | 35.00% |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | $ 7.4 | ||
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 | 11,100,000 | ||
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 | 360,000 | ||
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) | $ 17.25 | $ 11.23 | $ 10.66 |
Expected life of options | 3 years | 3 years | 3 years |
Leases (Details)
Leases (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Leases [Abstract] | |||
Rent expense | $ 18,700 | $ 18,400 | $ 18,100 |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |||
2,018 | 17,417 | ||
2,019 | 15,730 | ||
2,020 | 14,592 | ||
2,021 | 12,988 | ||
2,022 | 10,763 | ||
Thereafter | 45,905 | ||
Total | $ 117,395 |
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, 2017 | Dec. 31, 2016 |
Valuation allowances and reserves | $ 368,774 | $ 395,260 |
Commercial and other | ||
Valuation allowances and reserves | 3,689,700 | 3,673,815 |
Home equity | ||
Valuation allowances and reserves | 1,422,284 | 1,368,465 |
Commerical mortgage and construction | ||
Valuation allowances and reserves | 1,093,045 | 1,033,287 |
Total commitments to extend credit | ||
Valuation allowances and reserves | 6,205,029 | 6,075,567 |
Standby letters of credit | ||
Valuation allowances and reserves | 326,973 | 356,359 |
Commercial letters of credit | ||
Valuation allowances and reserves | $ 41,801 | $ 38,901 |
Commitments and Contingencies N
Commitments and Contingencies Narrative (Details) $ in Thousands | Mar. 31, 2016USD ($)defendantplaintiff | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) |
Loss Contingencies [Line Items] | |||
Residential mortgage principal balance repurchase request received | $ 543 | ||
Residential mortgage principal balance FHLB credit enhancement | 84,000 | ||
Residential mortgage repurchase reserves FHLB credit enhancement | 1,200 | $ 1,700 | |
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 | 368,774 | 395,260 | |
Reserve for Off-balance Sheet Activities | Residential Mortgage | |||
Loss Contingencies [Line Items] | |||
Valuation allowances and reserves | $ 2,100 | $ 2,500 | |
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, 2017 | Dec. 31, 2016 |
Securities available for sale | $ 2,547,956 | $ 2,559,227 |
Equity securities | ||
Securities available for sale | 918 | 24,526 |
U.S. Government sponsored agency securities | ||
Securities available for sale | 5,938 | 134 |
State and municipal securities | ||
Securities available for sale | 408,949 | 391,641 |
Corporate debt securities | ||
Securities available for sale | 97,309 | 109,409 |
Collateralized mortgage obligations | ||
Securities available for sale | 602,623 | 593,860 |
Residential mortgage-backed securities | ||
Securities available for sale | 1,120,796 | 1,317,838 |
Residential mortgage-backed securities | ||
Securities available for sale | 212,755 | 24,563 |
Auction rate securities | ||
Securities available for sale | 98,668 | 97,256 |
Fair Value, Measurements, Recurring | ||
Mortgage loans held for sale | 31,530 | 28,697 |
Securities available for sale | 2,547,956 | 2,559,227 |
Other financial assets | 63,990 | 61,592 |
Total assets | 2,643,476 | 2,649,516 |
Other financial liabilities | 58,371 | 58,766 |
Fair Value, Measurements, Recurring | Equity securities | ||
Securities available for sale | 918 | 24,526 |
Fair Value, Measurements, Recurring | U.S. Government sponsored agency securities | ||
Securities available for sale | 5,938 | 134 |
Fair Value, Measurements, Recurring | State and municipal securities | ||
Securities available for sale | 408,949 | 391,641 |
Fair Value, Measurements, Recurring | Corporate debt securities | ||
Securities available for sale | 97,309 | 109,409 |
Fair Value, Measurements, Recurring | Collateralized mortgage obligations | ||
Securities available for sale | 602,623 | 593,860 |
Fair Value, Measurements, Recurring | Residential mortgage-backed securities | ||
Securities available for sale | 1,120,796 | 1,317,838 |
Fair Value, Measurements, Recurring | Residential mortgage-backed securities | ||
Securities available for sale | 212,755 | 24,563 |
Fair Value, Measurements, Recurring | Auction rate securities | ||
Securities available for sale | 98,668 | 97,256 |
Fair Value, Measurements, Recurring | Level 1 | ||
Mortgage loans held for sale | 0 | 0 |
Securities available for sale | 918 | 24,526 |
Other financial assets | 19,451 | 17,111 |
Total assets | 20,369 | 41,637 |
Other financial liabilities | 19,357 | 17,032 |
Fair Value, Measurements, Recurring | Level 1 | Equity securities | ||
Securities available for sale | 918 | 24,526 |
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 | Residential mortgage-backed securities | ||
Securities available for sale | 0 | 0 |
Fair Value, Measurements, Recurring | Level 1 | Residential 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 | 31,530 | 28,697 |
Securities available for sale | 2,444,613 | 2,434,573 |
Other financial assets | 44,539 | 44,481 |
Total assets | 2,520,682 | 2,507,751 |
Other financial liabilities | 39,014 | 41,734 |
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 | 5,938 | 134 |
Fair Value, Measurements, Recurring | Level 2 | State and municipal securities | ||
Securities available for sale | 408,949 | 391,641 |
Fair Value, Measurements, Recurring | Level 2 | Corporate debt securities | ||
Securities available for sale | 93,552 | 106,537 |
Fair Value, Measurements, Recurring | Level 2 | Collateralized mortgage obligations | ||
Securities available for sale | 602,623 | 593,860 |
Fair Value, Measurements, Recurring | Level 2 | Residential mortgage-backed securities | ||
Securities available for sale | 1,120,796 | 1,317,838 |
Fair Value, Measurements, Recurring | Level 2 | Residential mortgage-backed securities | ||
Securities available for sale | 212,755 | 24,563 |
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 | 102,425 | 100,128 |
Other financial assets | 0 | 0 |
Total assets | 102,425 | 100,128 |
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 | 3,757 | 2,872 |
Fair Value, Measurements, Recurring | Level 3 | Collateralized mortgage obligations | ||
Securities available for sale | 0 | 0 |
Fair Value, Measurements, Recurring | Level 3 | Residential mortgage-backed securities | ||
Securities available for sale | 0 | 0 |
Fair Value, Measurements, Recurring | Level 3 | Residential mortgage-backed securities | ||
Securities available for sale | 0 | 0 |
Fair Value, Measurements, Recurring | Level 3 | Auction rate securities | ||
Securities available for sale | $ 98,668 | $ 97,256 |
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, 2017 | Dec. 31, 2016 | |
Pooled trust preferred securities | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance, beginning of period | $ 422 | $ 706 |
Unrealized adjustment to fair value | 285 | (286) |
Discount accretion | 0 | 2 |
Balance, end of period | 707 | 422 |
Single-issuer trust preferred securities | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance, beginning of period | 2,450 | 2,630 |
Unrealized adjustment to fair value | 588 | (190) |
Discount accretion | 12 | 10 |
Balance, end of period | 3,050 | 2,450 |
Auction rate securities | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance, beginning of period | 97,256 | 98,059 |
Unrealized adjustment to fair value | 1,217 | (1,246) |
Discount accretion | 195 | 443 |
Balance, end of period | $ 98,668 | $ 97,256 |
Fair Value Measurements Asse110
Fair Value Measurements Assets Measured at Fair Value on a Nonrecurring Basis (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Other real estate owned (OREO) | $ 9,823 | $ 12,815 |
Level 3 | Other Assets | ||
Other real estate owned (OREO) | 9,800 | 12,800 |
Net MSRs at end of year | 37,700 | 37,500 |
Fair Value, Measurements, Nonrecurring [Member] | ||
Net loans | 149,608 | 132,576 |
Total assets | 197,094 | 182,923 |
Fair Value, Measurements, Nonrecurring [Member] | Level 3 | ||
Other real estate owned (OREO) | 9,823 | 12,815 |
Net MSRs at end of year | $ 37,663 | $ 37,532 |
Fair Value Measurements Details
Fair Value Measurements Details of Book Value and Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Fair Value, Balance Sheet Grouping, FinancialStatement Captions[Line Items] | ||
Securities available for sale | $ 2,547,956 | $ 2,559,227 |
FHLB advances and long-term debt (5) | 1,038,346 | 929,403 |
Book Value | ||
Fair Value, Balance Sheet Grouping, FinancialStatement Captions[Line Items] | ||
Loans held for sale | 31,530 | 28,697 |
Loans, net of unearned income | 15,598,337 | 14,530,593 |
Accrued interest receivable (1) | 52,910 | 46,294 |
Short-term borrowings (1) | 617,524 | 541,317 |
Accrued interest payable (1) | 9,317 | 9,632 |
FHLB advances and long-term debt (5) | 1,038,346 | 929,403 |
Book Value | Cash and due from banks (1) | ||
Fair Value, Balance Sheet Grouping, FinancialStatement Captions[Line Items] | ||
Cash and due from banks (1) | 108,291 | 118,763 |
Book Value | Interest-bearing Deposits | ||
Fair Value, Balance Sheet Grouping, FinancialStatement Captions[Line Items] | ||
Interest-bearing deposits with other banks (1) | 293,805 | 233,763 |
FRB and FHLB stock (2) | 60,761 | 57,489 |
Book Value | Available-for-sale Securities | ||
Fair Value, Balance Sheet Grouping, FinancialStatement Captions[Line Items] | ||
Securities available for sale | 2,547,956 | 2,559,227 |
Book Value | Other Assets | ||
Fair Value, Balance Sheet Grouping, FinancialStatement Captions[Line Items] | ||
Other financial assets | 215,464 | 206,132 |
Book Value | Deposits | ||
Fair Value, Balance Sheet Grouping, FinancialStatement Captions[Line Items] | ||
Demand and savings deposits (1) | 13,042,147 | 12,259,622 |
Brokered Deposit Liabilities, Fair Value Disclosure | 90,473 | 0 |
Time deposits (5) | 2,664,912 | 2,753,242 |
Book Value | Other financial liabilities | ||
Fair Value, Balance Sheet Grouping, FinancialStatement Captions[Line Items] | ||
Other financial liabilities | 227,569 | 216,080 |
Estimated Fair Value | ||
Fair Value, Balance Sheet Grouping, FinancialStatement Captions[Line Items] | ||
Loans held for sale | 31,530 | 28,697 |
Loans, net of unearned income | 15,380,974 | 14,387,454 |
Accrued interest receivable (1) | 52,910 | 46,294 |
Short-term borrowings (1) | 617,524 | 541,317 |
Accrued interest payable (1) | 9,317 | 9,632 |
FHLB advances and long-term debt (5) | 1,025,640 | 928,167 |
Estimated Fair Value | Cash and due from banks (1) | ||
Fair Value, Balance Sheet Grouping, FinancialStatement Captions[Line Items] | ||
Cash and due from banks (1) | 108,291 | 118,763 |
Estimated Fair Value | Interest-bearing Deposits | ||
Fair Value, Balance Sheet Grouping, FinancialStatement Captions[Line Items] | ||
Interest-bearing deposits with other banks (1) | 293,805 | 233,763 |
FRB and FHLB stock (2) | 60,761 | 57,489 |
Estimated Fair Value | Available-for-sale Securities | ||
Fair Value, Balance Sheet Grouping, FinancialStatement Captions[Line Items] | ||
Securities available for sale | 2,547,956 | 2,559,227 |
Estimated Fair Value | Other Assets | ||
Fair Value, Balance Sheet Grouping, FinancialStatement Captions[Line Items] | ||
Other financial assets | 215,464 | 206,132 |
Estimated Fair Value | Deposits | ||
Fair Value, Balance Sheet Grouping, FinancialStatement Captions[Line Items] | ||
Demand and savings deposits (1) | 13,042,147 | 12,259,622 |
Brokered Deposit Liabilities, Fair Value Disclosure | 90,473 | 0 |
Time deposits (5) | 2,673,359 | 2,769,757 |
Estimated Fair Value | Other financial liabilities | ||
Fair Value, Balance Sheet Grouping, FinancialStatement Captions[Line Items] | ||
Other financial liabilities | $ 227,569 | $ 216,080 |
Fair Value Measurements Narrati
Fair Value Measurements Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Equity securities, value test coverage | 80.00% | |
Fair value price difference threshold | 5.00% | |
Estimated Fair Value | $ 2,547,038 | |
Other real estate owned (OREO) | $ 9,823 | $ 12,815 |
Assumed market return to liquidity | 5 years | |
Corporate debt securities | ||
Estimated Fair Value | $ 97,309 | 109,409 |
Single-issuer trust preferred securities | ||
Estimated Fair Value | 30,703 | 39,829 |
Pooled trust preferred securities | ||
Estimated Fair Value | 707 | 422 |
Level 3 | Other Assets | ||
Other real estate owned (OREO) | 9,800 | 12,800 |
Net MSRs at end of year | 37,700 | 37,500 |
Fair Value, Measurements, Recurring | ||
Other financial assets | 63,990 | 61,592 |
Other financial liabilities | 58,371 | 58,766 |
Fair Value, Measurements, Recurring | Single-issuer trust preferred securities | ||
Estimated Fair Value | 30,700 | 39,800 |
Fair Value, Measurements, Recurring | Level 1 | ||
Other financial assets | 19,451 | 17,111 |
Other financial liabilities | 19,357 | 17,032 |
Fair Value, Measurements, Recurring | Level 1 | Equity Securities Financial Institution | ||
Available-for-sale securities, equity securities | 0 | 23,500 |
Fair Value, Measurements, Recurring | Level 1 | Equity Securities, Miscellaneous | ||
Available-for-sale securities, equity securities | 911 | 1,000 |
Fair Value, Measurements, Recurring | Level 2 | ||
Other financial assets | 44,539 | 44,481 |
Other financial liabilities | 39,014 | 41,734 |
Fair Value, Measurements, Recurring | Level 2 | Financial Institutions Subordinated Debt | ||
Estimated Fair Value | 61,900 | 65,200 |
Fair Value, Measurements, Recurring | Level 2 | Single-issuer trust preferred securities | ||
Estimated Fair Value | 27,700 | 37,300 |
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 | 3,100 | 2,500 |
Fair Value, Measurements, Recurring | Level 3 | Pooled trust preferred securities | ||
Estimated Fair Value | $ 707 | 400 |
Minimum | ||
Assumptions used to estimate fair value, prepayment speed | 11.70% | |
Assumptions used to estimate fair value, discount rate | 9.50% | |
Trust for Benefit of Employees | Fair Value, Measurements, Recurring | Level 1 | ||
Other financial assets | $ 19,000 | 16,400 |
Foreign Exchange Contract | Fair Value, Measurements, Recurring | Level 1 | ||
Other financial assets | 460 | 700 |
Forward Commitments | Fair Value, Measurements, Recurring | Level 2 | ||
Other financial assets | 1,100 | 3,100 |
Other financial liabilities | 272 | 300 |
Interest Rate Swap | Fair Value, Measurements, Recurring | Level 2 | ||
Other financial assets | 43,400 | 41,400 |
Other financial liabilities | 38,700 | 41,400 |
Foreign Exchange Contract | Fair Value, Measurements, Recurring | Level 1 | ||
Other financial liabilities | 374 | 700 |
Trust for Benefit of Employees | Fair Value, Measurements, Recurring | Level 1 | ||
Other financial liabilities | $ 19,000 | $ 16,400 |
Condensed Financial Informat113
Condensed Financial Information - Parent Company Only Balance Sheet (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Assets [Abstract] | ||||
Other assets | $ 588,957 | $ 620,059 | ||
Investments in: | ||||
Total Assets | 20,036,905 | 18,944,247 | ||
Other liabilities | 344,329 | 329,916 | ||
Total Liabilities | 17,807,048 | 16,823,132 | ||
Shareholders' Equity [Abstract] | ||||
Shareholders’ equity | 2,229,857 | 2,121,115 | $ 2,041,894 | $ 1,996,665 |
Total Liabilities and Shareholders’ Equity | 20,036,905 | 18,944,247 | ||
Parent | ||||
Assets [Abstract] | ||||
Cash | 22,857 | 8,568 | $ 0 | $ 137 |
Other assets | 5,959 | 5,648 | ||
Receivable from subsidiaries | 53,880 | 46,715 | ||
Investments in: | ||||
Bank subsidiaries | 2,399,053 | 2,265,264 | ||
Non-bank subsidiaries | 426,846 | 417,615 | ||
Total Assets | 2,908,595 | 2,743,810 | ||
Long-term debt | 386,101 | 362,005 | ||
Payable to non-bank subsidiaries | 206,766 | 183,152 | ||
Other liabilities | 85,871 | 77,538 | ||
Total Liabilities | 678,738 | 622,695 | ||
Shareholders' Equity [Abstract] | ||||
Shareholders’ equity | 2,229,857 | 2,121,115 | ||
Total Liabilities and Shareholders’ Equity | $ 2,908,595 | $ 2,743,810 |
Condensed Financial Informat114
Condensed Financial Information - Parent Company Only Income statement (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Condensed Financial Statements, Captions [Line Items] | |||
Total Non-Interest Income | $ 207,974 | $ 190,178 | $ 181,839 |
Income Before Income Taxes | 234,454 | 208,249 | 199,423 |
Income tax benefit | 62,701 | 46,624 | 49,921 |
Net Income | 171,753 | 161,625 | 149,502 |
Parent | |||
Condensed Financial Statements, Captions [Line Items] | |||
Dividends from subsidiaries | 66,500 | 115,000 | 114,000 |
Other (1) | 171,490 | 148,577 | 141,241 |
Total Non-Interest Income | 237,990 | 263,577 | 255,241 |
Expenses | 199,981 | 177,835 | 176,457 |
Income Before Income Taxes | 38,009 | 85,742 | 78,784 |
Income tax benefit | (5,448) | (10,543) | (11,834) |
Income before equity in undistributed income of subsidiaries | 43,457 | 96,285 | 90,618 |
Net Income | 171,753 | 161,625 | 149,502 |
Parent | Bank subsidiaries | |||
Condensed Financial Statements, Captions [Line Items] | |||
Non-bank subsidiaries | 111,226 | 58,477 | 60,806 |
Parent | Non-bank subsidiaries | |||
Condensed Financial Statements, Captions [Line Items] | |||
Non-bank subsidiaries | $ 17,070 | $ 6,863 | $ (1,922) |
Condensed Financial Informat115
Condensed Financial Information - Parent Company Only Cash Flows (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Cash Flows From Operating Activities: | |||
Net Income | $ 171,753,000 | $ 161,625,000 | $ 149,502,000 |
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities [Abstract] | |||
Amortization of financing costs | 845,000 | 617,000 | 582,000 |
Stock-based compensation | 5,209,000 | 6,556,000 | 5,938,000 |
Excess tax benefits from stock-based compensation | 0 | (964,000) | (201,000) |
Increase in other assets | 29,227,000 | (29,940,000) | (22,987,000) |
Loss on redemption of trust preferred securities | 0 | 0 | 5,626,000 |
Increase (decrease) in other liabilities and payable to non-bank subsidiaries | (31,412,000) | 4,427,000 | 4,928,000 |
Total adjustments | 87,073,000 | 23,785,000 | 28,042,000 |
Net cash provided by operating activities | 258,826,000 | 185,410,000 | 177,544,000 |
Cash Flows From Investing Activities | |||
Net cash used in investing activities | (1,166,441,000) | (1,000,416,000) | (818,027,000) |
Cash Flows From Financing Activities: | |||
Repayments of long-term debt | (115,153,000) | (236,640,000) | (540,079,000) |
Additions to long-term debt | 223,251,000 | 215,884,000 | 347,778,000 |
Net proceeds from issuance of common stock | 8,538,000 | 16,167,000 | 10,607,000 |
Excess tax benefits from stock-based compensation | 0 | 964,000 | 201,000 |
Dividends paid | (80,368,000) | (69,382,000) | (65,361,000) |
Acquisition of treasury stock | 0 | (18,545,000) | (50,000,000) |
Net cash provided by financing activities | 897,143,000 | 832,649,000 | 635,901,000 |
Net Increase (Decrease) in Cash and Cash Equivalents | (10,472,000) | 17,643,000 | (4,582,000) |
Parent | |||
Cash Flows From Operating Activities: | |||
Net Income | 171,753,000 | 161,625,000 | 149,502,000 |
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities [Abstract] | |||
Amortization of financing costs | 845,000 | 0 | 0 |
Stock-based compensation | 4,740,000 | 6,556,000 | 5,938,000 |
Excess tax benefits from stock-based compensation | 0 | (964,000) | (201,000) |
Increase in other assets | (17,882,000) | (16,585,000) | 2,806,000 |
Equity in undistributed net income of subsidiaries | (128,298,000) | (65,340,000) | (58,884,000) |
Loss on redemption of trust preferred securities | 0 | 0 | 5,626,000 |
Increase (decrease) in other liabilities and payable to non-bank subsidiaries | 31,241,000 | (5,928,000) | 106,490,000 |
Total adjustments | (109,354,000) | (82,261,000) | 61,775,000 |
Net cash provided by operating activities | 62,399,000 | 79,364,000 | 211,277,000 |
Cash Flows From Investing Activities | |||
Net cash used in investing activities | 0 | 0 | 0 |
Cash Flows From Financing Activities: | |||
Repayments of long-term debt | (100,000,000) | 0 | (254,640,000) |
Additions to long-term debt | 123,251,000 | 0 | 147,779,000 |
Net proceeds from issuance of common stock | 9,007,000 | 16,167,000 | 10,607,000 |
Excess tax benefits from stock-based compensation | 0 | 964,000 | 201,000 |
Dividends paid | (80,368,000) | (69,382,000) | (65,361,000) |
Acquisition of treasury stock | 0 | (18,545,000) | (50,000,000) |
Net cash provided by financing activities | (48,110,000) | (70,796,000) | (211,414,000) |
Net Increase (Decrease) in Cash and Cash Equivalents | 14,289,000 | 8,568,000 | (137,000) |
Cash and Cash Equivalents at Beginning of Year | 8,568,000 | 0 | 137,000 |
Cash and Cash Equivalents at End of Year | $ 22,857,000 | $ 8,568,000 | $ 0 |