Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2018 | Apr. 27, 2018 | |
Document and Entity Information | ||
Entity Registrant Name | FULTON FINANCIAL CORP | |
Entity Central Index Key | 700,564 | |
Trading Symbol | fult | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 175,754,000 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
ASSETS | ||
Cash and due from banks | $ 100,151 | $ 108,291 |
Interest-bearing deposits with other banks | 210,906 | 293,805 |
Federal Reserve Bank and Federal Home Loan Bank stock | 56,900 | 60,761 |
Loans held for sale | 23,450 | 31,530 |
Available for sale investment securities | 2,592,823 | 2,547,956 |
Loans, net of unearned income | 15,696,284 | 15,768,247 |
Less: Allowance for loan losses | (163,217) | (169,910) |
Net Loans | 15,533,067 | 15,598,337 |
Premises and equipment | 230,313 | 222,802 |
Accrued interest receivable | 53,060 | 52,910 |
Goodwill and intangible assets | 531,556 | 531,556 |
Other assets | 616,715 | 588,957 |
Total Assets | 19,948,941 | 20,036,905 |
LIABILITIES | ||
Noninterest-bearing | 4,291,821 | 4,437,294 |
Interest-bearing | 11,185,282 | 11,360,238 |
Total Deposits | 15,477,103 | 15,797,532 |
Short-term borrowings: | ||
Federal funds purchased | 395,000 | 220,000 |
Other short-term borrowings | 542,852 | 397,524 |
Total Short-Term Borrowings | 937,852 | 617,524 |
Accrued interest payable | 9,681 | 9,317 |
Other liabilities | 350,313 | 344,329 |
Federal Home Loan Bank advances and other long-term debt | 938,499 | 1,038,346 |
Total Liabilities | 17,713,448 | 17,807,048 |
SHAREHOLDERS’ EQUITY | ||
Common stock, $2.50 par value, 600 million shares authorized, 221.1 million shares issued in 2018 and 220.9 million shares issued in 2017 | 552,682 | 552,232 |
Additional paid-in capital | 1,481,545 | 1,478,389 |
Retained earnings | 857,153 | 821,619 |
Accumulated other comprehensive loss | (67,172) | (32,974) |
Treasury stock, at cost, 45.7 million shares in 2018 and 2017 | (588,715) | (589,409) |
Total Shareholders’ Equity | 2,235,493 | 2,229,857 |
Total Liabilities and Shareholders’ Equity | $ 19,948,941 | $ 20,036,905 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2018 | Dec. 31, 2017 |
Statement of Financial Position [Abstract] | ||
Common stock, par value (in dollars per share) | $ 2.5 | $ 2.5 |
Common stock, shares authorized (in shares) | 600,000,000 | 600,000,000 |
Common stock, shares issued (in shares) | 221,100,000 | 220,900,000 |
Treasury stock, shares (in shares) | 45,700,000 | 45,700,000 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
INTEREST INCOME | ||
Loans, including fees | $ 160,136 | $ 142,566 |
Investment securities: | ||
Taxable | 13,193 | 11,914 |
Tax-exempt | 2,965 | 2,849 |
Dividends | 5 | 129 |
Loans held for sale | 216 | 187 |
Other interest income | 1,172 | 842 |
Total Interest Income | 177,687 | 158,487 |
INTEREST EXPENSE | ||
Deposits | 16,450 | 11,801 |
Short-term borrowings | 2,041 | 855 |
Federal Home Loan Bank advances and other long-term debt | 7,878 | 8,252 |
Total Interest Expense | 26,369 | 20,908 |
Net Interest Income | 151,318 | 137,579 |
Provision for credit losses | 3,970 | 4,800 |
Net Interest Income After Provision for Credit Losses | 147,348 | 132,779 |
NON-INTEREST INCOME | ||
Other service charges and fees | 11,419 | 12,437 |
Service charges on deposit accounts | 11,962 | 12,400 |
Investment management and trust services | 12,871 | 11,808 |
Mortgage banking income | 4,193 | 4,596 |
Investment securities gains, net | 19 | 1,106 |
Other | 5,411 | 4,326 |
Non-interest income before investment securities gains | 45,856 | 45,567 |
Total Non-Interest Income | 45,875 | 46,673 |
NON-INTEREST EXPENSE | ||
Salaries and employee benefits | 75,768 | 69,236 |
Net occupancy expense | 13,632 | 12,663 |
Data processing and software | 10,473 | 8,979 |
Other outside services | 8,124 | 5,546 |
Amortization of tax credit investments | 1,637 | 998 |
Professional fees | 4,816 | 2,737 |
Equipment expense | 3,534 | 3,359 |
FDIC insurance expense | 2,953 | 2,058 |
Taxes, Other | 2,302 | 2,087 |
Marketing | 2,250 | 1,986 |
Other | 11,172 | 12,626 |
Total Non-Interest Expense | 136,661 | 122,275 |
Income Before Income Taxes | 56,562 | 57,177 |
Income taxes | 7,082 | 13,797 |
Net Income | $ 49,480 | $ 43,380 |
PER SHARE: | ||
Net Income (Basic) (in dollars per share) | $ 0.28 | $ 0.25 |
Net Income (Diluted) (in dollars per share) | 0.28 | 0.25 |
Cash Dividends (in dollars per share) | $ 0.12 | $ 0.11 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Statement of Comprehensive Income [Abstract] | ||
Net Income | $ 49,480 | $ 43,380 |
Other Comprehensive (Loss) Income, net of tax: | ||
Unrealized (loss) gain on securities | (27,644) | 4,273 |
Reclassification adjustment for securities gains included in net income | (16) | (719) |
Non-credit related unrealized gain on other-than-temporarily impaired debt securities | (224) | 0 |
Amortization of net unrecognized pension and postretirement items | 339 | 343 |
Other Comprehensive (Loss) Income | (27,097) | 3,897 |
Total Comprehensive Income | $ 22,383 | $ 47,277 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock [Member] | Additional Paid-In Capital [Member] | Retained Earnings [Member] | Total | Treasury Stock [Member] | |
Beginning Balance at Dec. 31, 2016 | $ 2,121,115 | $ 549,707 | $ 1,467,602 | $ 732,099 | $ (38,449) | $ (589,844) | |
Beginning Balance (in shares) at Dec. 31, 2016 | 174,040 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net Income | 43,380 | 43,380 | |||||
Other comprehensive loss | 3,897 | 3,897 | |||||
Stock issued | 4,731 | $ 585 | 3,265 | 881 | |||
Stock issued, including related tax benefits (in shares) | 303 | ||||||
Stock-based compensation awards | 734 | 734 | |||||
Common stock cash dividends | (19,174) | (19,174) | |||||
Ending Balance at Mar. 31, 2017 | 2,154,683 | $ 550,292 | 1,471,601 | 756,305 | (34,552) | (588,963) | |
Ending Balance (in shares) at Mar. 31, 2017 | 174,343 | ||||||
Beginning Balance at Dec. 31, 2017 | 2,229,857 | $ 552,232 | 1,478,389 | 821,619 | (32,974) | (589,409) | |
Beginning Balance (in shares) at Dec. 31, 2017 | 175,170 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net Income | 49,480 | 49,480 | |||||
Other comprehensive loss | (27,097) | (27,097) | |||||
Stock issued | 2,790 | $ 450 | 1,646 | 694 | |||
Stock issued, including related tax benefits (in shares) | 234 | ||||||
Stock-based compensation awards | 1,510 | 1,510 | |||||
Reclassification of stranded tax effects | [1] | 0 | 7,101 | (7,101) | |||
Common stock cash dividends | (21,047) | (21,047) | |||||
Ending Balance at Mar. 31, 2018 | $ 2,235,493 | $ 552,682 | $ 1,481,545 | $ 857,153 | $ (67,172) | $ (588,715) | |
Ending Balance (in shares) at Mar. 31, 2018 | 175,404 | ||||||
[1] | Result of adoption of ASU 2018-02, See Note 1 to Consolidated Financial Statements for further details. |
Consolidated Statements of Sha7
Consolidated Statements of Shareholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Statement of Stockholders' Equity [Abstract] | ||
Cash dividends per share | $ 0.12 | $ 0.11 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net Income | $ 49,480 | $ 43,380 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Provision for credit losses | 3,970 | 4,800 |
Depreciation and amortization of premises and equipment | 7,329 | 7,032 |
Amortization of tax credit investments | 8,364 | 9,128 |
Net amortization of investment securities premiums | 2,517 | 2,416 |
Investment securities gains, net | (19) | (1,106) |
Gain on sales of mortgage loans held for sale | (2,645) | (3,074) |
Proceeds from sales of mortgage loans held for sale | 170,693 | 115,417 |
Originations of mortgage loans held for sale | (159,968) | (108,429) |
Amortization of issuance costs on long-term debt | 194 | 168 |
Stock-based compensation | 1,510 | 734 |
Increase in accrued interest receivable | (150) | (61) |
Increase in other assets | (6,923) | (4,514) |
Increase in accrued interest payable | 364 | 2,874 |
(Decrease) increase in other liabilities | (2,890) | 1,039 |
Total adjustments | 22,346 | 26,424 |
Net cash provided by operating activities | 71,826 | 69,804 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Proceeds from sales of securities available for sale | 1,444 | 8,735 |
Proceeds from principal repayments and maturities of securities available for sale | 78,150 | 98,024 |
Purchase of securities available for sale | (161,944) | (49,430) |
Decrease (increase) in short-term investments | 86,760 | (59,135) |
Net decrease (increase) in loans | 67,928 | (267,383) |
Net change in tax credit investments | (14,840) | (5,397) |
Net change in tax credit investments | 20,783 | 5,283 |
Net cash provided by (used in) investing activities | 36,715 | (279,869) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Net (decrease) increase in demand and savings deposits | (278,626) | 112,348 |
Net decrease in time deposits | (41,803) | (34,868) |
Increase (decrease) in short-term borrowings | 320,328 | (88,000) |
Additions to long-term debt | 0 | 223,375 |
Repayments of long-term debt | (100,041) | (15,037) |
Net proceeds from issuance of common stock | 2,790 | 4,731 |
Dividends paid | (19,329) | (17,403) |
Net cash (used in) provided by financing activities | (116,681) | 185,146 |
Net Decrease in Cash and Due From Banks | (8,140) | (24,919) |
Cash and Due From Banks at Beginning of Period | 108,291 | 118,763 |
Cash and Due From Banks at End of Period | 100,151 | 93,844 |
Cash paid during the period for: | ||
Interest | 26,005 | 18,034 |
Income taxes | $ 154 | $ 116 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited consolidated financial statements of Fulton Financial Corporation (the "Corporation") have been prepared in conformity with U.S. generally accepted accounting principles ("U.S. GAAP") for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and notes required by U.S. GAAP for complete financial statements. The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the amounts of assets and liabilities as of the date of the financial statements as well as revenues and expenses during the period. Actual results could differ from those estimates. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. These consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the notes thereto included in the Corporation's Annual Report on Form 10-K for the year ended December 31, 2017 . Operating results for the three months ended March 31, 2018 are not necessarily indicative of the results that may be expected for the year ending December 31, 2018 . The Corporation evaluates subsequent events through the date of filing of this Form 10-Q with the Securities and Exchange Commission ("SEC"). Recently Adopted Accounting Standards In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Codification ("ASC") Update 2014-09, "Revenue from Contracts with Customers." This standards update established 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 Corporation adopted this standard, and all subsequent Accounting Standards Updates ("ASU") that modified it on January 1, 2018 under the modified retrospective approach with no material impact on its consolidated financial statements. 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 sources of revenue for the Corporation are interest income from loans and investments, net of interest expense on deposits and borrowings, and non-interest income. Non-interest income is earned from various banking and financial services that the Corporation offers through its subsidiary banks. Revenue is recognized as earned based on contractual terms, as transactions occur, or as services are provided. Following is further detail of the various types of revenue the Corporation earns and when it is recognized. Interest income : Interest income is recognized on an accrual basis according to loan agreements, securities contracts or other such written contracts and is outside the scope of ASC Update 2014-09. Investment management and trust services: Consists of trust commission income, brokerage income, money market income and insurance commission income. Trust commission income consists of advisory fees that are based on market values of clients' managed portfolios and transaction fees for fiduciary services performed, both of which are recognized as earned. Brokerage income includes advisory fees which are recognized as earned on a monthly basis and transaction fees that are recognized when transactions occur. Money market income is based on the balances held in trust accounts and is recognized monthly. Insurance commission income is earned and recognized when policies are originated. Currently, no investment management and trust service income is based on performance or investment results. Service charges on deposit accounts: Consists of cash management, overdraft, non-sufficient fund fees and other service charges on deposit accounts. Revenue is primarily transactional and recognized when earned, at the time the transactions occur. Other service charges and fees: Consists of branch fees, automated teller machine fees, debit card income and merchant services fees. These fees are primarily transactional, and revenue is recognized when transactions occur. Also included in other service charges and fees are letter of credit fees, foreign exchange income and commercial loan interest rate swap fees, which are outside the scope of ASC Update 2014-09. Mortgage banking income: Consists of gains or losses on the sale of residential mortgage loans and mortgage loan servicing income. These revenues are outside the scope of ASC Update 2014-09. Other Income: Includes credit card income, gains on sales of Small Business Association ("SBA") loans, cash surrender value of life insurance, and other miscellaneous income. These items are either outside the scope of ASC Update 2014-09 or are immaterial. 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 standard requires equity investments to be measured at fair value, with changes recorded in net income. This ASU also requires the use of the exit price notion when measuring the fair value of financial instruments for disclosure purposes. ASC Update 2016-01 was effective for interim and annual reporting periods beginning after December 15, 2017. The Corporation adopted this standards update effective with its March 31, 2018 quarterly report on Form 10-Q and the adoption of ASC Update 2016-01 did not have a material impact 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 was effective for interim and annual reporting periods beginning after December 15, 2017. The Corporation adopted this standards update effective with its March 31, 2018 quarterly report on Form 10-Q and the adoption of ASC Update 2016-15 did not 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 was effective for interim and annual reporting periods beginning after December 15, 2017. The Corporation adopted this standards update effective with its March 31, 2018 quarterly report on Form 10-Q and the adoption of ASC Update 2016-18 did not 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 allows only the service cost component of net benefit cost to be eligible for capitalization. ASC Update 2017-07 was effective for interim and annual reporting periods beginning after December 15, 2017. The Corporation adopted this standards update effective with its March 31, 2018 quarterly report on Form 10-Q and the adoption of ASC Update 2017-07 did not have a material impact on its consolidated financial statements. In February 2018, the FASB issued ASC Update 2018-02, "Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income." This ASU permits a reclassification from accumulated other comprehensive income ("AOCI") to retained earnings of the stranded tax effects resulting from the application of the Tax Cuts and Jobs Act of 2017 ("Tax Act"), which changed the corporate tax rate from 35% to 21%. This ASU is effective for interim and annual reporting periods beginning after December 15, 2018, with early adoption permitted. The Corporation adopted this standards update effective January 1, 2018 and elected to reclassify $7.1 million of stranded tax effects from AOCI to retained earnings at the beginning of the period of adoption. The Corporation's policy for releasing income tax effects from accumulated other comprehensive income is to release them as investments are sold or mature and pension and post-retirement liabilities are extinguished. Recently Issued Accounting Standards In February 2016, the FASB issued ASC Update 2016-02, "Leases." This standards update states that a lessee should recognize the assets and liabilities that arise from all leases with a term greater than 12 months. The core principle requires the lessee to recognize a liability to make lease payments and a "right-of-use" asset. The accounting applied by the lessor is relatively unchanged. The standards update also requires expanded qualitative and quantitative disclosures. The FASB has also issued amendments to this standard (ASC Updates 2017-13, 2018-01). ASC Update 2016-02 is effective for interim and annual 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. 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 Corporation's 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 held to maturity 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 under current U.S. GAAP. ASU 2016-13 also requires new disclosures for financial assets measured at amortized cost, loans and available-for-sale debt securities. Entities will apply the standard's provisions as a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is adopted. 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 and disclosures. While the Corporation is currently unable to reasonably estimate the impact of adopting ASU 2016-13, it expects that the impact of adoption could be significantly influenced by the composition, characteristics and quality of its loan portfolio as well as the prevailing economic conditions and forecasts as of the adoption date. As part of the evaluation process, the Corporation has established a steering committee and working group that includes individuals from various functional areas to assess processes, portfolio segmentation, systems requirements and needed resources to implement this new accounting standard. 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 2017-08, "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. Reclassifications Certain amounts in the 2017 consolidated financial statements and notes have been reclassified to conform to the 2018 presentation. On the Consolidated Statements of Cash Flows, the net change in tax credit investments is presented as cash flows from investing activities. Prior to the quarter ended March 31, 2018, these cash flows were presented as cash flows from operating activities, included in the net increase (decrease) in other liabilities. The presentation of the cash flows for the quarter ended March 31, 2017 were changed to conform to this presentation, resulting in a $5.3 million decrease in net cash flows used in investing activities and a corresponding increase in net cash flows provided by operating activities. The change had no impact on net income or retained earnings. In addition, the Corporation will revise the Consolidated Statements of Cash Flows for each of the comparative 2017 periods in future filings. |
Net Income Per Share
Net Income Per Share | 3 Months Ended |
Mar. 31, 2018 | |
Earnings Per Share [Abstract] | |
Net Income Per Share | Net Income Per Share Basic net income per share is calculated as net income divided by the weighted average number of shares outstanding. Diluted net income per share is calculated as net income divided by the weighted average number of shares outstanding plus the incremental number of shares added as a result of converting common stock equivalents, calculated using the treasury stock method. The Corporation’s common stock equivalents consist of outstanding stock options, restricted stock units ("RSUs") and performance-based restricted stock units ("PSUs"). PSUs are required to be included in weighted average shares outstanding if performance measures, as defined in each PSU award agreement, are met as of the end of the period. A reconciliation of weighted average shares outstanding used to calculate basic net income per share and diluted net income per share follows: Three months ended March 31 2018 2017 (in thousands) Weighted average shares outstanding (basic) 175,303 174,150 Impact of common stock equivalents 1,265 1,427 Weighted average shares outstanding (diluted) 176,568 175,577 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income | 3 Months Ended |
Mar. 31, 2018 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income | Accumulated Other Comprehensive Income The following table presents changes in other comprehensive income (loss): Before-Tax Amount Tax Effect Net of Tax Amount (in thousands) Three months ended March 31, 2018 Unrealized loss on securities $ (34,991 ) $ 7,347 $ (27,644 ) Reclassification adjustment for securities gains included in net income (1) (19 ) 3 (16 ) Non-credit related unrealized gains on other-than-temporarily impaired debt securities 285 (61 ) 224 Amortization of net unrecognized pension and postretirement items (2) 430 (91 ) 339 Total Other Comprehensive Loss $ (34,295 ) $ 7,198 $ (27,097 ) Three months ended March 31, 2017 Unrealized gain on securities $ 6,575 $ (2,302 ) $ 4,273 Reclassification adjustment for securities gains included in net income (1) (1,106 ) 387 (719 ) Amortization of net unrecognized pension and postretirement items (2) 528 (185 ) 343 Total Other Comprehensive Income $ 5,997 $ (2,100 ) $ 3,897 (1) Amounts reclassified out of accumulated other comprehensive income. Before-tax amounts included in "Investment securities gains, net" on the consolidated statements of income. See Note 4, "Investment Securities," for additional details. (2) Amounts reclassified out of accumulated other comprehensive income. Before-tax amounts included in "Salaries and employee benefits" on the consolidated statements of income. See Note 8, "Employee Benefit Plans," for additional details. The following table presents changes in each component of accumulated other comprehensive income (loss), net of tax: Unrealized Gains (Losses) on Investment Securities Not Other-Than-Temporarily Impaired Unrealized Non-Credit Gains (Losses) on Other-Than-Temporarily Impaired Debt Securities Unrecognized Pension and Postretirement Plan Income (Costs) Total (in thousands) Three months ended March 31, 2018 Balance at December 31, 2017 $ (18,509 ) $ 458 $ (14,923 ) $ (32,974 ) Other comprehensive loss before reclassifications (27,644 ) 224 — (27,420 ) Amounts reclassified from accumulated other comprehensive income (loss) (16 ) — 339 323 Reclassification of stranded tax effects (3,887 ) — (3,214 ) (7,101 ) Balance at March 31, 2018 $ (50,056 ) $ 682 $ (17,798 ) $ (67,172 ) Three months ended March 31, 2017 Balance at December 31, 2016 $ (23,047 ) $ 273 $ (15,675 ) $ (38,449 ) Other comprehensive income before reclassifications 4,273 — — 4,273 Amounts reclassified from accumulated other comprehensive income (loss) (719 ) — 343 (376 ) Balance at March 31, 2017 $ (19,493 ) $ 273 $ (15,332 ) $ (34,552 ) |
Investment Securities
Investment Securities | 3 Months Ended |
Mar. 31, 2018 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | Investment Securities The following table presents the amortized cost and estimated fair values of investment securities, which were all classified as available for sale: Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value (in thousands) March 31, 2018 U.S. Government sponsored agency securities $ 21,105 $ 40 $ (183 ) $ 20,962 State and municipal securities 413,632 2,247 (9,780 ) 406,099 Corporate debt securities 101,367 2,482 (1,894 ) 101,955 Collateralized mortgage obligations 695,840 236 (16,376 ) 679,700 Residential mortgage-backed securities 1,084,582 3,006 (33,422 ) 1,054,166 Commercial mortgage-backed securities 231,378 15 (4,501 ) 226,892 Auction rate securities 107,410 — (4,361 ) 103,049 Total $ 2,655,314 $ 8,026 $ (70,517 ) $ 2,592,823 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value (in thousands) December 31, 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 Securities carried at $1.8 billion at March 31, 2018 and December 31, 2017 , 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 March 31, 2018 , by contractual maturity, are shown in the following table. Actual maturities may differ from contractual maturities as certain investment securities are subject to call or prepayment with or without call or prepayment penalties. Amortized Estimated (in thousands) Due in one year or less $ 14,055 $ 14,063 Due from one year to five years 36,871 36,986 Due from five years to ten years 119,069 119,529 Due after ten years 473,519 461,487 643,514 632,065 Residential mortgage-backed securities (1) 1,084,582 1,054,166 Commercial mortgage-backed securities (1) 231,378 226,892 Collateralized mortgage obligations (1) 695,840 679,700 Total $ 2,655,314 $ 2,592,823 (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 the gross realized gains on the sales of equity and debt securities: Gross Three months ended March 31, 2018 (in thousands) Equity securities $ 9 Debt securities 10 Total $ 19 Three months ended March 31, 2017 Equity securities $ 1,045 Debt securities 61 Total $ 1,106 The cumulative balance of credit-related other-than-temporary impairment charges, previously recognized as components of earnings, for debt securities held by the Corporation at March 31, 2018 and March 31, 2017 was $ 11.5 million . There were no other-than-temporary impairment charges recognized for the three months ended March 31, 2018 and March 31, 2017. The following table presents the gross unrealized losses and estimated fair values of investments, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at March 31, 2018 and December 31, 2017: Less than 12 months 12 months or longer Total Estimated Fair Value Unrealized Losses Estimated Fair Value Unrealized Losses Estimated Fair Value Unrealized Losses March 31, 2018 (in thousands) U.S. Government sponsored agency securities $ 12,499 $ (183 ) $ — $ — $ 12,499 $ (183 ) State and municipal securities 163,345 (3,132 ) 114,024 (6,648 ) 277,369 (9,780 ) Corporate debt securities 9,466 (130 ) 28,219 (1,764 ) 37,685 (1,894 ) Collateralized mortgage obligations 456,200 (7,184 ) 176,076 (9,192 ) 632,276 (16,376 ) Residential mortgage-backed securities 527,502 (13,611 ) 471,703 (19,811 ) 999,205 (33,422 ) Commercial mortgage-backed securities 196,887 (3,884 ) 21,539 (617 ) 218,426 (4,501 ) Auction rate securities — — 103,049 (4,361 ) 103,049 (4,361 ) Total $ 1,365,899 $ (28,124 ) $ 914,610 $ (42,393 ) $ 2,280,509 $ (70,517 ) Less than 12 months 12 months or longer Total Estimated Unrealized Estimated Unrealized Estimated Unrealized December 31, 2017 (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 ) 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. The change in fair value of these securities is attributable to changes in interest rates and not credit quality, and 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. Therefore, the Corporation does not consider these investments to be other-than-temporarily impaired as of March 31, 2018 . As of March 31, 2018 , all of the auction rate securities (auction rate certificates, or "ARCs"), were rated above investment grade. Based on management’s evaluations, none of the ARCs were subject to any other-than-temporary impairment charges for the three months ended March 31, 2018 . 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. 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: March 31, 2018 December 31, 2017 Amortized cost Estimated fair value Amortized cost Estimated fair value (in thousands) Single-issuer trust preferred securities $ 31,352 $ 30,513 $ 31,335 $ 30,703 Subordinated debt 54,011 54,357 49,013 49,533 Senior debt 12,029 12,245 12,031 12,392 Pooled trust preferred securities — 865 — 707 Corporate debt securities issued by financial institutions 97,392 97,980 92,379 93,335 Other corporate debt securities 3,975 3,975 3,974 3,974 Available for sale corporate debt securities $ 101,367 $ 101,955 $ 96,353 $ 97,309 Single-issuer trust preferred securities had an unrealized loss of $839,000 at March 31, 2018 . Four of the 17 single-issuer trust preferred securities, with an amortized cost of $4.9 million and an estimated fair value of $4.7 million at March 31, 2018 , were rated below investment grade by at least one ratings agency. All of the single-issuer trust preferred securities rated below investment grade were rated either "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 at March 31, 2018 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 for the three months ended March 31, 2018 . The Corporation does not have the intent to sell and does not believe it will more likely than not be required to sell any of these securities prior to a recovery of their fair value to amortized cost, which may be at maturity. |
Loans and Allowance for Credit
Loans and Allowance for Credit Losses | 3 Months Ended |
Mar. 31, 2018 | |
Receivables [Abstract] | |
Loans and Allowance for Credit Losses | Loans and Allowance for Credit Losses Loans, Net of Unearned Income Loans, net of unearned income are summarized as follows: March 31, December 31, 2017 (in thousands) Real-estate - commercial mortgage $ 6,332,508 $ 6,364,804 Commercial - industrial, financial and agricultural 4,299,072 4,300,297 Real-estate - residential mortgage 1,976,524 1,954,711 Real-estate - home equity 1,514,241 1,559,719 Real-estate - construction 976,131 1,006,935 Consumer 326,766 313,783 Leasing and other 297,465 291,556 Overdrafts 2,031 4,113 Loans, gross of unearned income 15,724,738 15,795,918 Unearned income (28,454 ) (27,671 ) Loans, net of unearned income $ 15,696,284 $ 15,768,247 The Corporation segments its loan portfolio by general loan type, or "portfolio segments," as presented in the table under the heading, "Loans, Net of Unearned Income," above. Certain portfolio segments are further disaggregated and evaluated collectively for impairment based on "class segments," which are largely based on the type of collateral underlying each loan. Commercial loans include both secured and unsecured loans. Construction loan class segments include loans secured by commercial real estate, loans to commercial borrowers secured by residential real estate and loans to individuals secured by residential real estate. Consumer loan class segments include direct consumer installment loans and indirect vehicle loans. Allowance for Credit Losses The allowance for credit losses consists of the allowance for loan losses and the reserve for unfunded lending commitments. The allowance for loan losses represents management’s estimate of incurred losses in the loan portfolio as of the balance sheet date and is recorded as a reduction to loans. The reserve for unfunded lending commitments represents management’s estimate of incurred losses in its unfunded loan commitments and is recorded in other liabilities on the consolidated balance sheets. The allowance for credit losses is increased by charges to expense, through the provision for credit losses, and decreased by charge-offs, net of recoveries. The Corporation’s allowance for credit losses includes: (1) specific allowances allocated to loans individually evaluated for impairment (FASB ASC Section 310-10-35); and (2) allowances calculated for pools of loans collectively evaluated for impairment (FASB ASC Subtopic 450-20). The following table presents the components of the allowance for credit losses: March 31, December 31, (in thousands) Allowance for loan losses $ 163,217 $ 169,910 Reserve for unfunded lending commitments 12,802 6,174 Allowance for credit losses $ 176,019 $ 176,084 The following table presents the activity in the allowance for credit losses: Three months ended March 31 2018 2017 (in thousands) Balance at beginning of period $ 176,084 $ 171,325 Loans charged off (6,397 ) (9,407 ) Recoveries of loans previously charged off 2,362 5,929 Net loans charged off (4,035 ) (3,478 ) Provision for credit losses 3,970 4,800 Balance at end of period $ 176,019 $ 172,647 The Corporation has historically 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 the second quarter of 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. The following table presents the activity in the allowance for loan losses by portfolio segment: Real Estate - Commercial Mortgage Commercial - Industrial, Financial and Agricultural Real Estate - Home Equity Real Estate - Residential Mortgage Real Estate - Construction Consumer Leasing, other and overdrafts Unallocated Total (in thousands) Three months ended March 31, 2018 Balance at December 31, 2017 $ 58,793 $ 66,280 $ 18,127 $ 16,088 $ 6,620 $ 2,045 $ 1,957 $ — $ 169,910 Loans charged off (267 ) (4,005 ) (408 ) (162 ) (158 ) (892 ) (505 ) — (6,397 ) Recoveries of loans previously charged off 279 1,075 206 107 306 179 210 — 2,362 Net loans charged off 12 (2,930 ) (202 ) (55 ) 148 (713 ) (295 ) — (4,035 ) Provision for loan losses (1) (88 ) (1,520 ) (397 ) (772 ) (844 ) 571 392 — (2,658 ) Balance at March 31, 2018 $ 58,717 $ 61,830 $ 17,528 $ 15,261 $ 5,924 $ 1,903 $ 2,054 $ — $ 163,217 Three months ended March 31, 2017 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 (1,224 ) (5,527 ) (698 ) (216 ) (247 ) (856 ) (639 ) — (9,407 ) Recoveries of loans previously charged off 450 4,191 137 230 548 236 137 — 5,929 Net loans charged off (774 ) (1,336 ) (561 ) 14 301 (620 ) (502 ) — (3,478 ) Provision for loan losses (1) 1,305 2,292 (2,419 ) (925 ) 745 77 578 3,222 4,875 Balance at March 31, 2017 $ 47,373 $ 55,309 $ 23,821 $ 22,018 $ 7,501 $ 3,031 $ 3,268 $ 7,755 $ 170,076 (1) The provision for loan losses excluded an increase of $6.6 million and a decrease of $75,000 in the reserve for unfunded lending commitments for the three months ended March 31, 2018 and March 31, 2017, respectively. These amounts were reclassified to Other Liabilities. The following table presents loans, net of unearned income and their related allowance for loan losses, by portfolio segment: Real Estate - Commercial Mortgage Commercial - Industrial, Financial and Agricultural Real Estate - Home Equity Real Estate - Residential Mortgage Real Estate - Construction Consumer Leasing, other and overdrafts Unallocated Total (in thousands) Allowance for loan losses at March 31, 2018: Loans collectively evaluated for impairment $ 50,392 $ 51,314 $ 6,440 $ 5,610 $ 5,245 $ 1,887 $ 2,054 N/A $ 122,942 Loans individually evaluated for impairment 8,325 10,516 11,088 9,651 679 16 — N/A 40,275 $ 58,717 $ 61,830 $ 17,528 $ 15,261 $ 5,924 $ 1,903 $ 2,054 N/A $ 163,217 Loans, net of unearned income at March 31, 2018 Loans collectively evaluated for impairment $ 6,279,144 $ 4,234,362 $ 1,489,429 $ 1,935,587 $ 965,398 $ 326,742 $ 271,042 N/A $ 15,501,704 Loans individually evaluated for impairment 53,364 64,710 24,812 40,937 10,733 24 — N/A 194,580 $ 6,332,508 $ 4,299,072 $ 1,514,241 $ 1,976,524 $ 976,131 $ 326,766 $ 271,042 N/A $ 15,696,284 Allowance for loan losses at March 31, 2017: Loans collectively evaluated for impairment $ 37,457 $ 43,155 $ 14,744 $ 10,581 $ 4,915 $ 3,007 $ 3,268 $ 7,755 $ 124,882 Loans individually evaluated for impairment 9,916 12,154 9,077 11,437 2,586 24 — N/A 45,194 $ 47,373 $ 55,309 $ 23,821 $ 22,018 $ 7,501 $ 3,031 $ 3,268 $ 7,755 $ 170,076 Loans, net of unearned income at March 31, 2017: Loans collectively evaluated for impairment $ 6,067,492 $ 4,119,550 $ 1,576,949 $ 1,620,302 $ 869,225 $ 288,789 $ 243,983 N/A $ 14,786,290 Loans individually evaluated for impairment 51,041 48,259 18,952 44,840 13,758 37 — N/A 176,887 $ 6,118,533 $ 4,167,809 $ 1,595,901 $ 1,665,142 $ 882,983 $ 288,826 $ 243,983 N/A $ 14,963,177 N/A - Not applicable. Impaired Loans A loan is considered to be impaired if it is probable that all amounts will not be collected according to the contractual terms of the loan agreement. Impaired loans consist of all loans on non-accrual status and accruing troubled debt restructurings ("TDRs"). An allowance for loan losses is established for an impaired loan if its carrying value exceeds its estimated fair value. Impaired loans to borrowers with total outstanding commitments greater than or equal to $1.0 million are evaluated individually for impairment. Impaired loans to borrowers with total outstanding commitments less than $1.0 million are pooled and measured for impairment collectively. All loans individually evaluated for impairment are measured for losses on a quarterly basis. As of March 31, 2018 and December 31, 2017 , substantially all of the Corporation’s individually evaluated impaired loans with total outstanding balances greater than or equal to $1.0 million were measured based on the estimated fair value of each loan’s collateral. Collateral could be in the form of real estate, in the case of impaired commercial mortgages and construction loans, or business assets, such as accounts receivable or inventory, in the case of commercial and industrial loans. Commercial and industrial loans may also be secured by real estate. As of March 31, 2018 and 2017 , approximately 72% and 67% , 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 of the collateral using appraisals that had been updated in the preceding 12 months, performed by state certified third-party appraisers. When updated appraisals are not obtained for loans evaluated for impairment that are secured by real estate, fair values are estimated based on the original appraisal values, as long as the original appraisal indicated an acceptable loan-to-value position and, in the opinion of the Corporation's internal credit administration staff, there has not been a significant deterioration in the collateral value since the original appraisal was performed. Original appraisals are typically used only when the estimated collateral value, as adjusted for the age of the appraisal, results in a current loan-to-value ratio that is lower than the Corporation's loan-to-value requirements for new loans (generally less than 70% ). The following table presents total impaired loans by class segment: March 31, 2018 December 31, 2017 Unpaid Principal Balance Recorded Investment Related Allowance Unpaid Principal Balance Recorded Investment Related Allowance (in thousands) With no related allowance recorded: Real estate - commercial mortgage $ 29,862 $ 27,819 $ — $ 26,728 $ 22,886 $ — Commercial 46,673 40,525 — 44,936 39,550 — Real estate - residential mortgage 4,547 4,547 — 4,575 4,575 — Construction 12,343 7,842 — 12,477 8,100 — 93,425 80,733 88,716 75,111 With a related allowance recorded: Real estate - commercial mortgage 32,863 25,545 8,325 33,710 25,895 8,112 Commercial 29,723 24,185 10,516 29,816 24,175 11,406 Real estate - home equity 28,387 24,812 11,088 28,282 24,693 11,124 Real estate - residential mortgage 41,889 36,390 9,651 42,597 37,132 9,895 Construction 6,186 2,891 679 7,308 4,097 967 Consumer 25 24 16 26 26 17 139,073 113,847 40,275 141,739 116,018 41,521 Total $ 232,498 $ 194,580 $ 40,275 $ 230,455 $ 191,129 $ 41,521 As of March 31, 2018 and December 31, 2017 , there were $80.7 million and $75.1 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 were previously charged down to realizable collateral values. Accordingly, no specific valuation allowance was considered to be necessary. The following table presents average impaired loans by class segment: Three months ended March 31 2018 2017 Average Interest Average Interest (in thousands) With no related allowance recorded: Real estate - commercial mortgage $ 25,353 $ 83 $ 23,842 $ 70 Commercial 40,038 73 25,574 36 Real estate - residential mortgage 4,561 27 4,673 26 Construction 7,971 — 5,046 2 77,923 183 59,135 134 With a related allowance recorded: Real estate - commercial mortgage 25,720 84 29,126 85 Commercial 24,181 44 23,044 32 Real estate - home equity 24,752 184 19,079 95 Real estate - residential mortgage 36,761 221 40,839 230 Construction 3,495 — 7,100 3 Consumer 25 — 38 — Leasing, other and overdrafts — — 713 — 114,934 533 119,939 445 Total $ 192,857 $ 716 $ 179,074 $ 579 (1) All impaired loans, excluding accruing TDRs, were non-accrual loans. Interest income recognized for the three months ended March 31, 2018 and 2017 represents amounts earned on accruing TDRs. Credit Quality Indicators and Non-performing Assets The following is a summary of the Corporation's internal risk rating categories: • Pass : These loans do not currently pose undue credit risk and can range from the highest to average quality, depending on the degree of potential risk. • Special Mention : These loans constitute an undue and unwarranted credit risk, but not to a point of justifying a classification of substandard. Loans in this category are currently acceptable, but are nevertheless potentially weak. • Substandard or Lower : These loans are inadequately protected by current sound worth and paying capacity of the borrower. There exists a well-defined weakness or weaknesses that jeopardize the normal repayment of the debt. The risk rating process allows management to identify credits that potentially carry more risk in a timely manner and to allocate resources to managing troubled accounts. The Corporation believes that internal risk ratings are the most relevant credit quality indicator for the class segments presented above. The migration of loans through the various internal risk rating categories is a significant component of the allowance for credit loss methodology, which bases the probability of default on this migration. Assigning risk ratings involves judgment. The Corporation's loan review officers provide an independent assessment of risk rating accuracy. Ratings may be changed based on the ongoing monitoring procedures performed by loan officers or credit administration staff, or if specific loan review activities identify a deterioration or an improvement in the loan. The following table presents internal credit risk ratings for the indicated loan class segments: Pass Special Mention Substandard or Lower Total March 31, 2018 December 31, 2017 March 31, 2018 December 31, 2017 March 31, 2018 December 31, 2017 March 31, 2018 December 31, 2017 (dollars in thousands) Real estate - commercial mortgage $ 6,027,210 $ 6,066,396 $ 144,809 $ 147,604 $ 160,489 $ 150,804 $ 6,332,508 $ 6,364,804 Commercial - secured 3,873,737 3,831,485 100,242 121,842 180,234 179,113 4,154,213 4,132,440 Commercial - unsecured 139,139 159,620 3,378 5,478 2,342 2,759 144,859 167,857 Total commercial - industrial, financial and agricultural 4,012,876 3,991,105 103,620 127,320 182,576 181,872 4,299,072 4,300,297 Construction - commercial residential 141,587 143,759 4,613 5,259 12,282 14,084 158,482 163,102 Construction - commercial 744,274 761,218 834 846 3,688 3,752 748,796 765,816 Total construction (excluding Construction - other) 885,861 904,977 5,447 6,105 15,970 17,836 907,278 928,918 $ 10,925,947 $ 10,962,478 $ 253,876 $ 281,029 $ 359,035 $ 350,512 $ 11,538,858 $ 11,594,019 % of Total 94.7 % 94.6 % 2.2 % 2.4 % 3.1 % 3.0 % 100.0 % 100.0 % The Corporation does not assign internal risk ratings to smaller balance, homogeneous loans, such as home equity, residential mortgage, construction loans to individuals secured by residential real estate, consumer and lease receivables. For these loans, the most relevant credit quality indicator is delinquency status. The migration of loans through the various delinquency status categories is a significant component of the allowance for credit losses methodology for those loans, which bases the probability of default on this migration. The following table presents a summary of performing, delinquent and non-performing loans for the indicated loan class segments: Performing Delinquent (1) Non-performing (2) Total March 31, 2018 December 31, 2017 March 31, 2018 December 31, 2017 March 31, 2018 December 31, 2017 March 31, 2018 December 31, 2017 (dollars in thousands) Real estate - home equity $ 1,493,485 $ 1,535,557 $ 8,731 $ 12,655 $ 12,025 $ 11,507 $ 1,514,241 $ 1,559,719 Real estate - residential mortgage 1,938,817 1,914,888 17,539 18,852 20,168 20,971 1,976,524 1,954,711 Construction - other 68,363 77,403 — 203 490 411 68,853 78,017 Consumer - direct 55,681 54,828 323 315 54 70 56,058 55,213 Consumer - indirect 267,584 254,663 2,931 3,681 193 226 270,708 258,570 Total consumer 323,265 309,491 3,254 3,996 247 296 326,766 313,783 Leasing 270,027 267,111 843 855 172 32 271,042 267,998 $ 4,093,957 $ 4,104,450 $ 30,367 $ 36,561 $ 33,102 $ 33,217 $ 4,157,426 $ 4,174,228 % of Total 98.5 % 98.3 % 0.7 % 0.9 % 0.8 % 0.8 % 100.0 % 100.0 % (1) Includes all accruing loans 30 days to 89 days past due. (2) Includes all accruing loans 90 days or more past due and all non-accrual loans. The following table presents non-performing assets: March 31, December 31, (in thousands) Non-accrual loans $ 122,966 $ 124,749 Loans 90 days or more past due and still accruing 11,676 10,010 Total non-performing loans 134,642 134,759 Other real estate owned (OREO) 10,744 9,823 Total non-performing assets $ 145,386 $ 144,582 The following tables present past due status and non-accrual loans by portfolio segment and class segment: March 31, 2018 30-59 Days Past Due 60-89 Days Past Due ≥ 90 Days Past Due and Accruing Non- accrual Total ≥ 90 Days Total Past Due Current Total (in thousands) Real estate - commercial mortgage $ 11,606 $ 1,091 $ 1,001 $ 35,183 $ 36,184 $ 48,881 $ 6,283,627 $ 6,332,508 Commercial - secured 4,048 3,607 1,935 52,336 54,271 61,926 4,092,287 4,154,213 Commercial - unsecured 814 159 10 634 644 1,617 143,242 144,859 Total commercial - industrial, financial and agricultural 4,862 3,766 1,945 52,970 54,915 63,543 4,235,529 4,299,072 Real estate - home equity 6,401 2,330 3,280 8,745 12,025 20,756 1,493,485 1,514,241 Real estate - residential mortgage 12,725 4,814 4,833 15,335 20,168 37,707 1,938,817 1,976,524 Construction - commercial residential — — — 10,422 10,422 10,422 148,060 158,482 Construction - commercial — — — 19 19 19 748,777 748,796 Construction - other — — 198 292 490 490 68,363 68,853 Total real estate - construction — — 198 10,733 10,931 10,931 965,200 976,131 Consumer - direct 211 112 54 — 54 377 55,681 56,058 Consumer - indirect 2,253 678 193 — 193 3,124 267,584 270,708 Total consumer 2,464 790 247 — 247 3,501 323,265 326,766 Leasing, other and overdrafts 662 181 172 — 172 1,015 270,027 271,042 Total $ 38,720 $ 12,972 $ 11,676 $ 122,966 $ 134,642 $ 186,334 $ 15,509,950 $ 15,696,284 December 31, 2017 30-59 Days Past Due 60-89 Days Past Due ≥ 90 Days Past Due and Accruing Non- accrual Total ≥ 90 Days Total Past Due Current Total (in thousands) Real estate - commercial mortgage $ 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 residential — 439 — 11,767 11,767 12,206 150,896 163,102 Construction - commercial 483 — — 19 19 502 765,314 765,816 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 Total $ 40,709 $ 20,800 $ 10,010 $ 124,749 $ 134,759 $ 196,268 $ 15,571,979 $ 15,768,247 The following table presents TDRs, by class segment: March 31, December 31, (in thousands) Real-estate - residential mortgage $ 25,602 $ 26,016 Real-estate - commercial mortgage 18,181 13,959 Real estate - home equity 16,067 15,558 Commercial 11,740 10,820 Consumer 24 26 Total accruing TDRs 71,614 66,379 Non-accrual TDRs (1) 24,897 29,051 Total TDRs $ 96,511 $ 95,430 (1) Included in non-accrual loans in the preceding table detailing non-performing assets. The following table presents TDRs, by class segment and type of concession for loans that were modified during the three months ended March 31, 2018 and 2017 : Three months ended March 31 2018 2017 Number of Loans Post-Modification Recorded Investment Number of Loans Post-Modification Recorded Investment (dollars in thousands) Real estate – residential mortgage: Extend maturity without rate concession — — 2 337 Bankruptcy 1 5 1 178 Real estate - commercial mortgage: Extend maturity without rate concession — — 1 318 Real estate - home equity: Extend maturity without rate concession 17 1,276 16 1,284 Bankruptcy 2 108 7 453 Commercial: Extend maturity without rate concession 9 9,359 4 3,126 Total 29 $ 10,748 31 $ 5,696 The following table presents TDRs, by class segment, as of March 31, 2018 and 2017 , that were modified in the previous 12 months and had a post-modification payment default during the three months ended March 31, 2018 and 2017 . The Corporation defines a payment default as a single missed payment. 2018 2017 Number of Loans Recorded Investment Number of Loans Recorded Investment (dollars in thousands) Real estate - residential mortgage 5 $ 332 8 $ 2,006 Real estate - commercial mortgage 1 180 2 430 Real estate - home equity 18 1,000 14 639 Commercial 6 526 6 3,654 Construction 2 1,484 — — Total 32 $ 3,522 30 $ 6,729 |
Mortgage Servicing Rights
Mortgage Servicing Rights | 3 Months Ended |
Mar. 31, 2018 | |
Transfers and Servicing [Abstract] | |
Mortgage Servicing Rights | Mortgage Servicing Rights The following table summarizes the changes in mortgage servicing rights ("MSRs"), which are included in other assets on the consolidated balance sheets: Three months ended March 31 2018 2017 (in thousands) Amortized cost: Balance at beginning of period $ 37,663 $ 38,822 Originations of mortgage servicing rights 1,483 1,183 Amortization (1,398 ) (1,462 ) Balance at end of period $ 37,748 $ 38,543 Valuation allowance: Valuation Allowance - Balance at beginning and end of period $ — $ (1,291 ) Net MSRs at end of period $ 37,748 $ 37,252 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 a valuation allowance was not necessary as of March 31, 2018. For the three months ended March 31, 2017, the Corporation determined that no adjustment to the valuation allowance of $1.3 million was necessary. Additions and reductions to the valuation allowance are recorded as decreases and increases, respectively, to "mortgage banking income" on the consolidated statements of income. |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Mar. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation The Corporation grants equity awards to employees, consisting of stock options, restricted stock, RSUs and PSUs under its Amended and Restated Equity and Cash Incentive Compensation Plan ("Employee Equity Plan"). In addition, employees may purchase stock under the Corporation’s Employee Stock Purchase Plan. The fair value of equity awards granted to employees is recognized as compensation expense over the period during which employees are required to provide service in exchange for such awards. Compensation expense for PSUs is also recognized over the period during which employees are required to provide service in exchange for such awards, however, compensation expense may vary based on the expectations for actual performance relative to defined performance measures. The Corporation also grants equity awards to non-employee members of its board of directors under the 2011 Directors’ Equity Participation Plan ("Directors’ Plan"). Under the Directors’ Plan, the Corporation can grant equity awards to non-employee holding company and subsidiary bank directors in the form of stock options, restricted stock or common stock. Equity awards issued under the Employee Equity Plan are generally granted annually and become fully vested over or after a three -year vesting period. The vesting period for non-performance-based awards represents the period during which employees are required to provide service in exchange for such awards. Equity awards under the Directors' Plan generally vest immediately upon grant. Certain events, as defined in the Employee Equity Plan and the Directors' Plan, result in the acceleration of the vesting of equity awards. Fair values for RSUs and a majority of PSUs are based on the trading price of the Corporation’s stock on the date of grant and earn dividend equivalents during the vesting period, which are forfeitable if the awards do not vest. The fair value of certain PSUs are estimated through the use of the Monte Carlo valuation methodology as of the date of grant. As of March 31, 2018 , the Employee Equity Plan had 11.1 million shares reserved for future grants through 2023 , and the Directors’ Plan had approximately 360,000 shares reserved for future grants through 2021 . The following table presents compensation expense and the related tax benefits for equity awards recognized in the consolidated statements of income: Three months ended March 31 2018 2017 (in thousands) Compensation expense $ 1,510 $ 734 Tax benefit (461 ) (744 ) Stock-based compensation expense, net of tax benefit $ 1,049 $ (10 ) For the quarter ended March 31, 2017, the tax benefit exceeded the stock-based compensation expense as a result of excess tax benefits related to stock option exercises during the quarter, which were recorded as a reduction to income tax expense as required under ASU 2016-09. |
Employee Benefit Plans
Employee Benefit Plans | 3 Months Ended |
Mar. 31, 2018 | |
Retirement Benefits [Abstract] | |
Employee Benefit Plans | Employee Benefit Plans The net periodic pension cost for the Corporation’s Defined Benefit Pension Plan ("Pension Plan") consisted of the following components: Three months ended March 31 2018 2017 (in thousands) Interest cost $ 831 $ 830 Expected return on plan assets (451 ) (451 ) Net amortization and deferral 664 663 Net periodic pension cost $ 1,044 $ 1,042 The components of the net benefit for the Corporation’s Postretirement Benefits Plan ("Postretirement Plan") consisted of the following: Three months ended March 31 2018 2017 (in thousands) Interest cost $ 17 $ 17 Net accretion and deferral (141 ) (141 ) Net periodic benefit $ (124 ) $ (124 ) The Corporation recognizes the funded status of its Pension Plan and Postretirement Plan on the consolidated balance sheets and recognizes the change in that funded status through other comprehensive income. |
Derivative Financial Instrument
Derivative Financial Instruments | 3 Months Ended |
Mar. 31, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | Derivative Financial Instruments The Corporation manages its exposure to certain interest rate and foreign currency risks through the use of derivatives. None of the Corporation's outstanding derivative contracts are designated as hedges, and none are entered into for speculative purposes. Derivative instruments are carried at fair value, with changes in fair 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 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, and changes in fair values during the period are recorded in mortgage banking income on the consolidated statements of income. Interest Rate Swaps The Corporation enters into interest rate swaps with certain qualifying commercial loan customers to meet their interest rate risk management needs. The Corporation simultaneously enters into interest rate swaps with dealer counterparties, with identical notional amounts and terms. The net result of these interest rate swaps is that the customer pays a fixed rate of interest and the Corporation receives a floating rate. These interest rate swaps are derivative financial instruments and the 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 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 is required to clear all eligible interest rate swap contracts with a central counterparty, effective January 1, 2017. As a result, Fulton Bank is subject to the regulations of the Commodity Futures Trading Commission ("CFTC"). 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 limits its foreign exchange exposure with customers by entering into contracts with institutional counterparties 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. The following table presents a summary of the notional amounts and fair values of derivative financial instruments: March 31, 2018 December 31, 2017 Notional Asset Notional Asset (in thousands) Interest Rate Locks with Customers Positive fair values $ 142,131 $ 1,210 $ 129,469 $ 1,059 Negative fair values 10,572 (81 ) 8,957 (59 ) Net interest rate locks with customers 1,129 1,000 Forward Commitments Positive fair values 112,544 47 3,856 34 Negative fair values — — 100,808 (213 ) Net forward commitments 47 (179 ) Interest Rate Swaps with Customers Positive fair values 464,300 7,581 1,316,548 24,505 Negative fair values 1,654,770 (44,696 ) 716,634 (18,978 ) Net interest rate swaps with customers (37,115 ) 5,527 Interest Rate Swaps with Dealer Counterparties Positive fair values (1) (3) 1,654,770 39,466 716,634 18,941 Negative fair values (2) (3) 464,300 (6,475 ) 1,316,548 (19,764 ) Net interest rate swaps with dealer counterparties 32,991 (823 ) Foreign Exchange Contracts with Customers Positive fair values 9,914 228 4,852 276 Negative fair values 3,330 (64 ) 5,914 (119 ) Net foreign exchange contracts with customers 164 157 Foreign Exchange Contracts with Correspondent Banks Positive fair values 13,953 182 7,960 184 Negative fair values 8,682 (165 ) 6,048 (255 ) Net foreign exchange contracts with correspondent banks 17 (71 ) Net derivative fair value asset $ (2,767 ) $ 5,611 (1) Includes centrally cleared interest rate swaps with a notional amount of $371.1 million and a fair value of $0 as of March 31, 2018 and 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 $83.3 million and a fair value of $0 as of March 31, 2018 and 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 of $4.3 million at March 31, 2018 , increasing the fair value of such swaps to $0 , and $4.6 million at December 31, 2017 , reducing the fair value of such swaps to $0 . The following table presents a summary of the fair value (losses) gains on derivative financial instruments: Three months ended March 31 2018 2017 (in thousands) Interest rate locks with customers $ 129 $ 845 Forward commitments 226 (2,379 ) Interest rate swaps with customers (42,642 ) (815 ) Interest rate swaps with dealer counterparties (1) 33,814 3,001 Foreign exchange contracts with customers 7 8 Foreign exchange contracts with correspondent banks 88 (37 ) Net fair value gains on derivative financial instruments $ (8,378 ) $ 623 (1) Not included is $8.9 million of gains representing the change in the variation margin for the three months ended March 31, 2018 and $2.2 million of losses representing the change in the variation margin for the three months ended March 31, 2017 . 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 noted above. The Corporation determines fair value for its mortgage loans held for sale based on the price that secondary market investors would pay for loans with similar characteristics, including interest rate and term, as of the date fair value is measured. Changes in fair values during the period are recorded as components of mortgage banking income on the consolidated statements of income. The following table presents a summary of the Corporation’s mortgage loans held for sale: March 31, December 31, (in thousands) Cost (1) $ 23,186 $ 31,069 Fair value 23,450 31,530 (1) Cost basis of mortgage loans held for sale represents the unpaid principal balance. For the three months ended March 31, 2018 , losses related to changes in fair values of mortgage loans held for sale were $197,000 and, for the three months ended March 31, 2017 , gains were $539,000 . 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, disclosed in detail above. Under these agreements, the Corporation has the right to net-settle multiple contracts with the same counterparty in the event of default on, or termination of, any one contract. Cash collateral is posted by the party with a net liability position in accordance with contract thresholds and can be used to settle the fair value of the interest rate swap agreements in the event of default. 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, collateral is posted by the party with a net liability position in accordance with contract thresholds and can be used to settle the fair value of the foreign currency exchange contracts in the event of default. The Corporation also enters into agreements with customers in which it sells securities subject to an obligation to repurchase the same or similar securities, referred to as repurchase agreements. Under these agreements, the Corporation may transfer legal control over the assets but still maintain effective control through agreements that both entitle and obligate the Corporation to repurchase the assets. Therefore, repurchase agreements are reported as secured borrowings, classified in short-term borrowings on the consolidated balance sheets, while the securities underlying the repurchase agreements remain classified with investment securities on the consolidated balance sheets. The Corporation has no intention of setting off these amounts. Therefore, these repurchase agreements are not eligible for offset. The following table presents the Corporation's financial instruments that are eligible for offset, and the effects of offsetting, on the consolidated balance sheets: Gross Amounts Gross Amounts Not Offset Recognized on the Consolidated on the Balance Sheets Consolidated Financial Cash Net Balance Sheets Instruments (1) Collateral (2) Amount (in thousands) March 31, 2018 Interest rate swap derivative assets $ 47,047 $ (7,339 ) $ (34,170 ) $ 5,538 Foreign exchange derivative assets with correspondent banks 182 (165 ) — 17 Total $ 47,229 $ (7,504 ) $ (34,170 ) $ 5,555 Interest rate swap derivative liabilities $ 51,171 $ (7,339 ) $ (8,806 ) $ 35,026 Foreign exchange derivative liabilities with correspondent banks 165 (165 ) — — Total $ 51,336 $ (7,504 ) $ (8,806 ) $ 35,026 December 31, 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 (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 received from the counterparty or posted by the Corporation 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. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Commitments The Corporation is a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its customers. Those financial instruments include commitments to extend credit and letters of credit, which involve, to varying degrees, elements of credit risk and interest rate risk in excess of the amounts recognized on the Corporation’s consolidated balance sheets. Exposure to credit loss in the event of nonperformance by the other party to the financial instrument for commitments to extend credit and letters of credit is represented by the outstanding amount of those instruments. The outstanding amounts of commitments to extend credit and letters of credit were as follows: March 31, December 31, 2017 (in thousands) Commitments to extend credit $ 6,418,380 $ 6,205,029 Standby letters of credit 318,827 326,973 Commercial letters of credit 43,709 41,801 The Corporation records a reserve for unfunded lending commitments, which represents management’s estimate of losses associated with unused commitments to extend credit and letters of credit. See Note 5, "Loans and Allowance for Credit Losses," for additional details. Residential Lending Residential mortgages originated and sold by the Corporation consist primarily of conforming, prime loans sold to government sponsored agencies, such as the Federal National Mortgage Association ("Fannie Mae") and the Federal Home Loan Mortgage Corporation ("Freddie Mac"). Certain prime loans may also be sold to non-government sponsored agency investors. The Corporation provides customary representations and warranties to government sponsored entities and investors that specify, among other things, that the loans have been underwritten to the standards established by the government sponsored entity or investor. The Corporation may be required to repurchase a loan, or reimburse the government sponsored entity or investor for a credit loss incurred on a loan, if it is determined that the representations and warranties have not been met. Such repurchases or reimbursements generally result from an underwriting or documentation deficiency. As of both March 31, 2018 and December 31, 2017 , outstanding repurchase requests totaled approximately $543,000 . From 2000 to 2011 , the Corporation sold loans to the Federal Home Loan Bank of Pittsburgh under its Mortgage Partnership Finance Program ("MPF Program"). The Corporation provided a "credit enhancement" for residential mortgage loans sold under the MPF Program whereby it would assume credit losses in excess of a defined "First Loss Account," or "FLA" balance, up to specified amounts. The FLA is funded by the Federal Home Loan Bank of Pittsburgh based on a percentage of the outstanding principal balance of loans sold. As of March 31, 2018 , the unpaid principal balance of loans sold under the MPF Program was approximately $80 million . As of March 31, 2018 and December 31, 2017 , the reserve for estimated credit losses related to loans sold under the MPF Program was $1.1 million and $1.2 million , respectively. Required reserves are calculated based on delinquency status and estimated loss rates established through the Corporation's existing allowance for credit losses methodology for residential mortgage loans. As of March 31, 2018 and December 31, 2017 , the total reserve for losses on residential mortgage loans sold was $2.1 million , respectively, including both reserves for credit losses under the MPF Program and reserves for representation and warranty exposures. Management believes that the reserves recorded as of March 31, 2018 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. In 2017, the Corporation began selling certain non-prime loans to Fannie Mae, under programs designed to extend credit to borrowers who do not meet the underwriting criteria for conforming, prime loans. Under this program, loans sold must be repurchased by the Corporation if they become delinquent, as defined in the agreement, within three years of the date the loan is funded. In the first quarter of 2018, approximately $44.9 million of loans were sold under this program, and the total unpaid principal balance of loans sold under this program was $58.4 million at March 31, 2018. Based on the credit characteristics of this portfolio, no reserve for estimated credit losses for these loans has been recognized in the consolidated balance sheet at March 31, 2018. Legal Proceedings The Corporation is involved in various pending and threatened claims and other legal proceedings in the ordinary course of business activities of the Corporation. The Corporation evaluates the possible impact of these matters, taking into consideration the most recent information available. A loss reserve is established for those matters for which the Corporation believes a loss is both probable and reasonably estimable. Once established, the reserve is adjusted as appropriate to reflect any subsequent developments. Actual losses may be more or less than the amount estimated by the Corporation. For matters where a loss is not probable, or the amount of the loss cannot be estimated by the Corporation, no loss reserve is established. 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 and the affected bank subsidiaries are subject to certain restrictions on expansion activities. 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. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements FASB ASC Topic 820 establishes a fair value hierarchy for the inputs to valuation techniques used to measure assets and liabilities at fair value using the following three categories (from highest to lowest priority): • Level 1 – Inputs that represent quoted prices for identical instruments in active markets. • Level 2 – Inputs that represent quoted prices for similar instruments in active markets, or quoted prices for identical instruments in non-active markets. Also includes valuation techniques whose inputs are derived principally from observable market data other than quoted prices, such as interest rates or other market-corroborated means. • Level 3 – Inputs that are largely unobservable, as little or no market data exists for the instrument being valued. The Corporation has categorized all assets and liabilities measured at fair value on both a recurring and nonrecurring basis into the above three levels. The following tables present summaries of the Corporation’s assets and liabilities measured at fair value on a recurring basis and reported on the consolidated balance sheets: March 31, 2018 Level 1 Level 2 Level 3 Total (in thousands) Mortgage loans held for sale $ — $ 23,450 $ — $ 23,450 Available for sale investment securities: U.S. Government sponsored agency securities — 20,962 — 20,962 State and municipal securities — 406,099 — 406,099 Corporate debt securities — 97,995 3,960 101,955 Collateralized mortgage obligations — 679,700 — 679,700 Residential mortgage-backed securities — 1,054,166 — 1,054,166 Commercial mortgage-backed securities — 226,892 — 226,892 Auction rate securities — — 103,049 103,049 Total available for sale investment securities — 2,485,814 107,009 2,592,823 Other assets 19,505 48,304 — 67,809 Total assets $ 19,505 $ 2,557,568 $ 107,009 $ 2,684,082 Other liabilities $ 19,307 $ 51,251 $ — $ 70,558 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 The valuation techniques used to measure fair value for the items in the preceding tables are as follows: • Mortgage loans held for sale – This category consists of mortgage loans held for sale that the Corporation has elected to measure at fair value. Fair values as of March 31, 2018 and December 31, 2017 were measured based on the price that secondary market investors were offering for loans with similar characteristics. See Note 9, "Derivative Financial Instruments" for details related to the Corporation’s election to measure assets and liabilities at fair value. • Available for sale investment securities – Included in this asset category are both equity and debt securities. Level 2 available for sale debt securities are valued by a third-party pricing service commonly used in the banking industry. The pricing service uses pricing models that vary based on asset class and incorporate available market information, including quoted prices of investment securities with similar characteristics. Because many fixed income securities do not trade on a daily basis, pricing models use available information, as applicable, through processes such as benchmark yield curves, benchmarking of like securities, sector groupings, and matrix pricing. Standard market inputs include: benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers and reference data, including market research publications. For certain security types, additional inputs may be used, or some of the standard market inputs may not be applicable. Management tests the values provided by the pricing service by obtaining securities prices from an alternative third-party source and comparing the results. This test is performed for at least 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 – As of March 31, 2018, the Corporation did not hold any equity securities. Equity securities held as of December 31, 2017 consisted of common stocks of financial institutions and other equity investments. These Level 1 investments were measured at fair value based on quoted prices for identical securities in active markets. • 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 debt and senior debt issued by financial institutions ( $66.6 million at March 31, 2018 and $61.9 million at December 31, 2017 ), single-issuer trust preferred securities issued by financial institutions ( $30.5 million at March 31, 2018 and $30.7 million at December 31, 2017 ), pooled trust preferred securities issued by financial institutions ( $865,000 at March 31, 2018 and $707,000 at December 31, 2017 ) and other corporate debt issued by non-financial institutions ( $4.0 million at both March 31, 2018 and December 31, 2017 ). Level 2 investments include the Corporation’s holdings of subordinated debt and senior debt, other corporate debt issued by non-financial institutions and $27.4 million and $27.7 million of single-issuer trust preferred securities held at March 31, 2018 and December 31, 2017 , 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 ( $865,000 at March 31, 2018 and $707,000 at December 31, 2017 ) and certain single-issuer trust preferred securities ( $3.1 million at both March 31, 2018 and at December 31, 2017 ). The fair values of these securities were determined based on quotes provided by third-party brokers who determined fair values based predominantly on internal valuation models which were not indicative prices or binding offers. The Corporation’s third-party pricing service cannot derive fair values for these securities primarily due to inactive markets for similar investments. Level 3 values are tested by management primarily through trend analysis, by comparing current values to those reported at the end of the preceding calendar quarter, and determining if they are reasonable based on price and spread movements for this asset class. • Auction rate securities – Due to their illiquidity, ARCs are classified as Level 3 investments and are valued through the use of an expected cash flows model prepared by a third-party valuation expert. The assumptions used in preparing the expected cash flows model include estimates for coupon rates, time to maturity and market rates of return. The most significant unobservable input to the expected cash flows model is an assumed return to market liquidity sometime in the next five years. If the assumed return to market liquidity was lengthened beyond the next five years, this would result in a decrease in the fair value of these ARCs. The Corporation believes that the trusts underlying the ARCs will self-liquidate as student loans are repaid. Level 3 fair values are tested by management through the performance of a trend analysis of the market price and discount rate. Changes in the price and discount rates are compared to changes in market data, including bond ratings, parity ratios, balances and delinquency levels. Other assets – Included in this category are the following: • Level 1 assets include mutual funds that are held in trust for employee deferred compensation plans ( $19.1 million at March 31, 2018 and $19.0 million at December 31, 2017 ) and the fair value of foreign currency exchange contracts ( $428,000 at March 31, 2018 and $460,000 at December 31, 2017 ). The mutual funds and foreign exchange prices used to measure these items at fair value are based on quoted prices for identical instruments in active markets. • Level 2 assets include the fair value of mortgage banking derivatives in the form of interest rate locks and forward commitments with secondary market investors ( $1.2 million at March 31, 2018 and $1.1 million at December 31, 2017 ) and the fair value of interest rate swaps ( $47.0 million at March 31, 2018 and $43.4 million at December 31, 2017 ). The fair values of the Corporation’s interest rate locks, forward commitments and interest rate swaps represent the amounts that would be required to settle the derivative financial instruments at the balance sheet date. See Note 9, "Derivative Financial Instruments," for additional information. Other liabilities – Included in this category are the following: • Level 1 liabilities include employee deferred compensation liabilities which represent amounts due to employees under deferred compensation plans ( $19.1 million at March 31, 2018 and $19.0 million at December 31, 2017 ) and the fair value of foreign currency exchange contracts ( $229,000 at March 31, 2018 and $374,000 at December 31, 2017 ). The fair value of these liabilities are determined in the same manner as the related assets, as described under the heading "Other assets" above. • Level 2 liabilities include the fair value of mortgage banking derivatives in the form of interest rate locks and forward commitments with secondary market investors ( $81,000 at March 31, 2018 and $272,000 at December 31, 2017 ) and the fair value of interest rate swaps ( $51.2 million at March 31, 2018 and $37.8 million at December 31, 2017 ). The fair values of these liabilities are determined in the same manner as the related assets, as described under the heading "Other assets" above. The following table presents the changes in the Corporation’s available for sale investment securities measured at fair value on a recurring basis using unobservable inputs (Level 3): Three months ended March 31, 2018 Pooled Trust Single-issuer ARCs (in thousands) Balance at December 31, 2017 $ 707 $ 3,050 $ 98,668 Unrealized adjustment to fair value (1) 158 42 4,381 Discount accretion (2) — 3 — Balance at March 31, 2018 $ 865 $ 3,095 $ 103,049 Three months ended March 31, 2017 Balance at December 31, 2016 $ 422 $ 2,450 $ 97,256 Unrealized adjustment to fair value (1) — 297 86 Discount accretion (2) — 3 97 Balance at March 31, 2017 $ 422 $ 2,750 $ 97,439 (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 Level 3 financial assets measured at fair value on a nonrecurring basis and reported on the Corporation’s consolidated balance sheets: March 31, 2018 December 31, 2017 (in thousands) Net loans $ 154,305 $ 149,608 OREO 10,744 9,823 MSRs 37,748 37,663 Total assets $ 202,797 $ 197,094 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 collectively evaluated for impairment and have been classified as Level 3 assets. The amount shown is the balance of impaired loans, net of the related allowance for loan losses. See Note 5, "Loans and Allowance for Credit Losses," for additional details. • OREO – This category includes OREO, 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, 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 March 31, 2018 valuation were 9.7% 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 estimated fair values of the Corporation’s financial instruments as of March 31, 2018 and December 31, 2017 . In addition, a general description of the methods and assumptions used to estimate such fair values is also provided. March 31, 2018 Amortized Cost Level 1 Level 2 Level 3 Estimated (in thousands) FINANCIAL ASSETS Cash and due from banks $ 100,151 $ 100,151 $ — $ — $ 100,151 Interest-bearing deposits with other banks 210,906 210,906 — — 210,906 Federal Reserve Bank and Federal Home Loan Bank stock 56,900 — 56,900 — 56,900 Loans held for sale 23,450 — 23,450 — 23,450 Available for sale investment securities 2,592,823 — 2,485,814 107,009 2,592,823 Net Loans 15,533,067 — — 14,933,445 14,933,445 Accrued interest receivable 53,060 53,060 — — 53,060 Other financial assets 216,952 120,156 48,304 48,492 216,952 FINANCIAL LIABILITIES Demand and savings deposits $ 12,763,521 $ 12,763,521 $ — $ — $ 12,763,521 Brokered deposits 64,195 64,195 — — 64,195 Time deposits 2,649,387 — 2,647,498 — 2,647,498 Short-term borrowings 937,852 937,852 — — 937,852 Accrued interest payable 9,681 9,681 — — 9,681 Other financial liabilities 209,483 158,232 51,251 — 209,483 Federal Home Loan Bank advances and long-term debt 938,499 — 914,763 — 914,763 December 31, 2017 Book Value Level 1 Level 2 Level 3 Estimated (in thousands) FINANCIAL ASSETS Cash and due from banks $ 108,291 $ 108,291 $ — $ — $ 108,291 Interest-bearing deposits with other banks 293,805 293,805 — — 293,805 Federal Reserve Bank and Federal Home Loan Bank stock 60,761 — 60,761 — 60,761 Loans held for sale 31,530 — 31,530 — 31,530 Available for sale investment securities 2,547,956 918 2,444,613 102,425 2,547,956 Net Loans 15,598,337 — — 15,380,974 15,380,974 Accrued interest receivable 52,910 52,910 — — 52,910 Other financial assets 215,464 123,439 44,539 47,486 215,464 FINANCIAL LIABILITIES Demand and savings deposits $ 13,042,147 $ 13,042,147 $ — $ — $ 13,042,147 Brokered deposits 90,473 90,473 — — 90,473 Time deposits 2,664,912 — 2,664,912 — 2,664,912 Short-term borrowings 617,524 617,524 — — 617,524 Accrued interest payable 9,317 9,317 — — 9,317 Other financial liabilities 227,569 188,555 39,014 — 227,569 Federal Home Loan Bank advances and long-term debt 1,038,346 — 1,038,346 — 1,038,346 Fair values of financial instruments are significantly affected by the assumptions used, principally the timing of future cash flows and discount rates. Because assumptions are inherently subjective in nature, the estimated fair values cannot be substantiated by comparison to independent market quotes and, in many cases, the estimated fair values could not necessarily be realized in an immediate sale or settlement of the instrument. The aggregate fair value amounts presented do not necessarily represent management’s estimate of the underlying value of the Corporation. For short-term financial instruments, defined as those with remaining maturities of 90 days or less, and excluding those recorded at fair value on the Corporation’s consolidated balance sheets, book value was considered to be a reasonable estimate of fair value. The following instruments are predominantly short-term: Assets Liabilities Cash and due from banks Demand and savings deposits Interest-bearing deposits with other banks Short-term borrowings Accrued interest receivable Accrued interest payable Federal Reserve Bank and Federal Home Loan Bank ("FHLB") stock represent restricted investments and are carried at cost on the consolidated balance sheets. As of March 31, 2018, Fair values for loans and time deposits were estimated by discounting future cash flows using the current rates, as adjusted for liquidity considerations, at which similar loans would be made to borrowers and similar deposits would be issued to customers for the same remaining maturities. Fair values of loans also include estimated credit losses that would be assumed in a market transaction. Fair values estimated in this manner are considered to represent estimated exit prices, required by ASU 2016-01, as of March 31, 2018. As of December 31, 2017, loan fair values do not fully incorporate an exit price approach to fair value. The fair values of FHLB advances and long-term debt were estimated by discounting the remaining contractual cash flows using a rate at which the Corporation could issue debt with similar remaining maturities as of the balance sheet date. These borrowings would be categorized in Level 2 liabilities under FASB ASC Topic 820. |
Basis of Presentation Basis of
Basis of Presentation Basis of Presentation (Policies) | 3 Months Ended |
Mar. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited consolidated financial statements of Fulton Financial Corporation (the "Corporation") have been prepared in conformity with U.S. generally accepted accounting principles ("U.S. GAAP") for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and notes required by U.S. GAAP for complete financial statements. The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the amounts of assets and liabilities as of the date of the financial statements as well as revenues and expenses during the period. Actual results could differ from those estimates. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. These consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the notes thereto included in the Corporation's Annual Report on Form 10-K for the year ended December 31, 2017 . Operating results for the three months ended March 31, 2018 are not necessarily indicative of the results that may be expected for the year ending December 31, 2018 . The Corporation evaluates subsequent events through the date of filing of this Form 10-Q with the Securities and Exchange Commission ("SEC"). |
Recently Issued Accounting Standards | Recently Adopted Accounting Standards In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Codification ("ASC") Update 2014-09, "Revenue from Contracts with Customers." This standards update established 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 Corporation adopted this standard, and all subsequent Accounting Standards Updates ("ASU") that modified it on January 1, 2018 under the modified retrospective approach with no material impact on its consolidated financial statements. 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 sources of revenue for the Corporation are interest income from loans and investments, net of interest expense on deposits and borrowings, and non-interest income. Non-interest income is earned from various banking and financial services that the Corporation offers through its subsidiary banks. Revenue is recognized as earned based on contractual terms, as transactions occur, or as services are provided. Following is further detail of the various types of revenue the Corporation earns and when it is recognized. Interest income : Interest income is recognized on an accrual basis according to loan agreements, securities contracts or other such written contracts and is outside the scope of ASC Update 2014-09. Investment management and trust services: Consists of trust commission income, brokerage income, money market income and insurance commission income. Trust commission income consists of advisory fees that are based on market values of clients' managed portfolios and transaction fees for fiduciary services performed, both of which are recognized as earned. Brokerage income includes advisory fees which are recognized as earned on a monthly basis and transaction fees that are recognized when transactions occur. Money market income is based on the balances held in trust accounts and is recognized monthly. Insurance commission income is earned and recognized when policies are originated. Currently, no investment management and trust service income is based on performance or investment results. Service charges on deposit accounts: Consists of cash management, overdraft, non-sufficient fund fees and other service charges on deposit accounts. Revenue is primarily transactional and recognized when earned, at the time the transactions occur. Other service charges and fees: Consists of branch fees, automated teller machine fees, debit card income and merchant services fees. These fees are primarily transactional, and revenue is recognized when transactions occur. Also included in other service charges and fees are letter of credit fees, foreign exchange income and commercial loan interest rate swap fees, which are outside the scope of ASC Update 2014-09. Mortgage banking income: Consists of gains or losses on the sale of residential mortgage loans and mortgage loan servicing income. These revenues are outside the scope of ASC Update 2014-09. Other Income: Includes credit card income, gains on sales of Small Business Association ("SBA") loans, cash surrender value of life insurance, and other miscellaneous income. These items are either outside the scope of ASC Update 2014-09 or are immaterial. 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 standard requires equity investments to be measured at fair value, with changes recorded in net income. This ASU also requires the use of the exit price notion when measuring the fair value of financial instruments for disclosure purposes. ASC Update 2016-01 was effective for interim and annual reporting periods beginning after December 15, 2017. The Corporation adopted this standards update effective with its March 31, 2018 quarterly report on Form 10-Q and the adoption of ASC Update 2016-01 did not have a material impact 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 was effective for interim and annual reporting periods beginning after December 15, 2017. The Corporation adopted this standards update effective with its March 31, 2018 quarterly report on Form 10-Q and the adoption of ASC Update 2016-15 did not 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 was effective for interim and annual reporting periods beginning after December 15, 2017. The Corporation adopted this standards update effective with its March 31, 2018 quarterly report on Form 10-Q and the adoption of ASC Update 2016-18 did not 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 allows only the service cost component of net benefit cost to be eligible for capitalization. ASC Update 2017-07 was effective for interim and annual reporting periods beginning after December 15, 2017. The Corporation adopted this standards update effective with its March 31, 2018 quarterly report on Form 10-Q and the adoption of ASC Update 2017-07 did not have a material impact on its consolidated financial statements. In February 2018, the FASB issued ASC Update 2018-02, "Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income." This ASU permits a reclassification from accumulated other comprehensive income ("AOCI") to retained earnings of the stranded tax effects resulting from the application of the Tax Cuts and Jobs Act of 2017 ("Tax Act"), which changed the corporate tax rate from 35% to 21%. This ASU is effective for interim and annual reporting periods beginning after December 15, 2018, with early adoption permitted. The Corporation adopted this standards update effective January 1, 2018 and elected to reclassify $7.1 million of stranded tax effects from AOCI to retained earnings at the beginning of the period of adoption. The Corporation's policy for releasing income tax effects from accumulated other comprehensive income is to release them as investments are sold or mature and pension and post-retirement liabilities are extinguished. Recently Issued Accounting Standards In February 2016, the FASB issued ASC Update 2016-02, "Leases." This standards update states that a lessee should recognize the assets and liabilities that arise from all leases with a term greater than 12 months. The core principle requires the lessee to recognize a liability to make lease payments and a "right-of-use" asset. The accounting applied by the lessor is relatively unchanged. The standards update also requires expanded qualitative and quantitative disclosures. The FASB has also issued amendments to this standard (ASC Updates 2017-13, 2018-01). ASC Update 2016-02 is effective for interim and annual 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. 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 Corporation's 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 held to maturity 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 under current U.S. GAAP. ASU 2016-13 also requires new disclosures for financial assets measured at amortized cost, loans and available-for-sale debt securities. Entities will apply the standard's provisions as a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is adopted. 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 and disclosures. While the Corporation is currently unable to reasonably estimate the impact of adopting ASU 2016-13, it expects that the impact of adoption could be significantly influenced by the composition, characteristics and quality of its loan portfolio as well as the prevailing economic conditions and forecasts as of the adoption date. As part of the evaluation process, the Corporation has established a steering committee and working group that includes individuals from various functional areas to assess processes, portfolio segmentation, systems requirements and needed resources to implement this new accounting standard. 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 2017-08, "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. Reclassifications Certain amounts in the 2017 consolidated financial statements and notes have been reclassified to conform to the 2018 presentation. On the Consolidated Statements of Cash Flows, the net change in tax credit investments is presented as cash flows from investing activities. Prior to the quarter ended March 31, 2018, these cash flows were presented as cash flows from operating activities, included in the net increase (decrease) in other liabilities. The presentation of the cash flows for the quarter ended March 31, 2017 were changed to conform to this presentation, resulting in a $5.3 million decrease in net cash flows used in investing activities and a corresponding increase in net cash flows provided by operating activities. The change had no impact on net income or retained earnings. In addition, the Corporation will revise the Consolidated Statements of Cash Flows for each of the comparative 2017 periods in future filings. |
Net Income Per Share (Tables)
Net Income Per Share (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Earnings Per Share [Abstract] | |
Reconciliation of Weighted Average Common Shares Outstanding | A reconciliation of weighted average shares outstanding used to calculate basic net income per share and diluted net income per share follows: Three months ended March 31 2018 2017 (in thousands) Weighted average shares outstanding (basic) 175,303 174,150 Impact of common stock equivalents 1,265 1,427 Weighted average shares outstanding (diluted) 176,568 175,577 |
Accumulated Other Comprehensi22
Accumulated Other Comprehensive Income Accumulated Other Comprehensive Income (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Equity [Abstract] | |
Changes in other comprehensive income | The following table presents changes in other comprehensive income (loss): Before-Tax Amount Tax Effect Net of Tax Amount (in thousands) Three months ended March 31, 2018 Unrealized loss on securities $ (34,991 ) $ 7,347 $ (27,644 ) Reclassification adjustment for securities gains included in net income (1) (19 ) 3 (16 ) Non-credit related unrealized gains on other-than-temporarily impaired debt securities 285 (61 ) 224 Amortization of net unrecognized pension and postretirement items (2) 430 (91 ) 339 Total Other Comprehensive Loss $ (34,295 ) $ 7,198 $ (27,097 ) Three months ended March 31, 2017 Unrealized gain on securities $ 6,575 $ (2,302 ) $ 4,273 Reclassification adjustment for securities gains included in net income (1) (1,106 ) 387 (719 ) Amortization of net unrecognized pension and postretirement items (2) 528 (185 ) 343 Total Other Comprehensive Income $ 5,997 $ (2,100 ) $ 3,897 (1) Amounts reclassified out of accumulated other comprehensive income. Before-tax amounts included in "Investment securities gains, net" on the consolidated statements of income. See Note 4, "Investment Securities," for additional details. (2) Amounts reclassified out of accumulated other comprehensive income. Before-tax amounts included in "Salaries and employee benefits" on the consolidated statements of income. See Note 8, "Employee Benefit Plans," for additional details. |
Changes in each component of accumulated other comprehensive income | The following table presents changes in each component of accumulated other comprehensive income (loss), net of tax: Unrealized Gains (Losses) on Investment Securities Not Other-Than-Temporarily Impaired Unrealized Non-Credit Gains (Losses) on Other-Than-Temporarily Impaired Debt Securities Unrecognized Pension and Postretirement Plan Income (Costs) Total (in thousands) Three months ended March 31, 2018 Balance at December 31, 2017 $ (18,509 ) $ 458 $ (14,923 ) $ (32,974 ) Other comprehensive loss before reclassifications (27,644 ) 224 — (27,420 ) Amounts reclassified from accumulated other comprehensive income (loss) (16 ) — 339 323 Reclassification of stranded tax effects (3,887 ) — (3,214 ) (7,101 ) Balance at March 31, 2018 $ (50,056 ) $ 682 $ (17,798 ) $ (67,172 ) Three months ended March 31, 2017 Balance at December 31, 2016 $ (23,047 ) $ 273 $ (15,675 ) $ (38,449 ) Other comprehensive income before reclassifications 4,273 — — 4,273 Amounts reclassified from accumulated other comprehensive income (loss) (719 ) — 343 (376 ) Balance at March 31, 2017 $ (19,493 ) $ 273 $ (15,332 ) $ (34,552 ) |
Investment Securities (Tables)
Investment Securities (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Amortized Cost and Fair Values of Investment Securities | The following table presents the amortized cost and estimated fair values of investment securities, which were all classified as available for sale: Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value (in thousands) March 31, 2018 U.S. Government sponsored agency securities $ 21,105 $ 40 $ (183 ) $ 20,962 State and municipal securities 413,632 2,247 (9,780 ) 406,099 Corporate debt securities 101,367 2,482 (1,894 ) 101,955 Collateralized mortgage obligations 695,840 236 (16,376 ) 679,700 Residential mortgage-backed securities 1,084,582 3,006 (33,422 ) 1,054,166 Commercial mortgage-backed securities 231,378 15 (4,501 ) 226,892 Auction rate securities 107,410 — (4,361 ) 103,049 Total $ 2,655,314 $ 8,026 $ (70,517 ) $ 2,592,823 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value (in thousands) December 31, 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 |
Schedule of Amortized Cost and Fair Values of Debt Securities by Contractual Maturities | The amortized cost and estimated fair values of debt securities as of March 31, 2018 , by contractual maturity, are shown in the following table. Actual maturities may differ from contractual maturities as certain investment securities are subject to call or prepayment with or without call or prepayment penalties. Amortized Estimated (in thousands) Due in one year or less $ 14,055 $ 14,063 Due from one year to five years 36,871 36,986 Due from five years to ten years 119,069 119,529 Due after ten years 473,519 461,487 643,514 632,065 Residential mortgage-backed securities (1) 1,084,582 1,054,166 Commercial mortgage-backed securities (1) 231,378 226,892 Collateralized mortgage obligations (1) 695,840 679,700 Total $ 2,655,314 $ 2,592,823 (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 the gross realized gains on the sales of equity and debt securities: Gross Three months ended March 31, 2018 (in thousands) Equity securities $ 9 Debt securities 10 Total $ 19 Three months ended March 31, 2017 Equity securities $ 1,045 Debt securities 61 Total $ 1,106 |
Gross Unrealized Losses and Fair Values of Investments by Category and Length of Time in Continuous Unrealized Loss Position | The following table presents the gross unrealized losses and estimated fair values of investments, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at March 31, 2018 and December 31, 2017: Less than 12 months 12 months or longer Total Estimated Fair Value Unrealized Losses Estimated Fair Value Unrealized Losses Estimated Fair Value Unrealized Losses March 31, 2018 (in thousands) U.S. Government sponsored agency securities $ 12,499 $ (183 ) $ — $ — $ 12,499 $ (183 ) State and municipal securities 163,345 (3,132 ) 114,024 (6,648 ) 277,369 (9,780 ) Corporate debt securities 9,466 (130 ) 28,219 (1,764 ) 37,685 (1,894 ) Collateralized mortgage obligations 456,200 (7,184 ) 176,076 (9,192 ) 632,276 (16,376 ) Residential mortgage-backed securities 527,502 (13,611 ) 471,703 (19,811 ) 999,205 (33,422 ) Commercial mortgage-backed securities 196,887 (3,884 ) 21,539 (617 ) 218,426 (4,501 ) Auction rate securities — — 103,049 (4,361 ) 103,049 (4,361 ) Total $ 1,365,899 $ (28,124 ) $ 914,610 $ (42,393 ) $ 2,280,509 $ (70,517 ) Less than 12 months 12 months or longer Total Estimated Unrealized Estimated Unrealized Estimated Unrealized December 31, 2017 (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 ) |
Summary of Amortized Cost and Fair Values of Corporate Debt Securities | The following table presents the amortized cost and estimated fair values of corporate debt securities: March 31, 2018 December 31, 2017 Amortized cost Estimated fair value Amortized cost Estimated fair value (in thousands) Single-issuer trust preferred securities $ 31,352 $ 30,513 $ 31,335 $ 30,703 Subordinated debt 54,011 54,357 49,013 49,533 Senior debt 12,029 12,245 12,031 12,392 Pooled trust preferred securities — 865 — 707 Corporate debt securities issued by financial institutions 97,392 97,980 92,379 93,335 Other corporate debt securities 3,975 3,975 3,974 3,974 Available for sale corporate debt securities $ 101,367 $ 101,955 $ 96,353 $ 97,309 |
Loans and Allowance for Credi24
Loans and Allowance for Credit Losses (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Receivables [Abstract] | |
Summary of Gross Loans by Type | Loans, net of unearned income are summarized as follows: March 31, December 31, 2017 (in thousands) Real-estate - commercial mortgage $ 6,332,508 $ 6,364,804 Commercial - industrial, financial and agricultural 4,299,072 4,300,297 Real-estate - residential mortgage 1,976,524 1,954,711 Real-estate - home equity 1,514,241 1,559,719 Real-estate - construction 976,131 1,006,935 Consumer 326,766 313,783 Leasing and other 297,465 291,556 Overdrafts 2,031 4,113 Loans, gross of unearned income 15,724,738 15,795,918 Unearned income (28,454 ) (27,671 ) Loans, net of unearned income $ 15,696,284 $ 15,768,247 |
Schedule of Allowance for Credit Losses | The following table presents the components of the allowance for credit losses: March 31, December 31, (in thousands) Allowance for loan losses $ 163,217 $ 169,910 Reserve for unfunded lending commitments 12,802 6,174 Allowance for credit losses $ 176,019 $ 176,084 |
Activity in the Allowance for Credit Losses | The following table presents the activity in the allowance for credit losses: Three months ended March 31 2018 2017 (in thousands) Balance at beginning of period $ 176,084 $ 171,325 Loans charged off (6,397 ) (9,407 ) Recoveries of loans previously charged off 2,362 5,929 Net loans charged off (4,035 ) (3,478 ) Provision for credit losses 3,970 4,800 Balance at end of period $ 176,019 $ 172,647 The Corporation has historically 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 the second quarter of 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. The following table presents the activity in the allowance for loan losses by portfolio segment: Real Estate - Commercial Mortgage Commercial - Industrial, Financial and Agricultural Real Estate - Home Equity Real Estate - Residential Mortgage Real Estate - Construction Consumer Leasing, other and overdrafts Unallocated Total (in thousands) Three months ended March 31, 2018 Balance at December 31, 2017 $ 58,793 $ 66,280 $ 18,127 $ 16,088 $ 6,620 $ 2,045 $ 1,957 $ — $ 169,910 Loans charged off (267 ) (4,005 ) (408 ) (162 ) (158 ) (892 ) (505 ) — (6,397 ) Recoveries of loans previously charged off 279 1,075 206 107 306 179 210 — 2,362 Net loans charged off 12 (2,930 ) (202 ) (55 ) 148 (713 ) (295 ) — (4,035 ) Provision for loan losses (1) (88 ) (1,520 ) (397 ) (772 ) (844 ) 571 392 — (2,658 ) Balance at March 31, 2018 $ 58,717 $ 61,830 $ 17,528 $ 15,261 $ 5,924 $ 1,903 $ 2,054 $ — $ 163,217 Three months ended March 31, 2017 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 (1,224 ) (5,527 ) (698 ) (216 ) (247 ) (856 ) (639 ) — (9,407 ) Recoveries of loans previously charged off 450 4,191 137 230 548 236 137 — 5,929 Net loans charged off (774 ) (1,336 ) (561 ) 14 301 (620 ) (502 ) — (3,478 ) Provision for loan losses (1) 1,305 2,292 (2,419 ) (925 ) 745 77 578 3,222 4,875 Balance at March 31, 2017 $ 47,373 $ 55,309 $ 23,821 $ 22,018 $ 7,501 $ 3,031 $ 3,268 $ 7,755 $ 170,076 (1) The provision for loan losses excluded an increase of $6.6 million and a decrease of $75,000 in the reserve for unfunded lending commitments for the three months ended March 31, 2018 and March 31, 2017, respectively. These amounts were reclassified to Other Liabilities. The following table presents loans, net of unearned income and their related allowance for loan losses, by portfolio segment: Real Estate - Commercial Mortgage Commercial - Industrial, Financial and Agricultural Real Estate - Home Equity Real Estate - Residential Mortgage Real Estate - Construction Consumer Leasing, other and overdrafts Unallocated Total (in thousands) Allowance for loan losses at March 31, 2018: Loans collectively evaluated for impairment $ 50,392 $ 51,314 $ 6,440 $ 5,610 $ 5,245 $ 1,887 $ 2,054 N/A $ 122,942 Loans individually evaluated for impairment 8,325 10,516 11,088 9,651 679 16 — N/A 40,275 $ 58,717 $ 61,830 $ 17,528 $ 15,261 $ 5,924 $ 1,903 $ 2,054 N/A $ 163,217 Loans, net of unearned income at March 31, 2018 Loans collectively evaluated for impairment $ 6,279,144 $ 4,234,362 $ 1,489,429 $ 1,935,587 $ 965,398 $ 326,742 $ 271,042 N/A $ 15,501,704 Loans individually evaluated for impairment 53,364 64,710 24,812 40,937 10,733 24 — N/A 194,580 $ 6,332,508 $ 4,299,072 $ 1,514,241 $ 1,976,524 $ 976,131 $ 326,766 $ 271,042 N/A $ 15,696,284 Allowance for loan losses at March 31, 2017: Loans collectively evaluated for impairment $ 37,457 $ 43,155 $ 14,744 $ 10,581 $ 4,915 $ 3,007 $ 3,268 $ 7,755 $ 124,882 Loans individually evaluated for impairment 9,916 12,154 9,077 11,437 2,586 24 — N/A 45,194 $ 47,373 $ 55,309 $ 23,821 $ 22,018 $ 7,501 $ 3,031 $ 3,268 $ 7,755 $ 170,076 Loans, net of unearned income at March 31, 2017: Loans collectively evaluated for impairment $ 6,067,492 $ 4,119,550 $ 1,576,949 $ 1,620,302 $ 869,225 $ 288,789 $ 243,983 N/A $ 14,786,290 Loans individually evaluated for impairment 51,041 48,259 18,952 44,840 13,758 37 — N/A 176,887 $ 6,118,533 $ 4,167,809 $ 1,595,901 $ 1,665,142 $ 882,983 $ 288,826 $ 243,983 N/A $ 14,963,177 N/A - Not applicable |
Total Impaired Loans by Class Segment | The following table presents total impaired loans by class segment: March 31, 2018 December 31, 2017 Unpaid Principal Balance Recorded Investment Related Allowance Unpaid Principal Balance Recorded Investment Related Allowance (in thousands) With no related allowance recorded: Real estate - commercial mortgage $ 29,862 $ 27,819 $ — $ 26,728 $ 22,886 $ — Commercial 46,673 40,525 — 44,936 39,550 — Real estate - residential mortgage 4,547 4,547 — 4,575 4,575 — Construction 12,343 7,842 — 12,477 8,100 — 93,425 80,733 88,716 75,111 With a related allowance recorded: Real estate - commercial mortgage 32,863 25,545 8,325 33,710 25,895 8,112 Commercial 29,723 24,185 10,516 29,816 24,175 11,406 Real estate - home equity 28,387 24,812 11,088 28,282 24,693 11,124 Real estate - residential mortgage 41,889 36,390 9,651 42,597 37,132 9,895 Construction 6,186 2,891 679 7,308 4,097 967 Consumer 25 24 16 26 26 17 139,073 113,847 40,275 141,739 116,018 41,521 Total $ 232,498 $ 194,580 $ 40,275 $ 230,455 $ 191,129 $ 41,521 As of March 31, 2018 and December 31, 2017 , there were $80.7 million and $75.1 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 were previously charged down to realizable collateral values. Accordingly, no specific valuation allowance was considered to be necessary. The following table presents average impaired loans by class segment: Three months ended March 31 2018 2017 Average Interest Average Interest (in thousands) With no related allowance recorded: Real estate - commercial mortgage $ 25,353 $ 83 $ 23,842 $ 70 Commercial 40,038 73 25,574 36 Real estate - residential mortgage 4,561 27 4,673 26 Construction 7,971 — 5,046 2 77,923 183 59,135 134 With a related allowance recorded: Real estate - commercial mortgage 25,720 84 29,126 85 Commercial 24,181 44 23,044 32 Real estate - home equity 24,752 184 19,079 95 Real estate - residential mortgage 36,761 221 40,839 230 Construction 3,495 — 7,100 3 Consumer 25 — 38 — Leasing, other and overdrafts — — 713 — 114,934 533 119,939 445 Total $ 192,857 $ 716 $ 179,074 $ 579 (1) All impaired loans, excluding accruing TDRs, were non-accrual loans. Interest income recognized for the three months ended March 31, 2018 and 2017 represents amounts earned on accruing TDRs. |
Financing Receivable Credit Quality Indicators | The following table presents internal credit risk ratings for the indicated loan class segments: Pass Special Mention Substandard or Lower Total March 31, 2018 December 31, 2017 March 31, 2018 December 31, 2017 March 31, 2018 December 31, 2017 March 31, 2018 December 31, 2017 (dollars in thousands) Real estate - commercial mortgage $ 6,027,210 $ 6,066,396 $ 144,809 $ 147,604 $ 160,489 $ 150,804 $ 6,332,508 $ 6,364,804 Commercial - secured 3,873,737 3,831,485 100,242 121,842 180,234 179,113 4,154,213 4,132,440 Commercial - unsecured 139,139 159,620 3,378 5,478 2,342 2,759 144,859 167,857 Total commercial - industrial, financial and agricultural 4,012,876 3,991,105 103,620 127,320 182,576 181,872 4,299,072 4,300,297 Construction - commercial residential 141,587 143,759 4,613 5,259 12,282 14,084 158,482 163,102 Construction - commercial 744,274 761,218 834 846 3,688 3,752 748,796 765,816 Total construction (excluding Construction - other) 885,861 904,977 5,447 6,105 15,970 17,836 907,278 928,918 $ 10,925,947 $ 10,962,478 $ 253,876 $ 281,029 $ 359,035 $ 350,512 $ 11,538,858 $ 11,594,019 % of Total 94.7 % 94.6 % 2.2 % 2.4 % 3.1 % 3.0 % 100.0 % 100.0 % The following table presents a summary of performing, delinquent and non-performing loans for the indicated loan class segments: Performing Delinquent (1) Non-performing (2) Total March 31, 2018 December 31, 2017 March 31, 2018 December 31, 2017 March 31, 2018 December 31, 2017 March 31, 2018 December 31, 2017 (dollars in thousands) Real estate - home equity $ 1,493,485 $ 1,535,557 $ 8,731 $ 12,655 $ 12,025 $ 11,507 $ 1,514,241 $ 1,559,719 Real estate - residential mortgage 1,938,817 1,914,888 17,539 18,852 20,168 20,971 1,976,524 1,954,711 Construction - other 68,363 77,403 — 203 490 411 68,853 78,017 Consumer - direct 55,681 54,828 323 315 54 70 56,058 55,213 Consumer - indirect 267,584 254,663 2,931 3,681 193 226 270,708 258,570 Total consumer 323,265 309,491 3,254 3,996 247 296 326,766 313,783 Leasing 270,027 267,111 843 855 172 32 271,042 267,998 $ 4,093,957 $ 4,104,450 $ 30,367 $ 36,561 $ 33,102 $ 33,217 $ 4,157,426 $ 4,174,228 % of Total 98.5 % 98.3 % 0.7 % 0.9 % 0.8 % 0.8 % 100.0 % 100.0 % (1) Includes all accruing loans 30 days to 89 days past due. (2) Includes all accruing loans 90 days or more past due and all non-accrual loans. |
Non-Performing Assets | The following table presents non-performing assets: March 31, December 31, (in thousands) Non-accrual loans $ 122,966 $ 124,749 Loans 90 days or more past due and still accruing 11,676 10,010 Total non-performing loans 134,642 134,759 Other real estate owned (OREO) 10,744 9,823 Total non-performing assets $ 145,386 $ 144,582 |
Past due Loan Status and Non-Accrual Loans by Portfolio Segment | The following tables present past due status and non-accrual loans by portfolio segment and class segment: March 31, 2018 30-59 Days Past Due 60-89 Days Past Due ≥ 90 Days Past Due and Accruing Non- accrual Total ≥ 90 Days Total Past Due Current Total (in thousands) Real estate - commercial mortgage $ 11,606 $ 1,091 $ 1,001 $ 35,183 $ 36,184 $ 48,881 $ 6,283,627 $ 6,332,508 Commercial - secured 4,048 3,607 1,935 52,336 54,271 61,926 4,092,287 4,154,213 Commercial - unsecured 814 159 10 634 644 1,617 143,242 144,859 Total commercial - industrial, financial and agricultural 4,862 3,766 1,945 52,970 54,915 63,543 4,235,529 4,299,072 Real estate - home equity 6,401 2,330 3,280 8,745 12,025 20,756 1,493,485 1,514,241 Real estate - residential mortgage 12,725 4,814 4,833 15,335 20,168 37,707 1,938,817 1,976,524 Construction - commercial residential — — — 10,422 10,422 10,422 148,060 158,482 Construction - commercial — — — 19 19 19 748,777 748,796 Construction - other — — 198 292 490 490 68,363 68,853 Total real estate - construction — — 198 10,733 10,931 10,931 965,200 976,131 Consumer - direct 211 112 54 — 54 377 55,681 56,058 Consumer - indirect 2,253 678 193 — 193 3,124 267,584 270,708 Total consumer 2,464 790 247 — 247 3,501 323,265 326,766 Leasing, other and overdrafts 662 181 172 — 172 1,015 270,027 271,042 Total $ 38,720 $ 12,972 $ 11,676 $ 122,966 $ 134,642 $ 186,334 $ 15,509,950 $ 15,696,284 December 31, 2017 30-59 Days Past Due 60-89 Days Past Due ≥ 90 Days Past Due and Accruing Non- accrual Total ≥ 90 Days Total Past Due Current Total (in thousands) Real estate - commercial mortgage $ 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 residential — 439 — 11,767 11,767 12,206 150,896 163,102 Construction - commercial 483 — — 19 19 502 765,314 765,816 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 Total $ 40,709 $ 20,800 $ 10,010 $ 124,749 $ 134,759 $ 196,268 $ 15,571,979 $ 15,768,247 |
Troubled Debt Restructurings on Financing Receivables | The following table presents TDRs, by class segment: March 31, December 31, (in thousands) Real-estate - residential mortgage $ 25,602 $ 26,016 Real-estate - commercial mortgage 18,181 13,959 Real estate - home equity 16,067 15,558 Commercial 11,740 10,820 Consumer 24 26 Total accruing TDRs 71,614 66,379 Non-accrual TDRs (1) 24,897 29,051 Total TDRs $ 96,511 $ 95,430 (1) Included in non-accrual loans in the preceding table detailing non-performing assets |
Loan Terms Modified Under Troubled Debt Restructurings | The following table presents TDRs, by class segment and type of concession for loans that were modified during the three months ended March 31, 2018 and 2017 : Three months ended March 31 2018 2017 Number of Loans Post-Modification Recorded Investment Number of Loans Post-Modification Recorded Investment (dollars in thousands) Real estate – residential mortgage: Extend maturity without rate concession — — 2 337 Bankruptcy 1 5 1 178 Real estate - commercial mortgage: Extend maturity without rate concession — — 1 318 Real estate - home equity: Extend maturity without rate concession 17 1,276 16 1,284 Bankruptcy 2 108 7 453 Commercial: Extend maturity without rate concession 9 9,359 4 3,126 Total 29 $ 10,748 31 $ 5,696 The following table presents TDRs, by class segment, as of March 31, 2018 and 2017 , that were modified in the previous 12 months and had a post-modification payment default during the three months ended March 31, 2018 and 2017 . The Corporation defines a payment default as a single missed payment. 2018 2017 Number of Loans Recorded Investment Number of Loans Recorded Investment (dollars in thousands) Real estate - residential mortgage 5 $ 332 8 $ 2,006 Real estate - commercial mortgage 1 180 2 430 Real estate - home equity 18 1,000 14 639 Commercial 6 526 6 3,654 Construction 2 1,484 — — Total 32 $ 3,522 30 $ 6,729 |
Mortgage Servicing Rights (Tabl
Mortgage Servicing Rights (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Transfers and Servicing [Abstract] | |
Summary of Changes in Mortgage Servicing Rights | The following table summarizes the changes in mortgage servicing rights ("MSRs"), which are included in other assets on the consolidated balance sheets: Three months ended March 31 2018 2017 (in thousands) Amortized cost: Balance at beginning of period $ 37,663 $ 38,822 Originations of mortgage servicing rights 1,483 1,183 Amortization (1,398 ) (1,462 ) Balance at end of period $ 37,748 $ 38,543 Valuation allowance: Valuation Allowance - Balance at beginning and end of period $ — $ (1,291 ) Net MSRs at end of period $ 37,748 $ 37,252 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Summary of Compensation Expense and Related Tax Benefits | The following table presents compensation expense and the related tax benefits for equity awards recognized in the consolidated statements of income: Three months ended March 31 2018 2017 (in thousands) Compensation expense $ 1,510 $ 734 Tax benefit (461 ) (744 ) Stock-based compensation expense, net of tax benefit $ 1,049 $ (10 ) |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Retirement Benefits [Abstract] | |
Schedule of Defined Benefit Plans Disclosures | The components of the net benefit for the Corporation’s Postretirement Benefits Plan ("Postretirement Plan") consisted of the following: Three months ended March 31 2018 2017 (in thousands) Interest cost $ 17 $ 17 Net accretion and deferral (141 ) (141 ) Net periodic benefit $ (124 ) $ (124 ) The net periodic pension cost for the Corporation’s Defined Benefit Pension Plan ("Pension Plan") consisted of the following components: Three months ended March 31 2018 2017 (in thousands) Interest cost $ 831 $ 830 Expected return on plan assets (451 ) (451 ) Net amortization and deferral 664 663 Net periodic pension cost $ 1,044 $ 1,042 |
Derivative Financial Instrume28
Derivative Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Summary of Notional Amounts and Fair Values of Derivative Financial Instruments | The following table presents a summary of the notional amounts and fair values of derivative financial instruments: March 31, 2018 December 31, 2017 Notional Asset Notional Asset (in thousands) Interest Rate Locks with Customers Positive fair values $ 142,131 $ 1,210 $ 129,469 $ 1,059 Negative fair values 10,572 (81 ) 8,957 (59 ) Net interest rate locks with customers 1,129 1,000 Forward Commitments Positive fair values 112,544 47 3,856 34 Negative fair values — — 100,808 (213 ) Net forward commitments 47 (179 ) Interest Rate Swaps with Customers Positive fair values 464,300 7,581 1,316,548 24,505 Negative fair values 1,654,770 (44,696 ) 716,634 (18,978 ) Net interest rate swaps with customers (37,115 ) 5,527 Interest Rate Swaps with Dealer Counterparties Positive fair values (1) (3) 1,654,770 39,466 716,634 18,941 Negative fair values (2) (3) 464,300 (6,475 ) 1,316,548 (19,764 ) Net interest rate swaps with dealer counterparties 32,991 (823 ) Foreign Exchange Contracts with Customers Positive fair values 9,914 228 4,852 276 Negative fair values 3,330 (64 ) 5,914 (119 ) Net foreign exchange contracts with customers 164 157 Foreign Exchange Contracts with Correspondent Banks Positive fair values 13,953 182 7,960 184 Negative fair values 8,682 (165 ) 6,048 (255 ) Net foreign exchange contracts with correspondent banks 17 (71 ) Net derivative fair value asset $ (2,767 ) $ 5,611 (1) Includes centrally cleared interest rate swaps with a notional amount of $371.1 million and a fair value of $0 as of March 31, 2018 and 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 $83.3 million and a fair value of $0 as of March 31, 2018 and 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 of $4.3 million at March 31, 2018 , increasing the fair value of such swaps to $0 , and $4.6 million at December 31, 2017 , reducing the fair value of such swaps to $0 . |
Summary of Fair Value Gains and Losses on Derivative Financial Instruments | The following table presents a summary of the fair value (losses) gains on derivative financial instruments: Three months ended March 31 2018 2017 (in thousands) Interest rate locks with customers $ 129 $ 845 Forward commitments 226 (2,379 ) Interest rate swaps with customers (42,642 ) (815 ) Interest rate swaps with dealer counterparties (1) 33,814 3,001 Foreign exchange contracts with customers 7 8 Foreign exchange contracts with correspondent banks 88 (37 ) Net fair value gains on derivative financial instruments $ (8,378 ) $ 623 (1) Not included is $8.9 million of gains representing the change in the variation margin for the three months ended March 31, 2018 and $2.2 million of losses representing the change in the variation margin for the three months ended March 31, 2017 . |
Summary of Corporation's Mortgage Loans Held for Sale | The following table presents a summary of the Corporation’s mortgage loans held for sale: March 31, December 31, (in thousands) Cost (1) $ 23,186 $ 31,069 Fair value 23,450 31,530 (1) Cost basis of mortgage loans held for sale represents the unpaid principal balance. |
Summary of Offsetting Derivative Assets | The following table presents the Corporation's financial instruments that are eligible for offset, and the effects of offsetting, on the consolidated balance sheets: Gross Amounts Gross Amounts Not Offset Recognized on the Consolidated on the Balance Sheets Consolidated Financial Cash Net Balance Sheets Instruments (1) Collateral (2) Amount (in thousands) March 31, 2018 Interest rate swap derivative assets $ 47,047 $ (7,339 ) $ (34,170 ) $ 5,538 Foreign exchange derivative assets with correspondent banks 182 (165 ) — 17 Total $ 47,229 $ (7,504 ) $ (34,170 ) $ 5,555 Interest rate swap derivative liabilities $ 51,171 $ (7,339 ) $ (8,806 ) $ 35,026 Foreign exchange derivative liabilities with correspondent banks 165 (165 ) — — Total $ 51,336 $ (7,504 ) $ (8,806 ) $ 35,026 December 31, 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 (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 received from the counterparty or posted by the Corporation 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. |
Summary of Offsetting Derivative Liabilities | The following table presents the Corporation's financial instruments that are eligible for offset, and the effects of offsetting, on the consolidated balance sheets: Gross Amounts Gross Amounts Not Offset Recognized on the Consolidated on the Balance Sheets Consolidated Financial Cash Net Balance Sheets Instruments (1) Collateral (2) Amount (in thousands) March 31, 2018 Interest rate swap derivative assets $ 47,047 $ (7,339 ) $ (34,170 ) $ 5,538 Foreign exchange derivative assets with correspondent banks 182 (165 ) — 17 Total $ 47,229 $ (7,504 ) $ (34,170 ) $ 5,555 Interest rate swap derivative liabilities $ 51,171 $ (7,339 ) $ (8,806 ) $ 35,026 Foreign exchange derivative liabilities with correspondent banks 165 (165 ) — — Total $ 51,336 $ (7,504 ) $ (8,806 ) $ 35,026 December 31, 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 (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 received from the counterparty or posted by the Corporation 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. |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Summary of Outstanding Commitments to Extend Credit and Letters of Credit | The outstanding amounts of commitments to extend credit and letters of credit were as follows: March 31, December 31, 2017 (in thousands) Commitments to extend credit $ 6,418,380 $ 6,205,029 Standby letters of credit 318,827 326,973 Commercial letters of credit 43,709 41,801 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The following tables present summaries of the Corporation’s assets and liabilities measured at fair value on a recurring basis and reported on the consolidated balance sheets: March 31, 2018 Level 1 Level 2 Level 3 Total (in thousands) Mortgage loans held for sale $ — $ 23,450 $ — $ 23,450 Available for sale investment securities: U.S. Government sponsored agency securities — 20,962 — 20,962 State and municipal securities — 406,099 — 406,099 Corporate debt securities — 97,995 3,960 101,955 Collateralized mortgage obligations — 679,700 — 679,700 Residential mortgage-backed securities — 1,054,166 — 1,054,166 Commercial mortgage-backed securities — 226,892 — 226,892 Auction rate securities — — 103,049 103,049 Total available for sale investment securities — 2,485,814 107,009 2,592,823 Other assets 19,505 48,304 — 67,809 Total assets $ 19,505 $ 2,557,568 $ 107,009 $ 2,684,082 Other liabilities $ 19,307 $ 51,251 $ — $ 70,558 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 |
Schedule of Changes in Assets and Liabilities Measured at Fair Value on a Recurring Basis using Level 3 Inputs | The following table presents the changes in the Corporation’s available for sale investment securities measured at fair value on a recurring basis using unobservable inputs (Level 3): Three months ended March 31, 2018 Pooled Trust Single-issuer ARCs (in thousands) Balance at December 31, 2017 $ 707 $ 3,050 $ 98,668 Unrealized adjustment to fair value (1) 158 42 4,381 Discount accretion (2) — 3 — Balance at March 31, 2018 $ 865 $ 3,095 $ 103,049 Three months ended March 31, 2017 Balance at December 31, 2016 $ 422 $ 2,450 $ 97,256 Unrealized adjustment to fair value (1) — 297 86 Discount accretion (2) — 3 97 Balance at March 31, 2017 $ 422 $ 2,750 $ 97,439 (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 Level 3 financial assets measured at fair value on a nonrecurring basis and reported on the Corporation’s consolidated balance sheets: March 31, 2018 December 31, 2017 (in thousands) Net loans $ 154,305 $ 149,608 OREO 10,744 9,823 MSRs 37,748 37,663 Total assets $ 202,797 $ 197,094 |
Details of Book Value and Fair Value of Financial Instruments | As required by FASB ASC Section 825-10-50, the following table details the book values and estimated fair values of the Corporation’s financial instruments as of March 31, 2018 and December 31, 2017 . In addition, a general description of the methods and assumptions used to estimate such fair values is also provided. March 31, 2018 Amortized Cost Level 1 Level 2 Level 3 Estimated (in thousands) FINANCIAL ASSETS Cash and due from banks $ 100,151 $ 100,151 $ — $ — $ 100,151 Interest-bearing deposits with other banks 210,906 210,906 — — 210,906 Federal Reserve Bank and Federal Home Loan Bank stock 56,900 — 56,900 — 56,900 Loans held for sale 23,450 — 23,450 — 23,450 Available for sale investment securities 2,592,823 — 2,485,814 107,009 2,592,823 Net Loans 15,533,067 — — 14,933,445 14,933,445 Accrued interest receivable 53,060 53,060 — — 53,060 Other financial assets 216,952 120,156 48,304 48,492 216,952 FINANCIAL LIABILITIES Demand and savings deposits $ 12,763,521 $ 12,763,521 $ — $ — $ 12,763,521 Brokered deposits 64,195 64,195 — — 64,195 Time deposits 2,649,387 — 2,647,498 — 2,647,498 Short-term borrowings 937,852 937,852 — — 937,852 Accrued interest payable 9,681 9,681 — — 9,681 Other financial liabilities 209,483 158,232 51,251 — 209,483 Federal Home Loan Bank advances and long-term debt 938,499 — 914,763 — 914,763 December 31, 2017 Book Value Level 1 Level 2 Level 3 Estimated (in thousands) FINANCIAL ASSETS Cash and due from banks $ 108,291 $ 108,291 $ — $ — $ 108,291 Interest-bearing deposits with other banks 293,805 293,805 — — 293,805 Federal Reserve Bank and Federal Home Loan Bank stock 60,761 — 60,761 — 60,761 Loans held for sale 31,530 — 31,530 — 31,530 Available for sale investment securities 2,547,956 918 2,444,613 102,425 2,547,956 Net Loans 15,598,337 — — 15,380,974 15,380,974 Accrued interest receivable 52,910 52,910 — — 52,910 Other financial assets 215,464 123,439 44,539 47,486 215,464 FINANCIAL LIABILITIES Demand and savings deposits $ 13,042,147 $ 13,042,147 $ — $ — $ 13,042,147 Brokered deposits 90,473 90,473 — — 90,473 Time deposits 2,664,912 — 2,664,912 — 2,664,912 Short-term borrowings 617,524 617,524 — — 617,524 Accrued interest payable 9,317 9,317 — — 9,317 Other financial liabilities 227,569 188,555 39,014 — 227,569 Federal Home Loan Bank advances and long-term debt 1,038,346 — 1,038,346 — 1,038,346 |
Basis of Presentation Narrative
Basis of Presentation Narrative (Details) - USD ($) $ in Thousands | Jan. 01, 2018 | Mar. 31, 2018 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Reclassification of stranded tax effects | [1] | $ 0 | |
Accounting Standards Update 2018-02 [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Reclassification of stranded tax effects | $ 7,100 | ||
[1] | Result of adoption of ASU 2018-02, See Note 1 to Consolidated Financial Statements for further details. |
Net Income Per Share Reconcilia
Net Income Per Share Reconciliation of Weighted Average Common Shares Outstanding (Details) - shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Weighted Average Number of Shares Outstanding Reconciliation [Abstract] | ||
Weighted average shares outstanding (basic) (in shares) | 175,303 | 174,150 |
Impact of common stock equivalents (in shares) | 1,265 | 1,427 |
Weighted average shares outstanding (diluted) (in shares) | 176,568 | 175,577 |
Accumulated Other Comprehensi33
Accumulated Other Comprehensive Income Changes in Other Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Equity [Abstract] | ||
Unrealized gain on securities, before tax amount | $ (34,991) | $ 6,575 |
Unrealized gain on securities, tax effect | 7,347 | (2,302) |
Unrealized gain on securities, net of tax amount | (27,644) | 4,273 |
Reclassification adjustment for securities gains included in net income, before tax amount | (19) | (1,106) |
Reclassification adjustment for securities gains included in net income, tax effect | 3 | 387 |
Reclassification adjustment for securities gains included in net income, net of tax amount | (16) | (719) |
Non-credit related unrealized gains on other-than-temporarily impaired debt securities, before tax amount | 285 | |
Non-credit related unrealized gains on other-than-temporarily impaired debt securities, tax effect | (61) | |
Non-credit related unrealized gains on other-than-temporarily impaired debt securities, net of tax amount | (224) | 0 |
Amortization of net unrecognized pension and postretirement items, before tax amount | 430 | 528 |
Amortization of net unrecognized pension and postretirement items, tax effect | (91) | (185) |
Amortization of net unrecognized pension and postretirement items, net of tax amount | 339 | 343 |
Total Other Comprehensive Income, Before Tax Amount | (34,295) | 5,997 |
Total Other Comprehensive Income, Tax Effect | 7,198 | (2,100) |
Other Comprehensive (Loss) Income | $ (27,097) | $ 3,897 |
Accumulated Other Comprehensi34
Accumulated Other Comprehensive Income Components of Other Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | ||
Accumulated Other Comprehensive Income [Roll Forward] | |||
Beginning Balance | $ (32,974) | ||
Reclassification of stranded tax effects | [1] | 0 | |
Ending Balance | (67,172) | ||
Unrealized Gains (Losses) on Investment Securities Not Other-Than-Temporarily Impaired | |||
Accumulated Other Comprehensive Income [Roll Forward] | |||
Beginning Balance | (18,509) | $ (23,047) | |
Other comprehensive loss before reclassifications | (27,644) | 4,273 | |
Amounts reclassified from accumulated other comprehensive income (loss) | (16) | (719) | |
Reclassification of stranded tax effects | (3,887) | ||
Ending Balance | (50,056) | (19,493) | |
Unrealized Non-Credit Gains (Losses) on Other-Than-Temporarily Impaired Debt Securities | |||
Accumulated Other Comprehensive Income [Roll Forward] | |||
Beginning Balance | 458 | 273 | |
Other comprehensive loss before reclassifications | 224 | 0 | |
Amounts reclassified from accumulated other comprehensive income (loss) | 0 | 0 | |
Reclassification of stranded tax effects | 0 | ||
Ending Balance | 682 | 273 | |
Unrecognized Pension and Postretirement Plan Income (Costs) | |||
Accumulated Other Comprehensive Income [Roll Forward] | |||
Beginning Balance | (14,923) | (15,675) | |
Other comprehensive loss before reclassifications | 0 | 0 | |
Amounts reclassified from accumulated other comprehensive income (loss) | 339 | 343 | |
Reclassification of stranded tax effects | (3,214) | ||
Ending Balance | (17,798) | (15,332) | |
Total | |||
Accumulated Other Comprehensive Income [Roll Forward] | |||
Beginning Balance | (32,974) | (38,449) | |
Other comprehensive loss before reclassifications | (27,420) | 4,273 | |
Amounts reclassified from accumulated other comprehensive income (loss) | 323 | (376) | |
Reclassification of stranded tax effects | [1] | (7,101) | |
Ending Balance | $ (67,172) | $ (34,552) | |
[1] | Result of adoption of ASU 2018-02, See Note 1 to Consolidated Financial Statements for further details. |
Investment Securities Schedule
Investment Securities Schedule of Amortized Cost and Fair Values of Investment Securities (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2017 |
Schedule of Investments [Line Items] | |||
Securities pledged as collateral | $ 1,800,000 | $ 0 | |
Amortized Cost | 2,655,314 | 2,575,719 | |
Gross Unrealized Gains | 8,026 | 13,062 | |
Gross Unrealized Losses | (70,517) | (40,825) | |
Estimated Fair Value | 2,592,823 | 2,547,956 | |
U.S. Government-Sponsored Agency Securities [Member] | |||
Schedule of Investments [Line Items] | |||
Amortized Cost | 21,105 | 5,962 | |
Gross Unrealized Gains | 40 | 2 | |
Gross Unrealized Losses | (183) | (26) | |
Estimated Fair Value | 20,962 | 5,938 | |
State and Municipal Securities [Member] | |||
Schedule of Investments [Line Items] | |||
Amortized Cost | 413,632 | 405,860 | |
Gross Unrealized Gains | 2,247 | 5,638 | |
Gross Unrealized Losses | (9,780) | (2,549) | |
Estimated Fair Value | 406,099 | 408,949 | |
Corporate Debt Securities [Member] | |||
Schedule of Investments [Line Items] | |||
Amortized Cost | 101,367 | 96,353 | |
Gross Unrealized Gains | 2,482 | 2,832 | |
Gross Unrealized Losses | (1,894) | (1,876) | |
Estimated Fair Value | 101,955 | 97,309 | |
Collateralized Mortgage Obligations [Member] | |||
Schedule of Investments [Line Items] | |||
Amortized Cost | 695,840 | 611,927 | |
Gross Unrealized Gains | 236 | 491 | |
Gross Unrealized Losses | (16,376) | (9,795) | |
Estimated Fair Value | 679,700 | 602,623 | |
Mortgage-Backed Securities [Member] | |||
Schedule of Investments [Line Items] | |||
Amortized Cost | 1,084,582 | 1,132,080 | |
Gross Unrealized Gains | 3,006 | 3,957 | |
Gross Unrealized Losses | (33,422) | (15,241) | |
Estimated Fair Value | 1,054,166 | 1,120,796 | |
Commercial Mortgage Backed Securities [Member] | |||
Schedule of Investments [Line Items] | |||
Amortized Cost | 231,378 | 215,351 | |
Gross Unrealized Gains | 15 | 0 | |
Gross Unrealized Losses | (4,501) | (2,596) | |
Estimated Fair Value | 226,892 | 212,755 | |
Auction Rate Securities [Member] | |||
Schedule of Investments [Line Items] | |||
Amortized Cost | 107,410 | 107,410 | |
Gross Unrealized Gains | 0 | 0 | |
Gross Unrealized Losses | (4,361) | (8,742) | |
Estimated Fair Value | 103,049 | 98,668 | |
Debt Securities [Member] | |||
Schedule of Investments [Line Items] | |||
Amortized Cost | 2,574,943 | ||
Gross Unrealized Gains | 12,920 | ||
Gross Unrealized Losses | (40,825) | ||
Estimated Fair Value | 2,547,038 | ||
Equity Securities [Member] | |||
Schedule of Investments [Line Items] | |||
Amortized Cost | 776 | ||
Gross Unrealized Gains | 142 | ||
Gross Unrealized Losses | 0 | ||
Estimated Fair Value | $ 918 | ||
Pooled Trust Preferred Securities [Member] | |||
Schedule of Investments [Line Items] | |||
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Credit Losses on Debt Securities Held | $ 11,500 | $ 11,500 |
Investment Securities Schedul36
Investment Securities Schedule of Amortized Cost and Fair Values of Debt Securities by Contractual Maturities (Details) $ in Thousands | Mar. 31, 2018USD ($) |
Amortized Cost | |
Due in one year or less | $ 14,055 |
Due from one year to five years | 36,871 |
Due from five years to ten years | 119,069 |
Due after ten years | 473,519 |
Amortized cost, before securities without debt maturities | 643,514 |
Amortized Cost | 2,655,314 |
Estimated Fair Value | |
Due in one year or less | 14,063 |
Due from one year to five years | 36,986 |
Due from five years to ten years | 119,529 |
Due after ten years | 461,487 |
Available for sale securities, debt maturities, before securities without single maturities | 632,065 |
Estimated Fair Value | 2,592,823 |
Collateralized Mortgage Obligations [Member] | |
Amortized Cost | |
Available-for-sale securities, amortized cost without single maturity date | 695,840 |
Estimated Fair Value | |
Available-for-sale securities, debt maturities, without single maturity date, fair value | 679,700 |
Commercial Mortgage Backed Securities [Member] | |
Amortized Cost | |
Available-for-sale securities, amortized cost without single maturity date | 231,378 |
Estimated Fair Value | |
Available-for-sale securities, debt maturities, without single maturity date, fair value | 226,892 |
Mortgage-Backed Securities [Member] | |
Amortized Cost | |
Available-for-sale securities, amortized cost without single maturity date | 1,084,582 |
Estimated Fair Value | |
Available-for-sale securities, debt maturities, without single maturity date, fair value | $ 1,054,166 |
Investment Securities Summary o
Investment Securities Summary of Gains and Losses from Equity and Debt Securities, and Losses from Other-than-Temporary Impairment (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Gain (Loss) on Investments [Line Items] | ||
Gross Realized Gains | $ 19 | $ 1,106 |
Equity Securities [Member] | ||
Gain (Loss) on Investments [Line Items] | ||
Gross Realized Gains | 9 | 1,045 |
Debt Securities [Member] | ||
Gain (Loss) on Investments [Line Items] | ||
Gross Realized Gains | $ 10 | $ 61 |
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 | Mar. 31, 2018 | Dec. 31, 2017 |
U.S. Government-Sponsored Agency Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | $ 12,499 | $ 5,830 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (183) | (26) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 0 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 12,499 | 5,830 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (183) | (26) |
State and Municipal Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 163,345 | 11,650 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (3,132) | (50) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 114,024 | 118,297 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (6,648) | (2,499) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 277,369 | 129,947 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (9,780) | (2,549) |
Corporate Debt Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 9,466 | 4,544 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (130) | (48) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 28,219 | 32,163 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (1,764) | (1,828) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 37,685 | 36,707 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (1,894) | (1,876) |
Collateralized Mortgage Obligations [Member] | ||
Schedule of Investments [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 456,200 | 303,932 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (7,184) | (2,408) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 176,076 | 187,690 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (9,192) | (7,387) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 632,276 | 491,622 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (16,376) | (9,795) |
Residential Mortgage Backed Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 527,502 | 511,378 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (13,611) | (4,348) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 471,703 | 500,375 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (19,811) | (10,893) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 999,205 | 1,011,753 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (33,422) | (15,241) |
Commercial Mortgage Backed Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 196,887 | 190,985 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (3,884) | (2,118) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 21,539 | 21,770 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (617) | (478) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 218,426 | 212,755 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (4,501) | (2,596) |
Auction Rate Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 0 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 0 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 103,049 | 98,668 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (4,361) | (8,742) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 103,049 | 98,668 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (4,361) | (8,742) |
Debt Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 1,365,899 | 1,028,319 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (28,124) | (8,998) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 914,610 | 958,963 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (42,393) | (31,827) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 2,280,509 | 1,987,282 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | $ (70,517) | $ (40,825) |
Investment Securities Summary39
Investment Securities Summary of Amortized Cost and Fair Values of Corporate Debt Securities (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $ 2,655,314 | |
Corporate debt securities | 2,592,823 | |
Corporate Debt Securities Issued by Financial Institutions [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 97,392 | $ 92,379 |
Corporate debt securities | 97,980 | 93,335 |
Single-issuer Trust Preferred Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 31,352 | 31,335 |
Corporate debt securities | 30,513 | 30,703 |
Subordinated Debt | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 54,011 | 49,013 |
Corporate debt securities | 54,357 | 49,533 |
Senior Debt Obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 12,029 | 12,031 |
Corporate debt securities | 12,245 | 12,392 |
Pooled Trust Preferred Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 0 | 0 |
Corporate debt securities | 865 | 707 |
Other Corporate Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 3,975 | 3,974 |
Corporate debt securities | 3,975 | 3,974 |
Corporate Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 101,367 | 96,353 |
Corporate debt securities | $ 101,955 | $ 97,309 |
Investment Securities Narrative
Investment Securities Narrative (Details) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2018USD ($)security | Dec. 31, 2017USD ($) | Mar. 31, 2017USD ($) | |
Schedule of Investments [Line Items] | |||
Securities pledged as collateral | $ 1,800,000 | $ 0 | |
Amortized cost | 2,655,314 | 2,575,719 | |
Available-for-sale Securities, Fair Value Disclosure | 2,592,823 | 2,547,956 | |
Equity Securities [Member] | |||
Schedule of Investments [Line Items] | |||
Amortized cost | 776 | ||
Available-for-sale Securities, Fair Value Disclosure | $ 918 | ||
Single-issuer Trust Preferred Securities [Member] | |||
Schedule of Investments [Line Items] | |||
Unrealized Loss on Securities | $ 839 | ||
Number of Trust Preferred Securities | security | 17 | ||
External Credit Rating, BBB [Member] | Single-issuer Trust Preferred Securities [Member] | |||
Schedule of Investments [Line Items] | |||
Amortized cost | $ 3,800 | ||
Available-for-sale Securities, Fair Value Disclosure | $ 3,100 | ||
Not Rated By An External Agency [Member] | Single-issuer Trust Preferred Securities [Member] | |||
Schedule of Investments [Line Items] | |||
Number of Trust Preferred Securities | security | 2 | ||
External Credit Rating, Rated Below Investment Grade [Member] | Single-issuer Trust Preferred Securities [Member] | |||
Schedule of Investments [Line Items] | |||
Amortized cost | $ 4,900 | ||
Available-for-sale Securities, Fair Value Disclosure | $ 4,700 | ||
Number of Trust Preferred Securities | security | 4 | ||
Pooled Trust Preferred Securities [Member] | |||
Schedule of Investments [Line Items] | |||
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Credit Losses on Debt Securities Held | $ 11,500 | $ 11,500 |
Loans and Allowance for Credi41
Loans and Allowance for Credit Losses Summary Of Gross Loans (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2017 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, gross of unearned income | $ 15,724,738 | $ 15,795,918 | |
Deferred Revenue | 28,454 | 27,671 | |
Loans, net of unearned income | 15,696,284 | 15,768,247 | $ 14,963,177 |
Real-estate - commercial mortgage | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, gross of unearned income | 6,332,508 | 6,364,804 | |
Loans, net of unearned income | 6,332,508 | 6,364,804 | 6,118,533 |
Commercial - industrial, financial and agricultural | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, gross of unearned income | 4,299,072 | 4,300,297 | |
Loans, net of unearned income | 4,299,072 | 4,300,297 | 4,167,809 |
Real-estate - home equity | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, gross of unearned income | 1,514,241 | 1,559,719 | |
Loans, net of unearned income | 1,514,241 | 1,559,719 | 1,595,901 |
Real estate - residential mortgage | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, gross of unearned income | 1,976,524 | 1,954,711 | |
Loans, net of unearned income | 1,976,524 | 1,954,711 | 1,665,142 |
Real-estate - construction | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, gross of unearned income | 976,131 | 1,006,935 | |
Loans, net of unearned income | 976,131 | 1,006,935 | 882,983 |
Consumer | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, gross of unearned income | 326,766 | 313,783 | |
Loans, net of unearned income | 326,766 | 313,783 | $ 288,826 |
Leasing and other | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, gross of unearned income | 297,465 | 291,556 | |
Overdrafts | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, gross of unearned income | $ 2,031 | $ 4,113 |
Loans and Allowance for Credi42
Loans and Allowance for Credit Losses Allowance for Credit Losses (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2017 | Dec. 31, 2016 |
Receivables [Abstract] | ||||
Allowance for loan losses | $ 163,217 | $ 169,910 | $ 170,076 | $ 168,679 |
Reserve for unfunded lending commitments | 12,802 | 6,174 | ||
Allowance for credit losses | $ 176,019 | $ 176,084 | $ 172,647 | $ 171,325 |
Loans and Allowance for Credi43
Loans and Allowance for Credit Losses Activity in the Allowance for Credit Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Allowance for Loan and Lease Losses [Roll Forward] | ||
Balance at beginning of period | $ 176,084 | $ 171,325 |
Loans charged off | (6,397) | (9,407) |
Recoveries of loans previously charged off | 2,362 | 5,929 |
Net loans charged off | (4,035) | (3,478) |
Provision for credit losses | 3,970 | 4,800 |
Balance at end of period | $ 176,019 | $ 172,647 |
Loans and Allowance for Credi44
Loans and Allowance for Credit Losses Allowance for Loan Losses by Portfolio Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Beginning Balance | $ 169,910 | $ 168,679 |
Loans charged off | (6,397) | (9,407) |
Recoveries of loans previously charged off | 2,362 | 5,929 |
Net loans charged off | (4,035) | (3,478) |
Provision for loan losses | (2,658) | 4,875 |
Ending Balance | 163,217 | 170,076 |
Provision for loan losses gross | 6,600 | 75 |
Provision for credit losses | 3,970 | 4,800 |
Real-estate - commercial mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Beginning Balance | 58,793 | 46,842 |
Loans charged off | (267) | (1,224) |
Recoveries of loans previously charged off | 279 | 450 |
Net loans charged off | 12 | (774) |
Provision for loan losses | (88) | 1,305 |
Ending Balance | 58,717 | 47,373 |
Commercial - industrial, financial and agricultural | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Beginning Balance | 66,280 | 54,353 |
Loans charged off | (4,005) | (5,527) |
Recoveries of loans previously charged off | 1,075 | 4,191 |
Net loans charged off | (2,930) | (1,336) |
Provision for loan losses | (1,520) | 2,292 |
Ending Balance | 61,830 | 55,309 |
Real-estate - home equity | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Beginning Balance | 18,127 | 26,801 |
Loans charged off | (408) | (698) |
Recoveries of loans previously charged off | 206 | 137 |
Net loans charged off | (202) | (561) |
Provision for loan losses | (397) | (2,419) |
Ending Balance | 17,528 | 23,821 |
Real estate - residential mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Beginning Balance | 16,088 | 22,929 |
Loans charged off | (162) | (216) |
Recoveries of loans previously charged off | 107 | 230 |
Net loans charged off | (55) | 14 |
Provision for loan losses | (772) | (925) |
Ending Balance | 15,261 | 22,018 |
Real-estate - construction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Beginning Balance | 6,620 | 6,455 |
Loans charged off | (158) | (247) |
Recoveries of loans previously charged off | 306 | 548 |
Net loans charged off | 148 | 301 |
Provision for loan losses | (844) | 745 |
Ending Balance | 5,924 | 7,501 |
Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Beginning Balance | 2,045 | 3,574 |
Loans charged off | (892) | (856) |
Recoveries of loans previously charged off | 179 | 236 |
Net loans charged off | (713) | (620) |
Provision for loan losses | 571 | 77 |
Ending Balance | 1,903 | 3,031 |
Leasing, other and overdrafts | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Beginning Balance | 1,957 | 3,192 |
Loans charged off | (505) | (639) |
Recoveries of loans previously charged off | 210 | 137 |
Net loans charged off | (295) | (502) |
Provision for loan losses | 392 | 578 |
Ending Balance | 2,054 | 3,268 |
Unallocated | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Beginning Balance | 0 | 4,533 |
Loans charged off | 0 | 0 |
Recoveries of loans previously charged off | 0 | 0 |
Net loans charged off | 0 | 0 |
Provision for loan losses | 0 | 3,222 |
Ending Balance | $ 0 | $ 7,755 |
Loans and Allowance for Credi45
Loans and Allowance for Credit Losses Present Loans, Net of Unearned Income and Their Related Allowance for Loan Losses, by Portfolio Segment (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2017 | Dec. 31, 2016 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans collectively evaluated for impairment | $ 122,942 | $ 124,882 | ||
Loans individually evaluated for impairment | 40,275 | 45,194 | ||
Allowance for loan losses | 163,217 | $ 169,910 | 170,076 | $ 168,679 |
Loans collectively evaluated for impairment | 15,501,704 | 14,786,290 | ||
Loans individually evaluated for impairment | 194,580 | 176,887 | ||
Loans, net of unearned income | 15,696,284 | 15,768,247 | 14,963,177 | |
Real-estate - commercial mortgage | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans collectively evaluated for impairment | 50,392 | 37,457 | ||
Loans individually evaluated for impairment | 8,325 | 9,916 | ||
Allowance for loan losses | 58,717 | 58,793 | 47,373 | 46,842 |
Loans collectively evaluated for impairment | 6,279,144 | 6,067,492 | ||
Loans individually evaluated for impairment | 53,364 | 51,041 | ||
Loans, net of unearned income | 6,332,508 | 6,364,804 | 6,118,533 | |
Commercial - industrial, financial and agricultural | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans collectively evaluated for impairment | 51,314 | 43,155 | ||
Loans individually evaluated for impairment | 10,516 | 12,154 | ||
Allowance for loan losses | 61,830 | 66,280 | 55,309 | 54,353 |
Loans collectively evaluated for impairment | 4,234,362 | 4,119,550 | ||
Loans individually evaluated for impairment | 64,710 | 48,259 | ||
Loans, net of unearned income | 4,299,072 | 4,300,297 | 4,167,809 | |
Real-estate - home equity | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans collectively evaluated for impairment | 6,440 | 14,744 | ||
Loans individually evaluated for impairment | 11,088 | 9,077 | ||
Allowance for loan losses | 17,528 | 18,127 | 23,821 | 26,801 |
Loans collectively evaluated for impairment | 1,489,429 | 1,576,949 | ||
Loans individually evaluated for impairment | 24,812 | 18,952 | ||
Loans, net of unearned income | 1,514,241 | 1,559,719 | 1,595,901 | |
Real estate - residential mortgage | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans collectively evaluated for impairment | 5,610 | 10,581 | ||
Loans individually evaluated for impairment | 9,651 | 11,437 | ||
Allowance for loan losses | 15,261 | 16,088 | 22,018 | 22,929 |
Loans collectively evaluated for impairment | 1,935,587 | 1,620,302 | ||
Loans individually evaluated for impairment | 40,937 | 44,840 | ||
Loans, net of unearned income | 1,976,524 | 1,954,711 | 1,665,142 | |
Real-estate - construction | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans collectively evaluated for impairment | 5,245 | 4,915 | ||
Loans individually evaluated for impairment | 679 | 2,586 | ||
Allowance for loan losses | 5,924 | 6,620 | 7,501 | 6,455 |
Loans collectively evaluated for impairment | 965,398 | 869,225 | ||
Loans individually evaluated for impairment | 10,733 | 13,758 | ||
Loans, net of unearned income | 976,131 | 1,006,935 | 882,983 | |
Consumer | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans collectively evaluated for impairment | 1,887 | 3,007 | ||
Loans individually evaluated for impairment | 16 | 24 | ||
Allowance for loan losses | 1,903 | 2,045 | 3,031 | 3,574 |
Loans collectively evaluated for impairment | 326,742 | 288,789 | ||
Loans individually evaluated for impairment | 24 | 37 | ||
Loans, net of unearned income | 326,766 | 313,783 | 288,826 | |
Leasing, other and overdrafts | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans collectively evaluated for impairment | 2,054 | 3,268 | ||
Loans individually evaluated for impairment | 0 | 0 | ||
Allowance for loan losses | 2,054 | 1,957 | 3,268 | 3,192 |
Loans collectively evaluated for impairment | 271,042 | 243,983 | ||
Loans individually evaluated for impairment | 0 | 0 | ||
Loans, net of unearned income | 271,042 | 267,998 | 243,983 | |
Unallocated | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans collectively evaluated for impairment | 7,755 | |||
Allowance for loan losses | $ 0 | $ 0 | $ 7,755 | $ 4,533 |
Loans and Allowance for Credi46
Loans and Allowance for Credit Losses Total Impaired Loans by Class Segments (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Impaired Financing Receivables [Line Items] | ||
Loans and Leases Receivable, Impaired, Commitment to Lend | $ 52 | $ 8,600 |
Unpaid principal balance, with no related allowance | 93,425 | 88,716 |
Unpaid principal balance, with related allowance | 139,073 | 141,739 |
Unpaid Principal Balance | 232,498 | 230,455 |
Recorded investment, with no related allowance | 80,733 | 75,111 |
Recorded investment, with related allowance | 113,847 | 116,018 |
Recorded Investment | 194,580 | 191,129 |
Related Allowance | 40,275 | 41,521 |
Real-estate - commercial mortgage | ||
Impaired Financing Receivables [Line Items] | ||
Unpaid principal balance, with no related allowance | 29,862 | 26,728 |
Unpaid principal balance, with related allowance | 32,863 | 33,710 |
Recorded investment, with no related allowance | 27,819 | 22,886 |
Recorded investment, with related allowance | 25,545 | 25,895 |
Related Allowance | 8,325 | 8,112 |
Commercial | ||
Impaired Financing Receivables [Line Items] | ||
Unpaid principal balance, with no related allowance | 46,673 | 44,936 |
Unpaid principal balance, with related allowance | 29,723 | 29,816 |
Recorded investment, with no related allowance | 40,525 | 39,550 |
Recorded investment, with related allowance | 24,185 | 24,175 |
Related Allowance | 10,516 | 11,406 |
Real estate - residential mortgage | ||
Impaired Financing Receivables [Line Items] | ||
Unpaid principal balance, with no related allowance | 4,547 | 4,575 |
Unpaid principal balance, with related allowance | 41,889 | 42,597 |
Recorded investment, with no related allowance | 4,547 | 4,575 |
Recorded investment, with related allowance | 36,390 | 37,132 |
Related Allowance | 9,651 | 9,895 |
Construction | ||
Impaired Financing Receivables [Line Items] | ||
Unpaid principal balance, with no related allowance | 12,343 | 12,477 |
Unpaid principal balance, with related allowance | 6,186 | 7,308 |
Recorded investment, with no related allowance | 7,842 | 8,100 |
Recorded investment, with related allowance | 2,891 | 4,097 |
Related Allowance | 679 | 967 |
Real-estate - home equity | ||
Impaired Financing Receivables [Line Items] | ||
Unpaid principal balance, with related allowance | 28,387 | 28,282 |
Recorded investment, with related allowance | 24,812 | 24,693 |
Related Allowance | 11,088 | 11,124 |
Consumer | ||
Impaired Financing Receivables [Line Items] | ||
Unpaid principal balance, with related allowance | 25 | 26 |
Recorded investment, with related allowance | 24 | 26 |
Related Allowance | $ 16 | $ 17 |
Loans and Allowance for Credi47
Loans and Allowance for Credit Losses Average Impaired Loans by Class Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Financing Receivable, Impaired [Line Items] | ||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | $ 77,923 | $ 59,135 |
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 183 | 134 |
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 114,934 | 119,939 |
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 533 | 445 |
Impaired Financing Receivable, Average Recorded Investment | 192,857 | 179,074 |
Impaired Financing Receivable, Interest Income, Accrual Method | 716 | 579 |
Real-estate - commercial mortgage | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 25,353 | 23,842 |
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 83 | 70 |
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 25,720 | 29,126 |
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 84 | 85 |
Commercial | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 40,038 | 25,574 |
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 73 | 36 |
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 24,181 | 23,044 |
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 44 | 32 |
Real-estate - home equity | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 24,752 | 19,079 |
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 184 | 95 |
Real estate - residential mortgage | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 4,561 | 4,673 |
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 27 | 26 |
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 36,761 | 40,839 |
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 221 | 230 |
Construction | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 7,971 | 5,046 |
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 0 | 2 |
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 3,495 | 7,100 |
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 0 | 3 |
Consumer | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 25 | 38 |
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 0 | 0 |
Leasing, other and overdrafts | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 0 | 713 |
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | $ 0 | $ 0 |
Loans and Allowance for Credi48
Loans and Allowance for Credit Losses Credit Quality Indicators (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Internal risk ratings for loans by segment [Line Items] | ||
Loans and Leases Receivable, Gross | $ 15,724,738 | $ 15,795,918 |
Real-estate - commercial mortgage | ||
Internal risk ratings for loans by segment [Line Items] | ||
Loans and Leases Receivable, Gross | 6,332,508 | 6,364,804 |
Real-estate - commercial mortgage | Pass | ||
Internal risk ratings for loans by segment [Line Items] | ||
Loans and Leases Receivable, Gross | 6,027,210 | 6,066,396 |
Real-estate - commercial mortgage | Special Mention | ||
Internal risk ratings for loans by segment [Line Items] | ||
Loans and Leases Receivable, Gross | 144,809 | 147,604 |
Real-estate - commercial mortgage | December 31, 2017 | ||
Internal risk ratings for loans by segment [Line Items] | ||
Loans and Leases Receivable, Gross | 160,489 | 150,804 |
Commercial | ||
Internal risk ratings for loans by segment [Line Items] | ||
Loans and Leases Receivable, Gross | 4,154,213 | 4,132,440 |
Commercial | Pass | ||
Internal risk ratings for loans by segment [Line Items] | ||
Loans and Leases Receivable, Gross | 3,873,737 | 3,831,485 |
Commercial | Special Mention | ||
Internal risk ratings for loans by segment [Line Items] | ||
Loans and Leases Receivable, Gross | 100,242 | 121,842 |
Commercial | December 31, 2017 | ||
Internal risk ratings for loans by segment [Line Items] | ||
Loans and Leases Receivable, Gross | 180,234 | 179,113 |
Commercial - unsecured | ||
Internal risk ratings for loans by segment [Line Items] | ||
Loans and Leases Receivable, Gross | 144,859 | 167,857 |
Commercial - unsecured | Pass | ||
Internal risk ratings for loans by segment [Line Items] | ||
Loans and Leases Receivable, Gross | 139,139 | 159,620 |
Commercial - unsecured | Special Mention | ||
Internal risk ratings for loans by segment [Line Items] | ||
Loans and Leases Receivable, Gross | 3,378 | 5,478 |
Commercial - unsecured | December 31, 2017 | ||
Internal risk ratings for loans by segment [Line Items] | ||
Loans and Leases Receivable, Gross | 2,342 | 2,759 |
Commercial - industrial, financial and agricultural | ||
Internal risk ratings for loans by segment [Line Items] | ||
Loans and Leases Receivable, Gross | 4,299,072 | 4,300,297 |
Commercial - industrial, financial and agricultural | Pass | ||
Internal risk ratings for loans by segment [Line Items] | ||
Loans and Leases Receivable, Gross | 4,012,876 | 3,991,105 |
Commercial - industrial, financial and agricultural | Special Mention | ||
Internal risk ratings for loans by segment [Line Items] | ||
Loans and Leases Receivable, Gross | 103,620 | 127,320 |
Commercial - industrial, financial and agricultural | December 31, 2017 | ||
Internal risk ratings for loans by segment [Line Items] | ||
Loans and Leases Receivable, Gross | 182,576 | 181,872 |
Construction | ||
Internal risk ratings for loans by segment [Line Items] | ||
Loans and Leases Receivable, Gross | 158,482 | 163,102 |
Construction | Pass | ||
Internal risk ratings for loans by segment [Line Items] | ||
Loans and Leases Receivable, Gross | 141,587 | 143,759 |
Construction | Special Mention | ||
Internal risk ratings for loans by segment [Line Items] | ||
Loans and Leases Receivable, Gross | 4,613 | 5,259 |
Construction | December 31, 2017 | ||
Internal risk ratings for loans by segment [Line Items] | ||
Loans and Leases Receivable, Gross | 12,282 | 14,084 |
Construction - commercial | ||
Internal risk ratings for loans by segment [Line Items] | ||
Loans and Leases Receivable, Gross | 748,796 | 765,816 |
Construction - commercial | Pass | ||
Internal risk ratings for loans by segment [Line Items] | ||
Loans and Leases Receivable, Gross | 744,274 | 761,218 |
Construction - commercial | Special Mention | ||
Internal risk ratings for loans by segment [Line Items] | ||
Loans and Leases Receivable, Gross | 834 | 846 |
Construction - commercial | December 31, 2017 | ||
Internal risk ratings for loans by segment [Line Items] | ||
Loans and Leases Receivable, Gross | 3,688 | 3,752 |
Construction - Commercial and Commercial Residential | ||
Internal risk ratings for loans by segment [Line Items] | ||
Loans and Leases Receivable, Gross | 907,278 | 928,918 |
Construction - Commercial and Commercial Residential | Pass | ||
Internal risk ratings for loans by segment [Line Items] | ||
Loans and Leases Receivable, Gross | 885,861 | 904,977 |
Construction - Commercial and Commercial Residential | Special Mention | ||
Internal risk ratings for loans by segment [Line Items] | ||
Loans and Leases Receivable, Gross | 5,447 | 6,105 |
Construction - Commercial and Commercial Residential | December 31, 2017 | ||
Internal risk ratings for loans by segment [Line Items] | ||
Loans and Leases Receivable, Gross | 15,970 | 17,836 |
Commercial Loans, Commerical Mortgages, Constructions Loans | ||
Internal risk ratings for loans by segment [Line Items] | ||
Loans and Leases Receivable, Gross | $ 11,538,858 | $ 11,594,019 |
Percentage of total loans rated | 100.00% | 100.00% |
Commercial Loans, Commerical Mortgages, Constructions Loans | Pass | ||
Internal risk ratings for loans by segment [Line Items] | ||
Loans and Leases Receivable, Gross | $ 10,925,947 | $ 10,962,478 |
Percentage of total loans rated | 94.70% | 94.60% |
Commercial Loans, Commerical Mortgages, Constructions Loans | Special Mention | ||
Internal risk ratings for loans by segment [Line Items] | ||
Loans and Leases Receivable, Gross | $ 253,876 | $ 281,029 |
Percentage of total loans rated | 2.20% | 2.40% |
Commercial Loans, Commerical Mortgages, Constructions Loans | December 31, 2017 | ||
Internal risk ratings for loans by segment [Line Items] | ||
Loans and Leases Receivable, Gross | $ 359,035 | $ 350,512 |
Percentage of total loans rated | 3.10% | 3.00% |
Loans and Allowance for Credi49
Loans and Allowance for Credit Losses Summary of Delinquency and Non-Performing Status by Portfolio Segment (Details) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2018USD ($)day | Dec. 31, 2017USD ($) | Mar. 31, 2017USD ($) | |
Financing Receivable, Impaired [Line Items] | |||
Loans, net of unearned income | $ 15,696,284 | $ 15,768,247 | $ 14,963,177 |
Delinquent | Minimum | |||
Financing Receivable, Impaired [Line Items] | |||
Days past due | day | 30 | ||
Delinquent | Maximum | |||
Financing Receivable, Impaired [Line Items] | |||
Days past due | day | 89 | ||
Non-performing | |||
Financing Receivable, Impaired [Line Items] | |||
Days past due | day | 90 | ||
Real-estate - home equity | |||
Financing Receivable, Impaired [Line Items] | |||
Loans, net of unearned income | $ 1,514,241 | 1,559,719 | 1,595,901 |
Real-estate - home equity | Performing | |||
Financing Receivable, Impaired [Line Items] | |||
Loans, net of unearned income | 1,493,485 | 1,535,557 | |
Real-estate - home equity | Delinquent | |||
Financing Receivable, Impaired [Line Items] | |||
Loans, net of unearned income | 8,731 | 12,655 | |
Real-estate - home equity | Non-performing | |||
Financing Receivable, Impaired [Line Items] | |||
Loans, net of unearned income | 12,025 | 11,507 | |
Real estate - residential mortgage | |||
Financing Receivable, Impaired [Line Items] | |||
Loans, net of unearned income | 1,976,524 | 1,954,711 | 1,665,142 |
Real estate - residential mortgage | Performing | |||
Financing Receivable, Impaired [Line Items] | |||
Loans, net of unearned income | 1,938,817 | 1,914,888 | |
Real estate - residential mortgage | Delinquent | |||
Financing Receivable, Impaired [Line Items] | |||
Loans, net of unearned income | 17,539 | 18,852 | |
Real estate - residential mortgage | Non-performing | |||
Financing Receivable, Impaired [Line Items] | |||
Loans, net of unearned income | 20,168 | 20,971 | |
Construction - other | |||
Financing Receivable, Impaired [Line Items] | |||
Loans, net of unearned income | 68,853 | 78,017 | |
Construction - other | Performing | |||
Financing Receivable, Impaired [Line Items] | |||
Loans, net of unearned income | 68,363 | 77,403 | |
Construction - other | Delinquent | |||
Financing Receivable, Impaired [Line Items] | |||
Loans, net of unearned income | 0 | 203 | |
Construction - other | Non-performing | |||
Financing Receivable, Impaired [Line Items] | |||
Loans, net of unearned income | 490 | 411 | |
Consumer | |||
Financing Receivable, Impaired [Line Items] | |||
Loans, net of unearned income | 56,058 | 55,213 | |
Consumer | Performing | |||
Financing Receivable, Impaired [Line Items] | |||
Loans, net of unearned income | 55,681 | 54,828 | |
Consumer | Delinquent | |||
Financing Receivable, Impaired [Line Items] | |||
Loans, net of unearned income | 323 | 315 | |
Consumer | Non-performing | |||
Financing Receivable, Impaired [Line Items] | |||
Loans, net of unearned income | 54 | 70 | |
Consumer - indirect | |||
Financing Receivable, Impaired [Line Items] | |||
Loans, net of unearned income | 270,708 | 258,570 | |
Consumer - indirect | Performing | |||
Financing Receivable, Impaired [Line Items] | |||
Loans, net of unearned income | 267,584 | 254,663 | |
Consumer - indirect | Delinquent | |||
Financing Receivable, Impaired [Line Items] | |||
Loans, net of unearned income | 2,931 | 3,681 | |
Consumer - indirect | Non-performing | |||
Financing Receivable, Impaired [Line Items] | |||
Loans, net of unearned income | 193 | 226 | |
Consumer | |||
Financing Receivable, Impaired [Line Items] | |||
Loans, net of unearned income | 326,766 | 313,783 | 288,826 |
Consumer | Performing | |||
Financing Receivable, Impaired [Line Items] | |||
Loans, net of unearned income | 323,265 | 309,491 | |
Consumer | Delinquent | |||
Financing Receivable, Impaired [Line Items] | |||
Loans, net of unearned income | 3,254 | 3,996 | |
Consumer | Non-performing | |||
Financing Receivable, Impaired [Line Items] | |||
Loans, net of unearned income | 247 | 296 | |
Leasing, other and overdrafts | |||
Financing Receivable, Impaired [Line Items] | |||
Loans, net of unearned income | 271,042 | 267,998 | $ 243,983 |
Leasing, other and overdrafts | Performing | |||
Financing Receivable, Impaired [Line Items] | |||
Loans, net of unearned income | 270,027 | 267,111 | |
Leasing, other and overdrafts | Delinquent | |||
Financing Receivable, Impaired [Line Items] | |||
Loans, net of unearned income | 843 | 855 | |
Leasing, other and overdrafts | Non-performing | |||
Financing Receivable, Impaired [Line Items] | |||
Loans, net of unearned income | 172 | 32 | |
Real Estate, Consumer, Leasing And Other Loans [Member] [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Loans, net of unearned income | 4,157,426 | 4,174,228 | |
Real Estate, Consumer, Leasing And Other Loans [Member] [Member] | Performing | |||
Financing Receivable, Impaired [Line Items] | |||
Loans, net of unearned income | 4,093,957 | 4,104,450 | |
Real Estate, Consumer, Leasing And Other Loans [Member] [Member] | Delinquent | |||
Financing Receivable, Impaired [Line Items] | |||
Loans, net of unearned income | 30,367 | 36,561 | |
Real Estate, Consumer, Leasing And Other Loans [Member] [Member] | Non-performing | |||
Financing Receivable, Impaired [Line Items] | |||
Loans, net of unearned income | $ 33,102 | $ 33,217 | |
Commercial Loans, Commerical Mortgages, Constructions Loans | |||
Financing Receivable, Impaired [Line Items] | |||
% of Total | 100.00% | 100.00% | |
Commercial Loans, Commerical Mortgages, Constructions Loans | Performing | |||
Financing Receivable, Impaired [Line Items] | |||
% of Total | 98.50% | 98.30% | |
Commercial Loans, Commerical Mortgages, Constructions Loans | Delinquent | |||
Financing Receivable, Impaired [Line Items] | |||
% of Total | 0.70% | 0.90% | |
Commercial Loans, Commerical Mortgages, Constructions Loans | Non-performing | |||
Financing Receivable, Impaired [Line Items] | |||
% of Total | 0.80% | 0.80% |
Loans and Allowance for Credi50
Loans and Allowance for Credit Losses Non-Performing Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Receivables [Abstract] | ||
Non-accrual loans | $ 122,966 | $ 124,749 |
Loans 90 days or more past due and still accruing | 11,676 | 10,010 |
Total non-performing loans | 134,642 | 134,759 |
Other real estate owned (OREO) | 10,744 | 9,823 |
Total non-performing assets | $ 145,386 | $ 144,582 |
Loans and Allowance for Credi51
Loans and Allowance for Credit Losses Past Due Loan Status and Non-Accrual Loans by Portfolio Segment (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2017 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | $ 186,334 | $ 196,268 | |
≥ 90 Days Past Due and Accruing | 11,676 | 10,010 | |
Non- accrual | 122,966 | 124,749 | |
Current | 15,509,950 | 15,571,979 | |
Loans, net of unearned income | 15,696,284 | 15,768,247 | $ 14,963,177 |
Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 38,720 | 40,709 | |
Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 12,972 | 20,800 | |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 134,642 | 134,759 | |
Real-estate - commercial mortgage | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 48,881 | 49,126 | |
≥ 90 Days Past Due and Accruing | 1,001 | 625 | |
Non- accrual | 35,183 | 34,822 | |
Current | 6,283,627 | 6,315,678 | |
Loans, net of unearned income | 6,332,508 | 6,364,804 | 6,118,533 |
Real-estate - commercial mortgage | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 11,606 | 9,456 | |
Real-estate - commercial mortgage | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 1,091 | 4,223 | |
Real-estate - commercial mortgage | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 36,184 | 35,447 | |
Commercial | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 61,926 | 63,647 | |
≥ 90 Days Past Due and Accruing | 1,935 | 1,360 | |
Non- accrual | 52,336 | 52,255 | |
Current | 4,092,287 | 4,068,793 | |
Loans, net of unearned income | 4,154,213 | 4,132,440 | |
Commercial | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 4,048 | 4,778 | |
Commercial | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 3,607 | 5,254 | |
Commercial | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 54,271 | 53,615 | |
Commercial - unsecured | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 1,617 | 1,009 | |
≥ 90 Days Past Due and Accruing | 10 | 45 | |
Non- accrual | 634 | 649 | |
Current | 143,242 | 166,848 | |
Loans, net of unearned income | 144,859 | 167,857 | |
Commercial - unsecured | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 814 | 305 | |
Commercial - unsecured | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 159 | 10 | |
Commercial - unsecured | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 644 | 694 | |
Commercial - industrial, financial and agricultural | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 63,543 | 64,656 | |
≥ 90 Days Past Due and Accruing | 1,945 | 1,405 | |
Non- accrual | 52,970 | 52,904 | |
Current | 4,235,529 | 4,235,641 | |
Loans, net of unearned income | 4,299,072 | 4,300,297 | 4,167,809 |
Commercial - industrial, financial and agricultural | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 4,862 | 5,083 | |
Commercial - industrial, financial and agricultural | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 3,766 | 5,264 | |
Commercial - industrial, financial and agricultural | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 54,915 | 54,309 | |
Real-estate - home equity | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 20,756 | 24,162 | |
≥ 90 Days Past Due and Accruing | 3,280 | 2,372 | |
Non- accrual | 8,745 | 9,135 | |
Current | 1,493,485 | 1,535,557 | |
Loans, net of unearned income | 1,514,241 | 1,559,719 | 1,595,901 |
Real-estate - home equity | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 6,401 | 9,640 | |
Real-estate - home equity | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 2,330 | 3,015 | |
Real-estate - home equity | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 12,025 | 11,507 | |
Real estate - residential mortgage | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 37,707 | 39,823 | |
≥ 90 Days Past Due and Accruing | 4,833 | 5,280 | |
Non- accrual | 15,335 | 15,691 | |
Current | 1,938,817 | 1,914,888 | |
Loans, net of unearned income | 1,976,524 | 1,954,711 | 1,665,142 |
Real estate - residential mortgage | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 12,725 | 11,961 | |
Real estate - residential mortgage | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 4,814 | 6,891 | |
Real estate - residential mortgage | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 20,168 | 20,971 | |
Construction | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 10,422 | 12,206 | |
≥ 90 Days Past Due and Accruing | 0 | 0 | |
Non- accrual | 10,422 | 11,767 | |
Current | 148,060 | 150,896 | |
Loans, net of unearned income | 158,482 | 163,102 | |
Construction | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 0 | 0 | |
Construction | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 0 | 439 | |
Construction | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 10,422 | 11,767 | |
Construction - commercial | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 19 | 502 | |
≥ 90 Days Past Due and Accruing | 0 | 0 | |
Non- accrual | 19 | 19 | |
Current | 748,777 | 765,314 | |
Loans, net of unearned income | 748,796 | 765,816 | |
Construction - commercial | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 0 | 483 | |
Construction - commercial | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 0 | 0 | |
Construction - commercial | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 19 | 19 | |
Construction - other | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 490 | 614 | |
≥ 90 Days Past Due and Accruing | 198 | 0 | |
Non- accrual | 292 | 411 | |
Current | 68,363 | 77,403 | |
Loans, net of unearned income | 68,853 | 78,017 | |
Construction - other | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 0 | 203 | |
Construction - other | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 0 | 0 | |
Construction - other | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 490 | 411 | |
Real-estate - construction | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 10,931 | 13,322 | |
≥ 90 Days Past Due and Accruing | 198 | 0 | |
Non- accrual | 10,733 | 12,197 | |
Current | 965,200 | 993,613 | |
Loans, net of unearned income | 976,131 | 1,006,935 | 882,983 |
Real-estate - construction | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 0 | 686 | |
Real-estate - construction | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 0 | 439 | |
Real-estate - construction | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 10,931 | 12,197 | |
Consumer | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 377 | 385 | |
≥ 90 Days Past Due and Accruing | 54 | 70 | |
Non- accrual | 0 | 0 | |
Current | 55,681 | 54,828 | |
Loans, net of unearned income | 56,058 | 55,213 | |
Consumer | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 211 | 260 | |
Consumer | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 112 | 55 | |
Consumer | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 54 | 70 | |
Consumer - indirect | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 3,124 | 3,907 | |
≥ 90 Days Past Due and Accruing | 193 | 226 | |
Non- accrual | 0 | 0 | |
Current | 267,584 | 254,663 | |
Loans, net of unearned income | 270,708 | 258,570 | |
Consumer - indirect | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 2,253 | 3,055 | |
Consumer - indirect | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 678 | 626 | |
Consumer - indirect | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 193 | 226 | |
Consumer | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 3,501 | 4,292 | |
≥ 90 Days Past Due and Accruing | 247 | 296 | |
Non- accrual | 0 | 0 | |
Current | 323,265 | 309,491 | |
Loans, net of unearned income | 326,766 | 313,783 | 288,826 |
Consumer | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 2,464 | 3,315 | |
Consumer | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 790 | 681 | |
Consumer | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 247 | 296 | |
Leasing, other and overdrafts | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 1,015 | 887 | |
≥ 90 Days Past Due and Accruing | 172 | 32 | |
Non- accrual | 0 | 0 | |
Current | 270,027 | 267,111 | |
Loans, net of unearned income | 271,042 | 267,998 | $ 243,983 |
Leasing, other and overdrafts | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 662 | 568 | |
Leasing, other and overdrafts | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 181 | 287 | |
Leasing, other and overdrafts | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | $ 172 | $ 32 |
Loans and Allowance for Credi52
Loans and Allowance for Credit Losses Loans Modified Under Troubled Debt Restructurings (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Financing Receivable, Modifications [Line Items] | ||
Total Accruing Troubled Debt Restructurings | $ 71,614 | $ 66,379 |
Non-accrual TDRs (1) | 24,897 | 29,051 |
Total TDRs | 96,511 | 95,430 |
Residential Mortgage [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Total Accruing Troubled Debt Restructurings | 25,602 | 26,016 |
Commercial Real Estate [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Total Accruing Troubled Debt Restructurings | 18,181 | 13,959 |
Real-estate - home equity | ||
Financing Receivable, Modifications [Line Items] | ||
Total Accruing Troubled Debt Restructurings | 16,067 | 15,558 |
Commercial | ||
Financing Receivable, Modifications [Line Items] | ||
Total Accruing Troubled Debt Restructurings | 11,740 | 10,820 |
Consumer | ||
Financing Receivable, Modifications [Line Items] | ||
Total Accruing Troubled Debt Restructurings | $ 24 | $ 26 |
Loans and Allowance for Credi53
Loans and Allowance for Credit Losses Troubled Debt Restructuring Modification (Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018USD ($)loans | Mar. 31, 2017USD ($)loans | |
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | loans | 29 | 31 |
Post-Modification Recorded Investment | $ | $ 10,748 | $ 5,696 |
Extend maturity without rate concession | Commercial | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | loans | 9 | 4 |
Post-Modification Recorded Investment | $ | $ 9,359 | $ 3,126 |
Extend maturity without rate concession | Real-estate - commercial mortgage | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | loans | 0 | 1 |
Post-Modification Recorded Investment | $ | $ 0 | $ 318 |
Extend maturity without rate concession | Real-estate - home equity | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | loans | 17 | 16 |
Post-Modification Recorded Investment | $ | $ 1,276 | $ 1,284 |
Extend maturity without rate concession | Real estate - residential mortgage | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | loans | 0 | 2 |
Post-Modification Recorded Investment | $ | $ 0 | $ 337 |
Bankruptcy | Real-estate - home equity | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | loans | 2 | 7 |
Post-Modification Recorded Investment | $ | $ 108 | $ 453 |
Bankruptcy | Real estate - residential mortgage | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | loans | 1 | 1 |
Post-Modification Recorded Investment | $ | $ 5 | $ 178 |
Loans and Allowance for Credi54
Loans and Allowance for Credit Losses TDRs by Class Segment (Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018USD ($)loans | Mar. 31, 2017USD ($)loans | |
Financing Receivable, Modifications [Line Items] | ||
Post-Modification Recorded Investment | $ 10,748 | $ 5,696 |
Number of Loans | loans | 29 | 31 |
Number of Loans | loans | 32 | 30 |
Recorded Investment | $ 3,522 | $ 6,729 |
Real estate - residential mortgage | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | loans | 5 | 8 |
Recorded Investment | $ 332 | $ 2,006 |
Real-estate - commercial mortgage | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | 1 | 2 |
Recorded Investment | $ 180 | $ 430 |
Real-estate - home equity | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | loans | 18 | 14 |
Recorded Investment | $ 1,000 | $ 639 |
Commercial | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | loans | 6 | 6 |
Recorded Investment | $ 526 | $ 3,654 |
Construction - other | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | loans | 2 | 0 |
Recorded Investment | $ 1,484 | $ 0 |
Loans and Allowance for Credi55
Loans and Allowance for Credit Losses Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Provision for credit losses | $ 3,970 | $ 4,800 | |
Impaired loans with principal balances approximately in percentage | 72.00% | 67.00% | |
Loan to value ratio in the Corporation's policy | 70.00% | ||
Recorded investment, with no related allowance | $ 80,733 | $ 75,111 | |
Loans and Leases Receivable, Impaired, Commitment to Lend | 52 | $ 8,600 | |
Minimum | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Minimum balance of loans evaluated individually for impairment | 1,000 | ||
Impaired loans balances, real estate as collateral | 1,000 | ||
Maximum | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Minimum balance of loans evaluated individually for impairment | $ 1,000 |
Mortgage Servicing Rights Summa
Mortgage Servicing Rights Summary of Changes in Mortgage Servicing Rights (Details) - Residential Mortgage [Member] - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Amortized Cost: | ||
Balance at beginning of period | $ 37,663 | $ 38,822 |
Originations of mortgage servicing rights | 1,483 | 1,183 |
Amortization | (1,398) | (1,462) |
Balance at end of period | 37,748 | 38,543 |
Valuation allowance: | ||
Valuation Allowance - Balance at beginning and end of period | 0 | (1,291) |
Net MSRs at end of period | $ 37,748 | $ 37,252 |
Mortgage Servicing Rights - Nar
Mortgage Servicing Rights - Narrative (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Mar. 31, 2017 |
Residential Mortgage [Member] | ||
Servicing Asset at Amortized Cost [Line Items] | ||
Valuation Allowance for Impairment of Recognized Servicing Assets, Balance | $ 0 | $ 1,291 |
Stock-Based Compensation Compen
Stock-Based Compensation Compensation Expense and Related Tax Benefits (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Compensation expense | $ 1,510 | $ 734 |
Tax benefit | (461) | (744) |
Stock-based compensation expense, net of tax benefit | $ 1,049 | $ (10) |
Stock-Based Compensation Narrat
Stock-Based Compensation Narrative (Details) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Statement [Line Items] | ||
Compensation expense | $ 1,510 | $ 734 |
Stock-based compensation expense, net of tax benefit | $ 1,049 | $ (10) |
Directors' Plan [Member] | ||
Statement [Line Items] | ||
Shares reserved for future grants under the stock option and compensation plan | 360 | |
Employee Equity Plan [Member] | ||
Statement [Line Items] | ||
Awards vesting period (in years) | 3 years | |
Shares reserved for future grants under the stock option and compensation plan | 11,100 |
Employee Benefit Plans Summary
Employee Benefit Plans Summary of Pension Plan and Postretirement Plan Net Periodic Benefit Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Pension Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Interest cost | $ 831 | $ 830 |
Expected return on plan assets | (451) | (451) |
Net amortization and deferral | 664 | 663 |
Net periodic benefit | 1,044 | 1,042 |
Other Postretirement Benefits Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Interest cost | 17 | 17 |
Net accretion and deferral | (141) | (141) |
Net periodic benefit | $ (124) | $ (124) |
Derivative Financial Instrume61
Derivative Financial Instruments Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | |
Derivative [Line Items] | ||||
Assets | $ 19,948,941 | $ 20,036,905 | ||
Foreign currency open position | 500 | |||
Mortgage Loans Held For Sale [Member] | ||||
Derivative [Line Items] | ||||
Gain (loss) in fair values of mortgage loans held for sale | $ (197) | $ 539 | ||
Fulton Bank Subsidiary [Member] | ||||
Derivative [Line Items] | ||||
Assets | $ 10,000,000 |
Derivative Financial Instrume62
Derivative Financial Instruments Notional Amounts and Fair Values of Derivative Financial Instruments (Details) - USD ($) | Mar. 31, 2018 | Dec. 31, 2017 |
Derivative [Line Items] | ||
Derivative asset, fair value | $ (47,229,000) | $ (43,630,000) |
Derivative liability, fair value | (51,336,000) | (38,997,000) |
Derivative asset (liability), net | (2,767,000) | 5,611,000 |
Interest Rate Lock Commitments [Member] | ||
Derivative [Line Items] | ||
Derivative asset, notional amount | 142,131,000 | 129,469,000 |
Derivative liability, notional amount | 10,572,000 | 8,957,000 |
Derivative asset, fair value | (1,210,000) | (1,059,000) |
Derivative liability, fair value | (81,000) | (59,000) |
Derivative asset (liability), net | 1,129,000 | 1,000,000 |
Forward Commitments [Member] | ||
Derivative [Line Items] | ||
Derivative asset, notional amount | 112,544,000 | 3,856,000 |
Derivative liability, notional amount | 0 | 100,808,000 |
Derivative asset, fair value | (47,000) | (34,000) |
Derivative liability, fair value | 0 | (213,000) |
Derivative asset (liability), net | 47,000 | (179,000) |
Interest Rate Swap with Customer [Member] | ||
Derivative [Line Items] | ||
Derivative asset, notional amount | 464,300,000 | 1,316,548,000 |
Derivative liability, notional amount | 1,654,770,000 | 716,634,000 |
Derivative asset, fair value | (7,581,000) | (24,505,000) |
Derivative liability, fair value | (44,696,000) | (18,978,000) |
Derivative asset (liability), net | (37,115,000) | 5,527,000 |
Interest Rate Swap With Counterparty [Member] | ||
Derivative [Line Items] | ||
Derivative asset, notional amount | 1,654,770,000 | 716,634,000 |
Derivative liability, notional amount | 464,300,000 | 1,316,548,000 |
Derivative asset, fair value | (39,466,000) | (18,941,000) |
Derivative liability, fair value | (6,475,000) | (19,764,000) |
Derivative asset (liability), net | 32,991,000 | (823,000) |
Centrally Cleared Interest Rate Swap with Counterparty [Member] | ||
Derivative [Line Items] | ||
Derivative liability, fair value | 0 | 0 |
Derivative Asset, Collateral, Obligation to Return Cash, Offset | 4,300,000 | |
Derivatives variation margin | 4,600,000 | |
Centrally Cleared Interest Rate Swap with Counterparty [Member] | Positive Fair Values [Member] | ||
Derivative [Line Items] | ||
Derivative asset, notional amount | 371,100,000 | 24,400,000 |
Derivative asset, fair value | 0 | 0 |
Centrally Cleared Interest Rate Swap with Counterparty [Member] | Negative Fair Values [Member] | ||
Derivative [Line Items] | ||
Derivative liability, notional amount | 83,300,000 | 377,100,000 |
Derivative liability, fair value | 0 | 0 |
Foreign Exchange Contracts With Customer [Member] | ||
Derivative [Line Items] | ||
Derivative asset, notional amount | 9,914,000 | 4,852,000 |
Derivative liability, notional amount | 3,330,000 | 5,914,000 |
Derivative asset, fair value | (228,000) | (276,000) |
Derivative liability, fair value | (64,000) | (119,000) |
Derivative asset (liability), net | 164,000 | 157,000 |
Foreign Exchange Contracts With Correspondent Banks [Member] | ||
Derivative [Line Items] | ||
Derivative asset, notional amount | 13,953,000 | 7,960,000 |
Derivative liability, notional amount | 8,682,000 | 6,048,000 |
Derivative asset, fair value | (182,000) | (184,000) |
Derivative liability, fair value | (165,000) | (255,000) |
Derivative asset (liability), net | $ 17,000 | $ (71,000) |
Derivative Financial Instrume63
Derivative Financial Instruments Fair Value Gains and Losses on Derivative Financial Instruments (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Derivative [Line Items] | ||
Net fair value gains on derivative financial instruments | $ (8,378) | $ 623 |
Interest rate lock with customers [Member] | ||
Derivative [Line Items] | ||
Net fair value gains on derivative financial instruments | 129 | 845 |
Forward Commitments [Member] | ||
Derivative [Line Items] | ||
Net fair value gains on derivative financial instruments | 226 | (2,379) |
Interest Rate Swap with Customer [Member] | ||
Derivative [Line Items] | ||
Net fair value gains on derivative financial instruments | (42,642) | (815) |
Interest Rate Swap with Counterparty [Member] | ||
Derivative [Line Items] | ||
Net fair value gains on derivative financial instruments | 33,814 | 3,001 |
Foreign Exchange Contracts With Customer [Member] | ||
Derivative [Line Items] | ||
Net fair value gains on derivative financial instruments | 7 | 8 |
Foreign Exchange Contracts With Correspondent Banks [Member] | ||
Derivative [Line Items] | ||
Net fair value gains on derivative financial instruments | 88 | (37) |
Centrally Cleared Interest Rate Swap with Counterparty [Member] | ||
Derivative [Line Items] | ||
Net fair value gains on derivative financial instruments | $ 8,900 | $ 2,200 |
Derivative Financial Instrume64
Derivative Financial Instruments Summary of Mortgage Loans Held For Sale (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | |
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Loans Held-for-sale, Mortgages | $ 23,450 | $ 31,530 | |
Mortgage Loans Held For Sale [Member] | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Fair Value, Option, Changes in Fair Value, Gain (Loss) | (197) | $ 539 | |
Cost [Member] | Mortgage Loans Held For Sale [Member] | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Loans Held-for-sale, Mortgages | 23,186 | 31,069 | |
Fair value [Member] | Mortgage Loans Held For Sale [Member] | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Loans Held-for-sale, Mortgages | $ 23,450 | $ 31,530 |
Derivative Financial Instrume65
Derivative Financial Instruments Offsetting Derivative Assets and Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Offsetting Assets [Line Items] | ||
Derivative asset, fair value | $ 47,229 | $ 43,630 |
Derivative, Collateral, Obligation to Return Securities | 7,504 | 17,028 |
Derivative, Collateral, Obligation to Return Cash | (34,170) | 0 |
Net Amount | 5,555 | 26,602 |
Derivative liability, gross liability | 51,336 | 38,997 |
Derivative liability, Collateral, Right to Reclaim Securities | (7,504) | (17,028) |
Derivative liability, Collateral, Right to Reclaim Cash | (8,806) | (6,588) |
Derivative liability, Net Amount | 35,026 | 15,381 |
Interest Rate Swap [Member] | ||
Offsetting Assets [Line Items] | ||
Derivative asset, fair value | 47,047 | 43,446 |
Derivative, Collateral, Obligation to Return Securities | 7,339 | 16,844 |
Derivative, Collateral, Obligation to Return Cash | (34,170) | 0 |
Net Amount | 5,538 | 26,602 |
Derivative liability, gross liability | 51,171 | 38,742 |
Derivative liability, Collateral, Right to Reclaim Securities | (7,339) | (16,844) |
Derivative liability, Collateral, Right to Reclaim Cash | (8,806) | (6,588) |
Derivative liability, Net Amount | 35,026 | 15,310 |
Foreign Exchange Contract [Member] | ||
Offsetting Assets [Line Items] | ||
Derivative asset, fair value | 182 | 184 |
Derivative, Collateral, Obligation to Return Securities | 165 | 184 |
Derivative, Collateral, Obligation to Return Cash | 0 | 0 |
Net Amount | 17 | 0 |
Derivative liability, gross liability | 165 | 255 |
Derivative liability, Collateral, Right to Reclaim Securities | (165) | (184) |
Derivative liability, Collateral, Right to Reclaim Cash | 0 | 0 |
Derivative liability, Net Amount | $ 0 | $ 71 |
Commitments and Contingencies O
Commitments and Contingencies Outstanding Commitments to Extend Credit and Letters of Credit (Details) - Reserve for Off-balance Sheet Activities [Member] - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Commitments to Extend Credit [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Valuation allowances and reserves, balance | $ 6,418,380 | $ 6,205,029 |
Standby Letters of Credit [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Valuation allowances and reserves, balance | 318,827 | 326,973 |
Commercial Letters of Credit [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Valuation allowances and reserves, balance | $ 43,709 | $ 41,801 |
Commitments and Contingencies -
Commitments and Contingencies - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Dec. 31, 2017 | |
Loss Contingencies [Line Items] | ||
Residential mortgage principal balance repurchase request received | $ 543 | $ 543 |
Residential mortgage principal balance FHLB credit enhancement | 80,000 | |
Residential mortgage repurchase reserves FHLB credit enhancement | 1,100 | 1,200 |
Sale of non-prime loans | 44,900 | |
Unpaid principal balance | 58,400 | |
Reserve for Off-balance Sheet Activities [Member] | Residential Mortgage [Member] | ||
Loss Contingencies [Line Items] | ||
Valuation allowances and reserves, balance | $ 2,100 | $ 2,100 |
Fair Value Measurements Assets
Fair Value Measurements Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | $ 2,592,823 | |
Available-for-sale Securities, Fair Value Disclosure | 2,592,823 | $ 2,547,956 |
Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgages Held-for-sale, Fair Value Disclosure | 23,450 | 31,530 |
Available-for-sale Securities, Fair Value Disclosure | 2,592,823 | 2,547,956 |
Other Assets, Fair Value Disclosure | 67,809 | 63,990 |
Assets, Fair Value Disclosure | 2,684,082 | 2,643,476 |
Liabilities, Fair Value Disclosure | 70,558 | 58,371 |
Pooled Trust Preferred Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 865 | 707 |
Equity Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | 918 | |
Equity Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | 918 | |
U.S. Government-Sponsored Agency Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | 20,962 | 5,938 |
U.S. Government-Sponsored Agency Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | 20,962 | 5,938 |
State and Municipal Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | 406,099 | 408,949 |
State and Municipal Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | 406,099 | 408,949 |
Corporate Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 101,955 | 97,309 |
Available-for-sale Securities, Fair Value Disclosure | 101,955 | 97,309 |
Corporate Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | 101,955 | 97,309 |
Collateralized Mortgage Obligations [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | 679,700 | 602,623 |
Collateralized Mortgage Obligations [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | 679,700 | 602,623 |
Mortgage-Backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | 1,054,166 | 1,120,796 |
Mortgage-Backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | 1,054,166 | 1,120,796 |
Commercial Mortgage Backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | 226,892 | 212,755 |
Commercial Mortgage Backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | 226,892 | 212,755 |
Auction Rate Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | 103,049 | 98,668 |
Auction Rate Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | 103,049 | 98,668 |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgages Held-for-sale, Fair Value Disclosure | 0 | 0 |
Available-for-sale Securities, Fair Value Disclosure | 0 | 918 |
Other Assets, Fair Value Disclosure | 19,505 | 19,451 |
Assets, Fair Value Disclosure | 19,505 | 20,369 |
Liabilities, Fair Value Disclosure | 19,307 | 19,357 |
Fair Value, Inputs, Level 1 [Member] | Equity Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | 918 | |
Fair Value, Inputs, Level 1 [Member] | U.S. Government-Sponsored Agency Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | State and Municipal Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Corporate Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Collateralized Mortgage Obligations [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Mortgage-Backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Commercial Mortgage Backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Auction Rate Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgages Held-for-sale, Fair Value Disclosure | 23,450 | 31,530 |
Available-for-sale Securities, Fair Value Disclosure | 2,485,814 | 2,444,613 |
Other Assets, Fair Value Disclosure | 48,304 | 44,539 |
Assets, Fair Value Disclosure | 2,557,568 | 2,520,682 |
Liabilities, Fair Value Disclosure | 51,251 | 39,014 |
Fair Value, Inputs, Level 2 [Member] | Other Corporate Debt [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 4,000 | 4,000 |
Fair Value, Inputs, Level 2 [Member] | Financial Institutions Subordinated Debt [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 66,600 | 61,900 |
Fair Value, Inputs, Level 2 [Member] | Equity Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | 0 | |
Fair Value, Inputs, Level 2 [Member] | U.S. Government-Sponsored Agency Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | 20,962 | 5,938 |
Fair Value, Inputs, Level 2 [Member] | State and Municipal Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | 406,099 | 408,949 |
Fair Value, Inputs, Level 2 [Member] | Corporate Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | 97,995 | 93,552 |
Fair Value, Inputs, Level 2 [Member] | Collateralized Mortgage Obligations [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | 679,700 | 602,623 |
Fair Value, Inputs, Level 2 [Member] | Mortgage-Backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | 1,054,166 | 1,120,796 |
Fair Value, Inputs, Level 2 [Member] | Commercial Mortgage Backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | 226,892 | 212,755 |
Fair Value, Inputs, Level 2 [Member] | Auction Rate Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgages Held-for-sale, Fair Value Disclosure | 0 | 0 |
Available-for-sale Securities, Fair Value Disclosure | 107,009 | 102,425 |
Other Assets, Fair Value Disclosure | 0 | 0 |
Assets, Fair Value Disclosure | 107,009 | 102,425 |
Liabilities, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Pooled Trust Preferred Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 865 | 707 |
Fair Value, Inputs, Level 3 [Member] | Equity Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | 0 | |
Fair Value, Inputs, Level 3 [Member] | U.S. Government-Sponsored Agency Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | State and Municipal Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Corporate Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | 3,960 | 3,757 |
Fair Value, Inputs, Level 3 [Member] | Collateralized Mortgage Obligations [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Mortgage-Backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Commercial Mortgage Backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Auction Rate Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | $ 103,049 | $ 98,668 |
Fair Value Measurements Changes
Fair Value Measurements Changes in Assets and Liabilities Measured at Fair Value on a Recurring Basis Using Level 3 Inputs (Details) - Fair Value, Measurements, Recurring [Member] - Fair Value, Inputs, Level 3 [Member] - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Pooled Trust Preferred Securities [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance, beginning of period | $ 707 | $ 422 |
Unrealized adjustment to fair value | 158 | 0 |
(Premium amortization) discount accretion | 0 | 0 |
Balance, end of period | 865 | 422 |
Single-issuer Trust Preferred Securities [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance, beginning of period | 3,050 | 2,450 |
Unrealized adjustment to fair value | 42 | 297 |
(Premium amortization) discount accretion | 3 | 3 |
Balance, end of period | 3,095 | 2,750 |
Auction Rate Securities [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance, beginning of period | 98,668 | 97,256 |
Unrealized adjustment to fair value | 4,381 | 86 |
(Premium amortization) discount accretion | 0 | 97 |
Balance, end of period | $ 103,049 | $ 97,439 |
Fair Value Measurements Asset70
Fair Value Measurements Assets Measured at Fair Value on a Nonrecurring Basis (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
OREO | $ 10,744 | $ 9,823 |
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Net loans | 154,305 | 149,608 |
OREO | 10,744 | 9,823 |
MSRs | 37,748 | 37,663 |
Assets, Fair Value Disclosure | $ 202,797 | $ 197,094 |
Fair Value Measurements Details
Fair Value Measurements Details of Book Value and Fair Value of Financial Instruments (Details) - USD ($) | Mar. 31, 2018 | Dec. 31, 2017 |
Fair Value, Balance Sheet Grouping, FinancialStatement Captions[Line Items] | ||
Available for sale investment securities | $ 2,592,823,000 | $ 2,547,956,000 |
Reported Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, FinancialStatement Captions[Line Items] | ||
Cash and due from banks | 100,151,000 | 108,291,000 |
Interest-bearing deposits with other banks | 210,906,000 | 293,805,000 |
Federal Reserve Bank and Federal Home Loan Bank stock | 56,900,000 | 60,761,000 |
Loans held for sale | 23,450,000 | 31,530,000 |
Available for sale investment securities | 2,592,823,000 | 2,547,956,000 |
Net Loans | 15,533,067,000 | 15,598,337,000 |
Accrued interest receivable | 53,060,000 | 52,910,000 |
Other financial assets | 216,952,000 | 215,464,000 |
Demand and savings deposits | 12,763,521,000 | 13,042,147,000 |
Brokered Deposits | 64,195,000 | 90,473,000 |
Time deposits | 2,649,387,000 | 2,664,912,000 |
Short-term borrowings | 937,852,000 | 617,524,000 |
Accrued interest payable | 9,681,000 | 9,317,000 |
Other financial liabilities | 209,483,000 | 227,569,000 |
Federal Home Loan Bank advances and long-term debt | 938,499,000 | 1,038,346,000 |
Estimate of Fair Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, FinancialStatement Captions[Line Items] | ||
Cash and due from banks | 100,151,000 | 108,291,000 |
Interest-bearing deposits with other banks | 210,906,000 | 293,805,000 |
Federal Reserve Bank and Federal Home Loan Bank stock | 56,900,000 | 60,761,000 |
Loans held for sale | 23,450,000 | 31,530,000 |
Available for sale investment securities | 2,592,823,000 | 2,547,956,000 |
Net Loans | 14,933,445,000 | 15,380,974,000 |
Accrued interest receivable | 53,060,000 | 52,910,000 |
Other financial assets | 216,952,000 | 215,464,000 |
Demand and savings deposits | 12,763,521,000 | 13,042,147,000 |
Brokered Deposits | 64,195,000 | 90,473,000 |
Time deposits | 2,647,498,000 | 2,664,912,000 |
Short-term borrowings | 937,852,000 | 617,524,000 |
Accrued interest payable | 9,681,000 | 9,317,000 |
Other financial liabilities | 209,483,000 | 227,569,000 |
Federal Home Loan Bank advances and long-term debt | 914,763,000 | 1,038,346,000 |
Fair Value, Inputs, Level 1 [Member] | Estimate of Fair Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, FinancialStatement Captions[Line Items] | ||
Cash and due from banks | 100,151,000 | 108,291,000 |
Interest-bearing deposits with other banks | 210,906,000 | 293,805,000 |
Federal Reserve Bank and Federal Home Loan Bank stock | 0 | 0 |
Loans held for sale | 0 | 0 |
Available for sale investment securities | 0 | 918,000 |
Net Loans | 0 | 0 |
Accrued interest receivable | 53,060,000 | 52,910,000 |
Other financial assets | 120,156,000 | 123,439,000 |
Demand and savings deposits | 12,763,521,000 | 13,042,147,000 |
Brokered Deposits | 64,195,000 | 90,473,000 |
Time deposits | 0 | 0 |
Short-term borrowings | 937,852,000 | 617,524,000 |
Accrued interest payable | 9,681,000 | 9,317,000 |
Other financial liabilities | 158,232,000 | 188,555,000 |
Federal Home Loan Bank advances and long-term debt | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Estimate of Fair Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, FinancialStatement Captions[Line Items] | ||
Cash and due from banks | 0 | 0 |
Interest-bearing deposits with other banks | 0 | 0 |
Federal Reserve Bank and Federal Home Loan Bank stock | 56,900,000 | 60,761,000 |
Loans held for sale | 23,450,000 | 31,530,000 |
Available for sale investment securities | 2,485,814,000 | 2,444,613,000 |
Net Loans | 0 | 0 |
Accrued interest receivable | 0 | 0 |
Other financial assets | 48,304,000 | 44,539,000 |
Demand and savings deposits | 0 | 0 |
Brokered Deposits | 0 | 0 |
Time deposits | 2,647,498,000 | 2,664,912,000 |
Short-term borrowings | 0 | 0 |
Accrued interest payable | 0 | 0 |
Other financial liabilities | 51,251,000 | 39,014,000 |
Federal Home Loan Bank advances and long-term debt | 914,763,000 | 1,038,346,000 |
Fair Value, Inputs, Level 3 [Member] | Estimate of Fair Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, FinancialStatement Captions[Line Items] | ||
Cash and due from banks | 0 | 0 |
Interest-bearing deposits with other banks | 0 | 0 |
Federal Reserve Bank and Federal Home Loan Bank stock | 0 | 0 |
Loans held for sale | 0 | 0 |
Available for sale investment securities | 107,009,000 | 102,425,000 |
Net Loans | 14,933,445,000 | 15,380,974,000 |
Accrued interest receivable | 0 | 0 |
Other financial assets | 48,492,000 | 47,486,000 |
Demand and savings deposits | 0 | 0 |
Brokered Deposits | 0 | 0 |
Time deposits | 0 | 0 |
Short-term borrowings | 0 | 0 |
Accrued interest payable | 0 | 0 |
Other financial liabilities | 0 | 0 |
Federal Home Loan Bank advances and long-term debt | $ 0 | $ 0 |
Fair Value Measurements Narrati
Fair Value Measurements Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Dec. 31, 2017 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities valued by the pricing service | 80.00% | |
Researched securities to reconcile the difference | 5.00% | |
Corporate debt securities | $ 2,592,823 | |
Significant input, assumed market return to liquidity (years) | 5 years | |
Other real estate owned (OREO) | $ 10,744 | $ 9,823 |
Minimum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Weighted average annual constant prepayment rate | 9.70% | |
Weighted average discount rate | 9.50% | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Trust for Benefit of Employees [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other financial assets | $ 19,100 | 19,000 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Foreign Exchange Contract [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other financial assets | 428 | 460 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Trust for Benefit of Employees [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other financial liabilities | 19,100 | 19,000 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Foreign Exchange Contract [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other financial liabilities | 229 | 374 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Forward Contracts [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other financial assets | 1,200 | 1,100 |
Other financial liabilities | 81 | 272 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Interest Rate Swap [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other financial assets | 47,000 | 43,400 |
Other financial liabilities | 51,200 | 37,800 |
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other real estate owned (OREO) | 10,744 | 9,823 |
Net MSRs at end of period | 37,748 | 37,663 |
Financial Institutions Subordinated Debt [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Corporate debt securities | 66,600 | 61,900 |
Single-issuer Trust Preferred Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Corporate debt securities | 30,513 | 30,703 |
Single-issuer Trust Preferred Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Corporate debt securities | 30,500 | 30,700 |
Single-issuer Trust Preferred Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Corporate debt securities | 27,400 | 27,700 |
Single-issuer Trust Preferred Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Corporate debt securities | 3,100 | 3,100 |
Pooled Trust Preferred Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Corporate debt securities | 865 | 707 |
Pooled Trust Preferred Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Corporate debt securities | 865 | 707 |
Other Corporate Debt [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Corporate debt securities | $ 4,000 | $ 4,000 |