Cover Page
Cover Page - shares | 6 Months Ended | |
Jun. 30, 2019 | Jul. 31, 2019 | |
Cover page. | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2019 | |
Document Transition Report | false | |
Entity File Number | 0-10587 | |
Entity Registrant Name | FULTON FINANCIAL CORP | |
Entity Incorporation, State or Country Code | PA | |
Entity Tax Identification Number | 23-2195389 | |
Entity Address, Address Line One | One Penn Square | |
Entity Address, Address Line Two | P.O. Box 4887 | |
Entity Address, City or Town | Lancaster, | |
Entity Address, State or Province | PA | |
Entity Address, Postal Zip Code | 17604 | |
City Area Code | 717 | |
Local Phone Number | 291-2411 | |
Title of 12(b) Security | Common Stock, par value $2.50 | |
Trading Symbol | FULT | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 166,270,000 | |
Entity Central Index Key | 0000700564 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
ASSETS | ||
Cash and due from banks | $ 107,091 | $ 103,436 |
Interest-bearing deposits with other banks | 391,720 | 342,251 |
Cash and cash equivalents | 498,811 | 445,687 |
Federal Reserve Bank and Federal Home Loan Bank stock | 97,248 | 79,283 |
Loans held for sale | 45,754 | 27,099 |
Available for sale, at estimated fair value | 2,285,794 | 2,080,294 |
Held to maturity, at amortized cost | 567,564 | 606,679 |
Loans and leases, net of unearned income | 16,368,458 | 16,165,800 |
Less: Allowance for loan and lease losses | (170,233) | (160,537) |
Net Loans and leases | 16,198,225 | 16,005,263 |
Premises and equipment | 243,300 | 234,529 |
Accrued interest receivable | 62,984 | 58,879 |
Goodwill and intangible assets | 535,249 | 531,556 |
Other assets | 773,741 | 612,883 |
Total Assets | 21,308,670 | 20,682,152 |
LIABILITIES | ||
Noninterest-bearing | 4,226,404 | 4,310,105 |
Interest-bearing | 12,162,491 | 12,066,054 |
Total Deposits | 16,388,895 | 16,376,159 |
Short-Term Borrowings | 1,188,390 | 754,777 |
Accrued interest payable | 9,218 | 10,529 |
Other liabilities | 425,953 | 300,835 |
Federal Home Loan Bank advances and long-term debt | 987,416 | 992,279 |
Total Liabilities | 18,999,872 | 18,434,579 |
SHAREHOLDERS’ EQUITY | ||
Common stock, $2.50 par value, 600 million shares authorized, 222.3 million shares issued in 2019 and 221.8 million issued in 2018 | 555,690 | 554,377 |
Additional paid-in capital | 1,493,628 | 1,489,703 |
Retained earnings | 1,018,736 | 946,032 |
Accumulated other comprehensive loss | (12,157) | (59,063) |
Treasury stock, at cost, 55.4 million shares in 2019 and 51.6 million shares in 2018 | (747,099) | (683,476) |
Total Shareholders’ Equity | 2,308,798 | 2,247,573 |
Total Liabilities and Shareholders’ Equity | $ 21,308,670 | $ 20,682,152 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2019 | Dec. 31, 2018 |
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) | 222,300,000 | 221,800,000 |
Treasury stock, shares (in shares) | 55,400,000 | 51,600,000 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
INTEREST INCOME | ||||
Loans and leases, including fees | $ 188,310 | $ 167,825 | $ 372,054 | $ 327,961 |
Investment securities: | ||||
Taxable | 15,935 | 13,885 | 31,370 | 27,083 |
Tax-exempt | 3,271 | 2,933 | 6,550 | 5,898 |
Loans held for sale | 350 | 284 | 590 | 500 |
Other interest income | 2,168 | 1,243 | 4,170 | 2,415 |
Total Interest Income | 210,034 | 186,170 | 414,734 | 363,857 |
INTEREST EXPENSE | ||||
Deposits | 32,548 | 19,284 | 62,237 | 35,734 |
Short-term borrowings | 4,462 | 3,036 | 8,044 | 5,077 |
Federal Home Loan Bank advances and long-term debt | 8,480 | 7,783 | 16,594 | 15,661 |
Total Interest Expense | 45,490 | 30,103 | 86,875 | 56,472 |
Net Interest Income | 164,544 | 156,067 | 327,859 | 307,385 |
Provision for credit losses | 5,025 | 33,117 | 10,125 | 37,087 |
Net Interest Income After Provision for Credit Losses | 159,519 | 122,950 | 317,734 | 270,298 |
NON-INTEREST INCOME | ||||
Non-interest income before investment securities gains | 54,139 | 49,090 | 100,825 | 94,946 |
Investment securities gains, net | 176 | 4 | 241 | 23 |
Total Non-Interest Income | 54,315 | 49,094 | 101,066 | 94,969 |
NON-INTEREST EXPENSE | ||||
Salaries and employee benefits | 78,991 | 74,919 | 156,748 | 150,687 |
Net occupancy expense | 14,469 | 12,760 | 27,378 | 26,392 |
Data processing and software | 11,268 | 10,453 | 21,621 | 20,926 |
Other outside services | 11,259 | 7,568 | 19,611 | 15,692 |
Amortization of tax credit investments | 1,492 | 1,637 | 2,983 | 3,274 |
Intangible amortization | 107 | 0 | 214 | 0 |
Professional fees | 2,970 | 2,372 | 6,930 | 7,188 |
Marketing | 3,299 | 3,434 | 6,641 | 6,968 |
FDIC insurance expense | 2,755 | 2,663 | 5,364 | 5,616 |
Taxes, Other | 2,480 | 2,454 | 4,482 | 4,756 |
Marketing | 2,863 | 2,335 | 5,023 | 4,585 |
Other | 12,215 | 12,750 | 24,997 | 23,922 |
Total Non-Interest Expense | 144,168 | 133,345 | 281,992 | 270,006 |
Income Before Income Taxes | 69,666 | 38,699 | 136,808 | 95,261 |
Income taxes | 9,887 | 3,502 | 20,366 | 10,584 |
Net Income | $ 59,779 | $ 35,197 | $ 116,442 | $ 84,677 |
PER SHARE: | ||||
Net Income (Basic) (in dollars per share) | $ 0.36 | $ 0.20 | $ 0.69 | $ 0.48 |
Net Income (Diluted) (in dollars per share) | 0.35 | 0.20 | 0.68 | 0.48 |
Cash Dividends (in dollars per share) | $ 0.13 | $ 0.12 | $ 0.26 | $ 0.24 |
Investment management and trust services | ||||
NON-INTEREST INCOME | ||||
Non-interest income before investment securities gains | $ 14,153 | $ 12,803 | $ 27,392 | $ 25,674 |
Other service charges and fees | ||||
NON-INTEREST INCOME | ||||
Non-interest income before investment securities gains | 18,442 | 16,431 | 33,205 | 30,388 |
Service charges on deposit accounts | ||||
NON-INTEREST INCOME | ||||
Non-interest income before investment securities gains | 12,367 | 11,931 | 23,744 | 23,340 |
Mortgage banking income | ||||
NON-INTEREST INCOME | ||||
Non-interest income before investment securities gains | 6,593 | 5,163 | 11,365 | 9,356 |
Other income | ||||
NON-INTEREST INCOME | ||||
Non-interest income before investment securities gains | $ 2,584 | $ 2,762 | $ 5,119 | $ 6,188 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Statement of Comprehensive Income [Abstract] | ||||
Net Income | $ 59,779 | $ 35,197 | $ 116,442 | $ 84,677 |
Other Comprehensive Income (Loss), net of tax: | ||||
Unrealized gain (loss) on securities | 24,917 | (6,631) | 45,215 | (34,275) |
Reclassification adjustment for securities gains included in net income | (137) | (3) | (188) | (19) |
Amortization of net unrealized losses on available for sale securities transferred to held to maturity | 1,021 | 0 | 1,995 | 0 |
Non-credit related unrealized (loss) gain on other-than-temporarily impaired debt securities | (600) | 8 | (682) | 232 |
Amortization of net unrecognized pension and postretirement income | 275 | 540 | 566 | 879 |
Other Comprehensive Income (Loss) | 25,476 | (6,086) | 46,906 | (33,183) |
Total Comprehensive Income | $ 85,255 | $ 29,111 | $ 163,348 | $ 51,494 |
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] | Accumulated Other Comprehensive Income (Loss) [Member] | Treasury Stock [Member] | |
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 | 84,677 | 84,677 | |||||
Other comprehensive income | (33,183) | (33,183) | |||||
Stock issued (in shares) | 661 | ||||||
Stock issued | 2,455 | $ 1,686 | 1,652 | (883) | |||
Stock-based compensation awards (in shares) | 16 | ||||||
Stock-based compensation awards | 4,184 | $ 40 | 4,144 | ||||
Reclassification of stranded tax effects | [1] | 7,101 | (7,101) | ||||
Common stock cash dividends | (42,205) | (42,205) | |||||
Ending Balance at Jun. 30, 2018 | 2,245,785 | $ 553,958 | 1,484,185 | 871,192 | (73,258) | (590,292) | |
Ending Balance (in shares) at Jun. 30, 2018 | 175,847 | ||||||
Beginning Balance at Mar. 31, 2018 | 2,235,493 | $ 552,682 | 1,481,545 | 857,153 | (67,172) | (588,715) | |
Beginning Balance (in shares) at Mar. 31, 2018 | 175,404 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net Income | 35,197 | 35,197 | |||||
Other comprehensive income | (6,086) | (6,086) | |||||
Stock issued (in shares) | 427 | ||||||
Stock issued | (335) | $ 1,236 | 6 | (1,577) | |||
Stock-based compensation awards (in shares) | 16 | ||||||
Stock-based compensation awards | 2,674 | $ 40 | 2,634 | ||||
Common stock cash dividends | (21,158) | (21,158) | |||||
Ending Balance at Jun. 30, 2018 | 2,245,785 | $ 553,958 | 1,484,185 | 871,192 | (73,258) | (590,292) | |
Ending Balance (in shares) at Jun. 30, 2018 | 175,847 | ||||||
Beginning Balance at Dec. 31, 2018 | 2,247,573 | $ 554,377 | 1,489,703 | 946,032 | (59,063) | (683,476) | |
Beginning Balance (in shares) at Dec. 31, 2018 | 170,184 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net Income | 116,442 | ||||||
Other comprehensive income | 46,906 | 46,906 | |||||
Stock issued (in shares) | 544 | ||||||
Stock issued | 1,653 | $ 1,313 | 577 | (237) | |||
Stock-based compensation awards (in shares) | |||||||
Stock-based compensation awards | 3,348 | 3,348 | |||||
Acquisition of treasury stock (in shares) | (3,825) | ||||||
Acquisition of treasury stock (in shares) | (63,386) | (63,386) | |||||
Common stock cash dividends | (43,738) | (43,738) | |||||
Ending Balance at Jun. 30, 2019 | 2,308,798 | $ 555,690 | 1,493,628 | 1,018,736 | (12,157) | (747,099) | |
Ending Balance (in shares) at Jun. 30, 2019 | 166,903 | ||||||
Beginning Balance at Mar. 31, 2019 | 2,301,019 | $ 554,485 | 1,491,870 | 980,708 | (37,633) | (688,411) | |
Beginning Balance (in shares) at Mar. 31, 2019 | 169,923 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net Income | 59,779 | ||||||
Other comprehensive income | 25,476 | 25,476 | |||||
Stock issued (in shares) | 429 | ||||||
Stock issued | (4) | $ 1,205 | (30) | (1,179) | |||
Stock-based compensation awards (in shares) | |||||||
Stock-based compensation awards | 1,788 | 1,788 | |||||
Acquisition of treasury stock (in shares) | (3,449) | ||||||
Acquisition of treasury stock (in shares) | (57,509) | (57,509) | |||||
Common stock cash dividends | (21,751) | (21,751) | |||||
Ending Balance at Jun. 30, 2019 | $ 2,308,798 | $ 555,690 | $ 1,493,628 | $ 1,018,736 | $ (12,157) | $ (747,099) | |
Ending Balance (in shares) at Jun. 30, 2019 | 166,903 | ||||||
[1] | (1) The Corporation adopted the Accounting Standards Codification ("ASC") Update 2018-02, "Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income" in the first quarter of 2018 which permitted a reclassification from accumulated other comprehensive income ("AOCI") to retained earnings of the stranded tax effects resulting from the Tax Cuts and Jobs Act of 2017, which changed the federal corporate income tax rate from 35% to 21%. As a result, $7.1 million of stranded tax effects were reclassified from AOCI to retained earnings during the first quarter of 2018. |
Consolidated Statements of Sh_2
Consolidated Statements of Shareholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Statement of Stockholders' Equity [Abstract] | ||||
Cash dividends per share | $ 0.13 | $ 0.12 | $ 0.26 | $ 0.24 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net Income | $ 116,442 | $ 84,677 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Provision for credit losses | 10,125 | 37,087 |
Depreciation and amortization of premises and equipment | 13,924 | 14,580 |
Amortization of tax credit investments | 16,311 | 16,729 |
Net amortization of investment securities premiums | 4,359 | 4,856 |
Investment securities gains, net | (241) | (23) |
Gain on sales of mortgage loans held for sale | (8,302) | (6,499) |
Proceeds from sales of mortgage loans held for sale | 375,306 | 379,399 |
Originations of mortgage loans held for sale | (385,659) | (377,268) |
Amortization of intangible assets | 214 | 0 |
Amortization of issuance costs and discounts on long-term debt | 421 | 399 |
Stock-based compensation | 3,348 | 4,184 |
Increase in accrued interest receivable | (4,105) | (2,298) |
Increase in other assets | (217,816) | (10,687) |
Increase in accrued interest payable | (1,311) | (1,024) |
Increase (decrease) in other liabilities | 155,832 | (9,278) |
Total adjustments | (37,594) | 50,157 |
Net cash provided by operating activities | 78,848 | 134,834 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Proceeds from sales of securities available for sale | 283,952 | 48,731 |
Proceeds from principal repayments and maturities of securities held to maturity | 40,058 | 0 |
Proceeds from principal repayments and maturities of securities available for sale | 113,154 | 170,141 |
Purchase of securities available for sale | (538,629) | (306,713) |
Purchase of Federal Reserve Bank and Federal Home Loan Bank stock | (17,965) | (5,954) |
Net increase in loans and leases | (205,404) | (65,361) |
Net change in tax credit investments | (22,695) | (21,973) |
Net cash paid for acquisition | (3,907) | 0 |
Net change in tax credit investments | 11,092 | 38,544 |
Net cash used in by investing activities | (362,528) | (219,673) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Net decrease in demand and savings deposits | (228,999) | (265,298) |
Net increase in time deposits | 241,735 | 67,565 |
Increase in short-term borrowings | 433,613 | 366,309 |
Additions to long-term debt | 105,000 | 50,000 |
Repayments of long-term debt | (110,132) | (100,081) |
Net proceeds from issuance of common stock | 1,653 | 2,455 |
Dividends paid | (42,680) | (40,378) |
Acquisition of treasury stock | (63,386) | 0 |
Net cash provided by financing activities | 336,804 | 80,572 |
Net Increase (Decrease) in Cash and Cash Equivalents | 53,124 | (4,267) |
Cash and Cash Equivalents at Beginning of Period | 445,687 | 402,096 |
Cash and Cash Equivalents at End of Period | 498,811 | 397,829 |
Cash paid during the period for: | ||
Interest | 88,186 | 57,496 |
Income taxes | $ 4,932 | $ 5,794 |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2019 | |
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 ("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 GAAP for complete financial statements. The preparation of financial statements in accordance with 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, 2018 . Operating results for the three and six months ended June 30, 2019 are not necessarily indicative of the results that may be expected for the year ending December 31, 2019 . The Corporation evaluates subsequent events through the date of filing of this Form 10-Q with the U.S. Securities and Exchange Commission ("SEC"). Recently Adopted Accounting Standards In February 2016, the Financial Accounting Standards Board ("FASB") issued ASC Update 2016-02, "Leases (Topic 842)." This standards update requires a lessee to recognize for all leases with an initial term greater than twelve months: (1) a "right-of-use" ("ROU") asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term; and (2) a lease liability, which is a lessee’s obligation to make lease payments arising from a lease, each measured on a discounted basis. This standards update is effective for interim and annual reporting periods beginning after December 15, 2018, with early adoption permitted. The Corporation adopted ASC Update 2016-02 in the first quarter of 2019 using the alternative transition method, which eliminates the requirement to restate the earliest prior period presented in an entity’s financial statements. As such, financial information will not be updated and the disclosures required under the new standard will not be provided for dates and periods before January 1, 2019. This standards update provides for a number of practical expedients in transition. The Corporation elected to apply the package of practical expedients permitted within the new standard, which, among other things, allowed it to carryforward the prior conclusions on lease identification, lease classification and initial direct costs. In addition, the Corporation elected to not separate lease and non-lease components. The Corporation did not elect the practical expedient to apply hindsight in determining the lease term and in assessing impairment of the ROU assets. See "Note 6 - Leases" for additional information and expanded lessee disclosures. This standards update also provides additional guidance on lessor accounting. The Corporation provides equipment lease financing to its customers, which are categorized as direct financing leases. The adoption of this standards update did not result in any changes to the accounting for this type of lease as the lessor. Recently Issued Accounting Standards Standard Description Date of Anticipated Adoption Effect on Financial Statements ASC Update 2016-13 Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments 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 incurred under current GAAP. This update 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. This adjustment will also be recognized in regulatory capital. This update is effective for interim and annual reporting periods beginning after December 15, 2019. Early adoption is permitted. In November 2018, the FASB issued ASC Update 2018-19, "Codifications Improvements to Topic 326, Financial Instruments - Credit Losses" which clarifies that receivables arising from operating leases are accounted for using lease guidance and not as financial instruments. ASC Update 2019-04 and 2019-05 were issued to provide certain clarifications and transition relief to adopting this standards update. First Quarter of 2020 The Corporation intends to adopt these standards updates effective with its March 31, 2020 quarterly report on Form 10-Q. The Corporation believes that total credit loss reserves will increase at the adoption date and that the magnitude of the increase will depend on the composition, characteristics and quality of its loan portfolio and off balance sheet credit exposures as well as the prevailing economic conditions and forecasts as of the adoption date. The Corporation is in the early stages of conducting parallel runs of its new processes and controls and is beginning its model validation process. The Corporation will continue to make refinements to its credit loss model throughout the remainder of 2019. ASC Update 2017-04 Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment The FASB issued this update to simplify the subsequent quantitative measurement of goodwill by eliminating Step 2 of the goodwill impairment test. Instead, 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 amounts 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. This update is effective for annual or interim goodwill impairment tests in reporting periods beginning after December 15, 2019. Early adoption is permitted. Fourth Quarter of 2020, in line with its annual impairment testing in October of each year The Corporation does not expect the adoption of this update to have a material impact on its consolidated financial statements. The Corporation has not needed to perform step 2 since its 2012 impairment testing. ASC Update 2018-13 Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement This update changes the fair value measurement disclosure requirements of ASC Topic 820 "Fair Value Measurement." Among other things, the update modifies the disclosure objective paragraphs of ASC 820 to eliminate: (1) "at a minimum" from the phrase "an entity shall disclose at a minimum;" and (2) other similar disclosure requirements to promote the appropriate exercise of discretion by entities. First Quarter of 2020 The Corporation intends to adopt this standards update effective with its March 31, 2020 quarterly report on Form 10-Q. This standard will impact the Corporation's Fair Value Measurement disclosure, but the Corporation does not expect the adoption of this update to have a material impact on its consolidated financial statements. Standard Description Date of Anticipated Adoption Effect on Financial Statements ASC Update 2018-14 Compensation - Retirement Benefits - Defined Benefit Plans - General (Subtopic 715-20): Disclosure Framework - Changes to the Disclosure Requirements for Defined Benefit Plans This update amends ASC Topic 715-20 to add, remove, and clarify disclosure requirements related to defined benefit pension and other postretirement plans. This update is effective for annual reporting periods beginning after December 15, 2020. Early adoption is permitted. First Quarter of 2021 The Corporation intends to adopt this standards update effective with its March 31, 2021 quarterly report on Form 10-Q. This standard will impact the Corporation's disclosure relating to employee benefit plans, but the Corporation does not expect the adoption of this update to have a material impact on its consolidated financial statements. ASC Update 2018-15 Intangibles - Goodwill and Other - Internal Use Software (Topic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract This update requires a customer in a cloud computing arrangement that is a service contract to follow the internal-use software guidance in ASC Subtopic 350-40 to determine which implementation costs to capitalize as assets. This update is effective for annual or interim reporting periods beginning after December 15, 2019. Early adoption is permitted. First Quarter of 2020 The Corporation intends to adopt this standards update effective with its March 31, 2020 quarterly report on Form 10-Q and does not expect the adoption of this update to have a material impact on its consolidated financial statements. Reclassifications |
Restrictions on Cash and Cash E
Restrictions on Cash and Cash Equivalents | 6 Months Ended |
Jun. 30, 2019 | |
Cash and Cash Equivalents [Abstract] | |
Restrictions on Cash and Cash Equivalents | Restrictions on Cash and Cash Equivalents The Corporation’s subsidiary banks are required to maintain reserves against their deposit liabilities. These reserves are in the form of cash and balances with the Federal Reserve Bank ("FRB"), included in "interest-bearing deposits with other banks." The amounts of such reserves as of June 30, 2019 and December 31, 2018 were $186.6 million and $156.8 million , respectively. In addition, collateral is posted by the Corporation with counterparties to secure derivative contracts and other contracts, which are included in "interest-bearing deposits with other banks." The amounts of such collateral as of June 30, 2019 and December 31, 2018 were $173.1 million and $45.1 million , respectively. |
Investment Securities
Investment Securities | 6 Months Ended |
Jun. 30, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | Investment Securities The following table presents the amortized cost and estimated fair values of investment securities: Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value June 30, 2019 (in thousands) Available for Sale State and municipal securities $ 307,911 $ 8,508 $ (85 ) $ 316,334 Corporate debt securities 194,858 4,885 (2,321 ) 197,422 Collateralized mortgage obligations 889,053 12,190 (2,126 ) 899,117 Residential mortgage-backed securities 331,566 1,623 (3,914 ) 329,275 Commercial mortgage-backed securities 433,027 7,406 (152 ) 440,281 Auction rate securities 107,410 — (4,045 ) 103,365 Total $ 2,263,825 $ 34,612 $ (12,643 ) $ 2,285,794 Held to Maturity State and municipal securities $ 155,861 $ 8,700 $ — $ 164,561 Residential mortgage-backed securities 411,703 13,464 — 425,167 Total $ 567,564 $ 22,164 $ — $ 589,728 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value December 31, 2018 (in thousands) Available for Sale U.S. Government sponsored agency securities $ 31,586 $ 185 $ (139 ) $ 31,632 State and municipal securities 282,383 2,178 (5,466 ) 279,095 Corporate debt securities 111,454 1,432 (3,353 ) 109,533 Collateralized mortgage obligations 841,294 2,758 (11,972 ) 832,080 Residential mortgage-backed securities 476,973 1,583 (15,212 ) 463,344 Commercial mortgage-backed securities 264,165 524 (3,073 ) 261,616 Auction rate securities 107,410 — (4,416 ) 102,994 Total $ 2,115,265 $ 8,660 $ (43,631 ) $ 2,080,294 Held to Maturity State and municipal securities $ 156,134 $ 1,166 $ (93 ) $ 157,207 Residential mortgage-backed securities 450,545 3,667 — 454,212 Total $ 606,679 $ 4,833 $ (93 ) $ 611,419 Securities carried at $857.1 million at June 30, 2019 and $973.4 million at December 31, 2018 , 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 June 30, 2019 , 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. Available for Sale Held to Maturity Amortized Estimated Amortized Estimated (in thousands) Due in one year or less $ 5,828 $ 5,828 $ — $ — Due from one year to five years 38,664 39,900 — — Due from five years to ten years 175,654 178,922 2,154 2,277 Due after ten years 390,033 392,471 153,707 162,284 610,179 617,121 155,861 164,561 Residential mortgage-backed securities (1) 331,566 329,275 411,703 425,167 Commercial mortgage-backed securities (1) 433,027 440,281 — — Collateralized mortgage obligations (1) 889,053 899,117 — — Total $ 2,263,825 $ 2,285,794 $ 567,564 $ 589,728 (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 and losses on the sales of investment securities: Gross Gross Net Gains Three months ended June 30, 2019 (in thousands) Debt securities $ 3,012 $ (2,836 ) $ 176 Total $ 3,012 $ (2,836 ) $ 176 Three months ended June 30, 2018 Debt securities $ 1,530 $ (1,526 ) $ 4 Total $ 1,530 $ (1,526 ) $ 4 Six months ended June 30, 2019 Debt securities $ 3,269 $ (3,028 ) $ 241 Total $ 3,269 $ (3,028 ) $ 241 Six months ended June 30, 2018 Equity securities $ 9 $ — $ 9 Debt securities 1,540 (1,526 ) 14 Total $ 1,549 $ (1,526 ) $ 23 The following table presents a summary of the cumulative credit related other-than-temporary impairment charges, recognized as components of earnings, for debt securities held by the Corporation at June 30, 2019 and 2018: Three months ended June 30 Six months ended June 30 2019 2018 2019 2018 (in thousands) Balance of cumulative credit losses on debt securities, beginning of period $ (11,510 ) $ (11,510 ) $ (11,510 ) $ (11,510 ) Reductions for securities sold during the period 10,520 — 10,520 — Balance of cumulative credit losses on debt securities, end of period $ (990 ) $ (11,510 ) $ (990 ) $ (11,510 ) The following table presents the gross unrealized losses and estimated fair values of investments, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at June 30, 2019 and December 31, 2018: Less than 12 months 12 months or longer Total June 30, 2019 Number of Securities Estimated Fair Value Unrealized Losses Number of Securities Estimated Fair Value Unrealized Losses Estimated Fair Value Unrealized Losses Available for Sale (in thousands) State and municipal securities 3 $ 15,714 $ (44 ) 4 $ 17,403 $ (41 ) $ 33,117 $ (85 ) Corporate debt securities 3 7,054 (8 ) 14 25,988 (2,313 ) 33,042 (2,321 ) Collateralized mortgage obligations — — — 39 110,517 (2,126 ) 110,517 (2,126 ) Residential mortgage-backed securities — — — 61 285,675 (3,914 ) 285,675 (3,914 ) Commercial mortgage-backed securities 1 11,926 (143 ) 2 17,475 (9 ) 29,401 (152 ) Auction rate securities — — — 177 103,365 (4,045 ) 103,365 (4,045 ) Total 7 $ 34,694 $ (195 ) 297 $ 560,423 $ (12,448 ) $ 595,117 $ (12,643 ) No Held to Maturity investments were in an unrealized loss position at June 30, 2019. Less than 12 months 12 months or longer Total December 31, 2018 Number of Securities Estimated Unrealized Number of Securities Estimated Unrealized Estimated Unrealized Available for Sale (in thousands) U.S. Government sponsored agency securities 1 $ 4,961 $ (31 ) 1 $ 5,770 $ (108 ) $ 10,731 $ (139 ) State and municipal securities 33 72,950 (1,292 ) 38 83,770 (4,174 ) 156,720 (5,466 ) Corporate debt securities 8 24,419 (227 ) 14 25,642 (3,126 ) 50,061 (3,353 ) Collateralized mortgage obligations 39 136,563 (1,050 ) 89 388,173 (10,922 ) 524,736 (11,972 ) Residential mortgage-backed securities 17 18,220 (222 ) 110 402,779 (14,990 ) 420,999 (15,212 ) Commercial mortgage-backed securities 1 9,778 (35 ) 25 197,326 (3,038 ) 207,104 (3,073 ) Auction rate securities — — — 177 102,994 (4,416 ) 102,994 (4,416 ) Total 99 $ 266,891 $ (2,857 ) 454 $ 1,206,454 $ (40,774 ) $ 1,473,345 $ (43,631 ) Held to Maturity State and municipal securities 6 $ 20,601 $ (93 ) — $ — $ — $ 20,601 $ (93 ) Total 6 $ 20,601 $ (93 ) — $ — $ — $ 20,601 $ (93 ) 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 June 30, 2019 . As of June 30, 2019 , 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 and six months ended June 30, 2019 . 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. Based on management’s evaluations, no corporate debt securities were subject to any other-than-temporary impairment charges for the three and six months ended June 30, 2019 . The Corporation does not have the intent to sell and does not believe it will more likely than not be required to sell any of these securities prior to a recovery of their fair value to amortized cost, which may be at maturity. |
Loans and Allowance for Credit
Loans and Allowance for Credit Losses | 6 Months Ended |
Jun. 30, 2019 | |
Receivables [Abstract] | |
Loans and Allowance for Credit Losses | Loans and Leases and Allowance for Credit Losses Loans and Leases, Net of Unearned Income Loans and leases, net of unearned income are summarized as follows: June 30, December 31, 2018 (in thousands) Real-estate - commercial mortgage $ 6,497,973 $ 6,434,285 Commercial - industrial, financial and agricultural 4,365,248 4,404,548 Real estate - residential mortgage 2,451,966 2,251,044 Real estate - home equity 1,386,974 1,452,137 Real estate - construction 922,547 916,599 Consumer 452,874 419,186 Equipment lease financing and other 314,901 311,866 Overdrafts 3,187 2,774 Loans and leases, gross of unearned income 16,395,670 16,192,439 Unearned income (27,212 ) (26,639 ) Loans and leases, net of unearned income $ 16,368,458 $ 16,165,800 The Corporation segments its loan and lease portfolio by general loan type, or "portfolio segments," as presented in the table under the heading, "Loans and Leases, 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 loans 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 loans include direct consumer installment loans and indirect vehicle loans. Allowance for Credit Losses The allowance for credit losses consists of the allowance for loan and lease losses and the reserve for unfunded lending commitments. The allowance for loan and lease losses represents management’s estimate of incurred losses in the loan and lease portfolio as of the balance sheet date and is recorded as a reduction to loans and leases. The reserve for unfunded lending commitments represents management’s estimate of incurred losses in its unfunded loan commitments and other off balance sheet credit exposures, such as letters of credit, and is recorded in other liabilities on the consolidated balance sheets. The allowance for credit losses is increased by charges to expense, through the provision for credit losses, and decreased by charge-offs, net of recoveries. The Corporation’s allowance for credit losses includes: (1) specific allowances allocated to loans and leases individually evaluated for impairment (FASB ASC Section 310-10-35); and (2) allowances calculated for pools of loans and leases collectively evaluated for impairment (FASB ASC Subtopic 450-20). The following table presents the components of the allowance for credit losses: June 30, December 31, (in thousands) Allowance for loan and lease losses $ 170,233 $ 160,537 Reserve for unfunded lending commitments 6,708 8,873 Allowance for credit losses $ 176,941 $ 169,410 The following table presents the activity in the allowance for credit losses: Three months ended June 30 Six months ended June 30 2019 2018 2019 2018 (in thousands) Balance at beginning of period $ 170,372 $ 176,019 $ 169,410 $ 176,084 Loans and leases charged off (3,711 ) (42,160 ) (10,080 ) (48,557 ) Recoveries of loans and leases previously charged off 5,255 2,271 7,486 4,633 Net loans and leases recovered (charged off) 1,544 (39,889 ) (2,594 ) (43,924 ) Provision for credit losses 5,025 33,117 10,125 37,087 Balance at end of period $ 176,941 $ 169,247 $ 176,941 $ 169,247 The following table presents the activity in the allowance for loan and lease 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 Equipment lease financing, other and overdrafts Total (in thousands) Three months ended June 30, 2019 Balance at March 31, 2019 $ 51,946 $ 60,501 $ 19,215 $ 19,146 $ 4,941 $ 3,319 $ 3,041 $ 162,109 Loans and leases charged off (230 ) (1,895 ) (206 ) (134 ) (3 ) (795 ) (448 ) (3,711 ) Recoveries of loans and leases previously charged off 169 2,680 223 211 1,245 579 148 5,255 Net loans and leases (charged off) recovered (61 ) 785 17 77 1,242 (216 ) (300 ) 1,544 Provision for loan and lease losses (1) 2,974 5,055 (251 ) (331 ) (1,255 ) 260 128 6,580 Balance at June 30, 2019 $ 54,859 $ 66,341 $ 18,981 $ 18,892 $ 4,928 $ 3,363 $ 2,869 $ 170,233 Three months ended June 30, 2018 Balance at March 31, 2018 $ 58,717 $ 61,830 $ 17,528 $ 15,261 $ 5,924 $ 1,903 $ 2,054 $ 163,217 Loans and leases charged off (366 ) (38,632 ) (816 ) (483 ) (606 ) (712 ) (545 ) (42,160 ) Recoveries of loans and leases previously charged off 321 541 271 96 444 446 152 2,271 Net loans and leases charged off (45 ) (38,091 ) (545 ) (387 ) (162 ) (266 ) (393 ) (39,889 ) Provision for loan and lease losses (1) (2,089 ) 35,306 (736 ) (370 ) 226 62 323 32,722 Balance at June 30, 2018 $ 56,583 $ 59,045 $ 16,247 $ 14,504 $ 5,988 $ 1,699 $ 1,984 $ 156,050 Six months ended June 30, 2019 Balance at December 31, 2018 $ 52,889 $ 58,868 $ 18,911 $ 18,921 $ 5,061 $ 3,217 $ 2,670 $ 160,537 Loans and leases charged off (1,375 ) (4,682 ) (425 ) (789 ) (98 ) (1,478 ) (1,233 ) (10,080 ) Recoveries of loans and leases previously charged off 305 3,923 420 343 1,329 789 377 7,486 Net loans and leases (charged off) recovered (1,070 ) (759 ) (5 ) (446 ) 1,231 (689 ) (856 ) (2,594 ) Provision for loan losses (1) 3,040 8,232 75 417 (1,364 ) 835 1,055 12,290 Balance at June 30, 2019 $ 54,859 $ 66,341 $ 18,981 $ 18,892 $ 4,928 $ 3,363 $ 2,869 $ 170,233 Six months ended June 30, 2018 Balance at December 31, 2017 $ 58,793 $ 66,280 $ 18,127 $ 16,088 $ 6,620 $ 2,045 $ 1,957 $ 169,910 Loans and leases charged off (633 ) (42,637 ) (1,224 ) (645 ) (764 ) (1,604 ) (1,050 ) (48,557 ) Recoveries of loans and leases previously charged off 600 1,616 477 203 750 625 362 4,633 Net loans and leases charged off (33 ) (41,021 ) (747 ) (442 ) (14 ) (979 ) (688 ) (43,924 ) Provision for loan losses (1) (2,177 ) 33,786 (1,133 ) (1,142 ) (618 ) 633 715 30,064 Balance at June 30, 2018 $ 56,583 $ 59,045 $ 16,247 $ 14,504 $ 5,988 $ 1,699 $ 1,984 $ 156,050 (1) The provision for loan and lease losses excluded a $1.6 million and a $2.2 million decrease in the reserve for unfunded lending commitments for the three and six months ended June 30, 2019 , respectively, and a $395,000 and a $7.0 million increase in the reserve for unfunded lending commitments for the three and six months ended June 30, 2018, respectively. The following table presents loans and leases, net of unearned income and their related allowance for loan and lease 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 Equipment lease financing, other and overdrafts Total (in thousands) Allowance for loan and lease losses at June 30, 2019: Collectively evaluated for impairment $ 45,367 $ 53,985 $ 8,463 $ 9,913 $ 4,399 $ 3,356 $ 2,869 $ 128,352 Individually evaluated for impairment 9,492 12,356 10,518 8,979 529 7 — 41,881 $ 54,859 $ 66,341 $ 18,981 $ 18,892 $ 4,928 $ 3,363 $ 2,869 $ 170,233 Loans and leases, net of unearned income at June 30, 2019: Collectively evaluated for impairment $ 6,438,080 $ 4,313,666 $ 1,363,392 $ 2,414,627 $ 918,380 $ 452,865 $ 273,118 $ 16,174,128 Individually evaluated for impairment 59,893 51,582 23,582 37,339 4,167 9 17,758 194,330 $ 6,497,973 $ 4,365,248 $ 1,386,974 $ 2,451,966 $ 922,547 $ 452,874 $ 290,876 $ 16,368,458 Allowance for loan and lease losses at June 30, 2018: Collectively evaluated for impairment $ 48,489 $ 49,354 $ 5,093 $ 5,171 $ 5,338 $ 1,691 $ 1,984 $ 117,120 Individually evaluated for impairment 8,094 9,691 11,154 9,333 650 8 — 38,930 $ 56,583 $ 59,045 $ 16,247 $ 14,504 $ 5,988 $ 1,699 $ 1,984 $ 156,050 Loans and leases, net of unearned income at June 30, 2018: Collectively evaluated for impairment $ 6,252,747 $ 4,209,786 $ 1,466,393 $ 2,055,206 $ 981,584 $ 360,304 $ 286,947 $ 15,612,967 Individually evaluated for impairment 51,728 54,816 25,002 39,324 9,121 11 — 180,002 $ 6,304,475 $ 4,264,602 $ 1,491,395 $ 2,094,530 $ 990,705 $ 360,315 $ 286,947 $ 15,792,969 Impaired Loans and Leases A loan or lease is considered to be impaired if it is probable that all amounts will not be collected according to the contractual terms of the loan or lease agreement. Impaired loans and leases consist of all loans and leases on non-accrual status and accruing troubled debt restructurings ("TDRs"). An allowance for loan and lease losses is established for an impaired loan or lease if its carrying value exceeds its estimated fair value. Impaired loans and leases to borrowers with total commitments greater than or equal to $1.0 million are evaluated individually for impairment. Impaired loans and leases to borrowers with total commitments less than $1.0 million are pooled and measured for impairment collectively. All loans and leases individually evaluated for impairment are measured for losses on a quarterly basis. As of June 30, 2019 and December 31, 2018 , substantially all of the Corporation’s individually evaluated impaired loans and leases with total commitments 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 June 30, 2019 and December 31, 2018 , approximately 84% and 89% , respectively, of impaired loans and leases with principal balances greater than or equal to $1.0 million , whose primary collateral is real estate, were measured at estimated fair value using appraisals performed by state certified third-party appraisers that had been updated in the preceding 12 months. When updated appraisals are not obtained for loans and leases 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 and leases by class segment: June 30, 2019 December 31, 2018 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 $ 32,406 $ 30,574 $ — $ 25,095 $ 23,481 $ — Commercial 29,696 23,588 — 33,493 26,585 — Real estate - residential mortgage 4,565 4,400 — 3,149 3,149 — Construction 6,454 2,604 — 8,980 5,083 — Equipment lease financing 17,758 17,758 — 19,269 19,268 — 90,879 78,924 — 89,986 77,566 — With a related allowance recorded: Real estate - commercial mortgage 40,435 29,319 9,492 29,005 22,592 7,255 Commercial 38,010 27,994 12,356 37,706 28,708 12,513 Real estate - residential mortgage 37,202 32,939 8,979 39,972 35,621 9,394 Real estate - home equity 26,712 23,582 10,518 26,599 23,373 10,370 Construction 5,112 1,563 529 5,984 2,307 793 Consumer 9 9 7 11 11 7 147,480 115,406 41,881 139,277 112,612 40,332 Total $ 238,359 $ 194,330 $ 41,881 $ 229,263 $ 190,178 $ 40,332 As of June 30, 2019 and December 31, 2018 , there were $78.9 million and $77.6 million , respectively, of impaired loans and leases that did not have a related allowance for loan and lease losses. The estimated fair values of the collateral securing these loans and leases exceeded their carrying amount, or the loans and leases 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 and leases by class segment: Three months ended June 30 Six months ended June 30 2019 2018 2019 2018 Average Interest (1) Average Interest (1) Average Interest (1) Average Interest (1) (in thousands) With no related allowance recorded: Real estate - commercial mortgage $ 27,738 $ 100 $ 27,127 $ 97 $ 26,319 $ 197 $ 25,713 $ 180 Commercial 25,238 32 33,644 69 25,686 62 35,612 142 Real estate - residential mortgage 3,764 23 3,870 24 3,559 43 4,105 51 Construction 3,814 — 7,528 — 4,237 — 7,718 — Equipment lease financing, other and overdrafts 18,136 — — — 18,513 — — 78,690 155 72,169 190 78,314 302 73,148 373 With a related allowance recorded: Real estate - commercial mortgage 24,528 87 25,419 91 23,883 172 25,578 175 Commercial 28,485 36 26,120 54 28,558 69 25,471 97 Real estate - home equity 23,706 222 24,907 195 23,595 445 24,835 379 Real estate - residential mortgage 34,695 215 36,261 223 35,004 440 36,551 444 Construction 1,595 — 2,400 — 1,832 — 2,966 — Consumer 10 — 18 — 10 — 20 — 113,019 560 115,125 563 112,882 1,126 115,421 1,095 Total $ 191,709 $ 715 $ 187,294 $ 753 $ 191,196 $ 1,428 $ 188,569 $ 1,468 (1) All impaired loans, excluding accruing TDRs, were non-accrual loans. Interest income recognized for the three and six months ended June 30, 2019 and 2018 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 have a heightened credit risk, but not to the point of justifying a classification of substandard. Loans in this category are currently acceptable, but are nevertheless potentially weak. • Substandard or Lower : These loans are inadequately protected by current sound worth and paying capacity of the borrower. There exists a well-defined weakness or weaknesses that jeopardize the normal repayment of the debt. The 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 in the preceding tables. 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 June 30, 2019 December 31, 2018 June 30, 2019 December 31, 2018 June 30, 2019 December 31, 2018 June 30, 2019 December 31, 2018 (dollars in thousands) Real estate - commercial mortgage $ 6,173,883 $ 6,129,463 $ 162,425 $ 170,827 $ 161,665 $ 133,995 $ 6,497,973 $ 6,434,285 Commercial - secured 3,835,171 3,902,484 182,569 193,470 171,856 129,026 4,189,596 4,224,980 Commercial - unsecured 168,311 171,589 4,972 4,016 2,369 3,963 175,652 179,568 Total commercial - industrial, financial and agricultural 4,003,482 4,074,073 187,541 197,486 174,225 132,989 4,365,248 4,404,548 Construction - commercial residential 109,168 104,079 3,082 6,912 3,959 6,881 116,209 117,872 Construction - commercial 725,556 723,030 731 1,163 3,197 2,533 729,484 726,726 Total construction (excluding Construction - other) 834,724 827,109 3,813 8,075 7,156 9,414 845,693 844,598 $ 11,012,089 $ 11,030,645 $ 353,779 $ 376,388 $ 343,046 $ 276,398 $ 11,708,914 $ 11,683,431 % of Total 94.1 % 94.4 % 3.0 % 3.2 % 2.9 % 2.4 % 100.0 % 100.0 % The Corporation does not assign internal risk ratings to smaller balance, homogeneous loans and leases, such as home equity, residential mortgage, construction loans to individuals secured by residential real estate, consumer and leases. For these loans and leases, the most relevant credit quality indicator is delinquency status. The migration of loans and leases through the various delinquency status categories is a significant component of the allowance for credit losses methodology for those loans and leases, which bases the probability of default on this migration. The following table presents a summary of performing, delinquent and non-performing loans and leases for the indicated class segments: Performing Delinquent (1) Non-performing (2) Total June 30, 2019 December 31, 2018 June 30, 2019 December 31, 2018 June 30, 2019 December 31, 2018 June 30, 2019 December 31, 2018 (dollars in thousands) Real estate - home equity $ 1,363,344 $ 1,431,666 $ 11,634 $ 10,702 $ 11,996 $ 9,769 $ 1,386,974 $ 1,452,137 Real estate - residential mortgage 2,398,432 2,202,955 31,876 28,988 21,658 19,101 2,451,966 2,251,044 Construction - other 76,116 71,511 549 — 189 490 76,854 72,001 Consumer - direct 58,295 55,629 295 338 123 66 58,713 56,033 Consumer - indirect 390,394 359,405 3,508 3,405 259 343 394,161 363,153 Total consumer 448,689 415,034 3,803 3,743 382 409 452,874 419,186 Equipment lease financing, other and overdrafts 271,130 267,112 1,808 1,302 17,938 19,587 290,876 288,001 $ 4,557,711 $ 4,388,278 $ 49,670 $ 44,735 $ 52,163 $ 49,356 $ 4,659,544 $ 4,482,369 % of Total 97.8 % 97.9 % 1.1 % 1.0 % 1.1 % 1.1 % 100.0 % 100.0 % (1) Includes all accruing loans and leases 30 days to 89 days past due. (2) Includes all accruing loans and leases 90 days or more past due and all non-accrual loans and leases. The following table presents non-performing assets: June 30, December 31, (in thousands) Non-accrual loans and leases $ 133,118 $ 128,572 Loans and leases 90 days or more past due and still accruing 14,598 11,106 Total non-performing loans and leases 147,716 139,678 Other real estate owned (OREO) 7,241 10,518 Total non-performing assets $ 154,957 $ 150,196 The following tables present past due status and non-accrual loans and leases by portfolio segment and class segment: June 30, 2019 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 $ 16,620 $ 2,059 $ 637 $ 43,213 $ 43,850 $ 62,529 $ 6,435,444 $ 6,497,973 Commercial - secured 8,480 1,923 1,422 45,114 46,536 56,939 4,132,657 4,189,596 Commercial - unsecured 592 136 — 723 723 1,451 174,201 175,652 Total commercial - industrial, financial and agricultural 9,072 2,059 1,422 45,837 47,259 58,390 4,306,858 4,365,248 Real estate - home equity 9,370 2,264 4,803 7,193 11,996 23,630 1,363,344 1,386,974 Real estate - residential mortgage 26,135 5,741 6,708 14,950 21,658 53,534 2,398,432 2,451,966 Construction - commercial residential — — — 3,959 3,959 3,959 112,250 116,209 Construction - commercial 895 — 466 19 485 1,380 728,104 729,484 Construction - other 549 — — 189 189 738 76,116 76,854 Total real estate - construction 1,444 — 466 4,167 4,633 6,077 916,470 922,547 Consumer - direct 205 90 123 — 123 418 58,295 58,713 Consumer - indirect 2,901 607 259 — 259 3,767 390,394 394,161 Total consumer 3,106 697 382 — 382 4,185 448,689 452,874 Equipment lease financing, other and overdrafts 1,365 443 180 17,758 17,938 19,746 271,130 290,876 Total $ 67,112 $ 13,263 $ 14,598 $ 133,118 $ 147,716 $ 228,091 $ 16,140,367 $ 16,368,458 December 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 $ 12,206 $ 1,500 $ 1,765 $ 30,388 $ 32,153 $ 45,859 $ 6,388,426 $ 6,434,285 Commercial - secured 5,227 938 1,068 49,299 50,367 56,532 4,168,448 4,224,980 Commercial - unsecured 1,598 — 51 851 902 2,500 177,068 179,568 Total commercial - industrial, financial and agricultural 6,825 938 1,119 50,150 51,269 59,032 4,345,516 4,404,548 Real estate - home equity 7,144 3,558 3,061 6,708 9,769 20,471 1,431,666 1,452,137 Real estate - residential mortgage 20,796 8,192 4,433 14,668 19,101 48,089 2,202,955 2,251,044 Construction - commercial residential 2,489 — — 6,881 6,881 9,370 108,502 117,872 Construction - commercial — — — 19 19 19 726,707 726,726 Construction - other — — — 490 490 490 71,511 72,001 Total real estate - construction 2,489 — — 7,390 7,390 9,879 906,720 916,599 Consumer - direct 267 71 66 — 66 404 55,629 56,033 Consumer - indirect 2,908 497 343 — 343 3,748 359,405 363,153 Total consumer 3,175 568 409 — 409 4,152 415,034 419,186 Equipment lease financing, other and overdrafts 1,005 297 319 19,268 19,587 20,889 267,112 288,001 Total $ 53,640 $ 15,053 $ 11,106 $ 128,572 $ 139,678 $ 208,371 $ 15,957,429 $ 16,165,800 The following table presents TDRs, by class segment: June 30, December 31, (in thousands) Real-estate - residential mortgage $ 22,389 $ 24,102 Real estate - home equity 16,389 16,665 Real-estate - commercial mortgage 16,680 15,685 Commercial 5,744 5,143 Consumer 9 10 Total accruing TDRs 61,211 61,605 Non-accrual TDRs (1) 29,958 28,659 Total TDRs $ 91,169 $ 90,264 (1) Included in non-accrual loans and leases in the preceding table detailing non-performing assets. The following table presents TDRs, by class segment for loans that were modified during the three and six months ended June 30, 2019 and 2018: Three months ended June 30 Six months ended June 30 2019 2018 2019 2018 Number of Loans Recorded Investment Number of Loans Recorded Investment Number of Loans Recorded Investment Number of Loans Recorded Investment (dollars in thousands) Commercial 6 $ 2,371 2 $ 53 10 $ 4,831 11 $ 9,412 Real estate - residential mortgage 1 516 1 77 5 1,433 2 82 Real estate - home equity 22 1,125 28 1,659 34 1,954 47 3,043 Total 29 $ 4,012 31 $ 1,789 49 $ 8,218 60 $ 12,537 Restructured loan modifications may include payment schedule modifications, interest rate concessions, bankruptcies, principal reduction, or some combination of these concessions. During the three and six months ended June 30, 2019, restructured loan modifications of residential mortgages, home equity loans and commercial mortgage loans primarily included maturity date extensions, rate modifications and payment schedule modifications. The following table presents TDRs, by class segment, as of June 30, 2019 and 2018 that were modified in the previous 12 months and had a post-modification payment default during the six months ended June 30, 2019 and 2018 . The Corporation defines a payment default as a single missed payment. 2019 2018 Number of Loans Recorded Investment Number of Loans Recorded Investment (dollars in thousands) Real estate - residential mortgage 2 $ 299 8 $ 863 Real estate - commercial mortgage — — 1 176 Real estate - home equity 16 890 29 1,955 Commercial 4 2,302 5 146 Total 22 $ 3,491 43 $ 3,140 |
Mortgage Servicing Rights
Mortgage Servicing Rights | 6 Months Ended |
Jun. 30, 2019 | |
Transfers and Servicing [Abstract] | |
Mortgage Servicing Rights | Mortgage Servicing Rights The following table summarizes the changes in mortgage servicing rights ("MSRs"), which are included in other assets on the consolidated balance sheets: Three months ended June 30 Six months ended June 30 2019 2018 2019 2018 (in thousands) Amortized cost: Balance at beginning of period $ 38,504 $ 37,748 $ 38,573 $ 37,663 Originations of mortgage servicing rights 1,861 1,746 3,086 3,229 Amortization (1,539 ) (1,600 ) (2,833 ) (2,998 ) Balance at end of period $ 38,826 $ 37,894 $ 38,826 $ 37,894 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. The fair values of MSRs were $44.9 million and $50.2 million |
Leases
Leases | 6 Months Ended |
Jun. 30, 2019 | |
Leases [Abstract] | |
Leases | Leases Effective January 1, 2019, the Corporation adopted ASC Update 2016-02, "Leases (Topic 842)," using the modified retrospective method of applying the new standard at the adoption date. In addition, the Corporation elected the package of practical expedients permitted under the transition guidance within the new standard as the lessee. This permitted the carry forward of the conclusions on lease identification, lease classification and initial direct costs. The Corporation also elected not to separate lease and non-lease components. Financial results for reporting periods beginning on or after January 1, 2019 are presented under the new guidance (Topic 842), while prior period amounts are not adjusted and continue to be reported in accordance with previous guidance (Topic 840). As a lessee, the majority of the operating lease portfolio consists of real estate leases for the Corporation's branches, land and office space. The operating leases have remaining lease terms of 1 year to 20 years, some of which include options to extend the leases for 5 years or more. ROU assets and lease liabilities are not recognized for leases with an initial term of 12 months or less. The Corporation does not have any finance leases as the lessee. Certain real estate leases have lease payments that adjust based on annual changes in the Consumer Price Index ("CPI"). The leases that are dependent upon CPI are initially measured using the index or rate at the commencement date and are included in the measurement of the lease liability. Operating lease expense primarily represents fixed lease payments for operating leases recognized on a straight-line basis over the applicable lease term. Variable lease expense represents the payment of real estate taxes, insurance and common area maintenance based on the Corporation's pro-rata share. In addition, the Corporation rents or subleases certain real estate to third parties. The rental and sublease portfolio consists mostly of operating leases for space within the Corporation's offices and branches. The following table presents the components of the Corporation’s lease costs for operating leases as the lessee, which is included in net occupancy expense on the consolidated statements of income (in thousands): Three months ended Six months ended June 30, 2019 June 30, 2019 Operating lease expense $ 4,796 $ 9,486 Variable lease expense 761 1,370 Sublease income (168 ) (371 ) Total lease expense $ 5,389 $ 10,485 Supplemental balance sheet information related to leases was as follows (in thousands, except for weighted-averages): Operating Leases Classification June 30, 2019 ROU assets Other assets $ 104,046 Lease liabilities Other liabilities $ 110,987 Weighted-average remaining lease term 8.4 years Weighted-average discount rate 3.06 % The discount rate used in determining the lease liability for each individual lease was the Federal Home Loan Bank ("FHLB") fixed advance rate which corresponded with the remaining lease term as of January 1, 2019 for leases that existed at adoption and as of the lease commencement or modification date for leases subsequently entered into. Supplemental cash flow information related to operating leases was as follows (in thousands): Six months ended June 30, 2019 Cash paid for amounts included in the measurement of lease liabilities $ 9,269 ROU assets obtained in exchange for lease obligations $ 111,995 Lease payment obligations for each of the next five years and thereafter with a reconciliation to the Corporation's lease liability were as follows (in thousands): Year Operating Leases For the six months ending December 31, 2019 $ 9,390 2020 18,607 2021 17,400 2022 16,052 2023 13,804 Thereafter 52,664 Total lease payments 127,917 Less: imputed interest (16,930 ) Present value of lease liabilities $ 110,987 As of June 30, 2019 , the Corporation had not entered into any material leases that have not yet commenced. As previously disclosed in the Corporation's 2018 Annual Report on Form 10-K and under Topic 840, future minimum lease payments for operating leases having initial or remaining noncancellable lease terms in excess of one year as of December 31, 2018 were $18.0 million , $17.3 million , $15.7 million , $13.7 million , $11.4 million for years 2019 through 2023, respectively, and $43.3 million in the aggregate for all years thereafter. |
Leases | Leases Effective January 1, 2019, the Corporation adopted ASC Update 2016-02, "Leases (Topic 842)," using the modified retrospective method of applying the new standard at the adoption date. In addition, the Corporation elected the package of practical expedients permitted under the transition guidance within the new standard as the lessee. This permitted the carry forward of the conclusions on lease identification, lease classification and initial direct costs. The Corporation also elected not to separate lease and non-lease components. Financial results for reporting periods beginning on or after January 1, 2019 are presented under the new guidance (Topic 842), while prior period amounts are not adjusted and continue to be reported in accordance with previous guidance (Topic 840). As a lessee, the majority of the operating lease portfolio consists of real estate leases for the Corporation's branches, land and office space. The operating leases have remaining lease terms of 1 year to 20 years, some of which include options to extend the leases for 5 years or more. ROU assets and lease liabilities are not recognized for leases with an initial term of 12 months or less. The Corporation does not have any finance leases as the lessee. Certain real estate leases have lease payments that adjust based on annual changes in the Consumer Price Index ("CPI"). The leases that are dependent upon CPI are initially measured using the index or rate at the commencement date and are included in the measurement of the lease liability. Operating lease expense primarily represents fixed lease payments for operating leases recognized on a straight-line basis over the applicable lease term. Variable lease expense represents the payment of real estate taxes, insurance and common area maintenance based on the Corporation's pro-rata share. In addition, the Corporation rents or subleases certain real estate to third parties. The rental and sublease portfolio consists mostly of operating leases for space within the Corporation's offices and branches. The following table presents the components of the Corporation’s lease costs for operating leases as the lessee, which is included in net occupancy expense on the consolidated statements of income (in thousands): Three months ended Six months ended June 30, 2019 June 30, 2019 Operating lease expense $ 4,796 $ 9,486 Variable lease expense 761 1,370 Sublease income (168 ) (371 ) Total lease expense $ 5,389 $ 10,485 Supplemental balance sheet information related to leases was as follows (in thousands, except for weighted-averages): Operating Leases Classification June 30, 2019 ROU assets Other assets $ 104,046 Lease liabilities Other liabilities $ 110,987 Weighted-average remaining lease term 8.4 years Weighted-average discount rate 3.06 % The discount rate used in determining the lease liability for each individual lease was the Federal Home Loan Bank ("FHLB") fixed advance rate which corresponded with the remaining lease term as of January 1, 2019 for leases that existed at adoption and as of the lease commencement or modification date for leases subsequently entered into. Supplemental cash flow information related to operating leases was as follows (in thousands): Six months ended June 30, 2019 Cash paid for amounts included in the measurement of lease liabilities $ 9,269 ROU assets obtained in exchange for lease obligations $ 111,995 Lease payment obligations for each of the next five years and thereafter with a reconciliation to the Corporation's lease liability were as follows (in thousands): Year Operating Leases For the six months ending December 31, 2019 $ 9,390 2020 18,607 2021 17,400 2022 16,052 2023 13,804 Thereafter 52,664 Total lease payments 127,917 Less: imputed interest (16,930 ) Present value of lease liabilities $ 110,987 As of June 30, 2019 , the Corporation had not entered into any material leases that have not yet commenced. As previously disclosed in the Corporation's 2018 Annual Report on Form 10-K and under Topic 840, future minimum lease payments for operating leases having initial or remaining noncancellable lease terms in excess of one year as of December 31, 2018 were $18.0 million , $17.3 million , $15.7 million , $13.7 million , $11.4 million for years 2019 through 2023, respectively, and $43.3 million in the aggregate for all years thereafter. |
Derivative Financial Instrument
Derivative Financial Instruments | 6 Months Ended |
Jun. 30, 2019 | |
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, exceeds $10 billion in total assets and is required to clear all eligible interest rate swap contracts with a central counterparty. 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 income on the consolidated statements of income. The following table presents a summary of the notional amounts and fair values of derivative financial instruments: June 30, 2019 December 31, 2018 Notional Asset Notional Asset (in thousands) Interest Rate Locks with Customers Positive fair values $ 184,657 $ 2,118 $ 101,700 $ 1,148 Negative fair values 3,090 (21 ) 1,646 (12 ) Net interest rate locks with customers 2,097 1,136 Forward Commitments Positive fair values 40,334 221 1,540 3 Negative fair values 111,530 (1,631 ) 83,562 (1,066 ) Net forward commitments (1,410 ) (1,063 ) Interest Rate Swaps with Customers Positive fair values 2,514,261 136,298 1,185,144 33,258 Negative fair values 292,200 (1,716 ) 1,386,046 (30,769 ) Net interest rate swaps with customers 134,582 2,489 Interest Rate Swaps with Dealer Counterparties Positive fair values (1) 292,200 1,716 1,386,046 28,143 Negative fair values (1) 2,514,261 (74,516 ) 1,185,144 (16,338 ) Net interest rate swaps with dealer counterparties (72,800 ) 11,805 Foreign Exchange Contracts with Customers Positive fair values 6,423 105 5,881 105 Negative fair values 6,643 (186 ) 9,690 (251 ) Net foreign exchange contracts with customers (81 ) (146 ) Foreign Exchange Contracts with Correspondent Banks Positive fair values 8,750 226 9,220 287 Negative fair values 6,590 (100 ) 6,831 (130 ) Net foreign exchange contracts with correspondent banks 126 157 Net derivative fair value asset $ 62,514 $ 14,378 (1) The variation margin posted as collateral on centrally cleared interest rate swaps, which represents the fair value of such swaps, is legally characterized as a settlement of the outstanding derivative contracts instead of cash collateral. Accordingly, the fair values of centrally cleared interest rate swaps were offset by variation margins totaling $61.8 million and $14.3 million at June 30, 2019 and December 31, 2018 , respectively. The following table presents a summary of the fair value gains (losses) on derivative financial instruments: Three months ended June 30 Six months ended June 30 2019 2018 2019 2018 (in thousands) Interest rate locks with customers $ 355 $ 231 $ 961 $ 360 Forward commitments (403 ) (541 ) (347 ) (315 ) Interest rate swaps with customers 81,576 (12,375 ) 132,093 (55,017 ) Interest rate swaps with dealer counterparties (1) (50,673 ) 10,811 (84,605 ) 44,625 Foreign exchange contracts with customers (154 ) (23 ) 65 (16 ) Foreign exchange contracts with correspondent banks 140 (50 ) (31 ) 38 Net fair value gains (losses) on derivative financial instruments $ 30,841 $ (1,947 ) $ 48,136 $ (10,325 ) (1) Not included are $31.2 million and $47.5 million , respectively, of losses related to the variation margin settlements for the three and six months ended June 30, 2019 and $1.6 million and $10.4 million of gains related to the variation margin settlements for the three and six months ended June 30, 2018 , respectively. Fair Value Option The Corporation has elected to measure mortgage loans held for sale at fair value. The following table presents a summary of mortgage loans held for sale and the impact of the fair value election on the consolidated financial statements as of the periods shown: June 30, December 31, (in thousands) Cost (1) $ 44,737 $ 26,407 Fair value 45,754 27,099 (1) Cost basis of mortgage loans held for sale represents the unpaid principal balance. For the three months ended June 30, 2019 and 2018, gains related to changes in fair values of mortgage loans held for sale were $304,000 and $324,000 , respectively. During the six months ended June 30, 2019 and 2018, gains related to changes in fair values of mortgage loans held for sale were $325,000 and $127,000 , respectively. 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 does not enter into reverse repurchase agreements; therefore, there is no such offsetting to be done with the repurchase agreements. The following table presents the Corporation's financial instruments that are eligible for offset, and the effects of offsetting, on the consolidated balance sheets: Gross Amounts Gross Amounts Not Offset Recognized on the Consolidated on the Balance Sheets Consolidated Financial Cash Net Balance Sheets Instruments (1) Collateral (2) Amount (in thousands) June 30, 2019 Interest rate swap derivative assets $ 138,275 $ (1,941 ) $ — $ 136,334 Foreign exchange derivative assets with correspondent banks 219 (93 ) — 126 Total $ 138,494 $ (2,034 ) $ — $ 136,460 Interest rate swap derivative liabilities $ 76,232 $ (1,941 ) $ (74,291 ) $ — Foreign exchange derivative liabilities with correspondent banks 93 (93 ) — — Total $ 76,325 $ (2,034 ) $ (74,291 ) $ — December 31, 2018 Interest rate swap derivative assets $ 61,401 $ (12,955 ) $ (23,270 ) $ 25,176 Foreign exchange derivative assets with correspondent banks 287 (130 ) — 157 Total $ 61,688 $ (13,085 ) $ (23,270 ) $ 25,333 Interest rate swap derivative liabilities $ 47,107 $ (22,786 ) $ (22,786 ) $ 1,535 Foreign exchange derivative liabilities with correspondent banks 130 (130 ) — — Total $ 47,237 $ (22,916 ) $ (22,786 ) $ 1,535 (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. |
Tax Credit Investments
Tax Credit Investments | 6 Months Ended |
Jun. 30, 2019 | |
Income Tax Disclosure [Abstract] | |
Tax Credit Investments | Tax Credit Investments The Corporation's tax credit investments ("TCIs") are primarily related to investments promoting qualified affordable housing projects and investments in community development entities. The majority of these tax-advantaged investments support the Corporation's corporate mission and vision, as well as regulatory compliance with the Community Reinvestment Act. The Corporation's investments in these projects generate a return primarily through the realization of federal income tax credits and deductions for operating losses over a specified time period. The TCIs are included in other assets, with any unfunded equity commitments carried in other liabilities on the consolidated balance sheets. Certain TCIs qualify for the proportional amortization method and are amortized over the period the Corporation expects to receive the tax credits, with the expense included within income taxes on the consolidated statements of income. Other TCIs are accounted for under the equity method of accounting, with amortization included within non-interest expense on the consolidated statements of income. This amortization includes equity in partnership losses and the systematic write-down of investments over the period in which income tax credits are earned. All of the TCIs are evaluated for impairment at the end of each reporting period. As illustrated below, realizable tax credits are included within income taxes and offset the amortization expense recorded. The following table presents the balances of the Corporation's TCIs and related unfunded commitments: June 30, December 31, 2019 2018 Included in other assets: (in thousands) Affordable housing tax credit investment, net $ 161,986 $ 170,401 Other tax credit investments, net 72,786 72,584 Total TCIs, net $ 234,772 $ 242,985 Included in other liabilities: Unfunded affordable housing tax credit commitments $ 18,542 $ 23,196 Other tax credit investment liabilities 61,483 59,823 Total unfunded tax credit investment commitments and liabilities $ 80,025 $ 83,019 The following table presents other information relating to the Corporation's TCIs: Three Months Ended Six Months Ended June 30 June 30 2019 2018 2019 2018 Components of income taxes: (in thousands) Affordable housing tax credits and other tax benefits $ (7,575 ) $ (7,543 ) $ (15,150 ) $ (15,087 ) Other tax credit investment credits and tax benefits (1,135 ) (1,597 ) (2,271 ) (3,193 ) Amortization of affordable housing investments, net of tax benefit 5,494 5,319 10,989 10,917 Deferred tax expense 239 336 477 671 Total reduction in income tax expense $ (2,977 ) $ (3,485 ) $ (5,955 ) $ (6,692 ) Amortization of TCIs: Affordable housing tax credits investment $ 823 $ 839 $ 1,645 $ 1,678 Other tax credit investment amortization 669 798 1,338 1,596 Total amortization of TCIs $ 1,492 $ 1,637 $ 2,983 $ 3,274 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income | 6 Months Ended |
Jun. 30, 2019 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income | Accumulated Other Comprehensive Income (Loss) The following table presents changes in other comprehensive income (loss): Before-Tax Amount Tax Effect Net of Tax Amount (in thousands) Three months ended June 30, 2019 Unrealized gain on securities $ 31,994 $ (7,077 ) $ 24,917 Reclassification adjustment for securities gains included in net income (1) (176 ) 39 (137 ) Amortization of net unrealized losses on available for sale ("AFS") securities transferred to held to maturity ("HTM") (2) 1,311 (290 ) 1,021 Non-credit related unrealized losses on other-than-temporarily impaired debt securities (770 ) 170 (600 ) Amortization of net unrecognized pension and postretirement items (3) 353 (78 ) 275 Total Other Comprehensive Income $ 32,712 $ (7,236 ) $ 25,476 Three months ended June 30, 2018 Unrealized loss on securities $ (8,397 ) $ 1,766 $ (6,631 ) Reclassification adjustment for securities gains included in net income (1) (4 ) 1 (3 ) Non-credit related unrealized gains on other-than-temporarily impaired debt securities 9 (1 ) 8 Amortization of net unrecognized pension and postretirement items (3) 683 (143 ) 540 Total Other Comprehensive Loss $ (7,709 ) $ 1,623 $ (6,086 ) Six months ended June 30, 2019 Unrealized gain on securities $ 58,056 $ (12,841 ) $ 45,215 Reclassification adjustment for securities gains included in net income (1) (241 ) 53 (188 ) Amortization of net unrealized losses on AFS securities transferred to HTM (2) 2,563 (568 ) 1,995 Non-credit related unrealized losses on other-than-temporarily impaired debt securities (875 ) 193 (682 ) Amortization of net unrecognized pension and postretirement items (3) 727 (161 ) 566 Total Other Comprehensive Income $ 60,230 $ (13,324 ) $ 46,906 Six months ended June 30, 2018 Unrealized loss on securities $ (43,388 ) $ 9,113 $ (34,275 ) Reclassification adjustment for securities gains included in net income (1) (23 ) 4 (19 ) Non-credit related unrealized gains on other-than-temporarily impaired debt securities 294 (62 ) 232 Amortization of net unrecognized pension and postretirement items (3) 1,113 (234 ) 879 Total Other Comprehensive Loss $ (42,004 ) $ 8,821 $ (33,183 ) (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 3, "Investment Securities," for additional details. (2) Amounts reclassified out of accumulated other comprehensive income. Before-tax amounts included as a reduction to "Interest Income" on the consolidated statements of income. (3) Amounts reclassified out of accumulated other comprehensive income. Before-tax amounts included in "Salaries and employee benefits" on the consolidated statements of income. See Note 13, "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 June 30, 2019 Balance at March 31, 2019 $ (23,433 ) $ 598 $ (14,798 ) $ (37,633 ) Other comprehensive income before reclassifications 24,917 (600 ) — 24,317 Amounts reclassified from accumulated other comprehensive income (loss) (137 ) — 275 138 Amortization of net unrealized losses on AFS securities transferred to HTM 1,021 — — — 1,021 Balance at June 30, 2019 $ 2,368 $ (2 ) $ (14,523 ) $ (12,157 ) Three months ended June 30, 2018 Balance at March 31, 2018 $ (50,056 ) $ 682 $ (17,798 ) $ (67,172 ) Other comprehensive loss before reclassifications (6,631 ) 8 — (6,623 ) Amounts reclassified from accumulated other comprehensive income (loss) (3 ) — 540 537 Balance at June 30, 2018 $ (56,690 ) $ 690 $ (17,258 ) $ (73,258 ) Six months ended June 30, 2019 Balance at December 31, 2018 $ (44,654 ) $ 680 $ (15,089 ) $ (59,063 ) Other comprehensive income before reclassifications 45,215 (682 ) — 44,533 Amounts reclassified from accumulated other comprehensive income (loss) (188 ) — 566 378 Amortization of net unrealized losses on AFS securities transferred to HTM 1,995 — — 1,995 Balance at June 30, 2019 $ 2,368 $ (2 ) $ (14,523 ) $ (12,157 ) Six months ended June 30, 2018 Balance at December 31, 2017 $ (18,509 ) $ 458 $ (14,923 ) $ (32,974 ) Other comprehensive loss before reclassifications (34,275 ) 232 — (34,043 ) Amounts reclassified from accumulated other comprehensive income (loss) (19 ) — 879 860 Reclassification of stranded tax effects (3,887 ) — (3,214 ) (7,101 ) Balance at June 30, 2018 $ (56,690 ) $ 690 $ (17,258 ) $ (73,258 ) |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2019 | |
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. All assets and liabilities measured at fair value on both a recurring and nonrecurring basis, have been categorized into the above three levels. The following tables present assets and liabilities measured at fair value on a recurring basis and reported on the consolidated balance sheets: June 30, 2019 Level 1 Level 2 Level 3 Total (in thousands) Loans held for sale $ — $ 45,754 $ — $ 45,754 Available for sale investment securities: State and municipal securities — 316,334 — 316,334 Corporate debt securities — 195,052 2,370 197,422 Collateralized mortgage obligations — 899,117 — 899,117 Residential mortgage-backed securities — 329,275 — 329,275 Commercial mortgage-backed securities — 440,281 — 440,281 Auction rate securities — — 103,365 103,365 Total available for sale investment securities — 2,180,059 105,735 2,285,794 Other assets: Investments held in Rabbi Trust 20,811 — — 20,811 Derivative assets 541 140,353 — 140,894 Total assets $ 21,352 $ 2,366,166 $ 105,735 $ 2,493,253 Other liabilities: Deferred compensation liabilities 20,811 — — 20,811 Derivative liabilities 475 77,883 — 78,358 Total liabilities $ 21,286 $ 77,883 $ — $ 99,169 December 31, 2018 Level 1 Level 2 Level 3 Total (in thousands) Loans held for sale $ — $ 27,099 $ — $ 27,099 Available for sale investment securities: U.S. Government sponsored agency securities — 31,632 — 31,632 State and municipal securities — 279,095 — 279,095 Corporate debt securities — 106,258 3,275 109,533 Collateralized mortgage obligations — 832,080 — 832,080 Residential mortgage-backed securities — 463,344 — 463,344 Commercial mortgage-backed securities — 261,616 — 261,616 Auction rate securities — — 102,994 102,994 Total available for sale investment securities — 1,974,025 106,269 2,080,294 Other assets: Investments held in Rabbi Trust 18,415 — — 18,415 Derivative assets 392 62,552 — 62,944 Total assets $ 18,807 $ 2,063,676 $ 106,269 $ 2,188,752 Other liabilities: Deferred compensation liabilities $ 18,415 $ — $ — $ 18,415 Derivative liabilities 381 48,185 — 48,566 Total liabilities $ 18,796 $ 48,185 $ — $ 66,981 The valuation techniques used to measure fair value for the items in the preceding tables are as follows: • Mortgage loans held for sale – This category consists of mortgage loans held for sale that the Corporation has elected to measure at fair value. Fair values as of June 30, 2019 and December 31, 2018 were measured based on the price that secondary market investors were offering for loans with similar characteristics. See "Note 7 - 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 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 95% of the securities valued by the pricing service. Generally, differences by security in excess of 5% are researched to reconcile the difference. • 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 ( $175.2 million at June 30, 2019 and $86.1 million at December 31, 2018 ), single-issuer trust preferred securities issued by financial institutions ( $18.3 million at June 30, 2019 and $18.6 million at December 31, 2018 ), pooled trust preferred securities issued by financial institutions ( $0 at June 30, 2019 and $875,000 at December 31, 2018 ) and other corporate debt issued by non-financial institutions ( $3.9 million at June 30, 2019 and December 31, 2018 ). Level 2 investments include the Corporation’s holdings of subordinated debt and senior debt, other corporate debt issued by non-financial institutions and $16.0 million and $16.3 million of single-issuer trust preferred securities held at June 30, 2019 and December 31, 2018 , 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 ( $0 at June 30, 2019 and $875,000 at December 31, 2018 ) and certain single-issuer trust preferred securities ( $2.4 million at June 30, 2019 and December 31, 2018 ). 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. • Investments held in Rabbi Trust – This category consists of mutual funds that are held in trust for employee deferred compensation plans that the Corporation has elected to measure at fair value. Shares of mutual funds are valued based on net asset value, which represent quoted market prices for the underlying shares held in the mutual funds, and as such, are classified as Level 1 and are included in other assets on the consolidated balance sheets ( $20.8 million at June 30, 2019 and $18.4 million at December 31, 2018 ). • Derivative assets – Fair value of foreign currency exchange contracts classified as Level 1 assets ( $331,000 at June 30, 2019 and $392,000 at December 31, 2018 ). The mutual funds and foreign exchange prices used to measure these items at fair value are based on quoted prices for identical instruments in active markets. Level 2 assets, representing the fair value of mortgage banking derivatives in the form of interest rate locks and forward commitments with secondary market investors ( $2.3 million at June 30, 2019 and $1.2 million at December 31, 2018 ) and the fair value of interest rate swaps ( $138.0 million at June 30, 2019 and $61.4 million at December 31, 2018 ). 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 7 - Derivative Financial Instruments," for additional information. • Deferred compensation liabilities – Fair value of amounts due to employees under deferred compensation plans, classified as Level 1 liabilities and are included in other liabilities on the consolidated balance sheets ( $20.8 million at June 30, 2019 and $18.4 million at December 31, 2018 ). The fair values of these liabilities are determined in the same manner as the related assets, as described under the heading "Investments held in Rabbi Trust" above. • Derivative liabilities – Level 1 liabilities, representing the fair value of foreign currency exchange contracts ( $286,000 at June 30, 2019 and $381,000 at December 31, 2018 ). Level 2 liabilities, representing the fair value of mortgage banking derivatives in the form of interest rate locks and forward commitments with secondary market investors ( $1.7 million at June 30, 2019 and $1.1 million December 31, 2018 ) and the fair value of interest rate swaps ( $76.2 million at June 30, 2019 and $47.1 million at December 31, 2018 ). The fair values of these liabilities are determined in the same manner as the related assets, as described under the heading "Derivative 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): Pooled Trust Single-issuer ARCs Three months ended June 30, 2019 (in thousands) Balance at March 31, 2019 $ 770 $ 2,430 $ 102,810 Sales (770 ) — — Unrealized adjustment to fair value (1) — (60 ) 555 Balance at June 30, 2019 $ — $ 2,370 $ 103,365 Three months ended June 30, 2018 Balance at March 31, 2018 $ 865 $ 3,095 $ 103,049 Unrealized adjustment to fair value (1) 10 102 73 Discount accretion (2) — 3 — Balance at June 30, 2018 $ 875 $ 3,200 $ 103,122 Six months ended June 30, 2019 Balance at December 31, 2018 $ 875 $ 2,400 $ 102,994 Sales (770 ) — — Unrealized adjustment to fair value (1) (105 ) (30 ) 371 Balance at June 30, 2019 $ — $ 2,370 $ 103,365 Six months ended June 30, 2018 Balance at December 31, 2017 $ 707 $ 3,050 $ 98,668 Unrealized adjustment to fair value (1) 168 144 4,454 Discount accretion (2) — 6 — Balance at June 30, 2018 $ 875 $ 3,200 $ 103,122 (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 at estimated fair value" 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: June 30, 2019 December 31, 2018 (in thousands) Net loans and leases $ 152,451 $ 149,846 OREO 7,241 10,518 MSRs 44,916 50,204 Total assets $ 204,608 $ 210,568 The valuation techniques used to measure fair value for the items in the table above are as follows: • Net loans and leases – This category consists of loans and leases that were evaluated for impairment under FASB ASC Section 310-10-35 and have been classified as Level 3 assets. The amount shown is the balance of impaired loans, net of the related allowance for loan losses. See "Note 4 - Loans and Allowance for Credit Losses," for additional details. • OREO – This category consists of OREO classified as Level 3 assets, for which the fair values were based on estimated selling prices less estimated selling costs for similar assets in active markets. • MSRs - This category consists of MSRs, which were initially recorded at fair value upon the sale of residential mortgage loans to secondary market investors, and subsequently carried at the lower of amortized cost or fair value. MSRs are amortized as a reduction to servicing income over the estimated lives of the underlying loans. MSRs are stratified and evaluated for impairment by comparing each stratum's carrying amount to its estimated fair value. Fair values are determined at the end of each quarter through a discounted cash flows valuation performed by a third-party valuation expert. Significant inputs to the valuation included expected net servicing income, the discount rate and the expected life of the underlying loans. Expected life is based on the contractual terms of the loans, as adjusted for prepayment projections. The weighted average annual constant prepayment rate and the weighted average discount rate used in the June 30, 2019 valuation were 10.2% and 9.5% , respectively. Management tests the reasonableness of the significant inputs to the third-party valuation in comparison to market data. See "Note 5 - Mortgage Servicing Rights," for additional information. The following table presents the carrying amounts and estimated fair values of the Corporation’s financial instruments as of June 30, 2019 and December 31, 2018 . A general description of the methods and assumptions used to estimate such fair values follows: June 30, 2019 Estimated Fair Value Carrying Amount Level 1 Level 2 Level 3 Total (in thousands) FINANCIAL ASSETS Cash and cash equivalents $ 498,811 $ 498,811 $ — $ — $ 498,811 FRB and FHLB stock 97,248 — 97,248 — 97,248 Loans held for sale 45,754 — 45,754 — 45,754 Available for sale investment securities 2,285,794 — 2,180,059 105,735 2,285,794 Held to maturity investment securities 567,564 589,728 — — 589,728 Net Loans and Leases 16,198,225 — — 16,019,233 16,019,233 Accrued interest receivable 62,984 62,984 — — 62,984 Other financial assets 318,776 132,356 140,353 46,067 318,776 FINANCIAL LIABILITIES Demand and savings deposits $ 13,249,017 $ 13,249,017 $ — $ — $ 13,249,017 Brokered deposits 246,116 206,116 40,292 — 246,408 Time deposits 2,893,762 — 2,894,290 — 2,894,290 Short-term borrowings 1,188,390 1,188,390 — — 1,188,390 Accrued interest payable 9,218 9,218 — — 9,218 Other financial liabilities 249,381 164,790 77,883 6,708 249,381 FHLB advances and long-term debt 987,416 — 986,336 — 986,336 December 31, 2018 Estimated Fair Value Carrying Amount Level 1 Level 2 Level 3 Total (in thousands) FINANCIAL ASSETS Cash and cash equivalents $ 445,687 $ 445,687 $ — $ — $ 445,687 FRB and FHLB stock 79,283 — 79,283 — 79,283 Loans held for sale 27,099 — 27,099 — 27,099 Available for sale investment securities 2,080,294 — 1,974,025 106,269 2,080,294 Held to maturity investment securities 606,679 611,419 — — 611,419 Net Loans and Leases 16,005,263 — — 15,446,895 15,446,895 Accrued interest receivable 58,879 58,879 — — 58,879 Other financial assets 235,782 124,138 62,552 49,092 235,782 FINANCIAL LIABILITIES Demand and savings deposits $ 13,478,016 $ 13,478,016 $ — $ — $ 13,478,016 Brokered deposits 176,239 176,239 — — 176,239 Time deposits 2,721,904 — 2,712,296 — 2,712,296 Short-term borrowings 754,777 754,777 — — 754,777 Accrued interest payable 10,529 10,529 — — 10,529 Other financial liabilities 218,061 161,003 48,185 8,873 218,061 FHLB advances and long-term debt 992,279 — 970,985 — 970,985 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 cash equivalents Demand and savings deposits Accrued interest receivable Short-term borrowings Accrued interest payable FRB and FHLB stock represent restricted investments and are carried at cost on the consolidated balance sheets. As of June 30, 2019, fair values for loans and leases and time deposits were estimated by discounting future cash flows using the current rates, as adjusted for liquidity considerations, at which similar loans and leases would be made to borrowers and similar deposits would be issued to customers for the same remaining maturities. Fair values of loans and leases also include estimated credit losses that would be assumed in a market transaction, which represents estimated exit prices. Brokered deposits consists of demand and saving deposits, which are classified as level 1, and time deposits, which are classified as level 2. The fair value of these deposits are determined in a manner consistent with the respective type of deposits discussed above. |
Net Income Per Share
Net Income Per Share | 6 Months Ended |
Jun. 30, 2019 | |
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 (in thousands, except per share data): Three months ended June 30 Six months ended June 30 2019 2018 2019 2018 Weighted average shares outstanding (basic) 168,343 175,764 169,109 175,535 Impact of common stock equivalents 825 1,080 933 1,171 Weighted average shares outstanding (diluted) 169,168 176,844 170,042 176,706 Per share: Basic $ 0.36 $ 0.20 $ 0.69 $ 0.48 Diluted 0.35 0.20 0.68 0.48 |
Stock-Based Compensation
Stock-Based Compensation | 6 Months Ended |
Jun. 30, 2019 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation The Corporation grants equity awards to employees in the form of stock options, restricted stock, RSUs or PSUs under its Amended and Restated Equity and Cash Incentive Compensation Plan ("Employee Equity Plan"). Recent grants of equity awards under the Employee Equity Plan have generally been limited to RSUs and PSUs. 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 and subsidiary bank boards of directors under the 2011 Directors’ Equity Participation Plan, which was amended and approved by shareholders as the Amended and Restated Directors’ Equity Participation Plan in 2019 ("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, RSUs or common stock. Recent grants of equity awards under the Directors’ Plan have been limited to RSUs. Equity awards 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 are generally granted semi-annually and become fully vested after a one -year vesting period. 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 June 30, 2019 , the Employee Equity Plan had 10.1 million shares reserved for future grants through 2023 , and the Directors’ Plan had approximately 264,000 shares reserved for future grants through 2029 . The following table presents compensation expense and the related tax benefits for equity awards recognized in the consolidated statements of income: Three months ended June 30 Six months ended June 30 2019 2018 2019 2018 (in thousands) Compensation expense $ 1,788 $ 2,674 $ 3,348 $ 4,184 Tax benefit (412 ) (1,075 ) (743 ) (1,536 ) Stock-based compensation expense, net of tax benefit $ 1,376 $ 1,599 $ 2,605 $ 2,648 |
Employee Benefit Plans
Employee Benefit Plans | 6 Months Ended |
Jun. 30, 2019 | |
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 June 30 Six months ended June 30 2019 2018 2019 2018 (in thousands) Interest cost $ 815 $ 696 $ 1,630 $ 1,527 Expected return on plan assets (689 ) (573 ) (1,378 ) (1,024 ) Net amortization and deferral 495 551 990 1,215 Net periodic pension cost $ 621 $ 674 $ 1,242 $ 1,718 The components of the net benefit for the Corporation’s Postretirement Benefits Plan ("Postretirement Plan") consisted of the following components: Three months ended June 30 Six months ended June 30 2019 2018 2019 2018 (in thousands) Interest cost $ 15 $ 12 $ 30 $ 29 Net accretion and deferral (139 ) (139 ) (278 ) (280 ) Net periodic benefit $ (124 ) $ (127 ) $ (248 ) $ (251 ) |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2019 | |
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: June 30, December 31, 2018 (in thousands) Commitments to extend credit $ 6,688,574 $ 6,306,583 Standby letters of credit 300,262 309,352 Commercial letters of credit 47,368 48,682 The Corporation records a reserve for unfunded lending commitments, which represents management’s estimate of incurred losses associated with unused commitments to extend credit and letters of credit. See "Note 4 - Loans and Leases Allowance for Credit Losses," for additional details. Residential Lending The Corporation originates and sells residential mortgages to secondary market investors. The Corporation provides customary representations and warranties to secondary market investors that specify, among other things, that the loans have been underwritten to the standards of the secondary market investor. The Corporation may be required to repurchase specific loans, or reimburse the investor for a credit loss incurred on a sold loan if it is determined that the representations and warranties have not been met. Under some agreements with secondary market investors, the Corporation may have additional credit exposure beyond customary representations and warranties, based on the specific terms of those agreements. The Corporation maintains a reserve for estimated losses related to loans sold to investors. As of June 30, 2019 and December 31, 2018, the total reserve for losses on residential mortgage loans sold was $2.5 million and $2.1 million , respectively, including reserves for both representation and warranty and credit loss exposures. Legal Proceedings The Corporation is involved in various pending and threatened claims and other legal proceedings in the ordinary course of its business activities. 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 with respect to any such matter 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 reasonably estimated by the Corporation, no loss reserve is established. In addition, from time to time, the Corporation is involved in 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 companies. These inquiries or investigations could lead to administrative, civil or criminal proceedings involving the Corporation, and could result in fines, penalties, restitution, other types of sanctions, or the need for the Corporation to undertake remedial actions, or to alter its business, financial or accounting practices. The Corporation’s practice is to cooperate fully with regulatory and governmental inquiries and 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 legal proceedings, or regulatory or governmental inquiries or investigations, will not have a material adverse effect on the financial condition of the Corporation. However, legal proceedings, inquiries and investigations 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 in any future period, depending, in part, upon the size of the loss or liability imposed and the operating results for the period, and could have a material adverse effect on the Corporation’s business. In addition, regardless of the ultimate outcome of any such legal proceeding, inquiry or investigation, any such matter could cause the Corporation to incur additional expenses, which could be significant, and possibly material, to the Corporation’s results of operations in any future period. BSA/AML Consent Order As of April 1, 2019, the Corporation and its bank subsidiary, Lafayette Ambassador Bank, were subject to a Cease and Desist Order Issued Upon Consent ("Consent Order") issued on September 4, 2014 by the Board of Governors of the Federal Reserve System (the "Board of Governors") relating to identified deficiencies in the Corporation’s centralized Bank Secrecy Act and anti-money laundering compliance program. As previously disclosed in a Current Report on Form 8-K filed with the SEC on May 23, 2019, the Board of Governors has terminated the Consent Order. 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 (which merged with and into Fulton Bank, N.A. effective on May 18, 2019), 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. 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. SEC Investigation The Corporation is responding to an investigation by the staff of the Division of Enforcement of the SEC regarding certain accounting determinations that could have impacted the Corporation’s reported earnings per share. The Corporation believes that its financial statements filed with the SEC in Forms 10-K and 10-Q present fairly, in all material respects, its financial condition, results of operations and cash flows as of or for the periods ending on their respective dates. The Corporation is cooperating fully with the SEC and at this time cannot predict when or how the investigation will be resolved. |
Basis of Presentation Basis of
Basis of Presentation Basis of Presentation (Policies) | 6 Months Ended |
Jun. 30, 2019 | |
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 ("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 GAAP for complete financial statements. The preparation of financial statements in accordance with 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, 2018 . Operating results for the three and six months ended June 30, 2019 are not necessarily indicative of the results that may be expected for the year ending December 31, 2019 . The Corporation evaluates subsequent events through the date of filing of this Form 10-Q with the U.S. Securities and Exchange Commission ("SEC"). |
Recently Issued Accounting Standards | Recently Adopted Accounting Standards In February 2016, the Financial Accounting Standards Board ("FASB") issued ASC Update 2016-02, "Leases (Topic 842)." This standards update requires a lessee to recognize for all leases with an initial term greater than twelve months: (1) a "right-of-use" ("ROU") asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term; and (2) a lease liability, which is a lessee’s obligation to make lease payments arising from a lease, each measured on a discounted basis. This standards update is effective for interim and annual reporting periods beginning after December 15, 2018, with early adoption permitted. The Corporation adopted ASC Update 2016-02 in the first quarter of 2019 using the alternative transition method, which eliminates the requirement to restate the earliest prior period presented in an entity’s financial statements. As such, financial information will not be updated and the disclosures required under the new standard will not be provided for dates and periods before January 1, 2019. This standards update provides for a number of practical expedients in transition. The Corporation elected to apply the package of practical expedients permitted within the new standard, which, among other things, allowed it to carryforward the prior conclusions on lease identification, lease classification and initial direct costs. In addition, the Corporation elected to not separate lease and non-lease components. The Corporation did not elect the practical expedient to apply hindsight in determining the lease term and in assessing impairment of the ROU assets. See "Note 6 - Leases" for additional information and expanded lessee disclosures. This standards update also provides additional guidance on lessor accounting. The Corporation provides equipment lease financing to its customers, which are categorized as direct financing leases. The adoption of this standards update did not result in any changes to the accounting for this type of lease as the lessor. Recently Issued Accounting Standards Standard Description Date of Anticipated Adoption Effect on Financial Statements ASC Update 2016-13 Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments 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 incurred under current GAAP. This update 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. This adjustment will also be recognized in regulatory capital. This update is effective for interim and annual reporting periods beginning after December 15, 2019. Early adoption is permitted. In November 2018, the FASB issued ASC Update 2018-19, "Codifications Improvements to Topic 326, Financial Instruments - Credit Losses" which clarifies that receivables arising from operating leases are accounted for using lease guidance and not as financial instruments. ASC Update 2019-04 and 2019-05 were issued to provide certain clarifications and transition relief to adopting this standards update. First Quarter of 2020 The Corporation intends to adopt these standards updates effective with its March 31, 2020 quarterly report on Form 10-Q. The Corporation believes that total credit loss reserves will increase at the adoption date and that the magnitude of the increase will depend on the composition, characteristics and quality of its loan portfolio and off balance sheet credit exposures as well as the prevailing economic conditions and forecasts as of the adoption date. The Corporation is in the early stages of conducting parallel runs of its new processes and controls and is beginning its model validation process. The Corporation will continue to make refinements to its credit loss model throughout the remainder of 2019. ASC Update 2017-04 Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment The FASB issued this update to simplify the subsequent quantitative measurement of goodwill by eliminating Step 2 of the goodwill impairment test. Instead, 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 amounts 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. This update is effective for annual or interim goodwill impairment tests in reporting periods beginning after December 15, 2019. Early adoption is permitted. Fourth Quarter of 2020, in line with its annual impairment testing in October of each year The Corporation does not expect the adoption of this update to have a material impact on its consolidated financial statements. The Corporation has not needed to perform step 2 since its 2012 impairment testing. ASC Update 2018-13 Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement This update changes the fair value measurement disclosure requirements of ASC Topic 820 "Fair Value Measurement." Among other things, the update modifies the disclosure objective paragraphs of ASC 820 to eliminate: (1) "at a minimum" from the phrase "an entity shall disclose at a minimum;" and (2) other similar disclosure requirements to promote the appropriate exercise of discretion by entities. First Quarter of 2020 The Corporation intends to adopt this standards update effective with its March 31, 2020 quarterly report on Form 10-Q. This standard will impact the Corporation's Fair Value Measurement disclosure, but the Corporation does not expect the adoption of this update to have a material impact on its consolidated financial statements. Standard Description Date of Anticipated Adoption Effect on Financial Statements ASC Update 2018-14 Compensation - Retirement Benefits - Defined Benefit Plans - General (Subtopic 715-20): Disclosure Framework - Changes to the Disclosure Requirements for Defined Benefit Plans This update amends ASC Topic 715-20 to add, remove, and clarify disclosure requirements related to defined benefit pension and other postretirement plans. This update is effective for annual reporting periods beginning after December 15, 2020. Early adoption is permitted. First Quarter of 2021 The Corporation intends to adopt this standards update effective with its March 31, 2021 quarterly report on Form 10-Q. This standard will impact the Corporation's disclosure relating to employee benefit plans, but the Corporation does not expect the adoption of this update to have a material impact on its consolidated financial statements. ASC Update 2018-15 Intangibles - Goodwill and Other - Internal Use Software (Topic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract This update requires a customer in a cloud computing arrangement that is a service contract to follow the internal-use software guidance in ASC Subtopic 350-40 to determine which implementation costs to capitalize as assets. This update is effective for annual or interim reporting periods beginning after December 15, 2019. Early adoption is permitted. First Quarter of 2020 The Corporation intends to adopt this standards update effective with its March 31, 2020 quarterly report on Form 10-Q and does not expect the adoption of this update to have a material impact on its consolidated financial statements. Reclassifications |
Investment Securities (Tables)
Investment Securities (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
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: Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value June 30, 2019 (in thousands) Available for Sale State and municipal securities $ 307,911 $ 8,508 $ (85 ) $ 316,334 Corporate debt securities 194,858 4,885 (2,321 ) 197,422 Collateralized mortgage obligations 889,053 12,190 (2,126 ) 899,117 Residential mortgage-backed securities 331,566 1,623 (3,914 ) 329,275 Commercial mortgage-backed securities 433,027 7,406 (152 ) 440,281 Auction rate securities 107,410 — (4,045 ) 103,365 Total $ 2,263,825 $ 34,612 $ (12,643 ) $ 2,285,794 Held to Maturity State and municipal securities $ 155,861 $ 8,700 $ — $ 164,561 Residential mortgage-backed securities 411,703 13,464 — 425,167 Total $ 567,564 $ 22,164 $ — $ 589,728 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value December 31, 2018 (in thousands) Available for Sale U.S. Government sponsored agency securities $ 31,586 $ 185 $ (139 ) $ 31,632 State and municipal securities 282,383 2,178 (5,466 ) 279,095 Corporate debt securities 111,454 1,432 (3,353 ) 109,533 Collateralized mortgage obligations 841,294 2,758 (11,972 ) 832,080 Residential mortgage-backed securities 476,973 1,583 (15,212 ) 463,344 Commercial mortgage-backed securities 264,165 524 (3,073 ) 261,616 Auction rate securities 107,410 — (4,416 ) 102,994 Total $ 2,115,265 $ 8,660 $ (43,631 ) $ 2,080,294 Held to Maturity State and municipal securities $ 156,134 $ 1,166 $ (93 ) $ 157,207 Residential mortgage-backed securities 450,545 3,667 — 454,212 Total $ 606,679 $ 4,833 $ (93 ) $ 611,419 |
Schedule of Amortized Cost and Fair Values of Debt Securities by Contractual Maturities | The amortized cost and estimated fair values of debt securities as of June 30, 2019 , 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. Available for Sale Held to Maturity Amortized Estimated Amortized Estimated (in thousands) Due in one year or less $ 5,828 $ 5,828 $ — $ — Due from one year to five years 38,664 39,900 — — Due from five years to ten years 175,654 178,922 2,154 2,277 Due after ten years 390,033 392,471 153,707 162,284 610,179 617,121 155,861 164,561 Residential mortgage-backed securities (1) 331,566 329,275 411,703 425,167 Commercial mortgage-backed securities (1) 433,027 440,281 — — Collateralized mortgage obligations (1) 889,053 899,117 — — Total $ 2,263,825 $ 2,285,794 $ 567,564 $ 589,728 (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 and losses on the sales of investment securities: Gross Gross Net Gains Three months ended June 30, 2019 (in thousands) Debt securities $ 3,012 $ (2,836 ) $ 176 Total $ 3,012 $ (2,836 ) $ 176 Three months ended June 30, 2018 Debt securities $ 1,530 $ (1,526 ) $ 4 Total $ 1,530 $ (1,526 ) $ 4 Six months ended June 30, 2019 Debt securities $ 3,269 $ (3,028 ) $ 241 Total $ 3,269 $ (3,028 ) $ 241 Six months ended June 30, 2018 Equity securities $ 9 $ — $ 9 Debt securities 1,540 (1,526 ) 14 Total $ 1,549 $ (1,526 ) $ 23 |
Summary of Cumulative Credit Related Other-Than-Temporary Impairment Charges Recognized As Components of Earnings | The following table presents a summary of the cumulative credit related other-than-temporary impairment charges, recognized as components of earnings, for debt securities held by the Corporation at June 30, 2019 and 2018: Three months ended June 30 Six months ended June 30 2019 2018 2019 2018 (in thousands) Balance of cumulative credit losses on debt securities, beginning of period $ (11,510 ) $ (11,510 ) $ (11,510 ) $ (11,510 ) Reductions for securities sold during the period 10,520 — 10,520 — Balance of cumulative credit losses on debt securities, end of period $ (990 ) $ (11,510 ) $ (990 ) $ (11,510 ) |
Gross Unrealized Losses and Fair Values of Investments by Category and Length of Time in Continuous Unrealized Loss Position | The following table presents the gross unrealized losses and estimated fair values of investments, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at June 30, 2019 and December 31, 2018: Less than 12 months 12 months or longer Total June 30, 2019 Number of Securities Estimated Fair Value Unrealized Losses Number of Securities Estimated Fair Value Unrealized Losses Estimated Fair Value Unrealized Losses Available for Sale (in thousands) State and municipal securities 3 $ 15,714 $ (44 ) 4 $ 17,403 $ (41 ) $ 33,117 $ (85 ) Corporate debt securities 3 7,054 (8 ) 14 25,988 (2,313 ) 33,042 (2,321 ) Collateralized mortgage obligations — — — 39 110,517 (2,126 ) 110,517 (2,126 ) Residential mortgage-backed securities — — — 61 285,675 (3,914 ) 285,675 (3,914 ) Commercial mortgage-backed securities 1 11,926 (143 ) 2 17,475 (9 ) 29,401 (152 ) Auction rate securities — — — 177 103,365 (4,045 ) 103,365 (4,045 ) Total 7 $ 34,694 $ (195 ) 297 $ 560,423 $ (12,448 ) $ 595,117 $ (12,643 ) No Held to Maturity investments were in an unrealized loss position at June 30, 2019. Less than 12 months 12 months or longer Total December 31, 2018 Number of Securities Estimated Unrealized Number of Securities Estimated Unrealized Estimated Unrealized Available for Sale (in thousands) U.S. Government sponsored agency securities 1 $ 4,961 $ (31 ) 1 $ 5,770 $ (108 ) $ 10,731 $ (139 ) State and municipal securities 33 72,950 (1,292 ) 38 83,770 (4,174 ) 156,720 (5,466 ) Corporate debt securities 8 24,419 (227 ) 14 25,642 (3,126 ) 50,061 (3,353 ) Collateralized mortgage obligations 39 136,563 (1,050 ) 89 388,173 (10,922 ) 524,736 (11,972 ) Residential mortgage-backed securities 17 18,220 (222 ) 110 402,779 (14,990 ) 420,999 (15,212 ) Commercial mortgage-backed securities 1 9,778 (35 ) 25 197,326 (3,038 ) 207,104 (3,073 ) Auction rate securities — — — 177 102,994 (4,416 ) 102,994 (4,416 ) Total 99 $ 266,891 $ (2,857 ) 454 $ 1,206,454 $ (40,774 ) $ 1,473,345 $ (43,631 ) Held to Maturity State and municipal securities 6 $ 20,601 $ (93 ) — $ — $ — $ 20,601 $ (93 ) Total 6 $ 20,601 $ (93 ) — $ — $ — $ 20,601 $ (93 ) |
Loans and Allowance for Credi_2
Loans and Allowance for Credit Losses (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Financing Receivable, Modifications [Line Items] | |
Summary of Gross Loans by Type | Loans and leases, net of unearned income are summarized as follows: June 30, December 31, 2018 (in thousands) Real-estate - commercial mortgage $ 6,497,973 $ 6,434,285 Commercial - industrial, financial and agricultural 4,365,248 4,404,548 Real estate - residential mortgage 2,451,966 2,251,044 Real estate - home equity 1,386,974 1,452,137 Real estate - construction 922,547 916,599 Consumer 452,874 419,186 Equipment lease financing and other 314,901 311,866 Overdrafts 3,187 2,774 Loans and leases, gross of unearned income 16,395,670 16,192,439 Unearned income (27,212 ) (26,639 ) Loans and leases, net of unearned income $ 16,368,458 $ 16,165,800 |
Schedule of Allowance for Credit Losses | The following table presents the components of the allowance for credit losses: June 30, December 31, (in thousands) Allowance for loan and lease losses $ 170,233 $ 160,537 Reserve for unfunded lending commitments 6,708 8,873 Allowance for credit losses $ 176,941 $ 169,410 |
Activity in the Allowance for Credit Losses | The following table presents the activity in the allowance for credit losses: Three months ended June 30 Six months ended June 30 2019 2018 2019 2018 (in thousands) Balance at beginning of period $ 170,372 $ 176,019 $ 169,410 $ 176,084 Loans and leases charged off (3,711 ) (42,160 ) (10,080 ) (48,557 ) Recoveries of loans and leases previously charged off 5,255 2,271 7,486 4,633 Net loans and leases recovered (charged off) 1,544 (39,889 ) (2,594 ) (43,924 ) Provision for credit losses 5,025 33,117 10,125 37,087 Balance at end of period $ 176,941 $ 169,247 $ 176,941 $ 169,247 The following table presents the activity in the allowance for loan and lease 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 Equipment lease financing, other and overdrafts Total (in thousands) Three months ended June 30, 2019 Balance at March 31, 2019 $ 51,946 $ 60,501 $ 19,215 $ 19,146 $ 4,941 $ 3,319 $ 3,041 $ 162,109 Loans and leases charged off (230 ) (1,895 ) (206 ) (134 ) (3 ) (795 ) (448 ) (3,711 ) Recoveries of loans and leases previously charged off 169 2,680 223 211 1,245 579 148 5,255 Net loans and leases (charged off) recovered (61 ) 785 17 77 1,242 (216 ) (300 ) 1,544 Provision for loan and lease losses (1) 2,974 5,055 (251 ) (331 ) (1,255 ) 260 128 6,580 Balance at June 30, 2019 $ 54,859 $ 66,341 $ 18,981 $ 18,892 $ 4,928 $ 3,363 $ 2,869 $ 170,233 Three months ended June 30, 2018 Balance at March 31, 2018 $ 58,717 $ 61,830 $ 17,528 $ 15,261 $ 5,924 $ 1,903 $ 2,054 $ 163,217 Loans and leases charged off (366 ) (38,632 ) (816 ) (483 ) (606 ) (712 ) (545 ) (42,160 ) Recoveries of loans and leases previously charged off 321 541 271 96 444 446 152 2,271 Net loans and leases charged off (45 ) (38,091 ) (545 ) (387 ) (162 ) (266 ) (393 ) (39,889 ) Provision for loan and lease losses (1) (2,089 ) 35,306 (736 ) (370 ) 226 62 323 32,722 Balance at June 30, 2018 $ 56,583 $ 59,045 $ 16,247 $ 14,504 $ 5,988 $ 1,699 $ 1,984 $ 156,050 Six months ended June 30, 2019 Balance at December 31, 2018 $ 52,889 $ 58,868 $ 18,911 $ 18,921 $ 5,061 $ 3,217 $ 2,670 $ 160,537 Loans and leases charged off (1,375 ) (4,682 ) (425 ) (789 ) (98 ) (1,478 ) (1,233 ) (10,080 ) Recoveries of loans and leases previously charged off 305 3,923 420 343 1,329 789 377 7,486 Net loans and leases (charged off) recovered (1,070 ) (759 ) (5 ) (446 ) 1,231 (689 ) (856 ) (2,594 ) Provision for loan losses (1) 3,040 8,232 75 417 (1,364 ) 835 1,055 12,290 Balance at June 30, 2019 $ 54,859 $ 66,341 $ 18,981 $ 18,892 $ 4,928 $ 3,363 $ 2,869 $ 170,233 Six months ended June 30, 2018 Balance at December 31, 2017 $ 58,793 $ 66,280 $ 18,127 $ 16,088 $ 6,620 $ 2,045 $ 1,957 $ 169,910 Loans and leases charged off (633 ) (42,637 ) (1,224 ) (645 ) (764 ) (1,604 ) (1,050 ) (48,557 ) Recoveries of loans and leases previously charged off 600 1,616 477 203 750 625 362 4,633 Net loans and leases charged off (33 ) (41,021 ) (747 ) (442 ) (14 ) (979 ) (688 ) (43,924 ) Provision for loan losses (1) (2,177 ) 33,786 (1,133 ) (1,142 ) (618 ) 633 715 30,064 Balance at June 30, 2018 $ 56,583 $ 59,045 $ 16,247 $ 14,504 $ 5,988 $ 1,699 $ 1,984 $ 156,050 (1) The provision for loan and lease losses excluded a $1.6 million and a $2.2 million decrease in the reserve for unfunded lending commitments for the three and six months ended June 30, 2019 , respectively, and a $395,000 and a $7.0 million increase in the reserve for unfunded lending commitments for the three and six months ended June 30, 2018, respectively. The following table presents loans and leases, net of unearned income and their related allowance for loan and lease 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 Equipment lease financing, other and overdrafts Total (in thousands) Allowance for loan and lease losses at June 30, 2019: Collectively evaluated for impairment $ 45,367 $ 53,985 $ 8,463 $ 9,913 $ 4,399 $ 3,356 $ 2,869 $ 128,352 Individually evaluated for impairment 9,492 12,356 10,518 8,979 529 7 — 41,881 $ 54,859 $ 66,341 $ 18,981 $ 18,892 $ 4,928 $ 3,363 $ 2,869 $ 170,233 Loans and leases, net of unearned income at June 30, 2019: Collectively evaluated for impairment $ 6,438,080 $ 4,313,666 $ 1,363,392 $ 2,414,627 $ 918,380 $ 452,865 $ 273,118 $ 16,174,128 Individually evaluated for impairment 59,893 51,582 23,582 37,339 4,167 9 17,758 194,330 $ 6,497,973 $ 4,365,248 $ 1,386,974 $ 2,451,966 $ 922,547 $ 452,874 $ 290,876 $ 16,368,458 Allowance for loan and lease losses at June 30, 2018: Collectively evaluated for impairment $ 48,489 $ 49,354 $ 5,093 $ 5,171 $ 5,338 $ 1,691 $ 1,984 $ 117,120 Individually evaluated for impairment 8,094 9,691 11,154 9,333 650 8 — 38,930 $ 56,583 $ 59,045 $ 16,247 $ 14,504 $ 5,988 $ 1,699 $ 1,984 $ 156,050 Loans and leases, net of unearned income at June 30, 2018: Collectively evaluated for impairment $ 6,252,747 $ 4,209,786 $ 1,466,393 $ 2,055,206 $ 981,584 $ 360,304 $ 286,947 $ 15,612,967 Individually evaluated for impairment 51,728 54,816 25,002 39,324 9,121 11 — 180,002 $ 6,304,475 $ 4,264,602 $ 1,491,395 $ 2,094,530 $ 990,705 $ 360,315 $ 286,947 $ 15,792,969 |
Total Impaired Loans by Class Segment | The following table presents total impaired loans and leases by class segment: June 30, 2019 December 31, 2018 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 $ 32,406 $ 30,574 $ — $ 25,095 $ 23,481 $ — Commercial 29,696 23,588 — 33,493 26,585 — Real estate - residential mortgage 4,565 4,400 — 3,149 3,149 — Construction 6,454 2,604 — 8,980 5,083 — Equipment lease financing 17,758 17,758 — 19,269 19,268 — 90,879 78,924 — 89,986 77,566 — With a related allowance recorded: Real estate - commercial mortgage 40,435 29,319 9,492 29,005 22,592 7,255 Commercial 38,010 27,994 12,356 37,706 28,708 12,513 Real estate - residential mortgage 37,202 32,939 8,979 39,972 35,621 9,394 Real estate - home equity 26,712 23,582 10,518 26,599 23,373 10,370 Construction 5,112 1,563 529 5,984 2,307 793 Consumer 9 9 7 11 11 7 147,480 115,406 41,881 139,277 112,612 40,332 Total $ 238,359 $ 194,330 $ 41,881 $ 229,263 $ 190,178 $ 40,332 As of June 30, 2019 and December 31, 2018 , there were $78.9 million and $77.6 million , respectively, of impaired loans and leases that did not have a related allowance for loan and lease losses. The estimated fair values of the collateral securing these loans and leases exceeded their carrying amount, or the loans and leases 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 and leases by class segment: Three months ended June 30 Six months ended June 30 2019 2018 2019 2018 Average Interest (1) Average Interest (1) Average Interest (1) Average Interest (1) (in thousands) With no related allowance recorded: Real estate - commercial mortgage $ 27,738 $ 100 $ 27,127 $ 97 $ 26,319 $ 197 $ 25,713 $ 180 Commercial 25,238 32 33,644 69 25,686 62 35,612 142 Real estate - residential mortgage 3,764 23 3,870 24 3,559 43 4,105 51 Construction 3,814 — 7,528 — 4,237 — 7,718 — Equipment lease financing, other and overdrafts 18,136 — — — 18,513 — — 78,690 155 72,169 190 78,314 302 73,148 373 With a related allowance recorded: Real estate - commercial mortgage 24,528 87 25,419 91 23,883 172 25,578 175 Commercial 28,485 36 26,120 54 28,558 69 25,471 97 Real estate - home equity 23,706 222 24,907 195 23,595 445 24,835 379 Real estate - residential mortgage 34,695 215 36,261 223 35,004 440 36,551 444 Construction 1,595 — 2,400 — 1,832 — 2,966 — Consumer 10 — 18 — 10 — 20 — 113,019 560 115,125 563 112,882 1,126 115,421 1,095 Total $ 191,709 $ 715 $ 187,294 $ 753 $ 191,196 $ 1,428 $ 188,569 $ 1,468 (1) All impaired loans, excluding accruing TDRs, were non-accrual loans. Interest income recognized for the three and six months ended June 30, 2019 and 2018 represents amounts earned on accruing TDRs. |
Financing Receivable Credit Quality Indicators | The following table presents a summary of performing, delinquent and non-performing loans and leases for the indicated class segments: Performing Delinquent (1) Non-performing (2) Total June 30, 2019 December 31, 2018 June 30, 2019 December 31, 2018 June 30, 2019 December 31, 2018 June 30, 2019 December 31, 2018 (dollars in thousands) Real estate - home equity $ 1,363,344 $ 1,431,666 $ 11,634 $ 10,702 $ 11,996 $ 9,769 $ 1,386,974 $ 1,452,137 Real estate - residential mortgage 2,398,432 2,202,955 31,876 28,988 21,658 19,101 2,451,966 2,251,044 Construction - other 76,116 71,511 549 — 189 490 76,854 72,001 Consumer - direct 58,295 55,629 295 338 123 66 58,713 56,033 Consumer - indirect 390,394 359,405 3,508 3,405 259 343 394,161 363,153 Total consumer 448,689 415,034 3,803 3,743 382 409 452,874 419,186 Equipment lease financing, other and overdrafts 271,130 267,112 1,808 1,302 17,938 19,587 290,876 288,001 $ 4,557,711 $ 4,388,278 $ 49,670 $ 44,735 $ 52,163 $ 49,356 $ 4,659,544 $ 4,482,369 % of Total 97.8 % 97.9 % 1.1 % 1.0 % 1.1 % 1.1 % 100.0 % 100.0 % (1) Includes all accruing loans and leases 30 days to 89 days past due. (2) Includes all accruing loans and leases 90 days or more past due and all non-accrual loans and leases. The following table presents internal credit risk ratings for the indicated loan class segments: Pass Special Mention Substandard or Lower Total June 30, 2019 December 31, 2018 June 30, 2019 December 31, 2018 June 30, 2019 December 31, 2018 June 30, 2019 December 31, 2018 (dollars in thousands) Real estate - commercial mortgage $ 6,173,883 $ 6,129,463 $ 162,425 $ 170,827 $ 161,665 $ 133,995 $ 6,497,973 $ 6,434,285 Commercial - secured 3,835,171 3,902,484 182,569 193,470 171,856 129,026 4,189,596 4,224,980 Commercial - unsecured 168,311 171,589 4,972 4,016 2,369 3,963 175,652 179,568 Total commercial - industrial, financial and agricultural 4,003,482 4,074,073 187,541 197,486 174,225 132,989 4,365,248 4,404,548 Construction - commercial residential 109,168 104,079 3,082 6,912 3,959 6,881 116,209 117,872 Construction - commercial 725,556 723,030 731 1,163 3,197 2,533 729,484 726,726 Total construction (excluding Construction - other) 834,724 827,109 3,813 8,075 7,156 9,414 845,693 844,598 $ 11,012,089 $ 11,030,645 $ 353,779 $ 376,388 $ 343,046 $ 276,398 $ 11,708,914 $ 11,683,431 % of Total 94.1 % 94.4 % 3.0 % 3.2 % 2.9 % 2.4 % 100.0 % 100.0 % |
Non-Performing Assets | The following table presents non-performing assets: June 30, December 31, (in thousands) Non-accrual loans and leases $ 133,118 $ 128,572 Loans and leases 90 days or more past due and still accruing 14,598 11,106 Total non-performing loans and leases 147,716 139,678 Other real estate owned (OREO) 7,241 10,518 Total non-performing assets $ 154,957 $ 150,196 |
Past due Loan Status and Non-Accrual Loans by Portfolio Segment | The following tables present past due status and non-accrual loans and leases by portfolio segment and class segment: June 30, 2019 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 $ 16,620 $ 2,059 $ 637 $ 43,213 $ 43,850 $ 62,529 $ 6,435,444 $ 6,497,973 Commercial - secured 8,480 1,923 1,422 45,114 46,536 56,939 4,132,657 4,189,596 Commercial - unsecured 592 136 — 723 723 1,451 174,201 175,652 Total commercial - industrial, financial and agricultural 9,072 2,059 1,422 45,837 47,259 58,390 4,306,858 4,365,248 Real estate - home equity 9,370 2,264 4,803 7,193 11,996 23,630 1,363,344 1,386,974 Real estate - residential mortgage 26,135 5,741 6,708 14,950 21,658 53,534 2,398,432 2,451,966 Construction - commercial residential — — — 3,959 3,959 3,959 112,250 116,209 Construction - commercial 895 — 466 19 485 1,380 728,104 729,484 Construction - other 549 — — 189 189 738 76,116 76,854 Total real estate - construction 1,444 — 466 4,167 4,633 6,077 916,470 922,547 Consumer - direct 205 90 123 — 123 418 58,295 58,713 Consumer - indirect 2,901 607 259 — 259 3,767 390,394 394,161 Total consumer 3,106 697 382 — 382 4,185 448,689 452,874 Equipment lease financing, other and overdrafts 1,365 443 180 17,758 17,938 19,746 271,130 290,876 Total $ 67,112 $ 13,263 $ 14,598 $ 133,118 $ 147,716 $ 228,091 $ 16,140,367 $ 16,368,458 December 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 $ 12,206 $ 1,500 $ 1,765 $ 30,388 $ 32,153 $ 45,859 $ 6,388,426 $ 6,434,285 Commercial - secured 5,227 938 1,068 49,299 50,367 56,532 4,168,448 4,224,980 Commercial - unsecured 1,598 — 51 851 902 2,500 177,068 179,568 Total commercial - industrial, financial and agricultural 6,825 938 1,119 50,150 51,269 59,032 4,345,516 4,404,548 Real estate - home equity 7,144 3,558 3,061 6,708 9,769 20,471 1,431,666 1,452,137 Real estate - residential mortgage 20,796 8,192 4,433 14,668 19,101 48,089 2,202,955 2,251,044 Construction - commercial residential 2,489 — — 6,881 6,881 9,370 108,502 117,872 Construction - commercial — — — 19 19 19 726,707 726,726 Construction - other — — — 490 490 490 71,511 72,001 Total real estate - construction 2,489 — — 7,390 7,390 9,879 906,720 916,599 Consumer - direct 267 71 66 — 66 404 55,629 56,033 Consumer - indirect 2,908 497 343 — 343 3,748 359,405 363,153 Total consumer 3,175 568 409 — 409 4,152 415,034 419,186 Equipment lease financing, other and overdrafts 1,005 297 319 19,268 19,587 20,889 267,112 288,001 Total $ 53,640 $ 15,053 $ 11,106 $ 128,572 $ 139,678 $ 208,371 $ 15,957,429 $ 16,165,800 |
Troubled Debt Restructurings on Financing Receivables | The following table presents TDRs, by class segment: June 30, December 31, (in thousands) Real-estate - residential mortgage $ 22,389 $ 24,102 Real estate - home equity 16,389 16,665 Real-estate - commercial mortgage 16,680 15,685 Commercial 5,744 5,143 Consumer 9 10 Total accruing TDRs 61,211 61,605 Non-accrual TDRs (1) 29,958 28,659 Total TDRs $ 91,169 $ 90,264 (1) |
Loan Terms Modified Under Troubled Debt Restructurings | he following table presents TDRs, by class segment, as of June 30, 2019 and 2018 that were modified in the previous 12 months and had a post-modification payment default during the six months ended June 30, 2019 and 2018 . The Corporation defines a payment default as a single missed payment. 2019 2018 Number of Loans Recorded Investment Number of Loans Recorded Investment (dollars in thousands) Real estate - residential mortgage 2 $ 299 8 $ 863 Real estate - commercial mortgage — — 1 176 Real estate - home equity 16 890 29 1,955 Commercial 4 2,302 5 146 Total 22 $ 3,491 43 $ 3,140 The following table presents TDRs, by class segment for loans that were modified during the three and six months ended June 30, 2019 and 2018: Three months ended June 30 Six months ended June 30 2019 2018 2019 2018 Number of Loans Recorded Investment Number of Loans Recorded Investment Number of Loans Recorded Investment Number of Loans Recorded Investment (dollars in thousands) Commercial 6 $ 2,371 2 $ 53 10 $ 4,831 11 $ 9,412 Real estate - residential mortgage 1 516 1 77 5 1,433 2 82 Real estate - home equity 22 1,125 28 1,659 34 1,954 47 3,043 Total 29 $ 4,012 31 $ 1,789 49 $ 8,218 60 $ 12,537 |
Mortgage Servicing Rights (Tabl
Mortgage Servicing Rights (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Transfers and Servicing [Abstract] | |
Summary of Changes in Mortgage Servicing Rights | The following table summarizes the changes in mortgage servicing rights ("MSRs"), which are included in other assets on the consolidated balance sheets: Three months ended June 30 Six months ended June 30 2019 2018 2019 2018 (in thousands) Amortized cost: Balance at beginning of period $ 38,504 $ 37,748 $ 38,573 $ 37,663 Originations of mortgage servicing rights 1,861 1,746 3,086 3,229 Amortization (1,539 ) (1,600 ) (2,833 ) (2,998 ) Balance at end of period $ 38,826 $ 37,894 $ 38,826 $ 37,894 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Leases [Abstract] | |
Lease Cost and Supplemental Cash Flow Information | The following table presents the components of the Corporation’s lease costs for operating leases as the lessee, which is included in net occupancy expense on the consolidated statements of income (in thousands): Three months ended Six months ended June 30, 2019 June 30, 2019 Operating lease expense $ 4,796 $ 9,486 Variable lease expense 761 1,370 Sublease income (168 ) (371 ) Total lease expense $ 5,389 $ 10,485 Supplemental cash flow information related to operating leases was as follows (in thousands): Six months ended June 30, 2019 Cash paid for amounts included in the measurement of lease liabilities $ 9,269 ROU assets obtained in exchange for lease obligations $ 111,995 |
Supplemental Balance Sheet Information | Supplemental balance sheet information related to leases was as follows (in thousands, except for weighted-averages): Operating Leases Classification June 30, 2019 ROU assets Other assets $ 104,046 Lease liabilities Other liabilities $ 110,987 Weighted-average remaining lease term 8.4 years Weighted-average discount rate 3.06 % |
Schedule of Lease Payment Obligations For Each of the Next Five Years | Lease payment obligations for each of the next five years and thereafter with a reconciliation to the Corporation's lease liability were as follows (in thousands): Year Operating Leases For the six months ending December 31, 2019 $ 9,390 2020 18,607 2021 17,400 2022 16,052 2023 13,804 Thereafter 52,664 Total lease payments 127,917 Less: imputed interest (16,930 ) Present value of lease liabilities $ 110,987 |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Summary of Notional Amounts and Fair Values of Derivative Financial Instruments | The following table presents a summary of the notional amounts and fair values of derivative financial instruments: June 30, 2019 December 31, 2018 Notional Asset Notional Asset (in thousands) Interest Rate Locks with Customers Positive fair values $ 184,657 $ 2,118 $ 101,700 $ 1,148 Negative fair values 3,090 (21 ) 1,646 (12 ) Net interest rate locks with customers 2,097 1,136 Forward Commitments Positive fair values 40,334 221 1,540 3 Negative fair values 111,530 (1,631 ) 83,562 (1,066 ) Net forward commitments (1,410 ) (1,063 ) Interest Rate Swaps with Customers Positive fair values 2,514,261 136,298 1,185,144 33,258 Negative fair values 292,200 (1,716 ) 1,386,046 (30,769 ) Net interest rate swaps with customers 134,582 2,489 Interest Rate Swaps with Dealer Counterparties Positive fair values (1) 292,200 1,716 1,386,046 28,143 Negative fair values (1) 2,514,261 (74,516 ) 1,185,144 (16,338 ) Net interest rate swaps with dealer counterparties (72,800 ) 11,805 Foreign Exchange Contracts with Customers Positive fair values 6,423 105 5,881 105 Negative fair values 6,643 (186 ) 9,690 (251 ) Net foreign exchange contracts with customers (81 ) (146 ) Foreign Exchange Contracts with Correspondent Banks Positive fair values 8,750 226 9,220 287 Negative fair values 6,590 (100 ) 6,831 (130 ) Net foreign exchange contracts with correspondent banks 126 157 Net derivative fair value asset $ 62,514 $ 14,378 (1) The variation margin posted as collateral on centrally cleared interest rate swaps, which represents the fair value of such swaps, is legally characterized as a settlement of the outstanding derivative contracts instead of cash collateral. Accordingly, the fair values of centrally cleared interest rate swaps were offset by variation margins totaling $61.8 million and $14.3 million at June 30, 2019 and December 31, 2018 , respectively. |
Summary of Fair Value Gains and Losses on Derivative Financial Instruments | The following table presents a summary of the fair value gains (losses) on derivative financial instruments: Three months ended June 30 Six months ended June 30 2019 2018 2019 2018 (in thousands) Interest rate locks with customers $ 355 $ 231 $ 961 $ 360 Forward commitments (403 ) (541 ) (347 ) (315 ) Interest rate swaps with customers 81,576 (12,375 ) 132,093 (55,017 ) Interest rate swaps with dealer counterparties (1) (50,673 ) 10,811 (84,605 ) 44,625 Foreign exchange contracts with customers (154 ) (23 ) 65 (16 ) Foreign exchange contracts with correspondent banks 140 (50 ) (31 ) 38 Net fair value gains (losses) on derivative financial instruments $ 30,841 $ (1,947 ) $ 48,136 $ (10,325 ) (1) Not included are $31.2 million and $47.5 million , respectively, of losses related to the variation margin settlements for the three and six months ended June 30, 2019 and |
Summary of Corporation's Mortgage Loans Held for Sale | The following table presents a summary of mortgage loans held for sale and the impact of the fair value election on the consolidated financial statements as of the periods shown: June 30, December 31, (in thousands) Cost (1) $ 44,737 $ 26,407 Fair value 45,754 27,099 (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) June 30, 2019 Interest rate swap derivative assets $ 138,275 $ (1,941 ) $ — $ 136,334 Foreign exchange derivative assets with correspondent banks 219 (93 ) — 126 Total $ 138,494 $ (2,034 ) $ — $ 136,460 Interest rate swap derivative liabilities $ 76,232 $ (1,941 ) $ (74,291 ) $ — Foreign exchange derivative liabilities with correspondent banks 93 (93 ) — — Total $ 76,325 $ (2,034 ) $ (74,291 ) $ — December 31, 2018 Interest rate swap derivative assets $ 61,401 $ (12,955 ) $ (23,270 ) $ 25,176 Foreign exchange derivative assets with correspondent banks 287 (130 ) — 157 Total $ 61,688 $ (13,085 ) $ (23,270 ) $ 25,333 Interest rate swap derivative liabilities $ 47,107 $ (22,786 ) $ (22,786 ) $ 1,535 Foreign exchange derivative liabilities with correspondent banks 130 (130 ) — — Total $ 47,237 $ (22,916 ) $ (22,786 ) $ 1,535 (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) June 30, 2019 Interest rate swap derivative assets $ 138,275 $ (1,941 ) $ — $ 136,334 Foreign exchange derivative assets with correspondent banks 219 (93 ) — 126 Total $ 138,494 $ (2,034 ) $ — $ 136,460 Interest rate swap derivative liabilities $ 76,232 $ (1,941 ) $ (74,291 ) $ — Foreign exchange derivative liabilities with correspondent banks 93 (93 ) — — Total $ 76,325 $ (2,034 ) $ (74,291 ) $ — December 31, 2018 Interest rate swap derivative assets $ 61,401 $ (12,955 ) $ (23,270 ) $ 25,176 Foreign exchange derivative assets with correspondent banks 287 (130 ) — 157 Total $ 61,688 $ (13,085 ) $ (23,270 ) $ 25,333 Interest rate swap derivative liabilities $ 47,107 $ (22,786 ) $ (22,786 ) $ 1,535 Foreign exchange derivative liabilities with correspondent banks 130 (130 ) — — Total $ 47,237 $ (22,916 ) $ (22,786 ) $ 1,535 (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. |
Tax Credit Investments (Tables)
Tax Credit Investments (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Income Tax Disclosure [Abstract] | |
Summary Of Affordable Housing Tax Credit Investments And Other Credit Investments | The following table presents the balances of the Corporation's TCIs and related unfunded commitments: June 30, December 31, 2019 2018 Included in other assets: (in thousands) Affordable housing tax credit investment, net $ 161,986 $ 170,401 Other tax credit investments, net 72,786 72,584 Total TCIs, net $ 234,772 $ 242,985 Included in other liabilities: Unfunded affordable housing tax credit commitments $ 18,542 $ 23,196 Other tax credit investment liabilities 61,483 59,823 Total unfunded tax credit investment commitments and liabilities $ 80,025 $ 83,019 The following table presents other information relating to the Corporation's TCIs: Three Months Ended Six Months Ended June 30 June 30 2019 2018 2019 2018 Components of income taxes: (in thousands) Affordable housing tax credits and other tax benefits $ (7,575 ) $ (7,543 ) $ (15,150 ) $ (15,087 ) Other tax credit investment credits and tax benefits (1,135 ) (1,597 ) (2,271 ) (3,193 ) Amortization of affordable housing investments, net of tax benefit 5,494 5,319 10,989 10,917 Deferred tax expense 239 336 477 671 Total reduction in income tax expense $ (2,977 ) $ (3,485 ) $ (5,955 ) $ (6,692 ) Amortization of TCIs: Affordable housing tax credits investment $ 823 $ 839 $ 1,645 $ 1,678 Other tax credit investment amortization 669 798 1,338 1,596 Total amortization of TCIs $ 1,492 $ 1,637 $ 2,983 $ 3,274 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income Accumulated Other Comprehensive Income (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
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 June 30, 2019 Unrealized gain on securities $ 31,994 $ (7,077 ) $ 24,917 Reclassification adjustment for securities gains included in net income (1) (176 ) 39 (137 ) Amortization of net unrealized losses on available for sale ("AFS") securities transferred to held to maturity ("HTM") (2) 1,311 (290 ) 1,021 Non-credit related unrealized losses on other-than-temporarily impaired debt securities (770 ) 170 (600 ) Amortization of net unrecognized pension and postretirement items (3) 353 (78 ) 275 Total Other Comprehensive Income $ 32,712 $ (7,236 ) $ 25,476 Three months ended June 30, 2018 Unrealized loss on securities $ (8,397 ) $ 1,766 $ (6,631 ) Reclassification adjustment for securities gains included in net income (1) (4 ) 1 (3 ) Non-credit related unrealized gains on other-than-temporarily impaired debt securities 9 (1 ) 8 Amortization of net unrecognized pension and postretirement items (3) 683 (143 ) 540 Total Other Comprehensive Loss $ (7,709 ) $ 1,623 $ (6,086 ) Six months ended June 30, 2019 Unrealized gain on securities $ 58,056 $ (12,841 ) $ 45,215 Reclassification adjustment for securities gains included in net income (1) (241 ) 53 (188 ) Amortization of net unrealized losses on AFS securities transferred to HTM (2) 2,563 (568 ) 1,995 Non-credit related unrealized losses on other-than-temporarily impaired debt securities (875 ) 193 (682 ) Amortization of net unrecognized pension and postretirement items (3) 727 (161 ) 566 Total Other Comprehensive Income $ 60,230 $ (13,324 ) $ 46,906 Six months ended June 30, 2018 Unrealized loss on securities $ (43,388 ) $ 9,113 $ (34,275 ) Reclassification adjustment for securities gains included in net income (1) (23 ) 4 (19 ) Non-credit related unrealized gains on other-than-temporarily impaired debt securities 294 (62 ) 232 Amortization of net unrecognized pension and postretirement items (3) 1,113 (234 ) 879 Total Other Comprehensive Loss $ (42,004 ) $ 8,821 $ (33,183 ) (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 3, "Investment Securities," for additional details. (2) Amounts reclassified out of accumulated other comprehensive income. Before-tax amounts included as a reduction to "Interest Income" on the consolidated statements of income. (3) Amounts reclassified out of accumulated other comprehensive income. Before-tax amounts included in "Salaries and employee benefits" on the consolidated statements of income. See Note 13, "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 June 30, 2019 Balance at March 31, 2019 $ (23,433 ) $ 598 $ (14,798 ) $ (37,633 ) Other comprehensive income before reclassifications 24,917 (600 ) — 24,317 Amounts reclassified from accumulated other comprehensive income (loss) (137 ) — 275 138 Amortization of net unrealized losses on AFS securities transferred to HTM 1,021 — — — 1,021 Balance at June 30, 2019 $ 2,368 $ (2 ) $ (14,523 ) $ (12,157 ) Three months ended June 30, 2018 Balance at March 31, 2018 $ (50,056 ) $ 682 $ (17,798 ) $ (67,172 ) Other comprehensive loss before reclassifications (6,631 ) 8 — (6,623 ) Amounts reclassified from accumulated other comprehensive income (loss) (3 ) — 540 537 Balance at June 30, 2018 $ (56,690 ) $ 690 $ (17,258 ) $ (73,258 ) Six months ended June 30, 2019 Balance at December 31, 2018 $ (44,654 ) $ 680 $ (15,089 ) $ (59,063 ) Other comprehensive income before reclassifications 45,215 (682 ) — 44,533 Amounts reclassified from accumulated other comprehensive income (loss) (188 ) — 566 378 Amortization of net unrealized losses on AFS securities transferred to HTM 1,995 — — 1,995 Balance at June 30, 2019 $ 2,368 $ (2 ) $ (14,523 ) $ (12,157 ) Six months ended June 30, 2018 Balance at December 31, 2017 $ (18,509 ) $ 458 $ (14,923 ) $ (32,974 ) Other comprehensive loss before reclassifications (34,275 ) 232 — (34,043 ) Amounts reclassified from accumulated other comprehensive income (loss) (19 ) — 879 860 Reclassification of stranded tax effects (3,887 ) — (3,214 ) (7,101 ) Balance at June 30, 2018 $ (56,690 ) $ 690 $ (17,258 ) $ (73,258 ) |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The following tables present assets and liabilities measured at fair value on a recurring basis and reported on the consolidated balance sheets: June 30, 2019 Level 1 Level 2 Level 3 Total (in thousands) Loans held for sale $ — $ 45,754 $ — $ 45,754 Available for sale investment securities: State and municipal securities — 316,334 — 316,334 Corporate debt securities — 195,052 2,370 197,422 Collateralized mortgage obligations — 899,117 — 899,117 Residential mortgage-backed securities — 329,275 — 329,275 Commercial mortgage-backed securities — 440,281 — 440,281 Auction rate securities — — 103,365 103,365 Total available for sale investment securities — 2,180,059 105,735 2,285,794 Other assets: Investments held in Rabbi Trust 20,811 — — 20,811 Derivative assets 541 140,353 — 140,894 Total assets $ 21,352 $ 2,366,166 $ 105,735 $ 2,493,253 Other liabilities: Deferred compensation liabilities 20,811 — — 20,811 Derivative liabilities 475 77,883 — 78,358 Total liabilities $ 21,286 $ 77,883 $ — $ 99,169 December 31, 2018 Level 1 Level 2 Level 3 Total (in thousands) Loans held for sale $ — $ 27,099 $ — $ 27,099 Available for sale investment securities: U.S. Government sponsored agency securities — 31,632 — 31,632 State and municipal securities — 279,095 — 279,095 Corporate debt securities — 106,258 3,275 109,533 Collateralized mortgage obligations — 832,080 — 832,080 Residential mortgage-backed securities — 463,344 — 463,344 Commercial mortgage-backed securities — 261,616 — 261,616 Auction rate securities — — 102,994 102,994 Total available for sale investment securities — 1,974,025 106,269 2,080,294 Other assets: Investments held in Rabbi Trust 18,415 — — 18,415 Derivative assets 392 62,552 — 62,944 Total assets $ 18,807 $ 2,063,676 $ 106,269 $ 2,188,752 Other liabilities: Deferred compensation liabilities $ 18,415 $ — $ — $ 18,415 Derivative liabilities 381 48,185 — 48,566 Total liabilities $ 18,796 $ 48,185 $ — $ 66,981 |
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): Pooled Trust Single-issuer ARCs Three months ended June 30, 2019 (in thousands) Balance at March 31, 2019 $ 770 $ 2,430 $ 102,810 Sales (770 ) — — Unrealized adjustment to fair value (1) — (60 ) 555 Balance at June 30, 2019 $ — $ 2,370 $ 103,365 Three months ended June 30, 2018 Balance at March 31, 2018 $ 865 $ 3,095 $ 103,049 Unrealized adjustment to fair value (1) 10 102 73 Discount accretion (2) — 3 — Balance at June 30, 2018 $ 875 $ 3,200 $ 103,122 Six months ended June 30, 2019 Balance at December 31, 2018 $ 875 $ 2,400 $ 102,994 Sales (770 ) — — Unrealized adjustment to fair value (1) (105 ) (30 ) 371 Balance at June 30, 2019 $ — $ 2,370 $ 103,365 Six months ended June 30, 2018 Balance at December 31, 2017 $ 707 $ 3,050 $ 98,668 Unrealized adjustment to fair value (1) 168 144 4,454 Discount accretion (2) — 6 — Balance at June 30, 2018 $ 875 $ 3,200 $ 103,122 (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 at estimated fair value" 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: June 30, 2019 December 31, 2018 (in thousands) Net loans and leases $ 152,451 $ 149,846 OREO 7,241 10,518 MSRs 44,916 50,204 Total assets $ 204,608 $ 210,568 |
Details of Book Value and Fair Value of Financial Instruments | he following table presents the carrying amounts and estimated fair values of the Corporation’s financial instruments as of June 30, 2019 and December 31, 2018 . A general description of the methods and assumptions used to estimate such fair values follows: June 30, 2019 Estimated Fair Value Carrying Amount Level 1 Level 2 Level 3 Total (in thousands) FINANCIAL ASSETS Cash and cash equivalents $ 498,811 $ 498,811 $ — $ — $ 498,811 FRB and FHLB stock 97,248 — 97,248 — 97,248 Loans held for sale 45,754 — 45,754 — 45,754 Available for sale investment securities 2,285,794 — 2,180,059 105,735 2,285,794 Held to maturity investment securities 567,564 589,728 — — 589,728 Net Loans and Leases 16,198,225 — — 16,019,233 16,019,233 Accrued interest receivable 62,984 62,984 — — 62,984 Other financial assets 318,776 132,356 140,353 46,067 318,776 FINANCIAL LIABILITIES Demand and savings deposits $ 13,249,017 $ 13,249,017 $ — $ — $ 13,249,017 Brokered deposits 246,116 206,116 40,292 — 246,408 Time deposits 2,893,762 — 2,894,290 — 2,894,290 Short-term borrowings 1,188,390 1,188,390 — — 1,188,390 Accrued interest payable 9,218 9,218 — — 9,218 Other financial liabilities 249,381 164,790 77,883 6,708 249,381 FHLB advances and long-term debt 987,416 — 986,336 — 986,336 December 31, 2018 Estimated Fair Value Carrying Amount Level 1 Level 2 Level 3 Total (in thousands) FINANCIAL ASSETS Cash and cash equivalents $ 445,687 $ 445,687 $ — $ — $ 445,687 FRB and FHLB stock 79,283 — 79,283 — 79,283 Loans held for sale 27,099 — 27,099 — 27,099 Available for sale investment securities 2,080,294 — 1,974,025 106,269 2,080,294 Held to maturity investment securities 606,679 611,419 — — 611,419 Net Loans and Leases 16,005,263 — — 15,446,895 15,446,895 Accrued interest receivable 58,879 58,879 — — 58,879 Other financial assets 235,782 124,138 62,552 49,092 235,782 FINANCIAL LIABILITIES Demand and savings deposits $ 13,478,016 $ 13,478,016 $ — $ — $ 13,478,016 Brokered deposits 176,239 176,239 — — 176,239 Time deposits 2,721,904 — 2,712,296 — 2,712,296 Short-term borrowings 754,777 754,777 — — 754,777 Accrued interest payable 10,529 10,529 — — 10,529 Other financial liabilities 218,061 161,003 48,185 8,873 218,061 FHLB advances and long-term debt 992,279 — 970,985 — 970,985 |
Net Income Per Share (Tables)
Net Income Per Share (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
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 (in thousands, except per share data): Three months ended June 30 Six months ended June 30 2019 2018 2019 2018 Weighted average shares outstanding (basic) 168,343 175,764 169,109 175,535 Impact of common stock equivalents 825 1,080 933 1,171 Weighted average shares outstanding (diluted) 169,168 176,844 170,042 176,706 Per share: Basic $ 0.36 $ 0.20 $ 0.69 $ 0.48 Diluted 0.35 0.20 0.68 0.48 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Summary of Compensation Expense and Related Tax Benefits | The following table presents compensation expense and the related tax benefits for equity awards recognized in the consolidated statements of income: Three months ended June 30 Six months ended June 30 2019 2018 2019 2018 (in thousands) Compensation expense $ 1,788 $ 2,674 $ 3,348 $ 4,184 Tax benefit (412 ) (1,075 ) (743 ) (1,536 ) Stock-based compensation expense, net of tax benefit $ 1,376 $ 1,599 $ 2,605 $ 2,648 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Retirement Benefits [Abstract] | |
Schedule of Defined Benefit Plans Disclosures | The net periodic pension cost for the Corporation’s Defined Benefit Pension Plan ("Pension Plan") consisted of the following components: Three months ended June 30 Six months ended June 30 2019 2018 2019 2018 (in thousands) Interest cost $ 815 $ 696 $ 1,630 $ 1,527 Expected return on plan assets (689 ) (573 ) (1,378 ) (1,024 ) Net amortization and deferral 495 551 990 1,215 Net periodic pension cost $ 621 $ 674 $ 1,242 $ 1,718 The components of the net benefit for the Corporation’s Postretirement Benefits Plan ("Postretirement Plan") consisted of the following components: Three months ended June 30 Six months ended June 30 2019 2018 2019 2018 (in thousands) Interest cost $ 15 $ 12 $ 30 $ 29 Net accretion and deferral (139 ) (139 ) (278 ) (280 ) Net periodic benefit $ (124 ) $ (127 ) $ (248 ) $ (251 ) |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
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: June 30, December 31, 2018 (in thousands) Commitments to extend credit $ 6,688,574 $ 6,306,583 Standby letters of credit 300,262 309,352 Commercial letters of credit 47,368 48,682 |
Basis of Presentation Narrative
Basis of Presentation Narrative (Details) $ in Thousands | Jun. 30, 2019USD ($) |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
ROU assets | $ 104,046 |
Lease liabilities | $ 110,987 |
Restrictions on Cash and Cash_2
Restrictions on Cash and Cash Equivalents (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Collateral | $ 173.1 | $ 45.1 |
Subsidiaries | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Restricted cash reserves due from subsidiary | $ 186.6 | $ 156.8 |
Investment Securities Schedule
Investment Securities Schedule of Amortized Cost and Fair Values of Investment Securities (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Schedule of Investments [Line Items] | ||
Amortized Cost | $ 2,263,825 | |
Gross Unrealized Gains | 34,612 | |
Gross Unrealized Losses | (12,643) | |
Estimated Fair Value | 2,285,794 | $ 2,080,294 |
Amortized Cost, Held to Maturity | 567,564 | 606,679 |
Gross Unrealized Gains, Held to Maturity | 22,164 | 4,833 |
Gross Unrealized Losses, Held to Maturity | 0 | (93) |
Held to maturity investment securities | 589,728 | 611,419 |
U.S. Government-Sponsored Agency Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 31,586 | |
Gross Unrealized Gains | 185 | |
Gross Unrealized Losses | (139) | |
Estimated Fair Value | 31,632 | |
US States and Political Subdivisions Debt Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 307,911 | |
Gross Unrealized Gains | 8,508 | |
Gross Unrealized Losses | (85) | |
Estimated Fair Value | 316,334 | |
Amortized Cost, Held to Maturity | 155,861 | 156,134 |
Gross Unrealized Gains, Held to Maturity | 8,700 | 1,166 |
Gross Unrealized Losses, Held to Maturity | 0 | (93) |
Held to maturity investment securities | 164,561 | 157,207 |
Amortized Cost | 282,383 | |
Gross Unrealized Gains | 2,178 | |
Gross Unrealized Losses | (5,466) | |
Estimated Fair Value | 279,095 | |
Corporate Debt Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 194,858 | |
Gross Unrealized Gains | 4,885 | |
Gross Unrealized Losses | (2,321) | |
Estimated Fair Value | 197,422 | |
Amortized Cost | 111,454 | |
Gross Unrealized Gains | 1,432 | |
Gross Unrealized Losses | (3,353) | |
Estimated Fair Value | 109,533 | |
Collateralized Mortgage Obligations [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 889,053 | |
Gross Unrealized Gains | 12,190 | |
Gross Unrealized Losses | (2,126) | |
Estimated Fair Value | 899,117 | |
Amortized Cost | 841,294 | |
Gross Unrealized Gains | 2,758 | |
Gross Unrealized Losses | (11,972) | |
Estimated Fair Value | 832,080 | |
Mortgage-Backed Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 331,566 | |
Gross Unrealized Gains | 1,623 | |
Gross Unrealized Losses | (3,914) | |
Estimated Fair Value | 329,275 | |
Amortized Cost, Held to Maturity | 411,703 | 450,545 |
Gross Unrealized Gains, Held to Maturity | 13,464 | 3,667 |
Gross Unrealized Losses, Held to Maturity | 0 | 0 |
Held to maturity investment securities | 425,167 | 454,212 |
Amortized Cost | 476,973 | |
Gross Unrealized Gains | 1,583 | |
Gross Unrealized Losses | (15,212) | |
Estimated Fair Value | 463,344 | |
Commercial Mortgage Backed Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 433,027 | |
Gross Unrealized Gains | 7,406 | |
Gross Unrealized Losses | (152) | |
Estimated Fair Value | 440,281 | |
Amortized Cost | 264,165 | |
Gross Unrealized Gains | 524 | |
Gross Unrealized Losses | (3,073) | |
Estimated Fair Value | 261,616 | |
Auction Rate Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 107,410 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | (4,045) | |
Estimated Fair Value | $ 103,365 | |
Amortized Cost | 107,410 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | (4,416) | |
Estimated Fair Value | 102,994 | |
Debt Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 2,115,265 | |
Gross Unrealized Gains | 8,660 | |
Gross Unrealized Losses | (43,631) | |
Estimated Fair Value | $ 2,080,294 |
Investment Securities Schedul_2
Investment Securities Schedule of Amortized Cost and Fair Values of Debt Securities by Contractual Maturities (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Amortized Cost | ||
Due in one year or less | $ 5,828 | |
Due from one year to five years | 38,664 | |
Due from five years to ten years | 175,654 | |
Due after ten years | 390,033 | |
Amortized cost, before securities without debt maturities | 610,179 | |
Amortized Cost | 2,263,825 | |
Estimated Fair Value | ||
Due in one year or less | 5,828 | |
Due from one year to five years | 39,900 | |
Due from five years to ten years | 178,922 | |
Due after ten years | 392,471 | |
Available for sale securities, debt maturities, before securities without single maturities | 617,121 | |
Estimated Fair Value | 2,285,794 | $ 2,080,294 |
Amortized Cost | ||
Due in one year or less | 0 | |
Due from one year to five years | 0 | |
Due from five years to ten years | 2,154 | |
Due after ten years | 153,707 | |
Debt securities, held-to-maturity, maturity, allocated and single maturity date, amortized cost, total | 155,861 | |
Amortized Cost, Held to Maturity | 567,564 | 606,679 |
Estimated Fair Value | ||
Due in one year or less | 0 | |
Due from one year to five years | 0 | |
Due from five years to ten years | 2,277 | |
Due after ten years | 162,284 | |
Debt securities, held-to-maturity, maturity, Allocated and single maturity date, fair value | 164,561 | |
Estimated Fair Value, Held to Maturity | 589,728 | 611,419 |
Collateralized Mortgage Obligations [Member] | ||
Amortized Cost | ||
Available-for-sale securities, amortized cost without single maturity date | 889,053 | |
Amortized Cost | 889,053 | |
Estimated Fair Value | ||
Available-for-sale securities, debt maturities, without single maturity date, fair value | 899,117 | |
Estimated Fair Value | 899,117 | |
Amortized Cost | ||
Debt securities, held-to-maturity, maturity, without single maturity date, amortized cost | 0 | |
Estimated Fair Value | ||
Debt securities, held-to-maturity, maturity, without single maturity date, fair value | 0 | |
Commercial Mortgage Backed Securities [Member] | ||
Amortized Cost | ||
Available-for-sale securities, amortized cost without single maturity date | 433,027 | |
Amortized Cost | 433,027 | |
Estimated Fair Value | ||
Available-for-sale securities, debt maturities, without single maturity date, fair value | 440,281 | |
Estimated Fair Value | 440,281 | |
Amortized Cost | ||
Debt securities, held-to-maturity, maturity, without single maturity date, amortized cost | 0 | |
Estimated Fair Value | ||
Debt securities, held-to-maturity, maturity, without single maturity date, fair value | 0 | |
Mortgage-Backed Securities [Member] | ||
Amortized Cost | ||
Available-for-sale securities, amortized cost without single maturity date | 331,566 | |
Amortized Cost | 331,566 | |
Estimated Fair Value | ||
Available-for-sale securities, debt maturities, without single maturity date, fair value | 329,275 | |
Estimated Fair Value | 329,275 | |
Amortized Cost | ||
Debt securities, held-to-maturity, maturity, without single maturity date, amortized cost | 411,703 | |
Amortized Cost, Held to Maturity | 411,703 | 450,545 |
Estimated Fair Value | ||
Debt securities, held-to-maturity, maturity, without single maturity date, fair value | 425,167 | |
Estimated Fair Value, Held to Maturity | $ 425,167 | $ 454,212 |
Investment Securities Summary o
Investment Securities Summary of Gains and Losses from Equity and Debt Securities, and Losses from Other-than-Temporary Impairment (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Gain (Loss) on Securities [Line Items] | ||||
Debt securities, Gross Realized Gains | $ 3,012 | $ 3,269 | ||
Debt securities, Gross Realized Losses | 2,836 | 3,028 | ||
Debt securities, Net Gains (Losses) | 176 | 241 | ||
Debt and Equity securities, Gross Realized Gains | 3,012 | 3,269 | ||
Debt and Equity securities, Gross Realized Losses | 2,836 | 3,028 | ||
Debt and Equity securities, Net Gains (Losses) | $ 176 | $ 241 | ||
Gross Realized Gains | $ 1,530 | $ 1,549 | ||
Gross Realized Losses | (1,526) | (1,526) | ||
Net Gains | 4 | 23 | ||
Equity Securities [Member] | ||||
Gain (Loss) on Securities [Line Items] | ||||
Gross Realized Gains | 9 | |||
Gross Realized Losses | 0 | |||
Net Gains | 9 | |||
Debt Securities [Member] | ||||
Gain (Loss) on Securities [Line Items] | ||||
Gross Realized Gains | 1,530 | 1,540 | ||
Gross Realized Losses | (1,526) | (1,526) | ||
Net Gains | $ 4 | $ 14 |
Investment Securities Cumulativ
Investment Securities Cumulative Credit Related Other-Than-Temporary Impairment Charges (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Roll Forward] | ||||
Balance of cumulative credit losses on debt securities, beginning of period | $ (11,510) | $ (11,510) | $ (11,510) | $ (11,510) |
Reductions for securities sold during the period | 10,520 | 0 | 10,520 | 0 |
Balance of cumulative credit losses on debt securities, end of period | $ (990) | $ (11,510) | $ (990) | $ (11,510) |
Investment Securities Gross Unr
Investment Securities Gross Unrealized Losses and Fair Values of Investments by Category and Length of Time in a Continuous Unrealized Loss Position (Details) | Jun. 30, 2019USD ($)Security | Dec. 31, 2018USD ($)Security |
Schedule of Investments [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | $ 34,694,000 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | $ (195,000) | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | Security | 297 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | $ 560,423,000 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | (12,448,000) | |
Debt Securities, Available-for-sale, Unrealized Loss Position | 595,117,000 | |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | $ (12,643,000) | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Number of Positions | Security | 7 | |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | $ 20,601,000 | |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (93,000) | |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 0 | |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | |
Debt Securities, Held-to-maturity, Unrealized Loss Position, Fair Value | 20,601,000 | |
Debt Securities, Held-to-maturity, Unrealized Loss Position, Accumulated Loss | $ (93,000) | |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, Less than 12 Months, Number of Positions | Security | 6 | |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | Security | 0 | |
U.S. Government-Sponsored Agency Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | Security | 1 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Number of Positions | 1 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | $ 4,961,000 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (31,000) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 5,770,000 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (108,000) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 10,731,000 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | $ (139,000) | |
State and Municipal Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | $ 15,714,000 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | $ (44,000) | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | Security | 4 | 38 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | $ 17,403,000 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | (41,000) | |
Debt Securities, Available-for-sale, Unrealized Loss Position | 33,117,000 | |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | $ (85,000) | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Number of Positions | 3 | 33 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | $ 72,950,000 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (1,292,000) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 83,770,000 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (4,174,000) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 156,720,000 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (5,466,000) | |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | 20,601,000 | |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (93,000) | |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 0 | |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | |
Debt Securities, Held-to-maturity, Unrealized Loss Position, Fair Value | 20,601,000 | |
Debt Securities, Held-to-maturity, Unrealized Loss Position, Accumulated Loss | $ (93,000) | |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, Less than 12 Months, Number of Positions | Security | 6 | |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | Security | 0 | |
Corporate Debt Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | $ 7,054,000 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | $ (8,000) | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | Security | 14 | 14 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | $ 25,988,000 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | (2,313,000) | |
Debt Securities, Available-for-sale, Unrealized Loss Position | 33,042,000 | |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | $ (2,321,000) | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Number of Positions | 3 | 8 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | $ 24,419,000 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (227,000) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 25,642,000 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (3,126,000) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 50,061,000 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | $ (3,353,000) | |
Collateralized Mortgage Obligations [Member] | ||
Schedule of Investments [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | $ 0 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | $ 0 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | Security | 39 | 89 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | $ 110,517,000 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | (2,126,000) | |
Debt Securities, Available-for-sale, Unrealized Loss Position | 110,517,000 | |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | $ (2,126,000) | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Number of Positions | 0 | 39 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | $ 136,563,000 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (1,050,000) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 388,173,000 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (10,922,000) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 524,736,000 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | $ (11,972,000) | |
Residential Mortgage Backed Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | $ 0 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | $ 0 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | Security | 61 | 110 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | $ 285,675,000 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | (3,914,000) | |
Debt Securities, Available-for-sale, Unrealized Loss Position | 285,675,000 | |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | $ (3,914,000) | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Number of Positions | 0 | 17 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | $ 18,220,000 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (222,000) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 402,779,000 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (14,990,000) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 420,999,000 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | $ (15,212,000) | |
Commercial Mortgage Backed Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | $ 11,926,000 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | $ (143,000) | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | Security | 2 | 25 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | $ 17,475,000 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | (9,000) | |
Debt Securities, Available-for-sale, Unrealized Loss Position | 29,401,000 | |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | $ (152,000) | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Number of Positions | 1 | 1 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | $ 9,778,000 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (35,000) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 197,326,000 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (3,038,000) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 207,104,000 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | $ (3,073,000) | |
Auction Rate Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | $ 0 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | $ 0 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | Security | 177 | 177 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | $ 103,365,000 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | (4,045,000) | |
Debt Securities, Available-for-sale, Unrealized Loss Position | 103,365,000 | |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | $ (4,045,000) | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Number of Positions | 0 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | $ 0 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 0 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 102,994,000 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (4,416,000) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 102,994,000 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | $ (4,416,000) | |
Debt Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | Security | 454 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Number of Positions | 99 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | $ 266,891,000 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (2,857,000) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 1,206,454,000 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (40,774,000) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 1,473,345,000 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | $ (43,631,000) |
Investment Securities Summary_2
Investment Securities Summary of Amortized Cost and Fair Values of Corporate Debt Securities (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 2,263,825 | |
Estimated Fair Value | 2,285,794 | $ 2,080,294 |
Corporate Debt Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 194,858 | |
Estimated Fair Value | $ 197,422 |
Investment Securities Narrative
Investment Securities Narrative (Details) | 6 Months Ended | |||||
Jun. 30, 2018USD ($) | Jun. 30, 2019USD ($)Security | Mar. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Mar. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Schedule of Investments [Line Items] | ||||||
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Credit Losses on Debt Securities Held | $ 11,510,000 | $ 990,000 | $ 11,510,000 | $ 11,510,000 | $ 11,510,000 | $ 11,510,000 |
Other-than-temporary Impairment Loss, Debt Securities, Portion Recognized in Earnings | $ 0 | |||||
Number of Held to Maturity investments in unrealized loss position | Security | 0 | |||||
Amortized cost | $ 2,263,825,000 | |||||
Available-for-sale Securities, Fair Value Disclosure | 2,285,794,000 | 2,080,294,000 | ||||
Residential Mortgage Backed Securities [Member] | ||||||
Schedule of Investments [Line Items] | ||||||
Amortized cost | 331,566,000 | |||||
Available-for-sale Securities, Fair Value Disclosure | 329,275,000 | |||||
US States and Political Subdivisions Debt Securities [Member] | ||||||
Schedule of Investments [Line Items] | ||||||
Amortized cost | 307,911,000 | |||||
Available-for-sale Securities, Fair Value Disclosure | 316,334,000 | |||||
Collateral Pledged [Member] | ||||||
Schedule of Investments [Line Items] | ||||||
Securities pledged as collateral | $ 857,100,000 | $ 973,400,000 |
Loans and Allowance for Credi_3
Loans and Allowance for Credit Losses Summary Of Gross Loans (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 | Jun. 30, 2018 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases, gross of unearned income | $ 16,395,670 | $ 16,192,439 | |
Unearned income | (27,212) | (26,639) | |
Loans and leases, net of unearned income | 16,368,458 | 16,165,800 | $ 15,792,969 |
Real-estate - commercial mortgage | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases, gross of unearned income | 6,497,973 | 6,434,285 | |
Loans and leases, net of unearned income | 6,497,973 | 6,434,285 | 6,304,475 |
Commercial - industrial, financial and agricultural | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases, gross of unearned income | 4,365,248 | 4,404,548 | |
Loans and leases, net of unearned income | 4,365,248 | 4,404,548 | 4,264,602 |
Real estate - residential mortgage | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases, gross of unearned income | 2,451,966 | 2,251,044 | |
Loans and leases, net of unearned income | 2,451,966 | 2,251,044 | 2,094,530 |
Real-estate - home equity | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases, gross of unearned income | 1,386,974 | 1,452,137 | |
Loans and leases, net of unearned income | 1,386,974 | 1,452,137 | 1,491,395 |
Real estate - construction | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases, gross of unearned income | 922,547 | 916,599 | |
Loans and leases, net of unearned income | 922,547 | 916,599 | 990,705 |
Consumer | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases, gross of unearned income | 452,874 | 419,186 | |
Loans and leases, net of unearned income | 452,874 | 419,186 | $ 360,315 |
Equipment lease financing and other | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases, gross of unearned income | 314,901 | 311,866 | |
Overdrafts | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases, gross of unearned income | $ 3,187 | $ 2,774 |
Loans and Allowance for Credi_4
Loans and Allowance for Credit Losses Allowance for Credit Losses (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 |
Receivables [Abstract] | ||||||
Allowance for loan and lease losses | $ 170,233 | $ 162,109 | $ 160,537 | $ 156,050 | $ 163,217 | $ 169,910 |
Reserve for unfunded lending commitments | 6,708 | 8,873 | ||||
Allowance for credit losses | $ 176,941 | $ 170,372 | $ 169,410 | $ 169,247 | $ 176,019 | $ 176,084 |
Loans and Allowance for Credi_5
Loans and Allowance for Credit Losses Activity in the Allowance for Credit Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Balance at beginning of period | $ 170,372 | $ 176,019 | $ 169,410 | $ 176,084 |
Loans and leases charged off | (3,711) | (42,160) | (10,080) | (48,557) |
Recoveries of loans and leases previously charged off | 5,255 | 2,271 | 7,486 | 4,633 |
Net loans and leases recovered (charged off) | 1,544 | (39,889) | (2,594) | (43,924) |
Provision for credit losses | 5,025 | 33,117 | 10,125 | 37,087 |
Balance at end of period | $ 176,941 | $ 169,247 | $ 176,941 | $ 169,247 |
Loans and Allowance for Credi_6
Loans and Allowance for Credit Losses Allowance for Loan Losses by Portfolio Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Beginning Balance | $ 162,109 | $ 163,217 | $ 160,537 | $ 169,910 |
Loans and leases charged off | (3,711) | (42,160) | (10,080) | (48,557) |
Recoveries of loans and leases previously charged off | 5,255 | 2,271 | 7,486 | 4,633 |
Net loans and leases recovered (charged off) | 1,544 | (39,889) | (2,594) | (43,924) |
Provision for loan losses | 6,580 | 32,722 | 12,290 | 30,064 |
Ending Balance | 170,233 | 156,050 | 170,233 | 156,050 |
Provision for loan losses gross | (1,600) | 395 | (2,200) | 7,000 |
Provision for credit losses | 5,025 | 33,117 | 10,125 | 37,087 |
Real-estate - commercial mortgage | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Beginning Balance | 51,946 | 58,717 | 52,889 | 58,793 |
Loans and leases charged off | (230) | (366) | (1,375) | (633) |
Recoveries of loans and leases previously charged off | 169 | 321 | 305 | 600 |
Net loans and leases recovered (charged off) | (61) | (45) | (1,070) | (33) |
Provision for loan losses | 2,974 | (2,089) | 3,040 | (2,177) |
Ending Balance | 54,859 | 56,583 | 54,859 | 56,583 |
Commercial - industrial, financial and agricultural | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Beginning Balance | 60,501 | 61,830 | 58,868 | 66,280 |
Loans and leases charged off | (1,895) | (38,632) | (4,682) | (42,637) |
Recoveries of loans and leases previously charged off | 2,680 | 541 | 3,923 | 1,616 |
Net loans and leases recovered (charged off) | 785 | (38,091) | (759) | (41,021) |
Provision for loan losses | 5,055 | 35,306 | 8,232 | 33,786 |
Ending Balance | 66,341 | 59,045 | 66,341 | 59,045 |
Real-estate - home equity | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Beginning Balance | 19,215 | 17,528 | 18,911 | 18,127 |
Loans and leases charged off | (206) | (816) | (425) | (1,224) |
Recoveries of loans and leases previously charged off | 223 | 271 | 420 | 477 |
Net loans and leases recovered (charged off) | 17 | (545) | (5) | (747) |
Provision for loan losses | (251) | (736) | 75 | (1,133) |
Ending Balance | 18,981 | 16,247 | 18,981 | 16,247 |
Real estate - residential mortgage | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Beginning Balance | 19,146 | 15,261 | 18,921 | 16,088 |
Loans and leases charged off | (134) | (483) | (789) | (645) |
Recoveries of loans and leases previously charged off | 211 | 96 | 343 | 203 |
Net loans and leases recovered (charged off) | 77 | (387) | (446) | (442) |
Provision for loan losses | (331) | (370) | 417 | (1,142) |
Ending Balance | 18,892 | 14,504 | 18,892 | 14,504 |
Real estate - construction | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Beginning Balance | 4,941 | 5,924 | 5,061 | 6,620 |
Loans and leases charged off | (3) | (606) | (98) | (764) |
Recoveries of loans and leases previously charged off | 1,245 | 444 | 1,329 | 750 |
Net loans and leases recovered (charged off) | 1,242 | (162) | 1,231 | (14) |
Provision for loan losses | (1,255) | 226 | (1,364) | (618) |
Ending Balance | 4,928 | 5,988 | 4,928 | 5,988 |
Consumer | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Beginning Balance | 3,319 | 1,903 | 3,217 | 2,045 |
Loans and leases charged off | (795) | (712) | (1,478) | (1,604) |
Recoveries of loans and leases previously charged off | 579 | 446 | 789 | 625 |
Net loans and leases recovered (charged off) | (216) | (266) | (689) | (979) |
Provision for loan losses | 260 | 62 | 835 | 633 |
Ending Balance | 3,363 | 1,699 | 3,363 | 1,699 |
Equipment lease financing, other and overdrafts | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Beginning Balance | 3,041 | 2,054 | 2,670 | 1,957 |
Loans and leases charged off | (448) | (545) | (1,233) | (1,050) |
Recoveries of loans and leases previously charged off | 148 | 152 | 377 | 362 |
Net loans and leases recovered (charged off) | (300) | (393) | (856) | (688) |
Provision for loan losses | 128 | 323 | 1,055 | 715 |
Ending Balance | $ 2,869 | $ 1,984 | $ 2,869 | $ 1,984 |
Loans and Allowance for Credi_7
Loans and Allowance for Credit Losses Present Loans, Net of Unearned Income and Their Related Allowance for Loan Losses, by Portfolio Segment (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Collectively evaluated for impairment | $ 128,352 | $ 117,120 | ||||
Individually evaluated for impairment | 41,881 | 38,930 | ||||
Allowance for loan losses | 170,233 | $ 162,109 | $ 160,537 | 156,050 | $ 163,217 | $ 169,910 |
Collectively evaluated for impairment | 16,174,128 | 15,612,967 | ||||
Individually evaluated for impairment | 194,330 | 180,002 | ||||
Loans and leases, net of unearned income | 16,368,458 | 16,165,800 | 15,792,969 | |||
Real-estate - commercial mortgage | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Collectively evaluated for impairment | 45,367 | 48,489 | ||||
Individually evaluated for impairment | 9,492 | 8,094 | ||||
Allowance for loan losses | 54,859 | 51,946 | 52,889 | 56,583 | 58,717 | 58,793 |
Collectively evaluated for impairment | 6,438,080 | 6,252,747 | ||||
Individually evaluated for impairment | 59,893 | 51,728 | ||||
Loans and leases, net of unearned income | 6,497,973 | 6,434,285 | 6,304,475 | |||
Commercial - industrial, financial and agricultural | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Collectively evaluated for impairment | 53,985 | 49,354 | ||||
Individually evaluated for impairment | 12,356 | 9,691 | ||||
Allowance for loan losses | 66,341 | 60,501 | 58,868 | 59,045 | 61,830 | 66,280 |
Collectively evaluated for impairment | 4,313,666 | 4,209,786 | ||||
Individually evaluated for impairment | 51,582 | 54,816 | ||||
Loans and leases, net of unearned income | 4,365,248 | 4,404,548 | 4,264,602 | |||
Real-estate - home equity | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Collectively evaluated for impairment | 8,463 | 5,093 | ||||
Individually evaluated for impairment | 10,518 | 11,154 | ||||
Allowance for loan losses | 18,981 | 19,215 | 18,911 | 16,247 | 17,528 | 18,127 |
Collectively evaluated for impairment | 1,363,392 | 1,466,393 | ||||
Individually evaluated for impairment | 23,582 | 25,002 | ||||
Loans and leases, net of unearned income | 1,386,974 | 1,452,137 | 1,491,395 | |||
Real estate - residential mortgage | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Collectively evaluated for impairment | 9,913 | 5,171 | ||||
Individually evaluated for impairment | 8,979 | 9,333 | ||||
Allowance for loan losses | 18,892 | 19,146 | 18,921 | 14,504 | 15,261 | 16,088 |
Collectively evaluated for impairment | 2,414,627 | 2,055,206 | ||||
Individually evaluated for impairment | 37,339 | 39,324 | ||||
Loans and leases, net of unearned income | 2,451,966 | 2,251,044 | 2,094,530 | |||
Real estate - construction | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Collectively evaluated for impairment | 4,399 | 5,338 | ||||
Individually evaluated for impairment | 529 | 650 | ||||
Allowance for loan losses | 4,928 | 4,941 | 5,061 | 5,988 | 5,924 | 6,620 |
Collectively evaluated for impairment | 918,380 | 981,584 | ||||
Individually evaluated for impairment | 4,167 | 9,121 | ||||
Loans and leases, net of unearned income | 922,547 | 916,599 | 990,705 | |||
Consumer | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Collectively evaluated for impairment | 3,356 | 1,691 | ||||
Individually evaluated for impairment | 7 | 8 | ||||
Allowance for loan losses | 3,363 | 3,319 | 3,217 | 1,699 | 1,903 | 2,045 |
Collectively evaluated for impairment | 452,865 | 360,304 | ||||
Individually evaluated for impairment | 9 | 11 | ||||
Loans and leases, net of unearned income | 452,874 | 419,186 | 360,315 | |||
Equipment lease financing, other and overdrafts | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Collectively evaluated for impairment | 2,869 | 1,984 | ||||
Individually evaluated for impairment | 0 | 0 | ||||
Allowance for loan losses | 2,869 | $ 3,041 | 2,670 | 1,984 | $ 2,054 | $ 1,957 |
Collectively evaluated for impairment | 273,118 | 286,947 | ||||
Individually evaluated for impairment | 17,758 | 0 | ||||
Loans and leases, net of unearned income | $ 290,876 | $ 288,001 | $ 286,947 |
Loans and Allowance for Credi_8
Loans and Allowance for Credit Losses Total Impaired Loans by Class Segments (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Impaired Financing Receivables [Line Items] | ||
Unpaid principal balance, with no related allowance | $ 90,879 | $ 89,986 |
Unpaid principal balance, with related allowance | 147,480 | 139,277 |
Unpaid Principal Balance | 238,359 | 229,263 |
Recorded investment, with no related allowance | 78,924 | 77,566 |
Recorded investment, with related allowance | 115,406 | 112,612 |
Recorded Investment | 194,330 | 190,178 |
Related Allowance | 41,881 | 40,332 |
Real-estate - commercial mortgage | ||
Impaired Financing Receivables [Line Items] | ||
Unpaid principal balance, with no related allowance | 32,406 | 25,095 |
Unpaid principal balance, with related allowance | 40,435 | 29,005 |
Recorded investment, with no related allowance | 30,574 | 23,481 |
Recorded investment, with related allowance | 29,319 | 22,592 |
Related Allowance | 9,492 | 7,255 |
Commercial | ||
Impaired Financing Receivables [Line Items] | ||
Unpaid principal balance, with no related allowance | 29,696 | 33,493 |
Unpaid principal balance, with related allowance | 38,010 | 37,706 |
Recorded investment, with no related allowance | 23,588 | 26,585 |
Recorded investment, with related allowance | 27,994 | 28,708 |
Related Allowance | 12,356 | 12,513 |
Real estate - residential mortgage | ||
Impaired Financing Receivables [Line Items] | ||
Unpaid principal balance, with no related allowance | 4,565 | 3,149 |
Unpaid principal balance, with related allowance | 37,202 | 39,972 |
Recorded investment, with no related allowance | 4,400 | 3,149 |
Recorded investment, with related allowance | 32,939 | 35,621 |
Related Allowance | 8,979 | 9,394 |
Construction | ||
Impaired Financing Receivables [Line Items] | ||
Unpaid principal balance, with no related allowance | 6,454 | 8,980 |
Unpaid principal balance, with related allowance | 5,112 | 5,984 |
Recorded investment, with no related allowance | 2,604 | 5,083 |
Recorded investment, with related allowance | 1,563 | 2,307 |
Related Allowance | 529 | 793 |
Real-estate - home equity | ||
Impaired Financing Receivables [Line Items] | ||
Unpaid principal balance, with related allowance | 26,712 | 26,599 |
Recorded investment, with related allowance | 23,582 | 23,373 |
Related Allowance | 10,518 | 10,370 |
Equipment lease financing, other and overdrafts | ||
Impaired Financing Receivables [Line Items] | ||
Unpaid principal balance, with no related allowance | 17,758 | 19,269 |
Recorded investment, with no related allowance | 17,758 | 19,268 |
Consumer | ||
Impaired Financing Receivables [Line Items] | ||
Unpaid principal balance, with related allowance | 9 | 11 |
Recorded investment, with related allowance | 9 | 11 |
Related Allowance | $ 7 | $ 7 |
Loans and Allowance for Credi_9
Loans and Allowance for Credit Losses Average Impaired Loans by Class Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Financing Receivable, Impaired [Line Items] | ||||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | $ 78,690 | $ 72,169 | $ 78,314 | $ 73,148 |
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 155 | 190 | 302 | 373 |
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 113,019 | 115,125 | 112,882 | 115,421 |
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 560 | 563 | 1,126 | 1,095 |
Impaired Financing Receivable, Average Recorded Investment | 191,709 | 187,294 | 191,196 | 188,569 |
Impaired Financing Receivable, Interest Income, Accrual Method | 715 | 753 | 1,428 | 1,468 |
Real-estate - commercial mortgage | ||||
Financing Receivable, Impaired [Line Items] | ||||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 27,738 | 27,127 | 26,319 | 25,713 |
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 100 | 97 | 197 | 180 |
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 24,528 | 25,419 | 23,883 | 25,578 |
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 87 | 91 | 172 | 175 |
Commercial | ||||
Financing Receivable, Impaired [Line Items] | ||||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 25,238 | 33,644 | 25,686 | 35,612 |
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 32 | 69 | 62 | 142 |
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 28,485 | 26,120 | 28,558 | 25,471 |
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 36 | 54 | 69 | 97 |
Real-estate - home equity | ||||
Financing Receivable, Impaired [Line Items] | ||||
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 23,706 | 24,907 | 23,595 | 24,835 |
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 222 | 195 | 445 | 379 |
Real estate - residential mortgage | ||||
Financing Receivable, Impaired [Line Items] | ||||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 3,764 | 3,870 | 3,559 | 4,105 |
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 23 | 24 | 43 | 51 |
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 34,695 | 36,261 | 35,004 | 36,551 |
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 215 | 223 | 440 | 444 |
Construction | ||||
Financing Receivable, Impaired [Line Items] | ||||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 3,814 | 7,528 | 4,237 | 7,718 |
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 0 | 0 | 0 | 0 |
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 1,595 | 2,400 | 1,832 | 2,966 |
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 0 | 0 | 0 | 0 |
Equipment lease financing, other and overdrafts | ||||
Financing Receivable, Impaired [Line Items] | ||||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 18,136 | 0 | 18,513 | |
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 0 | 0 | 0 | 0 |
Consumer | ||||
Financing Receivable, Impaired [Line Items] | ||||
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 10 | 18 | 10 | 20 |
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | $ 0 | $ 0 | $ 0 | $ 0 |
Loans and Allowance for Cred_10
Loans and Allowance for Credit Losses Credit Quality Indicators (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Internal risk ratings for loans by segment [Line Items] | ||
Loans and Leases Receivable, Gross | $ 16,395,670 | $ 16,192,439 |
Real-estate - commercial mortgage | ||
Internal risk ratings for loans by segment [Line Items] | ||
Loans and Leases Receivable, Gross | 6,497,973 | 6,434,285 |
Real-estate - commercial mortgage | Pass | ||
Internal risk ratings for loans by segment [Line Items] | ||
Loans and Leases Receivable, Gross | 6,173,883 | 6,129,463 |
Real-estate - commercial mortgage | Special Mention | ||
Internal risk ratings for loans by segment [Line Items] | ||
Loans and Leases Receivable, Gross | 162,425 | 170,827 |
Real-estate - commercial mortgage | 43465 | ||
Internal risk ratings for loans by segment [Line Items] | ||
Loans and Leases Receivable, Gross | 161,665 | 133,995 |
Commercial | ||
Internal risk ratings for loans by segment [Line Items] | ||
Loans and Leases Receivable, Gross | 4,189,596 | 4,224,980 |
Commercial | Pass | ||
Internal risk ratings for loans by segment [Line Items] | ||
Loans and Leases Receivable, Gross | 3,835,171 | 3,902,484 |
Commercial | Special Mention | ||
Internal risk ratings for loans by segment [Line Items] | ||
Loans and Leases Receivable, Gross | 182,569 | 193,470 |
Commercial | 43465 | ||
Internal risk ratings for loans by segment [Line Items] | ||
Loans and Leases Receivable, Gross | 171,856 | 129,026 |
Commercial - unsecured | ||
Internal risk ratings for loans by segment [Line Items] | ||
Loans and Leases Receivable, Gross | 175,652 | 179,568 |
Commercial - unsecured | Pass | ||
Internal risk ratings for loans by segment [Line Items] | ||
Loans and Leases Receivable, Gross | 168,311 | 171,589 |
Commercial - unsecured | Special Mention | ||
Internal risk ratings for loans by segment [Line Items] | ||
Loans and Leases Receivable, Gross | 4,972 | 4,016 |
Commercial - unsecured | 43465 | ||
Internal risk ratings for loans by segment [Line Items] | ||
Loans and Leases Receivable, Gross | 2,369 | 3,963 |
Commercial - industrial, financial and agricultural | ||
Internal risk ratings for loans by segment [Line Items] | ||
Loans and Leases Receivable, Gross | 4,365,248 | 4,404,548 |
Commercial - industrial, financial and agricultural | Pass | ||
Internal risk ratings for loans by segment [Line Items] | ||
Loans and Leases Receivable, Gross | 4,003,482 | 4,074,073 |
Commercial - industrial, financial and agricultural | Special Mention | ||
Internal risk ratings for loans by segment [Line Items] | ||
Loans and Leases Receivable, Gross | 187,541 | 197,486 |
Commercial - industrial, financial and agricultural | 43465 | ||
Internal risk ratings for loans by segment [Line Items] | ||
Loans and Leases Receivable, Gross | 174,225 | 132,989 |
Construction | ||
Internal risk ratings for loans by segment [Line Items] | ||
Loans and Leases Receivable, Gross | 116,209 | 117,872 |
Construction | Pass | ||
Internal risk ratings for loans by segment [Line Items] | ||
Loans and Leases Receivable, Gross | 109,168 | 104,079 |
Construction | Special Mention | ||
Internal risk ratings for loans by segment [Line Items] | ||
Loans and Leases Receivable, Gross | 3,082 | 6,912 |
Construction | 43465 | ||
Internal risk ratings for loans by segment [Line Items] | ||
Loans and Leases Receivable, Gross | 3,959 | 6,881 |
Construction - commercial | ||
Internal risk ratings for loans by segment [Line Items] | ||
Loans and Leases Receivable, Gross | 729,484 | 726,726 |
Construction - commercial | Pass | ||
Internal risk ratings for loans by segment [Line Items] | ||
Loans and Leases Receivable, Gross | 725,556 | 723,030 |
Construction - commercial | Special Mention | ||
Internal risk ratings for loans by segment [Line Items] | ||
Loans and Leases Receivable, Gross | 731 | 1,163 |
Construction - commercial | 43465 | ||
Internal risk ratings for loans by segment [Line Items] | ||
Loans and Leases Receivable, Gross | 3,197 | 2,533 |
Construction - Commercial and Commercial Residential | ||
Internal risk ratings for loans by segment [Line Items] | ||
Loans and Leases Receivable, Gross | 845,693 | 844,598 |
Construction - Commercial and Commercial Residential | Pass | ||
Internal risk ratings for loans by segment [Line Items] | ||
Loans and Leases Receivable, Gross | 834,724 | 827,109 |
Construction - Commercial and Commercial Residential | Special Mention | ||
Internal risk ratings for loans by segment [Line Items] | ||
Loans and Leases Receivable, Gross | 3,813 | 8,075 |
Construction - Commercial and Commercial Residential | 43465 | ||
Internal risk ratings for loans by segment [Line Items] | ||
Loans and Leases Receivable, Gross | 7,156 | 9,414 |
Commercial Loans, Commerical Mortgages, Constructions Loans | ||
Internal risk ratings for loans by segment [Line Items] | ||
Loans and Leases Receivable, Gross | $ 11,708,914 | $ 11,683,431 |
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 | $ 11,012,089 | $ 11,030,645 |
Percentage of total loans rated | 94.10% | 94.40% |
Commercial Loans, Commerical Mortgages, Constructions Loans | Special Mention | ||
Internal risk ratings for loans by segment [Line Items] | ||
Loans and Leases Receivable, Gross | $ 353,779 | $ 376,388 |
Percentage of total loans rated | 3.00% | 3.20% |
Commercial Loans, Commerical Mortgages, Constructions Loans | 43465 | ||
Internal risk ratings for loans by segment [Line Items] | ||
Loans and Leases Receivable, Gross | $ 343,046 | $ 276,398 |
Percentage of total loans rated | 2.90% | 2.40% |
Loans and Allowance for Cred_11
Loans and Allowance for Credit Losses Summary of Delinquency and Non-Performing Status by Portfolio Segment (Details) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2019USD ($)day | Dec. 31, 2018USD ($) | Jun. 30, 2018USD ($) | |
Financing Receivable, Impaired [Line Items] | |||
Loans and leases, net of unearned income | $ 16,368,458 | $ 16,165,800 | $ 15,792,969 |
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 and leases, net of unearned income | $ 1,386,974 | 1,452,137 | 1,491,395 |
Real-estate - home equity | Performing | |||
Financing Receivable, Impaired [Line Items] | |||
Loans and leases, net of unearned income | 1,363,344 | 1,431,666 | |
Real-estate - home equity | Delinquent | |||
Financing Receivable, Impaired [Line Items] | |||
Loans and leases, net of unearned income | 11,634 | 10,702 | |
Real-estate - home equity | Non-performing | |||
Financing Receivable, Impaired [Line Items] | |||
Loans and leases, net of unearned income | 11,996 | 9,769 | |
Real estate - residential mortgage | |||
Financing Receivable, Impaired [Line Items] | |||
Loans and leases, net of unearned income | 2,451,966 | 2,251,044 | 2,094,530 |
Real estate - residential mortgage | Performing | |||
Financing Receivable, Impaired [Line Items] | |||
Loans and leases, net of unearned income | 2,398,432 | 2,202,955 | |
Real estate - residential mortgage | Delinquent | |||
Financing Receivable, Impaired [Line Items] | |||
Loans and leases, net of unearned income | 31,876 | 28,988 | |
Real estate - residential mortgage | Non-performing | |||
Financing Receivable, Impaired [Line Items] | |||
Loans and leases, net of unearned income | 21,658 | 19,101 | |
Construction - other | |||
Financing Receivable, Impaired [Line Items] | |||
Loans and leases, net of unearned income | 76,854 | 72,001 | |
Construction - other | Performing | |||
Financing Receivable, Impaired [Line Items] | |||
Loans and leases, net of unearned income | 76,116 | 71,511 | |
Construction - other | Delinquent | |||
Financing Receivable, Impaired [Line Items] | |||
Loans and leases, net of unearned income | 549 | 0 | |
Construction - other | Non-performing | |||
Financing Receivable, Impaired [Line Items] | |||
Loans and leases, net of unearned income | 189 | 490 | |
Consumer | |||
Financing Receivable, Impaired [Line Items] | |||
Loans and leases, net of unearned income | 58,713 | 56,033 | |
Consumer | Performing | |||
Financing Receivable, Impaired [Line Items] | |||
Loans and leases, net of unearned income | 58,295 | 55,629 | |
Consumer | Delinquent | |||
Financing Receivable, Impaired [Line Items] | |||
Loans and leases, net of unearned income | 295 | 338 | |
Consumer | Non-performing | |||
Financing Receivable, Impaired [Line Items] | |||
Loans and leases, net of unearned income | 123 | 66 | |
Consumer - indirect | |||
Financing Receivable, Impaired [Line Items] | |||
Loans and leases, net of unearned income | 394,161 | 363,153 | |
Consumer - indirect | Performing | |||
Financing Receivable, Impaired [Line Items] | |||
Loans and leases, net of unearned income | 390,394 | 359,405 | |
Consumer - indirect | Delinquent | |||
Financing Receivable, Impaired [Line Items] | |||
Loans and leases, net of unearned income | 3,508 | 3,405 | |
Consumer - indirect | Non-performing | |||
Financing Receivable, Impaired [Line Items] | |||
Loans and leases, net of unearned income | 259 | 343 | |
Consumer | |||
Financing Receivable, Impaired [Line Items] | |||
Loans and leases, net of unearned income | 452,874 | 419,186 | 360,315 |
Consumer | Performing | |||
Financing Receivable, Impaired [Line Items] | |||
Loans and leases, net of unearned income | 448,689 | 415,034 | |
Consumer | Delinquent | |||
Financing Receivable, Impaired [Line Items] | |||
Loans and leases, net of unearned income | 3,803 | 3,743 | |
Consumer | Non-performing | |||
Financing Receivable, Impaired [Line Items] | |||
Loans and leases, net of unearned income | 382 | 409 | |
Equipment lease financing, other and overdrafts | |||
Financing Receivable, Impaired [Line Items] | |||
Loans and leases, net of unearned income | 290,876 | 288,001 | $ 286,947 |
Equipment lease financing, other and overdrafts | Performing | |||
Financing Receivable, Impaired [Line Items] | |||
Loans and leases, net of unearned income | 271,130 | 267,112 | |
Equipment lease financing, other and overdrafts | Delinquent | |||
Financing Receivable, Impaired [Line Items] | |||
Loans and leases, net of unearned income | 1,808 | 1,302 | |
Equipment lease financing, other and overdrafts | Non-performing | |||
Financing Receivable, Impaired [Line Items] | |||
Loans and leases, net of unearned income | 17,938 | 19,587 | |
Real Estate, Consumer, Leasing And Other Loans [Member] [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Loans and leases, net of unearned income | 4,659,544 | 4,482,369 | |
Real Estate, Consumer, Leasing And Other Loans [Member] [Member] | Performing | |||
Financing Receivable, Impaired [Line Items] | |||
Loans and leases, net of unearned income | 4,557,711 | 4,388,278 | |
Real Estate, Consumer, Leasing And Other Loans [Member] [Member] | Delinquent | |||
Financing Receivable, Impaired [Line Items] | |||
Loans and leases, net of unearned income | 49,670 | 44,735 | |
Real Estate, Consumer, Leasing And Other Loans [Member] [Member] | Non-performing | |||
Financing Receivable, Impaired [Line Items] | |||
Loans and leases, net of unearned income | $ 52,163 | $ 49,356 | |
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 | 97.80% | 97.90% | |
Commercial Loans, Commerical Mortgages, Constructions Loans | Delinquent | |||
Financing Receivable, Impaired [Line Items] | |||
% of Total | 1.10% | 1.00% | |
Commercial Loans, Commerical Mortgages, Constructions Loans | Non-performing | |||
Financing Receivable, Impaired [Line Items] | |||
% of Total | 1.10% | 1.10% |
Loans and Allowance for Cred_12
Loans and Allowance for Credit Losses Non-Performing Assets (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Receivables [Abstract] | ||
Non-accrual loans and leases | $ 133,118 | $ 128,572 |
Loans and leases 90 days or more past due and still accruing | 14,598 | 11,106 |
Total non-performing loans and leases | 147,716 | 139,678 |
Other real estate owned (OREO) | 7,241 | 10,518 |
Total non-performing assets | $ 154,957 | $ 150,196 |
Loans and Allowance for Cred_13
Loans and Allowance for Credit Losses Past Due Loan Status and Non-Accrual Loans by Portfolio Segment (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 | Jun. 30, 2018 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | $ 228,091 | $ 208,371 | |
≥ 90 Days Past Due and Accruing | 14,598 | 11,106 | |
Non- accrual | 133,118 | 128,572 | |
Current | 16,140,367 | 15,957,429 | |
Loans and leases, net of unearned income | 16,368,458 | 16,165,800 | $ 15,792,969 |
Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 67,112 | 53,640 | |
Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 13,263 | 15,053 | |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 147,716 | 139,678 | |
Real-estate - commercial mortgage | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 62,529 | 45,859 | |
≥ 90 Days Past Due and Accruing | 637 | 1,765 | |
Non- accrual | 43,213 | 30,388 | |
Current | 6,435,444 | 6,388,426 | |
Loans and leases, net of unearned income | 6,497,973 | 6,434,285 | 6,304,475 |
Real-estate - commercial mortgage | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 16,620 | 12,206 | |
Real-estate - commercial mortgage | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 2,059 | 1,500 | |
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 | 43,850 | 32,153 | |
Commercial | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 56,939 | 56,532 | |
≥ 90 Days Past Due and Accruing | 1,422 | 1,068 | |
Non- accrual | 45,114 | 49,299 | |
Current | 4,132,657 | 4,168,448 | |
Loans and leases, net of unearned income | 4,189,596 | 4,224,980 | |
Commercial | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 8,480 | 5,227 | |
Commercial | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 1,923 | 938 | |
Commercial | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 46,536 | 50,367 | |
Commercial - unsecured | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 1,451 | 2,500 | |
≥ 90 Days Past Due and Accruing | 0 | 51 | |
Non- accrual | 723 | 851 | |
Current | 174,201 | 177,068 | |
Loans and leases, net of unearned income | 175,652 | 179,568 | |
Commercial - unsecured | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 592 | 1,598 | |
Commercial - unsecured | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 136 | 0 | |
Commercial - unsecured | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 723 | 902 | |
Commercial - industrial, financial and agricultural | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 58,390 | 59,032 | |
≥ 90 Days Past Due and Accruing | 1,422 | 1,119 | |
Non- accrual | 45,837 | 50,150 | |
Current | 4,306,858 | 4,345,516 | |
Loans and leases, net of unearned income | 4,365,248 | 4,404,548 | 4,264,602 |
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 | 9,072 | 6,825 | |
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 | 2,059 | 938 | |
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 | 47,259 | 51,269 | |
Real-estate - home equity | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 23,630 | 20,471 | |
≥ 90 Days Past Due and Accruing | 4,803 | 3,061 | |
Non- accrual | 7,193 | 6,708 | |
Current | 1,363,344 | 1,431,666 | |
Loans and leases, net of unearned income | 1,386,974 | 1,452,137 | 1,491,395 |
Real-estate - home equity | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 9,370 | 7,144 | |
Real-estate - home equity | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 2,264 | 3,558 | |
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 | 11,996 | 9,769 | |
Real estate - residential mortgage | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 53,534 | 48,089 | |
≥ 90 Days Past Due and Accruing | 6,708 | 4,433 | |
Non- accrual | 14,950 | 14,668 | |
Current | 2,398,432 | 2,202,955 | |
Loans and leases, net of unearned income | 2,451,966 | 2,251,044 | 2,094,530 |
Real estate - residential mortgage | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 26,135 | 20,796 | |
Real estate - residential mortgage | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 5,741 | 8,192 | |
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 | 21,658 | 19,101 | |
Construction | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 3,959 | 9,370 | |
≥ 90 Days Past Due and Accruing | 0 | 0 | |
Non- accrual | 3,959 | 6,881 | |
Current | 112,250 | 108,502 | |
Loans and leases, net of unearned income | 116,209 | 117,872 | |
Construction | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 0 | 2,489 | |
Construction | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 0 | 0 | |
Construction | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 3,959 | 6,881 | |
Construction - commercial | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 1,380 | 19 | |
≥ 90 Days Past Due and Accruing | 466 | 0 | |
Non- accrual | 19 | 19 | |
Current | 728,104 | 726,707 | |
Loans and leases, net of unearned income | 729,484 | 726,726 | |
Construction - commercial | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 895 | 0 | |
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 | 485 | 19 | |
Construction - other | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 738 | 490 | |
≥ 90 Days Past Due and Accruing | 0 | 0 | |
Non- accrual | 189 | 490 | |
Current | 76,116 | 71,511 | |
Loans and leases, net of unearned income | 76,854 | 72,001 | |
Construction - other | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 549 | 0 | |
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 | 189 | 490 | |
Real estate - construction | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 6,077 | 9,879 | |
≥ 90 Days Past Due and Accruing | 466 | 0 | |
Non- accrual | 4,167 | 7,390 | |
Current | 916,470 | 906,720 | |
Loans and leases, net of unearned income | 922,547 | 916,599 | 990,705 |
Real estate - construction | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 1,444 | 2,489 | |
Real estate - construction | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 0 | 0 | |
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 | 4,633 | 7,390 | |
Consumer | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 418 | 404 | |
≥ 90 Days Past Due and Accruing | 123 | 66 | |
Non- accrual | 0 | 0 | |
Current | 58,295 | 55,629 | |
Loans and leases, net of unearned income | 58,713 | 56,033 | |
Consumer | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 205 | 267 | |
Consumer | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 90 | 71 | |
Consumer | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 123 | 66 | |
Consumer - indirect | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 3,767 | 3,748 | |
≥ 90 Days Past Due and Accruing | 259 | 343 | |
Non- accrual | 0 | 0 | |
Current | 390,394 | 359,405 | |
Loans and leases, net of unearned income | 394,161 | 363,153 | |
Consumer - indirect | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 2,901 | 2,908 | |
Consumer - indirect | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 607 | 497 | |
Consumer - indirect | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 259 | 343 | |
Consumer | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 4,185 | 4,152 | |
≥ 90 Days Past Due and Accruing | 382 | 409 | |
Non- accrual | 0 | 0 | |
Current | 448,689 | 415,034 | |
Loans and leases, net of unearned income | 452,874 | 419,186 | 360,315 |
Consumer | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 3,106 | 3,175 | |
Consumer | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 697 | 568 | |
Consumer | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 382 | 409 | |
Equipment lease financing, other and overdrafts | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 19,746 | 20,889 | |
≥ 90 Days Past Due and Accruing | 180 | 319 | |
Non- accrual | 17,758 | 19,268 | |
Current | 271,130 | 267,112 | |
Loans and leases, net of unearned income | 290,876 | 288,001 | $ 286,947 |
Equipment lease financing, other and overdrafts | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 1,365 | 1,005 | |
Equipment lease financing, other and overdrafts | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 443 | 297 | |
Equipment lease financing, 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 | $ 17,938 | $ 19,587 |
Loans and Allowance for Cred_14
Loans and Allowance for Credit Losses Loans Modified Under Troubled Debt Restructurings (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Financing Receivable, Modifications [Line Items] | ||
Total Accruing Troubled Debt Restructurings | $ 61,211 | $ 61,605 |
Non-accrual TDRs (1) | 29,958 | 28,659 |
Total TDRs | 91,169 | 90,264 |
Residential Mortgage [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Total Accruing Troubled Debt Restructurings | 22,389 | 24,102 |
Commercial Real Estate [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Total Accruing Troubled Debt Restructurings | 16,680 | 15,685 |
Real-estate - home equity | ||
Financing Receivable, Modifications [Line Items] | ||
Total Accruing Troubled Debt Restructurings | 16,389 | 16,665 |
Commercial | ||
Financing Receivable, Modifications [Line Items] | ||
Total Accruing Troubled Debt Restructurings | 5,744 | 5,143 |
Consumer | ||
Financing Receivable, Modifications [Line Items] | ||
Total Accruing Troubled Debt Restructurings | $ 9 | $ 10 |
Loans and Allowance for Cred_15
Loans and Allowance for Credit Losses Troubled Debt Restructuring Modification (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019USD ($)loans | Jun. 30, 2018USD ($)loans | Jun. 30, 2019USD ($)loans | Jun. 30, 2018USD ($)loans | |
Financing Receivable, Modifications [Line Items] | ||||
Number of Loans | loans | 29 | 31 | 49 | 60 |
Post-Modification Recorded Investment | $ | $ 4,012 | $ 1,789 | $ 8,218 | $ 12,537 |
Commercial | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Loans | loans | 6 | 2 | 10 | 11 |
Post-Modification Recorded Investment | $ | $ 2,371 | $ 53 | $ 4,831 | $ 9,412 |
Real-estate - home equity | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Loans | loans | 22 | 28 | 34 | 47 |
Post-Modification Recorded Investment | $ | $ 1,125 | $ 1,659 | $ 1,954 | $ 3,043 |
Residential Mortgage [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Loans | loans | 1 | 1 | 5 | 2 |
Post-Modification Recorded Investment | $ | $ 516 | $ 77 | $ 1,433 | $ 82 |
Loans and Allowance for Cred_16
Loans and Allowance for Credit Losses TDRs by Class Segment (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019USD ($)loans | Jun. 30, 2018USD ($)loans | Jun. 30, 2019USD ($)loans | Jun. 30, 2018USD ($)loans | |
Financing Receivable, Modifications [Line Items] | ||||
Post-Modification Recorded Investment | $ 4,012 | $ 1,789 | $ 8,218 | $ 12,537 |
Number of Loans | loans | 29 | 31 | 49 | 60 |
Number of Loans | loans | 22 | 43 | ||
Recorded Investment | $ 3,491 | $ 3,140 | ||
Real estate - residential mortgage | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Loans | loans | 2 | 8 | ||
Recorded Investment | $ 299 | $ 863 | ||
Real-estate - commercial mortgage | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Loans | 0 | 1 | ||
Recorded Investment | $ 0 | $ 176 | ||
Real-estate - home equity | ||||
Financing Receivable, Modifications [Line Items] | ||||
Post-Modification Recorded Investment | $ 1,125 | $ 1,659 | $ 1,954 | $ 3,043 |
Number of Loans | loans | 22 | 28 | 34 | 47 |
Number of Loans | loans | 16 | 29 | ||
Recorded Investment | $ 890 | $ 1,955 | ||
Commercial | ||||
Financing Receivable, Modifications [Line Items] | ||||
Post-Modification Recorded Investment | $ 2,371 | $ 53 | $ 4,831 | $ 9,412 |
Number of Loans | loans | 6 | 2 | 10 | 11 |
Number of Loans | loans | 4 | 5 | ||
Recorded Investment | $ 2,302 | $ 146 |
Loans and Allowance for Cred_17
Loans and Allowance for Credit Losses Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Provision for credit losses | $ 5,025 | $ 33,117 | $ 10,125 | $ 37,087 | |
Loans charged off | $ 3,711 | $ 42,160 | $ 10,080 | $ 48,557 | |
Impaired loans with principal balances approximately in percentage | 84.00% | 89.00% | |||
Loan to value ratio in the Corporation's policy | 70.00% | 70.00% | |||
Recorded investment, with no related allowance | $ 78,924 | $ 78,924 | $ 77,566 | ||
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 | 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) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Amortized Cost: | |||||
Fair value of MSRs | $ 44,900 | $ 44,900 | $ 50,200 | ||
Residential Mortgage [Member] | |||||
Amortized Cost: | |||||
Balance at beginning of period | 38,504 | $ 37,748 | 38,573 | $ 37,663 | |
Originations of mortgage servicing rights | 1,861 | 1,746 | 3,086 | 3,229 | |
Amortization | (1,539) | (1,600) | (2,833) | (2,998) | |
Balance at end of period | $ 38,826 | $ 37,894 | $ 38,826 | $ 37,894 |
Leases Narrative (Details)
Leases Narrative (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Dec. 31, 2018 | |
Lessee, Lease, Description [Line Items] | ||
Operating lease, option to extend, term | P5Y | |
2019 | $ 18,000 | |
2020 | 17,300 | |
2021 | 15,700 | |
2022 | 13,700 | |
2023 | 11,400 | |
Thereafter | $ 43,300 | |
Minimum | ||
Lessee, Lease, Description [Line Items] | ||
Operating lease, remaining lease term | 1 year | |
Maximum | ||
Lessee, Lease, Description [Line Items] | ||
Operating lease, remaining lease term | 20 years |
Leases Costs and Supplemental I
Leases Costs and Supplemental Information (Details) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2019USD ($) | Jun. 30, 2019USD ($) | |
Leases [Abstract] | ||
Operating lease expense | $ 4,796 | $ 9,486 |
Variable lease expense | 761 | 1,370 |
Sublease income | (168) | (371) |
Total lease expense | 5,389 | 10,485 |
ROU assets | 104,046 | 104,046 |
Lease liabilities | $ 110,987 | $ 110,987 |
Weighted-average remaining lease term | 8 years 4 months 24 days | 8 years 4 months 24 days |
Weighted-average discount rate | 3.06% | 3.06% |
Cash paid for amounts included in the measurement of lease liabilities | $ 9,269 | |
ROU assets obtained in exchange for lease obligations | $ 111,995 |
Leases Payment Obligations (Det
Leases Payment Obligations (Details) $ in Thousands | Jun. 30, 2019USD ($) |
Operating Lease Liabilities, Payments Due [Abstract] | |
For the six months ending December 31, 2019 | $ 9,390 |
2020 | 18,607 |
2021 | 17,400 |
2022 | 16,052 |
2023 | 13,804 |
Thereafter | 52,664 |
Total lease payments | 127,917 |
Less: imputed interest | (16,930) |
Present value of lease liabilities | $ 110,987 |
Derivative Financial Instrume_3
Derivative Financial Instruments Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Derivative [Line Items] | |||||
Assets | $ 21,308,670 | $ 21,308,670 | $ 20,682,152 | ||
Foreign currency open position | 500 | 500 | |||
Mortgage Loans Held For Sale [Member] | |||||
Derivative [Line Items] | |||||
Gain (loss) in fair values of mortgage loans held for sale | 304 | $ 324 | 325 | $ 127 | |
Fulton Bank Subsidiary [Member] | |||||
Derivative [Line Items] | |||||
Assets | $ 10,000,000 | $ 10,000,000 |
Derivative Financial Instrume_4
Derivative Financial Instruments Notional Amounts and Fair Values of Derivative Financial Instruments (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Derivative [Line Items] | ||
Derivative asset, fair value | $ (138,494) | $ (61,688) |
Derivative liability, fair value | (76,325) | (47,237) |
Derivative asset (liability), net | 62,514 | 14,378 |
Interest Rate Lock Commitments [Member] | ||
Derivative [Line Items] | ||
Derivative asset, notional amount | 184,657 | 101,700 |
Derivative liability, notional amount | 3,090 | 1,646 |
Derivative asset, fair value | (2,118) | (1,148) |
Derivative liability, fair value | (21) | (12) |
Derivative asset (liability), net | 2,097 | 1,136 |
Forward Commitments [Member] | ||
Derivative [Line Items] | ||
Derivative asset, notional amount | 40,334 | 1,540 |
Derivative liability, notional amount | 111,530 | 83,562 |
Derivative asset, fair value | (221) | (3) |
Derivative liability, fair value | (1,631) | (1,066) |
Derivative asset (liability), net | (1,410) | (1,063) |
Interest Rate Swap with Customer [Member] | ||
Derivative [Line Items] | ||
Derivative asset, notional amount | 2,514,261 | 1,185,144 |
Derivative liability, notional amount | 292,200 | 1,386,046 |
Derivative asset, fair value | (136,298) | (33,258) |
Derivative liability, fair value | (1,716) | (30,769) |
Derivative asset (liability), net | 134,582 | 2,489 |
Interest Rate Swap With Counterparty [Member] | ||
Derivative [Line Items] | ||
Derivative asset, notional amount | 292,200 | 1,386,046 |
Derivative liability, notional amount | 2,514,261 | 1,185,144 |
Derivative asset, fair value | (1,716) | (28,143) |
Derivative liability, fair value | (74,516) | (16,338) |
Derivative asset (liability), net | (72,800) | 11,805 |
Centrally Cleared Interest Rate Swap with Counterparty [Member] | ||
Derivative [Line Items] | ||
Variation margin | 61,800 | |
Variation margin | 14,300 | |
Foreign Exchange Contracts With Customer [Member] | ||
Derivative [Line Items] | ||
Derivative asset, notional amount | 6,423 | 5,881 |
Derivative liability, notional amount | 6,643 | 9,690 |
Derivative asset, fair value | (105) | (105) |
Derivative liability, fair value | (186) | (251) |
Derivative asset (liability), net | (81) | (146) |
Foreign Exchange Contracts With Correspondent Banks [Member] | ||
Derivative [Line Items] | ||
Derivative asset, notional amount | 8,750 | 9,220 |
Derivative liability, notional amount | 6,590 | 6,831 |
Derivative asset, fair value | (226) | (287) |
Derivative liability, fair value | (100) | (130) |
Derivative asset (liability), net | $ 126 | $ 157 |
Derivative Financial Instrume_5
Derivative Financial Instruments Fair Value Gains and Losses on Derivative Financial Instruments (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Derivative [Line Items] | ||||
Net fair value gains (losses) on derivative financial instruments | $ 30,841 | $ (1,947) | $ 48,136 | $ (10,325) |
Interest rate lock with customers [Member] | ||||
Derivative [Line Items] | ||||
Net fair value gains (losses) on derivative financial instruments | 355 | 231 | 961 | 360 |
Forward Commitments [Member] | ||||
Derivative [Line Items] | ||||
Net fair value gains (losses) on derivative financial instruments | (403) | (541) | (347) | (315) |
Interest Rate Swap with Customer [Member] | ||||
Derivative [Line Items] | ||||
Net fair value gains (losses) on derivative financial instruments | 81,576 | (12,375) | 132,093 | (55,017) |
Interest Rate Swap with Counterparty [Member] | ||||
Derivative [Line Items] | ||||
Net fair value gains (losses) on derivative financial instruments | (50,673) | 10,811 | (84,605) | 44,625 |
Foreign Exchange Contracts With Customer [Member] | ||||
Derivative [Line Items] | ||||
Net fair value gains (losses) on derivative financial instruments | (154) | (23) | 65 | (16) |
Foreign Exchange Contracts With Correspondent Banks [Member] | ||||
Derivative [Line Items] | ||||
Net fair value gains (losses) on derivative financial instruments | 140 | (50) | (31) | 38 |
Centrally Cleared Interest Rate Swap with Counterparty [Member] | ||||
Derivative [Line Items] | ||||
Net fair value gains (losses) on derivative financial instruments | $ (31,200) | $ 1,600 | $ (47,500) | $ 10,400 |
Derivative Financial Instrume_6
Derivative Financial Instruments Summary of Mortgage Loans Held For Sale (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Fair Value, Option, Quantitative Disclosures [Line Items] | |||||
Loans Held-for-sale, Mortgages | $ 45,754 | $ 45,754 | $ 27,099 | ||
Mortgage Loans Held For Sale [Member] | |||||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||||
Fair Value, Option, Changes in Fair Value, Gain (Loss) | 304 | $ 324 | 325 | $ 127 | |
Cost [Member] | Mortgage Loans Held For Sale [Member] | |||||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||||
Loans Held-for-sale, Mortgages | 44,737 | 44,737 | 26,407 | ||
Fair value [Member] | Mortgage Loans Held For Sale [Member] | |||||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||||
Loans Held-for-sale, Mortgages | $ 45,754 | $ 45,754 | $ 27,099 |
Derivative Financial Instrume_7
Derivative Financial Instruments Offsetting Derivative Assets and Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Offsetting Assets [Line Items] | ||
Derivative asset, fair value | $ 138,494 | $ 61,688 |
Derivative, Collateral, Obligation to Return Securities | 2,034 | 13,085 |
Derivative, Collateral, Obligation to Return Cash | 0 | (23,270) |
Net Amount | 136,460 | 25,333 |
Derivative liability, gross liability | 76,325 | 47,237 |
Derivative liability, Collateral, Right to Reclaim Securities | (2,034) | (22,916) |
Derivative liability, Collateral, Right to Reclaim Cash | (74,291) | (22,786) |
Derivative liability, Net Amount | 0 | 1,535 |
Interest Rate Swap [Member] | ||
Offsetting Assets [Line Items] | ||
Derivative asset, fair value | 138,275 | 61,401 |
Derivative, Collateral, Obligation to Return Securities | 1,941 | 12,955 |
Derivative, Collateral, Obligation to Return Cash | 0 | (23,270) |
Net Amount | 136,334 | 25,176 |
Derivative liability, gross liability | 76,232 | 47,107 |
Derivative liability, Collateral, Right to Reclaim Securities | (1,941) | (22,786) |
Derivative liability, Collateral, Right to Reclaim Cash | (74,291) | (22,786) |
Derivative liability, Net Amount | 0 | 1,535 |
Foreign Exchange Contract [Member] | ||
Offsetting Assets [Line Items] | ||
Derivative asset, fair value | 219 | 287 |
Derivative, Collateral, Obligation to Return Securities | 93 | 130 |
Derivative, Collateral, Obligation to Return Cash | 0 | 0 |
Net Amount | 126 | 157 |
Derivative liability, gross liability | 93 | 130 |
Derivative liability, Collateral, Right to Reclaim Securities | (93) | (130) |
Derivative liability, Collateral, Right to Reclaim Cash | 0 | 0 |
Derivative liability, Net Amount | $ 0 | $ 0 |
Tax Credit Investments (Details
Tax Credit Investments (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |||||
Affordable housing tax credit investment, net | $ 161,986 | $ 161,986 | $ 170,401 | ||
Other tax credit investments, net | 72,786 | 72,786 | 72,584 | ||
Total TCIs, net | 234,772 | 234,772 | 242,985 | ||
Unfunded affordable housing tax credit commitments | 18,542 | 18,542 | 23,196 | ||
Other tax credit investment liabilities | 61,483 | 61,483 | 59,823 | ||
Total unfunded tax credit investment commitments and liabilities | 80,025 | 80,025 | $ 83,019 | ||
Affordable housing tax credits and other tax benefits | (7,575,000) | $ (7,543,000) | (15,150,000) | $ (15,087,000) | |
Other tax credit investment credits and tax benefits | (1,135,000) | (1,597,000) | (2,271,000) | (3,193,000) | |
Amortization of affordable housing investments, net of tax benefit | 5,494,000 | 5,319,000 | 10,989,000 | 10,917,000 | |
Deferred tax expense | 239,000 | 336,000 | 477,000 | 671,000 | |
Total reduction in income tax expense | (2,977,000) | (3,485,000) | (5,955,000) | (6,692,000) | |
Affordable housing tax credits investment | 823,000 | 839,000 | 1,645,000 | 1,678,000 | |
Other tax credit investment amortization | 669,000 | 798,000 | 1,338,000 | 1,596,000 | |
Total amortization of TCIs | $ 1,492,000 | $ 1,637,000 | $ 2,983,000 | $ 3,274,000 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income Changes in Other Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Equity [Abstract] | ||||
Unrealized gain on securities, before tax amount | $ 31,994 | $ (8,397) | $ 58,056 | $ (43,388) |
Unrealized gain on securities, tax effect | (7,077) | 1,766 | (12,841) | 9,113 |
Unrealized gain on securities, net of tax amount | 24,917 | (6,631) | 45,215 | (34,275) |
Reclassification adjustment for securities gains included in net income, before tax amount | (176) | (4) | (241) | (23) |
Reclassification adjustment for securities gains included in net income, tax effect | 39 | 1 | 53 | 4 |
Reclassification adjustment for securities gains included in net income, net of tax amount | (137) | (3) | (188) | (19) |
Other Comprehensive Income (Loss), Reclassification Adjustment From AOCI For Amortization Of Unrealized Losses On Investments Transferred From Available-For-Sale To Held-To-Maturity, Before Tax | 1,311 | |||
Other Comprehensive Income (Loss), Reclassification Adjustment From AOCI For Amortization Of Unrealized Losses On Investments Transferred From Available-For-Sale To Held-To-Maturity, Tax | (290) | |||
Other Comprehensive Income (Loss), Reclassification Adjustment From AOCI For Amortization Of Unrealized Losses On Investments Transferred From Available-For-Sale To Held-To Maturity, After Tax | 1,021 | 0 | 1,995 | 0 |
Other Comprehensive Income (Loss), Reclassification Adjustment From AOCI For Investment Transferred From Available-For-Sale To Held-To-Maturity, Before Tax | 2,563 | |||
Other Comprehensive Income (Loss), Reclassification Adjustment From AOCI For Investment Transferred From Available-For-Sale To Held-To-Maturity, Tax | (568) | |||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Investment Transferred from Available-for-sale to Held-to-maturity, after Tax | 1,995 | |||
Non-credit related unrealized gains on other-than-temporarily impaired debt securities, before tax amount | (770) | 9 | (875) | 294 |
Non-credit related unrealized gains on other-than-temporarily impaired debt securities, tax effect | 170 | (1) | 193 | (62) |
Non-credit related unrealized gains on other-than-temporarily impaired debt securities, net of tax amount | (600) | 8 | (682) | 232 |
Amortization of net unrecognized pension and postretirement items, before tax amount | 353 | 683 | 727 | 1,113 |
Amortization of net unrecognized pension and postretirement items, tax effect | (78) | (143) | (161) | (234) |
Amortization of net unrecognized pension and postretirement items, net of tax amount | 275 | 540 | 566 | 879 |
Total Other Comprehensive Income, Before Tax Amount | 32,712 | (7,709) | 60,230 | (42,004) |
Total Other Comprehensive Income, Tax Effect | (7,236) | 1,623 | (13,324) | 8,821 |
Other Comprehensive Income (Loss) | $ 25,476 | $ (6,086) | $ 46,906 | $ (33,183) |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income Components of Other Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | ||
Accumulated Other Comprehensive Income [Roll Forward] | |||||
Beginning Balance | $ 2,301,019 | $ 2,235,493 | $ 2,247,573 | $ 2,229,857 | |
Amortization of net unrealized losses on AFS securities transferred to HTM | 1,995 | ||||
Ending Balance | 2,308,798 | 2,245,785 | 2,308,798 | 2,245,785 | |
Unrealized Gains (Losses) on Investment Securities Not Other-Than-Temporarily Impaired | |||||
Accumulated Other Comprehensive Income [Roll Forward] | |||||
Beginning Balance | (23,433) | (50,056) | (44,654) | (18,509) | |
Other comprehensive income before reclassifications | 24,917 | (6,631) | 45,215 | (34,275) | |
Amounts reclassified from accumulated other comprehensive income (loss) | (137) | (3) | (188) | (19) | |
Amortization of net unrealized losses on AFS securities transferred to HTM | 1,995 | ||||
Reclassification of stranded tax effects | (3,887) | ||||
Ending Balance | 2,368 | (56,690) | 2,368 | (56,690) | |
Unrealized Non-Credit Gains (Losses) on Other-Than-Temporarily Impaired Debt Securities | |||||
Accumulated Other Comprehensive Income [Roll Forward] | |||||
Beginning Balance | 598 | 682 | 680 | 458 | |
Other comprehensive income before reclassifications | (600) | 8 | (682) | 232 | |
Amounts reclassified from accumulated other comprehensive income (loss) | 0 | 0 | 0 | 0 | |
Amortization of net unrealized losses on AFS securities transferred to HTM | 0 | ||||
Reclassification of stranded tax effects | 0 | ||||
Ending Balance | (2) | 690 | (2) | 690 | |
Unrecognized Pension and Postretirement Plan Income (Costs) | |||||
Accumulated Other Comprehensive Income [Roll Forward] | |||||
Beginning Balance | (14,798) | (17,798) | (15,089) | (14,923) | |
Other comprehensive income before reclassifications | 0 | 0 | 0 | 0 | |
Amounts reclassified from accumulated other comprehensive income (loss) | 275 | 540 | 566 | 879 | |
Amortization of net unrealized losses on AFS securities transferred to HTM | 0 | ||||
Reclassification of stranded tax effects | (3,214) | ||||
Ending Balance | (14,523) | (17,258) | (14,523) | (17,258) | |
Total | |||||
Accumulated Other Comprehensive Income [Roll Forward] | |||||
Beginning Balance | (37,633) | (67,172) | (59,063) | (32,974) | |
Other comprehensive income before reclassifications | 24,317 | (6,623) | 44,533 | (34,043) | |
Amounts reclassified from accumulated other comprehensive income (loss) | 138 | 537 | 378 | 860 | |
Amortization of net unrealized losses on AFS securities transferred to HTM | 1,995 | ||||
Reclassification of stranded tax effects | [1] | (7,101) | |||
Ending Balance | (12,157) | $ (73,258) | $ (12,157) | $ (73,258) | |
Reclassification out of Accumulated Other Comprehensive Income | |||||
Accumulated Other Comprehensive Income [Roll Forward] | |||||
Amounts reclassified from accumulated other comprehensive income (loss) | 1,021 | ||||
Reclassification out of Accumulated Other Comprehensive Income | Unrealized Gains (Losses) on Investment Securities Not Other-Than-Temporarily Impaired | |||||
Accumulated Other Comprehensive Income [Roll Forward] | |||||
Amounts reclassified from accumulated other comprehensive income (loss) | 1,021 | ||||
Reclassification out of Accumulated Other Comprehensive Income | Unrealized Non-Credit Gains (Losses) on Other-Than-Temporarily Impaired Debt Securities | |||||
Accumulated Other Comprehensive Income [Roll Forward] | |||||
Amounts reclassified from accumulated other comprehensive income (loss) | 0 | ||||
Reclassification out of Accumulated Other Comprehensive Income | Unrecognized Pension and Postretirement Plan Income (Costs) | |||||
Accumulated Other Comprehensive Income [Roll Forward] | |||||
Amounts reclassified from accumulated other comprehensive income (loss) | $ 0 | ||||
[1] | (1) The Corporation adopted the Accounting Standards Codification ("ASC") Update 2018-02, "Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income" in the first quarter of 2018 which permitted a reclassification from accumulated other comprehensive income ("AOCI") to retained earnings of the stranded tax effects resulting from the Tax Cuts and Jobs Act of 2017, which changed the federal corporate income tax rate from 35% to 21%. As a result, $7.1 million of stranded tax effects were reclassified from AOCI to retained earnings during the first quarter of 2018. |
Fair Value Measurements Assets
Fair Value Measurements Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | $ 2,285,794 | $ 2,080,294 |
Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 2,285,794 | |
Mortgages Held-for-sale, Fair Value Disclosure | 45,754 | 27,099 |
Available-for-sale Securities, Fair Value Disclosure | 2,080,294 | |
Investments held in Rabbi Trust | 20,811 | 18,415 |
Derivative assets | 140,894 | 62,944 |
Assets, Fair Value Disclosure | 2,493,253 | 2,188,752 |
Liabilities Held-In-Trust, Fair Value Disclosure | 20,811 | 18,415 |
Derivative Liability | 78,358 | 48,566 |
Total liabilities | 99,169 | 66,981 |
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 | 31,632 | |
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 | 31,632 | |
US States and Political Subdivisions Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 316,334 | |
Available-for-sale Securities, Fair Value Disclosure | 279,095 | |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 316,334 | |
Available-for-sale Securities, Fair Value Disclosure | 279,095 | |
Corporate Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 197,422 | |
Available-for-sale Securities, Fair Value Disclosure | 109,533 | |
Corporate Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 197,422 | |
Available-for-sale Securities, Fair Value Disclosure | 109,533 | |
Collateralized Mortgage Obligations [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 899,117 | |
Available-for-sale Securities, Fair Value Disclosure | 832,080 | |
Collateralized Mortgage Obligations [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 899,117 | |
Available-for-sale Securities, Fair Value Disclosure | 832,080 | |
Mortgage-Backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 329,275 | |
Available-for-sale Securities, Fair Value Disclosure | 463,344 | |
Mortgage-Backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 329,275 | |
Available-for-sale Securities, Fair Value Disclosure | 463,344 | |
Commercial Mortgage Backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 440,281 | |
Available-for-sale Securities, Fair Value Disclosure | 261,616 | |
Commercial Mortgage Backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 440,281 | |
Available-for-sale Securities, Fair Value Disclosure | 261,616 | |
Auction Rate Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 103,365 | |
Available-for-sale Securities, Fair Value Disclosure | 102,994 | |
Auction Rate Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 103,365 | |
Available-for-sale Securities, Fair Value Disclosure | 102,994 | |
Single-issuer 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 | 18,300 | 18,600 |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 0 | |
Mortgages Held-for-sale, Fair Value Disclosure | 0 | 0 |
Available-for-sale Securities, Fair Value Disclosure | 0 | |
Investments held in Rabbi Trust | 20,811 | 18,415 |
Derivative assets | 541 | 392 |
Assets, Fair Value Disclosure | 21,352 | 18,807 |
Liabilities Held-In-Trust, Fair Value Disclosure | 20,811 | 18,415 |
Derivative Liability | 475 | 381 |
Total liabilities | 21,286 | 18,796 |
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 | |
Fair Value, Inputs, Level 1 [Member] | US States and Political Subdivisions Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 0 | |
Available-for-sale Securities, Fair Value Disclosure | 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] | ||
Estimated Fair Value | 0 | |
Available-for-sale Securities, Fair Value Disclosure | 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] | ||
Estimated Fair Value | 0 | |
Available-for-sale Securities, Fair Value Disclosure | 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] | ||
Estimated Fair Value | 0 | |
Available-for-sale Securities, Fair Value Disclosure | 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] | ||
Estimated Fair Value | 0 | |
Available-for-sale Securities, Fair Value Disclosure | 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] | ||
Estimated Fair Value | 0 | |
Available-for-sale Securities, Fair Value Disclosure | 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] | ||
Estimated Fair Value | 2,180,059 | |
Mortgages Held-for-sale, Fair Value Disclosure | 45,754 | 27,099 |
Available-for-sale Securities, Fair Value Disclosure | 1,974,025 | |
Investments held in Rabbi Trust | 0 | 0 |
Derivative assets | 140,353 | 62,552 |
Assets, Fair Value Disclosure | 2,366,166 | 2,063,676 |
Liabilities Held-In-Trust, Fair Value Disclosure | 0 | 0 |
Derivative Liability | 77,883 | 48,185 |
Total liabilities | 77,883 | 48,185 |
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 | 3,900 | 3,900 |
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 | 175,200 | 86,100 |
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 | 31,632 | |
Fair Value, Inputs, Level 2 [Member] | US States and Political Subdivisions Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 316,334 | |
Available-for-sale Securities, Fair Value Disclosure | 279,095 | |
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] | ||
Estimated Fair Value | 195,052 | |
Available-for-sale Securities, Fair Value Disclosure | 106,258 | |
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] | ||
Estimated Fair Value | 899,117 | |
Available-for-sale Securities, Fair Value Disclosure | 832,080 | |
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] | ||
Estimated Fair Value | 329,275 | |
Available-for-sale Securities, Fair Value Disclosure | 463,344 | |
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] | ||
Estimated Fair Value | 440,281 | |
Available-for-sale Securities, Fair Value Disclosure | 261,616 | |
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] | ||
Estimated Fair Value | 0 | |
Available-for-sale Securities, Fair Value Disclosure | 0 | |
Fair Value, Inputs, Level 2 [Member] | Single-issuer 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 | 16,000 | 16,300 |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 105,735 | |
Mortgages Held-for-sale, Fair Value Disclosure | 0 | 0 |
Available-for-sale Securities, Fair Value Disclosure | 106,269 | |
Investments held in Rabbi Trust | 0 | 0 |
Derivative assets | 0 | 0 |
Assets, Fair Value Disclosure | 105,735 | 106,269 |
Liabilities Held-In-Trust, Fair Value Disclosure | 0 | 0 |
Derivative Liability | 0 | 0 |
Total liabilities | 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 | 0 | 875 |
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 | |
Fair Value, Inputs, Level 3 [Member] | US States and Political Subdivisions Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 0 | |
Available-for-sale Securities, Fair Value Disclosure | 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] | ||
Estimated Fair Value | 2,370 | |
Available-for-sale Securities, Fair Value Disclosure | 3,275 | |
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] | ||
Estimated Fair Value | 0 | |
Available-for-sale Securities, Fair Value Disclosure | 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] | ||
Estimated Fair Value | 0 | |
Available-for-sale Securities, Fair Value Disclosure | 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] | ||
Estimated Fair Value | 0 | |
Available-for-sale Securities, Fair Value Disclosure | 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] | ||
Estimated Fair Value | 103,365 | |
Available-for-sale Securities, Fair Value Disclosure | 102,994 | |
Fair Value, Inputs, Level 3 [Member] | Single-issuer 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 | $ 2,400 | $ 2,400 |
Fair Value Measurements Changes
Fair Value Measurements Changes in Assets and Liabilities Measured at Fair Value on a Recurring Basis Using Level 3 Inputs (Details) - Fair Value, Measurements, Recurring [Member] - Fair Value, Inputs, Level 3 [Member] - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Pooled Trust Preferred Securities [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Balance, beginning of period | $ 770 | $ 865 | $ 875 | $ 707 |
Sales | (770) | (770) | ||
Unrealized adjustment to fair value | 0 | 10 | (105) | 168 |
(Premium amortization) discount accretion | 0 | 0 | ||
Balance, end of period | 0 | 875 | 0 | 875 |
Single-issuer Trust Preferred Securities [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Balance, beginning of period | 2,430 | 3,095 | 2,400 | 3,050 |
Sales | 0 | 0 | ||
Unrealized adjustment to fair value | (60) | 102 | (30) | 144 |
(Premium amortization) discount accretion | 3 | 6 | ||
Balance, end of period | 2,370 | 3,200 | 2,370 | 3,200 |
Auction Rate Securities [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Balance, beginning of period | 102,810 | 103,049 | 102,994 | 98,668 |
Sales | 0 | 0 | ||
Unrealized adjustment to fair value | 555 | 73 | 371 | 4,454 |
(Premium amortization) discount accretion | 0 | 0 | ||
Balance, end of period | $ 103,365 | $ 103,122 | $ 103,365 | $ 103,122 |
Fair Value Measurements Asset_2
Fair Value Measurements Assets Measured at Fair Value on a Nonrecurring Basis (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
OREO | $ 7,241 | $ 10,518 |
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 | 152,451 | 149,846 |
OREO | 7,241 | 10,518 |
MSRs | 44,916 | 50,204 |
Assets, Fair Value Disclosure | $ 204,608 | $ 210,568 |
Fair Value Measurements Details
Fair Value Measurements Details of Book Value and Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Fair Value, Balance Sheet Grouping, FinancialStatement Captions[Line Items] | ||
Held to maturity investment securities | $ 589,728 | $ 611,419 |
Estimated Fair Value | 2,285,794 | 2,080,294 |
Reported Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, FinancialStatement Captions[Line Items] | ||
Cash and due from banks | 498,811 | 445,687 |
FRB and FHLB stock | 97,248 | 79,283 |
Loans held for sale | 45,754 | 27,099 |
Held to maturity investment securities | 567,564 | 606,679 |
Estimated Fair Value | 2,285,794 | 2,080,294 |
Net Loans | 16,198,225 | 16,005,263 |
Accrued interest receivable | 62,984 | 58,879 |
Other financial assets | 318,776 | 235,782 |
Demand and savings deposits | 13,249,017 | 13,478,016 |
Brokered deposits | 246,116 | 176,239 |
Time deposits | 2,893,762 | 2,721,904 |
Short-term borrowings | 1,188,390 | 754,777 |
Accrued interest payable | 9,218 | 10,529 |
Other financial liabilities | 249,381 | 218,061 |
FHLB advances and long-term debt | 987,416 | 992,279 |
Estimate of Fair Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, FinancialStatement Captions[Line Items] | ||
Cash and due from banks | 498,811 | 445,687 |
FRB and FHLB stock | 97,248 | 79,283 |
Loans held for sale | 45,754 | 27,099 |
Held to maturity investment securities | 589,728 | 611,419 |
Estimated Fair Value | 2,285,794 | 2,080,294 |
Net Loans | 16,019,233 | 15,446,895 |
Accrued interest receivable | 62,984 | 58,879 |
Other financial assets | 318,776 | 235,782 |
Demand and savings deposits | 13,249,017 | 13,478,016 |
Brokered deposits | 246,408 | 176,239 |
Time deposits | 2,894,290 | 2,712,296 |
Short-term borrowings | 1,188,390 | 754,777 |
Accrued interest payable | 9,218 | 10,529 |
Other financial liabilities | 249,381 | 218,061 |
FHLB advances and long-term debt | 986,336 | 970,985 |
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 | 498,811 | 445,687 |
FRB and FHLB stock | 0 | 0 |
Loans held for sale | 0 | 0 |
Held to maturity investment securities | 589,728 | 611,419 |
Estimated Fair Value | 0 | 0 |
Net Loans | 0 | 0 |
Accrued interest receivable | 62,984 | 58,879 |
Other financial assets | 132,356 | 124,138 |
Demand and savings deposits | 13,249,017 | 13,478,016 |
Brokered deposits | 206,116 | 176,239 |
Time deposits | 0 | 0 |
Short-term borrowings | 1,188,390 | 754,777 |
Accrued interest payable | 9,218 | 10,529 |
Other financial liabilities | 164,790 | 161,003 |
FHLB 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 |
FRB and FHLB stock | 97,248 | 79,283 |
Loans held for sale | 45,754 | 27,099 |
Held to maturity investment securities | 0 | 0 |
Estimated Fair Value | 2,180,059 | 1,974,025 |
Net Loans | 0 | 0 |
Accrued interest receivable | 0 | 0 |
Other financial assets | 140,353 | 62,552 |
Demand and savings deposits | 0 | 0 |
Brokered deposits | 40,292 | 0 |
Time deposits | 2,894,290 | 2,712,296 |
Short-term borrowings | 0 | 0 |
Accrued interest payable | 0 | 0 |
Other financial liabilities | 77,883 | 48,185 |
FHLB advances and long-term debt | 986,336 | 970,985 |
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 |
FRB and FHLB stock | 0 | 0 |
Loans held for sale | 0 | 0 |
Held to maturity investment securities | 0 | 0 |
Estimated Fair Value | 105,735 | 106,269 |
Net Loans | 16,019,233 | 15,446,895 |
Accrued interest receivable | 0 | 0 |
Other financial assets | 46,067 | 49,092 |
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 | 6,708 | 8,873 |
FHLB advances and long-term debt | $ 0 | $ 0 |
Fair Value Measurements Narrati
Fair Value Measurements Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2019 | Dec. 31, 2018 | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Securities valued by the pricing service | 95.00% | 95.00% | |
Researched securities to reconcile the difference | 5.00% | 5.00% | |
Available for sale, at estimated fair value | $ 2,285,794 | $ 2,285,794 | $ 2,080,294 |
Significant input, assumed market return to liquidity (years) | 5 years | ||
Other real estate owned (OREO) | $ 7,241 | $ 7,241 | 10,518 |
Minimum | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Weighted average annual constant prepayment rate | 10.20% | ||
Weighted average discount rate | 9.50% | ||
Fair Value, Measurements, Recurring [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Available for sale, at estimated fair value | 2,285,794 | $ 2,285,794 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Available for sale, at estimated fair value | 0 | 0 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Available for sale, at estimated fair value | 2,180,059 | 2,180,059 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Available for sale, at estimated fair value | 105,735 | 105,735 | |
Fair Value, Measurements, Recurring [Member] | Financial Institutions Subordinated Debt [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Available for sale, at estimated fair value | 175,200 | 175,200 | 86,100 |
Fair Value, Measurements, Recurring [Member] | Single-issuer Trust Preferred Securities [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Available for sale, at estimated fair value | 18,300 | 18,300 | 18,600 |
Fair Value, Measurements, Recurring [Member] | Single-issuer Trust Preferred Securities [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Available for sale, at estimated fair value | 16,000 | 16,000 | 16,300 |
Fair Value, Measurements, Recurring [Member] | Single-issuer Trust Preferred Securities [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Available for sale, at estimated fair value | 2,400 | 2,400 | 2,400 |
Fair Value, Measurements, Recurring [Member] | Pooled Trust Preferred Securities [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Available for sale, at estimated fair value | 0 | 0 | 875 |
Fair Value, Measurements, Recurring [Member] | Other Corporate Debt [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Available for sale, at estimated fair value | 3,900 | 3,900 | 3,900 |
Fair Value, Measurements, Recurring [Member] | Trust for Benefit of Employees [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Other financial liabilities | 20,800 | 20,800 | 18,400 |
Fair Value, Measurements, Recurring [Member] | Foreign Exchange Contract [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Other financial liabilities | 286 | 286 | 381 |
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Other real estate owned (OREO) | 7,241 | 7,241 | 10,518 |
Net MSRs at end of period | 44,916 | 44,916 | 50,204 |
Foreign Exchange Contract [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Other financial assets | 331 | 331 | 392 |
Forward Commitments [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Other financial assets | 2,300 | 2,300 | 1,200 |
Other financial liabilities | 1,700 | 1,700 | 1,100 |
Interest Rate Swap [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Other financial assets | 138,000 | 138,000 | 61,400 |
Other financial liabilities | $ 76,200 | $ 76,200 | $ 47,100 |
Net Income Per Share Reconcilia
Net Income Per Share Reconciliation of Weighted Average Common Shares Outstanding (Details) - $ / shares shares in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Weighted Average Number of Shares Outstanding Reconciliation [Abstract] | ||||
Weighted average shares outstanding (basic) (in shares) | 168,343 | 175,764 | 169,109 | 175,535 |
Impact of common stock equivalents (in shares) | 825 | 1,080 | 933 | 1,171 |
Weighted average shares outstanding (diluted) (in shares) | 169,168 | 176,844 | 170,042 | 176,706 |
Basic (in dollars per share) | $ 0.36 | $ 0.20 | $ 0.69 | $ 0.48 |
Diluted (in dollars per share) | $ 0.35 | $ 0.20 | $ 0.68 | $ 0.48 |
Stock-Based Compensation Compen
Stock-Based Compensation Compensation Expense and Related Tax Benefits (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||
Compensation expense | $ 1,788 | $ 2,674 | $ 3,348 | $ 4,184 |
Tax benefit | (412) | (1,075) | (743) | (1,536) |
Stock-based compensation expense, net of tax benefit | $ 1,376 | $ 1,599 | $ 2,605 | $ 2,648 |
Stock-Based Compensation Narrat
Stock-Based Compensation Narrative (Details) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Statement [Line Items] | ||||
Compensation expense | $ 1,788 | $ 2,674 | $ 3,348 | $ 4,184 |
Stock-based compensation expense, net of tax benefit | $ 1,376 | $ 1,599 | $ 2,605 | $ 2,648 |
Directors' Plan [Member] | ||||
Statement [Line Items] | ||||
Shares reserved for future grants under the stock option and compensation plan | 264 | 264 | ||
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 | 10,100 | 10,100 |
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 | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Pension Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Interest cost | $ 815 | $ 696 | $ 1,630 | $ 1,527 |
Expected return on plan assets | (689) | (573) | (1,378) | (1,024) |
Net amortization and deferral | 495 | 551 | 990 | 1,215 |
Net periodic benefit | 621 | 674 | 1,242 | 1,718 |
Other Postretirement Benefits Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Interest cost | 15 | 12 | 30 | 29 |
Net accretion and deferral | (139) | (139) | (278) | (280) |
Net periodic benefit | $ (124) | $ (127) | $ (248) | $ (251) |
Commitments and Contingencies O
Commitments and Contingencies Outstanding Commitments to Extend Credit and Letters of Credit (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Commitments to Extend Credit [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Valuation allowances and reserves, balance | $ 6,688,574 | $ 6,306,583 |
Standby Letters of Credit [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Valuation allowances and reserves, balance | 300,262 | 309,352 |
Commercial Letters of Credit [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Valuation allowances and reserves, balance | $ 47,368 | $ 48,682 |
Commitments and Contingencies -
Commitments and Contingencies - Narrative (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Residential Mortgage [Member] | ||
Loss Contingencies [Line Items] | ||
Valuation allowances and reserves, balance | $ 2.5 | $ 2.1 |