Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2014 | 9-May-14 | |
Entity Information [Line Items] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 31-Mar-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
Trading Symbol | 'FCF | ' |
Entity Registrant Name | 'FIRST COMMONWEALTH FINANCIAL CORP /PA/ | ' |
Entity Central Index Key | '0000712537 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 94,033,825 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Financial Condition (Unaudited) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Assets | ' | ' |
Cash and due from banks | $82,327 | $74,427 |
Interest-bearing bank deposits | 9,087 | 3,012 |
Securities available for sale, at fair value | 1,351,039 | 1,318,365 |
Other investments | 34,047 | 35,444 |
Loans: | ' | ' |
Portfolio loans | 4,252,213 | 4,283,833 |
Allowance for credit losses | -54,506 | -54,225 |
Net loans | 4,197,707 | 4,229,608 |
Premises and equipment, net | 66,112 | 67,940 |
Other real estate owned | 10,080 | 11,728 |
Goodwill | 159,371 | 159,956 |
Amortizing intangibles, net | 1,133 | 1,311 |
Bank owned life insurance | 174,801 | 174,372 |
Other assets | 123,693 | 138,698 |
Total assets | 6,209,397 | 6,214,861 |
Deposits (all domestic): | ' | ' |
Noninterest-bearing | 966,956 | 912,361 |
Interest-bearing | 3,680,861 | 3,691,502 |
Total deposits | 4,647,817 | 4,603,863 |
Short-term borrowings | 572,965 | 626,615 |
Subordinated debentures | 72,167 | 72,167 |
Other long-term debt | 144,268 | 144,385 |
Total long-term debt | 216,435 | 216,552 |
Other liabilities | 55,397 | 56,134 |
Total liabilities | 5,492,614 | 5,503,164 |
Shareholders’ Equity | ' | ' |
Preferred stock, $1 par value per share, 3,000,000 shares authorized, none issued | 0 | 0 |
Common stock, $1 par value per share, 200,000,000 shares authorized; 105,563,455 shares issued at March 31, 2014 and December 31, 2013, and 94,223,883 and 95,245,215 shares outstanding at March 31, 2014 and December 31, 2013, respectively | 105,563 | 105,563 |
Additional paid-in capital | 365,469 | 365,333 |
Retained earnings | 340,430 | 334,748 |
Accumulated other comprehensive loss, net | -12,492 | -20,588 |
Treasury stock (11,339,572 and 10,318,240 shares at March 31, 2014 and December 31, 2013, respectively) | -82,187 | -73,359 |
Total shareholders’ equity | 716,783 | 711,697 |
Total liabilities and shareholders’ equity | $6,209,397 | $6,214,861 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Financial Condition (Unaudited) (Parenthetical) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
Preferred stock, par value (in dollars per share) | $1 | $1 |
Preferred stock, shares authorized (in shares) | 3,000,000 | 3,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $1 | $1 |
Common stock, shares authorized (in shares) | 200,000,000 | 200,000,000 |
Common stock, shares issued (in shares) | 105,563,455 | 105,563,455 |
Common stock, shares outstanding (in shares) | 94,223,883 | 95,245,215 |
Treasury stock, shares (in shares) | 11,339,572 | 10,318,240 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Income (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Interest Income | ' | ' |
Interest and fees on loans | $43,098 | $44,614 |
Interest and dividends on investments: | ' | ' |
Taxable interest | 7,180 | 7,109 |
Interest exempt from federal income taxes | 4 | 1 |
Dividends | 222 | 36 |
Interest on bank deposits | 2 | 1 |
Total interest income | 50,506 | 51,761 |
Interest Expense | ' | ' |
Interest on deposits | 3,507 | 4,191 |
Interest on short-term borrowings | 469 | 220 |
Interest on subordinated debentures | 566 | 1,384 |
Interest on other long-term debt | 373 | 548 |
Total interest expense | 4,915 | 6,343 |
Net Interest Income | 45,591 | 45,418 |
Provision for credit losses | 3,231 | 4,497 |
Net Interest Income after Provision for Credit Losses | 42,360 | 40,921 |
Noninterest Income | ' | ' |
Net securities gains | 0 | 4 |
Trust income | 1,435 | 1,663 |
Service charges on deposit accounts | 3,792 | 3,401 |
Insurance and retail brokerage commissions | 1,395 | 1,417 |
Income from bank owned life insurance | 1,369 | 1,428 |
Gain on sale of assets | 1,581 | 275 |
Card related interchange income | 3,366 | 3,188 |
Derivatives mark to market | -58 | 989 |
Other income | 2,040 | 2,520 |
Total noninterest income | 14,920 | 14,885 |
Noninterest Expense | ' | ' |
Salaries and employee benefits | 21,044 | 21,793 |
Net occupancy expense | 3,506 | 3,635 |
Furniture and equipment expense | 5,330 | 3,272 |
Data processing expense | 1,468 | 1,516 |
Advertising and promotion expense | 700 | 779 |
Pennsylvania shares tax expense | 711 | 1,190 |
Intangible amortization | 178 | 358 |
Collection and repossession expense | 709 | 1,151 |
Other professional fees and services | 1,024 | 969 |
FDIC insurance | 1,049 | 1,050 |
Operational (recoveries) losses | -689 | 338 |
Conversion related expenses | 354 | 0 |
Other operating expenses | 4,503 | 5,403 |
Total noninterest expense | 39,887 | 41,454 |
Income Before Income Taxes | 17,393 | 14,352 |
Income tax provision | 5,093 | 3,799 |
Net Income | $12,300 | $10,553 |
Average Shares Outstanding (in shares) | 94,543,420 | 99,288,738 |
Average Shares Outstanding Assuming Dilution (in shares) | 94,568,059 | 99,305,414 |
Per Share Data: | ' | ' |
Basic Earnings per Share (in dollars per share) | $0.13 | $0.11 |
Diluted Earnings per Share (in dollars per share) | $0.13 | $0.11 |
Cash Dividends Declared per Common Share (in dollars per share) | $0.07 | $0.05 |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statements of Comprehensive Income (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Net Income | $12,300 | $10,553 |
Other comprehensive income (loss), before tax (expense) benefit: | ' | ' |
Unrealized holding gains (losses) on securities arising during the period | 12,457 | -2,411 |
Less: reclassification adjustment for gains on securities included in net income | 0 | -4 |
Total other comprehensive income (loss), before tax (expense) benefit | 12,457 | -2,415 |
Income tax (expense) benefit related to items of other comprehensive income (loss) | -4,361 | 844 |
Total other comprehensive income (loss) | 8,096 | -1,571 |
Comprehensive Income | $20,396 | $8,982 |
Condensed_Consolidated_Stateme4
Condensed Consolidated Statements of Changes in Shareholders' Equity (Unaudited) (USD $) | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss), net [Member] | Treasury Stock [Member] |
In Thousands, except Share data | ||||||
Beginning balance at Dec. 31, 2012 | $746,007 | $105,563 | $365,354 | $315,608 | $1,259 | ($41,777) |
Beginning balance, shares at Dec. 31, 2012 | ' | 99,629,494 | ' | ' | ' | ' |
Net Income | 10,553 | ' | ' | 10,553 | ' | ' |
Other comprehensive income (loss) | -1,571 | ' | ' | ' | -1,571 | ' |
Dividends, Common Stock, Cash | -4,976 | ' | ' | -4,976 | ' | ' |
Discount on dividend reinvestment plan purchases | -25 | ' | -25 | ' | ' | ' |
Treasury stock acquired | -2,381 | ' | ' | ' | ' | -2,381 |
Treasury stock acquired, shares | ' | -331,374 | ' | ' | ' | ' |
Restricted stock, shares | ' | 0 | ' | ' | ' | ' |
Restricted stock | 121 | ' | 25 | 0 | ' | 96 |
Ending balance at Mar. 31, 2013 | 747,728 | 105,563 | 365,354 | 321,185 | -312 | -44,062 |
Ending balance, shares at Mar. 31, 2013 | ' | 99,298,120 | ' | ' | ' | ' |
Beginning balance at Dec. 31, 2013 | 711,697 | 105,563 | 365,333 | 334,748 | -20,588 | -73,359 |
Beginning balance, shares at Dec. 31, 2013 | 95,245,215 | 95,245,215 | ' | ' | ' | ' |
Net Income | 12,300 | ' | ' | 12,300 | ' | ' |
Other comprehensive income (loss) | 8,096 | ' | ' | ' | 8,096 | ' |
Dividends, Common Stock, Cash | -6,618 | ' | ' | -6,618 | ' | ' |
Discount on dividend reinvestment plan purchases | -33 | ' | -33 | ' | ' | ' |
Treasury stock acquired | -8,941 | ' | ' | ' | ' | -8,941 |
Treasury stock acquired, shares | ' | -1,084,958 | ' | ' | ' | ' |
Restricted stock, shares | ' | 63,626 | ' | ' | ' | ' |
Restricted stock | 282 | ' | 169 | 0 | ' | 113 |
Ending balance at Mar. 31, 2014 | $716,783 | $105,563 | $365,469 | $340,430 | ($12,492) | ($82,187) |
Ending balance, shares at Mar. 31, 2014 | 94,223,883 | 94,223,883 | ' | ' | ' | ' |
Condensed_Consolidated_Stateme5
Condensed Consolidated Statements of Changes in Shareholders' Equity (Unaudited) (Parenthetical) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Cash Dividends Declared per Common Share (in dollars per share) | $0.07 | $0.05 |
Common Stock [Member] | ' | ' |
Cash Dividends Declared per Common Share (in dollars per share) | $0.07 | $0.05 |
Condensed_Consolidated_Stateme6
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Operating Activities | ' | ' |
Net Income | $12,300 | $10,553 |
Adjustment to reconcile net income to net cash provided by operating activities: | ' | ' |
Provision for credit losses | 3,231 | 4,497 |
Deferred tax expense | 2,646 | 2,778 |
Depreciation and amortization | 4,310 | 2,397 |
Net gains on securities and other assets | -1,086 | -1,081 |
Net amortization of premiums and discounts on securities | 538 | 552 |
Net accretion of premiums and discounts on long term debt | -30 | -29 |
Income from increase in cash surrender value of bank owned life insurance | -1,369 | -1,428 |
Decrease (increase) in interest receivable | 689 | -258 |
Decrease in interest payable | -163 | -826 |
Increase in income taxes payable | 2,231 | 1,008 |
Other-net | -2,420 | -5,342 |
Net cash provided by operating activities | 20,877 | 12,821 |
Investing Activities | ' | ' |
Proceeds from sales | 0 | 42 |
Proceeds from maturities and redemptions | 101,125 | 75,603 |
Purchases | -114,706 | -204,505 |
Purchases of FHLB stock | -6,579 | -2,886 |
Proceeds from the redemption of FHLB stock | 7,976 | 2,756 |
Proceeds from bank owned life insurance | 939 | 178 |
Proceeds from sale of loans | 716 | 14,099 |
Proceeds from sale of other assets | 4,443 | 1,334 |
Net decrease (increase) in loans | 26,564 | -41,343 |
Purchases of premises and equipment | -2,240 | -2,164 |
Net cash provided by (used in) investing activities | 18,238 | -156,886 |
Financing Activities | ' | ' |
Net decrease in federal funds purchased | -500 | -14,800 |
Net decrease in other short-term borrowings | -53,149 | -33,327 |
Net increase in deposits | 43,955 | 153,709 |
Repayments of other long-term debt | -87 | -123 |
Discount on dividend reinvestment plan purchases | -33 | -25 |
Dividends paid | -6,618 | -4,976 |
Purchase of treasury stock | -8,708 | -3,604 |
Net cash (used in) provided by financing activities | -25,140 | 96,854 |
Net increase (decrease) in cash and cash equivalents | 13,975 | -47,211 |
Cash and cash equivalents at January 1 | 77,439 | 102,982 |
Cash and cash equivalents at March 31 | $91,414 | $55,771 |
Basis_of_Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Basis of Presentation | ' |
Basis of Presentation | |
The accounting and reporting policies of First Commonwealth Financial Corporation and its subsidiaries (“First Commonwealth” or “Company”) conform with generally accepted accounting principles in the United States of America (“GAAP”). The preparation of financial statements in conformity with GAAP requires management to make estimates, assumptions and judgments that affect the amounts reported in the financial statements and accompanying notes. Actual realized amounts could differ from those estimates. In the opinion of management, the unaudited interim condensed consolidated financial statements include all adjustments (consisting of only normal recurring adjustments) necessary for a fair presentation of First Commonwealth’s financial position, results of operations, cash flows and changes in shareholders’ equity as of and for the periods presented. | |
The results of operations for the three months ended March 31, 2014 are not necessarily indicative of the results that may be expected for the full year of 2014. These interim financial statements should be read in conjunction with First Commonwealth’s 2013 Annual Report on Form 10-K which is available on First Commonwealth’s website at http://www.fcbanking.com. | |
For purposes of reporting cash flows, cash and cash equivalents include cash on hand, amounts due from banks, federal funds sold and interest-bearing bank deposits. Generally, federal funds are sold for one-day periods. |
Supplemental_Comprehensive_Inc
Supplemental Comprehensive Income Disclosures | 3 Months Ended | |||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||
Supplemental Comprehensive Income Disclosures [Abstract] | ' | |||||||||||||||||||||||
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block] | ' | |||||||||||||||||||||||
The following table details the change in components of OCI for the three months ended March 31: | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Securities Available for Sale | Post-Retirement Obligation | Accumulated Other Comprehensive Income | Securities Available for Sale | Post-Retirement Obligation | Accumulated Other Comprehensive Income | |||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||
Balance at December 31 | $ | (20,868 | ) | $ | 280 | $ | (20,588 | ) | $ | 1,121 | $ | 138 | $ | 1,259 | ||||||||||
Other comprehensive income (loss) before reclassification adjustment | 8,096 | — | 8,096 | (1,568 | ) | — | (1,568 | ) | ||||||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | — | — | — | (3 | ) | — | (3 | ) | ||||||||||||||||
Net other comprehensive income (loss) during the period | 8,096 | — | 8,096 | (1,571 | ) | — | (1,571 | ) | ||||||||||||||||
Balance at March 31 | $ | (12,772 | ) | $ | 280 | $ | (12,492 | ) | $ | (450 | ) | $ | 138 | $ | (312 | ) | ||||||||
Supplemental Comprehensive Income Disclosures | ' | |||||||||||||||||||||||
Supplemental Comprehensive Income Disclosures | ||||||||||||||||||||||||
The following table identifies the related tax effects allocated to each component of other comprehensive income (“OCI”) in the Condensed Consolidated Statements of Comprehensive Income. Reclassification adjustments related to securities available for sale are included in the "Net securities gains" line in the Condensed Consolidated Statements of Income. The non-credit related gains on securities not expected to be sold are included in the "Noninterest Income" section of the Condensed Consolidated Statements of Income. | ||||||||||||||||||||||||
For the Three-Months Ended March 31 | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Pretax Amount | Tax (Expense) Benefit | Net of Tax Amount | Pretax Amount | Tax (Expense) Benefit | Net of Tax Amount | |||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||
Unrealized gains (losses) on securities: | ||||||||||||||||||||||||
Unrealized holding gains (losses) on securities arising during the period | $ | 12,457 | $ | (4,361 | ) | $ | 8,096 | $ | (2,411 | ) | $ | 843 | $ | (1,568 | ) | |||||||||
Reclassification adjustment for gains on securities included in net income | — | — | — | (4 | ) | 1 | (3 | ) | ||||||||||||||||
Total unrealized gains (losses) on securities | 12,457 | (4,361 | ) | 8,096 | (2,415 | ) | 844 | (1,571 | ) | |||||||||||||||
Total other comprehensive income (loss) | $ | 12,457 | $ | (4,361 | ) | $ | 8,096 | $ | (2,415 | ) | $ | 844 | $ | (1,571 | ) | |||||||||
The following table details the change in components of OCI for the three months ended March 31: | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Securities Available for Sale | Post-Retirement Obligation | Accumulated Other Comprehensive Income | Securities Available for Sale | Post-Retirement Obligation | Accumulated Other Comprehensive Income | |||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||
Balance at December 31 | $ | (20,868 | ) | $ | 280 | $ | (20,588 | ) | $ | 1,121 | $ | 138 | $ | 1,259 | ||||||||||
Other comprehensive income (loss) before reclassification adjustment | 8,096 | — | 8,096 | (1,568 | ) | — | (1,568 | ) | ||||||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | — | — | — | (3 | ) | — | (3 | ) | ||||||||||||||||
Net other comprehensive income (loss) during the period | 8,096 | — | 8,096 | (1,571 | ) | — | (1,571 | ) | ||||||||||||||||
Balance at March 31 | $ | (12,772 | ) | $ | 280 | $ | (12,492 | ) | $ | (450 | ) | $ | 138 | $ | (312 | ) | ||||||||
Supplemental_Cash_Flow_Disclos
Supplemental Cash Flow Disclosures | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Supplemental Cash Flow Information [Abstract] | ' | |||||||
Supplemental Cash Flow Disclosures | ' | |||||||
Supplemental Cash Flow Disclosures | ||||||||
The following table presents information related to cash paid during the period for interest as well as detail on non-cash investing and financing activities for the three months ended March 31: | ||||||||
2014 | 2013 | |||||||
(dollars in thousands) | ||||||||
Cash paid during the period for: | ||||||||
Interest | $ | 5,108 | $ | 7,211 | ||||
Non-cash investing and financing activities: | ||||||||
Loans transferred to other real estate owned and repossessed assets | 1,292 | 1,207 | ||||||
Loans transferred from held to maturity to held for sale | 716 | 16,613 | ||||||
Loans sold, not settled | — | 2,640 | ||||||
Gross increase (decrease) in market value adjustment to securities available for sale | 12,459 | (2,411 | ) | |||||
Investments committed to purchase, not settled | 2,522 | — | ||||||
Unsettled treasury stock repurchases | 233 | — | ||||||
Earnings_per_Share
Earnings per Share | 3 Months Ended | |||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||||||||
Earnings per Share | ' | |||||||||||||||||||||
Earnings per Share | ||||||||||||||||||||||
The following table summarizes the composition of the weighted-average common shares (denominator) used in the basic and diluted earnings per share computations: | ||||||||||||||||||||||
For the Three-Months Ended March 31 | ||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||
Weighted average common shares issued | 105,563,455 | 105,563,455 | ||||||||||||||||||||
Average treasury stock shares | (10,876,695 | ) | (6,104,526 | ) | ||||||||||||||||||
Average unearned nonvested shares | (143,340 | ) | (170,191 | ) | ||||||||||||||||||
Weighted average common shares and common stock equivalents used to calculate basic earnings per share | 94,543,420 | 99,288,738 | ||||||||||||||||||||
Additional common stock equivalents (nonvested stock) used to calculate diluted earnings per share | 24,639 | 16,676 | ||||||||||||||||||||
Additional common stock equivalents (stock options) used to calculate diluted earnings per share | — | — | ||||||||||||||||||||
Weighted average common shares and common stock equivalents used to calculate diluted earnings per share | 94,568,059 | 99,305,414 | ||||||||||||||||||||
The following table shows the number of shares and the price per share related to common stock equivalents that were not included in the computation of diluted earnings per share for the three months ended March 31 because to do so would have been antidilutive. | ||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||
Price Range | Price Range | |||||||||||||||||||||
Shares | From | To | Shares | From | To | |||||||||||||||||
Stock Options | 15,000 | $ | 14.55 | $ | 14.55 | 82,041 | $ | 9.19 | $ | 14.55 | ||||||||||||
Restricted Stock | 5,601 | 8.75 | 9.18 | — | — | — | ||||||||||||||||
Variable_Interest_Entities
Variable Interest Entities | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Variable Interest Entities [Abstract] | ' | |||||||
Variable Interest Entities | ' | |||||||
Variable Interest Entities | ||||||||
As defined by Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 810-10, a Variable Interest Entity (“VIE”) is a corporation, partnership, trust or any other legal structure used for business purposes that either (a) does not have equity investors with voting rights or (b) has equity investors that do not provide sufficient financial resources for the entity to support its activities. Under ASC 810-10, an entity that holds a variable interest in a VIE is required to consolidate the VIE if the entity is deemed to be the primary beneficiary, which generally means it is subject to a majority of the risk of loss from the VIE’s activities, is entitled to receive a majority of the entity’s residual returns, or both. | ||||||||
First Commonwealth’s VIEs are evaluated under the guidance included in FASB Accounting Standards Update (“ASU”) 2009-17. These VIEs include qualified affordable housing projects that First Commonwealth has invested in as part of its community reinvestment initiatives. We periodically assess whether or not our variable interests in the VIE, based on qualitative analysis, provide us with a controlling interest in the VIE. The analysis includes an assessment of the characteristics of the VIE. We do not have a controlling financial interest in the VIE, which would require consolidation of the VIE, as we do not have the following characteristics: (1) the power to direct the activities that most significantly impact the VIE’s economic performance; and (2) the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE. | ||||||||
First Commonwealth’s maximum potential exposure is equal to its carrying value and is summarized in the table below: | ||||||||
31-Mar-14 | 31-Dec-13 | |||||||
(dollars in thousands) | ||||||||
Low Income Housing Limited Partnership Investments | $ | 174 | $ | 207 | ||||
Commitments_and_Contingent_Lia
Commitments and Contingent Liabilities | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||||||
Commitments and Contingent Liabilities | ' | |||||||
Commitments and Contingent Liabilities | ||||||||
Commitments and letters of credit | ||||||||
Standby letters of credit and commercial letters of credit are conditional commitments issued by First Commonwealth to guarantee the performance of a customer to a third party. The contract or notional amount of these instruments reflects the maximum amount of future payments that First Commonwealth could be required to pay under the guarantees if there were a total default by the guaranteed parties, without consideration of possible recoveries under recourse provisions or from collateral held or pledged. In addition, many of these commitments are expected to expire without being drawn upon; therefore, the total commitment amounts do not necessarily represent future cash requirements. | ||||||||
The following table identifies the notional amount of those instruments at: | ||||||||
31-Mar-14 | 31-Dec-13 | |||||||
(dollars in thousands) | ||||||||
Financial instruments whose contract amounts represent credit risk: | ||||||||
Commitments to extend credit | $ | 1,519,436 | $ | 1,571,987 | ||||
Financial standby letters of credit | 37,119 | 38,121 | ||||||
Performance standby letters of credit | 27,458 | 32,441 | ||||||
Commercial letters of credit | — | — | ||||||
The notional amounts outstanding as of March 31, 2014 include amounts issued in 2014 of $0.1 million in financial standby letters of credit and $0.4 million in performance standby letters of credit. There were no commercial letters of credit issued during 2014. A liability of $0.1 million has been recorded as of March 31, 2014 and December 31, 2013, which represents the estimated fair value of letters of credit issued. The fair value of letters of credit is estimated based on the unrecognized portion of fees received at the time the commitment was issued. | ||||||||
Unused commitments and letters of credit provide exposure to future credit loss in the event of nonperformance by the borrower or guaranteed parties. Management’s evaluation of the credit risk related to these commitments resulted in the recording of a liability of $2.8 million as of March 31, 2014 and $3.2 million as of December 31, 2013. The credit risk evaluation incorporated probability of default, loss given default and estimated utilization for the next twelve months for each loan category and the letters of credit. | ||||||||
Legal proceedings | ||||||||
Market Rate Savings IRA Litigation | ||||||||
McGrogan v. First Commonwealth Bank was filed as a class action on January 12, 2009, in the Court of Common Pleas of Allegheny County, Pennsylvania. The action alleges that First Commonwealth Bank (the “Bank”) promised class members a minimum interest rate of 8% on its IRA Market Rate Savings Account for as long as the class members kept their money on deposit in the IRA account. The class asserted that the Bank committed fraud, breached its modified contract with the class members, and violated the Pennsylvania Unfair Trade Practice and Consumer Protection Law (UTPCPL) when it resigned as custodian of the IRA Market Rate Savings Accounts in 2008 and offered the class members a roll-over IRA account with a 3.5% interest rate. Plaintiffs sought monetary damages for the alleged breach of contract, punitive damages for the alleged fraud and Unfair Trade Practice and Consumer Protection Law violations and attorney’s fees. The court granted class certification as to the breach of modified contract claim and denied class certification as to the fraud and Pennsylvania Unfair Trade Practice and Consumer Protection Law claims. The breach of contract claim was predicated upon a letter sent to customers in 1998 which reversed an earlier decision by the Bank to reduce the rate paid on the accounts. The letter stated, in relevant part, “This letter will serve as notification that a decision has been made to re-establish the rate on your account to eight percent (8)%. This rate will be retroactive to your most recent maturity date and will continue going forward on deposits presently in the account and on annual additions.” On August 30, 2012, the Court entered an order granting the Bank’s motion for summary judgment and dismissed the class action claims. The Court found that the Bank retained the right to resign as custodian of the accounts and that the act of resigning as custodian and closing the accounts did not breach the terms of the underlying IRA contract. On appeal, the Superior Court affirmed the denial of class certification to the claims of fraud in the execution and violation of the UTPCPL. The Superior Court found that none of the other issues were ripe for appeal. Jurisdiction was returned to the Court of Common Pleas where the individual fraud and UTPCPL claims of Mr. and Mrs. McGrogan await trial. | ||||||||
In December 2013, three new complaints were filed by 34 former members of the McGrogan class: | ||||||||
-1 | Jarrett et al. v. First Commonwealth Bank - An action filed by eight plaintiffs on December 2, 2013 in the Westmoreland County Court of Common Pleas asserting claims for fraud in the inducement, fraud in the execution, violation of the UTPCPL, breach of fiduciary duty and promissory estoppel. | |||||||
-2 | Young et al. v. First Commonwealth Bank - An action filed by 12 plaintiffs on December 2, 2013 in the Westmoreland County Court of Common Pleas asserting claims for fraud in the inducement, fraud in the execution, violation of the UTPCPL, breach of fiduciary duty and promissory estoppel. | |||||||
-3 | Fisanik et. al. v. First Commonwealth Bank - An action filed by 14 plaintiffs on December 9, 2013 in the Cambria County Court of Common Pleas asserting claims for fraud in the inducement, fraud in the execution, violation of the UTPCPL, and breach of fiduciary duty. | |||||||
The 36 plaintiffs who have filed individual actions held Market Rate Savings IRA balances totaling approximately $4 million at the time of the Bank’s resignation as custodian of the IRAs in 2008. The average age of the plaintiffs at that time was 62. | ||||||||
At this time, the Bank believes the claims are without merit. | ||||||||
Other matters | ||||||||
First Commonwealth identified an error related to historical tax reporting for approximately 700-900 customers. A liability related to this error is considered probable, resulting in the establishment of an $0.8 million contingency reserve during 2013. As resolution of this issue continues, the $0.8 million reserve represents management's best estimate of liability. The contingent reserve is included in “Other liabilities” in the Condensed Consolidated Statements of Financial Condition. | ||||||||
There are no other material legal proceedings to which First Commonwealth or its subsidiaries are a party, or of which their property is the subject, except proceedings which arise in the normal course of business and, in the opinion of management, will not have a material adverse effect on the consolidated operations, financial position or cash flow of First Commonwealth or its subsidiaries. |
Investment_Securities
Investment Securities | 3 Months Ended | |||||||||||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | |||||||||||||||||||||||||||||||
Investment Securities | ' | |||||||||||||||||||||||||||||||
Investment Securities | ||||||||||||||||||||||||||||||||
Below is an analysis of the amortized cost and estimated fair values of securities available for sale at: | ||||||||||||||||||||||||||||||||
31-Mar-14 | 31-Dec-13 | |||||||||||||||||||||||||||||||
Amortized | Gross | Gross | Estimated | Amortized | Gross | Gross | Estimated | |||||||||||||||||||||||||
Cost | Unrealized | Unrealized | Fair Value | Cost | Unrealized | Unrealized | Fair Value | |||||||||||||||||||||||||
Gains | Losses | Gains | Losses | |||||||||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||||||||
Obligations of U.S. Government Agencies: | ||||||||||||||||||||||||||||||||
Mortgage-Backed Securities – Residential | $ | 21,648 | $ | 2,627 | $ | (34 | ) | $ | 24,241 | $ | 22,639 | $ | 2,624 | $ | (59 | ) | $ | 25,204 | ||||||||||||||
Obligations of U.S. Government-Sponsored Enterprises: | ||||||||||||||||||||||||||||||||
Mortgage-Backed Securities – Residential | 1,020,102 | 12,977 | (19,472 | ) | 1,013,607 | 1,009,519 | 12,531 | (27,163 | ) | 994,887 | ||||||||||||||||||||||
Mortgage-Backed Securities – Commercial | 96 | 2 | — | 98 | 104 | 1 | — | 105 | ||||||||||||||||||||||||
Other Government-Sponsored Enterprises | 269,170 | 3 | (1,863 | ) | 267,310 | 267,971 | 81 | (1,927 | ) | 266,125 | ||||||||||||||||||||||
Obligations of States and Political Subdivisions | 9,340 | 22 | (3 | ) | 9,359 | 80 | — | — | 80 | |||||||||||||||||||||||
Corporate Securities | 6,691 | 437 | — | 7,128 | 6,693 | 328 | — | 7,021 | ||||||||||||||||||||||||
Pooled Trust Preferred Collateralized Debt Obligations | 42,214 | — | (14,338 | ) | 27,876 | 42,040 | — | (18,517 | ) | 23,523 | ||||||||||||||||||||||
Total Debt Securities | 1,369,261 | 16,068 | (35,710 | ) | 1,349,619 | 1,349,046 | 15,565 | (47,666 | ) | 1,316,945 | ||||||||||||||||||||||
Equities | 1,420 | — | — | 1,420 | 1,420 | — | — | 1,420 | ||||||||||||||||||||||||
Total Securities Available for Sale | $ | 1,370,681 | $ | 16,068 | $ | (35,710 | ) | $ | 1,351,039 | $ | 1,350,466 | $ | 15,565 | $ | (47,666 | ) | $ | 1,318,365 | ||||||||||||||
Mortgage backed securities include mortgage backed obligations of U.S. Government agencies and obligations of U.S. Government-sponsored enterprises. These obligations have contractual maturities ranging from less than one year to approximately 30 years with lower anticipated lives to maturity due to prepayments. All mortgage backed securities contain a certain amount of risk related to the uncertainty of prepayments of the underlying mortgages. Interest rate changes have a direct impact upon prepayment speeds, therefore First Commonwealth uses computer simulation models to test the average life and yield volatility of all mortgage backed securities under various interest rate scenarios to monitor the potential impact on earnings and interest rate risk positions. | ||||||||||||||||||||||||||||||||
Expected maturities will differ from contractual maturities because issuers may have the right to call or repay obligations with or without call or prepayment penalties. Other fixed income securities within the portfolio also contain prepayment risk. | ||||||||||||||||||||||||||||||||
The amortized cost and estimated fair value of debt securities available for sale at March 31, 2014, by contractual maturity, are shown below. | ||||||||||||||||||||||||||||||||
Amortized | Estimated | |||||||||||||||||||||||||||||||
Cost | Fair Value | |||||||||||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||||||||
Due within 1 year | $ | 5,601 | $ | 5,604 | ||||||||||||||||||||||||||||
Due after 1 but within 5 years | 263,570 | 261,706 | ||||||||||||||||||||||||||||||
Due after 5 but within 10 years | 3,371 | 3,381 | ||||||||||||||||||||||||||||||
Due after 10 years | 54,873 | 40,982 | ||||||||||||||||||||||||||||||
327,415 | 311,673 | |||||||||||||||||||||||||||||||
Mortgage-Backed Securities (a) | 1,041,846 | 1,037,946 | ||||||||||||||||||||||||||||||
Total Debt Securities | $ | 1,369,261 | $ | 1,349,619 | ||||||||||||||||||||||||||||
(a) | Mortgage Backed Securities include an amortized cost of $21.6 million and a fair value of $24.2 million for Obligations of U.S. Government agencies issued by Ginnie Mae and an amortized cost of $1,020.2 million and a fair value of $1,013.7 million for Obligations of U.S. Government-sponsored enterprises issued by Fannie Mae and Freddie Mac. | |||||||||||||||||||||||||||||||
Proceeds from sales, gross gains (losses) realized on sales, maturities and other-than-temporary impairment charges related to securities available for sale were as follows for the three months ended March 31: | ||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||||||||
Proceeds from sales | $ | — | $ | 42 | ||||||||||||||||||||||||||||
Gross gains (losses) realized: | ||||||||||||||||||||||||||||||||
Sales Transactions: | ||||||||||||||||||||||||||||||||
Gross gains | $ | — | $ | 4 | ||||||||||||||||||||||||||||
Gross losses | — | — | ||||||||||||||||||||||||||||||
Net gains and impairment | $ | — | $ | 4 | ||||||||||||||||||||||||||||
Securities available for sale with an estimated fair value of $548.4 million and $594.9 million were pledged as of March 31, 2014 and December 31, 2013, respectively, to secure public deposits and for other purposes required or permitted by law. |
Impairment_of_Investment_Secur
Impairment of Investment Securities | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||
Impairment of Investment Securities Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Impairment of Investment Securities | ' | ||||||||||||||||||||||||
Impairment of Investment Securities | |||||||||||||||||||||||||
Securities Available for Sale | |||||||||||||||||||||||||
As required by FASB ASC Topic 320, “Investments – Debt and Equity Securities,” credit related other-than-temporary impairment on debt securities is recognized in earnings while non-credit related other-than-temporary impairment on debt securities not expected to be sold is recognized in OCI. During the three months ended March 31, 2014 and 2013, no other-than-temporary impairment charges were recognized. | |||||||||||||||||||||||||
First Commonwealth utilizes the specific identification method to determine the net gain or loss on debt securities and the average cost method to determine the net gain or loss on equity securities. | |||||||||||||||||||||||||
We review our investment portfolio on a quarterly basis for indications of impairment. This review includes analyzing the length of time and the extent to which the fair value has been lower than the cost, the financial condition and near-term prospects of the issuer, including any specific events which may influence the operations of the issuer and whether we are more likely than not to sell the security. We evaluate whether we are more likely than not to sell debt securities based upon our investment strategy for the particular type of security and our cash flow needs, liquidity position, capital adequacy, tax position and interest rate risk position. In addition, the risk of future other-than-temporary impairment may be influenced by additional bank failures, weakness in the U.S. economy, changes in real estate values and additional interest deferrals in our pooled trust preferred collateralized debt obligations. Our pooled trust preferred collateralized debt obligations are beneficial interests in securitized financial assets within the scope of FASB ASC Topic 325, “Investments – Other,” and are therefore evaluated for other-than-temporary impairment using management’s best estimate of future cash flows. If these estimated cash flows indicate that it is probable that an adverse change in cash flows has occurred, then other-than-temporary impairment would be recognized in accordance with FASB ASC Topic 320. There is a risk that First Commonwealth will record other-than-temporary impairment charges in the future. See Note 11, “Fair Values of Assets and Liabilities,” for additional information. | |||||||||||||||||||||||||
The following table presents the gross unrealized losses and estimated fair values at March 31, 2014 by investment category and time frame for which securities have been in a continuous unrealized loss position: | |||||||||||||||||||||||||
Less Than 12 Months | 12 Months or More | Total | |||||||||||||||||||||||
Estimated | Gross | Estimated | Gross | Estimated | Gross | ||||||||||||||||||||
Fair Value | Unrealized | Fair Value | Unrealized | Fair Value | Unrealized | ||||||||||||||||||||
Losses | Losses | Losses | |||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||
Obligations of U.S. Government Agencies: | |||||||||||||||||||||||||
Mortgage-Backed Securities – Residential | $ | 2,044 | $ | (34 | ) | $ | — | $ | — | $ | 2,044 | $ | (34 | ) | |||||||||||
Obligations of U.S. Government-Sponsored Enterprises: | |||||||||||||||||||||||||
Mortgage-Backed Securities – Residential | 459,224 | (11,805 | ) | 149,391 | (7,667 | ) | 608,615 | (19,472 | ) | ||||||||||||||||
Other Government-Sponsored Enterprises | 237,136 | (1,452 | ) | 24,570 | (411 | ) | 261,706 | (1,863 | ) | ||||||||||||||||
Obligations of States and Political Subdivisions | 2,825 | (3 | ) | — | — | 2,825 | (3 | ) | |||||||||||||||||
Pooled Trust Preferred Collateralized Debt Obligations | 2,637 | (57 | ) | 25,240 | (14,281 | ) | 27,877 | (14,338 | ) | ||||||||||||||||
Total Securities Available for Sale | $ | 703,866 | $ | (13,351 | ) | $ | 199,201 | $ | (22,359 | ) | $ | 903,067 | $ | (35,710 | ) | ||||||||||
At March 31, 2014, pooled trust preferred collateralized debt obligations accounted for 40% of the unrealized losses, while fixed income securities issued by U.S. Government-sponsored enterprises comprised 60% of total unrealized losses. The unrealized losses related to U.S. Government-sponsored enterprises are the result of interest rate movements. There were no equity securities in an unrealized loss position at March 31, 2014. | |||||||||||||||||||||||||
The following table presents the gross unrealized losses and estimated fair values at December 31, 2013 by investment category and time frame for which securities have been in a continuous unrealized loss position: | |||||||||||||||||||||||||
Less Than 12 Months | 12 Months or More | Total | |||||||||||||||||||||||
Estimated | Gross | Estimated | Gross | Estimated | Gross | ||||||||||||||||||||
Fair Value | Unrealized | Fair Value | Unrealized | Fair Value | Unrealized | ||||||||||||||||||||
Losses | Losses | Losses | |||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||
Obligations of U.S. Government Agencies: | |||||||||||||||||||||||||
Mortgage-Backed Securities – Residential | $ | 2,035 | $ | (59 | ) | $ | — | $ | — | $ | 2,035 | $ | (59 | ) | |||||||||||
Obligations of U.S. Government-Sponsored Enterprises: | |||||||||||||||||||||||||
Mortgage-Backed Securities – Residential | 632,231 | (22,844 | ) | 65,324 | (4,319 | ) | 697,555 | (27,163 | ) | ||||||||||||||||
Other Government-Sponsored Enterprises | 183,542 | (1,448 | ) | 24,501 | (479 | ) | 208,043 | (1,927 | ) | ||||||||||||||||
Pooled Trust Preferred Collateralized Debt Obligations | 2,401 | (237 | ) | 21,122 | (18,280 | ) | 23,523 | (18,517 | ) | ||||||||||||||||
Total Securities Available for Sale | $ | 820,209 | $ | (24,588 | ) | $ | 110,947 | $ | (23,078 | ) | $ | 931,156 | $ | (47,666 | ) | ||||||||||
As of March 31, 2014, our corporate securities had an amortized cost and an estimated fair value of $6.7 million and $7.1 million, respectively, and were comprised of single issue trust preferred securities issued primarily by large regional banks. As of December 31, 2013, the same portion of the portfolio had an amortized cost of $6.7 million and an estimated fair value of $7.0 million. There were no corporate securities in an unrealized loss position as of March 31, 2014 and December 31, 2013. When unrealized losses exist on these investments, management reviews each of the issuer’s asset quality, earnings trends and capital position, to determine whether issues in an unrealized loss position were other-than-temporarily impaired. All interest payments on the corporate securities are being made as contractually required. | |||||||||||||||||||||||||
As of March 31, 2014, the book value of our pooled trust preferred collateralized debt obligations totaled $42.2 million with an estimated fair value of $27.9 million, which includes securities comprised of 288 banks and other financial institutions. All of our pooled securities are mezzanine tranches, four of which now have no senior class remaining in the issue. The credit rating on all of our issues are below investment grade. At the time of initial issue, the subordinated tranches ranged in size from approximately 7% to 35% of the total principal amount of the respective securities and no more than 5% of any pooled security consisted of a security issued by any one institution. As of March 31, 2014, after taking into account management’s best estimates of future interest deferrals and defaults, five of our securities had no excess subordination in the tranches we own and five of our securities had excess subordination which ranged from 8% to 56% of the current performing collateral. | |||||||||||||||||||||||||
The following table provides information related to our pooled trust preferred collateralized debt obligations as of March 31, 2014: | |||||||||||||||||||||||||
Deal | Class | Book | Estimated Fair | Unrealized | Moody’s/ | Number | Deferrals | Excess | |||||||||||||||||
Value | Value | Gain | Fitch | of | and | Subordination | |||||||||||||||||||
(Loss) | Ratings | Banks | Defaults | as a % of | |||||||||||||||||||||
as a % of | Current | ||||||||||||||||||||||||
Current | Performing | ||||||||||||||||||||||||
Collateral | Collateral | ||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||
Pre TSL IV | Mezzanine | $ | 1,830 | $ | 1,297 | $ | (533 | ) | B1/B | 6 | 18.05 | % | 55.72 | % | |||||||||||
Pre TSL V | Mezzanine | 58 | 28 | (30 | ) | C/- | 3 | 100 | — | ||||||||||||||||
Pre TSL VII | Mezzanine | 2,636 | 2,609 | (27 | ) | Ca/C | 14 | 54.14 | — | ||||||||||||||||
Pre TSL VIII | Mezzanine | 1,985 | 1,400 | (585 | ) | C/C | 30 | 54.77 | — | ||||||||||||||||
Pre TSL IX | Mezzanine | 2,313 | 1,390 | (923 | ) | Caa1/C | 42 | 28.05 | 7.86 | ||||||||||||||||
Pre TSL X | Mezzanine | 1,409 | 1,391 | (18 | ) | Caa3/C | 46 | 35.07 | — | ||||||||||||||||
Pre TSL XII | Mezzanine | 5,410 | 3,311 | (2,099 | ) | Caa3/C | 68 | 30.28 | — | ||||||||||||||||
Pre TSL XIII | Mezzanine | 12,408 | 7,941 | (4,467 | ) | Caa3/C | 61 | 27.78 | 19.84 | ||||||||||||||||
Pre TSL XIV | Mezzanine | 13,720 | 8,146 | (5,574 | ) | Ca/C | 58 | 31.9 | 50.44 | ||||||||||||||||
MMCap I | Mezzanine | 445 | 363 | (82 | ) | Ca/C | 11 | 58.76 | 14.63 | ||||||||||||||||
Total | $ | 42,214 | $ | 27,876 | $ | (14,338 | ) | ||||||||||||||||||
Lack of liquidity in the market for trust preferred collateralized debt obligations, below investment grade credit ratings and market uncertainties related to the financial industry are factors contributing to the impairment on these securities. | |||||||||||||||||||||||||
All of the Company's pooled trust preferred securities are included in the non-exclusive list issued by the regulatory agencies and therefore are not considered covered funds under the Volcker Rule. | |||||||||||||||||||||||||
On a quarterly basis we evaluate our debt securities for other-than-temporary impairment. During the three-months ended March 31, 2014 and 2013, there were no credit related other-than-temporary impairment charges recognized on our pooled trust preferred collateralized debt obligations. When evaluating these investments we determine a credit related portion and a non-credit related portion of other-than-temporary impairment. The credit related portion is recognized in earnings and represents the difference between book value and the present value of future cash flows. The non-credit related portion is recognized in OCI and represents the difference between the fair value of the security and the amount of credit related impairment. A discounted cash flow analysis provides the best estimate of credit related other-than-temporary impairment for these securities. | |||||||||||||||||||||||||
Additional information related to the discounted cash flow analysis follows: | |||||||||||||||||||||||||
Our pooled trust preferred collateralized debt obligations are measured for other-than-temporary impairment within the scope of FASB ASC Topic 325 by determining whether it is probable that an adverse change in estimated cash flows has occurred. Determining whether there has been an adverse change in estimated cash flows from the cash flows previously projected involves comparing the present value of remaining cash flows previously projected against the present value of the cash flows estimated at March 31, 2014. We consider the discounted cash flow analysis to be our primary evidence when determining whether credit related other-than-temporary impairment exists. | |||||||||||||||||||||||||
Results of a discounted cash flow test are significantly affected by other variables such as the estimate of future cash flows, credit worthiness of the underlying banks and determination of probability of default of the underlying collateral. The following provides additional information for each of these variables: | |||||||||||||||||||||||||
• | Estimate of Future Cash Flows – Cash flows are constructed in an INTEX cash flow model which includes each deal’s structural features. Projected cash flows include prepayment assumptions which are dependent on the issuer's asset size and coupon rate. For collateral issued by financial institutions over $15 billion in asset size with a coupon over 7%, a 100% prepayment rate is assumed. Financial institutions over $15 billion with a coupon of 7% or under are assigned a prepayment rate of 40% for two years and 2% thereafter. Financial institutions with assets between $2 billion and $15 billion with coupons over 7% are assigned a 5% prepayment rate. For financial institutions below $2 billion, if the coupon is over 10%, a prepayment rate of 5% is assumed and for all other issuers, there is no prepayment assumption incorporated into the cash flows. The modeled cash flows are then used to estimate if all the scheduled principal and interest payments of our investments will be returned. | ||||||||||||||||||||||||
• | Credit Analysis – A quarterly credit evaluation is performed for each of the 288 banks comprising the collateral across the various pooled trust preferred securities. Our credit evaluation considers all evidence available to us and includes the nature of the issuer’s business, its years of operating history, corporate structure, loan composition, loan concentrations, deposit mix, asset growth rates, geographic footprint and local economic environment. Our analysis focuses on profitability, return on assets, shareholders’ equity, net interest margin, credit quality ratios, operating efficiency, capital adequacy and liquidity. | ||||||||||||||||||||||||
• | Probability of Default – A probability of default is determined for each bank and is used to calculate the expected impact of future deferrals and defaults on our expected cash flows. Each bank in the collateral pool is assigned a probability of default for each year until maturity. Currently, any bank that is in default is assigned a 100% probability of default and a 0% projected recovery rate. All other banks in the pool are assigned a probability of default based on their unique credit characteristics and market indicators with a 10% projected recovery rate. For the majority of banks currently in deferral we assume the bank continues to defer and will eventually default and, therefore, a 100% probability of default is assigned. However, for some deferring collateral there is the possibility that they become current on interest or principal payments at some point in the future and in those cases a probability that the deferral will ultimately cure is assigned. The probability of default is updated quarterly. As of March 31, 2014, default probabilities for performing collateral ranged from 0.33% to 75%. | ||||||||||||||||||||||||
Our credit evaluation provides a basis for determining deferral and default probabilities for each underlying piece of collateral. Using the results of the credit evaluation, the next step of the process is to look at pricing of senior debt or credit default swaps for the issuer (or where such information is unavailable, for companies having similar credit profiles as the issuer). The pricing of these market indicators provides the information necessary to determine appropriate default probabilities for each bank. | |||||||||||||||||||||||||
In addition to the above factors, our evaluation of impairment also includes a stress test analysis which provides an estimate of excess subordination for each tranche. We stress the cash flows of each pool by increasing current default assumptions to the level of defaults which results in an adverse change in estimated cash flows. This stressed breakpoint is then used to calculate excess subordination levels for each pooled trust preferred security. The results of the stress test allow management to identify those pools that are at a greater risk for a future break in cash flows so that we can monitor banks in those pools more closely for potential deterioration of credit quality. | |||||||||||||||||||||||||
Our cash flow analysis as of March 31, 2014, indicates that no credit related other-than-temporary impairment has occurred on our pooled trust preferred securities during the three months ended March 31, 2014. Based upon the analysis performed by management, it is probable that five of our pooled trust preferred securities will experience principal and interest shortfalls and therefore appropriate other-than-temporary charges were recorded in prior periods. These securities are identified in the table on page 15 with 0% “Excess Subordination as a Percentage of Current Performing Collateral.” For the remaining securities listed in that table, our analysis as of March 31, 2014 indicates it is probable that we will collect all contractual principal and interest payments. For four of those securities, PreTSL IX, PreTSL XIII, PreTSL XIV and MMCap I, other-than-temporary impairment charges were recorded in prior periods, however, due to improvement in the expected cash flows of these securities, it is now probable that all contractual payments will be received. | |||||||||||||||||||||||||
During 2008, 2009 and 2010, other-than-temporary impairment charges were recognized on all of our pooled trust preferred securities, except for PreTSL IV. Our cash flow analysis as of March 31, 2014, for all of these impaired securities indicates that it is now probable we will collect principal and interest in excess of what was estimated at the time other-than-temporary impairment charges were recorded. This change can be attributed to improvement in the underlying collateral for these securities and has resulted in our current book value being below the present value of estimated future principal and interest payments. The excess for each bond of the present value of future cash flows over our current book value ranges from 18% to 155% and will be recognized as an adjustment to yield over the remaining life of these securities. The excess subordination recognized as an adjustment to yield are reflected in the following table as increases in cash flows expected to be collected. | |||||||||||||||||||||||||
The following table provides a cumulative roll forward of credit losses recognized in earnings for debt securities held and not intended to be sold: | |||||||||||||||||||||||||
For the Three-Months Ended March 31 | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||
Balance, beginning (a) | $ | 27,543 | $ | 43,274 | |||||||||||||||||||||
Credit losses on debt securities for which other-than-temporary impairment was not previously recognized | — | — | |||||||||||||||||||||||
Additional credit losses on debt securities for which other-than-temporary impairment was previously recognized | — | — | |||||||||||||||||||||||
Increases in cash flows expected to be collected, recognized over the remaining life of the security (b) | (289 | ) | (283 | ) | |||||||||||||||||||||
Balance, ending | $ | 27,254 | $ | 42,991 | |||||||||||||||||||||
(a) | The beginning balance represents credit related losses included in other-than-temporary impairment charges recognized on debt securities in prior periods. | ||||||||||||||||||||||||
(b) | Represents the increase in cash flows recognized in interest income during the period. | ||||||||||||||||||||||||
In the first quarter of 2014 and 2013, no other-than-temporary impairment charges were recorded on equity securities. On a quarterly basis, management evaluates equity securities for other-than-temporary impairment by reviewing the severity and duration of decline in estimated fair value, research reports, analysts’ recommendations, credit rating changes, news stories, annual reports, regulatory filings, impact of interest rate changes and other relevant information. As of March 31, 2014 and 2013, there are no equity securities in an unrealized loss position. | |||||||||||||||||||||||||
Other Investments | |||||||||||||||||||||||||
As a member of the Federal Home Loan Bank (“FHLB”), First Commonwealth is required to purchase and hold stock in the FHLB to satisfy membership and borrowing requirements. The level of stock required to be held is dependent on the amount of First Commonwealth's mortgage related assets and outstanding borrowings with the FHLB. This stock is restricted in that it can only be sold to the FHLB or to another member institution, and all sales of FHLB stock must be at par. As a result of these restrictions, FHLB stock is unlike other investment securities insofar as there is no trading market for FHLB stock and the transfer price is determined by FHLB membership rules and not by market participants. As of March 31, 2014 and December 31, 2013, our FHLB stock totaled $34.0 million and $35.4 million, respectively and is included in “Other investments” on the Condensed Consolidated Statements of Financial Condition. | |||||||||||||||||||||||||
Beginning in July 2013, the FHLB began repurchasing 100% of a member's excess stock on a monthly basis. In the months prior to that in 2013, the FHLB repurchased the lessor of 5% of the members' total capital stock outstanding or its total excess capital stock on a quarterly basis. As a result, during the three months ended March 31, 2014 and 2013, $8.0 million and $2.8 million, respectively, of the stock owned by First Commonwealth was repurchased. The FHLB repurchased stock and paid dividends in 2014 and 2013, however, decisions regarding any future repurchase of excess capital stock and dividend payments will be made by the FHLB on an ongoing basis. Management reviewed the FHLB’s Form 10-K for the period ended December 31, 2013 filed with the SEC on March 13, 2014. | |||||||||||||||||||||||||
FHLB stock is held as a long-term investment and its value is determined based on the ultimate recoverability of the par value. First Commonwealth evaluates impairment quarterly. The decision of whether impairment exists is a matter of judgment that reflects our view of the FHLB’s long-term performance, which includes factors such as the following: | |||||||||||||||||||||||||
• | its operating performance; | ||||||||||||||||||||||||
• | the severity and duration of declines in the fair value of its net assets related to its capital stock amount; | ||||||||||||||||||||||||
• | its commitment to make payments required by law or regulation and the level of such payments in relation to its operating performance; | ||||||||||||||||||||||||
• | the impact of legislative and regulatory changes on the FHLB, and accordingly, on the members of FHLB; and | ||||||||||||||||||||||||
• | its liquidity and funding position. | ||||||||||||||||||||||||
After evaluating all of these considerations, First Commonwealth concluded that the par value of its investment in FHLB stock will be recovered. Accordingly, no impairment charge was recorded on these securities for the three months ended March 31, 2014. Our evaluation of the factors described above in future periods could result in the recognition of impairment charges on FHLB stock. |
Loans_and_Allowance_for_Credit
Loans and Allowance for Credit Losses | 3 Months Ended | |||||||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||||||
Loans and Leases Receivable Disclosure [Abstract] | ' | |||||||||||||||||||||||||||
Loans and Allowance for Credit Losses | ' | |||||||||||||||||||||||||||
Loans and Allowance for Credit Losses | ||||||||||||||||||||||||||||
The following table provides outstanding balances related to each of our loan types: | ||||||||||||||||||||||||||||
31-Mar-14 | 31-Dec-13 | |||||||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||||
Commercial, financial, agricultural and other | $ | 1,017,412 | $ | 1,021,056 | ||||||||||||||||||||||||
Real estate construction | 95,110 | 93,289 | ||||||||||||||||||||||||||
Residential real estate | 1,240,169 | 1,262,718 | ||||||||||||||||||||||||||
Commercial real estate | 1,290,852 | 1,296,472 | ||||||||||||||||||||||||||
Loans to individuals | 608,670 | 610,298 | ||||||||||||||||||||||||||
Total loans and leases net of unearned income | $ | 4,252,213 | $ | 4,283,833 | ||||||||||||||||||||||||
Credit Quality Information | ||||||||||||||||||||||||||||
As part of the on-going monitoring of credit quality within the loan portfolio, the following credit worthiness categories are used in grading our loans: | ||||||||||||||||||||||||||||
Pass | Acceptable levels of risk exist in the relationship. Includes all loans not adversely classified as OAEM, substandard or doubtful. | |||||||||||||||||||||||||||
Other Assets Especially Mentioned (OAEM) | Potential weaknesses that deserve management’s close attention. The potential weaknesses may result in deterioration of the repayment prospects or weaken the Bank’s credit position at some future date. The credit risk may be relatively minor, yet constitute an undesirable risk in light of the circumstances surrounding the specific credit. No loss of principal or interest is expected. | |||||||||||||||||||||||||||
Substandard | Well-defined weakness or a weakness that jeopardizes the repayment of the debt. A loan may be classified as substandard as a result of deterioration of the borrower’s financial condition and repayment capacity. Loans for which repayment plans have not been met or collateral equity margins do not protect the Company may also be classified as substandard. | |||||||||||||||||||||||||||
Doubtful | Loans with the characteristics of substandard loans with the added characteristic that collection or liquidation in full, on the basis of presently existing facts and conditions, is highly improbable. | |||||||||||||||||||||||||||
The use of creditworthiness categories to grade loans permits management’s use of migration analysis to estimate a portion of credit risk. The Company’s internal creditworthiness grading system provides a measurement of credit risk based primarily on an evaluation of the borrower’s cash flow and collateral. Movements between these rating categories provides a predictive measure of credit losses and therefore assists in determining the appropriate level for the loan loss reserves. Category ratings are reviewed each quarter, at which time management analyzes the results, as well as other external statistics and factors related to loan performance. Loans that migrate towards higher risk rating levels generally have an increased risk of default, whereas loans that migrate toward lower risk ratings generally will result in a lower risk factor being applied to those related loan balances. | ||||||||||||||||||||||||||||
The following tables represent our credit risk profile by creditworthiness: | ||||||||||||||||||||||||||||
31-Mar-14 | ||||||||||||||||||||||||||||
Commercial, financial, agricultural and other | Real estate construction | Residential real estate | Commercial real estate | Loans to individuals | Total | |||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||||
Pass | $ | 945,063 | $ | 83,456 | $ | 1,225,083 | $ | 1,242,664 | $ | 608,491 | $ | 4,104,757 | ||||||||||||||||
Non-Pass | ||||||||||||||||||||||||||||
OAEM | 23,958 | 8,686 | 3,375 | 30,207 | 1 | 66,227 | ||||||||||||||||||||||
Substandard | 48,391 | 2,968 | 11,711 | 17,981 | 178 | 81,229 | ||||||||||||||||||||||
Doubtful | — | — | — | — | — | — | ||||||||||||||||||||||
Total Non-Pass | 72,349 | 11,654 | 15,086 | 48,188 | 179 | 147,456 | ||||||||||||||||||||||
Total | $ | 1,017,412 | $ | 95,110 | $ | 1,240,169 | $ | 1,290,852 | $ | 608,670 | $ | 4,252,213 | ||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||||||
Commercial, financial, agricultural and other | Real estate construction | Residential real estate | Commercial real estate | Loans to individuals | Total | |||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||||
Pass | $ | 943,107 | $ | 79,679 | $ | 1,245,422 | $ | 1,243,170 | $ | 610,094 | $ | 4,121,472 | ||||||||||||||||
Non-Pass | ||||||||||||||||||||||||||||
OAEM | 35,429 | 9,710 | 5,161 | 28,823 | 1 | 79,124 | ||||||||||||||||||||||
Substandard | 42,520 | 3,900 | 12,135 | 24,479 | 203 | 83,237 | ||||||||||||||||||||||
Doubtful | — | — | — | — | — | — | ||||||||||||||||||||||
Total Non-Pass | 77,949 | 13,610 | 17,296 | 53,302 | 204 | 162,361 | ||||||||||||||||||||||
Total | $ | 1,021,056 | $ | 93,289 | $ | 1,262,718 | $ | 1,296,472 | $ | 610,298 | $ | 4,283,833 | ||||||||||||||||
Portfolio Risks | ||||||||||||||||||||||||||||
The credit quality of our loan portfolio can potentially represent significant risk to our earnings, capital, regulatory agency relationships, investment community reputation and shareholder returns. First Commonwealth devotes a substantial amount of resources managing this risk primarily through our credit administration department that develops and administers policies and procedures for underwriting, maintaining, monitoring and collecting activities. Credit administration is independent of lending departments and oversight is provided by the credit committee of the First Commonwealth Board of Directors. | ||||||||||||||||||||||||||||
Criticized loans have been evaluated when determining the appropriateness of the allowance for credit losses, which we believe is adequate to absorb losses inherent to the portfolio as of March 31, 2014. However, changes in economic conditions, interest rates, borrower financial condition, delinquency trends or previously established fair values of collateral factors could significantly change those judgmental estimates. | ||||||||||||||||||||||||||||
Risk factors associated with commercial real estate and construction related loans are monitored closely since this is an area that represents a significant portion of the loan portfolio and has experienced the most stress during the economic downturn. | ||||||||||||||||||||||||||||
Age Analysis of Past Due Loans by Segment | ||||||||||||||||||||||||||||
The following tables delineate the aging analysis of the recorded investments in past due loans as of March 31, 2014 and December 31, 2013. Also included in these tables are loans that are 90 days or more past due and still accruing because they are well-secured and in the process of collection. | ||||||||||||||||||||||||||||
31-Mar-14 | ||||||||||||||||||||||||||||
30 - 59 | 60 - 89 | 90 days | Nonaccrual | Total past | Current | Total | ||||||||||||||||||||||
days | days | and | due and | |||||||||||||||||||||||||
past due | past | greater | nonaccrual | |||||||||||||||||||||||||
due | and still | |||||||||||||||||||||||||||
accruing | ||||||||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||||
Commercial, financial, agricultural and other | $ | 971 | $ | 490 | $ | 300 | $ | 28,268 | $ | 30,029 | $ | 987,383 | $ | 1,017,412 | ||||||||||||||
Real estate construction | 40 | — | — | 1,698 | 1,738 | 93,372 | 95,110 | |||||||||||||||||||||
Residential real estate | 4,265 | 1,004 | 746 | 10,011 | 16,026 | 1,224,143 | 1,240,169 | |||||||||||||||||||||
Commercial real estate | 2,020 | 665 | 21 | 5,526 | 8,232 | 1,282,620 | 1,290,852 | |||||||||||||||||||||
Loans to individuals | 2,094 | 682 | 1,383 | 177 | 4,336 | 604,334 | 608,670 | |||||||||||||||||||||
Total | $ | 9,390 | $ | 2,841 | $ | 2,450 | $ | 45,680 | $ | 60,361 | $ | 4,191,852 | $ | 4,252,213 | ||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||||||
30 - 59 | 60 - 89 | 90 days | Nonaccrual | Total past | Current | Total | ||||||||||||||||||||||
days | days | and | due and | |||||||||||||||||||||||||
past due | past | greater | nonaccrual | |||||||||||||||||||||||||
due | and still | |||||||||||||||||||||||||||
accruing | ||||||||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||||
Commercial, financial, agricultural and other | $ | 594 | $ | 319 | $ | 185 | $ | 23,631 | $ | 24,729 | $ | 996,327 | $ | 1,021,056 | ||||||||||||||
Real estate construction | — | — | — | 2,567 | 2,567 | 90,722 | 93,289 | |||||||||||||||||||||
Residential real estate | 4,002 | 524 | 1,041 | 10,520 | 16,087 | 1,246,631 | 1,262,718 | |||||||||||||||||||||
Commercial real estate | 1,199 | 23 | 13 | 8,966 | 10,201 | 1,286,271 | 1,296,472 | |||||||||||||||||||||
Loans to individuals | 2,895 | 990 | 1,266 | 204 | 5,355 | 604,943 | 610,298 | |||||||||||||||||||||
Total | $ | 8,690 | $ | 1,856 | $ | 2,505 | $ | 45,888 | $ | 58,939 | $ | 4,224,894 | $ | 4,283,833 | ||||||||||||||
Nonaccrual Loans | ||||||||||||||||||||||||||||
The previous tables summarize nonaccrual loans by loan segment. The Company generally places loans on nonaccrual status when the full and timely collection of interest or principal becomes uncertain, when part of the principal balance has been charged off and no restructuring has occurred, or the loans reach a certain number of days past due. Generally, loans 90 days or more past due are placed on nonaccrual status, except for consumer loans which are placed in nonaccrual status at 150 days past due. | ||||||||||||||||||||||||||||
When a loan is placed on nonaccrual, the accrued unpaid interest receivable is reversed against interest income and all future payments received are applied as a reduction to the loan principal. Generally, the loan is returned to accrual status when (a) all delinquent interest and principal become current under the terms of the loan agreement or (b) the loan is both well-secured and in the process of collection and collectability is no longer doubtful. | ||||||||||||||||||||||||||||
Impaired Loans | ||||||||||||||||||||||||||||
Management considers loans to be impaired when, based on current information and events, it is determined that the Company will not be able to collect all amounts due according to the loan contract, including scheduled interest payments. Determination of impairment is treated the same across all loan categories. When management identifies a loan as impaired, the impairment is measured based on the present value of expected future cash flows, discounted at the loan’s effective interest rate, except when the sole source for repayment of the loan is the operation or liquidation of collateral. When the loan is collateral dependent, the appraised value less estimated cost to sell is utilized. If management determines the value of the impaired loan is less than the recorded investment in the loan, impairment is recognized through an allowance estimate or a charge-off to the allowance. Troubled debt restructured loans on accrual status are considered to be impaired loans. | ||||||||||||||||||||||||||||
When the ultimate collectability of the total principal of an impaired loan is in doubt and the loan is on nonaccrual status, all payments are applied to principal, under the cost recovery method. When the ultimate collectability of the total principal of an impaired loan is not in doubt and the loan is on nonaccrual status, contractual interest is credited to interest income when received, under the cash basis method. | ||||||||||||||||||||||||||||
Nonperforming loans decreased $3.2 million during the three months ended March 31, 2014. Contributing to this decrease was the sale of three real estate construction loans totaling $0.7 million and the payoff of four loans totaling $6.9 million. The payoffs included a $3.1 million commercial real estate loan with a non-profit organization in western Pennsylvania, a $2.9 million commercial real estate loan to a real estate investor in western Pennsylvania, a $0.6 million commercial relationship with a western Pennsylvania glass manufacturer and a $0.3 million commercial real estate loan with a western Pennsylvania real estate investor. Additionally, charge-offs recognized during the first three months of 2014 include $0.5 million for a commercial industrial loan to a local energy company, $0.4 million for a consumer home equity loan in western Pennsylvania and $0.6 million for a commercial loan in western Pennsylvania. | ||||||||||||||||||||||||||||
Offsetting the previously noted decreases in nonperforming loans is a total of $9.6 million in loans which were moved into nonaccrual status during the three months ended March 31, 2014, the majority of which relates to an $8.0 million commercial industrial loan relationship. In addition to this, $1.1 million in consumer loans which were 150 days or more past due were moved to nonaccrual status. | ||||||||||||||||||||||||||||
The specific allowance for nonperforming loans increased by $1.7 million at March 31, 2014 compared to December 31, 2013, primarily due to the specific reserve on the previously mentioned loan which was transferred to nonaccrual status, offset by charge-offs of amounts reserved for in prior periods as well as the payoff of certain nonaccrual loans previously discussed. Unfunded commitments related to nonperforming loans were $3.4 million at March 31, 2014 and after consideration of available collateral related to these commitments, a reserve of $0.1 million was established was established for these off balance sheet exposures. | ||||||||||||||||||||||||||||
There were no loans held for sale at March 31, 2014 and December 31, 2013; however, sales of loans during the three months ended March 31, 2013 resulted in gains of $0.1 million. During the three months ended March 31, 2014 no gains were recognized on the sale of loans. | ||||||||||||||||||||||||||||
Significant nonaccrual loans as of March 31, 2014, include the following: | ||||||||||||||||||||||||||||
• | $10.9 million of commercial industrial loans to a local energy company. These loans were originated from 2008 to 2011 and were placed in nonaccrual status during the third quarter of 2013. One of these loans, totaling $2.7 million, was modified, resulting in TDR classification in the second quarter of 2012. A second of these loans, totaling $0.3 million was modified, resulting in TDR classification in the first quarter of 2013. During the three months ended March 31, 2014, chargeoffs of $0.5 million related to this relationship were recorded. A valuation of the collateral was completed during the third quarter of 2013. | |||||||||||||||||||||||||||
• | $8.0 million commercial industrial loans to a gas drilling related business in Louisiana. These loans were originated in 2012 and placed on nonaccrual status in the first quarter of 2014. | |||||||||||||||||||||||||||
• | $2.4 million, the remaining portion net of reserves, of a $44.1 million unsecured loan to a western Pennsylvania real estate developer. This loan was originated in 2004 and was placed on nonaccrual status in the fourth quarter of 2009. Charge-offs of $28.5 million have been recorded on this loan. In April 2014, the remaining balance of this loan was paid off. | |||||||||||||||||||||||||||
• | $3.2 million in commercial real estate and industrial loans to a specialty metal processor in western Pennsylvania. This loan were originated in 2003 and were placed on nonaccrual status in the second quarter of 2013. The assets collateralizing this relationship as well as the appraisal for the real estate collateral were valued in the second quarter of 2013. | |||||||||||||||||||||||||||
The following tables include the recorded investment and unpaid principal balance for impaired loans with the associated allowance amount, if applicable, as of March 31, 2014 and December 31, 2013. Also presented are the average recorded investment in impaired loans and the related amount of interest recognized while the loan was considered impaired. Average balances are calculated using month-end balances of the loans for the period reported and are included in the table below based on its period-end allowance position. | ||||||||||||||||||||||||||||
31-Mar-14 | 31-Dec-13 | |||||||||||||||||||||||||||
Recorded | Unpaid | Related | Recorded | Unpaid | Related | |||||||||||||||||||||||
investment | principal | allowance | investment | principal | allowance | |||||||||||||||||||||||
balance | balance | |||||||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||||
With no related allowance recorded: | ||||||||||||||||||||||||||||
Commercial, financial, agricultural and other | $ | 9,788 | $ | 10,960 | $ | 6,752 | $ | 7,649 | ||||||||||||||||||||
Real estate construction | 2,213 | 2,782 | 3,486 | 6,664 | ||||||||||||||||||||||||
Residential real estate | 9,864 | 10,741 | 9,333 | 9,952 | ||||||||||||||||||||||||
Commercial real estate | 7,348 | 8,423 | 13,606 | 14,719 | ||||||||||||||||||||||||
Loans to individuals | 270 | 297 | 289 | 307 | ||||||||||||||||||||||||
Subtotal | 29,483 | 33,203 | 33,466 | 39,291 | ||||||||||||||||||||||||
With an allowance recorded: | ||||||||||||||||||||||||||||
Commercial, financial, agricultural and other | 22,940 | 23,559 | 9,886 | 21,482 | 22,082 | 7,364 | ||||||||||||||||||||||
Real estate construction | 638 | 1,780 | 74 | 414 | 737 | 94 | ||||||||||||||||||||||
Residential real estate | 2,841 | 3,435 | 496 | 3,533 | 3,585 | 1,282 | ||||||||||||||||||||||
Commercial real estate | 301 | 315 | 47 | 488 | 612 | 84 | ||||||||||||||||||||||
Loans to individuals | — | — | — | — | — | — | ||||||||||||||||||||||
Subtotal | 26,720 | 29,089 | 10,503 | 25,917 | 27,016 | 8,824 | ||||||||||||||||||||||
Total | $ | 56,203 | $ | 62,292 | $ | 10,503 | $ | 59,383 | $ | 66,307 | $ | 8,824 | ||||||||||||||||
For the Three-Months Ended March 31 | ||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||
Average | Interest | Average | Interest | |||||||||||||||||||||||||
recorded | Income | recorded | Income | |||||||||||||||||||||||||
investment | Recognized | investment | Recognized | |||||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||||
With no related allowance recorded: | ||||||||||||||||||||||||||||
Commercial, financial, agricultural and other | $ | 10,953 | $ | 17 | $ | 8,592 | $ | 51 | ||||||||||||||||||||
Real estate construction | 2,438 | 12 | 7,877 | — | ||||||||||||||||||||||||
Residential real estate | 9,825 | 49 | 8,516 | 37 | ||||||||||||||||||||||||
Commercial real estate | 9,498 | 33 | 33,978 | 11 | ||||||||||||||||||||||||
Loans to individuals | 271 | 1 | 247 | 1 | ||||||||||||||||||||||||
Subtotal | 32,985 | 112 | 59,210 | 100 | ||||||||||||||||||||||||
With an allowance recorded: | ||||||||||||||||||||||||||||
Commercial, financial, agricultural and other | 17,649 | 45 | 25,803 | 19 | ||||||||||||||||||||||||
Real estate construction | 638 | — | 2,685 | 13 | ||||||||||||||||||||||||
Residential real estate | 3,161 | 8 | 2,457 | 4 | ||||||||||||||||||||||||
Commercial real estate | 307 | 1 | 6,704 | 25 | ||||||||||||||||||||||||
Loans to individuals | — | — | — | — | ||||||||||||||||||||||||
Subtotal | 21,755 | 54 | 37,649 | 61 | ||||||||||||||||||||||||
Total | $ | 54,740 | $ | 166 | $ | 96,859 | $ | 161 | ||||||||||||||||||||
Troubled debt restructured loans are those loans whose terms have been renegotiated to provide a reduction or deferral of principal or interest as a result of the financial difficulties experienced by the borrower, who could not obtain comparable terms from alternate financing sources. | ||||||||||||||||||||||||||||
The following table provides detail as to the total troubled debt restructured loans and total commitments outstanding on troubled debt restructured loans: | ||||||||||||||||||||||||||||
31-Mar-14 | 31-Dec-13 | |||||||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||||
Troubled debt restructured loans | ||||||||||||||||||||||||||||
Accrual status | $ | 10,523 | $ | 13,495 | ||||||||||||||||||||||||
Nonaccrual status | 12,327 | 16,980 | ||||||||||||||||||||||||||
Total | $ | 22,850 | $ | 30,475 | ||||||||||||||||||||||||
Commitments | ||||||||||||||||||||||||||||
Letters of credit | $ | — | $ | — | ||||||||||||||||||||||||
Unused lines of credit | 709 | 452 | ||||||||||||||||||||||||||
Total | $ | 709 | $ | 452 | ||||||||||||||||||||||||
At March 31, 2014, troubled debt restructured loans decreased $7.6 million compared to December 31, 2013, and commitments related to troubled debt restructured loans increased $0.3 million for the same period. This decrease in loans is primarily a result of the payoff of three commercial loans totaling $6.6 million, including a $3.1 million commercial real estate loan with a non-profit organization and a $2.9 million commercial real estate loan in western Pennsylvania. The increase in unused line of credit commitments is related to two commercial borrowers. | ||||||||||||||||||||||||||||
The following tables provide detail, including specific reserves and reasons for modification, related to loans identified as troubled debt restructurings: | ||||||||||||||||||||||||||||
For the Three-Months Ended March 31, 2014 | ||||||||||||||||||||||||||||
Type of Modification | ||||||||||||||||||||||||||||
Number | Extend | Modify | Modify | Total | Post- | Specific | ||||||||||||||||||||||
of | Maturity | Rate | Payments | Pre-Modification | Modification | Reserve | ||||||||||||||||||||||
Contracts | Outstanding | Outstanding | ||||||||||||||||||||||||||
Recorded | Recorded | |||||||||||||||||||||||||||
Investment | Investment | |||||||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||||
Commercial, financial, agricultural and other | 1 | $ | 60 | $ | — | $ | — | $ | 60 | $ | 60 | $ | 29 | |||||||||||||||
Residential real estate | 13 | — | 172 | 517 | 689 | 676 | 5 | |||||||||||||||||||||
Commercial real estate | 1 | — | — | 12 | 12 | 8 | — | |||||||||||||||||||||
Loans to individuals | 6 | — | 31 | 20 | 51 | 47 | — | |||||||||||||||||||||
Total | 21 | $ | 60 | $ | 203 | $ | 549 | $ | 812 | $ | 791 | $ | 34 | |||||||||||||||
For the Three-Months Ended March 31, 2013 | ||||||||||||||||||||||||||||
Type of Modification | ||||||||||||||||||||||||||||
Number | Extend | Modify | Modify | Total | Post- | Specific | ||||||||||||||||||||||
of | Maturity | Rate | Payments | Pre-Modification | Modification | Reserve | ||||||||||||||||||||||
Contracts | Outstanding | Outstanding | ||||||||||||||||||||||||||
Recorded | Recorded | |||||||||||||||||||||||||||
Investment | Investment | |||||||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||||
Commercial, financial, agricultural and other | 2 | $ | 426 | $ | — | $ | 12 | $ | 438 | $ | 377 | $ | — | |||||||||||||||
Residential real estate | 9 | 7 | 214 | 514 | 735 | 677 | — | |||||||||||||||||||||
Commercial real estate | 1 | — | 244 | — | 244 | 242 | — | |||||||||||||||||||||
Loans to individuals | 4 | — | 23 | 4 | 27 | 25 | — | |||||||||||||||||||||
Total | 16 | $ | 433 | $ | 481 | $ | 530 | $ | 1,444 | $ | 1,321 | $ | — | |||||||||||||||
The troubled debt restructurings included in the above tables are also included in the impaired loan tables provided earlier in this note. Loans defined as modified due to a change in rate may include loans that were modified for a change in rate as well as a reamortization of the principal and an extension of the maturity. For the three months ended March 31, 2014 and 2013, $0.2 million and $0.5 million, respectively, of total rate modifications represent loans with modifications to the rate as well as payment as a result of reamortization. For both 2014 and 2013 the changes in loan balances between the pre-modification balance and the post-modification balance are due to customer payments. | ||||||||||||||||||||||||||||
A troubled debt restructuring is considered to be in default when a restructured loan is 90 days or more past due. The following table provides information related to restructured loans that were considered to default during the three months ended March 31: | ||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||
Number of | Recorded | Number of | Recorded | |||||||||||||||||||||||||
Contracts | Investment | Contracts | Investment | |||||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||||
Residential real estate | 4 | $ | 138 | 1 | $ | 10 | ||||||||||||||||||||||
Loans to individuals | — | — | 1 | 6 | ||||||||||||||||||||||||
Total | 4 | $ | 138 | 2 | $ | 16 | ||||||||||||||||||||||
The following tables provide detail related to the allowance for credit losses: | ||||||||||||||||||||||||||||
For the Three-Months Ended March 31, 2014 | ||||||||||||||||||||||||||||
Commercial, | Real estate | Residential | Commercial | Loans to | Unallocated | Total | ||||||||||||||||||||||
financial, | construction | real estate | real estate | individuals | ||||||||||||||||||||||||
agricultural | ||||||||||||||||||||||||||||
and other | ||||||||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||||
Allowance for credit losses: | ||||||||||||||||||||||||||||
Beginning Balance | $ | 22,663 | $ | 6,600 | $ | 7,727 | $ | 11,778 | $ | 5,457 | $ | — | $ | 54,225 | ||||||||||||||
Charge-offs | (1,601 | ) | — | (1,095 | ) | (140 | ) | (810 | ) | — | (3,646 | ) | ||||||||||||||||
Recoveries | 85 | 169 | 244 | 20 | 178 | — | 696 | |||||||||||||||||||||
Provision (credit) | 4,978 | (555 | ) | (850 | ) | (539 | ) | 197 | — | 3,231 | ||||||||||||||||||
Ending Balance | $ | 26,125 | $ | 6,214 | $ | 6,026 | $ | 11,119 | $ | 5,022 | $ | — | $ | 54,506 | ||||||||||||||
Ending balance: individually evaluated for impairment | $ | 9,886 | $ | 74 | $ | 496 | $ | 47 | $ | — | $ | — | $ | 10,503 | ||||||||||||||
Ending balance: collectively evaluated for impairment | 16,239 | 6,140 | 5,530 | 11,072 | 5,022 | — | 44,003 | |||||||||||||||||||||
Loans: | ||||||||||||||||||||||||||||
Ending balance | 1,017,412 | 95,110 | 1,240,169 | 1,290,852 | 608,670 | 4,252,213 | ||||||||||||||||||||||
Ending balance: individually evaluated for impairment | 31,730 | 2,797 | 9,103 | 5,773 | — | 49,403 | ||||||||||||||||||||||
Ending balance: collectively evaluated for impairment | 985,682 | 92,313 | 1,231,066 | 1,285,079 | 608,670 | 4,202,810 | ||||||||||||||||||||||
For the Three-Months Ended March 31, 2013 | ||||||||||||||||||||||||||||
Commercial, | Real estate | Residential | Commercial | Loans to | Unallocated | Total | ||||||||||||||||||||||
financial, | construction | real estate | real estate | individuals | ||||||||||||||||||||||||
agricultural | ||||||||||||||||||||||||||||
and other | ||||||||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||||
Allowance for credit losses: | ||||||||||||||||||||||||||||
Beginning Balance | $ | 19,852 | $ | 8,928 | $ | 5,908 | $ | 22,441 | $ | 4,132 | $ | 5,926 | $ | 67,187 | ||||||||||||||
Charge-offs | (538 | ) | (84 | ) | (322 | ) | (8,544 | ) | (988 | ) | — | (10,476 | ) | |||||||||||||||
Recoveries | 128 | 12 | 723 | 97 | 94 | — | 1,054 | |||||||||||||||||||||
Provision (credit) | 833 | (1,123 | ) | (560 | ) | 4,476 | 901 | (30 | ) | 4,497 | ||||||||||||||||||
Ending Balance | $ | 20,275 | $ | 7,733 | $ | 5,749 | $ | 18,470 | $ | 4,139 | $ | 5,896 | $ | 62,262 | ||||||||||||||
Ending balance: individually evaluated for impairment | $ | 9,846 | $ | 503 | $ | 1,091 | $ | 1,249 | $ | — | $ | — | $ | 12,689 | ||||||||||||||
Ending balance: collectively evaluated for impairment | 10,429 | 7,230 | 4,658 | 17,221 | 4,139 | 5,896 | 49,573 | |||||||||||||||||||||
Loans: | ||||||||||||||||||||||||||||
Ending balance | 1,057,663 | 70,461 | 1,255,515 | 1,243,676 | 591,495 | 4,218,810 | ||||||||||||||||||||||
Ending balance: individually evaluated for impairment | 33,322 | 8,917 | 7,813 | 21,369 | — | 71,421 | ||||||||||||||||||||||
Ending balance: collectively evaluated for impairment | 1,024,341 | 61,544 | 1,247,702 | 1,222,307 | 591,495 | 4,147,389 | ||||||||||||||||||||||
The change in the unallocated portion of the allowance for credit losses comparing March 31, 2014 with March 31, 2013 is a result of the unallocated portion of the allowance for credit losses no longer being treated as a separate component of the allowance as of December 31, 2013. Instead it is incorporated into the reserve provided for each loan category. This portion of the allowance for credit losses reflects the qualitative or environmental factors that are likely to cause estimated credit losses to differ from historical loss experience. |
Income_Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2014 | |
Income Tax Disclosure [Abstract] | ' |
Income Taxes | ' |
Income Taxes | |
At March 31, 2014 and December 31, 2013, First Commonwealth had no material unrecognized tax benefits or accrued interest and penalties. If applicable, First Commonwealth will record interest and penalties as a component of noninterest expense. Federal and state tax years 2010 through 2012 were open for examination as of March 31, 2014. |
Fair_Values_of_Assets_and_Liab
Fair Values of Assets and Liabilities | 3 Months Ended | |||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||||
Fair Values of Assets and Liabilities | ' | |||||||||||||||||||
Fair Values of Assets and Liabilities | ||||||||||||||||||||
FASB ASC Topic 820, “Fair Value Measurements and Disclosures” requires disclosures for non-financial assets and non-financial liabilities, except for items that are recognized or disclosed at fair value in the financial statements on a recurring basis (at least annually). All non-financial assets are included either as a separate line item on the Condensed Consolidated Statements of Financial Condition or in the “Other assets” category of the Condensed Consolidated Statements of Financial Condition. Currently, First Commonwealth does not have any non-financial liabilities to disclose. | ||||||||||||||||||||
FASB ASC Topic 825, “Financial Instruments” permits entities to irrevocably elect to measure select financial instruments and certain other items at fair value. The unrealized gains and losses are required to be included in earnings each reporting period for the items that fair value measurement is elected. First Commonwealth has elected not to measure any existing financial instruments at fair value under FASB ASC Topic 825; however, in the future we may elect to adopt this guidance for select financial instruments. | ||||||||||||||||||||
In accordance with FASB ASC Topic 820, First Commonwealth groups financial assets and financial liabilities measured at fair value in three levels based on the principal markets in which the assets and liabilities are transacted and the observability of the data points used to determine fair value. These levels are: | ||||||||||||||||||||
• | Level 1 – Valuations for assets and liabilities traded in active exchange markets, such as the New York Stock Exchange (“NYSE”). Valuations are obtained from readily available pricing sources for market transactions involving identical assets or liabilities. Level 1 securities include equity holdings comprised of publicly traded bank stocks which were priced using quoted market prices. | |||||||||||||||||||
• | Level 2 – Valuations for assets and liabilities traded in less active dealer or broker markets. Valuations are obtained for identical or comparable assets or liabilities from alternative pricing sources with reasonable levels of price transparency. Level 2 includes Obligations of U.S. Government securities issued by Agencies and Sponsored Enterprises, Obligations of States and Political Subdivisions, corporate securities, FHLB stock, interest rate derivatives that include interest rate swaps and risk participation agreements, certain other real estate owned and certain impaired loans. | |||||||||||||||||||
Level 2 investment securities are valued by a recognized third party pricing service using observable inputs. The model used by the pricing service varies by asset class and incorporates available market, trade and bid information as well as cash flow information when applicable. Because many fixed-income investment securities do not trade on a daily basis, the model uses available information such as benchmark yield curves, benchmarking of like investment securities, sector groupings and matrix pricing. The model will also use processes such as an option adjusted spread to assess the impact of interest rates and to develop prepayment estimates. Market inputs normally used in the pricing model include benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers and reference data including market research publications. | ||||||||||||||||||||
Management validates the market values provided by the third party service by having another recognized pricing service price 100% of the securities on an annual basis and a random sample of securities each quarter, monthly monitoring of variances from prior period pricing and, on a monthly basis, evaluating pricing changes compared to expectations based on changes in the financial markets. | ||||||||||||||||||||
Other Investments are comprised of FHLB stock whose estimated fair value is based on its par value. Additional information on FHLB stock is provided in Note 8, “Impairment of Investment Securities.” | ||||||||||||||||||||
Interest rate derivatives are reported at an estimated fair value utilizing Level 2 inputs and are included in other assets and other liabilities and consist of interest rate swaps where there is no significant deterioration in the counterparties' (loan customers) credit risk since origination of the interest rate swap as well as interest rate caps and risk participation agreements. First Commonwealth values its interest rate swap and cap positions using a yield curve by taking market prices/rates for an appropriate set of instruments. The set of instruments currently used to determine the U.S. Dollar yield curve includes cash LIBOR rates from overnight to three months, Eurodollar futures contracts and swap rates from three years to thirty years. These yield curves determine the valuations of interest rate swaps. Interest rate derivatives are further described in Note 12, “Derivatives.” | ||||||||||||||||||||
For purposes of potential valuation adjustments to our derivative positions, First Commonwealth evaluates the credit risk of its counterparties as well as our own credit risk. Accordingly, we have considered factors such as the likelihood of default, expected loss given default, net exposures and remaining contractual life, among other things, in determining if any fair value adjustments related to credit risk are required. We review our counterparty exposure quarterly, and when necessary, appropriate adjustments are made to reflect the exposure. | ||||||||||||||||||||
We also utilize this approach to estimate our own credit risk on derivative liability positions. In 2014, we have not realized any losses due to a counterparty's inability to pay any uncollateralized positions. | ||||||||||||||||||||
The estimated fair value for other real estate owned included in Level 2 is determined by either an independent market based appraisal less estimated costs to sell or an executed sales agreement. | ||||||||||||||||||||
• | Level 3 – Valuations for assets and liabilities that are derived from other valuation methodologies, including option pricing models, discounted cash flow models and similar techniques, and not based on market exchange, dealer or broker traded transactions. If the inputs used to provide the valuation are unobservable and/or there is very little, if any, market activity for the security or similar securities, the securities would be considered Level 3 securities. Level 3 valuations incorporate certain assumptions and projections in determining the fair value assigned to such assets or liabilities. The assets included in Level 3 are pooled trust preferred collateralized debt obligations, non-marketable equity investments, certain interest rate derivatives, certain other real estate owned and certain impaired loans. | |||||||||||||||||||
Our pooled trust preferred collateralized debt obligations are collateralized by the trust preferred securities of individual banks, thrifts and bank holding companies in the U.S. There has been little or no active trading in these securities since 2009; therefore it was more appropriate to determine estimated fair value using a discounted cash flow analysis. Detail on our process for determining the appropriate cash flows for this analysis is provided in Note 8, “Impairment of Investment Securities.” The discount rate applied to the cash flows is determined by evaluating the current market yields for comparable corporate and structured credit products along with an evaluation of the risks associated with the cash flows of the comparable security. Due to the fact that there is no active market for the pooled trust preferred collateralized debt obligations, one key reference point is the market yield for the single issue trust preferred securities issued by banks and thrifts for which there is more activity than for the pooled securities. Adjustments are then made to reflect the credit and structural differences between these two security types. | ||||||||||||||||||||
Management validates the fair value of the pooled trust preferred collateralized debt obligations by monitoring the performance of the underlying collateral, discussing the discount rate, cash flow assumptions and general market trends with the specialized third party and confirming changes in the underlying collateral to the trustee reports. Management’s monitoring of the underlying collateral includes deferrals of interest payments, payment defaults, cures of previously deferred interest payments, any regulatory filings or actions and general news related to the underlying collateral. Management also evaluates fair value changes compared to expectations based on changes in the interest rates used in determining the discount rate and general financial markets. | ||||||||||||||||||||
The estimated fair value of the non-marketable equity investments included in Level 3 is based on par value. | ||||||||||||||||||||
For interest rate derivatives included in Level 3, the fair value incorporates credit risk by considering such factors as likelihood of default and expected loss given default based on the credit quality of the underlying counterparties (loan customers). | ||||||||||||||||||||
In accordance with ASU 2011-4, the following table provides information related to quantitative inputs and assumptions used in Level 3 fair value measurements. | ||||||||||||||||||||
Fair Value (dollars | Valuation | Unobservable Inputs | Range / | |||||||||||||||||
in thousands) | Technique | (weighted average) | ||||||||||||||||||
Pooled Trust Preferred Securities | $27,876 | Discounted Cash Flow | Probability of default | 0% - 100% (18.22%) | ||||||||||||||||
Prepayment rates | 0% - 100% (7.48%) | |||||||||||||||||||
Discount rates | 5.5% - 15.5% (a) | |||||||||||||||||||
Equities | 1,420 | Par Value | N/A | N/A | ||||||||||||||||
Interest Rate Swap | — | Option model | Counterparty credit risk | 6.33% - 8.12% (b) | ||||||||||||||||
Impaired Loans | 5,848 (c) | Reserve study | Discount rate | 10.00% | ||||||||||||||||
Gas per MCF | $3.84 - $6.45 (d) | |||||||||||||||||||
Oil per BBL/d | $78.3 - $107.00 (d) | |||||||||||||||||||
NGL per gallon | $0.83 (d) | |||||||||||||||||||
113 (c) | Discounted Cash Flow | Discount Rate | 9.00% | |||||||||||||||||
Other Real Estate Owned | 157 | Internal Valuation | N/A | N/A | ||||||||||||||||
(a) | incorporates spread over risk free rate related primarily to credit quality and illiquidity of securities. | |||||||||||||||||||
(b) | represents the range of the credit spread curve used in valuation. | |||||||||||||||||||
(c) | the remainder of impaired loans valued using Level 3 inputs are not included in this disclosure as the values of those loans are based on bankruptcy agreement documentation. | |||||||||||||||||||
(d) | unobservable inputs are defined as follows: MCF - million cubic feet; BBL/d - barrels per day; NGL - natural gas liquid. | |||||||||||||||||||
The significant unobservable inputs used in the fair value measurement of pooled trust preferred securities are the probability of default, discount rates and prepayment rates. Significant increases in the probability of default or discount rate used would result in a decrease in the estimated fair value of these securities while decreases in these variables would result in higher fair value measurements. In general, a change in the assumption of probability of default is accompanied by a directionally similar change in the discount rate. In most cases, increases in the prepayment rate assumptions would result in a higher estimated fair value for these securities while decreases would provide for a lower value. The direction of this change is somewhat dependent on the structure of the investment and the amount of the investment tranches senior to our position. | ||||||||||||||||||||
The discount rate is the significant unobservable input used in the fair value measurement of impaired loans. Significant increases in this rate would result in a decrease in the estimated fair value of the loans, while a decrease in this rate would result in higher fair value measurement. Other unobservable inputs in the fair value measurement of impaired loans relate to gas, oil and natural gas prices and increases in these rates would result in an increase in the estimated fair value of the loans, while a decrease in these prices would result in a lower fair value measurement. | ||||||||||||||||||||
The significant unobservable input used in the fair value measurement of interest rate swaps classified as Level 3 is counterparty credit risk and the resulting range of the credit spread curve used in the valuation. Higher credit risk would result in an increased credit spread, which would reduce the fair value of the interest rate swap. | ||||||||||||||||||||
The tables below present the balances of assets and liabilities measured at fair value on a recurring basis: | ||||||||||||||||||||
31-Mar-14 | ||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||
Obligations of U.S. Government Agencies: | ||||||||||||||||||||
Mortgage-Backed Securities - Residential | $ | — | $ | 24,241 | $ | — | $ | 24,241 | ||||||||||||
Obligations of U.S. Government-Sponsored Enterprises: | ||||||||||||||||||||
Mortgage-Backed Securities - Residential | — | 1,013,607 | — | 1,013,607 | ||||||||||||||||
Mortgage-Backed Securities - Commercial | — | 98 | — | 98 | ||||||||||||||||
Other Government-Sponsored Enterprises | — | 267,310 | — | 267,310 | ||||||||||||||||
Obligations of States and Political Subdivisions | — | 9,359 | — | 9,359 | ||||||||||||||||
Corporate Securities | — | 7,128 | — | 7,128 | ||||||||||||||||
Pooled Trust Preferred Collateralized Debt Obligations | — | — | 27,876 | 27,876 | ||||||||||||||||
Total Debt Securities | — | 1,321,743 | 27,876 | 1,349,619 | ||||||||||||||||
Equities | — | — | 1,420 | 1,420 | ||||||||||||||||
Total Securities Available for Sale | — | 1,321,743 | 29,296 | 1,351,039 | ||||||||||||||||
Other Investments | — | 34,047 | — | 34,047 | ||||||||||||||||
Loans held for sale | — | — | — | — | ||||||||||||||||
Other Assets(a) | — | 12,521 | — | 12,521 | ||||||||||||||||
Total Assets | $ | — | $ | 1,368,311 | $ | 29,296 | $ | 1,397,607 | ||||||||||||
Other Liabilities(a) | $ | — | $ | 12,497 | $ | — | $ | 12,497 | ||||||||||||
Total Liabilities | $ | — | $ | 12,497 | $ | — | $ | 12,497 | ||||||||||||
(a) | Non-hedging interest rate derivatives | |||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||
Obligations of U.S. Government Agencies: | ||||||||||||||||||||
Mortgage-Backed Securities - Residential | $ | — | $ | 25,204 | $ | — | $ | 25,204 | ||||||||||||
Obligations of U.S. Government-Sponsored Enterprises: | ||||||||||||||||||||
Mortgage-Backed Securities - Residential | — | 994,887 | — | 994,887 | ||||||||||||||||
Mortgage-Backed Securities - Commercial | — | 105 | — | 105 | ||||||||||||||||
Other Government-Sponsored Enterprises | — | 266,125 | — | 266,125 | ||||||||||||||||
Obligations of States and Political Subdivisions | — | 80 | — | 80 | ||||||||||||||||
Corporate Securities | — | 7,021 | — | 7,021 | ||||||||||||||||
Pooled Trust Preferred Collateralized Debt Obligations | — | — | 23,523 | 23,523 | ||||||||||||||||
Total Debt Securities | — | 1,293,422 | 23,523 | 1,316,945 | ||||||||||||||||
Equities | — | — | 1,420 | 1,420 | ||||||||||||||||
Total Securities Available for Sale | — | 1,293,422 | 24,943 | 1,318,365 | ||||||||||||||||
Other Investments | — | 35,444 | — | 35,444 | ||||||||||||||||
Loans Held for Sale | — | — | — | — | ||||||||||||||||
Other Assets(a) | — | 14,358 | — | 14,358 | ||||||||||||||||
Total Assets | $ | — | $ | 1,343,224 | $ | 24,943 | $ | 1,368,167 | ||||||||||||
Other Liabilities(a) | $ | — | $ | 14,318 | $ | — | $ | 14,318 | ||||||||||||
Total Liabilities | $ | — | $ | 14,318 | $ | — | $ | 14,318 | ||||||||||||
(a) | Non-hedging interest rate derivatives | |||||||||||||||||||
For the three months ended March 31, changes in Level 3 assets and liabilities measured at fair value on a recurring basis are summarized as follows: | ||||||||||||||||||||
2014 | ||||||||||||||||||||
Pooled Trust | Equities | Loans | Other | Total | ||||||||||||||||
Preferred | Held for | Assets | ||||||||||||||||||
Collateralized | Sale | |||||||||||||||||||
Debt | ||||||||||||||||||||
Obligations | ||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||
Balance, beginning of period | $ | 23,523 | $ | 1,420 | $ | — | $ | — | $ | 24,943 | ||||||||||
Total gains or losses | ||||||||||||||||||||
Included in earnings | — | — | — | — | — | |||||||||||||||
Included in other comprehensive income | 4,743 | — | — | — | 4,743 | |||||||||||||||
Purchases, issuances, sales, and settlements | ||||||||||||||||||||
Purchases | — | — | — | — | — | |||||||||||||||
Issuances | — | — | — | — | — | |||||||||||||||
Sales | — | — | (716 | ) | — | (716 | ) | |||||||||||||
Settlements | (390 | ) | — | — | — | (390 | ) | |||||||||||||
Transfers into Level 3 | — | — | 716 | — | 716 | |||||||||||||||
Balance, end of period | $ | 27,876 | $ | 1,420 | $ | — | $ | — | $ | 29,296 | ||||||||||
2013 | ||||||||||||||||||||
Pooled Trust | Equities | Loans Held for Sale | Other | Total | ||||||||||||||||
Preferred | Assets | |||||||||||||||||||
Collateralized | ||||||||||||||||||||
Debt | ||||||||||||||||||||
Obligations | ||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||
Balance, beginning of period | $ | 23,373 | $ | 1,420 | $ | — | $ | — | $ | 24,793 | ||||||||||
Total gains or losses | ||||||||||||||||||||
Included in earnings | — | — | 126 | — | 126 | |||||||||||||||
Included in other comprehensive income | 2,391 | — | — | — | 2,391 | |||||||||||||||
Purchases, issuances, sales, and settlements | ||||||||||||||||||||
Purchases | — | — | — | — | — | |||||||||||||||
Issuances | — | — | — | — | — | |||||||||||||||
Sales | — | — | (16,739 | ) | — | (16,739 | ) | |||||||||||||
Settlements | (1,252 | ) | — | — | — | (1,252 | ) | |||||||||||||
Transfers into Level 3 | — | — | 16,613 | — | 16,613 | |||||||||||||||
Balance, end of period | $ | 24,512 | $ | 1,420 | $ | — | $ | — | $ | 25,932 | ||||||||||
For the three months ended March 31, 2014 and 2013, there were no transfers between fair value Levels 1 and 2. However, $0.7 million and $16.6 million of loans were transferred into Level 3 from Level 2 during the three months ended March 31, 2014 and 2013, respectively, due to the loans being transferred to a held for sale status. The loans transferred and subsequently sold related to three loans in a nonperforming relationship for which this was determined to be the appropriate exit strategy. There were no gains or losses included in earnings for the periods presented that are attributable to the change in realized gains (losses) relating to assets held at March 31, 2014 and 2013. | ||||||||||||||||||||
The tables below present the balances of assets measured at fair value on a non-recurring basis at: | ||||||||||||||||||||
31-Mar-14 | ||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||
Impaired loans | $ | — | $ | 32,940 | $ | 12,759 | $ | 45,699 | ||||||||||||
Other real estate owned | — | 10,601 | 157 | 10,758 | ||||||||||||||||
Total Assets | $ | — | $ | 43,541 | $ | 12,916 | $ | 56,457 | ||||||||||||
31-Dec-13 | ||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||
Impaired loans | $ | — | $ | 36,903 | $ | 13,656 | $ | 50,559 | ||||||||||||
Other real estate owned | — | 12,752 | 172 | 12,924 | ||||||||||||||||
Total Assets | $ | — | $ | 49,655 | $ | 13,828 | $ | 63,483 | ||||||||||||
The following losses were realized on the assets measured on a nonrecurring basis: | ||||||||||||||||||||
For the Three-Months Ended March 31 | ||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||
Impaired loans | $ | (3,996 | ) | $ | (503 | ) | ||||||||||||||
Other real estate owned | (363 | ) | (131 | ) | ||||||||||||||||
Total losses | $ | (4,359 | ) | $ | (634 | ) | ||||||||||||||
Impaired loans over $0.1 million are individually reviewed to determine the amount of each loan considered to be at risk of non-collection. The fair value for impaired loans that are collateral based is determined by reviewing real property appraisals, equipment valuations, accounts receivable listings and other financial information. A discounted cash flow analysis is performed to determine fair value for impaired loans when an observable market price or a current appraisal is not available. First Commonwealth’s loan policy requires updated appraisals be obtained at least every twelve months on all impaired loans with balances of $250 thousand and over. For balances under $250 thousand, we rely on broker price opinions. | ||||||||||||||||||||
The fair value for other real estate owned determined by either an independent market based appraisal less estimated costs to sell or an executed sales agreement is classified as Level 2. The fair value for other real estate owned determined using an internal valuation is classified as Level 3. Other real estate owned has a book cost of $10.1 million as of March 31, 2014 and consisted primarily of commercial real estate properties in Pennsylvania. We review whether events and circumstances subsequent to a transfer to other real estate owned have occurred that indicate the balance of those assets may not be recoverable. If events and circumstances indicate further impairment we will record a charge to the extent that the carrying value of the assets exceed their fair values, less estimated cost to sell, as determined by valuation techniques appropriate in the circumstances. | ||||||||||||||||||||
Certain other assets and liabilities, including goodwill and core deposit intangibles, are measured at fair value on a non-recurring basis; that is, the instruments are not measured at fair value on an ongoing basis but are subject to fair value adjustments only in certain circumstances. Additional information related to goodwill is provided in Note 13, “Goodwill.” There were no other assets or liabilities measured at fair value on a non-recurring basis during the three months ended March 31, 2014. | ||||||||||||||||||||
FASB ASC 825-10, “Transition Related to FSP FAS 107-1” and APB 28-1, “Interim Disclosures about Fair Value of Financial Instruments,” requires disclosure of the fair value of financial assets and financial liabilities, including those financial assets and financial liabilities that are not measured and reported at fair value on a recurring basis or non-recurring basis. The methodologies for estimating the fair value of financial assets and financial liabilities that are measured at fair value on a recurring or non-recurring basis are as discussed above. The methodologies for other financial assets and financial liabilities are discussed below. | ||||||||||||||||||||
Cash and due from banks and interest-bearing bank deposits: The carrying amounts for cash and due from banks and interest-bearing bank deposits approximate the estimated fair values of such assets. | ||||||||||||||||||||
Securities: Fair values for securities available for sale are based on quoted market prices, if available. If quoted market prices are not available, fair values are based on quoted market prices of comparable instruments. Pooled trust preferred collateralized debt obligations values are derived from other valuation methodologies, including option pricing models, discounted cash flow models and similar techniques, and not based on market exchange, dealer or broker traded transactions. These valuations incorporate certain assumptions and projections in determining the fair value assigned to each instrument. The carrying value of other investments, which includes FHLB stock, is considered a reasonable estimate of fair value. | ||||||||||||||||||||
Loans: The fair values of all loans are estimated by discounting the estimated future cash flows using interest rates currently offered for loans with similar terms to borrowers of similar credit quality adjusted for past due and nonperforming loans, which is not an exit price under FASB ASC Topic 820, “Fair Value Measurements and Disclosures.” | ||||||||||||||||||||
Off-balance sheet instruments: Many of First Commonwealth’s off-balance sheet instruments, primarily loan commitments and standby letters of credit, are expected to expire without being drawn upon; therefore, the commitment amounts do not necessarily represent future cash requirements. FASB ASC Topic 460, “Guarantees” clarified that a guarantor is required to recognize, at the inception of a guarantee, a liability for the fair value of the obligation undertaken in issuing the guarantee. The carrying amount and fair value for standby letters of credit was $0.1 million at March 31, 2014 and December 31, 2013, respectively. See Note 6, “Commitments and Contingent Liabilities,” for additional information. | ||||||||||||||||||||
Deposit liabilities: Management estimates that the fair value of deposits is based on a market valuation of similar deposits. The carrying value of variable rate time deposit accounts and certificates of deposit approximate their fair values at the report date. Also, fair values of fixed rate time deposits for both periods are estimated by discounting the future cash flows using interest rates currently being offered and a schedule of aggregated expected maturities. | ||||||||||||||||||||
Short-term borrowings: The fair values of borrowings from the FHLB were estimated based on the estimated incremental borrowing rate for similar types of borrowings. The carrying amounts of other short-term borrowings such as federal funds purchased and securities sold under agreement to repurchase were used to approximate fair value due to the short-term nature of the borrowings. | ||||||||||||||||||||
Long-term debt and subordinated debt: The fair value of long-term debt and subordinated debt is estimated by discounting the future cash flows using First Commonwealth’s estimate of the current market rate for similar types of borrowing arrangements or an announced redemption price. | ||||||||||||||||||||
The following table presents carrying amounts and fair values of First Commonwealth’s financial instruments: | ||||||||||||||||||||
31-Mar-14 | ||||||||||||||||||||
Fair Value Measurements Using: | ||||||||||||||||||||
Carrying | Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||
Amount | ||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||
Financial assets | ||||||||||||||||||||
Cash and due from banks | $ | 82,327 | $ | 82,327 | $ | 82,327 | $ | — | $ | — | ||||||||||
Interest-bearing deposits | 9,087 | 9,087 | 9,087 | — | — | |||||||||||||||
Securities available for sale | 1,351,039 | 1,351,039 | — | 1,321,743 | 29,296 | |||||||||||||||
Other investments | 34,047 | 34,047 | — | 34,047 | — | |||||||||||||||
Loans | 4,252,213 | 4,283,303 | — | 32,940 | 4,250,363 | |||||||||||||||
Financial liabilities | ||||||||||||||||||||
Deposits | 4,647,817 | 4,573,324 | — | 4,573,324 | — | |||||||||||||||
Short-term borrowings | 572,965 | 572,954 | — | 572,954 | — | |||||||||||||||
Long-term debt | 144,268 | 145,510 | — | 145,510 | — | |||||||||||||||
Subordinated debt | 72,167 | 61,347 | — | — | 61,347 | |||||||||||||||
31-Dec-13 | ||||||||||||||||||||
Fair Value Measurements Using: | ||||||||||||||||||||
Carrying | Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||
Amount | ||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||
Financial assets | ||||||||||||||||||||
Cash and due from banks | $ | 74,427 | $ | 74,427 | $ | 74,427 | $ | — | $ | — | ||||||||||
Interest-bearing deposits | 3,012 | 3,012 | 3,012 | — | — | |||||||||||||||
Securities available for sale | 1,318,365 | 1,318,365 | — | 1,293,422 | 24,943 | |||||||||||||||
Other investments | 35,444 | 35,444 | — | 35,444 | — | |||||||||||||||
Loans | 4,283,833 | 4,321,847 | — | 36,903 | 4,284,944 | |||||||||||||||
Financial liabilities | ||||||||||||||||||||
Deposits | 4,603,863 | 4,531,685 | — | 4,531,685 | — | |||||||||||||||
Short-term borrowings | 626,615 | 626,603 | — | 626,603 | — | |||||||||||||||
Long-term debt | 144,385 | 145,477 | — | 145,477 | — | |||||||||||||||
Subordinated debt | 72,167 | 51,706 | — | — | 51,706 | |||||||||||||||
Derivatives
Derivatives | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||
Derivatives | ' | |||||||
Derivatives | ||||||||
First Commonwealth is a party to interest rate derivatives that are not designated as accounting hedges. These derivatives relate to interest rate swaps that First Commonwealth enters into with customers to allow customers to convert variable rate loans to a fixed rate. First Commonwealth pays interest to the customer at a floating rate on the notional amount and receives interest from the customer at a fixed rate for the same notional amount. At the same time the interest rate swap is entered into with the customer, an offsetting interest rate swap is entered into with another financial institution. First Commonwealth pays the other financial institution interest at the same fixed rate on the same notional amount as the swap entered into with the customer, and receives interest from the financial institution for the same floating rate on the same notional amount. The changes in the fair value of the swaps offset each other, except for the credit risk of the counterparties, which is determined by taking into consideration the risk rating, probability of default and loss given default for all counterparties. | ||||||||
We have eleven risk participation agreements with financial institution counterparties for interest rate swaps related to loans in which we are a participant. The risk participation agreements provide credit protection to the financial institution should the borrower fail to perform on its interest rate derivative contract with the financial institution. We have two risk participation agreements with financial institution counterparties for interest rate swaps related to loans in which we are the lead bank. The risk participation agreement provides credit protection to us should the borrower fail to perform on its interest rate derivative contract with us. | ||||||||
First Commonwealth is also party to interest rate caps that are not designated as hedging instruments. These derivatives relate to contracts that First Commonwealth enters into with loan customers providing a maximum interest rate on their variable rate loan. At the same time the interest rate cap is entered into with the customer, First Commonwealth enters into an offsetting interest rate cap with another financial institution. The notional amount and maximum interest rate on both interest cap contracts are identical. | ||||||||
The fee received, less the estimate of the loss for the credit exposure, was recognized in earnings at the time of the transaction. | ||||||||
The following table depicts the credit value adjustment recorded related to the notional amount of derivatives outstanding as well as the notional amount of risk participation agreements participated to other banks: | ||||||||
31-Mar-14 | 31-Dec-13 | |||||||
(dollars in thousands) | ||||||||
Credit value adjustment | $ | 19 | $ | 77 | ||||
Notional Amount: | ||||||||
Interest rate derivatives | 271,391 | 274,718 | ||||||
Interest rate caps | 7,263 | 7,500 | ||||||
Risk participation agreements | 81,704 | 82,197 | ||||||
Sold credit protection on risk participation agreements | (19,045 | ) | (19,161 | ) | ||||
The table below presents the amount representing the change in the fair value of derivative assets and derivative liabilities attributable to credit risk included in other income on the Condensed Consolidated Statements of Income: | ||||||||
For the Three-Months Ended March 31 | ||||||||
2014 | 2013 | |||||||
(dollars in thousands) | ||||||||
Non-hedging interest rate derivatives: | ||||||||
(Decrease) increase in other income | $ | (58 | ) | $ | 989 | |||
Goodwill
Goodwill | 3 Months Ended |
Mar. 31, 2014 | |
Goodwill Disclosure [Abstract] | ' |
Goodwill | ' |
Goodwill | |
FASB ASC Topic 350-20, “Intangibles – Goodwill and Other” requires an annual valuation of the fair value of a reporting unit that has goodwill and a comparison of the fair value to the book value of equity to determine whether the goodwill has been impaired. Goodwill is also required to be tested on an interim basis if an event or circumstance indicates that it is more likely than not that an impairment loss has been incurred. When triggering events or circumstances indicate goodwill testing is required, an assessment of qualitative factors can be completed before performing the two step goodwill impairment test. ASU 2011-8 provides that if an assessment of qualitative factors determines it is more likely than not that the fair value of a reporting unit exceeds its carrying amount, then the two step goodwill impairment test is not required. | |
First Commonwealth is considered to be one reporting unit. The carrying amount of goodwill as of March 31, 2014 and December 31, 2013 was $159.4 million and $159.9 million, respectively. No impairment charges on goodwill or other intangible assets were incurred in 2014 or 2013. The $0.5 million decline in goodwill during the three months ended March 31, 2014 represents the amount of goodwill included in the carrying value of the investment advisory business which was sold during that period. | |
We test goodwill for impairment as of November 30th each year and again at any quarter-end if any material events occur during a quarter that may affect goodwill. An assessment of qualitative factors was completed as of March 31, 2014 and indicated that it is more likely than not that the fair value of First Commonwealth exceeds its carrying amount, therefore the two step goodwill impairment test was not considered necessary. The assessment of qualitative factors incorporated the results of the Step 1 goodwill impairment test completed as of November 30, 2013 as well as macroeconomic factors, industry and market considerations, the company’s overall financial performance, and other company specific events occurring since the completion of the November 30, 2013 test. | |
As of March 31, 2014, goodwill was not considered impaired; however, changing economic conditions that may adversely affect our performance, fair value of our assets and liabilities, or stock price could result in impairment, which could adversely affect earnings in future periods. Management will continue to monitor events that could impact this conclusion in the future. |
New_Accounting_Pronouncements_
New Accounting Pronouncements (Notes) | 3 Months Ended |
Mar. 31, 2014 | |
Accounting Changes and Error Corrections [Abstract] | ' |
New Accounting Pronouncements | ' |
New Accounting Pronouncements | |
In January 2014, the FASB issued ASU 2014-01, "Investments - Equity Method and Joint Ventures (Topic 323)," permits reporting entities to make an accounting policy election to account for their investments in qualified affordable housing projects using the proportional amortization method if certain conditions are met. The proportional amortization method allows an entity to amortize the initial cost of the investment in proportion to the tax credits and other tax benefits received and recognizes the net investment performance in the income statement as a component of income tax expense (benefit). This amendment is effective for interim and annual periods beginning after December 15, 2014. The adoption of this ASU is not expected to have a material impact on First Commonwealth’s financial condition or results of operations. | |
In January 2014, the FASB issued ASU 2014-04, "Receivables - Troubled Debt Restructurings by Creditors (Subtopic 310-40)." This amendment clarifies that an in-substance repossession or foreclosure occurs and a creditor is considered to have received physical possession of property upon either, 1. the creditor obtaining legal title to the residential real estate property upon completion of a foreclosure, or 2. the borrower conveying all interest in the residential real estate property to the creditor to satisfy that loan through completion of a deed in lieu of foreclosure or through a similar legal agreement. Interim and annual disclosure of both the amount of foreclosed residential real estate property held by the creditor and the recorded investment in consumer mortgages loans collateralized by residential real estate property that are in the process of foreclosure according to local requirements of the applicable jurisdiction are required. This amendment is effective for annual periods beginning after December 15, 2014 and for interim periods within annual periods beginning after December 15, 2015. The adoption of this ASU is not expected to have a material impact on First Commonwealth’s financial condition or results of operations. | |
In April 2014, the FASB issued ASU 2014-08, “Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360)." This amendment changes the reporting requirements for discontinued operations. A disposal of a component of an entity or group of components of an entity is required to be reported in discontinued operations if the disposal represents a strategic shift resulting in a major effect on the entity's operations and financial results when any of the following occurs: 1. the component or group of components of an entity meets the criteria to be classified as held for sale, 2. the component or group of components of an entity is disposed of by sale, or 3. the component or group of components of an entity is disposed of other than by sale. If one of these criteria are met, the entity will present the assets and liabilities of a disposal group that includes a discontinued operation separately in the asset and liability sections of the statement of financial position for each comparative period along with additional footnote disclosure. This amendment is effective for annual periods beginning on or after December 15, 2014 and interim periods within annual periods beginning on or after December 15, 2015. The adoption of this ASU is not expected to have a material impact on First Commonwealth’s financial condition or results of operations. |
Supplemental_Comprehensive_Inc1
Supplemental Comprehensive Income Disclosures (Tables) | 3 Months Ended | |||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||
Supplemental Comprehensive Income Disclosures [Abstract] | ' | |||||||||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) | ' | |||||||||||||||||||||||
The following table identifies the related tax effects allocated to each component of other comprehensive income (“OCI”) in the Condensed Consolidated Statements of Comprehensive Income. Reclassification adjustments related to securities available for sale are included in the "Net securities gains" line in the Condensed Consolidated Statements of Income. The non-credit related gains on securities not expected to be sold are included in the "Noninterest Income" section of the Condensed Consolidated Statements of Income. | ||||||||||||||||||||||||
For the Three-Months Ended March 31 | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Pretax Amount | Tax (Expense) Benefit | Net of Tax Amount | Pretax Amount | Tax (Expense) Benefit | Net of Tax Amount | |||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||
Unrealized gains (losses) on securities: | ||||||||||||||||||||||||
Unrealized holding gains (losses) on securities arising during the period | $ | 12,457 | $ | (4,361 | ) | $ | 8,096 | $ | (2,411 | ) | $ | 843 | $ | (1,568 | ) | |||||||||
Reclassification adjustment for gains on securities included in net income | — | — | — | (4 | ) | 1 | (3 | ) | ||||||||||||||||
Total unrealized gains (losses) on securities | 12,457 | (4,361 | ) | 8,096 | (2,415 | ) | 844 | (1,571 | ) | |||||||||||||||
Total other comprehensive income (loss) | $ | 12,457 | $ | (4,361 | ) | $ | 8,096 | $ | (2,415 | ) | $ | 844 | $ | (1,571 | ) | |||||||||
Supplemental Comprehensive Income Disclosures | ' | |||||||||||||||||||||||
The following table details the change in components of OCI for the three months ended March 31: | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Securities Available for Sale | Post-Retirement Obligation | Accumulated Other Comprehensive Income | Securities Available for Sale | Post-Retirement Obligation | Accumulated Other Comprehensive Income | |||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||
Balance at December 31 | $ | (20,868 | ) | $ | 280 | $ | (20,588 | ) | $ | 1,121 | $ | 138 | $ | 1,259 | ||||||||||
Other comprehensive income (loss) before reclassification adjustment | 8,096 | — | 8,096 | (1,568 | ) | — | (1,568 | ) | ||||||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | — | — | — | (3 | ) | — | (3 | ) | ||||||||||||||||
Net other comprehensive income (loss) during the period | 8,096 | — | 8,096 | (1,571 | ) | — | (1,571 | ) | ||||||||||||||||
Balance at March 31 | $ | (12,772 | ) | $ | 280 | $ | (12,492 | ) | $ | (450 | ) | $ | 138 | $ | (312 | ) | ||||||||
Supplemental_Cash_Flow_Disclos1
Supplemental Cash Flow Disclosures (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Supplemental Cash Flow Information [Abstract] | ' | |||||||
Schedule of Supplemental Cash Flow Disclosures | ' | |||||||
The following table presents information related to cash paid during the period for interest as well as detail on non-cash investing and financing activities for the three months ended March 31: | ||||||||
2014 | 2013 | |||||||
(dollars in thousands) | ||||||||
Cash paid during the period for: | ||||||||
Interest | $ | 5,108 | $ | 7,211 | ||||
Non-cash investing and financing activities: | ||||||||
Loans transferred to other real estate owned and repossessed assets | 1,292 | 1,207 | ||||||
Loans transferred from held to maturity to held for sale | 716 | 16,613 | ||||||
Loans sold, not settled | — | 2,640 | ||||||
Gross increase (decrease) in market value adjustment to securities available for sale | 12,459 | (2,411 | ) | |||||
Investments committed to purchase, not settled | 2,522 | — | ||||||
Unsettled treasury stock repurchases | 233 | — | ||||||
Earnings_per_Share_Tables
Earnings per Share (Tables) | 3 Months Ended | |||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||||||||
Composition of Weighted-Average Common Shares (Denominator) Used in Basic and Diluted Earnings Per Share | ' | |||||||||||||||||||||
The following table summarizes the composition of the weighted-average common shares (denominator) used in the basic and diluted earnings per share computations: | ||||||||||||||||||||||
For the Three-Months Ended March 31 | ||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||
Weighted average common shares issued | 105,563,455 | 105,563,455 | ||||||||||||||||||||
Average treasury stock shares | (10,876,695 | ) | (6,104,526 | ) | ||||||||||||||||||
Average unearned nonvested shares | (143,340 | ) | (170,191 | ) | ||||||||||||||||||
Weighted average common shares and common stock equivalents used to calculate basic earnings per share | 94,543,420 | 99,288,738 | ||||||||||||||||||||
Additional common stock equivalents (nonvested stock) used to calculate diluted earnings per share | 24,639 | 16,676 | ||||||||||||||||||||
Additional common stock equivalents (stock options) used to calculate diluted earnings per share | — | — | ||||||||||||||||||||
Weighted average common shares and common stock equivalents used to calculate diluted earnings per share | 94,568,059 | 99,305,414 | ||||||||||||||||||||
Common Stock Equivalents Not Included in Computation of Diluted Earnings Per Share | ' | |||||||||||||||||||||
The following table shows the number of shares and the price per share related to common stock equivalents that were not included in the computation of diluted earnings per share for the three months ended March 31 because to do so would have been antidilutive. | ||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||
Price Range | Price Range | |||||||||||||||||||||
Shares | From | To | Shares | From | To | |||||||||||||||||
Stock Options | 15,000 | $ | 14.55 | $ | 14.55 | 82,041 | $ | 9.19 | $ | 14.55 | ||||||||||||
Restricted Stock | 5,601 | 8.75 | 9.18 | — | — | — | ||||||||||||||||
Variable_Interest_Entities_Tab
Variable Interest Entities (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Variable Interest Entities [Abstract] | ' | |||||||
Schedule of Maximum Potential Exposure | ' | |||||||
First Commonwealth’s maximum potential exposure is equal to its carrying value and is summarized in the table below: | ||||||||
31-Mar-14 | 31-Dec-13 | |||||||
(dollars in thousands) | ||||||||
Low Income Housing Limited Partnership Investments | $ | 174 | $ | 207 | ||||
Commitments_and_Contingent_Lia1
Commitments and Contingent Liabilities (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||||||
Notional Amount of Outstanding Commitments | ' | |||||||
The following table identifies the notional amount of those instruments at: | ||||||||
31-Mar-14 | 31-Dec-13 | |||||||
(dollars in thousands) | ||||||||
Financial instruments whose contract amounts represent credit risk: | ||||||||
Commitments to extend credit | $ | 1,519,436 | $ | 1,571,987 | ||||
Financial standby letters of credit | 37,119 | 38,121 | ||||||
Performance standby letters of credit | 27,458 | 32,441 | ||||||
Commercial letters of credit | — | — | ||||||
Investment_Securities_Tables
Investment Securities (Tables) | 3 Months Ended | |||||||||||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | |||||||||||||||||||||||||||||||
Analysis of Amortized Cost and Estimated Fair Value of Securities Available for Sale | ' | |||||||||||||||||||||||||||||||
Below is an analysis of the amortized cost and estimated fair values of securities available for sale at: | ||||||||||||||||||||||||||||||||
31-Mar-14 | 31-Dec-13 | |||||||||||||||||||||||||||||||
Amortized | Gross | Gross | Estimated | Amortized | Gross | Gross | Estimated | |||||||||||||||||||||||||
Cost | Unrealized | Unrealized | Fair Value | Cost | Unrealized | Unrealized | Fair Value | |||||||||||||||||||||||||
Gains | Losses | Gains | Losses | |||||||||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||||||||
Obligations of U.S. Government Agencies: | ||||||||||||||||||||||||||||||||
Mortgage-Backed Securities – Residential | $ | 21,648 | $ | 2,627 | $ | (34 | ) | $ | 24,241 | $ | 22,639 | $ | 2,624 | $ | (59 | ) | $ | 25,204 | ||||||||||||||
Obligations of U.S. Government-Sponsored Enterprises: | ||||||||||||||||||||||||||||||||
Mortgage-Backed Securities – Residential | 1,020,102 | 12,977 | (19,472 | ) | 1,013,607 | 1,009,519 | 12,531 | (27,163 | ) | 994,887 | ||||||||||||||||||||||
Mortgage-Backed Securities – Commercial | 96 | 2 | — | 98 | 104 | 1 | — | 105 | ||||||||||||||||||||||||
Other Government-Sponsored Enterprises | 269,170 | 3 | (1,863 | ) | 267,310 | 267,971 | 81 | (1,927 | ) | 266,125 | ||||||||||||||||||||||
Obligations of States and Political Subdivisions | 9,340 | 22 | (3 | ) | 9,359 | 80 | — | — | 80 | |||||||||||||||||||||||
Corporate Securities | 6,691 | 437 | — | 7,128 | 6,693 | 328 | — | 7,021 | ||||||||||||||||||||||||
Pooled Trust Preferred Collateralized Debt Obligations | 42,214 | — | (14,338 | ) | 27,876 | 42,040 | — | (18,517 | ) | 23,523 | ||||||||||||||||||||||
Total Debt Securities | 1,369,261 | 16,068 | (35,710 | ) | 1,349,619 | 1,349,046 | 15,565 | (47,666 | ) | 1,316,945 | ||||||||||||||||||||||
Equities | 1,420 | — | — | 1,420 | 1,420 | — | — | 1,420 | ||||||||||||||||||||||||
Total Securities Available for Sale | $ | 1,370,681 | $ | 16,068 | $ | (35,710 | ) | $ | 1,351,039 | $ | 1,350,466 | $ | 15,565 | $ | (47,666 | ) | $ | 1,318,365 | ||||||||||||||
Amortized Cost and Estimated Fair Value of Debt Securities Available for Sale | ' | |||||||||||||||||||||||||||||||
he amortized cost and estimated fair value of debt securities available for sale at March 31, 2014, by contractual maturity, are shown below. | ||||||||||||||||||||||||||||||||
Amortized | Estimated | |||||||||||||||||||||||||||||||
Cost | Fair Value | |||||||||||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||||||||
Due within 1 year | $ | 5,601 | $ | 5,604 | ||||||||||||||||||||||||||||
Due after 1 but within 5 years | 263,570 | 261,706 | ||||||||||||||||||||||||||||||
Due after 5 but within 10 years | 3,371 | 3,381 | ||||||||||||||||||||||||||||||
Due after 10 years | 54,873 | 40,982 | ||||||||||||||||||||||||||||||
327,415 | 311,673 | |||||||||||||||||||||||||||||||
Mortgage-Backed Securities (a) | 1,041,846 | 1,037,946 | ||||||||||||||||||||||||||||||
Total Debt Securities | $ | 1,369,261 | $ | 1,349,619 | ||||||||||||||||||||||||||||
(a) | Mortgage Backed Securities include an amortized cost of $21.6 million and a fair value of $24.2 million for Obligations of U.S. | |||||||||||||||||||||||||||||||
Proceeds from Sale, Gross Gains (Losses) Realized on Sales, Maturities and Other-Than-Temporary Impairment Charges Related to Securities Available for Sale | ' | |||||||||||||||||||||||||||||||
Proceeds from sales, gross gains (losses) realized on sales, maturities and other-than-temporary impairment charges related to securities available for sale were as follows for the three months ended March 31: | ||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||||||||
Proceeds from sales | $ | — | $ | 42 | ||||||||||||||||||||||||||||
Gross gains (losses) realized: | ||||||||||||||||||||||||||||||||
Sales Transactions: | ||||||||||||||||||||||||||||||||
Gross gains | $ | — | $ | 4 | ||||||||||||||||||||||||||||
Gross losses | — | — | ||||||||||||||||||||||||||||||
Net gains and impairment | $ | — | $ | 4 | ||||||||||||||||||||||||||||
Impairment_of_Investment_Secur1
Impairment of Investment Securities (Tables) | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||
Impairment of Investment Securities Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Schedule of Unrealized Losses and Estimated Fair Values | ' | ||||||||||||||||||||||||
The following table presents the gross unrealized losses and estimated fair values at March 31, 2014 by investment category and time frame for which securities have been in a continuous unrealized loss position: | |||||||||||||||||||||||||
Less Than 12 Months | 12 Months or More | Total | |||||||||||||||||||||||
Estimated | Gross | Estimated | Gross | Estimated | Gross | ||||||||||||||||||||
Fair Value | Unrealized | Fair Value | Unrealized | Fair Value | Unrealized | ||||||||||||||||||||
Losses | Losses | Losses | |||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||
Obligations of U.S. Government Agencies: | |||||||||||||||||||||||||
Mortgage-Backed Securities – Residential | $ | 2,044 | $ | (34 | ) | $ | — | $ | — | $ | 2,044 | $ | (34 | ) | |||||||||||
Obligations of U.S. Government-Sponsored Enterprises: | |||||||||||||||||||||||||
Mortgage-Backed Securities – Residential | 459,224 | (11,805 | ) | 149,391 | (7,667 | ) | 608,615 | (19,472 | ) | ||||||||||||||||
Other Government-Sponsored Enterprises | 237,136 | (1,452 | ) | 24,570 | (411 | ) | 261,706 | (1,863 | ) | ||||||||||||||||
Obligations of States and Political Subdivisions | 2,825 | (3 | ) | — | — | 2,825 | (3 | ) | |||||||||||||||||
Pooled Trust Preferred Collateralized Debt Obligations | 2,637 | (57 | ) | 25,240 | (14,281 | ) | 27,877 | (14,338 | ) | ||||||||||||||||
Total Securities Available for Sale | $ | 703,866 | $ | (13,351 | ) | $ | 199,201 | $ | (22,359 | ) | $ | 903,067 | $ | (35,710 | ) | ||||||||||
The following table presents the gross unrealized losses and estimated fair values at December 31, 2013 by investment category and time frame for which securities have been in a continuous unrealized loss position: | |||||||||||||||||||||||||
Less Than 12 Months | 12 Months or More | Total | |||||||||||||||||||||||
Estimated | Gross | Estimated | Gross | Estimated | Gross | ||||||||||||||||||||
Fair Value | Unrealized | Fair Value | Unrealized | Fair Value | Unrealized | ||||||||||||||||||||
Losses | Losses | Losses | |||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||
Obligations of U.S. Government Agencies: | |||||||||||||||||||||||||
Mortgage-Backed Securities – Residential | $ | 2,035 | $ | (59 | ) | $ | — | $ | — | $ | 2,035 | $ | (59 | ) | |||||||||||
Obligations of U.S. Government-Sponsored Enterprises: | |||||||||||||||||||||||||
Mortgage-Backed Securities – Residential | 632,231 | (22,844 | ) | 65,324 | (4,319 | ) | 697,555 | (27,163 | ) | ||||||||||||||||
Other Government-Sponsored Enterprises | 183,542 | (1,448 | ) | 24,501 | (479 | ) | 208,043 | (1,927 | ) | ||||||||||||||||
Pooled Trust Preferred Collateralized Debt Obligations | 2,401 | (237 | ) | 21,122 | (18,280 | ) | 23,523 | (18,517 | ) | ||||||||||||||||
Total Securities Available for Sale | $ | 820,209 | $ | (24,588 | ) | $ | 110,947 | $ | (23,078 | ) | $ | 931,156 | $ | (47,666 | ) | ||||||||||
Pooled Trust Preferred Collateralized Debt Obligations | ' | ||||||||||||||||||||||||
The following table provides information related to our pooled trust preferred collateralized debt obligations as of March 31, 2014: | |||||||||||||||||||||||||
Deal | Class | Book | Estimated Fair | Unrealized | Moody’s/ | Number | Deferrals | Excess | |||||||||||||||||
Value | Value | Gain | Fitch | of | and | Subordination | |||||||||||||||||||
(Loss) | Ratings | Banks | Defaults | as a % of | |||||||||||||||||||||
as a % of | Current | ||||||||||||||||||||||||
Current | Performing | ||||||||||||||||||||||||
Collateral | Collateral | ||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||
Pre TSL IV | Mezzanine | $ | 1,830 | $ | 1,297 | $ | (533 | ) | B1/B | 6 | 18.05 | % | 55.72 | % | |||||||||||
Pre TSL V | Mezzanine | 58 | 28 | (30 | ) | C/- | 3 | 100 | — | ||||||||||||||||
Pre TSL VII | Mezzanine | 2,636 | 2,609 | (27 | ) | Ca/C | 14 | 54.14 | — | ||||||||||||||||
Pre TSL VIII | Mezzanine | 1,985 | 1,400 | (585 | ) | C/C | 30 | 54.77 | — | ||||||||||||||||
Pre TSL IX | Mezzanine | 2,313 | 1,390 | (923 | ) | Caa1/C | 42 | 28.05 | 7.86 | ||||||||||||||||
Pre TSL X | Mezzanine | 1,409 | 1,391 | (18 | ) | Caa3/C | 46 | 35.07 | — | ||||||||||||||||
Pre TSL XII | Mezzanine | 5,410 | 3,311 | (2,099 | ) | Caa3/C | 68 | 30.28 | — | ||||||||||||||||
Pre TSL XIII | Mezzanine | 12,408 | 7,941 | (4,467 | ) | Caa3/C | 61 | 27.78 | 19.84 | ||||||||||||||||
Pre TSL XIV | Mezzanine | 13,720 | 8,146 | (5,574 | ) | Ca/C | 58 | 31.9 | 50.44 | ||||||||||||||||
MMCap I | Mezzanine | 445 | 363 | (82 | ) | Ca/C | 11 | 58.76 | 14.63 | ||||||||||||||||
Total | $ | 42,214 | $ | 27,876 | $ | (14,338 | ) | ||||||||||||||||||
Cumulative Roll Forward of Credit Losses Recognized in Earnings for Debt Securities held and not Intended to be Sold | ' | ||||||||||||||||||||||||
The following table provides a cumulative roll forward of credit losses recognized in earnings for debt securities held and not intended to be sold: | |||||||||||||||||||||||||
For the Three-Months Ended March 31 | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||
Balance, beginning (a) | $ | 27,543 | $ | 43,274 | |||||||||||||||||||||
Credit losses on debt securities for which other-than-temporary impairment was not previously recognized | — | — | |||||||||||||||||||||||
Additional credit losses on debt securities for which other-than-temporary impairment was previously recognized | — | — | |||||||||||||||||||||||
Increases in cash flows expected to be collected, recognized over the remaining life of the security (b) | (289 | ) | (283 | ) | |||||||||||||||||||||
Balance, ending | $ | 27,254 | $ | 42,991 | |||||||||||||||||||||
(a) | The beginning balance represents credit related losses included in other-than-temporary impairment charges recognized on debt securities in prior periods. | ||||||||||||||||||||||||
(b) | Represents the increase in cash flows recognized in interest income during the period. |
Loans_and_Allowance_for_Credit1
Loans and Allowance for Credit Losses (Tables) | 3 Months Ended | |||||||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||||||
Loans and Leases Receivable Disclosure [Abstract] | ' | |||||||||||||||||||||||||||
Outstanding Balances of Loan | ' | |||||||||||||||||||||||||||
The following table provides outstanding balances related to each of our loan types: | ||||||||||||||||||||||||||||
31-Mar-14 | 31-Dec-13 | |||||||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||||
Commercial, financial, agricultural and other | $ | 1,017,412 | $ | 1,021,056 | ||||||||||||||||||||||||
Real estate construction | 95,110 | 93,289 | ||||||||||||||||||||||||||
Residential real estate | 1,240,169 | 1,262,718 | ||||||||||||||||||||||||||
Commercial real estate | 1,290,852 | 1,296,472 | ||||||||||||||||||||||||||
Loans to individuals | 608,670 | 610,298 | ||||||||||||||||||||||||||
Total loans and leases net of unearned income | $ | 4,252,213 | $ | 4,283,833 | ||||||||||||||||||||||||
Credit Risk Profile by Creditworthiness | ' | |||||||||||||||||||||||||||
The following tables represent our credit risk profile by creditworthiness: | ||||||||||||||||||||||||||||
31-Mar-14 | ||||||||||||||||||||||||||||
Commercial, financial, agricultural and other | Real estate construction | Residential real estate | Commercial real estate | Loans to individuals | Total | |||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||||
Pass | $ | 945,063 | $ | 83,456 | $ | 1,225,083 | $ | 1,242,664 | $ | 608,491 | $ | 4,104,757 | ||||||||||||||||
Non-Pass | ||||||||||||||||||||||||||||
OAEM | 23,958 | 8,686 | 3,375 | 30,207 | 1 | 66,227 | ||||||||||||||||||||||
Substandard | 48,391 | 2,968 | 11,711 | 17,981 | 178 | 81,229 | ||||||||||||||||||||||
Doubtful | — | — | — | — | — | — | ||||||||||||||||||||||
Total Non-Pass | 72,349 | 11,654 | 15,086 | 48,188 | 179 | 147,456 | ||||||||||||||||||||||
Total | $ | 1,017,412 | $ | 95,110 | $ | 1,240,169 | $ | 1,290,852 | $ | 608,670 | $ | 4,252,213 | ||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||||||
Commercial, financial, agricultural and other | Real estate construction | Residential real estate | Commercial real estate | Loans to individuals | Total | |||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||||
Pass | $ | 943,107 | $ | 79,679 | $ | 1,245,422 | $ | 1,243,170 | $ | 610,094 | $ | 4,121,472 | ||||||||||||||||
Non-Pass | ||||||||||||||||||||||||||||
OAEM | 35,429 | 9,710 | 5,161 | 28,823 | 1 | 79,124 | ||||||||||||||||||||||
Substandard | 42,520 | 3,900 | 12,135 | 24,479 | 203 | 83,237 | ||||||||||||||||||||||
Doubtful | — | — | — | — | — | — | ||||||||||||||||||||||
Total Non-Pass | 77,949 | 13,610 | 17,296 | 53,302 | 204 | 162,361 | ||||||||||||||||||||||
Total | $ | 1,021,056 | $ | 93,289 | $ | 1,262,718 | $ | 1,296,472 | $ | 610,298 | $ | 4,283,833 | ||||||||||||||||
Age Analysis of Past Due Loans by Segment | ' | |||||||||||||||||||||||||||
The following tables delineate the aging analysis of the recorded investments in past due loans as of March 31, 2014 and December 31, 2013. Also included in these tables are loans that are 90 days or more past due and still accruing because they are well-secured and in the process of collection. | ||||||||||||||||||||||||||||
31-Mar-14 | ||||||||||||||||||||||||||||
30 - 59 | 60 - 89 | 90 days | Nonaccrual | Total past | Current | Total | ||||||||||||||||||||||
days | days | and | due and | |||||||||||||||||||||||||
past due | past | greater | nonaccrual | |||||||||||||||||||||||||
due | and still | |||||||||||||||||||||||||||
accruing | ||||||||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||||
Commercial, financial, agricultural and other | $ | 971 | $ | 490 | $ | 300 | $ | 28,268 | $ | 30,029 | $ | 987,383 | $ | 1,017,412 | ||||||||||||||
Real estate construction | 40 | — | — | 1,698 | 1,738 | 93,372 | 95,110 | |||||||||||||||||||||
Residential real estate | 4,265 | 1,004 | 746 | 10,011 | 16,026 | 1,224,143 | 1,240,169 | |||||||||||||||||||||
Commercial real estate | 2,020 | 665 | 21 | 5,526 | 8,232 | 1,282,620 | 1,290,852 | |||||||||||||||||||||
Loans to individuals | 2,094 | 682 | 1,383 | 177 | 4,336 | 604,334 | 608,670 | |||||||||||||||||||||
Total | $ | 9,390 | $ | 2,841 | $ | 2,450 | $ | 45,680 | $ | 60,361 | $ | 4,191,852 | $ | 4,252,213 | ||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||||||
30 - 59 | 60 - 89 | 90 days | Nonaccrual | Total past | Current | Total | ||||||||||||||||||||||
days | days | and | due and | |||||||||||||||||||||||||
past due | past | greater | nonaccrual | |||||||||||||||||||||||||
due | and still | |||||||||||||||||||||||||||
accruing | ||||||||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||||
Commercial, financial, agricultural and other | $ | 594 | $ | 319 | $ | 185 | $ | 23,631 | $ | 24,729 | $ | 996,327 | $ | 1,021,056 | ||||||||||||||
Real estate construction | — | — | — | 2,567 | 2,567 | 90,722 | 93,289 | |||||||||||||||||||||
Residential real estate | 4,002 | 524 | 1,041 | 10,520 | 16,087 | 1,246,631 | 1,262,718 | |||||||||||||||||||||
Commercial real estate | 1,199 | 23 | 13 | 8,966 | 10,201 | 1,286,271 | 1,296,472 | |||||||||||||||||||||
Loans to individuals | 2,895 | 990 | 1,266 | 204 | 5,355 | 604,943 | 610,298 | |||||||||||||||||||||
Total | $ | 8,690 | $ | 1,856 | $ | 2,505 | $ | 45,888 | $ | 58,939 | $ | 4,224,894 | $ | 4,283,833 | ||||||||||||||
Recorded Investment and Unpaid Principal Balance for Impaired Loans with Associated Allowance | ' | |||||||||||||||||||||||||||
The following tables include the recorded investment and unpaid principal balance for impaired loans with the associated allowance amount, if applicable, as of March 31, 2014 and December 31, 2013. Also presented are the average recorded investment in impaired loans and the related amount of interest recognized while the loan was considered impaired. Average balances are calculated using month-end balances of the loans for the period reported and are included in the table below based on its period-end allowance position. | ||||||||||||||||||||||||||||
31-Mar-14 | 31-Dec-13 | |||||||||||||||||||||||||||
Recorded | Unpaid | Related | Recorded | Unpaid | Related | |||||||||||||||||||||||
investment | principal | allowance | investment | principal | allowance | |||||||||||||||||||||||
balance | balance | |||||||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||||
With no related allowance recorded: | ||||||||||||||||||||||||||||
Commercial, financial, agricultural and other | $ | 9,788 | $ | 10,960 | $ | 6,752 | $ | 7,649 | ||||||||||||||||||||
Real estate construction | 2,213 | 2,782 | 3,486 | 6,664 | ||||||||||||||||||||||||
Residential real estate | 9,864 | 10,741 | 9,333 | 9,952 | ||||||||||||||||||||||||
Commercial real estate | 7,348 | 8,423 | 13,606 | 14,719 | ||||||||||||||||||||||||
Loans to individuals | 270 | 297 | 289 | 307 | ||||||||||||||||||||||||
Subtotal | 29,483 | 33,203 | 33,466 | 39,291 | ||||||||||||||||||||||||
With an allowance recorded: | ||||||||||||||||||||||||||||
Commercial, financial, agricultural and other | 22,940 | 23,559 | 9,886 | 21,482 | 22,082 | 7,364 | ||||||||||||||||||||||
Real estate construction | 638 | 1,780 | 74 | 414 | 737 | 94 | ||||||||||||||||||||||
Residential real estate | 2,841 | 3,435 | 496 | 3,533 | 3,585 | 1,282 | ||||||||||||||||||||||
Commercial real estate | 301 | 315 | 47 | 488 | 612 | 84 | ||||||||||||||||||||||
Loans to individuals | — | — | — | — | — | — | ||||||||||||||||||||||
Subtotal | 26,720 | 29,089 | 10,503 | 25,917 | 27,016 | 8,824 | ||||||||||||||||||||||
Total | $ | 56,203 | $ | 62,292 | $ | 10,503 | $ | 59,383 | $ | 66,307 | $ | 8,824 | ||||||||||||||||
For the Three-Months Ended March 31 | ||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||
Average | Interest | Average | Interest | |||||||||||||||||||||||||
recorded | Income | recorded | Income | |||||||||||||||||||||||||
investment | Recognized | investment | Recognized | |||||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||||
With no related allowance recorded: | ||||||||||||||||||||||||||||
Commercial, financial, agricultural and other | $ | 10,953 | $ | 17 | $ | 8,592 | $ | 51 | ||||||||||||||||||||
Real estate construction | 2,438 | 12 | 7,877 | — | ||||||||||||||||||||||||
Residential real estate | 9,825 | 49 | 8,516 | 37 | ||||||||||||||||||||||||
Commercial real estate | 9,498 | 33 | 33,978 | 11 | ||||||||||||||||||||||||
Loans to individuals | 271 | 1 | 247 | 1 | ||||||||||||||||||||||||
Subtotal | 32,985 | 112 | 59,210 | 100 | ||||||||||||||||||||||||
With an allowance recorded: | ||||||||||||||||||||||||||||
Commercial, financial, agricultural and other | 17,649 | 45 | 25,803 | 19 | ||||||||||||||||||||||||
Real estate construction | 638 | — | 2,685 | 13 | ||||||||||||||||||||||||
Residential real estate | 3,161 | 8 | 2,457 | 4 | ||||||||||||||||||||||||
Commercial real estate | 307 | 1 | 6,704 | 25 | ||||||||||||||||||||||||
Loans to individuals | — | — | — | — | ||||||||||||||||||||||||
Subtotal | 21,755 | 54 | 37,649 | 61 | ||||||||||||||||||||||||
Total | $ | 54,740 | $ | 166 | $ | 96,859 | $ | 161 | ||||||||||||||||||||
Troubled Debt Restructured Loans and Commitments | ' | |||||||||||||||||||||||||||
The following table provides detail as to the total troubled debt restructured loans and total commitments outstanding on troubled debt restructured loans: | ||||||||||||||||||||||||||||
31-Mar-14 | 31-Dec-13 | |||||||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||||
Troubled debt restructured loans | ||||||||||||||||||||||||||||
Accrual status | $ | 10,523 | $ | 13,495 | ||||||||||||||||||||||||
Nonaccrual status | 12,327 | 16,980 | ||||||||||||||||||||||||||
Total | $ | 22,850 | $ | 30,475 | ||||||||||||||||||||||||
Commitments | ||||||||||||||||||||||||||||
Letters of credit | $ | — | $ | — | ||||||||||||||||||||||||
Unused lines of credit | 709 | 452 | ||||||||||||||||||||||||||
Total | $ | 709 | $ | 452 | ||||||||||||||||||||||||
Troubled Debt Restructurings is 90 days or more past due | ' | |||||||||||||||||||||||||||
The following tables provide detail, including specific reserves and reasons for modification, related to loans identified as troubled debt restructurings: | ||||||||||||||||||||||||||||
For the Three-Months Ended March 31, 2014 | ||||||||||||||||||||||||||||
Type of Modification | ||||||||||||||||||||||||||||
Number | Extend | Modify | Modify | Total | Post- | Specific | ||||||||||||||||||||||
of | Maturity | Rate | Payments | Pre-Modification | Modification | Reserve | ||||||||||||||||||||||
Contracts | Outstanding | Outstanding | ||||||||||||||||||||||||||
Recorded | Recorded | |||||||||||||||||||||||||||
Investment | Investment | |||||||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||||
Commercial, financial, agricultural and other | 1 | $ | 60 | $ | — | $ | — | $ | 60 | $ | 60 | $ | 29 | |||||||||||||||
Residential real estate | 13 | — | 172 | 517 | 689 | 676 | 5 | |||||||||||||||||||||
Commercial real estate | 1 | — | — | 12 | 12 | 8 | — | |||||||||||||||||||||
Loans to individuals | 6 | — | 31 | 20 | 51 | 47 | — | |||||||||||||||||||||
Total | 21 | $ | 60 | $ | 203 | $ | 549 | $ | 812 | $ | 791 | $ | 34 | |||||||||||||||
For the Three-Months Ended March 31, 2013 | ||||||||||||||||||||||||||||
Type of Modification | ||||||||||||||||||||||||||||
Number | Extend | Modify | Modify | Total | Post- | Specific | ||||||||||||||||||||||
of | Maturity | Rate | Payments | Pre-Modification | Modification | Reserve | ||||||||||||||||||||||
Contracts | Outstanding | Outstanding | ||||||||||||||||||||||||||
Recorded | Recorded | |||||||||||||||||||||||||||
Investment | Investment | |||||||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||||
Commercial, financial, agricultural and other | 2 | $ | 426 | $ | — | $ | 12 | $ | 438 | $ | 377 | $ | — | |||||||||||||||
Residential real estate | 9 | 7 | 214 | 514 | 735 | 677 | — | |||||||||||||||||||||
Commercial real estate | 1 | — | 244 | — | 244 | 242 | — | |||||||||||||||||||||
Loans to individuals | 4 | — | 23 | 4 | 27 | 25 | — | |||||||||||||||||||||
Total | 16 | $ | 433 | $ | 481 | $ | 530 | $ | 1,444 | $ | 1,321 | $ | — | |||||||||||||||
Troubled Debt Restructuring Identified During Period | ' | |||||||||||||||||||||||||||
The following table provides information related to restructured loans that were considered to default during the three months ended March 31: | ||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||
Number of | Recorded | Number of | Recorded | |||||||||||||||||||||||||
Contracts | Investment | Contracts | Investment | |||||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||||
Residential real estate | 4 | $ | 138 | 1 | $ | 10 | ||||||||||||||||||||||
Loans to individuals | — | — | 1 | 6 | ||||||||||||||||||||||||
Total | 4 | $ | 138 | 2 | $ | 16 | ||||||||||||||||||||||
Allowance for Credit Losses | ' | |||||||||||||||||||||||||||
The following tables provide detail related to the allowance for credit losses: | ||||||||||||||||||||||||||||
For the Three-Months Ended March 31, 2014 | ||||||||||||||||||||||||||||
Commercial, | Real estate | Residential | Commercial | Loans to | Unallocated | Total | ||||||||||||||||||||||
financial, | construction | real estate | real estate | individuals | ||||||||||||||||||||||||
agricultural | ||||||||||||||||||||||||||||
and other | ||||||||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||||
Allowance for credit losses: | ||||||||||||||||||||||||||||
Beginning Balance | $ | 22,663 | $ | 6,600 | $ | 7,727 | $ | 11,778 | $ | 5,457 | $ | — | $ | 54,225 | ||||||||||||||
Charge-offs | (1,601 | ) | — | (1,095 | ) | (140 | ) | (810 | ) | — | (3,646 | ) | ||||||||||||||||
Recoveries | 85 | 169 | 244 | 20 | 178 | — | 696 | |||||||||||||||||||||
Provision (credit) | 4,978 | (555 | ) | (850 | ) | (539 | ) | 197 | — | 3,231 | ||||||||||||||||||
Ending Balance | $ | 26,125 | $ | 6,214 | $ | 6,026 | $ | 11,119 | $ | 5,022 | $ | — | $ | 54,506 | ||||||||||||||
Ending balance: individually evaluated for impairment | $ | 9,886 | $ | 74 | $ | 496 | $ | 47 | $ | — | $ | — | $ | 10,503 | ||||||||||||||
Ending balance: collectively evaluated for impairment | 16,239 | 6,140 | 5,530 | 11,072 | 5,022 | — | 44,003 | |||||||||||||||||||||
Loans: | ||||||||||||||||||||||||||||
Ending balance | 1,017,412 | 95,110 | 1,240,169 | 1,290,852 | 608,670 | 4,252,213 | ||||||||||||||||||||||
Ending balance: individually evaluated for impairment | 31,730 | 2,797 | 9,103 | 5,773 | — | 49,403 | ||||||||||||||||||||||
Ending balance: collectively evaluated for impairment | 985,682 | 92,313 | 1,231,066 | 1,285,079 | 608,670 | 4,202,810 | ||||||||||||||||||||||
For the Three-Months Ended March 31, 2013 | ||||||||||||||||||||||||||||
Commercial, | Real estate | Residential | Commercial | Loans to | Unallocated | Total | ||||||||||||||||||||||
financial, | construction | real estate | real estate | individuals | ||||||||||||||||||||||||
agricultural | ||||||||||||||||||||||||||||
and other | ||||||||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||||
Allowance for credit losses: | ||||||||||||||||||||||||||||
Beginning Balance | $ | 19,852 | $ | 8,928 | $ | 5,908 | $ | 22,441 | $ | 4,132 | $ | 5,926 | $ | 67,187 | ||||||||||||||
Charge-offs | (538 | ) | (84 | ) | (322 | ) | (8,544 | ) | (988 | ) | — | (10,476 | ) | |||||||||||||||
Recoveries | 128 | 12 | 723 | 97 | 94 | — | 1,054 | |||||||||||||||||||||
Provision (credit) | 833 | (1,123 | ) | (560 | ) | 4,476 | 901 | (30 | ) | 4,497 | ||||||||||||||||||
Ending Balance | $ | 20,275 | $ | 7,733 | $ | 5,749 | $ | 18,470 | $ | 4,139 | $ | 5,896 | $ | 62,262 | ||||||||||||||
Ending balance: individually evaluated for impairment | $ | 9,846 | $ | 503 | $ | 1,091 | $ | 1,249 | $ | — | $ | — | $ | 12,689 | ||||||||||||||
Ending balance: collectively evaluated for impairment | 10,429 | 7,230 | 4,658 | 17,221 | 4,139 | 5,896 | 49,573 | |||||||||||||||||||||
Loans: | ||||||||||||||||||||||||||||
Ending balance | 1,057,663 | 70,461 | 1,255,515 | 1,243,676 | 591,495 | 4,218,810 | ||||||||||||||||||||||
Ending balance: individually evaluated for impairment | 33,322 | 8,917 | 7,813 | 21,369 | — | 71,421 | ||||||||||||||||||||||
Ending balance: collectively evaluated for impairment | 1,024,341 | 61,544 | 1,247,702 | 1,222,307 | 591,495 | 4,147,389 | ||||||||||||||||||||||
Fair_Values_of_Assets_and_Liab1
Fair Values of Assets and Liabilities (Tables) | 3 Months Ended | |||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||||
Fair Value Inputs, Assets, Quantitative Information | ' | |||||||||||||||||||
In accordance with ASU 2011-4, the following table provides information related to quantitative inputs and assumptions used in Level 3 fair value measurements. | ||||||||||||||||||||
Fair Value (dollars | Valuation | Unobservable Inputs | Range / | |||||||||||||||||
in thousands) | Technique | (weighted average) | ||||||||||||||||||
Pooled Trust Preferred Securities | $27,876 | Discounted Cash Flow | Probability of default | 0% - 100% (18.22%) | ||||||||||||||||
Prepayment rates | 0% - 100% (7.48%) | |||||||||||||||||||
Discount rates | 5.5% - 15.5% (a) | |||||||||||||||||||
Equities | 1,420 | Par Value | N/A | N/A | ||||||||||||||||
Interest Rate Swap | — | Option model | Counterparty credit risk | 6.33% - 8.12% (b) | ||||||||||||||||
Impaired Loans | 5,848 (c) | Reserve study | Discount rate | 10.00% | ||||||||||||||||
Gas per MCF | $3.84 - $6.45 (d) | |||||||||||||||||||
Oil per BBL/d | $78.3 - $107.00 (d) | |||||||||||||||||||
NGL per gallon | $0.83 (d) | |||||||||||||||||||
113 (c) | Discounted Cash Flow | Discount Rate | 9.00% | |||||||||||||||||
Other Real Estate Owned | 157 | Internal Valuation | N/A | N/A | ||||||||||||||||
(a) | incorporates spread over risk free rate related primarily to credit quality and illiquidity of securities. | |||||||||||||||||||
(b) | represents the range of the credit spread curve used in valuation. | |||||||||||||||||||
(c) | the remainder of impaired loans valued using Level 3 inputs are not included in this disclosure as the values of those loans are based on bankruptcy agreement documentation. | |||||||||||||||||||
(d) | unobservable inputs are defined as follows: MCF - million cubic feet; BBL/d - barrels per day; NGL - natural gas liquid. | |||||||||||||||||||
Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis | ' | |||||||||||||||||||
The tables below present the balances of assets and liabilities measured at fair value on a recurring basis: | ||||||||||||||||||||
31-Mar-14 | ||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||
Obligations of U.S. Government Agencies: | ||||||||||||||||||||
Mortgage-Backed Securities - Residential | $ | — | $ | 24,241 | $ | — | $ | 24,241 | ||||||||||||
Obligations of U.S. Government-Sponsored Enterprises: | ||||||||||||||||||||
Mortgage-Backed Securities - Residential | — | 1,013,607 | — | 1,013,607 | ||||||||||||||||
Mortgage-Backed Securities - Commercial | — | 98 | — | 98 | ||||||||||||||||
Other Government-Sponsored Enterprises | — | 267,310 | — | 267,310 | ||||||||||||||||
Obligations of States and Political Subdivisions | — | 9,359 | — | 9,359 | ||||||||||||||||
Corporate Securities | — | 7,128 | — | 7,128 | ||||||||||||||||
Pooled Trust Preferred Collateralized Debt Obligations | — | — | 27,876 | 27,876 | ||||||||||||||||
Total Debt Securities | — | 1,321,743 | 27,876 | 1,349,619 | ||||||||||||||||
Equities | — | — | 1,420 | 1,420 | ||||||||||||||||
Total Securities Available for Sale | — | 1,321,743 | 29,296 | 1,351,039 | ||||||||||||||||
Other Investments | — | 34,047 | — | 34,047 | ||||||||||||||||
Loans held for sale | — | — | — | — | ||||||||||||||||
Other Assets(a) | — | 12,521 | — | 12,521 | ||||||||||||||||
Total Assets | $ | — | $ | 1,368,311 | $ | 29,296 | $ | 1,397,607 | ||||||||||||
Other Liabilities(a) | $ | — | $ | 12,497 | $ | — | $ | 12,497 | ||||||||||||
Total Liabilities | $ | — | $ | 12,497 | $ | — | $ | 12,497 | ||||||||||||
(a) | Non-hedging interest rate derivatives | |||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||
Obligations of U.S. Government Agencies: | ||||||||||||||||||||
Mortgage-Backed Securities - Residential | $ | — | $ | 25,204 | $ | — | $ | 25,204 | ||||||||||||
Obligations of U.S. Government-Sponsored Enterprises: | ||||||||||||||||||||
Mortgage-Backed Securities - Residential | — | 994,887 | — | 994,887 | ||||||||||||||||
Mortgage-Backed Securities - Commercial | — | 105 | — | 105 | ||||||||||||||||
Other Government-Sponsored Enterprises | — | 266,125 | — | 266,125 | ||||||||||||||||
Obligations of States and Political Subdivisions | — | 80 | — | 80 | ||||||||||||||||
Corporate Securities | — | 7,021 | — | 7,021 | ||||||||||||||||
Pooled Trust Preferred Collateralized Debt Obligations | — | — | 23,523 | 23,523 | ||||||||||||||||
Total Debt Securities | — | 1,293,422 | 23,523 | 1,316,945 | ||||||||||||||||
Equities | — | — | 1,420 | 1,420 | ||||||||||||||||
Total Securities Available for Sale | — | 1,293,422 | 24,943 | 1,318,365 | ||||||||||||||||
Other Investments | — | 35,444 | — | 35,444 | ||||||||||||||||
Loans Held for Sale | — | — | — | — | ||||||||||||||||
Other Assets(a) | — | 14,358 | — | 14,358 | ||||||||||||||||
Total Assets | $ | — | $ | 1,343,224 | $ | 24,943 | $ | 1,368,167 | ||||||||||||
Other Liabilities(a) | $ | — | $ | 14,318 | $ | — | $ | 14,318 | ||||||||||||
Total Liabilities | $ | — | $ | 14,318 | $ | — | $ | 14,318 | ||||||||||||
(a) | Non-hedging interest rate derivatives | |||||||||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation | ' | |||||||||||||||||||
For the three months ended March 31, changes in Level 3 assets and liabilities measured at fair value on a recurring basis are summarized as follows: | ||||||||||||||||||||
2014 | ||||||||||||||||||||
Pooled Trust | Equities | Loans | Other | Total | ||||||||||||||||
Preferred | Held for | Assets | ||||||||||||||||||
Collateralized | Sale | |||||||||||||||||||
Debt | ||||||||||||||||||||
Obligations | ||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||
Balance, beginning of period | $ | 23,523 | $ | 1,420 | $ | — | $ | — | $ | 24,943 | ||||||||||
Total gains or losses | ||||||||||||||||||||
Included in earnings | — | — | — | — | — | |||||||||||||||
Included in other comprehensive income | 4,743 | — | — | — | 4,743 | |||||||||||||||
Purchases, issuances, sales, and settlements | ||||||||||||||||||||
Purchases | — | — | — | — | — | |||||||||||||||
Issuances | — | — | — | — | — | |||||||||||||||
Sales | — | — | (716 | ) | — | (716 | ) | |||||||||||||
Settlements | (390 | ) | — | — | — | (390 | ) | |||||||||||||
Transfers into Level 3 | — | — | 716 | — | 716 | |||||||||||||||
Balance, end of period | $ | 27,876 | $ | 1,420 | $ | — | $ | — | $ | 29,296 | ||||||||||
2013 | ||||||||||||||||||||
Pooled Trust | Equities | Loans Held for Sale | Other | Total | ||||||||||||||||
Preferred | Assets | |||||||||||||||||||
Collateralized | ||||||||||||||||||||
Debt | ||||||||||||||||||||
Obligations | ||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||
Balance, beginning of period | $ | 23,373 | $ | 1,420 | $ | — | $ | — | $ | 24,793 | ||||||||||
Total gains or losses | ||||||||||||||||||||
Included in earnings | — | — | 126 | — | 126 | |||||||||||||||
Included in other comprehensive income | 2,391 | — | — | — | 2,391 | |||||||||||||||
Purchases, issuances, sales, and settlements | ||||||||||||||||||||
Purchases | — | — | — | — | — | |||||||||||||||
Issuances | — | — | — | — | — | |||||||||||||||
Sales | — | — | (16,739 | ) | — | (16,739 | ) | |||||||||||||
Settlements | (1,252 | ) | — | — | — | (1,252 | ) | |||||||||||||
Transfers into Level 3 | — | — | 16,613 | — | 16,613 | |||||||||||||||
Balance, end of period | $ | 24,512 | $ | 1,420 | $ | — | $ | — | $ | 25,932 | ||||||||||
Schedule of Assets Measured on Non-Recurring Basis | ' | |||||||||||||||||||
The tables below present the balances of assets measured at fair value on a non-recurring basis at: | ||||||||||||||||||||
31-Mar-14 | ||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||
Impaired loans | $ | — | $ | 32,940 | $ | 12,759 | $ | 45,699 | ||||||||||||
Other real estate owned | — | 10,601 | 157 | 10,758 | ||||||||||||||||
Total Assets | $ | — | $ | 43,541 | $ | 12,916 | $ | 56,457 | ||||||||||||
31-Dec-13 | ||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||
Impaired loans | $ | — | $ | 36,903 | $ | 13,656 | $ | 50,559 | ||||||||||||
Other real estate owned | — | 12,752 | 172 | 12,924 | ||||||||||||||||
Total Assets | $ | — | $ | 49,655 | $ | 13,828 | $ | 63,483 | ||||||||||||
Losses Realized on Assets Measured on Non-Recurring Basis | ' | |||||||||||||||||||
The following losses were realized on the assets measured on a nonrecurring basis: | ||||||||||||||||||||
For the Three-Months Ended March 31 | ||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||
Impaired loans | $ | (3,996 | ) | $ | (503 | ) | ||||||||||||||
Other real estate owned | (363 | ) | (131 | ) | ||||||||||||||||
Total losses | $ | (4,359 | ) | $ | (634 | ) | ||||||||||||||
Carrying Amounts and Fair Values of Financial Instruments | ' | |||||||||||||||||||
The following table presents carrying amounts and fair values of First Commonwealth’s financial instruments: | ||||||||||||||||||||
31-Mar-14 | ||||||||||||||||||||
Fair Value Measurements Using: | ||||||||||||||||||||
Carrying | Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||
Amount | ||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||
Financial assets | ||||||||||||||||||||
Cash and due from banks | $ | 82,327 | $ | 82,327 | $ | 82,327 | $ | — | $ | — | ||||||||||
Interest-bearing deposits | 9,087 | 9,087 | 9,087 | — | — | |||||||||||||||
Securities available for sale | 1,351,039 | 1,351,039 | — | 1,321,743 | 29,296 | |||||||||||||||
Other investments | 34,047 | 34,047 | — | 34,047 | — | |||||||||||||||
Loans | 4,252,213 | 4,283,303 | — | 32,940 | 4,250,363 | |||||||||||||||
Financial liabilities | ||||||||||||||||||||
Deposits | 4,647,817 | 4,573,324 | — | 4,573,324 | — | |||||||||||||||
Short-term borrowings | 572,965 | 572,954 | — | 572,954 | — | |||||||||||||||
Long-term debt | 144,268 | 145,510 | — | 145,510 | — | |||||||||||||||
Subordinated debt | 72,167 | 61,347 | — | — | 61,347 | |||||||||||||||
31-Dec-13 | ||||||||||||||||||||
Fair Value Measurements Using: | ||||||||||||||||||||
Carrying | Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||
Amount | ||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||
Financial assets | ||||||||||||||||||||
Cash and due from banks | $ | 74,427 | $ | 74,427 | $ | 74,427 | $ | — | $ | — | ||||||||||
Interest-bearing deposits | 3,012 | 3,012 | 3,012 | — | — | |||||||||||||||
Securities available for sale | 1,318,365 | 1,318,365 | — | 1,293,422 | 24,943 | |||||||||||||||
Other investments | 35,444 | 35,444 | — | 35,444 | — | |||||||||||||||
Loans | 4,283,833 | 4,321,847 | — | 36,903 | 4,284,944 | |||||||||||||||
Financial liabilities | ||||||||||||||||||||
Deposits | 4,603,863 | 4,531,685 | — | 4,531,685 | — | |||||||||||||||
Short-term borrowings | 626,615 | 626,603 | — | 626,603 | — | |||||||||||||||
Long-term debt | 144,385 | 145,477 | — | 145,477 | — | |||||||||||||||
Subordinated debt | 72,167 | 51,706 | — | — | 51,706 | |||||||||||||||
Derivatives_Tables
Derivatives (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||
Credit Value Adjustment Recorded Related to Notional Amount Of Derivatives Outstanding | ' | |||||||
The following table depicts the credit value adjustment recorded related to the notional amount of derivatives outstanding as well as the notional amount of risk participation agreements participated to other banks: | ||||||||
31-Mar-14 | 31-Dec-13 | |||||||
(dollars in thousands) | ||||||||
Credit value adjustment | $ | 19 | $ | 77 | ||||
Notional Amount: | ||||||||
Interest rate derivatives | 271,391 | 274,718 | ||||||
Interest rate caps | 7,263 | 7,500 | ||||||
Risk participation agreements | 81,704 | 82,197 | ||||||
Sold credit protection on risk participation agreements | (19,045 | ) | (19,161 | ) | ||||
Schedule of Changes in Fair Value of Derivative Assets and Liabilities | ' | |||||||
The table below presents the amount representing the change in the fair value of derivative assets and derivative liabilities attributable to credit risk included in other income on the Condensed Consolidated Statements of Income: | ||||||||
For the Three-Months Ended March 31 | ||||||||
2014 | 2013 | |||||||
(dollars in thousands) | ||||||||
Non-hedging interest rate derivatives: | ||||||||
(Decrease) increase in other income | $ | (58 | ) | $ | 989 | |||
Supplemental_Comprehensive_Inc2
Supplemental Comprehensive Income Disclosures (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Supplemental Comprehensive Income Disclosures [Abstract] | ' | ' |
Unrealized holding (losses) gains on securities arising during the period | $12,457 | ($2,411) |
Reclassification adjustment for gains on securities included in net income | 0 | -4 |
Total unrealized (losses) gains on securities | 12,457 | -2,415 |
Other Comprehensive Income (Loss), Available-for-sale Securities, Tax | -4,361 | 844 |
Total other comprehensive (loss) income | 12,457 | -2,415 |
Unrealized holding (losses) gains on securities arising during the period | -4,361 | 843 |
Reclassification adjustment for gains on securities included in net income | 0 | 1 |
Total other comprehensive (loss) income | -4,361 | 844 |
Other comprehensive income (loss) before reclassification adjustment | 8,096 | -1,568 |
Reclassification adjustment for gains on securities included in net income | 0 | -3 |
Total unrealized (losses) gains on securities | 8,096 | -1,571 |
Total other comprehensive (loss) income | $8,096 | ($1,571) |
Supplemental_Comprehensive_Inc3
Supplemental Comprehensive Income Disclosures (Details 2) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' |
Accumulated Other Comprehensive Income (Loss), Beginning Balance | ($20,588) | $1,259 |
Other comprehensive income (loss) before reclassification adjustment | 8,096 | -1,568 |
Amounts reclassified from accumulated other comprehensive income (loss) | 0 | -3 |
Total other comprehensive (loss) income | 8,096 | -1,571 |
Accumulated Other Comprehensive Income (Loss), Ending Balance | -12,492 | -312 |
Accumulated Defined Benefit Plans Adjustment [Member] | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' |
Accumulated Other Comprehensive Income (Loss), Beginning Balance | 280 | 138 |
Other comprehensive income (loss) before reclassification adjustment | 0 | 0 |
Amounts reclassified from accumulated other comprehensive income (loss) | 0 | 0 |
Total other comprehensive (loss) income | 0 | 0 |
Accumulated Other Comprehensive Income (Loss), Ending Balance | 280 | 138 |
Accumulated Net Unrealized Investment Gain (Loss) [Member] | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' |
Accumulated Other Comprehensive Income (Loss), Beginning Balance | -20,868 | 1,121 |
Other comprehensive income (loss) before reclassification adjustment | 8,096 | -1,568 |
Amounts reclassified from accumulated other comprehensive income (loss) | 0 | -3 |
Total other comprehensive (loss) income | 8,096 | -1,571 |
Accumulated Other Comprehensive Income (Loss), Ending Balance | ($12,772) | ($450) |
Supplemental_Cash_Flow_Disclos2
Supplemental Cash Flow Disclosures - Non-cash Investing and Financing Activities (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Supplemental Cash Flow Information [Abstract] | ' | ' |
Loans Transferred to Other Real Estate Owned and Repossessions | $1,292 | $1,207 |
Cash paid during the period for: | ' | ' |
Interest | 5,108 | 7,211 |
Non-cash investing and financing activities: | ' | ' |
Loans transferred from held to maturity to held for sale | 716 | 16,613 |
Loans Sold, Not Settled | 0 | 2,640 |
Gross increase (decrease) in market value adjustment to securities available for sale | 12,459 | -2,411 |
Investments committed to purchase not settled | 2,522 | 0 |
Unsettled treasury stock repurchases | $233 | $0 |
Earnings_per_Share_Composition
Earnings per Share - Composition of Weighted-Average Common Shares (Denominator) Used in Basic and Diluted Earnings Per Share (Detail) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Earnings Per Share [Abstract] | ' | ' |
Incremental Common Shares Attributable to Call Options and Warrants | 0 | 0 |
Weighted Average Number of Shares Issued, Basic | 105,563,455 | 105,563,455 |
Average treasury shares (in shares) | -10,876,695 | -6,104,526 |
Average unearned nonvested shares | -143,340 | -170,191 |
Weighted average common shares and common stock equivalents used to calculate basic earnings per share (in shares) | 94,543,420 | 99,288,738 |
Additional common stock equivalents (nonvested stock) used to calculate diluted earnings per share | 24,639 | 16,676 |
Weighted average common shares and common stock equivalents used to calculate diluted earnings per share (in shares) | 94,568,059 | 99,305,414 |
Earnings_per_Share_Common_Stoc
Earnings per Share - Common Stock Equivalents Not Included in Computation of Diluted Earnings Per Share (Detail) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Stock Options [Member] | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Antidilutive securities excluded from computation of earnings per share (in shares) | 15,000 | 82,041 |
Restricted Stock [Member] | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Antidilutive securities excluded from computation of earnings per share (in shares) | 5,601 | 0 |
Minimum [Member] | Stock Options [Member] | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Antidilutive Securities Excluded from Computation of Net Income, Per Outstanding Unit, Amount | 14.55 | 9.19 |
Minimum [Member] | Restricted Stock [Member] | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Antidilutive Securities Excluded from Computation of Net Income, Per Outstanding Unit, Amount | 8.75 | 0 |
Maximum [Member] | Stock Options [Member] | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Antidilutive Securities Excluded from Computation of Net Income, Per Outstanding Unit, Amount | 14.55 | 14.55 |
Maximum [Member] | Restricted Stock [Member] | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Antidilutive Securities Excluded from Computation of Net Income, Per Outstanding Unit, Amount | 9.18 | 0 |
Variable_Interest_Entities_Sch
Variable Interest Entities - Schedule of Maximum Potential Exposure (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Variable Interest Entities [Abstract] | ' | ' |
Low Income Housing Limited Partnership Investments | $174 | $207 |
Commitments_and_Contingent_Lia2
Commitments and Contingent Liabilities - Notional Amount of Outstanding Commitments (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Commitments to extend credit [Member] | ' | ' |
Loss Contingencies [Line Items] | ' | ' |
Financial instrument of credit risk | $1,519,436 | $1,571,987 |
Financial standby letters of credit [Member] | ' | ' |
Loss Contingencies [Line Items] | ' | ' |
Financial instrument of credit risk | 37,119 | 38,121 |
Performance standby letters of credit [Member] | ' | ' |
Loss Contingencies [Line Items] | ' | ' |
Financial instrument of credit risk | 27,458 | 32,441 |
Commercial letters of credit [Member] | ' | ' |
Loss Contingencies [Line Items] | ' | ' |
Financial instrument of credit risk | $0 | $0 |
Commitments_and_Contingent_Lia3
Commitments and Contingent Liabilities - Additional Information (Detail) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Dec. 31, 2013 | |
complaint | ||
plaintiff | ||
Loss Contingencies [Line Items] | ' | ' |
Notional amount of financial standby letters of credit | $141,000 | ' |
Notional amount of performance standby letters of credit | 400,000 | ' |
Notional amount of commercial letters of credit | 0 | ' |
Financial instrument of credit risk | 100,000 | 100,000 |
Number of new complaints | 3 | ' |
Loss Contingency, Number of Plaintiffs | 36 | ' |
Unused commitments and letters of credit [Member] | ' | ' |
Loss Contingencies [Line Items] | ' | ' |
Unfunded commitment liability | 2,800,000 | 3,200,000 |
Other Matters [Member] | ' | ' |
Loss Contingencies [Line Items] | ' | ' |
Contingency reserve | 800,000 | ' |
Other Matters [Member] | Minimum [Member] | ' | ' |
Loss Contingencies [Line Items] | ' | ' |
Number of customers affected (in customers) | 700 | ' |
Other Matters [Member] | Maximum [Member] | ' | ' |
Loss Contingencies [Line Items] | ' | ' |
Number of customers affected (in customers) | 900 | ' |
Pending Litigation [Member] | ' | ' |
Loss Contingencies [Line Items] | ' | ' |
Percentage Of Interest Rate On Deposits | 3.50% | ' |
Number of Former Plaintiffs | 34 | ' |
Specified Average Age of Plaintiffs | 62 | ' |
Jarrett [Member] | Pending Litigation [Member] | ' | ' |
Loss Contingencies [Line Items] | ' | ' |
Loss Contingency, Number of Plaintiffs | 8 | ' |
Young [Member] | Pending Litigation [Member] | ' | ' |
Loss Contingencies [Line Items] | ' | ' |
Loss Contingency, Number of Plaintiffs | 12 | ' |
Fisanik [Member] | Pending Litigation [Member] | ' | ' |
Loss Contingencies [Line Items] | ' | ' |
Loss Contingency, Number of Plaintiffs | 14 | ' |
Ira Market Rate For Savings Account [Member] | Pending Litigation [Member] | ' | ' |
Loss Contingencies [Line Items] | ' | ' |
Percentage Of Interest Rate On Deposits | 8.00% | ' |
Market Rate Savings Balance | $4,000,000 | ' |
Investment_Securities_Analysis
Investment Securities - Analysis of Amortized Cost and Estimated Fair Values of Securities Available for Sale (Detail) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2012 | Dec. 31, 2013 |
Investment Securities [Line Items] | ' | ' | ' |
Amortized Cost | $1,370,681 | ' | $1,350,466 |
Gross Unrealized Gains | 16,068 | 15,565 | ' |
Gross Unrealized Losses | -35,710 | -47,666 | ' |
Securities available for sale, at fair value | -1,351,039 | ' | -1,318,365 |
US Government Agencies Residential Mortgage-backed Securities [Member] | ' | ' | ' |
Investment Securities [Line Items] | ' | ' | ' |
Amortized Cost | 21,648 | ' | 22,639 |
Gross Unrealized Gains | 2,627 | 2,624 | ' |
Gross Unrealized Losses | 34 | -59 | ' |
Securities available for sale, at fair value | -24,241 | ' | -25,204 |
Obligations of U.S. Government-Sponsored Enterprises - Mortgage-Backed Securities - Residential [Member] | ' | ' | ' |
Investment Securities [Line Items] | ' | ' | ' |
Amortized Cost | 1,020,102 | ' | 1,009,519 |
Gross Unrealized Gains | 12,977 | 12,531 | ' |
Gross Unrealized Losses | 19,472 | -27,163 | ' |
Securities available for sale, at fair value | -1,013,607 | ' | -994,887 |
Obligations of U.S. Government-Sponsored Enterprises - Mortgage-Backed Securities - Commercial [Member] | ' | ' | ' |
Investment Securities [Line Items] | ' | ' | ' |
Amortized Cost | 96 | ' | 104 |
Gross Unrealized Gains | 2 | 1 | ' |
Gross Unrealized Losses | 0 | 0 | ' |
Securities available for sale, at fair value | -98 | ' | -105 |
Obligations of U.S. Government-Sponsored Enterprises - Other Government-Sponsored Enterprises [Member] | ' | ' | ' |
Investment Securities [Line Items] | ' | ' | ' |
Amortized Cost | 269,170 | ' | 267,971 |
Gross Unrealized Gains | 3 | 81 | ' |
Gross Unrealized Losses | 1,863 | -1,927 | ' |
Securities available for sale, at fair value | -267,310 | ' | -266,125 |
Obligations of States and Political Subdivisions [Member] | ' | ' | ' |
Investment Securities [Line Items] | ' | ' | ' |
Amortized Cost | 9,340 | ' | 80 |
Gross Unrealized Gains | 22 | 0 | ' |
Gross Unrealized Losses | 3 | 0 | ' |
Securities available for sale, at fair value | -9,359 | ' | -80 |
Corporate Debt Securities [Member] | ' | ' | ' |
Investment Securities [Line Items] | ' | ' | ' |
Amortized Cost | 6,691 | ' | 6,693 |
Gross Unrealized Gains | 437 | 328 | ' |
Gross Unrealized Losses | 0 | 0 | ' |
Securities available for sale, at fair value | -7,128 | ' | -7,021 |
Pooled Trust Preferred Collateralized Debt Obligations [Member] | ' | ' | ' |
Investment Securities [Line Items] | ' | ' | ' |
Amortized Cost | 42,214 | ' | 42,040 |
Gross Unrealized Gains | 0 | 0 | ' |
Gross Unrealized Losses | -14,338 | -18,517 | ' |
Securities available for sale, at fair value | -27,876 | ' | -23,523 |
Debt Securities [Member] | ' | ' | ' |
Investment Securities [Line Items] | ' | ' | ' |
Amortized Cost | 1,369,261 | ' | 1,349,046 |
Gross Unrealized Gains | 16,068 | 15,565 | ' |
Gross Unrealized Losses | -35,710 | -47,666 | ' |
Securities available for sale, at fair value | -1,349,619 | ' | -1,316,945 |
Equity Securities [Member] | ' | ' | ' |
Investment Securities [Line Items] | ' | ' | ' |
Amortized Cost | 1,420 | ' | 1,420 |
Gross Unrealized Gains | 0 | 0 | ' |
Gross Unrealized Losses | 0 | 0 | ' |
Securities available for sale, at fair value | ($1,420) | ' | ($1,420) |
Investment_Securities_Amortize
Investment Securities - Amortized Cost and Estimated Fair Value of Debt Securities Available for Sale (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | ||
In Thousands, unless otherwise specified | Mortgage Backed Securities [Member] | Mortgage Backed Securities [Member] | US Government Agencies Residential Mortgage-backed Securities [Member] | US Government Agencies Residential Mortgage-backed Securities [Member] | Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||||
Investment Securities [Line Items] | ' | ' | ' | ' | ' | ' | ' | ||
Due within one year, Amortized Cost | $5,601 | ' | ' | ' | ' | ' | ' | ||
Due after one but within five years, Amortized Cost | 263,570 | ' | ' | ' | ' | ' | ' | ||
Due after five but within ten years, Amortized Cost | 3,371 | ' | ' | ' | ' | ' | ' | ||
Due after ten years, Amortized Cost | 54,873 | ' | ' | ' | ' | ' | ' | ||
Debt securities gross, Amortized Cost | 327,415 | ' | ' | ' | ' | ' | ' | ||
Corporate/Mortgage-Backed Securities, Amortized cost | 1,370,681 | 1,350,466 | 1,041,846 | [1] | 1,037,946 | [1] | 21,648 | 22,639 | 1,020,200 |
Debt Securities, Amortized Cost | 1,369,261 | ' | ' | ' | ' | ' | ' | ||
Due within one year, Estimated Fair Value | 5,604 | ' | ' | ' | ' | ' | ' | ||
Due after one but within five years, Estimated Fair Value | 261,706 | ' | ' | ' | ' | ' | ' | ||
Due after five but within ten years, Estimated Fair Value | 3,381 | ' | ' | ' | ' | ' | ' | ||
Due after ten years, Estimated Fair Value | 40,982 | ' | ' | ' | ' | ' | ' | ||
Debt securities gross, Estimated Fair Value | 311,673 | ' | ' | ' | ' | ' | ' | ||
Total Debt Securities, Estimated Fair Value | $1,349,619 | ' | ' | ' | ' | ' | ' | ||
[1] | Mortgage Backed Securities include an amortized cost of $21.6 million and a fair value of $24.2 million for Obligations of U.S. |
Investment_Securities_Amortize1
Investment Securities - Amortized Cost and Estimated Fair Value of Debt Securities Available for Sale (Parenthetical) (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Investment Securities [Line Items] | ' | ' |
Amortized Cost | $1,370,681 | $1,350,466 |
Securities available for sale, at fair value | 1,351,039 | 1,318,365 |
US Government Agencies Residential Mortgage-backed Securities [Member] | ' | ' |
Investment Securities [Line Items] | ' | ' |
Amortized Cost | 21,648 | 22,639 |
Securities available for sale, at fair value | 24,241 | 25,204 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ' | ' |
Investment Securities [Line Items] | ' | ' |
Amortized Cost | 1,020,200 | ' |
Securities available for sale, at fair value | $1,013,700 | ' |
Investment_Securities_Proceeds
Investment Securities - Proceeds from Sale, Gross Gains (Losses) Realized on Sales, Maturities and Other-Than-Temporary Impairment Charges Related to Securities Available for Sale (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Investments, Debt and Equity Securities [Abstract] | ' | ' |
Proceeds from sales | $0 | $42 |
Sales Transactions: | ' | ' |
Gross gains | 0 | 4 |
Gross losses | 0 | 0 |
Maturities and impairment | ' | ' |
Net gains and impairment | $0 | $4 |
Investment_Securities_Addition
Investment Securities - Additional Information (Detail) (USD $) | 3 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | |
Other investments | $34,047,000 | ' | $35,444,000 |
Amortized Cost | 1,370,681,000 | ' | 1,350,466,000 |
Available-for-sale Securities | 1,351,039,000 | ' | 1,318,365,000 |
Proceeds from the redemption of FHLB stock | 7,976,000 | 2,756,000 | ' |
Available-for-sale securities pledged as collateral | 548,400,000 | ' | 594,900,000 |
Corporate Debt Securities [Member] | ' | ' | ' |
Amortized Cost | 6,691,000 | ' | 6,693,000 |
Available-for-sale Securities | $7,128,000 | ' | $7,021,000 |
Other_Investments_Additional_I
Other Investments - Additional Information (Detail) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 |
Other Investments Disclosure [Abstract] | ' | ' | ' |
Other investments | $34,047 | ' | $35,444 |
Proceeds from the redemption of FHLB stock | $7,976 | $2,756 | ' |
Impairment_of_Investment_Secur2
Impairment of Investment Securities - Additional Information (Detail) (USD $) | 3 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | |
Security | |||
Rate | |||
Bank | |||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' | ' |
Other than temporary impairment charges recognized | $0 | $0 | ' |
Continuous Unrealized Loss Position, Fair Value | 903,067,000 | ' | 931,156,000 |
Amortized Cost | 1,370,681,000 | ' | 1,350,466,000 |
Securities available for sale, at fair value | 1,351,039,000 | ' | 1,318,365,000 |
Number of banks and other financial institutions comprising the security | 288 | ' | ' |
Number Of Pooled Securities with No Senior Class | 4 | ' | ' |
Number of securities with no excess subordination | 5 | ' | ' |
Number of Securities with Excess Subordination | 5 | ' | ' |
Coupon rate | 7.00% | ' | ' |
Probability of default | 100.00% | ' | ' |
Projected recovery rate | 0.00% | ' | ' |
Probability percentage assigned to default bank subject to market indicators | 10.00% | ' | ' |
Probability percentage assigned to default bank | 100.00% | ' | ' |
Federal Home Loan Bank Stock | 34,047,000 | ' | 35,444,000 |
Percentage of Excess Stock to be Purchased | 100.00% | ' | ' |
Maximum Percentage Of Stock To Be Purchased | 5.00% | ' | ' |
Proceeds from Sale of Federal Reserve Bank Stock | 7,976,000 | 2,756,000 | ' |
Minimum [Member] | ' | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' | ' |
Subordinated tranches range | 7.00% | ' | ' |
Total principal amount of the respective securities | 5.00% | ' | ' |
Excess subordination as a percentage of current performing collateral | 8.00% | ' | ' |
Probabilities for performing collateral range | 0.33% | ' | ' |
Excess present value of future cash flows over our current book value | 18.00% | ' | ' |
Maximum [Member] | ' | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' | ' |
Subordinated tranches range | 35.00% | ' | ' |
Excess subordination as a percentage of current performing collateral | 56.00% | ' | ' |
Probabilities for performing collateral range | 75.00% | ' | ' |
Excess present value of future cash flows over our current book value | 155.00% | ' | ' |
Pooled Trust Preferred Collateralized Debt Obligations [Member] | ' | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' | ' |
Percent of unrealized losses | 40.00% | ' | ' |
Continuous Unrealized Loss Position, Fair Value | 27,877,000 | ' | 23,523,000 |
Amortized Cost | 42,214,000 | ' | 42,040,000 |
Securities available for sale, at fair value | 27,876,000 | ' | 23,523,000 |
Trust preferred collateralized debt obligations [Member] | ' | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' | ' |
Other than temporary impairment charges recognized | 0 | 0 | ' |
Percentage of Current Performing Collateral | 0.00% | ' | ' |
Corporate Debt Securities [Member] | ' | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' | ' |
Amortized Cost | 6,691,000 | ' | 6,693,000 |
Securities available for sale, at fair value | 7,128,000 | ' | 7,021,000 |
Pooled Trust Preferred Securities [Member] | ' | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' | ' |
Other than temporary impairment charges recognized | 0 | 0 | ' |
Equity Securities [Member] | ' | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' | ' |
Other than temporary impairment charges recognized | 0 | 0 | ' |
Continuous Unrealized Loss Position, Fair Value | 0 | 0 | ' |
Amortized Cost | 1,420,000 | ' | 1,420,000 |
Securities available for sale, at fair value | 1,420,000 | ' | 1,420,000 |
Asset Size and Coupon Rate 1 [Member] | ' | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' | ' |
Collateral issued by financial institutions | 15,000,000,000 | ' | ' |
Prepayment rate | 100.00% | ' | ' |
Coupon rate | 7.00% | ' | ' |
Asset Size and Coupon Rate 2 [Member] | ' | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' | ' |
Coupon rate | 7.00% | ' | ' |
Fair Value Inputs , Prepayment Rate Year One and Two | 40.00% | ' | ' |
Fair Value Inputs , Prepayment Rate After Year Two | 2.00% | ' | ' |
Asset Size and Coupon Rate 3 [Member] | ' | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' | ' |
Prepayment rate | 5.00% | ' | ' |
Asset Size and Coupon Rate 3 [Member] | Minimum [Member] | ' | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' | ' |
Collateral issued by financial institutions | 2,000,000,000 | ' | ' |
Asset Size and Coupon Rate 3 [Member] | Maximum [Member] | ' | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' | ' |
Collateral issued by financial institutions | 15,000,000,000 | ' | ' |
Asset Size and Coupon Rate 4 [Member] | ' | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' | ' |
Collateral issued by financial institutions | 2,000,000,000 | ' | ' |
Prepayment rate | 5.00% | ' | ' |
Coupon rate | 10.00% | ' | ' |
Asset Size and Coupon Rate 5 [Member] | ' | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' | ' |
Prepayment rate | 0.00% | ' | ' |
Obligations of U.S. Government-Sponsored Enterprises - Other Government-Sponsored Enterprises [Member] | ' | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' | ' |
Percent of unrealized losses | 60.00% | ' | ' |
Reported Value Measurement [Member] | ' | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' | ' |
Securities available for sale, at fair value | 1,351,039,000 | ' | 1,318,365,000 |
Federal Home Loan Bank Stock | $34,047,000 | ' | $35,444,000 |
Impairment_of_Investment_Secur3
Impairment of Investment Securities - Schedule of Unrealized Losses and Estimated Fair Values (Detail) (USD $) | 3 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' | ' |
Estimated Fair Value, Less Than 12 Months | $703,866,000 | ' | $820,209,000 |
Grous Unrealized Losses Less Than 12 Months | -13,351,000 | -24,588,000 | ' |
Estimated Fair Value, 12 Months or More | 199,201,000 | ' | 110,947,000 |
Gross Unrealized Losses 12 Months or More | -22,359,000 | -23,078,000 | ' |
Total Estimated Fair Value | 903,067,000 | ' | 931,156,000 |
Total Gross Unrealized Losses | -35,710,000 | -47,666,000 | ' |
US Government Agencies Residential Mortgage-backed Securities [Member] | ' | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' | ' |
Estimated Fair Value, Less Than 12 Months | 2,044,000 | ' | 2,035,000 |
Grous Unrealized Losses Less Than 12 Months | -34,000 | -59,000 | ' |
Estimated Fair Value, 12 Months or More | 0 | ' | 0 |
Gross Unrealized Losses 12 Months or More | 0 | 0 | ' |
Total Estimated Fair Value | 2,044,000 | ' | 2,035,000 |
Total Gross Unrealized Losses | -34,000 | -59,000 | ' |
Obligations of U.S. Government-Sponsored Enterprises - Mortgage-Backed Securities - Residential [Member] | ' | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' | ' |
Estimated Fair Value, Less Than 12 Months | 459,224,000 | ' | 632,231,000 |
Grous Unrealized Losses Less Than 12 Months | -11,805,000 | -22,844,000 | ' |
Estimated Fair Value, 12 Months or More | 149,391,000 | ' | 65,324,000 |
Gross Unrealized Losses 12 Months or More | -7,667,000 | -4,319,000 | ' |
Total Estimated Fair Value | 608,615,000 | ' | 697,555,000 |
Total Gross Unrealized Losses | -19,472,000 | -27,163,000 | ' |
Obligations of U.S. Government-Sponsored Enterprises - Other Government-Sponsored Enterprises [Member] | ' | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' | ' |
Estimated Fair Value, Less Than 12 Months | 237,136,000 | ' | 183,542,000 |
Grous Unrealized Losses Less Than 12 Months | -1,452,000 | -1,448,000 | ' |
Estimated Fair Value, 12 Months or More | 24,570,000 | ' | 24,501,000 |
Gross Unrealized Losses 12 Months or More | -411,000 | -479,000 | ' |
Total Estimated Fair Value | 261,706,000 | ' | 208,043,000 |
Total Gross Unrealized Losses | -1,863,000 | -1,927,000 | ' |
Obligations of States and Political Subdivisions [Member] | ' | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' | ' |
Estimated Fair Value, Less Than 12 Months | 2,825,000 | ' | ' |
Grous Unrealized Losses Less Than 12 Months | -3,000 | ' | ' |
Estimated Fair Value, 12 Months or More | 0 | ' | ' |
Gross Unrealized Losses 12 Months or More | 0 | ' | ' |
Total Estimated Fair Value | 2,825,000 | ' | ' |
Total Gross Unrealized Losses | -3,000 | ' | ' |
Pooled Trust Preferred Collateralized Debt Obligations [Member] | ' | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' | ' |
Estimated Fair Value, Less Than 12 Months | 2,637,000 | ' | 2,401,000 |
Grous Unrealized Losses Less Than 12 Months | -57,000 | -237,000 | ' |
Estimated Fair Value, 12 Months or More | 25,240,000 | ' | 21,122,000 |
Gross Unrealized Losses 12 Months or More | -14,281,000 | -18,280,000 | ' |
Total Estimated Fair Value | 27,877,000 | ' | 23,523,000 |
Total Gross Unrealized Losses | -14,338,000 | -18,517,000 | ' |
Equity Securities [Member] | ' | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' | ' |
Total Estimated Fair Value | $0 | $0 | ' |
Impairment_of_Investment_Secur4
Impairment of Investment Securities - Pooled Trust Preferred Collateralized Debt Obligations (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | Pooled Trust Preferred Collateralized Debt Obligations [Member] | Pooled Trust Preferred Collateralized Debt Obligations [Member] | Pooled Trust Preferred Collateralized Debt Obligations [Member] | Pooled Trust Preferred Collateralized Debt Obligations [Member] | Pooled Trust Preferred Collateralized Debt Obligations [Member] | Pooled Trust Preferred Collateralized Debt Obligations [Member] | Pooled Trust Preferred Collateralized Debt Obligations [Member] | Pooled Trust Preferred Collateralized Debt Obligations [Member] | Pooled Trust Preferred Collateralized Debt Obligations [Member] | Pooled Trust Preferred Collateralized Debt Obligations [Member] | Pooled Trust Preferred Collateralized Debt Obligations [Member] | ||
Mezzanine [Member] | Mezzanine [Member] | Mezzanine [Member] | Mezzanine [Member] | Mezzanine [Member] | Mezzanine [Member] | Mezzanine [Member] | Mezzanine [Member] | Mezzanine [Member] | Mezzanine [Member] | ||||
Pre TSL IV [Member] | Pre TSL V [Member] | Pre TSL VII [Member] | Pre TSL VIII [Member] | Pre TSL IX [Member] | Pre TSL X [Member] | Pre TSL XII [Member] | Pre TSL XIII [Member] | Pre TSL XIV [Member] | MMCap I [Member] | ||||
Bank | Bank | Bank | Bank | Bank | Bank | Bank | Bank | Bank | Bank | ||||
Impairment Of Investment Securities [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Book Value | ' | ' | $42,214 | $1,830 | $58 | $2,636 | $1,985 | $2,313 | $1,409 | $5,410 | $12,408 | $13,720 | $445 |
Securities available for sale, at fair value | 1,351,039 | 1,318,365 | 27,876 | 1,297 | 28 | 2,609 | 1,400 | 1,390 | 1,391 | 3,311 | 7,941 | 8,146 | 363 |
Unrealized Gain (Loss) | ' | ' | ($14,338) | ($533) | ($30) | ($27) | ($585) | ($923) | ($18) | ($2,099) | ($4,467) | ($5,574) | ($82) |
Debt Instrument, Credit Rating | ' | ' | ' | 'B1/B | 'C/- | 'Ca/C | 'C/C | 'Caa1/C | 'Caa3/C | 'Caa3/C | 'Caa3/C | 'Ca/C | 'Ca/C |
Number of Banks (in banks) | ' | ' | ' | 6 | 3 | 14 | 30 | 42 | 46 | 68 | 61 | 58 | 11 |
Deferrals and Defaults as a % of Current Collateral | ' | ' | ' | 18.05% | 100.00% | 54.14% | 54.77% | 28.05% | 35.07% | 30.28% | 27.78% | 31.90% | 58.76% |
Excess Subordination as a % of Current Performing Collateral | ' | ' | ' | 55.72% | 0.00% | 0.00% | 0.00% | 7.86% | 0.00% | 0.00% | 19.84% | 50.44% | 14.63% |
Impairment_of_Investment_Secur5
Impairment of Investment Securities - Cumulative Roll Forward of Credit Losses Recognized in Earnings for Debt Securities Held and Not Intended to be Sold (Detail) (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | ||
Impairment of Investment Securities Disclosure [Abstract] | ' | ' | ||
Balance, beginning (a) | $27,543 | [1] | $43,274 | [1] |
Credit losses on debt securities for which other-than-temporary impairment was not previously recognized | 0 | 0 | ||
Additional credit losses on debt securities for which other-than-temporary impairment was previously recognized | 0 | 0 | ||
Balance, ending | 27,254 | 42,991 | ||
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Reductions, Cash Flows | ($289) | ($283) | ||
[1] | The beginning balance represents credit related losses included in other-than-temporary impairment charges recognized on debt securities in prior periods. |
Loans_and_Allowance_for_Credit2
Loans and Allowance for Credit Losses - Outstanding Balances of Loan (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Loans and Leases Receivable, Gross | $4,252,213 | $4,283,833 |
Commercial, financial, agricultural and other [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Loans and Leases Receivable, Gross | 1,017,412 | 1,021,056 |
Real estate construction [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Loans and Leases Receivable, Gross | 95,110 | 93,289 |
Residential real estate [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Loans and Leases Receivable, Gross | 1,240,169 | 1,262,718 |
Commercial Real Estate [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Loans and Leases Receivable, Gross | 1,290,852 | 1,296,472 |
Loans to individuals [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Loans and Leases Receivable, Gross | $608,670 | $610,298 |
Loans_and_Allowance_for_Credit3
Loans and Allowance for Credit Losses - Additional Information (Detail) (USD $) | 3 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Increase (decrease) in nonperforming loans | ($3,200,000) | ' | ' |
Charge-offs | 3,646,000 | 10,476,000 | ' |
Decrease in specific allowance for nonperforming loans | -1,700,000 | ' | ' |
Unfunded commitments related to nonperforming loans | 3,400,000 | ' | ' |
Off balance sheet reserve to nonperforming loans | 100,000 | ' | ' |
Loans held for sale | 0 | ' | ' |
Total gains or losses included in earnings | 0 | 126,000 | ' |
Nonaccrual | 45,680,000 | ' | 45,888,000 |
Recorded investment | 56,203,000 | ' | 59,383,000 |
Troubled debt restructured loans decreased | 7,600,000 | ' | ' |
Loans to individuals [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Non Accrual Status Of Loans After Number Of Days Past Due | '150 days | ' | ' |
Impaired Loans [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Commitments related to troubled debt restructured loans increased | 300,000 | ' | ' |
Loans with modifications to rate and payment due to reamortization | 200,000 | 475,000 | ' |
Loans Held For Sale [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total gains or losses included in earnings | 0 | 126,000 | ' |
Gas Drilling Related Business in Louisiana [Member] | Nonaccrual Commercial Loans [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Recorded investment | 8,000,000 | ' | ' |
Western Pennsylvania Specialty Metal Processor [Member] | Nonaccrual Commercial Loans [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Nonaccrual | 3,200,000 | ' | ' |
Non Accrual Loans [Member] | Local Energy Company [Member] [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Nonaccrual | 10,900,000 | ' | ' |
Non Accrual Loans [Member] | Western Pennsylvania Real Estate Developer [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Nonaccrual | 2,400,000 | ' | ' |
Impaired Loan Receivable, Original Balance | 44,100,000 | ' | ' |
Total charge-offs recognized | 28,500,000 | ' | ' |
Loans Sold [Domain] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Increase (decrease) in nonperforming loans | 700,000 | ' | ' |
Nonaccrual Loans Paid Off [Domain] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Increase (decrease) in nonperforming loans | 6,900,000 | ' | ' |
Additions to Nonperforming Loans [Domain] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Increase (decrease) in nonperforming loans | 9,600,000 | ' | ' |
2012 Troubled Debt Restructuring [Member] | Non Accrual Loans [Member] | Local Energy Company [Member] [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Nonaccrual | 2,700,000 | ' | ' |
2013 Troubled Debt Restructuring [Member] | Non Accrual Loans [Member] | Local Energy Company [Member] [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Nonaccrual | 300,000 | ' | ' |
Nonaccrual Loans Paid Off [Domain] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Decrease In Troubled Debt Restructurings | 6,600,000 | ' | ' |
Western Pennsylvania Reals Estate Investor [Member] | Nonaccrual Loans Paid Off [Domain] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Increase (decrease) in nonperforming loans | 300,000 | ' | ' |
Western Pennsylvania Non-Profit Organization [Member] | Nonaccrual Loans Paid Off [Domain] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Increase (decrease) in nonperforming loans | 3,100,000 | ' | ' |
Western Pennsylvania Reals Estate Manager [Member] | Nonaccrual Loans Paid Off [Domain] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Increase (decrease) in nonperforming loans | 2,900,000 | ' | ' |
Western Pennsylvania Glass Manufacturer [Member] [Member] | Nonaccrual Loans Paid Off [Domain] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Increase (decrease) in nonperforming loans | 600,000 | ' | ' |
Nonaccrual Commercial Loans [Member] | Additions to Nonperforming Loans [Domain] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Increase (decrease) in nonperforming loans | 8,000,000 | ' | ' |
Nonaccrual Consumer Loans [Member] | Additions to Nonperforming Loans [Domain] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Increase (decrease) in nonperforming loans | 1,100,000 | ' | ' |
Local Energy Company [Member] [Member] | Charge-offs [Domain] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Charge-offs | 500,000 | ' | ' |
Western Pennsylvania [Member] | Charge-offs [Domain] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Charge-offs | 600,000 | ' | ' |
Consumer Home Equity Loan [Member] | Charge-offs [Domain] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Charge-offs | $400,000 | ' | ' |
Loans_and_Allowance_for_Credit4
Loans and Allowance for Credit Losses - Credit Risk Profile by Creditworthiness (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Loans and Leases Receivable, Gross | $4,252,213 | $4,283,833 |
Pass [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Loans and Leases Receivable, Gross | 4,104,757 | 4,121,472 |
OAEM [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Loans and Leases Receivable, Gross | 66,227 | 79,124 |
Substandard [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Loans and Leases Receivable, Gross | 81,229 | 83,237 |
Doubtful [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Loans and Leases Receivable, Gross | 0 | 0 |
Total Non-Pass [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Loans and Leases Receivable, Gross | 147,456 | 162,361 |
Commercial, financial, agricultural and other [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Loans and Leases Receivable, Gross | 1,017,412 | 1,021,056 |
Commercial, financial, agricultural and other [Member] | Pass [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Loans and Leases Receivable, Gross | 945,063 | 943,107 |
Commercial, financial, agricultural and other [Member] | OAEM [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Loans and Leases Receivable, Gross | 23,958 | 35,429 |
Commercial, financial, agricultural and other [Member] | Substandard [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Loans and Leases Receivable, Gross | 48,391 | 42,520 |
Commercial, financial, agricultural and other [Member] | Doubtful [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Loans and Leases Receivable, Gross | 0 | 0 |
Commercial, financial, agricultural and other [Member] | Total Non-Pass [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Loans and Leases Receivable, Gross | 72,349 | 77,949 |
Real estate construction [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Loans and Leases Receivable, Gross | 95,110 | 93,289 |
Real estate construction [Member] | Pass [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Loans and Leases Receivable, Gross | 83,456 | 79,679 |
Real estate construction [Member] | OAEM [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Loans and Leases Receivable, Gross | 8,686 | 9,710 |
Real estate construction [Member] | Substandard [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Loans and Leases Receivable, Gross | 2,968 | 3,900 |
Real estate construction [Member] | Doubtful [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Loans and Leases Receivable, Gross | 0 | 0 |
Real estate construction [Member] | Total Non-Pass [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Loans and Leases Receivable, Gross | 11,654 | 13,610 |
Residential real estate [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Loans and Leases Receivable, Gross | 1,240,169 | 1,262,718 |
Residential real estate [Member] | Pass [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Loans and Leases Receivable, Gross | 1,225,083 | 1,245,422 |
Residential real estate [Member] | OAEM [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Loans and Leases Receivable, Gross | 3,375 | 5,161 |
Residential real estate [Member] | Substandard [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Loans and Leases Receivable, Gross | 11,711 | 12,135 |
Residential real estate [Member] | Doubtful [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Loans and Leases Receivable, Gross | 0 | 0 |
Residential real estate [Member] | Total Non-Pass [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Loans and Leases Receivable, Gross | 15,086 | 17,296 |
Commercial Real Estate [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Loans and Leases Receivable, Gross | 1,290,852 | 1,296,472 |
Commercial Real Estate [Member] | Pass [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Loans and Leases Receivable, Gross | 1,242,664 | 1,243,170 |
Commercial Real Estate [Member] | OAEM [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Loans and Leases Receivable, Gross | 30,207 | 28,823 |
Commercial Real Estate [Member] | Substandard [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Loans and Leases Receivable, Gross | 17,981 | 24,479 |
Commercial Real Estate [Member] | Doubtful [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Loans and Leases Receivable, Gross | 0 | 0 |
Commercial Real Estate [Member] | Total Non-Pass [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Loans and Leases Receivable, Gross | 48,188 | 53,302 |
Loans to individuals [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Loans and Leases Receivable, Gross | 608,670 | 610,298 |
Loans to individuals [Member] | Pass [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Loans and Leases Receivable, Gross | 608,491 | 610,094 |
Loans to individuals [Member] | OAEM [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Loans and Leases Receivable, Gross | 1 | 1 |
Loans to individuals [Member] | Substandard [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Loans and Leases Receivable, Gross | 178 | 203 |
Loans to individuals [Member] | Doubtful [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Loans and Leases Receivable, Gross | 0 | 0 |
Loans to individuals [Member] | Total Non-Pass [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Loans and Leases Receivable, Gross | $179 | $204 |
Loans_and_Allowance_for_Credit5
Loans and Allowance for Credit Losses - Age Analysis of Past Due Loans by Segment (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
30 - 59 days past due | $9,390 | $8,690 | ' |
60 - 89 days past due | 2,841 | 1,856 | ' |
90 days and greater and still accruing | 2,450 | 2,505 | ' |
Nonaccrual | 45,680 | 45,888 | ' |
Total past due and nonaccrual | 60,361 | 58,939 | ' |
Current | 4,191,852 | 4,224,894 | ' |
Total | 4,252,213 | 4,283,833 | 4,218,810 |
Commercial, financial, agricultural and other [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
30 - 59 days past due | 971 | 594 | ' |
60 - 89 days past due | 490 | 319 | ' |
90 days and greater and still accruing | 300 | 185 | ' |
Nonaccrual | 28,268 | 23,631 | ' |
Total past due and nonaccrual | 30,029 | 24,729 | ' |
Current | 987,383 | 996,327 | ' |
Total | 1,017,412 | 1,021,056 | ' |
Real estate construction [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
30 - 59 days past due | 40 | 0 | ' |
60 - 89 days past due | 0 | 0 | ' |
90 days and greater and still accruing | 0 | 0 | ' |
Nonaccrual | 1,698 | 2,567 | ' |
Total past due and nonaccrual | 1,738 | 2,567 | ' |
Current | 93,372 | 90,722 | ' |
Total | 95,110 | 93,289 | ' |
Residential real estate [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
30 - 59 days past due | 4,265 | 4,002 | ' |
60 - 89 days past due | 1,004 | 524 | ' |
90 days and greater and still accruing | 746 | 1,041 | ' |
Nonaccrual | 10,011 | 10,520 | ' |
Total past due and nonaccrual | 16,026 | 16,087 | ' |
Current | 1,224,143 | 1,246,631 | ' |
Total | 1,240,169 | 1,262,718 | ' |
Commercial Real Estate [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
30 - 59 days past due | 2,020 | 1,199 | ' |
60 - 89 days past due | 665 | 23 | ' |
90 days and greater and still accruing | 21 | 13 | ' |
Nonaccrual | 5,526 | 8,966 | ' |
Total past due and nonaccrual | 8,232 | 10,201 | ' |
Current | 1,282,620 | 1,286,271 | ' |
Total | 1,290,852 | 1,296,472 | ' |
Loans to individuals [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
30 - 59 days past due | 2,094 | 2,895 | ' |
60 - 89 days past due | 682 | 990 | ' |
90 days and greater and still accruing | 1,383 | 1,266 | ' |
Nonaccrual | 177 | 204 | ' |
Total past due and nonaccrual | 4,336 | 5,355 | ' |
Current | 604,334 | 604,943 | ' |
Total | $608,670 | $610,298 | ' |
Loans_and_Allowance_for_Credit6
Loans and Allowance for Credit Losses - Recorded Investment and Unpaid Principal Balance for Impaired Loans with Associated Allowance (Detail) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | $29,483 | ' | $33,466 |
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 33,203 | ' | 39,291 |
Recorded investment | 56,203 | ' | 59,383 |
Unpaid principal balance | 62,292 | ' | 66,307 |
Related allowance | 10,503 | ' | 8,824 |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 26,720 | ' | 25,917 |
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 29,089 | ' | 27,016 |
Average recorded investment | 21,755 | 37,649 | ' |
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 54 | 61 | ' |
Impaired Financing Receivable, Average Recorded Investment | 54,740 | 96,859 | ' |
Interest Income Recognized | 166 | 161 | ' |
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 32,985 | 59,210 | ' |
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 112 | 100 | ' |
Commercial, financial, agricultural and other [Member] | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 9,788 | ' | 6,752 |
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 10,960 | ' | 7,649 |
Related allowance | 9,886 | ' | 7,364 |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 22,940 | ' | 21,482 |
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 23,559 | ' | 22,082 |
Average recorded investment | 17,649 | 25,803 | ' |
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 45 | 19 | ' |
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 10,953 | 8,592 | ' |
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 17 | 51 | ' |
Real estate construction [Member] | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 2,213 | ' | 3,486 |
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 2,782 | ' | 6,664 |
Related allowance | 74 | ' | 94 |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 638 | ' | 414 |
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 1,780 | ' | 737 |
Average recorded investment | 638 | 2,685 | ' |
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 0 | 13 | ' |
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 2,438 | 7,877 | ' |
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 12 | 0 | ' |
Loans to individuals [Member] | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 270 | ' | 289 |
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 297 | ' | 307 |
Related allowance | 0 | ' | 0 |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 0 | ' | 0 |
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 0 | ' | 0 |
Average recorded investment | 0 | 0 | ' |
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 0 | 0 | ' |
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 271 | 247 | ' |
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 1 | 1 | ' |
Residential real estate [Member] | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 9,864 | ' | 9,333 |
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 10,741 | ' | 9,952 |
Related allowance | 496 | ' | 1,282 |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 2,841 | ' | 3,533 |
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 3,435 | ' | 3,585 |
Average recorded investment | 3,161 | 2,457 | ' |
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 8 | 4 | ' |
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 9,825 | 8,516 | ' |
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 49 | 37 | ' |
Commercial Real Estate [Member] | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 7,348 | ' | 13,606 |
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 8,423 | ' | 14,719 |
Related allowance | 47 | ' | 84 |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 301 | ' | 488 |
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 315 | ' | 612 |
Average recorded investment | 307 | 6,704 | ' |
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 1 | 25 | ' |
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 9,498 | 33,978 | ' |
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | $33 | $11 | ' |
Loans_and_Allowance_for_Credit7
Loans and Allowance for Credit Losses - Troubled Debt Restructured Loans and Commitments (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Troubled Debt Restructurings [Line Items] | ' | ' |
Financing Receivable, Modifications, Recorded Investment | $22,850 | $30,475 |
Loans and Leases Receivable, Impaired, Commitment to Lend | 709 | 452 |
Letter of Credit [Member] | ' | ' |
Financing Receivable, Troubled Debt Restructurings [Line Items] | ' | ' |
Loans and Leases Receivable, Impaired, Commitment to Lend | 0 | 0 |
Unused lines of Credit [Member] | ' | ' |
Financing Receivable, Troubled Debt Restructurings [Line Items] | ' | ' |
Loans and Leases Receivable, Impaired, Commitment to Lend | 709 | 452 |
Non Accrual Loans [Member] | ' | ' |
Financing Receivable, Troubled Debt Restructurings [Line Items] | ' | ' |
Financing Receivable, Modifications, Recorded Investment | 10,523 | 13,495 |
Non Accrual Loans [Member] | ' | ' |
Financing Receivable, Troubled Debt Restructurings [Line Items] | ' | ' |
Financing Receivable, Modifications, Recorded Investment | $12,327 | $16,980 |
Loans_and_Allowance_for_Credit8
Loans and Allowance for Credit Losses - Troubled Debt Restructurings Identified During Period (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Contract | Contract | |
Financing Receivable, Modifications [Line Items] | ' | ' |
Number of Contracts | 21 | 16 |
Extend Maturity | $60 | $433 |
Modify Rate | 203 | 481 |
Modify Payments | 549 | 530 |
Total Pre-Modification Outstanding Recorded Investment | 812 | 1,444 |
Post- Modification Outstanding Recorded Investment | 791 | 1,321 |
Financing Receivable Specific Reserve | ' | 0 |
Specific Reserve | '34000 | ' |
Commercial, financial, agricultural and other [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Number of Contracts | 1 | 2 |
Extend Maturity | 60 | 426 |
Modify Rate | 0 | 0 |
Modify Payments | 0 | 12 |
Total Pre-Modification Outstanding Recorded Investment | 60 | 438 |
Post- Modification Outstanding Recorded Investment | 60 | 377 |
Financing Receivable Specific Reserve | ' | 0 |
Specific Reserve | '29 | ' |
Residential real estate [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Number of Contracts | 13 | 9 |
Extend Maturity | 0 | 7 |
Modify Rate | 172 | 214 |
Modify Payments | 517 | 514 |
Total Pre-Modification Outstanding Recorded Investment | 689 | 735 |
Post- Modification Outstanding Recorded Investment | 676 | 677 |
Financing Receivable Specific Reserve | ' | 0 |
Specific Reserve | '5 | ' |
Commercial Real Estate [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Number of Contracts | 1 | 1 |
Extend Maturity | 0 | 0 |
Modify Rate | 0 | 244 |
Modify Payments | 12 | 0 |
Total Pre-Modification Outstanding Recorded Investment | 12 | 244 |
Post- Modification Outstanding Recorded Investment | 8 | 242 |
Specific Reserve | '0 | '0 |
Loans to individuals [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Number of Contracts | 6 | 4 |
Extend Maturity | 0 | 0 |
Modify Rate | 31 | 23 |
Modify Payments | 20 | 4 |
Total Pre-Modification Outstanding Recorded Investment | 51 | 27 |
Post- Modification Outstanding Recorded Investment | 47 | 25 |
Financing Receivable Specific Reserve | ' | $0 |
Specific Reserve | '0 | ' |
Loans_and_Allowance_for_Credit9
Loans and Allowance for Credit Losses - Troubled Debt Restructuring is 90 Days or More Past Due (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Contract | Contract | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Number of Contracts | 4 | 2 |
Recorded Investment | $138 | $16 |
Residential real estate [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Number of Contracts | 4 | 1 |
Recorded Investment | 138 | 10 |
Loans to individuals [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Number of Contracts | 0 | 1 |
Recorded Investment | $0 | $6 |
Recovered_Sheet1
Loans and Allowance for Credit Losses - Allowance for Credit Losses (Detail) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 |
Allowance for Doubtful Accounts Receivable [Roll Forward] | ' | ' | ' |
Beginning Balance | $54,225 | $67,187 | ' |
Charge-offs | -3,646 | -10,476 | ' |
Recoveries | 696 | 1,054 | ' |
Provision for Loan, Lease, and Other Losses | 3,231 | 4,497 | ' |
Ending Balance | 54,506 | 62,262 | ' |
Ending balance: individually evaluated for impaired | 10,503 | 12,689 | ' |
Ending balance: collectively evaluated for impaired | 44,003 | 49,573 | ' |
Loans and Leases Receivable, Gross | 4,252,213 | ' | 4,283,833 |
Total | 4,252,213 | 4,218,810 | 4,283,833 |
Ending balance: individually evaluated for impaired | 49,403 | 71,421 | ' |
Ending balance: collectively evaluated for impaired | 4,202,810 | 4,147,389 | ' |
Commercial, financial, agricultural and other [Member] | ' | ' | ' |
Allowance for Doubtful Accounts Receivable [Roll Forward] | ' | ' | ' |
Beginning Balance | 22,663 | 19,852 | ' |
Charge-offs | -1,601 | -538 | ' |
Recoveries | 85 | 128 | ' |
Provision for Loan, Lease, and Other Losses | 4,978 | 833 | ' |
Ending Balance | 26,125 | 20,275 | ' |
Ending balance: individually evaluated for impaired | 9,886 | 9,846 | ' |
Ending balance: collectively evaluated for impaired | 16,239 | 10,429 | ' |
Loans and Leases Receivable, Gross | 1,017,412 | ' | 1,021,056 |
Total | ' | 1,057,663 | ' |
Ending balance: individually evaluated for impaired | 31,730 | 33,322 | ' |
Ending balance: collectively evaluated for impaired | 985,682 | 1,024,341 | ' |
Real estate construction [Member] | ' | ' | ' |
Allowance for Doubtful Accounts Receivable [Roll Forward] | ' | ' | ' |
Beginning Balance | 6,600 | 8,928 | ' |
Charge-offs | 0 | -84 | ' |
Recoveries | 169 | 12 | ' |
Provision for Loan, Lease, and Other Losses | -555 | -1,123 | ' |
Ending Balance | 6,214 | 7,733 | ' |
Ending balance: individually evaluated for impaired | 74 | 503 | ' |
Ending balance: collectively evaluated for impaired | 6,140 | 7,230 | ' |
Loans and Leases Receivable, Gross | 95,110 | ' | 93,289 |
Total | ' | 70,461 | ' |
Ending balance: individually evaluated for impaired | 2,797 | 8,917 | ' |
Ending balance: collectively evaluated for impaired | 92,313 | 61,544 | ' |
Residential real estate [Member] | ' | ' | ' |
Allowance for Doubtful Accounts Receivable [Roll Forward] | ' | ' | ' |
Beginning Balance | 7,727 | 5,908 | ' |
Charge-offs | -1,095 | -322 | ' |
Recoveries | 244 | 723 | ' |
Provision for Loan, Lease, and Other Losses | -850 | -560 | ' |
Ending Balance | 6,026 | 5,749 | ' |
Ending balance: individually evaluated for impaired | 496 | 1,091 | ' |
Ending balance: collectively evaluated for impaired | 5,530 | 4,658 | ' |
Loans and Leases Receivable, Gross | 1,240,169 | ' | 1,262,718 |
Total | ' | 1,255,515 | ' |
Ending balance: individually evaluated for impaired | 9,103 | 7,813 | ' |
Ending balance: collectively evaluated for impaired | 1,231,066 | 1,247,702 | ' |
Commercial Real Estate [Member] | ' | ' | ' |
Allowance for Doubtful Accounts Receivable [Roll Forward] | ' | ' | ' |
Beginning Balance | 11,778 | 22,441 | ' |
Charge-offs | -140 | -8,544 | ' |
Recoveries | 20 | 97 | ' |
Provision for Loan, Lease, and Other Losses | -539 | 4,476 | ' |
Ending Balance | 11,119 | 18,470 | ' |
Ending balance: individually evaluated for impaired | 47 | 1,249 | ' |
Ending balance: collectively evaluated for impaired | 11,072 | 17,221 | ' |
Loans and Leases Receivable, Gross | 1,290,852 | ' | 1,296,472 |
Total | ' | 1,243,676 | ' |
Ending balance: individually evaluated for impaired | 5,773 | 21,369 | ' |
Ending balance: collectively evaluated for impaired | 1,285,079 | 1,222,307 | ' |
Loans to individuals [Member] | ' | ' | ' |
Allowance for Doubtful Accounts Receivable [Roll Forward] | ' | ' | ' |
Beginning Balance | 5,457 | 4,132 | ' |
Charge-offs | -810 | -988 | ' |
Recoveries | 178 | 94 | ' |
Provision for Loan, Lease, and Other Losses | 197 | 901 | ' |
Ending Balance | 5,022 | 4,139 | ' |
Ending balance: individually evaluated for impaired | 0 | 0 | ' |
Ending balance: collectively evaluated for impaired | 5,022 | 4,139 | ' |
Loans and Leases Receivable, Gross | 608,670 | ' | 610,298 |
Total | ' | 591,495 | ' |
Ending balance: individually evaluated for impaired | 0 | 0 | ' |
Ending balance: collectively evaluated for impaired | 608,670 | 591,495 | ' |
Unallocated [Member] | ' | ' | ' |
Allowance for Doubtful Accounts Receivable [Roll Forward] | ' | ' | ' |
Beginning Balance | 0 | 5,926 | ' |
Charge-offs | 0 | 0 | ' |
Recoveries | 0 | 0 | ' |
Provision for Loan, Lease, and Other Losses | 0 | -30 | ' |
Ending Balance | 0 | 5,896 | ' |
Ending balance: individually evaluated for impaired | 0 | 0 | ' |
Ending balance: collectively evaluated for impaired | $0 | $5,896 | ' |
Fair_Values_of_Assets_and_Liab2
Fair Values of Assets and Liabilities - Quantitative Inputs and Assumptions Used in Level 3 Fair Value Measurements (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | ||||||||||
Pooled Trust Preferred Collateralized Debt Obligations [Member] | Pooled Trust Preferred Collateralized Debt Obligations [Member] | Pooled Trust Preferred Collateralized Debt Obligations [Member] | Pooled Trust Preferred Collateralized Debt Obligations [Member] | Pooled Trust Preferred Collateralized Debt Obligations [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Pooled Trust Preferred Collateralized Debt Obligations [Member] | Impaired Loans [Member] | Impaired Loans [Member] | Impaired Loans [Member] | Impaired Loans [Member] | Impaired Loans [Member] | impaired Loans Valued Using a Reserve Study [Domain] | impaired Loans Valued Using a Reserve Study [Domain] | Impaired Loans Valued Using Discounted Cash Flows [Domain] | Level 3 [Member] | Level 3 [Member] | Level 3 [Member] | Level 3 [Member] | Pooled Trust Preferred Collateralized Debt Obligations [Member] | Pooled Trust Preferred Collateralized Debt Obligations [Member] | Pooled Trust Preferred Collateralized Debt Obligations [Member] | Pooled Trust Preferred Collateralized Debt Obligations [Member] | |||||||||||||
Maximum [Member] | Discounted Cash Flow [Member] | Discounted Cash Flow [Member] | Discounted Cash Flow [Member] | Discounted Cash Flow [Member] | Option model [Member] | Option model [Member] | Reserve Study [Member] | Reserve Study [Member] | Reserve Study [Member] | Reserve Study [Member] | Reserve Study [Member] | Reserve Study [Member] | Reserve Study [Member] | Equity Securities [Member] | Equity Securities [Member] | Level 3 [Member] | Level 3 [Member] | ||||||||||||||||||||
Discount rates [Member] | Maximum [Member] | Maximum [Member] | Weighted average [Member] | Weighted average [Member] | Minimum [Member] | Maximum [Member] | NGL per gallon [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Weighted average [Member] | Weighted average [Member] | ||||||||||||||||||||||||
Probability of default [Member] | Prepayment rates [Member] | Probability of default [Member] | Prepayment rates [Member] | Counterparty credit risk [Member] | Counterparty credit risk [Member] | Gas per MCF [Member] | Oil per BBL/d [Member] | Gas per MCF [Member] | Oil per BBL/d [Member] | Discount rates [Member] | Discount rates [Member] | ||||||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Securities available for sale, at fair value | $1,351,039,000 | $1,318,365,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $29,296,000 | $24,943,000 | $1,420,000 | $1,420,000 | $27,876,000 | $23,523,000 | $27,876,000 | $23,523,000 | ||||||||||
Assets | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | 113,000 | ' | ' | ' | ' | ' | 5,848,000 | ' | ' | 29,296,000 | 24,943,000 | ' | ' | ' | ' | ' | ' | ||||||||||
Weighted average rate | ' | ' | 15.50% | [1] | 100.00% | 100.00% | 18.22% | 7.48% | ' | 6.33% | [2] | 8.12% | [2] | ' | ' | ' | ' | ' | ' | ' | 10.00% | [2] | 9.00% | [2] | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Fair Value Inputs Monetary | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.83 | [3] | $3.84 | [3] | $78.30 | [3] | $6.45 | [3] | $107 | [3] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
[1] | (a)incorporates spread over risk free rate related primarily to credit quality and illiquidity of secu | ||||||||||||||||||||||||||||||||||||
[2] | represents the range of the credit spread curve used in valuation. | ||||||||||||||||||||||||||||||||||||
[3] | unobservable inputs are defined as follows: MCF - million cubic feet; BBL/d - barrels per day; NGL - natural gas liquid. |
Fair_Values_of_Assets_and_Liab3
Fair Values of Assets and Liabilities - Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Securities available for sale, at fair value | $1,351,039 | $1,318,365 | ||
Other investments | 34,047 | 35,444 | ||
US Government Agencies Residential Mortgage-backed Securities [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Securities available for sale, at fair value | 24,241 | 25,204 | ||
Obligations of U.S. Government-Sponsored Enterprises - Mortgage-Backed Securities - Residential [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Securities available for sale, at fair value | 1,013,607 | 994,887 | ||
Obligations of U.S. Government-Sponsored Enterprises - Mortgage-Backed Securities - Commercial [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Securities available for sale, at fair value | 98 | 105 | ||
Obligations of U.S. Government-Sponsored Enterprises - Other Government-Sponsored Enterprises [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Securities available for sale, at fair value | 267,310 | 266,125 | ||
Obligations of States and Political Subdivisions [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Securities available for sale, at fair value | 9,359 | 80 | ||
Corporate Debt Securities [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Securities available for sale, at fair value | 7,128 | 7,021 | ||
Pooled Trust Preferred Collateralized Debt Obligations [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Securities available for sale, at fair value | 27,876 | 23,523 | ||
Level 1 [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Securities available for sale, at fair value | 0 | 0 | ||
Other investments | 0 | 0 | ||
Loans Held for Sale | 0 | 0 | ||
Other Assets | 0 | 0 | ||
Total Assets | 0 | 0 | ||
Other Liabilities | 0 | [1] | 0 | [1] |
Total Liabilities | 0 | 0 | ||
Level 1 [Member] | Debt Securities [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Securities available for sale, at fair value | 0 | 0 | ||
Level 1 [Member] | Equity Securities [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Securities available for sale, at fair value | 0 | 0 | ||
Level 1 [Member] | US Government Agencies Residential Mortgage-backed Securities [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Securities available for sale, at fair value | 0 | 0 | ||
Level 1 [Member] | Obligations of U.S. Government-Sponsored Enterprises - Mortgage-Backed Securities - Residential [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Securities available for sale, at fair value | 0 | 0 | ||
Level 1 [Member] | Obligations of U.S. Government-Sponsored Enterprises - Mortgage-Backed Securities - Commercial [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Securities available for sale, at fair value | 0 | 0 | ||
Level 1 [Member] | Obligations of U.S. Government-Sponsored Enterprises - Other Government-Sponsored Enterprises [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Securities available for sale, at fair value | 0 | 0 | ||
Level 1 [Member] | Obligations of States and Political Subdivisions [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Securities available for sale, at fair value | 0 | 0 | ||
Level 1 [Member] | Corporate Debt Securities [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Securities available for sale, at fair value | 0 | 0 | ||
Level 1 [Member] | Pooled Trust Preferred Collateralized Debt Obligations [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Securities available for sale, at fair value | 0 | 0 | ||
Level 2 [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Securities available for sale, at fair value | 1,321,743 | 1,293,422 | ||
Other investments | 34,047 | 35,444 | ||
Loans Held for Sale | 0 | 0 | ||
Other Assets | 12,521 | 14,358 | ||
Total Assets | 1,368,311 | 1,343,224 | ||
Other Liabilities | 12,497 | [1] | 14,318 | [1] |
Total Liabilities | 12,497 | 14,318 | ||
Level 2 [Member] | Debt Securities [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Securities available for sale, at fair value | 1,321,743 | 1,293,422 | ||
Level 2 [Member] | Equity Securities [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Securities available for sale, at fair value | 0 | 0 | ||
Level 2 [Member] | US Government Agencies Residential Mortgage-backed Securities [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Securities available for sale, at fair value | 24,241 | 25,204 | ||
Level 2 [Member] | Obligations of U.S. Government-Sponsored Enterprises - Mortgage-Backed Securities - Residential [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Securities available for sale, at fair value | 1,013,607 | 994,887 | ||
Level 2 [Member] | Obligations of U.S. Government-Sponsored Enterprises - Mortgage-Backed Securities - Commercial [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Securities available for sale, at fair value | 98 | 105 | ||
Level 2 [Member] | Obligations of U.S. Government-Sponsored Enterprises - Other Government-Sponsored Enterprises [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Securities available for sale, at fair value | 267,310 | 266,125 | ||
Level 2 [Member] | Obligations of States and Political Subdivisions [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Securities available for sale, at fair value | 9,359 | 80 | ||
Level 2 [Member] | Corporate Debt Securities [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Securities available for sale, at fair value | 7,128 | 7,021 | ||
Level 2 [Member] | Pooled Trust Preferred Collateralized Debt Obligations [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Securities available for sale, at fair value | 0 | 0 | ||
Level 3 [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Securities available for sale, at fair value | 29,296 | 24,943 | ||
Other investments | 0 | 0 | ||
Loans Held for Sale | 0 | 0 | ||
Other Assets | 0 | 0 | ||
Total Assets | 29,296 | 24,943 | ||
Other Liabilities | 0 | [1] | 0 | [1] |
Total Liabilities | 0 | 0 | ||
Level 3 [Member] | Debt Securities [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Securities available for sale, at fair value | 27,876 | 23,523 | ||
Level 3 [Member] | Equity Securities [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Securities available for sale, at fair value | 1,420 | 1,420 | ||
Level 3 [Member] | US Government Agencies Residential Mortgage-backed Securities [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Securities available for sale, at fair value | 0 | 0 | ||
Level 3 [Member] | Obligations of U.S. Government-Sponsored Enterprises - Mortgage-Backed Securities - Residential [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Securities available for sale, at fair value | 0 | 0 | ||
Level 3 [Member] | Obligations of U.S. Government-Sponsored Enterprises - Mortgage-Backed Securities - Commercial [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Securities available for sale, at fair value | 0 | 0 | ||
Level 3 [Member] | Obligations of U.S. Government-Sponsored Enterprises - Other Government-Sponsored Enterprises [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Securities available for sale, at fair value | 0 | 0 | ||
Level 3 [Member] | Obligations of States and Political Subdivisions [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Securities available for sale, at fair value | 0 | 0 | ||
Level 3 [Member] | Corporate Debt Securities [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Securities available for sale, at fair value | 0 | 0 | ||
Level 3 [Member] | Pooled Trust Preferred Collateralized Debt Obligations [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Securities available for sale, at fair value | 27,876 | 23,523 | ||
Estimate of Fair Value, Fair Value Disclosure [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Securities available for sale, at fair value | 1,351,039 | 1,318,365 | ||
Other investments | 34,047 | 35,444 | ||
Loans Held for Sale | 0 | 0 | ||
Other Assets | 12,521 | 14,358 | ||
Total Assets | 1,397,607 | 1,368,167 | ||
Other Liabilities | 12,497 | [1] | 14,318 | [1] |
Total Liabilities | 12,497 | 14,318 | ||
Estimate of Fair Value, Fair Value Disclosure [Member] | Debt Securities [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Securities available for sale, at fair value | 1,349,619 | 1,316,945 | ||
Estimate of Fair Value, Fair Value Disclosure [Member] | Equity Securities [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Securities available for sale, at fair value | 1,420 | 1,420 | ||
Estimate of Fair Value, Fair Value Disclosure [Member] | US Government Agencies Residential Mortgage-backed Securities [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Securities available for sale, at fair value | 24,241 | 25,204 | ||
Estimate of Fair Value, Fair Value Disclosure [Member] | Obligations of U.S. Government-Sponsored Enterprises - Mortgage-Backed Securities - Residential [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Securities available for sale, at fair value | 1,013,607 | 994,887 | ||
Estimate of Fair Value, Fair Value Disclosure [Member] | Obligations of U.S. Government-Sponsored Enterprises - Mortgage-Backed Securities - Commercial [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Securities available for sale, at fair value | 98 | 105 | ||
Estimate of Fair Value, Fair Value Disclosure [Member] | Obligations of U.S. Government-Sponsored Enterprises - Other Government-Sponsored Enterprises [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Securities available for sale, at fair value | 267,310 | 266,125 | ||
Estimate of Fair Value, Fair Value Disclosure [Member] | Obligations of States and Political Subdivisions [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Securities available for sale, at fair value | 9,359 | 80 | ||
Estimate of Fair Value, Fair Value Disclosure [Member] | Corporate Debt Securities [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Securities available for sale, at fair value | 7,128 | 7,021 | ||
Estimate of Fair Value, Fair Value Disclosure [Member] | Pooled Trust Preferred Collateralized Debt Obligations [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Securities available for sale, at fair value | $27,876 | $23,523 | ||
[1] | Non-hedging interest rate derivatives |
Fair_Values_of_Assets_and_Liab4
Fair Values of Assets and Liabilities - Schedule of Changes in Level 3 Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' |
Balance, beginning of period | $24,943 | $24,793 |
Total gains or losses included in earnings | 0 | 126 |
Total gains or losses included in other comprehensive income | 4,743 | 2,391 |
Purchases | 0 | 0 |
Issuances | 0 | 0 |
Sales | -716 | -16,739 |
Settlements | -390 | -1,252 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 716 | 16,613 |
Balance, end of period | 29,296 | 25,932 |
Pooled Trust Preferred Collateralized Debt Obligations [Member] | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' |
Balance, beginning of period | 23,523 | 23,373 |
Total gains or losses included in earnings | 0 | 0 |
Total gains or losses included in other comprehensive income | 4,743 | 2,391 |
Purchases | 0 | 0 |
Issuances | 0 | 0 |
Sales | 0 | 0 |
Settlements | -390 | -1,252 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 0 | 0 |
Balance, end of period | 27,876 | 24,512 |
Equity Securities [Member] | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' |
Balance, beginning of period | 1,420 | 1,420 |
Total gains or losses included in earnings | 0 | 0 |
Total gains or losses included in other comprehensive income | 0 | 0 |
Purchases | 0 | 0 |
Issuances | 0 | 0 |
Sales | 0 | 0 |
Settlements | 0 | 0 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 0 | 0 |
Balance, end of period | 1,420 | 1,420 |
Loans Held For Sale [Member] | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' |
Balance, beginning of period | 0 | 0 |
Total gains or losses included in earnings | 0 | 126 |
Total gains or losses included in other comprehensive income | 0 | 0 |
Purchases | 0 | 0 |
Issuances | 0 | 0 |
Sales | -716 | -16,739 |
Settlements | 0 | 0 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 716 | 16,613 |
Balance, end of period | 0 | 0 |
Other Assets [Member] | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' |
Balance, beginning of period | 0 | 0 |
Total gains or losses included in earnings | 0 | 0 |
Total gains or losses included in other comprehensive income | 0 | 0 |
Purchases | 0 | 0 |
Issuances | 0 | 0 |
Sales | 0 | 0 |
Settlements | 0 | 0 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 0 | 0 |
Balance, end of period | $0 | $0 |
Fair_Values_of_Assets_and_Liab5
Fair Values of Assets and Liabilities - Additional Information (Detail) (USD $) | 3 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ' |
Fair Value, Assets, Level 1 to Level 2 Transfers, Description | $0 | $0 | ' |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 716,000 | 16,613,000 | ' |
Impaired loans considered to be credit risk of non-collection | 100,000 | ' | ' |
Updated appraisal requirement floor | 250,000 | ' | ' |
Other real estate owned | 10,080,000 | ' | 11,728,000 |
Financial instrument of credit risk | 100,000 | ' | 100,000 |
Fair Value, Assets Measured on Recurring Basis, Gain (Loss) Included in Other Income, Assets and Liabilities Continue to be held | 0 | 0 | ' |
Other Assets [Member] | ' | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ' |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 0 | 0 | ' |
Loans Held For Sale [Member] | ' | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ' |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | $716,000 | $16,613,000 | ' |
Minimum [Member] | ' | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ' |
Swap Rates Term Used to Determine Yield Curve | '3 years | ' | ' |
Maximum [Member] | ' | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ' |
Swap Rates Term Used to Determine Yield Curve | '30 years | ' | ' |
Fair_Values_of_Assets_and_Liab6
Fair Values of Assets and Liabilities - Schedule of Assets Measured on Non-Recurring Basis (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Measurements, Nonrecurring [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Impaired loans | $45,699 | $50,559 |
Other real estate owned | 10,758 | 12,924 |
Total Assets | 56,457 | 63,483 |
Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total Assets | 0 | 0 |
Level 1 [Member] | Fair Value, Measurements, Nonrecurring [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Impaired loans | 0 | 0 |
Other real estate owned | 0 | 0 |
Total Assets | 0 | 0 |
Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total Assets | 1,368,311 | 1,343,224 |
Level 2 [Member] | Fair Value, Measurements, Nonrecurring [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Impaired loans | 32,940 | 36,903 |
Other real estate owned | 10,601 | 12,752 |
Total Assets | 43,541 | 49,655 |
Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total Assets | 29,296 | 24,943 |
Level 3 [Member] | Fair Value, Measurements, Nonrecurring [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Impaired loans | 12,759 | 13,656 |
Other real estate owned | 157 | 172 |
Total Assets | $12,916 | $13,828 |
Fair_Values_of_Assets_and_Liab7
Fair Values of Assets and Liabilities - Losses Realized on Assets Measured on Non-Recurring Basis (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Fair Value Disclosures [Abstract] | ' | ' |
Impaired loans | ($3,996) | ($503) |
Other real estate owned | -363 | -131 |
Total losses | ($4,359) | ($634) |
Fair_Values_of_Assets_and_Liab8
Fair Values of Assets and Liabilities - Carrying Amounts and Fair Values of Financial Instruments (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | |||
Fair Value Measurements Of Financial Instruments [Line Items] | ' | ' | ' |
Cash and due from banks | $82,327 | $74,427 | ' |
Interest-bearing deposits | 9,087 | 3,012 | ' |
Securities available for sale, at fair value | 1,351,039 | 1,318,365 | ' |
Other investments | 34,047 | 35,444 | ' |
Loans | 4,252,213 | 4,283,833 | 4,218,810 |
Deposits | 4,647,817 | 4,603,863 | ' |
Short-term borrowings | 572,965 | 626,615 | ' |
Long-term debt | 144,268 | 144,385 | ' |
Subordinated debt | 72,167 | 72,167 | ' |
Level 1 [Member] | ' | ' | ' |
Fair Value Measurements Of Financial Instruments [Line Items] | ' | ' | ' |
Securities available for sale, at fair value | 0 | 0 | ' |
Other investments | 0 | 0 | ' |
Level 2 [Member] | ' | ' | ' |
Fair Value Measurements Of Financial Instruments [Line Items] | ' | ' | ' |
Securities available for sale, at fair value | 1,321,743 | 1,293,422 | ' |
Other investments | 34,047 | 35,444 | ' |
Level 3 [Member] | ' | ' | ' |
Fair Value Measurements Of Financial Instruments [Line Items] | ' | ' | ' |
Securities available for sale, at fair value | 29,296 | 24,943 | ' |
Other investments | 0 | 0 | ' |
Carrying Amount [Member] | ' | ' | ' |
Fair Value Measurements Of Financial Instruments [Line Items] | ' | ' | ' |
Cash and due from banks | 82,327 | 74,427 | ' |
Interest-bearing deposits | 9,087 | 3,012 | ' |
Securities available for sale, at fair value | 1,351,039 | 1,318,365 | ' |
Other investments | 34,047 | 35,444 | ' |
Loans | 4,252,213 | 4,283,833 | ' |
Deposits | 4,647,817 | 4,603,863 | ' |
Short-term borrowings | 572,965 | 626,615 | ' |
Long-term debt | 144,268 | 144,385 | ' |
Subordinated debt | 72,167 | 72,167 | ' |
Estimate of Fair Value, Fair Value Disclosure [Member] | ' | ' | ' |
Fair Value Measurements Of Financial Instruments [Line Items] | ' | ' | ' |
Cash and due from banks | 82,327 | 74,427 | ' |
Interest-bearing deposits | 9,087 | 3,012 | ' |
Securities available for sale, at fair value | 1,351,039 | 1,318,365 | ' |
Other investments | 34,047 | 35,444 | ' |
Loans | 4,283,303 | 4,321,847 | ' |
Deposits | 4,573,324 | 4,531,685 | ' |
Short-term borrowings | 572,954 | 626,603 | ' |
Long-term debt | 145,510 | 145,477 | ' |
Subordinated debt | 61,347 | 51,706 | ' |
Estimate of Fair Value, Fair Value Disclosure [Member] | Level 1 [Member] | ' | ' | ' |
Fair Value Measurements Of Financial Instruments [Line Items] | ' | ' | ' |
Cash and due from banks | 82,327 | 74,427 | ' |
Interest-bearing deposits | 9,087 | 3,012 | ' |
Securities available for sale, at fair value | 0 | 0 | ' |
Other investments | 0 | 0 | ' |
Loans | 0 | 0 | ' |
Deposits | 0 | 0 | ' |
Short-term borrowings | 0 | 0 | ' |
Long-term debt | 0 | 0 | ' |
Subordinated debt | 0 | 0 | ' |
Estimate of Fair Value, Fair Value Disclosure [Member] | Level 2 [Member] | ' | ' | ' |
Fair Value Measurements Of Financial Instruments [Line Items] | ' | ' | ' |
Cash and due from banks | 0 | 0 | ' |
Interest-bearing deposits | 0 | 0 | ' |
Securities available for sale, at fair value | 1,321,743 | 1,293,422 | ' |
Other investments | 34,047 | 35,444 | ' |
Loans | 32,940 | 36,903 | ' |
Deposits | 4,573,324 | 4,531,685 | ' |
Short-term borrowings | 572,954 | 626,603 | ' |
Long-term debt | 145,510 | 145,477 | ' |
Subordinated debt | 0 | 0 | ' |
Estimate of Fair Value, Fair Value Disclosure [Member] | Level 3 [Member] | ' | ' | ' |
Fair Value Measurements Of Financial Instruments [Line Items] | ' | ' | ' |
Cash and due from banks | 0 | 0 | ' |
Interest-bearing deposits | 0 | 0 | ' |
Securities available for sale, at fair value | 29,296 | 24,943 | ' |
Other investments | 0 | 0 | ' |
Loans | 4,250,363 | 4,284,944 | ' |
Deposits | 0 | 0 | ' |
Short-term borrowings | 0 | 0 | ' |
Long-term debt | 0 | 0 | ' |
Subordinated debt | $61,347 | $51,706 | ' |
Derivatives_Additional_Informa
Derivatives - Additional Information (Detail) | Mar. 31, 2014 |
Derivatives | |
Risk Participation Agreements Purchased [Domain] | ' |
Risk participation Agreements [Line Items] | ' |
Number of interest rate swaps | 11 |
Risk Participation Agreements Sold [Domain] | ' |
Risk participation Agreements [Line Items] | ' |
Number of interest rate swaps | 2 |
Derivatives_Credit_Value_Adjus
Derivatives - Credit Value Adjustment Recorded Related to Notional Amount of Derivatives Outstanding (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Derivative [Line Items] | ' | ' |
Derivative, Fair Value, Net | ($19) | ($77) |
Interest Rate Swap [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Derivative, Notional Amount | 271,391 | 274,718 |
Interest Rate Cap [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Derivative, Notional Amount | 7,263 | 7,500 |
Credit Default Swap, Buying Protection [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Derivative, Notional Amount | 81,704 | 82,197 |
Credit Default Swap, Selling Protection [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Derivative, Notional Amount | ($19,045) | ($19,161) |
Derivatives_Schedule_of_Change
Derivatives - Schedule of Changes in Fair Value of Derivative Assets and Liabilities (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ' |
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | ($58) | $989 |
Goodwill_Additional_Informatio
Goodwill - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2014 | Dec. 31, 2013 | |
Goodwill Disclosure [Abstract] | ' | ' |
Goodwill | $159,371,000 | $159,956,000 |
Impairment charges on goodwill | 0 | 0 |
Goodwill, Written off Related to Sale of Business Unit | ($500,000) | ' |