Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2015 | Aug. 07, 2015 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | FCF | |
Entity Registrant Name | FIRST COMMONWEALTH FINANCIAL CORP /PA/ | |
Entity Central Index Key | 712,537 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 88,961,268 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Financial Condition (Unaudited) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Assets | ||
Cash and due from banks | $ 64,321 | $ 72,276 |
Interest-bearing bank deposits | 3,120 | 2,262 |
Securities available for sale, at fair value | 1,089,725 | 1,309,819 |
Securities held to maturity, at amortized cost (Fair value of $130,454 at June 30, 2015) | 131,780 | 0 |
Other investments | 53,347 | 44,545 |
Loans held for sale | 9,817 | 2,502 |
Loans: | ||
Portfolio loans | 4,490,854 | 4,457,308 |
Allowance for credit losses | (45,344) | (52,051) |
Net loans | 4,445,510 | 4,405,257 |
Premises and equipment, net | 63,404 | 64,989 |
Other real estate owned | 6,539 | 7,197 |
Goodwill | 161,429 | 161,429 |
Amortizing intangibles, net | 1,352 | 1,665 |
Bank owned life insurance | 180,005 | 177,567 |
Other assets | 106,379 | 110,777 |
Total assets | 6,316,728 | 6,360,285 |
Deposits (all domestic): | ||
Noninterest-bearing | 1,068,230 | 989,027 |
Interest-bearing | 3,141,877 | 3,326,484 |
Total deposits | 4,210,107 | 4,315,511 |
Short-term borrowings | 1,231,917 | 1,105,876 |
Subordinated debentures | 72,167 | 72,167 |
Other long-term debt | 39,189 | 89,459 |
Total long-term debt | 111,356 | 161,626 |
Other liabilities | 52,142 | 61,127 |
Total liabilities | 5,605,522 | 5,644,140 |
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 June 30, 2015 and December 31, 2014, and 88,960,268 and 91,723,028 shares outstanding at June 30, 2015 and December 31, 2014, respectively | 105,563 | 105,563 |
Additional paid-in capital | 365,933 | 365,615 |
Retained earnings | 368,060 | 353,027 |
Accumulated other comprehensive loss, net | (140) | (4,499) |
Treasury stock (16,603,187 and 13,840,427 shares at June 30, 2015 and December 31, 2014, respectively) | (128,210) | (103,561) |
Total shareholders’ equity | 711,206 | 716,145 |
Total liabilities and shareholders’ equity | $ 6,316,728 | $ 6,360,285 |
Condensed Consolidated Stateme3
Condensed Consolidated Statements of Financial Condition (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
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) | 88,960,268 | 91,723,028 |
Treasury stock, shares (in shares) | 16,603,187 | 13,840,427 |
Securities held to maturity, fair value | $ 130,454 | $ 0 |
Condensed Consolidated Stateme4
Condensed Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Interest Income | ||||
Interest and fees on loans | $ 42,650 | $ 42,192 | $ 85,251 | $ 85,290 |
Interest and dividends on investments: | ||||
Taxable interest | 6,735 | 7,334 | 13,552 | 14,514 |
Interest exempt from federal income taxes | 210 | 64 | 385 | 68 |
Dividends | 553 | 574 | 2,042 | 796 |
Interest on bank deposits | 2 | 2 | 5 | 4 |
Total interest income | 50,150 | 50,166 | 101,235 | 100,672 |
Interest Expense | ||||
Interest on deposits | 1,880 | 3,416 | 4,030 | 6,923 |
Interest on short-term borrowings | 1,116 | 477 | 2,074 | 946 |
Interest on subordinated debentures | 579 | 571 | 1,148 | 1,137 |
Interest on other long-term debt | 205 | 319 | 441 | 692 |
Total interest expense | 3,780 | 4,783 | 7,693 | 9,698 |
Net Interest Income | 46,370 | 45,383 | 93,542 | 90,974 |
Provision for credit losses | 3,038 | 3,317 | 4,197 | 6,548 |
Net Interest Income after Provision for Credit Losses | 43,332 | 42,066 | 89,345 | 84,426 |
Noninterest Income | ||||
Net securities gains | 20 | 2 | 125 | 2 |
Trust income | 1,476 | 1,474 | 2,897 | 2,909 |
Service charges on deposit accounts | 3,872 | 4,141 | 7,190 | 7,933 |
Insurance and retail brokerage commissions | 2,178 | 1,600 | 4,373 | 2,995 |
Income from bank owned life insurance | 1,378 | 1,432 | 2,732 | 2,801 |
Gain on sale of loans | 627 | 76 | 1,066 | 76 |
Gain on sale of other assets | 354 | 2,089 | 578 | 3,670 |
Card related interchange income | 3,729 | 3,655 | 7,147 | 7,021 |
Other income | 2,713 | 2,533 | 4,430 | 4,515 |
Total noninterest income | 16,347 | 17,002 | 30,538 | 31,922 |
Noninterest Expense | ||||
Salaries and employee benefits | 22,001 | 21,897 | 43,893 | 42,941 |
Net occupancy expense | 3,316 | 3,283 | 7,227 | 6,789 |
Furniture and equipment expense | 2,630 | 5,249 | 5,310 | 10,579 |
Data processing expense | 1,509 | 1,542 | 2,947 | 3,010 |
Pennsylvania shares tax expense | 1,110 | 1,038 | 1,904 | 1,749 |
Intangible amortization | 156 | 178 | 312 | 356 |
Collection and repossession expense | 917 | 449 | 1,428 | 1,158 |
Other professional fees and services | 945 | 691 | 1,875 | 1,715 |
FDIC insurance | 1,025 | 1,051 | 2,084 | 2,100 |
Loss on sale or write-down of assets | 1,635 | 745 | 1,897 | 1,180 |
Operational losses (recoveries) | 323 | 229 | 1,323 | (460) |
Conversion related expenses | 0 | 539 | 0 | 893 |
Other operating expenses | 5,067 | 5,505 | 10,288 | 10,273 |
Total noninterest expense | 40,634 | 42,396 | 80,488 | 82,283 |
Income Before Income Taxes | 19,045 | 16,672 | 39,395 | 34,065 |
Income tax provision | 5,598 | 4,744 | 11,727 | 9,837 |
Net Income | $ 13,447 | $ 11,928 | $ 27,668 | $ 24,228 |
Average Shares Outstanding (in shares) | 88,922,392 | 93,794,589 | 89,893,662 | 94,166,936 |
Average Shares Outstanding Assuming Dilution (in shares) | 88,939,003 | 93,811,543 | 89,903,550 | 94,177,831 |
Per Share Data: | ||||
Basic Earnings per Share (in dollars per share) | $ 0.15 | $ 0.13 | $ 0.31 | $ 0.26 |
Diluted Earnings per Share (in dollars per share) | 0.15 | 0.13 | 0.31 | 0.26 |
Cash Dividends Declared per Common Share (in dollars per share) | $ 0.07 | $ 0.07 | $ 0.14 | $ 0.14 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Net Income | $ 13,447 | $ 11,928 | $ 27,668 | $ 24,228 |
Other comprehensive (loss) income, before tax benefit (expense): | ||||
Unrealized holding (losses) gains on securities arising during the period | (3,814) | 9,950 | 6,166 | 22,407 |
Less: reclassification adjustment for gains on securities included in net income | (20) | (2) | (125) | (2) |
Unrealized holding (losses) gains on derivatives arising during the period | (527) | 0 | 668 | 0 |
Less: reclassification adjustment for gains on derivatives included in net income | (11) | 0 | (6) | 0 |
Total other comprehensive (loss) income, before tax benefit (expense) | (4,372) | 9,948 | 6,703 | 22,405 |
Income tax benefit (expense) related to items of other comprehensive (loss) income | 1,530 | (3,478) | (2,344) | (7,839) |
Total other comprehensive (loss) income | (2,842) | 6,470 | 4,359 | 14,566 |
Comprehensive Income | $ 10,605 | $ 18,398 | $ 32,027 | $ 38,794 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Changes in Shareholders' Equity (Unaudited) - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss), net [Member] | Treasury Stock [Member] |
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 | |||||
Net Income | 24,228 | 24,228 | ||||
Other comprehensive income (loss) | 14,566 | 14,566 | ||||
Dividends, declared (USD per share) | (13,205) | (13,205) | ||||
Discount on dividend reinvestment plan purchases | (65) | (65) | ||||
Treasury stock acquired | (13,407) | (13,407) | ||||
Treasury stock acquired, shares | (1,603,350) | |||||
Treasury stock reissued | 192 | 35 | 0 | 157 | ||
Treasury stock reissued, shares | 21,960 | |||||
Restricted stock | 498 | $ 0 | 247 | 0 | 251 | |
Restricted stock, shares | 88,987 | |||||
Ending balance at Jun. 30, 2014 | 724,504 | $ 105,563 | 365,550 | 345,771 | (6,022) | (86,358) |
Ending balance, shares at Jun. 30, 2014 | 93,752,812 | |||||
Beginning balance at Dec. 31, 2014 | $ 716,145 | $ 105,563 | 365,615 | 353,027 | (4,499) | (103,561) |
Beginning balance, shares at Dec. 31, 2014 | 91,723,028 | 91,723,028 | ||||
Net Income | $ 27,668 | 27,668 | ||||
Other comprehensive income (loss) | 4,359 | 4,359 | ||||
Dividends, declared (USD per share) | (12,635) | (12,635) | ||||
Treasury stock acquired | (25,383) | (25,383) | ||||
Treasury stock acquired, shares | (2,918,066) | |||||
Treasury stock reissued | 192 | 32 | 0 | 160 | ||
Treasury stock reissued, shares | 20,936 | |||||
Restricted stock | 860 | $ 0 | 286 | 0 | 574 | |
Restricted stock, shares | 134,370 | |||||
Ending balance at Jun. 30, 2015 | $ 711,206 | $ 105,563 | $ 365,933 | $ 368,060 | $ (140) | $ (128,210) |
Ending balance, shares at Jun. 30, 2015 | 88,960,268 | 88,960,268 |
Condensed Consolidated Stateme7
Condensed Consolidated Statements of Changes in Shareholders' Equity (Unaudited) (Parenthetical) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Statement of Stockholders' Equity [Abstract] | ||||
Cash Dividends Declared per Common Share (in dollars per share) | $ 0.07 | $ 0.07 | $ 0.14 | $ 0.14 |
Condensed Consolidated Stateme8
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Operating Activities | ||
Net Income | $ 27,668 | $ 24,228 |
Adjustment to reconcile net income to net cash provided by operating activities: | ||
Provision for credit losses | 4,197 | 6,548 |
Deferred tax expense | 7,102 | 4,918 |
Depreciation and amortization | 3,802 | 8,436 |
Net gains on securities and other assets | (235) | (2,843) |
Net amortization of premiums and discounts on securities | 1,151 | 1,000 |
Net accretion of premiums and discounts on long term debt | 0 | (37) |
Income from increase in cash surrender value of bank owned life insurance | (2,732) | (2,576) |
Decrease in interest receivable | 74 | 668 |
Mortgage loans originated for sale | (39,941) | 0 |
Proceeds from sale of mortgage loans | 36,079 | 0 |
Decrease in interest payable | (200) | (288) |
Increase in income taxes payable | 503 | 998 |
Other-net | (14,817) | 5,685 |
Net cash provided by operating activities | 22,651 | 46,737 |
Investing Activities | ||
Proceeds from sale and maturity of held-to-maturity securities | 1,115 | 0 |
Payments to acquire held-to-maturity securities | (131,145) | 0 |
Proceeds from maturities and redemptions of available-for-sale securities | 235,971 | 152,846 |
Purchases of available-for-sale securities | (10,800) | (153,310) |
Purchases of FHLB stock | (29,251) | (18,659) |
Proceeds from the redemption of FHLB stock | 20,449 | 10,025 |
Proceeds from bank owned life insurance | 294 | 939 |
Proceeds from sale of loans | 102 | 3,112 |
Proceeds from sale of other assets | 2,282 | 9,500 |
Net increase in loans | (48,785) | (66,085) |
Purchases of premises and equipment | (2,521) | (6,229) |
Net cash provided by (used in) investing activities | 37,711 | (67,861) |
Financing Activities | ||
Net increase in federal funds purchased | 15,000 | 13,000 |
Net increase in other short-term borrowings | 111,041 | 206,259 |
Net decrease in deposits | (105,404) | (143,441) |
Repayments of other long-term debt | (50,270) | (7,675) |
Discount on dividend reinvestment plan purchases | 0 | (65) |
Dividends paid | (12,635) | (13,205) |
Proceeds from reissuance of treasury stock | 192 | 192 |
Purchase of treasury stock | (25,383) | (13,369) |
Net cash (used in) provided by financing activities | (67,459) | 41,696 |
Net (decrease) increase in cash and cash equivalents | (7,097) | 20,572 |
Cash and cash equivalents at January 1 | 74,538 | 77,439 |
Cash and cash equivalents at June 30 | $ 67,441 | $ 98,011 |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2015 | |
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 the “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, comprehensive income, cash flows and changes in shareholders’ equity as of and for the periods presented. The results of operations for the six months ended June 30, 2015 are not necessarily indicative of the results that may be expected for the full year of 2015 . These interim financial statements should be read in conjunction with First Commonwealth’s 2014 Annual Report on Form 10-K. 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 Inco
Supplemental Comprehensive Income Disclosures | 6 Months Ended |
Jun. 30, 2015 | |
Supplemental Comprehensive Income Disclosures [Abstract] | |
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 and reclassification adjustments related to losses on derivatives are included in the "Other operating expenses" line in the Condensed Consolidated Statements of Income. For the Six Months Ended June 30, 2015 2014 Pretax Amount Tax (Expense) Benefit Net of Tax Amount Pretax Amount Tax (Expense) Benefit Net of Tax Amount (dollars in thousands) Unrealized gains on securities: Unrealized holding gains on securities arising during the period $ 6,166 $ (2,156 ) $ 4,010 $ 22,407 $ (7,840 ) $ 14,567 Reclassification adjustment for gains on securities included in net income (125 ) 44 (81 ) (2 ) 1 (1 ) Total unrealized gains on securities 6,041 (2,112 ) 3,929 22,405 (7,839 ) 14,566 Unrealized gains on derivatives: Unrealized holding gains on derivatives arising during the period 668 (234 ) 434 — — — Reclassification adjustment for gains on derivatives included in net income (6 ) 2 (4 ) — — — Total unrealized losses on derivatives 662 (232 ) 430 — — — Total other comprehensive income $ 6,703 $ (2,344 ) $ 4,359 $ 22,405 $ (7,839 ) $ 14,566 For the Three Months Ended June 30, 2015 2014 Pretax Amount Tax (Expense) Benefit Net of Tax Amount Pretax Amount Tax (Expense) Benefit Net of Tax Amount (dollars in thousands) Unrealized (losses) gains on securities: Unrealized holding (losses) gains on securities arising during the period $ (3,814 ) $ 1,335 $ (2,479 ) $ 9,950 $ (3,479 ) $ 6,471 Reclassification adjustment for gains on securities included in net income (20 ) 7 (13 ) (2 ) 1 (1 ) Total unrealized (losses) gains on securities (3,834 ) 1,342 (2,492 ) 9,948 (3,478 ) 6,470 Unrealized losses on derivatives: Unrealized holding losses on derivatives arising during the period (527 ) 184 (343 ) — — — Reclassification adjustment for gains on derivatives included in net income (11 ) 4 (7 ) — — — Total unrealized losses on derivatives (538 ) 188 (350 ) — — — Total other comprehensive (loss) income $ (4,372 ) $ 1,530 $ (2,842 ) $ 9,948 $ (3,478 ) $ 6,470 The following table details the change in components of OCI for the six months ended June 30 : 2015 2014 Securities Available for Sale Post-Retirement Obligation Derivatives Accumulated Other Comprehensive Income Securities Available for Sale Post-Retirement Obligation Derivatives Accumulated Other Comprehensive Income (dollars in thousands) Balance at December 31 $ (4,875 ) $ 76 $ 300 $ (4,499 ) $ (20,868 ) $ 280 $ — $ (20,588 ) Other comprehensive income before reclassification adjustment 4,010 — 434 4,444 14,567 — — 14,567 Amounts reclassified from accumulated other comprehensive (loss) income (81 ) — (4 ) (85 ) (1 ) — — (1 ) Net other comprehensive income during the period 3,929 — 430 4,359 14,566 — — 14,566 Balance at June 30 $ (946 ) $ 76 $ 730 $ (140 ) $ (6,302 ) $ 280 $ — $ (6,022 ) |
Supplemental Cash Flow Disclosu
Supplemental Cash Flow Disclosures | 6 Months Ended |
Jun. 30, 2015 | |
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 six months ended June 30 : 2015 2014 (dollars in thousands) Cash paid during the period for: Interest $ 7,893 $ 10,024 Income taxes 4,000 3,700 Non-cash investing and financing activities: Loans transferred to other real estate owned and repossessed assets 2,315 2,726 Loans transferred from held to maturity to held for sale 3,071 3,035 Gross increase in market value adjustment to securities available for sale 6,036 22,397 Gross increase in market value adjustment to derivatives 662 — Investments committed to purchase, not settled 1,817 2,732 Unsettled treasury stock repurchases — 38 Proceeds from death benefit on bank-owned life insurance not received — 1,062 |
Earnings per Share
Earnings per Share | 6 Months Ended |
Jun. 30, 2015 | |
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 June 30, For the Six Months Ended June 30, 2015 2014 2015 2014 Weighted average common shares issued 105,563,455 105,563,455 105,563,455 105,563,455 Average treasury stock shares (16,445,760 ) (11,584,636 ) (15,480,232 ) (11,232,622 ) Average unearned nonvested shares (195,303 ) (184,230 ) (189,561 ) (163,897 ) Weighted average common shares and common stock equivalents used to calculate basic earnings per share 88,922,392 93,794,589 89,893,662 94,166,936 Additional common stock equivalents (nonvested stock) used to calculate diluted earnings per share 16,611 16,954 9,888 10,895 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 88,939,003 93,811,543 89,903,550 94,177,831 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 six months ended June 30 because to do so would have been antidilutive. 2015 2014 Price Range Price Range Shares From To Shares From To Stock Options — $ — $ — 15,000 $ 14.55 $ 14.55 Restricted Stock 146,933 5.26 9.26 93,268 5.96 9.18 |
Commitments and Contingent Liab
Commitments and Contingent Liabilities | 6 Months Ended |
Jun. 30, 2015 | |
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: June 30, 2015 December 31, 2014 (dollars in thousands) Financial instruments whose contract amounts represent credit risk: Commitments to extend credit $ 1,610,767 $ 1,635,948 Financial standby letters of credit 26,287 36,075 Performance standby letters of credit 25,878 25,915 Commercial letters of credit 2,146 2,611 The notional amounts outstanding as of June 30, 2015 include amounts issued in 2015 of $7.8 million in financial standby letters of credit and $1.8 million in performance standby letters of credit. There have been no commercial letters of credit issued during 2015 . A liability of $0.2 million has been recorded as of June 30, 2015 and December 31, 2014 , 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 $3.8 million as of June 30, 2015 and $3.1 million as of December 31, 2014 . This liability is reflected in "Other liabilities" in the Condensed Consolidated Statements of Financial Condition. 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 There are no 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, comprehensive income or cash flow of First Commonwealth or its subsidiaries. |
Investment Securities
Investment Securities | 6 Months Ended |
Jun. 30, 2015 | |
Investment Securities [Abstract] | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | Investment Securities Securities Available for Sale Below is an analysis of the amortized cost and estimated fair values of securities available for sale at: June 30, 2015 December 31, 2014 Amortized Gross Gross Estimated Amortized Gross Gross Estimated (dollars in thousands) Obligations of U.S. Government Agencies: Mortgage-Backed Securities – Residential $ 21,846 $ 2,516 $ (24 ) $ 24,338 $ 23,344 $ 2,595 $ (3 ) $ 25,936 Obligations of U.S. Government-Sponsored Enterprises: Mortgage-Backed Securities – Residential 860,816 10,799 (8,715 ) 862,900 947,635 13,076 (9,830 ) 950,881 Mortgage-Backed Securities – Commercial 58 1 — 59 72 2 — 74 Other Government-Sponsored Enterprises 135,852 5 (228 ) 135,629 269,181 4 (1,308 ) 267,877 Obligations of States and Political Subdivisions 27,062 176 (173 ) 27,065 27,058 362 (43 ) 27,377 Corporate Securities 1,892 401 — 2,293 6,682 573 — 7,255 Pooled Trust Preferred Collateralized Debt Obligations 41,745 1,055 (7,279 ) 35,521 41,926 309 (13,236 ) 28,999 Total Debt Securities 1,089,271 14,953 (16,419 ) 1,087,805 1,315,898 16,921 (24,420 ) 1,308,399 Equities 1,920 — — 1,920 1,420 — — 1,420 Total Securities Available for Sale $ 1,091,191 $ 14,953 $ (16,419 ) $ 1,089,725 $ 1,317,318 $ 16,921 $ (24,420 ) $ 1,309,819 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 June 30, 2015 , by contractual maturity, are shown below. Amortized Estimated (dollars in thousands) Due within 1 year $ 3,000 $ 2,999 Due after 1 but within 5 years 132,852 132,629 Due after 5 but within 10 years 25,655 25,676 Due after 10 years 45,044 39,204 206,551 200,508 Mortgage-Backed Securities (a) 882,720 887,297 Total Debt Securities $ 1,089,271 $ 1,087,805 (a) Mortgage Backed Securities include an amortized cost of $21.8 million and a fair value of $24.3 million for Obligations of U.S. Government agencies issued by Ginnie Mae and an amortized cost of $860.9 million and a fair value of $863.0 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 six months ended June 30 : 2015 2014 (dollars in thousands) Proceeds from sales $ — $ — Gross gains (losses) realized: Sales Transactions: Gross gains $ 105 $ — Gross losses — — 105 — Maturities and impairment Gross gains 20 2 Gross losses — — Other-than-temporary impairment — — 20 2 Net gains and impairment $ 125 $ 2 Securities available for sale with an estimated fair value of $530.5 million and $563.2 million were pledged as of June 30, 2015 and December 31, 2014 , respectively, to secure public deposits and for other purposes required or permitted by law. Securities Held to Maturity Below is an analysis of the amortized cost and fair values of debt securities held to maturity at June 30, 2015 . There were no held to maturity securities at December 31, 2014 . June 30, 2015 Amortized Gross Gross Estimated (dollars in thousands) Obligations of U.S. Government-Sponsored Enterprises: Mortgage-Backed Securities – Residential $ 118,762 $ — $ (1,117 ) $ 117,645 Obligations of States and Political Subdivisions 13,018 5 (214 ) 12,809 Total Securities Held to Maturity $ 131,780 $ 5 $ (1,331 ) $ 130,454 The amortized cost and estimated fair value of debt securities held to maturity at June 30, 2015 , by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or repay obligations with or without call or prepayment penalties. Amortized Estimated (dollars in thousands) Due within 1 year $ — $ — Due after 1 but within 5 years — — Due after 5 but within 10 years 8,061 7,964 Due after 10 years 4,957 4,845 13,018 12,809 Mortgage-Backed Securities (a) 118,762 117,645 Total Debt Securities $ 131,780 $ 130,454 (a) Mortgage Backed Securities include an amortized cost of $118.8 million and a fair value of $117.6 million for Obligations of U.S. Government-sponsored enterprises issued by Fannie Mae and Freddie Mac. Securities held to maturity with an amortized cost of $11.2 million were pledged as of June 30, 2015 to secure public deposits and for other purposes required or permitted by law. |
Impairment of Investment Securi
Impairment of Investment Securities | 6 Months Ended |
Jun. 30, 2015 | |
Impairment of Investment Securities Disclosure [Abstract] | |
Impairment of Investment Securities | Impairment of Investment Securities Securities Available for Sale and Held to Maturity 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 six months ended June 30, 2015 and 2014 , 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 10, “Fair Values of Assets and Liabilities,” for additional information. The following table presents the gross unrealized losses and estimated fair values at June 30, 2015 for both available for sale and held to maturity securities 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 (dollars in thousands) Obligations of U.S. Government Agencies: Mortgage-Backed Securities – Residential $ 2,243 $ (24 ) $ — $ — $ 2,243 $ (24 ) Obligations of U.S. Government-Sponsored Enterprises: Mortgage-Backed Securities – Residential 225,033 (2,057 ) 287,128 (7,775 ) 512,161 (9,832 ) Other Government-Sponsored Enterprises 6,793 (7 ) 119,429 (221 ) 126,222 (228 ) Obligations of States and Political Subdivisions 21,116 (387 ) — — 21,116 (387 ) Pooled Trust Preferred Collateralized Debt Obligations — — 29,859 (7,279 ) 29,859 (7,279 ) Total Securities $ 255,185 $ (2,475 ) $ 436,416 $ (15,275 ) $ 691,601 $ (17,750 ) At June 30, 2015 , fixed income securities issued by U.S. Government-sponsored enterprises comprised 57% of total unrealized losses due to changes in market interest rates. Pooled trust preferred collateralized debt obligations accounted for 41% of the unrealized losses primarily due to the illiquid market for this investment type. Obligations of U.S. Government agencies and obligations of state and political subdivisions account for the remaining 2% of total unrealized losses as a result of changes in market interest rates. At June 30, 2015 , there are 70 debt securities in an unrealized loss position. The following table presents the gross unrealized losses and estimated fair values at December 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 (dollars in thousands) Obligations of U.S. Government Agencies: Mortgage-Backed Securities – Residential $ 2,318 $ (3 ) $ — $ — $ 2,318 $ (3 ) Obligations of U.S. Government-Sponsored Enterprises: Mortgage-Backed Securities – Residential 111,646 (419 ) 368,706 (9,411 ) 480,352 (9,830 ) Other Government-Sponsored Enterprises 112,473 (229 ) 130,401 (1,079 ) 242,874 (1,308 ) Obligation of States and Political Subdivisions 3,146 (43 ) — — 3,146 (43 ) Pooled Trust Preferred Collateralized Debt Obligations — — 24,356 (13,236 ) 24,356 (13,236 ) Total Securities $ 229,583 $ (694 ) $ 523,463 $ (23,726 ) $ 753,046 $ (24,420 ) As of June 30, 2015 , our corporate securities had an amortized cost and an estimated fair value of $1.9 million and $2.3 million , respectively. As of December 31, 2014 , our corporate securities had an amortized cost and estimated fair value of $6.7 million and $7.3 million , respectively. Corporate securities are comprised of single issue trust preferred securities issued primarily by large regional banks. There were no corporate securities in an unrealized loss position as of June 30, 2015 and December 31, 2014 . 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 June 30, 2015 , the book value of our pooled trust preferred collateralized debt obligations totaled $41.7 million with an estimated fair value of $35.5 million , which includes securities comprised of 275 banks and other financial institutions. All of our pooled securities are mezzanine tranches, three 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 June 30, 2015 , after taking into account management’s best estimates of future interest deferrals and defaults, four of our securities had no excess subordination in the tranches we own and five of our securities had excess subordination which ranged from 11% to 84% of the current performing collateral. The following table provides information related to our pooled trust preferred collateralized debt obligations as of June 30, 2015 : Deal Class Book Estimated Fair Unrealized Moody’s/ Number Deferrals Excess (dollars in thousands) Pre TSL IV Mezzanine $ 1,830 $ 1,331 $ (499 ) B1/BB 6 18.05 % 57.14 % Pre TSL VII Mezzanine 2,847 3,478 631 Ca/- 14 49.68 — Pre TSL VIII Mezzanine 1,982 1,791 (191 ) C/C 29 58.01 — Pre TSL IX Mezzanine 2,358 1,906 (452 ) B1/C 38 28.14 10.73 Pre TSL X Mezzanine 1,553 1,889 336 Caa1/C 43 31.60 — Pre TSL XII Mezzanine 5,599 4,502 (1,097 ) B3/C 66 23.76 — Pre TSL XIII Mezzanine 12,585 10,638 (1,947 ) B3/C 56 25.64 37.87 Pre TSL XIV Mezzanine 12,784 9,691 (3,093 ) Caa1/CC 56 23.17 47.33 MMCap I Mezzanine 207 295 88 Ca/C 8 58.11 84.18 Total $ 41,745 $ 35,521 $ (6,224 ) 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 six months ended June 30, 2015 and 2014 , 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 June 30, 2015 . 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 275 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 June 30, 2015 , 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 that 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 June 30, 2015 , indicates that no credit-related other-than-temporary impairment has occurred on our pooled trust preferred securities during the six months ended June 30, 2015 . Based upon the analysis performed by management, it is probable that four 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 16 with 0% “Excess Subordination as a Percentage of Current Performing Collateral.” For the remaining securities listed in that table, our analysis as of June 30, 2015 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 June 30, 2015 , 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 the present value of estimated future principal and interest payments exceeding the securities' current book value. The excess for each bond of the present value of future cash flows over our current book value ranges from 21% to 141% 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 is 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 June 30, For the Six Months Ended June 30, 2015 2014 2015 2014 (dollars in thousands) Balance, beginning (a) $ 25,707 $ 27,254 $ 26,246 $ 27,543 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) (341 ) (412 ) (662 ) (701 ) Reduction for debt securities called during the period — — (218 ) — Balance, ending $ 25,366 $ 26,842 $ 25,366 $ 26,842 (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 six months of 2015 and 2014 , 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 June 30, 2015 and 2014 , there were 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 June 30, 2015 and December 31, 2014 , our FHLB stock totaled $53.3 million and $44.5 million , respectively, and is included in “Other investments” on the Condensed Consolidated Statements of Financial Condition. 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 and has concluded that the par value of its investment in FHLB stock will be recovered. Accordingly, no impairment charge was recorded on these securities during the six months ended June 30, 2015 . |
Loans and Allowance for Credit
Loans and Allowance for Credit Losses | 6 Months Ended |
Jun. 30, 2015 | |
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: June 30, 2015 December 31, 2014 (dollars in thousands) Commercial, financial, agricultural and other $ 1,098,019 $ 1,052,109 Real estate construction 125,010 120,785 Residential real estate 1,204,499 1,226,344 Commercial real estate 1,416,841 1,405,256 Loans to individuals 646,485 652,814 Total loans and leases net of unearned income $ 4,490,854 $ 4,457,308 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 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 Company’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. Movement 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: June 30, 2015 Commercial, financial, agricultural and other Real estate construction Residential real estate Commercial real estate Loans to individuals Total (dollars in thousands) Pass $ 1,034,313 $ 124,518 $ 1,192,296 $ 1,372,966 $ 646,255 $ 4,370,348 Non-Pass OAEM 7,902 458 2,228 29,994 — 40,582 Substandard 55,804 34 9,975 13,881 230 79,924 Doubtful — — — — — — Total Non-Pass 63,706 492 12,203 43,875 230 120,506 Total $ 1,098,019 $ 125,010 $ 1,204,499 $ 1,416,841 $ 646,485 $ 4,490,854 December 31, 2014 Commercial, financial, agricultural and other Real estate construction Residential real estate Commercial real estate Loans to individuals Total (dollars in thousands) Pass $ 983,357 $ 112,536 $ 1,214,920 $ 1,353,773 $ 652,596 $ 4,317,182 Non-Pass OAEM 32,563 8,013 2,315 29,479 — 72,370 Substandard 32,028 236 9,109 22,004 218 63,595 Doubtful 4,161 — — — — 4,161 Total Non-Pass 68,752 8,249 11,424 51,483 218 140,126 Total $ 1,052,109 $ 120,785 $ 1,226,344 $ 1,405,256 $ 652,814 $ 4,457,308 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 June 30, 2015 . 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. 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 June 30, 2015 and December 31, 2014 . 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. June 30, 2015 30 - 59 60 - 89 90 days Nonaccrual Total past Current Total (dollars in thousands) Commercial, financial, agricultural and other $ 636 $ 73 $ 33 $ 15,587 $ 16,329 $ 1,081,690 $ 1,098,019 Real estate construction — — — 34 34 124,976 125,010 Residential real estate 3,013 677 686 8,199 12,575 1,191,924 1,204,499 Commercial real estate 137 739 — 6,345 7,221 1,409,620 1,416,841 Loans to individuals 2,707 625 873 230 4,435 642,050 646,485 Total $ 6,493 $ 2,114 $ 1,592 $ 30,395 $ 40,594 $ 4,450,260 $ 4,490,854 December 31, 2014 30 - 59 60 - 89 90 days Nonaccrual Total past Current Total (dollars in thousands) Commercial, financial, agricultural and other $ 2,816 $ 213 $ 264 $ 27,007 $ 30,300 $ 1,021,809 $ 1,052,109 Real estate construction — 1 — 236 237 120,548 120,785 Residential real estate 5,162 1,295 1,077 7,900 15,434 1,210,910 1,226,344 Commercial real estate 1,797 122 — 7,306 9,225 1,396,031 1,405,256 Loans to individuals 3,698 1,059 1,278 218 6,253 646,561 652,814 Total $ 13,473 $ 2,690 $ 2,619 $ 42,667 $ 61,449 $ 4,395,859 $ 4,457,308 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 becomes 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 in doubt. 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 also 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. There were $2.4 million of impaired loans held for sale at June 30, 2015 . These loans were transferred to held for sale status in the first quarter of 2015 and were sold in July 2015, at which time a gain of $0.4 million was recognized. There were no impaired loans held for sale at December 31, 2014 . During the six months ended June 30, 2014 , $3.1 million of impaired loans were sold, resulting in the recognition of a gain of $0.1 million . No gains were recognized on the sale of impaired loans during the six months ended June 30, 2015 . Significant nonaccrual loans as of June 30, 2015 , include the following: • $7.4 million relationship of commercial and real estate loans to a local water facility construction company. These loans were originated from 2009 to 2013 and were placed in nonaccrual status during the fourth quarter of 2014. During the six months ended June 30, 2015 , charge-offs of $2.3 million related to this relationship were recorded. A valuation of the collateral was completed during the first quarter of 2015. • $5.9 million relationship 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. Two of these loans were modified resulting in TDR classification: one loan totaling $2.3 million was modified in 2012, and the other loan totaling $3.0 million was modified in 2014. During the six months ended June 30, 2015 , charge-offs of $3.3 million related to this relationship were recorded. A valuation of the collateral was updated during the first quarter of 2015. The following tables include the recorded investment and unpaid principal balance for impaired loans with the associated allowance amount, if applicable, as of June 30, 2015 and December 31, 2014 . 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 their period-end allowance position. June 30, 2015 December 31, 2014 Recorded Unpaid Related Recorded Unpaid Related (dollars in thousands) With no related allowance recorded: Commercial, financial, agricultural and other $ 16,809 $ 24,267 $ 9,439 $ 10,937 Real estate construction 34 120 236 476 Residential real estate 11,277 12,861 10,773 12,470 Commercial real estate 8,534 9,402 8,768 10,178 Loans to individuals 302 360 288 337 Subtotal 36,956 47,010 29,504 34,398 With an allowance recorded: Commercial, financial, agricultural and other 5,195 5,555 1,596 24,826 25,583 9,304 Real estate construction — — — — — — Residential real estate 328 500 35 367 380 56 Commercial real estate 192 192 44 554 554 101 Loans to individuals — — — — — — Subtotal 5,715 6,247 1,675 25,747 26,517 9,461 Total $ 42,671 $ 53,257 $ 1,675 $ 55,251 $ 60,915 $ 9,461 For the Six Months Ended June 30, 2015 2014 Average Interest Average Interest (dollars in thousands) With no related allowance recorded: Commercial, financial, agricultural and other $ 21,691 $ 120 $ 13,841 $ 32 Real estate construction 137 — 2,112 18 Residential real estate 11,025 86 10,602 124 Commercial real estate 8,760 43 8,494 55 Loans to individuals 312 2 290 2 Subtotal 41,925 251 35,339 231 With an allowance recorded: Commercial, financial, agricultural and other 5,337 72 14,333 76 Real estate construction — — — — Residential real estate 319 1,738 15 Commercial real estate 194 3 670 2 Loans to individuals — — — — Subtotal 5,850 75 16,741 93 Total $ 47,775 $ 326 $ 52,080 $ 324 For the Three Months Ended June 30, 2015 2014 Average Interest Average Interest (dollars in thousands) With no related allowance recorded: Commercial, financial, agricultural and other $ 18,526 $ 65 $ 12,658 $ 14 Real estate construction 36 — 1,148 6 Residential real estate 11,302 45 9,858 75 Commercial real estate 8,682 24 7,388 22 Loans to individuals 316 1 310 1 Subtotal 38,862 135 31,362 118 With an allowance recorded: Commercial, financial, agricultural and other 5,237 42 15,086 32 Real estate construction — — — — Residential real estate 329 — 1,836 7 Commercial real estate 193 1 1,136 1 Loans to individuals — — — — Subtotal 5,759 43 18,058 40 Total $ 44,621 $ 178 $ 49,420 $ 158 Unfunded commitments related to nonperforming loans were $0.6 million at June 30, 2015 and $46 thousand at December 31, 2014 . After consideration of available collateral related to these commitments, a reserve of $13 thousand and $14 thousand was established for these off balance sheet exposures at June 30, 2015 and December 31, 2014 , respectively. 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: June 30, 2015 December 31, 2014 (dollars in thousands) Troubled debt restructured loans Accrual status $ 12,276 $ 12,584 Nonaccrual status 8,619 16,952 Total $ 20,895 $ 29,536 Commitments Unused lines of credit $ 2,540 $ 4,120 At June 30, 2015 , $2.4 million of nonaccrual loans considered to be troubled debt restructured loans are excluded from the above table as they are classified as loans held for sale. The following tables provide detail, including specific reserves and reasons for modification, related to loans identified as troubled debt restructurings: For the Six Months Ended June 30, 2015 Type of Modification Number Extend Modify Modify Total Post- Specific (dollars in thousands) Commercial, financial, agricultural and other 3 $ 1,751 $ — $ 109 $ 1,860 $ 1,812 $ 53 Residential real estate 16 — 296 503 799 723 7 Commercial real estate 1 — — 463 463 428 — Loans to individuals 6 — 61 18 79 66 — Total 26 $ 1,751 $ 357 $ 1,093 $ 3,201 $ 3,029 $ 60 For the Six Months Ended June 30, 2014 Type of Modification Number Extend Modify Modify Total Post- Specific (dollars in thousands) Commercial, financial, agricultural and other 2 $ 1,480 $ — $ — $ 1,480 $ 1,463 $ 20 Residential real estate 21 — 291 644 935 895 48 Commercial real estate 1 — — 12 12 7 — Loans to individuals 10 — 73 27 100 85 — Total 34 $ 1,480 $ 364 $ 683 $ 2,527 $ 2,450 $ 68 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 six months ended June 30, 2015 and 2014 , $0.4 million and $0.3 million , respectively, of total rate modifications represent loans with modifications to the rate as well as payment as a result of reamortization. For both 2015 and 2014 the changes in loan balances between the pre-modification balance and the post-modification balance are due to customer payments. 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 June 30, 2015 Type of Modification Number Extend Modify Modify Total Post- Specific (dollars in thousands) Commercial, financial, agricultural and other 2 $ 252 $ — $ 109 $ 361 $ 317 $ 53 Residential real estate 11 $ — $ 45 $ 485 $ 530 $ 525 $ 7 Loans to individuals 5 — 61 — 61 56 — Total 18 $ 252 $ 106 $ 594 $ 952 $ 898 $ 60 For the Three Months Ended, June 30, 2014 Type of Modification Number Extend Modify Modify Total Post- Specific (dollars in thousands) Commercial, financial, agricultural and other 1 $ 1,420 $ — $ — $ 1,420 $ 1,433 $ — Residential real estate 8 — 120 126 246 243 2 Loans to individuals 4 — 42 7 49 42 — Total 13 $ 1,420 $ 162 $ 133 $ 1,715 $ 1,718 $ 2 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 June 30, 2015 and 2014 , $0.1 million and $0.1 million , respectively, of total rate modifications represent loans with modifications to the rate as well as payment as a result of reamortization. For both 2015 and 2014 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 be in default during the six months ended June 30 : 2015 2014 Number of Recorded Number of Recorded (dollars in thousands) Residential real estate 2 $ 56 2 $ 51 Total 2 $ 56 2 $ 51 The following table provides information related to restructured loans that were considered to be in default during the three months ended June 30 : 2015 2014 Number of Recorded Number of Recorded (dollars in thousands) Residential real estate 2 $ 56 1 $ 6 Total 2 $ 56 1 $ 6 The following tables provide detail related to the allowance for credit losses: For the Six Months Ended June 30, 2015 Commercial, Real estate Residential Commercial Loans to Total (dollars in thousands) Allowance for credit losses: Beginning Balance $ 29,627 $ 2,063 $ 3,664 $ 11,881 $ 4,816 $ 52,051 Charge-offs (7,940 ) — (1,050 ) (688 ) (2,383 ) (12,061 ) Recoveries 358 84 239 153 323 1,157 Provision (credit) 1,710 (629 ) 70 881 2,165 4,197 Ending Balance $ 23,755 $ 1,518 $ 2,923 $ 12,227 $ 4,921 $ 45,344 Ending balance: individually evaluated for impairment $ 1,596 $ — $ 35 $ 44 $ — $ 1,675 Ending balance: collectively evaluated for impairment 22,159 1,518 2,888 12,183 4,921 43,669 Loans: Ending balance 1,098,019 125,010 1,204,499 1,416,841 646,485 4,490,854 Ending balance: individually evaluated for impairment 21,419 — 7,700 7,625 — 36,744 Ending balance: collectively evaluated for impairment 1,076,600 125,010 1,196,799 1,409,216 646,485 4,454,110 For the Six Months Ended June 30, 2014 Commercial, Real estate Residential Commercial Loans to Total (dollars in thousands) Allowance for credit losses: Beginning Balance $ 22,663 $ 6,600 $ 7,727 $ 11,778 $ 5,457 $ 54,225 Charge-offs (7,859 ) (296 ) (1,735 ) (297 ) (1,562 ) (11,749 ) Recoveries 421 337 323 255 365 1,701 Provision (credit) 6,731 (742 ) (190 ) (75 ) 824 6,548 Ending Balance $ 21,956 $ 5,899 $ 6,125 $ 11,661 $ 5,084 $ 50,725 Ending balance: individually evaluated for impairment $ 4,995 $ — $ 546 $ 531 $ — $ 6,072 Ending balance: collectively evaluated for impairment 16,961 5,899 5,579 11,130 5,084 44,653 Loans: Ending balance 1,062,001 100,709 1,238,791 1,306,752 625,961 4,334,214 Ending balance: individually evaluated for impairment 24,573 486 7,624 6,965 — 39,648 Ending balance: collectively evaluated for impairment 1,037,428 100,223 1,231,167 1,299,787 625,961 4,294,566 For the Three Months Ended June 30, 2015 Commercial, Real estate Residential Commercial Loans to Total (dollars in thousands) Allowance for credit losses: Beginning Balance $ 24,406 $ 1,528 $ 3,387 $ 12,487 $ 4,889 $ 46,697 Charge-offs (2,860 ) — (484 ) (486 ) (1,122 ) (4,952 ) Recoveries 158 84 143 15 161 561 Provision (credit) 2,051 (94 ) (123 ) 211 993 3,038 Ending Balance $ 23,755 $ 1,518 $ 2,923 $ 12,227 $ 4,921 $ 45,344 For the Three Months Ended, June 30, 2014 Commercial, Real estate Residential Commercial Loans to Total (dollars in thousands) Allowance for credit losses: Beginning Balance $ 26,125 $ 6,214 $ 6,026 $ 11,119 $ 5,022 $ 54,506 Charge-offs (6,258 ) (296 ) (640 ) (157 ) (752 ) (8,103 ) Recoveries 336 168 79 235 187 1,005 Provision (credit) 1,753 (187 ) 660 464 627 3,317 Ending Balance $ 21,956 $ 5,899 $ 6,125 $ 11,661 $ 5,084 $ 50,725 |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes At June 30, 2015 and December 31, 2014 , 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 2011 through 2013 were open for examination as of June 30, 2015 . |
Fair Values of Assets and Liabi
Fair Values of Assets and Liabilities | 6 Months Ended |
Jun. 30, 2015 | |
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, loans held for sale, interest rate derivatives (including interest rate caps, 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 recorded in the Condensed Consolidated Statements of Financial Condition are comprised of FHLB stock whose estimated fair value is based on its par value. Additional information on FHLB stock is provided in Note 7, “Impairment of Investment Securities.” Loans held for sale include residential mortgage loans originated for sale in the secondary mortgage market as well as an impaired commercial loan for which sale was considered an appropriate exit strategy. The estimated fair value for the mortgage loans were determined on the basis of rates obtained in the respective secondary market and the estimated fair value of the commercial loan was determined by market bids obtained from potential buyers. 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 11, “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 2015 , 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 United States. There has been little or no active trading in these securities since 2009; therefore, it is 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 7, “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 / Pooled Trust Preferred Securities $ 35,521 Discounted Cash Flow Probability of default 0% - 100% (16.47%) Prepayment rates 0% - 73.65% (5.10%) Discount rates 5.25% - 12.00% (a) Equities 1,920 Par Value N/A N/A Impaired Loans 3,215 (b) Reserve study Discount rate 10.00% Gas per MCF $1.88 - $5.27 (c) Oil per BBL/d $55.00 - $90.00 (c) NGL per barrel $15.00 (c) 520 (b) Discounted Cash Flow Discount Rate 1.90% Other Real Estate Owned 18 Internal Valuation N/A N/A (a) incorporates spread over risk free rate related primarily to credit quality and illiquidity of securities. (b) 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. (c) 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 a higher fair value measurement. Other unobservable inputs in the fair value measurement of impaired loans relate to gas, oil and natural gas prices. Increases in these prices 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 tables below present the balances of assets and liabilities measured at fair value on a recurring basis: June 30, 2015 Level 1 Level 2 Level 3 Total (dollars in thousands) Obligations of U.S. Government Agencies: Mortgage-Backed Securities - Residential $ — $ 24,338 $ — $ 24,338 Obligations of U.S. Government-Sponsored Enterprises: Mortgage-Backed Securities - Residential — 862,900 — 862,900 Mortgage-Backed Securities - Commercial — 59 — 59 Other Government-Sponsored Enterprises — 135,629 — 135,629 Obligations of States and Political Subdivisions — 27,065 — 27,065 Corporate Securities — 2,293 — 2,293 Pooled Trust Preferred Collateralized Debt Obligations — — 35,521 35,521 Total Debt Securities — 1,052,284 35,521 1,087,805 Equities — — 1,920 1,920 Total Securities Available for Sale — 1,052,284 37,441 1,089,725 Other Investments — 53,347 — 53,347 Loans held for sale — 9,817 — 9,817 Other Assets(a) — 10,563 — 10,563 Total Assets $ — $ 1,126,011 $ 37,441 $ 1,163,452 Other Liabilities(a) $ — $ 9,405 $ — $ 9,405 Total Liabilities $ — $ 9,405 $ — $ 9,405 (a) Hedging and non-hedging interest rate derivatives December 31, 2014 Level 1 Level 2 Level 3 Total (dollars in thousands) Obligations of U.S. Government Agencies: Mortgage-Backed Securities - Residential $ — $ 25,936 $ — $ 25,936 Obligations of U.S. Government-Sponsored Enterprises: Mortgage-Backed Securities - Residential — 950,881 — 950,881 Mortgage-Backed Securities - Commercial — 74 — 74 Other Government-Sponsored Enterprises — 267,877 — 267,877 Obligations of States and Political Subdivisions — 27,377 — 27,377 Corporate Securities — 7,255 — 7,255 Pooled Trust Preferred Collateralized Debt Obligations — — 28,999 28,999 Total Debt Securities — 1,279,400 28,999 1,308,399 Equities — — 1,420 1,420 Total Securities Available for Sale — 1,279,400 30,419 1,309,819 Other Investments — 44,545 — 44,545 Loans Held for Sale — 2,502 — 2,502 Other Assets(a) — 11,186 — 11,186 Total Assets $ — $ 1,337,633 $ 30,419 $ 1,368,052 Other Liabilities(a) $ — $ 10,671 $ — $ 10,671 Total Liabilities $ — $ 10,671 $ — $ 10,671 (a) Hedging and non-hedging interest rate derivatives For the six months ended June 30 , changes in Level 3 assets and liabilities measured at fair value on a recurring basis are summarized as follows: 2015 Pooled Trust Preferred Collateralized Debt Obligations Equities Total (dollars in thousands) Balance, beginning of period $ 28,999 $ 1,420 $ 30,419 Total gains or losses Included in earnings 105 — 105 Included in other comprehensive income 7,471 — 7,471 Purchases, issuances, sales, and settlements Purchases — 500 500 Issuances — — — Sales — — — Settlements (1,054 ) — (1,054 ) Transfers into Level 3 — — — Balance, end of period $ 35,521 $ 1,920 $ 37,441 2014 Pooled Trust Preferred Collateralized Debt Obligations Equities Loans Held for Sale Total (dollars in thousands) Balance, beginning of period $ 23,523 $ 1,420 $ — $ 24,943 Total gains or losses Included in earnings — — 77 77 Included in other comprehensive income 5,796 — — 5,796 Purchases, issuances, sales, and settlements Purchases — — — — Issuances — — — — Sales — — (3,112 ) (3,112 ) Settlements (1,165 ) — — (1,165 ) Transfers into Level 3 — — 3,035 3,035 Balance, end of period $ 28,154 $ 1,420 $ — $ 29,574 During the six months ended June 30, 2015 and 2014 , there were no transfers between fair value Levels 1 and 2 . During the six months ended June 30, 2015, there were no transfers between fair value Levels 2 and 3. However, $3.0 million of loans were transferred into Level 3 from Level 2 during the six months ended June 30, 2014 due to the loans being transferred to a held for sale status. The loans transferred and subsequently sold related to three nonperforming loan relationships 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 June 30, 2015 and 2014 . For the three months ended June 30 , changes in Level 3 assets and liabilities measured at fair value on a recurring basis are summarized as follows: 2015 Pooled Trust Preferred Collateralized Debt Obligations Equities Total (dollars in thousands) Balance, beginning of period $ 31,134 $ 1,920 $ 33,054 Total gains or losses Included in earnings — — — Included in other comprehensive income 4,851 — 4,851 Purchases, issuances, sales, and settlements Purchases — — — Issuances — — — Sales — — — Settlements (464 ) — (464 ) Transfers into Level 3 — — — Balance, end of period $ 35,521 $ 1,920 $ 37,441 2014 Pooled Trust Preferred Collateralized Debt Obligations Equities Loans Held for Sale Total (dollars in thousands) Balance, beginning of period $ 27,876 $ 1,420 $ — 29,296 Total gains or losses Included in earnings — — 77 77 Included in other comprehensive income 1,053 — — 1,053 Purchases, issuances, sales, and settlements Purchases — — — — Issuances — — — — Sales — — (2,396 ) (2,396 ) Settlements (775 ) — — (775 ) Transfers into Level 3 — — 2,319 2,319 Balance, end of period $ 28,154 $ 1,420 $ — $ 29,574 During the three months ended June 30, 2015 and 2014 , there were no transfers between fair value Levels 1 and 2 . During the three months ended June 30, 2015, there were no transfers between fair value Levels 2 and 3. However, $2.3 million of loans were transferred into Level 3 from Level 2 during the three months ended June 30, 2014 due to the loans being transferred to a held for sale status. The loans transferred and subsequently sold related to three nonperforming loan relationships for which this was determined to be the appropriate exit strategy. The tables below present the balances of assets measured at fair value on a non-recurring basis at: June 30, 2015 Level 1 Level 2 Level 3 Total (dollars in thousands) Impaired loans $ — $ 31,035 $ 9,961 $ 40,996 Other real estate owned — 8,636 18 8,654 Total Assets $ — $ 39,671 $ 9,979 $ 49,650 December 31, 2014 Level 1 Level 2 Level 3 Total (dollars in thousands) Impaired loans $ — $ 34,864 $ 10,926 $ 45,790 Other real estate owned — 7,828 153 7,981 Total Assets $ — $ 42,692 $ 11,079 $ 53,771 The following losses were realized on the assets measured on a nonrecurring basis: For the Three Months Ended June 30, For the Six Months Ended June 30, 2015 2014 2015 2014 (dollars in thousands) Impaired loans $ (382 ) $ (3,020 ) $ (843 ) $ (2,739 ) Other real estate owned (1,126 ) (728 ) (1,154 ) (1,078 ) Total losses $ (1,508 ) $ (3,748 ) $ (1,997 ) $ (3,817 ) Impaired loans over $100 thousand 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. For real estate secured loans, 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 real estate secured loans with balances under $250 thousand , we rely on broker price opinions. For non-real estate secured assets, the Company normally relies on third party valuations specific to the collateral type. 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 $6.5 million as of June 30, 2015 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 12, “Goodwill.” There were no other assets or liabilities measured at fair value on a non-recurring basis during the six months ended June 30, 2015 . 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 and held to maturity 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.” Loans Held for Sale : The estimated fair value of loans held for sale is based on market bids obtained from potential buyers. 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 $0.2 million at June 30, 2015 and December 31, 2014 , respectively. See Note 5, “Commitments and Contingent Liabilities,” for additional information. Deposit liabilities : The estimated fair value of demand deposits, savings accounts and money market deposits is the amount payable on demand at the reporting date because of the customers’ ability to withdraw funds immediately. 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: June 30, 2015 Fair Value Measurements Using: Carrying Total Level 1 Level 2 Level 3 (dollars in thousands) Financial assets Cash and due from banks $ 64,321 $ 64,321 $ 64,321 $ — $ — Interest-bearing deposits 3,120 3,120 3,120 — — Securities available for sale 1,089,725 1,089,725 — 1,052,284 37,441 Securities held to maturity 131,780 130,454 — 130,454 — Other investments 53,347 53,347 — 53,347 — Loans held for sale 9,817 9,817 — 9,817 — Loans 4,490,854 4,509,268 — 31,035 4,478,233 Financial liabilities Deposits 4,210,107 4,213,317 — 4,213,317 — Short-term borrowings 1,231,917 1,231,945 — 1,231,945 — Subordinated debt 72,167 63,303 — — 63,303 Long-term debt 39,189 39,819 — 39,819 — December 31, 2014 Fair Value Measurements Using: Carrying Total Level 1 Level 2 Level 3 (dollars in thousands) Financial assets Cash and due from banks $ 72,276 $ 72,276 $ 72,276 $ — $ — Interest-bearing deposits 2,262 2,262 2,262 — — Securities available for sale 1,309,819 1,309,819 — 1,279,400 30,419 Other investments 44,545 44,545 — 44,545 — Loans held for sale 2,502 2,502 — 2,502 — Loans 4,457,308 4,439,766 — 34,864 4,404,902 Financial liabilities Deposits 4,315,511 4,319,997 — 4,319,997 — Short-term borrowings 1,105,876 1,105,867 — 1,105,867 — Subordinated debt 72,167 62,815 — — 62,815 Long-term debt 89,459 90,319 — 90,319 — |
Derivatives
Derivatives | 6 Months Ended |
Jun. 30, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives | Derivatives Derivatives Not Designated as Hedging Instruments First Commonwealth is a party to interest rate derivatives that are not designated as hedging instruments. 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 fifteen 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 three 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 that provides 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. Derivatives Designated as Hedging Instruments The Company has entered into four interest rate swap contracts that were designated as cash flow hedges. The interest rate swaps have a total notional amount of $200.0 million , $85.0 million with an original maturity of three years and $115.0 million with and original maturity of four years. The Company's risk management objective for these hedges is to reduce its exposure to variability in expected future cash flows related to interest payments on commercial loans benchmarked to the 1-month LIBOR rate. Therefore, the interest rate swaps convert the interest payments on the first $200.0 million of 1-month LIBOR based commercial loans into fixed rate payments. The periodic net settlement of interest rate swaps is recorded as an adjustment to Interest and fees on loans in the Condensed Consolidated Statements of Income. For the six months ended June 30, 2015 , there was a $0.9 million impact on interest income as a result of these interest rate swaps. Changes in the fair value of the effective portion of cash flow hedges are reported in OCI. When the cash flows associated with the hedged item are realized, the gain or loss included in OCI is recognized in "Interest and fees on loans," the same line item in the Condensed Consolidated Statements of Income as the income on the hedged items. The cash flow hedges were highly effective at June 30, 2015 , and December 31, 2014 , and changes in the fair value attributed to hedge ineffectiveness were not material. 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: June 30, 2015 December 31, 2014 (dollars in thousands) Derivatives not Designated as Hedging Instruments Credit value adjustment $ 95 $ (268 ) Notional Amount: Interest rate derivatives 264,342 273,388 Interest rate caps 6,094 6,656 Risk participation agreements 123,990 113,624 Sold credit protection on risk participation agreements (17,731 ) (17,296 ) Derivatives Designated as Hedging Instruments Fair value adjustment 1,140 472 Notional Amount - Interest rate derivatives 200,000 100,000 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 June 30, For the Six Months Ended June 30, 2015 2014 2015 2014 (dollars in thousands) Non-hedging interest rate derivatives Increase in other income $ 593 $ 342 $ 363 $ 284 Hedging interest rate derivatives Increase in interest and fees on loans 557 — 938 — Increase in other expense 12 — 21 — |
Goodwill
Goodwill | 6 Months Ended |
Jun. 30, 2015 | |
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 that 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. We consider First Commonwealth to be one reporting unit. The carrying amount of goodwill as of June 30, 2015 and December 31, 2014 was $161.4 million . No impairment charges on goodwill or other intangible assets were incurred in 2015 or 2014 . 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. As of June 30, 2015 , goodwill was not considered impaired; however, changing economic conditions that may adversely affect our performance, the fair value of our assets and liabilities, or our 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) | 6 Months Ended |
Jun. 30, 2015 | |
Accounting Changes and Error Corrections [Abstract] | |
New Accounting Pronouncements | New Accounting Pronouncements In January 2015, the FASB issued ASU No. 2015-01, "Income Statement - Extraordinary and Unusual Items (Subtopic 225-20)," which finalizes Proposed ASU No. 2014-220, and eliminates the concept of extraordinary items from U.S. GAAP. Accordingly, this ASU eliminates FASB ASC Subtopic 225-20, "Income Statement - Extraordinary and Unusual Items", which, until now, required that an entity separately classify, present, and disclose extraordinary events and transactions. This ASU is effective for fiscal years, and interim periods within those fiscal years, 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. |
Supplemental Comprehensive In22
Supplemental Comprehensive Income Disclosures (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Supplemental Comprehensive Income Disclosures [Abstract] | |
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 and reclassification adjustments related to losses on derivatives are included in the "Other operating expenses" line in the Condensed Consolidated Statements of Income. For the Six Months Ended June 30, 2015 2014 Pretax Amount Tax (Expense) Benefit Net of Tax Amount Pretax Amount Tax (Expense) Benefit Net of Tax Amount (dollars in thousands) Unrealized gains on securities: Unrealized holding gains on securities arising during the period $ 6,166 $ (2,156 ) $ 4,010 $ 22,407 $ (7,840 ) $ 14,567 Reclassification adjustment for gains on securities included in net income (125 ) 44 (81 ) (2 ) 1 (1 ) Total unrealized gains on securities 6,041 (2,112 ) 3,929 22,405 (7,839 ) 14,566 Unrealized gains on derivatives: Unrealized holding gains on derivatives arising during the period 668 (234 ) 434 — — — Reclassification adjustment for gains on derivatives included in net income (6 ) 2 (4 ) — — — Total unrealized losses on derivatives 662 (232 ) 430 — — — Total other comprehensive income $ 6,703 $ (2,344 ) $ 4,359 $ 22,405 $ (7,839 ) $ 14,566 For the Three Months Ended June 30, 2015 2014 Pretax Amount Tax (Expense) Benefit Net of Tax Amount Pretax Amount Tax (Expense) Benefit Net of Tax Amount (dollars in thousands) Unrealized (losses) gains on securities: Unrealized holding (losses) gains on securities arising during the period $ (3,814 ) $ 1,335 $ (2,479 ) $ 9,950 $ (3,479 ) $ 6,471 Reclassification adjustment for gains on securities included in net income (20 ) 7 (13 ) (2 ) 1 (1 ) Total unrealized (losses) gains on securities (3,834 ) 1,342 (2,492 ) 9,948 (3,478 ) 6,470 Unrealized losses on derivatives: Unrealized holding losses on derivatives arising during the period (527 ) 184 (343 ) — — — Reclassification adjustment for gains on derivatives included in net income (11 ) 4 (7 ) — — — Total unrealized losses on derivatives (538 ) 188 (350 ) — — — Total other comprehensive (loss) income $ (4,372 ) $ 1,530 $ (2,842 ) $ 9,948 $ (3,478 ) $ 6,470 |
Schedule of Accumulated Other Comprehensive Income (Loss) | The following table details the change in components of OCI for the six months ended June 30 : 2015 2014 Securities Available for Sale Post-Retirement Obligation Derivatives Accumulated Other Comprehensive Income Securities Available for Sale Post-Retirement Obligation Derivatives Accumulated Other Comprehensive Income (dollars in thousands) Balance at December 31 $ (4,875 ) $ 76 $ 300 $ (4,499 ) $ (20,868 ) $ 280 $ — $ (20,588 ) Other comprehensive income before reclassification adjustment 4,010 — 434 4,444 14,567 — — 14,567 Amounts reclassified from accumulated other comprehensive (loss) income (81 ) — (4 ) (85 ) (1 ) — — (1 ) Net other comprehensive income during the period 3,929 — 430 4,359 14,566 — — 14,566 Balance at June 30 $ (946 ) $ 76 $ 730 $ (140 ) $ (6,302 ) $ 280 $ — $ (6,022 ) |
Supplemental Cash Flow Disclo23
Supplemental Cash Flow Disclosures (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
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 six months ended June 30 : 2015 2014 (dollars in thousands) Cash paid during the period for: Interest $ 7,893 $ 10,024 Income taxes 4,000 3,700 Non-cash investing and financing activities: Loans transferred to other real estate owned and repossessed assets 2,315 2,726 Loans transferred from held to maturity to held for sale 3,071 3,035 Gross increase in market value adjustment to securities available for sale 6,036 22,397 Gross increase in market value adjustment to derivatives 662 — Investments committed to purchase, not settled 1,817 2,732 Unsettled treasury stock repurchases — 38 Proceeds from death benefit on bank-owned life insurance not received — 1,062 |
Earnings per Share (Tables)
Earnings per Share (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
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 June 30, For the Six Months Ended June 30, 2015 2014 2015 2014 Weighted average common shares issued 105,563,455 105,563,455 105,563,455 105,563,455 Average treasury stock shares (16,445,760 ) (11,584,636 ) (15,480,232 ) (11,232,622 ) Average unearned nonvested shares (195,303 ) (184,230 ) (189,561 ) (163,897 ) Weighted average common shares and common stock equivalents used to calculate basic earnings per share 88,922,392 93,794,589 89,893,662 94,166,936 Additional common stock equivalents (nonvested stock) used to calculate diluted earnings per share 16,611 16,954 9,888 10,895 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 88,939,003 93,811,543 89,903,550 94,177,831 |
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 six months ended June 30 because to do so would have been antidilutive. 2015 2014 Price Range Price Range Shares From To Shares From To Stock Options — $ — $ — 15,000 $ 14.55 $ 14.55 Restricted Stock 146,933 5.26 9.26 93,268 5.96 9.18 |
Commitments and Contingent Li25
Commitments and Contingent Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Notional Amount of Outstanding Commitments | The following table identifies the notional amount of those instruments at: June 30, 2015 December 31, 2014 (dollars in thousands) Financial instruments whose contract amounts represent credit risk: Commitments to extend credit $ 1,610,767 $ 1,635,948 Financial standby letters of credit 26,287 36,075 Performance standby letters of credit 25,878 25,915 Commercial letters of credit 2,146 2,611 |
Investment Securities (Tables)
Investment Securities (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Schedule of Held-to-maturity Securities [Line Items] | |
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: June 30, 2015 December 31, 2014 Amortized Gross Gross Estimated Amortized Gross Gross Estimated (dollars in thousands) Obligations of U.S. Government Agencies: Mortgage-Backed Securities – Residential $ 21,846 $ 2,516 $ (24 ) $ 24,338 $ 23,344 $ 2,595 $ (3 ) $ 25,936 Obligations of U.S. Government-Sponsored Enterprises: Mortgage-Backed Securities – Residential 860,816 10,799 (8,715 ) 862,900 947,635 13,076 (9,830 ) 950,881 Mortgage-Backed Securities – Commercial 58 1 — 59 72 2 — 74 Other Government-Sponsored Enterprises 135,852 5 (228 ) 135,629 269,181 4 (1,308 ) 267,877 Obligations of States and Political Subdivisions 27,062 176 (173 ) 27,065 27,058 362 (43 ) 27,377 Corporate Securities 1,892 401 — 2,293 6,682 573 — 7,255 Pooled Trust Preferred Collateralized Debt Obligations 41,745 1,055 (7,279 ) 35,521 41,926 309 (13,236 ) 28,999 Total Debt Securities 1,089,271 14,953 (16,419 ) 1,087,805 1,315,898 16,921 (24,420 ) 1,308,399 Equities 1,920 — — 1,920 1,420 — — 1,420 Total Securities Available for Sale $ 1,091,191 $ 14,953 $ (16,419 ) $ 1,089,725 $ 1,317,318 $ 16,921 $ (24,420 ) $ 1,309,819 |
Amortized Cost and Estimated Fair Value of Debt Securities Available for Sale | The amortized cost and estimated fair value of debt securities available for sale at June 30, 2015 , by contractual maturity, are shown below. Amortized Estimated (dollars in thousands) Due within 1 year $ 3,000 $ 2,999 Due after 1 but within 5 years 132,852 132,629 Due after 5 but within 10 years 25,655 25,676 Due after 10 years 45,044 39,204 206,551 200,508 Mortgage-Backed Securities (a) 882,720 887,297 Total Debt Securities $ 1,089,271 $ 1,087,805 (a) Mortgage Backed Securities include an amortized cost of $21.8 million and a fair value of $24.3 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 six months ended June 30 : 2015 2014 (dollars in thousands) Proceeds from sales $ — $ — Gross gains (losses) realized: Sales Transactions: Gross gains $ 105 $ — Gross losses — — 105 — Maturities and impairment Gross gains 20 2 Gross losses — — Other-than-temporary impairment — — 20 2 Net gains and impairment $ 125 $ 2 |
Investment Securities Maturity
Investment Securities Maturity of Held-to-Maturity Securities (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Schedule of Held-to-maturity Securities [Line Items] | |
Held-to-maturity Securities [Table Text Block] | Below is an analysis of the amortized cost and fair values of debt securities held to maturity at June 30, 2015 . There were no held to maturity securities at December 31, 2014 . June 30, 2015 Amortized Gross Gross Estimated (dollars in thousands) Obligations of U.S. Government-Sponsored Enterprises: Mortgage-Backed Securities – Residential $ 118,762 $ — $ (1,117 ) $ 117,645 Obligations of States and Political Subdivisions 13,018 5 (214 ) 12,809 Total Securities Held to Maturity $ 131,780 $ 5 $ (1,331 ) $ 130,454 |
Schedule of Held-to-Maturity Securities by Maturity [Table Text Block] | The amortized cost and estimated fair value of debt securities held to maturity at June 30, 2015 , by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or repay obligations with or without call or prepayment penalties. Amortized Estimated (dollars in thousands) Due within 1 year $ — $ — Due after 1 but within 5 years — — Due after 5 but within 10 years 8,061 7,964 Due after 10 years 4,957 4,845 13,018 12,809 Mortgage-Backed Securities (a) 118,762 117,645 Total Debt Securities $ 131,780 $ 130,454 (a) Mortgage Backed Securities include an amortized cost of $118.8 million and a fair value of $117.6 million for Obligations of U.S. Government-sponsored enterprises issued by Fannie Mae and Freddie Mac. |
Impairment of Investment Secu28
Impairment of Investment Securities (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
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 June 30, 2015 for both available for sale and held to maturity securities 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 (dollars in thousands) Obligations of U.S. Government Agencies: Mortgage-Backed Securities – Residential $ 2,243 $ (24 ) $ — $ — $ 2,243 $ (24 ) Obligations of U.S. Government-Sponsored Enterprises: Mortgage-Backed Securities – Residential 225,033 (2,057 ) 287,128 (7,775 ) 512,161 (9,832 ) Other Government-Sponsored Enterprises 6,793 (7 ) 119,429 (221 ) 126,222 (228 ) Obligations of States and Political Subdivisions 21,116 (387 ) — — 21,116 (387 ) Pooled Trust Preferred Collateralized Debt Obligations — — 29,859 (7,279 ) 29,859 (7,279 ) Total Securities $ 255,185 $ (2,475 ) $ 436,416 $ (15,275 ) $ 691,601 $ (17,750 ) The following table presents the gross unrealized losses and estimated fair values at December 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 (dollars in thousands) Obligations of U.S. Government Agencies: Mortgage-Backed Securities – Residential $ 2,318 $ (3 ) $ — $ — $ 2,318 $ (3 ) Obligations of U.S. Government-Sponsored Enterprises: Mortgage-Backed Securities – Residential 111,646 (419 ) 368,706 (9,411 ) 480,352 (9,830 ) Other Government-Sponsored Enterprises 112,473 (229 ) 130,401 (1,079 ) 242,874 (1,308 ) Obligation of States and Political Subdivisions 3,146 (43 ) — — 3,146 (43 ) Pooled Trust Preferred Collateralized Debt Obligations — — 24,356 (13,236 ) 24,356 (13,236 ) Total Securities $ 229,583 $ (694 ) $ 523,463 $ (23,726 ) $ 753,046 $ (24,420 ) |
Pooled Trust Preferred Collateralized Debt Obligations | The following table provides information related to our pooled trust preferred collateralized debt obligations as of June 30, 2015 : Deal Class Book Estimated Fair Unrealized Moody’s/ Number Deferrals Excess (dollars in thousands) Pre TSL IV Mezzanine $ 1,830 $ 1,331 $ (499 ) B1/BB 6 18.05 % 57.14 % Pre TSL VII Mezzanine 2,847 3,478 631 Ca/- 14 49.68 — Pre TSL VIII Mezzanine 1,982 1,791 (191 ) C/C 29 58.01 — Pre TSL IX Mezzanine 2,358 1,906 (452 ) B1/C 38 28.14 10.73 Pre TSL X Mezzanine 1,553 1,889 336 Caa1/C 43 31.60 — Pre TSL XII Mezzanine 5,599 4,502 (1,097 ) B3/C 66 23.76 — Pre TSL XIII Mezzanine 12,585 10,638 (1,947 ) B3/C 56 25.64 37.87 Pre TSL XIV Mezzanine 12,784 9,691 (3,093 ) Caa1/CC 56 23.17 47.33 MMCap I Mezzanine 207 295 88 Ca/C 8 58.11 84.18 Total $ 41,745 $ 35,521 $ (6,224 ) |
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 June 30, For the Six Months Ended June 30, 2015 2014 2015 2014 (dollars in thousands) Balance, beginning (a) $ 25,707 $ 27,254 $ 26,246 $ 27,543 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) (341 ) (412 ) (662 ) (701 ) Reduction for debt securities called during the period — — (218 ) — Balance, ending $ 25,366 $ 26,842 $ 25,366 $ 26,842 (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 Credi29
Loans and Allowance for Credit Losses (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Loans and Leases Receivable Disclosure [Abstract] | |
Outstanding Balances of Loan | The following table provides outstanding balances related to each of our loan types: June 30, 2015 December 31, 2014 (dollars in thousands) Commercial, financial, agricultural and other $ 1,098,019 $ 1,052,109 Real estate construction 125,010 120,785 Residential real estate 1,204,499 1,226,344 Commercial real estate 1,416,841 1,405,256 Loans to individuals 646,485 652,814 Total loans and leases net of unearned income $ 4,490,854 $ 4,457,308 |
Credit Risk Profile by Creditworthiness | The following tables represent our credit risk profile by creditworthiness: June 30, 2015 Commercial, financial, agricultural and other Real estate construction Residential real estate Commercial real estate Loans to individuals Total (dollars in thousands) Pass $ 1,034,313 $ 124,518 $ 1,192,296 $ 1,372,966 $ 646,255 $ 4,370,348 Non-Pass OAEM 7,902 458 2,228 29,994 — 40,582 Substandard 55,804 34 9,975 13,881 230 79,924 Doubtful — — — — — — Total Non-Pass 63,706 492 12,203 43,875 230 120,506 Total $ 1,098,019 $ 125,010 $ 1,204,499 $ 1,416,841 $ 646,485 $ 4,490,854 December 31, 2014 Commercial, financial, agricultural and other Real estate construction Residential real estate Commercial real estate Loans to individuals Total (dollars in thousands) Pass $ 983,357 $ 112,536 $ 1,214,920 $ 1,353,773 $ 652,596 $ 4,317,182 Non-Pass OAEM 32,563 8,013 2,315 29,479 — 72,370 Substandard 32,028 236 9,109 22,004 218 63,595 Doubtful 4,161 — — — — 4,161 Total Non-Pass 68,752 8,249 11,424 51,483 218 140,126 Total $ 1,052,109 $ 120,785 $ 1,226,344 $ 1,405,256 $ 652,814 $ 4,457,308 |
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 June 30, 2015 and December 31, 2014 . 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. June 30, 2015 30 - 59 60 - 89 90 days Nonaccrual Total past Current Total (dollars in thousands) Commercial, financial, agricultural and other $ 636 $ 73 $ 33 $ 15,587 $ 16,329 $ 1,081,690 $ 1,098,019 Real estate construction — — — 34 34 124,976 125,010 Residential real estate 3,013 677 686 8,199 12,575 1,191,924 1,204,499 Commercial real estate 137 739 — 6,345 7,221 1,409,620 1,416,841 Loans to individuals 2,707 625 873 230 4,435 642,050 646,485 Total $ 6,493 $ 2,114 $ 1,592 $ 30,395 $ 40,594 $ 4,450,260 $ 4,490,854 December 31, 2014 30 - 59 60 - 89 90 days Nonaccrual Total past Current Total (dollars in thousands) Commercial, financial, agricultural and other $ 2,816 $ 213 $ 264 $ 27,007 $ 30,300 $ 1,021,809 $ 1,052,109 Real estate construction — 1 — 236 237 120,548 120,785 Residential real estate 5,162 1,295 1,077 7,900 15,434 1,210,910 1,226,344 Commercial real estate 1,797 122 — 7,306 9,225 1,396,031 1,405,256 Loans to individuals 3,698 1,059 1,278 218 6,253 646,561 652,814 Total $ 13,473 $ 2,690 $ 2,619 $ 42,667 $ 61,449 $ 4,395,859 $ 4,457,308 |
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 June 30, 2015 and December 31, 2014 . 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 their period-end allowance position. June 30, 2015 December 31, 2014 Recorded Unpaid Related Recorded Unpaid Related (dollars in thousands) With no related allowance recorded: Commercial, financial, agricultural and other $ 16,809 $ 24,267 $ 9,439 $ 10,937 Real estate construction 34 120 236 476 Residential real estate 11,277 12,861 10,773 12,470 Commercial real estate 8,534 9,402 8,768 10,178 Loans to individuals 302 360 288 337 Subtotal 36,956 47,010 29,504 34,398 With an allowance recorded: Commercial, financial, agricultural and other 5,195 5,555 1,596 24,826 25,583 9,304 Real estate construction — — — — — — Residential real estate 328 500 35 367 380 56 Commercial real estate 192 192 44 554 554 101 Loans to individuals — — — — — — Subtotal 5,715 6,247 1,675 25,747 26,517 9,461 Total $ 42,671 $ 53,257 $ 1,675 $ 55,251 $ 60,915 $ 9,461 For the Six Months Ended June 30, 2015 2014 Average Interest Average Interest (dollars in thousands) With no related allowance recorded: Commercial, financial, agricultural and other $ 21,691 $ 120 $ 13,841 $ 32 Real estate construction 137 — 2,112 18 Residential real estate 11,025 86 10,602 124 Commercial real estate 8,760 43 8,494 55 Loans to individuals 312 2 290 2 Subtotal 41,925 251 35,339 231 With an allowance recorded: Commercial, financial, agricultural and other 5,337 72 14,333 76 Real estate construction — — — — Residential real estate 319 1,738 15 Commercial real estate 194 3 670 2 Loans to individuals — — — — Subtotal 5,850 75 16,741 93 Total $ 47,775 $ 326 $ 52,080 $ 324 For the Three Months Ended June 30, 2015 2014 Average Interest Average Interest (dollars in thousands) With no related allowance recorded: Commercial, financial, agricultural and other $ 18,526 $ 65 $ 12,658 $ 14 Real estate construction 36 — 1,148 6 Residential real estate 11,302 45 9,858 75 Commercial real estate 8,682 24 7,388 22 Loans to individuals 316 1 310 1 Subtotal 38,862 135 31,362 118 With an allowance recorded: Commercial, financial, agricultural and other 5,237 42 15,086 32 Real estate construction — — — — Residential real estate 329 — 1,836 7 Commercial real estate 193 1 1,136 1 Loans to individuals — — — — Subtotal 5,759 43 18,058 40 Total $ 44,621 $ 178 $ 49,420 $ 158 |
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: June 30, 2015 December 31, 2014 (dollars in thousands) Troubled debt restructured loans Accrual status $ 12,276 $ 12,584 Nonaccrual status 8,619 16,952 Total $ 20,895 $ 29,536 Commitments Unused lines of credit $ 2,540 $ 4,120 |
Troubled Debt Restructurings is 90 days or more past due | For the Three Months Ended June 30, 2015 Type of Modification Number Extend Modify Modify Total Post- Specific (dollars in thousands) Commercial, financial, agricultural and other 2 $ 252 $ — $ 109 $ 361 $ 317 $ 53 Residential real estate 11 $ — $ 45 $ 485 $ 530 $ 525 $ 7 Loans to individuals 5 — 61 — 61 56 — Total 18 $ 252 $ 106 $ 594 $ 952 $ 898 $ 60 For the Three Months Ended, June 30, 2014 Type of Modification Number Extend Modify Modify Total Post- Specific (dollars in thousands) Commercial, financial, agricultural and other 1 $ 1,420 $ — $ — $ 1,420 $ 1,433 $ — Residential real estate 8 — 120 126 246 243 2 Loans to individuals 4 — 42 7 49 42 — Total 13 $ 1,420 $ 162 $ 133 $ 1,715 $ 1,718 $ 2 The following tables provide detail, including specific reserves and reasons for modification, related to loans identified as troubled debt restructurings: For the Six Months Ended June 30, 2015 Type of Modification Number Extend Modify Modify Total Post- Specific (dollars in thousands) Commercial, financial, agricultural and other 3 $ 1,751 $ — $ 109 $ 1,860 $ 1,812 $ 53 Residential real estate 16 — 296 503 799 723 7 Commercial real estate 1 — — 463 463 428 — Loans to individuals 6 — 61 18 79 66 — Total 26 $ 1,751 $ 357 $ 1,093 $ 3,201 $ 3,029 $ 60 For the Six Months Ended June 30, 2014 Type of Modification Number Extend Modify Modify Total Post- Specific (dollars in thousands) Commercial, financial, agricultural and other 2 $ 1,480 $ — $ — $ 1,480 $ 1,463 $ 20 Residential real estate 21 — 291 644 935 895 48 Commercial real estate 1 — — 12 12 7 — Loans to individuals 10 — 73 27 100 85 — Total 34 $ 1,480 $ 364 $ 683 $ 2,527 $ 2,450 $ 68 |
Troubled Debt Restructuring Identified During Period | 2015 2014 Number of Recorded Number of Recorded (dollars in thousands) Residential real estate 2 $ 56 2 $ 51 Total 2 $ 56 2 $ 51 The following table provides information related to restructured loans that were considered to be in default during the three months ended June 30 : 2015 2014 Number of Recorded Number of Recorded (dollars in thousands) Residential real estate 2 $ 56 1 $ 6 Total 2 $ 56 1 $ 6 |
Allowance for Credit Losses | The following tables provide detail related to the allowance for credit losses: For the Six Months Ended June 30, 2015 Commercial, Real estate Residential Commercial Loans to Total (dollars in thousands) Allowance for credit losses: Beginning Balance $ 29,627 $ 2,063 $ 3,664 $ 11,881 $ 4,816 $ 52,051 Charge-offs (7,940 ) — (1,050 ) (688 ) (2,383 ) (12,061 ) Recoveries 358 84 239 153 323 1,157 Provision (credit) 1,710 (629 ) 70 881 2,165 4,197 Ending Balance $ 23,755 $ 1,518 $ 2,923 $ 12,227 $ 4,921 $ 45,344 Ending balance: individually evaluated for impairment $ 1,596 $ — $ 35 $ 44 $ — $ 1,675 Ending balance: collectively evaluated for impairment 22,159 1,518 2,888 12,183 4,921 43,669 Loans: Ending balance 1,098,019 125,010 1,204,499 1,416,841 646,485 4,490,854 Ending balance: individually evaluated for impairment 21,419 — 7,700 7,625 — 36,744 Ending balance: collectively evaluated for impairment 1,076,600 125,010 1,196,799 1,409,216 646,485 4,454,110 For the Six Months Ended June 30, 2014 Commercial, Real estate Residential Commercial Loans to Total (dollars in thousands) Allowance for credit losses: Beginning Balance $ 22,663 $ 6,600 $ 7,727 $ 11,778 $ 5,457 $ 54,225 Charge-offs (7,859 ) (296 ) (1,735 ) (297 ) (1,562 ) (11,749 ) Recoveries 421 337 323 255 365 1,701 Provision (credit) 6,731 (742 ) (190 ) (75 ) 824 6,548 Ending Balance $ 21,956 $ 5,899 $ 6,125 $ 11,661 $ 5,084 $ 50,725 Ending balance: individually evaluated for impairment $ 4,995 $ — $ 546 $ 531 $ — $ 6,072 Ending balance: collectively evaluated for impairment 16,961 5,899 5,579 11,130 5,084 44,653 Loans: Ending balance 1,062,001 100,709 1,238,791 1,306,752 625,961 4,334,214 Ending balance: individually evaluated for impairment 24,573 486 7,624 6,965 — 39,648 Ending balance: collectively evaluated for impairment 1,037,428 100,223 1,231,167 1,299,787 625,961 4,294,566 For the Three Months Ended June 30, 2015 Commercial, Real estate Residential Commercial Loans to Total (dollars in thousands) Allowance for credit losses: Beginning Balance $ 24,406 $ 1,528 $ 3,387 $ 12,487 $ 4,889 $ 46,697 Charge-offs (2,860 ) — (484 ) (486 ) (1,122 ) (4,952 ) Recoveries 158 84 143 15 161 561 Provision (credit) 2,051 (94 ) (123 ) 211 993 3,038 Ending Balance $ 23,755 $ 1,518 $ 2,923 $ 12,227 $ 4,921 $ 45,344 For the Three Months Ended, June 30, 2014 Commercial, Real estate Residential Commercial Loans to Total (dollars in thousands) Allowance for credit losses: Beginning Balance $ 26,125 $ 6,214 $ 6,026 $ 11,119 $ 5,022 $ 54,506 Charge-offs (6,258 ) (296 ) (640 ) (157 ) (752 ) (8,103 ) Recoveries 336 168 79 235 187 1,005 Provision (credit) 1,753 (187 ) 660 464 627 3,317 Ending Balance $ 21,956 $ 5,899 $ 6,125 $ 11,661 $ 5,084 $ 50,725 |
Fair Values of Assets and Lia30
Fair Values of Assets and Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
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 / Pooled Trust Preferred Securities $ 35,521 Discounted Cash Flow Probability of default 0% - 100% (16.47%) Prepayment rates 0% - 73.65% (5.10%) Discount rates 5.25% - 12.00% (a) Equities 1,920 Par Value N/A N/A Impaired Loans 3,215 (b) Reserve study Discount rate 10.00% Gas per MCF $1.88 - $5.27 (c) Oil per BBL/d $55.00 - $90.00 (c) NGL per barrel $15.00 (c) 520 (b) Discounted Cash Flow Discount Rate 1.90% Other Real Estate Owned 18 Internal Valuation N/A N/A (a) incorporates spread over risk free rate related primarily to credit quality and illiquidity of securities. (b) 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. (c) 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: June 30, 2015 Level 1 Level 2 Level 3 Total (dollars in thousands) Obligations of U.S. Government Agencies: Mortgage-Backed Securities - Residential $ — $ 24,338 $ — $ 24,338 Obligations of U.S. Government-Sponsored Enterprises: Mortgage-Backed Securities - Residential — 862,900 — 862,900 Mortgage-Backed Securities - Commercial — 59 — 59 Other Government-Sponsored Enterprises — 135,629 — 135,629 Obligations of States and Political Subdivisions — 27,065 — 27,065 Corporate Securities — 2,293 — 2,293 Pooled Trust Preferred Collateralized Debt Obligations — — 35,521 35,521 Total Debt Securities — 1,052,284 35,521 1,087,805 Equities — — 1,920 1,920 Total Securities Available for Sale — 1,052,284 37,441 1,089,725 Other Investments — 53,347 — 53,347 Loans held for sale — 9,817 — 9,817 Other Assets(a) — 10,563 — 10,563 Total Assets $ — $ 1,126,011 $ 37,441 $ 1,163,452 Other Liabilities(a) $ — $ 9,405 $ — $ 9,405 Total Liabilities $ — $ 9,405 $ — $ 9,405 (a) Hedging and non-hedging interest rate derivatives December 31, 2014 Level 1 Level 2 Level 3 Total (dollars in thousands) Obligations of U.S. Government Agencies: Mortgage-Backed Securities - Residential $ — $ 25,936 $ — $ 25,936 Obligations of U.S. Government-Sponsored Enterprises: Mortgage-Backed Securities - Residential — 950,881 — 950,881 Mortgage-Backed Securities - Commercial — 74 — 74 Other Government-Sponsored Enterprises — 267,877 — 267,877 Obligations of States and Political Subdivisions — 27,377 — 27,377 Corporate Securities — 7,255 — 7,255 Pooled Trust Preferred Collateralized Debt Obligations — — 28,999 28,999 Total Debt Securities — 1,279,400 28,999 1,308,399 Equities — — 1,420 1,420 Total Securities Available for Sale — 1,279,400 30,419 1,309,819 Other Investments — 44,545 — 44,545 Loans Held for Sale — 2,502 — 2,502 Other Assets(a) — 11,186 — 11,186 Total Assets $ — $ 1,337,633 $ 30,419 $ 1,368,052 Other Liabilities(a) $ — $ 10,671 $ — $ 10,671 Total Liabilities $ — $ 10,671 $ — $ 10,671 (a) Hedging and non-hedging interest rate derivatives |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation | 2015 Pooled Trust Preferred Collateralized Debt Obligations Equities Total (dollars in thousands) Balance, beginning of period $ 31,134 $ 1,920 $ 33,054 Total gains or losses Included in earnings — — — Included in other comprehensive income 4,851 — 4,851 Purchases, issuances, sales, and settlements Purchases — — — Issuances — — — Sales — — — Settlements (464 ) — (464 ) Transfers into Level 3 — — — Balance, end of period $ 35,521 $ 1,920 $ 37,441 2014 Pooled Trust Preferred Collateralized Debt Obligations Equities Loans Held for Sale Total (dollars in thousands) Balance, beginning of period $ 27,876 $ 1,420 $ — 29,296 Total gains or losses Included in earnings — — 77 77 Included in other comprehensive income 1,053 — — 1,053 Purchases, issuances, sales, and settlements Purchases — — — — Issuances — — — — Sales — — (2,396 ) (2,396 ) Settlements (775 ) — — (775 ) Transfers into Level 3 — — 2,319 2,319 Balance, end of period $ 28,154 $ 1,420 $ — $ 29,574 For the six months ended June 30 , changes in Level 3 assets and liabilities measured at fair value on a recurring basis are summarized as follows: 2015 Pooled Trust Preferred Collateralized Debt Obligations Equities Total (dollars in thousands) Balance, beginning of period $ 28,999 $ 1,420 $ 30,419 Total gains or losses Included in earnings 105 — 105 Included in other comprehensive income 7,471 — 7,471 Purchases, issuances, sales, and settlements Purchases — 500 500 Issuances — — — Sales — — — Settlements (1,054 ) — (1,054 ) Transfers into Level 3 — — — Balance, end of period $ 35,521 $ 1,920 $ 37,441 2014 Pooled Trust Preferred Collateralized Debt Obligations Equities Loans Held for Sale Total (dollars in thousands) Balance, beginning of period $ 23,523 $ 1,420 $ — $ 24,943 Total gains or losses Included in earnings — — 77 77 Included in other comprehensive income 5,796 — — 5,796 Purchases, issuances, sales, and settlements Purchases — — — — Issuances — — — — Sales — — (3,112 ) (3,112 ) Settlements (1,165 ) — — (1,165 ) Transfers into Level 3 — — 3,035 3,035 Balance, end of period $ 28,154 $ 1,420 $ — $ 29,574 |
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: June 30, 2015 Level 1 Level 2 Level 3 Total (dollars in thousands) Impaired loans $ — $ 31,035 $ 9,961 $ 40,996 Other real estate owned — 8,636 18 8,654 Total Assets $ — $ 39,671 $ 9,979 $ 49,650 December 31, 2014 Level 1 Level 2 Level 3 Total (dollars in thousands) Impaired loans $ — $ 34,864 $ 10,926 $ 45,790 Other real estate owned — 7,828 153 7,981 Total Assets $ — $ 42,692 $ 11,079 $ 53,771 |
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 June 30, For the Six Months Ended June 30, 2015 2014 2015 2014 (dollars in thousands) Impaired loans $ (382 ) $ (3,020 ) $ (843 ) $ (2,739 ) Other real estate owned (1,126 ) (728 ) (1,154 ) (1,078 ) Total losses $ (1,508 ) $ (3,748 ) $ (1,997 ) $ (3,817 ) |
Carrying Amounts and Fair Values of Financial Instruments | The following table presents carrying amounts and fair values of First Commonwealth’s financial instruments: June 30, 2015 Fair Value Measurements Using: Carrying Total Level 1 Level 2 Level 3 (dollars in thousands) Financial assets Cash and due from banks $ 64,321 $ 64,321 $ 64,321 $ — $ — Interest-bearing deposits 3,120 3,120 3,120 — — Securities available for sale 1,089,725 1,089,725 — 1,052,284 37,441 Securities held to maturity 131,780 130,454 — 130,454 — Other investments 53,347 53,347 — 53,347 — Loans held for sale 9,817 9,817 — 9,817 — Loans 4,490,854 4,509,268 — 31,035 4,478,233 Financial liabilities Deposits 4,210,107 4,213,317 — 4,213,317 — Short-term borrowings 1,231,917 1,231,945 — 1,231,945 — Subordinated debt 72,167 63,303 — — 63,303 Long-term debt 39,189 39,819 — 39,819 — December 31, 2014 Fair Value Measurements Using: Carrying Total Level 1 Level 2 Level 3 (dollars in thousands) Financial assets Cash and due from banks $ 72,276 $ 72,276 $ 72,276 $ — $ — Interest-bearing deposits 2,262 2,262 2,262 — — Securities available for sale 1,309,819 1,309,819 — 1,279,400 30,419 Other investments 44,545 44,545 — 44,545 — Loans held for sale 2,502 2,502 — 2,502 — Loans 4,457,308 4,439,766 — 34,864 4,404,902 Financial liabilities Deposits 4,315,511 4,319,997 — 4,319,997 — Short-term borrowings 1,105,876 1,105,867 — 1,105,867 — Subordinated debt 72,167 62,815 — — 62,815 Long-term debt 89,459 90,319 — 90,319 — |
Derivatives (Tables)
Derivatives (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
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: June 30, 2015 December 31, 2014 (dollars in thousands) Derivatives not Designated as Hedging Instruments Credit value adjustment $ 95 $ (268 ) Notional Amount: Interest rate derivatives 264,342 273,388 Interest rate caps 6,094 6,656 Risk participation agreements 123,990 113,624 Sold credit protection on risk participation agreements (17,731 ) (17,296 ) Derivatives Designated as Hedging Instruments Fair value adjustment 1,140 472 Notional Amount - Interest rate derivatives 200,000 100,000 |
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 June 30, For the Six Months Ended June 30, 2015 2014 2015 2014 (dollars in thousands) Non-hedging interest rate derivatives Increase in other income $ 593 $ 342 $ 363 $ 284 Hedging interest rate derivatives Increase in interest and fees on loans 557 — 938 — Increase in other expense 12 — 21 — |
Supplemental Comprehensive In32
Supplemental Comprehensive Income Disclosures (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Supplemental Comprehensive Income Disclosures [Abstract] | ||||
Unrealized holding (losses) gains on securities arising during the period | $ (3,814) | $ 9,950 | $ 6,166 | $ 22,407 |
Reclassification adjustment for gains on securities included in net income | (20) | (2) | (125) | (2) |
Total unrealized (losses) gains on securities | (3,834) | 9,948 | 6,041 | 22,405 |
Unrealized holding (losses) gains on derivatives arising during the period | (527) | 0 | 668 | 0 |
Unrealized holding (losses) gains on securities arising during the period | 1,335 | (3,479) | (2,156) | (7,840) |
Reclassification adjustment for gains on derivatives included in net income, before Tax | (11) | 0 | (6) | 0 |
Total unrealized gain on derivatives | (538) | 0 | 662 | 0 |
Reclassification adjustment for gains on securities included in net income | 7 | 1 | 44 | 1 |
Total other comprehensive (loss) income | (4,372) | 9,948 | 6,703 | 22,405 |
Other Comprehensive Income (Loss), Available-for-sale Securities, Tax | 1,342 | (3,478) | (2,112) | (7,839) |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Tax | 184 | 0 | (234) | 0 |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Tax | 4 | 0 | 2 | 0 |
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Tax, Total | 188 | 0 | (232) | 0 |
Other Comprehensive Income (Loss), Tax | 1,530 | (3,478) | (2,344) | (7,839) |
Other comprehensive income (loss) before reclassification adjustment | (2,479) | 6,471 | 4,010 | 14,567 |
Total unrealized (losses) gains on securities | (2,492) | 6,470 | 3,929 | 14,566 |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax | (343) | 0 | 434 | 0 |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Net of Tax | 7 | 0 | 4 | 0 |
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax, Total | (350) | 0 | 430 | 0 |
Total other comprehensive (loss) income | (2,842) | 6,470 | 4,359 | 14,566 |
Reclassification adjustment for gains on securities included in net income | $ 13 | $ 1 | $ 81 | $ 1 |
Supplemental Comprehensive In33
Supplemental Comprehensive Income Disclosures (Details 2) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated Other Comprehensive Income (Loss), Beginning Balance | $ (4,499) | $ (20,588) | ||
Other comprehensive income (loss) before reclassification adjustment | $ (2,479) | $ 6,471 | 4,010 | 14,567 |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax | (343) | 0 | 434 | 0 |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 4,444 | 14,567 | ||
Amounts reclassified from accumulated other comprehensive income (loss) | (85) | (1) | ||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Net of Tax | 7 | 0 | 4 | 0 |
Total other comprehensive (loss) income | (2,842) | 6,470 | 4,359 | 14,566 |
Accumulated Other Comprehensive Income (Loss), Ending Balance | (140) | (6,022) | (140) | (6,022) |
Accumulated Net Unrealized Investment Gain (Loss) [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated Other Comprehensive Income (Loss), Beginning Balance | (4,875) | (20,868) | ||
Other comprehensive income (loss) before reclassification adjustment | 4,010 | 14,567 | ||
Amounts reclassified from accumulated other comprehensive income (loss) | (81) | (1) | ||
Total other comprehensive (loss) income | 3,929 | 14,566 | ||
Accumulated Other Comprehensive Income (Loss), Ending Balance | (946) | (6,302) | (946) | (6,302) |
Accumulated Defined Benefit Plans Adjustment [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated Other Comprehensive Income (Loss), Beginning Balance | 76 | 280 | ||
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 | 76 | 280 | 76 | 280 |
Derivative [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated Other Comprehensive Income (Loss), Beginning Balance | 300 | 0 | ||
Total other comprehensive (loss) income | 430 | 0 | ||
Accumulated Other Comprehensive Income (Loss), Ending Balance | $ 730 | $ 0 | 730 | 0 |
Accumulated Other Comprehensive Income (Loss) [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Total other comprehensive (loss) income | $ 4,359 | $ 14,566 |
Supplemental Cash Flow Disclo34
Supplemental Cash Flow Disclosures - Non-cash Investing and Financing Activities (Detail) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Cash paid during the period for: | ||
Interest | $ 7,893 | $ 10,024 |
Income Taxes Paid, Net | 4,000 | 3,700 |
Non-cash investing and financing activities: | ||
Loans Transferred to Other Real Estate Owned and Repossessions | 2,315 | 2,726 |
Fair value of loans transferred from held to maturity to held for sale | 3,071 | 3,035 |
Gross increase in market value adjustment to securities available for sale | 6,036 | 22,397 |
Gross increase in market value adjustment to derivatives | 662 | 0 |
Investments committed to purchase not settled | 1,817 | 2,732 |
Unsettled treasury stock repurchases | 0 | 38 |
Unsettled Bank Owned Life Insurance Proceeds | $ 0 | $ 1,062 |
Earnings per Share - Compositio
Earnings per Share - Composition of Weighted-Average Common Shares (Denominator) Used in Basic and Diluted Earnings Per Share (Detail) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Earnings Per Share [Abstract] | ||||
Weighted Average Number of Shares Issued, Basic | 105,563,455 | 105,563,455 | 105,563,455 | 105,563,455 |
Average treasury shares (in shares) | (16,445,760) | (11,584,636) | (15,480,232) | (11,232,622) |
Average unearned nonvested shares | (195,303) | (184,230) | (189,561) | (163,897) |
Weighted average common shares and common stock equivalents used to calculate basic earnings per share (in shares) | 88,922,392 | 93,794,589 | 89,893,662 | 94,166,936 |
Additional common stock equivalents (nonvested stock) used to calculate diluted earnings per share | 16,611 | 16,954 | 9,888 | 10,895 |
Incremental Common Shares Attributable to Call Options and Warrants | 0 | 0 | 0 | 0 |
Weighted average common shares and common stock equivalents used to calculate diluted earnings per share (in shares) | 88,939,003 | 93,811,543 | 89,903,550 | 94,177,831 |
Earnings per Share - Common Sto
Earnings per Share - Common Stock Equivalents Not Included in Computation of Diluted Earnings Per Share (Detail) - $ / shares | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
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) | 0 | 15,000 |
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) | 146,933 | 93,268 |
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 | $ 0 | $ 14.55 |
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 | 5.26 | 5.96 |
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 | 0 | 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 | $ 9.26 | $ 9.18 |
Commitments and Contingent Li37
Commitments and Contingent Liabilities - Notional Amount of Outstanding Commitments (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Commitments to extend credit [Member] | ||
Loss Contingencies [Line Items] | ||
Financial instrument of credit risk | $ 1,610,767 | $ 1,635,948 |
Financial standby letters of credit [Member] | ||
Loss Contingencies [Line Items] | ||
Financial instrument of credit risk | 26,287 | 36,075 |
Performance standby letters of credit [Member] | ||
Loss Contingencies [Line Items] | ||
Financial instrument of credit risk | 25,878 | 25,915 |
Commercial letters of credit [Member] | ||
Loss Contingencies [Line Items] | ||
Financial instrument of credit risk | $ 2,146 | $ 2,611 |
Commitments and Contingent Li38
Commitments and Contingent Liabilities - Additional Information (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Loss Contingencies [Line Items] | ||
Notional Amount Of Performance Standby Letters Of Credit | $ 1,800 | |
Notional Amount Of Commercial Letters Of Credit | 0 | |
Notional Amount Of Financial Standby Letters Of Credit | 7,763 | |
Financial instrument of credit risk | 200 | $ 200 |
Unfunded commitment liability | $ 3,800 | $ 3,100 |
Investment Securities - Analysi
Investment Securities - Analysis of Amortized Cost and Estimated Fair Values of Securities Available for Sale (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Investment Securities [Line Items] | ||
Amortized Cost | $ 1,091,191 | $ 1,317,318 |
Gross Unrealized Gains | 14,953 | 16,921 |
Gross Unrealized Losses | (16,419) | (24,420) |
Securities available for sale, at fair value | 1,089,725 | 1,309,819 |
US Government Agencies Residential Mortgage-backed Securities [Member] | ||
Investment Securities [Line Items] | ||
Amortized Cost | 21,846 | 23,344 |
Gross Unrealized Gains | 2,516 | 2,595 |
Gross Unrealized Losses | 24 | (3) |
Securities available for sale, at fair value | 24,338 | 25,936 |
Residential Mortgage Backed Securities [Member] | ||
Investment Securities [Line Items] | ||
Amortized Cost | 860,816 | 947,635 |
Gross Unrealized Gains | 10,799 | 13,076 |
Gross Unrealized Losses | 8,715 | (9,830) |
Securities available for sale, at fair value | 862,900 | 950,881 |
Obligations of U.S. Government-Sponsored Enterprises - Mortgage-Backed Securities - Commercial [Member] | ||
Investment Securities [Line Items] | ||
Amortized Cost | 58 | 72 |
Gross Unrealized Gains | 1 | 2 |
Gross Unrealized Losses | 0 | 0 |
Securities available for sale, at fair value | 59 | 74 |
Obligations of U.S. Government-Sponsored Enterprises - Other Government-Sponsored Enterprises [Member] | ||
Investment Securities [Line Items] | ||
Amortized Cost | 135,852 | 269,181 |
Gross Unrealized Gains | 5 | 4 |
Gross Unrealized Losses | 228 | (1,308) |
Securities available for sale, at fair value | 135,629 | 267,877 |
Obligations of States and Political Subdivisions [Member] | ||
Investment Securities [Line Items] | ||
Amortized Cost | 27,062 | 27,058 |
Gross Unrealized Gains | 176 | 362 |
Gross Unrealized Losses | 173 | (43) |
Securities available for sale, at fair value | 27,065 | 27,377 |
Corporate Debt Securities [Member] | ||
Investment Securities [Line Items] | ||
Amortized Cost | 1,892 | 6,682 |
Gross Unrealized Gains | 401 | 573 |
Gross Unrealized Losses | 0 | 0 |
Securities available for sale, at fair value | 2,293 | 7,255 |
Pooled Trust Preferred Collateralized Debt Obligations [Member] | ||
Investment Securities [Line Items] | ||
Amortized Cost | 41,745 | 41,926 |
Gross Unrealized Gains | 1,055 | 309 |
Gross Unrealized Losses | (7,279) | (13,236) |
Securities available for sale, at fair value | 35,521 | 28,999 |
Debt Securities [Member] | ||
Investment Securities [Line Items] | ||
Amortized Cost | 1,089,271 | 1,315,898 |
Gross Unrealized Gains | 14,953 | 16,921 |
Gross Unrealized Losses | (16,419) | (24,420) |
Securities available for sale, at fair value | 1,087,805 | 1,308,399 |
Equity Securities [Member] | ||
Investment Securities [Line Items] | ||
Amortized Cost | 1,920 | 1,420 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Securities available for sale, at fair value | $ 1,920 | $ 1,420 |
Investment Securities - Amortiz
Investment Securities - Amortized Cost and Estimated Fair Value of Debt Securities Available for Sale (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 | |
Investment Securities [Line Items] | |||
Available-for-sale Securities, Debt Maturities, Next Twelve Months, Amortized Cost Basis | $ 3,000 | ||
Due within one year, Amortized Cost | 206,551 | ||
Available-for-Sale Securities, Debt Maturities, Single Maturity Date, Fair Value | 200,508 | ||
Available-for-sale Securities, Debt Maturities, without Single Maturity Date, Amortized Cost Basis | [1] | 882,720 | |
Due after one but within five years, Amortized Cost | 132,852 | ||
Due after five but within ten years, Amortized Cost | 25,655 | ||
Due after ten years, Amortized Cost | 45,044 | ||
Corporate/Mortgage-Backed Securities, Amortized cost | [1] | 887,297 | |
Amortized Cost | 1,091,191 | $ 1,317,318 | |
Due within one year, Estimated Fair Value | 2,999 | ||
Due after one but within five years, Estimated Fair Value | 132,629 | ||
Due after five but within ten years, Estimated Fair Value | 25,676 | ||
Due after ten years, Estimated Fair Value | 39,204 | ||
Total Debt Securities, Estimated Fair Value | 1,089,725 | 1,309,819 | |
Debt Securities [Member] | |||
Investment Securities [Line Items] | |||
Amortized Cost | 1,089,271 | 1,315,898 | |
Total Debt Securities, Estimated Fair Value | 1,087,805 | 1,308,399 | |
US Government Agencies Residential Mortgage-backed Securities [Member] | |||
Investment Securities [Line Items] | |||
Amortized Cost | 21,846 | 23,344 | |
Total Debt Securities, Estimated Fair Value | 24,338 | $ 25,936 | |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | |||
Investment Securities [Line Items] | |||
Amortized Cost | 860,900 | ||
Total Debt Securities, Estimated Fair Value | $ 863,000 | ||
[1] | Mortgage Backed Securities include an amortized cost of $21.8 million and a fair value of $24.3 million for Obligations of U.S. |
Investment Securities - Amort41
Investment Securities - Amortized Cost and Estimated Fair Value of Debt Securities Available for Sale (Parenthetical) (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Investment Securities [Line Items] | ||
Amortized Cost | $ 1,091,191 | $ 1,317,318 |
Securities available for sale, at fair value | 1,089,725 | 1,309,819 |
US Government Agencies Residential Mortgage-backed Securities [Member] | ||
Investment Securities [Line Items] | ||
Amortized Cost | 21,846 | 23,344 |
Securities available for sale, at fair value | 24,338 | $ 25,936 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Investment Securities [Line Items] | ||
Amortized Cost | 860,900 | |
Securities available for sale, at fair value | $ 863,000 |
Investment Securities - Proceed
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 ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Investments, Debt and Equity Securities [Abstract] | ||
Proceeds from sales | $ 0 | $ 0 |
Sales Transactions: | ||
Gross gains | 105 | 0 |
Gross losses | 0 | 0 |
Available-for-sale Securities, Gross Realized Gain (Loss), Excluding Other than Temporary Impairments | 105 | 0 |
Maturities and impairment | ||
Gross Gains | 20 | 2 |
Gross Losses | 0 | 0 |
Other Than Temporary Impairment | 0 | 0 |
Gain Losses Maturities And Impairment | 20 | 2 |
Net gains and impairment | $ 125 | $ 2 |
Investment Securities - Additio
Investment Securities - Additional Information (Detail) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Investments, Debt and Equity Securities [Abstract] | |||
Held-to-maturity Securities Pledged as Collateral | $ 11,200 | ||
Proceeds from sales | 0 | $ 0 | |
Available-for-sale securities pledged as collateral | $ 530,500 | $ 563,200 |
Investment Securities Schedule
Investment Securities Schedule of Held-to-Maturity Securities (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Due within 1 year | $ 0 | |
Held-to-maturity Securities, Debt Maturities, Next Twelve Months, Fair Value | 0 | |
Held-to-maturity Securities, Accumulated Unrecognized Holding Gain | 5 | |
Held-to-maturity Securities | 131,780 | |
Securities held to maturity, fair value | 130,454 | $ 0 |
Due after 1 but within 5 years | 0 | |
Due after 5 but within 10 years | 8,061 | |
Held-to-maturity Securities, Debt Maturities, Year Six Through Ten, Fair Value | 7,964 | |
Held-to-maturity Securities, Debt Maturities, Year Two Through Five, Fair Value | 0 | |
Due after 10 years | 4,957 | |
Held-to-maturity Securities, Debt Maturities, after Ten Years, Fair Value | 4,845 | |
Held-to-maturity Securities, Debt Maturities, Single Maturity Date, Amortized Cost Basis | 13,018 | |
Held-to-maturity Securities, Debt Maturities, Single Maturity Date, Fair Value | 12,809 | |
Held-to-maturity Securities, Debt Maturities, without Single Maturity Date, Net Carrying Amount | 118,762 | |
Held-to-maturity Securities, Debt Maturities, without Single Maturity Date, Fair Value | 117,645 | |
Residential Mortgage Backed Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity Securities, Accumulated Unrecognized Holding Gain | 0 | |
Held-to-maturity Securities | 118,762 | |
Securities held to maturity, fair value | $ 117,645 |
Investment Securities Held to M
Investment Securities Held to Maturity Securities by Type (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity Securities | $ 131,780 | |
Held-to-maturity Securities, Accumulated Unrecognized Holding Gain | 5 | |
Held-to-maturity Securities, Accumulated Unrecognized Holding Loss | (1,331) | |
Securities held to maturity, fair value | 130,454 | $ 0 |
Residential Mortgage Backed Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity Securities | 118,762 | |
Held-to-maturity Securities, Accumulated Unrecognized Holding Gain | 0 | |
Held-to-maturity Securities, Accumulated Unrecognized Holding Loss | (1,117) | |
Securities held to maturity, fair value | 117,645 | |
Obligations of States and Political Subdivisions [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity Securities | 13,018 | |
Held-to-maturity Securities, Accumulated Unrecognized Holding Gain | 5 | |
Held-to-maturity Securities, Accumulated Unrecognized Holding Loss | (214) | |
Securities held to maturity, fair value | $ 12,809 |
Other Investments - Additional
Other Investments - Additional Information (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Other Investments Disclosure [Abstract] | ||
Other investments | $ 53,347 | $ 44,545 |
Impairment of Investment Secu47
Impairment of Investment Securities - Additional Information (Detail) | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2015USD ($)SecurityBank | Jun. 30, 2014USD ($) | Jun. 30, 2015USD ($)SecurityBank | Jun. 30, 2014USD ($) | Dec. 31, 2014USD ($) | Sep. 30, 2014USD ($) | |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||||
Other than temporary impairment charges recognized | $ 0 | $ 0 | ||||
Amortized Cost | $ 1,091,191,000 | 1,091,191,000 | $ 1,317,318,000 | |||
Securities available for sale, at fair value | $ 1,089,725,000 | $ 1,089,725,000 | 1,309,819,000 | |||
Number of banks and other financial institutions comprising the security | Bank | 275 | 275 | ||||
Number Of Pooled Securities with No Senior Class | Security | 3 | |||||
Number of securities with no excess subordination | Security | 4 | 4 | ||||
Number of Securities with Excess Subordination | Security | 5 | 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 | $ 53,347,000 | $ 53,347,000 | 44,545,000 | |||
Investment Securities in Unrealized Loss Position, Qualitative Disclosure, Number of Positions, Total | 70 | 70 | ||||
Minimum [Member] | ||||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||||
Subordinated tranches range | 7.00% | 7.00% | ||||
Total principal amount of the respective securities | 5.00% | 5.00% | ||||
Excess subordination as a percentage of current performing collateral | 11.00% | |||||
Probabilities for performing collateral range | 0.33% | |||||
Excess present value of future cash flows over our current book value | 21.00% | |||||
Maximum [Member] | ||||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||||
Subordinated tranches range | 35.00% | 35.00% | ||||
Excess subordination as a percentage of current performing collateral | 84.00% | |||||
Probabilities for performing collateral range | 75.00% | |||||
Excess present value of future cash flows over our current book value | 141.00% | |||||
Pooled Trust Preferred Collateralized Debt Obligations [Member] | ||||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||||
Percent of unrealized losses | 41.00% | 41.00% | ||||
Amortized Cost | $ 41,745,000 | $ 41,745,000 | 41,926,000 | |||
Securities available for sale, at fair value | $ 35,521,000 | 35,521,000 | 28,999,000 | |||
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% | 0.00% | ||||
Corporate Debt Securities [Member] | ||||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||||
Amortized Cost | $ 1,892,000 | $ 1,892,000 | 6,682,000 | |||
Securities available for sale, at fair value | 2,293,000 | 2,293,000 | 7,255,000 | |||
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 | $ 0 | |||
Amortized Cost | 1,920,000 | 1,920,000 | 1,420,000 | |||
Securities available for sale, at fair value | 1,920,000 | 1,920,000 | 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 | $ 15,000,000,000 | ||||
Coupon rate | 7.00% | |||||
Prepayment rate | 100.00% | |||||
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 | $ 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 | 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 | $ 2,000,000,000 | ||||
Coupon rate | 10.00% | |||||
Prepayment rate | 5.00% | |||||
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 | 57.00% | 57.00% | ||||
Reported Value Measurement [Member] | ||||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||||
Securities available for sale, at fair value | $ 1,089,725,000 | $ 1,089,725,000 | 1,309,819,000 | |||
Federal Home Loan Bank Stock | $ 53,347,000 | $ 53,347,000 | $ 44,545,000 |
Impairment of Investment Secu48
Impairment of Investment Securities - Schedule of Unrealized Losses and Estimated Fair Values (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Investment Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | $ 255,185 | $ 229,583 |
Investment Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 2,475 | 694 |
Investment Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 436,416 | 523,463 |
Investment Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 15,275 | 23,726 |
Investment Securities, Continuous Unrealized Loss Position, Fair Value, Total | 691,601 | 753,046 |
Investment Securities, Continuous Unrealized Loss Position, Accumulated Loss | 17,750 | 24,420 |
US Government Agencies Residential Mortgage-backed Securities [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Investment Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 2,243 | 2,318 |
Investment Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 24 | 3 |
Investment Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 0 | 0 |
Investment Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | 0 |
Investment Securities, Continuous Unrealized Loss Position, Fair Value, Total | 2,243 | 2,318 |
Investment Securities, Continuous Unrealized Loss Position, Accumulated Loss | 24 | 3 |
Residential Mortgage Backed Securities [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Investment Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 225,033 | 111,646 |
Investment Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 2,057 | 419 |
Investment Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 287,128 | 368,706 |
Investment Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 7,775 | 9,411 |
Investment Securities, Continuous Unrealized Loss Position, Fair Value, Total | 512,161 | 480,352 |
Investment Securities, Continuous Unrealized Loss Position, Accumulated Loss | 9,832 | 9,830 |
Obligations of U.S. Government-Sponsored Enterprises - Other Government-Sponsored Enterprises [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Investment Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 6,793 | 112,473 |
Investment Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 7 | 229 |
Investment Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 119,429 | 130,401 |
Investment Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 221 | 1,079 |
Investment Securities, Continuous Unrealized Loss Position, Fair Value, Total | 126,222 | 242,874 |
Investment Securities, Continuous Unrealized Loss Position, Accumulated Loss | 228 | 1,308 |
Obligations of States and Political Subdivisions [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Investment Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 21,116 | 3,146 |
Investment Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 387 | 43 |
Investment Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 0 | 0 |
Investment Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | 0 |
Investment Securities, Continuous Unrealized Loss Position, Fair Value, Total | 21,116 | 3,146 |
Investment Securities, Continuous Unrealized Loss Position, Accumulated Loss | 387 | 43 |
Pooled Trust Preferred Collateralized Debt Obligations [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Investment Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 0 | 0 |
Investment Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 0 | 0 |
Investment Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 29,859 | 24,356 |
Investment Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 7,279 | 13,236 |
Investment Securities, Continuous Unrealized Loss Position, Fair Value, Total | 29,859 | 24,356 |
Investment Securities, Continuous Unrealized Loss Position, Accumulated Loss | $ 7,279 | $ 13,236 |
Impairment of Investment Secu49
Impairment of Investment Securities - Pooled Trust Preferred Collateralized Debt Obligations (Detail) $ in Thousands | 6 Months Ended | |
Jun. 30, 2015USD ($)Bank | Dec. 31, 2014USD ($) | |
Impairment Of Investment Securities [Line Items] | ||
Securities available for sale, at fair value | $ 1,089,725 | $ 1,309,819 |
Unrealized Gain (Loss) | 16,419 | $ 24,420 |
Pooled Trust Preferred Collateralized Debt Obligations [Member] | ||
Impairment Of Investment Securities [Line Items] | ||
Book Value | 41,745 | |
Securities available for sale, at fair value | 35,521 | |
Unrealized Gain (Loss) | (6,224) | |
Pooled Trust Preferred Collateralized Debt Obligations [Member] | Mezzanine [Member] | Pre TSL IV [Member] | ||
Impairment Of Investment Securities [Line Items] | ||
Book Value | 1,830 | |
Securities available for sale, at fair value | 1,331 | |
Unrealized Gain (Loss) | $ (499) | |
Debt Instrument, Credit Rating | B1/BB | |
Number of Banks (in banks) | Bank | 6 | |
Deferrals and Defaults as a % of Current Collateral | 18.05% | |
Excess Subordination as a % of Current Performing Collateral | 57.14% | |
Pooled Trust Preferred Collateralized Debt Obligations [Member] | Mezzanine [Member] | Pre TSL VII [Member] | ||
Impairment Of Investment Securities [Line Items] | ||
Book Value | $ 2,847 | |
Securities available for sale, at fair value | 3,478 | |
Unrealized Gain (Loss) | $ 631 | |
Debt Instrument, Credit Rating | Ca/- | |
Number of Banks (in banks) | Bank | 14 | |
Deferrals and Defaults as a % of Current Collateral | 49.68% | |
Excess Subordination as a % of Current Performing Collateral | 0.00% | |
Pooled Trust Preferred Collateralized Debt Obligations [Member] | Mezzanine [Member] | Pre TSL VIII [Member] | ||
Impairment Of Investment Securities [Line Items] | ||
Book Value | $ 1,982 | |
Securities available for sale, at fair value | 1,791 | |
Unrealized Gain (Loss) | $ (191) | |
Debt Instrument, Credit Rating | C/C | |
Number of Banks (in banks) | Bank | 29 | |
Deferrals and Defaults as a % of Current Collateral | 58.01% | |
Excess Subordination as a % of Current Performing Collateral | 0.00% | |
Pooled Trust Preferred Collateralized Debt Obligations [Member] | Mezzanine [Member] | Pre TSL IX [Member] | ||
Impairment Of Investment Securities [Line Items] | ||
Book Value | $ 2,358 | |
Securities available for sale, at fair value | 1,906 | |
Unrealized Gain (Loss) | $ (452) | |
Debt Instrument, Credit Rating | B1/C | |
Number of Banks (in banks) | Bank | 38 | |
Deferrals and Defaults as a % of Current Collateral | 28.14% | |
Excess Subordination as a % of Current Performing Collateral | 10.73% | |
Pooled Trust Preferred Collateralized Debt Obligations [Member] | Mezzanine [Member] | Pre TSL X [Member] | ||
Impairment Of Investment Securities [Line Items] | ||
Book Value | $ 1,553 | |
Securities available for sale, at fair value | 1,889 | |
Unrealized Gain (Loss) | $ 336 | |
Debt Instrument, Credit Rating | Caa1/C | |
Number of Banks (in banks) | Bank | 43 | |
Deferrals and Defaults as a % of Current Collateral | 31.60% | |
Excess Subordination as a % of Current Performing Collateral | 0.00% | |
Pooled Trust Preferred Collateralized Debt Obligations [Member] | Mezzanine [Member] | Pre TSL XII [Member] | ||
Impairment Of Investment Securities [Line Items] | ||
Book Value | $ 5,599 | |
Securities available for sale, at fair value | 4,502 | |
Unrealized Gain (Loss) | $ (1,097) | |
Debt Instrument, Credit Rating | B3/C | |
Number of Banks (in banks) | Bank | 66 | |
Deferrals and Defaults as a % of Current Collateral | 23.76% | |
Excess Subordination as a % of Current Performing Collateral | 0.00% | |
Pooled Trust Preferred Collateralized Debt Obligations [Member] | Mezzanine [Member] | Pre TSL XIII [Member] | ||
Impairment Of Investment Securities [Line Items] | ||
Book Value | $ 12,585 | |
Securities available for sale, at fair value | 10,638 | |
Unrealized Gain (Loss) | $ (1,947) | |
Debt Instrument, Credit Rating | B3/C | |
Number of Banks (in banks) | Bank | 56 | |
Deferrals and Defaults as a % of Current Collateral | 25.64% | |
Excess Subordination as a % of Current Performing Collateral | 37.87% | |
Pooled Trust Preferred Collateralized Debt Obligations [Member] | Mezzanine [Member] | Pre TSL XIV [Member] | ||
Impairment Of Investment Securities [Line Items] | ||
Book Value | $ 12,784 | |
Securities available for sale, at fair value | 9,691 | |
Unrealized Gain (Loss) | $ (3,093) | |
Debt Instrument, Credit Rating | Caa1/CC | |
Number of Banks (in banks) | Bank | 56 | |
Deferrals and Defaults as a % of Current Collateral | 23.17% | |
Excess Subordination as a % of Current Performing Collateral | 47.33% | |
Pooled Trust Preferred Collateralized Debt Obligations [Member] | Mezzanine [Member] | MMCap I [Member] | ||
Impairment Of Investment Securities [Line Items] | ||
Book Value | $ 207 | |
Securities available for sale, at fair value | 295 | |
Unrealized Gain (Loss) | $ 88 | |
Debt Instrument, Credit Rating | Ca/C | |
Number of Banks (in banks) | Bank | 8 | |
Deferrals and Defaults as a % of Current Collateral | 58.11% | |
Excess Subordination as a % of Current Performing Collateral | 84.18% |
Impairment of Investment Secu50
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 ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |||
Impairment of Investment Securities Disclosure [Abstract] | ||||||
Balance, beginning (a) | $ 25,707 | $ 27,254 | $ 26,246 | [1] | $ 27,543 | [1] |
Credit losses on debt securities for which other-than-temporary impairment was not previously recognized | 0 | 0 | 0 | 0 | ||
Additional credit losses on debt securities for which other-than-temporary impairment was previously recognized | 0 | 0 | 0 | 0 | ||
Balance, ending | 25,366 | 26,842 | 25,366 | 26,842 | ||
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Reductions, Cash Flows | $ (341) | $ (412) | 218 | 0 | ||
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Period Increase (Decrease) | $ 662 | $ 701 | ||||
[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 Credi51
Loans and Allowance for Credit Losses - Outstanding Balances of Loan (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 | Jun. 30, 2014 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | $ 4,490,854 | $ 4,457,308 | $ 4,334,214 |
Commercial, financial, agricultural and other [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 1,098,019 | 1,052,109 | 1,062,001 |
Real estate construction [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 125,010 | 120,785 | 100,709 |
Residential real estate [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 1,204,499 | 1,226,344 | 1,238,791 |
Commercial Real Estate [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 1,416,841 | 1,405,256 | 1,306,752 |
Loans to individuals [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | $ 646,485 | $ 652,814 | $ 625,961 |
Loans and Allowance for Credi52
Loans and Allowance for Credit Losses - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Non Accrual Status Of Loans After Number Of Days Past Due | 90 days | ||||
Default Status Of TDRs After Number Of Days Past Due | 90 days | ||||
Charge-offs | $ 4,952,000 | $ 8,103,000 | $ 12,061,000 | $ 11,749,000 | |
Unfunded commitments related to nonperforming loans | 600,000 | 600,000 | $ 0 | ||
Off balance sheet reserve to nonperforming loans | 0 | 0 | 0 | ||
Loans held for sale | 2,400,000 | 2,400,000 | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | 0 | (2,396,000) | 0 | 3,112,000 | |
Total gains or losses included in earnings | 0 | 77,000 | 105,000 | 77,000 | |
Nonaccrual | 30,395,000 | 30,395,000 | 42,667,000 | ||
Recorded investment | 42,671,000 | $ 42,671,000 | $ 55,251,000 | ||
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] | |||||
Loans with modifications to rate and payment due to reamortization | 100,000 | 100,000 | $ 400,000 | 300,000 | |
Loans Held For Sale [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | (2,396,000) | 3,112,000 | |||
Total gains or losses included in earnings | $ 77,000 | 0 | $ 77,000 | ||
Water Facility Construction [Member] | Nonaccrual Commercial Loans [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Recorded investment | 7,400,000 | 7,400,000 | |||
Non Accrual Loans [Member] | Local Energy Company [Member] [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Nonaccrual | 5,900,000 | 5,900,000 | |||
Charge-off recognized | 2,300,000 | ||||
2012 Troubled Debt Restructuring [Member] | Non Accrual Loans [Member] | Local Energy Company [Member] [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Nonaccrual | 2,300,000 | 2,300,000 | |||
Charge-off recognized | 3,300,000 | ||||
2014 Troubled Debt Restructuring [Member] | Non Accrual Loans [Member] | Local Energy Company [Member] [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Nonaccrual | $ 3,000,000 | $ 3,000,000 |
Loans and Allowance for Credi53
Loans and Allowance for Credit Losses - Credit Risk Profile by Creditworthiness (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 | Jun. 30, 2014 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | $ 4,490,854 | $ 4,457,308 | $ 4,334,214 |
Pass [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 4,370,348 | 4,317,182 | |
OAEM [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 40,582 | 72,370 | |
Substandard [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 79,924 | 63,595 | |
Doubtful [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 0 | 4,161 | |
Criticized [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 120,506 | 140,126 | |
Commercial, financial, agricultural and other [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 1,098,019 | 1,052,109 | |
Commercial, financial, agricultural and other [Member] | Pass [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 1,034,313 | 983,357 | |
Commercial, financial, agricultural and other [Member] | OAEM [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 7,902 | 32,563 | |
Commercial, financial, agricultural and other [Member] | Substandard [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 55,804 | 32,028 | |
Commercial, financial, agricultural and other [Member] | Doubtful [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 0 | 4,161 | |
Commercial, financial, agricultural and other [Member] | Criticized [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 63,706 | 68,752 | |
Real estate construction [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 125,010 | 120,785 | |
Real estate construction [Member] | Pass [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 124,518 | 112,536 | |
Real estate construction [Member] | OAEM [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 458 | 8,013 | |
Real estate construction [Member] | Substandard [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 34 | 236 | |
Real estate construction [Member] | Doubtful [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 0 | 0 | |
Real estate construction [Member] | Criticized [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 492 | 8,249 | |
Residential real estate [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 1,204,499 | 1,226,344 | |
Residential real estate [Member] | Pass [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 1,192,296 | 1,214,920 | |
Residential real estate [Member] | OAEM [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 2,228 | 2,315 | |
Residential real estate [Member] | Substandard [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 9,975 | 9,109 | |
Residential real estate [Member] | Doubtful [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 0 | 0 | |
Residential real estate [Member] | Criticized [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 12,203 | 11,424 | |
Commercial Real Estate [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 1,416,841 | 1,405,256 | |
Commercial Real Estate [Member] | Pass [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 1,372,966 | 1,353,773 | |
Commercial Real Estate [Member] | OAEM [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 29,994 | 29,479 | |
Commercial Real Estate [Member] | Substandard [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 13,881 | 22,004 | |
Commercial Real Estate [Member] | Doubtful [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 0 | 0 | |
Commercial Real Estate [Member] | Criticized [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 43,875 | 51,483 | |
Loans to individuals [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 646,485 | 652,814 | |
Loans to individuals [Member] | Pass [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 646,255 | 652,596 | |
Loans to individuals [Member] | OAEM [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 0 | 0 | |
Loans to individuals [Member] | Substandard [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 230 | 218 | |
Loans to individuals [Member] | Doubtful [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 0 | 0 | |
Loans to individuals [Member] | Criticized [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | $ 230 | $ 218 |
Loans and Allowance for Credi54
Loans and Allowance for Credit Losses - Age Analysis of Past Due Loans by Segment (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 | Jun. 30, 2014 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Nonaccrual | $ 30,395 | $ 42,667 | |
Total past due and nonaccrual | 40,594 | 61,449 | |
Current | 4,450,260 | 4,395,859 | |
Total | 4,490,854 | 4,457,308 | $ 4,334,214 |
Commercial, financial, agricultural and other [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Nonaccrual | 15,587 | 27,007 | |
Total past due and nonaccrual | 16,329 | 30,300 | |
Current | 1,081,690 | 1,021,809 | |
Total | 1,098,019 | 1,052,109 | |
Real estate construction [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Nonaccrual | 34 | 236 | |
Total past due and nonaccrual | 34 | 237 | |
Current | 124,976 | 120,548 | |
Total | 125,010 | 120,785 | |
Residential real estate [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Nonaccrual | 8,199 | 7,900 | |
Total past due and nonaccrual | 12,575 | 15,434 | |
Current | 1,191,924 | 1,210,910 | |
Total | 1,204,499 | 1,226,344 | |
Commercial Real Estate [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Nonaccrual | 6,345 | 7,306 | |
Total past due and nonaccrual | 7,221 | 9,225 | |
Current | 1,409,620 | 1,396,031 | |
Total | 1,416,841 | 1,405,256 | |
Loans to individuals [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Nonaccrual | 230 | 218 | |
Total past due and nonaccrual | 4,435 | 6,253 | |
Current | 642,050 | 646,561 | |
Total | 646,485 | 652,814 | |
Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total past due and nonaccrual | 6,493 | 13,473 | |
Financing Receivables, 30 to 59 Days Past Due [Member] | Commercial, financial, agricultural and other [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total past due and nonaccrual | 636 | 2,816 | |
Financing Receivables, 30 to 59 Days Past Due [Member] | Real estate construction [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total past due and nonaccrual | 0 | 0 | |
Financing Receivables, 30 to 59 Days Past Due [Member] | Residential real estate [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total past due and nonaccrual | 3,013 | 5,162 | |
Financing Receivables, 30 to 59 Days Past Due [Member] | Commercial Real Estate [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total past due and nonaccrual | 137 | 1,797 | |
Financing Receivables, 30 to 59 Days Past Due [Member] | Loans to individuals [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total past due and nonaccrual | 2,707 | 3,698 | |
Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total past due and nonaccrual | 2,114 | 2,690 | |
Financing Receivables, 60 to 89 Days Past Due [Member] | Commercial, financial, agricultural and other [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total past due and nonaccrual | 73 | 213 | |
Financing Receivables, 60 to 89 Days Past Due [Member] | Real estate construction [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total past due and nonaccrual | 0 | 1 | |
Financing Receivables, 60 to 89 Days Past Due [Member] | Residential real estate [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total past due and nonaccrual | 677 | 1,295 | |
Financing Receivables, 60 to 89 Days Past Due [Member] | Commercial Real Estate [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total past due and nonaccrual | 739 | 122 | |
Financing Receivables, 60 to 89 Days Past Due [Member] | Loans to individuals [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total past due and nonaccrual | 625 | 1,059 | |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total past due and nonaccrual | 1,592 | 2,619 | |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Commercial, financial, agricultural and other [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total past due and nonaccrual | 33 | 264 | |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Real estate construction [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total past due and nonaccrual | 0 | 0 | |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Residential real estate [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total past due and nonaccrual | 686 | 1,077 | |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Commercial Real Estate [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total past due and nonaccrual | 0 | 0 | |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Loans to individuals [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total past due and nonaccrual | $ 873 | $ 1,278 |
Loans and Allowance for Credi55
Loans and Allowance for Credit Losses - Recorded Investment and Unpaid Principal Balance for Impaired Loans with Associated Allowance (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Financing Receivable, Impaired [Line Items] | |||||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | $ 36,956 | $ 36,956 | $ 29,504 | ||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 47,010 | 47,010 | 34,398 | ||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 5,715 | 5,715 | 25,747 | ||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 6,247 | 6,247 | 26,517 | ||
Related allowance | 1,675 | 1,675 | 9,461 | ||
Recorded investment | 42,671 | 42,671 | 55,251 | ||
Unpaid principal balance | 53,257 | 53,257 | 60,915 | ||
Average recorded investment | 5,759 | $ 18,058 | 5,850 | $ 16,741 | |
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 38,862 | 31,362 | 41,925 | 35,339 | |
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 135 | 118 | 251 | 231 | |
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 43 | 40 | 75 | 93 | |
Impaired Financing Receivable, Average Recorded Investment | 44,621 | 49,420 | 47,775 | 52,080 | |
Interest Income Recognized | 178 | 158 | 326 | 324 | |
Commercial, financial, agricultural and other [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 16,809 | 16,809 | 9,439 | ||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 24,267 | 24,267 | 10,937 | ||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 5,195 | 5,195 | 24,826 | ||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 5,555 | 5,555 | 25,583 | ||
Related allowance | 1,596 | 1,596 | 9,304 | ||
Average recorded investment | 5,237 | 15,086 | 5,337 | 14,333 | |
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 18,526 | 12,658 | 21,691 | 13,841 | |
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 65 | 14 | 120 | 32 | |
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 42 | 32 | 72 | 76 | |
Real estate construction [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 34 | 34 | 236 | ||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 120 | 120 | 476 | ||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 0 | 0 | 0 | ||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 0 | 0 | 0 | ||
Related allowance | 0 | 0 | 0 | ||
Average recorded investment | 0 | 0 | 0 | 0 | |
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 36 | 1,148 | 137 | 2,112 | |
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 0 | 6 | 0 | 18 | |
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 0 | 0 | 0 | 0 | |
Residential real estate [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 11,277 | 11,277 | 10,773 | ||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 12,861 | 12,861 | 12,470 | ||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 328 | 328 | 367 | ||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 500 | 500 | 380 | ||
Related allowance | 35 | 35 | 56 | ||
Average recorded investment | 329 | 1,836 | 319 | 1,738 | |
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 11,302 | 9,858 | 11,025 | 10,602 | |
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 45 | 75 | $ 86 | 124 | |
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 0 | 7 | 15 | ||
Commercial Real Estate [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 8,534 | $ 8,534 | 8,768 | ||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 9,402 | 9,402 | 10,178 | ||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 192 | 192 | 554 | ||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 192 | 192 | 554 | ||
Related allowance | 44 | 44 | 101 | ||
Average recorded investment | 193 | 1,136 | 194 | 670 | |
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 8,682 | 7,388 | 8,760 | 8,494 | |
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 24 | 22 | 43 | 55 | |
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 1 | 1 | 3 | 2 | |
Loans to individuals [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 302 | 302 | 288 | ||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 360 | 360 | 337 | ||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 0 | 0 | 0 | ||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 0 | 0 | 0 | ||
Related allowance | 0 | 0 | $ 0 | ||
Average recorded investment | 0 | 0 | 0 | 0 | |
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 316 | 310 | 312 | 290 | |
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 1 | 1 | 2 | 2 | |
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | $ 0 | $ 0 | $ 0 | $ 0 |
Loans and Allowance for Credi56
Loans and Allowance for Credit Losses - Troubled Debt Restructured Loans and Commitments (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Financing Receivable, Troubled Debt Restructurings [Line Items] | ||
Financing Receivable, Modifications, Recorded Investment | $ 20,895 | $ 29,536 |
Unused lines of Credit [Member] | ||
Financing Receivable, Troubled Debt Restructurings [Line Items] | ||
Loans and Leases Receivable, Impaired, Commitment to Lend | 2,540 | 4,120 |
Accrual Loans [Member] [Member] | ||
Financing Receivable, Troubled Debt Restructurings [Line Items] | ||
Financing Receivable, Modifications, Recorded Investment | 12,276 | 12,584 |
Non Accrual Loans [Member] | ||
Financing Receivable, Troubled Debt Restructurings [Line Items] | ||
Financing Receivable, Modifications, Recorded Investment | $ 8,619 | $ 16,952 |
Loans and Allowance for Credi57
Loans and Allowance for Credit Losses - Troubled Debt Restructurings Identified During Period (Detail) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015USD ($)Contract | Jun. 30, 2014USD ($)Contract | Jun. 30, 2015USD ($)Contract | Jun. 30, 2014USD ($)Contract | |
Financing Receivable, Modifications [Line Items] | ||||
Financing Receivable Modification Number Of Contracts | Contract | 18 | 13 | ||
Number of Contracts | Contract | 26 | 34 | ||
Total Pre-Modification Outstanding Recorded Investment | $ 3,201 | $ 2,527 | ||
Post- Modification Outstanding Recorded Investment | $ 3,029 | $ 2,450 | ||
Financing Receivable Modifications Extend Maturity | $ 252 | $ 1,420 | ||
Financing Receivable Modifications Modify Rate | 106 | 162 | ||
Financing Receivable Modifications Modify Payments | 594 | 133 | ||
Financing Receivable, Modifications, Pre-Mod Recorded Investment | 952 | 1,715 | ||
Financing Receivable, Modification, Post-Modification Recorded Investment | $ 898 | $ 1,718 | ||
Financing Receivable, Modifications, Determination of Allowance for Credit Losses | 60,000 | 2,000 | 60,000 | 68,000 |
Commercial, financial, agricultural and other [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Financing Receivable Modification Number Of Contracts | Contract | 2 | 1 | ||
Number of Contracts | Contract | 3 | 2 | ||
Total Pre-Modification Outstanding Recorded Investment | $ 1,860 | $ 1,480 | ||
Post- Modification Outstanding Recorded Investment | $ 1,812 | $ 1,463 | ||
Financing Receivable Modifications Extend Maturity | $ 252 | $ 1,420 | ||
Financing Receivable Modifications Modify Rate | 0 | 0 | ||
Financing Receivable Modifications Modify Payments | 109 | 0 | ||
Financing Receivable, Modifications, Pre-Mod Recorded Investment | 361 | 1,420 | ||
Financing Receivable, Modification, Post-Modification Recorded Investment | $ 317 | $ 1,433 | ||
Financing Receivable, Modifications, Determination of Allowance for Credit Losses | 53 | 0 | 53 | 20 |
Residential real estate [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Financing Receivable Modification Number Of Contracts | Contract | 11 | 8 | ||
Number of Contracts | Contract | 16 | 21 | ||
Total Pre-Modification Outstanding Recorded Investment | $ 799 | $ 935 | ||
Post- Modification Outstanding Recorded Investment | $ 723 | $ 895 | ||
Financing Receivable Modifications Extend Maturity | $ 0 | $ 0 | ||
Financing Receivable Modifications Modify Rate | 45 | 120 | ||
Financing Receivable Modifications Modify Payments | 485 | 126 | ||
Financing Receivable, Modifications, Pre-Mod Recorded Investment | 530 | 246 | ||
Financing Receivable, Modification, Post-Modification Recorded Investment | $ 525 | $ 243 | ||
Financing Receivable, Modifications, Determination of Allowance for Credit Losses | 7 | 2 | 7 | 48 |
Commercial Real Estate [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | Contract | 1 | 1 | ||
Total Pre-Modification Outstanding Recorded Investment | $ 463 | $ 12 | ||
Post- Modification Outstanding Recorded Investment | $ 428 | $ 7 | ||
Financing Receivable, Modifications, Determination of Allowance for Credit Losses | 0 | 0 | ||
Loans to individuals [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Financing Receivable Modification Number Of Contracts | Contract | 5 | 4 | ||
Number of Contracts | Contract | 6 | 10 | ||
Total Pre-Modification Outstanding Recorded Investment | $ 79 | $ 100 | ||
Post- Modification Outstanding Recorded Investment | $ 66 | $ 85 | ||
Financing Receivable Modifications Extend Maturity | $ 0 | $ 0 | ||
Financing Receivable Modifications Modify Rate | 61 | 42 | ||
Financing Receivable Modifications Modify Payments | 0 | 7 | ||
Financing Receivable, Modifications, Pre-Mod Recorded Investment | 61 | 49 | ||
Financing Receivable, Modification, Post-Modification Recorded Investment | $ 56 | $ 42 | ||
Financing Receivable, Modifications, Determination of Allowance for Credit Losses | 0 | 0 | 0 | 0 |
Extended Maturity [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Total Pre-Modification Outstanding Recorded Investment | $ 1,751 | $ 1,480 | ||
Extended Maturity [Member] | Commercial, financial, agricultural and other [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Total Pre-Modification Outstanding Recorded Investment | 1,751 | 1,480 | ||
Extended Maturity [Member] | Residential real estate [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Total Pre-Modification Outstanding Recorded Investment | 0 | 0 | ||
Extended Maturity [Member] | Commercial Real Estate [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Total Pre-Modification Outstanding Recorded Investment | 0 | 0 | ||
Extended Maturity [Member] | Loans to individuals [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Total Pre-Modification Outstanding Recorded Investment | 0 | 0 | ||
Contractual Interest Rate Reduction [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Total Pre-Modification Outstanding Recorded Investment | 357 | 364 | ||
Contractual Interest Rate Reduction [Member] | Commercial, financial, agricultural and other [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Total Pre-Modification Outstanding Recorded Investment | 0 | 0 | ||
Contractual Interest Rate Reduction [Member] | Residential real estate [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Total Pre-Modification Outstanding Recorded Investment | 296 | 291 | ||
Contractual Interest Rate Reduction [Member] | Commercial Real Estate [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Total Pre-Modification Outstanding Recorded Investment | 0 | 0 | ||
Contractual Interest Rate Reduction [Member] | Loans to individuals [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Total Pre-Modification Outstanding Recorded Investment | 61 | 73 | ||
Contractual Payment Modification [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Total Pre-Modification Outstanding Recorded Investment | 1,093 | 683 | ||
Contractual Payment Modification [Member] | Commercial, financial, agricultural and other [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Total Pre-Modification Outstanding Recorded Investment | 109 | 0 | ||
Contractual Payment Modification [Member] | Residential real estate [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Total Pre-Modification Outstanding Recorded Investment | 503 | 644 | ||
Contractual Payment Modification [Member] | Commercial Real Estate [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Total Pre-Modification Outstanding Recorded Investment | 463 | 12 | ||
Contractual Payment Modification [Member] | Loans to individuals [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Total Pre-Modification Outstanding Recorded Investment | $ 18 | $ 27 |
Loans and Allowance for Credi58
Loans and Allowance for Credit Losses - Troubled Debt Restructuring is 90 Days or More Past Due (Detail) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015USD ($)Contract | Jun. 30, 2014USD ($)Contract | Jun. 30, 2015USD ($)Contract | Jun. 30, 2014USD ($)Contract | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Financing Receivable, Modifications, Subsequent Default, Number of Contracts | Contract | 2 | 2 | ||
Financing Receivable, Modifications, Subsequent Default, Recorded Investment | $ 56 | $ 51 | ||
Troubled Debt Restructuring Number Of Contracts Ninety Days Past Due | Contract | 2 | 1 | ||
Financing Receivable, Modification, Subsequent Default, Recorded Investment | $ 56 | $ 6 | ||
Residential real estate [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Financing Receivable, Modifications, Subsequent Default, Number of Contracts | Contract | 2 | 2 | ||
Financing Receivable, Modifications, Subsequent Default, Recorded Investment | $ 56 | $ 51 | ||
Troubled Debt Restructuring Number Of Contracts Ninety Days Past Due | Contract | 2 | 1 | ||
Financing Receivable, Modification, Subsequent Default, Recorded Investment | $ 56 | $ 6 |
Loans and Allowance for Credi59
Loans and Allowance for Credit Losses - Allowance for Credit Losses (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Dec. 31, 2014 | Jun. 30, 2014 | |
Allowance for Doubtful Accounts Receivable [Roll Forward] | |||||||
Beginning Balance | $ 46,697 | $ 54,506 | $ 52,051 | $ 54,225 | |||
Charge-offs | (4,952) | (8,103) | (12,061) | (11,749) | |||
Recoveries | 561 | 1,005 | 1,157 | 1,701 | |||
Provision for Loan, Lease, and Other Losses | 3,038 | 3,317 | 4,197 | 6,548 | |||
Ending Balance | 46,697 | 54,506 | 52,051 | 54,225 | $ 45,344 | $ 52,051 | $ 50,725 |
Ending balance: individually evaluated for impaired | 1,675 | 6,072 | |||||
Ending balance: collectively evaluated for impaired | 43,669 | 44,653 | |||||
Total | 4,490,854 | 4,457,308 | 4,334,214 | ||||
Ending balance: individually evaluated for impaired | 36,744 | 39,648 | |||||
Ending balance: collectively evaluated for impaired | 4,454,110 | 4,294,566 | |||||
Commercial, financial, agricultural and other [Member] | |||||||
Allowance for Doubtful Accounts Receivable [Roll Forward] | |||||||
Beginning Balance | 24,406 | 26,125 | 29,627 | 22,663 | |||
Charge-offs | (2,860) | (6,258) | (7,940) | (7,859) | |||
Recoveries | 158 | 336 | 358 | 421 | |||
Provision for Loan, Lease, and Other Losses | 2,051 | 1,753 | 1,710 | 6,731 | |||
Ending Balance | 24,406 | 26,125 | 29,627 | 22,663 | 23,755 | 29,627 | 21,956 |
Ending balance: individually evaluated for impaired | 1,596 | 4,995 | |||||
Ending balance: collectively evaluated for impaired | 22,159 | 16,961 | |||||
Total | 1,098,019 | 1,052,109 | 1,062,001 | ||||
Ending balance: individually evaluated for impaired | 21,419 | 24,573 | |||||
Ending balance: collectively evaluated for impaired | 1,076,600 | 1,037,428 | |||||
Real estate construction [Member] | |||||||
Allowance for Doubtful Accounts Receivable [Roll Forward] | |||||||
Beginning Balance | 1,528 | 6,214 | 2,063 | 6,600 | |||
Charge-offs | 0 | (296) | 0 | (296) | |||
Recoveries | 84 | 168 | 84 | 337 | |||
Provision for Loan, Lease, and Other Losses | (94) | (187) | (629) | (742) | |||
Ending Balance | 1,528 | 6,214 | 2,063 | 6,600 | 1,518 | 2,063 | 5,899 |
Ending balance: individually evaluated for impaired | 0 | 0 | |||||
Ending balance: collectively evaluated for impaired | 1,518 | 5,899 | |||||
Total | 125,010 | 120,785 | 100,709 | ||||
Ending balance: individually evaluated for impaired | 0 | 486 | |||||
Ending balance: collectively evaluated for impaired | 125,010 | 100,223 | |||||
Residential real estate [Member] | |||||||
Allowance for Doubtful Accounts Receivable [Roll Forward] | |||||||
Beginning Balance | 3,387 | 6,026 | 3,664 | 7,727 | |||
Charge-offs | (484) | (640) | (1,050) | (1,735) | |||
Recoveries | 143 | 79 | 239 | 323 | |||
Provision for Loan, Lease, and Other Losses | (123) | 660 | 70 | (190) | |||
Ending Balance | 3,387 | 6,026 | 3,664 | 7,727 | 2,923 | 3,664 | 6,125 |
Ending balance: individually evaluated for impaired | 35 | 546 | |||||
Ending balance: collectively evaluated for impaired | 2,888 | 5,579 | |||||
Total | 1,204,499 | 1,226,344 | 1,238,791 | ||||
Ending balance: individually evaluated for impaired | 7,700 | 7,624 | |||||
Ending balance: collectively evaluated for impaired | 1,196,799 | 1,231,167 | |||||
Commercial Real Estate [Member] | |||||||
Allowance for Doubtful Accounts Receivable [Roll Forward] | |||||||
Beginning Balance | 12,487 | 11,119 | 11,881 | 11,778 | |||
Charge-offs | (486) | (157) | (688) | (297) | |||
Recoveries | 15 | 235 | 153 | 255 | |||
Provision for Loan, Lease, and Other Losses | 211 | 464 | 881 | (75) | |||
Ending Balance | 12,487 | 11,119 | 11,881 | 11,778 | 12,227 | 11,881 | 11,661 |
Ending balance: individually evaluated for impaired | 44 | 531 | |||||
Ending balance: collectively evaluated for impaired | 12,183 | 11,130 | |||||
Total | 1,416,841 | 1,405,256 | 1,306,752 | ||||
Ending balance: individually evaluated for impaired | 7,625 | 6,965 | |||||
Ending balance: collectively evaluated for impaired | 1,409,216 | 1,299,787 | |||||
Loans to individuals [Member] | |||||||
Allowance for Doubtful Accounts Receivable [Roll Forward] | |||||||
Beginning Balance | 4,889 | 5,022 | 4,816 | 5,457 | |||
Charge-offs | (1,122) | (752) | (2,383) | (1,562) | |||
Recoveries | 161 | 187 | 323 | 365 | |||
Provision for Loan, Lease, and Other Losses | 993 | 627 | 2,165 | 824 | |||
Ending Balance | $ 4,889 | $ 5,022 | $ 4,816 | $ 5,457 | 4,921 | 4,816 | 5,084 |
Ending balance: individually evaluated for impaired | 0 | 0 | |||||
Ending balance: collectively evaluated for impaired | 4,921 | 5,084 | |||||
Total | 646,485 | $ 652,814 | 625,961 | ||||
Ending balance: individually evaluated for impaired | 0 | 0 | |||||
Ending balance: collectively evaluated for impaired | $ 646,485 | $ 625,961 |
Fair Values of Assets and Lia60
Fair Values of Assets and Liabilities - Quantitative Inputs and Assumptions Used in Level 3 Fair Value Measurements (Detail) - USD ($) | 6 Months Ended | ||
Jun. 30, 2015 | Dec. 31, 2014 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Securities available for sale, at fair value | $ 1,089,725,000 | $ 1,309,819,000 | |
Assets | $ 1,163,452,000 | 1,368,052,000 | |
Pooled Trust Preferred Collateralized Debt Obligations [Member] | Minimum [Member] | Discount rates [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Weighted average rate | [1] | 5.25% | |
Pooled Trust Preferred Collateralized Debt Obligations [Member] | Maximum [Member] | Discount rates [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Weighted average rate | [1] | 12.00% | |
Pooled Trust Preferred Collateralized Debt Obligations [Member] | Discounted Cash Flow [Member] | Minimum [Member] | Probability of default [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Weighted average rate | 0.00% | ||
Pooled Trust Preferred Collateralized Debt Obligations [Member] | Discounted Cash Flow [Member] | Minimum [Member] | Prepayment rates [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Weighted average rate | 0.00% | ||
Pooled Trust Preferred Collateralized Debt Obligations [Member] | Discounted Cash Flow [Member] | Maximum [Member] | Probability of default [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Weighted average rate | 100.00% | ||
Pooled Trust Preferred Collateralized Debt Obligations [Member] | Discounted Cash Flow [Member] | Maximum [Member] | Prepayment rates [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Weighted average rate | 73.65% | ||
Pooled Trust Preferred Collateralized Debt Obligations [Member] | Discounted Cash Flow [Member] | Weighted average [Member] | Probability of default [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Weighted average rate | 16.47% | ||
Pooled Trust Preferred Collateralized Debt Obligations [Member] | Discounted Cash Flow [Member] | Weighted average [Member] | Prepayment rates [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Weighted average rate | 5.10% | ||
Equity Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Securities available for sale, at fair value | $ 1,920,000 | 1,420,000 | |
Impaired Loans [Member] | Discounted Cash Flow [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets | $ 520,000 | ||
Impaired Loans [Member] | Discounted Cash Flow [Member] | Weighted average [Member] | Discount rates [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Weighted average rate | 1.90% | ||
Impaired Loans [Member] | Reserve Study [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets | $ 3,215,000 | ||
Impaired Loans [Member] | Reserve Study [Member] | NGL per gallon [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value Inputs Monetary | [2] | 15 | |
Impaired Loans [Member] | Reserve Study [Member] | Minimum [Member] | Gas per MCF [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value Inputs Monetary | [2] | 1.88 | |
Impaired Loans [Member] | Reserve Study [Member] | Minimum [Member] | Oil per BBL/d [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value Inputs Monetary | [2] | 55 | |
Impaired Loans [Member] | Reserve Study [Member] | Maximum [Member] | Gas per MCF [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value Inputs Monetary | [2] | 5.27 | |
Impaired Loans [Member] | Reserve Study [Member] | Maximum [Member] | Oil per BBL/d [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value Inputs Monetary | [2] | $ 90 | |
Impaired Loans [Member] | Reserve Study [Member] | Weighted average [Member] | Discount rates [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Weighted average rate | 10.00% | ||
Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Securities available for sale, at fair value | $ 37,441,000 | 30,419,000 | |
Assets | 37,441,000 | 30,419,000 | |
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 | 1,920,000 | 1,420,000 | |
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 | 35,521,000 | 28,999,000 | |
Pooled Trust Preferred Collateralized Debt Obligations [Member] | Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Securities available for sale, at fair value | 28,999,000 | ||
Pooled Trust Preferred Collateralized Debt Obligations [Member] | 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 | 35,521,000 | ||
Fair Value, Measurements, Nonrecurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Other Real Estate Owned Assets Fair Value | 8,654,000 | 7,981,000 | |
Assets | 49,650,000 | 53,771,000 | |
Fair Value, Measurements, Nonrecurring [Member] | Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Other Real Estate Owned Assets Fair Value | 18,000 | 153,000 | |
Assets | 9,979,000 | $ 11,079,000 | |
Fair Value, Measurements, Nonrecurring [Member] | Level 3 [Member] | Other Real Estate Owned [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Other Real Estate Owned Assets Fair Value | $ 18,000 | ||
[1] | incorporates spread over risk free rate related primarily to credit quality and illiquidity of securities. | ||
[2] | unobservable inputs are defined as follows: MCF - million cubic feet; BBL/d - barrels per day; NGL - natural gas liquid. |
Fair Values of Assets and Lia61
Fair Values of Assets and Liabilities - Schedule of Changes in Level 3 Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Balance, beginning of period | $ 33,054 | $ 29,296 | $ 30,419 | $ 24,943 |
Total gains or losses included in earnings | 0 | 77 | 105 | 77 |
Total gains or losses included in other comprehensive income | 4,851 | 1,053 | 7,471 | 5,796 |
Purchases | 0 | 0 | 500 | 0 |
Issuances | 0 | 0 | 0 | 0 |
Sales | 0 | 2,396 | 0 | (3,112) |
Settlements | 464 | 775 | (1,054) | (1,165) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 0 | 2,319 | 0 | 3,035 |
Balance, end of period | 37,441 | 29,574 | 37,441 | 29,574 |
Pooled Trust Preferred Collateralized Debt Obligations [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Balance, beginning of period | 31,134 | 27,876 | 28,999 | 23,523 |
Total gains or losses included in earnings | 0 | 0 | 105 | 0 |
Total gains or losses included in other comprehensive income | 4,851 | 1,053 | 7,471 | 5,796 |
Purchases | 0 | 0 | 0 | 0 |
Issuances | 0 | 0 | 0 | 0 |
Sales | 0 | 0 | 0 | 0 |
Settlements | 464 | 775 | (1,054) | (1,165) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 0 | 0 | 0 | 0 |
Balance, end of period | 35,521 | 28,154 | 35,521 | 28,154 |
Equity Securities [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Balance, beginning of period | 1,920 | 1,420 | 1,420 | 1,420 |
Total gains or losses included in earnings | 0 | 0 | 0 | 0 |
Total gains or losses included in other comprehensive income | 0 | 0 | 0 | 0 |
Purchases | 0 | 0 | 500 | 0 |
Issuances | 0 | 0 | 0 | 0 |
Sales | 0 | 0 | 0 | 0 |
Settlements | 0 | 0 | 0 | 0 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 0 | 0 | 0 | 0 |
Balance, end of period | $ 1,920 | 1,420 | 1,920 | 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 | 77 | $ 0 | 77 | |
Total gains or losses included in other comprehensive income | 0 | 0 | ||
Purchases | 0 | 0 | ||
Issuances | 0 | 0 | ||
Sales | 2,396 | (3,112) | ||
Settlements | 0 | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 2,319 | 3,035 | ||
Balance, end of period | $ 0 | $ 0 |
Fair Values of Assets and Lia62
Fair Values of Assets and Liabilities - Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available for sale, at fair value | $ 1,089,725 | $ 1,309,819 | ||
Other investments | 53,347 | 44,545 | ||
Loans Held for Sale | 9,817 | 2,502 | ||
Other Assets | 10,563 | [1] | 11,186 | [2] |
Total Assets | 1,163,452 | 1,368,052 | ||
Other Liabilities | 9,405 | [1] | 10,671 | [2] |
Total Liabilities | 9,405 | 10,671 | ||
Debt Securities [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available for sale, at fair value | 1,087,805 | 1,308,399 | ||
Equity Securities [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available for sale, at fair value | 1,920 | 1,420 | ||
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 | 24,338 | 25,936 | ||
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 | 862,900 | 950,881 | ||
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 | 59 | 74 | ||
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 | 135,629 | 267,877 | ||
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 | 27,065 | 27,377 | ||
Corporate Debt Securities [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available for sale, at fair value | 2,293 | 7,255 | ||
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 | 35,521 | 28,999 | ||
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 | [1] | 0 | [2] |
Total Assets | 0 | 0 | ||
Other Liabilities | 0 | [1] | 0 | [2] |
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] | 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 - 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 | 1,052,284 | 1,279,400 | ||
Other investments | 53,347 | 44,545 | ||
Loans Held for Sale | 9,817 | 2,502 | ||
Other Assets | 10,563 | [1] | 11,186 | [2] |
Total Assets | 1,126,011 | 1,337,633 | ||
Other Liabilities | 9,405 | [1] | 10,671 | [2] |
Total Liabilities | 9,405 | 10,671 | ||
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 | 1,052,284 | 1,279,400 | ||
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 | 24,338 | 25,936 | ||
Level 2 [Member] | 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 | 862,900 | 950,881 | ||
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 | 59 | 74 | ||
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 | 135,629 | 267,877 | ||
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 | 27,065 | 27,377 | ||
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 | 2,293 | 7,255 | ||
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 | 37,441 | 30,419 | ||
Other investments | 0 | 0 | ||
Loans Held for Sale | 0 | 0 | ||
Other Assets | 0 | [1] | 0 | [2] |
Total Assets | 37,441 | 30,419 | ||
Other Liabilities | 0 | [1] | 0 | [2] |
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 | 35,521 | 28,999 | ||
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 | 1,920 | 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] | 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 - 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 | $ 28,999 | |||
[1] | Hedging and non-hedging interest rate derivatives | |||
[2] | on-hedging interest rate derivatives |
Fair Values of Assets and Lia63
Fair Values of Assets and Liabilities - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | Mar. 31, 2014 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Fair Value, Assets, Level 1 to Level 2 Transfers, Description | $ 0 | $ 0 | $ 0 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 0 | $ 2,319,000 | 0 | $ 3,035,000 | ||
Impaired loans considered to be credit risk of non-collection | 100,000 | 100,000 | ||||
Updated appraisal requirement floor | 250,000 | 250,000 | ||||
Other real estate owned | 6,539,000 | 6,539,000 | $ 7,197,000 | |||
Financial instrument of credit risk | $ 200,000 | 200,000 | $ 200,000 | |||
Fair Value, Assets Measured on Recurring Basis, Gain (Loss) Included in Other Income, Assets and Liabilities Continue to be held | $ 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 | $ 2,319,000 | $ 3,035,000 | ||||
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 Lia64
Fair Values of Assets and Liabilities - Schedule of Assets Measured on Non-Recurring Basis (Detail) - Fair Value by Asset Class [Domain] - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Assets | $ 1,163,452 | $ 1,368,052 |
Fair Value, Measurements, Nonrecurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 40,996 | 45,790 |
Other real estate owned | 8,654 | 7,981 |
Total Assets | 49,650 | 53,771 |
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 | 1,126,011 | 1,337,633 |
Level 2 [Member] | Fair Value, Measurements, Nonrecurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 31,035 | 34,864 |
Other real estate owned | 8,636 | 7,828 |
Total Assets | 39,671 | 42,692 |
Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Assets | 37,441 | 30,419 |
Level 3 [Member] | Fair Value, Measurements, Nonrecurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 9,961 | 10,926 |
Other real estate owned | 18 | 153 |
Total Assets | $ 9,979 | $ 11,079 |
Fair Values of Assets and Lia65
Fair Values of Assets and Liabilities - Losses Realized on Assets Measured on Non-Recurring Basis (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Fair Value Disclosures [Abstract] | ||||
Impaired loans | $ (382) | $ (3,020) | $ (843) | $ (2,739) |
Other real estate owned | (1,126) | (728) | (1,154) | (1,078) |
Total losses | $ (1,508) | $ (3,748) | $ (1,997) | $ (3,817) |
Fair Values of Assets and Lia66
Fair Values of Assets and Liabilities - Carrying Amounts and Fair Values of Financial Instruments (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Carrying Amount [Member] | ||
Fair Value Measurements Of Financial Instruments [Line Items] | ||
Cash and due from banks | $ 64,321 | $ 72,276 |
Interest-bearing deposits | 3,120 | 2,262 |
Securities available for sale, at fair value | 1,089,725 | 1,309,819 |
Held-to-maturity Securities | 131,780 | |
Other investments | 53,347 | 44,545 |
Loans Held for sale, Amount | 9,817 | 2,502 |
Loans and Leases Receivable, Net of Deferred Income | 4,490,854 | 4,457,308 |
Deposits | 4,210,107 | 4,315,511 |
Short-term borrowings | 1,231,917 | 1,105,876 |
Subordinated debt | 72,167 | 72,167 |
Long-term debt | 39,189 | 89,459 |
Estimate of Fair Value, Fair Value Disclosure [Member] | ||
Fair Value Measurements Of Financial Instruments [Line Items] | ||
Cash and due from banks | 64,321 | 72,276 |
Interest-bearing deposits | 3,120 | 2,262 |
Securities available for sale, at fair value | 1,089,725 | 1,309,819 |
Held-to-maturity Securities | 130,454 | |
Other investments | 53,347 | 44,545 |
Loans Held for sale, Amount | 9,817 | 2,502 |
Loans and Leases Receivable, Net of Deferred Income | 4,509,268 | 4,439,766 |
Deposits | 4,213,317 | 4,319,997 |
Short-term borrowings | 1,231,945 | 1,105,867 |
Subordinated debt | 63,303 | 62,815 |
Long-term debt | 39,819 | 90,319 |
Estimate of Fair Value, Fair Value Disclosure [Member] | Level 1 [Member] | ||
Fair Value Measurements Of Financial Instruments [Line Items] | ||
Cash and due from banks | 64,321 | 72,276 |
Interest-bearing deposits | 3,120 | 2,262 |
Securities available for sale, at fair value | 0 | 0 |
Held-to-maturity Securities | 0 | |
Other investments | 0 | 0 |
Loans Held for sale, Amount | 0 | 0 |
Loans and Leases Receivable, Net of Deferred Income | 0 | 0 |
Deposits | 0 | 0 |
Short-term borrowings | 0 | 0 |
Subordinated debt | 0 | 0 |
Long-term 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 | 1,052,284 | 1,279,400 |
Held-to-maturity Securities | 130,454 | |
Other investments | 53,347 | 44,545 |
Loans Held for sale, Amount | 9,817 | 2,502 |
Loans and Leases Receivable, Net of Deferred Income | 31,035 | 34,864 |
Deposits | 4,213,317 | 4,319,997 |
Short-term borrowings | 1,231,945 | 1,105,867 |
Subordinated debt | 0 | 0 |
Long-term debt | 39,819 | 90,319 |
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 | 37,441 | 30,419 |
Held-to-maturity Securities | 0 | |
Other investments | 0 | 0 |
Loans Held for sale, Amount | 0 | 0 |
Loans and Leases Receivable, Net of Deferred Income | 4,478,233 | 4,404,902 |
Deposits | 0 | 0 |
Short-term borrowings | 0 | 0 |
Subordinated debt | 63,303 | 62,815 |
Long-term debt | $ 0 | $ 0 |
Derivatives - Additional Inform
Derivatives - Additional Information (Detail) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015USD ($)Derivatives | Jun. 30, 2014USD ($) | Jun. 30, 2015USD ($)Derivatives | Jun. 30, 2014USD ($) | Dec. 31, 2014USD ($) | |
Risk participation Agreements [Line Items] | |||||
HedgedItemsOfCashFlowHedge | $ 200,000 | $ 200,000 | |||
Derivative Instruments Designated As Hedging Instruments Interest Income | $ 557 | $ 0 | $ 938 | $ 0 | |
Risk Participation Agreements Purchased [Domain] | |||||
Risk participation Agreements [Line Items] | |||||
Number of interest rate swaps | Derivatives | 15 | 15 | |||
Risk Participation Agreements Sold [Domain] | |||||
Risk participation Agreements [Line Items] | |||||
Number of interest rate swaps | Derivatives | 3 | 3 | |||
Designated as Hedging Instrument [Member] | |||||
Risk participation Agreements [Line Items] | |||||
Derivative, Notional Amount | $ 200,000 | $ 200,000 | $ 100,000 | ||
Three Year Maturity [Member] | Designated as Hedging Instrument [Member] | |||||
Risk participation Agreements [Line Items] | |||||
Derivative, Notional Amount | 85,000 | 85,000 | |||
Four Year Maturity [Member] | Designated as Hedging Instrument [Member] | |||||
Risk participation Agreements [Line Items] | |||||
Derivative, Notional Amount | $ 115,000 | $ 115,000 |
Derivatives - Credit Value Adju
Derivatives - Credit Value Adjustment Recorded Related to Notional Amount of Derivatives Outstanding (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Not Designated as Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Derivative, Fair Value, Net | $ 95 | $ (268) |
Designated as Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Derivative, Fair Value, Net | 1,140 | 472 |
Derivative, Notional Amount | 200,000 | 100,000 |
Interest Rate Swap [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | 264,342 | 273,388 |
Interest Rate Cap [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | 6,094 | 6,656 |
Credit Default Swap [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | 123,990 | 113,624 |
Credit Default Swap, Selling Protection [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | $ (17,731) | $ (17,296) |
Derivatives - Schedule of Chang
Derivatives - Schedule of Changes in Fair Value of Derivative Assets and Liabilities (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | $ 593 | $ 342 | $ 363 | $ 284 |
Derivative Instruments Designated As Hedging Instruments Interest Income | 557 | 0 | 938 | 0 |
Derivative, Net Hedge Ineffectiveness Gain (Loss) | $ 12 | $ 0 | $ 21 | $ 0 |
Goodwill - Additional Informati
Goodwill - Additional Information (Detail) - USD ($) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2015 | Dec. 31, 2014 | |
Goodwill Disclosure [Abstract] | ||
Goodwill | $ 161,429,000 | $ 161,429,000 |
Impairment charges on goodwill | $ 0 | $ 0 |
Uncategorized Items - fcf-20150
Label | Element | Value |
Provision for Loan and Lease Losses | us-gaap_ProvisionForLoanAndLeaseLosses | $ 3,038 |
Provision for Loan and Lease Losses | us-gaap_ProvisionForLoanAndLeaseLosses | 3,317 |
Net Income (Loss) Attributable to Parent | us-gaap_NetIncomeLoss | 11,928 |
Net Income (Loss) Attributable to Parent | us-gaap_NetIncomeLoss | $ 13,447 |