Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Feb. 24, 2014 | Jun. 28, 2013 | |
Entity Information [Line Items] | ' | ' | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Entity Registrant Name | 'PARK NATIONAL CORP /OH/ | ' | ' |
Entity Central Index Key | '0000805676 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 15,392,443 | ' |
Entity Public Float | ' | ' | $1,060,189,898 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Assets: | ' | ' |
Cash and due from banks | $129,078 | $164,120 |
Money market instruments | 17,952 | 37,185 |
Cash and cash equivalents | 147,030 | 201,305 |
Investment securities: | ' | ' |
Securities available-for-sale, at fair value (amortized cost of $1,222,143 and $1,099,658 at December 31, 2013 and 2012, respectively) | 1,176,266 | 1,114,454 |
Securities held-to-maturity, at amortized cost (fair value of $187,402 and $410,705 at December 31, 2013 and 2012, respectively) | 182,061 | 401,390 |
Other investment securities | 65,907 | 65,907 |
Total investment securities | 1,424,234 | 1,581,751 |
Total loans | 4,620,505 | 4,450,322 |
Allowance for loan losses | -59,468 | -55,537 |
Net loans | 4,561,037 | 4,394,785 |
Other assets: | ' | ' |
Bank owned life insurance | 169,284 | 161,069 |
Goodwill | 72,334 | 72,334 |
Other intangibles | 0 | 337 |
Premises and equipment, net | 55,278 | 53,751 |
Accrued interest receivable | 18,335 | 19,710 |
OREO | 34,636 | 35,718 |
Mortgage loan servicing rights | 9,013 | 7,763 |
Other | 147,166 | 114,280 |
Total other assets | 506,046 | 464,962 |
Total assets | 6,638,347 | 6,642,803 |
Deposits: | ' | ' |
Non-interest bearing | 1,193,553 | 1,137,290 |
Interest bearing | 3,596,441 | 3,578,742 |
Total deposits | 4,789,994 | 4,716,032 |
Short-term borrowings | 242,029 | 344,168 |
Long-term debt | 810,541 | 781,658 |
Subordinated debentures/notes | 80,250 | 80,250 |
Total borrowings | 1,132,820 | 1,206,076 |
Other liabilities: | ' | ' |
Accrued interest payable | 2,901 | 3,459 |
Other | 60,885 | 66,870 |
Total other liabilities | 63,786 | 70,329 |
Total liabilities | 5,986,600 | 5,992,437 |
Commitments and Contingencies | ' | ' |
Shareholders’ equity: | ' | ' |
Preferred Stock, Value, Issued | 0 | 0 |
Common shares, no par value (20,000,000 shares authorized; 16,150,941 and 16,150,987 shares issued at December 31, 2013 and 2012, respectively) | 302,651 | 302,654 |
Accumulated other comprehensive loss, net | -35,419 | -17,518 |
Retained earnings | 460,643 | 441,605 |
Less: Treasury shares (738,989 shares at December 31, 2013 and 2012, respectively) | -76,128 | -76,375 |
Total shareholders’ equity | 651,747 | 650,366 |
Total liabilities and shareholders’ equity | $6,638,347 | $6,642,803 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Amortized cost of securities available-for-sale | $1,222,143 | $1,099,658 |
Fair value of securities held-to-maturity | $187,402 | $410,705 |
Preferred stock, shares authorized | 200,000 | 200,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock per share liquidation preference | $0 | $0 |
Common stock, no par value | $0 | $0 |
Common stock, shares authorized | 20,000,000 | 20,000,000 |
Common stock stock, shares issued | 16,150,941 | 16,150,987 |
Treasury stock, shares | 738,989 | 738,989 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Interest and dividend income: | ' | ' | ' |
Interest and fees on loans | $225,538 | $234,638 | $262,458 |
Interest and dividends on: | ' | ' | ' |
Obligations of U.S. Government, its agencies and other securities | 36,686 | 50,549 | 68,873 |
Obligations of states and political subdivisions | 45 | 140 | 371 |
Other interest income | 678 | 408 | 178 |
Total interest and dividend income | 262,947 | 285,735 | 331,880 |
Interest on deposits: | ' | ' | ' |
Demand and savings deposits | 1,773 | 2,483 | 3,812 |
Time deposits | 11,235 | 15,921 | 23,842 |
Interest on short-term borrowings | 544 | 678 | 823 |
Interest on long-term debt | 28,370 | 31,338 | 30,169 |
Total interest expense | 41,922 | 50,420 | 58,646 |
Net interest income | 221,025 | 235,315 | 273,234 |
Provision for loan losses | 3,415 | 35,419 | 63,272 |
Net interest income after provision for loan losses | 217,610 | 199,896 | 209,962 |
Other income: | ' | ' | ' |
Income from fiduciary activities | 17,133 | 15,947 | 14,965 |
Service charges on deposit accounts | 16,316 | 16,704 | 18,307 |
Net gain on sales of securities | 0 | 0 | 28,829 |
Other service income | 12,913 | 13,631 | 10,606 |
Checkcard fee income | 12,955 | 12,541 | 12,496 |
Bank owned life insurance income | 5,041 | 4,754 | 5,089 |
ATM fees | 2,632 | 2,359 | 2,703 |
Net gain on sale of OREO | 3,110 | 4,414 | 1,312 |
OREO devaluations | -3,180 | -6,872 | -8,219 |
Gain on sale of Vision business | 0 | 22,167 | 0 |
Other | 6,357 | 6,758 | 8,822 |
Total other income | 73,277 | 92,403 | 94,910 |
Other expense: | ' | ' | ' |
Salaries and employee benefits | 100,298 | 95,977 | 102,068 |
Data processing fees | 4,174 | 3,916 | 4,965 |
Professional fees and services | 27,865 | 24,267 | 21,119 |
Net occupancy expense of bank premises | 9,804 | 9,444 | 11,295 |
Amortization of intangibles | 337 | 2,172 | 3,534 |
Furniture and equipment expense | 11,249 | 10,788 | 10,773 |
Insurance | 5,205 | 5,780 | 6,821 |
Marketing | 3,790 | 3,474 | 2,967 |
Postage and telephone | 5,790 | 5,983 | 6,060 |
State taxes | 3,702 | 3,786 | 1,544 |
Loan put provision | 0 | 3,299 | 0 |
OREO expense | 2,731 | 4,011 | 3,266 |
Other | 13,584 | 15,071 | 13,905 |
Total other expense | 188,529 | 187,968 | 188,317 |
Income before income taxes | 102,358 | 104,331 | 116,555 |
State income taxes (benefit) | 0 | 0 | 6,088 |
Federal income taxes | 25,131 | 25,701 | 28,327 |
Net income | 77,227 | 78,630 | 82,140 |
Preferred share dividends and accretion | 0 | 3,425 | 5,856 |
Income available to common shareholders | $77,227 | $75,205 | $76,284 |
Earnings per common share: | ' | ' | ' |
Basic (in dollars per share) | $5.01 | $4.88 | $4.95 |
Diluted (in dollars per share) | $5.01 | $4.88 | $4.95 |
Statements_of_Comprehensive_In
Statements of Comprehensive Income (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Net income | $77,227 | $78,630 | $82,140 |
Other comprehensive income (loss), net of tax: | ' | ' | ' |
Changes in pension plan assets and benefit obligations recognized in other comprehensive income | 21,536 | -6,180 | -5,027 |
Unrealized net holding gain on cash flow hedge, net of income taxes of $296 and $276 for years ended December 31, 2012, and 2011, respectively | 0 | 550 | 512 |
Unrealized net holding (loss) on securities available-for-sale, net of income taxes of $(21,236), $(1,645) and $(1,318) for years ended December 31, 2013, 2012 and 2011, respectively | -39,437 | -3,057 | -2,448 |
Other comprehensive (loss) | -17,901 | -8,687 | -6,963 |
Comprehensive income | $59,326 | $69,943 | $75,177 |
Statements_of_Comprehensive_In1
Statements of Comprehensive Income (Parenthetical) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Tax Effect | ' | ' | ' |
Change in pension plan assets and benefit obligations, tax expense | $11,596 | ($3,328) | ($2,707) |
Unrealized net holding gain on cash flow hedge, tax Expense | 0 | 296 | 276 |
Unrealized net holding (loss) on securities available-for-sale, tax expense | ($21,236) | ($1,645) | ($1,318) |
Consolidated_Statements_of_Cha
Consolidated Statements of Changes in Stockholders' Equity (USD $) | Total | Preferred Shares | Common Shares | Retained Earnings | Treasury Stock | Accumulated Other Comprehensive Income (Loss) |
In Thousands, except Share data, unless otherwise specified | ||||||
Beginning balance at Dec. 31, 2010 | $729,708 | $97,290 | $305,677 | $406,342 | ($77,733) | ($1,868) |
Beginning balance, shares at Dec. 31, 2010 | ' | 100,000 | 15,398,934 | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' |
Net income | 82,140 | ' | ' | 82,140 | ' | ' |
Other comprehensive income (loss), net of tax: | ' | ' | ' | ' | ' | ' |
Changes in pension plan assets and benefit obligations recognized in other comprehensive income | -5,027 | ' | ' | ' | ' | -5,027 |
Unrealized net holding gain (loss) on cash flow hedge, net of income taxes | 512 | ' | ' | ' | ' | 512 |
Unrealized net holding gain (loss) on securities available-for-sale, net of income taxes | -2,448 | ' | ' | ' | ' | -2,448 |
Cash dividends | -57,907 | ' | ' | -57,907 | ' | ' |
Fractional shares issued in dividend reinvestment plan, shares | ' | ' | -42 | ' | ' | ' |
Cash payment for fractional shares in dividend reinvestment plan | -2 | ' | -2 | ' | ' | ' |
Accretion of discount on preferred shares | 0 | 856 | ' | -856 | ' | ' |
Common share warrants expired | 0 | ' | -176 | 176 | ' | ' |
Preferred share dividends | -5,000 | ' | ' | -5,000 | ' | ' |
Treasury stock reissued for director grants, shares | ' | ' | 7,020 | ' | ' | ' |
Treasury shares reissued for director grants | 388 | ' | ' | -338 | 726 | ' |
Ending balance at Dec. 31, 2011 | 742,364 | 98,146 | 305,499 | 424,557 | -77,007 | -8,831 |
Ending balance, shares at Dec. 31, 2011 | ' | 100,000 | 15,405,912 | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' |
Net income | 78,630 | ' | ' | 78,630 | ' | ' |
Other comprehensive income (loss), net of tax: | ' | ' | ' | ' | ' | ' |
Changes in pension plan assets and benefit obligations recognized in other comprehensive income | -6,180 | ' | ' | ' | ' | -6,180 |
Unrealized net holding gain (loss) on cash flow hedge, net of income taxes | 550 | ' | ' | ' | ' | 550 |
Unrealized net holding gain (loss) on securities available-for-sale, net of income taxes | -3,057 | ' | ' | ' | ' | -3,057 |
Cash dividends | -57,932 | ' | ' | -57,932 | ' | ' |
Fractional shares issued in dividend reinvestment plan, shares | ' | ' | -34 | ' | ' | ' |
Cash payment for fractional shares in dividend reinvestment plan | -2 | ' | -2 | ' | ' | ' |
Common share warrants redeemed | -2,843 | ' | -2,843 | ' | ' | ' |
Preferred shares redeemed | -100,000 | -100,000 | ' | ' | ' | ' |
Preferred shares redeemed, shares | ' | -100,000 | ' | ' | ' | ' |
Accretion of discount on preferred shares | 0 | 1,854 | ' | -1,854 | ' | ' |
Preferred share dividends | -1,571 | ' | ' | -1,571 | ' | ' |
Treasury stock reissued for director grants, shares | ' | ' | 6,120 | ' | ' | ' |
Treasury shares reissued for director grants | 407 | ' | ' | -225 | 632 | ' |
Ending balance at Dec. 31, 2012 | 650,366 | 0 | 302,654 | 441,605 | -76,375 | -17,518 |
Ending balance, shares at Dec. 31, 2012 | ' | 0 | 15,411,998 | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' |
Net income | 77,227 | ' | ' | 77,227 | ' | ' |
Other comprehensive income (loss), net of tax: | ' | ' | ' | ' | ' | ' |
Changes in pension plan assets and benefit obligations recognized in other comprehensive income | 21,536 | ' | ' | ' | ' | 21,536 |
Unrealized net holding gain (loss) on cash flow hedge, net of income taxes | 0 | ' | ' | ' | ' | ' |
Unrealized net holding gain (loss) on securities available-for-sale, net of income taxes | -39,437 | ' | ' | ' | ' | -39,437 |
Cash dividends | -57,949 | ' | ' | -57,949 | ' | ' |
Fractional shares issued in dividend reinvestment plan, shares | ' | ' | -46 | ' | ' | ' |
Cash payment for fractional shares in dividend reinvestment plan | -3 | ' | -3 | ' | ' | ' |
Treasury Stock, Shares, Acquired | ' | ' | -10,550 | ' | ' | ' |
Treasury Stock, Value, Acquired, Cost Method | -843 | ' | ' | ' | -843 | ' |
Treasury stock reissued for director grants, shares | ' | ' | 10,550 | ' | ' | ' |
Treasury shares reissued for director grants | 850 | ' | ' | -240 | 1,090 | ' |
Ending balance at Dec. 31, 2013 | $651,747 | $0 | $302,651 | $460,643 | ($76,128) | ($35,419) |
Ending balance, shares at Dec. 31, 2013 | ' | 0 | 15,411,952 | ' | ' | ' |
Consolidated_Statements_of_Cha1
Consolidated Statements of Changes In Stockholders' Equity (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Unrealized net holding gain (loss) on cash flow hedge, tax | $0 | $296 | $276 |
Unrealized net holding (loss) gain on securities-available-for-sale, tax | -21,236 | -1,645 | -1,318 |
Cash dividends on common stock per share | $3.76 | $3.76 | $3.76 |
Change in funded status of pension plan, tax | $11,596 | ($3,328) | ($2,707) |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Operating activities: | ' | ' | ' |
Net income | $77,227 | $78,630 | $82,140 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' |
Provision for loan losses | 3,415 | 35,419 | 63,272 |
Loan put provision | 0 | 3,299 | 0 |
Amortization of loan fees and costs, net | 3,611 | 2,119 | 2,871 |
Provision for depreciation | 7,315 | 6,954 | 7,583 |
Other than temporary impairment on investment securities | 17 | 54 | 0 |
Amortization of intangible assets | 337 | 2,172 | 3,534 |
(Accretion)/amortization of investment securities | -33 | -239 | 490 |
Amortization of prepayment penalty on long term debt | 4,835 | ' | ' |
Deferred income tax | -2,456 | 12,717 | 28,466 |
Realized net investment security gains | 0 | 0 | -28,829 |
Compensation expense for issuance of treasury shares to directors | 850 | 407 | 388 |
Loan originations to be sold in secondary market | -317,534 | -442,890 | -269,922 |
Proceeds from sale of loans in secondary market | 341,611 | 422,875 | 263,170 |
Gain on sale of loans in secondary market | 4,093 | 5,807 | 3,557 |
OREO devaluations | 3,180 | 6,872 | 8,219 |
Bank owned life insurance income | -5,041 | -4,754 | -5,089 |
Changes in assets and liabilities: | ' | ' | ' |
Increase in other assets | 514 | -15,231 | -18,722 |
Decrease in other liabilities | -7,389 | -9,010 | -10,826 |
Cash included in assets held for sale | 0 | 0 | -6,766 |
Net cash provided by operating activities | 114,552 | 105,201 | 123,536 |
Investing activities: | ' | ' | ' |
Proceeds from sales of held-to-maturity securities | 0 | 0 | 25,410 |
Available-for-sale | 75,000 | 0 | 584,573 |
Proceeds from calls and maturities of securities: | ' | ' | ' |
Held-to-maturity | 219,329 | 681,513 | 454,937 |
Available-for-sale | 385,259 | 666,431 | 557,552 |
Purchase of securities: | ' | ' | ' |
Held-to-maturity | 0 | -262,679 | -625,925 |
Available-for-sale | -582,728 | -964,704 | -641,751 |
Net decrease in other investments | 0 | 1,697 | 1,095 |
Net loan originations, portfolio loans | 190,167 | 163,106 | 71,862 |
Sales of assets/liabilities related to Vision Bank | 0 | -144,436 | 0 |
Purchases of bank owned life insurance, net | -4,600 | -2,500 | -3,000 |
Purchases of premises and equipment, net | -8,842 | -6,964 | -6,618 |
Net cash (used in) provided by investing activities | -106,749 | -194,748 | 274,411 |
Financing activities | ' | ' | ' |
Net increase (decrease) in deposits | 73,962 | 250,918 | -97,708 |
Net (decrease) increase in short-term borrowings | -102,139 | 80,574 | -400,075 |
Proceeds from issuance of subordinated notes | 0 | 30,000 | 0 |
Proceeds from long-term debt | 75,000 | 300,000 | 203,000 |
Repayment of sub-debt | 0 | -25,000 | 0 |
Repayment of long-term debt | -50,952 | -340,129 | -16,551 |
Cash payment for repurchase of common share warrant from U.S. Treasury | 0 | -2,843 | 0 |
Repurchase of preferred shares from U.S. Treasury | 0 | -100,000 | 0 |
Cash dividends paid | -57,949 | -60,154 | -62,907 |
Net cash (used in) provided by financing activities | -62,078 | 133,366 | -374,241 |
(Decrease) increase in cash and cash equivalents | -54,275 | 43,819 | 23,706 |
Cash and cash equivalents at beginning of year | 201,305 | 157,486 | 133,780 |
Cash and cash equivalents at end of year | $147,030 | $201,305 | $157,486 |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||
Summary of Significant Accounting Policies | ' | ||||||||||||
Summary of Significant Accounting Policies | |||||||||||||
The following is a summary of significant accounting policies followed in the preparation of the consolidated financial statements: | |||||||||||||
Principles of Consolidation | |||||||||||||
The consolidated financial statements include the accounts of Park National Corporation and its subsidiaries (“Park”, the “Company” or the “Corporation”). Material intercompany accounts and transactions have been eliminated. | |||||||||||||
Use of Estimates | |||||||||||||
The preparation of financial statements in conformity with U.S. generally accepted accounting principles ("GAAP") requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Management has identified the allowance for loan losses, accounting for Other Real Estate Owned (“OREO”), fair value accounting, accounting for goodwill and accounting for pension plan and other post retirement benefits as significant estimates. | |||||||||||||
Reclassifications | |||||||||||||
Certain prior year amounts have been reclassified to conform with the current year presentation. Reclassifications had no effect on prior year net income or shareholders' equity. | |||||||||||||
Restrictions on Cash and Due from Banks | |||||||||||||
The Corporation’s national bank subsidiary is required to maintain average reserve balances with the Federal Reserve Bank. The average required reserve balance was approximately $48.0 million at December 31, 2013 and $41.0 million at December 31, 2012. No other compensating balance arrangements were in existence at December 31, 2013. | |||||||||||||
Investment Securities | |||||||||||||
Investment securities are classified upon acquisition into one of three categories: held-to-maturity (HTM), available-for-sale (AFS), or trading (see Note 4 of these Notes to Consolidated Financial Statements). | |||||||||||||
Held-to-maturity securities are those securities that the Corporation has the positive intent and ability to hold to maturity and are recorded at amortized cost. Available-for-sale securities are those securities that would be available to be sold in the future in response to the Corporation’s liquidity needs, changes in market interest rates, and asset-liability management strategies, among other reasons. Available-for-sale securities are reported at fair value, with unrealized holding gains and losses excluded from earnings but included in other comprehensive income, net of applicable taxes. The Corporation did not hold any trading securities during any period presented. | |||||||||||||
Available-for-sale and held-to-maturity securities are evaluated quarterly for potential other-than-temporary impairment. Management considers the facts related to each security including the nature of the security, the amount and duration of the loss, the credit quality of the issuer, the expectations for that security’s performance and whether Park intends to sell, or it is more likely than not to be required to sell, a security in an unrealized loss position before recovery of its amortized cost basis. Declines in the value of equity securities that are considered to be other-than-temporary are recorded as a charge to earnings in the Consolidated Statements of Income. Declines in the value of debt securities that are considered to be other-than-temporary are separated into (1) the amount of the total impairment related to credit loss and (2) the amount of the total impairment related to all other factors. The amount of the total other-than-temporary impairment related to the credit loss is recognized in earnings. The amount of the total other-than-temporary impairment related to all other factors is recognized in other comprehensive income. | |||||||||||||
Interest income includes amortization of purchase premium or discount. Premiums and discounts on securities are amortized on the level-yield method without anticipating prepayments, except for mortgage-backed securities where prepayments are anticipated. | |||||||||||||
Gains and losses realized on the sale of investment securities are recorded on the trade date and determined using the specific identification basis. | |||||||||||||
Federal Home Loan Bank (FHLB) and Federal Reserve Bank (FRB) Stock | |||||||||||||
Park’s national bank subsidiary, The Park National Bank (PNB) is a member of the FHLB. Additionally, PNB is a member of the FRB. Members are required to own a certain amount of stock based on their level of borrowings and other factors and may invest in additional amounts. FHLB stock and FRB stock are classified as restricted securities and are carried at their redemption value within other investment securities on the Consolidated Balance Sheets. Both cash and stock dividends are reported as income. | |||||||||||||
Bank Owned Life Insurance | |||||||||||||
Park has purchased insurance policies on the lives of directors and certain key officers. Bank owned life insurance is recorded at its cash surrender value (or the amount that can be realized). | |||||||||||||
Mortgage Loans Held for Sale | |||||||||||||
Mortgage loans held for sale are carried at their fair value. Mortgage loans held for sale were $1.7 million and $25.7 million at December 31, 2013 and 2012, respectively. These amounts are included in loans on the Consolidated Balance Sheets and in the residential real estate loan segments in Note 5 and Note 6. The contractual balance was $1.6 million and $25.2 million at December 31, 2013 and 2012, respectively. The gain expected upon sale was $28,000 and $568,000 at December 31, 2013 and 2012, respectively. None of these loans were 90 days or more past due or on nonaccrual status as of December 31, 2013 or 2012. | |||||||||||||
Mortgage Banking Derivatives | |||||||||||||
Commitments to fund mortgage loans (interest rate locks) to be sold into the secondary market and forward commitments for the future delivery of these mortgage loans are accounted for as free standing derivatives. The fair values of these mortgage derivatives are estimated based on changes in mortgage interest rates from the date the interest on the loan is locked. The Company enters into forward commitments for the future delivery of mortgage loans when interest rate locks are entered into, in order to hedge the change in interest rates resulting from its commitments to fund the loans. Changes in the fair values of these derivatives are included in net gains on sale of loans. | |||||||||||||
Loans | |||||||||||||
Loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoff, are reported at their outstanding principal balances adjusted for any charge-offs, any deferred fees or costs on originated loans, and any unamortized premiums or discounts on purchased loans. Interest income is reported on the interest method and includes amortization of net deferred loan origination fees and costs over the loan term. Commercial loans include: (1) commercial, financial and agricultural loans; (2) commercial real estate loans; (3) those commercial loans in the real estate construction loan segment; and (4) those commercial loans in the residential real estate loan segment. Consumer loans include: (1) mortgage and installment loans included in the real estate construction segment; (2) mortgage, home equity lines of credit (HELOC), and installment loans included in the residential real estate segment; and (3) all loans included in the consumer segment. | |||||||||||||
Generally, commercial loans are placed on nonaccrual status at 90 days past due and consumer and residential mortgage loans are placed on nonaccrual status at 120 days past due. Accrued interest on these loans is considered a loss, unless the loan is well-secured and in the process of collection. Commercial loans placed on nonaccrual status are considered impaired (See Note 5 of these Notes to Consolidated Financial Statements). For loans which are on nonaccrual status, it is Park’s policy to reverse interest previously accrued on the loans against interest income. Interest on such loans may be recorded on a cash basis and be included in earnings only when cash is actually received. Park’s charge-off policy for commercial loans requires management to establish a specific reserve or record a charge-off as soon as it is apparent that the borrower is troubled and there is, or likely will be, a collateral shortfall related to the estimated value of the collateral securing the loan. The Company’s charge-off policy for consumer loans is dependent on the class of the loan. Residential mortgage loans, HELOCs, and consumer loans secured by residential real estate are typically charged down to the value of the collateral, less estimated selling costs, at 180 days past due. The charge-off policy for other consumer loans, primarily installment loans, requires a monthly review of delinquent loans and a complete charge-off for any account that reaches 120 days past due. | |||||||||||||
The delinquency status of a loan is based on contractual terms and not on how recently payments have been received. Loans are removed from nonaccrual status when loan payments have been received to cure the delinquency status, the borrower has demonstrated the ability to maintain current payment status in accordance with the loan agreement and the loan is deemed to be well-secured by management. | |||||||||||||
A description of each segment of the loan portfolio, along with the risk characteristics of each segment, is included below: | |||||||||||||
Commercial, financial and agricultural: Commercial, financial and agricultural loans are made for a wide variety of general corporate purposes, including financing for commercial and industrial businesses, financing for equipment, inventories and accounts receivable, acquisition financing and commercial leasing. The term of each commercial loan varies by its purpose. Repayment terms are structured such that commercial loans will be repaid within the economic useful life of the underlying asset. The commercial loan portfolio includes loans to a wide variety of corporations and businesses across many industrial classifications in the 28 Ohio counties and one Kentucky county where PNB operates. The primary industries represented by these customers include manufacturing, retail trade, health care and other services. | |||||||||||||
Commercial real estate: Commercial real estate (“CRE”) loans include mortgage loans to developers and owners of commercial real estate. The lending policy for CRE loans is designed to address the unique risk attributes of CRE lending. The collateral for these CRE loans is the underlying commercial real estate. | |||||||||||||
Construction real estate: The Company defines construction loans as both commercial construction loans and residential construction loans where the loan proceeds are used exclusively for the improvement of real estate as to which the Company holds a mortgage. Construction loans may be in the form of a permanent loan or short-term construction loan, depending on the needs of the individual borrower. Construction financing is generally considered to involve a higher degree of risk of loss than long-term financing on improved, occupied real estate. Risk of loss on a construction loan depends largely upon the accuracy of the initial estimate of the property’s value at completion of construction and the estimated cost (including interest) of construction. If the estimate of construction cost proves to be inaccurate, the PNB division making the loan may be required to advance funds beyond the amount originally committed to permit completion of the project. If the estimate of value proves inaccurate, the PNB division may be confronted, at or prior to the maturity of the loan, with a project having a value insufficient to assure full repayment, should the borrower default. In the event a default on a construction loan occurs and foreclosure follows, the PNB division must take control of the project and attempt either to arrange for completion of construction or to dispose of the unfinished project. Additional risk exists with respect to loans made to developers who do not have a buyer for the property, as the developer may lack funds to pay the loan if the property is not sold upon completion. PNB and its divisions attempt to reduce such risks on loans to developers by requiring personal guarantees and reviewing current personal financial statements and tax returns as well as other projects undertaken by the developer. | |||||||||||||
Residential real estate: The Company defines residential real estate loans as first mortgages on individuals’ primary residence or second mortgages of individuals’ primary residence in the form of HELOCs or installment loans. Credit approval for residential real estate loans requires demonstration of sufficient income to repay the principal and interest and the real estate taxes and insurance, stability of employment, an established credit record and an appropriately appraised value of the real estate securing the loan. | |||||||||||||
Consumer: The Company originates direct and indirect consumer loans, primarily automobile loans and home equity based credit cards to customers in its primary market areas. Credit approval for consumer loans requires income sufficient to repay principal and interest due, stability of employment, an established credit record and sufficient collateral for secured loans. Consumer loans typically have shorter terms and lower balances with higher yields as compared to real estate mortgage loans, but generally carry higher risks of default. Consumer loan collections are dependent on the borrower’s financial stability, and thus are more likely to be affected by adverse personal circumstances. | |||||||||||||
Allowance for Loan Losses | |||||||||||||
The allowance for loan losses is that amount believed adequate to absorb probable incurred credit losses in the loan portfolio based on management’s evaluation of various factors. The determination of the allowance requires significant estimates, including the timing and amounts of expected cash flows on impaired loans, consideration of current economic conditions, and historical loss experience pertaining to pools of homogeneous loans, all of which may be susceptible to change. The allowance is increased through a provision for loan losses that is charged to earnings based on management’s quarterly evaluation of the factors previously mentioned and is reduced by charge-offs, net of recoveries. | |||||||||||||
The allowance for loan losses includes both (1) an estimate of loss based on historical loss experience within both commercial and consumer loan categories with similar characteristics (“statistical allocation”) and (2) an estimate of loss based on an impairment analysis of each commercial loan that is considered to be impaired (“specific allocation”). | |||||||||||||
In calculating the allowance for loan losses, management believes it is appropriate to utilize historical loss rates that are comparable to the current period being analyzed, giving consideration to losses experienced over a full cycle. For the historical loss factor at December 31, 2013, the Company utilized an annual loss rate (“historical loss experience”), calculated based on an average of the net charge-offs and the annual change in specific reserves for impaired commercial loans, experienced during 2009 through 2013 within the individual segments of the commercial and consumer loan categories. Management believes the 60-month historical loss experience methodology is appropriate in the current economic environment, as it captures loss rates consistent with current expectations based on current economic conditons. The loss factor applied to Park’s consumer portfolio as of December 31, 2013 was based on the historical loss experience over the past 60 months, plus an additional judgmental reserve, increasing the total allowance for loan loss coverage in the consumer portfolio to approximately 1.68 years of historical loss. The consumer loan portfolio loss coverage ratio was 1.52 years at December 31, 2012. The loss factor applied to Park’s commercial portfolio as of December 31, 2013 was based on the historical loss experience over the past 60 months, plus additional reserves for consideration of (1) a loss emergence period factor, (2) a loss migration factor and (3) a judgmental or environmental loss factor. These additional reserves increased the total allowance for loan loss coverage in the commercial portfolio to approximately 2.42 years of historical loss. The commercial loan portfolio loss coverage ratio was 2.59 years at December 31, 2012. Park’s commercial loans are individually risk graded. If loan downgrades occur, the probability of default increases and accordingly management allocates a higher percentage reserve to those accruing commercial loans graded special mention and substandard. | |||||||||||||
The judgmental increases discussed above incorporate management’s evaluation of the impact of environmental qualitative factors which pose additional risks and assign a component of the allowance for loan losses in consideration of these factors. Such environmental factors include: national and local economic trends and conditions; experience, ability and depth of lending management and staff; effects of any changes in lending policies and procedures; and levels of, and trends in, consumer bankruptcies, delinquencies, impaired loans and charge-offs and recoveries. | |||||||||||||
GAAP requires a specific allocation to be established as a component of the allowance for loan losses for certain loans when it is probable that all amounts due pursuant to the contractual terms of the loans will not be collected, and the recorded investment in the loans exceeds their measure of impairment. Management considers the following related to commercial loans when determining if a loan should be considered impaired: (1) current debt service coverage levels of the borrowing entity; (2) payment history over the most recent 12-month period; (3) other signs of deterioration in the borrower’s financial situation, such as changes in beacon scores; and (4) consideration of global cash flows of financially sound guarantors that have previously supported loan payments. The recorded investment is the carrying balance of the loan, plus accrued interest receivable, both as of the end of the year. Impairment is measured using either the present value of expected future cash flows based upon the initial effective interest rate on the loan, the observable market price of the loan or the fair value of the collateral. If a loan is considered to be collateral dependent, the fair value of collateral, less estimated selling costs, is used to measure impairment. | |||||||||||||
Troubled Debt Restructuring (TDRs) | |||||||||||||
Management classifies loans as TDRs when a borrower is experiencing financial difficulties and Park has granted a concession. In order to determine whether a borrower is experiencing financial difficulty, an evaluation is performed of the probability that the borrower will be in payment default on any of the borrower's debt in the foreseeable future without the modification. This evaluation is performed under the Company’s internal underwriting policy. Management’s policy is to modify loans by extending the term or by granting a temporary or permanent contractual interest rate below the market rate, not by forgiving debt. TDRs are separately identified for impairment disclosures and are measured at the present value of estimated future cash flows using the loan’s effective rate at inception. If a TDR is considered to be a collateral dependent loan, the loan is reported, net, at the fair value of the collateral. | |||||||||||||
Income Recognition | |||||||||||||
Income earned by the Corporation and its subsidiaries is recognized on the accrual basis of accounting, except for nonaccrual loans as previously discussed, and late charges on loans which are recognized as income when they are collected. | |||||||||||||
Premises and Equipment | |||||||||||||
Premises and equipment are stated at cost, less accumulated depreciation and amortization. Depreciation is generally provided on the straight-line method over the estimated useful lives of the related assets. Leasehold improvements are amortized over the shorter of the remaining lease period or the estimated useful lives of the improvements. Upon the sale or other disposal of an asset, the cost and related accumulated depreciation are removed from the accounts and the resulting gain or loss is recognized. Maintenance and repairs are charged to expense as incurred while renewals and improvements that extend the useful life of an asset are capitalized. Premises and equipment are evaluated for impairment whenever events or changes in circumstances indicate that the carrying amount of a particular asset may not be recoverable. | |||||||||||||
The range of depreciable lives over which premises and equipment are being depreciated are: | |||||||||||||
Buildings | 5 to 50 Years | ||||||||||||
Equipment, furniture and fixtures | 3 to 20 Years | ||||||||||||
Leasehold improvements | 1 to 10 Years | ||||||||||||
Buildings that are currently placed in service are depreciated over 30 years. Equipment, furniture and fixtures that are currently placed in service are depreciated over 3 to 12 years. Leasehold improvements are depreciated over the lives of the related leases which range from 1 to 10 years. | |||||||||||||
Other Real Estate Owned (OREO) | |||||||||||||
OREO is initially recorded at fair value less anticipated selling costs (net realizable value), establishing a new cost basis, and consists of property acquired through foreclosure and real estate held for sale. If the net realizable value is below the carrying value of the loan at the date of transfer, the difference is charged to the allowance for loan losses. Subsequent declines in the value of real estate are classified as OREO devaluations, are reported as adjustments to the carrying amount of OREO and are expensed within “Other income”. In certain circumstances where management believes the devaluation may not be permanent in nature, Park utilizes a valuation allowance to record OREO devaluations, which is also expensed through “Other income”. Costs relating to development and improvement of such properties are capitalized (not in excess of fair value less estimated costs to sell) and costs relating to holding the properties are charged to "Other expense". | |||||||||||||
Mortgage Loan Servicing Rights | |||||||||||||
When Park sells mortgage loans with servicing rights retained, servicing rights are recorded at an amount not to exceed fair value with the income statement effect recorded in gains on sale of loans. Capitalized servicing rights are amortized in proportion to and over the period of estimated future servicing income of the underlying loan and is included within “Other service income”. | |||||||||||||
Mortgage servicing rights are assessed for impairment periodically, based on fair value, with any impairment recognized through a valuation allowance. The fair value of mortgage servicing rights is determined by discounting estimated future cash flows from the servicing assets, using market discount rates and expected future prepayment rates. In order to calculate fair value, the sold loan portfolio is stratified into homogeneous pools of like categories. (See Note 20 of these Notes to Consolidated Financial Statements.) | |||||||||||||
Fees received for servicing mortgage loans owned by investors are based on a percentage of the outstanding monthly principal balance of such loans and are included in income as loan payments are received. The cost of servicing loans is charged to expense as incurred. | |||||||||||||
Goodwill and Other Intangible Assets | |||||||||||||
Goodwill represents the excess of the purchase price over net identifiable tangible and intangible assets acquired in a purchase business combination. Other intangible assets represent purchased assets that have no physical property but represent some future economic benefit to their owner and are capable of being sold or exchanged on their own or in combination with a related asset or liability. | |||||||||||||
Goodwill and indefinite-lived intangible assets are not amortized to expense, but are subject to impairment tests annually, or more frequently if events or changes in circumstances indicate that the asset might be impaired. Intangible assets with definitive useful lives (such as core deposit intangibles) are amortized to expense over their estimated useful lives. | |||||||||||||
Management considers several factors when performing the annual impairment tests on goodwill. The factors considered include the operating results for the particular Park segment for the past year and the operating results budgeted for the current year (including multi-year projections), the deposit and loan totals of the Park segment and the economic conditions in the markets served by the Park segment. At December 31, 2013, the goodwill remaining on Park's Consolidated Balance Sheet consisted entirely of goodwill at PNB. (See Note 23 of these Notes to Consolidated Financial Statements for operating segment results.) | |||||||||||||
The following table reflects the activity in goodwill and other intangible assets for the years 2013, 2012 and 2011. | |||||||||||||
(In thousands) | Goodwill | Core Deposit Intangibles | Total | ||||||||||
1-Jan-11 | $ | 72,334 | $ | 6,043 | $ | 78,377 | |||||||
Amortization | — | (3,534 | ) | (3,534 | ) | ||||||||
December 31, 2011 | $ | 72,334 | $ | 2,509 | $ | 74,843 | |||||||
Amortization | — | (2,172 | ) | (2,172 | ) | ||||||||
December 31, 2012 | $ | 72,334 | $ | 337 | $ | 72,671 | |||||||
Amortization | — | (337 | ) | (337 | ) | ||||||||
December 31, 2013 | $ | 72,334 | $ | — | $ | 72,334 | |||||||
GAAP requires a company to perform an impairment test on goodwill annually, or more frequently if events or changes in circumstances indicate that the asset might be impaired, by assessing qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If after assessing these events or circumstances, it is concluded that it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, then performing the two-step impairment test is unnecessary. If the carrying amount of the goodwill exceeds the fair value, an impairment charge must be recorded in an amount equal to the excess. | |||||||||||||
Park evaluates goodwill for impairment on April 1 of each year, with financial data as of March 31. Based on the analysis performed as of April 1, 2013, the Company determined that goodwill for Park’s national bank subsidiary (PNB) was not impaired. | |||||||||||||
The core deposit intangibles were being amortized to expense principally on the straight-line method, over a period of six years. The amortization period for the core deposit intangibles related to Vision Bank was accelerated in the fourth quarter of 2011 and first quarter of 2012 due to the pending sale of the Vision Bank business to Centennial Bank. Core deposit intangible amortization expense was $337,000 in 2013, $2.2 million in 2012 and $3.5 million in 2011. | |||||||||||||
The accumulated amortization of core deposit intangibles was $22.1 million as of December 31, 2013 and $21.8 million at December 31, 2012. As of December 31, 2013 all core deposit intangibles had been fully amortized. | |||||||||||||
Consolidated Statement of Cash Flows | |||||||||||||
Cash and cash equivalents include cash and cash items, amounts due from banks and money market instruments. Generally, money market instruments are purchased and sold for one-day periods. | |||||||||||||
Net cash provided by operating activities reflects cash payments as follows: | |||||||||||||
December 31, | |||||||||||||
(In thousands) | 2013 | 2012 | 2011 | ||||||||||
Interest paid on deposits and other borrowings | $ | 42,481 | $ | 51,877 | $ | 59,552 | |||||||
Income taxes paid | 20,000 | 7,000 | 17,700 | ||||||||||
Non-cash Items | |||||||||||||
Non-cash items included in cash provided by operating activities: | |||||||||||||
December 31, | |||||||||||||
(In thousands) | 2013 | 2012 | 2011 | ||||||||||
Transfers to OREO | $ | 22,144 | $ | 23,634 | $ | 36,209 | |||||||
Loss Contingencies and Guarantees | |||||||||||||
Loss contingencies, including claims and legal actions arising in the ordinary course of business, are recorded as liabilities when the likelihood of loss is probable and an amount or range of loss can be reasonably estimated. | |||||||||||||
Income Taxes | |||||||||||||
The Corporation accounts for income taxes using the asset and liability approach. Under this method, deferred tax assets and liabilities are determined based on differences between financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. To the extent that Park does not consider it more likely than not that a deferred tax asset will be recovered, a valuation allowance is recorded. All positive and negative evidence is reviewed when determining how much of a valuation allowance is recognized on a quarterly basis. A valuation allowance, if needed, reduces deferred tax assets to the amount expected to be realized. | |||||||||||||
An uncertain tax position is recognized as a benefit only if it is “more-likely-than-not” that the tax position would be sustained in a tax examination being presumed to occur. The benefit recognized for a tax position that meets the “more-likely-than-not” criteria is measured based on the largest benefit that is more than 50 percent likely to be realized, taking into consideration the amounts and probabilities of the outcome upon settlement. For tax positions not meeting the “more-likely-than-not” test, no tax benefit is recorded. Park recognizes any interest and penalties related to income tax matters in income tax expense. | |||||||||||||
Treasury Shares | |||||||||||||
The purchase of Park’s common shares is recorded at cost. At the date of retirement or subsequent reissuance, the treasury shares account is reduced by the weighted average cost of the common shares retired or reissued. | |||||||||||||
Comprehensive Income | |||||||||||||
Comprehensive income consists of net income and other comprehensive income (loss). Other comprehensive income (loss) includes unrealized gains and losses on securities available for sale, changes in the funded status of the Company’s Defined Benefit Pension Plan, and the unrealized net holding gains and losses on the cash flow hedge that matured on December 28, 2012, which are also recognized as separate components of equity. | |||||||||||||
Stock-Based Compensation | |||||||||||||
Compensation cost is recognized for stock options and stock awards issued to employees and directors, based on the fair value of these awards at the date of grant. A Black-Scholes model is utilized to estimate the fair value of stock options, while the market price of Park’s common shares at the date of grant is used for stock awards. Compensation cost is recognized over the required service period, generally defined as the vesting period. Park did not grant any stock options or stock awards to employees during 2013, 2012 or 2011. No stock options vested in 2013, 2012 or 2011. Park granted 10,550 common shares to its directors in 2013, 6,120 common shares in 2012 and 7,020 common shares in 2011. | |||||||||||||
Loan Commitments and Related Financial Instruments | |||||||||||||
Financial instruments include off‑balance sheet credit instruments, such as commitments to make loans and commercial letters of credit, issued to meet customer financing needs. The face amount for these items represents the exposure to loss, before considering customer collateral or ability to repay. Such financial instruments are recorded when they are funded. | |||||||||||||
Derivative Instruments | |||||||||||||
At the inception of a derivative contract, the Company designates the derivative as one of three types based on the Company’s intentions and belief as to the derivative's likely effectiveness as a hedge. These three types are: (1) a hedge of the fair value of a recognized asset or liability or of an unrecognized firm commitment (“fair value hedge”); (2) a hedge of a forecasted transaction or the variability of cash flows to be received or paid related to a recognized asset or liability (“cash flow hedge”); or (3) an instrument with no hedging designation (“stand-alone derivative”). For a fair value hedge, the gain or loss on the derivative, as well as the offsetting loss or gain on the hedged item, are recognized in current earnings as fair values change. For a cash flow hedge, the gain or loss on the derivative is reported in other comprehensive income and is reclassified into earnings in the same periods during which the hedged transaction affects earnings. For both types of hedges, changes in the fair value of derivatives that are not highly effective in hedging the changes in fair value or expected cash flows of the hedged item are recognized immediately in current earnings. Changes in the fair value of derivatives that do not qualify for hedge accounting are reported currently in earnings, as non-interest income. | |||||||||||||
The Company formally documents the relationship between derivatives and hedged items, as well as the risk-management objective and the strategy for undertaking hedge transactions at the inception of the hedging relationship. This documentation includes linking fair value or cash flow hedges to specific assets and liabilities on the Consolidated Balance Sheets or to specific firm commitments or forecasted transactions. The Company also formally assesses, both at the hedge’s inception and on an ongoing basis, whether the derivative instruments that are used are highly effective in offsetting changes in fair values or cash flows of the hedged items. The Company discontinues hedge accounting when it determines that the derivative is no longer effective in offsetting changes in the fair value or cash flows of the hedged item, the derivative is settled or terminates, a hedged forecasted transaction is no longer probable, a hedged firm commitment is no longer firm, or treatment of the derivative as a hedge is no longer appropriate or intended. | |||||||||||||
When hedge accounting is discontinued, subsequent changes in fair value of the derivative are recorded as non-interest income. When a fair value hedge is discontinued, the hedged asset or liability is no longer adjusted for changes in fair value and the existing basis adjustment is amortized or accreted over the remaining life of the asset or liability. When a cash flow hedge is discontinued but the hedged cash flows or forecasted transactions are still expected to occur, gains or losses that were accumulated in other comprehensive income are amortized into earnings over the same periods in which the hedged transactions will affect earnings. | |||||||||||||
Fair Value Measurement | |||||||||||||
Fair values of financial instruments are estimated using relevant market information and other assumptions, as more fully disclosed in Note 21 of these Notes to Consolidated Financial Statements. Fair value estimates involve uncertainties and matters of significant judgment regarding interest rates, credit risk, prepayments, and other factors, especially in the absence of broad markets for particular items. Changes in assumptions or in market conditions could significantly affect the estimates. | |||||||||||||
Transfers of Financial Assets | |||||||||||||
Transfers of financial assets are accounted for as sales, when control over the assets has been relinquished. Control over transferred assets is deemed to be surrendered when the assets have been isolated from the Company, the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and the Company does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity. | |||||||||||||
Retirement Plans | |||||||||||||
Pension expense is the net of service and interest cost, return on plan assets and amortization of gains and losses not immediately recognized. Employee 401(k) plan expense is the amount of matching contributions. Deferred compensation and supplemental retirement plan expense allocates the benefits over years of service. | |||||||||||||
Earnings Per Common Share | |||||||||||||
Basic earnings per common share is net income available to common shareholders divided by the weighted average number of common shares outstanding during the period. Diluted earnings per common share includes the dilutive effect of additional potential common shares issuable under stock awards, stock options, warrants and convertible securities. Earnings and dividends per common share are restated for any stock splits and stock dividends through the date of issuance of the consolidated financial statements. | |||||||||||||
Operating Segments | |||||||||||||
Prior to February 16, 2012, the operating segments for the Corporation were its two chartered bank subsidiaries, PNB (headquartered in Newark, Ohio) and Vision Bank ("Vision" or "VB") (headquartered in Panama City, Florida). On February 16, 2012, Vision sold certain assets and liabilities to Centennial Bank (See Note 3 of these Notes to Consolidated Financial Statements). Promptly following the closing of the transaction, Vision surrendered its Florida banking charter to the Florida Office of Financial Regulation and became a non-bank Florida corporation (the "Florida Corporation"). The Florida Corporation merged with and into a wholly-owned non-bank subsidiary of Park, SE Property Holdings, LLC ("SEPH"), with SEPH being the surviving entity. The closing of this transaction prompted Park to add SEPH as a reportable segment. Additionally, due to the increased significance of the entity, Guardian Financial Services Company ("GFSC") was added as a reportable segment in the first quarter of 2012. | |||||||||||||
Adoption of New Accounting Pronouncements: | |||||||||||||
ASU 2012-02 Testing Indefinite-Lived Intangible Assets for Impairment: In July 2012, FASB issued Accounting Standards Update 2012-02, Testing Indefinite-Lived Intangible Assets for Impairment (ASU 2012-02). The ASU allows an entity to first assess qualitative factors to determine whether the existence of events or circumstances indicate that it is more likely than not that the indefinite-lived intangible asset is impaired. The new guidance is effective for annual and interim impairment tests performed for fiscal years beginning after September 15, 2012. The adoption of this guidance did not have an impact on Park's consolidated financial statements. | |||||||||||||
ASU 2013-02 Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income: In February 2013, FASB issued Accounting Standards Update 2013-02, Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income (ASU 2013-02). The ASU requires an entity to provide information about the amounts reclassified out of accumulated other comprehensive income by component. In addition, an entity is required to present, either on the face of the statement where net income is presented or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income but only if the amount reclassified is required under GAAP to be reclassified to net income in its entirety in the same reporting period. For other amounts that are not required under GAAP to be reclassified in their entirety to net income, an entity is required to cross-reference to other disclosures required under GAAP that provide additional detail about these amounts. The new guidance is effective prospectively for reporting periods beginning after December 15, 2012. The adoption of the new guidance on January 1, 2013 impacted the other comprehensive income (loss) disclosures in Note 15. | |||||||||||||
ASU 2013-11- Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists: The ASU requires that an unrecognized tax benefit, or a portion of an unrecognized tax benefit, be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward. However, if a net operating loss carryforward, a similar tax loss, or a tax credit carryforward is not available at the reporting date under the tax law of the applicable jurisdiction to settle any additional income taxes that would result from the disallowance of a tax position or the tax law of the applicable jurisdiction does not require the entity to use, and the entity does not intend to use, the deferred tax asset for such purpose, the unrecognized tax benefit should be presented in the financial statements as a liability and should not be combined with deferred tax assets. The amendments are effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. The amendments will not have a material impact on Park’s consolidated financial statements. | |||||||||||||
ASU 2014-01- Investments—Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Qualified Affordable Housing Projects (a consensus of the FASB Emerging Issues Task Force): In January 2014, FASB issued Accounting Standards Update 2014-01, Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Qualified Affordable Housing Projects (a consensus of the FASB Emerging Issues Task Force). The ASU permits reporting entities to make an accounting policy election to account for their investments in qualified affordable housing projects using the proportional amortization method if certain conditions are met. Under the proportional amortization method, an entity amortizes the initial cost of the investment in proportion to the tax credits and other tax benefits received and recognizes the net investment performance in the income statement as a component of income tax expense. Additionally, a reporting entity should disclose information that enables users of its financial statement to understand the nature of its investments in qualified affordable housing projects, and the effect of the measurement of its investments in qualified affordable housing projects and the related tax credits on its financial position and results of operations. The new guidance is effective for annual periods, and interim reporting periods within those annual periods, beginning after December 15, 2014. The adoption of this guidance will not have a material impact on Park's consolidated financial statements, but may impact the presentation of Park's investments in qualified affordable housing projects. Additionally, the adoption of this guidance will require additional disclosures. | |||||||||||||
ASU 2014-04 - Receivables—Troubled Debt Restructurings by Creditors (Subtopic 310-40): Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure (a consensus of the FASB Emerging Issues Task Force): In January 2014, FASB issued Accounting Standards Update 2014-04, Receivables—Troubled Debt Restructurings by Creditors (Subtopic 310-40): Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure (a consensus of the FASB Emerging Issues Task Force). The ASU clarifies when an insubstance repossession or foreclosure occurs and a creditor is considered to have received physical possession of real estate property collateralizing a consumer mortgage loan. Specifically, the new ASU requires a creditor to reclassify a collateralized consumer mortgage loan to real estate property upon obtaining legal title to the real estate collateral, or the borrower voluntarily conveying all interest in the real estate property to the lender to satisfy the loan through a deed in lieu of foreclosure or similar legal agreement. Additional disclosures are required detailing the amount of foreclosed residential real estate property held by the creditor and the recorded investment in consumer mortgages collateralized by real estate property that are in the process of foreclosure. The new guidance is effective for annual periods, and interim reporting periods within those annual periods, beginning after December 15, 2014. The adoption of this guidance will not have a material impact on Park's consolidated financial statements, but will result in additional disclosures. |
Organization
Organization | 12 Months Ended |
Dec. 31, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Organization | ' |
Organization | |
Park National Corporation is a financial holding company headquartered in Newark, Ohio. Through its national bank subsidiary, PNB, Park is engaged in a general commercial banking and trust business, primarily in Ohio. PNB operates through eleven banking divisions with the Park National Bank Division headquartered in Newark, Ohio, the Fairfield National Bank Division headquartered in Lancaster, Ohio, The Park National Bank of Southwest Ohio & Northern Kentucky Division headquartered in Cincinnati, Ohio, the First-Knox National Bank Division headquartered in Mount Vernon, Ohio, the Farmers Bank Division headquartered in Loudonville, Ohio, the Security National Bank Division headquartered in Springfield, Ohio, the Unity National Bank Division headquartered in Piqua, Ohio, the Richland Bank Division headquartered in Mansfield, Ohio, the Century National Bank Division headquartered in Zanesville, Ohio, the United Bank, N.A. Division headquartered in Bucyrus, Ohio and the Second National Bank Division headquartered in Greenville, Ohio. A wholly-owned subsidiary of Park, Guardian Financial Services Company ("GFSC"), is a consumer finance company located in Central Ohio. | |
Through February 16, 2012, Park operated a second banking subsidiary, Vision, which was engaged in a general commercial banking business, primarily in Baldwin County, Alabama and the panhandle of Florida. Vision operated through two banking divisions with the Vision Bank Florida Division headquartered in Panama City, Florida and the Vision Bank Alabama Division headquartered in Gulf Shores, Alabama. Promptly following the sale of the Vision business to Centennial, Vision surrendered its Florida banking charter to the Florida Office of Financial Regulation and became a non-bank Florida corporation. The Florida Corporation merged with and into a wholly-owned, non-bank subsidiary of Park, SEPH, with SEPH being the surviving entity. SEPH holds the remaining assets and liabilities retained by Vision subsequent to the sale. SEPH also holds other real estate owned (“OREO”) that had previously been transferred to SEPH from Vision. SEPH's assets consist primarily of performing and nonperforming loans and OREO. This segment represents a run off portfolio of the legacy Vision assets. | |
All of the Ohio-based banking divisions provide the following principal services: the acceptance of deposits for demand, savings and time accounts; commercial, industrial, consumer and real estate lending, including installment loans, credit cards, home equity lines of credit, commercial leasing; trust services; cash management; safe deposit operations; electronic funds transfers and a variety of additional banking-related services. Vision, with its two banking divisions, through February 16, 2012, provided the services mentioned above, with the exception of commercial leasing. See Note 23 of these Notes to Consolidated Financial Statements for financial information on the Corporation’s operating segments. |
Sale_Of_Vision_Bank_Business
Sale Of Vision Bank Business | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Discontinued Operations and Disposal Groups [Abstract] | ' | |||
Sale of Vision Bank Business | ' | |||
Sale of Vision Bank Business | ||||
On February 16, 2012, Park and its wholly-owned subsidiary, Vision completed their sale of substantially all of the performing loans, operating assets and liabilities associated with Vision to Centennial Bank (“Centennial”), an Arkansas state-chartered bank which is a wholly-owned subsidiary of Home BancShares, Inc. (“Home”), an Arkansas corporation, as contemplated by the previously announced Purchase and Assumption Agreement by and between Park, Vision, Home and Centennial, dated as of November 16, 2011, as amended by the First Amendment to Purchase and Assumption Agreement, dated as of January 25, 2012, and the Second Amendment to Purchase and Assumption Agreement, dated as of April 30, 2012 (collectively, the "Vision Purchase Agreement") for a purchase price of $27.9 million. | ||||
Subsequent to the transactions contemplated by the Vision Purchase Agreement, Vision was left with approximately $22 million of performing loans (including mortgage loans held for sale) and non-performing loans with a fair value of $88 million. Park recorded a pre-tax gain, net of expenses directly related to the sale, of approximately $22.2 million, resulting from the transactions contemplated by the Vision Purchase Agreement. The pre-tax gain, net of expense is summarized in the table below: | ||||
(In thousands) | ||||
Premium paid | $ | 27,913 | ||
One-time gains | 298 | |||
Loss on sale of fixed assets | (2,434 | ) | ||
Employment and severance agreements | (1,610 | ) | ||
Other one-time charges, including estimates | (2,000 | ) | ||
Pre-tax gain | $ | 22,167 | ||
Promptly following the closing of the transactions contemplated by the Vision Purchase Agreement, Vision surrendered its Florida banking charter to the Florida Office of Financial Regulation and became the non-bank Florida Corporation. The Florida Corporation merged with and into SEPH, a wholly-owned, non-bank subsidiary of Park, with SEPH being the surviving entity. | ||||
As part of the transaction between Vision and Centennial, Park agreed to allow Centennial to “put back” up to $7.5 million aggregate principal amount of loans, which were originally included within the loans sold in the transaction. The loan put option expired on August 16, 2012, 180 days after the closing of the transaction, which was February 16, 2012. Prior to August 16, 2012, Centennial notified Park of Centennial's intent to put back approximately $7.5 million aggregate principal amount of loans. During 2012, Centennial had put back forty-four loans, totaling approximately $7.5 million. These forty-four loans were recorded on the books at a fair value of $4.2 million. The difference of $3.3 million was written off against the loan put liability that had previously been established in the first half of 2012. |
Investment_Securities
Investment Securities | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | ||||||||||||||||||||||||
Investments Securities | ' | ||||||||||||||||||||||||
Investment Securities | |||||||||||||||||||||||||
The amortized cost and fair value of investment securities are shown in the following table. Management performs a quarterly evaluation of investment securities for any other-than-temporary impairment. | |||||||||||||||||||||||||
During 2013 and 2012, there were $17,000 and $54,000, respectively, in investment securities deemed to be other-than-temporarily impaired, which were related to an equity investment in a financial institution. | |||||||||||||||||||||||||
Investment securities at December 31, 2013 were as follows: | |||||||||||||||||||||||||
(In thousands) | Amortized Cost | Gross Unrealized/Unrecognized Holding Gains | Gross Unrealized/Unrecognized Holding Losses | Estimated Fair Value | |||||||||||||||||||||
2013:00:00 | |||||||||||||||||||||||||
Securities Available-for-Sale | |||||||||||||||||||||||||
Obligations of U.S. Treasury and other U.S. Government sponsored entities | $ | 570,632 | $ | — | $ | 45,496 | $ | 525,136 | |||||||||||||||||
U.S. Government sponsored entities’ asset-backed securities | 650,391 | 8,070 | 9,990 | 648,471 | |||||||||||||||||||||
Other equity securities | 1,120 | 1,539 | — | 2,659 | |||||||||||||||||||||
Total | $ | 1,222,143 | $ | 9,609 | $ | 55,486 | $ | 1,176,266 | |||||||||||||||||
2013:00:00 | |||||||||||||||||||||||||
Securities Held-to-Maturity | |||||||||||||||||||||||||
Obligations of states and political subdivisions | $ | 240 | $ | 1 | $ | — | $ | 241 | |||||||||||||||||
U.S. Government sponsored entities’ asset-backed securities | 181,821 | 5,382 | 42 | 187,161 | |||||||||||||||||||||
Total | $ | 182,061 | $ | 5,383 | $ | 42 | $ | 187,402 | |||||||||||||||||
Park’s U.S. Government sponsored entities' asset-backed securities consisted of 15-year mortgage-backed securities and collateralized mortgage obligations (CMOs). At December 31, 2013, the amortized cost of Park’s available-for-sale and held-to-maturity mortgage-backed securities was $340.4 million and $0.1 million, respectively. At December 31, 2013, the amortized cost of Park's available-for-sale and held-to-maturity CMOs was $310.0 million and $181.7 million, respectively. | |||||||||||||||||||||||||
Other investment securities (as shown on the Consolidated Balance Sheets) consist of stock investments in the FHLB and the FRB. These restricted stock investments are carried at their redemption value. Park owned $59.0 million of FHLB stock and $6.9 million of FRB stock at both December 31, 2013 and December 31, 2012. | |||||||||||||||||||||||||
Management does not believe any individual unrealized loss as of December 31, 2013 or December 31, 2012 represented an other-than-temporary impairment. The unrealized losses on debt securities are primarily the result of interest rate changes. These conditions will not prohibit Park from receiving its contractual principal and interest payments on these debt securities. The fair value of these debt securities is expected to recover as payments are received on these securities and they approach maturity. Should the impairment of any of these securities become other-than-temporary, the cost basis of the investment will be reduced and the resulting loss recognized in net income in the period the other-than-temporary impairment is identified. | |||||||||||||||||||||||||
The following table provides detail on investment securities with unrealized losses aggregated by investment category and length of time the individual securities had been in a continuous loss position at December 31, 2013: | |||||||||||||||||||||||||
Less than 12 Months | 12 Months or Longer | Total | |||||||||||||||||||||||
(In thousands) | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | |||||||||||||||||||
2013:00:00 | |||||||||||||||||||||||||
Securities Available-for-Sale | |||||||||||||||||||||||||
Obligations of U.S. Treasury and other U.S. Government sponsored entities | $ | 377,626 | $ | 29,256 | $ | 147,510 | $ | 16,240 | $ | 525,136 | $ | 45,496 | |||||||||||||
U.S. Government sponsored entities' asset-backed securities | 404,035 | 8,917 | 21,572 | 1,073 | 425,607 | 9,990 | |||||||||||||||||||
Total | $ | 781,661 | $ | 38,173 | $ | 169,082 | $ | 17,313 | $ | 950,743 | $ | 55,486 | |||||||||||||
2013:00:00 | |||||||||||||||||||||||||
Securities Held-to-Maturity | |||||||||||||||||||||||||
U.S. Government sponsored entities’ asset-backed securities | $ | 5,781 | $ | 42 | $ | — | $ | — | $ | 5,781 | $ | 42 | |||||||||||||
Investment securities at December 31, 2012 were as follows: | |||||||||||||||||||||||||
(In thousands) | Amortized Cost | Gross Unrealized/Unrecognized Holding Gains | Gross Unrealized/Unrecognized Holding Losses | Estimated Fair Value | |||||||||||||||||||||
2012:00:00 | |||||||||||||||||||||||||
Securities Available-for-Sale | |||||||||||||||||||||||||
Obligations of U.S. Treasury and other U.S. Government sponsored entities | $ | 695,655 | $ | 1,352 | $ | 1,280 | $ | 695,727 | |||||||||||||||||
Obligations of states and political subdivisions | 984 | 19 | — | 1,003 | |||||||||||||||||||||
U.S. Government sponsored entities’ asset-backed securities | 401,882 | 14,067 | 447 | 415,502 | |||||||||||||||||||||
Other equity securities | 1,137 | 1,085 | — | 2,222 | |||||||||||||||||||||
Total | $ | 1,099,658 | $ | 16,523 | $ | 1,727 | $ | 1,114,454 | |||||||||||||||||
2012:00:00 | |||||||||||||||||||||||||
Securities Held-to-Maturity | |||||||||||||||||||||||||
Obligations of states and political subdivisions | $ | 570 | $ | 2 | $ | — | $ | 572 | |||||||||||||||||
U.S. Government sponsored entities’ asset-backed securities | 400,820 | 9,351 | 38 | 410,133 | |||||||||||||||||||||
Total | $ | 401,390 | $ | 9,353 | $ | 38 | $ | 410,705 | |||||||||||||||||
The following table provides detail on investment securities with unrealized losses aggregated by investment category and length of time the individual securities had been in a continuous loss position at December 31, 2012: | |||||||||||||||||||||||||
Less than 12 Months | 12 Months or Longer | Total | |||||||||||||||||||||||
(In thousands) | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | |||||||||||||||||||
2012:00:00 | |||||||||||||||||||||||||
Securities Available-for-Sale | |||||||||||||||||||||||||
Obligations of U.S. Treasury and other U.S. Government sponsored entities | 177,470 | 1,280 | — | — | 177,470 | 1,280 | |||||||||||||||||||
U.S. Government sponsored entities' asset-backed securities | 123,631 | 447 | — | — | 123,631 | 447 | |||||||||||||||||||
Total | 301,101 | 1,727 | — | — | 301,101 | 1,727 | |||||||||||||||||||
2012:00:00 | |||||||||||||||||||||||||
Securities Held-to-Maturity | |||||||||||||||||||||||||
U.S. Government sponsored entities' asset-backed securities | $ | 10,120 | $ | 38 | $ | — | $ | — | $ | 10,120 | $ | 38 | |||||||||||||
The amortized cost and estimated fair value of investments in debt securities at December 31, 2013, are shown in the following table by contractual maturity or the expected call date, except for asset-backed securities, which are shown as a single total, due to the unpredictability of the timing in principal repayments. | |||||||||||||||||||||||||
(In thousands) | Amortized Cost | Estimated Fair Value | Weighted Average Yield | ||||||||||||||||||||||
Securities Available-for-Sale | |||||||||||||||||||||||||
U.S. Treasury and other U.S. Government sponsored entities’ notes: | |||||||||||||||||||||||||
Due one through five years | 50,000 | 46,800 | 2 | % | |||||||||||||||||||||
Due five through ten years | 396,882 | 367,580 | 2.43 | % | |||||||||||||||||||||
Due in over ten years | 123,750 | 110,756 | 1.74 | % | |||||||||||||||||||||
Total | $ | 570,632 | $ | 525,136 | 2.24 | % | |||||||||||||||||||
U.S. Government sponsored entities’ asset-backed securities: | |||||||||||||||||||||||||
Total | $ | 650,391 | $ | 648,471 | 2.47 | % | |||||||||||||||||||
Securities Held-to-Maturity | |||||||||||||||||||||||||
Obligations of states and political subdivisions: | |||||||||||||||||||||||||
Due within one year | $ | 240 | $ | 241 | 4.46 | % | |||||||||||||||||||
Total | $ | 240 | $ | 241 | 4.46 | % | |||||||||||||||||||
U.S. Government sponsored entities’ asset-backed securities: | |||||||||||||||||||||||||
Total | $ | 181,821 | $ | 187,161 | 3.69 | % | |||||||||||||||||||
Approximately $525.1 million of Park’s securities shown in the above table as U.S. Treasury and other U.S. Government sponsored entities' notes are callable notes. These callable securities have a final maturity of 9 to 14 years. Of the $525.1 million reported at December 31, 2013, $46.8 million were expected to be called and are shown in the table at their expected call date. | |||||||||||||||||||||||||
Investment securities having a book value of $1,321 million and $1,364 million at December 31, 2013 and 2012, respectively, were pledged to collateralize government and trust department deposits in accordance with federal and state requirements, to secure repurchase agreements sold and as collateral for FHLB advance borrowings. | |||||||||||||||||||||||||
At December 31, 2013, $639 million was pledged for government and trust department deposits, $648 million was pledged to secure repurchase agreements and $34 million was pledged as collateral for FHLB advance borrowings. At December 31, 2012, $655 million was pledged for government and trust department deposits, $667 million was pledged to secure repurchase agreements and $41 million was pledged as collateral for FHLB advance borrowings. | |||||||||||||||||||||||||
At December 31, 2013, there were no holdings of securities of any one issuer, other than the U.S. Government and its agencies, in an amount greater than 10% of shareholders’ equity. | |||||||||||||||||||||||||
During 2013, Park sold $75 million of AFS investment securities, which were sold at book value for no gain. During 2012, Park had no sales of investment securities. Among the investment securities sold in 2011 were all investment securities (AFS and HTM) held by Vision, which were sold in preparation of the sale of the business to Centennial. There were no HTM securities sold by PNB in 2011. During 2011, Park sold $610 million of U.S. Government sponsored entities' mortgage-backed securities, realizing a pre-tax gain of $28.8 million ($18.7 million after-tax). No gross losses were realized in 2013, 2012 or 2011. |
Loans
Loans | 12 Months Ended | |||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||
Loans and Leases Receivable Disclosure [Abstract] | ' | |||||||||||||||||||||||||
Loans | ' | |||||||||||||||||||||||||
Loans | ||||||||||||||||||||||||||
The composition of the loan portfolio, by class of loan, as of December 31, 2013 and December 31, 2012 was as follows: | ||||||||||||||||||||||||||
12/31/13 | 12/31/12 | |||||||||||||||||||||||||
(In thousands) | Loan Balance | Accrued Interest Receivable | Recorded Investment | Loan Balance | Accrued Interest Receivable | Recorded Investment | ||||||||||||||||||||
Commercial, financial and agricultural * | $ | 825,432 | $ | 3,079 | $ | 828,511 | $ | 823,927 | $ | 2,976 | $ | 826,903 | ||||||||||||||
Commercial real estate * | 1,112,273 | 3,765 | 1,116,038 | 1,092,164 | 3,839 | 1,096,003 | ||||||||||||||||||||
Construction real estate: | ||||||||||||||||||||||||||
SEPH commercial land and development * | 5,846 | 2 | 5,848 | 15,105 | 37 | 15,142 | ||||||||||||||||||||
Remaining commercial | 110,842 | 263 | 111,105 | 115,473 | 331 | 115,804 | ||||||||||||||||||||
Mortgage | 31,882 | 96 | 31,978 | 26,373 | 81 | 26,454 | ||||||||||||||||||||
Installment | 7,546 | 26 | 7,572 | 8,577 | 33 | 8,610 | ||||||||||||||||||||
Residential real estate: | ||||||||||||||||||||||||||
Commercial | 407,387 | 904 | 408,291 | 392,203 | 959 | 393,162 | ||||||||||||||||||||
Mortgage | 1,144,754 | 1,559 | 1,146,313 | 1,064,787 | 1,399 | 1,066,186 | ||||||||||||||||||||
HELOC | 213,565 | 870 | 214,435 | 212,905 | 892 | 213,797 | ||||||||||||||||||||
Installment | 33,841 | 132 | 33,973 | 43,750 | 176 | 43,926 | ||||||||||||||||||||
Consumer | 723,733 | 2,775 | 726,508 | 651,930 | 2,835 | 654,765 | ||||||||||||||||||||
Leases | 3,404 | 23 | 3,427 | 3,128 | 29 | 3,157 | ||||||||||||||||||||
Total loans | $ | 4,620,505 | $ | 13,494 | $ | 4,633,999 | $ | 4,450,322 | $ | 13,587 | $ | 4,463,909 | ||||||||||||||
* Included within commercial, financial and agricultural loans, commercial real estate loans, and SEPH commercial land and development loans were an immaterial amount of consumer loans that were not broken out by class. | ||||||||||||||||||||||||||
Loans are shown net of deferred origination fees, costs and unearned income of $7.3 million at December 31, 2013 and $6.7 million at December 31, 2012, which represented a net deferred income position in both years. | ||||||||||||||||||||||||||
Overdrawn deposit accounts of $3.3 million and $3.0 million have been reclassified to loans at December 31, 2013 and 2012, respectively. | ||||||||||||||||||||||||||
Credit Quality | ||||||||||||||||||||||||||
The following table presents the recorded investment in nonaccrual loans, accruing troubled debt restructurings, and loans past due 90 days or more and still accruing by class of loan as of December 31, 2013 and December 31, 2012: | ||||||||||||||||||||||||||
12/31/13 | ||||||||||||||||||||||||||
(In thousands) | Nonaccrual Loans | Accruing Troubled Debt Restructurings | Loans Past Due 90 Days or More and Accruing | Total Nonperforming Loans | ||||||||||||||||||||||
Commercial, financial and agricultural | $ | 20,633 | $ | 107 | $ | 80 | $ | 20,820 | ||||||||||||||||||
Commercial real estate | 39,588 | 2,234 | 2 | 41,824 | ||||||||||||||||||||||
Construction real estate: | ||||||||||||||||||||||||||
SEPH commercial land and development | 4,777 | — | — | 4,777 | ||||||||||||||||||||||
Remaining commercial | 10,476 | 306 | — | 10,782 | ||||||||||||||||||||||
Mortgage | 87 | 97 | — | 184 | ||||||||||||||||||||||
Installment | 39 | 192 | — | 231 | ||||||||||||||||||||||
Residential real estate: | ||||||||||||||||||||||||||
Commercial | 32,495 | 913 | — | 33,408 | ||||||||||||||||||||||
Mortgage | 20,564 | 11,708 | 549 | 32,821 | ||||||||||||||||||||||
HELOC | 2,129 | 751 | — | 2,880 | ||||||||||||||||||||||
Installment | 965 | 885 | 80 | 1,930 | ||||||||||||||||||||||
Consumer | 3,463 | 1,616 | 1,016 | 6,095 | ||||||||||||||||||||||
Total loans | $ | 135,216 | $ | 18,809 | $ | 1,727 | $ | 155,752 | ||||||||||||||||||
12/31/12 | ||||||||||||||||||||||||||
(In thousands) | Nonaccrual Loans | Accruing Troubled Debt Restructurings | Loans Past Due 90 Days or More and Accruing | Total Nonperforming Loans | ||||||||||||||||||||||
Commercial, financial and agricultural | $ | 17,324 | $ | 5,277 | $ | 37 | $ | 22,638 | ||||||||||||||||||
Commercial real estate | 40,983 | 3,295 | 1,007 | 45,285 | ||||||||||||||||||||||
Construction real estate: | ||||||||||||||||||||||||||
SEPH commercial land and development | 13,939 | — | — | 13,939 | ||||||||||||||||||||||
Remaining commercial | 14,977 | 6,597 | — | 21,574 | ||||||||||||||||||||||
Mortgage | 158 | 100 | — | 258 | ||||||||||||||||||||||
Installment | 149 | 175 | — | 324 | ||||||||||||||||||||||
Residential real estate: | ||||||||||||||||||||||||||
Commercial | 33,961 | 1,661 | 94 | 35,716 | ||||||||||||||||||||||
Mortgage | 28,260 | 9,425 | 950 | 38,635 | ||||||||||||||||||||||
HELOC | 1,689 | 736 | — | 2,425 | ||||||||||||||||||||||
Installment | 1,670 | 780 | 54 | 2,504 | ||||||||||||||||||||||
Consumer | 2,426 | 1,900 | 888 | 5,214 | ||||||||||||||||||||||
Total loans | $ | 155,536 | $ | 29,946 | $ | 3,030 | $ | 188,512 | ||||||||||||||||||
The following table provides additional information regarding those nonaccrual and accruing troubled debt restructured loans that are individually evaluated for impairment and those collectively evaluated for impairment as of December 31, 2013 and December 31, 2012. | ||||||||||||||||||||||||||
12/31/13 | 12/31/12 | |||||||||||||||||||||||||
Nonaccrual and accruing troubled debt restructurings | Loans individually evaluated for impairment | Loans collectively evaluated for impairment | Nonaccrual and accruing troubled debt restructurings | Loans individually evaluated for impairment | Loans collectively evaluated for impairment | |||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||
Commercial, financial and agricultural | $ | 20,740 | $ | 20,727 | $ | 13 | $ | 22,601 | $ | 22,587 | $ | 14 | ||||||||||||||
Commercial real estate | 41,822 | 41,822 | — | 44,278 | 44,278 | — | ||||||||||||||||||||
Construction real estate: | ||||||||||||||||||||||||||
SEPH commercial land and development | 4,777 | 4,777 | — | 13,939 | 13,260 | 679 | ||||||||||||||||||||
Remaining commercial | 10,782 | 10,782 | — | 21,574 | 21,574 | — | ||||||||||||||||||||
Mortgage | 184 | — | 184 | 258 | — | 258 | ||||||||||||||||||||
Installment | 231 | — | 231 | 324 | — | 324 | ||||||||||||||||||||
Residential real estate: | ||||||||||||||||||||||||||
Commercial | 33,408 | 33,408 | — | 35,622 | 35,622 | — | ||||||||||||||||||||
Mortgage | 32,272 | — | 32,272 | 37,685 | — | 37,685 | ||||||||||||||||||||
HELOC | 2,880 | — | 2,880 | 2,425 | — | 2,425 | ||||||||||||||||||||
Installment | 1,850 | — | 1,850 | 2,450 | — | 2,450 | ||||||||||||||||||||
Consumer | 5,079 | 799 | 4,280 | 4,326 | 18 | 4,308 | ||||||||||||||||||||
Total loans | $ | 154,025 | $ | 112,315 | $ | 41,710 | $ | 185,482 | $ | 137,339 | $ | 48,143 | ||||||||||||||
All of the loans individually evaluated for impairment were evaluated using the fair value of the collateral or the present value of expected future cash flows as the measurement method. | ||||||||||||||||||||||||||
The following table presents loans individually evaluated for impairment by class of loan as of December 31, 2013 and December 31, 2012. | ||||||||||||||||||||||||||
12/31/13 | 12/31/12 | |||||||||||||||||||||||||
(In thousands) | Unpaid principal balance | Recorded investment | Allowance for loan losses allocated | Unpaid principal balance | Recorded investment | Allowance for loan losses allocated | ||||||||||||||||||||
With no related allowance recorded | ||||||||||||||||||||||||||
Commercial, financial and agricultural | $ | 22,429 | $ | 12,885 | $ | — | $ | 23,782 | $ | 14,683 | $ | — | ||||||||||||||
Commercial real estate | 56,870 | 34,149 | — | 56,258 | 35,097 | — | ||||||||||||||||||||
Construction real estate: | ||||||||||||||||||||||||||
SEPH commercial land and development | 23,722 | 4,777 | — | 57,346 | 13,260 | — | ||||||||||||||||||||
Remaining commercial | 8,429 | 6,872 | — | 29,328 | 14,093 | — | ||||||||||||||||||||
Residential real estate: | ||||||||||||||||||||||||||
Commercial | 36,709 | 31,461 | — | 39,918 | 31,957 | — | ||||||||||||||||||||
Consumer | 799 | 799 | — | 18 | 18 | — | ||||||||||||||||||||
With an allowance recorded | ||||||||||||||||||||||||||
Commercial, financial and agricultural | 12,616 | 7,842 | 3,268 | 12,268 | 7,904 | 3,180 | ||||||||||||||||||||
Commercial real estate | 7,966 | 7,673 | 5,496 | 11,412 | 9,181 | 1,540 | ||||||||||||||||||||
Construction real estate: | ||||||||||||||||||||||||||
Remaining commercial | 3,909 | 3,910 | 1,132 | 8,071 | 7,481 | 2,277 | ||||||||||||||||||||
Residential real estate: | ||||||||||||||||||||||||||
Commercial | 2,129 | 1,947 | 555 | 3,944 | 3,665 | 1,279 | ||||||||||||||||||||
Consumer | — | — | — | — | — | — | ||||||||||||||||||||
Total | $ | 175,578 | $ | 112,315 | $ | 10,451 | $ | 242,345 | $ | 137,339 | $ | 8,276 | ||||||||||||||
Management’s general practice is to proactively charge down loans individually evaluated for impairment rather than carry significant specific reserves within the allowance for loan losses. At December 31, 2013 and December 31, 2012, there were $58.1 million and $97.6 million, respectively, in partial charge-offs on loans individually evaluated for impairment with no related allowance recorded and $5.2 million and $7.5 million, respectively, of partial charge-offs on loans individually evaluated for impairment that also had a specific reserve allocated. | ||||||||||||||||||||||||||
The allowance for loan losses included specific reserves related to loans individually evaluated for impairment at December 31, 2013 and 2012, of $10.5 million and $8.3 million, respectively. These loans had a recorded investment as of December 31, 2013 and 2012 of $21.4 million and $28.2 million, respectively. | ||||||||||||||||||||||||||
The average balance of loans individually evaluated for impairment was $124.1 million, $164.2 million, and $214.0 million for 2013, 2012, and 2011, respectively. | ||||||||||||||||||||||||||
Interest income on loans individually evaluated for impairment is recognized on a cash basis. The following tables present the average recorded investment and interest income recognized on loans individually evaluated for impairment for the years ended December 31, 2013, 2012, and 2011. | ||||||||||||||||||||||||||
Year ended December 31, 2013 | ||||||||||||||||||||||||||
(In thousands) | Recorded Investment as of December 31, 2013 | Average recorded investment | Interest income recognized | |||||||||||||||||||||||
Commercial, financial and agricultural | $ | 20,727 | $ | 20,523 | $ | 412 | ||||||||||||||||||||
Commercial real estate | 41,822 | 41,426 | 1,151 | |||||||||||||||||||||||
Construction real estate: | ||||||||||||||||||||||||||
SEPH commercial land and development | 4,777 | 8,723 | — | |||||||||||||||||||||||
Remaining commercial | 10,782 | 17,829 | 616 | |||||||||||||||||||||||
Residential real estate: | ||||||||||||||||||||||||||
Commercial | 33,408 | 34,972 | 461 | |||||||||||||||||||||||
Consumer | 799 | 616 | — | |||||||||||||||||||||||
Total | $ | 112,315 | $ | 124,089 | $ | 2,640 | ||||||||||||||||||||
Year ended December 31, 2012 | ||||||||||||||||||||||||||
(In thousands) | Recorded Investment as of December 31, 2012 | Average recorded investment | Interest income recognized | |||||||||||||||||||||||
Commercial, financial and agricultural | $ | 22,587 | $ | 35,305 | $ | 529 | ||||||||||||||||||||
Commercial real estate | 44,278 | 44,541 | 968 | |||||||||||||||||||||||
Construction real estate: | ||||||||||||||||||||||||||
SEPH commercial land and development | 13,260 | 17,277 | — | |||||||||||||||||||||||
Remaining commercial | 21,574 | 27,774 | 818 | |||||||||||||||||||||||
Residential real estate: | ||||||||||||||||||||||||||
Commercial | 35,622 | 39,248 | 497 | |||||||||||||||||||||||
Consumer | 18 | 19 | 1 | |||||||||||||||||||||||
Total | $ | 137,339 | $ | 164,164 | $ | 2,813 | ||||||||||||||||||||
Year ended | ||||||||||||||||||||||||||
31-Dec-11 | ||||||||||||||||||||||||||
(In thousands) | Recorded Investment as of December 31, 2011 | Average recorded investment | Interest income recognized | |||||||||||||||||||||||
Commercial, financial and agricultural | $ | 40,621 | $ | 23,518 | $ | 209 | ||||||||||||||||||||
Commercial real estate | 51,978 | 49,927 | 829 | |||||||||||||||||||||||
Construction real estate: | ||||||||||||||||||||||||||
Vision commercial land and development | 24,328 | 58,792 | — | |||||||||||||||||||||||
Remaining commercial | 25,912 | 29,152 | 339 | |||||||||||||||||||||||
Residential real estate: | ||||||||||||||||||||||||||
Commercial | 44,276 | 52,640 | 214 | |||||||||||||||||||||||
Consumer | 20 | 16 | 1 | |||||||||||||||||||||||
Total | $ | 187,135 | $ | 214,045 | $ | 1,592 | ||||||||||||||||||||
The following tables present the aging of the recorded investment in past due loans as of December 31, 2013 and December 31, 2012 by class of loan. | ||||||||||||||||||||||||||
12/31/13 | ||||||||||||||||||||||||||
(In thousands) | Accruing loans past due 30-89 days | Past due nonaccrual loans and loans past due 90 days or more and accruing * | Total past due | Total current | Total recorded investment | |||||||||||||||||||||
Commercial, financial and agricultural | $ | 1,233 | $ | 13,275 | $ | 14,508 | $ | 814,003 | $ | 828,511 | ||||||||||||||||
Commercial real estate | 2,168 | 18,274 | 20,442 | 1,095,596 | 1,116,038 | |||||||||||||||||||||
Construction real estate: | ||||||||||||||||||||||||||
SEPH commercial land and development | — | 4,242 | 4,242 | 1,606 | 5,848 | |||||||||||||||||||||
Remaining commercial | — | 3,463 | 3,463 | 107,642 | 111,105 | |||||||||||||||||||||
Mortgage | 264 | 75 | 339 | 31,639 | 31,978 | |||||||||||||||||||||
Installment | 207 | 14 | 221 | 7,351 | 7,572 | |||||||||||||||||||||
Residential real estate: | ||||||||||||||||||||||||||
Commercial | 900 | 5,659 | 6,559 | 401,732 | 408,291 | |||||||||||||||||||||
Mortgage | 13,633 | 11,829 | 25,462 | 1,120,851 | 1,146,313 | |||||||||||||||||||||
HELOC | 571 | 402 | 973 | 213,462 | 214,435 | |||||||||||||||||||||
Installment | 696 | 436 | 1,132 | 32,841 | 33,973 | |||||||||||||||||||||
Consumer | 12,143 | 3,941 | 16,084 | 710,424 | 726,508 | |||||||||||||||||||||
Leases | — | — | — | 3,427 | 3,427 | |||||||||||||||||||||
Total loans | $ | 31,815 | $ | 61,610 | $ | 93,425 | $ | 4,540,574 | $ | 4,633,999 | ||||||||||||||||
* Includes $1.7 million of loans past due 90 days or more and accruing. The remaining are past due, nonaccrual loans. | ||||||||||||||||||||||||||
12/31/12 | ||||||||||||||||||||||||||
(In thousands) | Accruing loans past due 30-89 days | Past due nonaccrual loans and loans past due 90 days or more and accruing * | Total past due | Total current | Total recorded investment | |||||||||||||||||||||
Commercial, financial and agricultural | $ | 6,251 | $ | 11,811 | $ | 18,062 | $ | 808,841 | $ | 826,903 | ||||||||||||||||
Commercial real estate | 2,212 | 26,355 | 28,567 | 1,067,436 | 1,096,003 | |||||||||||||||||||||
Construction real estate: | ||||||||||||||||||||||||||
SEPH commercial land and development | 686 | 11,314 | 12,000 | 3,142 | 15,142 | |||||||||||||||||||||
Remaining commercial | 3,652 | 5,838 | 9,490 | 106,314 | 115,804 | |||||||||||||||||||||
Mortgage | 171 | 85 | 256 | 26,198 | 26,454 | |||||||||||||||||||||
Installment | 135 | 40 | 175 | 8,435 | 8,610 | |||||||||||||||||||||
Residential real estate: | ||||||||||||||||||||||||||
Commercial | 1,163 | 5,917 | 7,080 | 386,082 | 393,162 | |||||||||||||||||||||
Mortgage | 11,948 | 17,370 | 29,318 | 1,036,868 | 1,066,186 | |||||||||||||||||||||
HELOC | 620 | 309 | 929 | 212,868 | 213,797 | |||||||||||||||||||||
Installment | 563 | 787 | 1,350 | 42,576 | 43,926 | |||||||||||||||||||||
Consumer | 12,924 | 2,688 | 15,612 | 639,153 | 654,765 | |||||||||||||||||||||
Leases | — | — | — | 3,157 | 3,157 | |||||||||||||||||||||
Total loans | $ | 40,325 | $ | 82,514 | $ | 122,839 | $ | 4,341,070 | $ | 4,463,909 | ||||||||||||||||
* Includes $3.0 million of loans past due 90 days or more and accruing. The remaining are past due, nonaccrual loans. | ||||||||||||||||||||||||||
Credit Quality Indicators | ||||||||||||||||||||||||||
Management utilizes past due information as a credit quality indicator across the loan portfolio. Past due information as of December 31, 2013 and December 31, 2012 is included in the tables above. The past due information is the primary credit quality indicator within the following classes of loans: (1) mortgage loans and installment loans in the construction real estate segment; (2) mortgage loans, HELOC and installment loans in the residential real estate segment; and (3) consumer loans. The primary credit indicator for commercial loans is based on an internal grading system that grades all commercial loans from 1 to 8. Credit grades are continuously monitored by the respective loan officer and adjustments are made when appropriate. A grade of 1 indicates little or no credit risk and a grade of 8 is considered a loss. Commercial loans with grades of 1 to 4.5 (pass-rated) are considered to be of acceptable credit risk. Commercial loans graded a 5 (special mention) are considered to be watch list credits and a higher loan loss reserve percentage is allocated to these loans. Loans classified as special mention have potential weaknesses that deserve management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or of the institution’s credit position at some future date. Commercial loans graded 6 (substandard), also considered watch list credits, are considered to represent higher credit risk and, as a result, a higher loan loss reserve percentage is allocated to these loans. Loans classified as substandard loans are inadequately protected by the current sound worth and paying capacity of the obligor or of the collateral pledged, if any. Loans so classified have a well defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the institution will sustain some loss if the deficiencies are not corrected. Commercial loans that are graded a 7 (doubtful) are shown as nonaccrual and Park generally charges these loans down to their fair value by taking a partial charge-off or recording a specific reserve. Loans classified as doubtful have all the weaknesses inherent in those classified as substandard with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions and values, highly questionable and improbable. Certain 6-rated loans and all 7-rated loans are included within the impaired category. A loan is deemed impaired when management determines the borrower's ability to perform in accordance with the contractual loan agreement is in doubt. Any commercial loan graded an 8 (loss) is completely charged-off. | ||||||||||||||||||||||||||
The tables below present the recorded investment by loan grade at December 31, 2013 and December 31, 2012 for all commercial loans: | ||||||||||||||||||||||||||
12/31/13 | ||||||||||||||||||||||||||
(In thousands) | 5 Rated | 6 Rated | Impaired | Pass Rated | Recorded Investment | |||||||||||||||||||||
Commercial, financial and agricultural* | $ | 6,055 | $ | 532 | $ | 20,740 | $ | 801,184 | $ | 828,511 | ||||||||||||||||
Commercial real estate* | 11,591 | 1,525 | 41,822 | 1,061,100 | 1,116,038 | |||||||||||||||||||||
Construction real estate: | ||||||||||||||||||||||||||
SEPH commercial land and development* | 354 | — | 4,777 | 717 | 5,848 | |||||||||||||||||||||
Remaining commercial | 6,858 | 244 | 10,782 | 93,221 | 111,105 | |||||||||||||||||||||
Residential real estate: | ||||||||||||||||||||||||||
Commercial | 5,033 | 397 | 33,408 | 369,453 | 408,291 | |||||||||||||||||||||
Leases | — | — | — | 3,427 | 3,427 | |||||||||||||||||||||
Total Commercial Loans | $ | 29,891 | $ | 2,698 | $ | 111,529 | $ | 2,329,102 | $ | 2,473,220 | ||||||||||||||||
* Included within commercial, financial and agricultural loans, commercial real estate loans, and SEPH commercial land and development loans was an immaterial amount of consumer loans that were not broken out by class. | ||||||||||||||||||||||||||
12/31/12 | ||||||||||||||||||||||||||
(In thousands) | 5 Rated | 6 Rated | Impaired | Pass Rated | Recorded Investment | |||||||||||||||||||||
Commercial, financial and agricultural* | $ | 9,537 | $ | 10,874 | $ | 22,601 | $ | 783,891 | $ | 826,903 | ||||||||||||||||
Commercial real estate* | 25,616 | 3,960 | 44,278 | 1,022,149 | 1,096,003 | |||||||||||||||||||||
Construction real estate: | ||||||||||||||||||||||||||
SEPH commercial land and development* | 411 | — | 13,939 | 792 | 15,142 | |||||||||||||||||||||
Remaining commercial | 6,734 | — | 21,574 | 87,496 | 115,804 | |||||||||||||||||||||
Residential real estate: | ||||||||||||||||||||||||||
Commercial | 8,994 | 2,053 | 35,622 | 346,493 | 393,162 | |||||||||||||||||||||
Leases | — | — | — | 3,157 | 3,157 | |||||||||||||||||||||
Total Commercial Loans | $ | 51,292 | $ | 16,887 | $ | 138,014 | $ | 2,243,978 | $ | 2,450,171 | ||||||||||||||||
* Included within commercial, financial and agricultural loans, commercial real estate loans, and SEPH commercial land and development loans was an immaterial amount of consumer loans that were not broken out by class. | ||||||||||||||||||||||||||
Troubled Debt Restructuring (TDRs) | ||||||||||||||||||||||||||
Management classifies loans as TDRs when a borrower is experiencing financial difficulties and Park has granted a concession to the borrower as part of a modification or in the loan renewal process. In order to determine whether a borrower is experiencing financial difficulty, an evaluation is performed of the probability that the borrower will be in payment default on any of the borrower's debt in the foreseeable future without the modification. This evaluation is performed under the Company’s internal underwriting policy. Management’s policy is to modify loans by extending the term or by granting a temporary or permanent contractual interest rate below the market rate, not by forgiving debt. Certain loans which were modified during the periods ended December 31, 2013 and December 31, 2012 did not meet the definition of a TDR as the modification was a delay in a payment that was considered to be insignificant. Management considers a forbearance period of up to three months or a delay in payment of up to 30 days to be insignificant. TDRs may be classified as accruing if the borrower has been current for a period of at least six months with respect to loan payments and management expects that the borrower will be able to continue to make payments in accordance with the terms of the restructured note. Management reviews all accruing TDRs quarterly to ensure payments continue to be made in accordance with the modified terms. | ||||||||||||||||||||||||||
Management reviews renewals/modifications of loans previously identified as TDRs to consider if it is appropriate to remove the TDR classification. If the borrower is no longer experiencing financial difficulty and the renewal/modification does not contain a concessionary interest rate or other concessionary terms, management considers the potential removal of the TDR classification. If deemed appropriate, the TDR classification is removed as the borrower had complied with the terms of the loan at the date of the renewal/modification and there was a reasonable expectation that the borrower would continue to comply with the terms of the loan subsequent to the date of the renewal/modification. The majority of these TDRs were originally considered restructurings in a prior year as a result of a renewal/modification with an interest rate that was not commensurate with the risk of the underlying loan at the time of the renewal/modification. During the year ended December 31, 2013, Park removed the TDR classification on $7.7 million of loans that met the requirements discussed above. | ||||||||||||||||||||||||||
At December 31, 2013 and December 31, 2012, there were $76.3 million and $84.7 million, respectively, of TDRs included in nonaccrual loan totals. At December 31, 2013 and December 31, 2012, $50.6 million and $52.6 million of these nonaccrual TDRs were performing in accordance with the terms of the restructured note. As of December 31, 2013 and December 31, 2012, there were $18.8 million and $29.9 million, respectively, of TDRs included in accruing loan totals. Management will continue to review the restructured loans and may determine it appropriate to move certain nonaccrual TDRs to accrual status in the future. At December 31, 2013 and December 31, 2012, Park had commitments to lend $4.0 million and $5.0 million, respectively, of additional funds to borrowers whose loan terms had been modified in a TDR. | ||||||||||||||||||||||||||
The specific reserve related to TDRs at December 31, 2013 and December 31, 2012 was $7.5 million and $5.6 million, respectively. Modifications made in 2012 and 2013 were largely the result of renewals, extending the maturity date of the loan, at terms consistent with the original note. These modifications were deemed to be TDRs primarily due to Park’s conclusion that the borrower would likely not have qualified for similar terms through another lender. Many of the modifications deemed to be TDRs were previously identified as impaired loans, and thus were also previously evaluated for impairment under ASC 310. Additional specific reserves of $1.1 million were recorded during the year ended December 31, 2013, as a result of TDRs identified in the 2013 year. Additional specific reserves of $2.3 million were recorded during the year ended December 31, 2012 as a result of TDRs identified in the 2012 year. | ||||||||||||||||||||||||||
The terms of certain other loans were modified during the years ended December 31, 2013 and December 31, 2012 that did not meet the definition of a TDR. Modified/renewed substandard commercial loans which did not meet the definition of a TDR had a total recorded investment as of December 31, 2013 and December 31, 2012 of $878,000 and $800,000, respectively. The renewal/modification of these loans: (1) involved a renewal/modification of the terms of a loan to a borrower who was no longer experiencing financial difficulties, (2) resulted in a delay in a payment that was considered to be insignificant, or (3) resulted in Park obtaining additional collateral or guarantees that improved the likelihood of the ultimate collection of the loan such that the modification was deemed to be at market terms. Modified consumer loans which did not meet the definition of a TDR had a total recorded investment as of December 31, 2013 and December 31, 2012 of $24.2 million and $26.5 million, respectively. Many of these loans were to borrowers who were not experiencing financial difficulties but who were looking to reduce their cost of funds. | ||||||||||||||||||||||||||
The following tables detail the number of contracts modified as TDRs during the years ended December 31, 2013 and December 31, 2012 as well as the recorded investment of these contracts at December 31, 2013 and December 31, 2012. The recorded investment pre- and post-modification is generally the same. | ||||||||||||||||||||||||||
Year ended | ||||||||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||||
(In thousands) | Number of Contracts | Accruing | Nonaccrual | Recorded Investment | ||||||||||||||||||||||
Commercial, financial and agricultural | 34 | $ | 7 | $ | 1,334 | $ | 1,341 | |||||||||||||||||||
Commercial real estate | 22 | — | 8,563 | 8,563 | ||||||||||||||||||||||
Construction real estate: | ||||||||||||||||||||||||||
SEPH commercial land and development | — | — | — | — | ||||||||||||||||||||||
Remaining commercial | 3 | — | 98 | 98 | ||||||||||||||||||||||
Mortgage | — | — | — | — | ||||||||||||||||||||||
Installment | 4 | 26 | 25 | 51 | ||||||||||||||||||||||
Residential real estate: | ||||||||||||||||||||||||||
Commercial | 15 | — | 2,552 | 2,552 | ||||||||||||||||||||||
Mortgage | 62 | 1,967 | 2,278 | 4,245 | ||||||||||||||||||||||
HELOC | 16 | 175 | — | 175 | ||||||||||||||||||||||
Installment | 13 | 113 | 179 | 292 | ||||||||||||||||||||||
Consumer | 327 | 805 | 345 | 1,150 | ||||||||||||||||||||||
Total loans | 496 | $ | 3,093 | $ | 15,374 | $ | 18,467 | |||||||||||||||||||
Year ended | ||||||||||||||||||||||||||
31-Dec-12 | ||||||||||||||||||||||||||
(In thousands) | Number of Contracts | Accruing | Nonaccrual | Recorded Investment | ||||||||||||||||||||||
Commercial, financial and agricultural | 44 | $ | 2,843 | $ | 1,499 | $ | 4,342 | |||||||||||||||||||
Commercial real estate | 25 | 2,648 | 3,611 | 6,259 | ||||||||||||||||||||||
Construction real estate: | ||||||||||||||||||||||||||
SEPH commercial land and development | 12 | — | 1,301 | 1,301 | ||||||||||||||||||||||
Remaining commercial | 15 | 531 | 6,579 | 7,110 | ||||||||||||||||||||||
Mortgage | 2 | 99 | 85 | 184 | ||||||||||||||||||||||
Installment | 6 | 175 | 78 | 253 | ||||||||||||||||||||||
Residential real estate: | ||||||||||||||||||||||||||
Commercial | 18 | 1,139 | 1,842 | 2,981 | ||||||||||||||||||||||
Mortgage | 129 | 4,279 | 5,776 | 10,055 | ||||||||||||||||||||||
HELOC | 46 | 736 | 58 | 794 | ||||||||||||||||||||||
Installment | 57 | 761 | 508 | 1,269 | ||||||||||||||||||||||
Consumer | 600 | 1,899 | 670 | 2,569 | ||||||||||||||||||||||
Total loans | 954 | $ | 15,110 | $ | 22,007 | $ | 37,117 | |||||||||||||||||||
Of those loans listed in the tables above which were modified during the year ended December 31, 2013, $5.5 million were on nonaccrual status as of December 31, 2012, but were not classified as TDRs. Of those loans which were modified during the year ended December 31, 2012, $6.5 million were on nonaccrual status as of December 31, 2011, but were not classified as TDRs. | ||||||||||||||||||||||||||
The following table presents the recorded investment in financing receivables which were modified as TDRs within the previous 12 months and for which there was a payment default during the year ended December 31, 2013 and December 31, 2012. For this table, a loan is considered to be in default when it becomes 30 days contractually past due under modified terms. The additional allowance for loan loss resulting from the defaults on TDR loans was immaterial. | ||||||||||||||||||||||||||
Year ended | Year ended | |||||||||||||||||||||||||
31-Dec-13 | 31-Dec-12 | |||||||||||||||||||||||||
(In thousands) | Number of Contracts | Recorded Investment | Number of Contracts | Recorded Investment | ||||||||||||||||||||||
Commercial, financial and agricultural | 11 | $ | 771 | 8 | $ | 244 | ||||||||||||||||||||
Commercial real estate | 11 | 2,839 | 10 | 2,113 | ||||||||||||||||||||||
Construction real estate: | ||||||||||||||||||||||||||
SEPH commercial land and development | — | — | 7 | 970 | ||||||||||||||||||||||
Remaining commercial | — | — | 4 | 1,476 | ||||||||||||||||||||||
Mortgage | — | — | 1 | 85 | ||||||||||||||||||||||
Installment | 1 | 10 | 1 | 27 | ||||||||||||||||||||||
Residential real estate: | ||||||||||||||||||||||||||
Commercial | 4 | 1,683 | 1 | 16 | ||||||||||||||||||||||
Mortgage | 26 | 1,533 | 39 | 2,863 | ||||||||||||||||||||||
HELOC | — | — | 5 | 70 | ||||||||||||||||||||||
Installment | 5 | 72 | 9 | 272 | ||||||||||||||||||||||
Consumer | 74 | 471 | 123 | 743 | ||||||||||||||||||||||
Leases | — | — | — | — | ||||||||||||||||||||||
Total loans | 132 | $ | 7,379 | $ | 208 | $ | 8,879 | |||||||||||||||||||
Of the $7.4 million in modified TDRs which defaulted during the year ended December 31, 2013, $397,000 were accruing loans and $7.0 million were nonaccrual loans. Of the $8.9 million in modified TDRs which defaulted during the year ended December 31, 2012, $606,000 were accruing loans and $8.3 million were nonaccrual loans. | ||||||||||||||||||||||||||
Management transfers a loan to OREO at the time that Park takes deed/title of the asset. At December 31, 2013 and 2012, Park had $34.6 million and $35.7 million, respectively, of OREO. | ||||||||||||||||||||||||||
Certain of the Corporation’s executive officers, directors and related entities of directors are loan customers of PNB. As of December 31, 2013 and 2012, credit exposure aggregating approximately $49.7 million and $39.4 million, respectively, was outstanding to such parties. Of this total exposure, approximately $37.7 million and $35.3 million were outstanding at December 31, 2013 and 2012, respectively, with the remaining balance representing available credit. During 2013, new loans and advances on existing loans were made to these executive officers, directors and related entities totaling $547,000 and $11.9 million, respectively. These extensions of credit were offset by payments of $10.0 million. During 2012, new loans and advances on existing loans were $1.7 million and $13.0 million, respectively. These extensions of credit were offset by payments of $17.2 million and the removal of $4.4 million in loans to Vision Bank's executive officers, directors and related entities. |
Allowance_for_Loan_Losses
Allowance for Loan Losses | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||
Allowance For Loan Losses [Abstract] | ' | ||||||||||||||||||||||||||||
Allowance for Loan Losses | ' | ||||||||||||||||||||||||||||
Allowance for Loan Losses | |||||||||||||||||||||||||||||
The allowance for loan losses is that amount management believes is adequate to absorb probable incurred credit losses in the loan portfolio based on management’s evaluation of various factors including overall growth in the loan portfolio, an analysis of individual loans, prior and current loss experience, and current economic conditions. A provision for loan losses is charged to operations based on management’s periodic evaluation of these and other pertinent factors as discussed within Note 1 of these Notes to Consolidated Financial Statements. | |||||||||||||||||||||||||||||
Management extended the historical loss calculation period from 48 months to 54 months during the third quarter of 2013, incorporating net charge-offs plus changes in specific reserves through June 30, 2013 and to 60 months during the fourth quarter of 2013, incorporating net charge-offs plus changes in specific reserves through December 31, 2013. As part of the update in the third quarter of 2013, management determined that it was appropriate to more heavily weight those years with higher losses in the historical loss calculation. Given the continued uncertainty in the current economic environment, management did not feel that it was appropriate to continue to apply equal percentages to each of the years in the historical loss calculation. Management considers the uncertainty in the current economic environment to be more similar to the economic conditions in 2009 through 2011 period than the 2012 though 2013 period. Specifically, rather than applying equal percentages to each year in the historical loss calculation, management applied more weight to the 2009 through 2011 period compared to the 2012 through 2013 period. The impact of the change in the third quarter resulted in general reserves as a percentage of performing loans of 1.09% at September 30, 2013, which was consistent with the 1.09% at June 30, 2013. | |||||||||||||||||||||||||||||
The activity in the allowance for loan losses for the years ended December 31, 2013, December 31, 2012, and December 31, 2011 is summarized in the following tables. | |||||||||||||||||||||||||||||
Year ended December 31, 2013 | |||||||||||||||||||||||||||||
(In thousands) | Commercial, financial and agricultural | Commercial real estate | Construction real estate | Residential real estate | Consumer | Leases | Total | ||||||||||||||||||||||
Allowance for credit losses: | |||||||||||||||||||||||||||||
Beginning balance | $ | 15,635 | $ | 11,736 | $ | 6,841 | $ | 14,759 | $ | 6,566 | $ | — | $ | 55,537 | |||||||||||||||
Charge-offs | 6,160 | 1,832 | 1,791 | 3,207 | 6,163 | — | 19,153 | ||||||||||||||||||||||
Recoveries | (1,314 | ) | (726 | ) | (9,378 | ) | (6,000 | ) | (2,249 | ) | (2 | ) | (19,669 | ) | |||||||||||||||
Net Charge-offs (recoveries) | 4,846 | 1,106 | (7,587 | ) | (2,793 | ) | 3,914 | (2 | ) | (516 | ) | ||||||||||||||||||
Provision (Recovery) | 3,429 | 5,269 | (7,573 | ) | (3,301 | ) | 5,593 | (2 | ) | 3,415 | |||||||||||||||||||
Ending balance | $ | 14,218 | $ | 15,899 | $ | 6,855 | $ | 14,251 | $ | 8,245 | — | $ | 59,468 | ||||||||||||||||
Year ended December 31, 2012 | |||||||||||||||||||||||||||||
(In thousands) | Commercial, financial and agricultural | Commercial real estate | Construction real estate | Residential real estate | Consumer | Leases | Total | ||||||||||||||||||||||
Allowance for credit losses: | |||||||||||||||||||||||||||||
Beginning balance | $ | 16,950 | $ | 15,539 | $ | 14,433 | $ | 15,692 | $ | 5,830 | $ | — | $ | 68,444 | |||||||||||||||
Charge-offs | 26,847 | 10,454 | 9,985 | 8,607 | 5,375 | — | 61,268 | ||||||||||||||||||||||
Recoveries | (1,066 | ) | (783 | ) | (2,979 | ) | (5,559 | ) | (2,555 | ) | — | (12,942 | ) | ||||||||||||||||
Net Charge-offs | 25,781 | 9,671 | 7,006 | 3,048 | 2,820 | — | 48,326 | ||||||||||||||||||||||
Provision (Recovery) | 24,466 | 5,868 | (586 | ) | 2,115 | 3,556 | — | 35,419 | |||||||||||||||||||||
Ending balance | $ | 15,635 | $ | 11,736 | $ | 6,841 | $ | 14,759 | $ | 6,566 | — | $ | 55,537 | ||||||||||||||||
Year ended December 31, 2011 | |||||||||||||||||||||||||||||
(In thousands) | Commercial, financial and agricultural | Commercial real estate | Construction real estate | Residential real estate | Consumer | Leases | Total | ||||||||||||||||||||||
Allowance for credit losses: | |||||||||||||||||||||||||||||
Beginning balance | $ | 11,555 | $ | 24,369 | $ | 70,462 | $ | 30,259 | $ | 6,925 | $ | 5 | $ | 143,575 | |||||||||||||||
Transfer of loans at fair value | 2 | 150 | 63 | 4 | — | — | 219 | ||||||||||||||||||||||
Transfer of allowance to held for sale (1) | 1,184 | 4,327 | 1,998 | 5,450 | 141 | — | 13,100 | ||||||||||||||||||||||
Charge-offs | 18,350 | 23,063 | 64,166 | 20,691 | 7,612 | — | 133,882 | ||||||||||||||||||||||
Recoveries | (1,402 | ) | (1,825 | ) | (1,463 | ) | (1,719 | ) | (2,385 | ) | (4 | ) | (8,798 | ) | |||||||||||||||
Net Charge-offs (recoveries) | 16,948 | 21,238 | 62,703 | 18,972 | 5,227 | (4 | ) | 125,084 | |||||||||||||||||||||
Provision (Recovery) | 23,529 | 16,885 | 8,735 | 9,859 | 4,273 | (9 | ) | 63,272 | |||||||||||||||||||||
Ending balance | $ | 16,950 | $ | 15,539 | $ | 14,433 | $ | 15,692 | $ | 5,830 | — | $ | 68,444 | ||||||||||||||||
(1) Transfer of allowance to held for sale was allocated on a pro-rata basis based on the outstanding balance of the loans held for sale. | |||||||||||||||||||||||||||||
Loans collectively evaluated for impairment in the following tables include all performing loans at December 31, 2013 and 2012, as well as nonperforming loans internally classified as consumer loans. Nonperforming consumer loans are not typically individually evaluated for impairment, but receive a portion of the statistical allocation of the allowance for loan losses. Loans individually evaluated for impairment include all impaired loans internally classified as commercial loans at December 31, 2013 and 2012, which are evaluated for impairment in accordance with U.S. GAAP (see Note 1 of these Notes to Consolidated Financial Statements). | |||||||||||||||||||||||||||||
The composition of the allowance for loan losses at December 31, 2013 and 2012 was as follows: | |||||||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||
(In thousands) | Commercial, financial, and agricultural | Commercial real estate | Construction real estate | Residential real estate | Consumer | Leases | Total | ||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||
Ending allowance balance attributed to loans | |||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 3,268 | $ | 5,496 | $ | 1,132 | $ | 555 | $ | — | $ | — | $ | 10,451 | |||||||||||||||
Collectively evaluated for impairment | 10,950 | 10,403 | 5,723 | 13,696 | 8,245 | — | 49,017 | ||||||||||||||||||||||
Total ending allowance balance | $ | 14,218 | $ | 15,899 | $ | 6,855 | $ | 14,251 | $ | 8,245 | $ | — | $ | 59,468 | |||||||||||||||
Loan Balance: | |||||||||||||||||||||||||||||
Loans individually evaluated for impairment | $ | 20,724 | $ | 41,816 | $ | 15,559 | $ | 33,406 | $ | 799 | $ | — | $ | 112,304 | |||||||||||||||
Loans collectively evaluated for impairment | 804,708 | 1,070,457 | 140,557 | 1,766,141 | 722,934 | 3,404 | 4,508,201 | ||||||||||||||||||||||
Total ending loan balance | $ | 825,432 | $ | 1,112,273 | $ | 156,116 | $ | 1,799,547 | $ | 723,733 | $ | 3,404 | $ | 4,620,505 | |||||||||||||||
Allowance for loan losses as a percentage of loan balance: | |||||||||||||||||||||||||||||
Loans individually evaluated for impairment | 15.77 | % | 13.14 | % | 7.28 | % | 1.66 | % | — | % | — | % | 9.31 | % | |||||||||||||||
Loans collectively evaluated for impairment | 1.36 | % | 0.97 | % | 4.07 | % | 0.78 | % | 1.14 | % | — | % | 1.09 | % | |||||||||||||||
Total ending loan balance | 1.72 | % | 1.43 | % | 4.39 | % | 0.79 | % | 1.14 | % | — | % | 1.29 | % | |||||||||||||||
Recorded Investment: | |||||||||||||||||||||||||||||
Loans individually evaluated for impairment | $ | 20,727 | $ | 41,822 | $ | 15,559 | $ | 33,408 | $ | 799 | $ | — | $ | 112,315 | |||||||||||||||
Loans collectively evaluated for impairment | 807,784 | 1,074,216 | 140,944 | 1,769,604 | 725,709 | 3,427 | 4,521,684 | ||||||||||||||||||||||
Total ending loan balance | $ | 828,511 | $ | 1,116,038 | $ | 156,503 | $ | 1,803,012 | $ | 726,508 | $ | 3,427 | $ | 4,633,999 | |||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||||||
(In thousands) | Commercial, financial, and agricultural | Commercial real estate | Construction real estate | Residential real estate | Consumer | Leases | Total | ||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||
Ending allowance balance attributed to loans | |||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 3,180 | $ | 1,540 | $ | 2,277 | $ | 1,279 | $ | — | $ | — | $ | 8,276 | |||||||||||||||
Collectively evaluated for impairment | 12,455 | 10,196 | 4,564 | 13,480 | 6,566 | — | 47,261 | ||||||||||||||||||||||
Total ending allowance balance | $ | 15,635 | $ | 11,736 | $ | 6,841 | $ | 14,759 | $ | 6,566 | $ | — | $ | 55,537 | |||||||||||||||
Loan Balance: | |||||||||||||||||||||||||||||
Loans individually evaluated for impairment | $ | 22,523 | $ | 44,267 | $ | 34,814 | $ | 35,616 | $ | 18 | $ | — | $ | 137,238 | |||||||||||||||
Loans collectively evaluated for impairment | 801,404 | 1,047,897 | 130,714 | 1,678,029 | 651,912 | 3,128 | 4,313,084 | ||||||||||||||||||||||
Total ending loan balance | $ | 823,927 | $ | 1,092,164 | $ | 165,528 | $ | 1,713,645 | $ | 651,930 | $ | 3,128 | $ | 4,450,322 | |||||||||||||||
Allowance for loan losses as a percentage of loan balance: | |||||||||||||||||||||||||||||
Loans individually evaluated for impairment | 14.12 | % | 3.48 | % | 6.54 | % | 3.59 | % | — | % | — | % | 6.03 | % | |||||||||||||||
Loans collectively evaluated for impairment | 1.55 | % | 0.97 | % | 3.49 | % | 0.8 | % | 1.01 | % | — | % | 1.1 | % | |||||||||||||||
Total ending loan balance | 1.9 | % | 1.07 | % | 4.13 | % | 0.86 | % | 1.01 | % | — | % | 1.25 | % | |||||||||||||||
Recorded Investment: | |||||||||||||||||||||||||||||
Loans individually evaluated for impairment | $ | 22,587 | $ | 44,278 | $ | 34,834 | $ | 35,622 | $ | 18 | $ | — | $ | 137,339 | |||||||||||||||
Loans collectively evaluated for impairment | 804,316 | 1,051,725 | 131,176 | 1,681,449 | 654,747 | 3,157 | 4,326,570 | ||||||||||||||||||||||
Total ending loan balance | $ | 826,903 | $ | 1,096,003 | $ | 166,010 | $ | 1,717,071 | $ | 654,765 | $ | 3,157 | $ | 4,463,909 | |||||||||||||||
Premises_And_Equipment
Premises And Equipment | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||
Premises and Equipment | ' | ||||||||
Premises and Equipment | |||||||||
The major categories of premises and equipment and accumulated depreciation are summarized as follows: | |||||||||
December 31 (In thousands) | 2013 | 2012 | |||||||
Land | $ | 17,657 | $ | 17,354 | |||||
Buildings | 70,183 | 69,091 | |||||||
Equipment, furniture and fixtures | 36,937 | 61,679 | |||||||
Leasehold improvements | 3,903 | 4,009 | |||||||
Total | $ | 128,680 | $ | 152,133 | |||||
Less accumulated depreciation | (73,402 | ) | (98,382 | ) | |||||
Premises and equipment, net | $ | 55,278 | $ | 53,751 | |||||
Depreciation expense amounted to $7.3 million, $7.0 million and $7.6 million for the years ended December 31, 2013, 2012 and 2011, respectively. | |||||||||
The Corporation leases certain premises and equipment accounted for as operating leases. The following is a schedule of the future minimum rental payments required for the next five years under such leases with initial terms in excess of one year: | |||||||||
(In thousands) | |||||||||
2014 | 1,351 | ||||||||
2015 | 945 | ||||||||
2016 | 628 | ||||||||
2017 | 475 | ||||||||
2018 | 744 | ||||||||
Thereafter | 605 | ||||||||
Total | $ | 4,748 | |||||||
Rent expense for Park was $1.8 million, $1.9 million and $2.4 million, for the years ended December 31, 2013, 2012 and 2011, respectively. |
Deposits
Deposits | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Deposits [Abstract] | ' | ||||||||
Deposits | ' | ||||||||
Deposits | |||||||||
At December 31, 2013 and 2012, non-interest bearing and interest bearing deposits were as follows: | |||||||||
December 31 (In thousands) | 2013 | 2012 | |||||||
Non-interest bearing | $ | 1,193,553 | $ | 1,137,290 | |||||
Interest bearing | 3,596,441 | 3,578,742 | |||||||
Total | $ | 4,789,994 | $ | 4,716,032 | |||||
At December 31, 2013, the maturities of time deposits were as follows: | |||||||||
(In thousands) | |||||||||
2014 | $ | 883,231 | |||||||
2015 | 215,866 | ||||||||
2016 | 104,274 | ||||||||
2017 | 80,856 | ||||||||
2018 | 39,485 | ||||||||
After 5 years | 947 | ||||||||
Total | $ | 1,324,659 | |||||||
At December 31, 2013, Park had approximately $18.4 million of deposits received from executive officers, directors and their related entities. | |||||||||
Maturities of time deposits over $100,000 as of December 31, 2013 were: | |||||||||
December 31 (In thousands) | |||||||||
3 months or less | $ | 186,194 | |||||||
Over 3 months through 6 months | 114,979 | ||||||||
Over 6 months through 12 months | 146,315 | ||||||||
Over 12 months | 153,966 | ||||||||
Total | $ | 601,454 | |||||||
ShortTerm_Borrowings
Short-Term Borrowings | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Short-term Debt [Abstract] | ' | ||||||||
Short-Term Borrowings | ' | ||||||||
Short-Term Borrowings | |||||||||
Short-term borrowings were as follows: | |||||||||
December 31 (In thousands) | 2013 | 2012 | |||||||
Securities sold under agreements to repurchase and federal funds purchased | $ | 242,029 | $ | 244,168 | |||||
Federal Home Loan Bank advances | — | 100,000 | |||||||
Total short-term borrowings | $ | 242,029 | $ | 344,168 | |||||
The outstanding balances for all short-term borrowings as of December 31, 2013 and 2012 and the weighted-average interest rates as of and paid during each of the years then ended were as follows: | |||||||||
(In thousands) | Repurchase agreements and Federal Funds Purchased | FHLB Advances | |||||||
2013 | |||||||||
Ending balance | $ | 242,029 | $ | — | |||||
Highest month-end balance | 280,863 | — | |||||||
Average daily balance | 251,868 | 1,255 | |||||||
Weighted-average interest rate: | |||||||||
As of year-end | 0.19 | % | — | % | |||||
Paid during the year | 0.21 | % | 0.41 | % | |||||
2012 | |||||||||
Ending balance | $ | 244,168 | $ | 100,000 | |||||
Highest month-end balance | 302,946 | 100,000 | |||||||
Average daily balance | 257,341 | 1,320 | |||||||
Weighted-average interest rate: | |||||||||
As of year-end | 0.23 | % | 0.38 | % | |||||
Paid during the year | 0.26 | % | 0.28 | % | |||||
At December 31, 2012, outstanding FHLB advances were collateralized by investment securities owned by the Corporation’s bank subsidiary and by various loans pledged under a blanket agreement by the Corporation’s bank subsidiary. | |||||||||
See Note 4 of these Notes to Consolidated Financial Statements for the amount of investment securities that are pledged. At December 31, 2013 and 2012, $2,072 million and $2,053 million, respectively, of commercial real estate and residential mortgage loans were pledged under a blanket agreement to the FHLB by Park’s bank subsidiary. | |||||||||
Note 4 states that $648 million and $667 million of securities were pledged to secure repurchase agreements as of December 31, 2013 and 2012, respectively. Park’s repurchase agreements in short-term borrowings consist of customer accounts and securities which are pledged on an individual security basis. Park’s repurchase agreements with a third-party financial institution are classified as long-term debt. See Note 10 of these Notes to Consolidated Financial Statements. |
LongTerm_Debt
Long-Term Debt | 12 Months Ended | ||||||||||||||
Dec. 31, 2013 | |||||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||||
Long-Term Debt | ' | ||||||||||||||
Long-Term Debt | |||||||||||||||
Long-term debt is listed below: | |||||||||||||||
December 31, | 2013 | 2012 | |||||||||||||
(In thousands) | Outstanding Balance | Average Rate | Outstanding Balance | Average Rate | |||||||||||
Total Federal Home Loan Bank advances by year of maturity: | |||||||||||||||
2013 | — | — | % | 50,500 | 1.07 | % | |||||||||
2014 | 100,500 | 1.51 | % | 100,500 | 1.51 | % | |||||||||
2015 | 51,000 | 2 | % | 51,000 | 2 | % | |||||||||
2016 | 26,000 | 0.92 | % | 1,000 | 2.05 | % | |||||||||
2017 | 51,000 | 3.37 | % | 51,000 | 3.37 | % | |||||||||
2018 | 125,062 | 2.11 | % | 100,088 | 2.34 | % | |||||||||
Thereafter | 176,745 | 3.13 | % | 152,171 | 3.34 | % | |||||||||
Total | $ | 530,307 | 2.39 | % | 506,259 | 2.42 | % | ||||||||
Total broker repurchase agreements by year of maturity: | |||||||||||||||
2017 | 300,000 | 1.75 | % | 300,000 | 1.75 | % | |||||||||
Total | $ | 300,000 | 1.75 | % | $ | 300,000 | 1.75 | % | |||||||
Total combined long-term debt by year of maturity: | |||||||||||||||
2013 | — | — | % | 50,500 | 1.07 | % | |||||||||
2014 | 100,500 | 1.51 | % | 100,500 | 1.51 | % | |||||||||
2015 | 51,000 | 2 | % | 51,000 | 2 | % | |||||||||
2016 | 26,000 | 0.92 | % | 1,000 | 2.05 | % | |||||||||
2017 | 351,000 | 1.99 | % | 351,000 | 1.99 | % | |||||||||
2018 | 125,062 | 2.11 | % | 100,088 | 2.34 | % | |||||||||
Thereafter | 176,745 | 3.13 | % | 152,171 | 3.34 | % | |||||||||
Total | $ | 830,307 | 2.16 | % | $ | 806,259 | 2.17 | % | |||||||
Prepayment penalty | (19,766 | ) | — | (24,601 | ) | — | |||||||||
Total long-term debt | $ | 810,541 | 2.82 | % | $ | 781,658 | 2.87 | % | |||||||
On November 30, 2012, Park restructured $300 million in repurchase agreements at a rate of 1.75%. As part of this restructuring, Park paid a prepayment penalty of $25 million. The penalty is being amortized as an adjustment to interest expense over the remaining term of the repurchase agreements using the effective interest method, resulting in an effective interest rate of 3.40%. Of the $25 million prepayment penalty, $19.8 million remained to be amortized as of December 31, 2013. The remaining amortization will be $4.9 million in 2014, $5.0 million in 2015, $5.1 million in 2016 and $4.8 million in 2017. | |||||||||||||||
Park had approximately $176.7 million of long-term debt at December 31, 2013 with a contractual maturity longer than five years. However, approximately $150 million of this debt is callable by the issuer in 2014. | |||||||||||||||
At December 31, 2013 and 2012, FHLB advances were collateralized by investment securities owned by PNB’s banking divisions and by various loans pledged under a blanket agreement by the PNB's divisions. | |||||||||||||||
See Note 4 of these Notes to Consolidated Financial Statements for the amount of investment securities that were pledged. See Note 9 of these Notes to Consolidated Financial Statements for the amount of commercial real estate and residential mortgage loans that were pledged to the FHLB at December 31, 2013 and December 31, 2012. |
Subordinated_DebenturesNotes
Subordinated Debentures/Notes | 12 Months Ended |
Dec. 31, 2013 | |
Long-term Debt, Unclassified [Abstract] | ' |
Subordinated Debentures/Notes | ' |
Subordinated Debentures/Notes | |
As part of the acquisition of Vision's parent bank holding company ("Vision Parent") on March 9, 2007, Park became the successor to Vision Parent under (i) the Amended and Restated Trust Agreement of Vision Bancshares Trust I (the “Trust”), dated as of December 5, 2005, (ii) the Junior Subordinated Indenture, dated as of December 5, 2005, and (iii) the Guarantee Agreement, also dated as of December 5, 2005. | |
On December 1, 2005, Vision Parent formed a wholly-owned Delaware statutory business trust, Vision Bancshares Trust I (“Trust I”), which issued $15.0 million of Trust I's floating rate preferred securities (the “Trust Preferred Securities”) to institutional investors. These Trust Preferred Securities qualify as Tier I capital under Federal Reserve Board guidelines. All of the common securities of Trust I are owned by Park. The proceeds from the issuance of the common securities and the Trust Preferred Securities were used by Trust I to purchase $15.5 million of junior subordinated notes, which carry a floating rate based on a three-month LIBOR plus 148 basis points. The debentures represent the sole asset of Trust I. The Trust Preferred Securities accrue and pay distributions at a floating rate of three-month LIBOR plus 148 basis points per annum. The Trust Preferred Securities are mandatorily redeemable upon maturity of the notes in December 2035, or upon earlier redemption as provided in the notes. Park has the right to redeem the notes purchased by Trust I in whole or in part, on or after December 30, 2010. As specified in the indenture, if the notes are redeemed prior to maturity, the redemption price will be the principal amount, plus any unpaid accrued interest. | |
In accordance with GAAP, Trust I is not consolidated with Park’s financial statements, but rather the subordinated notes are reflected as a liability. | |
On December 23, 2009, Park entered into a Note Purchase Agreement, dated December 23, 2009, with 38 purchasers (the “2009 Purchasers”). Under the terms of the Note Purchase Agreement, the 2009 Purchasers purchased from Park an aggregate principal amount of $35.25 million of 10% Subordinated Notes due December 23, 2019 (the “2009 Notes”). The 2009 Notes are intended to qualify as Tier 2 capital under applicable rules and regulations of the Federal Reserve Board. The 2009 Notes may not be prepaid in any amount prior to December 23, 2014; however, subsequent to that date, Park may prepay, without penalty, all or a portion of the principal amount outstanding. Of the $35.25 million in 2009 Notes, $14.05 million were purchased by related parties. | |
On April 20, 2012, Park entered into a Note Purchase Agreement, dated April 20, 2012 (the “2012 Purchase Agreement”), with 56 purchasers (the "2012 Purchasers"). Under the terms of the 2012 Purchase Agreement, the 2012 Purchasers purchased from Park an aggregate principal amount of $30 million of 7% Subordinated Notes Due April 20, 2022 (the "2012 Notes"). The 2012 Notes are intended to qualify as Tier 2 capital under applicable rules and regulations of the Federal Reserve Board. Each 2012 Note was purchased at a purchase price of 100% of the principal amount thereof. The 2012 Notes may not be prepaid by Park prior to April 20, 2017. From and after April 20, 2017, Park may prepay all, or from time to time, any part of the 2012 Notes at 100% of the principal amount (plus accrued interest) without penalty, subject to any requirement under Federal Reserve Board regulations to obtain prior approval from the Federal Reserve Board before making any prepayment. |
ShareBased_Compensation
Share-Based Compensation | 12 Months Ended |
Dec. 31, 2013 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' |
Stock Option Plan | ' |
Share-Based Compensation | |
The Park National Corporation 2005 Incentive Stock Option Plan (the “2005 Plan”) was adopted by the Board of Directors of Park on January 18, 2005, and was approved by Park's shareholders at the Annual Meeting of Shareholders on April 18, 2005. Under the 2005 Plan, 1,500,000 common shares were authorized for delivery upon the exercise of incentive stock options. All of the common shares delivered upon the exercise of incentive stock options granted under the 2005 Plan were to be treasury shares. The 2005 Plan was terminated on April 22, 2013 and no common shares were delivered thereunder. | |
The Park National Corporation 2013 Long-Term Incentive Plan (the "2013 Incentive Plan") was adopted by the Board of Directors of Park on January 28, 2013 and was approved by Park's shareholders at the Annual Meeting of Shareholders on April 22, 2013. The 2013 Incentive Plan replaces the 2005 Plan and Park's Stock Plan for Non-Employee Directors of Park National Corporation and Subsidiaries (the "Directors' Stock Plan") which were terminated immediately following the approval of the 2013 Incentive Plan. The 2013 Incentive Plan makes equity-based awards and cash-based awards available for grant to participants in the form of incentive stock options, nonqualified stock options, stock appreciations rights, restricted common shares, restricted stock awards that may be settled in common shares, cash or a combination of the two, unrestricted common shares and cash-based awards. Under the 2013 Incentive Plan, 600,000 common shares are authorized to be granted. The common shares to be issued and delivered under the 2013 Incentive Plan may consist of either common shares currently held or common shares subsequently acquired by Park as treasury shares, including common shares purchased in the open market or in private transactions. No awards may be made under the 2013 Incentive Plan after April 22, 2023. | |
At December 31, 2013, 589,450 common shares were available for future grants under the 2013 Incentive Plan. During 2013, Park granted 10,550 common shares to directors under the 2013 Incentive Plan. The common shares granted to directors were not subjected to a vesting period and resulted in expense of $850,000 which is included in Professional fees and services on the Consolidated Income Statement. As of December 31, 2013, there had been no awards made to employees under the 2013 Incentive Plan. | |
There were no options outstanding under the the 2005 Plan as of December 31, 2013 or December 31, 2012. There were no options granted or exercised in 2013, 2012 or 2011. Additionally, no share-based compensation expense was recognized for 2013, 2012 or 2011 related to awards to employees. |
Benefit_Plans
Benefit Plans | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | ' | ||||||||||||
Benefit Plans | ' | ||||||||||||
Benefit Plans | |||||||||||||
The Corporation has a noncontributory Defined Benefit Pension Plan (the “Pension Plan”) covering substantially all of the employees of the Corporation and its subsidiaries. The Pension Plan provides benefits based on an employee’s years of service and compensation. | |||||||||||||
The Corporation generally contributes annually an amount that can be deducted for federal income tax purposes using a different actuarial cost method and different assumptions from those used for financial reporting purposes. In January 2012, management contributed $15.9 million, of which $14.3 million was deductible on the 2011 tax return and $1.6 million was deductible on the 2012 tax return. In January 2013, management contributed $12.6 million, of which $11.0 million was deductible on the 2012 tax return and $1.6 million will be deductible on the 2013 tax return. See Note 14 of these Notes to Consolidated Financial Statements. There is no pension contribution expected in 2014. | |||||||||||||
Using an accrual measurement date of December 31, 2013 and 2012, plan assets and benefit obligation activity for the Pension Plan are listed below: | |||||||||||||
(In thousands) | 2013 | 2012 | |||||||||||
Change in fair value of plan assets | |||||||||||||
Fair value at beginning of measurement period | $ | 117,768 | $ | 96,581 | |||||||||
Actual return on plan assets | 31,518 | 11,256 | |||||||||||
Company contributions | 12,638 | 15,900 | |||||||||||
Benefits paid | (9,185 | ) | (5,969 | ) | |||||||||
Fair value at end of measurement period | $ | 152,739 | $ | 117,768 | |||||||||
Change in benefit obligation | |||||||||||||
Projected benefit obligation at beginning of measurement period | $ | 97,653 | $ | 81,507 | |||||||||
Service cost | 4,817 | 4,271 | |||||||||||
Interest cost | 4,223 | 4,048 | |||||||||||
Actuarial (gains)/loss | (8,329 | ) | 13,796 | ||||||||||
Benefits paid | (9,185 | ) | (5,969 | ) | |||||||||
Projected benefit obligation at the end of measurement period | $ | 89,179 | $ | 97,653 | |||||||||
Funded status at end of year (fair value of plan assets less benefit obligation) | $ | 63,560 | $ | 20,115 | |||||||||
The asset allocation for the Pension Plan as of each measurement date, by asset category, was as follows: | |||||||||||||
Percentage of Plan Assets | |||||||||||||
Asset category | Target Allocation | 2013 | 2012 | ||||||||||
Equity securities | 50% - 100% | 83 | % | 83 | % | ||||||||
Fixed income and cash equivalents | remaining balance | 17 | % | 17 | % | ||||||||
Total | 100 | % | 100 | % | |||||||||
The investment policy, as established by the Retirement Plan Committee, is to invest assets according to the target allocation stated above. Assets will be reallocated periodically based on the investment strategy of the Retirement Plan Committee. The investment policy is reviewed periodically. | |||||||||||||
The expected long-term rate of return on plan assets used to measure the benefit obligation as of December 31, 2013 and 2012 was 7.25% and 7.5%, respectively. This return was based on the expected return of each of the asset categories, weighted based on the median of the target allocation for each class. | |||||||||||||
The accumulated benefit obligation for the Pension Plan was $75.9 million and $85.1 million at December 31, 2013 and 2012, respectively. | |||||||||||||
On November 17, 2009, the Park Pension Plan completed the purchase of 115,800 common shares of Park for $7.0 million or $60.45 per share. At December 31, 2013 and 2012, the fair value of the 115,800 common shares held by the Pension Plan was $9.9 million, or $85.07 per share and $7.5 million, or $64.63 per share, respectively. | |||||||||||||
The weighted average assumptions used to determine benefit obligations at December 31, 2013, 2012 and 2011 were as follows: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Discount rate | 5.3 | % | 4.47 | % | 5.18 | % | |||||||
Rate of compensation increase | 3 | % | 3 | % | |||||||||
Under age 30 | 10 | % | |||||||||||
Ages 30-39 | 6 | % | |||||||||||
Ages 40 and over | 3 | % | |||||||||||
The estimated future pension benefit payments reflecting expected future service for the next ten years are shown below (in thousands): | |||||||||||||
2014 | $ | 5,732 | |||||||||||
2015 | 5,943 | ||||||||||||
2016 | 6,047 | ||||||||||||
2017 | 6,597 | ||||||||||||
2018 | 6,845 | ||||||||||||
2019-2023 | 42,387 | ||||||||||||
Total | $ | 73,551 | |||||||||||
The following table shows ending balances of accumulated other comprehensive loss at December 31, 2013 and 2012. | |||||||||||||
(In thousands) | 2013 | 2012 | |||||||||||
Prior service cost | $ | (34 | ) | $ | (54 | ) | |||||||
Net actuarial loss | (8,579 | ) | (41,691 | ) | |||||||||
Total | (8,613 | ) | (41,745 | ) | |||||||||
Deferred taxes | 3,015 | 14,611 | |||||||||||
Accumulated other comprehensive loss | $ | (5,598 | ) | $ | (27,134 | ) | |||||||
Using an actuarial measurement date of December 31 for 2013, 2012 and 2011, components of net periodic benefit cost and other amounts recognized in other comprehensive loss were as follows: | |||||||||||||
(In thousands) | 2013 | 2012 | 2011 | ||||||||||
Components of net periodic benefit cost and other amounts recognized in other comprehensive (loss) | |||||||||||||
Service cost | $ | (4,817 | ) | $ | (4,271 | ) | $ | (4,557 | ) | ||||
Interest cost | (4,223 | ) | (4,048 | ) | (3,967 | ) | |||||||
Expected return on plan assets | 9,536 | 8,742 | 7,543 | ||||||||||
Amortization of prior service cost | (20 | ) | (20 | ) | (19 | ) | |||||||
Recognized net actuarial loss | (2,703 | ) | (1,708 | ) | (1,411 | ) | |||||||
Net periodic benefit cost | $ | (2,227 | ) | $ | (1,305 | ) | $ | (2,411 | ) | ||||
Change to net actuarial gain/(loss) for the period | $ | 30,409 | $ | (11,236 | ) | $ | (9,164 | ) | |||||
Amortization of prior service cost | 20 | 20 | 19 | ||||||||||
Amortization of net loss | 2,703 | 1,708 | 1,411 | ||||||||||
Total recognized in other comprehensive income/(loss) | 33,132 | (9,508 | ) | (7,734 | ) | ||||||||
Total recognized in net benefit cost and other comprehensive income/(loss) | $ | 30,905 | $ | (10,813 | ) | $ | (10,145 | ) | |||||
The estimated prior service costs for the Pension Plan that will be amortized from accumulated other comprehensive loss into net periodic benefit cost over the next fiscal year is $20,000. There is no net actuarial (loss) expected to be recognized in the next fiscal year. | |||||||||||||
The weighted average assumptions used to determine net periodic benefit cost for the years ended December 31, 2013, 2012 and 2011 are listed below: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Discount Rate | 4.47 | % | 5.18 | % | 5.5 | % | |||||||
Rate of compensation increase | 3 | % | 3 | % | 3 | % | |||||||
Expected long-term return on plan assets | 7.5 | % | 7.75 | % | 7.75 | % | |||||||
The Pension Plan maintains cash in a PNB savings account. The Pension Plan cash balance was $2.3 million at December 31, 2013. | |||||||||||||
GAAP defines fair value as the price that would be received by Park for an asset or paid by Park to transfer a liability (an exit price) in an orderly transaction between market participants on the measurement date, using the most advantageous market for the asset or liability. The fair values of equity securities, consisting of mutual fund investments and common stock (U.S. large cap) held by the Pension Plan and the fixed income and cash equivalents, are determined by obtaining quoted prices on nationally recognized securities exchanges (Level 1 inputs). The market value of Pension Plan assets at December 31, 2013 was $152.7 million. At December 31, 2013, $128.7 million of equity investments and cash in the Pension Plan were categorized as Level 1 inputs; $24.0 million of plan investments in corporate (U.S. large cap) and U.S. Government sponsored entity bonds were categorized as Level 2 inputs, as fair value was based on quoted market prices of comparable instruments; and no investments were categorized as Level 3 inputs. The market value of Pension Plan assets was $117.8 million at December 31, 2012. At December 31, 2012, $98.8 million of investments in the Pension Plan were categorized as Level 1 inputs; $18.9 million were categorized as Level 2; and no investments were categorized as Level 3. | |||||||||||||
The Corporation has a voluntary salary deferral plan covering substantially all of the employees of the Corporation and its subsidiaries. Eligible employees may contribute a portion of their compensation subject to a maximum statutory limitation. The Corporation provides a matching contribution established annually by the Corporation. Contribution expense for the Corporation was $1.1 million, $1.0 million, and $1.1 million for 2013, 2012 and 2011, respectively. | |||||||||||||
The Corporation has a Supplemental Executive Retirement Plan (SERP) covering certain key officers of the Corporation and its subsidiaries with defined pension benefits in excess of limits imposed by federal tax law. The accrued benefit cost for the SERP totaled $6.8 million and $7.4 million for 2013 and 2012, respectively. The expense for the Corporation was $0.2 million for 2013, $0.3 million for 2012 and $0.6 million for 2011. |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Income Taxes | ' | ||||||||||||
Income Taxes | |||||||||||||
Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Corporation’s deferred tax assets and liabilities are as follows: | |||||||||||||
December 31 (In thousands) | 2013 | 2012 | |||||||||||
Deferred tax assets: | |||||||||||||
Allowance for loan losses | $ | 20,814 | $ | 19,438 | |||||||||
Accumulated other comprehensive loss – Pension Plan | 3,015 | 14,611 | |||||||||||
Accumulated other comprehensive loss – Unrealized losses on securities | 16,057 | — | |||||||||||
Intangible assets | 673 | 697 | |||||||||||
Deferred compensation | 3,611 | 3,750 | |||||||||||
OREO devaluations | 5,287 | 4,855 | |||||||||||
Partnership adjustments | 3,793 | 3,329 | |||||||||||
Other | 3,705 | 2,973 | |||||||||||
Total deferred tax assets | $ | 56,955 | $ | 49,653 | |||||||||
Deferred tax liabilities: | |||||||||||||
Accumulated other comprehensive income – Unrealized gains on securities | — | 5,178 | |||||||||||
Deferred investment income | 10,199 | 10,199 | |||||||||||
Pension Plan | 25,261 | 25,517 | |||||||||||
Mortgage servicing rights | 3,154 | 2,717 | |||||||||||
Other | 850 | 646 | |||||||||||
Total deferred tax liabilities | $ | 39,464 | $ | 44,257 | |||||||||
Net deferred tax assets | $ | 17,491 | $ | 5,396 | |||||||||
Park performs an analysis to determine if a valuation allowance against deferred tax assets is required in accordance with GAAP. Prior to the sale of substantially all of its assets in February 2012, Vision was subject to income tax in Alabama and Florida. During 2011, Park recognized $6.1 million in state tax expense which was the charge necessary to write off the previously reported state operating loss carry-forward asset and other state deferred tax assets at Vision. Prior to the execution of the Vision Purchase Agreement with Centennial, management of Park had believed that a merger of Vision into PNB (the national bank subsidiary of Park) would enable Park to fully utilize the state net operating loss carry-forward asset recorded at Vision. The structure of the transactions contemplated by the Vision Purchase Agreement with Centennial did not allow either the buyer or the seller to benefit from the previously recorded net operating loss carry-forward asset at Vision to offset future taxable income; therefore, this asset was written off by Vision at December 31, 2011. | |||||||||||||
Management has determined that it is not required to establish a valuation allowance against remaining deferred tax assets in accordance with GAAP since it is more likely than not that the deferred tax assets will be fully utilized in future periods. | |||||||||||||
The components of the provision for federal and state income taxes are shown below: | |||||||||||||
December 31, (In thousands) | 2013 | 2012 | 2011 | ||||||||||
Currently payable | |||||||||||||
Federal | $ | 27,587 | $ | 12,984 | $ | 5,949 | |||||||
State | — | — | — | ||||||||||
Deferred | |||||||||||||
Federal | (2,456 | ) | 12,717 | 22,378 | |||||||||
State | — | — | 8,382 | ||||||||||
Valuation allowance | |||||||||||||
Federal | — | — | — | ||||||||||
State | — | — | (2,294 | ) | |||||||||
Total | $ | 25,131 | $ | 25,701 | $ | 34,415 | |||||||
The following is a reconciliation of income tax expense to the amount computed at the statutory rate of 35% for the years ended December 31, 2013, 2012 and 2011. | |||||||||||||
31-Dec | 2013 | 2012 | 2011 | ||||||||||
Statutory federal corporate tax rate | 35 | % | 35 | % | 35 | % | |||||||
Changes in rates resulting from: | |||||||||||||
Tax exempt interest income, net of disallowed interest | (0.8 | )% | (0.9 | )% | (1.0 | )% | |||||||
Bank owned life insurance | (1.7 | )% | (1.6 | )% | (1.5 | )% | |||||||
Tax credits (low income housing) | (6.6 | )% | (6.1 | )% | (5.2 | )% | |||||||
State income tax expense, net of federal benefit | — | % | — | % | 4.7 | % | |||||||
Valuation allowance, net of federal benefit | — | % | — | % | (1.3 | )% | |||||||
Other | (1.3 | )% | (1.8 | )% | (1.2 | )% | |||||||
Effective tax rate | 24.6 | % | 24.6 | % | 29.5 | % | |||||||
Park and its Ohio-based subsidiaries do not pay state income tax to the state of Ohio, but pay a franchise tax based on their year-end equity. The franchise tax expense is included in the state tax expense and is shown in “state taxes” on Park’s Consolidated Statements of Income. Vision did not record state income tax expense (benefit) in 2012. | |||||||||||||
Unrecognized Tax Benefits | |||||||||||||
The following is a reconciliation of the beginning and ending amount of unrecognized tax benefits. | |||||||||||||
(In thousands) | 2013 | 2012 | 2011 | ||||||||||
January 1 Balance | $ | 517 | $ | 485 | $ | 477 | |||||||
Additions based on tax positions related to the current year | 74 | 74 | 70 | ||||||||||
Additions for tax positions of prior years | 4 | 25 | 1 | ||||||||||
Reductions for tax positions of prior years | — | — | (3 | ) | |||||||||
Reductions due to statute of limitations | (77 | ) | (67 | ) | (60 | ) | |||||||
December 31 Balance | $ | 518 | $ | 517 | $ | 485 | |||||||
The amount of unrecognized tax benefits that, if recognized, would favorably affect the effective income tax rate in the future periods at December 31, 2013, 2012 and 2011 was $403,000, $404,000 and $378,000, respectively. Park does not expect the total amount of unrecognized tax benefits to significantly increase or decrease during the next year. | |||||||||||||
The (income)/expense related to interest and penalties recorded in the Consolidated Statements of Income for the years ended December 31, 2013, 2012 and 2011 was $(500), $4,500 and $2,500, respectively. The amount accrued for interest and penalties at December 31, 2013, 2012 and 2011 was $67,000, $67,500 and $63,000, respectively. | |||||||||||||
Park and its subsidiaries are subject to U.S. federal income tax. Some of Park’s subsidiaries are subject to state income tax in the following states: Alabama, Florida, California and Kentucky. Park is no longer subject to examination by federal or state taxing authorities for the tax year 2009 and the years prior. | |||||||||||||
The 2007 and 2008 federal income tax returns of Park were recently under examination by the Internal Revenue Service. Additionally, the 2009 state of Ohio franchise tax return was recently under examination. The IRS examination closed in the first quarter of 2012 with no adjustments. The Ohio examination closed in 2011 with no material adjustments. |
Other_Comprehensive_Income_Los
Other Comprehensive Income (Loss) | 12 Months Ended | |||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||
Other Comprehensive Income (Loss) [Abstract] | ' | |||||||||||||||||
Other Comprehensive Income (Loss) | ' | |||||||||||||||||
Other Comprehensive Income (Loss) | ||||||||||||||||||
Other comprehensive income (loss) components, net of tax, are shown in the following table for the years ended December 31, 2013, 2012 and 2011. | ||||||||||||||||||
Year ended December 31, | Changes in Pension Plan assets and benefit obligations | Unrealized gains and losses on available-for-sale securities | Unrealized net holding loss on cash flow hedge | Total | ||||||||||||||
(in thousands) | ||||||||||||||||||
Beginning balance at December 31, 2012 | $ | (27,134 | ) | $ | 9,616 | $ | — | $ | (17,518 | ) | ||||||||
Other comprehensive gain (loss) before reclassifications | 19,766 | (39,448 | ) | — | $ | (19,682 | ) | |||||||||||
Amounts reclassified from accumulated other comprehensive income | 1,770 | 11 | — | $ | 1,781 | |||||||||||||
Net current period other comprehensive income (loss) | 21,536 | (39,437 | ) | — | $ | (17,901 | ) | |||||||||||
Ending balance at December 31, 2013 | $ | (5,598 | ) | $ | (29,821 | ) | $ | — | $ | (35,419 | ) | |||||||
Beginning balance at December 31, 2011 | $ | (20,954 | ) | $ | 12,673 | $ | (550 | ) | $ | (8,831 | ) | |||||||
Net current period other comprehensive income (loss) | (6,180 | ) | (3,057 | ) | 550 | $ | (8,687 | ) | ||||||||||
Ending balance at December 31, 2012 | $ | (27,134 | ) | $ | 9,616 | $ | — | $ | (17,518 | ) | ||||||||
Beginning balance at January 1, 2011 | $ | (15,927 | ) | $ | 15,121 | $ | (1,062 | ) | $ | (1,868 | ) | |||||||
Net current period other comprehensive income (loss) | (5,027 | ) | (2,448 | ) | 512 | $ | (6,963 | ) | ||||||||||
Ending balance at December 31, 2011 | $ | (20,954 | ) | $ | 12,673 | $ | (550 | ) | $ | (8,831 | ) | |||||||
During the year ended December 31, 2013, there was $17,000 ($11,000 net of tax) reclassified out of accumulated other comprehensive income due to an other-than-temporary impairment charge on an available-for-sale security. This charge was recorded within miscellaneous expense on the Consolidated Statement of Income. During the year ended December 31, 2011, $28.8 million ($18.7 million after-tax) was reclassified out of accumulated other comprehensive income (loss) due to gains recognized in net income as the result of the sale of securities. These gains were recorded within net gain on sales of securities on the Consolidated Statement of Income. | ||||||||||||||||||
The following table provides information concerning significant amounts reclassified out of accumulated other comprehensive income (loss) related to Pension Plan assets and benefit obligations for the year ended December 31, 2013: | ||||||||||||||||||
Year ended December 31, 2013 | Amount Reclassified from Accumulated Other Comprehensive Income | Affected Line Item in the Consolidated Statement of Income | ||||||||||||||||
(in thousands) | ||||||||||||||||||
Amortization of defined benefit pension items | ||||||||||||||||||
Amortization of prior service cost | $ | 20 | Salaries and employee benefits | |||||||||||||||
Amortization of net loss | 2,703 | Salaries and employee benefits | ||||||||||||||||
Total income before income taxes | 2,723 | |||||||||||||||||
Federal income taxes | 953 | |||||||||||||||||
Net of tax | $ | 1,770 | ||||||||||||||||
Other comprehensive income (loss) components, net of tax, are shown in the following table for the years ended December 31, 2013, 2012 and 2011. | ||||||||||||||||||
Year ended December 31, | Changes in Pension Plan assets and benefit obligations | Unrealized gains and losses on available-for-sale securities | Unrealized net holding loss on cash flow hedge | Total | ||||||||||||||
(in thousands) | ||||||||||||||||||
Beginning balance at December 31, 2012 | $ | (27,134 | ) | $ | 9,616 | $ | — | $ | (17,518 | ) | ||||||||
Other comprehensive gain (loss) before reclassifications | 19,766 | (39,448 | ) | — | $ | (19,682 | ) | |||||||||||
Amounts reclassified from accumulated other comprehensive income | 1,770 | 11 | — | $ | 1,781 | |||||||||||||
Net current period other comprehensive income (loss) | 21,536 | (39,437 | ) | — | $ | (17,901 | ) | |||||||||||
Ending balance at December 31, 2013 | $ | (5,598 | ) | $ | (29,821 | ) | $ | — | $ | (35,419 | ) | |||||||
Beginning balance at December 31, 2011 | $ | (20,954 | ) | $ | 12,673 | $ | (550 | ) | $ | (8,831 | ) | |||||||
Net current period other comprehensive income (loss) | (6,180 | ) | (3,057 | ) | 550 | $ | (8,687 | ) | ||||||||||
Ending balance at December 31, 2012 | $ | (27,134 | ) | $ | 9,616 | $ | — | $ | (17,518 | ) | ||||||||
Beginning balance at January 1, 2011 | $ | (15,927 | ) | $ | 15,121 | $ | (1,062 | ) | $ | (1,868 | ) | |||||||
Net current period other comprehensive income (loss) | (5,027 | ) | (2,448 | ) | 512 | $ | (6,963 | ) | ||||||||||
Ending balance at December 31, 2011 | $ | (20,954 | ) | $ | 12,673 | $ | (550 | ) | $ | (8,831 | ) | |||||||
Earnings_Per_Common_Share
Earnings Per Common Share | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Earnings Per Common Share | ' | ||||||||||||
Earnings Per Common Share | |||||||||||||
GAAP requires the reporting of basic and diluted earnings per common share. Basic earnings per common share excludes any dilutive effects of options, warrants and convertible securities. | |||||||||||||
The following table sets forth the computation of basic and diluted earnings per common share: | |||||||||||||
Year ended December 31 | 2013 | 2012 | 2011 | ||||||||||
(In thousands, except share data) | |||||||||||||
Numerator: | |||||||||||||
Net income available to common shareholders | $ | 77,227 | $ | 75,205 | $ | 76,284 | |||||||
Denominator: | |||||||||||||
Basic earnings per common share: | |||||||||||||
Weighted-average shares | 15,412,365 | 15,407,078 | 15,400,155 | ||||||||||
Effect of dilutive securities – stock options and warrants | — | 1,063 | 1,291 | ||||||||||
Diluted earnings per common share: | |||||||||||||
Adjusted weighted-average shares and assumed conversions | 15,412,365 | 15,408,141 | 15,401,446 | ||||||||||
Earnings per common share: | |||||||||||||
Basic earnings per common share | $ | 5.01 | $ | 4.88 | $ | 4.95 | |||||||
Diluted earnings per common share | $ | 5.01 | $ | 4.88 | $ | 4.95 | |||||||
As of December 31, 2011, options to purchase 74,020 common shares were outstanding under Park’s 2005 Plan. All options had expired by December 31, 2012. A warrant to purchase 227,376 common shares was outstanding at December 31, 2011 as a result of Park’s participation in the U.S. Treasury Capital Purchase Program ("CPP"). Park repurchased the CPP warrant on May 2, 2012. In addition, warrants to purchase an aggregate of 71,984 common shares were outstanding at December 31, 2010 as a result of the issuance of common shares and warrants to purchase common shares on December 10, 2010 (the "December 2010 Warrants"). The December 2010 Warrants expired in 2011, with no warrants being exercised, but have been considered in the 2011 diluted earnings per share calculation. | |||||||||||||
The common shares represented by the options and the December 2010 Warrants for the twelve months ended December 31, 2012 and 2011, totaling a weighted average of 63,308 and 126,292, respectively, were not included in the computation of diluted earnings per common share because the respective exercise prices exceeded the market value of the underlying common shares such that their inclusion would have had an anti-dilutive effect. The warrant to purchase 227,376 common shares issued under the CPP was included in the computation of diluted earnings per common share for the years ended December 31, 2012 and 2011, as the dilutive effect of this warrant was 1,063 and 1,291 common shares for the twelve month periods ended December 31, 2012 and December 31, 2011, respectively. The exercise price of the CPP warrant to purchase 227,376 common shares was $65.97. | |||||||||||||
There were no options or warrants outstanding to include in the calculation of diluted earnings per share for the year ended December 31, 2013. |
Dividend_Restrictions
Dividend Restrictions | 12 Months Ended |
Dec. 31, 2013 | |
Disclosure of Restrictions on Dividends, Loans and Advances Disclosure [Abstract] | ' |
Dividend Restrictions | ' |
Dividend Restrictions | |
Bank regulators limit the amount of dividends a subsidiary bank can declare in any calendar year without obtaining prior approval. At December 31, 2013, approximately $65.6 million of the total shareholders’ equity of PNB was available for the payment of dividends to the Corporation, without approval by the applicable regulatory authorities. |
Financial_Instruments_With_Off
Financial Instruments With Off-Balance Sheet Risk And Financial Instruments With Concentrations Of Credit Risk | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Risks and Uncertainties [Abstract] | ' | ||||||||
Financial Instruments with Off-Balance Sheet Risk and Financial Instruments with Concentration of Credit Risk | ' | ||||||||
Financial Instruments with Off-Balance Sheet Risk and Financial Instruments with Concentrations of Credit Risk | |||||||||
The Corporation is party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include loan commitments and standby letters of credit. The instruments involve, to varying degrees, elements of credit and interest rate risk in excess of the amount recognized in the consolidated financial statements. | |||||||||
The Corporation’s exposure to credit loss in the event of nonperformance by the other party to the financial instrument for loan commitments and standby letters of credit is represented by the contractual amount of those instruments. The Corporation uses the same credit policies in making commitments and conditional obligations as it does for on-balance sheet instruments. Since many of the loan commitments may expire without being drawn upon, the total commitment amount does not necessarily represent future cash requirements. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loan commitments to customers. | |||||||||
The total amounts of off-balance sheet financial instruments with credit risk were as follows: | |||||||||
December 31 (In thousands) | 2013 | 2012 | |||||||
Loan commitments | $ | 821,795 | $ | 815,585 | |||||
Standby letters of credit | 20,590 | 22,961 | |||||||
The loan commitments are generally for variable rates of interest. | |||||||||
The Corporation grants retail, commercial and commercial real estate loans to customers primarily located in Ohio. The Corporation evaluates each customer’s creditworthiness on a case-by-case basis. The amount of collateral obtained, if deemed necessary by the Corporation upon extension of credit, is based on management’s credit evaluation of the customer. Collateral held varies but may include accounts receivable, inventory, property, plant and equipment, and income-producing commercial properties. | |||||||||
Although the Corporation has a diversified loan portfolio, a substantial portion of the borrowers’ ability to honor their contracts is dependent upon the economic conditions in each borrower’s geographic location and industry. |
Derivative_Instruments
Derivative Instruments | 12 Months Ended |
Dec. 31, 2013 | |
Derivative Instrument Detail [Abstract] | ' |
Derivative Instruments | ' |
Derivative Instruments | |
FASB ASC 815, Derivatives and Hedging, establishes accounting and reporting standards for derivative instruments, including certain derivative instruments embedded in other contracts, and for hedging activities. As required by GAAP, the Company records all derivatives on the Consolidated Balance Sheets at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivatives and the resulting designation. Derivatives used to hedge the exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives used to hedge the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. | |
For derivatives designated as cash flow hedges, the effective portion of changes in the fair value of the derivatives is initially reported in other comprehensive income (outside of earnings) and subsequently reclassified into earnings when the hedged transaction affects earnings, with any ineffective portion of changes in the fair value of the derivative recognized directly in earnings. The Company assesses the effectiveness of each hedging relationship by comparing the changes in cash flows of the derivative hedging instrument with the changes in cash flows of the designated hedged item or transaction. | |
During the first quarter of 2008, the Company executed an interest rate swap to hedge a $25 million floating-rate subordinated note that was entered into by PNB during the fourth quarter of 2007. The Company’s objective in using this derivative was to add stability to interest expense and to manage its exposure to interest rate risk. Our interest rate swap involved the receipt of variable-rate amounts in exchange for fixed-rate payments over the life of the agreement without exchange of the underlying principal amount, and was designated as a cash flow hedge. This interest rate swap matured on December 28, 2012. No hedge ineffectiveness on the cash flow hedge was recognized during the year ended December 31, 2012 or 2011. | |
For the year ended December 31, 2012, the change in the fair value of the interest rate swap reported in other comprehensive income was a gain of $550,000 (net of taxes of $296,000). There was zero balance related to the interest rate swap in accumulated other comprehensive income as of December 31, 2012. | |
As of December 31, 2013 and 2012, no derivatives were designated as cash flow hedges, fair value hedges or hedges of net investments in foreign operations. Additionally, the Company does not use derivatives for trading or speculative purposes. | |
As of December 31, 2013 and December 31, 2012, Park had mortgage loan interest rate lock commitments (IRLCs) outstanding of approximately $5.2 million and $28.9 million, respectively. Park has specific contracts to sell each of these loans to a third-party investor. These loan commitments represent derivative instruments, which are required to be carried at fair value. The derivative instruments used are not designed as hedges under GAAP. The fair value of the derivative instruments was approximately $61,000 at December 31, 2013 and $372,000 at December 31, 2012. The fair value of the derivative instruments is included within loans held for sale and the corresponding income is included within non-yield loan fee income. Gains and losses resulting from expected sales of mortgage loans are recognized when the respective loan contract is entered into between the borrower, Park, and the third-party investor. The fair value of Park’s mortgage IRLCs is based on current secondary market pricing. | |
In connection with the sale of Park’s Class B Visa shares during the 2009 year, Park entered into a swap agreement with the purchaser of the shares. The swap agreement adjusts for dilution in the conversion ratio of Class B Visa shares resulting from certain Visa litigation. The fair value of the swap liability of $135,000 at both December 31, 2013 and 2012, is an estimate of the exposure based upon probability-weighted potential Visa litigation losses and consideration of the Visa settlement agreement announced on July 13, 2012 to resolve the Federal Multi-District Interchange Litigation. |
Loan_Servicing
Loan Servicing | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Transfers and Servicing of Financial Assets [Abstract] | ' | ||||||||||||
Loan Servicing | ' | ||||||||||||
Loan Servicing | |||||||||||||
Park serviced sold mortgage loans of $1,326 million at December 31, 2013, compared to $1,311 million at December 31, 2012 and $1,347 million at December 31, 2011. At December 31, 2013, $10.7 million of the sold mortgage loans were sold with recourse compared to $16.3 million at December 31, 2012. Management closely monitors the delinquency rates on the mortgage loans sold with recourse. As of December 31, 2013 and December 31, 2012, management had established a reserve of $1.0 million and $550,000, respectively, to account for future loan repurchases. | |||||||||||||
The amortization of mortgage loan servicing rights is included within “Other service income”. Generally, mortgage servicing rights are capitalized and amortized on an individual sold loan basis. When a sold mortgage loan is paid off, the related mortgage servicing rights are fully amortized. | |||||||||||||
Activity for mortgage servicing rights and the related valuation allowance follows: | |||||||||||||
December 31 (In thousands) | 2013 | 2012 | 2011 | ||||||||||
Mortgage servicing rights: | |||||||||||||
Carrying amount, net, beginning of year | $ | 7,763 | $ | 9,301 | $ | 10,488 | |||||||
Additions | 2,436 | 3,399 | 1,659 | ||||||||||
Amortization | (2,479 | ) | (3,634 | ) | (2,573 | ) | |||||||
Change in valuation allowance | 1,293 | (1,303 | ) | (273 | ) | ||||||||
Carrying amount, net, end of year | $ | 9,013 | $ | 7,763 | $ | 9,301 | |||||||
Valuation allowance: | |||||||||||||
Beginning of year | $ | 2,324 | $ | 1,021 | $ | 748 | |||||||
Change in valuation allowance | (1,293 | ) | 1,303 | 273 | |||||||||
End of year | $ | 1,031 | $ | 2,324 | $ | 1,021 | |||||||
The fair value of mortgage servicing rights at December 31, 2013 was established using a discount rate of 10% and constant prepayment speeds ranging from 6.6% to 22.5%. | |||||||||||||
Servicing fees included in other service income were $3.6 million, $3.6 million and $3.9 million for the years ended December 31, 2013, 2012 and 2011, respectively. |
Fair_Values
Fair Values | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||||
Fair Values | ' | ||||||||||||||||||||
Fair Value | |||||||||||||||||||||
The fair value hierarchy requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The three levels of inputs that Park uses to measure fair value are as follows: | |||||||||||||||||||||
• | Level 1: Quoted prices (unadjusted) for identical assets or liabilities in active markets that Park has the ability to access as of the measurement date. | ||||||||||||||||||||
• | Level 2: Level 1 inputs for assets or liabilities that are not actively traded. Also consists of an observable market price for a similar asset or liability. This includes the use of “matrix pricing” to value debt securities absent the exclusive use of quoted prices. | ||||||||||||||||||||
• | Level 3: Consists of unobservable inputs that are used to measure fair value when observable market inputs are not available. This could include the use of internally developed models, financial forecasting and similar inputs. | ||||||||||||||||||||
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability between market participants at the balance sheet date. When possible, the Company looks to active and observable markets to price identical assets or liabilities. When identical assets and liabilities are not traded in active markets, the Company looks to observable market data for similar assets and liabilities. However, certain assets and liabilities are not traded in observable markets and Park must use other valuation methods to develop a fair value. The fair value of impaired loans is typically based on the fair value of the underlying collateral, which is estimated through third-party appraisals or internal estimates of collateral values in accordance with Park's valuation requirements per its commercial and real estate loan policies. | |||||||||||||||||||||
Assets and Liabilities Measured at Fair Value on a Recurring Basis: | |||||||||||||||||||||
The following table presents assets and liabilities measured at fair value on a recurring basis: | |||||||||||||||||||||
Fair Value Measurements at December 31, 2013 using: | |||||||||||||||||||||
(In thousands) | Level 1 | Level 2 | Level 3 | Balance at December 31, 2013 | |||||||||||||||||
Assets | |||||||||||||||||||||
Investment securities: | |||||||||||||||||||||
Obligations of U.S. Treasury and other U.S. Government sponsored entities | $ | — | $ | 525,136 | $ | — | $ | 525,136 | |||||||||||||
Obligations of states and political subdivisions | — | — | — | — | |||||||||||||||||
U.S. Government sponsored entities’ asset-backed securities | — | 648,471 | — | 648,471 | |||||||||||||||||
Equity securities | 1,900 | — | 759 | 2,659 | |||||||||||||||||
Mortgage loans held for sale | — | 1,666 | — | 1,666 | |||||||||||||||||
Mortgage IRLCs | — | 61 | — | 61 | |||||||||||||||||
Liabilities | |||||||||||||||||||||
Fair value swap | $ | — | $ | — | $ | 135 | $ | 135 | |||||||||||||
Fair Value Measurements at December 31, 2012 using: | |||||||||||||||||||||
(In thousands) | Level 1 | Level 2 | Level 3 | Balance at December 31, 2012 | |||||||||||||||||
Assets | |||||||||||||||||||||
Investment securities: | |||||||||||||||||||||
Obligations of U.S. Treasury and other U.S. Government sponsored entities | $ | — | $ | 695,727 | $ | — | $ | 695,727 | |||||||||||||
Obligations of states and political subdivisions | — | 1,003 | — | 1,003 | |||||||||||||||||
U.S. Government sponsored entities’ asset-backed securities | — | 415,502 | — | 415,502 | |||||||||||||||||
Equity securities | 1,442 | — | 780 | 2,222 | |||||||||||||||||
Mortgage loans held for sale | — | 25,743 | — | 25,743 | |||||||||||||||||
Mortgage IRLCs | — | 372 | — | 372 | |||||||||||||||||
Liabilities | |||||||||||||||||||||
Fair value swap | $ | — | $ | — | $ | 135 | $ | 135 | |||||||||||||
There were no transfers between Level 1 and Level 2 during 2013 or 2012. Management’s policy is to transfer assets or liabilities from one level to another when the methodology to obtain the fair value changes such that there are more or fewer unobservable inputs as of the end of the reporting period. | |||||||||||||||||||||
The following methods and assumptions were used by the Company in determining fair value of the financial assets and liabilities discussed above: | |||||||||||||||||||||
Investment securities: Fair values for investment securities are based on quoted market prices, where available. If quoted market prices are not available, fair values are based on quoted market prices of comparable instruments. The Fair Value Measurements tables exclude Park’s FHLB stock and FRB stock. These assets are carried at their respective redemption values, as it is not practicable to calculate their fair values. For securities where quoted prices or market prices of similar securities are not available, which include municipal securities, fair values are calculated using discounted cash flows. | |||||||||||||||||||||
Fair value swap: The fair value of the swap agreement entered into with the purchaser of the Visa Class B shares represents an internally developed estimate of the exposure based upon probability-weighted potential Visa litigation losses. | |||||||||||||||||||||
Mortgage Interest Rate Lock Commitments (IRLCs): IRLCs are based on current secondary market pricing and are classified as Level 2. | |||||||||||||||||||||
Mortgage loans held for sale: Mortgage loans held for sale are carried at their fair value. Mortgage loans held for sale are estimated using security prices for similar product types and, therefore, are classified in Level 2. | |||||||||||||||||||||
The table below is a reconciliation of the beginning and ending balances of the Level 3 inputs for the years ended December 31, 2013 and 2012, for financial instruments measured on a recurring basis and classified as Level 3: | |||||||||||||||||||||
Level 3 Fair Value Measurements | |||||||||||||||||||||
(In thousands) | Equity Securities | Fair Value Swap | |||||||||||||||||||
Balance at January 1, 2013 | $ | 780 | $ | (135 | ) | ||||||||||||||||
Total Gains/(Losses) | |||||||||||||||||||||
Included in earnings - realized | (17 | ) | — | ||||||||||||||||||
Included in earnings - unrealized | — | — | |||||||||||||||||||
Included in other comprehensive income | (4 | ) | — | ||||||||||||||||||
Purchases, sales, issuances and settlements, other, net | — | — | |||||||||||||||||||
Re-evaluation of fair value swap | — | — | |||||||||||||||||||
Balance at December 31, 2013 | $ | 759 | $ | (135 | ) | ||||||||||||||||
Balance at January 1, 2012 | $ | 763 | $ | (700 | ) | ||||||||||||||||
Total Gains/(Losses) | |||||||||||||||||||||
Included in earnings - realized | (54 | ) | — | ||||||||||||||||||
Included in earnings - unrealized | — | — | |||||||||||||||||||
Included in other comprehensive income | 71 | — | |||||||||||||||||||
Purchases, sales, issuances and settlements, other, net | — | — | |||||||||||||||||||
Re-evaluation of fair value swap | — | 565 | |||||||||||||||||||
Balance at December 31, 2012 | $ | 780 | $ | (135 | ) | ||||||||||||||||
Assets and liabilities measured at fair value on a nonrecurring basis: | |||||||||||||||||||||
The following methods and assumptions were used by the Company in determining the fair value of assets and liabilities measured at fair value on a nonrecurring basis described below: | |||||||||||||||||||||
Impaired Loans: At the time a loan is considered impaired, it is valued at the lower of cost or fair value. Impaired loans carried at fair value have been partially charged-off or receive specific allocations of the allowance for loan losses. For collateral dependent loans, fair value is generally based on real estate appraisals. These appraisals may utilize a single valuation approach or a combination of approaches including comparable sales and the income approach. Adjustments are routinely made in the appraisal process by the independent appraisers to adjust for differences between the comparable sales and income data available. Such adjustments result in a Level 3 classification of the inputs for determining fair value. Collateral is then adjusted or discounted based on management’s historical knowledge, changes in market conditions from the time of the valuation, and management’s expertise and knowledge of the client and client’s business, resulting in a Level 3 fair value classification. Impaired loans are evaluated on a quarterly basis for additional impairment and adjusted accordingly. Additionally, updated valuations are obtained annually for all impaired loans in accordance with Company policy. | |||||||||||||||||||||
Other Real Estate Owned (OREO): Assets acquired through or in lieu of loan foreclosure are initially recorded at fair value less costs to sell when acquired. The carrying value of OREO is not re-measured to fair value on a recurring basis, but is subject to fair value adjustments when the carrying value exceeds the fair value, less estimated selling costs. Fair value is based on recent real estate appraisals and is updated at least annually. These appraisals may utilize a single valuation approach or a combination of approaches including the comparable sales approach and the income approach. Adjustments are routinely made in the appraisal process by the independent appraisers to adjust for differences between the comparable sales and income data available. Such adjustments result in a Level 3 classification of the inputs for determining fair value. | |||||||||||||||||||||
Appraisals for both collateral dependent impaired loans and OREO are performed by licensed appraisers. Appraisals are generally obtained to support the fair value of collateral. In general, there are two types of appraisals, real estate appraisals and lot development loan appraisals, received by the Company. These are discussed below: | |||||||||||||||||||||
• | Real estate appraisals typically incorporate measures such as recent sales prices for comparable properties. Appraisers may make adjustments to the sales prices of the comparable properties as deemed appropriate based on the age, condition or general characteristics of the subject property. Management generally applies a 15% discount to real estate appraised values which management expects will cover all disposition costs (including selling costs). This 15% discount is based on historical discounts to appraised values on sold OREO properties. | ||||||||||||||||||||
• | Lot development loan appraisals are typically performed using a discounted cash flow analysis. Appraisers determine an anticipated absorption period and a discount rate that takes into account an investor’s required rate of return based on recent comparable sales. Management generally applies a 6% discount to lot development appraised values, which is an additional discount above the net present value calculation included in the appraisal, to account for selling costs. | ||||||||||||||||||||
MSRs: MSRs are carried at the lower of cost or fair value. MSRs do not trade in active, open markets with readily observable prices. For example, sales of MSRs do occur, but precise terms and conditions typically are not readily available. As such, management, with the assistance of a third-party specialist, determines fair value based on the discounted value of the future cash flows estimated to be received. Significant inputs include the discount rate and assumed prepayment speeds utilized. The calculated fair value is then compared to market values where possible to ascertain the reasonableness of the valuation in relation to current market expectations for similar products. Accordingly, MSRs are classified as Level 2. | |||||||||||||||||||||
The following tables present assets and liabilities measured at fair value on a nonrecurring basis. Collateral dependent impaired loans are carried at fair value if they have been charged down to fair value or if a specific valuation allowance has been established. A new cost basis is established at the time a property is initially recorded in OREO. OREO properties are carried at fair value if a devaluation has been taken to the property's value subsequent to the initial measurement. | |||||||||||||||||||||
The following table presents assets and liabilities measured at fair value on a nonrecurring basis: | |||||||||||||||||||||
Fair Value Measurements at December 31, 2013 Using: | |||||||||||||||||||||
(In thousands) | Level 1 | Level 2 | Level 3 | Balance at December 31, 2013 | |||||||||||||||||
Impaired Loans: | |||||||||||||||||||||
Commercial real estate | $ | — | $ | — | $ | 21,100 | $ | 21,100 | |||||||||||||
Construction real estate: | |||||||||||||||||||||
SEPH commercial land and development | — | — | 4,777 | 4,777 | |||||||||||||||||
Remaining commercial | — | — | 3,788 | 3,788 | |||||||||||||||||
Residential real estate | — | — | 4,154 | 4,154 | |||||||||||||||||
Total impaired loans | $ | — | $ | — | $ | 33,819 | $ | 33,819 | |||||||||||||
Mortgage Servicing Rights | — | 2,259 | — | 2,259 | |||||||||||||||||
Other Real Estate Owned: | |||||||||||||||||||||
Construction real estate | $ | — | $ | — | $ | 11,041 | $ | 11,041 | |||||||||||||
Residential real estate | — | — | 3,366 | 3,366 | |||||||||||||||||
Commercial real estate | — | — | 4,119 | 4,119 | |||||||||||||||||
Total Other Real Estate Owned | $ | — | $ | — | $ | 18,526 | $ | 18,526 | |||||||||||||
Fair Value Measurements at December 31, 2012 Using: | |||||||||||||||||||||
(In thousands) | Level 1 | Level 2 | Level 3 | Balance at December 31, 2012 | |||||||||||||||||
Impaired Loans: | |||||||||||||||||||||
Commercial real estate | $ | — | $ | — | $ | 25,997 | $ | 25,997 | |||||||||||||
Construction real estate: | |||||||||||||||||||||
SEPH commercial land and development | — | — | 12,832 | 12,832 | |||||||||||||||||
Remaining commercial | — | — | 8,113 | 8,113 | |||||||||||||||||
Residential real estate | — | — | 6,990 | 6,990 | |||||||||||||||||
Total impaired loans | $ | — | $ | — | $ | 53,932 | $ | 53,932 | |||||||||||||
Mortgage Servicing Rights | — | 6,642 | — | 6,642 | |||||||||||||||||
Other Real Estate Owned: | |||||||||||||||||||||
Construction real estate | $ | — | $ | — | $ | 12,134 | $ | 12,134 | |||||||||||||
Residential real estate | — | — | 4,307 | 4,307 | |||||||||||||||||
Commercial real estate | — | — | 3,485 | 3,485 | |||||||||||||||||
Total Other Real Estate Owned | $ | — | $ | — | $ | 19,926 | $ | 19,926 | |||||||||||||
Impaired loans had a recorded investment of $112.3 million at December 31, 2013, after partial charge-offs of $63.3 million. Additionally, these impaired loans had a specific valuation allowance of $10.5 million. Of the $112.3 million impaired loan portfolio at December 31, 2013, loans with a recorded investment of $41.0 million were carried at their fair value of $33.8 million, as a result of charge-offs of $49.0 million and a specific valuation allowance of $7.2 million. An additional specific valuation allowance of $3.3 million at December 31, 2013 was related to loans which were not collateral dependent and were thus not included in the fair value table above. The remaining $71.3 million of impaired loans were carried at cost, as the fair value of the underlying collateral or present value of expected future cash flows on each of these loans exceeded the recorded investment for each individual credit. At December 31, 2012, impaired loans had a recorded investment of $137.2 million, after partial charge-offs of $105.1 million. Additionally, these impaired loans had a specific valuation allowance of $8.3 million. Of the $137.2 million impaired loan portfolio at December 31, 2012, loans with a recorded investment of $59.0 million were carried at their fair value of $53.9 million as a result of partial charge-offs of $91.6 million and a specific valuation allowance for those loans carried at fair value of $5.1 million. An additional specific valuation allowance of $3.2 million at December 31, 2012 was related to loans which were not collateral dependent and were thus not included in the fair value table above. The remaining $78.2 million of impaired loans at December 31, 2012 were carried at cost. The financial impact of credit adjustments related to impaired loans carried at fair value during the years ended December 31, 2013, 2012 and 2011 was $8.1 million, $16.0 million, and $37.4 million, respectively. | |||||||||||||||||||||
MSRs, which are carried at the lower of cost or fair value, were recorded at $9.0 million at December 31, 2013. Of the $9.0 million MSR carrying balance at December 31, 2013, $2.3 million was recorded at fair value and included a valuation allowance of $1.0 million. The remaining $6.7 million was recorded at cost, as the fair value exceeded cost at December 31, 2013. At December 31, 2012, MSRs were recorded at $7.8 million, including a valuation allowance of $2.3 million. Income/(Expense) related to MSRs carried at fair value for the years ended December 31, 2013, 2012 and 2011 was $1.3 million, $(1.3) million and $(273,000), respectively. | |||||||||||||||||||||
Total OREO held by Park at December 31, 2013 and December 31, 2012 was $34.6 million and $35.7 million, respectively. Approximately 53% and 55% of OREO held by Park at December 31, 2013 and at December 31, 2012, respectively, was carried at fair value due to devaluations taken subsequent to the initial OREO measurement. At December 31, 2013 and December 31, 2012, the estimated fair value of OREO, less estimated selling costs, amounted to $18.5 million and $19.9 million, respectively. The financial impact of OREO fair value adjustments for the years ended December 31, 2013, 2012 and 2011 was $3.2 million, $6.9 million and $8.2 million, respectively. | |||||||||||||||||||||
The following tables present qualitative information about Level 3 fair value measurements for financial instruments measured at fair value on a non-recurring basis at December 31, 2013 and December 31, 2012: | |||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||
(In thousands) | Fair Value | Valuation Technique | Unobservable Input(s) | Range (Weighted Average) | |||||||||||||||||
Impaired loans: | |||||||||||||||||||||
Commercial real estate | $ | 21,100 | Sales comparison approach | Adj to comparables | 0.0% - 109.0% (22.8%) | ||||||||||||||||
Income approach | Capitalization rate | 8.0% - 12.5% (9.1%) | |||||||||||||||||||
Cost approach | Accumulated depreciation | 11.7% - 65.0% (37.1%) | |||||||||||||||||||
Construction real estate: | |||||||||||||||||||||
SEPH commercial land and development | $ | 4,777 | Sales comparison approach | Adj to comparables | 0.0% - 96.0% (13.9%) | ||||||||||||||||
Bulk sale approach | Discount rate | 11.0% - 20.0% (14.9%) | |||||||||||||||||||
Remaining commercial | $ | 3,788 | Sales comparison approach | Adj to comparables | 0.0% - 40.0% (22.4%) | ||||||||||||||||
Bulk sale approach | Discount rate | 11.0% - 20.0% (18.0%) | |||||||||||||||||||
Residential real estate | $ | 4,154 | Sales comparison approach | Adj to comparables | 0.0% - 121.8% (14.9%) | ||||||||||||||||
Income approach | Capitalization rate | 7.8% - 10.0% (8.4%) | |||||||||||||||||||
Other real estate owned: | |||||||||||||||||||||
Commercial real estate | $ | 4,119 | Sales comparison approach | Adj to comparables | 0.0% - 140.0% (17.7%) | ||||||||||||||||
Income approach | Capitalization rate | 8.0% - 11.5% (9.6%) | |||||||||||||||||||
Cost approach | Accumulated depreciation | 60.0% - 95.0% (80.0%) | |||||||||||||||||||
Construction real estate | $ | 11,041 | Sales comparison approach | Adj to comparables | 0.0% - 484.0% (36.2%) | ||||||||||||||||
Bulk sale approach | Discount rate | 13.0% - 14.0% (13.6%) | |||||||||||||||||||
Residential real estate | $ | 3,366 | Sales comparison approach | Adj to comparables | 0.0% - 273.0% (19.2%) | ||||||||||||||||
Income approach | Capitalization rate | 5.4% - 7.8% (7.4%) | |||||||||||||||||||
31-Dec-12 | |||||||||||||||||||||
(In thousands) | Fair Value | Valuation Technique | Unobservable Input(s) | Range (Weighted Average) | |||||||||||||||||
Impaired loans: | |||||||||||||||||||||
Commercial real estate | $ | 25,997 | Sales comparison approach | Adj to comparables | 0.0% - 116.0% (22.3%) | ||||||||||||||||
Income approach | Capitalization rate | 7.5% - 20.9% (10.1%) | |||||||||||||||||||
Cost approach | Accumulated depreciation | 23.0% - 63.0% (50.4%) | |||||||||||||||||||
Construction real estate: | |||||||||||||||||||||
SEPH commercial land and development | $ | 12,832 | Sales comparison approach | Adj to comparables | 0.0% - 218.0% (31.9%) | ||||||||||||||||
Bulk sale approach | Discount rate | 11.0% - 55.0% (23.4%) | |||||||||||||||||||
Remaining commercial | $ | 8,113 | Sales comparison approach | Adj to comparables | 0.0% - 75.0% (26.2%) | ||||||||||||||||
Bulk sale approach | Discount rate | 10.0% - 55.0% (18.3%) | |||||||||||||||||||
Residential real estate | $ | 6,990 | Sales comparison approach | Adj to comparables | 0.0% - 178.0% (17.9%) | ||||||||||||||||
Other real estate owned: | |||||||||||||||||||||
Commercial real estate | $ | 3,485 | Sales comparison approach | Adj to comparables | 0.0% - 67.0% (25.8%) | ||||||||||||||||
Income approach | Capitalization rate | 11.0% (11.0%) | |||||||||||||||||||
Bulk sale approach | Discount rate | 13.0% (13.0%) | |||||||||||||||||||
Cost approach | Accumulated depreciation | 40.9% - 90.0% (65.0%) | |||||||||||||||||||
Construction real estate | $ | 12,134 | Sales comparison approach | Adj to comparables | 0.0% - 273.0% (34.0%) | ||||||||||||||||
Income approach | Capitalization rate | 8.5% (8.5%) | |||||||||||||||||||
Bulk sale approach | Discount rate | 10.0% - 12.0% (10.8%) | |||||||||||||||||||
Residential real estate | $ | 4,307 | Sales comparison approach | Adj to comparables | 1.0% - 61.0% (18.0%) | ||||||||||||||||
Income approach | Capitalization rate | 7.9% - 9.3% (8.7%) | |||||||||||||||||||
Cost approach | Accumulated depreciation | 6.0% (6.0%) | |||||||||||||||||||
The following methods and assumptions were used by the Corporation in estimating its fair value disclosures for assets and liabilities not discussed above: | |||||||||||||||||||||
Cash and cash equivalents: The carrying amounts reported in the Consolidated Balance Sheets for cash and short-term instruments approximate those assets’ fair values. | |||||||||||||||||||||
Loans receivable: For variable-rate loans that reprice frequently and with no significant change in credit risk, fair values are based on carrying values. The fair values for certain mortgage loans (e.g., one-to-four family residential) are based on quoted market prices of similar loans sold in conjunction with securitization transactions, adjusted for differences in loan characteristics. The fair values for other loans are estimated using discounted cash flow analyses, using interest rates currently being offered for loans with similar terms to borrowers of similar credit quality. | |||||||||||||||||||||
Off-balance sheet instruments: Fair values for the Corporation’s loan commitments and standby letters of credit are based on the fees currently charged to enter into similar agreements, taking into account the remaining terms of the agreements and the counterparties’ credit standing. The carrying amount and fair value are not material. | |||||||||||||||||||||
Deposit liabilities: The fair values disclosed for demand deposits (e.g., interest and non-interest checking, savings, and money market accounts) are, by definition, equal to the amount payable on demand at the reporting date (i.e., their carrying amounts). The carrying amounts for variable-rate, fixed-term certificates of deposit approximate their fair values at the reporting date. Fair values for fixed-rate certificates of deposit are estimated using a discounted cash flow calculation that applies interest rates currently being offered on certificates to a schedule of aggregated expected monthly maturities of time deposits. | |||||||||||||||||||||
Short-term borrowings: The carrying amounts of federal funds purchased, borrowings under repurchase agreements and other short-term borrowings approximate their fair values. | |||||||||||||||||||||
Long-term debt: Fair values for long-term debt are estimated using a discounted cash flow calculation that applies interest rates currently being offered on long-term debt to a schedule of monthly maturities. | |||||||||||||||||||||
Subordinated debentures and notes: Fair values for subordinated debentures and notes are estimated using a discounted cash flow calculation that applies interest rate spreads currently being offered on similar debt structures to a schedule of monthly maturities. | |||||||||||||||||||||
The fair value of financial instruments at December 31, 2013 and December 31, 2012, was as follows: | |||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||
Fair Value Measurements | |||||||||||||||||||||
(In thousands) | Carrying value | Level 1 | Level 2 | Level 3 | Total fair value | ||||||||||||||||
Financial assets: | |||||||||||||||||||||
Cash and money market instruments | $ | 147,030 | $ | 147,030 | $ | — | $ | — | $ | 147,030 | |||||||||||
Investment securities | 1,358,327 | 1,900 | 1,361,009 | 759 | 1,363,668 | ||||||||||||||||
Accrued interest receivable - securities | 4,840 | — | 4,840 | — | 4,840 | ||||||||||||||||
Accrued interest receivable - loans | 13,495 | — | — | 13,495 | 13,495 | ||||||||||||||||
Mortgage loans held for sale | 1,666 | — | 1,666 | — | 1,666 | ||||||||||||||||
Impaired loans carried at fair value | 33,819 | — | — | 33,819 | 33,819 | ||||||||||||||||
Mortgage IRLCs | 61 | — | 61 | — | 61 | ||||||||||||||||
Other loans | 4,525,491 | — | — | 4,531,680 | 4,531,680 | ||||||||||||||||
Loans receivable, net | $ | 4,561,037 | $ | — | $ | 1,727 | $ | 4,565,499 | $ | 4,567,226 | |||||||||||
Financial liabilities: | |||||||||||||||||||||
Non-interest bearing checking accounts | $ | 1,193,553 | $ | 1,193,553 | $ | — | — | $ | 1,193,553 | ||||||||||||
Interest bearing transaction accounts | 1,145,525 | 1,145,525 | — | — | 1,145,525 | ||||||||||||||||
Savings accounts | 1,124,994 | 1,124,994 | — | — | 1,124,994 | ||||||||||||||||
Time deposits | 1,324,659 | — | 1,331,129 | — | 1,331,129 | ||||||||||||||||
Other | 1,263 | 1,263 | — | — | 1,263 | ||||||||||||||||
Total deposits | $ | 4,789,994 | $ | 3,465,335 | $ | 1,331,129 | $ | — | $ | 4,796,464 | |||||||||||
Short-term borrowings | $ | 242,029 | $ | — | $ | 242,029 | $ | — | $ | 242,029 | |||||||||||
Long-term debt | 810,541 | — | 860,963 | — | 860,963 | ||||||||||||||||
Subordinated debentures/notes | 80,250 | — | 83,140 | — | 83,140 | ||||||||||||||||
Accrued interest payable – deposits | 1,366 | 16 | 1,350 | — | 1,366 | ||||||||||||||||
Accrued interest payable – debt/borrowings | 1,535 | 4 | 1,531 | — | 1,535 | ||||||||||||||||
Derivative financial instruments: | |||||||||||||||||||||
Fair value swap | 135 | — | — | 135 | 135 | ||||||||||||||||
31-Dec-12 | |||||||||||||||||||||
Fair Value Measurements | |||||||||||||||||||||
(In thousands) | Carrying value | Level 1 | Level 2 | Level 3 | Total fair value | ||||||||||||||||
Financial assets: | |||||||||||||||||||||
Cash and money market instruments | $ | 201,305 | $ | 201,305 | $ | — | $ | — | $ | 201,305 | |||||||||||
Investment securities | 1,515,844 | 1,442 | 1,522,937 | 780 | 1,525,159 | ||||||||||||||||
Accrued interest receivable - securities | 6,122 | — | 6,122 | — | 6,122 | ||||||||||||||||
Accrued interest receivable - loans | 13,588 | — | 2 | 13,586 | 13,588 | ||||||||||||||||
Mortgage loans held for sale | 25,743 | — | 25,743 | — | 25,743 | ||||||||||||||||
Impaired loans carried at fair value | 53,932 | — | — | 53,932 | 53,932 | ||||||||||||||||
Mortgage IRLCs | 372 | — | 372 | — | 372 | ||||||||||||||||
Other loans | 4,314,738 | — | — | 4,348,705 | 4,348,705 | ||||||||||||||||
Loans receivable, net | $ | 4,394,785 | $ | — | $ | 26,115 | $ | 4,402,637 | $ | 4,428,752 | |||||||||||
Financial liabilities: | |||||||||||||||||||||
Non-interest bearing checking accounts | $ | 1,137,290 | $ | 1,137,290 | $ | — | — | $ | 1,137,290 | ||||||||||||
Interest bearing transaction accounts | 1,088,617 | 1,088,617 | — | — | 1,088,617 | ||||||||||||||||
Savings accounts | 1,038,356 | 1,038,356 | — | — | 1,038,356 | ||||||||||||||||
Time deposits | 1,450,424 | — | 1,458,793 | — | 1,458,793 | ||||||||||||||||
Other | 1,345 | 1,345 | — | — | 1,345 | ||||||||||||||||
Total deposits | $ | 4,716,032 | $ | 3,265,608 | $ | 1,458,793 | $ | — | $ | 4,724,401 | |||||||||||
Short-term borrowings | $ | 344,168 | $ | — | $ | 344,168 | $ | — | $ | 344,168 | |||||||||||
Long-term debt | 781,658 | — | 861,466 | — | 861,466 | ||||||||||||||||
Subordinated debentures/notes | 80,250 | — | 79,503 | — | 79,503 | ||||||||||||||||
Accrued interest payable – deposits | 1,960 | 21 | 1,939 | — | 1,960 | ||||||||||||||||
Accrued interest payable – debt/borrowings | 1,499 | 8 | 1,491 | — | 1,499 | ||||||||||||||||
Derivative financial instruments: | |||||||||||||||||||||
Fair value swap | $ | 135 | $ | — | $ | — | $ | 135 | $ | 135 | |||||||||||
Capital_Ratios
Capital Ratios | 12 Months Ended | |||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||
Capital [Abstract] | ' | |||||||||||||||||||||
Capital Ratios | ' | |||||||||||||||||||||
Capital Ratios | ||||||||||||||||||||||
At December 31, 2013 and 2012, the Corporation and PNB had Tier 1, total risk-based capital and leverage ratios which were well above both the required minimum levels of 4.00%, 8.00% and 4.00%, respectively, and the well-capitalized levels of 6.00%, 10.00% and 5.00%, respectively. | ||||||||||||||||||||||
The following table indicates the capital ratios for Park and PNB at December 31, 2013 and December 31, 2012. | ||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||
Tier 1 | Total Risk-Based | Leverage | Tier 1 | Total Risk-Based | Leverage | |||||||||||||||||
Risk-Based | Risk-Based | |||||||||||||||||||||
Park National Bank | 10.01 | % | 11.78 | % | 7.1 | % | 9.28 | % | 11.17 | % | 6.43 | % | ||||||||||
Park | 13.27 | % | 15.91 | % | 9.48 | % | 13.12 | % | 15.77 | % | 9.17 | % | ||||||||||
Failure to meet the minimum requirements above could cause the Federal Reserve Board to take action. PNB is also subject to the capital requirements of its primary regulator, the OCC. As of December 31, 2013 and 2012, Park and PNB were well-capitalized and met all capital requirements to which each was then subject. There are no conditions or events since PNB's most recent regulatory report filings, that management believes have changed the risk categories for PNB. | ||||||||||||||||||||||
The following table reflects various measures of capital for Park and PNB: | ||||||||||||||||||||||
To Be Adequately Capitalized | To Be Well Capitalized | |||||||||||||||||||||
(In thousands) | Actual Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||
At December 31, 2013 | ||||||||||||||||||||||
Total Risk-Based Capital | ||||||||||||||||||||||
(to risk-weighted assets) | ||||||||||||||||||||||
PNB | $ | 545,144 | 11.78 | % | $ | 370,198 | 8 | % | $ | 462,747 | 10 | % | ||||||||||
Park | 754,605 | 15.91 | % | 379,446 | 8 | % | N/A | N/A | ||||||||||||||
Tier 1 Risk-Based Capital | ||||||||||||||||||||||
(to risk-weighted assets) | ||||||||||||||||||||||
PNB | $ | 463,015 | 10.01 | % | $ | 185,099 | 4 | % | $ | 277,648 | 6 | % | ||||||||||
Park | 629,410 | 13.27 | % | 189,723 | 4 | % | N/A | N/A | ||||||||||||||
Leverage Ratio | ||||||||||||||||||||||
(to average total assets) | ||||||||||||||||||||||
PNB | $ | 463,015 | 7.1 | % | $ | 261,025 | 4 | % | $ | 326,281 | 5 | % | ||||||||||
Park | 629,410 | 9.48 | % | 265,633 | 4 | % | N/A | N/A | ||||||||||||||
At December 31, 2012 | ||||||||||||||||||||||
Total Risk-Based Capital | ||||||||||||||||||||||
(to risk-weighted assets) | ||||||||||||||||||||||
PNB | $ | 502,680 | 11.17 | % | $ | 359,971 | 8 | % | $ | 449,964 | 10 | % | ||||||||||
Park | 732,413 | 15.77 | % | 371,477 | 8 | % | N/A | N/A | ||||||||||||||
Tier 1 Risk-Based Capital | ||||||||||||||||||||||
(to risk-weighted assets) | ||||||||||||||||||||||
PNB | $ | 417,690 | 9.28 | % | $ | 179,986 | 4 | % | $ | 269,978 | 6 | % | ||||||||||
Park | 609,411 | 13.12 | % | 185,739 | 4 | % | N/A | N/A | ||||||||||||||
Leverage Ratio | ||||||||||||||||||||||
(to average total assets) | ||||||||||||||||||||||
PNB | $ | 417,690 | 6.43 | % | $ | 259,769 | 4 | % | $ | 324,711 | 5 | % | ||||||||||
Park | 609,411 | 9.17 | % | 265,719 | 4 | % | N/A | N/A | ||||||||||||||
Segment_Information
Segment Information | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||||||||
Segment Information | ' | ||||||||||||||||||||||||
Segment Information | |||||||||||||||||||||||||
The Corporation is a financial holding company headquartered in Newark, Ohio. Prior to February 16, 2012, the operating segments for the Corporation were its two chartered bank subsidiaries, PNB (headquartered in Newark, Ohio) and Vision(headquartered in Panama City, Florida). On February 16, 2012, Vision sold certain assets and liabilities to Centennial (See Note 3 of these Notes to Consolidated Financial Statements). Promptly following the closing of the transaction, Vision surrendered its Florida banking charter to the Florida Office of Financial Regulation and became a non-bank Florida corporation. The Florida Corporation merged with and into a wholly-owned non-bank subsidiary of Park, SEPH, with SEPH being the surviving entity. The closing of this transaction prompted Park to add SEPH as a reportable segment. Additionally, due to the increased significance of the entity, GFSC was added as a reportable segment in the first quarter of 2012. | |||||||||||||||||||||||||
GAAP requires management to disclose information about the different types of business activities in which a company engages and also information on the different economic environments in which a company operates, so that the users of the financial statements can better understand a company’s performance, better understand the potential for future cash flows, and make more informed judgments about the company as a whole. Park’s current operating segments are in line with GAAP as: (i) discrete financial information is available for each operating segment and (ii) the segments are aligned with internal reporting to Park’s Chief Executive Officer, who is the chief operating decision maker. | |||||||||||||||||||||||||
Operating results for the year ended December 31, 2013 (In thousands) | |||||||||||||||||||||||||
PNB | VB | GFSC | SEPH | All Other | Total | ||||||||||||||||||||
Net interest income (loss) | $ | 210,781 | $ | — | $ | 8,741 | $ | (1,325 | ) | $ | 2,828 | $ | 221,025 | ||||||||||||
Provision for (recovery of) loan losses | 14,039 | — | 1,175 | (11,799 | ) | — | 3,415 | ||||||||||||||||||
Other income | 70,841 | — | 11 | 1,956 | 469 | 73,277 | |||||||||||||||||||
Other expense | 165,665 | — | 3,133 | 12,211 | 7,520 | 188,529 | |||||||||||||||||||
Income (loss) before taxes | 101,918 | — | 4,444 | 219 | (4,223 | ) | 102,358 | ||||||||||||||||||
Income taxes (benefit) | 26,324 | — | 1,556 | 77 | (2,826 | ) | 25,131 | ||||||||||||||||||
Net income (loss) | $ | 75,594 | $ | — | $ | 2,888 | $ | 142 | $ | (1,397 | ) | $ | 77,227 | ||||||||||||
Balances at December 31, 2013 | |||||||||||||||||||||||||
Assets | $ | 6,524,098 | $ | — | $ | 47,115 | $ | 72,781 | $ | (5,647 | ) | $ | 6,638,347 | ||||||||||||
Loans | 4,559,406 | — | 47,228 | 38,014 | (24,143 | ) | 4,620,505 | ||||||||||||||||||
Deposits | 4,896,405 | — | 7,159 | — | (113,570 | ) | 4,789,994 | ||||||||||||||||||
Operating results for the year ended December 31, 2012 (In thousands) | |||||||||||||||||||||||||
PNB | VB | GFSC | SEPH | All Other | Total | ||||||||||||||||||||
Net interest income (loss) | $ | 221,758 | $ | — | $ | 9,156 | $ | (341 | ) | $ | 4,742 | $ | 235,315 | ||||||||||||
Provision for loan losses | 16,678 | — | 859 | 17,882 | — | 35,419 | |||||||||||||||||||
Other income | 70,739 | — | — | 21,431 | 233 | 92,403 | |||||||||||||||||||
Other expense | 156,516 | — | 2,835 | 22,032 | 6,585 | 187,968 | |||||||||||||||||||
Income (loss) before taxes | 119,303 | — | 5,462 | (18,824 | ) | (1,610 | ) | 104,331 | |||||||||||||||||
Income taxes (benefit) | 32,197 | — | 1,912 | (6,603 | ) | (1,805 | ) | 25,701 | |||||||||||||||||
Net income (loss) | $ | 87,106 | $ | — | $ | 3,550 | $ | (12,221 | ) | $ | 195 | $ | 78,630 | ||||||||||||
Balances at December 31, 2012 | |||||||||||||||||||||||||
Assets | $ | 6,502,579 | $ | — | $ | 49,926 | $ | 104,428 | $ | (14,130 | ) | $ | 6,642,803 | ||||||||||||
Loans | 4,369,173 | — | 50,082 | 59,178 | (28,111 | ) | 4,450,322 | ||||||||||||||||||
Deposits | 4,814,107 | — | 8,358 | — | (106,433 | ) | 4,716,032 | ||||||||||||||||||
Operating results for the year ended December 31, 2011 (In thousands) | |||||||||||||||||||||||||
PNB | VB | GFSC | SEPH | All Other | Total | ||||||||||||||||||||
Net interest income (loss) | $ | 236,282 | $ | 27,078 | $ | 8,693 | $ | (974 | ) | $ | 2,155 | $ | 273,234 | ||||||||||||
Provision for loan losses | 30,220 | 31,052 | 2,000 | — | — | 63,272 | |||||||||||||||||||
Other income (loss) | 90,982 | 6,617 | — | (3,039 | ) | 350 | 94,910 | ||||||||||||||||||
Other expense | 146,235 | 31,379 | 2,506 | 1,082 | 7,115 | 188,317 | |||||||||||||||||||
Income (loss) before taxes | 150,809 | (28,736 | ) | 4,187 | (5,095 | ) | (4,610 | ) | 116,555 | ||||||||||||||||
Income taxes (benefit) | 43,958 | (6,210 | ) | 1,466 | (1,784 | ) | (3,015 | ) | 34,415 | ||||||||||||||||
Net income (loss) | $ | 106,851 | $ | (22,526 | ) | $ | 2,721 | $ | (3,311 | ) | $ | (1,595 | ) | $ | 82,140 | ||||||||||
Balances at December 31, 2011 | |||||||||||||||||||||||||
Assets | $ | 6,281,747 | $ | 650,935 | $ | 46,682 | $ | 34,989 | $ | (42,108 | ) | $ | 6,972,245 | ||||||||||||
Assets held for sale (1) | — | 382,462 | — | — | — | 382,462 | |||||||||||||||||||
Loans | 4,172,424 | 123,883 | 47,111 | — | (26,319 | ) | 4,317,099 | ||||||||||||||||||
Deposits | 4,611,646 | 32 | 8,013 | — | (154,577 | ) | 4,465,114 | ||||||||||||||||||
Liabilities held for sale (2) | — | 536,186 | — | — | — | 536,186 | |||||||||||||||||||
-1 | The assets held for sale represent the loans and other assets at Vision that were sold in the first quarter of 2012. | ||||||||||||||||||||||||
-2 | The liabilities held for sale represent the deposits and other liabilities at Vision that were sold in the first quarter of 2012. | ||||||||||||||||||||||||
The following is a reconciliation of financial information for the reportable segments to the Corporation’s consolidated totals: | |||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||
(In thousands) | Net Interest Income | Depreciation Expense | Other Expense | Income Taxes | Assets | Deposits | |||||||||||||||||||
Totals for reportable segments | $ | 218,197 | $ | 7,315 | $ | 173,694 | $ | 27,957 | $ | 6,643,994 | $ | 4,903,564 | |||||||||||||
Elimination of intersegment items | 8,659 | — | — | — | (30,369 | ) | (113,570 | ) | |||||||||||||||||
Parent Co. totals - not eliminated | (5,831 | ) | — | 7,520 | (2,826 | ) | 24,722 | — | |||||||||||||||||
Totals | $ | 221,025 | $ | 7,315 | $ | 181,214 | $ | 25,131 | $ | 6,638,347 | $ | 4,789,994 | |||||||||||||
2012 | |||||||||||||||||||||||||
(In thousands) | Net Interest Income | Depreciation Expense | Other Expense | Income Taxes | Assets | Deposits | |||||||||||||||||||
Totals for reportable segments | $ | 230,573 | $ | 6,954 | $ | 174,429 | $ | 27,506 | $ | 6,656,933 | $ | 4,822,465 | |||||||||||||
Elimination of intersegment items | 8,558 | — | — | — | (35,639 | ) | (106,433 | ) | |||||||||||||||||
Parent Co. totals - not eliminated | (3,816 | ) | — | 6,585 | (1,805 | ) | 21,509 | — | |||||||||||||||||
Totals | $ | 235,315 | $ | 6,954 | $ | 181,014 | $ | 25,701 | $ | 6,642,803 | $ | 4,716,032 | |||||||||||||
2011 | |||||||||||||||||||||||||
(In thousands) | Net Interest Income | Depreciation Expense | Other Expense | Income Taxes | Assets | Deposits | |||||||||||||||||||
Totals for reportable segments | $ | 271,079 | $ | 7,583 | $ | 173,619 | $ | 37,430 | $ | 7,014,353 | $ | 4,619,691 | |||||||||||||
Elimination of intersegment items | 4,492 | — | — | — | (63,243 | ) | (154,577 | ) | |||||||||||||||||
Parent Co. totals - not eliminated | (2,337 | ) | — | 7,115 | (3,015 | ) | 21,135 | — | |||||||||||||||||
Totals | $ | 273,234 | $ | 7,583 | $ | 180,734 | $ | 34,415 | $ | 6,972,245 | $ | 4,465,114 | |||||||||||||
Parent_Company_Statements
Parent Company Statements | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ' | ||||||||||||
Parent Company Statements | ' | ||||||||||||
Parent Company Statements | |||||||||||||
The Parent Company statements should be read in conjunction with the consolidated financial statements and the information set forth below. | |||||||||||||
Investments in subsidiaries are accounted for using the equity method of accounting. | |||||||||||||
The effective tax rate for the Parent Company is substantially less than the statutory rate due principally to tax-exempt dividends from subsidiaries. | |||||||||||||
Cash represents non-interest bearing deposits with PNB. | |||||||||||||
Net cash provided by operating activities reflects cash payments (received from subsidiaries) for income taxes of $2.54 million, $4.54 million and $4.21 million in 2013, 2012 and 2011, respectively. | |||||||||||||
At December 31, 2013 and 2012, shareholders’ equity reflected in the Parent Company balance sheet includes $196.0 million and $173.1 million, respectively, of undistributed earnings of the Corporation’s subsidiaries which are restricted from transfer as dividends to the Corporation. | |||||||||||||
Balance Sheets | |||||||||||||
December 31, 2013 and 2012 | |||||||||||||
(In thousands) | 2013 | 2012 | |||||||||||
Assets: | |||||||||||||
Cash | $ | 106,942 | $ | 98,726 | |||||||||
Investment in subsidiaries | 582,992 | 589,523 | |||||||||||
Debentures receivable from PNB | 25,000 | 30,000 | |||||||||||
Other investments | 2,297 | 2,133 | |||||||||||
Other assets | 21,984 | 19,639 | |||||||||||
Total assets | $ | 739,215 | $ | 740,021 | |||||||||
Liabilities: | |||||||||||||
Subordinated notes | 80,250 | 80,250 | |||||||||||
Other liabilities | 7,218 | 9,405 | |||||||||||
Total liabilities | 87,468 | 89,655 | |||||||||||
Total shareholders’ equity | 651,747 | 650,366 | |||||||||||
Total liabilities and shareholders’ equity | $ | 739,215 | $ | 740,021 | |||||||||
Statements of Income | |||||||||||||
for the years ended December 31, 2013, 2012 and 2011 | |||||||||||||
(In thousands) | 2013 | 2012 | 2011 | ||||||||||
Income: | |||||||||||||
Dividends from subsidiaries | $ | 15,000 | $ | 197,000 | $ | 105,000 | |||||||
Interest and dividends | 8,659 | 10,027 | 5,643 | ||||||||||
Other | 531 | 232 | 385 | ||||||||||
Total income | 24,190 | 207,259 | 111,028 | ||||||||||
Expense: | |||||||||||||
Other, net | 13,413 | 11,869 | 10,639 | ||||||||||
Total expense | 13,413 | 11,869 | 10,639 | ||||||||||
Income before federal taxes and equity in undistributed income (losses) of subsidiaries | 10,777 | 195,390 | 100,389 | ||||||||||
Federal income tax benefit | 2,826 | 1,806 | 3,016 | ||||||||||
Income before equity in undistributed income (losses) of subsidiaries | 13,603 | 197,196 | 103,405 | ||||||||||
Equity in undistributed income (losses) of subsidiaries | 63,624 | (118,566 | ) | (21,265 | ) | ||||||||
Net income | $ | 77,227 | $ | 78,630 | $ | 82,140 | |||||||
Statements of Cash Flows | |||||||||||||
for the years ended December 31, 2013, 2012 and 2011 | |||||||||||||
(In thousands) | 2013 | 2012 | 2011 | ||||||||||
Operating activities: | |||||||||||||
Net income | $ | 77,227 | $ | 78,630 | $ | 82,140 | |||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||
Undistributed (income)/losses of subsidiaries | (63,624 | ) | 118,566 | 21,265 | |||||||||
Compensation expense for issuance of treasury stock to directors | 850 | 407 | — | ||||||||||
Decrease in other assets | (2,215 | ) | 5,748 | 8,268 | |||||||||
Increase (decrease) in other liabilities | (3,030 | ) | 1,724 | (7,875 | ) | ||||||||
Net cash provided by operating activities | 9,208 | 205,075 | 103,798 | ||||||||||
Investing activities: | |||||||||||||
Purchase of investment securities | — | — | (250 | ) | |||||||||
Capital contribution to subsidiary | (45,000 | ) | (45,000 | ) | (36,000 | ) | |||||||
Purchase of debentures receivable from subsidiaries | — | (115,000 | ) | (30,000 | ) | ||||||||
Repayment of debentures receivable from subsidiaries | 101,960 | 52,000 | — | ||||||||||
Net cash provided by (used in) investing activities | 56,960 | (108,000 | ) | (66,250 | ) | ||||||||
Financing activities: | |||||||||||||
Cash dividends paid | (57,949 | ) | (60,154 | ) | (62,907 | ) | |||||||
Payment to repurchase warrants | — | (2,843 | ) | — | |||||||||
Payment to repurchase preferred shares | — | (100,000 | ) | — | |||||||||
Proceeds from issuance of subordinated notes | — | 30,000 | — | ||||||||||
Cash payment for fractional shares | (3 | ) | (2 | ) | (2 | ) | |||||||
Net cash used in financing activities | (57,952 | ) | (132,999 | ) | (62,909 | ) | |||||||
Increase/(decrease) in cash | 8,216 | (35,924 | ) | (25,361 | ) | ||||||||
Cash at beginning of year | 98,726 | 134,650 | 160,011 | ||||||||||
Cash at end of year | $ | 106,942 | $ | 98,726 | $ | 134,650 | |||||||
Participation_In_The_US_Treasu
Participation In The U.S. Treasury Capital Purchase Program | 12 Months Ended |
Dec. 31, 2013 | |
Participation In The U.S. Treasury Capital Purchase Program [Abstract] | ' |
Participation In U S Treasury Capital Purchase Program | ' |
Participation in the U.S. Treasury Capital Purchase Program (CPP) | |
On December 23, 2008, Park issued $100 million of Fixed-Rate Cumulative Perpetual Preferred Shares, Series A, with a liquidation preference of $1,000 per share (the “Series A Preferred Shares”), associated with Park's participation in the CPP. As part of its participation in the CPP, Park also issued a warrant to the U.S. Treasury to purchase 227,376 common shares (the “Warrant”). | |
On April 25, 2012, Park entered into a Letter Agreement with the U.S. Treasury pursuant to which Park repurchased the 100,000 Series A Preferred Shares for a purchase price of $100 million plus a pro rata accrued and unpaid dividend. Total consideration of $101.0 million included accrued and unpaid dividends of $1.0 million. In addition to the accrued and unpaid dividends of $1.0 million, the charge to retained earnings, resulting from the repurchase of the Series A Preferred Shares, was $1.6 million on April 25, 2012. | |
On May 2, 2012, Park entered into a Letter Agreement pursuant to which Park repurchased from the U.S. Treasury the Warrant to purchase 227,376 Park common shares in full for consideration of $2.8 million, or $12.50 per Park common share. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||
Principles of Consolidation | ' | ||||||||||||
Principles of Consolidation | |||||||||||||
The consolidated financial statements include the accounts of Park National Corporation and its subsidiaries (“Park”, the “Company” or the “Corporation”). Material intercompany accounts and transactions have been eliminated. | |||||||||||||
Use of Estimates | ' | ||||||||||||
Use of Estimates | |||||||||||||
The preparation of financial statements in conformity with U.S. generally accepted accounting principles ("GAAP") requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Management has identified the allowance for loan losses, accounting for Other Real Estate Owned (“OREO”), fair value accounting, accounting for goodwill and accounting for pension plan and other post retirement benefits as significant estimates. | |||||||||||||
Reclassifications | ' | ||||||||||||
Reclassifications | |||||||||||||
Certain prior year amounts have been reclassified to conform with the current year presentation. Reclassifications had no effect on prior year net income or shareholders' equity. | |||||||||||||
Restrictions on Cash and Due from Banks | ' | ||||||||||||
Restrictions on Cash and Due from Banks | |||||||||||||
The Corporation’s national bank subsidiary is required to maintain average reserve balances with the Federal Reserve Bank. The average required reserve balance was approximately $48.0 million at December 31, 2013 and $41.0 million at December 31, 2012. No other compensating balance arrangements were in existence at December 31, 2013. | |||||||||||||
Investment Securities | ' | ||||||||||||
Investment Securities | |||||||||||||
Investment securities are classified upon acquisition into one of three categories: held-to-maturity (HTM), available-for-sale (AFS), or trading (see Note 4 of these Notes to Consolidated Financial Statements). | |||||||||||||
Held-to-maturity securities are those securities that the Corporation has the positive intent and ability to hold to maturity and are recorded at amortized cost. Available-for-sale securities are those securities that would be available to be sold in the future in response to the Corporation’s liquidity needs, changes in market interest rates, and asset-liability management strategies, among other reasons. Available-for-sale securities are reported at fair value, with unrealized holding gains and losses excluded from earnings but included in other comprehensive income, net of applicable taxes. The Corporation did not hold any trading securities during any period presented. | |||||||||||||
Available-for-sale and held-to-maturity securities are evaluated quarterly for potential other-than-temporary impairment. Management considers the facts related to each security including the nature of the security, the amount and duration of the loss, the credit quality of the issuer, the expectations for that security’s performance and whether Park intends to sell, or it is more likely than not to be required to sell, a security in an unrealized loss position before recovery of its amortized cost basis. Declines in the value of equity securities that are considered to be other-than-temporary are recorded as a charge to earnings in the Consolidated Statements of Income. Declines in the value of debt securities that are considered to be other-than-temporary are separated into (1) the amount of the total impairment related to credit loss and (2) the amount of the total impairment related to all other factors. The amount of the total other-than-temporary impairment related to the credit loss is recognized in earnings. The amount of the total other-than-temporary impairment related to all other factors is recognized in other comprehensive income. | |||||||||||||
Interest income includes amortization of purchase premium or discount. Premiums and discounts on securities are amortized on the level-yield method without anticipating prepayments, except for mortgage-backed securities where prepayments are anticipated. | |||||||||||||
Gains and losses realized on the sale of investment securities are recorded on the trade date and determined using the specific identification basis. | |||||||||||||
Federal Home Loan Bank (FHLB) and Federal Reserve Bank (FRB) Stock | ' | ||||||||||||
Federal Home Loan Bank (FHLB) and Federal Reserve Bank (FRB) Stock | |||||||||||||
Park’s national bank subsidiary, The Park National Bank (PNB) is a member of the FHLB. Additionally, PNB is a member of the FRB. Members are required to own a certain amount of stock based on their level of borrowings and other factors and may invest in additional amounts. FHLB stock and FRB stock are classified as restricted securities and are carried at their redemption value within other investment securities on the Consolidated Balance Sheets. Both cash and stock dividends are reported as income. | |||||||||||||
Bank Owned Life Insurance | ' | ||||||||||||
Bank Owned Life Insurance | |||||||||||||
Park has purchased insurance policies on the lives of directors and certain key officers. Bank owned life insurance is recorded at its cash surrender value (or the amount that can be realized). | |||||||||||||
Mortgage Loans Held For Sale | ' | ||||||||||||
Mortgage Loans Held for Sale | |||||||||||||
Mortgage loans held for sale are carried at their fair value. Mortgage loans held for sale were $1.7 million and $25.7 million at December 31, 2013 and 2012, respectively. These amounts are included in loans on the Consolidated Balance Sheets and in the residential real estate loan segments in Note 5 and Note 6. The contractual balance was $1.6 million and $25.2 million at December 31, 2013 and 2012, respectively. The gain expected upon sale was $28,000 and $568,000 at December 31, 2013 and 2012, respectively. None of these loans were 90 days or more past due or on nonaccrual status as of December 31, 2013 or 2012. | |||||||||||||
Mortgage Banking Derivatives | ' | ||||||||||||
Mortgage Banking Derivatives | |||||||||||||
Commitments to fund mortgage loans (interest rate locks) to be sold into the secondary market and forward commitments for the future delivery of these mortgage loans are accounted for as free standing derivatives. The fair values of these mortgage derivatives are estimated based on changes in mortgage interest rates from the date the interest on the loan is locked. The Company enters into forward commitments for the future delivery of mortgage loans when interest rate locks are entered into, in order to hedge the change in interest rates resulting from its commitments to fund the loans. Changes in the fair values of these derivatives are included in net gains on sale of loans. | |||||||||||||
Loans | ' | ||||||||||||
Loans | |||||||||||||
Loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoff, are reported at their outstanding principal balances adjusted for any charge-offs, any deferred fees or costs on originated loans, and any unamortized premiums or discounts on purchased loans. Interest income is reported on the interest method and includes amortization of net deferred loan origination fees and costs over the loan term. Commercial loans include: (1) commercial, financial and agricultural loans; (2) commercial real estate loans; (3) those commercial loans in the real estate construction loan segment; and (4) those commercial loans in the residential real estate loan segment. Consumer loans include: (1) mortgage and installment loans included in the real estate construction segment; (2) mortgage, home equity lines of credit (HELOC), and installment loans included in the residential real estate segment; and (3) all loans included in the consumer segment. | |||||||||||||
Generally, commercial loans are placed on nonaccrual status at 90 days past due and consumer and residential mortgage loans are placed on nonaccrual status at 120 days past due. Accrued interest on these loans is considered a loss, unless the loan is well-secured and in the process of collection. Commercial loans placed on nonaccrual status are considered impaired (See Note 5 of these Notes to Consolidated Financial Statements). For loans which are on nonaccrual status, it is Park’s policy to reverse interest previously accrued on the loans against interest income. Interest on such loans may be recorded on a cash basis and be included in earnings only when cash is actually received. Park’s charge-off policy for commercial loans requires management to establish a specific reserve or record a charge-off as soon as it is apparent that the borrower is troubled and there is, or likely will be, a collateral shortfall related to the estimated value of the collateral securing the loan. The Company’s charge-off policy for consumer loans is dependent on the class of the loan. Residential mortgage loans, HELOCs, and consumer loans secured by residential real estate are typically charged down to the value of the collateral, less estimated selling costs, at 180 days past due. The charge-off policy for other consumer loans, primarily installment loans, requires a monthly review of delinquent loans and a complete charge-off for any account that reaches 120 days past due. | |||||||||||||
The delinquency status of a loan is based on contractual terms and not on how recently payments have been received. Loans are removed from nonaccrual status when loan payments have been received to cure the delinquency status, the borrower has demonstrated the ability to maintain current payment status in accordance with the loan agreement and the loan is deemed to be well-secured by management. | |||||||||||||
A description of each segment of the loan portfolio, along with the risk characteristics of each segment, is included below: | |||||||||||||
Commercial, financial and agricultural: Commercial, financial and agricultural loans are made for a wide variety of general corporate purposes, including financing for commercial and industrial businesses, financing for equipment, inventories and accounts receivable, acquisition financing and commercial leasing. The term of each commercial loan varies by its purpose. Repayment terms are structured such that commercial loans will be repaid within the economic useful life of the underlying asset. The commercial loan portfolio includes loans to a wide variety of corporations and businesses across many industrial classifications in the 28 Ohio counties and one Kentucky county where PNB operates. The primary industries represented by these customers include manufacturing, retail trade, health care and other services. | |||||||||||||
Commercial real estate: Commercial real estate (“CRE”) loans include mortgage loans to developers and owners of commercial real estate. The lending policy for CRE loans is designed to address the unique risk attributes of CRE lending. The collateral for these CRE loans is the underlying commercial real estate. | |||||||||||||
Construction real estate: The Company defines construction loans as both commercial construction loans and residential construction loans where the loan proceeds are used exclusively for the improvement of real estate as to which the Company holds a mortgage. Construction loans may be in the form of a permanent loan or short-term construction loan, depending on the needs of the individual borrower. Construction financing is generally considered to involve a higher degree of risk of loss than long-term financing on improved, occupied real estate. Risk of loss on a construction loan depends largely upon the accuracy of the initial estimate of the property’s value at completion of construction and the estimated cost (including interest) of construction. If the estimate of construction cost proves to be inaccurate, the PNB division making the loan may be required to advance funds beyond the amount originally committed to permit completion of the project. If the estimate of value proves inaccurate, the PNB division may be confronted, at or prior to the maturity of the loan, with a project having a value insufficient to assure full repayment, should the borrower default. In the event a default on a construction loan occurs and foreclosure follows, the PNB division must take control of the project and attempt either to arrange for completion of construction or to dispose of the unfinished project. Additional risk exists with respect to loans made to developers who do not have a buyer for the property, as the developer may lack funds to pay the loan if the property is not sold upon completion. PNB and its divisions attempt to reduce such risks on loans to developers by requiring personal guarantees and reviewing current personal financial statements and tax returns as well as other projects undertaken by the developer. | |||||||||||||
Residential real estate: The Company defines residential real estate loans as first mortgages on individuals’ primary residence or second mortgages of individuals’ primary residence in the form of HELOCs or installment loans. Credit approval for residential real estate loans requires demonstration of sufficient income to repay the principal and interest and the real estate taxes and insurance, stability of employment, an established credit record and an appropriately appraised value of the real estate securing the loan. | |||||||||||||
Consumer: The Company originates direct and indirect consumer loans, primarily automobile loans and home equity based credit cards to customers in its primary market areas. Credit approval for consumer loans requires income sufficient to repay principal and interest due, stability of employment, an established credit record and sufficient collateral for secured loans. Consumer loans typically have shorter terms and lower balances with higher yields as compared to real estate mortgage loans, but generally carry higher risks of default. Consumer loan collections are dependent on the borrower’s financial stability, and thus are more likely to be affected by adverse personal circumstances. | |||||||||||||
Allowance for Loan Losses | ' | ||||||||||||
Allowance for Loan Losses | |||||||||||||
The allowance for loan losses is that amount believed adequate to absorb probable incurred credit losses in the loan portfolio based on management’s evaluation of various factors. The determination of the allowance requires significant estimates, including the timing and amounts of expected cash flows on impaired loans, consideration of current economic conditions, and historical loss experience pertaining to pools of homogeneous loans, all of which may be susceptible to change. The allowance is increased through a provision for loan losses that is charged to earnings based on management’s quarterly evaluation of the factors previously mentioned and is reduced by charge-offs, net of recoveries. | |||||||||||||
The allowance for loan losses includes both (1) an estimate of loss based on historical loss experience within both commercial and consumer loan categories with similar characteristics (“statistical allocation”) and (2) an estimate of loss based on an impairment analysis of each commercial loan that is considered to be impaired (“specific allocation”). | |||||||||||||
In calculating the allowance for loan losses, management believes it is appropriate to utilize historical loss rates that are comparable to the current period being analyzed, giving consideration to losses experienced over a full cycle. For the historical loss factor at December 31, 2013, the Company utilized an annual loss rate (“historical loss experience”), calculated based on an average of the net charge-offs and the annual change in specific reserves for impaired commercial loans, experienced during 2009 through 2013 within the individual segments of the commercial and consumer loan categories. Management believes the 60-month historical loss experience methodology is appropriate in the current economic environment, as it captures loss rates consistent with current expectations based on current economic conditons. The loss factor applied to Park’s consumer portfolio as of December 31, 2013 was based on the historical loss experience over the past 60 months, plus an additional judgmental reserve, increasing the total allowance for loan loss coverage in the consumer portfolio to approximately 1.68 years of historical loss. The consumer loan portfolio loss coverage ratio was 1.52 years at December 31, 2012. The loss factor applied to Park’s commercial portfolio as of December 31, 2013 was based on the historical loss experience over the past 60 months, plus additional reserves for consideration of (1) a loss emergence period factor, (2) a loss migration factor and (3) a judgmental or environmental loss factor. These additional reserves increased the total allowance for loan loss coverage in the commercial portfolio to approximately 2.42 years of historical loss. The commercial loan portfolio loss coverage ratio was 2.59 years at December 31, 2012. Park’s commercial loans are individually risk graded. If loan downgrades occur, the probability of default increases and accordingly management allocates a higher percentage reserve to those accruing commercial loans graded special mention and substandard. | |||||||||||||
The judgmental increases discussed above incorporate management’s evaluation of the impact of environmental qualitative factors which pose additional risks and assign a component of the allowance for loan losses in consideration of these factors. Such environmental factors include: national and local economic trends and conditions; experience, ability and depth of lending management and staff; effects of any changes in lending policies and procedures; and levels of, and trends in, consumer bankruptcies, delinquencies, impaired loans and charge-offs and recoveries. | |||||||||||||
GAAP requires a specific allocation to be established as a component of the allowance for loan losses for certain loans when it is probable that all amounts due pursuant to the contractual terms of the loans will not be collected, and the recorded investment in the loans exceeds their measure of impairment. Management considers the following related to commercial loans when determining if a loan should be considered impaired: (1) current debt service coverage levels of the borrowing entity; (2) payment history over the most recent 12-month period; (3) other signs of deterioration in the borrower’s financial situation, such as changes in beacon scores; and (4) consideration of global cash flows of financially sound guarantors that have previously supported loan payments. The recorded investment is the carrying balance of the loan, plus accrued interest receivable, both as of the end of the year. Impairment is measured using either the present value of expected future cash flows based upon the initial effective interest rate on the loan, the observable market price of the loan or the fair value of the collateral. If a loan is considered to be collateral dependent, the fair value of collateral, less estimated selling costs, is used to measure impairment. | |||||||||||||
Troubled Debt Restructuring (TDRs) | ' | ||||||||||||
Troubled Debt Restructuring (TDRs) | |||||||||||||
Management classifies loans as TDRs when a borrower is experiencing financial difficulties and Park has granted a concession. In order to determine whether a borrower is experiencing financial difficulty, an evaluation is performed of the probability that the borrower will be in payment default on any of the borrower's debt in the foreseeable future without the modification. This evaluation is performed under the Company’s internal underwriting policy. Management’s policy is to modify loans by extending the term or by granting a temporary or permanent contractual interest rate below the market rate, not by forgiving debt. TDRs are separately identified for impairment disclosures and are measured at the present value of estimated future cash flows using the loan’s effective rate at inception. If a TDR is considered to be a collateral dependent loan, the loan is reported, net, at the fair value of the collateral. | |||||||||||||
Income Recognition | ' | ||||||||||||
Income Recognition | |||||||||||||
Income earned by the Corporation and its subsidiaries is recognized on the accrual basis of accounting, except for nonaccrual loans as previously discussed, and late charges on loans which are recognized as income when they are collected. | |||||||||||||
Premises and Equipment | ' | ||||||||||||
Premises and Equipment | |||||||||||||
Premises and equipment are stated at cost, less accumulated depreciation and amortization. Depreciation is generally provided on the straight-line method over the estimated useful lives of the related assets. Leasehold improvements are amortized over the shorter of the remaining lease period or the estimated useful lives of the improvements. Upon the sale or other disposal of an asset, the cost and related accumulated depreciation are removed from the accounts and the resulting gain or loss is recognized. Maintenance and repairs are charged to expense as incurred while renewals and improvements that extend the useful life of an asset are capitalized. Premises and equipment are evaluated for impairment whenever events or changes in circumstances indicate that the carrying amount of a particular asset may not be recoverable. | |||||||||||||
The range of depreciable lives over which premises and equipment are being depreciated are: | |||||||||||||
Buildings | 5 to 50 Years | ||||||||||||
Equipment, furniture and fixtures | 3 to 20 Years | ||||||||||||
Leasehold improvements | 1 to 10 Years | ||||||||||||
Buildings that are currently placed in service are depreciated over 30 years. Equipment, furniture and fixtures that are currently placed in service are depreciated over 3 to 12 years. Leasehold improvements are depreciated over the lives of the related leases which range from 1 to 10 years. | |||||||||||||
Other Real Estate Owned (OREO) | ' | ||||||||||||
Other Real Estate Owned (OREO) | |||||||||||||
OREO is initially recorded at fair value less anticipated selling costs (net realizable value), establishing a new cost basis, and consists of property acquired through foreclosure and real estate held for sale. If the net realizable value is below the carrying value of the loan at the date of transfer, the difference is charged to the allowance for loan losses. Subsequent declines in the value of real estate are classified as OREO devaluations, are reported as adjustments to the carrying amount of OREO and are expensed within “Other income”. In certain circumstances where management believes the devaluation may not be permanent in nature, Park utilizes a valuation allowance to record OREO devaluations, which is also expensed through “Other income”. Costs relating to development and improvement of such properties are capitalized (not in excess of fair value less estimated costs to sell) and costs relating to holding the properties are charged to "Other expense". | |||||||||||||
Mortgage Loan Servicing Rights | ' | ||||||||||||
Mortgage Loan Servicing Rights | |||||||||||||
When Park sells mortgage loans with servicing rights retained, servicing rights are recorded at an amount not to exceed fair value with the income statement effect recorded in gains on sale of loans. Capitalized servicing rights are amortized in proportion to and over the period of estimated future servicing income of the underlying loan and is included within “Other service income”. | |||||||||||||
Mortgage servicing rights are assessed for impairment periodically, based on fair value, with any impairment recognized through a valuation allowance. The fair value of mortgage servicing rights is determined by discounting estimated future cash flows from the servicing assets, using market discount rates and expected future prepayment rates. In order to calculate fair value, the sold loan portfolio is stratified into homogeneous pools of like categories. (See Note 20 of these Notes to Consolidated Financial Statements.) | |||||||||||||
Fees received for servicing mortgage loans owned by investors are based on a percentage of the outstanding monthly principal balance of such loans and are included in income as loan payments are received. The cost of servicing loans is charged to expense as incurred. | |||||||||||||
Goodwill and Other Intangible Assets | ' | ||||||||||||
Goodwill and Other Intangible Assets | |||||||||||||
Goodwill represents the excess of the purchase price over net identifiable tangible and intangible assets acquired in a purchase business combination. Other intangible assets represent purchased assets that have no physical property but represent some future economic benefit to their owner and are capable of being sold or exchanged on their own or in combination with a related asset or liability. | |||||||||||||
Goodwill and indefinite-lived intangible assets are not amortized to expense, but are subject to impairment tests annually, or more frequently if events or changes in circumstances indicate that the asset might be impaired. Intangible assets with definitive useful lives (such as core deposit intangibles) are amortized to expense over their estimated useful lives. | |||||||||||||
Management considers several factors when performing the annual impairment tests on goodwill. The factors considered include the operating results for the particular Park segment for the past year and the operating results budgeted for the current year (including multi-year projections), the deposit and loan totals of the Park segment and the economic conditions in the markets served by the Park segment. At December 31, 2013, the goodwill remaining on Park's Consolidated Balance Sheet consisted entirely of goodwill at PNB. (See Note 23 of these Notes to Consolidated Financial Statements for operating segment results.) | |||||||||||||
The following table reflects the activity in goodwill and other intangible assets for the years 2013, 2012 and 2011. | |||||||||||||
(In thousands) | Goodwill | Core Deposit Intangibles | Total | ||||||||||
1-Jan-11 | $ | 72,334 | $ | 6,043 | $ | 78,377 | |||||||
Amortization | — | (3,534 | ) | (3,534 | ) | ||||||||
December 31, 2011 | $ | 72,334 | $ | 2,509 | $ | 74,843 | |||||||
Amortization | — | (2,172 | ) | (2,172 | ) | ||||||||
December 31, 2012 | $ | 72,334 | $ | 337 | $ | 72,671 | |||||||
Amortization | — | (337 | ) | (337 | ) | ||||||||
December 31, 2013 | $ | 72,334 | $ | — | $ | 72,334 | |||||||
GAAP requires a company to perform an impairment test on goodwill annually, or more frequently if events or changes in circumstances indicate that the asset might be impaired, by assessing qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If after assessing these events or circumstances, it is concluded that it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, then performing the two-step impairment test is unnecessary. If the carrying amount of the goodwill exceeds the fair value, an impairment charge must be recorded in an amount equal to the excess. | |||||||||||||
Park evaluates goodwill for impairment on April 1 of each year, with financial data as of March 31. Based on the analysis performed as of April 1, 2013, the Company determined that goodwill for Park’s national bank subsidiary (PNB) was not impaired. | |||||||||||||
The core deposit intangibles were being amortized to expense principally on the straight-line method, over a period of six years. The amortization period for the core deposit intangibles related to Vision Bank was accelerated in the fourth quarter of 2011 and first quarter of 2012 due to the pending sale of the Vision Bank business to Centennial Bank. Core deposit intangible amortization expense was $337,000 in 2013, $2.2 million in 2012 and $3.5 million in 2011. | |||||||||||||
The accumulated amortization of core deposit intangibles was $22.1 million as of December 31, 2013 and $21.8 million at December 31, 2012. As of December 31, 2013 all core deposit intangibles had been fully amortized. | |||||||||||||
Consolidated Statement of Cash Flows | ' | ||||||||||||
Consolidated Statement of Cash Flows | |||||||||||||
Cash and cash equivalents include cash and cash items, amounts due from banks and money market instruments. Generally, money market instruments are purchased and sold for one-day periods. | |||||||||||||
Net cash provided by operating activities reflects cash payments as follows: | |||||||||||||
December 31, | |||||||||||||
(In thousands) | 2013 | 2012 | 2011 | ||||||||||
Interest paid on deposits and other borrowings | $ | 42,481 | $ | 51,877 | $ | 59,552 | |||||||
Income taxes paid | 20,000 | 7,000 | 17,700 | ||||||||||
Non-cash Items | ' | ||||||||||||
Non-cash Items | |||||||||||||
Non-cash items included in cash provided by operating activities: | |||||||||||||
December 31, | |||||||||||||
(In thousands) | 2013 | 2012 | 2011 | ||||||||||
Transfers to OREO | $ | 22,144 | $ | 23,634 | $ | 36,209 | |||||||
Loss Contingencies and Guarantees | ' | ||||||||||||
Loss Contingencies and Guarantees | |||||||||||||
Loss contingencies, including claims and legal actions arising in the ordinary course of business, are recorded as liabilities when the likelihood of loss is probable and an amount or range of loss can be reasonably estimated. | |||||||||||||
Income Taxes | ' | ||||||||||||
Income Taxes | |||||||||||||
The Corporation accounts for income taxes using the asset and liability approach. Under this method, deferred tax assets and liabilities are determined based on differences between financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. To the extent that Park does not consider it more likely than not that a deferred tax asset will be recovered, a valuation allowance is recorded. All positive and negative evidence is reviewed when determining how much of a valuation allowance is recognized on a quarterly basis. A valuation allowance, if needed, reduces deferred tax assets to the amount expected to be realized. | |||||||||||||
An uncertain tax position is recognized as a benefit only if it is “more-likely-than-not” that the tax position would be sustained in a tax examination being presumed to occur. The benefit recognized for a tax position that meets the “more-likely-than-not” criteria is measured based on the largest benefit that is more than 50 percent likely to be realized, taking into consideration the amounts and probabilities of the outcome upon settlement. For tax positions not meeting the “more-likely-than-not” test, no tax benefit is recorded. Park recognizes any interest and penalties related to income tax matters in income tax expense. | |||||||||||||
Treasury Shares | ' | ||||||||||||
Treasury Shares | |||||||||||||
The purchase of Park’s common shares is recorded at cost. At the date of retirement or subsequent reissuance, the treasury shares account is reduced by the weighted average cost of the common shares retired or reissued. | |||||||||||||
Comprehensive Income | ' | ||||||||||||
Comprehensive Income | |||||||||||||
Comprehensive income consists of net income and other comprehensive income (loss). Other comprehensive income (loss) includes unrealized gains and losses on securities available for sale, changes in the funded status of the Company’s Defined Benefit Pension Plan, and the unrealized net holding gains and losses on the cash flow hedge that matured on December 28, 2012, which are also recognized as separate components of equity. | |||||||||||||
Stock Based Compensation | ' | ||||||||||||
Stock-Based Compensation | |||||||||||||
Compensation cost is recognized for stock options and stock awards issued to employees and directors, based on the fair value of these awards at the date of grant. A Black-Scholes model is utilized to estimate the fair value of stock options, while the market price of Park’s common shares at the date of grant is used for stock awards. Compensation cost is recognized over the required service period, generally defined as the vesting period. Park did not grant any stock options or stock awards to employees during 2013, 2012 or 2011. No stock options vested in 2013, 2012 or 2011. Park granted 10,550 common shares to its directors in 2013, 6,120 common shares in 2012 and 7,020 common shares in 2011. | |||||||||||||
Loan Commitments and Related Financial Instruments | ' | ||||||||||||
Loan Commitments and Related Financial Instruments | |||||||||||||
Financial instruments include off‑balance sheet credit instruments, such as commitments to make loans and commercial letters of credit, issued to meet customer financing needs. The face amount for these items represents the exposure to loss, before considering customer collateral or ability to repay. Such financial instruments are recorded when they are funded. | |||||||||||||
Derivative Instruments | ' | ||||||||||||
Derivative Instruments | |||||||||||||
At the inception of a derivative contract, the Company designates the derivative as one of three types based on the Company’s intentions and belief as to the derivative's likely effectiveness as a hedge. These three types are: (1) a hedge of the fair value of a recognized asset or liability or of an unrecognized firm commitment (“fair value hedge”); (2) a hedge of a forecasted transaction or the variability of cash flows to be received or paid related to a recognized asset or liability (“cash flow hedge”); or (3) an instrument with no hedging designation (“stand-alone derivative”). For a fair value hedge, the gain or loss on the derivative, as well as the offsetting loss or gain on the hedged item, are recognized in current earnings as fair values change. For a cash flow hedge, the gain or loss on the derivative is reported in other comprehensive income and is reclassified into earnings in the same periods during which the hedged transaction affects earnings. For both types of hedges, changes in the fair value of derivatives that are not highly effective in hedging the changes in fair value or expected cash flows of the hedged item are recognized immediately in current earnings. Changes in the fair value of derivatives that do not qualify for hedge accounting are reported currently in earnings, as non-interest income. | |||||||||||||
The Company formally documents the relationship between derivatives and hedged items, as well as the risk-management objective and the strategy for undertaking hedge transactions at the inception of the hedging relationship. This documentation includes linking fair value or cash flow hedges to specific assets and liabilities on the Consolidated Balance Sheets or to specific firm commitments or forecasted transactions. The Company also formally assesses, both at the hedge’s inception and on an ongoing basis, whether the derivative instruments that are used are highly effective in offsetting changes in fair values or cash flows of the hedged items. The Company discontinues hedge accounting when it determines that the derivative is no longer effective in offsetting changes in the fair value or cash flows of the hedged item, the derivative is settled or terminates, a hedged forecasted transaction is no longer probable, a hedged firm commitment is no longer firm, or treatment of the derivative as a hedge is no longer appropriate or intended. | |||||||||||||
When hedge accounting is discontinued, subsequent changes in fair value of the derivative are recorded as non-interest income. When a fair value hedge is discontinued, the hedged asset or liability is no longer adjusted for changes in fair value and the existing basis adjustment is amortized or accreted over the remaining life of the asset or liability. When a cash flow hedge is discontinued but the hedged cash flows or forecasted transactions are still expected to occur, gains or losses that were accumulated in other comprehensive income are amortized into earnings over the same periods in which the hedged transactions will affect earnings. | |||||||||||||
Fair Value Measurement | ' | ||||||||||||
Fair Value Measurement | |||||||||||||
Fair values of financial instruments are estimated using relevant market information and other assumptions, as more fully disclosed in Note 21 of these Notes to Consolidated Financial Statements. Fair value estimates involve uncertainties and matters of significant judgment regarding interest rates, credit risk, prepayments, and other factors, especially in the absence of broad markets for particular items. Changes in assumptions or in market conditions could significantly affect the estimates. | |||||||||||||
Transfers and Financial Assets | ' | ||||||||||||
Transfers of Financial Assets | |||||||||||||
Transfers of financial assets are accounted for as sales, when control over the assets has been relinquished. Control over transferred assets is deemed to be surrendered when the assets have been isolated from the Company, the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and the Company does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity. | |||||||||||||
Retirement Plans | ' | ||||||||||||
Retirement Plans | |||||||||||||
Pension expense is the net of service and interest cost, return on plan assets and amortization of gains and losses not immediately recognized. Employee 401(k) plan expense is the amount of matching contributions. Deferred compensation and supplemental retirement plan expense allocates the benefits over years of service. | |||||||||||||
Earnings Per Common Share | ' | ||||||||||||
Earnings Per Common Share | |||||||||||||
Basic earnings per common share is net income available to common shareholders divided by the weighted average number of common shares outstanding during the period. Diluted earnings per common share includes the dilutive effect of additional potential common shares issuable under stock awards, stock options, warrants and convertible securities. Earnings and dividends per common share are restated for any stock splits and stock dividends through the date of issuance of the consolidated financial statements. | |||||||||||||
Adoption of New Accounting Pronouncements | ' | ||||||||||||
Adoption of New Accounting Pronouncements: | |||||||||||||
ASU 2012-02 Testing Indefinite-Lived Intangible Assets for Impairment: In July 2012, FASB issued Accounting Standards Update 2012-02, Testing Indefinite-Lived Intangible Assets for Impairment (ASU 2012-02). The ASU allows an entity to first assess qualitative factors to determine whether the existence of events or circumstances indicate that it is more likely than not that the indefinite-lived intangible asset is impaired. The new guidance is effective for annual and interim impairment tests performed for fiscal years beginning after September 15, 2012. The adoption of this guidance did not have an impact on Park's consolidated financial statements. | |||||||||||||
ASU 2013-02 Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income: In February 2013, FASB issued Accounting Standards Update 2013-02, Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income (ASU 2013-02). The ASU requires an entity to provide information about the amounts reclassified out of accumulated other comprehensive income by component. In addition, an entity is required to present, either on the face of the statement where net income is presented or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income but only if the amount reclassified is required under GAAP to be reclassified to net income in its entirety in the same reporting period. For other amounts that are not required under GAAP to be reclassified in their entirety to net income, an entity is required to cross-reference to other disclosures required under GAAP that provide additional detail about these amounts. The new guidance is effective prospectively for reporting periods beginning after December 15, 2012. The adoption of the new guidance on January 1, 2013 impacted the other comprehensive income (loss) disclosures in Note 15. | |||||||||||||
ASU 2013-11- Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists: The ASU requires that an unrecognized tax benefit, or a portion of an unrecognized tax benefit, be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward. However, if a net operating loss carryforward, a similar tax loss, or a tax credit carryforward is not available at the reporting date under the tax law of the applicable jurisdiction to settle any additional income taxes that would result from the disallowance of a tax position or the tax law of the applicable jurisdiction does not require the entity to use, and the entity does not intend to use, the deferred tax asset for such purpose, the unrecognized tax benefit should be presented in the financial statements as a liability and should not be combined with deferred tax assets. The amendments are effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. The amendments will not have a material impact on Park’s consolidated financial statements. | |||||||||||||
ASU 2014-01- Investments—Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Qualified Affordable Housing Projects (a consensus of the FASB Emerging Issues Task Force): In January 2014, FASB issued Accounting Standards Update 2014-01, Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Qualified Affordable Housing Projects (a consensus of the FASB Emerging Issues Task Force). The ASU permits reporting entities to make an accounting policy election to account for their investments in qualified affordable housing projects using the proportional amortization method if certain conditions are met. Under the proportional amortization method, an entity amortizes the initial cost of the investment in proportion to the tax credits and other tax benefits received and recognizes the net investment performance in the income statement as a component of income tax expense. Additionally, a reporting entity should disclose information that enables users of its financial statement to understand the nature of its investments in qualified affordable housing projects, and the effect of the measurement of its investments in qualified affordable housing projects and the related tax credits on its financial position and results of operations. The new guidance is effective for annual periods, and interim reporting periods within those annual periods, beginning after December 15, 2014. The adoption of this guidance will not have a material impact on Park's consolidated financial statements, but may impact the presentation of Park's investments in qualified affordable housing projects. Additionally, the adoption of this guidance will require additional disclosures. | |||||||||||||
ASU 2014-04 - Receivables—Troubled Debt Restructurings by Creditors (Subtopic 310-40): Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure (a consensus of the FASB Emerging Issues Task Force): In January 2014, FASB issued Accounting Standards Update 2014-04, Receivables—Troubled Debt Restructurings by Creditors (Subtopic 310-40): Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure (a consensus of the FASB Emerging Issues Task Force). The ASU clarifies when an insubstance repossession or foreclosure occurs and a creditor is considered to have received physical possession of real estate property collateralizing a consumer mortgage loan. Specifically, the new ASU requires a creditor to reclassify a collateralized consumer mortgage loan to real estate property upon obtaining legal title to the real estate collateral, or the borrower voluntarily conveying all interest in the real estate property to the lender to satisfy the loan through a deed in lieu of foreclosure or similar legal agreement. Additional disclosures are required detailing the amount of foreclosed residential real estate property held by the creditor and the recorded investment in consumer mortgages collateralized by real estate property that are in the process of foreclosure. The new guidance is effective for annual periods, and interim reporting periods within those annual periods, beginning after December 15, 2014. The adoption of this guidance will not have a material impact on Park's consolidated financial statements, but will result in additional disclosures. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||
Schedule of depreciable lives of premises and equipment | ' | ||||||||||||
The range of depreciable lives over which premises and equipment are being depreciated are: | |||||||||||||
Buildings | 5 to 50 Years | ||||||||||||
Equipment, furniture and fixtures | 3 to 20 Years | ||||||||||||
Leasehold improvements | 1 to 10 Years | ||||||||||||
Schedule of activity in goodwill and intangible assets | ' | ||||||||||||
The following table reflects the activity in goodwill and other intangible assets for the years 2013, 2012 and 2011. | |||||||||||||
(In thousands) | Goodwill | Core Deposit Intangibles | Total | ||||||||||
1-Jan-11 | $ | 72,334 | $ | 6,043 | $ | 78,377 | |||||||
Amortization | — | (3,534 | ) | (3,534 | ) | ||||||||
December 31, 2011 | $ | 72,334 | $ | 2,509 | $ | 74,843 | |||||||
Amortization | — | (2,172 | ) | (2,172 | ) | ||||||||
December 31, 2012 | $ | 72,334 | $ | 337 | $ | 72,671 | |||||||
Amortization | — | (337 | ) | (337 | ) | ||||||||
December 31, 2013 | $ | 72,334 | $ | — | $ | 72,334 | |||||||
Schedule of cash flow, supplemental disclosures | ' | ||||||||||||
Net cash provided by operating activities reflects cash payments as follows: | |||||||||||||
December 31, | |||||||||||||
(In thousands) | 2013 | 2012 | 2011 | ||||||||||
Interest paid on deposits and other borrowings | $ | 42,481 | $ | 51,877 | $ | 59,552 | |||||||
Income taxes paid | 20,000 | 7,000 | 17,700 | ||||||||||
Schedule of non-cash items included in cash provided by operating activities | ' | ||||||||||||
Non-cash items included in cash provided by operating activities: | |||||||||||||
December 31, | |||||||||||||
(In thousands) | 2013 | 2012 | 2011 | ||||||||||
Transfers to OREO | $ | 22,144 | $ | 23,634 | $ | 36,209 | |||||||
Sale_Of_Vision_Bank_Business_T
Sale Of Vision Bank Business (Tables) | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Discontinued Operations and Disposal Groups [Abstract] | ' | |||
Schedule of composition of pre-tax gain on sale of business | ' | |||
The pre-tax gain, net of expense is summarized in the table below: | ||||
(In thousands) | ||||
Premium paid | $ | 27,913 | ||
One-time gains | 298 | |||
Loss on sale of fixed assets | (2,434 | ) | ||
Employment and severance agreements | (1,610 | ) | ||
Other one-time charges, including estimates | (2,000 | ) | ||
Pre-tax gain | $ | 22,167 | ||
Investment_Securities_Tables
Investment Securities (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | ||||||||||||||||||||||||
Schedule of marketable securities | ' | ||||||||||||||||||||||||
Investment securities at December 31, 2012 were as follows: | |||||||||||||||||||||||||
(In thousands) | Amortized Cost | Gross Unrealized/Unrecognized Holding Gains | Gross Unrealized/Unrecognized Holding Losses | Estimated Fair Value | |||||||||||||||||||||
2012:00:00 | |||||||||||||||||||||||||
Securities Available-for-Sale | |||||||||||||||||||||||||
Obligations of U.S. Treasury and other U.S. Government sponsored entities | $ | 695,655 | $ | 1,352 | $ | 1,280 | $ | 695,727 | |||||||||||||||||
Obligations of states and political subdivisions | 984 | 19 | — | 1,003 | |||||||||||||||||||||
U.S. Government sponsored entities’ asset-backed securities | 401,882 | 14,067 | 447 | 415,502 | |||||||||||||||||||||
Other equity securities | 1,137 | 1,085 | — | 2,222 | |||||||||||||||||||||
Total | $ | 1,099,658 | $ | 16,523 | $ | 1,727 | $ | 1,114,454 | |||||||||||||||||
2012:00:00 | |||||||||||||||||||||||||
Securities Held-to-Maturity | |||||||||||||||||||||||||
Obligations of states and political subdivisions | $ | 570 | $ | 2 | $ | — | $ | 572 | |||||||||||||||||
U.S. Government sponsored entities’ asset-backed securities | 400,820 | 9,351 | 38 | 410,133 | |||||||||||||||||||||
Total | $ | 401,390 | $ | 9,353 | $ | 38 | $ | 410,705 | |||||||||||||||||
Investment securities at December 31, 2013 were as follows: | |||||||||||||||||||||||||
(In thousands) | Amortized Cost | Gross Unrealized/Unrecognized Holding Gains | Gross Unrealized/Unrecognized Holding Losses | Estimated Fair Value | |||||||||||||||||||||
2013:00:00 | |||||||||||||||||||||||||
Securities Available-for-Sale | |||||||||||||||||||||||||
Obligations of U.S. Treasury and other U.S. Government sponsored entities | $ | 570,632 | $ | — | $ | 45,496 | $ | 525,136 | |||||||||||||||||
U.S. Government sponsored entities’ asset-backed securities | 650,391 | 8,070 | 9,990 | 648,471 | |||||||||||||||||||||
Other equity securities | 1,120 | 1,539 | — | 2,659 | |||||||||||||||||||||
Total | $ | 1,222,143 | $ | 9,609 | $ | 55,486 | $ | 1,176,266 | |||||||||||||||||
2013:00:00 | |||||||||||||||||||||||||
Securities Held-to-Maturity | |||||||||||||||||||||||||
Obligations of states and political subdivisions | $ | 240 | $ | 1 | $ | — | $ | 241 | |||||||||||||||||
U.S. Government sponsored entities’ asset-backed securities | 181,821 | 5,382 | 42 | 187,161 | |||||||||||||||||||||
Total | $ | 182,061 | $ | 5,383 | $ | 42 | $ | 187,402 | |||||||||||||||||
Schedule of unrealized loss on investments | ' | ||||||||||||||||||||||||
The following table provides detail on investment securities with unrealized losses aggregated by investment category and length of time the individual securities had been in a continuous loss position at December 31, 2012: | |||||||||||||||||||||||||
Less than 12 Months | 12 Months or Longer | Total | |||||||||||||||||||||||
(In thousands) | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | |||||||||||||||||||
2012:00:00 | |||||||||||||||||||||||||
Securities Available-for-Sale | |||||||||||||||||||||||||
Obligations of U.S. Treasury and other U.S. Government sponsored entities | 177,470 | 1,280 | — | — | 177,470 | 1,280 | |||||||||||||||||||
U.S. Government sponsored entities' asset-backed securities | 123,631 | 447 | — | — | 123,631 | 447 | |||||||||||||||||||
Total | 301,101 | 1,727 | — | — | 301,101 | 1,727 | |||||||||||||||||||
2012:00:00 | |||||||||||||||||||||||||
Securities Held-to-Maturity | |||||||||||||||||||||||||
U.S. Government sponsored entities' asset-backed securities | $ | 10,120 | $ | 38 | $ | — | $ | — | $ | 10,120 | $ | 38 | |||||||||||||
The following table provides detail on investment securities with unrealized losses aggregated by investment category and length of time the individual securities had been in a continuous loss position at December 31, 2013: | |||||||||||||||||||||||||
Less than 12 Months | 12 Months or Longer | Total | |||||||||||||||||||||||
(In thousands) | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | |||||||||||||||||||
2013:00:00 | |||||||||||||||||||||||||
Securities Available-for-Sale | |||||||||||||||||||||||||
Obligations of U.S. Treasury and other U.S. Government sponsored entities | $ | 377,626 | $ | 29,256 | $ | 147,510 | $ | 16,240 | $ | 525,136 | $ | 45,496 | |||||||||||||
U.S. Government sponsored entities' asset-backed securities | 404,035 | 8,917 | 21,572 | 1,073 | 425,607 | 9,990 | |||||||||||||||||||
Total | $ | 781,661 | $ | 38,173 | $ | 169,082 | $ | 17,313 | $ | 950,743 | $ | 55,486 | |||||||||||||
2013:00:00 | |||||||||||||||||||||||||
Securities Held-to-Maturity | |||||||||||||||||||||||||
U.S. Government sponsored entities’ asset-backed securities | $ | 5,781 | $ | 42 | $ | — | $ | — | $ | 5,781 | $ | 42 | |||||||||||||
Schedule of contractual maturity of debt securities | ' | ||||||||||||||||||||||||
The amortized cost and estimated fair value of investments in debt securities at December 31, 2013, are shown in the following table by contractual maturity or the expected call date, except for asset-backed securities, which are shown as a single total, due to the unpredictability of the timing in principal repayments. | |||||||||||||||||||||||||
(In thousands) | Amortized Cost | Estimated Fair Value | Weighted Average Yield | ||||||||||||||||||||||
Securities Available-for-Sale | |||||||||||||||||||||||||
U.S. Treasury and other U.S. Government sponsored entities’ notes: | |||||||||||||||||||||||||
Due one through five years | 50,000 | 46,800 | 2 | % | |||||||||||||||||||||
Due five through ten years | 396,882 | 367,580 | 2.43 | % | |||||||||||||||||||||
Due in over ten years | 123,750 | 110,756 | 1.74 | % | |||||||||||||||||||||
Total | $ | 570,632 | $ | 525,136 | 2.24 | % | |||||||||||||||||||
U.S. Government sponsored entities’ asset-backed securities: | |||||||||||||||||||||||||
Total | $ | 650,391 | $ | 648,471 | 2.47 | % | |||||||||||||||||||
Securities Held-to-Maturity | |||||||||||||||||||||||||
Obligations of states and political subdivisions: | |||||||||||||||||||||||||
Due within one year | $ | 240 | $ | 241 | 4.46 | % | |||||||||||||||||||
Total | $ | 240 | $ | 241 | 4.46 | % | |||||||||||||||||||
U.S. Government sponsored entities’ asset-backed securities: | |||||||||||||||||||||||||
Total | $ | 181,821 | $ | 187,161 | 3.69 | % | |||||||||||||||||||
Loans_Tables
Loans (Tables) | 12 Months Ended | |||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||
Loans and Leases Receivable Disclosure [Abstract] | ' | |||||||||||||||||||||||||
Schedule of composition of loan portfolio by class of loan | ' | |||||||||||||||||||||||||
The composition of the loan portfolio, by class of loan, as of December 31, 2013 and December 31, 2012 was as follows: | ||||||||||||||||||||||||||
12/31/13 | 12/31/12 | |||||||||||||||||||||||||
(In thousands) | Loan Balance | Accrued Interest Receivable | Recorded Investment | Loan Balance | Accrued Interest Receivable | Recorded Investment | ||||||||||||||||||||
Commercial, financial and agricultural * | $ | 825,432 | $ | 3,079 | $ | 828,511 | $ | 823,927 | $ | 2,976 | $ | 826,903 | ||||||||||||||
Commercial real estate * | 1,112,273 | 3,765 | 1,116,038 | 1,092,164 | 3,839 | 1,096,003 | ||||||||||||||||||||
Construction real estate: | ||||||||||||||||||||||||||
SEPH commercial land and development * | 5,846 | 2 | 5,848 | 15,105 | 37 | 15,142 | ||||||||||||||||||||
Remaining commercial | 110,842 | 263 | 111,105 | 115,473 | 331 | 115,804 | ||||||||||||||||||||
Mortgage | 31,882 | 96 | 31,978 | 26,373 | 81 | 26,454 | ||||||||||||||||||||
Installment | 7,546 | 26 | 7,572 | 8,577 | 33 | 8,610 | ||||||||||||||||||||
Residential real estate: | ||||||||||||||||||||||||||
Commercial | 407,387 | 904 | 408,291 | 392,203 | 959 | 393,162 | ||||||||||||||||||||
Mortgage | 1,144,754 | 1,559 | 1,146,313 | 1,064,787 | 1,399 | 1,066,186 | ||||||||||||||||||||
HELOC | 213,565 | 870 | 214,435 | 212,905 | 892 | 213,797 | ||||||||||||||||||||
Installment | 33,841 | 132 | 33,973 | 43,750 | 176 | 43,926 | ||||||||||||||||||||
Consumer | 723,733 | 2,775 | 726,508 | 651,930 | 2,835 | 654,765 | ||||||||||||||||||||
Leases | 3,404 | 23 | 3,427 | 3,128 | 29 | 3,157 | ||||||||||||||||||||
Total loans | $ | 4,620,505 | $ | 13,494 | $ | 4,633,999 | $ | 4,450,322 | $ | 13,587 | $ | 4,463,909 | ||||||||||||||
* Included within commercial, financial and agricultural loans, commercial real estate loans, and SEPH commercial land and development loans were an immaterial amount of consumer loans that were not broken out by class. | ||||||||||||||||||||||||||
Schedule of recorded investment in nonaccrual restructured and loans past due 90 days or more and accruing | ' | |||||||||||||||||||||||||
The following table presents the recorded investment in nonaccrual loans, accruing troubled debt restructurings, and loans past due 90 days or more and still accruing by class of loan as of December 31, 2013 and December 31, 2012: | ||||||||||||||||||||||||||
12/31/13 | ||||||||||||||||||||||||||
(In thousands) | Nonaccrual Loans | Accruing Troubled Debt Restructurings | Loans Past Due 90 Days or More and Accruing | Total Nonperforming Loans | ||||||||||||||||||||||
Commercial, financial and agricultural | $ | 20,633 | $ | 107 | $ | 80 | $ | 20,820 | ||||||||||||||||||
Commercial real estate | 39,588 | 2,234 | 2 | 41,824 | ||||||||||||||||||||||
Construction real estate: | ||||||||||||||||||||||||||
SEPH commercial land and development | 4,777 | — | — | 4,777 | ||||||||||||||||||||||
Remaining commercial | 10,476 | 306 | — | 10,782 | ||||||||||||||||||||||
Mortgage | 87 | 97 | — | 184 | ||||||||||||||||||||||
Installment | 39 | 192 | — | 231 | ||||||||||||||||||||||
Residential real estate: | ||||||||||||||||||||||||||
Commercial | 32,495 | 913 | — | 33,408 | ||||||||||||||||||||||
Mortgage | 20,564 | 11,708 | 549 | 32,821 | ||||||||||||||||||||||
HELOC | 2,129 | 751 | — | 2,880 | ||||||||||||||||||||||
Installment | 965 | 885 | 80 | 1,930 | ||||||||||||||||||||||
Consumer | 3,463 | 1,616 | 1,016 | 6,095 | ||||||||||||||||||||||
Total loans | $ | 135,216 | $ | 18,809 | $ | 1,727 | $ | 155,752 | ||||||||||||||||||
12/31/12 | ||||||||||||||||||||||||||
(In thousands) | Nonaccrual Loans | Accruing Troubled Debt Restructurings | Loans Past Due 90 Days or More and Accruing | Total Nonperforming Loans | ||||||||||||||||||||||
Commercial, financial and agricultural | $ | 17,324 | $ | 5,277 | $ | 37 | $ | 22,638 | ||||||||||||||||||
Commercial real estate | 40,983 | 3,295 | 1,007 | 45,285 | ||||||||||||||||||||||
Construction real estate: | ||||||||||||||||||||||||||
SEPH commercial land and development | 13,939 | — | — | 13,939 | ||||||||||||||||||||||
Remaining commercial | 14,977 | 6,597 | — | 21,574 | ||||||||||||||||||||||
Mortgage | 158 | 100 | — | 258 | ||||||||||||||||||||||
Installment | 149 | 175 | — | 324 | ||||||||||||||||||||||
Residential real estate: | ||||||||||||||||||||||||||
Commercial | 33,961 | 1,661 | 94 | 35,716 | ||||||||||||||||||||||
Mortgage | 28,260 | 9,425 | 950 | 38,635 | ||||||||||||||||||||||
HELOC | 1,689 | 736 | — | 2,425 | ||||||||||||||||||||||
Installment | 1,670 | 780 | 54 | 2,504 | ||||||||||||||||||||||
Consumer | 2,426 | 1,900 | 888 | 5,214 | ||||||||||||||||||||||
Total loans | $ | 155,536 | $ | 29,946 | $ | 3,030 | $ | 188,512 | ||||||||||||||||||
Schedule of loans individually evaluated for impairment and loans collectively evaluated for impairment | ' | |||||||||||||||||||||||||
The following table provides additional information regarding those nonaccrual and accruing troubled debt restructured loans that are individually evaluated for impairment and those collectively evaluated for impairment as of December 31, 2013 and December 31, 2012. | ||||||||||||||||||||||||||
12/31/13 | 12/31/12 | |||||||||||||||||||||||||
Nonaccrual and accruing troubled debt restructurings | Loans individually evaluated for impairment | Loans collectively evaluated for impairment | Nonaccrual and accruing troubled debt restructurings | Loans individually evaluated for impairment | Loans collectively evaluated for impairment | |||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||
Commercial, financial and agricultural | $ | 20,740 | $ | 20,727 | $ | 13 | $ | 22,601 | $ | 22,587 | $ | 14 | ||||||||||||||
Commercial real estate | 41,822 | 41,822 | — | 44,278 | 44,278 | — | ||||||||||||||||||||
Construction real estate: | ||||||||||||||||||||||||||
SEPH commercial land and development | 4,777 | 4,777 | — | 13,939 | 13,260 | 679 | ||||||||||||||||||||
Remaining commercial | 10,782 | 10,782 | — | 21,574 | 21,574 | — | ||||||||||||||||||||
Mortgage | 184 | — | 184 | 258 | — | 258 | ||||||||||||||||||||
Installment | 231 | — | 231 | 324 | — | 324 | ||||||||||||||||||||
Residential real estate: | ||||||||||||||||||||||||||
Commercial | 33,408 | 33,408 | — | 35,622 | 35,622 | — | ||||||||||||||||||||
Mortgage | 32,272 | — | 32,272 | 37,685 | — | 37,685 | ||||||||||||||||||||
HELOC | 2,880 | — | 2,880 | 2,425 | — | 2,425 | ||||||||||||||||||||
Installment | 1,850 | — | 1,850 | 2,450 | — | 2,450 | ||||||||||||||||||||
Consumer | 5,079 | 799 | 4,280 | 4,326 | 18 | 4,308 | ||||||||||||||||||||
Total loans | $ | 154,025 | $ | 112,315 | $ | 41,710 | $ | 185,482 | $ | 137,339 | $ | 48,143 | ||||||||||||||
Schedule of loans individually evaluated for impairment by class of loan | ' | |||||||||||||||||||||||||
The following table presents loans individually evaluated for impairment by class of loan as of December 31, 2013 and December 31, 2012. | ||||||||||||||||||||||||||
12/31/13 | 12/31/12 | |||||||||||||||||||||||||
(In thousands) | Unpaid principal balance | Recorded investment | Allowance for loan losses allocated | Unpaid principal balance | Recorded investment | Allowance for loan losses allocated | ||||||||||||||||||||
With no related allowance recorded | ||||||||||||||||||||||||||
Commercial, financial and agricultural | $ | 22,429 | $ | 12,885 | $ | — | $ | 23,782 | $ | 14,683 | $ | — | ||||||||||||||
Commercial real estate | 56,870 | 34,149 | — | 56,258 | 35,097 | — | ||||||||||||||||||||
Construction real estate: | ||||||||||||||||||||||||||
SEPH commercial land and development | 23,722 | 4,777 | — | 57,346 | 13,260 | — | ||||||||||||||||||||
Remaining commercial | 8,429 | 6,872 | — | 29,328 | 14,093 | — | ||||||||||||||||||||
Residential real estate: | ||||||||||||||||||||||||||
Commercial | 36,709 | 31,461 | — | 39,918 | 31,957 | — | ||||||||||||||||||||
Consumer | 799 | 799 | — | 18 | 18 | — | ||||||||||||||||||||
With an allowance recorded | ||||||||||||||||||||||||||
Commercial, financial and agricultural | 12,616 | 7,842 | 3,268 | 12,268 | 7,904 | 3,180 | ||||||||||||||||||||
Commercial real estate | 7,966 | 7,673 | 5,496 | 11,412 | 9,181 | 1,540 | ||||||||||||||||||||
Construction real estate: | ||||||||||||||||||||||||||
Remaining commercial | 3,909 | 3,910 | 1,132 | 8,071 | 7,481 | 2,277 | ||||||||||||||||||||
Residential real estate: | ||||||||||||||||||||||||||
Commercial | 2,129 | 1,947 | 555 | 3,944 | 3,665 | 1,279 | ||||||||||||||||||||
Consumer | — | — | — | — | — | — | ||||||||||||||||||||
Total | $ | 175,578 | $ | 112,315 | $ | 10,451 | $ | 242,345 | $ | 137,339 | $ | 8,276 | ||||||||||||||
Schedule of average recorded investment and interest income recognized on loans individually evaluated for impairment | ' | |||||||||||||||||||||||||
The following tables present the average recorded investment and interest income recognized on loans individually evaluated for impairment for the years ended December 31, 2013, 2012, and 2011. | ||||||||||||||||||||||||||
Year ended December 31, 2013 | ||||||||||||||||||||||||||
(In thousands) | Recorded Investment as of December 31, 2013 | Average recorded investment | Interest income recognized | |||||||||||||||||||||||
Commercial, financial and agricultural | $ | 20,727 | $ | 20,523 | $ | 412 | ||||||||||||||||||||
Commercial real estate | 41,822 | 41,426 | 1,151 | |||||||||||||||||||||||
Construction real estate: | ||||||||||||||||||||||||||
SEPH commercial land and development | 4,777 | 8,723 | — | |||||||||||||||||||||||
Remaining commercial | 10,782 | 17,829 | 616 | |||||||||||||||||||||||
Residential real estate: | ||||||||||||||||||||||||||
Commercial | 33,408 | 34,972 | 461 | |||||||||||||||||||||||
Consumer | 799 | 616 | — | |||||||||||||||||||||||
Total | $ | 112,315 | $ | 124,089 | $ | 2,640 | ||||||||||||||||||||
Year ended December 31, 2012 | ||||||||||||||||||||||||||
(In thousands) | Recorded Investment as of December 31, 2012 | Average recorded investment | Interest income recognized | |||||||||||||||||||||||
Commercial, financial and agricultural | $ | 22,587 | $ | 35,305 | $ | 529 | ||||||||||||||||||||
Commercial real estate | 44,278 | 44,541 | 968 | |||||||||||||||||||||||
Construction real estate: | ||||||||||||||||||||||||||
SEPH commercial land and development | 13,260 | 17,277 | — | |||||||||||||||||||||||
Remaining commercial | 21,574 | 27,774 | 818 | |||||||||||||||||||||||
Residential real estate: | ||||||||||||||||||||||||||
Commercial | 35,622 | 39,248 | 497 | |||||||||||||||||||||||
Consumer | 18 | 19 | 1 | |||||||||||||||||||||||
Total | $ | 137,339 | $ | 164,164 | $ | 2,813 | ||||||||||||||||||||
Year ended | ||||||||||||||||||||||||||
31-Dec-11 | ||||||||||||||||||||||||||
(In thousands) | Recorded Investment as of December 31, 2011 | Average recorded investment | Interest income recognized | |||||||||||||||||||||||
Commercial, financial and agricultural | $ | 40,621 | $ | 23,518 | $ | 209 | ||||||||||||||||||||
Commercial real estate | 51,978 | 49,927 | 829 | |||||||||||||||||||||||
Construction real estate: | ||||||||||||||||||||||||||
Vision commercial land and development | 24,328 | 58,792 | — | |||||||||||||||||||||||
Remaining commercial | 25,912 | 29,152 | 339 | |||||||||||||||||||||||
Residential real estate: | ||||||||||||||||||||||||||
Commercial | 44,276 | 52,640 | 214 | |||||||||||||||||||||||
Consumer | 20 | 16 | 1 | |||||||||||||||||||||||
Total | $ | 187,135 | $ | 214,045 | $ | 1,592 | ||||||||||||||||||||
Schedule of aging of the recorded investment in past due loans | ' | |||||||||||||||||||||||||
The following tables present the aging of the recorded investment in past due loans as of December 31, 2013 and December 31, 2012 by class of loan. | ||||||||||||||||||||||||||
12/31/13 | ||||||||||||||||||||||||||
(In thousands) | Accruing loans past due 30-89 days | Past due nonaccrual loans and loans past due 90 days or more and accruing * | Total past due | Total current | Total recorded investment | |||||||||||||||||||||
Commercial, financial and agricultural | $ | 1,233 | $ | 13,275 | $ | 14,508 | $ | 814,003 | $ | 828,511 | ||||||||||||||||
Commercial real estate | 2,168 | 18,274 | 20,442 | 1,095,596 | 1,116,038 | |||||||||||||||||||||
Construction real estate: | ||||||||||||||||||||||||||
SEPH commercial land and development | — | 4,242 | 4,242 | 1,606 | 5,848 | |||||||||||||||||||||
Remaining commercial | — | 3,463 | 3,463 | 107,642 | 111,105 | |||||||||||||||||||||
Mortgage | 264 | 75 | 339 | 31,639 | 31,978 | |||||||||||||||||||||
Installment | 207 | 14 | 221 | 7,351 | 7,572 | |||||||||||||||||||||
Residential real estate: | ||||||||||||||||||||||||||
Commercial | 900 | 5,659 | 6,559 | 401,732 | 408,291 | |||||||||||||||||||||
Mortgage | 13,633 | 11,829 | 25,462 | 1,120,851 | 1,146,313 | |||||||||||||||||||||
HELOC | 571 | 402 | 973 | 213,462 | 214,435 | |||||||||||||||||||||
Installment | 696 | 436 | 1,132 | 32,841 | 33,973 | |||||||||||||||||||||
Consumer | 12,143 | 3,941 | 16,084 | 710,424 | 726,508 | |||||||||||||||||||||
Leases | — | — | — | 3,427 | 3,427 | |||||||||||||||||||||
Total loans | $ | 31,815 | $ | 61,610 | $ | 93,425 | $ | 4,540,574 | $ | 4,633,999 | ||||||||||||||||
* Includes $1.7 million of loans past due 90 days or more and accruing. The remaining are past due, nonaccrual loans. | ||||||||||||||||||||||||||
12/31/12 | ||||||||||||||||||||||||||
(In thousands) | Accruing loans past due 30-89 days | Past due nonaccrual loans and loans past due 90 days or more and accruing * | Total past due | Total current | Total recorded investment | |||||||||||||||||||||
Commercial, financial and agricultural | $ | 6,251 | $ | 11,811 | $ | 18,062 | $ | 808,841 | $ | 826,903 | ||||||||||||||||
Commercial real estate | 2,212 | 26,355 | 28,567 | 1,067,436 | 1,096,003 | |||||||||||||||||||||
Construction real estate: | ||||||||||||||||||||||||||
SEPH commercial land and development | 686 | 11,314 | 12,000 | 3,142 | 15,142 | |||||||||||||||||||||
Remaining commercial | 3,652 | 5,838 | 9,490 | 106,314 | 115,804 | |||||||||||||||||||||
Mortgage | 171 | 85 | 256 | 26,198 | 26,454 | |||||||||||||||||||||
Installment | 135 | 40 | 175 | 8,435 | 8,610 | |||||||||||||||||||||
Residential real estate: | ||||||||||||||||||||||||||
Commercial | 1,163 | 5,917 | 7,080 | 386,082 | 393,162 | |||||||||||||||||||||
Mortgage | 11,948 | 17,370 | 29,318 | 1,036,868 | 1,066,186 | |||||||||||||||||||||
HELOC | 620 | 309 | 929 | 212,868 | 213,797 | |||||||||||||||||||||
Installment | 563 | 787 | 1,350 | 42,576 | 43,926 | |||||||||||||||||||||
Consumer | 12,924 | 2,688 | 15,612 | 639,153 | 654,765 | |||||||||||||||||||||
Leases | — | — | — | 3,157 | 3,157 | |||||||||||||||||||||
Total loans | $ | 40,325 | $ | 82,514 | $ | 122,839 | $ | 4,341,070 | $ | 4,463,909 | ||||||||||||||||
Schedule of recorded investment by loan grade | ' | |||||||||||||||||||||||||
The tables below present the recorded investment by loan grade at December 31, 2013 and December 31, 2012 for all commercial loans: | ||||||||||||||||||||||||||
12/31/13 | ||||||||||||||||||||||||||
(In thousands) | 5 Rated | 6 Rated | Impaired | Pass Rated | Recorded Investment | |||||||||||||||||||||
Commercial, financial and agricultural* | $ | 6,055 | $ | 532 | $ | 20,740 | $ | 801,184 | $ | 828,511 | ||||||||||||||||
Commercial real estate* | 11,591 | 1,525 | 41,822 | 1,061,100 | 1,116,038 | |||||||||||||||||||||
Construction real estate: | ||||||||||||||||||||||||||
SEPH commercial land and development* | 354 | — | 4,777 | 717 | 5,848 | |||||||||||||||||||||
Remaining commercial | 6,858 | 244 | 10,782 | 93,221 | 111,105 | |||||||||||||||||||||
Residential real estate: | ||||||||||||||||||||||||||
Commercial | 5,033 | 397 | 33,408 | 369,453 | 408,291 | |||||||||||||||||||||
Leases | — | — | — | 3,427 | 3,427 | |||||||||||||||||||||
Total Commercial Loans | $ | 29,891 | $ | 2,698 | $ | 111,529 | $ | 2,329,102 | $ | 2,473,220 | ||||||||||||||||
* Included within commercial, financial and agricultural loans, commercial real estate loans, and SEPH commercial land and development loans was an immaterial amount of consumer loans that were not broken out by class. | ||||||||||||||||||||||||||
12/31/12 | ||||||||||||||||||||||||||
(In thousands) | 5 Rated | 6 Rated | Impaired | Pass Rated | Recorded Investment | |||||||||||||||||||||
Commercial, financial and agricultural* | $ | 9,537 | $ | 10,874 | $ | 22,601 | $ | 783,891 | $ | 826,903 | ||||||||||||||||
Commercial real estate* | 25,616 | 3,960 | 44,278 | 1,022,149 | 1,096,003 | |||||||||||||||||||||
Construction real estate: | ||||||||||||||||||||||||||
SEPH commercial land and development* | 411 | — | 13,939 | 792 | 15,142 | |||||||||||||||||||||
Remaining commercial | 6,734 | — | 21,574 | 87,496 | 115,804 | |||||||||||||||||||||
Residential real estate: | ||||||||||||||||||||||||||
Commercial | 8,994 | 2,053 | 35,622 | 346,493 | 393,162 | |||||||||||||||||||||
Leases | — | — | — | 3,157 | 3,157 | |||||||||||||||||||||
Total Commercial Loans | $ | 51,292 | $ | 16,887 | $ | 138,014 | $ | 2,243,978 | $ | 2,450,171 | ||||||||||||||||
Schedule of troubled debt restructurings on financing receivables | ' | |||||||||||||||||||||||||
The following tables detail the number of contracts modified as TDRs during the years ended December 31, 2013 and December 31, 2012 as well as the recorded investment of these contracts at December 31, 2013 and December 31, 2012. The recorded investment pre- and post-modification is generally the same. | ||||||||||||||||||||||||||
Year ended | ||||||||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||||
(In thousands) | Number of Contracts | Accruing | Nonaccrual | Recorded Investment | ||||||||||||||||||||||
Commercial, financial and agricultural | 34 | $ | 7 | $ | 1,334 | $ | 1,341 | |||||||||||||||||||
Commercial real estate | 22 | — | 8,563 | 8,563 | ||||||||||||||||||||||
Construction real estate: | ||||||||||||||||||||||||||
SEPH commercial land and development | — | — | — | — | ||||||||||||||||||||||
Remaining commercial | 3 | — | 98 | 98 | ||||||||||||||||||||||
Mortgage | — | — | — | — | ||||||||||||||||||||||
Installment | 4 | 26 | 25 | 51 | ||||||||||||||||||||||
Residential real estate: | ||||||||||||||||||||||||||
Commercial | 15 | — | 2,552 | 2,552 | ||||||||||||||||||||||
Mortgage | 62 | 1,967 | 2,278 | 4,245 | ||||||||||||||||||||||
HELOC | 16 | 175 | — | 175 | ||||||||||||||||||||||
Installment | 13 | 113 | 179 | 292 | ||||||||||||||||||||||
Consumer | 327 | 805 | 345 | 1,150 | ||||||||||||||||||||||
Total loans | 496 | $ | 3,093 | $ | 15,374 | $ | 18,467 | |||||||||||||||||||
Year ended | ||||||||||||||||||||||||||
31-Dec-12 | ||||||||||||||||||||||||||
(In thousands) | Number of Contracts | Accruing | Nonaccrual | Recorded Investment | ||||||||||||||||||||||
Commercial, financial and agricultural | 44 | $ | 2,843 | $ | 1,499 | $ | 4,342 | |||||||||||||||||||
Commercial real estate | 25 | 2,648 | 3,611 | 6,259 | ||||||||||||||||||||||
Construction real estate: | ||||||||||||||||||||||||||
SEPH commercial land and development | 12 | — | 1,301 | 1,301 | ||||||||||||||||||||||
Remaining commercial | 15 | 531 | 6,579 | 7,110 | ||||||||||||||||||||||
Mortgage | 2 | 99 | 85 | 184 | ||||||||||||||||||||||
Installment | 6 | 175 | 78 | 253 | ||||||||||||||||||||||
Residential real estate: | ||||||||||||||||||||||||||
Commercial | 18 | 1,139 | 1,842 | 2,981 | ||||||||||||||||||||||
Mortgage | 129 | 4,279 | 5,776 | 10,055 | ||||||||||||||||||||||
HELOC | 46 | 736 | 58 | 794 | ||||||||||||||||||||||
Installment | 57 | 761 | 508 | 1,269 | ||||||||||||||||||||||
Consumer | 600 | 1,899 | 670 | 2,569 | ||||||||||||||||||||||
Total loans | 954 | $ | 15,110 | $ | 22,007 | $ | 37,117 | |||||||||||||||||||
Schedule recorded investment in financing receivables which were modified as troubled debt restructurings within the previous 12 months and for which there was a payment default during the 12 month | ' | |||||||||||||||||||||||||
The following table presents the recorded investment in financing receivables which were modified as TDRs within the previous 12 months and for which there was a payment default during the year ended December 31, 2013 and December 31, 2012. For this table, a loan is considered to be in default when it becomes 30 days contractually past due under modified terms. The additional allowance for loan loss resulting from the defaults on TDR loans was immaterial. | ||||||||||||||||||||||||||
Year ended | Year ended | |||||||||||||||||||||||||
31-Dec-13 | 31-Dec-12 | |||||||||||||||||||||||||
(In thousands) | Number of Contracts | Recorded Investment | Number of Contracts | Recorded Investment | ||||||||||||||||||||||
Commercial, financial and agricultural | 11 | $ | 771 | 8 | $ | 244 | ||||||||||||||||||||
Commercial real estate | 11 | 2,839 | 10 | 2,113 | ||||||||||||||||||||||
Construction real estate: | ||||||||||||||||||||||||||
SEPH commercial land and development | — | — | 7 | 970 | ||||||||||||||||||||||
Remaining commercial | — | — | 4 | 1,476 | ||||||||||||||||||||||
Mortgage | — | — | 1 | 85 | ||||||||||||||||||||||
Installment | 1 | 10 | 1 | 27 | ||||||||||||||||||||||
Residential real estate: | ||||||||||||||||||||||||||
Commercial | 4 | 1,683 | 1 | 16 | ||||||||||||||||||||||
Mortgage | 26 | 1,533 | 39 | 2,863 | ||||||||||||||||||||||
HELOC | — | — | 5 | 70 | ||||||||||||||||||||||
Installment | 5 | 72 | 9 | 272 | ||||||||||||||||||||||
Consumer | 74 | 471 | 123 | 743 | ||||||||||||||||||||||
Leases | — | — | — | — | ||||||||||||||||||||||
Total loans | 132 | $ | 7,379 | $ | 208 | $ | 8,879 | |||||||||||||||||||
Allowance_for_Loan_Losses_Tabl
Allowance for Loan Losses (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||
Allowance For Loan Losses [Abstract] | ' | ||||||||||||||||||||||||||||
Schedule of the activity in the allowance for loan losses | ' | ||||||||||||||||||||||||||||
The activity in the allowance for loan losses for the years ended December 31, 2013, December 31, 2012, and December 31, 2011 is summarized in the following tables. | |||||||||||||||||||||||||||||
Year ended December 31, 2013 | |||||||||||||||||||||||||||||
(In thousands) | Commercial, financial and agricultural | Commercial real estate | Construction real estate | Residential real estate | Consumer | Leases | Total | ||||||||||||||||||||||
Allowance for credit losses: | |||||||||||||||||||||||||||||
Beginning balance | $ | 15,635 | $ | 11,736 | $ | 6,841 | $ | 14,759 | $ | 6,566 | $ | — | $ | 55,537 | |||||||||||||||
Charge-offs | 6,160 | 1,832 | 1,791 | 3,207 | 6,163 | — | 19,153 | ||||||||||||||||||||||
Recoveries | (1,314 | ) | (726 | ) | (9,378 | ) | (6,000 | ) | (2,249 | ) | (2 | ) | (19,669 | ) | |||||||||||||||
Net Charge-offs (recoveries) | 4,846 | 1,106 | (7,587 | ) | (2,793 | ) | 3,914 | (2 | ) | (516 | ) | ||||||||||||||||||
Provision (Recovery) | 3,429 | 5,269 | (7,573 | ) | (3,301 | ) | 5,593 | (2 | ) | 3,415 | |||||||||||||||||||
Ending balance | $ | 14,218 | $ | 15,899 | $ | 6,855 | $ | 14,251 | $ | 8,245 | — | $ | 59,468 | ||||||||||||||||
Year ended December 31, 2012 | |||||||||||||||||||||||||||||
(In thousands) | Commercial, financial and agricultural | Commercial real estate | Construction real estate | Residential real estate | Consumer | Leases | Total | ||||||||||||||||||||||
Allowance for credit losses: | |||||||||||||||||||||||||||||
Beginning balance | $ | 16,950 | $ | 15,539 | $ | 14,433 | $ | 15,692 | $ | 5,830 | $ | — | $ | 68,444 | |||||||||||||||
Charge-offs | 26,847 | 10,454 | 9,985 | 8,607 | 5,375 | — | 61,268 | ||||||||||||||||||||||
Recoveries | (1,066 | ) | (783 | ) | (2,979 | ) | (5,559 | ) | (2,555 | ) | — | (12,942 | ) | ||||||||||||||||
Net Charge-offs | 25,781 | 9,671 | 7,006 | 3,048 | 2,820 | — | 48,326 | ||||||||||||||||||||||
Provision (Recovery) | 24,466 | 5,868 | (586 | ) | 2,115 | 3,556 | — | 35,419 | |||||||||||||||||||||
Ending balance | $ | 15,635 | $ | 11,736 | $ | 6,841 | $ | 14,759 | $ | 6,566 | — | $ | 55,537 | ||||||||||||||||
Year ended December 31, 2011 | |||||||||||||||||||||||||||||
(In thousands) | Commercial, financial and agricultural | Commercial real estate | Construction real estate | Residential real estate | Consumer | Leases | Total | ||||||||||||||||||||||
Allowance for credit losses: | |||||||||||||||||||||||||||||
Beginning balance | $ | 11,555 | $ | 24,369 | $ | 70,462 | $ | 30,259 | $ | 6,925 | $ | 5 | $ | 143,575 | |||||||||||||||
Transfer of loans at fair value | 2 | 150 | 63 | 4 | — | — | 219 | ||||||||||||||||||||||
Transfer of allowance to held for sale (1) | 1,184 | 4,327 | 1,998 | 5,450 | 141 | — | 13,100 | ||||||||||||||||||||||
Charge-offs | 18,350 | 23,063 | 64,166 | 20,691 | 7,612 | — | 133,882 | ||||||||||||||||||||||
Recoveries | (1,402 | ) | (1,825 | ) | (1,463 | ) | (1,719 | ) | (2,385 | ) | (4 | ) | (8,798 | ) | |||||||||||||||
Net Charge-offs (recoveries) | 16,948 | 21,238 | 62,703 | 18,972 | 5,227 | (4 | ) | 125,084 | |||||||||||||||||||||
Provision (Recovery) | 23,529 | 16,885 | 8,735 | 9,859 | 4,273 | (9 | ) | 63,272 | |||||||||||||||||||||
Ending balance | $ | 16,950 | $ | 15,539 | $ | 14,433 | $ | 15,692 | $ | 5,830 | — | $ | 68,444 | ||||||||||||||||
(1) Transfer of allowance to held for sale was allocated on a pro-rata basis based on the outstanding balance of the loans held for sale. | |||||||||||||||||||||||||||||
Schedule of the composition of the allowance for loan losses | ' | ||||||||||||||||||||||||||||
The composition of the allowance for loan losses at December 31, 2013 and 2012 was as follows: | |||||||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||
(In thousands) | Commercial, financial, and agricultural | Commercial real estate | Construction real estate | Residential real estate | Consumer | Leases | Total | ||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||
Ending allowance balance attributed to loans | |||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 3,268 | $ | 5,496 | $ | 1,132 | $ | 555 | $ | — | $ | — | $ | 10,451 | |||||||||||||||
Collectively evaluated for impairment | 10,950 | 10,403 | 5,723 | 13,696 | 8,245 | — | 49,017 | ||||||||||||||||||||||
Total ending allowance balance | $ | 14,218 | $ | 15,899 | $ | 6,855 | $ | 14,251 | $ | 8,245 | $ | — | $ | 59,468 | |||||||||||||||
Loan Balance: | |||||||||||||||||||||||||||||
Loans individually evaluated for impairment | $ | 20,724 | $ | 41,816 | $ | 15,559 | $ | 33,406 | $ | 799 | $ | — | $ | 112,304 | |||||||||||||||
Loans collectively evaluated for impairment | 804,708 | 1,070,457 | 140,557 | 1,766,141 | 722,934 | 3,404 | 4,508,201 | ||||||||||||||||||||||
Total ending loan balance | $ | 825,432 | $ | 1,112,273 | $ | 156,116 | $ | 1,799,547 | $ | 723,733 | $ | 3,404 | $ | 4,620,505 | |||||||||||||||
Allowance for loan losses as a percentage of loan balance: | |||||||||||||||||||||||||||||
Loans individually evaluated for impairment | 15.77 | % | 13.14 | % | 7.28 | % | 1.66 | % | — | % | — | % | 9.31 | % | |||||||||||||||
Loans collectively evaluated for impairment | 1.36 | % | 0.97 | % | 4.07 | % | 0.78 | % | 1.14 | % | — | % | 1.09 | % | |||||||||||||||
Total ending loan balance | 1.72 | % | 1.43 | % | 4.39 | % | 0.79 | % | 1.14 | % | — | % | 1.29 | % | |||||||||||||||
Recorded Investment: | |||||||||||||||||||||||||||||
Loans individually evaluated for impairment | $ | 20,727 | $ | 41,822 | $ | 15,559 | $ | 33,408 | $ | 799 | $ | — | $ | 112,315 | |||||||||||||||
Loans collectively evaluated for impairment | 807,784 | 1,074,216 | 140,944 | 1,769,604 | 725,709 | 3,427 | 4,521,684 | ||||||||||||||||||||||
Total ending loan balance | $ | 828,511 | $ | 1,116,038 | $ | 156,503 | $ | 1,803,012 | $ | 726,508 | $ | 3,427 | $ | 4,633,999 | |||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||||||
(In thousands) | Commercial, financial, and agricultural | Commercial real estate | Construction real estate | Residential real estate | Consumer | Leases | Total | ||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||
Ending allowance balance attributed to loans | |||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 3,180 | $ | 1,540 | $ | 2,277 | $ | 1,279 | $ | — | $ | — | $ | 8,276 | |||||||||||||||
Collectively evaluated for impairment | 12,455 | 10,196 | 4,564 | 13,480 | 6,566 | — | 47,261 | ||||||||||||||||||||||
Total ending allowance balance | $ | 15,635 | $ | 11,736 | $ | 6,841 | $ | 14,759 | $ | 6,566 | $ | — | $ | 55,537 | |||||||||||||||
Loan Balance: | |||||||||||||||||||||||||||||
Loans individually evaluated for impairment | $ | 22,523 | $ | 44,267 | $ | 34,814 | $ | 35,616 | $ | 18 | $ | — | $ | 137,238 | |||||||||||||||
Loans collectively evaluated for impairment | 801,404 | 1,047,897 | 130,714 | 1,678,029 | 651,912 | 3,128 | 4,313,084 | ||||||||||||||||||||||
Total ending loan balance | $ | 823,927 | $ | 1,092,164 | $ | 165,528 | $ | 1,713,645 | $ | 651,930 | $ | 3,128 | $ | 4,450,322 | |||||||||||||||
Allowance for loan losses as a percentage of loan balance: | |||||||||||||||||||||||||||||
Loans individually evaluated for impairment | 14.12 | % | 3.48 | % | 6.54 | % | 3.59 | % | — | % | — | % | 6.03 | % | |||||||||||||||
Loans collectively evaluated for impairment | 1.55 | % | 0.97 | % | 3.49 | % | 0.8 | % | 1.01 | % | — | % | 1.1 | % | |||||||||||||||
Total ending loan balance | 1.9 | % | 1.07 | % | 4.13 | % | 0.86 | % | 1.01 | % | — | % | 1.25 | % | |||||||||||||||
Recorded Investment: | |||||||||||||||||||||||||||||
Loans individually evaluated for impairment | $ | 22,587 | $ | 44,278 | $ | 34,834 | $ | 35,622 | $ | 18 | $ | — | $ | 137,339 | |||||||||||||||
Loans collectively evaluated for impairment | 804,316 | 1,051,725 | 131,176 | 1,681,449 | 654,747 | 3,157 | 4,326,570 | ||||||||||||||||||||||
Total ending loan balance | $ | 826,903 | $ | 1,096,003 | $ | 166,010 | $ | 1,717,071 | $ | 654,765 | $ | 3,157 | $ | 4,463,909 | |||||||||||||||
Premises_And_Equipment_Tables
Premises And Equipment (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||
Schedule of major categories of premises and equipment | ' | ||||||||
The major categories of premises and equipment and accumulated depreciation are summarized as follows: | |||||||||
December 31 (In thousands) | 2013 | 2012 | |||||||
Land | $ | 17,657 | $ | 17,354 | |||||
Buildings | 70,183 | 69,091 | |||||||
Equipment, furniture and fixtures | 36,937 | 61,679 | |||||||
Leasehold improvements | 3,903 | 4,009 | |||||||
Total | $ | 128,680 | $ | 152,133 | |||||
Less accumulated depreciation | (73,402 | ) | (98,382 | ) | |||||
Premises and equipment, net | $ | 55,278 | $ | 53,751 | |||||
Schedule of future minimum rental payments under operating leases | ' | ||||||||
The Corporation leases certain premises and equipment accounted for as operating leases. The following is a schedule of the future minimum rental payments required for the next five years under such leases with initial terms in excess of one year: | |||||||||
(In thousands) | |||||||||
2014 | 1,351 | ||||||||
2015 | 945 | ||||||||
2016 | 628 | ||||||||
2017 | 475 | ||||||||
2018 | 744 | ||||||||
Thereafter | 605 | ||||||||
Total | $ | 4,748 | |||||||
Deposits_Tables
Deposits (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Deposits [Abstract] | ' | ||||||||
Maturities Of Time Deposits Greater Than 100 K [Table Text Block] | ' | ||||||||
Maturities of time deposits over $100,000 as of December 31, 2013 were: | |||||||||
December 31 (In thousands) | |||||||||
3 months or less | $ | 186,194 | |||||||
Over 3 months through 6 months | 114,979 | ||||||||
Over 6 months through 12 months | 146,315 | ||||||||
Over 12 months | 153,966 | ||||||||
Total | $ | 601,454 | |||||||
Schedule of summary of non-interest bearing and interest bearing deposits | ' | ||||||||
At December 31, 2013 and 2012, non-interest bearing and interest bearing deposits were as follows: | |||||||||
December 31 (In thousands) | 2013 | 2012 | |||||||
Non-interest bearing | $ | 1,193,553 | $ | 1,137,290 | |||||
Interest bearing | 3,596,441 | 3,578,742 | |||||||
Total | $ | 4,789,994 | $ | 4,716,032 | |||||
Schedule of maturities of time deposits | ' | ||||||||
At December 31, 2013, the maturities of time deposits were as follows: | |||||||||
(In thousands) | |||||||||
2014 | $ | 883,231 | |||||||
2015 | 215,866 | ||||||||
2016 | 104,274 | ||||||||
2017 | 80,856 | ||||||||
2018 | 39,485 | ||||||||
After 5 years | 947 | ||||||||
Total | $ | 1,324,659 | |||||||
ShortTerm_Borrowings_Tables
Short-Term Borrowings (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Short-term Debt [Abstract] | ' | ||||||||
Schedule of short-term debt | ' | ||||||||
Short-term borrowings were as follows: | |||||||||
December 31 (In thousands) | 2013 | 2012 | |||||||
Securities sold under agreements to repurchase and federal funds purchased | $ | 242,029 | $ | 244,168 | |||||
Federal Home Loan Bank advances | — | 100,000 | |||||||
Total short-term borrowings | $ | 242,029 | $ | 344,168 | |||||
The outstanding balances for all short-term borrowings as of December 31, 2013 and 2012 and the weighted-average interest rates as of and paid during each of the years then ended were as follows: | |||||||||
(In thousands) | Repurchase agreements and Federal Funds Purchased | FHLB Advances | |||||||
2013 | |||||||||
Ending balance | $ | 242,029 | $ | — | |||||
Highest month-end balance | 280,863 | — | |||||||
Average daily balance | 251,868 | 1,255 | |||||||
Weighted-average interest rate: | |||||||||
As of year-end | 0.19 | % | — | % | |||||
Paid during the year | 0.21 | % | 0.41 | % | |||||
2012 | |||||||||
Ending balance | $ | 244,168 | $ | 100,000 | |||||
Highest month-end balance | 302,946 | 100,000 | |||||||
Average daily balance | 257,341 | 1,320 | |||||||
Weighted-average interest rate: | |||||||||
As of year-end | 0.23 | % | 0.38 | % | |||||
Paid during the year | 0.26 | % | 0.28 | % |
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 12 Months Ended | ||||||||||||||
Dec. 31, 2013 | |||||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||||
Schedule of maturities of long-term debt | ' | ||||||||||||||
Long-term debt is listed below: | |||||||||||||||
December 31, | 2013 | 2012 | |||||||||||||
(In thousands) | Outstanding Balance | Average Rate | Outstanding Balance | Average Rate | |||||||||||
Total Federal Home Loan Bank advances by year of maturity: | |||||||||||||||
2013 | — | — | % | 50,500 | 1.07 | % | |||||||||
2014 | 100,500 | 1.51 | % | 100,500 | 1.51 | % | |||||||||
2015 | 51,000 | 2 | % | 51,000 | 2 | % | |||||||||
2016 | 26,000 | 0.92 | % | 1,000 | 2.05 | % | |||||||||
2017 | 51,000 | 3.37 | % | 51,000 | 3.37 | % | |||||||||
2018 | 125,062 | 2.11 | % | 100,088 | 2.34 | % | |||||||||
Thereafter | 176,745 | 3.13 | % | 152,171 | 3.34 | % | |||||||||
Total | $ | 530,307 | 2.39 | % | 506,259 | 2.42 | % | ||||||||
Total broker repurchase agreements by year of maturity: | |||||||||||||||
2017 | 300,000 | 1.75 | % | 300,000 | 1.75 | % | |||||||||
Total | $ | 300,000 | 1.75 | % | $ | 300,000 | 1.75 | % | |||||||
Total combined long-term debt by year of maturity: | |||||||||||||||
2013 | — | — | % | 50,500 | 1.07 | % | |||||||||
2014 | 100,500 | 1.51 | % | 100,500 | 1.51 | % | |||||||||
2015 | 51,000 | 2 | % | 51,000 | 2 | % | |||||||||
2016 | 26,000 | 0.92 | % | 1,000 | 2.05 | % | |||||||||
2017 | 351,000 | 1.99 | % | 351,000 | 1.99 | % | |||||||||
2018 | 125,062 | 2.11 | % | 100,088 | 2.34 | % | |||||||||
Thereafter | 176,745 | 3.13 | % | 152,171 | 3.34 | % | |||||||||
Total | $ | 830,307 | 2.16 | % | $ | 806,259 | 2.17 | % | |||||||
Prepayment penalty | (19,766 | ) | — | (24,601 | ) | — | |||||||||
Total long-term debt | $ | 810,541 | 2.82 | % | $ | 781,658 | 2.87 | % | |||||||
Benefit_Plans_Tables
Benefit Plans (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | ' | ||||||||||||
Schedule of plan assets and benefit obligation activity | ' | ||||||||||||
Using an accrual measurement date of December 31, 2013 and 2012, plan assets and benefit obligation activity for the Pension Plan are listed below: | |||||||||||||
(In thousands) | 2013 | 2012 | |||||||||||
Change in fair value of plan assets | |||||||||||||
Fair value at beginning of measurement period | $ | 117,768 | $ | 96,581 | |||||||||
Actual return on plan assets | 31,518 | 11,256 | |||||||||||
Company contributions | 12,638 | 15,900 | |||||||||||
Benefits paid | (9,185 | ) | (5,969 | ) | |||||||||
Fair value at end of measurement period | $ | 152,739 | $ | 117,768 | |||||||||
Change in benefit obligation | |||||||||||||
Projected benefit obligation at beginning of measurement period | $ | 97,653 | $ | 81,507 | |||||||||
Service cost | 4,817 | 4,271 | |||||||||||
Interest cost | 4,223 | 4,048 | |||||||||||
Actuarial (gains)/loss | (8,329 | ) | 13,796 | ||||||||||
Benefits paid | (9,185 | ) | (5,969 | ) | |||||||||
Projected benefit obligation at the end of measurement period | $ | 89,179 | $ | 97,653 | |||||||||
Funded status at end of year (fair value of plan assets less benefit obligation) | $ | 63,560 | $ | 20,115 | |||||||||
Schedule of allocation of plan assets | ' | ||||||||||||
The asset allocation for the Pension Plan as of each measurement date, by asset category, was as follows: | |||||||||||||
Percentage of Plan Assets | |||||||||||||
Asset category | Target Allocation | 2013 | 2012 | ||||||||||
Equity securities | 50% - 100% | 83 | % | 83 | % | ||||||||
Fixed income and cash equivalents | remaining balance | 17 | % | 17 | % | ||||||||
Total | 100 | % | 100 | % | |||||||||
Schedule of assumptions used to determine benefit obligations | ' | ||||||||||||
The weighted average assumptions used to determine benefit obligations at December 31, 2013, 2012 and 2011 were as follows: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Discount rate | 5.3 | % | 4.47 | % | 5.18 | % | |||||||
Rate of compensation increase | 3 | % | 3 | % | |||||||||
Under age 30 | 10 | % | |||||||||||
Ages 30-39 | 6 | % | |||||||||||
Ages 40 and over | 3 | % | |||||||||||
Schedule of estimated future pension benefit Payments | ' | ||||||||||||
The estimated future pension benefit payments reflecting expected future service for the next ten years are shown below (in thousands): | |||||||||||||
2014 | $ | 5,732 | |||||||||||
2015 | 5,943 | ||||||||||||
2016 | 6,047 | ||||||||||||
2017 | 6,597 | ||||||||||||
2018 | 6,845 | ||||||||||||
2019-2023 | 42,387 | ||||||||||||
Total | $ | 73,551 | |||||||||||
Schedule of balances of accumulated other comprehensive income loss | ' | ||||||||||||
The following table shows ending balances of accumulated other comprehensive loss at December 31, 2013 and 2012. | |||||||||||||
(In thousands) | 2013 | 2012 | |||||||||||
Prior service cost | $ | (34 | ) | $ | (54 | ) | |||||||
Net actuarial loss | (8,579 | ) | (41,691 | ) | |||||||||
Total | (8,613 | ) | (41,745 | ) | |||||||||
Deferred taxes | 3,015 | 14,611 | |||||||||||
Accumulated other comprehensive loss | $ | (5,598 | ) | $ | (27,134 | ) | |||||||
Schedule of components of net periodic benefit cost and other amounts recognized in other comprehensive income (loss) | ' | ||||||||||||
Using an actuarial measurement date of December 31 for 2013, 2012 and 2011, components of net periodic benefit cost and other amounts recognized in other comprehensive loss were as follows: | |||||||||||||
(In thousands) | 2013 | 2012 | 2011 | ||||||||||
Components of net periodic benefit cost and other amounts recognized in other comprehensive (loss) | |||||||||||||
Service cost | $ | (4,817 | ) | $ | (4,271 | ) | $ | (4,557 | ) | ||||
Interest cost | (4,223 | ) | (4,048 | ) | (3,967 | ) | |||||||
Expected return on plan assets | 9,536 | 8,742 | 7,543 | ||||||||||
Amortization of prior service cost | (20 | ) | (20 | ) | (19 | ) | |||||||
Recognized net actuarial loss | (2,703 | ) | (1,708 | ) | (1,411 | ) | |||||||
Net periodic benefit cost | $ | (2,227 | ) | $ | (1,305 | ) | $ | (2,411 | ) | ||||
Change to net actuarial gain/(loss) for the period | $ | 30,409 | $ | (11,236 | ) | $ | (9,164 | ) | |||||
Amortization of prior service cost | 20 | 20 | 19 | ||||||||||
Amortization of net loss | 2,703 | 1,708 | 1,411 | ||||||||||
Total recognized in other comprehensive income/(loss) | 33,132 | (9,508 | ) | (7,734 | ) | ||||||||
Total recognized in net benefit cost and other comprehensive income/(loss) | $ | 30,905 | $ | (10,813 | ) | $ | (10,145 | ) | |||||
Schedule of assumptions used to determine costs | ' | ||||||||||||
The weighted average assumptions used to determine net periodic benefit cost for the years ended December 31, 2013, 2012 and 2011 are listed below: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Discount Rate | 4.47 | % | 5.18 | % | 5.5 | % | |||||||
Rate of compensation increase | 3 | % | 3 | % | 3 | % | |||||||
Expected long-term return on plan assets | 7.5 | % | 7.75 | % | 7.75 | % |
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Schedule of deferred tax assets and liabilities | ' | ||||||||||||
Significant components of the Corporation’s deferred tax assets and liabilities are as follows: | |||||||||||||
December 31 (In thousands) | 2013 | 2012 | |||||||||||
Deferred tax assets: | |||||||||||||
Allowance for loan losses | $ | 20,814 | $ | 19,438 | |||||||||
Accumulated other comprehensive loss – Pension Plan | 3,015 | 14,611 | |||||||||||
Accumulated other comprehensive loss – Unrealized losses on securities | 16,057 | — | |||||||||||
Intangible assets | 673 | 697 | |||||||||||
Deferred compensation | 3,611 | 3,750 | |||||||||||
OREO devaluations | 5,287 | 4,855 | |||||||||||
Partnership adjustments | 3,793 | 3,329 | |||||||||||
Other | 3,705 | 2,973 | |||||||||||
Total deferred tax assets | $ | 56,955 | $ | 49,653 | |||||||||
Deferred tax liabilities: | |||||||||||||
Accumulated other comprehensive income – Unrealized gains on securities | — | 5,178 | |||||||||||
Deferred investment income | 10,199 | 10,199 | |||||||||||
Pension Plan | 25,261 | 25,517 | |||||||||||
Mortgage servicing rights | 3,154 | 2,717 | |||||||||||
Other | 850 | 646 | |||||||||||
Total deferred tax liabilities | $ | 39,464 | $ | 44,257 | |||||||||
Net deferred tax assets | $ | 17,491 | $ | 5,396 | |||||||||
Federal and state income taxes | ' | ||||||||||||
The components of the provision for federal and state income taxes are shown below: | |||||||||||||
December 31, (In thousands) | 2013 | 2012 | 2011 | ||||||||||
Currently payable | |||||||||||||
Federal | $ | 27,587 | $ | 12,984 | $ | 5,949 | |||||||
State | — | — | — | ||||||||||
Deferred | |||||||||||||
Federal | (2,456 | ) | 12,717 | 22,378 | |||||||||
State | — | — | 8,382 | ||||||||||
Valuation allowance | |||||||||||||
Federal | — | — | — | ||||||||||
State | — | — | (2,294 | ) | |||||||||
Total | $ | 25,131 | $ | 25,701 | $ | 34,415 | |||||||
Schedule of income tax rate reconciliation | ' | ||||||||||||
The following is a reconciliation of income tax expense to the amount computed at the statutory rate of 35% for the years ended December 31, 2013, 2012 and 2011. | |||||||||||||
31-Dec | 2013 | 2012 | 2011 | ||||||||||
Statutory federal corporate tax rate | 35 | % | 35 | % | 35 | % | |||||||
Changes in rates resulting from: | |||||||||||||
Tax exempt interest income, net of disallowed interest | (0.8 | )% | (0.9 | )% | (1.0 | )% | |||||||
Bank owned life insurance | (1.7 | )% | (1.6 | )% | (1.5 | )% | |||||||
Tax credits (low income housing) | (6.6 | )% | (6.1 | )% | (5.2 | )% | |||||||
State income tax expense, net of federal benefit | — | % | — | % | 4.7 | % | |||||||
Valuation allowance, net of federal benefit | — | % | — | % | (1.3 | )% | |||||||
Other | (1.3 | )% | (1.8 | )% | (1.2 | )% | |||||||
Effective tax rate | 24.6 | % | 24.6 | % | 29.5 | % | |||||||
Reconciliation of unrecognized tax benefits | ' | ||||||||||||
The following is a reconciliation of the beginning and ending amount of unrecognized tax benefits. | |||||||||||||
(In thousands) | 2013 | 2012 | 2011 | ||||||||||
January 1 Balance | $ | 517 | $ | 485 | $ | 477 | |||||||
Additions based on tax positions related to the current year | 74 | 74 | 70 | ||||||||||
Additions for tax positions of prior years | 4 | 25 | 1 | ||||||||||
Reductions for tax positions of prior years | — | — | (3 | ) | |||||||||
Reductions due to statute of limitations | (77 | ) | (67 | ) | (60 | ) | |||||||
December 31 Balance | $ | 518 | $ | 517 | $ | 485 | |||||||
Other_Comprehensive_Income_Los1
Other Comprehensive Income (Loss) (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Other Comprehensive Income (Loss) [Abstract] | ' | |||||||
Schedule of components of other comprehensive income (loss) | ' | |||||||
The following table provides information concerning significant amounts reclassified out of accumulated other comprehensive income (loss) related to Pension Plan assets and benefit obligations for the year ended December 31, 2013: | ||||||||
Year ended December 31, 2013 | Amount Reclassified from Accumulated Other Comprehensive Income | Affected Line Item in the Consolidated Statement of Income | ||||||
(in thousands) | ||||||||
Amortization of defined benefit pension items | ||||||||
Amortization of prior service cost | $ | 20 | Salaries and employee benefits | |||||
Amortization of net loss | 2,703 | Salaries and employee benefits | ||||||
Total income before income taxes | 2,723 | |||||||
Federal income taxes | 953 | |||||||
Net of tax | $ | 1,770 | ||||||
Earnings_Per_Common_Share_Tabl
Earnings Per Common Share (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Schedule of computation of basic and diluted earnings per common share | ' | ||||||||||||
The following table sets forth the computation of basic and diluted earnings per common share: | |||||||||||||
Year ended December 31 | 2013 | 2012 | 2011 | ||||||||||
(In thousands, except share data) | |||||||||||||
Numerator: | |||||||||||||
Net income available to common shareholders | $ | 77,227 | $ | 75,205 | $ | 76,284 | |||||||
Denominator: | |||||||||||||
Basic earnings per common share: | |||||||||||||
Weighted-average shares | 15,412,365 | 15,407,078 | 15,400,155 | ||||||||||
Effect of dilutive securities – stock options and warrants | — | 1,063 | 1,291 | ||||||||||
Diluted earnings per common share: | |||||||||||||
Adjusted weighted-average shares and assumed conversions | 15,412,365 | 15,408,141 | 15,401,446 | ||||||||||
Earnings per common share: | |||||||||||||
Basic earnings per common share | $ | 5.01 | $ | 4.88 | $ | 4.95 | |||||||
Diluted earnings per common share | $ | 5.01 | $ | 4.88 | $ | 4.95 | |||||||
Financial_Instruments_With_Off1
Financial Instruments With Off-Balance Sheet Risk And Financial Instruments With Concentrations Of Credit Risk (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Risks and Uncertainties [Abstract] | ' | ||||||||
Schedule of off-balance sheet financial instruments with credit risk | ' | ||||||||
The total amounts of off-balance sheet financial instruments with credit risk were as follows: | |||||||||
December 31 (In thousands) | 2013 | 2012 | |||||||
Loan commitments | $ | 821,795 | $ | 815,585 | |||||
Standby letters of credit | 20,590 | 22,961 | |||||||
Loan_Servicing_Tables
Loan Servicing (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Transfers and Servicing of Financial Assets [Abstract] | ' | ||||||||||||
Schedule of servicing assets at amortized value | ' | ||||||||||||
Activity for mortgage servicing rights and the related valuation allowance follows: | |||||||||||||
December 31 (In thousands) | 2013 | 2012 | 2011 | ||||||||||
Mortgage servicing rights: | |||||||||||||
Carrying amount, net, beginning of year | $ | 7,763 | $ | 9,301 | $ | 10,488 | |||||||
Additions | 2,436 | 3,399 | 1,659 | ||||||||||
Amortization | (2,479 | ) | (3,634 | ) | (2,573 | ) | |||||||
Change in valuation allowance | 1,293 | (1,303 | ) | (273 | ) | ||||||||
Carrying amount, net, end of year | $ | 9,013 | $ | 7,763 | $ | 9,301 | |||||||
Valuation allowance: | |||||||||||||
Beginning of year | $ | 2,324 | $ | 1,021 | $ | 748 | |||||||
Change in valuation allowance | (1,293 | ) | 1,303 | 273 | |||||||||
End of year | $ | 1,031 | $ | 2,324 | $ | 1,021 | |||||||
Fair_Values_Tables
Fair Values (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||||
Schedule of financial assets and liabilities measured on a recurring basis | ' | ||||||||||||||||||||
The following table presents assets and liabilities measured at fair value on a recurring basis: | |||||||||||||||||||||
Fair Value Measurements at December 31, 2013 using: | |||||||||||||||||||||
(In thousands) | Level 1 | Level 2 | Level 3 | Balance at December 31, 2013 | |||||||||||||||||
Assets | |||||||||||||||||||||
Investment securities: | |||||||||||||||||||||
Obligations of U.S. Treasury and other U.S. Government sponsored entities | $ | — | $ | 525,136 | $ | — | $ | 525,136 | |||||||||||||
Obligations of states and political subdivisions | — | — | — | — | |||||||||||||||||
U.S. Government sponsored entities’ asset-backed securities | — | 648,471 | — | 648,471 | |||||||||||||||||
Equity securities | 1,900 | — | 759 | 2,659 | |||||||||||||||||
Mortgage loans held for sale | — | 1,666 | — | 1,666 | |||||||||||||||||
Mortgage IRLCs | — | 61 | — | 61 | |||||||||||||||||
Liabilities | |||||||||||||||||||||
Fair value swap | $ | — | $ | — | $ | 135 | $ | 135 | |||||||||||||
Fair Value Measurements at December 31, 2012 using: | |||||||||||||||||||||
(In thousands) | Level 1 | Level 2 | Level 3 | Balance at December 31, 2012 | |||||||||||||||||
Assets | |||||||||||||||||||||
Investment securities: | |||||||||||||||||||||
Obligations of U.S. Treasury and other U.S. Government sponsored entities | $ | — | $ | 695,727 | $ | — | $ | 695,727 | |||||||||||||
Obligations of states and political subdivisions | — | 1,003 | — | 1,003 | |||||||||||||||||
U.S. Government sponsored entities’ asset-backed securities | — | 415,502 | — | 415,502 | |||||||||||||||||
Equity securities | 1,442 | — | 780 | 2,222 | |||||||||||||||||
Mortgage loans held for sale | — | 25,743 | — | 25,743 | |||||||||||||||||
Mortgage IRLCs | — | 372 | — | 372 | |||||||||||||||||
Liabilities | |||||||||||||||||||||
Fair value swap | $ | — | $ | — | $ | 135 | $ | 135 | |||||||||||||
Schedule of reconciliation of level 3 input for financial instruments measured on recurring basis | ' | ||||||||||||||||||||
The table below is a reconciliation of the beginning and ending balances of the Level 3 inputs for the years ended December 31, 2013 and 2012, for financial instruments measured on a recurring basis and classified as Level 3: | |||||||||||||||||||||
Level 3 Fair Value Measurements | |||||||||||||||||||||
(In thousands) | Equity Securities | Fair Value Swap | |||||||||||||||||||
Balance at January 1, 2013 | $ | 780 | $ | (135 | ) | ||||||||||||||||
Total Gains/(Losses) | |||||||||||||||||||||
Included in earnings - realized | (17 | ) | — | ||||||||||||||||||
Included in earnings - unrealized | — | — | |||||||||||||||||||
Included in other comprehensive income | (4 | ) | — | ||||||||||||||||||
Purchases, sales, issuances and settlements, other, net | — | — | |||||||||||||||||||
Re-evaluation of fair value swap | — | — | |||||||||||||||||||
Balance at December 31, 2013 | $ | 759 | $ | (135 | ) | ||||||||||||||||
Balance at January 1, 2012 | $ | 763 | $ | (700 | ) | ||||||||||||||||
Total Gains/(Losses) | |||||||||||||||||||||
Included in earnings - realized | (54 | ) | — | ||||||||||||||||||
Included in earnings - unrealized | — | — | |||||||||||||||||||
Included in other comprehensive income | 71 | — | |||||||||||||||||||
Purchases, sales, issuances and settlements, other, net | — | — | |||||||||||||||||||
Re-evaluation of fair value swap | — | 565 | |||||||||||||||||||
Balance at December 31, 2012 | $ | 780 | $ | (135 | ) | ||||||||||||||||
Schedule of assets and liabilities measured at fair value on a nonrecurring basis | ' | ||||||||||||||||||||
The following table presents assets and liabilities measured at fair value on a nonrecurring basis: | |||||||||||||||||||||
Fair Value Measurements at December 31, 2013 Using: | |||||||||||||||||||||
(In thousands) | Level 1 | Level 2 | Level 3 | Balance at December 31, 2013 | |||||||||||||||||
Impaired Loans: | |||||||||||||||||||||
Commercial real estate | $ | — | $ | — | $ | 21,100 | $ | 21,100 | |||||||||||||
Construction real estate: | |||||||||||||||||||||
SEPH commercial land and development | — | — | 4,777 | 4,777 | |||||||||||||||||
Remaining commercial | — | — | 3,788 | 3,788 | |||||||||||||||||
Residential real estate | — | — | 4,154 | 4,154 | |||||||||||||||||
Total impaired loans | $ | — | $ | — | $ | 33,819 | $ | 33,819 | |||||||||||||
Mortgage Servicing Rights | — | 2,259 | — | 2,259 | |||||||||||||||||
Other Real Estate Owned: | |||||||||||||||||||||
Construction real estate | $ | — | $ | — | $ | 11,041 | $ | 11,041 | |||||||||||||
Residential real estate | — | — | 3,366 | 3,366 | |||||||||||||||||
Commercial real estate | — | — | 4,119 | 4,119 | |||||||||||||||||
Total Other Real Estate Owned | $ | — | $ | — | $ | 18,526 | $ | 18,526 | |||||||||||||
Fair Value Measurements at December 31, 2012 Using: | |||||||||||||||||||||
(In thousands) | Level 1 | Level 2 | Level 3 | Balance at December 31, 2012 | |||||||||||||||||
Impaired Loans: | |||||||||||||||||||||
Commercial real estate | $ | — | $ | — | $ | 25,997 | $ | 25,997 | |||||||||||||
Construction real estate: | |||||||||||||||||||||
SEPH commercial land and development | — | — | 12,832 | 12,832 | |||||||||||||||||
Remaining commercial | — | — | 8,113 | 8,113 | |||||||||||||||||
Residential real estate | — | — | 6,990 | 6,990 | |||||||||||||||||
Total impaired loans | $ | — | $ | — | $ | 53,932 | $ | 53,932 | |||||||||||||
Mortgage Servicing Rights | — | 6,642 | — | 6,642 | |||||||||||||||||
Other Real Estate Owned: | |||||||||||||||||||||
Construction real estate | $ | — | $ | — | $ | 12,134 | $ | 12,134 | |||||||||||||
Residential real estate | — | — | 4,307 | 4,307 | |||||||||||||||||
Commercial real estate | — | — | 3,485 | 3,485 | |||||||||||||||||
Total Other Real Estate Owned | $ | — | $ | — | $ | 19,926 | $ | 19,926 | |||||||||||||
Schedule of qualitative information about Level 3 fair value measurements for financial instruments measured at fair value on a non-recurring basis | ' | ||||||||||||||||||||
The following tables present qualitative information about Level 3 fair value measurements for financial instruments measured at fair value on a non-recurring basis at December 31, 2013 and December 31, 2012: | |||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||
(In thousands) | Fair Value | Valuation Technique | Unobservable Input(s) | Range (Weighted Average) | |||||||||||||||||
Impaired loans: | |||||||||||||||||||||
Commercial real estate | $ | 21,100 | Sales comparison approach | Adj to comparables | 0.0% - 109.0% (22.8%) | ||||||||||||||||
Income approach | Capitalization rate | 8.0% - 12.5% (9.1%) | |||||||||||||||||||
Cost approach | Accumulated depreciation | 11.7% - 65.0% (37.1%) | |||||||||||||||||||
Construction real estate: | |||||||||||||||||||||
SEPH commercial land and development | $ | 4,777 | Sales comparison approach | Adj to comparables | 0.0% - 96.0% (13.9%) | ||||||||||||||||
Bulk sale approach | Discount rate | 11.0% - 20.0% (14.9%) | |||||||||||||||||||
Remaining commercial | $ | 3,788 | Sales comparison approach | Adj to comparables | 0.0% - 40.0% (22.4%) | ||||||||||||||||
Bulk sale approach | Discount rate | 11.0% - 20.0% (18.0%) | |||||||||||||||||||
Residential real estate | $ | 4,154 | Sales comparison approach | Adj to comparables | 0.0% - 121.8% (14.9%) | ||||||||||||||||
Income approach | Capitalization rate | 7.8% - 10.0% (8.4%) | |||||||||||||||||||
Other real estate owned: | |||||||||||||||||||||
Commercial real estate | $ | 4,119 | Sales comparison approach | Adj to comparables | 0.0% - 140.0% (17.7%) | ||||||||||||||||
Income approach | Capitalization rate | 8.0% - 11.5% (9.6%) | |||||||||||||||||||
Cost approach | Accumulated depreciation | 60.0% - 95.0% (80.0%) | |||||||||||||||||||
Construction real estate | $ | 11,041 | Sales comparison approach | Adj to comparables | 0.0% - 484.0% (36.2%) | ||||||||||||||||
Bulk sale approach | Discount rate | 13.0% - 14.0% (13.6%) | |||||||||||||||||||
Residential real estate | $ | 3,366 | Sales comparison approach | Adj to comparables | 0.0% - 273.0% (19.2%) | ||||||||||||||||
Income approach | Capitalization rate | 5.4% - 7.8% (7.4%) | |||||||||||||||||||
31-Dec-12 | |||||||||||||||||||||
(In thousands) | Fair Value | Valuation Technique | Unobservable Input(s) | Range (Weighted Average) | |||||||||||||||||
Impaired loans: | |||||||||||||||||||||
Commercial real estate | $ | 25,997 | Sales comparison approach | Adj to comparables | 0.0% - 116.0% (22.3%) | ||||||||||||||||
Income approach | Capitalization rate | 7.5% - 20.9% (10.1%) | |||||||||||||||||||
Cost approach | Accumulated depreciation | 23.0% - 63.0% (50.4%) | |||||||||||||||||||
Construction real estate: | |||||||||||||||||||||
SEPH commercial land and development | $ | 12,832 | Sales comparison approach | Adj to comparables | 0.0% - 218.0% (31.9%) | ||||||||||||||||
Bulk sale approach | Discount rate | 11.0% - 55.0% (23.4%) | |||||||||||||||||||
Remaining commercial | $ | 8,113 | Sales comparison approach | Adj to comparables | 0.0% - 75.0% (26.2%) | ||||||||||||||||
Bulk sale approach | Discount rate | 10.0% - 55.0% (18.3%) | |||||||||||||||||||
Residential real estate | $ | 6,990 | Sales comparison approach | Adj to comparables | 0.0% - 178.0% (17.9%) | ||||||||||||||||
Other real estate owned: | |||||||||||||||||||||
Commercial real estate | $ | 3,485 | Sales comparison approach | Adj to comparables | 0.0% - 67.0% (25.8%) | ||||||||||||||||
Income approach | Capitalization rate | 11.0% (11.0%) | |||||||||||||||||||
Bulk sale approach | Discount rate | 13.0% (13.0%) | |||||||||||||||||||
Cost approach | Accumulated depreciation | 40.9% - 90.0% (65.0%) | |||||||||||||||||||
Construction real estate | $ | 12,134 | Sales comparison approach | Adj to comparables | 0.0% - 273.0% (34.0%) | ||||||||||||||||
Income approach | Capitalization rate | 8.5% (8.5%) | |||||||||||||||||||
Bulk sale approach | Discount rate | 10.0% - 12.0% (10.8%) | |||||||||||||||||||
Residential real estate | $ | 4,307 | Sales comparison approach | Adj to comparables | 1.0% - 61.0% (18.0%) | ||||||||||||||||
Income approach | Capitalization rate | 7.9% - 9.3% (8.7%) | |||||||||||||||||||
Cost approach | Accumulated depreciation | 6.0% (6.0%) | |||||||||||||||||||
Fair value, by balance sheet grouping | ' | ||||||||||||||||||||
The fair value of financial instruments at December 31, 2013 and December 31, 2012, was as follows: | |||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||
Fair Value Measurements | |||||||||||||||||||||
(In thousands) | Carrying value | Level 1 | Level 2 | Level 3 | Total fair value | ||||||||||||||||
Financial assets: | |||||||||||||||||||||
Cash and money market instruments | $ | 147,030 | $ | 147,030 | $ | — | $ | — | $ | 147,030 | |||||||||||
Investment securities | 1,358,327 | 1,900 | 1,361,009 | 759 | 1,363,668 | ||||||||||||||||
Accrued interest receivable - securities | 4,840 | — | 4,840 | — | 4,840 | ||||||||||||||||
Accrued interest receivable - loans | 13,495 | — | — | 13,495 | 13,495 | ||||||||||||||||
Mortgage loans held for sale | 1,666 | — | 1,666 | — | 1,666 | ||||||||||||||||
Impaired loans carried at fair value | 33,819 | — | — | 33,819 | 33,819 | ||||||||||||||||
Mortgage IRLCs | 61 | — | 61 | — | 61 | ||||||||||||||||
Other loans | 4,525,491 | — | — | 4,531,680 | 4,531,680 | ||||||||||||||||
Loans receivable, net | $ | 4,561,037 | $ | — | $ | 1,727 | $ | 4,565,499 | $ | 4,567,226 | |||||||||||
Financial liabilities: | |||||||||||||||||||||
Non-interest bearing checking accounts | $ | 1,193,553 | $ | 1,193,553 | $ | — | — | $ | 1,193,553 | ||||||||||||
Interest bearing transaction accounts | 1,145,525 | 1,145,525 | — | — | 1,145,525 | ||||||||||||||||
Savings accounts | 1,124,994 | 1,124,994 | — | — | 1,124,994 | ||||||||||||||||
Time deposits | 1,324,659 | — | 1,331,129 | — | 1,331,129 | ||||||||||||||||
Other | 1,263 | 1,263 | — | — | 1,263 | ||||||||||||||||
Total deposits | $ | 4,789,994 | $ | 3,465,335 | $ | 1,331,129 | $ | — | $ | 4,796,464 | |||||||||||
Short-term borrowings | $ | 242,029 | $ | — | $ | 242,029 | $ | — | $ | 242,029 | |||||||||||
Long-term debt | 810,541 | — | 860,963 | — | 860,963 | ||||||||||||||||
Subordinated debentures/notes | 80,250 | — | 83,140 | — | 83,140 | ||||||||||||||||
Accrued interest payable – deposits | 1,366 | 16 | 1,350 | — | 1,366 | ||||||||||||||||
Accrued interest payable – debt/borrowings | 1,535 | 4 | 1,531 | — | 1,535 | ||||||||||||||||
Derivative financial instruments: | |||||||||||||||||||||
Fair value swap | 135 | — | — | 135 | 135 | ||||||||||||||||
31-Dec-12 | |||||||||||||||||||||
Fair Value Measurements | |||||||||||||||||||||
(In thousands) | Carrying value | Level 1 | Level 2 | Level 3 | Total fair value | ||||||||||||||||
Financial assets: | |||||||||||||||||||||
Cash and money market instruments | $ | 201,305 | $ | 201,305 | $ | — | $ | — | $ | 201,305 | |||||||||||
Investment securities | 1,515,844 | 1,442 | 1,522,937 | 780 | 1,525,159 | ||||||||||||||||
Accrued interest receivable - securities | 6,122 | — | 6,122 | — | 6,122 | ||||||||||||||||
Accrued interest receivable - loans | 13,588 | — | 2 | 13,586 | 13,588 | ||||||||||||||||
Mortgage loans held for sale | 25,743 | — | 25,743 | — | 25,743 | ||||||||||||||||
Impaired loans carried at fair value | 53,932 | — | — | 53,932 | 53,932 | ||||||||||||||||
Mortgage IRLCs | 372 | — | 372 | — | 372 | ||||||||||||||||
Other loans | 4,314,738 | — | — | 4,348,705 | 4,348,705 | ||||||||||||||||
Loans receivable, net | $ | 4,394,785 | $ | — | $ | 26,115 | $ | 4,402,637 | $ | 4,428,752 | |||||||||||
Financial liabilities: | |||||||||||||||||||||
Non-interest bearing checking accounts | $ | 1,137,290 | $ | 1,137,290 | $ | — | — | $ | 1,137,290 | ||||||||||||
Interest bearing transaction accounts | 1,088,617 | 1,088,617 | — | — | 1,088,617 | ||||||||||||||||
Savings accounts | 1,038,356 | 1,038,356 | — | — | 1,038,356 | ||||||||||||||||
Time deposits | 1,450,424 | — | 1,458,793 | — | 1,458,793 | ||||||||||||||||
Other | 1,345 | 1,345 | — | — | 1,345 | ||||||||||||||||
Total deposits | $ | 4,716,032 | $ | 3,265,608 | $ | 1,458,793 | $ | — | $ | 4,724,401 | |||||||||||
Short-term borrowings | $ | 344,168 | $ | — | $ | 344,168 | $ | — | $ | 344,168 | |||||||||||
Long-term debt | 781,658 | — | 861,466 | — | 861,466 | ||||||||||||||||
Subordinated debentures/notes | 80,250 | — | 79,503 | — | 79,503 | ||||||||||||||||
Accrued interest payable – deposits | 1,960 | 21 | 1,939 | — | 1,960 | ||||||||||||||||
Accrued interest payable – debt/borrowings | 1,499 | 8 | 1,491 | — | 1,499 | ||||||||||||||||
Derivative financial instruments: | |||||||||||||||||||||
Fair value swap | $ | 135 | $ | — | $ | — | $ | 135 | $ | 135 | |||||||||||
Capital_Ratios_Tables
Capital Ratios (Tables) | 12 Months Ended | |||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||
Capital [Abstract] | ' | |||||||||||||||||||||
Schedule of compliance with regulatory capital requirements under banking regulations | ' | |||||||||||||||||||||
The following table indicates the capital ratios for Park and PNB at December 31, 2013 and December 31, 2012. | ||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||
Tier 1 | Total Risk-Based | Leverage | Tier 1 | Total Risk-Based | Leverage | |||||||||||||||||
Risk-Based | Risk-Based | |||||||||||||||||||||
Park National Bank | 10.01 | % | 11.78 | % | 7.1 | % | 9.28 | % | 11.17 | % | 6.43 | % | ||||||||||
Park | 13.27 | % | 15.91 | % | 9.48 | % | 13.12 | % | 15.77 | % | 9.17 | % | ||||||||||
Schedule of various measures of capital ratio | ' | |||||||||||||||||||||
The following table reflects various measures of capital for Park and PNB: | ||||||||||||||||||||||
To Be Adequately Capitalized | To Be Well Capitalized | |||||||||||||||||||||
(In thousands) | Actual Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||
At December 31, 2013 | ||||||||||||||||||||||
Total Risk-Based Capital | ||||||||||||||||||||||
(to risk-weighted assets) | ||||||||||||||||||||||
PNB | $ | 545,144 | 11.78 | % | $ | 370,198 | 8 | % | $ | 462,747 | 10 | % | ||||||||||
Park | 754,605 | 15.91 | % | 379,446 | 8 | % | N/A | N/A | ||||||||||||||
Tier 1 Risk-Based Capital | ||||||||||||||||||||||
(to risk-weighted assets) | ||||||||||||||||||||||
PNB | $ | 463,015 | 10.01 | % | $ | 185,099 | 4 | % | $ | 277,648 | 6 | % | ||||||||||
Park | 629,410 | 13.27 | % | 189,723 | 4 | % | N/A | N/A | ||||||||||||||
Leverage Ratio | ||||||||||||||||||||||
(to average total assets) | ||||||||||||||||||||||
PNB | $ | 463,015 | 7.1 | % | $ | 261,025 | 4 | % | $ | 326,281 | 5 | % | ||||||||||
Park | 629,410 | 9.48 | % | 265,633 | 4 | % | N/A | N/A | ||||||||||||||
At December 31, 2012 | ||||||||||||||||||||||
Total Risk-Based Capital | ||||||||||||||||||||||
(to risk-weighted assets) | ||||||||||||||||||||||
PNB | $ | 502,680 | 11.17 | % | $ | 359,971 | 8 | % | $ | 449,964 | 10 | % | ||||||||||
Park | 732,413 | 15.77 | % | 371,477 | 8 | % | N/A | N/A | ||||||||||||||
Tier 1 Risk-Based Capital | ||||||||||||||||||||||
(to risk-weighted assets) | ||||||||||||||||||||||
PNB | $ | 417,690 | 9.28 | % | $ | 179,986 | 4 | % | $ | 269,978 | 6 | % | ||||||||||
Park | 609,411 | 13.12 | % | 185,739 | 4 | % | N/A | N/A | ||||||||||||||
Leverage Ratio | ||||||||||||||||||||||
(to average total assets) | ||||||||||||||||||||||
PNB | $ | 417,690 | 6.43 | % | $ | 259,769 | 4 | % | $ | 324,711 | 5 | % | ||||||||||
Park | 609,411 | 9.17 | % | 265,719 | 4 | % | N/A | N/A | ||||||||||||||
Segment_Information_Tables
Segment Information (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||||||||
Schedule of operating results by Segment | ' | ||||||||||||||||||||||||
Segment Information | |||||||||||||||||||||||||
The Corporation is a financial holding company headquartered in Newark, Ohio. Prior to February 16, 2012, the operating segments for the Corporation were its two chartered bank subsidiaries, PNB (headquartered in Newark, Ohio) and Vision(headquartered in Panama City, Florida). On February 16, 2012, Vision sold certain assets and liabilities to Centennial (See Note 3 of these Notes to Consolidated Financial Statements). Promptly following the closing of the transaction, Vision surrendered its Florida banking charter to the Florida Office of Financial Regulation and became a non-bank Florida corporation. The Florida Corporation merged with and into a wholly-owned non-bank subsidiary of Park, SEPH, with SEPH being the surviving entity. The closing of this transaction prompted Park to add SEPH as a reportable segment. Additionally, due to the increased significance of the entity, GFSC was added as a reportable segment in the first quarter of 2012. | |||||||||||||||||||||||||
GAAP requires management to disclose information about the different types of business activities in which a company engages and also information on the different economic environments in which a company operates, so that the users of the financial statements can better understand a company’s performance, better understand the potential for future cash flows, and make more informed judgments about the company as a whole. Park’s current operating segments are in line with GAAP as: (i) discrete financial information is available for each operating segment and (ii) the segments are aligned with internal reporting to Park’s Chief Executive Officer, who is the chief operating decision maker. | |||||||||||||||||||||||||
Operating results for the year ended December 31, 2013 (In thousands) | |||||||||||||||||||||||||
PNB | VB | GFSC | SEPH | All Other | Total | ||||||||||||||||||||
Net interest income (loss) | $ | 210,781 | $ | — | $ | 8,741 | $ | (1,325 | ) | $ | 2,828 | $ | 221,025 | ||||||||||||
Provision for (recovery of) loan losses | 14,039 | — | 1,175 | (11,799 | ) | — | 3,415 | ||||||||||||||||||
Other income | 70,841 | — | 11 | 1,956 | 469 | 73,277 | |||||||||||||||||||
Other expense | 165,665 | — | 3,133 | 12,211 | 7,520 | 188,529 | |||||||||||||||||||
Income (loss) before taxes | 101,918 | — | 4,444 | 219 | (4,223 | ) | 102,358 | ||||||||||||||||||
Income taxes (benefit) | 26,324 | — | 1,556 | 77 | (2,826 | ) | 25,131 | ||||||||||||||||||
Net income (loss) | $ | 75,594 | $ | — | $ | 2,888 | $ | 142 | $ | (1,397 | ) | $ | 77,227 | ||||||||||||
Balances at December 31, 2013 | |||||||||||||||||||||||||
Assets | $ | 6,524,098 | $ | — | $ | 47,115 | $ | 72,781 | $ | (5,647 | ) | $ | 6,638,347 | ||||||||||||
Loans | 4,559,406 | — | 47,228 | 38,014 | (24,143 | ) | 4,620,505 | ||||||||||||||||||
Deposits | 4,896,405 | — | 7,159 | — | (113,570 | ) | 4,789,994 | ||||||||||||||||||
Operating results for the year ended December 31, 2012 (In thousands) | |||||||||||||||||||||||||
PNB | VB | GFSC | SEPH | All Other | Total | ||||||||||||||||||||
Net interest income (loss) | $ | 221,758 | $ | — | $ | 9,156 | $ | (341 | ) | $ | 4,742 | $ | 235,315 | ||||||||||||
Provision for loan losses | 16,678 | — | 859 | 17,882 | — | 35,419 | |||||||||||||||||||
Other income | 70,739 | — | — | 21,431 | 233 | 92,403 | |||||||||||||||||||
Other expense | 156,516 | — | 2,835 | 22,032 | 6,585 | 187,968 | |||||||||||||||||||
Income (loss) before taxes | 119,303 | — | 5,462 | (18,824 | ) | (1,610 | ) | 104,331 | |||||||||||||||||
Income taxes (benefit) | 32,197 | — | 1,912 | (6,603 | ) | (1,805 | ) | 25,701 | |||||||||||||||||
Net income (loss) | $ | 87,106 | $ | — | $ | 3,550 | $ | (12,221 | ) | $ | 195 | $ | 78,630 | ||||||||||||
Balances at December 31, 2012 | |||||||||||||||||||||||||
Assets | $ | 6,502,579 | $ | — | $ | 49,926 | $ | 104,428 | $ | (14,130 | ) | $ | 6,642,803 | ||||||||||||
Loans | 4,369,173 | — | 50,082 | 59,178 | (28,111 | ) | 4,450,322 | ||||||||||||||||||
Deposits | 4,814,107 | — | 8,358 | — | (106,433 | ) | 4,716,032 | ||||||||||||||||||
Operating results for the year ended December 31, 2011 (In thousands) | |||||||||||||||||||||||||
PNB | VB | GFSC | SEPH | All Other | Total | ||||||||||||||||||||
Net interest income (loss) | $ | 236,282 | $ | 27,078 | $ | 8,693 | $ | (974 | ) | $ | 2,155 | $ | 273,234 | ||||||||||||
Provision for loan losses | 30,220 | 31,052 | 2,000 | — | — | 63,272 | |||||||||||||||||||
Other income (loss) | 90,982 | 6,617 | — | (3,039 | ) | 350 | 94,910 | ||||||||||||||||||
Other expense | 146,235 | 31,379 | 2,506 | 1,082 | 7,115 | 188,317 | |||||||||||||||||||
Income (loss) before taxes | 150,809 | (28,736 | ) | 4,187 | (5,095 | ) | (4,610 | ) | 116,555 | ||||||||||||||||
Income taxes (benefit) | 43,958 | (6,210 | ) | 1,466 | (1,784 | ) | (3,015 | ) | 34,415 | ||||||||||||||||
Net income (loss) | $ | 106,851 | $ | (22,526 | ) | $ | 2,721 | $ | (3,311 | ) | $ | (1,595 | ) | $ | 82,140 | ||||||||||
Balances at December 31, 2011 | |||||||||||||||||||||||||
Assets | $ | 6,281,747 | $ | 650,935 | $ | 46,682 | $ | 34,989 | $ | (42,108 | ) | $ | 6,972,245 | ||||||||||||
Assets held for sale (1) | — | 382,462 | — | — | — | 382,462 | |||||||||||||||||||
Loans | 4,172,424 | 123,883 | 47,111 | — | (26,319 | ) | 4,317,099 | ||||||||||||||||||
Deposits | 4,611,646 | 32 | 8,013 | — | (154,577 | ) | 4,465,114 | ||||||||||||||||||
Liabilities held for sale (2) | — | 536,186 | — | — | — | 536,186 | |||||||||||||||||||
-1 | The assets held for sale represent the loans and other assets at Vision that were sold in the first quarter of 2012. | ||||||||||||||||||||||||
-2 | The liabilities held for sale represent the deposits and other liabilities at Vision that were sold in the first quarter of 2012. | ||||||||||||||||||||||||
Schedule of reconciliation of financial information for the reportable segments to the Corporation’s consolidated totals | ' | ||||||||||||||||||||||||
The following is a reconciliation of financial information for the reportable segments to the Corporation’s consolidated totals: | |||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||
(In thousands) | Net Interest Income | Depreciation Expense | Other Expense | Income Taxes | Assets | Deposits | |||||||||||||||||||
Totals for reportable segments | $ | 218,197 | $ | 7,315 | $ | 173,694 | $ | 27,957 | $ | 6,643,994 | $ | 4,903,564 | |||||||||||||
Elimination of intersegment items | 8,659 | — | — | — | (30,369 | ) | (113,570 | ) | |||||||||||||||||
Parent Co. totals - not eliminated | (5,831 | ) | — | 7,520 | (2,826 | ) | 24,722 | — | |||||||||||||||||
Totals | $ | 221,025 | $ | 7,315 | $ | 181,214 | $ | 25,131 | $ | 6,638,347 | $ | 4,789,994 | |||||||||||||
2012 | |||||||||||||||||||||||||
(In thousands) | Net Interest Income | Depreciation Expense | Other Expense | Income Taxes | Assets | Deposits | |||||||||||||||||||
Totals for reportable segments | $ | 230,573 | $ | 6,954 | $ | 174,429 | $ | 27,506 | $ | 6,656,933 | $ | 4,822,465 | |||||||||||||
Elimination of intersegment items | 8,558 | — | — | — | (35,639 | ) | (106,433 | ) | |||||||||||||||||
Parent Co. totals - not eliminated | (3,816 | ) | — | 6,585 | (1,805 | ) | 21,509 | — | |||||||||||||||||
Totals | $ | 235,315 | $ | 6,954 | $ | 181,014 | $ | 25,701 | $ | 6,642,803 | $ | 4,716,032 | |||||||||||||
2011 | |||||||||||||||||||||||||
(In thousands) | Net Interest Income | Depreciation Expense | Other Expense | Income Taxes | Assets | Deposits | |||||||||||||||||||
Totals for reportable segments | $ | 271,079 | $ | 7,583 | $ | 173,619 | $ | 37,430 | $ | 7,014,353 | $ | 4,619,691 | |||||||||||||
Elimination of intersegment items | 4,492 | — | — | — | (63,243 | ) | (154,577 | ) | |||||||||||||||||
Parent Co. totals - not eliminated | (2,337 | ) | — | 7,115 | (3,015 | ) | 21,135 | — | |||||||||||||||||
Totals | $ | 273,234 | $ | 7,583 | $ | 180,734 | $ | 34,415 | $ | 6,972,245 | $ | 4,465,114 | |||||||||||||
Parent_Company_Statements_Tabl
Parent Company Statements (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ' | ||||||||||||
Balance Sheets | ' | ||||||||||||
Balance Sheets | |||||||||||||
December 31, 2013 and 2012 | |||||||||||||
(In thousands) | 2013 | 2012 | |||||||||||
Assets: | |||||||||||||
Cash | $ | 106,942 | $ | 98,726 | |||||||||
Investment in subsidiaries | 582,992 | 589,523 | |||||||||||
Debentures receivable from PNB | 25,000 | 30,000 | |||||||||||
Other investments | 2,297 | 2,133 | |||||||||||
Other assets | 21,984 | 19,639 | |||||||||||
Total assets | $ | 739,215 | $ | 740,021 | |||||||||
Liabilities: | |||||||||||||
Subordinated notes | 80,250 | 80,250 | |||||||||||
Other liabilities | 7,218 | 9,405 | |||||||||||
Total liabilities | 87,468 | 89,655 | |||||||||||
Total shareholders’ equity | 651,747 | 650,366 | |||||||||||
Total liabilities and shareholders’ equity | $ | 739,215 | $ | 740,021 | |||||||||
Statements of Income | ' | ||||||||||||
Statements of Income | |||||||||||||
for the years ended December 31, 2013, 2012 and 2011 | |||||||||||||
(In thousands) | 2013 | 2012 | 2011 | ||||||||||
Income: | |||||||||||||
Dividends from subsidiaries | $ | 15,000 | $ | 197,000 | $ | 105,000 | |||||||
Interest and dividends | 8,659 | 10,027 | 5,643 | ||||||||||
Other | 531 | 232 | 385 | ||||||||||
Total income | 24,190 | 207,259 | 111,028 | ||||||||||
Expense: | |||||||||||||
Other, net | 13,413 | 11,869 | 10,639 | ||||||||||
Total expense | 13,413 | 11,869 | 10,639 | ||||||||||
Income before federal taxes and equity in undistributed income (losses) of subsidiaries | 10,777 | 195,390 | 100,389 | ||||||||||
Federal income tax benefit | 2,826 | 1,806 | 3,016 | ||||||||||
Income before equity in undistributed income (losses) of subsidiaries | 13,603 | 197,196 | 103,405 | ||||||||||
Equity in undistributed income (losses) of subsidiaries | 63,624 | (118,566 | ) | (21,265 | ) | ||||||||
Net income | $ | 77,227 | $ | 78,630 | $ | 82,140 | |||||||
Statements of Cash Flows | ' | ||||||||||||
Statements of Cash Flows | |||||||||||||
for the years ended December 31, 2013, 2012 and 2011 | |||||||||||||
(In thousands) | 2013 | 2012 | 2011 | ||||||||||
Operating activities: | |||||||||||||
Net income | $ | 77,227 | $ | 78,630 | $ | 82,140 | |||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||
Undistributed (income)/losses of subsidiaries | (63,624 | ) | 118,566 | 21,265 | |||||||||
Compensation expense for issuance of treasury stock to directors | 850 | 407 | — | ||||||||||
Decrease in other assets | (2,215 | ) | 5,748 | 8,268 | |||||||||
Increase (decrease) in other liabilities | (3,030 | ) | 1,724 | (7,875 | ) | ||||||||
Net cash provided by operating activities | 9,208 | 205,075 | 103,798 | ||||||||||
Investing activities: | |||||||||||||
Purchase of investment securities | — | — | (250 | ) | |||||||||
Capital contribution to subsidiary | (45,000 | ) | (45,000 | ) | (36,000 | ) | |||||||
Purchase of debentures receivable from subsidiaries | — | (115,000 | ) | (30,000 | ) | ||||||||
Repayment of debentures receivable from subsidiaries | 101,960 | 52,000 | — | ||||||||||
Net cash provided by (used in) investing activities | 56,960 | (108,000 | ) | (66,250 | ) | ||||||||
Financing activities: | |||||||||||||
Cash dividends paid | (57,949 | ) | (60,154 | ) | (62,907 | ) | |||||||
Payment to repurchase warrants | — | (2,843 | ) | — | |||||||||
Payment to repurchase preferred shares | — | (100,000 | ) | — | |||||||||
Proceeds from issuance of subordinated notes | — | 30,000 | — | ||||||||||
Cash payment for fractional shares | (3 | ) | (2 | ) | (2 | ) | |||||||
Net cash used in financing activities | (57,952 | ) | (132,999 | ) | (62,909 | ) | |||||||
Increase/(decrease) in cash | 8,216 | (35,924 | ) | (25,361 | ) | ||||||||
Cash at beginning of year | 98,726 | 134,650 | 160,011 | ||||||||||
Cash at end of year | $ | 106,942 | $ | 98,726 | $ | 134,650 | |||||||
Summary_of_Significant_Account3
Summary of Significant Accounting Policies - Narrative (Details) (USD $) | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||
Jun. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Accounting Policies [Line Items] | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number | ' | ' | 0 | ' | ' |
Average required reserve balance | ' | ' | $48,000,000 | $41,000,000 | ' |
Mortgage loans held for sale, carrying value | ' | ' | 1,666,000 | 25,743,000 | ' |
Mortgage loans held for sale, contractual balance | ' | ' | 1,600,000 | 25,200,000 | ' |
Expected gain on sale of mortgage loans held for sale | ' | ' | 28,000 | 568,000 | ' |
Historical loss period used in estimating loan loss reserve | '48 months | '54 months | '60 months | ' | ' |
Reserve coverage period in historical losses | ' | ' | '1 year 248 days | '1 year 189 days | ' |
Common stock granted to directors | ' | ' | 10,550 | 6,120 | 7,020 |
Core deposits | ' | ' | ' | ' | ' |
Accounting Policies [Line Items] | ' | ' | ' | ' | ' |
Accumulated amortization of core deposit intangibles | ' | ' | $22,100,000 | $21,800,000 | ' |
Directors | ' | ' | ' | ' | ' |
Accounting Policies [Line Items] | ' | ' | ' | ' | ' |
Common stock granted to directors | ' | ' | 10,550 | 6,120 | 7,020 |
Commercial Loan | ' | ' | ' | ' | ' |
Accounting Policies [Line Items] | ' | ' | ' | ' | ' |
Reserve coverage period in historical losses | ' | ' | '2 years 153 days | '2 years 215 days | ' |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies - Depreciable Lives of Premises and Equipment (Details) | 12 Months Ended |
Dec. 31, 2013 | |
Minimum | Buildings | ' |
Property, Plant and Equipment [Line Items] | ' |
Premises and equipment, depreciable lives | '5 years |
Minimum | Equipment, furniture and fixtures | ' |
Property, Plant and Equipment [Line Items] | ' |
Premises and equipment, depreciable lives | '3 years |
Minimum | Leasehold improvements | ' |
Property, Plant and Equipment [Line Items] | ' |
Premises and equipment, depreciable lives | '1 year |
Maximum | Buildings | ' |
Property, Plant and Equipment [Line Items] | ' |
Premises and equipment, depreciable lives | '50 years |
Maximum | Equipment, furniture and fixtures | ' |
Property, Plant and Equipment [Line Items] | ' |
Premises and equipment, depreciable lives | '20 years |
Maximum | Leasehold improvements | ' |
Property, Plant and Equipment [Line Items] | ' |
Premises and equipment, depreciable lives | '10 years |
Summary_of_Significant_Account5
Summary of Significant Accounting Policies - Activity in Goodwill and Other Intangible Assets (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Goodwill and Intangible Assets [Line Items] | ' | ' | ' | ' |
Goodwill And Finite Lived Intangible Assets | $72,334 | $72,671 | $74,843 | $78,377 |
Goodwill [Roll Forward] | ' | ' | ' | ' |
Beginning balance | 72,334 | 72,334 | 72,334 | ' |
Ending balance | 72,334 | 72,334 | 72,334 | ' |
Goodwill and Core Deposit Intangibles [Roll Forward] | ' | ' | ' | ' |
Amortization of intangibles | 337 | 2,172 | 3,534 | ' |
Core deposits | ' | ' | ' | ' |
Core Deposit Intangibles [Roll Forward] | ' | ' | ' | ' |
Beginning balance | 337 | 2,509 | 6,043 | ' |
Amortization | -337 | -2,172 | -3,534 | ' |
Ending balance | $0 | $337 | $2,509 | ' |
Summary_of_Significant_Account6
Summary of Significant Accounting Policies - Supplemental Cash Flow Information (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Supplemental Cash Flow Information [Abstract] | ' | ' | ' |
Interest paid on deposits and other borrowings | $42,481 | $51,877 | $59,552 |
Income taxes paid | $20,000 | $7,000 | $17,700 |
Summary_of_Significant_Account7
Summary of Significant Accounting Policies - Non-cash Items Included in Cash Provided by Operating Activities (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Non-cash Item Included in Operating Activities [Abstract] | ' | ' | ' |
Transfers to OREO | $22,144 | $23,634 | $36,209 |
Sale_Of_Vision_Bank_Business_N
Sale Of Vision Bank Business - Narrative (Details) (USD $) | 12 Months Ended | 12 Months Ended | ||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Feb. 16, 2012 | Dec. 31, 2013 | Feb. 16, 2012 | Feb. 19, 2012 | Feb. 19, 2012 | |
Vision Bank | Vision Bank | Non Performing Retained By Sellc [Member] | Performing Retained By Sellc [Member] | |||||
Obligation to repurchase receivables sold | Obligation to repurchase receivables sold | |||||||
Number_of_loans | ||||||||
Purchase price | ' | ' | ' | $27,900,000 | ' | ' | ' | ' |
Loans left with Vision subsequent to transactions | ' | ' | ' | ' | ' | ' | 88,000,000 | 22,000,000 |
Gain on sale of the Vision business | 0 | 22,167,000 | 0 | ' | ' | ' | ' | ' |
Maximum amount allowed to put back | ' | ' | ' | ' | ' | 7,500,000 | ' | ' |
Put expiration period | ' | ' | ' | ' | '180 days | ' | ' | ' |
Number of loans included in payments | ' | ' | ' | ' | 44 | ' | ' | ' |
Purchase price of loans | ' | ' | ' | ' | 7,500,000 | ' | ' | ' |
Amount of loans put back during the period | ' | ' | ' | ' | 4,200,000 | ' | ' | ' |
Amount of other expenses recognized due to provision for put backs | ' | ' | ' | ' | $3,300,000 | ' | ' | ' |
Sale_Of_Vision_Bank_Business_S
Sale Of Vision Bank Business - Schedule of Composition of Pre-tax Gain on Sale of Business (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Discontinued Operations and Disposal Groups [Abstract] | ' | ' | ' |
Premium paid | ' | $27,913 | ' |
One-time gains | ' | 298 | ' |
Loss on sale of fixed assets | ' | -2,434 | ' |
Employment and severance agreements | ' | -1,610 | ' |
Other one-time charges, including estimates | ' | -2,000 | ' |
Pre-tax gain | $0 | $22,167 | $0 |
Sale_Of_Vision_Bank_Business_S1
Sale Of Vision Bank Business - Schedule of Balance Sheet of SEPH (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |||
Loans | $4,620,505 | $4,450,322 | $4,317,099 |
OREO | 34,636 | 35,718 | ' |
Other assets | 506,046 | 464,962 | ' |
Total assets | 6,638,347 | 6,642,803 | 6,972,245 |
Other liabilities | 63,786 | 70,329 | ' |
Total liabilities and shareholders’ equity | $6,638,347 | $6,642,803 | ' |
Investment_Securities_Narrativ
Investment Securities - Narrative (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Schedule of Investments [Line Items] | ' | ' | ' |
Other than temporary impairment on investment securities | $17,000 | $54,000 | $0 |
Amortized cost of securities available-for-sale | 1,222,143,000 | 1,099,658,000 | ' |
Amortized cost of held-to-maturity securities | 182,061,000 | 401,390,000 | ' |
Federal home loan bank stock | 59,000,000 | 59,031,000 | ' |
Federal reserve bank stock | 6,900,000 | 6,876,000 | ' |
Federal Home Loan Bank (FHLB) advance borrowings | 1,321,000,000 | 1,364,000,000 | ' |
Money pledged for government and trust department deposits | 639,000,000 | 655,000,000 | ' |
Money pledged to secure repurchase agreements | 648,000,000 | 667,000,000 | ' |
Money pledged as collateral for FHLB advance borrowings | 34,000,000 | 41,000,000 | ' |
Percentage of amount greater than shareholder's equity | 10.00% | ' | ' |
Proceeds from sale of investment securities | 75,000,000 | 0 | ' |
U.S. Treasury and sponsored entities callable notes | ' | ' | ' |
Schedule of Investments [Line Items] | ' | ' | ' |
Available-for-sale securities | 525,100,000 | ' | ' |
Available for Sale expected to be called | 46,800,000 | ' | ' |
U.S. Government sponsored entity asset-backed securities | ' | ' | ' |
Schedule of Investments [Line Items] | ' | ' | ' |
Asset-backed securities mortgage portfolio, maturity term | '15 years | ' | ' |
Amortized cost of securities available-for-sale | 650,391,000 | 401,882,000 | ' |
Amortized cost of held-to-maturity securities | 181,821,000 | 400,820,000 | ' |
Residential mortgage-backed securities | ' | ' | ' |
Schedule of Investments [Line Items] | ' | ' | ' |
Amortized cost of securities available-for-sale | 340,400,000 | ' | ' |
Amortized cost of held-to-maturity securities | 100,000 | ' | ' |
Collateralized mortgage-backed securities | ' | ' | ' |
Schedule of Investments [Line Items] | ' | ' | ' |
Amortized cost of securities available-for-sale | 310,000,000 | ' | ' |
Amortized cost of held-to-maturity securities | 181,700,000 | ' | ' |
U.S. Government sponsored entity mortgage-backed securities | ' | ' | ' |
Schedule of Investments [Line Items] | ' | ' | ' |
Proceeds from sale of investment securities | ' | ' | 610,000,000 |
Available-for-sale securities, pre-tax gain | ' | ' | 28,800,000 |
Available-for-sale securities, after tax gain | ' | ' | $18,700,000 |
Minimum | U.S. Treasury and sponsored entities callable notes | ' | ' | ' |
Schedule of Investments [Line Items] | ' | ' | ' |
Callable securities, maturity term | '9 years | ' | ' |
Maximum | U.S. Treasury and sponsored entities callable notes | ' | ' | ' |
Schedule of Investments [Line Items] | ' | ' | ' |
Callable securities, maturity term | '14 years | ' | ' |
Investment_Securities_Schedule
Investment Securities - Schedule of Investment Securities (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Securities Available-for-Sale | ' | ' |
Amortized Cost | $1,222,143 | $1,099,658 |
Gross Unrealized/Unrecognized Holding Gains | 9,609 | 16,523 |
Gross Unrealized/Unrecognized Holding Losses | 55,486 | 1,727 |
Estimated Fair Value | 1,176,266 | 1,114,454 |
Securities Held-to-Maturity | ' | ' |
Amortized cost of held-to-maturity securities | 182,061 | 401,390 |
Gross Unrealized/Unrecognized Holding Gains | 5,383 | 9,353 |
Gross Unrealized/Unrecognized Holding Losses | 42 | 38 |
Estimated Fair Value | 187,402 | 410,705 |
Obligations of U.S. Treasury and other U.S. Government sponsored entities | ' | ' |
Securities Available-for-Sale | ' | ' |
Amortized Cost | 570,632 | 695,655 |
Gross Unrealized/Unrecognized Holding Gains | ' | 1,352 |
Gross Unrealized/Unrecognized Holding Losses | 45,496 | 1,280 |
Estimated Fair Value | 525,136 | 695,727 |
Obligations of States and Political Subdivisions | ' | ' |
Securities Available-for-Sale | ' | ' |
Amortized Cost | ' | 984 |
Gross Unrealized/Unrecognized Holding Gains | ' | 19 |
Gross Unrealized/Unrecognized Holding Losses | ' | ' |
Estimated Fair Value | ' | 1,003 |
Securities Held-to-Maturity | ' | ' |
Amortized cost of held-to-maturity securities | 240 | 570 |
Gross Unrealized/Unrecognized Holding Gains | 1 | 2 |
Gross Unrealized/Unrecognized Holding Losses | ' | ' |
Estimated Fair Value | 241 | 572 |
U.S. Government sponsored entity asset-backed securities | ' | ' |
Securities Available-for-Sale | ' | ' |
Amortized Cost | 650,391 | 401,882 |
Gross Unrealized/Unrecognized Holding Gains | 8,070 | 14,067 |
Gross Unrealized/Unrecognized Holding Losses | 9,990 | 447 |
Estimated Fair Value | 648,471 | 415,502 |
Securities Held-to-Maturity | ' | ' |
Amortized cost of held-to-maturity securities | 181,821 | 400,820 |
Gross Unrealized/Unrecognized Holding Gains | 5,382 | 9,351 |
Gross Unrealized/Unrecognized Holding Losses | 42 | 38 |
Estimated Fair Value | 187,161 | 410,133 |
Equity securities | ' | ' |
Securities Available-for-Sale | ' | ' |
Amortized Cost | 1,120 | 1,137 |
Gross Unrealized/Unrecognized Holding Gains | 1,539 | 1,085 |
Gross Unrealized/Unrecognized Holding Losses | ' | ' |
Estimated Fair Value | $2,659 | $2,222 |
Investment_Securities_Schedule1
Investment Securities - Schedule of Unrealized Loss on Securities (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ' | ' |
Less than 12 Months | $781,661 | $301,101 |
12 Months or Longer | 169,082 | 0 |
Total | 950,743 | 301,101 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Unrealized Losses [Abstract] | ' | ' |
Less than 12 Months | 38,173 | 1,727 |
12 Months or Longer | 17,313 | 0 |
Total | 55,486 | 1,727 |
Obligations of U.S. Treasury and other U.S. Government sponsored entities | ' | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ' | ' |
Less than 12 Months | 377,626 | 177,470 |
12 Months or Longer | 147,510 | 0 |
Total | 525,136 | 177,470 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Unrealized Losses [Abstract] | ' | ' |
Less than 12 Months | 29,256 | 1,280 |
12 Months or Longer | 16,240 | 0 |
Total | 45,496 | 1,280 |
U.S. Government sponsored entity asset-backed securities | ' | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ' | ' |
Less than 12 Months | 404,035 | 123,631 |
12 Months or Longer | 21,572 | 0 |
Total | 425,607 | 123,631 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Unrealized Losses [Abstract] | ' | ' |
Less than 12 Months | 8,917 | 447 |
12 Months or Longer | 1,073 | 0 |
Total | 9,990 | 447 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ' | ' |
Less than 12 Months | 5,781 | 10,120 |
12 Months or Longer | ' | ' |
Total | 5,781 | 10,120 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Unrealized Losses [Abstract] | ' | ' |
Less than 12 Months | 42 | 38 |
12 Months or Longer | ' | ' |
Total | $42 | $38 |
Investment_Securities_Amortize
Investment Securities - Amortized Cost and Estimated Fair Value of Investments in Debt Securities by Contractual Maturity (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Available-for-sale Securities, Debt Maturities, Estimated Fair Value [Abstract] | ' | ' |
Estimated Fair Value | $1,176,266 | $1,114,454 |
Available-for-sale Securities, Debt Maturities, after Ten Years, Amortized Cost Basis | 123,750 | ' |
Available-for-sale Securities, Debt Maturities, after Ten Years, Fair Value | 110,756 | ' |
Available for Sale Securities Debt Maturities After Ten Years Weighted Avg Yield | 1.70% | ' |
Held-to-maturity Securities, Debt Maturities, Amortized Cost [Abstract] | ' | ' |
Total | 182,061 | 401,390 |
Held-to-maturity Securities, Debt Maturities, Estimated Fair Value [Abstract] | ' | ' |
Total | 187,402 | 410,705 |
Obligations of U.S. Treasury and other U.S. Government sponsored entities | ' | ' |
Available-for-sale Securities, Debt Maturities, Amortized Cost [Abstract] | ' | ' |
Due one through five years | 50,000 | ' |
Due five through ten years | 396,882 | ' |
Total | 570,632 | ' |
Available-for-sale Securities, Debt Maturities, Estimated Fair Value [Abstract] | ' | ' |
Due one through five years | 46,800 | ' |
Due five through ten years | 367,580 | ' |
Estimated Fair Value | 525,136 | 695,727 |
Available for Sale Securities Weighted Avg Yield | 2.20% | ' |
Available for Sale Securities Debt Maturities After Five Through Ten Years Weighted Avg Yield | 2.40% | ' |
Available for Sale Securities Debt Maturities After One Through Five Years Weighted Avg Yield | 2.00% | ' |
Obligations of States and Political Subdivisions | ' | ' |
Available-for-sale Securities, Debt Maturities, Estimated Fair Value [Abstract] | ' | ' |
Estimated Fair Value | ' | 1,003 |
Held-to-maturity Securities, Debt Maturities, Amortized Cost [Abstract] | ' | ' |
Due within one year | 240 | ' |
Total | 240 | 570 |
Held-to-maturity Securities, Debt Maturities, Estimated Fair Value [Abstract] | ' | ' |
Due within one year | 241 | ' |
Total | 241 | 572 |
Held to Maturity Securities weighted avg yield | 4.50% | ' |
Held to Maturity Securities Debt Maturities Within One Year Weighted Avg Yield | 4.50% | ' |
U.S. Government sponsored entity asset-backed securities | ' | ' |
Available-for-sale Securities, Debt Maturities, Amortized Cost [Abstract] | ' | ' |
Total | 650,391 | ' |
Available-for-sale Securities, Debt Maturities, Estimated Fair Value [Abstract] | ' | ' |
Estimated Fair Value | 648,471 | 415,502 |
Available for Sale Securities Weighted Avg Yield | 2.50% | ' |
Held-to-maturity Securities, Debt Maturities, Amortized Cost [Abstract] | ' | ' |
Total | 181,821 | 400,820 |
Held-to-maturity Securities, Debt Maturities, Estimated Fair Value [Abstract] | ' | ' |
Total | $187,161 | $410,133 |
Held to Maturity Securities weighted avg yield | 3.70% | ' |
Loans_Narrative_Details
Loans - Narrative (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Troubled Debt Restructuring, Classification removed | $7,700,000 | ' | ' |
Loans net of deferred origination fees, costs and unearned income | 7,300,000 | 6,700,000 | ' |
Overdrawn deposit account reclassified to loans | 3,300,000 | 3,000,000 | ' |
Partial charge-offs on impaired loans | 63,300,000 | 105,100,000 | ' |
Allowance for loans individually evaluated for impairment | 10,451,000 | 8,276,000 | ' |
Recorded investment, related to loans | 21,400,000 | 28,200,000 | ' |
Average balance of financing receivable, individually evaluated for impairment | 124,100,000 | 164,200,000 | 214,000,000 |
Loans 90 days past due and still accruing | 1,727,000 | 3,030,000 | ' |
TDRs included in nonaccrual loan totals | 76,300,000 | 84,700,000 | ' |
Nonaccrual TDRs considered current | 50,600,000 | 52,600,000 | ' |
TDRs included in accruing loan totals | 18,800,000 | 29,900,000 | ' |
Commitments to lend additional funds to borrowers whose terms had been modified in a TDR | 4,000,000 | 5,000,000 | ' |
Specific reserves related to troubled debt restructuring | 7,500,000 | 5,600,000 | ' |
Additional specific reserves related to troubled debt restructuring | 1,100,000 | 2,300,000 | ' |
Modified substandard commercial loans, total recorded investment | 900,000 | 800,000 | ' |
Modified substandard consumer loans total recorded investment | 24,200,000 | 26,500,000 | ' |
Nonaccrual loans not classified as TDRs at prior fiscal year end | 5,500,000 | 6,500,000 | ' |
Recorded investment modified as TDRs | 7,379,000 | 8,879,000 | ' |
Other real estate owned | 34,600,000 | 35,700,000 | ' |
With no related allowance recorded | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Partial charge-offs on impaired loans | 58,100,000 | 97,600,000 | ' |
With an allowance recorded | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Partial charge-offs on impaired loans | 5,200,000 | 7,500,000 | ' |
Consumer | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Allowance for loans individually evaluated for impairment | 0 | 0 | ' |
Loans 90 days past due and still accruing | 1,016,000 | 888,000 | ' |
Executive officers and directors | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Loans due from related party | 49,700,000 | 39,400,000 | ' |
New loan made to related party | 500,000 | 1,700,000 | ' |
Repayment of loans due from related party | 10,000,000 | 17,200,000 | ' |
Increase (Decrease) in Customer Advances | 11,900,000 | 13,000,000 | ' |
Removal of related party loans due to sale | ' | 4,400,000 | ' |
Accruing | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Aggregate amount of loans modified during period | 397,000 | 600,000 | ' |
Nonaccrual | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Aggregate amount of loans modified during period | 7,000,000 | 8,300,000 | ' |
Loans receivable | Executive officers and directors | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Loans due from related party | $37,700,000 | $35,300,000 | ' |
Loans_Composition_of_Loan_Port
Loans - Composition of Loan Portfolio By Class of Loan (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Loan Balance | $4,620,505 | $4,450,322 | ||
Accrued Interest Receivable | 13,494 | 13,587 | ||
Recorded Investment | 4,633,999 | 4,463,909 | ||
Commercial, financial and agricultural | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Loan Balance | 825,432 | [1] | 823,927 | [1] |
Accrued Interest Receivable | 3,079 | [1] | 2,976 | [1] |
Recorded Investment | 828,511 | [1] | 826,903 | [1] |
Commercial real estate | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Loan Balance | 1,112,273 | [1] | 1,092,164 | [1] |
Accrued Interest Receivable | 3,765 | [1] | 3,839 | [1] |
Recorded Investment | 1,116,038 | [1] | 1,096,003 | [1] |
Construction real estate | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Loan Balance | 156,116 | 165,528 | ||
Recorded Investment | 156,503 | 166,010 | ||
SEPH commercial land and development | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Loan Balance | 5,846 | [1] | 15,105 | [1] |
Accrued Interest Receivable | 2 | [1] | 37 | [1] |
Recorded Investment | 5,848 | [1] | 15,142 | [1] |
Remaining commercial | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Loan Balance | 110,842 | 115,473 | ||
Accrued Interest Receivable | 263 | 331 | ||
Recorded Investment | 111,105 | 115,804 | ||
Mortgage | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Loan Balance | 31,882 | 26,373 | ||
Accrued Interest Receivable | 96 | 81 | ||
Recorded Investment | 31,978 | 26,454 | ||
Installment | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Loan Balance | 7,546 | 8,577 | ||
Accrued Interest Receivable | 26 | 33 | ||
Recorded Investment | 7,572 | 8,610 | ||
Commercial | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Loan Balance | 407,387 | 392,203 | ||
Accrued Interest Receivable | 904 | 959 | ||
Recorded Investment | 408,291 | 393,162 | ||
Mortgage | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Loan Balance | 1,144,754 | 1,064,787 | ||
Accrued Interest Receivable | 1,559 | 1,399 | ||
Recorded Investment | 1,146,313 | 1,066,186 | ||
HELOC | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Loan Balance | 213,565 | 212,905 | ||
Accrued Interest Receivable | 870 | 892 | ||
Recorded Investment | 214,435 | 213,797 | ||
Installment | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Loan Balance | 33,841 | 43,750 | ||
Accrued Interest Receivable | 132 | 176 | ||
Recorded Investment | 33,973 | 43,926 | ||
Consumer | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Loan Balance | 723,733 | 651,930 | ||
Accrued Interest Receivable | 2,775 | 2,835 | ||
Recorded Investment | 726,508 | 654,765 | ||
Leases | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Loan Balance | 3,404 | 3,128 | ||
Accrued Interest Receivable | 23 | 29 | ||
Recorded Investment | $3,427 | $3,157 | ||
[1] | Included within commercial, financial and agricultural loans, commercial real estate loans, and SEPH commercial land and development loans were an immaterial amount of consumer loans that were not broken out by class. |
Loans_Recorded_Investment_in_N
Loans - Recorded Investment in Nonaccrual, Restructured and Loans Past Due 90 Days or More and Accruing (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Impaired Financing Receivable, Recorded Investment | $112,315 | $137,339 | $187,135 |
Nonaccrual Loans | 135,216 | 155,536 | ' |
Accruing Troubled Debt Restructurings | 18,809 | 29,946 | ' |
Loans Past Due 90 Days or More and Accruing | 1,727 | 3,030 | ' |
Total Nonperforming Loans | 155,752 | 188,512 | ' |
Impaired Financing Receivable, Average Recorded Investment | 124,089 | 164,164 | 214,045 |
Impaired Financing Receivable, Interest Income, Cash Basis Method | 2,640 | 2,813 | 1,592 |
Commercial, financial and agricultural | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Impaired Financing Receivable, Recorded Investment | 20,727 | 22,587 | 40,621 |
Nonaccrual Loans | 20,633 | 17,324 | ' |
Accruing Troubled Debt Restructurings | 107 | 5,277 | ' |
Loans Past Due 90 Days or More and Accruing | 80 | 37 | ' |
Total Nonperforming Loans | 20,820 | 22,638 | ' |
Impaired Financing Receivable, Average Recorded Investment | 20,523 | 35,305 | 23,518 |
Impaired Financing Receivable, Interest Income, Cash Basis Method | 412 | 529 | 209 |
Commercial real estate | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Impaired Financing Receivable, Recorded Investment | 41,822 | 44,278 | 51,978 |
Nonaccrual Loans | 39,588 | 40,983 | ' |
Accruing Troubled Debt Restructurings | 2,234 | 3,295 | ' |
Loans Past Due 90 Days or More and Accruing | 2 | 1,007 | ' |
Total Nonperforming Loans | 41,824 | 45,285 | ' |
Impaired Financing Receivable, Average Recorded Investment | 41,426 | 44,541 | 49,927 |
Impaired Financing Receivable, Interest Income, Cash Basis Method | 1,151 | 968 | 829 |
SEPH commercial land and development | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Impaired Financing Receivable, Recorded Investment | 4,777 | ' | ' |
Nonaccrual Loans | 4,777 | ' | ' |
Accruing Troubled Debt Restructurings | 0 | ' | ' |
Loans Past Due 90 Days or More and Accruing | 0 | ' | ' |
Total Nonperforming Loans | 4,777 | ' | ' |
Impaired Financing Receivable, Average Recorded Investment | 8,723 | ' | ' |
Impaired Financing Receivable, Interest Income, Cash Basis Method | ' | ' | ' |
SEPH commercial land and development | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Impaired Financing Receivable, Recorded Investment | ' | 13,260 | 24,328 |
Nonaccrual Loans | ' | 13,939 | ' |
Accruing Troubled Debt Restructurings | ' | 0 | ' |
Loans Past Due 90 Days or More and Accruing | ' | 0 | ' |
Total Nonperforming Loans | ' | 13,939 | ' |
Impaired Financing Receivable, Average Recorded Investment | ' | 17,277 | 58,792 |
Impaired Financing Receivable, Interest Income, Cash Basis Method | ' | ' | ' |
Remaining commercial | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Impaired Financing Receivable, Recorded Investment | 10,782 | 21,574 | 25,912 |
Nonaccrual Loans | 10,476 | 14,977 | ' |
Accruing Troubled Debt Restructurings | 306 | 6,597 | ' |
Loans Past Due 90 Days or More and Accruing | 0 | 0 | ' |
Total Nonperforming Loans | 10,782 | 21,574 | ' |
Impaired Financing Receivable, Average Recorded Investment | 17,829 | 27,774 | 29,152 |
Impaired Financing Receivable, Interest Income, Cash Basis Method | 616 | 818 | 339 |
Mortgage | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Nonaccrual Loans | 87 | 158 | ' |
Accruing Troubled Debt Restructurings | 97 | 100 | ' |
Loans Past Due 90 Days or More and Accruing | 0 | 0 | ' |
Total Nonperforming Loans | 184 | 258 | ' |
Installment | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Nonaccrual Loans | 39 | 149 | ' |
Accruing Troubled Debt Restructurings | 192 | 175 | ' |
Loans Past Due 90 Days or More and Accruing | 0 | 0 | ' |
Total Nonperforming Loans | 231 | 324 | ' |
Commercial | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Impaired Financing Receivable, Recorded Investment | 33,408 | 35,622 | 44,276 |
Nonaccrual Loans | 32,495 | 33,961 | ' |
Accruing Troubled Debt Restructurings | 913 | 1,661 | ' |
Loans Past Due 90 Days or More and Accruing | 0 | 94 | ' |
Total Nonperforming Loans | 33,408 | 35,716 | ' |
Impaired Financing Receivable, Average Recorded Investment | 34,972 | 39,248 | 52,640 |
Impaired Financing Receivable, Interest Income, Cash Basis Method | 461 | 497 | 214 |
Mortgage | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Nonaccrual Loans | 20,564 | 28,260 | ' |
Accruing Troubled Debt Restructurings | 11,708 | 9,425 | ' |
Loans Past Due 90 Days or More and Accruing | 549 | 950 | ' |
Total Nonperforming Loans | 32,821 | 38,635 | ' |
HELOC | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Nonaccrual Loans | 2,129 | 1,689 | ' |
Accruing Troubled Debt Restructurings | 751 | 736 | ' |
Loans Past Due 90 Days or More and Accruing | 0 | 0 | ' |
Total Nonperforming Loans | 2,880 | 2,425 | ' |
Installment | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Nonaccrual Loans | 965 | 1,670 | ' |
Accruing Troubled Debt Restructurings | 885 | 780 | ' |
Loans Past Due 90 Days or More and Accruing | 80 | 54 | ' |
Total Nonperforming Loans | 1,930 | 2,504 | ' |
Consumer | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Impaired Financing Receivable, Recorded Investment | 799 | 18 | 20 |
Nonaccrual Loans | 3,463 | 2,426 | ' |
Accruing Troubled Debt Restructurings | 1,616 | 1,900 | ' |
Loans Past Due 90 Days or More and Accruing | 1,016 | 888 | ' |
Total Nonperforming Loans | 6,095 | 5,214 | ' |
Impaired Financing Receivable, Average Recorded Investment | 616 | 19 | 16 |
Impaired Financing Receivable, Interest Income, Cash Basis Method | ' | $1 | $1 |
Loans_Loans_Individually_and_C
Loans - Loans Individually and Collectively Evaluated for Impairment (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Nonaccrual and accruing troubled debt restructurings | $154,025 | $185,482 |
Loans individually evaluated for impairment | 112,315 | 137,339 |
Loans collectively evaluated for impairment | 41,710 | 48,143 |
Commercial, financial and agricultural | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Nonaccrual and accruing troubled debt restructurings | 20,740 | 22,601 |
Loans individually evaluated for impairment | 20,727 | 22,587 |
Loans collectively evaluated for impairment | 13 | 14 |
Commercial real estate | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Nonaccrual and accruing troubled debt restructurings | 41,822 | 44,278 |
Loans individually evaluated for impairment | 41,822 | 44,278 |
Loans collectively evaluated for impairment | 0 | 0 |
SEPH commercial land and development | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Nonaccrual and accruing troubled debt restructurings | 4,777 | 13,939 |
Loans individually evaluated for impairment | 4,777 | 13,260 |
Loans collectively evaluated for impairment | 0 | 679 |
Remaining commercial | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Nonaccrual and accruing troubled debt restructurings | 10,782 | 21,574 |
Loans individually evaluated for impairment | 10,782 | 21,574 |
Loans collectively evaluated for impairment | 0 | 0 |
Mortgage | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Nonaccrual and accruing troubled debt restructurings | 184 | 258 |
Loans individually evaluated for impairment | 0 | 0 |
Loans collectively evaluated for impairment | 184 | 258 |
Installment | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Nonaccrual and accruing troubled debt restructurings | 231 | 324 |
Loans individually evaluated for impairment | 0 | 0 |
Loans collectively evaluated for impairment | 231 | 324 |
Commercial | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Nonaccrual and accruing troubled debt restructurings | 33,408 | 35,622 |
Loans individually evaluated for impairment | 33,408 | 35,622 |
Loans collectively evaluated for impairment | 0 | 0 |
Mortgage | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Nonaccrual and accruing troubled debt restructurings | 32,272 | 37,685 |
Loans individually evaluated for impairment | 0 | 0 |
Loans collectively evaluated for impairment | 32,272 | 37,685 |
HELOC | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Nonaccrual and accruing troubled debt restructurings | 2,880 | 2,425 |
Loans individually evaluated for impairment | 0 | 0 |
Loans collectively evaluated for impairment | 2,880 | 2,425 |
Installment | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Nonaccrual and accruing troubled debt restructurings | 1,850 | 2,450 |
Loans individually evaluated for impairment | 0 | 0 |
Loans collectively evaluated for impairment | 1,850 | 2,450 |
Consumer | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Nonaccrual and accruing troubled debt restructurings | 5,079 | 4,326 |
Loans individually evaluated for impairment | 799 | 18 |
Loans collectively evaluated for impairment | $4,280 | $4,308 |
Loans_Loans_Individually_Evalu
Loans - Loans Individually Evaluated for Impairment by Class of Loans (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Unpaid principal balance | $175,578 | $242,345 | ' |
Recorded investment | 112,315 | 137,339 | 187,135 |
Allowance for loan losses allocated | 10,451 | 8,276 | ' |
Impaired Financing Receivable, Average Recorded Investment | 124,089 | 164,164 | 214,045 |
Impaired Financing Receivable, Interest Income, Cash Basis Method | 2,640 | 2,813 | 1,592 |
Commercial, financial and agricultural | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Recorded investment | 20,727 | 22,587 | 40,621 |
Impaired Financing Receivable, Average Recorded Investment | 20,523 | 35,305 | 23,518 |
Impaired Financing Receivable, Interest Income, Cash Basis Method | 412 | 529 | 209 |
Commercial, financial and agricultural | With no related allowance recorded | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Unpaid principal balance | 22,429 | 23,782 | ' |
Recorded investment | 12,885 | 14,683 | ' |
Allowance for loan losses allocated | ' | ' | ' |
Commercial, financial and agricultural | With an allowance recorded | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Unpaid principal balance | 12,616 | 12,268 | ' |
Recorded investment | 7,842 | 7,904 | ' |
Allowance for loan losses allocated | 3,268 | 3,180 | ' |
Commercial real estate | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Recorded investment | 41,822 | 44,278 | 51,978 |
Impaired Financing Receivable, Average Recorded Investment | 41,426 | 44,541 | 49,927 |
Impaired Financing Receivable, Interest Income, Cash Basis Method | 1,151 | 968 | 829 |
Commercial real estate | With no related allowance recorded | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Unpaid principal balance | 56,870 | 56,258 | ' |
Recorded investment | 34,149 | 35,097 | ' |
Allowance for loan losses allocated | ' | ' | ' |
Commercial real estate | With an allowance recorded | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Unpaid principal balance | 7,966 | 11,412 | ' |
Recorded investment | 7,673 | 9,181 | ' |
Allowance for loan losses allocated | 5,496 | 1,540 | ' |
SEPH commercial land and development | With no related allowance recorded | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Unpaid principal balance | 23,722 | 57,346 | ' |
Recorded investment | 4,777 | 13,260 | ' |
Allowance for loan losses allocated | ' | ' | ' |
Remaining commercial | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Recorded investment | 10,782 | 21,574 | 25,912 |
Impaired Financing Receivable, Average Recorded Investment | 17,829 | 27,774 | 29,152 |
Impaired Financing Receivable, Interest Income, Cash Basis Method | 616 | 818 | 339 |
Remaining commercial | With no related allowance recorded | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Unpaid principal balance | 8,429 | 29,328 | ' |
Recorded investment | 6,872 | 14,093 | ' |
Allowance for loan losses allocated | ' | ' | ' |
Remaining commercial | With an allowance recorded | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Unpaid principal balance | 3,909 | 8,071 | ' |
Recorded investment | 3,910 | 7,481 | ' |
Allowance for loan losses allocated | 1,132 | 2,277 | ' |
Commercial | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Recorded investment | 33,408 | 35,622 | 44,276 |
Impaired Financing Receivable, Average Recorded Investment | 34,972 | 39,248 | 52,640 |
Impaired Financing Receivable, Interest Income, Cash Basis Method | 461 | 497 | 214 |
Commercial | With no related allowance recorded | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Unpaid principal balance | 36,709 | 39,918 | ' |
Recorded investment | 31,461 | 31,957 | ' |
Allowance for loan losses allocated | ' | ' | ' |
Commercial | With an allowance recorded | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Unpaid principal balance | 2,129 | 3,944 | ' |
Recorded investment | 1,947 | 3,665 | ' |
Allowance for loan losses allocated | 555 | 1,279 | ' |
Consumer | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Recorded investment | 799 | 18 | 20 |
Impaired Financing Receivable, Average Recorded Investment | 616 | 19 | 16 |
Impaired Financing Receivable, Interest Income, Cash Basis Method | ' | 1 | 1 |
Consumer | With no related allowance recorded | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Unpaid principal balance | 799 | 18 | ' |
Recorded investment | 799 | 18 | ' |
Allowance for loan losses allocated | ' | ' | ' |
Consumer | With an allowance recorded | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Unpaid principal balance | ' | ' | ' |
Recorded investment | ' | ' | ' |
Allowance for loan losses allocated | ' | ' | ' |
Construction Real Estate Vision Commercial Land And Development [Member] | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Recorded investment | ' | 13,260 | 24,328 |
Impaired Financing Receivable, Average Recorded Investment | ' | 17,277 | 58,792 |
Impaired Financing Receivable, Interest Income, Cash Basis Method | ' | ' | ' |
Loans_Average_Recorded_Investm
Loans - Average Recorded Investment and Interest Income Recognized on Loans Individually Evaluated for Impairment (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Recorded investment | $112,315 | $137,339 | $187,135 |
Average recorded investment | 124,089 | 164,164 | 214,045 |
Interest income recognized | 2,640 | 2,813 | 1,592 |
Commercial, financial and agricultural | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Recorded investment | 20,727 | 22,587 | 40,621 |
Average recorded investment | 20,523 | 35,305 | 23,518 |
Interest income recognized | 412 | 529 | 209 |
Commercial real estate | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Recorded investment | 41,822 | 44,278 | 51,978 |
Average recorded investment | 41,426 | 44,541 | 49,927 |
Interest income recognized | 1,151 | 968 | 829 |
SEPH commercial land and development | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Recorded investment | 4,777 | ' | ' |
Average recorded investment | 8,723 | ' | ' |
Interest income recognized | ' | ' | ' |
SEPH commercial land and development | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Recorded investment | ' | 13,260 | 24,328 |
Average recorded investment | ' | 17,277 | 58,792 |
Interest income recognized | ' | ' | ' |
Remaining commercial | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Recorded investment | 10,782 | 21,574 | 25,912 |
Average recorded investment | 17,829 | 27,774 | 29,152 |
Interest income recognized | 616 | 818 | 339 |
Commercial | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Recorded investment | 33,408 | 35,622 | 44,276 |
Average recorded investment | 34,972 | 39,248 | 52,640 |
Interest income recognized | 461 | 497 | 214 |
Consumer | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Recorded investment | 799 | 18 | 20 |
Average recorded investment | 616 | 19 | 16 |
Interest income recognized | ' | $1 | $1 |
Loans_Aging_of_Recorded_Invest
Loans - Aging of Recorded Investment in Past Due Loans(Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ||
Accruing loans past due 30-89 days | $31,815 | $40,325 | ||
Past due nonaccrual loans and loans past due 90 days or more and accruing | 61,610 | [1] | 82,514 | [2] |
Total past due | 93,425 | 122,839 | ||
Total current | 4,540,574 | 4,341,070 | ||
Recorded Investment | 4,633,999 | 4,463,909 | ||
Commercial, financial and agricultural | ' | ' | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ||
Accruing loans past due 30-89 days | 1,233 | 6,251 | ||
Past due nonaccrual loans and loans past due 90 days or more and accruing | 13,275 | [1] | 11,811 | [2] |
Total past due | 14,508 | 18,062 | ||
Total current | 814,003 | 808,841 | ||
Recorded Investment | 828,511 | [3] | 826,903 | [3] |
Commercial real estate | ' | ' | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ||
Accruing loans past due 30-89 days | 2,168 | 2,212 | ||
Past due nonaccrual loans and loans past due 90 days or more and accruing | 18,274 | [1] | 26,355 | [2] |
Total past due | 20,442 | 28,567 | ||
Total current | 1,095,596 | 1,067,436 | ||
Recorded Investment | 1,116,038 | [3] | 1,096,003 | [3] |
Construction real estate | ' | ' | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ||
Recorded Investment | 156,503 | 166,010 | ||
SEPH commercial land and development | ' | ' | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ||
Accruing loans past due 30-89 days | ' | ' | ||
Past due nonaccrual loans and loans past due 90 days or more and accruing | 4,242 | [1] | ' | |
Total past due | 4,242 | ' | ||
Total current | 1,606 | ' | ||
Recorded Investment | 5,848 | ' | ||
SEPH commercial land and development | ' | ' | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ||
Accruing loans past due 30-89 days | ' | 686 | ||
Past due nonaccrual loans and loans past due 90 days or more and accruing | ' | 11,314 | [2] | |
Total past due | ' | 12,000 | ||
Total current | ' | 3,142 | ||
Recorded Investment | ' | 15,142 | ||
Remaining commercial | ' | ' | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ||
Accruing loans past due 30-89 days | ' | 3,652 | ||
Past due nonaccrual loans and loans past due 90 days or more and accruing | 3,463 | [1] | 5,838 | [2] |
Total past due | 3,463 | 9,490 | ||
Total current | 107,642 | 106,314 | ||
Recorded Investment | 111,105 | 115,804 | ||
Mortgage | ' | ' | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ||
Accruing loans past due 30-89 days | 264 | 171 | ||
Past due nonaccrual loans and loans past due 90 days or more and accruing | 75 | [1] | 85 | [2] |
Total past due | 339 | 256 | ||
Total current | 31,639 | 26,198 | ||
Recorded Investment | 31,978 | 26,454 | ||
Installment | ' | ' | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ||
Accruing loans past due 30-89 days | 207 | 135 | ||
Past due nonaccrual loans and loans past due 90 days or more and accruing | 14 | [1] | 40 | [2] |
Total past due | 221 | 175 | ||
Total current | 7,351 | 8,435 | ||
Recorded Investment | 7,572 | 8,610 | ||
Commercial | ' | ' | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ||
Accruing loans past due 30-89 days | 900 | 1,163 | ||
Past due nonaccrual loans and loans past due 90 days or more and accruing | 5,659 | [1] | 5,917 | [2] |
Total past due | 6,559 | 7,080 | ||
Total current | 401,732 | 386,082 | ||
Recorded Investment | 408,291 | 393,162 | ||
Mortgage | ' | ' | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ||
Accruing loans past due 30-89 days | 13,633 | 11,948 | ||
Past due nonaccrual loans and loans past due 90 days or more and accruing | 11,829 | [1] | 17,370 | [2] |
Total past due | 25,462 | 29,318 | ||
Total current | 1,120,851 | 1,036,868 | ||
Recorded Investment | 1,146,313 | 1,066,186 | ||
HELOC | ' | ' | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ||
Accruing loans past due 30-89 days | 571 | 620 | ||
Past due nonaccrual loans and loans past due 90 days or more and accruing | 402 | [1] | 309 | [2] |
Total past due | 973 | 929 | ||
Total current | 213,462 | 212,868 | ||
Recorded Investment | 214,435 | 213,797 | ||
Installment | ' | ' | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ||
Accruing loans past due 30-89 days | 696 | 563 | ||
Past due nonaccrual loans and loans past due 90 days or more and accruing | 436 | [1] | 787 | [2] |
Total past due | 1,132 | 1,350 | ||
Total current | 32,841 | 42,576 | ||
Recorded Investment | 33,973 | 43,926 | ||
Consumer | ' | ' | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ||
Accruing loans past due 30-89 days | 12,143 | 12,924 | ||
Past due nonaccrual loans and loans past due 90 days or more and accruing | 3,941 | [1] | 2,688 | [2] |
Total past due | 16,084 | 15,612 | ||
Total current | 710,424 | 639,153 | ||
Recorded Investment | 726,508 | 654,765 | ||
Leases | ' | ' | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ||
Accruing loans past due 30-89 days | ' | ' | ||
Past due nonaccrual loans and loans past due 90 days or more and accruing | ' | [1] | ' | [2] |
Total past due | ' | ' | ||
Total current | 3,427 | 3,157 | ||
Recorded Investment | $3,427 | $3,157 | ||
[1] | Includes $1.7 million of loans past due 90 days or more and accruing. The remaining are past due, nonaccrual loans. | |||
[2] | Includes $3.0 million of loans past due 90 days or more and accruing. The remaining are past due, nonaccrual loans. | |||
[3] | Included within commercial, financial and agricultural loans, commercial real estate loans, and SEPH commercial land and development loans were an immaterial amount of consumer loans that were not broken out by class. |
Loans_Recorded_Investment_by_L
Loans - Recorded Investment by Loan Grade (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
5 Rated | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Commercial loans | $29,891 | $51,292 |
5 Rated | Commercial, financial and agricultural | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Commercial loans | 6,055 | 9,537 |
5 Rated | Commercial real estate | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Commercial loans | 11,591 | 25,616 |
5 Rated | SEPH commercial land and development | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Commercial loans | 354 | ' |
5 Rated | SEPH commercial land and development | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Commercial loans | ' | 411 |
5 Rated | Remaining commercial | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Commercial loans | 6,858 | 6,734 |
5 Rated | Commercial | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Commercial loans | 5,033 | 8,994 |
5 Rated | Leases | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Commercial loans | ' | ' |
6 Rated | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Commercial loans | 2,698 | 16,887 |
6 Rated | Commercial, financial and agricultural | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Commercial loans | 532 | 10,874 |
6 Rated | Commercial real estate | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Commercial loans | 1,525 | 3,960 |
6 Rated | SEPH commercial land and development | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Commercial loans | ' | ' |
6 Rated | SEPH commercial land and development | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Commercial loans | ' | ' |
6 Rated | Remaining commercial | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Commercial loans | 244 | ' |
6 Rated | Commercial | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Commercial loans | 397 | 2,053 |
6 Rated | Leases | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Commercial loans | ' | ' |
Impaired | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Commercial loans | 111,529 | 138,014 |
Impaired | Commercial, financial and agricultural | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Commercial loans | 20,740 | 22,601 |
Impaired | Commercial real estate | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Commercial loans | 41,822 | 44,278 |
Impaired | SEPH commercial land and development | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Commercial loans | 4,777 | ' |
Impaired | SEPH commercial land and development | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Commercial loans | ' | 13,939 |
Impaired | Remaining commercial | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Commercial loans | 10,782 | 21,574 |
Impaired | Commercial | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Commercial loans | 33,408 | 35,622 |
Impaired | Leases | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Commercial loans | ' | ' |
Pass Rated | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Commercial loans | 2,329,102 | 2,243,978 |
Pass Rated | Commercial, financial and agricultural | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Commercial loans | 801,184 | 783,891 |
Pass Rated | Commercial real estate | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Commercial loans | 1,061,100 | 1,022,149 |
Pass Rated | SEPH commercial land and development | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Commercial loans | 717 | ' |
Pass Rated | SEPH commercial land and development | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Commercial loans | ' | 792 |
Pass Rated | Remaining commercial | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Commercial loans | 93,221 | 87,496 |
Pass Rated | Commercial | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Commercial loans | 369,453 | 346,493 |
Pass Rated | Leases | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Commercial loans | 3,427 | 3,157 |
Recorded Investment | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Commercial loans | 2,473,220 | 2,450,171 |
Recorded Investment | Commercial, financial and agricultural | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Commercial loans | 828,511 | 826,903 |
Recorded Investment | Commercial real estate | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Commercial loans | 1,116,038 | 1,096,003 |
Recorded Investment | SEPH commercial land and development | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Commercial loans | 5,848 | ' |
Recorded Investment | SEPH commercial land and development | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Commercial loans | ' | 15,142 |
Recorded Investment | Remaining commercial | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Commercial loans | 111,105 | 115,804 |
Recorded Investment | Commercial | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Commercial loans | 408,291 | 393,162 |
Recorded Investment | Leases | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Commercial loans | $3,427 | $3,157 |
Loans_TDR_Number_of_Contracts_
Loans - TDR Number of Contracts Modified And Recorded Investment (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
contracts | contracts | |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Number of Contracts | 496 | 954 |
Total Recorded Investment Modified as TDRs During Period | $18,467 | $37,117 |
Commercial, financial and agricultural | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Number of Contracts | 34 | 44 |
Total Recorded Investment Modified as TDRs During Period | 1,341 | 4,342 |
Commercial real estate | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Number of Contracts | 22 | 25 |
Total Recorded Investment Modified as TDRs During Period | 8,563 | 6,259 |
SEPH commercial land and development | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Number of Contracts | 0 | ' |
Total Recorded Investment Modified as TDRs During Period | ' | ' |
SEPH commercial land and development | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Number of Contracts | ' | 12 |
Total Recorded Investment Modified as TDRs During Period | ' | 1,301 |
Remaining commercial | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Number of Contracts | 3 | 15 |
Total Recorded Investment Modified as TDRs During Period | 98 | 7,110 |
Mortgage | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Number of Contracts | 0 | 2 |
Total Recorded Investment Modified as TDRs During Period | ' | 184 |
Installment | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Number of Contracts | 4 | 6 |
Total Recorded Investment Modified as TDRs During Period | 51 | 253 |
Commercial | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Number of Contracts | 15 | 18 |
Total Recorded Investment Modified as TDRs During Period | 2,552 | 2,981 |
Mortgage | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Number of Contracts | 62 | 129 |
Total Recorded Investment Modified as TDRs During Period | 4,245 | 10,055 |
HELOC | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Number of Contracts | 16 | 46 |
Total Recorded Investment Modified as TDRs During Period | 175 | 794 |
Installment | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Number of Contracts | 13 | 57 |
Total Recorded Investment Modified as TDRs During Period | 292 | 1,269 |
Consumer | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Number of Contracts | 327 | 600 |
Total Recorded Investment Modified as TDRs During Period | 1,150 | 2,569 |
Accruing | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total Recorded Investment Modified as TDRs During Period | 3,093 | 15,110 |
Accruing | Commercial, financial and agricultural | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total Recorded Investment Modified as TDRs During Period | 7 | 2,843 |
Accruing | Commercial real estate | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total Recorded Investment Modified as TDRs During Period | ' | 2,648 |
Accruing | SEPH commercial land and development | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total Recorded Investment Modified as TDRs During Period | ' | ' |
Accruing | SEPH commercial land and development | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total Recorded Investment Modified as TDRs During Period | ' | ' |
Accruing | Remaining commercial | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total Recorded Investment Modified as TDRs During Period | ' | 531 |
Accruing | Mortgage | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total Recorded Investment Modified as TDRs During Period | 0 | 99 |
Accruing | Installment | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total Recorded Investment Modified as TDRs During Period | 26 | 175 |
Accruing | Commercial | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total Recorded Investment Modified as TDRs During Period | ' | 1,139 |
Accruing | Mortgage | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total Recorded Investment Modified as TDRs During Period | 1,967 | 4,279 |
Accruing | HELOC | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total Recorded Investment Modified as TDRs During Period | 175 | 736 |
Accruing | Installment | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total Recorded Investment Modified as TDRs During Period | 113 | 761 |
Accruing | Consumer | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total Recorded Investment Modified as TDRs During Period | 805 | 1,899 |
Nonaccrual | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total Recorded Investment Modified as TDRs During Period | 15,374 | 22,007 |
Nonaccrual | Commercial, financial and agricultural | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total Recorded Investment Modified as TDRs During Period | 1,334 | 1,499 |
Nonaccrual | Commercial real estate | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total Recorded Investment Modified as TDRs During Period | 8,563 | 3,611 |
Nonaccrual | SEPH commercial land and development | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total Recorded Investment Modified as TDRs During Period | ' | ' |
Nonaccrual | SEPH commercial land and development | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total Recorded Investment Modified as TDRs During Period | ' | 1,301 |
Nonaccrual | Remaining commercial | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total Recorded Investment Modified as TDRs During Period | 98 | 6,579 |
Nonaccrual | Mortgage | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total Recorded Investment Modified as TDRs During Period | ' | 85 |
Nonaccrual | Installment | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total Recorded Investment Modified as TDRs During Period | 25 | 78 |
Nonaccrual | Commercial | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total Recorded Investment Modified as TDRs During Period | 2,552 | 1,842 |
Nonaccrual | Mortgage | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total Recorded Investment Modified as TDRs During Period | 2,278 | 5,776 |
Nonaccrual | HELOC | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total Recorded Investment Modified as TDRs During Period | 0 | 58 |
Nonaccrual | Installment | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total Recorded Investment Modified as TDRs During Period | 179 | 508 |
Nonaccrual | Consumer | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total Recorded Investment Modified as TDRs During Period | $345 | $670 |
Loans_Recorded_Investment_in_F
Loans - Recorded Investment in Financing Receivable Modified as TDR Within 12 Month (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
contracts | contracts | |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Number of Contracts | 132 | 208 |
Recorded Investment | $7,379 | $8,879 |
Commercial, financial and agricultural | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Number of Contracts | 11 | 8 |
Recorded Investment | 771 | 244 |
Commercial real estate | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Number of Contracts | 11 | 10 |
Recorded Investment | 2,839 | 2,113 |
SEPH commercial land and development | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Number of Contracts | 0 | 7 |
Recorded Investment | ' | 970 |
Remaining commercial | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Number of Contracts | 0 | 4 |
Recorded Investment | ' | 1,476 |
Mortgage | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Number of Contracts | 0 | 1 |
Recorded Investment | 0 | 85 |
Installment | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Number of Contracts | 1 | 1 |
Recorded Investment | 10 | 27 |
Commercial | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Number of Contracts | 4 | 1 |
Recorded Investment | 1,683 | 16 |
Mortgage | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Number of Contracts | 26 | 39 |
Recorded Investment | 1,533 | 2,863 |
HELOC | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Number of Contracts | 0 | 5 |
Recorded Investment | ' | 70 |
Installment | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Number of Contracts | 5 | 9 |
Recorded Investment | 72 | 272 |
Leases | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Number of Contracts | 74 | 123 |
Recorded Investment | 471 | 743 |
Leases | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Number of Contracts | 0 | 0 |
Recorded Investment | $0 | ' |
Allowance_for_Loan_Losses_Allo
Allowance for Loan Losses - Allowance Calculation at the Segment Level and Adjusted Beginning Balance for the Allowance for Credit Losses (Details) (USD $) | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' | ' |
Allowance for Loan and Lease Losses, Reserve Estimate Methodology, Historical Loss Period Factor | '48 months | '54 months | '60 months | ' | ' |
General reserves as a percent of performing loans | 1.10% | 1.10% | ' | ' | ' |
Beginning balance | $55,537 | $55,537 | $55,537 | $68,444 | $143,575 |
Transfer of loans at fair value | ' | ' | ' | ' | 219 |
Transfer of allowance to held for sale | ' | ' | ' | ' | 13,100 |
Charge-offs | ' | ' | 19,153 | 61,268 | 133,882 |
Recoveries | ' | ' | -19,669 | -12,942 | -8,798 |
Net Charge-offs | ' | ' | -516 | 48,326 | 125,084 |
Provision (Recovery) | ' | ' | 3,415 | 35,419 | 63,272 |
Ending balance | ' | ' | 59,468 | 55,537 | 68,444 |
Commercial, financial and agricultural | ' | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' | ' |
Beginning balance | 15,635 | 15,635 | 15,635 | 16,950 | 11,555 |
Transfer of loans at fair value | ' | ' | ' | ' | 2 |
Transfer of allowance to held for sale | ' | ' | ' | ' | 1,184 |
Charge-offs | ' | ' | 6,160 | 26,847 | 18,350 |
Recoveries | ' | ' | -1,314 | -1,066 | -1,402 |
Net Charge-offs | ' | ' | 4,846 | 25,781 | 16,948 |
Provision (Recovery) | ' | ' | 3,429 | 24,466 | 23,529 |
Ending balance | ' | ' | 14,218 | 15,635 | 16,950 |
Commercial real estate | ' | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' | ' |
Beginning balance | 11,736 | 11,736 | 11,736 | 15,539 | 24,369 |
Transfer of loans at fair value | ' | ' | ' | ' | 150 |
Transfer of allowance to held for sale | ' | ' | ' | ' | 4,327 |
Charge-offs | ' | ' | 1,832 | 10,454 | 23,063 |
Recoveries | ' | ' | -726 | -783 | -1,825 |
Net Charge-offs | ' | ' | 1,106 | 9,671 | 21,238 |
Provision (Recovery) | ' | ' | 5,269 | 5,868 | 16,885 |
Ending balance | ' | ' | 15,899 | 11,736 | 15,539 |
Construction real estate | ' | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' | ' |
Beginning balance | 6,841 | 6,841 | 6,841 | 14,433 | 70,462 |
Transfer of loans at fair value | ' | ' | ' | ' | 63 |
Transfer of allowance to held for sale | ' | ' | ' | ' | 1,998 |
Charge-offs | ' | ' | 1,791 | 9,985 | 64,166 |
Recoveries | ' | ' | -9,378 | -2,979 | -1,463 |
Net Charge-offs | ' | ' | -7,587 | 7,006 | 62,703 |
Provision (Recovery) | ' | ' | -7,573 | -586 | 8,735 |
Ending balance | ' | ' | 6,855 | 6,841 | 14,433 |
Residential real estate | ' | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' | ' |
Beginning balance | 14,759 | 14,759 | 14,759 | 15,692 | 30,259 |
Transfer of loans at fair value | ' | ' | ' | ' | 4 |
Transfer of allowance to held for sale | ' | ' | ' | ' | 5,450 |
Charge-offs | ' | ' | 3,207 | 8,607 | 20,691 |
Recoveries | ' | ' | -6,000 | -5,559 | -1,719 |
Net Charge-offs | ' | ' | -2,793 | 3,048 | 18,972 |
Provision (Recovery) | ' | ' | -3,301 | 2,115 | 9,859 |
Ending balance | ' | ' | 14,251 | 14,759 | 15,692 |
Consumer | ' | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' | ' |
Beginning balance | 6,566 | 6,566 | 6,566 | 5,830 | 6,925 |
Transfer of loans at fair value | ' | ' | ' | ' | 0 |
Transfer of allowance to held for sale | ' | ' | ' | ' | 141 |
Charge-offs | ' | ' | 6,163 | 5,375 | 7,612 |
Recoveries | ' | ' | -2,249 | -2,555 | -2,385 |
Net Charge-offs | ' | ' | 3,914 | 2,820 | 5,227 |
Provision (Recovery) | ' | ' | 5,593 | 3,556 | 4,273 |
Ending balance | ' | ' | 8,245 | 6,566 | 5,830 |
Leases | ' | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' | ' |
Beginning balance | 0 | 0 | 0 | 0 | 5 |
Transfer of loans at fair value | ' | ' | ' | ' | 0 |
Transfer of allowance to held for sale | ' | ' | ' | ' | 0 |
Charge-offs | ' | ' | 0 | 0 | 0 |
Recoveries | ' | ' | -2 | 0 | -4 |
Net Charge-offs | ' | ' | -2 | 0 | -4 |
Provision (Recovery) | ' | ' | -2 | 0 | -9 |
Ending balance | ' | ' | $0 | $0 | $0 |
Allowance_for_Loan_Losses_Comp
Allowance for Loan Losses - Composition of the Allowance for Loan Losses (Details) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' | ||
Loans and Leases Receivable, Allowance | $59,468 | $55,537 | $68,444 | $143,575 | ||
Allowance For Credit Losses Transfer Of Loans At Fair Value | ' | ' | 219 | ' | ||
Allowance For Credit Losses Transfer Of Allowance To Held For Sale | ' | ' | 13,100 | ' | ||
Ending allowance balance attributed to loans | ' | ' | ' | ' | ||
Individually evaluated for impairment | 10,451 | 8,276 | ' | ' | ||
Collectively evaluated for impairment | 49,017 | 47,261 | ' | ' | ||
Total ending allowance balance | 59,468 | 55,537 | ' | ' | ||
Loan Balance: | ' | ' | ' | ' | ||
Loans individually evaluated for impairment | 112,304 | 137,238 | ' | ' | ||
Loans collectively evaluated for impairment | 4,508,201 | 4,313,084 | ' | ' | ||
Total ending loan balance | 4,620,505 | 4,450,322 | ' | ' | ||
Allowance for loan losses as a percentage of loan balance: | ' | ' | ' | ' | ||
Loans individually evaluated for impairment | 9.31% | 6.03% | ' | ' | ||
Loans collectively evaluated for impairment | 1.09% | 1.10% | ' | ' | ||
Total ending loan balance | 1.29% | 1.25% | ' | ' | ||
Recorded Investment: | ' | ' | ' | ' | ||
Loans individually evaluated for impairment | 112,315 | 137,339 | ' | ' | ||
Loans collectively evaluated for impairment | 4,521,684 | 4,326,570 | ' | ' | ||
Recorded Investment | 4,633,999 | 4,463,909 | ' | ' | ||
Financing Receivable, Allowance for Credit Losses, Write-downs | 19,153 | 61,268 | 133,882 | ' | ||
Financing Receivable, Allowance for Credit Losses, Recovery | -19,669 | -12,942 | -8,798 | ' | ||
Financing Receivables Allowance For Credit Losses Net Charge Offs | -516 | 48,326 | 125,084 | ' | ||
Provision for Loan, Lease, and Other Losses | 3,415 | 35,419 | 63,272 | ' | ||
Commercial, financial and agricultural | ' | ' | ' | ' | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' | ||
Loans and Leases Receivable, Allowance | 14,218 | 15,635 | 16,950 | 11,555 | ||
Allowance For Credit Losses Transfer Of Loans At Fair Value | ' | ' | 2 | ' | ||
Allowance For Credit Losses Transfer Of Allowance To Held For Sale | ' | ' | 1,184 | ' | ||
Ending allowance balance attributed to loans | ' | ' | ' | ' | ||
Individually evaluated for impairment | 3,268 | 3,180 | ' | ' | ||
Collectively evaluated for impairment | 10,950 | 12,455 | ' | ' | ||
Total ending allowance balance | 14,218 | 15,635 | ' | ' | ||
Loan Balance: | ' | ' | ' | ' | ||
Loans individually evaluated for impairment | 20,724 | 22,523 | ' | ' | ||
Loans collectively evaluated for impairment | 804,708 | 801,404 | ' | ' | ||
Total ending loan balance | 825,432 | [1] | 823,927 | [1] | ' | ' |
Allowance for loan losses as a percentage of loan balance: | ' | ' | ' | ' | ||
Loans individually evaluated for impairment | 15.77% | 14.12% | ' | ' | ||
Loans collectively evaluated for impairment | 1.36% | 1.55% | ' | ' | ||
Total ending loan balance | 1.72% | 1.90% | ' | ' | ||
Recorded Investment: | ' | ' | ' | ' | ||
Loans individually evaluated for impairment | 20,727 | 22,587 | ' | ' | ||
Loans collectively evaluated for impairment | 807,784 | 804,316 | ' | ' | ||
Recorded Investment | 828,511 | [1] | 826,903 | [1] | ' | ' |
Financing Receivable, Allowance for Credit Losses, Write-downs | 6,160 | 26,847 | 18,350 | ' | ||
Financing Receivable, Allowance for Credit Losses, Recovery | -1,314 | -1,066 | -1,402 | ' | ||
Financing Receivables Allowance For Credit Losses Net Charge Offs | 4,846 | 25,781 | 16,948 | ' | ||
Provision for Loan, Lease, and Other Losses | 3,429 | 24,466 | 23,529 | ' | ||
Commercial real estate | ' | ' | ' | ' | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' | ||
Loans and Leases Receivable, Allowance | 15,899 | 11,736 | 15,539 | 24,369 | ||
Allowance For Credit Losses Transfer Of Loans At Fair Value | ' | ' | 150 | ' | ||
Allowance For Credit Losses Transfer Of Allowance To Held For Sale | ' | ' | 4,327 | ' | ||
Ending allowance balance attributed to loans | ' | ' | ' | ' | ||
Individually evaluated for impairment | 5,496 | 1,540 | ' | ' | ||
Collectively evaluated for impairment | 10,403 | 10,196 | ' | ' | ||
Total ending allowance balance | 15,899 | 11,736 | ' | ' | ||
Loan Balance: | ' | ' | ' | ' | ||
Loans individually evaluated for impairment | 41,816 | 44,267 | ' | ' | ||
Loans collectively evaluated for impairment | 1,070,457 | 1,047,897 | ' | ' | ||
Total ending loan balance | 1,112,273 | [1] | 1,092,164 | [1] | ' | ' |
Allowance for loan losses as a percentage of loan balance: | ' | ' | ' | ' | ||
Loans individually evaluated for impairment | 13.14% | 3.48% | ' | ' | ||
Loans collectively evaluated for impairment | 0.97% | 0.97% | ' | ' | ||
Total ending loan balance | 1.43% | 1.07% | ' | ' | ||
Recorded Investment: | ' | ' | ' | ' | ||
Loans individually evaluated for impairment | 41,822 | 44,278 | ' | ' | ||
Loans collectively evaluated for impairment | 1,074,216 | 1,051,725 | ' | ' | ||
Recorded Investment | 1,116,038 | [1] | 1,096,003 | [1] | ' | ' |
Financing Receivable, Allowance for Credit Losses, Write-downs | 1,832 | 10,454 | 23,063 | ' | ||
Financing Receivable, Allowance for Credit Losses, Recovery | -726 | -783 | -1,825 | ' | ||
Financing Receivables Allowance For Credit Losses Net Charge Offs | 1,106 | 9,671 | 21,238 | ' | ||
Provision for Loan, Lease, and Other Losses | 5,269 | 5,868 | 16,885 | ' | ||
Construction real estate | ' | ' | ' | ' | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' | ||
Loans and Leases Receivable, Allowance | 6,855 | 6,841 | 14,433 | 70,462 | ||
Allowance For Credit Losses Transfer Of Loans At Fair Value | ' | ' | 63 | ' | ||
Allowance For Credit Losses Transfer Of Allowance To Held For Sale | ' | ' | 1,998 | ' | ||
Ending allowance balance attributed to loans | ' | ' | ' | ' | ||
Individually evaluated for impairment | 1,132 | 2,277 | ' | ' | ||
Collectively evaluated for impairment | 5,723 | 4,564 | ' | ' | ||
Total ending allowance balance | 6,855 | 6,841 | ' | ' | ||
Loan Balance: | ' | ' | ' | ' | ||
Loans individually evaluated for impairment | 15,559 | 34,814 | ' | ' | ||
Loans collectively evaluated for impairment | 140,557 | 130,714 | ' | ' | ||
Total ending loan balance | 156,116 | 165,528 | ' | ' | ||
Allowance for loan losses as a percentage of loan balance: | ' | ' | ' | ' | ||
Loans individually evaluated for impairment | 7.28% | 6.54% | ' | ' | ||
Loans collectively evaluated for impairment | 4.07% | 3.49% | ' | ' | ||
Total ending loan balance | 4.39% | 4.13% | ' | ' | ||
Recorded Investment: | ' | ' | ' | ' | ||
Loans individually evaluated for impairment | 15,559 | 34,834 | ' | ' | ||
Loans collectively evaluated for impairment | 140,944 | 131,176 | ' | ' | ||
Recorded Investment | 156,503 | 166,010 | ' | ' | ||
Financing Receivable, Allowance for Credit Losses, Write-downs | 1,791 | 9,985 | 64,166 | ' | ||
Financing Receivable, Allowance for Credit Losses, Recovery | -9,378 | -2,979 | -1,463 | ' | ||
Financing Receivables Allowance For Credit Losses Net Charge Offs | -7,587 | 7,006 | 62,703 | ' | ||
Provision for Loan, Lease, and Other Losses | -7,573 | -586 | 8,735 | ' | ||
Residential real estate | ' | ' | ' | ' | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' | ||
Loans and Leases Receivable, Allowance | 14,251 | 14,759 | 15,692 | 30,259 | ||
Allowance For Credit Losses Transfer Of Loans At Fair Value | ' | ' | 4 | ' | ||
Allowance For Credit Losses Transfer Of Allowance To Held For Sale | ' | ' | 5,450 | ' | ||
Ending allowance balance attributed to loans | ' | ' | ' | ' | ||
Individually evaluated for impairment | 555 | 1,279 | ' | ' | ||
Collectively evaluated for impairment | 13,696 | 13,480 | ' | ' | ||
Total ending allowance balance | 14,251 | 14,759 | ' | ' | ||
Loan Balance: | ' | ' | ' | ' | ||
Loans individually evaluated for impairment | 33,406 | 35,616 | ' | ' | ||
Loans collectively evaluated for impairment | 1,766,141 | 1,678,029 | ' | ' | ||
Total ending loan balance | 1,799,547 | 1,713,645 | ' | ' | ||
Allowance for loan losses as a percentage of loan balance: | ' | ' | ' | ' | ||
Loans individually evaluated for impairment | 1.66% | 3.59% | ' | ' | ||
Loans collectively evaluated for impairment | 0.78% | 0.80% | ' | ' | ||
Total ending loan balance | 0.79% | 0.86% | ' | ' | ||
Recorded Investment: | ' | ' | ' | ' | ||
Loans individually evaluated for impairment | 33,408 | 35,622 | ' | ' | ||
Loans collectively evaluated for impairment | 1,769,604 | 1,681,449 | ' | ' | ||
Recorded Investment | 1,803,012 | 1,717,071 | ' | ' | ||
Financing Receivable, Allowance for Credit Losses, Write-downs | 3,207 | 8,607 | 20,691 | ' | ||
Financing Receivable, Allowance for Credit Losses, Recovery | -6,000 | -5,559 | -1,719 | ' | ||
Financing Receivables Allowance For Credit Losses Net Charge Offs | -2,793 | 3,048 | 18,972 | ' | ||
Provision for Loan, Lease, and Other Losses | -3,301 | 2,115 | 9,859 | ' | ||
Consumer | ' | ' | ' | ' | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' | ||
Loans and Leases Receivable, Allowance | 8,245 | 6,566 | 5,830 | 6,925 | ||
Allowance For Credit Losses Transfer Of Loans At Fair Value | ' | ' | 0 | ' | ||
Allowance For Credit Losses Transfer Of Allowance To Held For Sale | ' | ' | 141 | ' | ||
Ending allowance balance attributed to loans | ' | ' | ' | ' | ||
Individually evaluated for impairment | 0 | 0 | ' | ' | ||
Collectively evaluated for impairment | 8,245 | 6,566 | ' | ' | ||
Total ending allowance balance | 8,245 | 6,566 | ' | ' | ||
Loan Balance: | ' | ' | ' | ' | ||
Loans individually evaluated for impairment | 799 | 18 | ' | ' | ||
Loans collectively evaluated for impairment | 722,934 | 651,912 | ' | ' | ||
Total ending loan balance | 723,733 | 651,930 | ' | ' | ||
Allowance for loan losses as a percentage of loan balance: | ' | ' | ' | ' | ||
Loans individually evaluated for impairment | 0.00% | 0.00% | ' | ' | ||
Loans collectively evaluated for impairment | 1.14% | 1.01% | ' | ' | ||
Total ending loan balance | 1.14% | 1.01% | ' | ' | ||
Recorded Investment: | ' | ' | ' | ' | ||
Loans individually evaluated for impairment | 799 | 18 | ' | ' | ||
Loans collectively evaluated for impairment | 725,709 | 654,747 | ' | ' | ||
Recorded Investment | 726,508 | 654,765 | ' | ' | ||
Financing Receivable, Allowance for Credit Losses, Write-downs | 6,163 | 5,375 | 7,612 | ' | ||
Financing Receivable, Allowance for Credit Losses, Recovery | -2,249 | -2,555 | -2,385 | ' | ||
Financing Receivables Allowance For Credit Losses Net Charge Offs | 3,914 | 2,820 | 5,227 | ' | ||
Provision for Loan, Lease, and Other Losses | 5,593 | 3,556 | 4,273 | ' | ||
Leases | ' | ' | ' | ' | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' | ||
Loans and Leases Receivable, Allowance | 0 | 0 | 0 | 5 | ||
Allowance For Credit Losses Transfer Of Loans At Fair Value | ' | ' | 0 | ' | ||
Allowance For Credit Losses Transfer Of Allowance To Held For Sale | ' | ' | 0 | ' | ||
Ending allowance balance attributed to loans | ' | ' | ' | ' | ||
Individually evaluated for impairment | 0 | 0 | ' | ' | ||
Collectively evaluated for impairment | 0 | 0 | ' | ' | ||
Total ending allowance balance | 0 | 0 | ' | ' | ||
Loan Balance: | ' | ' | ' | ' | ||
Loans individually evaluated for impairment | 0 | 0 | ' | ' | ||
Loans collectively evaluated for impairment | 3,404 | 3,128 | ' | ' | ||
Total ending loan balance | 3,404 | 3,128 | ' | ' | ||
Allowance for loan losses as a percentage of loan balance: | ' | ' | ' | ' | ||
Loans individually evaluated for impairment | 0.00% | 0.00% | ' | ' | ||
Loans collectively evaluated for impairment | 0.00% | 0.00% | ' | ' | ||
Total ending loan balance | 0.00% | 0.00% | ' | ' | ||
Recorded Investment: | ' | ' | ' | ' | ||
Loans individually evaluated for impairment | 0 | 0 | ' | ' | ||
Loans collectively evaluated for impairment | 3,427 | 3,157 | ' | ' | ||
Recorded Investment | 3,427 | 3,157 | ' | ' | ||
Financing Receivable, Allowance for Credit Losses, Write-downs | 0 | 0 | 0 | ' | ||
Financing Receivable, Allowance for Credit Losses, Recovery | -2 | 0 | -4 | ' | ||
Financing Receivables Allowance For Credit Losses Net Charge Offs | -2 | 0 | -4 | ' | ||
Provision for Loan, Lease, and Other Losses | ($2) | $0 | ($9) | ' | ||
[1] | Included within commercial, financial and agricultural loans, commercial real estate loans, and SEPH commercial land and development loans were an immaterial amount of consumer loans that were not broken out by class. |
Premises_And_Equipment_Narrati
Premises And Equipment - Narrative (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Property, Plant and Equipment [Abstract] | ' | ' | ' |
Depreciation and amortization expense | $7.30 | $7 | $7.60 |
Rent expense | $1.80 | $1.90 | $2.40 |
Premises_And_Equipment_Major_C
Premises And Equipment - Major Categories of Premises and Equipment (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ' | ' |
Premises and Equipment, Gross | $128,680 | $152,133 |
Less accumulated depreciation | -73,402 | -98,382 |
Premises and equipment, net | 55,278 | 53,751 |
Land | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Premises and Equipment, Gross | 17,657 | 17,354 |
Buildings | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Premises and Equipment, Gross | 70,183 | 69,091 |
Equipment, furniture and fixtures | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Premises and Equipment, Gross | 36,937 | 61,679 |
Leasehold improvements | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Premises and Equipment, Gross | $3,903 | $4,009 |
Premises_And_Equipment_Schedul
Premises And Equipment - Schedule of Future Minimum Rental Payments Under Operating Leases (Details) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | ' |
2014 | $1,351 |
2015 | 945 |
2016 | 628 |
2017 | 475 |
2018 | 744 |
Thereafter | 605 |
Total | $4,748 |
Deposits_Narrative_Details
Deposits - Narrative (Details) (USD $) | Dec. 31, 2013 |
In Millions, unless otherwise specified | |
Deposits [Abstract] | ' |
Deposits received from executive officers, directors, and their related interests | $18.40 |
Deposits_Summary_of_Noninteres
Deposits - Summary of Noninterest Bearing and Interest Bearing Deposits (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |||
Deposits [Abstract] | ' | ' | ' |
Non-interest bearing | $1,193,553 | $1,137,290 | ' |
Interest bearing | 3,596,441 | 3,578,742 | ' |
Total deposits | $4,789,994 | $4,716,032 | $4,465,114 |
Deposits_Time_Deposits_Details
Deposits - Time Deposits (Details) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Time Deposits, Fiscal Year Maturity [Abstract] | ' |
2013 | $883,231 |
2014 | 215,866 |
2015 | 104,274 |
2016 | 80,856 |
2017 | 39,485 |
After 5 years | 947 |
Total | $1,324,659 |
Deposits_Maturities_of_Time_De
Deposits - Maturities of Time Deposits (Details) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Contractual Maturities, Time Deposits, $100,000 or More [Abstract] | ' |
3 months or less | $186,194 |
Over 3 months through 6 months | 114,979 |
Over 6 months through 12 months | 146,315 |
Over 12 months | 153,966 |
Total | $601,454 |
ShortTerm_Borrowings_Narrative
Short-Term Borrowings - Narrative (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
FHLB Advances | ' | ' |
Short-term Debt [Line Items] | ' | ' |
Commercial real estate and residential mortgage loans pledged under blanket agreement | $2,072 | $2,053 |
Repurchase agreements and Federal Funds Purchased | ' | ' |
Short-term Debt [Line Items] | ' | ' |
Securities pledged to secure repurchase agreements | $648 | $667 |
ShortTerm_Borrowings_Schedule_
Short-Term Borrowings - Schedule of Short-Term Borrowings (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Short-term Debt [Line Items] | ' | ' |
Securities sold under agreements to repurchase and federal funds purchased | $242,029 | $244,168 |
Federal Home Loan Bank advances | 0 | 100,000 |
Total short-term borrowings | 242,029 | 344,168 |
Repurchase agreements and Federal Funds Purchased | ' | ' |
Short-term Debt [Line Items] | ' | ' |
Total short-term borrowings | 242,029 | 244,168 |
Highest month-end balance | 280,863 | 302,946 |
Average daily balance | 251,868 | 257,341 |
Weighted-average interest rate: | ' | ' |
As of year-end | 0.19% | 0.23% |
Paid during the year | 0.21% | 0.26% |
FHLB Advances | ' | ' |
Short-term Debt [Line Items] | ' | ' |
Total short-term borrowings | 0 | 100,000 |
Highest month-end balance | 0 | 100,000 |
Average daily balance | $1,255 | $1,320 |
Weighted-average interest rate: | ' | ' |
As of year-end | 0.00% | 0.38% |
Paid during the year | 0.41% | 0.28% |
LongTerm_Debt_Narrative_Detail
Long-Term Debt - Narrative (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Nov. 30, 2012 |
Broker Repurchase Agreements | Broker Repurchase Agreements | |||
Debt Instrument [Line Items] | ' | ' | ' | ' |
Debt repurchased during period | ' | ' | ' | $300,000,000 |
Debt repurchased during period, rate | ' | ' | ' | 1.75% |
Total prepayment penalty | ' | ' | 25,000,000 | ' |
Effective interest rate percentage | ' | ' | 3.40% | ' |
Prepayment Penalty, Future Amortization Expense [Abstract] | ' | ' | ' | ' |
2014 | ' | ' | 4,900,000 | ' |
2015 | ' | ' | 5,000,000 | ' |
2016 | ' | ' | 5,100,000 | ' |
2017 | ' | ' | 4,800,000 | ' |
Prepayment penalty | -19,766,000 | -24,601,000 | 19,766,000 | ' |
Long-term debt with contractual maturity longer than five years | 176,745,000 | 152,171,000 | ' | ' |
Long term debt, callable by the issuer in 2013 | $150,000,000 | ' | ' | ' |
LongTerm_Debt_Schedule_of_long
Long-Term Debt - Schedule of long-Term Debt (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Long-term Debt, Fiscal Year Maturity [Abstract] | ' | ' |
2012 | $100,500 | $50,500 |
2013 | 51,000 | 100,500 |
2014 | 26,000 | 51,000 |
2015 | 351,000 | 1,000 |
2016 | 125,062 | 351,000 |
2017 | ' | 100,088 |
Thereafter | 176,745 | 152,171 |
Total long-term debt, excluding prepayment penalty | 830,307 | 806,259 |
Prepayment penalty | 19,766 | 24,601 |
Total long-term debt | 810,541 | 781,658 |
Long-term Debt, Fiscal Year Maturity, Average Rate [Abstract] [Abstract] | ' | ' |
2012 | 1.51% | 1.07% |
2013 | 2.00% | 1.51% |
2014 | 0.92% | 2.00% |
2015 | 1.99% | 2.05% |
2016 | 2.11% | 1.99% |
2017 | ' | 2.34% |
Long-term Debt, Maturities, Repayments of Principal after Year Five | 176,745 | ' |
Thereafter | ' | 3.34% |
Average rate, total, excluding prepayment penalty | 2.16% | 2.17% |
Average rate, total | 2.82% | 2.87% |
Long Term Debt Maturities Average Rate In After Year Five | 3.13% | ' |
FHLB Advances | ' | ' |
Long-term Debt, Fiscal Year Maturity [Abstract] | ' | ' |
2012 | 100,500 | 50,500 |
2013 | 51,000 | 100,500 |
2014 | 26,000 | 51,000 |
2015 | 51,000 | 1,000 |
2016 | 125,062 | 51,000 |
2017 | ' | 100,088 |
Thereafter | ' | 152,171 |
Total long-term debt, excluding prepayment penalty | 530,307 | 506,259 |
Long-term Debt, Fiscal Year Maturity, Average Rate [Abstract] [Abstract] | ' | ' |
2012 | 1.51% | 1.07% |
2013 | 2.00% | 1.51% |
2014 | 0.92% | 2.00% |
2015 | 3.37% | 2.05% |
2016 | 2.11% | 3.37% |
2017 | ' | 2.34% |
Long-term Debt, Maturities, Repayments of Principal after Year Five | 176,745 | ' |
Thereafter | ' | 3.34% |
Average rate, total, excluding prepayment penalty | 2.39% | 2.42% |
Long Term Debt Maturities Average Rate In After Year Five | 3.13% | ' |
Broker Repurchase Agreements | ' | ' |
Long-term Debt, Fiscal Year Maturity [Abstract] | ' | ' |
2015 | 300,000 | ' |
2016 | ' | 300,000 |
Total long-term debt, excluding prepayment penalty | 300,000 | 300,000 |
Prepayment penalty | ($19,766) | ' |
Long-term Debt, Fiscal Year Maturity, Average Rate [Abstract] [Abstract] | ' | ' |
2015 | 1.75% | ' |
2016 | ' | 1.75% |
Average rate, total, excluding prepayment penalty | 1.75% | 1.75% |
Subordinated_DebenturesNotes_D
Subordinated Debentures/Notes (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 23, 2009 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Apr. 20, 2012 |
purchaser | Trust I | Junior subordinated notes | Trust preferred securities | Subordinated note | Subordinated debt | Subordinated debt | |||
7% Subordinated notes due April 20, 2022 | 7% Subordinated notes due April 20, 2022 | ||||||||
purchaser | |||||||||
Preferred securities issued | ' | ' | ' | $15,000,000 | ' | ' | ' | ' | ' |
Junior subordinated debt purchased by Trust I | ' | ' | ' | ' | 15,500,000 | ' | ' | ' | ' |
Variable rate basis | ' | ' | ' | ' | ' | 'three-month LIBOR plus 148 basis points | ' | ' | ' |
Basis spread on variable rate (percent) | ' | ' | ' | ' | ' | 1.48% | ' | ' | ' |
Subordinated debentures/notes | 80,250,000 | 80,250,000 | ' | ' | ' | ' | ' | ' | ' |
Number of purchasers | ' | ' | 38 | ' | ' | ' | ' | ' | ' |
Subordinated notes principal amount | ' | ' | ' | ' | ' | ' | 35,250,000 | ' | ' |
Portion of principal amount purchased by related parties | ' | ' | ' | ' | ' | ' | 14,050,000 | ' | ' |
Subordinated borrowing, number of purchasers | ' | ' | ' | ' | ' | ' | ' | ' | 56 |
Aggregate principal amount | ' | ' | ' | ' | ' | ' | ' | ' | $30,000,000 |
Interest rate | ' | ' | ' | ' | ' | ' | 10.00% | 7.00% | ' |
Purchase price as a percentage of principal amount | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% |
Repurchase amount as a percentage of principal | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% |
ShareBased_Compensation_Narrat
Share-Based Compensation - Narrative (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2012 | Dec. 31, 2013 | |
2005 Stock Incentive Option Plan | 2013 Long Term Incentive Plan [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Common shares authorized for delivery upon the exercise of incentive stock options | 1,500,000 | 600,000 |
Common shares available for future grants under the 2005 Plan | ' | 589,450 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | ' | 10,550 |
Allocated Share-based Compensation Expense | ' | $850,000 |
Benefit_Plans_Narrative_Detail
Benefit Plans - Narrative (Details) (USD $) | 1 Months Ended | 12 Months Ended | ||||
Jan. 31, 2013 | Jan. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Nov. 17, 2009 | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ' | ' |
Company contributions | $12,600,000 | $16,000,000 | $12,638,000 | $15,900,000 | ' | ' |
Company contribution deductible on the 2011 tax return | ' | 14,300,000 | ' | ' | ' | ' |
Company contributions deductible on the 2012 tax return | 11,000,000 | 1,600,000 | ' | ' | ' | ' |
Company Contribution Deductible On Two Thousand Thirteen Tax Return | 1,600,000 | ' | ' | ' | ' | ' |
Accumulated benefit obligation for the pension plan | ' | ' | 75,900,000 | 85,100,000 | ' | ' |
Common share purchased under pension plan, shares | ' | ' | ' | ' | ' | 115,800 |
Common share purchased under pension plan, value | ' | ' | ' | ' | ' | 7,000,000 |
Common share purchased under pension plan, value per share | ' | ' | ' | ' | ' | $60.45 |
Fair value, pension plan common shares held, shares | ' | ' | 115,800,000 | 115,800,000 | ' | ' |
Fair value of common shares held by pension plan | ' | ' | 9,900,000 | 7,500,000 | ' | ' |
Fair value of common shares held by pension plan, per share | ' | ' | $85.07 | $64.63 | ' | ' |
Estimated prior service costs expected to be recognized in net periodic benefit cost during next fiscal year | ' | ' | -20,000 | -20,000 | -19,000 | ' |
Estimated net actuarial (loss) expected to be recognized in the next fiscal year | ' | ' | 2,703,000 | 1,708,000 | 1,411,000 | ' |
Expected long-term return on plan assets | ' | ' | 7.50% | 7.75% | 7.75% | ' |
Cash balance in bank | ' | ' | 2,300,000 | ' | ' | ' |
Market value of pension plan assets | ' | ' | 152,700,000 | 117,800,000 | ' | ' |
Defined Contribution Plan, Cost Recognized | ' | ' | 1,100,000 | 1,000,000 | 1,100,000 | ' |
Pension Plans | ' | ' | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ' | ' |
Estimated prior service costs expected to be recognized in net periodic benefit cost during next fiscal year | ' | ' | 20,000 | ' | ' | ' |
S&P 500 Index | ' | ' | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ' | ' |
Expected long-term rate of return on plan assets | ' | ' | 7.30% | 7.50% | ' | ' |
Supplemental Executive Retirement Plan (SERP) | ' | ' | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ' | ' |
Benefit expense | ' | ' | 200,000 | 300,000 | 600,000 | ' |
Accrued benefit cost | ' | ' | 6,800,000 | 7,400,000 | ' | ' |
Level 1 | ' | ' | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ' | ' |
Equity investments | ' | ' | 128,700,000 | 98,800,000 | ' | ' |
Level 2 | ' | ' | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ' | ' |
Equity investments | ' | ' | 24,000,000 | 18,900,000 | ' | ' |
Level 3 | ' | ' | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ' | ' |
Equity investments | ' | ' | $0 | $0 | ' | ' |
Benefit_Plans_Plan_Assets_and_
Benefit Plans - Plan Assets and Benefit Obligation Activity (Details) (USD $) | 1 Months Ended | 12 Months Ended | |||
In Thousands, unless otherwise specified | Jan. 31, 2013 | Jan. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Change in fair value of plan assets | ' | ' | ' | ' | ' |
Fair value at beginning of measurement period | $117,768 | $96,581 | $117,768 | $96,581 | ' |
Actual return on plan assets | ' | ' | 31,518 | 11,256 | ' |
Company contributions | 12,600 | 16,000 | 12,638 | 15,900 | ' |
Benefits paid | ' | ' | -9,185 | -5,969 | ' |
Fair value at end of measurement period | ' | ' | 152,739 | 117,768 | 96,581 |
Change in benefit obligation | ' | ' | ' | ' | ' |
Projected benefit obligation at beginning of measurement period | 97,653 | 81,507 | 97,653 | 81,507 | ' |
Service cost | ' | ' | 4,817 | 4,271 | 4,557 |
Interest cost | ' | ' | 4,223 | 4,048 | 3,967 |
Actuarial (gains)/loss | ' | ' | -8,329 | 13,796 | ' |
Benefits paid | ' | ' | -9,185 | -5,969 | ' |
Projected benefit obligation at the end of measurement period | ' | ' | 89,179 | 97,653 | 81,507 |
Funded status at end of year (fair value of plan assets less benefit obligation) | ' | ' | $63,560 | $20,115 | ' |
Benefit_Plans_Asset_Allocation
Benefit Plans - Asset Allocation for the Pension Plan by Asset Category (Details) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Defined Benefit Plan, Information about Plan Assets [Abstract] | ' | ' |
Actual Plan Asset Allocations | 100.00% | 100.00% |
Equity securities | ' | ' |
Defined Benefit Plan, Information about Plan Assets [Abstract] | ' | ' |
Target Plan Asset Allocations Range, Minimum | 50.00% | ' |
Target Plan Asset Allocations Range, Maximum | 100.00% | ' |
Actual Plan Asset Allocations | 83.00% | 83.00% |
Fixed income and cash equivalents | ' | ' |
Defined Benefit Plan, Information about Plan Assets [Abstract] | ' | ' |
Actual Plan Asset Allocations | 17.00% | 17.00% |
Benefit_Plans_Weighted_Average
Benefit Plans - Weighted Average Assumptions Used to Determine Benefit Obligations (Details) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | ' | ' | ' |
Discount rate | 5.30% | 4.47% | 5.18% |
Rate of compensation increase | 3.00% | 3.00% | 3.00% |
Under age 30 [Member] | ' | ' | ' |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | ' | ' | ' |
Rate of compensation increase | 10.00% | ' | ' |
Ages 30-39 [Member] [Member] | ' | ' | ' |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | ' | ' | ' |
Rate of compensation increase | 6.00% | ' | ' |
Ages 40 and over [Member] | ' | ' | ' |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | ' | ' | ' |
Rate of compensation increase | 3.00% | ' | ' |
Benefit_Plans_Estimated_Future
Benefit Plans - Estimated Future Pension Benefit Payments (Details) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Defined Benefit Plan, Expected Future Benefit Payments, Fiscal Year Maturity [Abstract] | ' |
2013 | $5,732 |
2014 | 5,943 |
2015 | 6,047 |
2016 | 6,597 |
2017 | 6,845 |
2018-2022 | 42,387 |
Total | $73,551 |
Benefit_Plans_Balances_of_Accu
Benefit Plans - Balances of Accumulated Other Comprehensive Income (Loss) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss) [Abstract] | ' | ' |
Prior service cost | ($34) | ($54) |
Net actuarial loss | -8,579 | -41,691 |
Total | -8,613 | -41,745 |
Deferred taxes | 3,015 | 14,611 |
Accumulated other comprehensive loss | ($5,598) | ($27,134) |
Benefit_Plans_Components_of_Ne
Benefit Plans - Components of Net Periodic Benefit Cost and Other Amounts Recognized in Other Comprehensive Income (Loss) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Components of net periodic benefit cost | ' | ' | ' |
Service cost | ($4,817) | ($4,271) | ($4,557) |
Interest cost | -4,223 | -4,048 | -3,967 |
Expected return on plan assets | 9,536 | 8,742 | 7,543 |
Amortization of prior service cost | -20 | -20 | -19 |
Recognized net actuarial loss | -2,703 | -1,708 | -1,411 |
Net periodic benefit cost | -2,227 | -1,305 | -2,411 |
Other amounts recognized in other comprehensive (Loss) | ' | ' | ' |
Change to net actuarial gain/(loss) for the period | 30,409 | -11,236 | -9,164 |
Amortization of prior service cost | 20 | 20 | 19 |
Amortization of net loss | 2,703 | 1,708 | 1,411 |
Total recognized in other comprehensive income/(loss) | 33,132 | -9,508 | -7,734 |
Total recognized in net benefit cost and other comprehensive income/(loss) | $30,905 | ($10,813) | ($10,145) |
Benefit_Plans_Weighted_Average1
Benefit Plans - Weighted Average Assumptions Used to Determine Net Periodic Benefit Cost (Details) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | ' | ' | ' |
Discount Rate | 4.47% | 5.18% | 5.50% |
Rate of compensation increase | 3.00% | 3.00% | 3.00% |
Expected long-term return on plan assets | 7.50% | 7.75% | 7.75% |
Income_Taxes_Narrative_Details
Income Taxes - Narrative (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Income Taxes [Line Items] | ' | ' | ' |
State tax expense related to the operating loss carryforward write-off | $0 | $0 | $6,088,000 |
Statutory federal corporate tax rate | 35.00% | 35.00% | 35.00% |
Unrecognized tax benefits that, if recognized, would favorably affect the effective income tax rate | 403,000 | 404,000 | 378,000 |
(Income)/expense related to interest and penalties | -500 | 4,500 | 2,500 |
Accrued amount for interest and penalties | 67,000 | 67,500 | 63,000 |
Vision Bank | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' |
State tax expense related to the operating loss carryforward write-off | ' | ' | $6,100,000 |
Income_Taxes_Components_of_Def
Income Taxes - Components of Deferred Tax Assets and Liabilities (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Deferred tax assets: | ' | ' |
Allowance for loan losses | $20,814 | $19,438 |
Accumulated other comprehensive loss – pension plan | 3,015 | 14,611 |
Deferred Tax Assets, Unrealized Losses on Available-for-Sale Securities, Gross | 16,057 | 0 |
Intangible assets | 673 | 697 |
Deferred compensation | 3,611 | 3,750 |
OREO devaluations | 5,287 | 4,855 |
Partnership adjustments | 3,793 | 3,329 |
Other | 3,705 | 2,973 |
Total deferred tax assets | 56,955 | 49,653 |
Deferred tax liabilities: | ' | ' |
Accumulated other comprehensive income – Unrealized gains on securities | 0 | 5,178 |
Deferred investment income | 10,199 | 10,199 |
Pension plan | 25,261 | 25,517 |
Mortgage servicing rights | 3,154 | 2,717 |
Other | 850 | 646 |
Total deferred tax liabilities | 39,464 | 44,257 |
Net deferred tax assets | $17,491 | $5,396 |
Income_Taxes_Components_of_the
Income Taxes - Components of the Provision for Federal and State Income Taxes (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Currently payable | ' | ' | ' |
Federal | $27,587 | $12,984 | $5,949 |
State | 0 | 0 | 0 |
Deferred | ' | ' | ' |
Federal | -2,456 | 12,717 | 22,378 |
State | 0 | 0 | 8,382 |
Valuation allowance | ' | ' | ' |
Federal | 0 | 0 | 0 |
State | 0 | 0 | -2,294 |
Total | $25,131 | $25,701 | $34,415 |
Income_Taxes_Reconciliation_of
Income Taxes - Reconciliation of Federal Income Tax Expense (Details) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Effective Income Tax Rate, Continuing Operations, Tax Rate Reconciliation [Abstract] | ' | ' | ' |
Statutory federal corporate tax rate | 35.00% | 35.00% | 35.00% |
Changes in rates resulting from: | ' | ' | ' |
Tax exempt interest income, net of disallowed interest | -0.80% | -0.90% | -1.00% |
Bank owned life insurance | -1.70% | -1.60% | -1.50% |
Tax credits (low income housing) | -6.60% | -6.10% | -5.20% |
State income tax expense, net of federal benefit | 0.00% | 0.00% | 4.70% |
Valuation allowance, net of federal benefit | 0.00% | 0.00% | -1.30% |
Other | -1.30% | -1.80% | -1.20% |
Effective tax rate | 24.60% | 24.60% | 29.50% |
Income_Taxes_Reconciliation_of1
Income Taxes - Reconciliation of the Beginning and Ending Amount of Unrecognized Tax Benefits (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Reconciliation of Unrecognized Tax Benefits [Roll Forward] | ' | ' | ' |
January 1 Balance | $517 | $485 | $477 |
Additions based on tax positions related to the current year | 74 | 74 | 70 |
Additions for tax positions of prior years | 4 | 25 | 1 |
Reductions for tax positions of prior years | 0 | 0 | -3 |
Reductions due to statute of limitations | -77 | -67 | -60 |
December 31 Balance | $518 | $517 | $485 |
Other_Comprehensive_Income_Los2
Other Comprehensive Income (Loss) - Components of Other Comprehensive Income (Loss) (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI for Write-down of Securities, before Tax | $17 | ' | ' | ' |
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, before Tax | 2,723 | ' | ' | ' |
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, Tax | 953 | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net of Tax | -5,598 | -27,134 | -20,954 | -15,927 |
Accumulated Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net of Tax | -29,821 | 9,616 | 12,673 | 15,121 |
Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Effect Net of Tax | 0 | 0 | -550 | -1,062 |
Accumulated Other Comprehensive Income (Loss), Net of Tax | -35,419 | -17,518 | -8,831 | -1,868 |
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax | 21,536 | -6,180 | -5,027 | ' |
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, before Reclassification Adjustments, Net of Tax | 19,766 | ' | ' | ' |
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, before Reclassification Adjustments, Net of Tax | -39,448 | ' | ' | ' |
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax | 0 | 550 | 512 | ' |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | -19,682 | ' | ' | ' |
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, Net of Tax | 1,770 | ' | ' | ' |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 1,781 | ' | ' | ' |
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net of Tax | -39,437 | -3,057 | -2,448 | ' |
Other Comprehensive Income (Loss), Net of Tax | -17,901 | -8,687 | -6,963 | ' |
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI for Write-down of Securities, Net of Tax | 11 | ' | ' | ' |
Amortization of prior service cost [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, before Tax | 20 | ' | ' | ' |
Amortization of net loss [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, before Tax | $2,703 | ' | ' | ' |
Earnings_Per_Common_Share_Summ
Earnings Per Common Share - Summary of Computation of Basic and Diluted Earnings Per Common Share (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Net Income (Loss) Available to Common Stockholders, Basic [Abstract] | ' | ' | ' |
Net income available to common shareholders | $77,227 | $75,205 | $76,284 |
Denominator: | ' | ' | ' |
Weighted-average shares | 15,412,365 | 15,407,078 | 15,400,155 |
Effect of dilutive securities – stock options and warrants | 0 | 1,063 | 1,291 |
Earnings per common share: | 15,412,365 | 15,408,141 | 15,401,446 |
Earnings per common share: | ' | ' | ' |
Basic earnings per common share | $5.01 | $4.88 | $4.95 |
Diluted earnings per common share | $5.01 | $4.88 | $4.95 |
Earnings_Per_Common_Share_Narr
Earnings Per Common Share - Narrative (Details) (USD $) | 12 Months Ended | |||||
Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |
2005 Incentive Stock Option Plan | U.S. Treasury's Capital Purchase Program | U.S. Treasury's Capital Purchase Program | December 2010 Warrants | |||
Class of Warrant or Right [Line Items] | ' | ' | ' | ' | ' | ' |
Shares outstanding under the Incentive Stock Option Plan | ' | ' | 74,020 | ' | ' | ' |
Warrants to purchase common shares outstanding related to common stock issuances | ' | ' | ' | 227,376 | 227,376 | 71,984 |
Options and warrants not included in computation of diluted earnings per common shares | 63,308 | 126,292 | ' | ' | ' | ' |
Dilutive effect of Capital Purchase Plan warrants | 1,063 | 1,291 | ' | ' | ' | ' |
Exercise price of Capital Purchase Plan warrants to purchase common shares | $65.97 | ' | ' | ' | ' | ' |
Dividend_Restrictions_Details
Dividend Restrictions (Details) (USD $) | Dec. 31, 2013 |
In Millions, unless otherwise specified | |
Disclosure of Restrictions on Dividends, Loans and Advances Disclosure [Abstract] | ' |
Amount available for dividend distribution without prior approval from regulatory authority | $65.60 |
Financial_Instruments_With_Off2
Financial Instruments With Off-Balance Sheet Risk And Financial Instruments With Concentrations Of Credit Risk (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Risks and Uncertainties [Abstract] | ' | ' |
Loan commitments | $821,795 | $815,585 |
Standby letters of credit | $20,590 | $22,961 |
Derivative_Instruments_Details
Derivative Instruments (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Mar. 31, 2008 | |
Derivative Instrument Detail [Abstract] | ' | ' | ' | ' |
Floating-rate subordinated note | $0 | $0 | ' | $25,000,000 |
Change in fair value of interest rate swap, tax expense (benefit) | 0 | 550,000 | 512,000 | ' |
Change in fair value of interest rate swap, tax expense (benefit) | ' | 296,000 | ' | ' |
Mortgage loan interest rate lock commitments outstanding | 5,200,000 | 28,900,000 | ' | ' |
Fair value of the derivative instruments | 61,000 | 372,000 | ' | ' |
Fair value of the swap liability | $135,000 | $135,000 | ' | ' |
Loan_Servicing_Narrative_Detai
Loan Servicing - Narrative (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Transfers and Servicing of Financial Assets [Abstract] | ' | ' | ' |
Serviced sold mortgage loans | $1,326,000,000 | $1,311,000,000 | $1,347,000,000 |
Serviced sold mortgage loans with recourse | 11,000,000 | 16,000,000 | ' |
Mortgage loans sold with recourse, reserve | 1,049,000 | 550,000 | ' |
Mortgage servicing rights, discount rate | 10.00% | ' | ' |
Servicing fees included in other service income | $3,600,000 | $3,600,000 | $3,900,000 |
Minimum | ' | ' | ' |
Transfers and Servicing of Financial Assets [Abstract] | ' | ' | ' |
Mortgage servicing rights, constant prepayment speeds | 7.00% | ' | ' |
Maximum | ' | ' | ' |
Transfers and Servicing of Financial Assets [Abstract] | ' | ' | ' |
Mortgage servicing rights, constant prepayment speeds | 23.00% | ' | ' |
Loan_Servicing_Activity_for_MS
Loan Servicing - Activity for MSRs And Related Valuation Allowance (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Mortgage servicing rights: | ' | ' | ' |
Carrying amount, net, beginning of year | $7,763 | $9,301 | $10,488 |
Additions | 2,436 | 3,399 | 1,659 |
Amortization | -2,479 | -3,634 | -2,573 |
Change in valuation allowance | 1,293 | -1,303 | -273 |
Carrying amount, net, end of year | 9,013 | 7,763 | 9,301 |
Valuation allowance: | ' | ' | ' |
Beginning of year | 2,324 | 1,021 | 748 |
Change in valuation allowance | -1,293 | 1,303 | 273 |
End of year | $1,031 | $2,324 | $1,021 |
Fair_Values_Narrative_Details
Fair Values - Narrative (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' |
Discount percentage applied to real estate appraised values | 15.00% | ' | ' | ' |
Discount percentage applied to lot development appraised values | 6.00% | ' | ' | ' |
Impaired financing receivable, carrying value | $112,300,000 | $137,200,000 | ' | ' |
Partial charge-offs on impaired loans | 63,300,000 | 105,100,000 | ' | ' |
Allowance for loans individually evaluated for impairment | 10,451,000 | 8,276,000 | ' | ' |
Book value of impaired loans carried at fair value | 41,000,000 | 59,000,000 | ' | ' |
Impaired loans carried at fair value | 33,800,000 | 53,900,000 | ' | ' |
Partial charge-Offs on impaired loans carried at fair value | 49,000,000 | 91,600,000 | ' | ' |
Impaired Financing Receivable, Related Allowance | 10,451,000 | 8,276,000 | ' | ' |
Remaining amount of impaired loans carried at cost | 71,300,000 | 78,200,000 | ' | ' |
Impaired Financing Receivable, carried at fair value, related expense | 8,100,000 | 16,000,000 | 37,400,000 | ' |
MSR recorded at lower of cost or fair value | 9,013,000 | 7,763,000 | 9,301,000 | 10,488,000 |
Mortgage Servicing Rights, at fair value | 2,300,000 | ' | ' | ' |
Valuation allowance of MSR | 1,031,000 | 2,324,000 | 1,021,000 | 748,000 |
MSRs recorded at cost | 6,700,000 | ' | ' | ' |
Valuation allowance for impairment of recognized servicing assets, provisions (recoveries) | 1,293,000 | -1,303,000 | -273,000 | ' |
Other Real Estate, Foreclosed Assets, and Repossessed Assets | 34,636,000 | 35,718,000 | ' | ' |
Percent of OREO held at fair value | 53.49% | 55.00% | ' | ' |
Estimated fair value of other real estate owned (OREO) | 18,500,000 | 19,900,000 | ' | ' |
OREO devaluations | 3,180,000 | 6,872,000 | 8,219,000 | ' |
Commercial Receivables, excluding Commercial, Financial, and Agricultural [Domain] | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' |
Impaired Financing Receivable, Related Allowance | 7,200,000 | 5,100,000 | ' | ' |
Financing Receivable, not collateral dependent [Domain] | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' |
Impaired Financing Receivable, Related Allowance | $3,300,000 | $3,176,000 | ' | ' |
Fair_Values_Assets_and_Liabili
Fair Values - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) (Recurring basis, USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Level 1 | ' | ' |
Fair Value, Assets And Liabilities Measured On Recurring Basis [Line Items] | ' | ' |
Mortgage Loans Held for Sale | ' | ' |
Mortgage IRLCs | ' | ' |
Level 2 | ' | ' |
Fair Value, Assets And Liabilities Measured On Recurring Basis [Line Items] | ' | ' |
Mortgage Loans Held for Sale | 1,666 | 25,743 |
Mortgage IRLCs | 61 | 372 |
Level 3 | ' | ' |
Fair Value, Assets And Liabilities Measured On Recurring Basis [Line Items] | ' | ' |
Mortgage Loans Held for Sale | ' | ' |
Mortgage IRLCs | ' | ' |
Total fair value | ' | ' |
Fair Value, Assets And Liabilities Measured On Recurring Basis [Line Items] | ' | ' |
Mortgage Loans Held for Sale | 1,666 | 25,743 |
Mortgage IRLCs | 61 | 372 |
Obligations of U.S. Treasury and other U.S. Government sponsored entities | Level 1 | ' | ' |
Fair Value, Assets And Liabilities Measured On Recurring Basis [Line Items] | ' | ' |
Investment Securities | ' | ' |
Obligations of U.S. Treasury and other U.S. Government sponsored entities | Level 2 | ' | ' |
Fair Value, Assets And Liabilities Measured On Recurring Basis [Line Items] | ' | ' |
Investment Securities | 525,136 | 695,727 |
Obligations of U.S. Treasury and other U.S. Government sponsored entities | Level 3 | ' | ' |
Fair Value, Assets And Liabilities Measured On Recurring Basis [Line Items] | ' | ' |
Investment Securities | ' | ' |
Obligations of U.S. Treasury and other U.S. Government sponsored entities | Total fair value | ' | ' |
Fair Value, Assets And Liabilities Measured On Recurring Basis [Line Items] | ' | ' |
Investment Securities | 525,136 | 695,727 |
Obligations of States and Political Subdivisions | Level 1 | ' | ' |
Fair Value, Assets And Liabilities Measured On Recurring Basis [Line Items] | ' | ' |
Investment Securities | ' | ' |
Obligations of States and Political Subdivisions | Level 2 | ' | ' |
Fair Value, Assets And Liabilities Measured On Recurring Basis [Line Items] | ' | ' |
Investment Securities | ' | 1,003 |
Obligations of States and Political Subdivisions | Level 3 | ' | ' |
Fair Value, Assets And Liabilities Measured On Recurring Basis [Line Items] | ' | ' |
Investment Securities | ' | ' |
Obligations of States and Political Subdivisions | Total fair value | ' | ' |
Fair Value, Assets And Liabilities Measured On Recurring Basis [Line Items] | ' | ' |
Investment Securities | ' | 1,003 |
U.S. Government Sponsored Entities’ Asset-Backed Securities | Level 1 | ' | ' |
Fair Value, Assets And Liabilities Measured On Recurring Basis [Line Items] | ' | ' |
Investment Securities | ' | ' |
U.S. Government Sponsored Entities’ Asset-Backed Securities | Level 2 | ' | ' |
Fair Value, Assets And Liabilities Measured On Recurring Basis [Line Items] | ' | ' |
Investment Securities | 648,471 | 415,502 |
U.S. Government Sponsored Entities’ Asset-Backed Securities | Level 3 | ' | ' |
Fair Value, Assets And Liabilities Measured On Recurring Basis [Line Items] | ' | ' |
Investment Securities | ' | ' |
U.S. Government Sponsored Entities’ Asset-Backed Securities | Total fair value | ' | ' |
Fair Value, Assets And Liabilities Measured On Recurring Basis [Line Items] | ' | ' |
Investment Securities | 648,471 | 415,502 |
Equity securities | Level 1 | ' | ' |
Fair Value, Assets And Liabilities Measured On Recurring Basis [Line Items] | ' | ' |
Investment Securities | 1,900 | 1,442 |
Equity securities | Level 2 | ' | ' |
Fair Value, Assets And Liabilities Measured On Recurring Basis [Line Items] | ' | ' |
Investment Securities | ' | ' |
Equity securities | Level 3 | ' | ' |
Fair Value, Assets And Liabilities Measured On Recurring Basis [Line Items] | ' | ' |
Investment Securities | 759 | 780 |
Equity securities | Total fair value | ' | ' |
Fair Value, Assets And Liabilities Measured On Recurring Basis [Line Items] | ' | ' |
Investment Securities | 2,659 | 2,222 |
Fair value swap | Level 1 | ' | ' |
Fair Value, Assets And Liabilities Measured On Recurring Basis [Line Items] | ' | ' |
Swaps, fair value | ' | ' |
Fair value swap | Level 2 | ' | ' |
Fair Value, Assets And Liabilities Measured On Recurring Basis [Line Items] | ' | ' |
Swaps, fair value | ' | ' |
Fair value swap | Level 3 | ' | ' |
Fair Value, Assets And Liabilities Measured On Recurring Basis [Line Items] | ' | ' |
Swaps, fair value | 135 | 135 |
Fair value swap | Total fair value | ' | ' |
Fair Value, Assets And Liabilities Measured On Recurring Basis [Line Items] | ' | ' |
Swaps, fair value | $135 | $135 |
Fair_Values_Reconciliation_of_
Fair Values - Reconciliation of the Level 3 Inputs for Financial Instruments Measured on a Recurring Basis (Details) (Recurring basis, Level 3, USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Equity Securities | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' |
Beginning balance | $780 | $763 |
Total Gains/(Losses) | ' | ' |
Included in earnings - realized | -17 | -54 |
Included in earnings - unrealized | 0 | 0 |
Included in other comprehensive income | -4 | 71 |
Purchases, sales, issuances and settlements, other, net | 0 | 0 |
Re-evaluation of fair value swap | ' | 0 |
Ending balance | 759 | 780 |
Fair Value Swap | ' | ' |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' |
Beginning balance | -135 | -700 |
Total Gains/(Losses) | ' | ' |
Included in earnings - realized | 0 | 0 |
Included in earnings - unrealized | 0 | 0 |
Included in other comprehensive income | ' | ' |
Purchases, sales, issuances and settlements, other, net | 0 | 0 |
Re-evaluation of fair value swap | ' | 565 |
Ending Balance | ($135) | ($135) |
Fair_Values_Assets_and_Liabili1
Fair Values - Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets And Liabilities Measured On Nonrecurring Basis [Line Items] | ' | ' |
Impaired loans carried at fair value | $33,800 | $53,900 |
Nonrecurring basis | ' | ' |
Fair Value, Assets And Liabilities Measured On Nonrecurring Basis [Line Items] | ' | ' |
Impaired loans carried at fair value | 33,819 | 53,932 |
Mortgage Servicing Rights | 2,259 | 6,642 |
Other loans | 18,526 | 19,926 |
Nonrecurring basis | Level 1 | ' | ' |
Fair Value, Assets And Liabilities Measured On Nonrecurring Basis [Line Items] | ' | ' |
Impaired loans carried at fair value | ' | ' |
Mortgage Servicing Rights | ' | ' |
Other loans | 0 | 0 |
Nonrecurring basis | Level 2 | ' | ' |
Fair Value, Assets And Liabilities Measured On Nonrecurring Basis [Line Items] | ' | ' |
Impaired loans carried at fair value | ' | ' |
Mortgage Servicing Rights | 2,259 | 6,642 |
Other loans | 0 | 0 |
Nonrecurring basis | Level 3 | ' | ' |
Fair Value, Assets And Liabilities Measured On Nonrecurring Basis [Line Items] | ' | ' |
Impaired loans carried at fair value | 33,819 | 53,932 |
Mortgage Servicing Rights | ' | ' |
Other loans | 18,526 | 19,926 |
Nonrecurring basis | Commercial real estate | ' | ' |
Fair Value, Assets And Liabilities Measured On Nonrecurring Basis [Line Items] | ' | ' |
Impaired loans carried at fair value | 21,100 | 25,997 |
Other loans | 4,119 | 3,485 |
Nonrecurring basis | Commercial real estate | Level 1 | ' | ' |
Fair Value, Assets And Liabilities Measured On Nonrecurring Basis [Line Items] | ' | ' |
Impaired loans carried at fair value | ' | ' |
Other loans | 0 | 0 |
Nonrecurring basis | Commercial real estate | Level 2 | ' | ' |
Fair Value, Assets And Liabilities Measured On Nonrecurring Basis [Line Items] | ' | ' |
Impaired loans carried at fair value | ' | ' |
Other loans | 0 | 0 |
Nonrecurring basis | Commercial real estate | Level 3 | ' | ' |
Fair Value, Assets And Liabilities Measured On Nonrecurring Basis [Line Items] | ' | ' |
Impaired loans carried at fair value | 21,100 | 25,997 |
Other loans | 4,119 | 3,485 |
Nonrecurring basis | Construction real estate | ' | ' |
Fair Value, Assets And Liabilities Measured On Nonrecurring Basis [Line Items] | ' | ' |
Other loans | 11,041 | 12,134 |
Nonrecurring basis | Construction real estate | Level 1 | ' | ' |
Fair Value, Assets And Liabilities Measured On Nonrecurring Basis [Line Items] | ' | ' |
Other loans | 0 | 0 |
Nonrecurring basis | Construction real estate | Level 2 | ' | ' |
Fair Value, Assets And Liabilities Measured On Nonrecurring Basis [Line Items] | ' | ' |
Other loans | 0 | 0 |
Nonrecurring basis | Construction real estate | Level 3 | ' | ' |
Fair Value, Assets And Liabilities Measured On Nonrecurring Basis [Line Items] | ' | ' |
Other loans | 11,041 | 12,134 |
Nonrecurring basis | SEPH commercial land and development | ' | ' |
Fair Value, Assets And Liabilities Measured On Nonrecurring Basis [Line Items] | ' | ' |
Impaired loans carried at fair value | 4,777 | ' |
Nonrecurring basis | SEPH commercial land and development | Level 1 | ' | ' |
Fair Value, Assets And Liabilities Measured On Nonrecurring Basis [Line Items] | ' | ' |
Impaired loans carried at fair value | ' | ' |
Nonrecurring basis | SEPH commercial land and development | Level 2 | ' | ' |
Fair Value, Assets And Liabilities Measured On Nonrecurring Basis [Line Items] | ' | ' |
Impaired loans carried at fair value | ' | ' |
Nonrecurring basis | SEPH commercial land and development | Level 3 | ' | ' |
Fair Value, Assets And Liabilities Measured On Nonrecurring Basis [Line Items] | ' | ' |
Impaired loans carried at fair value | 4,777 | ' |
Nonrecurring basis | SEPH commercial land and development | ' | ' |
Fair Value, Assets And Liabilities Measured On Nonrecurring Basis [Line Items] | ' | ' |
Impaired loans carried at fair value | ' | 12,832 |
Nonrecurring basis | SEPH commercial land and development | Level 1 | ' | ' |
Fair Value, Assets And Liabilities Measured On Nonrecurring Basis [Line Items] | ' | ' |
Impaired loans carried at fair value | ' | ' |
Nonrecurring basis | SEPH commercial land and development | Level 2 | ' | ' |
Fair Value, Assets And Liabilities Measured On Nonrecurring Basis [Line Items] | ' | ' |
Impaired loans carried at fair value | ' | ' |
Nonrecurring basis | SEPH commercial land and development | Level 3 | ' | ' |
Fair Value, Assets And Liabilities Measured On Nonrecurring Basis [Line Items] | ' | ' |
Impaired loans carried at fair value | ' | 12,832 |
Nonrecurring basis | Remaining commercial | ' | ' |
Fair Value, Assets And Liabilities Measured On Nonrecurring Basis [Line Items] | ' | ' |
Impaired loans carried at fair value | 3,788 | 8,113 |
Nonrecurring basis | Remaining commercial | Level 1 | ' | ' |
Fair Value, Assets And Liabilities Measured On Nonrecurring Basis [Line Items] | ' | ' |
Impaired loans carried at fair value | ' | ' |
Nonrecurring basis | Remaining commercial | Level 2 | ' | ' |
Fair Value, Assets And Liabilities Measured On Nonrecurring Basis [Line Items] | ' | ' |
Impaired loans carried at fair value | ' | ' |
Nonrecurring basis | Remaining commercial | Level 3 | ' | ' |
Fair Value, Assets And Liabilities Measured On Nonrecurring Basis [Line Items] | ' | ' |
Impaired loans carried at fair value | 3,788 | 8,113 |
Nonrecurring basis | Residential real estate | ' | ' |
Fair Value, Assets And Liabilities Measured On Nonrecurring Basis [Line Items] | ' | ' |
Impaired loans carried at fair value | 4,154 | 6,990 |
Other loans | 3,366 | 4,307 |
Nonrecurring basis | Residential real estate | Level 1 | ' | ' |
Fair Value, Assets And Liabilities Measured On Nonrecurring Basis [Line Items] | ' | ' |
Impaired loans carried at fair value | ' | ' |
Other loans | 0 | 0 |
Nonrecurring basis | Residential real estate | Level 2 | ' | ' |
Fair Value, Assets And Liabilities Measured On Nonrecurring Basis [Line Items] | ' | ' |
Impaired loans carried at fair value | ' | ' |
Other loans | 0 | 0 |
Nonrecurring basis | Residential real estate | Level 3 | ' | ' |
Fair Value, Assets And Liabilities Measured On Nonrecurring Basis [Line Items] | ' | ' |
Impaired loans carried at fair value | 4,154 | 6,990 |
Other loans | $3,366 | $4,307 |
Fair_Values_Qualitative_Inform
Fair Values - Qualitative Information About Level 3 Fair Value Measurements for Financial Instruments Measured at Fair Value on a Non-recurring Basis (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Impaired loans | 33,800 | 53,900 |
Nonrecurring basis | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Impaired loans | 33,819 | 53,932 |
Other real estate owned | 18,526 | 19,926 |
Commercial real estate | Nonrecurring basis | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Impaired loans | 21,100 | 25,997 |
Other real estate owned | 4,119 | 3,485 |
Commercial real estate | Nonrecurring basis | Loans receivable | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Impaired loans | 21,100 | 25,997 |
Construction real estate | Nonrecurring basis | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Other real estate owned | 11,041 | 12,134 |
SEPH commercial land and development | Nonrecurring basis | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Impaired loans | 4,777 | ' |
SEPH commercial land and development | Nonrecurring basis | Loans receivable | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Impaired loans | 4,777 | 12,832 |
Remaining commercial | Nonrecurring basis | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Impaired loans | 3,788 | 8,113 |
Remaining commercial | Nonrecurring basis | Loans receivable | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Impaired loans | 3,788 | 8,113 |
Residential real estate | Nonrecurring basis | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Impaired loans | 4,154 | 6,990 |
Other real estate owned | 3,366 | 4,307 |
Residential real estate | Nonrecurring basis | Loans receivable | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Impaired loans | 4,154 | 6,990 |
Commercial real estate | Nonrecurring basis | Other real estate owned | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Other real estate owned | 4,119 | 3,485 |
Construction real estate | Nonrecurring basis | Other real estate owned | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Other real estate owned | 11,041 | 12,134 |
Residential Real Estate | Nonrecurring basis | Other real estate owned | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Other real estate owned | 3,366 | 4,307 |
Sales comparison approach | Commercial real estate | Low | Nonrecurring basis | Loans receivable | ' | ' |
Fair Value Inputs [Abstract] | ' | ' |
Adj to comparables | 0.00% | 0.00% |
Sales comparison approach | Commercial real estate | High | Nonrecurring basis | Loans receivable | ' | ' |
Fair Value Inputs [Abstract] | ' | ' |
Adj to comparables | 109.00% | 116.00% |
Sales comparison approach | Commercial real estate | Weighted Average [Member] | Nonrecurring basis | Loans receivable | ' | ' |
Fair Value Inputs [Abstract] | ' | ' |
Adj to comparables | 22.80% | 22.30% |
Sales comparison approach | SEPH commercial land and development | Low | Nonrecurring basis | Loans receivable | ' | ' |
Fair Value Inputs [Abstract] | ' | ' |
Adj to comparables | 0.00% | 0.00% |
Sales comparison approach | SEPH commercial land and development | High | Nonrecurring basis | Loans receivable | ' | ' |
Fair Value Inputs [Abstract] | ' | ' |
Adj to comparables | 96.00% | 218.00% |
Sales comparison approach | SEPH commercial land and development | Weighted Average [Member] | Nonrecurring basis | Loans receivable | ' | ' |
Fair Value Inputs [Abstract] | ' | ' |
Adj to comparables | 13.90% | 31.90% |
Sales comparison approach | Remaining commercial | Low | Nonrecurring basis | Loans receivable | ' | ' |
Fair Value Inputs [Abstract] | ' | ' |
Adj to comparables | 0.00% | 0.00% |
Sales comparison approach | Remaining commercial | High | Nonrecurring basis | Loans receivable | ' | ' |
Fair Value Inputs [Abstract] | ' | ' |
Adj to comparables | 40.00% | 75.00% |
Sales comparison approach | Remaining commercial | Weighted Average [Member] | Nonrecurring basis | Loans receivable | ' | ' |
Fair Value Inputs [Abstract] | ' | ' |
Adj to comparables | 22.40% | 26.20% |
Sales comparison approach | Residential real estate | Low | Nonrecurring basis | Loans receivable | ' | ' |
Fair Value Inputs [Abstract] | ' | ' |
Adj to comparables | 0.00% | 0.00% |
Sales comparison approach | Residential real estate | High | Nonrecurring basis | Loans receivable | ' | ' |
Fair Value Inputs [Abstract] | ' | ' |
Adj to comparables | 121.80% | 178.00% |
Sales comparison approach | Residential real estate | Weighted Average [Member] | Nonrecurring basis | Loans receivable | ' | ' |
Fair Value Inputs [Abstract] | ' | ' |
Adj to comparables | 12.80% | 17.90% |
Sales comparison approach | Commercial real estate | Low | Nonrecurring basis | ' | ' |
Fair Value Inputs [Abstract] | ' | ' |
Adj to comparables | 0.00% | 0.00% |
Sales comparison approach | Commercial real estate | High | Nonrecurring basis | ' | ' |
Fair Value Inputs [Abstract] | ' | ' |
Adj to comparables | 140.00% | 67.00% |
Sales comparison approach | Commercial real estate | Weighted Average [Member] | Nonrecurring basis | Other real estate owned | ' | ' |
Fair Value Inputs [Abstract] | ' | ' |
Adj to comparables | 17.70% | 25.80% |
Sales comparison approach | Construction real estate | Low | Nonrecurring basis | ' | ' |
Fair Value Inputs [Abstract] | ' | ' |
Adj to comparables | 0.00% | 0.00% |
Sales comparison approach | Construction real estate | High | Nonrecurring basis | ' | ' |
Fair Value Inputs [Abstract] | ' | ' |
Adj to comparables | 484.00% | 273.00% |
Sales comparison approach | Construction real estate | Weighted Average [Member] | Nonrecurring basis | Other real estate owned | ' | ' |
Fair Value Inputs [Abstract] | ' | ' |
Adj to comparables | 36.20% | 34.00% |
Sales comparison approach | Residential Real Estate | Low | Nonrecurring basis | ' | ' |
Fair Value Inputs [Abstract] | ' | ' |
Adj to comparables | 0.00% | 1.00% |
Sales comparison approach | Residential Real Estate | High | Nonrecurring basis | ' | ' |
Fair Value Inputs [Abstract] | ' | ' |
Adj to comparables | 273.00% | 61.00% |
Sales comparison approach | Residential Real Estate | Weighted Average [Member] | Nonrecurring basis | Other real estate owned | ' | ' |
Fair Value Inputs [Abstract] | ' | ' |
Adj to comparables | 19.20% | 18.00% |
Income approach | Commercial real estate | Low | Nonrecurring basis | Loans receivable | ' | ' |
Fair Value Inputs [Abstract] | ' | ' |
Capitalization rate | 8.00% | 7.50% |
Income approach | Commercial real estate | High | Nonrecurring basis | Loans receivable | ' | ' |
Fair Value Inputs [Abstract] | ' | ' |
Capitalization rate | 12.50% | 20.90% |
Income approach | Commercial real estate | Weighted Average [Member] | Nonrecurring basis | Loans receivable | ' | ' |
Fair Value Inputs [Abstract] | ' | ' |
Capitalization rate | 9.10% | 10.10% |
Income approach | Residential real estate | Low | Nonrecurring basis | Loans receivable | ' | ' |
Fair Value Inputs [Abstract] | ' | ' |
Adj to comparables | 7.80% | ' |
Income approach | Residential real estate | High | Nonrecurring basis | Loans receivable | ' | ' |
Fair Value Inputs [Abstract] | ' | ' |
Adj to comparables | 10.00% | ' |
Income approach | Residential real estate | Weighted Average [Member] | Nonrecurring basis | Loans receivable | ' | ' |
Fair Value Inputs [Abstract] | ' | ' |
Adj to comparables | 8.40% | ' |
Income approach | Commercial real estate | Low | Nonrecurring basis | ' | ' |
Fair Value Inputs [Abstract] | ' | ' |
Capitalization rate | 8.00% | 11.00% |
Income approach | Commercial real estate | High | Nonrecurring basis | ' | ' |
Fair Value Inputs [Abstract] | ' | ' |
Capitalization rate | 11.50% | 11.00% |
Income approach | Commercial real estate | Weighted Average [Member] | Nonrecurring basis | Other real estate owned | ' | ' |
Fair Value Inputs [Abstract] | ' | ' |
Capitalization rate | 9.60% | 11.00% |
Income approach | Construction real estate | Low | Nonrecurring basis | ' | ' |
Fair Value Inputs [Abstract] | ' | ' |
Capitalization rate | ' | 8.50% |
Income approach | Construction real estate | High | Nonrecurring basis | ' | ' |
Fair Value Inputs [Abstract] | ' | ' |
Capitalization rate | ' | 8.50% |
Income approach | Construction real estate | Weighted Average [Member] | Nonrecurring basis | Other real estate owned | ' | ' |
Fair Value Inputs [Abstract] | ' | ' |
Capitalization rate | ' | 8.50% |
Income approach | Residential Real Estate | Low | Nonrecurring basis | ' | ' |
Fair Value Inputs [Abstract] | ' | ' |
Capitalization rate | 5.40% | 7.90% |
Income approach | Residential Real Estate | High | Nonrecurring basis | ' | ' |
Fair Value Inputs [Abstract] | ' | ' |
Capitalization rate | 7.80% | 9.30% |
Income approach | Residential Real Estate | Weighted Average [Member] | Nonrecurring basis | Other real estate owned | ' | ' |
Fair Value Inputs [Abstract] | ' | ' |
Capitalization rate | 7.40% | 8.70% |
Cost approach | Commercial real estate | Low | Nonrecurring basis | Loans receivable | ' | ' |
Fair Value Inputs [Abstract] | ' | ' |
Fair Value Inputs, Accumulated Depreciation | 11.70% | 23.00% |
Cost approach | Commercial real estate | High | Nonrecurring basis | Loans receivable | ' | ' |
Fair Value Inputs [Abstract] | ' | ' |
Fair Value Inputs, Accumulated Depreciation | 65.00% | 63.00% |
Cost approach | Commercial real estate | Weighted Average [Member] | Nonrecurring basis | Loans receivable | ' | ' |
Fair Value Inputs [Abstract] | ' | ' |
Fair Value Inputs, Accumulated Depreciation | 37.10% | 50.40% |
Cost approach | Commercial real estate | Low | Nonrecurring basis | ' | ' |
Fair Value Inputs [Abstract] | ' | ' |
Fair Value Inputs, Accumulated Depreciation | 60.00% | 40.90% |
Cost approach | Commercial real estate | High | Nonrecurring basis | ' | ' |
Fair Value Inputs [Abstract] | ' | ' |
Fair Value Inputs, Accumulated Depreciation | 95.00% | 90.00% |
Cost approach | Commercial real estate | Weighted Average [Member] | Nonrecurring basis | Other real estate owned | ' | ' |
Fair Value Inputs [Abstract] | ' | ' |
Fair Value Inputs, Accumulated Depreciation | 80.00% | 65.00% |
Cost approach | Residential Real Estate | Low | Nonrecurring basis | ' | ' |
Fair Value Inputs [Abstract] | ' | ' |
Fair Value Inputs, Accumulated Depreciation | ' | 6.00% |
Cost approach | Residential Real Estate | High | Nonrecurring basis | ' | ' |
Fair Value Inputs [Abstract] | ' | ' |
Fair Value Inputs, Accumulated Depreciation | ' | 6.00% |
Cost approach | Residential Real Estate | Weighted Average [Member] | Nonrecurring basis | Other real estate owned | ' | ' |
Fair Value Inputs [Abstract] | ' | ' |
Fair Value Inputs, Accumulated Depreciation | ' | 6.00% |
Bulk sale approach | SEPH commercial land and development | Low | Nonrecurring basis | Loans receivable | ' | ' |
Fair Value Inputs [Abstract] | ' | ' |
Discount rate | 11.00% | 11.00% |
Bulk sale approach | SEPH commercial land and development | High | Nonrecurring basis | Loans receivable | ' | ' |
Fair Value Inputs [Abstract] | ' | ' |
Discount rate | 20.00% | 55.00% |
Bulk sale approach | SEPH commercial land and development | Weighted Average [Member] | Nonrecurring basis | Loans receivable | ' | ' |
Fair Value Inputs [Abstract] | ' | ' |
Discount rate | 14.90% | 23.40% |
Bulk sale approach | Remaining commercial | Low | Nonrecurring basis | Loans receivable | ' | ' |
Fair Value Inputs [Abstract] | ' | ' |
Discount rate | 11.00% | 10.00% |
Bulk sale approach | Remaining commercial | High | Nonrecurring basis | Loans receivable | ' | ' |
Fair Value Inputs [Abstract] | ' | ' |
Discount rate | 20.00% | 55.00% |
Bulk sale approach | Remaining commercial | Weighted Average [Member] | Nonrecurring basis | Loans receivable | ' | ' |
Fair Value Inputs [Abstract] | ' | ' |
Discount rate | 18.00% | 18.30% |
Bulk sale approach | Commercial real estate | Low | Nonrecurring basis | ' | ' |
Fair Value Inputs [Abstract] | ' | ' |
Discount rate | ' | 13.00% |
Bulk sale approach | Commercial real estate | High | Nonrecurring basis | ' | ' |
Fair Value Inputs [Abstract] | ' | ' |
Discount rate | ' | 13.00% |
Bulk sale approach | Commercial real estate | Weighted Average [Member] | Nonrecurring basis | Other real estate owned | ' | ' |
Fair Value Inputs [Abstract] | ' | ' |
Discount rate | ' | 13.00% |
Bulk sale approach | Construction real estate | Low | Nonrecurring basis | ' | ' |
Fair Value Inputs [Abstract] | ' | ' |
Discount rate | 13.00% | 10.00% |
Bulk sale approach | Construction real estate | High | Nonrecurring basis | ' | ' |
Fair Value Inputs [Abstract] | ' | ' |
Discount rate | 14.00% | 12.00% |
Bulk sale approach | Construction real estate | Weighted Average [Member] | Nonrecurring basis | Other real estate owned | ' | ' |
Fair Value Inputs [Abstract] | ' | ' |
Discount rate | 13.60% | 10.80% |
Fair_Values_Fair_Value_of_Fina
Fair Values - Fair Value of Financial Instruments (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Financial assets: | ' | ' |
Impaired loans carried at fair value | $33,800 | $53,900 |
Carrying value | ' | ' |
Financial assets: | ' | ' |
Cash and money market instruments | 147,030 | 201,305 |
Investment securities | 1,358,327 | 1,515,844 |
Mortgage loans held for sale | 1,666 | 25,743 |
Impaired loans carried at fair value | 33,819 | 53,932 |
Mortgage IRLCs | 61 | 372 |
Other loans | 4,525,491 | 4,314,738 |
Loans receivable, net | 4,561,037 | 4,394,785 |
Financial liabilities: | ' | ' |
Non-interest bearing checking accounts | 1,193,553 | 1,137,290 |
Interest bearing transactions accounts | 1,145,525 | 1,088,617 |
Savings accounts | 1,124,994 | 1,038,356 |
Time Deposits, Fair Value | 1,324,659 | 1,450,424 |
Other | 1,263 | 1,345 |
Total deposits | 4,789,994 | 4,716,032 |
Short-term borrowings | 242,029 | 344,168 |
Long-term debt | 810,541 | 781,658 |
Subordinated debentures/notes | 80,250 | 80,250 |
Carrying value | Fair value swap | ' | ' |
Derivative financial instruments: | ' | ' |
Swaps, fair value | 135 | 135 |
Level 1 | ' | ' |
Financial assets: | ' | ' |
Cash and money market instruments | 147,030 | 201,305 |
Investment securities | 1,900 | 1,442 |
Mortgage loans held for sale | ' | ' |
Impaired loans carried at fair value | ' | ' |
Mortgage IRLCs | 0 | ' |
Other loans | ' | ' |
Loans receivable, net | 0 | 0 |
Financial liabilities: | ' | ' |
Non-interest bearing checking accounts | 1,193,553 | 1,137,290 |
Interest bearing transactions accounts | 1,145,525 | 1,088,617 |
Savings accounts | 1,124,994 | 1,038,356 |
Time Deposits, Fair Value | ' | ' |
Other | 1,263 | 1,345 |
Total deposits | 3,465,335 | 3,265,608 |
Short-term borrowings | ' | ' |
Long-term debt | ' | ' |
Subordinated debentures/notes | ' | ' |
Level 1 | Fair value swap | ' | ' |
Derivative financial instruments: | ' | ' |
Swaps, fair value | ' | ' |
Level 2 | ' | ' |
Financial assets: | ' | ' |
Cash and money market instruments | ' | ' |
Investment securities | 1,361,009 | 1,522,937 |
Mortgage loans held for sale | 1,666 | 25,743 |
Impaired loans carried at fair value | ' | ' |
Mortgage IRLCs | 61 | 372 |
Other loans | ' | ' |
Loans receivable, net | 1,727 | 26,115 |
Financial liabilities: | ' | ' |
Non-interest bearing checking accounts | ' | ' |
Interest bearing transactions accounts | ' | ' |
Savings accounts | ' | ' |
Time Deposits, Fair Value | 1,331,129 | 1,458,793 |
Other | ' | ' |
Total deposits | 1,331,129 | 1,458,793 |
Short-term borrowings | 242,029 | 344,168 |
Long-term debt | 860,963 | 861,466 |
Subordinated debentures/notes | 83,140 | 79,503 |
Level 2 | Fair value swap | ' | ' |
Derivative financial instruments: | ' | ' |
Swaps, fair value | ' | ' |
Level 3 | ' | ' |
Financial assets: | ' | ' |
Cash and money market instruments | ' | ' |
Investment securities | 759 | 780 |
Mortgage loans held for sale | ' | ' |
Impaired loans carried at fair value | 33,819 | 53,932 |
Mortgage IRLCs | 0 | ' |
Other loans | 4,531,680 | 4,348,705 |
Loans receivable, net | 4,565,499 | 4,402,637 |
Financial liabilities: | ' | ' |
Non-interest bearing checking accounts | ' | ' |
Interest bearing transactions accounts | ' | ' |
Savings accounts | ' | ' |
Time Deposits, Fair Value | ' | ' |
Other | ' | ' |
Total deposits | 0 | 0 |
Short-term borrowings | ' | ' |
Long-term debt | ' | ' |
Subordinated debentures/notes | ' | ' |
Level 3 | Fair value swap | ' | ' |
Derivative financial instruments: | ' | ' |
Swaps, fair value | 135 | 135 |
Total fair value | ' | ' |
Financial assets: | ' | ' |
Cash and money market instruments | 147,030 | 201,305 |
Investment securities | 1,363,668 | 1,525,159 |
Mortgage loans held for sale | 1,666 | 25,743 |
Impaired loans carried at fair value | 33,819 | 53,932 |
Mortgage IRLCs | 61 | 372 |
Other loans | 4,531,680 | 4,348,705 |
Loans receivable, net | 4,567,226 | 4,428,752 |
Financial liabilities: | ' | ' |
Non-interest bearing checking accounts | 1,193,553 | 1,137,290 |
Interest bearing transactions accounts | 1,145,525 | 1,088,617 |
Savings accounts | 1,124,994 | 1,038,356 |
Time Deposits, Fair Value | 1,331,129 | 1,458,793 |
Other | 1,263 | 1,345 |
Total deposits | 4,796,464 | 4,724,401 |
Short-term borrowings | 242,029 | 344,168 |
Long-term debt | 860,963 | 861,466 |
Subordinated debentures/notes | 83,140 | 79,503 |
Total fair value | Fair value swap | ' | ' |
Derivative financial instruments: | ' | ' |
Swaps, fair value | 135 | 135 |
Securities | Carrying value | ' | ' |
Financial assets: | ' | ' |
Accrued interest receivable | 4,840 | 6,122 |
Securities | Level 1 | ' | ' |
Financial assets: | ' | ' |
Accrued interest receivable | ' | ' |
Securities | Level 2 | ' | ' |
Financial assets: | ' | ' |
Accrued interest receivable | 4,840 | 6,122 |
Securities | Level 3 | ' | ' |
Financial assets: | ' | ' |
Accrued interest receivable | ' | ' |
Securities | Total fair value | ' | ' |
Financial assets: | ' | ' |
Accrued interest receivable | 4,840 | 6,122 |
Loans | Carrying value | ' | ' |
Financial assets: | ' | ' |
Accrued interest receivable | 13,495 | 13,588 |
Loans | Level 1 | ' | ' |
Financial assets: | ' | ' |
Accrued interest receivable | ' | ' |
Loans | Level 2 | ' | ' |
Financial assets: | ' | ' |
Accrued interest receivable | ' | 2 |
Loans | Level 3 | ' | ' |
Financial assets: | ' | ' |
Accrued interest receivable | 13,495 | 13,586 |
Loans | Total fair value | ' | ' |
Financial assets: | ' | ' |
Accrued interest receivable | 13,495 | 13,588 |
Deposits | Carrying value | ' | ' |
Financial liabilities: | ' | ' |
Accrued interest payable | 1,366 | 1,960 |
Deposits | Level 1 | ' | ' |
Financial liabilities: | ' | ' |
Accrued interest payable | 16 | 21 |
Deposits | Level 2 | ' | ' |
Financial liabilities: | ' | ' |
Accrued interest payable | 1,350 | 1,939 |
Deposits | Level 3 | ' | ' |
Financial liabilities: | ' | ' |
Accrued interest payable | ' | ' |
Deposits | Total fair value | ' | ' |
Financial liabilities: | ' | ' |
Accrued interest payable | 1,366 | 1,960 |
Borrowings | Carrying value | ' | ' |
Financial liabilities: | ' | ' |
Accrued interest payable | 1,535 | 1,499 |
Borrowings | Level 1 | ' | ' |
Financial liabilities: | ' | ' |
Accrued interest payable | 4 | 8 |
Borrowings | Level 2 | ' | ' |
Financial liabilities: | ' | ' |
Accrued interest payable | 1,531 | 1,491 |
Borrowings | Level 3 | ' | ' |
Financial liabilities: | ' | ' |
Accrued interest payable | ' | ' |
Borrowings | Total fair value | ' | ' |
Financial liabilities: | ' | ' |
Accrued interest payable | $1,535 | $1,499 |
Capital_Ratios_Capital_Ratios_
Capital Ratios - Capital Ratios for Park and Each Subsidiary (Details) | Dec. 31, 2013 | Dec. 31, 2012 |
Park National Bank | ' | ' |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ' | ' |
Tier 1 Risk-Based Capital | 10.01% | 9.28% |
Total Risk-Based | 11.78% | 11.17% |
Leverage | 7.10% | 6.43% |
Park | ' | ' |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ' | ' |
Tier 1 Risk-Based Capital | 13.27% | 13.12% |
Total Risk-Based | 15.91% | 15.77% |
Leverage | 9.48% | 9.17% |
Capital_Ratios_Various_Measure
Capital Ratios - Various Measures of Capital for Park and Each of PNB and VB (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ' | ' |
Total Risk-Based Capital (to risk-weighted assets), To Be Adequately Capitalized, Ratio | 8.00% | ' |
Total Risk-Based Capital (to risk-weighted assets), To Be Well Capitalized, Ratio | 10.00% | ' |
Tier 1 Risk-Based Capital (to risk-weighted assets) | ' | ' |
Tier 1 Risk-Based Capital (to risk-weighted assets), To Be Adequately Capitalized, Ratio | 4.00% | ' |
Tier 1 Risk-Based Capital (to risk-weighted assets), To Be Well Capitalized, Ratio | 6.00% | ' |
Leverage Ratio (to average total assets) | ' | ' |
Leverage Ratio (to risk-weighted assets), To Be Adequately Capitalized, Ratio | 4.00% | ' |
Leverage Ratio (to risk-weighted assets), To Be Well Capitalized, Ratio | 5.00% | ' |
Park National Bank | ' | ' |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ' | ' |
Total Risk-Based Capital (to risk-weighted assets), Actual Amount | $545,144 | $502,680 |
Total Risk-Based Capital (to risk-weighted assets), Ratio | 11.78% | 11.17% |
Total Risk-Based Capital (to risk-weighted assets), To Be Adequately Capitalized, Amount | 370,198 | 359,971 |
Total Risk-Based Capital (to risk-weighted assets), To Be Adequately Capitalized, Ratio | 8.00% | 8.00% |
Total Risk-Based Capital (to risk-weighted assets), To Be Well Capitalized, Amount | 462,747 | 449,964 |
Total Risk-Based Capital (to risk-weighted assets), To Be Well Capitalized, Ratio | 10.00% | 10.00% |
Tier 1 Risk-Based Capital (to risk-weighted assets) | ' | ' |
Tier 1 Risk-Based Capital (to risk-weighted assets), Actual Amount | 463,015 | 417,690 |
Tier 1 Risk-Based Capital (to risk-weighted assets), Ratio | 10.01% | 9.28% |
Tier 1 Risk-Based Capital (to risk-weighted assets), To Be Adequately Capitalized, Amount | 185,099 | 179,986 |
Tier 1 Risk-Based Capital (to risk-weighted assets), To Be Adequately Capitalized, Ratio | 4.00% | 4.00% |
Tier 1 Risk-Based Capital (to risk-weighted assets), To Be Well Capitalized, Amount | 277,648 | 269,978 |
Tier 1 Risk-Based Capital (to risk-weighted assets), To Be Well Capitalized, Ratio | 6.00% | 6.00% |
Leverage Ratio (to average total assets) | ' | ' |
Leverage Ratio (to risk-weighted assets), Actual Amount | 463,015 | 417,690 |
Leverage Ratio (to risk-weighted assets), Ratio | 7.10% | 6.43% |
Leverage Ratio (to risk-weighted assets), To Be Adequately Capitalized, Amount | 261,025 | 259,769 |
Leverage Ratio (to risk-weighted assets), To Be Adequately Capitalized, Ratio | 4.00% | 4.00% |
Leverage Ratio (to risk-weighted assets), To Be Well Capitalized, Amount | 326,281 | 324,711 |
Leverage Ratio (to risk-weighted assets), To Be Well Capitalized, Ratio | 5.00% | 5.00% |
Park | ' | ' |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ' | ' |
Total Risk-Based Capital (to risk-weighted assets), Actual Amount | 754,605 | 732,413 |
Total Risk-Based Capital (to risk-weighted assets), Ratio | 15.91% | 15.77% |
Total Risk-Based Capital (to risk-weighted assets), To Be Adequately Capitalized, Amount | 379,446 | 371,477 |
Total Risk-Based Capital (to risk-weighted assets), To Be Adequately Capitalized, Ratio | 8.00% | 8.00% |
Tier 1 Risk-Based Capital (to risk-weighted assets) | ' | ' |
Tier 1 Risk-Based Capital (to risk-weighted assets), Actual Amount | 629,410 | 609,411 |
Tier 1 Risk-Based Capital (to risk-weighted assets), Ratio | 13.27% | 13.12% |
Tier 1 Risk-Based Capital (to risk-weighted assets), To Be Adequately Capitalized, Amount | 189,723 | 185,739 |
Tier 1 Risk-Based Capital (to risk-weighted assets), To Be Adequately Capitalized, Ratio | 4.00% | 4.00% |
Leverage Ratio (to average total assets) | ' | ' |
Leverage Ratio (to risk-weighted assets), Actual Amount | 629,410 | 609,411 |
Leverage Ratio (to risk-weighted assets), Ratio | 9.48% | 9.17% |
Leverage Ratio (to risk-weighted assets), To Be Adequately Capitalized, Amount | $265,633 | $265,719 |
Leverage Ratio (to risk-weighted assets), To Be Adequately Capitalized, Ratio | 4.00% | 4.00% |
Segment_Information_Schedule_o
Segment Information - Schedule of Operating Results by Segment (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Segment Reporting Information [Line Items] | ' | ' | ' | |
Net interest income (loss) | $221,025 | $235,315 | $273,234 | |
Provision for loan losses | 3,415 | 35,419 | 63,272 | |
Other income | 73,277 | 92,403 | 94,910 | |
Other expense | 188,529 | 187,968 | 188,317 | |
Income (loss) before taxes | 102,358 | 104,331 | 116,555 | |
Income before income taxes | 102,358 | 104,331 | 116,555 | |
Income taxes (benefit) | 25,131 | 25,701 | 34,415 | |
Net income | 77,227 | 78,630 | 82,140 | |
Assets | 6,638,347 | 6,642,803 | 6,972,245 | |
Assets held for sale (1) | ' | ' | 382,462 | [1] |
Loans | 4,620,505 | 4,450,322 | 4,317,099 | |
Total loans | 4,620,505 | 4,450,322 | 4,317,099 | |
Deposits | 4,789,994 | 4,716,032 | 4,465,114 | |
Liabilities held for sale (2) | ' | ' | 536,186 | [2] |
PNB | ' | ' | ' | |
Segment Reporting Information [Line Items] | ' | ' | ' | |
Net interest income (loss) | 210,781 | 221,758 | 236,282 | |
Provision for loan losses | 14,039 | 16,678 | 30,220 | |
Other income | 70,841 | 70,739 | 90,982 | |
Other expense | 165,665 | 156,516 | 146,235 | |
Income (loss) before taxes | 101,918 | 119,303 | 150,809 | |
Income before income taxes | 101,918 | 119,303 | 150,809 | |
Income taxes (benefit) | 26,324 | 32,197 | 43,958 | |
Net income | 75,594 | 87,106 | 106,851 | |
Assets | 6,524,098 | 6,502,579 | 6,281,747 | |
Assets held for sale (1) | ' | ' | 0 | [1] |
Loans | 4,559,406 | 4,369,173 | 4,172,424 | |
Total loans | 4,559,406 | 4,369,173 | 4,172,424 | |
Deposits | 4,896,405 | 4,814,107 | 4,611,646 | |
Liabilities held for sale (2) | ' | ' | 0 | [2] |
VB | ' | ' | ' | |
Segment Reporting Information [Line Items] | ' | ' | ' | |
Net interest income (loss) | 0 | 0 | 27,078 | |
Provision for loan losses | 0 | 0 | 31,052 | |
Other income | 0 | 0 | 6,617 | |
Other expense | 0 | 0 | 31,379 | |
Income (loss) before taxes | 0 | 0 | -28,736 | |
Income before income taxes | 0 | 0 | -28,736 | |
Income taxes (benefit) | 0 | 0 | -6,210 | |
Net income | 0 | 0 | -22,526 | |
Assets | 0 | 0 | 650,935 | |
Assets held for sale (1) | ' | ' | 382,462 | [1] |
Loans | 0 | 0 | 123,883 | |
Total loans | 0 | 0 | 123,883 | |
Deposits | 0 | 0 | 32 | |
Liabilities held for sale (2) | ' | ' | 536,186 | [2] |
GFSC | ' | ' | ' | |
Segment Reporting Information [Line Items] | ' | ' | ' | |
Net interest income (loss) | 8,741 | 9,156 | 8,693 | |
Provision for loan losses | 1,175 | 859 | 2,000 | |
Other income | 11 | 0 | 0 | |
Other expense | 3,133 | 2,835 | 2,506 | |
Income (loss) before taxes | 4,444 | 5,462 | 4,187 | |
Income before income taxes | 4,444 | 5,462 | 4,187 | |
Income taxes (benefit) | 1,556 | 1,912 | 1,466 | |
Net income | 2,888 | 3,550 | 2,721 | |
Assets | 47,115 | 49,926 | 46,682 | |
Assets held for sale (1) | ' | ' | 0 | [1] |
Loans | 47,228 | 50,082 | 47,111 | |
Total loans | 47,228 | 50,082 | 47,111 | |
Deposits | 7,159 | 8,358 | 8,013 | |
Liabilities held for sale (2) | ' | ' | 0 | [2] |
SEPH | ' | ' | ' | |
Segment Reporting Information [Line Items] | ' | ' | ' | |
Net interest income (loss) | -1,325 | -341 | -974 | |
Provision for loan losses | -11,799 | 17,882 | 0 | |
Other income | 1,956 | 21,431 | -3,039 | |
Other expense | 12,211 | 22,032 | 1,082 | |
Income (loss) before taxes | 219 | -18,824 | -5,095 | |
Income before income taxes | 219 | -18,824 | -5,095 | |
Income taxes (benefit) | 77 | -6,603 | -1,784 | |
Net income | 142 | -12,221 | -3,311 | |
Assets | 72,781 | 104,428 | 34,989 | |
Assets held for sale (1) | ' | ' | 0 | [1] |
Loans | 38,014 | 59,178 | 0 | |
Total loans | 38,014 | 59,178 | 0 | |
Deposits | 0 | 0 | 0 | |
Liabilities held for sale (2) | ' | ' | 0 | [2] |
All Other | ' | ' | ' | |
Segment Reporting Information [Line Items] | ' | ' | ' | |
Net interest income (loss) | 2,828 | 4,742 | 2,155 | |
Provision for loan losses | 0 | 0 | 0 | |
Other income | 469 | 233 | 350 | |
Other expense | 7,520 | 6,585 | 7,115 | |
Income (loss) before taxes | -4,223 | -1,610 | -4,610 | |
Income before income taxes | -4,223 | -1,610 | -4,610 | |
Income taxes (benefit) | -2,826 | -1,805 | -3,015 | |
Net income | -1,397 | 195 | -1,595 | |
Assets | -5,647 | -14,130 | -42,108 | |
Assets held for sale (1) | ' | ' | 0 | [1] |
Loans | -24,143 | -28,111 | -26,319 | |
Total loans | -24,143 | -28,111 | -26,319 | |
Deposits | -113,570 | -106,433 | -154,577 | |
Liabilities held for sale (2) | ' | ' | $0 | [2] |
[1] | The assets held for sale represent the loans and other assets at Vision that were sold in the first quarter of 2012. | |||
[2] | The liabilities held for sale represent the deposits and other liabilities at Vision that were sold in the first quarter of 2012. |
Segment_Information_Reconcilia
Segment Information - Reconciliation of Financial Information (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Reconciliation Of Segment Information [Line Items] | ' | ' | ' |
Net Interest Income | $221,025 | $235,315 | $273,234 |
Depreciation Expense | 7,315 | 6,954 | 7,583 |
Other Expense | 181,214 | 181,014 | 180,734 |
Income Taxes | 25,131 | 25,701 | 34,415 |
Assets | 6,638,347 | 6,642,803 | 6,972,245 |
Deposits | 4,789,994 | 4,716,032 | 4,465,114 |
Totals for reportable segments | ' | ' | ' |
Reconciliation Of Segment Information [Line Items] | ' | ' | ' |
Net Interest Income | 218,197 | 230,573 | 271,079 |
Depreciation Expense | 7,315 | 6,954 | 7,583 |
Other Expense | 173,694 | 174,429 | 173,619 |
Income Taxes | 27,957 | 27,506 | 37,430 |
Assets | 6,643,994 | 6,656,933 | 7,014,353 |
Deposits | 4,903,564 | 4,822,465 | 4,619,691 |
Elimination of intersegment items | ' | ' | ' |
Reconciliation Of Segment Information [Line Items] | ' | ' | ' |
Net Interest Income | 8,659 | 8,558 | 4,492 |
Depreciation Expense | 0 | 0 | 0 |
Other Expense | 0 | 0 | 0 |
Income Taxes | 0 | 0 | 0 |
Assets | -30,369 | -35,639 | -63,243 |
Deposits | -113,570 | -106,433 | -154,577 |
Parent Co. totals - not eliminated | ' | ' | ' |
Reconciliation Of Segment Information [Line Items] | ' | ' | ' |
Net Interest Income | -5,831 | -3,816 | -2,337 |
Depreciation Expense | 0 | 0 | 0 |
Other Expense | 7,520 | 6,585 | 7,115 |
Income Taxes | -2,826 | -1,805 | -3,015 |
Assets | 24,722 | 21,509 | 21,135 |
Deposits | $0 | $0 | $0 |
Parent_Company_Statements_Narr
Parent Company Statements - Narrative (Details) (Parent Company, USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Parent Company | ' | ' | ' |
Income taxes | $2.54 | $4.54 | $4.21 |
Undistributed earnings, restricted from transfer as dividends | $196 | $173.10 | ' |
Parent_Company_Statements_Bala
Parent Company Statements - Balance Sheets (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
In Thousands, unless otherwise specified | ||||
Assets: | ' | ' | ' | ' |
Other assets | $506,046 | $464,962 | ' | ' |
Total assets | 6,638,347 | 6,642,803 | 6,972,245 | ' |
Liabilities: | ' | ' | ' | ' |
Subordinated notes | 80,250 | 80,250 | ' | ' |
Other liabilities | 63,786 | 70,329 | ' | ' |
Total liabilities | 5,986,600 | 5,992,437 | ' | ' |
Total liabilities and shareholders’ equity | 6,638,347 | 6,642,803 | ' | ' |
Parent Company | ' | ' | ' | ' |
Assets: | ' | ' | ' | ' |
Cash | 106,942 | 98,726 | 134,650 | 160,011 |
Investment in subsidiaries | 582,992 | 589,523 | ' | ' |
Debentures receivable from PNB | 25,000 | 30,000 | ' | ' |
Other investments | 2,297 | 2,133 | ' | ' |
Other assets | 21,984 | 19,639 | ' | ' |
Total assets | 739,215 | 740,021 | ' | ' |
Liabilities: | ' | ' | ' | ' |
Subordinated notes | 80,250 | 80,250 | ' | ' |
Other liabilities | 7,218 | 9,405 | ' | ' |
Total liabilities | 87,468 | 89,655 | ' | ' |
Total shareholders’ equity | 651,747 | 650,366 | ' | ' |
Total liabilities and shareholders’ equity | $739,215 | $740,021 | ' | ' |
Parent_Company_Statements_Stat
Parent Company Statements - Statements of Income (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income: | ' | ' | ' |
Interest and dividends | $262,947 | $285,735 | $331,880 |
Expense: | ' | ' | ' |
Federal income tax benefit | -25,131 | -25,701 | -34,415 |
Net income | 77,227 | 78,630 | 82,140 |
Parent Company | ' | ' | ' |
Income: | ' | ' | ' |
Dividends from subsidiaries | 15,000 | 197,000 | 105,000 |
Interest and dividends | 8,659 | 10,027 | 5,643 |
Other | 531 | 232 | 385 |
Total income | 24,190 | 207,259 | 111,028 |
Expense: | ' | ' | ' |
Other, net | 13,413 | 11,869 | 10,639 |
Total expense | 13,413 | 11,869 | 10,639 |
Income before federal taxes and equity in undistributed income (losses) of subsidiaries | 10,777 | 195,390 | 100,389 |
Federal income tax benefit | 2,826 | 1,806 | 3,016 |
Income before equity in undistributed income (losses) of subsidiaries | 13,603 | 197,196 | 103,405 |
Equity in undistributed income (losses) of subsidiaries | 63,624 | -118,566 | -21,265 |
Net income | $77,227 | $78,630 | $82,140 |
Parent_Company_Statements_Stat1
Parent Company Statements - Statements of Cash Flows (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Net income | $77,227 | $78,630 | $82,140 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' |
Compensation expense for issuance of treasury shares to directors | 850 | 407 | 388 |
Increase (decrease) in other liabilities | -7,389 | -9,010 | -10,826 |
Net cash provided by operating activities | 114,552 | 105,201 | 123,536 |
Investing activities: | ' | ' | ' |
Net cash (used in) provided by investing activities | -106,749 | -194,748 | 274,411 |
Financing activities | ' | ' | ' |
Payment to repurchase warrants | 0 | -2,843 | 0 |
Proceeds from issuance of subordinated notes | 0 | 30,000 | 0 |
Net cash (used in) provided by financing activities | -62,078 | 133,366 | -374,241 |
(Decrease) increase in cash and cash equivalents | -54,275 | 43,819 | 23,706 |
Parent Company | ' | ' | ' |
Net income | 77,227 | 78,630 | 82,140 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' |
Undistributed (income)/losses of subsidiaries | -63,624 | 118,566 | 21,265 |
Decrease in other assets | -2,215 | 5,748 | 8,268 |
Increase (decrease) in other liabilities | -3,030 | 1,724 | -7,875 |
Net cash provided by operating activities | 9,208 | 205,075 | 103,798 |
Investing activities: | ' | ' | ' |
Purchase of investment securities | 0 | 0 | -250 |
Capital contribution to subsidiary | -45,000 | -45,000 | -36,000 |
Purchase of debentures receivable from subsidiaries | 0 | -115,000 | -30,000 |
Repayment of debentures receivable from subsidiaries | 101,960 | 52,000 | 0 |
Net cash (used in) provided by investing activities | 56,960 | -108,000 | -66,250 |
Financing activities | ' | ' | ' |
Cash dividends paid | -57,949 | -60,154 | -62,907 |
Payment to repurchase warrants | 0 | -2,843 | 0 |
Payment to repurchase preferred shares | 0 | -100,000 | 0 |
Proceeds from issuance of subordinated notes | 0 | 30,000 | 0 |
Cash payment for fractional shares | -3 | -2 | -2 |
Net cash (used in) provided by financing activities | -57,952 | -132,999 | -62,909 |
(Decrease) increase in cash and cash equivalents | 8,216 | -35,924 | -25,361 |
Cash at beginning of year | 98,726 | 134,650 | 160,011 |
Cash at end of year | 106,942 | 98,726 | 134,650 |
Parent Company | ' | ' | ' |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' |
Compensation expense for issuance of treasury shares to directors | ' | ' | $0 |
Participation_In_The_US_Treasu1
Participation In The U.S. Treasury Capital Purchase Program (Details) (USD $) | 12 Months Ended | 12 Months Ended | ||||
Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 23, 2008 | 2-May-12 | |
Series A preferred stock | Series A preferred stock | U.S. Treasury Capital Purchase Program | ||||
Participation In The U.S. Treasury Capital Repurchase Program [Line Items] | ' | ' | ' | ' | ' | ' |
Preferred stock value | $0 | ' | $0 | ' | $100,000,000 | ' |
Liquidation preference per senior preferred shares | $0 | ' | $0 | ' | $1,000 | ' |
Number of securities repurchasable | ' | ' | ' | ' | ' | 227,376 |
Stock repurchased during period, shares | ' | ' | ' | 100,000 | ' | ' |
Stock repurchased during period, value | ' | ' | ' | 100,000,000 | ' | ' |
Payments for repurchase of preferred stock and preference stock including unpaid dividends | ' | ' | ' | 101,000,000 | ' | ' |
Dividends, preferred stock, cash | 1,571,000 | 5,000,000 | ' | 972,000 | ' | ' |
Charge to retained earnings from preferred stock repurchase | ' | ' | ' | 1,600,000 | ' | ' |
Number of warrants repurchased | ' | ' | ' | ' | ' | 227,376 |
Payments for repurchase of warrants | ' | ' | ' | ' | ' | $2,800,000 |
Repurchase price per share | ' | ' | ' | ' | ' | $12.50 |