Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2015 | Jul. 31, 2015 | |
Document and Entity Information | ||
Entity Registrant Name | FULTON FINANCIAL CORP | |
Entity Central Index Key | 700,564 | |
Trading Symbol | fult | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 174,944,000 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
ASSETS | ||
Cash and due from banks | $ 100,455 | $ 105,702 |
Interest-bearing deposits with other banks | 322,218 | 358,130 |
Federal Reserve Bank and Federal Home Loan Bank stock | 65,106 | 64,953 |
Loans held for sale | 33,980 | 17,522 |
Available for sale investment securities | 2,440,492 | 2,323,371 |
Loans, net of unearned income | 13,244,230 | 13,111,716 |
Less: Allowance for loan losses | (167,485) | (184,144) |
Net Loans | 13,076,745 | 12,927,572 |
Premises and equipment | 226,794 | 226,027 |
Accrued interest receivable | 41,193 | 41,818 |
Goodwill and intangible assets | 531,567 | 531,803 |
Other assets | 526,923 | 527,869 |
Total Assets | 17,365,473 | 17,124,767 |
LIABILITIES | ||
Noninterest-bearing | 3,805,165 | 3,640,623 |
Interest-bearing | 9,700,544 | 9,726,883 |
Total Deposits | 13,505,709 | 13,367,506 |
Short-term borrowings: | ||
Federal funds purchased | 5,058 | 6,219 |
Other short-term borrowings | 403,977 | 323,500 |
Total Short-Term Borrowings | 409,035 | 329,719 |
Accrued interest payable | 15,172 | 18,045 |
Other liabilities | 278,099 | 273,419 |
Federal Home Loan Bank advances and long-term debt | 1,132,641 | 1,139,413 |
Total Liabilities | 15,340,656 | 15,128,102 |
SHAREHOLDERS’ EQUITY | ||
Common stock, $2.50 par value, 600 million shares authorized, 218.5 million shares issued in 2015 and 218.2 million shares issued in 2014 | 546,219 | 545,555 |
Additional paid-in capital | 1,445,315 | 1,420,523 |
Retained earnings | 603,597 | 558,810 |
Accumulated other comprehensive loss | (22,877) | (17,722) |
Treasury stock, at cost, 42.5 million shares in 2015 and 39.3 million shares in 2014 | (547,437) | (510,501) |
Total Shareholders’ Equity | 2,024,817 | 1,996,665 |
Total Liabilities and Shareholders’ Equity | $ 17,365,473 | $ 17,124,767 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2015 | Dec. 31, 2014 |
Statement of Financial Position [Abstract] | ||
Common stock, par value | $ 2.5 | $ 2.5 |
Common stock, shares authorized | 600,000,000 | 600,000,000 |
Common stock, shares issued | 218,500,000 | 218,200,000 |
Treasury stock, shares | 42,500,000 | 39,300,000 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
INTEREST INCOME | ||||
Loans, including fees | $ 129,910 | $ 131,440 | $ 259,687 | $ 263,270 |
Investment securities: | ||||
Taxable | 10,944 | 12,418 | 22,226 | 25,684 |
Tax-exempt | 1,881 | 2,298 | 3,968 | 4,646 |
Dividends | 296 | 325 | 644 | 657 |
Loans held for sale | 265 | 214 | 438 | 348 |
Other interest income | 933 | 1,207 | 3,038 | 2,089 |
Total Interest Income | 144,229 | 147,902 | 290,001 | 296,694 |
INTEREST EXPENSE | ||||
Deposits | 10,053 | 8,685 | 19,876 | 16,581 |
Short-term borrowings | 103 | 540 | 180 | 1,173 |
Long-term debt | 11,153 | 10,779 | 23,444 | 21,477 |
Total Interest Expense | 21,309 | 20,004 | 43,500 | 39,231 |
Net Interest Income | 122,920 | 127,898 | 246,501 | 257,463 |
Provision for credit losses | 2,200 | 3,500 | (1,500) | 6,000 |
Net Interest Income After Provision for Credit Losses | 120,720 | 124,398 | 248,001 | 251,463 |
NON-INTEREST INCOME | ||||
Service charges on deposit accounts | 12,637 | 12,552 | 24,206 | 24,263 |
Investment management and trust services | 11,011 | 11,339 | 21,900 | 22,297 |
Other service charges and fees | 10,988 | 10,526 | 20,351 | 19,453 |
Mortgage banking income | 5,339 | 5,741 | 10,027 | 9,346 |
Investment securities gains, net: | ||||
Net gains on sales of investment securities | 2,415 | 1,124 | 6,560 | 1,124 |
Other-than-temporary impairment losses | 0 | 12 | 0 | 12 |
Investment securities gains, net | 2,415 | 1,112 | 6,560 | 1,112 |
Other | 4,099 | 3,602 | 8,182 | 6,907 |
Total Non-Interest Income | 46,489 | 44,872 | 91,226 | 83,378 |
NON-INTEREST EXPENSE | ||||
Salaries and employee benefits | 65,067 | 63,623 | 130,057 | 123,189 |
Net occupancy expense | 11,809 | 11,464 | 25,501 | 25,067 |
Other outside services | 8,125 | 7,240 | 13,875 | 11,052 |
Data processing | 4,894 | 4,331 | 9,662 | 8,127 |
Software | 3,376 | 3,209 | 6,694 | 6,134 |
Equipment expense | 3,335 | 3,360 | 7,293 | 6,962 |
Marketing | 2,885 | 2,615 | 5,707 | 5,304 |
Supplies and postage | 2,731 | 3,559 | 5,602 | 6,463 |
Telecommunications | 2,726 | 2,451 | 5,095 | 4,777 |
Marketing | 2,235 | 2,337 | 3,468 | 3,921 |
Telecommunications | 1,617 | 1,787 | 3,333 | 3,606 |
Operating risk loss | 674 | 716 | 1,501 | 2,544 |
Other real estate owned and repossession expense | 129 | 748 | 1,491 | 1,731 |
Intangible amortization | 106 | 315 | 236 | 630 |
Other | 8,645 | 8,419 | 17,317 | 16,221 |
Total Non-Interest Expense | 118,354 | 116,174 | 236,832 | 225,728 |
Income Before Income Taxes | 48,855 | 53,096 | 102,395 | 109,113 |
Income taxes | 12,175 | 13,500 | 25,679 | 27,734 |
Net Income | $ 36,680 | $ 39,596 | $ 76,716 | $ 81,379 |
PER SHARE: | ||||
Net Income (Basic) (in dollars per share) | $ 0.21 | $ 0.21 | $ 0.43 | $ 0.43 |
Net Income (Diluted) (in dollars per share) | 0.21 | 0.21 | 0.43 | 0.43 |
Cash Dividends (in dollars per share) | $ 0.09 | $ 0.08 | $ 0.18 | $ 0.16 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Statement of Comprehensive Income [Abstract] | ||||
Net Income | $ 36,680 | $ 39,596 | $ 76,716 | $ 81,379 |
Other Comprehensive Income (Loss), net of tax: | ||||
Unrealized gain (loss) on securities | (12,008) | 12,990 | (2,016) | 26,923 |
Reclassification adjustment for postretirement amendment gains included in net income | 0 | 0 | 0 | (944) |
Reclassification adjustment for securities gains included in net income | (1,569) | (723) | (4,264) | (723) |
Non-credit related unrealized gain on other-than-temporarily impaired debt securities | 0 | 323 | 125 | 512 |
Unrealized gain on derivative financial instruments | 34 | 34 | 68 | 68 |
Unrecognized postretirement income arising due to plan amendment | 0 | 0 | 0 | 2,144 |
Amortization of net unrecognized pension and postretirement items | 466 | 104 | 932 | 200 |
Other Comprehensive Income (Loss) | (13,077) | 12,728 | (5,155) | 28,180 |
Total Comprehensive Income | $ 23,603 | $ 52,324 | $ 71,561 | $ 109,559 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) shares in Thousands, $ in Thousands | Total | Share Repurchase Program [Member] | Accelerated Stock Repurchase Program [Member] | Common Stock [Member] | Common Stock [Member]Share Repurchase Program [Member] | Common Stock [Member]Accelerated Stock Repurchase Program [Member] | Additional Paid-In Capital [Member] | Additional Paid-In Capital [Member]Accelerated Stock Repurchase Program [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income [Member] | Treasury Stock [Member] | Treasury Stock [Member]Share Repurchase Program [Member] | Treasury Stock [Member]Accelerated Stock Repurchase Program [Member] |
Beginning Balance at Dec. 31, 2013 | $ 2,063,187 | $ 544,568 | $ 1,432,974 | $ 463,843 | $ (37,341) | $ (340,857) | |||||||
Beginning Balance (in shares) at Dec. 31, 2013 | 192,652 | ||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||
Net Income | 81,379 | 81,379 | |||||||||||
Other comprehensive loss | 28,180 | 28,180 | |||||||||||
Stock issued, including related tax benefits | 4,070 | $ 498 | 763 | 2,809 | |||||||||
Stock issued, including related tax benefits (in shares) | 381 | ||||||||||||
Stock-based compensation awards | 3,022 | 3,022 | |||||||||||
Acquisition of treasury stock (in shares) | (4,000) | ||||||||||||
Acquisition of treasury stock | (49,804) | (49,804) | |||||||||||
Common stock cash dividends | (30,234) | (30,234) | |||||||||||
Ending Balance at Jun. 30, 2014 | 2,099,800 | $ 545,066 | 1,436,759 | 514,988 | (9,161) | (387,852) | |||||||
Ending Balance (in shares) at Jun. 30, 2014 | 189,033 | ||||||||||||
Beginning Balance at Dec. 31, 2014 | 1,996,665 | $ 545,555 | 1,420,523 | 558,810 | (17,722) | (510,501) | |||||||
Beginning Balance (in shares) at Dec. 31, 2014 | 178,924 | ||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||
Net Income | 76,716 | 76,716 | |||||||||||
Other comprehensive loss | (5,155) | (5,155) | |||||||||||
Stock issued, including related tax benefits | 4,695 | $ 664 | 1,954 | 2,077 | |||||||||
Stock issued, including related tax benefits (in shares) | 423 | ||||||||||||
Stock-based compensation awards | $ 2,838 | 2,838 | |||||||||||
Acquisition of treasury stock (in shares) | (1,500) | (1,538) | (1,790) | ||||||||||
Acquisition of treasury stock | $ (19,013) | $ 0 | $ 20,000 | $ (19,013) | $ (20,000) | ||||||||
Common stock cash dividends | $ (31,929) | (31,929) | |||||||||||
Ending Balance at Jun. 30, 2015 | $ 2,024,817 | $ 546,219 | $ 1,445,315 | $ 603,597 | $ (22,877) | $ (547,437) | |||||||
Ending Balance (in shares) at Jun. 30, 2015 | 176,019 |
Consolidated Statements of Sha7
Consolidated Statements of Shareholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Statement of Stockholders' Equity [Abstract] | ||||
Cash dividends per share | $ 0.09 | $ 0.08 | $ 0.18 | $ 0.16 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net Income | $ 76,716 | $ 81,379 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Provision for credit losses | (1,500) | 6,000 |
Depreciation and amortization of premises and equipment | 13,920 | 12,354 |
Net amortization of investment securities premiums | 3,288 | 2,908 |
Net gains on sales of investment securities | (6,560) | (1,112) |
Net increase in loans held for sale | (16,458) | (14,728) |
Amortization of intangible assets | 236 | 630 |
Stock-based compensation | 2,838 | 3,022 |
Excess tax benefits from stock-based compensation | (63) | (52) |
Decrease in accrued interest receivable | 625 | 1,921 |
Decrease (increase) in other assets | 9,818 | (3,039) |
(Decrease) increase in accrued interest payable | (2,873) | 1,429 |
(Decrease) increase in other liabilities | (2,959) | 3,646 |
Total adjustments | 312 | 12,979 |
Net cash provided by operating activities | 77,028 | 94,358 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Proceeds from sales of securities available for sale | 18,815 | 15,189 |
Proceeds from maturities of securities available for sale | 205,620 | 174,619 |
Purchase of securities available for sale | (346,322) | (60,952) |
Decrease (increase) in short-term investments | 35,759 | (57,357) |
Net increase in loans | (147,492) | (74,766) |
Net purchases of premises and equipment | (14,687) | (11,501) |
Net cash used in investing activities | (248,307) | (14,768) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Net increase in demand and savings deposits | 205,901 | 104,390 |
Net (decrease) increase in time deposits | (67,698) | 98,083 |
Increase (decrease) in short-term borrowings | 79,316 | (250,322) |
Additions to long-term debt | 148,099 | 90,000 |
Repayments of long-term debt | (154,871) | (5,189) |
Net proceeds from issuance of common stock | 4,632 | 4,018 |
Excess tax benefits from stock-based compensation | 63 | 52 |
Dividends paid | (30,397) | (30,521) |
Acquisition of treasury stock | (19,013) | (49,804) |
Net cash provided by (used in) financing activities | 166,032 | (39,293) |
Net (Decrease) Increase in Cash and Due From Banks | (5,247) | 40,297 |
Cash and Due From Banks at Beginning of Period | 105,702 | 218,540 |
Cash and Due From Banks at End of Period | 100,455 | 258,837 |
Cash paid during the period for: | ||
Interest | 46,373 | 37,802 |
Income taxes | $ 11,051 | $ 16,407 |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited consolidated financial statements of Fulton Financial Corporation (the "Corporation") have been prepared in conformity with U.S. generally accepted accounting principles ("U.S. GAAP") for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and notes required by U.S. GAAP for complete financial statements. The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the amounts of assets and liabilities as of the date of the financial statements as well as revenues and expenses during the period. Actual results could differ from those estimates. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. These consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2014. Operating results for the three and six months ended June 30, 2015 are not necessarily indicative of the results that may be expected for the year ending December 31, 2015 . The Corporation evaluates subsequent events through the date of filing of this Form 10-Q with the Securities and Exchange Commission ("SEC"). Recent Accounting Standards Effective January 1, 2015, the Corporation adopted the Financial Accounting Standards Board's ("FASB") Accounting Standards Codification ("ASC") Update 2014-01, "Accounting for Investments in Qualified Affordable Housing Projects." ASC Update 2014-01 provides guidance on accounting for investments made by a reporting entity in flow-through limited liability entities that manage or invest in affordable housing projects that qualify for the low income housing tax credit. The Corporation has made certain investments in partnerships that generate tax credits under various federal programs which promote investment in low and moderate income housing and local economic development. The net income tax benefit associated with these investments, which consists of the amortization of the investments net of tax benefits, and the income tax credits earned on the investments recorded in income taxes on the consolidated income statements was $2.4 million and $2.8 million for the three months ended June 30, 2015 and 2014, respectively and $4.8 million and $5.3 million for the six months ended June 30, 2015 and 2014, respectively. As of June 30, 2015 and December 31, 2014, the Corporation’s tax credit investments, included in other assets on the consolidated balance sheets, totaled $156.8 million and $155.6 million , respectively. The adoption of this ASC update did not have a material impact on the Corporation's consolidated financial statements for the three or six months ended June 30, 2015 or 2014. In February 2015, the FASB issued ASC Update 2015-02, "Consolidation: Amendments to the Consolidation Analysis." ASC Update 2015-02 changes the way reporting enterprises evaluate whether: (a) they should consolidate limited partnerships and similar entities, (b) fees paid to a decision maker or service provider are variable interests in a variable interest entity ("VIE"), and (c) variable interests in a VIE held by related parties of the reporting enterprise require the reporting enterprise to consolidate the VIE. ASC Update 2015-02 is effective for public business entities' annual and interim reporting periods beginning after December 15, 2015, with earlier adoption permitted. The Corporation intends to adopt this standards update effective with its March 31, 2016 quarterly report on Form 10-Q, and does not expect the adoption of ASC Update 2015-02 to have a material impact on its consolidated financial statements. In April 2015, the FASB issued ASC Update 2015-03, "Interest - Imputation of Interest." ASC Update 2015-03 simplifies the presentation of debt issuances costs. Debt issuance costs related to a recognized debt liability will be presented on the balance sheet as a direct deduction from the debt liability, similar to the presentation of debt discounts. Under current U.S. GAAP, debt issuance costs are reported on the balance sheet as assets. The costs will continue to be amortized to interest expense using the effective interest method. ASC Update 2015-03 is effective for public business entities' annual and interim reporting periods beginning after December 15, 2015, with earlier adoption permitted. The Corporation intends to adopt this standards update effective with its March 31, 2016 quarterly report on Form 10-Q and does not expect the adoption of ASC Update 2015-03 to have a material impact on its consolidated financial statements. In April 2015, the FASB issued ASC Update 2015-05, "Customer's Accounting for Fees Paid in a Cloud Computing Arrangement." ASC Update 2015-05 provides explicit guidance to determine when a customer's fees paid in a cloud computing arrangement is for the acquisition of software licenses, services, or both. ASC Update 2015-05 is effective for public business entities' annual and interim reporting periods beginning after December 15, 2015, with earlier adoption permitted. The Corporation intends to adopt this standards update effective with its March 31, 2016 quarterly report on Form 10-Q and does not expect the adoption of ASC Update 2015-05 to have a material impact on its consolidated financial statements. |
Net Income Per Share
Net Income Per Share | 6 Months Ended |
Jun. 30, 2015 | |
Earnings Per Share [Abstract] | |
Net Income Per Share | Net Income Per Share Basic net income per share is calculated as net income divided by the weighted average number of shares outstanding. Diluted net income per share is calculated as net income divided by the weighted average number of shares outstanding plus the incremental number of shares added as a result of converting common stock equivalents, calculated using the treasury stock method. The Corporation’s common stock equivalents consist of outstanding stock options, restricted stock, restricted stock units ("RSUs") and performance based restricted stock units ("PSUs"). PSUs are required to be included in weighted average shares outstanding if performance measures, as defined in each PSU award agreement, are met as of the end of the period. A reconciliation of weighted average shares outstanding used to calculate basic net income per share and diluted net income per share follows: Three months ended June 30 Six months ended June 30 2015 2014 2015 2014 (in thousands) Weighted average shares outstanding (basic) 176,433 188,139 177,446 188,799 Impact of common stock equivalents 1,098 1,043 1,042 1,033 Weighted average shares outstanding (diluted) 177,531 189,182 178,488 189,832 For the three and six months ended June 30, 2015 , 1.8 million and 2.0 million stock options, respectively, were excluded from the diluted net income per share computation as their effect would have been anti-dilutive. For the three and six months ended June 30, 2014 , 3.3 million and 3.2 million stock options, respectively, were excluded from the diluted net income per share computation as their effect would have been anti-dilutive. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income | 6 Months Ended |
Jun. 30, 2015 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income | Accumulated Other Comprehensive Income The following table presents changes in other comprehensive income: Before-Tax Amount Tax Effect Net of Tax Amount (in thousands) Three months ended June 30, 2015 Unrealized loss on securities $ (18,474 ) $ 6,466 $ (12,008 ) Reclassification adjustment for securities gains included in net income (1) (2,413 ) 844 (1,569 ) Unrealized gain on derivative financial instruments 52 (18 ) 34 Amortization of net unrecognized pension and postretirement items (2) 717 (251 ) 466 Total Other Comprehensive Loss $ (20,118 ) $ 7,041 $ (13,077 ) Three months ended June 30, 2014 Unrealized gain on securities $ 19,984 $ (6,994 ) $ 12,990 Reclassification adjustment for securities gains included in net income (1) (1,112 ) 389 (723 ) Non-credit related unrealized gains on other-than-temporarily impaired debt securities 497 (174 ) 323 Unrealized gain on derivative financial instruments 52 (18 ) 34 Amortization of net unrecognized pension and postretirement items (2) 160 (56 ) 104 Total Other Comprehensive Income $ 19,581 $ (6,853 ) $ 12,728 Six months ended June 30, 2015 Unrealized loss on securities $ (3,103 ) $ 1,087 $ (2,016 ) Reclassification adjustment for securities gains included in net income (1) (6,558 ) 2,294 (4,264 ) Non-credit related unrealized gains (losses) on other-than-temporarily impaired debt securities 192 (67 ) 125 Unrealized gain on derivative financial instruments 104 (36 ) 68 Amortization of net unrecognized pension and postretirement items (2) 1,434 (502 ) 932 Total Other Comprehensive Loss $ (7,931 ) $ 2,776 $ (5,155 ) Six months ended June 30, 2014 Unrealized gain on securities $ 41,419 $ (14,496 ) $ 26,923 Reclassification adjustment for securities gains included in net income (1) (1,112 ) 389 (723 ) Reclassification adjustment for postretirement gains included in net income (2) (1,452 ) 508 (944 ) Non-credit related unrealized gains (losses) on other-than-temporarily impaired debt securities 788 (276 ) 512 Unrealized gain on derivative financial instruments 105 (37 ) 68 Unrecognized pension and postretirement income 3,291 (1,147 ) 2,144 Amortization of net unrecognized pension and postretirement items (2) 309 (109 ) 200 Total Other Comprehensive Income $ 43,348 $ (15,168 ) $ 28,180 (1) Amounts reclassified out of accumulated other comprehensive income. Before-tax amounts included within "Investment securities gains, net" on the consolidated statements of income. See Note 4, "Investment Securities," for additional details. (2) Amounts reclassified out of accumulated other comprehensive income. Before-tax amounts included within "Salaries and employee benefits" on the consolidated statements of income. See Note 8, "Employee Benefit Plans," for additional details. The following table presents changes in each component of accumulated other comprehensive income, net of tax: Unrealized Gains (Losses) on Investment Securities Not Other-Than-Temporarily Impaired Unrealized Non-Credit Gains (Losses) on Other-Than-Temporarily Impaired Debt Securities Unrealized Effective Portions of Losses on Forward-Starting Interest Rate Swaps Unrecognized Pension and Postretirement Plan Income (Costs) Total (in thousands) Three months ended June 30, 2015 Balance at March 31, 2015 $ 14,311 $ 440 $ (2,512 ) $ (22,039 ) $ (9,800 ) Other comprehensive loss before reclassifications (12,008 ) — — — (12,008 ) Amounts reclassified from accumulated other comprehensive income (loss) (1,473 ) (96 ) 34 466 (1,069 ) Balance at June 30, 2015 $ 830 $ 344 $ (2,478 ) $ (21,573 ) $ (22,877 ) Three months ended June 30, 2014 Balance at March 31, 2014 $ (13,577 ) $ 1,841 $ (2,648 ) $ (7,505 ) $ (21,889 ) Other comprehensive income before reclassifications 12,990 323 — — 13,313 Amounts reclassified from accumulated other comprehensive income (loss) 7 (730 ) 34 104 (585 ) Balance at June 30, 2014 $ (580 ) $ 1,434 $ (2,614 ) $ (7,401 ) $ (9,161 ) Six months ended June 30, 2015 Balance at December 31, 2014 $ 5,980 $ 1,349 $ (2,546 ) $ (22,505 ) $ (17,722 ) Other comprehensive income (loss) before reclassifications (2,016 ) 125 — — (1,891 ) Amounts reclassified from accumulated other comprehensive income (loss) (3,134 ) (1,130 ) 68 932 (3,264 ) Balance at June 30, 2015 $ 830 $ 344 $ (2,478 ) $ (21,573 ) $ (22,877 ) Six months ended June 30, 2014 Balance at December 31, 2013 $ (27,510 ) $ 1,652 $ (2,682 ) $ (8,801 ) $ (37,341 ) Other comprehensive income before reclassifications 26,923 512 — 2,144 29,579 Amounts reclassified from accumulated other comprehensive income (loss) 7 (730 ) 68 (744 ) (1,399 ) Balance at June 30, 2014 $ (580 ) $ 1,434 $ (2,614 ) $ (7,401 ) $ (9,161 ) |
Investment Securities
Investment Securities | 6 Months Ended |
Jun. 30, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | Investment Securities The following table presents the amortized cost and estimated fair values of investment securities, which were all classified as available for sale: Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value (in thousands) June 30, 2015 Equity securities $ 23,981 $ 9,072 $ (12 ) $ 33,041 U.S. Government sponsored agency securities 48,333 57 (130 ) 48,260 State and municipal securities 231,592 5,312 (387 ) 236,517 Corporate debt securities 98,756 3,183 (4,767 ) 97,172 Collateralized mortgage obligations 931,093 4,932 (17,793 ) 918,232 Mortgage-backed securities 998,418 14,112 (3,866 ) 1,008,664 Auction rate securities 106,504 — (7,898 ) 98,606 $ 2,438,677 $ 36,668 $ (34,853 ) $ 2,440,492 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value (in thousands) December 31, 2014 Equity securities $ 33,469 $ 14,167 $ (13 ) $ 47,623 U.S. Government securities 200 — — 200 U.S. Government sponsored agency securities 209 5 — 214 State and municipal securities 238,250 7,231 (266 ) 245,215 Corporate debt securities 99,016 5,126 (6,108 ) 98,034 Collateralized mortgage obligations 917,395 5,705 (20,787 ) 902,313 Mortgage-backed securities 914,797 16,978 (2,944 ) 928,831 Auction rate securities 108,751 — (7,810 ) 100,941 $ 2,312,087 $ 49,212 $ (37,928 ) $ 2,323,371 Securities carried at $1.6 billion as of June 30, 2015 and $1.7 billion as of December 31, 2014 were pledged as collateral to secure public and trust deposits and customer repurchase agreements. Equity securities include common stocks of financial institutions (estimated fair value of $27.2 million at June 30, 2015 and $41.8 million at December 31, 2014 ) and other equity investments (estimated fair value of $5.8 million at both June 30, 2015 and December 31, 2014 ). As of June 30, 2015 , the financial institutions stock portfolio had a cost basis of $18.2 million and an estimated fair value of $27.2 million , including an investment in a single financial institution with a cost basis of $10.7 million and an estimated fair value of $15.7 million . The estimated fair value of this investment accounted for 57.7% of the estimated fair value of the Corporation's investments in the common stocks of publicly traded financial institutions. No other investment within the financial institutions stock portfolio exceeded 5% of the portfolio's estimated fair value. The amortized cost and estimated fair values of debt securities as of June 30, 2015 , by contractual maturity, are shown in the following table. Actual maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Amortized Estimated (in thousands) Due in one year or less $ 57,382 $ 58,372 Due from one year to five years 104,022 106,663 Due from five years to ten years 148,682 151,430 Due after ten years 175,099 164,090 485,185 480,555 Collateralized mortgage obligations 931,093 918,232 Mortgage-backed securities 998,418 1,008,664 $ 2,414,696 $ 2,407,451 The following table presents information related to the gross realized gains and losses on the sales of equity and debt securities: Gross Gross Other-than- Net Gains (Losses) Three months ended June 30, 2015 (in thousands) Equity securities $ 2,290 $ — $ — $ 2,290 Debt securities 125 — — 125 Total $ 2,415 $ — $ — $ 2,415 Three months ended June 30, 2014 Equity securities $ — $ — $ (12 ) $ (12 ) Debt securities 1,124 — — 1,124 Total $ 1,124 $ — $ (12 ) $ 1,112 Six months ended June 30, 2015 Equity securities $ 4,260 $ — $ — $ 4,260 Debt securities 2,300 — — 2,300 Total $ 6,560 $ — $ — $ 6,560 Six months ended June 30, 2014 Equity securities $ 1 $ — $ (12 ) $ (11 ) Debt securities 1,446 (323 ) — 1,123 Total $ 1,447 $ (323 ) $ (12 ) $ 1,112 The following table presents a summary of the cumulative credit related other-than-temporary impairment charges, recognized as components of earnings, for debt securities held by the Corporation at June 30, 2015 and 2014: Three months ended June 30 Six months ended June 30 2015 2014 2015 2014 (in thousands) Balance of cumulative credit losses on debt securities, beginning of period $ (12,302 ) $ (19,961 ) $ (16,242 ) $ (20,691 ) Reductions for securities sold during the period 792 2,746 4,730 3,472 Reductions for increases in cash flows expected to be collected that are recognized over the remaining life of the security — 1 2 5 Balance of cumulative credit losses on debt securities, end of period $ (11,510 ) $ (17,214 ) $ (11,510 ) $ (17,214 ) The following table presents the gross unrealized losses and estimated fair values of investments, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at June 30, 2015 : Less than 12 months 12 months or longer Total Estimated Fair Value Unrealized Losses Estimated Fair Value Unrealized Losses Estimated Fair Value Unrealized Losses (in thousands) U.S. Government sponsored agency securities $ 28,051 $ (130 ) $ — $ — $ 28,051 $ (130 ) State and municipal securities 34,107 (387 ) — — 34,107 (387 ) Corporate debt securities 7,965 (13 ) 35,229 (4,754 ) 43,194 (4,767 ) Collateralized mortgage obligations 95,315 (651 ) 517,338 (17,142 ) 612,653 (17,793 ) Mortgage-backed securities 306,980 (2,498 ) 69,029 (1,368 ) 376,009 (3,866 ) Auction rate securities — — 98,606 (7,898 ) 98,606 (7,898 ) Total debt securities 472,418 (3,679 ) 720,202 (31,162 ) 1,192,620 (34,841 ) Equity securities — — 78 (12 ) 78 (12 ) $ 472,418 $ (3,679 ) $ 720,280 $ (31,174 ) $ 1,192,698 $ (34,853 ) The Corporation’s collateralized mortgage obligations and mortgage-backed securities have contractual terms that generally do not permit the issuer to settle the securities at a price less than the amortized cost of the investment. Because the decline in market value of these securities is attributable to changes in interest rates and not credit quality, and because the Corporation does not have the intent to sell and does not believe it will more likely than not be required to sell any of these securities prior to a recovery of their fair value to amortized cost, the Corporation does not consider these investments to be other-than-temporarily impaired as of June 30, 2015 . The unrealized holding losses on auction rate securities (auction rate certificates, or "ARCs"), are attributable to liquidity issues resulting from the failure of periodic auctions. The Corporation had previously purchased ARCs for investment management and trust customers as short-term investments with fair values that could be derived based on periodic auctions under normal market conditions. During 2008 and 2009, the Corporation purchased ARCs from these customers due to the failure of these periodic auctions, which made these previously short-term investments illiquid. As of June 30, 2015 , all of the ARCs were rated above investment grade, with approximately $6 million , or 6% , "AAA" rated and $93 million , or 94% , "AA" rated. All of the loans underlying the ARCs have principal payments which are guaranteed by the federal government. As of June 30, 2015 , all ARCs were current and making scheduled interest payments. Based on management’s evaluations, ARCs with an estimated fair value of $98.6 million were not subject to any other-than-temporary impairment charges as of June 30, 2015 . The Corporation does not have the intent to sell and does not believe it will more likely than not be required to sell any of these securities prior to a recovery of their fair value to amortized cost, which may be at maturity. For its investments in equity securities, particularly its investments in stocks of financial institutions, management evaluates the near-term prospects of the issuers in relation to the severity and duration of the impairment. Based on that evaluation and the Corporation’s ability and intent to hold those investments for a reasonable period of time sufficient for a recovery of fair value, the Corporation does not consider those investments with unrealized holding losses as of June 30, 2015 to be other-than-temporarily impaired. The majority of the Corporation's available for sale corporate debt securities are issued by financial institutions. The following table presents the amortized cost and estimated fair value of corporate debt securities: June 30, 2015 December 31, 2014 Amortized cost Estimated fair value Amortized cost Estimated fair value (in thousands) Single-issuer trust preferred securities $ 47,613 $ 43,378 $ 47,569 $ 42,016 Subordinated debt 47,595 49,716 47,530 50,023 Pooled trust preferred securities — 530 2,010 4,088 Corporate debt securities issued by financial institutions 95,208 93,624 97,109 96,127 Other corporate debt securities 3,548 3,548 1,907 1,907 Available for sale corporate debt securities $ 98,756 $ 97,172 $ 99,016 $ 98,034 The Corporation’s investments in single-issuer trust preferred securities had an unrealized loss of $4.2 million at June 30, 2015 . The Corporation did not record any other-than-temporary impairment charges for single-issuer trust preferred securities during the three or six months ended June 30, 2015 or 2014 . Seven of the Corporation's 19 single-issuer trust preferred securities were rated below investment grade by at least one ratings agency, with an amortized cost of $14.5 million and an estimated fair value of $13.1 million at June 30, 2015 . All of the single-issuer trust preferred securities rated below investment grade were rated "BB" or "Ba". Three single-issuer trust preferred securities with an amortized cost of $4.7 million and an estimated fair value of $3.8 million at June 30, 2015 were not rated by any ratings agency. During the six months ended June 30, 2015 , the Corporation sold three pooled trust preferred securities with a total amortized cost of $1.9 million , for a gain of $2.3 million . As of June 30, 2015 , both of the Corporation's remaining pooled trust preferred securities, with an amortized cost of $0 and an estimated fair value of $530,000 , were rated below investment grade by at least one ratings agency, with ratings ranging from "C" to "Ca". The class of securities held by the Corporation was below the most senior tranche, with the Corporation’s interests being subordinate to other investors in the pool. The Corporation determines the fair value of pooled trust preferred securities based on quotes provided by third-party brokers. The amortized cost of pooled trust preferred securities is the purchase price of the securities, net of cumulative credit related other-than-temporary impairment charges, determined using an expected cash flows model. The most significant input to the expected cash flows model is the expected payment deferral rate for each pooled trust preferred security. The Corporation evaluates the financial metrics, such as capital ratios and non-performing assets ratios, of the individual financial institution issuers that comprise each pooled trust preferred security to estimate its expected deferral rate. Based on management’s evaluations, corporate debt securities with a fair value of $97.2 million were not subject to any other-than-temporary impairment charges as of June 30, 2015 . The Corporation does not have the intent to sell and does not believe it will more likely than not be required to sell any of these securities prior to a recovery of their fair value to amortized cost, which may be at maturity. |
Loans and Allowance for Credit
Loans and Allowance for Credit Losses | 6 Months Ended |
Jun. 30, 2015 | |
Receivables [Abstract] | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | Loans and Allowance for Credit Losses Loans, Net of Unearned Income Loans, net of unearned income are summarized as follows: June 30, December 31, 2014 (in thousands) Real-estate - commercial mortgage $ 5,237,800 $ 5,197,155 Commercial - industrial, financial and agricultural 3,806,699 3,725,567 Real-estate - home equity 1,689,688 1,736,688 Real-estate - residential mortgage 1,369,103 1,377,068 Real-estate - construction 731,925 690,601 Consumer 272,494 265,431 Leasing and other 147,960 127,562 Overdrafts 2,642 4,021 Loans, gross of unearned income 13,258,311 13,124,093 Unearned income (14,081 ) (12,377 ) Loans, net of unearned income $ 13,244,230 $ 13,111,716 Allowance for Credit Losses The allowance for credit losses consists of the allowance for loan losses and the reserve for unfunded lending commitments. The allowance for loan losses represents management’s estimate of incurred losses in the loan portfolio as of the balance sheet date and is recorded as a reduction to loans. The reserve for unfunded lending commitments represents management’s estimate of incurred losses in its unfunded loan commitments and is recorded in other liabilities on the consolidated balance sheet. The allowance for credit losses is increased by charges to expense, through the provision for credit losses, and decreased by charge-offs, net of recoveries. The Corporation’s allowance for credit losses includes: (1) specific allowances allocated to loans evaluated for impairment under the FASB's ASC Section 310-10-35; and (2) allowances calculated for pools of loans measured for impairment under FASB ASC Subtopic 450-20. The Corporation segments its loan portfolio by general loan type, or "portfolio segments," as presented in the table under the heading, "Loans, Net of Unearned Income," above. Certain portfolio segments are further disaggregated and evaluated collectively for impairment based on "class segments," which are largely based on the type of collateral underlying each loan. Commercial loans include loans secured by collateral and unsecured loans. Construction loan class segments include loans secured by commercial real estate, loans to commercial borrowers secured by residential real estate and loans to individuals secured by residential real estate. Consumer loan class segments include direct consumer installment loans and indirect automobile loans. The following table presents the components of the allowance for credit losses: June 30, December 31, (in thousands) Allowance for loan losses $ 167,485 $ 184,144 Reserve for unfunded lending commitments 1,968 1,787 Allowance for credit losses $ 169,453 $ 185,931 The following table presents the activity in the allowance for credit losses: Three months ended June 30 Six months ended June 30 2015 2014 2015 2014 (in thousands) Balance at beginning of period $ 179,658 $ 199,006 $ 185,931 $ 204,917 Loans charged off (15,372 ) (11,476 ) (21,136 ) (21,744 ) Recoveries of loans previously charged off 2,967 2,412 6,158 4,269 Net loans charged off (12,405 ) (9,064 ) (14,978 ) (17,475 ) Provision for credit losses 2,200 3,500 (1,500 ) 6,000 Balance at end of period $ 169,453 $ 193,442 $ 169,453 $ 193,442 The following table presents the activity in the allowance for loan losses by portfolio segment: Real Estate - Commercial Mortgage Commercial - Industrial, Financial and Agricultural Real Estate - Home Equity Real Estate - Residential Mortgage Real Estate - Construction Consumer Leasing and other and overdrafts Unallocated Total (in thousands) Three months ended June 30, 2015 Balance at March 31, 2015 $ 52,860 $ 57,150 $ 23,481 $ 23,235 $ 8,487 $ 2,527 $ 1,653 $ 8,308 $ 177,701 Loans charged off (1,642 ) (11,166 ) (870 ) (783 ) (87 ) (357 ) (467 ) — (15,372 ) Recoveries of loans previously charged off 451 1,471 189 187 231 368 70 — 2,967 Net loans charged off (1,191 ) (9,695 ) (681 ) (596 ) 144 11 (397 ) — (12,405 ) Provision for loan losses (1) (989 ) 1,715 (294 ) 148 (882 ) 70 359 2,062 2,189 Balance at June 30, 2015 $ 50,680 $ 49,170 $ 22,506 $ 22,787 $ 7,749 $ 2,608 $ 1,615 $ 10,370 $ 167,485 Three months ended June 30, 2014 Balance at March 31, 2014 $ 53,757 $ 50,563 $ 32,460 $ 33,329 $ 9,842 $ 3,324 $ 2,011 $ 11,803 $ 197,089 Loans charged off (2,141 ) (5,512 ) (1,234 ) (1,089 ) (218 ) (449 ) (833 ) — (11,476 ) Recoveries of loans previously charged off 430 775 177 108 158 402 362 — 2,412 Net loans charged off (1,711 ) (4,737 ) (1,057 ) (981 ) (60 ) (47 ) (471 ) — (9,064 ) Provision for loan losses (1) (2,204 ) 3,258 638 396 1,549 29 311 (317 ) 3,660 Balance at June 30, 2014 $ 49,842 $ 49,084 $ 32,041 $ 32,744 $ 11,331 $ 3,306 $ 1,851 $ 11,486 $ 191,685 Six months ended June 30, 2015 Balance at December 31, 2014 $ 53,493 $ 51,378 $ 28,271 $ 29,072 $ 9,756 $ 3,015 $ 1,799 $ 7,360 $ 184,144 Loans charged off (2,351 ) (13,029 ) (1,638 ) (2,064 ) (87 ) (1,137 ) (830 ) — (21,136 ) Recoveries of loans previously charged off 887 2,257 440 346 1,378 609 241 — 6,158 Net loans charged off (1,464 ) (10,772 ) (1,198 ) (1,718 ) 1,291 (528 ) (589 ) — (14,978 ) Provision for loan losses (1) (1,349 ) 8,564 (4,567 ) (4,567 ) (3,298 ) 121 405 3,010 (1,681 ) Balance at June 30, 2015 $ 50,680 $ 49,170 $ 22,506 $ 22,787 $ 7,749 $ 2,608 $ 1,615 $ 10,370 $ 167,485 Six months ended June 30, 2014 Balance at December 31, 2013 $ 55,659 $ 50,330 $ 28,222 $ 33,082 $ 12,649 $ 3,260 $ 3,370 $ 16,208 $ 202,780 Loans charged off (3,527 ) (10,637 ) (2,885 ) (1,935 ) (432 ) (1,200 ) (1,128 ) — (21,744 ) Recoveries of loans previously charged off 474 1,519 533 224 382 611 526 — 4,269 Net loans charged off (3,053 ) (9,118 ) (2,352 ) (1,711 ) (50 ) (589 ) (602 ) — (17,475 ) Provision for loan losses (1) (2,764 ) 7,872 6,171 1,373 (1,268 ) 635 (917 ) (4,722 ) 6,380 Balance at June 30, 2014 $ 49,842 $ 49,084 $ 32,041 $ 32,744 $ 11,331 $ 3,306 $ 1,851 $ 11,486 $ 191,685 (1) The provision for loan losses excluded an $11,000 and $181,000 increase, respectively, in the reserve for unfunded lending commitments for the three and six months ended June 30, 2015 and a $160,000 and $ 380,000 decrease, respectively, in the reserve for unfunded lending commitments for the three and six months ended June 30, 2014 . The total provision for credit losses, comprised of allocations for both funded and unfunded loans, was $2.2 million and negative $1.5 million , respectively, for the three and six months ended June 30, 2015 and $3.5 million and $6.0 million , respectively, for the three and six months ended June 30, 2014 . The following table presents loans, net of unearned income and their related allowance for loan losses, by portfolio segment: Real Estate - Commercial Mortgage Commercial - Industrial, Financial and Agricultural Real Estate - Home Equity Real Estate - Residential Mortgage Real Estate - Construction Consumer Leasing and other and overdrafts Unallocated (1) Total (in thousands) Allowance for loan losses at June 30, 2015: Measured for impairment under FASB ASC Subtopic 450-20 $ 37,228 $ 38,090 $ 15,838 $ 8,763 $ 5,430 $ 2,588 $ 1,615 $ 10,370 $ 119,922 Evaluated for impairment under FASB ASC Section 310-10-35 13,452 11,080 6,668 14,024 2,319 20 — N/A 47,563 $ 50,680 $ 49,170 $ 22,506 $ 22,787 $ 7,749 $ 2,608 $ 1,615 $ 10,370 $ 167,485 Loans, net of unearned income at June 30, 2015: Measured for impairment under FASB ASC Subtopic 450-20 $ 5,172,333 $ 3,764,999 $ 1,676,410 $ 1,315,908 $ 712,975 $ 272,463 $ 136,521 N/A $ 13,051,609 Evaluated for impairment under FASB ASC Section 310-10-35 65,467 41,700 13,278 53,195 18,950 31 — N/A 192,621 $ 5,237,800 $ 3,806,699 $ 1,689,688 $ 1,369,103 $ 731,925 $ 272,494 $ 136,521 N/A $ 13,244,230 Allowance for loan losses at June 30, 2014: Measured for impairment under FASB ASC Subtopic 450-20 $ 33,388 $ 36,603 $ 22,234 $ 11,450 $ 7,163 $ 3,285 $ 1,851 $ 11,486 $ 127,460 Evaluated for impairment under FASB ASC Section 310-10-35 16,454 12,481 9,807 21,294 4,168 21 — N/A 64,225 $ 49,842 $ 49,084 $ 32,041 $ 32,744 $ 11,331 $ 3,306 $ 1,851 $ 11,486 $ 191,685 Loans, net of unearned income at June 30, 2014: Measured for impairment under FASB ASC Subtopic 450-20 $ 5,067,400 $ 3,558,788 $ 1,715,953 $ 1,309,739 $ 606,221 $ 280,534 $ 102,008 N/A $ 12,640,643 Evaluated for impairment under FASB ASC Section 310-10-35 61,334 42,933 14,544 52,237 27,797 23 — N/A 198,868 $ 5,128,734 $ 3,601,721 $ 1,730,497 $ 1,361,976 $ 634,018 $ 280,557 $ 102,008 N/A $ 12,839,511 (1) The unallocated allowance, which was approximately 6% of the total allowance for credit losses as of both June 30, 2015 and June 30, 2014 , was, in the opinion of management, reasonable and appropriate given that the estimates used in the allocation process are inherently imprecise. N/A Not applicable. Impaired Loans A loan is considered to be impaired if it is probable that all amounts will not be collected according to the contractual terms of the loan agreement. Impaired loans consist of all loans on non-accrual status and accruing troubled debt restructurings ("TDRs"). An allowance for loan losses is established for an impaired loan if its carrying value exceeds its estimated fair value. Impaired loans to borrowers with total outstanding commitments greater than or equal to $1.0 million are evaluated individually for impairment. Impaired loans to borrowers with total outstanding commitments less than $1.0 million are pooled and measured for impairment collectively. Based on an evaluation of all relevant credit quality factors, the Corporation recorded a $1.5 million negative provision for credit losses during the six months ended June 30, 2015, compared to a $6.0 million provision for credit losses for the same period in 2014. The $7.5 million improvement in the provision for credit losses was driven by an improvement in net charge-off levels, particularly among pooled impaired loans across all loan portfolio segments. All loans individually evaluated for impairment under FASB ASC Section 310-10-35 are measured for losses on a quarterly basis. As of June 30, 2015 and December 31, 2014 , substantially all of the Corporation’s individually evaluated impaired loans with total outstanding balances greater than or equal to $1.0 million were measured based on the estimated fair value of each loan’s collateral. Collateral could be in the form of real estate, in the case of impaired commercial mortgages and construction loans, or business assets, such as accounts receivable or inventory, in the case of commercial and industrial loans. Commercial and industrial loans may also be secured by real property. As of June 30, 2015 and 2014 , approximately 72% and 79% , respectively, of impaired loans with principal balances greater than or equal to $1.0 million , whose primary collateral is real estate, were measured at estimated fair value using state certified third-party appraisals that had been updated within the preceding 12 months. When updated appraisals are not obtained for loans evaluated for impairment under FASB ASC Section 310-10-35 that are secured by real estate, fair values are estimated based on the original appraisal values, as long as the original appraisal indicated an acceptable loan-to-value position and, in the opinion of the Corporation's internal loan evaluation staff, there has not been a significant deterioration in the collateral value since the original appraisal was performed. Original appraisals are typically used only when the estimated collateral value, as adjusted for the age of the appraisal, results in a current loan-to-value ratio that is lower than the Corporation's loan-to-value requirements for new loans, generally less than 70% . The following table presents total impaired loans by class segment: June 30, 2015 December 31, 2014 Unpaid Principal Balance Recorded Investment Related Allowance Unpaid Principal Balance Recorded Investment Related Allowance (in thousands) With no related allowance recorded: Real estate - commercial mortgage $ 29,836 $ 24,357 $ — $ 25,802 $ 23,236 $ — Commercial - secured 24,250 17,557 — 17,599 14,582 — Real estate - residential mortgage 6,630 6,223 — 4,873 4,873 — Construction - commercial residential 13,581 10,699 — 18,041 14,801 — Construction - commercial 1,299 1,156 — 1,707 1,581 — 75,596 59,992 68,022 59,073 With a related allowance recorded: Real estate - commercial mortgage 49,792 41,110 13,452 49,619 40,023 16,715 Commercial - secured 26,694 21,239 10,020 24,824 19,335 12,165 Commercial - unsecured 3,062 2,904 1,060 1,241 1,089 865 Real estate - home equity 18,752 13,278 6,668 19,392 13,458 9,224 Real estate - residential mortgage 56,048 46,972 14,024 56,607 46,478 18,592 Construction - commercial residential 11,976 5,472 1,771 14,007 7,903 2,675 Construction - commercial 1,879 1,342 445 1,501 1,023 459 Construction - other 452 281 103 452 281 137 Consumer - direct 15 15 10 19 19 17 Consumer - indirect 16 16 10 20 19 18 168,686 132,629 47,563 167,682 129,628 60,867 Total $ 244,282 $ 192,621 $ 47,563 $ 235,704 $ 188,701 $ 60,867 As of June 30, 2015 and December 31, 2014 , there were $60.0 million and $59.1 million , respectively, of impaired loans that did not have a related allowance for loan loss. The estimated fair values of the collateral securing these loans exceeded their carrying amount, or they were previously charged down to realizable collateral values. Accordingly, no specific valuation allowance was considered to be necessary. The following table presents average impaired loans by class segment: Three months ended June 30 Six months ended June 30 2015 2014 2015 2014 Average Interest Average Interest Average Interest Average Interest (in thousands) With no related allowance recorded: Real estate - commercial mortgage $ 27,410 $ 87 $ 23,162 $ 80 $ 26,018 $ 178 $ 23,606 166 Commercial - secured 16,163 24 21,695 34 15,636 45 21,591 69 Real estate - home equity — — 300 1 — — 300 1 Real estate - residential mortgage 5,541 32 857 5 5,318 60 571 6 Construction - commercial residential 12,171 40 17,853 62 13,048 95 16,482 122 Construction - commercial 925 — 1,418 — 1,144 — 1,604 — 62,210 183 65,285 182 61,164 378 64,154 364 With a related allowance recorded: Real estate - commercial mortgage 40,204 126 38,455 132 40,143 259 37,580 264 Commercial - secured 25,902 38 21,652 33 23,713 74 21,876 71 Commercial - unsecured 2,082 2 757 1 1,751 3 854 2 Real estate - home equity 13,016 33 14,049 28 13,163 64 14,145 48 Real estate - residential mortgage 47,020 270 51,153 300 46,839 543 51,134 594 Construction - commercial residential 6,031 21 7,676 27 6,655 49 9,977 62 Construction - commercial 960 — 723 — 981 — 547 — Construction - other 281 — 413 — 281 — 458 — Consumer - direct 17 — 16 — 18 — 14 — Consumer - indirect 17 — 4 — 17 — 3 — 135,530 490 134,898 521 133,561 992 136,588 1,041 Total $ 197,740 $ 673 $ 200,183 $ 703 $ 194,725 $ 1,370 $ 200,742 1,405 (1) All impaired loans, excluding accruing TDRs, were non-accrual loans. Interest income recognized for the three and six months ended June 30, 2015 and 2014 represents amounts earned on accruing TDRs. Credit Quality Indicators and Non-performing Assets The following table presents internal credit risk ratings for real estate - commercial mortgages, commercial - secured loans, commercial - unsecured loans, construction - commercial residential loans and construction - commercial loans: Pass Special Mention Substandard or Lower Total June 30, 2015 December 31, 2014 June 30, 2015 December 31, 2014 June 30, 2015 December 31, 2014 June 30, 2015 December 31, 2014 (dollars in thousands) Real estate - commercial mortgage $ 4,943,773 $ 4,899,016 $ 114,385 $ 127,302 $ 179,642 $ 170,837 $ 5,237,800 $ 5,197,155 Commercial - secured 3,419,331 3,333,486 123,663 120,584 110,666 110,544 3,653,660 3,564,614 Commercial - unsecured 141,431 146,680 3,667 7,463 7,941 6,810 153,039 160,953 Total commercial - industrial, financial and agricultural 3,560,762 3,480,166 127,330 128,047 118,607 117,354 3,806,699 3,725,567 Construction - commercial residential 138,834 136,109 17,526 27,495 30,588 40,066 186,948 203,670 Construction - commercial 469,515 409,631 13,314 12,202 5,587 5,586 488,416 427,419 Total construction (excluding Construction - other) 608,349 545,740 30,840 39,697 36,175 45,652 675,364 631,089 $ 9,112,884 $ 8,924,922 $ 272,555 $ 295,046 $ 334,424 $ 333,843 $ 9,719,863 $ 9,553,811 % of Total 93.8 % 93.4 % 2.8 % 3.1 % 3.4 % 3.5 % 100.0 % 100.0 % The following is a summary of the Corporation's internal risk rating categories: • Pass : These loans do not currently pose undue credit risk and can range from the highest to average quality, depending on the degree of potential risk. • Special Mention : These loans constitute an undue and unwarranted credit risk, but not to a point of justifying a classification of substandard. Loans in this category are currently acceptable, but are nevertheless potentially weak. • Substandard or Lower : These loans are inadequately protected by current sound worth and paying capacity of the borrower. There exists a well-defined weakness or weaknesses that jeopardize the normal repayment of the debt. The risk rating process allows management to identify riskier credits in a timely manner and to allocate resources to managing troubled accounts. The Corporation believes that internal risk ratings are the most relevant credit quality indicator for the class segments presented above. The migration of loans through the various internal risk rating categories is a significant component of the allowance for credit loss methodology, which bases the probability of default on this migration. Assigning risk ratings involves judgment. Risk ratings are initially assigned to loans by loan officers and are reviewed on a regular basis by credit administration staff. The Corporation's loan review officers provide a separate assessment of risk rating accuracy. Ratings may be changed based on the ongoing monitoring procedures performed by loan officers or credit administration staff, or if specific loan review activities identify a deterioration or an improvement in the loan. The Corporation does not assign internal risk ratings to smaller balance, homogeneous loans, such as home equity, residential mortgage, consumer, lease receivables and construction loans to individuals secured by residential real estate. For these loans, the most relevant credit quality indicator is delinquency status. The migration of loans through the various delinquency status categories is a significant component of the allowance for credit losses methodology for those loans, which bases the probability of default on this migration. The following table presents a summary of delinquency and non-performing status for home equity, real estate - residential mortgages, construction loans to individuals and consumer, leasing and other loans by class segment: Performing Delinquent (1) Non-performing (2) Total June 30, 2015 December 31, 2014 June 30, 2015 December 31, 2014 June 30, 2015 December 31, 2014 June 30, 2015 December 31, 2014 (dollars in thousands) Real estate - home equity $ 1,665,771 $ 1,711,017 $ 9,285 $ 10,931 $ 14,632 $ 14,740 $ 1,689,688 $ 1,736,688 Real estate - residential mortgage 1,316,650 1,321,139 20,891 26,934 31,562 28,995 1,369,103 1,377,068 Construction - other 55,864 59,180 — — 697 332 56,561 59,512 Consumer - direct 103,985 104,018 2,886 2,891 2,326 2,414 109,197 109,323 Consumer - indirect 161,201 153,358 1,839 2,574 257 176 163,297 156,108 Total consumer 265,186 257,376 4,725 5,465 2,583 2,590 272,494 265,431 Leasing and other and overdrafts 135,895 118,550 553 523 73 133 136,521 119,206 $ 3,439,366 $ 3,467,262 $ 35,454 $ 43,853 $ 49,547 $ 46,790 $ 3,524,367 $ 3,557,905 % of Total 97.6 % 97.5 % 1.0 % 1.2 % 1.4 % 1.3 % 100.0 % 100.0 % (1) Includes all accruing loans 31 days to 89 days past due. (2) Includes all accruing loans 90 days or more past due and all non-accrual loans. The following table presents non-performing assets: June 30, December 31, (in thousands) Non-accrual loans $ 129,152 $ 121,080 Accruing loans 90 days or more past due 20,353 17,402 Total non-performing loans 149,505 138,482 Other real estate owned (OREO) 12,763 12,022 Total non-performing assets $ 162,268 $ 150,504 The following table presents TDRs, by class segment: June 30, December 31, (in thousands) Real-estate - residential mortgage $ 31,584 $ 31,308 Real-estate - commercial mortgage 17,482 18,822 Commercial - secured 6,417 5,170 Construction - commercial residential 4,482 9,241 Real estate - home equity 3,299 2,975 Commercial - unsecured 174 67 Consumer - indirect 16 19 Consumer - direct 15 19 Total accruing TDRs 63,469 67,621 Non-accrual TDRs (1) 27,230 24,616 Total TDRs $ 90,699 $ 92,237 (1) Included within non-accrual loans in the preceding table detailing non-performing assets. As of June 30, 2015 and December 31, 2014 , there were $6.0 million and $3.9 million , respectively, of commitments to lend additional funds to borrowers whose loans were modified under TDRs. The following table presents TDRs, by class segment as of June 30, 2015 and 2014 that were modified during the three and six months ended June 30, 2015 and 2014 : Three months ended June 30 Six months ended June 30 2015 2014 2015 2014 Number of Loans Recorded Investment Number of Loans Recorded Investment Number of Loans Recorded Investment Number of Loans Recorded Investment (dollars in thousands) Commercial - secured 3 $ 1,047 1 $ 143 11 $ 7,823 1 $ 143 Real estate - home equity 15 739 10 334 25 1,231 20 863 Real estate - residential mortgage 4 456 9 1,130 8 1,066 15 1,836 Real estate - commercial mortgage 1 132 2 2,334 4 2,627 9 9,804 Construction - commercial residential — — 1 1,366 1 889 2 1,914 Commercial - unsecured — — — — 1 42 — — Consumer - indirect — — 1 6 1 13 4 7 Consumer - direct — — 2 4 — — 6 8 Total 23 $ 2,374 26 $ 5,317 51 $ 13,691 57 $ 14,575 The following table presents TDRs, by class segment, as of June 30, 2015 and 2014 that were modified within the previous 12 months and had a post-modification payment default during the six months ended June 30, 2015 and 2014 . The Corporation defines a payment default as a single missed payment. 2015 2014 Number of Loans Recorded Investment Number of Loans Recorded Investment (dollars in thousands) Commercial - secured 8 $ 4,779 1 $ 10 Real estate - residential mortgage 6 652 9 1,204 Real estate - home equity 7 614 9 777 Real estate - commercial mortgage 2 191 2 35 Construction - commercial residential — — 1 619 Total 23 $ 6,236 22 $ 2,645 The following table presents past due status and non-accrual loans by portfolio segment and class segment: June 30, 2015 31-59 Days Past Due 60-89 Days Past Due ≥ 90 Days Past Due and Accruing Non- accrual Total ≥ 90 Days Total Past Due Current Total (in thousands) Real estate - commercial mortgage $ 16,139 $ 1,848 $ 1,947 $ 47,985 $ 49,932 $ 67,919 $ 5,169,881 $ 5,237,800 Commercial - secured 6,489 1,463 730 32,379 33,109 41,061 3,612,599 3,653,660 Commercial - unsecured 307 80 — 2,730 2,730 3,117 149,922 153,039 Total commercial - industrial, financial and agricultural 6,796 1,543 730 35,109 35,839 44,178 3,762,521 3,806,699 Real estate - home equity 7,161 2,124 4,653 9,979 14,632 23,917 1,665,771 1,689,688 Real estate - residential mortgage 16,835 4,056 9,951 21,611 31,562 52,453 1,316,650 1,369,103 Construction - commercial residential 151 — — 11,689 11,689 11,840 175,108 186,948 Construction - commercial — — — 2,498 2,498 2,498 485,918 488,416 Construction - other — — 416 281 697 697 55,864 56,561 Total real estate - construction 151 — 416 14,468 14,884 15,035 716,890 731,925 Consumer - direct 2,159 727 2,326 — 2,326 5,212 103,985 109,197 Consumer - indirect 1,719 120 257 — 257 2,096 161,201 163,297 Total consumer 3,878 847 2,583 — 2,583 7,308 265,186 272,494 Leasing and other and overdrafts 468 85 73 — 73 626 135,895 136,521 Total $ 51,428 $ 10,503 $ 20,353 $ 129,152 $ 149,505 $ 211,436 $ 13,032,794 $ 13,244,230 December 31, 2014 31-59 Days Past Due 60-89 Days Past Due ≥ 90 Days Past Due and Accruing Non- accrual Total ≥ 90 Days Total Past Due Current Total (in thousands) Real estate - commercial mortgage $ 14,399 $ 3,677 $ 800 $ 44,437 $ 45,237 $ 63,313 $ 5,133,842 $ 5,197,155 Commercial - secured 4,839 958 610 28,747 29,357 35,154 3,529,460 3,564,614 Commercial - unsecured 395 65 9 1,022 1,031 1,491 159,462 160,953 Total commercial - industrial, financial and agricultural 5,234 1,023 619 29,769 30,388 36,645 3,688,922 3,725,567 Real estate - home equity 8,048 2,883 4,257 10,483 14,740 25,671 1,711,017 1,736,688 Real estate - residential mortgage 18,789 8,145 8,952 20,043 28,995 55,929 1,321,139 1,377,068 Construction - commercial residential 160 — — 13,463 13,463 13,623 190,047 203,670 Construction - commercial — — — 2,604 2,604 2,604 424,815 427,419 Construction - other — — 51 281 332 332 59,180 59,512 Total real estate - construction 160 — 51 16,348 16,399 16,559 674,042 690,601 Consumer - direct 2,034 857 2,414 — 2,414 5,305 104,018 109,323 Consumer - indirect 2,156 418 176 — 176 2,750 153,358 156,108 Total consumer 4,190 1,275 2,590 — 2,590 8,055 257,376 265,431 Leasing and other and overdrafts 357 166 133 — 133 656 118,550 119,206 Total $ 51,177 $ 17,169 $ 17,402 $ 121,080 $ 138,482 $ 206,828 $ 12,904,888 $ 13,111,716 |
Mortgage Servicing Rights
Mortgage Servicing Rights | 6 Months Ended |
Jun. 30, 2015 | |
Transfers and Servicing [Abstract] | |
Mortgage Servicing Rights | Mortgage Servicing Rights The following table summarizes the changes in mortgage servicing rights ("MSRs"), which are included in other assets on the consolidated balance sheets: Three months ended June 30 Six months ended June 30 2015 2014 2015 2014 (in thousands) Amortized cost: Balance at beginning of period $ 41,803 $ 41,668 $ 42,148 $ 42,452 Originations of mortgage servicing rights 1,956 1,236 3,513 2,351 Amortization (2,161 ) (318 ) (4,063 ) (2,217 ) Balance at end of period $ 41,598 $ 42,586 $ 41,598 $ 42,586 MSRs represent the economic value of existing contractual rights to service mortgage loans that have been sold. Accordingly, actual and expected prepayments of the underlying mortgage loans can impact the value of MSRs. The Corporation estimates the fair value of its MSRs by discounting the estimated cash flows from servicing income, net of expense, over the expected life of the underlying loans at a discount rate commensurate with the risk associated with these assets. Expected life is based on the contractual terms of the loans, as adjusted for prepayment projections. No valuation allowance was necessary as of June 30, 2015 or 2014. The Corporation accounts for MSRs at the lower of amortized cost or fair value. As of June 30, 2015 , the estimated fair value of MSRs was $45.7 million , which exceeded their book value. |
Stock-Based Compensation
Stock-Based Compensation | 6 Months Ended |
Jun. 30, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation The Corporation grants equity awards to employees, consisting of stock options, restricted stock, RSUs and PSUs under its Amended and Restated Equity and Cash Incentive Compensation Plan ("Employee Equity Plan"). In addition, employees may purchase stock under the Corporation’s Employee Stock Purchase Plan. The fair value of equity awards granted to employees is recognized as compensation expense over the period during which employees are required to provide service in exchange for such awards. Compensation expense for PSUs is also recognized over the period during which employees are required to provide service in exchange for such awards, however, compensation expense may vary based on the expectations for actual performance relative to defined performance measures. The Corporation also grants equity awards to non-employee members of its board of directors under the 2011 Directors’ Equity Participation Plan ("Directors’ Plan"). Under the Directors’ Plan, the Corporation can grant equity awards to non-employee holding company and subsidiary bank directors in the form of stock options, restricted stock or common stock. Equity awards issued under the Employee Equity Plan are generally granted annually and become fully vested over or after a three -year vesting period. The vesting period for non-performance based awards represents the period during which employees are required to provide service in exchange for such awards. Equity awards under the Directors' Plan generally vest immediately upon grant. Certain events, as defined in the Employee Equity Plan and the Directors' Plan, result in the acceleration of the vesting of equity awards. The following table presents compensation expense and the related tax benefits for equity awards recognized in the consolidated statements of income: Three months ended June 30 Six months ended June 30 2015 2014 2015 2014 (in thousands) Stock-based compensation expense $ 1,767 $ 1,989 $ 2,838 $ 3,022 Tax benefit (622 ) (446 ) (914 ) (709 ) Stock-based compensation expense, net of tax $ 1,145 $ 1,543 $ 1,924 $ 2,313 Stock option fair values are estimated through the use of the Black-Scholes valuation methodology as of the date of grant. Stock options carry terms of up to ten years. Fair values for restricted stock, RSUs and a majority of PSUs are based on the trading price of the Corporation’s stock on the date of grant and earn dividends during the vesting period, which are forfeitable if the awards do not vest. The fair value of certain PSUs are estimated through the use of the Monte Carlo valuation methodology as of the date of grant. As of June 30, 2015 , the Employee Equity Plan had 11.6 million shares reserved for future grants through 2023 and the Directors’ Plan had approximately 396,000 shares reserved for future grants through 2021 . On April 1, 2015, the Corporation granted approximately 403,000 PSUs and 139,500 RSUs under its Employee Equity Plan. |
Employee Benefit Plans
Employee Benefit Plans | 6 Months Ended |
Jun. 30, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Employee Benefit Plans | Employee Benefit Plans The Corporation maintains a defined benefit pension plan ("Pension Plan") for certain employees, which was curtailed effective January 1, 2008 . Contributions to the Pension Plan are actuarially determined and funded annually, if required. Pension Plan assets are invested in: money markets; fixed income securities, including corporate bonds, U.S. Treasury securities and common trust funds; and equity securities, including common stocks and common stock mutual funds. The net periodic benefit cost for the Corporation’s Pension Plan consisted of the following components: Three months ended June 30 Six months ended June 30 2015 2014 2015 2014 (in thousands) Service cost (1) $ 145 $ 92 $ 290 $ 184 Interest cost 851 853 1,702 1,706 Expected return on plan assets (752 ) (810 ) (1,504 ) (1,621 ) Net amortization and deferral 782 244 1,564 488 Net periodic benefit cost $ 1,026 $ 379 $ 2,052 $ 757 (1) The Pension Plan service cost recorded for the six months ended June 30, 2015 and 2014 was related to administrative costs associated with the plan and was not due to the accrual of additional participant benefits. The Corporation currently provides medical and life insurance benefits under a postretirement benefits plan ("Postretirement Plan") to certain retired full-time employees who were employees of the Corporation prior to January 1, 1998 . Effective February 1, 2014, the Corporation amended the Postretirement Plan, making all active full-time employees ineligible for benefits under this plan. As a result of this amendment, the Corporation recorded a $1.5 million gain during the six months ended June 30, 2014, as a reduction to salaries and employee benefits on the consolidated statements of income. The gain resulted from the recognition of the remaining prior service cost prior to the amendment date as of December 31, 2013. In addition, this amendment resulted in a $3.4 million decrease in the accumulated postretirement benefit obligation and a corresponding increase in unrecognized prior service cost credits. The net periodic cost (benefit) of the Corporation’s Postretirement Plan consisted of the following components, excluding the $1.5 million plan amendment gain in 2014: Three months ended June 30 Six months ended June 30 2015 2014 2015 2014 (in thousands) Service cost (1) $ — $ — $ — $ 15 Interest cost 52 48 104 109 Net accretion and deferral (65 ) (84 ) (130 ) (179 ) Net periodic benefit $ (13 ) $ (36 ) $ (26 ) $ (55 ) (1) As a result of the plan amendment, additional participant benefits are not accrued under the Postretirement Plan after February 1, 2014. The Corporation recognizes the funded status of its Pension Plan and Postretirement Plan on the consolidated balance sheets and recognizes the change in that funded status through other comprehensive income. |
Derivative Financial Instrument
Derivative Financial Instruments | 6 Months Ended |
Jun. 30, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | Derivative Financial Instruments The Corporation manages its exposure to certain interest rate and foreign currency risks through the use of derivatives. None of the Corporation's outstanding derivative contracts are designated as hedges and none are entered into for speculative purposes. Derivative instruments are carried at fair value, with changes in fair values recognized in earnings as components of non-interest income and non-interest expense on the consolidated statements of income. Derivative contracts create counterparty credit risk with both the Corporation's customers and with institutional derivative counterparties. The Corporation manages counterparty credit risk through its credit approval processes, monitoring procedures and obtaining adequate collateral, when the Corporation determines it is appropriate to do so and in accordance with counterparty contracts. Mortgage Banking Derivatives In connection with its mortgage banking activities, the Corporation enters into commitments to originate certain fixed rate residential mortgage loans for customers, also referred to as interest rate locks. In addition, the Corporation enters into forward commitments for the future sales or purchases of mortgage-backed securities to or from third-party counterparties to hedge the effect of changes in interest rates on the values of both the interest rate locks and mortgage loans held for sale. Forward sales commitments may also be in the form of commitments to sell individual mortgage loans at a fixed price at a future date. The amount necessary to settle each interest rate lock is based on the price that secondary market investors would pay for loans with similar characteristics, including interest rate and term, as of the date fair value is measured. Gross derivative assets and liabilities are recorded within other assets and other liabilities, respectively, on the consolidated balance sheets, with changes in fair values during the period recorded within mortgage banking income on the consolidated statements of income. Interest Rate Swaps The Corporation enters into interest rate swaps with certain qualifying commercial loan customers to meet their interest rate risk management needs. The Corporation simultaneously enters into interest rate swaps with dealer counterparties, with identical notional amounts and terms. The net result of these interest rate swaps is that the customer pays a fixed rate of interest and the Corporation receives a floating rate. These interest rate swaps are derivative financial instruments that are recorded at their fair value within other assets and other liabilities on the consolidated balance sheets. Changes in fair value during the period are recorded within other non-interest expense on the consolidated statements of income. Foreign Exchange Contracts The Corporation enters into foreign exchange contracts to accommodate the needs of its customers. Foreign exchange contracts are commitments to buy or sell foreign currency on a future date at a contractual price. The Corporation offsets its foreign exchange contract exposure with customers by entering into contracts with third-party correspondent financial institutions to mitigate its exposure to fluctuations in foreign currency exchange rates. The Corporation also holds certain amounts of foreign currency with international correspondent banks. The Corporation's policy limits the total net foreign currency open positions, which includes all outstanding contracts and foreign account balances, to $500,000 . Gross derivative assets and liabilities are recorded within other assets and other liabilities, respectively, on the consolidated balance sheets, with changes in fair values during the period recorded within other service charges and fees on the consolidated statements of income. The following table presents a summary of the notional amounts and fair values of derivative financial instruments: June 30, 2015 December 31, 2014 Notional Asset Notional Asset (in thousands) Interest Rate Locks with Customers Positive fair values $ 126,063 $ 1,268 $ 89,655 $ 1,391 Negative fair values 2,240 (48 ) 301 (6 ) Net interest rate locks with customers 1,220 1,385 Forward Commitments Positive fair values 111,387 1,705 — — Negative fair values 27,107 (24 ) 93,802 (1,164 ) Net forward commitments 1,681 (1,164 ) Interest Rate Swaps with Customers Positive fair values 558,750 19,317 468,080 19,716 Negative fair values 46,937 (234 ) 25,418 (198 ) Net interest rate swaps with customers 19,083 19,518 Interest Rate Swaps with Dealer Counterparties Positive fair values 46,937 234 25,418 198 Negative fair values 558,750 (19,317 ) 468,080 (19,716 ) Net interest rate swaps with dealer counterparties (19,083 ) (19,518 ) Foreign Exchange Contracts with Customers Positive fair values 8,200 572 11,616 810 Negative fair values 7,128 (384 ) 5,250 (441 ) Net foreign exchange contracts with customers 188 369 Foreign Exchange Contracts with Correspondent Banks Positive fair values 9,296 629 5,287 446 Negative fair values 9,824 (672 ) 13,572 (876 ) Net foreign exchange contracts with correspondent banks (43 ) (430 ) Net derivative fair value asset $ 3,046 $ 160 The following table presents a summary of the fair value gains and losses on derivative financial instruments: Three months ended June 30 Six months ended June 30 2015 2014 2015 2014 (in thousands) Interest rate locks with customers $ (1,287 ) $ 1,203 $ (165 ) $ 1,592 Forward commitments 2,291 (1,503 ) 2,845 (3,001 ) Interest rate swaps with customers (9,839 ) 6,135 (435 ) 10,340 Interest rate swaps with dealer counterparties 9,839 (6,135 ) 435 (10,340 ) Foreign exchange contracts with customers (748 ) 105 (181 ) 297 Foreign exchange contracts with correspondent banks 711 (98 ) 387 (366 ) Net fair value gains (losses) on derivative financial instruments $ 967 $ (293 ) $ 2,886 $ (1,478 ) |
Fair Value Option
Fair Value Option | 6 Months Ended |
Jun. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Option | Fair Value Option U.S. GAAP permits entities to measure many financial instruments and certain other items at fair value and requires certain disclosures for amounts for which the fair value option is applied. The Corporation has elected to measure mortgage loans held for sale at fair value to more accurately reflect the financial results of its mortgage banking activities in its consolidated financial statements. Derivative financial instruments related to these activities are also recorded at fair value, as noted within Note 9, "Derivative Financial Instruments." The Corporation determines fair value for its mortgage loans held for sale based on the price that secondary market investors would pay for loans with similar characteristics, including interest rate and term, as of the date fair value is measured. Changes in fair values during the period are recorded as components of mortgage banking income on the consolidated statements of income. Interest income earned on mortgage loans held for sale is classified within interest income on the consolidated statements of income. The following table presents a summary of the Corporation’s mortgage loans held for sale: June 30, December 31, (in thousands) Cost $ 33,760 $ 17,080 Fair value 33,980 17,522 During the three and six months ended June 30, 2015 , the Corporation recorded losses related to changes in fair values of mortgage loans held for sale of $483,000 and $222,000 , respectively. During the three and six months ended June 30, 2014 , the Corporation recorded gains related to changes in fair values of mortgage loans held for sale of $518,000 and $815,000 , respectively. |
Balance Sheet Offsetting
Balance Sheet Offsetting | 6 Months Ended |
Jun. 30, 2015 | |
Offsetting [Abstract] | |
Balance Sheet Offsetting | Balance Sheet Offsetting Certain financial assets and liabilities may be eligible for offset on the consolidated balance sheets as they are subject to master netting arrangements or similar agreements. The Corporation elects to not offset assets and liabilities subject to such arrangements on the consolidated financial statements. The Corporation is a party to interest rate swap transactions with financial institution counterparties and customers, disclosed in detail within Note 9, "Derivative Financial Instruments." Under these agreements, the Corporation has the right to net settle multiple contracts with the same counterparty in the event of default on, or termination of, any one contract. Cash collateral is posted by the party with a net liability position in accordance with contract thresholds and can be used to settle the fair value of the interest rate swap agreements in the event of default. The Corporation is also a party to foreign currency exchange contracts with financial institution counterparties, under which the Corporation has the right to net settle multiple contracts with the same counterparty in the event of default on, or termination of, any one contract. As with interest rate swap contracts, cash collateral is posted by the party with a net liability position in accordance with contract thresholds and can be used to settle the fair value of the foreign currency exchange contracts in the event of default. For additional details, see Note 9, "Derivative Financial Instruments." The Corporation also enters into agreements with customers in which it sells securities subject to an obligation to repurchase the same or similar securities, referred to as repurchase agreements. Under these agreements, the Corporation may transfer legal control over the assets but still maintain effective control through agreements that both entitle and obligate the Corporation to repurchase the assets. Therefore, repurchase agreements are reported as secured borrowings, classified within short-term borrowings on the consolidated balance sheets, while the securities underlying the repurchase agreements remain classified with investment securities on the consolidated balance sheets. The Corporation has no intention of setting off these amounts, therefore, these repurchase agreements are not eligible for offset. The following table presents the Corporation's financial instruments that are eligible for offset, and the effects of offsetting, on the consolidated balance sheets: Gross Amounts Gross Amounts Not Offset Recognized on the Consolidated on the Balance Sheets Consolidated Financial Cash Net Balance Sheets Instruments (1) Collateral (2) Amount (in thousands) June 30, 2015 Interest rate swap derivative assets $ 19,551 $ (235 ) $ — $ 19,316 Foreign exchange derivative assets with correspondent banks 629 (629 ) — — Total $ 20,180 $ (864 ) $ — $ 19,316 Interest rate swap derivative liabilities $ 19,551 $ (235 ) $ (19,290 ) $ 26 Foreign exchange derivative liabilities with correspondent banks 672 (629 ) — 43 Total $ 20,223 $ (864 ) $ (19,290 ) $ 69 December 31, 2014 Interest rate swap derivative assets $ 19,914 $ (206 ) $ — $ 19,708 Foreign exchange derivative assets with correspondent banks 446 (446 ) — — Total $ 20,360 $ (652 ) $ — $ 19,708 Interest rate swap derivative liabilities $ 19,914 $ (206 ) $ (19,210 ) $ 498 Foreign exchange derivative liabilities with correspondent banks 876 (446 ) (310 ) 120 Total $ 20,790 $ (652 ) $ (19,520 ) $ 618 (1) For interest rate swap and foreign exchange derivative assets, amounts represent any derivative liability fair values that could be offset in the event of counterparty or customer default. For interest rate swap and foreign exchange derivative liabilities, amounts represent any derivative asset fair values that could be offset in the event of counterparty or customer default. (2) Amounts represent cash collateral posted on interest rate swap transactions with financial institution counterparties. Interest rate swaps with customers are collateralized by the underlying loans to those borrowers. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Commitments The Corporation is a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its customers. Those financial instruments include commitments to extend credit and letters of credit, which involve, to varying degrees, elements of credit risk and interest rate risk in excess of the amounts recognized on the Corporation’s consolidated balance sheets. Exposure to credit loss in the event of nonperformance by the other party to the financial instrument for commitments to extend credit and letters of credit is represented by the outstanding amount of those instruments. The outstanding amounts of commitments to extend credit and letters of credit were as follows: June 30, December 31, 2014 (in thousands) Commitments to extend credit $ 5,071,983 $ 4,389,064 Standby letters of credit 387,996 382,465 Commercial letters of credit 35,769 32,304 The Corporation records a reserve for unfunded lending commitments, which represents management’s estimate of losses associated with unused commitments to extend credit. See Note 5, "Loans and Allowance for Credit Losses," for additional details. Residential Lending Residential mortgages originated and sold by the Corporation consist primarily of conforming, prime loans sold to government sponsored agencies, such as the Federal National Mortgage Association ("Fannie Mae") and the Federal Home Loan Mortgage Corporation ("Freddie Mac"). The Corporation also sells a portion of prime loans to non-government sponsored agency investors. The Corporation provides customary representations and warranties to investors that specify, among other things, that the loans have been underwritten to the standards established by the investor. The Corporation may be required to repurchase a loan, or reimburse the investor for a credit loss incurred on a loan, if it is determined that the representations and warranties have not been met. Such repurchases or reimbursements generally result from an underwriting or documentation deficiency. As of June 30, 2015 and December 31, 2014 , total outstanding repurchase requests were $918,000 and $543,000 , respectively. From 2000 to 2011 , the Corporation sold loans to the Federal Home Loan Bank of Pittsburgh under its Mortgage Partnership Finance Program ("MPF Program"). No loans were sold under this program during the six months ended June 30, 2015 or 2014. The Corporation provided a "credit enhancement" for residential mortgage loans sold under the MPF Program whereby it would assume credit losses in excess of a defined "First Loss Account," or "FLA" balance, up to specified amounts. The FLA is funded by the Federal Home Loan Bank of Pittsburgh based on a percentage of the outstanding principal balance of loans sold. As of June 30, 2015 , the unpaid principal balance of loans sold under the MPF Program was approximately $140 million . As of June 30, 2015 and December 31, 2014 , the reserve for estimated credit losses related to loans sold under the MPF Program was $2.1 million and $2.3 million , respectively. Required reserves are calculated based on delinquency status and estimated loss rates established through the Corporation's existing allowance for credit losses methodology for residential mortgage loans. As of June 30, 2015 and December 31, 2014 , the total reserve for losses on residential mortgage loans sold was $2.9 million and $3.2 million , respectively, including both reserves for credit losses under the MPF Program and reserves for representation and warranty exposures. Management believes that the reserves recorded as of June 30, 2015 are adequate. However, declines in collateral values, the identification of additional loans to be repurchased, or a deterioration in the credit quality of loans sold under the MPF Program could necessitate additional reserves, established through charges to earnings, in the future. Other Contingencies The Corporation and its subsidiaries are involved in various legal proceedings in the ordinary course of business of the Corporation. The Corporation periodically evaluates the possible impact of pending litigation matters based on, among other factors, the advice of counsel, available insurance coverage and recorded liabilities and reserves for probable legal liabilities and costs. In addition, from time to time, the Corporation is the subject of investigations or other forms of regulatory or governmental inquiry covering a range of possible issues and, in some cases, these may be part of similar reviews of the specified activities of other industry participants. These inquiries could lead to administrative, civil or criminal proceedings, and could possibly result in fines, penalties, restitution or the need to alter the Corporation’s business practices, and cause the Corporation to incur additional costs. The Corporation’s practice is to cooperate fully with regulatory and governmental investigations. Refer also to Part II. Other Information, Item 1. Legal Proceedings. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements FASB ASC Topic 820 establishes a fair value hierarchy for the inputs to valuation techniques used to measure assets and liabilities at fair value using the following three categories (from highest to lowest priority): • Level 1 – Inputs that represent quoted prices for identical instruments in active markets. • Level 2 – Inputs that represent quoted prices for similar instruments in active markets, or quoted prices for identical instruments in non-active markets. Also includes valuation techniques whose inputs are derived principally from observable market data other than quoted prices, such as interest rates or other market-corroborated means. • Level 3 – Inputs that are largely unobservable, as little or no market data exists for the instrument being valued. The Corporation has categorized all assets and liabilities measured at fair value on both a recurring and nonrecurring basis into the above three levels. The following tables present summaries of the Corporation’s assets and liabilities measured at fair value on a recurring basis and reported on the consolidated balance sheets: June 30, 2015 Level 1 Level 2 Level 3 Total (in thousands) Mortgage loans held for sale $ — $ 33,980 $ — $ 33,980 Available for sale investment securities: Equity securities 33,041 — — 33,041 U.S. Government sponsored agency securities — 48,260 — 48,260 State and municipal securities — 236,517 — 236,517 Corporate debt securities — 92,822 4,350 97,172 Collateralized mortgage obligations — 918,232 — 918,232 Mortgage-backed securities — 1,008,664 — 1,008,664 Auction rate securities — — 98,606 98,606 Total available for sale investments 33,041 2,304,495 102,956 2,440,492 Other assets 18,002 22,524 — 40,526 Total assets $ 51,043 $ 2,360,999 $ 102,956 $ 2,514,998 Other liabilities $ 17,848 $ 19,622 $ — $ 37,470 December 31, 2014 Level 1 Level 2 Level 3 Total (in thousands) Mortgage loans held for sale $ — $ 17,522 $ — $ 17,522 Available for sale investment securities: Equity securities 47,623 — — 47,623 U.S. Government securities — 200 — 200 U.S. Government sponsored agency securities — 214 — 214 State and municipal securities — 245,215 — 245,215 Corporate debt securities — 90,126 7,908 98,034 Collateralized mortgage obligations — 902,313 — 902,313 Mortgage-backed securities — 928,831 — 928,831 Auction rate securities — — 100,941 100,941 Total available for sale investments 47,623 2,166,899 108,849 2,323,371 Other assets 17,682 21,305 — 38,987 Total assets $ 65,305 $ 2,205,726 $ 108,849 $ 2,379,880 Other liabilities $ 17,737 $ 21,084 $ — $ 38,821 The valuation techniques used to measure fair value for the items in the preceding tables are as follows: • Mortgage loans held for sale – This category consists of mortgage loans held for sale that the Corporation has elected to measure at fair value. Fair values as of June 30, 2015 and December 31, 2014 were measured based on the price that secondary market investors were offering for loans with similar characteristics. See Note 10, "Fair Value Option" for details related to the Corporation’s election to measure assets and liabilities at fair value. • Available for sale investment securities – Included within this asset category are both equity and debt securities. Level 2 available for sale debt securities are valued by a third-party pricing service commonly used in the banking industry. The pricing service uses pricing models that vary based on asset class and incorporate available market information, including quoted prices of investment securities with similar characteristics. Because many fixed income securities do not trade on a daily basis, pricing models use available information, as applicable, through processes such as benchmark yield curves, benchmarking of like securities, sector groupings, and matrix pricing. Standard market inputs include: benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers and reference data, including market research publications. For certain security types, additional inputs may be used, or some of the standard market inputs may not be applicable. Management tests the values provided by the pricing service by obtaining securities prices from an alternative third-party source and comparing the results. This test is done for approximately 80% of the securities valued by the pricing service. Generally, differences by security in excess of 5% are researched to reconcile the difference. • Equity securities – Equity securities consist of common stocks of financial institutions ( $27.2 million at June 30, 2015 and $41.8 million at December 31, 2014 ) and other equity investments ( $5.8 million at both June 30, 2015 and December 31, 2014 ). These Level 1 investments are measured at fair value based on quoted prices for identical securities in active markets. • U.S. Government securities/U.S. Government sponsored agency securities/State and municipal securities/Collateralized mortgage obligations/Mortgage-backed securities – These debt securities are classified as Level 2 investments. Fair values are determined by a third-party pricing service, as detailed above. • Corporate debt securities – This category consists of subordinated debt issued by financial institutions ( $49.7 million at June 30, 2015 and $50.0 million at December 31, 2014 ), single-issuer trust preferred securities issued by financial institutions ( $43.4 million at June 30, 2015 and $42.0 million at December 31, 2014 ), pooled trust preferred securities issued by financial institutions ( $530,000 at June 30, 2015 and $4.1 million at December 31, 2014 ) and other corporate debt issued by non-financial institutions ( $3.5 million at June 30, 2015 and $1.9 million at December 31, 2014 ). Level 2 investments include the Corporation’s holdings of subordinated debt, other corporate debt issued by non-financial institutions and $39.6 million and $38.2 million of single-issuer trust preferred securities held at June 30, 2015 and December 31, 2014 , respectively. The fair values for these corporate debt securities are determined by a third-party pricing service, as detailed above. Level 3 investments include the Corporation’s investments in pooled trust preferred securities and certain single-issuer trust preferred securities ( $3.8 million at June 30, 2015 and December 31, 2014 ). The fair values of these securities were determined based on quotes provided by third-party brokers who determined fair values based predominantly on internal valuation models which were not indicative prices or binding offers. The Corporation’s third-party pricing service cannot derive fair values for these securities primarily due to inactive markets for similar investments. Level 3 values are tested by management primarily through trend analysis, by comparing current values to those reported at the end of the preceding calendar quarter, and determining if they are reasonable based on price and spread movements for this asset class. • Auction rate securities – Due to their illiquidity, ARCs are classified as Level 3 investments and are valued through the use of an expected cash flows model prepared by a third-party valuation expert. The assumptions used in preparing the expected cash flows model include estimates for coupon rates, time to maturity and market rates of return. The most significant unobservable input to the expected cash flows model is an assumed return to market liquidity sometime within the next five years. If the assumed return to market liquidity was lengthened beyond the next five years, this would result in a decrease in the fair value of these ARCs. The Corporation believes that the trusts underlying the ARCs will self-liquidate as student loans are repaid. Level 3 values are tested by management through the performance of a trend analysis of the market price and discount rate. Changes in the price and discount rates are compared to changes in market data, including bond ratings, parity ratios, balances and delinquency levels. Other assets – Included within this category are the following: • Level 1 assets include mutual funds that are held in trust for employee deferred compensation plans ( $16.8 million at June 30, 2015 and $16.4 million at December 31, 2014 ) and the fair value of foreign currency exchange contracts ( $1.2 million at June 30, 2015 and $1.3 million at December 31, 2014 ). The mutual funds and foreign exchange prices used to measure these items at fair value are based on quoted prices for identical instruments in active markets. • Level 2 assets include the fair value of mortgage banking derivatives in the form of interest rate locks and forward commitments with secondary market investors ( $3.0 million at June 30, 2015 and $1.4 million at December 31, 2014 ) and the fair value of interest rate swaps ( $19.6 million at June 30, 2015 and $19.9 million at December 31, 2014 ). The fair values of the Corporation’s interest rate locks, forward commitments and interest rate swaps represent the amounts that would be required to settle the derivative financial instruments at the balance sheet date. See Note 9, "Derivative Financial Instruments," for additional information. • Other liabilities – Included within this category are the following: • Level 1 liabilities include employee deferred compensation liabilities which represent amounts due to employees under deferred compensation plans ( $16.8 million at June 30, 2015 and $16.4 million at December 31, 2014 ) and the fair value of foreign currency exchange contracts ( $1.0 million at June 30, 2015 and $1.3 million at December 31, 2014 ). The fair value of these liabilities are determined in the same manner as the related assets, as described under the heading "Other assets" above. • Level 2 liabilities include the fair value of mortgage banking derivatives in the form of interest rate locks and forward commitments with secondary market investors ( $72,000 at June 30, 2015 and $1.2 million at December 31, 2014 ) and the fair value of interest rate swaps ( $19.6 million at June 30, 2015 and $19.9 million at December 31, 2014 ). The fair values of these liabilities are determined in the same manner as the related assets, as described under the heading "Other assets" above. The following table presents the changes in the Corporation’s available for sale investment securities measured at fair value on a recurring basis using unobservable inputs (Level 3): Three months ended June 30, 2015 Pooled Trust Single-issuer ARCs (in thousands) Balance at March 31, 2015 $ 1,084 $ 3,820 $ 98,932 Sales (554 ) — — Unrealized adjustment to fair value (1) — (2 ) (420 ) Discount accretion (2) — 2 94 Balance at June 30, 2015 $ 530 $ 3,820 $ 98,606 Three months ended June 30, 2014 Balance at March 31, 2014 $ 5,659 $ 3,820 $ 147,713 Sales (1,394 ) — — Unrealized adjustment to fair value (1) 38 (2 ) 124 Settlements - calls (28 ) — (1,081 ) Discount accretion (2) — 2 175 Balance at June 30, 2014 $ 4,275 $ 3,820 $ 146,931 Six months ended June 30, 2015 Pooled Trust Single-issuer ARCs (in thousands) Balance at December 31, 2014 $ 4,088 $ 3,820 $ 100,941 Sales (3,633 ) — — Unrealized adjustment to fair value (2) 190 (4 ) (88 ) Settlements - calls (117 ) — (2,446 ) Discount accretion (3) 2 4 199 Balance at June 30, 2015 $ 530 $ 3,820 $ 98,606 Six months ended June 30, 2014 Balance at December 31, 2013 $ 5,306 $ 3,781 $ 159,274 Sales (1,394 ) — (11,912 ) Unrealized adjustment to fair value (2) 559 36 248 Settlements - calls (200 ) — (1,081 ) Discount accretion (3) 4 3 402 Balance at June 30, 2014 $ 4,275 $ 3,820 $ 146,931 (1) Pooled trust preferred securities, single-issuer trust preferred securities and ARCs are classified as available for sale investment securities; as such, the unrealized adjustment to fair value was recorded as an unrealized holding gain (loss) and included as a component of available for sale investment securities on the consolidated balance sheets. (2) Included as a component of net interest income on the consolidated statements of income. Certain financial assets are not measured at fair value on an ongoing basis, but are subject to fair value measurement in certain circumstances, such as upon their acquisition or when there is evidence of impairment. The following table presents the Corporation’s financial assets measured at fair value on a nonrecurring basis and reported on the Corporation’s consolidated balance sheets: June 30, 2015 Level 1 Level 2 Level 3 Total (in thousands) Net loans $ — $ — $ 145,058 $ 145,058 Other financial assets — — 54,361 54,361 Total assets $ — $ — $ 199,419 $ 199,419 December 31, 2014 Level 1 Level 2 Level 3 Total (in thousands) Net loans $ — $ — $ 127,834 $ 127,834 Other financial assets — — 54,170 54,170 Total assets $ — $ — $ 182,004 $ 182,004 The valuation techniques used to measure fair value for the items in the table above are as follows: • Net loans – This category consists of loans that were evaluated for impairment under FASB ASC Section 310-10-35 and have been classified as Level 3 assets. The amount shown is the balance of impaired loans, net of the related allowance for loan losses. See Note 5, "Loans and Allowance for Credit Losses," for additional details. • Other financial assets – This category includes OREO ( $12.8 million at June 30, 2015 and $12.0 million at December 31, 2014 ) and MSRs ( $41.6 million at June 30, 2015 and $42.1 million at December 31, 2014 ), both classified as Level 3 assets. Fair values for OREO were based on estimated selling prices less estimated selling costs for similar assets in active markets. MSRs are initially recorded at fair value upon the sale of residential mortgage loans to secondary market investors. MSRs are amortized as a reduction to servicing income over the estimated lives of the underlying loans. MSRs are stratified and evaluated for impairment by comparing each stratum's carrying amount to its estimated fair value. Fair values are determined at the end of each quarter through a discounted cash flows valuation performed by a third-party valuation expert. Significant inputs to the valuation included expected net servicing income, the discount rate and the expected life of the underlying loans. Expected life is based on the contractual terms of the loans, as adjusted for prepayment projections. The weighted average annual constant prepayment rate and the weighted average discount rate used in the June 30, 2015 valuation were 11.3% and 9.6% , respectively. Management tests the reasonableness of the significant inputs to the third-party valuation in comparison to market data. As required by FASB ASC Section 825-10-50, the following table details the book values and estimated fair values of the Corporation’s financial instruments as of June 30, 2015 and December 31, 2014 . In addition, a general description of the methods and assumptions used to estimate such fair values is also provided. June 30, 2015 December 31, 2014 Book Value Estimated Book Value Estimated (in thousands) FINANCIAL ASSETS Cash and due from banks $ 100,455 $ 100,455 $ 105,702 $ 105,702 Interest-bearing deposits with other banks 322,218 322,218 358,130 358,130 Federal Reserve Bank and Federal Home Loan Bank stock 65,106 65,106 64,953 64,953 Loans held for sale (1) 33,980 33,980 17,522 17,522 Available for sale investment securities (1) 2,440,492 2,440,492 2,323,371 2,323,371 Loans, net of unearned income (1) 13,244,230 13,129,521 13,111,716 13,030,543 Accrued interest receivable 41,193 41,193 41,818 41,818 Other financial assets (1) 157,792 157,792 169,764 169,764 FINANCIAL LIABILITIES Demand and savings deposits $ 10,501,956 $ 10,501,956 $ 10,296,055 $ 10,296,055 Time deposits 3,003,753 2,999,352 3,071,451 3,069,883 Short-term borrowings 409,035 409,035 329,719 329,719 Accrued interest payable 15,172 15,172 18,045 18,045 Other financial liabilities (1) 175,220 175,220 172,786 172,786 Federal Home Loan Bank advances and long-term debt 1,132,641 1,152,810 1,139,413 1,142,980 (1) These financial instruments, or certain financial instruments within these categories, are measured at fair value on the Corporation’s consolidated balance sheets. Descriptions of the fair value determinations for these financial instruments are disclosed above. Fair values of financial instruments are significantly affected by the assumptions used, principally the timing of future cash flows and discount rates. Because assumptions are inherently subjective in nature, the estimated fair values cannot be substantiated by comparison to independent market quotes and, in many cases, the estimated fair values could not necessarily be realized in an immediate sale or settlement of the instrument. The aggregate fair value amounts presented do not necessarily represent management’s estimate of the underlying value of the Corporation. For short-term financial instruments, defined as those with remaining maturities of 90 days or less, and excluding those recorded at fair value on the Corporation’s consolidated balance sheets, book value was considered to be a reasonable estimate of fair value. The following instruments are predominantly short-term: Assets Liabilities Cash and due from banks Demand and savings deposits Interest bearing deposits with other banks Short-term borrowings Accrued interest receivable Accrued interest payable Federal Reserve Bank and Federal Home Loan Bank stock represent restricted investments and are carried at cost on the consolidated balance sheets. Each of the Corporation’s subsidiary banks is a member of the Federal Home Loan Bank for the region encompassing the headquarters of the subsidiary bank. Memberships are maintained with the Atlanta, New York and Pittsburgh regional Federal Home Loan Banks (collectively referred to as the "FHLB"). Fair values for loans and time deposits were estimated by discounting future cash flows using the current rates at which similar loans would be made to borrowers and similar deposits would be issued to customers for the same remaining maturities. Fair values estimated in this manner do not fully incorporate an exit price approach to fair value, as defined in FASB ASC Topic 820. The fair values of FHLB advances and long-term debt were estimated by discounting the remaining contractual cash flows using a rate at which the Corporation could issue debt with similar remaining maturities as of the balance sheet date. These borrowings would be categorized within Level 2 liabilities under FASB ASC Topic 820. |
Common Stock Repurchase Plans
Common Stock Repurchase Plans | 6 Months Ended |
Jun. 30, 2015 | |
Stockholders' Equity Note [Abstract] | |
Common Stock Repurchase Plan | In November 2014 , the Corporation entered into an accelerated share repurchase agreement ("ASR") with a third party to repurchase $100.0 million of shares of its common stock. Under the terms of the ASR, the Corporation paid $100.0 million to the third party in November 2014 and received an initial delivery of 6.5 million shares, representing 80% of the shares expected to be delivered under the ASR, based on the closing price for the Corporation’s shares on November 13, 2014. In April 2015, the third party delivered an additional 1.8 million shares of common stock pursuant to the terms of the ASR, thereby completing the $100.0 million ASR. The Corporation repurchased a total of 8.3 million shares of common stock under the ASR at an average price of $12.05 per share. In April 2015, the Corporation announced that its board of directors had approved a share repurchase program pursuant to which the Corporation is authorized to repurchase up to $50.0 million of its outstanding shares of common stock, or approximately 2.3% of its outstanding shares, through December 31, 2015. Repurchased shares may be added to treasury stock, at cost, and will be used for general corporate purposes. As permitted by securities laws and other legal requirements and subject to market conditions and other factors, purchases may be made from time to time in open market or privately negotiated transactions, including, without limitation, through accelerated share repurchase transactions. The share repurchase program may be discontinued at any time. Through June 30, 2015, 1.5 million shares had been repurchased under this program for a total cost of $19.0 million , or $12.36 per share. |
Subsequent Event
Subsequent Event | 6 Months Ended |
Jun. 30, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Event | Subsequent Event In June 2015, the Corporation issued $150 million of ten -year subordinated notes, which mature on November 15, 2024 and carry a fixed rate of 4.50% and an effective rate of approximately 4.70% as a result of issuance costs. Interest is paid semi-annually in May and November. The proceeds from the issuance of the subordinated notes were used to redeem $150 million of trust preferred securities in July 2015. The redeemed securities carried a fixed interest rate of 6.29% and an effective rate of 6.52% , and had a scheduled maturity of February 1, 2036. As a result of this transaction, the Corporation recorded a $5.6 million loss on redemption, included as a component of non-interest expense, in July 2015. |
Basis of Presentation Basis of
Basis of Presentation Basis of Presentation (Policies) | 6 Months Ended |
Jun. 30, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
New Accounting Pronouncements, Policy | Recent Accounting Standards Effective January 1, 2015, the Corporation adopted the Financial Accounting Standards Board's ("FASB") Accounting Standards Codification ("ASC") Update 2014-01, "Accounting for Investments in Qualified Affordable Housing Projects." ASC Update 2014-01 provides guidance on accounting for investments made by a reporting entity in flow-through limited liability entities that manage or invest in affordable housing projects that qualify for the low income housing tax credit. The Corporation has made certain investments in partnerships that generate tax credits under various federal programs which promote investment in low and moderate income housing and local economic development. The net income tax benefit associated with these investments, which consists of the amortization of the investments net of tax benefits, and the income tax credits earned on the investments recorded in income taxes on the consolidated income statements was $2.4 million and $2.8 million for the three months ended June 30, 2015 and 2014, respectively and $4.8 million and $5.3 million for the six months ended June 30, 2015 and 2014, respectively. As of June 30, 2015 and December 31, 2014, the Corporation’s tax credit investments, included in other assets on the consolidated balance sheets, totaled $156.8 million and $155.6 million , respectively. The adoption of this ASC update did not have a material impact on the Corporation's consolidated financial statements for the three or six months ended June 30, 2015 or 2014. In February 2015, the FASB issued ASC Update 2015-02, "Consolidation: Amendments to the Consolidation Analysis." ASC Update 2015-02 changes the way reporting enterprises evaluate whether: (a) they should consolidate limited partnerships and similar entities, (b) fees paid to a decision maker or service provider are variable interests in a variable interest entity ("VIE"), and (c) variable interests in a VIE held by related parties of the reporting enterprise require the reporting enterprise to consolidate the VIE. ASC Update 2015-02 is effective for public business entities' annual and interim reporting periods beginning after December 15, 2015, with earlier adoption permitted. The Corporation intends to adopt this standards update effective with its March 31, 2016 quarterly report on Form 10-Q, and does not expect the adoption of ASC Update 2015-02 to have a material impact on its consolidated financial statements. In April 2015, the FASB issued ASC Update 2015-03, "Interest - Imputation of Interest." ASC Update 2015-03 simplifies the presentation of debt issuances costs. Debt issuance costs related to a recognized debt liability will be presented on the balance sheet as a direct deduction from the debt liability, similar to the presentation of debt discounts. Under current U.S. GAAP, debt issuance costs are reported on the balance sheet as assets. The costs will continue to be amortized to interest expense using the effective interest method. ASC Update 2015-03 is effective for public business entities' annual and interim reporting periods beginning after December 15, 2015, with earlier adoption permitted. The Corporation intends to adopt this standards update effective with its March 31, 2016 quarterly report on Form 10-Q and does not expect the adoption of ASC Update 2015-03 to have a material impact on its consolidated financial statements. In April 2015, the FASB issued ASC Update 2015-05, "Customer's Accounting for Fees Paid in a Cloud Computing Arrangement." ASC Update 2015-05 provides explicit guidance to determine when a customer's fees paid in a cloud computing arrangement is for the acquisition of software licenses, services, or both. ASC Update 2015-05 is effective for public business entities' annual and interim reporting periods beginning after December 15, 2015, with earlier adoption permitted. The Corporation intends to adopt this standards update effective with its March 31, 2016 quarterly report on Form 10-Q and does not expect the adoption of ASC Update 2015-05 to have a material impact on its consolidated financial statements. |
Net Income Per Share (Tables)
Net Income Per Share (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Earnings Per Share [Abstract] | |
Reconciliation of Weighted Average Common Shares Outstanding | A reconciliation of weighted average shares outstanding used to calculate basic net income per share and diluted net income per share follows: Three months ended June 30 Six months ended June 30 2015 2014 2015 2014 (in thousands) Weighted average shares outstanding (basic) 176,433 188,139 177,446 188,799 Impact of common stock equivalents 1,098 1,043 1,042 1,033 Weighted average shares outstanding (diluted) 177,531 189,182 178,488 189,832 |
Accumulated Other Comprehensi26
Accumulated Other Comprehensive Income Accumulated Other Comprehensive Income (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Equity [Abstract] | |
Changes in other comprehensive income [Table Text Block] | The following table presents changes in other comprehensive income: Before-Tax Amount Tax Effect Net of Tax Amount (in thousands) Three months ended June 30, 2015 Unrealized loss on securities $ (18,474 ) $ 6,466 $ (12,008 ) Reclassification adjustment for securities gains included in net income (1) (2,413 ) 844 (1,569 ) Unrealized gain on derivative financial instruments 52 (18 ) 34 Amortization of net unrecognized pension and postretirement items (2) 717 (251 ) 466 Total Other Comprehensive Loss $ (20,118 ) $ 7,041 $ (13,077 ) Three months ended June 30, 2014 Unrealized gain on securities $ 19,984 $ (6,994 ) $ 12,990 Reclassification adjustment for securities gains included in net income (1) (1,112 ) 389 (723 ) Non-credit related unrealized gains on other-than-temporarily impaired debt securities 497 (174 ) 323 Unrealized gain on derivative financial instruments 52 (18 ) 34 Amortization of net unrecognized pension and postretirement items (2) 160 (56 ) 104 Total Other Comprehensive Income $ 19,581 $ (6,853 ) $ 12,728 Six months ended June 30, 2015 Unrealized loss on securities $ (3,103 ) $ 1,087 $ (2,016 ) Reclassification adjustment for securities gains included in net income (1) (6,558 ) 2,294 (4,264 ) Non-credit related unrealized gains (losses) on other-than-temporarily impaired debt securities 192 (67 ) 125 Unrealized gain on derivative financial instruments 104 (36 ) 68 Amortization of net unrecognized pension and postretirement items (2) 1,434 (502 ) 932 Total Other Comprehensive Loss $ (7,931 ) $ 2,776 $ (5,155 ) Six months ended June 30, 2014 Unrealized gain on securities $ 41,419 $ (14,496 ) $ 26,923 Reclassification adjustment for securities gains included in net income (1) (1,112 ) 389 (723 ) Reclassification adjustment for postretirement gains included in net income (2) (1,452 ) 508 (944 ) Non-credit related unrealized gains (losses) on other-than-temporarily impaired debt securities 788 (276 ) 512 Unrealized gain on derivative financial instruments 105 (37 ) 68 Unrecognized pension and postretirement income 3,291 (1,147 ) 2,144 Amortization of net unrecognized pension and postretirement items (2) 309 (109 ) 200 Total Other Comprehensive Income $ 43,348 $ (15,168 ) $ 28,180 (1) Amounts reclassified out of accumulated other comprehensive income. Before-tax amounts included within "Investment securities gains, net" on the consolidated statements of income. See Note 4, "Investment Securities," for additional details. (2) Amounts reclassified out of accumulated other comprehensive income. Before-tax amounts included within "Salaries and employee benefits" on the consolidated statements of income. See Note 8, "Employee Benefit Plans," for additional details. |
Changes in each component of accumulated other comprehensive income [Table Text Block] | The following table presents changes in each component of accumulated other comprehensive income, net of tax: Unrealized Gains (Losses) on Investment Securities Not Other-Than-Temporarily Impaired Unrealized Non-Credit Gains (Losses) on Other-Than-Temporarily Impaired Debt Securities Unrealized Effective Portions of Losses on Forward-Starting Interest Rate Swaps Unrecognized Pension and Postretirement Plan Income (Costs) Total (in thousands) Three months ended June 30, 2015 Balance at March 31, 2015 $ 14,311 $ 440 $ (2,512 ) $ (22,039 ) $ (9,800 ) Other comprehensive loss before reclassifications (12,008 ) — — — (12,008 ) Amounts reclassified from accumulated other comprehensive income (loss) (1,473 ) (96 ) 34 466 (1,069 ) Balance at June 30, 2015 $ 830 $ 344 $ (2,478 ) $ (21,573 ) $ (22,877 ) Three months ended June 30, 2014 Balance at March 31, 2014 $ (13,577 ) $ 1,841 $ (2,648 ) $ (7,505 ) $ (21,889 ) Other comprehensive income before reclassifications 12,990 323 — — 13,313 Amounts reclassified from accumulated other comprehensive income (loss) 7 (730 ) 34 104 (585 ) Balance at June 30, 2014 $ (580 ) $ 1,434 $ (2,614 ) $ (7,401 ) $ (9,161 ) Six months ended June 30, 2015 Balance at December 31, 2014 $ 5,980 $ 1,349 $ (2,546 ) $ (22,505 ) $ (17,722 ) Other comprehensive income (loss) before reclassifications (2,016 ) 125 — — (1,891 ) Amounts reclassified from accumulated other comprehensive income (loss) (3,134 ) (1,130 ) 68 932 (3,264 ) Balance at June 30, 2015 $ 830 $ 344 $ (2,478 ) $ (21,573 ) $ (22,877 ) Six months ended June 30, 2014 Balance at December 31, 2013 $ (27,510 ) $ 1,652 $ (2,682 ) $ (8,801 ) $ (37,341 ) Other comprehensive income before reclassifications 26,923 512 — 2,144 29,579 Amounts reclassified from accumulated other comprehensive income (loss) 7 (730 ) 68 (744 ) (1,399 ) Balance at June 30, 2014 $ (580 ) $ 1,434 $ (2,614 ) $ (7,401 ) $ (9,161 ) |
Investment Securities (Tables)
Investment Securities (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Amortized Cost and Fair Values of Investment Securities | The following table presents the amortized cost and estimated fair values of investment securities, which were all classified as available for sale: Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value (in thousands) June 30, 2015 Equity securities $ 23,981 $ 9,072 $ (12 ) $ 33,041 U.S. Government sponsored agency securities 48,333 57 (130 ) 48,260 State and municipal securities 231,592 5,312 (387 ) 236,517 Corporate debt securities 98,756 3,183 (4,767 ) 97,172 Collateralized mortgage obligations 931,093 4,932 (17,793 ) 918,232 Mortgage-backed securities 998,418 14,112 (3,866 ) 1,008,664 Auction rate securities 106,504 — (7,898 ) 98,606 $ 2,438,677 $ 36,668 $ (34,853 ) $ 2,440,492 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value (in thousands) December 31, 2014 Equity securities $ 33,469 $ 14,167 $ (13 ) $ 47,623 U.S. Government securities 200 — — 200 U.S. Government sponsored agency securities 209 5 — 214 State and municipal securities 238,250 7,231 (266 ) 245,215 Corporate debt securities 99,016 5,126 (6,108 ) 98,034 Collateralized mortgage obligations 917,395 5,705 (20,787 ) 902,313 Mortgage-backed securities 914,797 16,978 (2,944 ) 928,831 Auction rate securities 108,751 — (7,810 ) 100,941 $ 2,312,087 $ 49,212 $ (37,928 ) $ 2,323,371 |
Schedule of Amortized Cost and Fair Values of Debt Securities by Contractual Maturities | The amortized cost and estimated fair values of debt securities as of June 30, 2015 , by contractual maturity, are shown in the following table. Actual maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Amortized Estimated (in thousands) Due in one year or less $ 57,382 $ 58,372 Due from one year to five years 104,022 106,663 Due from five years to ten years 148,682 151,430 Due after ten years 175,099 164,090 485,185 480,555 Collateralized mortgage obligations 931,093 918,232 Mortgage-backed securities 998,418 1,008,664 $ 2,414,696 $ 2,407,451 |
Summary of Gains and Losses from Equity and Debt Securities, and Losses Recognized from Other-than-Temporary Impairment | The following table presents information related to the gross realized gains and losses on the sales of equity and debt securities: Gross Gross Other-than- Net Gains (Losses) Three months ended June 30, 2015 (in thousands) Equity securities $ 2,290 $ — $ — $ 2,290 Debt securities 125 — — 125 Total $ 2,415 $ — $ — $ 2,415 Three months ended June 30, 2014 Equity securities $ — $ — $ (12 ) $ (12 ) Debt securities 1,124 — — 1,124 Total $ 1,124 $ — $ (12 ) $ 1,112 Six months ended June 30, 2015 Equity securities $ 4,260 $ — $ — $ 4,260 Debt securities 2,300 — — 2,300 Total $ 6,560 $ — $ — $ 6,560 Six months ended June 30, 2014 Equity securities $ 1 $ — $ (12 ) $ (11 ) Debt securities 1,446 (323 ) — 1,123 Total $ 1,447 $ (323 ) $ (12 ) $ 1,112 |
Summary Of Other Than Temporary Impairment Charges Recorded In Statement Of Operations [Table Text Block] | The following table presents a summary of the cumulative credit related other-than-temporary impairment charges, recognized as components of earnings, for debt securities held by the Corporation at June 30, 2015 and 2014: Three months ended June 30 Six months ended June 30 2015 2014 2015 2014 (in thousands) Balance of cumulative credit losses on debt securities, beginning of period $ (12,302 ) $ (19,961 ) $ (16,242 ) $ (20,691 ) Reductions for securities sold during the period 792 2,746 4,730 3,472 Reductions for increases in cash flows expected to be collected that are recognized over the remaining life of the security — 1 2 5 Balance of cumulative credit losses on debt securities, end of period $ (11,510 ) $ (17,214 ) $ (11,510 ) $ (17,214 ) |
Gross Unrealized Losses and Fair Values of Investments by Category and Length of Time in Continuous Unrealized Loss Position | The following table presents the gross unrealized losses and estimated fair values of investments, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at June 30, 2015 : Less than 12 months 12 months or longer Total Estimated Fair Value Unrealized Losses Estimated Fair Value Unrealized Losses Estimated Fair Value Unrealized Losses (in thousands) U.S. Government sponsored agency securities $ 28,051 $ (130 ) $ — $ — $ 28,051 $ (130 ) State and municipal securities 34,107 (387 ) — — 34,107 (387 ) Corporate debt securities 7,965 (13 ) 35,229 (4,754 ) 43,194 (4,767 ) Collateralized mortgage obligations 95,315 (651 ) 517,338 (17,142 ) 612,653 (17,793 ) Mortgage-backed securities 306,980 (2,498 ) 69,029 (1,368 ) 376,009 (3,866 ) Auction rate securities — — 98,606 (7,898 ) 98,606 (7,898 ) Total debt securities 472,418 (3,679 ) 720,202 (31,162 ) 1,192,620 (34,841 ) Equity securities — — 78 (12 ) 78 (12 ) $ 472,418 $ (3,679 ) $ 720,280 $ (31,174 ) $ 1,192,698 $ (34,853 ) |
Summary of Amortized Cost and Fair Values of Corporate Debt Securities | The following table presents the amortized cost and estimated fair value of corporate debt securities: June 30, 2015 December 31, 2014 Amortized cost Estimated fair value Amortized cost Estimated fair value (in thousands) Single-issuer trust preferred securities $ 47,613 $ 43,378 $ 47,569 $ 42,016 Subordinated debt 47,595 49,716 47,530 50,023 Pooled trust preferred securities — 530 2,010 4,088 Corporate debt securities issued by financial institutions 95,208 93,624 97,109 96,127 Other corporate debt securities 3,548 3,548 1,907 1,907 Available for sale corporate debt securities $ 98,756 $ 97,172 $ 99,016 $ 98,034 |
Loans and Allowance for Credi28
Loans and Allowance for Credit Losses (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Receivables [Abstract] | |
Summary of Gross Loans by Type | Loans, net of unearned income are summarized as follows: June 30, December 31, 2014 (in thousands) Real-estate - commercial mortgage $ 5,237,800 $ 5,197,155 Commercial - industrial, financial and agricultural 3,806,699 3,725,567 Real-estate - home equity 1,689,688 1,736,688 Real-estate - residential mortgage 1,369,103 1,377,068 Real-estate - construction 731,925 690,601 Consumer 272,494 265,431 Leasing and other 147,960 127,562 Overdrafts 2,642 4,021 Loans, gross of unearned income 13,258,311 13,124,093 Unearned income (14,081 ) (12,377 ) Loans, net of unearned income $ 13,244,230 $ 13,111,716 |
Schedule of Allowance for Credit Losses | The following table presents the components of the allowance for credit losses: June 30, December 31, (in thousands) Allowance for loan losses $ 167,485 $ 184,144 Reserve for unfunded lending commitments 1,968 1,787 Allowance for credit losses $ 169,453 $ 185,931 |
Activity in the Allowance for Credit Losses | The following table presents the activity in the allowance for credit losses: Three months ended June 30 Six months ended June 30 2015 2014 2015 2014 (in thousands) Balance at beginning of period $ 179,658 $ 199,006 $ 185,931 $ 204,917 Loans charged off (15,372 ) (11,476 ) (21,136 ) (21,744 ) Recoveries of loans previously charged off 2,967 2,412 6,158 4,269 Net loans charged off (12,405 ) (9,064 ) (14,978 ) (17,475 ) Provision for credit losses 2,200 3,500 (1,500 ) 6,000 Balance at end of period $ 169,453 $ 193,442 $ 169,453 $ 193,442 The following table presents the activity in the allowance for loan losses by portfolio segment: Real Estate - Commercial Mortgage Commercial - Industrial, Financial and Agricultural Real Estate - Home Equity Real Estate - Residential Mortgage Real Estate - Construction Consumer Leasing and other and overdrafts Unallocated Total (in thousands) Three months ended June 30, 2015 Balance at March 31, 2015 $ 52,860 $ 57,150 $ 23,481 $ 23,235 $ 8,487 $ 2,527 $ 1,653 $ 8,308 $ 177,701 Loans charged off (1,642 ) (11,166 ) (870 ) (783 ) (87 ) (357 ) (467 ) — (15,372 ) Recoveries of loans previously charged off 451 1,471 189 187 231 368 70 — 2,967 Net loans charged off (1,191 ) (9,695 ) (681 ) (596 ) 144 11 (397 ) — (12,405 ) Provision for loan losses (1) (989 ) 1,715 (294 ) 148 (882 ) 70 359 2,062 2,189 Balance at June 30, 2015 $ 50,680 $ 49,170 $ 22,506 $ 22,787 $ 7,749 $ 2,608 $ 1,615 $ 10,370 $ 167,485 Three months ended June 30, 2014 Balance at March 31, 2014 $ 53,757 $ 50,563 $ 32,460 $ 33,329 $ 9,842 $ 3,324 $ 2,011 $ 11,803 $ 197,089 Loans charged off (2,141 ) (5,512 ) (1,234 ) (1,089 ) (218 ) (449 ) (833 ) — (11,476 ) Recoveries of loans previously charged off 430 775 177 108 158 402 362 — 2,412 Net loans charged off (1,711 ) (4,737 ) (1,057 ) (981 ) (60 ) (47 ) (471 ) — (9,064 ) Provision for loan losses (1) (2,204 ) 3,258 638 396 1,549 29 311 (317 ) 3,660 Balance at June 30, 2014 $ 49,842 $ 49,084 $ 32,041 $ 32,744 $ 11,331 $ 3,306 $ 1,851 $ 11,486 $ 191,685 Six months ended June 30, 2015 Balance at December 31, 2014 $ 53,493 $ 51,378 $ 28,271 $ 29,072 $ 9,756 $ 3,015 $ 1,799 $ 7,360 $ 184,144 Loans charged off (2,351 ) (13,029 ) (1,638 ) (2,064 ) (87 ) (1,137 ) (830 ) — (21,136 ) Recoveries of loans previously charged off 887 2,257 440 346 1,378 609 241 — 6,158 Net loans charged off (1,464 ) (10,772 ) (1,198 ) (1,718 ) 1,291 (528 ) (589 ) — (14,978 ) Provision for loan losses (1) (1,349 ) 8,564 (4,567 ) (4,567 ) (3,298 ) 121 405 3,010 (1,681 ) Balance at June 30, 2015 $ 50,680 $ 49,170 $ 22,506 $ 22,787 $ 7,749 $ 2,608 $ 1,615 $ 10,370 $ 167,485 Six months ended June 30, 2014 Balance at December 31, 2013 $ 55,659 $ 50,330 $ 28,222 $ 33,082 $ 12,649 $ 3,260 $ 3,370 $ 16,208 $ 202,780 Loans charged off (3,527 ) (10,637 ) (2,885 ) (1,935 ) (432 ) (1,200 ) (1,128 ) — (21,744 ) Recoveries of loans previously charged off 474 1,519 533 224 382 611 526 — 4,269 Net loans charged off (3,053 ) (9,118 ) (2,352 ) (1,711 ) (50 ) (589 ) (602 ) — (17,475 ) Provision for loan losses (1) (2,764 ) 7,872 6,171 1,373 (1,268 ) 635 (917 ) (4,722 ) 6,380 Balance at June 30, 2014 $ 49,842 $ 49,084 $ 32,041 $ 32,744 $ 11,331 $ 3,306 $ 1,851 $ 11,486 $ 191,685 (1) The provision for loan losses excluded an $11,000 and $181,000 increase, respectively, in the reserve for unfunded lending commitments for the three and six months ended June 30, 2015 and a $160,000 and $ 380,000 decrease, respectively, in the reserve for unfunded lending commitments for the three and six months ended June 30, 2014 . The total provision for credit losses, comprised of allocations for both funded and unfunded loans, was $2.2 million and negative $1.5 million , respectively, for the three and six months ended June 30, 2015 and $3.5 million and $6.0 million , respectively, for the three and six months ended June 30, 2014 . The following table presents loans, net of unearned income and their related allowance for loan losses, by portfolio segment: Real Estate - Commercial Mortgage Commercial - Industrial, Financial and Agricultural Real Estate - Home Equity Real Estate - Residential Mortgage Real Estate - Construction Consumer Leasing and other and overdrafts Unallocated (1) Total (in thousands) Allowance for loan losses at June 30, 2015: Measured for impairment under FASB ASC Subtopic 450-20 $ 37,228 $ 38,090 $ 15,838 $ 8,763 $ 5,430 $ 2,588 $ 1,615 $ 10,370 $ 119,922 Evaluated for impairment under FASB ASC Section 310-10-35 13,452 11,080 6,668 14,024 2,319 20 — N/A 47,563 $ 50,680 $ 49,170 $ 22,506 $ 22,787 $ 7,749 $ 2,608 $ 1,615 $ 10,370 $ 167,485 Loans, net of unearned income at June 30, 2015: Measured for impairment under FASB ASC Subtopic 450-20 $ 5,172,333 $ 3,764,999 $ 1,676,410 $ 1,315,908 $ 712,975 $ 272,463 $ 136,521 N/A $ 13,051,609 Evaluated for impairment under FASB ASC Section 310-10-35 65,467 41,700 13,278 53,195 18,950 31 — N/A 192,621 $ 5,237,800 $ 3,806,699 $ 1,689,688 $ 1,369,103 $ 731,925 $ 272,494 $ 136,521 N/A $ 13,244,230 Allowance for loan losses at June 30, 2014: Measured for impairment under FASB ASC Subtopic 450-20 $ 33,388 $ 36,603 $ 22,234 $ 11,450 $ 7,163 $ 3,285 $ 1,851 $ 11,486 $ 127,460 Evaluated for impairment under FASB ASC Section 310-10-35 16,454 12,481 9,807 21,294 4,168 21 — N/A 64,225 $ 49,842 $ 49,084 $ 32,041 $ 32,744 $ 11,331 $ 3,306 $ 1,851 $ 11,486 $ 191,685 Loans, net of unearned income at June 30, 2014: Measured for impairment under FASB ASC Subtopic 450-20 $ 5,067,400 $ 3,558,788 $ 1,715,953 $ 1,309,739 $ 606,221 $ 280,534 $ 102,008 N/A $ 12,640,643 Evaluated for impairment under FASB ASC Section 310-10-35 61,334 42,933 14,544 52,237 27,797 23 — N/A 198,868 $ 5,128,734 $ 3,601,721 $ 1,730,497 $ 1,361,976 $ 634,018 $ 280,557 $ 102,008 N/A $ 12,839,511 (1) The unallocated allowance, which was approximately 6% of the total allowance for credit losses as of both June 30, 2015 and June 30, 2014 , was, in the opinion of management, reasonable and appropriate given that the estimates used in the allocation process are inherently imprecise. N/A Not applicable |
Total Impaired Loans by Class Segment | The following table presents total impaired loans by class segment: June 30, 2015 December 31, 2014 Unpaid Principal Balance Recorded Investment Related Allowance Unpaid Principal Balance Recorded Investment Related Allowance (in thousands) With no related allowance recorded: Real estate - commercial mortgage $ 29,836 $ 24,357 $ — $ 25,802 $ 23,236 $ — Commercial - secured 24,250 17,557 — 17,599 14,582 — Real estate - residential mortgage 6,630 6,223 — 4,873 4,873 — Construction - commercial residential 13,581 10,699 — 18,041 14,801 — Construction - commercial 1,299 1,156 — 1,707 1,581 — 75,596 59,992 68,022 59,073 With a related allowance recorded: Real estate - commercial mortgage 49,792 41,110 13,452 49,619 40,023 16,715 Commercial - secured 26,694 21,239 10,020 24,824 19,335 12,165 Commercial - unsecured 3,062 2,904 1,060 1,241 1,089 865 Real estate - home equity 18,752 13,278 6,668 19,392 13,458 9,224 Real estate - residential mortgage 56,048 46,972 14,024 56,607 46,478 18,592 Construction - commercial residential 11,976 5,472 1,771 14,007 7,903 2,675 Construction - commercial 1,879 1,342 445 1,501 1,023 459 Construction - other 452 281 103 452 281 137 Consumer - direct 15 15 10 19 19 17 Consumer - indirect 16 16 10 20 19 18 168,686 132,629 47,563 167,682 129,628 60,867 Total $ 244,282 $ 192,621 $ 47,563 $ 235,704 $ 188,701 $ 60,867 As of June 30, 2015 and December 31, 2014 , there were $60.0 million and $59.1 million , respectively, of impaired loans that did not have a related allowance for loan loss. The estimated fair values of the collateral securing these loans exceeded their carrying amount, or they were previously charged down to realizable collateral values. Accordingly, no specific valuation allowance was considered to be necessary. The following table presents average impaired loans by class segment: Three months ended June 30 Six months ended June 30 2015 2014 2015 2014 Average Interest Average Interest Average Interest Average Interest (in thousands) With no related allowance recorded: Real estate - commercial mortgage $ 27,410 $ 87 $ 23,162 $ 80 $ 26,018 $ 178 $ 23,606 166 Commercial - secured 16,163 24 21,695 34 15,636 45 21,591 69 Real estate - home equity — — 300 1 — — 300 1 Real estate - residential mortgage 5,541 32 857 5 5,318 60 571 6 Construction - commercial residential 12,171 40 17,853 62 13,048 95 16,482 122 Construction - commercial 925 — 1,418 — 1,144 — 1,604 — 62,210 183 65,285 182 61,164 378 64,154 364 With a related allowance recorded: Real estate - commercial mortgage 40,204 126 38,455 132 40,143 259 37,580 264 Commercial - secured 25,902 38 21,652 33 23,713 74 21,876 71 Commercial - unsecured 2,082 2 757 1 1,751 3 854 2 Real estate - home equity 13,016 33 14,049 28 13,163 64 14,145 48 Real estate - residential mortgage 47,020 270 51,153 300 46,839 543 51,134 594 Construction - commercial residential 6,031 21 7,676 27 6,655 49 9,977 62 Construction - commercial 960 — 723 — 981 — 547 — Construction - other 281 — 413 — 281 — 458 — Consumer - direct 17 — 16 — 18 — 14 — Consumer - indirect 17 — 4 — 17 — 3 — 135,530 490 134,898 521 133,561 992 136,588 1,041 Total $ 197,740 $ 673 $ 200,183 $ 703 $ 194,725 $ 1,370 $ 200,742 1,405 (1) All impaired loans, excluding accruing TDRs, were non-accrual loans. Interest income recognized for the three and six months ended June 30, 2015 and 2014 represents amounts earned on accruing TDRs. |
Financing Receivable Credit Quality Indicators | The following table presents internal credit risk ratings for real estate - commercial mortgages, commercial - secured loans, commercial - unsecured loans, construction - commercial residential loans and construction - commercial loans: Pass Special Mention Substandard or Lower Total June 30, 2015 December 31, 2014 June 30, 2015 December 31, 2014 June 30, 2015 December 31, 2014 June 30, 2015 December 31, 2014 (dollars in thousands) Real estate - commercial mortgage $ 4,943,773 $ 4,899,016 $ 114,385 $ 127,302 $ 179,642 $ 170,837 $ 5,237,800 $ 5,197,155 Commercial - secured 3,419,331 3,333,486 123,663 120,584 110,666 110,544 3,653,660 3,564,614 Commercial - unsecured 141,431 146,680 3,667 7,463 7,941 6,810 153,039 160,953 Total commercial - industrial, financial and agricultural 3,560,762 3,480,166 127,330 128,047 118,607 117,354 3,806,699 3,725,567 Construction - commercial residential 138,834 136,109 17,526 27,495 30,588 40,066 186,948 203,670 Construction - commercial 469,515 409,631 13,314 12,202 5,587 5,586 488,416 427,419 Total construction (excluding Construction - other) 608,349 545,740 30,840 39,697 36,175 45,652 675,364 631,089 $ 9,112,884 $ 8,924,922 $ 272,555 $ 295,046 $ 334,424 $ 333,843 $ 9,719,863 $ 9,553,811 % of Total 93.8 % 93.4 % 2.8 % 3.1 % 3.4 % 3.5 % 100.0 % 100.0 % The following is a summary of the Corporation's internal risk rating categories: • Pass : These loans do not currently pose undue credit risk and can range from the highest to average quality, depending on the degree of potential risk. • Special Mention : These loans constitute an undue and unwarranted credit risk, but not to a point of justifying a classification of substandard. Loans in this category are currently acceptable, but are nevertheless potentially weak. • Substandard or Lower : These loans are inadequately protected by current sound worth and paying capacity of the borrower. There exists a well-defined weakness or weaknesses that jeopardize the normal repayment of the debt. The risk rating process allows management to identify riskier credits in a timely manner and to allocate resources to managing troubled accounts. The Corporation believes that internal risk ratings are the most relevant credit quality indicator for the class segments presented above. The migration of loans through the various internal risk rating categories is a significant component of the allowance for credit loss methodology, which bases the probability of default on this migration. Assigning risk ratings involves judgment. Risk ratings are initially assigned to loans by loan officers and are reviewed on a regular basis by credit administration staff. The Corporation's loan review officers provide a separate assessment of risk rating accuracy. Ratings may be changed based on the ongoing monitoring procedures performed by loan officers or credit administration staff, or if specific loan review activities identify a deterioration or an improvement in the loan. The Corporation does not assign internal risk ratings to smaller balance, homogeneous loans, such as home equity, residential mortgage, consumer, lease receivables and construction loans to individuals secured by residential real estate. For these loans, the most relevant credit quality indicator is delinquency status. The migration of loans through the various delinquency status categories is a significant component of the allowance for credit losses methodology for those loans, which bases the probability of default on this migration. The following table presents a summary of delinquency and non-performing status for home equity, real estate - residential mortgages, construction loans to individuals and consumer, leasing and other loans by class segment: Performing Delinquent (1) Non-performing (2) Total June 30, 2015 December 31, 2014 June 30, 2015 December 31, 2014 June 30, 2015 December 31, 2014 June 30, 2015 December 31, 2014 (dollars in thousands) Real estate - home equity $ 1,665,771 $ 1,711,017 $ 9,285 $ 10,931 $ 14,632 $ 14,740 $ 1,689,688 $ 1,736,688 Real estate - residential mortgage 1,316,650 1,321,139 20,891 26,934 31,562 28,995 1,369,103 1,377,068 Construction - other 55,864 59,180 — — 697 332 56,561 59,512 Consumer - direct 103,985 104,018 2,886 2,891 2,326 2,414 109,197 109,323 Consumer - indirect 161,201 153,358 1,839 2,574 257 176 163,297 156,108 Total consumer 265,186 257,376 4,725 5,465 2,583 2,590 272,494 265,431 Leasing and other and overdrafts 135,895 118,550 553 523 73 133 136,521 119,206 $ 3,439,366 $ 3,467,262 $ 35,454 $ 43,853 $ 49,547 $ 46,790 $ 3,524,367 $ 3,557,905 % of Total 97.6 % 97.5 % 1.0 % 1.2 % 1.4 % 1.3 % 100.0 % 100.0 % (1) Includes all accruing loans 31 days to 89 days past due. (2) Includes all accruing loans 90 days or more past due and all non-accrual loans. |
Non-Performing Assets | The following table presents non-performing assets: June 30, December 31, (in thousands) Non-accrual loans $ 129,152 $ 121,080 Accruing loans 90 days or more past due 20,353 17,402 Total non-performing loans 149,505 138,482 Other real estate owned (OREO) 12,763 12,022 Total non-performing assets $ 162,268 $ 150,504 |
Troubled Debt Restructurings on Financing Receivables | The following table presents TDRs, by class segment: June 30, December 31, (in thousands) Real-estate - residential mortgage $ 31,584 $ 31,308 Real-estate - commercial mortgage 17,482 18,822 Commercial - secured 6,417 5,170 Construction - commercial residential 4,482 9,241 Real estate - home equity 3,299 2,975 Commercial - unsecured 174 67 Consumer - indirect 16 19 Consumer - direct 15 19 Total accruing TDRs 63,469 67,621 Non-accrual TDRs (1) 27,230 24,616 Total TDRs $ 90,699 $ 92,237 (1) Included within non-accrual loans in the preceding table detailing non-performing assets |
Loan Terms Modified Under Troubled Debt Restructurings | The following table presents TDRs, by class segment as of June 30, 2015 and 2014 that were modified during the three and six months ended June 30, 2015 and 2014 : Three months ended June 30 Six months ended June 30 2015 2014 2015 2014 Number of Loans Recorded Investment Number of Loans Recorded Investment Number of Loans Recorded Investment Number of Loans Recorded Investment (dollars in thousands) Commercial - secured 3 $ 1,047 1 $ 143 11 $ 7,823 1 $ 143 Real estate - home equity 15 739 10 334 25 1,231 20 863 Real estate - residential mortgage 4 456 9 1,130 8 1,066 15 1,836 Real estate - commercial mortgage 1 132 2 2,334 4 2,627 9 9,804 Construction - commercial residential — — 1 1,366 1 889 2 1,914 Commercial - unsecured — — — — 1 42 — — Consumer - indirect — — 1 6 1 13 4 7 Consumer - direct — — 2 4 — — 6 8 Total 23 $ 2,374 26 $ 5,317 51 $ 13,691 57 $ 14,575 The following table presents TDRs, by class segment, as of June 30, 2015 and 2014 that were modified within the previous 12 months and had a post-modification payment default during the six months ended June 30, 2015 and 2014 . The Corporation defines a payment default as a single missed payment. 2015 2014 Number of Loans Recorded Investment Number of Loans Recorded Investment (dollars in thousands) Commercial - secured 8 $ 4,779 1 $ 10 Real estate - residential mortgage 6 652 9 1,204 Real estate - home equity 7 614 9 777 Real estate - commercial mortgage 2 191 2 35 Construction - commercial residential — — 1 619 Total 23 $ 6,236 22 $ 2,645 |
Past due Loan Status and Non-Accrual Loans by Portfolio Segment | The following table presents past due status and non-accrual loans by portfolio segment and class segment: June 30, 2015 31-59 Days Past Due 60-89 Days Past Due ≥ 90 Days Past Due and Accruing Non- accrual Total ≥ 90 Days Total Past Due Current Total (in thousands) Real estate - commercial mortgage $ 16,139 $ 1,848 $ 1,947 $ 47,985 $ 49,932 $ 67,919 $ 5,169,881 $ 5,237,800 Commercial - secured 6,489 1,463 730 32,379 33,109 41,061 3,612,599 3,653,660 Commercial - unsecured 307 80 — 2,730 2,730 3,117 149,922 153,039 Total commercial - industrial, financial and agricultural 6,796 1,543 730 35,109 35,839 44,178 3,762,521 3,806,699 Real estate - home equity 7,161 2,124 4,653 9,979 14,632 23,917 1,665,771 1,689,688 Real estate - residential mortgage 16,835 4,056 9,951 21,611 31,562 52,453 1,316,650 1,369,103 Construction - commercial residential 151 — — 11,689 11,689 11,840 175,108 186,948 Construction - commercial — — — 2,498 2,498 2,498 485,918 488,416 Construction - other — — 416 281 697 697 55,864 56,561 Total real estate - construction 151 — 416 14,468 14,884 15,035 716,890 731,925 Consumer - direct 2,159 727 2,326 — 2,326 5,212 103,985 109,197 Consumer - indirect 1,719 120 257 — 257 2,096 161,201 163,297 Total consumer 3,878 847 2,583 — 2,583 7,308 265,186 272,494 Leasing and other and overdrafts 468 85 73 — 73 626 135,895 136,521 Total $ 51,428 $ 10,503 $ 20,353 $ 129,152 $ 149,505 $ 211,436 $ 13,032,794 $ 13,244,230 December 31, 2014 31-59 Days Past Due 60-89 Days Past Due ≥ 90 Days Past Due and Accruing Non- accrual Total ≥ 90 Days Total Past Due Current Total (in thousands) Real estate - commercial mortgage $ 14,399 $ 3,677 $ 800 $ 44,437 $ 45,237 $ 63,313 $ 5,133,842 $ 5,197,155 Commercial - secured 4,839 958 610 28,747 29,357 35,154 3,529,460 3,564,614 Commercial - unsecured 395 65 9 1,022 1,031 1,491 159,462 160,953 Total commercial - industrial, financial and agricultural 5,234 1,023 619 29,769 30,388 36,645 3,688,922 3,725,567 Real estate - home equity 8,048 2,883 4,257 10,483 14,740 25,671 1,711,017 1,736,688 Real estate - residential mortgage 18,789 8,145 8,952 20,043 28,995 55,929 1,321,139 1,377,068 Construction - commercial residential 160 — — 13,463 13,463 13,623 190,047 203,670 Construction - commercial — — — 2,604 2,604 2,604 424,815 427,419 Construction - other — — 51 281 332 332 59,180 59,512 Total real estate - construction 160 — 51 16,348 16,399 16,559 674,042 690,601 Consumer - direct 2,034 857 2,414 — 2,414 5,305 104,018 109,323 Consumer - indirect 2,156 418 176 — 176 2,750 153,358 156,108 Total consumer 4,190 1,275 2,590 — 2,590 8,055 257,376 265,431 Leasing and other and overdrafts 357 166 133 — 133 656 118,550 119,206 Total $ 51,177 $ 17,169 $ 17,402 $ 121,080 $ 138,482 $ 206,828 $ 12,904,888 $ 13,111,716 |
Mortgage Servicing Rights (Tabl
Mortgage Servicing Rights (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Transfers and Servicing [Abstract] | |
Summary of Changes in Mortgage Servicing Rights | The following table summarizes the changes in mortgage servicing rights ("MSRs"), which are included in other assets on the consolidated balance sheets: Three months ended June 30 Six months ended June 30 2015 2014 2015 2014 (in thousands) Amortized cost: Balance at beginning of period $ 41,803 $ 41,668 $ 42,148 $ 42,452 Originations of mortgage servicing rights 1,956 1,236 3,513 2,351 Amortization (2,161 ) (318 ) (4,063 ) (2,217 ) Balance at end of period $ 41,598 $ 42,586 $ 41,598 $ 42,586 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Summary of Compensation Expense and Related Tax Benefits | The following table presents compensation expense and the related tax benefits for equity awards recognized in the consolidated statements of income: Three months ended June 30 Six months ended June 30 2015 2014 2015 2014 (in thousands) Stock-based compensation expense $ 1,767 $ 1,989 $ 2,838 $ 3,022 Tax benefit (622 ) (446 ) (914 ) (709 ) Stock-based compensation expense, net of tax $ 1,145 $ 1,543 $ 1,924 $ 2,313 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Schedule of Defined Benefit Plans Disclosures [Table Text Block] | The net periodic benefit cost for the Corporation’s Pension Plan consisted of the following components: Three months ended June 30 Six months ended June 30 2015 2014 2015 2014 (in thousands) Service cost (1) $ 145 $ 92 $ 290 $ 184 Interest cost 851 853 1,702 1,706 Expected return on plan assets (752 ) (810 ) (1,504 ) (1,621 ) Net amortization and deferral 782 244 1,564 488 Net periodic benefit cost $ 1,026 $ 379 $ 2,052 $ 757 (1) The Pension Plan service cost recorded for the six months ended June 30, 2015 and 2014 was related to administrative costs associated with the plan and was not due to the accrual of additional participant benefits. The net periodic cost (benefit) of the Corporation’s Postretirement Plan consisted of the following components, excluding the $1.5 million plan amendment gain in 2014: Three months ended June 30 Six months ended June 30 2015 2014 2015 2014 (in thousands) Service cost (1) $ — $ — $ — $ 15 Interest cost 52 48 104 109 Net accretion and deferral (65 ) (84 ) (130 ) (179 ) Net periodic benefit $ (13 ) $ (36 ) $ (26 ) $ (55 ) (1) As a result of the plan amendment, additional participant benefits are not accrued under the Postretirement Plan after February 1, 2014. |
Derivative Financial Instrume32
Derivative Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Summary of Notional Amounts and Fair Values of Derivative Financial Instruments | The following table presents a summary of the notional amounts and fair values of derivative financial instruments: June 30, 2015 December 31, 2014 Notional Asset Notional Asset (in thousands) Interest Rate Locks with Customers Positive fair values $ 126,063 $ 1,268 $ 89,655 $ 1,391 Negative fair values 2,240 (48 ) 301 (6 ) Net interest rate locks with customers 1,220 1,385 Forward Commitments Positive fair values 111,387 1,705 — — Negative fair values 27,107 (24 ) 93,802 (1,164 ) Net forward commitments 1,681 (1,164 ) Interest Rate Swaps with Customers Positive fair values 558,750 19,317 468,080 19,716 Negative fair values 46,937 (234 ) 25,418 (198 ) Net interest rate swaps with customers 19,083 19,518 Interest Rate Swaps with Dealer Counterparties Positive fair values 46,937 234 25,418 198 Negative fair values 558,750 (19,317 ) 468,080 (19,716 ) Net interest rate swaps with dealer counterparties (19,083 ) (19,518 ) Foreign Exchange Contracts with Customers Positive fair values 8,200 572 11,616 810 Negative fair values 7,128 (384 ) 5,250 (441 ) Net foreign exchange contracts with customers 188 369 Foreign Exchange Contracts with Correspondent Banks Positive fair values 9,296 629 5,287 446 Negative fair values 9,824 (672 ) 13,572 (876 ) Net foreign exchange contracts with correspondent banks (43 ) (430 ) Net derivative fair value asset $ 3,046 $ 160 |
Summary of Fair Value Gains and Losses on Derivative Financial Instruments | The following table presents a summary of the fair value gains and losses on derivative financial instruments: Three months ended June 30 Six months ended June 30 2015 2014 2015 2014 (in thousands) Interest rate locks with customers $ (1,287 ) $ 1,203 $ (165 ) $ 1,592 Forward commitments 2,291 (1,503 ) 2,845 (3,001 ) Interest rate swaps with customers (9,839 ) 6,135 (435 ) 10,340 Interest rate swaps with dealer counterparties 9,839 (6,135 ) 435 (10,340 ) Foreign exchange contracts with customers (748 ) 105 (181 ) 297 Foreign exchange contracts with correspondent banks 711 (98 ) 387 (366 ) Net fair value gains (losses) on derivative financial instruments $ 967 $ (293 ) $ 2,886 $ (1,478 ) |
Fair Value Option (Tables)
Fair Value Option (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Summary of Corporation's Mortgage Loans Held for Sale | The following table presents a summary of the Corporation’s mortgage loans held for sale: June 30, December 31, (in thousands) Cost $ 33,760 $ 17,080 Fair value 33,980 17,522 |
Balance Sheet Offsetting (Table
Balance Sheet Offsetting (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Offsetting [Abstract] | |
Balance Sheet Offsetting | The following table presents the Corporation's financial instruments that are eligible for offset, and the effects of offsetting, on the consolidated balance sheets: Gross Amounts Gross Amounts Not Offset Recognized on the Consolidated on the Balance Sheets Consolidated Financial Cash Net Balance Sheets Instruments (1) Collateral (2) Amount (in thousands) June 30, 2015 Interest rate swap derivative assets $ 19,551 $ (235 ) $ — $ 19,316 Foreign exchange derivative assets with correspondent banks 629 (629 ) — — Total $ 20,180 $ (864 ) $ — $ 19,316 Interest rate swap derivative liabilities $ 19,551 $ (235 ) $ (19,290 ) $ 26 Foreign exchange derivative liabilities with correspondent banks 672 (629 ) — 43 Total $ 20,223 $ (864 ) $ (19,290 ) $ 69 December 31, 2014 Interest rate swap derivative assets $ 19,914 $ (206 ) $ — $ 19,708 Foreign exchange derivative assets with correspondent banks 446 (446 ) — — Total $ 20,360 $ (652 ) $ — $ 19,708 Interest rate swap derivative liabilities $ 19,914 $ (206 ) $ (19,210 ) $ 498 Foreign exchange derivative liabilities with correspondent banks 876 (446 ) (310 ) 120 Total $ 20,790 $ (652 ) $ (19,520 ) $ 618 (1) For interest rate swap and foreign exchange derivative assets, amounts represent any derivative liability fair values that could be offset in the event of counterparty or customer default. For interest rate swap and foreign exchange derivative liabilities, amounts represent any derivative asset fair values that could be offset in the event of counterparty or customer default. (2) Amounts represent cash collateral posted on interest rate swap transactions with financial institution counterparties. Interest rate swaps with customers are collateralized by the underlying loans to those borrowers. |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Summary of Outstanding Commitments to Extend Credit and Letters of Credit | The outstanding amounts of commitments to extend credit and letters of credit were as follows: June 30, December 31, 2014 (in thousands) Commitments to extend credit $ 5,071,983 $ 4,389,064 Standby letters of credit 387,996 382,465 Commercial letters of credit 35,769 32,304 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The following tables present summaries of the Corporation’s assets and liabilities measured at fair value on a recurring basis and reported on the consolidated balance sheets: June 30, 2015 Level 1 Level 2 Level 3 Total (in thousands) Mortgage loans held for sale $ — $ 33,980 $ — $ 33,980 Available for sale investment securities: Equity securities 33,041 — — 33,041 U.S. Government sponsored agency securities — 48,260 — 48,260 State and municipal securities — 236,517 — 236,517 Corporate debt securities — 92,822 4,350 97,172 Collateralized mortgage obligations — 918,232 — 918,232 Mortgage-backed securities — 1,008,664 — 1,008,664 Auction rate securities — — 98,606 98,606 Total available for sale investments 33,041 2,304,495 102,956 2,440,492 Other assets 18,002 22,524 — 40,526 Total assets $ 51,043 $ 2,360,999 $ 102,956 $ 2,514,998 Other liabilities $ 17,848 $ 19,622 $ — $ 37,470 December 31, 2014 Level 1 Level 2 Level 3 Total (in thousands) Mortgage loans held for sale $ — $ 17,522 $ — $ 17,522 Available for sale investment securities: Equity securities 47,623 — — 47,623 U.S. Government securities — 200 — 200 U.S. Government sponsored agency securities — 214 — 214 State and municipal securities — 245,215 — 245,215 Corporate debt securities — 90,126 7,908 98,034 Collateralized mortgage obligations — 902,313 — 902,313 Mortgage-backed securities — 928,831 — 928,831 Auction rate securities — — 100,941 100,941 Total available for sale investments 47,623 2,166,899 108,849 2,323,371 Other assets 17,682 21,305 — 38,987 Total assets $ 65,305 $ 2,205,726 $ 108,849 $ 2,379,880 Other liabilities $ 17,737 $ 21,084 $ — $ 38,821 |
Schedule of Changes in Assets and Liabilities Measured at Fair Value on a Recurring Basis using Level 3 Inputs | The following table presents the changes in the Corporation’s available for sale investment securities measured at fair value on a recurring basis using unobservable inputs (Level 3): Three months ended June 30, 2015 Pooled Trust Single-issuer ARCs (in thousands) Balance at March 31, 2015 $ 1,084 $ 3,820 $ 98,932 Sales (554 ) — — Unrealized adjustment to fair value (1) — (2 ) (420 ) Discount accretion (2) — 2 94 Balance at June 30, 2015 $ 530 $ 3,820 $ 98,606 Three months ended June 30, 2014 Balance at March 31, 2014 $ 5,659 $ 3,820 $ 147,713 Sales (1,394 ) — — Unrealized adjustment to fair value (1) 38 (2 ) 124 Settlements - calls (28 ) — (1,081 ) Discount accretion (2) — 2 175 Balance at June 30, 2014 $ 4,275 $ 3,820 $ 146,931 Six months ended June 30, 2015 Pooled Trust Single-issuer ARCs (in thousands) Balance at December 31, 2014 $ 4,088 $ 3,820 $ 100,941 Sales (3,633 ) — — Unrealized adjustment to fair value (2) 190 (4 ) (88 ) Settlements - calls (117 ) — (2,446 ) Discount accretion (3) 2 4 199 Balance at June 30, 2015 $ 530 $ 3,820 $ 98,606 Six months ended June 30, 2014 Balance at December 31, 2013 $ 5,306 $ 3,781 $ 159,274 Sales (1,394 ) — (11,912 ) Unrealized adjustment to fair value (2) 559 36 248 Settlements - calls (200 ) — (1,081 ) Discount accretion (3) 4 3 402 Balance at June 30, 2014 $ 4,275 $ 3,820 $ 146,931 (1) Pooled trust preferred securities, single-issuer trust preferred securities and ARCs are classified as available for sale investment securities; as such, the unrealized adjustment to fair value was recorded as an unrealized holding gain (loss) and included as a component of available for sale investment securities on the consolidated balance sheets. (2) Included as a component of net interest income on the consolidated statements of income. |
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis | The following table presents the Corporation’s financial assets measured at fair value on a nonrecurring basis and reported on the Corporation’s consolidated balance sheets: June 30, 2015 Level 1 Level 2 Level 3 Total (in thousands) Net loans $ — $ — $ 145,058 $ 145,058 Other financial assets — — 54,361 54,361 Total assets $ — $ — $ 199,419 $ 199,419 December 31, 2014 Level 1 Level 2 Level 3 Total (in thousands) Net loans $ — $ — $ 127,834 $ 127,834 Other financial assets — — 54,170 54,170 Total assets $ — $ — $ 182,004 $ 182,004 |
Details of Book Value and Fair Value of Financial Instruments | As required by FASB ASC Section 825-10-50, the following table details the book values and estimated fair values of the Corporation’s financial instruments as of June 30, 2015 and December 31, 2014 . In addition, a general description of the methods and assumptions used to estimate such fair values is also provided. June 30, 2015 December 31, 2014 Book Value Estimated Book Value Estimated (in thousands) FINANCIAL ASSETS Cash and due from banks $ 100,455 $ 100,455 $ 105,702 $ 105,702 Interest-bearing deposits with other banks 322,218 322,218 358,130 358,130 Federal Reserve Bank and Federal Home Loan Bank stock 65,106 65,106 64,953 64,953 Loans held for sale (1) 33,980 33,980 17,522 17,522 Available for sale investment securities (1) 2,440,492 2,440,492 2,323,371 2,323,371 Loans, net of unearned income (1) 13,244,230 13,129,521 13,111,716 13,030,543 Accrued interest receivable 41,193 41,193 41,818 41,818 Other financial assets (1) 157,792 157,792 169,764 169,764 FINANCIAL LIABILITIES Demand and savings deposits $ 10,501,956 $ 10,501,956 $ 10,296,055 $ 10,296,055 Time deposits 3,003,753 2,999,352 3,071,451 3,069,883 Short-term borrowings 409,035 409,035 329,719 329,719 Accrued interest payable 15,172 15,172 18,045 18,045 Other financial liabilities (1) 175,220 175,220 172,786 172,786 Federal Home Loan Bank advances and long-term debt 1,132,641 1,152,810 1,139,413 1,142,980 (1) These financial instruments, or certain financial instruments within these categories, are measured at fair value on the Corporation’s consolidated balance sheets. Descriptions of the fair value determinations for these financial instruments are disclosed above. |
Basis of Presentation Basis o37
Basis of Presentation Basis of Presentation (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Tax Credit Carryforward [Line Items] | |||||
Income Tax Expense (Benefit) | $ 12,175 | $ 13,500 | $ 25,679 | $ 27,734 | |
Other Assets | |||||
Tax Credit Carryforward [Line Items] | |||||
Investments, low income housing | 156,800 | 156,800 | $ 155,600 | ||
LIH Low Income Housing | |||||
Tax Credit Carryforward [Line Items] | |||||
Income Tax Expense (Benefit) | $ (2,400) | $ (2,800) | $ (4,800) | $ (5,300) |
Net Income Per Share Reconcilia
Net Income Per Share Reconciliation of Weighted Average Common Shares Outstanding (Details) - shares shares in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Weighted Average Number of Shares Outstanding Reconciliation [Abstract] | ||||
Weighted average shares outstanding (basic) | 176,433 | 188,139 | 177,446 | 188,799 |
Impact of common stock equivalents | 1,098 | 1,043 | 1,042 | 1,033 |
Weighted average shares outstanding (diluted) | 177,531 | 189,182 | 178,488 | 189,832 |
Net Income Per Share Narrative
Net Income Per Share Narrative (Details) - shares shares in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Stock Option [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 1.8 | 3.3 | 2 | 3.2 |
Accumulated Other Comprehensi40
Accumulated Other Comprehensive Income Changes in Other Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Equity [Abstract] | ||||
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, before Tax | $ (18,474) | $ 19,984 | $ (3,103) | $ 41,419 |
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Tax | 6,466 | (6,994) | 1,087 | (14,496) |
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Net of Tax | (12,008) | 12,990 | (2,016) | 26,923 |
Other Comprehensive Income (Loss), Reclassification Adjustment for Sale of Securities Included in Net Income, before Tax | (2,413) | (1,112) | (6,558) | (1,112) |
Other Comprehensive Income (Loss), Reclassification Adjustment for Sale of Securities Included in Net Income, Tax | 844 | 389 | 2,294 | 389 |
Other Comprehensive Income (Loss), Reclassification Adjustment for Sale of Securities Included in Net Income, Net of Tax | (1,569) | (723) | (4,264) | (723) |
Other than Temporary Impairment Losses, Investments, Portion in Other Comprehensive Income (Loss), before Tax, Including Portion Attributable to Noncontrolling Interest | 497 | 192 | 788 | |
Other than Temporary Impairment Losses, Investments, Portion in Other Comprehensive Income (Loss), Tax, Portion Attributable to Parent | (174) | (67) | (276) | |
Other than Temporary Impairment Losses, Investments, Portion in Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 0 | 323 | 125 | 512 |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | 52 | 52 | 104 | 105 |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Tax | (18) | (18) | (36) | (37) |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax | 34 | 34 | 68 | 68 |
Other Comprehensive Income (Loss), Amortization, Pension and Other Postretirement Benefit Plans, Net Prior Service Cost (Credit) Recognized in Net Periodic Benefit Cost, before Tax | 717 | 160 | 1,434 | 309 |
Other Comprehensive Income (Loss), Amortization, Pension and Other Postretirement Benefit Plans, Net Prior Service Cost Recognized in Net Periodic Pension Cost, Tax Effect | (251) | (56) | (502) | (109) |
Other Comprehensive Income (Loss), Amortization, Pension and Other Postretirement Benefit Plans, Net Prior Service Cost Recognized in Net Periodic Pension Cost, Net of Tax | 466 | 104 | 932 | 200 |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Gain (Loss), before Tax | (1,452) | |||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Gain (Loss), Tax | 508 | |||
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net (Gain) Loss, Net of Tax | 0 | 0 | 0 | (944) |
Other comprehensive income, pension and other postretirement benefit plans, net unamortized gain (loss) arising during period, before tax | 3,291 | |||
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Unamortized Gain (Loss) Arising During Period, Tax | (1,147) | |||
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Unamortized Gain (Loss) Arising During Period, Net of Tax | 0 | 0 | 0 | 2,144 |
Other Comprehensive Income (Loss), before Tax | (20,118) | 19,581 | (7,931) | 43,348 |
Other Comprehensive Income (Loss), Tax | 7,041 | (6,853) | 2,776 | (15,168) |
Other Comprehensive Income (Loss) | $ (13,077) | $ 12,728 | $ (5,155) | $ 28,180 |
Accumulated Other Comprehensi41
Accumulated Other Comprehensive Income Components of Other Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Accumulated Other Comprehensive Income [Roll Forward] | ||||
Beginning Balance | $ (9,800) | $ (21,889) | $ (17,722) | $ (37,341) |
Other comprehensive loss before reclassifications | (12,008) | 13,313 | (1,891) | 29,579 |
Amounts reclassified from accumulated other comprehensive income (loss) | (1,069) | (585) | (3,264) | (1,399) |
Ending Balance | (22,877) | (9,161) | (22,877) | (9,161) |
Unrealized Gains on Investment Securities Not Other-Than-Temporarily Impaired [Member] | ||||
Accumulated Other Comprehensive Income [Roll Forward] | ||||
Beginning Balance | 14,311 | (13,577) | 5,980 | (27,510) |
Other comprehensive loss before reclassifications | (12,008) | 12,990 | (2,016) | 26,923 |
Amounts reclassified from accumulated other comprehensive income (loss) | (1,473) | 7 | (3,134) | 7 |
Ending Balance | 830 | (580) | 830 | (580) |
Unrealized Non-Credit Losses on Other-Than-Temporarily Impaired Debt Securities [Member] | ||||
Accumulated Other Comprehensive Income [Roll Forward] | ||||
Beginning Balance | 440 | 1,841 | 1,349 | 1,652 |
Other comprehensive loss before reclassifications | 0 | 323 | 125 | 512 |
Amounts reclassified from accumulated other comprehensive income (loss) | (96) | (730) | (1,130) | (730) |
Ending Balance | 344 | 1,434 | 344 | 1,434 |
Unrealized Effective Portions of Losses on Forward-Starting Interest Rate Swaps [Member] | ||||
Accumulated Other Comprehensive Income [Roll Forward] | ||||
Beginning Balance | (2,512) | (2,648) | (2,546) | (2,682) |
Other comprehensive loss before reclassifications | 0 | 0 | 0 | 0 |
Amounts reclassified from accumulated other comprehensive income (loss) | 34 | 34 | 68 | 68 |
Ending Balance | (2,478) | (2,614) | (2,478) | (2,614) |
Unrecognized Pension and Postretirement Plan Income (Costs) [Member] | ||||
Accumulated Other Comprehensive Income [Roll Forward] | ||||
Beginning Balance | (22,039) | (7,505) | (22,505) | (8,801) |
Other comprehensive loss before reclassifications | 0 | 0 | 0 | 2,144 |
Amounts reclassified from accumulated other comprehensive income (loss) | 466 | 104 | 932 | (744) |
Ending Balance | $ (21,573) | $ (7,401) | $ (21,573) | $ (7,401) |
Investment Securities Schedule
Investment Securities Schedule of Amortized Cost and Fair Values of Investment Securities (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Schedule of Investments [Line Items] | ||
Amortized Cost | $ 2,438,677 | $ 2,312,087 |
Gross Unrealized Gains | 36,668 | 49,212 |
Gross Unrealized Losses | (34,853) | (37,928) |
Estimated Fair Value | 2,440,492 | 2,323,371 |
Equity Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 23,981 | 33,469 |
Gross Unrealized Gains | 9,072 | 14,167 |
Gross Unrealized Losses | (12) | (13) |
Estimated Fair Value | 33,041 | 47,623 |
U.S. Government Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 200 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | 0 | |
Estimated Fair Value | 200 | |
U.S. Government-Sponsored Agency Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 48,333 | 209 |
Gross Unrealized Gains | 57 | 5 |
Gross Unrealized Losses | (130) | 0 |
Estimated Fair Value | 48,260 | 214 |
State and Municipal Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 231,592 | 238,250 |
Gross Unrealized Gains | 5,312 | 7,231 |
Gross Unrealized Losses | (387) | (266) |
Estimated Fair Value | 236,517 | 245,215 |
Corporate Debt Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 98,756 | 99,016 |
Gross Unrealized Gains | 3,183 | 5,126 |
Gross Unrealized Losses | (4,767) | (6,108) |
Estimated Fair Value | 97,172 | 98,034 |
Collateralized Mortgage Obligations [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 931,093 | 917,395 |
Gross Unrealized Gains | 4,932 | 5,705 |
Gross Unrealized Losses | (17,793) | (20,787) |
Estimated Fair Value | 918,232 | 902,313 |
Mortgage-Backed Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 998,418 | 914,797 |
Gross Unrealized Gains | 14,112 | 16,978 |
Gross Unrealized Losses | (3,866) | (2,944) |
Estimated Fair Value | 1,008,664 | 928,831 |
Auction Rate Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 106,504 | 108,751 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (7,898) | (7,810) |
Estimated Fair Value | $ 98,606 | $ 100,941 |
Investment Securities Schedul43
Investment Securities Schedule of Amortized Cost and Fair Values of Debt Securities by Contractual Maturities (Details) $ in Thousands | Jun. 30, 2015USD ($) |
Schedule of Investments [Line Items] | |
Available-for-sale Securities, Debt Maturities, within One Year, Amortized Cost Basis | $ 57,382 |
Available-for-sale Securities, Debt Maturities, within One Year, Fair Value | 58,372 |
Available-for-sale Securities, Debt Maturities, after One Through Five Years, Amortized Cost Basis | 104,022 |
Available-for-sale Securities, Debt Maturities, after One Through Five Years, Fair Value | 106,663 |
Available-for-sale Securities, Debt Maturities, after Five Through Ten Years, Amortized Cost Basis | 148,682 |
Available-for-sale Securities, Debt Maturities, after Five Through Ten Years, Fair Value | 151,430 |
Available-for-sale Securities, Debt Maturities, after Ten Years, Amortized Cost Basis | 175,099 |
Available-for-sale Securities, Debt Maturities, after Ten Years, Fair Value | 164,090 |
Available for Sale Securities, Debt Securities, Amortized Cost, Before Securities Without Debt Maturities | 485,185 |
Available for Sale Securities, Debt Maturities, Before Securities Without Single Maturities | 480,555 |
Available-for-sale Debt Securities, Amortized Cost Basis | 2,414,696 |
Available for Sale, Estimated Fair Value | 2,407,451 |
Collateralized Mortgage Obligations [Member] | |
Schedule of Investments [Line Items] | |
Available-for-sale Securities, Debt Maturities, without Single Maturity Date, Amortized Cost Basis | 931,093 |
Available-for-sale Securities, Debt Maturities, without Single Maturity Date, Fair Value | 918,232 |
Mortgage-Backed Securities [Member] | |
Schedule of Investments [Line Items] | |
Available-for-sale Securities, Debt Maturities, without Single Maturity Date, Amortized Cost Basis | 998,418 |
Available-for-sale Securities, Debt Maturities, without Single Maturity Date, Fair Value | $ 1,008,664 |
Investment Securities Summary o
Investment Securities Summary of Gains and Losses from Equity and Debt Securities, and Losses from Other-than-Temporary Impairment (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Gain (Loss) on Investments [Line Items] | ||||
Gross Realized Gains | $ 2,415 | $ 1,124 | $ 6,560 | $ 1,447 |
Gross Realized Losses | 0 | 0 | 0 | (323) |
Other-than- temporary Impairment Losses | 0 | 12 | 0 | 12 |
Net Gains (Losses) | 2,415 | 1,112 | 6,560 | 1,112 |
Equity Securities [Member] | ||||
Gain (Loss) on Investments [Line Items] | ||||
Gross Realized Gains | 2,290 | 0 | 4,260 | 1 |
Gross Realized Losses | 0 | 0 | 0 | 0 |
Other-than- temporary Impairment Losses | 0 | 12 | 0 | 12 |
Net Gains (Losses) | 2,290 | (12) | 4,260 | (11) |
Debt Securities [Member] | ||||
Gain (Loss) on Investments [Line Items] | ||||
Gross Realized Gains | 125 | 1,124 | 2,300 | 1,446 |
Gross Realized Losses | 0 | 0 | 0 | (323) |
Other-than- temporary Impairment Losses | 0 | 0 | 0 | 0 |
Net Gains (Losses) | $ 125 | $ 1,124 | $ 2,300 | $ 1,123 |
Investment Securities Summary45
Investment Securities Summary of Cumulative Other-than-Temporary Impairment Charges Recognized as Components of Earnings (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Roll Forward] | ||||
Balance of cumulative credit losses on debt securities, beginning of period | $ (12,302) | $ (19,961) | $ (16,242) | $ (20,691) |
Reductions for securities sold during the period | 792 | 2,746 | 4,730 | 3,472 |
Reductions for increases in cash flows expected to be collected that are recognized over the remaining life of the security | 0 | 1 | 2 | 5 |
Balance of cumulative credit losses on debt securities, end of period | $ (11,510) | $ (17,214) | $ (11,510) | $ (17,214) |
Investment Securities Gross Unr
Investment Securities Gross Unrealized Losses and Fair Values of Investments by Category and Length of Time in a Continuous Unrealized Loss Position (Details) $ in Thousands | Jun. 30, 2015USD ($) |
Schedule of Investments [Line Items] | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | $ 472,418 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (3,679) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 720,280 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (31,174) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 1,192,698 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (34,853) |
US Government Agencies Debt Securities [Member] | |
Schedule of Investments [Line Items] | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (130) |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (130) |
Municipal Bonds [Member] | |
Schedule of Investments [Line Items] | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 34,107 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (387) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 34,107 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (387) |
Corporate Debt Securities [Member] | |
Schedule of Investments [Line Items] | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 7,965 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (13) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 35,229 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (4,754) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 43,194 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (4,767) |
Collateralized Mortgage Obligations [Member] | |
Schedule of Investments [Line Items] | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 95,315 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (651) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 517,338 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (17,142) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 612,653 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (17,793) |
Mortgage-Backed Securities [Member] | |
Schedule of Investments [Line Items] | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 306,980 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (2,498) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 69,029 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (1,368) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 376,009 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (3,866) |
Auction Rate Securities [Member] | |
Schedule of Investments [Line Items] | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 98,606 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (7,898) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 98,606 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (7,898) |
Debt Securities [Member] | |
Schedule of Investments [Line Items] | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 472,418 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (3,679) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 720,202 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (31,162) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 1,192,620 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (34,841) |
Equity Securities [Member] | |
Schedule of Investments [Line Items] | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 78 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (12) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 78 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (12) |
U.S. Government-Sponsored Agency Securities [Member] | |
Schedule of Investments [Line Items] | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 28,051 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | $ 28,051 |
Investment Securities Summary47
Investment Securities Summary of Amortized Cost and Fair Values of Corporate Debt Securities (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Debt Securities, Amortized Cost Basis | $ 2,414,696 | |
Corporate debt securities | 2,407,451 | |
Corporate Debt Securities Issued by Financial Institutions [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Debt Securities, Amortized Cost Basis | 95,208 | $ 97,109 |
Corporate debt securities | 93,624 | 96,127 |
Single-issuer Trust Preferred Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Debt Securities, Amortized Cost Basis | 47,613 | 47,569 |
Corporate debt securities | 43,378 | 42,016 |
Subordinated Debt | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Debt Securities, Amortized Cost Basis | 47,595 | 47,530 |
Corporate debt securities | 49,716 | 50,023 |
Pooled Trust Preferred Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Debt Securities, Amortized Cost Basis | 0 | 2,010 |
Corporate debt securities | 530 | 4,088 |
Other Corporate Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Debt Securities, Amortized Cost Basis | 3,548 | 1,907 |
Corporate debt securities | 3,548 | 1,907 |
Corporate Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Debt Securities, Amortized Cost Basis | 98,756 | 99,016 |
Corporate debt securities | $ 97,172 | $ 98,034 |
Investment Securities Narrative
Investment Securities Narrative (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015USD ($)Security | Jun. 30, 2014USD ($) | Jun. 30, 2015USD ($)Security | Jun. 30, 2014USD ($) | Dec. 31, 2014USD ($) | |
Schedule of Investments [Line Items] | |||||
Available-for-sale Securities Pledged as Collateral | $ 1,600,000 | $ 1,600,000 | $ 1,700,000 | ||
Amortized cost | 2,438,677 | 2,438,677 | 2,312,087 | ||
Available-for-sale Securities, Gross Realized Gain (Loss) | 2,415 | $ 1,112 | 6,560 | $ 1,112 | |
Available-for-sale Securities, Fair Value Disclosure | 2,440,492 | 2,440,492 | 2,323,371 | ||
Single Bank Stock Investment, cost basis | 10,700 | 10,700 | |||
Single Bank Stock Investment, Fair Value | $ 15,700 | $ 15,700 | |||
Percent Ownership In An Individual Financial Institution | 57.70% | 57.70% | |||
IndividualBankStockInvestmentPercenttoTotalPortfolio | 5.00% | 5.00% | |||
Auction Rate Certificates Not Subject To Any Additional Other Than Temporary Impairment Charges Fair Value | $ 98,600 | $ 98,600 | |||
Domestic Corporate debt securities | 97,200 | 97,200 | |||
Equity Securities [Member] | |||||
Schedule of Investments [Line Items] | |||||
Amortized cost | 23,981 | 23,981 | 33,469 | ||
Available-for-sale Securities, Gross Realized Gain (Loss) | 2,290 | $ (12) | 4,260 | $ (11) | |
Available-for-sale Securities, Fair Value Disclosure | 33,041 | 33,041 | 47,623 | ||
Equity Securities Financial Institution [Member] | |||||
Schedule of Investments [Line Items] | |||||
Available-for-sale Securities, Equity Securities | 27,200 | 27,200 | 41,800 | ||
Amortized cost | 18,200 | 18,200 | |||
Available-for-sale Securities, Fair Value Disclosure | 27,200 | 27,200 | |||
Equity Securities, Other [Member] | |||||
Schedule of Investments [Line Items] | |||||
Available-for-sale Securities, Equity Securities | 5,800 | 5,800 | |||
Auction Rate Securities [Member] | |||||
Schedule of Investments [Line Items] | |||||
Amortized cost | 106,504 | 106,504 | 108,751 | ||
Available-for-sale Securities, Fair Value Disclosure | 98,606 | 98,606 | $ 100,941 | ||
Pooled Trust Preferred Securities [Member] | |||||
Schedule of Investments [Line Items] | |||||
Amortized cost | $ 1,900 | 1,900 | |||
Available-for-sale Securities, Gross Realized Gain (Loss) | $ 2,300 | ||||
Number of Securities Sold | Security | 3 | ||||
Single-issuer Trust Preferred Securities [Member] | |||||
Schedule of Investments [Line Items] | |||||
Unrealized Loss on Securities | $ 4,200 | ||||
Number of Trust Preferred Securities | Security | 19 | 19 | |||
Number of Trust Preferred Securities Not Rated | Security | 3 | 3 | |||
Moody's, A2 Rating [Member] | Auction Rate Securities [Member] | |||||
Schedule of Investments [Line Items] | |||||
Carrying Value Auction Rate Securities Rated Investment Grade | $ 93,000 | $ 93,000 | |||
Percentage Auction Rate Securities Investment Grade | 94.00% | 94.00% | |||
Moody's, A3 Rating [Member] | Auction Rate Securities [Member] | |||||
Schedule of Investments [Line Items] | |||||
Carrying Value Auction Rate Securities Rated Investment Grade | $ 6,000 | $ 6,000 | |||
Percentage Auction Rate Securities Investment Grade | 6.00% | 6.00% | |||
External Credit Rating, BBB [Member] | Single-issuer Trust Preferred Securities [Member] | |||||
Schedule of Investments [Line Items] | |||||
Amortized cost | $ 4,700 | $ 4,700 | |||
Available-for-sale Securities, Fair Value Disclosure | 3,800 | 3,800 | |||
External Credit Rating, Rated Below Investment Grade [Member] | Pooled Trust Preferred Securities [Member] | |||||
Schedule of Investments [Line Items] | |||||
Amortized cost | 0 | 0 | |||
Available-for-sale Securities, Fair Value Disclosure | 530 | 530 | |||
External Credit Rating, Rated Below Investment Grade [Member] | Single-issuer Trust Preferred Securities [Member] | |||||
Schedule of Investments [Line Items] | |||||
Amortized cost | 14,500 | 14,500 | |||
Available-for-sale Securities, Fair Value Disclosure | $ 13,100 | $ 13,100 | |||
Number of Trust Preferred Securities | Security | 7 | 7 |
Loans and Allowance for Credi49
Loans and Allowance for Credit Losses Summary Of Gross Loans (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 | Jun. 30, 2014 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, gross of unearned income | $ 13,258,311 | $ 13,124,093 | |
Unearned income | (14,081) | (12,377) | |
Loans, net of unearned income | 13,244,230 | 13,111,716 | $ 12,839,511 |
Real-estate commercial mortage [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, gross of unearned income | 5,237,800 | 5,197,155 | |
Loans, net of unearned income | 5,237,800 | 5,197,155 | 5,128,734 |
Commercial - industrial, financial, and agricultural [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, gross of unearned income | 3,806,699 | 3,725,567 | |
Loans, net of unearned income | 3,806,699 | 3,725,567 | 3,601,721 |
Real-estate - home equity [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, gross of unearned income | 1,689,688 | 1,736,688 | |
Loans, net of unearned income | 1,689,688 | 1,736,688 | 1,730,497 |
Real-estate - residential mortgage [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, gross of unearned income | 1,369,103 | 1,377,068 | |
Loans, net of unearned income | 1,369,103 | 1,377,068 | 1,361,976 |
Real-estate - construction [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, gross of unearned income | 731,925 | 690,601 | |
Loans, net of unearned income | 731,925 | 690,601 | 634,018 |
Consumer [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, gross of unearned income | 272,494 | 265,431 | |
Loans, net of unearned income | 272,494 | 265,431 | $ 280,557 |
Leasing and other [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, gross of unearned income | 147,960 | 127,562 | |
Overdrafts [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, gross of unearned income | $ 2,642 | $ 4,021 |
Loans and Allowance for Credi50
Loans and Allowance for Credit Losses Allowance for Credit Losses (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
Receivables [Abstract] | ||||||
Allowance for loan losses | $ 167,485 | $ 177,701 | $ 184,144 | $ 191,685 | $ 197,089 | $ 202,780 |
Reserve for unfunded lending commitments | 1,968 | 1,787 | ||||
Allowance for credit losses | $ 169,453 | $ 179,658 | $ 185,931 | $ 193,442 | $ 199,006 | $ 204,917 |
Loans and Allowance for Credi51
Loans and Allowance for Credit Losses Activity in the Allowance for Credit Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Balance at beginning of period | $ 179,658 | $ 199,006 | $ 185,931 | $ 204,917 |
Loans charged off | (15,372) | (11,476) | (21,136) | (21,744) |
Recoveries of loans previously charged off | 2,967 | 2,412 | 6,158 | 4,269 |
Net loans charged off | (12,405) | (9,064) | (14,978) | (17,475) |
Provision for credit losses | 2,200 | 3,500 | (1,500) | 6,000 |
Balance at end of period | $ 169,453 | $ 193,442 | $ 169,453 | $ 193,442 |
Loans and Allowance for Credi52
Loans and Allowance for Credit Losses Allowance for Loan Losses by Portfolio Segment (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Beginning Balance | $ 177,701,000 | $ 197,089,000 | $ 184,144,000 | $ 202,780,000 | |
Loans charged off | (15,372,000) | (11,476,000) | (21,136,000) | (21,744,000) | |
Recoveries of loans previously charged off | 2,967,000 | 2,412,000 | 6,158,000 | 4,269,000 | |
Net loans charged off | (12,405,000) | (9,064,000) | (14,978,000) | (17,475,000) | |
Provision for loan losses | [1] | 2,189,000 | 3,660,000 | (1,681,000) | 6,380,000 |
Ending Balance | 167,485,000 | 191,685,000 | 167,485,000 | 191,685,000 | |
Provision for loan losses gross | (11,000) | 160,000 | (180,000) | 380,000 | |
Provision for Loan and Lease Losses | 2,200,000 | 3,500,000 | (1,500,000) | 6,000,000 | |
Real-estate commercial mortage [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Beginning Balance | 52,860,000 | 53,757,000 | 53,493,000 | 55,659,000 | |
Loans charged off | (1,642,000) | (2,141,000) | (2,351,000) | (3,527,000) | |
Recoveries of loans previously charged off | 451,000 | 430,000 | 887,000 | 474,000 | |
Net loans charged off | (1,191,000) | (1,711,000) | (1,464,000) | (3,053,000) | |
Provision for loan losses | [1] | (989,000) | (2,204,000) | (1,349,000) | (2,764,000) |
Ending Balance | 50,680,000 | 49,842,000 | 50,680,000 | 49,842,000 | |
Commercial - industrial, financial, and agricultural [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Beginning Balance | 57,150,000 | 50,563,000 | 51,378,000 | 50,330,000 | |
Loans charged off | (11,166,000) | (5,512,000) | (13,029,000) | (10,637,000) | |
Recoveries of loans previously charged off | 1,471,000 | 775,000 | 2,257,000 | 1,519,000 | |
Net loans charged off | (9,695,000) | (4,737,000) | (10,772,000) | (9,118,000) | |
Provision for loan losses | [1] | 1,715,000 | 3,258,000 | 8,564,000 | 7,872,000 |
Ending Balance | 49,170,000 | 49,084,000 | 49,170,000 | 49,084,000 | |
Real-estate - home equity [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Beginning Balance | 23,481,000 | 32,460,000 | 28,271,000 | 28,222,000 | |
Loans charged off | (870,000) | (1,234,000) | (1,638,000) | (2,885,000) | |
Recoveries of loans previously charged off | 189,000 | 177,000 | 440,000 | 533,000 | |
Net loans charged off | (681,000) | (1,057,000) | (1,198,000) | (2,352,000) | |
Provision for loan losses | [1] | (294,000) | 638,000 | (4,567,000) | 6,171,000 |
Ending Balance | 22,506,000 | 32,041,000 | 22,506,000 | 32,041,000 | |
Real-estate - residential mortgage [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Beginning Balance | 23,235,000 | 33,329,000 | 29,072,000 | 33,082,000 | |
Loans charged off | (783,000) | (1,089,000) | (2,064,000) | (1,935,000) | |
Recoveries of loans previously charged off | 187,000 | 108,000 | 346,000 | 224,000 | |
Net loans charged off | (596,000) | (981,000) | (1,718,000) | (1,711,000) | |
Provision for loan losses | [1] | 148,000 | 396,000 | (4,567,000) | 1,373,000 |
Ending Balance | 22,787,000 | 32,744,000 | 22,787,000 | 32,744,000 | |
Real-estate - construction [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Beginning Balance | 8,487,000 | 9,842,000 | 9,756,000 | 12,649,000 | |
Loans charged off | (87,000) | (218,000) | (87,000) | (432,000) | |
Recoveries of loans previously charged off | 231,000 | 158,000 | 1,378,000 | 382,000 | |
Net loans charged off | 144,000 | (60,000) | 1,291,000 | (50,000) | |
Provision for loan losses | [1] | (882,000) | 1,549,000 | (3,298,000) | (1,268,000) |
Ending Balance | 7,749,000 | 11,331,000 | 7,749,000 | 11,331,000 | |
Consumer [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Beginning Balance | 2,527,000 | 3,324,000 | 3,015,000 | 3,260,000 | |
Loans charged off | (357,000) | (449,000) | (1,137,000) | (1,200,000) | |
Recoveries of loans previously charged off | 368,000 | 402,000 | 609,000 | 611,000 | |
Net loans charged off | 11,000 | (47,000) | (528,000) | (589,000) | |
Provision for loan losses | [1] | 70,000 | 29,000 | 121,000 | 635,000 |
Ending Balance | 2,608,000 | 3,306,000 | 2,608,000 | 3,306,000 | |
Leasing and other and overdrafts [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Beginning Balance | 1,653,000 | 2,011,000 | 1,799,000 | 3,370,000 | |
Loans charged off | (467,000) | (833,000) | (830,000) | (1,128,000) | |
Recoveries of loans previously charged off | 70,000 | 362,000 | 241,000 | 526,000 | |
Net loans charged off | (397,000) | (471,000) | (589,000) | (602,000) | |
Provision for loan losses | [1] | 359,000 | 311,000 | 405,000 | (917,000) |
Ending Balance | 1,615,000 | 1,851,000 | 1,615,000 | 1,851,000 | |
Unallocated [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Beginning Balance | 8,308,000 | 11,803,000 | 7,360,000 | 16,208,000 | |
Loans charged off | 0 | 0 | 0 | 0 | |
Recoveries of loans previously charged off | 0 | 0 | 0 | 0 | |
Net loans charged off | 0 | 0 | 0 | 0 | |
Provision for loan losses | [1] | 2,062,000 | (317,000) | 3,010,000 | (4,722,000) |
Ending Balance | [2] | $ 10,370,000 | $ 11,486,000 | $ 10,370,000 | $ 11,486,000 |
[1] | The provision for loan losses excluded an $11,000 and $181,000 increase, respectively, in the reserve for unfunded lending commitments for the three and six months ended June 30, 2015 and a $160,000 and $380,000 decrease, respectively, in the reserve for unfunded lending commitments for the three and six months ended June 30, 2014. The total provision for credit losses, comprised of allocations for both funded and unfunded loans, was $2.2 million and negative $1.5 million, respectively, for the three and six months ended June 30, 2015 and $3.5 million and $6.0 million, respectively, for the three and six months ended June 30, 2014. | ||||
[2] | The unallocated allowance, which was approximately 6% of the total allowance for credit losses as of both June 30, 2015 and June 30, 2014, was, in the opinion of management, reasonable and appropriate given that the estimates used in the allocation process are inherently imprecise. |
Loans and Allowance for Credi53
Loans and Allowance for Credit Losses Present Loans, Net of Unearned Income and Their Related Allowance for Loan Losses, by Portfolio Segment (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Allowance for loan losses measured for impairment under FASB ASC Subtopic 450-20 | $ 119,922 | $ 127,460 | |||||||
Allowance for loan losses evaluated for impairment under FASB ASC Section 310-10-35 | 47,563 | 64,225 | |||||||
Allowance for loan losses | 167,485 | $ 177,701 | $ 184,144 | 191,685 | $ 197,089 | $ 202,780 | |||
Loans, net of unearned income, measured for impairment under FASB ASC Subtopic 450-20 | 13,051,609 | 12,640,643 | |||||||
Loans, net of unearned income, evaluated for impairment under FASB ASC Subtopic 310-10-35 | 192,621 | 198,868 | |||||||
Loans, net of unearned income | $ 13,244,230 | 13,111,716 | $ 12,839,511 | ||||||
Percentage of unallocated allowance | 6.00% | 6.00% | |||||||
Real-estate commercial mortage [Member] | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Allowance for loan losses measured for impairment under FASB ASC Subtopic 450-20 | $ 37,228 | $ 33,388 | |||||||
Allowance for loan losses evaluated for impairment under FASB ASC Section 310-10-35 | 13,452 | 16,454 | |||||||
Allowance for loan losses | 50,680 | 52,860 | 53,493 | 49,842 | 53,757 | 55,659 | |||
Loans, net of unearned income, measured for impairment under FASB ASC Subtopic 450-20 | 5,172,333 | 5,067,400 | |||||||
Loans, net of unearned income, evaluated for impairment under FASB ASC Subtopic 310-10-35 | 65,467 | 61,334 | |||||||
Loans, net of unearned income | 5,237,800 | 5,197,155 | 5,128,734 | ||||||
Commercial - industrial, financial, and agricultural [Member] | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Allowance for loan losses measured for impairment under FASB ASC Subtopic 450-20 | 38,090 | 36,603 | |||||||
Allowance for loan losses evaluated for impairment under FASB ASC Section 310-10-35 | 11,080 | 12,481 | |||||||
Allowance for loan losses | 49,170 | 57,150 | 51,378 | 49,084 | 50,563 | 50,330 | |||
Loans, net of unearned income, measured for impairment under FASB ASC Subtopic 450-20 | 3,764,999 | 3,558,788 | |||||||
Loans, net of unearned income, evaluated for impairment under FASB ASC Subtopic 310-10-35 | 41,700 | 42,933 | |||||||
Loans, net of unearned income | 3,806,699 | 3,725,567 | 3,601,721 | ||||||
Home Equity [Member] | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Allowance for loan losses measured for impairment under FASB ASC Subtopic 450-20 | 15,838 | 22,234 | |||||||
Allowance for loan losses evaluated for impairment under FASB ASC Section 310-10-35 | 6,668 | 9,807 | |||||||
Allowance for loan losses | 22,506 | 23,481 | 28,271 | 32,041 | 32,460 | 28,222 | |||
Loans, net of unearned income, measured for impairment under FASB ASC Subtopic 450-20 | 1,676,410 | 1,715,953 | |||||||
Loans, net of unearned income, evaluated for impairment under FASB ASC Subtopic 310-10-35 | 13,278 | 14,544 | |||||||
Loans, net of unearned income | 1,689,688 | 1,736,688 | 1,730,497 | ||||||
Real-estate - residential mortgage [Member] | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Allowance for loan losses measured for impairment under FASB ASC Subtopic 450-20 | 8,763 | 11,450 | |||||||
Allowance for loan losses evaluated for impairment under FASB ASC Section 310-10-35 | 14,024 | 21,294 | |||||||
Allowance for loan losses | 22,787 | 23,235 | 29,072 | 32,744 | 33,329 | 33,082 | |||
Loans, net of unearned income, measured for impairment under FASB ASC Subtopic 450-20 | 1,315,908 | 1,309,739 | |||||||
Loans, net of unearned income, evaluated for impairment under FASB ASC Subtopic 310-10-35 | 53,195 | 52,237 | |||||||
Loans, net of unearned income | 1,369,103 | 1,377,068 | 1,361,976 | ||||||
Real-estate - construction [Member] | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Allowance for loan losses measured for impairment under FASB ASC Subtopic 450-20 | 5,430 | 7,163 | |||||||
Allowance for loan losses evaluated for impairment under FASB ASC Section 310-10-35 | 2,319 | 4,168 | |||||||
Allowance for loan losses | 7,749 | 8,487 | 9,756 | 11,331 | 9,842 | 12,649 | |||
Loans, net of unearned income, measured for impairment under FASB ASC Subtopic 450-20 | 712,975 | 606,221 | |||||||
Loans, net of unearned income, evaluated for impairment under FASB ASC Subtopic 310-10-35 | 18,950 | 27,797 | |||||||
Loans, net of unearned income | 731,925 | 690,601 | 634,018 | ||||||
Consumer [Member] | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Allowance for loan losses measured for impairment under FASB ASC Subtopic 450-20 | 2,588 | 3,285 | |||||||
Allowance for loan losses evaluated for impairment under FASB ASC Section 310-10-35 | 20 | 21 | |||||||
Allowance for loan losses | 2,608 | 2,527 | 3,015 | 3,306 | 3,324 | 3,260 | |||
Loans, net of unearned income, measured for impairment under FASB ASC Subtopic 450-20 | 272,463 | 280,534 | |||||||
Loans, net of unearned income, evaluated for impairment under FASB ASC Subtopic 310-10-35 | 31 | 23 | |||||||
Loans, net of unearned income | 272,494 | 265,431 | 280,557 | ||||||
Leasing and other and overdrafts [Member] | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Allowance for loan losses measured for impairment under FASB ASC Subtopic 450-20 | 1,615 | 1,851 | |||||||
Allowance for loan losses evaluated for impairment under FASB ASC Section 310-10-35 | 0 | 0 | |||||||
Allowance for loan losses | 1,615 | 1,653 | 1,799 | 1,851 | 2,011 | 3,370 | |||
Loans, net of unearned income, measured for impairment under FASB ASC Subtopic 450-20 | 136,521 | 102,008 | |||||||
Loans, net of unearned income, evaluated for impairment under FASB ASC Subtopic 310-10-35 | 0 | 0 | |||||||
Loans, net of unearned income | 136,521 | 119,206 | 102,008 | ||||||
Unallocated [Member] | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Allowance for loan losses measured for impairment under FASB ASC Subtopic 450-20 | [1] | 10,370 | 11,486 | ||||||
Allowance for loan losses | $ 10,370 | [1] | $ 8,308 | $ 7,360 | $ 11,486 | [1] | $ 11,803 | $ 16,208 | |
[1] | The unallocated allowance, which was approximately 6% of the total allowance for credit losses as of both June 30, 2015 and June 30, 2014, was, in the opinion of management, reasonable and appropriate given that the estimates used in the allocation process are inherently imprecise. |
Loans and Allowance for Credi54
Loans and Allowance for Credit Losses Total Impaired Loans by Class Segments (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Impaired Financing Receivables [Line Items] | ||
Unpaid principal balance, with no related allowance | $ 75,596 | $ 68,022 |
Unpaid principal balance, with related allowance | 168,686 | 167,682 |
Unpaid Principal Balance | 244,282 | 235,704 |
Recorded investment, with no related allowance | 59,992 | 59,073 |
Recorded investment, with related allowance | 132,629 | 129,628 |
Recorded Investment | 192,621 | 188,701 |
Related Allowance | 47,563 | 60,867 |
Real-estate commercial mortage [Member] | ||
Impaired Financing Receivables [Line Items] | ||
Unpaid principal balance, with no related allowance | 29,836 | 25,802 |
Unpaid principal balance, with related allowance | 49,792 | 49,619 |
Recorded investment, with no related allowance | 24,357 | 23,236 |
Recorded investment, with related allowance | 41,110 | 40,023 |
Related Allowance | 13,452 | 16,715 |
Commercial - Secured [Member] | ||
Impaired Financing Receivables [Line Items] | ||
Unpaid principal balance, with no related allowance | 24,250 | 17,599 |
Unpaid principal balance, with related allowance | 26,694 | 24,824 |
Recorded investment, with no related allowance | 17,557 | 14,582 |
Recorded investment, with related allowance | 21,239 | 19,335 |
Related Allowance | 10,020 | 12,165 |
Commercial - unsecured [Member] | ||
Impaired Financing Receivables [Line Items] | ||
Unpaid principal balance, with related allowance | 3,062 | 1,241 |
Recorded investment, with related allowance | 2,904 | 1,089 |
Related Allowance | 1,060 | 865 |
Real-estate - home equity [Member] | ||
Impaired Financing Receivables [Line Items] | ||
Unpaid principal balance, with related allowance | 18,752 | 19,392 |
Recorded investment, with related allowance | 13,278 | 13,458 |
Related Allowance | 6,668 | 9,224 |
Real-estate - residential mortgage [Member] | ||
Impaired Financing Receivables [Line Items] | ||
Unpaid principal balance, with no related allowance | 6,630 | 4,873 |
Unpaid principal balance, with related allowance | 56,048 | 56,607 |
Recorded investment, with no related allowance | 6,223 | 4,873 |
Recorded investment, with related allowance | 46,972 | 46,478 |
Related Allowance | 14,024 | 18,592 |
Construction - commercial residential [Member] | ||
Impaired Financing Receivables [Line Items] | ||
Unpaid principal balance, with no related allowance | 13,581 | 18,041 |
Unpaid principal balance, with related allowance | 11,976 | 14,007 |
Recorded investment, with no related allowance | 10,699 | 14,801 |
Recorded investment, with related allowance | 5,472 | 7,903 |
Related Allowance | 1,771 | 2,675 |
Construction - Commercial [Member] | ||
Impaired Financing Receivables [Line Items] | ||
Unpaid principal balance, with no related allowance | 1,299 | 1,707 |
Unpaid principal balance, with related allowance | 1,879 | 1,501 |
Recorded investment, with no related allowance | 1,156 | 1,581 |
Recorded investment, with related allowance | 1,342 | 1,023 |
Related Allowance | 445 | 459 |
Construction other [Member] | ||
Impaired Financing Receivables [Line Items] | ||
Unpaid principal balance, with related allowance | 452 | 452 |
Recorded investment, with related allowance | 281 | 281 |
Related Allowance | 103 | 137 |
Consumer - direct [Member] | ||
Impaired Financing Receivables [Line Items] | ||
Unpaid principal balance, with related allowance | 15 | 19 |
Recorded investment, with related allowance | 15 | 19 |
Related Allowance | 10 | 17 |
Consumer - Indirect [Member] | ||
Impaired Financing Receivables [Line Items] | ||
Unpaid principal balance, with related allowance | 16 | 20 |
Recorded investment, with related allowance | 16 | 19 |
Related Allowance | $ 10 | $ 18 |
Loans and Allowance for Credi55
Loans and Allowance for Credit Losses Average Impaired Loans by Class Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | ||||
Financing Receivable, Impaired [Line Items] | |||||||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | $ 62,210 | $ 65,285 | $ 61,164 | $ 64,154 | |||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 183 | [1] | 182 | [1] | 378 | [1] | 364 |
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 135,530 | 134,898 | 133,561 | 136,588 | |||
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 490 | [1] | 521 | [1] | 992 | [1] | 1,041 |
Impaired Financing Receivable, Average Recorded Investment | 197,740 | 200,183 | 194,725 | 200,742 | |||
Impaired Financing Receivable, Interest Income, Accrual Method | 673 | [1] | 703 | [1] | 1,370 | [1] | 1,405 |
Real-estate commercial mortage [Member] | |||||||
Financing Receivable, Impaired [Line Items] | |||||||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 27,410 | 23,162 | 26,018 | 23,606 | |||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 87 | [1] | 80 | [1] | 178 | [1] | 166 |
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 40,204 | 38,455 | 40,143 | 37,580 | |||
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 126 | [1] | 132 | [1] | 259 | [1] | 264 |
Commercial - Secured [Member] | |||||||
Financing Receivable, Impaired [Line Items] | |||||||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 16,163 | 21,695 | 15,636 | 21,591 | |||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 24 | [1] | 34 | [1] | 45 | [1] | 69 |
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 25,902 | 21,652 | 23,713 | 21,876 | |||
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 38 | [1] | 33 | [1] | 74 | [1] | 71 |
Commercial - unsecured [Member] | |||||||
Financing Receivable, Impaired [Line Items] | |||||||
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 2,082 | 757 | 1,751 | 854 | |||
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 2 | [1] | 1 | [1] | 3 | [1] | 2 |
Real-estate - home equity [Member] | |||||||
Financing Receivable, Impaired [Line Items] | |||||||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 0 | 300 | 0 | 300 | |||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 0 | [1] | 1 | [1] | 0 | [1] | 1 |
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 13,016 | 14,049 | 13,163 | 14,145 | |||
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 33 | [1] | 28 | [1] | 64 | [1] | 48 |
Real-estate - residential mortgage [Member] | |||||||
Financing Receivable, Impaired [Line Items] | |||||||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 5,541 | 857 | 5,318 | 571 | |||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 32 | [1] | 5 | [1] | 60 | [1] | 6 |
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 47,020 | 51,153 | 46,839 | 51,134 | |||
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 270 | [1] | 300 | [1] | 543 | [1] | 594 |
Construction - Commercial Residential [Member] | |||||||
Financing Receivable, Impaired [Line Items] | |||||||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 12,171 | 17,853 | 13,048 | 16,482 | |||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 40 | [1] | 62 | [1] | 95 | [1] | 122 |
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 6,031 | 7,676 | 6,655 | 9,977 | |||
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 21 | [1] | 27 | [1] | 49 | [1] | 62 |
Construction - Commercial [Member] | |||||||
Financing Receivable, Impaired [Line Items] | |||||||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 925 | 1,418 | 1,144 | 1,604 | |||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 0 | [1] | 0 | [1] | 0 | [1] | 0 |
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 960 | 723 | 981 | 547 | |||
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 0 | [1] | 0 | [1] | 0 | [1] | 0 |
Construction other [Member] | |||||||
Financing Receivable, Impaired [Line Items] | |||||||
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 281 | 413 | 281 | 458 | |||
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 0 | [1] | 0 | [1] | 0 | [1] | 0 |
Consumer - direct [Member] | |||||||
Financing Receivable, Impaired [Line Items] | |||||||
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 17 | 16 | 18 | 14 | |||
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 0 | [1] | 0 | [1] | 0 | [1] | 0 |
Consumer - Indirect [Member] | |||||||
Financing Receivable, Impaired [Line Items] | |||||||
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 17 | 4 | 17 | 3 | |||
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | $ 0 | [1] | $ 0 | [1] | $ 0 | [1] | $ 0 |
[1] | All impaired loans, excluding accruing TDRs, were non-accrual loans. Interest income recognized for the three and six months ended June 30, 2015 and 2014 represents amounts earned on accruing TDRs. |
Loans and Allowance for Credi56
Loans and Allowance for Credit Losses Credit Quality Indicators (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 | Jun. 30, 2014 |
Internal risk ratings for loans by segment [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | $ 13,244,230 | $ 13,111,716 | $ 12,839,511 |
Commercial Loans, Commerical Mortgages, Constructions Loans [Member] | |||
Internal risk ratings for loans by segment [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | $ 9,719,863 | $ 9,553,811 | |
Percentage of total loans rated | 100.00% | 100.00% | |
Real-estate commercial mortage [Member] | |||
Internal risk ratings for loans by segment [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | $ 5,237,800 | $ 5,197,155 | 5,128,734 |
Commercial - industrial, financial, and agricultural [Member] | |||
Internal risk ratings for loans by segment [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 3,806,699 | 3,725,567 | $ 3,601,721 |
Commercial - Secured [Member] | |||
Internal risk ratings for loans by segment [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 3,653,660 | 3,564,614 | |
Commercial - Unsecured [Member] | |||
Internal risk ratings for loans by segment [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 153,039 | 160,953 | |
Construction, Excluding Contstruction Other [Member] | |||
Internal risk ratings for loans by segment [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 675,364 | 631,089 | |
Construction - Commercial Residential [Member] | |||
Internal risk ratings for loans by segment [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 186,948 | 203,670 | |
Construction - Commercial [Member] | |||
Internal risk ratings for loans by segment [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 488,416 | 427,419 | |
Pass [Member] | Commercial Loans, Commerical Mortgages, Constructions Loans [Member] | |||
Internal risk ratings for loans by segment [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | $ 9,112,884 | $ 8,924,922 | |
Percentage of total loans rated | 93.80% | 93.40% | |
Pass [Member] | Real-estate commercial mortage [Member] | |||
Internal risk ratings for loans by segment [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | $ 4,943,773 | $ 4,899,016 | |
Pass [Member] | Commercial - industrial, financial, and agricultural [Member] | |||
Internal risk ratings for loans by segment [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 3,560,762 | 3,480,166 | |
Pass [Member] | Commercial - Secured [Member] | |||
Internal risk ratings for loans by segment [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 3,419,331 | 3,333,486 | |
Pass [Member] | Commercial - Unsecured [Member] | |||
Internal risk ratings for loans by segment [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 141,431 | 146,680 | |
Pass [Member] | Construction, Excluding Contstruction Other [Member] | |||
Internal risk ratings for loans by segment [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 608,349 | 545,740 | |
Pass [Member] | Construction - Commercial Residential [Member] | |||
Internal risk ratings for loans by segment [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 138,834 | 136,109 | |
Pass [Member] | Construction - Commercial [Member] | |||
Internal risk ratings for loans by segment [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 469,515 | 409,631 | |
Special Mention [Member] | Commercial Loans, Commerical Mortgages, Constructions Loans [Member] | |||
Internal risk ratings for loans by segment [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | $ 272,555 | $ 295,046 | |
Percentage of total loans rated | 2.80% | 3.10% | |
Special Mention [Member] | Real-estate commercial mortage [Member] | |||
Internal risk ratings for loans by segment [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | $ 114,385 | $ 127,302 | |
Special Mention [Member] | Commercial - industrial, financial, and agricultural [Member] | |||
Internal risk ratings for loans by segment [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 127,330 | 128,047 | |
Special Mention [Member] | Commercial - Secured [Member] | |||
Internal risk ratings for loans by segment [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 123,663 | 120,584 | |
Special Mention [Member] | Commercial - Unsecured [Member] | |||
Internal risk ratings for loans by segment [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 3,667 | 7,463 | |
Special Mention [Member] | Construction, Excluding Contstruction Other [Member] | |||
Internal risk ratings for loans by segment [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 30,840 | 39,697 | |
Special Mention [Member] | Construction - Commercial Residential [Member] | |||
Internal risk ratings for loans by segment [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 17,526 | 27,495 | |
Special Mention [Member] | Construction - Commercial [Member] | |||
Internal risk ratings for loans by segment [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 13,314 | 12,202 | |
Substandard [Member] | Commercial Loans, Commerical Mortgages, Constructions Loans [Member] | |||
Internal risk ratings for loans by segment [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | $ 334,424 | $ 333,843 | |
Percentage of total loans rated | 3.40% | 3.50% | |
Substandard [Member] | Real-estate commercial mortage [Member] | |||
Internal risk ratings for loans by segment [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | $ 179,642 | $ 170,837 | |
Substandard [Member] | Commercial - industrial, financial, and agricultural [Member] | |||
Internal risk ratings for loans by segment [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 118,607 | 117,354 | |
Substandard [Member] | Commercial - Secured [Member] | |||
Internal risk ratings for loans by segment [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 110,666 | 110,544 | |
Substandard [Member] | Commercial - Unsecured [Member] | |||
Internal risk ratings for loans by segment [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 7,941 | 6,810 | |
Substandard [Member] | Construction, Excluding Contstruction Other [Member] | |||
Internal risk ratings for loans by segment [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 36,175 | 45,652 | |
Substandard [Member] | Construction - Commercial Residential [Member] | |||
Internal risk ratings for loans by segment [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 30,588 | 40,066 | |
Substandard [Member] | Construction - Commercial [Member] | |||
Internal risk ratings for loans by segment [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | $ 5,587 | $ 5,586 |
Loans and Allowance for Credi57
Loans and Allowance for Credit Losses Summary of Delinquency and Non-Performing Status by Portfolio Segment (Details) $ in Thousands | 6 Months Ended | |||
Jun. 30, 2015USD ($) | Dec. 31, 2014USD ($) | Jun. 30, 2014USD ($) | ||
Financing Receivable, Impaired [Line Items] | ||||
Loans, net of unearned income | $ 13,244,230 | $ 13,111,716 | $ 12,839,511 | |
Real-estate - home equity [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Loans, net of unearned income | 1,689,688 | 1,736,688 | 1,730,497 | |
Real-estate - residential mortgage [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Loans, net of unearned income | 1,369,103 | 1,377,068 | 1,361,976 | |
Construction other [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Loans, net of unearned income | 56,561 | 59,512 | ||
Consumer [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Loans, net of unearned income | 272,494 | 265,431 | 280,557 | |
Consumer - direct [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Loans, net of unearned income | 109,197 | 109,323 | ||
Consumer - Indirect [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Loans, net of unearned income | 163,297 | 156,108 | ||
Leasing and other and overdrafts [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Loans, net of unearned income | 136,521 | 119,206 | $ 102,008 | |
Real Estate, Home Equity, Construction, Other, Consumer and Leasing [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Loans, net of unearned income | 3,524,367 | 3,557,905 | ||
Commercial Loans, Commerical Mortgages, Constructions Loans [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Loans, net of unearned income | $ 9,719,863 | $ 9,553,811 | ||
Loans And Leases Receivable Percentage Of Loans Within Delinquecy Category By Total Non Risk Rated Loans | 100.00% | 100.00% | ||
Performing Financing Receivable [Member] | Real-estate - home equity [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Loans, net of unearned income | $ 1,665,771 | $ 1,711,017 | ||
Performing Financing Receivable [Member] | Real-estate - residential mortgage [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Loans, net of unearned income | 1,316,650 | 1,321,139 | ||
Performing Financing Receivable [Member] | Construction other [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Loans, net of unearned income | 55,864 | 59,180 | ||
Performing Financing Receivable [Member] | Consumer [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Loans, net of unearned income | 265,186 | 257,376 | ||
Performing Financing Receivable [Member] | Consumer - direct [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Loans, net of unearned income | 103,985 | 104,018 | ||
Performing Financing Receivable [Member] | Consumer - Indirect [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Loans, net of unearned income | 161,201 | 153,358 | ||
Performing Financing Receivable [Member] | Leasing and other and overdrafts [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Loans, net of unearned income | 135,895 | 118,550 | ||
Performing Financing Receivable [Member] | Real Estate, Home Equity, Construction, Other, Consumer and Leasing [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Loans, net of unearned income | $ 3,439,366 | $ 3,467,262 | ||
Performing Financing Receivable [Member] | Commercial Loans, Commerical Mortgages, Constructions Loans [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Loans And Leases Receivable Percentage Of Loans Within Delinquecy Category By Total Non Risk Rated Loans | 97.60% | 97.50% | ||
Delinquent [Member] | Real-estate - home equity [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Loans, net of unearned income | [1] | $ 9,285 | $ 10,931 | |
Delinquent [Member] | Real-estate - residential mortgage [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Loans, net of unearned income | [1] | 20,891 | 26,934 | |
Delinquent [Member] | Construction other [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Loans, net of unearned income | [1] | 0 | 0 | |
Delinquent [Member] | Consumer [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Loans, net of unearned income | [1] | 4,725 | 5,465 | |
Delinquent [Member] | Consumer - direct [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Loans, net of unearned income | [1] | 2,886 | 2,891 | |
Delinquent [Member] | Consumer - Indirect [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Loans, net of unearned income | [1] | 1,839 | 2,574 | |
Delinquent [Member] | Leasing and other and overdrafts [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Loans, net of unearned income | [1] | 553 | 523 | |
Delinquent [Member] | Real Estate, Home Equity, Construction, Other, Consumer and Leasing [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Loans, net of unearned income | [1] | $ 35,454 | $ 43,853 | |
Delinquent [Member] | Commercial Loans, Commerical Mortgages, Constructions Loans [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Loans And Leases Receivable Percentage Of Loans Within Delinquecy Category By Total Non Risk Rated Loans | [1] | 1.00% | 1.20% | |
Nonperforming Financing Receivable [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Days past due | 90 | |||
Nonperforming Financing Receivable [Member] | Real-estate - home equity [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Loans, net of unearned income | [2] | $ 14,632 | $ 14,740 | |
Nonperforming Financing Receivable [Member] | Real-estate - residential mortgage [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Loans, net of unearned income | [2] | 31,562 | 28,995 | |
Nonperforming Financing Receivable [Member] | Construction other [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Loans, net of unearned income | [2] | 697 | 332 | |
Nonperforming Financing Receivable [Member] | Consumer [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Loans, net of unearned income | [2] | 2,583 | 2,590 | |
Nonperforming Financing Receivable [Member] | Consumer - direct [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Loans, net of unearned income | [2] | 2,326 | 2,414 | |
Nonperforming Financing Receivable [Member] | Consumer - Indirect [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Loans, net of unearned income | [2] | 257 | 176 | |
Nonperforming Financing Receivable [Member] | Leasing and other and overdrafts [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Loans, net of unearned income | [2] | 73 | 133 | |
Nonperforming Financing Receivable [Member] | Real Estate, Home Equity, Construction, Other, Consumer and Leasing [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Loans, net of unearned income | [2] | $ 49,547 | $ 46,790 | |
Nonperforming Financing Receivable [Member] | Commercial Loans, Commerical Mortgages, Constructions Loans [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Loans And Leases Receivable Percentage Of Loans Within Delinquecy Category By Total Non Risk Rated Loans | [2] | 1.40% | 1.30% | |
Minimum [Member] | Delinquent [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Days past due | 31 | |||
Maximum [Member] | Delinquent [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Days past due | 89 | |||
[1] | )Includes all accruing loans 31 days to 89 days past due | |||
[2] | Includes all accruing loans 90 days or more past due and all non-accrual loans. |
Loans and Allowance for Credi58
Loans and Allowance for Credit Losses Non-Performing Assets (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Receivables [Abstract] | ||
Non-accrual loans | $ 129,152 | $ 121,080 |
Accruing loans 90 days or more past due | 20,353 | 17,402 |
Total non-performing loans | 149,505 | 138,482 |
Other real estate owned (OREO) | 12,763 | 12,022 |
Total non-performing assets | $ 162,268 | $ 150,504 |
Loans and Allowance for Credi59
Loans and Allowance for Credit Losses Loans Modified Under Troubled Debt Restructurings (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 | |
Financing Receivable, Modifications [Line Items] | |||
Accruing TDRs | $ 63,469 | $ 67,621 | |
Non-accrual TDRs | 27,230 | 24,616 | [1] |
Total TDRs | 90,699 | 92,237 | |
Real-estate - residential mortgage [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Accruing TDRs | 31,584 | 31,308 | |
Real-estate commercial mortage [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Accruing TDRs | 17,482 | 18,822 | |
Construction - Commercial Residential [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Accruing TDRs | 4,482 | 9,241 | |
Commercial - Secured [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Accruing TDRs | 6,417 | 5,170 | |
Home Equity [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Accruing TDRs | 3,299 | 2,975 | |
Commercial - unsecured [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Accruing TDRs | 174 | 67 | |
Consumer - direct [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Accruing TDRs | 15 | 19 | |
Consumer Other Financing Receivable [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Accruing TDRs | $ 16 | $ 19 | |
[1] | Included within non-accrual loans in the preceding table detailing non-performing assets. |
Loans and Allowance for Credi60
Loans and Allowance for Credit Losses Troubled Debt Restructuring Modification (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015USD ($)loans | Jun. 30, 2014USD ($)loans | Jun. 30, 2015USD ($)loans | Jun. 30, 2014USD ($)loans | |
Financing Receivable, Modifications [Line Items] | ||||
Financing Receivable, Modifications, Number of Contracts | 23 | 26 | 51 | 57 |
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ | $ 2,374 | $ 5,317 | $ 13,691 | $ 14,575 |
Financing Receivable, Modifications, Subsequent Default, Number of Contracts | 23 | 22 | ||
Financing Receivable, Modifications, Subsequent Default, Recorded Investment | $ | $ 6,236 | $ 2,645 | ||
Real-estate commercial mortage [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Financing Receivable, Modifications, Number of Contracts | 1 | 2 | 4 | 9 |
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ | $ 132 | $ 2,334 | $ 2,627 | $ 9,804 |
Financing Receivable, Modifications, Subsequent Default, Number of Contracts | 2 | 2 | ||
Financing Receivable, Modifications, Subsequent Default, Recorded Investment | $ | $ 191 | $ 35 | ||
Real-estate - residential mortgage [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Financing Receivable, Modifications, Number of Contracts | 4 | 9 | 8 | 15 |
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ | $ 456 | $ 1,130 | $ 1,066 | $ 1,836 |
Financing Receivable, Modifications, Subsequent Default, Number of Contracts | 6 | 9 | ||
Financing Receivable, Modifications, Subsequent Default, Recorded Investment | $ | $ 652 | $ 1,204 | ||
Construction - commercial residential [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Financing Receivable, Modifications, Number of Contracts | 0 | 1 | 1 | 2 |
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ | $ 0 | $ 1,366 | $ 889 | $ 1,914 |
Financing Receivable, Modifications, Subsequent Default, Number of Contracts | 0 | 1 | ||
Financing Receivable, Modifications, Subsequent Default, Recorded Investment | $ | $ 0 | $ 619 | ||
Real-estate - home equity [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Financing Receivable, Modifications, Number of Contracts | 15 | 10 | 25 | 20 |
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ | $ 739 | $ 334 | $ 1,231 | $ 863 |
Financing Receivable, Modifications, Subsequent Default, Number of Contracts | 7 | 9 | ||
Financing Receivable, Modifications, Subsequent Default, Recorded Investment | $ | $ 614 | $ 777 | ||
Commercial - Secured [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Financing Receivable, Modifications, Number of Contracts | 3 | 1 | 11 | 1 |
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ | $ 1,047 | $ 143 | $ 7,823 | $ 143 |
Financing Receivable, Modifications, Subsequent Default, Number of Contracts | 8 | 1 | ||
Financing Receivable, Modifications, Subsequent Default, Recorded Investment | $ | $ 4,779 | $ 10 | ||
Commercial - unsecured [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Financing Receivable, Modifications, Number of Contracts | 0 | 0 | 1 | 0 |
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ | $ 0 | $ 0 | $ 42 | $ 0 |
Consumer - direct [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Financing Receivable, Modifications, Number of Contracts | 0 | 2 | 0 | 6 |
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ | $ 0 | $ 4 | $ 0 | $ 8 |
Consumer - Indirect [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Financing Receivable, Modifications, Number of Contracts | 0 | 1 | 1 | 4 |
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ | $ 0 | $ 6 | $ 13 | $ 7 |
Loans and Allowance for Credi61
Loans and Allowance for Credit Losses Past Due Loan Status and Non-Accrual Loans by Portfolio Segment (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 | Jun. 30, 2014 |
Financial Receivable, Recorded investment, Past Due [Line Items] | |||
31-59 Days Past Due | $ 51,428 | $ 51,177 | |
60-89 Days Past Due | 10,503 | 17,169 | |
>90 Days Past Due and Accruing | 20,353 | 17,402 | |
Non-accrual | 129,152 | 121,080 | |
Total >90 Days | 149,505 | 138,482 | |
Total Past Due | 211,436 | 206,828 | |
Current | 13,032,794 | 12,904,888 | |
Loans, net of unearned income | 13,244,230 | 13,111,716 | $ 12,839,511 |
Real-estate commercial mortage [Member] | |||
Financial Receivable, Recorded investment, Past Due [Line Items] | |||
31-59 Days Past Due | 16,139 | 14,399 | |
60-89 Days Past Due | 1,848 | 3,677 | |
>90 Days Past Due and Accruing | 1,947 | 800 | |
Non-accrual | 47,985 | 44,437 | |
Total >90 Days | 49,932 | 45,237 | |
Total Past Due | 67,919 | 63,313 | |
Current | 5,169,881 | 5,133,842 | |
Loans, net of unearned income | 5,237,800 | 5,197,155 | 5,128,734 |
Commercial - industrial, financial, and agricultural [Member] | |||
Financial Receivable, Recorded investment, Past Due [Line Items] | |||
31-59 Days Past Due | 6,796 | 5,234 | |
60-89 Days Past Due | 1,543 | 1,023 | |
>90 Days Past Due and Accruing | 730 | 619 | |
Non-accrual | 35,109 | 29,769 | |
Total >90 Days | 35,839 | 30,388 | |
Total Past Due | 44,178 | 36,645 | |
Current | 3,762,521 | 3,688,922 | |
Loans, net of unearned income | 3,806,699 | 3,725,567 | 3,601,721 |
Commercial - Secured [Member] | |||
Financial Receivable, Recorded investment, Past Due [Line Items] | |||
31-59 Days Past Due | 6,489 | 4,839 | |
60-89 Days Past Due | 1,463 | 958 | |
>90 Days Past Due and Accruing | 730 | 610 | |
Non-accrual | 32,379 | 28,747 | |
Total >90 Days | 33,109 | 29,357 | |
Total Past Due | 41,061 | 35,154 | |
Current | 3,612,599 | 3,529,460 | |
Loans, net of unearned income | 3,653,660 | 3,564,614 | |
Commercial - unsecured [Member] | |||
Financial Receivable, Recorded investment, Past Due [Line Items] | |||
31-59 Days Past Due | 307 | 395 | |
60-89 Days Past Due | 80 | 65 | |
>90 Days Past Due and Accruing | 0 | 9 | |
Non-accrual | 2,730 | 1,022 | |
Total >90 Days | 2,730 | 1,031 | |
Total Past Due | 3,117 | 1,491 | |
Current | 149,922 | 159,462 | |
Loans, net of unearned income | 153,039 | 160,953 | |
Real-estate - construction [Member] | |||
Financial Receivable, Recorded investment, Past Due [Line Items] | |||
31-59 Days Past Due | 151 | 160 | |
60-89 Days Past Due | 0 | 0 | |
>90 Days Past Due and Accruing | 416 | 51 | |
Non-accrual | 14,468 | 16,348 | |
Total >90 Days | 14,884 | 16,399 | |
Total Past Due | 15,035 | 16,559 | |
Current | 716,890 | 674,042 | |
Loans, net of unearned income | 731,925 | 690,601 | 634,018 |
Real-estate - home equity [Member] | |||
Financial Receivable, Recorded investment, Past Due [Line Items] | |||
31-59 Days Past Due | 7,161 | 8,048 | |
60-89 Days Past Due | 2,124 | 2,883 | |
>90 Days Past Due and Accruing | 4,653 | 4,257 | |
Non-accrual | 9,979 | 10,483 | |
Total >90 Days | 14,632 | 14,740 | |
Total Past Due | 23,917 | 25,671 | |
Current | 1,665,771 | 1,711,017 | |
Loans, net of unearned income | 1,689,688 | 1,736,688 | 1,730,497 |
Real-estate - residential mortgage [Member] | |||
Financial Receivable, Recorded investment, Past Due [Line Items] | |||
31-59 Days Past Due | 16,835 | 18,789 | |
60-89 Days Past Due | 4,056 | 8,145 | |
>90 Days Past Due and Accruing | 9,951 | 8,952 | |
Non-accrual | 21,611 | 20,043 | |
Total >90 Days | 31,562 | 28,995 | |
Total Past Due | 52,453 | 55,929 | |
Current | 1,316,650 | 1,321,139 | |
Loans, net of unearned income | 1,369,103 | 1,377,068 | 1,361,976 |
Construction - Commercial Residential [Member] | |||
Financial Receivable, Recorded investment, Past Due [Line Items] | |||
31-59 Days Past Due | 151 | 160 | |
60-89 Days Past Due | 0 | 0 | |
>90 Days Past Due and Accruing | 0 | 0 | |
Non-accrual | 11,689 | 13,463 | |
Total >90 Days | 11,689 | 13,463 | |
Total Past Due | 11,840 | 13,623 | |
Current | 175,108 | 190,047 | |
Loans, net of unearned income | 186,948 | 203,670 | |
Construction - Commercial [Member] | |||
Financial Receivable, Recorded investment, Past Due [Line Items] | |||
31-59 Days Past Due | 0 | 0 | |
60-89 Days Past Due | 0 | 0 | |
>90 Days Past Due and Accruing | 0 | 0 | |
Non-accrual | 2,498 | 2,604 | |
Total >90 Days | 2,498 | 2,604 | |
Total Past Due | 2,498 | 2,604 | |
Current | 485,918 | 424,815 | |
Loans, net of unearned income | 488,416 | 427,419 | |
Construction other [Member] | |||
Financial Receivable, Recorded investment, Past Due [Line Items] | |||
31-59 Days Past Due | 0 | 0 | |
60-89 Days Past Due | 0 | 0 | |
>90 Days Past Due and Accruing | 416 | 51 | |
Non-accrual | 281 | 281 | |
Total >90 Days | 697 | 332 | |
Total Past Due | 697 | 332 | |
Current | 55,864 | 59,180 | |
Loans, net of unearned income | 56,561 | 59,512 | |
Consumer [Member] | |||
Financial Receivable, Recorded investment, Past Due [Line Items] | |||
31-59 Days Past Due | 3,878 | 4,190 | |
60-89 Days Past Due | 847 | 1,275 | |
>90 Days Past Due and Accruing | 2,583 | 2,590 | |
Non-accrual | 0 | 0 | |
Total >90 Days | 2,583 | 2,590 | |
Total Past Due | 7,308 | 8,055 | |
Current | 265,186 | 257,376 | |
Loans, net of unearned income | 272,494 | 265,431 | 280,557 |
Consumer - direct [Member] | |||
Financial Receivable, Recorded investment, Past Due [Line Items] | |||
31-59 Days Past Due | 2,159 | 2,034 | |
60-89 Days Past Due | 727 | 857 | |
>90 Days Past Due and Accruing | 2,326 | 2,414 | |
Non-accrual | 0 | 0 | |
Total >90 Days | 2,326 | 2,414 | |
Total Past Due | 5,212 | 5,305 | |
Current | 103,985 | 104,018 | |
Loans, net of unearned income | 109,197 | 109,323 | |
Consumer - Indirect [Member] | |||
Financial Receivable, Recorded investment, Past Due [Line Items] | |||
31-59 Days Past Due | 1,719 | 2,156 | |
60-89 Days Past Due | 120 | 418 | |
>90 Days Past Due and Accruing | 257 | 176 | |
Non-accrual | 0 | 0 | |
Total >90 Days | 257 | 176 | |
Total Past Due | 2,096 | 2,750 | |
Current | 161,201 | 153,358 | |
Loans, net of unearned income | 163,297 | 156,108 | |
Leasing and other and overdrafts [Member] | |||
Financial Receivable, Recorded investment, Past Due [Line Items] | |||
31-59 Days Past Due | 468 | 357 | |
60-89 Days Past Due | 85 | 166 | |
>90 Days Past Due and Accruing | 73 | 133 | |
Non-accrual | 0 | 0 | |
Total >90 Days | 73 | 133 | |
Total Past Due | 626 | 656 | |
Current | 135,895 | 118,550 | |
Loans, net of unearned income | $ 136,521 | $ 119,206 | $ 102,008 |
Loans and Allowance for Credi62
Loans and Allowance for Credit Losses Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Provision for Loan and Lease Losses | $ 2,200 | $ 3,500 | $ (1,500) | $ 6,000 | |
Allowance for Loan and Lease Losses, Period Increase (Decrease) | $ 7,500 | ||||
Impaired loans with principal balances approximately in percentage | 72.00% | 79.00% | |||
Loan to value ratio in the Corporation's policy | 70.00% | 70.00% | |||
Recorded investment, with no related allowance | $ 59,992 | $ 59,992 | $ 59,073 | ||
TDR additional commitments to lend | 6,000 | 6,000 | $ 3,900 | ||
Maximum [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Minimum balance of loans evaluated individually for impairment | 1,000 | ||||
Minimum [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Minimum balance of loans evaluated individually for impairment | 1,000 | ||||
Impaired loans balances, real estate as collateral | $ 1,000 | $ 1,000 |
Mortgage Servicing Rights Summa
Mortgage Servicing Rights Summary of Changes in Mortgage Servicing Rights (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Amortized Cost: | ||||
Servicing Asset at Fair Value, Amount | $ 45,700 | $ 45,700 | ||
Mortgages [Member] | ||||
Amortized Cost: | ||||
Valuation Allowance for Impairment of Recognized Servicing Assets, Period Increase (Decrease) | 0 | $ 0 | ||
Residential Mortgage [Member] | ||||
Amortized Cost: | ||||
Balance at beginning of period | 41,803 | $ 41,668 | 42,148 | 42,452 |
Originations of mortgage servicing rights | 1,956 | 1,236 | 3,513 | 2,351 |
Amortization | (2,161) | (318) | (4,063) | (2,217) |
Balance at end of period | $ 41,598 | $ 42,586 | $ 41,598 | $ 42,586 |
Stock-Based Compensation Compen
Stock-Based Compensation Compensation Expense and Related Tax Benefits (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||
Stock-based compensation expense | $ 1,767 | $ 1,989 | $ 2,838 | $ 3,022 |
Tax benefit | (622) | (446) | (914) | (709) |
Stock-based compensation expense, net of tax | $ 1,145 | $ 1,543 | $ 1,924 | $ 2,313 |
Stock-Based Compensation Narrat
Stock-Based Compensation Narrative (Details) - Jun. 30, 2015 - shares | Total | Total |
Statement [Line Items] | ||
Share Based Compensation Arrangement By Share Based Payment Award Options Expiration Term | 10 years | |
Directors' Plan [Member] | ||
Statement [Line Items] | ||
Shares reserved for future grants under the stock option and compensation plan | 396,000 | 396,000 |
Employee Stock Option [Member] | ||
Statement [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period 1 | 3 years | |
Shares reserved for future grants under the stock option and compensation plan | 11,600,000 | 11,600,000 |
Performance Shares [Member] | ||
Statement [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures | 403,000 | |
Restricted Stock Units (RSUs) [Member] | ||
Statement [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures | 139,500 |
Employee Benefit Plans Summary
Employee Benefit Plans Summary of Pension Plan and Postretirement Plan Net Periodic Benefit Cost (Details) - USD ($) $ in Thousands | Feb. 01, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Pension Plan [Member] | ||||||
Define Benefit Plan Disclosure [Line Items] | ||||||
Service cost | [1] | $ 145 | $ 92 | $ 290 | $ 184 | |
Interest cost | 851 | 853 | 1,702 | 1,706 | ||
Expected return on plan assets | (752) | (810) | (1,504) | (1,621) | ||
Net amortization and deferral | 782 | 244 | 1,564 | 488 | ||
Net periodic benefit cost | 1,026 | 379 | 2,052 | 757 | ||
Postretirement Plan [Member] | ||||||
Define Benefit Plan Disclosure [Line Items] | ||||||
Service cost | [2] | 0 | 0 | 0 | 15 | |
Interest cost | 52 | 48 | 104 | 109 | ||
Net accretion and deferral | (65) | (84) | (130) | (179) | ||
Net periodic benefit cost | (13) | $ (36) | $ (26) | $ (55) | ||
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Curtailments | $ 1,500 | |||||
Defined Benefit Plan, Curtailments | $ 3,400 | |||||
[1] | The Pension Plan service cost recorded for the six months ended June 30, 2015 and 2014 was related to administrative costs associated with the plan and was not due to the accrual of additional participant benefits. | |||||
[2] | As a result of the plan amendment, additional participant benefits are not accrued under the Postretirement Plan after February 1, 2014. |
Derivative Financial Instrume67
Derivative Financial Instruments Notional Amounts and Fair Values of Derivative Financial Instruments (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Derivative [Line Items] | ||
Foreign Currency Open Position | $ 500,000 | |
Derivative asset, fair value | 20,180 | $ 20,360 |
Derivative liability, fair value | 20,223 | 20,790 |
Derivative asset (liability), net | 3,046 | 160 |
Interest Rate Lock Commitments [Member] | ||
Derivative [Line Items] | ||
Derivative asset, notional amount | 126,063 | 89,655 |
Derivative liability, notional amount | 2,240 | 301 |
Derivative asset, fair value | 1,268 | 1,391 |
Derivative liability, fair value | 48 | 6 |
Derivative asset (liability), net | 1,220 | 1,385 |
Forward Commitments [Member] | ||
Derivative [Line Items] | ||
Derivative asset, notional amount | 111,387 | 0 |
Derivative liability, notional amount | 27,107 | 93,802 |
Derivative asset, fair value | 1,705 | 0 |
Derivative liability, fair value | 24 | 1,164 |
Derivative asset (liability), net | 1,681 | (1,164) |
Interest Rate Swap with Customer [Member] | ||
Derivative [Line Items] | ||
Derivative asset, notional amount | 558,750 | 468,080 |
Derivative liability, notional amount | 46,937 | 25,418 |
Derivative asset, fair value | 19,317 | 19,716 |
Derivative liability, fair value | 234 | 198 |
Derivative asset (liability), net | 19,083 | 19,518 |
Interest Rate Swap with Counterparty [Member] | ||
Derivative [Line Items] | ||
Derivative asset, notional amount | 46,937 | 25,418 |
Derivative liability, notional amount | 558,750 | 468,080 |
Derivative asset, fair value | 234 | 198 |
Derivative liability, fair value | 19,317 | 19,716 |
Derivative asset (liability), net | (19,083) | (19,518) |
Foreign Exchange Contracts With Customer [Member] | ||
Derivative [Line Items] | ||
Derivative asset, notional amount | 8,200 | 11,616 |
Derivative liability, notional amount | 7,128 | 5,250 |
Derivative asset, fair value | 572 | 810 |
Derivative liability, fair value | 384 | 441 |
Derivative asset (liability), net | 188 | 369 |
Foreign Exchange Contracts With Correspondent Banks [Member] | ||
Derivative [Line Items] | ||
Derivative asset, notional amount | 9,296 | 5,287 |
Derivative liability, notional amount | 9,824 | 13,572 |
Derivative asset, fair value | 629 | 446 |
Derivative liability, fair value | 672 | 876 |
Derivative asset (liability), net | $ (43) | $ (430) |
Derivative Financial Instrume68
Derivative Financial Instruments Fair Value Gains and Losses on Derivative Financial Instruments (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Mortgage Banking Income [Member] | Interest rate lock with customers [Member] | ||||
Derivative [Line Items] | ||||
Gain (Loss) on Interest Rate Derivative Instruments Not Designated as Hedging Instruments | $ (1,287) | $ 1,203 | $ (165) | $ 1,592 |
Mortgage Banking Income [Member] | Forward Commitments [Member] | ||||
Derivative [Line Items] | ||||
Gain (Loss) on Interest Rate Derivative Instruments Not Designated as Hedging Instruments | 2,291 | (1,503) | 2,845 | (3,001) |
Other Income [Member] | ||||
Derivative [Line Items] | ||||
Derivative Instruments, Gain (Loss) Recognized in Income, Net | 967 | (293) | 2,886 | (1,478) |
Other Income [Member] | Interest Rate Swap with Customer [Member] | ||||
Derivative [Line Items] | ||||
Gain (Loss) on Interest Rate Derivative Instruments Not Designated as Hedging Instruments | (9,839) | 6,135 | (435) | 10,340 |
Other Income [Member] | Interest Rate Swap with Counterparty [Member] | ||||
Derivative [Line Items] | ||||
Gain (Loss) on Interest Rate Derivative Instruments Not Designated as Hedging Instruments | 9,839 | (6,135) | 435 | (10,340) |
Other Income [Member] | Foreign Exchange Contracts With Customer [Member] | ||||
Derivative [Line Items] | ||||
Gain (Loss) on Foreign Currency Derivatives Recorded in Earnings, Net | (748) | 105 | (181) | 297 |
Other Income [Member] | Foreign Exchange Contracts With Correspondent Banks [Member] | ||||
Derivative [Line Items] | ||||
Gain (Loss) on Foreign Currency Derivatives Recorded in Earnings, Net | $ 711 | $ (98) | $ 387 | $ (366) |
Fair Value Option Summary of Co
Fair Value Option Summary of Corporation's Mortgage Loans Held for Sale (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Fair Value, Option, Quantitative Disclosures [Line Items] | |||||
Loans Held-for-sale, Mortgages | $ 33,980 | $ 33,980 | $ 17,522 | ||
Mortgage Loans Held For Sale [Member] | |||||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||||
Gain (loss) in fair values of mortgage loans held for sale | (483) | $ 518 | (222) | $ 815 | |
Mortgage Loans Held For Sale [Member] | Cost [Member] | |||||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||||
Loans Held-for-sale, Mortgages | 33,760 | 33,760 | 17,080 | ||
Mortgage Loans Held For Sale [Member] | Fair Value [Member] | |||||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||||
Loans Held-for-sale, Mortgages | $ 33,980 | $ 33,980 | $ 17,522 |
Balance Sheet Offsetting (Detai
Balance Sheet Offsetting (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 | |
Offsetting Assets [Line Items] | |||
Gross Amounts Recognized on the Consolidated Balance Sheets | $ 20,180 | $ 20,360 | |
Gross Amounts Not Offset on the Consolidated Balance Sheets, Financial Instruments | [1] | (864) | (652) |
Gross Amounts Not Offset on the Consolidated Balance Sheets, Cash Collateral | [2] | 0 | 0 |
Net Amount | 19,316 | 19,708 | |
Offsetting Liabilities [Line Items] | |||
Gross Amounts Recognized on the Consolidated Balance Sheets | 20,223 | 20,790 | |
Gross Amounts Not Offset on the Consolidated Balance Sheets, Financial Instruments | [1] | (864) | (652) |
Gross Amounts Not Offset on the Consolidated Balance Sheets, Cash Collateral | [2] | (19,290) | (19,520) |
Net Amount | 69 | 618 | |
Foreign Exchange Contract [Member] | |||
Offsetting Assets [Line Items] | |||
Gross Amounts Recognized on the Consolidated Balance Sheets | 629 | 446 | |
Gross Amounts Not Offset on the Consolidated Balance Sheets, Financial Instruments | [1] | (629) | (446) |
Gross Amounts Not Offset on the Consolidated Balance Sheets, Cash Collateral | [2] | 0 | |
Net Amount | 0 | ||
Offsetting Liabilities [Line Items] | |||
Gross Amounts Recognized on the Consolidated Balance Sheets | 672 | 876 | |
Gross Amounts Not Offset on the Consolidated Balance Sheets, Financial Instruments | [1] | (629) | (446) |
Gross Amounts Not Offset on the Consolidated Balance Sheets, Cash Collateral | [2] | 0 | (310) |
Net Amount | 43 | 120 | |
Interest Rate Swap [Member] | |||
Offsetting Assets [Line Items] | |||
Gross Amounts Recognized on the Consolidated Balance Sheets | 19,551 | 19,914 | |
Gross Amounts Not Offset on the Consolidated Balance Sheets, Financial Instruments | [1] | (235) | (206) |
Gross Amounts Not Offset on the Consolidated Balance Sheets, Cash Collateral | [2] | 0 | 0 |
Net Amount | 19,316 | 19,708 | |
Offsetting Liabilities [Line Items] | |||
Gross Amounts Recognized on the Consolidated Balance Sheets | 19,551 | 19,914 | |
Gross Amounts Not Offset on the Consolidated Balance Sheets, Financial Instruments | [1] | (235) | (206) |
Gross Amounts Not Offset on the Consolidated Balance Sheets, Cash Collateral | [2] | (19,290) | (19,210) |
Net Amount | $ 26 | $ 498 | |
[1] | For interest rate swap and foreign exchange derivative assets, amounts represent any derivative liability fair values that could be offset in the event of counterparty or customer default. For interest rate swap and foreign exchange derivative liabilities, amounts represent any derivative asset fair values that could be offset in the event of counterparty or customer default. | ||
[2] | Amounts represent cash collateral posted on interest rate swap transactions with financial institution counterparties. Interest rate swaps with customers are collateralized by the underlying loans to those borrowers. |
Commitments and Contingencies O
Commitments and Contingencies Outstanding Commitments to Extend Credit and Letters of Credit (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2015 | Dec. 31, 2014 | |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Residential Mortgage Principal Balance Repurchase Request Received | $ 918 | $ 543 |
Residential Mortgage Principal Balance FHLB Credit Enhancement | 140,000 | |
Residential Mortgage Repurchase Reserves FHLB Credit Enhancement | 2,100 | 2,300 |
Commitments to Extend Credit [Member] | Reserve for Off-balance Sheet Activities [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Valuation allowances and Reserves, Balance | 5,071,983 | 4,389,064 |
Standby Letters of Credit [Member] | Reserve for Off-balance Sheet Activities [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Valuation allowances and Reserves, Balance | 387,996 | 382,465 |
Commercial Letters of Credit [Member] | Reserve for Off-balance Sheet Activities [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Valuation allowances and Reserves, Balance | 35,769 | 32,304 |
Residential Mortgage [Member] | Reserve for Off-balance Sheet Activities [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Valuation allowances and Reserves, Balance | $ 2,900 | $ 3,200 |
Fair Value Measurements Assets
Fair Value Measurements Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | $ 2,440,492 | $ 2,323,371 |
Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgages Held-for-sale, Fair Value Disclosure | 33,980 | 17,522 |
Available-for-sale Securities, Fair Value Disclosure | 2,440,492 | 2,323,371 |
Other Assets, Fair Value Disclosure | 40,526 | 38,987 |
Assets, Fair Value Disclosure | 2,514,998 | 2,379,880 |
Liabilities, Fair Value Disclosure | 37,470 | 38,821 |
Equity Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | 33,041 | 47,623 |
Equity Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | 33,041 | 47,623 |
U.S. Government Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | 200 | |
U.S. Government Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | 200 | |
U.S. Government-Sponsored Agency Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | 48,260 | 214 |
U.S. Government-Sponsored Agency Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | 48,260 | 214 |
State and Municipal Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | 236,517 | 245,215 |
State and Municipal Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | 236,517 | 245,215 |
Corporate Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | 97,172 | 98,034 |
Corporate Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | 97,172 | 98,034 |
Collateralized Mortgage Obligations [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | 918,232 | 902,313 |
Collateralized Mortgage Obligations [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | 918,232 | 902,313 |
Mortgage-Backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | 1,008,664 | 928,831 |
Mortgage-Backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | 1,008,664 | 928,831 |
Auction Rate Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | 98,606 | 100,941 |
Auction Rate Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | 98,606 | 100,941 |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgages Held-for-sale, Fair Value Disclosure | 0 | 0 |
Available-for-sale Securities, Fair Value Disclosure | 33,041 | 47,623 |
Other Assets, Fair Value Disclosure | 18,002 | 17,682 |
Assets, Fair Value Disclosure | 51,043 | 65,305 |
Liabilities, Fair Value Disclosure | 17,848 | 17,737 |
Fair Value, Inputs, Level 1 [Member] | Equity Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | 33,041 | 47,623 |
Fair Value, Inputs, Level 1 [Member] | U.S. Government Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | 0 | |
Fair Value, Inputs, Level 1 [Member] | U.S. Government-Sponsored Agency Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | State and Municipal Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Corporate Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Collateralized Mortgage Obligations [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Mortgage-Backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Auction Rate Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgages Held-for-sale, Fair Value Disclosure | 33,980 | 17,522 |
Available-for-sale Securities, Fair Value Disclosure | 2,304,495 | 2,166,899 |
Other Assets, Fair Value Disclosure | 22,524 | 21,305 |
Assets, Fair Value Disclosure | 2,360,999 | 2,205,726 |
Liabilities, Fair Value Disclosure | 19,622 | 21,084 |
Fair Value, Inputs, Level 2 [Member] | Equity Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | U.S. Government Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | 200 | |
Fair Value, Inputs, Level 2 [Member] | U.S. Government-Sponsored Agency Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | 48,260 | 214 |
Fair Value, Inputs, Level 2 [Member] | State and Municipal Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | 236,517 | 245,215 |
Fair Value, Inputs, Level 2 [Member] | Corporate Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | 92,822 | 90,126 |
Fair Value, Inputs, Level 2 [Member] | Collateralized Mortgage Obligations [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | 918,232 | 902,313 |
Fair Value, Inputs, Level 2 [Member] | Mortgage-Backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | 1,008,664 | 928,831 |
Fair Value, Inputs, Level 2 [Member] | Auction Rate Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgages Held-for-sale, Fair Value Disclosure | 0 | 0 |
Available-for-sale Securities, Fair Value Disclosure | 102,956 | 108,849 |
Other Assets, Fair Value Disclosure | 0 | 0 |
Assets, Fair Value Disclosure | 102,956 | 108,849 |
Liabilities, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Equity Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | U.S. Government Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | 0 | |
Fair Value, Inputs, Level 3 [Member] | U.S. Government-Sponsored Agency Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | State and Municipal Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Corporate Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | 4,350 | 7,908 |
Fair Value, Inputs, Level 3 [Member] | Collateralized Mortgage Obligations [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Mortgage-Backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Auction Rate Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | $ 98,606 | $ 100,941 |
Fair Value Measurements Changes
Fair Value Measurements Changes in Assets and Liabilities Measured at Fair Value on a Recurring Basis Using Level 3 Inputs (Details) - Fair Value, Measurements, Recurring [Member] - Fair Value, Inputs, Level 3 [Member] - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | ||
Pooled Trust Preferred Securities [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Balance, beginning of period | $ 1,084 | $ 5,659 | $ 4,088 | $ 5,306 | |
Sales | (554) | (1,394) | (3,633) | (1,394) | |
Unrealized adjustment to fair value | [1] | 0 | 38 | 190 | 559 |
Settlements - calls | (28) | (117) | (200) | ||
(Premium amortization) discount accretion | [2] | 0 | 0 | 2 | 4 |
Balance, end of period | 530 | 4,275 | 530 | 4,275 | |
Single-issuer Trust Preferred Securities [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Balance, beginning of period | 3,820 | 3,820 | 3,820 | 3,781 | |
Sales | 0 | 0 | 0 | 0 | |
Unrealized adjustment to fair value | [1] | (2) | (2) | (4) | 36 |
Settlements - calls | 0 | 0 | 0 | ||
(Premium amortization) discount accretion | [2] | 2 | 2 | 4 | 3 |
Balance, end of period | 3,820 | 3,820 | 3,820 | 3,820 | |
Auction Rate Securities [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Balance, beginning of period | 98,932 | 147,713 | 100,941 | 159,274 | |
Sales | 0 | 0 | 0 | (11,912) | |
Unrealized adjustment to fair value | [1] | (420) | 124 | (88) | 248 |
Settlements - calls | (1,081) | (2,446) | (1,081) | ||
(Premium amortization) discount accretion | [2] | 94 | 175 | 199 | 402 |
Balance, end of period | $ 98,606 | $ 146,931 | $ 98,606 | $ 146,931 | |
[1] | Pooled trust preferred securities, single-issuer trust preferred securities and ARCs are classified as available for sale investment securities; as such, the unrealized adjustment to fair value was recorded as an unrealized holding gain (loss) and included as a component of available for sale investment securities on the consolidated balance sheets. | ||||
[2] | Included as a component of net interest income on the consolidated statements of income. |
Fair Value Measurements Asset74
Fair Value Measurements Assets Measured at Fair Value on a Nonrecurring Basis (Details) - Fair Value, Measurements, Nonrecurring [Member] - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Net loans | $ 145,058 | $ 127,834 |
Other financial assets | 54,361 | 54,170 |
Assets, Fair Value Disclosure | 199,419 | 182,004 |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Net loans | 0 | 0 |
Other financial assets | 0 | 0 |
Assets, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Net loans | 0 | 0 |
Other financial assets | 0 | 0 |
Assets, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Net loans | 145,058 | 127,834 |
Other financial assets | 54,361 | 54,170 |
Assets, Fair Value Disclosure | $ 199,419 | $ 182,004 |
Fair Value Measurements Details
Fair Value Measurements Details of Book Value and Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 | |
Fair Value, Balance Sheet Grouping, FinancialStatement Captions[Line Items] | |||
Available for sale investment securities | $ 2,440,492 | $ 2,323,371 | |
Reported Value Measurement [Member] | |||
Fair Value, Balance Sheet Grouping, FinancialStatement Captions[Line Items] | |||
Cash and Cash Equivalents | 100,455 | 105,702 | |
Interest-Rate Deposits with Other Banks | 322,218 | 358,130 | |
Investment in Federal Home Loan Bank Stock, Fair Value Disclosure | 65,106 | 64,953 | |
Loans Held-for-sale | [1] | 33,980 | 17,522 |
Available for sale investment securities | [1] | 2,440,492 | 2,323,371 |
Loans, net of unearned income | [1] | 13,244,230 | 13,111,716 |
Accrued Interest Receivable | 41,193 | 41,818 | |
Other Financial Assets | [1] | 157,792 | 169,764 |
Demand and Savings Deposit Liabilities, Fair Value Disclosure | 10,501,956 | 10,296,055 | |
Time Deposit Liabilities, Fair Value Disclosure | 3,003,753 | 3,071,451 | |
Short-term borrowings | 409,035 | 329,719 | |
Accrued interest payable | 15,172 | 18,045 | |
Other Financial Liabilities | [1] | 175,220 | 172,786 |
Federal Home Loan Bank Advances And Debt Long Term, Fair Value Disclosre | 1,132,641 | 1,139,413 | |
Estimate of Fair Value Measurement [Member] | |||
Fair Value, Balance Sheet Grouping, FinancialStatement Captions[Line Items] | |||
Cash and Cash Equivalents | 100,455 | 105,702 | |
Interest-Rate Deposits with Other Banks | 322,218 | 358,130 | |
Investment in Federal Home Loan Bank Stock, Fair Value Disclosure | 65,106 | 64,953 | |
Loans Held-for-sale | [1] | 33,980 | 17,522 |
Available for sale investment securities | [1] | 2,440,492 | 2,323,371 |
Loans, net of unearned income | [1] | 13,129,521 | 13,030,543 |
Accrued Interest Receivable | 41,193 | 41,818 | |
Other Financial Assets | [1] | 157,792 | 169,764 |
Demand and Savings Deposit Liabilities, Fair Value Disclosure | 10,501,956 | 10,296,055 | |
Time Deposit Liabilities, Fair Value Disclosure | 2,999,352 | 3,069,883 | |
Short-term borrowings | 409,035 | 329,719 | |
Accrued interest payable | 15,172 | 18,045 | |
Other Financial Liabilities | [1] | 175,220 | 172,786 |
Federal Home Loan Bank Advances And Debt Long Term, Fair Value Disclosre | $ 1,152,810 | $ 1,142,980 | |
[1] | These financial instruments, or certain financial instruments within these categories, are measured at fair value on the Corporation’s consolidated balance sheets. Descriptions of the fair value determinations for these financial instruments are disclosed above. |
Fair Value Measurements Narrati
Fair Value Measurements Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2015 | Dec. 31, 2014 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value, Equity Securities, Value Test Coverage, Percent | 80.00% | |
Fair Value, Equity Securities, Fair Value Price Difference Threshold, Percent | 5.00% | |
Corporate debt securities | $ 2,407,451 | |
Significant Input, Assumed Market Return to Liquidity, Years | 5 years | |
Other real estate owned (OREO) | $ 12,763 | $ 12,022 |
Short Term Borrowings, Reprice Period, In Days | 90 | |
Minimum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Servicing Assets and Servicing Liabilities at Fair Value, Assumptions Used to Estimate Fair Value, Prepayment Speed | 11.30% | |
Servicing Assets and Servicing Liabilities at Fair Value, Assumptions Used to Estimate Fair Value, Discount Rate | 9.60% | |
Equity Securities Financial Institution [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Equity Securities | $ 27,200 | 41,800 |
Other Equity Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Equity Securities | 5,800 | |
Corporate Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Corporate debt securities | 97,172 | 98,034 |
Single-issuer Trust Preferred Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Corporate debt securities | 43,378 | 42,016 |
Pooled Trust Preferred Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Corporate debt securities | 530 | 4,088 |
Fair Value, Measurements, Recurring [Member] | Single-issuer Trust Preferred Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Corporate debt securities | 43,400 | 42,000 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Equity Securities Financial Institution [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Equity Securities | 27,200 | 41,800 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Other Equity Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Equity Securities | 5,800 | 5,800 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Financial Institutions Subordinated Debt [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Corporate debt securities | 49,700 | 50,000 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Single-issuer Trust Preferred Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Corporate debt securities | 39,600 | 38,200 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Other Corporate Debt [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Corporate debt securities | 3,500 | 1,900 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Single-issuer Trust Preferred Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Corporate debt securities | 3,800 | 3,800 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Pooled Trust Preferred Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Corporate debt securities | 500 | 4,100 |
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other real estate owned (OREO) | 12,800 | 12,000 |
Servicing Asset at Amortized Value, Fair Value | 41,600 | 42,100 |
Trust for Benefit of Employees [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other financial assets | 16,800 | 16,400 |
Foreign Exchange Contract [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other financial assets | 1,200 | 1,300 |
Forward Contracts [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other financial assets | 3,000 | 1,400 |
Other financial liabilities | 72 | 1,200 |
Interest Rate Swap [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other financial assets | 19,600 | 19,900 |
Other financial liabilities | 19,600 | 19,900 |
Foreign Exchange Contract [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other financial liabilities | 1,000 | 1,300 |
Trust for Benefit of Employees [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other financial liabilities | $ 16,800 | $ 16,400 |
Common Stock Repurchase Plans (
Common Stock Repurchase Plans (Details) - USD ($) $ / shares in Units, shares in Millions | 1 Months Ended | 6 Months Ended | |||
Apr. 30, 2015 | Nov. 30, 2014 | Jun. 30, 2015 | Apr. 30, 2015 | Jun. 30, 2014 | |
Stockholders' Equity Note [Abstract] | |||||
Stock repurchase program, authorized amount | $ 50,000,000 | $ 100,000,000 | $ 50,000,000 | ||
Payments for repurchase of common stock | $ 100,000,000 | $ 19,013,000 | $ 49,804,000 | ||
Acquisition of treasury stock (in shares) | 1.8 | 6.5 | 1.5 | 8.3 | |
Share repurchase plan, percent of common shares outstanding, expected to be delivered | 80.00% | ||||
Treasury stock aquired, average cost per share | $ 12.05 | $ 12.36 | |||
Stock repurchase program, Number of shares authorized to be repurchased, percent of shares outstanding | 2.30% |
Subsequent Event (Details)
Subsequent Event (Details) - USD ($) | 1 Months Ended | |
Jul. 31, 2015 | Jun. 30, 2015 | |
Subordinated Debt | ||
Subsequent Event [Line Items] | ||
Debt instrument, face amount | $ 150,000,000 | |
Debt instrument, term | 10 years | |
Subordinated borrowing, interest rate | 4.50% | |
Debt instrument, effective interest rate | 4.70% | |
Junior Subordinated Debt | Fulton Capital Trust I | Subsequent Event | ||
Subsequent Event [Line Items] | ||
Subordinated borrowing, interest rate | 6.29% | |
Debt instrument, effective interest rate | 6.52% | |
Repayments of subordinated debt | $ 150,000,000 | |
Loss on extinguishment of debt | $ 5,600,000 |