Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2017 | Jul. 28, 2017 | |
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, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 174,941,000 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
ASSETS | ||
Cash and due from banks | $ 94,938 | $ 118,763 |
Interest-bearing deposits with other banks | 322,514 | 233,763 |
Federal Reserve Bank and Federal Home Loan Bank stock | 70,328 | 57,489 |
Loans held for sale | 62,354 | 28,697 |
Available for sale investment securities | 2,488,699 | 2,559,227 |
Loans, net of unearned income | 15,346,617 | 14,699,272 |
Less: Allowance for loan losses | (172,342) | (168,679) |
Net Loans | 15,174,275 | 14,530,593 |
Premises and equipment | 217,558 | 217,806 |
Accrued interest receivable | 47,603 | 46,294 |
Goodwill and intangible assets | 531,556 | 531,556 |
Other assets | 637,610 | 620,059 |
Total Assets | 19,647,435 | 18,944,247 |
LIABILITIES | ||
Noninterest-bearing | 4,574,619 | 4,376,137 |
Interest-bearing | 10,782,742 | 10,636,727 |
Total Deposits | 15,357,361 | 15,012,864 |
Short-term borrowings: | ||
Federal funds purchased | 206,269 | 278,570 |
Other short-term borrowings | 488,590 | 262,747 |
Total Short-Term Borrowings | 694,859 | 541,317 |
Accrued interest payable | 7,804 | 9,632 |
Other liabilities | 357,680 | 329,916 |
Federal Home Loan Bank advances and other long-term debt | 1,037,961 | 929,403 |
Total Liabilities | 17,455,665 | 16,823,132 |
SHAREHOLDERS’ EQUITY | ||
Common stock, $2.50 par value, 600 million shares authorized, 220.8 million shares issued in 2017 and 219.9 million shares issued in 2016 | 551,936 | 549,707 |
Additional paid-in capital | 1,473,549 | 1,467,602 |
Retained earnings | 782,541 | 732,099 |
Accumulated other comprehensive loss | (24,875) | (38,449) |
Treasury stock, at cost, 45.9 million shares in 2017 and 45.8 million shares in 2016 | (591,381) | (589,844) |
Total Shareholders’ Equity | 2,191,770 | 2,121,115 |
Total Liabilities and Shareholders’ Equity | $ 19,647,435 | $ 18,944,247 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2017 | Dec. 31, 2016 |
Statement of Financial Position [Abstract] | ||
Common stock, par value (in dollars per share) | $ 2.5 | $ 2.5 |
Common stock, shares authorized (in shares) | 600,000,000 | 600,000,000 |
Common stock, shares issued (in shares) | 220,800,000 | 219,900,000 |
Treasury stock, shares (in shares) | 45,900,000 | 45,800,000 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
INTEREST INCOME | ||||
Loans, including fees | $ 148,440 | $ 134,643 | $ 291,006 | $ 268,722 |
Investment securities: | ||||
Taxable | 11,474 | 11,159 | 23,388 | 23,162 |
Tax-exempt | 2,856 | 2,320 | 5,705 | 4,360 |
Dividends | 109 | 135 | 238 | 295 |
Loans held for sale | 201 | 188 | 388 | 319 |
Other interest income | 801 | 864 | 1,643 | 1,762 |
Total Interest Income | 163,881 | 149,309 | 322,368 | 298,620 |
INTEREST EXPENSE | ||||
Deposits | 12,884 | 10,887 | 24,685 | 21,614 |
Short-term borrowings | 974 | 217 | 1,829 | 485 |
Federal Home Loan Bank advances and other long-term debt | 8,460 | 9,289 | 16,712 | 18,551 |
Total Interest Expense | 22,318 | 20,393 | 43,226 | 40,650 |
Net Interest Income | 141,563 | 128,916 | 279,142 | 257,970 |
Provision for credit losses | 6,700 | 2,511 | 11,500 | 4,041 |
Net Interest Income After Provision for Credit Losses | 134,863 | 126,405 | 267,642 | 253,929 |
NON-INTEREST INCOME | ||||
Other service charges and fees | 14,342 | 12,983 | 26,779 | 23,733 |
Service charges on deposit accounts | 12,914 | 12,896 | 25,314 | 25,454 |
Investment management and trust services | 12,132 | 11,247 | 23,940 | 22,235 |
Mortgage banking income | 6,141 | 3,897 | 10,737 | 7,927 |
Investment securities gains, net | 1,436 | 76 | 2,542 | 1,023 |
Other | 5,406 | 5,038 | 9,732 | 8,902 |
Total Non-Interest Income | 52,371 | 46,137 | 99,044 | 89,274 |
NON-INTEREST EXPENSE | ||||
Salaries and employee benefits | 74,496 | 70,029 | 143,732 | 139,401 |
Net occupancy expense | 12,316 | 11,811 | 24,979 | 24,031 |
Other outside services | 7,708 | 5,508 | 13,254 | 11,564 |
Data processing | 4,619 | 5,476 | 8,905 | 10,876 |
Software | 4,435 | 3,953 | 9,128 | 7,874 |
Amortization of tax credit investments | 3,151 | 0 | 4,149 | 0 |
Equipment expense | 3,034 | 2,872 | 6,393 | 6,243 |
Professional fees | 2,931 | 3,353 | 5,668 | 5,686 |
FDIC insurance expense | 2,366 | 2,960 | 4,424 | 5,909 |
Marketing | 2,234 | 1,916 | 4,220 | 3,540 |
Other | 15,405 | 13,759 | 30,118 | 26,926 |
Total Non-Interest Expense | 132,695 | 121,637 | 254,970 | 242,050 |
Income Before Income Taxes | 54,539 | 50,905 | 111,716 | 101,153 |
Income taxes | 9,072 | 11,155 | 22,869 | 23,146 |
Net Income | $ 45,467 | $ 39,750 | $ 88,847 | $ 78,007 |
PER SHARE: | ||||
Net Income (Basic) (in dollars per share) | $ 0.26 | $ 0.23 | $ 0.51 | $ 0.45 |
Net Income (Diluted) (in dollars per share) | 0.26 | 0.23 | 0.51 | 0.45 |
Cash Dividends (in dollars per share) | $ 0.11 | $ 0.10 | $ 0.22 | $ 0.19 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Statement of Comprehensive Income [Abstract] | ||||
Net Income | $ 45,467 | $ 39,750 | $ 88,847 | $ 78,007 |
Other Comprehensive Income, net of tax: | ||||
Unrealized gain on securities | 10,268 | 12,839 | 14,541 | 29,865 |
Reclassification adjustment for securities gains included in net income | (932) | (49) | (1,651) | (665) |
Amortization of unrealized loss on derivative financial instruments | 0 | 4 | 0 | 8 |
Amortization of net unrecognized pension and postretirement items | 341 | 32 | 684 | 498 |
Other Comprehensive Income | 9,677 | 12,826 | 13,574 | 29,706 |
Total Comprehensive Income | $ 55,144 | $ 52,576 | $ 102,421 | $ 107,713 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock [Member] | Additional Paid-In Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income [Member] | Treasury Stock [Member] |
Beginning Balance at Dec. 31, 2015 | $ 2,041,894 | $ 547,141 | $ 1,450,690 | $ 641,588 | $ (22,017) | $ (575,508) |
Beginning Balance (in shares) at Dec. 31, 2015 | 174,176 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net Income | 78,007 | 78,007 | ||||
Other comprehensive income | 29,706 | 29,706 | ||||
Stock issued | 3,348 | $ 389 | 1,405 | 1,554 | ||
Stock issued, including related tax benefits (in shares) | 273 | |||||
Stock-based compensation awards | 3,256 | 3,256 | ||||
Acquisition of treasury stock (in shares) | (1,310) | |||||
Acquisition of treasury stock | (16,254) | (16,254) | ||||
Common stock cash dividends | (32,960) | (32,960) | ||||
Ending Balance at Jun. 30, 2016 | 2,106,997 | $ 547,530 | 1,455,351 | 686,635 | 7,689 | (590,208) |
Ending Balance (in shares) at Jun. 30, 2016 | 173,139 | |||||
Beginning Balance at Dec. 31, 2016 | 2,121,115 | $ 549,707 | 1,467,602 | 732,099 | (38,449) | (589,844) |
Beginning Balance (in shares) at Dec. 31, 2016 | 174,040 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net Income | 88,847 | |||||
Other comprehensive income | 13,574 | 13,574 | ||||
Stock issued | 4,870 | $ 2,229 | 4,178 | (1,537) | ||
Stock issued, including related tax benefits (in shares) | 877 | |||||
Stock-based compensation awards | 1,769 | 1,769 | ||||
Common stock cash dividends | (38,405) | (38,405) | ||||
Ending Balance at Jun. 30, 2017 | $ 2,191,770 | $ 551,936 | $ 1,473,549 | $ 782,541 | $ (24,875) | $ (591,381) |
Ending Balance (in shares) at Jun. 30, 2017 | 174,917 |
Consolidated Statements of Sha7
Consolidated Statements of Shareholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Statement of Stockholders' Equity [Abstract] | ||||
Cash dividends per share | $ 0.11 | $ 0.10 | $ 0.22 | $ 0.19 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net Income | $ 88,847 | $ 78,007 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Provision for credit losses | 11,500 | 4,041 |
Depreciation and amortization of premises and equipment | 13,974 | 13,804 |
Net amortization of investment securities premiums | 4,775 | 4,647 |
Investment securities gains, net | (2,542) | (1,023) |
Gain on sales of mortgage loans held for sale | (6,562) | (7,110) |
Proceeds from sales of mortgage loans held for sale | 283,251 | 304,516 |
Originations of mortgage loans held for sale | (281,356) | (314,850) |
Amortization of issuance costs on long-term debt | 382 | 193 |
Stock-based compensation | 1,769 | 3,256 |
Excess tax benefits from stock-based compensation | 0 | (28) |
Increase in accrued interest receivable | (1,309) | (549) |
Increase in other assets | (26,610) | (18,268) |
Decrease in accrued interest payable | (1,828) | (2,388) |
(Decrease) increase in other liabilities | (9,327) | 9,866 |
Total adjustments | (13,883) | (3,893) |
Net cash provided by operating activities | 74,964 | 74,114 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Proceeds from sales of securities available for sale | 29,518 | 84,972 |
Proceeds from principal repayments and maturities of securities available for sale | 225,788 | 282,832 |
Purchase of securities available for sale | (158,078) | (355,220) |
Increase in short-term investments | (101,590) | (115,570) |
Net increase in loans | (655,172) | (326,902) |
Net purchases of premises and equipment | (13,726) | (17,130) |
Net cash used in investing activities | (673,260) | (447,018) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Net increase in demand and savings deposits | 351,329 | 202,552 |
Net decrease in time deposits | (6,832) | (42,305) |
Increase in short-term borrowings | 153,542 | 224,551 |
Additions to long-term debt | 223,251 | 16,000 |
Repayments of long-term debt | (115,075) | (183) |
Net proceeds from issuance of common stock | 4,870 | 3,320 |
Excess tax benefits from stock-based compensation | 0 | 28 |
Dividends paid | (36,614) | (31,278) |
Acquisition of treasury stock | 0 | (16,254) |
Net cash provided by financing activities | 574,471 | 356,431 |
Net Decrease in Cash and Due From Banks | (23,825) | (16,473) |
Cash and Due From Banks at Beginning of Period | 118,763 | 101,120 |
Cash and Due From Banks at End of Period | 94,938 | 84,647 |
Cash paid during the period for: | ||
Interest | 45,054 | 43,038 |
Income taxes | 7,016 | 9,087 |
Supplemental schedule of certain noncash activities: | ||
Transfer of student loans to loans held for sale | $ 28,990 | $ 0 |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2017 | |
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, 2016 . Operating results for the six months ended June 30, 2017 are not necessarily indicative of the results that may be expected for the year ending December 31, 2017 . The Corporation evaluates subsequent events through the date of filing of this Form 10-Q with the Securities and Exchange Commission ("SEC"). Recently Issued Accounting Standards In May 2014, the FASB issued ASC Update 2014-09, "Revenue from Contracts with Customers." This standards update establishes a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. The core principle prescribed by this standards update is that an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The standard applies to all contracts with customers, except those that are within the scope of other topics in the FASB ASC. The standard also requires significantly expanded disclosures about revenue recognition. During 2016, the FASB issued amendments to this standard (ASC Updates 2016-08, 2016-10, 2016-11 and 2016-12). These amendments provide further clarification to the standard. For public business entities, ASC Update 2014-09 is effective for interim and annual reporting periods beginning after December 15, 2017. Early application is not permitted. For the Corporation, this standards update is effective with its March 31, 2018 quarterly report on Form 10-Q. The Corporation is currently evaluating the impact of the adoption of ASC Update 2014-09 on its consolidated financial statements. In January 2016, the FASB issued ASC Update 2016-01, "Financial Instruments - Overall: Recognition and Measurement of Financial Assets and Financial Liabilities." ASC Update 2016-01 provides guidance regarding the income statement impact of equity investments held by an entity and the recognition of changes in fair value of financial liabilities when the fair value option is elected. This standard will require equity investments to be measured at fair value, with changes recorded in net income. ASC Update 2016-01 is effective for public business entities' annual and interim reporting periods beginning after December 15, 2017, with earlier adoption permitted. The Corporation intends to adopt this standards update effective with its March 31, 2018 quarterly report on Form 10-Q and does not expect the adoption of ASC Update 2016-01 to have a material impact on its consolidated financial statements. In February 2016, the FASB issued ASC Update 2016-02, "Leases." This standards update states that a lessee should recognize the assets and liabilities that arise from all leases with a term greater than 12 months. The core principle requires the lessee to recognize a liability to make lease payments and a "right-of-use" asset. The accounting applied by the lessor is relatively unchanged. The standards update also requires expanded qualitative and quantitative disclosures. For public business entities, ASC Update 2016-02 is effective for interim and annual reporting periods beginning after December 15, 2018. ASC Update 2016-02 mandates a modified retrospective transition for all entities, which requires restatement of all comparative periods in the year of adoption. Early adoption is permitted. For the Corporation, this standards update is effective with its March 31, 2019 quarterly report on Form 10-Q. The Corporation is currently evaluating the impact of the adoption of ASC Update 2016-02 on its consolidated financial statements. The Corporation currently operates a number of branches that are leased, with the leases accounted for as operating leases that are not recognized on the consolidated balance sheet. Under ASC Update 2016-02, right-of-use assets and lease liabilities will need to be recognized on the consolidated balance sheet for these branches. The recognition of operating leases on the consolidated balance sheet is expected to be the most significant impact of the adoption of this standards update. In June 2016, the FASB issued ASC Update 2016-13, "Financial Instruments - Credit Losses." The new impairment model prescribed by this standards update is a single impairment model for all financial assets (i.e., loans and investments). The recognition of credit losses would be based on an entity’s current estimate of expected losses (referred to as the Current Expected Credit Loss model, or "CECL"), as opposed to recognition of losses only when they are probable under current U.S. GAAP. ASC Update 2016-13 is effective for interim and annual reporting periods beginning after December 15, 2019. Early adoption is permitted. The Corporation intends to adopt this standards update effective with its March 31, 2020 quarterly report on Form 10-Q. The Corporation is currently evaluating the impact of the adoption of ASC Update 2016-13 on its consolidated financial statements. In August 2016, the FASB issued ASC Update 2016-15, "Statement of Cash Flows - Classification of Certain Cash Receipts and Cash Payments." This standards update provides guidance regarding the presentation of certain cash receipts and cash payments in the statement of cash flows, addressing eight specific cash flow classification issues, in order to reduce existing diversity in practice. ASC Update 2016-15 is effective for interim and annual reporting periods beginning after December 15, 2017. Early adoption is permitted. The Corporation intends to adopt this standards update effective with its March 31, 2018 quarterly report on Form 10-Q and does not expect the adoption of ASC Update 2016-15 to have a material impact on its consolidated financial statements. In November 2016, the FASB issued ASC Update 2016-18, "Statement of Cash Flows - Restricted Cash." This standards update provides guidance regarding the presentation of restricted cash in the statement of cash flows. The update requires companies to include amounts generally described as restricted cash and restricted cash equivalents, along with cash and cash equivalents, when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. It also requires an entity to disclose the nature of the restrictions on cash and cash equivalents. ASC Update 2016-18 is effective for interim and annual reporting periods beginning after December 15, 2017. Early adoption is permitted. The Corporation intends to adopt this standards update effective with its March 31, 2018 quarterly report on Form 10-Q and does not expect the adoption of ASC Update 2016-18 to have a material impact on its consolidated financial statements. In January 2017, the FASB issued ASC Update 2017-04, "Intangibles - Goodwill and Other." This standards update eliminates Step 2 of the goodwill impairment test which measures the impairment amount. Identifying and measuring impairment will take place in a single quantitative step. In addition, no separate qualitative assessment for reporting units with zero or negative carrying amount is required. Entities must disclose the existence of these reporting units and the amount of goodwill allocated to them. This update should be applied on a prospective basis, and an entity is required to disclose the nature of and reason for the change in accounting principle upon transition. ASC Update 2017-04 is effective for annual or interim goodwill impairment tests in reporting periods beginning after December 15, 2019. Early adoption is permitted. The Corporation intends to adopt this standards update effective with its 2020 goodwill impairment test and does not expect the adoption of ASC Update 2017-04 to have a material impact on its consolidated financial statements. In March 2017, the FASB issued ASC Update 2017-07, "Improving the Presentation of Net Periodic Pension Costs and Net Periodic Benefit Cost." This standards update requires a company to present service cost separately from the other components of net benefit cost. In addition, the update provides explicit guidance on how to present the service cost component and the other components of net benefit cost in the income statement and allow only the service cost component of net benefit cost to be eligible for capitalization. ASC Update 2017-07 is effective for annual or interim reporting periods beginning after December 15, 2017. Early adoption is permitted. The Corporation intends to adopt this standards update effective with its March 31, 2018 quarterly report on Form 10-Q and is currently evaluating the impact of the adoption of ASC Update 2017-07 on its consolidated financial statements. In March 2017, the FASB issued ASC Update 2017-08, "Premium Amortization on Purchased Callable Debt Securities." This standards update requires that a company amortize the premium on callable debt securities to the earliest call date versus current U.S. GAAP which requires amortization over the contractual life of the securities. The amortization period for callable debt securities purchased at a discount would not be impacted by the new accounting standards update. This amendment is to be adopted on a modified retrospective basis with a cumulative effect adjustment to retained earnings as of the beginning of the period of adoption. ASC Update 2017-08 is effective for annual or interim reporting periods beginning after December 15, 2018. Early adoption is permitted. The Corporation intends to adopt this standards update effective with its March 31, 2019 quarterly report on Form 10-Q and does not expect the adoption of ASC Update 2017-08 to have a material impact on its consolidated financial statements. In May 2017, the FASB issued ASC Update 2017-09, "Scope of Modification Accounting." This standards update provides clarity and reduces both (1) diversity in practice and (2) cost and complexity, when applying the guidance in the stock compensation standard, to a change to the terms or conditions of a share-based payment award. ASC Update 2017-09 is effective for annual or interim reporting periods beginning after December 15, 2017. Early adoption is permitted. The Corporation intends to adopt this standards update effective with its March 31, 2018 quarterly report on Form 10-Q and does not expect the adoption of ASC Update 2017-09 to have a material impact on its consolidated financial statements. Reclassifications Certain amounts in the 2016 consolidated financial statements and notes have been reclassified to conform to the 2017 presentation. |
Net Income Per Share
Net Income Per Share | 6 Months Ended |
Jun. 30, 2017 | |
Earnings Per Share [Abstract] | |
Net Income Per Share | Net Income Per Share Basic net income per share is calculated as net income divided by the weighted average number of shares outstanding. Diluted net income per share is calculated as net income divided by the weighted average number of shares outstanding plus the incremental number of shares added as a result of converting common stock equivalents, calculated using the treasury stock method. The Corporation’s common stock equivalents consist of outstanding stock options, restricted stock units ("RSUs") and performance-based restricted stock units ("PSUs"). PSUs are required to be included in weighted average shares outstanding if performance measures, as defined in each PSU award agreement, are met as of the end of the period. A reconciliation of weighted average shares outstanding used to calculate basic net income per share and diluted net income per share follows: Three months ended June 30 Six months ended June 30 2017 2016 2017 2016 (in thousands) Weighted average shares outstanding (basic) 174,597 173,394 174,375 173,363 Impact of common stock equivalents 935 924 1,179 1,004 Weighted average shares outstanding (diluted) 175,532 174,318 175,554 174,367 For the three and six months ended June 30, 2016, 802,000 and 844,000 stock options, respectively, were excluded from the diluted net income per share computation as their effect would have been anti-dilutive. There were no stock options excluded for the three and six months ended June 30, 2017 . |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income | 6 Months Ended |
Jun. 30, 2017 | |
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, 2017 Unrealized gain on securities $ 15,798 $ (5,530 ) $ 10,268 Reclassification adjustment for securities gains included in net income (1) (1,436 ) 504 (932 ) Amortization of net unrecognized pension and postretirement items (3) 522 (181 ) 341 Total Other Comprehensive Income $ 14,884 $ (5,207 ) $ 9,677 Three months ended June 30, 2016 Unrealized gain on securities $ 19,753 $ (6,914 ) $ 12,839 Reclassification adjustment for securities gains included in net income (1) (76 ) 27 (49 ) Amortization of unrealized loss on derivative financial instruments (2) 6 (2 ) 4 Amortization of net unrecognized pension and postretirement items (3) 49 (17 ) 32 Total Other Comprehensive Income $ 19,732 $ (6,906 ) $ 12,826 Six months ended June 30, 2017 Unrealized gain on securities $ 22,374 $ (7,833 ) $ 14,541 Reclassification adjustment for securities gains included in net income (1) (2,542 ) 891 (1,651 ) Amortization of net unrecognized pension and postretirement items (3) 1,051 (367 ) 684 Total Other Comprehensive Income $ 20,883 $ (7,309 ) $ 13,574 Six months ended June 30, 2016 Unrealized gain on securities $ 45,946 $ (16,081 ) $ 29,865 Reclassification adjustment for securities gains included in net income (1) (1,023 ) 358 (665 ) Amortization of unrealized loss on derivative financial instruments (2) 12 (4 ) 8 Amortization of net unrecognized pension and postretirement items (3) 766 (268 ) 498 Total Other Comprehensive Income $ 45,701 $ (15,995 ) $ 29,706 (1) Amounts reclassified out of accumulated other comprehensive income. Before-tax amounts included in "Investment securities gains, net" on the consolidated statements of income. See Note 4, "Investment Securities," for additional details. (2) Amounts reclassified out of accumulated other comprehensive income. Before-tax amounts included in "Interest expense" on the consolidated statements of income. (3) Amounts reclassified out of accumulated other comprehensive income. Before-tax amounts included in "Salaries and employee benefits" on the consolidated statements of income. See Note 8, "Employee Benefit Plans," for additional details. The following table presents changes in each component of accumulated other comprehensive income (loss), net of tax: Unrealized Gains (Losses) on Investment Securities Not Other-Than-Temporarily Impaired Unrealized Non-Credit Gains (Losses) on Other-Than-Temporarily Impaired Debt Securities 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, 2017 Balance at March 31, 2017 $ (19,493 ) $ 273 $ — $ (15,332 ) $ (34,552 ) Other comprehensive income before reclassifications 10,268 — — — 10,268 Amounts reclassified from accumulated other comprehensive income (loss) (932 ) — — 341 (591 ) Balance at June 30, 2017 $ (10,157 ) $ 273 $ — $ (14,991 ) $ (24,875 ) Three months ended June 30, 2016 Balance at March 31, 2016 $ 9,911 $ 458 $ (11 ) $ (15,495 ) $ (5,137 ) Other comprehensive income before reclassifications 12,839 — — — 12,839 Amounts reclassified from accumulated other comprehensive income (loss) (49 ) — 4 32 (13 ) Balance at June 30, 2016 $ 22,701 $ 458 $ (7 ) $ (15,463 ) $ 7,689 Six months ended June 30, 2017 Balance at December 31, 2016 $ (23,047 ) $ 273 $ — $ (15,675 ) $ (38,449 ) Other comprehensive income before reclassifications 14,541 — — — 14,541 Amounts reclassified from accumulated other comprehensive income (loss) (1,651 ) — — 684 (967 ) Balance at June 30, 2017 $ (10,157 ) $ 273 $ — $ (14,991 ) $ (24,875 ) Six months ended June 30, 2016 Balance at December 31, 2015 $ (6,499 ) $ 458 $ (15 ) $ (15,961 ) $ (22,017 ) Other comprehensive income before reclassifications 29,865 — — — 29,865 Amounts reclassified from accumulated other comprehensive income (loss) (665 ) — 8 498 (159 ) Balance at June 30, 2016 $ 22,701 $ 458 $ (7 ) $ (15,463 ) $ 7,689 |
Investment Securities
Investment Securities | 6 Months Ended |
Jun. 30, 2017 | |
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, 2017 U.S. Government sponsored agency securities $ 5,960 $ 94 $ — $ 6,054 State and municipal securities 405,035 3,726 (7,125 ) 401,636 Corporate debt securities 88,887 2,531 (2,426 ) 88,992 Collateralized mortgage obligations 546,847 1,399 (9,739 ) 538,507 Residential mortgage-backed securities 1,218,257 5,782 (10,974 ) 1,213,065 Commercial mortgage-backed securities 121,012 390 (335 ) 121,067 Auction rate securities 107,410 — (9,487 ) 97,923 Total debt securities 2,493,408 13,922 (40,086 ) 2,467,244 Equity securities 10,487 10,968 — 21,455 Total $ 2,503,895 $ 24,890 $ (40,086 ) $ 2,488,699 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value (in thousands) December 31, 2016 U.S. Government sponsored agency securities $ 132 $ 2 $ — $ 134 State and municipal securities 405,274 2,043 (15,676 ) 391,641 Corporate debt securities 112,016 1,978 (4,585 ) 109,409 Collateralized mortgage obligations 604,095 1,943 (12,178 ) 593,860 Residential mortgage-backed securities 1,328,192 6,546 (16,900 ) 1,317,838 Commercial mortgage-backed securities 25,100 — (537 ) 24,563 Auction rate securities 107,215 — (9,959 ) 97,256 Total debt securities 2,582,024 12,512 (59,835 ) 2,534,701 Equity securities 12,231 12,295 — 24,526 Total $ 2,594,255 $ 24,807 $ (59,835 ) $ 2,559,227 Securities carried at $1.7 billion and $1.8 billion as of June 30, 2017 and December 31, 2016 , respectively, were pledged as collateral to secure public and trust deposits and customer repurchase agreements. Equity securities include common stocks of publicly traded financial institutions (estimated fair value of $20.5 million at June 30, 2017 and $23.5 million at December 31, 2016 ) and other equity investments (estimated fair value of $1.0 million at both June 30, 2017 and December 31, 2016 ). As of June 30, 2017 , the financial institutions stock portfolio had a cost basis of $9.7 million and an estimated fair value of $20.5 million , including an investment in a single financial institution with a cost basis of $4.3 million and an estimated fair value of $8.8 million . The estimated fair value of this investment accounted for 42.9% of the estimated fair value of the Corporation's investments in the common stocks of publicly traded financial institutions. No other investment in a single financial institution in the financial institutions stock portfolio exceeded 10% of the portfolio's estimated fair value. The amortized cost and estimated fair values of debt securities as of June 30, 2017 , by contractual maturity, are shown in the following table. Actual maturities may differ from contractual maturities as certain investment securities are subject to call or prepayment with or without call or prepayment penalties. Amortized Estimated (in thousands) Due in one year or less $ 20,103 $ 20,336 Due from one year to five years 27,967 28,335 Due from five years to ten years 111,883 113,050 Due after ten years 447,339 432,884 607,292 594,605 Residential mortgage-backed securities 1,218,257 1,213,065 Commercial mortgage-backed securities 121,012 121,067 Collateralized mortgage obligations 546,847 538,507 Total debt securities $ 2,493,408 $ 2,467,244 The following table presents information related to the gross realized gains and losses on the sales of equity and debt securities: Gross Gross Net Gains (Losses) Three months ended June 30, 2017 (in thousands) Equity securities $ 1,305 $ — $ 1,305 Debt securities 145 (14 ) 131 Total $ 1,450 $ (14 ) $ 1,436 Three months ended June 30, 2016 Equity securities $ 4 $ (10 ) $ (6 ) Debt securities 108 (26 ) 82 Total $ 112 $ (36 ) $ 76 Six months ended June 30, 2017 Equity securities $ 2,350 $ — $ 2,350 Debt securities 206 (14 ) 192 Total $ 2,556 $ (14 ) $ 2,542 Six months ended June 30, 2016 Equity securities $ 737 $ (10 ) $ 727 Debt securities 322 (26 ) 296 Total $ 1,059 $ (36 ) $ 1,023 The cumulative balance of credit related other-than-temporary impairment charges, previously recognized as components of earnings, for debt securities held by the Corporation at June 30, 2017 and June 30, 2016 was $ 10.0 million . There were no other-than-temporary impairment charges recognized for the three and six months ended June 30, 2017 and June 30, 2016. 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, 2017 and December 31, 2016: Less than 12 months 12 months or longer Total Estimated Fair Value Unrealized Losses Estimated Fair Value Unrealized Losses Estimated Fair Value Unrealized Losses June 30, 2017 (in thousands) State and municipal securities $ 214,497 $ (7,125 ) $ — $ — $ 214,497 $ (7,125 ) Corporate debt securities 4,020 (9 ) 32,148 (2,417 ) 36,168 (2,426 ) Collateralized mortgage obligations 144,523 (3,057 ) 231,936 (6,682 ) 376,459 (9,739 ) Residential mortgage-backed securities 896,206 (10,974 ) — — 896,206 (10,974 ) Commercial mortgage-backed securities 68,546 (335 ) — — 68,546 (335 ) Auction rate securities — — 97,923 (9,487 ) 97,923 (9,487 ) Total debt securities $ 1,327,792 $ (21,500 ) $ 362,007 $ (18,586 ) $ 1,689,799 $ (40,086 ) Less than 12 months 12 months or longer Total Estimated Unrealized Estimated Unrealized Estimated Unrealized December 31, 2016 (in thousands) State and municipal securities $ 247,509 $ (15,676 ) $ — $ — $ 247,509 $ (15,676 ) Corporate debt securities 11,922 (110 ) 34,629 (4,475 ) 46,551 (4,585 ) Collateralized mortgage obligations 166,905 (3,899 ) 258,237 (8,279 ) 425,142 (12,178 ) Residential mortgage-backed securities 1,112,947 (16,900 ) — — 1,112,947 (16,900 ) Commercial mortgage-backed securities 24,563 (537 ) — — 24,563 (537 ) Auction rate securities — — 97,256 (9,959 ) 97,256 (9,959 ) Total debt securities $ 1,563,846 $ (37,122 ) $ 390,122 $ (22,713 ) $ 1,953,968 $ (59,835 ) The change in fair value of these securities is attributable to changes in interest rates and not credit quality, and the Corporation does not have the intent to sell and does not believe it will more likely than not be required to sell any of these securities prior to a recovery of their fair value to amortized cost. Therefore, the Corporation does not consider these investments to be other-than-temporarily impaired as of June 30, 2017 . As of June 30, 2017 , all of the auction rate securities (auction rate certificates, or "ARCs"), were rated above investment grade. All of the loans underlying the ARCs have principal payments which are guaranteed by the federal government. As of June 30, 2017 , all ARCs were current and making scheduled interest payments, and based on management’s evaluations, were not subject to any other-than-temporary impairment charges as of June 30, 2017 . 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. 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, 2017 December 31, 2016 Amortized cost Estimated fair value Amortized cost Estimated fair value (in thousands) Single-issuer trust preferred securities $ 43,795 $ 42,478 $ 43,746 $ 39,829 Subordinated debt 29,069 29,697 46,231 46,723 Senior debt 12,035 12,407 18,037 18,433 Pooled trust preferred securities — 422 — 422 Corporate debt securities issued by financial institutions 84,899 85,004 108,014 105,407 Other corporate debt securities 3,988 3,988 4,002 4,002 Available for sale corporate debt securities $ 88,887 $ 88,992 $ 112,016 $ 109,409 Single-issuer trust preferred securities had an unrealized loss of $1.3 million at June 30, 2017 . Six of the 19 single-issuer trust preferred securities, with an amortized cost of $11.6 million and an estimated fair value of $10.9 million at June 30, 2017 , were rated below investment grade by at least one ratings agency. All of the single-issuer trust preferred securities rated below investment grade were rated "BB" and "Ba". Two single-issuer trust preferred securities with an amortized cost of $3.8 million and an estimated fair value of $2.8 million at June 30, 2017 were not rated by any ratings agency. Based on management’s evaluations, no corporate debt securities were subject to any other-than-temporary impairment charges as of June 30, 2017 . 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, 2017 | |
Receivables [Abstract] | |
Loans and Allowance for Credit Losses | Loans and Allowance for Credit Losses Loans, Net of Unearned Income Loans, net of unearned income are summarized as follows: June 30, December 31, 2016 (in thousands) Real-estate - commercial mortgage $ 6,262,008 $ 6,018,582 Commercial - industrial, financial and agricultural 4,245,849 4,087,486 Real-estate - residential mortgage 1,784,712 1,601,994 Real-estate - home equity 1,579,739 1,625,115 Real-estate - construction 938,900 843,649 Consumer 283,156 291,470 Leasing and other 269,787 246,704 Overdrafts 4,435 3,662 Loans, gross of unearned income 15,368,586 14,718,662 Unearned income (21,969 ) (19,390 ) Loans, net of unearned income $ 15,346,617 $ 14,699,272 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 sheets. The allowance for credit losses is increased by charges to expense, through the provision for credit losses, and decreased by charge-offs, net of recoveries. The Corporation’s allowance for credit losses includes: (1) specific allowances allocated to loans evaluated for impairment under FASB 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 both secured 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 vehicle loans. The following table presents the components of the allowance for credit losses: June 30, December 31, (in thousands) Allowance for loan losses $ 172,342 $ 168,679 Reserve for unfunded lending commitments 2,656 2,646 Allowance for credit losses $ 174,998 $ 171,325 The following table presents the activity in the allowance for credit losses: Three months ended June 30 Six months ended June 30 2017 2016 2017 2016 (in thousands) Balance at beginning of period $ 172,647 $ 166,065 $ 171,325 $ 171,412 Loans charged off (8,715 ) (10,746 ) (18,122 ) (21,901 ) Recoveries of loans previously charged off 4,366 7,278 10,295 11,556 Net loans charged off (4,349 ) (3,468 ) (7,827 ) (10,345 ) Provision for credit losses 6,700 2,511 11,500 4,041 Balance at end of period $ 174,998 $ 165,108 $ 174,998 $ 165,108 The Corporation has historically maintained an unallocated allowance for credit losses for factors and conditions that exist at the balance sheet date, but are not specifically identifiable, and to recognize the inherent imprecision in estimating and measuring loss exposure. During the second quarter of 2017, enhancements were made to allow for the impact of these factors and conditions to be quantified in the allowance allocation process. Accordingly, an unallocated allowance for credit losses is no longer necessary. 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, other and overdrafts Unallocated Total (in thousands) Three months ended June 30, 2017 Balance at March 31, 2017 $ 47,373 $ 55,309 $ 23,821 $ 22,018 $ 7,501 $ 3,031 $ 3,268 $ 7,755 $ 170,076 Loans charged off (242 ) (5,353 ) (592 ) (124 ) (774 ) (430 ) (1,200 ) — (8,715 ) Recoveries of loans previously charged off 934 1,974 215 151 373 470 249 — 4,366 Net loans charged off 692 (3,379 ) (377 ) 27 (401 ) 40 (951 ) — (4,349 ) Provision for loan losses (1) 9,307 15,712 (5,988 ) (5,606 ) 2,434 (1,277 ) (212 ) (7,755 ) 6,615 Balance at June 30, 2017 $ 57,372 $ 67,642 $ 17,456 $ 16,439 $ 9,534 $ 1,794 $ 2,105 $ — $ 172,342 Three months ended June 30, 2016 Balance at March 31, 2016 $ 48,311 $ 54,333 $ 22,524 $ 19,928 $ 6,282 $ 2,324 $ 2,974 $ 7,165 $ 163,841 Loans charged off (1,474 ) (4,625 ) (1,045 ) (340 ) (742 ) (569 ) (1,951 ) — (10,746 ) Recoveries of loans previously charged off 1,367 2,931 350 420 1,563 539 108 — 7,278 Net loans charged off (107 ) (1,694 ) (695 ) 80 821 (30 ) (1,843 ) — (3,468 ) Provision for loan losses (1) (4,464 ) (884 ) 4,341 1,218 (1,331 ) 690 1,387 1,216 2,173 Balance at June 30, 2016 $ 43,740 $ 51,755 $ 26,170 $ 21,226 $ 5,772 $ 2,984 $ 2,518 $ 8,381 $ 162,546 Six months ended June 30, 2017 Balance at December 31, 2016 $ 46,842 $ 54,353 $ 26,801 $ 22,929 $ 6,455 $ 3,574 $ 3,192 $ 4,533 $ 168,679 Loans charged off (1,466 ) (10,880 ) (1,290 ) (340 ) (1,021 ) (1,286 ) (1,839 ) — (18,122 ) Recoveries of loans previously charged off 1,384 6,165 352 381 921 706 386 — 10,295 Net loans charged off (82 ) (4,715 ) (938 ) 41 (100 ) (580 ) (1,453 ) — (7,827 ) Provision for loan losses (1) 10,612 18,004 (8,407 ) (6,531 ) 3,179 (1,200 ) 366 (4,533 ) 11,490 Balance at June 30, 2017 $ 57,372 $ 67,642 $ 17,456 $ 16,439 $ 9,534 $ 1,794 $ 2,105 $ — $ 172,342 Six months ended June 30, 2016 Balance at December 31, 2015 $ 47,866 $ 57,098 $ 22,405 $ 21,375 $ 6,529 $ 2,585 $ 2,468 $ 8,728 $ 169,054 Loans charged off (2,056 ) (10,813 ) (2,586 ) (1,408 ) (1,068 ) (1,576 ) (2,394 ) — (21,901 ) Recoveries of loans previously charged off 2,192 5,250 688 556 1,946 735 189 — 11,556 Net loans charged off 136 (5,563 ) (1,898 ) (852 ) 878 (841 ) (2,205 ) — (10,345 ) Provision for loan losses (1) (4,262 ) 220 5,663 703 (1,635 ) 1,240 2,255 (347 ) 3,837 Balance at June 30, 2016 $ 43,740 $ 51,755 $ 26,170 $ 21,226 $ 5,772 $ 2,984 $ 2,518 $ 8,381 $ 162,546 (1) The provision for loan losses excluded an $85,000 and a $10,000 increase, respectively, in the reserve for unfunded lending commitments for the three and six months ended June 30, 2017 and a $338,000 and $204,000 increase, respectively, in the reserve for unfunded lending commitments for the three and six months ended June 30, 2016. 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, other and overdrafts Unallocated Total (in thousands) Allowance for loan losses at June 30, 2017: Measured for impairment under FASB ASC Subtopic 450-20 $ 49,055 $ 57,341 $ 7,607 $ 6,013 $ 5,370 $ 1,773 $ 2,105 $ — $ 129,264 Evaluated for impairment under FASB ASC Section 310-10-35 8,317 10,301 9,849 10,426 4,164 21 — N/A 43,078 $ 57,372 $ 67,642 $ 17,456 $ 16,439 $ 9,534 $ 1,794 $ 2,105 $ — $ 172,342 Loans, net of unearned income at June 30, 2017: Measured for impairment under FASB ASC Subtopic 450-20 $ 6,212,998 $ 4,189,676 $ 1,557,989 $ 1,741,404 $ 921,839 $ 283,123 $ 252,253 N/A $ 15,159,282 Evaluated for impairment under FASB ASC Section 310-10-35 49,010 56,173 21,750 43,308 17,061 33 — N/A 187,335 $ 6,262,008 $ 4,245,849 $ 1,579,739 $ 1,784,712 $ 938,900 $ 283,156 $ 252,253 N/A $ 15,346,617 Allowance for loan losses at June 30, 2016: Measured for impairment under FASB ASC Subtopic 450-20 $ 32,861 $ 40,945 $ 17,089 $ 9,044 $ 4,004 $ 2,971 $ 2,518 $ 8,381 $ 117,813 Evaluated for impairment under FASB ASC Section 310-10-35 10,879 10,810 9,081 12,182 1,768 13 — N/A 44,733 $ 43,740 $ 51,755 $ 26,170 $ 21,226 $ 5,772 $ 2,984 $ 2,518 $ 8,381 $ 162,546 Loans, net of unearned income at June 30, 2016: Measured for impairment under FASB ASC Subtopic 450-20 $ 5,582,027 $ 4,057,883 $ 1,629,443 $ 1,399,399 $ 841,193 $ 278,053 $ 194,254 N/A $ 13,982,252 Evaluated for impairment under FASB ASC Section 310-10-35 53,320 41,294 17,876 47,893 12,506 18 — N/A 172,907 $ 5,635,347 $ 4,099,177 $ 1,647,319 $ 1,447,292 $ 853,699 $ 278,071 $ 194,254 N/A $ 14,155,159 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. 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, 2017 and December 31, 2016 , 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, 2017 and 2016 , approximately 87% and 89% , 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 of the collateral using state certified third-party appraisals that had been updated in 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 credit administration staff, there has not been a significant deterioration in the collateral value since the original appraisal was performed. Original appraisals are typically used only when the estimated collateral value, as adjusted for the age of the appraisal, results in a current loan-to-value ratio that is lower than the Corporation's loan-to-value requirements for new loans, generally less than 70% . The following table presents total impaired loans by class segment: June 30, 2017 December 31, 2016 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 $ 25,219 $ 22,396 $ — $ 28,757 $ 25,447 $ — Commercial - secured 43,206 36,036 — 29,296 25,526 — Real estate - residential mortgage 4,629 4,629 — 4,689 4,689 — Construction - commercial residential 10,054 8,044 — 6,271 4,795 — Construction - commercial 598 590 — — — — 83,706 71,695 69,013 60,457 With a related allowance recorded: Real estate - commercial mortgage 34,131 26,614 8,317 37,132 29,446 10,162 Commercial - secured 23,576 19,479 9,947 27,767 22,626 13,198 Commercial - unsecured 912 658 354 1,122 823 455 Real estate - home equity 25,753 21,750 9,849 23,971 19,205 9,511 Real estate - residential mortgage 45,300 38,679 10,426 48,885 41,359 11,897 Construction - commercial residential 10,479 7,210 3,725 10,103 4,206 1,300 Construction - commercial 186 126 45 681 435 145 Construction - other 1,096 1,091 394 1,096 1,096 423 Consumer - direct 18 18 12 21 21 14 Consumer - indirect 16 15 9 19 19 12 141,467 115,640 43,078 150,797 119,236 47,117 Total $ 225,173 $ 187,335 $ 43,078 $ 219,810 $ 179,693 $ 47,117 As of June 30, 2017 and December 31, 2016 , there were $71.7 million and $60.5 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 2017 2016 2017 2016 Average Interest Average Interest Average Interest Average Interest (in thousands) With no related allowance recorded: Real estate - commercial mortgage $ 22,316 $ 71 $ 22,762 $ 72 $ 23,360 $ 141 $ 22,707 141 Commercial - secured 30,829 46 15,182 20 29,061 82 14,688 36 Real estate - residential mortgage 4,643 26 6,191 33 4,658 52 5,724 63 Construction - commercial residential 6,368 4 6,421 16 5,844 6 7,236 35 Construction - commercial 597 — — — 398 — — — 64,753 147 50,556 141 63,321 281 50,355 275 With a related allowance recorded: Real estate - commercial mortgage 27,710 88 33,042 104 28,288 173 33,927 212 Commercial - secured 20,675 31 25,919 33 21,325 63 28,489 71 Commercial - unsecured 712 — 929 1 749 — 893 2 Real estate - home equity 20,352 117 17,950 70 19,969 212 17,222 127 Real estate - residential mortgage 39,500 225 41,928 226 40,119 455 43,164 461 Construction - commercial residential 7,248 4 5,566 14 6,234 7 5,807 29 Construction - commercial 104 — 548 — 214 — 578 — Construction - other 1,094 — 513 — 1,094 — 406 — Consumer - direct 19 — 10 — 19 — 16 — Consumer - indirect 17 — 15 — 17 — 11 — Leasing, other and overdrafts — — 711 — 475 — 949 — 117,431 465 127,131 448 118,503 910 131,462 902 Total $ 182,184 $ 612 $ 177,687 $ 589 $ 181,824 $ 1,191 $ 181,817 1,177 (1) All impaired loans, excluding accruing TDRs, were non-accrual loans. Interest income recognized for the three and six months ended June 30, 2017 and 2016 represents amounts earned on accruing TDRs. Credit Quality Indicators and Non-performing Assets The following is a summary of the Corporation's internal risk rating categories: • Pass : These loans do not currently pose undue credit risk and can range from the highest to average quality, depending on the degree of potential risk. • Special Mention : These loans 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 following table presents internal credit risk ratings for the indicated loan class segments: Pass Special Mention Substandard or Lower Total June 30, 2017 December 31, 2016 June 30, 2017 December 31, 2016 June 30, 2017 December 31, 2016 June 30, 2017 December 31, 2016 (dollars in thousands) Real estate - commercial mortgage $ 6,004,958 $ 5,763,122 $ 119,534 $ 132,484 $ 137,516 $ 122,976 $ 6,262,008 $ 6,018,582 Commercial - secured 3,813,864 3,686,152 119,119 128,873 169,602 118,527 4,102,585 3,933,552 Commercial - unsecured 134,455 145,922 6,264 4,481 2,545 3,531 143,264 153,934 Total commercial - industrial, financial and agricultural 3,948,319 3,832,074 125,383 133,354 172,147 122,058 4,245,849 4,087,486 Construction - commercial residential 131,115 113,570 9,789 15,447 16,387 13,172 157,291 142,189 Construction - commercial 718,702 635,963 4,727 3,412 5,220 5,115 728,649 644,490 Total construction (excluding Construction - other) 849,817 749,533 14,516 18,859 21,607 18,287 885,940 786,679 $ 10,803,094 $ 10,344,729 $ 259,433 $ 284,697 $ 331,270 $ 263,321 $ 11,393,797 $ 10,892,747 % of Total 94.8 % 95.0 % 2.3 % 2.6 % 2.9 % 2.4 % 100.0 % 100.0 % The risk rating process allows management to identify credits that potentially carry more risk in a timely manner and to allocate resources to managing troubled accounts. The Corporation believes that internal risk ratings are the most relevant credit quality indicator for the class segments presented 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. The Corporation's loan review officers provide an independent assessment of risk rating accuracy. Ratings may be changed based on the ongoing monitoring procedures performed by loan officers or credit administration staff, or if specific loan review activities identify a deterioration or an improvement in the loan. The Corporation does not assign internal risk ratings to smaller balance, homogeneous loans, such as home equity, residential mortgage, construction loans to individuals secured by residential real estate, consumer and lease receivables. 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 performing, delinquent and non-performing loans for the indicated loan class segments: Performing Delinquent (1) Non-performing (2) Total June 30, 2017 December 31, 2016 June 30, 2017 December 31, 2016 June 30, 2017 December 31, 2016 June 30, 2017 December 31, 2016 (dollars in thousands) Real estate - home equity $ 1,557,629 $ 1,602,687 $ 10,223 $ 9,274 $ 11,887 $ 13,154 $ 1,579,739 $ 1,625,115 Real estate - residential mortgage 1,746,977 1,557,995 15,889 20,344 21,846 23,655 1,784,712 1,601,994 Construction - other 51,869 55,874 — — 1,091 1,096 52,960 56,970 Consumer - direct 55,825 93,572 1,761 1,752 1,143 1,563 58,729 96,887 Consumer - indirect 222,380 190,656 1,921 3,599 126 328 224,427 194,583 Total consumer 278,205 284,228 3,682 5,351 1,269 1,891 283,156 291,470 Leasing 251,050 229,591 922 1,068 281 317 252,253 230,976 $ 3,885,730 $ 3,730,375 $ 30,716 $ 36,037 $ 36,374 $ 40,113 $ 3,952,820 $ 3,806,525 % of Total 98.3 % 98.0 % 0.8 % 0.9 % 0.9 % 1.1 % 100.0 % 100.0 % (1) Includes all accruing loans 30 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 $ 122,600 $ 120,133 Loans 90 days or more past due and still accruing 13,143 11,505 Total non-performing loans 135,743 131,638 Other real estate owned (OREO) 11,432 12,815 Total non-performing assets $ 147,175 $ 144,453 The following tables present past due status and non-accrual loans by portfolio segment and class segment: June 30, 2017 30-59 Days Past Due 60-89 Days Past Due ≥ 90 Days Past Due and Accruing Non- accrual Total ≥ 90 Days Total Past Due Current Total (in thousands) Real estate - commercial mortgage $ 8,259 $ 676 $ 309 $ 32,267 $ 32,576 $ 41,511 $ 6,220,497 $ 6,262,008 Commercial - secured 6,411 2,425 3,135 47,489 50,624 59,460 4,043,125 4,102,585 Commercial - unsecured 430 57 98 598 696 1,183 142,081 143,264 Total commercial - industrial, financial and agricultural 6,841 2,482 3,233 48,087 51,320 60,643 4,185,206 4,245,849 Real estate - home equity 8,103 2,120 2,167 9,720 11,887 22,110 1,557,629 1,579,739 Real estate - residential mortgage 12,640 3,249 4,906 16,940 21,846 37,735 1,746,977 1,784,712 Construction - commercial residential 538 20 978 13,779 14,757 15,315 141,976 157,291 Construction - commercial — — — 716 716 716 727,933 728,649 Construction - other — — — 1,091 1,091 1,091 51,869 52,960 Total real estate - construction 538 20 978 15,586 16,564 17,122 921,778 938,900 Consumer - direct 1,054 707 1,143 — 1,143 2,904 55,825 58,729 Consumer - indirect 1,708 213 126 — 126 2,047 222,380 224,427 Total consumer 2,762 920 1,269 — 1,269 4,951 278,205 283,156 Leasing, other and overdrafts 671 251 281 — 281 1,203 251,050 252,253 Total $ 39,814 $ 9,718 $ 13,143 $ 122,600 $ 135,743 $ 185,275 $ 15,161,342 $ 15,346,617 December 31, 2016 30-59 Days Past Due 60-89 Days Past Due ≥ 90 Days Past Due and Accruing Non- accrual Total ≥ 90 Days Total Past Due Current Total (in thousands) Real estate - commercial mortgage $ 6,254 $ 1,622 $ 383 $ 38,936 $ 39,319 $ 47,195 $ 5,971,387 $ 6,018,582 Commercial - secured 6,660 2,616 959 41,589 42,548 51,824 3,881,728 3,933,552 Commercial - unsecured 898 35 152 760 912 1,845 152,089 153,934 Total commercial - industrial, financial and agricultural 7,558 2,651 1,111 42,349 43,460 53,669 4,033,817 4,087,486 Real estate - home equity 6,596 2,678 2,543 10,611 13,154 22,428 1,602,687 1,625,115 Real estate - residential mortgage 15,600 4,744 5,224 18,431 23,655 43,999 1,557,995 1,601,994 Construction - commercial residential 233 51 36 8,275 8,311 8,595 133,594 142,189 Construction - commercial 743 — — 435 435 1,178 643,312 644,490 Construction - other — — — 1,096 1,096 1,096 55,874 56,970 Total real estate - construction 976 51 36 9,806 9,842 10,869 832,780 843,649 Consumer - direct 1,211 541 1,563 — 1,563 3,315 93,572 96,887 Consumer - indirect 3,200 399 328 — 328 3,927 190,656 194,583 Total consumer 4,411 940 1,891 — 1,891 7,242 284,228 291,470 Leasing, other and overdrafts 543 525 317 — 317 1,385 229,591 230,976 Total $ 41,938 $ 13,211 $ 11,505 $ 120,133 $ 131,638 $ 186,787 $ 14,512,485 $ 14,699,272 The following table presents TDRs, by class segment: June 30, December 31, (in thousands) Real-estate - residential mortgage $ 26,368 $ 27,617 Real-estate - commercial mortgage 13,772 15,957 Real estate - home equity 12,031 8,594 Commercial 8,086 6,627 Construction 1,475 726 Consumer 33 39 Total accruing TDRs 61,765 59,560 Non-accrual TDRs (1) 29,373 27,850 Total TDRs $ 91,138 $ 87,410 (1) Included in non-accrual loans in the preceding table detailing non-performing assets. As of June 30, 2017 and December 31, 2016 , there were $2.6 million and $3.6 million of commitments, respectively, to lend additional funds to borrowers whose loans were modified under TDRs. The following table presents TDRs, by class segment and type of concession for loans that were modified during the three and six months ended June 30, 2017 and 2016 : Three months ended June 30 Six months ended June 30 2017 2016 2017 2016 Number of Loans Post-Modification Recorded Investment Number of Loans Post-Modification Recorded Investment Number of Loans Post-Modification Recorded Investment Number of Loans Post-Modification Recorded Investment (dollars in thousands) Real estate – residential mortgage: Extend maturity without rate concession — $ — 2 $ 315 2 $ 337 2 $ 315 Bankruptcy 1 157 1 373 2 335 1 373 Real estate - commercial mortgage: Extend maturity without rate concession 3 663 — — 4 981 — $ — Bankruptcy 1 12 — — 1 12 — $ — Real estate - home equity: Extend maturity without rate concession 17 1,275 18 738 33 2,559 39 $ 1,995 Bankruptcy 10 1,063 5 231 17 1,516 22 $ 1,716 Commercial: Extend maturity without rate concession 4 2,567 4 1,146 8 5,693 6 1,976 Bankruptcy 1 490 — — 1 490 — — Commercial – unsecured: Extend maturity without rate concession 1 33 — — 1 33 2 103 Construction - commercial residential: Extend maturity without rate concession 1 1,204 — — 1 1,204 — — Consumer - indirect: Bankruptcy — — — — — — 1 2 Total 39 $ 7,464 30 $ 2,803 70 $ 13,160 73 $ 6,480 The following table presents TDRs, by class segment, as of June 30, 2017 and 2016 , that were modified in the previous 12 months and had a post-modification payment default during the six months ended June 30, 2017 and 2016 . The Corporation defines a payment default as a single missed payment. 2017 2016 Number of Loans Recorded Investment Number of Loans Recorded Investment (dollars in thousands) Real estate - residential mortgage 7 $ 1,911 5 $ 972 Real estate - commercial mortgage 3 674 2 132 Real estate - home equity 16 922 22 1,448 Commercial 5 2,772 5 1,123 Consumer 1 16 — — Total 32 $ 6,295 34 $ 3,675 |
Mortgage Servicing Rights
Mortgage Servicing Rights | 6 Months Ended |
Jun. 30, 2017 | |
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 2017 2016 2017 2016 (in thousands) Amortized cost: Balance at beginning of period $ 38,543 $ 40,195 $ 38,822 $ 40,944 Originations of mortgage servicing rights 1,203 1,508 2,386 2,428 Amortization (1,566 ) (1,829 ) (3,028 ) (3,498 ) Balance at end of period $ 38,180 $ 39,874 $ 38,180 $ 39,874 Valuation allowance: Balance at beginning of period $ (1,291 ) $ — $ (1,291 ) $ — (Additions) reductions to valuation allowance 1,291 (1,721 ) 1,291 (1,721 ) Balance at end of period $ — $ (1,721 ) $ — $ (1,721 ) Net MSRs at end of period $ 38,180 $ 38,153 $ 38,180 $ 38,153 MSRs represent the economic value of existing contractual rights to service mortgage loans that have been sold. Accordingly, actual and expected prepayments of the underlying mortgage loans can impact the value of MSRs. The Corporation accounts for MSRs at the lower of amortized cost or fair value. The fair value of MSRs is estimated by discounting the estimated cash flows from servicing income, net of expense, over the expected life of the underlying loans at a discount rate commensurate with the risk associated with these assets. Expected life is based on the contractual terms of the loans, as adjusted for prepayment projections. Based on its fair value analysis, the Corporation determined that a reduction to the valuation allowance of $ 1.3 million was appropriate for the three and six months ended June 30, 2017 . An addition to the valuation allowance of $ 1.7 million was determined to be necessary for the three and six months ended June 30, 2016 . Additions and reductions to the valuation allowance are recorded as decreases and increases, respectively, to "mortgage banking income" on the consolidated statements of income. |
Stock-Based Compensation
Stock-Based Compensation | 6 Months Ended |
Jun. 30, 2017 | |
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 (benefit) 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 2017 2016 2017 2016 (in thousands) Stock-based compensation expense $ 1,035 $ 1,820 $ 1,769 $ 3,256 Tax benefit (1,940 ) (642 ) (2,684 ) (1,075 ) Stock-based compensation expense, net of tax benefit $ (905 ) $ 1,178 $ (915 ) $ 2,181 For the three and six months ended June 30, 2017 , the tax benefit exceeded the stock-based compensation expense as a result of excess tax benefits arising from corporate stock price levels, stock option exercises and vesting restricted stock, RSUs and PSUs during these periods, which were recorded as reductions to income tax expense as required under ASU 2016-09. 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 or dividend equivalents during the vesting period, which are forfeitable if the awards do not vest. The fair value of certain PSUs are estimated through the use of the Monte Carlo valuation methodology as of the date of grant. As of June 30, 2017 , the Employee Equity Plan had 10.7 million shares reserved for future grants through 2023 , and the Directors’ Plan had approximately 360,000 shares reserved for future grants through 2021 . On May 1, 2017, the Corporation granted approximately 284,000 PSUs and 140,000 RSUs under the Employee Equity Plan. On June 1, 2017, the Corporation granted approximately 11,000 shares of common stock to its directors for a total expense of $193,000 recognized in other expense. |
Employee Benefit Plans
Employee Benefit Plans | 6 Months Ended |
Jun. 30, 2017 | |
Compensation and Retirement Disclosure [Abstract] | |
Employee Benefit Plans | Employee Benefit Plans The net periodic benefit cost for the Corporation’s Defined Benefit Pension Plan ("Pension Plan") consisted of the following components: Three months ended June 30 Six months ended June 30 2017 2016 2017 2016 (in thousands) Service cost (1) $ — $ 194 $ — $ 344 Interest cost 830 879 1,660 1,760 Expected return on plan assets (451 ) (433 ) (902 ) (1,159 ) Net amortization and deferral 663 428 1,326 1,210 Net periodic benefit cost $ 1,042 $ 1,068 $ 2,084 $ 2,155 (1) The Pension Plan was curtailed effective January 1, 2008. Service cost was related to administrative costs associated with the plan and was not due to the accrual of additional participant benefits. The net periodic benefit of the Corporation’s Postretirement Benefits Plan ("Postretirement Plan") consisted of the following components: Three months ended June 30 Six months ended June 30 2017 2016 2017 2016 (in thousands) Interest cost $ 17 $ 5 $ 34 $ 43 Expected return on plan assets — (1 ) — (1 ) Net accretion and deferral (141 ) (210 ) (282 ) (275 ) Net periodic benefit $ (124 ) $ (206 ) $ (248 ) $ (233 ) 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, 2017 | |
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 in other assets and other liabilities, respectively, on the consolidated balance sheets, and changes in fair values during the period are recorded in mortgage banking income on the consolidated statements of income. Interest Rate Swaps The Corporation enters into interest rate swaps with certain qualifying commercial loan customers to meet their interest rate risk management needs. The Corporation simultaneously enters into interest rate swaps with dealer counterparties, with identical notional amounts and terms. The net result of these interest rate swaps is that the customer pays a fixed rate of interest and the Corporation receives a floating rate. These interest rate swaps are derivative financial instruments and the gross fair values are recorded in other assets and other liabilities on the consolidated balance sheets, with changes in fair values during the period recorded in other non-interest expense on the consolidated statements of income. Fulton Bank, N.A. ("Fulton Bank"), the Corporation's largest banking subsidiary, exceeded $10 billion in total assets as of December 31, 2016 and was required to clear all eligible interest rate swap contracts with a central counterparty, effective January 1, 2017. As a result, Fulton Bank became subject to the regulations of the Commodity Futures Trading Commission ("CFTC"). Foreign Exchange Contracts The Corporation enters into foreign exchange contracts to accommodate the needs of its customers. Foreign exchange contracts are commitments to buy or sell foreign currency on a 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 fair values are recorded in other assets and other liabilities 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, 2017 December 31, 2016 Notional Asset Notional Asset (in thousands) Interest Rate Locks with Customers Positive fair values $ 141,136 $ 1,354 $ 87,119 $ 863 Negative fair values 3,573 (28 ) 18,239 (227 ) Net interest rate locks with customers 1,326 636 Forward Commitments Positive fair values 25,343 94 70,031 2,223 Negative fair values 91,629 (205 ) 19,964 (112 ) Net forward commitments (111 ) 2,111 Interest Rate Swaps with Customers Positive fair values 1,242,309 34,331 876,744 24,397 Negative fair values 581,370 (13,938 ) 583,060 (16,998 ) Net interest rate swaps with customers 20,393 7,399 Interest Rate Swaps with Dealer Counterparties Positive fair values 581,370 13,938 583,060 16,998 Negative fair values (1) 1,242,309 (29,167 ) 876,744 (24,397 ) Net interest rate swaps with dealer counterparties (15,229 ) (7,399 ) Foreign Exchange Contracts with Customers Positive fair values 4,460 309 11,674 504 Negative fair values 7,295 (343 ) 4,659 (221 ) Net foreign exchange contracts with customers (34 ) 283 Foreign Exchange Contracts with Correspondent Banks Positive fair values 9,268 407 7,040 241 Negative fair values 6,873 (283 ) 12,869 (447 ) Net foreign exchange contracts with correspondent banks 124 (206 ) Net derivative fair value asset $ 6,469 $ 2,824 (1) Includes centrally cleared interest rate swaps with a notional amount of $240.7 million and a fair value of $0 as of June 30, 2017 . Collateral is posted daily through a clearing agent for changes in the fair value. The following table presents a summary of the fair value gains (losses) on derivative financial instruments: Three months ended June 30 Six months ended June 30 2017 2016 2017 2016 (in thousands) Interest rate locks with customers $ (155 ) $ 512 $ 690 $ 1,744 Forward commitments 157 (906 ) (2,222 ) (2,012 ) Interest rate swaps with customers 13,809 20,569 12,994 50,000 Interest rate swaps with dealer counterparties (10,831 ) (20,569 ) (7,830 ) (50,000 ) Foreign exchange contracts with customers (325 ) 81 (317 ) 455 Foreign exchange contracts with correspondent banks 367 (68 ) 330 (347 ) Net fair value gains (losses) on derivative financial instruments $ 3,022 $ (381 ) $ 3,645 $ (160 ) 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 above. 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 in 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 $ 32,810 $ 28,708 Fair value 33,364 28,697 During the three months ended June 30, 2017 and 2016 , the Corporation recorded gains related to changes in fair values of mortgage loans held for sale of $26,000 and $634,000 , respectively. During the six months ended June 30, 2017 and 2016 , the Corporation recorded gains related to changes in fair values of mortgage loans held for sale of $565,000 and $864,000 , respectively. Balance Sheet Offsetting Certain financial assets and liabilities may be eligible for offset on the consolidated balance sheets because they are subject to master netting arrangements or similar agreements. The Corporation elects to not offset certain 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 above. Under these agreements, the Corporation has the right to net-settle multiple contracts with the same counterparty in the event of default on, or termination of, any one contract. Cash collateral is posted by the party with a net liability position in accordance with contract thresholds and can be used to settle the fair value of the interest rate swap agreements in the event of default. Collateral is posted daily through a clearing agent for changes in the fair value of centrally cleared derivatives with negative fair values. As a result, the total fair values of interest rate swap derivative assets and derivative liabilities recognized on the consolidated balance sheet are not equal and offsetting. The Corporation is also a party to foreign currency exchange contracts with financial institution counterparties, under which the Corporation has the right to net-settle multiple contracts with the same counterparty in the event of default on, or termination of, any one contract. As with interest rate swap contracts, collateral is posted by the party with a net liability position in accordance with contract thresholds and can be used to settle the fair value of the foreign currency exchange contracts in the event of default. The Corporation also enters into agreements with customers in which it sells securities subject to an obligation to repurchase the same or similar securities, referred to as repurchase agreements. Under these agreements, the Corporation may transfer legal control over the assets but still maintain effective control through agreements that both entitle and obligate the Corporation to repurchase the assets. Therefore, repurchase agreements are reported as secured borrowings, classified in short-term borrowings on the consolidated balance sheets, while the securities underlying the repurchase agreements remain classified with investment securities on the consolidated balance sheets. The Corporation 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, 2017 Interest rate swap derivative assets $ 48,269 $ (14,372 ) $ — $ 33,897 Foreign exchange derivative assets with correspondent banks 407 (283 ) — 124 Total $ 48,676 $ (14,655 ) $ — $ 34,021 Interest rate swap derivative liabilities $ 43,105 $ (14,372 ) $ (18,320 ) $ 10,413 Foreign exchange derivative liabilities with correspondent banks 283 (283 ) — — Total $ 43,388 $ (14,655 ) $ (18,320 ) $ 10,413 December 31, 2016 Interest rate swap derivative assets $ 41,395 $ (15,117 ) $ — $ 26,278 Foreign exchange derivative assets with correspondent banks 241 (241 ) — — Total $ 41,636 $ (15,358 ) $ — $ 26,278 Interest rate swap derivative liabilities $ 41,395 $ (15,117 ) $ (4,010 ) $ 22,268 Foreign exchange derivative liabilities with correspondent banks 447 (241 ) (206 ) — Total $ 41,842 $ (15,358 ) $ (4,216 ) $ 22,268 (1) For derivative assets, amounts represent any derivative liability fair values that could be offset in the event of counterparty or customer default. For derivative liabilities, amounts represent any derivative asset fair values that could be offset in the event of counterparty or customer default. (2) Amounts represent collateral received from the counterparty or posted by the Corporation. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2017 | |
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, 2016 (in thousands) Commitments to extend credit $ 6,382,314 $ 6,075,567 Standby letters of credit 349,953 356,359 Commercial letters of credit 41,501 38,901 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 certain prime loans it originates to non-government sponsored agency investors. The Corporation provides customary representations and warranties to government sponsored entities and investors that specify, among other things, that the loans have been underwritten to the standards established by the government sponsored entity or investor. The Corporation may be required to repurchase a loan, or reimburse the government sponsored entity or 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 both June 30, 2017 and December 31, 2016 , total outstanding repurchase requests totaled approximately $543,000 . From 2000 to 2011 , the Corporation sold loans to the Federal Home Loan Bank of Pittsburgh under its Mortgage Partnership Finance Program ("MPF Program"). 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, 2017 , the unpaid principal balance of loans sold under the MPF Program was approximately $94 million . As of June 30, 2017 and December 31, 2016 , the reserve for estimated credit losses related to loans sold under the MPF Program was $1.6 million and $1.7 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, 2017 and December 31, 2016 , the total reserve for losses on residential mortgage loans sold was $2.4 million and $2.5 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, 2017 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. Legal Proceedings 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. As of the date of this report, the Corporation believes that any liabilities, individually or in the aggregate, which may result from the final outcomes of pending proceedings will not have a material adverse effect on the financial condition of the Corporation. However, legal proceedings are often unpredictable, and it is possible that the ultimate resolution of any such matters, if unfavorable, may be material to the Corporation’s results of operations for any particular period, depending, in part, upon the size of the loss or liability imposed and the operating results for the applicable period. BSA/AML Enforcement Orders The Corporation and each of its bank subsidiaries are subject to regulatory enforcement orders issued during 2014 and 2015 by their respective federal and state bank regulatory agencies relating to identified deficiencies in the Corporation’s centralized Bank Secrecy Act and anti-money laundering compliance program (the "BSA/AML Compliance Program"), which was designed to comply with the requirements of the Bank Secrecy Act, the USA Patriot Act of 2001 and related anti-money laundering regulations (collectively, the "BSA/AML Requirements"). The regulatory enforcement orders, which are in the form of consent orders or orders to cease and desist issued upon consent ("Consent Orders"), generally require, among other things, that the Corporation and its bank subsidiaries undertake a number of required actions to strengthen and enhance the BSA/AML Compliance Program, and, in some cases, conduct retrospective reviews of past account activity and transactions, as well as certain reports filed in accordance with the BSA/AML Requirements, to determine whether suspicious activity and certain transactions in currency were properly identified and reported in accordance with the BSA/AML Requirements. The Corporation and its bank subsidiaries have implemented numerous enhancements to the BSA/AML Compliance Program, completed the retrospective reviews required under the Consent Orders, and continue to strengthen and refine the BSA/AML Compliance Program to achieve a sustainable program in accordance with the BSA/AML Requirements. In addition to requiring strengthening and enhancement of the BSA/AML Compliance Program, while the Consent Orders remain in effect, the Corporation is subject to certain restrictions on expansion activities of the Corporation and its bank subsidiaries. Further, any failure to comply with the requirements of any of the Consent Orders involving the Corporation or its bank subsidiaries could result in further enforcement actions, the imposition of material restrictions on the activities of the Corporation or its bank subsidiaries, or the assessment of fines or penalties. Fair Lending Investigation During the second quarter of 2015, Fulton Bank, N.A., the Corporation’s largest bank subsidiary, received a letter from the U.S. Department of Justice (the "Department") indicating that the Department had initiated an investigation regarding potential violations of fair lending laws (specifically, the Equal Credit Opportunity Act and the Fair Housing Act) by Fulton Bank, N.A. in certain geographies. Fulton Bank, N.A. has been and is cooperating with the Department and responding to the Department’s requests for information. During the third quarter of 2016, the Department informed the Corporation, Fulton Bank, N.A., and three of the Corporation’s other bank subsidiaries, Fulton Bank of New Jersey, The Columbia Bank and Lafayette Ambassador Bank, that the Department was expanding its investigation of potential lending discrimination on the basis of race and national origin to encompass additional geographies that were not included in the initial letter from the Department. In addition to requesting information concerning the lending activities of these bank subsidiaries, the Department also requested information concerning the Corporation and the residential mortgage lending activities conducted under the Fulton Mortgage Company brand, the trade name used by all of the Corporation’s bank subsidiaries for residential mortgage lending. The investigation relates to lending activities during the period January 1, 2009 to the present. The Corporation and the identified bank subsidiaries are cooperating with the Department and responding to the Department’s requests for information. The Corporation and its bank subsidiaries are not able at this time to determine the terms on which this investigation will be resolved or the timing of such resolution, or to reliably estimate the amounts of any settlement, fines or other penalties or the cost of any other remedial actions, if enforcement action is taken. In addition, should the investigation result in an enforcement action against the Corporation or its bank subsidiaries, or a settlement with the Department, the ability of the Corporation and its bank subsidiaries to engage in certain expansion or other activities may be restricted. Agostino, et al. Litigation Fulton Bank, N.A. (the "Bank"), the Corporation’s largest bank subsidiary, and two unrelated, third-party defendants, Ameriprise Financial Services, Inc. (“Ameriprise”) and Riverview Bank (“Riverview”), have been named as defendants in a lawsuit brought on behalf of a group of 67 plaintiffs filed on March 31, 2016, in the Court of Common Pleas for Dauphin County, Pennsylvania (Agostino, et al. v. Ameriprise Financial Services, Inc., et al., No. 2016-CV-2048-CV). The plaintiffs in this action, who are individuals, trustees of certain irrevocable trusts, or the executors of the estates of deceased individuals, were clients of Jeffrey M. Mottern, a now-deceased attorney, who is alleged to have operated a fraud scheme over a period of years through the sale of fictitious high-yield investments or by otherwise misappropriating funds entrusted to Mr. Mottern. Mr. Mottern is alleged to have used the proceeds of these activities to engage in speculative securities trading through defendant Ameriprise, which caused significant losses, and for Mr. Mottern’s personal expenses. The allegations against the Bank relate to a commercial checking account at the Bank maintained by Mr. Mottern in connection with Mr. Mottern’s law practice. The lawsuit alleges that the Bank is liable to the plaintiffs for failing to properly monitor Mr. Mottern’s checking account and detect Mr. Mottern’s fraudulent activity, and specifically alleges that the Bank aided and abetted Mr. Mottern’s: (1) fraud; (2) breach of fiduciary duty; (3) violations of the Pennsylvania Unfair Trade Practices and Consumer Protection Law; and (4) conversion. Similar claims have been asserted against Ameriprise and Riverview, which allegedly maintained a personal brokerage account and a trust account for client or other third-party funds, respectively, for Mr. Mottern. The lawsuit seeks damages from the defendants, including the Bank, alleged to be in excess of $11.3 million , treble damages and attorneys’ fees with respect to alleged violations of the Pennsylvania Unfair Trade Practices and Consumer Protection Law, punitive damages, plus interest and costs. On April 29, 2016, the Bank filed a Notice of Removal to remove this lawsuit to the United States District Court for the Middle District of Pennsylvania. On May 31, 2016, the plaintiffs filed a motion to remand the lawsuit to the Court of Common Pleas for Dauphin County, Pennsylvania. On October 24, 2016, the District Court granted the plaintiffs' motion and the lawsuit was remanded back to the Court of Common Pleas for Dauphin County. All defendants subsequently filed preliminary objections to the Complaint, including objections that, if granted, would result in dismissal of the case. On May 26, 2017, the Court of Common Pleas for Dauphin County denied all substantive preliminary objections filed by the Bank. On June 23, 2017, the Bank filed its Combined Motion for Partial Reconsideration of the Court’s May 26, 2017 Order and Application for Amendment of the Order to Set Forth Expressly the Statement in Pa.C.S. s. 702(b) (the “Motion”). The Bank also filed its Answer and New Matter (the “Answer”) on June 23, 2017. The Plaintiffs subsequently responded to the Motion and the Answer, and the case has now entered the discovery phase. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2017 | |
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, 2017 Level 1 Level 2 Level 3 Total (in thousands) Mortgage loans held for sale $ — $ 33,364 $ — $ 33,364 Available for sale investment securities: Equity securities 21,455 — — 21,455 U.S. Government sponsored agency securities — 6,054 — 6,054 State and municipal securities — 401,636 — 401,636 Corporate debt securities — 85,795 3,197 88,992 Collateralized mortgage obligations — 538,507 — 538,507 Residential mortgage-backed securities — 1,213,065 — 1,213,065 Commercial mortgage-backed securities — 121,067 — 121,067 Auction rate securities — — 97,923 97,923 Total available for sale investment securities 21,455 2,366,124 101,120 2,488,699 Other assets 18,533 49,717 — 68,250 Total assets $ 39,988 $ 2,449,205 $ 101,120 $ 2,590,313 Other liabilities $ 18,438 $ 43,338 $ — $ 61,776 December 31, 2016 Level 1 Level 2 Level 3 Total (in thousands) Mortgage loans held for sale $ — $ 28,697 $ — $ 28,697 Available for sale investment securities: Equity securities 24,526 — — 24,526 U.S. Government sponsored agency securities — 134 — 134 State and municipal securities — 391,641 — 391,641 Corporate debt securities — 106,537 2,872 109,409 Collateralized mortgage obligations — 593,860 — 593,860 Residential mortgage-backed securities — 1,317,838 — 1,317,838 Commercial mortgage-backed securities — 24,563 — 24,563 Auction rate securities — — 97,256 97,256 Total available for sale investment securities 24,526 2,434,573 100,128 2,559,227 Other assets 17,111 44,481 — 61,592 Total assets $ 41,637 $ 2,507,751 $ 100,128 $ 2,649,516 Other liabilities $ 17,032 $ 41,734 $ — $ 58,766 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, 2017 and December 31, 2016 were measured based on the price that secondary market investors were offering for loans with similar characteristics. See Note 9, "Derivative Financial Instruments" for details related to the Corporation’s election to measure assets and liabilities at fair value. • Available for sale investment securities – Included in this asset category are 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 at least 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 ( $20.5 million at June 30, 2017 and $23.5 million at December 31, 2016 ) and other equity investments ( $1.0 million at June 30, 2017 and December 31, 2016 ). 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/Residential mortgage-backed securities/Commercial mortgage-backed securities – These debt securities are classified as Level 2 investments. Fair values are determined by a third-party pricing service, as detailed above. • Corporate debt securities – This category consists of subordinated debt issued by financial institutions ( $42.1 million at June 30, 2017 and $65.2 million at December 31, 2016 ), single-issuer trust preferred securities issued by financial institutions ( $42.5 million at June 30, 2017 and $39.8 million at December 31, 2016 ), pooled trust preferred securities issued by financial institutions ( $422,000 at both June 30, 2017 and December 31, 2016 ) and other corporate debt issued by non-financial institutions ( $4.0 million at both June 30, 2017 and December 31, 2016 ). Level 2 investments include the Corporation’s holdings of subordinated debt, other corporate debt issued by non-financial institutions and $39.7 million and $37.3 million of single-issuer trust preferred securities held at June 30, 2017 and December 31, 2016 , 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 ( $422,000 at both June 30, 2017 and December 31, 2016 ) and certain single-issuer trust preferred securities ( $2.8 million at June 30, 2017 and $2.5 million at December 31, 2016 ). The fair values of these securities were determined based on quotes provided by third-party brokers who determined fair values based predominantly on internal valuation models which were not indicative prices or binding offers. The Corporation’s third-party pricing service cannot derive fair values for these securities primarily due to inactive markets for similar investments. Level 3 values are tested by management primarily through trend analysis, by comparing current values to those reported at the end of the preceding calendar quarter, and determining if they are reasonable based on price and spread movements for this asset class. • Auction rate securities – Due to their illiquidity, ARCs are classified as Level 3 investments and are valued through the use of an expected cash flows model prepared by a third-party valuation expert. The assumptions used in preparing the expected cash flows model include estimates for coupon rates, time to maturity and market rates of return. The most significant unobservable input to the expected cash flows model is an assumed return to market liquidity sometime in the next five years. If the assumed return to market liquidity was lengthened beyond the next five years, this would result in a decrease in the fair value of these ARCs. The Corporation believes that the trusts underlying the ARCs will self-liquidate as student loans are repaid. Level 3 fair values are tested by management through the performance of a trend analysis of the market price and discount rate. Changes in the price and discount rates are compared to changes in market data, including bond ratings, parity ratios, balances and delinquency levels. Other assets – Included in this category are the following: • Level 1 assets include mutual funds that are held in trust for employee deferred compensation plans ( $17.8 million at June 30, 2017 and $16.4 million at December 31, 2016 ) and the fair value of foreign currency exchange contracts ( $716,000 at June 30, 2017 and $745,000 at December 31, 2016 ). 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 ( $1.4 million at June 30, 2017 and $3.1 million at December 31, 2016 ) and the fair value of interest rate swaps ( $48.3 million at June 30, 2017 and $41.4 million at December 31, 2016 ). 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 in this category are the following: • Level 1 liabilities include employee deferred compensation liabilities which represent amounts due to employees under deferred compensation plans ( $17.8 million at June 30, 2017 and $16.4 million at December 31, 2016 ) and the fair value of foreign currency exchange contracts ( $626,000 at June 30, 2017 and $668,000 at December 31, 2016 ). 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 ( $233,000 at June 30, 2017 and $339,000 at December 31, 2016 ) and the fair value of interest rate swaps ( $43.1 million at June 30, 2017 and $41.4 million at December 31, 2016 ). 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, 2017 Pooled Trust Single-issuer ARCs (in thousands) Balance at March 31, 2017 $ 422 $ 2,750 $ 97,439 Unrealized adjustment to fair value (1) — 22 386 Discount accretion (2) — 3 98 Balance at June 30, 2017 $ 422 $ 2,775 $ 97,923 Three months ended June 30, 2016 Balance at March 31, 2016 $ 706 $ 2,400 $ 97,326 Unrealized adjustment to fair value (1) — 22 482 Discount accretion (2) — 3 78 Balance at June 30, 2016 $ 706 $ 2,425 $ 97,886 Six months ended June 30, 2017 Pooled Trust Single-issuer ARCs (in thousands) Balance at December 31, 2016 $ 422 $ 2,450 $ 97,256 Unrealized adjustment to fair value (1) — 319 472 Discount accretion (2) — 6 195 Balance at June 30, 2017 $ 422 $ 2,775 $ 97,923 Six months ended June 30, 2016 Balance at December 31, 2015 $ 706 $ 2,630 $ 98,059 Unrealized adjustment to fair value (1) — (211 ) (350 ) Discount accretion (2) — 6 177 Balance at June 30, 2016 $ 706 $ 2,425 $ 97,886 (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, 2017 Level 1 Level 2 Level 3 Total (in thousands) Net loans $ — $ — $ 144,256 $ 144,256 Other financial assets — — 49,613 49,613 Total assets $ — $ — $ 193,869 $ 193,869 December 31, 2016 Level 1 Level 2 Level 3 Total (in thousands) Net loans $ — $ — $ 132,576 $ 132,576 Other financial assets — — 50,347 50,347 Total assets $ — $ — $ 182,923 $ 182,923 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 measured 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 ( $11.4 million at June 30, 2017 and $12.8 million at December 31, 2016 ) and MSRs ( $38.2 million at June 30, 2017 and $37.5 million at December 31, 2016 ), 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, 2017 valuation were 11.8% and 9.5% , 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, 2017 and December 31, 2016 . In addition, a general description of the methods and assumptions used to estimate such fair values is also provided. June 30, 2017 December 31, 2016 Book Value Estimated Book Value Estimated (in thousands) FINANCIAL ASSETS Cash and due from banks $ 94,938 $ 94,938 $ 118,763 $ 118,763 Interest-bearing deposits with other banks 322,514 322,514 233,763 233,763 Federal Reserve Bank and Federal Home Loan Bank stock 70,328 70,328 57,489 57,489 Loans held for sale (1) 62,354 62,354 28,697 28,697 Available for sale investment securities (1) 2,488,699 2,488,699 2,559,227 2,559,227 Net Loans (1) 15,174,275 15,007,961 14,530,593 14,387,454 Accrued interest receivable 47,603 47,603 46,294 46,294 Other financial assets (1) 212,773 212,773 206,132 206,132 FINANCIAL LIABILITIES Demand and savings deposits $ 12,610,951 $ 12,610,951 $ 12,259,622 $ 12,259,622 Time deposits 2,746,410 2,758,807 2,753,242 2,769,757 Short-term borrowings 694,859 694,859 541,317 541,317 Accrued interest payable 7,804 7,804 9,632 9,632 Other financial liabilities (1) 252,537 252,537 216,080 216,080 Federal Home Loan Bank advances and other long-term debt 1,037,961 1,035,711 929,403 928,167 (1) These financial instruments, or certain financial instruments in 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 ("FHLB") stock represent restricted investments and are carried at cost on the consolidated balance sheets. 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. Loans held for sale includes $28.9 million of student loans as of June 30, 2017, carried at the lower of cost or fair value. In June 2017, the Corporation determined to sell this portfolio and began discussions with a potential purchaser of this portfolio, and reclassified these loans from consumer loans to loans held for sale. Fair value is based on the price per the preliminary offer from the potential purchaser. As such, a loss of $440,000 was recorded in the second quarter of 2017 and included in "other expense" on the consolidated statements of income. 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 in Level 2 liabilities under FASB ASC Topic 820. |
Long-Term Debt (Notes)
Long-Term Debt (Notes) | 6 Months Ended |
Jun. 30, 2017 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Long-Term Debt In March 2017, the Corporation issued $125.0 million of senior notes, with a fixed rate of 3.60% and an effective rate of 3.95% , that mature in 2022. A portion of the net proceeds from this issuance were used to repay $100.0 million of 10 -year subordinated notes, which matured on May 1, 2017 and carried a fixed rate of 5.75% and an effective rate of 5.96% . |
Basis of Presentation Basis of
Basis of Presentation Basis of Presentation (Policies) | 6 Months Ended |
Jun. 30, 2017 | |
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, 2016 . Operating results for the six months ended June 30, 2017 are not necessarily indicative of the results that may be expected for the year ending December 31, 2017 . The Corporation evaluates subsequent events through the date of filing of this Form 10-Q with the Securities and Exchange Commission ("SEC"). |
Recently Issued Accounting Standards | Recently Issued Accounting Standards In May 2014, the FASB issued ASC Update 2014-09, "Revenue from Contracts with Customers." This standards update establishes a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. The core principle prescribed by this standards update is that an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The standard applies to all contracts with customers, except those that are within the scope of other topics in the FASB ASC. The standard also requires significantly expanded disclosures about revenue recognition. During 2016, the FASB issued amendments to this standard (ASC Updates 2016-08, 2016-10, 2016-11 and 2016-12). These amendments provide further clarification to the standard. For public business entities, ASC Update 2014-09 is effective for interim and annual reporting periods beginning after December 15, 2017. Early application is not permitted. For the Corporation, this standards update is effective with its March 31, 2018 quarterly report on Form 10-Q. The Corporation is currently evaluating the impact of the adoption of ASC Update 2014-09 on its consolidated financial statements. In January 2016, the FASB issued ASC Update 2016-01, "Financial Instruments - Overall: Recognition and Measurement of Financial Assets and Financial Liabilities." ASC Update 2016-01 provides guidance regarding the income statement impact of equity investments held by an entity and the recognition of changes in fair value of financial liabilities when the fair value option is elected. This standard will require equity investments to be measured at fair value, with changes recorded in net income. ASC Update 2016-01 is effective for public business entities' annual and interim reporting periods beginning after December 15, 2017, with earlier adoption permitted. The Corporation intends to adopt this standards update effective with its March 31, 2018 quarterly report on Form 10-Q and does not expect the adoption of ASC Update 2016-01 to have a material impact on its consolidated financial statements. In February 2016, the FASB issued ASC Update 2016-02, "Leases." This standards update states that a lessee should recognize the assets and liabilities that arise from all leases with a term greater than 12 months. The core principle requires the lessee to recognize a liability to make lease payments and a "right-of-use" asset. The accounting applied by the lessor is relatively unchanged. The standards update also requires expanded qualitative and quantitative disclosures. For public business entities, ASC Update 2016-02 is effective for interim and annual reporting periods beginning after December 15, 2018. ASC Update 2016-02 mandates a modified retrospective transition for all entities, which requires restatement of all comparative periods in the year of adoption. Early adoption is permitted. For the Corporation, this standards update is effective with its March 31, 2019 quarterly report on Form 10-Q. The Corporation is currently evaluating the impact of the adoption of ASC Update 2016-02 on its consolidated financial statements. The Corporation currently operates a number of branches that are leased, with the leases accounted for as operating leases that are not recognized on the consolidated balance sheet. Under ASC Update 2016-02, right-of-use assets and lease liabilities will need to be recognized on the consolidated balance sheet for these branches. The recognition of operating leases on the consolidated balance sheet is expected to be the most significant impact of the adoption of this standards update. In June 2016, the FASB issued ASC Update 2016-13, "Financial Instruments - Credit Losses." The new impairment model prescribed by this standards update is a single impairment model for all financial assets (i.e., loans and investments). The recognition of credit losses would be based on an entity’s current estimate of expected losses (referred to as the Current Expected Credit Loss model, or "CECL"), as opposed to recognition of losses only when they are probable under current U.S. GAAP. ASC Update 2016-13 is effective for interim and annual reporting periods beginning after December 15, 2019. Early adoption is permitted. The Corporation intends to adopt this standards update effective with its March 31, 2020 quarterly report on Form 10-Q. The Corporation is currently evaluating the impact of the adoption of ASC Update 2016-13 on its consolidated financial statements. In August 2016, the FASB issued ASC Update 2016-15, "Statement of Cash Flows - Classification of Certain Cash Receipts and Cash Payments." This standards update provides guidance regarding the presentation of certain cash receipts and cash payments in the statement of cash flows, addressing eight specific cash flow classification issues, in order to reduce existing diversity in practice. ASC Update 2016-15 is effective for interim and annual reporting periods beginning after December 15, 2017. Early adoption is permitted. The Corporation intends to adopt this standards update effective with its March 31, 2018 quarterly report on Form 10-Q and does not expect the adoption of ASC Update 2016-15 to have a material impact on its consolidated financial statements. In November 2016, the FASB issued ASC Update 2016-18, "Statement of Cash Flows - Restricted Cash." This standards update provides guidance regarding the presentation of restricted cash in the statement of cash flows. The update requires companies to include amounts generally described as restricted cash and restricted cash equivalents, along with cash and cash equivalents, when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. It also requires an entity to disclose the nature of the restrictions on cash and cash equivalents. ASC Update 2016-18 is effective for interim and annual reporting periods beginning after December 15, 2017. Early adoption is permitted. The Corporation intends to adopt this standards update effective with its March 31, 2018 quarterly report on Form 10-Q and does not expect the adoption of ASC Update 2016-18 to have a material impact on its consolidated financial statements. In January 2017, the FASB issued ASC Update 2017-04, "Intangibles - Goodwill and Other." This standards update eliminates Step 2 of the goodwill impairment test which measures the impairment amount. Identifying and measuring impairment will take place in a single quantitative step. In addition, no separate qualitative assessment for reporting units with zero or negative carrying amount is required. Entities must disclose the existence of these reporting units and the amount of goodwill allocated to them. This update should be applied on a prospective basis, and an entity is required to disclose the nature of and reason for the change in accounting principle upon transition. ASC Update 2017-04 is effective for annual or interim goodwill impairment tests in reporting periods beginning after December 15, 2019. Early adoption is permitted. The Corporation intends to adopt this standards update effective with its 2020 goodwill impairment test and does not expect the adoption of ASC Update 2017-04 to have a material impact on its consolidated financial statements. In March 2017, the FASB issued ASC Update 2017-07, "Improving the Presentation of Net Periodic Pension Costs and Net Periodic Benefit Cost." This standards update requires a company to present service cost separately from the other components of net benefit cost. In addition, the update provides explicit guidance on how to present the service cost component and the other components of net benefit cost in the income statement and allow only the service cost component of net benefit cost to be eligible for capitalization. ASC Update 2017-07 is effective for annual or interim reporting periods beginning after December 15, 2017. Early adoption is permitted. The Corporation intends to adopt this standards update effective with its March 31, 2018 quarterly report on Form 10-Q and is currently evaluating the impact of the adoption of ASC Update 2017-07 on its consolidated financial statements. In March 2017, the FASB issued ASC Update 2017-08, "Premium Amortization on Purchased Callable Debt Securities." This standards update requires that a company amortize the premium on callable debt securities to the earliest call date versus current U.S. GAAP which requires amortization over the contractual life of the securities. The amortization period for callable debt securities purchased at a discount would not be impacted by the new accounting standards update. This amendment is to be adopted on a modified retrospective basis with a cumulative effect adjustment to retained earnings as of the beginning of the period of adoption. ASC Update 2017-08 is effective for annual or interim reporting periods beginning after December 15, 2018. Early adoption is permitted. The Corporation intends to adopt this standards update effective with its March 31, 2019 quarterly report on Form 10-Q and does not expect the adoption of ASC Update 2017-08 to have a material impact on its consolidated financial statements. In May 2017, the FASB issued ASC Update 2017-09, "Scope of Modification Accounting." This standards update provides clarity and reduces both (1) diversity in practice and (2) cost and complexity, when applying the guidance in the stock compensation standard, to a change to the terms or conditions of a share-based payment award. ASC Update 2017-09 is effective for annual or interim reporting periods beginning after December 15, 2017. Early adoption is permitted. The Corporation intends to adopt this standards update effective with its March 31, 2018 quarterly report on Form 10-Q and does not expect the adoption of ASC Update 2017-09 to have a material impact on its consolidated financial statements. Reclassifications Certain amounts in the 2016 consolidated financial statements and notes have been reclassified to conform to the 2017 presentation. |
Net Income Per Share (Tables)
Net Income Per Share (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
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 2017 2016 2017 2016 (in thousands) Weighted average shares outstanding (basic) 174,597 173,394 174,375 173,363 Impact of common stock equivalents 935 924 1,179 1,004 Weighted average shares outstanding (diluted) 175,532 174,318 175,554 174,367 |
Accumulated Other Comprehensi23
Accumulated Other Comprehensive Income Accumulated Other Comprehensive Income (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Equity [Abstract] | |
Changes in 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, 2017 Unrealized gain on securities $ 15,798 $ (5,530 ) $ 10,268 Reclassification adjustment for securities gains included in net income (1) (1,436 ) 504 (932 ) Amortization of net unrecognized pension and postretirement items (3) 522 (181 ) 341 Total Other Comprehensive Income $ 14,884 $ (5,207 ) $ 9,677 Three months ended June 30, 2016 Unrealized gain on securities $ 19,753 $ (6,914 ) $ 12,839 Reclassification adjustment for securities gains included in net income (1) (76 ) 27 (49 ) Amortization of unrealized loss on derivative financial instruments (2) 6 (2 ) 4 Amortization of net unrecognized pension and postretirement items (3) 49 (17 ) 32 Total Other Comprehensive Income $ 19,732 $ (6,906 ) $ 12,826 Six months ended June 30, 2017 Unrealized gain on securities $ 22,374 $ (7,833 ) $ 14,541 Reclassification adjustment for securities gains included in net income (1) (2,542 ) 891 (1,651 ) Amortization of net unrecognized pension and postretirement items (3) 1,051 (367 ) 684 Total Other Comprehensive Income $ 20,883 $ (7,309 ) $ 13,574 Six months ended June 30, 2016 Unrealized gain on securities $ 45,946 $ (16,081 ) $ 29,865 Reclassification adjustment for securities gains included in net income (1) (1,023 ) 358 (665 ) Amortization of unrealized loss on derivative financial instruments (2) 12 (4 ) 8 Amortization of net unrecognized pension and postretirement items (3) 766 (268 ) 498 Total Other Comprehensive Income $ 45,701 $ (15,995 ) $ 29,706 (1) Amounts reclassified out of accumulated other comprehensive income. Before-tax amounts included in "Investment securities gains, net" on the consolidated statements of income. See Note 4, "Investment Securities," for additional details. (2) Amounts reclassified out of accumulated other comprehensive income. Before-tax amounts included in "Interest expense" on the consolidated statements of income. (3) Amounts reclassified out of accumulated other comprehensive income. Before-tax amounts included in "Salaries and employee benefits" on the consolidated statements of income. See Note 8, "Employee Benefit Plans," for additional details. |
Changes in each component of accumulated other comprehensive income | The following table presents changes in each component of accumulated other comprehensive income (loss), net of tax: Unrealized Gains (Losses) on Investment Securities Not Other-Than-Temporarily Impaired Unrealized Non-Credit Gains (Losses) on Other-Than-Temporarily Impaired Debt Securities 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, 2017 Balance at March 31, 2017 $ (19,493 ) $ 273 $ — $ (15,332 ) $ (34,552 ) Other comprehensive income before reclassifications 10,268 — — — 10,268 Amounts reclassified from accumulated other comprehensive income (loss) (932 ) — — 341 (591 ) Balance at June 30, 2017 $ (10,157 ) $ 273 $ — $ (14,991 ) $ (24,875 ) Three months ended June 30, 2016 Balance at March 31, 2016 $ 9,911 $ 458 $ (11 ) $ (15,495 ) $ (5,137 ) Other comprehensive income before reclassifications 12,839 — — — 12,839 Amounts reclassified from accumulated other comprehensive income (loss) (49 ) — 4 32 (13 ) Balance at June 30, 2016 $ 22,701 $ 458 $ (7 ) $ (15,463 ) $ 7,689 Six months ended June 30, 2017 Balance at December 31, 2016 $ (23,047 ) $ 273 $ — $ (15,675 ) $ (38,449 ) Other comprehensive income before reclassifications 14,541 — — — 14,541 Amounts reclassified from accumulated other comprehensive income (loss) (1,651 ) — — 684 (967 ) Balance at June 30, 2017 $ (10,157 ) $ 273 $ — $ (14,991 ) $ (24,875 ) Six months ended June 30, 2016 Balance at December 31, 2015 $ (6,499 ) $ 458 $ (15 ) $ (15,961 ) $ (22,017 ) Other comprehensive income before reclassifications 29,865 — — — 29,865 Amounts reclassified from accumulated other comprehensive income (loss) (665 ) — 8 498 (159 ) Balance at June 30, 2016 $ 22,701 $ 458 $ (7 ) $ (15,463 ) $ 7,689 |
Investment Securities (Tables)
Investment Securities (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
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, 2017 U.S. Government sponsored agency securities $ 5,960 $ 94 $ — $ 6,054 State and municipal securities 405,035 3,726 (7,125 ) 401,636 Corporate debt securities 88,887 2,531 (2,426 ) 88,992 Collateralized mortgage obligations 546,847 1,399 (9,739 ) 538,507 Residential mortgage-backed securities 1,218,257 5,782 (10,974 ) 1,213,065 Commercial mortgage-backed securities 121,012 390 (335 ) 121,067 Auction rate securities 107,410 — (9,487 ) 97,923 Total debt securities 2,493,408 13,922 (40,086 ) 2,467,244 Equity securities 10,487 10,968 — 21,455 Total $ 2,503,895 $ 24,890 $ (40,086 ) $ 2,488,699 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value (in thousands) December 31, 2016 U.S. Government sponsored agency securities $ 132 $ 2 $ — $ 134 State and municipal securities 405,274 2,043 (15,676 ) 391,641 Corporate debt securities 112,016 1,978 (4,585 ) 109,409 Collateralized mortgage obligations 604,095 1,943 (12,178 ) 593,860 Residential mortgage-backed securities 1,328,192 6,546 (16,900 ) 1,317,838 Commercial mortgage-backed securities 25,100 — (537 ) 24,563 Auction rate securities 107,215 — (9,959 ) 97,256 Total debt securities 2,582,024 12,512 (59,835 ) 2,534,701 Equity securities 12,231 12,295 — 24,526 Total $ 2,594,255 $ 24,807 $ (59,835 ) $ 2,559,227 |
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, 2017 , by contractual maturity, are shown in the following table. Actual maturities may differ from contractual maturities as certain investment securities are subject to call or prepayment with or without call or prepayment penalties. Amortized Estimated (in thousands) Due in one year or less $ 20,103 $ 20,336 Due from one year to five years 27,967 28,335 Due from five years to ten years 111,883 113,050 Due after ten years 447,339 432,884 607,292 594,605 Residential mortgage-backed securities 1,218,257 1,213,065 Commercial mortgage-backed securities 121,012 121,067 Collateralized mortgage obligations 546,847 538,507 Total debt securities $ 2,493,408 $ 2,467,244 |
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 Net Gains (Losses) Three months ended June 30, 2017 (in thousands) Equity securities $ 1,305 $ — $ 1,305 Debt securities 145 (14 ) 131 Total $ 1,450 $ (14 ) $ 1,436 Three months ended June 30, 2016 Equity securities $ 4 $ (10 ) $ (6 ) Debt securities 108 (26 ) 82 Total $ 112 $ (36 ) $ 76 Six months ended June 30, 2017 Equity securities $ 2,350 $ — $ 2,350 Debt securities 206 (14 ) 192 Total $ 2,556 $ (14 ) $ 2,542 Six months ended June 30, 2016 Equity securities $ 737 $ (10 ) $ 727 Debt securities 322 (26 ) 296 Total $ 1,059 $ (36 ) $ 1,023 |
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, 2017 and December 31, 2016: Less than 12 months 12 months or longer Total Estimated Fair Value Unrealized Losses Estimated Fair Value Unrealized Losses Estimated Fair Value Unrealized Losses June 30, 2017 (in thousands) State and municipal securities $ 214,497 $ (7,125 ) $ — $ — $ 214,497 $ (7,125 ) Corporate debt securities 4,020 (9 ) 32,148 (2,417 ) 36,168 (2,426 ) Collateralized mortgage obligations 144,523 (3,057 ) 231,936 (6,682 ) 376,459 (9,739 ) Residential mortgage-backed securities 896,206 (10,974 ) — — 896,206 (10,974 ) Commercial mortgage-backed securities 68,546 (335 ) — — 68,546 (335 ) Auction rate securities — — 97,923 (9,487 ) 97,923 (9,487 ) Total debt securities $ 1,327,792 $ (21,500 ) $ 362,007 $ (18,586 ) $ 1,689,799 $ (40,086 ) Less than 12 months 12 months or longer Total Estimated Unrealized Estimated Unrealized Estimated Unrealized December 31, 2016 (in thousands) State and municipal securities $ 247,509 $ (15,676 ) $ — $ — $ 247,509 $ (15,676 ) Corporate debt securities 11,922 (110 ) 34,629 (4,475 ) 46,551 (4,585 ) Collateralized mortgage obligations 166,905 (3,899 ) 258,237 (8,279 ) 425,142 (12,178 ) Residential mortgage-backed securities 1,112,947 (16,900 ) — — 1,112,947 (16,900 ) Commercial mortgage-backed securities 24,563 (537 ) — — 24,563 (537 ) Auction rate securities — — 97,256 (9,959 ) 97,256 (9,959 ) Total debt securities $ 1,563,846 $ (37,122 ) $ 390,122 $ (22,713 ) $ 1,953,968 $ (59,835 ) |
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, 2017 December 31, 2016 Amortized cost Estimated fair value Amortized cost Estimated fair value (in thousands) Single-issuer trust preferred securities $ 43,795 $ 42,478 $ 43,746 $ 39,829 Subordinated debt 29,069 29,697 46,231 46,723 Senior debt 12,035 12,407 18,037 18,433 Pooled trust preferred securities — 422 — 422 Corporate debt securities issued by financial institutions 84,899 85,004 108,014 105,407 Other corporate debt securities 3,988 3,988 4,002 4,002 Available for sale corporate debt securities $ 88,887 $ 88,992 $ 112,016 $ 109,409 |
Loans and Allowance for Credi25
Loans and Allowance for Credit Losses (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Receivables [Abstract] | |
Summary of Gross Loans by Type | Loans, net of unearned income are summarized as follows: June 30, December 31, 2016 (in thousands) Real-estate - commercial mortgage $ 6,262,008 $ 6,018,582 Commercial - industrial, financial and agricultural 4,245,849 4,087,486 Real-estate - residential mortgage 1,784,712 1,601,994 Real-estate - home equity 1,579,739 1,625,115 Real-estate - construction 938,900 843,649 Consumer 283,156 291,470 Leasing and other 269,787 246,704 Overdrafts 4,435 3,662 Loans, gross of unearned income 15,368,586 14,718,662 Unearned income (21,969 ) (19,390 ) Loans, net of unearned income $ 15,346,617 $ 14,699,272 |
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 $ 172,342 $ 168,679 Reserve for unfunded lending commitments 2,656 2,646 Allowance for credit losses $ 174,998 $ 171,325 |
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 2017 2016 2017 2016 (in thousands) Balance at beginning of period $ 172,647 $ 166,065 $ 171,325 $ 171,412 Loans charged off (8,715 ) (10,746 ) (18,122 ) (21,901 ) Recoveries of loans previously charged off 4,366 7,278 10,295 11,556 Net loans charged off (4,349 ) (3,468 ) (7,827 ) (10,345 ) Provision for credit losses 6,700 2,511 11,500 4,041 Balance at end of period $ 174,998 $ 165,108 $ 174,998 $ 165,108 The Corporation has historically maintained an unallocated allowance for credit losses for factors and conditions that exist at the balance sheet date, but are not specifically identifiable, and to recognize the inherent imprecision in estimating and measuring loss exposure. During the second quarter of 2017, enhancements were made to allow for the impact of these factors and conditions to be quantified in the allowance allocation process. Accordingly, an unallocated allowance for credit losses is no longer necessary. 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, other and overdrafts Unallocated Total (in thousands) Three months ended June 30, 2017 Balance at March 31, 2017 $ 47,373 $ 55,309 $ 23,821 $ 22,018 $ 7,501 $ 3,031 $ 3,268 $ 7,755 $ 170,076 Loans charged off (242 ) (5,353 ) (592 ) (124 ) (774 ) (430 ) (1,200 ) — (8,715 ) Recoveries of loans previously charged off 934 1,974 215 151 373 470 249 — 4,366 Net loans charged off 692 (3,379 ) (377 ) 27 (401 ) 40 (951 ) — (4,349 ) Provision for loan losses (1) 9,307 15,712 (5,988 ) (5,606 ) 2,434 (1,277 ) (212 ) (7,755 ) 6,615 Balance at June 30, 2017 $ 57,372 $ 67,642 $ 17,456 $ 16,439 $ 9,534 $ 1,794 $ 2,105 $ — $ 172,342 Three months ended June 30, 2016 Balance at March 31, 2016 $ 48,311 $ 54,333 $ 22,524 $ 19,928 $ 6,282 $ 2,324 $ 2,974 $ 7,165 $ 163,841 Loans charged off (1,474 ) (4,625 ) (1,045 ) (340 ) (742 ) (569 ) (1,951 ) — (10,746 ) Recoveries of loans previously charged off 1,367 2,931 350 420 1,563 539 108 — 7,278 Net loans charged off (107 ) (1,694 ) (695 ) 80 821 (30 ) (1,843 ) — (3,468 ) Provision for loan losses (1) (4,464 ) (884 ) 4,341 1,218 (1,331 ) 690 1,387 1,216 2,173 Balance at June 30, 2016 $ 43,740 $ 51,755 $ 26,170 $ 21,226 $ 5,772 $ 2,984 $ 2,518 $ 8,381 $ 162,546 Six months ended June 30, 2017 Balance at December 31, 2016 $ 46,842 $ 54,353 $ 26,801 $ 22,929 $ 6,455 $ 3,574 $ 3,192 $ 4,533 $ 168,679 Loans charged off (1,466 ) (10,880 ) (1,290 ) (340 ) (1,021 ) (1,286 ) (1,839 ) — (18,122 ) Recoveries of loans previously charged off 1,384 6,165 352 381 921 706 386 — 10,295 Net loans charged off (82 ) (4,715 ) (938 ) 41 (100 ) (580 ) (1,453 ) — (7,827 ) Provision for loan losses (1) 10,612 18,004 (8,407 ) (6,531 ) 3,179 (1,200 ) 366 (4,533 ) 11,490 Balance at June 30, 2017 $ 57,372 $ 67,642 $ 17,456 $ 16,439 $ 9,534 $ 1,794 $ 2,105 $ — $ 172,342 Six months ended June 30, 2016 Balance at December 31, 2015 $ 47,866 $ 57,098 $ 22,405 $ 21,375 $ 6,529 $ 2,585 $ 2,468 $ 8,728 $ 169,054 Loans charged off (2,056 ) (10,813 ) (2,586 ) (1,408 ) (1,068 ) (1,576 ) (2,394 ) — (21,901 ) Recoveries of loans previously charged off 2,192 5,250 688 556 1,946 735 189 — 11,556 Net loans charged off 136 (5,563 ) (1,898 ) (852 ) 878 (841 ) (2,205 ) — (10,345 ) Provision for loan losses (1) (4,262 ) 220 5,663 703 (1,635 ) 1,240 2,255 (347 ) 3,837 Balance at June 30, 2016 $ 43,740 $ 51,755 $ 26,170 $ 21,226 $ 5,772 $ 2,984 $ 2,518 $ 8,381 $ 162,546 (1) The provision for loan losses excluded an $85,000 and a $10,000 increase, respectively, in the reserve for unfunded lending commitments for the three and six months ended June 30, 2017 and a $338,000 and $204,000 increase, respectively, in the reserve for unfunded lending commitments for the three and six months ended June 30, 2016. 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, other and overdrafts Unallocated Total (in thousands) Allowance for loan losses at June 30, 2017: Measured for impairment under FASB ASC Subtopic 450-20 $ 49,055 $ 57,341 $ 7,607 $ 6,013 $ 5,370 $ 1,773 $ 2,105 $ — $ 129,264 Evaluated for impairment under FASB ASC Section 310-10-35 8,317 10,301 9,849 10,426 4,164 21 — N/A 43,078 $ 57,372 $ 67,642 $ 17,456 $ 16,439 $ 9,534 $ 1,794 $ 2,105 $ — $ 172,342 Loans, net of unearned income at June 30, 2017: Measured for impairment under FASB ASC Subtopic 450-20 $ 6,212,998 $ 4,189,676 $ 1,557,989 $ 1,741,404 $ 921,839 $ 283,123 $ 252,253 N/A $ 15,159,282 Evaluated for impairment under FASB ASC Section 310-10-35 49,010 56,173 21,750 43,308 17,061 33 — N/A 187,335 $ 6,262,008 $ 4,245,849 $ 1,579,739 $ 1,784,712 $ 938,900 $ 283,156 $ 252,253 N/A $ 15,346,617 Allowance for loan losses at June 30, 2016: Measured for impairment under FASB ASC Subtopic 450-20 $ 32,861 $ 40,945 $ 17,089 $ 9,044 $ 4,004 $ 2,971 $ 2,518 $ 8,381 $ 117,813 Evaluated for impairment under FASB ASC Section 310-10-35 10,879 10,810 9,081 12,182 1,768 13 — N/A 44,733 $ 43,740 $ 51,755 $ 26,170 $ 21,226 $ 5,772 $ 2,984 $ 2,518 $ 8,381 $ 162,546 Loans, net of unearned income at June 30, 2016: Measured for impairment under FASB ASC Subtopic 450-20 $ 5,582,027 $ 4,057,883 $ 1,629,443 $ 1,399,399 $ 841,193 $ 278,053 $ 194,254 N/A $ 13,982,252 Evaluated for impairment under FASB ASC Section 310-10-35 53,320 41,294 17,876 47,893 12,506 18 — N/A 172,907 $ 5,635,347 $ 4,099,177 $ 1,647,319 $ 1,447,292 $ 853,699 $ 278,071 $ 194,254 N/A $ 14,155,159 N/A - Not applicable |
Total Impaired Loans by Class Segment | The following table presents total impaired loans by class segment: June 30, 2017 December 31, 2016 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 $ 25,219 $ 22,396 $ — $ 28,757 $ 25,447 $ — Commercial - secured 43,206 36,036 — 29,296 25,526 — Real estate - residential mortgage 4,629 4,629 — 4,689 4,689 — Construction - commercial residential 10,054 8,044 — 6,271 4,795 — Construction - commercial 598 590 — — — — 83,706 71,695 69,013 60,457 With a related allowance recorded: Real estate - commercial mortgage 34,131 26,614 8,317 37,132 29,446 10,162 Commercial - secured 23,576 19,479 9,947 27,767 22,626 13,198 Commercial - unsecured 912 658 354 1,122 823 455 Real estate - home equity 25,753 21,750 9,849 23,971 19,205 9,511 Real estate - residential mortgage 45,300 38,679 10,426 48,885 41,359 11,897 Construction - commercial residential 10,479 7,210 3,725 10,103 4,206 1,300 Construction - commercial 186 126 45 681 435 145 Construction - other 1,096 1,091 394 1,096 1,096 423 Consumer - direct 18 18 12 21 21 14 Consumer - indirect 16 15 9 19 19 12 141,467 115,640 43,078 150,797 119,236 47,117 Total $ 225,173 $ 187,335 $ 43,078 $ 219,810 $ 179,693 $ 47,117 As of June 30, 2017 and December 31, 2016 , there were $71.7 million and $60.5 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 2017 2016 2017 2016 Average Interest Average Interest Average Interest Average Interest (in thousands) With no related allowance recorded: Real estate - commercial mortgage $ 22,316 $ 71 $ 22,762 $ 72 $ 23,360 $ 141 $ 22,707 141 Commercial - secured 30,829 46 15,182 20 29,061 82 14,688 36 Real estate - residential mortgage 4,643 26 6,191 33 4,658 52 5,724 63 Construction - commercial residential 6,368 4 6,421 16 5,844 6 7,236 35 Construction - commercial 597 — — — 398 — — — 64,753 147 50,556 141 63,321 281 50,355 275 With a related allowance recorded: Real estate - commercial mortgage 27,710 88 33,042 104 28,288 173 33,927 212 Commercial - secured 20,675 31 25,919 33 21,325 63 28,489 71 Commercial - unsecured 712 — 929 1 749 — 893 2 Real estate - home equity 20,352 117 17,950 70 19,969 212 17,222 127 Real estate - residential mortgage 39,500 225 41,928 226 40,119 455 43,164 461 Construction - commercial residential 7,248 4 5,566 14 6,234 7 5,807 29 Construction - commercial 104 — 548 — 214 — 578 — Construction - other 1,094 — 513 — 1,094 — 406 — Consumer - direct 19 — 10 — 19 — 16 — Consumer - indirect 17 — 15 — 17 — 11 — Leasing, other and overdrafts — — 711 — 475 — 949 — 117,431 465 127,131 448 118,503 910 131,462 902 Total $ 182,184 $ 612 $ 177,687 $ 589 $ 181,824 $ 1,191 $ 181,817 1,177 (1) All impaired loans, excluding accruing TDRs, were non-accrual loans. Interest income recognized for the three and six months ended June 30, 2017 and 2016 represents amounts earned on accruing TDRs. |
Financing Receivable Credit Quality Indicators | The following table presents internal credit risk ratings for the indicated loan class segments: Pass Special Mention Substandard or Lower Total June 30, 2017 December 31, 2016 June 30, 2017 December 31, 2016 June 30, 2017 December 31, 2016 June 30, 2017 December 31, 2016 (dollars in thousands) Real estate - commercial mortgage $ 6,004,958 $ 5,763,122 $ 119,534 $ 132,484 $ 137,516 $ 122,976 $ 6,262,008 $ 6,018,582 Commercial - secured 3,813,864 3,686,152 119,119 128,873 169,602 118,527 4,102,585 3,933,552 Commercial - unsecured 134,455 145,922 6,264 4,481 2,545 3,531 143,264 153,934 Total commercial - industrial, financial and agricultural 3,948,319 3,832,074 125,383 133,354 172,147 122,058 4,245,849 4,087,486 Construction - commercial residential 131,115 113,570 9,789 15,447 16,387 13,172 157,291 142,189 Construction - commercial 718,702 635,963 4,727 3,412 5,220 5,115 728,649 644,490 Total construction (excluding Construction - other) 849,817 749,533 14,516 18,859 21,607 18,287 885,940 786,679 $ 10,803,094 $ 10,344,729 $ 259,433 $ 284,697 $ 331,270 $ 263,321 $ 11,393,797 $ 10,892,747 % of Total 94.8 % 95.0 % 2.3 % 2.6 % 2.9 % 2.4 % 100.0 % 100.0 % The following table presents a summary of performing, delinquent and non-performing loans for the indicated loan class segments: Performing Delinquent (1) Non-performing (2) Total June 30, 2017 December 31, 2016 June 30, 2017 December 31, 2016 June 30, 2017 December 31, 2016 June 30, 2017 December 31, 2016 (dollars in thousands) Real estate - home equity $ 1,557,629 $ 1,602,687 $ 10,223 $ 9,274 $ 11,887 $ 13,154 $ 1,579,739 $ 1,625,115 Real estate - residential mortgage 1,746,977 1,557,995 15,889 20,344 21,846 23,655 1,784,712 1,601,994 Construction - other 51,869 55,874 — — 1,091 1,096 52,960 56,970 Consumer - direct 55,825 93,572 1,761 1,752 1,143 1,563 58,729 96,887 Consumer - indirect 222,380 190,656 1,921 3,599 126 328 224,427 194,583 Total consumer 278,205 284,228 3,682 5,351 1,269 1,891 283,156 291,470 Leasing 251,050 229,591 922 1,068 281 317 252,253 230,976 $ 3,885,730 $ 3,730,375 $ 30,716 $ 36,037 $ 36,374 $ 40,113 $ 3,952,820 $ 3,806,525 % of Total 98.3 % 98.0 % 0.8 % 0.9 % 0.9 % 1.1 % 100.0 % 100.0 % (1) Includes all accruing loans 30 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 $ 122,600 $ 120,133 Loans 90 days or more past due and still accruing 13,143 11,505 Total non-performing loans 135,743 131,638 Other real estate owned (OREO) 11,432 12,815 Total non-performing assets $ 147,175 $ 144,453 |
Past due Loan Status and Non-Accrual Loans by Portfolio Segment | The following tables present past due status and non-accrual loans by portfolio segment and class segment: June 30, 2017 30-59 Days Past Due 60-89 Days Past Due ≥ 90 Days Past Due and Accruing Non- accrual Total ≥ 90 Days Total Past Due Current Total (in thousands) Real estate - commercial mortgage $ 8,259 $ 676 $ 309 $ 32,267 $ 32,576 $ 41,511 $ 6,220,497 $ 6,262,008 Commercial - secured 6,411 2,425 3,135 47,489 50,624 59,460 4,043,125 4,102,585 Commercial - unsecured 430 57 98 598 696 1,183 142,081 143,264 Total commercial - industrial, financial and agricultural 6,841 2,482 3,233 48,087 51,320 60,643 4,185,206 4,245,849 Real estate - home equity 8,103 2,120 2,167 9,720 11,887 22,110 1,557,629 1,579,739 Real estate - residential mortgage 12,640 3,249 4,906 16,940 21,846 37,735 1,746,977 1,784,712 Construction - commercial residential 538 20 978 13,779 14,757 15,315 141,976 157,291 Construction - commercial — — — 716 716 716 727,933 728,649 Construction - other — — — 1,091 1,091 1,091 51,869 52,960 Total real estate - construction 538 20 978 15,586 16,564 17,122 921,778 938,900 Consumer - direct 1,054 707 1,143 — 1,143 2,904 55,825 58,729 Consumer - indirect 1,708 213 126 — 126 2,047 222,380 224,427 Total consumer 2,762 920 1,269 — 1,269 4,951 278,205 283,156 Leasing, other and overdrafts 671 251 281 — 281 1,203 251,050 252,253 Total $ 39,814 $ 9,718 $ 13,143 $ 122,600 $ 135,743 $ 185,275 $ 15,161,342 $ 15,346,617 December 31, 2016 30-59 Days Past Due 60-89 Days Past Due ≥ 90 Days Past Due and Accruing Non- accrual Total ≥ 90 Days Total Past Due Current Total (in thousands) Real estate - commercial mortgage $ 6,254 $ 1,622 $ 383 $ 38,936 $ 39,319 $ 47,195 $ 5,971,387 $ 6,018,582 Commercial - secured 6,660 2,616 959 41,589 42,548 51,824 3,881,728 3,933,552 Commercial - unsecured 898 35 152 760 912 1,845 152,089 153,934 Total commercial - industrial, financial and agricultural 7,558 2,651 1,111 42,349 43,460 53,669 4,033,817 4,087,486 Real estate - home equity 6,596 2,678 2,543 10,611 13,154 22,428 1,602,687 1,625,115 Real estate - residential mortgage 15,600 4,744 5,224 18,431 23,655 43,999 1,557,995 1,601,994 Construction - commercial residential 233 51 36 8,275 8,311 8,595 133,594 142,189 Construction - commercial 743 — — 435 435 1,178 643,312 644,490 Construction - other — — — 1,096 1,096 1,096 55,874 56,970 Total real estate - construction 976 51 36 9,806 9,842 10,869 832,780 843,649 Consumer - direct 1,211 541 1,563 — 1,563 3,315 93,572 96,887 Consumer - indirect 3,200 399 328 — 328 3,927 190,656 194,583 Total consumer 4,411 940 1,891 — 1,891 7,242 284,228 291,470 Leasing, other and overdrafts 543 525 317 — 317 1,385 229,591 230,976 Total $ 41,938 $ 13,211 $ 11,505 $ 120,133 $ 131,638 $ 186,787 $ 14,512,485 $ 14,699,272 |
Troubled Debt Restructurings on Financing Receivables | The following table presents TDRs, by class segment: June 30, December 31, (in thousands) Real-estate - residential mortgage $ 26,368 $ 27,617 Real-estate - commercial mortgage 13,772 15,957 Real estate - home equity 12,031 8,594 Commercial 8,086 6,627 Construction 1,475 726 Consumer 33 39 Total accruing TDRs 61,765 59,560 Non-accrual TDRs (1) 29,373 27,850 Total TDRs $ 91,138 $ 87,410 (1) Included in 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 and type of concession for loans that were modified during the three and six months ended June 30, 2017 and 2016 : Three months ended June 30 Six months ended June 30 2017 2016 2017 2016 Number of Loans Post-Modification Recorded Investment Number of Loans Post-Modification Recorded Investment Number of Loans Post-Modification Recorded Investment Number of Loans Post-Modification Recorded Investment (dollars in thousands) Real estate – residential mortgage: Extend maturity without rate concession — $ — 2 $ 315 2 $ 337 2 $ 315 Bankruptcy 1 157 1 373 2 335 1 373 Real estate - commercial mortgage: Extend maturity without rate concession 3 663 — — 4 981 — $ — Bankruptcy 1 12 — — 1 12 — $ — Real estate - home equity: Extend maturity without rate concession 17 1,275 18 738 33 2,559 39 $ 1,995 Bankruptcy 10 1,063 5 231 17 1,516 22 $ 1,716 Commercial: Extend maturity without rate concession 4 2,567 4 1,146 8 5,693 6 1,976 Bankruptcy 1 490 — — 1 490 — — Commercial – unsecured: Extend maturity without rate concession 1 33 — — 1 33 2 103 Construction - commercial residential: Extend maturity without rate concession 1 1,204 — — 1 1,204 — — Consumer - indirect: Bankruptcy — — — — — — 1 2 Total 39 $ 7,464 30 $ 2,803 70 $ 13,160 73 $ 6,480 The following table presents TDRs, by class segment, as of June 30, 2017 and 2016 , that were modified in the previous 12 months and had a post-modification payment default during the six months ended June 30, 2017 and 2016 . The Corporation defines a payment default as a single missed payment. 2017 2016 Number of Loans Recorded Investment Number of Loans Recorded Investment (dollars in thousands) Real estate - residential mortgage 7 $ 1,911 5 $ 972 Real estate - commercial mortgage 3 674 2 132 Real estate - home equity 16 922 22 1,448 Commercial 5 2,772 5 1,123 Consumer 1 16 — — Total 32 $ 6,295 34 $ 3,675 |
Mortgage Servicing Rights (Tabl
Mortgage Servicing Rights (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
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 2017 2016 2017 2016 (in thousands) Amortized cost: Balance at beginning of period $ 38,543 $ 40,195 $ 38,822 $ 40,944 Originations of mortgage servicing rights 1,203 1,508 2,386 2,428 Amortization (1,566 ) (1,829 ) (3,028 ) (3,498 ) Balance at end of period $ 38,180 $ 39,874 $ 38,180 $ 39,874 Valuation allowance: Balance at beginning of period $ (1,291 ) $ — $ (1,291 ) $ — (Additions) reductions to valuation allowance 1,291 (1,721 ) 1,291 (1,721 ) Balance at end of period $ — $ (1,721 ) $ — $ (1,721 ) Net MSRs at end of period $ 38,180 $ 38,153 $ 38,180 $ 38,153 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Summary of Compensation Expense and Related Tax Benefits | The following table presents compensation (benefit) 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 2017 2016 2017 2016 (in thousands) Stock-based compensation expense $ 1,035 $ 1,820 $ 1,769 $ 3,256 Tax benefit (1,940 ) (642 ) (2,684 ) (1,075 ) Stock-based compensation expense, net of tax benefit $ (905 ) $ 1,178 $ (915 ) $ 2,181 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Compensation and Retirement Disclosure [Abstract] | |
Schedule of Defined Benefit Plans Disclosures | The net periodic benefit of the Corporation’s Postretirement Benefits Plan ("Postretirement Plan") consisted of the following components: Three months ended June 30 Six months ended June 30 2017 2016 2017 2016 (in thousands) Interest cost $ 17 $ 5 $ 34 $ 43 Expected return on plan assets — (1 ) — (1 ) Net accretion and deferral (141 ) (210 ) (282 ) (275 ) Net periodic benefit $ (124 ) $ (206 ) $ (248 ) $ (233 ) The net periodic benefit cost for the Corporation’s Defined Benefit Pension Plan ("Pension Plan") consisted of the following components: Three months ended June 30 Six months ended June 30 2017 2016 2017 2016 (in thousands) Service cost (1) $ — $ 194 $ — $ 344 Interest cost 830 879 1,660 1,760 Expected return on plan assets (451 ) (433 ) (902 ) (1,159 ) Net amortization and deferral 663 428 1,326 1,210 Net periodic benefit cost $ 1,042 $ 1,068 $ 2,084 $ 2,155 (1) The Pension Plan was curtailed effective January 1, 2008. Service cost was related to administrative costs associated with the plan and was not due to the accrual of additional participant benefits. |
Derivative Financial Instrume29
Derivative Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
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, 2017 December 31, 2016 Notional Asset Notional Asset (in thousands) Interest Rate Locks with Customers Positive fair values $ 141,136 $ 1,354 $ 87,119 $ 863 Negative fair values 3,573 (28 ) 18,239 (227 ) Net interest rate locks with customers 1,326 636 Forward Commitments Positive fair values 25,343 94 70,031 2,223 Negative fair values 91,629 (205 ) 19,964 (112 ) Net forward commitments (111 ) 2,111 Interest Rate Swaps with Customers Positive fair values 1,242,309 34,331 876,744 24,397 Negative fair values 581,370 (13,938 ) 583,060 (16,998 ) Net interest rate swaps with customers 20,393 7,399 Interest Rate Swaps with Dealer Counterparties Positive fair values 581,370 13,938 583,060 16,998 Negative fair values (1) 1,242,309 (29,167 ) 876,744 (24,397 ) Net interest rate swaps with dealer counterparties (15,229 ) (7,399 ) Foreign Exchange Contracts with Customers Positive fair values 4,460 309 11,674 504 Negative fair values 7,295 (343 ) 4,659 (221 ) Net foreign exchange contracts with customers (34 ) 283 Foreign Exchange Contracts with Correspondent Banks Positive fair values 9,268 407 7,040 241 Negative fair values 6,873 (283 ) 12,869 (447 ) Net foreign exchange contracts with correspondent banks 124 (206 ) Net derivative fair value asset $ 6,469 $ 2,824 (1) Includes centrally cleared interest rate swaps with a notional amount of $240.7 million and a fair value of $0 as of June 30, 2017 . Collateral is posted daily through a clearing agent for changes in the fair value. |
Summary of Fair Value Gains and Losses on Derivative Financial Instruments | The following table presents a summary of the fair value gains (losses) on derivative financial instruments: Three months ended June 30 Six months ended June 30 2017 2016 2017 2016 (in thousands) Interest rate locks with customers $ (155 ) $ 512 $ 690 $ 1,744 Forward commitments 157 (906 ) (2,222 ) (2,012 ) Interest rate swaps with customers 13,809 20,569 12,994 50,000 Interest rate swaps with dealer counterparties (10,831 ) (20,569 ) (7,830 ) (50,000 ) Foreign exchange contracts with customers (325 ) 81 (317 ) 455 Foreign exchange contracts with correspondent banks 367 (68 ) 330 (347 ) Net fair value gains (losses) on derivative financial instruments $ 3,022 $ (381 ) $ 3,645 $ (160 ) |
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 $ 32,810 $ 28,708 Fair value 33,364 28,697 |
Summary of Offsetting Derivative Assets | The following table presents the Corporation's financial instruments that are eligible for offset, and the effects of offsetting, on the consolidated balance sheets: Gross Amounts Gross Amounts Not Offset Recognized on the Consolidated on the Balance Sheets Consolidated Financial Cash Net Balance Sheets Instruments (1) Collateral (2) Amount (in thousands) June 30, 2017 Interest rate swap derivative assets $ 48,269 $ (14,372 ) $ — $ 33,897 Foreign exchange derivative assets with correspondent banks 407 (283 ) — 124 Total $ 48,676 $ (14,655 ) $ — $ 34,021 Interest rate swap derivative liabilities $ 43,105 $ (14,372 ) $ (18,320 ) $ 10,413 Foreign exchange derivative liabilities with correspondent banks 283 (283 ) — — Total $ 43,388 $ (14,655 ) $ (18,320 ) $ 10,413 December 31, 2016 Interest rate swap derivative assets $ 41,395 $ (15,117 ) $ — $ 26,278 Foreign exchange derivative assets with correspondent banks 241 (241 ) — — Total $ 41,636 $ (15,358 ) $ — $ 26,278 Interest rate swap derivative liabilities $ 41,395 $ (15,117 ) $ (4,010 ) $ 22,268 Foreign exchange derivative liabilities with correspondent banks 447 (241 ) (206 ) — Total $ 41,842 $ (15,358 ) $ (4,216 ) $ 22,268 (1) For derivative assets, amounts represent any derivative liability fair values that could be offset in the event of counterparty or customer default. For derivative liabilities, amounts represent any derivative asset fair values that could be offset in the event of counterparty or customer default. (2) Amounts represent collateral received from the counterparty or posted by the Corporation. |
Summary of Offsetting Derivative Liabilities | The following table presents the Corporation's financial instruments that are eligible for offset, and the effects of offsetting, on the consolidated balance sheets: Gross Amounts Gross Amounts Not Offset Recognized on the Consolidated on the Balance Sheets Consolidated Financial Cash Net Balance Sheets Instruments (1) Collateral (2) Amount (in thousands) June 30, 2017 Interest rate swap derivative assets $ 48,269 $ (14,372 ) $ — $ 33,897 Foreign exchange derivative assets with correspondent banks 407 (283 ) — 124 Total $ 48,676 $ (14,655 ) $ — $ 34,021 Interest rate swap derivative liabilities $ 43,105 $ (14,372 ) $ (18,320 ) $ 10,413 Foreign exchange derivative liabilities with correspondent banks 283 (283 ) — — Total $ 43,388 $ (14,655 ) $ (18,320 ) $ 10,413 December 31, 2016 Interest rate swap derivative assets $ 41,395 $ (15,117 ) $ — $ 26,278 Foreign exchange derivative assets with correspondent banks 241 (241 ) — — Total $ 41,636 $ (15,358 ) $ — $ 26,278 Interest rate swap derivative liabilities $ 41,395 $ (15,117 ) $ (4,010 ) $ 22,268 Foreign exchange derivative liabilities with correspondent banks 447 (241 ) (206 ) — Total $ 41,842 $ (15,358 ) $ (4,216 ) $ 22,268 (1) For derivative assets, amounts represent any derivative liability fair values that could be offset in the event of counterparty or customer default. For derivative liabilities, amounts represent any derivative asset fair values that could be offset in the event of counterparty or customer default. (2) Amounts represent collateral received from the counterparty or posted by the Corporation. |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
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, 2016 (in thousands) Commitments to extend credit $ 6,382,314 $ 6,075,567 Standby letters of credit 349,953 356,359 Commercial letters of credit 41,501 38,901 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
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, 2017 Level 1 Level 2 Level 3 Total (in thousands) Mortgage loans held for sale $ — $ 33,364 $ — $ 33,364 Available for sale investment securities: Equity securities 21,455 — — 21,455 U.S. Government sponsored agency securities — 6,054 — 6,054 State and municipal securities — 401,636 — 401,636 Corporate debt securities — 85,795 3,197 88,992 Collateralized mortgage obligations — 538,507 — 538,507 Residential mortgage-backed securities — 1,213,065 — 1,213,065 Commercial mortgage-backed securities — 121,067 — 121,067 Auction rate securities — — 97,923 97,923 Total available for sale investment securities 21,455 2,366,124 101,120 2,488,699 Other assets 18,533 49,717 — 68,250 Total assets $ 39,988 $ 2,449,205 $ 101,120 $ 2,590,313 Other liabilities $ 18,438 $ 43,338 $ — $ 61,776 December 31, 2016 Level 1 Level 2 Level 3 Total (in thousands) Mortgage loans held for sale $ — $ 28,697 $ — $ 28,697 Available for sale investment securities: Equity securities 24,526 — — 24,526 U.S. Government sponsored agency securities — 134 — 134 State and municipal securities — 391,641 — 391,641 Corporate debt securities — 106,537 2,872 109,409 Collateralized mortgage obligations — 593,860 — 593,860 Residential mortgage-backed securities — 1,317,838 — 1,317,838 Commercial mortgage-backed securities — 24,563 — 24,563 Auction rate securities — — 97,256 97,256 Total available for sale investment securities 24,526 2,434,573 100,128 2,559,227 Other assets 17,111 44,481 — 61,592 Total assets $ 41,637 $ 2,507,751 $ 100,128 $ 2,649,516 Other liabilities $ 17,032 $ 41,734 $ — $ 58,766 |
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, 2017 Pooled Trust Single-issuer ARCs (in thousands) Balance at March 31, 2017 $ 422 $ 2,750 $ 97,439 Unrealized adjustment to fair value (1) — 22 386 Discount accretion (2) — 3 98 Balance at June 30, 2017 $ 422 $ 2,775 $ 97,923 Three months ended June 30, 2016 Balance at March 31, 2016 $ 706 $ 2,400 $ 97,326 Unrealized adjustment to fair value (1) — 22 482 Discount accretion (2) — 3 78 Balance at June 30, 2016 $ 706 $ 2,425 $ 97,886 Six months ended June 30, 2017 Pooled Trust Single-issuer ARCs (in thousands) Balance at December 31, 2016 $ 422 $ 2,450 $ 97,256 Unrealized adjustment to fair value (1) — 319 472 Discount accretion (2) — 6 195 Balance at June 30, 2017 $ 422 $ 2,775 $ 97,923 Six months ended June 30, 2016 Balance at December 31, 2015 $ 706 $ 2,630 $ 98,059 Unrealized adjustment to fair value (1) — (211 ) (350 ) Discount accretion (2) — 6 177 Balance at June 30, 2016 $ 706 $ 2,425 $ 97,886 (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, 2017 Level 1 Level 2 Level 3 Total (in thousands) Net loans $ — $ — $ 144,256 $ 144,256 Other financial assets — — 49,613 49,613 Total assets $ — $ — $ 193,869 $ 193,869 December 31, 2016 Level 1 Level 2 Level 3 Total (in thousands) Net loans $ — $ — $ 132,576 $ 132,576 Other financial assets — — 50,347 50,347 Total assets $ — $ — $ 182,923 $ 182,923 |
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, 2017 and December 31, 2016 . In addition, a general description of the methods and assumptions used to estimate such fair values is also provided. June 30, 2017 December 31, 2016 Book Value Estimated Book Value Estimated (in thousands) FINANCIAL ASSETS Cash and due from banks $ 94,938 $ 94,938 $ 118,763 $ 118,763 Interest-bearing deposits with other banks 322,514 322,514 233,763 233,763 Federal Reserve Bank and Federal Home Loan Bank stock 70,328 70,328 57,489 57,489 Loans held for sale (1) 62,354 62,354 28,697 28,697 Available for sale investment securities (1) 2,488,699 2,488,699 2,559,227 2,559,227 Net Loans (1) 15,174,275 15,007,961 14,530,593 14,387,454 Accrued interest receivable 47,603 47,603 46,294 46,294 Other financial assets (1) 212,773 212,773 206,132 206,132 FINANCIAL LIABILITIES Demand and savings deposits $ 12,610,951 $ 12,610,951 $ 12,259,622 $ 12,259,622 Time deposits 2,746,410 2,758,807 2,753,242 2,769,757 Short-term borrowings 694,859 694,859 541,317 541,317 Accrued interest payable 7,804 7,804 9,632 9,632 Other financial liabilities (1) 252,537 252,537 216,080 216,080 Federal Home Loan Bank advances and other long-term debt 1,037,961 1,035,711 929,403 928,167 (1) These financial instruments, or certain financial instruments in 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. |
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, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Weighted Average Number of Shares Outstanding Reconciliation [Abstract] | ||||
Weighted average shares outstanding (basic) (in shares) | 174,597 | 173,394 | 174,375 | 173,363 |
Impact of common stock equivalents (in shares) | 935 | 924 | 1,179 | 1,004 |
Weighted average shares outstanding (diluted) (in shares) | 175,532 | 174,318 | 175,554 | 174,367 |
Net Income Per Share Narrative
Net Income Per Share Narrative (Details) - shares | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Stock Option [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Stock options excluded from the diluted net income per share computation (in shares) | 802,000 | 0 | 844,000 |
Accumulated Other Comprehensi34
Accumulated Other Comprehensive Income Changes in Other Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Equity [Abstract] | ||||
Unrealized gain on securities, before tax amount | $ 15,798 | $ 19,753 | $ 22,374 | $ 45,946 |
Unrealized gain on securities, tax effect | (5,530) | (6,914) | (7,833) | (16,081) |
Unrealized gain on securities, net of tax amount | 10,268 | 12,839 | 14,541 | 29,865 |
Reclassification adjustment for securities gains included in net income, before tax amount | (1,436) | (76) | (2,542) | (1,023) |
Reclassification adjustment for securities gains included in net income, tax effect | 504 | 27 | 891 | 358 |
Reclassification adjustment for securities gains included in net income, net of tax amount | (932) | (49) | (1,651) | (665) |
Amortization of unrealized loss on derivative financial instruments, before tax amount | 6 | 12 | ||
Amortization of unrealized loss on derivative financial instruments, tax effect | (2) | (4) | ||
Amortization of unrealized loss on derivative financial instruments, net of tax amount | 0 | 4 | 0 | 8 |
Amortization of net unrecognized pension and postretirement items, before tax amount | 522 | 49 | 1,051 | 766 |
Amortization of net unrecognized pension and postretirement items, tax effect | (181) | (17) | (367) | (268) |
Amortization of net unrecognized pension and postretirement items, net of tax amount | 341 | 32 | 684 | 498 |
Total Other Comprehensive Income, Before Tax Amount | 14,884 | 19,732 | 20,883 | 45,701 |
Total Other Comprehensive Income, Tax Effect | (5,207) | (6,906) | (7,309) | (15,995) |
Other Comprehensive Income | $ 9,677 | $ 12,826 | $ 13,574 | $ 29,706 |
Accumulated Other Comprehensi35
Accumulated Other Comprehensive Income Components of Other Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Accumulated Other Comprehensive Income [Roll Forward] | ||||
Beginning Balance | $ (34,552) | $ (5,137) | $ (38,449) | $ (22,017) |
Other comprehensive income before reclassifications | 10,268 | 12,839 | 14,541 | 29,865 |
Amounts reclassified from accumulated other comprehensive income (loss) | (591) | (13) | (967) | (159) |
Ending Balance | (24,875) | 7,689 | (24,875) | 7,689 |
Unrealized Gains (Losses) on Investment Securities Not Other-Than-Temporarily Impaired | ||||
Accumulated Other Comprehensive Income [Roll Forward] | ||||
Beginning Balance | (19,493) | 9,911 | (23,047) | (6,499) |
Other comprehensive income before reclassifications | 10,268 | 12,839 | 14,541 | 29,865 |
Amounts reclassified from accumulated other comprehensive income (loss) | (932) | (49) | (1,651) | (665) |
Ending Balance | (10,157) | 22,701 | (10,157) | 22,701 |
Unrealized Non-Credit Gains (Losses) on Other-Than-Temporarily Impaired Debt Securities | ||||
Accumulated Other Comprehensive Income [Roll Forward] | ||||
Beginning Balance | 273 | 458 | 273 | 458 |
Other comprehensive income before reclassifications | 0 | 0 | 0 | 0 |
Amounts reclassified from accumulated other comprehensive income (loss) | 0 | 0 | 0 | 0 |
Ending Balance | 273 | 458 | 273 | 458 |
Unrealized Effective Portions of Losses on Forward-Starting Interest Rate Swaps | ||||
Accumulated Other Comprehensive Income [Roll Forward] | ||||
Beginning Balance | 0 | (11) | 0 | (15) |
Other comprehensive income before reclassifications | 0 | 0 | 0 | 0 |
Amounts reclassified from accumulated other comprehensive income (loss) | 0 | 4 | 0 | 8 |
Ending Balance | 0 | (7) | 0 | (7) |
Unrecognized Pension and Postretirement Plan Income (Costs) | ||||
Accumulated Other Comprehensive Income [Roll Forward] | ||||
Beginning Balance | (15,332) | (15,495) | (15,675) | (15,961) |
Other comprehensive income before reclassifications | 0 | 0 | 0 | 0 |
Amounts reclassified from accumulated other comprehensive income (loss) | 341 | 32 | 684 | 498 |
Ending Balance | $ (14,991) | $ (15,463) | $ (14,991) | $ (15,463) |
Investment Securities Schedule
Investment Securities Schedule of Amortized Cost and Fair Values of Investment Securities (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 | Jun. 30, 2016 |
Schedule of Investments [Line Items] | |||
Securities pledged as collateral | $ 1,700,000 | $ 1,800,000 | |
Amortized Cost | 2,503,895 | 2,594,255 | |
Gross Unrealized Gains | 24,890 | 24,807 | |
Gross Unrealized Losses | (40,086) | (59,835) | |
Estimated Fair Value | 2,488,699 | 2,559,227 | |
Other Equity Securities [Member] | |||
Schedule of Investments [Line Items] | |||
Available-for-sale Securities, Equity Securities | 1,000 | 1,000 | |
U.S. Government-Sponsored Agency Securities [Member] | |||
Schedule of Investments [Line Items] | |||
Amortized Cost | 5,960 | 132 | |
Gross Unrealized Gains | 94 | 2 | |
Gross Unrealized Losses | 0 | 0 | |
Estimated Fair Value | 6,054 | 134 | |
State and Municipal Securities [Member] | |||
Schedule of Investments [Line Items] | |||
Amortized Cost | 405,035 | 405,274 | |
Gross Unrealized Gains | 3,726 | 2,043 | |
Gross Unrealized Losses | (7,125) | (15,676) | |
Estimated Fair Value | 401,636 | 391,641 | |
Corporate Debt Securities [Member] | |||
Schedule of Investments [Line Items] | |||
Amortized Cost | 88,887 | 112,016 | |
Gross Unrealized Gains | 2,531 | 1,978 | |
Gross Unrealized Losses | (2,426) | (4,585) | |
Estimated Fair Value | 88,992 | 109,409 | |
Collateralized Mortgage Obligations [Member] | |||
Schedule of Investments [Line Items] | |||
Amortized Cost | 546,847 | 604,095 | |
Gross Unrealized Gains | 1,399 | 1,943 | |
Gross Unrealized Losses | (9,739) | (12,178) | |
Estimated Fair Value | 538,507 | 593,860 | |
Mortgage-Backed Securities [Member] | |||
Schedule of Investments [Line Items] | |||
Amortized Cost | 1,218,257 | 1,328,192 | |
Gross Unrealized Gains | 5,782 | 6,546 | |
Gross Unrealized Losses | (10,974) | (16,900) | |
Estimated Fair Value | 1,213,065 | 1,317,838 | |
Commercial Mortgage Backed Securities [Member] | |||
Schedule of Investments [Line Items] | |||
Amortized Cost | 121,012 | 25,100 | |
Gross Unrealized Gains | 390 | 0 | |
Gross Unrealized Losses | (335) | (537) | |
Estimated Fair Value | 121,067 | 24,563 | |
Auction Rate Securities [Member] | |||
Schedule of Investments [Line Items] | |||
Amortized Cost | 107,410 | 107,215 | |
Gross Unrealized Gains | 0 | 0 | |
Gross Unrealized Losses | (9,487) | (9,959) | |
Estimated Fair Value | 97,923 | 97,256 | |
Debt Securities [Member] | |||
Schedule of Investments [Line Items] | |||
Amortized Cost | 2,493,408 | 2,582,024 | |
Gross Unrealized Gains | 13,922 | 12,512 | |
Gross Unrealized Losses | (40,086) | (59,835) | |
Estimated Fair Value | 2,467,244 | 2,534,701 | |
Equity Securities [Member] | |||
Schedule of Investments [Line Items] | |||
Amortized Cost | 10,487 | 12,231 | |
Gross Unrealized Gains | 10,968 | 12,295 | |
Gross Unrealized Losses | 0 | 0 | |
Estimated Fair Value | 21,455 | $ 24,526 | |
Pooled Trust Preferred Securities [Member] | |||
Schedule of Investments [Line Items] | |||
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Credit Losses on Debt Securities Held | $ 10,000 | $ 10,000 |
Investment Securities Schedul37
Investment Securities Schedule of Amortized Cost and Fair Values of Debt Securities by Contractual Maturities (Details) $ in Thousands | Jun. 30, 2017USD ($) |
Amortized Cost | |
Due in one year or less | $ 20,103 |
Due from one year to five years | 27,967 |
Due from five years to ten years | 111,883 |
Due after ten years | 447,339 |
Amortized cost, before securities without debt maturities | 607,292 |
Amortized Cost | 2,493,408 |
Estimated Fair Value | |
Due in one year or less | 20,336 |
Due from one year to five years | 28,335 |
Due from five years to ten years | 113,050 |
Due after ten years | 432,884 |
Available for sale securities, debt maturities, before securities without single maturities | 594,605 |
Estimated Fair Value | 2,467,244 |
Collateralized Mortgage Obligations [Member] | |
Amortized Cost | |
Available-for-sale securities, amortized cost without single maturity date | 546,847 |
Estimated Fair Value | |
Available-for-sale securities, debt maturities, without single maturity date, fair value | 538,507 |
Commercial Mortgage Backed Securities [Member] | |
Amortized Cost | |
Available-for-sale securities, amortized cost without single maturity date | 121,012 |
Estimated Fair Value | |
Available-for-sale securities, debt maturities, without single maturity date, fair value | 121,067 |
Mortgage-Backed Securities [Member] | |
Amortized Cost | |
Available-for-sale securities, amortized cost without single maturity date | 1,218,257 |
Estimated Fair Value | |
Available-for-sale securities, debt maturities, without single maturity date, fair value | $ 1,213,065 |
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, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Gain (Loss) on Investments [Line Items] | ||||
Gross Realized Gains | $ 1,450 | $ 112 | $ 2,556 | $ 1,059 |
Gross Realized Losses | (14) | (36) | (14) | (36) |
Net Gains (Losses) | 1,436 | 76 | 2,542 | 1,023 |
Equity Securities [Member] | ||||
Gain (Loss) on Investments [Line Items] | ||||
Gross Realized Gains | 1,305 | 4 | 2,350 | 737 |
Gross Realized Losses | 0 | (10) | 0 | (10) |
Net Gains (Losses) | 1,305 | (6) | 2,350 | 727 |
Debt Securities [Member] | ||||
Gain (Loss) on Investments [Line Items] | ||||
Gross Realized Gains | 145 | 108 | 206 | 322 |
Gross Realized Losses | (14) | (26) | (14) | (26) |
Net Gains (Losses) | $ 131 | $ 82 | $ 192 | $ 296 |
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) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
State and Municipal Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | $ 214,497 | $ 247,509 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (7,125) | (15,676) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 0 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 214,497 | 247,509 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (7,125) | (15,676) |
Corporate Debt Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 4,020 | 11,922 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (9) | (110) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 32,148 | 34,629 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (2,417) | (4,475) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 36,168 | 46,551 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (2,426) | (4,585) |
Collateralized Mortgage Obligations [Member] | ||
Schedule of Investments [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 144,523 | 166,905 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (3,057) | (3,899) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 231,936 | 258,237 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (6,682) | (8,279) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 376,459 | 425,142 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (9,739) | (12,178) |
Residential Mortgage Backed Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 896,206 | 1,112,947 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (10,974) | (16,900) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 0 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 896,206 | 1,112,947 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (10,974) | (16,900) |
Commercial Mortgage Backed Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 68,546 | 24,563 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (335) | (537) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 0 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 68,546 | 24,563 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (335) | (537) |
Auction Rate Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 0 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 0 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 97,923 | 97,256 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (9,487) | (9,959) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 97,923 | 97,256 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (9,487) | (9,959) |
Debt Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 1,327,792 | 1,563,846 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (21,500) | (37,122) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 362,007 | 390,122 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (18,586) | (22,713) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 1,689,799 | 1,953,968 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | $ (40,086) | $ (59,835) |
Investment Securities Summary40
Investment Securities Summary of Amortized Cost and Fair Values of Corporate Debt Securities (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $ 2,493,408 | |
Corporate debt securities | 2,467,244 | |
Corporate Debt Securities Issued by Financial Institutions [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 84,899 | $ 108,014 |
Corporate debt securities | 85,004 | 105,407 |
Single-issuer Trust Preferred Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 43,795 | 43,746 |
Corporate debt securities | 42,478 | 39,829 |
Subordinated Debt | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 29,069 | 46,231 |
Corporate debt securities | 29,697 | 46,723 |
Senior Debt Obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 12,035 | 18,037 |
Corporate debt securities | 12,407 | 18,433 |
Pooled Trust Preferred Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 0 | 0 |
Corporate debt securities | 422 | 422 |
Other Corporate Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 3,988 | 4,002 |
Corporate debt securities | 3,988 | 4,002 |
Corporate Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 88,887 | 112,016 |
Corporate debt securities | $ 88,992 | $ 109,409 |
Investment Securities Narrative
Investment Securities Narrative (Details) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2017USD ($)Security | Dec. 31, 2016USD ($) | Jun. 30, 2016USD ($) | |
Schedule of Investments [Line Items] | |||
Securities pledged as collateral | $ 1,700,000 | $ 1,800,000 | |
Amortized cost | 2,503,895 | 2,594,255 | |
Available-for-sale Securities, Fair Value Disclosure | 2,488,699 | 2,559,227 | |
Single Bank Stock Investment, cost basis | 4,300 | ||
Single Bank Stock Investment, Fair Value | $ 8,800 | ||
Percent Ownership In An Individual Financial Institution | 42.90% | ||
Individual Bank Stock Investment Percent to Total Portfolio | 10.00% | ||
Equity Securities [Member] | |||
Schedule of Investments [Line Items] | |||
Amortized cost | $ 10,487 | 12,231 | |
Available-for-sale Securities, Fair Value Disclosure | 21,455 | 24,526 | |
Equity Securities Financial Institution [Member] | |||
Schedule of Investments [Line Items] | |||
Available-for-sale Securities, Equity Securities | 20,500 | 23,500 | |
Amortized cost | 9,700 | ||
Available-for-sale Securities, Fair Value Disclosure | 20,500 | ||
Other Equity Securities [Member] | |||
Schedule of Investments [Line Items] | |||
Available-for-sale Securities, Equity Securities | 1,000 | $ 1,000 | |
Single-issuer Trust Preferred Securities [Member] | |||
Schedule of Investments [Line Items] | |||
Unrealized Loss on Securities | $ 1,300 | ||
Number of Trust Preferred Securities | Security | 19 | ||
External Credit Rating, BBB [Member] | Single-issuer Trust Preferred Securities [Member] | |||
Schedule of Investments [Line Items] | |||
Amortized cost | $ 3,800 | ||
Available-for-sale Securities, Fair Value Disclosure | 2,800 | ||
External Credit Rating, Rated Below Investment Grade [Member] | Single-issuer Trust Preferred Securities [Member] | |||
Schedule of Investments [Line Items] | |||
Amortized cost | 11,600 | ||
Available-for-sale Securities, Fair Value Disclosure | $ 10,900 | ||
Number of Trust Preferred Securities | Security | 6 | ||
Pooled Trust Preferred Securities [Member] | |||
Schedule of Investments [Line Items] | |||
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Credit Losses on Debt Securities Held | $ 10,000 | $ 10,000 |
Loans and Allowance for Credi42
Loans and Allowance for Credit Losses Summary Of Gross Loans (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 | Jun. 30, 2016 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, gross of unearned income | $ 15,368,586 | $ 14,718,662 | |
Deferred Revenue | 21,969 | 19,390 | |
Loans, net of unearned income | 15,346,617 | 14,699,272 | $ 14,155,159 |
Real-estate - commercial mortgage | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, gross of unearned income | 6,262,008 | 6,018,582 | |
Loans, net of unearned income | 6,262,008 | 6,018,582 | 5,635,347 |
Commercial - industrial, financial and agricultural | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, gross of unearned income | 4,245,849 | 4,087,486 | |
Loans, net of unearned income | 4,245,849 | 4,087,486 | 4,099,177 |
Real-estate - home equity | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, gross of unearned income | 1,579,739 | 1,625,115 | |
Loans, net of unearned income | 1,579,739 | 1,625,115 | 1,647,319 |
Real estate - residential mortgage | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, gross of unearned income | 1,784,712 | 1,601,994 | |
Loans, net of unearned income | 1,784,712 | 1,601,994 | 1,447,292 |
Real-estate - construction | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, gross of unearned income | 938,900 | 843,649 | |
Loans, net of unearned income | 938,900 | 843,649 | 853,699 |
Consumer | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, gross of unearned income | 283,156 | 291,470 | |
Loans, net of unearned income | 283,156 | 291,470 | $ 278,071 |
Leasing and other | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, gross of unearned income | 269,787 | 246,704 | |
Overdrafts | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, gross of unearned income | $ 4,435 | $ 3,662 |
Loans and Allowance for Credi43
Loans and Allowance for Credit Losses Allowance for Credit Losses (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 |
Receivables [Abstract] | ||||||
Allowance for loan losses | $ 172,342 | $ 170,076 | $ 168,679 | $ 162,546 | $ 163,841 | $ 169,054 |
Reserve for unfunded lending commitments | 2,656 | 2,646 | ||||
Allowance for credit losses | $ 174,998 | $ 172,647 | $ 171,325 | $ 165,108 | $ 166,065 | $ 171,412 |
Loans and Allowance for Credi44
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, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Balance at beginning of period | $ 172,647 | $ 166,065 | $ 171,325 | $ 171,412 |
Loans charged off | (8,715) | (10,746) | (18,122) | (21,901) |
Recoveries of loans previously charged off | 4,366 | 7,278 | 10,295 | 11,556 |
Net loans charged off | (4,349) | (3,468) | (7,827) | (10,345) |
Provision for credit losses | 6,700 | 2,511 | 11,500 | 4,041 |
Balance at end of period | $ 174,998 | $ 165,108 | $ 174,998 | $ 165,108 |
Loans and Allowance for Credi45
Loans and Allowance for Credit Losses Allowance for Loan Losses by Portfolio Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Beginning Balance | $ 170,076 | $ 163,841 | $ 168,679 | $ 169,054 |
Loans charged off | (8,715) | (10,746) | (18,122) | (21,901) |
Recoveries of loans previously charged off | 4,366 | 7,278 | 10,295 | 11,556 |
Net loans charged off | (4,349) | (3,468) | (7,827) | (10,345) |
Provision for loan losses | 6,615 | 2,173 | 11,490 | 3,837 |
Ending Balance | 172,342 | 162,546 | 172,342 | 162,546 |
Provision for loan losses gross | 85 | 338 | 10 | 204 |
Provision for credit losses | 6,700 | 2,511 | 11,500 | 4,041 |
Real-estate - commercial mortgage | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Beginning Balance | 47,373 | 48,311 | 46,842 | 47,866 |
Loans charged off | (242) | (1,474) | (1,466) | (2,056) |
Recoveries of loans previously charged off | 934 | 1,367 | 1,384 | 2,192 |
Net loans charged off | 692 | (107) | (82) | 136 |
Provision for loan losses | 9,307 | (4,464) | 10,612 | (4,262) |
Ending Balance | 57,372 | 43,740 | 57,372 | 43,740 |
Commercial - industrial, financial and agricultural | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Beginning Balance | 55,309 | 54,333 | 54,353 | 57,098 |
Loans charged off | (5,353) | (4,625) | (10,880) | (10,813) |
Recoveries of loans previously charged off | 1,974 | 2,931 | 6,165 | 5,250 |
Net loans charged off | (3,379) | (1,694) | (4,715) | (5,563) |
Provision for loan losses | 15,712 | (884) | 18,004 | 220 |
Ending Balance | 67,642 | 51,755 | 67,642 | 51,755 |
Real-estate - home equity | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Beginning Balance | 23,821 | 22,524 | 26,801 | 22,405 |
Loans charged off | (592) | (1,045) | (1,290) | (2,586) |
Recoveries of loans previously charged off | 215 | 350 | 352 | 688 |
Net loans charged off | (377) | (695) | (938) | (1,898) |
Provision for loan losses | (5,988) | 4,341 | (8,407) | 5,663 |
Ending Balance | 17,456 | 26,170 | 17,456 | 26,170 |
Real estate - residential mortgage | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Beginning Balance | 22,018 | 19,928 | 22,929 | 21,375 |
Loans charged off | (124) | (340) | (340) | (1,408) |
Recoveries of loans previously charged off | 151 | 420 | 381 | 556 |
Net loans charged off | 27 | 80 | 41 | (852) |
Provision for loan losses | (5,606) | 1,218 | (6,531) | 703 |
Ending Balance | 16,439 | 21,226 | 16,439 | 21,226 |
Real-estate - construction | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Beginning Balance | 7,501 | 6,282 | 6,455 | 6,529 |
Loans charged off | (774) | (742) | (1,021) | (1,068) |
Recoveries of loans previously charged off | 373 | 1,563 | 921 | 1,946 |
Net loans charged off | (401) | 821 | (100) | 878 |
Provision for loan losses | 2,434 | (1,331) | 3,179 | (1,635) |
Ending Balance | 9,534 | 5,772 | 9,534 | 5,772 |
Consumer | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Beginning Balance | 3,031 | 2,324 | 3,574 | 2,585 |
Loans charged off | (430) | (569) | (1,286) | (1,576) |
Recoveries of loans previously charged off | 470 | 539 | 706 | 735 |
Net loans charged off | 40 | (30) | (580) | (841) |
Provision for loan losses | (1,277) | 690 | (1,200) | 1,240 |
Ending Balance | 1,794 | 2,984 | 1,794 | 2,984 |
Leasing, other and overdrafts | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Beginning Balance | 3,268 | 2,974 | 3,192 | 2,468 |
Loans charged off | (1,200) | (1,951) | (1,839) | (2,394) |
Recoveries of loans previously charged off | 249 | 108 | 386 | 189 |
Net loans charged off | (951) | (1,843) | (1,453) | (2,205) |
Provision for loan losses | (212) | 1,387 | 366 | 2,255 |
Ending Balance | 2,105 | 2,518 | 2,105 | 2,518 |
Unallocated | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Beginning Balance | 7,755 | 7,165 | 4,533 | 8,728 |
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 | (7,755) | 1,216 | (4,533) | (347) |
Ending Balance | $ 0 | $ 8,381 | $ 0 | $ 8,381 |
Loans and Allowance for Credi46
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, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Measured for impairment under FASB ASC Subtopic 450-20 | $ 129,264 | $ 117,813 | ||||
Evaluated for impairment under FASB ASC Section 310-10-35 | 43,078 | 44,733 | ||||
Allowance for loan losses | 172,342 | $ 170,076 | $ 168,679 | 162,546 | $ 163,841 | $ 169,054 |
Measured for impairment under FASB ASC Subtopic 450-20 | 15,159,282 | 13,982,252 | ||||
Evaluated for impairment under FASB ASC Section 310-10-35 | 187,335 | 172,907 | ||||
Loans, net of unearned income | 15,346,617 | 14,699,272 | 14,155,159 | |||
Real-estate - commercial mortgage | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Measured for impairment under FASB ASC Subtopic 450-20 | 49,055 | 32,861 | ||||
Evaluated for impairment under FASB ASC Section 310-10-35 | 8,317 | 10,879 | ||||
Allowance for loan losses | 57,372 | 47,373 | 46,842 | 43,740 | 48,311 | 47,866 |
Measured for impairment under FASB ASC Subtopic 450-20 | 6,212,998 | 5,582,027 | ||||
Evaluated for impairment under FASB ASC Section 310-10-35 | 49,010 | 53,320 | ||||
Loans, net of unearned income | 6,262,008 | 6,018,582 | 5,635,347 | |||
Commercial - industrial, financial and agricultural | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Measured for impairment under FASB ASC Subtopic 450-20 | 57,341 | 40,945 | ||||
Evaluated for impairment under FASB ASC Section 310-10-35 | 10,301 | 10,810 | ||||
Allowance for loan losses | 67,642 | 55,309 | 54,353 | 51,755 | 54,333 | 57,098 |
Measured for impairment under FASB ASC Subtopic 450-20 | 4,189,676 | 4,057,883 | ||||
Evaluated for impairment under FASB ASC Section 310-10-35 | 56,173 | 41,294 | ||||
Loans, net of unearned income | 4,245,849 | 4,087,486 | 4,099,177 | |||
Real-estate - home equity | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Measured for impairment under FASB ASC Subtopic 450-20 | 7,607 | 17,089 | ||||
Evaluated for impairment under FASB ASC Section 310-10-35 | 9,849 | 9,081 | ||||
Allowance for loan losses | 17,456 | 23,821 | 26,801 | 26,170 | 22,524 | 22,405 |
Measured for impairment under FASB ASC Subtopic 450-20 | 1,557,989 | 1,629,443 | ||||
Evaluated for impairment under FASB ASC Section 310-10-35 | 21,750 | 17,876 | ||||
Loans, net of unearned income | 1,579,739 | 1,625,115 | 1,647,319 | |||
Real estate - residential mortgage | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Measured for impairment under FASB ASC Subtopic 450-20 | 6,013 | 9,044 | ||||
Evaluated for impairment under FASB ASC Section 310-10-35 | 10,426 | 12,182 | ||||
Allowance for loan losses | 16,439 | 22,018 | 22,929 | 21,226 | 19,928 | 21,375 |
Measured for impairment under FASB ASC Subtopic 450-20 | 1,741,404 | 1,399,399 | ||||
Evaluated for impairment under FASB ASC Section 310-10-35 | 43,308 | 47,893 | ||||
Loans, net of unearned income | 1,784,712 | 1,601,994 | 1,447,292 | |||
Real-estate - construction | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Measured for impairment under FASB ASC Subtopic 450-20 | 5,370 | 4,004 | ||||
Evaluated for impairment under FASB ASC Section 310-10-35 | 4,164 | 1,768 | ||||
Allowance for loan losses | 9,534 | 7,501 | 6,455 | 5,772 | 6,282 | 6,529 |
Measured for impairment under FASB ASC Subtopic 450-20 | 921,839 | 841,193 | ||||
Evaluated for impairment under FASB ASC Section 310-10-35 | 17,061 | 12,506 | ||||
Loans, net of unearned income | 938,900 | 843,649 | 853,699 | |||
Consumer | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Measured for impairment under FASB ASC Subtopic 450-20 | 1,773 | 2,971 | ||||
Evaluated for impairment under FASB ASC Section 310-10-35 | 21 | 13 | ||||
Allowance for loan losses | 1,794 | 3,031 | 3,574 | 2,984 | 2,324 | 2,585 |
Measured for impairment under FASB ASC Subtopic 450-20 | 283,123 | 278,053 | ||||
Evaluated for impairment under FASB ASC Section 310-10-35 | 33 | 18 | ||||
Loans, net of unearned income | 283,156 | 291,470 | 278,071 | |||
Leasing, other and overdrafts | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Measured for impairment under FASB ASC Subtopic 450-20 | 2,105 | 2,518 | ||||
Evaluated for impairment under FASB ASC Section 310-10-35 | 0 | 0 | ||||
Allowance for loan losses | 2,105 | 3,268 | 3,192 | 2,518 | 2,974 | 2,468 |
Measured for impairment under FASB ASC Subtopic 450-20 | 252,253 | 194,254 | ||||
Evaluated for impairment under FASB ASC Section 310-10-35 | 0 | 0 | ||||
Loans, net of unearned income | 252,253 | 230,976 | 194,254 | |||
Unallocated | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Measured for impairment under FASB ASC Subtopic 450-20 | 0 | 8,381 | ||||
Allowance for loan losses | $ 0 | $ 7,755 | $ 4,533 | $ 8,381 | $ 7,165 | $ 8,728 |
Loans and Allowance for Credi47
Loans and Allowance for Credit Losses Total Impaired Loans by Class Segments (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Impaired Financing Receivables [Line Items] | ||
Unpaid principal balance, with no related allowance | $ 83,706 | $ 69,013 |
Unpaid principal balance, with related allowance | 141,467 | 150,797 |
Unpaid Principal Balance | 225,173 | 219,810 |
Recorded investment, with no related allowance | 71,695 | 60,457 |
Recorded investment, with related allowance | 115,640 | 119,236 |
Recorded Investment | 187,335 | 179,693 |
Related Allowance | 43,078 | 47,117 |
Real-estate - commercial mortgage | ||
Impaired Financing Receivables [Line Items] | ||
Unpaid principal balance, with no related allowance | 25,219 | 28,757 |
Unpaid principal balance, with related allowance | 34,131 | 37,132 |
Recorded investment, with no related allowance | 22,396 | 25,447 |
Recorded investment, with related allowance | 26,614 | 29,446 |
Related Allowance | 8,317 | 10,162 |
Commercial - secured | ||
Impaired Financing Receivables [Line Items] | ||
Unpaid principal balance, with no related allowance | 43,206 | 29,296 |
Unpaid principal balance, with related allowance | 23,576 | 27,767 |
Recorded investment, with no related allowance | 36,036 | 25,526 |
Recorded investment, with related allowance | 19,479 | 22,626 |
Related Allowance | 9,947 | 13,198 |
Real estate - residential mortgage | ||
Impaired Financing Receivables [Line Items] | ||
Unpaid principal balance, with no related allowance | 4,629 | 4,689 |
Unpaid principal balance, with related allowance | 45,300 | 48,885 |
Recorded investment, with no related allowance | 4,629 | 4,689 |
Recorded investment, with related allowance | 38,679 | 41,359 |
Related Allowance | 10,426 | 11,897 |
Construction - commercial residential | ||
Impaired Financing Receivables [Line Items] | ||
Unpaid principal balance, with no related allowance | 10,054 | 6,271 |
Unpaid principal balance, with related allowance | 10,479 | 10,103 |
Recorded investment, with no related allowance | 8,044 | 4,795 |
Recorded investment, with related allowance | 7,210 | 4,206 |
Related Allowance | 3,725 | 1,300 |
Commercial - unsecured | ||
Impaired Financing Receivables [Line Items] | ||
Unpaid principal balance, with related allowance | 912 | 1,122 |
Recorded investment, with related allowance | 658 | 823 |
Related Allowance | 354 | 455 |
Real-estate - home equity | ||
Impaired Financing Receivables [Line Items] | ||
Unpaid principal balance, with related allowance | 25,753 | 23,971 |
Recorded investment, with related allowance | 21,750 | 19,205 |
Related Allowance | 9,849 | 9,511 |
Construction - commercial | ||
Impaired Financing Receivables [Line Items] | ||
Unpaid principal balance, with no related allowance | 598 | 0 |
Unpaid principal balance, with related allowance | 186 | 681 |
Recorded investment, with no related allowance | 590 | 0 |
Recorded investment, with related allowance | 126 | 435 |
Related Allowance | 45 | 145 |
Construction - other | ||
Impaired Financing Receivables [Line Items] | ||
Unpaid principal balance, with related allowance | 1,096 | 1,096 |
Recorded investment, with related allowance | 1,091 | 1,096 |
Related Allowance | 394 | 423 |
Consumer - direct | ||
Impaired Financing Receivables [Line Items] | ||
Unpaid principal balance, with related allowance | 18 | 21 |
Recorded investment, with related allowance | 18 | 21 |
Related Allowance | 12 | 14 |
Consumer - indirect | ||
Impaired Financing Receivables [Line Items] | ||
Unpaid principal balance, with related allowance | 16 | 19 |
Recorded investment, with related allowance | 15 | 19 |
Related Allowance | $ 9 | $ 12 |
Loans and Allowance for Credi48
Loans and Allowance for Credit Losses Average Impaired Loans by Class Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Financing Receivable, Impaired [Line Items] | ||||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | $ 64,753 | $ 50,556 | $ 63,321 | $ 50,355 |
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 147 | 141 | 281 | 275 |
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 117,431 | 127,131 | 118,503 | 131,462 |
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 465 | 448 | 910 | 902 |
Impaired Financing Receivable, Average Recorded Investment | 182,184 | 177,687 | 181,824 | 181,817 |
Impaired Financing Receivable, Interest Income, Accrual Method | 612 | 589 | 1,191 | 1,177 |
Real-estate - commercial mortgage | ||||
Financing Receivable, Impaired [Line Items] | ||||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 22,316 | 22,762 | 23,360 | 22,707 |
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 71 | 72 | 141 | 141 |
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 27,710 | 33,042 | 28,288 | 33,927 |
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 88 | 104 | 173 | 212 |
Commercial - secured | ||||
Financing Receivable, Impaired [Line Items] | ||||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 30,829 | 15,182 | 29,061 | 14,688 |
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 46 | 20 | 82 | 36 |
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 20,675 | 25,919 | 21,325 | 28,489 |
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 31 | 33 | 63 | 71 |
Commercial - unsecured | ||||
Financing Receivable, Impaired [Line Items] | ||||
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 712 | 929 | 749 | 893 |
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 0 | 1 | 0 | 2 |
Real-estate - home equity | ||||
Financing Receivable, Impaired [Line Items] | ||||
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 20,352 | 17,950 | 19,969 | 17,222 |
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 117 | 70 | 212 | 127 |
Real estate - residential mortgage | ||||
Financing Receivable, Impaired [Line Items] | ||||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 4,643 | 6,191 | 4,658 | 5,724 |
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 26 | 33 | 52 | 63 |
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 39,500 | 41,928 | 40,119 | 43,164 |
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 225 | 226 | 455 | 461 |
Construction - commercial residential | ||||
Financing Receivable, Impaired [Line Items] | ||||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 6,368 | 6,421 | 5,844 | 7,236 |
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 4 | 16 | 6 | 35 |
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 7,248 | 5,566 | 6,234 | 5,807 |
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 4 | 14 | 7 | 29 |
Construction - commercial | ||||
Financing Receivable, Impaired [Line Items] | ||||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 597 | 0 | 398 | 0 |
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 0 | 0 | 0 | 0 |
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 104 | 548 | 214 | 578 |
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 0 | 0 | 0 | 0 |
Construction - other | ||||
Financing Receivable, Impaired [Line Items] | ||||
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 1,094 | 513 | 1,094 | 406 |
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 0 | 0 | 0 | 0 |
Consumer - direct | ||||
Financing Receivable, Impaired [Line Items] | ||||
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 19 | 10 | 19 | 16 |
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 0 | 0 | 0 | 0 |
Consumer - indirect | ||||
Financing Receivable, Impaired [Line Items] | ||||
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 17 | 15 | 17 | 11 |
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 0 | 0 | 0 | 0 |
Leasing, other and overdrafts | ||||
Financing Receivable, Impaired [Line Items] | ||||
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 0 | 711 | 475 | 949 |
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | $ 0 | $ 0 | $ 0 | $ 0 |
Loans and Allowance for Credi49
Loans and Allowance for Credit Losses Credit Quality Indicators (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Internal risk ratings for loans by segment [Line Items] | ||
Loans and Leases Receivable, Gross | $ 15,368,586 | $ 14,718,662 |
Real-estate - commercial mortgage | ||
Internal risk ratings for loans by segment [Line Items] | ||
Loans and Leases Receivable, Gross | 6,262,008 | 6,018,582 |
Real-estate - commercial mortgage | Pass | ||
Internal risk ratings for loans by segment [Line Items] | ||
Loans and Leases Receivable, Gross | 6,004,958 | 5,763,122 |
Real-estate - commercial mortgage | Special Mention | ||
Internal risk ratings for loans by segment [Line Items] | ||
Loans and Leases Receivable, Gross | 119,534 | 132,484 |
Real-estate - commercial mortgage | December 31, 2016 | ||
Internal risk ratings for loans by segment [Line Items] | ||
Loans and Leases Receivable, Gross | 137,516 | 122,976 |
Commercial - secured | ||
Internal risk ratings for loans by segment [Line Items] | ||
Loans and Leases Receivable, Gross | 4,102,585 | 3,933,552 |
Commercial - secured | Pass | ||
Internal risk ratings for loans by segment [Line Items] | ||
Loans and Leases Receivable, Gross | 3,813,864 | 3,686,152 |
Commercial - secured | Special Mention | ||
Internal risk ratings for loans by segment [Line Items] | ||
Loans and Leases Receivable, Gross | 119,119 | 128,873 |
Commercial - secured | December 31, 2016 | ||
Internal risk ratings for loans by segment [Line Items] | ||
Loans and Leases Receivable, Gross | 169,602 | 118,527 |
Commercial - unsecured | ||
Internal risk ratings for loans by segment [Line Items] | ||
Loans and Leases Receivable, Gross | 143,264 | 153,934 |
Commercial - unsecured | Pass | ||
Internal risk ratings for loans by segment [Line Items] | ||
Loans and Leases Receivable, Gross | 134,455 | 145,922 |
Commercial - unsecured | Special Mention | ||
Internal risk ratings for loans by segment [Line Items] | ||
Loans and Leases Receivable, Gross | 6,264 | 4,481 |
Commercial - unsecured | December 31, 2016 | ||
Internal risk ratings for loans by segment [Line Items] | ||
Loans and Leases Receivable, Gross | 2,545 | 3,531 |
Commercial - industrial, financial and agricultural | ||
Internal risk ratings for loans by segment [Line Items] | ||
Loans and Leases Receivable, Gross | 4,245,849 | 4,087,486 |
Commercial - industrial, financial and agricultural | Pass | ||
Internal risk ratings for loans by segment [Line Items] | ||
Loans and Leases Receivable, Gross | 3,948,319 | 3,832,074 |
Commercial - industrial, financial and agricultural | Special Mention | ||
Internal risk ratings for loans by segment [Line Items] | ||
Loans and Leases Receivable, Gross | 125,383 | 133,354 |
Commercial - industrial, financial and agricultural | December 31, 2016 | ||
Internal risk ratings for loans by segment [Line Items] | ||
Loans and Leases Receivable, Gross | 172,147 | 122,058 |
Construction - commercial residential | ||
Internal risk ratings for loans by segment [Line Items] | ||
Loans and Leases Receivable, Gross | 157,291 | 142,189 |
Construction - commercial residential | Pass | ||
Internal risk ratings for loans by segment [Line Items] | ||
Loans and Leases Receivable, Gross | 131,115 | 113,570 |
Construction - commercial residential | Special Mention | ||
Internal risk ratings for loans by segment [Line Items] | ||
Loans and Leases Receivable, Gross | 9,789 | 15,447 |
Construction - commercial residential | December 31, 2016 | ||
Internal risk ratings for loans by segment [Line Items] | ||
Loans and Leases Receivable, Gross | 16,387 | 13,172 |
Construction - commercial | ||
Internal risk ratings for loans by segment [Line Items] | ||
Loans and Leases Receivable, Gross | 728,649 | 644,490 |
Construction - commercial | Pass | ||
Internal risk ratings for loans by segment [Line Items] | ||
Loans and Leases Receivable, Gross | 718,702 | 635,963 |
Construction - commercial | Special Mention | ||
Internal risk ratings for loans by segment [Line Items] | ||
Loans and Leases Receivable, Gross | 4,727 | 3,412 |
Construction - commercial | December 31, 2016 | ||
Internal risk ratings for loans by segment [Line Items] | ||
Loans and Leases Receivable, Gross | 5,220 | 5,115 |
Construction - Commercial and Commercial Residential | ||
Internal risk ratings for loans by segment [Line Items] | ||
Loans and Leases Receivable, Gross | 885,940 | 786,679 |
Construction - Commercial and Commercial Residential | Pass | ||
Internal risk ratings for loans by segment [Line Items] | ||
Loans and Leases Receivable, Gross | 849,817 | 749,533 |
Construction - Commercial and Commercial Residential | Special Mention | ||
Internal risk ratings for loans by segment [Line Items] | ||
Loans and Leases Receivable, Gross | 14,516 | 18,859 |
Construction - Commercial and Commercial Residential | December 31, 2016 | ||
Internal risk ratings for loans by segment [Line Items] | ||
Loans and Leases Receivable, Gross | 21,607 | 18,287 |
Commercial Loans, Commerical Mortgages, Constructions Loans | ||
Internal risk ratings for loans by segment [Line Items] | ||
Loans and Leases Receivable, Gross | $ 11,393,797 | $ 10,892,747 |
Percentage of total loans rated | 100.00% | 100.00% |
Commercial Loans, Commerical Mortgages, Constructions Loans | Pass | ||
Internal risk ratings for loans by segment [Line Items] | ||
Loans and Leases Receivable, Gross | $ 10,803,094 | $ 10,344,729 |
Percentage of total loans rated | 94.80% | 95.00% |
Commercial Loans, Commerical Mortgages, Constructions Loans | Special Mention | ||
Internal risk ratings for loans by segment [Line Items] | ||
Loans and Leases Receivable, Gross | $ 259,433 | $ 284,697 |
Percentage of total loans rated | 2.30% | 2.60% |
Commercial Loans, Commerical Mortgages, Constructions Loans | December 31, 2016 | ||
Internal risk ratings for loans by segment [Line Items] | ||
Loans and Leases Receivable, Gross | $ 331,270 | $ 263,321 |
Percentage of total loans rated | 2.90% | 2.40% |
Loans and Allowance for Credi50
Loans and Allowance for Credit Losses Summary of Delinquency and Non-Performing Status by Portfolio Segment (Details) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2017USD ($)day | Dec. 31, 2016USD ($) | Jun. 30, 2016USD ($) | |
Financing Receivable, Impaired [Line Items] | |||
Loans, net of unearned income | $ 15,346,617 | $ 14,699,272 | $ 14,155,159 |
Delinquent | Minimum | |||
Financing Receivable, Impaired [Line Items] | |||
Days past due | day | 30 | ||
Delinquent | Maximum | |||
Financing Receivable, Impaired [Line Items] | |||
Days past due | day | 89 | ||
Non-performing | |||
Financing Receivable, Impaired [Line Items] | |||
Days past due | day | 90 | ||
Real-estate - home equity | |||
Financing Receivable, Impaired [Line Items] | |||
Loans, net of unearned income | $ 1,579,739 | 1,625,115 | 1,647,319 |
Real-estate - home equity | Performing | |||
Financing Receivable, Impaired [Line Items] | |||
Loans, net of unearned income | 1,557,629 | 1,602,687 | |
Real-estate - home equity | Delinquent | |||
Financing Receivable, Impaired [Line Items] | |||
Loans, net of unearned income | 10,223 | 9,274 | |
Real-estate - home equity | Non-performing | |||
Financing Receivable, Impaired [Line Items] | |||
Loans, net of unearned income | 11,887 | 13,154 | |
Real estate - residential mortgage | |||
Financing Receivable, Impaired [Line Items] | |||
Loans, net of unearned income | 1,784,712 | 1,601,994 | 1,447,292 |
Real estate - residential mortgage | Performing | |||
Financing Receivable, Impaired [Line Items] | |||
Loans, net of unearned income | 1,746,977 | 1,557,995 | |
Real estate - residential mortgage | Delinquent | |||
Financing Receivable, Impaired [Line Items] | |||
Loans, net of unearned income | 15,889 | 20,344 | |
Real estate - residential mortgage | Non-performing | |||
Financing Receivable, Impaired [Line Items] | |||
Loans, net of unearned income | 21,846 | 23,655 | |
Construction - other | |||
Financing Receivable, Impaired [Line Items] | |||
Loans, net of unearned income | 52,960 | 56,970 | |
Construction - other | Performing | |||
Financing Receivable, Impaired [Line Items] | |||
Loans, net of unearned income | 51,869 | 55,874 | |
Construction - other | Delinquent | |||
Financing Receivable, Impaired [Line Items] | |||
Loans, net of unearned income | 0 | 0 | |
Construction - other | Non-performing | |||
Financing Receivable, Impaired [Line Items] | |||
Loans, net of unearned income | 1,091 | 1,096 | |
Consumer - direct | |||
Financing Receivable, Impaired [Line Items] | |||
Loans, net of unearned income | 58,729 | 96,887 | |
Consumer - direct | Performing | |||
Financing Receivable, Impaired [Line Items] | |||
Loans, net of unearned income | 55,825 | 93,572 | |
Consumer - direct | Delinquent | |||
Financing Receivable, Impaired [Line Items] | |||
Loans, net of unearned income | 1,761 | 1,752 | |
Consumer - direct | Non-performing | |||
Financing Receivable, Impaired [Line Items] | |||
Loans, net of unearned income | 1,143 | 1,563 | |
Consumer - indirect | |||
Financing Receivable, Impaired [Line Items] | |||
Loans, net of unearned income | 224,427 | 194,583 | |
Consumer - indirect | Performing | |||
Financing Receivable, Impaired [Line Items] | |||
Loans, net of unearned income | 222,380 | 190,656 | |
Consumer - indirect | Delinquent | |||
Financing Receivable, Impaired [Line Items] | |||
Loans, net of unearned income | 1,921 | 3,599 | |
Consumer - indirect | Non-performing | |||
Financing Receivable, Impaired [Line Items] | |||
Loans, net of unearned income | 126 | 328 | |
Consumer | |||
Financing Receivable, Impaired [Line Items] | |||
Loans, net of unearned income | 283,156 | 291,470 | 278,071 |
Consumer | Performing | |||
Financing Receivable, Impaired [Line Items] | |||
Loans, net of unearned income | 278,205 | 284,228 | |
Consumer | Delinquent | |||
Financing Receivable, Impaired [Line Items] | |||
Loans, net of unearned income | 3,682 | 5,351 | |
Consumer | Non-performing | |||
Financing Receivable, Impaired [Line Items] | |||
Loans, net of unearned income | 1,269 | 1,891 | |
Leasing, other and overdrafts | |||
Financing Receivable, Impaired [Line Items] | |||
Loans, net of unearned income | 252,253 | 230,976 | $ 194,254 |
Leasing, other and overdrafts | Performing | |||
Financing Receivable, Impaired [Line Items] | |||
Loans, net of unearned income | 251,050 | 229,591 | |
Leasing, other and overdrafts | Delinquent | |||
Financing Receivable, Impaired [Line Items] | |||
Loans, net of unearned income | 922 | 1,068 | |
Leasing, other and overdrafts | Non-performing | |||
Financing Receivable, Impaired [Line Items] | |||
Loans, net of unearned income | 281 | 317 | |
Commercial Loans, Commerical Mortgages, Constructions Loans | |||
Financing Receivable, Impaired [Line Items] | |||
Loans, net of unearned income | $ 3,952,820 | $ 3,806,525 | |
% of Total | 100.00% | 100.00% | |
Commercial Loans, Commerical Mortgages, Constructions Loans | Performing | |||
Financing Receivable, Impaired [Line Items] | |||
Loans, net of unearned income | $ 3,885,730 | $ 3,730,375 | |
% of Total | 98.30% | 98.00% | |
Commercial Loans, Commerical Mortgages, Constructions Loans | Delinquent | |||
Financing Receivable, Impaired [Line Items] | |||
Loans, net of unearned income | $ 30,716 | $ 36,037 | |
% of Total | 0.80% | 0.90% | |
Commercial Loans, Commerical Mortgages, Constructions Loans | Non-performing | |||
Financing Receivable, Impaired [Line Items] | |||
Loans, net of unearned income | $ 36,374 | $ 40,113 | |
% of Total | 0.90% | 1.10% |
Loans and Allowance for Credi51
Loans and Allowance for Credit Losses Non-Performing Assets (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Receivables [Abstract] | ||
Non-accrual loans | $ 122,600 | $ 120,133 |
Loans 90 days or more past due and still accruing | 13,143 | 11,505 |
Total non-performing loans | 135,743 | 131,638 |
Other real estate owned (OREO) | 11,432 | 12,815 |
Total non-performing assets | $ 147,175 | $ 144,453 |
Loans and Allowance for Credi52
Loans and Allowance for Credit Losses Past Due Loan Status and Non-Accrual Loans by Portfolio Segment (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 | Jun. 30, 2016 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | $ 185,275 | $ 186,787 | |
≥ 90 Days Past Due and Accruing | 13,143 | 11,505 | |
Non- accrual | 122,600 | 120,133 | |
Current | 15,161,342 | 14,512,485 | |
Loans, net of unearned income | 15,346,617 | 14,699,272 | $ 14,155,159 |
Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 39,814 | 41,938 | |
Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 9,718 | 13,211 | |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 135,743 | 131,638 | |
Real-estate - commercial mortgage | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 41,511 | 47,195 | |
≥ 90 Days Past Due and Accruing | 309 | 383 | |
Non- accrual | 32,267 | 38,936 | |
Current | 6,220,497 | 5,971,387 | |
Loans, net of unearned income | 6,262,008 | 6,018,582 | 5,635,347 |
Real-estate - commercial mortgage | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 8,259 | 6,254 | |
Real-estate - commercial mortgage | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 676 | 1,622 | |
Real-estate - commercial mortgage | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 32,576 | 39,319 | |
Commercial - secured | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 59,460 | 51,824 | |
≥ 90 Days Past Due and Accruing | 3,135 | 959 | |
Non- accrual | 47,489 | 41,589 | |
Current | 4,043,125 | 3,881,728 | |
Loans, net of unearned income | 4,102,585 | 3,933,552 | |
Commercial - secured | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 6,411 | 6,660 | |
Commercial - secured | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 2,425 | 2,616 | |
Commercial - secured | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 50,624 | 42,548 | |
Commercial - unsecured | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 1,183 | 1,845 | |
≥ 90 Days Past Due and Accruing | 98 | 152 | |
Non- accrual | 598 | 760 | |
Current | 142,081 | 152,089 | |
Loans, net of unearned income | 143,264 | 153,934 | |
Commercial - unsecured | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 430 | 898 | |
Commercial - unsecured | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 57 | 35 | |
Commercial - unsecured | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 696 | 912 | |
Commercial - industrial, financial and agricultural | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 60,643 | 53,669 | |
≥ 90 Days Past Due and Accruing | 3,233 | 1,111 | |
Non- accrual | 48,087 | 42,349 | |
Current | 4,185,206 | 4,033,817 | |
Loans, net of unearned income | 4,245,849 | 4,087,486 | 4,099,177 |
Commercial - industrial, financial and agricultural | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 6,841 | 7,558 | |
Commercial - industrial, financial and agricultural | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 2,482 | 2,651 | |
Commercial - industrial, financial and agricultural | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 51,320 | 43,460 | |
Real-estate - home equity | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 22,110 | 22,428 | |
≥ 90 Days Past Due and Accruing | 2,167 | 2,543 | |
Non- accrual | 9,720 | 10,611 | |
Current | 1,557,629 | 1,602,687 | |
Loans, net of unearned income | 1,579,739 | 1,625,115 | 1,647,319 |
Real-estate - home equity | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 8,103 | 6,596 | |
Real-estate - home equity | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 2,120 | 2,678 | |
Real-estate - home equity | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 11,887 | 13,154 | |
Real estate - residential mortgage | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 37,735 | 43,999 | |
≥ 90 Days Past Due and Accruing | 4,906 | 5,224 | |
Non- accrual | 16,940 | 18,431 | |
Current | 1,746,977 | 1,557,995 | |
Loans, net of unearned income | 1,784,712 | 1,601,994 | 1,447,292 |
Real estate - residential mortgage | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 12,640 | 15,600 | |
Real estate - residential mortgage | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 3,249 | 4,744 | |
Real estate - residential mortgage | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 21,846 | 23,655 | |
Construction - commercial residential | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 15,315 | 8,595 | |
≥ 90 Days Past Due and Accruing | 978 | 36 | |
Non- accrual | 13,779 | 8,275 | |
Current | 141,976 | 133,594 | |
Loans, net of unearned income | 157,291 | 142,189 | |
Construction - commercial residential | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 538 | 233 | |
Construction - commercial residential | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 20 | 51 | |
Construction - commercial residential | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 14,757 | 8,311 | |
Construction - commercial | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 716 | 1,178 | |
≥ 90 Days Past Due and Accruing | 0 | 0 | |
Non- accrual | 716 | 435 | |
Current | 727,933 | 643,312 | |
Loans, net of unearned income | 728,649 | 644,490 | |
Construction - commercial | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 0 | 743 | |
Construction - commercial | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 0 | 0 | |
Construction - commercial | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 716 | 435 | |
Construction - other | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 1,091 | 1,096 | |
≥ 90 Days Past Due and Accruing | 0 | 0 | |
Non- accrual | 1,091 | 1,096 | |
Current | 51,869 | 55,874 | |
Loans, net of unearned income | 52,960 | 56,970 | |
Construction - other | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 0 | 0 | |
Construction - other | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 0 | 0 | |
Construction - other | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 1,091 | 1,096 | |
Real-estate - construction | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 17,122 | 10,869 | |
≥ 90 Days Past Due and Accruing | 978 | 36 | |
Non- accrual | 15,586 | 9,806 | |
Current | 921,778 | 832,780 | |
Loans, net of unearned income | 938,900 | 843,649 | 853,699 |
Real-estate - construction | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 538 | 976 | |
Real-estate - construction | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 20 | 51 | |
Real-estate - construction | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 16,564 | 9,842 | |
Consumer - direct | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 2,904 | 3,315 | |
≥ 90 Days Past Due and Accruing | 1,143 | 1,563 | |
Non- accrual | 0 | 0 | |
Current | 55,825 | 93,572 | |
Loans, net of unearned income | 58,729 | 96,887 | |
Consumer - direct | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 1,054 | 1,211 | |
Consumer - direct | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 707 | 541 | |
Consumer - direct | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 1,143 | 1,563 | |
Consumer - indirect | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 2,047 | 3,927 | |
≥ 90 Days Past Due and Accruing | 126 | 328 | |
Non- accrual | 0 | 0 | |
Current | 222,380 | 190,656 | |
Loans, net of unearned income | 224,427 | 194,583 | |
Consumer - indirect | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 1,708 | 3,200 | |
Consumer - indirect | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 213 | 399 | |
Consumer - indirect | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 126 | 328 | |
Consumer | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 4,951 | 7,242 | |
≥ 90 Days Past Due and Accruing | 1,269 | 1,891 | |
Non- accrual | 0 | 0 | |
Current | 278,205 | 284,228 | |
Loans, net of unearned income | 283,156 | 291,470 | 278,071 |
Consumer | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 2,762 | 4,411 | |
Consumer | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 920 | 940 | |
Consumer | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 1,269 | 1,891 | |
Leasing, other and overdrafts | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 1,203 | 1,385 | |
≥ 90 Days Past Due and Accruing | 281 | 317 | |
Non- accrual | 0 | 0 | |
Current | 251,050 | 229,591 | |
Loans, net of unearned income | 252,253 | 230,976 | $ 194,254 |
Leasing, other and overdrafts | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 671 | 543 | |
Leasing, other and overdrafts | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 251 | 525 | |
Leasing, other and overdrafts | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | $ 281 | $ 317 |
Loans and Allowance for Credi53
Loans and Allowance for Credit Losses Loans Modified Under Troubled Debt Restructurings (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Financing Receivable, Modifications [Line Items] | ||
Total Accruing Troubled Debt Restructurings | $ 61,765 | $ 59,560 |
Non-accrual TDRs (1) | 29,373 | 27,850 |
Total TDRs | 91,138 | 87,410 |
Residential Mortgage [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Total Accruing Troubled Debt Restructurings | 26,368 | 27,617 |
Commercial Real Estate [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Total Accruing Troubled Debt Restructurings | 13,772 | 15,957 |
Real-estate - home equity | ||
Financing Receivable, Modifications [Line Items] | ||
Total Accruing Troubled Debt Restructurings | 12,031 | 8,594 |
Commercial - secured | ||
Financing Receivable, Modifications [Line Items] | ||
Total Accruing Troubled Debt Restructurings | 8,086 | 6,627 |
Construction - commercial residential | ||
Financing Receivable, Modifications [Line Items] | ||
Total Accruing Troubled Debt Restructurings | 1,475 | 726 |
Consumer - direct | ||
Financing Receivable, Modifications [Line Items] | ||
Total Accruing Troubled Debt Restructurings | $ 33 | $ 39 |
Loans and Allowance for Credi54
Loans and Allowance for Credit Losses Troubled Debt Restructuring Modification (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017USD ($)loans | Jun. 30, 2016USD ($)loans | Jun. 30, 2017USD ($)loans | Jun. 30, 2016USD ($)loans | |
Financing Receivable, Modifications [Line Items] | ||||
Number of Loans | loans | 39 | 30 | 70 | 73 |
Post-Modification Recorded Investment | $ | $ 7,464 | $ 2,803 | $ 13,160 | $ 6,480 |
Extend maturity without rate concession | Commercial - secured | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Loans | loans | 4 | 4 | 8 | 6 |
Post-Modification Recorded Investment | $ | $ 2,567 | $ 1,146 | $ 5,693 | $ 1,976 |
Extend maturity without rate concession | Commercial - unsecured | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Loans | loans | 1 | 0 | 1 | 2 |
Post-Modification Recorded Investment | $ | $ 33 | $ 0 | $ 33 | $ 103 |
Extend maturity without rate concession | Real-estate - commercial mortgage | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Loans | loans | 3 | 0 | 4 | 0 |
Post-Modification Recorded Investment | $ | $ 663 | $ 0 | $ 981 | $ 0 |
Extend maturity without rate concession | Real-estate - home equity | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Loans | loans | 17 | 18 | 33 | 39 |
Post-Modification Recorded Investment | $ | $ 1,275 | $ 738 | $ 2,559 | $ 1,995 |
Extend maturity without rate concession | Real estate - residential mortgage | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Loans | loans | 0 | 2 | 2 | 2 |
Post-Modification Recorded Investment | $ | $ 0 | $ 315 | $ 337 | $ 315 |
Extend maturity without rate concession | Construction - commercial residential | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Loans | loans | 1 | 0 | 1 | 0 |
Post-Modification Recorded Investment | $ | $ 1,204 | $ 0 | $ 1,204 | $ 0 |
Bankruptcy | Commercial - secured | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Loans | loans | 1 | 0 | 1 | 0 |
Post-Modification Recorded Investment | $ | $ 490 | $ 0 | $ 490 | $ 0 |
Bankruptcy | Real-estate - commercial mortgage | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Loans | loans | 1 | 0 | 1 | 0 |
Post-Modification Recorded Investment | $ | $ 12 | $ 0 | $ 12 | $ 0 |
Bankruptcy | Real-estate - home equity | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Loans | loans | 10 | 5 | 17 | 22 |
Post-Modification Recorded Investment | $ | $ 1,063 | $ 231 | $ 1,516 | $ 1,716 |
Bankruptcy | Real estate - residential mortgage | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Loans | loans | 1 | 1 | 2 | 1 |
Post-Modification Recorded Investment | $ | $ 157 | $ 373 | $ 335 | $ 373 |
Bankruptcy | Consumer - indirect | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Loans | loans | 0 | 0 | 0 | 1 |
Post-Modification Recorded Investment | $ | $ 0 | $ 0 | $ 0 | $ 2 |
Loans and Allowance for Credi55
Loans and Allowance for Credit Losses TDRs by Class Segment (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2017USD ($)loans | Jun. 30, 2016USD ($)loans | Jun. 30, 2017USD ($)loans | Jun. 30, 2016USD ($)loans | Dec. 31, 2016USD ($) | |
Financing Receivable, Modifications [Line Items] | |||||
Post-Modification Recorded Investment | $ 7,464 | $ 2,803 | $ 13,160 | $ 6,480 | |
Number of Loans | loans | 39 | 30 | 70 | 73 | |
Loans and Leases Receivable, Impaired, Commitment to Lend | $ 2,600 | $ 2,600 | $ 3,600 | ||
Number of Loans | loans | 32 | 34 | |||
Recorded Investment | $ 6,295 | $ 3,675 | |||
Commercial - secured | |||||
Financing Receivable, Modifications [Line Items] | |||||
Number of Loans | loans | 5 | 5 | |||
Recorded Investment | $ 2,772 | $ 1,123 | |||
Real-estate - commercial mortgage | |||||
Financing Receivable, Modifications [Line Items] | |||||
Number of Loans | 3 | 2 | |||
Recorded Investment | $ 674 | $ 132 | |||
Real-estate - home equity | |||||
Financing Receivable, Modifications [Line Items] | |||||
Number of Loans | loans | 16 | 22 | |||
Recorded Investment | $ 922 | $ 1,448 | |||
Real estate - residential mortgage | |||||
Financing Receivable, Modifications [Line Items] | |||||
Number of Loans | loans | 7 | 5 | |||
Recorded Investment | $ 1,911 | $ 972 | |||
Consumer - direct | |||||
Financing Receivable, Modifications [Line Items] | |||||
Number of Loans | loans | 1 | 0 | |||
Recorded Investment | $ 16 | $ 0 |
Loans and Allowance for Credi56
Loans and Allowance for Credit Losses Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Provision for credit losses | $ 6,700 | $ 2,511 | $ 11,500 | $ 4,041 | |
Impaired loans with principal balances approximately in percentage | 87.00% | 89.00% | |||
Loan to value ratio in the Corporation's policy | 70.00% | 70.00% | |||
Recorded investment, with no related allowance | $ 71,695 | $ 71,695 | $ 60,457 | ||
Loans and Leases Receivable, Impaired, Commitment to Lend | 2,600 | 2,600 | $ 3,600 | ||
Minimum | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Minimum balance of loans evaluated individually for impairment | 1,000 | ||||
Impaired loans balances, real estate as collateral | $ 1,000 | 1,000 | |||
Maximum | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Minimum balance of loans evaluated individually for impairment | $ 1,000 |
Mortgage Servicing Rights Summa
Mortgage Servicing Rights Summary of Changes in Mortgage Servicing Rights (Details) - Residential Mortgage [Member] - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Amortized Cost: | ||||
Balance at beginning of period | $ 38,543 | $ 40,195 | $ 38,822 | $ 40,944 |
Originations of mortgage servicing rights | 1,203 | 1,508 | 2,386 | 2,428 |
Amortization | (1,566) | (1,829) | (3,028) | (3,498) |
Balance at end of period | 38,180 | 39,874 | 38,180 | 39,874 |
Valuation allowance: | ||||
Balance at beginning of period | (1,291) | 0 | (1,291) | 0 |
(Additions) reductions to valuation allowance | (1,291) | 1,721 | (1,291) | 1,721 |
Balance at end of period | 0 | (1,721) | 0 | (1,721) |
Net MSRs at end of period | $ 38,180 | $ 38,153 | $ 38,180 | $ 38,153 |
Mortgage Servicing Rights - Nar
Mortgage Servicing Rights - Narrative (Details) - Residential Mortgage [Member] - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Servicing Asset at Amortized Cost [Line Items] | ||||
Servicing Asset at Amortized Cost, Increase (Decrease) for Valuation Allowance Adjustment | $ (1,300) | |||
(Additions) reductions to valuation allowance | $ (1,291) | $ 1,721 | $ (1,291) | $ 1,721 |
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, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||
Stock-based compensation expense | $ 1,035 | $ 1,820 | $ 1,769 | $ 3,256 |
Tax benefit | (1,940) | (642) | (2,684) | (1,075) |
Stock-based compensation expense, net of tax benefit | $ (905) | $ 1,178 | $ (915) | $ 2,181 |
Stock-Based Compensation Narrat
Stock-Based Compensation Narrative (Details) - USD ($) $ in Thousands | Jun. 01, 2017 | May 01, 2017 | Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 |
Statement [Line Items] | ||||||
Stock options terms (in years) | 10 years | |||||
Stock-based compensation expense | $ 1,035 | $ 1,820 | $ 1,769 | $ 3,256 | ||
Stock-based compensation expense, net of tax benefit | $ (905) | $ 1,178 | $ (915) | $ 2,181 | ||
Directors' Plan [Member] | ||||||
Statement [Line Items] | ||||||
Shares reserved for future grants under the stock option and compensation plan | 360,000 | 360,000 | ||||
Employee Equity Plan [Member] | ||||||
Statement [Line Items] | ||||||
Awards vesting period (in years) | 3 years | |||||
Shares reserved for future grants under the stock option and compensation plan | 10,741,443 | 10,741,443 | ||||
PSUs [Member] | Employee Equity Plan [Member] | ||||||
Statement [Line Items] | ||||||
Shares granted (in shares) | 284,000 | |||||
RSUs [Member] | Employee Equity Plan [Member] | ||||||
Statement [Line Items] | ||||||
Shares granted (in shares) | 140,000 | |||||
Director [Member] | Common Stock [Member] | Employee Equity Plan [Member] | ||||||
Statement [Line Items] | ||||||
Shares granted (in shares) | 11,000 | |||||
Stock-based compensation expense, net of tax benefit | $ 193 |
Employee Benefit Plans Summary
Employee Benefit Plans Summary of Pension Plan and Postretirement Plan Net Periodic Benefit Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Pension Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 0 | $ 194 | $ 0 | $ 344 |
Interest cost | 830 | 879 | 1,660 | 1,760 |
Expected return on plan assets | (451) | (433) | (902) | (1,159) |
Net amortization and deferral | 663 | 428 | 1,326 | 1,210 |
Net periodic benefit | 1,042 | 1,068 | 2,084 | 2,155 |
Other Postretirement Benefit Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Interest cost | 17 | 5 | 34 | 43 |
Expected return on plan assets | 0 | (1) | 0 | (1) |
Net accretion and deferral | (141) | (210) | (282) | (275) |
Net periodic benefit | $ (124) | $ (206) | $ (248) | $ (233) |
Derivative Financial Instrume62
Derivative Financial Instruments Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | |
Derivative [Line Items] | |||||
Assets | $ 19,647,435 | $ 19,647,435 | $ 18,944,247 | ||
Foreign currency open position | 500 | 500 | |||
Mortgage Loans Held For Sale [Member] | |||||
Derivative [Line Items] | |||||
Gain (loss) in fair values of mortgage loans held for sale | $ 26 | $ 634 | $ 565 | $ 864 | |
Fulton Bank Subsidiary [Member] | |||||
Derivative [Line Items] | |||||
Assets | $ 10,000,000 |
Derivative Financial Instrume63
Derivative Financial Instruments Notional Amounts and Fair Values of Derivative Financial Instruments (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Derivative [Line Items] | ||
Derivative asset, fair value | $ 48,676 | $ 41,636 |
Derivative liability, fair value | (43,388) | (41,842) |
Derivative asset (liability), net | 6,469 | 2,824 |
Interest Rate Lock Commitments [Member] | ||
Derivative [Line Items] | ||
Derivative asset, notional amount | 141,136 | 87,119 |
Derivative liability, notional amount | 3,573 | 18,239 |
Derivative asset, fair value | 1,354 | 863 |
Derivative liability, fair value | (28) | (227) |
Derivative asset (liability), net | 1,326 | 636 |
Forward Commitments [Member] | ||
Derivative [Line Items] | ||
Derivative asset, notional amount | 25,343 | 70,031 |
Derivative liability, notional amount | 91,629 | 19,964 |
Derivative asset, fair value | 94 | 2,223 |
Derivative liability, fair value | (205) | (112) |
Derivative asset (liability), net | (111) | 2,111 |
Interest Rate Swap with Customer [Member] | ||
Derivative [Line Items] | ||
Derivative asset, notional amount | 1,242,309 | 876,744 |
Derivative liability, notional amount | 581,370 | 583,060 |
Derivative asset, fair value | 34,331 | 24,397 |
Derivative liability, fair value | (13,938) | (16,998) |
Derivative asset (liability), net | 20,393 | 7,399 |
Interest Rate Swap With Counterparty [Member] | ||
Derivative [Line Items] | ||
Derivative asset, notional amount | 581,370 | 583,060 |
Derivative liability, notional amount | 1,242,309 | 876,744 |
Derivative asset, fair value | 13,938 | 16,998 |
Derivative liability, fair value | (29,167) | (24,397) |
Derivative asset (liability), net | (15,229) | (7,399) |
Centrally Cleared Interest Rate Swap with Counterparty [Member] | ||
Derivative [Line Items] | ||
Derivative liability, notional amount | 240,700 | |
Derivative liability, fair value | 0 | |
Foreign Exchange Contracts With Customer [Member] | ||
Derivative [Line Items] | ||
Derivative asset, notional amount | 4,460 | 11,674 |
Derivative liability, notional amount | 7,295 | 4,659 |
Derivative asset, fair value | 309 | 504 |
Derivative liability, fair value | (343) | (221) |
Derivative asset (liability), net | (34) | 283 |
Foreign Exchange Contracts With Correspondent Banks [Member] | ||
Derivative [Line Items] | ||
Derivative asset, notional amount | 9,268 | 7,040 |
Derivative liability, notional amount | 6,873 | 12,869 |
Derivative asset, fair value | 407 | 241 |
Derivative liability, fair value | (283) | (447) |
Derivative asset (liability), net | $ 124 | $ (206) |
Derivative Financial Instrume64
Derivative Financial Instruments Fair Value Gains and Losses on Derivative Financial Instruments (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Derivative [Line Items] | ||||
Net fair value gains (losses) on derivative financial instruments | $ 3,022 | $ (381) | $ 3,645 | $ (160) |
Interest rate lock with customers [Member] | ||||
Derivative [Line Items] | ||||
Net fair value gains (losses) on derivative financial instruments | (155) | 512 | 690 | 1,744 |
Forward Commitments [Member] | ||||
Derivative [Line Items] | ||||
Net fair value gains (losses) on derivative financial instruments | 157 | (906) | (2,222) | (2,012) |
Interest Rate Swap with Customer [Member] | ||||
Derivative [Line Items] | ||||
Net fair value gains (losses) on derivative financial instruments | 13,809 | 20,569 | 12,994 | 50,000 |
Interest Rate Swap with Counterparty [Member] | ||||
Derivative [Line Items] | ||||
Net fair value gains (losses) on derivative financial instruments | (10,831) | (20,569) | (7,830) | (50,000) |
Foreign Exchange Contracts With Customer [Member] | ||||
Derivative [Line Items] | ||||
Net fair value gains (losses) on derivative financial instruments | (325) | 81 | (317) | 455 |
Foreign Exchange Contracts With Correspondent Banks [Member] | ||||
Derivative [Line Items] | ||||
Net fair value gains (losses) on derivative financial instruments | $ 367 | $ (68) | $ 330 | $ (347) |
Derivative Financial Instrume65
Derivative Financial Instruments Summary of Mortgage Loans Held For Sale (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | |
Fair Value, Option, Quantitative Disclosures [Line Items] | |||||
Loans Held-for-sale, Mortgages | $ 62,354 | $ 62,354 | $ 28,697 | ||
Mortgage Loans Held For Sale [Member] | |||||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||||
Fair Value, Option, Changes in Fair Value, Gain (Loss) | 26 | $ 634 | 565 | $ 864 | |
Cost | Mortgage Loans Held For Sale [Member] | |||||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||||
Loans Held-for-sale, Mortgages | 32,810 | 32,810 | 28,708 | ||
Fair value | Mortgage Loans Held For Sale [Member] | |||||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||||
Loans Held-for-sale, Mortgages | $ 33,364 | $ 33,364 | $ 28,697 |
Derivative Financial Instrume66
Derivative Financial Instruments Offsetting Derivative Assets and Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Offsetting Assets [Line Items] | ||
Derivative asset, fair value | $ 48,676 | $ 41,636 |
Derivative, Collateral, Obligation to Return Securities | 14,655 | 15,358 |
Derivative, Collateral, Obligation to Return Cash | 0 | 0 |
Net Amount | 34,021 | 26,278 |
Derivative liability, gross liability | 43,388 | 41,842 |
Derivative liability, Collateral, Right to Reclaim Securities | (14,655) | (15,358) |
Derivative liability, Collateral, Right to Reclaim Cash | (18,320) | (4,216) |
Derivative liability, Net Amount | 10,413 | 22,268 |
Interest Rate Swap [Member] | ||
Offsetting Assets [Line Items] | ||
Derivative asset, fair value | 48,269 | 41,395 |
Derivative, Collateral, Obligation to Return Securities | 14,372 | 15,117 |
Derivative, Collateral, Obligation to Return Cash | 0 | 0 |
Net Amount | 33,897 | 26,278 |
Derivative liability, gross liability | 43,105 | 41,395 |
Derivative liability, Collateral, Right to Reclaim Securities | (14,372) | (15,117) |
Derivative liability, Collateral, Right to Reclaim Cash | (18,320) | (4,010) |
Derivative liability, Net Amount | 10,413 | 22,268 |
Foreign Exchange Contract [Member] | ||
Offsetting Assets [Line Items] | ||
Derivative asset, fair value | 407 | 241 |
Derivative, Collateral, Obligation to Return Securities | 283 | 241 |
Derivative, Collateral, Obligation to Return Cash | 0 | 0 |
Net Amount | 124 | 0 |
Derivative liability, gross liability | 283 | 447 |
Derivative liability, Collateral, Right to Reclaim Securities | (283) | (241) |
Derivative liability, Collateral, Right to Reclaim Cash | 0 | (206) |
Derivative liability, Net Amount | $ 0 | $ 0 |
Commitments and Contingencies O
Commitments and Contingencies Outstanding Commitments to Extend Credit and Letters of Credit (Details) - Reserve for Off-balance Sheet Activities [Member] - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Commitments to Extend Credit [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Valuation allowances and reserves, balance | $ 6,382,314 | $ 6,075,567 |
Standby Letters of Credit [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Valuation allowances and reserves, balance | 349,953 | 356,359 |
Commercial Letters of Credit [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Valuation allowances and reserves, balance | $ 41,501 | $ 38,901 |
Commitments and Contingencies -
Commitments and Contingencies - Narrative (Details) $ in Thousands | Mar. 31, 2016USD ($)defendantplaintiff | Jun. 30, 2017USD ($) | Dec. 31, 2016USD ($) |
Loss Contingencies [Line Items] | |||
Residential mortgage principal balance repurchase request received | $ 543 | $ 543 | |
Residential mortgage principal balance FHLB credit enhancement | 94,000 | ||
Residential mortgage repurchase reserves FHLB credit enhancement | 1,600 | 1,700 | |
Agostino, et al. v. Ameriprise Financial Services, Inc [Member] | |||
Loss Contingencies [Line Items] | |||
Number of unrelated defendants | defendant | 2 | ||
Amount alleged in damages | $ 11,300 | ||
Agostino, et al. v. Ameriprise Financial Services, Inc [Member] | Pending Litigation [Member] | |||
Loss Contingencies [Line Items] | |||
Number of plaintiffs | plaintiff | 67 | ||
Reserve for Off-balance Sheet Activities [Member] | Residential Mortgage [Member] | |||
Loss Contingencies [Line Items] | |||
Valuation allowances and reserves, balance | $ 2,400 | $ 2,500 |
Fair Value Measurements Assets
Fair Value Measurements Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | $ 2,467,244 | |
Available-for-sale Securities, Fair Value Disclosure | 2,488,699 | $ 2,559,227 |
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 | 33,364 | 28,697 |
Available-for-sale Securities, Fair Value Disclosure | 2,488,699 | 2,559,227 |
Other Assets, Fair Value Disclosure | 68,250 | 61,592 |
Assets, Fair Value Disclosure | 2,590,313 | 2,649,516 |
Liabilities, Fair Value Disclosure | 61,776 | 58,766 |
Pooled Trust Preferred Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 422 | 422 |
Equity Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | 21,455 | 24,526 |
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 | 21,455 | 24,526 |
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 | 6,054 | 134 |
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 | 6,054 | 134 |
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 | 401,636 | 391,641 |
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 | 401,636 | 391,641 |
Corporate Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 88,992 | 109,409 |
Available-for-sale Securities, Fair Value Disclosure | 88,992 | 109,409 |
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 | 88,992 | 109,409 |
Collateralized Mortgage Obligations [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | 538,507 | 593,860 |
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 | 538,507 | 593,860 |
Mortgage-Backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | 1,213,065 | 1,317,838 |
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 | 1,213,065 | 1,317,838 |
Commercial Mortgage Backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | 121,067 | 24,563 |
Commercial 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 | 121,067 | 24,563 |
Auction Rate Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | 97,923 | 97,256 |
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 | 97,923 | 97,256 |
Other Equity Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Equity Securities | 1,000 | 1,000 |
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 | 21,455 | 24,526 |
Other Assets, Fair Value Disclosure | 18,533 | 17,111 |
Assets, Fair Value Disclosure | 39,988 | 41,637 |
Liabilities, Fair Value Disclosure | 18,438 | 17,032 |
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 | 21,455 | 24,526 |
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] | Commercial 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 1 [Member] | Other 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, Equity Securities | 1,000 | 1,000 |
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 | 33,364 | 28,697 |
Available-for-sale Securities, Fair Value Disclosure | 2,366,124 | 2,434,573 |
Other Assets, Fair Value Disclosure | 49,717 | 44,481 |
Assets, Fair Value Disclosure | 2,449,205 | 2,507,751 |
Liabilities, Fair Value Disclosure | 43,338 | 41,734 |
Fair Value, Inputs, Level 2 [Member] | Other Corporate Debt [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 4,000 | 4,000 |
Fair Value, Inputs, Level 2 [Member] | Financial Institutions Subordinated Debt [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 42,100 | 65,200 |
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-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 | 6,054 | 134 |
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 | 401,636 | 391,641 |
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 | 85,795 | 106,537 |
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 | 538,507 | 593,860 |
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 | 1,213,065 | 1,317,838 |
Fair Value, Inputs, Level 2 [Member] | Commercial Mortgage Backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | 121,067 | 24,563 |
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 | 101,120 | 100,128 |
Other Assets, Fair Value Disclosure | 0 | 0 |
Assets, Fair Value Disclosure | 101,120 | 100,128 |
Liabilities, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Pooled Trust Preferred Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 422 | 422 |
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-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 | 3,197 | 2,872 |
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] | Commercial 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 | $ 97,923 | $ 97,256 |
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, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Pooled Trust Preferred Securities [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Balance, beginning of period | $ 422 | $ 706 | $ 422 | $ 706 |
Unrealized adjustment to fair value | 0 | 0 | 0 | 0 |
(Premium amortization) discount accretion | 0 | 0 | 0 | 0 |
Balance, end of period | 422 | 706 | 422 | 706 |
Single-issuer Trust Preferred Securities [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Balance, beginning of period | 2,750 | 2,400 | 2,450 | 2,630 |
Unrealized adjustment to fair value | 22 | 22 | 319 | (211) |
(Premium amortization) discount accretion | 3 | 3 | 6 | 6 |
Balance, end of period | 2,775 | 2,425 | 2,775 | 2,425 |
Auction Rate Securities [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Balance, beginning of period | 97,439 | 97,326 | 97,256 | 98,059 |
Unrealized adjustment to fair value | 386 | 482 | 472 | (350) |
(Premium amortization) discount accretion | 98 | 78 | 195 | 177 |
Balance, end of period | $ 97,923 | $ 97,886 | $ 97,923 | $ 97,886 |
Fair Value Measurements Asset71
Fair Value Measurements Assets Measured at Fair Value on a Nonrecurring Basis (Details) - Fair Value, Measurements, Nonrecurring [Member] - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Net loans | $ 144,256 | $ 132,576 |
Other financial assets | 49,613 | 50,347 |
Assets, Fair Value Disclosure | 193,869 | 182,923 |
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 | 144,256 | 132,576 |
Other financial assets | 49,613 | 50,347 |
Assets, Fair Value Disclosure | $ 193,869 | $ 182,923 |
Fair Value Measurements Details
Fair Value Measurements Details of Book Value and Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Fair Value, Balance Sheet Grouping, FinancialStatement Captions[Line Items] | ||
Available for sale investment securities | $ 2,488,699 | $ 2,559,227 |
Reported Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, FinancialStatement Captions[Line Items] | ||
Cash and due from banks | 94,938 | 118,763 |
Interest-bearing deposits with other banks | 322,514 | 233,763 |
Federal Reserve Bank and Federal Home Loan Bank stock | 70,328 | 57,489 |
Loans held for sale | 62,354 | 28,697 |
Available for sale investment securities | 2,488,699 | 2,559,227 |
Net Loans | 15,174,275 | 14,530,593 |
Accrued interest receivable | 47,603 | 46,294 |
Other financial assets | 212,773 | 206,132 |
Demand and savings deposits | 12,610,951 | 12,259,622 |
Time deposits | 2,746,410 | 2,753,242 |
Short-term borrowings | 694,859 | 541,317 |
Accrued interest payable | 7,804 | 9,632 |
Other financial liabilities | 252,537 | 216,080 |
Federal Home Loan Bank advances and other long-term debt | 1,037,961 | 929,403 |
Estimate of Fair Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, FinancialStatement Captions[Line Items] | ||
Cash and due from banks | 94,938 | 118,763 |
Interest-bearing deposits with other banks | 322,514 | 233,763 |
Federal Reserve Bank and Federal Home Loan Bank stock | 70,328 | 57,489 |
Loans held for sale | 62,354 | 28,697 |
Available for sale investment securities | 2,488,699 | 2,559,227 |
Net Loans | 15,007,961 | 14,387,454 |
Accrued interest receivable | 47,603 | 46,294 |
Other financial assets | 212,773 | 206,132 |
Demand and savings deposits | 12,610,951 | 12,259,622 |
Time deposits | 2,758,807 | 2,769,757 |
Short-term borrowings | 694,859 | 541,317 |
Accrued interest payable | 7,804 | 9,632 |
Other financial liabilities | 252,537 | 216,080 |
Federal Home Loan Bank advances and other long-term debt | $ 1,035,711 | $ 928,167 |
Fair Value Measurements Narrati
Fair Value Measurements Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities valued by the pricing service | 80.00% | 80.00% | ||
Researched securities to reconcile the difference | 5.00% | 5.00% | ||
Corporate debt securities | $ 2,467,244 | $ 2,467,244 | ||
Significant input, assumed market return to liquidity (years) | 5 years | |||
Other real estate owned (OREO) | $ 11,432 | 11,432 | $ 12,815 | |
Transfer of student loans to loans held for sale | 28,990 | $ 0 | ||
Student Loan [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Transfer of student loans to loans held for sale | $ 28,900 | |||
Loss on sale of loans receivable | 440 | |||
Minimum | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Weighted average annual constant prepayment rate | 11.80% | |||
Weighted average discount rate | 9.50% | |||
Equity Securities Financial Institution [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale securities, equity securities | 20,500 | $ 20,500 | 23,500 | |
Other Equity Securities [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale securities, equity securities | 1,000 | 1,000 | 1,000 | |
Corporate Debt Securities [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Corporate debt securities | 88,992 | 88,992 | 109,409 | |
Single-issuer Trust Preferred Securities [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Corporate debt securities | 42,478 | 42,478 | 39,829 | |
Pooled Trust Preferred Securities [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Corporate debt securities | 422 | 422 | 422 | |
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 | 42,500 | 42,500 | 39,800 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Trust for Benefit of Employees [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Other financial assets | 17,800 | 17,800 | 16,400 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Foreign Exchange Contract [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Other financial assets | 716 | 716 | 745 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Trust for Benefit of Employees [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Other financial liabilities | 17,800 | 17,800 | 16,400 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Foreign Exchange Contract [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Other financial liabilities | 626 | 626 | 668 | |
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 | 20,500 | 20,500 | 23,500 | |
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 | 1,000 | 1,000 | 1,000 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Forward Contracts [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Other financial assets | 1,400 | 1,400 | 3,100 | |
Other financial liabilities | 233 | 233 | 339 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Interest Rate Swap [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Other financial assets | 48,300 | 48,300 | 41,400 | |
Other financial liabilities | 43,100 | 43,100 | 41,400 | |
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 | 42,100 | 42,100 | 65,200 | |
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 | 39,700 | 39,700 | 37,300 | |
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 | 4,000 | 4,000 | 4,000 | |
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 | 2,800 | 2,800 | 2,500 | |
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 | 422 | 422 | 422 | |
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) | 11,400 | 11,400 | 12,800 | |
Other financial assets (MSRs) | $ 38,200 | $ 38,200 | $ 37,500 |
Long-Term Debt (Details)
Long-Term Debt (Details) - USD ($) | May 01, 2017 | Jun. 30, 2017 |
Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Senior notes issued | $ 125,000,000 | |
Fixed interest rate | 3.60% | |
Effective interest rate | 3.95% | |
Senior Subordinated Notes [Member] | ||
Debt Instrument [Line Items] | ||
Term of debt | 10 years | |
Fixed interest rate | 5.75% | |
Effective interest rate | 5.96% | |
Repayments of debt | $ 100,000,000 |