|
Loans and Leases and the Allowance for Loan and Lease Losses (Tables)
|
3 Months Ended |
|
Mar. 31, 2014
|
| Loans and Leases and Allowance for Loan and Lease Losses [Abstract] |
|
| Schedule of loan and lease portfolio |
The Company’s loan and lease portfolio was comprised of the following as of March 31, 2014 and December 31, 2013:
| | | | | | | | | (dollars in thousands) | March 31,
2014 |
| | December 31,
2013 |
| Commercial | |
| | |
| Commercial and Industrial | $ | 955,599 |
| | $ | 911,367 |
| Commercial Mortgage | 1,284,181 |
| | 1,247,510 |
| Construction | 91,452 |
| | 107,349 |
| Lease Financing | 240,931 |
| | 262,207 |
| Total Commercial | 2,572,163 |
| | 2,528,433 |
| Consumer | |
| | |
| Residential Mortgage | 2,305,153 |
| | 2,282,894 |
| Home Equity | 797,341 |
| | 773,385 |
| Automobile | 273,553 |
| | 255,986 |
| Other 1 | 261,647 |
| | 254,689 |
| Total Consumer | 3,637,694 |
| | 3,566,954 |
| Total Loans and Leases | $ | 6,209,857 |
| | $ | 6,095,387 |
|
| | 1 | Comprised of other revolving credit, installment, and lease financing. |
|
| Schedule of portfolio segment and balance in Allowance disaggregated on the basis of impairment measurement method |
The following presents by portfolio segment, the activity in the Allowance for the three months ended March 31, 2014 and 2013. The following also presents by portfolio segment, the balance in the Allowance disaggregated on the basis of the Company’s impairment measurement method and the related recorded investment in loans and leases as of March 31, 2014 and 2013.
| | | | | | | | | | | | | (dollars in thousands) | Commercial |
| | Consumer |
| | Total |
| Three Months Ended March 31, 2014 | |
| | |
| | |
| Allowance for Loan and Lease Losses: | |
| | |
| | |
| Balance at Beginning of Period | $ | 71,446 |
| | $ | 44,008 |
| | $ | 115,454 |
| Loans and Leases Charged-Off | (819 | ) | | (3,219 | ) | | (4,038 | ) | Recoveries on Loans and Leases Previously Charged-Off | 941 |
| | 1,769 |
| | 2,710 |
| Net Loans and Leases Charged-Off | 122 |
| | (1,450 | ) | | (1,328 | ) | Provision for Credit Losses | (178 | ) | | 178 |
| | — |
| Balance at End of Period | $ | 71,390 |
| | $ | 42,736 |
| | $ | 114,126 |
| As of March 31, 2014 | |
| | |
| | |
| Allowance for Loan and Lease Losses: | |
| | |
| | |
| Individually Evaluated for Impairment | $ | 8,903 |
| | $ | 3,699 |
| | $ | 12,602 |
| Collectively Evaluated for Impairment | 62,487 |
| | 39,037 |
| | 101,524 |
| Total | $ | 71,390 |
| | $ | 42,736 |
| | $ | 114,126 |
| Recorded Investment in Loans and Leases: | |
| | |
| | |
| Individually Evaluated for Impairment | $ | 29,815 |
| | $ | 37,780 |
| | $ | 67,595 |
| Collectively Evaluated for Impairment | 2,542,348 |
| | 3,599,914 |
| | 6,142,262 |
| Total | $ | 2,572,163 |
| | $ | 3,637,694 |
| | $ | 6,209,857 |
| | | | | | | Three Months Ended March 31, 2013 | |
| | |
| | |
| Allowance for Loan and Lease Losses: | |
| | |
| | |
| Balance at Beginning of Period | $ | 72,704 |
| | $ | 56,153 |
| | $ | 128,857 |
| Loans and Leases Charged-Off | (382 | ) | | (4,917 | ) | | (5,299 | ) | Recoveries on Loans and Leases Previously Charged-Off | 797 |
| | 2,523 |
| | 3,320 |
| Net Loans and Leases Charged-Off | 415 |
| | (2,394 | ) | | (1,979 | ) | Provision for Credit Losses | 297 |
| | (297 | ) | | — |
| Balance at End of Period | $ | 73,416 |
| | $ | 53,462 |
| | $ | 126,878 |
| As of March 31, 2013 | |
| | |
| | |
| Allowance for Loan and Lease Losses: | |
| | |
| | |
| Individually Evaluated for Impairment | $ | 177 |
| | $ | 3,526 |
| | $ | 3,703 |
| Collectively Evaluated for Impairment | 73,239 |
| | 49,936 |
| | 123,175 |
| Total | $ | 73,416 |
| | $ | 53,462 |
| | $ | 126,878 |
| Recorded Investment in Loans and Leases: | |
| | |
| | |
| Individually Evaluated for Impairment | $ | 13,115 |
| | $ | 36,470 |
| | $ | 49,585 |
| Collectively Evaluated for Impairment | 2,313,308 |
| | 3,420,076 |
| | 5,733,384 |
| Total | $ | 2,326,423 |
| | $ | 3,456,546 |
| | $ | 5,782,969 |
|
|
| Schedule of recorded investment in loans and leases by class and by credit quality indicator |
The following presents by class and by credit quality indicator, the recorded investment in the Company’s loans and leases as of March 31, 2014 and December 31, 2013. | | | | | | | | | | | | | | | | | | | | | | March 31, 2014 | (dollars in thousands) | Commercial and Industrial |
| | Commercial Mortgage |
| | Construction |
| | Lease Financing |
| | Total Commercial |
| Pass | $ | 910,763 |
| | $ | 1,220,428 |
| | $ | 88,514 |
| | $ | 240,249 |
| | $ | 2,459,954 |
| Special Mention | 13,078 |
| | 25,615 |
| | — |
| | 27 |
| | 38,720 |
| Classified | 31,758 |
| | 38,138 |
| | 2,938 |
| | 655 |
| | 73,489 |
| Total | $ | 955,599 |
| | $ | 1,284,181 |
| | $ | 91,452 |
| | $ | 240,931 |
| | $ | 2,572,163 |
| | | | | | | | | | | (dollars in thousands) | Residential Mortgage |
| | Home Equity |
| | Automobile |
| | Other 1 |
| | Total Consumer |
| Pass | $ | 2,284,971 |
| | $ | 793,924 |
| | $ | 273,207 |
| | $ | 261,128 |
| | $ | 3,613,230 |
| Classified | 20,182 |
| | 3,417 |
| | 346 |
| | 519 |
| | 24,464 |
| Total | $ | 2,305,153 |
| | $ | 797,341 |
| | $ | 273,553 |
| | $ | 261,647 |
| | $ | 3,637,694 |
| Total Recorded Investment in Loans and Leases | | |
| | |
| | |
| | $ | 6,209,857 |
|
| | | | | | | | | | | | | | | | | | | | | | December 31, 2013 | (dollars in thousands) | Commercial and Industrial |
| | Commercial Mortgage |
| | Construction |
| | Lease Financing |
| | Total Commercial |
| Pass | $ | 867,813 |
| | $ | 1,176,941 |
| | $ | 104,377 |
| | $ | 261,486 |
| | $ | 2,410,617 |
| Special Mention | 5,854 |
| | 24,587 |
| | — |
| | 31 |
| | 30,472 |
| Classified | 37,700 |
| | 45,982 |
| | 2,972 |
| | 690 |
| | 87,344 |
| Total | $ | 911,367 |
| | $ | 1,247,510 |
| | $ | 107,349 |
| | $ | 262,207 |
| | $ | 2,528,433 |
| | | | | | | | | | | (dollars in thousands) | Residential Mortgage |
| | Home Equity |
| | Automobile |
| | Other 1 |
| | Total Consumer |
| Pass | $ | 2,261,891 |
| | $ | 769,051 |
| | $ | 255,664 |
| | $ | 253,910 |
| | $ | 3,540,516 |
| Classified | 21,003 |
| | 4,334 |
| | 322 |
| | 779 |
| | 26,438 |
| Total | $ | 2,282,894 |
| | $ | 773,385 |
| | $ | 255,986 |
| | $ | 254,689 |
| | $ | 3,566,954 |
| Total Recorded Investment in Loans and Leases | | |
| | |
| | |
| | $ | 6,095,387 |
|
| | 1 | Comprised of other revolving credit, installment, and lease financing. |
|
| Schedule of aging analysis by class of loan and lease portfolio |
The following presents by class, an aging analysis of the Company’s loan and lease portfolio as of March 31, 2014 and December 31, 2013. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (dollars in thousands) | 30 - 59 Days Past Due |
| | 60 - 89 Days Past Due |
| | Past Due 90 Days or More |
| | Non- Accrual |
| | Total Past Due and Non-Accrual |
| | Current |
| | Total Loans and Leases |
| | Non-Accrual Loans and Leases that are Current 2 |
| As of March 31, 2014 | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Commercial | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Commercial and Industrial | $ | 1,740 |
| | $ | 244 |
| | $ | 150 |
| | $ | 11,239 |
| | $ | 13,373 |
| | $ | 942,226 |
| | $ | 955,599 |
| | $ | 10,008 |
| Commercial Mortgage | 1,130 |
| | 279 |
| | — |
| | 1,421 |
| | 2,830 |
| | 1,281,351 |
| | 1,284,181 |
| | 30 |
| Construction | — |
| | — |
| | — |
| | — |
| | — |
| | 91,452 |
| | 91,452 |
| | — |
| Lease Financing | — |
| | — |
| | — |
| | — |
| | — |
| | 240,931 |
| | 240,931 |
| | — |
| Total Commercial | 2,870 |
| | 523 |
| | 150 |
| | 12,660 |
| | 16,203 |
| | 2,555,960 |
| | 2,572,163 |
| | 10,038 |
| Consumer | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Residential Mortgage | 8,438 |
| | 2,788 |
| | 5,729 |
| | 19,003 |
| | 35,958 |
| | 2,269,195 |
| | 2,305,153 |
| | 5,594 |
| Home Equity | 6,102 |
| | 2,431 |
| | 2,845 |
| | 1,935 |
| | 13,313 |
| | 784,028 |
| | 797,341 |
| | 117 |
| Automobile | 3,753 |
| | 524 |
| | 346 |
| | — |
| | 4,623 |
| | 268,930 |
| | 273,553 |
| | — |
| Other 1 | 2,173 |
| | 1,282 |
| | 644 |
| | — |
| | 4,099 |
| | 257,548 |
| | 261,647 |
| | — |
| Total Consumer | 20,466 |
| | 7,025 |
| | 9,564 |
| | 20,938 |
| | 57,993 |
| | 3,579,701 |
| | 3,637,694 |
| | 5,711 |
| Total | $ | 23,336 |
| | $ | 7,548 |
| | $ | 9,714 |
| | $ | 33,598 |
| | $ | 74,196 |
| | $ | 6,135,661 |
| | $ | 6,209,857 |
| | $ | 15,749 |
| | | | | | | | | | | | | | | | | As of December 31, 2013 | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Commercial | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Commercial and Industrial | $ | 1,701 |
| | $ | 1,962 |
| | $ | 1,173 |
| | $ | 11,929 |
| | $ | 16,765 |
| | $ | 894,602 |
| | $ | 911,367 |
| | $ | 3,603 |
| Commercial Mortgage | 932 |
| | — |
| | — |
| | 2,512 |
| | 3,444 |
| | 1,244,066 |
| | 1,247,510 |
| | 778 |
| Construction | — |
| | — |
| | — |
| | — |
| | — |
| | 107,349 |
| | 107,349 |
| | — |
| Lease Financing | — |
| | — |
| | — |
| | — |
| | — |
| | 262,207 |
| | 262,207 |
| | — |
| Total Commercial | 2,633 |
| | 1,962 |
| | 1,173 |
| | 14,441 |
| | 20,209 |
| | 2,508,224 |
| | 2,528,433 |
| | 4,381 |
| Consumer | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Residential Mortgage | 6,984 |
| | 4,746 |
| | 4,564 |
| | 20,264 |
| | 36,558 |
| | 2,246,336 |
| | 2,282,894 |
| | 5,883 |
| Home Equity | 3,926 |
| | 2,867 |
| | 3,009 |
| | 1,740 |
| | 11,542 |
| | 761,843 |
| | 773,385 |
| | 265 |
| Automobile | 4,688 |
| | 971 |
| | 322 |
| | — |
| | 5,981 |
| | 250,005 |
| | 255,986 |
| | — |
| Other 1 | 2,426 |
| | 5,295 |
| | 790 |
| | — |
| | 8,511 |
| | 246,178 |
| | 254,689 |
| | — |
| Total Consumer | 18,024 |
| | 13,879 |
| | 8,685 |
| | 22,004 |
| | 62,592 |
| | 3,504,362 |
| | 3,566,954 |
| | 6,148 |
| Total | $ | 20,657 |
| | $ | 15,841 |
| | $ | 9,858 |
| | $ | 36,445 |
| | $ | 82,801 |
| | $ | 6,012,586 |
| | $ | 6,095,387 |
| | $ | 10,529 |
|
| | 1 | Comprised of other revolving credit, installment, and lease financing. |
| | 2 | Represents non-accrual loans that are not past due 30 days or more; however, full payment of principal and interest is still not expected. |
|
| Schedule of information related to impaired loans |
The following presents by class, information related to impaired loans as of March 31, 2014 and December 31, 2013.
| | | | | | | | | | | | | (dollars in thousands) | Recorded Investment |
| | Unpaid Principal Balance |
| | Related Allowance for Loan Losses |
| March 31, 2014 | |
| | |
| | |
| Impaired Loans with No Related Allowance Recorded: | |
| | |
| | |
| Commercial | |
| | |
| | |
| Commercial and Industrial | $ | 13,040 |
| | $ | 18,298 |
| | $ | — |
| Commercial Mortgage | 7,174 |
| | 7,174 |
| | — |
| Construction | 1,053 |
| | 1,065 |
| | — |
| Total Commercial | 21,267 |
| | 26,537 |
| | — |
| Consumer | | | | | | Other 1 | 12 |
| | 12 |
| | — |
| Total Consumer | 12 |
| | 12 |
| | — |
| Total Impaired Loans with No Related Allowance Recorded | $ | 21,279 |
| | $ | 26,549 |
| | $ | — |
| | | | | | | Impaired Loans with an Allowance Recorded: | |
| | |
| | |
| Commercial | |
| | |
| | |
| Commercial and Industrial | $ | 8,548 |
| | $ | 15,148 |
| | $ | 8,903 |
| Total Commercial | 8,548 |
| | 15,148 |
| | 8,903 |
| Consumer | |
| | |
| | |
| Residential Mortgage | 31,344 |
| | 37,304 |
| | 3,598 |
| Home Equity | 955 |
| | 955 |
| | 16 |
| Automobile | 5,065 |
| | 5,065 |
| | 71 |
| Other 1 | 404 |
| | 404 |
| | 14 |
| Total Consumer | 37,768 |
| | 43,728 |
| | 3,699 |
| Total Impaired Loans with an Allowance Recorded | $ | 46,316 |
| | $ | 58,876 |
| | $ | 12,602 |
| | | | | | | Impaired Loans: | | | | | | Commercial | $ | 29,815 |
| | $ | 41,685 |
| | $ | 8,903 |
| Consumer | 37,780 |
| | 43,740 |
| | 3,699 |
| Total Impaired Loans | $ | 67,595 |
| | $ | 85,425 |
| | $ | 12,602 |
| | | | | | | December 31, 2013 | |
| | |
| | |
| Impaired Loans with No Related Allowance Recorded: | |
| | |
| | |
| Commercial | |
| | |
| | |
| Commercial and Industrial | $ | 12,709 |
| | $ | 17,967 |
| | $ | — |
| Commercial Mortgage | 14,898 |
| | 14,898 |
| | — |
| Construction | 1,059 |
| | 1,064 |
| | — |
| Total Commercial | 28,666 |
| | 33,929 |
| | — |
| Total Impaired Loans with No Related Allowance Recorded | $ | 28,666 |
| | $ | 33,929 |
| | $ | — |
| | | | | | | Impaired Loans with an Allowance Recorded: | |
| | |
| | |
| Commercial | |
| | |
| | |
| Commercial and Industrial | $ | 9,803 |
| | $ | 16,403 |
| | $ | 9,054 |
| Total Commercial | 9,803 |
| | 16,403 |
| | 9,054 |
| Consumer | |
| | |
| | |
| Residential Mortgage | 32,338 |
| | 38,420 |
| | 3,619 |
| Home Equity | 796 |
| | 796 |
| | 13 |
| Automobile | 5,183 |
| | 5,183 |
| | 77 |
| Other 1 | 329 |
| | 329 |
| | 13 |
| Total Consumer | 38,646 |
| | 44,728 |
| | 3,722 |
| Total Impaired Loans with an Allowance Recorded | $ | 48,449 |
| | $ | 61,131 |
| | $ | 12,776 |
| | | | | | | Impaired Loans: | |
| | |
| | |
| Commercial | $ | 38,469 |
| | $ | 50,332 |
| | $ | 9,054 |
| Consumer | 38,646 |
| | 44,728 |
| | 3,722 |
| Total Impaired Loans | $ | 77,115 |
| | $ | 95,060 |
| | $ | 12,776 |
|
| | 1 | Comprised of other revolving credit and installment financing. |
|
| Schedule of the average recorded investment and interest income recognized on impaired loans |
The following presents by class, information related to the average recorded investment and interest income recognized on impaired loans for the three months ended March 31, 2014 and 2013. | | | | | | | | | | | | | | | | | | Three Months Ended
March 31, 2014 | | Three Months Ended
March 31, 2013 | (dollars in thousands) | Average Recorded Investment |
| | Interest Income Recognized |
| | Average Recorded Investment |
| | Interest Income Recognized |
| Impaired Loans with No Related Allowance Recorded: | | |
| | |
| | |
| Commercial | |
| | |
| | |
| | |
| Commercial and Industrial | $ | 12,875 |
| | $ | 92 |
| | $ | 7,216 |
| | $ | — |
| Commercial Mortgage | 11,036 |
| | 55 |
| | 3,411 |
| | — |
| Construction | 1,056 |
| | 16 |
| | 417 |
| | — |
| Total Commercial | 24,967 |
| | 163 |
| | 11,044 |
| | — |
| Consumer | | | | | | | | Other 1 | 6 |
| | — |
| | — |
| | — |
| Total Consumer | 6 |
| | — |
| | — |
| | — |
| Total Impaired Loans with No Related Allowance Recorded | $ | 24,973 |
| | $ | 163 |
| | $ | 11,044 |
| | $ | — |
| | | | | | | | | Impaired Loans with an Allowance Recorded: | |
| | |
| | |
| | |
| Commercial | |
| | |
| | |
| | |
| Commercial and Industrial | $ | 9,176 |
| | $ | 28 |
| | $ | 2,008 |
| | $ | 50 |
| Commercial Mortgage | — |
| | — |
| | 56 |
| | 8 |
| Total Commercial | 9,176 |
| | 28 |
| | 2,064 |
| | 58 |
| Consumer | |
| | |
| | |
| | |
| Residential Mortgage | 31,841 |
| | 236 |
| | 31,237 |
| | 147 |
| Home Equity | 876 |
| | 5 |
| | — |
| | — |
| Automobile | 5,124 |
| | 107 |
| | 5,468 |
| | 133 |
| Other 1 | 367 |
| | 8 |
| | 280 |
| | 3 |
| Total Consumer | 38,208 |
| | 356 |
| | 36,985 |
| | 283 |
| Total Impaired Loans with an Allowance Recorded | $ | 47,384 |
| | $ | 384 |
| | $ | 39,049 |
| | $ | 341 |
| | | | | | | | | Impaired Loans: | |
| | |
| | |
| | |
| Commercial | $ | 34,143 |
| | $ | 191 |
| | $ | 13,108 |
| | $ | 58 |
| Consumer | 38,214 |
| | 356 |
| | 36,985 |
| | 283 |
| Total Impaired Loans | $ | 72,357 |
| | $ | 547 |
| | $ | 50,093 |
| | $ | 341 |
|
| | 1 | Comprised of other revolving credit and installment financing. |
|
| Schedule of loans modified in a TDR |
The following presents by class, information related to loans modified in a TDR during the three months ended March 31, 2014 and 2013. | | | | | | | | | | | | | | | | | | | | | | | | Loans Modified as a TDR for the
Three Months Ended March 31, 2014 | | Loans Modified as a TDR for the
Three Months Ended March 31, 2013 | | |
| | Recorded |
| | Increase in |
| | |
| | Recorded |
| | Increase in |
| Troubled Debt Restructurings | Number of |
| | Investment |
| | Allowance |
| | Number of |
| | Investment |
| | Allowance |
| (dollars in thousands) | Contracts |
| (as of period end)1 | | (as of period end) | | | Contracts |
| (as of period end)1 | | (as of period end) | | Commercial | |
| | |
| | |
| | |
| | |
| | |
| Commercial and Industrial | 18 |
| | $ | 5,883 |
| | $ | 120 |
| | 6 |
| | $ | 100 |
| | $ | 2 |
| Commercial Mortgage | 1 |
| | 365 |
| | — |
| | 1 |
| | 995 |
| | — |
| Total Commercial | 19 |
| | 6,248 |
| | 120 |
| | 7 |
| | 1,095 |
| | 2 |
| Consumer | |
| | |
| | |
| | |
| | |
| | |
| Residential Mortgage | 2 |
| | 733 |
| | 23 |
| | 3 |
| | 1,131 |
| | 185 |
| Home Equity | 1 |
| | 74 |
| | 1 |
| | — |
| | — |
| | — |
| Automobile | 37 |
| | 626 |
| | 9 |
| | 40 |
| | 460 |
| | 6 |
| Other 2 | 10 |
| | 95 |
| | 3 |
| | — |
| | — |
| | — |
| Total Consumer | 50 |
| | 1,528 |
| | 36 |
| | 43 |
| | 1,591 |
| | 191 |
| Total | 69 |
| | $ | 7,776 |
| | $ | 156 |
| | 50 |
| | $ | 2,686 |
| | $ | 193 |
|
| | 1 | The period end balances reflect all paydowns and charge-offs since the modification date. TDRs fully paid-off, charged-off, or foreclosed upon by period end are not included. |
| | 2 | Comprised of other revolving credit and installment financing. |
|
| Schedule of loans modified in a TDR that defaulted during the period, and within twelve months of their modification date by class |
The following presents by class, all loans modified in a TDR that defaulted during the three months ended March 31, 2014 and 2013, and within twelve months of their modification date. A TDR is considered to be in default once it becomes 60 days or more past due following a modification. | | | | | | | | | | | | | | | | Three Months Ended
March 31, 2014 | | Three Months Ended
March 31, 2013 | TDRs that Defaulted During the Period, | |
| | Recorded |
| | Recorded | | Within Twelve Months of their Modification Date | Number of |
| | Investment |
| | Number of |
| | Investment |
| (dollars in thousands) | Contracts |
| | (as of period end)1 |
| | Contracts |
| | (as of period end)1 |
| Consumer | | | |
| | |
| | |
| Residential Mortgage | 2 |
| | $ | 517 |
| | 1 |
| | $ | 144 |
| Automobile | 4 |
| | 53 |
| | 8 |
| | 85 |
| Other 2 | 3 |
| | 21 |
| | — |
| | — |
| Total Consumer | 9 |
| | 591 |
|
| 9 |
| | 229 |
| Total | 9 |
| | $ | 591 |
| | 9 |
| | $ | 229 |
|
| | 1 | The period end balances reflect all paydowns and charge-offs since the modification date. TDRs fully paid-off, charged-off, or foreclosed upon by period end are not included. |
| | 2 | Comprised of other revolving credit and installment financing. |
|