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Loans and Leases | 6 Months Ended
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Jun. 30, 2012
Loans and Leases Receivable Disclosure [Abstract] |
Loans and Leases | Loans and Leases Loans and leases outstanding include the following as of the dates indicated:
| June 30, 2012 |  | December 31, 2011 |  | June 30, 2011
Covered loans | $ | 1,999,351 |  |  | $ | 2,362,152 |  |  | $ | 2,399,738 |
Noncovered loans and leases: |  |  |  |  |
Commercial: |  |  |  |  |
Construction and land development | 329,151 |  |  | 381,163 |  |  | 407,134 |
Commercial mortgage | 5,149,696 |  |  | 5,104,993 |  |  | 4,861,457 |
Other commercial real estate | 162,579 |  |  | 144,771 |  |  | 148,977 |
Commercial and industrial | 1,722,761 |  |  | 1,764,407 |  |  | 1,805,812 |
Lease financing | 320,703 |  |  | 312,869 |  |  | 303,104 |
Other | 140,738 |  |  | 158,369 |  |  | 170,758 |
Total commercial loans | 7,825,628 |  |  | 7,866,572 |  |  | 7,697,242 |
Non-commercial: |  |  |  |  |
Residential mortgage | 809,230 |  |  | 784,118 |  |  | 825,610 |
Revolving mortgage | 2,268,210 |  |  | 2,296,306 |  |  | 2,303,687 |
Construction and land development | 127,726 |  |  | 137,271 |  |  | 145,445 |
Consumer | 431,664 |  |  | 497,370 |  |  | 556,870 |
Total non-commercial loans | 3,636,830 |  |  | 3,715,065 |  |  | 3,831,612 |
Total noncovered loans and leases | 11,462,458 |  |  | 11,581,637 |  |  | 11,528,854 |
Total loans and leases | $ | 13,461,809 |  |  | $ | 13,943,789 |  |  | $ | 13,928,592 |
| June 30, 2012 |  | December 31, 2011 |  | June 30, 2011
| Impaired at acquisition date |  | All other covered loans |  | Total |  | Impaired at acquisition date |  | All other covered loans |  | Total |  | Impaired at acquisition date |  | All other covered loans |  | Total
Covered loans: |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Construction and land development | $ | 86,056 |  |  | $ | 186,389 |  |  | $ | 272,445 |  |  | $ | 117,603 |  |  | $ | 221,270 |  |  | $ | 338,873 |  |  | $ | 83,844 |  |  | $ | 254,806 |  |  | $ | 338,650 |
Commercial mortgage | 121,580 |  |  | 1,021,097 |  |  | 1,142,677 |  |  | 138,465 |  |  | 1,122,124 |  |  | 1,260,589 |  |  | 120,916 |  |  | 1,186,859 |  |  | 1,307,775 |
Other commercial real estate | 29,199 |  |  | 86,588 |  |  | 115,787 |  |  | 33,370 |  |  | 125,024 |  |  | 158,394 |  |  | 35,347 |  |  | 138,259 |  |  | 173,606 |
Commercial and industrial | 4,771 |  |  | 61,671 |  |  | 66,442 |  |  | 27,802 |  |  | 85,640 |  |  | 113,442 |  |  | 7,990 |  |  | 117,502 |  |  | 125,492 |
Lease financing | — |  |  | — |  |  | — |  |  | — |  |  | 57 |  |  | 57 |  |  | 6 |  |  | 218 |  |  | 224 |
Other | — |  |  | 1,228 |  |  | 1,228 |  |  | — |  |  | 1,330 |  |  | 1,330 |  |  | — |  |  | 1,675 |  |  | 1,675 |
Total commercial loans | 241,606 |  |  | 1,356,973 |  |  | 1,598,579 |  |  | 317,240 |  |  | 1,555,445 |  |  | 1,872,685 |  |  | 248,103 |  |  | 1,699,319 |  |  | 1,947,422 |
Non-commercial: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential mortgage | 55,585 |  |  | 266,468 |  |  | 322,053 |  |  | 46,130 |  |  | 281,438 |  |  | 327,568 |  |  | 19,635 |  |  | 334,398 |  |  | 354,033 |
Revolving mortgage | 8,286 |  |  | 28,824 |  |  | 37,110 |  |  | 15,350 |  |  | 36,202 |  |  | 51,552 |  |  | 483 |  |  | 11,450 |  |  | 11,933 |
Construction and land development | 31,767 |  |  | 7,527 |  |  | 39,294 |  |  | 78,108 |  |  | 27,428 |  |  | 105,536 |  |  | 42,056 |  |  | 40,121 |  |  | 82,177 |
Consumer | 404 |  |  | 1,911 |  |  | 2,315 |  |  | 1,477 |  |  | 3,334 |  |  | 4,811 |  |  | 122 |  |  | 4,051 |  |  | 4,173 |
Total non-commercial loans | 96,042 |  |  | 304,730 |  |  | 400,772 |  |  | 141,065 |  |  | 348,402 |  |  | 489,467 |  |  | 62,296 |  |  | 390,020 |  |  | 452,316 |
Total covered loans | $ | 337,648 |  |  | $ | 1,661,703 |  |  | $ | 1,999,351 |  |  | $ | 458,305 |  |  | $ | 1,903,847 |  |  | $ | 2,362,152 |  |  | $ | 310,399 |  |  | $ | 2,089,339 |  |  | $ | 2,399,738 |
At June 30, 2012, $2,451,827 in noncovered loans were pledged to secure debt obligations, compared to $2,492,644 at December 31, 2011 and $2,346,460 at June 30, 2011. Description of segment and class risks Each portfolio segment and the classes within those segments are subject to risks that could have an adverse impact on the credit quality of the loan and lease portfolio. Management has identified the most significant risks as described below which are generally similar among the segments and classes. While the list is not exhaustive, it provides a description of the risks that management has determined are the most significant. Commercial loans and leases Each commercial loan or lease is centrally underwritten based primarily upon the customer’s ability to generate the required cash flow to service the debt in accordance with the contractual terms and conditions of the loan agreement. A complete understanding of the borrower’s businesses including the experience and background of the principals is obtained prior to approval. To the extent that the loan or lease is secured by collateral, which is true for the majority of commercial loans and leases, the likely value of the collateral and what level of strength the collateral brings to the transaction is evaluated. To the extent that the principals or other parties provide personal guarantees, the relative financial strength and liquidity of each guarantor is assessed. Common risks to each class of commercial loans include general economic conditions within the markets BancShares serves, as well as risks that are specific to each transaction including demand for products and services, personal events such as disability or change in marital status, and reductions in the value of collateral. Due to the concentration of loans in the medical, dental, and related fields, BancShares is susceptible to risks that legislative and governmental actions will fundamentally alter the economic structure of the medical care industry in the United States. In addition to these common risks for the majority of commercial loans and leases, additional risks are inherent in certain classes of commercial loans and leases. Commercial construction and land development Commercial construction and land development loans are highly dependent on the supply and demand for commercial real estate in the markets served by BancShares as well as the demand for newly constructed residential homes and lots that customers are developing. Continuing deterioration in demand could result in significant decreases in the underlying collateral values and make repayment of the outstanding loans more difficult for customers. Commercial mortgage, commercial and industrial and lease financing Commercial mortgage and commercial and industrial loans and lease financing are primarily dependent on the ability of borrowers to achieve business results consistent with those projected at loan origination resulting in cash flow sufficient to service the debt. To the extent that a customer’s business results are significantly unfavorable versus the original projections, the ability for the loan to be serviced on a basis consistent with the contractual terms may be at risk. While these loans and leases are generally secured by real property, personal property, or business assets such as inventory or accounts receivable, it is possible that the liquidation of the collateral will not fully satisfy the obligation. Other commercial real estate Other commercial real estate loans consist primarily of loans secured by multifamily housing and agricultural loans. The primary risk associated with multifamily loans is the ability of the income-producing property that collateralizes the loan to produce adequate cash flow to service the debt. High unemployment or generally weak economic conditions may result in customers having to provide rental rate concessions to achieve adequate occupancy rates. The performance of agricultural loans is highly dependent on favorable weather, reasonable costs for seed and fertilizer, and the ability to successfully market the product at a profitable margin. The demand for these products is also dependent on macroeconomic conditions that are beyond the control of the borrower. Non-commercial loans Each non-commercial loan is centrally underwritten using automated credit scoring and analysis tools. These credit scoring tools take into account factors such as payment history, credit utilization, length of credit history, types of credit currently in use, and recent credit inquiries. To the extent that the loan is secured by collateral, the likely value of that collateral is evaluated. Common risks to each class of non-commercial loans include risks that are not specific to individual transactions such as general economic conditions within the markets BancShares serves, particularly unemployment and potential declines in real estate values. Personal events such as disability or change in marital status also add risk to non-commercial loans. In addition to these common risks for the majority of non-commercial loans, additional risks are inherent in certain classes of non-commercial loans. Revolving mortgage Revolving mortgage loans are often secured by second liens on residential real estate, thereby making such loans particularly susceptible to declining collateral values. A substantial decline in collateral value could render a second lien position to be effectively unsecured. Additional risks include lien perfection inaccuracies and disputes with first lienholders that may further weaken the collateral position. Further, the open-end structure of these loans creates the risk that customers may draw on the lines in excess of the collateral value if there have been significant declines since origination. Consumer The consumer loan portfolio includes loans secured by personal property such as automobiles, marketable securities, other titled recreational vehicles including boats and motorcycles, as well as unsecured consumer debt. The value of underlying collateral within this class is especially volatile due to potential rapid depreciation in values since date of loan origination in excess of principal repayment. Residential mortgage and non-commercial construction and land development Residential mortgage and non-commercial construction and land development loans are made to individuals and are typically secured by 1-4 family residential property, undeveloped land, and partially developed land in anticipation of pending construction of a personal residence. Significant and rapid declines in real estate values can result in residential mortgage loan borrowers having debt levels in excess of the current market value of the collateral. Such a decline in values has led to unprecedented levels of foreclosures and losses within the banking industry. Non-commercial construction and land development projects can experience delays in completion and cost overruns that exceed the borrower’s financial ability to complete the project. Such cost overruns can routinely result in foreclosure of partially completed and unmarketable collateral. Covered loans The risks associated with covered loans are generally consistent with the risks identified for commercial and non-commercial loans and the classes of loans within those segments. An additional risk with respect to covered loans relates to the FDIC loss share agreements, specifically the ability to receive timely and full reimbursement from the FDIC for losses and related expenses that are believed to be covered by the loss share agreements. Further, these loans were underwritten by other institutions with weaker lending standards. Therefore, there is a significant risk that the loans are not adequately supported by the paying capacity of the borrower or the values of underlying collateral at the time of origination. Credit quality indicators Loans and leases are monitored for credit quality on a recurring basis. The credit quality indicators used are dependent on the portfolio segment to which the loan relates. Commercial loans and leases, non-commercial loans and leases, and covered loans have different credit quality indicators as a result of the methods used to monitor each of these loan segments. The credit quality indicators for commercial loans and leases and all covered loans and leases are developed through review of individual borrowers on an ongoing basis. Each borrower is evaluated at least annually with more frequent evaluation of more severely criticized loans or leases. The indicators represent the rating for loans or leases as of the date presented based on the most recent assessment performed. These credit quality indicators are defined as follows: Pass – A pass rated asset is not adversely classified because it does not display any of the characteristics for adverse classification. Special mention – A special mention asset has potential weaknesses that deserve management’s close attention. If left uncorrected, such potential weaknesses may result in deterioration of the repayment prospects or collateral position at some future date. Special mention assets are not adversely classified and do not warrant adverse classification. Substandard – A substandard asset is inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Assets classified as substandard generally have a well-defined weakness, or weaknesses, that jeopardize the liquidation of the debt. These assets are characterized by the distinct possibility of loss if the deficiencies are not corrected. Doubtful – An asset classified doubtful has all the weaknesses inherent in an asset classified substandard with the added characteristic that the weaknesses make collection or liquidation in full highly questionable and improbable on the basis of currently existing facts, conditions, and values. Loss – Assets classified loss are considered uncollectible and of such little value that their continuing to be carried as an asset is not warranted. This classification is not necessarily equivalent to no potential for recovery or salvage value, but rather that it is not appropriate to defer a full write-off even though partial recovery may be effected in the future. Ungraded – Ungraded loans represent loans that are not included in the individual credit grading process due to their relatively small balances or borrower type. The majority of noncovered, ungraded loans at June 30, 2012 relate to business credit cards and tobacco buyout loans classified as commercial and industrial loans. Business credit card loans with an outstanding balance of $75,198 at June 30, 2012 are subject to automatic charge off when they become 120 days past due in the same manner as unsecured consumer lines of credit. Tobacco buyout loans with an outstanding balance of $42,090 at June 30, 2012 are secured by assignments of receivables made pursuant to the Fair and Equitable Tobacco Reform Act of 2004. The credit risk associated with these loans is considered low as the payments that began in 2005 and continue through 2014 are to be made by the Commodity Credit Corporation which is part of the United States Department of Agriculture. The credit quality indicators for noncovered, non-commercial loans are based on the delinquency status of the borrower. As the borrower becomes more delinquent, the likelihood of loss increases. The composition of the loans and leases outstanding at June 30, 2012 and December 31, 2011 and June 30, 2011 by credit quality indicator is provided below:
| Commercial noncovered loans and leases
Grade: | Construction and Land Development |  | Commercial Mortgage |  | Other Commercial Real Estate |  | Commercial and Industrial |  | Lease Financing |  | Other |  | Total Commercial Loans Not Covered by Loss Share
June 30, 2012 |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | $ | 289,974 |  |  | $ | 4,775,558 |  |  | $ | 149,977 |  |  | $ | 1,545,409 |  |  | $ | 315,119 |  |  | $ | 139,722 |  |  | $ | 7,215,759 |
Special mention | 10,353 |  |  | 221,194 |  |  | 6,220 |  |  | 23,323 |  |  | 2,740 |  |  | 257 |  |  | 264,087 |
Substandard | 27,266 |  |  | 136,390 |  |  | 5,821 |  |  | 25,525 |  |  | 1,867 |  |  | 742 |  |  | 197,611 |
Doubtful | 1,232 |  |  | 12,202 |  |  | 265 |  |  | 2,915 |  |  | 517 |  |  | — |  |  | 17,131 |
Ungraded | 326 |  |  | 4,352 |  |  | 296 |  |  | 125,589 |  |  | 460 |  |  | 17 |  |  | 131,040 |
Total | $ | 329,151 |  |  | $ | 5,149,696 |  |  | $ | 162,579 |  |  | $ | 1,722,761 |  |  | $ | 320,703 |  |  | $ | 140,738 |  |  | $ | 7,825,628 |
December 31, 2011 |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | $ | 332,742 |  |  | $ | 4,749,254 |  |  | $ | 130,586 |  |  | $ | 1,556,651 |  |  | $ | 306,225 |  |  | $ | 157,089 |  |  | $ | 7,232,547 |
Special mention | 18,973 |  |  | 220,235 |  |  | 5,821 |  |  | 36,951 |  |  | 4,537 |  |  | 1,271 |  |  | 287,788 |
Substandard | 28,793 |  |  | 129,391 |  |  | 7,794 |  |  | 28,240 |  |  | 2,107 |  |  | — |  |  | 196,325 |
Doubtful | 17 |  |  | 1,164 |  |  | 377 |  |  | 643 |  |  | — |  |  | — |  |  | 2,201 |
Ungraded | 638 |  |  | 4,949 |  |  | 193 |  |  | 141,922 |  |  | — |  |  | 9 |  |  | 147,711 |
Total | $ | 381,163 |  |  | $ | 5,104,993 |  |  | $ | 144,771 |  |  | $ | 1,764,407 |  |  | $ | 312,869 |  |  | $ | 158,369 |  |  | $ | 7,866,572 |
June 30, 2011 |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | $ | 362,202 |  |  | $ | 4,505,768 |  |  | $ | 134,686 |  |  | $ | 1,590,496 |  |  | $ | 294,134 |  |  | $ | 170,133 |  |  | $ | 7,057,419 |
Special mention | 11,923 |  |  | 229,564 |  |  | 8,352 |  |  | 38,466 |  |  | 5,619 |  |  | 602 |  |  | 294,526 |
Substandard | 32,494 |  |  | 116,267 |  |  | 5,398 |  |  | 27,881 |  |  | 3,124 |  |  | — |  |  | 185,164 |
Doubtful | 515 |  |  | 6,435 |  |  | 401 |  |  | 804 |  |  | 182 |  |  | — |  |  | 8,337 |
Ungraded | — |  |  | 3,423 |  |  | 140 |  |  | 148,165 |  |  | 45 |  |  | 23 |  |  | 151,796 |
Total | $ | 407,134 |  |  | $ | 4,861,457 |  |  | $ | 148,977 |  |  | $ | 1,805,812 |  |  | $ | 303,104 |  |  | $ | 170,758 |  |  | $ | 7,697,242 |
| Non-commercial noncovered loans and leases
| Residential Mortgage |  | Revolving Mortgage |  | Construction and Land Development |  | Consumer |  | Total Non-commercial Noncovered Loans
June 30, 2012 |  |  |  |  |  |  |  |  |
Current | $ | 781,632 |  |  | $ | 2,251,428 |  |  | $ | 125,096 |  |  | $ | 427,223 |  |  | $ | 3,585,379 |
30-59 days past due | 12,601 |  |  | 10,131 |  |  | 1,352 |  |  | 1,993 |  |  | 26,077 |
60-89 days past due | 3,659 |  |  | 2,460 |  |  | 447 |  |  | 975 |  |  | 7,541 |
90 days or greater past due | 11,338 |  |  | 4,191 |  |  | 831 |  |  | 1,473 |  |  | 17,833 |
Total | $ | 809,230 |  |  | $ | 2,268,210 |  |  | $ | 127,726 |  |  | $ | 431,664 |  |  | $ | 3,636,830 |
December 31, 2011 |  |  |  |  |  |  |  |  |
Current | $ | 757,113 |  |  | $ | 2,286,511 |  |  | $ | 135,774 |  |  | 491,142 |  |  | $ | 3,670,540 |
30-59 days past due | 11,790 |  |  | 3,437 |  |  | 798 |  |  | 3,514 |  |  | 19,539 |
60-89 days past due | 2,686 |  |  | 2,042 |  |  | 127 |  |  | 1,271 |  |  | 6,126 |
90 days or greater past due | 12,529 |  |  | 4,316 |  |  | 572 |  |  | 1,443 |  |  | 18,860 |
Total | $ | 784,118 |  |  | $ | 2,296,306 |  |  | $ | 137,271 |  |  | $ | 497,370 |  |  | $ | 3,715,065 |
June 30, 2011 |  |  |  |  |  |  |  |  |
Current | $ | 806,439 |  |  | $ | 2,291,153 |  |  | $ | 143,376 |  |  | $ | 551,606 |  |  | $ | 3,792,574 |
30-59 days past due | 3,376 |  |  | 3,500 |  |  | 381 |  |  | 2,633 |  |  | 9,890 |
60-89 days past due | 2,897 |  |  | 1,732 |  |  | 1,120 |  |  | 1,128 |  |  | 6,877 |
90 days or greater past due | 12,898 |  |  | 7,302 |  |  | 568 |  |  | 1,503 |  |  | 22,271 |
Total | $ | 825,610 |  |  | $ | 2,303,687 |  |  | $ | 145,445 |  |  | $ | 556,870 |  |  | $ | 3,831,612 |
| Covered loans
Grade: | Construction and Land Development - Commercial |  | Commercial Mortgage |  | Other Commercial Real Estate |  | Commercial and Industrial |  | Lease Financing |  | Residential Mortgage |  | Revolving Mortgage |  | Construction and Land Development Non-commercial |  | Consumer and Other |  | Total Covered Loans
June 30, 2012 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | $ | 20,662 |  |  | $ | 358,287 |  |  | $ | 36,459 |  |  | $ | 25,280 |  |  | $ | — |  |  | $ | 187,317 |  |  | $ | 28,528 |  |  | $ | 137 |  |  | $ | 1,629 |  |  | $ | 658,299 |
Special mention | 79,987 |  |  | 331,659 |  |  | 23,293 |  |  | 16,969 |  |  | — |  |  | 16,602 |  |  | 1,748 |  |  | 2,428 |  |  | 267 |  |  | 472,953 |
Substandard | 73,179 |  |  | 372,528 |  |  | 46,465 |  |  | 15,630 |  |  | — |  |  | 79,239 |  |  | 6,834 |  |  | 30,190 |  |  | 709 |  |  | 624,774 |
Doubtful | 95,354 |  |  | 77,679 |  |  | 9,570 |  |  | 8,449 |  |  | — |  |  | 15,702 |  |  | — |  |  | 6,539 |  |  | 553 |  |  | 213,846 |
Ungraded | 3,263 |  |  | 2,524 |  |  | — |  |  | 114 |  |  | — |  |  | 23,193 |  |  | — |  |  | — |  |  | 385 |  |  | 29,479 |
Total | $ | 272,445 |  |  | $ | 1,142,677 |  |  | $ | 115,787 |  |  | $ | 66,442 |  |  | $ | — |  |  | $ | 322,053 |  |  | $ | 37,110 |  |  | $ | 39,294 |  |  | $ | 3,543 |  |  | $ | 1,999,351 |
December 31, 2011 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | $ | 29,321 |  |  | $ | 397,526 |  |  | $ | 49,259 |  |  | $ | 36,409 |  |  | $ | 57 |  |  | $ | 189,794 |  |  | $ | 34,164 |  |  | $ | 4,958 |  |  | $ | 2,393 |  |  | $ | 743,881 |
Special mention | 92,758 |  |  | 348,482 |  |  | 33,754 |  |  | 32,257 |  |  | — |  |  | 25,464 |  |  | 3,566 |  |  | 13,394 |  |  | 942 |  |  | 550,617 |
Substandard | 125,158 |  |  | 427,996 |  |  | 58,351 |  |  | 21,914 |  |  | — |  |  | 70,582 |  |  | 9,863 |  |  | 72,349 |  |  | 1,096 |  |  | 787,309 |
Doubtful | 87,936 |  |  | 84,871 |  |  | 17,030 |  |  | 22,862 |  |  | — |  |  | 13,833 |  |  | 3,959 |  |  | 14,835 |  |  | 982 |  |  | 246,308 |
Ungraded | 3,700 |  |  | 1,714 |  |  | — |  |  | — |  |  | — |  |  | 27,895 |  |  | — |  |  | — |  |  | 728 |  |  | 34,037 |
Total | $ | 338,873 |  |  | $ | 1,260,589 |  |  | $ | 158,394 |  |  | $ | 113,442 |  |  | $ | 57 |  |  | $ | 327,568 |  |  | $ | 51,552 |  |  | $ | 105,536 |  |  | $ | 6,141 |  |  | $ | 2,362,152 |
June 30, 2011 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | $ | 57,074 |  |  | $ | 561,871 |  |  | $ | 60,738 |  |  | $ | 51,519 |  |  | $ | 218 |  |  | $ | 266,349 |  |  | $ | 11,307 |  |  | $ | 5,883 |  |  | $ | 3,987 |  |  | $ | 1,018,946 |
Special mention | 99,051 |  |  | 304,731 |  |  | 41,616 |  |  | 46,944 |  |  | — |  |  | 25,153 |  |  | 143 |  |  | 21,654 |  |  | 251 |  |  | 539,543 |
Substandard | 91,247 |  |  | 377,263 |  |  | 47,081 |  |  | 20,832 |  |  | — |  |  | 45,439 |  |  | 483 |  |  | 42,395 |  |  | 144 |  |  | 624,884 |
Doubtful | 89,761 |  |  | 63,775 |  |  | 24,171 |  |  | 6,197 |  |  | 6 |  |  | 8,648 |  |  | — |  |  | 12,245 |  |  | 872 |  |  | 205,675 |
Ungraded | 1,517 |  |  | 135 |  |  | — |  |  | — |  |  | — |  |  | 8,444 |  |  | — |  |  | — |  |  | 594 |  |  | 10,690 |
Total | $ | 338,650 |  |  | $ | 1,307,775 |  |  | $ | 173,606 |  |  | $ | 125,492 |  |  | $ | 224 |  |  | $ | 354,033 |  |  | $ | 11,933 |  |  | $ | 82,177 |  |  | $ | 5,848 |  |  | $ | 2,399,738 |
The aging of the outstanding loans and leases, by class, at June 30, 2012, December 31, 2011 and June 30, 2011 (excluding loans and leases acquired with deteriorated credit quality) is provided in the table below. The calculation of days past due begins on the day after payment is due and includes all days through which all required interest or principal have not been paid. Loans and leases 30 days or less past due are considered current due to certain grace periods that allow borrowers to make payments within a stated period after the due date and still remain in compliance with the loan agreement.
| 30-59 Days Past Due |  | 60-89 Days Past Due |  | 90 Days or Greater |  | Total Past Due |  | Current |  | Total Loans and Leases
June 30, 2012 |  |  |  |  |  |  |  |  |  |  |
Noncovered loans and leases: |  |  |  |  |  |  |  |  |  |  |
Construction and land development - commercial | $ | 1,430 |  |  | $ | 463 |  |  | $ | 8,663 |  |  | $ | 10,556 |  |  | $ | 318,595 |  |  | $ | 329,151 |
Commercial mortgage | 15,830 |  |  | 5,171 |  |  | 16,832 |  |  | 37,833 |  |  | 5,111,863 |  |  | 5,149,696 |
Other commercial real estate | 284 |  |  | 68 |  |  | 551 |  |  | 903 |  |  | 161,676 |  |  | 162,579 |
Commercial and industrial | 2,528 |  |  | 882 |  |  | 2,153 |  |  | 5,563 |  |  | 1,717,198 |  |  | 1,722,761 |
Lease financing | 305 |  |  | 4 |  |  | 530 |  |  | 839 |  |  | 319,864 |  |  | 320,703 |
Other | 100 |  |  | — |  |  | — |  |  | 100 |  |  | 140,638 |  |  | 140,738 |
Residential mortgage | 12,601 |  |  | 3,659 |  |  | 11,338 |  |  | 27,598 |  |  | 781,632 |  |  | 809,230 |
Revolving mortgage | 10,131 |  |  | 2,460 |  |  | 4,191 |  |  | 16,782 |  |  | 2,251,428 |  |  | 2,268,210 |
Construction and land development - non-commercial | 1,352 |  |  | 447 |  |  | 831 |  |  | 2,630 |  |  | 125,096 |  |  | 127,726 |
Consumer | 1,993 |  |  | 975 |  |  | 1,473 |  |  | 4,441 |  |  | 427,223 |  |  | 431,664 |
Total noncovered loans and leases | $ | 46,554 |  |  | $ | 14,129 |  |  | $ | 46,562 |  |  | $ | 107,245 |  |  | $ | 11,355,213 |  |  | $ | 11,462,458 |
December 31, 2011 |  |  |  |  |  |  |  |  |  |  |
Noncovered loans and leases: |  |  |  |  |  |  |  |  |  |  |
Construction and land development - commercial | $ | 2,623 |  |  | $ | 1,494 |  |  | $ | 2,177 |  |  | $ | 6,294 |  |  | $ | 374,869 |  |  | $ | 381,163 |
Commercial mortgage | 18,308 |  |  | 4,438 |  |  | 15,626 |  |  | 38,372 |  |  | 5,066,621 |  |  | 5,104,993 |
Other commercial real estate | 657 |  |  | 147 |  |  | 561 |  |  | 1,365 |  |  | 143,406 |  |  | 144,771 |
Commercial and industrial | 5,235 |  |  | 1,230 |  |  | 1,438 |  |  | 7,903 |  |  | 1,756,504 |  |  | 1,764,407 |
Lease financing | 637 |  |  | 212 |  |  | 620 |  |  | 1,469 |  |  | 311,400 |  |  | 312,869 |
Other | — |  |  | — |  |  | — |  |  | — |  |  | 158,369 |  |  | 158,369 |
Residential mortgage | 11,790 |  |  | 2,686 |  |  | 12,529 |  |  | 27,005 |  |  | 757,113 |  |  | 784,118 |
Revolving mortgage | 3,437 |  |  | 2,042 |  |  | 4,316 |  |  | 9,795 |  |  | 2,286,511 |  |  | 2,296,306 |
Construction and land development - non-commercial | 798 |  |  | 127 |  |  | 572 |  |  | 1,497 |  |  | 135,774 |  |  | 137,271 |
Consumer | 3,514 |  |  | 1,271 |  |  | 1,443 |  |  | 6,228 |  |  | 491,142 |  |  | 497,370 |
Total noncovered loans and leases | $ | 46,999 |  |  | $ | 13,647 |  |  | $ | 39,282 |  |  | $ | 99,928 |  |  | $ | 11,481,709 |  |  | $ | 11,581,637 |
June 30, 2011 |  |  |  |  |  |  |  |  |  |  |
Noncovered loans and leases: |  |  |  |  |  |  |  |  |  |  |
Construction and land development - commercial | $ | 876 |  |  | $ | 763 |  |  | $ | 3,150 |  |  | $ | 4,789 |  |  | $ | 402,345 |  |  | $ | 407,134 |
Commercial mortgage | 12,985 |  |  | 5,580 |  |  | 21,467 |  |  | 40,032 |  |  | 4,821,425 |  |  | 4,861,457 |
Other commercial real estate | 270 |  |  | 54 |  |  | 586 |  |  | 910 |  |  | 148,067 |  |  | 148,977 |
Commercial and industrial | 3,102 |  |  | 909 |  |  | 2,402 |  |  | 6,413 |  |  | 1,799,399 |  |  | 1,805,812 |
Lease financing | 337 |  |  | 82 |  |  | 359 |  |  | 778 |  |  | 302,326 |  |  | 303,104 |
Other | — |  |  | — |  |  | — |  |  | — |  |  | 170,758 |  |  | 170,758 |
Residential mortgage | 3,376 |  |  | 2,897 |  |  | 12,898 |  |  | 19,171 |  |  | 806,439 |  |  | 825,610 |
Revolving mortgage | 3,500 |  |  | 1,732 |  |  | 7,302 |  |  | 12,534 |  |  | 2,291,153 |  |  | 2,303,687 |
Construction and land development - non-commercial | 381 |  |  | 1,120 |  |  | 568 |  |  | 2,069 |  |  | 143,376 |  |  | 145,445 |
Consumer | 2,633 |  |  | 1,128 |  |  | 1,503 |  |  | 5,264 |  |  | 551,606 |  |  | 556,870 |
Total noncovered loans and leases | $ | 27,460 |  |  | $ | 14,265 |  |  | $ | 50,235 |  |  | $ | 91,960 |  |  | $ | 11,436,894 |  |  | $ | 11,528,854 |
The recorded investment, by class, in loans and leases on nonaccrual status and loans and leases greater than 90 days past due and still accruing at June 30, 2012, December 31, 2011, and June 30, 2011 (excluding loans and leases acquired with deteriorated credit quality) is as follows:
| June 30, 2012 |  | December 31, 2011 |  | June 30, 2011
| Nonaccrual loans and leases |  | Loans and leases > 90 days and accruing |  | Nonaccrual loans and leases |  | Loans and leases > 90 days and accruing |  | Nonaccrual loans and leases |  | Loans and leases > 90 days and accruing
Noncovered loans and leases: |  |  |  |  |  |  |  |  |  |  |
Construction and land development - commercial | $ | 8,602 |  |  | $ | 449 |  |  | $ | 15,102 |  |  | $ | 313 |  |  | $ | 24,675 |  |  | $ | 78 |
Commercial mortgage | 38,044 |  |  | 3,279 |  |  | 23,748 |  |  | 3,107 |  |  | 30,960 |  |  | 2,757 |
Commercial and industrial | 9,166 |  |  | 323 |  |  | 1,864 |  |  | 320 |  |  | 2,408 |  |  | 588 |
Lease financing | 651 |  |  | 13 |  |  | 200 |  |  | 554 |  |  | 605 |  |  | 28 |
Other commercial real estate | 578 |  |  | 186 |  |  | 1,170 |  |  | — |  |  | 847 |  |  | 1 |
Construction and land development - non-commercial | 741 |  |  | 535 |  |  | — |  |  | 572 |  |  | 49 |  |  | 519 |
Residential mortgage | 11,232 |  |  | 2,807 |  |  | 10,657 |  |  | 4,227 |  |  | 13,897 |  |  | 2,462 |
Revolving mortgage | — |  |  | 4,182 |  |  | — |  |  | 4,306 |  |  | — |  |  | 7,282 |
Consumer | 392 |  |  | 1,133 |  |  | — |  |  | 1,441 |  |  | — |  |  | 1,493 |
Total noncovered loans and leases | $ | 69,406 |  |  | $ | 12,907 |  |  | $ | 52,741 |  |  | $ | 14,840 |  |  | $ | 73,441 |  |  | $ | 15,208 |
Acquired Loans When the fair values of covered loans were established, certain loans were identified as impaired. The following table provides changes in the carrying value of acquired loans during the six months ended June 30, 2012 and 2011:
| 2012 |  | 2011
| Impaired at acquisition date |  | All other acquired loans |  | Impaired as acquisition date |  | All other acquired loans
Balance, January 1 | $ | 458,305 |  |  | $ | 1,903,847 |  |  | $ | 330,705 |  |  | $ | 1,676,747 |
Fair value of acquired loans covered by loss share agreements | — |  |  | — |  |  | 99,344 |  |  | 660,007 |
Reductions for repayments, foreclosures and changes in fair value | (120,657 | ) |  | (242,144 | ) |  | (119,650 | ) |  | (247,415 | )
Balance, June 30 | $ | 337,648 |  |  | $ | 1,661,703 |  |  | $ | 310,399 |  |  | $ | 2,089,339 |
Outstanding principal balance at June 30 | $ | 1,156,145 |  |  | $ | 2,293,228 |  |  | $ | 1,100,257 |  |  | $ | 2,937,273 |
Analyses of the timing and amounts of cash flows were prepared at the acquisition dates for all acquired loans deemed impaired at acquisition (except loans acquired in the Venture Bank (VB) and Temecula Valley Bank (TVB) transactions) and those analyses are used to determine the amount of accretable yield recognized on those loans. Subsequent changes in cash flow estimates result in changes to the amount of accretable yield to be recognized. The timing of cash flows for nonperforming loans acquired in the VB and TVB transactions were not estimated due to relative unfamiliarity with the markets in which the collateral was located, inexperience with the type of borrowers, and general uncertainty of the time required for disposition of the assets. These factors were alleviated to a large degree in later transactions where prior experience provided the ability to make reasonable estimates as to the timing of future cash flows. The cost recovery method is being applied for the nonperforming loans acquired from the TVB and VB transactions unless cash flow estimates in the later periods indicated subsequent improvement that would lead to the recognition of accretable yield. The cost recovery method is also being applied to loans from other transactions where the timing of the cash flows is no longer reasonably estimable due to subsequent nonperformance by the borrower or uncertainty in the ultimate disposition of the asset. The remaining carrying value of loans on the cost recovery method was $166,138 at June 30, 2012, $200,819 at December 31, 2011 and $249,724 at June 30, 2011. The following table documents changes to the amount of accretable yield for the first six months of 2012 and 2011. For acquired loans, improved cash flow estimates and receipt of unscheduled loan payments result in the reclassification of nonaccretable difference to accretable yield.
| 2012 |  | 2011
Balance, January 1 | $ | 276,690 |  |  | $ | 164,586 |
Additions | — |  |  | 53,426 |
Accretion | (125,791 | ) |  | (122,755 | )
Reclassifications from nonaccretable difference | 186,908 |  |  | 60,452 |
Balance, June 30 | $ | 337,807 |  |  | $ | 155,709 |

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