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Loans and Allowance for Loan Losses | 9 Months Ended
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Sep. 30, 2016
Loans and Allowance for Loan Losses [Abstract] |
Loans and Allowance for Loan Losses | 3. Loans and Allowance for Loan Losses The presentation of loan disclosures has been modified from prior filings to eliminate segmentation of Acquired (2011 Whitney Holding Corporation transaction) and FDIC Acquired (2009 Peoples First Community Bank transaction) due to the significantly reduced size of these portfolios. The revised presentation reflects purchased credit impaired (“PCI”) loan information in select tables. PCI loans include the total FDIC Acquired portfolio and the portion of the Acquired portfolio deemed credit impaired at acquisition. In addition, the revised presentation includes further segmentation of the commercial real estate portfolio between owner occupied and income producing loans due to the significant differences in risk characteristics of these loans and to conform more closely to regulatory concentration segments and general industry practices. All prior period information has been reclassified to conform to the current period presentation. Loans, net of unearned income, by portfolio are presented in the table below. ﻿ ﻿
﻿ |  |  |  |  |  |
﻿ |  |  |  |  |  |
﻿ |  | September 30, |  | December 31,
﻿(in thousands) |  | 2016 |  | 2015
﻿ |  |  |  |  |  |
﻿Commercial non-real estate |  | $ | 7,133,928 |  | $ | 6,995,824
﻿Commercial real estate - owner occupied |  |  | 1,901,825 |  |  | 1,859,469
﻿ Total commercial & industrial |  |  | 9,035,753 |  |  | 8,855,293
﻿Commercial real estate - income producing |  |  | 1,990,309 |  |  | 1,553,082
﻿Construction and land development |  |  | 946,592 |  |  | 1,151,950
﻿Residential mortgages |  |  | 2,037,162 |  |  | 2,049,524
﻿Consumer |  |  | 2,061,005 |  |  | 2,093,465
﻿Total loans |  | $ | 16,070,821 |  | $ | 15,703,314
﻿ The following briefly describes the composition of each loan category. ﻿ Commercial and industrial ﻿ Commercial and industrial loans are made available to businesses for working capital (including financing of inventory and receivables), business expansion, to facilitate the acquisition of a business, and the purchase of equipment and machinery, including equipment leasing. These loans are primarily made based on the identified cash flows of the borrower and, when secured, have the added strength of the underlying collateral. ﻿ Commercial non-real estate loans may be secured by the assets being financed or other business assets such as accounts receivable, inventory, ownership or commodity interests, and may incorporate a personal or corporate guarantee; however, some short-term loans may be made on an unsecured basis, including a small portfolio of corporate credit cards, generally issued as a part of overall customer relationships. ﻿ Commercial real estate – owner occupied loans consist of commercial mortgages on properties where repayment is generally dependent on the cash flow from the ongoing operations and activities of the borrower. Like commercial non-real estate, these loans are primarily made based on the identified cash flows of the borrower, but also have the added strength of the value of underlying real estate collateral. ﻿ Commercial real estate – income producing ﻿ Commercial real estate – income producing loans consist of loans secured by commercial mortgages on properties where the loan is made to real estate developers or investors and repayment is dependent on the sale, refinance, or income generated from the operation of the property. Properties financed include retail, office, multifamily, senior housing, hotel/motel, skilled nursing facilities and other commercial properties. ﻿ Construction and land development ﻿ C onstruction and land development loans are made to facilitate t he acquisition, development, improvement and construction of both commercial and residential-purpose properties. Such loans are made to builders and investors where repayment is expected to be made from the sale, refinance or operation of the property or to businesses to be used in their business operations. This portfolio also includes a small amount of residential construction loans and loans secured by raw land not yet under development. ﻿ Residential Mortgages ﻿ Residential mortgages consist of closed-end loans secured by first liens on 1- 4 family residential properties. The portfolio includes both fixed and adjustable rate loans, although most longer-term, fixed-rate loans originated are sold in the secondary mortgage market. ﻿ Consumer ﻿ Consumer loans include second lien mortgage home loans, home equity lines of credit and nonresidential consumer purpose loans. Nonresidential consumer loans include both direct and indirect loans. Direct nonresidential consumer loans are made to finance the purchase of personal property, including automobiles, recreational vehicles and boats, and for other personal purposes (secured and unsecured), and deposit account secured loans. Indirect nonresidential loans include automobile financing provided to the consumer through an agreement with automobile dealerships. Consumer loans also include a small portfolio of credit card receivables issued on the basis of applications received through referrals from the Bank’s branches, online and other marketing efforts. ﻿ ﻿ Allowance for Loan Losses The following schedule shows activity in the allowance for loan losses by portfolio class for the nine months ended September 30, 2016 and 2015, as well as the corresponding recorded investment in loans at the end of each period. ﻿ ﻿
﻿ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
﻿ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
﻿ |  |  |  |  | Commercial |  |  |  |  | Commercial |  |  |  |  |  |  |  |  |  |  |  |
﻿ |  | Commercial |  | real estate- |  | Total |  | real estate- |  | Construction |  |  |  |  |  |  |  |  |
﻿ |  |  | non-real |  | owner |  | commercial & |  | income |  | and land |  | Residential |  |  |  |  |  |
﻿(in thousands) |  | estate |  | occupied |  | industrial |  | producing |  | development |  | mortgages |  | Consumer |  | Total
﻿ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
﻿ |  | Nine Months Ended September 30, 2016
﻿ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
﻿ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
﻿Allowance for loan losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
﻿Beginning balance |  | $ | 109,428 |  | $ | 9,858 |  | $ | 119,286 |  | $ | 6,041 |  | $ | 5,642 |  | $ | 25,353 |  | $ | 24,857 |  | $ | 181,179
﻿Purchased credit impaired activity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
﻿Charge-offs |  |  | — |  |  | (28) |  |  | (28) |  |  | (1) |  |  | (18) |  |  | (91) |  |  | (8) |  |  | (146)
﻿Recoveries |  |  | 76 |  |  | 163 |  |  | 239 |  |  | 2 |  |  | 98 |  |  | 33 |  |  | 112 |  |  | 484
﻿Net provision for loan losses |  |  | 54 |  |  | (140) |  |  | (86) |  |  | (436) |  |  | (253) |  |  | 1,685 |  |  | (1,633) |  |  | (723)
﻿(Decrease) increase in FDIC loss share receivable |  |  | (2) |  |  | — |  |  | (2) |  |  | — |  |  | — |  |  | (3,341) |  |  | 316 |  |  | (3,027)
﻿Non-purchased credit impaired activity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
﻿Charge-offs |  |  | (27,504) |  |  | (1,660) |  |  | (29,164) |  |  | (191) |  |  | (827) |  |  | (908) |  |  | (17,403) |  |  | (48,493)
﻿Recoveries |  |  | 2,709 |  |  | 287 |  |  | 2,996 |  |  | 673 |  |  | 1,422 |  |  | 497 |  |  | 4,272 |  |  | 9,860
﻿Net provision for loan losses |  |  | 74,500 |  |  | 2,303 |  |  | 76,803 |  |  | 4,862 |  |  | (216) |  |  | 964 |  |  | 14,514 |  |  | 96,927
﻿Ending balance |  | $ | 159,261 |  | $ | 10,783 |  | $ | 170,044 |  | $ | 10,950 |  | $ | 5,848 |  | $ | 24,192 |  | $ | 25,027 |  | $ | 236,061
﻿Ending balance: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
﻿Allowance: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
﻿Individually evaluated for impairment |  | $ | 20,665 |  | $ | 223 |  | $ | 20,888 |  | $ | 57 |  | $ | 6 |  | $ | 94 |  | $ | 85 |  | $ | 21,130
﻿Amounts related to purchased credit impaired loans |  |  | 574 |  |  | 1,088 |  |  | 1,662 |  |  | 279 |  |  | 484 |  |  | 15,949 |  |  | 1,334 |  |  | 19,708
﻿Collectively evaluated for impairment |  |  | 138,022 |  |  | 9,472 |  |  | 147,494 |  |  | 10,614 |  |  | 5,358 |  |  | 8,149 |  |  | 23,608 |  |  | 195,223
﻿Total allowance |  | $ | 159,261 |  | $ | 10,783 |  | $ | 170,044 |  | $ | 10,950 |  | $ | 5,848 |  | $ | 24,192 |  | $ | 25,027 |  | $ | 236,061
﻿Loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
﻿Individually evaluated for impairment |  | $ | 235,039 |  | $ | 6,458 |  | $ | 241,497 |  | $ | 7,655 |  | $ | 2,062 |  | $ | 3,864 |  | $ | 1,485 |  | $ | 256,563
﻿Purchased credit impaired loans |  |  | 11,534 |  |  | 16,417 |  |  | 27,951 |  |  | 8,087 |  |  | 8,436 |  |  | 145,273 |  |  | 12,045 |  |  | 201,792
﻿Collectively evaluated for impairment |  |  | 6,887,355 |  |  | 1,878,950 |  |  | 8,766,305 |  |  | 1,974,567 |  |  | 936,094 |  |  | 1,888,025 |  |  | 2,047,475 |  |  | 15,612,466
﻿Total loans |  | $ | 7,133,928 |  | $ | 1,901,825 |  |  | 9,035,753 |  | $ | 1,990,309 |  | $ | 946,592 |  | $ | 2,037,162 |  | $ | 2,061,005 |  | $ | 16,070,821
﻿ ﻿ ﻿ ﻿
﻿ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
﻿ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
﻿ |  |  |  |  | Commercial |  |  |  |  | Commercial |  |  |  |  |  |  |  |  |  |  |  |
﻿ |  | Commercial |  | real estate- |  | Total |  | real estate- |  | Construction |  |  |  |  |  |  |  |  |
﻿ |  | non-real |  | owner |  | commercial & |  | income |  | and land |  | Residential |  |  |  |  |  |
﻿(in thousands) |  | estate |  | occupied |  | industrial |  | producing |  | development |  | mortgages |  | Consumer |  | Total
﻿ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
﻿ |  | Nine Months ended September 30, 2015
﻿ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
﻿ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
﻿Allowance for loan losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
﻿Beginning balance |  | $ | 51,169 |  | $ | 13,536 |  | $ | 64,705 |  | $ | 7,546 |  | $ | 6,421 |  | $ | 28,660 |  | $ | 21,430 |  | $ | 128,762
﻿Purchased credit impaired activity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
﻿Charge-offs |  |  | (1,425) |  |  | (379) |  |  | (1,804) |  |  | (2,353) |  |  | (406) |  |  | (748) |  |  | (140) |  |  | (5,451)
﻿Recoveries |  |  | 1,699 |  |  | 937 |  |  | 2,636 |  |  | 20 |  |  | 896 |  |  | 5 |  |  | 185 |  |  | 3,742
﻿Net provision for loan losses |  |  | (950) |  |  | (1,614) |  |  | (2,564) |  |  | 994 |  |  | 235 |  |  | 1,181 |  |  | (1,232) |  |  | (1,386)
﻿Increase (decrease) in FDIC loss share receivable |  |  | 314 |  |  | (396) |  |  | (82) |  |  | 919 |  |  | (6) |  |  | (2,718) |  |  | (97) |  |  | (1,984)
﻿Non-purchased credit impaired activity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
﻿Charge-offs |  |  | (3,068) |  |  | (664) |  |  | (3,732) |  |  | (464) |  |  | (1,483) |  |  | (1,451) |  |  | (10,431) |  |  | (17,561)
﻿Recoveries |  |  | 2,589 |  |  | 249 |  |  | 2,838 |  |  | 386 |  |  | 2,006 |  |  | 578 |  |  | 3,418 |  |  | 9,226
﻿Net provision for loan losses |  |  | 13,594 |  |  | 2,436 |  |  | 16,030 |  |  | (1,915) |  |  | (289) |  |  | 283 |  |  | 10,119 |  |  | 24,228
﻿Ending balance |  | $ | 63,922 |  | $ | 14,105 |  | $ | 78,027 |  | $ | 5,133 |  | $ | 7,374 |  | $ | 25,790 |  | $ | 23,252 |  | $ | 139,576
﻿Ending balance: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
﻿Allowance: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
﻿Individually evaluated for impairment |  | $ | 5,588 |  | $ | 2,723 |  | $ | 8,311 |  | $ | 187 |  | $ | 21 |  | $ | 96 |  | $ | 3 |  | $ | 8,618
﻿Amounts related to purchased credit impaired loans |  |  | 549 |  |  | 1,304 |  |  | 1,853 |  |  | 885 |  |  | 1,727 |  |  | 18,329 |  |  | 2,711 |  |  | 25,505
﻿Collectively evaluated for impairment |  |  | 57,785 |  |  | 10,078 |  |  | 67,863 |  |  | 4,061 |  |  | 5,626 |  |  | 7,365 |  |  | 20,538 |  |  | 105,453
﻿Total allowance |  | $ | 63,922 |  | $ | 14,105 |  | $ | 78,027 |  | $ | 5,133 |  | $ | 7,374 |  | $ | 25,790 |  | $ | 23,252 |  | $ | 139,576
﻿Loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
﻿Individually evaluated for impairment |  | $ | 75,345 |  | $ | 21,465 |  | $ | 96,810 |  | $ | 12,520 |  | $ | 2,053 |  | $ | 903 |  | $ | 157 |  | $ | 112,443
﻿Purchased credit impaired loans |  |  | 13,158 |  |  | 21,674 |  |  | 34,832 |  |  | 15,280 |  |  | 16,336 |  |  | 170,033 |  |  | 13,424 |  |  | 249,905
﻿Collectively evaluated for impairment |  |  | 6,257,491 |  |  | 1,800,015 |  |  | 8,057,506 |  |  | 1,456,432 |  |  | 1,067,196 |  |  | 1,842,853 |  |  | 1,976,715 |  |  | 14,400,702
﻿ Total loans |  | $ | 6,345,994 |  | $ | 1,843,154 |  |  | 8,189,148 |  | $ | 1,484,232 |  | $ | 1,085,585 |  | $ | 2,013,789 |  | $ | 1,990,296 |  | $ | 14,763,050
﻿ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
﻿ ﻿ Impaired Loans The following table shows the composition of nonaccrual loans by portfolio class. Purchased credit impaired loans accounted for in pools with an accretable yield are considered to be performing and are excluded from the table. ﻿ ﻿
﻿ |  |  |  |  |  |
﻿ |  |  |  |  |  |
﻿ |  | September 30, |  | December 31,
﻿(in thousands) |  | 2016 |  | 2015
﻿Commercial non-real estate |  | $ | 240,298 |  | $ | 88,743
﻿Commercial real estate - owner occupied |  |  | 15,331 |  |  | 10,001
﻿ Total commercial & industrial |  |  | 255,629 |  |  | 98,744
﻿Commercial real estate - income producing |  |  | 9,318 |  |  | 10,815
﻿Construction and land development |  |  | 4,930 |  |  | 17,294
﻿Residential mortgages |  |  | 21,181 |  |  | 23,799
﻿Consumer |  |  | 11,752 |  |  | 9,061
﻿ Total loans |  | $ | 302,810 |  | $ | 159,713
﻿ Nonaccrual loans include loans modified in troubled debt restructurings (“TDRs”) of $48.2 million and $8.8 million at September 30, 2016 and December 31, 2015, respectively. Total TDRs, both accruing and nonaccruing, were $56.3 million as of September 30, 2016 and $13.1 million at December 31, 2015. All TDRs are individually evaluated for impairment. The table below details TDRs that were modified during the nine months ended September 30, 2016 and September 30, 2015 by portfolio class. ﻿ ﻿
﻿ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
﻿ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
﻿ | Nine Months Ended
﻿($ in thousands) |  | September 30, 2016 |  |  |  | September 30, 2015
﻿ |  |  |  |  | Pre-Modification |  | Post-Modification |  |  |  |  |  | Pre-Modification |  | Post-Modification
﻿ |  |  |  |  | Outstanding |  | Outstanding |  |  |  |  |  | Outstanding |  | Outstanding
﻿ |  | Number of |  |  | Recorded |  | Recorded |  |  | Number of |  |  | Recorded |  | Recorded
﻿Troubled Debt Restructurings: |  | Contracts |  |  | Investment |  | Investment |  | Contracts |  | Investment |  | Investment
﻿Commercial non-real estate |  | 17 |  |  | $ | 57,915 |  |  | $ | 57,915 |  |  |  | — |  |  | $ | — |  |  | $ | —
﻿Commercial real estate - owner occupied |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | —
﻿ Total commercial & industrial |  | 17 |  |  |  | 57,915 |  |  |  | 57,915 |  |  |  | — |  |  |  | — |  |  |  | —
﻿Commercial real estate - income producing |  | — |  |  |  | — |  |  |  | — |  |  |  | 1 |  |  |  | 482 |  |  |  | 482
﻿Construction and land development |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | —
﻿Residential mortgages |  | 6 |  |  |  | 532 |  |  |  | 532 |  |  |  | 4 |  |  |  | 185 |  |  |  | 185
﻿Consumer |  | — |  |  |  | — |  |  |  | — |  |  |  | 1 |  |  |  | 20 |  |  |  | 20
﻿Total loans |  | 23 |  |  | $ | 58,447 |  |  | $ | 58,447 |  |  |  | 6 |  |  | $ | 687 |  |  | $ | 687
﻿ The TDRs during the nine months ended September 30, 2016 reflected in the table above include $43.4 million of loans with extended amortization terms or other payment concessions, $14.7 million of loans with significant covenant waivers and $0.4 million with other modifications. The TDRs during the nine months ended September 30, 2015 include $0.7 million of loans with extended terms or other payment concessions and $0.1 million of other modifications. No TDRs that subsequently defaulted within twelve months of modification were recorded in the nine months ended September 30, 2016 or 2015. The tables below present loans that are individually evaluated for impairment disaggregated by portfolio class at September 30, 2016 and December 31, 2015. Loans individually evaluated for impairment include TDRs and loans that are determined to be impaired and have aggregate relationship balances of $1 million or more. ﻿ ﻿
﻿ |  |  |  |  |  |  |  |  |  |  |
﻿ |  |  |  |  |  |  |  |  |  |  |
﻿ | September 30, 2016
﻿ |  | Recorded investment |  |  | Recorded investment |  |  | Unpaid |  |  |
﻿(in thousands) |  | without an allowance |  |  | with an allowance |  |  | principal balance |  |  | Related allowance
﻿Commercial non-real estate | $ | 118,527 |  | $ | 116,512 |  | $ | 247,732 |  | $ | 20,665
﻿Commercial real estate - owner occupied |  | 4,351 |  |  | 2,107 |  |  | 6,850 |  |  | 223
﻿ Total commercial & industrial |  | 122,878 |  |  | 118,619 |  |  | 254,582 |  |  | 20,888
﻿Commercial real estate - income producing |  | 5,654 |  |  | 2,001 |  |  | 7,882 |  |  | 57
﻿Construction and land development |  | 1,228 |  |  | 834 |  |  | 2,905 |  |  | 6
﻿Residential mortgages |  | 2,908 |  |  | 956 |  |  | 4,382 |  |  | 94
﻿Consumer |  | — |  |  | 1,485 |  |  | 1,485 |  |  | 85
﻿Total loans | $ | 132,668 |  | $ | 123,895 |  | $ | 271,236 |  | $ | 21,130
﻿ |  |  |  |  |  |  |  |  |  |  |
﻿ |  |  |  |  |  |  |  |  |  |  |
﻿ | December 31, 2015
﻿ |  | Recorded investment |  |  | Recorded investment |  |  | Unpaid |  |  |
﻿(in thousands) |  | without an allowance |  |  | with an allowance |  |  | principal balance |  |  | Related allowance
﻿Commercial non-real estate | $ | 34,788 |  | $ | 46,834 |  | $ | 84,988 |  | $ | 19,031
﻿Commercial real estate - owner occupied |  | 4,747 |  |  | 661 |  |  | 5,931 |  |  | 23
﻿ Total commercial & industrial |  | 39,535 |  |  | 47,495 |  |  | 90,919 |  |  | 19,054
﻿Commercial real estate - income producing |  | 3,038 |  |  | 8,085 |  |  | 11,363 |  |  | 1,382
﻿Construction and land development |  | 12,461 |  |  | 1,765 |  |  | 14,784 |  |  | 392
﻿Residential mortgages |  | — |  |  | 895 |  |  | 1,405 |  |  | 127
﻿Consumer |  | — |  |  | 152 |  |  | 152 |  |  | 33
﻿Total loans | $ | 55,034 |  | $ | 58,392 |  | $ | 118,623 |  | $ | 20,988
﻿ ﻿
﻿ |  |  |  |  |  |  |  |  |  |  |  |
﻿ |  |  |  |  |  |  |  |  |  |  |  |
﻿ |  | Three Months Ended
﻿ |  | September 30, 2016 | September 30, 2015
﻿ |  | Average |  | Interest |  | Average |  |  | Interest
﻿ |  | recorded |  | income |  | recorded |  |  | income
﻿(in thousands) |  | investment |  | recognized |  | investment |  |  | recognized
﻿Commercial non-real estate |  | $ | 233,913 |  | $ | 155 |  | $ | 53,862 |  | $ | 3
﻿Commercial real estate - owner occupied |  |  | 6,374 |  |  | 10 |  |  | 21,584 |  |  | 16
﻿ Total commercial & industrial |  |  | 240,287 |  |  | 165 |  |  | 75,446 |  |  | 19
﻿Commercial real estate - income producing |  |  | 7,729 |  |  | 24 |  |  | 12,601 |  |  | 15
﻿Construction and land development |  |  | 1,655 |  |  | — |  |  | 3,207 |  |  | 7
﻿Residential mortgages |  |  | 2,466 |  |  | 3 |  |  | 1,136 |  |  | 1
﻿Consumer |  |  | 826 |  |  | 2 |  |  | 137 |  |  | —
﻿Total loans |  | $ | 252,963 |  | $ | 194 |  | $ | 92,527 |  | $ | 42
﻿ ﻿
﻿ |  |  |  |  |  |  |  |  |  |  |  |
﻿ |  |  |  |  |  |  |  |  |  |  |  |
﻿ |  | Nine Months Ended
﻿ |  | September 30, 2016 | September 30, 2015
﻿ |  | Average |  | Interest |  | Average |  |  | Interest
﻿ |  | recorded |  | income |  | recorded |  |  | income
﻿(in thousands) |  | investment |  | recognized |  | investment |  |  | recognized
﻿Commercial non-real estate |  | $ | 197,382 |  | $ | 1,002 |  | $ | 31,570 |  | $ | 6
﻿Commercial real estate - owner occupied |  |  | 6,015 |  |  | 39 |  |  | 14,836 |  |  | 40
﻿ Total commercial & industrial |  |  | 203,397 |  |  | 1,041 |  |  | 46,406 |  |  | 46
﻿Commercial real estate - income producing |  |  | 8,624 |  |  | 67 |  |  | 10,905 |  |  | 56
﻿Construction and land development |  |  | 7,821 |  |  | — |  |  | 4,762 |  |  | 66
﻿Residential mortgages |  |  | 1,444 |  |  | 7 |  |  | 1,837 |  |  | 20
﻿Consumer |  |  | 348 |  |  | 4 |  |  | 101 |  |  | 3
﻿Total loans |  | $ | 221,634 |  | $ | 1,119 |  | $ | 64,011 |  | $ | 191
﻿ ﻿ ﻿ Aging Analysis The tables below present the age analysis of past due loans by portfolio class at September 30, 2016 and December 31, 2015. Purchased credit impaired loans accounted for in pools with an accretable yield are considered to be current. ﻿ ﻿
﻿ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
﻿ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
﻿ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Recorded
﻿ |  |  |  |  |  | Greater than |  |  |  |  |  |  |  |  | investment
﻿ |  | 30-59 days |  | 60-89 days |  | 90 days |  | Total |  |  |  | Total |  | > 90 days and
﻿September 30, 2016 |  | past due |  | past due |  | past due |  | past due |  | Current |  | Loans |  | still accruing
﻿(in thousands) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
﻿Commercial non-real estate |  | $ | 15,501 |  | $ | 24,566 |  | $ | 63,794 |  | $ | 103,861 |  | $ | 7,030,067 |  | $ | 7,133,928 |  | $ | 543
﻿Commercial real estate - owner occupied |  |  | 3,006 |  |  | 1,115 |  |  | 7,257 |  |  | 11,378 |  |  | 1,890,447 |  |  | 1,901,825 |  |  | —
﻿ Total commercial & industrial |  |  | 18,507 |  |  | 25,681 |  |  | 71,051 |  |  | 115,239 |  |  | 8,920,514 |  |  | 9,035,753 |  |  | 543
﻿Commercial real estate - income producing |  |  | 1,873 |  |  | 225 |  |  | 4,421 |  |  | 6,519 |  |  | 1,983,790 |  |  | 1,990,309 |  |  | —
﻿Construction and land development |  |  | 1,069 |  |  | 1,565 |  |  | 7,358 |  |  | 9,992 |  |  | 936,600 |  |  | 946,592 |  |  | 3,501
﻿Residential mortgages |  |  | 23,067 |  |  | 6,771 |  |  | 11,541 |  |  | 41,379 |  |  | 1,995,783 |  |  | 2,037,162 |  |  | —
﻿Consumer |  |  | 15,650 |  |  | 5,402 |  |  | 7,609 |  |  | 28,661 |  |  | 2,032,344 |  |  | 2,061,005 |  |  | 889
﻿Total |  | $ | 60,166 |  | $ | 39,644 |  | $ | 101,980 |  | $ | 201,790 |  | $ | 15,869,031 |  | $ | 16,070,821 |  | $ | 4,933
﻿ ﻿
﻿ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
﻿ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
﻿ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Recorded
﻿ |  |  |  |  |  |  | Greater than |  |  |  |  |  |  |  |  | investment
﻿ |  | 30-59 days |  | 60-89 days |  | 90 days |  | Total |  |  |  | Total |  | > 90 days and
﻿December 31, 2015 |  | past due |  | past due |  | past due |  | past due |  | Current |  | Loans |  | still accruing
﻿(in thousands) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
﻿Commercial non-real estate |  | $ | 17,406 |  | $ | 1,468 |  | $ | 25,007 |  | $ | 43,881 |  | $ | 6,951,943 |  | $ | 6,995,824 |  | $ | 3,060
﻿Commercial real estate - owner occupied |  |  | 5,898 |  |  | 802 |  |  | 6,646 |  |  | 13,346 |  |  | 1,846,123 |  |  | 1,859,469 |  |  | 535
﻿ Total commercial & industrial |  |  | 23,304 |  |  | 2,270 |  |  | 31,653 |  |  | 57,227 |  |  | 8,798,066 |  |  | 8,855,293 |  |  | 3,595
﻿Commercial real estate - income producing |  |  | 871 |  |  | 603 |  |  | 6,382 |  |  | 7,856 |  |  | 1,545,226 |  |  | 1,553,082 |  |  | 499
﻿Construction and land development |  |  | 19,886 |  |  | 436 |  |  | 4,043 |  |  | 24,365 |  |  | 1,127,585 |  |  | 1,151,950 |  |  | 1,230
﻿Residential mortgages |  |  | 18,657 |  |  | 4,360 |  |  | 11,840 |  |  | 34,857 |  |  | 2,014,667 |  |  | 2,049,524 |  |  | 163
﻿Consumer |  |  | 16,309 |  |  | 4,432 |  |  | 8,645 |  |  | 29,386 |  |  | 2,064,079 |  |  | 2,093,465 |  |  | 2,166
﻿Total |  | $ | 79,027 |  | $ | 12,101 |  | $ | 62,563 |  | $ | 153,691 |  | $ | 15,549,623 |  | $ | 15,703,314 |  | $ | 7,653
﻿ Credit Quality Indicators The following tables present the credit quality indicators by segments and portfolio class of loans at September 30, 2016 and December 31, 2015. ﻿ ﻿
﻿ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
﻿ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
﻿ |  | September 30, 2016
﻿(in thousands) |  | Commercial non-real estate |  | Commercial real estate - owner-occupied |  | Total commercial & industrial |  | Commercial real estate - income producing |  | Construction and land development |  | Total commercial |
﻿Grade: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
﻿Pass |  | $ | 5,899,626 |  | $ | 1,721,031 |  | $ | 7,620,657 |  | $ | 1,876,423 |  | $ | 904,550 |  | $ | 10,401,630 |
﻿Pass-Watch |  |  | 180,467 |  |  | 42,727 |  |  | 223,194 |  |  | 69,773 |  |  | 21,945 |  |  | 314,912 |
﻿Special Mention |  |  | 196,408 |  |  | 32,046 |  |  | 228,454 |  |  | 6,100 |  |  | 198 |  |  | 234,752 |
﻿Substandard |  |  | 827,476 |  |  | 106,021 |  |  | 933,497 |  |  | 38,000 |  |  | 19,899 |  |  | 991,396 |
﻿Doubtful |  |  | 29,951 |  |  | — |  |  | 29,951 |  |  | 13 |  |  | — |  |  | 29,964 |
﻿Total |  | $ | 7,133,928 |  | $ | 1,901,825 |  | $ | 9,035,753 |  | $ | 1,990,309 |  | $ | 946,592 |  | $ | 11,972,654 |
﻿ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
﻿ |  | December 31, 2015
﻿(in thousands) |  | Commercial non-real estate |  | Commercial real estate - owner-occupied |  | Total commercial & industrial |  | Commercial real estate - income producing |  | Construction and land development |  | Total commercial |
﻿Grade: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
﻿Pass |  | $ | 6,260,863 |  | $ | 1,718,725 |  | $ | 7,979,588 |  | $ | 1,502,484 |  | $ | 1,095,296 |  | $ | 10,577,368 |
﻿Pass-Watch |  |  | 168,589 |  |  | 31,764 |  |  | 200,353 |  |  | 14,717 |  |  | 6,841 |  |  | 221,911 |
﻿Special Mention |  |  | 211,230 |  |  | 41,147 |  |  | 252,377 |  |  | 5,905 |  |  | 12,297 |  |  | 270,579 |
﻿Substandard |  |  | 355,098 |  |  | 67,833 |  |  | 422,931 |  |  | 29,960 |  |  | 37,516 |  |  | 490,407 |
﻿Doubtful |  |  | 44 |  |  | — |  |  | 44 |  |  | 16 |  |  | — |  |  | 60 |
﻿Total |  | $ | 6,995,824 |  | $ | 1,859,469 |  | $ | 8,855,293 |  | $ | 1,553,082 |  | $ | 1,151,950 |  | $ | 11,560,325 |
﻿ ﻿ ﻿
﻿ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
﻿ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
﻿ |  | September 30, 2016 |  | December 31, 2015
﻿(in thousands) |  | Residential mortgage |  | Consumer |  | Total |  | Residential mortgage |  | Consumer |  | Total |
﻿Performing |  | $ | 2,015,981 |  | $ | 2,048,364 |  | $ | 4,064,345 |  | $ | 2,025,563 |  | $ | 2,082,238 |  | $ | 4,107,801 |
﻿Nonperforming |  |  | 21,181 |  |  | 12,641 |  |  | 33,822 |  |  | 23,961 |  |  | 11,227 |  |  | 35,188 |
﻿Total |  | $ | 2,037,162 |  | $ | 2,061,005 |  | $ | 4,098,167 |  | $ | 2,049,524 |  | $ | 2,093,465 |  | $ | 4,142,989 |
﻿ ﻿ Below are the definitions of the Company’s internally assigned grades: Commercial:
| · |  | Pass – loans properly approved, documented, collateralized, and performing which do not reflect an abnormal credit risk.
| · |  | Pass-Watch – credits in this category have heightened risk factors that warrant additional monitoring; however, these risk factors have not manifested themselves as potential weaknesses. The “Watch” grade should be regarded as a transition category.
| · |  | Special Mention – a criticized asset category defined as having potential weaknesses that deserve management’s close attention. If left uncorrected, these potential weaknesses may, at some future date, result in the deterioration of the repayment prospects for the credit or the institution’s credit position. Special mention credits are not considered part of the Classified credit categories and do not expose the institution to sufficient risk to warrant adverse classification.
| · |  | Substandard – an asset that is inadequately protected by the current sound worth and paying capacity of the obligor or of the collateral pledged, if any. Assets so classified must have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the institution will sustain some loss if the deficiencies are not corrected.
| · |  | Doubtful – an asset that has all the weaknesses inherent in one classified Substandard with the added characteristic that the weaknesses make collection nor liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable.
| · |  | Loss – credits classified as Loss are considered uncollectable and are charged off promptly once so classified.
Residential and Consumer:
| · |  | Performing – loans on which payments of principal and interest are less than 90 days past due.
| · |  | Nonperforming – a nonperforming loan is a loan that is in default or close to being in default and there are good reasons to doubt that payments will be made in full. All loans rated as nonaccrual loans are also classified as nonperforming.
Purchased credit impaired loans and the related FDIC loss share receivable ﻿ Loans purchased in the 2009 acquisition of Peoples First Community Bank (“Peoples First”) were covered by two loss share agreements between the FDIC and the Company. The loss share agreement covering the non-single family portfolio expired in December 2014 and is now in a three year recovery period where 80% of recoveries on reimbursed losses are shared with the FDIC. The loss share agreement covering the single family portfolio expires in December 2019. As of September 30, 2016 and September 30, 2015, loans totaling $152.3 million and $177.5 million, respectively, were covered by the single family loss share agreement. ﻿ The receivable arising from the loss share agreements (referred to as the “FDIC loss share receivable” on our consolidated statements of financial condition) is measured separately from the covered loans because the agreements are not contractually part of the loans and are not transferable should the Company choose to dispose of the loans. The following schedule shows activity in the loss share receivable for the nine months ended September 30, 2016 and 201 5. ﻿ ﻿
﻿ |  |  |  |  |  |
﻿ |  |  |  |  |  |
﻿ |  | Nine Months Ended
﻿ |  | September 30, |  | September 30,
﻿(in thousands) |  | 2016 |  | 2015
﻿Beginning Balance |  | $ | 29,868 |  | $ | 60,272
﻿Amortization |  |  | (4,678) |  |  | (4,034)
﻿Charge-offs, write-downs and other recoveries |  |  | (5,569) |  |  | (6,733)
﻿External expenses qualifying under loss share agreement |  |  | 1,000 |  |  | 1,035
﻿Changes due to changes in cash flow projections |  |  | (3,027) |  |  | (1,984)
﻿FDIC resolution of denied claims |  |  | — |  |  | (1,854)
﻿Net payments to (from) FDIC |  |  | 436 |  |  | (14,667)
﻿Ending balance |  | $ | 18,030 |  | $ | 32,035
﻿ ﻿ Changes in the carrying amount of purchased credit impaired loans and related accretable yield are presented in the following table for the nine months ended September 30, 2016 and the year ended December 31, 2015. ﻿ ﻿
﻿ |  |  |  |  |  |  |  |  |  |  |  |  |  |
﻿ |  |  |  |  |  |  |  |  |  |  |  |  |  |
﻿ |  | September 30, 2016 |  | December 31, 2015
﻿ |  | Carrying |  |  |  |  | Carrying |  |  |
﻿ |  | Amount |  | Accretable |  |  | Amount |  | Accretable |
﻿(in thousands) |  | of Loans |  | Yield |  |  | of Loans |  | Yield |
﻿Balance at beginning of period |  | $ | 225,838 |  | $ | 129,488 |  |  | $ | 313,685 |  | $ | 187,456 |
﻿Payments received, net |  |  | (39,446) |  |  | (7,575) |  |  |  | (115,847) |  |  | (21,978) |
﻿Accretion |  |  | 15,400 |  |  | (15,400) |  |  |  | 28,000 |  |  | (28,000) |
﻿Increase (decrease) in expected cash flows based on actual cash flows and changes in cash flow assumptions |  |  | — |  |  | 5,352 |  |  |  | — |  |  | (4,238) |
﻿Net transfers to (from) nonaccretable difference to accretable yield |  |  | — |  |  | 10,675 |  |  |  | — |  |  | (3,752) |
﻿Balance at end of period |  | $ | 201,792 |  | $ | 122,540 |  |  | $ | 225,838 |  | $ | 129,488 |
﻿ ﻿ ﻿ Residential Mortgage Loans in Process of Foreclosure ﻿ Included in loans are $9.2 million and $7.4 million of consumer loans secured by single family residential real estate that are in process of foreclosure as of September 30, 2016 and December 31, 2015, respectively. Of these loans, $2.8 million and $4.1 million, respectively, are covered by the FDIC loss share agreement. Loans in process of foreclosure include those for which formal foreclosure proceedings are in process according to local requirements of the applicable jurisdiction. In addition to the single family residential real estate loans in process of foreclosure, the Company also held $4.5 million and $9.3 million of foreclosed single family residential properties in other real estate owned as of September 30, 2016 and December 31, 2015, respectively. Of these foreclosed properties, $0.9 million and $1.6 million as of September 30, 2016 and December 31, 2015, respectively, are also covered by the FDIC loss share agreement.

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