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Loans and Allowance for Credit Losses (Tables) | 9 Months Ended
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Sep. 30, 2015
Receivables [Abstract] |
Summary of Gross Loans by Type | Loans, net of unearned income are summarized as follows:
| September 30, 2015 |  | December 31, 2014
| (in thousands)
Real-estate - commercial mortgage | $ | 5,339,928 |  |  | $ | 5,197,155 |
Commercial - industrial, financial and agricultural | 3,929,908 |  |  | 3,725,567 |
Real-estate - home equity | 1,693,649 |  |  | 1,736,688 |
Real-estate - residential mortgage | 1,382,085 |  |  | 1,377,068 |
Real-estate - construction | 769,565 |  |  | 690,601 |
Consumer | 271,696 |  |  | 265,431 |
Leasing and other | 161,911 |  |  | 127,562 |
Overdrafts | 2,614 |  |  | 4,021 |
Loans, gross of unearned income | 13,551,356 |  |  | 13,124,093 |
Unearned income | (14,995 | ) |  | (12,377 | )
Loans, net of unearned income | $ | 13,536,361 |  |  | $ | 13,111,716 |
Schedule of Allowance for Credit Losses | The following table presents the components of the allowance for credit losses:
| September 30, 2015 |  | December 31, 2014
| (in thousands)
Allowance for loan losses | $ | 167,136 |  |  | $ | 184,144 |
Reserve for unfunded lending commitments | 2,259 |  |  | 1,787 |
Allowance for credit losses | $ | 169,395 |  |  | $ | 185,931 |
Activity in the Allowance for Credit Losses | The following table presents the activity in the allowance for credit losses:
| Three months ended September 30 |  | Nine months ended September 30
| 2015 |  | 2014 |  | 2015 |  | 2014
| (in thousands)
Balance at beginning of period | $ | 169,453 |  |  | $ | 193,442 |  |  | $ | 185,931 |  |  | $ | 204,917 |
Loans charged off | (5,561 | ) |  | (9,604 | ) |  | (26,697 | ) |  | (31,348 | )
Recoveries of loans previously charged off | 4,503 |  |  | 3,770 |  |  | 10,661 |  |  | 8,039 |
Net loans charged off | (1,058 | ) |  | (5,834 | ) |  | (16,036 | ) |  | (23,309 | )
Provision for credit losses | 1,000 |  |  | 3,500 |  |  | (500 | ) |  | 9,500 |
Balance at end of period | $ | 169,395 |  |  | $ | 191,108 |  |  | $ | 169,395 |  |  | $ | 191,108 |
The following table presents the activity in the allowance for loan losses by portfolio segment:
| Real Estate - Commercial Mortgage |  | Commercial - Industrial, Financial and Agricultural |  | Real Estate - Home Equity |  | Real Estate - Residential Mortgage |  | Real Estate - Construction |  | Consumer |  | Leasing and other and overdrafts |  | Unallocated |  | Total
| (in thousands)
Three months ended September 30, 2015 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at June 30, 2015 | $ | 50,680 |  |  | $ | 49,170 |  |  | $ | 22,506 |  |  | $ | 22,787 |  |  | $ | 7,749 |  |  | $ | 2,608 |  |  | $ | 1,615 |  |  | $ | 10,370 |  |  | $ | 167,485 |
Loans charged off | (660 | ) |  | (1,640 | ) |  | (940 | ) |  | (1,035 | ) |  | (114 | ) |  | (650 | ) |  | (522 | ) |  | — |  |  | (5,561 | )
Recoveries of loans previously charged off | 842 |  |  | 1,598 |  |  | 304 |  |  | 201 |  |  | 898 |  |  | 314 |  |  | 346 |  |  | — |  |  | 4,503 |
Net loans charged off | 182 |  |  | (42 | ) |  | (636 | ) |  | (834 | ) |  | 784 |  |  | (336 | ) |  | (176 | ) |  | — |  |  | (1,058 | )
Provision for loan losses (1) | 825 |  |  | (405 | ) |  | 180 |  |  | (609 | ) |  | (964 | ) |  | 282 |  |  | 223 |  |  | 1,177 |  |  | 709 |
Balance at September 30, 2015 | $ | 51,687 |  |  | $ | 48,723 |  |  | $ | 22,050 |  |  | $ | 21,344 |  |  | $ | 7,569 |  |  | $ | 2,554 |  |  | $ | 1,662 |  |  | $ | 11,547 |  |  | $ | 167,136 |
Three months ended September 30, 2014 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at June 30, 2014 | $ | 49,842 |  |  | $ | 49,084 |  |  | $ | 32,041 |  |  | $ | 32,744 |  |  | $ | 11,331 |  |  | $ | 3,306 |  |  | $ | 1,851 |  |  | $ | 11,486 |  |  | $ | 191,685 |
Loans charged off | (1,557 | ) |  | (5,167 | ) |  | (1,492 | ) |  | (231 | ) |  | (313 | ) |  | (538 | ) |  | (306 | ) |  | — |  |  | (9,604 | )
Recoveries of loans previously charged off | 1,167 |  |  | 1,013 |  |  | 336 |  |  | 95 |  |  | 470 |  |  | 448 |  |  | 241 |  |  | — |  |  | 3,770 |
Net loans charged off | (390 | ) |  | (4,154 | ) |  | (1,156 | ) |  | (136 | ) |  | 157 |  |  | (90 | ) |  | (65 | ) |  | — |  |  | (5,834 | )
Provision for loan losses (1) | (278 | ) |  | 6,110 |  |  | 406 |  |  | 397 |  |  | (312 | ) |  | 244 |  |  | 180 |  |  | (3,121 | ) |  | 3,626 |
Balance at September 30, 2014 | $ | 49,174 |  |  | $ | 51,040 |  |  | $ | 31,291 |  |  | $ | 33,005 |  |  | $ | 11,176 |  |  | $ | 3,460 |  |  | $ | 1,966 |  |  | $ | 8,365 |  |  | $ | 189,477 |
Nine months ended September 30, 2015 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at December 31, 2014 | $ | 53,493 |  |  | $ | 51,378 |  |  | $ | 28,271 |  |  | $ | 29,072 |  |  | $ | 9,756 |  |  | $ | 3,015 |  |  | $ | 1,799 |  |  | $ | 7,360 |  |  | $ | 184,144 |
Loans charged off | (3,011 | ) |  | (14,669 | ) |  | (2,578 | ) |  | (3,099 | ) |  | (201 | ) |  | (1,787 | ) |  | (1,352 | ) |  | — |  |  | (26,697 | )
Recoveries of loans previously charged off | 1,729 |  |  | 3,855 |  |  | 744 |  |  | 547 |  |  | 2,276 |  |  | 923 |  |  | 587 |  |  | — |  |  | 10,661 |
Net loans charged off | (1,282 | ) |  | (10,814 | ) |  | (1,834 | ) |  | (2,552 | ) |  | 2,075 |  |  | (864 | ) |  | (765 | ) |  | — |  |  | (16,036 | )
Provision for loan losses (1) | (524 | ) |  | 8,159 |  |  | (4,387 | ) |  | (5,176 | ) |  | (4,262 | ) |  | 403 |  |  | 628 |  |  | 4,187 |  |  | (972 | )
Balance at September 30, 2015 | $ | 51,687 |  |  | $ | 48,723 |  |  | $ | 22,050 |  |  | $ | 21,344 |  |  | $ | 7,569 |  |  | $ | 2,554 |  |  | $ | 1,662 |  |  | $ | 11,547 |  |  | $ | 167,136 |
Nine months ended September 30, 2014 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at December 31, 2013 | $ | 55,659 |  |  | $ | 50,330 |  |  | $ | 28,222 |  |  | $ | 33,082 |  |  | $ | 12,649 |  |  | $ | 3,260 |  |  | $ | 3,370 |  |  | $ | 16,208 |  |  | $ | 202,780 |
Loans charged off | (5,084 | ) |  | (15,804 | ) |  | (4,377 | ) |  | (2,166 | ) |  | (745 | ) |  | (1,738 | ) |  | (1,434 | ) |  | — |  |  | (31,348 | )
Recoveries of loans previously charged off | 1,641 |  |  | 2,532 |  |  | 869 |  |  | 319 |  |  | 852 |  |  | 1,059 |  |  | 767 |  |  | — |  |  | 8,039 |
Net loans charged off | (3,443 | ) |  | (13,272 | ) |  | (3,508 | ) |  | (1,847 | ) |  | 107 |  |  | (679 | ) |  | (667 | ) |  | — |  |  | (23,309 | )
Provision for loan losses (1) | (3,042 | ) |  | 13,982 |  |  | 6,577 |  |  | 1,770 |  |  | (1,580 | ) |  | 879 |  |  | (737 | ) |  | (7,843 | ) |  | 10,006 |
Balance at September 30, 2014 | $ | 49,174 |  |  | $ | 51,040 |  |  | $ | 31,291 |  |  | $ | 33,005 |  |  | $ | 11,176 |  |  | $ | 3,460 |  |  | $ | 1,966 |  |  | $ | 8,365 |  |  | $ | 189,477 |
(1) | The provision for loan losses excluded a $291,000 and $472,000 increase, respectively, in the reserve for unfunded lending commitments for the three and nine months ended September 30, 2015 and a $126,000 and $506,000 decrease, respectively, in the reserve for unfunded lending commitments for the three and nine months ended September 30, 2014. The total provision for credit losses, comprised of allocations for both funded and unfunded loans, was $1.0 million and negative $500,000, respectively, for the three and nine months ended September 30, 2015 and $3.5 million and $9.5 million, respectively, for the three and nine months ended September 30, 2014.
The following table presents loans, net of unearned income and their related allowance for loan losses, by portfolio segment:
| Real Estate - Commercial Mortgage |  | Commercial - Industrial, Financial and Agricultural |  | Real Estate - Home Equity |  | Real Estate - Residential Mortgage |  | Real Estate - Construction |  | Consumer |  | Leasing and other and overdrafts |  | Unallocated (1) |  | Total
| (in thousands)
Allowance for loan losses at September 30, 2015: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Measured for impairment under FASB ASC Subtopic 450-20 | $ | 38,490 |  |  | $ | 36,002 |  |  | $ | 14,867 |  |  | $ | 7,921 |  |  | $ | 5,119 |  |  | $ | 2,535 |  |  | $ | 1,662 |  |  | $ | 11,547 |  |  | $ | 118,143 |
Evaluated for impairment under FASB ASC Section 310-10-35 | 13,197 |  |  | 12,721 |  |  | 7,183 |  |  | 13,423 |  |  | 2,450 |  |  | 19 |  |  | — |  |  | N/A |  |  | 48,993 |
| $ | 51,687 |  |  | $ | 48,723 |  |  | $ | 22,050 |  |  | $ | 21,344 |  |  | $ | 7,569 |  |  | $ | 2,554 |  |  | $ | 1,662 |  |  | $ | 11,547 |  |  | $ | 167,136 |
Loans, net of unearned income at September 30, 2015: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Measured for impairment under FASB ASC Subtopic 450-20 | $ | 5,273,819 |  |  | $ | 3,885,956 |  |  | $ | 1,679,471 |  |  | $ | 1,330,778 |  |  | $ | 750,629 |  |  | $ | 271,667 |  |  | $ | 149,530 |  |  | N/A |  |  | $ | 13,341,850 |
Evaluated for impairment under FASB ASC Section 310-10-35 | 66,109 |  |  | 43,952 |  |  | 14,178 |  |  | 51,307 |  |  | 18,936 |  |  | 29 |  |  | — |  |  | N/A |  |  | 194,511 |
| $ | 5,339,928 |  |  | $ | 3,929,908 |  |  | $ | 1,693,649 |  |  | $ | 1,382,085 |  |  | $ | 769,565 |  |  | $ | 271,696 |  |  | $ | 149,530 |  |  | N/A |  |  | $ | 13,536,361 |
Allowance for loan losses at September 30, 2014: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Measured for impairment under FASB ASC Subtopic 450-20 | $ | 32,951 |  |  | $ | 39,098 |  |  | $ | 21,666 |  |  | $ | 11,503 |  |  | $ | 6,009 |  |  | $ | 3,439 |  |  | $ | 1,966 |  |  | $ | 8,365 |  |  | $ | 124,997 |
Evaluated for impairment under FASB ASC Section 310-10-35 | 16,223 |  |  | 11,942 |  |  | 9,625 |  |  | 21,502 |  |  | 5,167 |  |  | 21 |  |  | — |  |  | N/A |  |  | 64,480 |
| $ | 49,174 |  |  | $ | 51,040 |  |  | $ | 31,291 |  |  | $ | 33,005 |  |  | $ | 11,176 |  |  | $ | 3,460 |  |  | $ | 1,966 |  |  | $ | 8,365 |  |  | $ | 189,477 |
Loans, net of unearned income at September 30, 2014: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Measured for impairment under FASB ASC Subtopic 450-20 | $ | 5,095,263 |  |  | $ | 3,655,162 |  |  | $ | 1,719,049 |  |  | $ | 1,319,333 |  |  | $ | 658,822 |  |  | $ | 278,196 |  |  | $ | 111,148 |  |  | N/A |  |  | $ | 12,836,973 |
Evaluated for impairment under FASB ASC Section 310-10-35 | 61,716 |  |  | 36,100 |  |  | 13,987 |  |  | 52,700 |  |  | 28,906 |  |  | 23 |  |  | — |  |  | N/A |  |  | 193,432 |
| $ | 5,156,979 |  |  | $ | 3,691,262 |  |  | $ | 1,733,036 |  |  | $ | 1,372,033 |  |  | $ | 687,728 |  |  | $ | 278,219 |  |  | $ | 111,148 |  |  | N/A |  |  | $ | 13,030,405 |
(1) | The unallocated allowance, which was approximately 7% and 4% of the total allowance for credit losses as of both September 30, 2015 and September 30, 2014, was, in the opinion of management, reasonable and appropriate given that the estimates used in the allocation process are inherently imprecise.
N/A Not applicable
Total Impaired Loans by Class Segment | The following table presents total impaired loans by class segment:
| September 30, 2015 |  | December 31, 2014
| Unpaid Principal Balance |  | Recorded Investment |  | Related Allowance |  | Unpaid Principal Balance |  | Recorded Investment |  | Related Allowance
| (in thousands)
With no related allowance recorded: |  |  |  |  |  |  |  |  |  |
Real estate - commercial mortgage | $ | 31,961 |  |  | $ | 26,075 |  |  | $ | — |  |  | $ | 25,802 |  |  | $ | 23,236 |  |  | $ | — |
Commercial - secured | 22,097 |  |  | 17,661 |  |  | — |  |  | 17,599 |  |  | 14,582 |  |  | — |
Commercial - unsecured | 86 |  |  | 86 |  |  | — |  |  | — |  |  | — |  |  | — |
Real estate - home equity | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Real estate - residential mortgage | 6,607 |  |  | 6,201 |  |  | — |  |  | 4,873 |  |  | 4,873 |  |  | — |
Construction - commercial residential | 13,353 |  |  | 10,417 |  |  | — |  |  | 18,041 |  |  | 14,801 |  |  | — |
Construction - commercial | 1,295 |  |  | 1,143 |  |  | — |  |  | 1,707 |  |  | 1,581 |  |  | — |
| 75,399 |  |  | 61,583 |  |  |  |  | 68,022 |  |  | 59,073 |  |  |
With a related allowance recorded: |  |  |  |  |  |  |  |  |  |
Real estate - commercial mortgage | 48,734 |  |  | 40,034 |  |  | 13,197 |  |  | 49,619 |  |  | 40,023 |  |  | 16,715 |
Commercial - secured | 29,415 |  |  | 23,533 |  |  | 11,789 |  |  | 24,824 |  |  | 19,335 |  |  | 12,165 |
Commercial - unsecured | 2,832 |  |  | 2,672 |  |  | 932 |  |  | 1,241 |  |  | 1,089 |  |  | 865 |
Real estate - home equity | 18,854 |  |  | 14,178 |  |  | 7,183 |  |  | 19,392 |  |  | 13,458 |  |  | 9,224 |
Real estate - residential mortgage | 54,604 |  |  | 45,106 |  |  | 13,423 |  |  | 56,607 |  |  | 46,478 |  |  | 18,592 |
Construction - commercial residential | 9,613 |  |  | 6,019 |  |  | 1,985 |  |  | 14,007 |  |  | 7,903 |  |  | 2,675 |
Construction - commercial | 1,223 |  |  | 1,077 |  |  | 363 |  |  | 1,501 |  |  | 1,023 |  |  | 459 |
Construction - other | 452 |  |  | 280 |  |  | 102 |  |  | 452 |  |  | 281 |  |  | 137 |
Consumer - direct | 14 |  |  | 14 |  |  | 10 |  |  | 19 |  |  | 19 |  |  | 17 |
Consumer - indirect | 15 |  |  | 15 |  |  | 9 |  |  | 20 |  |  | 19 |  |  | 18 |
| 165,756 |  |  | 132,928 |  |  | 48,993 |  |  | 167,682 |  |  | 129,628 |  |  | 60,867 |
Total | $ | 241,155 |  |  | $ | 194,511 |  |  | $ | 48,993 |  |  | $ | 235,704 |  |  | $ | 188,701 |  |  | $ | 60,867 |
As of September 30, 2015 and December 31, 2014, there were $61.6 million and $59.1 million, respectively, of impaired loans that did not have a related allowance for loan loss. The estimated fair values of the collateral securing these loans exceeded their carrying amount, or they were previously charged down to realizable collateral values. Accordingly, no specific valuation allowance was considered to be necessary. The following table presents average impaired loans by class segment:
| Three months ended September 30 |  | Nine months ended September 30
| 2015 |  | 2014 |  | 2015 |  | 2014
| Average Recorded Investment |  | Interest Income (1) |  | Average Recorded Investment |  | Interest Income (1) |  | Average Recorded Investment |  | Interest Income (1) |  | Average Recorded Investment |  | Interest Income (1)
| (in thousands)
With no related allowance recorded: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Real estate - commercial mortgage | $ | 25,216 |  |  | $ | 68 |  |  | $ | 23,056 |  |  | $ | 78 |  |  | $ | 26,033 |  |  | $ | 246 |  |  | $ | 23,524 |  |  | 244 |
Commercial - secured | 17,609 |  |  | 28 |  |  | 18,903 |  |  | 29 |  |  | 16,142 |  |  | 74 |  |  | 20,014 |  |  | 98 |
Commercial - unsecured | 43 |  |  | — |  |  | — |  |  | — |  |  | 22 |  |  | — |  |  | — |  |  | — |
Real estate - home equity | — |  |  | — |  |  | 150 |  |  | — |  |  | — |  |  | — |  |  | 225 |  |  | 1 |
Real estate - residential mortgage | 6,212 |  |  | 34 |  |  | 1,236 |  |  | 7 |  |  | 5,539 |  |  | 94 |  |  | 697 |  |  | 13 |
Construction - commercial residential | 10,558 |  |  | 28 |  |  | 14,881 |  |  | 51 |  |  | 12,390 |  |  | 124 |  |  | 16,052 |  |  | 173 |
Construction - commercial | 1,150 |  |  | — |  |  | 1,060 |  |  | — |  |  | 1,144 |  |  | — |  |  | 1,514 |  |  | — |
| 60,788 |  |  | 158 |  |  | 59,286 |  |  | 165 |  |  | 61,270 |  |  | 538 |  |  | 62,026 |  |  | 529 |
With a related allowance recorded: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Real estate - commercial mortgage | 40,572 |  |  | 110 |  |  | 38,469 |  |  | 130 |  |  | 40,116 |  |  | 368 |  |  | 37,794 |  |  | 394 |
Commercial - secured | 22,386 |  |  | 36 |  |  | 19,764 |  |  | 30 |  |  | 23,668 |  |  | 111 |  |  | 21,404 |  |  | 101 |
Commercial - unsecured | 2,788 |  |  | 1 |  |  | 850 |  |  | 1 |  |  | 1,981 |  |  | 4 |  |  | 847 |  |  | 3 |
Real estate - home equity | 13,728 |  |  | 37 |  |  | 14,116 |  |  | 30 |  |  | 13,417 |  |  | 101 |  |  | 14,106 |  |  | 78 |
Real estate - residential mortgage | 46,039 |  |  | 254 |  |  | 51,283 |  |  | 298 |  |  | 46,406 |  |  | 797 |  |  | 51,257 |  |  | 894 |
Construction - commercial residential | 5,746 |  |  | 15 |  |  | 11,189 |  |  | 38 |  |  | 6,496 |  |  | 64 |  |  | 10,480 |  |  | 100 |
Construction - commercial | 1,210 |  |  | — |  |  | 942 |  |  | — |  |  | 1,005 |  |  | — |  |  | 567 |  |  | — |
Construction - other | 281 |  |  | — |  |  | 281 |  |  | — |  |  | 281 |  |  | — |  |  | 414 |  |  | — |
Consumer - direct | 15 |  |  | — |  |  | 18 |  |  | — |  |  | 18 |  |  | — |  |  | 15 |  |  | — |
Consumer - indirect | 15 |  |  | — |  |  | 6 |  |  | — |  |  | 17 |  |  | — |  |  | 4 |  |  | — |
| 132,780 |  |  | 453 |  |  | 136,918 |  |  | 527 |  |  | 133,405 |  |  | 1,445 |  |  | 136,888 |  |  | 1,570 |
Total | $ | 193,568 |  |  | $ | 611 |  |  | $ | 196,204 |  |  | $ | 692 |  |  | $ | 194,675 |  |  | $ | 1,983 |  |  | $ | 198,914 |  |  | 2,099 |
(1) | All impaired loans, excluding accruing TDRs, were non-accrual loans. Interest income recognized for the three and nine months ended September 30, 2015 and 2014 represents amounts earned on accruing TDRs.
Financing Receivable Credit Quality Indicators | The following table presents internal credit risk ratings for real estate - commercial mortgages, commercial - secured loans, commercial - unsecured loans, construction - commercial residential loans and construction - commercial loans:
| Pass |  | Special Mention |  | Substandard or Lower |  | Total
| September 30, 2015 |  | December 31, 2014 |  | September 30, 2015 |  | December 31, 2014 |  | September 30, 2015 |  | December 31, 2014 |  | September 30, 2015 |  | December 31, 2014
| (dollars in thousands)
Real estate - commercial mortgage | $ | 5,028,655 |  |  | $ | 4,899,016 |  |  | $ | 132,823 |  |  | $ | 127,302 |  |  | $ | 178,450 |  |  | $ | 170,837 |  |  | $ | 5,339,928 |  |  | $ | 5,197,155 |
Commercial - secured | 3,579,389 |  |  | 3,333,486 |  |  | 97,617 |  |  | 120,584 |  |  | 105,820 |  |  | 110,544 |  |  | 3,782,826 |  |  | 3,564,614 |
Commercial - unsecured | 138,709 |  |  | 146,680 |  |  | 3,568 |  |  | 7,463 |  |  | 4,805 |  |  | 6,810 |  |  | 147,082 |  |  | 160,953 |
Total commercial - industrial, financial and agricultural | 3,718,098 |  |  | 3,480,166 |  |  | 101,185 |  |  | 128,047 |  |  | 110,625 |  |  | 117,354 |  |  | 3,929,908 |  |  | 3,725,567 |
Construction - commercial residential | 144,329 |  |  | 136,109 |  |  | 16,763 |  |  | 27,495 |  |  | 29,429 |  |  | 40,066 |  |  | 190,521 |  |  | 203,670 |
Construction - commercial | 514,969 |  |  | 409,631 |  |  | 1,693 |  |  | 12,202 |  |  | 5,204 |  |  | 5,586 |  |  | 521,866 |  |  | 427,419 |
Total construction (excluding Construction - other) | 659,298 |  |  | 545,740 |  |  | 18,456 |  |  | 39,697 |  |  | 34,633 |  |  | 45,652 |  |  | 712,387 |  |  | 631,089 |
| $ | 9,406,051 |  |  | $ | 8,924,922 |  |  | $ | 252,464 |  |  | $ | 295,046 |  |  | $ | 323,708 |  |  | $ | 333,843 |  |  | $ | 9,982,223 |  |  | $ | 9,553,811 |
% of Total | 94.2 | % |  | 93.4 | % |  | 2.5 | % |  | 3.1 | % |  | 3.3 | % |  | 3.5 | % |  | 100.0 | % |  | 100.0 | %
The following is a summary of the Corporation's internal risk rating categories:
• | Pass: These loans do not currently pose undue credit risk and can range from the highest to average quality, depending on the degree of potential risk.
• | Special Mention: These loans constitute an undue and unwarranted credit risk, but not to a point of justifying a classification of substandard. Loans in this category are currently acceptable, but are nevertheless potentially weak.
• | Substandard or Lower: These loans are inadequately protected by current sound worth and paying capacity of the borrower. There exists a well-defined weakness or weaknesses that jeopardize the normal repayment of the debt.
The risk rating process allows management to identify riskier credits in a timely manner and to allocate resources to managing troubled accounts. The Corporation believes that internal risk ratings are the most relevant credit quality indicator for the class segments presented above. The migration of loans through the various internal risk rating categories is a significant component of the allowance for credit loss methodology, which bases the probability of default on this migration. Assigning risk ratings involves judgment. Risk ratings are initially assigned to loans by loan officers and are reviewed on a regular basis by credit administration staff. The Corporation's loan review officers provide a separate assessment of risk rating accuracy. Ratings may be changed based on the ongoing monitoring procedures performed by loan officers or credit administration staff, or if specific loan review activities identify a deterioration or an improvement in the loan. The Corporation does not assign internal risk ratings to smaller balance, homogeneous loans, such as home equity, residential mortgage, consumer, lease receivables and construction loans to individuals secured by residential real estate. For these loans, the most relevant credit quality indicator is delinquency status. The migration of loans through the various delinquency status categories is a significant component of the allowance for credit losses methodology for those loans, which bases the probability of default on this migration. The following table presents a summary of delinquency and non-performing status for home equity, real estate - residential mortgages, construction loans to individuals and consumer, leasing and other loans by class segment:
| Performing |  | Delinquent (1) |  | Non-performing (2) |  | Total
| September 30, 2015 |  | December 31, 2014 |  | September 30, 2015 |  | December 31, 2014 |  | September 30, 2015 |  | December 31, 2014 |  | September 30, 2015 |  | December 31, 2014
| (dollars in thousands)
Real estate - home equity | $ | 1,671,473 |  |  | $ | 1,711,017 |  |  | $ | 9,069 |  |  | $ | 10,931 |  |  | $ | 13,107 |  |  | $ | 14,740 |  |  | $ | 1,693,649 |  |  | $ | 1,736,688 |
Real estate - residential mortgage | 1,336,877 |  |  | 1,321,139 |  |  | 17,501 |  |  | 26,934 |  |  | 27,707 |  |  | 28,995 |  |  | 1,382,085 |  |  | 1,377,068 |
Construction - other | 56,482 |  |  | 59,180 |  |  | — |  |  | — |  |  | 696 |  |  | 332 |  |  | 57,178 |  |  | 59,512 |
Consumer - direct | 98,576 |  |  | 104,018 |  |  | 2,697 |  |  | 2,891 |  |  | 1,961 |  |  | 2,414 |  |  | 103,234 |  |  | 109,323 |
Consumer - indirect | 166,040 |  |  | 153,358 |  |  | 2,304 |  |  | 2,574 |  |  | 118 |  |  | 176 |  |  | 168,462 |  |  | 156,108 |
Total consumer | 264,616 |  |  | 257,376 |  |  | 5,001 |  |  | 5,465 |  |  | 2,079 |  |  | 2,590 |  |  | 271,696 |  |  | 265,431 |
Leasing and other and overdrafts | 148,980 |  |  | 118,550 |  |  | 464 |  |  | 523 |  |  | 86 |  |  | 133 |  |  | 149,530 |  |  | 119,206 |
| $ | 3,478,428 |  |  | $ | 3,467,262 |  |  | $ | 32,035 |  |  | $ | 43,853 |  |  | $ | 43,675 |  |  | $ | 46,790 |  |  | $ | 3,554,138 |  |  | $ | 3,557,905 |
% of Total | 97.9 | % |  | 97.5 | % |  | 0.9 | % |  | 1.2 | % |  | 1.2 | % |  | 1.3 | % |  | 100.0 | % |  | 100.0 | %
(1) | Includes all accruing loans 31 days to 89 days past due.
(2) | Includes all accruing loans 90 days or more past due and all non-accrual loans.
Non-Performing Assets | The following table presents non-performing assets:
| September 30, 2015 |  | December 31, 2014
| (in thousands)
Non-accrual loans | $ | 132,154 |  |  | $ | 121,080 |
Accruing loans 90 days or more past due | 12,867 |  |  | 17,402 |
Total non-performing loans | 145,021 |  |  | 138,482 |
Other real estate owned (OREO) | 10,561 |  |  | 12,022 |
Total non-performing assets | $ | 155,582 |  |  | $ | 150,504 |
Troubled Debt Restructurings on Financing Receivables | The following table presents TDRs, by class segment:
| September 30, 2015 |  | December 31, 2014
| (in thousands)
Real-estate - residential mortgage | $ | 29,330 |  |  | $ | 31,308 |
Real-estate - commercial mortgage | 17,282 |  |  | 18,822 |
Commercial - secured | 7,259 |  |  | 5,170 |
Construction - commercial residential | 4,363 |  |  | 9,241 |
Real estate - home equity | 3,954 |  |  | 2,975 |
Commercial - unsecured | 140 |  |  | 67 |
Consumer - indirect | 15 |  |  | 19 |
Consumer - direct | 14 |  |  | 19 |
Total accruing TDRs | 62,357 |  |  | 67,621 |
Non-accrual TDRs (1) | 27,618 |  |  | 24,616 |
Total TDRs | $ | 89,975 |  |  | $ | 92,237 |
(1) | Included within non-accrual loans in the preceding table detailing non-performing assets
Loan Terms Modified Under Troubled Debt Restructurings | The following table presents TDRs, by class segment as of September 30, 2015 and 2014, that were modified during the three and nine months ended September 30, 2015 and 2014:
| Three months ended September 30 |  | Nine months ended September 30
| 2015 |  | 2014 |  | 2015 |  | 2014
| Number of Loans |  | Recorded Investment |  | Number of Loans |  | Recorded Investment |  | Number of Loans |  | Recorded Investment |  | Number of Loans |  | Recorded Investment
| (dollars in thousands)
Commercial - secured | 3 |  | $ | 1,380 |  |  | 3 |  | $ | 1,214 |  |  | 14 |  | $ | 9,203 |  |  | 4 |  | $ | 1,357 |
Real estate - home equity | 14 |  | 562 |  |  | 6 |  | 764 |  |  | 39 |  | 1,793 |  |  | 26 |  | 1,627 |
Real estate - residential mortgage | 2 |  | 229 |  |  | 3 |  | 256 |  |  | 10 |  | 1,295 |  |  | 18 |  | 2,092 |
Real estate - commercial mortgage | 2 |  | 188 |  |  | 1 |  | 391 |  |  | 6 |  | 2,815 |  |  | 10 |  | 10,195 |
Construction - commercial residential | — |  | — |  |  | — |  | — |  |  | 1 |  | 889 |  |  | 2 |  | 1,914 |
Commercial - unsecured | — |  | — |  |  | — |  | — |  |  | 1 |  | 42 |  |  | — |  | — |
Consumer - indirect | — |  | — |  |  | — |  | — |  |  | 1 |  | 13 |  |  | 4 |  | 7 |
Consumer - direct | — |  | — |  |  | — |  | — |  |  | — |  | — |  |  | 6 |  | 8 |
Total | 21 |  | $ | 2,359 |  |  | 13 |  | $ | 2,625 |  |  | 72 |  | $ | 16,050 |  |  | 70 |  | $ | 17,200 |
The following table presents TDRs, by class segment, as of September 30, 2015 and 2014, that were modified within the previous 12 months and had a post-modification payment default during the nine months ended September 30, 2015 and 2014. The Corporation defines a payment default as a single missed payment.
| 2015 |  | 2014
| Number of Loans |  | Recorded Investment |  | Number of Loans |  | Recorded Investment
| (dollars in thousands)
Commercial - secured | 6 |  | $ | 3,855 |  |  | 3 |  | $ | 415 |
Real estate - residential mortgage | 4 |  | 500 |  |  | 8 |  | 1,147 |
Real estate - home equity | 9 |  | 459 |  |  | 5 |  | 724 |
Real estate - commercial mortgage | 2 |  | 233 |  |  | 1 |  | 35 |
Construction - commercial residential | — |  | — |  |  | 3 |  | 2,509 |
Total | 21 |  | $ | 5,047 |  |  | 20 |  | $ | 4,830 |
Past due Loan Status and Non-Accrual Loans by Portfolio Segment | The following table presents past due status and non-accrual loans by portfolio segment and class segment:
| September 30, 2015
| 31-59 Days Past Due |  | 60-89 Days Past Due |  | ≥ 90 Days Past Due and Accruing |  | Non- accrual |  | Total ≥ 90 Days |  | Total Past Due |  | Current |  | Total
| (in thousands)
Real estate - commercial mortgage | $ | 7,322 |  |  | $ | 1,169 |  |  | $ | 194 |  |  | $ | 48,827 |  |  | $ | 49,021 |  |  | $ | 57,512 |  |  | $ | 5,282,416 |  |  | $ | 5,339,928 |
Commercial - secured | 6,909 |  |  | 4,536 |  |  | 1,414 |  |  | 33,935 |  |  | 35,349 |  |  | 46,794 |  |  | 3,736,032 |  |  | 3,782,826 |
Commercial - unsecured | 2,380 |  |  | 15 |  |  | 65 |  |  | 2,618 |  |  | 2,683 |  |  | 5,078 |  |  | 142,004 |  |  | 147,082 |
Total commercial - industrial, financial and agricultural | 9,289 |  |  | 4,551 |  |  | 1,479 |  |  | 36,553 |  |  | 38,032 |  |  | 51,872 |  |  | 3,878,036 |  |  | 3,929,908 |
Real estate - home equity | 6,312 |  |  | 2,757 |  |  | 2,883 |  |  | 10,224 |  |  | 13,107 |  |  | 22,176 |  |  | 1,671,473 |  |  | 1,693,649 |
Real estate - residential mortgage | 11,499 |  |  | 6,002 |  |  | 5,730 |  |  | 21,977 |  |  | 27,707 |  |  | 45,208 |  |  | 1,336,877 |  |  | 1,382,085 |
Construction - commercial residential | 1,832 |  |  | 231 |  |  | — |  |  | 12,073 |  |  | 12,073 |  |  | 14,136 |  |  | 176,385 |  |  | 190,521 |
Construction - commercial | 265 |  |  | — |  |  | — |  |  | 2,220 |  |  | 2,220 |  |  | 2,485 |  |  | 519,381 |  |  | 521,866 |
Construction - other | — |  |  | — |  |  | 416 |  |  | 280 |  |  | 696 |  |  | 696 |  |  | 56,482 |  |  | 57,178 |
Total real estate - construction | 2,097 |  |  | 231 |  |  | 416 |  |  | 14,573 |  |  | 14,989 |  |  | 17,317 |  |  | 752,248 |  |  | 769,565 |
Consumer - direct | 1,398 |  |  | 1,299 |  |  | 1,961 |  |  | — |  |  | 1,961 |  |  | 4,658 |  |  | 98,576 |  |  | 103,234 |
Consumer - indirect | 1,962 |  |  | 342 |  |  | 118 |  |  | — |  |  | 118 |  |  | 2,422 |  |  | 166,040 |  |  | 168,462 |
Total consumer | 3,360 |  |  | 1,641 |  |  | 2,079 |  |  | — |  |  | 2,079 |  |  | 7,080 |  |  | 264,616 |  |  | 271,696 |
Leasing and other and overdrafts | 449 |  |  | 15 |  |  | 86 |  |  | — |  |  | 86 |  |  | 550 |  |  | 148,980 |  |  | 149,530 |
Total | $ | 40,328 |  |  | $ | 16,366 |  |  | $ | 12,867 |  |  | $ | 132,154 |  |  | $ | 145,021 |  |  | $ | 201,715 |  |  | $ | 13,334,646 |  |  | $ | 13,536,361 |
| December 31, 2014
| 31-59 Days Past Due |  | 60-89 Days Past Due |  | ≥ 90 Days Past Due and Accruing |  | Non- accrual |  | Total ≥ 90 Days |  | Total Past Due |  | Current |  | Total
| (in thousands)
Real estate - commercial mortgage | $ | 14,399 |  |  | $ | 3,677 |  |  | $ | 800 |  |  | $ | 44,437 |  |  | $ | 45,237 |  |  | $ | 63,313 |  |  | $ | 5,133,842 |  |  | $ | 5,197,155 |
Commercial - secured | 4,839 |  |  | 958 |  |  | 610 |  |  | 28,747 |  |  | 29,357 |  |  | 35,154 |  |  | 3,529,460 |  |  | 3,564,614 |
Commercial - unsecured | 395 |  |  | 65 |  |  | 9 |  |  | 1,022 |  |  | 1,031 |  |  | 1,491 |  |  | 159,462 |  |  | 160,953 |
Total commercial - industrial, financial and agricultural | 5,234 |  |  | 1,023 |  |  | 619 |  |  | 29,769 |  |  | 30,388 |  |  | 36,645 |  |  | 3,688,922 |  |  | 3,725,567 |
Real estate - home equity | 8,048 |  |  | 2,883 |  |  | 4,257 |  |  | 10,483 |  |  | 14,740 |  |  | 25,671 |  |  | 1,711,017 |  |  | 1,736,688 |
Real estate - residential mortgage | 18,789 |  |  | 8,145 |  |  | 8,952 |  |  | 20,043 |  |  | 28,995 |  |  | 55,929 |  |  | 1,321,139 |  |  | 1,377,068 |
Construction - commercial residential | 160 |  |  | — |  |  | — |  |  | 13,463 |  |  | 13,463 |  |  | 13,623 |  |  | 190,047 |  |  | 203,670 |
Construction - commercial | — |  |  | — |  |  | — |  |  | 2,604 |  |  | 2,604 |  |  | 2,604 |  |  | 424,815 |  |  | 427,419 |
Construction - other | — |  |  | — |  |  | 51 |  |  | 281 |  |  | 332 |  |  | 332 |  |  | 59,180 |  |  | 59,512 |
Total real estate - construction | 160 |  |  | — |  |  | 51 |  |  | 16,348 |  |  | 16,399 |  |  | 16,559 |  |  | 674,042 |  |  | 690,601 |
Consumer - direct | 2,034 |  |  | 857 |  |  | 2,414 |  |  | — |  |  | 2,414 |  |  | 5,305 |  |  | 104,018 |  |  | 109,323 |
Consumer - indirect | 2,156 |  |  | 418 |  |  | 176 |  |  | — |  |  | 176 |  |  | 2,750 |  |  | 153,358 |  |  | 156,108 |
Total consumer | 4,190 |  |  | 1,275 |  |  | 2,590 |  |  | — |  |  | 2,590 |  |  | 8,055 |  |  | 257,376 |  |  | 265,431 |
Leasing and other and overdrafts | 357 |  |  | 166 |  |  | 133 |  |  | — |  |  | 133 |  |  | 656 |  |  | 118,550 |  |  | 119,206 |
Total | $ | 51,177 |  |  | $ | 17,169 |  |  | $ | 17,402 |  |  | $ | 121,080 |  |  | $ | 138,482 |  |  | $ | 206,828 |  |  | $ | 12,904,888 |  |  | $ | 13,111,716 |

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