ý | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
¨ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
UTAH | 87-0227400 |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
ONE SOUTH MAIN, 15TH FLOOR SALT LAKE CITY, UTAH | 84133 |
(Address of principal executive offices) | (Zip Code) |
Large accelerated filer | ý | Accelerated filer | ¨ |
Non-accelerated filer | ¨ | Smaller reporting company | ¨ |
Common Stock, without par value, outstanding at July 31, 2012 | 184,148,177 shares |
Page | ||
ITEM 1. | ||
ITEM 2. | ||
ITEM 3. | ||
ITEM 4. | ||
ITEM 1. | ||
ITEM 1A. | ||
ITEM 2. | ||
ITEM 6. | ||
ZIONS BANCORPORATION AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS | |||||||
(In thousands, except share amounts) | June 30, 2012 | December 31, 2011 | |||||
(Unaudited) | |||||||
ASSETS | |||||||
Cash and due from banks | $ | 1,124,673 | $ | 1,224,350 | |||
Money market investments: | |||||||
Interest-bearing deposits | 7,887,175 | 7,020,895 | |||||
Federal funds sold and security resell agreements | 83,529 | 102,159 | |||||
Investment securities: | |||||||
Held-to-maturity, at adjusted cost (approximate fair value $715,710 and $729,974) | 773,016 | 807,804 | |||||
Available-for-sale, at fair value | 3,167,590 | 3,230,795 | |||||
Trading account, at fair value | 20,539 | 40,273 | |||||
3,961,145 | 4,078,872 | ||||||
Loans held for sale | 139,245 | 201,590 | |||||
Loans, net of unearned income and fees: | |||||||
Loans and leases | 36,231,104 | 36,393,782 | |||||
FDIC-supported loans | 642,246 | 750,870 | |||||
36,873,350 | 37,144,652 | ||||||
Less allowance for loan losses | 971,716 | 1,049,958 | |||||
Loans, net of allowance | 35,901,634 | 36,094,694 | |||||
Other noninterest-bearing investments | 867,882 | 865,231 | |||||
Premises and equipment, net | 714,913 | 719,276 | |||||
Goodwill | 1,015,129 | 1,015,129 | |||||
Core deposit and other intangibles | 59,277 | 67,830 | |||||
Other real estate owned | 144,816 | 153,178 | |||||
Other assets | 1,507,594 | 1,605,905 | |||||
$ | 53,407,012 | $ | 53,149,109 | ||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||
Deposits: | |||||||
Noninterest-bearing demand | $ | 16,498,248 | $ | 16,110,857 | |||
Interest-bearing: | |||||||
Savings and NOW | 7,505,841 | 7,159,101 | |||||
Money market | 14,439,389 | 14,616,740 | |||||
Time | 3,211,942 | 3,413,550 | |||||
Foreign | 1,504,827 | 1,575,361 | |||||
43,160,247 | 42,875,609 | ||||||
Securities sold, not yet purchased | 104,882 | 44,486 | |||||
Federal funds purchased and security repurchase agreements | 759,591 | 608,098 | |||||
Other short-term borrowings | 7,621 | 70,273 | |||||
Long-term debt | 2,274,571 | 1,954,462 | |||||
Reserve for unfunded lending commitments | 103,586 | 102,422 | |||||
Other liabilities | 507,151 | 510,531 | |||||
Total liabilities | 46,917,649 | 46,165,881 | |||||
Shareholders’ equity: | |||||||
Preferred stock, without par value, authorized 4,400,000 shares | 1,800,473 | 2,377,560 | |||||
Common stock, without par value; authorized 350,000,000 shares; issued and outstanding 184,117,522 and 184,135,388 shares | 4,157,525 | 4,163,242 | |||||
Retained earnings | 1,110,120 | 1,036,590 | |||||
Accumulated other comprehensive income (loss) | (576,147 | ) | (592,084 | ) | |||
Controlling interest shareholders’ equity | 6,491,971 | 6,985,308 | |||||
Noncontrolling interests | (2,608 | ) | (2,080 | ) | |||
Total shareholders’ equity | 6,489,363 | 6,983,228 | |||||
$ | 53,407,012 | $ | 53,149,109 |
ZIONS BANCORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME (Unaudited) | |||||||||||||||
(In thousands, except per share amounts) | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||||
Interest income: | |||||||||||||||
Interest and fees on loans | $ | 478,569 | $ | 523,741 | $ | 965,184 | $ | 1,041,898 | |||||||
Interest on money market investments | 5,099 | 3,199 | 9,727 | 6,042 | |||||||||||
Interest on securities: | |||||||||||||||
Held-to-maturity | 9,325 | 9,009 | 18,284 | 17,673 | |||||||||||
Available-for-sale | 25,090 | 22,179 | 48,248 | 44,455 | |||||||||||
Trading account | 148 | 538 | 486 | 990 | |||||||||||
Total interest income | 518,231 | 558,666 | 1,041,929 | 1,111,058 | |||||||||||
Interest expense: | |||||||||||||||
Interest on deposits | 20,823 | 34,257 | 44,236 | 70,741 | |||||||||||
Interest on short-term borrowings | 256 | 1,783 | 1,035 | 3,963 | |||||||||||
Interest on long-term debt | 65,165 | 106,454 | 122,372 | 196,326 | |||||||||||
Total interest expense | 86,244 | 142,494 | 167,643 | 271,030 | |||||||||||
Net interest income | 431,987 | 416,172 | 874,286 | 840,028 | |||||||||||
Provision for loan losses | 10,853 | 1,330 | 26,517 | 61,330 | |||||||||||
Net interest income after provision for loan losses | 421,134 | 414,842 | 847,769 | 778,698 | |||||||||||
Noninterest income: | |||||||||||||||
Service charges and fees on deposit accounts | 43,426 | 42,878 | 86,958 | 87,408 | |||||||||||
Other service charges, commissions and fees | 38,554 | 43,958 | 72,780 | 85,643 | |||||||||||
Trust and wealth management income | 8,057 | 7,179 | 14,431 | 13,933 | |||||||||||
Capital markets and foreign exchange | 7,342 | 8,358 | 13,076 | 15,572 | |||||||||||
Dividends and other investment income | 21,542 | 17,239 | 31,022 | 25,267 | |||||||||||
Loan sales and servicing income | 10,287 | 9,836 | 18,639 | 15,849 | |||||||||||
Fair value and nonhedge derivative income (loss) | (6,784 | ) | 4,195 | (11,184 | ) | 5,415 | |||||||||
Equity securities gains (losses), net | 107 | (1,636 | ) | 9,252 | (739 | ) | |||||||||
Fixed income securities gains (losses), net | 5,519 | (2,396 | ) | 6,239 | (2,455 | ) | |||||||||
Impairment losses on investment securities: | |||||||||||||||
Impairment losses on investment securities | (24,026 | ) | (6,339 | ) | (42,299 | ) | (9,444 | ) | |||||||
Noncredit-related losses on securities not expected to be sold (recognized in other comprehensive income) | 16,718 | 1,181 | 24,782 | 1,181 | |||||||||||
Net impairment losses on investment securities | (7,308 | ) | (5,158 | ) | (17,517 | ) | (8,263 | ) | |||||||
Other | 2,280 | 3,896 | 6,325 | 24,862 | |||||||||||
Total noninterest income | 123,022 | 128,349 | 230,021 | 262,492 | |||||||||||
Noninterest expense: | |||||||||||||||
Salaries and employee benefits | 220,765 | 222,138 | 445,399 | 437,148 | |||||||||||
Occupancy, net | 28,169 | 27,588 | 56,120 | 55,598 | |||||||||||
Furniture and equipment | 27,302 | 26,153 | 54,094 | 51,815 | |||||||||||
Other real estate expense | 6,440 | 17,903 | 14,250 | 42,070 | |||||||||||
Credit-related expense | 12,415 | 17,124 | 25,900 | 32,037 | |||||||||||
Provision for unfunded lending commitments | 4,868 | (1,904 | ) | 1,164 | (11,444 | ) | |||||||||
Legal and professional services | 12,947 | 8,432 | 24,043 | 15,121 | |||||||||||
Advertising | 6,618 | 5,962 | 12,425 | 12,873 | |||||||||||
FDIC premiums | 10,444 | 15,232 | 21,363 | 39,333 | |||||||||||
Amortization of core deposit and other intangibles | 4,262 | 4,855 | 8,553 | 10,556 | |||||||||||
Other | 67,426 | 72,773 | 130,717 | 139,524 | |||||||||||
Total noninterest expense | 401,656 | 416,256 | 794,028 | 824,631 | |||||||||||
Income before income taxes | 142,500 | 126,935 | 283,762 | 216,559 | |||||||||||
Income taxes | 51,036 | 54,325 | 102,895 | 91,358 | |||||||||||
Net income | 91,464 | 72,610 | 180,867 | 125,201 | |||||||||||
Net loss applicable to noncontrolling interests | (273 | ) | (265 | ) | (546 | ) | (491 | ) | |||||||
Net income applicable to controlling interest | 91,737 | 72,875 | 181,413 | 125,692 | |||||||||||
Preferred stock dividends | (36,522 | ) | (43,837 | ) | (100,709 | ) | (81,887 | ) | |||||||
Net earnings applicable to common shareholders | $ | 55,215 | $ | 29,038 | $ | 80,704 | $ | 43,805 | |||||||
Weighted average common shares outstanding during the period: | |||||||||||||||
Basic shares | 182,985 | 182,472 | 182,892 | 182,092 | |||||||||||
Diluted shares | 183,137 | 182,728 | 183,050 | 182,365 | |||||||||||
Net earnings per common share: | |||||||||||||||
Basic | $ | 0.30 | $ | 0.16 | $ | 0.44 | $ | 0.24 | |||||||
Diluted | 0.30 | 0.16 | 0.44 | 0.24 |
ZIONS BANCORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) | |||||||||||||||
(In thousands) | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||||
Net income | $ | 91,464 | $ | 72,610 | $ | 180,867 | $ | 125,201 | |||||||
Other comprehensive income (loss), net of tax: | |||||||||||||||
Net realized and unrealized holding gains (losses) on investments | 6,431 | (4,272 | ) | 29,045 | (36,060 | ) | |||||||||
Reclassification for net losses on investments included in earnings | 821 | 4,636 | 6,619 | 6,590 | |||||||||||
Noncredit-related impairment losses on securities not expected to be sold | (10,323 | ) | (729 | ) | (15,303 | ) | (729 | ) | |||||||
Accretion of securities with noncredit-related impairment losses not expected to be sold | 367 | 73 | 532 | 99 | |||||||||||
Net unrealized losses on derivative instruments | (1,876 | ) | (5,036 | ) | (4,956 | ) | (13,095 | ) | |||||||
Other comprehensive income (loss) | (4,580 | ) | (5,328 | ) | 15,937 | (43,195 | ) | ||||||||
Comprehensive income | 86,884 | 67,282 | 196,804 | 82,006 | |||||||||||
Comprehensive loss applicable to noncontrolling interests | (273 | ) | (265 | ) | (546 | ) | (491 | ) | |||||||
Comprehensive income applicable to controlling interest | $ | 87,157 | $ | 67,547 | $ | 197,350 | $ | 82,497 |
ZIONS BANCORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (Unaudited) | ||||||||||||||||||||||||||||||
(In thousands, except share and per share amounts) | Preferred stock | Common stock | Retained earnings | Accumulated other comprehensive income (loss) | Noncontrolling interests | Total shareholders’ equity | ||||||||||||||||||||||||
Shares | Amount | |||||||||||||||||||||||||||||
Balance at December 31, 2011 | $ | 2,377,560 | 184,135,388 | $ | 4,163,242 | $ | 1,036,590 | $ | (592,084 | ) | $ | (2,080 | ) | $ | 6,983,228 | |||||||||||||||
Net income (loss) for the period | 181,413 | (546 | ) | 180,867 | ||||||||||||||||||||||||||
Other comprehensive income | 15,937 | 15,937 | ||||||||||||||||||||||||||||
Issuance of preferred stock | 143,750 | (2,408 | ) | 141,342 | ||||||||||||||||||||||||||
Preferred stock redemption | (842,500 | ) | 3,830 | (3,830 | ) | (842,500 | ) | |||||||||||||||||||||||
Subordinated debt converted to preferred stock | 93,568 | (13,602 | ) | 79,966 | ||||||||||||||||||||||||||
Net activity under employee plans and related tax benefits | (17,866 | ) | 6,463 | 6,463 | ||||||||||||||||||||||||||
Dividends on preferred stock | 28,095 | (100,709 | ) | (72,614 | ) | |||||||||||||||||||||||||
Dividends on common stock, $0.02 per share | (3,704 | ) | (3,704 | ) | ||||||||||||||||||||||||||
Change in deferred compensation | 360 | 360 | ||||||||||||||||||||||||||||
Other changes in noncontrolling interests | 18 | 18 | ||||||||||||||||||||||||||||
Balance at June 30, 2012 | $ | 1,800,473 | 184,117,522 | $ | 4,157,525 | $ | 1,110,120 | $ | (576,147 | ) | $ | (2,608 | ) | $ | 6,489,363 | |||||||||||||||
Balance at December 31, 2010 | $ | 2,056,672 | 182,784,086 | $ | 4,163,619 | $ | 889,284 | $ | (461,296 | ) | $ | (1,065 | ) | $ | 6,647,214 | |||||||||||||||
Net income (loss) for the period | 125,692 | (491 | ) | 125,201 | ||||||||||||||||||||||||||
Other comprehensive loss | (43,195 | ) | (43,195 | ) | ||||||||||||||||||||||||||
Subordinated debt converted to preferred stock | 262,062 | (37,744 | ) | 224,318 | ||||||||||||||||||||||||||
Issuance of common stock | 1,067,540 | 25,048 | 25,048 | |||||||||||||||||||||||||||
Net activity under employee plans and related tax benefits | 459,664 | 7,446 | 7,446 | |||||||||||||||||||||||||||
Dividends on preferred stock | 10,636 | (81,887 | ) | (71,251 | ) | |||||||||||||||||||||||||
Dividends on common stock, $0.02 per share | (3,653 | ) | (3,653 | ) | ||||||||||||||||||||||||||
Change in deferred compensation | 1,909 | 1,909 | ||||||||||||||||||||||||||||
Other changes in noncontrolling interests | 54 | 54 | ||||||||||||||||||||||||||||
Balance at June 30, 2011 | $ | 2,329,370 | 184,311,290 | $ | 4,158,369 | $ | 931,345 | $ | (504,491 | ) | $ | (1,502 | ) | $ | 6,913,091 |
ZIONS BANCORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) | |||||||||||||||
(In thousands) | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES | |||||||||||||||
Net income for the period | $ | 91,464 | $ | 72,610 | $ | 180,867 | $ | 125,201 | |||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||||
Net impairment losses on investment securities | 7,308 | 5,158 | 17,517 | 8,263 | |||||||||||
Provision for credit losses | 15,721 | (574 | ) | 27,681 | 49,886 | ||||||||||
Depreciation and amortization | 62,166 | 105,790 | 119,309 | 195,596 | |||||||||||
Deferred income tax expense (benefit) | (630 | ) | 33,913 | 19,055 | 87,703 | ||||||||||
Net increase (decrease) in trading securities | (1,506 | ) | 5,397 | 19,734 | (2,485 | ) | |||||||||
Net decrease in loans held for sale | 50,464 | 41,041 | 71,377 | 69,512 | |||||||||||
Net write-downs of and losses from sales of other real estate owned | 5,509 | 14,363 | 13,341 | 34,113 | |||||||||||
Change in other liabilities | (11,731 | ) | 29,928 | (30,530 | ) | (6,896 | ) | ||||||||
Change in other assets | 38,398 | 41,334 | 88,823 | 59,488 | |||||||||||
Other, net | 3,544 | (2,734 | ) | (18,372 | ) | (4,934 | ) | ||||||||
Net cash provided by operating activities | 260,707 | 346,226 | 508,802 | 615,447 | |||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES | |||||||||||||||
Net increase in money market investments | (288,671 | ) | (291,604 | ) | (847,650 | ) | (341,811 | ) | |||||||
Proceeds from maturities and paydowns of investment securities held-to-maturity | 34,106 | 12,923 | 54,685 | 42,031 | |||||||||||
Purchases of investment securities held-to-maturity | (24,461 | ) | (21,316 | ) | (33,738 | ) | (26,809 | ) | |||||||
Proceeds from sales, maturities, and paydowns of investment securities available-for-sale | 235,192 | 277,419 | 676,174 | 579,669 | |||||||||||
Purchases of investment securities available-for-sale | (187,627 | ) | (238,577 | ) | (593,930 | ) | (518,463 | ) | |||||||
Proceeds from sales of loans and leases | 13,478 | 16,182 | 39,787 | 17,264 | |||||||||||
Net loan and lease collections (originations) | (397,181 | ) | (492,134 | ) | 18,230 | (536,945 | ) | ||||||||
Net decrease in other noninterest-bearing investments | 6,445 | 5,522 | 12,174 | 10,318 | |||||||||||
Net purchases of premises and equipment | (17,655 | ) | (19,295 | ) | (32,817 | ) | (39,480 | ) | |||||||
Proceeds from sales of other real estate owned | 58,485 | 95,036 | 97,884 | 186,877 | |||||||||||
Net cash paid for sale of branch | — | — | (22,568 | ) | — | ||||||||||
Net cash used in investing activities | (567,889 | ) | (655,844 | ) | (631,769 | ) | (627,349 | ) | |||||||
CASH FLOWS FROM FINANCING ACTIVITIES | |||||||||||||||
Net increase in deposits | 61,160 | 598,817 | 313,997 | 256,275 | |||||||||||
Net change in short-term funds borrowed | 318,039 | (190,675 | ) | 149,208 | (110,583 | ) | |||||||||
Proceeds from issuance of long-term debt | 266,636 | 30,250 | 599,386 | 30,250 | |||||||||||
Repayments of long-term debt | (255,038 | ) | (175 | ) | (255,179 | ) | (331 | ) | |||||||
Cash paid for preferred stock redemption | (142,500 | ) | — | (842,500 | ) | — | |||||||||
Proceeds from issuance of common stock and preferred stock | 141,661 | 195 | 142,003 | 25,407 | |||||||||||
Dividends paid on common and preferred stock | (35,522 | ) | (40,303 | ) | (76,318 | ) | (74,904 | ) | |||||||
Other, net | (4,767 | ) | (2,603 | ) | (7,307 | ) | (3,310 | ) | |||||||
Net cash provided by financing activities | 349,669 | 395,506 | 23,290 | 122,804 | |||||||||||
Net increase (decrease) in cash and due from banks | 42,487 | 85,888 | (99,677 | ) | 110,902 | ||||||||||
Cash and due from banks at beginning of period | 1,082,186 | 949,140 | 1,224,350 | 924,126 | |||||||||||
Cash and due from banks at end of period | $ | 1,124,673 | $ | 1,035,028 | $ | 1,124,673 | $ | 1,035,028 | |||||||
Cash paid for interest | $ | 44,539 | $ | 51,039 | $ | 107,328 | $ | 142,320 | |||||||
Net cash paid (refund received) for income taxes | 9,771 | 536 | (11,897 | ) | 428 |
1. | BASIS OF PRESENTATION |
2. | CERTAIN RECENT ACCOUNTING PRONOUNCEMENTS |
3. | SUPPLEMENTAL CASH FLOW INFORMATION |
Noncash activities are summarized as follows: | |||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
(In thousands) | 2012 | 2011 | 2012 | 2011 | |||||||||||
Loans transferred to other real estate owned | $ | 51,724 | $ | 85,129 | $ | 104,299 | $ | 174,658 | |||||||
Beneficial conversion feature transferred from common stock to preferred stock as a result of subordinated debt conversions | 8,537 | 23,139 | 13,602 | 37,744 | |||||||||||
Subordinated debt converted to preferred stock | 50,192 | 138,469 | 79,966 | 224,318 |
4. | INVESTMENT SECURITIES |
Investment securities are summarized as follows: | |||||||||||||||||||||||||||
June 30, 2012 | |||||||||||||||||||||||||||
Recognized in OCI 1 | Not recognized in OCI | ||||||||||||||||||||||||||
(In thousands) | Amortized cost | Gross unrealized gains | Gross unrealized losses | Carrying value | Gross unrealized gains | Gross unrealized losses | Estimated fair value | ||||||||||||||||||||
Held-to-maturity | |||||||||||||||||||||||||||
Municipal securities | $ | 543,367 | $ | — | $ | — | $ | 543,367 | $ | 14,780 | $ | 435 | $ | 557,712 | |||||||||||||
Asset-backed securities: | |||||||||||||||||||||||||||
Trust preferred securities – banks and insurance | 262,511 | — | 53,472 | 209,039 | 282 | 63,637 | 145,684 | ||||||||||||||||||||
Other | 23,383 | — | 2,873 | 20,510 | 246 | 8,542 | 12,214 | ||||||||||||||||||||
Other debt securities | 100 | — | — | 100 | — | — | 100 | ||||||||||||||||||||
$ | 829,361 | $ | — | $ | 56,345 | $ | 773,016 | $ | 15,308 | $ | 72,614 | $ | 715,710 | ||||||||||||||
Available-for-sale | |||||||||||||||||||||||||||
U.S. Treasury securities | $ | 4,379 | $ | 259 | $ | — | $ | 4,638 | $ | 4,638 | |||||||||||||||||
U.S. Government agencies and corporations: | |||||||||||||||||||||||||||
Agency securities | 138,364 | 5,298 | 138 | 143,524 | 143,524 | ||||||||||||||||||||||
Agency guaranteed mortgage-backed securities | 476,200 | 20,463 | 50 | 496,613 | 496,613 | ||||||||||||||||||||||
Small Business Administration loan-backed securities | 1,179,718 | 18,481 | 1,960 | 1,196,239 | 1,196,239 | ||||||||||||||||||||||
Municipal securities | 118,189 | 3,273 | 2,385 | 119,077 | 119,077 | ||||||||||||||||||||||
Asset-backed securities: | |||||||||||||||||||||||||||
Trust preferred securities – banks and insurance | 1,757,601 | 13,052 | 844,019 | 926,634 | 926,634 | ||||||||||||||||||||||
Trust preferred securities – real estate investment trusts | 40,361 | — | 25,930 | 14,431 | 14,431 | ||||||||||||||||||||||
Auction rate securities | 7,149 | 94 | 77 | 7,166 | 7,166 | ||||||||||||||||||||||
Other | 54,795 | 932 | 9,435 | 46,292 | 46,292 | ||||||||||||||||||||||
3,776,756 | 61,852 | 883,994 | 2,954,614 | 2,954,614 | |||||||||||||||||||||||
Mutual funds and other | 212,792 | 202 | 18 | 212,976 | 212,976 | ||||||||||||||||||||||
$ | 3,989,548 | $ | 62,054 | $ | 884,012 | $ | 3,167,590 | $ | 3,167,590 |
December 31, 2011 | |||||||||||||||||||||||||||
Recognized in OCI 1 | Not recognized in OCI | ||||||||||||||||||||||||||
(In thousands) | Amortized cost | Gross unrealized gains | Gross unrealized losses | Carrying value | Gross unrealized gains | Gross unrealized losses | Estimated fair value | ||||||||||||||||||||
Held-to-maturity | |||||||||||||||||||||||||||
Municipal securities | $ | 564,468 | $ | — | $ | — | $ | 564,468 | $ | 8,807 | $ | 1,083 | $ | 572,192 | |||||||||||||
Asset-backed securities: | |||||||||||||||||||||||||||
Trust preferred securities – banks and insurance | 262,853 | — | 40,546 | 222,307 | 207 | 78,191 | 144,323 | ||||||||||||||||||||
Other | 24,310 | — | 3,381 | 20,929 | 303 | 7,868 | 13,364 | ||||||||||||||||||||
Other debt securities | 100 | — | — | 100 | — | 5 | 95 | ||||||||||||||||||||
$ | 851,731 | $ | — | $ | 43,927 | $ | 807,804 | $ | 9,317 | $ | 87,147 | $ | 729,974 | ||||||||||||||
Available-for-sale | |||||||||||||||||||||||||||
U.S. Treasury securities | $ | 4,330 | $ | 304 | $ | — | $ | 4,634 | $ | 4,634 | |||||||||||||||||
U.S. Government agencies and corporations: | |||||||||||||||||||||||||||
Agency securities | 153,179 | 5,423 | 122 | 158,480 | 158,480 | ||||||||||||||||||||||
Agency guaranteed mortgage-backed securities | 535,228 | 18,211 | 102 | 553,337 | 553,337 | ||||||||||||||||||||||
Small Business Administration loan-backed securities | 1,153,039 | 12,119 | 4,496 | 1,160,662 | 1,160,662 | ||||||||||||||||||||||
Municipal securities | 120,677 | 3,191 | 1,700 | 122,168 | 122,168 | ||||||||||||||||||||||
Asset-backed securities: | |||||||||||||||||||||||||||
Trust preferred securities – banks and insurance | 1,794,427 | 15,792 | 880,509 | 929,710 | 929,710 | ||||||||||||||||||||||
Trust preferred securities – real estate investment trusts | 40,259 | — | 21,614 | 18,645 | 18,645 | ||||||||||||||||||||||
Auction rate securities | 71,338 | 164 | 1,482 | 70,020 | 70,020 | ||||||||||||||||||||||
Other | 64,646 | 1,028 | 15,302 | 50,372 | 50,372 | ||||||||||||||||||||||
3,937,123 | 56,232 | 925,327 | 3,068,028 | 3,068,028 | |||||||||||||||||||||||
Mutual funds and other | 162,606 | 167 | 6 | 162,767 | 162,767 | ||||||||||||||||||||||
$ | 4,099,729 | $ | 56,399 | $ | 925,333 | $ | 3,230,795 | $ | 3,230,795 |
Held-to-maturity | Available-for-sale | ||||||||||||||
(In thousands) | Amortized cost | Estimated fair value | Amortized cost | Estimated fair value | |||||||||||
Due in one year or less | $ | 54,912 | $ | 55,321 | $ | 450,929 | $ | 420,393 | |||||||
Due after one year through five years | 207,047 | 201,654 | 1,108,393 | 1,006,558 | |||||||||||
Due after five years through ten years | 172,813 | 154,922 | 690,377 | 602,812 | |||||||||||
Due after ten years | 394,589 | 303,813 | 1,527,057 | 924,851 | |||||||||||
$ | 829,361 | $ | 715,710 | $ | 3,776,756 | $ | 2,954,614 |
The following is a summary of the amount of gross unrealized losses for debt securities and the estimated fair value by length of time the securities have been in an unrealized loss position: | |||||||||||||||||||||||
June 30, 2012 | |||||||||||||||||||||||
Less than 12 months | 12 months or more | Total | |||||||||||||||||||||
(In thousands) | Gross unrealized losses | Estimated fair value | Gross unrealized losses | Estimated fair value | Gross unrealized losses | Estimated fair value | |||||||||||||||||
Held-to-maturity | |||||||||||||||||||||||
Municipal securities | $ | 225 | $ | 11,399 | $ | 210 | $ | 14,646 | $ | 435 | $ | 26,045 | |||||||||||
Asset-backed securities: | |||||||||||||||||||||||
Trust preferred securities – banks and insurance | — | — | 117,109 | 145,346 | 117,109 | 145,346 | |||||||||||||||||
Other | — | — | 11,415 | 11,232 | 11,415 | 11,232 | |||||||||||||||||
$ | 225 | $ | 11,399 | $ | 128,734 | $ | 171,224 | $ | 128,959 | $ | 182,623 | ||||||||||||
Available-for-sale | |||||||||||||||||||||||
U.S. Government agencies and corporations: | |||||||||||||||||||||||
Agency securities | $ | 54 | $ | 21,836 | $ | 84 | $ | 7,168 | $ | 138 | $ | 29,004 | |||||||||||
Agency guaranteed mortgage-backed securities | 48 | 11,668 | 2 | 241 | 50 | 11,909 | |||||||||||||||||
Small Business Administration loan-backed securities | 235 | 56,975 | 1,725 | 165,355 | 1,960 | 222,330 | |||||||||||||||||
Municipal securities | 169 | 5,420 | 2,216 | 11,478 | 2,385 | 16,898 | |||||||||||||||||
Asset-backed securities: | |||||||||||||||||||||||
Trust preferred securities – banks and insurance | 1,162 | 37,728 | 842,857 | 706,134 | 844,019 | 743,862 | |||||||||||||||||
Trust preferred securities – real estate investment trusts | — | — | 25,930 | 14,431 | 25,930 | 14,431 | |||||||||||||||||
Auction rate securities | 27 | 2,038 | 50 | 1,057 | 77 | 3,095 | |||||||||||||||||
Other | — | — | 9,435 | 15,701 | 9,435 | 15,701 | |||||||||||||||||
1,695 | 135,665 | 882,299 | 921,565 | 883,994 | 1,057,230 | ||||||||||||||||||
Mutual funds and other | 18 | 20,053 | — | — | 18 | 20,053 | |||||||||||||||||
$ | 1,713 | $ | 155,718 | $ | 882,299 | $ | 921,565 | $ | 884,012 | $ | 1,077,283 |
December 31, 2011 | ||||||||||||||||||||||||
Less than 12 months | 12 months or more | Total | ||||||||||||||||||||||
(In thousands) | Gross unrealized losses | Estimated fair value | Gross unrealized losses | Estimated fair value | Gross unrealized losses | Estimated fair value | ||||||||||||||||||
Held-to-maturity | ||||||||||||||||||||||||
Municipal securities | $ | 415 | $ | 10,855 | $ | 668 | $ | 22,188 | $ | 1,083 | $ | 33,043 | ||||||||||||
Asset-backed securities: | ||||||||||||||||||||||||
Trust preferred securities – banks and insurance | — | — | 118,737 | 144,053 | 118,737 | 144,053 | ||||||||||||||||||
Other | — | — | 11,249 | 13,364 | 11,249 | 13,364 | ||||||||||||||||||
Other debt securities | 5 | 95 | — | — | 5 | 95 | ||||||||||||||||||
$ | 420 | $ | 10,950 | $ | 130,654 | $ | 179,605 | $ | 131,074 | $ | 190,555 | |||||||||||||
Available-for-sale | ||||||||||||||||||||||||
U.S. Government agencies and corporations: | ||||||||||||||||||||||||
Agency securities | $ | 60 | $ | 13,308 | $ | 62 | $ | 3,880 | $ | 122 | $ | 17,188 | ||||||||||||
Agency guaranteed mortgage-backed securities | 102 | 52,267 | — | — | 102 | 52,267 | ||||||||||||||||||
Small Business Administration loan-backed securities | 1,783 | 260,865 | 2,713 | 191,339 | 4,496 | 452,204 | ||||||||||||||||||
Municipal securities | 1,305 | 15,011 | 395 | 4,023 | 1,700 | 19,034 | ||||||||||||||||||
Asset-backed securities: | ||||||||||||||||||||||||
Trust preferred securities – banks and insurance | — | — | 880,509 | 695,365 | 880,509 | 695,365 | ||||||||||||||||||
Trust preferred securities – real estate investment trusts | — | — | 21,614 | 18,645 | 21,614 | 18,645 | ||||||||||||||||||
Auction rate securities | 158 | 27,998 | 1,324 | 34,115 | 1,482 | 62,113 | ||||||||||||||||||
Other | — | — | 15,302 | 18,585 | 15,302 | 18,585 | ||||||||||||||||||
3,408 | 369,449 | 921,919 | 965,952 | 925,327 | 1,335,401 | |||||||||||||||||||
Mutual funds and other | 6 | 167 | — | — | 6 | 167 | ||||||||||||||||||
$ | 3,414 | $ | 369,616 | $ | 921,919 | $ | 965,952 | $ | 925,333 | $ | 1,335,568 |
1) | Market yield requirements for bank CDO securities remain very high. The credit crisis resulted in significant utilization of both the unique five-year deferral option each collateral issuer maintains during the life of the CDO and the ability of junior CDO bonds to defer the payment of current interest. The resulting increase in the rate of return demanded by the market for trust preferred CDOs remains dramatically higher than the effective interest rates. All structured product fair values, including bank CDOs, deteriorated significantly during the credit crisis, generally reaching a low in mid-2009. Prices for some structured products, other than bank CDOs, have since rebounded as the crucial unknowns related to value became resolved and as trading increased in these securities. Unlike these other structured products, CDO tranches backed by bank trust preferred securities continue to have unresolved questions surrounding collateral behavior, specifically including, but not limited to, the future number, size and timing of bank failures, and of allowed deferrals and subsequent resumption of payment of contractual interest. |
2) | Structural features of the collateral make these CDO tranches difficult for market participants to model. The first feature unique to bank CDOs is the interest deferral feature previously discussed. During the credit crisis starting in 2008, certain banks within our CDO pools have exercised this prerogative. The extent to which these deferrals either transition to default or alternatively come current prior to the five-year deadline is extremely difficult for market participants to assess. Our CDO pools include banks which first exercised this deferral option in the second quarter of 2008. At June 30, 2012, 53 banks in our CDO pools had come current after a period of deferral, while 215 were deferring, but remained within the allowed deferral period. |
3) | Ratings are generally below-investment-grade for even some of the most senior tranches. Rating agency opinions can vary significantly on a CDO tranche. The presence of a below-investment-grade rating by even a single rating agency will severely limit the pool of buyers, which causes greater illiquidity and therefore most likely a higher implicit discount rate/lower price with regard to that CDO tranche. |
4) | There is a lack of consistent disclosure by each CDO’s trustee of the identity of collateral issuers; in addition, complex structures make projecting tranche return profiles difficult for non-specialists in the product. |
5) | At purchase, the expectation of cash flow variability was limited. As a result of the credit crisis, we have seen extreme variability of collateral performance both compared to expectations and between different pools. |
The following is a tabular rollforward of the total amount of credit-related OTTI, including amounts recognized in earnings: | |||||||||||||||||||||||
(In thousands) | Three Months Ended June 30, 2012 | Six Months Ended June 30, 2012 | |||||||||||||||||||||
HTM | AFS | Total | HTM | AFS | Total | ||||||||||||||||||
Balance of credit-related OTTI at beginning of period | $ | (6,126 | ) | $ | (308,216 | ) | $ | (314,342 | ) | $ | (6,126 | ) | $ | (314,860 | ) | $ | (320,986 | ) | |||||
Additions recognized in earnings during the period: | |||||||||||||||||||||||
Credit-related OTTI not previously recognized 1 | (341 | ) | — | (341 | ) | (341 | ) | — | (341 | ) | |||||||||||||
Credit-related OTTI previously recognized when there is no intent to sell and no requirement to sell before recovery of amortized cost basis 2 | — | (6,967 | ) | (6,967 | ) | — | (17,176 | ) | (17,176 | ) | |||||||||||||
Subtotal of amounts recognized in earnings | (341 | ) | (6,967 | ) | (7,308 | ) | (341 | ) | (17,176 | ) | (17,517 | ) | |||||||||||
Reductions for securities sold during the period | — | — | 16,853 | 16,853 | |||||||||||||||||||
Balance of credit-related OTTI at end of period | $ | (6,467 | ) | $ | (315,183 | ) | $ | (321,650 | ) | $ | (6,467 | ) | $ | (315,183 | ) | $ | (321,650 | ) |
(In thousands) | Three Months Ended June 30, 2011 | Six Months Ended June 30, 2011 | |||||||||||||||||||||
HTM | AFS | Total | HTM | AFS | Total | ||||||||||||||||||
Balance of credit-related OTTI at beginning of period | $ | (5,357 | ) | $ | (312,353 | ) | $ | (317,710 | ) | $ | (5,357 | ) | $ | (335,682 | ) | $ | (341,039 | ) | |||||
Additions recognized in earnings during the period: | |||||||||||||||||||||||
Credit-related OTTI previously recognized when there is no intent to sell and no requirement to sell before recovery of amortized cost basis 2 | — | (5,158 | ) | (5,158 | ) | — | (8,263 | ) | (8,263 | ) | |||||||||||||
Subtotal of amounts recognized in earnings | — | (5,158 | ) | (5,158 | ) | — | (8,263 | ) | (8,263 | ) | |||||||||||||
Reductions for securities sold during the period | 27,302 | 27,302 | 53,736 | 53,736 | |||||||||||||||||||
Balance of credit-related OTTI at end of period | $ | (5,357 | ) | $ | (290,209 | ) | $ | (295,566 | ) | $ | (5,357 | ) | $ | (290,209 | ) | $ | (295,566 | ) |
(In thousands) | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||||
HTM | $ | 16,718 | $ | — | $ | 16,718 | $ | — | |||||||
AFS | — | 1,181 | 8,064 | 1,181 | |||||||||||
$ | 16,718 | $ | 1,181 | $ | 24,782 | $ | 1,181 |
The following summarizes gains and losses, including OTTI, that were recognized in the statement of income: | ||||||||||||||||||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||||||
June 30, 2012 | June 30, 2011 | June 30, 2012 | June 30, 2011 | |||||||||||||||||||||||||||||
(In thousands) | Gross gains | Gross losses | Gross gains | Gross losses | Gross gains | Gross losses | Gross gains | Gross losses | ||||||||||||||||||||||||
Investment securities: | ||||||||||||||||||||||||||||||||
Held-to-maturity | $ | 49 | $ | 341 | $ | 71 | $ | — | $ | 98 | $ | 341 | $ | 117 | $ | — | ||||||||||||||||
Available-for-sale | 5,470 | 6,967 | 4,063 | 11,688 | 11,929 | 22,964 | 7,582 | 18,417 | ||||||||||||||||||||||||
Other noninterest-bearing investments: | ||||||||||||||||||||||||||||||||
Nonmarketable equity securities | 10,518 | 10,411 | — | 1,636 | 19,721 | 10,469 | 1,068 | 1,807 | ||||||||||||||||||||||||
16,037 | 17,719 | 4,134 | 13,324 | 31,748 | 33,774 | 8,767 | 20,224 | |||||||||||||||||||||||||
Net losses | $ | (1,682 | ) | $ | (9,190 | ) | $ | (2,026 | ) | $ | (11,457 | ) | ||||||||||||||||||||
Statement of income information: | ||||||||||||||||||||||||||||||||
Net impairment losses on investment securities | $ | (7,308 | ) | $ | (5,158 | ) | $ | (17,517 | ) | $ | (8,263 | ) | ||||||||||||||||||||
Equity securities gains (losses), net | 107 | (1,636 | ) | 9,252 | (739 | ) | ||||||||||||||||||||||||||
Fixed income securities gains (losses), net | 5,519 | (2,396 | ) | 6,239 | (2,455 | ) | ||||||||||||||||||||||||||
Net losses | $ | (1,682 | ) | $ | (9,190 | ) | $ | (2,026 | ) | $ | (11,457 | ) |
5. | LOANS AND ALLOWANCE FOR CREDIT LOSSES |
(In thousands) | June 30, 2012 | December 31, 2011 | |||||
Loans held for sale | $ | 139,245 | $ | 201,590 | |||
Commercial: | |||||||
Commercial and industrial | $ | 10,382,676 | $ | 10,334,858 | |||
Leasing | 406,502 | 379,709 | |||||
Owner occupied | 7,810,636 | 8,158,556 | |||||
Municipal | 476,668 | 441,241 | |||||
Total commercial | 19,076,482 | 19,314,364 | |||||
Commercial real estate: | |||||||
Construction and land development | 2,099,064 | 2,264,909 | |||||
Term | 8,011,281 | 7,883,434 | |||||
Total commercial real estate | 10,110,345 | 10,148,343 | |||||
Consumer: | |||||||
Home equity credit line | 2,180,857 | 2,187,428 | |||||
1-4 family residential | 4,018,858 | 3,921,216 | |||||
Construction and other consumer real estate | 327,867 | 305,873 | |||||
Bankcard and other revolving plans | 284,112 | 291,018 | |||||
Other | 232,583 | 225,540 | |||||
Total consumer | 7,044,277 | 6,931,075 | |||||
FDIC-supported loans | 642,246 | 750,870 | |||||
Total loans | $ | 36,873,350 | $ | 37,144,652 |
• | Asset quality trends |
• | Risk management and loan administration practices |
• | Risk identification practices |
• | Effect of changes in the nature and volume of the portfolio |
• | Existence and effect of any portfolio concentrations |
• | National economic and business conditions |
• | Regional and local economic and business conditions |
• | Data availability and applicability |
Changes in the allowance for credit losses are summarized as follows: | |||||||||||||||||||
Three Months Ended June 30, 2012 | |||||||||||||||||||
(In thousands) | Commercial | Commercial real estate | Consumer | FDIC- supported 1 | Total | ||||||||||||||
Allowance for loan losses: | |||||||||||||||||||
Balance at beginning of period | $ | 631,169 | $ | 248,744 | $ | 109,101 | $ | 21,045 | $ | 1,010,059 | |||||||||
Additions: | |||||||||||||||||||
Provision for loan losses | 5,733 | (6,271 | ) | 12,455 | (1,064 | ) | 10,853 | ||||||||||||
Adjustment for FDIC-supported loans | (5,856 | ) | (5,856 | ) | |||||||||||||||
Deductions: | |||||||||||||||||||
Gross loan and lease charge-offs | (31,576 | ) | (22,823 | ) | (17,322 | ) | (1,964 | ) | (73,685 | ) | |||||||||
Recoveries | 11,033 | 12,399 | (1,843 | ) | 8,756 | 30,345 | |||||||||||||
Net loan and lease charge-offs | (20,543 | ) | (10,424 | ) | (19,165 | ) | 6,792 | (43,340 | ) | ||||||||||
Balance at end of period | $ | 616,359 | $ | 232,049 | $ | 102,391 | $ | 20,917 | $ | 971,716 | |||||||||
Reserve for unfunded lending commitments: | |||||||||||||||||||
Balance at beginning of period | $ | 72,002 | $ | 25,799 | $ | 917 | $ | — | $ | 98,718 | |||||||||
Provision charged (credited) to earnings | (1,449 | ) | 5,864 | 453 | — | 4,868 | |||||||||||||
Balance at end of period | $ | 70,553 | $ | 31,663 | $ | 1,370 | $ | — | $ | 103,586 | |||||||||
Total allowance for credit losses at end of period: | |||||||||||||||||||
Allowance for loan losses | $ | 616,359 | $ | 232,049 | $ | 102,391 | $ | 20,917 | $ | 971,716 | |||||||||
Reserve for unfunded lending commitments | 70,553 | 31,663 | 1,370 | — | 103,586 | ||||||||||||||
Total allowance for credit losses | $ | 686,912 | $ | 263,712 | $ | 103,761 | $ | 20,917 | $ | 1,075,302 |
Six Months Ended June 30, 2012 | |||||||||||||||||||
(In thousands) | Commercial | Commercial real estate | Consumer | FDIC- supported 1 | Total | ||||||||||||||
Allowance for loan losses: | |||||||||||||||||||
Balance at beginning of period | $ | 627,825 | $ | 275,546 | $ | 123,115 | $ | 23,472 | $ | 1,049,958 | |||||||||
Additions: | |||||||||||||||||||
Provision for loan losses | 32,898 | (18,410 | ) | 12,407 | (378 | ) | 26,517 | ||||||||||||
Adjustment for FDIC-supported loans | (6,913 | ) | (6,913 | ) | |||||||||||||||
Deductions: | |||||||||||||||||||
Gross loan and lease charge-offs | (65,053 | ) | (49,834 | ) | (34,331 | ) | (4,481 | ) | (153,699 | ) | |||||||||
Recoveries | 20,689 | 24,747 | 1,200 | 9,217 | 55,853 | ||||||||||||||
Net loan and lease charge-offs | (44,364 | ) | (25,087 | ) | (33,131 | ) | 4,736 | (97,846 | ) | ||||||||||
Balance at end of period | $ | 616,359 | $ | 232,049 | $ | 102,391 | $ | 20,917 | $ | 971,716 | |||||||||
Reserve for unfunded lending commitments: | |||||||||||||||||||
Balance at beginning of period | $ | 77,232 | $ | 23,572 | $ | 1,618 | $ | — | $ | 102,422 | |||||||||
Provision charged (credited) to earnings | (6,679 | ) | 8,091 | (248 | ) | — | 1,164 | ||||||||||||
Balance at end of period | $ | 70,553 | $ | 31,663 | $ | 1,370 | $ | — | $ | 103,586 | |||||||||
Total allowance for credit losses at end of period: | |||||||||||||||||||
Allowance for loan losses | $ | 616,359 | $ | 232,049 | $ | 102,391 | $ | 20,917 | $ | 971,716 | |||||||||
Reserve for unfunded lending commitments | 70,553 | 31,663 | 1,370 | — | 103,586 | ||||||||||||||
Total allowance for credit losses | $ | 686,912 | $ | 263,712 | $ | 103,761 | $ | 20,917 | $ | 1,075,302 |
Three Months Ended June 30, 2011 | |||||||||||||||||||
(In thousands) | Commercial | Commercial real estate | Consumer | FDIC- supported 1 | Total | ||||||||||||||
Allowance for loan losses: | |||||||||||||||||||
Balance at beginning of period | $ | 694,090 | $ | 480,514 | $ | 148,110 | $ | 27,086 | $ | 1,349,800 | |||||||||
Additions: | |||||||||||||||||||
Provision for loan losses | 9,825 | (33,567 | ) | 21,990 | 3,082 | 1,330 | |||||||||||||
Adjustment for FDIC-supported loans | (162 | ) | (162 | ) | |||||||||||||||
Deductions: | |||||||||||||||||||
Gross loan and lease charge-offs | (49,673 | ) | (64,811 | ) | (23,611 | ) | (4,349 | ) | (142,444 | ) | |||||||||
Recoveries | 13,404 | 10,716 | 3,284 | 1,805 | 29,209 | ||||||||||||||
Net loan and lease charge-offs | (36,269 | ) | (54,095 | ) | (20,327 | ) | (2,544 | ) | (113,235 | ) | |||||||||
Balance at end of period | $ | 667,646 | $ | 392,852 | $ | 149,773 | $ | 27,462 | $ | 1,237,733 | |||||||||
Reserve for unfunded lending commitments: | |||||||||||||||||||
Balance at beginning of period | $ | 74,429 | $ | 26,300 | $ | 1,439 | $ | — | $ | 102,168 | |||||||||
Provision charged (credited) to earnings | 653 | (2,448 | ) | (109 | ) | — | (1,904 | ) | |||||||||||
Balance at end of period | $ | 75,082 | $ | 23,852 | $ | 1,330 | $ | — | $ | 100,264 | |||||||||
Total allowance for credit losses at end of period: | |||||||||||||||||||
Allowance for loan losses | $ | 667,646 | $ | 392,852 | $ | 149,773 | $ | 27,462 | $ | 1,237,733 | |||||||||
Reserve for unfunded lending commitments | 75,082 | 23,852 | 1,330 | — | 100,264 | ||||||||||||||
Total allowance for credit losses | $ | 742,728 | $ | 416,704 | $ | 151,103 | $ | 27,462 | $ | 1,337,997 |
Six Months Ended June 30, 2011 | |||||||||||||||||||
(In thousands) | Commercial | Commercial real estate | Consumer | FDIC- supported 1 | Total | ||||||||||||||
Allowance for loan losses: | |||||||||||||||||||
Balance at beginning of period | $ | 761,107 | $ | 487,235 | $ | 154,326 | $ | 37,673 | $ | 1,440,341 | |||||||||
Additions: | |||||||||||||||||||
Provision for loan losses | (9,900 | ) | 28,295 | 37,946 | 4,989 | 61,330 | |||||||||||||
Adjustment for FDIC-supported loans | (4,676 | ) | (4,676 | ) | |||||||||||||||
Deductions: | |||||||||||||||||||
Gross loan and lease charge-offs | (109,056 | ) | (138,191 | ) | (49,932 | ) | (13,233 | ) | (310,412 | ) | |||||||||
Recoveries | 25,495 | 15,513 | 7,433 | 2,709 | 51,150 | ||||||||||||||
Net loan and lease charge-offs | (83,561 | ) | (122,678 | ) | (42,499 | ) | (10,524 | ) | (259,262 | ) | |||||||||
Balance at end of period | $ | 667,646 | $ | 392,852 | $ | 149,773 | $ | 27,462 | $ | 1,237,733 | |||||||||
Reserve for unfunded lending commitments: | |||||||||||||||||||
Balance at beginning of period | $ | 83,352 | $ | 26,373 | $ | 1,983 | $ | — | $ | 111,708 | |||||||||
Provision charged (credited) to earnings | (8,270 | ) | (2,521 | ) | (653 | ) | — | (11,444 | ) | ||||||||||
Balance at end of period | $ | 75,082 | $ | 23,852 | $ | 1,330 | $ | — | $ | 100,264 | |||||||||
Total allowance for credit losses at end of period: | |||||||||||||||||||
Allowance for loan losses | $ | 667,646 | $ | 392,852 | $ | 149,773 | $ | 27,462 | $ | 1,237,733 | |||||||||
Reserve for unfunded lending commitments | 75,082 | 23,852 | 1,330 | — | 100,264 | ||||||||||||||
Total allowance for credit losses | $ | 742,728 | $ | 416,704 | $ | 151,103 | $ | 27,462 | $ | 1,337,997 |
The ALLL and outstanding loan balances according to the Company’s impairment method are summarized as follows: | |||||||||||||||||||
June 30, 2012 | |||||||||||||||||||
(In thousands) | Commercial | Commercial real estate | Consumer | FDIC- supported | Total | ||||||||||||||
Allowance for loan losses: | |||||||||||||||||||
Individually evaluated for impairment | $ | 34,434 | $ | 24,141 | $ | 12,042 | $ | 542 | $ | 71,159 | |||||||||
Collectively evaluated for impairment | 581,925 | 207,908 | 90,349 | 15,424 | 895,606 | ||||||||||||||
Purchased loans with evidence of credit deterioration | — | — | — | 4,951 | 4,951 | ||||||||||||||
Total | $ | 616,359 | $ | 232,049 | $ | 102,391 | $ | 20,917 | $ | 971,716 | |||||||||
Outstanding loan balances: | |||||||||||||||||||
Individually evaluated for impairment | $ | 368,751 | $ | 505,902 | $ | 105,769 | $ | 1,819 | $ | 982,241 | |||||||||
Collectively evaluated for impairment | 18,707,731 | 9,604,443 | 6,938,508 | 543,631 | 35,794,313 | ||||||||||||||
Purchased loans with evidence of credit deterioration | — | — | — | 96,796 | 96,796 | ||||||||||||||
Total | $ | 19,076,482 | $ | 10,110,345 | $ | 7,044,277 | $ | 642,246 | $ | 36,873,350 |
December 31, 2011 | |||||||||||||||||||
(In thousands) | Commercial | Commercial real estate | Consumer | FDIC- supported | Total | ||||||||||||||
Allowance for loan losses: | |||||||||||||||||||
Individually evaluated for impairment | $ | 11,456 | $ | 20,971 | $ | 8,995 | $ | 623 | $ | 42,045 | |||||||||
Collectively evaluated for impairment | 616,369 | 254,575 | 114,120 | 16,830 | 1,001,894 | ||||||||||||||
Purchased loans with evidence of credit deterioration | — | — | — | 6,019 | 6,019 | ||||||||||||||
Total | $ | 627,825 | $ | 275,546 | $ | 123,115 | $ | 23,472 | $ | 1,049,958 | |||||||||
Outstanding loan balances: | |||||||||||||||||||
Individually evaluated for impairment | $ | 349,662 | $ | 668,022 | $ | 113,798 | $ | 2,701 | $ | 1,134,183 | |||||||||
Collectively evaluated for impairment | 18,964,702 | 9,480,321 | 6,817,277 | 637,962 | 35,900,262 | ||||||||||||||
Purchased loans with evidence of credit deterioration | — | — | — | 110,207 | 110,207 | ||||||||||||||
Total | $ | 19,314,364 | $ | 10,148,343 | $ | 6,931,075 | $ | 750,870 | $ | 37,144,652 |
Nonaccrual loans are summarized as follows: | |||||||
(In thousands) | June 30, 2012 | December 31, 2011 | |||||
Loans held for sale | $ | 30 | $ | 18,216 | |||
Commercial: | |||||||
Commercial and industrial | $ | 133,241 | $ | 126,468 | |||
Leasing | 1,259 | 1,546 | |||||
Owner occupied | 239,549 | 239,203 | |||||
Total commercial | 374,049 | 367,217 | |||||
Commercial real estate: | |||||||
Construction and land development | 115,411 | 219,837 | |||||
Term | 182,412 | 156,165 | |||||
Total commercial real estate | 297,823 | 376,002 | |||||
Consumer: | |||||||
Home equity credit line | 13,741 | 18,376 | |||||
1-4 family residential | 74,935 | 90,857 | |||||
Construction and other consumer real estate | 7,731 | 12,096 | |||||
Bankcard and other revolving plans | 1,256 | 346 | |||||
Other | 1,945 | 2,498 | |||||
Total consumer loans | 99,608 | 124,173 | |||||
FDIC-supported loans | 21,980 | 24,267 | |||||
Total | $ | 793,460 | $ | 891,659 |
Past due loans (accruing and nonaccruing) are summarized as follows: | |||||||||||||||||||||||||||
June 30, 2012 | |||||||||||||||||||||||||||
(In thousands) | Current | 30-89 days past due | 90+ days past due | Total past due | Total loans | Accruing loans 90+ days past due | Nonaccrual loans that are current1 | ||||||||||||||||||||
Loans held for sale | $ | 139,215 | $ | 30 | $ | — | $ | 30 | $ | 139,245 | $ | — | $ | — | |||||||||||||
Commercial: | |||||||||||||||||||||||||||
Commercial and industrial | $ | 10,242,577 | $ | 53,792 | $ | 86,307 | $ | 140,099 | $ | 10,382,676 | $ | 7,440 | $ | 44,566 | |||||||||||||
Leasing | 404,387 | 825 | 1,290 | 2,115 | 406,502 | 34 | — | ||||||||||||||||||||
Owner occupied | 7,632,058 | 53,507 | 125,071 | 178,578 | 7,810,636 | 4,674 | 97,109 | ||||||||||||||||||||
Municipal | 476,668 | — | — | — | 476,668 | — | — | ||||||||||||||||||||
Total commercial | 18,755,690 | 108,124 | 212,668 | 320,792 | 19,076,482 | 12,148 | 141,675 | ||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||||
Construction and land development | 2,008,441 | 32,853 | 57,770 | 90,623 | 2,099,064 | 2,335 | 50,991 | ||||||||||||||||||||
Term | 7,885,492 | 36,470 | 89,319 | 125,789 | 8,011,281 | 1,221 | 80,753 | ||||||||||||||||||||
Total commercial real estate | 9,893,933 | 69,323 | 147,089 | 216,412 | 10,110,345 | 3,556 | 131,744 | ||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||
Home equity credit line | 2,169,606 | 6,188 | 5,063 | 11,251 | 2,180,857 | — | 6,001 | ||||||||||||||||||||
1-4 family residential | 3,960,786 | 13,405 | 44,667 | 58,072 | 4,018,858 | 459 | 27,160 | ||||||||||||||||||||
Construction and other consumer real estate | 310,855 | 2,101 | 14,911 | 17,012 | 327,867 | 12,096 | 4,339 | ||||||||||||||||||||
Bankcard and other revolving plans | 279,221 | 3,144 | 1,747 | 4,891 | 284,112 | 1,197 | 580 | ||||||||||||||||||||
Other | 229,536 | 1,639 | 1,408 | 3,047 | 232,583 | 4 | 465 | ||||||||||||||||||||
Total consumer loans | 6,950,004 | 26,477 | 67,796 | 94,273 | 7,044,277 | 13,756 | 38,545 | ||||||||||||||||||||
FDIC-supported loans | 541,689 | 17,430 | 83,127 | 100,557 | 642,246 | 70,453 | 7,395 | ||||||||||||||||||||
Total | $ | 36,141,316 | $ | 221,354 | $ | 510,680 | $ | 732,034 | $ | 36,873,350 | $ | 99,913 | $ | 319,359 |
December 31, 2011 | |||||||||||||||||||||||||||
(In thousands) | Current | 30-89 days past due | 90+ days past due | Total past due | Total loans | Accruing loans 90+ days past due | Nonaccrual loans that are current1 | ||||||||||||||||||||
Loans held for sale | $ | 183,344 | $ | — | $ | 18,246 | $ | 18,246 | $ | 201,590 | $ | 30 | $ | — | |||||||||||||
Commercial: | |||||||||||||||||||||||||||
Commercial and industrial | $ | 10,198,434 | $ | 62,153 | $ | 74,271 | $ | 136,424 | $ | 10,334,858 | $ | 4,966 | $ | 47,939 | |||||||||||||
Leasing | 377,914 | 1,634 | 161 | 1,795 | 379,709 | — | 1,319 | ||||||||||||||||||||
Owner occupied | 7,953,280 | 93,763 | 111,513 | 205,276 | 8,158,556 | 3,230 | 85,495 | ||||||||||||||||||||
Municipal | 441,241 | — | — | — | 441,241 | — | — | ||||||||||||||||||||
Total commercial | 18,970,869 | 157,550 | 185,945 | 343,495 | 19,314,364 | 8,196 | 134,753 | ||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||||
Construction and land development | 2,137,544 | 21,562 | 105,803 | 127,365 | 2,264,909 | 2,471 | 107,991 | ||||||||||||||||||||
Term | 7,770,268 | 51,592 | 61,574 | 113,166 | 7,883,434 | 4,170 | 88,451 | ||||||||||||||||||||
Total commercial real estate | 9,907,812 | 73,154 | 167,377 | 240,531 | 10,148,343 | 6,641 | 196,442 | ||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||
Home equity credit line | 2,169,190 | 8,669 | 9,569 | 18,238 | 2,187,428 | — | 5,542 | ||||||||||||||||||||
1-4 family residential | 3,846,012 | 18,985 | 56,219 | 75,204 | 3,921,216 | 2,833 | 32,067 | ||||||||||||||||||||
Construction and other consumer real estate | 294,371 | 5,008 | 6,494 | 11,502 | 305,873 | 136 | 4,773 | ||||||||||||||||||||
Bankcard and other revolving plans | 287,541 | 1,984 | 1,493 | 3,477 | 291,018 | 1,309 | 122 | ||||||||||||||||||||
Other | 221,575 | 1,995 | 1,970 | 3,965 | 225,540 | — | 372 | ||||||||||||||||||||
Total consumer loans | 6,818,689 | 36,641 | 75,745 | 112,386 | 6,931,075 | 4,278 | 42,876 | ||||||||||||||||||||
FDIC-supported loans | 634,113 | 27,791 | 88,966 | 116,757 | 750,870 | 74,611 | 6,812 | ||||||||||||||||||||
Total | $ | 36,331,483 | $ | 295,136 | $ | 518,033 | $ | 813,169 | $ | 37,144,652 | $ | 93,726 | $ | 380,883 |
June 30, 2012 | |||||||||||||||||||||||
(In thousands) | Pass | Special Mention | Sub- standard | Doubtful | Total loans | Total allowance | |||||||||||||||||
Loans held for sale | $ | 138,633 | $ | — | $ | 612 | $ | — | $ | 139,245 | $ | — | |||||||||||
Commercial: | |||||||||||||||||||||||
Commercial and industrial | $ | 9,750,389 | $ | 275,392 | $ | 343,102 | $ | 13,793 | $ | 10,382,676 | |||||||||||||
Leasing | 395,595 | 3,232 | 7,675 | — | 406,502 | ||||||||||||||||||
Owner occupied | 7,104,691 | 154,787 | 544,520 | 6,638 | 7,810,636 | ||||||||||||||||||
Municipal | 465,266 | 11,402 | — | — | 476,668 | ||||||||||||||||||
Total commercial | 17,715,941 | 444,813 | 895,297 | 20,431 | 19,076,482 | $ | 616,359 | ||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||
Construction and land development | 1,655,632 | 162,031 | 280,118 | 1,283 | 2,099,064 | ||||||||||||||||||
Term | 7,328,172 | 200,661 | 475,965 | 6,483 | 8,011,281 | ||||||||||||||||||
Total commercial real estate | 8,983,804 | 362,692 | 756,083 | 7,766 | 10,110,345 | 232,049 | |||||||||||||||||
Consumer: | |||||||||||||||||||||||
Home equity credit line | 2,134,373 | 103 | 46,333 | 48 | 2,180,857 | ||||||||||||||||||
1-4 family residential | 3,889,904 | 2,613 | 126,126 | 215 | 4,018,858 | ||||||||||||||||||
Construction and other consumer real estate | 303,565 | 12,127 | 10,644 | 1,531 | 327,867 | ||||||||||||||||||
Bankcard and other revolving plans | 272,140 | 3,553 | 8,419 | — | 284,112 | ||||||||||||||||||
Other | 227,976 | — | 4,607 | — | 232,583 | ||||||||||||||||||
Total consumer loans | 6,827,958 | 18,396 | 196,129 | 1,794 | 7,044,277 | 102,391 | |||||||||||||||||
FDIC-supported loans | 409,492 | 25,297 | 207,457 | — | 642,246 | 20,917 | |||||||||||||||||
Total | $ | 33,937,195 | $ | 851,198 | $ | 2,054,966 | $ | 29,991 | $ | 36,873,350 | $ | 971,716 |
December 31, 2011 | |||||||||||||||||||||||
(In thousands) | Pass | Special Mention | Sub- standard | Doubtful | Total loans | Total allowance | |||||||||||||||||
Loans held for sale | $ | 182,626 | $ | — | $ | 18,964 | $ | — | $ | 201,590 | $ | — | |||||||||||
Commercial: | |||||||||||||||||||||||
Commercial and industrial | $ | 9,612,143 | $ | 271,845 | $ | 442,139 | $ | 8,731 | $ | 10,334,858 | |||||||||||||
Leasing | 362,711 | 5,878 | 11,120 | — | 379,709 | ||||||||||||||||||
Owner occupied | 7,481,207 | 184,821 | 486,584 | 5,944 | 8,158,556 | ||||||||||||||||||
Municipal | 425,807 | 15,434 | — | — | 441,241 | ||||||||||||||||||
Total commercial | 17,881,868 | 477,978 | 939,843 | 14,675 | 19,314,364 | $ | 627,825 | ||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||
Construction and land development | 1,647,741 | 187,323 | 426,152 | 3,693 | 2,264,909 | ||||||||||||||||||
Term | 7,243,678 | 196,377 | 437,390 | 5,989 | 7,883,434 | ||||||||||||||||||
Total commercial real estate | 8,891,419 | 383,700 | 863,542 | 9,682 | 10,148,343 | 275,546 | |||||||||||||||||
Consumer: | |||||||||||||||||||||||
Home equity credit line | 2,136,190 | 106 | 51,089 | 43 | 2,187,428 | ||||||||||||||||||
1-4 family residential | 3,788,958 | 5,736 | 126,277 | 245 | 3,921,216 | ||||||||||||||||||
Construction and other consumer real estate | 274,712 | 12,206 | 16,967 | 1,988 | 305,873 | ||||||||||||||||||
Bankcard and other revolving plans | 278,767 | 3,832 | 8,419 | — | 291,018 | ||||||||||||||||||
Other | 221,114 | 163 | 4,256 | 7 | 225,540 | ||||||||||||||||||
Total consumer loans | 6,699,741 | 22,043 | 207,008 | 2,283 | 6,931,075 | 123,115 | |||||||||||||||||
FDIC-supported loans | 499,956 | 35,877 | 215,031 | 6 | 750,870 | 23,472 | |||||||||||||||||
Total | $ | 33,972,984 | $ | 919,598 | $ | 2,225,424 | $ | 26,646 | $ | 37,144,652 | $ | 1,049,958 |
June 30, 2012 | |||||||||||||||||||
(In thousands) | Unpaid principal balance | Recorded investment | Total recorded investment | Related allowance | |||||||||||||||
with no allowance | with allowance | ||||||||||||||||||
Commercial: | |||||||||||||||||||
Commercial and industrial | $ | 218,406 | $ | 35,361 | $ | 128,168 | $ | 163,529 | $ | 23,015 | |||||||||
Owner occupied | 234,421 | 102,753 | 102,469 | 205,222 | 11,419 | ||||||||||||||
Total commercial | 452,827 | 138,114 | 230,637 | 368,751 | 34,434 | ||||||||||||||
Commercial real estate: | |||||||||||||||||||
Construction and land development | 277,856 | 97,965 | 125,876 | 223,841 | 7,932 | ||||||||||||||
Term | 341,484 | 106,839 | 175,222 | 282,061 | 16,209 | ||||||||||||||
Total commercial real estate | 619,340 | 204,804 | 301,098 | 505,902 | 24,141 | ||||||||||||||
Consumer: | |||||||||||||||||||
Home equity credit line | 1,526 | 729 | 28 | 757 | 1 | ||||||||||||||
1-4 family residential | 110,449 | 40,053 | 55,382 | 95,435 | 11,151 | ||||||||||||||
Construction and other consumer real estate | 9,331 | 3,124 | 3,967 | 7,091 | 766 | ||||||||||||||
Bankcard and other revolving plans | 294 | — | 294 | 294 | 124 | ||||||||||||||
Other | 2,638 | 2,192 | — | 2,192 | — | ||||||||||||||
Total consumer loans | 124,238 | 46,098 | 59,671 | 105,769 | 12,042 | ||||||||||||||
FDIC-supported loans | 210,936 | 39,450 | 59,165 | 98,615 | 5,493 | ||||||||||||||
Total | $ | 1,407,341 | $ | 428,466 | $ | 650,571 | $ | 1,079,037 | $ | 76,110 |
December 31, 2011 | |||||||||||||||||||
(In thousands) | Unpaid principal balance | Recorded investment | Total recorded investment | Related allowance | |||||||||||||||
with no allowance | with allowance | ||||||||||||||||||
Commercial: | |||||||||||||||||||
Commercial and industrial | $ | 212,263 | $ | 69,492 | $ | 66,438 | $ | 135,930 | $ | 6,373 | |||||||||
Owner occupied | 258,173 | 135,555 | 78,177 | 213,732 | 5,083 | ||||||||||||||
Total commercial | 470,436 | 205,047 | 144,615 | 349,662 | 11,456 | ||||||||||||||
Commercial real estate: | |||||||||||||||||||
Construction and land development | 405,499 | 178,113 | 136,634 | 314,747 | 8,925 | ||||||||||||||
Term | 414,998 | 187,345 | 165,930 | 353,275 | 12,046 | ||||||||||||||
Total commercial real estate | 820,497 | 365,458 | 302,564 | 668,022 | 20,971 | ||||||||||||||
Consumer: | |||||||||||||||||||
Home equity credit line | 1,955 | 384 | 1,469 | 1,853 | 411 | ||||||||||||||
1-4 family residential | 116,498 | 58,392 | 39,960 | 98,352 | 7,555 | ||||||||||||||
Construction and other consumer real estate | 13,340 | 4,537 | 6,188 | 10,725 | 1,026 | ||||||||||||||
Bankcard and other revolving plans | — | — | — | — | — | ||||||||||||||
Other | 2,889 | 2,840 | 28 | 2,868 | 3 | ||||||||||||||
Total consumer loans | 134,682 | 66,153 | 47,645 | 113,798 | 8,995 | ||||||||||||||
FDIC-supported loans | 353,195 | 47,736 | 65,188 | 112,924 | 6,642 | ||||||||||||||
Total | $ | 1,778,810 | $ | 684,394 | $ | 560,012 | $ | 1,244,406 | $ | 48,064 |
Three Months Ended June 30, 2012 | Six Months Ended June 30, 2012 | |||||||||||||||
(In thousands) | Average recorded investment | Interest income recognized | Average recorded investment | Interest income recognized | ||||||||||||
Commercial: | ||||||||||||||||
Commercial and industrial | $ | 163,397 | $ | 820 | $ | 158,783 | $ | 1,509 | ||||||||
Owner occupied | 196,213 | 644 | 179,503 | 1,176 | ||||||||||||
Total commercial | 359,610 | 1,464 | 338,286 | 2,685 | ||||||||||||
Commercial real estate: | ||||||||||||||||
Construction and land development | 218,087 | 1,385 | 207,418 | 2,940 | ||||||||||||
Term | 268,798 | 1,416 | 255,229 | 2,789 | ||||||||||||
Total commercial real estate | 486,885 | 2,801 | 462,647 | 5,729 | ||||||||||||
Consumer: | ||||||||||||||||
Home equity credit line | 906 | 2 | 998 | 4 | ||||||||||||
1-4 family residential | 93,188 | 437 | 86,799 | 758 | ||||||||||||
Construction and other consumer real estate | 7,079 | 43 | 6,763 | 88 | ||||||||||||
Bankcard and other revolving plans | 98 | — | 49 | — | ||||||||||||
Other | 1,550 | — | 2,105 | — | ||||||||||||
Total consumer loans | 102,821 | 482 | 96,714 | 850 | ||||||||||||
FDIC-supported loans | 102,503 | 11,288 | 1 | 106,570 | 20,148 | 1 | ||||||||||
Total | $ | 1,051,819 | $ | 16,035 | $ | 1,004,217 | $ | 29,412 |
Three Months Ended June 30, 2011 | Six Months Ended June 30, 2011 | |||||||||||||||
(In thousands) | Average recorded investment | Interest income recognized | Average recorded investment | Interest income recognized | ||||||||||||
Commercial: | ||||||||||||||||
Commercial and industrial | $ | 191,826 | $ | 496 | $ | 201,990 | $ | 1,140 | ||||||||
Leasing | 129 | — | 66 | — | ||||||||||||
Owner occupied | 300,560 | 777 | 312,113 | 1,432 | ||||||||||||
Municipal | 5,898 | — | 2,949 | — | ||||||||||||
Total commercial | 498,413 | 1,273 | 517,118 | 2,572 | ||||||||||||
Commercial real estate: | ||||||||||||||||
Construction and land development | 489,695 | 1,212 | 536,495 | 2,574 | ||||||||||||
Term | 393,803 | 1,717 | 407,506 | 4,299 | ||||||||||||
Total commercial real estate | 883,498 | 2,929 | 944,001 | 6,873 | ||||||||||||
Consumer: | ||||||||||||||||
Home equity credit line | 708 | — | 1,332 | 1 | ||||||||||||
1-4 family residential | 105,397 | 310 | 107,666 | 624 | ||||||||||||
Construction and other consumer real estate | 10,778 | 8 | 13,382 | 22 | ||||||||||||
Bankcard and other revolving plans | 10 | — | 31 | — | ||||||||||||
Other | 3,932 | — | 3,829 | — | ||||||||||||
Total consumer loans | 120,825 | 318 | 126,240 | 647 | ||||||||||||
FDIC-supported loans | 148,272 | 14,217 | 1 | 161,557 | 28,503 | 1 | ||||||||||
Total | $ | 1,651,008 | $ | 18,737 | $ | 1,748,916 | $ | 38,595 |
June 30, 2012 | |||||||||||||||||||||||||||
Recorded investment resulting from the following modification types: | |||||||||||||||||||||||||||
(In thousands) | Interest rate below market | Maturity or term extension | Principal forgiveness | Payment deferral | Other1 | Multiple modification types2 | Total | ||||||||||||||||||||
Accruing | |||||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||
Commercial and industrial | $ | 280 | $ | 5,382 | $ | — | $ | 3,846 | $ | 27,194 | $ | 19,608 | $ | 56,310 | |||||||||||||
Owner occupied | 1,316 | 15,230 | — | 5,704 | 4,542 | 13,401 | 40,193 | ||||||||||||||||||||
Total commercial | 1,596 | 20,612 | — | 9,550 | 31,736 | 33,009 | 96,503 | ||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||||
Construction and land development | 1,745 | 26,539 | 7 | 59 | 37,078 | 47,928 | 113,356 | ||||||||||||||||||||
Term | 1,950 | 1,882 | 2,990 | 2,208 | 27,541 | 88,515 | 125,086 | ||||||||||||||||||||
Total commercial real estate | 3,695 | 28,421 | 2,997 | 2,267 | 64,619 | 136,443 | 238,442 | ||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||
Home equity credit line | 194 | — | — | — | — | 90 | 284 | ||||||||||||||||||||
1-4 family residential | 6,174 | 6,936 | 1,059 | — | 3,526 | 37,867 | 55,562 | ||||||||||||||||||||
Construction and other consumer real estate | 156 | 472 | — | — | 652 | 1,289 | 2,569 | ||||||||||||||||||||
Total consumer loans | 6,524 | 7,408 | 1,059 | — | 4,178 | 39,246 | 58,415 | ||||||||||||||||||||
Total accruing | 11,815 | 56,441 | 4,056 | 11,817 | 100,533 | 208,698 | 393,360 | ||||||||||||||||||||
Nonaccruing | |||||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||
Commercial and industrial | 339 | 5,700 | 2,643 | 526 | 15,600 | 12,847 | 37,655 | ||||||||||||||||||||
Owner occupied | 5,142 | 1,141 | 684 | 8,888 | 9,994 | 14,708 | 40,557 | ||||||||||||||||||||
Total commercial | 5,481 | 6,841 | 3,327 | 9,414 | 25,594 | 27,555 | 78,212 | ||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||||
Construction and land development | 16,382 | 2,487 | — | — | 8,194 | 43,426 | 70,489 | ||||||||||||||||||||
Term | 4,414 | 37 | — | 2,484 | 11,586 | 38,780 | 57,301 | ||||||||||||||||||||
Total commercial real estate | 20,796 | 2,524 | — | 2,484 | 19,780 | 82,206 | 127,790 | ||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||
Home equity credit line | — | — | — | — | — | 128 | 128 | ||||||||||||||||||||
1-4 family residential | 1,145 | 48 | 311 | — | 848 | 15,469 | 17,821 | ||||||||||||||||||||
Construction and other consumer real estate | 12 | 1,931 | — | — | — | 1,380 | 3,323 | ||||||||||||||||||||
Bankcard and other revolving plans | — | 294 | — | — | — | — | 294 | ||||||||||||||||||||
Total consumer loans | 1,157 | 2,273 | 311 | — | 848 | 16,977 | 21,566 | ||||||||||||||||||||
Total nonaccruing | 27,434 | 11,638 | 3,638 | 11,898 | 46,222 | 126,738 | 227,568 | ||||||||||||||||||||
Total | $ | 39,249 | $ | 68,079 | $ | 7,694 | $ | 23,715 | $ | 146,755 | $ | 335,436 | $ | 620,928 |
December 31, 2011 | |||||||||||||||||||||||||||
Recorded investment resulting from the following modification types: | |||||||||||||||||||||||||||
(In thousands) | Interest rate below market | Maturity or term extension | Principal forgiveness | Payment deferral | Other1 | Multiple modification types2 | Total | ||||||||||||||||||||
Accruing | |||||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||
Commercial and industrial | $ | 302 | $ | 7,727 | $ | — | $ | 1,955 | $ | 27,370 | $ | 4,517 | $ | 41,871 | |||||||||||||
Owner occupied | 1,875 | 15,224 | 37 | 1,008 | 5,504 | 20,449 | 44,097 | ||||||||||||||||||||
Total commercial | 2,177 | 22,951 | 37 | 2,963 | 32,874 | 24,966 | 85,968 | ||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||||
Construction and land development | 644 | 33,284 | 565 | — | 28,911 | 34,862 | 98,266 | ||||||||||||||||||||
Term | 2,738 | 33,885 | 3,027 | 23,640 | 54,031 | 95,868 | 213,189 | ||||||||||||||||||||
Total commercial real estate | 3,382 | 67,169 | 3,592 | 23,640 | 82,942 | 130,730 | 311,455 | ||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||
Home equity credit line | — | — | — | — | 32 | — | 32 | ||||||||||||||||||||
1-4 family residential | 3,270 | 1,663 | 525 | — | 6,103 | 34,839 | 46,400 | ||||||||||||||||||||
Construction and other consumer real estate | 166 | 1,444 | — | — | 635 | 1,981 | 4,226 | ||||||||||||||||||||
Other | — | 28 | — | — | — | — | 28 | ||||||||||||||||||||
Total consumer loans | 3,436 | 3,135 | 525 | — | 6,770 | 36,820 | 50,686 | ||||||||||||||||||||
Total accruing | 8,995 | 93,255 | 4,154 | 26,603 | 122,586 | 192,516 | 448,109 | ||||||||||||||||||||
Nonaccruing | |||||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||
Commercial and industrial | 3,526 | 6,094 | — | 1,429 | 8,384 | 10,202 | 29,635 | ||||||||||||||||||||
Owner occupied | 4,464 | 1,101 | 715 | 6,575 | 17,070 | 10,300 | 40,225 | ||||||||||||||||||||
Total commercial | 7,990 | 7,195 | 715 | 8,004 | 25,454 | 20,502 | 69,860 | ||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||||
Construction and land development | 15,088 | 3,348 | 19 | 2,060 | 7,441 | 94,502 | 122,458 | ||||||||||||||||||||
Term | 3,445 | 50 | — | 4,250 | 4,724 | 65,316 | 77,785 | ||||||||||||||||||||
Total commercial real estate | 18,533 | 3,398 | 19 | 6,310 | 12,165 | 159,818 | 200,243 | ||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||
Home equity credit line | 195 | — | — | — | 253 | 69 | 517 | ||||||||||||||||||||
1-4 family residential | 1,386 | 85 | 939 | 718 | 1,391 | 18,476 | 22,995 | ||||||||||||||||||||
Construction and other consumer real estate | 18 | 1,837 | — | — | — | 355 | 2,210 | ||||||||||||||||||||
Total consumer loans | 1,599 | 1,922 | 939 | 718 | 1,644 | 18,900 | 25,722 | ||||||||||||||||||||
Total nonaccruing | 28,122 | 12,515 | 1,673 | 15,032 | 39,263 | 199,220 | 295,825 | ||||||||||||||||||||
Total | $ | 37,117 | $ | 105,770 | $ | 5,827 | $ | 41,635 | $ | 161,849 | $ | 391,736 | $ | 743,934 |
(In thousands) | Three Months Ended June 30, 2012 | Six Months Ended June 30, 2012 | Year Ended December 31, 2011 | ||||||||||
Commercial: | |||||||||||||
Commercial and industrial | $ | (8 | ) | $ | (23 | ) | $ | (46 | ) | ||||
Owner occupied | (329 | ) | (705 | ) | (1,650 | ) | |||||||
Total commercial | (337 | ) | (728 | ) | (1,696 | ) | |||||||
Commercial real estate: | |||||||||||||
Construction and land development | (236 | ) | (469 | ) | (244 | ) | |||||||
Term | (1,473 | ) | (3,026 | ) | (7,096 | ) | |||||||
Total commercial real estate | (1,709 | ) | (3,495 | ) | (7,340 | ) | |||||||
Consumer: | |||||||||||||
Home equity credit line | (19 | ) | (34 | ) | — | ||||||||
1-4 family residential | (3,992 | ) | (7,841 | ) | (10,188 | ) | |||||||
Construction and other consumer real estate | (107 | ) | (215 | ) | (406 | ) | |||||||
Total consumer loans | (4,118 | ) | (8,090 | ) | (10,594 | ) | |||||||
Total decrease to interest income | $ | (6,164 | ) | 1 | $ | (12,313 | ) | 1 | $ | (19,630 | ) | 1 |
(In thousands) | Three Months Ended June 30, 2012 | Six Months Ended June 30, 2012 | Year Ended December 31, 2011 | ||||||||||||||||||||||||||||||||
Accruing | Nonaccruing | Total | Accruing | Nonaccruing | Total | Accruing | Nonaccruing | Total | |||||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||||||||
Commercial and industrial | $ | — | $ | 114 | $ | 114 | $ | — | $ | 1,291 | $ | 1,291 | $ | 35 | $ | 1,700 | $ | 1,735 | |||||||||||||||||
Owner occupied | — | 5,405 | 5,405 | — | 5,405 | 5,405 | — | 441 | 441 | ||||||||||||||||||||||||||
Total commercial | — | 5,519 | 5,519 | — | 6,696 | 6,696 | 35 | 2,141 | 2,176 | ||||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||||||||||||
Construction and land development | — | 2,765 | 2,765 | — | 2,765 | 2,765 | — | 11,667 | 11,667 | ||||||||||||||||||||||||||
Term | — | — | — | — | 1,466 | 1,466 | — | 5,971 | 5,971 | ||||||||||||||||||||||||||
Total commercial real estate | — | 2,765 | 2,765 | — | 4,231 | 4,231 | — | 17,638 | 17,638 | ||||||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||||||||||
1-4 family residential | — | — | — | — | 526 | 526 | — | 2,745 | 2,745 | ||||||||||||||||||||||||||
Total consumer loans | — | — | — | — | 526 | 526 | — | 2,745 | 2,745 | ||||||||||||||||||||||||||
Total | $ | — | $ | 8,284 | $ | 8,284 | $ | — | $ | 11,453 | $ | 11,453 | $ | 35 | $ | 22,524 | $ | 22,559 |
(In thousands) | June 30, 2012 | December 31, 2011 | |||||
Commercial | $ | 274,629 | $ | 321,515 | |||
Commercial real estate | 453,394 | 556,197 | |||||
Consumer | 47,597 | 57,391 | |||||
Outstanding balance | $ | 775,620 | $ | 935,103 | |||
Carrying amount | $ | 578,845 | $ | 672,159 | |||
ALLL | 19,776 | 21,604 | |||||
Carrying amount, net | $ | 559,069 | $ | 650,555 |
(In thousands) | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||||
Balance at beginning of period | $ | 174,004 | $ | 271,736 | $ | 184,679 | $ | 277,005 | |||||||
Accretion | (22,882 | ) | (31,247 | ) | (44,415 | ) | (62,690 | ) | |||||||
Reclassification from nonaccretable difference | 1,678 | 2,520 | 15,547 | 25,912 | |||||||||||
Disposals and other | 4,240 | (810 | ) | 1,229 | 1,972 | ||||||||||
Balance at end of period | $ | 157,040 | $ | 242,199 | $ | 157,040 | $ | 242,199 |
(In thousands) | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||||
Balance at beginning of period | $ | 121,332 | $ | 172,170 | $ | 133,810 | $ | 195,516 | |||||||
Amounts filed with the FDIC and collected or in process | 12,495 | (6,404 | ) | 11,202 | (12,911 | ) | |||||||||
Net change in asset balance due to reestimation of projected cash flows 1 | (16,660 | ) | (15,209 | ) | (27,845 | ) | (32,048 | ) | |||||||
Balance at end of period | $ | 117,167 | $ | 150,557 | $ | 117,167 | $ | 150,557 |
6. | DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES |
June 30, 2012 | December 31, 2011 | ||||||||||||||||||||||
Notional amount | Fair value | Notional amount | Fair value | ||||||||||||||||||||
(In thousands) | Other assets | Other liabilities | Other assets | Other liabilities | |||||||||||||||||||
Derivatives designated as hedging instruments | |||||||||||||||||||||||
Asset derivatives | |||||||||||||||||||||||
Cash flow hedges 1: | |||||||||||||||||||||||
Interest rate swaps | $ | 150,000 | $ | 3,617 | $ | — | $ | 335,000 | $ | 7,341 | $ | — | |||||||||||
Total derivatives designated as hedging instruments | 150,000 | 3,617 | — | 335,000 | 7,341 | — | |||||||||||||||||
Derivatives not designated as hedging instruments | |||||||||||||||||||||||
Interest rate swaps | 120,238 | 1,463 | 1,474 | 145,388 | 1,952 | 1,977 | |||||||||||||||||
Interest rate swaps for customers 2 | 2,463,149 | 83,319 | 88,196 | 2,638,601 | 82,648 | 87,363 | |||||||||||||||||
Basis swaps | — | — | — | 85,000 | 3 | 11 | |||||||||||||||||
Options contracts | — | — | — | 1,700,000 | 11 | — | |||||||||||||||||
Total return swap | 1,159,686 | — | 5,337 | 1,159,686 | — | 5,422 | |||||||||||||||||
Total derivatives not designated as hedging instruments | 3,743,073 | 84,782 | 95,007 | 5,728,675 | 84,614 | 94,773 | |||||||||||||||||
Total derivatives | $ | 3,893,073 | $ | 88,399 | $ | 95,007 | $ | 6,063,675 | $ | 91,955 | $ | 94,773 |
Three Months Ended June 30, 2012 | Six Months Ended June 30, 2012 | ||||||||||||||||||||||||||||||
Amount of derivative gain (loss) recognized/reclassified | |||||||||||||||||||||||||||||||
(In thousands) | OCI | Reclassified from AOCI to interest income | Noninterest income (expense) | Offset to interest expense | OCI | Reclassified from AOCI to interest income | Noninterest income (expense) | Offset to interest expense | |||||||||||||||||||||||
Derivatives designated as hedging instruments | |||||||||||||||||||||||||||||||
Asset derivatives | |||||||||||||||||||||||||||||||
Cash flow hedges 1: | |||||||||||||||||||||||||||||||
Interest rate swaps | $ | 95 | $ | 3,199 | $ | — | $ | 306 | $ | 8,493 | $ | — | |||||||||||||||||||
95 | 3,199 | — | 306 | 8,493 | 3 | — | |||||||||||||||||||||||||
Liability derivatives | |||||||||||||||||||||||||||||||
Fair value hedges: | |||||||||||||||||||||||||||||||
Terminated swaps on long-term debt | $ | 756 | $ | 1,506 | |||||||||||||||||||||||||||
Total derivatives designated as hedging instruments | 95 | 3,199 | — | 756 | 306 | 8,493 | — | 1,506 | |||||||||||||||||||||||
Derivatives not designated as hedging instruments | |||||||||||||||||||||||||||||||
Interest rate swaps | 4 | (128 | ) | ||||||||||||||||||||||||||||
Interest rate swaps for customers 2 | (804 | ) | 586 | ||||||||||||||||||||||||||||
Basis swaps | — | 18 | |||||||||||||||||||||||||||||
Futures contracts | 14 | (10 | ) | ||||||||||||||||||||||||||||
Total return swap | (5,450 | ) | (10,900 | ) | |||||||||||||||||||||||||||
Total derivatives not designated as hedging instruments | (6,236 | ) | (10,434 | ) | |||||||||||||||||||||||||||
Total derivatives | $ | 95 | $ | 3,199 | $ | (6,236 | ) | $ | 756 | $ | 306 | $ | 8,493 | $ | (10,434 | ) | $ | 1,506 |
Three Months Ended June 30, 2011 | Six Months Ended June 30, 2011 | ||||||||||||||||||||||||||||||
Amount of derivative gain (loss) recognized/reclassified | |||||||||||||||||||||||||||||||
(In thousands) | OCI | Reclassified from AOCI to interest income | Noninterest income (expense) | Offset to interest expense | OCI | Reclassified from AOCI to interest income | Noninterest income (expense) | Offset to interest expense | |||||||||||||||||||||||
Derivatives designated as hedging instruments | |||||||||||||||||||||||||||||||
Asset derivatives | |||||||||||||||||||||||||||||||
Cash flow hedges 1: | |||||||||||||||||||||||||||||||
Interest rate swaps | $ | 1,474 | $ | 8,979 | $ | — | $ | 1,492 | $ | 21,419 | $ | — | |||||||||||||||||||
Interest rate floors | 179 | 889 | — | 183 | 1,686 | — | |||||||||||||||||||||||||
1,653 | 9,868 | — | 1,675 | 23,105 | 3 | — | |||||||||||||||||||||||||
Liability derivatives | |||||||||||||||||||||||||||||||
Fair value hedges: | |||||||||||||||||||||||||||||||
Terminated swaps on long-term debt | $ | 732 | $ | 1,451 | |||||||||||||||||||||||||||
Total derivatives designated as hedging instruments | 1,653 | 9,868 | — | 732 | 1,675 | 23,105 | — | 1,451 | |||||||||||||||||||||||
Derivatives not designated as hedging instruments | |||||||||||||||||||||||||||||||
Interest rate swaps | (13 | ) | (76 | ) | |||||||||||||||||||||||||||
Interest rate swaps for customers 2 | (205 | ) | 1,327 | ||||||||||||||||||||||||||||
Energy commodity swaps for customers 2 | — | 56 | |||||||||||||||||||||||||||||
Basis swaps | 62 | 149 | |||||||||||||||||||||||||||||
Futures contracts | 5,537 | 4,778 | |||||||||||||||||||||||||||||
Options contracts | (521 | ) | 502 | ||||||||||||||||||||||||||||
Total derivatives not designated as hedging instruments | 4,860 | 6,736 | |||||||||||||||||||||||||||||
Total derivatives | $ | 1,653 | $ | 9,868 | $ | 4,860 | $ | 732 | $ | 1,675 | $ | 23,105 | $ | 6,736 | $ | 1,451 |
1) | The Company built on its fair valuation process for the underlying CDO portfolio and utilized those same projected cash flows to quantify the extent and timing of payments to be received from the Trustee related to each CDO and in the aggregate. For valuation purposes, we assumed that a market participant would cancel the TRS at the first opportunity if the TRS did not have a positive value based on the best estimates of cash flows through maturity. Consequently, the fair value approximated the amount of required payments up to the earliest termination date. |
2) | A valuation from a market participant in possession of all relevant terms and costs of the TRS structure. |
7. | DEBT AND SHAREHOLDERS’ EQUITY |
Changes in accumulated other comprehensive income (loss) are summarized as follows: | ||||||||||||||||||||
(In thousands) | Net unrealized gains (losses) on investments and retained interests | Net unrealized gains (losses) on derivative instruments | Pension and post- retirement | Total | ||||||||||||||||
Six Months Ended June 30, 2012: | ||||||||||||||||||||
Balance at December 31, 2011 | $ | (546,763 | ) | $ | 9,404 | $ | (54,725 | ) | $ | (592,084 | ) | |||||||||
Other comprehensive income (loss), net of tax: | ||||||||||||||||||||
Net realized and unrealized holding gains, net of income tax expense of $17,775 | 29,045 | 29,045 | ||||||||||||||||||
Reclassification for net losses included in earnings, net of income tax benefit of $4,318 | 6,619 | 6,619 | ||||||||||||||||||
Noncredit-related impairment losses on securities not expected to be sold, net of income tax benefit of $9,479 | (15,303 | ) | (15,303 | ) | ||||||||||||||||
Accretion of securities with noncredit-related impairment losses not expected to be sold, net of income tax expense of $349 | 532 | 532 | ||||||||||||||||||
Net unrealized losses, net of reclassification to earnings of $8,493 and income tax benefit of $3,231 | (4,956 | ) | (4,956 | ) | ||||||||||||||||
Other comprehensive income (loss) | 20,893 | (4,956 | ) | — | 15,937 | |||||||||||||||
Balance at June 30, 2012 | $ | (525,870 | ) | $ | 4,448 | $ | (54,725 | ) | $ | (576,147 | ) | |||||||||
Six Months Ended June 30, 2011: | ||||||||||||||||||||
Balance at December 31, 2010 | $ | (456,264 | ) | $ | 30,702 | $ | (35,734 | ) | $ | (461,296 | ) | |||||||||
Other comprehensive income (loss), net of tax: | ||||||||||||||||||||
Net realized and unrealized holding losses, net of income tax benefit of $22,217 | (36,060 | ) | (36,060 | ) | ||||||||||||||||
Reclassification for net losses included in earnings, net of income tax benefit of $4,128 | 6,590 | 6,590 | ||||||||||||||||||
Noncredit-related impairment losses on securities not expected to be sold, net of income tax benefit of $452 | (729 | ) | (729 | ) | ||||||||||||||||
Accretion of securities with noncredit-related impairment losses not expected to be sold, net of income tax expense of $61 | 99 | 99 | ||||||||||||||||||
Net unrealized losses, net of reclassification to earnings of $23,105 and income tax benefit of $8,335 | (13,095 | ) | (13,095 | ) | ||||||||||||||||
Other comprehensive loss | (30,100 | ) | (13,095 | ) | — | (43,195 | ) | |||||||||||||
Balance at June 30, 2011 | $ | (486,364 | ) | $ | 17,607 | $ | (35,734 | ) | $ | (504,491 | ) |
8. | INCOME TAXES |
9. | FAIR VALUE |
(In thousands) | June 30, 2012 | ||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
ASSETS | |||||||||||||||
Investment securities: | |||||||||||||||
Available-for-sale: | |||||||||||||||
U.S. Treasury, agencies and corporations | $ | 3,100 | $ | 1,837,914 | $ | 1,841,014 | |||||||||
Municipal securities | 102,717 | $ | 16,360 | 119,077 | |||||||||||
Asset-backed securities: | |||||||||||||||
Trust preferred – banks and insurance | 184 | 926,450 | 926,634 | ||||||||||||
Trust preferred – real estate investment trusts | 14,431 | 14,431 | |||||||||||||
Auction rate | 7,166 | 7,166 | |||||||||||||
Other (including ABS CDOs) | 5,626 | 40,666 | 46,292 | ||||||||||||
Mutual funds and stock | 206,729 | 6,247 | 212,976 | ||||||||||||
209,829 | 1,952,688 | 1,005,073 | 3,167,590 | ||||||||||||
Trading account | 20,539 | 20,539 | |||||||||||||
Other noninterest-bearing investments: | |||||||||||||||
Private equity | 5,220 | 121,488 | 126,708 | ||||||||||||
Other assets: | |||||||||||||||
Derivatives: | |||||||||||||||
Interest rate related and other | 5,751 | 5,751 | |||||||||||||
Interest rate swaps for customers | 83,319 | 83,319 | |||||||||||||
Foreign currency exchange contracts | 4,366 | 4,366 | |||||||||||||
4,366 | 89,070 | 93,436 | |||||||||||||
$ | 214,195 | $ | 2,067,517 | $ | 1,126,561 | $ | 3,408,273 | ||||||||
LIABILITIES | |||||||||||||||
Securities sold, not yet purchased | $ | 82,658 | $ | 22,224 | $ | 104,882 | |||||||||
Other liabilities: | |||||||||||||||
Derivatives: | |||||||||||||||
Interest rate related and other | 579 | 579 | |||||||||||||
Interest rate swaps for customers | 88,196 | 88,196 | |||||||||||||
Foreign currency exchange contracts | 4,643 | 4,643 | |||||||||||||
Total return swap | $ | 5,337 | 5,337 | ||||||||||||
4,643 | 88,775 | 5,337 | 98,755 | ||||||||||||
Other | 121 | 121 | |||||||||||||
$ | 87,301 | $ | 110,999 | $ | 5,458 | $ | 203,758 |
(In thousands) | December 31, 2011 | ||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
ASSETS | |||||||||||||||
Investment securities: | |||||||||||||||
Available-for-sale: | |||||||||||||||
U.S. Treasury, agencies and corporations | $ | 3,103 | $ | 1,874,010 | $ | 1,877,113 | |||||||||
Municipal securities | 104,787 | $ | 17,381 | 122,168 | |||||||||||
Asset-backed securities: | |||||||||||||||
Trust preferred – banks and insurance | 354 | 929,356 | 929,710 | ||||||||||||
Trust preferred – real estate investment trusts | 18,645 | 18,645 | |||||||||||||
Auction rate | 70,020 | 70,020 | |||||||||||||
Other (including ABS CDOs) | 6,826 | 43,546 | 50,372 | ||||||||||||
Mutual funds and stock | 156,829 | 5,938 | 162,767 | ||||||||||||
159,932 | 1,991,915 | 1,078,948 | 3,230,795 | ||||||||||||
Trading account | 40,273 | 40,273 | |||||||||||||
Other noninterest-bearing investments: | |||||||||||||||
Private equity | 5,339 | 128,348 | 133,687 | ||||||||||||
Other assets: | |||||||||||||||
Derivatives: | |||||||||||||||
Interest rate related and other | 9,560 | 9,560 | |||||||||||||
Interest rate swaps for customers | 82,648 | 82,648 | |||||||||||||
Foreign currency exchange contracts | 6,498 | 6,498 | |||||||||||||
6,498 | 92,208 | 98,706 | |||||||||||||
$ | 166,430 | $ | 2,129,735 | $ | 1,207,296 | $ | 3,503,461 | ||||||||
LIABILITIES | |||||||||||||||
Securities sold, not yet purchased | $ | 13,098 | $ | 31,388 | $ | 44,486 | |||||||||
Other liabilities: | |||||||||||||||
Derivatives: | |||||||||||||||
Interest rate related and other | 734 | 734 | |||||||||||||
Interest rate swaps for customers | 87,363 | 87,363 | |||||||||||||
Foreign currency exchange contracts | 6,046 | 6,046 | |||||||||||||
Total return swap | $ | 5,422 | 5,422 | ||||||||||||
6,046 | 88,097 | 5,422 | 99,565 | ||||||||||||
Other | 86 | 86 | |||||||||||||
$ | 19,144 | $ | 119,485 | $ | 5,508 | $ | 144,137 |
(Dollars in thousands) | Fair value at June 30, 2012 | Valuation approach | Constant default rate (“CDR”) | Loss severity | Prepayment rate | ||||||
Asset-backed securities: | |||||||||||
Trust preferred – predominantly banks | $ | 765,465 | Income | Pool specific 3 | 100% | Pool specific 7 | |||||
Trust preferred – predominantly insurance | 288,665 | Income | Pool specific 4 | 100% | 4.5% per year | ||||||
Trust preferred – individual banks | 18,005 | Market | |||||||||
1,072,135 | 1 | ||||||||||
Trust preferred – real estate investment trusts | 14,431 | Income | Pool specific 5 | 60-100% | 0% per year | ||||||
Other (including ABS CDOs) | 52,880 | 2 | Income | Collateral specific 6 | 70-100% | Collateral weighted average life |
(Dollars in thousands) | ||||||||||||||||||
Fair value at June 30, 2012 | Percentage of total fair value according to original rating | Percentage of total fair value by vintage | ||||||||||||||||
Vintage year | ||||||||||||||||||
AAA | A | BBB | ||||||||||||||||
2001 | $ | 54,703 | 6.0 | % | 1.0 | % | 0.1 | % | 7.1 | % | ||||||||
2002 | 232,448 | 27.8 | 2.6 | — | 30.4 | |||||||||||||
2003 | 266,372 | 23.9 | 10.9 | — | 34.8 | |||||||||||||
2004 | 126,927 | 7.2 | 9.4 | — | 16.6 | |||||||||||||
2005 | 13,121 | 0.9 | 0.8 | 0.1 | 1.8 | |||||||||||||
2006 | 39,395 | 2.6 | 2.3 | 0.2 | 5.1 | |||||||||||||
2007 | 32,499 | 4.2 | — | — | 4.2 | |||||||||||||
$ | 765,465 | 72.6 | % | 27.0 | % | 0.4 | % | 100.0 | % |
Level 3 Instruments | |||||||||||||||||||||||||||||||
Three Months Ended June 30, 2012 | |||||||||||||||||||||||||||||||
(In thousands) | Municipal securities | Trust preferred – banks and insurance | Trust preferred – REIT | Auction rate | Other asset-backed | Private equity investments | Derivatives | Other liabilities | |||||||||||||||||||||||
Balance at March 31, 2012 | $ | 17,109 | $ | 935,870 | $ | 16,000 | $ | 40,873 | $ | 40,322 | $ | 134,746 | $ | (5,218 | ) | $ | (205 | ) | |||||||||||||
Total net gains (losses) included in: | |||||||||||||||||||||||||||||||
Statement of income: | |||||||||||||||||||||||||||||||
Accretion of purchase discount on securities available-for-sale | 21 | 2,475 | 61 | 1 | 80 | ||||||||||||||||||||||||||
Dividends and other investment income | 6,820 | ||||||||||||||||||||||||||||||
Equity securities losses, net | (10,086 | ) | |||||||||||||||||||||||||||||
Fixed income securities gains, net | 3,224 | 2,246 | |||||||||||||||||||||||||||||
Net impairment losses on investment securities | (6,967 | ) | |||||||||||||||||||||||||||||
Other noninterest expense | 84 | ||||||||||||||||||||||||||||||
Other comprehensive income (loss) | (595 | ) | 3,534 | (1,630 | ) | 546 | 569 | ||||||||||||||||||||||||
Purchases | 4,397 | ||||||||||||||||||||||||||||||
Sales | (9,064 | ) | |||||||||||||||||||||||||||||
Redemptions and paydowns | (175 | ) | (11,686 | ) | (36,500 | ) | (305 | ) | (5,325 | ) | (119 | ) | |||||||||||||||||||
Balance at June 30, 2012 | $ | 16,360 | $ | 926,450 | $ | 14,431 | $ | 7,166 | $ | 40,666 | $ | 121,488 | $ | (5,337 | ) | $ | (121 | ) |
Level 3 Instruments | |||||||||||||||||||||||||||||||
Six Months Ended June 30, 2012 | |||||||||||||||||||||||||||||||
(In thousands) | Municipal securities | Trust preferred – banks and insurance | Trust preferred – REIT | Auction rate | Other asset-backed | Private equity investments | Derivatives | Other liabilities | |||||||||||||||||||||||
Balance at December 31, 2011 | $ | 17,381 | $ | 929,356 | $ | 18,645 | $ | 70,020 | $ | 43,546 | $ | 128,348 | $ | (5,422 | ) | $ | (86 | ) | |||||||||||||
Total net gains (losses) included in: | |||||||||||||||||||||||||||||||
Statement of income: | |||||||||||||||||||||||||||||||
Accretion of purchase discount on securities available-for-sale | 64 | 5,028 | 101 | 2 | 160 | ||||||||||||||||||||||||||
Dividends and other investment income | 8,559 | ||||||||||||||||||||||||||||||
Equity securities losses, net | (625 | ) | |||||||||||||||||||||||||||||
Fixed income securities gains (losses), net | 7,776 | 4,134 | (5,773 | ) | |||||||||||||||||||||||||||
Net impairment losses on investment securities | (17,176 | ) | |||||||||||||||||||||||||||||
Other noninterest expense | (35 | ) | |||||||||||||||||||||||||||||
Other comprehensive income (loss) | (635 | ) | 33,733 | (4,315 | ) | 1,335 | 5,883 | ||||||||||||||||||||||||
Purchases | 7,379 | ||||||||||||||||||||||||||||||
Sales | (14,718 | ) | |||||||||||||||||||||||||||||
Redemptions and paydowns | (450 | ) | (32,267 | ) | (68,325 | ) | (3,150 | ) | (7,455 | ) | 85 | ||||||||||||||||||||
Balance at June 30, 2012 | $ | 16,360 | $ | 926,450 | $ | 14,431 | $ | 7,166 | $ | 40,666 | $ | 121,488 | $ | (5,337 | ) | $ | (121 | ) |
Level 3 Instruments | |||||||||||||||||||||||||||||||
Three Months Ended June 30, 2011 | |||||||||||||||||||||||||||||||
(In thousands) | Municipal securities | Trust preferred – banks and insurance | Trust preferred – REIT | Auction rate | Other asset-backed | Private equity investments | Derivatives | Other liabilities | |||||||||||||||||||||||
Balance at March 31, 2011 | $ | 19,057 | $ | 1,183,999 | $ | 19,714 | $ | 109,244 | $ | 69,487 | $ | 142,547 | $ | (10,511 | ) | $ | (442 | ) | |||||||||||||
Total net gains (losses) included in: | |||||||||||||||||||||||||||||||
Statement of income: | |||||||||||||||||||||||||||||||
Accretion of purchase discount on securities available-for-sale | 21 | 1,413 | 1 | 34 | |||||||||||||||||||||||||||
Dividends and other investment income | 4,858 | ||||||||||||||||||||||||||||||
Equity securities losses, net | (1,635 | ) | |||||||||||||||||||||||||||||
Fixed income securities gains (losses), net | 3,595 | 875 | (6,935 | ) | |||||||||||||||||||||||||||
Net impairment losses on investment securities | (3,046 | ) | (2,112 | ) | |||||||||||||||||||||||||||
Other noninterest expense | |||||||||||||||||||||||||||||||
Other comprehensive income (loss) | (216 | ) | (6,852 | ) | (583 | ) | (41 | ) | 5,076 | ||||||||||||||||||||||
Purchases | 9,466 | ||||||||||||||||||||||||||||||
Sales | (71,940 | ) | (19,310 | ) | (4,009 | ) | |||||||||||||||||||||||||
Redemptions and paydowns | (9,252 | ) | (18,975 | ) | (864 | ) | (15,148 | ) | 5,091 | ||||||||||||||||||||||
Balance at June 30, 2011 | $ | 18,862 | $ | 1,097,917 | $ | 19,131 | $ | 91,104 | $ | 45,376 | $ | 136,079 | $ | (5,420 | ) | $ | (442 | ) |
Level 3 Instruments | |||||||||||||||||||||||||||||||
Six Months Ended June 30, 2011 | |||||||||||||||||||||||||||||||
(In thousands) | Municipal securities | Trust preferred – banks and insurance | Trust preferred – REIT | Auction rate | Other asset-backed | Private equity investments | Derivatives | Other liabilities | |||||||||||||||||||||||
Balance at December 31, 2010 | $ | 22,289 | $ | 1,241,694 | $ | 19,165 | $ | 109,609 | $ | 69,630 | $ | 141,690 | $ | (15,925 | ) | $ | (561 | ) | |||||||||||||
Total net gains (losses) included in: | |||||||||||||||||||||||||||||||
Statement of income: | |||||||||||||||||||||||||||||||
Accretion of purchase discount on securities available-for-sale | 190 | 2,890 | 9 | 73 | |||||||||||||||||||||||||||
Dividends and other investment income | 5,565 | ||||||||||||||||||||||||||||||
Equity securities losses, net | (738 | ) | |||||||||||||||||||||||||||||
Fixed income securities gains (losses), net | 18 | 7,063 | (3,605 | ) | 882 | (6,928 | ) | ||||||||||||||||||||||||
Net impairment losses on investment securities | (4,866 | ) | (1,285 | ) | (2,112 | ) | |||||||||||||||||||||||||
Other noninterest expense | 119 | ||||||||||||||||||||||||||||||
Other comprehensive income (loss) | (515 | ) | (57,893 | ) | 5,394 | (61 | ) | 6,400 | |||||||||||||||||||||||
Purchases | 12,799 | ||||||||||||||||||||||||||||||
Sales | (895 | ) | (72,881 | ) | (538 | ) | (135 | ) | (19,310 | ) | (7,286 | ) | |||||||||||||||||||
Redemptions and paydowns | (2,225 | ) | (18,090 | ) | (19,200 | ) | (2,377 | ) | (15,951 | ) | 10,505 | ||||||||||||||||||||
Balance at June 30, 2011 | $ | 18,862 | $ | 1,097,917 | $ | 19,131 | $ | 91,104 | $ | 45,376 | $ | 136,079 | $ | (5,420 | ) | $ | (442 | ) |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
(In thousands) | |||||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||||
Dividends and other investment income | $ | 3,859 | $ | 1,619 | $ | 4,516 | $ | 3,250 | |||||||
Fixed income securities gains (losses), net | 5,470 | (2,465 | ) | 6,137 | (2,570 | ) |
(In thousands) | Fair value at June 30, 2012 | Fair value at December 31, 2011 | |||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||||||||
HTM securities adjusted for OTTI | — | — | $ | 7,940 | $ | 7,940 | — | — | $ | 8,308 | $ | 8,308 | |||||||||||||||||||
Impaired loans | — | $ | 16,060 | — | 16,060 | — | $ | 3,615 | — | 3,615 | |||||||||||||||||||||
Other real estate owned | — | 38,498 | — | 38,498 | — | 66,188 | — | 66,188 | |||||||||||||||||||||||
$ | — | $ | 54,558 | $ | 7,940 | $ | 62,498 | $ | — | $ | 69,803 | $ | 8,308 | $ | 78,111 |
Gains (losses) from fair value changes | Gains (losses) from fair value changes | ||||||||||||||
(In thousands) | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||||
ASSETS | |||||||||||||||
HTM securities adjusted for OTTI | $ | (341 | ) | $ | — | $ | (341 | ) | $ | — | |||||
Impaired loans | (640 | ) | (1,719 | ) | (3,041 | ) | (5,473 | ) | |||||||
Other real estate owned | (6,429 | ) | (8,754 | ) | (12,416 | ) | (30,415 | ) | |||||||
$ | (7,410 | ) | $ | (10,473 | ) | $ | (15,798 | ) | $ | (35,888 | ) |
June 30, 2012 | December 31, 2011 | ||||||||||||||
(In thousands) | Carrying value | Estimated fair value | Carrying value | Estimated fair value | |||||||||||
Financial assets: | |||||||||||||||
HTM investment securities | $ | 773,016 | $ | 715,710 | $ | 807,804 | $ | 729,974 | |||||||
Loans and leases (including loans held for sale), net of allowance | 36,040,879 | 36,116,562 | 36,296,284 | 36,006,619 | |||||||||||
Financial liabilities: | |||||||||||||||
Time deposits | 3,211,942 | 3,240,712 | 3,413,550 | 3,444,189 | |||||||||||
Foreign deposits | 1,504,827 | 1,504,178 | 1,575,361 | 1,574,271 | |||||||||||
Other short-term borrowings | 7,621 | 7,655 | 70,273 | 70,387 | |||||||||||
Long-term debt (less fair value hedges) | 2,265,233 | 2,560,106 | 1,943,618 | 2,225,078 |
10. | GUARANTEES, COMMITMENTS AND CONTINGENCIES |
(In thousands) | June 30, 2012 | December 31, 2011 | |||||
Standby letters of credit: | |||||||
Financial | $ | 883,714 | $ | 914,986 | |||
Performance | 166,238 | 165,298 | |||||
$ | 1,049,952 | $ | 1,080,284 |
• | three complaints relating to allegedly wrongful acts in our processing of overdraft fees on debit card transactions, |
• | a complaint relating to our banking relationships with customers that allegedly engaged in wrongful telemarketing practices, Reyes v. Zions First National Bank, et. al., pending in the United States District Court for the Eastern District of Pennsylvania. |
11. | RETIREMENT PLANS |
Pension benefits | Supplemental retirement benefits | Postretirement benefits | Pension benefits | Supplemental retirement benefits | Postretirement benefits | |||||||||||||||||||||||||||||||||||||||||||
(In thousands) | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||||
2012 | 2011 | 2012 | 2011 | 2012 | 2011 | 2012 | 2011 | 2012 | 2011 | 2012 | 2011 | |||||||||||||||||||||||||||||||||||||
Service cost | $ | 13 | $ | 46 | $ | — | $ | — | $ | 9 | $ | 8 | $ | 25 | $ | 92 | $ | — | $ | — | $ | 18 | $ | 16 | ||||||||||||||||||||||||
Interest cost | 1,892 | 2,087 | 115 | 140 | 12 | 14 | 3,783 | 4,173 | 230 | 279 | 23 | 27 | ||||||||||||||||||||||||||||||||||||
Expected return on plan assets | (2,827 | ) | (3,111 | ) | (5,654 | ) | (6,221 | ) | ||||||||||||||||||||||||||||||||||||||||
Amortization of prior service cost (credit) | 31 | 31 | (61 | ) | (61 | ) | 62 | 62 | (122 | ) | (122 | ) | ||||||||||||||||||||||||||||||||||||
Amortization of net actuarial (gain) loss | 2,345 | 1,305 | (28 | ) | (4 | ) | (22 | ) | (31 | ) | 4,691 | 2,611 | (57 | ) | (8 | ) | (43 | ) | (63 | ) | ||||||||||||||||||||||||||||
Net periodic benefit cost (credit) | $ | 1,423 | $ | 327 | $ | 118 | $ | 167 | $ | (62 | ) | $ | (70 | ) | $ | 2,845 | $ | 655 | $ | 235 | $ | 333 | $ | (124 | ) | $ | (142 | ) |
12. | OPERATING SEGMENT INFORMATION |
(In millions) | Zions Bank | CB&T | Amegy | NBA | NSB | ||||||||||||||||||||||||||||||||||
2012 | 2011 | 2012 | 2011 | 2012 | 2011 | 2012 | 2011 | 2012 | 2011 | ||||||||||||||||||||||||||||||
CONDENSED INCOME STATEMENT | |||||||||||||||||||||||||||||||||||||||
Net interest income | $ | 171.6 | $ | 176.4 | $ | 117.9 | $ | 128.4 | $ | 90.4 | $ | 98.3 | $ | 41.4 | $ | 43.3 | $ | 31.0 | $ | 35.3 | |||||||||||||||||||
Provision for loan losses | 20.4 | 21.6 | (3.8 | ) | (5.8 | ) | (8.9 | ) | (0.2 | ) | 2.5 | 1.8 | (1.6 | ) | (18.2 | ) | |||||||||||||||||||||||
Net interest income after provision for loan losses | 151.2 | 154.8 | 121.7 | 134.2 | 99.3 | 98.5 | 38.9 | 41.5 | 32.6 | 53.5 | |||||||||||||||||||||||||||||
Net impairment losses on investment securities | (0.2 | ) | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Loss on sale of investment securities to Parent | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||
Other noninterest income | 45.6 | 49.6 | 18.4 | 23.8 | 45.3 | 39.3 | 7.8 | 9.5 | 8.5 | 10.1 | |||||||||||||||||||||||||||||
Noninterest expense | 125.5 | 137.2 | 84.4 | 93.1 | 86.8 | 84.1 | 38.0 | 37.0 | 34.3 | 35.7 | |||||||||||||||||||||||||||||
Income (loss) before income taxes | 71.1 | 67.2 | 55.7 | 64.9 | 57.8 | 53.7 | 8.7 | 14.0 | 6.8 | 27.9 | |||||||||||||||||||||||||||||
Income tax expense (benefit) | 25.2 | 23.0 | 22.2 | 26.0 | 18.8 | 17.7 | 3.4 | 5.5 | 2.4 | 9.8 | |||||||||||||||||||||||||||||
Net income (loss) | 45.9 | 44.2 | 33.5 | 38.9 | 39.0 | 36.0 | 5.3 | 8.5 | 4.4 | 18.1 | |||||||||||||||||||||||||||||
Net income (loss) applicable to noncontrolling interests | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||
Net income (loss) applicable to controlling interest | 45.9 | 44.2 | 33.5 | 38.9 | 39.0 | 36.0 | 5.3 | 8.5 | 4.4 | 18.1 | |||||||||||||||||||||||||||||
Preferred stock dividends | (6.0 | ) | — | (3.3 | ) | — | (6.1 | ) | — | (1.5 | ) | — | — | — | |||||||||||||||||||||||||
Net earnings (loss) applicable to common shareholders | $ | 39.9 | $ | 44.2 | $ | 30.2 | $ | 38.9 | $ | 32.9 | $ | 36.0 | $ | 3.8 | $ | 8.5 | $ | 4.4 | $ | 18.1 | |||||||||||||||||||
AVERAGE BALANCE SHEET DATA | |||||||||||||||||||||||||||||||||||||||
Total assets | $ | 17,330 | $ | 16,149 | $ | 10,880 | $ | 10,804 | $ | 12,081 | $ | 11,235 | $ | 4,457 | $ | 4,482 | $ | 4,171 | $ | 4,169 | |||||||||||||||||||
Total loans | 12,402 | 12,799 | 8,350 | 8,285 | 7,909 | 7,794 | 3,280 | 3,305 | 2,169 | 2,408 | |||||||||||||||||||||||||||||
Total deposits | 14,814 | 13,621 | 9,219 | 9,221 | 9,595 | 8,712 | 3,721 | 3,745 | 3,626 | 3,548 | |||||||||||||||||||||||||||||
Shareholder’s equity: | |||||||||||||||||||||||||||||||||||||||
Preferred equity | 480 | 480 | 248 | 262 | 410 | 488 | 275 | 305 | 242 | 360 | |||||||||||||||||||||||||||||
Common equity | 1,430 | 1,285 | 1,291 | 1,224 | 1,661 | 1,544 | 358 | 332 | 279 | 235 | |||||||||||||||||||||||||||||
Noncontrolling interests | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||
Total shareholder’s equity | 1,910 | 1,765 | 1,539 | 1,486 | 2,071 | 2,032 | 633 | 637 | 521 | 595 | |||||||||||||||||||||||||||||
Vectra | TCBW | Other | Consolidated Company | ||||||||||||||||||||||||||||||||||||
2012 | 2011 | 2012 | 2011 | 2012 | 2011 | 2012 | 2011 | ||||||||||||||||||||||||||||||||
CONDENSED INCOME STATEMENT | |||||||||||||||||||||||||||||||||||||||
Net interest income | 28.6 | 26.0 | 7.1 | 7.6 | (56.0 | ) | (99.1 | ) | 432.0 | 416.2 | |||||||||||||||||||||||||||||
Provision for loan losses | 1.4 | (1.2 | ) | 0.8 | 3.2 | 0.1 | 0.1 | 10.9 | 1.3 | ||||||||||||||||||||||||||||||
Net interest income after provision for loan losses | 27.2 | 27.2 | 6.3 | 4.4 | (56.1 | ) | (99.2 | ) | 421.1 | 414.9 | |||||||||||||||||||||||||||||
Net impairment losses on investment securities | — | — | — | — | (7.1 | ) | (5.2 | ) | (7.3 | ) | (5.2 | ) | |||||||||||||||||||||||||||
Loss on sale of investment securities to Parent | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||
Other noninterest income | 5.6 | 5.3 | 0.7 | 0.8 | (1.6 | ) | (4.9 | ) | 130.3 | 133.5 | |||||||||||||||||||||||||||||
Noninterest expense | 24.7 | 26.3 | 4.3 | 3.9 | 3.6 | (1.0 | ) | 401.6 | 416.3 | ||||||||||||||||||||||||||||||
Income (loss) before income taxes | 8.1 | 6.2 | 2.7 | 1.3 | (68.4 | ) | (108.3 | ) | 142.5 | 126.9 | |||||||||||||||||||||||||||||
Income tax expense (benefit) | 2.7 | 2.1 | 0.9 | 0.4 | (24.6 | ) | (30.2 | ) | 51.0 | 54.3 | |||||||||||||||||||||||||||||
Net income (loss) | 5.4 | 4.1 | 1.8 | 0.9 | (43.8 | ) | (78.1 | ) | 91.5 | 72.6 | |||||||||||||||||||||||||||||
Net income (loss) applicable to noncontrolling interests | — | — | — | — | (0.2 | ) | (0.2 | ) | (0.2 | ) | (0.2 | ) | |||||||||||||||||||||||||||
Net income (loss) applicable to controlling interest | 5.4 | 4.1 | 1.8 | 0.9 | (43.6 | ) | (77.9 | ) | 91.7 | 72.8 | |||||||||||||||||||||||||||||
Preferred stock dividends | — | — | (0.2 | ) | — | (19.4 | ) | (43.8 | ) | (36.5 | ) | (43.8 | ) | ||||||||||||||||||||||||||
Net earnings (loss) applicable to common shareholders | 5.4 | 4.1 | 1.6 | 0.9 | (63.0 | ) | (121.7 | ) | 55.2 | 29.0 | |||||||||||||||||||||||||||||
AVERAGE BALANCE SHEET DATA | |||||||||||||||||||||||||||||||||||||||
Total assets | 2,380 | 2,245 | 871 | 852 | 720 | 1,056 | 52,890 | 50,992 | |||||||||||||||||||||||||||||||
Total loans | 1,993 | 1,791 | 557 | 586 | 69 | (128 | ) | 36,729 | 36,840 | ||||||||||||||||||||||||||||||
Total deposits | 2,029 | 1,873 | 721 | 671 | (783 | ) | (506 | ) | 42,942 | 40,885 | |||||||||||||||||||||||||||||
Shareholder’s equity: | |||||||||||||||||||||||||||||||||||||||
Preferred equity | 70 | 70 | 13 | 15 | 93 | 266 | 1,831 | 2,246 | |||||||||||||||||||||||||||||||
Common equity | 208 | 204 | 78 | 72 | (592 | ) | (298 | ) | 4,713 | 4,598 | |||||||||||||||||||||||||||||
Noncontrolling interests | — | — | — | — | (2 | ) | (1 | ) | (2 | ) | (1 | ) | |||||||||||||||||||||||||||
Total shareholder’s equity | 278 | 274 | 91 | 87 | (501 | ) | (33 | ) | 6,542 | 6,843 |
(In millions) | Zions Bank | CB&T | Amegy | NBA | NSB | ||||||||||||||||||||||||||||||||||
2012 | 2011 | 2012 | 2011 | 2012 | 2011 | 2012 | 2011 | 2012 | 2011 | ||||||||||||||||||||||||||||||
CONDENSED INCOME STATEMENT | |||||||||||||||||||||||||||||||||||||||
Net interest income | $ | 344.2 | $ | 349.0 | $ | 235.7 | $ | 257.1 | $ | 184.7 | $ | 191.3 | $ | 83.5 | $ | 86.4 | $ | 62.2 | $ | 68.4 | |||||||||||||||||||
Provision for loan losses | 60.9 | 60.6 | (6.7 | ) | 5.4 | (32.2 | ) | 3.1 | 9.0 | 2.5 | (8.3 | ) | (17.4 | ) | |||||||||||||||||||||||||
Net interest income after provision for loan losses | 283.3 | 288.4 | 242.4 | 251.7 | 216.9 | 188.2 | 74.5 | 83.9 | 70.5 | 85.8 | |||||||||||||||||||||||||||||
Net impairment losses on investment securities | (0.2 | ) | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Loss on sale of investment securities to Parent | — | — | (9.2 | ) | (13.5 | ) | — | — | — | — | — | — | |||||||||||||||||||||||||||
Other noninterest income | 100.9 | 99.1 | 36.9 | 62.2 | 78.9 | 73.3 | 15.5 | 18.0 | 16.4 | 18.7 | |||||||||||||||||||||||||||||
Noninterest expense | 247.5 | 265.6 | 165.6 | 183.4 | 168.8 | 164.0 | 75.9 | 82.1 | 69.6 | 70.3 | |||||||||||||||||||||||||||||
Income (loss) before income taxes | 136.5 | 121.9 | 104.5 | 117.0 | 127.0 | 97.5 | 14.1 | 19.8 | 17.3 | 34.2 | |||||||||||||||||||||||||||||
Income tax expense (benefit) | 48.1 | 41.2 | 41.3 | 46.5 | 42.1 | 31.9 | 5.5 | 7.8 | 6.0 | 11.9 | |||||||||||||||||||||||||||||
Net income (loss) | 88.4 | 80.7 | 63.2 | 70.5 | 84.9 | 65.6 | 8.6 | 12.0 | 11.3 | 22.3 | |||||||||||||||||||||||||||||
Net income (loss) applicable to noncontrolling interests | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||
Net income (loss) applicable to controlling interest | 88.4 | 80.7 | 63.2 | 70.5 | 84.9 | 65.6 | 8.6 | 12.0 | 11.3 | 22.3 | |||||||||||||||||||||||||||||
Preferred stock dividends | (12.0 | ) | — | (6.6 | ) | — | (12.2 | ) | — | (1.5 | ) | — | — | — | |||||||||||||||||||||||||
Net earnings (loss) applicable to common shareholders | $ | 76.4 | $ | 80.7 | $ | 56.6 | $ | 70.5 | $ | 72.7 | $ | 65.6 | $ | 7.1 | $ | 12.0 | $ | 11.3 | $ | 22.3 | |||||||||||||||||||
AVERAGE BALANCE SHEET DATA | |||||||||||||||||||||||||||||||||||||||
Total assets | $ | 17,293 | $ | 16,158 | $ | 10,857 | $ | 10,785 | $ | 12,058 | $ | 11,228 | $ | 4,462 | $ | 4,455 | $ | 4,148 | $ | 4,134 | |||||||||||||||||||
Total loans | 12,468 | 12,814 | 8,347 | 8,316 | 7,892 | 7,683 | 3,280 | 3,289 | 2,186 | 2,416 | |||||||||||||||||||||||||||||
Total deposits | 14,759 | 13,557 | 9,166 | 9,217 | 9,534 | 8,706 | 3,715 | 3,728 | 3,597 | 3,518 | |||||||||||||||||||||||||||||
Shareholder’s equity: | |||||||||||||||||||||||||||||||||||||||
Preferred equity | 480 | 480 | 255 | 262 | 449 | 488 | 290 | 305 | 251 | 360 | |||||||||||||||||||||||||||||
Common equity | 1,408 | 1,289 | 1,286 | 1,207 | 1,653 | 1,527 | 355 | 328 | 277 | 231 | |||||||||||||||||||||||||||||
Noncontrolling interests | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||
Total shareholder’s equity | 1,888 | 1,769 | 1,541 | 1,469 | 2,102 | 2,015 | 645 | 633 | 528 | 591 | |||||||||||||||||||||||||||||
Vectra | TCBW | Other | Consolidated Company | ||||||||||||||||||||||||||||||||||||
2012 | 2011 | 2012 | 2011 | 2012 | 2011 | 2012 | 2011 | ||||||||||||||||||||||||||||||||
CONDENSED INCOME STATEMENT | |||||||||||||||||||||||||||||||||||||||
Net interest income | $ | 54.3 | $ | 51.8 | $ | 14.5 | $ | 15.2 | $ | (104.8 | ) | $ | (179.2 | ) | $ | 874.3 | $ | 840.0 | |||||||||||||||||||||
Provision for loan losses | 2.4 | 1.9 | 1.4 | 5.1 | — | 0.1 | 26.5 | 61.3 | |||||||||||||||||||||||||||||||
Net interest income after provision for loan losses | 51.9 | 49.9 | 13.1 | 10.1 | (104.8 | ) | (179.3 | ) | 847.8 | 778.7 | |||||||||||||||||||||||||||||
Net impairment losses on investment securities | — | — | — | — | (17.3 | ) | (8.3 | ) | (17.5 | ) | (8.3 | ) | |||||||||||||||||||||||||||
Loss on sale of investment securities to Parent | — | — | — | — | 9.2 | 13.5 | — | — | |||||||||||||||||||||||||||||||
Other noninterest income | 11.0 | 10.8 | 1.3 | 1.3 | (13.4 | ) | (12.6 | ) | 247.5 | 270.8 | |||||||||||||||||||||||||||||
Noninterest expense | 49.6 | 51.0 | 9.0 | 8.4 | 8.0 | (0.2 | ) | 794.0 | 824.6 | ||||||||||||||||||||||||||||||
Income (loss) before income taxes | 13.3 | 9.7 | 5.4 | 3.0 | (134.3 | ) | (186.5 | ) | 283.8 | 216.6 | |||||||||||||||||||||||||||||
Income tax expense (benefit) | 4.3 | 3.1 | 1.8 | 0.9 | (46.2 | ) | (51.9 | ) | 102.9 | 91.4 | |||||||||||||||||||||||||||||
Net income (loss) | 9.0 | 6.6 | 3.6 | 2.1 | (88.1 | ) | (134.6 | ) | 180.9 | 125.2 | |||||||||||||||||||||||||||||
Net income (loss) applicable to noncontrolling interests | — | — | — | — | (0.5 | ) | (0.5 | ) | (0.5 | ) | (0.5 | ) | |||||||||||||||||||||||||||
Net income (loss) applicable to controlling interest | 9.0 | 6.6 | 3.6 | 2.1 | (87.6 | ) | (134.1 | ) | 181.4 | 125.7 | |||||||||||||||||||||||||||||
Preferred stock dividends | — | — | (0.2 | ) | — | (68.2 | ) | (81.9 | ) | (100.7 | ) | (81.9 | ) | ||||||||||||||||||||||||||
Net earnings (loss) applicable to common shareholders | $ | 9.0 | $ | 6.6 | $ | 3.4 | $ | 2.1 | $ | (155.8 | ) | $ | (216.0 | ) | $ | 80.7 | $ | 43.8 | |||||||||||||||||||||
AVERAGE BALANCE SHEET DATA | |||||||||||||||||||||||||||||||||||||||
Total assets | $ | 2,372 | $ | 2,249 | $ | 884 | $ | 852 | $ | 661 | $ | 988 | $ | 52,735 | $ | 50,849 | |||||||||||||||||||||||
Total loans | 1,963 | 1,787 | 556 | 577 | 68 | (128 | ) | 36,760 | 36,754 | ||||||||||||||||||||||||||||||
Total deposits | 2,028 | 1,873 | 734 | 670 | (876 | ) | (532 | ) | 42,657 | 40,737 | |||||||||||||||||||||||||||||
Shareholder’s equity: | |||||||||||||||||||||||||||||||||||||||
Preferred equity | 70 | 70 | 14 | 15 | 284 | 182 | 2,093 | 2,162 | |||||||||||||||||||||||||||||||
Common equity | 205 | 203 | 77 | 71 | (582 | ) | (236 | ) | 4,679 | 4,620 | |||||||||||||||||||||||||||||
Noncontrolling interests | — | — | — | — | (2 | ) | (1 | ) | (2 | ) | (1 | ) | |||||||||||||||||||||||||||
Total shareholder’s equity | 275 | 273 | 91 | 86 | (300 | ) | (55 | ) | 6,770 | 6,781 |
Item 2. | MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS |
• | statements with respect to the beliefs, plans, objectives, goals, guidelines, expectations, anticipations, and future financial condition, results of operations and performance of Zions Bancorporation (“the Parent”) and its subsidiaries (collectively “the Company,” “Zions,” “we,” “our,” “us”); |
• | statements preceded by, followed by or that include the words “may,” “could,” “should,” “would,” “believe,” “anticipate,” “estimate,” “expect,” “intend,” “plan,” “projects,” or similar expressions. |
• | the Company’s ability to successfully execute its business plans, manage its risks, and achieve its objectives; |
• | changes in local, national and international political and economic conditions, including without limitation the political and economic effects of the recent economic crisis, delay of recovery from that crisis, economic conditions and fiscal imbalances in the United States and other countries, potential or actual downgrades in rating of sovereign debt issued by the United States and other countries, and other major developments, including wars, military actions, and terrorist attacks; |
• | changes in financial market conditions, either internationally, nationally or locally in areas in which the Company conducts its operations, including without limitation reduced rates of business formation and growth, commercial and residential real estate development and real estate prices; |
• | fluctuations in markets for equity, fixed-income, commercial paper and other securities, including availability, market liquidity levels, and pricing; |
• | changes in interest rates, the quality and composition of the loan and securities portfolios, demand for loan products, deposit flows and competition; |
• | acquisitions and integration of acquired businesses; |
• | increases in the levels of losses, customer bankruptcies, bank failures, claims, and assessments; |
• | changes in fiscal, monetary, regulatory, trade and tax policies and laws, and regulatory assessments and fees, including policies of the U.S. Department of Treasury, the OCC, the Board of Governors of the Federal Reserve Board System, and the FDIC; |
• | the Company’s participation in and exit from governmental programs implemented under the EESA and the ARRA, including the TARP and CPP, and the impact of such programs and related regulations on the Company; |
• | the impact of executive compensation rules under the Dodd-Frank Act, the EESA and the ARRA, which may impact the ability of the Company and other American financial institutions to retain and recruit executives and other personnel necessary for their businesses and competitiveness; |
• | the impact of the Dodd-Frank Act and of new international standards known as Basel III, and rules and regulations thereunder, many of which have not yet been promulgated, on our required regulatory capital and liquidity levels, governmental assessments on us, the scope of business activities in which we may engage, the manner in which we engage in such activities, the fees we may charge for certain products and services, and other matters affected by the Dodd-Frank Act and these international standards; |
• | continuing consolidation in the financial services industry; |
• | new legal claims against the Company, including litigation, arbitration and proceedings brought by governmental or self-regulatory agencies, or changes in existing legal matters; |
• | success in gaining regulatory approvals, when required; |
• | changes in consumer spending and savings habits; |
• | increased competitive challenges and expanding product and pricing pressures among financial institutions; |
• | inflation and deflation; |
• | technological changes and the Company’s implementation of new technologies; |
• | the Company’s ability to develop and maintain secure and reliable information technology systems; |
• | legislation or regulatory changes which adversely affect the Company’s operations or business; |
• | the Company’s ability to comply with applicable laws and regulations; |
• | changes in accounting policies or procedures as may be required by the Financial Accounting Standards Board or regulatory agencies; and |
• | increased costs of deposit insurance and changes with respect to FDIC insurance coverage levels. |
ABS | Asset-Backed Security | HTM | Held-to-Maturity |
ACL | Allowance for Credit Losses | IA | Indemnification Asset |
AFS | Available-for-Sale | IFRS | International Financial Reporting Standards |
ALCO | Asset/Liability Committee | ISDA | International Swap Dealer Association |
ALLL | Allowance for Loan and Lease Losses | LIBOR | London Interbank Offered Rate |
Amegy | Amegy Corporation | Lockhart | Lockhart Funding LLC |
AOCI | Accumulated Other Comprehensive Income | NBA | National Bank of Arizona |
ARRA | American Recovery and Reinvestment Act | NOW | Negotiable Order of Withdrawal |
ASC | Accounting Standards Codification | NRSRO | Nationally Recognized Statistical Rating Organization |
ASU | Accounting Standards Update | NSB | Nevada State Bank |
ATM | Automated Teller Machine | OCC | Office of the Comptroller of the Currency |
bps | Basis Points | OCI | Other Comprehensive Income |
CB&T | California Bank & Trust | OREO | Other Real Estate Owned |
CDO | Collateralized Debt Obligation | OTC | Over-the-Counter |
CDR | Constant Default Rate | OTTI | Other-Than-Temporary Impairment |
CLTV | Combined Loan-to-Value Ratio | Parent | Zions Bancorporation |
CPP | Capital Purchase Program | PCI | Purchased Credit-Impaired |
CPR | Constant Prepayment Rate | PD | Probability of Default |
CRE | Commercial Real Estate | PIK | Payment in Kind |
DB | Deutsche Bank AG | REIT | Real Estate Investment Trust |
DBRS | Dominion Bond Rating Service | RULC | Reserve for Unfunded Lending Commitments |
Dodd-Frank Act | Dodd-Frank Wall Street Reform and Consumer Protection Act | SBA | Small Business Administration |
DTA | Deferred Tax Asset | SBIC | Small Business Investment Company |
DTL | Deferred Tax Liability | SEC | Securities and Exchange Commission |
EESA | Emergency Economic Stabilization Act | TARP | Troubled Asset Relief Program |
FAMC | Federal Agricultural Mortgage Corporation, or “Farmer Mac” | TCBO | The Commerce Bank of Oregon |
FASB | Financial Accounting Standards Board | TCBW | The Commerce Bank of Washington |
FDIC | Federal Deposit Insurance Corporation | TDR | Troubled Debt Restructuring |
FHLB | Federal Home Loan Bank | TRS | Total Return Swap |
FICO | Fair Isaac Corporation | Vectra | Vectra Bank Colorado |
FRB | Federal Reserve Board | Zions Bank | Zions First National Bank |
GAAP | Generally Accepted Accounting Principles | ZMSC | Zions Management Services Company |
HECL | Home Equity Credit Line |
• | $15.8 million increase in net interest income; |
• | $11.5 million decrease in other real estate expense; |
• | $7.9 million increase in fixed income securities gains; |
• | $7.3 million reduction in preferred stock dividends; and |
• | $5.3 million decline in other noninterest expense. |
• | $11.0 million decrease in fair value and nonhedge derivative income; |
• | $9.5 million increase in the provision for loan losses; |
• | $6.8 million increase in the provision for unfunded lending commitments; and |
• | $5.4 million decline in other service charges, commissions, and fees. |
• | $34.8 million decrease in the provision for loan losses; |
• | $34.3 million increase in net interest income; |
• | $27.8 million reduction in other real estate expense; |
• | $18.0 million reduction in FDIC premiums; and |
• | $10.0 million increase in equity securities gains. |
• | $18.8 million increase in preferred stock dividends; |
• | $18.5 million decrease in other noninterest income; |
• | $16.6 million decline in fair value and nonhedge derivative income; |
• | $12.9 million reduction in other service charges, commissions, and fees; |
• | $12.6 million increase in the provision for unfunded lending commitments; and |
• | $11.5 million increase in income taxes. |
• | the fair value discount on the debt; and |
• | the value of the beneficial conversion feature which added the right of the debt holder to convert the debt into preferred stock. |
Three Months Ended | ||||||||||||||||||||||||
(In millions) | June 30, 2012 | March 31, 2012 | December 31, 2011 | September 30, 2011 | June 30, 2011 | |||||||||||||||||||
Income before income taxes (GAAP) | $ | 142.5 | $ | 141.3 | $ | 136.6 | $ | 168.1 | $ | 126.9 | ||||||||||||||
Convertible subordinated debt discount amortization | 10.7 | 11.1 | 10.8 | 10.7 | 11.4 | |||||||||||||||||||
Accelerated convertible subordinated debt discount amortization | 16.2 | 12.2 | 5.8 | 7.4 | 61.4 | |||||||||||||||||||
Income before income taxes and subordinated debt conversions (non-GAAP) | $ | 169.4 | $ | 164.6 | $ | 153.2 | $ | 186.2 | $ | 199.7 |
• | differences in the amount of amortization and accelerated amortization on convertible subordinated debt, see “Capital Management” for further discussion; |
• | issuances of long-term debt; |
• | changes in the composition of interest-earning assets; |
• | interest rate resets on older-vintage, longer-term adjustable rate loans; |
• | new loans originated at lower rates; and |
• | lower cost of interest-bearing deposits only partially offsetting the impact of the previous items. |
Three Months Ended June 30, 2012 | Three Months Ended June 30, 2011 | ||||||||||||||||||||||
(In thousands) | Average balance | Amount of interest 1 | Average rate | Average balance | Amount of interest 1 | Average rate | |||||||||||||||||
ASSETS | |||||||||||||||||||||||
Money market investments | $ | 7,786,191 | $ | 5,099 | 0.26 | % | $ | 4,792,704 | $ | 3,199 | 0.27 | % | |||||||||||
Securities: | |||||||||||||||||||||||
Held-to-maturity | 797,843 | 11,339 | 5.72 | % | 821,768 | 11,289 | 5.51 | % | |||||||||||||||
Available-for-sale | 3,084,771 | 25,603 | 3.34 | % | 4,031,836 | 22,788 | 2.27 | % | |||||||||||||||
Trading account | 18,877 | 148 | 3.15 | % | 60,894 | 538 | 3.54 | % | |||||||||||||||
Total securities | 3,901,491 | 37,090 | 3.82 | % | 4,914,498 | 34,615 | 2.83 | % | |||||||||||||||
Loans held for sale | 157,308 | 1,561 | 3.99 | % | 144,048 | 1,525 | 4.25 | % | |||||||||||||||
Loans 2: | |||||||||||||||||||||||
Loans and leases | 36,067,463 | 454,688 | 5.07 | % | 35,960,395 | 490,083 | 5.47 | % | |||||||||||||||
FDIC-supported loans | 661,597 | 24,416 | 14.84 | % | 879,290 | 34,298 | 15.65 | % | |||||||||||||||
Total loans | 36,729,060 | 479,104 | 5.25 | % | 36,839,685 | 524,381 | 5.71 | % | |||||||||||||||
Total interest-earning assets | 48,574,050 | 522,854 | 4.33 | % | 46,690,935 | 563,720 | 4.84 | % | |||||||||||||||
Cash and due from banks | 1,025,681 | 1,036,501 | |||||||||||||||||||||
Allowance for loan losses | (1,004,879 | ) | (1,321,098 | ) | |||||||||||||||||||
Goodwill | 1,015,129 | 1,015,161 | |||||||||||||||||||||
Core deposit and other intangibles | 61,511 | 79,950 | |||||||||||||||||||||
Other assets | 3,218,519 | 3,490,867 | |||||||||||||||||||||
Total assets | $ | 52,890,011 | $ | 50,992,316 | |||||||||||||||||||
LIABILITIES | |||||||||||||||||||||||
Interest-bearing deposits: | |||||||||||||||||||||||
Savings and NOW | $ | 7,435,000 | 3,207 | 0.17 | % | $ | 6,548,676 | 4,776 | 0.29 | % | |||||||||||||
Money market | 14,522,941 | 10,259 | 0.28 | % | 14,827,231 | 17,904 | 0.48 | % | |||||||||||||||
Time | 3,264,853 | 6,053 | 0.75 | % | 3,854,641 | 9,411 | 0.98 | % | |||||||||||||||
Foreign | 1,490,695 | 1,304 | 0.35 | % | 1,490,636 | 2,166 | 0.58 | % | |||||||||||||||
Total interest-bearing deposits | 26,713,489 | 20,823 | 0.31 | % | 26,721,184 | — | 34,257 | 0.51 | % | ||||||||||||||
Borrowed funds: | |||||||||||||||||||||||
Securities sold, not yet purchased | 6,128 | 29 | 1.90 | % | 37,989 | 394 | 4.16 | % | |||||||||||||||
Federal funds purchased and security repurchase agreements | 474,026 | 161 | 0.14 | % | 660,017 | 200 | 0.12 | % | |||||||||||||||
Other short-term borrowings | 13,290 | 66 | 2.00 | % | 169,574 | 1,189 | 2.81 | % | |||||||||||||||
Long-term debt | 2,329,608 | 65,165 | 11.25 | % | 1,897,887 | 106,454 | 22.50 | % | |||||||||||||||
Total borrowed funds | 2,823,052 | 65,421 | 9.32 | % | 2,765,467 | 108,237 | 15.70 | % | |||||||||||||||
Total interest-bearing liabilities | 29,536,541 | 86,244 | 1.17 | % | 29,486,651 | 142,494 | 1.94 | % | |||||||||||||||
Noninterest-bearing deposits | 16,228,973 | 14,163,514 | |||||||||||||||||||||
Other liabilities | 582,743 | 499,072 | |||||||||||||||||||||
Total liabilities | 46,348,257 | 44,149,237 | |||||||||||||||||||||
Shareholders’ equity: | |||||||||||||||||||||||
Preferred equity | 1,830,845 | 2,246,088 | |||||||||||||||||||||
Common equity | 4,713,318 | 4,598,336 | |||||||||||||||||||||
Controlling interest shareholders’ equity | 6,544,163 | 6,844,424 | |||||||||||||||||||||
Noncontrolling interests | (2,409 | ) | (1,345 | ) | |||||||||||||||||||
Total shareholders’ equity | 6,541,754 | 6,843,079 | |||||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 52,890,011 | $ | 50,992,316 | |||||||||||||||||||
Spread on average interest-bearing funds | 3.16 | % | 2.90 | % | |||||||||||||||||||
Taxable-equivalent net interest income and net yield on interest-earning assets | $ | 436,610 | 3.62 | % | $ | 421,226 | 3.62 | % |
Six Months Ended June 30, 2012 | Six Months Ended June 30, 2011 | |||||||||||||||||||||
(In thousands) | Average balance | Amount of interest 1 | Average rate | Average balance | Amount of interest 1 | Average rate | ||||||||||||||||
ASSETS | ||||||||||||||||||||||
Money market investments | $ | 7,534,218 | $ | 9,727 | 0.26 | % | $ | 4,654,089 | $ | 6,042 | 0.26 | % | ||||||||||
Securities: | ||||||||||||||||||||||
Held-to-maturity | 798,792 | 22,338 | 5.62 | % | 827,353 | 22,336 | 5.44 | % | ||||||||||||||
Available-for-sale | 3,089,299 | 49,307 | 3.21 | % | 4,069,212 | 45,828 | 2.27 | % | ||||||||||||||
Trading account | 30,033 | 486 | 3.25 | % | 55,362 | 990 | 3.61 | % | ||||||||||||||
Total securities | 3,918,124 | 72,131 | 3.70 | % | 4,951,927 | 69,154 | 2.82 | % | ||||||||||||||
Loans held for sale | 166,105 | 3,063 | 3.71 | % | 152,016 | 3,126 | 4.15 | % | ||||||||||||||
Loans 2: | ||||||||||||||||||||||
Loans and leases | 36,073,190 | 918,518 | 5.12 | % | 35,838,713 | 975,698 | 5.49 | % | ||||||||||||||
FDIC-supported loans | 687,237 | 47,975 | 14.04 | % | 915,483 | 67,467 | 14.86 | % | ||||||||||||||
Total loans | 36,760,427 | 966,493 | 5.29 | % | 36,754,196 | 1,043,165 | 5.72 | % | ||||||||||||||
Total interest-earning assets | 48,378,874 | 1,051,414 | 4.37 | % | 46,512,228 | 1,121,487 | 4.86 | % | ||||||||||||||
Cash and due from banks | 1,074,330 | 1,057,568 | ||||||||||||||||||||
Allowance for loan losses | (1,025,794 | ) | (1,372,116 | ) | ||||||||||||||||||
Goodwill | 1,015,129 | 1,015,161 | ||||||||||||||||||||
Core deposit and other intangibles | 63,674 | 82,646 | ||||||||||||||||||||
Other assets | 3,228,840 | 3,553,957 | ||||||||||||||||||||
Total assets | $ | 52,735,053 | $ | 50,849,444 | ||||||||||||||||||
LIABILITIES | ||||||||||||||||||||||
Interest-bearing deposits: | ||||||||||||||||||||||
Savings and NOW | $ | 7,317,585 | 6,814 | 0.19 | % | $ | 6,475,370 | 9,557 | 0.30 | % | ||||||||||||
Money market | 14,612,356 | 22,016 | 0.30 | % | 14,922,532 | 36,937 | 0.50 | % | ||||||||||||||
Time | 3,317,088 | 12,693 | 0.77 | % | 3,955,143 | 20,013 | 1.02 | % | ||||||||||||||
Foreign | 1,449,552 | 2,713 | 0.38 | % | 1,464,950 | 4,234 | 0.58 | % | ||||||||||||||
Total interest-bearing deposits | 26,696,581 | 44,236 | 0.33 | % | 26,817,995 | 70,741 | 0.53 | % | ||||||||||||||
Borrowed funds: | ||||||||||||||||||||||
Securities sold, not yet purchased | 14,443 | 220 | 3.06 | % | 35,038 | 737 | 4.24 | % | ||||||||||||||
Federal funds purchased and security repurchase agreements | 501,344 | 315 | 0.13 | % | 681,875 | 431 | 0.13 | % | ||||||||||||||
Other short-term borrowings | 30,842 | 500 | 3.26 | % | 171,451 | 2,795 | 3.29 | % | ||||||||||||||
Long-term debt | 2,160,692 | 122,372 | 11.39 | % | 1,918,788 | 196,326 | 20.63 | % | ||||||||||||||
Total borrowed funds | 2,707,321 | 123,407 | 9.17 | % | 2,807,152 | 200,289 | 14.39 | % | ||||||||||||||
Total interest-bearing liabilities | 29,403,902 | 167,643 | 1.15 | % | 29,625,147 | 271,030 | 1.84 | % | ||||||||||||||
Noninterest-bearing deposits | 15,960,236 | 13,919,432 | ||||||||||||||||||||
Other liabilities | 600,987 | 523,451 | ||||||||||||||||||||
Total liabilities | 45,965,125 | 44,068,030 | ||||||||||||||||||||
Shareholders’ equity: | ||||||||||||||||||||||
Preferred equity | 2,093,197 | 2,162,287 | ||||||||||||||||||||
Common equity | 4,679,020 | 4,620,365 | ||||||||||||||||||||
Controlling interest shareholders’ equity | 6,772,217 | 6,782,652 | ||||||||||||||||||||
Noncontrolling interests | (2,289 | ) | (1,238 | ) | ||||||||||||||||||
Total shareholders’ equity | 6,769,928 | 6,781,414 | ||||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 52,735,053 | $ | 50,849,444 | ||||||||||||||||||
Spread on average interest-bearing funds | 3.22 | % | 3.02 | % | ||||||||||||||||||
Taxable-equivalent net interest income and net yield on interest-earning assets | $ | 883,771 | 3.67 | % | $ | 850,457 | 3.69 | % |
June 30, 2012 | December 31, 2011 | June 30, 2011 | ||||||||||||||||||||||||||||||||||
(In millions) | Amortized cost | Carrying value | Estimated fair value | Amortized cost | Carrying value | Estimated fair value | Amortized cost | Carrying value | Estimated fair value | |||||||||||||||||||||||||||
Held-to-maturity: | ||||||||||||||||||||||||||||||||||||
Municipal securities | $ | 543 | $ | 543 | $ | 558 | $ | 565 | $ | 565 | $ | 572 | $ | 567 | $ | 567 | $ | 575 | ||||||||||||||||||
Asset-backed securities: | ||||||||||||||||||||||||||||||||||||
Trust preferred securities – banks and insurance | 263 | 209 | 145 | 263 | 222 | 144 | 264 | 240 | 173 | |||||||||||||||||||||||||||
Other | 23 | 21 | 12 | 24 | 21 | 14 | 26 | 23 | 15 | |||||||||||||||||||||||||||
829 | 773 | 715 | 852 | 808 | 730 | 857 | 830 | 763 | ||||||||||||||||||||||||||||
Available-for-sale: | ||||||||||||||||||||||||||||||||||||
U.S. Treasury securities | 4 | 5 | 5 | 4 | 5 | 5 | 706 | 706 | 706 | |||||||||||||||||||||||||||
U.S. Government agencies and corporations: | ||||||||||||||||||||||||||||||||||||
Agency securities | 139 | 144 | 144 | 153 | 158 | 158 | 177 | 183 | 183 | |||||||||||||||||||||||||||
Agency guaranteed mortgage-backed securities | 476 | 497 | 497 | 535 | 553 | 553 | 598 | 614 | 614 | |||||||||||||||||||||||||||
Small Business Administration loan-backed securities | 1,180 | 1,196 | 1,196 | 1,153 | 1,161 | 1,161 | 1,021 | 1,017 | 1,017 | |||||||||||||||||||||||||||
Municipal securities | 118 | 119 | 119 | 121 | 122 | 122 | 136 | 138 | 138 | |||||||||||||||||||||||||||
Asset-backed securities: | ||||||||||||||||||||||||||||||||||||
Trust preferred securities – banks and insurance | 1,758 | 927 | 927 | 1,794 | 930 | 930 | 1,860 | 1,099 | 1,099 | |||||||||||||||||||||||||||
Trust preferred securities – real estate investment trusts | 40 | 14 | 14 | 40 | 19 | 19 | 40 | 19 | 19 | |||||||||||||||||||||||||||
Auction rate securities | 7 | 7 | 7 | 71 | 70 | 70 | 92 | 91 | 91 | |||||||||||||||||||||||||||
Other | 55 | 46 | 46 | 65 | 50 | 50 | 70 | 54 | 54 | |||||||||||||||||||||||||||
3,777 | 2,955 | 2,955 | 3,936 | 3,068 | 3,068 | 4,700 | 3,921 | 3,921 | ||||||||||||||||||||||||||||
Mutual funds and other | 213 | 213 | 213 | 163 | 163 | 163 | 163 | 164 | 164 | |||||||||||||||||||||||||||
3,990 | 3,168 | 3,168 | 4,099 | 3,231 | 3,231 | 4,863 | 4,085 | 4,085 | ||||||||||||||||||||||||||||
Total | $ | 4,819 | $ | 3,941 | $ | 3,883 | $ | 4,951 | $ | 4,039 | $ | 3,961 | $ | 5,720 | $ | 4,915 | $ | 4,848 |
June 30, 2012 | |||||||||||||||||||||||||||||||
Net unrealized losses recognized in OCI 1 | Weighted average discount rate 2 | % of carrying value to par | |||||||||||||||||||||||||||||
(Amounts in millions) | No. of tranches | Par amount | Amortized cost | Carrying value | June 30, 2012 | March 31, 2012 | Change | ||||||||||||||||||||||||
Performing CDOs | |||||||||||||||||||||||||||||||
Predominantly bank CDOs | 30 | $ | 904 | $ | 805 | $ | 572 | $ | (233 | ) | 7.02% | 63% | 66% | -3% | |||||||||||||||||
Insurance-only CDOs | 21 | 450 | 445 | 330 | (115 | ) | 7.21% | 73% | 74% | -1% | |||||||||||||||||||||
Other CDOs | 7 | 82 | 71 | 62 | (9 | ) | 7.54% | 76% | 78% | -2% | |||||||||||||||||||||
Total performing CDOs | 58 | 1,436 | 1,321 | 964 | (357 | ) | 7.11% | 67% | 69% | -2% | |||||||||||||||||||||
Nonperforming CDOs 3 | |||||||||||||||||||||||||||||||
Deferring interest, but no credit impairment | 3 | 72 | 72 | 21 | (51 | ) | 12.36% | 29% | 25% | 4% | |||||||||||||||||||||
Credit impairment prior to last 12 months | 33 | 595 | 438 | 136 | (302 | ) | 12.84% | 23% | 21% | 2% | |||||||||||||||||||||
Credit impairment during last 12 months | 23 | 444 | 278 | 72 | (206 | ) | 13.37% | 16% | 14% | 2% | |||||||||||||||||||||
Total nonperforming CDOs | 59 | 1,111 | 788 | 229 | (559 | ) | 13.02% | 21% | 19% | 2% | |||||||||||||||||||||
Total CDOs | 117 | $ | 2,547 | $ | 2,109 | $ | 1,193 | $ | (916 | ) | 9.69% | 47% | 48% | -1% | |||||||||||||||||
December 31, 2011 | |||||||||||||||||||||||||||||||
(Amounts in millions) | No. of tranches | Par amount | Amortized cost | Carrying value | Net unrealized losses recognized in OCI 1 | Weighted average discount rate 2 | % of carrying value to par | ||||||||||||||||||||||||
Performing CDOs | |||||||||||||||||||||||||||||||
Predominantly bank CDOs | 32 | $ | 956 | $ | 846 | $ | 615 | $ | (231 | ) | 7.06% | 64% | |||||||||||||||||||
Insurance-only CDOs | 21 | 455 | 449 | 359 | (90 | ) | 5.75% | 79% | |||||||||||||||||||||||
Other CDOs | 7 | 86 | 74 | 65 | (9 | ) | 6.87% | 76% | |||||||||||||||||||||||
Total performing CDOs | 60 | 1,497 | 1,369 | 1,039 | (330 | ) | 6.65% | 69% | |||||||||||||||||||||||
Nonperforming CDOs 3 | |||||||||||||||||||||||||||||||
Deferring interest, but no credit impairment | 3 | 72 | 72 | 17 | (55 | ) | 15.24% | 24% | |||||||||||||||||||||||
Credit impairment prior to last 12 months | 37 | 676 | 498 | 120 | (378 | ) | 15.31% | 18% | |||||||||||||||||||||||
Credit impairment during last 12 months | 18 | 365 | 217 | 43 | (174 | ) | 16.17% | 12% | |||||||||||||||||||||||
Total nonperforming CDOs | 58 | 1,113 | 787 | 180 | (607 | ) | 15.59% | 16% | |||||||||||||||||||||||
Total CDOs | 118 | $ | 2,610 | $ | 2,156 | $ | 1,219 | $ | (937 | ) | 10.46% | 47% |
(Amounts in millions) | |||||||||||||||||||
Held-to-maturity | Available-for-sale | ||||||||||||||||||
Fair value at June 30, 2012 | $ | 145 | $ | 905 | |||||||||||||||
Incremental | Cumulative | Incremental | Cumulative | ||||||||||||||||
Currently Modeled Assumptions | |||||||||||||||||||
Expected collateral credit losses 1 | |||||||||||||||||||
Loss percentage from currently defaulted or deferring collateral 2 | 4.5 | % | 20.2 | % | |||||||||||||||
Projected loss percentage from currently performing collateral | |||||||||||||||||||
1-year | 0.3 | % | 4.9 | % | 0.5 | % | 20.7 | % | |||||||||||
years 2-5 | 1.6 | % | 6.5 | % | 1.2 | % | 21.9 | % | |||||||||||
years 6-30 | 10.9 | % | 17.4 | % | 9.1 | % | 31.0 | % | |||||||||||
Discount rate 3 | |||||||||||||||||||
Weighted average spread over LIBOR | 759 | bp | 1,021 | bp | |||||||||||||||
Sensitivity of Modeled Assumptions | |||||||||||||||||||
Increase (decrease) in fair value due to increase in projected loss percentage from currently performing collateral 4 | 25% | $ | (0.6 | ) | $ | (6.4 | ) | ||||||||||||
50% | (1.3 | ) | (12.3 | ) | |||||||||||||||
100% | (2.5 | ) | (24.4 | ) | |||||||||||||||
Increase (decrease) in fair value due to increase in projected loss percentage from currently performing collateral 4 and the immediate default of all deferring collateral with no recovery | 25% | $ | (6.7 | ) | $ | (122.5 | ) | ||||||||||||
50% | (7.2 | ) | (127.9 | ) | |||||||||||||||
100% | (8.1 | ) | (139.3 | ) | |||||||||||||||
Increase (decrease) in fair value due to increase in discount rate | +100 bp | $ | (13.4 | ) | $ | (60.7 | ) | ||||||||||||
+ 200 bp | (25.2 | ) | (114.2 | ) | |||||||||||||||
Increase (decrease) in fair value due to increase in Forward LIBOR Curve | + 100 bp | $ | 7.7 | $ | 44.2 | ||||||||||||||
Increase (decrease) in fair value due to: | |||||||||||||||||||
increase in prepayment assumption5 | +1% | $ | 3.3 | $ | 29.9 | ||||||||||||||
increase in prepayment assumption6 | +2% | 6.5 | 59.1 |
2 | Weighted average percentage of collateral that is defaulted due to bank failures, or deferring payment as allowed under the terms of the security, including a 0% recovery rate on defaulted collateral and a credit-specific probability of default on deferring collateral which ranges from 2.18% to 100%. |
6 | Prepayment rate for small banks increased to 5% per year for each year through maturity. |
Total | Credit loss | Valuation losses 1 | ||||||||||||||||||||||||||||||
(Dollar amounts in millions) | Number of securities | % of portfolio | Par value | Amortized cost | Estimated fair value | Unrealized loss | Current year | Life-to- date | Life-to- date | |||||||||||||||||||||||
Original ratings of securities, no OTTI recognized: | ||||||||||||||||||||||||||||||||
Original AAA | 27 | 38.4 | % | $ | 894.1 | $ | 794.5 | $ | 562.9 | $ | (231.6 | ) | $ | — | $ | — | $ | (140.4 | ) | |||||||||||||
Original A | 18 | 18.3 | % | 426.5 | 426.6 | 220.4 | (206.2 | ) | — | — | — | |||||||||||||||||||||
Original BBB | 5 | 2.0 | % | 46.5 | 46.5 | 21.1 | (25.4 | ) | — | — | — | |||||||||||||||||||||
Total Non-OTTI | 58.7 | % | 1,367.1 | 1,267.6 | 804.4 | (463.2 | ) | — | — | (140.4 | ) | |||||||||||||||||||||
Original ratings of securities, OTTI recognized: | ||||||||||||||||||||||||||||||||
Original AAA | 1 | 2.1 | % | 50.0 | 43.4 | 16.5 | (26.9 | ) | — | (4.8 | ) | (1.9 | ) | |||||||||||||||||||
Original A | 44 | 36.3 | % | 844.5 | 605.6 | 175.8 | (429.8 | ) | (17.5 | ) | (241.2 | ) | — | |||||||||||||||||||
Original BBB | 6 | 2.9 | % | 67.1 | 24.1 | 3.2 | (20.9 | ) | (0.1 | ) | (42.8 | ) | — | |||||||||||||||||||
Total OTTI | 41.3 | % | 961.6 | 673.1 | 195.5 | (477.6 | ) | (17.6 | ) | (288.8 | ) | (1.9 | ) | |||||||||||||||||||
Total noninvestment grade bank and insurance CDOs | 100.0 | % | $ | 2,328.7 | $ | 1,940.7 | $ | 999.9 | $ | (940.8 | ) | $ | (17.6 | ) | $ | (288.8 | ) | $ | (142.3 | ) |
Average amount of each security held 2 | ||||||||||||||||
(In millions) | Par value | Amortized cost | Estimated fair value | Unrealized gain (loss) | ||||||||||||
Original ratings of securities, no OTTI recognized: | ||||||||||||||||
Original AAA | $ | 31.9 | $ | 28.4 | $ | 20.1 | $ | (8.3 | ) | |||||||
Original A | 16.4 | 16.4 | 8.5 | (7.9 | ) | |||||||||||
Original BBB | 9.3 | 9.3 | 4.2 | (5.1 | ) | |||||||||||
Original ratings of securities, OTTI recognized: | ||||||||||||||||
Original AAA | 50.0 | 43.4 | 16.5 | (26.9 | ) | |||||||||||
Original A | 15.6 | 11.2 | 3.3 | (8.0 | ) | |||||||||||
Original BBB | 11.2 | 4.0 | 0.5 | (3.5 | ) |
Current lowest rating | # of issuers in collateral pool | # of issuers currently performing1 | % of original collateral defaulted 2 | % of original collateral deferring 3 | Subordination as % of performing collateral 4 | Collateral- ization %5 | Present value of expected cash flows discounted at effective rate as a % of par6 | Lifetime additional projected loss from performing collateral 7 | |||||||||||||||||
Original Ratings of Securities, Non-OTTI: | |||||||||||||||||||||||||
Original AAA | |||||||||||||||||||||||||
Best | BB | 23 | 21 | 2.43 | % | 4.26 | % | 80.92 | % | 683.95 | % | 100 | % | — | |||||||||||
Weighted average | 15.94 | % | 13.29 | % | 41.73 | % | 255.46 | % | 100 | % | 10.24 | % | |||||||||||||
Worst | CC | 15 | 7 | 28.71 | % | 26.03 | % | 12.75 | % | 162.32 | % | 100 | % | 13.95 | % | ||||||||||
Original A | |||||||||||||||||||||||||
Best | B | 33 | 33 | — | — | 27.88 | % | 353.68 | % | 100 | % | 10.87 | % | ||||||||||||
Weighted average | 2.81 | % | 6.41 | % | 13.32 | % | 151.63 | % | 100 | % | 12.46 | % | |||||||||||||
Worst | C | 6 | 4 | 10.31 | % | 22.31 | % | (8.44 | )% | 8 | 75.94 | % | 9 | 100 | % | 13.70 | % | ||||||||
Original BBB | |||||||||||||||||||||||||
Best | CCC | 33 | 33 | — | — | 17.10 | % | 355.80 | % | 100 | % | 11.34 | % | ||||||||||||
Weighted average | 1.33 | % | 3.79 | % | 10.35 | % | 256.02 | % | 100 | % | 12.61 | % | |||||||||||||
Worst | CC | 24 | 21 | 4.00 | % | 9.26 | % | 3.24 | % | 154.05 | % | 100 | % | 13.70 | % | ||||||||||
Original Ratings of Securities, OTTI: | |||||||||||||||||||||||||
Original AAA | |||||||||||||||||||||||||
Single Security | CCC | 43 | 23 | 16.89 | % | 28.66 | % | 29.30 | % | 232.15 | % | 91 | % | 8.72 | % | ||||||||||
Original A | |||||||||||||||||||||||||
Best | CC | 36 | 31 | — | 1.89 | % | 46.24 | % | 186.02 | % | 100 | % | — | ||||||||||||
Weighted average | 11.95 | % | 16.88 | % | (14.53 | )% | 66.79 | % | 82 | % | 11.11 | % | |||||||||||||
Worst | C | 3 | — | 33.29 | % | 31.04 | % | (50.03 | )% | 21.90 | % | 42 | % | 15.93 | % | ||||||||||
Original BBB | |||||||||||||||||||||||||
Best | C | 42 | 36 | 6.28 | % | 6.53 | % | (5.07 | )% | 68.95 | % | 100 | % | 8.72 | % | ||||||||||
Weighted average | 13.75 | % | 21.77 | % | (28.21 | )% | (148.89 | )% | 51 | % | 10.61 | % | |||||||||||||
Worst | C | 34 | 14 | 16.89 | % | 29.27 | % | (51.43 | )% | (277.86 | )% | — | 13.53 | % |
BANK AND INSURANCE TRUST PREFERRED CDOs | |||||||||||||||||||
June 30, 2012 | |||||||||||||||||||
(In millions) | No. of securities | Par amount | Amortized cost | Fair value | |||||||||||||||
Year-to-date rating changes 1 | |||||||||||||||||||
Upgrade | 23 | $ | 706 | $ | 642 | $ | 447 | ||||||||||||
No change | 73 | 1,445 | 1,150 | 501 | |||||||||||||||
Downgrade | 9 | 236 | 203 | 106 | |||||||||||||||
105 | $ | 2,387 | $ | 1,995 | $ | 1,054 |
(In millions) | June 30, 2012 | December 31, 2011 | |||||||||
Loans and leases | $ | 477 | $ | 441 | |||||||
Held-to-maturity – municipal securities | 543 | 565 | |||||||||
Available-for-sale – municipal securities | 119 | 122 | |||||||||
Available-for-sale – auction rate securities | 7 | 70 | |||||||||
Trading account – municipal securities | 15 | 9 | |||||||||
Unused commitments to extend credit | 88 | 103 | |||||||||
Total direct exposure to municipalities | $ | 1,249 | $ | 1,310 |
June 30, 2012 | December 31, 2011 | June 30, 2011 | ||||||||||||||||||
(Amounts in millions) | Amount | % of total loans | Amount | % of total loans | Amount | % of total loans | ||||||||||||||
Commercial: | ||||||||||||||||||||
Commercial and industrial | $ | 10,383 | 28.2 | % | $ | 10,335 | 27.8 | % | $ | 9,520 | 25.9 | % | ||||||||
Leasing | 406 | 1.1 | % | 380 | 1.0 | % | 365 | 1.0 | % | |||||||||||
Owner occupied | 7,811 | 21.2 | % | 8,159 | 22.0 | % | 8,419 | 22.9 | % | |||||||||||
Municipal | 477 | 1.3 | % | 441 | 1.2 | % | 448 | 1.2 | % | |||||||||||
Total commercial | 19,077 | 19,315 | 18,752 | |||||||||||||||||
Commercial real estate: | ||||||||||||||||||||
Construction and land development | 2,099 | 5.7 | % | 2,265 | 6.1 | % | 2,748 | 7.5 | % | |||||||||||
Term | 8,011 | 21.7 | % | 7,883 | 21.2 | % | 7,701 | 20.9 | % | |||||||||||
Total commercial real estate | 10,110 | 10,148 | 10,449 | |||||||||||||||||
Consumer: | ||||||||||||||||||||
Home equity credit line | 2,181 | 5.9 | % | 2,187 | 5.9 | % | 2,143 | 5.8 | % | |||||||||||
1-4 family residential | 4,019 | 10.9 | % | 3,921 | 10.6 | % | 3,807 | 10.3 | % | |||||||||||
Construction and other consumer real estate | 328 | 0.9 | % | 306 | 0.8 | % | 308 | 0.8 | % | |||||||||||
Bankcard and other revolving plans | 284 | 0.8 | % | 291 | 0.8 | % | 280 | 0.8 | % | |||||||||||
Other | 232 | 0.6 | % | 226 | 0.6 | % | 231 | 0.6 | % | |||||||||||
Total consumer | 7,044 | 6,931 | 6,769 | |||||||||||||||||
FDIC-supported loans 1 | 642 | 1.7 | % | 751 | 2.0 | % | 854 | 2.3 | % | |||||||||||
Total net loans | $ | 36,873 | 100.0 | % | $ | 37,145 | 100.0 | % | $ | 36,824 | 100.0 | % |
(In millions) | June 30, 2012 | December 31, 2011 | June 30, 2011 | ||||||||||
Bank-owned life insurance | $ | 449 | $ | 443 | $ | 436 | |||||||
Federal Home Loan Bank stock | 115 | 116 | 120 | ||||||||||
Federal Reserve stock | 134 | 132 | 129 | ||||||||||
SBIC investments | 42 | 39 | 41 | ||||||||||
Non-SBIC investment funds and other | 114 | 121 | 119 | ||||||||||
Trust preferred securities | 14 | 14 | 14 | ||||||||||
$ | 868 | $ | 865 | $ | 859 |
Inception through June 30, 2012 | |||||||||||
(In millions) | Total actual losses | Threshold | |||||||||
Alliance Bank | $ | 176 | $ | 275 | |||||||
Vineyard Bank | 211 | 465 | |||||||||
Great Basin Bank | 12 | 40 | |||||||||
$ | 399 | $ | 780 |
(Amounts in millions) | June 30, 2012 | Percent guaranteed | December 31, 2011 | Percent guaranteed | |||||||||||||||
Commercial | $ | 573 | 74% | $ | 581 | 74% | |||||||||||||
Commercial real estate | 20 | 74% | 20 | 75% | |||||||||||||||
Consumer | 2 | 100% | 2 | 100% | |||||||||||||||
Total loans excluding FDIC-supported loans | $ | 595 | 74% | $ | 603 | 74% |
(Amounts in millions) | June 30, 2012 | December 31, 2011 | |||||||||||
Amount | Percent | Amount | Percent | ||||||||||
Real estate, rental and leasing | $ | 2,812 | 14.7 | % | $ | 2,755 | 14.3 | % | |||||
Manufacturing | 1,982 | 10.4 | % | 2,069 | 10.7 | % | |||||||
Mining, quarrying and oil and gas extraction | 1,806 | 9.5 | % | 1,763 | 9.1 | % | |||||||
Retail trade | 1,558 | 8.2 | % | 1,646 | 8.5 | % | |||||||
Wholesale trade | 1,459 | 7.6 | % | 1,600 | 8.3 | % | |||||||
Healthcare and social assistance | 1,196 | 6.3 | % | 1,245 | 6.4 | % | |||||||
Construction | 1,060 | 5.6 | % | 1,083 | 5.6 | % | |||||||
Transportation and warehousing | 975 | 5.1 | % | 949 | 4.9 | % | |||||||
Finance and insurance | 974 | 5.1 | % | 865 | 4.5 | % | |||||||
Professional, scientific and technical services | 925 | 4.8 | % | 953 | 4.9 | % | |||||||
Accommodation and food services | 776 | 4.1 | % | 825 | 4.3 | % | |||||||
Other 1 | 3,554 | 18.6 | % | 3,562 | 18.5 | % | |||||||
Total | $ | 19,077 | 100.0 | % | $ | 19,315 | 100.0 | % |
(Amounts in millions) | Collateral Location | |||||||||||||||||||||||||||||||||||||||||||
Loan Type | As of Date | Arizona | Northern California | Southern California | Nevada | Colorado | Texas | Utah/ Idaho | Washing-ton | Other 1 | Total | % of total CRE | ||||||||||||||||||||||||||||||||
Commercial term | ||||||||||||||||||||||||||||||||||||||||||||
Balance outstanding | 6/30/2012 | $ | 1,027.3 | $ | 617.0 | $ | 2,139.6 | $ | 666.4 | $ | 480.0 | $ | 1,007.9 | $ | 1,000.8 | $ | 248.9 | $ | 823.4 | $ | 8,011.3 | 79.3 | % | |||||||||||||||||||||
% of loan type | 12.8 | % | 7.7 | % | 26.7 | % | 8.3 | % | 6.0 | % | 12.6 | % | 12.5 | % | 3.1 | % | 10.3 | % | 100.0 | % | ||||||||||||||||||||||||
Delinquency rates 2: | ||||||||||||||||||||||||||||||||||||||||||||
30-89 days | 6/30/2012 | 0.4 | % | 0.4 | % | 0.3 | % | 0.4 | % | 0.2 | % | 0.8 | % | 0.3 | % | — | 1.1 | % | 0.5 | % | ||||||||||||||||||||||||
12/31/2011 | 0.6 | % | 0.4 | % | 1.2 | % | 0.5 | % | 0.5 | % | 1.6 | % | 0.5 | % | — | 1.1 | % | 0.9 | % | |||||||||||||||||||||||||
≥ 90 days | 6/30/2012 | 0.9 | % | 0.6 | % | 0.6 | % | 1.8 | % | 1.6 | % | 1.8 | % | 0.3 | % | 0.6 | % | 2.9 | % | 1.1 | % | |||||||||||||||||||||||
12/31/2011 | 0.9 | % | 0.3 | % | 0.3 | % | 0.4 | % | — | 1.7 | % | 0.6 | % | — | 2.1 | % | 0.8 | % | ||||||||||||||||||||||||||
Accruing loans past due 90 days or more | 6/30/2012 | $ | 0.5 | $ | — | $ | 0.2 | $ | — | $ | — | $ | 0.5 | $ | — | $ | — | $ | — | $ | 1.2 | |||||||||||||||||||||||
12/31/2011 | 0.4 | — | — | — | — | 3.2 | — | — | 0.6 | 4.2 | ||||||||||||||||||||||||||||||||||
Nonaccrual loans | 6/30/2012 | 20.4 | 8.4 | 14.0 | 48.3 | 13.4 | 25.1 | 6.8 | 5.0 | 41.0 | 182.4 | |||||||||||||||||||||||||||||||||
12/31/2011 | 13.7 | 3.4 | 26.6 | 37.3 | 13.9 | 23.3 | 9.1 | — | 28.9 | 156.2 | ||||||||||||||||||||||||||||||||||
Residential construction and land development | ||||||||||||||||||||||||||||||||||||||||||||
Balance outstanding | 6/30/2012 | $ | 90.1 | $ | 41.9 | $ | 174.3 | $ | 3.5 | $ | 35.2 | $ | 242.9 | $ | 142.0 | $ | 0.5 | $ | 41.6 | $ | 772.0 | 7.6 | % | |||||||||||||||||||||
% of loan type | 11.7 | % | 5.4 | % | 22.6 | % | 0.5 | % | 4.5 | % | 31.4 | % | 18.4 | % | 0.1 | % | 5.4 | % | 100.0 | % | ||||||||||||||||||||||||
Delinquency rates 2: | ||||||||||||||||||||||||||||||||||||||||||||
30-89 days | 6/30/2012 | 4.1 | % | 11.4 | % | 1.9 | % | 8.7 | % | — | % | 3.0 | % | 0.4 | % | — | — | 2.6 | % | |||||||||||||||||||||||||
12/31/2011 | 0.6 | % | 14.1 | % | — | 0.8 | % | 13.8 | % | 0.4 | % | 0.2 | % | — | — | 1.3 | % | |||||||||||||||||||||||||||
≥ 90 days | 6/30/2012 | 4.0 | % | — | 1.8 | % | — | 3.2 | % | 10.5 | % | 2.0 | % | — | — | 4.7 | % | |||||||||||||||||||||||||||
12/31/2011 | 2.7 | % | — | 3.9 | % | 6.8 | % | 5.3 | % | 11.6 | % | 4.5 | % | 24.1 | % | — | 6.7 | % | ||||||||||||||||||||||||||
Accruing loans past due 90 days or more | 6/30/2012 | $ | 2.1 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 2.1 | |||||||||||||||||||||||
12/31/2011 | 0.5 | — | 0.2 | — | — | 0.1 | — | — | — | 0.8 | ||||||||||||||||||||||||||||||||||
Nonaccrual loans | 6/30/2012 | 10.0 | — | 4.1 | 0.9 | 1.1 | 35.0 | 7.7 | — | — | 58.8 | |||||||||||||||||||||||||||||||||
12/31/2011 | 13.0 | — | 6.4 | 5.0 | 1.9 | 49.6 | 15.0 | 0.2 | — | 91.1 | ||||||||||||||||||||||||||||||||||
Commercial construction and land development | ||||||||||||||||||||||||||||||||||||||||||||
Balance outstanding | 6/30/2012 | $ | 156.7 | $ | 32.1 | $ | 207.9 | $ | 77.2 | $ | 95.5 | $ | 419.7 | $ | 309.4 | $ | 18.8 | $ | 9.8 | $ | 1,327.1 | 13.1 | % | |||||||||||||||||||||
% of loan type | 11.8 | % | 2.4 | % | 15.7 | % | 5.8 | % | 7.2 | % | 31.6 | % | 23.3 | % | 1.4 | % | 0.8 | % | 100.0 | % | ||||||||||||||||||||||||
Delinquency rates 2: | ||||||||||||||||||||||||||||||||||||||||||||
30-89 days | 6/30/2012 | 1.0 | % | 1.9 | % | — | 12.1 | % | — | — | 0.1 | % | — | 9.0 | % | 1.0 | % | |||||||||||||||||||||||||||
12/31/2011 | 1.6 | % | — | — | — | 4.4 | % | 1.7 | % | — | — | — | 1.2 | % | ||||||||||||||||||||||||||||||
≥ 90 days | 6/30/2012 | 2.3 | % | — | 0.2 | % | — | — | 3.9 | % | 0.4 | % | — | — | 1.6 | % | ||||||||||||||||||||||||||||
12/31/2011 | 2.1 | % | — | 1.1 | % | 5.6 | % | 5.5 | % | 6.0 | % | 1.7 | % | — | — | 3.6 | % | |||||||||||||||||||||||||||
Accruing loans past due 90 days or more | 6/30/2012 | $ | 0.1 | $ | — | $ | 0.1 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 0.2 | |||||||||||||||||||||||
12/31/2011 | — | — | 1.6 | — | — | 0.1 | — | — | — | 1.7 | ||||||||||||||||||||||||||||||||||
Nonaccrual loans | 6/30/2012 | 3.5 | — | 0.3 | 1.0 | — | 37.6 | 14.2 | — | — | 56.6 | |||||||||||||||||||||||||||||||||
12/31/2011 | 5.9 | — | — | 12.1 | 9.1 | 81.4 | 20.2 | — | — | 128.7 | ||||||||||||||||||||||||||||||||||
Total construction and land development | 6/30/2012 | $ | 246.8 | $ | 74.0 | $ | 382.2 | $ | 80.7 | $ | 130.7 | $ | 662.6 | $ | 451.4 | $ | 19.3 | $ | 51.4 | $ | 2,099.1 | |||||||||||||||||||||||
Total commercial real estate | 6/30/2012 | $ | 1,274.1 | $ | 691.0 | $ | 2,521.8 | $ | 747.1 | $ | 610.7 | $ | 1,670.5 | $ | 1,452.2 | $ | 268.2 | $ | 874.8 | $ | 10,110.4 | 100.0 | % |
JR. LIEN HECLs – OUTSTANDING BALANCES AND TOTAL COMMITMENTS | ||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||
June 30, 2012 | December 31, 2011 | |||||||||||||||||||||||
Year of origination | Outstanding balance | Total commitments | Outstanding balance | Total commitments | ||||||||||||||||||||
2012 | $ | 52 | $ | 110 | ||||||||||||||||||||
2011 | 106 | 199 | $ | 109 | $ | 206 | ||||||||||||||||||
2010 | 76 | 139 | 84 | 147 | ||||||||||||||||||||
2009 | 74 | 141 | 83 | 149 | ||||||||||||||||||||
2008 | 171 | 268 | 184 | 262 | ||||||||||||||||||||
2007 | 210 | 319 | 228 | 299 | ||||||||||||||||||||
2006 and prior | 457 | 973 | 492 | 918 | ||||||||||||||||||||
Total | $ | 1,146 | $ | 2,149 | $ | 1,180 | $ | 1,981 |
Percentage of HECL portfolio | ||||||||||
CLTV | June 30, 2012 | December 31, 2011 | ||||||||
>100% | 16 | % | 17 | % | ||||||
90-100% | 10 | % | 11 | % | ||||||
80-89% | 15 | % | 15 | % | ||||||
< 80% | 59 | % | 57 | % | ||||||
100 | % | 100 | % |
(Amounts in millions) | June 30, 2012 | December 31, 2011 | June 30, 2011 | ||||||||
Nonaccrual loans | $ | 771 | $ | 886 | $ | 1,243 | |||||
Other real estate owned | 125 | 129 | 195 | ||||||||
Nonperforming lending-related assets, excluding FDIC-supported assets | 896 | 1,015 | 1,438 | ||||||||
FDIC-supported nonaccrual loans | 22 | 24 | 31 | ||||||||
FDIC-supported other real estate owned | 20 | 24 | 44 | ||||||||
FDIC-supported nonperforming lending-related assets | 42 | 48 | 75 | ||||||||
Total nonperforming lending-related assets | $ | 938 | $ | 1,063 | $ | 1,513 | |||||
Ratio of nonperforming lending-related assets to net loans and leases 1 and other real estate owned | 2.53 | % | 2.83 | % | 4.06 | % | |||||
Accruing loans past due 90 days or more, excluding FDIC-supported loans | $ | 30 | $ | 19 | $ | 19 | |||||
FDIC-supported loans past due 90 days or more | 70 | 75 | 90 | ||||||||
Ratio of accruing loans past due 90 days or more to net loans and leases 1 | 0.27 | % | 0.25 | % | 0.29 | % | |||||
Nonaccrual loans and accruing loans past due 90 days or more | $ | 893 | $ | 1,004 | $ | 1,382 | |||||
Ratio of nonaccrual loans and accruing loans past due 90 days or more to net loans and leases 1 | 2.41 | % | 2.69 | % | 3.74 | % | |||||
Accruing loans past due 30 – 89 days, excluding FDIC-supported loans | $ | 142 | $ | 184 | $ | 171 | |||||
FDIC-supported loans past due 30 – 89 days | 16 | 25 | 21 | ||||||||
Classified loans, excluding FDIC-supported loans | 1,881 | 2,056 | 2,676 |
(In millions) | June 30, 2012 | December 31, 2011 | June 30, 2011 | ||||||||||
Restructured loans – accruing | $ | 393 | $ | 448 | $ | 394 | |||||||
Restructured loans – nonaccruing | 228 | 296 | 324 | ||||||||||
Total | $ | 621 | $ | 744 | $ | 718 |
(In millions) | Three Months Ended June 30, 2012 | Six Months Ended June 30, 2012 | |||||||||
Balance at beginning of period | $ | 678 | $ | 744 | |||||||
New identified TDRs and principal increases | 62 | 150 | |||||||||
Payments and payoffs | (77 | ) | (144 | ) | |||||||
Charge-offs | (4 | ) | (13 | ) | |||||||
No longer reported as TDRs | (1 | ) | (63 | ) | |||||||
Sales and other | (37 | ) | (53 | ) | |||||||
Balance at end of period | $ | 621 | $ | 621 |
(Amounts in millions) | Six Months Ended June 30, 2012 | Twelve Months Ended December 31, 2011 | Six Months Ended June 30, 2011 | ||||||||
Loans and leases outstanding (net of unearned income) | $ | 36,873 | $ | 37,145 | $ | 36,824 | |||||
Average loans and leases outstanding (net of unearned income) | $ | 36,760 | $ | 36,798 | $ | 36,754 | |||||
Allowance for loan losses: | |||||||||||
Balance at beginning of period | $ | 1,050 | $ | 1,440 | $ | 1,440 | |||||
Provision charged against earnings | 27 | 75 | 61 | ||||||||
Adjustment for FDIC-supported loans | (7 | ) | (9 | ) | (4 | ) | |||||
Charge-offs: | |||||||||||
Commercial | (67 | ) | (241 | ) | (118 | ) | |||||
Commercial real estate | (52 | ) | (229 | ) | (141 | ) | |||||
Consumer | (35 | ) | (90 | ) | (51 | ) | |||||
Total | (154 | ) | (560 | ) | (310 | ) | |||||
Recoveries: | |||||||||||
Commercial | 24 | 55 | 28 | ||||||||
Commercial real estate | 25 | 35 | 16 | ||||||||
Consumer | 7 | 14 | 7 | ||||||||
Total | 56 | 104 | 51 | ||||||||
Net loan and lease charge-offs | (98 | ) | (456 | ) | (259 | ) | |||||
Balance at end of period | $ | 972 | $ | 1,050 | $ | 1,238 | |||||
Ratio of annualized net charge-offs to average loans and leases | 0.53 | % | 1.24 | % | 1.41 | % | |||||
Ratio of allowance for loan losses to net loans and leases, at period end | 2.64 | % | 2.83 | % | 3.36 | % | |||||
Ratio of allowance for loan losses to nonperforming loans, at period end | 122.46 | % | 115.40 | % | 97.17 | % | |||||
Ratio of allowance for loan losses to nonaccrual loans and accruing loans past due 90 days or more, at period end | 108.77 | % | 104.62 | % | 89.53 | % |
June 30, 2012 | March 31, 2012 | December 31, 2011 | |||||||||||||||
Fast | Slow | Fast | Slow | Fast | Slow | ||||||||||||
Duration of equity1: | |||||||||||||||||
Base case | -0.8 | % | -4.4 | % | -1.5 | % | -4.5 | % | -1.0 | % | -3.8 | % | |||||
Increase interest rates by 200 bps | -2.8 | -5.5 | -1.8 | -4.0 | -1.5 | -3.5 | |||||||||||
Deposit repricing response | |||||||||||||||||
Fast | Slow | Fast | Slow | Fast | Slow | ||||||||||||
Income simulation – change in interest sensitive income: | |||||||||||||||||
Increase interest rates by 200 bps | 9.2 | % | 12.2 | % | 9.7 | % | 12.3 | % | 7.4 | 10.0 | % | ||||||
Decrease interest rates by 200 bps2 | -1.5 | -1.9 | -2.5 | -2.8 | -2.0 | -2.3 |
PARENT ONLY CONDENSED BALANCE SHEETS | |||||||||||
(In thousands) | June 30, 2012 | December 31, 2011 | June 30, 2011 | ||||||||
ASSETS | |||||||||||
Cash and due from banks | $ | 2,510 | $ | 11 | $ | 2,954 | |||||
Interest-bearing deposits | 923,560 | 956,476 | 446,916 | ||||||||
Investment securities: | |||||||||||
Held-to-maturity, at adjusted cost (approximate fair value of $17,704, $13,019 and $13,146) | 14,707 | 20,118 | 15,124 | ||||||||
Available-for-sale, at fair value | 395,226 | 382,880 | 1,123,102 | ||||||||
Loans, net of unearned fees of $0, $0 and $0 and allowance for loan losses of $0, $33 and $28 | — | 1,495 | 1,500 | ||||||||
Other noninterest-bearing investments | 50,388 | 52,903 | 50,110 | ||||||||
Investments in subsidiaries: | |||||||||||
Commercial banks and bank holding company | 6,897,138 | 7,070,620 | 6,982,273 | ||||||||
Other operating companies | 43,732 | 45,043 | 56,421 | ||||||||
Nonoperating – ZMFU II, Inc. 1 | 92,624 | 92,751 | 93,125 | ||||||||
Receivables from subsidiaries: | |||||||||||
Other operating companies | 20,000 | 190 | 615 | ||||||||
Other assets | 224,398 | 285,971 | 313,159 | ||||||||
$ | 8,664,283 | $ | 8,908,458 | $ | 9,085,299 | ||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||
Other liabilities | $ | 96,376 | $ | 104,829 | $ | 155,884 | |||||
Commercial paper: | |||||||||||
Due to affiliates | 45,995 | 45,995 | 45,993 | ||||||||
Due to others | 2,217 | 3,063 | 14,256 | ||||||||
Other short-term borrowings: | |||||||||||
Due to affiliates | 5 | 5 | 107,662 | ||||||||
Due to others | 4,946 | 66,883 | 130,404 | ||||||||
Subordinated debt to affiliated trusts | 309,278 | 309,278 | 309,278 | ||||||||
Long-term debt: | |||||||||||
Due to affiliates | 56 | 53 | 85,070 | ||||||||
Due to others | 1,713,439 | 1,393,044 | 1,322,159 | ||||||||
Total liabilities | 2,172,312 | 1,923,150 | 2,170,706 | ||||||||
Shareholders’ equity: | |||||||||||
Preferred stock | 1,800,473 | 2,377,560 | 2,329,370 | ||||||||
Common stock | 4,157,525 | 4,163,242 | 4,158,369 | ||||||||
Retained earnings | 1,110,120 | 1,036,590 | 931,345 | ||||||||
Accumulated other comprehensive income (loss) | (576,147 | ) | (592,084 | ) | (504,491 | ) | |||||
Total shareholders’ equity | 6,491,971 | 6,985,308 | 6,914,593 | ||||||||
$ | 8,664,283 | $ | 8,908,458 | $ | 9,085,299 |
Three Months Ended | |||||||||||||||||||||||||||
(In millions) | June 30, 2012 | March 31, 2012 | December 31, 2011 | September 30, 2011 | June 30, 2011 | March 31, 2011 | |||||||||||||||||||||
Preferred equity | |||||||||||||||||||||||||||
Convertible subordinated debt converted to preferred stock | $ | 50 | $ | 30 | $ | 15 | $ | 17 | $ | 138 | $ | 86 | |||||||||||||||
Beneficial conversion feature reclassified from common to preferred stock | 9 | 5 | 2 | 3 | 23 | 15 | |||||||||||||||||||||
Change in preferred equity | 59 | 35 | 17 | 20 | 161 | 101 | |||||||||||||||||||||
Common equity | |||||||||||||||||||||||||||
Accelerated convertible subordinated debt discount amortization, net of tax | (13 | ) | (10 | ) | (5 | ) | (6 | ) | (50 | ) | (33 | ) | |||||||||||||||
Beneficial conversion feature reclassified from common to preferred stock | (9 | ) | (5 | ) | (2 | ) | (3 | ) | (23 | ) | (15 | ) | |||||||||||||||
Change in common equity | (22 | ) | (15 | ) | (7 | ) | (9 | ) | (73 | ) | (48 | ) | |||||||||||||||
Net impact on Tier 1 capital | $ | 37 | $ | 20 | $ | 10 | $ | 11 | $ | 88 | $ | 53 | |||||||||||||||
Convertible subordinated debt outstanding | $ | 467 | $ | 518 | $ | 547 | $ | 562 | $ | 579 | $ | 718 |
June 30, 2012 | December 31, 2011 | June 30, 2011 | ||||||
Tangible common equity ratio | 6.91 | % | 6.77 | % | 6.95 | % | ||
Tangible equity ratio | 10.35 | % | 11.33 | % | 11.58 | % | ||
Average equity to average assets (three months ended) | 12.37 | % | 13.27 | % | 13.42 | % | ||
Risk-based capital ratios: | ||||||||
Common equity tier 1 capital | 9.78 | % | 9.57 | % | 9.36 | % | ||
Tier 1 leverage | 12.31 | % | 13.40 | % | 13.44 | % | ||
Tier 1 risk-based capital | 15.03 | % | 16.13 | % | 15.87 | % | ||
Total risk-based capital | 16.89 | % | 18.06 | % | 18.01 | % |
(Amounts in millions) | June 30, 2012 | December 31, 2011 | June 30, 2011 | ||||||||
Controlling interest shareholders’ equity (GAAP) | $ | 6,492 | $ | 6,985 | $ | 6,915 | |||||
Accumulated other comprehensive loss (income) | 576 | 592 | 504 | ||||||||
Non-qualifying goodwill and intangibles | (1,074 | ) | (1,083 | ) | (1,093 | ) | |||||
Disallowed deferred tax assets | — | — | — | ||||||||
Other regulatory adjustments | 2 | 4 | (1 | ) | |||||||
Qualifying trust preferred securities | 448 | 448 | 448 | ||||||||
Tier 1 capital (regulatory) | 6,444 | 6,946 | 6,773 | ||||||||
Qualifying trust preferred securities | (448 | ) | (448 | ) | (448 | ) | |||||
Preferred stock | (1,800 | ) | (2,377 | ) | (2,329 | ) | |||||
Common equity Tier 1 capital (non-GAAP) | $ | 4,196 | $ | 4,121 | $ | 3,996 | |||||
Risk-weighted assets (regulatory) | $ | 42,891 | $ | 43,077 | $ | 42,676 | |||||
Common equity Tier 1 capital to risk-weighted assets (non-GAAP) | 9.78 | % | 9.57 | % | 9.36 | % |
Three Months Ended | |||||
June 30, 2012 | December 31, 2011 | June 30, 2011 | |||
Net interest margin as reported (GAAP) | 3.62% | 3.86% | 3.62% | ||
Adjust for the impact on net interest margin of: | |||||
Discount amortization on convertible subordinated debt | 0.09% | 0.09% | 0.10% | ||
Accelerated discount amortization on convertible subordinated debt | 0.13% | 0.05% | 0.53% | ||
Additional accretion of interest income on acquired loans | (0.12)% | (0.14)% | (0.18)% | ||
Core net interest margin (non-GAAP) | 3.72% | 3.86% | 4.07% |
(Amounts in millions) | June 30, 2012 | December 31, 2011 | June 30, 2011 | ||||||||
Total shareholders’ equity (GAAP) | $ | 6,489 | $ | 6,983 | $ | 6,913 | |||||
Goodwill | (1,015 | ) | (1,015 | ) | (1,015 | ) | |||||
Core deposit and other intangibles | (59 | ) | (68 | ) | (77 | ) | |||||
Tangible equity (non-GAAP) (a) | 5,415 | 5,900 | 5,821 | ||||||||
Preferred stock | (1,800 | ) | (2,377 | ) | (2,329 | ) | |||||
Noncontrolling interests | 3 | 2 | 1 | ||||||||
Tangible common equity (non-GAAP) (b) | $ | 3,618 | $ | 3,525 | $ | 3,493 | |||||
Total assets (GAAP) | $ | 53,407 | $ | 53,149 | $ | 51,361 | |||||
Goodwill | (1,015 | ) | (1,015 | ) | (1,015 | ) | |||||
Core deposit and other intangibles | (59 | ) | (68 | ) | (77 | ) | |||||
Tangible assets (non-GAAP) (c) | $ | 52,333 | $ | 52,066 | $ | 50,269 | |||||
Tangible equity ratio (a/c) | 10.35 | % | 11.33 | % | 11.58 | % | |||||
Tangible common equity ratio (b/c) | 6.91 | % | 6.77 | % | 6.95 | % |
ITEM 3. | QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK |
ITEM 4. | CONTROLS AND PROCEDURES |
PART II. | OTHER INFORMATION |
ITEM 1. | LEGAL PROCEEDINGS |
ITEM 1A. | RISK FACTORS |
ITEM 2. | UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS |
Period | Total number of shares repurchased 1 | Average price paid per share | Total number of shares purchased as part of publicly announced plans or programs | Approximate dollar value of shares that may yet be purchased under the plan | |||||||||||||||
April | 26,173 | $ | 20.08 | — | $ | — | |||||||||||||
May | 79,868 | 19.19 | — | — | |||||||||||||||
June | 40,240 | 17.65 | — | — | |||||||||||||||
Second quarter | 146,281 | 18.93 | — |
ITEM 6. | EXHIBITS |
a) | Exhibits |
Exhibit Number | Description | ||
3.1 | Restated Articles of Incorporation of Zions Bancorporation dated November 8, 1993, incorporated by reference to Exhibit 3.1 of Form S-4 filed on November 22, 1993. | * | |
3.2 | Articles of Amendment to the Restated Articles of Incorporation of Zions Bancorporation dated April 30, 1997, incorporated by reference to Exhibit 3.2 of Form 10-Q for the quarter ended March 31, 2008. | * | |
3.3 | Articles of Amendment to the Restated Articles of Incorporation of Zions Bancorporation dated April 24, 1998, incorporated by reference to Exhibit 3.3 of Form 10-Q for the quarter ended March 31, 2009. | * | |
3.4 | Articles of Amendment to Restated Articles of Incorporation of Zions Bancorporation dated April 25, 2001, incorporated by reference to Exhibit 3.6 of Form S-4 filed July 13, 2001. | * | |
3.5 | Articles of Amendment to the Restated Articles of Incorporation of Zions Bancorporation, dated December 5, 2006, incorporated by reference to Exhibit 3.5 of Form 10-K for the year ended December 31, 2011. | * | |
3.6 | Articles of Merger of The Stockmen’s Bancorp, Inc. with and into Zions Bancorporation, effective January 17, 2007, incorporated by reference to Exhibit 3.6 of Form 10-Q for the quarter ended March 31, 2012. | * | |
3.7 | Articles of Amendment to the Restated Articles of Incorporation of Zions Bancorporation, dated July 7, 2008, incorporated by reference to Exhibit 3.1 of Form 8-K filed July 8, 2008. | * | |
3.8 | Articles of Amendment to the Restated Articles of Incorporation of Zions Bancorporation, dated November 12, 2008, incorporated by reference to Exhibit 3.1 of Form 8-K filed November 17, 2008. | * | |
3.9 | Articles of Amendment to the Restated Articles of Incorporation of Zions Bancorporation, dated June 30, 2009, incorporated by reference to Exhibit 3.1 of Form 8-K filed July 2, 2009. | * | |
3.10 | Articles of Amendment to the Restated Articles of Incorporation of Zions Bancorporation dated June 30, 2009, incorporated by reference to Exhibit 3.10 of Form 10-Q for the quarter ended June 30, 2009. | * | |
3.11 | Articles of Amendment to the Restated Articles of Incorporation of Zions Bancorporation dated June 1, 2010, incorporated by reference to Exhibit 3.1 of Form 8-K filed June 3, 2010. | * | |
3.12 | Articles of Amendment to the Restated Articles of Incorporation of Zions Bancorporation dated June 14, 2010, incorporated by reference to Exhibit 3.1 of Form 8-K filed June 15, 2010. | * | |
3.13 | Articles of Amendment to the Restated Articles of Incorporation of Zions Bancorporation with respect to the Series F Fixed-Rate Non-Cumulative Perpetual Preferred Stock, dated May 4, 2012, incorporated by reference to Exhibit 3.1 of Form 8-K filed May 5, 2012. | * | |
3.14 | Restated Bylaws of Zions Bancorporation dated November 8, 2011, incorporated by reference to Exhibit 3.13 of Form 10-Q for the quarter ended September 30, 2011. | * | |
10.1 | 2012 Management Incentive Compensation Plan (filed herewith). | ||
10.2 | Amended and Restated Zions Bancorporation 2005 Stock Option and Incentive Plan (filed herewith). | ||
10.3 | Standard Stock Option Award Agreement, Zions Bancorporation 2005 Stock Option and Incentive Plan (filed herewith). | ||
10.4 | Standard Restricted Stock Award Agreement, Zions Bancorporation 2005 Stock Option and Incentive Plan (filed herewith). | ||
10.5 | Standard Restricted Stock Unit Award Agreement, Zions Bancorporation 2005 Stock Option and Incentive Plan (filed herewith). | ||
10.6 | Third amendment to the Zions Bancorporation Deferred Compensation Plan Trust Agreement between Fidelity Management Trust Company and Zions Bancorporation, dated June 13, 2012 (filed herewith). | ||
31.1 | Certification by Chief Executive Officer required by Rules 13a-15(f) and 15d-15(f) under the Securities Exchange Act of 1934 (filed herewith). | ||
31.2 | Certification by Chief Financial Officer required by Rules 13a-15(f) and 15d-15(f) under the Securities Exchange Act of 1934 (filed herewith). | ||
32 | Certification by Chief Executive Officer and Chief Financial Officer required by Sections 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934 (15 U.S.C. 78m) and 18 U.S.C. Section 1350 (furnished herewith). | ||
101 | Interactive data files pursuant to Rule 405 of Regulation S-T: (i) the Consolidated Balance Sheets as of June 30, 2012 and December 31, 2011, (ii) the Consolidated Statements of Income for the three months ended June 30, 2012 and June 30, 2011 and the six months ended June 30, 2012 and June 30, 2011, (iii) the Consolidated Statements of Comprehensive Income for the three months ended June 30, 2012 and June 30, 2011 and the six months ended June 30, 2012 and June 30, 2011, (iv) the Consolidated Statements of Changes in Shareholders’ Equity for the three months ended June 30, 2012 and June 30, 2011 and the six months ended June 30, 2012 and June 30, 2011, (v) the Consolidated Statements of Cash Flows for the three months ended June 30, 2012 and June 30, 2011 and the six months ended June 30, 2012 and June 30, 2011, and (v) the Notes to the Consolidated Financial Statements (furnished herewith). |
ZIONS BANCORPORATION |
/s/ Harris H. Simmons |
Harris H. Simmons, Chairman, President and Chief Executive Officer |
/s/ Doyle L. Arnold |
Doyle L. Arnold, Vice Chairman and Chief Financial Officer |
1. | Purpose |
2. | Definitions of Certain Terms |
Age | Years of Service |
55 | 10 |
56 | 9 |
57 | 8 |
58 | 7 |
59 | 6 |
60 and older | 5; |
3. | Administration |
4. | Persons Eligible for Awards |
5. | Types of Awards under the Plan |
6. | Shares Available for or Subject to Awards |
7. | Regulatory Considerations |
8. | No Repricing |
9. | Awards and Award Agreements |
10. | No Rights as a Shareholder |
11. | Grant of Stock Options, Stock Appreciation Rights and Additional Options |
(a) | Exercise price. Each Award Agreement with respect to a stock option or stock |
(b) | Exercise periods. Each Award Agreement with respect to a stock option or stock |
12. | Exercise of Stock Options and Stock Appreciation Rights |
13. | Cancellation and Termination of Stock Options and Stock Appreciation Rights |
14. | Termination of Employment |
15. | Grant of Restricted Stock and Unrestricted Stock |
16. | Grant of Restricted Stock Units |
17. | Grant of Performance Shares and Performance Units |
18. | Grant of Dividend Equivalent Rights |
19. | Deferred Stock Units. |
20. | Other Stock-Based Awards |
21. | Director Stock Options |
22. | Amendment of the Plan; Modification of Awards |
23. | Tax Withholding |
24. | Restrictions |
25. | Nonassignability |
26. | Requirement of Notification of Election Under Section 83(b) of the Code |
27. | Requirement of Notification Upon Disqualifying Disposition Under Section 421(b) of the Code |
28. | Change in Control |
29. | No Right to Employment |
30. | Nature of Payments |
31. | Non-Uniform Determinations |
32. | Other Payments or Awards |
33. | Interpretation |
34. | Effective Date and Term of Plan |
35. | Governing Law |
36. | Severability; Entire Agreement |
37. | No Third Party Beneficiaries |
38. | Successors and Assigns |
39. | Waiver of Claims |
40. | Relation to Key Employee Plan, You're the Owner Plan and Directors Plan |
(1) | Effective at Market Close on June 13, 2012, amending Schedule “C”, Investment Options, to delete the reference to “Zions Preferred Stock E Fund (Real Time Trading Option)”, and replace it with the following: |
• | Zions Preferred Stock E Fund (Real Time Trading Option) (frozen to all transactions) |
(2) | Effective upon completion of the above-referenced Zions Preferred Stock E Fund liquidation, amending Section 1, Definitions, to delete subsection (pp), Zions Preferred Stock E, and (qq), Zions Preferred Stock E Fund, in their entirety. |
(3) | Effective upon completion of the above-referenced Zions Preferred Stock E Fund liquidation, amending Section 5(f), Zions Common Stock and Zions Preferred Stock in the Zions Bancorporation Restated Deferred Compensation Plan, by restating the first paragraph, in its entirety, as follows: |
(4) | Effective upon completion of the above-referenced Zions Preferred Stock E Fund liquidation, amending Schedule “C”, Investment Options, to delete the following: |
• | Zions Preferred Stock E Fund (Real Time Trading Option) (frozen to all transactions) |
ZIONS BANCORPORATION | FIDELITY MANAGEMENT TRUST COMPANY |
1. | I have reviewed this quarterly report on Form 10-Q of Zions Bancorporation; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d) | Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
5. | Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
e) | Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
f) | Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
/s/ Harris H. Simmons | |
Harris H. Simmons, Chairman, President and Chief Executive Officer |
1. | I have reviewed this quarterly report on Form 10-Q of Zions Bancorporation; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d) | Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
5. | The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): |
a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
/s/ Doyle L. Arnold | |
Doyle L. Arnold, Vice Chairman and Chief Financial Officer |
/s/ Harris H. Simmons | ||
Name: | Harris H. Simmons | |
Title: | Chairman, President and Chief Executive Officer | |
/s/ Doyle L. Arnold | ||
Name: | Doyle L. Arnold | |
Title: | Vice Chairman and Chief Financial Officer |
Derivative Instruments And Hedging Activities (Schedule Of Notional Amounts And Recorded Gross Fair Values And Related Gain (Loss) Of Derivative Instruments) (Details) (USD $)
|
3 Months Ended | 6 Months Ended | ||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2012
|
Jun. 30, 2011
|
Jun. 30, 2012
|
Jun. 30, 2011
|
Dec. 31, 2011
|
||||||||||||
Derivative [Line Items] | ||||||||||||||||
Total derivatives, Notional amount | $ 3,893,073,000 | $ 3,893,073,000 | $ 6,063,675,000 | |||||||||||||
Amount of derivative gain (loss), recognized in OCI | 95,000 | 1,653,000 | 306,000 | 1,675,000 | ||||||||||||
Amount of derivative gain (loss), Reclassified from AOCI to interest income | 3,199,000 | 9,868,000 | 8,493,000 | 23,105,000 | ||||||||||||
Derivatives instruments, Noninterest income (expense) | (6,236,000) | 4,860,000 | (10,434,000) | 6,736,000 | ||||||||||||
Derivatives designated as hedging instruments, Offset to interest expense | 756,000 | 732,000 | 1,506,000 | 1,451,000 | ||||||||||||
Reclassification included in OCI | 8,493,000 | 23,105,000 | ||||||||||||||
Cash Flow Hedges [Member]
|
||||||||||||||||
Derivative [Line Items] | ||||||||||||||||
Derivatives instruments, Noninterest income (expense) | 0 | 0 | 0 | 0 | ||||||||||||
Other Assets [Member]
|
||||||||||||||||
Derivative [Line Items] | ||||||||||||||||
Derivatives hedging instruments, assets | 88,399,000 | 88,399,000 | 91,955,000 | |||||||||||||
Other Liabilities [Member]
|
||||||||||||||||
Derivative [Line Items] | ||||||||||||||||
Derivatives hedging instruments, liabilities | 95,007,000 | 95,007,000 | 94,773,000 | |||||||||||||
Derivatives Designated As Hedging Instruments [Member]
|
||||||||||||||||
Derivative [Line Items] | ||||||||||||||||
Derivatives designated as hedging instruments, Notional amount | 150,000,000 | 150,000,000 | 335,000,000 | |||||||||||||
Amount of derivative gain (loss), recognized in OCI | 95,000 | 1,653,000 | 306,000 | 1,675,000 | ||||||||||||
Amount of derivative gain (loss), Reclassified from AOCI to interest income | 3,199,000 | 9,868,000 | 8,493,000 | 23,105,000 | ||||||||||||
Derivatives instruments, Noninterest income (expense) | 0 | 0 | 0 | 0 | ||||||||||||
Derivatives designated as hedging instruments, Offset to interest expense | 756,000 | 732,000 | 1,506,000 | 1,451,000 | ||||||||||||
Derivatives Designated As Hedging Instruments [Member] | Cash Flow Hedges [Member]
|
||||||||||||||||
Derivative [Line Items] | ||||||||||||||||
Amount of derivative gain (loss), recognized in OCI | 95,000 | 1,653,000 | 306,000 | 1,675,000 | ||||||||||||
Amount of derivative gain (loss), Reclassified from AOCI to interest income | 3,199,000 | 9,868,000 | 8,493,000 | [1] | 23,105,000 | [1] | ||||||||||
Derivatives Designated As Hedging Instruments [Member] | Other Assets [Member]
|
||||||||||||||||
Derivative [Line Items] | ||||||||||||||||
Derivatives hedging instruments, assets | 3,617,000 | 3,617,000 | 7,341,000 | |||||||||||||
Derivatives Designated As Hedging Instruments [Member] | Other Liabilities [Member]
|
||||||||||||||||
Derivative [Line Items] | ||||||||||||||||
Derivatives hedging instruments, liabilities | 0 | 0 | 0 | |||||||||||||
Derivatives Designated As Hedging Instruments [Member] | Interest Rate Swaps [Member] | Cash Flow Hedges [Member]
|
||||||||||||||||
Derivative [Line Items] | ||||||||||||||||
Derivatives designated as hedging instruments, Notional amount | 150,000,000 | [2] | 150,000,000 | [2] | 335,000,000 | [2] | ||||||||||
Amount of derivative gain (loss), recognized in OCI | 95,000 | [2] | 1,474,000 | [2] | 306,000 | [2] | 1,492,000 | [2] | ||||||||
Amount of derivative gain (loss), Reclassified from AOCI to interest income | 3,199,000 | [2] | 8,979,000 | [2] | 8,493,000 | [2] | 21,419,000 | [2] | ||||||||
Derivatives instruments, Noninterest income (expense) | 0 | 0 | 0 | 0 | ||||||||||||
Derivatives Designated As Hedging Instruments [Member] | Interest Rate Swaps [Member] | Other Assets [Member] | Cash Flow Hedges [Member]
|
||||||||||||||||
Derivative [Line Items] | ||||||||||||||||
Derivatives hedging instruments, assets | 3,617,000 | [2] | 3,617,000 | [2] | 7,341,000 | [2] | ||||||||||
Derivatives Designated As Hedging Instruments [Member] | Interest Rate Swaps [Member] | Other Liabilities [Member] | Cash Flow Hedges [Member]
|
||||||||||||||||
Derivative [Line Items] | ||||||||||||||||
Derivatives hedging instruments, liabilities | 0 | [2] | 0 | [2] | 0 | [2] | ||||||||||
Derivatives Designated As Hedging Instruments [Member] | Interest Rate Floors [Member] | Cash Flow Hedges [Member]
|
||||||||||||||||
Derivative [Line Items] | ||||||||||||||||
Amount of derivative gain (loss), recognized in OCI | 179,000 | [2] | 183,000 | [2] | ||||||||||||
Amount of derivative gain (loss), Reclassified from AOCI to interest income | 889,000 | [2] | 1,686,000 | [2] | ||||||||||||
Derivatives instruments, Noninterest income (expense) | 0 | 0 | ||||||||||||||
Derivatives Designated As Hedging Instruments [Member] | Terminated Swaps On Long-Term Debt [Member] | Fair Value Hedges [Member]
|
||||||||||||||||
Derivative [Line Items] | ||||||||||||||||
Derivatives designated as hedging instruments, Offset to interest expense | 756,000 | 732,000 | 1,506,000 | 1,451,000 | ||||||||||||
Derivatives Not Designated As Hedging Instruments [Member]
|
||||||||||||||||
Derivative [Line Items] | ||||||||||||||||
Derivatives not designated as hedging instruments, Notional amount | 3,743,073,000 | 3,743,073,000 | 5,728,675,000 | |||||||||||||
Derivatives instruments, Noninterest income (expense) | (6,236,000) | 4,860,000 | (10,434,000) | 6,736,000 | ||||||||||||
Derivatives Not Designated As Hedging Instruments [Member] | Other Assets [Member]
|
||||||||||||||||
Derivative [Line Items] | ||||||||||||||||
Derivatives hedging instruments, assets | 84,782,000 | 84,782,000 | 84,614,000 | |||||||||||||
Derivatives Not Designated As Hedging Instruments [Member] | Other Liabilities [Member]
|
||||||||||||||||
Derivative [Line Items] | ||||||||||||||||
Derivatives hedging instruments, liabilities | 95,007,000 | 95,007,000 | 94,773,000 | |||||||||||||
Derivatives Not Designated As Hedging Instruments [Member] | Interest Rate Swaps [Member]
|
||||||||||||||||
Derivative [Line Items] | ||||||||||||||||
Derivatives not designated as hedging instruments, Notional amount | 120,238,000 | 120,238,000 | 145,388,000 | |||||||||||||
Derivatives instruments, Noninterest income (expense) | 4,000 | (13,000) | (128,000) | (76,000) | ||||||||||||
Derivatives Not Designated As Hedging Instruments [Member] | Interest Rate Swaps [Member] | Other Assets [Member]
|
||||||||||||||||
Derivative [Line Items] | ||||||||||||||||
Derivatives hedging instruments, assets | 1,463,000 | 1,463,000 | 1,952,000 | |||||||||||||
Derivatives Not Designated As Hedging Instruments [Member] | Interest Rate Swaps [Member] | Other Liabilities [Member]
|
||||||||||||||||
Derivative [Line Items] | ||||||||||||||||
Derivatives hedging instruments, liabilities | 1,474,000 | 1,474,000 | 1,977,000 | |||||||||||||
Derivatives Not Designated As Hedging Instruments [Member] | Interest Rate Swaps For Customers [Member]
|
||||||||||||||||
Derivative [Line Items] | ||||||||||||||||
Derivatives not designated as hedging instruments, Notional amount | 2,463,149,000 | [3] | 2,463,149,000 | [3] | 2,638,601,000 | [3] | ||||||||||
Derivatives instruments, Noninterest income (expense) | (804,000) | [3] | (205,000) | [3] | 586,000 | [3] | 1,327,000 | [3] | ||||||||
Derivatives Not Designated As Hedging Instruments [Member] | Interest Rate Swaps For Customers [Member] | Other Assets [Member]
|
||||||||||||||||
Derivative [Line Items] | ||||||||||||||||
Derivatives hedging instruments, assets | 83,319,000 | [3] | 83,319,000 | [3] | 82,648,000 | [3] | ||||||||||
Derivatives Not Designated As Hedging Instruments [Member] | Interest Rate Swaps For Customers [Member] | Other Liabilities [Member]
|
||||||||||||||||
Derivative [Line Items] | ||||||||||||||||
Derivatives hedging instruments, liabilities | 88,196,000 | [3] | 88,196,000 | [3] | 87,363,000 | [3] | ||||||||||
Derivatives Not Designated As Hedging Instruments [Member] | Energy Commodity Swaps For Customers [Member]
|
||||||||||||||||
Derivative [Line Items] | ||||||||||||||||
Derivatives instruments, Noninterest income (expense) | 0 | 56,000 | ||||||||||||||
Derivatives Not Designated As Hedging Instruments [Member] | Basis Swaps [Member]
|
||||||||||||||||
Derivative [Line Items] | ||||||||||||||||
Derivatives not designated as hedging instruments, Notional amount | 0 | 0 | 85,000,000 | |||||||||||||
Derivatives instruments, Noninterest income (expense) | 0 | 62,000 | 18,000 | 149,000 | ||||||||||||
Derivatives Not Designated As Hedging Instruments [Member] | Basis Swaps [Member] | Other Assets [Member]
|
||||||||||||||||
Derivative [Line Items] | ||||||||||||||||
Derivatives hedging instruments, assets | 0 | 0 | 3,000 | |||||||||||||
Derivatives Not Designated As Hedging Instruments [Member] | Basis Swaps [Member] | Other Liabilities [Member]
|
||||||||||||||||
Derivative [Line Items] | ||||||||||||||||
Derivatives hedging instruments, liabilities | 0 | 0 | 11,000 | |||||||||||||
Derivatives Not Designated As Hedging Instruments [Member] | Futures Contracts [Member]
|
||||||||||||||||
Derivative [Line Items] | ||||||||||||||||
Derivatives instruments, Noninterest income (expense) | 14,000 | 5,537,000 | (10,000) | 4,778,000 | ||||||||||||
Derivatives Not Designated As Hedging Instruments [Member] | Options Contracts [Member]
|
||||||||||||||||
Derivative [Line Items] | ||||||||||||||||
Derivatives not designated as hedging instruments, Notional amount | 0 | 0 | 1,700,000,000 | |||||||||||||
Derivatives instruments, Noninterest income (expense) | (521,000) | 502,000 | ||||||||||||||
Derivatives Not Designated As Hedging Instruments [Member] | Options Contracts [Member] | Other Assets [Member]
|
||||||||||||||||
Derivative [Line Items] | ||||||||||||||||
Derivatives hedging instruments, assets | 0 | 0 | 11,000 | |||||||||||||
Derivatives Not Designated As Hedging Instruments [Member] | Options Contracts [Member] | Other Liabilities [Member]
|
||||||||||||||||
Derivative [Line Items] | ||||||||||||||||
Derivatives hedging instruments, liabilities | 0 | 0 | 0 | |||||||||||||
Derivatives Not Designated As Hedging Instruments [Member] | Total Return Swap [Member]
|
||||||||||||||||
Derivative [Line Items] | ||||||||||||||||
Derivatives not designated as hedging instruments, Notional amount | 1,159,686,000 | 1,159,686,000 | 1,159,686,000 | |||||||||||||
Derivatives instruments, Noninterest income (expense) | (5,450,000) | (10,900,000) | ||||||||||||||
Derivatives Not Designated As Hedging Instruments [Member] | Total Return Swap [Member] | Other Assets [Member]
|
||||||||||||||||
Derivative [Line Items] | ||||||||||||||||
Derivatives hedging instruments, assets | 0 | 0 | 0 | |||||||||||||
Derivatives Not Designated As Hedging Instruments [Member] | Total Return Swap [Member] | Other Liabilities [Member]
|
||||||||||||||||
Derivative [Line Items] | ||||||||||||||||
Derivatives hedging instruments, liabilities | $ 5,337,000 | $ 5,337,000 | $ 5,422,000 | |||||||||||||
|
Loans And Allowance For Credit Losses (Summary Of Net Financial Impact On Interest Income Due To Interest Rate Modifications Below Market For Accruing TDR Loans) (Details) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 6 Months Ended | 12 Months Ended | |||||
---|---|---|---|---|---|---|---|---|
Jun. 30, 2012
|
Jun. 30, 2012
|
Dec. 31, 2011
|
||||||
Financing Receivable, Modifications [Line Items] | ||||||||
Net financial impact on interest income | $ (6,164) | [1] | $ (12,313) | [1] | $ (19,630) | [1] | ||
Commercial [Member]
|
||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
Net financial impact on interest income | (337) | (728) | (1,696) | |||||
Commercial [Member] | Commercial And Industrial [Member]
|
||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
Net financial impact on interest income | (8) | (23) | (46) | |||||
Commercial [Member] | Owner Occupied [Member]
|
||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
Net financial impact on interest income | (329) | (705) | (1,650) | |||||
Commercial Real Estate [Member]
|
||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
Net financial impact on interest income | (1,709) | (3,495) | (7,340) | |||||
Commercial Real Estate [Member] | Construction And Land Development [Member]
|
||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
Net financial impact on interest income | (236) | (469) | (244) | |||||
Commercial Real Estate [Member] | Term [Member]
|
||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
Net financial impact on interest income | (1,473) | (3,026) | (7,096) | |||||
Consumer [Member]
|
||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
Net financial impact on interest income | (4,118) | (8,090) | (10,594) | |||||
Consumer [Member] | Home Equity Credit Line [Member]
|
||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
Net financial impact on interest income | (19) | (34) | 0 | |||||
Consumer [Member] | 1-4 Family Residential [Member]
|
||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
Net financial impact on interest income | (3,992) | (7,841) | (10,188) | |||||
Consumer [Member] | Construction And Other Consumer Real Estate [Member]
|
||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
Net financial impact on interest income | $ (107) | $ (215) | $ (406) | |||||
|
Debt And Shareholders' Equity (Narrative) (Details) (USD $)
|
3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 0 Months Ended | 6 Months Ended | 0 Months Ended | 0 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | |||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2012
|
Jun. 30, 2012
|
Dec. 31, 2011
|
Jun. 30, 2012
Preferred Stock [Member]
|
Jun. 30, 2012
Preferred Stock [Member]
|
Jun. 30, 2012
Series A Preferred Stock [Member]
|
Jun. 30, 2012
Series C Preferred Stock [Member]
|
Mar. 31, 2012
Series D Preferred Stock [Member]
Y
|
Jun. 30, 2012
Series D Preferred Stock [Member]
|
Mar. 28, 2012
Series D Preferred Stock [Member]
|
Jun. 15, 2012
Series E Preferred Stock [Member]
|
May 07, 2012
Series F Preferred Stock [Member]
|
Jun. 30, 2012
Fixed Rate Senior Notes [Member]
|
Mar. 27, 2012
4.5% Senior Unsecured Note [Member]
|
May 01, 2012
4.5% Senior Unsecured Note [Member]
|
May 01, 2012
4.5% Senior Unsecured Note [Member]
Total Issuance 2012 [Member]
|
Mar. 27, 2012
4.5% Senior Unsecured Note [Member]
First Issuance 2012 [Member]
|
May 01, 2012
4.5% Senior Unsecured Note [Member]
Second Issuance 2012 [Member]
|
Jun. 20, 2012
4.0% Senior Unsecured Note [Member]
|
Jun. 30, 2012
Variable Rate Senior Notes [Member]
|
Jun. 30, 2012
Long-Term Senior Notes [Member]
|
Jun. 30, 2012
Long-Term Senior Notes [Member]
|
Jun. 30, 2012
February 2014 Maturity Notes [Member]
|
Jun. 30, 2012
June 2014 Maturity Notes [Member]
|
Jun. 30, 2012
Short-Term Senior [Member]
|
Mar. 31, 2012
Short-Term Senior [Member]
|
Jun. 30, 2012
Short-Term Senior [Member]
|
|
Debt And Shareholders' Equity [Line Items] | |||||||||||||||||||||||||||
Convertible Subordinated Debt Into Depositary Shares | 2.50% | ||||||||||||||||||||||||||
Debt [Abstract] | |||||||||||||||||||||||||||
Redemption of cumulative perpetual preferred stock | $ 700,000,000 | ||||||||||||||||||||||||||
Cumulative perpetual preferred stock value, issued | 1,800,473,000 | 1,800,473,000 | 2,377,560,000 | 1,400,000,000 | |||||||||||||||||||||||
Preferred stock redemption contingent on specified conditions second installment | 700,000,000 | ||||||||||||||||||||||||||
Proceeds from issuance of senior notes | 600,000,000 | 533,300,000 | |||||||||||||||||||||||||
Repayments of notes | 254,900,000 | 12,000,000 | 66,900,000 | ||||||||||||||||||||||||
Dividends on common stock, per share | 0.01 | ||||||||||||||||||||||||||
Accretion of redemption discount for preferred stock | 19,600,000 | ||||||||||||||||||||||||||
Accretion period for unamortized discount (in years) | 5 | ||||||||||||||||||||||||||
Debt issuance amount | 400,000,000 | 300,000,000 | 100,000,000 | 158,450,000 | |||||||||||||||||||||||
Debt issuance amount during period | 11,900,000 | 61,900,000 | 5,000,000 | ||||||||||||||||||||||||
Interest rate on senior notes | 4.50% | 4.00% | 3.50% | 3.40% | 2.00% | 2.00% | |||||||||||||||||||||
Issuance price of seniot notes, percentage of face amount | 94.25% | 100.249% | 97.50% | ||||||||||||||||||||||||
Maturity date of senior medium-term notes | March 27, 2017 | June 20, 2016 | March 2013 | ||||||||||||||||||||||||
Maturity date of variable rate senior notes | June 21, 2012 | ||||||||||||||||||||||||||
First maturity date for long-term senior medium term notes | February 2014 | ||||||||||||||||||||||||||
Second maturity date for long-term senior medium term notes | June 2014 | ||||||||||||||||||||||||||
Stockholders' Equity [Abstract] | |||||||||||||||||||||||||||
Convertible subordinated debt converted into depositary shares | 50,200,000 | 80,000,000 | |||||||||||||||||||||||||
Convertible preferred stock, shares issued upon conversion | 370 | 79,596 | |||||||||||||||||||||||||
Value added to preferred stock | 93,600,000 | ||||||||||||||||||||||||||
Intrinsic value of common stock transferred to preferred stock | 13,600,000 | ||||||||||||||||||||||||||
Common stock outstanding under conversion feature | 78,200,000 | 78,200,000 | |||||||||||||||||||||||||
Accelerated discount amortization | 16,200,000 | 28,400,000 | |||||||||||||||||||||||||
Convertible subordinated debt, at par | 467,400,000 | 467,400,000 | |||||||||||||||||||||||||
Debt discount | 174,000,000 | 174,000,000 | |||||||||||||||||||||||||
Issuance of preferred stock | 143,750,000 | ||||||||||||||||||||||||||
Preferred stock, dividend rate | 11.00% | 7.90% | |||||||||||||||||||||||||
Preferred stock call date | Jun. 15, 2012 | ||||||||||||||||||||||||||
Ownership interest of depositary share in preferred stock share | 0.025 | ||||||||||||||||||||||||||
Preferred stock redemption value, net | $ 142,500,000 |
Loans And Allowance For Credit Losses (Summary Of Information On Impaired Loans) (Details) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2012
|
Jun. 30, 2011
|
Jun. 30, 2012
|
Jun. 30, 2011
|
Jun. 30, 2012
Impaired Financing Receivable Unpaid Principal Balance [Member]
|
Dec. 31, 2011
Impaired Financing Receivable Unpaid Principal Balance [Member]
|
Jun. 30, 2012
Impaired Financing Receivable Recorded Investment With No Allowance [Member]
|
Dec. 31, 2011
Impaired Financing Receivable Recorded Investment With No Allowance [Member]
|
Jun. 30, 2012
Impaired Financing Receivable with Related Allowance [Domain]
|
Dec. 31, 2011
Impaired Financing Receivable with Related Allowance [Domain]
|
Jun. 30, 2012
Impaired Financing Receivable Recorded Investment [Member]
|
Dec. 31, 2011
Impaired Financing Receivable Recorded Investment [Member]
|
Jun. 30, 2012
Impaired Financing Receivable Related Allowance [Member]
|
Dec. 31, 2011
Impaired Financing Receivable Related Allowance [Member]
|
Jun. 30, 2012
FDIC-Supported Loans [Member]
|
Jun. 30, 2011
FDIC-Supported Loans [Member]
|
Jun. 30, 2012
FDIC-Supported Loans [Member]
|
Jun. 30, 2011
FDIC-Supported Loans [Member]
|
Jun. 30, 2012
FDIC-Supported Loans [Member]
Impaired Financing Receivable Unpaid Principal Balance [Member]
|
Dec. 31, 2011
FDIC-Supported Loans [Member]
Impaired Financing Receivable Unpaid Principal Balance [Member]
|
Jun. 30, 2012
FDIC-Supported Loans [Member]
Impaired Financing Receivable Recorded Investment With No Allowance [Member]
|
Dec. 31, 2011
FDIC-Supported Loans [Member]
Impaired Financing Receivable Recorded Investment With No Allowance [Member]
|
Jun. 30, 2012
FDIC-Supported Loans [Member]
Impaired Financing Receivable with Related Allowance [Domain]
|
Dec. 31, 2011
FDIC-Supported Loans [Member]
Impaired Financing Receivable with Related Allowance [Domain]
|
Jun. 30, 2012
FDIC-Supported Loans [Member]
Impaired Financing Receivable Recorded Investment [Member]
|
Dec. 31, 2011
FDIC-Supported Loans [Member]
Impaired Financing Receivable Recorded Investment [Member]
|
Jun. 30, 2012
FDIC-Supported Loans [Member]
Impaired Financing Receivable Related Allowance [Member]
|
Dec. 31, 2011
FDIC-Supported Loans [Member]
Impaired Financing Receivable Related Allowance [Member]
|
Jun. 30, 2012
Commercial [Member]
|
Jun. 30, 2011
Commercial [Member]
|
Jun. 30, 2012
Commercial [Member]
|
Jun. 30, 2011
Commercial [Member]
|
Jun. 30, 2012
Commercial [Member]
Impaired Financing Receivable Unpaid Principal Balance [Member]
|
Dec. 31, 2011
Commercial [Member]
Impaired Financing Receivable Unpaid Principal Balance [Member]
|
Jun. 30, 2012
Commercial [Member]
Impaired Financing Receivable Recorded Investment With No Allowance [Member]
|
Dec. 31, 2011
Commercial [Member]
Impaired Financing Receivable Recorded Investment With No Allowance [Member]
|
Jun. 30, 2012
Commercial [Member]
Impaired Financing Receivable with Related Allowance [Domain]
|
Dec. 31, 2011
Commercial [Member]
Impaired Financing Receivable with Related Allowance [Domain]
|
Jun. 30, 2012
Commercial [Member]
Impaired Financing Receivable Recorded Investment [Member]
|
Dec. 31, 2011
Commercial [Member]
Impaired Financing Receivable Recorded Investment [Member]
|
Jun. 30, 2012
Commercial [Member]
Impaired Financing Receivable Related Allowance [Member]
|
Dec. 31, 2011
Commercial [Member]
Impaired Financing Receivable Related Allowance [Member]
|
Jun. 30, 2012
Commercial [Member]
Commercial And Industrial [Member]
|
Jun. 30, 2011
Commercial [Member]
Commercial And Industrial [Member]
|
Jun. 30, 2012
Commercial [Member]
Commercial And Industrial [Member]
|
Jun. 30, 2011
Commercial [Member]
Commercial And Industrial [Member]
|
Jun. 30, 2012
Commercial [Member]
Commercial And Industrial [Member]
Impaired Financing Receivable Unpaid Principal Balance [Member]
|
Dec. 31, 2011
Commercial [Member]
Commercial And Industrial [Member]
Impaired Financing Receivable Unpaid Principal Balance [Member]
|
Jun. 30, 2012
Commercial [Member]
Commercial And Industrial [Member]
Impaired Financing Receivable Recorded Investment With No Allowance [Member]
|
Dec. 31, 2011
Commercial [Member]
Commercial And Industrial [Member]
Impaired Financing Receivable Recorded Investment With No Allowance [Member]
|
Jun. 30, 2012
Commercial [Member]
Commercial And Industrial [Member]
Impaired Financing Receivable with Related Allowance [Domain]
|
Dec. 31, 2011
Commercial [Member]
Commercial And Industrial [Member]
Impaired Financing Receivable with Related Allowance [Domain]
|
Jun. 30, 2012
Commercial [Member]
Commercial And Industrial [Member]
Impaired Financing Receivable Recorded Investment [Member]
|
Dec. 31, 2011
Commercial [Member]
Commercial And Industrial [Member]
Impaired Financing Receivable Recorded Investment [Member]
|
Jun. 30, 2012
Commercial [Member]
Commercial And Industrial [Member]
Impaired Financing Receivable Related Allowance [Member]
|
Dec. 31, 2011
Commercial [Member]
Commercial And Industrial [Member]
Impaired Financing Receivable Related Allowance [Member]
|
Jun. 30, 2011
Commercial [Member]
Leasing [Member]
|
Jun. 30, 2011
Commercial [Member]
Leasing [Member]
|
Jun. 30, 2012
Commercial [Member]
Owner Occupied [Member]
|
Jun. 30, 2011
Commercial [Member]
Owner Occupied [Member]
|
Jun. 30, 2012
Commercial [Member]
Owner Occupied [Member]
|
Jun. 30, 2011
Commercial [Member]
Owner Occupied [Member]
|
Jun. 30, 2012
Commercial [Member]
Owner Occupied [Member]
Impaired Financing Receivable Unpaid Principal Balance [Member]
|
Dec. 31, 2011
Commercial [Member]
Owner Occupied [Member]
Impaired Financing Receivable Unpaid Principal Balance [Member]
|
Jun. 30, 2012
Commercial [Member]
Owner Occupied [Member]
Impaired Financing Receivable Recorded Investment With No Allowance [Member]
|
Dec. 31, 2011
Commercial [Member]
Owner Occupied [Member]
Impaired Financing Receivable Recorded Investment With No Allowance [Member]
|
Jun. 30, 2012
Commercial [Member]
Owner Occupied [Member]
Impaired Financing Receivable with Related Allowance [Domain]
|
Dec. 31, 2011
Commercial [Member]
Owner Occupied [Member]
Impaired Financing Receivable with Related Allowance [Domain]
|
Jun. 30, 2012
Commercial [Member]
Owner Occupied [Member]
Impaired Financing Receivable Recorded Investment [Member]
|
Dec. 31, 2011
Commercial [Member]
Owner Occupied [Member]
Impaired Financing Receivable Recorded Investment [Member]
|
Jun. 30, 2012
Commercial [Member]
Owner Occupied [Member]
Impaired Financing Receivable Related Allowance [Member]
|
Dec. 31, 2011
Commercial [Member]
Owner Occupied [Member]
Impaired Financing Receivable Related Allowance [Member]
|
Jun. 30, 2011
Commercial [Member]
Municipal [Member]
|
Jun. 30, 2011
Commercial [Member]
Municipal [Member]
|
Jun. 30, 2012
Commercial Real Estate [Member]
|
Jun. 30, 2011
Commercial Real Estate [Member]
|
Jun. 30, 2012
Commercial Real Estate [Member]
|
Jun. 30, 2011
Commercial Real Estate [Member]
|
Jun. 30, 2012
Commercial Real Estate [Member]
Impaired Financing Receivable Unpaid Principal Balance [Member]
|
Dec. 31, 2011
Commercial Real Estate [Member]
Impaired Financing Receivable Unpaid Principal Balance [Member]
|
Jun. 30, 2012
Commercial Real Estate [Member]
Impaired Financing Receivable Recorded Investment With No Allowance [Member]
|
Dec. 31, 2011
Commercial Real Estate [Member]
Impaired Financing Receivable Recorded Investment With No Allowance [Member]
|
Jun. 30, 2012
Commercial Real Estate [Member]
Impaired Financing Receivable with Related Allowance [Domain]
|
Dec. 31, 2011
Commercial Real Estate [Member]
Impaired Financing Receivable with Related Allowance [Domain]
|
Jun. 30, 2012
Commercial Real Estate [Member]
Impaired Financing Receivable Recorded Investment [Member]
|
Dec. 31, 2011
Commercial Real Estate [Member]
Impaired Financing Receivable Recorded Investment [Member]
|
Jun. 30, 2012
Commercial Real Estate [Member]
Impaired Financing Receivable Related Allowance [Member]
|
Dec. 31, 2011
Commercial Real Estate [Member]
Impaired Financing Receivable Related Allowance [Member]
|
Jun. 30, 2012
Commercial Real Estate [Member]
Construction And Land Development [Member]
|
Jun. 30, 2011
Commercial Real Estate [Member]
Construction And Land Development [Member]
|
Jun. 30, 2012
Commercial Real Estate [Member]
Construction And Land Development [Member]
|
Jun. 30, 2011
Commercial Real Estate [Member]
Construction And Land Development [Member]
|
Jun. 30, 2012
Commercial Real Estate [Member]
Construction And Land Development [Member]
Impaired Financing Receivable Unpaid Principal Balance [Member]
|
Dec. 31, 2011
Commercial Real Estate [Member]
Construction And Land Development [Member]
Impaired Financing Receivable Unpaid Principal Balance [Member]
|
Jun. 30, 2012
Commercial Real Estate [Member]
Construction And Land Development [Member]
Impaired Financing Receivable Recorded Investment With No Allowance [Member]
|
Dec. 31, 2011
Commercial Real Estate [Member]
Construction And Land Development [Member]
Impaired Financing Receivable Recorded Investment With No Allowance [Member]
|
Jun. 30, 2012
Commercial Real Estate [Member]
Construction And Land Development [Member]
Impaired Financing Receivable with Related Allowance [Domain]
|
Dec. 31, 2011
Commercial Real Estate [Member]
Construction And Land Development [Member]
Impaired Financing Receivable with Related Allowance [Domain]
|
Jun. 30, 2012
Commercial Real Estate [Member]
Construction And Land Development [Member]
Impaired Financing Receivable Recorded Investment [Member]
|
Dec. 31, 2011
Commercial Real Estate [Member]
Construction And Land Development [Member]
Impaired Financing Receivable Recorded Investment [Member]
|
Jun. 30, 2012
Commercial Real Estate [Member]
Construction And Land Development [Member]
Impaired Financing Receivable Related Allowance [Member]
|
Dec. 31, 2011
Commercial Real Estate [Member]
Construction And Land Development [Member]
Impaired Financing Receivable Related Allowance [Member]
|
Jun. 30, 2012
Commercial Real Estate [Member]
Term [Member]
|
Jun. 30, 2011
Commercial Real Estate [Member]
Term [Member]
|
Jun. 30, 2012
Commercial Real Estate [Member]
Term [Member]
|
Jun. 30, 2011
Commercial Real Estate [Member]
Term [Member]
|
Jun. 30, 2012
Commercial Real Estate [Member]
Term [Member]
Impaired Financing Receivable Unpaid Principal Balance [Member]
|
Dec. 31, 2011
Commercial Real Estate [Member]
Term [Member]
Impaired Financing Receivable Unpaid Principal Balance [Member]
|
Jun. 30, 2012
Commercial Real Estate [Member]
Term [Member]
Impaired Financing Receivable Recorded Investment With No Allowance [Member]
|
Dec. 31, 2011
Commercial Real Estate [Member]
Term [Member]
Impaired Financing Receivable Recorded Investment With No Allowance [Member]
|
Jun. 30, 2012
Commercial Real Estate [Member]
Term [Member]
Impaired Financing Receivable with Related Allowance [Domain]
|
Dec. 31, 2011
Commercial Real Estate [Member]
Term [Member]
Impaired Financing Receivable with Related Allowance [Domain]
|
Jun. 30, 2012
Commercial Real Estate [Member]
Term [Member]
Impaired Financing Receivable Recorded Investment [Member]
|
Dec. 31, 2011
Commercial Real Estate [Member]
Term [Member]
Impaired Financing Receivable Recorded Investment [Member]
|
Jun. 30, 2012
Commercial Real Estate [Member]
Term [Member]
Impaired Financing Receivable Related Allowance [Member]
|
Dec. 31, 2011
Commercial Real Estate [Member]
Term [Member]
Impaired Financing Receivable Related Allowance [Member]
|
Jun. 30, 2012
Consumer [Member]
|
Jun. 30, 2011
Consumer [Member]
|
Jun. 30, 2012
Consumer [Member]
|
Jun. 30, 2011
Consumer [Member]
|
Jun. 30, 2012
Consumer [Member]
Impaired Financing Receivable Unpaid Principal Balance [Member]
|
Dec. 31, 2011
Consumer [Member]
Impaired Financing Receivable Unpaid Principal Balance [Member]
|
Jun. 30, 2012
Consumer [Member]
Impaired Financing Receivable Recorded Investment With No Allowance [Member]
|
Dec. 31, 2011
Consumer [Member]
Impaired Financing Receivable Recorded Investment With No Allowance [Member]
|
Jun. 30, 2012
Consumer [Member]
Impaired Financing Receivable with Related Allowance [Domain]
|
Dec. 31, 2011
Consumer [Member]
Impaired Financing Receivable with Related Allowance [Domain]
|
Jun. 30, 2012
Consumer [Member]
Impaired Financing Receivable Recorded Investment [Member]
|
Dec. 31, 2011
Consumer [Member]
Impaired Financing Receivable Recorded Investment [Member]
|
Jun. 30, 2012
Consumer [Member]
Impaired Financing Receivable Related Allowance [Member]
|
Dec. 31, 2011
Consumer [Member]
Impaired Financing Receivable Related Allowance [Member]
|
Jun. 30, 2012
Consumer [Member]
Home Equity Credit Line [Member]
|
Jun. 30, 2011
Consumer [Member]
Home Equity Credit Line [Member]
|
Jun. 30, 2012
Consumer [Member]
Home Equity Credit Line [Member]
|
Jun. 30, 2011
Consumer [Member]
Home Equity Credit Line [Member]
|
Jun. 30, 2012
Consumer [Member]
Home Equity Credit Line [Member]
Impaired Financing Receivable Unpaid Principal Balance [Member]
|
Dec. 31, 2011
Consumer [Member]
Home Equity Credit Line [Member]
Impaired Financing Receivable Unpaid Principal Balance [Member]
|
Jun. 30, 2012
Consumer [Member]
Home Equity Credit Line [Member]
Impaired Financing Receivable Recorded Investment With No Allowance [Member]
|
Dec. 31, 2011
Consumer [Member]
Home Equity Credit Line [Member]
Impaired Financing Receivable Recorded Investment With No Allowance [Member]
|
Jun. 30, 2012
Consumer [Member]
Home Equity Credit Line [Member]
Impaired Financing Receivable with Related Allowance [Domain]
|
Dec. 31, 2011
Consumer [Member]
Home Equity Credit Line [Member]
Impaired Financing Receivable with Related Allowance [Domain]
|
Jun. 30, 2012
Consumer [Member]
Home Equity Credit Line [Member]
Impaired Financing Receivable Recorded Investment [Member]
|
Dec. 31, 2011
Consumer [Member]
Home Equity Credit Line [Member]
Impaired Financing Receivable Recorded Investment [Member]
|
Jun. 30, 2012
Consumer [Member]
Home Equity Credit Line [Member]
Impaired Financing Receivable Related Allowance [Member]
|
Dec. 31, 2011
Consumer [Member]
Home Equity Credit Line [Member]
Impaired Financing Receivable Related Allowance [Member]
|
Jun. 30, 2012
Consumer [Member]
1-4 Family Residential [Member]
|
Jun. 30, 2011
Consumer [Member]
1-4 Family Residential [Member]
|
Jun. 30, 2012
Consumer [Member]
1-4 Family Residential [Member]
|
Jun. 30, 2011
Consumer [Member]
1-4 Family Residential [Member]
|
Jun. 30, 2012
Consumer [Member]
1-4 Family Residential [Member]
Impaired Financing Receivable Unpaid Principal Balance [Member]
|
Dec. 31, 2011
Consumer [Member]
1-4 Family Residential [Member]
Impaired Financing Receivable Unpaid Principal Balance [Member]
|
Jun. 30, 2012
Consumer [Member]
1-4 Family Residential [Member]
Impaired Financing Receivable Recorded Investment With No Allowance [Member]
|
Dec. 31, 2011
Consumer [Member]
1-4 Family Residential [Member]
Impaired Financing Receivable Recorded Investment With No Allowance [Member]
|
Jun. 30, 2012
Consumer [Member]
1-4 Family Residential [Member]
Impaired Financing Receivable with Related Allowance [Domain]
|
Dec. 31, 2011
Consumer [Member]
1-4 Family Residential [Member]
Impaired Financing Receivable with Related Allowance [Domain]
|
Jun. 30, 2012
Consumer [Member]
1-4 Family Residential [Member]
Impaired Financing Receivable Recorded Investment [Member]
|
Dec. 31, 2011
Consumer [Member]
1-4 Family Residential [Member]
Impaired Financing Receivable Recorded Investment [Member]
|
Jun. 30, 2012
Consumer [Member]
1-4 Family Residential [Member]
Impaired Financing Receivable Related Allowance [Member]
|
Dec. 31, 2011
Consumer [Member]
1-4 Family Residential [Member]
Impaired Financing Receivable Related Allowance [Member]
|
Jun. 30, 2012
Consumer [Member]
Construction And Other Consumer Real Estate [Member]
|
Jun. 30, 2011
Consumer [Member]
Construction And Other Consumer Real Estate [Member]
|
Jun. 30, 2012
Consumer [Member]
Construction And Other Consumer Real Estate [Member]
|
Jun. 30, 2011
Consumer [Member]
Construction And Other Consumer Real Estate [Member]
|
Jun. 30, 2012
Consumer [Member]
Construction And Other Consumer Real Estate [Member]
Impaired Financing Receivable Unpaid Principal Balance [Member]
|
Dec. 31, 2011
Consumer [Member]
Construction And Other Consumer Real Estate [Member]
Impaired Financing Receivable Unpaid Principal Balance [Member]
|
Jun. 30, 2012
Consumer [Member]
Construction And Other Consumer Real Estate [Member]
Impaired Financing Receivable Recorded Investment With No Allowance [Member]
|
Dec. 31, 2011
Consumer [Member]
Construction And Other Consumer Real Estate [Member]
Impaired Financing Receivable Recorded Investment With No Allowance [Member]
|
Jun. 30, 2012
Consumer [Member]
Construction And Other Consumer Real Estate [Member]
Impaired Financing Receivable with Related Allowance [Domain]
|
Dec. 31, 2011
Consumer [Member]
Construction And Other Consumer Real Estate [Member]
Impaired Financing Receivable with Related Allowance [Domain]
|
Jun. 30, 2012
Consumer [Member]
Construction And Other Consumer Real Estate [Member]
Impaired Financing Receivable Recorded Investment [Member]
|
Dec. 31, 2011
Consumer [Member]
Construction And Other Consumer Real Estate [Member]
Impaired Financing Receivable Recorded Investment [Member]
|
Jun. 30, 2012
Consumer [Member]
Construction And Other Consumer Real Estate [Member]
Impaired Financing Receivable Related Allowance [Member]
|
Dec. 31, 2011
Consumer [Member]
Construction And Other Consumer Real Estate [Member]
Impaired Financing Receivable Related Allowance [Member]
|
Jun. 30, 2012
Consumer [Member]
Bankcard And Other Revolving Plans [Member]
|
Jun. 30, 2011
Consumer [Member]
Bankcard And Other Revolving Plans [Member]
|
Jun. 30, 2012
Consumer [Member]
Bankcard And Other Revolving Plans [Member]
|
Jun. 30, 2011
Consumer [Member]
Bankcard And Other Revolving Plans [Member]
|
Jun. 30, 2012
Consumer [Member]
Bankcard And Other Revolving Plans [Member]
Impaired Financing Receivable Unpaid Principal Balance [Member]
|
Dec. 31, 2011
Consumer [Member]
Bankcard And Other Revolving Plans [Member]
Impaired Financing Receivable Unpaid Principal Balance [Member]
|
Jun. 30, 2012
Consumer [Member]
Bankcard And Other Revolving Plans [Member]
Impaired Financing Receivable Recorded Investment With No Allowance [Member]
|
Dec. 31, 2011
Consumer [Member]
Bankcard And Other Revolving Plans [Member]
Impaired Financing Receivable Recorded Investment With No Allowance [Member]
|
Jun. 30, 2012
Consumer [Member]
Bankcard And Other Revolving Plans [Member]
Impaired Financing Receivable with Related Allowance [Domain]
|
Dec. 31, 2011
Consumer [Member]
Bankcard And Other Revolving Plans [Member]
Impaired Financing Receivable with Related Allowance [Domain]
|
Jun. 30, 2012
Consumer [Member]
Bankcard And Other Revolving Plans [Member]
Impaired Financing Receivable Recorded Investment [Member]
|
Dec. 31, 2011
Consumer [Member]
Bankcard And Other Revolving Plans [Member]
Impaired Financing Receivable Recorded Investment [Member]
|
Jun. 30, 2012
Consumer [Member]
Bankcard And Other Revolving Plans [Member]
Impaired Financing Receivable Related Allowance [Member]
|
Dec. 31, 2011
Consumer [Member]
Bankcard And Other Revolving Plans [Member]
Impaired Financing Receivable Related Allowance [Member]
|
Jun. 30, 2012
Consumer [Member]
Other [Member]
|
Jun. 30, 2011
Consumer [Member]
Other [Member]
|
Jun. 30, 2012
Consumer [Member]
Other [Member]
|
Jun. 30, 2011
Consumer [Member]
Other [Member]
|
Jun. 30, 2012
Consumer [Member]
Other [Member]
Impaired Financing Receivable Unpaid Principal Balance [Member]
|
Dec. 31, 2011
Consumer [Member]
Other [Member]
Impaired Financing Receivable Unpaid Principal Balance [Member]
|
Jun. 30, 2012
Consumer [Member]
Other [Member]
Impaired Financing Receivable Recorded Investment With No Allowance [Member]
|
Dec. 31, 2011
Consumer [Member]
Other [Member]
Impaired Financing Receivable Recorded Investment With No Allowance [Member]
|
Jun. 30, 2012
Consumer [Member]
Other [Member]
Impaired Financing Receivable with Related Allowance [Domain]
|
Dec. 31, 2011
Consumer [Member]
Other [Member]
Impaired Financing Receivable with Related Allowance [Domain]
|
Jun. 30, 2012
Consumer [Member]
Other [Member]
Impaired Financing Receivable Recorded Investment [Member]
|
Dec. 31, 2011
Consumer [Member]
Other [Member]
Impaired Financing Receivable Recorded Investment [Member]
|
Jun. 30, 2012
Consumer [Member]
Other [Member]
Impaired Financing Receivable Related Allowance [Member]
|
Dec. 31, 2011
Consumer [Member]
Other [Member]
Impaired Financing Receivable Related Allowance [Member]
|
|||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unpaid principal balance | $ 1,407,341 | $ 1,778,810 | $ 210,936 | $ 353,195 | $ 452,827 | $ 470,436 | $ 218,406 | $ 212,263 | $ 234,421 | $ 258,173 | $ 619,340 | $ 820,497 | $ 277,856 | $ 405,499 | $ 341,484 | $ 414,998 | $ 124,238 | $ 134,682 | $ 1,526 | $ 1,955 | $ 110,449 | $ 116,498 | $ 9,331 | $ 13,340 | $ 294 | $ 0 | $ 2,638 | $ 2,889 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recorded investment | 428,466 | 684,394 | 650,571 | 560,012 | 1,079,037 | 1,244,406 | 39,450 | 47,736 | 59,165 | 65,188 | 98,615 | 112,924 | 138,114 | 205,047 | 230,637 | 144,615 | 368,751 | 349,662 | 35,361 | 69,492 | 128,168 | 66,438 | 163,529 | 135,930 | 102,753 | 135,555 | 102,469 | 78,177 | 205,222 | 213,732 | 204,804 | 365,458 | 301,098 | 302,564 | 505,902 | 668,022 | 97,965 | 178,113 | 125,876 | 136,634 | 223,841 | 314,747 | 106,839 | 187,345 | 175,222 | 165,930 | 282,061 | 353,275 | 46,098 | 66,153 | 59,671 | 47,645 | 105,769 | 113,798 | 729 | 384 | 28 | 1,469 | 757 | 1,853 | 40,053 | 58,392 | 55,382 | 39,960 | 95,435 | 98,352 | 3,124 | 4,537 | 3,967 | 6,188 | 7,091 | 10,725 | 0 | 0 | 294 | 0 | 294 | 0 | 2,192 | 2,840 | 0 | 28 | 2,192 | 2,868 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Impaired Financing Receivable, Related Allowance | 76,110 | 48,064 | 5,493 | 6,642 | 34,434 | 11,456 | 23,015 | 6,373 | 11,419 | 5,083 | 24,141 | 20,971 | 7,932 | 8,925 | 16,209 | 12,046 | 12,042 | 8,995 | 1 | 411 | 11,151 | 7,555 | 766 | 1,026 | 124 | 0 | 0 | 3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Average recorded investment | 1,051,819 | 1,651,008 | 1,004,217 | 1,748,916 | 102,503 | 148,272 | 106,570 | 161,557 | 359,610 | 498,413 | 338,286 | 517,118 | 163,397 | 191,826 | 158,783 | 201,990 | 129 | 66 | 196,213 | 300,560 | 179,503 | 312,113 | 5,898 | 2,949 | 486,885 | 883,498 | 462,647 | 944,001 | 218,087 | 489,695 | 207,418 | 536,495 | 268,798 | 393,803 | 255,229 | 407,506 | 102,821 | 120,825 | 96,714 | 126,240 | 906 | 708 | 998 | 1,332 | 93,188 | 105,397 | 86,799 | 107,666 | 7,079 | 10,778 | 6,763 | 13,382 | 98 | 10 | 49 | 31 | 1,550 | 3,932 | 2,105 | 3,829 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest income recognized | $ 16,035 | $ 18,737 | $ 29,412 | $ 38,595 | $ 11,288 | [1] | $ 14,217 | $ 20,148 | [1] | $ 28,503 | $ 1,464 | $ 1,273 | $ 2,685 | $ 2,572 | $ 820 | $ 496 | $ 1,509 | $ 1,140 | $ 0 | $ 0 | $ 644 | $ 777 | $ 1,176 | $ 1,432 | $ 0 | $ 0 | $ 2,801 | $ 2,929 | $ 5,729 | $ 6,873 | $ 1,385 | $ 1,212 | $ 2,940 | $ 2,574 | $ 1,416 | $ 1,717 | $ 2,789 | $ 4,299 | $ 482 | $ 318 | $ 850 | $ 647 | $ 2 | $ 0 | $ 4 | $ 1 | $ 437 | $ 310 | $ 758 | $ 624 | $ 43 | $ 8 | $ 88 | $ 22 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Income Taxes (Details) (USD $)
In Millions, unless otherwise specified |
Jun. 30, 2012
|
Dec. 31, 2011
|
---|---|---|
Income Tax Disclosure [Abstract] | ||
Net deferred tax assets | $ 479 | $ 509 |
Debt And Shareholders' Equity (Tables)
|
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2012
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Capitalization, Long-term Debt and Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Changes In Accumulated Other Comprehensive Income (Loss) |
|
Loans And Allowance For Credit Losses (Schedule Of Outstanding Balances Of All Required Payments And The Related Carrying Amounts For PCI Loans) (Details) (USD $)
In Thousands, unless otherwise specified |
Jun. 30, 2012
|
Dec. 31, 2011
|
---|---|---|
Loans And Allowance For Credit Losses [Abstract] | ||
Commercial | $ 274,629 | $ 321,515 |
Commercial real estate | 453,394 | 556,197 |
Consumer | 47,597 | 57,391 |
Outstanding balance | 775,620 | 935,103 |
Carrying amount | 578,845 | 672,159 |
ALLL | 19,776 | 21,604 |
Carrying amount, net | $ 559,069 | $ 650,555 |
Loans And Allowance For Credit Losses (Summary Of ALLL And Outstanding Loan Balances According To The Company's Impairment Method) (Details) (USD $)
In Thousands, unless otherwise specified |
Jun. 30, 2012
|
Mar. 31, 2012
|
Dec. 31, 2011
|
Jun. 30, 2011
|
Mar. 31, 2011
|
Dec. 31, 2010
|
||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||||||||
Allowance for loan losses: Individually evaluated for impairment | $ 71,159 | $ 42,045 | ||||||||||||
Allowance for loan losses: Collectively evaluated for impairment | 895,606 | 1,001,894 | ||||||||||||
Allowance for loan losses: Purchased loans with evidence of credit deterioration | 4,951 | 6,019 | ||||||||||||
Allowance for loan losses: Total | 971,716 | 1,010,059 | 1,049,958 | 1,237,733 | 1,349,800 | 1,440,341 | ||||||||
Outstanding loan balances: Individually evaluated for impairment | 982,241 | 1,134,183 | ||||||||||||
Outstanding loan balances: Collectively evaluated for impairment | 35,794,313 | 35,900,262 | ||||||||||||
Outstanding loan balances: Purchased loans with evidence of credit deterioration | 96,796 | 110,207 | ||||||||||||
Total loans | 36,873,350 | 37,144,652 | ||||||||||||
Commercial [Member]
|
||||||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||||||||
Allowance for loan losses: Individually evaluated for impairment | 34,434 | 11,456 | ||||||||||||
Allowance for loan losses: Collectively evaluated for impairment | 581,925 | 616,369 | ||||||||||||
Allowance for loan losses: Purchased loans with evidence of credit deterioration | 0 | 0 | ||||||||||||
Allowance for loan losses: Total | 616,359 | 631,169 | 627,825 | 667,646 | 694,090 | 761,107 | ||||||||
Outstanding loan balances: Individually evaluated for impairment | 368,751 | 349,662 | ||||||||||||
Outstanding loan balances: Collectively evaluated for impairment | 18,707,731 | 18,964,702 | ||||||||||||
Outstanding loan balances: Purchased loans with evidence of credit deterioration | 0 | 0 | ||||||||||||
Total loans | 19,076,482 | 19,314,364 | ||||||||||||
Commercial Real Estate [Member]
|
||||||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||||||||
Allowance for loan losses: Individually evaluated for impairment | 24,141 | 20,971 | ||||||||||||
Allowance for loan losses: Collectively evaluated for impairment | 207,908 | 254,575 | ||||||||||||
Allowance for loan losses: Purchased loans with evidence of credit deterioration | 0 | 0 | ||||||||||||
Allowance for loan losses: Total | 232,049 | 248,744 | 275,546 | 392,852 | 480,514 | 487,235 | ||||||||
Outstanding loan balances: Individually evaluated for impairment | 505,902 | 668,022 | ||||||||||||
Outstanding loan balances: Collectively evaluated for impairment | 9,604,443 | 9,480,321 | ||||||||||||
Outstanding loan balances: Purchased loans with evidence of credit deterioration | 0 | 0 | ||||||||||||
Total loans | 10,110,345 | 10,148,343 | ||||||||||||
Consumer [Member]
|
||||||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||||||||
Allowance for loan losses: Individually evaluated for impairment | 12,042 | 8,995 | ||||||||||||
Allowance for loan losses: Collectively evaluated for impairment | 90,349 | 114,120 | ||||||||||||
Allowance for loan losses: Purchased loans with evidence of credit deterioration | 0 | 0 | ||||||||||||
Allowance for loan losses: Total | 102,391 | 109,101 | 123,115 | 149,773 | 148,110 | 154,326 | ||||||||
Outstanding loan balances: Individually evaluated for impairment | 105,769 | 113,798 | ||||||||||||
Outstanding loan balances: Collectively evaluated for impairment | 6,938,508 | 6,817,277 | ||||||||||||
Outstanding loan balances: Purchased loans with evidence of credit deterioration | 0 | 0 | ||||||||||||
Total loans | 7,044,277 | 6,931,075 | ||||||||||||
FDIC- Supported [Member]
|
||||||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||||||||
Allowance for loan losses: Individually evaluated for impairment | 542 | 623 | ||||||||||||
Allowance for loan losses: Collectively evaluated for impairment | 15,424 | 16,830 | ||||||||||||
Allowance for loan losses: Purchased loans with evidence of credit deterioration | 4,951 | 6,019 | ||||||||||||
Allowance for loan losses: Total | 20,917 | [1] | 21,045 | [1] | 23,472 | [1] | 27,462 | [1] | 27,086 | [1] | 37,673 | [1] | ||
Outstanding loan balances: Individually evaluated for impairment | 1,819 | 2,701 | ||||||||||||
Outstanding loan balances: Collectively evaluated for impairment | 543,631 | 637,962 | ||||||||||||
Outstanding loan balances: Purchased loans with evidence of credit deterioration | 96,796 | 110,207 | ||||||||||||
Total loans | $ 642,246 | $ 750,870 | ||||||||||||
|
Investment Securities Noncredit Related Other Than Temporary Impairment (Details) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2012
|
Jun. 30, 2011
|
Jun. 30, 2012
|
Jun. 30, 2011
|
|
Noncredit Related Losses On Securities Not Expected To Be Sold [Line Items] | ||||
Noncredit-related losses on securities not expected to be sold (recognized in other comprehensive income) | $ 16,718 | $ 1,181 | $ 24,782 | $ 1,181 |
Held-to-maturity Securities [Member]
|
||||
Noncredit Related Losses On Securities Not Expected To Be Sold [Line Items] | ||||
Noncredit-related losses on securities not expected to be sold (recognized in other comprehensive income) | 16,718 | 0 | 16,718 | 0 |
Available-for-sale Securities [Member]
|
||||
Noncredit Related Losses On Securities Not Expected To Be Sold [Line Items] | ||||
Noncredit-related losses on securities not expected to be sold (recognized in other comprehensive income) | $ 0 | $ 1,181 | $ 8,064 | $ 1,181 |
Loans And Allowance For Credit Losses (Schedule Of Changes In The FDIC Indemnification Asset) (Details) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 6 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2012
|
Jun. 30, 2011
|
Jun. 30, 2012
|
Jun. 30, 2011
|
|||||||
FDIC Indemnification Asset [Roll Forward] | ||||||||||
Balance at beginning of period | $ 121,332 | $ 172,170 | $ 133,810 | $ 195,516 | ||||||
Amounts filed with the FDIC and collected or in process | 12,495 | (6,404) | 11,202 | (12,911) | ||||||
Net change in asset balance due to reestimation of projected cash flows | (16,660) | [1] | (15,209) | [1] | (27,845) | [1] | (32,048) | [1] | ||
Balance at end of period | $ 117,167 | $ 150,557 | $ 117,167 | $ 150,557 | ||||||
|
Guarantees, Commitments And Contingencies (Schedule Of Guarantees Issued) (Details) (USD $)
In Thousands, unless otherwise specified |
Jun. 30, 2012
|
Dec. 31, 2011
|
---|---|---|
Liabilities for Guarantees on Long-Duration Contracts [Line Items] | ||
Standby letters of credit | $ 1,049,952 | $ 1,080,284 |
Financial [Member]
|
||
Liabilities for Guarantees on Long-Duration Contracts [Line Items] | ||
Standby letters of credit | 883,714 | 914,986 |
Performance [Member]
|
||
Liabilities for Guarantees on Long-Duration Contracts [Line Items] | ||
Standby letters of credit | $ 166,238 | $ 165,298 |
Fair Value (Schedule Of Fair Value Of Predominantly Bank Trust Preferred CDOs) (Details) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended |
---|---|
Jun. 30, 2012
|
|
Financing Receivable, Recorded Investment [Line Items] | |
Fair value of predominantly bank trust preferred CDOs | 765,465 |
Percentage of total fair value by vintage | 100.00% |
AAA [Member]
|
|
Financing Receivable, Recorded Investment [Line Items] | |
Percentage of total fair value | 72.60% |
A [Member]
|
|
Financing Receivable, Recorded Investment [Line Items] | |
Percentage of total fair value | 27.00% |
BBB [Member]
|
|
Financing Receivable, Recorded Investment [Line Items] | |
Percentage of total fair value | 0.40% |
2001 [Member]
|
|
Financing Receivable, Recorded Investment [Line Items] | |
Fair value of predominantly bank trust preferred CDOs | 54,703 |
Percentage of total fair value by vintage | 7.10% |
2001 [Member] | AAA [Member]
|
|
Financing Receivable, Recorded Investment [Line Items] | |
Percentage of total fair value | 6.00% |
2001 [Member] | A [Member]
|
|
Financing Receivable, Recorded Investment [Line Items] | |
Percentage of total fair value | 1.00% |
2001 [Member] | BBB [Member]
|
|
Financing Receivable, Recorded Investment [Line Items] | |
Percentage of total fair value | 0.10% |
2002 [Member]
|
|
Financing Receivable, Recorded Investment [Line Items] | |
Fair value of predominantly bank trust preferred CDOs | 232,448 |
Percentage of total fair value by vintage | 30.40% |
2002 [Member] | AAA [Member]
|
|
Financing Receivable, Recorded Investment [Line Items] | |
Percentage of total fair value | 27.80% |
2002 [Member] | A [Member]
|
|
Financing Receivable, Recorded Investment [Line Items] | |
Percentage of total fair value | 2.60% |
2002 [Member] | BBB [Member]
|
|
Financing Receivable, Recorded Investment [Line Items] | |
Percentage of total fair value | 0.00% |
2003 [Member]
|
|
Financing Receivable, Recorded Investment [Line Items] | |
Fair value of predominantly bank trust preferred CDOs | 266,372 |
Percentage of total fair value by vintage | 34.80% |
2003 [Member] | AAA [Member]
|
|
Financing Receivable, Recorded Investment [Line Items] | |
Percentage of total fair value | 23.90% |
2003 [Member] | A [Member]
|
|
Financing Receivable, Recorded Investment [Line Items] | |
Percentage of total fair value | 10.90% |
2003 [Member] | BBB [Member]
|
|
Financing Receivable, Recorded Investment [Line Items] | |
Percentage of total fair value | 0.00% |
2004 [Member]
|
|
Financing Receivable, Recorded Investment [Line Items] | |
Fair value of predominantly bank trust preferred CDOs | 126,927 |
Percentage of total fair value by vintage | 16.60% |
2004 [Member] | AAA [Member]
|
|
Financing Receivable, Recorded Investment [Line Items] | |
Percentage of total fair value | 7.20% |
2004 [Member] | A [Member]
|
|
Financing Receivable, Recorded Investment [Line Items] | |
Percentage of total fair value | 9.40% |
2004 [Member] | BBB [Member]
|
|
Financing Receivable, Recorded Investment [Line Items] | |
Percentage of total fair value | 0.00% |
2005 [Member]
|
|
Financing Receivable, Recorded Investment [Line Items] | |
Fair value of predominantly bank trust preferred CDOs | 13,121 |
Percentage of total fair value by vintage | 1.80% |
2005 [Member] | AAA [Member]
|
|
Financing Receivable, Recorded Investment [Line Items] | |
Percentage of total fair value | 0.90% |
2005 [Member] | A [Member]
|
|
Financing Receivable, Recorded Investment [Line Items] | |
Percentage of total fair value | 0.80% |
2005 [Member] | BBB [Member]
|
|
Financing Receivable, Recorded Investment [Line Items] | |
Percentage of total fair value | 0.10% |
2006 [Member]
|
|
Financing Receivable, Recorded Investment [Line Items] | |
Fair value of predominantly bank trust preferred CDOs | 39,395 |
Percentage of total fair value by vintage | 5.10% |
2006 [Member] | AAA [Member]
|
|
Financing Receivable, Recorded Investment [Line Items] | |
Percentage of total fair value | 2.60% |
2006 [Member] | A [Member]
|
|
Financing Receivable, Recorded Investment [Line Items] | |
Percentage of total fair value | 2.30% |
2006 [Member] | BBB [Member]
|
|
Financing Receivable, Recorded Investment [Line Items] | |
Percentage of total fair value | 0.20% |
2007 [Member]
|
|
Financing Receivable, Recorded Investment [Line Items] | |
Fair value of predominantly bank trust preferred CDOs | 32,499 |
Percentage of total fair value by vintage | 4.20% |
2007 [Member] | AAA [Member]
|
|
Financing Receivable, Recorded Investment [Line Items] | |
Percentage of total fair value | 4.20% |
2007 [Member] | A [Member]
|
|
Financing Receivable, Recorded Investment [Line Items] | |
Percentage of total fair value | 0.00% |
2007 [Member] | BBB [Member]
|
|
Financing Receivable, Recorded Investment [Line Items] | |
Percentage of total fair value | 0.00% |
Loans And Allowance For Credit Losses (Summary Of Selected Information On TDRs That Includes Recorded Investment On An Accruing And Nonaccruing Basis By Loan Class And Modification Type) (Details) (USD $)
In Thousands, unless otherwise specified |
Jun. 30, 2012
|
Dec. 31, 2011
|
||||||
---|---|---|---|---|---|---|---|---|
Financing Receivable, Modifications [Line Items] | ||||||||
Recorded investment resulting from the following modification types | $ 620,928 | $ 743,934 | ||||||
1-4 family residential | 4,018,858 | 3,921,216 | ||||||
Construction and other consumer real estate | 327,867 | 305,873 | ||||||
Commercial and industrial | 10,382,676 | 10,334,858 | ||||||
Home equity credit line | 2,180,857 | 2,187,428 | ||||||
Bankcard and other revolving plans | 284,112 | 291,018 | ||||||
Commercial [Member]
|
||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
Commercial and industrial | 10,382,676 | 10,334,858 | ||||||
Commercial [Member] | Commercial And Industrial [Member]
|
||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
Commercial and industrial | 133,241 | 126,468 | ||||||
Consumer [Member]
|
||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
1-4 family residential | 4,018,858 | 3,921,216 | ||||||
Construction and other consumer real estate | 327,867 | 305,873 | ||||||
Home equity credit line | 2,180,857 | 2,187,428 | ||||||
Bankcard and other revolving plans | 284,112 | 291,018 | ||||||
Consumer [Member] | Home Equity Credit Line [Member]
|
||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
Home equity credit line | 13,741 | 18,376 | ||||||
Consumer [Member] | 1-4 Family Residential [Member]
|
||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
1-4 family residential | 74,935 | 90,857 | ||||||
Consumer [Member] | Construction And Other Consumer Real Estate [Member]
|
||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
Construction and other consumer real estate | 7,731 | 12,096 | ||||||
Consumer [Member] | Bankcard And Other Revolving Plans [Member]
|
||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
Bankcard and other revolving plans | 1,256 | 346 | ||||||
Interest Rate Below Market [Member]
|
||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
Recorded investment resulting from the following modification types | 39,249 | 37,117 | ||||||
Maturity Or Term Extension [Member]
|
||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
Recorded investment resulting from the following modification types | 68,079 | 105,770 | ||||||
Principal Forgiveness [Member]
|
||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
Recorded investment resulting from the following modification types | 7,694 | 5,827 | ||||||
Payment Deferral [Member]
|
||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
Recorded investment resulting from the following modification types | 23,715 | 41,635 | ||||||
Other [Member]
|
||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
Recorded investment resulting from the following modification types | 146,755 | [1] | 161,849 | [1] | ||||
Multiple Modification Types [Member]
|
||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
Recorded investment resulting from the following modification types | 335,436 | [2] | 391,736 | [2] | ||||
Accruing [Member]
|
||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
Recorded investment resulting from the following modification types | 393,360 | 448,109 | ||||||
Accruing [Member] | Commercial [Member]
|
||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
Recorded investment resulting from the following modification types | 96,503 | 85,968 | ||||||
Accruing [Member] | Commercial [Member] | Commercial And Industrial [Member]
|
||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
Commercial and industrial | 56,310 | 41,871 | ||||||
Accruing [Member] | Commercial [Member] | Owner Occupied [Member]
|
||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
Recorded investment resulting from the following modification types | 40,193 | 44,097 | ||||||
Accruing [Member] | Commercial Real Estate [Member]
|
||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
Recorded investment resulting from the following modification types | 238,442 | 311,455 | ||||||
Accruing [Member] | Commercial Real Estate [Member] | Construction And Land Development [Member]
|
||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
Recorded investment resulting from the following modification types | 113,356 | 98,266 | ||||||
Accruing [Member] | Commercial Real Estate [Member] | Term [Member]
|
||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
Recorded investment resulting from the following modification types | 125,086 | 213,189 | ||||||
Accruing [Member] | Consumer [Member]
|
||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
Recorded investment resulting from the following modification types | 58,415 | 50,686 | ||||||
Accruing [Member] | Consumer [Member] | Home Equity Credit Line [Member]
|
||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
Recorded investment resulting from the following modification types | 284 | 32 | ||||||
Accruing [Member] | Consumer [Member] | 1-4 Family Residential [Member]
|
||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
1-4 family residential | 55,562 | 46,400 | ||||||
Accruing [Member] | Consumer [Member] | Construction And Other Consumer Real Estate [Member]
|
||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
Construction and other consumer real estate | 2,569 | 4,226 | ||||||
Accruing [Member] | Consumer [Member] | Other [Member]
|
||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
Recorded investment resulting from the following modification types | 28 | |||||||
Accruing [Member] | Interest Rate Below Market [Member]
|
||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
Recorded investment resulting from the following modification types | 11,815 | 8,995 | ||||||
Accruing [Member] | Interest Rate Below Market [Member] | Commercial [Member]
|
||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
Recorded investment resulting from the following modification types | 1,596 | 2,177 | ||||||
Accruing [Member] | Interest Rate Below Market [Member] | Commercial [Member] | Commercial And Industrial [Member]
|
||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
Commercial and industrial | 280 | 302 | ||||||
Accruing [Member] | Interest Rate Below Market [Member] | Commercial [Member] | Owner Occupied [Member]
|
||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
Recorded investment resulting from the following modification types | 1,316 | 1,875 | ||||||
Accruing [Member] | Interest Rate Below Market [Member] | Commercial Real Estate [Member]
|
||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
Recorded investment resulting from the following modification types | 3,695 | 3,382 | ||||||
Accruing [Member] | Interest Rate Below Market [Member] | Commercial Real Estate [Member] | Construction And Land Development [Member]
|
||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
Recorded investment resulting from the following modification types | 1,745 | 644 | ||||||
Accruing [Member] | Interest Rate Below Market [Member] | Commercial Real Estate [Member] | Term [Member]
|
||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
Recorded investment resulting from the following modification types | 1,950 | 2,738 | ||||||
Accruing [Member] | Interest Rate Below Market [Member] | Consumer [Member]
|
||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
Recorded investment resulting from the following modification types | 6,524 | 3,436 | ||||||
Accruing [Member] | Interest Rate Below Market [Member] | Consumer [Member] | Home Equity Credit Line [Member]
|
||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
Recorded investment resulting from the following modification types | 194 | 0 | ||||||
Accruing [Member] | Interest Rate Below Market [Member] | Consumer [Member] | 1-4 Family Residential [Member]
|
||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
1-4 family residential | 6,174 | 3,270 | ||||||
Accruing [Member] | Interest Rate Below Market [Member] | Consumer [Member] | Construction And Other Consumer Real Estate [Member]
|
||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
Construction and other consumer real estate | 156 | 166 | ||||||
Accruing [Member] | Interest Rate Below Market [Member] | Consumer [Member] | Other [Member]
|
||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
Recorded investment resulting from the following modification types | 0 | |||||||
Accruing [Member] | Maturity Or Term Extension [Member]
|
||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
Recorded investment resulting from the following modification types | 56,441 | 93,255 | ||||||
Accruing [Member] | Maturity Or Term Extension [Member] | Commercial [Member]
|
||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
Recorded investment resulting from the following modification types | 20,612 | 22,951 | ||||||
Accruing [Member] | Maturity Or Term Extension [Member] | Commercial [Member] | Commercial And Industrial [Member]
|
||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
Commercial and industrial | 5,382 | 7,727 | ||||||
Accruing [Member] | Maturity Or Term Extension [Member] | Commercial [Member] | Owner Occupied [Member]
|
||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
Recorded investment resulting from the following modification types | 15,230 | 15,224 | ||||||
Accruing [Member] | Maturity Or Term Extension [Member] | Commercial Real Estate [Member]
|
||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
Recorded investment resulting from the following modification types | 28,421 | 67,169 | ||||||
Accruing [Member] | Maturity Or Term Extension [Member] | Commercial Real Estate [Member] | Construction And Land Development [Member]
|
||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
Recorded investment resulting from the following modification types | 26,539 | 33,284 | ||||||
Accruing [Member] | Maturity Or Term Extension [Member] | Commercial Real Estate [Member] | Term [Member]
|
||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
Recorded investment resulting from the following modification types | 1,882 | 33,885 | ||||||
Accruing [Member] | Maturity Or Term Extension [Member] | Consumer [Member]
|
||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
Recorded investment resulting from the following modification types | 7,408 | 3,135 | ||||||
Accruing [Member] | Maturity Or Term Extension [Member] | Consumer [Member] | Home Equity Credit Line [Member]
|
||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
Recorded investment resulting from the following modification types | 0 | 0 | ||||||
Accruing [Member] | Maturity Or Term Extension [Member] | Consumer [Member] | 1-4 Family Residential [Member]
|
||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
1-4 family residential | 6,936 | 1,663 | ||||||
Accruing [Member] | Maturity Or Term Extension [Member] | Consumer [Member] | Construction And Other Consumer Real Estate [Member]
|
||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
Construction and other consumer real estate | 472 | 1,444 | ||||||
Accruing [Member] | Maturity Or Term Extension [Member] | Consumer [Member] | Other [Member]
|
||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
Recorded investment resulting from the following modification types | 28 | |||||||
Accruing [Member] | Principal Forgiveness [Member]
|
||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
Recorded investment resulting from the following modification types | 4,056 | 4,154 | ||||||
Accruing [Member] | Principal Forgiveness [Member] | Commercial [Member]
|
||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
Recorded investment resulting from the following modification types | 0 | 37 | ||||||
Accruing [Member] | Principal Forgiveness [Member] | Commercial [Member] | Commercial And Industrial [Member]
|
||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
Commercial and industrial | 0 | 0 | ||||||
Accruing [Member] | Principal Forgiveness [Member] | Commercial [Member] | Owner Occupied [Member]
|
||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
Recorded investment resulting from the following modification types | 0 | 37 | ||||||
Accruing [Member] | Principal Forgiveness [Member] | Commercial Real Estate [Member]
|
||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
Recorded investment resulting from the following modification types | 2,997 | 3,592 | ||||||
Accruing [Member] | Principal Forgiveness [Member] | Commercial Real Estate [Member] | Construction And Land Development [Member]
|
||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
Recorded investment resulting from the following modification types | 7 | 565 | ||||||
Accruing [Member] | Principal Forgiveness [Member] | Commercial Real Estate [Member] | Term [Member]
|
||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
Recorded investment resulting from the following modification types | 2,990 | 3,027 | ||||||
Accruing [Member] | Principal Forgiveness [Member] | Consumer [Member]
|
||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
Recorded investment resulting from the following modification types | 1,059 | 525 | ||||||
Accruing [Member] | Principal Forgiveness [Member] | Consumer [Member] | Home Equity Credit Line [Member]
|
||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
Recorded investment resulting from the following modification types | 0 | 0 | ||||||
Accruing [Member] | Principal Forgiveness [Member] | Consumer [Member] | 1-4 Family Residential [Member]
|
||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
1-4 family residential | 1,059 | 525 | ||||||
Accruing [Member] | Principal Forgiveness [Member] | Consumer [Member] | Construction And Other Consumer Real Estate [Member]
|
||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
Construction and other consumer real estate | 0 | 0 | ||||||
Accruing [Member] | Principal Forgiveness [Member] | Consumer [Member] | Other [Member]
|
||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
Recorded investment resulting from the following modification types | 0 | |||||||
Accruing [Member] | Payment Deferral [Member]
|
||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
Recorded investment resulting from the following modification types | 11,817 | 26,603 | ||||||
Accruing [Member] | Payment Deferral [Member] | Commercial [Member]
|
||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
Recorded investment resulting from the following modification types | 9,550 | 2,963 | ||||||
Accruing [Member] | Payment Deferral [Member] | Commercial [Member] | Commercial And Industrial [Member]
|
||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
Commercial and industrial | 3,846 | 1,955 | ||||||
Accruing [Member] | Payment Deferral [Member] | Commercial [Member] | Owner Occupied [Member]
|
||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
Recorded investment resulting from the following modification types | 5,704 | 1,008 | ||||||
Accruing [Member] | Payment Deferral [Member] | Commercial Real Estate [Member]
|
||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
Recorded investment resulting from the following modification types | 2,267 | 23,640 | ||||||
Accruing [Member] | Payment Deferral [Member] | Commercial Real Estate [Member] | Construction And Land Development [Member]
|
||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
Recorded investment resulting from the following modification types | 59 | 0 | ||||||
Accruing [Member] | Payment Deferral [Member] | Commercial Real Estate [Member] | Term [Member]
|
||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
Recorded investment resulting from the following modification types | 2,208 | 23,640 | ||||||
Accruing [Member] | Payment Deferral [Member] | Consumer [Member]
|
||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
Recorded investment resulting from the following modification types | 0 | 0 | ||||||
Accruing [Member] | Payment Deferral [Member] | Consumer [Member] | Home Equity Credit Line [Member]
|
||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
Recorded investment resulting from the following modification types | 0 | 0 | ||||||
Accruing [Member] | Payment Deferral [Member] | Consumer [Member] | 1-4 Family Residential [Member]
|
||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
1-4 family residential | 0 | 0 | ||||||
Accruing [Member] | Payment Deferral [Member] | Consumer [Member] | Construction And Other Consumer Real Estate [Member]
|
||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
Construction and other consumer real estate | 0 | 0 | ||||||
Accruing [Member] | Payment Deferral [Member] | Consumer [Member] | Other [Member]
|
||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
Recorded investment resulting from the following modification types | 0 | |||||||
Accruing [Member] | Other [Member]
|
||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
Recorded investment resulting from the following modification types | 100,533 | [1] | 122,586 | [1] | ||||
Accruing [Member] | Other [Member] | Commercial [Member]
|
||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
Recorded investment resulting from the following modification types | 31,736 | [1] | 32,874 | [1] | ||||
Accruing [Member] | Other [Member] | Commercial [Member] | Commercial And Industrial [Member]
|
||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
Commercial and industrial | 27,194 | [1] | 27,370 | [1] | ||||
Accruing [Member] | Other [Member] | Commercial [Member] | Owner Occupied [Member]
|
||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
Recorded investment resulting from the following modification types | 4,542 | [1] | 5,504 | [1] | ||||
Accruing [Member] | Other [Member] | Commercial Real Estate [Member]
|
||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
Recorded investment resulting from the following modification types | 64,619 | [1] | 82,942 | [1] | ||||
Accruing [Member] | Other [Member] | Commercial Real Estate [Member] | Construction And Land Development [Member]
|
||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
Recorded investment resulting from the following modification types | 37,078 | [1] | 28,911 | [1] | ||||
Accruing [Member] | Other [Member] | Commercial Real Estate [Member] | Term [Member]
|
||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
Recorded investment resulting from the following modification types | 27,541 | [1] | 54,031 | [1] | ||||
Accruing [Member] | Other [Member] | Consumer [Member]
|
||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
Recorded investment resulting from the following modification types | 4,178 | [1] | 6,770 | [1] | ||||
Accruing [Member] | Other [Member] | Consumer [Member] | Home Equity Credit Line [Member]
|
||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
Recorded investment resulting from the following modification types | 0 | [1] | 32 | [1] | ||||
Accruing [Member] | Other [Member] | Consumer [Member] | 1-4 Family Residential [Member]
|
||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
1-4 family residential | 3,526 | [1] | 6,103 | [1] | ||||
Accruing [Member] | Other [Member] | Consumer [Member] | Construction And Other Consumer Real Estate [Member]
|
||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
Construction and other consumer real estate | 652 | [1] | 635 | [1] | ||||
Accruing [Member] | Other [Member] | Consumer [Member] | Other [Member]
|
||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
Recorded investment resulting from the following modification types | 0 | [1] | ||||||
Accruing [Member] | Multiple Modification Types [Member]
|
||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
Recorded investment resulting from the following modification types | 208,698 | [2] | 192,516 | [2] | ||||
Accruing [Member] | Multiple Modification Types [Member] | Commercial [Member]
|
||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
Recorded investment resulting from the following modification types | 33,009 | [2] | 24,966 | [2] | ||||
Accruing [Member] | Multiple Modification Types [Member] | Commercial [Member] | Commercial And Industrial [Member]
|
||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
Commercial and industrial | 19,608 | [2] | 4,517 | [2] | ||||
Accruing [Member] | Multiple Modification Types [Member] | Commercial [Member] | Owner Occupied [Member]
|
||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
Recorded investment resulting from the following modification types | 13,401 | [2] | 20,449 | [2] | ||||
Accruing [Member] | Multiple Modification Types [Member] | Commercial Real Estate [Member]
|
||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
Recorded investment resulting from the following modification types | 136,443 | [2] | 130,730 | [2] | ||||
Accruing [Member] | Multiple Modification Types [Member] | Commercial Real Estate [Member] | Construction And Land Development [Member]
|
||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
Recorded investment resulting from the following modification types | 47,928 | [2] | 34,862 | [2] | ||||
Accruing [Member] | Multiple Modification Types [Member] | Commercial Real Estate [Member] | Term [Member]
|
||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
Recorded investment resulting from the following modification types | 88,515 | [2] | 95,868 | [2] | ||||
Accruing [Member] | Multiple Modification Types [Member] | Consumer [Member]
|
||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
Recorded investment resulting from the following modification types | 39,246 | [2] | 36,820 | [2] | ||||
Accruing [Member] | Multiple Modification Types [Member] | Consumer [Member] | Home Equity Credit Line [Member]
|
||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
Recorded investment resulting from the following modification types | 90 | [2] | 0 | [2] | ||||
Accruing [Member] | Multiple Modification Types [Member] | Consumer [Member] | 1-4 Family Residential [Member]
|
||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
1-4 family residential | 37,867 | [2] | 34,839 | [2] | ||||
Accruing [Member] | Multiple Modification Types [Member] | Consumer [Member] | Construction And Other Consumer Real Estate [Member]
|
||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
Construction and other consumer real estate | 1,289 | [2] | 1,981 | [2] | ||||
Accruing [Member] | Multiple Modification Types [Member] | Consumer [Member] | Other [Member]
|
||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
Recorded investment resulting from the following modification types | 0 | [2] | ||||||
Nonaccruing [Member]
|
||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
Recorded investment resulting from the following modification types | 227,568 | 295,825 | ||||||
Nonaccruing [Member] | Commercial [Member]
|
||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
Recorded investment resulting from the following modification types | 78,212 | 69,860 | ||||||
Nonaccruing [Member] | Commercial [Member] | Commercial And Industrial [Member]
|
||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
Commercial and industrial | 37,655 | 29,635 | ||||||
Nonaccruing [Member] | Commercial [Member] | Owner Occupied [Member]
|
||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
Recorded investment resulting from the following modification types | 40,557 | 40,225 | ||||||
Nonaccruing [Member] | Commercial Real Estate [Member]
|
||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
Recorded investment resulting from the following modification types | 127,790 | 200,243 | ||||||
Nonaccruing [Member] | Commercial Real Estate [Member] | Construction And Land Development [Member]
|
||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
Recorded investment resulting from the following modification types | 70,489 | 122,458 | ||||||
Nonaccruing [Member] | Commercial Real Estate [Member] | Term [Member]
|
||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
Recorded investment resulting from the following modification types | 57,301 | 77,785 | ||||||
Nonaccruing [Member] | Consumer [Member]
|
||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
Recorded investment resulting from the following modification types | 21,566 | 25,722 | ||||||
Nonaccruing [Member] | Consumer [Member] | Home Equity Credit Line [Member]
|
||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
Home equity credit line | 128 | 517 | ||||||
Nonaccruing [Member] | Consumer [Member] | 1-4 Family Residential [Member]
|
||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
1-4 family residential | 17,821 | 22,995 | ||||||
Nonaccruing [Member] | Consumer [Member] | Construction And Other Consumer Real Estate [Member]
|
||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
Construction and other consumer real estate | 3,323 | 2,210 | ||||||
Nonaccruing [Member] | Consumer [Member] | Bankcard And Other Revolving Plans [Member]
|
||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
Bankcard and other revolving plans | 294 | |||||||
Nonaccruing [Member] | Interest Rate Below Market [Member]
|
||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
Recorded investment resulting from the following modification types | 27,434 | 28,122 | ||||||
Nonaccruing [Member] | Interest Rate Below Market [Member] | Commercial [Member]
|
||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
Recorded investment resulting from the following modification types | 5,481 | 7,990 | ||||||
Nonaccruing [Member] | Interest Rate Below Market [Member] | Commercial [Member] | Commercial And Industrial [Member]
|
||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
Commercial and industrial | 339 | 3,526 | ||||||
Nonaccruing [Member] | Interest Rate Below Market [Member] | Commercial [Member] | Owner Occupied [Member]
|
||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
Recorded investment resulting from the following modification types | 5,142 | 4,464 | ||||||
Nonaccruing [Member] | Interest Rate Below Market [Member] | Commercial Real Estate [Member]
|
||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
Recorded investment resulting from the following modification types | 20,796 | 18,533 | ||||||
Nonaccruing [Member] | Interest Rate Below Market [Member] | Commercial Real Estate [Member] | Construction And Land Development [Member]
|
||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
Recorded investment resulting from the following modification types | 16,382 | 15,088 | ||||||
Nonaccruing [Member] | Interest Rate Below Market [Member] | Commercial Real Estate [Member] | Term [Member]
|
||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
Recorded investment resulting from the following modification types | 4,414 | 3,445 | ||||||
Nonaccruing [Member] | Interest Rate Below Market [Member] | Consumer [Member]
|
||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
Recorded investment resulting from the following modification types | 1,157 | 1,599 | ||||||
Nonaccruing [Member] | Interest Rate Below Market [Member] | Consumer [Member] | Home Equity Credit Line [Member]
|
||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
Home equity credit line | 0 | 195 | ||||||
Nonaccruing [Member] | Interest Rate Below Market [Member] | Consumer [Member] | 1-4 Family Residential [Member]
|
||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
1-4 family residential | 1,145 | 1,386 | ||||||
Nonaccruing [Member] | Interest Rate Below Market [Member] | Consumer [Member] | Construction And Other Consumer Real Estate [Member]
|
||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
Construction and other consumer real estate | 12 | 18 | ||||||
Nonaccruing [Member] | Interest Rate Below Market [Member] | Consumer [Member] | Bankcard And Other Revolving Plans [Member]
|
||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
Bankcard and other revolving plans | 0 | |||||||
Nonaccruing [Member] | Maturity Or Term Extension [Member]
|
||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
Recorded investment resulting from the following modification types | 11,638 | 12,515 | ||||||
Nonaccruing [Member] | Maturity Or Term Extension [Member] | Commercial [Member]
|
||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
Recorded investment resulting from the following modification types | 6,841 | 7,195 | ||||||
Nonaccruing [Member] | Maturity Or Term Extension [Member] | Commercial [Member] | Commercial And Industrial [Member]
|
||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
Commercial and industrial | 5,700 | 6,094 | ||||||
Nonaccruing [Member] | Maturity Or Term Extension [Member] | Commercial [Member] | Owner Occupied [Member]
|
||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
Recorded investment resulting from the following modification types | 1,141 | 1,101 | ||||||
Nonaccruing [Member] | Maturity Or Term Extension [Member] | Commercial Real Estate [Member]
|
||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
Recorded investment resulting from the following modification types | 2,524 | 3,398 | ||||||
Nonaccruing [Member] | Maturity Or Term Extension [Member] | Commercial Real Estate [Member] | Construction And Land Development [Member]
|
||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
Recorded investment resulting from the following modification types | 2,487 | 3,348 | ||||||
Nonaccruing [Member] | Maturity Or Term Extension [Member] | Commercial Real Estate [Member] | Term [Member]
|
||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
Recorded investment resulting from the following modification types | 37 | 50 | ||||||
Nonaccruing [Member] | Maturity Or Term Extension [Member] | Consumer [Member]
|
||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
Recorded investment resulting from the following modification types | 2,273 | 1,922 | ||||||
Nonaccruing [Member] | Maturity Or Term Extension [Member] | Consumer [Member] | Home Equity Credit Line [Member]
|
||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
Home equity credit line | 0 | 0 | ||||||
Nonaccruing [Member] | Maturity Or Term Extension [Member] | Consumer [Member] | 1-4 Family Residential [Member]
|
||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
1-4 family residential | 48 | 85 | ||||||
Nonaccruing [Member] | Maturity Or Term Extension [Member] | Consumer [Member] | Construction And Other Consumer Real Estate [Member]
|
||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
Construction and other consumer real estate | 1,931 | 1,837 | ||||||
Nonaccruing [Member] | Maturity Or Term Extension [Member] | Consumer [Member] | Bankcard And Other Revolving Plans [Member]
|
||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
Bankcard and other revolving plans | 294 | |||||||
Nonaccruing [Member] | Principal Forgiveness [Member]
|
||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
Recorded investment resulting from the following modification types | 3,638 | 1,673 | ||||||
Nonaccruing [Member] | Principal Forgiveness [Member] | Commercial [Member]
|
||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
Recorded investment resulting from the following modification types | 3,327 | 715 | ||||||
Nonaccruing [Member] | Principal Forgiveness [Member] | Commercial [Member] | Commercial And Industrial [Member]
|
||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
Commercial and industrial | 2,643 | 0 | ||||||
Nonaccruing [Member] | Principal Forgiveness [Member] | Commercial [Member] | Owner Occupied [Member]
|
||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
Recorded investment resulting from the following modification types | 684 | 715 | ||||||
Nonaccruing [Member] | Principal Forgiveness [Member] | Commercial Real Estate [Member]
|
||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
Recorded investment resulting from the following modification types | 0 | 19 | ||||||
Nonaccruing [Member] | Principal Forgiveness [Member] | Commercial Real Estate [Member] | Construction And Land Development [Member]
|
||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
Recorded investment resulting from the following modification types | 0 | 19 | ||||||
Nonaccruing [Member] | Principal Forgiveness [Member] | Commercial Real Estate [Member] | Term [Member]
|
||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
Recorded investment resulting from the following modification types | 0 | 0 | ||||||
Nonaccruing [Member] | Principal Forgiveness [Member] | Consumer [Member]
|
||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
Recorded investment resulting from the following modification types | 311 | 939 | ||||||
Nonaccruing [Member] | Principal Forgiveness [Member] | Consumer [Member] | Home Equity Credit Line [Member]
|
||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
Home equity credit line | 0 | 0 | ||||||
Nonaccruing [Member] | Principal Forgiveness [Member] | Consumer [Member] | 1-4 Family Residential [Member]
|
||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
1-4 family residential | 311 | 939 | ||||||
Nonaccruing [Member] | Principal Forgiveness [Member] | Consumer [Member] | Construction And Other Consumer Real Estate [Member]
|
||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
Construction and other consumer real estate | 0 | 0 | ||||||
Nonaccruing [Member] | Principal Forgiveness [Member] | Consumer [Member] | Bankcard And Other Revolving Plans [Member]
|
||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
Bankcard and other revolving plans | 0 | |||||||
Nonaccruing [Member] | Payment Deferral [Member]
|
||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
Recorded investment resulting from the following modification types | 11,898 | 15,032 | ||||||
Nonaccruing [Member] | Payment Deferral [Member] | Commercial [Member]
|
||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
Recorded investment resulting from the following modification types | 9,414 | 8,004 | ||||||
Nonaccruing [Member] | Payment Deferral [Member] | Commercial [Member] | Commercial And Industrial [Member]
|
||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
Commercial and industrial | 526 | 1,429 | ||||||
Nonaccruing [Member] | Payment Deferral [Member] | Commercial [Member] | Owner Occupied [Member]
|
||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
Recorded investment resulting from the following modification types | 8,888 | 6,575 | ||||||
Nonaccruing [Member] | Payment Deferral [Member] | Commercial Real Estate [Member]
|
||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
Recorded investment resulting from the following modification types | 2,484 | 6,310 | ||||||
Nonaccruing [Member] | Payment Deferral [Member] | Commercial Real Estate [Member] | Construction And Land Development [Member]
|
||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
Recorded investment resulting from the following modification types | 0 | 2,060 | ||||||
Nonaccruing [Member] | Payment Deferral [Member] | Commercial Real Estate [Member] | Term [Member]
|
||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
Recorded investment resulting from the following modification types | 2,484 | 4,250 | ||||||
Nonaccruing [Member] | Payment Deferral [Member] | Consumer [Member]
|
||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
Recorded investment resulting from the following modification types | 0 | 718 | ||||||
Nonaccruing [Member] | Payment Deferral [Member] | Consumer [Member] | Home Equity Credit Line [Member]
|
||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
Home equity credit line | 0 | 0 | ||||||
Nonaccruing [Member] | Payment Deferral [Member] | Consumer [Member] | 1-4 Family Residential [Member]
|
||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
1-4 family residential | 0 | 718 | ||||||
Nonaccruing [Member] | Payment Deferral [Member] | Consumer [Member] | Construction And Other Consumer Real Estate [Member]
|
||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
Construction and other consumer real estate | 0 | 0 | ||||||
Nonaccruing [Member] | Payment Deferral [Member] | Consumer [Member] | Bankcard And Other Revolving Plans [Member]
|
||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
Bankcard and other revolving plans | 0 | |||||||
Nonaccruing [Member] | Other [Member]
|
||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
Recorded investment resulting from the following modification types | 46,222 | [1] | 39,263 | [1] | ||||
Nonaccruing [Member] | Other [Member] | Commercial [Member]
|
||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
Recorded investment resulting from the following modification types | 25,594 | [1] | 25,454 | [1] | ||||
Nonaccruing [Member] | Other [Member] | Commercial [Member] | Commercial And Industrial [Member]
|
||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
Commercial and industrial | 15,600 | [1] | 8,384 | [1] | ||||
Nonaccruing [Member] | Other [Member] | Commercial [Member] | Owner Occupied [Member]
|
||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
Recorded investment resulting from the following modification types | 9,994 | [1] | 17,070 | [1] | ||||
Nonaccruing [Member] | Other [Member] | Commercial Real Estate [Member]
|
||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
Recorded investment resulting from the following modification types | 19,780 | [1] | 12,165 | [1] | ||||
Nonaccruing [Member] | Other [Member] | Commercial Real Estate [Member] | Construction And Land Development [Member]
|
||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
Recorded investment resulting from the following modification types | 8,194 | [1] | 7,441 | [1] | ||||
Nonaccruing [Member] | Other [Member] | Commercial Real Estate [Member] | Term [Member]
|
||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
Recorded investment resulting from the following modification types | 11,586 | [1] | 4,724 | [1] | ||||
Nonaccruing [Member] | Other [Member] | Consumer [Member]
|
||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
Recorded investment resulting from the following modification types | 848 | [1] | 1,644 | [1] | ||||
Nonaccruing [Member] | Other [Member] | Consumer [Member] | Home Equity Credit Line [Member]
|
||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
Home equity credit line | 0 | [1] | 253 | [1] | ||||
Nonaccruing [Member] | Other [Member] | Consumer [Member] | 1-4 Family Residential [Member]
|
||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
1-4 family residential | 848 | [1] | 1,391 | [1] | ||||
Nonaccruing [Member] | Other [Member] | Consumer [Member] | Construction And Other Consumer Real Estate [Member]
|
||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
Construction and other consumer real estate | 0 | [1] | 0 | [1] | ||||
Nonaccruing [Member] | Other [Member] | Consumer [Member] | Bankcard And Other Revolving Plans [Member]
|
||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
Bankcard and other revolving plans | 0 | [1] | ||||||
Nonaccruing [Member] | Multiple Modification Types [Member]
|
||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
Recorded investment resulting from the following modification types | 126,738 | [2] | 199,220 | [2] | ||||
Nonaccruing [Member] | Multiple Modification Types [Member] | Commercial [Member]
|
||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
Recorded investment resulting from the following modification types | 27,555 | [2] | 20,502 | [2] | ||||
Nonaccruing [Member] | Multiple Modification Types [Member] | Commercial [Member] | Commercial And Industrial [Member]
|
||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
Commercial and industrial | 12,847 | [2] | 10,202 | [2] | ||||
Nonaccruing [Member] | Multiple Modification Types [Member] | Commercial [Member] | Owner Occupied [Member]
|
||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
Recorded investment resulting from the following modification types | 14,708 | [2] | 10,300 | [2] | ||||
Nonaccruing [Member] | Multiple Modification Types [Member] | Commercial Real Estate [Member]
|
||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
Recorded investment resulting from the following modification types | 82,206 | [2] | 159,818 | [2] | ||||
Nonaccruing [Member] | Multiple Modification Types [Member] | Commercial Real Estate [Member] | Construction And Land Development [Member]
|
||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
Recorded investment resulting from the following modification types | 43,426 | [2] | 94,502 | [2] | ||||
Nonaccruing [Member] | Multiple Modification Types [Member] | Commercial Real Estate [Member] | Term [Member]
|
||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
Recorded investment resulting from the following modification types | 38,780 | [2] | 65,316 | [2] | ||||
Nonaccruing [Member] | Multiple Modification Types [Member] | Consumer [Member]
|
||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
Recorded investment resulting from the following modification types | 16,977 | [2] | 18,900 | [2] | ||||
Nonaccruing [Member] | Multiple Modification Types [Member] | Consumer [Member] | Home Equity Credit Line [Member]
|
||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
Home equity credit line | 128 | [2] | 69 | [2] | ||||
Nonaccruing [Member] | Multiple Modification Types [Member] | Consumer [Member] | 1-4 Family Residential [Member]
|
||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
1-4 family residential | 15,469 | [2] | 18,476 | [2] | ||||
Nonaccruing [Member] | Multiple Modification Types [Member] | Consumer [Member] | Construction And Other Consumer Real Estate [Member]
|
||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
Construction and other consumer real estate | 1,380 | [2] | 355 | [2] | ||||
Nonaccruing [Member] | Multiple Modification Types [Member] | Consumer [Member] | Bankcard And Other Revolving Plans [Member]
|
||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
Bankcard and other revolving plans | $ 0 | [2] | ||||||
|
Basis Of Presentation
|
6 Months Ended |
---|---|
Jun. 30, 2012
|
|
Basis Of Presentation [Abstract] | |
Basis Of Presentation | BASIS OF PRESENTATION The accompanying unaudited consolidated financial statements of Zions Bancorporation (“the Parent”) and its majority-owned subsidiaries (collectively “the Company,” “Zions,” “we,” “our,” “us”) have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. References to GAAP as promulgated by the Financial Accounting Standards Board (“FASB”) are made according to sections of the Accounting Standards Codification (“ASC”) and to Accounting Standards Updates (“ASU”). Certain prior period amounts have been reclassified to conform to the current period presentation. Operating results for the three and six months ended June 30, 2012 and 2011 are not necessarily indicative of the results that may be expected in future periods. The consolidated balance sheet at December 31, 2011 is from the audited financial statements at that date, but does not include all of the information and footnotes required by GAAP for complete financial statements. For further information, refer to the consolidated financial statements and footnotes thereto included in the Company’s 2011 Annual Report on Form 10-K. The Company provides a full range of banking and related services through banking subsidiaries in ten Western and Southwestern states as follows: Zions First National Bank (“Zions Bank”), in Utah and Idaho; California Bank & Trust (“CB&T”); Amegy Corporation (“Amegy”) and its subsidiary, Amegy Bank, in Texas; National Bank of Arizona (“NBA”); Nevada State Bank (“NSB”); Vectra Bank Colorado (“Vectra”), in Colorado and New Mexico; The Commerce Bank of Washington (“TCBW”); and The Commerce Bank of Oregon (“TCBO”). The Parent also owns and operates certain nonbank subsidiaries that engage in wealth management and other financial related services. |
Fair Value (Schedule Of Assets And Liabilities Measured At Fair Value By Class On A Recurring Basis Using Level 3 Inputs) (Details) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2012
|
Jun. 30, 2011
|
Jun. 30, 2012
|
Jun. 30, 2011
|
|
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Total net gains (losses) included in, Other noninterest expense | $ 67,426 | $ 72,773 | $ 130,717 | $ 139,524 |
Municipal Securities [Member]
|
||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Fair value of assets, Beginning balance | 17,109 | 19,057 | 17,381 | 22,289 |
Total net gains (losses) included in, Accretion of purchase discount on securities available-for-sale | 21 | 21 | 64 | 190 |
Total net gains (losses) included in, Fixed income securities gains (losses), net | 18 | |||
Total net gains (losses) included in, Other comprehensive income (loss) | (595) | (216) | (635) | (515) |
Total net gains (losses) included in, Sales | (895) | |||
Total net gains (losses) included in, Redemptions and paydowns | (175) | (450) | (2,225) | |
Fair value of assets, Ending balance | 16,360 | 18,862 | 16,360 | 18,862 |
Trust Preferred - Banks And Insurance [Member]
|
||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Fair value of assets, Beginning balance | 935,870 | 1,183,999 | 929,356 | 1,241,694 |
Total net gains (losses) included in, Accretion of purchase discount on securities available-for-sale | 2,475 | 1,413 | 5,028 | 2,890 |
Total net gains (losses) included in, Fixed income securities gains (losses), net | 3,224 | 3,595 | 7,776 | 7,063 |
Total net gains (losses) included in, Net impairment losses on investment securities | (6,967) | (3,046) | (17,176) | (4,866) |
Total net gains (losses) included in, Other comprehensive income (loss) | 3,534 | (6,852) | 33,733 | (57,893) |
Total net gains (losses) included in, Sales | (71,940) | (72,881) | ||
Total net gains (losses) included in, Redemptions and paydowns | (11,686) | (9,252) | (32,267) | (18,090) |
Fair value of assets, Ending balance | 926,450 | 1,097,917 | 926,450 | 1,097,917 |
Trust Preferred Securities - Real Estate Investment Trusts [Member]
|
||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Fair value of assets, Beginning balance | 16,000 | 19,714 | 18,645 | 19,165 |
Total net gains (losses) included in, Accretion of purchase discount on securities available-for-sale | 61 | 101 | ||
Total net gains (losses) included in, Fixed income securities gains (losses), net | (3,605) | |||
Total net gains (losses) included in, Net impairment losses on investment securities | (1,285) | |||
Total net gains (losses) included in, Other comprehensive income (loss) | (1,630) | (583) | (4,315) | 5,394 |
Total net gains (losses) included in, Sales | (538) | |||
Fair value of assets, Ending balance | 14,431 | 19,131 | 14,431 | 19,131 |
Auction Rate Securities [Member]
|
||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Fair value of assets, Beginning balance | 40,873 | 109,244 | 70,020 | 109,609 |
Total net gains (losses) included in, Accretion of purchase discount on securities available-for-sale | 1 | 1 | 2 | 9 |
Total net gains (losses) included in, Fixed income securities gains (losses), net | 2,246 | 875 | 4,134 | 882 |
Total net gains (losses) included in, Other comprehensive income (loss) | 546 | (41) | 1,335 | (61) |
Total net gains (losses) included in, Sales | (135) | |||
Total net gains (losses) included in, Redemptions and paydowns | (36,500) | (18,975) | (68,325) | (19,200) |
Fair value of assets, Ending balance | 7,166 | 91,104 | 7,166 | 91,104 |
Other Asset-Backed [Member]
|
||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Fair value of assets, Beginning balance | 40,322 | 69,487 | 43,546 | 69,630 |
Total net gains (losses) included in, Accretion of purchase discount on securities available-for-sale | 80 | 34 | 160 | 73 |
Total net gains (losses) included in, Fixed income securities gains (losses), net | (6,935) | (5,773) | (6,928) | |
Total net gains (losses) included in, Net impairment losses on investment securities | (2,112) | |||
Total net gains (losses) included in, Other comprehensive income (loss) | 569 | 5,076 | 5,883 | 6,400 |
Total net gains (losses) included in, Sales | 19,310 | (19,310) | ||
Total net gains (losses) included in, Redemptions and paydowns | (305) | (864) | (3,150) | (2,377) |
Fair value of assets, Ending balance | 40,666 | 45,376 | 40,666 | 45,376 |
Private Equity Investments [Member]
|
||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Fair value of assets, Beginning balance | 134,746 | 142,547 | 128,348 | 141,690 |
Total net gains (losses) included in, Dividends and other investment income | 6,820 | 4,858 | 8,559 | 5,565 |
Total net gains (losses) included in, Equity securities gains, net | (10,086) | (1,635) | (625) | (738) |
Total net gains (losses) included in, Purchases | 4,397 | 9,466 | 7,379 | 12,799 |
Total net gains (losses) included in, Sales | (9,064) | (4,009) | (14,718) | (7,286) |
Total net gains (losses) included in, Redemptions and paydowns | (5,325) | (15,148) | (7,455) | (15,951) |
Fair value of assets, Ending balance | 121,488 | 136,079 | 121,488 | 136,079 |
Derivatives [Member]
|
||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Fair value of liabilities, Beginning balance | (5,218) | (10,511) | (5,422) | (15,925) |
Total net gains (losses) included, in Redemptions and paydowns, Liabilities | 119 | 5,091 | 85 | 10,505 |
Fair value of liabilities, Ending balance | (5,337) | (5,420) | (5,337) | (5,420) |
Other Liabilities [Member]
|
||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Fair value of liabilities, Beginning balance | (205) | (442) | (86) | (561) |
Total net gains (losses) included in, Other noninterest expense | 84 | (35) | 119 | |
Fair value of liabilities, Ending balance | $ (121) | $ (442) | $ (121) | $ (442) |