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Loans and Allowance for Loan Losses (Tables)
 3 Months Ended
Mar. 31, 2017
Receivables [Abstract]  
Schedule of composition of loan portfolio
The following table presents the composition of the loan portfolio.
 
March 31, 2017
 
December 31, 2016
 
(In Thousands)
Commercial loans:
 
 
 
Commercial, financial and agricultural
$
24,660,668

 
$
25,122,002

Real estate – construction
2,227,405

 
2,125,316

Commercial real estate – mortgage
11,398,821

 
11,210,660

Total commercial loans
38,286,894

 
38,457,978

Consumer loans:
 
 
 
Residential real estate – mortgage
13,117,776

 
13,259,994

Equity lines of credit
2,560,495

 
2,543,778

Equity loans
420,362

 
445,709

Credit card
570,311

 
604,881

Consumer direct
1,329,242

 
1,254,641

Consumer indirect
3,078,748

 
3,134,948

Total consumer loans
21,076,934

 
21,243,951

Covered loans
341,939

 
359,334

Total loans
$
59,705,767

 
$
60,061,263
Disclosure of activity in allowance for loan losses during year
The following table, which excludes loans held for sale, presents a summary of the activity in the allowance for loan losses. The portion of the allowance that has not been identified by the Company as related to specific loan categories has been allocated to the individual loan categories on a pro rata basis for purposes of the table below:
 
Commercial, Financial and Agricultural
 
Commercial Real Estate (1)
 
Residential Real Estate (2)
 
Consumer (3)
 
Covered
 
Total
 
(In Thousands)
Three months ended March 31, 2017
 
 
 
 
 
 
 
 
 
 
Allowance for loan losses:
 
 
 
 
 
 
 
 
 
 
 
Beginning balance
$
458,580

 
$
116,937

 
$
119,484

 
$
143,292

 
$
—

 
$
838,293

Provision (credit) for loan losses
40,045

 
(3,128
)
 
(330
)
 
43,583

 
(31
)
 
80,139

Loans charged off
(42,908
)
 
(114
)
 
(6,338
)
 
(52,828
)
 
—

 
(102,188
)
Loan recoveries
3,497

 
912

 
3,129

 
10,293

 
31

 
17,862

Net (charge-offs) recoveries
(39,411
)
 
798

 
(3,209
)
 
(42,535
)
 
31

 
(84,326
)
Ending balance
$
459,214

 
$
114,607

 
$
115,945

 
$
144,340

 
$
—

 
$
834,106

Three months ended March 31, 2016
 
 
 
 
 
 
 
 
 
 
Allowance for loan losses:
 
 
 
 
 
 
 
 
 
 
 
Beginning balance
$
402,113

 
$
122,068

 
$
132,104

 
$
104,948

 
$
1,440

 
$
762,673

Provision (credit) for loan losses
83,582

 
(6,417
)
 
(3,149
)
 
39,273

 
(44
)
 
113,245

Loans charged off
(19,806
)
 
(689
)
 
(6,201
)
 
(39,953
)
 
(249
)
 
(66,898
)
Loan recoveries
1,749

 
969

 
2,419

 
8,283

 
—

 
13,420

Net (charge-offs) recoveries
(18,057
)
 
280

 
(3,782
)
 
(31,670
)
 
(249
)
 
(53,478
)
Ending balance
$
467,638

 
$
115,931

 
$
125,173

 
$
112,551

 
$
1,147

 
$
822,440

(1)
Includes commercial real estate – mortgage and real estate – construction loans.
(2)
Includes residential real estate – mortgage, equity lines of credit and equity loans.
(3)
Includes credit card, consumer direct and consumer indirect loans.
The table below provides a summary of the allowance for loan losses and related loan balances by portfolio.
 
Commercial, Financial and Agricultural
 
Commercial Real Estate (1)
 
Residential Real Estate (2)
 
Consumer (3)
 
Covered
 
Total
 
(In Thousands)
March 31, 2017
 
 
 
 
 
 
 
 
 
 
 
Ending balance of allowance attributable to loans:
 
 
 
 
 
 
 
 
 
 
Individually evaluated for impairment
$
96,429

 
$
7,225

 
$
31,746

 
$
1,951

 
$
—

 
$
137,351

Collectively evaluated for impairment
362,785

 
107,382

 
84,199

 
142,389

 
—

 
696,755

Purchased loans
—

 
—

 
—

 
—

 
—

 
—

Total allowance for loan losses
$
459,214

 
$
114,607

 
$
115,945

 
$
144,340

 
$
—

 
$
834,106

Ending balance of loans:
 
 
 
 
 
 
 
 
 
 
Individually evaluated for impairment
$
553,976

 
$
61,172

 
$
176,269

 
$
2,670

 
$
—

 
$
794,087

Collectively evaluated for impairment
24,082,230

 
13,553,116

 
15,922,100

 
4,971,678

 
—

 
58,529,124

Purchased loans
24,462

 
11,938

 
264

 
3,953

 
341,939

 
382,556

Total loans
$
24,660,668

 
$
13,626,226

 
$
16,098,633

 
$
4,978,301

 
$
341,939

 
$
59,705,767

 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2016
 
 
 
 
 
 
 
 
 
 
 
Ending balance of allowance attributable to loans:
 
 
 
 
 
 
 
 
 
 
Individually evaluated for impairment
$
99,932

 
$
4,037

 
$
32,016

 
$
2,223

 
$
—

 
$
138,208

Collectively evaluated for impairment
358,648

 
112,900

 
87,468

 
141,069

 
—

 
700,085

Purchased loans
—

 
—

 
—

 
—

 
—

 
—

Total allowance for loan losses
$
458,580

 
$
116,937

 
$
119,484

 
$
143,292

 
$
—

 
$
838,293

Ending balance of loans:
 
 
 
 
 
 
 
 
 
 
Individually evaluated for impairment
$
719,468

 
$
44,258

 
$
186,338

 
$
3,042

 
$
—

 
$
953,106

Collectively evaluated for impairment
24,377,200

 
13,275,968

 
16,062,554

 
4,987,208

 
—

 
58,702,930

Purchased loans
25,334

 
15,750

 
589

 
4,220

 
359,334

 
405,227

Total loans
$
25,122,002

 
$
13,335,976

 
$
16,249,481

 
$
4,994,470

 
$
359,334

 
$
60,061,263

(1)
Includes commercial real estate – mortgage and real estate – construction loans.
(2)
Includes residential real estate – mortgage, equity lines of credit and equity loans.
(3)
Includes credit card, consumer direct and consumer indirect loans.
Schedule of impaired financing receivables
The following tables present information on individually evaluated impaired loans, by loan class.
 
March 31, 2017
 
Individually Evaluated Impaired Loans With No Recorded Allowance
 
Individually Evaluated Impaired Loans With a Recorded Allowance
 
Recorded Investment
 
Unpaid Principal Balance
 
Allowance
 
Recorded Investment
 
Unpaid Principal Balance
 
Allowance
 
(In Thousands)
Commercial, financial and agricultural
$
200,288

 
$
216,689

 
$
—

 
$
353,688

 
$
394,842

 
$
96,429

Real estate – construction
—

 
—

 
—

 
328

 
371

 
234

Commercial real estate – mortgage
21,640

 
22,704

 
—

 
39,204

 
39,504

 
6,991

Residential real estate – mortgage
—

 
—

 
—

 
113,680

 
113,680

 
9,759

Equity lines of credit
—

 
—

 
—

 
22,912

 
23,037

 
16,945

Equity loans
—

 
—

 
—

 
39,677

 
40,446

 
5,042

Credit card
—

 
—

 
—

 
—

 
—

 
—

Consumer direct
—

 
—

 
—

 
691

 
691

 
49

Consumer indirect
—

 
—

 
—

 
1,979

 
1,979

 
1,902

Total loans
$
221,928

 
$
239,393

 
$
—

 
$
572,159

 
$
614,550

 
$
137,351

 
December 31, 2016
 
Individually Evaluated Impaired Loans With No Recorded Allowance
 
Individually Evaluated Impaired Loans With a Recorded Allowance
 
Recorded Investment
 
Unpaid Principal Balance
 
Allowance
 
Recorded Investment
 
Unpaid Principal Balance
 
Allowance
 
(In Thousands)
Commercial, financial and agricultural
$
375,957

 
$
396,294

 
$
—

 
$
343,511

 
$
371,085

 
$
99,932

Real estate – construction
—

 
—

 
—

 
344

 
459

 
344

Commercial real estate – mortgage
19,235

 
20,177

 
—

 
24,679

 
24,865

 
3,693

Residential real estate – mortgage
—

 
—

 
—

 
119,986

 
119,986

 
7,529

Equity lines of credit
—

 
—

 
—

 
24,591

 
25,045

 
19,083

Equity loans
—

 
—

 
—

 
41,761

 
42,561

 
5,404

Credit card
—

 
—

 
—

 
—

 
—

 
—

Consumer direct
—

 
—

 
—

 
745

 
745

 
59

Consumer indirect
—

 
—

 
—

 
2,297

 
2,297

 
2,164

Total loans
$
395,192

 
$
416,471

 
$
—

 
$
557,914

 
$
587,043

 
$
138,208

The following table presents information on individually evaluated impaired loans, by loan class.
 
Three Months Ended March 31, 2017
 
Three Months Ended March 31, 2016
 
Average Recorded Investment
 
Interest Income Recognized
 
Average Recorded Investment
 
Interest Income Recognized
 
(In Thousands)
Commercial, financial and agricultural
$
598,126

 
$
404

 
$
343,028

 
$
320

Real estate – construction
334

 
2

 
3,999

 
2

Commercial real estate – mortgage
49,265

 
284

 
60,504

 
413

Residential real estate – mortgage
116,979

 
646

 
108,918

 
636

Equity lines of credit
23,338

 
229

 
27,912

 
281

Equity loans
40,570

 
344

 
45,947

 
373

Credit card
—

 
—

 
—

 
—

Consumer direct
707

 
6

 
904

 
8

Consumer indirect
2,064

 
3

 
1,859

 
2

Total loans
$
831,383

 
$
1,918

 
$
593,071

 
$
2,035
Schedule of credit quality indicators associated with the Company's loans
The following tables, which exclude loans held for sale and covered loans, illustrate the credit quality indicators associated with the Company’s loans, by loan class.
 
Commercial
 
March 31, 2017
 
Commercial, Financial and Agricultural
 
Real Estate - Construction
 
Commercial Real Estate - Mortgage
 
(In Thousands)
Pass
$
22,819,424

 
$
2,181,799

 
$
11,107,996

Special Mention
713,760

 
41,654

 
148,639

Substandard
957,263

 
3,889

 
121,427

Doubtful
170,221

 
63

 
20,759

 
$
24,660,668

 
$
2,227,405

 
$
11,398,821

 
December 31, 2016
 
Commercial, Financial and Agricultural
 
Real Estate - Construction
 
Commercial Real Estate - Mortgage
 
(In Thousands)
Pass
$
23,142,975

 
$
2,055,483

 
$
10,898,877

Special Mention
758,417

 
60,826

 
187,182

Substandard
1,081,439

 
9,007

 
106,183

Doubtful
139,171

 
—

 
18,418

 
$
25,122,002

 
$
2,125,316

 
$
11,210,660

 
Consumer
 
March 31, 2017
 
Residential Real Estate – Mortgage
 
Equity Lines of Credit
 
Equity Loans
 
Credit Card
 
Consumer Direct
 
Consumer Indirect
 
(In Thousands)
Noncovered loans:
 
 
 
 
 
 
 
 
 
 
 
Performing
$
12,973,925

 
$
2,526,342

 
$
407,031

 
$
557,858

 
$
1,323,731

 
$
3,063,330

Nonperforming
143,851

 
34,153

 
13,331

 
12,453

 
5,511

 
15,418

 
$
13,117,776

 
$
2,560,495

 
$
420,362

 
$
570,311

 
$
1,329,242

 
$
3,078,748

 
December 31, 2016
 
Residential Real Estate -Mortgage
 
Equity Lines of Credit
 
Equity Loans
 
Credit Card
 
Consumer Direct
 
Consumer Indirect
 
(In Thousands)
Noncovered loans:
 
 
 
 
 
 
 
 
 
 
 
Performing
$
13,115,936

 
$
2,507,375

 
$
431,417

 
$
593,927

 
$
1,249,370

 
$
3,121,825

Nonperforming
144,058

 
36,403

 
14,292

 
10,954

 
5,271

 
13,123

 
$
13,259,994

 
$
2,543,778

 
$
445,709

 
$
604,881

 
$
1,254,641

 
$
3,134,948
Schedule of past due loans
The following tables present an aging analysis of the Company’s past due loans, excluding loans classified as held for sale.
 
March 31, 2017
 
30-59 Days Past Due
 
60-89 Days Past Due
 
90 Days or More Past Due
 
Nonaccrual
 
Accruing TDRs
 
Total Past Due and Impaired
 
Not Past Due or Impaired
 
Total
 
(In Thousands)
Commercial, financial and agricultural
$
22,472

 
$
11,804

 
$
4,405

 
$
540,407

 
$
31,644

 
$
610,732

 
$
24,049,936

 
$
24,660,668

Real estate – construction
487

 
25

 
3,640

 
1,028

 
114

 
5,294

 
2,222,111

 
2,227,405

Commercial real estate – mortgage
13,872

 
1,226

 
4,602

 
89,908

 
4,821

 
114,429

 
11,284,392

 
11,398,821

Residential real estate – mortgage
61,234

 
22,337

 
2,653

 
140,342

 
58,867

 
285,433

 
12,832,343

 
13,117,776

Equity lines of credit
9,144

 
3,619

 
1,478

 
32,675

 
—

 
46,916

 
2,513,579

 
2,560,495

Equity loans
5,105

 
1,592

 
376

 
12,626

 
33,635

 
53,334

 
367,028

 
420,362

Credit card
6,262

 
4,719

 
12,453

 
—

 
—

 
23,434

 
546,877

 
570,311

Consumer direct
12,025

 
4,866

 
4,874

 
637

 
662

 
23,064

 
1,306,178

 
1,329,242

Consumer indirect
68,851

 
16,161

 
7,463

 
7,955

 
—

 
100,430

 
2,978,318

 
3,078,748

Covered loans
6,448

 
3,479

 
23,673

 
410

 
—

 
34,010

 
307,929

 
341,939

Total loans
$
205,900

 
$
69,828

 
$
65,617

 
$
825,988

 
$
129,743

 
$
1,297,076

 
$
58,408,691

 
$
59,705,767

 
December 31, 2016
 
30-59 Days Past Due
 
60-89 Days Past Due
 
90 Days or More Past Due
 
Nonaccrual
 
Accruing TDRs
 
 Total Past Due and Impaired
 
Not Past Due or Impaired
 
Total
 
(In Thousands)
Commercial, financial and agricultural
$
23,788

 
$
6,581

 
$
2,891

 
$
596,454

 
$
8,726

 
$
638,440

 
$
24,483,562

 
$
25,122,002

Real estate – construction
918

 
50

 
2,007

 
1,239

 
2,393

 
6,607

 
2,118,709

 
2,125,316

Commercial real estate – mortgage
3,791

 
3,474

 
—

 
71,921

 
4,860

 
84,046

 
11,126,614

 
11,210,660

Residential real estate – mortgage
57,359

 
28,450

 
3,356

 
140,303

 
59,893

 
289,361

 
12,970,633

 
13,259,994

Equity lines of credit
7,922

 
4,583

 
2,950

 
33,453

 
—

 
48,908

 
2,494,870

 
2,543,778

Equity loans
5,615

 
1,843

 
467

 
13,635

 
34,746

 
56,306

 
389,403

 
445,709

Credit card
6,411

 
5,042

 
10,954

 
—

 
—

 
22,407

 
582,474

 
604,881

Consumer direct
13,338

 
4,563

 
4,482

 
789

 
704

 
23,876

 
1,230,765

 
1,254,641

Consumer indirect
85,198

 
22,833

 
7,197

 
5,926

 
—

 
121,154

 
3,013,794

 
3,134,948

Covered loans
7,311

 
1,351

 
27,238

 
730

 
—

 
36,630

 
322,704

 
359,334

Total loans
$
211,651

 
$
78,770

 
$
61,542

 
$
864,450

 
$
111,322

 
$
1,327,735

 
$
58,733,528

 
$
60,061,263
Schedule of troubled debt restructuring loans and subsequent defaults on restructured loans
The following table presents an analysis of the types of loans that were restructured and classified as TDRs, excluding loans classified as held for sale.
 
Three Months Ended March 31, 2017
 
Three Months Ended March 31, 2016
 
Number of Contracts
 
Post-Modification Outstanding Recorded Investment
 
Number of Contracts
 
Post-Modification Outstanding Recorded Investment
 
(Dollars in Thousands)
Commercial, financial and agricultural
10

 
$
80,790

 
3

 
$
262

Real estate – construction
—

 
—

 
1

 
3,392

Commercial real estate – mortgage
—

 
—

 
3

 
1,275

Residential real estate – mortgage
13

 
2,772

 
17

 
2,338

Equity lines of credit
17

 
546

 
8

 
977

Equity loans
10

 
408

 
3

 
103

Credit card
—

 
—

 
—

 
—

Consumer direct
—

 
—

 
—

 
—

Consumer indirect
10

 
168

 
30

 
515

Covered loans
2

 
103

 
—

 
—

The following table provides a summary of initial subsequent defaults that occurred within one year of the restructure date. The table excludes loans classified as held for sale as of period-end and includes loans no longer in default as of period-end.
 
Three Months Ended March 31, 2017
 
Three Months Ended March 31, 2016
 
Number of Contracts
 
Recorded Investment at Default
 
Number of Contracts
 
Recorded Investment at Default
 
(Dollars in Thousands)
Commercial, financial and agricultural
—

 
$
—

 
—

 
$
—

Real estate – construction
—

 
—

 
—

 
—

Commercial real estate – mortgage
—

 
—

 
—

 
—

Residential real estate – mortgage
1

 
505

 
—

 
—

Equity lines of credit
—

 
—

 
—

 
—

Equity loans
—

 
—

 
—

 
—

Credit card
—

 
—

 
—

 
—

Consumer direct
—

 
—

 
—

 
—

Consumer indirect
1

 
22

 
—

 
—

Covered loans
—

 
—

 
—

 
—