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Loans and Allowance for Loan Losses (Tables)
 3 Months Ended
Mar. 31, 2020
Receivables [Abstract]  
Schedule of composition of loan portfolio
The following table presents the composition of the loan portfolio.
 
March 31, 2020
 
December 31, 2019
 
(In Thousands)
Commercial loans:
 
 
 
Commercial, financial and agricultural
$
27,832,113

 
$
24,432,238

Real estate – construction
2,171,714

 
2,028,682

Commercial real estate – mortgage
13,853,405

 
13,861,478

Total commercial loans
43,857,232

 
40,322,398

Consumer loans:
 
 
 
Residential real estate – mortgage
13,446,018

 
13,533,954

Equity lines of credit
2,611,350

 
2,592,680

Equity loans
229,369

 
244,968

Credit card
1,023,372

 
1,002,365

Consumer direct
2,276,045

 
2,338,142

Consumer indirect
4,096,028

 
3,912,350

Total consumer loans
23,682,182

 
23,624,459

Total loans
$
67,539,414

 
$
63,946,857
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)
 
Total
 
(In Thousands)
Three months ended March 31, 2020
 
 
 
 
 
 
 
 
Allowance for loan losses:
 
 
 
 
 
 
 
 
 
Beginning balance, prior to adoption of ASC 326
$
408,197

 
$
118,633

 
$
99,089

 
$
295,074

 
$
920,993

Impact of adopting ASC 326
18,389

 
(35,034
)
 
47,390

 
154,186

 
184,931

Beginning balance, after adoption of ASC 326
426,586

 
83,599

 
146,479

 
449,260

 
1,105,924

Provision for loan losses
140,413

 
24,548

 
7,032

 
184,953

 
356,946

Loans charged-off
(24,207
)
 
(87
)
 
(1,999
)
 
(115,866
)
 
(142,159
)
Loan recoveries
5,193

 
173

 
1,423

 
23,572

 
30,361

Net charge-offs
(19,014
)
 
86

 
(576
)
 
(92,294
)
 
(111,798
)
Ending balance
$
547,985

 
$
108,233

 
$
152,935

 
$
541,919

 
$
1,351,072

Three months ended March 31, 2019
 
 
 
 
 
 
 
 
Allowance for loan losses:
 
 
 
 
 
 
 
 
 
Beginning balance
$
393,315

 
$
112,437

 
$
101,929

 
$
277,561

 
$
885,242

Provision for loan losses
59,180

 
4,662

 
2,183

 
116,267

 
182,292

Loans charged-off
(9,503
)
 
(25
)
 
(5,012
)
 
(112,873
)
 
(127,413
)
Loan recoveries
4,760

 
1,462

 
3,589

 
16,090

 
25,901

Net charge-offs
(4,743
)
 
1,437

 
(1,423
)
 
(96,783
)
 
(101,512
)
Ending balance
$
447,752

 
$
118,536

 
$
102,689

 
$
297,045

 
$
966,022

(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 increase in the allowance for loan losses from January 1, 2020 to March 31, 2020, was primarily driven by the deteriorating economic outlook resulting from the COVID-19 pandemic as well as the impact of declining oil prices.
The table below provides a summary of the allowance for loan losses and related loan balances by portfolio at December 31, 2019.
 
Commercial, Financial and Agricultural
 
Commercial Real Estate (1)
 
Residential Real Estate (2)
 
Consumer (3)
 
Total
 
(In Thousands)
December 31, 2019
 
 
 
 
 
 
 
 
 
Ending balance of allowance attributable to loans:
 
 
 
 
 
 
 
 
Individually evaluated for impairment
$
88,164

 
$
13,255

 
$
22,775

 
$
2,638

 
$
126,832

Collectively evaluated for impairment
320,033

 
105,378

 
76,314

 
292,436

 
794,161

Total allowance for loan losses
$
408,197

 
$
118,633

 
$
99,089

 
$
295,074

 
$
920,993

Ending balance of loans:
 
 
 
 
 
 
 
 
Individually evaluated for impairment
$
238,653

 
$
78,301

 
$
155,728

 
$
13,362

 
$
486,044

Collectively evaluated for impairment
24,193,585

 
15,811,859

 
16,215,874

 
7,239,495

 
63,460,813

Total loans
$
24,432,238

 
$
15,890,160

 
$
16,371,602

 
$
7,252,857

 
$
63,946,857

(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 nonaccrual financing receivables
The following table presents information on nonaccrual loans, by loan class at March 31, 2020.
 
March 31, 2020
 
Nonaccrual
 
Nonaccrual With No Recorded Allowance
 
(In Thousands)
Commercial, financial and agricultural
$
323,881

 
$
34,522

Real estate – construction
13,676

 
—

Commercial real estate – mortgage
114,839

 
33,438

Residential real estate – mortgage
147,058

 
—

Equity lines of credit
33,354

 
—

Equity loans
8,027

 
—

Credit card
—

 
—

Consumer direct
7,160

 
—

Consumer indirect
28,721

 
—

Total loans
$
676,716

 
$
67,960
Schedule of impaired financing receivables
The following table presents information on individually evaluated impaired loans, by loan class at December 31, 2019.
 
December 31, 2019
 
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
$
51,203

 
$
52,991

 
$
—

 
$
187,450

 
$
249,486

 
$
88,164

Real estate – construction
—

 
—

 
—

 
5,972

 
5,979

 
850

Commercial real estate – mortgage
46,232

 
51,286

 
—

 
26,097

 
27,757

 
12,405

Residential real estate – mortgage
—

 
—

 
—

 
111,623

 
111,623

 
8,974

Equity lines of credit
—

 
—

 
—

 
15,466

 
15,472

 
10,896

Equity loans
—

 
—

 
—

 
28,639

 
29,488

 
2,905

Credit card
—

 
—

 
—

 
—

 
—

 
—

Consumer direct
—

 
—

 
—

 
11,601

 
13,596

 
1,903

Consumer indirect
—

 
—

 
—

 
1,761

 
1,761

 
735

Total loans
$
97,435

 
$
104,277

 
$
—

 
$
388,609

 
$
455,162

 
$
126,832


The following table presents information on individually impaired loans, by loan class for the three months ended March 31, 2019.
 
Three Months Ended March 31, 2019
 
Average Recorded Investment
 
Interest Income Recognized
 
(In Thousands)
Commercial, financial and agricultural
$
413,888

 
$
963

Real estate – construction
134

 
2

Commercial real estate – mortgage
82,864

 
215

Residential real estate – mortgage
106,397

 
649

Equity lines of credit
15,257

 
174

Equity loans
31,718

 
276

Credit card
—

 
—

Consumer direct
5,559

 
68

Consumer indirect
364

 
—

Total loans
$
656,181

 
$
2,347
Schedule of credit quality indicators associated with the Company's loans
The following tables, which exclude loans held for sale, illustrate the credit quality indicators associated with the Company’s loans, by loan class.

Commercial

March 31, 2020

Recorded Investment of Term Loans by Origination Year

 
 
 
 
 

2020
 
2019
 
2018
 
2017
 
2016

Prior

Recorded Investment of Revolving Loans
 
Recorded Investment of Revolving Loans Converted to Term Loans
 
Total

(In Thousands)
Commercial, financial and agricultural

















Pass
$
1,106,835

 
$
3,278,768

 
$
2,917,757

 
$
3,319,000

 
$
1,164,840

 
$
3,965,678

 
$
10,814,825

 
$
—


$
26,567,703

Special Mention
3

 
15,162

 
63,090

 
101,070

 
25,458

 
93,458

 
331,603

 
—


629,844

Substandard
—

 
18,569

 
73,723

 
17,835

 
35,367

 
91,158

 
304,282

 
—


540,934

Doubtful
1,328

 
—

 
29,107

 
4,158

 
20,687

 
18,860

 
19,492

 
—


93,632

Total commercial, financial and agricultural
$
1,108,166


$
3,312,499


$
3,083,677


$
3,442,063


$
1,246,352


$
4,169,154


$
11,470,202


$
—


$
27,832,113

Real estate - construction

















Pass
$
54,956

 
$
598,239

 
$
735,319

 
$
428,388

 
$
103,582

 
$
78,487

 
$
144,882

 
$
—


$
2,143,853

Special Mention
—

 
—

 
—

 
—

 
1,486

 
2,499

 
—

 
—


3,985

Substandard
—

 
5,637

 
7,749

 
—

 
5,837

 
4,653

 
—

 
—


23,876

Doubtful
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—


—

Total real estate - construction
$
54,956


$
603,876


$
743,068


$
428,388


$
110,905


$
85,639


$
144,882


$
—


$
2,171,714

Commercial real estate - mortgage

















Pass
$
621,191

 
$
3,201,350

 
$
3,856,095

 
$
1,759,006

 
$
1,085,493

 
$
2,710,254

 
$
236,345

 
$
—


$
13,469,734

Special Mention
2,892

 
—

 
103,329

 
4,361

 
2,506

 
67,356

 
—

 
—


180,444

Substandard
—

 
1,171

 
8,901

 
59,215

 
32,879

 
85,684

 
11,897

 
—


199,747

Doubtful
—

 
—

 
461

 
—

 
—

 
3,019

 
—

 
—


3,480

Total commercial real estate - mortgage
$
624,083


$
3,202,521


$
3,968,786


$
1,822,582


$
1,120,878


$
2,866,313


$
248,242


$
—


$
13,853,405

 
December 31, 2019
 
Commercial, Financial and Agricultural
 
Real Estate - Construction
 
Commercial Real Estate - Mortgage
 
(In Thousands)
Pass
$
23,319,645

 
$
1,979,310

 
$
13,547,273

Special Mention
543,928

 
67

 
168,679

Substandard
488,813

 
49,305

 
134,420

Doubtful
79,852

 
—

 
11,106

 
$
24,432,238

 
$
2,028,682

 
$
13,861,478

 
Consumer
 
March 31, 2020
 
Recorded Investment of Term Loans by Origination Year
 
 
 
 
 
 
 
2020
 
2019
 
2018
 
2017
 
2016
 
Prior
 
Recorded Investment of Revolving Loans
 
Recorded Investment of Revolving Loans Converted to Term Loans
 
Total
 
(In Thousands)
Residential real estate - mortgage
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Performing
$
508,538

 
$
2,609,558

 
$
1,388,842

 
$
1,398,484

 
$
1,503,951

 
$
5,883,578

 
$
—

 
$
—

 
$
13,292,951

Nonperforming
—

 
776

 
6,007

 
11,581

 
11,055

 
123,648

 
—

 
—

 
153,067

Total residential real estate - mortgage
$
508,538

 
$
2,610,334

 
$
1,394,849

 
$
1,410,065

 
$
1,515,006

 
$
6,007,226

 
$
—

 
$
—

 
$
13,446,018

Equity lines of credit
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Performing
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
2,571,031

 
$
3,670

 
$
2,574,701

Nonperforming
—

 
—

 
—

 
—

 
—

 
—

 
36,453

 
196

 
36,649

Total equity lines of credit
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
2,607,484

 
$
3,866

 
$
2,611,350

Equity loans
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Performing
$
2,004

 
$
15,471

 
$
14,046

 
$
5,886

 
$
4,680

 
$
178,892

 
$
—

 
$
—

 
$
220,979

Nonperforming
—

 
—

 
339

 
149

 
—

 
7,902

 
—

 
—

 
8,390

Total equity loans
$
2,004

 
$
15,471

 
$
14,385

 
$
6,035

 
$
4,680

 
$
186,794

 
$
—

 
$
—

 
$
229,369

Credit card
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Performing
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
999,665

 
$
—

 
$
999,665

Nonperforming
—

 
—

 
—

 
—

 
—

 
—

 
23,707

 
—

 
23,707

Total credit card
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
1,023,372

 
$
—

 
$
1,023,372

Consumer direct
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Performing
$
239,046

 
$
704,151

 
$
591,586

 
$
168,069

 
$
79,114

 
$
33,047

 
$
438,676

 
$
—

 
$
2,253,689

Nonperforming
—

 
4,009

 
13,092

 
2,738

 
878

 
388

 
1,251

 
—

 
22,356

Total consumer direct
$
239,046

 
$
708,160

 
$
604,678

 
$
170,807

 
$
79,992

 
$
33,435

 
$
439,927

 
$
—

 
$
2,276,045

Consumer indirect
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Performing
$
598,254

 
$
1,548,308

 
$
1,099,575

 
$
468,646

 
$
161,401

 
$
182,083

 
$
—

 
$
—

 
$
4,058,267

Nonperforming
—

 
5,829

 
13,623

 
8,482

 
4,838

 
4,989

 
—

 
—

 
37,761

Total consumer indirect
$
598,254

 
$
1,554,137

 
$
1,113,198

 
$
477,128

 
$
166,239

 
$
187,072

 
$
—

 
$
—

 
$
4,096,028

 
December 31, 2019
 
Residential Real Estate -Mortgage
 
Equity Lines of Credit
 
Equity Loans
 
Credit Card
 
Consumer Direct
 
Consumer Indirect
 
(In Thousands)
Performing
$
13,381,709

 
$
2,553,000

 
$
236,122

 
$
979,569

 
$
2,313,082

 
$
3,870,839

Nonperforming
152,245

 
39,680

 
8,846

 
22,796

 
25,060

 
41,511

 
$
13,533,954

 
$
2,592,680

 
$
244,968

 
$
1,002,365

 
$
2,338,142

 
$
3,912,350
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, 2020
 
30-59 Days Past Due
 
60-89 Days Past Due
 
90 Days or More Past Due
 
Nonaccrual
 
Accruing TDRs
 
Total Past Due, Nonaccrual or TDR
 
Not Past Due, Nonaccrual or TDR
 
Total
 
(In Thousands)
Commercial, financial and agricultural
$
31,493

 
$
7,588

 
$
3,013

 
$
323,881

 
$
1,931

 
$
367,906

 
$
27,464,207

 
$
27,832,113

Real estate – construction
9,356

 
66

 
574

 
13,676

 
69

 
23,741

 
2,147,973

 
2,171,714

Commercial real estate – mortgage
13,439

 
5,241

 
912

 
114,839

 
3,333

 
137,764

 
13,715,641

 
13,853,405

Residential real estate – mortgage
67,938

 
25,187

 
5,744

 
147,058

 
55,116

 
301,043

 
13,144,975

 
13,446,018

Equity lines of credit
16,382

 
6,244

 
3,295

 
33,354

 
—

 
59,275

 
2,552,075

 
2,611,350

Equity loans
2,636

 
1,147

 
293

 
8,027

 
22,392

 
34,495

 
194,874

 
229,369

Credit card
13,230

 
8,932

 
23,707

 
—

 
—

 
45,869

 
977,503

 
1,023,372

Consumer direct
34,553

 
19,738

 
15,196

 
7,160

 
14,898

 
91,545

 
2,184,500

 
2,276,045

Consumer indirect
76,547

 
24,249

 
9,040

 
28,721

 
—

 
138,557

 
3,957,471

 
4,096,028

Total loans
$
265,574

 
$
98,392

 
$
61,774

 
$
676,716

 
$
97,739

 
$
1,200,195

 
$
66,339,219

 
$
67,539,414

 
December 31, 2019
 
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
$
29,273

 
$
16,462

 
$
6,692

 
$
268,288

 
$
1,456

 
$
322,171

 
$
24,110,067

 
$
24,432,238

Real estate – construction
7,603

 
2

 
571

 
8,041

 
72

 
16,289

 
2,012,393

 
2,028,682

Commercial real estate – mortgage
5,325

 
5,458

 
6,576

 
98,077

 
3,414

 
118,850

 
13,742,628

 
13,861,478

Residential real estate – mortgage
72,571

 
21,909

 
4,641

 
147,337

 
57,165

 
303,623

 
13,230,331

 
13,533,954

Equity lines of credit
15,766

 
6,581

 
1,567

 
38,113

 
—

 
62,027

 
2,530,653

 
2,592,680

Equity loans
2,856

 
1,028

 
195

 
8,651

 
23,770

 
36,500

 
208,468

 
244,968

Credit card
11,275

 
9,214

 
22,796

 
—

 
—

 
43,285

 
959,080

 
1,002,365

Consumer direct
33,658

 
20,703

 
18,358

 
6,555

 
12,438

 
91,712

 
2,246,430

 
2,338,142

Consumer indirect
83,966

 
28,430

 
9,730

 
31,781

 
—

 
153,907

 
3,758,443

 
3,912,350

Total loans
$
262,293

 
$
109,787

 
$
71,126

 
$
606,843

 
$
98,315

 
$
1,148,364

 
$
62,798,493

 
$
63,946,857
Schedule of troubled debt restructuring loans and subsequent defaults on restructured loans
The following tables provide a summary of initial subsequent defaults that occurred within one year of the restructure date. The tables exclude 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, 2020
 
Three Months Ended March 31, 2019
 
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

 
84

 
—

 
—

Equity lines of credit
—

 
—

 
—

 
—

Equity loans
—

 
—

 
2

 
151

Credit card
—

 
—

 
—

 
—

Consumer direct
4

 
217

 
2

 
15

Consumer indirect
—

 
—

 
—

 
—

The following tables present 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, 2020
 
Three Months Ended March 31, 2019
 
Number of Contracts
 
Post-Modification Outstanding Recorded Investment
 
Number of Contracts
 
Post-Modification Outstanding Recorded Investment
 
(Dollars in Thousands)
Commercial, financial and agricultural
10

 
$
41,238

 
3

 
$
11,570

Real estate – construction
—

 
—

 
—

 
—

Commercial real estate – mortgage
2

 
1,740

 
—

 
—

Residential real estate – mortgage
8

 
844

 
20

 
5,233

Equity lines of credit
1

 
36

 
—

 
—

Equity loans
1

 
192

 
4

 
176

Credit card
—

 
—

 
—

 
—

Consumer direct
89

 
4,762

 
13

 
3,519

Consumer indirect
—

 
—

 
—

 
—