Loans and Allowance for Loan Losses (Tables)

9 Months Ended

Sep. 30, 2015

Loans and Leases Receivable, Allowance [Abstract]

Schedule of Current, Accruing Past Due, and Nonaccrual Loans

The following is a summary of current, accruing past due, and non-accrual loans by portfolio class as of September 30, 2015 and December 31, 2014.



Current, Accruing Past Due, and Non-accrual Loans
	September 30, 2015
(in thousands)	Current		Accruing 30-89 Days Past Due	Accruing 90 Days or Greater Past Due	Total Accruing Past Due	Non-accrual	Total
Investment properties	$	5,544,594	2,400	—	2,400	10,582	5,557,576
1-4 family properties	1,073,356		4,122	81	4,203	16,994	1,094,553
Land acquisition	517,728		1,322	67	1,389	19,010	538,127
Total commercial real estate	7,135,678		7,844	148	7,992	46,586	7,190,256
Commercial, financial and agricultural	6,219,484		7,095	533	7,628	50,656	6,277,768
Owner-occupied	4,241,159		5,969	132	6,101	18,148	4,265,408
Total commercial and industrial	10,460,643		13,064	665	13,729	68,804	10,543,176
Home equity lines	1,662,930		4,557	297	4,854	16,263	1,684,047
Consumer mortgages	1,857,640		6,284	378	6,662	24,154	1,888,456
Credit cards	238,519		1,473	1,323	2,796	—	241,315
Other retail loans	340,277		3,128	187	3,315	1,833	345,425
Total retail	4,099,366		15,442	2,185	17,627	42,250	4,159,243
Total loans	$	21,695,687	36,350	2,998	39,348	157,640	21,892,675	⁽¹	⁾

	December 31, 2014
(in thousands)	Current		Accruing 30-89 Days Past Due	Accruing 90 Days or Greater Past Due	Total Accruing Past Due	Non-accrual	Total
Investment properties	$	5,184,103	1,851	—	1,851	20,720	5,206,674
1-4 family properties	1,105,186		4,067	432	4,499	24,197	1,133,882
Land acquisition	551,308		363	—	363	34,375	586,046
Total commercial real estate	6,840,597		6,281	432	6,713	79,292	6,926,602
Commercial, financial and agricultural	6,130,184		9,979	1,790	11,769	40,359	6,182,312
Owner-occupied	4,052,679		6,404	225	6,629	26,099	4,085,407
Total commercial and industrial	10,182,863		16,383	2,015	18,398	66,458	10,267,719
Home equity lines	1,659,869		6,992	703	7,695	16,434	1,683,998
Consumer mortgages	1,648,145		12,626	12	12,638	33,278	1,694,061
Credit cards	250,304		1,971	1,374	3,345	—	253,649
Other retail loans	297,703		2,361	101	2,462	2,295	302,460
Total retail	3,856,021		23,950	2,190	26,140	52,007	3,934,168
Total loans	$	20,879,481	46,614	4,637	51,251	197,757	21,128,489	⁽²	⁾

⁽¹⁾Total before net deferred fees and costs of $28.4 million.

⁽²⁾Total before net deferred fees and costs of $30.8 million.

Loan Portfolio Credit Exposure

In the following tables, retail loans are generally assigned a risk grade similar to the classifications described above; however, upon reaching 90 days and 120 days past due, they are generally downgraded to Substandard and Loss, respectively, in accordance with the FFIEC Uniform Retail Credit Classification and Account Management Policy. Additionally, in accordance with the Interagency Supervisory Guidance on Allowance for Loan and Lease Losses Estimation Practices for Loans and Lines of Credit Secured by Junior Liens on 1-4 Family Residential Properties, the risk grade classifications of retail loans (home equity lines and consumer mortgages) secured by junior liens on 1-4 family residential properties also consider available information on the payment status of the associated senior lien with other financial institutions.



Loan Portfolio Credit Exposure by Risk Grade
	September 30, 2015
(in thousands)	Pass		Special Mention	Substandard⁽¹⁾	Doubtful⁽²⁾	Loss		Total
Investment properties	$	5,357,016	125,646	74,914	—	—		5,557,576
1-4 family properties	953,403		58,314	75,586	7,250	—		1,094,553
Land acquisition	451,438		52,157	34,084	448	—		538,127
Total commercial real estate	6,761,857		236,117	184,584	7,698	—		7,190,256
Commercial, financial and agricultural	6,001,990		141,305	117,256	15,789	1,428	⁽³⁾	6,277,768
Owner-occupied	4,059,211		77,470	128,091	177	459	⁽³⁾	4,265,408
Total commercial and industrial	10,061,201		218,775	245,347	15,966	1,887		10,543,176
Home equity lines	1,659,346		—	21,758	1,448	1,495	⁽³⁾	1,684,047
Consumer mortgages	1,858,377		—	28,460	1,494	125	⁽³⁾	1,888,456
Credit cards	239,992		—	497	—	826	⁽⁴⁾	241,315
Other retail loans	341,584		—	3,761	—	80	⁽³⁾	345,425
Total retail	4,099,299		—	54,476	2,942	2,526		4,159,243
Total loans	$	20,922,357	454,892	484,407	26,606	4,413		21,892,675	⁽⁵	⁾

	December 31, 2014
(in thousands)	Pass		Special Mention	Substandard⁽¹⁾	Doubtful⁽²⁾	Loss		Total
Investment properties	$	4,936,319	167,490	102,865	—	—		5,206,674
1-4 family properties	943,721		86,072	96,392	7,697	—		1,133,882
Land acquisition	462,313		60,902	62,101	730	—		586,046
Total commercial real estate	6,342,353		314,464	261,358	8,427	—		6,926,602
Commercial, financial and agricultural	5,905,589		143,879	123,225	9,539	80	⁽³⁾	6,182,312
Owner-occupied	3,827,943		95,647	161,045	327	445	⁽³⁾	4,085,407
Total commercial and industrial	9,733,532		239,526	284,270	9,866	525		10,267,719
Home equity lines	1,659,794		—	20,043	2,009	2,152	⁽³⁾	1,683,998
Consumer mortgages	1,653,491		—	37,656	2,654	260	⁽³⁾	1,694,061
Credit cards	252,275		—	495	—	879	⁽⁴⁾	253,649
Other retail loans	298,991		—	3,339	32	98	⁽³⁾	302,460
Total retail	3,864,551		—	61,533	4,695	3,389		3,934,168
Total loans	$	19,940,436	553,990	607,161	22,988	3,914		21,128,489	₍₆	₎

⁽¹⁾ Includes $126.6 million and $170.9 million of non-accrual Substandard loans at September 30, 2015 and December 31, 2014, respectively.

⁽²⁾ The loans within this risk grade are on non-accrual status. Commercial loans generally have an allowance for loan losses in accordance with ASC 310, and retail loans generally have an allowance for loan losses equal to 50% of the loan amount.

⁽³⁾ The loans within this risk grade are on non-accrual status and have an allowance for loan losses equal to the full loan amount.

⁽⁴⁾Represent amounts that were 120 days past due. These credits are downgraded to the Loss category with an allowance for loan losses equal to the full loan amount and are generally charged off upon reaching 181 days past due in accordance with the FFIEC Uniform Retail Credit Classification and Account Management Policy.

⁽⁵⁾Total before net deferred fees and costs of $28.4 million.

⁽⁶⁾Total before net deferred fees and costs of $30.8 million.

Schedule of Allowances for Loan Losses and Recorded Investment in Loans

The following table details the changes in the allowance for loan losses by loan segment for the nine months ended September 30, 2015 and 2014.



Allowance for Loan Losses and Recorded Investment in Loans
	As Of and For The Nine Months Ended September 30, 2015
(in thousands)	Commercial Real Estate			Commercial & Industrial		Retail			Unallocated			Total
Allowance for loan losses:
Beginning balance	$	101,471		118,110		41,736			—			261,317
Charge-offs	(12,120		)	(17,417	)	(16,535		)	—			(46,072		)
Recoveries	10,500			5,774		5,391			—			21,665
Provision for loan losses	(10,845		)	15,954		8,881			—			13,990
Ending balance	$	89,006		122,421		$	39,473		$	—		$	250,900
Ending balance: individually evaluated for impairment	18,091			12,568		783			—			31,441
Ending balance: collectively evaluated for impairment	$	70,915		109,853		38,690			—			219,459
Loans:
Ending balance: total loans⁽¹⁾	$	7,190,257		10,543,176		4,159,243			—			21,892,675
Ending balance: individually evaluated for impairment	159,582			109,904		39,858			—			309,344
Ending balance: collectively evaluated for impairment	$	7,030,675		10,433,272		4,119,385			—			21,583,331

	As Of and For The Nine Months Ended September 30, 2014
(in thousands)	Commercial Real Estate			Commercial & Industrial		Retail			Unallocated			Total
Allowance for loan losses:
Beginning balance	$	127,646		115,435		41,479			23,000			307,560
Allowance for loan losses of sold loans	(281		)	(398	)	(340		)				(1,019		)
Charge-offs	(41,139		)	(26,896	)	(19,082		)	—			(87,117		)
Recoveries	8,318			9,562		6,434			—			24,314
Provision for loan losses	7,445			27,140		14,053			(23,000		)	25,638
Ending balance	$	101,989		124,843		42,544			—			269,376
Ending balance: individually evaluated for impairment	22,107			15,863		1,195			—			39,165
Ending balance: collectively evaluated for impairment	$	79,882		108,980		41,349			—			230,211
Loans:
Ending balance: total loans⁽²⁾	$	6,774,794		9,987,660		3,854,961			—			20,617,415
Ending balance: individually evaluated for impairment	317,011			172,860		47,669			—			537,540
Ending balance: collectively evaluated for impairment	$	6,457,783		9,814,800		3,807,292			—			20,079,875

⁽¹⁾Total before net deferred fees and costs of $28.4 million.

⁽²⁾Total before net deferred fees and costs of $28.8 million.

The following table details the changes in the allowance for loan losses by loan segment for the three months ended September 30, 2015 and 2014.



Allowance for Loan Losses and Recorded Investment in Loans
	As Of and For The Three Months Ended September 30, 2015
(in thousands)	Commercial Real Estate			Commercial & Industrial			Retail			Unallocated		Total
Allowance for loan losses:
Beginning balance	$	90,691		123,050			40,961			—		254,702
Charge-offs	(1,722		)	(8,342		)	(4,779		)	—		(14,843		)
Recoveries	4,019			2,203			1,863			—		8,085
Provision for loan losses	(3,982		)	5,510			1,428			—		2,956
Ending balance	$	89,006		122,421			39,473			—		250,900
Ending balance: individually evaluated for impairment	18,091			12,568			783			—		31,441
Ending balance: collectively evaluated for impairment	$	70,915		109,853			38,690			—		219,459
Loans:
Ending balance: total loans⁽¹⁾	$	7,190,257		10,543,176			4,159,243			—		21,892,675
Ending balance: individually evaluated for impairment	159,582			109,904			39,858			—		309,344
Ending balance: collectively evaluated for impairment	$	7,030,675		10,433,272			4,119,385			—		21,583,331

	As Of and For The Three Months Ended September 30, 2014
(in thousands)	Commercial Real Estate			Commercial & Industrial			Retail			Unallocated		Total
Allowance for loan losses:
Beginning balance	$	104,394		130,814			42,575			—		277,783
Charge-offs	(5,233		)	(11,306		)	(6,222		)	—		(22,761		)
Recoveries	3,099			5,257			2,155			—		10,511
Provision for loan losses	(271		)	78			4,036			—		3,843
Ending balance	$	101,989		$	124,843		$	42,544		$	—	$	269,376
Ending balance: individually evaluated for impairment	22,107			15,863			1,195			—		39,165
Ending balance: collectively evaluated for impairment	$	79,882		108,980			41,349			—		230,211
Loans:
Ending balance: total loans⁽²⁾	$	6,774,794		9,987,660			3,854,961			—		20,617,415
Ending balance: individually evaluated for impairment	317,011			172,860			47,669			—		537,540
Ending balance: collectively evaluated for impairment	$	6,457,783		9,814,800			3,807,292			—		20,079,875

⁽¹⁾Total before net deferred fees and costs of $28.4 million.

⁽²⁾Total before net deferred fees and costs of $28.8 million.

Schedule of Impaired Loans

The tables below summarize impaired loans (including accruing TDRs) as of September 30, 2015 and December 31, 2014.



Impaired Loans (including accruing TDRs)
	September 30, 2015				Nine Months Ended September 30, 2015		Three Months Ended September 30, 2015
(in thousands)	Recorded Investment		Unpaid Principal Balance	Related Allowance	Average Recorded Investment	Interest Income Recognized	Average Recorded Investment	Interest Income Recognized
With no related allowance recorded
Investment properties	$	8,087	10,715	—	12,301	—	8,343	—
1-4 family properties	2,327		6,378	—	2,544	—	2,262	—
Land acquisition	10,238		40,401	—	16,034	—	11,001	—
Total commercial real estate	20,652		57,494	—	30,879	—	21,606	—
Commercial, financial and agricultural	6,326		9,656	—	5,976	—	7,242	—
Owner-occupied	6,941		8,949	—	16,983	—	15,087	—
Total commercial and industrial	13,267		18,605	—	22,959	—	22,329	—
Home equity lines	1,030		1,030	—	421	—	1,145	—
Consumer mortgages	837		2,065	—	1,053	—	1,030	—
Credit cards	—		—	—	—	—	—	—
Other retail loans	—		—	—	—	—	—	—
Total retail	1,867		3,095	—	1,474	—	2,175	—
Total impaired loans with no related allowance recorded	$	35,786	79,194	—	55,312	—	46,110	—
With allowance recorded
Investment properties	56,882		56,882	9,893	77,466	1,722	66,726	475
1-4 family properties	56,191		56,978	5,622	63,889	1,230	57,956	423
Land acquisition	25,857		26,588	2,576	37,502	746	27,338	198
Total commercial real estate	138,930		140,448	18,091	178,857	3,698	152,020	1,096
Commercial, financial and agricultural	45,172		46,678	10,437	43,821	828	36,225	191
Owner-occupied	51,465		51,595	2,131	57,079	1,378	50,487	426
Total commercial and industrial	96,637		98,273	12,568	100,900	2,206	86,712	617
Home equity lines	9,809		9,809	155	7,880	226	9,573	104
Consumer mortgages	23,270		23,270	555	27,309	955	24,007	295
Credit cards	—		—	—	—	—	—	—
Other retail loans	4,912		4,912	72	5,213	248	5,064	81
Total retail	37,991		37,991	782	40,402	1,429	38,644	480
Total impaired loans with allowance recorded	$	273,558	276,712	31,441	320,159	7,333	277,376	2,193
Total impaired loans
Investment properties	$	64,969	67,597	9,893	89,767	1,722	75,069	475
1-4 family properties	58,518		63,356	5,622	66,433	1,230	60,218	423
Land acquisition	36,095		66,989	2,576	53,536	746	38,339	198
Total commercial real estate	159,582		197,942	18,091	209,736	3,698	173,626	1,096
Commercial, financial and agricultural	51,498		56,334	10,437	49,797	828	43,467	191
Owner-occupied	58,406		60,544	2,131	74,062	1,378	65,574	426
Total commercial and industrial	109,904		116,878	12,568	123,859	2,206	109,041	617
Home equity lines	10,839		10,839	155	8,301	226	10,718	104
Consumer mortgages	24,107		25,335	555	28,362	955	25,037	295
Credit cards	—		—	—	—	—	—	—
Other retail loans	4,912		4,912	72	5,213	248	5,064	81
Total retail	39,858		41,086	782	41,876	1,429	40,819	480
Total impaired loans	$	309,344	355,906	31,441	375,471	7,333	323,486	2,193



Impaired Loans (including accruing TDRs)
	December 31, 2014				Year Ended December 31, 2014
(in thousands)	Recorded Investment		Unpaid Principal Balance	Related Allowance	Average Recorded Investment	Interest Income Recognized
With no related allowance recorded
Investment properties	$	15,368	20,237	—	25,311	—
1-4 family properties	2,981		10,520	—	5,441	—
Land acquisition	21,504		61,843	—	29,954	—
Total commercial real estate	39,853		92,600	—	60,706	—
Commercial, financial and agricultural	7,391		11,193	—	8,984	—
Owner-occupied	17,017		19,612	—	19,548	—
Total commercial and industrial	24,408		30,805	—	28,532	—
Home equity lines	—		—	—	—	—
Consumer mortgages	995		2,065	—	1,352	—
Credit cards	—		—	—	—	—
Other retail loans	—		—	—	—	—
Total retail	995		2,065	—	1,352	—
Total impaired loans with no related allowance recorded	$	65,256	125,470	—	90,590	—
With allowance recorded
Investment properties	$	81,758	83,963	5,413	129,289	3,690
1-4 family properties	80,625		81,357	11,442	94,773	2,645
Land acquisition	49,300		49,483	4,900	89,195	1,689
Total commercial real estate	211,683		214,803	21,755	313,257	8,024
Commercial, financial and agricultural	59,035		59,041	7,597	91,221	2,392
Owner-occupied	62,583		62,601	2,854	78,950	2,610
Total commercial and industrial	121,618		121,642	10,451	170,171	5,002
Home equity lines	4,848		4,848	129	3,604	1,405
Consumer mortgages	33,450		33,450	1,040	39,427	115
Credit cards	—		—	—	—	—
Other retail loans	5,293		5,293	101	4,997	315
Total retail	43,591		43,591	1,270	48,028	1,835
Total impaired loans with allowance recorded	$	376,892	380,036	33,476	531,456	14,861
Total impaired loans
Investment properties	$	97,126	104,200	5,413	154,600	3,690
1-4 family properties	83,606		91,877	11,442	100,214	2,645
Land acquisition	70,804		111,326	4,900	119,149	1,689
Total commercial real estate	251,536		307,403	21,755	373,963	8,024
Commercial, financial and agricultural	66,426		70,234	7,597	100,205	2,392
Owner-occupied	79,600		82,213	2,854	98,498	2,610
Total commercial and industrial	146,026		152,447	10,451	198,703	5,002
Home equity lines	4,848		4,848	129	3,604	1,405
Consumer mortgages	34,445		35,515	1,040	40,779	115
Credit cards	—		—	—	—	—
Other retail loans	5,293		5,293	101	4,997	315
Total retail	44,586		45,656	1,270	49,380	1,835
Total impaired loans	$	442,148	505,506	33,476	622,046	14,861

Troubled Debt Restructurings

The following tables represent, by concession type, the post-modification balance for loans modified or renewed during the nine and three months ended September 30, 2015 and 2014 that were reported as accruing or non-accruing TDRs.



TDRs by Concession Type
	Nine Months Ended September 30, 2015
(in thousands, except contract data)	Number of Contracts	Principal Forgiveness		Below Market Interest Rate	Term Extensions and/or Other Concessions	Total
Investment properties	5	$	—	16,932	6,905	23,837
1-4 family properties	31	14,823		4,078	1,774	20,675
Land acquisition	8	—		604	1,187	1,791
Total commercial real estate	44	14,823		21,614	9,866	46,303
Commercial, financial and agricultural	71	—		3,094	5,455	8,549
Owner-occupied	7	—		1,739	1,314	3,053
Total commercial and industrial	78	—		4,833	6,769	11,602
Home equity lines	53	—		2,826	2,905	5,731
Consumer mortgages	12	—		510	786	1,296
Credit cards	—	—		—	—	—
Other retail loans	20	—		259	634	893
Total retail	85	—		3,595	4,325	7,920
Total TDRs	207	$	14,823	30,042	20,960	65,825	⁽¹	⁾

	Three Months Ended September 30, 2015
(in thousands, except contract data)	Number of Contracts	Principal Forgiveness		Below Market Interest Rate	Term Extensions and/or Other Concessions	Total
Investment properties	1	$	—	—	3,090	3,090
1-4 family properties	10	—		721	895	1,616
Land acquisition	2	—		—	368	368
Total commercial real estate	13	—		721	4,353	5,074
Commercial, financial and agricultural	22	—		1,514	1,611	3,125
Owner-occupied	4	—		—	898	898
Total commercial and industrial	26	—		1,514	2,509	4,023
Home equity lines	5	—		309	757	1,066
Consumer mortgages	—	—		—	—	—
Credit cards	—	—		—	—	—
Other retail loans	7	—		2	139	141
Total retail	12	—		311	896	1,207
Total TDRs	51	$	—	2,546	7,758	10,304	⁽²	⁾

⁽¹⁾Net charge-offs of $4.0 million were recorded during the nine months ended September 30, 2015 upon restructuring of these loans.

⁽²⁾ No net charge-offs were recorded during the three months ended September 30, 2015 upon restructuring of these loans.



TDRs by Concession Type
	Nine Months Ended September 30, 2014
(in thousands, except contract data)	Number of Contracts	Principal Forgiveness		Below Market Interest Rate	Term Extensions and/or Other Concessions	Total
Investment properties	14	$	—	8,423	5,598	14,021
1-4 family properties	36	—		2,390	3,859	6,249
Land acquisition	15	2,338		4,721	2,688	9,747
Total commercial real estate	65	2,338		15,534	12,145	30,017
Commercial, financial and agricultural	68	60		7,639	16,977	24,676
Owner-occupied	14	—		22,178	14,392	36,570
Total commercial and industrial	82	60		29,817	31,369	61,247
Home equity lines	11	—		1,163	451	1,614
Consumer mortgages	13	—		2,296	315	2,611
Credit cards	—	—		—	—	—
Other retail loans	17	—		543	385	928
Total retail	41	—		4,002	1,151	5,153
Total TDRs	188	$	2,398	49,354	44,665	96,417	⁽¹	⁾

	Three Months Ended September 30, 2014
(in thousands, except contract data)	Number of Contracts	Principal Forgiveness		Below Market Interest Rate	Term Extensions and/or Other Concessions	Total
Investment properties	4	$	—	875	3,899	4,774
1-4 family properties	7	—		879	203	1,082
Land acquisition	3	2,338		204	646	3,188
Total commercial real estate	14	2,338		1,958	4,748	9,044
Commercial, financial and agricultural	28	60		3,098	5,280	8,438
Owner-occupied	2	—		2,703	130	2,833
Total commercial and industrial	30	60		5,801	5,410	11,271
Home equity lines	5	—		435	—	435
Consumer mortgages	5	—		543	212	755
Credit cards	—	—		—		—
Other retail loans	7	—		101	150	251
Total retail	17	—		1,079	362	1,441
Total TDRs	61	$	2,398	8,838	10,520	21,756	⁽²	⁾

⁽¹⁾Net charge-offs of $163 thousand were recorded during the nine months ended September 30, 2014 upon restructuring of these loans.

⁽²⁾ Net charge-offs of $163 thousand were recorded during the three months ended September 30, 2014 upon restructuring of these loans.

Troubled Debt Restructurings that Subsequently Defaulted

The following table presents TDRs that defaulted in the periods indicated and which were modified or renewed in a TDR within 12 months of the default date.




	Nine Months Ended September 30, 2015			Three Months Ended September 30, 2015
(in thousands, except contract data)	Number of Contracts	Recorded Investment		Number of Contracts	Recorded Investment
Investment properties	—	$	—	—	$	—
1-4 family properties	—	—		—	—
Land acquisition	—	—		—	—
Total commercial real estate	—	—		—	—
Commercial, financial and agricultural	—	—		—	—
Owner-occupied	1	438		1	438
Total commercial and industrial	1	438		1	438
Home equity lines	2	74		1	40
Consumer mortgages	—	—		—	—
Credit cards	—	—		—	—
Other retail loans	1	81		—	—
Total retail	3	155		1	40
Total TDRs	4	$	593	2	$	478




	Nine Months Ended September 30, 2014		Three Months Ended September 30, 2014
(in thousands, except contract data)	Number of Contracts	Recorded Investment	Number of Contracts	Recorded Investment
Investment properties	1	186	—	$	—
1-4 family properties	3	1,018	—	—
Land acquisition	1	428	—	—
Total commercial real estate	5	1,632	—	—
Commercial, financial and agricultural	4	1,559	2	181
Owner-occupied	—	—	—	—
Total commercial and industrial	4	1,559	2	181
Home equity lines	—	—	—	—
Consumer mortgages	3	206	2	136
Credit cards	—	—	—	—
Other retail loans	—	—	—	—
Total retail	3	206	2	136
Total TDRs	12	3,397	4	$	317