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Loans, Allowance for Loan and Lease Losses, and Reserve for Off-Balance Sheet Credit Commitments (Tables)
 12 Months Ended
Dec. 31, 2012
Loans, Allowance for Loan and Lease Losses, and Reserve for Off-Balance Sheet Credit Commitments  
Summary of loans


(in thousands)
  December 31,
2012		   December 31,
2011		  

Commercial

   $ 6,211,353   $ 4,846,594  

Commercial real estate mortgages

     2,829,694     2,110,749  

Residential mortgages

     3,962,205     3,763,218  

Real estate construction

     222,780     315,609  

Equity lines of credit

     711,750     741,081  

Installment

     142,793     132,647  

Lease financing

     737,720     399,487  
           

Loans and leases, excluding covered loans

     14,818,295     12,309,385  

Less: Allowance for loan and lease losses

     (277,888 )   (262,557 )
           

Loans and leases, excluding covered loans, net

     14,540,407     12,046,828  

Covered loans

     1,031,004     1,481,854  

Less: Allowance for loan losses

     (44,781 )   (64,565 )
           

Covered loans, net

     986,223     1,417,289  
           

Total loans and leases

   $ 15,849,299   $ 13,791,239  
           

Total loans and leases, net

   $ 15,526,630   $ 13,464,117  
           
Summary of major categories of covered loans

 

 

(in thousands)
  December 31,
2012		   December 31,
2011		  

Commercial

   $ 10,561   $ 30,911  

Commercial real estate mortgages

     931,758     1,288,352  

Residential mortgages

     5,652     14,931  

Real estate construction

     78,554     140,992  

Equity lines of credit

     3,790     5,167  

Installment

     689     1,501  
           

Covered loans

     1,031,004     1,481,854  

Less: Allowance for loan losses

     (44,781 )   (64,565 )
           

Covered loans, net

   $ 986,223   $ 1,417,289  
           
Summary of accretable yield for acquired impaired loans

 

 

 
   For the year ended
December 31,		  
(in thousands)
  2012   2011  

Balance, beginning of period

   $ 436,374   $ 562,826  

Additions

     —     10,871  

Accretion

     (79,839 )   (104,056 )

Reclassifications from nonaccretable yield

     11,664     33,704  

Disposals and other

     (72,386 )   (66,971 )
           

Balance, end of period

   $ 295,813   $ 436,374  
           
Summary of allowance for loan and lease losses on non-covered loans

 

 

(in thousands)
  Commercial
(1)		   Commercial
Real Estate
Mortgages		   Residential
Mortgages		   Real Estate
Construction		   Equity Lines
of Credit		   Installment   Unallocated   Total  

Year ended December 31, 2012

                                                  

Allowance for loan and lease losses:

                                                  

Beginning balance

   $ 82,965   $ 45,967   $ 14,029   $ 23,347   $ 8,024   $ 1,959   $ 86,266   $ 262,557  

Provision for credit losses (2)

     10,750     2,357     (1,951 )   (8,757 )   382     (1,028 )   6,507     8,260  

Charge-offs

     (24,407 )   (1,611 )   (2,402 )   (9,769 )   (1,258 )   (1,066 )   —     (40,513 )

Recoveries

     34,848     1,527     823     8,309     95     1,982     —     47,584  
                                   

Net (charge-offs) recoveries

     10,441     (84 )   (1,579 )   (1,460 )   (1,163 )   916     —     7,071  
                                   

Ending balance

   $ 104,156   $ 48,240   $ 10,499   $ 13,130   $ 7,243   $ 1,847   $ 92,773   $ 277,888  
                                   

Ending balance of allowance:

                                                  

Individually evaluated for impairment

   $ 952   $ 1,326   $ 9   $ —   $ 116   $ —   $ —   $ 2,403  

Collectively evaluated for impairment

     103,204     46,914     10,490     13,130     7,127     1,847     92,773     275,485  

Loans and leases, excluding covered loans

                                                  

Ending balance of loans and leases:

                                                  

Loans and leases, excluding covered loans

   $ 6,949,073   $ 2,829,694   $ 3,962,205   $ 222,780   $ 711,750   $ 142,793   $ —   $ 14,818,295  

Individually evaluated for impairment

     26,277     53,085     8,810     45,510     4,461     449     —     138,592  

Collectively evaluated for impairment

     6,922,796     2,776,609     3,953,395     177,270     707,289     142,344     —     14,679,703  
(1)
Includes lease financing loans.

(2)
Provision for credit losses in the allowance rollforward for 2012 includes total provision expense of $10.0 million, net of total transfers to the reserve for off-balance sheet credit commitments of $1.7 million.

(in thousands)
  Commercial
(1)		   Commercial
Real Estate
Mortgages		   Residential
Mortgages		   Real Estate
Construction		   Equity Lines
of Credit		   Installment   Unallocated   Total  

Year ended December 31, 2011

                                                  

Allowance for loan and lease losses:

                                                  

Beginning balance

   $ 82,451   $ 52,516   $ 16,753   $ 40,824   $ 7,229   $ 3,931   $ 53,303   $ 257,007  

Provision for credit losses (2)

     15,284     (13,491 )   (1,641 )   (22,507 )   2,561     (2,237 )   32,963     10,932  

Charge-offs

     (30,512 )   (4,573 )   (1,475 )   (8,897 )   (1,834 )   (914 )   —     (48,205 )

Recoveries

     15,742     11,515     392     13,927     68     1,179     —     42,823  
                                   

Net (charge-offs) recoveries

     (14,770 )   6,942     (1,083 )   5,030     (1,766 )   265     —     (5,382 )
                                   

Ending balance

   $ 82,965   $ 45,967   $ 14,029   $ 23,347   $ 8,024   $ 1,959   $ 86,266   $ 262,557  
                                   

Ending balance of allowance:

                                                  

Individually evaluated for impairment

   $ 7,135   $ 1,551   $ 108   $ 4,377   $ 91   $ —   $ —   $ 13,262  

Collectively evaluated for impairment

     75,830     44,416     13,921     18,970     7,933     1,959     86,266     249,295  

Loans and leases, excluding covered loans

                                                  

Ending balance of loans and leases:

                                                  

Loans and leases, excluding covered loans

   $ 5,246,081   $ 2,110,749   $ 3,763,218   $ 315,609   $ 741,081   $ 132,647   $ —   $ 12,309,385  

Individually evaluated for impairment

     25,808     30,678     9,146     75,811     6,633     658     —     148,734  

Collectively evaluated for impairment

     5,220,273     2,080,071     3,754,072     239,798     734,448     131,989     —     12,160,651  
(1)
Includes lease financing loans.

(2)
Provision for credit losses in the allowance rollforward for 2011 includes total provision expense of $12.5 million, net of total transfers to the reserve for off-balance sheet credit commitments of $1.6 million.
Summary of activity in the reserve for off-balance sheet credit commitments

 

 

 
   For the year ended
December 31,		  
(in thousands)
  2012   2011  

Balance, beginning of the year

   $ 23,097   $ 21,529  

Transfers from allowance for loan and lease losses

     1,740     1,568  
           

Balance, end of the year

   $ 24,837   $ 23,097  
           
Schedule of impaired loans, excluding covered loans

 

 

(in thousands)
  Recorded
Investment		   Unpaid
Contractual
Principal
Balance		   Related
Allowance		   Average
Recorded
Investment		   Interest
Income
Recognized		  

Year ended December 31, 2012

                                

With no related allowance recorded:

                                

Commercial

   $ 18,761   $ 24,135   $ —   $ 23,538   $ —  

Commercial real estate mortgages

     42,882     49,110     —     29,190     189  

Residential mortgages:

                                

Fixed

     3,482     3,757     —     3,134     —  

Variable

     4,865     5,437     —     4,981     48  
                       

Total residential mortgages

     8,347     9,194     —     8,115     48  
                       

Real estate construction:

                                

Construction

     19,762     33,267     —     27,303     692  

Land

     25,748     41,016     —     23,361     265  
                       

Total real estate construction

     45,510     74,283     —     50,664     957  
                       

Equity lines of credit

     3,562     4,660     —     4,288     —  

Installment:

                                

Consumer

     449     927     —     531     —  
                       

Total installment

     449     927     —     531     —  
                       

Lease financing

     —     —     —     6     —  
                       

Total with no related allowance

   $ 119,511   $ 162,309   $ —   $ 116,332   $ 1,194  
                       

With an allowance recorded:

                                

Commercial

   $ 7,516   $ 8,038   $ 952   $ 10,532   $ —  

Commercial real estate mortgages

     10,203     10,783     1,326     12,765     —  

Residential mortgages:

                                

Fixed

     463     507     9     1,568     —  

Variable

     —     —     —     1,503     4  
                       

Total residential mortgages

     463     507     9     3,071     4  
                       

Real estate construction:

                                

Land

     —     —     —     11,760     —  
                       

Total real estate construction

     —     —     —     11,760     —  
                       

Equity lines of credit

     899     965     116     1,112     —  
                       

Total with an allowance

   $ 19,081   $ 20,293   $ 2,403   $ 39,240   $ 4  
                       

Total impaired loans by type:

                                

Commercial

   $ 26,277   $ 32,173   $ 952   $ 34,070   $ —  

Commercial real estate mortgages

     53,085     59,893     1,326     41,955     189  

Residential mortgages

     8,810     9,701     9     11,186     52  

Real estate construction

     45,510     74,283     —     62,424     957  

Equity lines of credit

     4,461     5,625     116     5,400     —  

Installment

     449     927     —     531     —  

Lease financing

     —     —     —     6     —  
                       

Total impaired loans

   $ 138,592   $ 182,602   $ 2,403   $ 155,572   $ 1,198  
                       

 

(in thousands)
  Recorded
Investment		   Unpaid
Contractual
Principal
Balance (1)		   Related
Allowance		   Average
Recorded
Investment		   Interest
Income
Recognized		  

Year ended December 31, 2011

                                

With no related allowance recorded:

                                

Commercial

   $ 10,153   $ 11,588   $ —   $ 6,525   $ —  

Commercial real estate mortgages

     19,867     23,983     —     18,585     269  

Residential mortgages:

                                

Fixed

     3,493     4,035     —     6,592     170  

Variable

     3,689     4,000     —     3,796     54  
                       

Total residential mortgages

     7,182     8,035     —     10,388     224  
                       

Real estate construction:

                                

Construction

     27,435     40,605     —     47,710     787  

Land

     28,991     32,335     —     22,252     —  
                       

Total real estate construction

     56,426     72,940     —     69,962     787  
                       

Equity lines of credit

     5,341     6,325     —     3,951     —  

Installment:

                                

Consumer

     658     976     —     287     —  
                       

Total installment

     658     976     —     287     —  
                       

Lease financing

     28     5,225     —     699     98  
                       

Total with no related allowance

   $ 99,655   $ 129,072   $ —   $ 110,397   $ 1,378  
                       

With an allowance recorded:

                                

Commercial

   $ 15,627   $ 21,377   $ 7,135   $ 14,477   $ —  

Commercial real estate mortgages

     10,811     11,215     1,551     11,169     —  

Residential mortgages:

                                

Fixed

     515     535     40     740     —  

Variable

     1,449     1,476     68     1,153     —  
                       

Total residential mortgages

     1,964     2,011     108     1,893     —  
                       

Real estate construction:

                                

Construction

     —     —     —     3,534     —  

Land

     19,385     29,381     4,377     8,298     —  
                       

Total real estate construction

     19,385     29,381     4,377     11,832     —  
                       

Equity lines of credit

     1,292     1,461     91     1,435     6  

Installment:

                                

Commercial

     —     —     —     1,380     —  
                       

Total installment

     —     —     —     1,380     —  
                       

Lease financing

     —     —     —     171     —  
                       

Total with an allowance

   $ 49,079   $ 65,445   $ 13,262   $ 42,357   $ 6  
                       

Total impaired loans by type:

                                

Commercial

   $ 25,780   $ 32,965   $ 7,135   $ 21,002   $ —  

Commercial real estate mortgages

     30,678     35,198     1,551     29,754     269  

Residential mortgages

     9,146     10,046     108     12,281     224  

Real estate construction

     75,811     102,321     4,377     81,794     787  

Equity lines of credit

     6,633     7,786     91     5,386     6  

Installment

     658     976     —     1,667     —  

Lease financing

     28     5,225     —     870     98  
                       

Total impaired loans

   $ 148,734   $ 194,517   $ 13,262   $ 152,754   $ 1,384  
                       
(1)
The table has been revised to present unpaid contractual principal balances, whereas the Company had previously disclosed unpaid contractual principal balances that were net of charge-offs.
Schedule of troubled debt restructured loans

 

 

(in thousands)
  Number of
Contracts		   Pre-Modification
Outstanding
Principal		   Period-End
Outstanding
Principal		   Financial
Effects
(1)		  

Year ended December 31, 2012

                          

Commercial

     20   $ 38,371   $ 19,671   $ 10,528  

Commercial real estate mortgages

     2     15,833     16,287     —  

Residential mortgages:

                          

Fixed

     4     2,233     1,068     485  

Real estate construction:

                          

Construction

     3     14,857     4,633     —  

Land

     1     8,420     7,918     264  
                   

Total real estate construction

     4     23,277     12,551     264  
                   

Equity lines of credit

     1     256     146     —  
                   

Total troubled debt restructured loans

     31   $ 79,970   $ 49,723   $ 11,277  
                   

Year ended December 31, 2011

                          

Commercial

     12   $ 12,305   $ 12,111   $ 1,490  

Commercial real estate mortgages

     5     12,908     12,899     —  

Residential mortgages:

                          

Variable

     1     969     933     —  

Real estate construction:

                          

Construction

     6     26,814     26,814     —  

Land

     6     29,153     29,042     1,813  
                   

Total real estate construction

     12     55,967     55,856     1,813  
                   

Lease financing

     9     765     —     —  
                   

Total troubled debt restructured loans

     39   $ 82,914   $ 81,799   $ 3,303  
                   
(1)
Financial effects are comprised of charge-offs and specific reserves recognized on TDR loans at modification date.
Schedule of troubled debt restructured loans that have subsequently defaulted

 

 

 
   Year ended December 31, 2012   Year ended December 31, 2011  
(in thousands)
  Number of
Contracts		   Period-End
Outstanding
Principal		   Period-End
Specific
Reserve		   Number of
Contracts		   Period-End
Outstanding
Principal		   Period-End
Specific
Reserve		  

Commercial

     6   $ 689   $ 300     1   $ 45   $ 1  

Commercial real estate mortgages

     1     13,802     —     —     —     —  

Real estate construction:

                                      

Land

     2     420     —     2     6,339     —  
                           

Total loans that subsequently defaulted

     9   $ 14,911   $ 300     3   $ 6,384   $ 1  
                           
Summary of past due loans, excluding covered loans, based upon the length of time the loans have been past due

 

 

(in thousands)
  30-59 Days
Past Due		   60-89 Days
Past Due		   Greater
Than 90
Days and
Accruing		   Nonaccrual   Total Past
Due and
Nonaccrual
Loans		   Current   Total Loans
and Leases		  

December 31, 2012

                                            

Commercial

   $ 6,207   $ 4,219   $ 602   $ 9,087   $ 20,115   $ 6,191,238   $ 6,211,353  

Commercial real estate mortgages

     16,968     3,249     —     33,198     53,415     2,776,279     2,829,694  

Residential mortgages:

                                            

Fixed

     —     1,969     379     4,902     7,250     1,458,224     1,465,474  

Variable

     —     —     —     4,701     4,701     2,492,030     2,496,731  
                               

Total residential mortgages

     —     1,969     379     9,603     11,951     3,950,254     3,962,205  
                               

Real estate construction:

                                            

Construction

     —     —     —     15,067     15,067     150,548     165,615  

Land

     —     859     —     25,815     26,674     30,491     57,165  
                               

Total real estate construction

     —     859     —     40,882     41,741     181,039     222,780  
                               

Equity lines of credit

     3,407     480     —     6,424     10,311     701,439     711,750  

Installment:

                                            

Commercial

     —     —     —     —     —     437     437  

Consumer

     58     35     —     473     566     141,790     142,356  
                               

Total installment

     58     35     —     473     566     142,227     142,793  
                               

Lease financing

     2,633     2     —     120     2,755     734,965     737,720  
                               

Total

   $ 29,273   $ 10,813   $ 981   $ 99,787   $ 140,854   $ 14,677,441   $ 14,818,295  
                               

December 31, 2011

                                            

Commercial

   $ 6,817   $ 1,003   $ —   $ 19,888   $ 27,708   $ 4,818,886   $ 4,846,594  

Commercial real estate mortgages

     5,838     —     —     21,948     27,786     2,082,963     2,110,749  

Residential mortgages:

                                            

Fixed

     662     525     379     5,572     7,138     1,574,658     1,581,796  

Variable

     —     2,983     —     4,199     7,182     2,174,240     2,181,422  
                               

Total residential mortgages

     662     3,508     379     9,771     14,320     3,748,898     3,763,218  
                               

Real estate construction:

                                            

Construction

     —     —     —     15,582     15,582     202,279     217,861  

Land

     —     —     —     35,294     35,294     62,454     97,748  
                               

Total real estate construction

     —     —     —     50,876     50,876     264,733     315,609  
                               

Equity lines of credit

     —     —     74     8,669     8,743     732,338     741,081  

Installment:

                                            

Commercial

     —     —     —     4     4     601     605  

Consumer

     150     —     —     870     1,020     131,022     132,042  
                               

Total installment

     150     —     —     874     1,024     131,623     132,647  
                               

Lease financing

     —     —     —     —     —     399,487     399,487  
                               

Total

   $ 13,467   $ 4,511   $ 453   $ 112,026   $ 130,457   $ 12,178,928   $ 12,309,385  
                               
Summary of contractual interest foregone on nonaccrual loans, excluding covered loans

 

 

 
   December 31,  
(in thousands)
  2012   2011   2010  

Interest income that would have been recognized had nonaccrual loans performed in accordance with their original terms

   $ 8,549   $ 15,465   $ 17,869  

Less: Interest income recognized on nonaccrual loans on a cash basis

     (1,446 )   (1,494 )   (1,689 )
               

Interest income foregone on nonaccrual loans

   $ 7,103   $ 13,971   $ 16,180  
               
Summary of the loan and lease portfolio, excluding covered loans, by loan type and credit quality classification

 

 

 
   December 31, 2012   December 31, 2011  
(in thousands)
  Nonclassified   Classified   Total   Nonclassified   Classified   Total  

Commercial

   $ 6,073,459   $ 137,894   $ 6,211,353   $ 4,732,663   $ 113,931   $ 4,846,594  

Commercial real estate mortgages

     2,705,469     124,225     2,829,694     1,930,001     180,748     2,110,749  

Residential mortgages:

                                      

Fixed

     1,449,270     16,204     1,465,474     1,565,420     16,376     1,581,796  

Variable

     2,479,449     17,282     2,496,731     2,163,458     17,964     2,181,422  
                           

Total residential mortgages

     3,928,719     33,486     3,962,205     3,728,878     34,340     3,763,218  
                           

Real estate construction:

                                      

Construction

     119,189     46,426     165,615     147,916     69,945     217,861  

Land

     27,492     29,673     57,165     43,717     54,031     97,748  
                           

Total real estate construction

     146,681     76,099     222,780     191,633     123,976     315,609  
                           

Equity lines of credit

     685,011     26,739     711,750     724,045     17,036     741,081  

Installment:

                                      

Commercial

     437     —     437     601     4     605  

Consumer

     141,662     694     142,356     130,921     1,121     132,042  
                           

Total installment

     142,099     694     142,793     131,522     1,125     132,647  
                           

Lease financing

     733,803     3,917     737,720     396,256     3,231     399,487  
                           

Total

   $ 14,415,241   $ 403,054   $ 14,818,295   $ 11,834,998   $ 474,387   $ 12,309,385  
                           
Summary of the allowance for loan losses on covered loans

 

 

 
   For the year ended
December 31,		  
(in thousands)
  2012   2011  

Balance, beginning of period

   $ 64,565   $ 67,389  

Provision for losses

     45,346     43,646  

Charge-offs

     —     (325 )

Reduction in allowance due to loan removals

     (65,130 )   (46,145 )
           

Balance, end of period

   $ 44,781   $ 64,565