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Allowance for Credit Losses
 3 Months Ended
Mar. 31, 2014
Receivables [Abstract]  
Allowance for Credit Losses
Allowance for Credit Losses

The allowance for credit losses consists of the allowance for losses on non-covered loans and allowance for losses on covered loans related to credit impairment of certain covered loan pools subsequent to acquisition, as well as the allowance for unfunded letters of credit. Management maintains the allowance for credit losses at a level estimated to absorb probable loan losses of the loan portfolio and unfunded letter of credit commitments at the balance sheet date. The allowance for losses on non-covered loans is based on ongoing evaluations of the probable estimated losses inherent in the non-covered loan portfolio, including unexpected credit impairment of non-covered PCI loan pools subsequent to the acquisition date.

The following table summarizes the allowance for credit losses at March 31, 2014 and December 31, 2013: 
 
March 31,
2014
 
December 31,
2013
 
(in thousands)
Components of allowance for credit losses:
 
 
 
Allowance for non-covered loans
$
99,639

 
$
106,547

Allowance for covered loans
7,070

 
7,070

Total allowance for loan losses
106,709

 
113,617

Allowance for unfunded letters of credit
2,544

 
3,495

Total allowance for credit losses
$
109,253

 
$
117,112



The following table summarizes the provision for credit losses for the periods indicated:
 
Three Months Ended  
 March 31,
 
2014
 
2013
 
(in thousands)
Components of provision for credit losses:
 
 
 
Provision for non-covered loans
$
4,949

 
$
3,710

Provision for covered loans
—

 
(2,166
)
Total provision for loan losses
4,949

 
1,544

Provision for unfunded letters of credit
(951
)
 
225

Total provision for credit losses
$
3,998

 
$
1,769



The following table details activity in the allowance for loan losses by portfolio segment for the three months ended March 31, 2014 and 2013:
 
Commercial
and Industrial
 
Commercial
Real Estate
 
Residential
Mortgage
 
Consumer
 
Unallocated
 
Total
 
(in thousands)
Three Months Ended  
 March 31, 2014:
 
 
 
 
 
 
 
 
 
 
 
Allowance for loan losses:
 
 
 
 
 
 
 
 
 
 
 
Beginning balance
$
51,551

 
$
42,343

 
$
7,786

 
$
4,359

 
$
7,578

 
$
113,617

Loans charged-off *
(8,614
)
 
(4,490
)
 
(63
)
 
(1,072
)
 
—

 
(14,239
)
Charged-off loans recovered
544

 
1,337

 
79

 
422

 
—

 
2,382

Net charge-offs
(8,070
)
 
(3,153
)
 
16

 
(650
)
 
—

 
(11,857
)
Provision for loan losses
6,451

 
(808
)
 
(823
)
 
398

 
(269
)
 
4,949

Ending balance
$
49,932

 
$
38,382

 
$
6,979

 
$
4,107

 
$
7,309

 
$
106,709

Three Months Ended  
 March 31, 2013:
 
 
 
 
 
 
 
 
 
 
 
Allowance for loan losses:
 
 
 
 
 
 
 
 
 
 
 
Beginning balance
$
64,370

 
$
44,069

 
$
9,423

 
$
5,542

 
$
6,796

 
$
130,200

Loans charged-off
(7,325
)
 
(1,993
)
 
(892
)
 
(1,509
)
 
—

 
(11,719
)
Charged-off loans recovered
1,338

 
15

 
70

 
396

 
—

 
1,819

Net charge-offs
(5,987
)
 
(1,978
)
 
(822
)
 
(1,113
)
 
—

 
(9,900
)
Provision for loan losses
(2,651
)
 
2,104

 
730

 
1,031

 
330

 
1,544

Ending balance
$
55,732

 
$
44,195

 
$
9,331

 
$
5,460

 
$
7,126

 
$
121,844


 
*
The commercial and industrial loan and commercial real estate loan categories included $4.8 million and $3.5 million of charge-offs, respectively, related to the valuation of non-performing loans transferred to loans held for sale at March 31, 2014.
The following table represents the allocation of the allowance for loan losses and the related loans by loan portfolio segment disaggregated based on the impairment methodology at March 31, 2014 and December 31, 2013. 
 
Commercial
and Industrial
 
Commercial
Real Estate
 
Residential
Mortgage
 
Consumer
 
Unallocated
 
Total
 
(in thousands)
March 31, 2014
 
 
 
 
 
 
 
 
 
 
 
Allowance for loan losses:
 
 
 
 
 
 
 
 
 
 
 
Individually evaluated for impairment
$
6,319

 
$
7,153

 
$
3,512

 
$
98

 
$
—

 
$
17,082

Collectively evaluated for impairment
43,101

 
24,797

 
3,344

 
4,006

 
7,309

 
82,557

Loans acquired with discounts related to credit quality
512

 
6,432

 
123

 
3

 
—

 
7,070

Total
$
49,932

 
$
38,382

 
$
6,979

 
$
4,107

 
$
7,309

 
$
106,709

Loans:
 
 
 
 
 
 
 
 
 
 
 
Individually evaluated for impairment
$
36,123

 
$
102,916

 
$
26,628

 
$
1,321

 
$
—

 
$
166,988

Collectively evaluated for impairment
1,817,815

 
4,950,003

 
2,431,049

 
1,586,140

 
—

 
10,785,007

Loans acquired with discounts related to credit quality
186,000

 
496,816

 
21,439

 
38,344

 
—

 
742,599

Total
$
2,039,938

 
$
5,549,735

 
$
2,479,116

 
$
1,625,805

 
$
—

 
$
11,694,594

December 31, 2013
 
 
 
 
 
 
 
 
 
 
 
Allowance for loan losses:
 
 
 
 
 
 
 
 
 
 
 
Individually evaluated for impairment
$
11,032

 
$
8,676

 
$
3,735

 
$
82

 
$
—

 
$
23,525

Collectively evaluated for impairment
40,007

 
27,235

 
3,928

 
4,274

 
7,578

 
83,022

Loans acquired with discounts related to credit quality
512

 
6,432

 
123

 
3

 
—

 
7,070

Total
$
51,551

 
$
42,343

 
$
7,786

 
$
4,359

 
$
7,578

 
$
113,617

Loans:
 
 
 
 
 
 
 
 
 
 
 
Individually evaluated for impairment
$
47,303

 
$
114,638

 
$
28,313

 
$
1,094

 
$
—

 
$
191,348

Collectively evaluated for impairment
1,772,833

 
4,814,159

 
2,456,926

 
1,526,078

 
—

 
10,569,996

Loans acquired with discounts related to credit quality
201,197

 
543,603

 
22,349

 
39,119

 
—

 
806,268

Total
$
2,021,333

 
$
5,472,400

 
$
2,507,588

 
$
1,566,291

 
$
—

 
$
11,567,612