Loans (Tables)

12 Months Ended

Dec. 31, 2011


	December 31,
	2011		2010
	(In thousands)
Originated loans:
Commerical	$	1,525,409	$	1,046,431
Construction		540,806		495,590
Real estate		1,259,757		1,231,414
Residential mortgage loans		487,147		366,183
Consumer loans		1,074,611		1,008,395

Total originated loans	$	4,887,730	$	4,148,013


Acquired loans:
Commerical	$	2,236,758	$	—
Construction		603,371		—
Real estate		1,656,515		—
Residential mortgage loans		734,669		—
Consumer loans		386,540		—

Total acquired loans		5,617,853		—


Covered loans:
Commerical	$	38,063	$	35,190
Construction		118,828		157,267
Real estate		82,651		181,873
Residential mortgage loans		285,682		293,506
Consumer loans		146,219		141,315

Total covered loans	$	671,443	$	809,151


Total loans:
Commerical	$	3,800,230	$	1,081,621
Construction		1,263,005		652,857
Real estate		2,998,923		1,413,287
Residential mortgage loans		1,507,498		659,689
Consumer loans		1,607,370		1,149,710

Total loans	$	11,177,026	$	4,957,164

Allowance for loan losses by portfolio segment and related recorded investment in loans


	Commercial			Residential mortgages			Consumer			Total
(In thousands)	December 31, 2011
Allowance for loan losses:

Beginning balance	$	56,859		$	4,626		$	20,512		$	81,997
Charge-offs		(54,754	)		(2,634	)		(12,875	)		(70,263	)
Recoveries		20,006			1,091			3,887			24,984
Net provision for loan losses (a)		29,762			1,632			7,338			38,732
Increase in indemnification asset (a)		26,541			9,203			13,687			49,431

Ending balance	$	78,414		$	13,918		$	32,549		$	124,881


Ending balance:
Individually evaluated for impairment	$	6,988		$	551		$	—		$	7,539

Ending balance:
Collectively evaluated for impairment	$	71,426		$	13,367		$	32,549		$	117,342

Ending balance:
Covered loans with deteriorated credit quality	$	18,203		$	9,024		$	14,408		$	41,635

Loans:
Ending balance:	$	8,062,158		$	1,507,498		$	1,607,370		$	11,177,026

Ending balance:
Individually evaluated for impairment	$	28,034		$	4,090		$	—		$	32,124

Ending balance:
Collectively evaluated for impairment	$	7,794,582		$	1,217,726		$	1,461,151		$	10,473,459

Ending balance:
Covered loans	$	239,542		$	285,682		$	146,219		$	671,443

Ending balance:
Acquired loans (b)	$	4,496,644		$	734,669		$	386,540		$	5,617,853

(a) The Company increased the allowance by $51.7 million for losses related to impairment on certain pools of covered loans. This provision was mostly offset by a $48.8 million increase in the FDIC indemnification asset.

(b) Acquired loans were recorded at fair value with no allowance brought forward in accordance with acquisition accounting. There has been no allowance since acquisition.


	Commercial			Residential mortgages			Consumer			Total			Total
(In thousands)	December 31, 2010												2009
Allowance for loan losses:

Beginning balance	$	42,484		$	4,782		$	18,784		$	66,050		$	61,725
Charge-offs		(39,393	)		(4,615	)		(14,258	)		(58,266	)		(54,915	)
Recoveries		3,491			740			3,353			7,584			4,650
Net provision for loan losses (a)		50,277			3,719			11,995			65,991			54,590
Increase in indemnification asset (a)		—			—			638			638			—


Ending balance	$	56,859		$	4,626		$	20,512		$	81,997		$	66,050


Ending balance:
Individually evaluated for impairment	$	10,648		$	1,304		$	—		$	11,952		$	10,972

Ending balance:
Collectively evaluated for impairment	$	46,211		$	3,322		$	20,512		$	70,045		$	55,078

Ending balance:
Covered loans with deteriorated credit quality	$	—		$	—		$	—		$	—		$	—

Loans:

Ending balance:	$	3,147,765		$	659,689		$	1,149,710		$	4,957,164		$	5,114,175

Ending balance:
Individually evaluated for impairment	$	56,836		$	5,618		$	—		$	62,454		$	78,005

Ending balance:
Collectively evaluated for impairment	$	2,716,598		$	360,566		$	1,008,395		$	4,085,559		$	4,085,740

Ending balance:
Covered loans	$	374,331		$	293,505		$	141,315		$	809,151		$	950,430

(a) The Company increased the allowance by $0.7 million for losses related to impairment on certain pools of covered loans. This provision was mostly offset by a $0.6 million increase in the FDIC indemnification asset.

Summary of composition of Non-Accrual Loans by portfolio segment


	December 31,		December 31,
	2011		2010
	(In thousands)
Originated loans:
Commercial Loans	$	55,046	$	50,379
Residential mortgage loans		24,406		18,699
Consumer loans		3,855		6,621

Total originated loans	$	83,307	$	75,699


Acquired loans:
Commercial Loans	$	—	$	—
Residential mortgage loans		—		—
Consumer loans		1,117		—

Total acquired loans	$	1,117	$	—


Covered loans:
Commercial Loans	$	18,209	$	41,917
Residential mortgage loans		637		3,199
Consumer loans		—		170

Total covered loans	$	18,846	$	45,286


Total loans:
Commercial Loans	$	73,255	$	92,296
Residential mortgage loans		25,043		21,898
Consumer loans		4,972		6,791

Total loans	$	103,270	$	120,985

Schedule of troubled debt restructurings occurred during the period by portfolio segment


	2011						2010
Troubled Debt Restructurings:	Number of Contracts		Pre-Modification Outstanding Recorded Investment		Post-Modification Outstanding Recorded Investment		Number of Contracts		Pre-Modification Outstanding Recorded Investment		Post-Modification Outstanding Recorded Investment
Total loans:
Commercial loans		24	$	20,040	$	16,954		7	$	12,408	$	11,603
Residential mortgage loans		3		1,206		1,191		2		1,177		1,038

Total loans		27	$	21,246	$	18,145		9	$	13,585	$	12,641

Troubled Debt Restructurings That Subsequently Defaulted:


	2011				2010
Troubled Debt Restructurings That Subsequently Defaulted:	Number of Contracts		Recorded Investment		Number of Contracts		Recorded Investment
Total loans:
Commercial loans		2	$	742		—	$	—

Total loans		2	$	742		—	$	—

Summary of impaired loans disaggregated by class


December 31, 2011	Recorded Investment		Unpaid Principal Balance		Related Allowance		Average Recorded Investment		Interest Income Recognized
					(In thousands)
Total loans:
With no related allowance recorded:
Commercial	$	28,051	$	46,692	$	—	$	18,461	$	359
Residential mortgages		1,582		2,802		—		2,934		58
Consumer		—		—		—		—		—

		29,633		49,494		—		21,395		417
With an allowance recorded:
Commercial		28,369		33,503		6,997		59,724		254
Residential mortgages		4,298		5,588		570		5,059		7
Consumer		—		—		—		—		—

		32,667		39,091		7,567		64,783		261
Total:
Commercial		56,420		80,195		6,997		78,185		613
Residential mortgages		5,880		8,390		570		7,993		65
Consumer		—		—		—		—		—

Total loans	$	62,300	$	88,585	$	7,567	$	86,178	$	678


December 31, 2010	Recorded Investment		Unpaid Principal Balance		Related Allowance		Average Recorded Investment		Interest Income Recognized
					(In thousands)
Total loans:
With no related allowance recorded:
Commercial	$	64,558	$	102,144	$	—	$	75,543	$	224
Residential mortgages		4,462		6,207		—		5,232		26
Consumer		170		170		—		184		—

		69,190		108,521		—		80,959		250
With an allowance recorded:
Commercial		34,194		40,244		10,648		36,650		523
Residential mortgages		4,355		4,873		1,304		4,358		88
Consumer		—		—		—		—		—

		38,549		45,117		11,952		41,008		611
Total:
Commercial		98,752		142,388		10,648		112,193		747
Residential mortgages		8,817		11,080		1,304		9,590		114
Consumer		170		170		—		184		—

Total loans	$	107,739	$	153,638	$	11,952	$	121,967	$	861

Summary of age analysis of past due loans


December 31, 2011	30-89 days past due		Greater than 90 days past due		Total past due		Current		Total Loans		Recorded investment > 90 days and accruing
					(In thousands)
Originated loans:
Commercial loans	$	24,939	$	58,867	$	83,806	$	3,242,166	$	3,325,972	$	3,821
Residential mortgages loans		22,248		25,400		47,648		439,499		487,147		994
Consumer loans		4,284		3,911		8,195		1,066,416		1,074,611		56

Total	$	51,471	$	88,178	$	139,649	$	4,748,081	$	4,887,730	$	4,871


Acquired loans:
Commercial loans	$	—	$	—	$	—	$	4,496,644	$	4,496,644	$	—
Residential mortgages loans		—		—		—		734,669		734,669		—
Consumer loans		2,128		2,126		4,254		382,286		386,540		1,009

Total	$	2,128	$	2,126	$	4,254	$	5,613,599	$	5,617,853	$	1,009


Covered loans:
Commercial loans	$	—	$	18,209	$	18,209	$	221,333	$	239,542	$	—
Residential mortgages loans		—		637		637		285,045		285,682		—
Consumer loans		—		—		—		146,219		146,219		—

Total	$	—	$	18,846	$	18,846	$	652,597	$	671,443	$	—


Total loans:
Commercial loans	$	24,939	$	77,076	$	102,015	$	7,960,143	$	8,062,158	$	3,821
Residential mortgages loans		22,248		26,037		48,285		1,459,213		1,507,498		994
Consumer loans		6,412		6,037		12,449		1,594,921		1,607,370		1,065

Total	$	53,599	$	109,150	$	162,749	$	11,014,277	$	11,177,026	$	5,880


December 31, 2010	30-89 days past due		Greater than 90 days past due		Total past due		Current		Total Loans		Recorded investment > 90 days and accruing
					(In thousands)
Originated loans:
Commercial loans	$	12,463	$	50,679	$	63,142	$	2,710,292	$	2,773,434	$	300
Residential mortgages loans		22,109		19,573		41,682		324,502		366,184		874
Consumer loans		6,499		6,939		13,438		994,957		1,008,395		318

Total	$	41,071	$	77,191	$	118,262	$	4,029,751	$	4,148,013	$	1,492


Acquired loans:
Commercial loans	$	—	$	—	$	—	$	—	$	—	$	—
Residential mortgages loans		—		—		—		—		—		—
Consumer loans		—		—		—		—		—		—

Total	$	—	$	—	$	—	$	—	$	—	$	—


Covered loans:
Commercial loans	$	—	$	41,917	$	41,917	$	332,414	$	374,331	$	—
Residential mortgages loans		—		3,199		3,199		290,306		293,505		—
Consumer loans		—		170		170		141,145		141,315		—

Total	$	—	$	45,286	$	45,286	$	763,865	$	809,151	$	—


Total loans:
Commercial loans	$	12,463	$	92,596	$	105,059	$	3,042,706	$	3,147,765	$	300
Residential mortgages loans		22,109		22,772		44,881		614,808		659,689		874
Consumer loans		6,499		7,109		13,608		1,136,102		1,149,710		318

Total	$	41,071	$	122,477	$	163,548	$	4,793,616	$	4,957,164	$	1,492

Schedule of credit quality indicators of various classes of loans


	December 31, 2011								December 31, 2010
	Commercial - originated		Commercial - acquired		Commercial - covered		Total commercial		Commercial - originated		Commercial - covered		Total commercial
			(In thousands)								(In thousands)
Grade:
Pass	$	3,110,746	$	3,882,817	$	16,843	$	7,010,406	$	2,332,952	$	45,609	$	2,378,561
Pass-Watch		76,393		60,042		13,606		150,041		138,839		35,289		174,128
Special Mention		35,155		125,852		9,368		170,375		26,216		21,031		47,247
Substandard		103,254		426,003		124,371		653,628		265,180		254,033		519,213
Doubtful		424		1,930		75,242		77,596		10,247		18,369		28,616
Loss		—		—		112		112		—		—		—

Total	$	3,325,972	$	4,496,644	$	239,542	$	8,062,158	$	2,773,434	$	374,331	$	3,147,765

Schedule of credit risk profile by internally assigned grade


	December 31, 2011								December 31, 2010
	Residential mortgages - originated		Residential mortgages - acquired		Residential mortgages - covered		Total residential mortgages		Residential mortgages - originated		Residential mortgages - covered		Total residential mortgages
			(In thousands)								(In thousands)
Grade:
Pass	$	460,261	$	673,751	$	120,180	$	1,254,192	$	284,712	$	159,885	$	444,597
Pass-Watch		7,499		1,773		18,133		27,405		7,857		29,673		37,530
Special Mention		542		9,686		3,286		13,514		—		15,220		15,220
Substandard		18,845		48,581		139,643		207,069		73,615		87,636		161,251
Doubtful		—		878		4,440		5,318		—		1,091		1,091
Loss		—		—		—		—		—		—		—

Total	$	487,147	$	734,669	$	285,682	$	1,507,498	$	366,184	$	293,505	$	659,689

Credit risk profile based on payment activity


	December 31, 2011								December 31, 2010
	Consumer - originated		Consumer - acquired		Consumer - covered		Total Consumer		Consumer - originated		Consumer - covered		Total Consumer
			(In thousands)								(In thousands)
Performing	$	1,070,756	$	385,423	$	146,219	$	1,602,398	$	1,001,774	$	141,145	$	1,142,919
Nonperforming		3,855		1,117		—		4,972		6,621		170		6,791

Total	$	1,074,611	$	386,540	$	146,219	$	1,607,370	$	1,008,395	$	141,315	$	1,149,710

Changes in the carrying amount of covered acquired loans and accretable yield for loans receivable


	2011												2010
	Covered						Non-covered						Covered						Non-covered
	Carrying Amount of Loans			Accretable Yield			Carrying Amount of Loans			Accretable Yield			Carrying Amount of Loans			Accretable Yield			Carrying Amount of Loans		Accretable Yield
(In thousands)
Balance at beginning of period	$	809,459		$	107,638		$	—		$	—		$	913,063		$	159,932		$	—	$	—
Additions		—			—			535,489			132,136			—			—			—		—
Payments received, net		(193,432	)		—			(206,306	)		—			(155,898	)		—			—		—
Accretion		55,416			(55,416	)		10,269			(22,719	)		52,294			(52,294	)		—		—
Decrease in expected cash flows based on actual cash flow, loan sales and foreclosures assumptions		—			(18,930	)		—			(26,630	)		—			—			—		—
Net transfers from (to) nonaccretable difference to accretable yield		—			119,845			—			47,904			—			—			—		—

Balance at end of period	$	671,443		$	153,137		$	339,452		$	130,691		$	809,459		$	107,638		$	—	$	—