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Loans (Tables)
12 Months Ended
Dec. 31, 2013
Loans and Leases Receivable Disclosure [Abstract]  
Summary of Loan Portfolio
A summary of the loan portfolio at December 31, 2013 and 2012 is as follows:
(Dollars in thousands)
 
December 31,
2013
 
December 31,
2012
Balance:
 
 
 
 
Commercial
 
$
3,253,687

 
$
2,914,798

Commercial real-estate
 
4,230,035

 
3,864,118

Home equity
 
719,137

 
788,474

Residential real-estate
 
434,992

 
367,213

Premium finance receivables—commercial
 
2,167,565

 
1,987,856

Premium finance receivables—life insurance
 
1,923,698

 
1,725,166

Indirect consumer
 
50,680

 
77,333

Consumer and other
 
116,808

 
103,985

Total loans, net of unearned income, excluding covered loans
 
$
12,896,602

 
$
11,828,943

Covered loans
 
346,431

 
560,087

Total loans
 
$
13,243,033

 
$
12,389,030

Mix:
 
 
 
 
Commercial
 
25
%
 
24
%
Commercial real-estate
 
32

 
31

Home equity
 
5

 
6

Residential real-estate
 
3

 
3

Premium finance receivables—commercial
 
16

 
16

Premium finance receivables—life insurance
 
15

 
14

Indirect consumer
 

 
1

Consumer and other
 
1

 
1

Total loans, net of unearned income, excluding covered loans
 
97
%
 
96
%
Covered loans
 
3

 
4

Total loans
 
100
%
 
100
%
Unpaid Principal Balance and Carrying Value of Acquired Loans
The following table presents the unpaid principal balance and carrying value for these acquired loans:
 
 
December 31, 2013
 
December 31, 2012
(Dollars in thousands)
 
Unpaid
Principal
Balance
 
Carrying
Value
 
Unpaid
Principal
Balance
 
Carrying
Value
Bank acquisitions
 
$
453,944

 
$
338,517

 
$
674,868

 
$
503,837

Life insurance premium finance loans acquisition
 
437,155

 
423,906

 
536,503

 
514,459

Estimated Details on Loans Acquired
The following table provides estimated details on loans acquired in 2013 as of the date of acquisition:
(Dollars in thousands)
 
FNBI
 
Diamond
Contractually required payments including interest
 
$
32,022

 
$
47,853

Less: Nonaccretable difference
 
8,890

 
12,898

Cash flows expected to be collected (1)
 
23,132

 
34,955

Less: Accretable yield
 
2,055

 
3,451

Fair value of loans acquired with evidence of credit quality deterioration since origination
 
$
21,077

 
$
31,504


(1)
Represents undiscounted expected principal and interest cash flows at acquisition.
Activity Related to Accretable Yield of Loans Acquired with Evidence of Credit Quality Deterioration Since Origination
Changes in expected cash flows may vary from period to period as the Company periodically updates its cash flow model assumptions for loans acquired with evidence of credit quality deterioration since origination. The factors that most significantly affect the estimates of gross cash flows expected to be collected, and accordingly the accretable yield, include changes in the benchmark interest rate indices for variable-rate products and changes in prepayment assumptions and loss estimates. The following table provides activity for the accretable yield of loans acquired with evidence of credit quality deterioration since origination.
 
 
Years Ended December 31,
 
 
2013
 
2012
(Dollars in thousands)
 
Bank
Acquisitions
 
Life Insurance
Premium
Finance Loans
 
Bank
Acquisitions
 
Life Insurance
Premium
Finance Loans
Accretable yield, beginning balance
 
$
143,224

 
$
13,055

 
$
173,120

 
$
18,861

Acquisitions
 
5,428

 

 
8,217

 

Accretable yield amortized to interest income
 
(36,898
)
 
(8,795
)
 
(52,101
)
 
(11,441
)
Accretable yield amortized to indemnification asset (1)
 
(36,202
)
 

 
(66,798
)
 

Reclassification from non-accretable difference (2)
 
50,873

 
2,840

 
64,603

 
4,096

(Decreases) increases in interest cash flows due to payments and changes in interest rates
 
(18,770
)
 
1,154

 
16,183

 
1,539

Accretable yield, ending balance (3)
 
$
107,655

 
$
8,254

 
$
143,224

 
$
13,055

 
(1)
Represents the portion of the current period accreted yield, resulting from lower expected losses, applied to reduce the loss share indemnfication asset.
(2)
Reclassification is the result of subsequent increases in expected principal cash flows.
(3)
As of December 31, 2013, the Company estimates that the remaining accretable yield balance to be amortized to the indemnification asset for the bank acquisitions is $33.7 million. The remainder of the accretable yield related to bank acquisitions is expected to be amortized to interest income.