Loans (Tables)
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12 Months Ended |
Dec. 31, 2013
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Loans and Leases Receivable Disclosure [Abstract] |
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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 | % |
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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 |
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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 |
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| | (1) | Represents undiscounted expected principal and interest cash flows at acquisition. |
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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 |
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| | (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. |
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