Loans and leases and the allowance for credit losses (Tables)

6 Months Ended

Jun. 30, 2012

Loans and leases and the allowance for credit losses [Abstract]

Outstanding principal balance and the carrying amount of loans that is included in the consolidated balance sheet

	June 30, 2012		December 31, 2011
	(in thousands)
Outstanding principal balance	$	8,097,216		9,203,366
Carrying amount:
Commercial, financial, leasing, etc.		1,216,711		1,331,198
Commercial real estate		3,222,688		3,879,518
Residential real estate		814,288		915,371
Consumer		1,834,751		2,033,700
	$	7,088,438		8,159,787

Summary of changes in accretable yield for acquired loans

	Three months ended June 30, 2012
	Purchased impaired			Other acquired			Total
	(in thousands)
Balance at beginning of period	$	22,565			747,466			770,031
Interest income		(9,621	)		(80,249	)		(89,870	)
Reclassifications from (to) nonaccretable balance, net		42,655			97,165			139,820
Other (a)		—			(31,221	)		(31,221	)
Balance at end of period	$	55,599			733,161			788,760

	Six months ended June 30, 2012
	Purchased impaired			Other acquired			Total
	(in thousands)
Balance at beginning of period	$	30,805			807,960			838,765
Interest income		(17,285	)		(153,972	)		(171,257	)
Reclassifications from (to) nonaccretable balance, net		42,079			98,165			140,244
Other (a)		—			(18,992	)		(18,992	)
Balance at end of period	$	55,599			733,161			788,760

(a) Other changes in expected cash flows including changes in interest rates and prepayments.

Summary of current, past due and nonaccrual loans

A summary of current, past due and nonaccrual loans as of June 30, 2012 and December 31, 2011 were as follows:

	Current		30-89 Days past due		90 Days or more past due and accruing				Purchased impaired (b)		Nonaccrual		Total
					Non- acquired		Acquired (a)
	(in thousands)
June 30, 2012
Commercial, financial, leasing, etc.	$	16,138,169		73,581		1,455		12,402		16,424		153,556		16,395,587
Real estate:
Commercial		20,854,618		128,489		10,128		49,038		164,855		173,278		21,380,406
Residential builder and developer		761,655		47,065		2,213		18,330		264,163		240,248		1,333,674
Other commercial construction		2,051,194		16,174		4,352		23,158		63,446		26,303		2,184,627
Residential		8,563,870		252,076		251,750		41,047		47,135		174,937		9,330,815
Residential Alt-A		355,574		24,221		—		—		—		100,915		480,710
Consumer:
Home equity lines and loans		6,384,785		41,795		—		15,263		4,381		54,509		6,500,733
Automobile		2,490,590		34,961		—		261		—		24,482		2,550,294
Other		2,628,257		38,085		4,700		2,988		296		20,100		2,694,426
Total	$	60,228,712		656,447		274,598		162,487		560,700		968,328		62,851,272

	Current		30-89 Days past due		90 Days or more past due and accruing				Purchased impaired (b)		Nonaccrual		Total
					Non- acquired		Acquired (a)
December 31, 2011
Commercial, financial, leasing, etc.	$	15,493,803		37,112		7,601		8,560		23,762		163,598		15,734,436
Real estate:
Commercial		19,658,761		172,641		9,983		54,148		192,804		171,111		20,259,448
Residential builder and developer		845,680		49,353		13,603		21,116		297,005		281,576		1,508,333
Other commercial construction		2,393,304		41,049		968		23,582		78,105		106,325		2,643,333
Residential		6,626,182		256,017		250,472		37,982		56,741		172,681		7,400,075
Residential Alt-A		383,834		34,077		—		—		—		105,179		523,090
Consumer:
Home equity lines and loans		6,570,675		43,516		—		15,409		4,635		47,150		6,681,385
Automobile		2,644,330		48,342		—		601		—		26,835		2,720,108
Other		2,551,225		43,547		5,249		2,340		310		23,126		2,625,797
Total	$	57,167,794		725,654		287,876		163,738		653,362		1,097,581		60,096,005

(a) Acquired loans that were recorded at fair value at acquisition date. This category does not include purchased impaired loans that are presented separately.

(b) Accruing loans that were impaired at acquisition date and were recorded at fair value.

Changes in the allowance for credit losses

Changes in the allowance for credit losses for the three months ended June 30, 2012 were as follows:

	Commercial, Financial, Leasing, etc.			Real Estate
				Commercial			Residential			Consumer			Unallocated		Total
	(in thousands)
Beginning balance	$	239,273			356,554			97,301			142,912			72,966		909,006
Provision for credit losses		19,103			(3,309	)		5,587			38,427			192		60,000
Net charge-offs
Charge-offs		(16,078	)		(13,056	)		(11,407	)		(23,621	)		—		(64,162	)
Recoveries		2,430			1,332			1,788			6,634			—		12,184
Net charge-offs		(13,648	)		(11,724	)		(9,619	)		(16,987	)		—		(51,978	)
Ending balance	$	244,728			341,521			93,269			164,352			73,158		917,028

Changes in the allowance for credit losses for the three months ended June 30, 2011 were as follows:

	Commercial, Financial, Leasing, etc.			Real Estate
				Commercial			Residential			Consumer			Unallocated			Total
	(in thousands)
Beginning balance	$	215,659			391,107			87,526			137,351			72,060			903,703
Provision for credit losses		6,870			22,735			13,654			19,852			(111	)		63,000
Net charge-offs
Charge-offs		(14,923	)		(15,915	)		(15,872	)		(24,940	)		—			(71,650	)
Recoveries		2,273			3,184			2,033			5,046			—			12,536
Net charge-offs		(12,650	)		(12,731	)		(13,839	)		(19,894	)		—			(59,114	)
Ending balance	$	209,879			401,111			87,341			137,309			71,949			907,589

Changes in the allowance for credit losses for the six months ended June 30, 2012 were as follows:

	Commercial, Financial, Leasing, etc.			Real Estate
				Commercial			Residential			Consumer			Unallocated		Total
	(in thousands)
Beginning balance	$	234,022			367,637			91,915			143,121			71,595		908,290
Provision for credit losses		29,224			(5,569	)		21,817			61,965			1,563		109,000
Net charge-offs
Charge-offs		(24,115	)		(23,596	)		(24,125	)		(52,602	)		—		(124,438	)
Recoveries		5,597			3,049			3,662			11,868			—		24,176
Net charge-offs		(18,518	)		(20,547	)		(20,463	)		(40,734	)		—		(100,262	)
Ending balance	$	244,728			341,521			93,269			164,352			73,158		917,028

Changes in the allowance for credit losses for the six months ended June 30, 2011 were as follows:

	Commercial, Financial, Leasing, etc.			Real Estate
				Commercial			Residential			Consumer			Unallocated		Total
	(in thousands)
Beginning balance	$	212,579			400,562			86,351			133,067			70,382		902,941
Provision for credit losses		21,812			37,510			29,495			47,616			1,567		138,000
Net charge-offs
Charge-offs		(28,950	)		(40,494	)		(32,039	)		(53,261	)		—		(154,744	)
Recoveries		4,438			3,533			3,534			9,887			—		21,392
Net charge-offs		(24,512	)		(36,961	)		(28,505	)		(43,374	)		—		(133,352	)
Ending balance	$	209,879			401,111			87,341			137,309			71,949		907,589

Impaired loans and leases

The following tables provide information with respect to impaired loans and leases as of June 30, 2012 and December 31, 2011 and for the three months and six months ended June 30, 2012 and June 30, 2011:

	June 30, 2012						December 31, 2011
	Recorded investment		Unpaid principal balance		Related allowance		Recorded investment		Unpaid principal balance		Related allowance
	(in thousands)
With an allowance recorded:
Commercial, financial, leasing, etc.	$	118,670		139,477		39,134		118,538		145,510		48,674
Real estate:
Commercial		116,765		148,232		19,323		102,886		128,456		17,651
Residential builder and developer		135,172		243,663		33,490		159,293		280,869		52,562
Other commercial construction		81,077		89,410		12,404		20,234		24,639		3,836
Residential		108,167		127,032		4,332		101,882		119,498		4,420
Residential Alt-A		136,995		150,849		23,000		150,396		162,978		25,000
Consumer:
Home equity lines and loans		11,707		13,327		2,986		9,385		10,670		2,306
Automobile		51,649		51,649		15,324		53,710		53,710		11,468
Other		10,578		10,578		4,403		8,401		8,401		2,084
		770,780		974,217		154,396		724,725		934,731		168,001
With no related allowance recorded:
Commercial, financial, leasing, etc.		43,179		52,473		—		53,104		60,778		—
Real estate:
Commercial		62,529		79,604		—		71,636		91,118		—
Residential builder and developer		110,954		128,880		—		133,156		177,277		—
Other commercial construction		4,976		9,386		—		86,652		89,862		—
Residential		17,990		24,930		—		19,686		25,625		—
Residential Alt-A		33,588		62,379		—		34,356		60,942		—
		273,216		357,652		—		398,590		505,602		—
Total:
Commercial, financial, leasing, etc.		161,849		191,950		39,134		171,642		206,288		48,674
Real estate:
Commercial		179,294		227,836		19,323		174,522		219,574		17,651
Residential builder and developer		246,126		372,543		33,490		292,449		458,146		52,562
Other commercial construction		86,053		98,796		12,404		106,886		114,501		3,836
Residential		126,157		151,962		4,332		121,568		145,123		4,420
Residential Alt-A		170,583		213,228		23,000		184,752		223,920		25,000
Consumer:
Home equity lines and loans		11,707		13,327		2,986		9,385		10,670		2,306
Automobile		51,649		51,649		15,324		53,710		53,710		11,468
Other		10,578		10,578		4,403		8,401		8,401		2,084
Total	$	1,043,996		1,331,869		154,396		1,123,315		1,440,333		168,001

Interest income recognized on loans

	Three months ended June 30, 2012						Three months ended June 30, 2011
			Interest income recognized						Interest income recognized
	Average recorded investment		Total		Cash basis		Average recorded investment		Total		Cash basis
	(in thousands)
Commercial, financial, leasing, etc.	$	161,311		743		743		162,827		679		666
Real estate:
Commercial		180,199		1,238		1,238		194,508		513		483
Residential builder and developer		262,254		385		252		308,709		314		112
Other commercial construction		109,037		4,840		4,840		93,980		187		150
Residential		127,258		1,315		810		97,317		1,029		565
Residential Alt-A		174,181		1,753		527		199,056		1,991		410
Consumer:
Home equity lines and loans		11,237		164		46		12,069		189		23
Automobile		52,200		871		190		58,650		984		292
Other		9,877		106		47		3,544		55		13
Total	$	1,087,554		11,415		8,693		1,130,660		5,941		2,714
	Six months ended June 30, 2012						Six months ended June 30, 2011
			Interest income recognized						Interest income recognized
	Average recorded investment		Total		Cash basis		Average recorded investment		Total		Cash basis
	(in thousands)
Commercial, financial, leasing, etc.	$	164,779		1,152		1,152		167,456		1,672		1,654
Real estate:
Commercial		179,213		1,556		1,556		191,472		895		822
Residential builder and developer		271,903		726		431		317,054		839		240
Other commercial construction		107,151		5,010		5,010		103,751		697		471
Residential		126,880		2,657		1,688		90,813		2,026		1,140
Residential Alt-A		177,623		3,596		1,073		202,339		3,986		961
Consumer:
Home equity lines and loans		10,593		330		88		12,098		349		48
Automobile		52,799		1,769		368		58,655		1,968		588
Other		9,080		199		86		3,304		112		19
Total	$	1,100,021		16,995		11,452		1,146,942		12,544		5,943

Summary of Loan grades

			Real Estate
	Commercial, Financial, Leasing, etc.		Commercial		Residential Builder and Developer		Other Commercial Construction
	(in thousands)
June 30, 2012
Pass	$	15,499,951		20,403,488		989,903		1,903,981
Criticized accrual		742,080		803,640		103,523		254,343
Criticized nonaccrual		153,556		173,278		240,248		26,303
Total	$	16,395,587		21,380,406		1,333,674		2,184,627
December 31, 2011
Pass	$	14,869,636		19,089,252		1,085,970		2,254,609
Criticized accrual		701,202		999,085		140,787		282,399
Criticized nonaccrual		163,598		171,111		281,576		106,325
Total	$	15,734,436		20,259,448		1,508,333		2,643,333

Loans and leases receivable allowance by impairment methodology

	Commercial, Financial, Leasing, etc.		Real Estate
			Commercial		Residential		Consumer		Total
	(in thousands)
June 30, 2012
Individually evaluated for impairment	$	38,961		64,143		27,258		22,713	$	153,075
Collectively evaluated for impairment		205,594		275,671		62,182		141,159		684,606
Purchased impaired		173		1,707		3,829		480		6,189
Allocated	$	244,728		341,521		93,269		164,352		843,870
Unallocated										73,158
Total									$	917,028
December 31, 2011
Individually evaluated for impairment	$	48,517		71,784		29,420		15,858	$	165,579
Collectively evaluated for impairment		185,048		291,271		60,742		126,613		663,674
Purchased impaired		457		4,582		1,753		650		7,442
Allocated	$	234,022		367,637		91,915		143,121		836,695
Unallocated										71,595
Total									$	908,290

Loans and leases receivable net of deferred income by impairment methodology

	Commercial, Financial,		Real Estate
	Leasing, etc.		Commercial		Residential		Consumer		Total
	(in thousands)
June 30, 2012
Individually evaluated for impairment	$	161,669		504,281		295,314		73,934	$	1,035,198
Collectively evaluated for impairment		16,217,494		23,901,962		9,469,076		11,666,842		61,255,374
Purchased impaired		16,424		492,464		47,135		4,677		560,700
Total	$	16,395,587		24,898,707		9,811,525		11,745,453	$	62,851,272
December 31, 2011
Individually evaluated for impairment	$	171,442		561,615		306,320		71,496	$	1,110,873
Collectively evaluated for impairment		15,539,232		23,281,585		7,560,104		11,950,849		58,331,770
Purchased impaired		23,762		567,914		56,741		4,945		653,362
Total	$	15,734,436		24,411,114		7,923,165		12,027,290	$	60,096,005

Loan modification activities that were considered troubled debt restructurings

The tables below summarize the Company’s loan modification activities that were considered troubled debt restructurings for the three months ended June 30, 2012 and 2011:

			Recorded investment				Financial effects of modification
Three months ended June 30, 2012	Number		Pre- modification		Post- modification		Recorded investment (a)			Interest (b)
	(dollars in thousands)
Commercial, financial, leasing, etc.
Principal deferral		9	$	10,392	$	9,061	$	(1,331	)	$	—
Other		2		1,995		1,954		(41	)		—
Real estate:
Commercial
Principal deferral		1		2,011		1,999		(12	)		—
Interest rate reduction		1		383		430		47			(89	)
Combination of concession types		4		1,210		1,231		21			(256	)
Residential builder and developer
Principal deferral		3		2,503		2,503		—			—
Other commercial construction
Principal deferral		3		60,888		60,898		10			—
Residential
Principal deferral		7		1,059		1,087		28			—
Combination of concession types		11		2,049		2,098		49			(65	)
Residential Alt-A
Principal deferral		1		153		158		5			—
Combination of concession types		7		1,509		1,543		34			(44	)
Consumer:
Home equity lines and loans
Principal deferral		9		734		734		—			—
Combination of concession types		4		480		480		—			(123	)
Automobile
Principal deferral		196		2,700		2,700		—			—
Interest rate reduction		3		20		20		—			(1	)
Other		21		152		152		—			—
Combination of concession types		77		1,170		1,170		—			(110	)
Other
Principal deferral		7		134		134		—			—
Combination of concession types		18		142		142		—			(22	)
Total		384	$	89,684	$	88,494	$	(1,190	)	$	(710	)

(a) Financial effects impacting the recorded investment included principal payments or advances, charge-offs and capitalized escrow arrearages.

(b) Represents the present value of interest rate concessions discounted at the effective rate of the original loan.

			Recorded investment				Financial effects of modification
Three months ended June 30, 2011	Number		Pre- modification		Post- modification		Recorded investment (a)			Interest (b)
	(dollars in thousands)
Commercial, financial, leasing, etc.
Principal deferral		20	$	5,932	$	5,947	$	15		$	—
Combination of concession types		1		1,945		1,945		—			(641	)
Real estate:
Commercial
Principal deferral		9		5,226		5,143		(83	)		—
Residential builder and developer
Principal deferral		3		15,162		14,237		(925	)		—
Other		1		412		412		—			—
Residential
Principal deferral		9		646		622		(24	)		—
Interest rate reduction		3		619		639		20			(13	)
Combination of concession types		29		5,187		5,342		155			(56	)
Residential Alt-A
Principal deferral		1		73		76		3			—
Combination of concession types		6		1,260		1,278		18			(21	)
Consumer:
Home equity lines and loans
Principal deferral		1		69		69		—			—
Combination of concession types		8		719		719		—			(91	)
Automobile
Principal deferral		217		2,845		2,845		—			—
Interest rate reduction		7		87		87		—			(5	)
Other		31		151		151		—			—
Combination of concession types		100		1,139		1,139		—			(80	)
Other
Principal deferral		3		88		88		—			—
Combination of concession types		9		91		91		—			(20	)
Total		458	$	41,651	$	40,830	$	(821	)	$	(927	)

(a) Financial effects impacting the recorded investment included principal payments or advances, charge-offs and capitalized escrow arrearages.

(b) Represents the present value of interest rate concessions discounted at the effective rate of the original loan.

The tables below summarize the Company’s loan modification activities that were considered troubled debt restructurings for the six months ended June 30, 2012 and 2011:

			Recorded investment				Financial effects of modification
Six months ended June 30, 2012	Number		Pre- modification		Post- modification		Recorded investment (a)			Interest (b)
	(dollars in thousands)
Commercial, financial, leasing, etc.
Principal deferral		18	$	13,204	$	12,015	$	(1,189	)	$	—
Other		3		2,967		3,052		85			—
Combination of concession types		1		45		44		(1	)		(33	)
Real estate:
Commercial
Principal deferral		3		4,436		4,404		(32	)		—
Interest rate reduction		1		383		430		47			(89	)
Combination of concession types		4		1,210		1,231		21			(256	)
Residential builder and developer
Principal deferral		8		9,325		8,537		(788	)		—
Combination of concession types		2		2,350		2,726		376			—
Other commercial construction
Principal deferral		3		60,888		60,898		10			—
Residential
Principal deferral		22		2,564		2,675		111			—
Combination of concession types		29		4,985		5,105		120			(265	)
Residential Alt-A
Principal deferral		4		550		565		15			—
Combination of concession types		15		2,869		2,937		68			(49	)
Consumer:
Home equity lines and loans
Principal deferral		10		851		851		—			—
Interest rate reduction		1		144		144		—			(6	)
Combination of concession types		6		715		715		—			(147	)
Automobile
Principal deferral		349		4,585		4,585		—			—
Interest rate reduction		7		77		77		—			(5	)
Other		31		171		171		—			—
Combination of concession types		189		2,779		2,779		—			(282	)
Other
Principal deferral		59		781		781		—			—
Interest rate reduction		3		23		23		—			(3	)
Other		9		49		49		—			—
Combination of concession types		52		361		361		—			(58	)
Total		829	$	116,312	$	115,155	$	(1,157	)	$	(1,193	)

(a) Financial effects impacting the recorded investment included principal payments or advances, charge-offs and capitalized escrow arrearages.

(b) Represents the present value of interest rate concessions discounted at the effective rate of the original loan.

			Recorded investment				Financial effects of modification
Six months ended June 30, 2011	Number		Pre- modification		Post- modification		Recorded investment (a)			Interest (b)
	(dollars in thousands)
Commercial, financial, leasing, etc.
Principal deferral		33	$	7,281	$	7,281	$	—		$	—
Combination of concession types		1		1,945		1,945		—			(641	)
Real estate:
Commercial
Principal deferral		18		11,851		11,740		(111	)		—
Residential builder and developer
Principal deferral		4		18,586		17,661		(925	)		—
Other		5		116,414		108,806		(7,608	)		—
Combination of concession types		1		798		790		(8	)		—
Other commercial construction
Principal deferral		1		2,275		2,269		(6	)		—
Residential
Principal deferral		12		770		760		(10	)		—
Interest rate reduction		11		1,678		1,718		40			(63	)
Combination of concession types		59		13,094		13,341		247			(813	)
Residential Alt-A
Principal deferral		1		73		76		3			—
Combination of concession types		15		2,862		2,916		54			(231	)
Consumer:
Home equity lines and loans
Principal deferral		1		69		69		—			—
Combination of concession types		10		789		790		1			(127	)
Automobile
Principal deferral		421		6,338		6,338		—			—
Interest rate reduction		11		131		131		—			(8	)
Other		57		258		258		—			—
Combination of concession types		222		4,000		4,000		—			(516	)
Other
Principal deferral		13		162		162		—			—
Other		1		11		11		—			—
Combination of concession types		46		217		217		—			(40	)
Total		943	$	189,602	$	181,279	$	(8,323	)	$	(2,439	)

(a) Financial effects impacting the recorded investment included principal payments or advances, charge-offs and capitalized escrow arrearages.

(b) Represents the present value of interest rate concessions discounted at the effective rate of the original loan.