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Loans and Allowance for Credit Losses (Tables)
 12 Months Ended
Dec. 31, 2011
Receivables [Abstract]  
Summary of Gross Loans by Type
Loans, net of unearned income are summarized as follows as of December 31:
 
2011
 
2010
 
(in thousands)
Real estate – commercial mortgage
$
4,602,596

 
$
4,375,980

Commercial – industrial, financial and agricultural
3,639,368

 
3,704,384

Real estate – home equity
1,624,562

 
1,641,777

Real estate – residential mortgage
1,097,192

 
995,990

Real estate – construction
615,445

 
801,185

Consumer
318,101

 
350,161

Leasing and other
63,254

 
61,017

Overdrafts
15,446

 
10,011

Loans, gross of unearned income
11,975,964

 
11,940,505

Unearned income
(6,994
)
 
(7,198
)
Loans, net of unearned income
$
11,968,970

 
$
11,933,307
Schedule of Allowance for Credit Losses
The following table presents the components of the allowance for credit losses as of December 31:
 
2011
 
2010
 
2009
 
(in thousands)
Allowance for loan losses
$
256,471

 
$
274,271

 
$
256,698

Reserve for unfunded lending commitments
1,706

 
1,227

 
855

Allowance for credit losses
$
258,177

 
$
275,498

 
$
257,553
Activity in the Allowance for Credit Losses
The following table presents the activity in the allowance for credit losses for the years ended December 31:
 
2011
 
2010
 
2009
 
(in thousands)
Balance at beginning of year
$
275,498

 
$
257,553

 
$
180,137

Loans charged off
(161,333
)
 
(151,425
)
 
(119,074
)
Recoveries of loans previously charged off
9,012

 
9,370

 
6,470

Net loans charged off
(152,321
)
 
(142,055
)
 
(112,604
)
Provision for credit losses
135,000

 
160,000

 
190,020

Balance at end of year
$
258,177

 
$
275,498

 
$
257,553


The following table presents activity in the allowance for loan losses, by portfolio segment for the year ended December 31, 2011 and loans, net of unearned income and their related allowance for loan losses, by portfolio segment, as of December 31, 2011:
 
Real Estate -
Commercial
Mortgage
 
Commercial -
Industrial,
Financial and
Agricultural
 
Real Estate -
Home
Equity
 
Real Estate -
Residential
Mortgage
 
Real Estate -
Construction
 
Consumer
 
Leasing
and other
and
overdrafts
 
Unallocated (1)
 
Total
 
(in thousands)
Balance at January 1, 2011
$
40,831

 
$
101,436

 
$
6,454

 
$
17,425

 
$
58,117

 
$
4,669

 
$
3,840

 
$
41,499

 
$
274,271

Loans charged off
(26,032
)
 
(52,301
)
 
(6,397
)
 
(32,533
)
 
(38,613
)
 
(3,289
)
 
(2,168
)
 
—

 
(161,333
)
Recoveries of loans previously charged off
1,967

 
2,521

 
63

 
325

 
1,746

 
1,368

 
1,022

 
—

 
9,012

Net loans charged off
(24,065
)
 
(49,780
)
 
(6,334
)
 
(32,208
)
 
(36,867
)
 
(1,921
)
 
(1,146
)
 
—

 
(152,321
)
Provision for loan losses (2)
45,463

 
36,628

 
9,031

 
29,873

 
33,587

 
2,411

 
647

 
(23,119
)
 
134,521

Impact of change in allowance methodology
22,883

 
(13,388
)
 
3,690

 
7,896

 
(24,771
)
 
(3,076
)
 
(944
)
 
7,710

 
—

Provision for loan losses, including impact of change in allowance methodology
68,346

 
23,240

 
12,721

 
37,769

 
8,816

 
(665
)
 
(297
)
 
(15,409
)
 
134,521

Balance at December 31, 2011
$
85,112

 
$
74,896

 
$
12,841

 
$
22,986

 
$
30,066

 
$
2,083

 
$
2,397

 
$
26,090

 
$
256,471

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Allowance for loan losses at December 31, 2011:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Evaluated for impairment under FASB ASC Subtopic 450-20
$
49,052

 
$
46,471

 
$
9,765

 
$
6,691

 
$
17,610

 
$
1,855

 
$
2,360

 
$
26,090

 
$
159,894

Evaluated for impairment under FASB ASC Section 310-10-35
36,060

 
28,425

 
3,076

 
16,295

 
12,456

 
228

 
37

 
N/A

 
96,577

 
$
85,112

 
$
74,896

 
$
12,841

 
$
22,986

 
$
30,066

 
$
2,083

 
$
2,397

 
$
26,090

 
$
256,471

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Loans, net of unearned income at December 31, 2011:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Evaluated for impairment under FASB ASC Subtopic 450-20
$
4,476,262

 
$
3,560,487

 
$
1,619,069

 
$
1,057,274

 
$
553,106

 
$
317,733

 
$
71,650

 
N/A

 
$
11,655,581

Evaluated for impairment under FASB ASC Section 310-10-35
126,334

 
78,881

 
5,493

 
39,918

 
62,339

 
368

 
56

 
N/A

 
313,389

 
$
4,602,596

 
$
3,639,368

 
$
1,624,562

 
$
1,097,192

 
$
615,445

 
$
318,101

 
$
71,706

 
N/A

 
$
11,968,970

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Allowance for loan losses at December 31, 2010:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Evaluated for impairment under FASB ASC Subtopic 450-20
$
22,836

 
$
32,323

 
$
6,454

 
$
11,475

 
$
35,247

 
$
4,669

 
$
3,840

 
$
41,499

 
$
158,343

Evaluated for impairment under FASB ASC Section 310-10-35
17,995

 
69,113

 
—

 
5,950

 
22,870

 
—

 
—

 
N/A

 
115,928

 
$
40,831

 
$
101,436

 
$
6,454

 
$
17,425

 
$
58,117

 
$
4,669

 
$
3,840

 
$
41,499

 
$
274,271

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Loans, net of unearned income at December 31, 2010:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Evaluated for impairment under FASB ASC Subtopic 450-20
$
4,217,660

 
$
3,469,775

 
$
1,641,777

 
$
956,260

 
$
660,238

 
$
350,161

 
$
63,830

 
N/A

 
$
11,359,701

Evaluated for impairment under FASB ASC Section 310-10-35
158,320

 
234,609

 
—

 
39,730

 
140,947

 
—

 
—

 
N/A

 
573,606

 
$
4,375,980

 
$
3,704,384

 
$
1,641,777

 
$
995,990

 
$
801,185

 
$
350,161

 
$
63,830

 
N/A

 
$
11,933,307


(1)
The Corporation’s unallocated allowance, which was approximately 10% and 15% as of December 31, 2011 and December 31, 2010, respectively, was reasonable and appropriate as the estimates used in the allocation process are inherently imprecise.
(2)
Provision for loan losses is net of a $479,000 decrease in provision applied to unfunded commitments for the year ended December 31, 2011. The total provision for credit losses, comprised of allocations for both funded and unfunded loans, was $135.0 million for the year ended December 31, 2011.
N/A – Not applicable.
Schedule Of Non Performing Residential Mortgages
Below is a summary of the transaction (in thousands):
Recorded investment in loans sold
$
34,810

Proceeds from sale, net of selling expenses
17,420

     Total charge-off
$
(17,390
)


Existing allocation for credit losses on sold loans
$
(12,360
)
Total Impaired Loans by Class Segment
The following table presents total impaired loans by class segment as of December 31:
 







Year ended







2011

December 31, 2011

2010

Unpaid
Principal
Balance
 
Recorded
Investment
 
Related
Allowance
 
Average Recorded Investment
 
Interest Income Recognized (1)
 
Unpaid
Principal
Balance
 
Recorded
Investment
 
Related
Allowance

(in thousands)
With no related allowance recorded:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Real estate - commercial mortgage
$
54,445

 
$
46,768

 
N/A

 
$
44,486

 
$
647

 
$
68,583

 
$
54,251

 
N/A

Commercial - secured
35,529

 
28,440

 
N/A

 
30,829

 
182

 
38,366

 
27,745

 
N/A

Commercial - unsecured
—

 
—

 
N/A

 
177

 
3

 
710

 
587

 
N/A

Real estate - home equity
199

 
199

 
N/A

 
80

 
—

 
—

 
—

 
N/A

Real estate - residential mortgage
—

 
—

 
N/A

 
4,242

 
43

 
21,598

 
21,212

 
N/A

Construction - commercial residential
62,822

 
31,233

 
N/A

 
24,770

 
195

 
69,624

 
32,354

 
N/A

Construction - commercial
3,604

 
3,298

 
N/A

 
2,989

 
22

 
5,637

 
2,125

 
N/A


156,599

 
109,938

 


 
107,573

 
1,092

 
204,518

 
138,274

 


With a related allowance recorded:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Real estate - commercial mortgage
100,529

 
79,566

 
36,060

 
79,831

 
1,270

 
111,190

 
104,069

 
17,995

Commercial - secured
61,970

 
47,652

 
26,248

 
78,380

 
1,231

 
202,824

 
197,674

 
64,922

Commercial - unsecured
3,139

 
2,789

 
2,177

 
3,864

 
34

 
8,681

 
8,603

 
4,191

Real estate - home equity
5,294

 
5,294

 
3,076

 
1,952

 
—

 
—

 
—

 
—

Real estate - residential mortgage
39,918

 
39,918

 
16,295

 
53,610

 
1,458

 
18,518

 
18,518

 
5,950

Construction - commercial residential
41,176

 
25,632

 
11,287

 
47,529

 
457

 
110,465

 
103,826

 
22,155

Construction - commercial
3,221

 
1,049

 
506

 
1,090

 
17

 
2,642

 
2,642

 
715

Construction - other
1,127

 
1,127

 
663

 
1,100

 
1

 
—

 
—

 
—

Consumer - direct
368

 
368

 
228

 
189

 
2

 
—

 
—

 
—

Leasing and other and overdrafts
56

 
56

 
37

 
59

 
—

 
—

 
—

 
—


256,798

 
203,451

 
96,577

 
267,604

 
4,470

 
454,320

 
435,332

 
115,928

Total
$
413,397

 
$
313,389

 
$
96,577

 
$
375,177

 
$
5,562

 
$
658,838

 
$
573,606

 
$
115,928

 
(1)
Effective April 1, 2011, all impaired loans, excluding certain accruing TDRs, were non-accrual loans.
N/A – Not applicable.
Financing Receivable Credit Quality Indicators
The following table presents internal risk ratings for commercial loans, commercial mortgages and certain construction loans, by class segment:

Pass
 
Special Mention
 
Substandard or Lower
 
Total

December 31, 2011
 
December 31, 2010
 
December 31, 2011
 
December 31, 2010
 
December 31, 2011
 
December 31, 2010
 
December 31, 2011
 
December 31, 2010

(dollars in thousands)
Real estate - commercial mortgage
$
4,099,103

 
$
3,776,714

 
$
160,935

 
$
306,926

 
$
342,558

 
$
292,340

 
$
4,602,596

 
$
4,375,980

Commercial - secured
2,977,957

 
2,903,184

 
166,588

 
244,927

 
249,014

 
323,187

 
3,393,559

 
3,471,298

Commercial -unsecured
230,962

 
211,298

 
6,066

 
14,177

 
8,781

 
7,611

 
245,809

 
233,086

Total commercial - industrial, financial and agricultural
3,208,919

 
3,114,482

 
172,654

 
259,104

 
257,795

 
330,798

 
3,639,368

 
3,704,384

Construction - commercial residential
175,706

 
251,159

 
50,854

 
84,774

 
126,378

 
156,966

 
352,938

 
492,899

Construction - commercial
186,049

 
222,357

 
7,022

 
10,221

 
16,309

 
11,859

 
209,380

 
244,437

Total real estate - construction (excluding Construction - other)
361,755

 
473,516

 
57,876

 
94,995

 
142,687

 
168,825

 
562,318

 
737,336

Total
$
7,669,777

 
$
7,364,712

 
$
391,465

 
$
661,025

 
$
743,040

 
$
791,963

 
$
8,804,282

 
$
8,817,700

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
% of Total
87.1
%
 
83.5
%
 
4.5
%
 
7.5
%
 
8.4
%
 
9.0
%
 
100.0
%
 
100.0
%

The following table presents a summary of delinquency status for home equity, residential mortgage, consumer, leasing and other and certain construction loans by class segment:
 
Performing
 
Delinquent (1)
 
Non-performing (2)
 
Total
 
December 31, 2011
 
December 31, 2010
 
December 31, 2011
 
December 31, 2010
 
December 31, 2011
 
December 31, 2010
 
December 31, 2011
 
December 31, 2010
 
(dollars in thousands)
Real estate - home equity
$
1,601,722

 
$
1,619,684

 
$
11,633

 
$
11,905

 
$
11,207

 
$
10,188

 
$
1,624,562

 
$
1,641,777

Real estate - residential mortgage
1,043,733

 
909,247

 
37,123

 
36,331

 
16,336

 
50,412

 
1,097,192

 
995,990

Real estate - construction - other
49,593

 
60,956

 
2,341

 
—

 
1,193

 
2,893

 
53,127

 
63,849

Consumer - direct
34,263

 
45,942

 
657

 
935

 
518

 
212

 
35,438

 
47,089

Consumer - indirect
151,112

 
166,531

 
2,437

 
2,275

 
183

 
290

 
153,732

 
169,096

Consumer - other
122,894

 
129,911

 
3,354

 
2,413

 
2,683

 
1,652

 
128,931

 
133,976

Total consumer
308,269

 
342,384

 
6,448

 
5,623

 
3,384

 
2,154

 
318,101

 
350,161

Leasing and other and overdrafts
70,550

 
63,087

 
1,049

 
516

 
107

 
227

 
71,706

 
63,830

Total
$
3,073,867

 
$
2,995,358

 
$
58,594

 
$
54,375

 
$
32,227

 
$
65,874

 
$
3,164,688

 
$
3,115,607

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
% of Total
97.1
%
 
96.2
%
 
1.9
%
 
1.7
%
 
1.0
%
 
2.1
%
 
100.0
%
 
100.0
%
 
(1)Includes all accruing loans 30 days to 89 days past due.
(2)Includes all accruing loans 90 days or more past due and all non-accrual loans
Non-Performing Assets
The following table presents non-performing assets as of December 31:
 
2011
 
2010
 
(in thousands)
Non-accrual loans
$
257,761

 
$
280,688

Accruing loans greater than 90 days past due
28,767

 
48,084

Total non-performing loans
286,528

 
328,772

Other real estate owned
30,803

 
32,959

Total non-performing assets
$
317,331

 
$
361,731
Troubled Debt Restructurings on Financing Receivables

The following table presents loans whose terms were modified under TDRs as of December 31:
 
2011
 
2010
 
(in thousands)
Real estate – residential mortgage
$
32,331

 
$
37,826

Real estate – commercial mortgage
22,425

 
18,778

Real estate – construction
7,645

 
5,440

Commercial – industrial, financial and agricultural
3,581

 
5,502

Consumer
193

 
263

Total accruingTDRs
66,175

 
67,809

Non-accrual TDRs (1)
32,587

 
51,175

Total TDRs
$
98,762

 
$
118,984

 
(1)Included within non-accrual loans in the preceding table
Loan Terms Modified Under Troubled Debt Restructurings during The Period By Class Segment
.

The following table presents loans modified as TDRs during the year ended December 31, 2011 and classified as TDRs as of December 31, 2011, by class segment:

Number of Loans

Recorded Investment

(dollars in thousands)
Real estate - commercial mortgage
20
 
$
18,821

Construction - commercial residential
4
 
8,991

Real estate - residential mortgage
17
 
3,912

Commercial - secured
11
 
3,150

Commercial - unsecured
1
 
132


53
 
$
35,006
Schedule Of TDRs Modified Last 12 Months Which Had Payment Default In 2011

The following table presents loans modified during 2011, and classified as TDRs as of December 31, 2011, which had a payment default during the year ended December 31, 2011 , by class segment:

Number of Loans
 
Recorded Investment

(dollars in thousands)
Real estate - commercial mortgage
12
 
$
12,045

Construction - commercial residential
2
 
5,803

Real estate - residential mortgage
10
 
2,032

Commercial - secured
3
 
133


27
 
$
20,013
Past due Loan Status and Non-Accrual Loans by Portfolio Segment


The following table presents past due status and non-accrual loans by portfolio segment and class segment:
 
December 31, 2011
 
31-59
Days Past
Due
 
60-89
Days Past
Due
 
≥ 90 Days
Past Due
and
Accruing
 
Non-
accrual
 
Total ≥ 90
Days
 
Total Past
Due
 
Current
 
Total
 
(in thousands)
Real estate - commercial mortgage
$
11,167

 
$
14,437

 
$
4,394

 
$
109,412

 
$
113,806

 
$
139,410

 
$
4,463,186

 
$
4,602,596

Commercial - secured
9,284

 
4,498

 
4,831

 
73,048

 
77,879

 
91,661

 
3,301,899

 
3,393,560

Commercial - unsecured
671

 
515

 
409

 
2,656

 
3,065

 
4,251

 
241,557

 
245,808

Total Commercial - industrial, financial and agricultural
9,955

 
5,013

 
5,240

 
75,704

 
80,944

 
95,912

 
3,543,456

 
3,639,368

Real estate - home equity
7,439

 
4,194

 
5,714

 
5,493

 
11,207

 
22,840

 
1,601,722

 
1,624,562

Real estate - residential mortgage
23,877

 
13,246

 
8,502

 
7,834

 
16,336

 
53,459

 
1,043,733

 
1,097,192

Construction - commercial residential
2,372

 
4,824

 
1,656

 
53,420

 
55,076

 
62,272

 
290,665

 
352,937

Construction - commercial
31

 
—

 
128

 
4,347

 
4,475

 
4,506

 
204,875

 
209,381

Construction - other
2,341

 
—

 
66

 
1,127

 
1,193

 
3,534

 
49,593

 
53,127

Total Real estate - construction
4,744

 
4,824

 
1,850

 
58,894

 
60,744

 
70,312

 
545,133

 
615,445

Consumer - direct
455

 
202

 
150

 
368

 
518

 
1,175

 
34,263

 
35,438

Consumer - indirect
1,997

 
440

 
183

 
—

 
183

 
2,620

 
151,112

 
153,732

Consumer - other
2,251

 
1,103

 
2,683

 
—

 
2,683

 
6,037

 
122,894

 
128,931

Total Consumer
4,703

 
1,745

 
3,016

 
368

 
3,384

 
9,832

 
308,269

 
318,101

Leasing and other and overdrafts
925

 
124

 
51

 
56

 
107

 
1,156

 
70,550

 
71,706

 
$
62,810

 
$
43,583

 
$
28,767

 
$
257,761

 
$
286,528

 
$
392,921

 
$
11,576,049

 
$
11,968,970

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2010
 
31-59
Days Past
Due
 
60-89
Days Past
Due
 
≥ 90 Days
Past Due
and
Accruing
 
Non-
accrual
 
Total ≥ 90
Days
 
Total Past
Due
 
Current
 
Total
 
(in thousands)
Real estate - commercial mortgage
$
15,898

 
$
8,491

 
$
6,744

 
$
86,976

 
$
93,720

 
$
118,109

 
$
4,257,871

 
$
4,375,980

Commercial - secured
5,274

 
6,837

 
13,374

 
72,162

 
85,536

 
97,647

 
3,373,651

 
3,471,298

Commercial - unsecured
629

 
553

 
731

 
1,188

 
1,919

 
3,101

 
229,985

 
233,086

Total Commercial - industrial, financial and agricultural
5,903

 
7,390

 
14,105

 
73,350

 
87,455

 
100,748

 
3,603,636

 
3,704,384

Real estate - home equity
8,138

 
3,767

 
10,024

 
164

 
10,188

 
22,093

 
1,619,684

 
1,641,777

Real estate - residential mortgage
24,237

 
12,094

 
13,346

 
37,066

 
50,412

 
86,743

 
909,247

 
995,990

Construction - commercial residential
3,872

 
3,401

 
884

 
75,552

 
76,436

 
83,709

 
409,190

 
492,899

Construction - commercial
—

 
—

 
195

 
5,092

 
5,287

 
5,287

 
239,150

 
244,437

Construction - other
—

 
—

 
491

 
2,402

 
2,893

 
2,893

 
60,956

 
63,849

Total Real estate - construction
3,872

 
3,401

 
1,570

 
83,046

 
84,616

 
91,889

 
709,296

 
801,185

Consumer - direct
707

 
228

 
212

 
—

 
212

 
1,147

 
45,942

 
47,089

Consumer - indirect
1,916

 
359

 
290

 
—

 
290

 
2,565

 
166,531

 
169,096

Consumer - other
1,751

 
662

 
1,638

 
14

 
1,652

 
4,065

 
129,911

 
133,976

Total Consumer
4,374

 
1,249

 
2,140

 
14

 
2,154

 
7,777

 
342,384

 
350,161

Leasing and other and overdrafts
473

 
43

 
155

 
72

 
227

 
743

 
63,087

 
63,830

 
$
62,895

 
$
36,435

 
$
48,084

 
$
280,688

 
$
328,772

 
$
428,102

 
$
11,505,205

 
$
11,933,307