Loans (Tables)

12 Months Ended

Dec. 31, 2014

Schedule of Loan Portfolio Non-Covered and Covered PCI Loans and Non-PCI Loans

The detail of the loan portfolio as of December 31, 2014 and 2013 was as follows:



	December 31, 2014						December 31, 2013
	Non-PCI Loans		PCI Loans		Total		Non-PCI Loans		PCI Loans		Total
	(in thousands)
Non-covered loans:
Commercial and industrial	$	1,959,927	$	277,371	$	2,237,298	$	1,820,136	$	174,948	$	1,995,084
Commercial real estate:
Commercial real estate	5,053,742		978,448		6,032,190		4,521,920		459,755		4,981,675
Construction	476,094		53,869		529,963		406,877		22,354		429,231
Total commercial real estate loans	5,529,836		1,032,317		6,562,153		4,928,797		482,109		5,410,906
Residential mortgage	2,419,044		96,631		2,515,675		2,485,239		14,726		2,499,965
Consumer:
Home equity	400,136		91,609		491,745		410,875		38,134		449,009
Automobile	1,144,780		51		1,144,831		901,399		—		901,399
Other consumer	298,389		11,931		310,320		214,898		186		215,084
Total consumer loans	1,843,305		103,591		1,946,896		1,527,172		38,320		1,565,492
Total non-covered loans	11,752,112		1,509,910		13,262,022		10,761,344		710,103		11,471,447
Covered loans:
Commercial and industrial	—		13,813		13,813		—		26,249		26,249
Commercial real estate	—		128,691		128,691		—		61,494		61,494
Construction	—		3,171		3,171		—		—		—
Residential mortgage	—		60,697		60,697		—		7,623		7,623
Consumer	—		5,519		5,519		—		799		799
Total covered loans	—		211,891		211,891		—		96,165		96,165
Total loans	$	11,752,112	$	1,721,801	$	13,473,913	$	10,761,344	$	806,268	$	11,567,612

Schedule Of Acquired Loan Portfolio

The following table presents information regarding the estimates of the contractually required payments, the cash flows expected to be collected, and the estimated fair value of the non-covered and covered PCI loans acquired in the 1st United acquisition (see Note 2), as of the November 1, 2014 closing date for the acquisition.



	(in thousands)

Contractually required principal and interest	$	1,448,932
Contractual cash flows not expected to be collected (non-accretable difference)	(41,087		)
Expected cash flows to be collected	1,407,845
Interest component of expected cash flows (accretable yield)	(246,993		)
Fair value of acquired loans	$	1,160,852

Changes in Accretable Yield for Covered Loans

The following table presents changes in the accretable yield for PCI loans for the years ended December 31, 2014 and 2013:



	2014			2013
	(in thousands)
Balance, beginning of period	$	223,799		$	169,309
Acquisition	246,993			—
Accretion	(74,507		)	(66,458		)
Net (decrease) increase in expected cash flows	(60,077		)	120,948
Balance, end of period	$	336,208		$	223,799

Changes in FDIC Loss-Share Receivable

Changes in FDIC loss-share receivable for the years ended December 31, 2014 and 2013 were as follows:



	2014			2013
	(in thousands)
Balance, beginning of the period	$	32,757		$	44,996
Acquisition	7,465			—
Discount accretion of the present value at the acquisition dates	40			130
Effect of additional cash flows on covered loans (prospective recognition)	(15,760		)	(10,465		)
Decrease in the provision for losses on covered loans	(4,608		)	(2,783		)
Other reimbursable expenses	2,622			4,691
Reimbursements from the FDIC	(5,582		)	(3,812		)
Other	(3,086		)	—
Balance, end of the period	$	13,848		$	32,757

Summary of Related Party Loans

The following table summarizes the changes in the total amounts of loans and advances to the related parties during the year ended December 31, 2014:



	2014
	(in thousands)
Outstanding at beginning of year	$	242,371
New loans and advances	12,185
Repayments	(28,661		)
Outstanding at end of year	$	225,895

Past Due, Non-Accrual and Current Non-Covered Loans by Loan Portfolio Class

The following tables present past due, non-accrual and current loans (excluding PCI loans, which are accounted for on a pool basis) by loan portfolio class at December 31, 2014 and 2013:



	Past Due and Non-Accrual Loans
	30-59 Days Past Due Loans		60-89 Days Past Due Loans		Accruing Loans 90 Days Or More Past Due		Non-Accrual Loans		Total Past Due Loans		Current Non-PCI Loans		Total Non-PCI Loans
	(in thousands)
December 31, 2014
Commercial and industrial	$	1,630	$	1,102	$	226	$	8,467	$	11,425	$	1,948,502	$	1,959,927
Commercial real estate:
Commercial real estate	8,938		113		49		22,098		31,198		5,022,544		5,053,742
Construction	448		—		3,988		5,223		9,659		466,435		476,094
Total commercial real estate loans	9,386		113		4,037		27,321		40,857		5,488,979		5,529,836
Residential mortgage	6,200		3,575		1,063		17,760		28,598		2,390,446		2,419,044
Consumer loans:
Home equity	761		282		—		2,022		3,065		397,071		400,136
Automobile	1,902		391		126		90		2,509		1,142,271		1,144,780
Other consumer	319		91		26		97		533		297,856		298,389
Total consumer loans	2,982		764		152		2,209		6,107		1,837,198		1,843,305
Total	$	20,198	$	5,554	$	5,478	$	55,757	$	86,987	$	11,665,125	$	11,752,112



December 31, 2013
Commercial and industrial	$	6,398	$	571	$	233	$	21,029	$	28,231	$	1,791,905	$	1,820,136
Commercial real estate:
Commercial real estate	9,142		2,442		7,591		43,934		63,109		4,458,811		4,521,920
Construction	1,186		4,577		—		8,116		13,879		392,998		406,877
Total commercial real estate loans	10,328		7,019		7,591		52,050		76,988		4,851,809		4,928,797
Residential mortgage	6,595		1,939		1,549		19,949		30,032		2,455,207		2,485,239
Consumer loans:
Home equity	495		241		—		1,866		2,602		408,273		410,875
Automobile	2,957		489		85		169		3,700		897,699		901,399
Other consumer	340		54		33		—		427		214,471		214,898
Total consumer loans	3,792		784		118		2,035		6,729		1,520,443		1,527,172
Total	$	27,113	$	10,313	$	9,491	$	95,063	$	141,980	$	10,619,364	$	10,761,344

Impaired Loans

The following table presents the information about impaired loans by loan portfolio class at December 31, 2014 and 2013:



	Recorded Investment With No Related Allowance		Recorded Investment With Related Allowance		Total Recorded Investment		Unpaid Contractual Principal Balance		Related Allowance
	(in thousands)
December 31, 2014
Commercial and industrial	$	6,579	$	21,645	$	28,224	$	33,677	$	4,929
Commercial real estate:
Commercial real estate	29,784		44,713		74,497		77,007		5,342
Construction	14,502		2,299		16,801		20,694		160
Total commercial real estate loans	44,286		47,012		91,298		97,701		5,502
Residential mortgage	6,509		15,831		22,340		24,311		1,629
Consumer loans:
Home equity	235		2,911		3,146		3,247		465
Total consumer loans	235		2,911		3,146		3,247		465
Total	$	57,609	$	87,399	$	145,008	$	158,936	$	12,525
December 31, 2013
Commercial and industrial	$	3,806	$	43,497	$	47,303	$	59,891	$	11,032
Commercial real estate:
Commercial real estate	46,872		47,973		94,845		110,227		7,874
Construction	11,771		8,022		19,793		21,478		802
Total commercial real estate loans	58,643		55,995		114,638		131,705		8,676
Residential mortgage	10,082		18,231		28,313		32,664		3,735
Consumer loans:
Home equity	1,010		84		1,094		1,211		82
Total consumer loans	1,010		84		1,094		1,211		82
Total	$	73,541	$	117,807	$	191,348	$	225,471	$	23,525

Average Recorded Investment and Interest Income Recognized on Impaired Loans

The following table presents, by loan portfolio class, the average recorded investment and interest income recognized on impaired loans for the years ended December 31, 2014, 2013, and 2012:



	2014				2013				2012
	Average Recorded Investment		Interest Income Recognized		Average Recorded Investment		Interest Income Recognized		Average Recorded Investment		Interest Income Recognized
	(in thousands)
Commercial and industrial	$	30,485	$	1,114	$	55,814	$	1,686	$	47,940	$	1,463
Commercial real estate:
Commercial real estate	74,256		2,488		110,447		2,946		101,972		2,640
Construction	21,515		547		20,752		252		21,421		270
Total commercial real estate loans	95,771		3,035		131,199		3,198		123,393		2,910
Residential mortgage	26,863		812		29,059		996		31,620		716
Consumer loans:
Home equity	2,214		49		1,191		65		943		14
Total consumer loans	2,214		49		1,191		65		943		14
Total	$	155,333	$	5,010	$	217,263	$	5,945	$	203,896	$	5,103

Pre-Modification and Post-Modification Outstanding Recorded Investments

The following table presents non-PCI loans by loan class modified as TDRs during the years ended December 31, 2014 and 2013. The pre-modification and post-modification outstanding recorded investments disclosed in the table below represent the loan carrying amounts immediately prior to the modification and the carrying amounts at December 31, 2014 and 2013, respectively.



		Pre-Modification		Post-Modification
Troubled Debt	Number of	Outstanding		Outstanding
Restructurings	Contracts	Recorded Investment		Recorded Investment
		($ in thousands)
December 31, 2014
Commercial and industrial	12	$	12,057	$	10,793
Commercial real estate:
Commercial real estate	12	17,817		13,967
Construction	4	6,339		4,731
Total commercial real estate	16	24,156		18,698
Residential mortgage	9	5,662		5,348
Consumer	5	2,051		2,234
Total	42	$	43,926	$	37,073
December 31, 2013
Commercial and industrial	16	$	27,415	$	22,718
Commercial real estate:
Commercial real estate	13	13,788		13,818
Construction	8	16,682		18,133
Total commercial real estate	21	30,470		31,951
Residential mortgage	38	8,661		7,681
Consumer	7	500		445
Total	82	$	67,046	$	62,795

Non-Covered Loans Modified as TDR

The following table presents non-PCI loans modified as TDRs within the previous 12 months from, and for which there was a payment default (90 or more past due) during year ended December 31, 2014:



	December 31, 2014
Troubled Debt Restructurings Subsequently Defaulted	Number of Contracts	Recorded Investment
	($ in thousands)
Commercial and industrial	2	$	2,132
Commercial real estate	4	1,397
Total	6	$	3,529

Risk Category of Loans

The following table presents the risk category of loans by class of loans (excluding PCI loans) based on the most recent analysis performed at December 31, 2014 and 2013.



Credit exposure— by internally assigned risk rating			Special						Total Non-PCI
Credit exposure— by internally assigned risk rating	Pass		Mention		Substandard		Doubtful		Loans
	(in thousands)
December 31, 2014
Commercial and industrial	$	1,865,472	$	50,453	$	44,002	$	—	$	1,959,927
Commercial real estate	4,903,185		40,232		110,325		—		5,053,742
Construction	455,145		1,923		16,482		2,544		476,094
Total	$	7,223,802	$	92,608	$	170,809	$	2,544	$	7,489,763
December 31, 2013
Commercial and industrial	$	1,689,613	$	56,007	$	74,501	$	15	$	1,820,136
Commercial real estate	4,348,642		48,159		125,119		—		4,521,920
Construction	373,480		11,697		15,720		5,980		406,877
Total	$	6,411,735	$	115,863	$	215,340	$	5,995	$	6,748,933

Recorded Investment in Loan Classes Based on Payment Activity

The following table presents the recorded investment in those loan classes based on payment activity as of December 31, 2014 and 2013:



Credit exposure— by payment activity	Performing Loans		Non-Performing Loans		Total Non-PCI Loans
	(in thousands)
December 31, 2014
Residential mortgage	$	2,401,284	$	17,760	$	2,419,044
Home equity	398,114		2,022		400,136
Automobile	1,144,690		90		1,144,780
Other consumer	298,292		97		298,389
Total	$	4,242,380	$	19,969	$	4,262,349
December 31, 2013
Residential mortgage	$	2,465,290	$	19,949	$	2,485,239
Home equity	409,009		1,866		410,875
Automobile	901,230		169		901,399
Other consumer	214,898		—		214,898
Total	$	3,990,427	$	21,984	$	4,012,411

The following table presents the recorded investment in PCI loans by class based on individual loan payment activity as of December 31, 2014 and 2013:



Credit exposure—	Performing		Non-Performing		Total
by payment activity	Loans		Loans		PCI Loans
	(in thousands)
December 31, 2014
Commercial and industrial	$	272,027	$	19,157	$	291,184
Commercial real estate	1,091,784		15,355		1,107,139
Construction	52,802		4,238		57,040
Residential mortgage	153,789		3,539		157,328
Consumer	103,686		5,424		109,110
Total	$	1,674,088	$	47,713	$	1,721,801
December 31, 2013
Commercial and industrial	$	185,185	$	16,012	$	201,197
Commercial real estate	498,184		23,065		521,249
Construction	16,791		5,563		22,354
Residential mortgage	21,381		968		22,349
Consumer	37,980		1,139		39,119
Total	$	759,521	$	46,747	$	806,268