Loans (Tables)

3 Months Ended

Mar. 31, 2018

The detail of the loan portfolio as of March 31, 2018 and December 31, 2017 was as follows:



	March 31, 2018						December 31, 2017
	Non-PCI Loans		PCI Loans*		Total		Non-PCI Loans		PCI Loans*		Total
	(in thousands)
Loans:
Commercial and industrial	$	2,736,170	$	895,427	$	3,631,597	$	2,549,065	$	192,360	$	2,741,425
Commercial real estate:
Commercial real estate	8,804,701		2,901,527		11,706,228		8,561,851		934,926		9,496,777
Construction	950,765		421,743		1,372,508		809,964		41,141		851,105
Total commercial real estate loans	9,755,466		3,323,270		13,078,736		9,371,815		976,067		10,347,882
Residential mortgage	2,817,057		504,503		3,321,560		2,717,744		141,291		2,859,035
Consumer:
Home equity	372,348		176,981		549,329		373,631		72,649		446,280
Automobile	1,222,253		468		1,222,721		1,208,804		98		1,208,902
Other consumer	733,640		15,184		748,824		723,306		4,750		728,056
Total consumer loans	2,328,241		192,633		2,520,874		2,305,741		77,497		2,383,238
Total loans	$	17,636,934	$	4,915,833	$	22,552,767	$	16,944,365	$	1,387,215	$	18,331,580


*	PCI loans include covered loans (mostly consisting of residential mortgage loans) totaling $33.2 million and $38.7 million at March 31, 2018 and December 31, 2017, respectively.

Estimates of the Contractually Required Payments, the Cash Flows Expected to be Collected, and the Estimated Fair Value of Covered Loans in the USAB Acquisition

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 PCI loans acquired in the USAB acquisition as of the January 1, 2018 (See Note 2 for more details).



	(in thousands)

Contractually required principal and interest	$	4,312,988
Contractual cash flows not expected to be collected (non-accretable difference)	(94,098		)
Expected cash flows to be collected	4,218,890
Interest component of expected cash flows (accretable yield)	(474,208		)
Fair value of acquired loans	$	3,744,682

Changes in Accretable Yield for PCI Loans

The following table presents changes in the accretable yield for PCI loans during the three months ended March 31, 2018 and 2017:



	Three Months Ended March 31,
	2018			2017
	(in thousands)
Balance, beginning of period	$	282,009		$	294,514
Acquisition	474,208			—
Accretion	(65,131		)	(24,683		)
Balance, end of period	$	691,086		$	269,831

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

The following table presents past due, non-accrual and current loans (excluding PCI loans, which are accounted for on a pool basis) by loan portfolio class at March 31, 2018 and December 31, 2017:



	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)
March 31, 2018
Commercial and industrial	$	5,405	$	804	$	653	$	25,112	$	31,974	$	2,704,196	$	2,736,170
Commercial real estate:
Commercial real estate	3,699		—		27		8,679		12,405		8,792,296		8,804,701
Construction	532		1,099		—		732		2,363		948,402		950,765
Total commercial real estate loans	4,231		1,099		27		9,411		14,768		9,740,698		9,755,466
Residential mortgage	6,460		4,081		3,361		22,694		36,596		2,780,461		2,817,057
Consumer loans:
Home equity	642		602		—		2,890		4,134		368,214		372,348
Automobile	4,170		854		362		88		5,474		1,216,779		1,222,253
Other consumer	432		33		10		126		601		733,039		733,640
Total consumer loans	5,244		1,489		372		3,104		10,209		2,318,032		2,328,241
Total	$	21,340	$	7,473	$	4,413	$	60,321	$	93,547	$	17,543,387	$	17,636,934
December 31, 2017
Commercial and industrial	$	3,650	$	544	$	—	$	20,890	$	25,084	$	2,523,981	$	2,549,065
Commercial real estate:
Commercial real estate	11,223		—		27		11,328		22,578		8,539,273		8,561,851
Construction	12,949		18,845		—		732		32,526		777,438		809,964
Total commercial real estate loans	24,172		18,845		27		12,060		55,104		9,316,711		9,371,815
Residential mortgage	12,669		7,903		2,779		12,405		35,756		2,681,988		2,717,744
Consumer loans:
Home equity	1,009		94		—		1,777		2,880		370,751		373,631
Automobile	5,707		987		271		73		7,038		1,201,766		1,208,804
Other consumer	1,693		118		13		20		1,844		721,462		723,306
Total consumer loans	8,409		1,199		284		1,870		11,762		2,293,979		2,305,741
Total	$	48,900	$	28,491	$	3,090	$	47,225	$	127,706	$	16,816,659	$	16,944,365

Impaired Loans by Loan Portfolio Class

The following table presents the information about impaired loans by loan portfolio class at March 31, 2018 and December 31, 2017:



	Recorded Investment With No Related Allowance		Recorded Investment With Related Allowance		Total Recorded Investment		Unpaid Contractual Principal Balance		Related Allowance
	(in thousands)
March 31, 2018
Commercial and industrial	$	10,676	$	78,992	$	89,668	$	94,333	$	21,664
Commercial real estate:
Commercial real estate	25,856		29,122		54,978		58,901		2,656
Construction	1,504		465		1,969		1,992		16
Total commercial real estate loans	27,360		29,587		56,947		60,893		2,672
Residential mortgage	6,033		7,997		14,030		15,168		705
Consumer loans:
Home equity	1,283		605		1,888		3,004		60
Total consumer loans	1,283		605		1,888		3,004		60
Total	$	45,352	$	117,181	$	162,533	$	173,398	$	25,101
December 31, 2017
Commercial and industrial	$	9,946	$	75,553	$	85,499	$	90,269	$	11,044
Commercial real estate:
Commercial real estate	28,709		29,771		58,480		62,286		2,718
Construction	1,904		467		2,371		2,394		17
Total commercial real estate loans	30,613		30,238		60,851		64,680		2,735
Residential mortgage	5,654		8,402		14,056		15,332		718
Consumer loans:
Home equity	3,096		664		3,760		4,917		64
Total consumer loans	3,096		664		3,760		4,917		64
Total	$	49,309	$	114,857	$	164,166	$	175,198	$	14,561

Average Recorded Investment and Interest Income Recognized on Impaired Loans

The following tables present by loan portfolio class, the average recorded investment and interest income recognized on impaired loans for the three months ended March 31, 2018 and 2017:



	Three Months Ended March 31,
	2018				2017
	Average Recorded Investment		Interest Income Recognized		Average Recorded Investment		Interest Income Recognized
	(in thousands)
Commercial and industrial	$	90,069	$	714	$	30,459	$	308
Commercial real estate:
Commercial real estate	55,493		616		55,325		324
Construction	2,217		23		2,696		19
Total commercial real estate loans	57,710		639		58,021		343
Residential mortgage	14,098		165		20,393		208
Consumer loans:
Home equity	2,026		33		4,895		40
Total consumer loans	2,026		33		4,895		40
Total	$	163,903	$	1,551	$	113,768	$	899

Pre-Modification and Post-Modification Outstanding Recorded Investments and Non-PCI Loans that Subsequently Defaulted

The non-PCI loans modified as TDRs within the previous 12 months and for which there was a payment default (90 or more days past due) for the three months ended March 31, 2018 and 2017 were as follows:



	Three Months Ended March 31, 2018			Three Months Ended March 31, 2017
Troubled Debt Restructurings Subsequently Defaulted	Number of Contracts	Recorded Investment		Number of Contracts	Recorded Investment
	($ in thousands)
Commercial and industrial	—	$	—	1	$	2,000
Commercial real estate	1	165		2	807
Residential mortgage	—	—		1	321
Total	1	$	165	4	$	3,128

The following tables present loans by loan portfolio class modified as TDRs during the three months ended March 31, 2018 and 2017. 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 March 31, 2018 and 2017, respectively.



	Three Months Ended March 31, 2018					Three Months Ended March 31, 2017
Troubled Debt Restructurings	Number of Contracts	Pre-Modification Outstanding Recorded Investment		Post-Modification Outstanding Recorded Investment		Number of Contracts	Pre-Modification Outstanding Recorded Investment		Post-Modification Outstanding Recorded Investment
	($ in thousands)
Commercial and industrial	6	$	3,908	$	3,777	9	$	10,282	$	9,235
Commercial real estate:
Commercial real estate	1	196		195		1	177		173
Construction	1	32		23		1	560		480
Total commercial real estate	2	228		218		2	737		653
Residential mortgage	3	587		581		3	621		622
Consumer	1	88		86		—	—		—
Total	12	$	4,811	$	4,662	14	$	11,640	$	10,510

Risk Category of Loans

The following table presents the credit exposure by internally assigned risk rating by class of loans (excluding PCI loans) at March 31, 2018 and December 31, 2017 based on the most recent analysis performed.



Credit exposure - by internally assigned risk rating	Pass		Special Mention		Substandard		Doubtful		Total Non-PCI Loans
	(in thousands)
March 31, 2018
Commercial and industrial	$	2,569,935	$	62,434	$	84,437	$	19,364	$	2,736,170
Commercial real estate	8,716,586		33,000		55,115		—		8,804,701
Construction	949,675		358		732		—		950,765
Total	$	12,236,196	$	95,792	$	140,284	$	19,364	$	12,491,636
December 31, 2017
Commercial and industrial	$	2,375,689	$	62,071	$	96,555	$	14,750	$	2,549,065
Commercial real estate	8,447,865		48,009		65,977		—		8,561,851
Construction	808,091		360		1,513		—		809,964
Total	$	11,631,645	$	110,440	$	164,045	$	14,750	$	11,920,880

Recorded Investment in Loan Classes Based on Payment Activity

The following table presents the recorded investment in PCI loans by class based on individual loan payment activity as of March 31, 2018 and December 31, 2017.



Credit exposure - by payment activity	Performing Loans		Non-Performing Loans		Total PCI Loans
	(in thousands)
March 31, 2018
Commercial and industrial	$	867,135	$	28,292	$	895,427
Commercial real estate	2,877,254		24,273		2,901,527
Construction	419,991		1,752		421,743
Residential mortgage	498,036		6,467		504,503
Consumer	190,560		2,073		192,633
Total	$	4,852,976	$	62,857	$	4,915,833
December 31, 2017
Commercial and industrial	$	172,105	$	20,255	$	192,360
Commercial real estate	924,574		10,352		934,926
Construction	39,802		1,339		41,141
Residential mortgage	135,745		5,546		141,291
Consumer	76,901		596		77,497
Total	$	1,349,127	$	38,088	$	1,387,215

The following table presents the recorded investment in those loan classes based on payment activity as of March 31, 2018 and December 31, 2017:



Credit exposure - by payment activity	Performing Loans		Non-Performing Loans		Total Non-PCI Loans
	(in thousands)
March 31, 2018
Residential mortgage	$	2,794,363	$	22,694	$	2,817,057
Home equity	369,458		2,890		372,348
Automobile	1,222,165		88		1,222,253
Other consumer	733,514		126		733,640
Total	$	5,119,500	$	25,798	$	5,145,298
December 31, 2017
Residential mortgage	$	2,705,339	$	12,405	$	2,717,744
Home equity	371,854		1,777		373,631
Automobile	1,208,731		73		1,208,804
Other consumer	723,286		20		723,306
Total	$	5,009,210	$	14,275	$	5,023,485