| Loans |
Loans The period end loan composition was as follows. | | | | | | | | | | March 31,
2017 | | December 31,
2016 | | ($ in Thousands) | Commercial and industrial | $ | 6,300,646 |
| | $ | 6,489,014 |
| Commercial real estate — owner occupied | 878,391 |
| | 897,724 |
| Commercial and business lending | 7,179,037 |
| | 7,386,738 |
| Commercial real estate — investor | 3,415,355 |
| | 3,574,732 |
| Real estate construction | 1,553,205 |
| | 1,432,497 |
| Commercial real estate lending | 4,968,560 |
| | 5,007,229 |
| Total commercial | 12,147,597 |
| | 12,393,967 |
| Residential mortgage | 6,715,282 |
| | 6,332,327 |
| Home equity | 911,969 |
| | 934,443 |
| Other consumer | 372,835 |
| | 393,979 |
| Total consumer | 8,000,086 |
| | 7,660,749 |
| Total loans | $ | 20,147,683 |
| | $ | 20,054,716 |
|
The following table presents commercial and consumer loans by credit quality indicator at March 31, 2017. | | | | | | | | | | | | | | | | | | | | | | Pass | | Special Mention | | Potential Problem | | Nonaccrual | | Total | | ($ in Thousands) | Commercial and industrial | $ | 5,816,591 |
| | $ | 100,234 |
| | $ | 218,930 |
| | $ | 164,891 |
| | $ | 6,300,646 |
| Commercial real estate - owner occupied | 793,177 |
| | 8,295 |
| | 58,994 |
| | 17,925 |
| | 878,391 |
| Commercial and business lending | 6,609,768 |
| | 108,529 |
| | 277,924 |
| | 182,816 |
| | 7,179,037 |
| Commercial real estate - investor | 3,336,105 |
| | 21,760 |
| | 49,217 |
| | 8,273 |
| | 3,415,355 |
| Real estate construction | 1,541,779 |
| | 38 |
| | 10,141 |
| | 1,247 |
| | 1,553,205 |
| Commercial real estate lending | 4,877,884 |
| | 21,798 |
| | 59,358 |
| | 9,520 |
| | 4,968,560 |
| Total commercial | 11,487,652 |
| | 130,327 |
| | 337,282 |
| | 192,336 |
| | 12,147,597 |
| Residential mortgage | 6,658,070 |
| | 874 |
| | 2,155 |
| | 54,183 |
| | 6,715,282 |
| Home equity | 897,452 |
| | 1,085 |
| | 220 |
| | 13,212 |
| | 911,969 |
| Other consumer | 372,064 |
| | 511 |
| | — |
| | 260 |
| | 372,835 |
| Total consumer | 7,927,586 |
| | 2,470 |
| | 2,375 |
| | 67,655 |
| | 8,000,086 |
| Total | $ | 19,415,238 |
| | $ | 132,797 |
| | $ | 339,657 |
| | $ | 259,991 |
| | $ | 20,147,683 |
|
The following table presents commercial and consumer loans by credit quality indicator at December 31, 2016. | | | | | | | | | | | | | | | | | | | | | | Pass | | Special Mention | | Potential Problem | | Nonaccrual | | Total | | ($ in Thousands) | Commercial and industrial | $ | 5,937,119 |
| | $ | 141,328 |
| | $ | 227,196 |
| | $ | 183,371 |
| | $ | 6,489,014 |
| Commercial real estate - owner occupied | 805,871 |
| | 17,785 |
| | 64,524 |
| | 9,544 |
| | 897,724 |
| Commercial and business lending | 6,742,990 |
| | 159,113 |
| | 291,720 |
| | 192,915 |
| | 7,386,738 |
| Commercial real estate - investor | 3,491,217 |
| | 14,236 |
| | 51,228 |
| | 18,051 |
| | 3,574,732 |
| Real estate construction | 1,429,083 |
| | 105 |
| | 2,465 |
| | 844 |
| | 1,432,497 |
| Commercial real estate lending | 4,920,300 |
| | 14,341 |
| | 53,693 |
| | 18,895 |
| | 5,007,229 |
| Total commercial | 11,663,290 |
| | 173,454 |
| | 345,413 |
| | 211,810 |
| | 12,393,967 |
| Residential mortgage | 6,275,162 |
| | 1,314 |
| | 5,615 |
| | 50,236 |
| | 6,332,327 |
| Home equity | 919,740 |
| | 1,588 |
| | 114 |
| | 13,001 |
| | 934,443 |
| Other consumer | 393,161 |
| | 562 |
| | — |
| | 256 |
| | 393,979 |
| Total consumer | 7,588,063 |
| | 3,464 |
| | 5,729 |
| | 63,493 |
| | 7,660,749 |
| Total | $ | 19,251,353 |
| | $ | 176,918 |
| | $ | 351,142 |
| | $ | 275,303 |
| | $ | 20,054,716 |
|
Factors that are important to managing overall credit quality are sound loan underwriting and administration, systematic monitoring of existing loans and commitments, effective loan review on an ongoing basis, early identification of potential problems, and appropriate allowance for loan losses, allowance for unfunded commitments, nonaccrual, and charge off policies. For commercial loans, management has determined the pass credit quality indicator to include credits that exhibit acceptable financial statements, cash flow, and leverage. If any risk exists, it is mitigated by the loan structure, collateral, monitoring, or control. For consumer loans, performing loans include credits that are performing in accordance with the original contractual terms. Loans are considered past due if the required principal and interest payments have not been received as of the date such payments were due. Special mention credits have potential weaknesses that deserve management’s attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the credit. Potential problem loans are considered inadequately protected by the current net worth and paying capacity of the obligor or the collateral pledged. These loans generally have a well-defined weakness, or weaknesses, that may jeopardize liquidation of the debt and are characterized by the distinct possibility that the Corporation will sustain some loss if the deficiencies are not corrected. Lastly, management considers a loan to be impaired when it is probable that the Corporation will be unable to collect all amounts due according to the original contractual terms of the note agreement, including both principal and interest. Management has determined that commercial and consumer loan relationships that have nonaccrual status or have had their terms restructured in a troubled debt restructuring meet this impaired loan definition. Commercial loans classified as special mention, potential problem, and nonaccrual are reviewed at a minimum on a quarterly basis, while pass and performing rated credits are reviewed on an annual basis or more frequently if the loan renewal is less than one year or if otherwise warranted. The following table presents loans by past due status at March 31, 2017. | | | | | | | | | | | | | | | | | | | | | | | | | | Current | | 30-59 Days Past Due | | 60-89 Days Past Due | | 90 Days or More Past Due (a) | | Nonaccrual (b) | | Total | | ($ in Thousands) | Commercial and industrial | $ | 6,133,822 |
| | $ | 752 |
| | $ | 923 |
| | $ | 258 |
| | $ | 164,891 |
| | $ | 6,300,646 |
| Commercial real estate - owner occupied | 859,496 |
| | 500 |
| | 470 |
| | — |
| | 17,925 |
| | 878,391 |
| Commercial and business lending | 6,993,318 |
| | 1,252 |
| | 1,393 |
| | 258 |
| | 182,816 |
| | 7,179,037 |
| Commercial real estate - investor | 3,405,960 |
| | 920 |
| | 202 |
| | — |
| | 8,273 |
| | 3,415,355 |
| Real estate construction | 1,551,527 |
| | 393 |
| | 38 |
| | — |
| | 1,247 |
| | 1,553,205 |
| Commercial real estate lending | 4,957,487 |
| | 1,313 |
| | 240 |
| | — |
| | 9,520 |
| | 4,968,560 |
| Total commercial | 11,950,805 |
| | 2,565 |
| | 1,633 |
| | 258 |
| | 192,336 |
| | 12,147,597 |
| Residential mortgage | 6,653,856 |
| | 4,238 |
| | 3,005 |
| | — |
| | 54,183 |
| | 6,715,282 |
| Home equity | 894,245 |
| | 3,406 |
| | 1,106 |
| | — |
| | 13,212 |
| | 911,969 |
| Other consumer | 369,455 |
| | 1,013 |
| | 645 |
| | 1,462 |
| | 260 |
| | 372,835 |
| Total consumer | 7,917,556 |
| | 8,657 |
| | 4,756 |
| | 1,462 |
| | 67,655 |
| | 8,000,086 |
| Total | $ | 19,868,361 |
| | $ | 11,222 |
| | $ | 6,389 |
| | $ | 1,720 |
| | $ | 259,991 |
| | $ | 20,147,683 |
|
| | (a) | The recorded investment in loans past due 90 days or more and still accruing totaled $2 million at March 31, 2017 (the same as the reported balances for the accruing loans noted above). |
| | (b) | Of the total nonaccrual loans, $194 million or 75% were current with respect to payment at March 31, 2017. |
The following table presents loans by past due status at December 31, 2016. | | | | | | | | | | | | | | | | | | | | | | | | | | Current | | 30-59 Days Past Due | | 60-89 Days Past Due | | 90 Days or More Past Due (a) | | Nonaccrual (b) | | Total | | ($ in Thousands) | Commercial and industrial | $ | 6,303,994 |
| | $ | 965 |
| | $ | 448 |
| | $ | 236 |
| | $ | 183,371 |
| | $ | 6,489,014 |
| Commercial real estate - owner occupied | 886,796 |
| | 968 |
| | 416 |
| | — |
| | 9,544 |
| | 897,724 |
| Commercial and business lending | 7,190,790 |
| | 1,933 |
| | 864 |
| | 236 |
| | 192,915 |
| | 7,386,738 |
| Commercial real estate - investor | 3,555,750 |
| | 431 |
| | 500 |
| | — |
| | 18,051 |
| | 3,574,732 |
| Real estate construction | 1,431,284 |
| | 264 |
| | 105 |
| | — |
| | 844 |
| | 1,432,497 |
| Commercial real estate lending | 4,987,034 |
| | 695 |
| | 605 |
| | — |
| | 18,895 |
| | 5,007,229 |
| Total commercial | 12,177,824 |
| | 2,628 |
| | 1,469 |
| | 236 |
| | 211,810 |
| | 12,393,967 |
| Residential mortgage | 6,273,949 |
| | 7,298 |
| | 844 |
| | — |
| | 50,236 |
| | 6,332,327 |
| Home equity | 915,593 |
| | 4,265 |
| | 1,584 |
| | — |
| | 13,001 |
| | 934,443 |
| Other consumer | 389,157 |
| | 2,471 |
| | 718 |
| | 1,377 |
| | 256 |
| | 393,979 |
| Total consumer | 7,578,699 |
| | 14,034 |
| | 3,146 |
| | 1,377 |
| | 63,493 |
| | 7,660,749 |
| Total | $ | 19,756,523 |
| | $ | 16,662 |
| | $ | 4,615 |
| | $ | 1,613 |
| | $ | 275,303 |
| | $ | 20,054,716 |
|
| | (a) | The recorded investment in loans past due 90 days or more and still accruing totaled $2 million at December 31, 2016 (the same as the reported balances for the accruing loans noted above). |
| | (b) | Of the total nonaccrual loans, $224 million or 81% were current with respect to payment at December 31, 2016. |
The following table presents impaired loans at March 31, 2017. | | | | | | | | | | | | | | | | | | | | | | Recorded
Investment | | Unpaid
Principal
Balance | | Related
Allowance | | Average
Recorded
Investment | | Interest
Income
Recognized | | ($ in Thousands) | Loans with a related allowance | | | | | | | | | | Commercial and industrial | $ | 124,408 |
| | $ | 135,061 |
| | $ | 26,686 |
| | $ | 130,361 |
| | $ | 305 |
| Commercial real estate — owner occupied | 14,918 |
| | 16,833 |
| | 1,766 |
| | 15,045 |
| | 113 |
| Commercial and business lending | 139,326 |
| | 151,894 |
| | 28,452 |
| | 145,406 |
| | 418 |
| Commercial real estate — investor | 16,018 |
| | 16,497 |
| | 319 |
| | 16,060 |
| | 371 |
| Real estate construction | 1,349 |
| | 1,663 |
| | 533 |
| | 1,369 |
| | 32 |
| Commercial real estate lending | 17,367 |
| | 18,160 |
| | 852 |
| | 17,429 |
| | 403 |
| Total commercial | 156,693 |
| | 170,054 |
| | 29,304 |
| | 162,835 |
| | 821 |
| Residential mortgage | 66,221 |
| | 71,013 |
| | 11,860 |
| | 66,495 |
| | 588 |
| Home equity | 20,775 |
| | 22,958 |
| | 9,528 |
| | 20,964 |
| | 250 |
| Other consumer | 1,301 |
| | 1,327 |
| | 192 |
| | 1,309 |
| | 6 |
| Total consumer | 88,297 |
| | 95,298 |
| | 21,580 |
| | 88,768 |
| | 844 |
| Total loans(a) | $ | 244,990 |
| | $ | 265,352 |
| | $ | 50,884 |
| | $ | 251,603 |
| | $ | 1,665 |
| Loans with no related allowance | | | | | | | | | | Commercial and industrial | $ | 71,335 |
| | $ | 75,212 |
| | $ | — |
| | $ | 73,314 |
| | $ | 93 |
| Commercial real estate — owner occupied | 8,539 |
| | 9,409 |
| | — |
| | 8,582 |
| | — |
| Commercial and business lending | 79,874 |
| | 84,621 |
| | — |
| | 81,896 |
| | 93 |
| Commercial real estate — investor | 6,818 |
| | 7,219 |
| | — |
| | 6,853 |
| | — |
| Real estate construction | 225 |
| | 225 |
| | — |
| | 225 |
| | — |
| Commercial real estate lending | 7,043 |
| | 7,444 |
| | — |
| | 7,078 |
| | — |
| Total commercial | 86,917 |
| | 92,065 |
| | — |
| | 88,974 |
| | 93 |
| Residential mortgage | 6,497 |
| | 7,521 |
| | — |
| | 6,507 |
| | 68 |
| Home equity | 646 |
| | 650 |
| | — |
| | 647 |
| | — |
| Other consumer | — |
| | — |
| | — |
| | — |
| | — |
| Total consumer | 7,143 |
| | 8,171 |
| | — |
| | 7,154 |
| | 68 |
| Total loans(a) | $ | 94,060 |
| | $ | 100,236 |
| | $ | — |
| | $ | 96,128 |
| | $ | 161 |
| Total | | | | | | | | | | Commercial and industrial | $ | 195,743 |
| | $ | 210,273 |
| | $ | 26,686 |
| | $ | 203,675 |
| | $ | 398 |
| Commercial real estate — owner occupied | 23,457 |
| | 26,242 |
| | 1,766 |
| | 23,627 |
| | 113 |
| Commercial and business lending | 219,200 |
| | 236,515 |
| | 28,452 |
| | 227,302 |
| | 511 |
| Commercial real estate — investor | 22,836 |
| | 23,716 |
| | 319 |
| | 22,913 |
| | 371 |
| Real estate construction | 1,574 |
| | 1,888 |
| | 533 |
| | 1,594 |
| | 32 |
| Commercial real estate lending | 24,410 |
| | 25,604 |
| | 852 |
| | 24,507 |
| | 403 |
| Total commercial | 243,610 |
| | 262,119 |
| | 29,304 |
| | 251,809 |
| | 914 |
| Residential mortgage | 72,718 |
| | 78,534 |
| | 11,860 |
| | 73,002 |
| | 656 |
| Home equity | 21,421 |
| | 23,608 |
| | 9,528 |
| | 21,611 |
| | 250 |
| Other consumer | 1,301 |
| | 1,327 |
| | 192 |
| | 1,309 |
| | 6 |
| Total consumer | 95,440 |
| | 103,469 |
| | 21,580 |
| | 95,922 |
| | 912 |
| Total loans(a) | $ | 339,050 |
| | $ | 365,588 |
| | $ | 50,884 |
| | $ | 347,731 |
| | $ | 1,826 |
|
| | (a) | The net recorded investment (defined as recorded investment, net of the related allowance) of the impaired loans represented 79% of the unpaid principal balance at March 31, 2017. |
The following table presents impaired loans at December 31, 2016. | | | | | | | | | | | | | | | | | | | | | | Recorded Investment | | Unpaid Principal Balance | | Related Allowance | | Average Recorded Investment | | Interest Income Recognized | | ($ in Thousands) | Loans with a related allowance | | | | | | | | | | Commercial and industrial | $ | 101,770 |
| | $ | 107,813 |
| | $ | 21,617 |
| | $ | 111,211 |
| | $ | 2,512 |
| Commercial real estate — owner occupied | 6,595 |
| | 8,641 |
| | 295 |
| | 7,111 |
| | 274 |
| Commercial and business lending | 108,365 |
| | 116,454 |
| | 21,912 |
| | 118,322 |
| | 2,786 |
| Commercial real estate — investor | 27,196 |
| | 27,677 |
| | 3,541 |
| | 31,142 |
| | 2,124 |
| Real estate construction | 1,203 |
| | 1,566 |
| | 441 |
| | 1,321 |
| | 67 |
| Commercial real estate lending | 28,399 |
| | 29,243 |
| | 3,982 |
| | 32,463 |
| | 2,191 |
| Total commercial | 136,764 |
| | 145,697 |
| | 25,894 |
| | 150,785 |
| | 4,977 |
| Residential mortgage | 62,362 |
| | 67,090 |
| | 11,091 |
| | 63,825 |
| | 2,263 |
| Home equity | 20,651 |
| | 22,805 |
| | 9,312 |
| | 21,825 |
| | 1,114 |
| Other consumer | 1,235 |
| | 1,284 |
| | 186 |
| | 1,294 |
| | 29 |
| Total consumer | 84,248 |
| | 91,179 |
| | 20,589 |
| | 86,944 |
| | 3,406 |
| Total loans(a) | $ | 221,012 |
| | $ | 236,876 |
| | $ | 46,483 |
| | $ | 237,729 |
| | $ | 8,383 |
| Loans with no related allowance | | | | | | | | | | Commercial and industrial | $ | 113,485 |
| | $ | 134,863 |
| | $ | — |
| | $ | 117,980 |
| | $ | 1,519 |
| Commercial real estate — owner occupied | 8,439 |
| | 9,266 |
| | — |
| | 8,759 |
| | 138 |
| Commercial and business lending | 121,924 |
| | 144,129 |
| | — |
| | 126,739 |
| | 1,657 |
| Commercial real estate — investor | 6,144 |
| | 6,478 |
| | — |
| | 7,092 |
| | — |
| Real estate construction | — |
| | — |
| | — |
| | — |
| | — |
| Commercial real estate lending | 6,144 |
| | 6,478 |
| | — |
| | 7,092 |
| | — |
| Total commercial | 128,068 |
| | 150,607 |
| | — |
| | 133,831 |
| | 1,657 |
| Residential mortgage | 5,974 |
| | 6,998 |
| | — |
| | 6,610 |
| | 184 |
| Home equity | 106 |
| | 107 |
| | — |
| | 107 |
| | 4 |
| Other consumer | — |
| | — |
| | — |
| | — |
| | — |
| Total consumer | 6,080 |
| | 7,105 |
| | — |
| | 6,717 |
| | 188 |
| Total loans(a) | $ | 134,148 |
| | $ | 157,712 |
| | $ | — |
| | $ | 140,548 |
| | $ | 1,845 |
| Total | | | | | | | | | | Commercial and industrial | $ | 215,255 |
| | $ | 242,676 |
| | $ | 21,617 |
| | $ | 229,191 |
| | $ | 4,031 |
| Commercial real estate — owner occupied | 15,034 |
| | 17,907 |
| | 295 |
| | 15,870 |
| | 412 |
| Commercial and business lending | 230,289 |
| | 260,583 |
| | 21,912 |
| | 245,061 |
| | 4,443 |
| Commercial real estate — investor | 33,340 |
| | 34,155 |
| | 3,541 |
| | 38,234 |
| | 2,124 |
| Real estate construction | 1,203 |
| | 1,566 |
| | 441 |
| | 1,321 |
| | 67 |
| Commercial real estate lending | 34,543 |
| | 35,721 |
| | 3,982 |
| | 39,555 |
| | 2,191 |
| Total commercial | 264,832 |
| | 296,304 |
| | 25,894 |
| | 284,616 |
| | 6,634 |
| Residential mortgage | 68,336 |
| | 74,088 |
| | 11,091 |
| | 70,435 |
| | 2,447 |
| Home equity | 20,757 |
| | 22,912 |
| | 9,312 |
| | 21,932 |
| | 1,118 |
| Other consumer | 1,235 |
| | 1,284 |
| | 186 |
| | 1,294 |
| | 29 |
| Total consumer | 90,328 |
| | 98,284 |
| | 20,589 |
| | 93,661 |
| | 3,594 |
| Total loans(a) | $ | 355,160 |
| | $ | 394,588 |
| | $ | 46,483 |
| | $ | 378,277 |
| | $ | 10,228 |
|
| | (a) | The net recorded investment (defined as recorded investment, net of the related allowance) of the impaired loans represented 78% of the unpaid principal balance at December 31, 2016. |
Troubled Debt Restructurings (“Restructured Loans”) Loans are considered restructured loans if concessions have been granted to borrowers that are experiencing financial difficulty. The Corporation had a recorded investment of approximately $55 million in loans modified in troubled debt restructurings for the three months ended March 31, 2017, of which approximately $1 million was in accrual status and $54 million was in nonaccrual pending a sustained period of repayment. At March 31, 2017 the commercial and industrial nonaccrual restructured loans increased primarily due to the restructuring of several large oil and gas loans. These loans were included in nonaccrual loans at both March 31, 2017 and December 31, 2016. The following table presents nonaccrual and performing restructured loans by loan portfolio. | | | | | | | | | | | | | | | | | | March 31, 2017 | | December 31, 2016 | | Performing Restructured Loans | | Nonaccrual Restructured Loans(a) | | Performing Restructured Loans | | Nonaccrual Restructured Loans(a) | | ($ in Thousands) | Commercial and industrial | $ | 30,852 |
| | $ | 52,079 |
| | $ | 31,884 |
| | $ | 1,276 |
| Commercial real estate — owner occupied | 5,532 |
| | 2,148 |
| | 5,490 |
| | 2,220 |
| Commercial real estate — investor | 14,563 |
| | 1,643 |
| | 15,289 |
| | 924 |
| Real estate construction | 327 |
| | 170 |
| | 359 |
| | 150 |
| Residential mortgage | 18,535 |
| | 20,457 |
| | 18,100 |
| | 21,906 |
| Home equity | 8,209 |
| | 2,379 |
| | 7,756 |
| | 2,877 |
| Other consumer | 1,041 |
| | 26 |
| | 979 |
| | 32 |
| Total | $ | 79,059 |
| | $ | 78,902 |
| | $ | 79,857 |
| | $ | 29,385 |
|
| | (a) | Nonaccrual restructured loans have been included within nonaccrual loans. |
The following table provides the number of loans modified in a troubled debt restructuring by loan portfolio during the three months ended March 31, 2017 and 2016, respectively, and the recorded investment and unpaid principal balance as of March 31, 2017 and 2016 respectively. | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended March 31, 2017 | | Three Months Ended March 31, 2016 | | Number of Loans | | Recorded Investment(a) | | Unpaid Principal Balance(b) | | Number of Loans | | Recorded Investment(a) | | Unpaid Principal Balance(b) | | ($ in Thousands) | Commercial and industrial | 20 |
| | $ | 52,326 |
| | $ | 60,546 |
| | 7 |
| | $ | 1,483 |
| | $ | 1,522 |
| Commercial real estate — owner occupied | 1 |
| | 204 |
| | 204 |
| | 1 |
| | 125 |
| | 130 |
| Commercial real estate — investor | 1 |
| | 733 |
| | 744 |
| | — |
| | — |
| | — |
| Real estate construction | — |
| | — |
| | — |
| | 1 |
| | 10 |
| | 55 |
| Residential mortgage | 16 |
| | 1,301 |
| | 1,322 |
| | 30 |
| | 2,062 |
| | 2,124 |
| Home equity | 15 |
| | 347 |
| | 347 |
| | 20 |
| | 818 |
| | 879 |
| Total | 53 |
| | $ | 54,911 |
| | $ | 63,163 |
| | 59 |
| | $ | 4,498 |
| | $ | 4,710 |
|
| | (a) | Represents post-modification outstanding recorded investment. |
| | (b) | Represents pre-modification outstanding recorded investment. |
Restructured loan modifications may include payment schedule modifications, interest rate concessions, maturity date extensions, modification of note structure (A/B Note), non-reaffirmed Chapter 7 bankruptcies, principal reduction, or some combination of these concessions. During the three months ended March 31, 2017, restructured loan modifications of commercial and industrial, commercial real estate, and real estate construction loans primarily included maturity date extensions and payment schedule modifications. Restructured loan modifications of home equity and residential mortgage loans primarily included maturity date extensions, interest rate concessions, non-reaffirmed Chapter 7 bankruptcies, or a combination of these concessions for the three months ended March 31, 2017.
The following table provides the number of loans modified in a troubled debt restructuring during the previous twelve months which subsequently defaulted during the three months ended March 31, 2017 and 2016, respectively, as well as the recorded investment in these restructured loans as of March 31, 2017 and 2016, respectively. | | | | | | | | | | | | | | | | Three Months Ended March 31, 2017 | | Three Month Ended March 31, 2016 | | Number of Loans | | Recorded Investment | | Number of Loans | | Recorded Investment | | ($ in Thousands) | Real estate construction | — |
| | $ | — |
| | 1 |
| | $ | 10 |
| Residential mortgage | 6 |
| | 383 |
| | 7 |
| | 1,151 |
| Home equity | 2 |
| | 26 |
| | 8 |
| | 153 |
| Total | 8 |
| | $ | 409 |
| | 16 |
| | $ | 1,314 |
|
All loans modified in a troubled debt restructuring are evaluated for impairment. The nature and extent of the impairment of restructured loans, including those which have experienced a subsequent payment default, is considered in the determination of an appropriate level of the allowance for loan losses. Allowance for Credit Losses A summary of the changes in the allowance for loan losses by portfolio segment for the three months ended March 31, 2017, was as follows. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ in Thousands | Commercial and industrial | | Commercial real estate - owner occupied | | Commercial real estate - investor | | Real estate construction | | Residential mortgage | | Home equity | | Other consumer | | Total | December 31, 2016 | $ | 140,126 |
| | $ | 14,034 |
| | $ | 45,285 |
| | $ | 26,932 |
| | $ | 27,046 |
| | $ | 20,364 |
| | $ | 4,548 |
| | $ | 278,335 |
| Charge offs | (9,359 | ) | | (5 | ) | | (633 | ) | | (23 | ) | | (297 | ) | | (509 | ) | | (1,028 | ) | | (11,854 | ) | Recoveries | 4,991 |
| | 24 |
| | 119 |
| | 34 |
| | 169 |
| | 682 |
| | 172 |
| | 6,191 |
| Net charge offs | (4,368 | ) | | 19 |
| | (514 | ) | | 11 |
| | (128 | ) | | 173 |
| | (856 | ) | | (5,663 | ) | Provision for loan losses | 10,509 |
| | (2,841 | ) | | (3,406 | ) | | 1,825 |
| | 3,370 |
| | (223 | ) | | 766 |
| | 10,000 |
| March 31, 2017 | $ | 146,267 |
| | $ | 11,212 |
| | $ | 41,365 |
| | $ | 28,768 |
| | $ | 30,288 |
| | $ | 20,314 |
| | $ | 4,458 |
| | $ | 282,672 |
| Allowance for loan losses: | | | | | | | | | | | | | | | | Individually evaluated for impairment | $ | 25,915 |
| | $ | 1,541 |
| | $ | 99 |
| | $ | — |
| | $ | 810 |
| | $ | — |
| | $ | — |
| | $ | 28,365 |
| Collectively evaluated for impairment | 120,352 |
| | 9,671 |
| | 41,266 |
| | 28,768 |
| | 29,478 |
| | 20,314 |
| | 4,458 |
| | 254,307 |
| Total allowance for loan losses | $ | 146,267 |
| | $ | 11,212 |
| | $ | 41,365 |
| | $ | 28,768 |
| | $ | 30,288 |
| | $ | 20,314 |
| | $ | 4,458 |
| | $ | 282,672 |
| Loans: | | | | | | | | | | | | | | | | Individually evaluated for impairment | $ | 162,788 |
| | $ | 17,098 |
| | $ | 7,615 |
| | $ | 225 |
| | $ | 11,086 |
| | $ | 647 |
| | $ | — |
| | $ | 199,459 |
| Collectively evaluated for impairment | 6,137,858 |
| | 861,293 |
| | 3,407,740 |
| | 1,552,980 |
| | 6,704,196 |
| | 911,322 |
| | 372,835 |
| | 19,948,224 |
| Total loans | $ | 6,300,646 |
| | $ | 878,391 |
| | $ | 3,415,355 |
| | $ | 1,553,205 |
| | $ | 6,715,282 |
| | $ | 911,969 |
| | $ | 372,835 |
| | $ | 20,147,683 |
|
The allowance for credit losses is comprised of the allowance for loan losses and the allowance for unfunded commitments. The level of the allowance for loan losses represents management’s estimate of an amount appropriate to provide for probable credit losses in the loan portfolio at the balance sheet date. The allowance for unfunded commitments is maintained at a level believed by management to be sufficient to absorb estimated probable losses related to unfunded credit facilities (including unfunded loan commitments and letters of credit) and is included in accrued expenses and other liabilities on the consolidated balance sheets. See Note 12 for additional information on the allowance for unfunded commitments. For comparison purposes, a summary of the changes in the allowance for loan losses by portfolio segment for the year ended December 31, 2016, was as follows. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ in Thousands | Commercial and industrial | | Commercial real estate - owner occupied | | Commercial real estate - investor | | Real estate construction | | Residential mortgage | | Home equity | | Other consumer | | Total | December 31, 2015 | $ | 129,959 |
| | $ | 18,680 |
| | $ | 43,018 |
| | $ | 25,266 |
| | $ | 28,261 |
| | $ | 23,555 |
| | $ | 5,525 |
| | $ | 274,264 |
| Charge offs | (71,016 | ) | | (512 | ) | | (1,504 | ) | | (558 | ) | | (4,332 | ) | | (4,686 | ) | | (3,831 | ) | | (86,439 | ) | Recoveries | 14,543 |
| | 74 |
| | 1,624 |
| | 203 |
| | 755 |
| | 3,491 |
| | 820 |
| | 21,510 |
| Net charge offs | (56,473 | ) | | (438 | ) | | 120 |
| | (355 | ) | | (3,577 | ) | | (1,195 | ) | | (3,011 | ) | | (64,929 | ) | Provision for loan losses | 66,640 |
| | (4,208 | ) | | 2,147 |
| | 2,021 |
| | 2,362 |
| | (1,996 | ) | | 2,034 |
| | 69,000 |
| December 31, 2016 | $ | 140,126 |
| | $ | 14,034 |
| | $ | 45,285 |
| | $ | 26,932 |
| | $ | 27,046 |
| | $ | 20,364 |
| | $ | 4,548 |
| | $ | 278,335 |
| Allowance for loan losses: | | | | | | | | | | | | | | | | Individually evaluated for impairment | $ | 20,836 |
| | $ | — |
| | $ | 3,117 |
| | $ | — |
| | $ | 147 |
| | $ | 3 |
| | $ | — |
| | $ | 24,103 |
| Collectively evaluated for impairment | 119,290 |
| | 14,034 |
| | 42,168 |
| | 26,932 |
| | 26,899 |
| | 20,361 |
| | 4,548 |
| | 254,232 |
| Total allowance for loan losses | $ | 140,126 |
| | $ | 14,034 |
| | $ | 45,285 |
| | $ | 26,932 |
| | $ | 27,046 |
| | $ | 20,364 |
| | $ | 4,548 |
| | $ | 278,335 |
| Loans: | | | | | | | | | | | | | | | | Individually evaluated for impairment | $ | 180,965 |
| | $ | 8,439 |
| | $ | 17,322 |
| | $ | — |
| | $ | 7,033 |
| | $ | 650 |
| | $ | — |
| | $ | 214,409 |
| Collectively evaluated for impairment | 6,308,049 |
| | 889,285 |
| | 3,557,410 |
| | 1,432,497 |
| | 6,325,294 |
| | 933,793 |
| | 393,979 |
| | 19,840,307 |
| Total loans | $ | 6,489,014 |
| | $ | 897,724 |
| | $ | 3,574,732 |
| | $ | 1,432,497 |
| | $ | 6,332,327 |
| | $ | 934,443 |
| | $ | 393,979 |
| | $ | 20,054,716 |
|
A summary of the changes in the allowance for unfunded commitments was as follows. | | | | | | | | | | Three Months Ended March 31, 2017 | | Year Ended December 31, 2016 | | ($ in Thousands) | Allowance for Unfunded Commitments: | | | | Balance at beginning of period | $ | 25,400 |
| | $ | 24,400 |
| Provision for unfunded commitments | (1,000 | ) | | 1,000 |
| Balance at end of period | $ | 24,400 |
| | $ | 25,400 |
|
|