Delaware | 56-1528994 |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification Number) |
4300 Six Forks Road, Raleigh, North Carolina | 27609 |
(Address of principle executive offices) | (Zip code) |
Large accelerated filer | x | Accelerated filer | ¨ | |
Non-accelerated filer | ¨ | Smaller reporting company | ¨ |
Page(s) | ||
PART I. | ||
Item 1. | ||
Item 2. | ||
Item 3. | ||
Item 4. | ||
PART II. | ||
Item 1A. | ||
Item 2. | ||
Item 6. |
Item 1. | Financial Statements (Unaudited) |
September 30* 2012 | December 31# 2011 | September 30* 2011 | |||||||||
(thousands, except share data) | |||||||||||
Assets | |||||||||||
Cash and due from banks | $ | 606,107 | $ | 590,801 | $ | 539,337 | |||||
Overnight investments | 688,196 | 434,975 | 410,002 | ||||||||
Investment securities available for sale | 5,012,041 | 4,056,423 | 3,994,825 | ||||||||
Investment securities held to maturity | 1,459 | 1,822 | 1,943 | ||||||||
Loans held for sale | 78,610 | 92,539 | 78,178 | ||||||||
Loans and leases: | |||||||||||
Covered under loss share agreements | 1,897,097 | 2,362,152 | 2,557,450 | ||||||||
Not covered under loss share agreements | 11,455,233 | 11,581,637 | 11,603,526 | ||||||||
Less allowance for loan and lease losses | 276,554 | 270,144 | 254,184 | ||||||||
Net loans and leases | 13,075,776 | 13,673,645 | 13,906,792 | ||||||||
Premises and equipment | 885,757 | 854,476 | 847,372 | ||||||||
Other real estate owned: | |||||||||||
Covered under loss share agreements | 116,405 | 148,599 | 160,443 | ||||||||
Not covered under loss share agreements | 45,063 | 50,399 | 48,616 | ||||||||
Income earned not collected | 51,565 | 42,216 | 43,886 | ||||||||
Receivable from FDIC for loss share agreements | 243,893 | 539,511 | 607,907 | ||||||||
Goodwill | 102,625 | 102,625 | 102,625 | ||||||||
Other intangible assets | 4,322 | 7,032 | 8,081 | ||||||||
Other assets | 261,801 | 286,430 | 265,337 | ||||||||
Total assets | $ | 21,173,620 | $ | 20,881,493 | $ | 21,015,344 | |||||
Liabilities | |||||||||||
Deposits: | |||||||||||
Noninterest-bearing | $ | 4,895,588 | $ | 4,331,706 | $ | 4,274,945 | |||||
Interest-bearing | 12,997,627 | 13,245,568 | 13,388,330 | ||||||||
Total deposits | 17,893,215 | 17,577,274 | 17,663,275 | ||||||||
Short-term borrowings | 677,773 | 615,222 | 600,384 | ||||||||
Long-term obligations | 472,170 | 687,599 | 744,839 | ||||||||
Other liabilities | 156,338 | 140,270 | 135,430 | ||||||||
Total liabilities | 19,199,496 | 19,020,365 | 19,143,928 | ||||||||
Shareholders’ Equity | |||||||||||
Common stock: | |||||||||||
Class A - $1 par value (11,000,000 shares authorized; 8,628,810 shares issued and outstanding at September 30, 2012; 8,644,307 shares issued and outstanding at December 31, 2011; 8,669,439 shares issued and outstanding at September 30, 2011) | 8,629 | 8,644 | 8,669 | ||||||||
Class B - $1 par value (2,000,000 shares authorized; 1,626,937 shares issued and outstanding at September 30, 2012; 1,639,812 shares issued and outstanding at December 31, 2011; 1,639,812 shares issued and outstanding at September 30, 2011) | 1,627 | 1,640 | 1,640 | ||||||||
Surplus | 143,766 | 143,766 | 143,766 | ||||||||
Retained earnings | 1,872,088 | 1,773,652 | 1,749,868 | ||||||||
Accumulated other comprehensive loss | (51,986 | ) | (66,574 | ) | (32,527 | ) | |||||
Total shareholders’ equity | 1,974,124 | 1,861,128 | 1,871,416 | ||||||||
Total liabilities and shareholders’ equity | $ | 21,173,620 | $ | 20,881,493 | $ | 21,015,344 |
Three Months Ended September 30 | Nine Months Ended September 30 | ||||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||||
(thousands, except share and per share data, unaudited) | |||||||||||||||
Interest income | |||||||||||||||
Loans and leases | $ | 226,812 | $ | 240,493 | $ | 696,813 | $ | 705,677 | |||||||
Investment securities: | |||||||||||||||
U. S. Treasury | 559 | 1,707 | 1,968 | 7,176 | |||||||||||
Government agency | 3,692 | 5,162 | 12,401 | 15,072 | |||||||||||
Residential mortgage-backed securities | 4,792 | 2,366 | 8,883 | 7,123 | |||||||||||
Corporate bonds | 278 | 1,971 | 2,319 | 6,266 | |||||||||||
State, county and municipal | 6 | 108 | 30 | 133 | |||||||||||
Other | 108 | 21 | 301 | 480 | |||||||||||
Total investment securities interest and dividend income | 9,435 | 11,335 | 25,902 | 36,250 | |||||||||||
Overnight investments | 427 | 351 | 1,230 | 1,056 | |||||||||||
Total interest income | 236,674 | 252,179 | 723,945 | 742,983 | |||||||||||
Interest expense | |||||||||||||||
Deposits | 13,850 | 24,825 | 45,369 | 81,726 | |||||||||||
Short-term borrowings | 1,114 | 1,470 | 4,089 | 4,649 | |||||||||||
Long-term obligations | 6,354 | 8,697 | 22,747 | 28,059 | |||||||||||
Total interest expense | 21,318 | 34,992 | 72,205 | 114,434 | |||||||||||
Net interest income | 215,356 | 217,187 | 651,740 | 628,549 | |||||||||||
Provision for loan and lease losses | 17,623 | 44,628 | 78,005 | 143,024 | |||||||||||
Net interest income after provision for loan and lease losses | 197,733 | 172,559 | 573,735 | 485,525 | |||||||||||
Noninterest income | |||||||||||||||
Gains on acquisitions | — | 86,943 | — | 150,417 | |||||||||||
Cardholder and merchant services | 24,725 | 30,801 | 71,872 | 88,124 | |||||||||||
Service charges on deposit accounts | 15,549 | 16,389 | 45,456 | 47,957 | |||||||||||
Wealth management services | 14,129 | 14,011 | 42,414 | 41,418 | |||||||||||
Fees from processing services | 9,521 | 7,883 | 25,640 | 22,724 | |||||||||||
Securities gains (losses) | 31 | 254 | (11 | ) | (291 | ) | |||||||||
Other service charges and fees | 3,377 | 6,256 | 10,392 | 18,173 | |||||||||||
Mortgage income | 2,335 | 3,994 | 7,183 | 8,839 | |||||||||||
Insurance commissions | 2,568 | 2,196 | 7,562 | 7,010 | |||||||||||
ATM income | 1,263 | 1,453 | 3,999 | 4,413 | |||||||||||
Adjustment for FDIC receivable for loss share agreements | (16,858 | ) | (18,893 | ) | (57,788 | ) | (43,019 | ) | |||||||
Other | (4,798 | ) | 11,612 | (638 | ) | 13,363 | |||||||||
Total noninterest income | 51,842 | 162,899 | 156,081 | 359,128 | |||||||||||
Noninterest expense | |||||||||||||||
Salaries and wages | 76,675 | 77,877 | 229,145 | 229,805 | |||||||||||
Employee benefits | 18,741 | 17,153 | 59,548 | 55,510 | |||||||||||
Occupancy expense | 18,860 | 18,538 | 55,467 | 55,338 | |||||||||||
Equipment expense | 17,983 | 17,478 | 54,147 | 52,384 | |||||||||||
FDIC insurance expense | 2,016 | 2,768 | 7,739 | 13,494 | |||||||||||
Foreclosure-related expenses | 8,667 | 14,558 | 29,053 | 23,793 | |||||||||||
Other | 47,135 | 55,460 | 133,106 | 151,018 | |||||||||||
Total noninterest expense | 190,077 | 203,832 | 568,205 | 581,342 | |||||||||||
Income before income taxes | 59,498 | 131,626 | 161,611 | 263,311 | |||||||||||
Income taxes | 19,974 | 50,205 | 49,009 | 98,830 | |||||||||||
Net income | $ | 39,524 | $ | 81,421 | $ | 112,602 | $ | 164,481 | |||||||
Average shares outstanding | 10,264,159 | 10,363,964 | 10,273,082 | 10,406,833 | |||||||||||
Net income per share | $ | 3.85 | $ | 7.86 | $ | 10.96 | $ | 15.81 |
Three Months Ended September 30 | Nine Months Ended September 30 | ||||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||||
(thousands, unaudited) | |||||||||||||||
Net income | $ | 39,524 | $ | 81,421 | $ | 112,602 | $ | 164,481 | |||||||
Other comprehensive income (loss) | |||||||||||||||
Unrealized gains on securities: | |||||||||||||||
Change in unrealized securities gains arising during period | 14,783 | (2,753 | ) | 16,376 | 5,344 | ||||||||||
Deferred tax benefit (expense) | (5,949 | ) | 1,064 | (6,582 | ) | (2,104 | ) | ||||||||
Reclassification adjustment for losses (gains) included in income before income taxes | (31 | ) | (254 | ) | (34 | ) | 291 | ||||||||
Deferred tax expense (benefit) | 12 | 122 | 13 | (93 | ) | ||||||||||
Total change in unrealized gains on securities, net of tax | 8,815 | (1,821 | ) | 9,773 | 3,438 | ||||||||||
Change in fair value of cash flow hedges: | |||||||||||||||
Change in unrecognized loss on cash flow hedges | 619 | (2,701 | ) | 1,838 | (78 | ) | |||||||||
Deferred tax benefit (expense) | (244 | ) | 1,057 | (726 | ) | 31 | |||||||||
Reclassification adjustment for gains (losses) included in income before income taxes | (769 | ) | (1,030 | ) | (2,294 | ) | (3,961 | ) | |||||||
Deferred tax benefit (expense) | 304 | 416 | 906 | 1,564 | |||||||||||
Total change in unrecognized loss on cash flow hedges, net of tax | (90 | ) | (2,258 | ) | (276 | ) | (2,444 | ) | |||||||
Change in pension obligation: | |||||||||||||||
Change in pension obligation | 2,788 | 1,648 | 8,368 | 4,944 | |||||||||||
Deferred tax benefit (expense) | (1,092 | ) | (645 | ) | (3,277 | ) | (1,936 | ) | |||||||
Total change in pension obligation, net of tax | 1,696 | 1,003 | 5,091 | 3,008 | |||||||||||
Other comprehensive income (loss) | 10,421 | (3,076 | ) | 14,588 | 4,002 | ||||||||||
Total comprehensive income | $ | 49,945 | $ | 78,345 | $ | 127,190 | $ | 168,483 | |||||||
Class A Common Stock | Class B Common Stock | Surplus | Retained Earnings | Accumulated Other Comprehensive Loss | Total Shareholders’ Equity | ||||||||||||||||||
(thousands, except share data, unaudited) | |||||||||||||||||||||||
Balance at December 31, 2010 | $ | 8,757 | $ | 1,678 | $ | 143,766 | $ | 1,615,290 | $ | (36,529 | ) | $ | 1,732,962 | ||||||||||
Comprehensive income: | |||||||||||||||||||||||
Net income | — | — | — | 164,481 | — | 164,481 | |||||||||||||||||
Other comprehensive income, net of tax | — | — | — | — | 4,002 | 4,002 | |||||||||||||||||
Total comprehensive income | 168,483 | ||||||||||||||||||||||
Repurchase of 87,339 shares of Class A common stock | (88 | ) | — | — | (12,975 | ) | — | (13,063 | ) | ||||||||||||||
Repurchase of 37,688 shares of Class B common stock | — | (38 | ) | — | (7,564 | ) | — | (7,602 | ) | ||||||||||||||
Cash dividends ($0.90 per share) | — | — | — | (9,364 | ) | — | (9,364 | ) | |||||||||||||||
Balance at September 30, 2011 | $ | 8,669 | $ | 1,640 | $ | 143,766 | $ | 1,749,868 | $ | (32,527 | ) | $ | 1,871,416 | ||||||||||
Balance at December 31, 2011 | $ | 8,644 | $ | 1,640 | $ | 143,766 | $ | 1,773,652 | $ | (66,574 | ) | $ | 1,861,128 | ||||||||||
Comprehensive income: | |||||||||||||||||||||||
Net income | — | — | — | 112,602 | — | 112,602 | |||||||||||||||||
Other comprehensive income, net of tax | — | — | — | — | 14,588 | 14,588 | |||||||||||||||||
Total comprehensive income | 127,190 | ||||||||||||||||||||||
Repurchase of 15,497 shares of Class A common stock | (15 | ) | (2,520 | ) | (2,535 | ) | |||||||||||||||||
Repurchase of 12,875 shares of Class B common stock | — | (13 | ) | — | (2,401 | ) | — | (2,414 | ) | ||||||||||||||
Cash dividends ($0.90 per share) | — | — | — | (9,245 | ) | — | (9,245 | ) | |||||||||||||||
Balance at September 30, 2012 | $ | 8,629 | $ | 1,627 | $ | 143,766 | $ | 1,872,088 | $ | (51,986 | ) | $ | 1,974,124 |
Nine Months Ended September 30 | |||||||
2012 | 2011 | ||||||
(thousands, unaudited) | |||||||
OPERATING ACTIVITIES | |||||||
Net income | $ | 112,602 | $ | 164,481 | |||
Adjustments to reconcile net income to cash provided by operating activities: | |||||||
Provision for loan and lease losses | 78,005 | 143,024 | |||||
Deferred tax expense (benefit) | 5,999 | (36,243 | ) | ||||
Change in current taxes payable | 23,051 | 52,970 | |||||
Depreciation | 50,685 | 48,883 | |||||
Change in accrued interest payable | (12,574 | ) | (14,851 | ) | |||
Change in income earned not collected | (9,349 | ) | 46,753 | ||||
Gains on acquisitions | — | (150,417 | ) | ||||
Securities losses | 11 | 291 | |||||
Origination of loans held for sale | (415,527 | ) | (333,860 | ) | |||
Proceeds from sale of loans | 433,489 | 350,855 | |||||
Gain on sale of loans | (4,033 | ) | (6,240 | ) | |||
Loss on sale of other real estate | 1,757 | 4,410 | |||||
Net accretion of premiums and discounts | (177,456 | ) | (126,315 | ) | |||
FDIC receivable for loss share agreements | 71,755 | 71,045 | |||||
Net change in other assets | 55,930 | 125,391 | |||||
Net change in other liabilities | 5,316 | 696 | |||||
Net cash provided by operating activities | 219,661 | 340,873 | |||||
INVESTING ACTIVITIES | |||||||
Net change in loans outstanding | 592,015 | 310,218 | |||||
Purchases of investment securities available for sale | (4,241,879 | ) | (2,260,736 | ) | |||
Proceeds from maturities of investment securities held to maturity | 363 | 588 | |||||
Proceeds from maturities of investment securities available for sale | 3,293,188 | 2,848,385 | |||||
Proceeds from sales of investment securities available for sale | 56 | 242,023 | |||||
Net change in overnight investments | (253,221 | ) | (11,612 | ) | |||
Cash received from the FDIC for loss share agreements | 223,863 | 239,800 | |||||
Proceeds from sale of other real estate | 114,357 | 57,083 | |||||
Additions to premises and equipment | (73,616 | ) | (53,510 | ) | |||
Net cash received from acquisitions | — | 1,150,879 | |||||
Net cash (used) provided by investing activities | (344,874 | ) | 2,523,118 | ||||
FINANCING ACTIVITIES | |||||||
Net change in time deposits | (756,798 | ) | (1,517,600 | ) | |||
Net change in demand and other interest-bearing deposits | 1,072,739 | (665,750 | ) | ||||
Net change in short-term borrowings | 62,551 | (298,278 | ) | ||||
Repayment of long-term obligations | (223,779 | ) | (273,175 | ) | |||
Repurchase of common stock | (4,949 | ) | (20,665 | ) | |||
Cash dividends paid | (9,245 | ) | (9,364 | ) | |||
Net cash provided (used) by financing activities | 140,519 | (2,784,832 | ) | ||||
Change in cash and due from banks | 15,306 | 79,159 | |||||
Cash and due from banks at beginning of period | 590,801 | 460,178 | |||||
Cash and due from banks at end of period | $ | 606,107 | $ | 539,337 | |||
CASH PAYMENTS FOR: | |||||||
Interest | $ | 84,779 | $ | 129,285 | |||
Income taxes | 35,208 | 45,825 | |||||
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES: | |||||||
Change in unrealized securities gains | $ | 16,342 | $ | 5,635 | |||
Change in fair value of cash flow hedge | (456 | ) | (4,039 | ) | |||
Change in pension obligation | 8,368 | 1,072 | |||||
Transfers of loans to other real estate | 117,363 | 122,471 | |||||
Acquisitions: | |||||||
Assets acquired | — | 2,934,464 | |||||
Liabilities assumed | — | 2,784,047 | |||||
Net assets acquired | — | 150,417 |
Note A |
Cost | Gross unrealized gains | Gross unrealized losses | Fair value | ||||||||||||
Investment securities available for sale | |||||||||||||||
September 30, 2012 | |||||||||||||||
U. S. Treasury | $ | 872,411 | $ | 409 | $ | 30 | $ | 872,790 | |||||||
Government agency | 2,656,974 | 3,851 | 78 | 2,660,747 | |||||||||||
Corporate bonds | 50,826 | 243 | — | 51,069 | |||||||||||
Residential mortgage-backed securities | 1,387,482 | 20,622 | 333 | 1,407,771 | |||||||||||
Equity securities | 841 | 18,215 | — | 19,056 | |||||||||||
State, county and municipal | 601 | 7 | — | 608 | |||||||||||
Total investment securities available for sale | $ | 4,969,135 | $ | 43,347 | $ | 441 | $ | 5,012,041 | |||||||
December 31, 2011 | |||||||||||||||
U. S. Treasury | $ | 887,041 | $ | 808 | $ | 30 | $ | 887,819 | |||||||
Government agency | 2,591,974 | 1,747 | 1,512 | 2,592,209 | |||||||||||
Corporate bonds | 250,476 | 2,344 | — | 252,820 | |||||||||||
Residential mortgage-backed securities | 298,402 | 9,165 | 346 | 307,221 | |||||||||||
Equity securities | 939 | 14,374 | — | 15,313 | |||||||||||
State, county and municipal | 1,026 | 16 | 1 | 1,041 | |||||||||||
Total investment securities available for sale | $ | 4,029,858 | $ | 28,454 | $ | 1,889 | $ | 4,056,423 | |||||||
September 30, 2011 | |||||||||||||||
U. S. Treasury | $ | 986,507 | $ | 1,427 | $ | — | $ | 987,934 | |||||||
Government agency | 2,261,000 | 2,344 | 2,435 | 2,260,909 | |||||||||||
Corporate bonds | 401,048 | 3,595 | — | 404,643 | |||||||||||
Residential mortgage-backed securities | 315,474 | 8,916 | 198 | 324,192 | |||||||||||
Equity securities | 939 | 15,165 | — | 16,104 | |||||||||||
State, county and municipal | 1,027 | 16 | — | 1,043 | |||||||||||
Total investment securities available for sale | $ | 3,965,995 | $ | 31,463 | $ | 2,633 | $ | 3,994,825 | |||||||
Investment securities held to maturity | |||||||||||||||
September 30, 2012 | |||||||||||||||
Residential mortgage-backed securities | $ | 1,459 | $ | 151 | $ | 27 | $ | 1,583 | |||||||
December 31, 2011 | |||||||||||||||
Residential mortgage-backed securities | $ | 1,822 | $ | 184 | $ | 26 | $ | 1,980 | |||||||
September 30, 2011 | |||||||||||||||
Residential mortgage-backed securities | $ | 1,943 | $ | 191 | $ | 26 | $ | 2,108 | |||||||
September 30, 2012 | December 31, 2011 | September 30, 2011 | |||||||||||||||||||||
Cost | Fair value | Cost | Fair value | Cost | Fair value | ||||||||||||||||||
Investment securities available for sale | |||||||||||||||||||||||
Maturing in: | |||||||||||||||||||||||
One year or less | $ | 2,206,157 | $ | 2,207,677 | $ | 3,238,657 | $ | 3,241,415 | $ | 3,398,267 | $ | 3,401,530 | |||||||||||
One through five years | 2,017,195 | 2,024,213 | 548,459 | 549,351 | 289,046 | 291,064 | |||||||||||||||||
Five through 10 years | 339,863 | 344,270 | 90,605 | 91,087 | 106,329 | 106,901 | |||||||||||||||||
Over 10 years | 405,079 | 416,825 | 151,198 | 159,257 | 171,414 | 179,226 | |||||||||||||||||
Equity securities | 841 | 19,056 | 939 | 15,313 | 939 | 16,104 | |||||||||||||||||
Total investment securities available for sale | $ | 4,969,135 | $ | 5,012,041 | $ | 4,029,858 | $ | 4,056,423 | $ | 3,965,995 | $ | 3,994,825 | |||||||||||
Investment securities held to maturity | |||||||||||||||||||||||
Maturing in: | |||||||||||||||||||||||
One through five years | $ | 1,354 | $ | 1,440 | $ | 12 | $ | 11 | $ | 13 | $ | 12 | |||||||||||
Five through 10 years | 19 | 11 | 1,699 | 1,820 | 1,816 | 1,940 | |||||||||||||||||
Over 10 years | 86 | 132 | 111 | 149 | 114 | 156 | |||||||||||||||||
Total investment securities held to maturity | $ | 1,459 | $ | 1,583 | $ | 1,822 | $ | 1,980 | $ | 1,943 | $ | 2,108 |
Three months ended September 30 | Nine months ended September 30 | ||||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||||
Gross gains on sales of investment securities available for sale | $ | 31 | $ | 375 | $ | 36 | $ | 531 | |||||||
Gross losses on sales of investment securities available for sale | — | (95 | ) | (2 | ) | (796 | ) | ||||||||
Other than temporary impairment loss on equity securities | — | (26 | ) | (45 | ) | (26 | ) | ||||||||
Total securities gains (losses) | $ | 31 | $ | 254 | $ | (11 | ) | $ | (291 | ) |
Less than 12 months | 12 months or more | Total | |||||||||||||||||||||
Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | ||||||||||||||||||
September 30, 2012 | |||||||||||||||||||||||
Investment securities available for sale: | |||||||||||||||||||||||
U. S. Treasury | $ | 195,444 | $ | 30 | $ | — | $ | — | $ | 195,444 | $ | 30 | |||||||||||
Government agency | 135,927 | 78 | 502 | — | 136,429 | 78 | |||||||||||||||||
Residential mortgage-backed securities | 53,526 | 284 | 5,280 | 49 | 58,806 | 333 | |||||||||||||||||
Total | $ | 384,897 | $ | 392 | $ | 5,782 | $ | 49 | $ | 390,679 | $ | 441 | |||||||||||
Investment securities held to maturity: | |||||||||||||||||||||||
Residential mortgage-backed securities | $ | — | $ | — | $ | 18 | $ | 27 | $ | 18 | $ | 27 | |||||||||||
December 31, 2011 | |||||||||||||||||||||||
Investment securities available for sale: | |||||||||||||||||||||||
U. S. Treasury | 151,269 | 30 | — | — | 151,269 | 30 | |||||||||||||||||
Government agency | 1,336,763 | 1,512 | — | — | 1,336,763 | 1,512 | |||||||||||||||||
Residential mortgage-backed securities | 59,458 | 304 | 1,380 | 42 | 60,838 | 346 | |||||||||||||||||
State, county and municipal | — | — | 10 | 1 | 10 | 1 | |||||||||||||||||
Total | $ | 1,547,490 | $ | 1,846 | $ | 1,390 | $ | 43 | $ | 1,548,880 | $ | 1,889 | |||||||||||
Investment securities held to maturity: | |||||||||||||||||||||||
Residential mortgage-backed securities | $ | — | $ | — | $ | 21 | $ | 26 | $ | 21 | $ | 26 | |||||||||||
September 30, 2011 | |||||||||||||||||||||||
Investment securities available for sale: | |||||||||||||||||||||||
Government agency | $ | 1,051,017 | $ | 2,435 | — | $ | — | $ | 1,051,017 | $ | 2,435 | ||||||||||||
Residential mortgage-backed securities | 25,390 | 148 | 1,675 | 50 | 27,065 | 198 | |||||||||||||||||
State, county and municipal | — | — | 425 | — | 425 | — | |||||||||||||||||
Total | $ | 1,076,407 | $ | 2,583 | $ | 2,100 | $ | 50 | $ | 1,078,507 | $ | 2,633 | |||||||||||
Investment securities held to maturity: | |||||||||||||||||||||||
Residential mortgage-backed securities | $ | — | $ | — | $ | 22 | $ | 26 | $ | 22 | $ | 26 |
September 30, 2012 | December 31, 2011 | September 30, 2011 | |||||||||
Covered loans | $ | 1,897,097 | $ | 2,362,152 | $ | 2,557,450 | |||||
Noncovered loans and leases: | |||||||||||
Commercial: | |||||||||||
Construction and land development | 319,743 | 381,163 | 416,719 | ||||||||
Commercial mortgage | 5,171,964 | 5,104,993 | 4,996,036 | ||||||||
Other commercial real estate | 158,767 | 144,771 | 144,538 | ||||||||
Commercial and industrial | 1,740,435 | 1,764,407 | 1,797,581 | ||||||||
Lease financing | 321,908 | 312,869 | 304,039 | ||||||||
Other | 131,755 | 158,369 | 158,782 | ||||||||
Total commercial loans | 7,844,572 | 7,866,572 | 7,817,695 | ||||||||
Non-commercial: | |||||||||||
Residential mortgage | 814,877 | 784,118 | 816,738 | ||||||||
Revolving mortgage | 2,244,459 | 2,296,306 | 2,302,482 | ||||||||
Construction and land development | 132,352 | 137,271 | 139,185 | ||||||||
Consumer | 418,973 | 497,370 | 527,426 | ||||||||
Total non-commercial loans | 3,610,661 | 3,715,065 | 3,785,831 | ||||||||
Total noncovered loans and leases | 11,455,233 | 11,581,637 | 11,603,526 | ||||||||
Total loans and leases | $ | 13,352,330 | $ | 13,943,789 | $ | 14,160,976 |
September 30, 2012 | December 31, 2011 | September 30, 2011 | |||||||||||||||||||||||||||||||||
Impaired at acquisition date | All other covered loans | Total | Impaired at acquisition date | All other covered loans | Total | Impaired at acquisition date | All other covered loans | Total | |||||||||||||||||||||||||||
Covered loans: | |||||||||||||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||||||||
Construction and land development | $ | 72,873 | $ | 185,515 | $ | 258,388 | $ | 117,603 | $ | 221,270 | $ | 338,873 | $ | 172,309 | $ | 233,349 | $ | 405,658 | |||||||||||||||||
Commercial mortgage | 103,219 | 1,005,829 | 1,109,048 | 138,465 | 1,122,124 | 1,260,589 | 125,379 | 1,184,704 | 1,310,083 | ||||||||||||||||||||||||||
Other commercial real estate | 29,769 | 84,185 | 113,954 | 33,370 | 125,024 | 158,394 | 40,514 | 118,493 | 159,007 | ||||||||||||||||||||||||||
Commercial and industrial | 8,767 | 51,020 | 59,787 | 27,802 | 85,640 | 113,442 | 30,611 | 106,642 | 137,253 | ||||||||||||||||||||||||||
Lease financing | — | — | — | — | 57 | 57 | — | 162 | 162 | ||||||||||||||||||||||||||
Other | — | 1,305 | 1,305 | — | 1,330 | 1,330 | — | 1,473 | 1,473 | ||||||||||||||||||||||||||
Total commercial loans | 214,628 | 1,327,854 | 1,542,482 | 317,240 | 1,555,445 | 1,872,685 | 368,813 | 1,644,823 | 2,013,636 | ||||||||||||||||||||||||||
Non-commercial: | |||||||||||||||||||||||||||||||||||
Residential mortgage | 48,245 | 240,915 | 289,160 | 46,130 | 281,438 | 327,568 | 45,384 | 335,021 | 380,405 | ||||||||||||||||||||||||||
Revolving mortgage | 8,787 | 28,493 | 37,280 | 15,350 | 36,202 | 51,552 | 9,939 | 29,770 | 39,709 | ||||||||||||||||||||||||||
Construction and land development | 19,008 | 7,400 | 26,408 | 78,108 | 27,428 | 105,536 | 74,414 | 40,712 | 115,126 | ||||||||||||||||||||||||||
Consumer | 56 | 1,711 | 1,767 | 1,477 | 3,334 | 4,811 | 1,155 | 7,419 | 8,574 | ||||||||||||||||||||||||||
Total non-commercial loans | 76,096 | 278,519 | 354,615 | 141,065 | 348,402 | 489,467 | 130,892 | 412,922 | 543,814 | ||||||||||||||||||||||||||
Total covered loans | $ | 290,724 | $ | 1,606,373 | $ | 1,897,097 | $ | 458,305 | $ | 1,903,847 | $ | 2,362,152 | $ | 499,705 | $ | 2,057,745 | $ | 2,557,450 |
Commercial noncovered loans and leases | |||||||||||||||||||||||||||
Grade: | Construction and land development | Commercial mortgage | Other commercial real estate | Commercial and industrial | Lease financing | Other | Total commercial noncovered loans and leases | ||||||||||||||||||||
September 30, 2012 | |||||||||||||||||||||||||||
Pass | $ | 283,804 | $ | 4,846,921 | $ | 148,075 | $ | 1,567,505 | $ | 317,545 | $ | 130,768 | $ | 7,294,618 | |||||||||||||
Special mention | 8,953 | 169,041 | 3,989 | 19,694 | 1,851 | 251 | 203,779 | ||||||||||||||||||||
Substandard | 25,722 | 141,461 | 6,317 | 23,049 | 1,827 | 730 | 199,106 | ||||||||||||||||||||
Doubtful | 940 | 12,078 | 98 | 2,553 | 583 | — | 16,252 | ||||||||||||||||||||
Ungraded | 324 | 2,463 | 288 | 127,634 | 102 | 6 | 130,817 | ||||||||||||||||||||
Total | $ | 319,743 | $ | 5,171,964 | $ | 158,767 | $ | 1,740,435 | $ | 321,908 | $ | 131,755 | $ | 7,844,572 | |||||||||||||
December 31, 2011 | |||||||||||||||||||||||||||
Pass | $ | 332,742 | $ | 4,749,254 | $ | 130,586 | $ | 1,556,651 | $ | 306,225 | $ | 157,089 | $ | 7,232,547 | |||||||||||||
Special mention | 18,973 | 220,235 | 5,821 | 36,951 | 4,537 | 1,271 | 287,788 | ||||||||||||||||||||
Substandard | 28,793 | 129,391 | 7,794 | 28,240 | 2,107 | — | 196,325 | ||||||||||||||||||||
Doubtful | 17 | 1,164 | 377 | 643 | — | — | 2,201 | ||||||||||||||||||||
Ungraded | 638 | 4,949 | 193 | 141,922 | — | 9 | 147,711 | ||||||||||||||||||||
Total | $ | 381,163 | $ | 5,104,993 | $ | 144,771 | $ | 1,764,407 | $ | 312,869 | $ | 158,369 | $ | 7,866,572 | |||||||||||||
September 30, 2011 | |||||||||||||||||||||||||||
Pass | $ | 371,906 | $ | 4,632,698 | $ | 130,591 | $ | 1,585,106 | $ | 296,420 | $ | 157,742 | $ | 7,174,463 | |||||||||||||
Special mention | 18,431 | 232,537 | 8,672 | 38,844 | 4,765 | 1,020 | 304,269 | ||||||||||||||||||||
Substandard | 26,249 | 123,968 | 4,629 | 27,700 | 2,854 | — | 185,400 | ||||||||||||||||||||
Doubtful | 133 | 4,307 | 401 | 270 | — | — | 5,111 | ||||||||||||||||||||
Ungraded | — | 2,526 | 245 | 145,661 | — | 20 | 148,452 | ||||||||||||||||||||
Total | $ | 416,719 | $ | 4,996,036 | $ | 144,538 | $ | 1,797,581 | $ | 304,039 | $ | 158,782 | $ | 7,817,695 |
Non-commercial noncovered loans and leases | |||||||||||||||||||
Residential mortgage | Revolving mortgage | Construction and land development | Consumer | Total non-commercial noncovered loans | |||||||||||||||
September 30, 2012 | |||||||||||||||||||
Current | $ | 780,440 | $ | 2,223,765 | $ | 128,557 | $ | 414,392 | $ | 3,547,154 | |||||||||
30-59 days past due | 16,281 | 12,894 | 2,588 | 2,508 | 34,271 | ||||||||||||||
60-89 days past due | 6,635 | 4,033 | 127 | 959 | 11,754 | ||||||||||||||
90 days or greater past due | 11,521 | 3,767 | 1,080 | 1,114 | 17,482 | ||||||||||||||
Total | $ | 814,877 | $ | 2,244,459 | $ | 132,352 | $ | 418,973 | $ | 3,610,661 | |||||||||
December 31, 2011 | |||||||||||||||||||
Current | $ | 757,113 | $ | 2,286,511 | $ | 135,774 | 491,142 | $ | 3,670,540 | ||||||||||
30-59 days past due | 11,790 | 3,437 | 798 | 3,514 | 19,539 | ||||||||||||||
60-89 days past due | 2,686 | 2,042 | 127 | 1,271 | 6,126 | ||||||||||||||
90 days or greater past due | 12,529 | 4,316 | 572 | 1,443 | 18,860 | ||||||||||||||
Total | $ | 784,118 | $ | 2,296,306 | $ | 137,271 | $ | 497,370 | $ | 3,715,065 | |||||||||
September 30, 2011 | |||||||||||||||||||
Current | $ | 795,578 | $ | 2,291,490 | $ | 134,467 | $ | 522,155 | $ | 3,743,690 | |||||||||
30-59 days past due | 2,303 | 3,987 | 4,204 | 2,369 | 12,863 | ||||||||||||||
60-89 days past due | 3,022 | 924 | — | 1,361 | 5,307 | ||||||||||||||
90 days or greater past due | 15,835 | 6,081 | 514 | 1,541 | 23,971 | ||||||||||||||
Total | $ | 816,738 | $ | 2,302,482 | $ | 139,185 | $ | 527,426 | $ | 3,785,831 |
Covered loans | |||||||||||||||||||||||||||||||||||||||
Grade: | Construction and land development - commercial | Commercial mortgage | Other commercial real estate | Commercial and industrial | Lease financing | Residential mortgage | Revolving mortgage | Construction and land development non-commercial | Consumer and other | Total covered loans | |||||||||||||||||||||||||||||
September 30, 2012 | |||||||||||||||||||||||||||||||||||||||
Pass | $ | 25,234 | $ | 394,945 | $ | 37,879 | $ | 26,896 | $ | — | $ | 172,162 | $ | 28,125 | $ | 1,458 | $ | 1,901 | $ | 688,600 | |||||||||||||||||||
Special mention | 76,849 | 306,106 | 17,040 | 13,976 | — | 15,169 | 1,993 | 1,160 | 135 | 432,428 | |||||||||||||||||||||||||||||
Substandard | 64,741 | 341,185 | 48,635 | 11,100 | — | 69,510 | 7,162 | 17,675 | 23 | 560,031 | |||||||||||||||||||||||||||||
Doubtful | 88,612 | 65,920 | 10,400 | 7,728 | — | 10,137 | — | 6,115 | 253 | 189,165 | |||||||||||||||||||||||||||||
Ungraded | 2,952 | 892 | — | 87 | — | 22,182 | — | — | 760 | 26,873 | |||||||||||||||||||||||||||||
Total | $ | 258,388 | $ | 1,109,048 | $ | 113,954 | $ | 59,787 | $ | — | $ | 289,160 | $ | 37,280 | $ | 26,408 | $ | 3,072 | $ | 1,897,097 | |||||||||||||||||||
December 31, 2011 | |||||||||||||||||||||||||||||||||||||||
Pass | $ | 29,321 | $ | 397,526 | $ | 49,259 | $ | 36,409 | $ | 57 | $ | 189,794 | $ | 34,164 | $ | 4,958 | $ | 2,393 | $ | 743,881 | |||||||||||||||||||
Special mention | 92,758 | 348,482 | 33,754 | 32,257 | — | 25,464 | 3,566 | 13,394 | 942 | 550,617 | |||||||||||||||||||||||||||||
Substandard | 125,158 | 427,996 | 58,351 | 21,914 | — | 70,582 | 9,863 | 72,349 | 1,096 | 787,309 | |||||||||||||||||||||||||||||
Doubtful | 87,936 | 84,871 | 17,030 | 22,862 | — | 13,833 | 3,959 | 14,835 | 982 | 246,308 | |||||||||||||||||||||||||||||
Ungraded | 3,700 | 1,714 | — | — | — | 27,895 | — | — | 728 | 34,037 | |||||||||||||||||||||||||||||
Total | $ | 338,873 | $ | 1,260,589 | $ | 158,394 | $ | 113,442 | $ | 57 | $ | 327,568 | $ | 51,552 | $ | 105,536 | $ | 6,141 | $ | 2,362,152 | |||||||||||||||||||
September 30, 2011 | |||||||||||||||||||||||||||||||||||||||
Pass | $ | 43,851 | $ | 486,673 | $ | 48,460 | $ | 46,898 | $ | 162 | $ | 226,160 | $ | 15,547 | $ | 7,791 | $ | 4,147 | $ | 879,689 | |||||||||||||||||||
Special mention | 97,960 | 342,876 | 24,951 | 34,894 | — | 25,686 | 316 | 23,955 | 577 | 551,215 | |||||||||||||||||||||||||||||
Substandard | 134,126 | 395,806 | 55,083 | 31,213 | — | 68,289 | 6,930 | 60,957 | 797 | 753,201 | |||||||||||||||||||||||||||||
Doubtful | 125,766 | 81,984 | 30,513 | 24,248 | — | 11,129 | 1,690 | 22,422 | 1,122 | 298,874 | |||||||||||||||||||||||||||||
Ungraded | 3,955 | 2,744 | — | — | — | 49,141 | 15,226 | 1 | 3,404 | 74,471 | |||||||||||||||||||||||||||||
Total | $ | 405,658 | $ | 1,310,083 | $ | 159,007 | $ | 137,253 | $ | 162 | $ | 380,405 | $ | 39,709 | $ | 115,126 | $ | 10,047 | $ | 2,557,450 |
30-59 days past due | 60-89 days past due | 90 days or greater | Total past due | Current | Total loans and leases | ||||||||||||||||||
September 30, 2012 | |||||||||||||||||||||||
Noncovered loans and leases: | |||||||||||||||||||||||
Construction and land development - commercial | $ | 340 | $ | 235 | $ | 7,685 | $ | 8,260 | $ | 311,483 | $ | 319,743 | |||||||||||
Commercial mortgage | 19,329 | 10,223 | 15,021 | 44,573 | 5,127,391 | 5,171,964 | |||||||||||||||||
Other commercial real estate | 783 | — | 1,049 | 1,832 | 156,935 | 158,767 | |||||||||||||||||
Commercial and industrial | 6,734 | 965 | 1,826 | 9,525 | 1,730,910 | 1,740,435 | |||||||||||||||||
Lease financing | 947 | 153 | 514 | 1,614 | 320,294 | 321,908 | |||||||||||||||||
Other | — | — | — | — | 131,755 | 131,755 | |||||||||||||||||
Residential mortgage | 16,281 | 6,635 | 11,521 | 34,437 | 780,440 | 814,877 | |||||||||||||||||
Revolving mortgage | 12,894 | 4,033 | 3,767 | 20,694 | 2,223,765 | 2,244,459 | |||||||||||||||||
Construction and land development - non-commercial | 2,588 | 127 | 1,080 | 3,795 | 128,557 | 132,352 | |||||||||||||||||
Consumer | 2,508 | 959 | 1,114 | 4,581 | 414,392 | 418,973 | |||||||||||||||||
Total noncovered loans and leases | $ | 62,404 | $ | 23,330 | $ | 43,577 | $ | 129,311 | $ | 11,325,922 | $ | 11,455,233 | |||||||||||
December 31, 2011 | |||||||||||||||||||||||
Noncovered loans and leases: | |||||||||||||||||||||||
Construction and land development - commercial | $ | 2,623 | $ | 1,494 | $ | 2,177 | $ | 6,294 | $ | 374,869 | $ | 381,163 | |||||||||||
Commercial mortgage | 18,308 | 4,438 | 15,626 | 38,372 | 5,066,621 | 5,104,993 | |||||||||||||||||
Other commercial real estate | 657 | 147 | 561 | 1,365 | 143,406 | 144,771 | |||||||||||||||||
Commercial and industrial | 5,235 | 1,230 | 1,438 | 7,903 | 1,756,504 | 1,764,407 | |||||||||||||||||
Lease financing | 637 | 212 | 620 | 1,469 | 311,400 | 312,869 | |||||||||||||||||
Other | — | — | — | — | 158,369 | 158,369 | |||||||||||||||||
Residential mortgage | 11,790 | 2,686 | 12,529 | 27,005 | 757,113 | 784,118 | |||||||||||||||||
Revolving mortgage | 3,437 | 2,042 | 4,316 | 9,795 | 2,286,511 | 2,296,306 | |||||||||||||||||
Construction and land development - non-commercial | 798 | 127 | 572 | 1,497 | 135,774 | 137,271 | |||||||||||||||||
Consumer | 3,514 | 1,271 | 1,443 | 6,228 | 491,142 | 497,370 | |||||||||||||||||
Total noncovered loans and leases | $ | 46,999 | $ | 13,647 | $ | 39,282 | $ | 99,928 | $ | 11,481,709 | $ | 11,581,637 | |||||||||||
September 30, 2011 | |||||||||||||||||||||||
Noncovered loans and leases: | |||||||||||||||||||||||
Construction and land development - commercial | $ | 1,506 | $ | 131 | $ | 2,089 | $ | 3,726 | $ | 412,993 | $ | 416,719 | |||||||||||
Commercial mortgage | 13,381 | 3,765 | 16,838 | 33,984 | 4,962,052 | 4,996,036 | |||||||||||||||||
Other commercial real estate | 93 | — | 965 | 1,058 | 143,480 | 144,538 | |||||||||||||||||
Commercial and industrial | 1,417 | 1,092 | 1,548 | 4,057 | 1,793,524 | 1,797,581 | |||||||||||||||||
Lease financing | 879 | 180 | 96 | 1,155 | 302,884 | 304,039 | |||||||||||||||||
Other | 18 | — | — | 18 | 158,764 | 158,782 | |||||||||||||||||
Residential mortgage | 2,303 | 3,022 | 15,835 | 21,160 | 795,578 | 816,738 | |||||||||||||||||
Revolving mortgage | 3,987 | 924 | 6,081 | 10,992 | 2,291,490 | 2,302,482 | |||||||||||||||||
Construction and land development - non-commercial | 4,204 | — | 514 | 4,718 | 134,467 | 139,185 | |||||||||||||||||
Consumer | 2,369 | 1,361 | 1,541 | 5,271 | 522,155 | 527,426 | |||||||||||||||||
Total noncovered loans and leases | $ | 30,157 | $ | 10,475 | $ | 45,507 | $ | 86,139 | $ | 11,517,387 | $ | 11,603,526 |
September 30, 2012 | December 31, 2011 | September 30, 2011 | |||||||||||||||||||||
Nonaccrual loans and leases | Loans and leases > 90 days and accruing | Nonaccrual loans and leases | Loans and leases > 90 days and accruing | Nonaccrual loans and leases | Loans and leases > 90 days and accruing | ||||||||||||||||||
Noncovered loans and leases: | |||||||||||||||||||||||
Construction and land development - commercial | $ | 7,930 | $ | 268 | $ | 15,102 | $ | 313 | $ | 18,569 | $ | 418 | |||||||||||
Commercial mortgage | 44,784 | 3,601 | 23,748 | 3,107 | 25,993 | 2,390 | |||||||||||||||||
Commercial and industrial | 9,480 | 361 | 1,864 | 320 | 1,792 | 380 | |||||||||||||||||
Lease financing | 627 | — | 200 | 554 | 83 | 17 | |||||||||||||||||
Other commercial real estate | 298 | 951 | 1,170 | — | 1,217 | — | |||||||||||||||||
Construction and land development - non-commercial | 741 | 338 | — | 572 | — | 514 | |||||||||||||||||
Residential mortgage | 11,350 | 3,701 | 10,657 | 4,227 | 11,949 | 6,604 | |||||||||||||||||
Revolving mortgage | — | 3,760 | — | 4,306 | — | 6,066 | |||||||||||||||||
Consumer | 45 | 1,091 | — | 1,441 | — | 1,498 | |||||||||||||||||
Total noncovered loans and leases | $ | 75,255 | $ | 14,071 | $ | 52,741 | $ | 14,840 | $ | 59,603 | $ | 17,887 |
2012 | 2011 | ||||||||||||||
Impaired at acquisition date | All other acquired loans | Impaired as acquisition date | All other acquired loans | ||||||||||||
Balance, January 1 | $ | 458,305 | $ | 1,903,847 | $ | 330,705 | $ | 1,676,747 | |||||||
Fair value of acquired loans covered by loss share agreements | — | — | 303,713 | 777,800 | |||||||||||
Reductions for repayments, foreclosures and changes in carrying value, net of accretion | (167,581 | ) | (297,474 | ) | (134,713 | ) | (396,802 | ) | |||||||
Balance, September 30 | $ | 290,724 | $ | 1,606,373 | $ | 499,705 | $ | 2,057,745 | |||||||
Outstanding principal balance at September 30 | $ | 1,077,975 | $ | 2,253,660 | $ | 1,943,770 | $ | 2,705,324 |
2012 | 2011 | ||||||
Balance, January 1 | $ | 276,690 | $ | 164,586 | |||
Additions | — | 79,526 | |||||
Accretion | (193,438 | ) | (192,556 | ) | |||
Reclassifications from nonaccretable difference | 292,773 | 128,535 | |||||
Changes in expected cash flows that do not affect nonaccretable difference | 206,101 | — | |||||
Disposals | — | — | |||||
Balance, September 30 | $ | 582,126 | $ | 180,091 |
Construction and Land Development - Commercial | Commercial Mortgage | Other Commercial Real Estate | Commercial and Industrial | Lease Financing | Other | Residential Mortgage | Revolving Mortgage | Construction and Land Development - Non- commercial | Consumer | Non- specific | Total | ||||||||||||||||||||||||||||||||||||
Noncovered Loans | |||||||||||||||||||||||||||||||||||||||||||||||
Allowance for loan and lease losses: | |||||||||||||||||||||||||||||||||||||||||||||||
Nine months ended September 30, 2012 | |||||||||||||||||||||||||||||||||||||||||||||||
Balance at January 1 | $ | 5,467 | $ | 67,486 | $ | 2,169 | $ | 23,723 | $ | 3,288 | $ | 1,315 | $ | 8,879 | $ | 27,045 | $ | 1,427 | $ | 25,962 | $ | 14,122 | $ | 180,883 | |||||||||||||||||||||||
Charge-offs | (9,504 | ) | (5,448 | ) | (254 | ) | (3,766 | ) | (335 | ) | (28 | ) | (3,381 | ) | (7,885 | ) | (914 | ) | (7,590 | ) | — | (39,105 | ) | ||||||||||||||||||||||||
Recoveries | 370 | 1,230 | 6 | 616 | 75 | 4 | 433 | 501 | 168 | 1,366 | — | 4,769 | |||||||||||||||||||||||||||||||||||
Provision | 10,134 | 6,839 | 318 | 4,392 | 419 | (115 | ) | 1,255 | 6,726 | 1,441 | 6,944 | 1,147 | 39,500 | ||||||||||||||||||||||||||||||||||
Balance at September 30 | $ | 6,467 | $ | 70,107 | $ | 2,239 | $ | 24,965 | $ | 3,447 | $ | 1,176 | $ | 7,186 | $ | 26,387 | $ | 2,122 | $ | 26,682 | $ | 15,269 | $ | 186,047 | |||||||||||||||||||||||
Nine months ended September 30, 2011 | |||||||||||||||||||||||||||||||||||||||||||||||
Balance at January 1 | $ | 10,512 | $ | 64,772 | $ | 2,200 | $ | 24,089 | $ | 3,384 | $ | 1,473 | $ | 7,009 | $ | 18,016 | $ | 1,751 | $ | 29,448 | $ | 13,863 | $ | 176,517 | |||||||||||||||||||||||
Charge-offs | (6,977 | ) | (3,810 | ) | — | (4,659 | ) | (341 | ) | (43 | ) | (4,026 | ) | (10,454 | ) | (1,432 | ) | (9,417 | ) | — | (41,159 | ) | |||||||||||||||||||||||||
Recoveries | 153 | 914 | 17 | 826 | 100 | 2 | 835 | 530 | 173 | 1,272 | — | 4,822 | |||||||||||||||||||||||||||||||||||
Provision | 1,478 | 6,081 | (56 | ) | 3,818 | 112 | (149 | ) | 5,192 | 17,525 | 934 | 4,036 | (17 | ) | 38,954 | ||||||||||||||||||||||||||||||||
Balance at September 30 | $ | 5,166 | $ | 67,957 | $ | 2,161 | $ | 24,074 | $ | 3,255 | $ | 1,283 | $ | 9,010 | $ | 25,617 | $ | 1,426 | $ | 25,339 | $ | 13,846 | $ | 179,134 | |||||||||||||||||||||||
Three months ended September 30, 2012 | |||||||||||||||||||||||||||||||||||||||||||||||
Balance at July 1 | $ | 5,056 | $ | 70,966 | $ | 2,413 | $ | 24,915 | $ | 3,515 | $ | 1,183 | $ | 7,639 | $ | 26,700 | $ | 1,815 | $ | 24,988 | $ | 15,942 | $ | 185,132 | |||||||||||||||||||||||
Charge-offs | (283 | ) | (1,428 | ) | — | (720 | ) | — | — | (1,090 | ) | (1,613 | ) | (239 | ) | (2,307 | ) | — | (7,680 | ) | |||||||||||||||||||||||||||
Recoveries | 101 | 222 | 6 | 179 | 27 | — | 121 | 87 | 16 | 439 | — | 1,198 | |||||||||||||||||||||||||||||||||||
Provision | 1,593 | 347 | (180 | ) | 591 | (95 | ) | (7 | ) | 516 | 1,213 | 530 | 3,562 | (673 | ) | 7,397 | |||||||||||||||||||||||||||||||
Balance at September 30 | $ | 6,467 | $ | 70,107 | $ | 2,239 | $ | 24,965 | $ | 3,447 | $ | 1,176 | $ | 7,186 | $ | 26,387 | $ | 2,122 | $ | 26,682 | $ | 15,269 | $ | 186,047 | |||||||||||||||||||||||
Three months ended September 30, 2011 | |||||||||||||||||||||||||||||||||||||||||||||||
Balance at July 1 | $ | 9,692 | $ | 67,123 | $ | 2,268 | $ | 24,918 | $ | 3,358 | $ | 1,351 | $ | 7,404 | $ | 22,020 | $ | 1,324 | $ | 27,079 | $ | 14,078 | $ | 180,615 | |||||||||||||||||||||||
Charge-offs | (6,213 | ) | (1,184 | ) | — | (1,010 | ) | (77 | ) | (6 | ) | (1,624 | ) | (3,686 | ) | (358 | ) | (2,901 | ) | — | (17,059 | ) | |||||||||||||||||||||||||
Recoveries | 74 | 211 | 6 | 236 | 52 | 1 | 44 | 184 | 12 | 447 | — | 1,267 | |||||||||||||||||||||||||||||||||||
Provision | 1,613 | 1,807 | (113 | ) | (70 | ) | (78 | ) | (63 | ) | 3,186 | 7,099 | 448 | 714 | (232 | ) | 14,311 | ||||||||||||||||||||||||||||||
Balance at September 30 | $ | 5,166 | $ | 67,957 | $ | 2,161 | $ | 24,074 | $ | 3,255 | $ | 1,283 | $ | 9,010 | $ | 25,617 | $ | 1,426 | $ | 25,339 | $ | 13,846 | $ | 179,134 |
Construction and Land Development - Commercial | Commercial Mortgage | Other Commercial Real Estate | Commercial and Industrial | Lease Financing | Other | Residential Mortgage | Revolving Mortgage | Construction and Land Development - Non- commercial | Consumer | Non- specific | Total | ||||||||||||||||||||||||||||||||||||
Allowance for loan and lease losses: | |||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2012 | |||||||||||||||||||||||||||||||||||||||||||||||
ALLL for loans and leases individually evaluated for impairment | $ | 2,977 | $ | 10,471 | $ | 292 | $ | 1,888 | $ | 202 | $ | 59 | $ | 984 | $ | 1 | $ | 298 | $ | 78 | $ | — | $ | 17,250 | |||||||||||||||||||||||
ALLL for loans and leases collectively evaluated for impairment | 3,490 | 59,636 | 1,947 | 23,077 | 3,245 | 1,117 | 6,202 | 26,386 | 1,824 | 26,604 | — | 153,528 | |||||||||||||||||||||||||||||||||||
Non-specific ALLL | — | — | — | — | — | — | — | — | — | — | 15,269 | 15,269 | |||||||||||||||||||||||||||||||||||
Total allowance for loan and lease losses | $ | 6,467 | $ | 70,107 | $ | 2,239 | $ | 24,965 | $ | 3,447 | $ | 1,176 | $ | 7,186 | $ | 26,387 | $ | 2,122 | $ | 26,682 | $ | 15,269 | $ | 186,047 | |||||||||||||||||||||||
December 31, 2011 | |||||||||||||||||||||||||||||||||||||||||||||||
ALLL for loans and leases individually evaluated for impairment | $ | 1,139 | $ | 5,266 | $ | 283 | $ | 640 | $ | 17 | $ | 14 | $ | 411 | $ | — | $ | 145 | $ | 47 | $ | — | $ | 7,962 | |||||||||||||||||||||||
ALLL for loans and leases collectively evaluated for impairment | 4,328 | 62,220 | 1,886 | 23,083 | 3,271 | 1,301 | 8,468 | 27,045 | 1,282 | 25,915 | — | 158,799 | |||||||||||||||||||||||||||||||||||
Non-specific ALLL | — | — | — | — | — | — | — | — | — | — | 14,122 | 14,122 | |||||||||||||||||||||||||||||||||||
Total allowance for loan and lease losses | $ | 5,467 | $ | 67,486 | $ | 2,169 | $ | 23,723 | $ | 3,288 | $ | 1,315 | $ | 8,879 | $ | 27,045 | $ | 1,427 | $ | 25,962 | $ | 14,122 | $ | 180,883 | |||||||||||||||||||||||
September 30, 2011 | |||||||||||||||||||||||||||||||||||||||||||||||
ALLL for loans and leases individually evaluated for impairment | $ | 310 | $ | 4,641 | $ | 43 | $ | 433 | $ | 25 | $ | — | $ | 1,025 | $ | — | $ | 92 | $ | 45 | $ | — | $ | 6,614 | |||||||||||||||||||||||
ALLL for loans and leases collectively evaluated for impairment | 4,856 | 63,316 | 2,118 | 23,641 | 3,230 | 1,283 | 7,985 | 25,617 | 1,334 | 25,294 | — | 158,674 | |||||||||||||||||||||||||||||||||||
Non-specific ALLL | — | — | — | — | — | — | — | — | — | — | 13,846 | 13,846 | |||||||||||||||||||||||||||||||||||
Total allowance for loan and lease losses | $ | 5,166 | $ | 67,957 | $ | 2,161 | $ | 24,074 | $ | 3,255 | $ | 1,283 | $ | 9,010 | $ | 25,617 | $ | 1,426 | $ | 25,339 | $ | 13,846 | $ | 179,134 |
Loans and leases: | |||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2012 | |||||||||||||||||||||||||||||||||||||||||||||||
Loans and leases individually evaluated for impairment | $ | 24,175 | $ | 118,928 | $ | 3,309 | $ | 18,333 | $ | 745 | $ | 730 | $ | 17,533 | $ | 3,593 | $ | 3,012 | $ | 1,140 | $ | — | $ | 191,498 | |||||||||||||||||||||||
Loans and leases collectively evaluated for impairment | 295,568 | 5,053,036 | 155,458 | 1,722,102 | 321,163 | 131,025 | 797,344 | 2,240,866 | 129,340 | 417,833 | — | 11,263,735 | |||||||||||||||||||||||||||||||||||
Total loan and leases | $ | 319,743 | $ | 5,171,964 | $ | 158,767 | $ | 1,740,435 | $ | 321,908 | $ | 131,755 | $ | 814,877 | $ | 2,244,459 | $ | 132,352 | $ | 418,973 | $ | — | $ | 11,455,233 | |||||||||||||||||||||||
December 31, 2011 | |||||||||||||||||||||||||||||||||||||||||||||||
Loans and leases individually evaluated for impairment | $ | 26,782 | $ | 92,872 | $ | 5,686 | $ | 15,996 | $ | 328 | $ | 193 | $ | 9,776 | $ | — | $ | 3,676 | $ | 992 | $ | — | $ | 156,301 | |||||||||||||||||||||||
Loans and leases collectively evaluated for impairment | 354,381 | 5,012,121 | 139,085 | 1,748,411 | 312,541 | 158,176 | 774,342 | 2,296,306 | 133,595 | 496,378 | — | 11,425,336 | |||||||||||||||||||||||||||||||||||
Total loan and leases | $ | 381,163 | $ | 5,104,993 | $ | 144,771 | $ | 1,764,407 | $ | 312,869 | $ | 158,369 | $ | 784,118 | $ | 2,296,306 | $ | 137,271 | $ | 497,370 | $ | — | $ | 11,581,637 | |||||||||||||||||||||||
September 30, 2011 | |||||||||||||||||||||||||||||||||||||||||||||||
Loans and leases individually evaluated for impairment | $ | 22,001 | $ | 66,588 | $ | 580 | $ | 14,222 | $ | 339 | $ | — | $ | 12,033 | $ | — | $ | 2,844 | $ | 992 | $ | — | $ | 119,599 | |||||||||||||||||||||||
Loans and leases collectively evaluated for impairment | 394,718 | 4,929,448 | 143,958 | 1,783,359 | 303,700 | 158,782 | 804,705 | 2,302,482 | 136,341 | 526,434 | — | 11,483,927 | |||||||||||||||||||||||||||||||||||
Total loan and leases | $ | 416,719 | $ | 4,996,036 | $ | 144,538 | $ | 1,797,581 | $ | 304,039 | $ | 158,782 | $ | 816,738 | $ | 2,302,482 | $ | 139,185 | $ | 527,426 | $ | — | $ | 11,603,526 |
Construction and Land Development - Commercial | Commercial Mortgage | Other Commercial Real Estate | Commercial and Industrial | Lease Financing | Residential Mortgage | Revolving Mortgage | Construction and Land Development - Non-commercial | Consumer and Other | Total | ||||||||||||||||||||||||||||||
Covered Loans | |||||||||||||||||||||||||||||||||||||||
Allowance for loan and lease losses (1): | |||||||||||||||||||||||||||||||||||||||
Nine months ended September 30, 2012 | |||||||||||||||||||||||||||||||||||||||
Balance at January 1 | $ | 16,693 | $ | 39,557 | $ | 16,862 | $ | 5,500 | $ | 13 | $ | 5,433 | $ | 77 | $ | 4,652 | $ | 474 | $ | 89,261 | |||||||||||||||||||
Charge-offs | (6,460 | ) | (18,398 | ) | (831 | ) | (7,916 | ) | — | (3,431 | ) | — | (301 | ) | (66 | ) | (37,403 | ) | |||||||||||||||||||||
Recoveries | — | — | — | — | — | 142 | — | — | — | 142 | |||||||||||||||||||||||||||||
Provision | 7,502 | 19,985 | (11,477 | ) | 6,125 | (13 | ) | 7,366 | 5,417 | 2,577 | 1,025 | 38,507 | |||||||||||||||||||||||||||
Balance at September 30 | $ | 17,735 | $ | 41,144 | $ | 4,554 | $ | 3,709 | $ | — | $ | 9,510 | $ | 5,494 | $ | 6,928 | $ | 1,433 | $ | 90,507 | |||||||||||||||||||
Nine months ended September 30, 2011 | |||||||||||||||||||||||||||||||||||||||
Balance at January 1 | $ | 20,654 | $ | 13,199 | $ | 4,148 | $ | 6,828 | $ | — | $ | 113 | $ | 676 | $ | 5,607 | $ | 23 | $ | 51,248 | |||||||||||||||||||
Charge-offs | (20,711 | ) | (32,735 | ) | (14,160 | ) | (3,067 | ) | — | (4,143 | ) | — | (6,078 | ) | (89 | ) | (80,983 | ) | |||||||||||||||||||||
Recoveries | 57 | 75 | 477 | 12 | — | 94 | — | — | — | 715 | |||||||||||||||||||||||||||||
Provision | 17,032 | 49,493 | 21,955 | 3,162 | 1 | 8,108 | (544 | ) | 4,741 | 122 | 104,070 | ||||||||||||||||||||||||||||
Balance at September 30 | $ | 17,032 | $ | 30,032 | $ | 12,420 | $ | 6,935 | $ | 1 | $ | 4,172 | $ | 132 | $ | 4,270 | $ | 56 | $ | 75,050 | |||||||||||||||||||
Three months ended September 30, 2012 | |||||||||||||||||||||||||||||||||||||||
Balance at July 1 | 15,983 | 35,991 | 9,194 | 14,724 | — | 5,575 | 2,548 | 3,780 | 2 | $ | 87,797 | ||||||||||||||||||||||||||||
Charge-offs | (1,434 | ) | (3,006 | ) | (34 | ) | (1,901 | ) | — | (819 | ) | — | (292 | ) | (30 | ) | (7,516 | ) | |||||||||||||||||||||
Recoveries | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||
Provision | 3,186 | 8,159 | (4,606 | ) | (9,114 | ) | — | 4,754 | 2,946 | 3,440 | 1,461 | 10,226 | |||||||||||||||||||||||||||
Balance at September 30 | $ | 17,735 | $ | 41,144 | $ | 4,554 | $ | 3,709 | $ | — | $ | 9,510 | $ | 5,494 | $ | 6,928 | $ | 1,433 | $ | 90,507 | |||||||||||||||||||
Three months ended September 30, 2011 | |||||||||||||||||||||||||||||||||||||||
Balance at July 1 | $ | 24,234 | $ | 22,093 | $ | 12,841 | $ | 1,872 | $ | — | $ | 3,653 | $ | 10 | $ | 4,720 | $ | 12 | $ | 69,435 | |||||||||||||||||||
Charge-offs | (10,759 | ) | (8,728 | ) | (2,686 | ) | (624 | ) | — | (1,409 | ) | — | (1,034 | ) | (15 | ) | (25,255 | ) | |||||||||||||||||||||
Recoveries | 57 | 60 | 386 | — | — | 50 | — | — | 553 | ||||||||||||||||||||||||||||||
Provision | 3,500 | 16,607 | 1,879 | 5,687 | 1 | 1,878 | 122 | 584 | 59 | 30,317 | |||||||||||||||||||||||||||||
Balance at September 30 | $ | 17,032 | $ | 30,032 | $ | 12,420 | $ | 6,935 | $ | 1 | $ | 4,172 | $ | 132 | $ | 4,270 | $ | 56 | $ | 75,050 | |||||||||||||||||||
Allowance for loan and lease losses (1): | |||||||||||||||||||||||||||||||||||||||
September 30, 2012 | |||||||||||||||||||||||||||||||||||||||
ALLL for loans and leases acquired with deteriorated credit quality | $ | 17,735 | $ | 41,144 | $ | 4,554 | $ | 3,709 | $ | — | $ | 9,510 | $ | 5,494 | $ | 6,928 | $ | 1,433 | $ | 90,507 | |||||||||||||||||||
December 31, 2011 | |||||||||||||||||||||||||||||||||||||||
ALLL for loans and leases acquired with deteriorated credit quality | 16,693 | 39,557 | 16,862 | 5,500 | 13 | 5,433 | 77 | 4,652 | 474 | 89,261 | |||||||||||||||||||||||||||||
September 30, 2011 | |||||||||||||||||||||||||||||||||||||||
ALLL for loans and leases acquired with deteriorated credit quality | 17,032 | 30,032 | 12,420 | 6,935 | 1 | 4,172 | 132 | 4,270 | 56 | 75,050 | |||||||||||||||||||||||||||||
Loans and leases: | |||||||||||||||||||||||||||||||||||||||
September 30, 2012 | |||||||||||||||||||||||||||||||||||||||
Loans and leases acquired with deteriorated credit quality | 258,388 | 1,109,048 | 113,954 | 59,787 | — | 289,160 | 37,280 | 26,408 | 3,072 | 1,897,097 | |||||||||||||||||||||||||||||
December 31, 2011 | |||||||||||||||||||||||||||||||||||||||
Loans and leases acquired with deteriorated credit quality | 338,873 | 1,260,589 | 158,394 | 113,442 | 57 | 327,568 | 51,552 | 105,536 | 6,141 | 2,362,152 | |||||||||||||||||||||||||||||
September 30, 2011 | |||||||||||||||||||||||||||||||||||||||
Loans and leases acquired with deteriorated credit quality | 405,658 | 1,310,083 | 159,007 | 137,253 | 162 | 380,405 | 39,709 | 115,126 | 10,047 | 2,557,450 |
With a recorded allowance | With no recorded allowance | Total | Unpaid principal balance | Related allowance recorded | |||||||||||||||
September 30, 2012 | |||||||||||||||||||
Impaired noncovered loans and leases | |||||||||||||||||||
Construction and land development - commercial | $ | 13,305 | $ | 9,835 | $ | 23,140 | $ | 39,181 | $ | 2,912 | |||||||||
Commercial mortgage | 40,140 | 58,435 | 98,575 | 100,477 | 9,639 | ||||||||||||||
Other commercial real estate | 1,383 | 800 | 2,183 | 2,183 | 207 | ||||||||||||||
Commercial and industrial | 6,380 | 7,198 | 13,578 | 13,638 | 1,606 | ||||||||||||||
Lease financing | 171 | 514 | 685 | 685 | 198 | ||||||||||||||
Other | 729 | — | 729 | 729 | 59 | ||||||||||||||
Revolving mortgage | 1,239 | 2,354 | 3,593 | 3,593 | 1 | ||||||||||||||
Residential mortgage | 11,078 | 4,539 | 15,617 | 16,254 | 905 | ||||||||||||||
Construction and land development - non-commercial | 1,311 | 1,701 | 3,012 | 3,012 | 298 | ||||||||||||||
Consumer | 240 | 900 | 1,140 | 1,140 | 78 | ||||||||||||||
Total impaired noncovered loans and leases | $ | 75,976 | $ | 86,276 | $ | 162,252 | $ | 180,892 | $ | 15,903 | |||||||||
December 31, 2011 | |||||||||||||||||||
Impaired noncovered loans and leases | |||||||||||||||||||
Construction and land development - commercial | $ | 24,994 | $ | — | $ | 24,994 | $ | 30,756 | $ | 1,027 | |||||||||
Commercial mortgage | 53,687 | 11,840 | 65,527 | 66,463 | 3,813 | ||||||||||||||
Other commercial real estate | 1,558 | 1,022 | 2,580 | 322 | 114 | ||||||||||||||
Commercial and industrial | 7,157 | 7,111 | 14,268 | 12,674 | 549 | ||||||||||||||
Lease financing | 322 | — | 322 | 992 | 16 | ||||||||||||||
Other | — | — | — | — | — | ||||||||||||||
Residential mortgage | 9,776 | — | 9,776 | 2,580 | 411 | ||||||||||||||
Construction and land development - non-commercial | 3,676 | — | 3,676 | 14,268 | 145 | ||||||||||||||
Consumer | 992 | — | 992 | 3,676 | 47 | ||||||||||||||
Total impaired noncovered loans and leases | $ | 102,162 | $ | 19,973 | $ | 122,135 | $ | 131,731 | $ | 6,122 | |||||||||
September 30, 2011 | |||||||||||||||||||
Impaired noncovered loans and leases | |||||||||||||||||||
Construction and land development - commercial | $ | 4,897 | $ | 17,104 | $ | 22,001 | $ | 27,162 | $ | 310 | |||||||||
Commercial mortgage | 59,491 | 7,097 | 66,588 | 66,906 | 4,641 | ||||||||||||||
Other commercial real estate | 580 | — | 580 | 580 | 43 | ||||||||||||||
Commercial and industrial | 7,099 | 7,123 | 14,222 | 14,222 | 433 | ||||||||||||||
Lease financing | 339 | — | 339 | 339 | 25 | ||||||||||||||
Other | — | — | — | — | — | ||||||||||||||
Residential mortgage | 12,033 | — | 12,033 | 12,033 | 1,025 | ||||||||||||||
Construction and land development - non-commercial | 2,844 | — | 2,844 | 2,844 | 92 | ||||||||||||||
Consumer | 992 | — | 992 | 992 | 45 | ||||||||||||||
Total impaired noncovered loans and leases | $ | 88,275 | $ | 31,324 | $ | 119,599 | $ | 125,078 | $ | 6,614 |
Average Balance | Unpaid Principal Balance | Interest Income Recognized | |||||||||
Nine months ended September 30, 2012 | |||||||||||
Noncovered impaired loans and leases: | |||||||||||
Construction and land development - commercial | $ | 24,595 | $ | 39,181 | $ | 756 | |||||
Commercial mortgage | 90,544 | 100,477 | 3,621 | ||||||||
Other commercial real estate | 2,502 | 2,183 | 83 | ||||||||
Commercial and industrial | 11,847 | 13,638 | 682 | ||||||||
Lease financing | 412 | 685 | 22 | ||||||||
Other | 327 | 729 | — | ||||||||
Revolving mortgage | 2,507 | 3,593 | 40 | ||||||||
Residential mortgage | 15,278 | 16,254 | 536 | ||||||||
Construction and land development - non-commercial | 3,017 | 3,012 | 122 | ||||||||
Consumer | 1,631 | 1,140 | 23 | ||||||||
Total noncovered impaired loans and leases | $ | 152,660 | $ | 180,892 | $ | 5,885 | |||||
Three months ended September 30, 2012 | |||||||||||
Noncovered impaired loans and leases: | |||||||||||
Construction and land development - commercial | $ | 24,046 | $ | 39,181 | $ | 239 | |||||
Commercial mortgage | 100,751 | 100,477 | 1,332 | ||||||||
Other commercial real estate | 2,191 | 2,183 | 33 | ||||||||
Commercial and industrial | 13,414 | 13,638 | 186 | ||||||||
Lease financing | 689 | 685 | 11 | ||||||||
Other | 734 | 729 | — | ||||||||
Revolving mortgage | 3,592 | 3,593 | 20 | ||||||||
Residential mortgage | 16,111 | 16,254 | 206 | ||||||||
Construction and land development - non-commercial | 3,012 | 3,012 | 33 | ||||||||
Consumer | 1,978 | 1,140 | 7 | ||||||||
Total noncovered impaired loans and leases | $ | 166,518 | $ | 180,892 | $ | 2,067 | |||||
Nine months ended September 30, 2011 | |||||||||||
Noncovered impaired loans and leases: | |||||||||||
Construction and land development - commercial | $ | 27,151 | $ | 27,162 | $ | 109 | |||||
Commercial mortgage | 66,110 | 66,906 | 1,375 | ||||||||
Other commercial real estate | 1,065 | 580 | 25 | ||||||||
Commercial and industrial | 12,741 | 14,222 | 372 | ||||||||
Lease financing | 653 | 339 | 15 | ||||||||
Other | 38 | — | — | ||||||||
Residential mortgage | 9,121 | 12,033 | 276 | ||||||||
Construction and land development - non-commercial | 1,608 | 2,844 | 83 | ||||||||
Consumer | 547 | 992 | 12 | ||||||||
Total noncovered impaired loans and leases | $ | 119,034 | $ | 125,078 | $ | 2,267 | |||||
Three months ended September 30, 2011 | |||||||||||
Noncovered impaired loans and leases: | |||||||||||
Construction and land development - commercial | $ | 24,311 | $ | 27,162 | $ | 5 | |||||
Commercial mortgage | 68,436 | 66,906 | 297 | ||||||||
Other commercial real estate | 1,175 | 580 | — | ||||||||
Commercial and industrial | 14,142 | 14,222 | 149 | ||||||||
Lease financing | 478 | 339 | 3 | ||||||||
Other | — | — | — | ||||||||
Residential mortgage | 11,567 | 12,033 | 100 | ||||||||
Construction and land development - non-commercial | 2,703 | 2,844 | 38 | ||||||||
Consumer | 993 | 992 | 2 | ||||||||
Total noncovered impaired loans and leases | $ | 123,805 | $ | 125,078 | $ | 594 | |||||
Three months ended September 30, 2012 | Nine months ended September 30, 2012 | |||||||||||||||||||
All Restructurings | Restructurings with payment default | All Restructurings | Restructurings with payment default | |||||||||||||||||
Number of Loans | Recorded investment at period end | Number of Loans | Recorded investment at period end | Number of Loans | Recorded investment at period end | Number of Loans | Recorded investment at period end | |||||||||||||
Noncovered loans | ||||||||||||||||||||
Interest only period provided | ||||||||||||||||||||
Construction and land development - commercial | — | $ | — | — | $ | — | 2 | 316 | — | — | ||||||||||
Commercial mortgage | 3 | 1,009 | — | — | 12 | 4,562 | 2 | 952 | ||||||||||||
Commercial and industrial | 2 | 580 | — | — | 2 | 580 | — | — | ||||||||||||
Residential mortgage | — | — | — | — | 1 | 338 | 1 | 338 | ||||||||||||
Total interest only | 5 | 1,589 | — | — | 17 | 5,796 | 3 | 1,290 | ||||||||||||
Loan term extension | ||||||||||||||||||||
Construction and land development - commercial | — | — | — | — | 2 | 7,606 | — | — | ||||||||||||
Commercial mortgage | 10 | 3,505 | 4 | 1,220 | 45 | 16,314 | 10 | 3,389 | ||||||||||||
Other commercial real estate | — | — | — | — | 3 | 1,334 | — | — | ||||||||||||
Commercial and industrial | 2 | 513 | — | — | 10 | 1,371 | 3 | 150 | ||||||||||||
Lease financing | — | — | — | — | 3 | 172 | — | — | ||||||||||||
Residential mortgage | 2 | 133 | — | — | 7 | 493 | 1 | 47 | ||||||||||||
Construction and land development - non-commercial | — | — | — | — | 1 | 1,701 | — | — | ||||||||||||
Consumer | 1 | 22 | — | — | 6 | 1,124 | — | — | ||||||||||||
Total loan term extension | 15 | 4,173 | 4 | 1,220 | 77 | 30,115 | 14 | 3,586 | ||||||||||||
Below market interest rate | ||||||||||||||||||||
Construction and land development - commercial | — | — | — | — | 1 | 228 | — | — | ||||||||||||
Commercial mortgage | 3 | 1,385 | — | — | 6 | 4,708 | — | — | ||||||||||||
Commercial and industrial | 1 | 113 | — | — | 5 | 980 | — | — | ||||||||||||
Residential mortgage | 1 | 8 | — | — | 10 | 1,853 | 3 | 785 | ||||||||||||
Revolving mortgage | — | — | — | — | 1 | 49 | 1 | 49 | ||||||||||||
Consumer | — | — | — | — | 2 | 11 | — | — | ||||||||||||
Total below market interest rate | 5 | 1,506 | — | — | 25 | 7,829 | 4 | 834 | ||||||||||||
Other concession | ||||||||||||||||||||
Commercial mortgage | — | — | — | — | 2 | 924 | — | — | ||||||||||||
Residential mortgage | — | — | — | — | 1 | 385 | — | — | ||||||||||||
Total other concession | — | — | — | — | 3 | 1,309 | — | — | ||||||||||||
Total noncovered restructurings | 25 | $ | 7,268 | 4 | $ | 1,220 | 122 | $ | 45,049 | 21 | $ | 5,710 |
Three months ended September 30, 2012 | Nine months ended September 30, 2012 | |||||||||||||||||||
All Restructurings | Restructurings with payment default | All Restructurings | Restructurings with payment default | |||||||||||||||||
Number of loans | Recorded investment at period end | Number of loans | Recorded investment at period end | Number of loans | Recorded investment at period end | Number of loans | Recorded investment at period end | |||||||||||||
Covered loans | ||||||||||||||||||||
Interest only period provided | ||||||||||||||||||||
Construction and land development - commercial | 1 | $ | 336 | 1 | $ | 336 | 2 | $ | 474 | 1 | $ | 336 | ||||||||
Commercial mortgage | 3 | 3,822 | 1 | 159 | 4 | 12,317 | 1 | 159 | ||||||||||||
Commercial and industrial | — | — | — | — | 1 | 158 | — | — | ||||||||||||
Residential mortgage | — | — | — | — | 1 | 100 | — | — | ||||||||||||
Total interest only | 4 | 4,158 | 2 | 495 | 8 | 13,049 | 2 | 495 | ||||||||||||
Loan term extension | ||||||||||||||||||||
Construction and land development - commercial | — | — | — | — | 9 | 5,449 | 1 | 2,634 | ||||||||||||
Commercial mortgage | — | — | — | — | 2 | 1,413 | — | — | ||||||||||||
Commercial and industrial | 1 | 118 | — | — | 2 | 147 | — | — | ||||||||||||
Residential mortgage | 3 | 5,078 | 1 | 4,606 | 4 | 5,125 | 1 | 4,606 | ||||||||||||
Total loan term extension | 4 | 5,196 | 1 | 4,606 | 17 | 12,134 | 2 | 7,240 | ||||||||||||
Below market interest rate | ||||||||||||||||||||
Construction and land development - commercial | 2 | 52 | — | — | 10 | 1,464 | 2 | 929 | ||||||||||||
Commercial mortgage | 5 | 3,173 | 1 | 1,015 | 14 | 13,493 | 5 | 2,747 | ||||||||||||
Other commercial real estate | — | — | — | — | 2 | 1,766 | — | — | ||||||||||||
Commercial and industrial | 1 | 1,137 | — | — | 4 | 1,137 | 2 | — | ||||||||||||
Residential mortgage | 10 | 170 | 4 | 11 | 18 | 1,522 | 7 | 72 | ||||||||||||
Construction and land development - non-commercial | — | — | — | — | 1 | — | 1 | — | ||||||||||||
Total below market interest rate | 18 | 4,532 | 5 | 1,026 | 49 | 19,382 | 17 | 3,748 | ||||||||||||
Total covered restructurings | 26 | $ | 13,886 | 8 | $ | 6,127 | 74 | $ | 44,565 | 21 | $ | 11,483 |
Three Months Ended September 30 | Nine Months Ended September 30 | ||||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||||
Balance at beginning of period | $ | 313,978 | $ | 522,507 | $ | 539,511 | $ | 623,261 | |||||||
Additional receivable from acquisitions | — | 159,753 | — | 295,053 | |||||||||||
Accretion of discounts and premiums, net | (26,476 | ) | (27,448 | ) | (71,017 | ) | (26,034 | ) | |||||||
Receipt of payments from FDIC | (31,765 | ) | (27,872 | ) | (223,863 | ) | (239,800 | ) | |||||||
Post-acquisition and other adjustments, net | (11,844 | ) | (19,033 | ) | (738 | ) | (44,573 | ) | |||||||
Balance at September 30 | $ | 243,893 | $ | 607,907 | $ | 243,893 | $ | 607,907 |
September 30, 2012 | December 31, 2011 | September 30, 2011 | |||||||||||||||||||||
Carrying value | Fair value | Carrying value | Fair value | Carrying value | Fair value | ||||||||||||||||||
Cash and due from banks | $ | 606,107 | $ | 606,107 | $ | 590,801 | $ | 590,801 | $ | 539,337 | $ | 539,337 | |||||||||||
Overnight investments | 688,196 | 688,196 | 434,975 | 434,975 | 410,002 | 410,002 | |||||||||||||||||
Investment securities available for sale | 5,012,041 | 5,012,041 | 4,056,423 | 4,056,423 | 3,994,825 | 3,994,825 | |||||||||||||||||
Investment securities held to maturity | 1,459 | 1,583 | 1,822 | 1,980 | 1,943 | 2,108 | |||||||||||||||||
Loans held for sale | 78,610 | 80,357 | 92,539 | 93,235 | 78,178 | 78,178 | |||||||||||||||||
Loans covered by loss share agreements, net of allowance for loan and lease losses | 1,806,593 | 1,770,250 | 2,272,891 | 2,236,343 | 2,482,400 | 2,469,613 | |||||||||||||||||
Loans and leases not covered by loss share agreements, net of allowance for loan and lease losses | 11,269,183 | 11,127,286 | 11,400,754 | 11,312,900 | 11,424,392 | 11,329,623 | |||||||||||||||||
Receivable from FDIC for loss share agreements (1) | 243,893 | 50,382 | 539,511 | 446,172 | 607,907 | 500,745 | |||||||||||||||||
Income earned not collected | 51,565 | 51,565 | 42,216 | 42,216 | 43,886 | 43,886 | |||||||||||||||||
Stock issued by: | |||||||||||||||||||||||
Federal Home Loan Bank of Atlanta | 38,105 | 38,105 | 41,042 | 41,042 | 43,302 | 43,302 | |||||||||||||||||
Federal Home Loan Bank of San Francisco | 11,140 | 11,140 | 12,976 | 12,976 | 13,605 | 13,605 | |||||||||||||||||
Federal Home Loan Bank of Seattle | 4,490 | 4,490 | 4,490 | 4,490 | 4,490 | 4,490 | |||||||||||||||||
Preferred stock | 20,320 | 20,345 | — | — | — | — | |||||||||||||||||
Deposits | 17,893,215 | 17,939,303 | 17,577,274 | 17,638,359 | 17,663,275 | 17,712,240 | |||||||||||||||||
Short-term borrowings | 677,773 | 677,773 | 615,222 | 615,222 | 600,384 | 600,384 | |||||||||||||||||
Long-term obligations | 472,170 | 503,369 | 687,599 | 719,999 | 744,839 | 774,799 | |||||||||||||||||
Accrued interest payable | 11,145 | 11,145 | 23,719 | 23,719 | 22,153 | 22,153 | |||||||||||||||||
Interest rate swap | 11,170 | 11,170 | 10,714 | 10,714 | 13,531 | 13,531 |
Fair value measurements using: | |||||||||||||||
Description | Fair value | Quoted prices in active markets for identical assets and liabilities (Level 1 inputs) | Quoted prices for similar assets and liabilities (Level 2 inputs) | Significant unobservable inputs (Level 3 inputs) | |||||||||||
September 30, 2012 | |||||||||||||||
Assets measured at fair value | |||||||||||||||
Investment securities available for sale | |||||||||||||||
U.S. Treasury | $ | 872,790 | $ | 872,790 | $ | — | $ | — | |||||||
Government agency | 2,660,747 | 2,660,747 | — | — | |||||||||||
Corporate bonds | 51,069 | 51,069 | — | — | |||||||||||
Residential mortgage-backed securities | 1,407,771 | — | 1,407,771 | — | |||||||||||
Equity securities | 19,056 | 19,056 | — | — | |||||||||||
State, county, municipal | 608 | — | 608 | — | |||||||||||
Total | $ | 5,012,041 | $ | 3,603,662 | $ | 1,408,379 | $ | — | |||||||
Liabilities measured at fair value | |||||||||||||||
Interest rate swaps accounted for as cash flow hedges | $ | 11,170 | $ | — | $ | 11,170 | $ | — | |||||||
December 31, 2011 | |||||||||||||||
Assets measured at fair value | |||||||||||||||
Investment securities available for sale | |||||||||||||||
U.S. Treasury | $ | 887,819 | $ | 887,819 | $ | — | $ | — | |||||||
Government agency | 2,592,209 | 2,592,209 | — | — | |||||||||||
Corporate bonds | 252,820 | 252,820 | — | — | |||||||||||
Residential mortgage-backed securities | 307,221 | — | 307,221 | — | |||||||||||
Equity securities | 15,313 | 15,313 | — | — | |||||||||||
State, county, municipal | 1,041 | — | 1,041 | — | |||||||||||
Total | $ | 4,056,423 | $ | 3,748,161 | $ | 308,262 | $ | — | |||||||
Liabilities measured at fair value | |||||||||||||||
Interest rate swaps accounted for as cash flow hedges | $ | 10,714 | $ | — | $ | 10,714 | $ | — | |||||||
September 30, 2011 | |||||||||||||||
Assets measured at fair value | |||||||||||||||
Investment securities available for sale | |||||||||||||||
U.S. Treasury | $ | 987,934 | $ | 987,934 | $ | — | $ | — | |||||||
Government agency | 2,260,909 | 2,260,909 | — | — | |||||||||||
Corporate bonds | 404,643 | 404,643 | — | — | |||||||||||
Residential mortgage-backed securities | 324,192 | — | 324,192 | — | |||||||||||
Equity securities | 16,104 | 16,104 | — | — | |||||||||||
State, county, municipal | 1,043 | — | 1,043 | — | |||||||||||
Total | $ | 3,994,825 | $ | 3,669,590 | $ | 325,235 | $ | — | |||||||
Liabilities measured at fair value | |||||||||||||||
Interest rate swaps accounted for as cash flow hedges | $ | 13,531 | $ | — | $ | 13,531 | $ | — |
Fair value measurements using: | |||||||||||||||
Description | Fair value | Quoted prices in active markets for identical assets and liabilities (Level 1 inputs) | Quoted prices for similar assets and liabilities (Level 2 inputs) | Significant unobservable inputs (Level 3 inputs) | |||||||||||
September 30, 2012 | |||||||||||||||
Loans held for sale | $ | 52,228 | $ | — | $ | 52,228 | $ | — | |||||||
Impaired loans not covered by loss share agreements | 30,828 | — | — | 30,828 | |||||||||||
December 31, 2011 | |||||||||||||||
Loans held for sale | 63,470 | — | 63,470 | — | |||||||||||
Impaired loans not covered by loss share agreements | 128,365 | — | — | 128,365 | |||||||||||
September 30, 2011 | |||||||||||||||
Loans held for sale | 78,178 | — | 78,178 | — | |||||||||||
Impaired loans not covered by loss share agreements | 81,661 | — | — | 81,661 |
Three Months Ended September 30 | Nine Months Ended September 30 | ||||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||||
Current year foreclosures: | |||||||||||||||
Covered under loss share agreements | $ | 28,187 | $ | 28,101 | $ | 89,817 | $ | 92,245 | |||||||
Not covered under loss share agreements | 8,763 | 16,590 | 27,546 | 30,226 | |||||||||||
Loan charge-offs recorded due to the measurement and initial recognition of OREO: | |||||||||||||||
Covered under loss share agreements | 1,965 | 7,447 | 10,316 | 7,447 | |||||||||||
Not covered under loss share agreements | 1,498 | 1,385 | 2,086 | 2,053 | |||||||||||
Write-downs recorded subsequent to foreclosure for OREO: | |||||||||||||||
Covered under loss share agreements | 2,060 | 11,431 | 13,382 | 15,997 | |||||||||||
Not covered under loss share agreements | 3,074 | 1,226 | 6,186 | 2,910 | |||||||||||
Fair value of OREO remeasured in current period: | |||||||||||||||
Covered under loss share agreements | 10,704 | 7,759 | 36,972 | 12,572 | |||||||||||
Not covered under loss share agreements | 6,865 | 5,813 | 17,719 | 12,380 |
Three Months Ended September 30 | Nine months ended September 30 | ||||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||||
Service cost | $ | 4,012 | $ | 3,316 | $ | 10,387 | $ | 9,949 | |||||||
Interest cost | 7,151 | 5,953 | 17,293 | 17,858 | |||||||||||
Expected return on assets | (8,637 | ) | (7,178 | ) | (20,770 | ) | (21,530 | ) | |||||||
Amortization of prior service cost | 53 | 53 | 158 | 158 | |||||||||||
Amortization of net actuarial loss | 2,796 | 1,596 | 8,270 | 4,786 | |||||||||||
Total pension expense | $ | 5,375 | $ | 3,740 | $ | 15,338 | $ | 11,221 |
September 30, 2012 | December 31, 2011 | September 30, 2011 | ||||||||||||||||||
Notional amount | Estimated fair value of liability | Notional amount | Estimated fair value of liability | Notional amount | Estimated fair value of liability | |||||||||||||||
2009 interest rate swap hedging variable rate exposure on trust preferred securities 2011 | — | — | — | — | 115,000 | 13,531 | ||||||||||||||
2011 interest rate swap hedging variable rate exposure on trust preferred securities 2011-2016 | 93,500 | 11,170 | 93,500 | 10,714 | — | — | ||||||||||||||
$ | 11,170 | $ | 10,714 | $ | 13,531 |
2012 | 2011 | ||||||
Accumulated other comprehensive loss resulting from interest rate swaps as of January 1 | $ | (10,714 | ) | $ | (9,492 | ) | |
Other comprehensive income (loss) recognized during nine month period ended September 30 | (456 | ) | (4,039 | ) | |||
Accumulated other comprehensive loss resulting from interest rate swaps as of September 30 | $ | (11,170 | ) | $ | (13,531 | ) |
September 30, 2012 | December 31, 2011 | September 30, 2011 | |||||||||||||||||||||||||||||||||
Accumulated other comprehensive income (loss) | Deferred tax expense (benefit) | Accumulated other comprehensive income (loss), net of tax | Accumulated other comprehensive income (loss) | Deferred tax expense (benefit) | Accumulated other comprehensive income (loss), net of tax | Accumulated other comprehensive income (loss) | Deferred tax expense (benefit) | Accumulated other comprehensive income (loss), net of tax | |||||||||||||||||||||||||||
Unrealized gains on investment securities available for sale | $ | 42,907 | $ | 17,019 | $ | 25,888 | $ | 26,565 | $ | 10,450 | $ | 16,115 | $ | 28,830 | $ | 11,340 | $ | 17,490 | |||||||||||||||||
Funded status of defined benefit plan | (116,887 | ) | (45,773 | ) | (71,114 | ) | (125,255 | ) | (49,049 | ) | (76,206 | ) | (68,752 | ) | (26,923 | ) | (41,829 | ) | |||||||||||||||||
Unrealized loss on cash flow hedge | (11,170 | ) | (4,410 | ) | (6,760 | ) | (10,714 | ) | (4,231 | ) | (6,483 | ) | (13,531 | ) | (5,343 | ) | (8,188 | ) | |||||||||||||||||
Total | $ | (85,150 | ) | $ | (33,164 | ) | $ | (51,986 | ) | $ | (109,404 | ) | $ | (42,830 | ) | $ | (66,574 | ) | $ | (53,453 | ) | $ | (20,926 | ) | $ | (32,527 | ) |
Item 2. | Management’s Discussion and Analysis of Financial Condition and Results of Operations |
• | When post-acquisition events suggest that the amount of cash flows we will ultimately receive for a loan covered by a loss share agreement is less than originally expected: |
▪ | An allowance for loan and lease losses is established for the post-acquisition exposure that has emerged with a corresponding charge to provision for loan and lease losses; |
▪ | If the expected loss is projected to occur during the relevant loss share period, the receivable from the FDIC is adjusted to reflect the indemnified portion of the post-acquisition exposure with a corresponding increase to noninterest income; |
• | When post acquisition events suggest that the amount of cash flows we will ultimately receive for a loan covered under a loss share agreement is greater than originally expected: |
▪ | Any allowance for loan and lease losses that was previously established for post-acquisition exposure is reversed with a corresponding reduction to provision for loan and lease losses; if no allowance was established in earlier periods, the amount of the improvement in the cash flow projection results in a reclassification from the nonaccretable difference created at the acquisition date to an accretable yield; the newly-identified accretable yield is accreted into income over the remaining life of the loan as a credit to interest income; |
▪ | The receivable from the FDIC is adjusted immediately for reversals of previously recognized impairment and prospectively for reclassifications from nonaccretable difference to reflect the indemnified portion of the post- |
• | When actual payments received on loans are greater than initial estimates, large nonrecurring discount accretion may be recognized during a specific period; discount accretion is recognized as an increase to interest income; |
• | Adjustments to the receivable from the FDIC resulting from changes in estimated loan cash flows are based on the reimbursement provision of the applicable loss share agreement with the FDIC. Adjustments to the FDIC receivable partially offset the adjustment to the covered loan carrying value, but the rate of the change to the FDIC receivable relative to the change in the covered loan carrying value is not constant. The loss share agreements establish reimbursement rates for losses incurred within certain ranges. In some loss share agreements, higher loss estimates result in higher reimbursement rates, while in other loss share agreements, higher loss estimates trigger a reduction in the reimbursement rates. In addition, some of the loss share agreements include clawback provisions that require the purchaser to remit a payment to the FDIC in the event that the aggregate amount of losses is less than a loss estimate established by the FDIC. The adjustments to the FDIC receivable based on changes in loss estimates are measured based on the actual reimbursement rates and consider the impact of changes in the projected clawback payment. Table 2 provides details on the various reimbursement rates for each loss share agreement. |
Fair value of | |||||||||||||||||||||
Entity | Date of transaction | Loans acquired | Deposits assumed | Short-term borrowings assumed | Long-term obligations assumed | Gains on acquisition | |||||||||||||||
(thousands) | |||||||||||||||||||||
Colorado Capital Bank (CCB) | July 8, 2011 | $ | 320,789 | $ | 606,501 | $ | 15,212 | $ | — | $ | 86,943 | ||||||||||
United Western Bank (United Western) | January 21, 2011 | 759,351 | 1,604,858 | 336,853 | 207,627 | 63,474 | |||||||||||||||
Sun American Bank (SAB) | March 5, 2010 | 290,891 | 420,012 | 42,533 | 40,082 | 27,777 | |||||||||||||||
First Regional Bank (First Regional) | January 29, 2010 | 1,260,249 | 1,287,719 | 361,876 | — | 107,738 | |||||||||||||||
Venture Bank (VB) | September 11, 2009 | 456,995 | 709,091 | — | 55,618 | 48,000 | |||||||||||||||
Temecula Valley Bank (TVB) | July 17, 2009 | 855,583 | 965,431 | 79,096 | — | 56,400 | |||||||||||||||
Total | $ | 3,943,858 | $ | 5,593,612 | $ | 835,570 | $ | 303,327 | $ | 390,332 |
FDIC receivable | ||||||||||||||
Entity/Loss ranges | Reimbursement rate | Fair value at acquisition date | Carrying value at September 30, 2012 | Receivable related to accretable yield as of September 30, 2012 | Aggregate losses and expenses incurred through September 30, 2012 | |||||||||
(dollars in thousands) | ||||||||||||||
TVB - combined losses | $ | 103,558 | $ | 55,503 | $ | 50,884 | $ | 181,047 | ||||||
Losses up to $193,262 | 0% | |||||||||||||
Losses between $193,262 and $464,000 | 80% | |||||||||||||
Losses above $464,000 | 95% | |||||||||||||
No clawback provision applies | ||||||||||||||
VB - combined losses | 138,963 | 23,393 | 18,099 | 145,359 | ||||||||||
Losses up to $235,000 | 80% | |||||||||||||
Losses above $235,000 | 95% | |||||||||||||
No clawback provision applies | ||||||||||||||
First Regional - combined losses | 378,695 | 26,477 | 51,142 | 301,831 | ||||||||||
Losses up to $41,815 | 0% | |||||||||||||
Losses between $41,815 and $1,017,000 | 80% | |||||||||||||
Losses above $1,017,000 | 95% | |||||||||||||
Clawback provisions apply | ||||||||||||||
SAB - combined losses | 89,734 | 44,474 | 22,068 | 80,755 | ||||||||||
Losses up to $99,000 | 80% | |||||||||||||
Losses above $99,000 | 95% | |||||||||||||
Clawback provisions apply | ||||||||||||||
United Western | ||||||||||||||
Non-single family residential losses | ||||||||||||||
Losses up to $111,517 | 80% | 112,672 | 21,262 | 28,420 | 103,752 | |||||||||
Losses between $111,517 and $227,032 | 30% | |||||||||||||
Losses above $227,032 | 80% | |||||||||||||
Single family residential losses | ||||||||||||||
Losses up to $32,489 | 80% | 24,781 | 11,530 | 201 | 1,381 | |||||||||
Losses between$32,489 and $57,653 | 0% | |||||||||||||
Losses above $57,653 | 80% | |||||||||||||
Clawback provisions apply | ||||||||||||||
CCB - combined losses | 155,070 | 61,254 | 23,895 | 155,621 | ||||||||||
Losses up to $230,991 | 80% | |||||||||||||
Losses between $230,991 and $285,947 | 0% | |||||||||||||
Losses above $285,947 | 80% | |||||||||||||
Clawback provisions apply | ||||||||||||||
Total | $ | 1,003,473 | $ | 243,893 | $ | 194,709 | $ | 969,746 |
SELECTED QUARTERLY DATA | Table 3 | |||||||||||||||||||||||||||
2012 | 2011 | Nine Months Ended September 30 | ||||||||||||||||||||||||||
Third | Second | First | Fourth | Third | ||||||||||||||||||||||||
Quarter | Quarter | Quarter | Quarter | Quarter | 2012 | 2011 | ||||||||||||||||||||||
(thousands, except share data and ratios) | ||||||||||||||||||||||||||||
SUMMARY OF OPERATIONS | ||||||||||||||||||||||||||||
Interest income | $ | 236,674 | $ | 240,519 | $ | 246,752 | $ | 272,176 | $ | 252,179 | $ | 723,945 | $ | 742,983 | ||||||||||||||
Interest expense | 21,318 | 25,087 | 25,800 | 29,758 | 34,992 | 72,205 | 114,434 | |||||||||||||||||||||
Net interest income | 215,356 | 215,432 | 220,952 | 242,418 | 217,187 | 651,740 | 628,549 | |||||||||||||||||||||
Provision for loan and lease losses | 17,623 | 29,667 | 30,715 | 89,253 | 44,628 | 78,005 | 143,024 | |||||||||||||||||||||
Net interest income after provision for loan and lease losses | 197,733 | 185,765 | 190,237 | 153,165 | 172,559 | 573,735 | 485,525 | |||||||||||||||||||||
Gains on acquisitions | — | — | — | — | 86,943 | — | 150,417 | |||||||||||||||||||||
Other noninterest income | 51,842 | 57,296 | 46,943 | 105,238 | 75,956 | 156,081 | 208,711 | |||||||||||||||||||||
Noninterest expense | 190,077 | 194,797 | 183,331 | 211,583 | 203,832 | 568,205 | 581,342 | |||||||||||||||||||||
Income before income taxes | 59,498 | 48,264 | 53,849 | 46,820 | 131,626 | 161,611 | 263,311 | |||||||||||||||||||||
Income taxes | 19,974 | 10,681 | 18,354 | 16,273 | 50,205 | 49,009 | 98,830 | |||||||||||||||||||||
Net income | $ | 39,524 | $ | 37,583 | $ | 35,495 | $ | 30,547 | $ | 81,421 | $ | 112,602 | $ | 164,481 | ||||||||||||||
Net interest income, taxable equivalent | $ | 216,069 | $ | 216,194 | $ | 221,765 | $ | 243,309 | $ | 218,178 | $ | 654,028 | $ | 631,418 | ||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||
Net income | $ | 3.85 | $ | 3.66 | $ | 3.45 | $ | 2.97 | $ | 7.86 | $ | 10.96 | $ | 15.81 | ||||||||||||||
Cash dividends | 0.30 | 0.30 | 0.30 | 0.30 | 0.30 | 0.90 | 0.90 | |||||||||||||||||||||
Market price at period end (Class A) | 162.90 | 166.65 | 182.69 | 174.99 | 143.54 | 162.90 | 143.54 | |||||||||||||||||||||
Book value at period end | 192.49 | 187.88 | 184.14 | 180.97 | 181.58 | 192.49 | 181.58 | |||||||||||||||||||||
SELECTED PERIOD AVERAGE BALANCES | ||||||||||||||||||||||||||||
Total assets | $ | 21,075,174 | $ | 21,085,228 | $ | 20,843,491 | $ | 21,042,227 | $ | 21,157,741 | $ | 21,001,469 | $ | 21,194,113 | ||||||||||||||
Investment securities | 4,888,047 | 4,598,141 | 4,141,160 | 4,056,949 | 4,082,574 | 4,543,710 | 4,269,280 | |||||||||||||||||||||
Loans and leases (covered and noncovered) | 13,451,164 | 13,612,114 | 13,822,226 | 14,093,034 | 14,173,224 | 13,628,759 | 14,036,103 | |||||||||||||||||||||
Interest-earning assets | 19,059,474 | 18,983,321 | 18,584,625 | 18,670,998 | 18,821,838 | 18,877,582 | 18,876,255 | |||||||||||||||||||||
Deposits | 17,755,974 | 17,667,221 | 17,498,813 | 17,679,125 | 17,772,429 | 17,641,188 | 17,837,690 | |||||||||||||||||||||
Interest-bearing liabilities | 14,188,609 | 14,418,509 | 14,478,901 | 14,635,353 | 14,991,875 | 14,361,373 | 15,182,701 | |||||||||||||||||||||
Long-term obligations | 524,313 | 646,854 | 682,067 | 713,378 | 753,685 | 617,403 | 784,414 | |||||||||||||||||||||
Shareholders' equity | $ | 1,945,263 | $ | 1,906,884 | $ | 1,870,066 | $ | 1,869,479 | $ | 1,830,503 | $ | 1,906,513 | $ | 1,794,474 | ||||||||||||||
Shares outstanding | 10,264,159 | 10,271,343 | 10,283,842 | 10,286,271 | 10,363,964 | 10,273,082 | 10,406,833 | |||||||||||||||||||||
SELECTED PERIOD-END BALANCES | ||||||||||||||||||||||||||||
Total assets | $ | 21,173,620 | $ | 21,240,990 | $ | 21,143,628 | $ | 20,881,493 | $ | 21,015,344 | $ | 21,173,620 | $ | 21,015,344 | ||||||||||||||
Investment securities | 5,013,500 | 4,635,826 | 4,459,427 | 4,058,245 | 3,996,768 | 5,013,500 | 3,996,768 | |||||||||||||||||||||
Loans and leases: | ||||||||||||||||||||||||||||
Covered by loss share agreements | 1,897,097 | 1,999,351 | 2,183,869 | 2,362,152 | 2,557,450 | 1,897,097 | 2,557,450 | |||||||||||||||||||||
Not covered by loss share agreements | 11,455,233 | 11,462,458 | 11,489,529 | 11,581,637 | 11,603,526 | 11,455,233 | 11,603,526 | |||||||||||||||||||||
Deposits | 17,893,215 | 17,801,646 | 17,759,492 | 17,577,274 | 17,663,275 | 17,893,215 | 17,663,275 | |||||||||||||||||||||
Long-term obligations | 472,170 | 644,682 | 649,818 | 687,599 | 744,839 | 472,170 | 744,839 | |||||||||||||||||||||
Shareholders' equity | $ | 1,974,124 | $ | 1,929,790 | $ | 1,892,123 | $ | 1,861,128 | $ | 1,871,930 | $ | 1,974,124 | $ | 1,871,930 | ||||||||||||||
Shares outstanding | 10,255,747 | 10,271,244 | 10,275,731 | 10,284,119 | 10,309,251 | 10,255,747 | 10,309,251 | |||||||||||||||||||||
SELECTED RATIOS AND OTHER DATA | ||||||||||||||||||||||||||||
Rate of return on average assets (annualized) | 0.75 | % | 0.72 | % | 0.68 | % | 0.58 | % | 1.53 | % | 0.72 | % | 1.04 | % | ||||||||||||||
Rate of return on average shareholders' equity (annualized) | 8.08 | 7.93 | 7.63 | 6.48 | 17.65 | 7.89 | 12.29 | |||||||||||||||||||||
Net yield on interest-earning assets (taxable equivalent) | 4.51 | 4.58 | 4.80 | 5.17 | 4.60 | 4.63 | 4.47 | |||||||||||||||||||||
Allowance for loan and lease losses to total loans and leases: | ||||||||||||||||||||||||||||
Covered by loss share agreements | 4.77 | 4.39 | 3.94 | 3.78 | 2.93 | 4.77 | 2.93 | |||||||||||||||||||||
Not covered by loss share agreements | 1.62 | 1.62 | 1.62 | 1.56 | 1.54 | 1.62 | 1.54 | |||||||||||||||||||||
Nonperforming assets to total loans and leases and other real estate at period end: | ||||||||||||||||||||||||||||
Covered by loss share agreements | 12.87 | 18.37 | 18.68 | 17.95 | 16.64 | 12.87 | 16.64 | |||||||||||||||||||||
Not covered by loss share agreements | 1.05 | 1.03 | 0.99 | 0.89 | 0.93 | 1.05 | 0.93 | |||||||||||||||||||||
Tier 1 risk-based capital ratio | 15.08 | 15.97 | 15.74 | 15.41 | 15.46 | 15.08 | 15.46 | |||||||||||||||||||||
Total risk-based capital ratio | 16.76 | 17.66 | 17.62 | 17.27 | 17.33 | 16.76 | 17.33 | |||||||||||||||||||||
Leverage capital ratio | 9.67 | 10.21 | 10.16 | 9.90 | 9.83 | 9.67 | 9.83 | |||||||||||||||||||||
Dividend payout ratio | 7.79 | 8.20 | 8.70 | 10.10 | 3.82 | 8.21 | 5.68 | |||||||||||||||||||||
Average loans and leases to average deposits | 75.76 | 77.05 | 78.99 | 79.72 | 79.75 | 77.26 | 78.69 |
LOANS AND LEASES | Table 4 | |||||||||||||||||||
2012 | 2011 | |||||||||||||||||||
Third Quarter | Second Quarter | First Quarter | Fourth Quarter | Third Quarter | ||||||||||||||||
(thousands) | ||||||||||||||||||||
Covered loans | $ | 1,897,097 | $ | 1,999,351 | $ | 2,183,869 | $ | 2,362,152 | $ | 2,557,450 | ||||||||||
Noncovered loans and leases: | ||||||||||||||||||||
Commercial: | ||||||||||||||||||||
Construction and land development | 319,743 | 329,151 | 346,557 | 381,163 | 416,719 | |||||||||||||||
Commercial mortgage | 5,171,964 | 5,149,696 | 5,127,948 | 5,104,993 | 4,996,036 | |||||||||||||||
Other commercial real estate | 158,767 | 162,579 | 150,316 | 144,771 | 144,538 | |||||||||||||||
Commercial and industrial | 1,740,435 | 1,722,761 | 1,739,724 | 1,764,407 | 1,797,581 | |||||||||||||||
Lease financing | 321,908 | 320,703 | 315,704 | 312,869 | 304,039 | |||||||||||||||
Other | 131,755 | 140,738 | 149,792 | 158,369 | 158,782 | |||||||||||||||
Total commercial loans | 7,844,572 | 7,825,628 | 7,830,041 | 7,866,572 | 7,817,695 | |||||||||||||||
Non-commercial: | ||||||||||||||||||||
Residential mortgage | 814,877 | 809,230 | 793,612 | 784,118 | 816,738 | |||||||||||||||
Revolving mortgage | 2,244,459 | 2,268,210 | 2,282,138 | 2,296,306 | 2,302,482 | |||||||||||||||
Construction and land development | 132,352 | 127,726 | 132,677 | 137,271 | 139,185 | |||||||||||||||
Consumer | 418,973 | 431,664 | 451,061 | 497,370 | 527,426 | |||||||||||||||
Total non-commercial loans | 3,610,661 | 3,636,830 | 3,659,488 | 3,715,065 | 3,785,831 | |||||||||||||||
Total noncovered loans and leases | 11,455,233 | 11,462,458 | 11,489,529 | 11,581,637 | 11,603,526 | |||||||||||||||
Total loans and leases | $ | 13,352,330 | $ | 13,461,809 | $ | 13,673,398 | $ | 13,943,789 | $ | 14,160,976 |
September 30, 2012 | December 31, 2011 | September 30, 2011 | |||||||||||||||||||||||||||||||||
Impaired at acquisition date | All other covered loans | Total | Impaired at acquisition date | All other covered loans | Total | Impaired at acquisition date | All other covered loans | Total | |||||||||||||||||||||||||||
Loans covered by loss share agreements: | |||||||||||||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||||||||
Construction and land development | $ | 72,873 | $ | 185,515 | $ | 258,388 | $ | 117,603 | $ | 221,270 | $ | 338,873 | $ | 172,309 | $ | 233,349 | $ | 405,658 | |||||||||||||||||
Commercial mortgage | 103,219 | 1,005,829 | 1,109,048 | 138,465 | 1,122,124 | 1,260,589 | 125,379 | 1,184,704 | 1,310,083 | ||||||||||||||||||||||||||
Other commercial real estate | 29,769 | 84,185 | 113,954 | 33,370 | 125,024 | 158,394 | 40,514 | 118,493 | 159,007 | ||||||||||||||||||||||||||
Commercial and industrial | 8,767 | 51,020 | 59,787 | 27,802 | 85,640 | 113,442 | 30,611 | 106,642 | 137,253 | ||||||||||||||||||||||||||
Lease financing | — | — | — | — | 57 | 57 | — | 162 | 162 | ||||||||||||||||||||||||||
Other | — | 1,305 | 1,305 | — | 1,330 | 1,330 | — | 1,473 | 1,473 | ||||||||||||||||||||||||||
Total commercial loans | 214,628 | 1,327,854 | 1,542,482 | 317,240 | 1,555,445 | 1,872,685 | 368,813 | 1,644,823 | 2,013,636 | ||||||||||||||||||||||||||
Non-commercial: | |||||||||||||||||||||||||||||||||||
Residential mortgage | 48,245 | 240,915 | 289,160 | 46,130 | 281,438 | 327,568 | 45,384 | 335,021 | 380,405 | ||||||||||||||||||||||||||
Revolving mortgage | 8,787 | 28,493 | 37,280 | 15,350 | 36,202 | 51,552 | 9,939 | 29,770 | 39,709 | ||||||||||||||||||||||||||
Construction and land development | 19,008 | 7,400 | 26,408 | 78,108 | 27,428 | 105,536 | 74,414 | 40,712 | 115,126 | ||||||||||||||||||||||||||
Consumer | 56 | 1,711 | 1,767 | 1,477 | 3,334 | 4,811 | 1,155 | 7,419 | 8,574 | ||||||||||||||||||||||||||
Total non-commercial loans | 76,096 | 278,519 | 354,615 | 141,065 | 348,402 | 489,467 | 130,892 | 412,922 | 543,814 | ||||||||||||||||||||||||||
Total loans covered by loss share agreements | $ | 290,724 | $ | 1,606,373 | $ | 1,897,097 | $ | 458,305 | $ | 1,903,847 | $ | 2,362,152 | $ | 499,705 | $ | 2,057,745 | $ | 2,557,450 |
INVESTMENT SECURITIES | Table 5 | ||||||||||||||||||||||||||
September 30, 2012 | September 30, 2011 | ||||||||||||||||||||||||||
Average | Taxable | Average | Taxable | ||||||||||||||||||||||||
Fair | maturity (1) | equivalent | Fair | maturity (1) | equivalent | ||||||||||||||||||||||
Cost | value | (Yrs./mos.) | yield (1) | Cost | value | (Yrs./mos.) | yield (1) | ||||||||||||||||||||
Investment securities available for sale: | |||||||||||||||||||||||||||
U. S. Treasury: | |||||||||||||||||||||||||||
Within one year | $ | 602,384 | $ | 602,532 | 0/10 | 0.28 | % | $ | 961,498 | $ | 962,882 | 0/6 | 0.53 | % | |||||||||||||
One to five years | 270,027 | 270,258 | 1/6 | 0.28 | 25,009 | 25,052 | 1/1 | 0.34 | |||||||||||||||||||
Total | 872,411 | 872,790 | 0 | 0.28 | 986,507 | 987,934 | 0/6 | 0.52 | |||||||||||||||||||
Government agency: | |||||||||||||||||||||||||||
Within one year | 1,551,498 | 1,552,599 | 0/6 | 0.48 | 2,084,947 | 2,084,359 | 0/5 | 0.90 | |||||||||||||||||||
One to five years | 1,105,476 | 1,108,148 | 1/10 | 0.46 | 176,053 | 176,550 | 1/9 | 0.61 | |||||||||||||||||||
Total | 2,656,974 | 2,660,747 | 1/1 | 0.48 | 2,261,000 | 2,260,909 | 0/8 | 0.90 | |||||||||||||||||||
Residential mortgage-backed securities: | |||||||||||||||||||||||||||
Within one year | 1,680 | 1,709 | 0/10 | 3.61 | 197 | 194 | 0/11 | 3.33 | |||||||||||||||||||
One to five years | 641,692 | 645,807 | 3/11 | 1.46 | 37,544 | 37,881 | 3/10 | 2.40 | |||||||||||||||||||
Five to ten years | 339,031 | 343,430 | 7/8 | 1.77 | 106,319 | 106,891 | 6/7 | 2.23 | |||||||||||||||||||
Over ten years | 405,079 | 416,825 | 18/8 | 2.92 | 171,414 | 179,226 | 25/0 | 4.16 | |||||||||||||||||||
Total | 1,387,482 | 1,407,771 | 9/2 | 1.96 | 315,474 | 324,192 | 17/4 | 3.30 | |||||||||||||||||||
State, county and municipal: | |||||||||||||||||||||||||||
Within one year | 601 | 608 | 0/5 | 5.11 | 543 | 543 | 0/3 | 4.74 | |||||||||||||||||||
One to five years | — | — | — | — | 474 | 490 | 1/5 | 4.90 | |||||||||||||||||||
Five to ten years | — | — | — | — | 10 | 10 | 9/2 | 4.97 | |||||||||||||||||||
Total | 601 | 608 | 0/5 | 5.11 | 1,027 | 1,043 | 0/10 | 4.82 | |||||||||||||||||||
Corporate bonds: | |||||||||||||||||||||||||||
Within one year | 49,994 | 50,229 | 0/3 | 2.18 | 351,082 | 353,552 | 0/5 | 1.90 | |||||||||||||||||||
One to five years | — | — | — | — | 49,966 | 51,091 | 1/3 | 2.18 | |||||||||||||||||||
Five to ten years | 832 | 840 | 5/9 | 7.58 | — | — | — | — | |||||||||||||||||||
Total | 50,826 | 51,069 | 0/4 | 2.27 | 401,048 | 404,643 | 0/7 | 1.94 | |||||||||||||||||||
Equity securities | 841 | 19,056 | 939 | 16,104 | |||||||||||||||||||||||
Total investment securities available for sale | 4,969,135 | 5,012,041 | 3,965,995 | 3,994,825 | |||||||||||||||||||||||
Investment securities held to maturity: | |||||||||||||||||||||||||||
Residential mortgage-backed securities: | |||||||||||||||||||||||||||
One to five years | 1,354 | 1,440 | 2/3 | 5.58 | 13 | 12 | 4/7 | 4.41 | |||||||||||||||||||
Five to ten years | 19 | 11 | 9/1 | 4.55 | 1,816 | 1,940 | 5/6 | 5.56 | |||||||||||||||||||
Over ten years | 86 | 132 | 16/5 | 7.04 | 114 | 156 | 16/6 | 6.56 | |||||||||||||||||||
Total investment securities held to maturity | 1,459 | 1,583 | 5/3 | 5.65 | 1,943 | 2,108 | 6/2 | 5.63 | |||||||||||||||||||
Total investment securities | $ | 4,970,594 | $ | 5,013,624 | $ | 3,967,938 | $ | 3,996,933 |
(1) | Average maturity assumes callable securities mature on their earliest call date; yields are based on amortized cost; yields related to securities exempt from federal and/or state income taxes are stated on a taxable yield basis assuming statutory rates of 35.0 percent. |
CONSOLIDATED TAXABLE EQUIVALENT RATE/VOLUME VARIANCE ANALYSIS - THREE MONTHS | |||||||||||||||||||||||||||||||||
Table 6 | |||||||||||||||||||||||||||||||||
2012 | 2011 | Increase (decrease) due to: | |||||||||||||||||||||||||||||||
Interest | Interest | ||||||||||||||||||||||||||||||||
Average | Income/ | Yield/ | Average | Income/ | Yield/ | Yield/ | Total | ||||||||||||||||||||||||||
Balance | Expense | Rate | Balance | Expense | Rate | Volume | Rate | Change | |||||||||||||||||||||||||
Assets | (dollars in thousands) | ||||||||||||||||||||||||||||||||
Loans and leases | $ | 13,451,164 | $ | 227,346 | 6.72 | % | $ | 14,173,224 | $ | 241,134 | 6.75 | % | $ | (12,485 | ) | $ | (1,303 | ) | $ | (13,788 | ) | ||||||||||||
Investment securities: | |||||||||||||||||||||||||||||||||
U. S. Treasury | 897,736 | 582 | 0.26 | 1,209,817 | 1,778 | 0.65 | (260 | ) | (936 | ) | (1,196 | ) | |||||||||||||||||||||
Government agency | 2,836,438 | 3,844 | 0.54 | 2,096,524 | 5,376 | 1.05 | 1,542 | (3,074 | ) | (1,532 | ) | ||||||||||||||||||||||
Residential mortgage-backed securities | 1,075,126 | 4,793 | 1.77 | 333,939 | 2,366 | 2.81 | 4,268 | (1,841 | ) | 2,427 | |||||||||||||||||||||||
Corporate bonds | 51,065 | 278 | 2.18 | 411,160 | 1,971 | 1.90 | (1,846 | ) | 153 | (1,693 | ) | ||||||||||||||||||||||
State, county and municipal | 663 | 10 | 6.00 | 11,700 | 173 | 5.87 | (165 | ) | 2 | (163 | ) | ||||||||||||||||||||||
Other | 27,019 | 107 | 1.58 | 19,434 | 21 | 0.43 | 19 | 67 | 86 | ||||||||||||||||||||||||
Total investment securities | 4,888,047 | 9,614 | 0.78 | 4,082,574 | 11,685 | 1.17 | 3,558 | (5,629 | ) | (2,071 | ) | ||||||||||||||||||||||
Overnight investments | 720,263 | 427 | 0.24 | 566,040 | 351 | 0.25 | 94 | (18 | ) | 76 | |||||||||||||||||||||||
Total interest-earning assets | $ | 19,059,474 | $ | 237,387 | 4.95 | % | $ | 18,821,838 | $ | 253,170 | 5.34 | % | $ | (8,833 | ) | $ | (6,950 | ) | $ | (15,783 | ) | ||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||
Interest-bearing deposits: | |||||||||||||||||||||||||||||||||
Checking With Interest | $ | 2,100,407 | $ | 329 | 0.06 | % | $ | 1,890,306 | $ | 428 | 0.09 | % | $ | 46 | $ | (145 | ) | $ | (99 | ) | |||||||||||||
Savings | 888,384 | 112 | 0.05 | 837,740 | 217 | 0.10 | 7 | (112 | ) | (105 | ) | ||||||||||||||||||||||
Money market accounts | 6,014,677 | 4,067 | 0.27 | 5,519,919 | 5,158 | 0.37 | 378 | (1,469 | ) | (1,091 | ) | ||||||||||||||||||||||
Time deposits | 3,972,044 | 9,342 | 0.94 | 5,312,664 | 19,022 | 1.42 | (4,028 | ) | (5,652 | ) | (9,680 | ) | |||||||||||||||||||||
Total interest-bearing deposits | 12,975,512 | 13,850 | 0.43 | 13,560,629 | 24,825 | 0.73 | (3,597 | ) | (7,378 | ) | (10,975 | ) | |||||||||||||||||||||
Short-term borrowings | 688,784 | 1,114 | 0.64 | 677,561 | 1,470 | 0.86 | 21 | (377 | ) | (356 | ) | ||||||||||||||||||||||
Long-term obligations | 524,313 | 6,354 | 4.85 | 753,685 | 8,697 | 4.62 | (2,713 | ) | 370 | (2,343 | ) | ||||||||||||||||||||||
Total interest-bearing liabilities | $ | 14,188,609 | $ | 21,318 | 0.60 | % | $ | 14,991,875 | $ | 34,992 | 0.93 | % | $ | (6,289 | ) | $ | (7,385 | ) | $ | (13,674 | ) | ||||||||||||
Interest rate spread | 4.35 | % | 4.41 | % | |||||||||||||||||||||||||||||
Net interest income and net yield | |||||||||||||||||||||||||||||||||
on interest-earning assets | $ | 216,069 | 4.51 | % | $ | 218,178 | 4.60 | % | $ | (2,544 | ) | $ | 435 | $ | (2,109 | ) |
CONSOLIDATED TAXABLE EQUIVALENT RATE/VOLUME VARIANCE ANALYSIS - NINE MONTHS | |||||||||||||||||||||||||||||||||
Table 7 | |||||||||||||||||||||||||||||||||
2012 | 2011 | Increase (decrease) due to: | |||||||||||||||||||||||||||||||
Interest | Interest | ||||||||||||||||||||||||||||||||
Average | Income/ | Yield/ | Average | Income/ | Yield/ | Yield/ | Total | ||||||||||||||||||||||||||
Balance | Expense | Rate | Balance | Expense | Rate | Volume | Rate | Change | |||||||||||||||||||||||||
Assets | (dollars in thousands) | ||||||||||||||||||||||||||||||||
Loans and leases | $ | 13,628,759 | $ | 698,486 | 6.85 | % | $ | 14,036,103 | $ | 707,542 | 6.74 | % | $ | (20,584 | ) | $ | 11,528 | $ | (9,056 | ) | |||||||||||||
Investment securities: | |||||||||||||||||||||||||||||||||
U. S. Treasury | 957,081 | 2,050 | 0.29 | 1,477,777 | 7,474 | 0.73 | (1,701 | ) | (3,723 | ) | (5,424 | ) | |||||||||||||||||||||
Government agency | 2,807,063 | 12,916 | 0.61 | 1,977,738 | 15,698 | 1.03 | 715 | (3,497 | ) | (2,782 | ) | ||||||||||||||||||||||
Residential mortgage-backed securities | 600,172 | 8,883 | 1.98 | 321,214 | 7,123 | 2.96 | 5,149 | (3,389 | ) | 1,760 | |||||||||||||||||||||||
Corporate bonds | 157,854 | 2,319 | 1.96 | 449,774 | 6,266 | 1.86 | (2,708 | ) | (1,239 | ) | (3,947 | ) | |||||||||||||||||||||
State, county and municipal | 913 | 48 | 7.02 | 4,784 | 213 | 5.95 | (188 | ) | 23 | (165 | ) | ||||||||||||||||||||||
Other | 20,627 | 301 | 1.95 | 37,993 | 480 | 1.69 | (236 | ) | 57 | (179 | ) | ||||||||||||||||||||||
Total investment securities | 4,543,710 | 26,517 | 0.78 | 4,269,280 | 37,254 | 1.17 | 1,031 | (11,768 | ) | (10,737 | ) | ||||||||||||||||||||||
Overnight investments | 705,113 | 1,230 | 0.23 | 570,872 | 1,056 | 0.25 | 255 | (81 | ) | 174 | |||||||||||||||||||||||
Total interest-earning assets | $ | 18,877,582 | $ | 726,233 | 5.14 | % | $ | 18,876,255 | $ | 745,852 | 5.28 | % | $ | (19,298 | ) | $ | (321 | ) | $ | (19,619 | ) | ||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||
Interest-bearing deposits: | |||||||||||||||||||||||||||||||||
Checking With Interest | $ | 2,079,547 | $ | 1,005 | 0.06 | % | $ | 1,919,384 | $ | 1,328 | 0.09 | % | $ | 108 | $ | (431 | ) | $ | (323 | ) | |||||||||||||
Savings | 865,877 | 332 | 0.05 | 821,036 | 848 | 0.14 | 42 | (558 | ) | (516 | ) | ||||||||||||||||||||||
Money market accounts | 5,905,841 | 12,584 | 0.28 | 5,467,088 | 16,998 | 0.42 | 1,348 | (5,762 | ) | (4,414 | ) | ||||||||||||||||||||||
Time deposits | 4,220,319 | 31,448 | 1.00 | 5,531,428 | 62,552 | 1.51 | (12,403 | ) | (18,701 | ) | (31,104 | ) | |||||||||||||||||||||
Total interest-bearing deposits | 13,071,584 | 45,369 | 0.46 | 13,738,936 | 81,726 | 0.80 | (10,905 | ) | (25,452 | ) | (36,357 | ) | |||||||||||||||||||||
Short-term borrowings | 672,386 | 4,089 | 0.81 | 659,351 | 4,649 | 0.94 | 87 | (647 | ) | (560 | ) | ||||||||||||||||||||||
Long-term obligations | 617,403 | 22,747 | 4.91 | 784,414 | 28,059 | 4.78 | (3,781 | ) | (1,531 | ) | (5,312 | ) | |||||||||||||||||||||
Total interest-bearing liabilities | $ | 14,361,373 | $ | 72,205 | 0.67 | % | $ | 15,182,701 | $ | 114,434 | 1.01 | % | $ | (14,599 | ) | $ | (27,630 | ) | $ | (42,229 | ) | ||||||||||||
Interest rate spread | 4.47 | % | 4.27 | % | |||||||||||||||||||||||||||||
Net interest income and net yield | |||||||||||||||||||||||||||||||||
on interest-earning assets | $ | 654,028 | 4.63 | % | $ | 631,418 | 4.47 | % | $ | (4,699 | ) | $ | 27,309 | $ | 22,610 |
Table 8 | |||||||||||||||||
September 30, 2012 | December 31, 2011 | September 30, 2011 | Regulatory minimum | Well-capitalized requirement | |||||||||||||
(dollars in thousands) | |||||||||||||||||
Tier 1 capital | $ | 2,028,723 | $ | 2,072,610 | $ | 2,070,216 | |||||||||||
Tier 2 capital | 227,208 | 250,412 | 249,840 | ||||||||||||||
Total capital | $ | 2,255,931 | $ | 2,323,022 | $ | 2,320,056 | |||||||||||
Risk-adjusted assets | $ | 13,457,052 | $ | 13,447,702 | $ | 13,388,224 | |||||||||||
Risk-based capital ratios | |||||||||||||||||
Tier 1 capital | 15.08 | % | 15.41 | % | 15.46 | % | 4.00 | % | 6.00 | % | |||||||
Total capital | 16.76 | 17.27 | 17.33 | 8.00 | 10.00 | ||||||||||||
Tier 1 leverage ratio | 9.67 | 9.90 | 9.83 | 3.00 | 5.00 |
Table 9 | |||
September 30, 2012 | |||
(dollars in thousands) | |||
Tier 1 capital | $ | 2,028,723 | |
Less: restricted core capital | 93,500 | ||
Tier 1 common equity | $ | 1,935,223 | |
Risk-adjusted assets | $ | 13,457,052 | |
Tier 1 common equity ratio | 14.38 | % |
ALLOWANCE FOR LOAN AND LEASE LOSS EXPERIENCE AND RISK ELEMENTS | Table 10 | |||||||||||||||||||||||||||
2012 | 2011 | Nine months ended September 30 | ||||||||||||||||||||||||||
Third | Second | First | Fourth | Third | ||||||||||||||||||||||||
(dollars in thousands; unaudited) | Quarter | Quarter | Quarter | Quarter | Quarter | 2012 | 2011 | |||||||||||||||||||||
Allowance for loan and lease losses at beginning of period | $ | 272,929 | $ | 272,500 | $ | 270,144 | $ | 254,184 | $ | 250,050 | $ | 270,144 | $ | 227,765 | ||||||||||||||
Provision for loan and lease losses: | ||||||||||||||||||||||||||||
Covered by loss share agreements | 10,226 | 18,678 | 9,603 | 70,408 | 30,317 | 38,507 | 104,070 | |||||||||||||||||||||
Not covered by loss share agreements | 7,397 | 10,989 | 21,112 | 18,845 | 14,311 | 39,500 | 38,954 | |||||||||||||||||||||
Net charge-offs of loans and leases: | ||||||||||||||||||||||||||||
Charge-offs | (15,196 | ) | (30,934 | ) | (30,379 | ) | (74,698 | ) | (42,314 | ) | (76,508 | ) | (122,142 | ) | ||||||||||||||
Recoveries | 1,198 | 1,696 | 2,020 | 1,405 | 1,820 | 4,911 | 5,537 | |||||||||||||||||||||
Net charge-offs of loans and leases | (13,998 | ) | (29,238 | ) | (28,359 | ) | (73,293 | ) | (40,494 | ) | (71,597 | ) | (116,605 | ) | ||||||||||||||
Allowance for loan and lease losses at end of period | $ | 276,554 | $ | 272,929 | $ | 272,500 | $ | 270,144 | $ | 254,184 | $ | 276,554 | $ | 254,184 | ||||||||||||||
Allowance for loan and lease losses at end of period allocated to loans and leases: | ||||||||||||||||||||||||||||
Covered by loss share agreements | $ | 90,507 | $ | 87,797 | $ | 86,117 | $ | 89,261 | $ | 75,050 | $ | 90,507 | $ | 75,050 | ||||||||||||||
Not covered by loss share agreements | 186,047 | 185,132 | 186,383 | 180,883 | 179,134 | 186,047 | 179,134 | |||||||||||||||||||||
Allowance for loan and lease losses at end of period | $ | 276,554 | $ | 272,929 | $ | 272,500 | $ | 270,144 | $ | 254,184 | $ | 276,554 | $ | 254,184 | ||||||||||||||
Detail of net charge-offs of loans and leases: | ||||||||||||||||||||||||||||
Covered by loss share agreements | $ | 7,516 | $ | 16,998 | $ | 12,747 | $ | 56,197 | $ | 24,702 | $ | 37,261 | $ | 80,268 | ||||||||||||||
Not covered by loss share agreements | 6,482 | 12,240 | 15,612 | 17,096 | 15,792 | 34,336 | 36,337 | |||||||||||||||||||||
Total net charge-offs | $ | 13,998 | $ | 29,238 | $ | 28,359 | $ | 73,293 | $ | 40,494 | $ | 71,597 | $ | 116,605 | ||||||||||||||
Reserve for unfunded commitments | $ | 7,999 | $ | 7,869 | $ | 7,789 | $ | 7,789 | $ | 7,962 | $ | 7,999 | $ | 7,962 | ||||||||||||||
Average loans and leases: | ||||||||||||||||||||||||||||
Covered by loss share agreements | 1,916,305 | 2,076,199 | 2,254,636 | 2,443,665 | 2,500,807 | 2,076,756 | 2,458,184 | |||||||||||||||||||||
Not covered by loss share agreements | 11,534,859 | 11,535,335 | 11,567,590 | 11,649,368 | 11,672,417 | 11,552,003 | 11,577,919 | |||||||||||||||||||||
Loans and leases at period-end: | ||||||||||||||||||||||||||||
Covered by loss share agreements | 1,897,097 | 1,999,351 | 2,183,869 | 2,362,152 | 2,557,450 | 1,897,097 | 2,557,450 | |||||||||||||||||||||
Not covered by loss share agreements | 11,455,233 | 11,462,458 | 11,489,529 | 11,581,637 | 11,603,526 | 11,455,233 | 11,603,526 | |||||||||||||||||||||
Risk Elements | ||||||||||||||||||||||||||||
Nonaccrual loans and leases: | ||||||||||||||||||||||||||||
Covered by loss share agreements | $ | 142,696 | $ | 271,381 | $ | 292,229 | $ | 302,102 | $ | 291,890 | $ | 142,696 | $ | 291,890 | ||||||||||||||
Not covered by loss share agreements | 75,255 | 69,406 | 66,363 | 52,741 | 59,603 | 75,255 | 59,603 | |||||||||||||||||||||
Other real estate: | ||||||||||||||||||||||||||||
Covered by loss share agreements | 116,405 | 117,381 | 142,418 | 148,599 | 160,443 | 116,405 | 160,443 | |||||||||||||||||||||
Not covered by loss share agreements | 45,063 | 49,454 | 48,092 | 50,399 | 48,616 | 45,063 | 48,616 | |||||||||||||||||||||
Total nonperforming assets | $ | 379,419 | $ | 507,622 | $ | 549,102 | $ | 553,841 | $ | 560,552 | $ | 379,419 | $ | 560,552 | ||||||||||||||
Nonperforming assets covered by loss share agreements | $ | 259,101 | $ | 388,762 | $ | 434,647 | $ | 450,701 | $ | 452,333 | $ | 259,101 | $ | 452,333 | ||||||||||||||
Nonperforming assets not covered by loss share agreements | 120,318 | 118,860 | 114,455 | 103,140 | 108,219 | 120,318 | 108,219 | |||||||||||||||||||||
Total nonperforming assets | $ | 379,419 | $ | 507,622 | $ | 549,102 | $ | 553,841 | $ | 560,552 | $ | 379,419 | $ | 560,552 | ||||||||||||||
Accruing loans and leases greater than 90 days past due: | ||||||||||||||||||||||||||||
Covered by loss share agreements | $ | 248,573 | $ | 254,580 | $ | 268,403 | $ | 292,194 | $ | 289,833 | $ | 248,573 | $ | 289,833 | ||||||||||||||
Not covered by loss share agreements | 14,071 | 12,907 | 13,828 | 14,840 | 17,887 | 14,071 | 17,887 | |||||||||||||||||||||
Ratios | ||||||||||||||||||||||||||||
Net charge-offs (annualized) to average loans and leases: | ||||||||||||||||||||||||||||
Covered by loss share agreements | 1.56 | % | 3.29 | % | 2.27 | % | 9.12 | % | 3.92 | % | 2.40 | % | 4.37 | % | ||||||||||||||
Not covered by loss share agreements | 0.22 | 0.43 | 0.54 | 0.58 | 0.54 | 0.40 | 0.42 | |||||||||||||||||||||
Allowance for loan and lease losses to total loans and leases: | ||||||||||||||||||||||||||||
Covered by loss share agreements | 4.77 | 4.39 | 3.94 | 3.78 | 2.93 | 4.77 | 2.93 | |||||||||||||||||||||
Not covered by loss share agreements | 1.62 | 1.62 | 1.62 | 1.56 | 1.54 | 1.62 | 1.54 | |||||||||||||||||||||
Nonperforming assets to total loans and leases plus other real estate: | ||||||||||||||||||||||||||||
Covered by loss share agreements | 12.87 | 18.37 | 18.68 | 17.95 | 16.64 | 12.87 | 16.64 | |||||||||||||||||||||
Not covered by loss share agreements | 1.05 | 1.03 | 0.99 | 0.89 | 0.93 | 1.05 | 0.93 | |||||||||||||||||||||
Total | 2.81 | 3.72 | 3.96 | 3.92 | 3.90 | 2.81 | 3.90 |
TROUBLED DEBT RESTRUCTURINGS | Table 11 | |||||||||||
September 30, 2012 | December 31, 2011 | September 30, 2011 | ||||||||||
Performing TDRs: | (thousands) | |||||||||||
Covered by loss share agreements | $ | 101,974 | $ | 126,240 | $ | 92,987 | ||||||
Not covered by loss share agreements | 106,390 | 123,796 | 86,406 | |||||||||
Total performing TDRs | 208,364 | 250,036 | 179,393 | |||||||||
Nonperforming TDRs: | ||||||||||||
Covered by loss share agreements | 53,089 | 43,491 | 66,442 | |||||||||
Not covered by loss share agreements | 37,042 | 29,534 | 31,864 | |||||||||
Total nonperforming TDRs | 90,131 | 73,025 | 98,306 | |||||||||
All TDRs: | ||||||||||||
Covered by loss share agreements | 155,063 | 169,731 | 159,429 | |||||||||
Not covered by loss share agreements | 143,432 | 153,330 | 118,270 | |||||||||
Total TDRs | $ | 298,495 | $ | 323,061 | $ | 277,699 |
Item 3. | Quantitative and Qualitative Disclosures about Market Risk |
Item 4. | Controls and Procedures |
Item 1A. | Risk Factors |
Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds |
Period | Total number of shares purchases | Average price paid per share | Total number of shares purchased as part of publicly announced plans or programs | Maximum number of shares that may yet be purchased under the plans or programs | ||||||||
Repurchases from July 1, 2012 through July 31, 2012 | 4,820 | $ | 163.48 | 4,820 | — | |||||||
Repurchases from August 1, 2012 through August 31, 2012 | 8,127 | 163.43 | 8,127 | — | ||||||||
Repurchases from September 1, 2012 through September 30, 2012 | 2,550 | 163.75 | 2,550 | — | ||||||||
Total | 15,497 | $ | 163.50 | 15,497 | 84,503 |
Period | Total number of shares purchases | Average price paid per share | Total number of shares purchased as part of publicly announced plans or programs | Maximum number of shares that may yet be purchased under the plans or programs | ||||||||
Repurchases from July 1, 2012 through July 31, 2012 | — | $ | — | — | — | |||||||
Repurchases from August 1, 2012 through August 31, 2012 | — | — | — | — | ||||||||
Repurchases from September 1, 2012 through September 30, 2012 | — | — | — | — | ||||||||
Total | — | $ | — | — | 25,000 |
Item 6. | Exhibits |
31.1 | Certification of Chief Executive Officer |
31.2 | Certification of Chief Financial Officer |
32.1 | Certification of Chief Executive Officer |
32.2 | Certification of Chief Financial Officer |
101.INS | XBRL Instance Document |
101.SCH | XBRL Taxonomy Extension Schema |
101.CAL | XBRL Taxonomy Extension Calculation Linkbase |
101.DEF | XBRL Taxonomy Extension Definition Linkbase |
101.LAB | XBRL Taxonomy Extension Label Linkbase |
101.PRE | XBRL Taxonomy Extension Presentation Linkbase |
Date: | November 9, 2012 | FIRST CITIZENS BANCSHARES, INC. | ||
(Registrant) | ||||
By: | /s/ KENNETH A. BLACK | |||
Kenneth A. Black | ||||
Vice President, Treasurer and Chief Financial Officer |
1. | I have reviewed this Quarterly Report on Form 10-Q of First Citizens BancShares, Inc.; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
5. | The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
/s/ Frank B. Holding, Jr. |
Frank B. Holding, Jr. |
Chief Executive Officer |
1. | I have reviewed this Quarterly Report on Form 10-Q of First Citizens BancShares, Inc.; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
5. | The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
/s/ Kenneth A. Black |
Kenneth A. Black |
Chief Financial Officer |
/s/ Frank B. Holding, Jr. |
Frank B. Holding, Jr. |
Chief Executive Officer |
/s/ Kenneth A. Black |
Kenneth A. Black |
Chief Financial Officer |
Commitments and Contingencies (Details) (USD $)
In Thousands, unless otherwise specified |
1 Months Ended | 9 Months Ended | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Feb. 28, 2011
Directors
|
Sep. 30, 2012
Commitments to Extend Credit
|
Dec. 31, 2011
Commitments to Extend Credit
|
Sep. 30, 2011
Commitments to Extend Credit
|
Sep. 30, 2012
Standby Letters of Credit
|
Dec. 31, 2011
Standby Letters of Credit
|
Sep. 30, 2011
Standby Letters of Credit
|
Sep. 30, 2012
Recourse Obligation on Mortgage Loans Sold
|
Dec. 31, 2011
Recourse Obligation on Mortgage Loans Sold
|
Sep. 30, 2011
Recourse Obligation on Mortgage Loans Sold
|
Sep. 30, 2012
Obligation to Repurchase Receivables Sold
|
Sep. 30, 2012
Obligation to Repurchase Receivables Sold
Recourse Obligation on Mortgage Loans Sold
|
|
Guarantor Obligations [Line Items] | ||||||||||||
Unused commitments | $ 5,677,233 | $ 5,636,942 | $ 5,890,227 | |||||||||
Guarantor obligations amount | 62,214 | 57,446 | 57,933 | 195,515 | 207,963 | 216,950 | 108,110 | |||||
Reserve for estimated losses arising from repurchase of loans | $ 3,250 | |||||||||||
General maximum recourse period, days | 120 days | |||||||||||
Number of directors in complaint | 5 |
Derivatives (Narrative) (Details) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 9 Months Ended | 1 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2012
|
Sep. 30, 2011
|
Sep. 30, 2012
|
Sep. 30, 2011
|
Sep. 30, 2012
2011 Interest Rate Swap
|
Dec. 31, 2011
2011 Interest Rate Swap
|
Sep. 30, 2011
2011 Interest Rate Swap
|
Sep. 30, 2012
2006 Interest Rate Swap
|
Dec. 31, 2011
2009 Interest Rate Swap
|
Sep. 30, 2012
2009 Interest Rate Swap
|
Sep. 30, 2011
2009 Interest Rate Swap
|
|
Derivative [Line Items] | |||||||||||
Notional amount of interest rate derivatives | $ 93,500 | $ 93,500 | $ 0 | $ 0 | $ 0 | $ 115,000 | |||||
Fixed rate payments, interest rate | 5.50% | 7.125% | 5.50% | ||||||||
Variable rate payment rate | 1.75% | 1.75% | 1.75% | ||||||||
Fair value of collateral pledged to secure interest rate contracts | 14,653 | 14,653 | |||||||||
Purchase of underlying basis of trust preferred capital securities | 21,500 | ||||||||||
Incremental interest expense paid to interest rate swap counterparties | $ 769 | $ 1,030 | $ 2,294 | $ 3,961 |
Estimated Fair Values (Estimated Fair Values For Certain Financial Assets And Financial Liabilities) (Details) (USD $)
In Thousands, unless otherwise specified |
Sep. 30, 2012
|
Jun. 30, 2012
|
Dec. 31, 2011
|
Sep. 30, 2011
|
Jun. 30, 2011
|
Dec. 31, 2010
|
|||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||||||||
Cash and due from banks | $ 606,107 | [1] | $ 590,801 | [2] | $ 539,337 | [1] | |||||||||
Overnight investments | 688,196 | [1] | 434,975 | [2] | 410,002 | [1] | |||||||||
Investment securities available for sale | 5,012,041 | [1] | 4,056,423 | [2] | 3,994,825 | [1] | |||||||||
Investment securities held to maturity | 1,459 | [1] | 1,822 | [2] | 1,943 | [1] | |||||||||
Loans held for sale | 78,610 | [1] | 92,539 | [2] | 78,178 | [1] | |||||||||
Loans covered by loss share agreements, net of allowance for loan and lease losses | 1,897,097 | [1] | 2,362,152 | [2] | 2,557,450 | [1] | |||||||||
Loans and leases not covered by loss share agreements, net of allowance for loan and lease losses | 11,455,233 | [1] | 11,581,637 | [2] | 11,603,526 | [1] | |||||||||
Receivable from FDIC for loss share agreements | 243,893 | [1] | 313,978 | 539,511 | [2] | 607,907 | [1] | 522,507 | 623,261 | ||||||
Income earned not collected | 51,565 | [1] | 42,216 | [2] | 43,886 | [1] | |||||||||
Stock issued by: | |||||||||||||||
Stock issued by Federal Home Loan Bank | 53,735 | 61,397 | |||||||||||||
Deposits | 17,893,215 | [1] | 17,577,274 | [2] | 17,663,275 | [1] | |||||||||
Short-term borrowings | 677,773 | [1] | 615,222 | [2] | 600,384 | [1] | |||||||||
Long-term obligations | 472,170 | [1] | 687,599 | [2] | 744,839 | [1] | |||||||||
Carrying Value
|
|||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||||||||
Cash and due from banks | 606,107 | 590,801 | 539,337 | ||||||||||||
Overnight investments | 688,196 | 434,975 | 410,002 | ||||||||||||
Investment securities available for sale | 5,012,041 | 4,056,423 | 3,994,825 | ||||||||||||
Investment securities held to maturity | 1,459 | 1,822 | 1,943 | ||||||||||||
Loans held for sale | 78,610 | 92,539 | 78,178 | ||||||||||||
Loans covered by loss share agreements, net of allowance for loan and lease losses | 1,806,593 | 2,272,891 | 2,482,400 | ||||||||||||
Loans and leases not covered by loss share agreements, net of allowance for loan and lease losses | 11,269,183 | 11,400,754 | 11,424,392 | ||||||||||||
Receivable from FDIC for loss share agreements | 243,893 | [3] | 539,511 | [3] | 607,907 | [3] | |||||||||
Income earned not collected | 51,565 | 42,216 | 43,886 | ||||||||||||
Stock issued by: | |||||||||||||||
Preferred stock | 20,320 | 0 | 0 | ||||||||||||
Deposits | 17,893,215 | 17,577,274 | 17,663,275 | ||||||||||||
Short-term borrowings | 677,773 | 615,222 | 600,384 | ||||||||||||
Long-term obligations | 472,170 | 687,599 | 744,839 | ||||||||||||
Accrued interest payable | 11,145 | 23,719 | 22,153 | ||||||||||||
Interest rate swap | 11,170 | 10,714 | 13,531 | ||||||||||||
Carrying Value | Investment In Federal Home Loan Bank Of Atlanta Stock
|
|||||||||||||||
Stock issued by: | |||||||||||||||
Stock issued by Federal Home Loan Bank | 38,105 | 41,042 | 43,302 | ||||||||||||
Carrying Value | Investment In Federal Home Loan Bank Of San Francisco Stock
|
|||||||||||||||
Stock issued by: | |||||||||||||||
Stock issued by Federal Home Loan Bank | 11,140 | 12,976 | 13,605 | ||||||||||||
Carrying Value | Investment In Federal Home Loan Bank Of Seattle Stock
|
|||||||||||||||
Stock issued by: | |||||||||||||||
Stock issued by Federal Home Loan Bank | 4,490 | 4,490 | 4,490 | ||||||||||||
Fair Value
|
|||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||||||||
Cash and due from banks | 606,107 | 590,801 | 539,337 | ||||||||||||
Overnight investments | 688,196 | 434,975 | 410,002 | ||||||||||||
Investment securities available for sale | 5,012,041 | 4,056,423 | 3,994,825 | ||||||||||||
Investment securities held to maturity | 1,583 | 1,980 | 2,108 | ||||||||||||
Loans held for sale | 80,357 | 93,235 | 78,178 | ||||||||||||
Loans covered by loss share agreements, net of allowance for loan and lease losses | 1,770,250 | 2,236,343 | 2,469,613 | ||||||||||||
Loans and leases not covered by loss share agreements, net of allowance for loan and lease losses | 11,127,286 | 11,312,900 | 11,329,623 | ||||||||||||
Receivable from FDIC for loss share agreements | 50,382 | [3] | 446,172 | [3] | 500,745 | [3] | |||||||||
Income earned not collected | 51,565 | 42,216 | 43,886 | ||||||||||||
Stock issued by: | |||||||||||||||
Preferred stock | 20,345 | 0 | 0 | ||||||||||||
Deposits | 17,939,303 | 17,638,359 | 17,712,240 | ||||||||||||
Short-term borrowings | 677,773 | 615,222 | 600,384 | ||||||||||||
Long-term obligations | 503,369 | 719,999 | 774,799 | ||||||||||||
Accrued interest payable | 11,145 | 23,719 | 22,153 | ||||||||||||
Interest rate swap | 11,170 | 10,714 | 13,531 | ||||||||||||
Fair Value | Investment In Federal Home Loan Bank Of Atlanta Stock
|
|||||||||||||||
Stock issued by: | |||||||||||||||
Stock issued by Federal Home Loan Bank | 38,105 | 41,042 | 43,302 | ||||||||||||
Fair Value | Investment In Federal Home Loan Bank Of San Francisco Stock
|
|||||||||||||||
Stock issued by: | |||||||||||||||
Stock issued by Federal Home Loan Bank | 11,140 | 12,976 | 13,605 | ||||||||||||
Fair Value | Investment In Federal Home Loan Bank Of Seattle Stock
|
|||||||||||||||
Stock issued by: | |||||||||||||||
Stock issued by Federal Home Loan Bank | $ 4,490 | $ 4,490 | $ 4,490 | ||||||||||||
|
Investments (Narrative) (Details) (USD $)
|
9 Months Ended | 12 Months Ended | |
---|---|---|---|
Sep. 30, 2012
investments
|
Sep. 30, 2011
|
Dec. 31, 2011
|
|
Investments [Abstract] | |||
Investment securities, aggregate fair value, continuous unrealized losses of more than 12 months | $ 5,800,000 | ||
Investment securities, aggregate unrealized loss, continuous unrealized losses of more than 12 months | 76,000 | ||
Number of investments in continuous unrealized loss position for more than twelve months | 24 | ||
Unrealized losses related to marketability of securities or issuers ability to honor redemption obligations | 0 | 0 | 0 |
Investment value deemed to be OTTI | 0 | ||
Investment securities, aggregate carrying value, pledged as collateral | $ 2,475,195,000 | $ 2,563,412,000 | $ 2,588,704,000 |
Derivatives (Activity In Accumulated Other Comprehensive Income (Loss) Related To Interest Rate Swaps) (Details) (Interest Rate Swap, USD $)
In Thousands, unless otherwise specified |
9 Months Ended | |
---|---|---|
Sep. 30, 2012
|
Sep. 30, 2011
|
|
Interest Rate Swap
|
||
Accumulated Other Comprehensive Income (Loss) from Interest Rate Swaps [Roll Forward] | ||
Accumulated other comprehensive loss resulting from interest rate swaps as of January 1 | $ (10,714) | $ (9,492) |
Other comprehensive income (loss) recognized during six month period ended September 30 | (456) | (4,039) |
Accumulated other comprehensive loss resulting from interest rate swaps as of September 30 | $ (11,170) | $ (13,531) |
Employee Benefit Plans (Tables) (Defined Benefit Pension)
|
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2012
|
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Defined Benefit Pension
|
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Defined Benefit Plan Disclosure [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Net Benefit Costs | For the three- and nine-month periods ended September 30, 2012 and 2011 the components of pension expense are as follows:
|
Loans and Leases (Composition of the Loans and Leases Outstanding By Credit Quality Indicator) (Details) (USD $)
In Thousands, unless otherwise specified |
Sep. 30, 2012
|
Dec. 31, 2011
|
Sep. 30, 2011
|
|||||||
---|---|---|---|---|---|---|---|---|---|---|
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Noncovered loans and leases | $ 11,455,233 | [1] | $ 11,581,637 | [2] | $ 11,603,526 | [1] | ||||
Covered under loss share agreements | 1,897,097 | [1] | 2,362,152 | [2] | 2,557,450 | [1] | ||||
Commercial Mortgage
|
||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Noncovered loans and leases | 7,844,572 | 7,866,572 | 7,817,695 | |||||||
Covered under loss share agreements | 1,542,482 | 1,872,685 | 2,013,636 | |||||||
Non-Commercial Loans
|
||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Noncovered loans and leases | 3,610,661 | 3,715,065 | 3,785,831 | |||||||
Covered under loss share agreements | 354,615 | 489,467 | 543,814 | |||||||
Construction and Land Development | Commercial Mortgage
|
||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Noncovered loans and leases | 319,743 | 381,163 | 416,719 | |||||||
Covered under loss share agreements | 258,388 | 338,873 | 405,658 | |||||||
Construction and Land Development | Non-Commercial Loans
|
||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Noncovered loans and leases | 132,352 | 137,271 | 139,185 | |||||||
Covered under loss share agreements | 26,408 | 105,536 | 115,126 | |||||||
Commercial Mortgage | Commercial Mortgage
|
||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Noncovered loans and leases | 5,171,964 | 5,104,993 | 4,996,036 | |||||||
Covered under loss share agreements | 1,109,048 | 1,260,589 | 1,310,083 | |||||||
Other Commercial Real Estate | Commercial Mortgage
|
||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Noncovered loans and leases | 158,767 | 144,771 | 144,538 | |||||||
Covered under loss share agreements | 113,954 | 158,394 | 159,007 | |||||||
Commercial and Industrial | Commercial Mortgage
|
||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Noncovered loans and leases | 1,740,435 | 1,764,407 | 1,797,581 | |||||||
Covered under loss share agreements | 59,787 | 113,442 | 137,253 | |||||||
Lease Financing | Commercial Mortgage
|
||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Noncovered loans and leases | 321,908 | 312,869 | 304,039 | |||||||
Covered under loss share agreements | 0 | 57 | 162 | |||||||
Other | Commercial Mortgage
|
||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Noncovered loans and leases | 131,755 | 158,369 | 158,782 | |||||||
Covered under loss share agreements | 1,305 | 1,330 | 1,473 | |||||||
Residential Mortgage | Non-Commercial Loans
|
||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Noncovered loans and leases | 814,877 | 784,118 | 816,738 | |||||||
Covered under loss share agreements | 289,160 | 327,568 | 380,405 | |||||||
Revolving Mortgage | Non-Commercial Loans
|
||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Noncovered loans and leases | 2,244,459 | 2,296,306 | 2,302,482 | |||||||
Covered under loss share agreements | 37,280 | 51,552 | 39,709 | |||||||
Consumer | Non-Commercial Loans
|
||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Noncovered loans and leases | 418,973 | 497,370 | 527,426 | |||||||
Covered under loss share agreements | 1,767 | 4,811 | 8,574 | |||||||
Pass | Commercial Mortgage
|
||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Noncovered loans and leases | 7,294,618 | 7,232,547 | 7,174,463 | |||||||
Pass | Construction and Land Development | Commercial Mortgage
|
||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Noncovered loans and leases | 283,804 | 332,742 | 371,906 | |||||||
Pass | Commercial Mortgage | Commercial Mortgage
|
||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Noncovered loans and leases | 4,846,921 | 4,749,254 | 4,632,698 | |||||||
Pass | Other Commercial Real Estate | Commercial Mortgage
|
||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Noncovered loans and leases | 148,075 | 130,586 | 130,591 | |||||||
Pass | Commercial and Industrial | Commercial Mortgage
|
||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Noncovered loans and leases | 1,567,505 | 1,556,651 | 1,585,106 | |||||||
Pass | Lease Financing | Commercial Mortgage
|
||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Noncovered loans and leases | 317,545 | 306,225 | 296,420 | |||||||
Pass | Other | Commercial Mortgage
|
||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Noncovered loans and leases | 130,768 | 157,089 | 157,742 | |||||||
Special Mention | Commercial Mortgage
|
||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Noncovered loans and leases | 203,779 | 287,788 | 304,269 | |||||||
Special Mention | Construction and Land Development | Commercial Mortgage
|
||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Noncovered loans and leases | 8,953 | 18,973 | 18,431 | |||||||
Special Mention | Commercial Mortgage | Commercial Mortgage
|
||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Noncovered loans and leases | 169,041 | 220,235 | 232,537 | |||||||
Special Mention | Other Commercial Real Estate | Commercial Mortgage
|
||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Noncovered loans and leases | 3,989 | 5,821 | 8,672 | |||||||
Special Mention | Commercial and Industrial | Commercial Mortgage
|
||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Noncovered loans and leases | 19,694 | 36,951 | 38,844 | |||||||
Special Mention | Lease Financing | Commercial Mortgage
|
||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Noncovered loans and leases | 1,851 | 4,537 | 4,765 | |||||||
Special Mention | Other | Commercial Mortgage
|
||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Noncovered loans and leases | 251 | 1,271 | 1,020 | |||||||
Substandard | Commercial Mortgage
|
||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Noncovered loans and leases | 199,106 | 196,325 | 185,400 | |||||||
Substandard | Construction and Land Development | Commercial Mortgage
|
||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Noncovered loans and leases | 25,722 | 28,793 | 26,249 | |||||||
Substandard | Commercial Mortgage | Commercial Mortgage
|
||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Noncovered loans and leases | 141,461 | 129,391 | 123,968 | |||||||
Substandard | Other Commercial Real Estate | Commercial Mortgage
|
||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Noncovered loans and leases | 6,317 | 7,794 | 4,629 | |||||||
Substandard | Commercial and Industrial | Commercial Mortgage
|
||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Noncovered loans and leases | 23,049 | 28,240 | 27,700 | |||||||
Substandard | Lease Financing | Commercial Mortgage
|
||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Noncovered loans and leases | 1,827 | 2,107 | 2,854 | |||||||
Substandard | Other | Commercial Mortgage
|
||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Noncovered loans and leases | 730 | 0 | 0 | |||||||
Doubtful | Commercial Mortgage
|
||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Noncovered loans and leases | 16,252 | 2,201 | 5,111 | |||||||
Doubtful | Construction and Land Development | Commercial Mortgage
|
||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Noncovered loans and leases | 940 | 17 | 133 | |||||||
Doubtful | Commercial Mortgage | Commercial Mortgage
|
||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Noncovered loans and leases | 12,078 | 1,164 | 4,307 | |||||||
Doubtful | Other Commercial Real Estate | Commercial Mortgage
|
||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Noncovered loans and leases | 98 | 377 | 401 | |||||||
Doubtful | Commercial and Industrial | Commercial Mortgage
|
||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Noncovered loans and leases | 2,553 | 643 | 270 | |||||||
Doubtful | Lease Financing | Commercial Mortgage
|
||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Noncovered loans and leases | 583 | 0 | 0 | |||||||
Doubtful | Other | Commercial Mortgage
|
||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Noncovered loans and leases | 0 | 0 | 0 | |||||||
Ungraded | Commercial Mortgage
|
||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Noncovered loans and leases | 130,817 | 147,711 | 148,452 | |||||||
Ungraded | Construction and Land Development | Commercial Mortgage
|
||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Noncovered loans and leases | 324 | 638 | 0 | |||||||
Ungraded | Commercial Mortgage | Commercial Mortgage
|
||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Noncovered loans and leases | 2,463 | 4,949 | 2,526 | |||||||
Ungraded | Other Commercial Real Estate | Commercial Mortgage
|
||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Noncovered loans and leases | 288 | 193 | 245 | |||||||
Ungraded | Commercial and Industrial | Commercial Mortgage
|
||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Noncovered loans and leases | 127,634 | 141,922 | 145,661 | |||||||
Ungraded | Lease Financing | Commercial Mortgage
|
||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Noncovered loans and leases | 102 | 0 | 0 | |||||||
Ungraded | Other | Commercial Mortgage
|
||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Noncovered loans and leases | 6 | 9 | 20 | |||||||
Covered Loans
|
||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Covered under loss share agreements | 1,897,097 | 2,362,152 | 2,557,450 | |||||||
Covered Loans | Construction and Land Development | Commercial Mortgage
|
||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Covered under loss share agreements | 258,388 | 338,873 | 405,658 | |||||||
Covered Loans | Construction and Land Development | Non-Commercial Loans
|
||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Covered under loss share agreements | 26,408 | 105,536 | 115,126 | |||||||
Covered Loans | Commercial Mortgage
|
||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Covered under loss share agreements | 1,109,048 | 1,260,589 | 1,310,083 | |||||||
Covered Loans | Other Commercial Real Estate
|
||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Covered under loss share agreements | 113,954 | 158,394 | 159,007 | |||||||
Covered Loans | Commercial and Industrial
|
||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Covered under loss share agreements | 59,787 | 113,442 | 137,253 | |||||||
Covered Loans | Lease Financing
|
||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Covered under loss share agreements | 0 | 57 | 162 | |||||||
Covered Loans | Residential Mortgage
|
||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Covered under loss share agreements | 289,160 | 327,568 | 380,405 | |||||||
Covered Loans | Revolving Mortgage
|
||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Covered under loss share agreements | 37,280 | 51,552 | 39,709 | |||||||
Covered Loans | Consumer and Other
|
||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Covered under loss share agreements | 3,072 | 6,141 | 10,047 | |||||||
Covered Loans | Pass
|
||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Covered under loss share agreements | 688,600 | 743,881 | 879,689 | |||||||
Covered Loans | Pass | Construction and Land Development | Commercial Mortgage
|
||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Covered under loss share agreements | 25,234 | 29,321 | 43,851 | |||||||
Covered Loans | Pass | Construction and Land Development | Non-Commercial Loans
|
||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Covered under loss share agreements | 1,458 | 4,958 | 7,791 | |||||||
Covered Loans | Pass | Commercial Mortgage
|
||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Covered under loss share agreements | 394,945 | 397,526 | 486,673 | |||||||
Covered Loans | Pass | Other Commercial Real Estate
|
||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Covered under loss share agreements | 37,879 | 49,259 | 48,460 | |||||||
Covered Loans | Pass | Commercial and Industrial
|
||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Covered under loss share agreements | 26,896 | 36,409 | 46,898 | |||||||
Covered Loans | Pass | Lease Financing
|
||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Covered under loss share agreements | 0 | 57 | 162 | |||||||
Covered Loans | Pass | Residential Mortgage
|
||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Covered under loss share agreements | 172,162 | 189,794 | 226,160 | |||||||
Covered Loans | Pass | Revolving Mortgage
|
||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Covered under loss share agreements | 28,125 | 34,164 | 15,547 | |||||||
Covered Loans | Pass | Consumer and Other
|
||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Covered under loss share agreements | 1,901 | 2,393 | 4,147 | |||||||
Covered Loans | Special Mention
|
||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Covered under loss share agreements | 432,428 | 550,617 | 551,215 | |||||||
Covered Loans | Special Mention | Construction and Land Development | Commercial Mortgage
|
||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Covered under loss share agreements | 76,849 | 92,758 | 97,960 | |||||||
Covered Loans | Special Mention | Construction and Land Development | Non-Commercial Loans
|
||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Covered under loss share agreements | 1,160 | 13,394 | 23,955 | |||||||
Covered Loans | Special Mention | Commercial Mortgage
|
||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Covered under loss share agreements | 306,106 | 348,482 | 342,876 | |||||||
Covered Loans | Special Mention | Other Commercial Real Estate
|
||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Covered under loss share agreements | 17,040 | 33,754 | 24,951 | |||||||
Covered Loans | Special Mention | Commercial and Industrial
|
||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Covered under loss share agreements | 13,976 | 32,257 | 34,894 | |||||||
Covered Loans | Special Mention | Lease Financing
|
||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Covered under loss share agreements | 0 | 0 | 0 | |||||||
Covered Loans | Special Mention | Residential Mortgage
|
||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Covered under loss share agreements | 15,169 | 25,464 | 25,686 | |||||||
Covered Loans | Special Mention | Revolving Mortgage
|
||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Covered under loss share agreements | 1,993 | 3,566 | 316 | |||||||
Covered Loans | Special Mention | Consumer and Other
|
||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Covered under loss share agreements | 135 | 942 | 577 | |||||||
Covered Loans | Substandard
|
||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Covered under loss share agreements | 560,031 | 787,309 | 753,201 | |||||||
Covered Loans | Substandard | Construction and Land Development | Commercial Mortgage
|
||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Covered under loss share agreements | 64,741 | 125,158 | 134,126 | |||||||
Covered Loans | Substandard | Construction and Land Development | Non-Commercial Loans
|
||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Covered under loss share agreements | 17,675 | 72,349 | 60,957 | |||||||
Covered Loans | Substandard | Commercial Mortgage
|
||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Covered under loss share agreements | 341,185 | 427,996 | 395,806 | |||||||
Covered Loans | Substandard | Other Commercial Real Estate
|
||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Covered under loss share agreements | 48,635 | 58,351 | 55,083 | |||||||
Covered Loans | Substandard | Commercial and Industrial
|
||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Covered under loss share agreements | 11,100 | 21,914 | 31,213 | |||||||
Covered Loans | Substandard | Lease Financing
|
||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Covered under loss share agreements | 0 | 0 | 0 | |||||||
Covered Loans | Substandard | Residential Mortgage
|
||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Covered under loss share agreements | 69,510 | 70,582 | 68,289 | |||||||
Covered Loans | Substandard | Revolving Mortgage
|
||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Covered under loss share agreements | 7,162 | 9,863 | 6,930 | |||||||
Covered Loans | Substandard | Consumer and Other
|
||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Covered under loss share agreements | 23 | 1,096 | 797 | |||||||
Covered Loans | Doubtful
|
||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Covered under loss share agreements | 189,165 | 246,308 | 298,874 | |||||||
Covered Loans | Doubtful | Construction and Land Development | Commercial Mortgage
|
||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Covered under loss share agreements | 88,612 | 87,936 | 125,766 | |||||||
Covered Loans | Doubtful | Construction and Land Development | Non-Commercial Loans
|
||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Covered under loss share agreements | 6,115 | 14,835 | 22,422 | |||||||
Covered Loans | Doubtful | Commercial Mortgage
|
||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Covered under loss share agreements | 65,920 | 84,871 | 81,984 | |||||||
Covered Loans | Doubtful | Other Commercial Real Estate
|
||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Covered under loss share agreements | 10,400 | 17,030 | 30,513 | |||||||
Covered Loans | Doubtful | Commercial and Industrial
|
||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Covered under loss share agreements | 7,728 | 22,862 | 24,248 | |||||||
Covered Loans | Doubtful | Lease Financing
|
||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Covered under loss share agreements | 0 | 0 | 0 | |||||||
Covered Loans | Doubtful | Residential Mortgage
|
||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Covered under loss share agreements | 10,137 | 13,833 | 11,129 | |||||||
Covered Loans | Doubtful | Revolving Mortgage
|
||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Covered under loss share agreements | 0 | 3,959 | 1,690 | |||||||
Covered Loans | Doubtful | Consumer and Other
|
||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Covered under loss share agreements | 253 | 982 | 1,122 | |||||||
Covered Loans | Ungraded
|
||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Covered under loss share agreements | 26,873 | 34,037 | 74,471 | |||||||
Covered Loans | Ungraded | Construction and Land Development | Commercial Mortgage
|
||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Covered under loss share agreements | 2,952 | 3,700 | 3,955 | |||||||
Covered Loans | Ungraded | Construction and Land Development | Non-Commercial Loans
|
||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Covered under loss share agreements | 0 | 0 | 1 | |||||||
Covered Loans | Ungraded | Commercial Mortgage
|
||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Covered under loss share agreements | 892 | 1,714 | 2,744 | |||||||
Covered Loans | Ungraded | Other Commercial Real Estate
|
||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Covered under loss share agreements | 0 | 0 | 0 | |||||||
Covered Loans | Ungraded | Commercial and Industrial
|
||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Covered under loss share agreements | 87 | 0 | 0 | |||||||
Covered Loans | Ungraded | Lease Financing
|
||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Covered under loss share agreements | 0 | 0 | 0 | |||||||
Covered Loans | Ungraded | Residential Mortgage
|
||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Covered under loss share agreements | 22,182 | 27,895 | 49,141 | |||||||
Covered Loans | Ungraded | Revolving Mortgage
|
||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Covered under loss share agreements | 0 | 0 | 15,226 | |||||||
Covered Loans | Ungraded | Consumer and Other
|
||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Covered under loss share agreements | 760 | 728 | 3,404 | |||||||
Noncovered Loans
|
||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Noncovered loans and leases | 11,455,233 | 11,581,637 | 11,603,526 | |||||||
Noncovered Loans | Non-Commercial Loans
|
||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Noncovered loans and leases | 3,610,661 | 3,715,065 | 3,785,831 | |||||||
Noncovered Loans | Construction and Land Development | Commercial Mortgage
|
||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Noncovered loans and leases | 319,743 | 381,163 | 416,719 | |||||||
Noncovered Loans | Construction and Land Development | Non-Commercial Loans
|
||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Noncovered loans and leases | 132,352 | 137,271 | 139,185 | |||||||
Noncovered Loans | Commercial Mortgage
|
||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Noncovered loans and leases | 5,171,964 | 5,104,993 | 4,996,036 | |||||||
Noncovered Loans | Other Commercial Real Estate
|
||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Noncovered loans and leases | 158,767 | 144,771 | 144,538 | |||||||
Noncovered Loans | Commercial and Industrial
|
||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Noncovered loans and leases | 1,740,435 | 1,764,407 | 1,797,581 | |||||||
Noncovered Loans | Lease Financing
|
||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Noncovered loans and leases | 321,908 | 312,869 | 304,039 | |||||||
Noncovered Loans | Other
|
||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Noncovered loans and leases | 131,755 | 158,369 | 158,782 | |||||||
Noncovered Loans | Residential Mortgage
|
||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Noncovered loans and leases | 814,877 | 784,118 | 816,738 | |||||||
Noncovered Loans | Residential Mortgage | Non-Commercial Loans
|
||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Noncovered loans and leases | 814,877 | 784,118 | 816,738 | |||||||
Noncovered Loans | Revolving Mortgage
|
||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Noncovered loans and leases | 2,244,459 | 2,296,306 | 2,302,482 | |||||||
Noncovered Loans | Revolving Mortgage | Non-Commercial Loans
|
||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Noncovered loans and leases | 2,244,459 | 2,296,306 | 2,302,482 | |||||||
Noncovered Loans | Consumer
|
||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Noncovered loans and leases | 418,973 | 497,370 | 527,426 | |||||||
Noncovered Loans | Consumer | Non-Commercial Loans
|
||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Noncovered loans and leases | 418,973 | 497,370 | 527,426 | |||||||
Noncovered Loans | Current | Non-Commercial Loans
|
||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Noncovered loans and leases | 3,547,154 | 3,670,540 | 3,743,690 | |||||||
Noncovered Loans | Current | Construction and Land Development | Non-Commercial Loans
|
||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Noncovered loans and leases | 128,557 | 135,774 | 134,467 | |||||||
Noncovered Loans | Current | Residential Mortgage | Non-Commercial Loans
|
||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Noncovered loans and leases | 780,440 | 757,113 | 795,578 | |||||||
Noncovered Loans | Current | Revolving Mortgage | Non-Commercial Loans
|
||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Noncovered loans and leases | 2,223,765 | 2,286,511 | 2,291,490 | |||||||
Noncovered Loans | Current | Consumer | Non-Commercial Loans
|
||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Noncovered loans and leases | 414,392 | 491,142 | 522,155 | |||||||
Noncovered Loans | 30 to 59 Days Past Due | Non-Commercial Loans
|
||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Noncovered loans and leases | 34,271 | 19,539 | 12,863 | |||||||
Noncovered Loans | 30 to 59 Days Past Due | Construction and Land Development | Non-Commercial Loans
|
||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Noncovered loans and leases | 2,588 | 798 | 4,204 | |||||||
Noncovered Loans | 30 to 59 Days Past Due | Residential Mortgage | Non-Commercial Loans
|
||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Noncovered loans and leases | 16,281 | 11,790 | 2,303 | |||||||
Noncovered Loans | 30 to 59 Days Past Due | Revolving Mortgage | Non-Commercial Loans
|
||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Noncovered loans and leases | 12,894 | 3,437 | 3,987 | |||||||
Noncovered Loans | 30 to 59 Days Past Due | Consumer | Non-Commercial Loans
|
||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Noncovered loans and leases | 2,508 | 3,514 | 2,369 | |||||||
Noncovered Loans | 60 to 89 Days Past Due | Non-Commercial Loans
|
||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Noncovered loans and leases | 11,754 | 6,126 | 5,307 | |||||||
Noncovered Loans | 60 to 89 Days Past Due | Construction and Land Development | Non-Commercial Loans
|
||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Noncovered loans and leases | 127 | 127 | 0 | |||||||
Noncovered Loans | 60 to 89 Days Past Due | Residential Mortgage | Non-Commercial Loans
|
||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Noncovered loans and leases | 6,635 | 2,686 | 3,022 | |||||||
Noncovered Loans | 60 to 89 Days Past Due | Revolving Mortgage | Non-Commercial Loans
|
||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Noncovered loans and leases | 4,033 | 2,042 | 924 | |||||||
Noncovered Loans | 60 to 89 Days Past Due | Consumer | Non-Commercial Loans
|
||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Noncovered loans and leases | 959 | 1,271 | 1,361 | |||||||
Noncovered Loans | 90 Days or Greater Past Due | Non-Commercial Loans
|
||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Noncovered loans and leases | 17,482 | 18,860 | 23,971 | |||||||
Noncovered Loans | 90 Days or Greater Past Due | Construction and Land Development | Non-Commercial Loans
|
||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Noncovered loans and leases | 1,080 | 572 | 514 | |||||||
Noncovered Loans | 90 Days or Greater Past Due | Residential Mortgage | Non-Commercial Loans
|
||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Noncovered loans and leases | 11,521 | 12,529 | 15,835 | |||||||
Noncovered Loans | 90 Days or Greater Past Due | Revolving Mortgage | Non-Commercial Loans
|
||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Noncovered loans and leases | 3,767 | 4,316 | 6,081 | |||||||
Noncovered Loans | 90 Days or Greater Past Due | Consumer | Non-Commercial Loans
|
||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Noncovered loans and leases | $ 1,114 | $ 1,443 | $ 1,541 | |||||||
|
Employee Benefit Plans (Narrative) (Details) (Pension Plans, Defined Benefit)
|
9 Months Ended | 12 Months Ended |
---|---|---|
Sep. 30, 2012
|
Dec. 31, 2011
|
|
Pension Plans, Defined Benefit
|
||
Defined Benefit Plan Disclosure [Line Items] | ||
Assumed discount rate (percent) | 4.75% | 5.50% |
Expected long-term rate of return on plan assets (percent) | 7.50% | 7.75% |
Assumed rate of salary increases (percent) | 4.00% | 4.50% |
Estimated Fair Values (Narrative) (Details) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2012
|
Sep. 30, 2011
|
Sep. 30, 2012
|
Sep. 30, 2011
|
Dec. 31, 2011
|
|
Estimated Fair Values [Line Items] | |||||
Stock issued by Federal Home Loan Bank | $ 53,735 | $ 61,397 | $ 53,735 | $ 61,397 | |
Total investment securities available for sale, fair value | 5,012,041 | 3,994,825 | 5,012,041 | 3,994,825 | 4,056,423 |
Transfers between Level 1 and Level 2 | 0 | 0 | 0 | 0 | |
Transfers between Level 2 and Level 1 | 0 | 0 | 0 | 0 | |
Fair value of investment securities with nonobservable inputs | 0 | 0 | 0 | ||
Fair Value, Measurements, Recurring
|
|||||
Estimated Fair Values [Line Items] | |||||
Liability measured at fair value on nonrecurring basis | 0 | 0 | 0 | 0 | 0 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 3
|
|||||
Estimated Fair Values [Line Items] | |||||
Total investment securities available for sale, fair value | 0 | 0 | 0 | 0 | 0 |
Fair Value, Measurements, Recurring | Fair Value
|
|||||
Estimated Fair Values [Line Items] | |||||
Total investment securities available for sale, fair value | $ 5,012,041 | $ 3,994,825 | $ 5,012,041 | $ 3,994,825 | $ 4,056,423 |
Minimum
|
|||||
Estimated Fair Values [Line Items] | |||||
Discounts for collateral value estimates due to estimated holding and selling costs (percent) | 10.00% | 10.00% | |||
Maximum
|
|||||
Estimated Fair Values [Line Items] | |||||
Discounts for collateral value estimates due to estimated holding and selling costs (percent) | 14.00% | 14.00% |
Accounting Policies and Basis of Presentation
|
9 Months Ended |
---|---|
Sep. 30, 2012
|
|
Accounting Policies [Abstract] | |
Accounting Policies and Basis of Presentation | Accounting Policies and Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (US GAAP) for interim financial information. Accordingly, they do not include all of the information and notes required by US GAAP for complete financial statements. In the opinion of management, the consolidated financial statements contain all material adjustments necessary to present fairly the financial position of First Citizens BancShares, Inc. and Subsidiaries (BancShares) as of and for each of the periods presented, and all such adjustments are of a normal recurring nature. The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent liabilities at the date of the financial statements and the reported amounts of income and expenses during the period. Actual results could differ from those estimates. Management has evaluated subsequent events through the filing date of the Quarterly Report on Form 10-Q. These consolidated financial statements should be read in conjunction with the consolidated financial statements and notes included in BancShares’ 2011 Form 10-K. Certain amounts for prior periods have been reclassified to conform with statement presentations for 2012. The reclassifications have no effect on shareholders’ equity or net income as previously reported. Fair values assigned to acquired assets are subject to refinement for one year after the closing date of the transaction as additional information regarding closing date fair values becomes available. There were no adjustments to previously reported acquisition gains during the third quarter of 2012. Effective April 1, 2012, BancShares elected to change the threshold above which impaired loans not considered to be troubled debt restructurings are individually evaluated for impairment. Previously, impaired loans greater than $1,000 were subject to an individual impairment analysis; effective in the second quarter of 2012, impaired loans greater than $500 were subject to such an analysis. The threshold for analysis is applied to the total lending relationship to determine the loans to be evaluated. Application of the new method resulted in a reduction in the allowance for loan and lease losses of $2,615 at June 30, 2012. Long-Term Obligations On July 31, 2012, BancShares redeemed the 8.05 percent junior subordinated debenture (the 1998 Debenture) issued by FCB/NC Capital Trust I (the Trust). The 1998 Debenture had a face value of $154,640 and was redeemed for $163,569, which represented 102.42 percent of the face value plus accrued interest. Redemption of the 1998 Debenture triggered the redemption of the 8.05 percent trust preferred securities (the 1998 Preferred Securities) by the Trust. The 1998 Preferred Securities had an aggregate liquidation amount of $150,000 and were redeemed for $158,661, which represented 102.42 percent of the face amount plus accrued interest. The repayment resulted in a $154,640 reduction in long-term borrowings, and the 2.42 percent prepayment penalty rate resulted in $3,630 in noninterest expense during the third quarter of 2012. On July 15, 2012, BancShares repaid the outstanding debt obligation that related to a 2005 securitization and sale of revolving mortgage loans. The repayment resulted in a $21,565 reduction in long-term borrowings. Recently Adopted Accounting Policies and Other Regulatory Issues In May 2011, the Financial Accounting Standards Board (FASB) issued Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRS (ASU 2011-04). ASU 2011-04 creates a uniform framework for applying fair value measurement principles for companies around the world. It eliminates differences between GAAP and International Financial Reporting Standards issued by the International Accounting Standards Board. New disclosures required by the guidance include: quantitative disclosures of transfers between level 1 and level 2 and the reasons for those transfers; quantitative information about the significant unobservable inputs used for level 3 measurements; a qualitative discussion about the sensitivity of recurring level 3 measurements to changes in the unobservable inputs disclosed, including the interrelationship between inputs; and a description of the company’s valuation processes. The updates in ASU 2011-04 are effective for interim and annual periods beginning after December 15, 2011, and all amendments are to be applied prospectively with any changes in measurements recognized in income in the period of adoption. The provisions of this update have affected BancShares' financial statement disclosures but had no impact on BancShares' financial condition, results of operations or liquidity. In June 2011, the FASB issued Comprehensive Income: Presentation of Comprehensive Income (ASU 2011-05). ASU 2011-05 allows financial statement issuers to present the total of comprehensive income, the components of net income, and the components of other comprehensive income either in a single continuous statement of comprehensive income or in two separate but consecutive statements. Additionally, in December 2011, the FASB issued Comprehensive Income (Topic 220): Deferral of the Effective Date for Amendments to the Presentation of Reclassifications of Items Out of Accumulated Other Comprehensive Income in Accounting Standards Update No. 2011-05 (ASU 2011-12) which deferred the portion of ASU 2011-05 that relates to the presentation of reclassification adjustments. ASU 2011-05 eliminates the option to present the components of other comprehensive income as part of the statement of changes in shareholders' equity, which is the presentation method previously utilized by BancShares. The updates in ASU 2011-05 and ASU 2011-12 are effective for fiscal years, and interim periods within those years, beginning after December 15, 2011, and have been applied retrospectively. The provisions of these updates have affected BancShares' financial statement format but had no impact on BancShares' financial condition, results of operations or liquidity. In September 2011, the FASB issued Intangibles - Goodwill and Other Intangible Assets: Testing Goodwill for Impairment (ASU 2011-08), which allows an entity the option to first assess the qualitative factors to determine whether the existence of events or circumstances leads to a determination that is it more likely than not that the fair value of a reporting unit is less than its carrying amount. Under ASU 2011-08, if, after that assessment is made, an entity determines that it is more likely than not that the carrying value of goodwill is not impaired, then the two-step impairment test is not required. However, if the entity concludes otherwise, the two-step impairment test is required. The provisions of ASU 2011-08 are effective for interim and annual periods beginning after December 15, 2011, although early adoption was allowed. Adoption of ASU 2011-08 has had no material impact on BancShares' financial condition, results of operations or liquidity. In September 2012, the FASB's Emerging Issues Task Force (EITF) ratified EITF issued EITF Issue No. 12-C Subsequent Accounting for an Indemnification Asset Recognized at the Acquisition Date as the Result of a Government-Assisted Acquisition of a Financial Institution (Issue 12-C). Issue 12-C requires that any indemnification asset resulting from a government-assisted transaction be subsequently measured on the same basis as the underlying loans by using the contractual limitations of the related loss share agreement. Issue 12-C is to be applied prospectively to new and earlier transactions, including the FDIC-assisted transactions involving BancShares. Issue 12-C is effective for periods ending after December 15, 2012, with early adoption permitted. BancShares adopted the provisions of Issue 12-C effective September 30, 2012 with no material impact on BancShares' financial condition, results of operations or liquidity. |