LOANS AND LEASES AND ALLOWANCE FOR CREDIT LOSSES (Tables)
|
12 Months Ended |
Dec. 31, 2015 |
|---|
| Receivables [Abstract] |
|
| Schedule of financing receivable portfolio segments |
The table below summarizes the Company’s primary portfolios. For ACL purposes, these portfolios are further disaggregated into classes which are also summarized in the table below.
|
|
|
Portfolio |
Class |
Commercial and industrial |
Owner occupied |
|
Purchased credit-impaired |
|
Other commercial and industrial |
|
|
Commercial real estate |
Retail properties |
|
Multi family |
|
Office |
|
Industrial and warehouse |
|
Purchased credit-impaired |
|
Other commercial real estate |
|
|
Automobile |
NA (1) |
|
|
Home equity |
Secured by first-lien |
|
Secured by junior-lien |
|
|
Residential mortgage |
Residential mortgage |
|
Purchased credit-impaired |
|
|
Other consumer |
Other consumer |
|
Purchased credit-impaired |
|
|
(1) |
Not applicable. The automobile loan portfolio is not further segregated into classes. |
|
| Lease financing receivables |
Net investments in lease financing receivables by category at December 31, 2015 and 2014 were as follows:
|
|
|
|
|
|
|
|
|
|
At December 31, |
(dollar amounts in thousands) |
2015 |
|
2014 |
Commercial and industrial: |
|
|
|
Lease payments receivable |
$ |
1,551,885 |
|
|
$ |
1,051,744 |
|
Estimated residual value of leased assets |
711,181 |
|
|
483,407 |
|
Gross investment in commercial lease financing receivables |
2,263,066 |
|
|
1,535,151 |
|
Net deferred origination costs |
7,068 |
|
|
2,557 |
|
Unearned income |
(208,669 |
) |
|
(131,027 |
) |
Total net investment in commercial lease financing receivables |
$ |
2,061,465 |
|
|
$ |
1,406,681 |
|
|
| Loans acquired with deteriorated credit quality |
The following table presents a rollforward of the accretable yield by acquisition for the year ended December 31, 2015 and 2014:
|
|
|
|
|
|
|
|
|
(dollar amounts in thousands) |
2015 |
|
2014 |
Fidelity Bank |
|
|
|
Balance at January 1, |
$ |
19,388 |
|
|
$ |
27,995 |
|
Accretion |
(11,032 |
) |
|
(13,485 |
) |
Reclassification from nonaccretable difference |
7,856 |
|
|
4,878 |
|
Balance at December 31, |
$ |
16,212 |
|
|
$ |
19,388 |
|
Camco Financial |
|
|
|
Balance at January 1, |
$ |
824 |
|
|
$ |
— |
|
Impact of acquisition on March 1, 2014 |
— |
|
|
143 |
|
Accretion |
(1,380 |
) |
|
(5,597 |
) |
Reclassification from nonaccretable difference |
556 |
|
|
6,278 |
|
Balance at December 31, |
$ |
— |
|
|
$ |
824 |
|
The following table reflects the ending and unpaid balances of all contractually required payments and carrying amounts of the acquired loans by acquisition at December 31, 2015 and 2014:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2015 |
|
December 31, 2014 |
(dollar amounts in thousands) |
Ending
Balance |
|
Unpaid
Balance |
|
Ending
Balance |
|
Unpaid
Balance |
Fidelity Bank |
|
|
|
|
|
|
|
Commercial and industrial |
$ |
21,017 |
|
|
$ |
30,676 |
|
|
$ |
22,405 |
|
|
$ |
33,622 |
|
Commercial real estate |
13,758 |
|
|
55,358 |
|
|
36,663 |
|
|
87,250 |
|
Residential mortgage |
1,454 |
|
|
2,189 |
|
|
1,912 |
|
|
3,096 |
|
Other consumer |
52 |
|
|
101 |
|
|
51 |
|
|
123 |
|
Total |
$ |
36,281 |
|
|
$ |
88,324 |
|
|
$ |
61,031 |
|
|
$ |
124,091 |
|
Camco Financial |
|
|
|
|
|
|
|
Commercial and industrial |
$ |
— |
|
|
$ |
— |
|
|
$ |
823 |
|
|
$ |
1,685 |
|
Commercial real estate |
— |
|
|
— |
|
|
1,708 |
|
|
3,826 |
|
Residential mortgage |
— |
|
|
— |
|
|
— |
|
|
— |
|
Other consumer |
— |
|
|
— |
|
|
— |
|
|
— |
|
Total |
$ |
— |
|
|
$ |
— |
|
|
$ |
2,531 |
|
|
$ |
5,511 |
|
|
| Loan Purchases and Sales |
The following table summarizes significant portfolio loan purchase and sale activity for the years ended December 31, 2015 and 2014. The table below excludes mortgage loans originated for sale.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial
and Industrial
|
|
Commercial
Real Estate
|
|
Automobile |
(1) |
Home
Equity
|
|
Residential
Mortgage
|
|
Other
Consumer
|
|
Total |
(dollar amounts in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Portfolio loans purchased during the: |
Year ended December 31, 2015 |
$ |
316,252 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
20,463 |
|
|
$ |
— |
|
|
$ |
336,715 |
|
Year ended December 31, 2014 |
326,557 |
|
|
— |
|
|
— |
|
|
— |
|
|
18,482 |
|
|
— |
|
|
345,039 |
|
Portfolio loans sold or transferred to loans held for sale during the: |
Year ended December 31, 2015 |
380,713 |
|
|
— |
|
|
764,540 |
|
|
96,786 |
|
|
— |
|
|
— |
|
|
1,242,039 |
|
Year ended December 31, 2014 |
352,062 |
|
|
8,447 |
|
|
— |
|
|
— |
|
|
— |
|
|
7,592 |
|
|
368,101 |
|
(1) Reflects the transfer of approximately $1.0 billion of automobile loans to loans held-for-sale at March 31, 2015, net of approximately $262 million of automobile loans transferred to loans and leases in the 2015 second quarter.
|
| Nonaccrual loans by loan class |
The following table presents NALs by loan class for the years ended December 31, 2015 and 2014:
|
|
|
|
|
|
|
|
|
|
December 31, |
(dollar amounts in thousands) |
2015 |
|
2014 |
Commercial and industrial: |
|
|
|
Owner occupied |
$ |
35,481 |
|
|
$ |
41,285 |
|
Other commercial and industrial |
139,714 |
|
|
30,689 |
|
Total commercial and industrial |
175,195 |
|
|
71,974 |
|
Commercial real estate: |
|
|
|
Retail properties |
7,217 |
|
|
21,385 |
|
Multi family |
5,819 |
|
|
9,743 |
|
Office |
10,495 |
|
|
7,707 |
|
Industrial and warehouse |
2,202 |
|
|
3,928 |
|
Other commercial real estate |
3,251 |
|
|
5,760 |
|
Total commercial real estate |
28,984 |
|
|
48,523 |
|
Automobile |
6,564 |
|
|
4,623 |
|
Home equity: |
|
|
|
Secured by first-lien |
35,389 |
|
|
46,938 |
|
Secured by junior-lien |
30,889 |
|
|
31,622 |
|
Total home equity |
66,278 |
|
|
78,560 |
|
Residential mortgage |
94,560 |
|
|
96,564 |
|
Other consumer |
— |
|
|
— |
|
Total nonaccrual loans |
$ |
371,581 |
|
|
$ |
300,244 |
|
|
| Aging analysis of loans and leases |
The following table presents an aging analysis of loans and leases, including past due loans and leases, by loan class for the years ended December 31, 2015 and 2014 (1):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2015 |
|
Past Due |
|
|
|
Total Loans
and Leases |
|
90 or more
days past due
and accruing |
|
(dollar amounts in thousands) |
30-59 Days |
|
60-89 Days |
|
90 or more days |
Total |
|
Current |
|
|
|
Commercial and industrial: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Owner occupied |
$ |
11,947 |
|
|
$ |
3,613 |
|
|
$ |
13,793 |
|
|
$ |
29,353 |
|
|
$ |
3,983,447 |
|
|
$ |
4,012,800 |
|
|
$ |
— |
|
|
Purchased credit-impaired |
292 |
|
|
1,436 |
|
|
5,949 |
|
|
7,677 |
|
|
13,340 |
|
|
21,017 |
|
|
5,949 |
|
(3) |
Other commercial and industrial |
32,476 |
|
|
8,531 |
|
|
27,236 |
|
|
68,243 |
|
|
16,457,774 |
|
|
16,526,017 |
|
|
2,775 |
|
(2) |
Total commercial and industrial |
44,715 |
|
|
13,580 |
|
|
46,978 |
|
|
105,273 |
|
|
20,454,561 |
|
|
20,559,834 |
|
|
8,724 |
|
|
Commercial real estate: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail properties |
1,823 |
|
|
195 |
|
|
3,637 |
|
|
5,655 |
|
|
1,501,054 |
|
|
1,506,709 |
|
|
— |
|
|
Multi family |
961 |
|
|
1,137 |
|
|
2,691 |
|
|
4,789 |
|
|
1,073,429 |
|
|
1,078,218 |
|
|
— |
|
|
Office |
5,022 |
|
|
256 |
|
|
3,016 |
|
|
8,294 |
|
|
886,331 |
|
|
894,625 |
|
|
— |
|
|
Industrial and warehouse |
93 |
|
|
— |
|
|
373 |
|
|
466 |
|
|
503,701 |
|
|
504,167 |
|
|
— |
|
|
Purchased credit-impaired |
102 |
|
|
3,818 |
|
|
9,549 |
|
|
13,469 |
|
|
289 |
|
|
13,758 |
|
|
9,549 |
|
(3) |
Other commercial real estate |
1,231 |
|
|
315 |
|
|
2,400 |
|
|
3,946 |
|
|
1,267,228 |
|
|
1,271,174 |
|
|
— |
|
|
Total commercial real estate |
9,232 |
|
|
5,721 |
|
|
21,666 |
|
|
36,619 |
|
|
5,232,032 |
|
|
5,268,651 |
|
|
9,549 |
|
|
Automobile |
69,553 |
|
|
14,965 |
|
|
7,346 |
|
|
91,864 |
|
|
9,388,814 |
|
|
9,480,678 |
|
|
7,162 |
|
|
Home equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Secured by first-lien |
18,349 |
|
|
7,576 |
|
|
26,304 |
|
|
52,229 |
|
|
5,139,256 |
|
|
5,191,485 |
|
|
4,499 |
|
|
Secured by junior-lien |
18,128 |
|
|
9,329 |
|
|
29,996 |
|
|
57,453 |
|
|
3,221,544 |
|
|
3,278,997 |
|
|
4,545 |
|
|
Total home equity |
36,477 |
|
|
16,905 |
|
|
56,300 |
|
|
109,682 |
|
|
8,360,800 |
|
|
8,470,482 |
|
|
9,044 |
|
|
Residential mortgage: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage |
102,670 |
|
|
34,298 |
|
|
119,354 |
|
|
256,322 |
|
|
5,740,624 |
|
|
5,996,946 |
|
|
69,917 |
|
(4) |
Purchased credit-impaired |
103 |
|
|
— |
|
|
— |
|
|
103 |
|
|
1,351 |
|
|
1,454 |
|
|
— |
|
|
Total residential mortgage |
102,773 |
|
|
34,298 |
|
|
119,354 |
|
|
256,425 |
|
|
5,741,975 |
|
|
5,998,400 |
|
|
69,917 |
|
|
Other consumer: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other consumer |
6,469 |
|
|
1,852 |
|
|
1,395 |
|
|
9,716 |
|
|
553,286 |
|
|
563,002 |
|
|
1,394 |
|
|
Purchased credit-impaired |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
52 |
|
|
52 |
|
|
— |
|
|
Total other consumer |
6,469 |
|
|
1,852 |
|
|
1,395 |
|
|
9,716 |
|
|
553,338 |
|
|
563,054 |
|
|
1,394 |
|
|
Total loans and leases |
$ |
269,219 |
|
|
$ |
87,321 |
|
|
$ |
253,039 |
|
|
$ |
609,579 |
|
|
$ |
49,731,520 |
|
|
$ |
50,341,099 |
|
|
$ |
105,790 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2014 |
|
Past Due |
|
|
|
Total Loans
and Leases |
|
90 or more
days past due
and accruing |
|
(dollar amounts in thousands) |
30-59 Days |
|
60-89 Days |
|
90 or more days |
Total |
|
Current |
|
|
|
Commercial and industrial: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Owner occupied |
$ |
5,232 |
|
|
$ |
2,981 |
|
|
$ |
18,222 |
|
|
$ |
26,435 |
|
|
$ |
4,228,440 |
|
|
$ |
4,254,875 |
|
|
$ |
— |
|
|
Purchased credit-impaired |
846 |
|
|
— |
|
|
4,937 |
|
|
5,783 |
|
|
17,445 |
|
|
23,228 |
|
|
4,937 |
|
(3) |
Other commercial and industrial |
15,330 |
|
|
1,536 |
|
|
9,101 |
|
|
25,967 |
|
|
14,729,076 |
|
|
14,755,043 |
|
|
— |
|
|
Total commercial and industrial |
21,408 |
|
|
4,517 |
|
|
32,260 |
|
|
58,185 |
|
|
18,974,961 |
|
|
19,033,146 |
|
|
4,937 |
|
|
Commercial real estate: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail properties |
7,866 |
|
|
— |
|
|
4,021 |
|
|
11,887 |
|
|
1,345,859 |
|
|
1,357,746 |
|
|
— |
|
|
Multi family |
1,517 |
|
|
312 |
|
|
3,337 |
|
|
5,166 |
|
|
1,085,250 |
|
|
1,090,416 |
|
|
— |
|
|
Office |
464 |
|
|
1,167 |
|
|
4,415 |
|
|
6,046 |
|
|
974,257 |
|
|
980,303 |
|
|
— |
|
|
Industrial and warehouse |
688 |
|
|
— |
|
|
2,649 |
|
|
3,337 |
|
|
510,064 |
|
|
513,401 |
|
|
— |
|
|
Purchased credit-impaired |
89 |
|
|
289 |
|
|
18,793 |
|
|
19,171 |
|
|
19,200 |
|
|
38,371 |
|
|
18,793 |
|
(3) |
Other commercial real estate |
847 |
|
|
1,281 |
|
|
3,966 |
|
|
6,094 |
|
|
1,211,072 |
|
|
1,217,166 |
|
|
— |
|
|
Total commercial real estate |
11,471 |
|
|
3,049 |
|
|
37,181 |
|
|
51,701 |
|
|
5,145,702 |
|
|
5,197,403 |
|
|
18,793 |
|
|
Automobile |
56,272 |
|
|
10,427 |
|
|
5,963 |
|
|
72,662 |
|
|
8,617,240 |
|
|
8,689,902 |
|
|
5,703 |
|
|
Home equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Secured by first-lien |
15,036 |
|
|
8,085 |
|
|
33,014 |
|
|
56,135 |
|
|
5,072,669 |
|
|
5,128,804 |
|
|
4,471 |
|
|
Secured by junior-lien |
22,473 |
|
|
12,297 |
|
|
33,406 |
|
|
68,176 |
|
|
3,293,935 |
|
|
3,362,111 |
|
|
7,688 |
|
|
Total home equity |
37,509 |
|
|
20,382 |
|
|
66,420 |
|
|
124,311 |
|
|
8,366,604 |
|
|
8,490,915 |
|
|
12,159 |
|
|
Residential mortgage |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage |
102,702 |
|
|
42,009 |
|
|
139,379 |
|
|
284,090 |
|
|
5,544,607 |
|
|
5,828,697 |
|
|
88,052 |
|
(5) |
Purchased credit-impaired |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
1,912 |
|
|
1,912 |
|
|
— |
|
|
Total residential mortgage |
102,702 |
|
|
42,009 |
|
|
139,379 |
|
|
284,090 |
|
|
5,546,519 |
|
|
5,830,609 |
|
|
88,052 |
|
|
Other consumer |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other consumer |
5,491 |
|
|
1,086 |
|
|
837 |
|
|
7,414 |
|
|
406,286 |
|
|
413,700 |
|
|
837 |
|
|
Purchased credit-impaired |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
51 |
|
|
51 |
|
|
— |
|
|
Total other consumer |
5,491 |
|
|
1,086 |
|
|
837 |
|
|
7,414 |
|
|
406,337 |
|
|
413,751 |
|
|
837 |
|
|
Total loans and leases |
$ |
234,853 |
|
|
$ |
81,470 |
|
|
$ |
282,040 |
|
|
$ |
598,363 |
|
|
$ |
47,057,363 |
|
|
$ |
47,655,726 |
|
|
$ |
130,481 |
|
|
|
|
(1) |
NALs are included in this aging analysis based on the loan’s past due status. |
|
|
(2) |
Amounts include Huntington Technology Finance administrative lease delinquencies. |
|
|
(3) |
Amounts represent accruing purchased impaired loans related to acquisitions. Under the applicable accounting guidance (ASC 310-30), the loans were recorded at fair value upon acquisition and remain in accruing status. |
|
|
(4) |
Includes $56 million guaranteed by the U.S. government.
|
|
|
(5) |
Includes $55 million guaranteed by the U.S. government.
|
|
| ALLL and AULC activity by portfolio segment |
The following table presents ALLL and AULC activity by portfolio segment for the years ended December 31, 2015, 2014, and 2013:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(dollar amounts in thousands) |
Commercial
and Industrial
|
|
Commercial
Real Estate
|
|
Automobile |
|
Home
Equity
|
|
Residential
Mortgage
|
|
Other
Consumer
|
|
Total |
Year ended December 31, 2015: |
|
|
|
|
|
|
|
|
|
|
|
|
|
ALLL balance, beginning of period |
$ |
286,995 |
|
|
$ |
102,839 |
|
|
$ |
33,466 |
|
|
$ |
96,413 |
|
|
$ |
47,211 |
|
|
$ |
38,272 |
|
|
$ |
605,196 |
|
Loan charge-offs |
(79,724 |
) |
|
(18,076 |
) |
|
(36,489 |
) |
|
(36,481 |
) |
|
(15,696 |
) |
|
(31,415 |
) |
|
(217,881 |
) |
Recoveries of loans previously charged-off |
51,800 |
|
|
34,619 |
|
|
16,198 |
|
|
16,631 |
|
|
5,570 |
|
|
5,270 |
|
|
130,088 |
|
Provision (reduction in allowance) for loan and lease losses |
39,675 |
|
|
(19,375 |
) |
|
38,621 |
|
|
12,173 |
|
|
5,443 |
|
|
12,142 |
|
|
88,679 |
|
Write-downs of loans sold or transferred to loans held for sale |
— |
|
|
— |
|
|
(2,292 |
) |
|
(5,065 |
) |
|
(882 |
) |
|
— |
|
|
(8,239 |
) |
ALLL balance, end of period |
$ |
298,746 |
|
|
$ |
100,007 |
|
|
$ |
49,504 |
|
|
$ |
83,671 |
|
|
$ |
41,646 |
|
|
$ |
24,269 |
|
|
$ |
597,843 |
|
AULC balance, beginning of period |
$ |
48,988 |
|
|
$ |
6,041 |
|
|
$ |
— |
|
|
$ |
1,924 |
|
|
$ |
8 |
|
|
$ |
3,845 |
|
|
$ |
60,806 |
|
Provision (reduction in allowance) for unfunded loan commitments and letters of credit |
6,898 |
|
|
1,521 |
|
|
— |
|
|
144 |
|
|
10 |
|
|
2,702 |
|
|
11,275 |
|
AULC balance, end of period |
$ |
55,886 |
|
|
$ |
7,562 |
|
|
$ |
— |
|
|
$ |
2,068 |
|
|
$ |
18 |
|
|
$ |
6,547 |
|
|
$ |
72,081 |
|
ACL balance, end of period |
$ |
354,632 |
|
|
$ |
107,569 |
|
|
$ |
49,504 |
|
|
$ |
85,739 |
|
|
$ |
41,664 |
|
|
$ |
30,816 |
|
|
$ |
669,924 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year ended December 31, 2014: |
|
|
|
|
|
|
|
|
|
|
|
|
|
ALLL balance, beginning of period |
$ |
265,801 |
|
|
$ |
162,557 |
|
|
$ |
31,053 |
|
|
$ |
111,131 |
|
|
$ |
39,577 |
|
|
$ |
37,751 |
|
|
$ |
647,870 |
|
Loan charge-offs |
(76,654 |
) |
|
(24,704 |
) |
|
(31,330 |
) |
|
(54,473 |
) |
|
(25,946 |
) |
|
(33,494 |
) |
|
(246,601 |
) |
Recoveries of loans previously charged-off |
44,531 |
|
|
34,071 |
|
|
13,762 |
|
|
17,526 |
|
|
6,194 |
|
|
5,890 |
|
|
121,974 |
|
Provision (reduction in allowance) for loan and lease losses |
53,317 |
|
|
(69,085 |
) |
|
19,981 |
|
|
22,229 |
|
|
27,386 |
|
|
29,254 |
|
|
83,082 |
|
Write-downs of loans sold or transferred to loans held for sale
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(1,129 |
) |
|
(1,129 |
) |
ALLL balance, end of period |
$ |
286,995 |
|
|
$ |
102,839 |
|
|
$ |
33,466 |
|
|
$ |
96,413 |
|
|
$ |
47,211 |
|
|
$ |
38,272 |
|
|
$ |
605,196 |
|
AULC balance, beginning of period |
$ |
49,596 |
|
|
$ |
9,891 |
|
|
$ |
— |
|
|
$ |
1,763 |
|
|
$ |
9 |
|
|
$ |
1,640 |
|
|
$ |
62,899 |
|
Provision (reduction in allowance) for unfunded loan commitments and letters of credit |
(608 |
) |
|
(3,850 |
) |
|
— |
|
|
161 |
|
|
(1 |
) |
|
2,205 |
|
|
(2,093 |
) |
AULC balance, end of period |
$ |
48,988 |
|
|
$ |
6,041 |
|
|
$ |
— |
|
|
$ |
1,924 |
|
|
$ |
8 |
|
|
$ |
3,845 |
|
|
$ |
60,806 |
|
ACL balance, end of period |
$ |
335,983 |
|
|
$ |
108,880 |
|
|
$ |
33,466 |
|
|
$ |
98,337 |
|
|
$ |
47,219 |
|
|
$ |
42,117 |
|
|
$ |
666,002 |
|
(dollar amounts in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, 2013: |
|
|
|
|
|
|
|
|
|
|
|
|
|
ALLL balance, beginning of period |
$ |
241,051 |
|
|
$ |
285,369 |
|
|
$ |
34,979 |
|
|
$ |
118,764 |
|
|
$ |
61,658 |
|
|
$ |
27,254 |
|
|
$ |
769,075 |
|
Loan charge-offs |
(45,904 |
) |
|
(69,512 |
) |
|
(23,912 |
) |
|
(98,184 |
) |
|
(34,236 |
) |
|
(34,568 |
) |
|
(306,316 |
) |
Recoveries of loans previously charged-off |
29,514 |
|
|
44,658 |
|
|
13,375 |
|
|
15,921 |
|
|
7,074 |
|
|
7,108 |
|
|
117,650 |
|
Provision (reduction in allowance) for loan and lease losses |
41,140 |
|
|
(97,958 |
) |
|
6,611 |
|
|
74,630 |
|
|
5,417 |
|
|
37,957 |
|
|
67,797 |
|
Write-downs of loans sold or transferred to loans held for sale
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(336 |
) |
|
— |
|
|
(336 |
) |
ALLL balance, end of period |
$ |
265,801 |
|
|
$ |
162,557 |
|
|
$ |
31,053 |
|
|
$ |
111,131 |
|
|
$ |
39,577 |
|
|
$ |
37,751 |
|
|
$ |
647,870 |
|
AULC balance, beginning of period |
$ |
33,868 |
|
|
$ |
4,740 |
|
|
$ |
— |
|
|
$ |
1,356 |
|
|
$ |
3 |
|
|
$ |
684 |
|
|
$ |
40,651 |
|
Provision (reduction in allowance) for unfunded loan commitments and letters of credit |
15,728 |
|
|
5,151 |
|
|
— |
|
|
407 |
|
|
6 |
|
|
956 |
|
|
22,248 |
|
AULC balance, end of period |
$ |
49,596 |
|
|
$ |
9,891 |
|
|
$ |
— |
|
|
$ |
1,763 |
|
|
$ |
9 |
|
|
$ |
1,640 |
|
|
$ |
62,899 |
|
ACL balance, end of period |
$ |
315,397 |
|
|
$ |
172,448 |
|
|
$ |
31,053 |
|
|
$ |
112,894 |
|
|
$ |
39,586 |
|
|
$ |
39,391 |
|
|
$ |
710,769 |
|
|
| Loan and lease balances by credit quality indicator |
The following table presents each loan and lease class by credit quality indicator for the years ended December 31, 2015 and 2014:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2015 |
|
Credit Risk Profile by UCS Classification |
(dollar amounts in thousands) |
Pass |
|
OLEM |
|
Substandard |
|
Doubtful |
|
Total |
Commercial and industrial: |
|
|
|
|
|
|
|
|
|
Owner occupied |
$ |
3,731,113 |
|
|
$ |
114,490 |
|
|
$ |
165,301 |
|
|
$ |
1,896 |
|
|
$ |
4,012,800 |
|
Purchased credit-impaired |
3,051 |
|
|
674 |
|
|
15,661 |
|
|
1,631 |
|
|
21,017 |
|
Other commercial and industrial |
15,523,625 |
|
|
284,175 |
|
|
714,615 |
|
|
3,602 |
|
|
16,526,017 |
|
Total commercial and industrial |
19,257,789 |
|
|
399,339 |
|
|
895,577 |
|
|
7,129 |
|
|
20,559,834 |
|
Commercial real estate: |
|
|
|
|
|
|
|
|
|
Retail properties |
1,473,014 |
|
|
10,865 |
|
|
22,830 |
|
|
— |
|
|
1,506,709 |
|
Multi family |
1,029,138 |
|
|
28,862 |
|
|
19,898 |
|
|
320 |
|
|
1,078,218 |
|
Office |
822,824 |
|
|
35,350 |
|
|
36,011 |
|
|
440 |
|
|
894,625 |
|
Industrial and warehouse |
493,402 |
|
|
259 |
|
|
10,450 |
|
|
56 |
|
|
504,167 |
|
Purchased credit-impaired |
7,194 |
|
|
397 |
|
|
6,167 |
|
|
— |
|
|
13,758 |
|
Other commercial real estate |
1,240,482 |
|
|
4,054 |
|
|
25,811 |
|
|
827 |
|
|
1,271,174 |
|
Total commercial real estate |
$ |
5,066,054 |
|
|
$ |
79,787 |
|
|
$ |
121,167 |
|
|
$ |
1,643 |
|
|
$ |
5,268,651 |
|
|
|
|
|
|
|
|
|
|
|
|
Credit Risk Profile by FICO Score (1) |
|
750+ |
|
650-749 |
|
<650 |
|
Other (2) |
|
Total |
Automobile |
$ |
4,680,684 |
|
|
$ |
3,454,585 |
|
|
$ |
1,086,914 |
|
|
$ |
258,495 |
|
|
$ |
9,480,678 |
|
Home equity: |
|
|
|
|
|
|
|
|
|
Secured by first-lien |
3,369,657 |
|
|
1,441,574 |
|
|
258,328 |
|
|
121,926 |
|
|
5,191,485 |
|
Secured by junior-lien |
1,841,084 |
|
|
1,024,851 |
|
|
323,998 |
|
|
89,064 |
|
|
3,278,997 |
|
Total home equity |
5,210,741 |
|
|
2,466,425 |
|
|
582,326 |
|
|
210,990 |
|
|
8,470,482 |
|
Residential mortgage: |
|
|
|
|
|
|
|
|
|
Residential mortgage |
3,563,683 |
|
|
1,813,002 |
|
|
567,688 |
|
|
52,573 |
|
|
5,996,946 |
|
Purchased credit-impaired |
381 |
|
|
777 |
|
|
296 |
|
|
— |
|
|
1,454 |
|
Total residential mortgage |
3,564,064 |
|
|
1,813,779 |
|
|
567,984 |
|
|
52,573 |
|
|
5,998,400 |
|
Other consumer: |
|
|
|
|
|
|
|
|
|
Other consumer |
233,969 |
|
|
269,694 |
|
|
49,650 |
|
|
9,689 |
|
|
563,002 |
|
Purchased credit-impaired |
— |
|
|
52 |
|
|
— |
|
|
— |
|
|
52 |
|
Total other consumer |
$ |
233,969 |
|
|
$ |
269,746 |
|
|
$ |
49,650 |
|
|
$ |
9,689 |
|
|
$ |
563,054 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2014 |
|
Credit Risk Profile by UCS Classification |
(dollar amounts in thousands) |
Pass |
|
OLEM |
|
Substandard |
|
Doubtful |
|
Total |
Commercial and industrial: |
|
|
|
|
|
|
|
|
|
Owner occupied |
$ |
3,959,046 |
|
|
$ |
117,637 |
|
|
$ |
175,767 |
|
|
$ |
2,425 |
|
|
$ |
4,254,875 |
|
Purchased credit-impaired |
3,915 |
|
|
741 |
|
|
14,901 |
|
|
3,671 |
|
|
23,228 |
|
Other commercial and industrial |
13,925,334 |
|
|
386,666 |
|
|
440,036 |
|
|
3,007 |
|
|
14,755,043 |
|
Total commercial and industrial |
17,888,295 |
|
|
505,044 |
|
|
630,704 |
|
|
9,103 |
|
|
19,033,146 |
|
Commercial real estate: |
|
|
|
|
|
|
|
|
|
Retail properties |
1,279,064 |
|
|
10,204 |
|
|
67,911 |
|
|
567 |
|
|
1,357,746 |
|
Multi family |
1,044,521 |
|
|
12,608 |
|
|
32,322 |
|
|
965 |
|
|
1,090,416 |
|
Office |
902,474 |
|
|
33,107 |
|
|
42,578 |
|
|
2,144 |
|
|
980,303 |
|
Industrial and warehouse |
487,454 |
|
|
7,877 |
|
|
17,781 |
|
|
289 |
|
|
513,401 |
|
Purchased credit-impaired |
6,914 |
|
|
803 |
|
|
25,460 |
|
|
5,194 |
|
|
38,371 |
|
Other commercial real estate |
1,166,293 |
|
|
9,635 |
|
|
40,019 |
|
|
1,219 |
|
|
1,217,166 |
|
Total commercial real estate |
$ |
4,886,720 |
|
|
$ |
74,234 |
|
|
$ |
226,071 |
|
|
$ |
10,378 |
|
|
$ |
5,197,403 |
|
|
|
|
|
|
|
|
|
|
|
|
Credit Risk Profile by FICO Score (1) |
|
750+ |
|
650-749 |
|
<650 |
|
Other (2) |
|
Total |
Automobile |
$ |
4,165,811 |
|
|
$ |
3,249,141 |
|
|
$ |
1,028,381 |
|
|
$ |
246,569 |
|
|
$ |
8,689,902 |
|
Home equity: |
|
|
|
|
|
|
|
|
|
Secured by first-lien |
3,255,088 |
|
|
1,426,191 |
|
|
283,152 |
|
|
164,373 |
|
|
5,128,804 |
|
Secured by junior-lien |
1,832,663 |
|
|
1,095,332 |
|
|
348,825 |
|
|
85,291 |
|
|
3,362,111 |
|
Total home equity |
5,087,751 |
|
|
2,521,523 |
|
|
631,977 |
|
|
249,664 |
|
|
8,490,915 |
|
Residential mortgage |
|
|
|
|
|
|
|
|
|
Residential mortgage |
3,285,310 |
|
|
1,785,137 |
|
|
666,562 |
|
|
91,688 |
|
|
5,828,697 |
|
Purchased credit-impaired |
594 |
|
|
1,135 |
|
|
183 |
|
|
— |
|
|
1,912 |
|
Total residential mortgage |
3,285,904 |
|
|
1,786,272 |
|
|
666,745 |
|
|
91,688 |
|
|
5,830,609 |
|
Other consumer |
|
|
|
|
|
|
|
|
|
Other consumer |
195,128 |
|
|
187,781 |
|
|
30,582 |
|
|
209 |
|
|
413,700 |
|
Purchased credit-impaired |
— |
|
|
51 |
|
|
— |
|
|
— |
|
|
51 |
|
Total other consumer |
$ |
195,128 |
|
|
$ |
187,832 |
|
|
$ |
30,582 |
|
|
$ |
209 |
|
|
$ |
413,751 |
|
|
|
(1) |
Reflects most recent customer credit scores. |
|
|
(2) |
Reflects deferred fees and costs, loans in process, loans to legal entities, etc. |
|
| Summarized data for impaired loans and the related ALLL by portfolio segment |
The following tables present the balance of the ALLL attributable to loans by portfolio segment individually and collectively evaluated for impairment and the related loan and lease balance for the years ended December 31, 2015 and 2014 (1):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(dollar amounts in thousands) |
Commercial
and
Industrial
|
|
Commercial
Real Estate
|
|
Automobile |
|
Home
Equity
|
|
Residential
Mortgage
|
|
Other
Consumer
|
|
Total |
ALL at December 31, 2015: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Portion of ALLL balance: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Attributable to purchased credit-impaired loans |
$ |
2,602 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
127 |
|
|
$ |
— |
|
|
$ |
2,729 |
|
Attributable to loans individually evaluated for impairment |
19,314 |
|
|
8,114 |
|
|
1,779 |
|
|
16,242 |
|
|
16,811 |
|
|
176 |
|
|
62,436 |
|
Attributable to loans collectively evaluated for impairment |
276,830 |
|
|
91,893 |
|
|
47,725 |
|
|
67,429 |
|
|
24,708 |
|
|
24,093 |
|
|
532,678 |
|
Total ALLL balance |
$ |
298,746 |
|
|
$ |
100,007 |
|
|
$ |
49,504 |
|
|
$ |
83,671 |
|
|
$ |
41,646 |
|
|
$ |
24,269 |
|
|
$ |
597,843 |
|
Loan and Lease Ending Balances at December 31, 2015: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Portion of loan and lease ending balance: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Attributable to purchased credit-impaired loans |
$ |
21,017 |
|
|
$ |
13,758 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
1,454 |
|
|
$ |
52 |
|
|
$ |
36,281 |
|
Individually evaluated for impairment |
481,033 |
|
|
144,977 |
|
|
31,304 |
|
|
248,839 |
|
|
366,995 |
|
|
4,640 |
|
|
1,277,788 |
|
Collectively evaluated for impairment |
20,057,784 |
|
|
5,109,916 |
|
|
9,449,374 |
|
|
8,221,643 |
|
|
5,629,951 |
|
|
558,362 |
|
|
49,027,030 |
|
Total loans and leases evaluated for impairment |
$ |
20,559,834 |
|
|
$ |
5,268,651 |
|
|
$ |
9,480,678 |
|
|
$ |
8,470,482 |
|
|
$ |
5,998,400 |
|
|
$ |
563,054 |
|
|
$ |
50,341,099 |
|
Portion of ending balance of impaired loans: |
|
|
|
|
|
|
|
|
|
|
|
|
|
With allowance assigned to the loan and lease balances |
$ |
246,249 |
|
|
$ |
90,475 |
|
|
$ |
31,304 |
|
|
$ |
248,839 |
|
|
$ |
368,449 |
|
|
$ |
4,640 |
|
|
$ |
989,956 |
|
With no allowance assigned to the loan and lease balances |
255,801 |
|
|
68,260 |
|
|
— |
|
|
— |
|
|
— |
|
|
52 |
|
|
324,113 |
|
Total |
$ |
502,050 |
|
|
$ |
158,735 |
|
|
$ |
31,304 |
|
|
$ |
248,839 |
|
|
$ |
368,449 |
|
|
$ |
4,692 |
|
|
$ |
1,314,069 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average balance of impaired loans |
$ |
382,051 |
|
|
$ |
202,192 |
|
|
$ |
30,163 |
|
|
$ |
292,014 |
|
|
$ |
373,573 |
|
|
$ |
4,726 |
|
|
$ |
1,284,719 |
|
ALLL on impaired loans |
21,916 |
|
|
8,114 |
|
|
1,779 |
|
|
16,242 |
|
|
16,938 |
|
|
176 |
|
|
65,165 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(dollar amounts in thousands) |
Commercial
and
Industrial
|
|
Commercial
Real Estate
|
|
Automobile |
|
Home
Equity
|
|
Residential
Mortgage
|
|
Other
Consumer
|
|
Total |
ALLL at December 31, 2014 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Portion of ALLL balance: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Attributable to purchased credit-impaired loans |
$ |
3,846 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
8 |
|
|
$ |
245 |
|
|
$ |
4,099 |
|
Attributable to loans individually evaluated for impairment |
11,049 |
|
|
18,887 |
|
|
1,531 |
|
|
26,027 |
|
|
16,535 |
|
|
214 |
|
|
74,243 |
|
Attributable to loans collectively evaluated for impairment |
272,100 |
|
|
83,952 |
|
|
31,935 |
|
|
70,386 |
|
|
30,668 |
|
|
37,813 |
|
|
526,854 |
|
Total ALLL balance: |
$ |
286,995 |
|
|
$ |
102,839 |
|
|
$ |
33,466 |
|
|
$ |
96,413 |
|
|
$ |
47,211 |
|
|
$ |
38,272 |
|
|
$ |
605,196 |
|
Loan and Lease Ending Balances at December 31, 2014 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Portion of loan and lease ending balances: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Attributable to purchased credit-impaired loans |
$ |
23,228 |
|
|
$ |
38,371 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
1,912 |
|
|
$ |
51 |
|
|
$ |
63,562 |
|
Individually evaluated for impairment |
216,993 |
|
|
217,262 |
|
|
30,612 |
|
|
310,446 |
|
|
369,577 |
|
|
4,088 |
|
|
1,148,978 |
|
Collectively evaluated for impairment |
18,792,925 |
|
|
4,941,770 |
|
|
8,659,290 |
|
|
8,180,469 |
|
|
5,459,120 |
|
|
409,612 |
|
|
46,443,186 |
|
Total loans and leases evaluated for impairment |
$ |
19,033,146 |
|
|
$ |
5,197,403 |
|
|
$ |
8,689,902 |
|
|
$ |
8,490,915 |
|
|
$ |
5,830,609 |
|
|
$ |
413,751 |
|
|
$ |
47,655,726 |
|
Portion of ending balance: |
|
|
|
|
|
|
|
|
|
|
|
|
|
With allowance assigned to the loan and lease balances |
$ |
202,376 |
|
|
$ |
144,162 |
|
|
$ |
30,612 |
|
|
$ |
310,446 |
|
|
$ |
371,489 |
|
|
$ |
4,139 |
|
|
$ |
1,063,224 |
|
With no allowance assigned to the loan and lease balances |
37,845 |
|
|
111,471 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
149,316 |
|
Total |
$ |
240,221 |
|
|
$ |
255,633 |
|
|
$ |
30,612 |
|
|
$ |
310,446 |
|
|
$ |
371,489 |
|
|
$ |
4,139 |
|
|
$ |
1,212,540 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average balance of impaired loans |
$ |
174,316 |
|
|
$ |
511,590 |
|
|
$ |
34,637 |
|
|
$ |
258,881 |
|
|
$ |
384,026 |
|
|
$ |
2,879 |
|
|
$ |
1,366,329 |
|
ALLL on impaired loans |
14,895 |
|
|
18,887 |
|
|
1,531 |
|
|
26,027 |
|
|
16,543 |
|
|
459 |
|
|
78,342 |
|
|
| Detailed impaired loan information by class |
The following tables present by class the ending, unpaid principal balance, and the related ALLL, along with the average balance and interest income recognized only for loans and leases individually evaluated for impairment and purchased credit-impaired loans for the years ended December 31, 2015 and 2014 (1), (2):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended |
|
December 31, 2015 |
|
December 31, 2015 |
(dollar amounts in thousands) |
Ending
Balance
|
|
Unpaid
Principal
Balance (5)
|
|
Related
Allowance
|
|
Average
Balance
|
|
Interest
Income
Recognized
|
With no related allowance recorded: |
|
|
|
|
|
|
|
|
|
Commercial and industrial: |
|
|
|
|
|
|
|
|
|
Owner occupied |
$ |
57,832 |
|
|
$ |
65,812 |
|
|
$ |
— |
|
|
$ |
30,672 |
|
|
$ |
520 |
|
Purchased credit-impaired |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Other commercial and industrial |
197,969 |
|
|
213,739 |
|
|
— |
|
|
83,717 |
|
|
2,064 |
|
Total commercial and industrial |
255,801 |
|
|
279,551 |
|
|
$ |
— |
|
|
114,389 |
|
|
2,584 |
|
Commercial real estate: |
|
|
|
|
|
|
|
|
|
Retail properties |
42,009 |
|
|
54,021 |
|
|
— |
|
|
48,903 |
|
|
2,031 |
|
Multi family |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Office |
9,030 |
|
|
12,919 |
|
|
— |
|
|
7,767 |
|
|
309 |
|
Industrial and warehouse |
1,720 |
|
|
1,741 |
|
|
— |
|
|
777 |
|
|
47 |
|
Purchased credit-impaired |
13,758 |
|
|
55,358 |
|
|
— |
|
|
28,168 |
|
|
4,707 |
|
Other commercial real estate |
1,743 |
|
|
1,775 |
|
|
— |
|
|
2,558 |
|
|
105 |
|
Total commercial real estate |
68,260 |
|
|
125,814 |
|
|
— |
|
|
88,173 |
|
|
7,199 |
|
Other consumer |
|
|
|
|
|
|
|
|
|
Other consumer |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Purchased credit-impaired |
52 |
|
|
101 |
|
|
— |
|
|
51 |
|
|
17 |
|
Total other consumer |
$ |
52 |
|
|
$ |
101 |
|
|
$ |
— |
|
|
$ |
51 |
|
|
$ |
17 |
|
|
|
|
|
|
|
|
|
|
|
With an allowance recorded: |
|
|
|
|
|
|
|
|
|
Commercial and industrial: (3) |
|
|
|
|
|
|
|
|
|
Owner occupied |
$ |
54,092 |
|
|
$ |
62,527 |
|
|
$ |
4,171 |
|
|
$ |
54,785 |
|
|
$ |
1,985 |
|
Purchased credit-impaired |
21,017 |
|
|
30,676 |
|
|
2,602 |
|
|
21,046 |
|
|
7,190 |
|
Other commercial and industrial |
171,140 |
|
|
181,000 |
|
|
15,143 |
|
|
191,831 |
|
|
5,935 |
|
Total commercial and industrial |
246,249 |
|
|
274,203 |
|
|
21,916 |
|
|
267,662 |
|
|
15,110 |
|
Commercial real estate: (4) |
|
|
|
|
|
|
|
|
|
Retail properties |
9,096 |
|
|
11,121 |
|
|
1,190 |
|
|
31,636 |
|
|
1,204 |
|
Multi family |
34,349 |
|
|
37,208 |
|
|
1,593 |
|
|
17,043 |
|
|
740 |
|
Office |
14,365 |
|
|
17,350 |
|
|
1,177 |
|
|
31,148 |
|
|
1,301 |
|
Industrial and warehouse |
9,721 |
|
|
10,550 |
|
|
1,540 |
|
|
7,311 |
|
|
301 |
|
Purchased credit-impaired |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Other commercial real estate |
22,944 |
|
|
28,701 |
|
|
2,614 |
|
|
26,881 |
|
|
1,287 |
|
Total commercial real estate |
90,475 |
|
|
104,930 |
|
|
8,114 |
|
|
114,019 |
|
|
4,833 |
|
Automobile |
31,304 |
|
|
31,878 |
|
|
1,779 |
|
|
30,163 |
|
|
2,224 |
|
Home equity: |
|
|
|
|
|
|
|
|
|
Secured by first-lien |
52,672 |
|
|
57,224 |
|
|
4,359 |
|
|
108,942 |
|
|
4,186 |
|
Secured by junior-lien |
196,167 |
|
|
227,733 |
|
|
11,883 |
|
|
183,072 |
|
|
8,906 |
|
Total home equity |
248,839 |
|
|
284,957 |
|
|
16,242 |
|
|
292,014 |
|
|
13,092 |
|
Residential mortgage (6): |
|
|
|
|
|
|
|
|
|
Residential mortgage |
366,995 |
|
|
408,925 |
|
|
16,811 |
|
|
371,756 |
|
|
12,391 |
|
Purchased credit-impaired |
1,454 |
|
|
2,189 |
|
|
127 |
|
|
1,817 |
|
|
498 |
|
Total residential mortgage |
368,449 |
|
|
411,114 |
|
|
16,938 |
|
|
373,573 |
|
|
12,889 |
|
Other consumer: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other consumer |
4,640 |
|
|
4,649 |
|
|
176 |
|
|
4,675 |
|
|
254 |
|
Purchased credit-impaired |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Total other consumer |
$ |
4,640 |
|
|
$ |
4,649 |
|
|
$ |
176 |
|
|
$ |
4,675 |
|
|
$ |
254 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended |
|
December 31, 2014 |
|
December 31, 2014 |
(dollar amounts in thousands) |
Ending
Balance
|
|
Unpaid
Principal
Balance (5)
|
|
Related
Allowance
|
|
Average
Balance
|
|
Interest
Income
Recognized
|
With no related allowance recorded: |
|
|
|
|
|
|
|
|
|
Commercial and industrial: |
|
|
|
|
|
|
|
|
|
Owner occupied |
$ |
13,536 |
|
|
$ |
13,536 |
|
|
$ |
— |
|
|
$ |
5,740 |
|
|
$ |
205 |
|
Purchased credit-impaired |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Other commercial and industrial |
24,309 |
|
|
26,858 |
|
|
— |
|
|
7,536 |
|
|
375 |
|
Total commercial and industrial |
37,845 |
|
|
40,394 |
|
|
— |
|
|
13,276 |
|
|
580 |
|
Commercial real estate: |
|
|
|
|
|
|
|
|
|
Retail properties |
61,915 |
|
|
91,627 |
|
|
— |
|
|
53,121 |
|
|
2,454 |
|
Multi family |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Office |
1,130 |
|
|
3,574 |
|
|
— |
|
|
3,709 |
|
|
311 |
|
Industrial and warehouse |
3,447 |
|
|
3,506 |
|
|
— |
|
|
5,012 |
|
|
248 |
|
Purchased credit-impaired |
38,371 |
|
|
91,075 |
|
|
— |
|
|
59,424 |
|
|
11,519 |
|
Other commercial real estate |
6,608 |
|
|
6,815 |
|
|
— |
|
|
6,598 |
|
|
286 |
|
Total commercial real estate |
111,471 |
|
|
196,597 |
|
|
— |
|
|
127,864 |
|
|
14,818 |
|
Automobile |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Home equity: |
|
|
|
|
|
|
|
|
|
Secured by first-lien |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Secured by junior-lien |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Total home equity |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Residential mortgage: |
|
|
|
|
|
|
|
|
|
Residential mortgage |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Purchased credit-impaired |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Total residential mortgage |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Other consumer: |
|
|
|
|
|
|
|
|
|
Other consumer |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Purchased credit-impaired |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Total other consumer |
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
With an allowance recorded: |
|
|
|
|
|
|
|
|
|
Commercial and industrial: (3) |
|
|
|
|
|
|
|
|
|
Owner occupied |
$ |
44,869 |
|
|
$ |
53,639 |
|
|
$ |
4,220 |
|
|
$ |
40,192 |
|
|
$ |
1,557 |
|
Purchased credit-impaired |
23,228 |
|
|
35,307 |
|
|
3,846 |
|
|
32,253 |
|
|
6,973 |
|
Other commercial and industrial |
134,279 |
|
|
162,908 |
|
|
6,829 |
|
|
88,595 |
|
|
2,686 |
|
Total commercial and industrial |
202,376 |
|
|
251,854 |
|
|
14,895 |
|
|
161,040 |
|
|
11,216 |
|
Commercial real estate: (4) |
|
|
|
|
|
|
|
|
|
Retail properties |
37,081 |
|
|
38,397 |
|
|
3,536 |
|
|
63,393 |
|
|
1,983 |
|
Multi family |
17,277 |
|
|
23,725 |
|
|
2,339 |
|
|
16,897 |
|
|
659 |
|
Office |
52,953 |
|
|
56,268 |
|
|
8,399 |
|
|
52,831 |
|
|
2,381 |
|
Industrial and warehouse |
8,888 |
|
|
10,396 |
|
|
720 |
|
|
9,092 |
|
|
274 |
|
Purchased credit-impaired |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other commercial real estate |
27,963 |
|
|
33,472 |
|
|
3,893 |
|
|
241,513 |
|
|
1,831 |
|
Total commercial real estate |
144,162 |
|
|
162,258 |
|
|
18,887 |
|
|
383,726 |
|
|
7,128 |
|
Automobile |
30,612 |
|
|
32,483 |
|
|
1,531 |
|
|
34,637 |
|
|
2,637 |
|
Home equity: |
|
|
|
|
|
|
|
|
|
Secured by first-lien |
145,566 |
|
|
157,978 |
|
|
8,296 |
|
|
126,602 |
|
|
5,496 |
|
Secured by junior-lien |
164,880 |
|
|
208,118 |
|
|
17,731 |
|
|
132,279 |
|
|
6,379 |
|
Total home equity |
310,446 |
|
|
366,096 |
|
|
26,027 |
|
|
258,881 |
|
|
11,875 |
|
Residential mortgage: (6) |
|
|
|
|
|
|
|
|
|
Residential mortgage |
369,577 |
|
|
415,280 |
|
|
16,535 |
|
|
381,745 |
|
|
11,594 |
|
Purchased credit-impaired |
1,912 |
|
|
3,096 |
|
|
8 |
|
|
2,281 |
|
|
574 |
|
Total residential mortgage |
371,489 |
|
|
418,376 |
|
|
16,543 |
|
|
384,026 |
|
|
12,168 |
|
Other consumer: |
|
|
|
|
|
|
|
|
|
Other consumer |
4,088 |
|
|
4,209 |
|
|
214 |
|
|
2,796 |
|
|
202 |
|
Purchased credit-impaired |
51 |
|
|
123 |
|
|
245 |
|
|
83 |
|
|
15 |
|
Total other consumer |
$ |
4,139 |
|
|
$ |
4,332 |
|
|
$ |
459 |
|
|
$ |
2,879 |
|
|
$ |
217 |
|
|
|
(1) |
These tables do not include loans fully charged-off. |
|
|
(2) |
All automobile, home equity, residential mortgage, and other consumer impaired loans included in these tables are considered impaired due to their status as a TDR. |
|
|
(3) |
At December 31, 2015, $91 million of the $246 million C&I loans with an allowance recorded were considered impaired due to their status as a TDR. At December 31, 2014, $63 million of the $202 million C&I loans with an allowance recorded were considered impaired due to their status as a TDR.
|
|
|
(4) |
At December 31, 2015, $35 million of the $90 million CRE loans with an allowance recorded were considered impaired due to their status as a TDR. At December 31, 2014, $27 million of the $144 million CRE loans with an allowance recorded were considered impaired due to their status as a TDR.
|
|
|
(5) |
The differences between the ending balance and unpaid principal balance amounts represent partial charge-offs. |
|
|
(6) |
At December 31, 2015, $29 million of the $368 million residential mortgage loans with an allowance recorded were guaranteed by the U.S. government. At December 31, 2014, $24 million of the $371 million residential mortgage loans with an allowance recorded were guaranteed by the U.S. government.
|
|
| Detailed troubled debt restructuring information by class |
The following table presents by class and by the reason for the modification the number of contracts, post-modification outstanding balance, and the financial effects of the modification for the years ended December 31, 2015 and 2014:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New Troubled Debt Restructurings During The Year Ended (1) |
|
December 31, 2015 |
|
December 31, 2014 |
(dollar amounts in thousands) |
Number of
Contracts
|
|
Post-modification
Outstanding
Ending
Balance
|
|
Financial effects
of modification(2)
|
|
Number of
Contracts
|
|
Post-modification
Outstanding
Balance
|
|
Financial effects
of modification(2)
|
C&I—Owner occupied: (3) |
|
|
|
|
|
|
|
|
|
|
|
Interest rate reduction |
4 |
|
|
$ |
372 |
|
|
$ |
(3 |
) |
|
19 |
|
|
$ |
2,484 |
|
|
$ |
20 |
|
Amortization or maturity date change |
222 |
|
|
103,686 |
|
|
(2,089 |
) |
|
97 |
|
|
32,145 |
|
|
336 |
|
Other |
4 |
|
|
661 |
|
|
(22 |
) |
|
7 |
|
|
2,051 |
|
|
(36 |
) |
Total C&I—Owner occupied |
230 |
|
|
104,719 |
|
|
(2,114 |
) |
|
123 |
|
|
36,680 |
|
|
320 |
|
C&I—Other commercial and industrial: (3) |
|
|
|
|
|
|
|
|
|
|
|
Interest rate reduction |
9 |
|
|
7,871 |
|
|
(1,039 |
) |
|
25 |
|
|
50,534 |
|
|
(1,982 |
) |
Amortization or maturity date change |
543 |
|
|
420,670 |
|
|
(3,764 |
) |
|
285 |
|
|
149,339 |
|
|
(2,407 |
) |
Other |
12 |
|
|
29,181 |
|
|
(427 |
) |
|
21 |
|
|
7,613 |
|
|
(7 |
) |
Total C&I—Other commercial and industrial |
564 |
|
|
457,722 |
|
|
(5,230 |
) |
|
331 |
|
|
207,486 |
|
|
(4,396 |
) |
CRE—Retail properties: (3) |
|
|
|
|
|
|
|
|
|
|
|
Interest rate reduction |
2 |
|
|
1,803 |
|
|
(11 |
) |
|
5 |
|
|
11,381 |
|
|
420 |
|
Amortization or maturity date change |
23 |
|
|
16,377 |
|
|
(1,658 |
) |
|
24 |
|
|
27,415 |
|
|
(267 |
) |
Other |
— |
|
|
— |
|
|
— |
|
|
9 |
|
|
13,765 |
|
|
(35 |
) |
Total CRE—Retail properties |
25 |
|
|
18,180 |
|
|
(1,669 |
) |
|
38 |
|
|
52,561 |
|
|
118 |
|
CRE—Multi family: (3) |
|
|
|
|
|
|
|
|
|
|
|
Interest rate reduction |
1 |
|
|
90 |
|
|
— |
|
|
20 |
|
|
3,484 |
|
|
(75 |
) |
Amortization or maturity date change |
50 |
|
|
35,369 |
|
|
(1,843 |
) |
|
40 |
|
|
9,791 |
|
|
197 |
|
Other |
8 |
|
|
216 |
|
|
(6 |
) |
|
8 |
|
|
5,016 |
|
|
57 |
|
Total CRE—Multi family |
59 |
|
|
35,675 |
|
|
(1,849 |
) |
|
68 |
|
|
18,291 |
|
|
179 |
|
CRE—Office: (3) |
|
|
|
|
|
|
|
|
|
|
|
Interest rate reduction |
1 |
|
|
356 |
|
|
7 |
|
|
2 |
|
|
120 |
|
|
(1 |
) |
Amortization or maturity date change |
30 |
|
|
73,148 |
|
|
902 |
|
|
22 |
|
|
18,157 |
|
|
(424 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other |
1 |
|
|
30 |
|
|
(2 |
) |
|
5 |
|
|
35,476 |
|
|
(3,153 |
) |
Total CRE—Office |
32 |
|
|
73,534 |
|
|
907 |
|
|
29 |
|
|
53,753 |
|
|
(3,578 |
) |
CRE—Industrial and warehouse: (3) |
|
|
|
|
|
|
|
|
|
|
|
Interest rate reduction |
— |
|
|
— |
|
|
— |
|
|
2 |
|
|
4,046 |
|
|
— |
|
Amortization or maturity date change |
13 |
|
|
6,383 |
|
|
1,279 |
|
|
17 |
|
|
9,187 |
|
|
164 |
|
Other |
— |
|
|
— |
|
|
— |
|
|
1 |
|
|
977 |
|
|
— |
|
Total CRE—Industrial and Warehouse |
13 |
|
|
6,383 |
|
|
1,279 |
|
|
20 |
|
|
14,210 |
|
|
164 |
|
CRE—Other commercial real estate: (3) |
|
|
|
|
|
|
|
|
|
|
|
Interest rate reduction |
— |
|
|
— |
|
|
— |
|
|
8 |
|
|
5,224 |
|
|
146 |
|
Amortization or maturity date change |
27 |
|
|
9,961 |
|
|
71 |
|
|
55 |
|
|
76,353 |
|
|
(2,789 |
) |
Other |
2 |
|
|
234 |
|
|
(22 |
) |
|
4 |
|
|
1,809 |
|
|
(127 |
) |
Total CRE—Other commercial real estate |
29 |
|
|
10,195 |
|
|
49 |
|
|
67 |
|
|
83,386 |
|
|
(2,770 |
) |
Automobile: (3) |
|
|
|
|
|
|
|
|
|
|
|
Interest rate reduction |
41 |
|
|
121 |
|
|
5 |
|
|
92 |
|
|
758 |
|
|
15 |
|
Amortization or maturity date change |
1,591 |
|
|
12,268 |
|
|
533 |
|
|
1,880 |
|
|
12,120 |
|
|
151 |
|
Chapter 7 bankruptcy |
926 |
|
|
7,390 |
|
|
423 |
|
|
625 |
|
|
4,938 |
|
|
66 |
|
Other |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Total Automobile |
2,558 |
|
|
19,779 |
|
|
961 |
|
|
2,597 |
|
|
17,816 |
|
|
232 |
|
Residential mortgage: (3) |
|
|
|
|
|
|
|
|
|
|
|
Interest rate reduction |
15 |
|
|
1,565 |
|
|
(61 |
) |
|
27 |
|
|
3,692 |
|
|
19 |
|
Amortization or maturity date change |
518 |
|
|
57,859 |
|
|
(455 |
) |
|
333 |
|
|
44,027 |
|
|
552 |
|
Chapter 7 bankruptcy |
139 |
|
|
14,183 |
|
|
(164 |
) |
|
182 |
|
|
18,635 |
|
|
715 |
|
Other |
11 |
|
|
1,266 |
|
|
— |
|
|
5 |
|
|
526 |
|
|
5 |
|
Total Residential mortgage |
683 |
|
|
74,873 |
|
|
(680 |
) |
|
547 |
|
|
66,880 |
|
|
1,291 |
|
First-lien home equity: (3) |
|
|
|
|
|
|
|
|
|
|
|
Interest rate reduction |
37 |
|
|
3,665 |
|
|
112 |
|
|
193 |
|
|
15,172 |
|
|
764 |
|
Amortization or maturity date change |
204 |
|
|
19,005 |
|
|
(953 |
) |
|
289 |
|
|
23,272 |
|
|
(1,051 |
) |
Chapter 7 bankruptcy |
117 |
|
|
7,350 |
|
|
428 |
|
|
105 |
|
|
7,296 |
|
|
727 |
|
Other |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Total First-lien home equity |
358 |
|
|
30,020 |
|
|
(413 |
) |
|
587 |
|
|
45,740 |
|
|
440 |
|
Junior-lien home equity: (3) |
|
|
|
|
|
|
|
|
|
|
|
Interest rate reduction |
18 |
|
|
734 |
|
|
49 |
|
|
187 |
|
|
6,960 |
|
|
296 |
|
Amortization or maturity date change |
1,387 |
|
|
60,018 |
|
|
(9,686 |
) |
|
1,467 |
|
|
58,129 |
|
|
(6,955 |
) |
Chapter 7 bankruptcy |
213 |
|
|
2,505 |
|
|
3,843 |
|
|
201 |
|
|
3,014 |
|
|
3,141 |
|
Other |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Total Junior-lien home equity |
1,618 |
|
|
63,257 |
|
|
(5,794 |
) |
|
1,855 |
|
|
68,103 |
|
|
(3,518 |
) |
Other consumer: (3) |
|
|
|
|
|
|
|
|
|
|
|
Interest rate reduction |
1 |
|
|
96 |
|
|
3 |
|
|
7 |
|
|
123 |
|
|
3 |
|
Amortization or maturity date change |
10 |
|
|
198 |
|
|
8 |
|
|
48 |
|
|
1,803 |
|
|
12 |
|
Chapter 7 bankruptcy |
11 |
|
|
69 |
|
|
9 |
|
|
25 |
|
|
483 |
|
|
(50 |
) |
Other |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Total Other consumer |
22 |
|
|
363 |
|
|
20 |
|
|
80 |
|
|
2,409 |
|
|
(35 |
) |
Total new troubled debt restructurings |
6,191 |
|
|
$ |
894,700 |
|
|
$ |
(14,533 |
) |
|
6,342 |
|
|
$ |
667,315 |
|
|
$ |
(11,553 |
) |
|
|
(1) |
TDRs may include multiple concessions and the disclosure classifications are based on the primary concession provided to the borrower. |
|
|
(2) |
Amounts represent the financial impact via provision (recovery) for loan and lease losses as a result of the modification. |
|
|
(3) |
Post-modification balances approximate pre-modification balances. The aggregate amount of charge-offs as a result of a restructuring are not significant. |
Any loan within any portfolio or class is considered as payment redefaulted at 90-days past due.
The following table presents TDRs that have redefaulted within one year of modification during the years ended December 31, 2015 and 2014:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Troubled Debt Restructurings That Have Redefaulted
Within One Year of Modification During The Year Ended
|
|
December 31, 2015 (1) |
|
December 31, 2014 (1) |
(dollar amounts in thousands) |
Number of
Contracts
|
|
Ending
Balance
|
|
Number of
Contracts
|
|
Ending
Balance
|
C&I—Owner occupied: |
|
|
|
|
|
|
|
Interest rate reduction |
1 |
|
|
$ |
110 |
|
|
— |
|
|
$ |
— |
|
Amortization or maturity date change |
7 |
|
|
1,440 |
|
|
6 |
|
|
946 |
|
Other |
— |
|
|
— |
|
|
1 |
|
|
230 |
|
Total C&I—Owner occupied |
8 |
|
|
1,550 |
|
|
7 |
|
|
1,176 |
|
C&I—Other commercial and industrial: |
|
|
|
|
|
|
|
Interest rate reduction |
1 |
|
|
27 |
|
|
1 |
|
|
30 |
|
Amortization or maturity date change |
29 |
|
|
3,566 |
|
|
14 |
|
|
1,555 |
|
Other |
— |
|
|
— |
|
|
3 |
|
|
37 |
|
Total C&I—Other commercial and industrial |
30 |
|
|
3,593 |
|
|
18 |
|
|
1,622 |
|
CRE—Retail Properties: |
|
|
|
|
|
|
|
Interest rate reduction |
1 |
|
|
47 |
|
|
— |
|
|
— |
|
Amortization or maturity date change |
3 |
|
|
8,020 |
|
|
1 |
|
|
483 |
|
Other |
— |
|
|
— |
|
|
— |
|
|
— |
|
Total CRE—Retail properties |
4 |
|
|
8,067 |
|
|
1 |
|
|
483 |
|
CRE—Multi family: |
|
|
|
|
|
|
|
Interest rate reduction |
— |
|
|
— |
|
|
— |
|
|
— |
|
Amortization or maturity date change |
10 |
|
|
1,354 |
|
|
4 |
|
|
2,827 |
|
Other |
1 |
|
|
140 |
|
|
1 |
|
|
176 |
|
Total CRE—Multi family |
11 |
|
|
1,494 |
|
|
5 |
|
|
3,003 |
|
CRE—Office: |
|
|
|
|
|
|
|
Interest rate reduction |
— |
|
|
— |
|
|
— |
|
|
— |
|
Amortization or maturity date change |
3 |
|
|
2,984 |
|
|
3 |
|
|
1,738 |
|
Other |
— |
|
|
— |
|
|
— |
|
|
— |
|
Total CRE—Office |
3 |
|
|
2,984 |
|
|
3 |
|
|
1,738 |
|
CRE—Industrial and Warehouse: |
|
|
|
|
|
|
|
Interest rate reduction |
— |
|
|
— |
|
|
1 |
|
|
1,339 |
|
Amortization or maturity date change |
2 |
|
|
822 |
|
|
1 |
|
|
756 |
|
Other |
— |
|
|
— |
|
|
— |
|
|
— |
|
Total CRE—Industrial and Warehouse |
2 |
|
|
822 |
|
|
2 |
|
|
2,095 |
|
CRE—Other commercial real estate: |
|
|
|
|
|
|
|
Interest rate reduction |
— |
|
|
— |
|
|
1 |
|
|
169 |
|
Amortization or maturity date change |
1 |
|
|
93 |
|
|
2 |
|
|
758 |
|
Other |
— |
|
|
— |
|
|
— |
|
|
— |
|
Total CRE—Other commercial real estate |
1 |
|
|
93 |
|
|
3 |
|
|
927 |
|
Automobile: |
|
|
|
|
|
|
|
Interest rate reduction |
1 |
|
|
4 |
|
|
— |
|
|
— |
|
Amortization or maturity date change |
41 |
|
|
423 |
|
|
40 |
|
|
328 |
|
Chapter 7 bankruptcy |
21 |
|
|
172 |
|
|
53 |
|
|
374 |
|
Other |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Automobile |
63 |
|
|
599 |
|
|
93 |
|
|
702 |
|
Residential mortgage: |
|
|
|
|
|
|
|
Interest rate reduction |
3 |
|
|
239 |
|
|
11 |
|
|
1,516 |
|
Amortization or maturity date change |
73 |
|
|
6,776 |
|
|
82 |
|
|
8,974 |
|
Chapter 7 bankruptcy |
8 |
|
|
843 |
|
|
37 |
|
|
3,187 |
|
Other |
— |
|
|
— |
|
|
— |
|
|
— |
|
Total Residential mortgage |
84 |
|
|
7,858 |
|
|
130 |
|
|
13,677 |
|
First-lien home equity: |
|
|
|
|
|
|
|
Interest rate reduction |
4 |
|
|
387 |
|
|
5 |
|
|
335 |
|
Amortization or maturity date change |
4 |
|
|
258 |
|
|
16 |
|
|
2,109 |
|
Chapter 7 bankruptcy |
28 |
|
|
2,283 |
|
|
16 |
|
|
1,005 |
|
Other |
— |
|
|
— |
|
|
— |
|
|
— |
|
Total First-lien home equity |
36 |
|
|
2,928 |
|
|
37 |
|
|
3,449 |
|
Junior-lien home equity: |
|
|
|
|
|
|
|
Interest rate reduction |
3 |
|
|
411 |
|
|
1 |
|
|
11 |
|
Amortization or maturity date change |
41 |
|
|
1,644 |
|
|
31 |
|
|
1,841 |
|
Chapter 7 bankruptcy |
18 |
|
|
401 |
|
|
39 |
|
|
620 |
|
Other |
— |
|
|
— |
|
|
— |
|
|
— |
|
Total Junior-lien home equity |
62 |
|
|
2,456 |
|
|
71 |
|
|
2,472 |
|
Other consumer: |
|
|
|
|
|
|
|
Interest rate reduction |
— |
|
|
— |
|
|
— |
|
|
— |
|
Amortization or maturity date change |
— |
|
|
— |
|
|
— |
|
|
— |
|
Chapter 7 bankruptcy |
— |
|
|
— |
|
|
— |
|
|
— |
|
Other |
— |
|
|
— |
|
|
— |
|
|
— |
|
Total Other consumer |
— |
|
|
— |
|
|
— |
|
|
— |
|
Total troubled debt restructurings with subsequent redefault |
304 |
|
|
$ |
32,444 |
|
|
370 |
|
|
$ |
31,344 |
|
|
|
(1) |
Subsequent redefault is defined as a payment redefault within 12 months of the restructuring date. Payment redefault is defined as 90-days past due for any loan in any portfolio or class. Any loan in any portfolio may be considered to be in payment redefault prior to the guidelines noted above when collection of principal or interest is in doubt.
|
|