Fair Values of Assets and Liabilities (Tables)

3 Months Ended

Mar. 31, 2013

Summary Of Balances Of Assets And Liabilities Measured At Fair Value On A Recurring Basis

The following tables present the balances of assets and liabilities measured at fair value on a recurring basis for the periods presented:



	March 31, 2013
(Dollars in thousands)	Total		Level 1		Level 2		Level 3
Available-for-sale securities
U.S. Treasury	$	217,645	$	—	$	217,645	$	—
U.S. Government agencies	973,715		—		973,715		—
Municipal	110,259		—		77,935		32,324
Corporate notes and other	148,873		—		148,873		—
Mortgage-backed	368,282		—		368,282		—
Equity securities	52,057		—		27,587		24,470
Trading account securities	1,036		—		1,036		—
Mortgage loans held-for-sale	370,570		—		370,570		—
Mortgage servicing rights	7,344		—		—		7,344
Nonqualified deferred compensations assets	6,545		—		6,545		—
Derivative assets	52,436		—		52,436		—
Total	$	2,308,762	$	—	$	2,244,624	$	64,138
Derivative liabilities	$	54,745	$	—	$	54,745	$	—



	December 31, 2012
(Dollars in thousands)	Total		Level 1		Level 2		Level 3
Available-for-sale securities
U.S. Treasury	$	219,487	$	—	$	219,487	$	—
U.S. Government agencies	990,039		—		990,039		—
Municipal	110,471		—		79,701		30,770
Corporate notes and other	154,806		—		154,806		—
Mortgage-backed	271,574		—		271,574		—
Equity securities	49,699		—		27,530		22,169
Trading account securities	583		—		583		—
Mortgage loans held-for-sale	385,033		—		385,033		—
Mortgage servicing rights	6,750		—		—		6,750
Nonqualified deferred compensations assets	5,532		—		5,532		—
Derivative assets	53,906		—		53,906		—
Total	$	2,247,880	$	—	$	2,188,191	$	59,689
Derivative liabilities	$	57,751	$	—	$	57,751	$	—



	March 31, 2012
(Dollars in thousands)	Total		Level 1		Level 2		Level 3
Available-for-sale securities
U.S. Treasury	$	23,189	$	—	$	23,189	$	—
U.S. Government agencies	682,780		—		682,780		—
Municipal	69,915		—		44,380		25,535
Corporate notes and other	168,816		—		168,816		—
Mortgage-backed	886,148		—		886,148		—
Equity securities	38,496		—		17,272		21,224
Trading account securities	1,140		—		1,140		—
Mortgage loans held-for-sale	339,600		—		339,600		—
Mortgage servicing rights	7,201		—		—		7,201
Nonqualified deferred compensations assets	5,315		—		5,315		—
Derivative assets	39,220		—		39,220		—
Total	$	2,261,820	$	—	$	2,207,860	$	53,960
Derivative liabilities	$	46,364	$	—	$	46,364	$	—

Summary Of Changes In Level 3 Assets And Liabilities Measured At Fair Value On A Recurring Basis

The changes in Level 3 assets measured at fair value on a recurring basis during the three months ended March 31, 2013 and March 31, 2012 are summarized as follows:



				Equity securities		Mortgage servicing rights
(Dollars in thousands)	Municipal			Equity securities		Mortgage servicing rights
Balance at January 1, 2013	$	30,770		$	22,169	$	6,750
Total net gains (losses) included in:
Net income ⁽¹⁾	—			—		594
Other comprehensive income	(12		)	2,301		—
Purchases	1,687			—		—
Issuances	—			—		—
Sales	—			—		—
Settlements	(121		)	—		—
Net transfers into/(out of) Level 3	—			—		—
Balance at March 31, 2013	$	32,324		$	24,470	$	7,344


(1)	Changes in the balance of mortgage servicing rights are recorded as a component of mortgage banking revenue in non-interest income.



				Equity securities		Mortgage servicing rights
(Dollars in thousands)	Municipal			Equity securities		Mortgage servicing rights
Balance at January 1, 2012	$	24,211		$	18,971	$	6,700
Total net gains (losses) included in:
Net income ⁽¹⁾	—			—		501
Other comprehensive income	2			2,253		—
Purchases	3,840			—		—
Issuances	—			—		—
Sales	—			—		—
Settlements	(116		)	—		—
Net transfers out of Level 3 ⁽²⁾	(2,402		)	—		—
Balance at March 31, 2012	$	25,535		$	21,224	$	7,201


(1)	Changes in the balance of mortgage servicing rights are recorded as a component of mortgage banking revenue in non-interest income.


(2)	During the first quarter of 2012, one municipal security was transferred out of Level 3 into Level 2 as observable market information was available that market participants would use in pricing these securities. Transfers out of Level 3 are recognized at the end of the reporting period.

Summary Of Assets Measured At Fair Value On A Nonrecurring Basis

For assets measured at fair value on a nonrecurring basis that were still held in the balance sheet at the end of the period, the following table provides the carrying value of the related individual assets or portfolios at March 31, 2013.



	March 31, 2013								Three Months Ended March 31, 2013 Fair Value Losses Recognized
(Dollars in thousands)	Total		Level 1		Level 2		Level 3
Impaired loans—collateral based	$	121,197	$	—	$	—	$	121,197	$	5,372
Other real estate owned ⁽¹⁾	56,177		—		—		56,177		2,959
Mortgage loans held-for-sale, at lower of cost or market	10,352		—		10,352		—		—
Total	$	187,726	$	—	$	10,352	$	177,374	$	8,331


(1)	Fair value losses recognized on other real estate owned include valuation adjustments and charge-offs during the respective period.

Schedule Of Valuation Techniques And Significant Unobservable Inputs Used To Measure Both Recurring And Non-Recurring

The valuation techniques and significant unobservable inputs used to measure both recurring and non-recurring Level 3 fair value measurements at March 31, 2013 were as follows:

(Dollars in thousands)

Fair Value

Valuation Methodology

Significant Unobservable Input

Range

of Inputs

Weighted

Average

of Inputs

Impact to valuation

from an increased or

higher input value

Measured at fair value on a recurring basis:

Municipal Securities

32,324

Bond pricing

Equivalent rating

BBB-AAA

N/A

Increase

Other Equity Securities

24,470

Discounted cash flows

Discount rate

1.20%-1.52%

1.39%

Decrease

Mortgage Servicing Rights

7,344

Discounted cash flows

Discount rate

10%-13.5%

10.19%

Decrease

Constant prepayment rate (CPR)

16%-22%

18.32%

Decrease

Measured at fair value on a non-recurring basis:

Impaired loans—collateral based

121,197

Appraisal value

N/A

Other real estate owned

56,177

Appraisal value

Property specific impairment adjustment

0%-100%

4.44%

Decrease

Summary Of Carrying Amounts And Estimated Fair Values Of Financial Instruments

The carrying amounts and estimated fair values of the Company’s financial instruments as of the dates shown:



	At March 31, 2013				At December 31, 2012				At March 31, 2012
	Carrying		Fair		Carrying		Fair		Carrying		Fair
(Dollars in thousands)	Value		Value		Value		Value		Value		Value
Financial Assets:
Cash and cash equivalents	$	213,201	$	213,201	$	315,028	$	315,028	$	160,602	$	160,602
Interest bearing deposits with banks	685,302		685,302		1,035,743		1,035,743		900,755		900,755
Available-for-sale securities	1,870,831		1,870,831		1,796,076		1,796,076		1,869,344		1,869,344
Trading account securities	1,036		1,036		583		583		1,140		1,140
Brokerage customer receivables	25,614		25,614		24,864		24,864		31,085		31,085
Federal Home Loan Bank and Federal Reserve Bank stock, at cost	76,601		76,601		79,564		79,564		88,216		88,216
Mortgage loans held-for-sale, at fair value	370,570		370,570		385,033		385,033		339,600		339,600
Mortgage loans held-for-sale, at lower of cost or market	10,352		10,458		27,167		27,568		10,728		10,905
Total loans	12,418,973		13,125,643		12,389,030		13,053,101		11,408,604		11,798,811
Mortgage servicing rights	7,344		7,344		6,750		6,750		7,201		7,201
Nonqualified deferred compensation assets	6,545		6,545		5,532		5,532		5,315		5,315
Derivative assets	52,436		52,436		53,906		53,906		39,220		39,220
FDIC indemnification asset	170,696		170,696		208,160		208,160		263,212		263,212
Accrued interest receivable and other	156,825		156,825		157,157		157,157		153,755		153,755
Total financial assets	$	16,066,326	$	16,773,102	$	16,484,593	$	17,149,065	$	15,278,777	$	15,669,161
Financial Liabilities
Non-maturity deposits	$	9,293,104	9,293,104		$	9,447,633	$	9,447,633	$	7,841,467	$	7,841,467
Deposits with stated maturities	4,669,653		4,701,049		4,980,911		5,013,757		4,824,386		4,859,697
Notes payable	31,911		31,911		2,093		2,093		52,639		52,639
Federal Home Loan Bank advances	414,032		425,103		414,122		425,431		466,391		498,504
Subordinated notes	15,000		15,000		15,000		15,000		35,000		35,000
Other borrowings	256,244		256,244		274,411		274,411		411,037		411,037
Secured borrowings - owed to securitization investors	—		—		—		—		428,000		430,044
Junior subordinated debentures	249,493		250,470		249,493		250,428		249,493		177,355
Derivative liabilities	54,745		54,745		57,751		57,751		46,364		46,364
Accrued interest payable and other	11,520		11,520		11,589		11,589		11,531		11,531
Total financial liabilities	$	14,995,702	$	15,039,146	$	15,453,003	$	15,498,093	$	14,366,308	$	14,363,638

- Definition

Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3).

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- Definition

Tabular disclosure of the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments, assets, and liabilities. Such certain disclosures about the financial instruments, assets, and liabilities include: (1) the fair value of the required items together with their carrying amounts (as appropriate) and (2) the methodology and assumptions used in developing such estimates of fair value.

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- Definition

The entire disclosure of the fair value measurement of assets and liabilities, which includes financial instruments measured at fair value that are classified in shareholders' equity, which may be measured on a recurring or nonrecurring basis.

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Reference 1: http://www.xbrl.org/2003/role/presentationRef

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