Fair Values of Assets and Liabilities (Tables)

3 Months Ended

Mar. 31, 2014

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, 2014
(Dollars in thousands)	Total		Level 1		Level 2		Level 3
Available-for-sale securities
U.S. Treasury	$	340,178	$	—	$	340,178	$	—
U.S. Government agencies	828,275		—		828,275		—
Municipal	175,300		—		135,528		39,772
Corporate notes	135,067		—		135,067		—
Mortgage-backed	417,303		—		417,303		—
Equity securities	53,574		—		30,136		23,438
Trading account securities	1,068		—		1,068		—
Mortgage loans held-for-sale	215,231		—		215,231		—
Mortgage servicing rights	8,719		—		—		8,719
Nonqualified deferred compensations assets	7,783		—		7,783		—
Derivative assets	51,529		—		51,529		—
Total	$	2,234,027	$	—	$	2,162,098	$	71,929
Derivative liabilities	$	37,797	$	—	$	37,797	$	—



	December 31, 2013
(Dollars in thousands)	Total		Level 1		Level 2		Level 3
Available-for-sale securities
U.S. Treasury	$	336,095	$	—	$	336,095	$	—
U.S. Government agencies	895,688		—		895,688		—
Municipal	152,716		—		116,330		36,386
Corporate notes	135,038		—		135,038		—
Mortgage-backed	605,225		—		605,225		—
Equity securities	51,528		—		29,365		22,163
Trading account securities	497		—		497		—
Mortgage loans held-for-sale	332,485		—		332,485		—
Mortgage servicing rights	8,946		—		—		8,946
Nonqualified deferred compensations assets	7,222		—		7,222		—
Derivative assets	48,221		—		48,221		—
Total	$	2,573,661	$	—	$	2,506,166	$	67,495
Derivative liabilities	$	37,264	$	—	$	37,264	$	—



	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	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	$	—

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, 2014 and 2013 are summarized as follows:



				Equity securities		Mortgage servicing rights
(Dollars in thousands)	Municipal			Equity securities		Mortgage servicing rights
Balance at January 1, 2014	$	36,386		$	22,163	$	8,946
Total net gains (losses) included in:
Net loss ⁽¹⁾	—			—		(227		)
Other comprehensive income	147			1,275		—
Purchases	3,360			—		—
Issuances	—			—		—
Sales	—			—		—
Settlements	(121		)	—		—
Net transfers into/(out of) Level 3	—			—		—
Balance at March 31, 2014	$	39,772		$	23,438	$	8,719


(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, 2013	$	30,770		$	22,169	$	6,750
Total net gains (losses) included in:
Net income ⁽¹⁾	—			—		594
Other comprehensive (loss) 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.

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, 2014.



	March 31, 2014								Three Months Ended March 31, 2014 Fair Value Losses Recognized
(Dollars in thousands)	Total		Level 1		Level 2		Level 3
Impaired loans—collateral based	$	68,355	$	—	$	—	$	68,355	$	7,564
Other real estate owned, including covered other real estate owned ⁽¹⁾	129,279		—		—		129,279		6,172
Total	$	197,634	$	—	$	—	$	197,634	$	13,736


(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, 2014 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

39,772

Bond pricing

Equivalent rating

BBB-AA+

N/A

Increase

Other Equity Securities

23,438

Discounted cash flows

Discount rate

1.44%-2.33%

1.93%

Decrease

Mortgage Servicing Rights

8,719

Discounted cash flows

Discount rate

9.5%-13%

9.66%

Decrease

Constant prepayment rate (CPR)

10%-15%

11.95%

Decrease

Measured at fair value on a non-recurring basis:

Impaired loans—collateral based

68,355

Appraisal value

N/A

Other real estate owned, including covered other real estate owned

129,279

Appraisal value

Property specific impairment adjustment

0%-84%

4.65%

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, 2014				At December 31, 2013				At March 31, 2013
	Carrying		Fair		Carrying		Fair		Carrying		Fair
(Dollars in thousands)	Value		Value		Value		Value		Value		Value
Financial Assets:
Cash and cash equivalents	$	342,738	$	342,738	$	263,864	$	263,864	$	213,201	$	213,201
Interest bearing deposits with banks	540,964		540,964		495,574		495,574		685,302		685,302
Available-for-sale securities	1,949,697		1,949,697		2,176,290		2,176,290		1,870,831		1,870,831
Trading account securities	1,068		1,068		497		497		1,036		1,036
Brokerage customer receivables	26,884		26,884		30,953		30,953		25,614		25,614
Federal Home Loan Bank and Federal Reserve Bank stock, at cost	78,524		78,524		79,261		79,261		76,601		76,601
Mortgage loans held-for-sale, at fair value	215,231		215,231		332,485		332,485		370,570		370,570
Mortgage loans held-for-sale, at lower of cost or market	—		—		1,842		1,857		10,352		10,458
Total loans	13,445,638		14,078,788		13,243,033		13,867,255		12,418,973		13,125,643
Mortgage servicing rights	8,719		8,719		8,946		8,946		7,344		7,344
Nonqualified deferred compensation assets	7,783		7,783		7,222		7,222		6,545		6,545
Derivative assets	51,529		51,529		48,221		48,221		52,436		52,436
FDIC indemnification asset	60,298		60,298		85,672		85,672		170,696		170,696
Accrued interest receivable and other	169,580		169,580		163,732		163,732		156,825		156,825
Total financial assets	$	16,898,653	$	17,531,803	$	16,937,592	$	17,561,829	$	16,066,326	$	16,773,102
Financial Liabilities
Non-maturity deposits	$	10,944,521	$	10,944,521	$	10,442,077	$	10,442,077	$	9,293,104	$	9,293,104
Deposits with stated maturities	4,184,524		4,197,918		4,226,712		4,242,172		4,669,653		4,701,049
Notes payable	182		182		364		364		31,911		31,911
Federal Home Loan Bank advances	387,672		393,145		417,762		422,750		414,032		425,103
Subordinated notes	—		—		—		—		15,000		15,000
Other borrowings	230,904		230,904		254,740		254,740		256,244		256,244
Junior subordinated debentures	249,493		250,578		249,493		250,672		249,493		250,470
Derivative liabilities	37,797		37,797		37,264		37,264		54,745		54,745
Accrued interest payable	7,218		7,218		8,556		8,556		11,520		11,520
Total financial liabilities	$	16,042,311	$	16,062,263	$	15,636,968	$	15,658,595	$	14,995,702	$	15,039,146

- Definition

Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

+ References+ Details