Fair Values of Assets and Liabilities (Tables)

3 Months Ended

Mar. 31, 2015

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, 2015
(Dollars in thousands)	Total		Level 1		Level 2		Level 3
Available-for-sale securities
U.S. Treasury	$	271,474	$	—	$	271,474	$	—
U.S. Government agencies	661,793		—		661,793		—
Municipal	269,912		—		213,863		56,049
Corporate notes	133,814		—		133,814		—
Mortgage-backed	329,591		—		329,591		—
Equity securities	54,446		—		29,790		24,656
Trading account securities	7,811		—		7,811		—
Mortgage loans held-for-sale	446,355		—		446,355		—
Mortgage servicing rights	7,852		—		—		7,852
Nonqualified deferred compensation assets	8,718		—		8,718		—
Derivative assets	62,984		—		62,984		—
Total	$	2,254,750	$	—	$	2,166,193	$	88,557
Derivative liabilities	$	55,225	$	—	$	55,225	$	—



	December 31, 2014
(Dollars in thousands)	Total		Level 1		Level 2		Level 3
Available-for-sale securities
U.S. Treasury	$	381,805	$	—	$	381,805	$	—
U.S. Government agencies	668,316		—		668,316		—
Municipal	238,529		—		179,576		58,953
Corporate notes	133,579		—		133,579		—
Mortgage-backed	318,710		—		318,710		—
Equity securities	51,139		—		27,428		23,711
Trading account securities	1,206		—		1,206		—
Mortgage loans held-for-sale	351,290		—		351,290		—
Mortgage servicing rights	8,435		—		—		8,435
Nonqualified deferred compensation assets	7,951		—		7,951		—
Derivative assets	47,964		—		47,964		—
Total	$	2,208,924	$	—	$	2,117,825	$	91,099
Derivative liabilities	$	41,180	$	—	$	41,180	$	—



	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 compensation 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	$	—

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, 2015 and 2014 are summarized as follows:



				Equity securities		Mortgage servicing rights
(Dollars in thousands)	Municipal			Equity securities		Mortgage servicing rights
Balance at January 1, 2015	$	58,953		$	23,711	$	8,435
Total net gains (losses) included in:
Net Income ⁽¹⁾	—			—		(583		)
Other comprehensive income	203			945		—
Purchases	6,674			—		—
Issuances	—			—		—
Sales	—			—		—
Settlements	(9,781		)	—		—
Net transfers into/(out of) Level 3	—			—		—
Balance at March 31, 2015	$	56,049		$	24,656	$	7,852


(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, 2014	$	36,386		$	22,163	$	8,946
Total net gains (losses) included in:
Net Income ⁽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.

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, 2015.



	March 31, 2015								Three Months Ended March 31, 2015 Fair Value Losses Recognized, net
(Dollars in thousands)	Total		Level 1		Level 2		Level 3
Impaired loans—collateral based	$	69,002	$	—	$	—	$	69,002	$	2,731
Other real estate owned, including covered other real estate owned ⁽¹⁾	81,042		—		—		81,042		2,362
Total	$	150,044	$	—	$	—	$	150,044	$	5,093


(1)	Fair value losses recognized, net 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, 2015 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

56,049

Bond pricing

Equivalent rating

BBB-AA+

N/A

Increase

Equity Securities

24,656

Discounted cash flows

Discount rate

1.70%-2.34%

2.04%

Decrease

Mortgage Servicing Rights

7,852

Discounted cash flows

Discount rate

9%-12%

9.15%

Decrease

Constant prepayment rate (CPR)

11%-20%

13.29%

Decrease

Measured at fair value on a non-recurring basis:

Impaired loans—collateral based

69,002

Appraisal value

N/A

Other real estate owned, including covered other real estate owned

81,042

Appraisal value

Property specific valuation adjustment

(79)%-154%

(1.76)%

Increase

Summary Of Carrying Amounts And Estimated Fair Values Of Financial Instruments

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



	At March 31, 2015				At December 31, 2014				At March 31, 2014
	Carrying		Fair		Carrying		Fair		Carrying		Fair
(Dollars in thousands)	Value		Value		Value		Value		Value		Value
Financial Assets:
Cash and cash equivalents	$	290,872	$	290,872	$	230,707	$	230,707	$	342,738	$	342,738
Interest bearing deposits with banks	697,799		697,799		998,437		998,437		540,964		540,964
Available-for-sale securities	1,721,030		1,721,030		1,792,078		1,792,078		1,949,697		1,949,697
Trading account securities	7,811		7,811		1,206		1,206		1,068		1,068
Federal Home Loan Bank and Federal Reserve Bank stock, at cost	92,948		92,948		91,582		91,582		78,524		78,524
Brokerage customer receivables	25,287		25,287		24,221		24,221		26,884		26,884
Mortgage loans held-for-sale, at fair value	446,355		446,355		351,290		351,290		215,231		215,231
Total loans	15,162,753		15,868,532		14,636,107		15,346,266		13,445,638		14,078,788
Mortgage servicing rights	7,852		7,852		8,435		8,435		8,719		8,719
Nonqualified deferred compensation assets	8,718		8,718		7,951		7,951		7,783		7,783
Derivative assets	62,984		62,984		47,964		47,964		51,529		51,529
FDIC indemnification asset	10,224		10,224		11,846		11,846		60,298		60,298
Accrued interest receivable and other	181,998		181,998		169,156		169,156		169,580		169,580
Total financial assets	$	18,716,631	$	19,422,410	$	18,370,980	$	19,081,139	$	16,898,653	$	17,531,803
Financial Liabilities
Non-maturity deposits	$	12,927,014	$	12,927,014	$	12,142,034	$	12,142,034	$	10,944,521	$	10,944,521
Deposits with stated maturities	4,011,755		4,017,565		4,139,810		4,143,161		4,184,524		4,197,918
Federal Home Loan Bank advances	416,036		422,305		733,050		738,113		387,672		393,145
Other borrowings	187,006		187,006		196,465		197,883		231,086		231,086
Subordinated notes	140,000		147,851		140,000		143,639		—		—
Junior subordinated debentures	249,493		250,196		249,493		250,305		249,493		250,578
Derivative liabilities	55,225		55,225		41,180		41,180		37,797		37,797
Accrued interest payable	8,583		8,583		8,001		8,001		7,218		7,218
Total financial liabilities	$	17,995,112	$	18,015,745	$	17,650,033	$	17,664,316	$	16,042,311	$	16,062,263

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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- 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.

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