Fair Values of Assets and Liabilities (Tables)

6 Months Ended

Jun. 30, 2016

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:



	June 30, 2016
(Dollars in thousands)	Total		Level 1		Level 2		Level 3
Available-for-sale securities
U.S. Treasury	$	122,330	$	—	$	122,330	$	—
U.S. Government agencies	69,916		—		69,916		—
Municipal	111,640		—		41,828		69,812
Corporate notes	69,690		—		69,690		—
Mortgage-backed	207,508		—		207,508		—
Equity securities	56,579		—		31,392		25,187
Trading account securities	3,613		—		3,613		—
Mortgage loans held-for-sale	554,256		—		554,256		—
MSRs	13,382		—		—		13,382
Nonqualified deferred compensation assets	9,076		—		9,076		—
Derivative assets	101,052		—		101,052		—
Total	$	1,319,042	$	—	$	1,210,661	$	108,381
Derivative liabilities	$	100,912	$	—	$	100,912	$	—



	December 31, 2015
(Dollars in thousands)	Total		Level 1		Level 2		Level 3
Available-for-sale securities
U.S. Treasury	$	306,729	$	—	$	306,729	$	—
U.S. Government agencies	70,236		—		70,236		—
Municipal	108,595		—		39,982		68,613
Corporate notes	81,545		—		81,545		—
Mortgage-backed	1,092,597		—		1,092,597		—
Equity securities	56,686		—		31,487		25,199
Trading account securities	448		—		448		—
Mortgage loans held-for-sale	388,038		—		388,038		—
MSRs	9,092		—		—		9,092
Nonqualified deferred compensation assets	8,517		—		8,517		—
Derivative assets	51,298		—		51,298		—
Total	$	2,173,781	$	—	$	2,070,877	$	102,904
Derivative liabilities	$	45,019	$	—	$	45,019	$	—



	June 30, 2015
(Dollars in thousands)	Total		Level 1		Level 2		Level 3
Available-for-sale securities
U.S. Treasury	$	281,161	$	—	$	281,161	$	—
U.S. Government agencies	628,660		—		628,660		—
Municipal	269,790		—		211,218		58,572
Corporate notes	128,141		—		128,141		—
Mortgage-backed	800,101		—		800,101		—
Equity securities	54,208		—		29,212		24,996
Trading account securities	1,597		—		1,597		—
Mortgage loans held-for-sale	497,283		—		497,283		—
MSRs	8,034		—		—		8,034
Nonqualified deferred compensation assets	8,778		—		8,778		—
Derivative assets	48,918		—		48,918		—
Total	$	2,726,671	$	—	$	2,635,069	$	91,602
Derivative liabilities	$	40,500	$	—	$	40,500	$	—

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 and six months ended June 30, 2016 and 2015 are summarized as follows:



				Equity securities		Mortgage servicing rights
(Dollars in thousands)	Municipal			Equity securities		Mortgage servicing rights
Balance at April 1, 2016	$	70,242		$	24,054	$	10,128
Total net gains (losses) included in:
Net income ⁽¹⁾	—			—		3,254
Other comprehensive income	113			1,133		—
Purchases	1,003			—		—
Issuances	—			—		—
Sales	—			—		—
Settlements	(1,546		)	—		—
Net transfers into/(out of) Level 3	—			—		—
Balance at June 30, 2016	$	69,812		$	25,187	$	13,382



				Equity securities			Mortgage servicing rights
(Dollars in thousands)	Municipal			Equity securities			Mortgage servicing rights
Balance at January 1, 2016	$	68,613		$	25,199		$	9,092
Total net gains (losses) included in:
Net income ⁽¹⁾	—			—			4,290
Other comprehensive income	100			(12		)	—
Purchases	4,274			—			—
Issuances	—			—			—
Sales	—			—			—
Settlements	(3,175		)	—			—
Net transfers into/(out of) Level 3	—			—			—
Balance at June 30, 2016	$	69,812		$	25,187		$	13,382



				Equity securities		Mortgage servicing rights
(Dollars in thousands)	Municipal			Equity securities		Mortgage servicing rights
Balance at April 1, 2015	$	56,049		$	24,656	$	7,852
Total net gains (losses) included in:
Net income ⁽¹⁾	—			—		182
Other comprehensive income	(713		)	340		—
Purchases	4,175			—		—
Issuances	—			—		—
Sales	—			—		—
Settlements	(939		)	—		—
Net transfers into/(out of) Level 3	—			—		—
Balance at June 30, 2015	$	58,572		$	24,996	$	8,034


(1)	Changes in the balance of MSRs 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, 2015	$	58,953		$	23,711	$	8,435
Total net gains (losses) included in:
Net income ⁽¹⁾	—			—		(401		)
Other comprehensive income	(510		)	1,285		—
Purchases	10,849			—		—
Issuances	—			—		—
Sales	—			—		—
Settlements	(10,720		)	—		—
Net transfers into/(out of) Level 3	—			—		—
Balance at June 30, 2015	$	58,572		$	24,996	$	8,034


(1)	Changes in the balance of MSRs 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 June 30, 2016.



	June 30, 2016								Three Months Ended June 30, 2016 Fair Value Losses Recognized, net		Six Months Ended June 30, 2016 Fair Value Losses Recognized, net
(Dollars in thousands)	Total		Level 1		Level 2		Level 3
Impaired loans—collateral based	$	67,837	$	—	$	—	$	67,837	$	3,897	$	6,230
Other real estate owned, including covered other real estate owned ⁽¹⁾	51,046		—		—		51,046		2,293		3,380
Total	$	118,883	$	—	$	—	$	118,883	$	6,190	$	9,610


(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 June 30, 2016 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

69,812

Bond pricing

Equivalent rating

BBB-AA+

N/A

Increase

Equity Securities

25,187

Discounted cash flows

Discount rate

2.16%-2.81%

2.48%

Decrease

MSRs

13,382

Discounted cash flows

Discount rate

3%-6%

5.20%

Decrease

Constant prepayment rate (CPR)

2%-47%

11.67%

Decrease

Measured at fair value on a non-recurring basis:

Impaired loans—collateral based

67,837

Appraisal value

Appraisal adjustment - cost of sale

10%

10.00%

Decrease

Other real estate owned, including covered other real estate owned

51,046

Appraisal value

Appraisal adjustment - cost of sale

10%

10.00%

Decrease

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 June 30, 2016				At December 31, 2015				At June 30, 2015
	Carrying		Fair		Carrying		Fair		Carrying		Fair
(Dollars in thousands)	Value		Value		Value		Value		Value		Value
Financial Assets:
Cash and cash equivalents	$	271,575	$	271,575	$	275,795	$	275,795	$	252,209	$	252,209
Interest bearing deposits with banks	693,269		693,269		607,782		607,782		591,721		591,721
Available-for-sale securities	637,663		637,663		1,716,388		1,716,388		2,162,061		2,162,061
Held-to-maturity securities	992,211		1,010,179		884,826		878,111		—		—
Trading account securities	3,613		3,613		448		448		1,597		1,597
FHLB and FRB stock, at cost	121,319		121,319		101,581		101,581		89,818		89,818
Brokerage customer receivables	26,866		26,866		27,631		27,631		29,753		29,753
Mortgage loans held-for-sale, at fair value	554,256		554,256		388,038		388,038		497,283		497,283
Total loans	18,279,903		19,228,691		17,266,790		18,106,829		15,707,060		16,469,518
MSRs	13,382		13,382		9,092		9,092		8,034		8,034
Nonqualified deferred compensation assets	9,076		9,076		8,517		8,517		8,778		8,778
Derivative assets	101,052		101,052		51,298		51,298		48,918		48,918
FDIC indemnification asset	—		—		—		—		3,429		3,429
Accrued interest receivable and other	198,017		198,017		193,092		193,092		178,349		178,349
Total financial assets	$	21,902,202	$	22,868,958	$	21,531,278	$	22,364,602	$	19,579,010	$	20,341,468
Financial Liabilities
Non-maturity deposits	$	15,958,500	$	15,958,500	$	14,634,957	$	14,634,957	$	13,145,542	$	13,145,542
Deposits with stated maturities	4,083,250		4,086,350		4,004,677		3,998,180		3,936,876		3,937,146
FHLB advances	588,055		597,568		853,431		863,437		435,721		448,870
Other borrowings	252,611		252,611		265,785		265,785		261,674		261,674
Subordinated notes	138,915		141,858		138,861		140,302		138,808		142,810
Junior subordinated debentures	253,566		254,143		268,566		268,046		249,493		250,265
Derivative liabilities	100,912		100,912		45,019		45,019		40,500		40,500
FDIC indemnification liability	11,729		11,729		6,100		6,100		—		—
Accrued interest payable	6,175		6,175		7,394		7,394		6,827		6,827
Total financial liabilities	$	21,393,713	$	21,409,846	$	20,224,790	$	20,229,220	$	18,215,441	$	18,233,634