FAIR VALUE (Tables)

9 Months Ended

Sep. 30, 2013

Assets (Liabilities) Measured at Fair Value on Recurring Basis

	Assets (Liabilities) Measured at Fair Value on a Recurring Basis
	as of September 30, 2013
				Quoted Prices in		Significant
	Fair Value			Active Markets		Other			Significant
	Measurements			for Identical		Observable			Unobservable
	September 30,			Assets		Inputs			Inputs
	2013			(Level 1)		(Level 2)			(Level 3)
	(In thousands)
Investment securities available-for-sale:
U.S. Treasury securities	$	525,707		$	525,707	$	—		$	—
U.S. Government agency and U.S. Government sponsored enterprise debt securities	403,061			—		403,061			—
U.S. Government agency and U.S. Government sponsored enterprise mortgage-backed securities:
Commercial mortgage-backed securities	179,258			—		179,258			—
Residential mortgage-backed securities	977,950			—		977,950			—
Municipal securities	250,006			—		250,006			—
Other residential mortgage-backed securities:
Investment grade	14,692			—		14,692			—
Other commercial mortgage-backed securities:
Investment grade	51,293			—		51,293			—
Corporate debt securities:
Investment grade	465,928			—		465,928			—
Non-investment grade	14,942			—		8,810			6,132
Other securities	9,924			—		9,924			—
Total investment securities available-for-sale	$	2,892,761		$	525,707	$	2,360,922		$	6,132
Foreign exchange options	$	5,955		$	—	$	5,955		$	—
Interest rate swaps	25,931			—		25,931			—
Short-term foreign exchange contracts	4,068			—		4,068			—
Derivative liabilities	(38,552		)	—		(35,041		)	(3,511		)

	Assets (Liabilities) Measured at Fair Value on a Recurring Basis
	as of December 31, 2012
				Quoted Prices in		Significant
	Fair Value			Active Markets		Other			Significant
	Measurements			for Identical		Observable			Unobservable
	December 31,			Assets		Inputs			Inputs
	2012			(Level 1)		(Level 2)			(Level 3)
	(In thousands)
Investment securities available-for-sale:
U.S. Treasury securities	$	460,677		$	460,677	$	—		$	—
U.S. Government agency and U.S. Government sponsored enterprise debt securities	197,855			—		197,855			—
U.S. Government agency and U.S. Government sponsored enterprise mortgage-backed securities:
Commercial mortgage-backed securities	180,665			—		180,665			—
Residential mortgage-backed securities	1,144,085			—		1,144,085			—
Municipal securities	167,093			—		167,093			—
Other commercial mortgage-backed securities:
Investment grade	17,084			—		17,084			—
Corporate debt securities:
Investment grade	411,983			—		411,983			—
Non-investment grade	17,417			—		12,617			4,800
Other securities	10,170			—		10,170			—
Total investment securities available-for-sale	$	2,607,029		$	460,677	$	2,141,552		$	4,800
Foreign exchange options	$	5,011		$	—	$	5,011		$	—
Interest rate swaps	36,943			—		36,943			—
Short-term foreign exchange contracts	896			—		896			—
Derivative liabilities	(42,060		)	—		(39,008		)	(3,052		)

Assets Measured at Fair Value on a Non-Recurring Basis

	Assets Measured at Fair Value on a Non-Recurring Basis
	as of and for the Three Months Ended September 30, 2013
			Quoted Prices in		Significant				Total Gains
	Fair Value		Active Markets		Other		Significant		(Losses) for the
	Measurements		for Identical		Observable		Unobservable		Three Months Ended
	September 30,		Assets		Inputs		Inputs		September 30,
	2013		(Level 1)		(Level 2)		(Level 3)		2013
	(In thousands)
Non-covered impaired loans:
Total residential	$	10,980	$	—	$	—	$	10,980	$	(96	)
Total commercial real estate	33,486		—		—		33,486		1,412
Total commercial and industrial	14,370		—		—		14,370		(7,172		)
Total consumer	—		—		—		—		—
Total non-covered impaired loans	$	58,836	$	—	$	—	$	58,836	$	(5,856	)
Non-covered OREO	$	300	$	—	$	—	$	300	$	(17	)
Covered OREO (1)	$	2,250	$	—	$	—	$	2,250	$	(219	)

	Assets Measured at Fair Value on a Non-Recurring Basis
	as of and for the Three Months Ended September 30, 2012
			Quoted Prices in		Significant				Total Gains
	Fair Value		Active Markets		Other		Significant		(Losses) for the
	Measurements		for Identical		Observable		Unobservable		Three Months Ended
	September 30,		Assets		Inputs		Inputs		September 30,
	2012		(Level 1)		(Level 2)		(Level 3)		2012
	(In thousands)
Non-covered impaired loans:
Total residential	$	24,978	$	—	$	—	$	24,978	$	(4,509	)
Total commercial real estate	13,671		—		—		13,671		(6,414		)
Total commercial and industrial	9,557		—		—		9,557		(1,379		)
Total consumer	—		—		—		—		—
Total non-covered impaired loans	$	48,206	$	—	$	—	$	48,206	$	(12,302	)
Non-covered OREO	$	5,528	$	—	$	—	$	5,528	$	(1,470	)
Covered OREO (1)	$	8,688	$	—	$	—	$	8,688	$	(1,597	)

(1) Covered OREO results from the WFIB and UCB FDIC-assisted acquisitions for which the Company entered into shared-loss agreements with the FDIC whereby the FDIC will reimburse the Company for 80% of eligible losses. As such, the Company’s liability for losses is 20% of the $219 thousand in losses, or $44 thousand, and 20% of the $1.6 million in losses, or $319 thousand, for the three months ended September 30, 2013 and 2012, respectively.

	Assets Measured at Fair Value on a Non-Recurring Basis
	as of and for the Nine Months Ended September 30, 2013
			Quoted Prices in		Significant				Total Gains
	Fair Value		Active Markets		Other		Significant		(Losses) for the
	Measurements		for Identical		Observable		Unobservable		Nine Months Ended
	September 30,		Assets		Inputs		Inputs		September 30,
	2013		(Level 1)		(Level 2)		(Level 3)		2013
	(In thousands)
Non-covered impaired loans:
Total residential	$	9,257	$	—	$	—	$	9,257	$	(677	)
Total commercial real estate	23,201		—		—		23,201		(1,706		)
Total commercial and industrial	19,938		—		—		19,938		(8,599		)
Total consumer	286		—		—		286		(112		)
Total non-covered impaired loans	$	52,682	$	—	$	—	$	52,682	$	(11,094	)
Non-covered OREO	$	12,998	$	—	$	—	$	12,998	$	(1,420	)
Covered OREO (1)	$	12,780	$	—	$	—	$	12,780	$	(1,344	)

	Assets Measured at Fair Value on a Non-Recurring Basis
	as of and for the Nine Months Ended September 30, 2012
			Quoted Prices in		Significant				Total Gains
	Fair Value		Active Markets		Other		Significant		(Losses) for the
	Measurements		for Identical		Observable		Unobservable		Nine Months Ended
	September 30,		Assets		Inputs		Inputs		September 30,
	2012		(Level 1)		(Level 2)		(Level 3)		2012
	(In thousands)
Non-covered impaired loans:
Total residential	$	31,090	$	—	$	—	$	31,090	$	(6,660	)
Total commercial real estate	24,730		—		—		24,730		(8,527		)
Total commercial and industrial	9,835		—		—		9,835		(9,827		)
Total consumer	379		—		—		379		(321		)
Total non-covered impaired loans	$	66,034	$	—	$	—	$	66,034	$	(25,335	)
Non-covered OREO	$	7,286	$	—	$	—	$	7,286	$	(4,145	)
Covered OREO (1)	$	15,919	$	—	$	—	$	15,919	$	(9,286	)
Loans held for sale	$	—	$	—	$	—	$	—	$	(4,730	)

(1) Covered OREO results from the WFIB and UCB FDIC-assisted acquisitions for which the Company entered into shared-loss agreements with the FDIC whereby the FDIC will reimburse the Company for 80% of eligible losses. As such, the Company’s liability for losses is 20% of the $1.3 million in losses, or $269 thousand, and 20% of the $9.3 million in losses, or $1.9 million, for the nine months ended September 30, 2013 and 2012, respectively.

Reconciliation of assets and liabilities measured at fair value using significant unobservable inputs

	Investment Securities Available-for-Sale
	Corporate Debt Securities
	Non-Investment Grade			Derivatives Payable
	(In thousands)
Opening balance, July 1, 2013	$	5,517		$	(3,257	)
Total gains or (losses) for the period: (1)
Included in earnings	—			(254		)
Included in other comprehensive income (unrealized) (2)	619			—
Purchases, issues, sales, settlements (3)
Purchases	—			—
Issues	—			—
Sales	—			—
Settlements	(4		)	—
Transfer from investment grade to non-investment grade	—			—
Transfers in and/or out of Level 3	—			—
Closing balance, September 30, 2013	$	6,132		$	(3,511	)
Changes in unrealized losses included in earnings relating to assets and liabilities held at the end of September 30, 2013	$	—		$	254

	Investment Securities Available-for-Sale
	Corporate Debt Securities
	Non-Investment Grade			Derivatives Payable
	(In thousands)
Opening balance, July 1, 2012	$	2,422		$	(2,814	)
Total gains or (losses) for the period: (1)
Included in earnings	—			(120		)
Included in other comprehensive income (unrealized) (2)	1,428			—
Purchases, issues, sales, settlements (3)
Purchases	—			—
Issues	—			—
Sales	—			—
Settlements	(1		)	—
Transfer from investment grade to non-investment grade	—			—
Transfers in and/or out of Level 3	—			—
Closing balance, September 30, 2012	$	3,849		$	(2,934	)
Changes in unrealized losses included in earnings relating to assets and liabilities held at the end of September 30, 2012	$	—		$	120

(1) Total gains or losses represent the total realized and unrealized gains and losses recorded for Level 3 assets and liabilities. Realized gains or losses are reported in the condensed consolidated statements of income.

(2) Unrealized gains or losses on investment securities are reported in accumulated other comprehensive income (loss), net of tax, in the condensed consolidated statements of comprehensive income.

(3) Purchases, issuances, sales, and settlements represent Level 3 assets and liabilities that were either purchased, issued, sold, or settled during the period. The amounts are recorded at their end of period fair values.

	Investment Securities Available-for-Sale
	Corporate Debt Securities
	Non-Investment Grade			Derivatives Payable
	(In thousands)
Beginning balance, January 1, 2013	$	4,800		$	(3,052	)
Total gains or (losses) for the period: (1)
Included in earnings	—			(459		)
Included in other comprehensive income (unrealized) (2)	1,406			—
Purchases, issues, sales, settlements (3)
Purchases	—			—
Issues	—			—
Sales	—			—
Settlements	(74		)	—
Transfer from investment grade to non-investment grade	—			—
Transfers in and/or out of Level 3	—			—
Closing balance, September 30, 2013	$	6,132		$	(3,511	)
Changes in unrealized losses included in earnings relating to assets and liabilities held at the end of September 30, 2013	$	—		$	459

	Investment Securities Available-for-Sale
	Corporate Debt Securities
	Non-Investment Grade			Derivatives Payable
	(In thousands)
Beginning balance, January 1, 2012	$	2,235		$	(2,634	)
Total gains or (losses) for the period: (1)
Included in earnings	(99		)	(300		)
Included in other comprehensive income (unrealized) (2)	1,758			—
Purchases, issues, sales, settlements (3)
Purchases	—			—
Issues	—			—
Sales	—			—
Settlements	(45		)	—
Transfer from investment grade to non-investment grade	—			—
Transfers in and/or out of Level 3	—			—
Closing balance, September 30, 2012	$	3,849		$	(2,934	)
Changes in unrealized losses included in earnings relating to assets and liabilities held at the end of September 30, 2012	$	99		$	300

(2) Unrealized gains or losses on investment securities are reported in accumulated other comprehensive income (loss), net of tax, in the condensed consolidated statements of comprehensive income.

Carrying amounts and fair values of financial instruments

	September 30, 2013				December 31, 2012
	Carrying				Carrying
	Amount or				Amount or
	Notional		Estimated		Notional		Estimated
	Amount		Fair Value		Amount		Fair Value
	(In thousands)
Financial Assets:
Cash and cash equivalents	$	1,322,383	$	1,322,383	$	1,323,106	$	1,323,106
Short-term investments	293,092		293,092		366,378		366,378
Securities purchased under resale agreements	1,300,000		1,282,855		1,450,000		1,442,302
Investment securities available-for-sale	2,892,761		2,892,761		2,607,029		2,607,029
Loans held for sale	232,309		240,648		174,317		180,349
Loans receivable, net	16,698,291		15,914,095		14,645,785		14,743,218
Investment in Federal Home Loan Bank stock	75,426		75,426		107,275		107,275
Investment in Federal Reserve Bank stock	48,212		48,212		48,003		48,003
Accrued interest receivable	113,350		113,350		94,837		94,837
Foreign exchange options	85,614		5,955		85,614		5,011
Interest rate swaps	1,496,204		25,931		1,190,793		36,943
Short-term foreign exchange contracts	291,876		4,068		112,459		896
Financial Liabilities:
Customer deposit accounts:
Demand, savings and money market deposits	14,448,785		14,448,785		12,187,740		12,187,740
Time deposits	5,910,355		5,955,631		6,121,614		6,115,530
Federal Home Loan Bank advances	314,557		307,998		312,975		333,060
Securities sold under repurchase agreements	995,000		1,153,869		995,000		1,173,830
Other borrowings	—		—		20,000		20,000
Accrued interest payable	10,509		10,509		10,855		10,855
Long-term debt	187,178		141,092		137,178		83,762
Derivative liabilities	1,929,944		38,552		1,392,494		42,060

Schedule fair value hierarchy for the estimated fair values of financial instruments

	September 30, 2013
	Estimated
	Fair Value
	Measurements		Level 1		Level 2		Level 3
	(In thousands)
Financial Assets:
Cash and cash equivalents	$	1,322,383	$	1,322,383	$	—	$	—
Short-term investments	293,092		—		293,092		—
Securities purchased under resale agreements	1,282,855		—		1,282,855		—
Loans held for sale	240,648		—		240,648		—
Loans receivable, net	15,914,095		—		—		15,914,095
Investment in Federal Home Loan Bank stock	75,426		—		75,426		—
Investment in Federal Reserve Bank stock	48,212		—		48,212		—
Accrued interest receivable	113,350		—		113,350		—
Financial Liabilities:
Customer deposit accounts:
Demand, savings and money market deposits	14,448,785		—		14,448,785		—
Time deposits	5,955,631		—		—		5,955,631
Federal Home Loan Bank advances	307,998		—		307,998		—
Securities sold under repurchase agreements	1,153,869		—		1,153,869		—
Other borrowings	—		—		—		—
Accrued interest payable	10,509		—		10,509		—
Long-term debt	141,092		—		141,092		—

	December 31, 2012
	Estimated
	Fair Value
	Measurements		Level 1		Level 2		Level 3
	(In thousands)
Financial Assets:
Cash and cash equivalents	$	1,323,106	$	1,323,106	$	—	$	—
Short-term investments	366,378		—		366,378		—
Securities purchased under resale agreements	1,442,302		—		1,442,302		—
Loans held for sale	180,349		—		180,349		—
Loans receivable, net	14,743,218		—		—		14,743,218
Investment in Federal Home Loan Bank stock	107,275		—		107,275		—
Investment in Federal Reserve Bank stock	48,003		—		48,003		—
Accrued interest receivable	94,837		—		94,837		—
Financial Liabilities:
Customer deposit accounts:
Demand, savings and money market deposits	12,187,740		—		12,187,740		—
Time deposits	6,115,530		—		—		6,115,530
Federal Home Loan Bank advances	333,060		—		333,060		—
Securities sold under repurchase agreements	1,173,830		—		1,173,830		—
Other borrowings	20,000		—		20,000		—
Accrued interest payable	10,855		—		10,855		—
Long-term debt	83,762		—		83,762		—

- Definition

Tabular disclosure related to 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 recurring and/or nonrecurring basis in periods after initial recognition. Disclosures 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) as well as transfers between levels 1 and 2.

+ References

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

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 157

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+ Details

- 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).

+ References+ Details

- 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.

+ References

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

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 107

-Paragraph 15

-Subparagraph b-d

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-Subparagraph c(2), d, e, f

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-Paragraph 19

-Subparagraph a, b, c(1), d(1)

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

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