Fair Value (Tables)

3 Months Ended

Mar. 31, 2014

Schedule Of Assets And Liabilities Measured At Fair Value By Class On A Recurring Basis



(In thousands)	March 31, 2014
	Level 1		Level 2		Level 3		Total
ASSETS
Investment securities:
Available-for-sale:
U.S. Treasury, agencies and corporations			$	2,252,014			$	2,252,014
Municipal securities			141,222		$	10,184	151,406
Asset-backed securities:
Trust preferred – banks and insurance			69,194		690,217		759,411
Trust preferred – real estate investment trusts					—		—
Auction rate					6,560		6,560
Other			1,722		30		1,752
Mutual funds and stock	$	231,405	20,657				252,062
	231,405		2,484,809		706,991		3,423,205
Trading account			56,172				56,172
Other noninterest-bearing investments:
Bank-owned life insurance			469,241				469,241
Private equity			4,923		81,052		85,975
Other assets:
Agriculture loan servicing and interest-only strips					11,207		11,207
Deferred compensation plan assets	88,606						88,606
Derivatives:
Interest rate related and other			630				630
Interest rate swaps for customers			50,644				50,644
Foreign currency exchange contracts	6,409						6,409
	6,409		51,274				57,683
	$	326,420	$	3,066,419	$	799,250	$	4,192,089
LIABILITIES
Securities sold, not yet purchased	$	1,340					$	1,340
Other liabilities:
Deferred compensation plan obligations	88,606						88,606
Derivatives:
Interest rate related and other			$	778			778
Interest rate swaps for customers			51,000				51,000
Foreign currency exchange contracts	5,412						5,412
Total return swap					$	5,399	5,399
	5,412		51,778		5,399		62,589
Other					233		233
	$	95,358	$	51,778	$	5,632	$	152,768



(In thousands)	December 31, 2013
	Level 1		Level 2		Level 3		Total
ASSETS
Investment securities:
Available-for-sale:
U.S. Treasury, agencies and corporations	$	—	$	2,059,105			$	2,059,105
Municipal securities			55,602		$	10,662	66,264
Asset-backed securities:
Trust preferred – banks and insurance			—		1,238,820		1,238,820
Trust preferred – real estate investment trusts					22,996		22,996
Auction rate					6,599		6,599
Other			2,099		25,800		27,899
Mutual funds and stock	259,750		20,453				280,203
	259,750		2,137,259		1,304,877		3,701,886
Trading account			34,559				34,559
Other noninterest-bearing investments:
Bank-owned life insurance			466,428				466,428
Private equity			4,822		82,410		87,232
Other assets:
Agriculture loan servicing and interest-only strips					8,852		8,852
Deferred compensation plan assets	86,184						86,184
Derivatives:
Interest rate related and other			622				622
Interest rate swaps for customers			55,447				55,447
Foreign currency exchange contracts	9,614						9,614
	9,614		56,069				65,683
	$	355,548	$	2,699,137	$	1,396,139	$	4,450,824
LIABILITIES
Securities sold, not yet purchased	$	73,606					$	73,606
Other liabilities:
Deferred compensation plan obligations	86,184						86,184
Derivatives:
Interest rate related and other			$	1,004			1,004
Interest rate swaps for customers			54,688				54,688
Foreign currency exchange contracts	8,643						8,643
Total return swap					$	4,062	4,062
	8,643		55,692		4,062		68,397
Other					241		241
	$	168,433	$	55,692	$	4,303	$	228,428

Schedule Of Assets And Liabilities Measured At Fair Value By Class On A Recurring Basis Using Level 3 Inputs



	Level 3 Instruments
	Three Months Ended March 31, 2014
(In thousands)	Municipal securities			Trust preferred – banks and insurance			Trust preferred – REIT			Auction rate			Other asset-backed			Private equity investments			Ag loan svcg and int-only strips			Derivatives and other liabilities

Balance at December 31, 2013	$	10,662		$	1,238,820		$	22,996		$	6,599		$	25,800		$	82,410		$	8,852		$	(4,303	)
Net gains (losses) included in:
Statement of income:
Accretion of purchase discount on securities available-for-sale	10			720						1
Dividends and other investment income																(1,695		)
Fair value and nonhedge derivative loss																						(7,427		)
Fixed income securities gains, net	16			18,582			1,399						10,917
Other noninterest income																			481
Other noninterest expense																						8
Other comprehensive income	(274		)	94,462						(40		)	(15		)
Purchases																1,356			2,077
Sales				(546,388		)	(24,395		)				(36,669		)	(824		)
Redemptions and paydowns	(230		)	(46,786		)							(3		)	(195		)	(203		)	6,090
Transfers to Level 2				(69,193		)
Balance at March 31, 2014	$	10,184		$	690,217		$	—		$	6,560		$	30		$	81,052		$	11,207		$	(5,632	)



	Level 3 Instruments
	Three Months Ended March 31, 2013
(In thousands)	Municipal securities			Trust preferred – banks and insurance			Trust preferred – REIT		Auction rate		Other asset-backed			Private equity investments			Ag loan svcg and int-only strips			Derivatives and other liabilities

Balance at December 31, 2012	$	16,551		$	949,271		$	16,403	$	6,515	$	15,160		$	64,223		$	8,334		$	(5,251	)
Net gains (losses) included in:
Statement of income:
Accretion of purchase discount on securities available-for-sale	21			815			63		1		5
Dividends and other investment income														2,989
Fair value and nonhedge derivative loss																				(5,558		)
Equity securities gains, net														2,399
Fixed income securities gains, net	21			3,226							30
Net impairment losses on investment securities				(9,714		)
Other noninterest income																	119
Other noninterest expense																				(71		)
Other comprehensive income	725			78,650			840		8		2,651
Purchases														959
Sales														(733		)
Redemptions and paydowns	(275		)	(19,146		)					(2,453		)	(131		)	(201		)	5,810
Balance at March 31, 2013	$	17,043		$	1,003,102		$	17,306	$	6,524	$	15,393		$	69,706		$	8,252		$	(5,070	)

Schedule Of Realized Gains (Losses) Using Level 3 Inputs



(In thousands)	Three Months Ended March 31,
(In thousands)	Three Months Ended March 31,
	2014		2013

Dividends and other investment income	$	34	$	15
Fixed income securities gains, net	30,914		3,277

Summary of Quantitative Information Relating to the Principal Valuation Techniques and Significant Unobservable Inputs for Level 3 [Table Text Block]



	Level 3 Instruments
	Quantitative information at March 31, 2014
(Dollar amounts in thousands)	Fair value		Principal valuation techniques	Significant unobservable inputs	Range of inputs (% annually)
Asset-backed securities:
Trust preferred – predominantly banks ¹	$	744,840	Discounted cash flow Market comparables	Constant prepayment rate	until 2016 – 5.50% to 23.30%
					2016 to maturity – 3.0%
				Constant default rate	yr 1 – 0.30% to 2.17%
					yrs 2-5 – 0.48% to 0.82 %
					yrs 6 to maturity – 0.59% to 0.65%
				Loss given default	100%
				Loss given deferral	13.56% to 100%
				Discount rate (spread over forward LIBOR)	5.3% to 5.6%

¹Amount consists of $690.2 million AFS and $54.6 million HTM.



	Level 3 Instruments
	Quantitative information at December 31, 2013
(Dollar amounts in thousands)	Fair value		Principal valuation techniques	Significant unobservable inputs	Range of inputs (% annually)
Asset-backed securities:
Trust preferred – predominantly banks	$	921,819	Discounted cash flow Market comparables	Constant prepayment rate	until 2016 – 5.50% to 20.73%
					2016 to maturity – 3.0%
				Constant default rate	yr 1 – 0.30% to 1.94%
					yrs 2-5 – 0.49% to 1.14%
					yrs 6 to maturity – 0.58% to 0.65%
				Loss given default	100%
				Loss given deferral	14.39% to 100%
				Discount rate (spread over forward LIBOR)	5.6% to 7.7%

Trust preferred – predominantly insurance	346,390		Discounted cash flow Market comparables	Constant prepayment rate	until maturity – 5.0%
				Constant default rate	yr 1 – 0.38% to 1.03%
					yrs 2-5 – 0.53% to 0.89%
					yrs 6 to maturity – 0.50% to 0.55%
				Loss given default	100%
				Loss given deferral	2.18% to 30.13%
				Discount rate (spread over forward LIBOR)	3.72% to 6.49%

Trust preferred – individual banks	22,324		Market comparables	Yield	6.6% to 7.8%
				Price	81.25% to 109.6%

Trust preferred – real estate investment trust	22,996		Discounted cash flow Market comparables	Constant prepayment rate	until maturity – 0.0%
				Constant default rate	yr 1 – 4.1% to 10.6%
					yrs 2-3 – 4.6% to 5.5%
					yrs 4-6 – 1.0%
					yrs 7 to maturity – 0.50%
				Loss given default	60% to 100%
				Discount rate (spread over forward LIBOR)	5.5% to 15%

Other (predominantly ABS CDOs)	25,800		Discounted cash flow	Constant default rate	0.01% to 100%
				Loss given default	70% to 92%
				Discount rate (spread over forward LIBOR)	9% to 22%

Schedule Of Assets With Fair Value Changes On Nonrecurring Basis



(In thousands)	Fair value at March 31, 2014								Fair value at December 31, 2013
(In thousands)	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
ASSETS
HTM securities adjusted for OTTI	$	—	$	—	$	71	$	71	$	—	$	—	$	8,483	$	8,483
Private equity investments, carried at cost	—		—		—		—		—		—		13,270		13,270
Impaired loans	—		21,943		—		21,943		—		11,765		—		11,765
Other real estate owned	—		13,720		—		13,720		—		24,684		—		24,684
	$	—	$	35,663	$	71	$	35,734	$	—	$	36,449	$	21,753	$	58,202

The previous fair values may not be current as of the dates indicated, but rather as of the date the fair value change occurred, such as a charge for impairment. Accordingly, carrying values may not equal current fair value.



	Gains (losses) from fair value changes
(In thousands)	Three Months Ended March 31,
(In thousands)	2014			2013
ASSETS
HTM securities adjusted for OTTI	$	(27	)	$	(403	)
Private equity investments, carried at cost	—			(820		)
Impaired loans	(2,177		)	(883		)
Other real estate owned	(2,234		)	(4,691		)
	$	(4,438	)	$	(6,797	)

Fair Value, by Balance Sheet Grouping [Table Text Block]



	March 31, 2014
(In thousands)							Gross amounts not offset in the balance sheet
Description	Gross amounts recognized		Gross amounts offset in the balance sheet		Net amounts presented in the balance sheet		Financial instruments			Cash collateral received/pledged			Net amount

Assets:
Federal funds sold and security resell agreements	$	379,947	$	—	$	379,947	$	—		$	—		$	379,947
Derivatives (included in other assets)	57,683		—		57,683		(8,646		)	760			49,797
	$	437,630	$	—	$	437,630	$	(8,646	)	$	760		$	429,744
Liabilities:
Federal funds and other short-term borrowings	$	279,837	$	—	$	279,837	$	—		$	—		$	279,837
Derivatives (included in other liabilities)	62,589		—		62,589		(8,646		)	(29,260		)	24,683
	$	342,426	$	—	$	342,426	$	(8,646	)	$	(29,260	)	$	304,520



	December 31, 2013
(In thousands)							Gross amounts not offset in the balance sheet
Description	Gross amounts recognized		Gross amounts offset in the balance sheet		Net amounts presented in the balance sheet		Financial instruments			Cash collateral received/pledged			Net amount

Assets:
Federal funds sold and security resell agreements	$	282,248	$	—	$	282,248	$	—		$	—		$	282,248
Derivatives (included in other assets)	65,683		—		65,683		(11,650		)	2,210			56,243
	$	347,931	$	—	$	347,931	$	(11,650	)	$	2,210		$	338,491
Liabilities:
Federal funds and other short-term borrowings	$	340,348	$	—	$	340,348	$	—		$	—		$	340,348
Derivatives (included in other liabilities)	68,397		—		68,397		(11,650		)	(26,997		)	29,750
	$	408,745	$	—	$	408,745	$	(11,650	)	$	(26,997	)	$	370,098



	March 31, 2014					December 31, 2013
(In thousands)	Carrying value		Estimated fair value		Level	Carrying value		Estimated fair value		Level
Financial assets:
HTM investment securities	$	606,279	$	635,379	3	$	588,981	$	609,547	3
Loans and leases (including loans held for sale), net of allowance	38,587,527		38,333,815		3	38,468,402		38,088,242		3
Financial liabilities:
Time deposits	2,528,735		2,536,904		2	2,593,038		2,602,955		2
Foreign deposits	1,648,111		1,647,876		2	1,980,161		1,979,805		2
Long-term debt (less fair value hedges)	2,155,606		2,301,239		2	2,269,762		2,423,643		2

- 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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