Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2013

Schedule of information regarding financial assets and liabilities measured at fair value on a recurring basis

The following tables present information regarding financial assets and liabilities measured at fair value on a recurring basis (in thousands).

	Level 1		Level 2		Level 3		Total
September 30, 2013	Inputs		Inputs		Inputs		Fair Value
Cash and cash equivalents	$	1,016,274	$	—	$	—	$	1,016,274
Trading securities	—		43,254		—		43,254
Available for sale securities	20,996		1,198,783		59,602		1,279,381
Loans held for sale	—		1,046,152		—		1,046,152
Derivative assets	—		32,967		—		32,967
Mortgage servicing asset	—		—		13,401		13,401
Trading liabilities	—		46		—		46
Derivative liabilities	—		28,375		—		28,375

	Level 1		Level 2		Level 3		Total
December 31, 2012	Inputs		Inputs		Inputs		Fair Value
Cash and cash equivalents	$	726,460	$	—	$	—	$	726,460
Trading securities	—		90,113		—		90,113
Available for sale securities	20,428		914,248		56,277		990,953
Loans held for sale	—		1,400,737		—		1,400,737
Derivative assets	—		15,697		—		15,697
Mortgage servicing asset	—		—		2,080		2,080
Time deposits	—		1,073		—		1,073
Trading liabilities	—		3,164		—		3,164
Derivative liabilities	—		1,080		—		1,080

Roll forward for financial instruments measured at fair value using Level 3 inputs

The following tables include a roll forward for those financial instruments measured at fair value using Level 3 inputs (in thousands).

							Total Gains or Losses
							(Realized or Unrealized)
	Balance at								Included in Other
	Beginning of						Included in		Comprehensive		Balance at
	Period		Purchases		Issuances		Net Income (Loss)		Income (Loss)		End of Period
Three months ended September 30, 2013
Available for sale securities	$	55,510	$	—	$	—	$	—	$	4,092	$	59,602
Mortgage servicing asset	7,111		—		4,079		2,211		—		13,401
Total	$	62,621	$	—	$	4,079	$	2,211	$	4,092	$	73,003

Nine months ended September 30, 2013
Available for sale securities	$	56,277	$	—	$	—	$	—	$	3,325	$	59,602
Mortgage servicing asset	2,080		—		8,384		2,937		—		13,401
Total	$	58,357	$	—	$	8,384	$	2,937	$	3,325	$	73,003

Three months ended September 30, 2012
Available for sale securities	$	54,577	$	—	$	—	$	—	$	7,491	$	62,068
Total	$	54,577	$	—	$	—	$	—	$	7,491	$	62,068

Nine months ended September 30, 2012
Available for sale securities	$	60,377	$	—	$	—	$	—	$	1,691	$	62,068
Total	$	60,377	$	—	$	—	$	—	$	1,691	$	62,068

Schedule of changes in fair value for instruments reported at fair value under the Fair Value Option

The following tables present the changes in fair value for instruments that are reported at fair value under the Fair Value Option (in thousands).

	Changes in Fair Value for Assets and Liabilities Reported at Fair Value under Fair Value Option
	Three Months Ended September 30, 2013						Three Months Ended September 30, 2012
			Other		Total				Other		Total
	Net Gains from		Noninterest		Changes in		Net Gains from		Noninterest		Changes in
	Sale of Loans		Income		Fair Value		Sale of Loans		Income		Fair Value
Loans held for sale	$	44,395	$	—	$	44,395	$	—	$	—	$	—
Mortgage servicing asset	6,290		—		6,290		—		—		—
Time deposits	—		—		—		—		—		—

	Changes in Fair Value for Assets and Liabilities Reported at Fair Value under Fair Value Option
	Nine Months Ended September 30, 2013						Nine Months Ended September 30, 2012
			Other		Total				Other		Total
	Net Gains from		Noninterest		Changes in		Net Gains from		Noninterest		Changes in
	Sale of Loans		Income		Fair Value		Sale of Loans		Income		Fair Value
Loans held for sale	$	2,754	$	—	$	2,754	$	—	$	—	$	—
Mortgage servicing asset	11,321		—		11,321		—		—		—
Time deposits	—		12		12		—		—		—

Schedule of carrying values and estimated fair values of financial instruments not measured at fair value on either recurring or non-recurring basis

The following tables present the carrying values and estimated fair values of financial instruments not measured at fair value on either a recurring or non-recurring basis (in thousands).

			Estimated Fair Value
	Carrying		Level 1		Level 2		Level 3
September 30, 2013	Amount		Inputs		Inputs		Inputs		Total
Financial assets:
Non-covered loans, net	$	3,277,044	$	—	$	286,663	$	3,018,250	$	3,304,913
Covered loans	1,096,590		—		—		1,096,590		1,096,590
Broker-dealer and clearing organization receivables	132,636		—		132,636		—		132,636
FDIC indemnification asset	190,041		—		—		190,041		190,041
Other assets	68,423		—		51,134		17,289		68,423

Financial liabilities:
Deposits	6,936,162		—		6,936,527		—		6,936,527
Broker-dealer and clearing organization payables	142,411		—		142,411		—		142,411
Short-term borrowings	305,297		—		305,297		—		305,297
Debt	207,123		—		231,416		—		231,416
Other liabilities	4,651		—		4,651		—		4,651

			Estimated Fair Value
	Carrying		Level 1		Level 2		Level 3
December 31, 2012	Amount		Inputs		Inputs		Inputs		Total
Financial assets:
Non-covered loans, net	$	3,148,987	$	—	$	—	$	3,148,987	$	3,148,987
Broker-dealer and clearing organization receivables	145,564		—		145,564		—		145,564
Other assets	59,094		—		59,094		—		59,094

Financial liabilities:
Deposits	4,700,461		—		4,698,848		—		4,698,848
Broker-dealer and clearing organization payables	187,990		—		187,990		—		187,990
Short-term borrowings	728,250		—		728,250		—		728,250
Debt	208,551		—		217,092		—		217,092
Other liabilities	4,400		—		4,400		—		4,400

- 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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- Definition

Tabular disclosure of the application of the fair value option for measurement and reporting of eligible financial assets and liabilities (as defined), as well as certain other eligible items (as defined) included in the statement of financial position, whether such option is elected for a single eligible item or a group of similar eligible items and is in addition to other disclosures concerning fair value which the company may be required to provide. Such disclosure might be expected to include: (1) for items included in the statement of financial position: (a) for each line item in the statement of financial position that includes an item or items for which the fair value option has been elected, provide the aggregate carrying amount of ineligible items included in each line item in the balance sheet, if any; (b) the difference between the aggregate fair value and the aggregate unpaid principal balance (assuming contractual principal amounts and fair value option elected) of: (i) loans and long-term receivables (other than securities otherwise reported at fair value) and (ii) long-term debt instruments; (c) for loans held as assets for which the fair value option has been elected: (i) the aggregate fair value of loans that are 90 days or more past due, (ii) if the policy is to recognize interest income separately from other changes in fair value, the aggregate fair value of loans in nonaccrual status, and (iii) the difference between the aggregate fair value and the aggregate unpaid principal balance for loans that are 90 days or more past due, in nonaccrual status, or both; (2) for items included in the income statement: (a) the amounts of gains and losses from fair value changes included in earnings and in which line in the income statement those gains and losses are reported whether or not combined with gains and losses from items required to be accounted for at fair value; (b) for loans and other receivables held as assets, the estimated amount of gains or losses included in earnings attributable to changes in instrument-specific credit risk; (c) for liabilities with fair values that have been significantly affected during the reporting period by changes in the instrument-specific credit risk, the estimated amount of gains and losses from fair value changes included in earnings that are attributable to changes in the instrument-specific credit risk; and (3) certain other disclosures as required or determined to be provided.

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