Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2011

Fair Value Measurements

Summary of assets and liabilities measured at fair value by level

			Fair Value Measurements at Reporting Date Using
(in thousands)	Balance as of December 31, 2011		Quoted Prices in Active Markets Level 1		Significant Other Observable Inputs Level 2		Significant Unobservable Inputs Level 3
Measured on a Recurring Basis
Assets
Securities available-for-sale:
U.S. Treasury	$	19,182	$	19,182	$	—	$	—
Federal agency—Debt		1,973,862		—		1,973,862		—
Federal agency—MBS		681,044		—		681,044		—
CMOs—Federal agency		4,326,907		—		4,326,907		—
CMOs—Non-agency		69,001		—		69,001		—
State and municipal		401,604		—		401,604		—
Other debt securities		99,074		—		79,491		19,583
Equity securities and mutual funds		1,227		1,227		—		—
Trading securities		61,975		61,922		53		—
Mark-to-market derivatives (1)		62,230		2,552		59,678		—
Total assets at fair value	$	7,696,106	$	84,883	$	7,591,640	$	19,583
Liabilities
Mark-to-market derivatives (2)	$	52,881	$	1,542	$	51,339	$	—
Other liabilities		263		—		263		—
Total liabilities at fair value	$	53,144	$	1,542	$	51,602	$	—
Measured on a Nonrecurring Basis
Assets
Collateral dependent impaired loans (3):
Commercial (4)	$	2,484	$	—	$	—	$	2,484
Commercial real estate mortgages		6,830		—		6,830		—
Residential mortgages		5,555		—		5,084		471
Real estate construction		18,528		—		9,680		8,848
Equity lines of credit		3,471		—		2,588		883
Installment		675		—		675		—
Collateral dependent impaired covered loans (3):
Commercial		422		—		—		422
Other real estate owned (5)		66,837		—		56,898		9,939
Private equity and alternative investments		6,558		—		—		6,558
Total assets at fair value	$	111,360	$	—	$	81,755	$	29,605

(1)

Reported in Other assets in the consolidated balance sheets.

(2)

Reported in Other liabilities in the consolidated balance sheets.

(3)

Impaired loans for which fair value was calculated using the collateral valuation method.

(4)

Includes lease financing.

(5)

Other real estate owned balance of $129.3 million in the consolidated balance sheets includes $98.6 million of covered OREO and is net of estimated disposal costs.

			Fair Value Measurements at Reporting Date Using
(in thousands)	Balance as of December 31, 2010		Quoted Prices in Active Markets Level 1		Significant Other Observable Inputs Level 2		Significant Unobservable Inputs Level 3
Measured on a Recurring Basis
Assets
Securities available-for-sale:
U.S. Treasury	$	14,113	$	14,113	$	—	$	—
Federal agency—Debt		1,142,328		—		1,142,328		—
Federal agency—MBS		551,346		—		551,346		—
CMOs—Federal agency		3,497,147		—		3,497,147		—
CMOs—Non-agency		118,295		—		118,295		—
State and municipal		343,380		—		343,380		—
Other debt securities		43,630		—		22,648		20,982
Equity securities and mutual funds		10,436		10,436		—		—
Trading securities		255,397		249,861		5,536		—
Mark-to-market derivatives (1)		46,712		3,258		43,454		—
Total assets at fair value	$	6,022,784	$	277,668	$	5,724,134	$	20,982
Liabilities
Mark-to-market derivatives (2)	$	26,437	$	1,215	$	25,222	$	—
Other liabilities		160		—		160		—
Total liabilities at fair value	$	26,597	$	1,215	$	25,382	$	—
Measured on a Nonrecurring Basis
Assets
Collateral dependent impaired loans (3):
Commercial (4)	$	1,528	$	—	$	1,528	$	—
Commercial real estate mortgages		31,684		—		21,236		10,448
Residential mortgages		9,061		—		8,210		851
Real estate construction		98,059		—		98,059		—
Equity lines of credit		3,092		—		2,224		868
Collateral dependent impaired covered loans (3):
Commercial		2,557		—		—		2,557
Other real estate owned (5)		88,993		—		65,605		23,388
Private equity and alternative investments		10,804		—		—		10,804
Total assets at fair value	$	245,778	$	—	$	196,862	$	48,916

(1)

Reported in Other assets in the consolidated balance sheets.

(2)

Reported in Other liabilities in the consolidated balance sheets.

(3)

Impaired loans for which fair value was calculated using the collateral valuation method.

(4)

Includes lease financing.

(5)

Other real estate owned balance of $178.2 million in the consolidated balance sheets includes $120.9 million of covered OREO and is net of estimated disposal costs.

Schedule of total (losses) gains for assets measured at fair value on a nonrecurring basis

	For the year ended December 31,
(in thousands)	2011			2010
Collateral dependent impaired loans:
Commercial	$	(394	)	$	(7,943	)
Commercial real estate mortgages		5,673			(24,368	)
Residential mortgages		(484	)		(2,538	)
Real estate construction		(13,001	)		(6,477	)
Equity lines of credit		(705	)		(1,226	)
Installment		(4,596	)		—
Collaterial dependent impaired covered loans:
Commercial		(325	)		(414	)
Other real estate owned (1)		(41,531	)		(36,364	)
Private equity and alternative investments		(1,183	)		(1,433	)
Total net losses recognized	$	(56,546	)	$	(80,763	)

(1)

Net losses on OREO includes $38.5 million and $20.9 million of net losses related to covered OREO for the years ended December 31, 2011 and December 31, 2010, respectively, a significant portion of which is reimbursable by the FDIC.

Schedule of reconciliation of Level 3 assets measured on a recurring basis

Level 3 Assets Measured on a Recurring Basis

	December 31, 2011			December 31, 2010
(in thousands)	Securities Available-for-Sale			Securities Available-for-Sale
Balance, beginning of period	$	20,982		$	26,779
Total realized/unrealized gains (losses):
Included in other comprehensive income		651			(4,168	)
Settlements		(2,051	)		(1,520	)
Other (1)		1			(109	)
Balance, end of period	$	19,583		$	20,982

(1)

Other rollforward activity consists of amortization of premiums and accretion of discounts recognized on the initial purchase of the securities available-for-sale.

Schedule of carrying amounts and fair values of financial instruments

	December 31, 2011				December 31, 2010
(in millions)	Carrying Amount		Fai r Value		Carrying Amount		Fair Value
Financial Assets:
Cash and due from banks	$	168.4	$	168.4	$	126.9	$	126.9
Due from banks—interest bearing		76.4		76.4		142.8		142.8
Federal funds sold		—		—		165.0		165.0
Securities available-for-sale		7,571.9		7,571.9		5,720.7		5,720.7
Securities held-to-maturity		467.7		473.9		—		—
Trading securities		62.0		62.0		255.4		255.4
Loans and leases, net of allowance		12,046.8		12,400.5		11,129.6		11,428.4
Covered loans, net of allowance		1,417.3		1,472.6		1,790.1		1,764.7
FDIC indemnification asset		204.3		184.3		295.5		268.0
Investment in FHLB and FRB stock		107.4		107.4		120.7		120.7
Derivative assets		62.2		62.2		46.7		46.7
Financial Liabilities:
Deposits	$	20,387.6	$	20,392.3	$	18,176.9	$	18,181.4
Federal funds purchased and securities sold under
repurchase agreements		50.0		50.0		—		—
Other short-term borrowings		—		—		153.4		153.5
Long-term debt		697.8		718.7		705.0		711.2
Derivative liabilities		52.9		52.9		26.4		26.4
FDIC clawback liability		8.1		8.1		6.9		6.9