XML 106 R34.htm IDEA: XBRL DOCUMENT v2.4.0.8
Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2013
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,
2013		   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

   $ 35,335   $ 35,335   $ —   $ —  

Federal agency—Debt

     1,410,536     —     1,410,536     —  

Federal agency—MBS

     157,226     —     157,226     —  

CMOs—Federal agency

     3,997,298     —     3,997,298     —  

CMOs—Non-agency

     37,462     —     37,462     —  

State and municipal

     415,995     —     412,362     3,633  

Other debt securities

     178,822     —     178,822     —  

Equity securities and mutual funds           

     8,443     8,443     —     —  

Trading securities

     82,357     80,659     1,698     —  

Derivatives (1)

     34,613     3,487     31,126     —  
                   
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total assets at fair value

   $ 6,358,087   $ 127,924   $ 6,226,530   $ 3,633  
                   
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                   

Liabilities

    
 		    
 		    
 		    
 		  

Derivatives

   $ 32,970   $ 3,333   $ 29,637   $ —  

Contingent consideration liability

     49,900     —     —     49,900  

FDIC clawback liability

     11,967     —     —     11,967  

Other liabilities

     1,044     —     1,044     —  
                   
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total liabilities at fair value (2)

   $ 95,881   $ 3,333   $ 30,681   $ 61,867  
                   
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                   

Redeemable noncontrolling interest

   $ 39,768   $ —   $ —   $ 39,768  

Measured on a Nonrecurring Basis

    
 		    
 		    
 		    
 		  

Assets

                          

Collateral dependent impaired loans (3):

                          

Commercial real estate mortgages

   $ 1,220   $ —   $ —   $ 1,220  

Residential mortgages

     1,300     —     —     1,300  

Other real estate owned (4)

     18,251     —     —     18,251  

Private equity and alternative investments

     895     —     —     895  
                   
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total assets at fair value

   $ 21,666   $ —   $ —   $ 21,666  
                   
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                   
(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 covered OREO.

 
    
   Fair Value Measurements at Reporting Date Using  
(in thousands)
  Balance as of
December 31,
2012		   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

   $ 20,397   $ 20,397   $ —   $ —  

Federal agency—Debt

     2,349,202     —     2,349,202     —  

Federal agency—MBS

     693,032     —     693,032     —  

CMOs—Federal agency

     5,318,253     —     5,318,253     —  

CMOs—Non-agency

     61,513     —     61,513     —  

State and municipal

     454,474     —     407,429     47,045  

Other debt securities

     307,417     —     289,275     18,142  

Equity securities and mutual funds           

     1,701     1,701     —     —  

Trading securities

     115,059     113,010     2,049     —  

Derivatives (1)

     67,496     218     67,278     —  
                   
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total assets at fair value

   $ 9,388,544   $ 135,326   $ 9,188,031   $ 65,187  
                   
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                   

Liabilities

    
 		    
 		    
 		    
 		  

Derivatives

   $ 64,432   $ —   $ 64,432   $ —  

Contingent consideration liability

     47,724     —     —     47,724  

FDIC clawback liability

     9,970     —     —     9,970  

Other liabilities

     368     —     368     —  
                   
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total liabilities at fair value (2)

   $ 122,494   $ —   $ 64,800   $ 57,694  
                   
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                   

Redeemable noncontrolling interest

   $ 41,112   $ —   $ —   $ 41,112  

Measured on a Nonrecurring Basis

    
 		    
 		    
 		    
 		  

Assets

                          

Collateral dependent impaired loans (3):

                          

Commercial (4)

   $ 2,655   $ —   $ —   $ 2,655  

Commercial real estate mortgages

     10,963     —     —     10,963  

Residential mortgages

     1,811     —     —     1,811  

Real estate construction

     7,918     —     —     7,918  

Home equity loans and lines of credit           

     780     —     —     780  

Installment

     550     —     —     550  

Other real estate owned (5)

     44,396     —     —     44,396  

Private equity and alternative investments

     6,178     —     —     6,178  
                   
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total assets at fair value

   $ 75,251   $ —   $ —   $ 75,251  
                   
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                   
(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)
Includes covered OREO.
Schedule of reconciliation of Level 3 assets and liabilities measured on a recurring basis
 
   For the year ended
December 31, 2013		   For the year ended
December 31, 2012		  
(in thousands)
  Securities
Available-for-
Sale		   Contingent
Consideration
Liability		   FDIC
Clawback
Liability		   Securities
Available-for-
Sale		   Contingent
Consideration
Liability		   FDIC
Clawback
Liability		  

Balance, beginning of period

   $ 65,187   $ (47,724 ) $ (9,970 ) $ 19,583   $ —   $ (8,103 )

Total realized/unrealized gains (losses):

                                      

Included in earnings

     (5,302 )   —     (1,997 )   —     —     (1,867 )

Included in other comprehensive income

     5,916     —     —     2,332     —     —  

Additions

     —     —     —     —     (46,696 )   —  

Sales

     (15,096 )   —     —     —     —     —  

Settlements

     (47,180 )   —     —     (4,004 )   —     —  

Transfers into Level 3

     —     —     —     47,165     —     —  

Other (1)

     108     (2,176 )   —     111     (1,028 )   —  
                           
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Balance, end of period

   $ 3,633   $ (49,900 ) $ (11,967 ) $ 65,187   $ (47,724 ) $ (9,970 )
                           
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                           
(1)
Other rollforward activity consists of amortization of premiums and accretion of discounts recognized on the initial purchase of the securities available-for-sale and accretion of discount related to the contingent consideration liability.
Information About Nonrecurring Level 3 Fair Value Measurements

 

 

(in thousands)
  Fair Value at
December 31,
2013		   Valuation
Method		   Unobservable Inputs

Collateral dependent impaired loans and other real estate owned

   $ 20,771   Market   —Assumptions made in the appraisal process
—Adjustments to external or internal appraised values. Appraised values may be adjusted to reflect changes in market conditions that have occurred subsequent to the appraisal date, or for revised estimates regarding the timing or cost of the property sale. These adjustments are based on qualitative judgments made by management on a case-by-case basis.

             —Probability weighting of broker price opinions

             —Management assumptions regarding market trends or other relevant factors

Private equity and alternative investments

  
$
895		  

Cost Recovery

  

—Management's assumptions regarding recoverability of investment based on fund financial performance, market conditions and other relevant factors
Schedule of total (losses) gains for assets measured at fair value on a nonrecurring basis

 

 

 
   For the year ended
December 31,		  
(in thousands)
  2013   2012  

Collateral dependent impaired loans:

              

Commercial

   $ (15 ) $ (368 )

Commercial real estate mortgages

     (641 )   (1,143 )

Residential mortgages

     (469 )   (975 )

Real estate construction

     —     (5,137 )

Home equity loans and lines of credit

     116     (25 )

Installment

     (138 )   (208 )

Other real estate owned (1)

     (5,892 )   (20,695 )

Private equity and alternative investments

     (532 )   (3,296 )
           
​ ​ ​ ​ ​ ​ ​ ​

Total net losses recognized

   $ (7,571 ) $ (31,847 )
           
​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​
           
(1)
Net losses on OREO include $4.7 million and $17.7 million of net losses related to covered OREO for the years ended December 31, 2013 and December 31, 2012, respectively, a significant portion of which is reimbursable by the FDIC.
Schedule of carrying amounts and fair values of financial instruments

 

 

 
   December 31, 2013  
 
    
    
   Fair Value Measurements Using  
 
   Carrying
Amount		   Total
Fair Value		  
(in millions)
  Level 1   Level 2   Level 3  

Financial Assets:

                                

Cash and due from banks

   $ 183.2   $ 183.2   $ 183.2   $ —   $ —  

Due from banks—interest bearing

     552.7     552.7     552.7     —     —  

Securities purchased under
resale agreements

     200.0     200.5     —     200.5     —  

Securities held-to-maturity

     2,957.8     2,883.9     —     2,883.9     —  

Loans and leases, net of allowance

     16,867.9     17,362.9     —     —     17,362.9  

Covered loans, net of allowance

     701.0     739.5     —     —     739.5  

FDIC indemnification asset

     89.2     74.3     —     —     74.3  

Investment in FHLB and FRB stock

     64.4     64.4     —     64.4     —  

Financial Liabilities:

    
 		    
 		    
 		    
 		    
 		  

Deposits

   $ 25,679.4   $ 25,682.2   $ —   $ 24,990.8   $ 691.4  

Other short-term borrowings

     3.9     3.9     —     —     3.9  

Long-term debt

     736.0     788.9     —     697.8     91.1  

 

 
   December 31, 2012  
 
    
    
   Fair Value Measurements Using  
 
   Carrying
Amount		   Total
Fair Value		  
(in millions)
  Level 1   Level 2   Level 3  

Financial Assets:

                                

Cash and due from banks

   $ 152.0   $ 152.0   $ 152.0   $ —   $ —  

Due from banks—interest bearing

     246.3     246.3     246.3     —     —  

Federal funds sold

     17.1     17.1     17.1     —     —  

Securities held-to-maturity

     1,398.4     1,446.6     —     1,446.6     —  

Loans and leases, net of allowance

     14,540.4     14,988.6     —     —     14,988.6  

Covered loans, net of allowance

     986.2     1,055.0     —     —     1,055.0  

FDIC indemnification asset

     150.0     123.9     —     —     123.9  

Investment in FHLB and FRB stock

     90.0     90.0     —     90.0     —  

Financial Liabilities:

    
 		    
 		    
 		    
 		    
 		  

Deposits

   $ 23,502.4   $ 23,506.9   $ —   $ 22,734.5   $ 772.4  

Federal funds purchased and securities sold under repurchase agreements          

     1,214.2     1,214.2     1,214.2     —     —  

Other short-term borrowings

     209.6     210.7           207.6     3.1  

Long-term debt

     706.1     774.8     —     698.9     75.9