Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2014

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, 2014		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	$	116,926	$	116,926	$	—	$	—
Federal agency—Debt		1,398,581		—		1,398,581		—
Federal agency—MBS		104,526		—		104,526		—
CMOs—Federal agency		3,580,590		—		3,580,590		—
CMOs—Non-agency		24,014		—		24,014		—
State and municipal		479,031		—		475,484		3,547
Other debt securities		176,169		—		176,169		—
Equity securities and mutual funds		3,146		3,146		—		—
Trading securities		173,188		171,778		1,410		—
Derivative assets (1)		51,586		6,106		44,598		882
Contingent consideration asset (1)		2,930		—		—		2,930
Total assets at fair value	$	6,110,687	$	297,956	$	5,805,372	$	7,359
Liabilities
Derivative liabilities	$	51,309	$	6,623	$	44,686	$	—
Contingent consideration liability		34,983		—		—		34,983
FDIC clawback liability		15,106		—		—		15,106
Other liabilities		946		—		946		—
Total liabilities at fair value (2)	$	102,344	$	6,623	$	45,632	$	50,089
Redeemable noncontrolling interest	$	39,978	$	—	$	—	$	39,978
Measured on a Nonrecurring Basis
Assets
Other real estate owned (3)	$	5,644	$	—	$	—	$	5,644
Total assets at fair value	$	5,644	$	—	$	—	$	5,644

(1)	Reported in Other assets in the consolidated balance sheets.
(2)	Reported in Other liabilities in the consolidated balance sheets.
(3)	Includes covered OREO.

			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		—
Derivative assets (1)		34,613		3,487		31,126		—
Total assets at fair value	$	6,358,087	$	127,924	$	6,226,530	$	3,633
Liabilities
Derivative liabilities	$	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.

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

	For the year ended December 31, 2014
(in thousands)	Securities Available-for- Sale			Equity Warrants			Contingent Consideration Asset		Contingent Consideration Liability			FDIC Clawback Liability
Balance, beginning of period	$	3,633		$	—		$	—	$	(49,900	)	$	(11,967	)
Total realized/unrealized gains (losses):
Included in earnings		—			73			—		(802	)		(3,139	)
Included in other comprehensive income		14			—			—		—			—
Additions		—			838			2,930		—			—
Settlements		(100	)		(29	)		—		17,368			—
Other (1)		—			—			—		(1,649	)		—
Balance, end of period	$	3,547		$	882		$	2,930	$	(34,983	)	$	(15,106	)

	For the year ended December 31, 2013
(in thousands)	Securities Available- for-Sale			Contingent Consideration Liability			FDIC Clawback Liability
Balance, beginning of period	$	65,187		$	(47,724	)	$	(9,970	)
Total realized/unrealized gains (losses):
Included in earnings		(5,302	)		—			(1,997	)
Included in other comprehensive income		5,916			—			—
Sales		(15,096	)		—			—
Settlements		(47,180	)		—			—
Other (1)		108			(2,176	)		—
Balance, end of period	$	3,633		$	(49,900	)	$	(11,967	)

(1) Other rollforward activity consists of amortization of premiums and accretion of discounts recognized on the initial purchase of 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, 2014		Valuation Method	Unobservable Inputs
Other real estate owned	$	5,644	Third-party appraisal	—Fair values are primarily based on unadjusted appraised values. —A limited number of properties were valued using comparable sales values or income approaches, resulting in discounts to appraised values ranging from 14% to 35%.

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

	For the year ended December 31,
(in thousands)	2014			2013
Collateral dependent impaired loans:
Commercial	$	—		$	(15	)
Commercial real estate mortgages		(5	)		(641	)
Residential mortgages		36			(469	)
Home equity loans and lines of credit		—			116
Installment		—			(138	)
Other real estate owned (1)		1,386			(5,892	)
Private equity and alternative investments		—			(532	)
Total net gains (losses) recognized	$	1,417		$	(7,571	)

(1) Net gains and losses on OREO include amounts related to covered OREO, a significant portion of which is payable to or reimbursable by the FDIC.

Schedule of carrying amounts and fair values of financial instruments

	December 31, 2014
					Fair Value Measurements Using
	Carrying Amount		Total Fair Value
(in millions)					Level 1		Level 2		Level 3
Financial Assets:
Cash and due from banks	$	336.5	$	336.5	$	336.5	$	—	$	—
Due from banks—interest-bearing		120.0		120.0		120.0		—		—
Securities purchased under resale agreements		200.0		201.1		—		201.1		—
Securities held-to-maturity		3,427.0		3,484.6		—		3,484.6		—
Loans and leases, net of allowance		20,027.1		20,576.9		—		—		20,576.9
Covered loans, net of allowance		502.4		549.1		—		—		549.1
FDIC indemnification asset		50.5		40.2		—		—		40.2
Investment in FHLB and FRB stock		58.4		58.4		—		58.4		—
Financial Liabilities:
Deposits	$	28,108.1	$	28,109.6	$	—	$	27,435.1	$	674.5
Short-term borrowings		322.9		322.9		320.0		—		2.9
Long-term debt		638.6		704.3		—		605.3		99.0

	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
Short-term borrowings		3.9		3.9		—		—		3.9
Long-term debt		736.0		788.9		—		697.8		91.1