Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 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 June 30, 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	$	13,076	$	13,076	$	—	$	—
Federal agency - Debt	1,847,232		—		1,847,232		—
Federal agency - MBS	534,726		—		534,726		—
CMOs - Federal agency	3,453,901		—		3,453,901		—
CMOs - Non-agency	91,083		—		91,083		—
State and municipal	357,804		—		357,804		—
Other debt securities	44,121		—		23,315		20,806
Equity securities and mutual funds	6,112		6,112		—		—
Trading securities	125,829		121,141		4,688		—
Mark-to-market derivatives (1)	44,488		3,308		41,180		—
Total assets at fair value	$	6,518,372	$	143,637	$	6,353,929	$	20,806
Liabilities
Mark-to-market derivatives (2)	$	29,501	$	1,226	$	28,275	$	—
Other liabilities	161		—		161		—
Total liabilities at fair value	$	29,662	$	1,226	$	28,436	$	—
Measured on a Nonrecurring Basis
Assets
Collateral dependent impaired loans (3)
Commercial (4)	$	3,822	$	—	$	3,822	$	—
Commercial real estate mortgages	2,505		—		2,505		—
Residential mortgages	4,656		—		4,175		481
Real estate construction	10,136		—		1,610		8,526
Equity lines of credit	2,064		—		1,178		886
Other real estate owned (5)	61,103		—		41,264		19,839
Private equity investments	7,293		—		—		7,293
Total assets at fair value	$	91,579	$	—	$	54,554	$	37,025

(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 $162.5 million in the consolidated balance sheets includes $114.9 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 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.

			Fair Value Measurements at Reporting Date Using
(in thousands)	Balance as of June 30, 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	$	19,145	$	19,145	$	—	$	—
Federal agency - Debt	1,090,846		—		1,090,846		—
Federal agency - MBS	466,713		—		466,713		—
CMOs - Federal agency	2,528,237		—		2,528,237		—
CMOs - Non-agency	217,078		—		217,078		—
State and municipal	360,422		—		360,422		—
Other debt securities	67,147		—		42,003		25,144
Equity securities and mutual funds	11,555		11,555		—		—
Trading securities	129,287		113,483		15,804		—
Mark-to-market derivatives (1)	60,619		4,976		55,643		—
Total assets at fair value	$	4,951,049	$	149,159	$	4,776,746	$	25,144
Liabilities
Mark-to-market derivatives (2)	$	31,736	$	1,629	$	30,107	$	—
Total liabilities at fair value	$	31,736	$	1,629	$	30,107	$	—
Measured on a Nonrecurring Basis
Assets
Collateral dependent impaired loans (3)
Commercial (4)	$	2,996	$	—	$	2,746	$	250
Commercial real estate mortgages	35,656		—		21,243		14,413
Residential mortgages	7,364		—		6,985		379
Real estate construction	111,339		—		85,460		25,879
Other real estate owned (5)	50,797		—		43,592		7,205
Private equity investments	4,427		—		—		4,427
Total assets at fair value	$	212,579	$	—	$	160,026	$	52,553

(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 $153.3 million in the consolidated balance sheets includes $98.8 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 three months ended June 30,						For the six months ended June 30,
(in thousands)	2011			2010			2011			2010
Collateral dependent impaired loans
Commercial	$	—		$	4,279		$	606		$	6,896
Commercial real estate mortgages	(340		)	141			(7,454		)	17,448
Residential mortgages	47			353			189			1,206
Real estate construction	3,417			(125		)	1,199			10,120
Equity lines of credit	546			51			510			51
Installment	(197		)	—			4,317			—
Other real estate owned	16,869			10,068			25,991			22,616
Private equity investments	200			30			200			428
Total net losses recognized	$	20,542		$	14,797		$	25,558		$	58,765

(1) Net losses on OREO includes $14.6 million and $22.8 million of net losses related to covered OREO for the three and six months ended June 30, 2011, respectively, a significant portion of which is reimbursable by the FDIC.

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

	For the six months ended
	June 30, 2011			June 30, 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	1,585			(1,358		)
Settlements	(1,728		)	(221		)
Other (1)	(33		)	(56		)
Balance, end of period	$	20,806		$	25,144

(1) Other rollforward activity consists of amortization of premiums recognized on the initial purchase of the securities available-for-sale.

Schedule of carrying amounts and fair values of financial instruments

	June 30, 2011				June 30, 2010
	Carrying		Fair		Carrying		Fair
(in millions)	Amount		Value		Amount		Value
Financial Assets:
Cash and due from banks	$	181.2	$	181.2	$	184.3	$	184.3
Due from banks - interest bearing	725.3		725.3		336.2		336.2
Federal funds sold	123.0		123.0		404.8		404.8
Securities available-for-sale	6,348.1		6,348.1		4,761.1		4,761.1
Trading securities	125.8		125.8		129.3		129.3
Loans and leases, net of allowance	11,397.2		11,719.2		11,192.6		11,494.6
Covered loans, net of allowance	1,657.0		1,660.7		2,034.6		2,027.6
FDIC indemnification asset	261.7		232.1		394.0		389.0
Investment in FHLB and FRB stock	114.9		114.9		128.1		128.1
Derivative assets	44.5		44.5		60.6		60.6
Financial Liabilities:
Deposits	$	19,265.1	$	19,269.4	$	17,972.9	$	17,977.1
Federal funds purchased and securities sold under repurchase agreements	—		—		2.7		2.7
Structured securities sold under repurchase agreements	—		—		175.0		185.3
Other short-term borrowings	149.8		151.1		0.7		0.7
Long-term debt	701.8		744.2		811.0		842.7
Derivative liabilities	29.5		29.5		31.7		31.7
FDIC clawback liability	7.7		7.7		3.8		3.8
Commitments to extend credit	4.9		19.3		7.1		21.0
Commitments to affordable housing funds, private equity funds and alternative investments	32.1		43.6		22.2		40.0