XML 39 R29.htm IDEA: XBRL DOCUMENT v2.4.0.6
Fair Value Measurements (Tables)
3 Months Ended
Mar. 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
March 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

 

$

30,370

 

$

30,370

 

$

 

$

 

Federal agency - Debt

 

1,114,603

 

 

1,114,603

 

 

Federal agency - MBS

 

645,480

 

 

645,480

 

 

CMOs - Federal agency

 

5,139,231

 

 

5,139,231

 

 

CMOs - Non-agency

 

50,776

 

 

50,776

 

 

State and municipal

 

445,170

 

 

398,960

 

46,210

 

Other debt securities

 

309,392

 

 

294,117

 

15,275

 

Equity securities and mutual funds

 

3,029

 

3,029

 

 

 

Trading securities

 

53,526

 

50,783

 

2,743

 

 

Mark-to-market derivatives (1)

 

59,055

 

382

 

58,673

 

 

Total assets at fair value

 

$

7,850,632

 

$

84,564

 

$

7,704,583

 

$

61,485

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

Mark-to-market derivatives

 

$

57,862

 

$

 

$

57,862

 

$

 

Contingent consideration liability

 

48,273

 

 

 

48,273

 

FDIC clawback liability

 

10,765

 

 

 

10,765

 

Other liabilities

 

344

 

 

344

 

 

Total liabilities at fair value (2)

 

$

117,244

 

$

 

$

58,206

 

$

59,038

 

 

 

 

 

 

 

 

 

 

 

Redeemable noncontrolling interest

 

$

41,113

 

 

 

$

41,113

 

 

 

 

 

 

 

 

 

 

 

Measured on a Nonrecurring Basis

 

 

 

 

 

 

 

 

 

Assets

 

 

 

 

 

 

 

 

 

Collateral dependent impaired loans (3):

 

 

 

 

 

 

 

 

 

Commercial real estate mortgages

 

$

7,300

 

$

 

$

 

$

7,300

 

Other real estate owned (4)

 

13,337

 

 

11,218

 

2,119

 

Private equity and alternative investments

 

686

 

 

 

686

 

Total assets at fair value

 

$

21,323

 

$

 

$

11,218

 

$

10,105

 

 

(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

 

 

Mark-to-market derivatives (1)

 

67,496

 

218

 

67,278

 

 

Total assets at fair value

 

$

9,388,544

 

$

135,326

 

$

9,188,031

 

$

65,187

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

Mark-to-market 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

 

 

3,950

 

7,013

 

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

 

 

34,624

 

9,772

 

Private equity and alternative investments

 

6,178

 

 

 

6,178

 

Total assets at fair value

 

$

75,251

 

$

 

$

39,124

 

$

36,127

 

 

(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 measured on a recurring basis

 

 

 

 

For the three months ended
March 31, 2013

 

For the three months ended
March 31, 2012

 

(in thousands)

 

Securities
Available-for-
Sale

 

Contingent
Consideration
Liability

 

FDIC
Clawback
Liability

 

Securities
Available-for-
Sale

 

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

 

 

 

(795

)

 

(616

)

Included in other comprehensive income

 

(199

)

 

 

964

 

 

Settlements

 

(3,555

)

 

 

(1,562

)

 

Other (1)

 

52

 

(549

)

 

24

 

 

Balance, end of period

 

$

61,485

 

$

(48,273

)

$

(10,765

)

$

19,009

 

$

(8,719

)

 

(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
March 31,
2013

 

Valuation
Method

 

Unobservable Inputs

Collateral dependent impaired loans

 

$

7,300

 

Market

 

- Adjustments to external or internal appraised values (1)

 

 

 

 

 

 

- Probability weighting of broker price opinions

 

 

 

 

 

 

- Management assumptions regarding market trends or other relevant factors

 

 

 

 

 

 

 

Other real estate owned

 

$

2,119

 

Market

 

- Adjustments to external or internal appraised values (1)

 

 

 

 

 

 

- Probability weighting of broker price opinions

 

 

 

 

 

 

- Management assumptions regarding market trends or other relevant factors

 

 

 

 

 

 

 

Private equity and alternative investments

 

$

686

 

Cost Recovery

 

- Management’s assumptions regarding recoverability of investment based on fund financial performance, market conditions and other relevant factors

 

(1)         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.

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

 

 

 

 

For the three months ended
March 31,

 

(in thousands)

 

2013

 

2012

 

Collateral dependent impaired loans:

 

 

 

 

 

Commercial

 

$

 

$

(368

)

Commercial real estate mortgages

 

145

 

(365

)

Residential mortgages

 

9

 

(582

)

Real estate construction

 

 

(6,472

)

Home equity loans and lines of credit

 

116

 

54

 

Installment

 

(138

)

(107

)

Other real estate owned (1)

 

(2,853

)

(8,465

)

Private equity and alternative investments

 

(399

)

(127

)

Total net losses recognized

 

$

(3,120

)

$

(16,432

)

 

(1)         Net losses on OREO includes $2.8 million and $7.6 million of net losses related to covered OREO for the three months ended March 31, 2013 and 2012, respectively, a significant portion of which is reimbursable by the FDIC.

Schedule of carrying amounts and fair values of financial instruments

 

 

 

 

March 31, 2013

 

 

 

Carrying

 

Total

 

Fair Value Measurements Using

 

(in millions)

 

Amount

 

Fair Value

 

Level 1

 

Level 2

 

Level 3

 

Financial Assets:

 

 

 

 

 

 

 

 

 

 

 

Cash and due from banks

 

$

144.3

 

$

144.3

 

$

144.3

 

$

 

$

 

Due from banks - interest bearing

 

123.1

 

123.1

 

123.1

 

 

 

Federal funds sold and securities purchased under resale agreements

 

219.5

 

219.5

 

19.5

 

200.0

 

 

Securities held-to-maturity

 

1,400.9

 

1,434.8

 

 

1,434.8

 

 

Loans and leases, net of allowance

 

14,934.6

 

15,416.9

 

 

 

15,416.9

 

Covered loans, net of allowance

 

909.6

 

975.1

 

 

 

975.1

 

FDIC indemnification asset

 

142.9

 

118.8

 

 

 

118.8

 

Investment in FHLB and FRB stock

 

84.1

 

84.1

 

 

84.1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Financial Liabilities:

 

 

 

 

 

 

 

 

 

 

 

Deposits

 

$

22,937.6

 

$

22,941.7

 

$

 

$

22,063.4

 

$

878.3

 

Federal funds purchased and securities sold under repurchase agreements

 

703.6

 

703.6

 

703.6

 

 

 

Other short-term borrowings

 

103.2

 

103.2

 

100.0

 

 

3.2

 

Long-term debt

 

703.0

 

785.2

 

 

713.1

 

72.1

 

 

 

 

December 31, 2012

 

 

 

Carrying

 

Total

 

Fair Value Measurements Using

 

(in millions)

 

Amount

 

Fair Value

 

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

 

 

4.5

 

14,984.1

 

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