Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2013

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, 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	$	30,285	$	30,285	$	—	$	—
Federal agency - Debt	980,025		—		980,025		—
Federal agency - MBS	438,182		—		438,182		—
CMOs - Federal agency	4,728,613		—		4,728,613		—
CMOs - Non-agency	45,327		—		45,327		—
State and municipal	466,760		—		420,594		46,166
Other debt securities	350,244		—		334,571		15,673
Equity securities and mutual funds	5,135		5,135		—		—
Trading securities	48,655		38,411		10,244		—
Derivatives (1)	40,066		1,963		38,103		—
Total assets at fair value	$	7,133,292	$	75,794	$	6,995,659	$	61,839

Liabilities
Derivatives	$	38,771	$	2,490	$	36,281	$	—
Contingent consideration liability	48,800		—		—		48,800
FDIC clawback liability	11,053		—		—		11,053
Other liabilities	319		—		319		—
Total liabilities at fair value (2)	$	98,943	$	2,490	$	36,600	$	59,853

Redeemable noncontrolling interest	$	39,943	$	—	$	—	$	39,943

Measured on a Nonrecurring Basis
Assets
Collateral dependent impaired loans (3):
Commercial (4)	$	17	$	—	$	—	$	17
Commercial real estate mortgages	7,300		—		—		7,300
Residential mortgages	1,457		—		—		1,457
Other real estate owned (5)	19,525		—		16,494		3,031
Private equity and alternative investments	686		—		—		686
Total assets at fair value	$	28,985	$	—	$	16,494	$	12,491

(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.

			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		—		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 six months ended June 30, 2013									For the six months ended June 30, 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	—			—			(1,083		)	—			(1,114		)
Included in other comprehensive income	233			—			—			1,221			—
Settlements	(3,655		)	—			—			(1,664		)	—
Transfers into Level 3	—			—			—			47,165			—
Other (1)	74			(1,076		)	—			46			—
Balance, end of period	$	61,839		$	(48,800	)	$	(11,053	)	$	66,351		$	(9,217	)

(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 June 30, 2013		Valuation Method	Unobservable Inputs
Collateral dependent impaired loans	$	8,774	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	$	3,031	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 June 30,						For the six months ended June 30,
(in thousands)	2013			2012			2013			2012
Collateral dependent impaired loans:
Commercial	$	—		$	—		$	—		$	(367	)
Commercial real estate mortgages	148			(1,572		)	293			(1,937		)
Residential mortgages	(230		)	(540		)	(221		)	(1,122		)
Real estate construction	—			(281		)	—			(6,753		)
Home equity loans and lines of credit	—			(115		)	116			(62		)
Installment	—			—			(138		)	(107		)
Other real estate owned (1)	(1,857		)	(3,700		)	(4,711		)	(12,165		)
Private equity and alternative investments	—			(333		)	(399		)	(460		)
Total net losses recognized	$	(1,939	)	$	(6,541	)	$	(5,060	)	$	(22,973	)

(1)

Net losses on OREO includes $1.9 million and $4.7 million of net losses related to covered OREO for the three and six months ended June 30, 2013, respectively, and $3.5 million and $11.0 million of net losses for the three and six months ended June 30, 2012, respectively. A significant portion of net losses on covered OREO is reimbursable by the FDIC.

Schedule of carrying amounts and fair values of financial instruments

	June 30, 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	$	146.3	$	146.3	$	146.3	$	—	$	—
Due from banks - interest bearing	156.2		156.2		156.2		—		—
Federal funds sold and securities purchased under resale agreements	200.0		194.6		—		194.6		—
Securities held-to-maturity	1,504.0		1,466.6		—		1,466.6		—
Loans and leases, net of allowance	15,529.3		15,926.6		—		—		15,926.6
Covered loans, net of allowance	843.6		893.6		—		—		893.6
FDIC indemnification asset	117.3		96.6		—		—		96.6
Investment in FHLB and FRB stock	78.0		78.0		—		78.0		—

Financial Liabilities:
Deposits	$	23,651.8	$	23,655.4	$	—	$	22,779.3	$	876.1
Other short-term borrowings	2.7		2.7		—		—		2.7
Long-term debt	706.5		769.0		—		693.9		75.1

	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

- Definition

Tabular disclosure related to assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a recurring and/or nonrecurring basis in periods after initial recognition. Disclosures include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3) as well as transfers between levels 1 and 2.

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- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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- Definition

Tabular disclosure of the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments, assets, and liabilities. Such certain disclosures about the financial instruments, assets, and liabilities include: (1) the fair value of the required items together with their carrying amounts (as appropriate) and (2) the methodology and assumptions used in developing such estimates of fair value.

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