Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2015

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, 2015		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	$	115,907	$	115,907	$	—	$	—
Federal agency - Debt	1,220,220		—		1,220,220		—
Federal agency - MBS	101,515		—		101,515		—
CMOs - Federal agency	3,204,886		—		3,204,886		—
CMOs - Non-agency	22,811		—		22,811		—
State and municipal	427,458		—		423,905		3,553
Other debt securities	116,441		—		116,441		—
Equity securities and mutual funds	1,150		1,150		—		—
Trading securities	102,546		98,014		4,532		—
Derivative assets (1)	76,695		15,117		60,406		1,172
Contingent consideration asset (1)	2,930		—		—		2,930
Total assets at fair value	$	5,392,559	$	230,188	$	5,154,716	$	7,655
Liabilities
Derivative liabilities	$	76,938	$	15,660	$	61,278	$	—
Contingent consideration liability	35,401		—		—		35,401
FDIC clawback liability	15,963		—		—		15,963
Other liabilities	904		—		904		—
Total liabilities at fair value (2)	$	129,206	$	15,660	$	62,182	$	51,364
Redeemable noncontrolling interest	$	37,326	$	—	$	—	$	37,326
Measured on a Nonrecurring Basis
Assets
Other real estate owned (3)	$	6,506	$	—	$	—	$	6,506
Private equity and alternative investments	1,078		—		—		1,078
Total assets at fair value	$	7,584	$	—	$	—	$	7,584

(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, 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.

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

	For the three months ended March 31, 2015
(in thousands)	Securities Available-for- Sale		Equity Warrants			Contingent Consideration Asset		Contingent Consideration Liability			FDIC Clawback Liability
Balance, beginning of period	$	3,547	$	882		$	2,930	$	(34,983	)	$	(15,106	)
Total realized/unrealized gains (losses):
Included in earnings	—		(8		)	—		—			(857		)
Included in other comprehensive income	6		—			—		—			—
Additions	—		298			—		—			—
Other (1)	—		—			—		(418		)	—
Balance, end of period	$	3,553	$	1,172		$	2,930	$	(35,401	)	$	(15,963	)

	For the three months ended March 31, 2014
(in thousands)	Securities Available-for- Sale			Contingent Consideration Liability			FDIC Clawback Liability
Balance, beginning of period	$	3,633		$	(49,900	)	$	(11,967	)
Total realized/unrealized gains (losses):
Included in earnings	—			—			(964		)
Included in other comprehensive income	(17		)	—			—
Settlements	—			16,250			—
Other (1)	—			(411		)	—
Balance, end of period	$	3,616		$	(34,061	)	$	(12,931	)

(1) Other rollforward activity consists of accretion of discount related to the contingent consideration liability.

Information About Nonrecurring Level 3 Fair Value Measurements

(in thousands)	Fair Value at March 31, 2015		Valuation Method	Unobservable Inputs
Other real estate owned	$	6,506	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 34% to 50%.
Private equity and alternative investments	$	1,078	Cost recovery	- Fair values are based on management’s assumptions regarding recoverability of an investment based on fund operating results, investment performance, nature of the investment, market conditions, exit strategies and other relevant factors. - Fair values reflect discounts to investment carrying amounts ranging from 25% to 31%.

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

	For the three months ended March 31,
(in thousands)	2015			2014
Collateral dependent impaired loans:
Commercial real estate mortgages	$	—		$	(5	)
Other real estate owned (1)	(1,637		)	61
Private equity and alternative investments	(400		)	—
Total net (losses) gains recognized	$	(2,037	)	$	56

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

Schedule of carrying amounts and fair values of financial instruments

	March 31, 2015
	Carrying		Total		Fair Value Measurements Using
(in millions)	Amount		Fair Value		Level 1		Level 2		Level 3
Financial Assets:
Cash and due from banks	$	433.7	$	433.7	$	433.7	$	—	$	—
Due from banks - interest-bearing	334.0		334.0		334.0		—		—
Securities purchased under resale agreements	200.0		202.1		—		202.1		—
Securities held-to-maturity	3,413.8		3,510.6		—		3,510.6		—
Loans and leases, net of allowance	20,601.5		21,153.4		—		—		21,153.4
Covered loans, net of allowance	470.5		518.5		—		—		518.5
FDIC indemnification asset	43.3		34.6		—		—		34.6
Investment in FHLB and FRB stock	58.4		58.4		—		58.4		—
Financial Liabilities:
Deposits	$	28,517.1	$	28,518.3	$	—	$	27,849.0	$	669.3
Short-term borrowings	4.4		4.4		—		—		4.4
Long-term debt	634.4		712.8		—		617.6		95.2

	December 31, 2014
	Carrying		Total		Fair Value Measurements Using
(in millions)	Amount		Fair Value		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