Fair Value Measurement (Tables)

12 Months Ended

Dec. 31, 2012

Fair Value Disclosures [Abstract]

Recurring and Nonrecurring Fair Value Measurements

The following tables present the balance of assets and liabilities measured at fair value on a recurring and nonrecurring basis at December 31, 2012 and 2011:

				Fair Value by Hierarchy
	December 31, 2012			Level 1		Level 2			Level 3
Recurring fair value measurement
Available-for-sale securities:
Money market mutual funds	$	3,241		$	3,241	$	—		$	—
U.S. States and political subdivisions	268,204			—		268,204			—
Residential mortgage-backed securities:
U.S. government agencies	1,107,063			—		1,107,063			—
Commercial mortgage-backed securities:
U.S. government agencies	52,036			—		52,036			—
Residential collateralized mortgage-backed securities:
U.S. government agencies	1,329,421			—		1,329,421			—
Non-agency	11			—		2			9
Commercial collateralized mortgage-backed securities:
U.S. government agencies	111,343			—		111,343			—
Corporate debt securities	49,652			—		—			49,652
Total available-for-sale securities	2,920,971			3,241		2,868,069			49,661
Residential loans held for sale	23,683			—		23,683			—
Derivative assets:
Interest rate swaps - fair value hedges	—			—		—			—
Interest rate swaps - nondesignated	58,769			—		58,769			—
Mortgage loan commitments	4,400			—		4,400			—
Forward sale contracts	(62		)	—		(62		)	—
Foreign exchange	62			—		62			—
Total derivative assets	63,169			—		63,169			—
Total fair value of assets (a)	$	3,007,823		$	3,241	$	2,954,921		$	49,661
Derivative liabilities:
Interest rate swaps - fair value hedges	19,080			—		19,080			—
Interest rate swaps - nondesignated	58,769			—		58,769			—
Foreign exchange	57			—		57			—
Other	—			—		—			—
Total derivative liabilities	77,906			—		77,906			—
True-up liability	12,259			—		—			12,259
Total fair value of liabilities (a)	$	90,165		$	—	$	77,906		$	12,259
Nonrecurring fair value measurement
Mortgage servicing rights (b)	$	18,833		$	—	$	—		$	18,833
Impaired loans (c)	38,983			—		—			38,983
Other property (d)	7,540			—		—			7,540
Other real estate covered by loss share (e)	12,631			—		—			12,631
Total fair value	$	77,987		$	—	$	—		$	77,987

(a) - There were no transfers between levels 1 and 2 of the fair value hierarchy during the year ended December 31, 2012.

(b) - MSRs with a recorded investment of $21.3 million were reduced by a specific valuation allowance totaling $2.6 million to a reported carrying value of $18.8 million resulting in recognition of $1.0 million in expense included in loans sales and servicing income in the year ended December 31, 2012.

(c) - Collateral dependent impaired loans with a recorded investment of $44.2 million were reduced by specific valuation allowance allocations totaling $5.3 million to a reported net carrying value of $39.0 million.

(d) - Amounts do not include assets held at cost at December 31, 2012. During the year ended December 31, 2012, the re-measurement of foreclosed assets at fair value subsequent to initial recognition resulted in losses of $2.2 million included in noninterest expense.

(e) - Amounts do not include assets held at cost at December 31, 2012. During the year ended December 31, 2012, the re-measurement of covered foreclosed assets at fair value subsequent to initial recognition resulted in losses $1.7 million included in noninterest expense.

				Fair Value by Hierarchy
	December 31, 2011			Level 1		Level 2			Level 3
Recurring fair value measurement
Available-for-sale securities:
Money market mutual funds	$	3,299		$	3,299	$	—		$	—
U.S. government agency debentures	123,069			—		123,069			—
U.S. States and political subdivisions	357,731			—		357,731			—
Residential mortgage-backed securities:
U.S. government agencies	1,460,343			—		1,460,343			—
Residential collateralized mortgage-backed securities:
U.S. government agencies	1,137,835			—		1,137,835			—
Non-agency	43,307			—		2			43,305
Commercial collateralized mortgage-backed securities:
U.S. government agencies	129,127			—		129,127			—
Corporate debt securities	98,842			—		54,608			44,234
Total available-for-sale securities	3,353,553			3,299		3,262,715			87,539
Residential loans held for sale	30,077			—		30,077			—
Derivative assets:
Interest rate swaps - fair value hedges	—			—		—			—
Interest rate swaps - nondesignated	58,875			—		58,875			—
Mortgage loan commitments	4,959			—		4,959			—
Forward sale contracts	(1,798		)	—		(1,798		)	—
Foreign exchange	65			—		65			—
Total derivative assets	62,101			—		62,101			—
Total fair value of assets (a)	$	3,445,731		$	3,299	$	3,354,893		$	87,539
Derivative liabilities:
Interest rate swaps - fair value hedges	25,889			—		25,889			—
Interest rate swaps - nondesignated	58,875			—		58,875			—
Foreign exchange	62			—		62			—
Other	1,324			—		1,324			—
Total derivative liabilities	86,150			—		86,150			—
True-up liability	11,551			—		—			11,551
Total fair value of liabilities (a)	$	97,701		$	—	$	86,150		$	11,551
Nonrecurring fair value measurement
Mortgage servicing rights (b)	$	17,749		$	—	$	—		$	17,749
Impaired loans (c)	56,739			—		—			56,739
Other property (d)	4,087			—		—			4,087
Other real estate covered by loss share (e)	18,707			—		—			18,707
Total fair value	$	97,282		$	—	$	—		$	97,282

(a) - There were no transfers between levels 1 and 2 of the fair value hierarchy during the year ended December 31, 2011.  

(b) - MSRs with a recorded investment of $21.2 million were reduced by a specific valuation allowance totaling $3.5 million to a reported carrying value of $17.6 million resulting in the recognition of an impairment charge of $3.5 million in the year ended December 31, 2011.

(c) - Collateral dependent impaired loans with a recorded investment of $64.5 million were reduced by specific valuation allowance allocations totaling $7.7 million to a reported net carrying value of $56.7 million.

(d) Amounts do not include assets held at cost at December 31, 2011. During the year ended December 31, 2011, the re-measurement of foreclosed assets at fair value subsequent to initial recognition resulted in losses of $5.4 million included in noninterest expense.

(e) Amounts do not include assets held at cost at December 31, 2011. During the year ended December 31, 2011, the re-measurement of covered foreclosed assets at fair value subsequent to initial recognition resulted in losses of $3.0 million included in noninterest expense.

Summary of changes in Level 3 assets and liabilities measured at fair value

The changes in Level 3 assets and liabilities measured at fair value on a recurring basis for the year ended December 31, 2012 are summarized as follows:

	Twelve Months Ended
	December 31, 2012					December 31, 2011
	Available-for-sale securities			True-up liability		Available-for-sale securities			True-up liability
Balance at beginning of period	$	87,539		$	11,551	$	60,344		$	12,061
(Gains) losses included in earnings (a)	—			708		—			(510		)
Unrealized gains (losses) (b)	5,282			—		(1,065		)	—
Purchases	—			—		83,876			—
Sales	(40,520		)	—		(44,924		)	—
Settlements	(2,640		)	—		(10,692		)	—
Net transfers into (out of) Level 3	—			—		—			—
Balance at ending of period	$	49,661		$	12,259	$	87,539		$	11,551

(a) Reported in other expense

(b) Reported in other comprehensive income (loss)

Summary of Change in fair value carrying amount of residential mortgages

Interest income on loans held for sale is accrued on the principal outstanding primarily using the “simple-interest” method. None of these loans were 90 days or more past due, nor were any on nonaccrual as of December 31, 2012 and 2011. The aggregate fair value, contractual balance and gain or loss on loans held for sale was as follows:

	December 31, 2012		December 31, 2011
Aggregate fair value carrying amount	$	23,683	$	30,077
Aggregate unpaid principal / contractual balance	22,765		28,948
Carrying amount over aggregate unpaid principal (a)	918		1,129

(a) These changes are included in loan sales and servicing income.

Fair Value of Financial Instruments

	December 31, 2012
	Carrying Amount		Fair Value
			Total		Level 1		Level 2		Level 3
Financial assets:
Cash and due from banks	$	258,014	$	258,014	$	—	$	258,014	$	—
Available-for-sale securities	2,920,971		2,920,971		3,241		2,868,069		49,661
Held-to-maturity securities	622,121		630,799		—		630,799		—
Other securities	140,717		140,717		—		140,717		—
Loans held for sale	23,683		23,683		—		23,683		—
Net noncovered loans	8,632,717		8,604,872		—		—		8,604,872
Net covered loans and loss share receivable	975,870		975,870		—		—		975,870
Accrued interest receivable	40,389		40,389		—		40,389		—
Derivatives	63,169		63,169		—		63,169		—
Financial liabilities:
Deposits	$	11,759,425	$	11,765,873	$	—	$	11,765,873	$	—
Federal funds purchased and securities sold under agreements to repurchase	1,104,525		1,104,525		—		1,104,525		—
Wholesale borrowings	136,883		143,029		—		143,029		—
Accrued interest payable	2,515		2,515		—		2,515		—
Derivatives	77,906		77,906		—		77,906		—

	December 31, 2011
	Carrying Amount		Fair Value
			Total		Level 1		Level 2		Level 3
Financial assets:
Cash and due from banks	$	377,319	$	377,319	$	—	$	377,319	$	—
Available for sale securities	3,353,553		3,353,553		3,299		3,262,715		87,539
Held to maturity securities	82,764		85,112		—		85,112		—
Other securities	140,726		140,726		—		140,726		—
Loans held for sale	30,077		30,077		—		30,077		—
Net noncovered loans	7,641,245		7,373,801		—		—		7,373,801
Net covered loans and loss share receivable	1,460,723		1,460,723		—		—		1,460,723
Accrued interest receivable	42,274		42,274		—		42,274		—
Derivatives	62,101		62,101		—		62,101		—
Financial liabilities:
Deposits	$	11,431,609	$	11,445,777	$	—	$	11,445,777	$	—
Federal funds purchased and securities sold under agreements to repurchase	866,265		866,265		—		866,265		—
Wholesale borrowings	203,462		211,623		—		211,623		—
Accrued interest payable	3,915		3,915		—		3,915		—
Derivatives	86,150		86,150		—		86,150		—