Fair Value (Tables)

3 Months Ended

Mar. 31, 2014

Fair Value [Abstract]

Financial assets and liabilities measured at fair value recurring basis

The following table summarizes financial assets and financial liabilities measured at fair value on a recurring basis as of March 31, 2014 and December 31, 2013, segregated by the level of valuation inputs within the fair value hierarchy utilized to measure fair value ($ in thousands).  There were no transfers between fair value levels for the three months ended March 31, 2014 and the year ended December 31, 2013.

	March 31, 2014
	Total		Level 1			Level 2		Level 3
U.S. Treasury securities	$	100	$	-		$	100	$	-
U.S. Government agency obligations		163,969		-			163,969		-
Obligations of states and political subdivisions		172,437		-			172,437		-
Mortgage-backed securities		2,008,891		-			2,008,891		-
Asset-backed securities and structure financial products		37,044		-			37,044		-
Securities available for sale		2,382,441		-			2,382,441		-
Loans held for sale		120,446		-			120,446		-
Mortgage servicing rights		67,614		-			-		67,614
Other assets - derivatives		5,960		(630	)		5,774		816
Other liabilities - derivatives		4,485		630			3,855		-
	December 31, 2013
	Total		Level 1			Level 2		Level 3
U.S. Treasury securities	$	502	$	-		$	502	$	-
U.S. Government agency obligations		169,472		-			169,472		-
Obligations of states and political subdivisions		171,738		-			171,738		-
Mortgage-backed securities		1,788,505		-			1,788,505		-
Asset-backed securities and structure financial products		63,937		-			63,937		-
Securities available for sale		2,194,154		-			2,194,154		-
Loans held for sale		149,169		-			149,169		-
Mortgage servicing rights		67,834		-			-		67,834
Other assets - derivatives		4,994		(2,579	)		7,447		126
Other liabilities - derivatives		3,298		581			2,717		-

Changes in level 3 assets measured at fair value on a recurring basis

The changes in Level 3 assets measured at fair value on a recurring basis for the periods ended March 31, 2014 and 2013 are summarized as follows ($ in thousands):

	MSR			Other Assets - Derivatives
Balance, January 1, 2014	$	67,834		$	126
Total net (losses) gains included in Mortgage banking, net (1)		(2,535	)		802
Additions		2,315			-
Sales		-			(112	)
Balance, March 31, 2014	$	67,614		$	816
The amount of total losses for the period included in earnings that are attributable to the change in unrealized gains or losses still held at March 31, 2014	$	(723	)	$	(96	)
Balance, January 1, 2013	$	47,341		$	2,284
Total net (losses) gains included in Mortgage banking, net (1)		(1,333	)		2,816
Additions		5,521			-
Sales		-			(3,163	)
Balance, March 31, 2013	$	51,529		$	1,937
The amount of total gains for the period included in earnings that are attributable to the change in unrealized gains or losses still held at March 31, 2013	$	1,127		$	427

(1) Total net (losses) gains included in net income relating to MSR includes changes in fair value due to market changes and due to runoff.

Carrying amounts and estimated fair values of financial instruments

The carrying amounts and estimated fair values of financial instruments at March 31, 2014 and December 31, 2013, are as follows ($ in thousands):

	March 31, 2014				December 31, 2013
	Carrying		Estimated		Carrying		Estimated
	Value		Fair Value		Value		Fair Value
Financial Assets:
Level 2 Inputs:
Cash and short-term investments	$	423,819	$	423,819	$	353,014	$	353,014
Securities held to maturity		1,155,569		1,154,606		1,168,728		1,150,833
Level 3 Inputs:
Net LHFI		5,856,248		5,894,453		5,732,433		5,787,408
Net acquired loans		735,777		735,777		794,570		794,570
FDIC indemnification asset		13,487		13,487		14,347		14,347
Financial Liabilities:
Level 2 Inputs:
Deposits		10,122,119		10,126,897		9,859,902		9,866,118
Short-term liabilities		319,012		319,012		317,972		317,972
Long-term FHLB advances		8,341		8,358		8,458		8,474
Subordinated notes		49,912		53,783		49,904		53,387
Junior subordinated debt securities		61,856		40,206		61,856		40,206