Fair Value (Tables)

3 Months Ended

Mar. 31, 2018

Schedule of assets and liabilities measured at fair value on a recurring basis


	Fair Value Measurements as of March 31, 2018
	Quoted Prices in		Significant
	Active Markets for		Other		Significant
	Identical Assets		Observable		Unobservable
(dollars in thousands)	(Level 1)		Inputs (Level 2)		Inputs (Level 3)		Total
Assets
U.S. Treasury securities	$	—	$	387,647	$	—	$	387,647
Government-sponsored enterprises debt securities		—		239,655		—		239,655
Government agency mortgage-backed securities(1)		—		456,308		—		456,308
Government-sponsored enterprises mortgage-backed securities(1)		—		168,049		—		168,049
Collateralized mortgage obligations:
Government agency		—		3,087,708		—		3,087,708
Government-sponsored enterprises		—		717,483		—		717,483
Debt securities issued by states and political subdivisions		—		19,916		—		19,916
Total available-for-sale securities		—		5,076,766		—		5,076,766
Other assets(2)		—		3,967		—		3,967
Liabilities
Other liabilities(3)		—		(17,650)		(4,845)		(22,495)
Total	$	—	$	5,063,083	$	(4,845)	$	5,058,238


	Fair Value Measurements as of December 31, 2017
	Quoted Prices in		Significant
	Active Markets for		Other		Significant
	Identical Assets		Observable		Unobservable
(dollars in thousands)	(Level 1)		Inputs (Level 2)		Inputs (Level 3)		Total
Assets
U.S. Treasury securities	$	—	$	392,255	$	—	$	392,255
Government-sponsored enterprises debt securities		—		242,601		—		242,601
Government agency mortgage-backed securities(1)		—		351,390		—		351,390
Government-sponsored enterprises mortgage-backed securities(1)		—		174,741		—		174,741
Collateralized mortgage obligations:
Government agency		—		3,290,474		—		3,290,474
Government-sponsored enterprises		—		762,718		—		762,718
Debt securities issued by states and political subdivisions		—		20,479		—		20,479
Total available-for-sale securities		—		5,234,658		—		5,234,658
Other assets(2)		—		14,682		—		14,682
Liabilities
Other liabilities(3)		—		(15,049)		(5,439)		(20,488)
Total	$	—	$	5,234,291	$	(5,439)	$	5,228,852

⁽¹⁾

Backed by residential real estate.

⁽²⁾

Other assets include derivative assets.

⁽³⁾

Other liabilities include derivative liabilities.

Summary of changes in Level 3 liabilities measured at fair value on a recurring basis


	Visa Derivative
(dollars in thousands)	2018		2017
Three Months Ended March 31,
Balance as of January 1,	$	(5,439)	$	(7,460)
Total net (losses) gains included in other noninterest income		(84)		3
Settlements		678		470
Balance as of March 31,	$	(4,845)	$	(6,987)
Total net (losses) gains included in net income attributable to the change in unrealized gains or losses related to liabilities still held as of March 31,	$	(84)	$	3

Summary of estimated fair value of financial instruments not required to be carried at fair value on a recurring basis


	March 31, 2018
			Fair Value Measurements
			Quoted Prices in		Significant		Significant
			Active Markets		Other		Unobservable
			for Identical		Observable		Inputs
(dollars in thousands)	Book Value		Assets (Level 1)		Inputs (Level 2)		(Level 3)		Total
Financial assets:
Cash and cash equivalents	$	692,492	$	283,135	$	409,354	$	—	$	692,489
Loans held for sale		397		—		397		—		397
Loans(1)		12,304,025		—		—		12,505,553		12,505,553

Financial liabilities:
Deposits	$	17,362,422	$	13,296,696	$	4,045,344	$	—	$	17,342,040

⁽¹⁾

Excludes financing leases of $160.1 million at March 31, 2018.


	December 31, 2017
			Fair Value Measurements
			Quoted Prices in		Significant		Significant
			Active Markets		Other		Unobservable
			for Identical		Observable		Inputs
(dollars in thousands)	Book Value		Assets (Level 1)		Inputs (Level 2)		(Level 3)		Total
Financial assets:
Cash and cash equivalents	$	1,034,644	$	367,084	$	667,560	$	—	$	1,034,644
Loans held for sale		556		—		559		—		559
Loans(1)		12,112,303		—		—		12,426,506		12,426,506

Financial liabilities:
Deposits	$	17,612,122	$	13,438,240	$	4,160,393	$	—	$	17,598,633

⁽¹⁾

Excludes financing leases of $165.1 million at December 31, 2017.

Schedule of assets with fair value adjustments on a nonrecurring basis


(dollars in thousands)	Level 1		Level 2		Level 3
March 31, 2018
Impaired loans	$	—	$	—	$	—
December 31, 2017
Impaired loans	$	—	$	—	$	87

Schedule of significant unobservable inputs used in fair value measurements for Level 3 assets and liabilities measured at fair value on a recurring or nonrecurring basis


	Quantitative Information about Level 3 Fair Value Measurements at March 31, 2018
				Significant	Range
(dollars in thousands)	Fair value		Valuation Technique	Unobservable Input	(Weighted Average)
Other liabilities	$	(4,845)	Discounted Cash Flow	Expected Conversion Factor	1.6483
				Expected Term	4 years
				Growth Rate	15%


	Quantitative Information about Level 3 Fair Value Measurements at December 31, 2017
					Range
(dollars in thousands)	Fair value		Valuation Technique	Unobservable Input	(Weighted Average)
Impaired loans	$	87	Appraisal Value	Appraisal Value	n/m(1)
Other liabilities	$	(5,439)	Discounted Cash Flow	Expected Conversion Factor	1.6483
				Expected Term	4 years
				Growth Rate	15%

The fair value of these assets is determined based on appraised values of collateral or broker price opinions, the range of which is not meaningful to disclose.