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Fair Value Of Assets And Liabilities (Tables)

6 Months Ended

Jun. 30, 2015

Fair Value Of Assets And Liabilities [Abstract]

Schedule Of Assets And Liabilities Measured At Fair Value On A Recurring Basis

Recurring Fair Value Measurements

The following table presents the balance of assets and liabilities measured at fair value on a recurring basis as of June 30, 2015:

			June 30, 2015
(Dollars in thousands)			Level 1		Level 2		Level 3		Total
Trading securities - fixed income:
	U.S. treasuries		$	-	$	109,998	$	-	$	109,998
	Government agency issued MBS			-		327,082		-		327,082
	Government agency issued CMO			-		146,675		-		146,675
	Other U.S. government agencies			-		83,416		-		83,416
	States and municipalities			-		64,597		-		64,597
	Corporate and other debt			-		393,191		5		393,196
	Equity, mutual funds, and other			-		3,602		-		3,602
		Total trading securities - fixed income		-		1,128,561		5		1,128,566
Trading securities - mortgage banking:
	Principal only			-		-		3,740		3,740
	Interest only			-		-		78		78
	Subordinated bonds			-		-		1,106		1,106
		Total trading securities - mortgage banking		-		-		4,924		4,924
Loans held-for-sale				-		-		26,525		26,525
Securities available-for-sale:
	U.S. treasuries			-		100		-		100
	Government agency issued MBS			-		830,640		-		830,640
	Government agency issued CMO			-		2,625,286		-		2,625,286
	Other U.S. government agencies			-		-		1,560		1,560
	States and municipalities			-		7,955		1,500		9,455
	Equity, mutual funds, and other			25,825		-		-		25,825
		Total securities available-for-sale		25,825		3,463,981		3,060		3,492,866
Other assets:
	Mortgage servicing rights			-		-		2,158		2,158
	Deferred compensation assets			27,341		-		-		27,341
	Derivatives, forwards and futures			5,299		-		-		5,299
	Derivatives, interest rate contracts			-		109,929		-		109,929
	Derivatives, other			-		2		-		2
		Total other assets		32,640		109,931		2,158		144,729
		Total assets	$	58,465	$	4,702,473	$	36,672	$	4,797,610
Trading liabilities - fixed income:
	U.S. treasuries		$	-	$	406,879	$	-	$	406,879
	Government agency issued MBS			-		1,486		-		1,486
	Other U.S. government agencies			-		25,036		-		25,036
	Corporate and other debt			-		299,163		-		299,163
		Total trading liabilities - fixed income		-		732,564		-		732,564
Other liabilities:
	Derivatives, forwards and futures			4,788		-		-		4,788
	Derivatives, interest rate contracts			-		100,191		-		100,191
	Derivatives, other			-		26		4,810		4,836
		Total other liabilities		4,788		100,217		4,810		109,815
		Total liabilities	$	4,788	$	832,781	$	4,810	$	842,379

The following table presents the balance of assets and liabilities measured at fair value on a recurring basis as of June 30, 2014:

			June 30, 2014
(Dollars in thousands)			Level 1		Level 2		Level 3		Total
Trading securities - fixed income:
	U.S. treasuries		$	-	$	235,389	$	-	$	235,389
	Government agency issued MBS			-		195,911		-		195,911
	Government agency issued CMO			-		175,799		-		175,799
	Other U.S. government agencies			-		71,228		-		71,228
	States and municipalities			-		41,144		-		41,144
	Corporate and other debt			-		402,348		5		402,353
	Equity, mutual funds, and other			-		22,040		-		22,040
		Total trading securities - fixed income		-		1,143,859		5		1,143,864
Trading securities - mortgage banking:
	Principal only			-		-		4,707		4,707
	Interest only			-		-		322		322
	Subordinated bonds			-		-		1,387		1,387
		Total trading securities - mortgage banking		-		-		6,416		6,416
Loans held-for-sale				-		-		232,487		232,487
Securities available-for-sale:
	U.S. treasuries			-		39,999		-		39,999
	Government agency issued MBS			-		762,842		-		762,842
	Government agency issued CMO			-		2,569,388		-		2,569,388
	Other U.S. government agencies			-		-		2,061		2,061
	States and municipalities			-		13,655		1,500		15,155
	Venture capital			-		-		2,300		2,300
	Equity, mutual funds, and other			25,995		-		-		25,995
		Total securities available-for-sale		25,995		3,385,884		5,861		3,417,740
Other assets:
	Mortgage servicing rights			-		-		3,197		3,197
	Deferred compensation assets			24,860		-		-		24,860
	Derivatives, forwards and futures			5,119		-		-		5,119
	Derivatives, interest rate contracts			-		156,948		-		156,948
		Total other assets		29,979		156,948		3,197		190,124
		Total assets	$	55,974	$	4,686,691	$	247,966	$	4,990,631
Trading liabilities - fixed income:
	U.S. treasuries		$	-	$	479,210	$	-	$	479,210
	Government agency issued MBS			-		1,092		-		1,092
	Other U.S. government agencies			-		11,167		-		11,167
	States and municipalities			-		3,216		-		3,216
	Corporate and other debt			-		211,434		-		211,434
		Total trading liabilities - fixed income		-		706,119		-		706,119
Other liabilities:
	Derivatives, forwards and futures			5,310		-		-		5,310
	Derivatives, interest rate contracts			-		128,297		-		128,297
	Derivatives, other			-		4		4,725		4,729
		Total other liabilities		5,310		128,301		4,725		138,336
		Total liabilities	$	5,310	$	834,420	$	4,725	$	844,455

Summary Of Changes In Level 3 Assets And Liabilities Measured At Fair Value

Changes in Recurring Level 3 Fair Value Measurements

The changes in Level 3 assets and liabilities measured at fair value for the three months ended June 30, 2015 and 2014, on a recurring basis are summarized as follows:

			Three Months Ended June 30, 2015
										Securities			Mortgage
			Trading			Loans held-				available-			servicing			Net derivative
(Dollars in thousands)			securities			for-sale				for-sale			rights, net			liabilities
Balance on April 1, 2015			$	5,326			$	26,700			$	3,191		$	2,342		$	(5,005)
	Total net gains/(losses) included in:
		Net income		69				248				-			-			(107)
		Other comprehensive income /(loss)		-				-				(14)			-			-
	Purchases			-				324				-			-			-
	Issuances			-				-				-			-			-
	Sales			-				-				-			-			-
	Settlements			(466)				(329)				(117)			(184)			302
	Net transfers into/(out of) Level 3			-				(418)	(b)			-			-			-
Balance on June 30, 2015			$	4,929			$	26,525			$	3,060		$	2,158		$	(4,810)
Net unrealized gains/(losses) included in net income			$	69	(a)		$	248	(a)		$	-		$	-		$	(107)	(d)

			Three Months Ended June 30, 2014
										AFS Securities						Mortgage
			Trading			Loans held-				Investment			Venture			servicing				Net derivative
(Dollars in thousands)			securities			for-sale				portfolio			Capital			rights, net				liabilities
Balance on April 1, 2014			$	6,593			$	229,219			$	3,682	$	4,300			$	4,687			$	(4,945)
	Total net gains/(losses) included in:
		Net income		43				8,214				-		(2,000)				113				(101)
		Other comprehensive income /(loss)		-				-				(15)		-				-				-
	Purchases			-				476				-		-				-				-
	Issuances			-				-				-		-				-				-
	Sales			-				-				-		-				(1,400)				-
	Settlements			(215)				(4,607)				(106)		-				(203)				321
	Net transfers into/(out of) Level 3			-				(815)	(b)			-		-				-				-
Balance on June 30, 2014			$	6,421			$	232,487			$	3,561	$	2,300			$	3,197			$	(4,725)
Net unrealized gains/(losses) included in net income			$	(74)	(a)		$	8,214	(a)		$	-	$	(2,000)	(c)		$	77	(a)		$	(101)	(d)

Primarily included in mortgage banking income on the Consolidated Condensed Statements of Income.
Transfers out of recurring loans held-for-sale level 3 balances reflect movements out of loans held-for-sale and into real estate acquired by foreclosure (level 3 nonrecurring).
Represents recognized gains and losses attributable to venture capital investments classified within securities available-for-sale that are included in securities gains/(losses) in noninterest income.
Included in Other expense.

Changes in Recurring Level 3 Fair Value Measurements

The changes in Level 3 assets and liabilities measured at fair value for the six months ended June 30, 2015 and 2014, on a recurring basis are summarized as follows:

			Six Months Ended June 30, 2015
										Securities			Mortgage
			Trading			Loans held-				available-			servicing			Net derivative
(Dollars in thousands)			securities			for-sale				for-sale			rights, net			liabilities
Balance on January 1, 2015			$	5,643			$	27,910			$	3,307		$	2,517		$	(5,240)
	Total net gains/(losses) included in:
		Net income		239				1,390				-			-			(164)
		Other comprehensive income / (loss)		-				-				(28)			-			-
	Purchases			-				1,178				-			-			-
	Issuances			-				-				-			-			-
	Sales			-				-				-			-			-
	Settlements			(953)				(2,819)				(219)			(359)			594
	Net transfers into/(out of) Level 3			-				(1,134)	(b)			-			-			-
Balance on June 30, 2015			$	4,929			$	26,525			$	3,060		$	2,158		$	(4,810)
Net unrealized gains/(losses) included in net income			$	239	(a)		$	1,390	(a)		$	-		$	-		$	(164)	(d)

			Six Months Ended June 30, 2014
											Securities available-for-sale					Mortgage
			Trading			Loans held-				Investment			Venture			servicing				Net derivative
(Dollars in thousands)			securities			for-sale				portfolio			Capital			rights, net				liabilities
Balance on January 1, 2014			$	7,200			$	230,456			$	3,826	$	4,300			$	72,793			$	(2,915)
	Total net gains/(losses) included in:
		Net income		(42)				9,401				-		(2,000)				1,246				(2,442)
		Other comprehensive income /(loss)		-				-				(32)		-				-				-
	Purchases			1,559				4,582				-		-				-				-
	Issuances			-				-				-		-				-				-
	Sales			(1,715)				-				-		-				(69,919)				-
	Settlements			(581)				(8,800)				(233)		-				(923)				632
	Net transfers into/(out of) Level 3			-				(3,152)	(b)			-		-				-				-
Balance on June 30, 2014			$	6,421			$	232,487			$	3,561	$	2,300			$	3,197			$	(4,725)
Net unrealized gains/(losses) included in net income			$	34	(a)		$	9,401	(a)		$	-	$	(2,000)	(c)		$	150	(a)		$	(2,442)	(d)

Primarily included in mortgage banking income on the Consolidated Condensed Statements of Income.
Transfers out of recurring loans held-for-sale level 3 balances reflect movements out of loans held-for-sale and into real estate acquired by foreclosure (level 3 nonrecurring).
Represents recognized gains and losses attributable to venture capital investments classified within securities available-for-sale that are included in securities gains/(losses) in noninterest income.
Included in Other expense.

Nonrecurring Fair Value Measurements

From time to time, FHN may be required to measure certain other financial assets at fair value on a nonrecurring basis in accordance with GAAP. These adjustments to fair value usually result from the application of LOCOM accounting or write-downs of individual assets. For assets measured at fair value on a nonrecurring basis which were still held on the balance sheet at June 30, 2015 and 2014, respectively, the following tables provide the level of valuation assumptions used to determine each adjustment, the related carrying value, and the fair value adjustments recorded during the respective periods.

									Three Months Ended		Six Months Ended
	Carrying value at June 30, 2015								June 30, 2015		June 30, 2015
(Dollars in thousands)	Level 1		Level 2		Level 3		Total		Net gains/(losses)		Net gains/(losses)
Loans held-for-sale - first mortgages	$	-	$	-	$	849	$	849	$	-	$	38
Loans, net of unearned income (a)		-		-		38,913		38,913		(641)		(2,182)
Real estate acquired by foreclosure (b)		-		-		29,109		29,109		(1,284)		(1,660)
Other assets (c)		-		-		28,265		28,265		(549)		(944)
									$	(2,474)	$	(4,748)

									Three Months Ended		Six Months Ended
	Carrying value at June 30, 2014								June 30, 2014		June 30, 2014
(Dollars in thousands)	Level 1		Level 2		Level 3		Total		Net gains/(losses)		Net gains/(losses)
Loans held-for-sale - SBAs	$	-	$	3,471	$	-	$	3,471	$	1	$	43
Loans held-for-sale - first mortgages		-		-		9,004		9,004		7		(10)
Loans, net of unearned income (a)		-		-		53,652		53,652		(469)		(677)
Real estate acquired by foreclosure (b)		-		-		38,781		38,781		(533)		(1,391)
Other assets (c)		-		-		29,622		29,622		(862)		(1,187)
									$	(1,856)	$	(3,222)

Certain previously reported amounts have been revised to reflect the retroactive effect of the adoption of ASU 2014-01, “Equity Method and Joint Ventures: Accounting for Investments in Qualified Affordable Housing Projects.” See Note 1 – Financial Information for additional information.

Represents carrying value of loans for which adjustments are required to be based on the appraised value of the collateral. Write-downs on these loans are recognized as part of provision.
Represents the fair value and related losses of foreclosed properties that were measured subsequent to their initial classification as foreclosed assets. Balance excludes foreclosed real estate related to government insured mortgages.
Represents tax credit investments accounted for under the equity method.

Schedule Of Unobservable Inputs Utilized In Determining The Fair Value Of Level 3 Recurring And Non-Recurring Measurements

Level 3 Measurements

The following tables provide information regarding the unobservable inputs utilized in determining the fair value of level 3 recurring and non-recurring measurements as of June 30, 2015 and 2014:

(Dollars in Thousands)
	Fair Value at
Level 3 Class	June 30, 2015		Valuation Techniques	Unobservable Input	Values Utilized
Trading securities - mortgage	$	4,924	Discounted cash flow	Prepayment speeds	42% - 43%
				Discount rate	5% - 56%
Loans held-for-sale - residential real estate		27,374	Discounted cash flow	Prepayment speeds - First mortgage	2% - 20%
				Prepayment speeds - HELOC	5% - 15%
				Foreclosure losses	50% - 60%
				Loss severity trends - First mortgage	10% - 70% of UPB
				Loss severity trends - HELOC	35% - 100% of UPB
				Draw rate - HELOC	5% - 12%
Derivative liabilities, other		4,810	Discounted cash flow	Visa covered litigation resolution amount	$4.5 billion - $5.5 billion
				Probability of resolution scenarios	5% - 25%
				Time until resolution	6 - 42 months
Loans, net of unearned income (a)		38,913	Appraisals from comparable properties	Marketability adjustments for specific properties	0% - 10% of appraisal
			Other collateral valuations	Borrowing base certificates adjustment	20% - 50% of gross value
				Financial Statements/Auction values adjustment	0% - 25% of reported value
Real estate acquired by foreclosure (b)		29,109	Appraisals from comparable properties	Adjustment for value changes since appraisal	0% - 10% of appraisal
Other assets (c)		28,265	Discounted cash flow	Adjustments to current sales yields for specific properties	0% - 15% adjustment to yield
			Appraisals from comparable properties	Marketability adjustments for specific properties	0% - 25% of appraisal

Represents carrying value of loans for which adjustments are required to be based on the appraised value of the collateral less estimated costs to sell. Write-downs on these loans are recognized as part of provision for loan losses.
Represents the fair value of foreclosed properties that were measured subsequent to their initial classification as foreclosed assets. Balance excludes foreclosed real estate related to government insured mortgages.
Represents tax credit investments accounted for under the equity method.

(Dollars in Thousands)
	Fair Value at
Level 3 Class	June 30, 2014		Valuation Techniques	Unobservable Input	Values Utilized
Trading securities - mortgage	$	6,416	Discounted cash flow	Prepayment speeds	43% - 47%
				Discount rate	40% - 85%
Loans held-for-sale - residential real estate		241,491	Discounted cash flow	Prepayment speeds - First mortgage	6% - 10%
				Prepayment speeds - HELOC	5% - 15%
				Credit spreads	2% - 4%
				Delinquency adjustment factor	15% - 25% added to credit spread
				Loss severity trends - First mortgage	50% - 60% of UPB
				Loss severity trends - HELOC	50% - 100% of UPB
				Draw Rate - HELOC	5% - 12%
Derivative liabilities, other		4,725	Discounted cash flow	Visa covered litigation resolution amount	$4.4 billion - $5.2 billion
				Probability of resolution scenarios	10% - 30%
				Time until resolution	12 - 42 months
Loans, net of unearned income (a)		53,652	Appraisals from comparable properties	Marketability adjustments for specific properties	0% - 10% of appraisal
			Other collateral valuations	Borrowing base certificates adjustment	20% - 50% of gross value
				Financial Statements/Auction Values adjustment	0% - 25% of reported value
Real estate acquired by foreclosure (b)		38,781	Appraisals from comparable properties	Adjustment for value changes since appraisal	0% - 10% of appraisal
Other assets (c)		29,622	Discounted cash flow	Adjustments to current sales yields for specific properties	0% - 15% adjustment to yield
			Appraisals from comparable properties	Marketability adjustments for specific properties	0% - 25% of appraisal

Represents carrying value of loans for which adjustments are required to be based on the appraised value of the collateral less estimated costs to sell. Write-downs on these loans are recognized as part of provision for loan losses.
Represents the fair value of foreclosed properties that were measured subsequent to their initial classification as foreclosed assets. Balance excludes foreclosed real estate related to government insured mortgages.
Represents tax credit investments accounted for under the equity method.

Summary Of Differences Between The Fair Value Carrying Amount Of Mortgages Held-For-Sale And Aggregate Unpaid Principal Amount

The following tables reflect the differences between the fair value carrying amount of residential real estate loans held-for-sale measured at fair value in accordance with management’s election and the aggregate unpaid principal amount FHN is contractually entitled to receive at maturity.
		June 30, 2015
(Dollars in thousands)		Fair value carrying amount		Aggregate unpaid principal		Fair value carrying amount less aggregate unpaid principal
Residential real estate loans held-for-sale reported at fair value:
	Total loans	$	26,525	$	40,577		$	(14,052)
	Nonaccrual loans		6,238		12,316			(6,078)
	Loans 90 days or more past due and still accruing		1,622		2,056			(434)


		June 30, 2014
(Dollars in thousands)		Fair value carrying amount		Aggregate unpaid principal		Fair value carrying amount less aggregate unpaid principal
Residential real estate loans held-for-sale reported at fair value:
	Total loans	$	232,487	$	367,173		$	(134,686)
	Nonaccrual loans		69,571		134,014			(64,443)
	Loans 90 days or more past due and still accruing		7,291		13,504			(6,213)

Changes In Fair Value Of Assets And Liabilities Which Fair Value Option Included In Current Period Earnings

Assets and liabilities accounted for under the fair value election are initially measured at fair value with subsequent changes in fair value recognized in earnings. Such changes in the fair value of assets and liabilities for which FHN elected the fair value option are included in current period earnings with classification in the income statement line item reflected in the following table:

			Three Months Ended				Six Months Ended
			June 30				June 30
(Dollars in thousands)			2015		2014		2015		2014
Changes in fair value included in net income:
	Mortgage banking noninterest income
		Loans held-for-sale	$	248	$	8,214	$	1,390	$	9,401

Summary Of Book Value And Estimated Fair Value Of Financial Instruments

The following tables summarize the book value and estimated fair value of financial instruments recorded in the Consolidated Condensed Statements of Condition as well as unfunded loan commitments and stand by and other commitments as of June 30, 2015 and 2014.

			June 30, 2015
			Book		Fair Value
(Dollars in thousands)			Value		Level 1		Level 2		Level 3		Total
Assets:
Loans, net of unearned income and allowance for loan losses
	Commercial:
		Commercial, financial and industrial	$	9,753,813	$	-	$	-	$	9,716,906	$	9,716,906
		Commercial real estate		1,379,223		-		-		1,362,420		1,362,420
	Retail:
		Consumer real estate		4,784,814		-		-		4,637,309		4,637,309
		Permanent mortgage		465,302		-		-		434,145		434,145
		Credit card & other		332,269		-		-		333,921		333,921
Total loans, net of unearned income and allowance for loan losses				16,715,421		-		-		16,484,701		16,484,701

Short-term financial assets
	Interest-bearing cash			344,944		344,944		-		-		344,944
	Federal funds sold			77,039		-		77,039		-		77,039
	Securities purchased under agreements to resell			816,991		-		816,991		-		816,991
Total short-term financial assets				1,238,974		344,944		894,030		-		1,238,974

Trading securities (a)				1,133,490		-		1,128,561		4,929		1,133,490
Loans held-for-sale (a)				127,196		-		-		127,196		127,196
Securities available-for-sale (a) (b)				3,648,860		25,825		3,463,981		159,054		3,648,860
Securities held-to-maturity				4,306		-		-		5,356		5,356
Derivative assets (a)				115,230		5,299		109,931		-		115,230

Other assets
	Tax credit investments			90,095		-		-		60,619		60,619
	Deferred compensation assets			27,341		27,341		-		-		27,341
Total other assets				117,436		27,341		-		60,619		87,960

Nonearning assets
	Cash & due from banks			274,256		274,256		-		-		274,256
	Fixed income receivables			91,069		-		91,069		-		91,069
	Accrued interest receivable			57,346		-		57,346		-		57,346
Total nonearning assets				422,671		274,256		148,415		-		422,671
Total assets			$	23,523,584	$	677,665	$	5,744,918	$	16,841,855	$	23,264,438

Liabilities:
Deposits:
	Defined maturity		$	1,169,153	$	-	$	1,173,899	$	-	$	1,173,899
	Undefined maturity			17,505,320		-		17,505,320		-		17,505,320
Total deposits				18,674,473		-		18,679,219		-		18,679,219

Trading liabilities (a)				732,564		-		732,564		-		732,564

Short-term financial liabilities
	Federal funds purchased			556,862		-		556,862		-		556,862
	Securities sold under agreements to repurchase			311,760		-		311,760		-		311,760
	Other short-term borrowings			150,350		-		150,350		-		150,350
Total short-term financial liabilities				1,018,972		-		1,018,972		-		1,018,972

Term borrowings
	Real estate investment trust-preferred			45,930		-		-		49,350		49,350
	Term borrowings - new market tax credit investment			18,000		-		-		17,983		17,983
	Borrowings secured by residential real estate			55,679		-		-		48,051		48,051
	Other long term borrowings			1,438,038		-		1,411,226		-		1,411,226
Total term borrowings				1,557,647		-		1,411,226		115,384		1,526,610

Derivative liabilities (a)				109,815		4,788		100,217		4,810		109,815

Other noninterest-bearing liabilities
	Fixed income payables			54,301		-		54,301		-		54,301
	Accrued interest payable			16,382		-		16,382		-		16,382
Total other noninterest-bearing liabilities				70,683		-		70,683		-		70,683
Total liabilities			$	22,164,154	$	4,788	$	22,012,881	$	120,194	$	22,137,863

Classes are detailed in the recurring and nonrecurring measurement tables.
Level 3 includes restricted investments in FHLB-Cincinnati stock of $87.9 million and FRB stock of $65.8 million.

			June 30, 2014
			Book		Fair Value
(Dollars in thousands)			Value		Level 1		Level 2		Level 3		Total
Assets:
Loans, net of unearned income and allowance for loan losses
	Commercial:
		Commercial, financial and industrial	$	8,334,245	$	-	$	-	$	8,244,011	$	8,244,011
		Commercial real estate		1,215,692		-		-		1,168,748		1,168,748
	Retail:
		Consumer real estate		5,100,893		-		-		4,810,173		4,810,173
		Permanent mortgage		570,274		-		-		513,946		513,946
		Credit card & other		330,977		-		-		332,924		332,924
Total loans, net of unearned income and allowance for loan losses				15,552,081		-		-		15,069,802		15,069,802

Short-term financial assets
	Interest-bearing cash			255,920		255,920		-		-		255,920
	Federal funds sold			51,537		-		51,537		-		51,537
	Securities purchased under agreements to resell			624,477		-		624,477		-		624,477
Total short-term financial assets				931,934		255,920		676,014		-		931,934

Trading securities (a)				1,150,280		-		1,143,859		6,421		1,150,280
Loans held-for-sale (a)				358,945		-		3,471		355,474		358,945
Securities available-for-sale (a) (b)				3,576,542		25,995		3,385,884		164,663		3,576,542
Securities held-to-maturity				4,279		-		-		5,556		5,556
Derivative assets (a)				162,067		5,119		156,948		-		162,067

Other assets
	Tax credit investments			82,493		-		-		70,306		70,306
	Deferred compensation assets			24,860		24,860		-		-		24,860
Total other assets				107,353		24,860		-		70,306		95,166

Nonearning assets
	Cash & due from banks			417,108		417,108		-		-		417,108
	Fixed income receivables			174,224		-		174,224		-		174,224
	Accrued interest receivable			67,132		-		67,132		-		67,132
Total nonearning assets				658,464		417,108		241,356		-		658,464
Total assets			$	22,501,945	$	729,002	$	5,607,532	$	15,672,222	$	22,008,756

Liabilities:
Deposits:
	Defined maturity		$	1,312,419	$	-	$	1,319,686	$	-	$	1,319,686
	Undefined maturity			14,845,068		-		14,845,068		-		14,845,068
Total deposits				16,157,487		-		16,164,754		-		16,164,754
Trading liabilities (a)				706,119		-		706,119		-		706,119
Short-term financial liabilities
	Federal funds purchased			947,946		-		947,946		-		947,946
	Securities sold under agreements to repurchase			475,530		-		475,530		-		475,530
	Other short-term borrowings			1,073,250		-		1,073,250		-		1,073,250
Total short-term financial liabilities				2,496,726		-		2,496,726		-		2,496,726

Term borrowings
	Real estate investment trust-preferred			45,862		-		-		49,350		49,350
	Term borrowings - new market tax credit investment			18,000		-		-		17,940		17,940
	Borrowings secured by residential real estate			74,103		-		-		63,951		63,951
	Other long term borrowings			1,363,244		-		1,357,728		-		1,357,728
Total term borrowings				1,501,209		-		1,357,728		131,241		1,488,969

Derivative liabilities (a)				138,336		5,310		128,301		4,725		138,336

Other noninterest-bearing liabilities
	Fixed income payables			95,299		-		95,299		-		95,299
	Accrued interest payable			23,218		-		23,218		-		23,218
Total other noninterest-bearing liabilities				118,517		-		118,517		-		118,517
Total liabilities			$	21,118,394	$	5,310	$	20,972,145	$	135,966	$	21,113,421

Certain previously reported amounts have been revised to reflect the retroactive effect of the adoption of ASU 2014-01, “Equity Method and Joint Venture: Accounting for Investments in Qualified Affordable Housing Projects.” See Note 1 – Financial Information for additional information.

Classes are detailed in the recurring and nonrecurring measurement tables.
Level 3 includes restricted investments in FHLB-Cincinnati stock of $87.9 million and FRB stock of $66.0 million.

	Contractual Amount				Fair Value
(Dollars in thousands)	June 30, 2015		June 30, 2014		June 30, 2015		June 30, 2014
Unfunded Commitments:
Loan commitments	$	7,507,315	$	7,227,433	$	2,761	$	2,079
Standby and other commitments		304,860		307,543		4,846		5,150

Certain previously reported amounts have been reclassified to agree with current presentation.

- Definition

Tabular disclosure of the application of the fair value option for measurement and reporting of eligible financial assets and liabilities (as defined), as well as certain other eligible items (as defined) included in the statement of financial position, whether such option is elected for a single eligible item or a group of similar eligible items and is in addition to other disclosures concerning fair value which the company may be required to provide. Such disclosure might be expected to include: (1) for items included in the statement of financial position: (a) for each line item in the statement of financial position that includes an item or items for which the fair value option has been elected, provide the aggregate carrying amount of ineligible items included in each line item in the balance sheet, if any; (b) the difference between the aggregate fair value and the aggregate unpaid principal balance (assuming contractual principal amounts and fair value option elected) of: (i) loans and long-term receivables (other than securities otherwise reported at fair value) and (ii) long-term debt instruments; (c) for loans held as assets for which the fair value option has been elected: (i) the aggregate fair value of loans that are 90 days or more past due, (ii) if the policy is to recognize interest income separately from other changes in fair value, the aggregate fair value of loans in nonaccrual status, and (iii) the difference between the aggregate fair value and the aggregate unpaid principal balance for loans that are 90 days or more past due, in nonaccrual status, or both; (2) for items included in the income statement: (a) the amounts of gains and losses from fair value changes included in earnings and in which line in the income statement those gains and losses are reported whether or not combined with gains and losses from items required to be accounted for at fair value; (b) for loans and other receivables held as assets, the estimated amount of gains or losses included in earnings attributable to changes in instrument-specific credit risk; (c) for liabilities with fair values that have been significantly affected during the reporting period by changes in the instrument-specific credit risk, the estimated amount of gains and losses from fair value changes included in earnings that are attributable to changes in the instrument-specific credit risk; and (3) certain other disclosures as required or determined to be provided.

+ References + Details