Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2015

Fair Value Disclosures [Abstract]

Assets and Liabilities Measured on Recurring Basis at Fair Value

The table below presents the Corporation’s investment securities available for sale and derivative financial instruments measured at fair value on a recurring basis as of December 31, 2015 and 2014, aggregated by the level in the fair value hierarchy within which those measurements fall.

Assets and Liabilities Measured at Fair Value on a Recurring Basis

	December 31, 2015		Fair Value Measurements Using
			Level 1		Level 2		Level 3
	($ in Thousands)
Assets:
Investment securities available for sale:
U.S. Treasury securities	$	997	$	997	$	—	$	—
Residential mortgage-related securities:
FNMA / FHLMC	1,414,626		—		1,414,626		—
GNMA	1,590,003		—		1,590,003		—
Private-label	1,709		—		1,709		—
GNMA commercial mortgage-related securities	1,955,310		—		1,955,310		—
Other securities (debt and equity)	4,769		1,569		3,000		200
Total investment securities available for sale	$	4,967,414	$	2,566	$	4,964,648	$	200
Derivatives (trading and other assets)	$	36,268	$	—	$	34,907	$	1,361
Liabilities:
Derivatives (trading and other liabilities)	$	36,145	$	—	$	36,145	$	—

	December 31, 2014		Fair Value Measurements Using
			Level 1		Level 2		Level 3
	($ in Thousands)
Assets:
Investment securities available for sale:
U.S. Treasury securities	$	998	$	998	$	—	$	—
Municipal securities	582,679		—		582,679		—
Residential mortgage-related securities:
FNMA / FHLMC	3,563,457		—		3,563,457		—
GNMA	167,332		—		167,332		—
Private-label	2,294		—		2,294		—
GNMA commercial mortgage-related securities	1,073,893		—		1,073,893		—
Other securities (debt and equity)	6,159		2,959		3,000		200
Total investment securities available for sale	$	5,396,812	$	3,957	$	5,392,655	$	200
Derivatives (trading and other assets)	$	43,164	$	—	$	41,217	$	1,947
Liabilities:
Derivatives (trading and other liabilities)	$	45,818	$	—	$	43,383	$	2,435

Assets and Liabilities Measured at Fair Value Using Significant Unobservable Inputs (Level 3)

The table below presents a rollforward of the balance sheet amounts for the years ended December 31, 2015 and 2014, for financial instruments measured on a recurring basis and classified within Level 3 of the fair value hierarchy.

	Investment Securities Available for Sale			Derivative Financial Instruments
	($ in Thousands)
Balance December 31, 2013	$	299		$	1,717
Total net losses included in income:
Mortgage derivative loss	—			(2,205		)
Sale of investment securities	(99		)	—
Balance December 31, 2014	$	200		$	(488	)
Total net gains included in income:
Mortgage derivative gain	—			1,849
Balance December 31, 2015	$	200		$	1,361

Assets and Liabilities Measured on Nonrecurring Basis at Fair Value

The table below presents the Corporation’s loans held for sale, impaired loans, and mortgage servicing rights measured at fair value on a nonrecurring basis as of December 31, 2015 and 2014, aggregated by the level in the fair value hierarchy within which those measurements fall.

Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis

	December 31, 2015		Fair Value Measurements Using						Income Statement Category of Adjustment Recognized in Income	Adjustment Recognized in Income
			Level 1		Level 2		Level 3
	($ in Thousands)
Assets:
Loans held for sale	$	124,915	$	—	$	124,915	$	—	Mortgage banking, net	$	(155	)
Impaired loans(1)	41,891		—		—		41,891		Provision for credit losses	(7,796		)
Mortgage servicing rights	70,686		—		—		70,686		Mortgage banking, net	425

	December 31, 2014		Fair Value Measurements Using						Income Statement Category of Adjustment Recognized in Income	Adjustment Recognized in Income
			Level 1		Level 2		Level 3
	($ in Thousands)
Assets:
Loans held for sale	$	156,423	$	—	$	156,423	$	—	Mortgage banking, net	$	—
Impaired loans(1)	53,832		—		—		53,832		Provision for credit losses	(17,272		)
Mortgage servicing rights	66,342		—		—		66,342		Mortgage banking, net	(321		)

(1) Represents individually evaluated impaired loans, net of the related allowance for loan losses.

Estimated fair values of financial instruments

The estimated fair values of the Corporation’s financial instruments were as follows.

	December 31, 2015
	Carrying Amount		Fair Value		Fair Value Measurements Using
					Level 1		Level 2		Level 3
	($ in Thousands)
Financial assets:
Cash and due from banks	$	374,921	$	374,921	$	374,921	$	—	$	—
Interest-bearing deposits in other financial institutions	79,764		79,764		79,764		—		—
Federal funds sold and securities purchased under agreements to resell	19,000		19,000		19,000		—		—
Investment securities held to maturity	1,168,230		1,184,442		—		1,184,442		—
Investment securities available for sale	4,967,414		4,967,414		2,566		4,964,648		200
FHLB and Federal Reserve Bank stocks	147,240		147,240		—		147,240		—
Loans held for sale	124,915		124,915		—		124,915		—
Loans, net	18,440,079		18,389,832		—		—		18,389,832
Bank owned life insurance	583,019		583,019		—		583,019		—
Interest rate-related instruments	29,391		29,391		—		29,391		—
Foreign currency exchange forwards	1,532		1,532		—		1,532		—
Interest rate lock commitments to originate residential mortgage loans held for sale	958		958		—		—		958
Forward commitments to sell residential mortgage loans	403		403		—		—		403
Purchased options (time deposit)	2,715		2,715		—		2,715		—
Commodity contracts	1,269		1,269		—		1,269		—
Financial liabilities:
Noninterest-bearing demand, savings, interest-bearing demand, and money market accounts	$	19,444,863	$	19,444,863	$	—	$	—	$	19,444,863
Brokered CDs and other time deposits	1,562,802		1,564,464		—		1,564,464		—
Short-term funding	834,416		834,416		—		834,416		—
Long-term funding	2,679,350		2,728,112		—		2,728,112		—
Interest rate-related instruments	30,886		30,886		—		30,886		—
Foreign currency exchange forwards	1,398		1,398		—		1,398		—
Commodity contracts	1,146		1,146		—		1,146		—
Standby letters of credit (1)	2,954		2,954		—		2,954		—
Written options (time deposit)	2,715		2,715		—		2,715		—

	December 31, 2014
	Carrying Amount		Fair Value		Fair Value Measurements Using
					Level 1		Level 2		Level 3
	($ in Thousands)
Financial assets:
Cash and due from banks	$	444,113	$	444,113	$	444,113	$	—	$	—
Interest-bearing deposits in other financial institutions	571,924		571,924		571,924		—		—
Federal funds sold and securities purchased under agreements to resell	16,030		16,030		16,030		—		—
Investment securities held to maturity	404,455		413,067		—		413,067		—
Investment securities available for sale	5,396,812		5,396,812		3,957		5,392,655		200
FHLB and Federal Reserve Bank stocks	189,107		189,107		—		189,107		—
Loans held for sale	154,935		156,423		—		156,423		—
Loans, net	17,327,544		17,427,647		—		—		17,427,647
Bank owned life insurance	574,154		574,154		—		574,154		—
Interest rate-related instruments	33,023		33,023		—		33,023		—
Foreign currency exchange forwards	2,140		2,140		—		2,140		—
Interest rate lock commitments to originate residential mortgage loans held for sale	1,947		1,947		—		—		1,947
Purchased options (time deposit)	6,054		6,054		—		6,054		—
Financial liabilities:
Noninterest-bearing demand, savings, interest-bearing demand, and money market accounts	$	17,192,049	$	17,192,049	$	—	$	—	$	17,192,049
Brokered CDs and other time deposits	1,571,455		1,571,455		—		1,571,455		—
Short-term funding	1,068,288		1,068,288		—		1,068,288		—
Long-term funding	3,930,117		3,975,605		—		3,975,605		—
Interest rate-related instruments	35,372		35,372		—		35,372		—
Foreign currency exchange forwards	1,957		1,957		—		1,957		—
Standby letters of credit(1)	3,542		3,542		—		3,542		—
Forward commitments to sell residential mortgage loans	2,435		2,435				—		2,435
Written options (time deposit)	6,054		6,054		—		6,054		—

(1) The commitment on standby letters of credit was $297 million and $353 million at December 31, 2015 and 2014, respectively. See Note 16 for additional information on the standby letters of credit and for information on the fair value of lending-related commitments.