Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2016

Fair Value Disclosures [Abstract]

Assets and Liabilities Measured on Recurring Basis at Fair Value

Assets and Liabilities Measured at Fair Value on a Recurring Basis

	Fair Value Hierarchy	June 30, 2016		December 31, 2015
		($ in Thousands)
Assets:
Investment securities available for sale:
U.S. Treasury securities	Level 1	$	1,001	$	997
Residential mortgage-related securities:
FNMA / FHLMC	Level 2	990,379		1,414,626
GNMA	Level 2	1,677,246		1,590,003
Private-label	Level 2	1,410		1,709
GNMA commercial mortgage-related securities	Level 2	2,126,921		1,955,310
Other securities (debt and equity)	Level 1	1,609		1,569
Other securities (debt and equity)	Level 2	3,000		3,000
Other securities (debt and equity)	Level 3	200		200
Total investment securities available for sale	Level 1	2,610		2,566
Total investment securities available for sale	Level 2	4,798,956		4,964,648
Total investment securities available for sale	Level 3	200		200
Interest rate-related instruments	Level 2	56,334		29,391
Foreign currency exchange forwards	Level 2	3,159		1,532
Interest rate lock commitments to originate residential mortgage loans held for sale	Level 3	4,270		958
Forward commitments to sell residential mortgage loans	Level 3	—		403
Commodity contracts	Level 2	17,619		1,269
Purchased options (time deposit)	Level 2	2,336		2,715
Liabilities:
Interest rate-related instruments	Level 2	$	59,255	$	30,886
Foreign currency exchange forwards	Level 2	3,073		1,398
Forward commitments to sell residential mortgage loans	Level 3	4,205		—
Commodity contracts	Level 2	17,138		1,146
Written options (time deposit)	Level 2	2,336		2,715

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 six months ended June 30, 2016 and the year ended December 31, 2015, 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, 2014	$	200	$	(488	)
Total net gains included in income:
Mortgage derivative gain	—		1,849
Balance December 31, 2015	$	200	$	1,361
Total net losses included in income:
Mortgage derivative loss	—		(1,296		)
Balance June 30, 2016	$	200	$	65

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 June 30, 2016 and December 31, 2015, 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

				Income Statement Category of Adjustment Recognized in Income	Adjustment Recognized in Income
($ in Thousands)	Fair Value Hierarchy	Fair Value
June 30, 2016
Assets:
Commercial loans held for sale	Level 2	$	30,694	Provision for credit losses	$	(451	)
Mortgage loans held for sale (1)	Level 2	259,054		Mortgage banking, net	—
Impaired loans (2)	Level 3	62,910		Provision for credit losses	(19,873		)
Mortgage servicing rights	Level 3	58,331		Mortgage banking, net	(2,120		)
December 31, 2015
Assets:
Loans held for sale	Level 2	$	124,915	Mortgage banking, net	$	(155	)
Impaired loans (2)	Level 3	41,891		Provision for credit losses	(7,796		)
Mortgage servicing rights	Level 3	70,686		Mortgage banking, net	425

(1) Loans held for sale are carried at the lower of cost or estimated fair value. At June 30, 2016, the estimated fair value exceeded the cost and therefore there was no adjustment recognized in the Consolidated Statements of Income.

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

Estimated fair values of financial instruments

Fair value estimates, methods, and assumptions are set forth below for the Corporation’s financial instruments.

		June 30, 2016				December 31, 2015
	Fair Value Hierarchy Level	Carrying Amount		Fair Value		Carrying Amount		Fair Value
		($ in Thousands)
Financial assets:
Cash and due from banks	Level 1	$	333,000	$	333,000	$	374,921	$	374,921
Interest-bearing deposits in other financial institutions	Level 1	131,680		131,680		79,764		79,764
Federal funds sold and securities purchased under agreements to resell	Level 1	13,200		13,200		19,000		19,000
Investment securities held to maturity	Level 2	1,236,140		1,278,855		1,168,230		1,184,442
Investment securities available for sale	Level 1	2,610		2,610		2,566		2,566
Investment securities available for sale	Level 2	4,798,956		4,798,956		4,964,648		4,964,648
Investment securities available for sale	Level 3	200		200		200		200
FHLB and Federal Reserve Bank stocks	Level 2	194,501		194,501		147,240		147,240
Loans held for sale	Level 2	284,376		289,748		124,915		124,915
Loans, net	Level 3	19,547,506		19,603,484		18,440,079		18,389,832
Bank owned life insurance	Level 2	582,580		582,580		583,019		583,019
Derivatives (trading and other assets)	Level 2	79,448		79,448		34,907		34,907
Derivatives (trading and other assets)	Level 3	4,270		4,270		1,361		1,361
Financial liabilities:
Noninterest-bearing demand, savings, interest-bearing demand, and money market accounts	Level 3	$	18,728,818	$	18,728,818	$	19,444,863	$	19,444,863
Brokered CDs and other time deposits	Level 2	1,564,032		1,574,368		1,562,802		1,564,464
Short-term funding	Level 2	1,911,557		1,911,557		834,416		834,416
Long-term funding	Level 2	3,511,475		3,579,398		2,676,164		2,728,112
Standby letters of credit (1)	Level 2	2,759		2,759		2,954		2,954
Derivatives (trading and other liabilities)	Level 2	81,802		81,802		36,145		36,145
Derivatives (trading and other liabilities)	Level 3	4,205		4,205		—		—

(1) The commitment on standby letters of credit was $285 million and $297 million at June 30, 2016 and December 31, 2015, respectively. See Note 12 for additional information on the standby letters of credit and for information on the fair value of lending-related commitments.