Estimated Fair Values (Tables)

12 Months Ended

Dec. 31, 2013

Estimated Fair Values For Certain Financial Assets And Financial Liabilities

For all other financial assets and financial liabilities, the carrying value is a reasonable estimate of the fair value as of December 31, 2013, and December 31, 2012. The carrying value and fair value for these assets and liabilities are equivalent because they are relatively short term in nature and there is no interest rate or credit risk relating to them that would cause the fair value to differ from the carrying value.



	December 31, 2013				December 31, 2012
	Carrying value		Fair value		Carrying value		Fair value
	(dollars in thousands)
Cash and due from banks	$	533,599	$	533,599	$	639,730	$	639,730
Overnight investments	859,324		859,324		443,180		443,180
Investment securities available for sale	5,387,703		5,387,703		5,226,228		5,226,228
Investment securities held to maturity	907		974		1,342		1,448
Loans held for sale	47,271		47,956		86,333		87,654
Acquired loans, net of allowance for loan and lease losses	975,906		956,388		1,669,263		1,635,878
Originated loans, net of allowance for loan and lease losses	11,924,424		11,589,149		11,397,069		11,238,597
Receivable from the FDIC for loss share agreements ⁽¹⁾	93,397		38,438		270,192		100,161
Income earned not collected	48,390		48,390		47,666		47,666
Stock issued by:
Federal Home Loan Bank of Atlanta	30,813		30,813		36,139		36,139
Federal Home Loan Bank of San Francisco	5,756		5,756		10,107		10,107
Federal Home Loan Bank of Seattle	4,250		4,250		4,410		4,410
Preferred stock	33,564		34,786		40,768		40,793
Deposits	17,874,066		17,898,570		18,086,025		18,126,893
Short-term borrowings	511,418		511,418		568,505		568,505
Long-term obligations	510,769		526,037		444,921		472,642
Payable to the FDIC for loss share agreements	109,378		111,941		101,641		111,679
Accrued interest payable	6,737		6,737		9,353		9,353
Interest rate swap	7,220		7,220		10,398		10,398

⁽¹⁾ The fair value of the FDIC receivable excludes receivable related to accretable yield to be amortized in prospective periods.

Assets And Liabilities Carried At Fair Value On A Recurring Basis

For assets and liabilities carried at fair value on a recurring basis, the following table provides fair value information as of December 31, 2013, and December 31, 2012.



			Fair value measurements using:
	Fair value		Level 1		Level 2		Level 3
	(dollars in thousands)
December 31, 2013
Assets measured at fair value
Investment securities available for sale
U.S. Treasury	$	373,437	$	—	$	373,437	$	—
Government agency	2,544,229		—		2,544,229		—
Mortgage-backed securities	2,446,873		—		2,446,873		—
Equity securities	22,147		—		22,147		—
State, county, municipal	187		—		187		—
Other	830		—		830		—
Total	$	5,387,703	$	—	$	5,387,703	$	—
Liabilities measured at fair value
Interest rate swaps accounted for as cash flow hedges	$	7,220	$	—	$	7,220	$	—
December 31, 2012
Assets measured at fair value
Investment securities available for sale
U.S. Treasury	$	823,632	$	—	$	823,632	$	—
Government agency	3,055,204		—		3,055,204		—
Mortgage-backed securities	1,329,657		—		1,329,657		—
Equity securities	16,365		—		16,365		—
State, county, municipal	550		—		550		—
Other	820		—		820		—
Total	$	5,226,228	$	—	$	5,226,228	$	—
Liabilities measured at fair value
Interest rate swaps accounted for as cash flow hedges	$	10,398	$	—	$	10,398	$	—

Assets And Liabilities Carried At Fair Value On A Nonrecurring Basis

For financial assets and liabilities carried at fair value on a nonrecurring basis, the following table provides fair value information as of December 31, 2013, and December 31, 2012.



			Fair value measurements using:
	Fair value		Level 1		Level 2		Level 3
	(dollars in thousands)
December 31, 2013
Loans held for sale	$	29,389	$	—	$	29,389	$	—
Originated impaired loans	73,517		—		—		73,517
Other real estate not covered under loss share agreements remeasured during current year	20,526		—		—		20,526
Other real estate covered under loss share agreements remeasured during current year	37,587		—		—		37,587
December 31, 2012
Loans held for sale	65,244		—		65,244		—
Originated impaired loans	51,644		—		—		51,644
Other real estate not covered under loss share agreements remeasured during current year	21,113		—		—		21,113
Other real estate covered under loss share agreements remeasured during current year	59,545		—		—		61,026

Schedule of Fair Value Measurements Of Other Real Estate Opportunities

OREO is measured and reported at fair value using level 3 inputs for valuations based on unobservable criteria. The values of OREO are determined by collateral valuations. Collateral values are determined using appraisals or other third-party value estimates of the subject property with discounts generally between 10 and 14 percent applied for estimated holding and selling costs and other external factors that may impact the marketability of the property. Changes to the value of the assets between scheduled valuation dates are monitored through continued communication with brokers and monthly reviews by the asset manager assigned to each asset. The asset manager uses the information gathered from brokers and other market sources to identify any significant changes in the market or the subject property as they occur. Valuations are then adjusted or new appraisals are ordered to ensure the reported values reflect the most current information.

No financial liabilities were carried at fair value on a nonrecurring basis as of December 31, 2013, and December 31, 2012.

- Definition

Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

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