Estimated Fair Values (Tables)

12 Months Ended

Dec. 31, 2014

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, 2014 and December 31, 2013. 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, 2014				December 31, 2013
(Dollars in thousands)	Carrying value		Fair value		Carrying value		Fair value
Cash and due from banks	$	604,182	$	604,182	$	533,599	$	533,599
Overnight investments	1,724,919		1,724,919		859,324		859,324
Investment securities available for sale	7,171,917		7,171,917		5,387,703		5,387,703
Investment securities held to maturity	518		544		907		974
Loans held for sale	63,696		63,696		47,271		47,956
Net loans and leases	18,564,999		18,046,497		12,900,330		12,545,537
Receivable from the FDIC for loss share agreements ⁽¹⁾	28,701		18,218		93,397		38,438
Income earned not collected	57,254		57,254		48,390		48,390
Federal Home Loan Bank stock	39,113		39,113		40,819		40,819
Preferred stock and other acquired financial assets	13,689		14,708		33,564		34,786
Mortgage servicing rights	16,688		16,736		16		16
Deposits	25,678,577		25,164,683		17,874,066		17,898,570
Short-term borrowings	987,184		987,184		511,418		511,418
Long-term obligations	351,320		367,732		510,769		526,037
Payable to the FDIC for loss share agreements	116,535		122,168		109,378		111,941
Accrued interest payable	8,194		8,194		6,737		6,737
Interest rate swap	4,337		4,337		7,220		7,220

⁽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

Among BancShares’ assets and liabilities, investment securities available for sale, loans held for sale at December 31, 2014 and interest ra

Fair Value Option

The following table summarizes the difference between the aggregate fair value and the aggregate unpaid principal balance for residential real estate loans held for sale measured at fair value as of December 31, 2014.



	December 31, 2014
(Dollars in thousands)	Fair Value		Aggregate Unpaid Principal Balance		Difference
Loans held for sale	$	63,696	$	62,996	$	700

No loans held for sell were 90 or more days past due or on nonaccrual status as of December 31, 2014.

The changes in fair value for residential real estate loans held for sale for which we elected the fair value option are included in the table below for the year ended December 31, 2014.



	Year ended December 31, 2014
(Dollars in thousands)	Gains(Losses) From Fair Value Changes
Loans held for sale	$	202

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, 2014 and December 31, 2013.



	December 31, 2014
		Fair value measurements using:
(Dollars in thousands)	Fair value	Level 1	Level 2	Level 3
Impaired loans	73,170	—	—	73,170
Other real estate not covered under loss share agreements remeasured during current year	40,714	—	—	40,714
Other real estate covered under loss share agreements remeasured during current year	17,664	—	—	17,664
Mortgage servicing rights	13,562	—	—	13,562

	December 31, 2013
		Fair value measurements using:
	Fair value	Level 1	Level 2	Level 3
Impaired loans	77,817	—	—	77,817
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

- 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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- 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.

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