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Fair Values of Assets and Liabilities (Tables)
6 Months Ended
Jun. 30, 2015
Fair Value Disclosures [Abstract]  
Summary Of Balances Of Assets And Liabilities Measured At Fair Value On A Recurring Basis
The following tables present the balances of assets and liabilities measured at fair value on a recurring basis for the periods presented:
 
June 30, 2015
(Dollars in thousands)
Total
 
Level 1
 
Level 2
 
Level 3
Available-for-sale securities
 
 
 
 
 
 
 
U.S. Treasury
$
281,161

 
$

 
$
281,161

 
$

U.S. Government agencies
628,660

 

 
628,660

 

Municipal
269,790

 

 
211,218

 
58,572

Corporate notes
128,141

 

 
128,141

 

Mortgage-backed
800,101

 

 
800,101

 

Equity securities
54,208

 

 
29,212

 
24,996

Trading account securities
1,597

 

 
1,597

 

Mortgage loans held-for-sale
497,283

 

 
497,283

 

Mortgage servicing rights
8,034

 

 

 
8,034

Nonqualified deferred compensation assets
8,778

 

 
8,778

 

Derivative assets
48,918

 

 
48,918

 

Total
$
2,726,671

 
$

 
$
2,635,069

 
$
91,602

Derivative liabilities
$
40,500

 
$

 
$
40,500

 
$

 
 
 
December 31, 2014
(Dollars in thousands)
 
Total
 
Level 1
 
Level 2
 
Level 3
Available-for-sale securities
 
 
 
 
 
 
 
 
U.S. Treasury
 
$
381,805

 
$

 
$
381,805

 
$

U.S. Government agencies
 
668,316

 

 
668,316

 

Municipal
 
238,529

 

 
179,576

 
58,953

Corporate notes
 
133,579

 

 
133,579

 

Mortgage-backed
 
318,710

 

 
318,710

 

Equity securities
 
51,139

 

 
27,428

 
23,711

Trading account securities
 
1,206

 

 
1,206

 

Mortgage loans held-for-sale
 
351,290

 

 
351,290

 

Mortgage servicing rights
 
8,435

 

 

 
8,435

Nonqualified deferred compensation assets
 
7,951

 

 
7,951

 

Derivative assets
 
47,964

 

 
47,964

 

Total
 
$
2,208,924

 
$

 
$
2,117,825

 
$
91,099

Derivative liabilities
 
$
41,180

 
$

 
$
41,180

 
$


 
June 30, 2014
(Dollars in thousands)
Total
 
Level 1
 
Level 2
 
Level 3
Available-for-sale securities
 
 
 
 
 
 
 
U.S. Treasury
$
388,415

 
$

 
$
388,415

 
$

U.S. Government agencies
766,000

 

 
766,000

 

Municipal
176,107

 

 
138,054

 
38,053

Corporate notes
135,303

 

 
135,303

 

Mortgage-backed
303,563

 

 
303,563

 

Equity securities
54,852

 

 
30,700

 
24,152

Trading account securities
2,234

 

 
2,234

 

Mortgage loans held-for-sale
363,627

 

 
363,627

 

Mortgage servicing rights
8,227

 

 

 
8,227

Nonqualified deferred compensation assets
7,850

 

 
7,850

 

Derivative assets
50,967

 

 
50,967

 

Total
$
2,257,145

 
$

 
$
2,186,713

 
$
70,432

Derivative liabilities
$
43,650

 
$

 
$
43,650

 
$

Summary Of Changes In Level 3 Assets And Liabilities Measured At Fair Value On A Recurring Basis
The changes in Level 3 assets measured at fair value on a recurring basis during the three and six months ended June 30, 2015 and 2014 are summarized as follows:
 
 
 
Equity securities
 
Mortgage
servicing rights
(Dollars in thousands)
Municipal
 
 
Balance at March 31, 2015
$
56,049

 
$
24,656

 
$
7,852

Total net gains (losses) included in:
 
 
 
 
 
Net income (1)

 

 
182

Other comprehensive income
(713
)
 
340

 

Purchases
4,175

 

 

Issuances

 

 

Sales

 

 

Settlements
(939
)
 

 

Net transfers into/(out of) Level 3 

 

 

Balance at June 30, 2015
$
58,572

 
$
24,996

 
$
8,034

 
(1)
Changes in the balance of mortgage servicing rights are recorded as a component of mortgage banking revenue in non-interest income.

 
 
 
Equity securities
 
Mortgage
servicing rights
(Dollars in thousands)
Municipal
 
 
Balance at January 1, 2015
$
58,953

 
$
23,711

 
$
8,435

Total net gains (losses) included in:
 
 
 
 
 
Net income (1)

 

 
(401
)
Other comprehensive income
(510
)
 
1,285

 

Purchases
10,849

 

 

Issuances

 

 

Sales

 

 

Settlements
(10,720
)
 

 

Net transfers into/(out of) Level 3 

 

 

Balance at June 30, 2015
$
58,572

 
$
24,996

 
$
8,034

 
(1)
Changes in the balance of mortgage servicing rights are recorded as a component of mortgage banking revenue in non-interest income.
 
 
 
Equity securities
 
Mortgage
servicing rights
(Dollars in thousands)
Municipal
 
 
Balance at March 31, 2014
$
39,772

 
$
23,438

 
$
8,719

Total net gains (losses) included in:
 
 
 
 
 
Net income (1)

 

 
(492
)
Other comprehensive income
73

 
714

 

Purchases
1,606

 

 

Issuances

 

 

Sales

 

 

Settlements
(3,398
)
 

 

Net transfers into/(out of) Level 3 

 

 

Balance at June 30, 2014
$
38,053

 
$
24,152

 
$
8,227

(1)
Changes in the balance of mortgage servicing rights are recorded as a component of mortgage banking revenue in non-interest income.
 
 
 
Equity securities
 
Mortgage
servicing rights
(Dollars in thousands)
Municipal
 
 
Balance at January 1, 2014
$
36,386

 
$
22,163

 
$
8,946

Total net gains (losses) included in:
 
 
 
 
 
Net income (1)

 

 
(719
)
Other comprehensive income
220

 
1,989

 

Purchases
4,966

 

 

Issuances

 

 

Sales

 

 

Settlements
(3,519
)
 

 

Net transfers into/(out of) Level 3 

 

 

Balance at June 30, 2014
$
38,053

 
$
24,152

 
$
8,227

(1)
Changes in the balance of mortgage servicing rights are recorded as a component of mortgage banking revenue in non-interest income.

Summary Of Assets Measured At Fair Value On A Nonrecurring Basis
For assets measured at fair value on a nonrecurring basis that were still held in the balance sheet at the end of the period, the following table provides the carrying value of the related individual assets or portfolios at June 30, 2015.
 
June 30, 2015
 
Three Months Ended June 30, 2015
Fair Value Losses Recognized, net
 
Six Months Ended June 30, 2014 Fair Value Losses Recognized, net
(Dollars in thousands)
Total
 
Level 1
 
Level 2
 
Level 3
 
 
Impaired loans—collateral based
$
61,713

 
$

 
$

 
$
61,713

 
$
3,524

 
$
6,255

Other real estate owned, including covered other real estate owned (1)
77,499

 

 

 
77,499

 
1,483

 
3,845

Total
$
139,212

 
$

 
$

 
$
139,212

 
$
5,007

 
$
10,100

(1)
Fair value losses recognized, net on other real estate owned include valuation adjustments and charge-offs during the respective period.
Schedule Of Valuation Techniques And Significant Unobservable Inputs Used To Measure Both Recurring And Non-Recurring
The valuation techniques and significant unobservable inputs used to measure both recurring and non-recurring Level 3 fair value measurements at June 30, 2015 were as follows:
(Dollars in thousands)
 
 
 
 
 
 
 
 
 
 
 
Fair Value
 
Valuation Methodology
 
Significant Unobservable Input
 
Range
of Inputs
 
Weighted
Average
of Inputs
 
Impact to valuation
from an increased or
higher input value
Measured at fair value on a recurring basis:
 
 
 
 
 
 
 
 
 
 
 
Municipal Securities
$
58,572

 
Bond pricing
 
Equivalent rating
 
BBB-AA+
 
N/A
 
Increase
Equity Securities
24,996

 
Discounted cash flows
 
Discount rate
 
1.77%-2.02%
 
1.86%
 
Decrease
Mortgage Servicing Rights
8,034

 
Discounted cash flows
 
Discount rate
 
9%-13%
 
9.15%
 
Decrease
 
 
 
 
 
Constant prepayment rate (CPR)
 
10%-25%
 
11.83%
 
Decrease
Measured at fair value on a non-recurring basis:
 
 
 
 
 
 
 
 
 
 
 
Impaired loans—collateral based
$
61,713

 
Appraisal value
 
N/A
 
N/A
 
N/A
 
N/A
Other real estate owned, including covered other real estate owned
77,499

 
Appraisal value
 
Property specific valuation adjustment
 
(85)%-87%
 
(3.58)%
 
Increase
Summary Of Carrying Amounts And Estimated Fair Values Of Financial Instruments
The table below presents the carrying amounts and estimated fair values of the Company’s financial instruments as of the dates shown:
 
At June 30, 2015
 
At December 31, 2014
 
At June 30, 2014
 
Carrying
 
Fair
 
Carrying
 
Fair
 
Carrying
 
Fair
(Dollars in thousands)
Value
 
Value
 
Value
 
Value
 
Value
 
Value
Financial Assets:
 
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
252,209

 
$
252,209

 
$
230,707

 
$
230,707

 
$
356,978

 
$
356,978

Interest bearing deposits with banks
591,721

 
591,721

 
998,437

 
998,437

 
506,871

 
506,871

Available-for-sale securities
2,162,061

 
2,162,061

 
1,792,078

 
1,792,078

 
1,824,240

 
1,824,240

Trading account securities
1,597

 
1,597

 
1,206

 
1,206

 
2,234

 
2,234

Federal Home Loan Bank and Federal Reserve Bank stock, at cost
89,818

 
89,818

 
91,582

 
91,582

 
84,531

 
84,531

Brokerage customer receivables
29,753

 
29,753

 
24,221

 
24,221

 
28,199

 
28,199

Mortgage loans held-for-sale, at fair value
497,283

 
497,283

 
351,290

 
351,290

 
363,627

 
363,627

Total loans
15,707,060

 
16,469,518

 
14,636,107

 
15,346,266

 
14,025,150

 
14,741,579

Mortgage servicing rights
8,034

 
8,034

 
8,435

 
8,435

 
8,227

 
8,227

Nonqualified deferred compensation assets
8,778

 
8,778

 
7,951

 
7,951

 
7,850

 
7,850

Derivative assets
48,918

 
48,918

 
47,964

 
47,964

 
50,967

 
50,967

FDIC indemnification asset
3,429

 
3,429

 
11,846

 
11,846

 
46,115

 
46,115

Accrued interest receivable and other
178,349

 
178,349

 
169,156

 
169,156

 
165,511

 
165,511

Total financial assets
$
19,579,010

 
$
20,341,468

 
$
18,370,980

 
$
19,081,139

 
$
17,470,500

 
$
18,186,929

Financial Liabilities
 
 
 
 
 
 
 
 
 
 
 
Non-maturity deposits
$
13,145,542

 
$
13,145,542

 
$
12,142,034

 
$
12,142,034

 
$
11,314,162

 
$
11,314,162

Deposits with stated maturities
3,936,876

 
3,937,146

 
4,139,810

 
4,143,161

 
4,242,214

 
4,255,896

Federal Home Loan Bank advances
444,017

 
448,870

 
733,050

 
738,113

 
580,582

 
585,792

Other borrowings
261,908

 
261,908

 
196,465

 
197,883

 
43,716

 
43,716

Subordinated notes
140,000

 
142,810

 
140,000

 
143,639

 
140,000

 
144,899

Junior subordinated debentures
249,493

 
250,265

 
249,493

 
250,305

 
249,493

 
250,492

Derivative liabilities
40,500

 
40,500

 
41,180

 
41,180

 
43,650

 
43,650

Accrued interest payable
6,827

 
6,827

 
8,001

 
8,001

 
8,399

 
8,399

Total financial liabilities
$
18,225,163

 
$
18,233,868

 
$
17,650,033

 
$
17,664,316

 
$
16,622,216

 
$
16,647,006