Fair Values of Assets and Liabilities (Tables)
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6 Months Ended |
Jun. 30, 2015 |
Fair Value Disclosures [Abstract] |
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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 |
| | $ | — |
|
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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. |
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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. |
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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 |
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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 |
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