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Fair Value Measurement (Tables)

9 Months Ended

Sep. 30, 2013

Schedule Of Carrying Value And Fair Value Of Financial Instruments Not Recorded At Fair Value

The following table presents estimated fair values of the Company’s financial instruments as of September 30, 2013 and December 31, 2012, whether or not recognized or recorded at fair value in the Condensed Consolidated Balance Sheets:

(in thousands)



	September 30, 2013				December 31, 2012
	Carrying		Fair		Carrying		Fair
	Value		Value		Value		Value
FINANCIAL ASSETS:
Cash and cash equivalents	$	697,091	$	697,091	$	543,787	$	543,787
Trading securities	4,012		4,012		3,747		3,747
Securities available for sale	1,910,082		1,910,082		2,625,229		2,625,229
Securities held to maturity	5,766		6,030		4,541		4,732
Loans held for sale	113,993		113,993		320,132		320,132
Non-covered loans and leases, net	7,144,210		7,110,101		6,595,689		6,652,179
Covered loans, net	397,083		449,239		477,078		543,628
Restricted equity securities	31,444		31,444		33,443		33,443
Mortgage servicing rights	41,853		41,853		27,428		27,428
Bank owned life insurance assets	94,637		94,637		93,831		93,831
FDIC indemnification asset	29,427		6,980		52,798		18,714
Derivatives	17,485		17,485		23,842		23,842
Visa Class B common stock	—		35,786		—		28,385
FINANCIAL LIABILITIES:
Deposits	$	9,067,240	$	9,077,231	$	9,379,275	$	9,396,646
Securities sold under agreements to repurchase	215,310		215,310		137,075		137,075
Term debt	252,017		279,183		253,605		289,404
Junior subordinated debentures, at fair value	86,718		86,718		85,081		85,081
Junior subordinated debentures, at amortized cost	101,979		71,553		110,985		78,529
Derivatives	16,995		16,995		22,971		22,971

Schedule of Fair Value Assets and Liabilities Not Measured at Fair Value by Level

The following table presents information about the level in the fair value hierarchy for the Company’s assets and liabilities that are not measured at fair value as of September 30, 2013 and December 31, 2012:

(in thousands)



	September 30, 2013
Description	Total		Level 1		Level 2		Level 3
ASSETS
Cash and cash equivalents	$	697,091	$	697,091	$	—	$	—
Securities held to maturity	4,012		—		—		4,012
Non-covered loans and leases, net	7,110,101		—		—		7,110,101
Covered loans, net	449,239		—		—		449,239
Restricted equity securities	31,444		31,444		—		—
Bank owned life insurance assets	94,637		94,637		—		—
FDIC indemnification asset	6,980		—		—		6,980
Visa Class B common stock	35,786		—		—		35,786
LIABILITIES
Deposits
Non-maturity deposits	$	7,434,771	$	7,434,771	$	—	$	—
Deposits with stated maturities	1,642,460		—		1,642,460		—
Securities sold under agreements to repurchase	215,310		—		215,310		—
Term debt	279,183		—		279,183		—
Junior subordinated debentures, at amortized cost	71,553		—		—		71,553

(in thousands)



	December 31, 2012
Description	Total		Level 1		Level 2		Level 3
ASSETS
Cash and cash equivalents	$	543,787	$	543,787	$	—	$	—
Securities held to maturity	4,732		—		—		4,732
Non-covered loans and leases, net	6,652,179		—		—		6,652,179
Covered loans, net	543,628		—		—		543,628
Restricted equity securities	33,443		33,443		—		—
Bank owned life insurance assets	93,831		93,831		—		—
FDIC indemnification asset	18,714		—		—		18,714
Visa Class B common stock	28,385		—		—		28,385
LIABILITIES
Deposits
Non-maturity deposits	$	7,376,288	$	7,376,288	$	—	$	—
Deposits with stated maturities	2,020,358		—		2,020,358		—
Securities sold under agreements to repurchase	137,075		—		137,075		—
Term debt	289,404		—		289,404		—
Junior subordinated debentures, at amortized cost	78,529		—		—		78,529

Schedule Of Fair Value Assets And Liabilities Measured On Recurring Basis

The following tables present information about the Company’s assets and liabilities measured at fair value on a recurring basis as of September 30, 2013 and December 31, 2012:

(in thousands)



	September 30, 2013
Description	Total		Level 1		Level 2		Level 3
Trading securities
Obligations of states and political subdivisions	$	551	$	—	$	551	$	—
Equity securities	3,364		3,364		—		—
Other investments securities(1)	97		—		97		—
Available for sale securities
U.S. Treasury and agencies	278		—		278		—
Obligations of states and political subdivisions	240,531		—		240,531		—
Residential mortgage-backed securities and
collateralized mortgage obligations	1,667,144		—		1,667,144		—
Other debt securities	134		—		134		—
Investments in mutual funds and other equity securities	1,995		—		1,995		—
Loans held for sale, at fair value	113,993				113,993
Mortgage servicing rights, at fair value	41,853		—		—		41,853
Derivatives
Interest rate lock commitments	3,008		—		—		3,008
Interest rate forward sales commitments	—		—		—		—
Interest rate swaps	14,477		—		14,477		—
Total assets measured at fair value	$	2,087,425	$	3,364	$	2,039,200	$	44,861
Junior subordinated debentures, at fair value	$	86,718	$	—	$	—	$	86,718
Derivatives
Interest rate lock commitments	—		—		—		—
Interest rate forward sales commitments	3,784		—		3,784		—
Interest rate swaps	13,211		—		13,211		—
Total liabilities measured at fair value	$	103,713	$	—	$	16,995	$	86,718

(in thousands)



	December 31, 2012
Description	Total		Level 1		Level 2		Level 3
Trading securities
Obligations of states and political subdivisions	$	1,216	$	—	$	1,216	$	—
Equity securities	2,408		2,408		—		—
Other investments securities(1)	123		—		123		—
Available for sale securities
U.S. Treasury and agencies	45,820		—		45,820		—
Obligations of states and political subdivisions	263,725		—		263,725		—
Residential mortgage-backed securities and
collateralized mortgage obligations	2,313,376		—		2,313,376		—
Other debt securities	222		—		222		—
Investments in mutual funds and other equity securities	2,086		—		2,086		—
Loans held for sale, at fair value	320,132				320,132
Mortgage servicing rights, at fair value	27,428		—		—		27,428
Derivatives
Interest rate lock commitments	1,496		—		—		1,496
Interest rate forward sales commitments	133		—		133		—
Interest rate swaps	22,213		—		22,213		—
Total assets measured at fair value	$	3,000,378	$	2,408	$	2,969,046	$	28,924
Junior subordinated debentures, at fair value	$	85,081	$	—	$	—	$	85,081
Derivatives
Interest rate lock commitments	18		—		—		18
Interest rate forward sales commitments	905		—		905		—
Interest rate swaps	22,048		—		22,048		—
Total liabilities measured at fair value	$	108,052	$	—	$	22,953	$	85,099


(1)	Principally represents U.S. Treasury and agencies or residential mortgage-backed securities issued or guaranteed by governmental agencies.

Schedule of a Description of the Valuation Technique, Unobservable Input, and Qualitative Information for the Company's Assets and Liabilities Classfied as Level 3

The following table provides a description of the valuation technique, unobservable input, and qualitative information about the unobservable inputs for the Company’s assets and liabilities classified as Level 3 and measured at fair value on a recurring basis at September 30, 2013:

(in thousands)



Financial Instrument	Valuation Technique	Unobservable Input	Weighted Average (Range)
Mortgage servicing rights	Discounted cash flow
		Constant Prepayment Rate	16.04%
		Discount Rate	8.69%
Interest rate lock commitment	Internal Pricing Model
		Pull-through rate	73.9%
Junior subordinated debentures	Discounted cash flow
		Credit Spread	6.21%

Schedule Of Reconciliation Of Assets And Liabilities Measured At Fair Value Using Significant Unobservable Inputs (Level 3) On A Recurring Basis

The following table provides a reconciliation of assets and liabilities measured at fair value using significant unobservable inputs (Level 3) on a recurring basis during the three and nine months ended September 30, 2013 and 2012.

(in thousands)



Three months ended September 30,	Beginning Balance		Change included in earnings			Purchases and issuances		Sales and settlements			Ending Balance		Net change in unrealized gains or (losses) relating to items held at end of period
2013
Mortgage servicing rights	$	38,192	$	(411	)	$	4,072	$	—		$	41,853	$	746
Interest rate lock commitment	638		(638		)	17,695		(14,687		)	3,008		3,008
Junior subordinated debentures	86,159		1,533			—		(974		)	86,718		1,533

2012
Mortgage servicing rights	$	22,513	$	(3,666	)	$	5,642	$	—		$	24,489	$	(2,720	)
Interest rate lock commitment	2,286		(2,286		)	37,494		(33,528		)	3,966		3,966
Junior subordinated debentures	83,993		1,592			—		(1,047		)	84,538		1,592

(in thousands)



Nine months ended September 30,	Beginning Balance		Change included in earnings			Purchases and issuances		Sales and settlements			Ending Balance		Net change in unrealized gains or (losses) relating to items held at end of period
2013
Mortgage servicing rights	$	27,428	$	(757	)	$	15,182	$	—		$	41,853	$	(755	)
Interest rate lock commitment	1,478		(1,478		)	52,192		(49,184		)	3,008		3,008
Junior subordinated debentures	85,081		4,563			—		(2,926		)	86,718		4,563

2012
Mortgage servicing rights	$	18,184	$	(5,618	)	$	11,923	$	—		$	24,489	$	(2,570	)
Interest rate lock commitment	1,749		(1,749		)	70,806		(66,840		)	3,966		3,966
Junior subordinated debentures	82,905		4,780			—		(3,147		)	84,538		4,780

Fair Value Assets And Liabilities Measured On Nonrecurring Basis

(in thousands)



	September 30, 2013
	Total		Level 1		Level 2		Level 3
Non-covered loans and leases	$	18,759	$	—	$	—	$	18,759
Non-covered other real estate owned	81		—		—		81
Covered other real estate owned	2,778		—		—		2,778
	$	21,618	$	—	$	—	$	21,618

(in thousands)



	December 31, 2012
	Total		Level 1		Level 2		Level 3
Investment securities, held to maturity
Residential mortgage-backed securities
and collateralized mortgage obligations	$	432	$	—	$	—	$	432
Non-covered loans and leases	34,007		—		—		34,007
Non-covered other real estate owned	4,671		—		—		4,671
Covered other real estate owned	8,957		—		—		8,957
	$	48,067	$	—	$	—	$	48,067

Losses Resulting From Nonrecurring Fair Value Adjustments

The following table presents the losses resulting from nonrecurring fair value adjustments for the three and nine months ended September 30, 2013 and 2012:

(in thousands)



	Three months ended				Nine months ended
	September 30,				September 30,
	2013		2012		2013		2012
Non-covered loans and leases	$	5,663	$	6,390	$	18,126	$	29,230
Non-covered other real estate owned	11		1,044		448		5,763
Covered other real estate owned	24		769		704		4,115
Total loss from nonrecurring measurements	$	5,698	$	8,203	$	19,278	$	39,108

Fair Value Option

The following table presents the difference between the aggregate fair value and the aggregate unpaid principal balance of loans held for sale accounted for under the fair value option as of September 30, 2013 and December 31, 2012:

(in thousands)

September 30, 2013

December 31, 2012

Fair Value

Aggregate

Less Aggregate

Aggregate

Less Aggregate

Unpaid

Fair

Principal

Fair

Principal

Value

Balance

Value

Balance

Loans held for sale

113,993

107,720

6,273

320,132

302,760

17,372

- Definition

Tabular disclosure of the amount of gains or losses for the period included in earnings or resulted in a change to net assets, have arisen from the use of significant unobservable inputs (level 3) to measure the fair value of assets, liabilities, and financial instruments classified in shareholders' equity.

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- Definition

Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3).

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- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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- Definition

Tabular disclosure of the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments, assets, and liabilities. Such certain disclosures about the financial instruments, assets, and liabilities include: (1) the fair value of the required items together with their carrying amounts (as appropriate) and (2) the methodology and assumptions used in developing such estimates of fair value.

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-Name Statement of Financial Accounting Standard (FAS)

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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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-Name Statement of Financial Accounting Standard (FAS)

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-Name Statement of Financial Accounting Standard (FAS)

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