Fair Value Measurement (Tables)

12 Months Ended

Dec. 31, 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 December 31, 2013 and December 31, 2012, whether or not recognized or recorded at fair value in the Consolidated Balance Sheets:

(in thousands)



	December 31, 2013				December 31, 2012
	Carrying		Fair		Carrying		Fair
	Value		Value		Value		Value
FINANCIAL ASSETS:
Cash and cash equivalents	$	790,423	$	790,423	$	543,787	$	543,787
Trading securities	5,958		5,958		3,747		3,747
Securities available for sale	1,790,978		1,790,978		2,625,229		2,625,229
Securities held to maturity	5,563		5,874		4,541		4,732
Loans held for sale, at fair value	104,664		104,664		320,132		320,132
Non-covered loans and leases, net	7,269,089		7,250,596		6,595,689		6,652,179
Covered loans, net	363,992		409,555		477,078		543,628
Restricted equity securities	30,685		30,685		33,443		33,443
Mortgage servicing rights	47,765		47,765		27,428		27,428
Bank owned life insurance assets	96,938		96,938		93,831		93,831
FDIC indemnification asset	23,174		6,001		52,798		18,714
Derivatives	17,921		17,921		23,842		23,842
Visa Class B common stock	—		41,700		—		28,385
FINANCIAL LIABILITIES:
Deposits	$	9,117,660	$	9,125,832	$	9,379,275	$	9,396,646
Securities sold under agreements to repurchase	224,882		224,882		137,075		137,075
Term debt	251,494		270,004		253,605		289,404
Junior subordinated debentures, at fair value	87,274		87,274		85,081		85,081
Junior subordinated debentures, at amortized cost	101,899		72,009		110,985		78,529
Derivatives	14,562		14,562		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 December 31, 2013 and December 31, 2012:

(in thousands)



	December 31, 2013
Description	Total		Level 1		Level 2		Level 3
ASSETS
Cash and cash equivalents	$	790,423	$	790,423	$	—	$	—
Securities held to maturity	5,958		—		—		5,958
Non-covered loans and leases, net	7,250,596		—		—		7,250,596
Covered loans, net	409,555		—		—		409,555
Restricted equity securities	30,685		30,685		—		—
Bank owned life insurance assets	96,938		96,938		—		—
FDIC indemnification asset	6,001		—		—		6,001
Visa Class B common stock	41,700		—		—		41,700
LIABILITIES
Deposits
Non-maturity deposits	$	7,580,192	$	7,580,192	$	—	$	—
Deposits with stated maturities	1,545,640		—		1,545,640		—
Securities sold under agreements to repurchase	224,882		—		224,882		—
Term debt	270,004		—		270,004		—
Junior subordinated debentures, at amortized cost	72,009		—		—		72,009

(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 December 31, 2013 and December 31, 2012:

(in thousands)



	December 31, 2013
Description	Total		Level 1		Level 2		Level 3
Trading securities
Obligations of states and political subdivisions	$	2,366	$	—	$	2,366	$	—
Equity securities	3,498		3,498		—		—
Other investments securities(1)	94		—		94		—
Available for sale securities
U.S. Treasury and agencies	268		—		268		—
Obligations of states and political subdivisions	235,205		—		235,205		—
Residential mortgage-backed securities and
collateralized mortgage obligations	1,553,541		—		1,553,541		—
Other debt securities	—		—		—		—
Investments in mutual funds and other equity securities	1,964		—		1,964		—
Loans held for sale, at fair value	104,664				104,664
Mortgage servicing rights, at fair value	47,765		—		—		47,765
Derivatives
Interest rate lock commitments	706		—		—		706
Interest rate forward sales commitments	1,250		—		1,250		—
Interest rate swaps	15,965		—		15,965		—
Total assets measured at fair value	$	1,967,286	$	3,498	$	1,915,317	$	48,471
Junior subordinated debentures, at fair value	$	87,274	$	—	$	—	$	87,274
Derivatives
Interest rate lock commitments	—		—		—		—
Interest rate forward sales commitments	6		—		6		—
Interest rate swaps	14,556		—		14,556		—
Total liabilities measured at fair value	$	101,836	$	—	$	14,562	$	87,274

(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, significant 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 December 31, 2013:

(in thousands)



Financial Instrument	Valuation Technique	Unobservable Input	Weighted Average (Range)
Mortgage servicing rights	Discounted cash flow
		Constant Prepayment Rate	12.74%
		Discount Rate	8.69%
Interest rate lock commitment	Internal Pricing Model
		Pull-through rate	80.9%
Junior subordinated debentures	Discounted cash flow
		Credit Spread	6.53%

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 years ended December 31, 2013 and 2012.

(in thousands)



	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, at fair value	$	27,428	$	2,374		$	17,963	$	—		$	47,765	$	2,376
Interest rate lock commitment	1,478		(1,478		)	62,560		(61,854		)	706		706
Junior subordinated debentures, at fair value	85,081		6,090			—		(3,897		)	87,274		6,090

2012
Mortgage servicing rights, at fair value	$	18,184	$	(8,466	)	$	17,710	$	—		$	27,428	$	(3,778	)
Interest rate lock commitment	1,749		(1,749		)	111,473		(109,995		)	1,478		1,478
Junior subordinated debentures, at fair value	82,905		6,350			—		(4,174		)	85,081		6,350

Fair Value Assets And Liabilities Measured On Nonrecurring Basis

(in thousands)



	December 31, 2013
	Total		Level 1		Level 2		Level 3
Non-covered loans and leases	$	20,421	$	—	$	—	$	20,421
Non-covered other real estate owned	1,986		—		—		1,986
Covered other real estate owned	2,770		—		—		2,770
	$	25,177	$	—	$	—	$	25,177

(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 years ended December 31, 2013, 2012 and 2011:

(in thousands)



	2013		2012		2011
Investment securities, held to maturity
Residential mortgage-backed securities
and collateralized mortgage obligations	$	—	$	155	$	359
Non-covered loans and leases	27,171		37,897		51,883
Non-covered other real estate owned	1,448		6,896		8,947
Covered other real estate owned	712		4,646		8,709
Total loss from nonrecurring measurements	$	29,331	$	49,594	$	69,898

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 December 31, 2013 and December 31, 2012:

(in thousands)

December 31, 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

104,664

101,795

2,869

320,132

302,760

17,372

- 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, 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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