Fair Value Measurement (Tables)

3 Months Ended

Mar. 31, 2015

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 March 31, 2015 and December 31, 2014, whether or not recognized or recorded at fair value in the Condensed Consolidated Balance Sheets:



(in thousands)		March 31, 2015				December 31, 2014
		Carrying		Fair		Carrying		Fair
	Level	Value		Value		Value		Value
FINANCIAL ASSETS:
Cash and cash equivalents	1	$	1,380,874	$	1,380,874	$	1,605,171	$	1,605,171
Trading securities	1,2	10,452		10,452		9,999		9,999
Investment securities available for sale	2	2,535,121		2,535,121		2,298,555		2,298,555
Investment securities held to maturity	3	4,953		5,429		5,211		5,554
Loans held for sale, at fair value	2	406,487		406,487		286,802		286,802
Loans and leases, net	3	15,428,853		15,499,091		15,211,565		15,252,083
Restricted equity securities	1	117,218		117,218		119,334		119,334
Residential mortgage servicing rights	3	116,365		116,365		117,259		117,259
Bank owned life insurance assets	1	294,697		294,697		294,296		294,296
FDIC indemnification asset	3	1,861		524		4,417		2,058
Derivatives	2,3	44,776		44,776		29,210		29,210
Visa Class B common stock	3	—		49,607		—		49,663
FINANCIAL LIABILITIES:
Deposits	1,2	$	17,222,566	$	17,228,286	$	16,892,099	$	16,893,890
Securities sold under agreements to repurchase	2	321,202		321,202		313,321		313,321
Term debt	2	965,675		978,769		1,006,395		1,018,948
Junior subordinated debentures, at fair value	3	250,652		250,652		249,294		249,294
Junior subordinated debentures, at amortized cost	3	101,496		74,240		101,576		73,840
Derivatives	2	44,344		44,344		30,785		30,785

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 March 31, 2015 and December 31, 2014:



(in thousands)	March 31, 2015
Description	Total		Level 1		Level 2		Level 3
FINANCIAL ASSETS:
Trading securities
Obligations of states and political subdivisions	$	92	$	—	$	92	$	—
Equity securities	5,868		5,868		—		—
Other investments securities(1)	4,492		—		4,492		—
Investment securities available for sale
U.S. Treasury and agencies	229		—		229		—
Obligations of states and political subdivisions	337,602		—		337,602		—
Residential mortgage-backed securities and collateralized mortgage obligations	2,195,201		—		2,195,201		—
Investments in mutual funds and other equity securities	2,089		—		2,089		—
Loans held for sale, at fair value	406,487				406,487
Residential mortgage servicing rights, at fair value	116,365		—		—		116,365
Derivatives
Interest rate lock commitments	7,025		—		—		7,025
Interest rate forward sales commitments	264		—		264		—
Interest rate swaps	37,487		—		37,487		—
Total assets measured at fair value	$	3,113,201	$	5,868	$	2,983,943	$	123,390
FINANCIAL LIABILITIES:
Junior subordinated debentures, at fair value	$	250,652	$	—	$	—	$	250,652
Derivatives
Interest rate forward sales commitments	4,243		—		4,243		—
Interest rate swaps	40,101		—		40,101		—
Total liabilities measured at fair value	$	294,996	$	—	$	44,344	$	250,652



(in thousands)	December 31, 2014
Description	Total		Level 1		Level 2		Level 3
FINANCIAL ASSETS:
Trading securities
Obligations of states and political subdivisions	$	124	$	—	$	124	$	—
Equity securities	5,283		5,283		—		—
Other investments securities(1)	4,592		—		4,592		—
Available for sale securities
U.S. Treasury and agencies	229		—		229		—
Obligations of states and political subdivisions	338,404		—		338,404		—
Residential mortgage-backed securities and collateralized mortgage obligations	1,957,852		—		1,957,852		—
Investments in mutual funds and other equity securities	2,070		—		2,070		—
Loans held for sale, at fair value	286,802				286,802
Residential mortgage servicing rights, at fair value	117,259		—		—		117,259
Derivatives
Interest rate lock commitments	2,867		—		—		2,867
Interest rate forward sales commitments	16		—		16		—
Interest rate swaps	26,327		—		26,327		—
Total assets measured at fair value	$	2,741,825	$	5,283	$	2,616,416	$	120,126
FINANCIAL LIABILITIES:
Junior subordinated debentures, at fair value	$	249,294	$	—	$	—	$	249,294
Derivatives
Interest rate forward sales commitments	2,627		—		2,627		—
Interest rate swaps	28,158		—		28,158		—
Total liabilities measured at fair value	$	280,079	$	—	$	30,785	$	249,294


(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 inputs, 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 March 31, 2015:



Financial Instrument	Valuation Technique	Unobservable Input	Weighted Average (Range)
Residential mortgage servicing rights	Discounted cash flow
		Constant Prepayment Rate	13.44%
		Discount Rate	9.17%
Interest rate lock commitment	Internal Pricing Model
		Pull-through rate	81.90%
Junior subordinated debentures	Discounted cash flow
		Credit Spread	6.04%

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 months ended March 31, 2015 and 2014.



(in thousands)
Three Months Ended March 31,	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
2015
Residential mortgage servicing rights	$	117,259	$	(9,731	)	$	8,837	$	—		$	116,365	$	(7,771	)
Interest rate lock commitment, net	2,867		(2,868		)	19,061		(12,036		)	7,025		7,025
Junior subordinated debentures, at fair value	249,294		3,878			—		(2,520		)	250,652		3,878

2014
Residential mortgage servicing rights	$	47,765	$	(953	)	$	2,408	$	—		$	49,220	$	(394	)
Interest rate lock commitment, net	706		(706		)	4,634		(3,240		)	1,394		1,394
Junior subordinated debentures, at fair value	87,274		1,490			—		(964		)	87,800		1,490

Fair Value Assets And Liabilities Measured On Nonrecurring Basis



(in thousands)	March 31, 2015
	Total		Level 1		Level 2		Level 3
Loans and leases	$	26,946	$	—	$	—	$	26,946
Other real estate owned	6,521		—		—		6,521
	$	33,467	$	—	$	—	$	33,467



(in thousands)	December 31, 2014
	Total		Level 1		Level 2		Level 3
Loans and leases	$	14,720	$	—	$	—	$	14,720
Other real estate owned	12,741		—		—		12,741
	$	27,461	$	—	$	—	$	27,461

Losses Resulting From Nonrecurring Fair Value Adjustments

The following table presents the losses resulting from nonrecurring fair value adjustments for the three months ended March 31, 2015 and 2014:



(in thousands)	Three Months Ended
	March 31,
	2015		2014
Loans and leases	$	10,483	$	2,585
Other real estate owned	2,392		99
Total loss from nonrecurring measurements	$	12,875	$	2,684

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 March 31, 2015 and December 31, 2014:

(in thousands)

March 31, 2015

December 31, 2014

Fair Value

Aggregate

Less Aggregate

Aggregate

Less Aggregate

Unpaid

Fair

Principal

Fair

Principal

Value

Balance

Value

Balance

Loans held for sale

406,487

389,056

17,431

286,802

274,245

12,557

- 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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