Fair Value Measurement (Tables)

9 Months Ended

Sep. 30, 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 September 30, 2015 and December 31, 2014, whether or not recognized or recorded at fair value in the Condensed Consolidated Balance Sheets:



(in thousands)		September 30, 2015				December 31, 2014
		Carrying		Fair		Carrying		Fair
	Level	Value		Value		Value		Value
FINANCIAL ASSETS:
Cash and cash equivalents	1	$	957,616	$	957,616	$	1,605,171	$	1,605,171
Trading securities	1,2	9,509		9,509		9,999		9,999
Investment securities available for sale	2	2,482,478		2,482,478		2,298,555		2,298,555
Investment securities held to maturity	3	4,699		5,280		5,211		5,554
Loans held for sale	2	398,015		398,015		286,802		286,802
Loans and leases, net	3	16,257,801		16,279,789		15,211,565		15,252,083
Restricted equity securities	1	46,904		46,904		119,334		119,334
Residential mortgage servicing rights	3	124,814		124,814		117,259		117,259
Bank owned life insurance assets	1	297,321		297,321		294,296		294,296
FDIC indemnification asset	3	892		254		4,417		2,058
Derivatives	2,3	50,608		50,608		29,775		29,775
Visa Class B common stock	3	—		52,576		—		49,663
FINANCIAL LIABILITIES:
Deposits	1,2	$	17,467,024	$	17,474,312	$	16,892,099	$	16,893,890
Securities sold under agreements to repurchase	2	323,722		323,722		313,321		313,321
Term debt	2	889,358		905,454		1,006,395		1,018,948
Junior subordinated debentures, at fair value	3	253,665		253,665		249,294		249,294
Junior subordinated debentures, at amortized cost	3	101,334		75,127		101,576		73,840
Derivatives	2	52,796		52,796		30,888		30,888

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, 2015 and December 31, 2014:



(in thousands)	September 30, 2015
Description	Total		Level 1		Level 2		Level 3
FINANCIAL ASSETS:
Trading securities
Obligations of states and political subdivisions	$	241	$	—	$	241	$	—
Equity securities	9,268		9,268		—		—
Investment securities available for sale
Obligations of states and political subdivisions	326,464		—		326,464		—
Residential mortgage-backed securities and collateralized mortgage obligations	2,153,933		—		2,153,933		—
Investments in mutual funds and other equity securities	2,081		—		2,081		—
Loans held for sale, at fair value	395,421				395,421
Residential mortgage servicing rights, at fair value	124,814		—		—		124,814
Derivatives
Interest rate lock commitments	5,466		—		—		5,466
Interest rate forward sales commitments	2		—		2		—
Interest rate swaps	45,134		—		45,134		—
Foreign currency derivative	6		—		6		—
Total assets measured at fair value	$	3,062,830	$	9,268	$	2,923,282	$	130,280
FINANCIAL LIABILITIES:
Junior subordinated debentures, at fair value	$	253,665	$	—	$	—	$	253,665
Derivatives
Interest rate forward sales commitments	5,271		—		5,271		—
Interest rate swaps	47,520		—		47,520		—
Foreign currency derivative	5		—		5		—
Total liabilities measured at fair value	$	306,461	$	—	$	52,796	$	253,665



(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	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		—
Foreign currency derivative	565		—		565		—
Total assets measured at fair value	$	2,742,390	$	5,283	$	2,616,981	$	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		—
Foreign currency derivative	103		—		103		—
Total liabilities measured at fair value	$	280,182	$	—	$	30,888	$	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 September 30, 2015:



Financial Instrument	Valuation Technique	Unobservable Input	Weighted Average
Residential mortgage servicing rights	Discounted cash flow
		Constant Prepayment Rate	13.69%
		Discount Rate	9.19%
Interest rate lock commitment	Internal Pricing Model
		Pull-through rate	82.35%
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 and nine months ended September 30, 2015 and 2014.



(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
2015
Residential mortgage servicing rights	$	127,206	$	(10,103	)	$	7,711	$	—		$	124,814	$	(8,757	)
Interest rate lock commitment, net	4,061		1,327			12,040		(11,962		)	5,466		5,466
Junior subordinated debentures, at fair value	252,214		4,011			—		(2,560		)	253,665		4,011

2014
Residential mortgage servicing rights	$	114,192	$	(4,280	)	$	8,813	$	—		$	118,725	$	(3,554	)
Interest rate lock commitment, net	4,405		3,250			1,929		(7,404		)	2,180		2,180
Junior subordinated debentures, at fair value	246,077		3,745			—		(2,294		)	247,528		3,745




(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
2015
Residential mortgage servicing rights	$	117,259	$	(20,257	)	$	27,812	$	—		$	124,814	$	(15,072	)
Interest rate lock commitment, net	2,867		(2,321		)	42,705		(37,785		)	5,466		5,466
Junior subordinated debentures, at fair value	249,294		11,846			—		(7,475		)	253,665		11,846

2014
Residential mortgage servicing rights	$	47,765	$	(8,393	)	$	79,353	$	—		$	118,725	$	(6,424	)
Interest rate lock commitment, net	706		(868		)	18,106		(15,764		)	2,180		2,180
Junior subordinated debentures, at fair value	87,274		8,512			156,840		(5,098		)	247,528		8,512

Fair Value Assets And Liabilities Measured On Nonrecurring Basis

The following table presents information about the Company's assets and liabilities measured at fair value on a nonrecurring basis for which a nonrecurring change in fair value has been recorded during the reporting period. The amounts disclosed below represent the fair values at the time the nonrecurring fair value measurements were made, and not necessarily the fair value as of the dates reported upon.



(in thousands)	September 30, 2015
	Total		Level 1		Level 2		Level 3
Loans and leases	$	16,552	$	—	$	—	$	16,552
Other real estate owned	1,035		—		—		1,035
	$	17,587	$	—	$	—	$	17,587



(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 and nine months ended September 30, 2015 and 2014:



(in thousands)	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2015		2014		2015		2014
Loans and leases	$	5,769	$	2,326	$	23,209	$	7,585
Other real estate owned	295		90		2,781		205
Total loss from nonrecurring measurements	$	6,064	$	2,416	$	25,990	$	7,790

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, 2015 and December 31, 2014:

(in thousands)

September 30, 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

395,421

377,148

18,273

286,802

274,245

12,557

- 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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