Fair Value Measurement (Tables)

12 Months Ended

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



(in thousands)		December 31, 2015				December 31, 2014
		Carrying		Fair		Carrying		Fair
	Level	Value		Value		Value		Value
FINANCIAL ASSETS:
Cash and cash equivalents	1	$	773,725	$	773,725	$	1,605,171	$	1,605,171
Trading securities	1,2	9,586		9,586		9,999		9,999
Investment securities available for sale	2	2,522,539		2,522,539		2,298,555		2,298,555
Investment securities held to maturity	3	4,609		5,590		5,211		5,554
Loans held for sale, at fair value	2	363,275		363,275		286,802		286,802
Loans and leases, net	3	16,717,038		16,641,903		15,211,565		15,252,083
Restricted equity securities	1	46,949		46,949		119,334		119,334
Residential mortgage servicing rights	3	131,817		131,817		117,259		117,259
Bank owned life insurance assets	1	291,892		291,892		294,296		294,296
FDIC indemnification asset	3	855		201		4,417		2,058
Derivatives	2,3	43,549		43,549		29,775		29,775
Visa Class B common stock	3	—		58,751		—		49,663
FINANCIAL LIABILITIES:
Deposits	1,2	$	17,707,189	$	17,709,555	$	16,892,099	$	16,893,890
Securities sold under agreements to repurchase	2	304,560		304,560		313,321		313,321
Term debt	2	888,769		890,852		1,006,395		1,018,948
Junior subordinated debentures, at fair value	3	255,457		255,457		249,294		249,294
Junior subordinated debentures, at amortized cost	3	101,254		75,654		101,576		73,840
Derivatives	2	41,514		41,514		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 December 31, 2015 and December 31, 2014:



(in thousands)	December 31, 2015
Description	Total		Level 1		Level 2		Level 3
Trading securities
Obligations of states and political subdivisions	$	75	$	—	$	75	$	—
Equity securities	9,511		9,511		—		—
Investment securities available for sale
Obligations of states and political subdivisions	313,117		—		313,117		—
Residential mortgage-backed securities and collateralized mortgage obligations	2,207,420		—		2,207,420		—
Investments in mutual funds and other equity securities	2,002		—		2,002		—
Loans held for sale, at fair value	363,275				363,275
Residential mortgage servicing rights, at fair value	131,817		—		—		131,817
Derivatives
Interest rate lock commitments	3,631		—		—		3,631
Interest rate forward sales commitments	1,155		—		1,155		—
Interest rate swaps	38,567		—		38,567		—
Foreign currency derivative	196				196
Total assets measured at fair value	$	3,070,766	$	9,511	$	2,925,807	$	135,448
Junior subordinated debentures, at fair value	$	255,457	$	—	$	—	$	255,457
Derivatives
Interest rate forward sales commitments	971		—		971		—
Interest rate swaps	40,238		—		40,238		—
Foreign currency derivative	305				305
Total liabilities measured at fair value	$	296,971	$	—	$	41,514	$	255,457



(in thousands)	December 31, 2014
Description	Total		Level 1		Level 2		Level 3
Trading securities
Obligations of states and political subdivisions	$	124	$	—	$	124	$	—
Equity securities	5,283		5,283		—		—
Other investments securities(1)	4,592		—		4,592		—
Investment securities available for sale
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		—
Foreign currency derivative	565		—		565		—
Total assets measured at fair value	$	2,742,390	$	5,283	$	2,616,981	$	120,126
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 Classified 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, 2015:



Financial Instrument	Valuation Technique	Unobservable Input	Weighted Average
Residential mortgage servicing rights	Discounted cash flow
		Constant Prepayment Rate	11.70%
		Discount Rate	9.68%
Interest rate lock commitment	Internal Pricing Model
		Pull-through rate	86.1%
Junior subordinated debentures	Discounted cash flow
		Credit Spread	5.84%

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, 2015 and 2014.



(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
2015
Residential mortgage servicing rights, at fair value	$	117,259	$	(20,726	)	$	35,284	$	—		$	131,817	$	(14,270	)
Interest rate lock commitment	2,867		851			47,764		(47,851		)	3,631		3,631
Junior subordinated debentures, at fair value	249,294		16,005			—		(9,842		)	255,457		16,005

2014
Residential mortgage servicing rights, at fair value	$	47,765	$	(16,587	)	$	86,081	$	—		$	117,259	$	(13,430	)
Interest rate lock commitment	706		(3,716		)	28,350		(22,473		)	2,867		2,867
Junior subordinated debentures, at fair value	87,274		12,303			156,840		(7,123		)	249,294		12,303

Fair Value Assets And Liabilities Measured On Nonrecurring Basis



(in thousands)	December 31, 2015
	Total		Level 1		Level 2		Level 3
Loans and leases	$	24,690	$	—	$	—	$	24,690
Other real estate owned	802		—		—		802
	$	25,492	$	—	$	—	$	25,492



(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 years ended December 31, 2015, 2014 and 2013:



(in thousands)	2015		2014		2013
Loans and leases	$	29,083	$	10,265	$	27,171
Other real estate owned	2,782		3,728		2,160
Total loss from nonrecurring measurements	$	31,865	$	13,993	$	29,331

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, 2015 and December 31, 2014:

(in thousands)

December 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

363,275

351,414

11,861

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.

+ References + Details