Fair Value Measurement (Tables)

6 Months Ended

Jun. 30, 2016

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 June 30, 2016 and December 31, 2015, whether or not recognized or recorded at fair value in the Condensed Consolidated Balance Sheets:



(in thousands)		June 30, 2016				December 31, 2015
		Carrying		Fair		Carrying		Fair
	Level	Value		Value		Value		Value
FINANCIAL ASSETS:
Cash and cash equivalents	1	$	905,363	$	905,363	$	773,725	$	773,725
Trading securities	1,2	10,188		10,188		9,586		9,586
Investment securities available for sale	2	2,482,072		2,482,072		2,522,539		2,522,539
Investment securities held to maturity	3	4,382		5,250		4,609		5,590
Loans held for sale	2	552,681		552,762		363,275		363,275
Loans and leases, net	3	17,224,198		17,386,430		16,736,214		16,661,079
Restricted equity securities	1	47,542		47,542		46,949		46,949
Residential mortgage servicing rights	3	112,095		112,095		131,817		131,817
Bank owned life insurance assets	1	295,444		295,444		291,892		291,892
Derivatives	2,3	93,747		93,747		43,549		43,549
Visa Class B common stock	3	—		56,198		—		58,751
FINANCIAL LIABILITIES:
Deposits	1,2	$	18,258,474	$	18,271,000	$	17,707,189	$	17,709,555
Securities sold under agreements to repurchase	2	360,234		360,234		304,560		304,560
Term debt	2	902,999		914,008		888,769		890,852
Junior subordinated debentures, at fair value	3	258,660		258,660		255,457		255,457
Junior subordinated debentures, at amortized cost	3	101,093		76,597		101,254		75,654
Derivatives	2	95,103		95,103		41,514		41,514

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 June 30, 2016 and December 31, 2015:



(in thousands)	June 30, 2016
Description	Total		Level 1		Level 2		Level 3
FINANCIAL ASSETS:
Trading securities
Obligations of states and political subdivisions	$	76	$	—	$	76	$	—
Equity securities	10,112		10,112		—		—
Investment securities available for sale
Obligations of states and political subdivisions	298,106		—		298,106		—
Residential mortgage-backed securities and collateralized mortgage obligations	2,181,923		—		2,181,923		—
Investments in mutual funds and other equity securities	2,043		—		2,043		—
Loans held for sale, at fair value	542,917		—		542,917		—
Residential mortgage servicing rights, at fair value	112,095		—		—		112,095
Derivatives
Interest rate lock commitments	11,028		—		—		11,028
Interest rate swaps	82,588		—		82,588		—
Foreign currency derivative	131		—		131		—
Total assets measured at fair value	$	3,241,019	$	10,112	$	3,107,784	$	123,123
FINANCIAL LIABILITIES:
Junior subordinated debentures, at fair value	$	258,660	$	—	$	—	$	258,660
Derivatives
Interest rate forward sales commitments	7,224		—		7,224		—
Interest rate swaps	87,545		—		87,545		—
Foreign currency derivative	334		—		334		—
Total liabilities measured at fair value	$	353,763	$	—	$	95,103	$	258,660



(in thousands)	December 31, 2015
Description	Total		Level 1		Level 2		Level 3
FINANCIAL ASSETS:
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
FINANCIAL LIABILITIES:
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

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 June 30, 2016:



Financial Instrument	Valuation Technique	Unobservable Input	Weighted Average
Residential mortgage servicing rights	Discounted cash flow
		Constant Prepayment Rate	14.95%
		Discount Rate	9.70%
Interest rate lock commitment	Internal Pricing Model
		Pull-through rate	83.16%
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 three and six months ended June 30, 2016 and 2015.



(in thousands)
Three Months Ended June 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
2016
Residential mortgage servicing rights	$	117,172	$	(13,940	)	$	8,863	$	—		$	112,095	$	(12,134	)
Interest rate lock commitment, net	8,255		1,677			16,319		(15,223		)	11,028		11,028
Junior subordinated debentures, at fair value	256,917		4,380			—		(2,637		)	258,660		4,380

2015
Residential mortgage servicing rights	$	116,365	$	(423	)	$	11,264	$	—		$	127,206	$	1,456
Interest rate lock commitment, net	7,025		(781		)	11,604		(13,787		)	4,061		4,061
Junior subordinated debentures, at fair value	250,652		3,957			—		(2,395		)	252,214		3,957




(in thousands)
Six Months Ended June 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
2016
Residential mortgage servicing rights	$	131,817	$	(34,565	)	$	14,843	$	—		$	112,095	$	(31,961	)
Interest rate lock commitment, net	3,631		3,721			31,282		(27,606		)	11,028		11,028
Junior subordinated debentures, at fair value	255,457		8,674			—		(5,471		)	258,660		8,674

2015
Residential mortgage servicing rights	$	117,259	$	(10,154	)	$	20,101	$	—		$	127,206	$	(6,315	)
Interest rate lock commitment, net	2,867		(3,648		)	30,665		(25,823		)	4,061		4,061
Junior subordinated debentures, at fair value	249,294		7,835			—		(4,915		)	252,214		7,835

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)	June 30, 2016
	Total		Level 1		Level 2		Level 3
Loans and leases	$	25,906	$	—	$	—	$	25,906
Other real estate owned	9,089		—		—		9,089
	$	34,995	$	—	$	—	$	34,995



(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

Losses Resulting From Nonrecurring Fair Value Adjustments

The following table presents the losses resulting from nonrecurring fair value adjustments for the three and six months ended June 30, 2016 and 2015:



(in thousands)	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2016		2015		2016		2015
Loans and leases	$	7,091	$	6,957	$	13,170	$	17,440
Other real estate owned	39		95		1,462		2,487
Total loss from nonrecurring measurements	$	7,130	$	7,052	$	14,632	$	19,927

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 June 30, 2016 and December 31, 2015:

(in thousands)

June 30, 2016

December 31, 2015

Fair Value

Aggregate

Less Aggregate

Aggregate

Less Aggregate

Unpaid

Fair

Principal

Fair

Principal

Value

Balance

Value

Balance

Loans held for sale

542,917

517,247

25,670

363,275

351,414

11,861

- 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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