Fair Value (Tables)

12 Months Ended

Dec. 31, 2016

Schedule of assets and liabilities measured at fair value on a recurring basis


	Fair Value Measurements as of December 31, 2016
	Quoted Prices in		Significant
	Active Markets for		Other		Significant
	Identical Assets		Observable		Unobservable
(dollars in thousands)	(Level 1)		Inputs (Level 2)		Inputs (Level 3)		Total
Assets
U.S. Treasury securities	$	—	$	392,473	$	—	$	392,473
Government-sponsored enterprises debt securities		—		242,667		—		242,667
Government agency mortgage-backed securities (1)		—		185,663		—		185,663
Government-sponsored enterprises mortgage-backed securities (1)		—		204,385		—		204,385
Non-government asset-backed securities		—		12,583		—		12,583
Collateralized mortgage obligations
Government agency		—		3,351,822		—		3,351,822
Government-sponsored enterprises		—		687,921		—		687,921
Total available-for-sale securities		—		5,077,514		—		5,077,514
Other assets (2)		—		15,982		—		15,982
Liabilities
Other liabilities (3)		—		(23,742)		(7,460)		(31,202)
Total	$	—	$	5,069,754	$	(7,460)	$	5,062,294


	Fair Value Measurements as of December 31, 2015
	Quoted Prices in		Significant
	Active Markets for		Other		Significant
	Identical Assets		Observable		Unobservable
(dollars in thousands)	(Level 1)		Inputs (Level 2)		Inputs (Level 3)		Total
Assets
U.S. Treasury securities	$	—	$	499,976	$	—	$	499,976
Government-sponsored enterprises debt securities		—		95,824		—		95,824
Government agency mortgage-backed securities (1)		—		55,982		—		55,982
Government-sponsored enterprises mortgage-backed securities (1)		—		10,745		—		10,745
Non-government mortgage-backed securities (1)		—		157		—		157
Non-government asset-backed securities		—		95,310		—		95,310
Collateralized mortgage obligations
Government agency		—		2,239,934		—		2,239,934
Government-sponsored enterprises		—		1,029,337		—		1,029,337
Total available-for-sale securities		—		4,027,265		—		4,027,265
Other assets (2)		—		11,002		—		11,002
Liabilities
Other liabilities (3)		—		(23,122)		—		(23,122)
Total	$	—	$	4,015,145	$	—	$	4,015,145

⁽¹⁾

Backed by residential real estate.

⁽²⁾

Other assets include investments in derivative assets.

⁽³⁾

Other liabilities include derivative liabilities.

Summary of changes in Level 3 liabilities measured at fair value on a recurring basis


	Visa
(dollars in thousands)	Derivative
Balance as of January 1, 2016	$	—
Total net gains included in other noninterest income		25
Purchases		(8,875)
Settlements		1,390
Balance as of December 31, 2016	$	(7,460)
Total unrealized net gains included in net income related to liabilities still held as of December 31, 2016	$	25

Schedule of assets and liabilities carried at other than fair value and fair values of off-balance sheet commitments


	December 31, 2016
			Fair Value Measurements
			Quoted Prices in		Significant		Significant
			Active Markets		Other		Unobservable
			for Identical		Observable		Inputs
(dollars in thousands)	Book Value		Assets (Level 1)		Inputs (Level 2)		(Level 3)		Total
Financial assets:
Short-term financial assets	$	1,052,058	$	253,827	$	798,226	$	—	$	1,052,053
Loans (1)		11,340,338		—		—		11,306,675		11,306,675

Financial liabilities:
Deposits	$	16,794,532	$	13,055,935	$	3,730,945	$	—	$	16,786,880
Short-term borrowings		9,151		—		9,109		—		9,109

Off-balance sheet financial instruments:
Commitments to extend credit (2)	$	20,677	$	—	$	—	$	20,677	$	20,677
Standby letters of credit		876		—		—		876		876
Commercial letters of credit		17		—		—		17		17

⁽¹⁾

Excludes financing leases of $180.0 million at December 31, 2016.

⁽²⁾

There were no lease commitments at December 31, 2016.


	December 31, 2015
			Fair Value Measurements
			Quoted Prices in		Significant		Significant
			Active Markets		Other		Unobservable
			for Identical		Observable		Inputs
(dollars in thousands)	Book Value		Assets (Level 1)		Inputs (Level 2)		(Level 3)		Total
Financial assets:
Short-term financial assets	$	2,650,195	$	300,096	$	2,350,082	$	—	$	2,650,178
Loans (1)		10,523,351		—		—		10,572,261		10,572,261

Financial liabilities:
Deposits	$	16,061,924	$	12,251,923	$	3,801,185	$	—	$	16,053,108
Short-term borrowings		216,151		—		216,057		—		216,057

Off-balance sheet financial instruments:
Commitments to extend credit (2)	$	25,113	$	—	$	—	$	25,113	$	25,113
Standby letters of credit		2,122		—		—		2,122		2,122
Commercial letters of credit		21		—		—		21		21

⁽¹⁾

Excludes financing leases of $198.7 million at December 31, 2015.

⁽²⁾

Excludes financing lease commitments of $0.1 million at December 31, 2015.

Schedule of assets with fair value adjustments on a nonrecurring basis



(dollars in thousands)	Level 1		Level 2		Level 3
December 31, 2016
Impaired loans	$	—	$	—	$	1,567
December 31, 2015
Impaired loans	$	—	$	—	$	1,250

Schedule of significant unobservable inputs used in fair value measurements for Level 3 assets and liabilities measured at fair value on a recurring or nonrecurring basis

	Quantitative Information about Level 3 Fair Value Measurements at December 31, 2016
				Significant	Range
(dollars in thousands)	Fair value		Valuation Technique	Unobservable Input	(Weighted Average)
Impaired loans	$	1,567	Appraisal Value	Appraisal Value	n/m (1)
Other liabilities	$	(7,460)	Discounted Cash Flow	Expected Conversion Factor	1.6483
				Expected Term	4 years
				Growth Rate	15%


	Quantitative Information about Level 3 Fair Value Measurements at December 31, 2015
					Range
(dollars in thousands)	Fair value		Valuation Technique	Unobservable Input	(Weighted Average)
Impaired loans	$	1,250	Appraisal Value	Appraisal Value	n/m (1)

⁽¹⁾

The fair value of these assets is determined based on appraised values of collateral or broker price opinions, the range of which is not meaningful to disclose.