Fair Value (Tables)

12 Months Ended

Dec. 31, 2017

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


	Fair Value Measurements as of December 31, 2017
	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	$	—	$	392,255	$	—	$	392,255
Government-sponsored enterprises debt securities		—		242,601		—		242,601
Government agency mortgage-backed securities(1)		—		351,390		—		351,390
Government-sponsored enterprises mortgage-backed securities(1)		—		174,741		—		174,741
Non-government asset-backed securities		—		—		—		—
Collateralized mortgage obligations:
Government agency		—		3,290,474		—		3,290,474
Government-sponsored enterprises		—		762,718		—		762,718
Debt securities issued by states and political subdivisions		—		20,479		—		20,479
Total available-for-sale securities		—		5,234,658		—		5,234,658
Other assets(2)		—		14,682		—		14,682
Liabilities
Other liabilities(3)		—		(15,049)		(5,439)		(20,488)
Total	$	—	$	5,234,291	$	(5,439)	$	5,228,852


	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

⁽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 Derivative
(dollars in thousands)	2017		2016
Year Ended December 31,
Balance as of January 1,	$	(7,460)	$	—
Total net (losses) gains included in other noninterest income		(168)		25
Purchases		—		(8,875)
Settlements		2,189		1,390
Balance as of December 31,	$	(5,439)	$	(7,460)
Total net (losses) gains included in net income attributable to the change in unrealized gains or losses related to liabilities still held as of December 31,	$	(168)	$	25

Summary of estimated fair value of financial instruments not required to be carried at fair value on a recurring basis

	December 31, 2017
			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:
Cash and cash equivalents	$	1,034,644	$	367,084	$	667,560	$	—	$	1,034,644
Loans held for sale		556		—		559		—		559
Loans(1)		12,112,303		—		—		12,426,506		12,426,506

Financial liabilities:
Deposits	$	17,612,122	$	13,438,240	$	4,160,393	$	—	$	17,598,633

⁽¹⁾

Excludes financing leases of $165.1 million at December 31, 2017.


	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:
Cash and cash equivalents	$	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

⁽¹⁾

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

Schedule of assets with fair value adjustments on a nonrecurring basis


(dollars in thousands)	Level 1		Level 2		Level 3
December 31, 2017
Impaired loans	$	—	$	—	$	87
December 31, 2016
Impaired loans	$	—	$	—	$	1,567

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, 2017
				Significant	Range
(dollars in thousands)	Fair value		Valuation Technique	Unobservable Input	(Weighted Average)
Impaired loans	$	87	Appraisal Value	Appraisal Value	n/m(1)
Other liabilities	$	(5,439)	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, 2016
					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%

⁽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.