Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2016

Fair Value Disclosures [Abstract]

Balances of Assets and Liabilities Measured at Fair Value on Recurring Basis

The following table presents the balances of assets and liabilities measured at fair value on a recurring basis:

(in thousands)	Level 1		Level 2		Level 3		Total
June 30, 2016
Assets Measured at Fair Value
Debt securities available for sale:
U.S. Treasury	$	—	$	30,062	$	—	$	30,062
U.S. government-sponsored entities		—		435,769		—		435,769
Residential mortgage-backed securities:
Agency mortgage-backed securities		—		1,114,877		—		1,114,877
Agency collateralized mortgage obligations		—		499,647		—		499,647
Non-agency collateralized mortgage obligations		—		4		974		978
Commercial mortgage-backed securities		—		3,393		—		3,393
States of the U.S. and political subdivisions		—		38,448		—		38,448
Other debt securities		—		9,168		—		9,168
Total debt securities available for sale		—		2,131,368		974		2,132,342
Equity securities available for sale:
Financial services industry		114		637		428		1,179
Insurance services industry		141		—		—		141
Total equity securities available for sale		255		637		428		1,320
Total securities available for sale		255		2,132,005		1,402		2,133,662
Derivative financial instruments:
Trading		—		98,080		—		98,080
Not for trading		—		10,069		—		10,069
Total derivative financial instruments		—		108,149		—		108,149
Total assets measured at fair value on a recurring basis	$	255	$	2,240,154	$	1,402	$	2,241,811
Liabilities Measured at Fair Value
Derivative financial instruments:
Trading		—	$	98,741		—	$	98,741
Not for trading		—		2,076		—		2,076
Total liabilities measured at fair value on a recurring basis		—	$	100,817		—	$	100,817

(in thousands)	Level 1		Level 2		Level 3		Total
December 31, 2015
Assets Measured at Fair Value
Debt securities available for sale:
U.S. Treasury	$	—	$	29,796	$	—	$	29,796
U.S. government-sponsored entities		—		367,994		—		367,994
Residential mortgage-backed securities:
Agency mortgage-backed securities		—		704,831		—		704,831
Agency collateralized mortgage obligations		—		495,830		—		495,830
Non-agency collateralized mortgage obligations		—		6		1,184		1,190
Commercial mortgage-backed securities		—		4,287		—		4,287
States of the U.S. and political subdivisions		—		11,057		—		11,057
Other debt securities		—		14,286		—		14,286
Total debt securities available for sale		—		1,628,087		1,184		1,629,271
Equity securities available for sale:
Financial services industry		97		632		439		1,168
Insurance services industry		128		—		—		128
Total equity securities available for sale		225		632		439		1,296
Total securities available for sale		225		1,628,719		1,623		1,630,567
Derivative financial instruments:
Trading		—		50,017		—		50,017
Not for trading		—		3,185		—		3,185
Total derivative financial instruments		—		53,202		—		53,202
Total assets measured at fair value on a recurring basis	$	225	$	1,681,921	$	1,623	$	1,683,769
Liabilities Measured at Fair Value
Derivative financial instruments:
Trading		—	$	50,510		—	$	50,510
Not for trading		—		1,095		—		1,095
Total liabilities measured at fair value on a recurring basis		—	$	51,605		—	$	51,605

Additional Information about Assets Measured at Fair Value on Recurring Basis

The following table presents additional information about assets measured at fair value on a recurring basis and for which the Corporation has utilized Level 3 inputs to determine fair value:

(in thousands)	Equity Securities			Residential Non-Agency Collateralized Mortgage Obligations			Total
Six Months Ended June 30, 2016
Balance at beginning of period	$	439		$	1,184		$	1,623
Total gains (losses) – realized/unrealized:
Included in earnings		—			—			—
Included in other comprehensive income		(11	)		(69	)		(80	)
Accretion included in earnings		—			3			3
Purchases, issuances, sales and settlements:
Purchases		—			—			—
Issuances		—			—			—
Sales/redemptions		—			—			—
Settlements		—			(144	)		(144	)
Transfers from Level 3		—			—			—
Transfers into Level 3		—			—			—
Balance at end of period	$	428		$	974		$	1,402
Year Ended December 31, 2015
Balance at beginning of period	$	475		$	1,420		$	1,895
Total gains (losses) – realized/unrealized:
Included in earnings		—			—			—
Included in other comprehensive income		20			(4	)		16
Accretion included in earnings		—			5			5
Purchases, issuances, sales and settlements:
Purchases		—			—			—
Issuances		—			—			—
Sales/redemptions		—			—			—
Settlements		—			(237	)		(237	)
Transfers from Level 3		(56	)		—			(56	)
Transfers into Level 3		—			—			—
Balance at end of period	$	439		$	1,184		$	1,623

Additional Information about Assets Measured at Fair Value on Non-Recurring Basis

For assets measured at fair value on a non-recurring basis still held at the balance sheet date, the following table provides the hierarchy level and the fair value of the related assets or portfolios:

(in thousands)	Level 1		Level 2		Level 3		Total
June 30, 2016
Impaired loans		—	$	1,415	$	8,738	$	10,153
Other real estate owned		—		3,172		3,355		6,527
December 31, 2015
Impaired loans		—		124		3,704		3,828
Other real estate owned		—		5,705		2,126		7,831

Fair Values of Corporation's Financial Instruments

The fair values of the Corporation’s financial instruments are as follows:

					Fair Value Measurements
(in thousands)	Carrying Amount		Fair Value		Level 1		Level 2		Level 3
June 30, 2016
Financial Assets
Cash and cash equivalents	$	399,027	$	399,027	$	399,027	$	—	$	—
Securities available for sale		2,133,662		2,133,662		255		2,132,005		1,402
Securities held to maturity		2,064,305		2,104,782		—		2,102,638		2,144
Net loans and leases, including loans held for sale		14,420,821		14,398,390		—		—		14,398,390
Derivative assets		108,149		108,149		—		108,149		—
Accrued interest receivable		53,713		53,713		53,713		—		—
Financial Liabilities
Deposits		15,528,562		15,540,205		12,910,925		2,629,280		—
Short-term borrowings		2,260,411		2,259,874		2,259,874		—		—
Long-term borrowings		656,844		657,812		—		—		657,812
Derivative liabilities		100,817		100,817		—		100,817		—
Accrued interest payable		7,631		7,631		7,631		—		—
December 31, 2015
Financial Assets
Cash and cash equivalents	$	489,119	$	489,119	$	489,119	$	—	$	—
Securities available for sale		1,630,567		1,630,567		225		1,628,719		1,623
Securities held to maturity		1,637,061		1,643,416		—		1,640,721		2,695
Net loans and leases, including loans held for sale		12,053,209		11,863,882		—		—		11,863,882
Derivative assets		53,202		53,202		—		53,202		—
Accrued interest receivable		44,920		44,920		44,920		—		—
Financial Liabilities
Deposits		12,623,463		12,610,914		10,157,997		2,452,917		—
Short-term borrowings		2,048,896		2,048,943		2,048,943		—		—
Long-term borrowings		641,480		637,935		—		—		637,935
Derivative liabilities		51,605		51,605		—		51,605		—
Accrued interest payable		7,457		7,457		7,457		—		—