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Estimated Fair Values (Tables)
 9 Months Ended
Sep. 30, 2018
Fair Value Disclosures [Abstract]  
Estimated Fair Values For Certain Financial Assets And Financial Liabilities
The table presents the carrying values and estimated fair values for financial instruments as of September 30, 2018 and December 31, 2017.
(Dollars in thousands)
September 30, 2018
 
December 31, 2017
Carrying value
 
Fair value
 
Carrying value
 
Fair value
Cash and due from banks
$
262,525

 
$
262,525

 
$
336,150

 
$
336,150

Overnight investments
943,025

 
943,025

 
1,387,927

 
1,387,927

Investment securities available for sale
4,677,351

 
4,677,351

 
7,180,180

 
7,180,180

Investment securities held to maturity
2,253,416

 
2,238,664

 
76

 
81

Marketable equity securities
109,907

 
109,907

 
—

 
—

Loans held for sale
46,082

 
46,082

 
51,179

 
51,179

Net loans and leases
24,667,150

 
23,955,732

 
23,374,932

 
22,257,803

Income earned not collected
105,616

 
105,616

 
95,249

 
95,249

Federal Home Loan Bank stock
28,438

 
28,438

 
52,685

 
52,685

Mortgage servicing rights
21,633

 
28,829

 
21,945

 
26,170

Deposits
30,163,537

 
30,115,380

 
29,266,275

 
29,230,768

Short-term borrowings
687,749

 
687,749

 
693,807

 
693,807

Long-term obligations
297,487

 
303,935

 
870,240

 
852,112

Payable to the FDIC for shared-loss agreements
104,576

 
104,615

 
101,342

 
102,684

Accrued interest payable
2,400

 
2,400

 
3,952

 
3,952
Assets And Liabilities Carried At Fair Value On A Recurring Basis
For assets and liabilities carried at fair value on a recurring basis, the following table provides fair value information as of September 30, 2018 and December 31, 2017.
 
September 30, 2018
 
 
 
Fair value measurements using:
(Dollars in thousands)
Fair value
 
Level 1 inputs
 
Level 2 inputs
 
Level 3 inputs
Assets measured at fair value
 
 
 
 
 
 
 
Investment securities available for sale
 
 
 
 
 
 
 
U.S. Treasury
$
1,505,434

 
$
—

 
$
1,505,434

 
$
—

Government agency
127,545

 
—

 
127,545

 
—

Mortgage-backed securities
2,919,796

 
—

 
2,919,796

 
—

Corporate bonds
119,933

 
—

 
—

 
119,933

Other
4,643

 
—

 
—

 
4,643

Total investment securities available for sale
$
4,677,351

 
$
—

 
$
4,552,775

 
$
124,576

Marketable equity securities
$
109,907

 
$
20,242

 
$
89,665

 
$
—

Loans held for sale
$
46,082

 
$
—

 
$
46,082

 
$
—

 
 
 
 
 
 
 
 
 
December 31, 2017
 
 
 
Fair value measurements using:
 
Fair value
 
Level 1 inputs
 
Level 2 inputs
 
Level 3 inputs
Assets measured at fair value
 
 
 
 
 
 
 
Investment securities available for sale
 
 
 
 
 
 
 
U.S. Treasury
$
1,657,864

 
$
—

 
$
1,657,864

 
$
—

Government agency
8,670

 
—

 
8,670

 
—

Mortgage-backed securities
5,340,756

 
—

 
5,340,756

 
—

Equity securities
105,208

 
19,341

 
85,867

 
—

Corporate bonds
59,963

 
—

 
59,963

 
—

Other
7,719

 
—

 
7,719

 
—

Total investment securities available for sale
$
7,180,180

 
$
19,341

 
$
7,160,839

 
$
—

Loans held for sale
$
51,179

 
$
—

 
$
51,179

 
$
—
Fair Value of Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation
The following tables summarize activity for Level 3 assets:
 
 
Three months ended September 30, 2018
(Dollars in thousands)
 
Corporate bonds
 
Other
Balance at July 1, 2018
 
$
108,790

 
$
5,643

Amounts included in net income
 
69

 
7

Unrealized net gains (losses) included in other comprehensive income
 
74

 
(7
)
Purchases
 
11,000

 
—

Sales / Calls
 
—

 
(1,000
)
Balance at September 30, 2018
 
$
119,933

 
$
4,643


 
 
Nine months ended September 30, 2018
(Dollars in thousands)
 
Corporate bonds
 
Other
Balance at January 1, 2018
 
$
—

 
$
—

Transfers in
 
59,653

 
5,618

Amounts included in net income
 
117

 
14

Unrealized net (losses) gains included in other comprehensive income
 
(23
)
 
11

Purchases
 
62,591

 
—

Sales / Calls
 
(2,405
)
 
(1,000
)
Balance at September 30, 2018
 
$
119,933

 
$
4,643
Fair Value Level 3 Significant Unobservable Input Assumptions
(Dollars in thousands)
 
 
 
September 30, 2018
Level 3 assets
 
Valuation technique
 
Significant unobservable input
 
Fair Value
Corporate bonds
 
Indicative bid provided by broker
 
Multiple factors, including but not limited to, current operations, financial condition, cash flows, and recently executed financing transactions related to the company
 
$
119,933

Other
 
Indicative bid provided by broker
 
Multiple factors, including but not limited to, current operations, financial condition, cash flows, and recently executed financing transactions related to the company
 
4,643
Fair Value Option
The following table summarizes the difference between the aggregate fair value and the aggregate unpaid principal balance for residential real estate originated for sale measured at fair value as of September 30, 2018 and December 31, 2017.
 
September 30, 2018
(Dollars in thousands)
Fair Value
 
Aggregate Unpaid Principal Balance
 
Difference
Originated loans held for sale
$
46,082

 
$
45,221

 
$
861

 
 
 
 
 
 
 
December 31, 2017
 
Fair Value
 
Aggregate Unpaid Principal Balance
 
Difference
Originated loans held for sale
$
51,179

 
$
49,796

 
$
1,383

No originated loans held for sale were 90 or more days past due or on nonaccrual status as of September 30, 2018 or December 31, 2017.
Certain other assets are adjusted to their fair value on a nonrecurring basis, including impaired loans, OREO, and goodwill, which are periodically tested for impairment, and mortgage servicing rights, which are carried at the lower of amortized cost or market. Non-impaired loans held for investment, deposits, short-term borrowings and long-term obligations are not reported at fair value.
Impaired loans are deemed to be at fair value if an associated allowance or current period charge-off has been recorded. The value of impaired loans is determined by either collateral valuations or discounted present value of the expected cash flow calculations. Collateral values are determined using appraisals or other third-party value estimates of the subject property with discounts generally between 6 and 11 percent applied for estimated selling costs and other external factors that may impact the marketability of the property. Expected cash flows are determined using expected payment information at the individual loan level, discounted using the effective interest rate. The effective interest rate generally ranges between 2 and 18 percent.
OREO that has been acquired or written down in the current year is deemed to be at fair value, which uses asset valuations. Asset values are determined using appraisals or other third-party value estimates of the subject property with discounts generally between 6 and 11 percent applied for estimated selling costs and other external factors that may impact the marketability of the property. Changes to the value of the assets between scheduled valuation dates are monitored through continued communication with brokers and monthly reviews by the asset manager assigned to each asset. If there are any significant changes in the market or the subject property, valuations are adjusted or new appraisals ordered to ensure the reported values reflect the most current information.
Assets And Liabilities Carried At Fair Value On A Nonrecurring Basis
For financial assets and liabilities carried at fair value on a nonrecurring basis, the following table provides fair value information as of September 30, 2018 and December 31, 2017.
 
September 30, 2018
 
 
 
Fair value measurements using:
(Dollars in thousands)
Fair value
 
Level 1 inputs
 
Level 2 inputs
 
Level 3 inputs
Impaired loans
$
107,614

 
$
—

 
$
—

 
$
107,614

Other real estate remeasured during current year
27,027

 
—

 
—

 
27,027

 
 
 
 
 
 
 
 
 
December 31, 2017
 
 
 
Fair value measurements using:
 
Fair value
 
Level 1 inputs
 
Level 2 inputs
 
Level 3 inputs
Impaired loans
$
72,539

 
$
—

 
$
—

 
$
72,539

Other real estate remeasured during current year
40,167

 
—

 
—

 
40,167