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Fair Value Measurements (Tables)
6 Months Ended
Jun. 30, 2017
Fair Value Disclosures [Abstract]  
Fair Value Assets And Liabilities Measured On A Recurring Basis [Table Text Block]
The fair value of financial assets and liabilities measured on a recurring basis was as follows as of June 30, 2017 (in thousands):
 
 
Total
 
Quoted Prices in Active Markets for Identical Instruments (Level 1)
 
Significant Other Observable Inputs (Level 2)
 
Significant Unobservable Inputs
(Level 3)
Assets:
 
 
 
 
 
 
 
 
Trading securities:
 
 
 
 
 
 
 
 
U.S. government agency debentures
 
$
20,954

 
$

 
$
20,954

 
$

U.S. government agency residential mortgage-backed securities
 
365,171

 

 
365,171

 

Municipal and other tax-exempt securities
 
45,444

 

 
45,444

 

Other trading securities
 
9,845

 

 
9,845

 

Total trading securities
 
441,414

 

 
441,414

 

Available for sale securities:
 
 

 
 

 
 

 
 

U.S. Treasury
 
998

 
998

 

 

Municipal and other tax-exempt securities
 
32,765

 

 
28,110

 
4,655

U.S. government agency residential mortgage-backed securities
 
5,382,377

 

 
5,382,377

 

Privately issued residential mortgage-backed securities
 
103,383

 

 
103,383

 

Commercial mortgage-backed securities guaranteed by U.S. government agencies
 
2,782,070

 

 
2,782,070

 

Other debt securities
 
4,152

 

 

 
4,152

Perpetual preferred stock
 
16,568

 

 
16,568

 

Equity securities and mutual funds
 
18,728

 
3,516

 
15,212

 

Total available for sale securities
 
8,341,041

 
4,514

 
8,327,720

 
8,807

Fair value option securities – U.S. government agency residential mortgage-backed securities
 
445,169

 

 
445,169

 

Residential mortgage loans held for sale
 
287,259

 

 
274,524

 
12,735

Mortgage servicing rights1
 
245,239

 

 

 
245,239

Derivative contracts, net of cash collateral2
 
280,289

 
20,213

 
260,076

 

Liabilities:
 
 

 
 
 
 
 
 
Derivative contracts, net of cash collateral2
 
285,819

 
5,919

 
279,900

 

1 
A reconciliation of the beginning and ending fair value of mortgage servicing rights and disclosures of significant assumptions used to determine fair value are presented in Note 6, Mortgage Banking Activities.
2 
See Note 3 for detail of fair value of derivative contracts by contract type. Derivative contracts in asset positions that were valued based on quoted prices in active markets for identical instruments (Level 1) are primarily exchange-traded energy and interest rate derivative contacts. Derivative contacts in liability positions that were valued using quoted prices in active markets for identical instruments are exchange-traded interest rate and agricultural derivative contracts, net of cash margin.

The fair value of financial assets and liabilities measured on a recurring basis was as follows as of December 31, 2016 (in thousands):
 
 
Total
 
Quoted Prices in Active Markets for Identical Instruments (Level 1)
 
Significant Other Observable Inputs (Level 2)
 
Significant Unobservable Inputs
(Level 3)
Assets:
 
 
 
 
 
 
 
 
Trading securities:
 
 
 
 
 
 
 
 
U.S. government agency debentures
 
$
6,234

 
$

 
$
6,234

 
$

U.S. government agency residential mortgage-backed securities
 
310,067

 

 
310,067

 

Municipal and other tax-exempt securities
 
14,427

 

 
14,427

 

Other trading securities
 
6,900

 

 
6,900

 

Total trading securities
 
337,628

 

 
337,628

 

Available for sale securities:
 
 

 
 

 
 

 
 

U.S. Treasury
 
999

 
999

 

 

Municipal and other tax-exempt securities
 
40,993

 

 
35,204

 
5,789

U.S. government agency residential mortgage-backed securities
 
5,460,386

 

 
5,460,386

 

Privately issued residential mortgage-backed securities
 
115,535

 

 
115,535

 

Commercial mortgage-backed securities guaranteed by U.S. government agencies
 
3,017,933

 

 
3,017,933

 

Other debt securities
 
4,152

 

 

 
4,152

Perpetual preferred stock
 
18,474

 

 
18,474

 

Equity securities and mutual funds
 
18,357

 
3,495

 
14,862

 

Total available for sale securities
 
8,676,829

 
4,494

 
8,662,394

 
9,941

Fair value option securities – U.S. government agency residential mortgage-backed securities
 
77,046

 

 
77,046

 

Residential mortgage loans held for sale
 
301,897

 

 
290,280

 
11,617

Mortgage servicing rights1
 
247,073

 

 

 
247,073

Derivative contracts, net of cash collateral2
 
689,872

 
7,541

 
682,331

 

Liabilities:
 


 
 
 
 
 
 
Derivative contracts, net of cash collateral2
 
664,531

 
6,972

 
657,559

 

1 
A reconciliation of the beginning and ending fair value of mortgage servicing rights and disclosures of significant assumptions used to determine fair value are presented in Note 6, Mortgage Banking Activities.
2 
See Note 3 for detail of fair value of derivative contracts by contract type. Derivative contracts based on quoted prices in active markets for identical instruments (Level 1) are exchange-traded interest-rate and energy derivative contacts, net of cash margin. Derivative contracts in liability positions that were valued using quoted prices in active markets for identical instruments (Level 1) are exchange-traded interest rate, energy and agricultural derivative contracts, net of cash margin.


The fair value of financial assets and liabilities measured on a recurring basis was as follows as of June 30, 2016 (in thousands):
 
 
Total
 
Quoted Prices in Active Markets for Identical Instruments (Level 1)
 
Significant Other Observable Inputs (Level 2)
 
Significant Unobservable Inputs
(Level 3)
Assets:
 
 
 
 
 
 
 
 
Trading securities:
 
 
 
 
 
 
 
 
U.S. government agency debentures
 
$
18,909

 
$

 
$
18,909

 
$

U.S. government agency residential mortgage-backed securities
 
122,306

 

 
122,306

 

Municipal and other tax-exempt securities
 
52,721

 

 
52,721

 

Other trading securities
 
17,686

 

 
17,686

 

Total trading securities
 
211,622

 

 
211,622

 

Available for sale securities:
 
 

 
 

 
 

 
 

U.S. Treasury
 
1,004

 
1,004

 

 

Municipal and other tax-exempt securities
 
50,262

 

 
40,662

 
9,600

U.S. government agency residential mortgage-backed securities
 
5,700,268

 

 
5,700,268

 

Privately issued residential mortgage-backed securities
 
126,313

 

 
126,313

 

Commercial mortgage-backed securities guaranteed by U.S. government agencies
 
2,911,946

 

 
2,911,946

 

Other debt securities
 
4,151

 

 

 
4,151

Perpetual preferred stock
 
17,931

 

 
17,931

 

Equity securities and mutual funds
 
18,814

 
3,785

 
15,029

 

Total available for sale securities
 
8,830,689

 
4,789

 
8,812,149

 
13,751

Fair value option securities:
 
 
 
 
 
 
 
 
U.S. Treasury
 
25,306

 
25,306

 

 

U.S. government agency residential mortgage-backed securities
 
237,959

 

 
237,959

 

Total fair value option securities
 
263,265

 
25,306

 
237,959

 

Residential mortgage loans held for sale
 
430,728

 

 
420,979

 
9,749

Mortgage servicing rights1
 
190,747

 

 

 
190,747

Derivative contracts, net of cash collateral2
 
883,673

 
7,246

 
876,427

 

Liabilities:
 
 

 
 
 
 
 
 
Derivative contracts, net of cash collateral2
 
719,159

 
4,808

 
714,351

 

1 
A reconciliation of the beginning and ending fair value of mortgage servicing rights and disclosures of significant assumptions used to determine fair value are presented in Note 6, Mortgage Banking Activities.
2 
See Note 3 for detail of fair value of derivative contracts by contract type. Derivative contracts based on quoted prices in active markets for identical instruments (Level 1) are exchange-traded energy and agricultural derivative contacts, net of cash margin. Derivative contracts in liability positions that were valued using quoted prices in active markets for identical instruments (Level 1) are exchange-traded interest rate and energy derivative contracts, net cash margin.

Fair Value Assets Measured On Recurring Basis, Significant Unobservable Inputs [Table Text Block]
The following represents the changes for the three and six months ended June 30, 2017 related to assets measured at fair value on a recurring basis using significant unobservable inputs (in thousands):
 
 
Available for Sale Securities
 
 
 
 
Municipal and other tax-exempt securities
 
Other debt securities
 
Residential mortgage loans held for sale
Balance, March 31, 2017
 
$
5,722

 
$
4,153

 
$
12,679

Transfer to Level 3 from Level 21
 

 

 
853

Purchases
 

 

 

Proceeds from sales
 

 

 
(1,030
)
Redemptions and distributions
 
(1,100
)
 

 

Gain (loss) recognized in earnings:
 
 
 
 
 
 
Mortgage banking revenue
 

 

 
233

Other comprehensive income (loss):
 
 
 
 
 
 
Net change in unrealized gain (loss)
 
33

 
(1
)
 

Balance, June 30, 2017
 
$
4,655

 
$
4,152

 
$
12,735

1  
Recurring transfers to Level 3 from Level 2 consist of residential mortgage loans intended for sale to U.S. government agencies that fail to meet conforming standards.
 
 
Available for Sale Securities
 
 
 
 
Municipal and other tax-exempt
 
Other debt securities
 
Residential mortgage loans held for sale
Balance, Dec. 31, 2016
 
$
5,789

 
$
4,152

 
$
11,617

Transfer to Level 3 from Level 21
 

 

 
2,740

Purchases
 

 

 

Proceeds from sales
 

 

 
(1,702
)
Redemptions and distributions
 
(1,100
)
 

 

Gain (loss) recognized in earnings:
 
 
 
 
 
 
Mortgage banking revenue
 

 

 
80

Other comprehensive income (loss):
 
 
 
 
 
 
Net change in unrealized gain (loss)
 
(34
)
 

 

Balance, June 30, 2017
 
$
4,655

 
$
4,152

 
$
12,735

1 
Recurring transfers to Level 3 from Level 2 consist of residential mortgage loans intended for sale to U.S. government agencies that fail to meet conforming standards.
The following represents the changes for the three and six months ended June 30, 2016 related to assets measured at fair value on a recurring basis using significant unobservable inputs (in thousands):
 
 
Available for Sale Securities
 
 
 
 
Municipal and other tax-exempt securities
 
Other debt securities
 
Residential mortgage loans held for sale
Balance, March 31, 2016
 
$
9,614

 
$
4,151

 
$
8,099

Transfer to Level 3 from Level 21
 

 

 
3,080

Purchases
 

 

 

Proceeds from sales
 

 

 
(1,249
)
Redemptions and distributions
 

 

 

Gain (loss) recognized in earnings:
 
 
 
 
 
 
Mortgage banking revenue
 

 

 
(181
)
Other comprehensive income (loss):
 
 
 
 
 
 
Net change in unrealized gain (loss)
 
(14
)
 

 

Balance, June 30, 2016
 
$
9,600

 
$
4,151

 
$
9,749

1 
Recurring transfers to Level 3 from Level 2 consist of residential mortgage loans intended for sale to U.S. government agencies that fail to meet conforming standards.

 
 
Available for Sale Securities
 
 
 
 
Municipal and other tax-exempt
 
Other debt securities
 
Residential mortgage loans held for sale
Balance, Dec. 31, 2015
 
$
9,610

 
$
4,151

 
$
7,874

Transfer to Level 3 from Level 21
 

 

 
3,540

Purchases
 

 

 

Proceeds from sales
 

 

 
(1,362
)
Redemptions and distributions
 

 

 

Gain (loss) recognized in earnings
 
 
 
 
 
 
Mortgage banking revenue
 

 

 
(303
)
Other comprehensive income (loss):
 
 
 
 
 
 
Net change in unrealized gain (loss)
 
(10
)
 

 

Balance, June 30, 2016
 
$
9,600

 
$
4,151

 
$
9,749


1  
Recurring transfers to Level 3 from Level 2 consist of residential mortgage loans intended for sale to U.S. government agencies that fail to meet conforming standards.


Fair Value Inputs, Fair Value Measured On a Recurring Basis, Quantitative Information [Table Text Block]
A summary of quantitative information about assets measured at fair value on a recurring basis using Significant Unobservable Inputs (Level 3) as of June 30, 2017 follows (in thousands):
 
 
Par
Value
 
Amortized
Cost/Unpaid Principal Balance
 
Fair
Value
 
Valuation Technique(s)
 
Unobservable Input
 
Range
(Weighted Average)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Available for sale securities
 
 
 
 
 
 
 
 
 
 
 
 
 
Municipal and other tax-exempt securities
 
$
5,095

 
$
5,067

 
$
4,655

 
Discounted cash flows
1 
Interest rate spread
 
5.98%-5.98% (5.98%)
2 
90.00%-94.90% (92.93%)
3 
Other debt securities
 
4,400

 
4,400

 
4,152

 
Discounted cash flows
1 
Interest rate spread
 
5.41%-6.72% (6.57%)
4 
94.31% - 94.38 (94.37%)
3 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Residential mortgage loans held for sale
 
N/A

 
13,274

 
12,563

 
Quoted prices of loans sold in securitization transactions, with a liquidity discount applied
 
Liquidity discount applied to the market value of a mortgage loans qualifying for sale to U.S. government agencies.
 
94.64%
 
1 
Discounted cash flows developed using discount rates primarily based on reference to interest rate spreads for comparable securities of similar duration and credit rating as determined by the nationally-recognized rating agencies, adjusted for lack of trading volume.
2 
Interest rate yields used to value investment grade tax-exempt securities represent a spread of 360 to 446 basis points over average yields for comparable tax-exempt securities.
3 
Represents fair value as a percentage of par value.
4 
Interest rate yields used to value investment grade taxable securities based on comparable short-term taxable securities which are generally yielding less than 3 percent.


A summary of quantitative information about Recurring Fair Value Measurements based on Significant Unobservable Inputs (Level 3) as of December 31, 2016 follows (in thousands):
 
 
Par
Value
 
Amortized
Cost/Unpaid Principal Balance
 
Fair
Value
 
Valuation Technique(s)
 
Unobservable Input
 
Range
(Weighted Average)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Available for sale securities
 
 
 
 
 
 
 
 
 
 
 
 
 
Municipal and other tax-exempt securities
 
$
6,195

 
$
6,163

 
$
5,789

 
Discounted cash flows
1 
Interest rate spread
 
5.91%-6.21% (6.16%)
2 
90.00%-93.40% (92.20%)
3 
Other debt securities
 
4,400

 
4,400

 
4,152

 
Discounted cash flows
1 
Interest rate spread
 
6.01%-6.26% (6.23%)
4 
94.34% - 94.36 (94.36%)
3 
Residential mortgage loans held for sale
 
N/A

 
12,431

 
11,617

 
Quoted prices of loans sold in securitization transactions, with a liquidity discount applied
 
Liquidity discount applied to the market value of a mortgage loans qualifying for sale to U.S. government agencies.
 
93.45%
 
1 
Discounted cash flows developed using discount rates primarily based on reference to interest rate spreads for comparable securities of similar duration and credit rating as determined by the nationally-recognized rating agencies, adjusted for lack of trading volume.
2 
Interest rate yields used to value investment grade tax-exempt securities represent a spread of 467 to 525 basis points over average yields for comparable tax-exempt securities.
3 
Represents fair value as a percentage of par value.
4 
Interest rate yields used to value investment grade taxable securities based on comparable short-term taxable securities which are generally yielding less than 1 percent.

A summary of quantitative information about Recurring Fair Value Measurements based on Significant Unobservable Inputs (Level 3) as of June 30, 2016 follows (in thousands):
 
 
Par
Value
 
Amortized
Cost
 
Fair
Value
 
Valuation Technique(s)
 
Unobservable Input
 
Range
(Weighted Average)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Available for sale securities
 
 
 
 
 
 
 
 
 
 
 
 
 
Municipal and other tax-exempt securities
 
$
10,370

 
$
10,312

 
$
9,600

 
Discounted cash flows
1 
Interest rate spread
 
5.34%-5.64% (5.60%)
2 
90.00%-93.28% (92.58%)
3 
Other debt securities
 
4,400

 
4,400

 
4,151

 
Discounted cash flows
1 
Interest rate spread
 
5.51%-5.96% (5.91%)
4 
94.32% - 94.34 (94.34%)
3 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Residential mortgage loans held for sale
 
N/A

 
10,518

 
9,749

 
Quoted prices of loans sold in securitization transactions, with a liquidity discount applied
 
Liquidity discount applied to the market value of a mortgage loans qualifying for sale to U.S. government agencies.
 
92.69%
 
1 
Discounted cash flows developed using discount rates primarily based on reference to interest rate spreads for comparable securities of similar duration and credit rating as determined by the nationally-recognized rating agencies, adjusted for lack of trading volume.
2 
Interest rate yields used to value investment grade tax-exempt securities represent a spread of 474 to 513 basis points over average yields for comparable tax-exempt securities.
3 
Represents fair value as a percentage of par value.
4 
Interest rate yields used to value investment grade taxable securities based on comparable short-term taxable securities which are generally yielding less than 1 percent.

Fair Value Assets Measured on Nonrecurring Basis [Table Text Block]
The following represents the carrying value of assets measured at fair value on a non-recurring basis (and related losses) during the period. The carrying value represents only those assets with a balance at June 30, 2017 for which the fair value was adjusted during the six months ended June 30, 2017:
 
 
 
 
 
 
 
Fair Value Adjustments for the
 
Carrying Value at June 30, 2017
 
Three Months Ended
June 30, 2017
Recognized in:
 
Six Months Ended
June 30, 2017
Recognized in:
 
Quoted Prices
in Active Markets for Identical Instruments
 
Significant
Other
Observable
Inputs
 
Significant
Unobservable
Inputs
 
Gross charge-offs against allowance for loan losses
 
Net losses and expenses of repossessed assets, net
 
Gross charge-offs against allowance for loan losses
 
Net losses and expenses of repossessed assets, net
Impaired loans
$

 
$
464

 
$
3,570

 
$
232

 
$

 
$
676

 
$

Real estate and other repossessed assets

 
3,488

 
530

 

 
772

 

 
906

 
The following represents the carrying value of assets measured at fair value on a non-recurring basis (and related losses) during the period. The carrying value represents only those assets with a balance at June 30, 2016 for which the fair value was adjusted during the six months ended June 30, 2016:
 
Carrying Value at June 30, 2016
 
Fair Value Adjustments for the Three Months Ended
June 30, 2016
Recognized in:
 
Six Months Ended
June 30, 2016
Recognized in:
 
Quoted Prices
in Active Markets for Identical Instruments
 
Significant
Other
Observable
Inputs
 
Significant
Unobservable
Inputs
 
Gross charge-offs against allowance for loan losses
 
Net losses and expenses of repossessed assets, net
 
Gross charge-offs against allowance for loan losses
 
Net losses and expenses of repossessed assets, net
Impaired loans
$

 
$
634

 
$
42,342

 
$
7,041

 
$

 
$
29,186

 
$

Real estate and other repossessed assets

 
5,709

 
1,693

 

 
751

 

 
1,068

Fair Value Inputs, Fair Value Measured On a Nonrecurring Basis, Quantitative Information [Table Text Block]
A summary of quantitative information about Non-recurring Fair Value Measurements based on Significant Unobservable Inputs (Level 3) as of June 30, 2017 follows (in thousands):
 
 
Fair Value
 
Valuation Technique(s)
 
Unobservable Input
 
Range
(Weighted Average)
Impaired loans
 
$
3,570

 
Discounted cash flows
 
Recoverable oil and gas reserves, forward-looking commodity prices, estimated operating costs
 
75% - 90% (83%)1
Real estate and other repossessed assets
 
530

 
Appraised value, as adjusted
 
Marketability adjustment off appraised value2
 
65% - 88% (80%)
1 
Represents fair value as a percentage of the unpaid principal balance.
2  
Marketability adjustments include consideration of estimated costs to sell which is approximately 10% of the fair value.


A summary of quantitative information about Non-recurring Fair Value Measurements based on Significant Unobservable Inputs (Level 3) as of June 30, 2016 follows (in thousands):
 
 
Fair Value
 
Valuation Technique(s)
 
Unobservable Input
 
Range
(Weighted Average)
Impaired loans
 
$
42,342

 
Discounted cash flows
 
Recoverable oil and gas reserves, forward-looking commodity prices, estimated operating costs
 
25% - 71% (58%)1
Real estate and other repossessed assets
 
1,693

 
Appraised value, as adjusted
 
Marketability adjustments off appraised value2
 
68% - 80% (71%)

1  
Represents fair value as a percentage of the unpaid principal balance.
2  
Marketability adjustments include consideration of estimated costs to sell which is approximately 10% of the fair value.


Fair Value of Financial Instruments [Table Text Block]
The following table presents the carrying values and estimated fair values of all financial instruments, including those financial assets and liabilities that are not measured and reported at fair value on a recurring basis or non-recurring basis as of June 30, 2017 (dollars in thousands):
 
 
Carrying
Value
 
Estimated
Fair
Value
 
Quoted Prices in Active Markets for Identical Instruments (Level 1)
 
Significant Other Observable Inputs
(Level 2)
 
Significant Unobservable Inputs
(Level 3)
Cash and due from banks
 
$
561,587

 
$
561,587

 
$
561,587

 
$

 
$

Interest-bearing cash and cash equivalents
 
2,078,831

 
2,078,831

 
2,078,831

 

 

Trading securities:
 
 
 
 
 
 
 

 
 
U.S. government agency debentures
 
20,954

 
20,954

 

 
20,954

 

U.S. government agency residential mortgage-backed securities
 
365,171

 
365,171

 

 
365,171

 

Municipal and other tax-exempt securities
 
45,444

 
45,444

 

 
45,444

 

Other trading securities
 
9,845

 
9,845

 

 
9,845

 

Total trading securities
 
441,414

 
441,414

 

 
441,414

 

Investment securities:
 
 

 
 

 
 
 
 
 
 
Municipal and other tax-exempt securities
 
267,375

 
270,531

 

 
270,531

 

U.S. government agency residential mortgage-backed securities
 
18,035

 
18,642

 

 
18,642

 

Other debt securities
 
205,016

 
226,502

 

 
226,502

 

Total investment securities
 
490,426

 
515,675

 

 
515,675

 

Available for sale securities:
 
 

 
 

 
 
 
 
 
 
U.S. Treasury
 
998

 
998

 
998

 

 

Municipal and other tax-exempt securities
 
32,765

 
32,765

 

 
28,110

 
4,655

U.S. government agency residential mortgage-backed securities
 
5,382,377

 
5,382,377

 

 
5,382,377

 

Privately issued residential mortgage-backed securities
 
103,383

 
103,383

 

 
103,383

 

Commercial mortgage-backed securities guaranteed by U.S. government agencies
 
2,782,070

 
2,782,070

 

 
2,782,070

 

Other debt securities
 
4,152

 
4,152

 

 

 
4,152

Perpetual preferred stock
 
16,568

 
16,568

 

 
16,568

 

Equity securities and mutual funds
 
18,728

 
18,728

 
3,516

 
15,212

 

Total available for sale securities
 
8,341,041

 
8,341,041

 
4,514

 
8,327,720

 
8,807

Fair value option securities – U.S. government agency residential mortgage-backed securities
 
445,169

 
445,169

 

 
445,169

 

Residential mortgage loans held for sale
 
287,259

 
287,259

 

 
274,524

 
12,735

Loans:
 
 

 
 

 
 
 
 
 
 
Commercial
 
10,637,955

 
10,413,704

 

 

 
10,413,704

Commercial real estate
 
3,688,592

 
3,636,365

 

 

 
3,636,365

Residential mortgage
 
1,939,198

 
1,950,577

 

 

 
1,950,577

Personal
 
917,900

 
909,055

 

 

 
909,055

Total loans
 
17,183,645

 
16,909,701

 

 

 
16,909,701

Allowance for loan losses
 
(250,061
)
 

 

 

 

Loans, net of allowance
 
16,933,584

 
16,909,701

 

 

 
16,909,701

Mortgage servicing rights
 
245,239

 
245,239

 

 

 
245,239

Derivative instruments with positive fair value, net of cash collateral
 
280,289

 
280,289

 
46,366

 
233,923

 

Deposits with no stated maturity
 
20,120,352

 
20,120,352

 

 

 
20,120,352

Time deposits
 
2,196,122

 
2,164,115

 

 

 
2,164,115

Other borrowed funds
 
5,696,666

 
5,664,273

 

 

 
5,664,273

Subordinated debentures
 
144,658

 
147,204

 

 
147,204

 

Derivative instruments with negative fair value, net of cash collateral
 
285,819

 
285,819

 
20,915

 
264,904

 

The following table presents the carrying values and estimated fair values of all financial instruments, including those financial assets and liabilities that are not measured and reported at fair value on a recurring basis or non-recurring basis as of December 31, 2016 (dollars in thousands):
 
 
Carrying
Value
 
Estimated
Fair
Value
 
Quoted Prices in Active Markets for Identical Instruments (Level 1)
 
Significant Other Observable Inputs
(Level 2)
 
Significant Unobservable Inputs
(Level 3)
Cash and due from banks
 
$
620,846

 
$
620,846

 
$
620,846

 
$

 
$

Interest-bearing cash and cash equivalents
 
1,916,651

 
1,916,651

 
1,916,651

 

 

Trading securities:
 
 
 
 
 
 
 

 
 
U.S. government agency debentures
 
6,234

 
6,234

 

 
6,234

 

U.S. government agency residential mortgage-backed securities
 
310,067

 
310,067

 

 
310,067

 

Municipal and other tax-exempt securities
 
14,427

 
14,427

 

 
14,427

 

Other trading securities
 
6,900

 
6,900

 

 
6,900

 

Total trading securities
 
337,628

 
337,628

 

 
337,628

 

Investment securities:
 
 

 
 

 
 
 
 
 
 
Municipal and other tax-exempt securities
 
320,364

 
321,225

 

 
321,225

 

U.S. government agency residential mortgage-backed securities
 
20,777

 
21,473

 

 
21,473

 

Other debt securities
 
205,004

 
222,795

 

 
222,795

 

Total investment securities
 
546,145

 
565,493

 

 
565,493

 

Available for sale securities:
 
 

 
 

 
 
 
 
 
 
U.S. Treasury
 
999

 
999

 
999

 

 

Municipal and other tax-exempt securities
 
40,993

 
40,993

 

 
35,204

 
5,789

U.S. government agency residential mortgage-backed securities
 
5,460,386

 
5,460,386

 

 
5,460,386

 

Privately issued residential mortgage-backed securities
 
115,535

 
115,535

 

 
115,535

 

Commercial mortgage-backed securities guaranteed by U.S. government agencies
 
3,017,933

 
3,017,933

 

 
3,017,933

 

Other debt securities
 
4,152

 
4,152

 

 

 
4,152

Perpetual preferred stock
 
18,474

 
18,474

 

 
18,474

 

Equity securities and mutual funds
 
18,357

 
18,357

 
3,495

 
14,862

 

Total available for sale securities
 
8,676,829

 
8,676,829

 
4,494

 
8,662,394

 
9,941

Fair value option securities – U.S. government agency residential mortgage-backed securities
 
77,046

 
77,046

 

 
77,046

 

Residential mortgage loans held for sale
 
301,897

 
301,897

 

 
290,280

 
11,617

Loans:
 
 

 
 

 
 
 
 
 
 
Commercial
 
10,390,824

 
10,437,016

 

 

 
10,437,016

Commercial real estate
 
3,809,046

 
3,850,981

 

 

 
3,850,981

Residential mortgage
 
1,949,832

 
2,025,159

 

 

 
2,025,159

Personal
 
839,958

 
864,904

 

 

 
864,904

Total loans
 
16,989,660

 
17,178,060

 

 

 
17,178,060

Allowance for loan losses
 
(246,159
)
 

 

 

 

Loans, net of allowance
 
16,743,501

 
17,178,060

 

 

 
17,178,060

Mortgage servicing rights
 
247,073

 
247,073

 

 

 
247,073

Derivative instruments with positive fair value, net of cash collateral
 
689,872

 
689,872

 
7,541

 
682,331

 

Deposits with no stated maturity
 
20,526,295

 
20,526,295

 

 

 
20,526,295

Time deposits
 
2,221,800

 
2,218,303

 

 

 
2,218,303

Other borrowed funds
 
5,572,662

 
5,556,327

 

 

 
5,556,327

Subordinated debentures
 
144,640

 
128,903

 

 
128,903

 

Derivative instruments with negative fair value, net of cash collateral
 
664,531

 
664,531

 
6,972

 
657,559

 


The following table presents the carrying values and estimated fair values of all financial instruments, including those financial assets and liabilities that are not measured and reported at fair value on a recurring basis or non-recurring basis as of June 30, 2016 (dollars in thousands):
 
 
Carrying
Value
 
Estimated
Fair
Value
 
Quoted Prices in Active Markets for Identical Instruments (Level 1)
 
Significant Other Observable Inputs
(Level 2)
 
Significant Unobservable Inputs
(Level 3)
Cash and due from banks
 
$
498,713

 
$
498,713

 
$
498,713

 
$

 
$

Interest-bearing cash and cash equivalents
 
1,907,838

 
1,907,838

 
1,907,838

 

 

Trading securities:
 
 
 
 
 
 
 

 
 
U.S. government agency debentures
 
18,909

 
18,909

 

 
18,909

 

U.S. government agency residential mortgage-backed securities
 
122,306

 
122,306

 

 
122,306

 

Municipal and other tax-exempt securities
 
52,721

 
52,721

 

 
52,721

 

Other trading securities
 
17,686

 
17,686

 

 
17,686

 

Total trading securities
 
211,622

 
211,622

 

 
211,622

 

Investment securities:
 
 

 
 

 
 
 
 
 
 
Municipal and other tax-exempt securities
 
334,551

 
340,700

 

 
340,700

 

U.S. government agency residential mortgage-backed securities
 
23,750

 
25,233

 

 
25,233

 

Other debt securities
 
202,410

 
233,129

 

 
233,129

 

Total investment securities
 
560,711

 
599,062

 

 
599,062

 

Available for sale securities:
 
 

 
 

 
 
 
 
 
 
U.S. Treasury
 
1,004

 
1,004

 
1,004

 

 

Municipal and other tax-exempt securities
 
50,262

 
50,262

 

 
40,662

 
9,600

U.S. government agency residential mortgage-backed securities
 
5,700,268

 
5,700,268

 

 
5,700,268

 

Privately issued residential mortgage-backed securities
 
126,313

 
126,313

 

 
126,313

 

Commercial mortgage-backed securities guaranteed by U.S. government agencies
 
2,911,946

 
2,911,946

 

 
2,911,946

 

Other debt securities
 
4,151

 
4,151

 

 

 
4,151

Perpetual preferred stock
 
17,931

 
17,931

 

 
17,931

 

Equity securities and mutual funds
 
18,814

 
18,814

 
3,785

 
15,029

 

Total available for sale securities
 
8,830,689

 
8,830,689

 
4,789

 
8,812,149

 
13,751

Fair value option securities:
 
 
 
 
 
 
 
 
 
 
U.S. Treasury
 
25,306

 
25,306

 
25,306

 

 

U.S. government agency residential mortgage-backed securities
 
237,959

 
237,959

 

 
237,959

 

Total fair value option securities
 
263,265

 
263,265

 
25,306

 
237,959

 

Residential mortgage loans held for sale
 
430,728

 
430,728

 

 
420,979

 
9,749

Loans:
 
 

 
 

 
 
 
 
 
 
Commercial
 
10,356,437

 
10,172,701

 

 

 
10,172,701

Commercial real estate
 
3,581,966

 
3,563,378

 

 

 
3,563,378

Residential mortgage
 
1,880,923

 
1,913,208

 

 

 
1,913,208

Personal
 
587,423

 
582,353

 

 

 
582,353

Total loans
 
16,406,749

 
16,231,640

 

 

 
16,231,640

Allowance for loan losses
 
(243,259
)
 

 

 

 

Loans, net of allowance
 
16,163,490

 
16,231,640

 

 

 
16,231,640

Mortgage servicing rights
 
190,747

 
190,747

 

 

 
190,747

Derivative instruments with positive fair value, net of cash collateral
 
883,673

 
883,673

 
7,246

 
876,427

 

Deposits with no stated maturity
 
18,512,740

 
18,512,740

 

 

 
18,512,740

Time deposits
 
2,247,061

 
2,252,212

 

 

 
2,252,212

Other borrowed funds
 
6,360,199

 
6,342,885

 

 

 
6,342,885

Subordinated debentures
 
371,812

 
371,808

 

 
150,234

 
221,574

Derivative instruments with negative fair value, net of cash collateral
 
719,159

 
719,159

 
4,808

 
714,351

 

Fair Value Inputs, Financial Instruments, Quantitative Information [Table Text Block]
 
Range of
Contractual
Yields
 
Average Re-pricing (in years)
 
Discount
Rate
 
Minimum
 
Maximum
 
Average
 
Minimum
 
Maximum
June 30, 2017
 
 
 
 
 
 
 
 
 
Commercial
0.38
%
 
30.00
%
 
0.64
 
0.71
%
 
4.56
%
Commercial real estate
0.38
%
 
18.00
%
 
0.77
 
1.03
%
 
4.31
%
Residential mortgage
1.74
%
 
18.00
%
 
2.18
 
1.75
%
 
4.19
%
Consumer
0.25
%
 
21.00
%
 
0.28
 
0.70
%
 
4.68
%
 
 
 
 
 
 
 
 
 
 
Time deposits
0.03
%
 
10.00
%
 
1.91
 
1.81
%
 
2.12
%
Other borrowings
0.25
%
 
3.58
%
 
0.02
 
1.06
%
 
3.69
%
Subordinated debentures
5.38
%
 
5.38
%
 
16.90
 
4.89
%
 
4.89
%
 
 
 
 
 
 
 
 
 
 
December 31, 2016
 
 
 
 
 
 
 
 
 
Commercial
0.38
%
 
30.00
%
 
0.70
 
0.64
%
 
4.60
%
Commercial real estate
0.38
%
 
18.00
%
 
0.71
 
0.94
%
 
4.27
%
Residential mortgage
1.74
%
 
18.00
%
 
2.27
 
1.71
%
 
4.26
%
Consumer
0.25
%
 
21.00
%
 
0.40
 
1.03
%
 
4.59
%
 
 
 
 
 
 
 
 
 
 
Time deposits
0.02
%
 
9.65
%
 
1.96
 
1.57
%
 
2.00
%
Other borrowings
0.25
%
 
3.50
%
 
0.00
 
0.55
%
 
3.22
%
Subordinated debentures
5.38
%
 
5.38
%
 
16.86
 
6.11
%
 
6.11
%
 
 
 
 
 
 
 
 
 
 
June 30, 2016
 
 
 
 
 
 
 
 
 
Commercial
0.38
%
 
30.00
%
 
0.69
 
0.55
%
 
3.68
%
Commercial real estate
0.38
%
 
18.00
%
 
0.73
 
0.80
%
 
3.65
%
Residential mortgage
1.70
%
 
18.00
%
 
1.97
 
1.25
%
 
3.75
%
Consumer
0.25
%
 
21.00
%
 
0.35
 
0.71
%
 
3.91
%
 
 
 
 
 
 
 
 
 
 
Time deposits
0.03
%
 
9.64
%
 
2.15
 
1.16
%
 
1.43
%
Other borrowings
0.25
%
 
3.28
%
 
0.02
 
0.30
%
 
2.92
%
Subordinated debentures
1.32
%
 
5.38
%
 
8.35
 
2.16
%
 
5.38
%