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Estimated Fair Values (Tables) | 6 Months Ended
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Jun. 30, 2018
Fair Value Disclosures [Abstract] |
Estimated Fair Values For Certain Financial Assets And Financial Liabilities | For all other financial assets and financial liabilities, the carrying value is a reasonable estimate of the fair value as of June 30, 2018 and December 31, 2017. The carrying value and fair value for these assets and liabilities are equivalent because they are relatively short term in nature and there is no interest rate or credit risk that would cause the fair value to differ from the carrying value. Cash and due from banks is classified on the fair value hierarchy as Level 1. Overnight investments, income earned not collected, short-term borrowings and accrued interest payable are considered Level 2. The table presents the carrying values and estimated fair values for financial instruments as of June 30, 2018 and December 31, 2017.
(Dollars in thousands) | June 30, 2018 |  | December 31, 2017
Carrying value |  | Fair value |  | Carrying value |  | Fair value
Cash and due from banks | $ | 260,525 |  |  | $ | 260,525 |  |  | $ | 336,150 |  |  | $ | 336,150 |
Overnight investments | 1,223,311 |  |  | 1,223,311 |  |  | 1,387,927 |  |  | 1,387,927 |
Investment securities available for sale | 4,783,507 |  |  | 4,783,507 |  |  | 7,180,180 |  |  | 7,180,180 |
Investment securities held to maturity | 2,299,774 |  |  | 2,302,093 |  |  | 76 |  |  | 81 |
Marketable equity securities | 107,264 |  |  | 107,264 |  |  | — |  |  | — |
Loans held for sale | 58,961 |  |  | 58,961 |  |  | 51,179 |  |  | 51,179 |
Net loans and leases | 24,313,572 |  |  | 23,704,523 |  |  | 23,374,932 |  |  | 22,257,803 |
Income earned not collected | 99,567 |  |  | 99,567 |  |  | 95,249 |  |  | 95,249 |
Federal Home Loan Bank stock | 22,658 |  |  | 22,658 |  |  | 52,685 |  |  | 52,685 |
Mortgage servicing rights | 21,657 |  |  | 28,668 |  |  | 21,945 |  |  | 26,170 |
Deposits | 30,408,884 |  |  | 30,362,605 |  |  | 29,266,275 |  |  | 29,230,768 |
Short-term borrowings | 613,993 |  |  | 613,993 |  |  | 693,807 |  |  | 693,807 |
Long-term obligations | 241,360 |  |  | 250,823 |  |  | 870,240 |  |  | 852,112 |
Payable to the FDIC for shared-loss agreements | 103,487 |  |  | 103,966 |  |  | 101,342 |  |  | 102,684 |
Accrued interest payable | 1,909 |  |  | 1,909 |  |  | 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 June 30, 2018 and December 31, 2017.
| June 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 | $ | 1,503,974 |  |  | $ | — |  |  | $ | 1,503,974 |  |  | $ | — |
Government agency | 131,035 |  |  | — |  |  | 131,035 |  |  | — |
Mortgage-backed securities | 3,034,065 |  |  | — |  |  | 3,034,065 |  |  | — |
Corporate bonds | 108,790 |  |  | — |  |  | — |  |  | 108,790 |
Other | 5,643 |  |  | — |  |  | — |  |  | 5,643 |
Total investment securities available for sale | $ | 4,783,507 |  |  | $ | — |  |  | $ | 4,669,074 |  |  | $ | 114,433 |
Marketable equity securities | $ | 107,264 |  |  | $ | 21,667 |  |  | $ | 85,597 |  |  | $ | — |
Loans held for sale | $ | 58,961 |  |  | $ | — |  |  | $ | 58,961 |  |  | $ | — |
| 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 June 30, 2018
(Dollars in thousands) |  | Corporate bonds |  | Other
Balance at April 1, 2018 |  | $ | 59,653 |  |  | $ | 5,618 |
Amounts included in net income |  | 48 |  |  | 7 |
Unrealized net (losses) gains included in other comprehensive income |  | (97 | ) |  | 18 |
Purchases |  | 51,591 |  |  | — |
Sales |  | (2,405 | ) |  | — |
Balance at June 30, 2018 |  | $ | 108,790 |  |  | $ | 5,643 |
|  | Six months ended June 30, 2018
(Dollars in thousands) |  | Corporate bonds |  | Other
Balance at January 1, 2018 |  | $ | — |  |  | $ | — |
Transfers in |  | 59,653 |  |  | 5,618 |
Amounts included in net income |  | 48 |  |  | 7 |
Unrealized net (losses) gains included in other comprehensive income |  | (97 | ) |  | 18 |
Purchases |  | 51,591 |  |  | — |
Sales |  | (2,405 | ) |  | — |
Balance at June 30, 2018 |  | $ | 108,790 |  |  | $ | 5,643 |
Fair Value Level 3 Significant Unobservable Input Assumptions |
(Dollars in thousands) |  |  |  | June 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 |  | $ | 108,790 |
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 |  | 5,643 |
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 June 30, 2018 and December 31, 2017.
| June 30, 2018
(Dollars in thousands) | Fair Value |  | Aggregate Unpaid Principal Balance |  | Difference
Originated loans held for sale | $ | 58,961 |  |  | $ | 57,334 |  |  | $ | 1,627 |
| 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 June 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 holding and 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 holding and 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 June 30, 2018 and December 31, 2017.
| June 30, 2018
|  |  | Fair value measurements using:
(Dollars in thousands) | Fair value |  | Level 1 inputs |  | Level 2 inputs |  | Level 3 inputs
Impaired loans | $ | 74,301 |  |  | $ | — |  |  | $ | — |  |  | $ | 74,301 |
Other real estate remeasured during current year | 21,105 |  |  | — |  |  | — |  |  | 21,105 |
| 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 |

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