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FAIR VALUE (Tables) | 3 Months Ended
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Mar. 31, 2014
FAIR VALUE |
Assets (Liabilities) Measured at Fair Value on Recurring Basis |
|  | Assets (Liabilities) Measured at Fair Value on a Recurring Basis |
|  | as of March 31, 2014 |
|  |  |  | Quoted Prices in |  | Significant |  |  |
|  | Fair Value |  | Active Markets |  | Other |  | Significant |
|  | Measurements |  | for Identical |  | Observable |  | Unobservable |
|  | March 31, |  | Assets |  | Inputs |  | Inputs |
|  | 2014 |  | (Level 1) |  | (Level 2) |  | (Level 3) |
|  | (In thousands) |
Investment securities available-for-sale: |  |  |  |  |  |  |  |  |
U.S. Treasury securities |  | $ | 428,253 |  | $ | 428,253 |  | $ | — |  | $ | — |
U.S. Government agency and U.S. Government sponsored enterprise debt securities |  | 384,685 |  | — |  | 384,685 |  | — |
U.S. Government agency and U.S. Government sponsored enterprise mortgage-backed securities: |  |  |  |  |  |  |  |  |
Commercial mortgage-backed securities |  | 119,107 |  | — |  | 119,107 |  | — |
Residential mortgage-backed securities |  | 824,105 |  | — |  | 824,105 |  | — |
Municipal securities |  | 283,897 |  | — |  | 283,897 |  | — |
Other residential mortgage-backed securities: |  |  |  |  |  |  |  |  |
Investment grade |  | 57,007 |  | — |  | 57,007 |  | — |
Other commercial mortgage-backed securities: |  |  |  |  |  |  |  |  |
Investment grade |  | 51,419 |  | — |  | 51,419 |  | — |
Corporate debt securities: |  |  |  |  |  |  |  |  |
Investment grade |  | 209,691 |  | — |  | 209,691 |  | — |
Non-investment grade |  | 15,512 |  | — |  | 8,795 |  | 6,717 |
Other securities |  | 101,068 |  | — |  | 101,068 |  | — |
Total investment securities available-for-sale |  | $ | 2,474,744 |  | $ | 428,253 |  | $ | 2,039,774 |  | $ | 6,717 |
Foreign exchange options |  | $ | 5,915 |  | $ | — |  | $ | 5,915 |  | $ | — |
Interest rate swaps |  | 26,293 |  | — |  | 26,293 |  | — |
Foreign exchange contracts |  | 4,378 |  | — |  | 4,378 |  | — |
Derivative liabilities |  | (46,778 | ) | — |  | (43,380 | ) | (3,398 | )
|  | Assets (Liabilities) Measured at Fair Value on a Recurring Basis |
|  | as of December 31, 2013 |
|  |  |  | Quoted Prices in |  | Significant |  |  |
|  | Fair Value |  | Active Markets |  | Other |  | Significant |
|  | Measurements |  | for Identical |  | Observable |  | Unobservable |
|  | December 31, |  | Assets |  | Inputs |  | Inputs |
|  | 2013 |  | (Level 1) |  | (Level 2) |  | (Level 3) |
|  | (In thousands) |
Investment securities available-for-sale: |  |  |  |  |  |  |  |  |
U.S. Treasury securities |  | $ | 491,632 |  | $ | 491,632 |  | $ | — |  | $ | — |
U.S. Government agency and U.S. Government sponsored enterprise debt securities |  | 394,323 |  | — |  | 394,323 |  | — |
U.S. Government agency and U.S. Government sponsored enterprise mortgage-backed securities: |  |  |  |  |  |  |  |  |
Commercial mortgage-backed securities |  | 178,870 |  | — |  | 178,870 |  | — |
Residential mortgage-backed securities |  | 885,237 |  | — |  | 885,237 |  | — |
Municipal securities |  | 280,979 |  | — |  | 280,979 |  | — |
Other residential mortgage-backed securities: |  |  |  |  |  |  |  |  |
Investment grade |  | 46,327 |  | — |  | 46,327 |  | — |
Other commercial mortgage-backed securities: |  |  |  |  |  |  |  |  |
Investment grade |  | 51,617 |  | — |  | 51,617 |  | — |
Corporate debt securities: |  |  |  |  |  |  |  |  |
Investment grade |  | 309,995 |  | — |  | 309,995 |  | — |
Non-investment grade |  | 15,101 |  | — |  | 8,730 |  | 6,371 |
Other securities |  | 79,716 |  | — |  | 79,716 |  | — |
Total investment securities available-for-sale |  | $ | 2,733,797 |  | $ | 491,632 |  | $ | 2,235,794 |  | $ | 6,371 |
Foreign exchange options |  | $ | 6,290 |  | $ | — |  | $ | 6,290 |  | $ | — |
Interest rate swaps |  | 28,078 |  | — |  | 28,078 |  | — |
Foreign exchange contracts |  | 6,181 |  | — |  | 6,181 |  | — |
Derivative liabilities |  | (50,262 | ) | — |  | (46,607 | ) | (3,655 | )
Assets Measured at Fair Value on a Non-Recurring Basis |
|  | Assets Measured at Fair Value on a Non-Recurring Basis |
|  | as of and for the Three Months Ended March 31, 2014 |
|  |  |  | Quoted Prices in |  | Significant |  |  |  | Total Gains |
|  | Fair Value |  | Active Markets |  | Other |  | Significant |  | (Losses) for the |
|  | Measurements |  | for Identical |  | Observable |  | Unobservable |  | Three Months Ended |
|  | March 31, |  | Assets |  | Inputs |  | Inputs |  | March 31, |
|  | 2014 |  | (Level 1) |  | (Level 2) |  | (Level 3) |  | 2014 |
|  | (In thousands) |
Non-covered loans: |  |  |  |  |  |  |  |  |  |  |
Total residential |  | $ | 17,132 |  | $ | — |  | $ | — |  | $ | 17,132 |  | $ | (365 | )
Total commercial real estate |  | 25,888 |  | — |  | — |  | 25,888 |  | (464 | )
Total commercial and industrial |  | 13,272 |  | — |  | — |  | 13,272 |  | (6,530 | )
Total consumer |  | — |  | — |  | — |  | — |  | — |
Total non-covered loans |  | $ | 56,292 |  | $ | — |  | $ | — |  | $ | 56,292 |  | $ | (7,359 | )
Non-covered OREO |  | $ | 745 |  | $ | — |  | $ | — |  | $ | 745 |  | $ | (74 | )
Covered OREO (1) |  | $ | 899 |  | $ | — |  | $ | — |  | $ | 899 |  | $ | (452 | )
|  | Assets Measured at Fair Value on a Non-Recurring Basis |
|  | as of and for the Three Months Ended March 31, 2013 |
|  |  |  | Quoted Prices in |  | Significant |  |  |  | Total Gains |
|  | Fair Value |  | Active Markets |  | Other |  | Significant |  | (Losses) for the |
|  | Measurements |  | for Identical |  | Observable |  | Unobservable |  | Three Months Ended |
|  | March 31, |  | Assets |  | Inputs |  | Inputs |  | March 31, |
|  | 2013 |  | (Level 1) |  | (Level 2) |  | (Level 3) |  | 2013 |
|  | (In thousands)
Non-covered loans: |  |  |  |  |  |  |  |  |  |  |
Total residential |  | $ | 12,969 |  | $ | — |  | $ | — |  | $ | 12,969 |  | $ | (440 | )
Total commercial real estate |  | 23,382 |  | — |  | — |  | 23,382 |  | (2,115 | )
Total commercial and industrial |  | 2,566 |  | — |  | — |  | 2,566 |  | (2,258 | )
Total consumer |  | 665 |  | — |  | — |  | 665 |  | (116 | )
Total non-covered loans |  | $ | 39,582 |  | $ | — |  | $ | — |  | $ | 39,582 |  | $ | (4,929 | )
Non-covered OREO |  | $ | 13,227 |  | $ | — |  | $ | — |  | $ | 13,227 |  | $ | (1,385 | )
Covered OREO (1) |  | $ | 3,720 |  | $ | — |  | $ | — |  | $ | 3,720 |  | $ | (126 | )
(1) Covered OREO results from the WFIB and UCB FDIC-assisted acquisitions for which the Company entered into shared-loss agreements with the FDIC whereby the FDIC will reimburse the Company for 80% of eligible losses. As such, the Company’s liability for losses is 20% of the $452 thousand in losses, or $90 thousand, and 20% of the $126 thousand in losses, or $25 thousand, for the three months ended March 31, 2014 and 2013, respectively.
Reconciliation of assets and liabilities measured at fair value using significant unobservable inputs |
|  | Investment Securities Available-for-Sale |  |  |
|  | Corporate Debt Securities |  |  |
|  | Non-Investment Grade |  | Derivatives Payable |
|  | (In thousands) |
Opening balance, January 1, 2014 |  | $ | 6,371 |  | $ | (3,655 | )
Total gains or (losses) for the period: (1) |  |  |  |  |
Included in earnings |  | — |  | 257 |
Included in other comprehensive income (unrealized) (2) |  | 434 |  | — |
Purchases, issues, sales, settlements (3) |  |  |  |  |
Purchases |  | — |  | — |
Issues |  | — |  | — |
Sales |  | — |  | — |
Settlements |  | (88 | ) | — |
Transfer from investment grade to non-investment grade |  | — |  | — |
Transfers in and/or out of Level 3 |  | — |  | — |
Closing balance, March 31, 2014 |  | $ | 6,717 |  | $ | (3,398 | )
Changes in unrealized losses included in earnings relating to assets and liabilities held at the end of March 31, 2014 |  | $ | — |  | $ | (257 | )
|  | Investment Securities Available-for-Sale |  |  |
|  | Corporate Debt Securities |  |  |
|  | Non-Investment Grade |  | Derivatives Payable |
|  | (In thousands) |
Opening balance, January 1, 2013 |  | $ | 4,800 |  | $ | (3,052 | )
Total gains or (losses) for the period: (1) |  |  |  |  |
Included in earnings |  | — |  | (181 | )
Included in other comprehensive income (unrealized) (2) |  | 549 |  | — |
Purchases, issues, sales, settlements (3) |  |  |  |  |
Purchases |  | — |  | — |
Issues |  | — |  | — |
Sales |  | — |  | — |
Settlements |  | (65 | ) | — |
Transfer from investment grade to non-investment grade |  | — |  | — |
Transfers in and/or out of Level 3 |  | — |  | — |
Closing balance, March 31, 2013 |  | $ | 5,284 |  | $ | (3,233 | )
Changes in unrealized losses included in earnings relating to assets and liabilities held at the end of March 31, 2013 |  | $ | — |  | $ | 181 |
(1) Total gains or losses represent the total realized and unrealized gains and losses recorded for Level 3 assets and liabilities. Realized gains or losses are reported in the condensed consolidated statements of income. (2) Unrealized gains or losses on investment securities are reported in accumulated other comprehensive income (loss), net of tax, in the condensed consolidated statements of comprehensive income. (3) Purchases, issuances, sales, and settlements represent Level 3 assets and liabilities that were either purchased, issued, sold, or settled during the period. The amounts are recorded at their end of period fair values.
Carrying amounts and fair values of financial instruments |
|  | March 31, 2014 |  | December 31, 2013 |
|  | Carrying |  | Estimated |  | Carrying |  | Estimated |
|  | Amount |  | Fair Value |  | Amount |  | Fair Value |
|  | (In thousands) |
Financial Assets: |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 1,884,855 |  | $ | 1,884,855 |  | $ | 895,820 |  | $ | 895,820 |
Short-term investments |  | 323,266 |  | 323,266 |  | 257,473 |  | 257,473 |
Securities purchased under resale agreements |  | 1,200,000 |  | 1,186,314 |  | 1,300,000 |  | 1,279,406 |
Investment securities available-for-sale |  | 2,474,744 |  | 2,474,744 |  | 2,733,797 |  | 2,733,797 |
Loans held for sale |  | 577,353 |  | 592,769 |  | 204,970 |  | 212,469 |
Loans receivable, net |  | 19,082,250 |  | 18,494,494 |  | 17,600,613 |  | 16,741,674 |
Investment in Federal Home Loan Bank stock |  | 52,110 |  | 52,110 |  | 62,330 |  | 62,330 |
Investment in Federal Reserve Bank stock |  | 50,370 |  | 50,370 |  | 48,333 |  | 48,333 |
Accrued interest receivable |  | 102,802 |  | 102,802 |  | 116,314 |  | 116,314 |
Foreign exchange options |  | 5,915 |  | 5,915 |  | 6,290 |  | 6,290 |
Interest rate swaps |  | 26,293 |  | 26,293 |  | 28,078 |  | 28,078 |
Foreign exchange contracts |  | 4,378 |  | 4,378 |  | 6,181 |  | 6,181 |
Financial Liabilities: |  |  |  |  |  |  |  |  |
Customer deposit accounts: |  |  |  |  |  |  |  |  |
Demand, savings and money market deposits |  | 16,444,764 |  | 16,444,764 |  | 14,588,570 |  | 14,588,570 |
Time deposits |  | 6,383,293 |  | 6,355,318 |  | 5,824,348 |  | 5,791,659 |
Federal Home Loan Bank advances |  | 315,620 |  | 333,835 |  | 315,092 |  | 308,521 |
Securities sold under repurchase agreements |  | 1,005,316 |  | 1,134,817 |  | 995,000 |  | 1,134,774 |
Accrued interest payable |  | 11,582 |  | 11,582 |  | 11,178 |  | 11,178 |
Long-term debt |  | 240,675 |  | 205,012 |  | 226,868 |  | 184,415 |
Derivative liabilities |  | 46,778 |  | 46,778 |  | 50,262 |  | 50,262 |
Schedule fair value hierarchy for the estimated fair values of financial instruments |
|  | March 31, 2014 |
|  | Estimated |  |  |  |  |  |  |
|  | Fair Value |  |  |  |  |  |  |
|  | Measurements |  | Level 1 |  | Level 2 |  | Level 3 |
|  | (In thousands) |
Financial Assets: |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 1,884,855 |  | $ | 1,884,855 |  | $ | — |  | $ | — |
Short-term investments |  | 323,266 |  | — |  | 323,266 |  | — |
Securities purchased under resale agreements |  | 1,186,314 |  | — |  | 1,186,314 |  | — |
Loans held for sale |  | 592,769 |  | — |  | 592,769 |  | — |
Loans receivable, net |  | 18,494,494 |  | — |  | — |  | 18,494,494 |
Investment in Federal Home Loan Bank stock |  | 52,110 |  | — |  | 52,110 |  | — |
Investment in Federal Reserve Bank stock |  | 50,370 |  | — |  | 50,370 |  | — |
Accrued interest receivable |  | 102,802 |  | — |  | 102,802 |  | — |
Financial Liabilities: |  |  |  |  |  |  |  |  |
Customer deposit accounts: |  |  |  |  |  |  |  |  |
Demand, savings and money market deposits |  | 16,444,764 |  | — |  | 16,444,764 |  | — |
Time deposits |  | 6,355,318 |  | — |  | — |  | 6,355,318 |
Federal Home Loan Bank advances |  | 333,835 |  | — |  | 333,835 |  | — |
Securities sold under repurchase agreements |  | 1,134,817 |  | — |  | 1,134,817 |  | — |
Accrued interest payable |  | 11,582 |  | — |  | 11,582 |  | — |
Long-term debt |  | 205,012 |  | — |  | 205,012 |  | — |
|  | December 31, 2013 |
|  | Estimated |  |  |  |  |  |  |
|  | Fair Value |  |  |  |  |  |  |
|  | Measurements |  | Level 1 |  | Level 2 |  | Level 3 |
|  | (In thousands) |
Financial Assets: |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 895,820 |  | $ | 895,820 |  | $ | — |  | $ | — |
Short-term investments |  | 257,473 |  | — |  | 257,473 |  | — |
Securities purchased under resale agreements |  | 1,279,406 |  | — |  | 1,279,406 |  | — |
Loans held for sale |  | 212,469 |  | — |  | 212,469 |  | — |
Loans receivable, net |  | 16,741,674 |  | — |  | — |  | 16,741,674 |
Investment in Federal Home Loan Bank stock |  | 62,330 |  | — |  | 62,330 |  | — |
Investment in Federal Reserve Bank stock |  | 48,333 |  | — |  | 48,333 |  | — |
Accrued interest receivable |  | 116,314 |  | — |  | 116,314 |  | — |
Financial Liabilities: |  |  |  |  |  |  |  |  |
Customer deposit accounts: |  |  |  |  |  |  |  |  |
Demand, savings and money market deposits |  | 14,588,570 |  | — |  | 14,588,570 |  | — |
Time deposits |  | 5,791,659 |  | — |  | — |  | 5,791,659 |
Federal Home Loan Bank advances |  | 308,521 |  | — |  | 308,521 |  | — |
Securities sold under repurchase agreements |  | 1,134,774 |  | — |  | 1,134,774 |  | — |
Accrued interest payable |  | 11,178 |  | — |  | 11,178 |  | — |
Long-term debt |  | 184,415 |  | — |  | 184,415 |  | — |

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- Definition Tabular disclosure of the fair value measurement of assets and liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period, segregating those gains or losses included in earnings and gains or losses recognized in OCI; (2) purchases, sales, issuances, and settlements; and (3) transfers in and transfers out of Level 3. + References No definition available. + Details
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- Definition Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a,b,bb) -URI http://asc.fasb.org/extlink&oid=25499696&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2C -URI http://asc.fasb.org/extlink&oid=25499696&loc=SL7498348-110258 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=25499696&loc=d3e19279-110258 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=25499696&loc=d3e19190-110258 + Details
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- Definition Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=25499696&loc=d3e19296-110258 + Details
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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=25499696&loc=d3e19190-110258 + Details
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