XML 73 R45.htm IDEA: XBRL DOCUMENT v2.4.1.9

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2014

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

	2014
	Level 1				Level 2				Level 3				Total
	(in thousands)
Mortgage loans held for sale	$	—			$	17,522			$	—			$	17,522
Available for sale investment securities:
Equity securities	47,623				—				—				47,623
U.S. Government securities	—				200				—				200
U.S. Government sponsored agency securities	—				214				—				214
State and municipal securities	—				245,215				—				245,215
Corporate debt securities	—				90,126				7,908				98,034
Collateralized mortgage obligations	—				902,313				—				902,313
Mortgage-backed securities	—				928,831				—				928,831
Auction rate securities	—				—				100,941				100,941
Total available for sale investment securities	47,623				2,166,899				108,849				2,323,371
Other assets	17,682				21,305				—				38,987
Total assets	$	65,305			$	2,205,726			$	108,849			$	2,379,880
Other liabilities	$	17,737			$	21,084			$	—			$	38,821
	2013
	Level 1				Level 2				Level 3				Total
	(in thousands)
Mortgage loans held for sale	$	—			$	21,351			$	—			$	21,351
Available for sale investment securities:
Equity securities	46,201				—				—				46,201
U.S. Government securities	—				525				—				525
U.S. Government sponsored agency securities	—				726				—				726
State and municipal securities	—				284,849				—				284,849
Corporate debt securities	—				89,662				9,087				98,749
Collateralized mortgage obligations	—				1,032,398				—				1,032,398
Mortgage-backed securities	—				945,712				—				945,712
Auction rate securities	—				—				159,274				159,274
Total available for sale investment securities	46,201				2,353,872				168,361				2,568,434
Other assets	15,779				7,227				—				23,006
Total assets	$	61,980			$	2,382,450			$	168,361			$	2,612,791
Other liabilities	$	15,648			$	5,161			$	—			$	20,809

Schedule of Changes in Assets and Liabilities Measured at Fair Value on a Recurring Basis using Level 3 Inputs

The following table presents the changes in available for sale investment securities measured at fair value on a recurring basis using unobservable inputs (Level 3) for the years ended December 31:

	Pooled Trust Preferred Securities				Single-issuer Trust Preferred Securities				ARCs
	(in thousands)
Balance as of December 31, 2012	$	6,927			$	3,360			$	149,339
Realized adjustments to fair value (1)	1,604				—				—
Unrealized adjustments to fair value (2)	1,981				412				11,688
Sales	(4,987		)		—				(25		)
Settlements - calls	(219		)		—				(2,725		)
Discount accretion (3)	—				9				997
Balance as of December 31, 2013	5,306				3,781				159,274
Sales	(1,888		)		—				(11,912		)
Realized adjustments to fair value (1)	(18		)		—				—
Unrealized adjustments to fair value (2)	923				32				3,970
Settlements - calls	(239		)		—				(51,212		)
Discount accretion (3)	4				7				821
Balance as of December 31, 2014	$	4,088			$	3,820			$	100,941

(1) Realized adjustments to fair value represent credit related other-than-temporary impairment charges and gains on sales of investment securities, both included as components of investment securities gains on the consolidated statements of income.

(2) Pooled trust preferred securities, single-issuer trust preferred securities and ARCs are classified as available for sale investment securities; as such, the unrealized adjustment to fair value was recorded as an unrealized holding gain (loss) and included as a component of available for sale investment securities on the consolidated balance sheets.

(3) Included as a component of net interest income on the consolidated statements of income.

Fair Value, Assets and Liabilities Measured on Nonrecurring Basis

The following table presents financial assets measured at fair value on a nonrecurring basis and reported on the consolidated balance sheets at December 31:

	2014
	Level 1				Level 2				Level 3				Total
	(in thousands)
Net loans	$	—			$	—			$	127,834			$	127,834
Other financial assets	—				—				54,170				54,170
Total assets	$	—			$	—			$	182,004			$	182,004
	2013
	Level 1				Level 2				Level 3				Total
	(in thousands)
Net loans	$	—			$	—			$	138,666			$	138,666
Other financial assets	—				—				57,504				57,504
Total assets	$	—			$	—			$	196,170			$	196,170

Details of Book Value and Fair Value of Financial Instruments

As required by FASB ASC Section 825-10-50, the following table details the book values and the estimated fair values of the Corporation’s financial instruments as of December 31, 2014 and 2013. A general description of the methods and assumptions used to estimate such fair values is also provided.

	2014								2013
	Book Value				Estimated Fair Value				Book Value				Estimated Fair Value
	(in thousands)
FINANCIAL ASSETS
Cash and due from banks	$	105,702			$	105,702			$	218,540			$	218,540
Interest-bearing deposits with other banks	358,130				358,130				163,988				163,988
Federal Reserve Bank and FHLB stock	64,953				64,953				84,173				84,173
Loans held for sale (1)	17,522				17,522				21,351				21,351
Securities available for sale (1)	2,323,371				2,323,371				2,568,434				2,568,434
Loans, net of unearned income (1)	13,111,716				13,030,543				12,782,220				12,688,774
Accrued interest receivable	41,818				41,818				44,037				44,037
Other financial assets (1)	169,764				169,764				146,933				146,933
FINANCIAL LIABILITIES
Demand and savings deposits	$	10,296,055			$	10,296,055			$	9,573,264			$	9,573,264
Time deposits	3,071,451				3,069,883				2,917,922				2,927,374
Short-term borrowings	329,719				329,719				1,258,629				1,258,629
Accrued interest payable	18,045				18,045				15,218				15,218
Other financial liabilities (1)	172,786				172,786				124,440				124,440
FHLB advances and long-term debt	1,139,413				1,142,980				883,584				875,984

(1) These financial instruments, or certain financial instruments within these categories, are measured at fair value on the Corporation’s consolidated balance sheets. Descriptions of the fair value determinations for these financial instruments are disclosed above.

X

- 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=36462937&loc=d3e19296-110258

+ Details

Name:	us-gaap_FairValueAssetsMeasuredOnNonrecurringBasisTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the fair value measurement of assets 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 (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

+ 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 (c)

-URI http://asc.fasb.org/extlink&oid=36462937&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 3

-URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19279-110258

+ Details

Name:	us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

+ 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)

-URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19207-110258



Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 825

-SubTopic 10

-Section 50

-Paragraph 10

-Subparagraph (a)

-URI http://asc.fasb.org/extlink&oid=35750535&loc=d3e13433-108611



Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 825

-SubTopic 10

-Section 50

-Paragraph 11

-URI http://asc.fasb.org/extlink&oid=35750535&loc=d3e13467-108611



Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 825

-SubTopic 10

-Section 50

-Paragraph 12

-URI http://asc.fasb.org/extlink&oid=35750535&loc=d3e13476-108611



Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 825

-SubTopic 10

-Section 50

-Paragraph 30

-Subparagraph (a)

-URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14172-108612



Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 825

-SubTopic 10

-Section 45

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6447952&loc=d3e13220-108610

+ Details

Name:	us-gaap_FairValueByBalanceSheetGroupingTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Details

Name:	us-gaap_FairValueDisclosuresAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- 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=36462937&loc=d3e19190-110258

+ Details

Name:	us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration