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Fair Value (Tables) | 6 Months Ended
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Jun. 30, 2015
Fair Value [Abstract] |
Financial assets and liabilities measured at fair value recurring basis | The following tables summarize financial assets and financial liabilities measured at fair value on a recurring basis as of June 30, 2015 and December 31, 2014, segregated by the level of valuation inputs within the fair value hierarchy utilized to measure fair value ($ in thousands). There were no transfers between fair value levels for the six months ended June 30, 2015 and the year ended December 31, 2014.
|  | June 30, 2015 |
|  | Total |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
U.S. Government agency obligations |  | $ | 107,418 |  |  | $ | - |  |  | $ | 107,418 |  |  | $ | - |
Obligations of states and political subdivisions |  |  | 151,322 |  |  |  | - |  |  |  | 151,322 |  |  |  | - |
Mortgage-backed securities |  |  | 2,159,176 |  |  |  | - |  |  |  | 2,159,176 |  |  |  | - |
Asset-backed securities and structured financial products |  |  | 28,467 |  |  |  | - |  |  |  | 28,467 |  |  |  | - |
Securities available for sale |  |  | 2,446,383 |  |  |  | - |  |  |  | 2,446,383 |  |  |  | - |
Loans held for sale |  |  | 147,539 |  |  |  | - |  |  |  | 147,539 |  |  |  | - |
Mortgage servicing rights |  |  | 71,422 |  |  |  | - |  |  |  | - |  |  |  | 71,422 |
Other assets - derivatives |  |  | 3,992 |  |  |  | (309 | ) |  |  | 2,680 |  |  |  | 1,621 |
Other liabilities - derivatives |  |  | 1,508 |  |  |  | 742 |  |  |  | 766 |  |  |  | - |
|  | December 31, 2014 |
|  | Total |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
U.S. Treasury securities |  | $ | 100 |  |  | $ | - |  |  | $ | 100 |  |  | $ | - |
U.S. Government agency obligations |  |  | 112,474 |  |  |  | - |  |  |  | 112,474 |  |  |  | - |
Obligations of states and political subdivisions |  |  | 162,258 |  |  |  | - |  |  |  | 162,258 |  |  |  | - |
Mortgage-backed securities |  |  | 2,068,035 |  |  |  | - |  |  |  | 2,068,035 |  |  |  | - |
Asset-backed securities and structured financial products |  |  | 31,700 |  |  |  | - |  |  |  | 31,700 |  |  |  | - |
Securities available for sale |  |  | 2,374,567 |  |  |  | - |  |  |  | 2,374,567 |  |  |  | - |
Loans held for sale |  |  | 132,196 |  |  |  | - |  |  |  | 132,196 |  |  |  | - |
Mortgage servicing rights |  |  | 64,358 |  |  |  | - |  |  |  | - |  |  |  | 64,358 |
Other assets - derivatives |  |  | 5,527 |  |  |  | 1,181 |  |  |  | 3,047 |  |  |  | 1,299 |
Other liabilities - derivatives |  |  | 4,338 |  |  |  | 490 |  |  |  | 3,848 |  |  |  | - |
Changes in level 3 assets measured at fair value on a recurring basis | The changes in Level 3 assets measured at fair value on a recurring basis for the six months ended June 30, 2015 and 2014 are summarized as follows ($ in thousands):
|  | MSR |  |  | Other Assets - Derivatives |
Balance, January 1, 2015 |  | $ | 64,358 |  |  | $ | 1,299 |
Total net (loss) gain included in Mortgage banking, net (1) |  |  | (1,093 | ) |  |  | 3,715 |
Additions |  |  | 8,157 |  |  |  | - |
Sales |  |  | - |  |  |  | (3,393 | )
Balance, June 30, 2015 |  | $ | 71,422 |  |  | $ | 1,621 |
The amount of total gains (losses) for the period included in earnings that are attributable to the change in unrealized gains or losses still held at June 30, 2015 |  | $ | 3,708 |  |  | $ | (564 | )
Balance, January 1, 2014 |  | $ | 67,834 |  |  | $ | 126 |
Total net (loss) gain included in Mortgage banking, net (1) |  |  | (7,964 | ) |  |  | 2,493 |
Additions |  |  | 5,179 |  |  |  | - |
Sales |  |  | - |  |  |  | (410 | )
Balance, June 30, 2014 |  | $ | 65,049 |  |  | $ | 2,209 |
The amount of total losses for the period included in earnings that are attributable to the change in unrealized gains or losses still held at June 30, 2014 |  | $ | (3,761 | ) |  | $ | (594 | )
(1) | Total net (loss) gain included in Mortgage banking, net relating to MSR includes changes in fair value due to market changes and due to run-off.
Carrying amounts and estimated fair values of financial instruments | The carrying amounts and estimated fair values of financial instruments at June 30, 2015 and December 31, 2014, are as follows ($ in thousands):
|  | June 30, 2015 |  |  | December 31, 2014 |
|  | Carrying Value |  |  | Estimated Fair Value |  |  | Carrying Value |  |  | Estimated Fair Value |
Financial Assets: |  |  |  |  |  |  |  |  |  |  |  |
Level 2 Inputs: |  |  |  |  |  |  |  |  |  |  |  |
Cash and short-term investments |  | $ | 255,050 |  |  | $ | 255,050 |  |  | $ | 317,858 |  |  | $ | 317,858 |
Securities held to maturity |  |  | 1,190,161 |  |  |  | 1,200,217 |  |  |  | 1,170,685 |  |  |  | 1,182,846 |
Level 3 Inputs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net LHFI |  |  | 6,375,907 |  |  |  | 6,431,470 |  |  |  | 6,379,853 |  |  |  | 6,453,618 |
Net acquired loans |  |  | 453,770 |  |  |  | 453,770 |  |  |  | 537,350 |  |  |  | 537,350 |
FDIC indemnification asset |  |  | 2,632 |  |  |  | 2,632 |  |  |  | 6,997 |  |  |  | 6,997 |
Financial Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Level 2 Inputs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deposits |  |  | 9,792,174 |  |  |  | 9,797,257 |  |  |  | 9,698,358 |  |  |  | 9,702,864 |
Short-term liabilities |  |  | 679,206 |  |  |  | 679,206 |  |  |  | 868,620 |  |  |  | 868,620 |
Long-term FHLB advances |  |  | 1,204 |  |  |  | 1,211 |  |  |  | 1,253 |  |  |  | 1,263 |
Subordinated notes |  |  | 49,953 |  |  |  | 52,626 |  |  |  | 49,936 |  |  |  | 53,504 |
Junior subordinated debt securities |  |  | 61,856 |  |  |  | 46,392 |  |  |  | 61,856 |  |  |  | 46,392 |
Fair value and the contractual principal outstanding of the LHFS | The following table provides information about the fair value and the contractual principal outstanding of the LHFS accounted for under the fair value option as of June 30, 2015 and December 31, 2014 ($ in thousands):
|  | June 30, 2015 |  |  | December 31, 2014 |
Fair value of LHFS |  | $ | 128,329 |  |  | $ | 91,182 |
LHFS contractual principal outstanding |  |  | 126,627 |  |  |  | 88,106 |
Fair value less unpaid principal |  | $ | 1,702 |  |  | $ | 3,076 |

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- 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
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- 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 825 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=49121117&loc=d3e13476-108611 Reference 2: 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 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=49121117&loc=d3e13467-108611 Reference 4: 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 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 50 -Paragraph 10 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=49121117&loc=d3e13433-108611 + Details
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- Definition The entire disclosure of the fair value measurement of assets and liabilities, which includes financial instruments measured at fair value that are classified in shareholders' equity, which may be measured on a recurring or nonrecurring basis. + References Reference 1: 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 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19207-110258 Reference 3: 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
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