Fair Value Measurement (Tables)

6 Months Ended

Jun. 30, 2012

Schedule Of Carrying Value And Fair Value Of Financial Instruments Not Recorded At Fair Value


(in thousands)
	June 30, 2012				December 31, 2011
	Carrying		Fair		Carrying		Fair
	Value		Value		Value		Value
FINANCIAL ASSETS:
Cash and cash equivalents	$	663,776	$	663,776	$	598,766	$	598,766
Trading securities		3,301		3,301		2,309		2,309
Securities available for sale		2,834,076		2,834,076		3,168,578		3,168,578
Securities held to maturity		4,506		4,446		4,714		4,759
Loans held for sale		209,607		209,607		98,691		98,691
Non-covered loans and leases, net		6,020,814		5,978,971		5,795,130		5,816,714
Covered loans and leases, net		553,963		626,618		622,451		722,295
Restricted equity securities		31,712		31,712		32,581		32,581
Mortgage servicing rights		22,513		22,513		18,184		18,184
Bank owned life insurance assets		93,360		93,360		92,555		92,555
FDIC indemnification asset		68,805		24,022		91,089		47,008
Derivatives		19,928		19,928		7,955		7,955
Visa Class B common stock		-		23,151		-		19,230

FINANCIAL LIABILITIES:
Deposits	$	9,132,181	$	9,151,402	$	9,236,690	$	9,260,327
Securities sold under agreements to repurchase		149,341		149,341		124,605		124,605
Term debt		254,641		283,244		255,676		284,911
Junior subordinated debentures, at fair value		83,993		83,993		82,905		82,905
Junior subordinated debentures, at amortized cost		102,382		69,089		102,544		68,698
Derivatives		20,207		20,207		6,509		6,509

Schedule of Fair Value Assets and Liabilities Not Measured at Fair Value by Level


(in thousands)
	Fair Value at June 30, 2012
Description	Total		Level 1		Level 2		Level 3
ASSETS
Cash and cash equivalents	$	663,776	$	663,776	$	-	$	-
Securities held to maturity		4,446		-		-		4,446
Loans held for sale		209,607		-		209,607		-
Non-covered loans and leases, net		5,978,971		-		-		5,978,971
Covered loans and leases, net		626,618		-		-		626,618
Restricted equity securities		31,712		31,712		-		-
Bank owned life insurance assets		93,360		93,360		-		-
FDIC indemnification asset		24,022		-		-		24,022
Visa Class B common stock		23,151		-		-		23,151

Deposits
Non-maturity deposits	$	6,974,796	$	6,974,796	$	-	$	-
Deposits with stated maturities		2,176,606		-		2,176,606		-
Securities sold under agreements to repurchase		149,341		149,341		-		-
Term debt		283,244		-		283,244		-
Junior subordinated debentures, at amortized cost		69,089		-		-		69,089

Schedule Of Fair Value Assets And Liabilities Measured On Recurring Basis

(in thousands)
	Fair Value at June 30, 2012
Description	Total		Level 1		Level 2		Level 3
Trading securities
Obligations of states and political subdivisions	$	950	$	-	$	950	$	-
Equity securities		121		121		-		-
Other investments securities⁽¹⁾		2,230		2,230		-		-
Available for sale securities
U.S. Treasury and agencies		46,118		-		46,118		-
Obligations of states and political subdivisions		264,509		-		264,509		-
Residential mortgage-backed securities and
collateralized mortgage obligations		2,521,211		-		2,521,211		-
Other debt securities		144		-		144		-
Investments in mutual funds and
other equity securities		2,094		-		2,094		-
Mortgage servicing rights, at fair value		22,513		-		-		22,513
Derivatives
Interest rate lock commitments		2,701		-		2,701		-
Interest rate forward sales commitments		2		-		2		-
Interest rate swaps		17,225		-		17,225		-
Total assets measured at fair value	$	2,879,818	$	2,351	$	2,854,954	$	22,513

Junior subordinated debentures, at fair value	$	83,993	$	-	$	-	$	83,993
Derivatives
Interest rate lock commitments		415		-		415		-
Interest rate forward sales commitments		2,280		-		2,280		-
Interest rate swaps		17,512		-		17,512		-
Total liabilities measured at fair value	$	104,200	$	-	$	20,207	$	83,993


(in thousands)
	Fair Value at December 31, 2011
Description	Total		Level 1		Level 2		Level 3
Trading securities
Obligations of states and political subdivisions	$	296	$	-	$	296	$	-
Equity securities		1,918		1,918		-		-
Other investments securities⁽¹⁾		95		95		-		-
Available for sale securities
U.S. Treasury and agencies		118,465		-		118,465		-
Obligations of states and political subdivisions		253,553		-		253,553		-
Residential mortgage-backed securities and
collateralized mortgage obligations		2,794,355		-		2,794,355		-
Other debt securities		134		-		134		-
Investments in mutual funds and
other equity securities		2,071		-		2,071		-
Mortgage servicing rights, at fair value		18,184		-		-		18,184
Derivatives
Interest rate lock commitments		1,752		-		1,752		-
Interest rate forward sales commitments		-		-		-		-
Interest rate swaps		6,203		-		6,203		-
Total assets measured at fair value	$	3,197,026	$	2,013	$	3,176,829	$	18,184

Junior subordinated debentures, at fair value	$	82,905	$	-	$	-	$	82,905
Derivatives
Interest rate lock commitments		3		-		3		-
Interest rate forward sales commitments		90		-		90		-
Interest rate swaps		6,416		-		6,416		-
Total liabilities measured at fair value	$	89,414	$	-	$	6,509	$	82,905

(1) Principally represents U.S. Treasury and agencies or residential mortgage-backed securities issued or guaranteed by governmental agencies.

Schedule of a Description of the Valuation Technique, Unobservable Input, and Qualitative Information for the Company's Assets and Liabilities Classfied as Level 3


(in thousands)
Financial Instrument	Valuation Technique	Unobservable Input	Weighted Average (Range)
Mortgage servicing rights	Discounted cash flow
		Constant Prepayment Rate	19.25%
		Discount Rate	8.58%
Junior subordinated debentures	Discounted cash flow
		Credit Spread	5.7% (5.4% - 6.7%)

Schedule Of Reconciliation Of Assets And Liabilities Measured At Fair Value Using Significant Unobservable Inputs (Level 3) On A Recurring Basis

(in thousands)
Three months ended June 30,		Beginning Balance		Change included in earnings		Purchases and issuances		Sales and settlements		Ending Balance		Net change in unrealized gains or (losses) relating to items held at end of period
2012
Mortgage servicing rights	$	20,210	$	(1,030)	$	3,333	$	-	$	22,513	$	(84)
Junior subordinated debentures		83,453		1,587		-		(1,047)		83,993		1,587

2011
Mortgage servicing rights	$	15,605	$	(328)	$	1,073	$	-	$	16,350	$	(45)
Junior subordinated debentures		81,220		1,523		-		(977)		81,766		1,523


(in thousands)
Six months ended June 30,		Beginning Balance		Change included in earnings		Purchases and issuances		Sales and settlements		Ending Balance		Net change in unrealized gains or (losses) relating to items held at end of period
2012
Mortgage servicing rights	$	18,184	$	(1,952)	$	6,281	$	-	$	22,513	$	(197)
Junior subordinated debentures		82,905		3,188		-		(2,100)		83,993		3,188

2011
Mortgage servicing rights	$	14,454	$	(511)	$	2,407	$	-	$	16,350	$	79
Junior subordinated debentures		80,688		3,033		-		(1,955)		81,766		3,033

Fair Value Assets And Liabilities Measured On Nonrecurring Basis


(in thousands)
	June 30, 2012
Description	Total		Level 1		Level 2		Level 3
Non-covered loans and leases	$	30,243	$	-	$	-	$	30,243
Non-covered other real estate owned		12,193		-		-		12,193
Covered other real estate owned		8,363		-		-		8,363
	$	50,799	$	-	$	-	$	50,799

	December 31, 2011
Description	Total		Level 1		Level 2		Level 3
Investment securities, held to maturity
Residential mortgage-backed securities
and collateralized mortgage obligations	$	487	$	-	$	-	$	487
Non-covered loans and leases		53,847		-		-		53,847
Non-covered other real estate owned		11,321		-		-		11,321
Covered other real estate owned		12,561						12,561
	$	78,216	$	-	$	-	$	78,216

Losses Resulting From Nonrecurring Fair Value Adjustments


(in thousands)
	Three months ended				Six months ended
	June 30,				June 30,
	2012		2011		2012		2011
Investment securities, held to maturity
Residential mortgage-backed securities
and collateralized mortgage obligations	$	-	$	47	$	-	$	72
Non-covered loans and leases		11,047		17,278		22,841		33,194
Non-covered other real estate owned		1,196		3,388		4,719		5,518
Covered other real estate owned		440		665		3,346		1,921
Total loss from nonrecurring measurements	$	12,683	$	21,378	$	30,906	$	40,705

- Definition

Tabular disclosure of the amount of gains or losses for the period included in earnings or resulted in a change to net assets, have arisen from the use of significant unobservable inputs (level 3) to measure the fair value of assets, liabilities, and financial instruments classified in shareholders' equity.

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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).

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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.

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- Definition

Tabular disclosure of the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments, assets, and liabilities. Such certain disclosures about the financial instruments, assets, and liabilities include: (1) the fair value of the required items together with their carrying amounts (as appropriate) and (2) the methodology and assumptions used in developing such estimates of fair value.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 107

-Paragraph 14

-Subparagraph a

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

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

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 159

-Paragraph 18

-Subparagraph c(2), d, e, f

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

-Publisher FASB

-Name Accounting Standards Codification

-Topic 825

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-Section 50

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

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 107

-Paragraph 15

-Subparagraph b-d

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: 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=7491637&loc=d3e13467-108611

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

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 159

-Paragraph 19

-Subparagraph a, b, c(1), d(1)

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

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-Name Accounting Standards Codification

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

Reference 9: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 157

-Paragraph 32

-Subparagraph a, c(1), c(2), c(3), d

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 10: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 107

-Paragraph 10

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 11: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 825

-SubTopic 10

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-URI http://asc.fasb.org/extlink&oid=7491637&loc=d3e13476-108611

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