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Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2012

Fair Value Measurements

Assets and liabilities measured at fair value on a recurring basis

					Fair Value Measurements at Reporting Date Using
					(in thousands)
		Assets/Liabilities Measured at Fair Value			Quoted Prices in Active Markets for Identical Assets			Significant Other Observable Inputs			Significant Unobservable Inputs
		March 31, 2012			(Level 1)			(Level 2)			(Level 3)

Measured on a recurring basis:
Assets:

U.S. Government agency obligations		$	24,030		$	—		$	24,030		$	—
Residential mortgage-backed securities		4,838,008			—			4,800,987			37,021
States and political subdivisions		215,372			—			215,372			—
Other		20,074			20,074			—			—

The following table represents assets and liabilities reported on the consolidated balance sheets at their fair value as of December 31, 2011 by level within the fair value measurement hierarchy:

					Fair Value Measurements at Reporting Date Using
					(in thousands)
		Assets/Liabilities Measured at Fair Value December 31, 2011			Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)

Measured on a recurring basis:
Assets:

Residential mortgage-backed securities		$	4,969,263		$	—		$	4,929,658		$	39,605
States and political subdivisions		224,761			—			224,761			—
Other		19,891			19,891			—			—

Reconciliation of activity for mortgage-backed securities on a net basis

Balance at December 31, 2011		$	39,605
Principal paydowns		(934		)
Total unrealized gains (losses) included in:
Other comprehensive income		(1,464		)
Impairment realized		(186		)

Balance at March 31, 2012		$	37,021

Assets measured at fair value on a non-recurring basis

:

					Fair Value Measurements at Reporting Date Using
					(in thousands)
		Assets/Liabilities Measured at Fair Value			Quoted Prices in Active Markets for Identical Assets			Significant Other Observable Inputs			Significant Unobservable Inputs			Provision During
		March 31, 2012			(Level 1)			(Level 2)			(Level 3)			Period

Measured on a non-recurring basis:
Assets:
Impaired loans		$	41,208		$	—		$	—		$	41,208		$	5,736
Other real estate owned		6,282			—			—			6,282			427

The following table represents financial instruments measured at fair value on a non-recurring basis as of December 31, 2011 by level within the fair value measurement hierarchy:

					Fair Value Measurements at Reporting Date Using
					(in thousands)
		Assets/Liabilities Measured at Fair Value December 31,			Quoted Prices in Active Markets for Identical Assets			Significant Other Observable Inputs			Significant Unobservable Inputs			Provision During the
		2011			(Level 1)			(Level 2)			(Level 3)			Period

Measured on a non-recurring basis:
Assets:
Impaired loans		$	81,723		$	—		$	—		$	81,723		$	15,457
Other real estate owned		34,631			—			—			34,631			9,509

Tabular disclosure of assets and liabilities by class, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). The disclosures that may be required or desired include: (a) the fair value measurements recorded during the period and the reasons for the measurements and (b) 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 or liabilities (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). Where the quoted price in an active market for the identical liability is not available, the Level 1 input is the quoted price of an identical liability when traded as an asset.

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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, 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, issuances, 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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