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Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 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
		June 30, 2012			(Level 1)			(Level 2)			(Level 3)

Measured on a recurring basis:
Assets:
Available for sale securities
Residential mortgage-backed securities		$	4,953,594		$	—		$	4,917,718		$	35,876
States and political subdivisions		233,899			—			233,899			—
Other		21,110			21,110			—			—
Total		$	5,208,603		$	21,110		$	5,151,617		$	35,876

					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
		December 31, 2011			(Level 1)			(Level 2)			(Level 3)

Measured on a recurring basis:
Assets:
Available for sale securities
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			—			—
Total		$	5,213,915		$	19,891		$	5,154,419		$	39,605

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

Balance at December 31, 2011		$	39,605
Principal paydowns		(2,380		)
Total unrealized losses included in:
Other comprehensive income		(941		)
Impairment realized in earnings		(408		)

Balance at June 30, 2012		$	35,876

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			Significant Other			Significant			(Credit)
		Six months ended June 30, 2012			Identical Assets (Level 1)			Observable Inputs (Level 2)			Unobservable Inputs (Level 3)			Provision During Period

Measured on a non-recurring basis:
Assets:
Impaired loans		$	12,709		$	—		$	—		$	12,709		$	(527	)
Other real estate owned		13,407			—			—			10,924			668

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