Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2011

Balances of Assets and Liabilities Measured at Fair Value on a Recurring Basis

		000000000		000000000		000000000		000000000
	Level 1		Level 2		Level 3		Total
June 30, 2011
Assets measured at fair value:
Available for sale debt securities:
U.S. Treasury and other U.S. government agencies and corporations	$	—	$	333,284	$	—	$	333,284
Residential mortgage-backed securities:
Agency mortgage-backed securities		—		241,148		—		241,148
Agency collateralized mortgage obligations		—		186,985		—		186,985
Non-agency collateralized mortgage obligations		—		35		—		35
States of the U.S. and political subdivisions		—		44,957		—		44,957
Collateralized debt obligations		—		—		6,605		6,605
Other debt securities		—		—		5,946		5,946

		—		806,409		12,551		818,960


Available for sale equity securities:
Financial services industry		375		1,011		467		1,853
Insurance services industry		34		—		—		34

		409		1,011		467		1,887

		409		807,420		13,018		820,847
Derivative financial instruments		—		29,333		—		29,333

	$	409	$	836,753	$	13,018	$	850,180


Liabilities measured at fair value:
Derivative financial instruments		—	$	29,326		—	$	29,326

		—	$	29,326		—	$	29,326


	Level 1		Level 2		Level 3		Total
December 31, 2010
Assets measured at fair value:
Available for sale debt securities:
U.S. Treasury and other U.S. government agencies and corporations	$	—	$	300,568	$	—	$	300,568
Residential mortgage-backed securities:
Agency mortgage-backed securities		—		211,507		—		211,507
Agency collateralized mortgage obligations		—		147,866		—		147,866
Non-agency collateralized mortgage obligations		—		38		—		38
States of the U.S. and political subdivisions		—		58,738		—		58,738
Collateralized debt obligations		—		—		5,974		5,974
Other debt securities		—		—		11,245		11,245

		—		718,717		17,219		735,936


Available for sale equity securities:
Financial services industry		470		1,313		375		2,158
Insurance services industry		31		—		—		31

		501		1,313		375		2,189

		501		720,030		17,594		738,125
Derivative financial instruments		—		25,631		—		25,631

	$	501	$	745,661	$	17,594	$	763,756


Liabilities measured at fair value:
Derivative financial instruments		—	$	25,043		—	$	25,043

		—	$	25,043		—	$	25,043

Additional Information about Assets Measured at Fair Value on a Recurring Basis


	Collateralized Debt Obligations		Other Debt Securities			Equity Securities		Total
Six Months Ended June 30, 2011
Balance at beginning of period	$	5,974	$	11,245		$	375	$	17,594
Total gains (losses) – realized/unrealized:
Included in earnings		—		(48	)		—		(48	)
Included in other comprehensive income		631		844			92		1,567
Redemptions		—		(6,095	)		—		(6,095	)
Transfers in and/or (out) of Level 3		—		—			—

Balance at end of period	$	6,605	$	5,946		$	467	$	13,018


	Collateralized Debt Obligations			Other Debt Securities		Equity Securities		Total
Twelve Months Ended December 31, 2010
Balance at beginning of period	$	4,824		$	10,430	$	333	$	15,587
Total gains (losses) – realized/unrealized:
Included in earnings		(2,281	)		—		—		(2,281	)
Included in other comprehensive income		3,431			815		42		4,288
Purchases, issuances, and settlements		—			—		—		—
Transfers in and/or (out) of Level 3		—			—		—		—

Balance at end of period	$	5,974		$	11,245	$	375	$	17,594

Hierarchy Level and the Fair Value of the Related Assets or Portfolios


	Level 1		Level 2		Level 3		Total
June 30, 2011
Impaired loans	$	—	$	428	$	6,306	$	6,734
Other real estate owned		—		2,016		12,710		14,726

December 31, 2010
Impaired loans		—		1,157		26,082		27,239
Other real estate owned		—		18,429		12,337		30,766

Estimated Fair Values of the Corporation's Financial Instruments


	June 30, 2011				December 31, 2010
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Financial Assets
Cash and cash equivalents	$	189,133	$	189,133	$	131,571	$	131,571
Securities available for sale		820,847		820,847		738,125		738,125
Securities held to maturity		1,010,672		1,038,434		940,481		959,414
Net loans, including loans held for sale		6,603,293		6,645,714		5,994,735		6,035,129
Bank owned life insurance		208,714		208,714		208,051		208,051
Accrued interest receivable		26,034		26,034		25,345		25,345

Financial Liabilities
Deposits		7,397,219		7,431,243		6,646,143		6,677,301
Short-term borrowings		728,300		728,300		753,603		754,211
Long-term debt		221,061		226,402		192,058		197,397
Junior subordinated debt		203,941		150,516		204,036		141,061
Accrued interest payable		7,287		7,287		6,866		6,866

- Definition

This item represents certain of the disclosures concerning 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.

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- Definition

This element represents the disclosure related to the fair value measurement of assets and liabilities which includes [financial] instruments measured at fair value that are classified in stockholders' equity. Such assets and liabilities may be measured on a recurring or nonrecurring basis. The disclosures which may be required or desired include: (1) for assets and liabilities measured on a recurring basis, disclosure may include: (a) the fair value measurements at the reporting date; (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); (c) for fair value measurements using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (i) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), 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); (ii) purchases, sales, issuances, and settlements (net); (iii) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs); (d) the amount of the total gains or losses for the period in subparagraph (c) (i) above included in earnings (or changes in net assets) that are attributable to the change in unrealized gains or losses relating to those assets and liabilities still held at the reporting date and a description of where those unrealized gains or losses are reported in the statement of income (or activities); (e) the valuation technique(s) used to measure fair value and a discussion of changes in valuation techniques, if any, during the period and (2) for assets and liabilities that are measured at fair value on a nonrecurring basis (for example, impaired assets) disclosure may include, in addition to (a) above: (a) the reasons for the fair value measurements recorded; (b) the same as (b) above; (c) for fair value measurements using significant unobservable inputs (Level 3), a description of the inputs and the information used to develop the inputs; and (d) the valuation technique(s) used to measure fair value and a discussion of changes, if any, in the valuation technique(s) used to measure similar assets and/or liabilities in prior periods.

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