Fair Value of Assets and Liabilities (Tables)

12 Months Ended

Dec. 31, 2011

Fair Value of Assets and Liabilities

Balances of assets and liabilities measured at fair value on a recurring basis

(dollars in thousands)	Quoted Prices In Active Markets for Identical Assets or Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Total


December 31, 2011
Investment Securities Available-for-Sale
Debt Securities Issued by the U.S. Treasury and Government Agencies	$	822,508	$	408,510		$	-		$	1,231,018
Debt Securities Issued by States and Political Subdivisions		-		407,059			-			407,059
Debt Securities Issued by Corporations		-		96,387			-			96,387
Mortgage-Backed Securities Issued by Government Agencies		-		1,655,872			-			1,655,872
U.S. Government-Sponsored Enterprises		-		61,549			-			61,549

Total Mortgage-Backed Securities		-		1,717,421			-			1,717,421

Total Investment Securities Available-for-Sale		822,508		2,629,377			-			3,451,885

Loans Held for Sale		-		18,957			-			18,957
Mortgage Servicing Rights		-		-			7,131			7,131
Other Assets		11,082		-			-			11,082
Net Derivative Assets and Liabilities		-		(805	)		2,058			1,253

Total Assets Measured at Fair Value on a Recurring Basis as of December 31, 2011	$	833,590	$	2,647,529		$	9,189		$	3,490,308

December 31, 2010
Investment Securities Available-for-Sale
Debt Securities Issued by the U.S. Treasury and Government Agencies	$	553,894	$	1,962		$	-		$	555,856
Debt Securities Issued by States and Political Subdivisions		-		113,609			-			113,609
Debt Securities Issued by U.S. Government-Sponsored Enterprises		-		505			-			505
Mortgage-Backed Securities Issued by Government Agencies		-		5,750,028			-			5,750,028
U.S. Government-Sponsored Enterprises		-		113,876			-			113,876

Total Mortgage-Backed Securities		-		5,863,904			-			5,863,904

Total Investment Securities Available-for-Sale		553,894		5,979,980			-			6,533,874

Mortgage Servicing Rights		-		-			10,226			10,226
Other Assets		10,851		-			-			10,851
Net Derivative Assets and Liabilities		-		3,117			(332	)		2,785

Total Assets Measured at Fair Value on a Recurring Basis as of December 31, 2010	$	564,745	$	5,983,097		$	9,894		$	6,557,736

Changes in Level 3 assets and liabilities measured at fair value on a recurring basis

(dollars in thousands)	Mortgage Servicing Rights ¹			Net Derivative Assets and Liabilities ²			Total


Year Ended December 31, 2011
Balance as of January 1, 2011	$	10,226		$	(332	)	$	9,894
Realized and Unrealized Net Gains (Losses):
Included in Net Income		(3,095	)		14,030			10,935
Transfers to Loans Held for Sale		-			(11,640	)		(11,640	)

Balance as of December 31, 2011	$	7,131		$	2,058		$	9,189

Total Unrealized Net Gains (Losses) Included in Net Income Related to Assets Still Held as of December 31, 2011	$	(1,521	)	$	2,058		$	537

Year Ended December 31, 2010
Balance as of January 1, 2010	$	15,332		$	(180	)	$	15,152
Realized and Unrealized Net Gains (Losses):
Included in Net Income		(5,106	)		14,956			9,850
Transfers to Loans Held for Sale		-			(15,108	)		(15,108	)

Balance as of December 31, 2010	$	10,226		$	(332	)	$	9,894

Total Unrealized Net Losses Included in Net Income Related to Assets Still Held as of December 31, 2010	$	(2,546	)	$	(332	)	$	(2,878	)

¹: Realized and unrealized gains and losses related to mortgage servicing rights are reported as a component of mortgage banking income in the Company's consolidated statements of income.
²: Realized and unrealized gains and losses related to interest rate lock commitments are reported as a component of mortgage banking income in the Company's consolidated statements of income. Realized and unrealized gains and losses related to interest rate swap agreements are recorded as a component of other noninterest income in the Company's consolidated statements of income.

Schedule of difference between the aggregate fair value and the aggregate unpaid principal balance of the Company's residential mortgage loans held for sale

	December 31, 2011


(dollars in thousands)	Aggregate Fair Value		Aggregate Unpaid Principal		Aggregate Fair Value Less Aggregate Unpaid Principal

Loans Held for Sale	$	18,957	$	18,088	$	869

Tabular disclosure of the carrying value and fair value measurement of financial instruments - assets and liabilities of the entity

	December 31, 2011				December 31, 2010


(dollars in thousands)	Carrying Amount		Fair Value		Carrying Amount		Fair Value

Financial Instruments – Assets
Investment Securities Held-to-Maturity	$	3,657,796	$	3,754,206	$	127,249	$	134,028
Loans Held for Sale		18,957		18,957		17,564		17,575
Loans ¹		5,098,681		5,373,777		4,861,643		5,115,355
Financial Instruments – Liabilities
Deposits		10,592,623		10,603,120		9,888,995		9,901,009
Securities Sold Under Agreements to Repurchase		1,925,998		2,031,057		1,901,084		2,003,375
Long-Term Debt ²		21,787		24,076		23,707		24,590

¹: Comprised of loans, net of unearned income and the allowance for loan losses.
²: Excludes capital lease obligations.

- Definition

Tabular disclosure of the application of the fair value option for measurement and reporting of eligible financial assets and liabilities (as defined), as well as certain other eligible items (as defined) included in the statement of financial position, whether such option is elected for a single eligible item or a group of similar eligible items and is in addition to other disclosures concerning fair value which the company may be required to provide. Such disclosure might be expected to include: (1) for items included in the statement of financial position: (a) for each line item in the statement of financial position that includes an item or items for which the fair value option has been elected, provide the aggregate carrying amount of ineligible items included in each line item in the balance sheet, if any; (b) the difference between the aggregate fair value and the aggregate unpaid principal balance (assuming contractual principal amounts and fair value option elected) of: (i) loans and long-term receivables (other than securities otherwise reported at fair value) and (ii) long-term debt instruments; (c) for loans held as assets for which the fair value option has been elected: (i) the aggregate fair value of loans that are 90 days or more past due, (ii) if the policy is to recognize interest income separately from other changes in fair value, the aggregate fair value of loans in nonaccrual status, and (iii) the difference between the aggregate fair value and the aggregate unpaid principal balance for loans that are 90 days or more past due, in nonaccrual status, or both; (2) for items included in the income statement: (a) the amounts of gains and losses from fair value changes included in earnings and in which line in the income statement those gains and losses are reported whether or not combined with gains and losses from items required to be accounted for at fair value; (b) for loans and other receivables held as assets, the estimated amount of gains or losses included in earnings attributable to changes in instrument-specific credit risk; (c) for liabilities with fair values that have been significantly affected during the reporting period by changes in the instrument-specific credit risk, the estimated amount of gains and losses from fair value changes included in earnings that are attributable to changes in the instrument-specific credit risk; and (3) certain other disclosures as required or determined to be provided.

+ References

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

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 159

-Paragraph 18

-Subparagraph d, e

-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 Accounting Standards Codification

-Topic 825

-SubTopic 10

-Section 50

-Paragraph 32

-Subparagraph (b)

-URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14217-108612

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

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 159

-Paragraph 19

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

-Publisher FASB

-Name Accounting Standards Codification

-Topic 825

-SubTopic 10

-Section 50

-Paragraph 30

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

-URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14172-108612

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 159

-Paragraph 19

-Subparagraph c(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 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 825

-SubTopic 10

-Section 50

-Paragraph 28

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

-URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14064-108612

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

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 159

-Paragraph 18

-Subparagraph c(2)

-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 8: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 825

-SubTopic 10

-Section 50

-Paragraph 30

-URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14172-108612

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

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 159

-Paragraph 22

-Subparagraph b

-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 159

-Paragraph 19

-Subparagraph 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 11: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 159

-Paragraph 17

-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.

+ Details