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FAIR VALUE DISCLOSURES (Tables)

9 Months Ended

Sep. 30, 2012

Assets and Liabilities Measured at Fair Value on a Recurring and Nonrecurring Basis

The following tables present the balances of the assets and liabilities measured at fair value on a recurring basis as of September 30, 2012 and 2011:

	September 30, 2012
	Level 1		Level 2		Level 3		Total
Assets:	(In thousands)
Available-for-sale securities:
U.S. Government agencies	$	-	$	1,472,747	$	-	$	1,472,747
Government agency issued residential mortgage-backed securities		-		338,230		-		338,230
Government agency issued commercial mortgage-backed securities		-		90,306		-		90,306
Obligations of states and political subdivisions		-		574,559		-		574,559
Other		672		7,092		-		7,764
Mortgage servicing rights		-		-		34,562		34,562
Derivative instruments		-		-		62,088		62,088
Total	$	672	$	2,482,934	$	96,650	$	2,580,256
Liabilities:
Derivative instruments	$	-	$	-	$	60,077	$	60,077

	September 30, 2011
	Level 1		Level 2		Level 3		Total
Assets:	(In thousands)
Available-for-sale securities:
U.S. Government agencies	$	-	$	1,497,456	$	-	$	1,497,456
Government agency issued residential mortgage-backed securities		-		420,689		-		420,689
Government agency issued commercial mortgage-backed securities		-		34,475		-		34,475
Obligations of states and political subdivisions		-		519,431		-		519,431
Other		528		8,976		-		9,504
Mortgage servicing rights		-		-		29,159		29,159
Derivative instruments		-		-		59,703		59,703
Total	$	528	$	2,481,027	$	88,862	$	2,570,417
Liabilities:
Derivative instruments	$	-	$	-	$	58,916	$	58,916

Changes in Level Three Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following tables present the changes in Level 3 assets and liabilities measured at fair value on a recurring basis for the nine-month periods ended September 30, 2012 and 2011:

	Mortgage				Available-
	Servicing		Derivative		for-sale
	Rights		Instruments		Securities
	(In thousands)
Balance at December 31, 2011	$	30,174	$	342	$	-
Year to date net gains included in:
Net income		4,388		1,669		-
Other comprehensive income		-		-		-
Purchases, sales, issuances and settlements, net		-		-		-
Transfers in and/or out of Level 3		-		-		-
Balance at September 30, 2012	$	34,562	$	2,011	$	-
Net unrealized gains (losses) included in net income for the quarter relating to assets and liabilities held at September 30, 2012	$	395	$	(811)	$	-

	Mortgage				Available-
	Servicing		Derivative		for-sale
	Rights		Instruments		Securities
	(In thousands)
Balance at December 31, 2010	$	38,642	$	2,685	$	-
Year to date net gains (losses) included in:
Net income (loss)		(9,483)		(1,898)		-
Other comprehensive income		-		-		-
Purchases, sales, issuances and settlements, net		-		-		-
Transfers in and/or out of Level 3		-		-		-
Balance at September 30, 2011	$	29,159	$	787	$	-
Net unrealized (losses) gains included in net income for the quarter relating to assets and liabilities held at September 30, 2011	$	(10,296)	$	380	$	-

Fair Value, Assets and Liabilities Measured on Nonrecurring Basis

The following tables present the balances of assets and liabilities measured at fair value on a nonrecurring basis as of September 30, 2012 and 2011:

	September 30, 2012
									Total
	Level 1		Level 2		Level 3		Total		Losses
Assets:	(In thousands)
Loans held for sale	$	-	$	129,408	$	-	$	129,408	$	-
Impaired loans		-		-		176,139		176,139		(18,205)
Other real estate owned		-		-		128,211		128,211		(26,216)

	September 30, 2011
									Total
	Level 1		Level 2		Level 3		Total		Losses
Assets:	(In thousands)
Loans held for sale	$	-	$	100,687	$	-	$	100,687	$	-
Impaired loans		-		-		279,889		279,889		(38,657)
Other real estate owned		-		-		162,686		162,686		(16,277)

Carrying and Fair Value Information

The following table presents carrying and fair value information of financial instruments at September 30, 2012 and December 31, 2011:

	September 30, 2012				December 31, 2011
	Carrying		Fair		Carrying		Fair
	Value		Value		Value		Value
Assets:	(In thousands)
Cash and due from banks	$	176,529	$	176,529	$	195,681	$	195,681
Interest bearing deposits with other banks		757,207		757,207		303,663		303,663
Available-for-sale securities		2,483,606		2,483,606		2,513,518		2,513,518
Net loans and leases		8,510,950		8,557,412		8,675,193		8,730,819
Loans held for sale		129,408		129,502		83,458		83,503

Liabilities:
Noninterest bearing deposits		2,492,508		2,492,508		2,269,799		2,269,799
Savings and interest bearing deposits		5,800,750		5,800,750		5,698,527		5,698,527
Other time deposits		2,681,382		2,718,028		2,986,863		3,029,147
Federal funds purchased and securities sold under agreement to repurchase and other short-term borrowings		377,676		377,411		375,433		375,285
Long-term debt and other borrowings		193,870		207,136		193,880		200,166

Derivative instruments:
Forward commitments to sell fixed rate mortgage loans		(4,371)		(4,371)		(1,057)		(1,057)
Commitments to fund fixed rate mortgage loans		7,065		7,065		2,140		2,140
Interest rate swap position to receive		55,023		55,023		53,608		53,608
Interest rate swap position to pay		(55,706)		(55,706)		(54,349)		(54,349)

- 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 assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by 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 (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

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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.

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-Name Statement of Financial Accounting Standard (FAS)

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