Fair Value Measurement Of Assets And Liabilities (Tables)

12 Months Ended

Dec. 31, 2011

Fair Value Measurement Of Assets And Liabilities [Abstract]

Assets And Liabilities Measured At Fair Value On A Recurring Basis


	Fair Value Measurements at Reporting Date Using:
	December 31, 2011		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	(in thousands)
Assets
Investment securities:
Available for sale:
U.S. government agency securities	$	90,748	$	—	$	90,748	$	—
Obligations of states and political subdivisions		20,214		—		20,214		—
Residential mortgage-backed securities		310,137		—		259,977		50,160
Trust preferred securities		63,858		19,576		17,131		27,151
Corporate and other debt securities		39,610		30,603		9,007		—
Equity securities		41,953		23,506		18,447		—

Total available for sale		566,520		73,685		415,524		77,311
Trading securities		21,938		—		21,938		—
Loans held for sale ⁽¹⁾		25,169		—		25,169		—
Other assets ⁽²⁾		5,211		—		5,211		—

Total assets	$	618,838	$	73,685	$	467,842	$	77,311

Liabilities
Junior subordinated debentures issued to
VNB Capital Trust I ⁽³⁾	$	160,478	$	160,478	$	—	$	—
Other liabilities ⁽²⁾		21,854		—		21,854		—

Total liabilities	$	182,332	$	160,478	$	21,854	$	—


	Fair Value Measurements at Reporting Date Using:
	December 31, 2010		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	(in thousands)
Assets
Investment securities:
Available for sale:
U.S. Treasury securities	$	163,810	$	163,810	$	—	$	—
U.S. government agency securities		88,800		—		88,800		—
Obligations of states and political subdivisions		29,462		—		29,462		—
Residential mortgage-backed securities		610,358		—		514,711		95,647
Trust preferred securities		41,083		20,343		—		20,740
Corporate and other debt securities		53,961		41,046		—		12,915
Equity securities		47,808		28,227		10,228		9,353

Total available for sale		1,035,282		253,426		643,201		138,655
Trading securities		31,894		9,991		—		21,903
Loans held for sale ⁽¹⁾		58,958		—		58,958		—
Other assets⁽²⁾		8,414		—		8,414		—

Total assets	$	1,134,548	$	263,417	$	710,573	$	160,558

Liabilities
Junior subordinated debentures issued to
VNB Capital Trust I ⁽³⁾	$	161,734	$	161,734	$	—	$	—
Other liabilities⁽²⁾		1,379		—		1,379		—

Total liabilities	$	163,113	$	161,734	$	1,379	$	—

⁽¹⁾	Loans held for sale (which consists of residential mortgages) are carried at fair value and had contractual unpaid principal balances totaling approximately $24.3 million and $58.4 million at December 31, 2011 and 2010, respectively.

⁽²⁾	Derivative financial instruments are included in this category.

⁽³⁾	The junior subordinated debentures had contractual unpaid principal obligations totaling $157.0 million at both December 31, 2011 and 2010.

Change In Level 3 Assets Measured At Fair Value On A Recurring Basis


	2011						2010
	Trading Securities			Available For Sale Securities			Trading Securities			Available For Sale Securities
	(in thousands)
Balance, beginning of the period	$	21,903		$	138,655		$	32,950		$	156,612
Transfers into Level 3:
Residential mortgage-backed securities		—			8,798			—			—
Transfers out of Level 3:
Residential mortgage-backed securities		—			(44,771	)		—			—
Trust preferred securities		(21,903	)		(17,397	)		(10,567	)		(532	)
Corporate and other debt securities		—			(12,914	)		—			(852	)
Equity securities		—			(9,353	)		—			—
Transfers from held-to-maturity⁽¹⁾		—			23,452			—			—
Total net (losses) gains for the period included in:
Net income		—			(1,654	)		(480	)		—
Other comprehensive income		—			765			—			9,626
Purchases		—			—			—			3,517
Settlements		—			(8,270	)		—			(29,716	)

Balance, end of the period	$	—		$	77,311		$	21,903		$	138,655

Net losses included in net income for the
period relating to assets held at year end ⁽²⁾	$	—		$	(19,968	)⁽⁴⁾	$	(480	)⁽³⁾	$	(4,642	)⁽⁴⁾

⁽¹⁾	Represents impaired trust preferred securities issued by one bank holding company transferred at fair value from held-to-maturity to available-for-sale at December 31, 2011.

⁽²⁾	Represents net losses that are due to changes in economic conditions and management's estimates of fair value.

⁽³⁾	Included in trading gains (losses), net within the non-interest income category on the consolidated statements of income.

⁽⁴⁾	Represents the net impairment losses on securities recognized in earnings for the period, including $18.3 million related to trust preferred securities transferred from held-to-maturity at December 31, 2011.

Assets And Liabilities Measured At Fair Value On A Non-Recurring Basis


	Significant Unobservable Inputs (Level 3) As of December 31,
	2011		2010
	(in thousands)
Collateral dependent impaired loans*	$	66,854	$	53,330
Loan servicing rights		9,078		11,328
Foreclosed assets		15,874		19,986

*	Excludes pooled covered loans acquired in the FDIC-assisted transactions.

Other Fair Value Disclosures


Reported in Consolidated Statements of Financial Condition	Reported in Consolidated Statements of Income	Gains (Losses) on Change in Fair Value
		2011
		2011			2010			2009
		(in thousands)
Assets:
Available for sale securities	Net impairment losses onsecurities	$	(19,968	)*	$	(4,642	)	$	(6,352	)
Trading securities	Trading gains (losses), net		1,015			(1,056	)		5,394
Loans held for sale	Gains on sales of loans, net		10,699			12,591			8,937
Liabilities:
Junior subordinated debentures issued to capital trusts	Trading gains (losses), net		1,256			(5,841	)		(15,828	)

		$	(6,998	)	$	1,052		$	(7,849	)

*	Includes $18.3 million related to impaired trust preferred securities transferred from held-to-maturity to available for sale at December 31, 2011.

Carrying Amounts And Estimated Fair Values Of Financial Instruments


	2011				2010
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
	(in thousands)
Financial assets
Cash and due from banks	$	372,566	$	372,566	$	302,629	$	302,629
Interest bearing deposits with banks		6,483		6,483		63,657		63,657
Investment securities held to maturity		1,958,916		2,027,197		1,923,993		1,898,872
Investment securities available for sale		566,520		566,520		1,035,282		1,035,282
Trading securities		21,938		21,938		31,894		31,894
Loans held for sale		25,169		25,169		58,958		58,958
Net loans		9,665,839		9,645,517		9,241,091		9,035,066
Accrued interest receivable		52,527		52,527		59,126		59,126
Federal Reserve Bank and Federal Home Loan Bank stock⁽¹⁾		129,669		129,669		139,778		139,778
Derivatives⁽¹⁾		5,211		5,211		8,414		8,414
Financial liabilities
Deposits without stated maturities		7,171,718		7,171,718		6,630,763		6,630,763
Deposits with stated maturities		2,501,384		2,557,119		2,732,851		2,783,680
Short-term borrowings		212,849		215,179		192,318		195,360
Long-term borrowings		2,726,099		3,154,150		2,933,858		3,201,090
Junior subordinated debentures issued to capital trusts (carrying amount includes fair value of $160,478 at December 31, 2011 and $161,734 at December 31, 2010 for VNB Capital Trust I)		185,598		186,098		186,922		187,480
Accrued interest payable⁽²⁾		3,798		3,798		4,344		4,344
Derivatives⁽²⁾		21,854		21,854		1,379		1,379

⁽¹⁾	Included in other assets.

⁽²⁾	Included in accrued expenses and other liabilities.

- Definition

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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- Definition

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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- 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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