Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2012

Assets Measured at Fair Value on Recurring Basis

Assets measured at fair value on a recurring basis as of September 30, 2012 and December 31, 2011 (in thousands):

	Fair Value Measurement at September 30, 2012 Using
Description	September 30, 2012		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets
U.S. Treasury	$	400	$	400	$	—	$	—
U.S. Agencies		754		754		—		—
Mortgage-backed		8,294		—		8,294		—
State and political subdivisions		5,284		—		5,284		—
Trading – other		25,187		24,882		305		—
Trading securities		39,919		26,036		13,883		—
U.S. Treasury		118,517		118,517		—		—
U.S. Agencies		817,524		817,524		—		—
Mortgage-backed		3,436,623		—		3,436,623		—
State and political subdivisions		1,883,727		—		1,883,727		—
Corporates		230,733		230,733		—		—
Available for sale securities		6,487,124		1,166,774		5,320,350		—
Company-owned life insurance		10,482		—		10,482		—
Total	$	6,537,525	$	1,192,810	$	5,344,715	$	—
Liabilities
Deferred compensation		10,527		10,527		—		—
Contingent consideration		52,087		—		—		52,087
Total	$	62,614	$	10,527	$	—	$	52,087

	Fair Value Measurement at December 31, 2011 Using
Description	December 31, 2011		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets
U.S. Treasury	$	400	$	400	$	—	$	—
U.S. Agencies		1,517		1,517		—		—
Mortgage-backed		29,641		—		29,641		—
State and political subdivisions		7,252		—		7,252		—
Trading – other		19,332		19,317		15		—
Trading securities		58,142		21,234		36,908		—
U.S. Treasury		189,325		189,325		—		—
U.S. Agencies		1,632,009		1,632,009		—		—
Mortgage-backed		2,492,348		—		2,492,348		—
State and political subdivisions		1,694,036		—		1,694,036		—
Corporates		100,164		100,164		—		—
Available for sale securities		6,107,882		1,921,498		4,186,384		—
Total	$	6,166,024	$	1,942,732	$	4,223,292	$	—
Liabilities
Contingent consideration	$	72,046		—		—		72,046

Contingent Consideration Liability

The following table reconciles the beginning and ending balances of the contingent consideration liability (in thousands):

	Nine Months Ended September 30,
	2012			2011
Beginning Balance	$	72,046		$	77,719
Payment of contingent considerations on acquisitions		(12,260	)		(8,316	)
(Income) expense from fair value adjustments		(7,699	)		858
Ending Balance	$	52,087		$	70,261

Quantitative Information about Significant Unobservable Input used in Fair Value Measurement on Recurring Basis

The following table presents certain quantitative information about the significant unobservable input used in the fair value measurement for the contingent consideration liability measured at fair value on a recurring basis using significant unobservable inputs (Level 3):

Description	Valuation Techniques	Significant Unobservable Inputs		Range (Weighted Average)
Liabilities
Contingent consideration liability	Present value techniques		Revenue growth percentage		5% - 36%

Assets Measured at Fair Value on Non-Recurring Basis

Assets measured at fair value on a non-recurring basis as of September 30, 2012 and December 31, 2011 (in thousands):

	Fair Value Measurement at September 30, 2012 Using
Description	September 30, 2012		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total Gains (Losses) Recognized During the Nine Months Ended September 30
Impaired loans	$	6,209	$	—	$	—	$	6,209	$	1,272
Other real estate owned		547		—		—		547	$	(143	)
Total	$	6,756	$	—	$	—	$	6,756	$	1,129

	Fair Value Measurement at December 31, 2011 Using
Description	December 31, 2011		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total Gains (Losses) Recognized During the Twelve Months Ended December 31
Impaired loans	$	6,296	$	—	$	—	$	6,296	$	(1,370	)
Other real estate owned		5,909		—		—		5,909	$	(1,065	)
Total	$	12,505	$	—	$	—	$	12,505	$	(2,435	)

Estimated Fair Value of Financial Instruments

The estimated fair value of the Company’s financial instruments at September 30, 2012 and December 31, 2011 are as follows (in millions):

	Fair Value Measurement at September 30, 2012 Using
	Carrying Amount		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total Estimated Fair Value
FINANCIAL ASSETS
Securities held to maturity	$	98.5	$	—	$	113.2	$	—	$	113.2
Federal Reserve Bank and other stock		25.5		—		25.5		—		25.5
Loans (exclusive of allowance for loan loss)		5,403.7		—		5,477.2		—		5,477.2
FINANCIAL LIABILITIES
Time deposits		1,126.4		—		1,133.8		—		1,133.8
Long-term debt		5.6		—		5.8		—		5.8
OFF-BALANCE SHEET ARRANGEMENTS
Commitments to extend credit for loans										4.2
Commercial letters of credit										0.2
Standby letters of credit										1.5

	Fair Value Measurement at December 31, 2011 Using
	Carrying Amount		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total Estimated Fair Value
FINANCIAL ASSETS
Securities held to maturity	$	89.2	$	—	$	102.3	$	—	$	102.3
Federal Reserve Bank and other stock		22.2		—		22.2		—		22.2
Loans (exclusive of allowance for loan loss)		4,898.5		—		5,042.0		—		5,042.0
FINANCIAL LIABILITIES
Time deposits		1,548.4		—		1,557.8		—		1,557.8
Long-term debt		6.5		—		6.8		—		6.8
OFF-BALANCE SHEET ARRANGEMENTS
Commitments to extend credit for loans										5.8
Commercial letters of credit										0.3
Standby letters of credit										2.2