Fair Values of Assets and Liabilities (Tables)

9 Months Ended

Sep. 30, 2012

Summary Of Balances Of Assets And Liabilities Measured At Fair Value On A Recurring Basis

The following tables present the balances of assets and liabilities measured at fair value on a recurring basis for the periods presented:



	September 30, 2012
(Dollars in thousands)	Total		Level 1		Level 2		Level 3
Available-for-sale securities
U.S. Treasury	$	25,256	$	—	$	25,256	$	—
U.S. Government agencies	628,184		—		628,184		—
Municipal	99,384		—		63,629		35,755
Corporate notes and other	156,989		—		156,989		—
Mortgage-backed	306,238		—		306,238		—
Equity securities	40,717		—		18,462		22,255
Trading account securities	635		—		635		—
Mortgage loans held-for-sale	548,300		—		548,300		—
Mortgage servicing rights	6,276		—		—		6,276
Nonqualified deferred compensations assets	5,438		—		5,438		—
Derivative assets	65,990		—		65,990		—
Total	$	1,883,407	$	—	$	1,819,121	$	64,286
Derivative liabilities	$	79,977	$	—	$	79,977	$	—



	September 30, 2011
(Dollars in thousands)	Total		Level 1		Level 2		Level 3
Available-for-sale securities
U.S. Treasury	$	16,203	$	—	$	16,203	$	—
U.S. Government agencies	686,956		—		678,997		7,959
Municipal	62,307		—		36,902		25,405
Corporate notes and other	186,637		—		180,728		5,909
Mortgage-backed	272,547		—		269,595		2,952
Equity securities	43,032		—		12,141		30,891
Trading account securities	297		—		272		25
Mortgage loans held-for-sale	204,081		—		204,081		—
Mortgage servicing rights	6,740		—		—		6,740
Nonqualified deferred compensations assets	4,289		—		4,289		—
Derivative assets	39,803		—		39,803		—
Total	$	1,522,892	$	—	$	1,443,011	$	79,881
Derivative liabilities	$	50,612	$	—	$	50,612	$	—

Summary Of Changes In Level 3 Assets And Liabilities Measured At Fair Value On A Recurring Basis

The changes in Level 3 assets measured at fair value on a recurring basis during the three and nine months ended September 30, 2012 are summarized as follows:



			Equity securities		Mortgage servicing rights
(Dollars in thousands)	Municipal		Equity securities		Mortgage servicing rights
Balance at June 30, 2012	$	25,537	$	20,218	$	6,647
Total net gains (losses) included in:
Net income ⁽¹⁾	—		—		(371		)
Other comprehensive income	14		2,037		—
Purchases	10,204		—		—
Issuances	—		—		—
Sales	—		—		—
Settlements	—		—		—
Net transfers into/(out of) Level 3	—		—		—
Balance at September 30, 2012	$	35,755	$	22,255	$	6,276


(1)	Changes in the balance of mortgage servicing rights are recorded as a component of mortgage banking revenue in non-interest income.



				Equity securities		Mortgage servicing rights
(Dollars in thousands)	Municipal			Equity securities		Mortgage servicing rights
Balance at January 1, 2012	$	24,211		$	18,971	$	6,700
Total net gains (losses) included in:
Net income ⁽¹⁾	—			—		(424		)
Other comprehensive income	50			3,284		—
Purchases	14,044			—		—
Issuances	—			—		—
Sales	—			—		—
Settlements	(148		)	—		—
Net transfers out of Level 3 ⁽²⁾	(2,402		)	—		—
Balance at September 30, 2012	$	35,755		$	22,255	$	6,276


(1)	Changes in the balance of mortgage servicing rights are recorded as a component of mortgage banking revenue in non-interest income.


(2)	During the first quarter of 2012, one municipal security was transferred out of Level 3 into Level 2 as observable market information was available that market participants would use in pricing these securities. Transfers out of Level 3 are recognized at the end of the reporting period.

The changes in Level 3 assets and liabilities measured at fair value on a recurring basis during the three and nine months ended September 30, 2011 are summarized as follows:



(Dollars in thousands)	U.S. Agencies		Municipal			Corporate notes and other debt			Mortgage- backed			Equity securities		Trading Account Securities			Mortgage servicing rights
Balance at June 30, 2011	$	—	$	24,525		$	16,313		$	2,684		$	30,891	$	172		$	8,762
Total net gains (losses) included in:
Net income ⁽¹⁾	—		—			—			—			—		—			(2,022		)
Other comprehensive income	—		—			—			—			—		—			—
Purchases	—		6,492			500			333			—		—			—
Issuances	—		—			—			—			—		—			—
Sales	—		(1,871		)	—			—			—		(147		)	—
Settlements	—		(1,230		)	(192		)	(65		)	—		—			—
Net transfers into/(out of) Level 3 ⁽²⁾	7,959		(2,511		)	(10,712		)	—			—		—			—
Balance at September 30, 2011	$	7,959	$	25,405		$	5,909		$	2,952		$	30,891	$	25		$	6,740


(1)	Changes in the balance of mortgage servicing rights are recorded as a component of mortgage banking revenue in non-interest income.


(2)	The transfer of U.S. Agency, Municipal securities and Corporate notes and other debt into/(out of) Level 3 is the result of the use of unobservable inputs that reflect the Company's own assumptions that market participants would use in pricing these securities. Transfers into/(out of) Level 3 are recognized at the end of the reporting period.



(Dollars in thousands)	U.S. Agencies		Municipal			Corporate notes and other debt			Mortgage- backed			Equity securities		Trading Account Securities			Mortgage servicing rights
Balance at January 1, 2011	$	—	$	16,416		$	9,841		$	2,460		$	28,672	$	4,372		$	8,762
Total net gains (losses) included in:
Net income ⁽¹⁾	—		—			(274		)	(53		)	—		—			(2,022		)
Other comprehensive income	—		(748		)	—			—			419		—			—
Purchases	—		15,630			7,246			610			1,800		—			—
Issuances	—		—			—			—			—		—			—
Sales	—		(6,655		)	—			—			—		(4,347		)	—
Settlements	—		(1,230		)	(192		)	(65		)	—		—			—
Net transfers into/(out of) Level 3 ⁽²⁾	7,959		1,992			(10,712		)	—			—		—			—
Balance at September 30, 2011	$	7,959	$	25,405		$	5,909		$	2,952		$	30,891	$	25		$	6,740


(1)	Income for Corporate notes and other debt and mortgage-backed is recognized as a component of interest income on securities. Changes in the balance of mortgage servicing rights are recorded as a component of mortgage banking revenue in non-interest income.


(2)	The transfer of U.S. Agency, Municipal securities and Corporate notes and other debt into/(out of) Level 3 is the result of the use of unobservable inputs that reflect the Company's own assumptions that market participants would use in pricing these securities. Transfers into/(out of) Level 3 are recognized at the end of the reporting period.

Summary Of Assets Measured At Fair Value On A Nonrecurring Basis

For assets measured at fair value on a nonrecurring basis that were still held in the balance sheet at the end of the period, the following table provides the carrying value of the related individual assets or portfolios at September 30, 2012.



	September 30, 2012								Three Months Ended September 30, 2012 Fair Value Losses Recognized		Nine Months Ended September 30, 2012 Fair Value Losses Recognized
(Dollars in thousands)	Total		Level 1		Level 2		Level 3
Impaired loans—collateral based	$	147,979	$	—	$	—	$	147,979	$	6,187	$	19,049
Other real estate owned ⁽¹⁾	67,377		—		—		67,377		4,484		18,936
Mortgage loans held-for-sale, at lower of cost or market	21,685		—		21,685		—		—		—
Total	$	237,041	$	—	$	21,685	$	215,356	$	10,671	$	37,985


(1)	Fair value losses recognized on other real estate owned include valuation adjustments and charge-offs during the respective period.

Schedule Of Valuation Techniques And Significant Unobservable Inputs Used To Measure Both Recurring And Non-Recurring

The valuation techniques and significant unobservable inputs used to measure both recurring and non-recurring Level 3 fair value measurements at September 30, 2012 were as follows:

(Dollars in thousands)

Fair Value

Valuation Methodology

Significant Unobservable Input

Range

of Inputs

Weighted

Average

of Inputs

Impact to valuation

from an increased or

higher input value

Measured at fair value on a recurring basis:

Municipal Securities

35,755

Bond pricing

Equivalent rating

BBB-AAA

N/A

Increase

Other Equity Securities

22,255

Discounted cash flows

Discount rate

2.03%-2.41%

2.25%

Decrease

Mortgage Servicing Rights

6,276

Discounted cash flows

Discount rate

10%-13.5%

10.22%

Decrease

Constant prepayment rate (CPR)

21%-26%

22.31%

Decrease

Measured at fair value on a non-recurring basis:

Impaired loans—collateral based

147,979

Appraisal value

N/A

Other real estate owned

67,377

Appraisal value

Property specific impairment adjustment

0%-61%

5.43%

Decrease

Summary Of Carrying Amounts And Estimated Fair Values Of Financial Instruments

The carrying amounts and estimated fair values of the Company’s financial instruments as of the dates shown:



	At September 30, 2012				At December 31, 2011
	Carrying		Fair		Carrying		Fair
(Dollars in thousands)	Value		Value		Value		Value
Financial Assets:
Cash and cash equivalents	$	212,814	$	212,814	$	169,704	$	169,704
Interest bearing deposits with banks	934,430		934,430		749,287		749,287
Available-for-sale securities	1,256,768		1,256,768		1,291,797		1,291,797
Trading account securities	635		635		2,490		2,490
Brokerage customer receivables	30,633		30,633		27,925		27,925
Federal Home Loan Bank and Federal Reserve Bank stock, at cost	80,687		80,687		100,434		100,434
Mortgage loans held-for-sale, at fair value	548,300		548,300		306,838		306,838
Mortgage loans held-for-sale, at lower of cost or market	21,685		22,042		13,686		13,897
Total loans	12,147,425		12,835,354		11,172,745		11,590,729
Mortgage servicing rights	6,276		6,276		6,700		6,700
Nonqualified deferred compensation assets	5,438		5,438		4,299		4,299
Derivative assets	65,990		65,990		38,607		38,607
FDIC indemnification asset	238,305		238,305		344,251		344,251
Accrued interest receivable and other	157,923		157,923		147,207		147,207
Total financial assets	$	15,707,309	$	16,395,595	$	14,375,970	$	14,794,165
Financial Liabilities
Non-maturity deposits	$	8,736,432	8,736,432		$	7,424,367	$	7,424,367
Deposits with stated maturities	5,111,533		5,149,824		4,882,900		4,917,740
Notes payable	2,275		2,275		52,822		52,822
Federal Home Loan Bank advances	414,211		427,006		474,481		507,368
Subordinated notes	15,000		15,000		35,000		35,000
Other borrowings	377,229		377,229		443,753		443,753
Secured borrowings—owed to securitization investors	—		—		600,000		603,294
Junior subordinated debentures	249,493		250,385		249,493		185,199
Derivative liabilities	79,977		79,977		50,081		50,081
Accrued interest payable and other	11,133		11,133		12,952		12,952
Total financial liabilities	$	14,997,283	$	15,049,261	$	14,225,849	$	14,232,576

- 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).

+ References+ Details

- 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.

+ References

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

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 107

-Paragraph 14

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

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 159

-Paragraph 18

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

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

-Publisher FASB

-Name Accounting Standards Codification

-Topic 825

-SubTopic 10

-Section 50

-Paragraph 10

-Subparagraph (a)

-URI http://asc.fasb.org/extlink&oid=7491637&loc=d3e13433-108611

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

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 107

-Paragraph 15

-Subparagraph b-d

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

-Publisher FASB

-Name Accounting Standards Codification

-Topic 825

-SubTopic 10

-Section 50

-Paragraph 11

-URI http://asc.fasb.org/extlink&oid=7491637&loc=d3e13467-108611

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 159

-Paragraph 19

-Subparagraph a, b, c(1), 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 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 820

-SubTopic 10

-Section 50

-Paragraph 2

-Subparagraph (a)

-URI http://asc.fasb.org/extlink&oid=7578670&loc=d3e19207-110258

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

-Publisher FASB

-Name Accounting Standards Codification

-Topic 825

-SubTopic 10

-Section 45

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6447952&loc=d3e13220-108610

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

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 157

-Paragraph 32

-Subparagraph a, c(1), c(2), c(3), d

-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 107

-Paragraph 10

-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 Accounting Standards Codification

-Topic 825

-SubTopic 10

-Section 50

-Paragraph 12

-URI http://asc.fasb.org/extlink&oid=7491637&loc=d3e13476-108611

Reference 12: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 825

-SubTopic 10

-Section 50

-Paragraph 30

-Subparagraph (a)

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

+ Details

- Definition

The entire disclosure of the fair value measurement of assets and liabilities, which includes financial instruments measured at fair value that are classified in shareholders' equity, which may be measured on a recurring or nonrecurring basis.

+ References

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

-Publisher FASB

-Name Accounting Standards Codification

-Topic 820

-SubTopic 10

-Section 50

-Paragraph 3

-URI http://asc.fasb.org/extlink&oid=7578670&loc=d3e19279-110258

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 820

-SubTopic 10

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=7578670&loc=d3e19190-110258

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

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 157

-Paragraph 33

-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 820

-SubTopic 10

-Section 50

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=7578670&loc=d3e19207-110258

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

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 157

-Paragraph 32

-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 Statement of Financial Accounting Standard (FAS)

-Number 107

-Paragraph 10

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

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 157

-Paragraph 6

-Footnote 4

-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