Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2012

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

The table below presents the September 30, 2012 and December 31, 2011 carrying values of assets and liabilities measured at fair value on a recurring basis. There were no transfers among levels during the first nine months of 2012 or the year ended December 31, 2011.



			Fair Value Measurements Using
(In thousands)	Total Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
September 30, 2012
Assets:
Available for sale securities:
U.S. government and federal agency obligations	$	367,497	$	367,497	$	—	$	—
Government-sponsored enterprise obligations	380,190		—		380,190		—
State and municipal obligations	1,461,251		—		1,333,520		127,731
Agency mortgage-backed securities	3,471,262		—		3,471,262		—
Non-agency mortgage-backed securities	255,172		—		255,172		—
Other asset-backed securities	2,930,810		—		2,930,810		—
Other debt securities	121,623		—		121,623		—
Equity securities	33,146		19,253		13,893		—
Trading securities	13,595		—		13,595		—
Private equity investments	67,044		—		—		67,044
Derivatives *	18,863		—		18,853		10
Assets held in trust	5,404		5,404		—		—
Total assets	$	9,125,857	$	392,154	$	8,538,918	$	194,785
Liabilities:
Derivatives *	$	19,867	$	—	$	19,691	$	176
Total liabilities	$	19,867	$	—	$	19,691	$	176
December 31, 2011
Assets:
Available for sale securities:
U.S. government and federal agency obligations	$	364,665	$	357,155	$	7,510	$	—
Government-sponsored enterprise obligations	315,698		—		315,698		—
State and municipal obligations	1,245,284		—		1,109,663		135,621
Agency mortgage-backed securities	4,106,059		—		4,106,059		—
Non-agency mortgage-backed securities	316,902		—		316,902		—
Other asset-backed securities	2,693,143		—		2,693,143		—
Other debt securities	141,260		—		141,260		—
Equity securities	41,691		27,808		13,883		—
Trading securities	17,853		—		17,853		—
Private equity investments	66,978		—		—		66,978
Derivatives *	21,537		—		21,502		35
Assets held in trust	4,506		4,506		—		—
Total assets	$	9,335,576	$	389,469	$	8,743,473	$	202,634
Liabilities:
Derivatives *	$	22,722	$	—	$	22,564	$	158
Total liabilities	$	22,722	$	—	$	22,564	$	158

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

The changes in Level 3 assets and liabilities measured at fair value on a recurring basis are summarized as follows

Summary Of Gains And Losses On Level 3 Assets And Liabilities



	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
(In thousands)	State and Municipal Obligations			Private Equity Investments			Derivatives			Total
For the three months ended September 30, 2012
Balance June 30, 2012	$	127,540		$	65,766		$	(99	)	$	193,207
Total gains or losses (realized/unrealized):
Included in earnings	—			2,774			1			2,775
Included in other comprehensive income	3,015			—			—			3,015
Investment securities called	(3,000		)	—			—			(3,000		)
Discount accretion	176			—			—			176
Sale/pay down of private equity investments	—			(1,614		)	—			(1,614		)
Capitalized interest/dividends	—			118			—			118
Sale of risk participation agreement	—			—			(68		)	(68		)
Balance September 30, 2012	$	127,731		$	67,044		$	(166	)	$	194,609
Total gains or losses for the three months included in earnings attributable to the change in unrealized gains or losses relating to assets still held at September 30, 2012	$	—		$	2,774		$	(37	)	$	2,737
For the nine months ended September 30, 2012
Balance January 1, 2012	$	135,621		$	66,978		$	(123	)	$	202,476
Total gains or losses (realized/unrealized):
Included in earnings	—			8,374			(3		)	8,371
Included in other comprehensive income	(1,923		)	—			—			(1,923		)
Investment securities called	(6,350		)	—			—			(6,350		)
Discount accretion	383			—			—			383
Purchase of private equity securities	—			3,275			—			3,275
Sale/pay down of private equity investments	—			(11,893		)	—			(11,893		)
Capitalized interest/dividends	—			310			—			310
Purchase of risk participation agreement	—			—			28			28
Sale of risk participation agreement	—			—			(68		)	(68		)
Balance September 30, 2012	$	127,731		$	67,044		$	(166	)	$	194,609
Total gains or losses for the nine months included in earnings attributable to the change in unrealized gains or losses relating to assets still held at September 30, 2012	$	—		$	6,949		$	(40	)	$	6,909
For the three months ended September 30, 2011
Balance June 30, 2011	$	141,940		$	61,173		$	(288	)	$	202,825
Total gains or losses (realized/unrealized):
Included in earnings	—			2,921			384			3,305
Included in other comprehensive income	(1,028		)	—			—			(1,028		)
Investment securities called	(1,300		)	—			—			(1,300		)
Discount accretion	112			—			—			112
Purchase of private equity investments	—			75			—			75
Sale/pay down of private equity securities	—			(1,121		)	—			(1,121		)
Balance September 30, 2011	$	139,724		$	63,048		$	96		$	202,868
Total gains or losses for the three months included in earnings attributable to the change in unrealized gains or losses relating to assets still held at September 30, 2011	$	—		$	2,921		$	237		$	3,158
For the nine months ended September 30, 2011
Balance January 1, 2011	$	150,089		$	53,860		$	352		$	204,301
Total gains or losses (realized/unrealized):
Included in earnings	—			6,951			16			6,967
Included in other comprehensive income	(2,639		)	—			—			(2,639		)
Investment securities called	(8,243		)	—			—			(8,243		)
Discount accretion	517			—			—			517
Purchase of private equity investments	—			3,314			—			3,314
Sale/pay down of private equity securities	—			(1,121		)	—			(1,121		)
Capitalized interest/dividends	—			44			—			44
Purchase of risk participation agreement	—			—			79			79
Sales of risk participation agreements	—			—			(351		)	(351		)
Balance September 30, 2011	$	139,724		$	63,048		$	96		$	202,868
Total gains or losses for the nine months included in earnings attributable to the change in unrealized gains or losses relating to assets still held at September 30, 2011	$	—		$	7,026		$	223		$	7,249

Gains and losses on the Level 3 assets and liabilities in the previous table are reported in the following income categories:

Summary Of Quantitative Information About Level 3 Fair Value Measurements

As shown above, the Company's significant Level 3 measurements which employ unobservable inputs that are readily quantifiable pertain to auction rate securities (ARS) and investments in portfolio concerns held by the Company's private equity subsidiaries. ARS are included in state and municipal securities and totaled $127.7 million at September 30, 2012, while private equity investments, included in non-marketable securities, totaled $67.0 million.

Information about these inputs is presented in the table and discussions below

Schedule Of Fair Value Disclosures Measured On Nonrecurring Basis [Table Text Block]

For assets measured at fair value on a nonrecurring basis during the first nine months of 2012 and 2011, and still held as of September 30, 2012 and 2011, the following table provides the adjustments to fair value recognized during the respective periods, the level of valuation inputs used to determine each adjustment, and the carrying value of the related individual assets or portfolios at September 30, 2012 and 2011.