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Fair Value Measurement (Tables)

12 Months Ended

Dec. 31, 2011

The following table presents the balances of assets and liabilities measured at fair value on a recurring basis at December 31, 2011 and 2010:



December 31, 2011
	Level 1		Level 2		Level 3		Total
Available-for-sale securities	$	3,299	$	3,262,715	$	87,539	$	3,353,553
Residential loans held for sale	—		30,077		—		30,077
Derivative assets	—		62,056		—		62,056
Total assets at fair value on a recurring basis	$	3,299	$	3,354,848	$	87,539	$	3,445,686
Derivative liabilities	$	—	$	86,106	$	—	$	86,106
True up liability	—		—		11,551		11,551
Total liabilities at fair value on a recurring basis	$	—	$	86,106	$	11,551	$	97,657

Note: There were no significant transfers between Levels 1 and 2 of the hierarchy during the year ended December 31, 2011.



December 31, 2010
	Level 1		Level 2		Level 3		Total
Available-for-sale securities	$	3,922	$	2,922,774	$	60,344	$	2,987,040
Residential loans held for sale	—		41,340		—		41,340
Derivative assets	—		47,764		—		47,764
Total assets at fair value on a recurring basis	$	3,922	$	3,011,878	$	60,344	$	3,076,144
Derivative liabilities	$	—	$	72,824	$	—	$	72,824
True up liability	—		—		12,061		12,061
Total liabilities at fair value on a recurring basis	$	—	$	72,824	$	12,061	$	84,885

Fair value measurements from third party pricing service or independent brokers

The fair value detail by level in the fair value hierarchy as of December 31, 2011 is shown in the table below.



	Level 2			Level 3
	# Issues	Fair Value		# Issues	Fair Value
U.S.government agency debentures	7	$	123,069	—	$	—
U.S States and political subdivisions	523	357,731		—	—
Residential mortgage-backed securities:
U.S. government agencies	191	1,460,343		—	—
Residential collateralized mortgage-backed securities:
U.S. government agencies	105	1,137,834		1	—
Non-agency	1	2		4	43,305
Commercial collateralized mortgage obligations:
U.S. government agencies	12	129,127		—	—
Corporate debt securities	14	54,609		8	44,234
	853	$	3,262,715	13	$	87,539

Summary of changes in Level 3 assets and liabilities measured at fair value

The changes in Level 3 assets and liabilities measured at fair value on a recurring basis for the year ended December 31, 2011 are summarized as follows:



	Available-for-sale securities			True-up liability
Balance at December 31, 2009	$	42,447		$	—
Gains included in earnings	—			614
Unrealized gains (a)	17,897			—
Purchases	—			11,447
Sales	—			—
Settlements	—			—
Net transfers into (out of) Level 3	—			—
Balance at December 31, 2010	$	60,344		$	12,061
Losses included in earnings	—			(510		)
Unrealized losses (a)	(1,065		)	—
Purchases	83,876			—
Sales	(44,924		)	—
Settlements	(10,692		)	—
Net transfers into (out of) Level 3	—			—
Balance at December 31, 2011	$	87,539		$	11,551

Assets measured at fair value on a nonrecurring basis

The following table presents the balances of assets and liabilities measured at fair value on a nonrecurring basis at December 31, 2011:



	December 31, 2011								December 31, 2010
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Mortgage servicing rights	$	—	$	—	$	17,749	$	17,749	$	—	$	—	$	—	$	—
Impaired and nonaccrual loans	—		—		75,992		75,992		—		—		140,990		140,990
Other property (1)	—		—		18,933		18,933		—		—		22,974		22,974
Other real estate covered by loss share	—		—		62,737		62,737		—		—		59,132		59,132
Total assets at fair value on a nonrecurring basis	$	—	$	—	$	175,411	$	175,411	$	—	$	—	$	223,096	$	223,096

Fair Value of Financial Instruments

The carrying amount and fair value of the Corporation’s financial instruments are as follows:



		At December 31,
		2011				2010
		Carrying Amount		Fair Value		Carrying Amount		Fair Value
Financial assets:
	Cash and due from banks	$	377,319	$	377,319	$	523,113	$	523,113
	Investment securities	3,494,389		3,579,390		3,154,333		3,207,754
	Loan held for sale	30,077		30,077		41,340		41,340
	Net noncovered loans	7,641,245		7,373,801		7,087,398		6,716,214
	Net covered loans and loss share receivable	1,460,723		1,460,723		1,963,021		1,963,021
	Accrued interest receivable	42,274		42,274		41,830		41,830
	Mortgage servicing rights	17,640		17,749		21,317		21,579
	Derivative assets	62,056		62,056		47,764		47,764

Financial liabilities:
	Deposits	11,431,609		11,445,777		11,268,006		11,275,440
	Federal funds purchased and securities sold under agreements to repurchase	866,265		866,265		777,585		782,668
	Wholesale borrowings	203,462		211,623		326,007		329,465
	Accrued interest payable	3,915		3,915		6,560		6,560
	Derivative liabilities	86,106		86,106		72,824		72,824
	True up liability	11,551		11,551		12,061		12,061

Summary of Change in fair value carrying amount of residential mortgages

As of December 31, 2011 and 2010, the aggregate fair value, contractual balance and gain or loss on loans held for sale was as follows:



	December 31, 2011		December 31, 2010
Aggregate fair value	$	30,077	$	41,340
Contractual balance	28,948		41,024
Gain	1,129		316

- 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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