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Fair Value (Tables)
6 Months Ended
Jun. 30, 2011
Fair Value [Abstract]  
Financial assets and liabilities measured at fair value -recurring basis
The following table summarizes financial assets and financial liabilities measured at fair value on a recurring basis as of June 30, 2011 and December 31, 2010, segregated by the level of valuation inputs within the fair value hierarchy utilized to measure fair value ($ in thousands):

   
June 30, 2011
 
   
Total
  
Level 1
  
Level 2
  
Level 3
 
U.S. Government agency obligations
 $102,947  $-  $102,947  $- 
Obligations of states and political subdivisions
  186,034   -   186,034   - 
Mortgage-backed securities
  2,110,061   -   2,110,061   - 
Securities available for sale
  2,399,042   -   2,399,042   - 
Loans held for sale
  123,244   -   123,244   - 
Mortgage servicing rights
  50,111   -   -   50,111 
Other assets - derivatives
  781   584   353   (156)
Other liabilities - derivatives
  1,888   1,389   499   - 
 
   
December 31, 2010
 
   
Total
  
Level 1
  
Level 2
  
Level 3
 
U.S. Government agency obligations
 $122,035  $-  $122,035  $- 
Obligations of states and political subdivisions
  159,637   -   159,637   - 
Mortgage-backed securities
  1,895,577   -   1,895,577   - 
Securities available for sale
  2,177,249   -   2,177,249   - 
Loans held for sale
  153,044   -   153,044   - 
Mortgage servicing rights
  51,151   -   -   51,151 
Other assets - derivatives
  (2,247)  (2,584)  -   337 
Other liabilities - derivatives
  (1,581)  1,562   (3,143)  - 
Changes in level 3 assets measured at fair value on a recurring basis
The changes in Level 3 assets measured at fair value on a recurring basis for the periods ended June 30, 2011 and 2010 are summarized as follows ($ in thousands):

   
MSR
  
Other Assets - Derivatives
 
Balance, January 1, 2011
 $51,151  $337 
Total net (losses) gains included in net income
  (7,420)  1,060 
Additions
  6,380   - 
Sales
  -   (1,553)
Balance, June 30, 2011
 $50,111  $(156)
          
The amount of total losses for the period included in earnings that are attributable
to the change in unrealized gains or losses still held at June 30, 2011
 $(4,674) $(521)
          
Balance, January 1, 2010
 $50,513  $(61)
Total net (losses) gains included in net income
  (14,242)  1,855 
Additions
  6,773   - 
Sales
  -   (501)
Balance, June 30, 2010
 $43,044  $1,293 
          
The amount of total (losses) gains for the period included in earnings that are attributable
to the change in unrealized gains or losses still held at June 30, 2010
 $(11,698) $194 
Carrying amounts and estimated fair values of financial instruments
The carrying amounts and estimated fair values of financial instruments at June 30, 2011 and December 31, 2010, are as follows ($ in thousands):

   
June 30, 2011
  
December 31, 2010
 
   
Carrying
  
Estimated
  
Carrying
  
Estimated
 
   
Value
  
Fair Value
  
Value
  
Fair Value
 
Financial Assets:
            
Cash and short-term investments
 $226,429  $226,429  $173,317  $173,317 
Securities available for sale
  2,399,042   2,399,042   2,177,249   2,177,249 
Securities held to maturity
  87,923   92,149   140,847   145,143 
Loans held for sale
  123,244   123,244   153,044   153,044 
Net LHFI, excluding covered loans
  5,819,470   5,873,407   5,966,732   6,030,219 
Covered loans
  88,558   88,558   -   - 
FDIC indemnification asset
  33,327   33,327   -   - 
Other assets - derivatives
  781   781   (2,247)  (2,247)
                  
Financial Liabilities:
                
Deposits
  7,632,334   7,640,533   7,044,567   7,054,611 
Short-term liabilities
  629,849   629,849   1,125,481   1,125,481 
Long-term FHLB advances
  2,794   2,794   -   - 
Subordinated notes
  49,823   50,400   49,806   48,750 
Junior subordinated debt securities
  61,856   35,876   61,856   30,928 
Other liabilities - derivatives
  1,888   1,888   (1,581)  (1,581)