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Fair Value (Tables)
12 Months Ended
Dec. 31, 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 December 31, 2011 and 2010, segregated by the level of valuation inputs with the fair value hierarchy utilized to measure fair value ($ in thousands):

   
December 31, 2011
 
   
Total
  
Level 1
  
Level 2
  
Level 3
 
U.S. Government agency obligations
 $64,805  $-  $64,805  $- 
Obligations of states and political subdivisions
  202,827   -   202,827   - 
Mortgage-backed securities
  2,201,361   -   2,201,361   - 
Securities available for sale
  2,468,993   -   2,468,993   - 
Loans held for sale
  216,553   -   216,553   - 
Mortgage servicing rights
  43,274   -   -   43,274 
Other assets - derivatives
  3,521   1,130   1,689   702 
Other liabilities - derivatives
  4,680   694   3,986   - 
                  
   
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 years ended December 31, 2011 and 2010 are summarized as follows ($ in thousands):
 
  MSR  Other Assets - Derivatives 
Balance, January 1, 2010
 $50,513  $(61)
Total net (losses) gains included in net income (1)
  (16,247)  4,382 
Additions
  16,885   - 
Sales
  -   (3,984)
Balance, December 31, 2010
  51,151   337 
Total net (losses) gains included in net income (1)
  (22,037)  3,968 
Additions
  14,160   - 
Sales
  -   (3,603)
Balance, December 31, 2011
 $43,274  $702 
          
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 December 31, 2011
 $(15,130) $64 

(1)
Total net (losses) gains included in net income relating to MSR includes changes in fair value due to market changes and due to runoff.

Carrying amounts and estimated fair values of financial instruments
The carrying amounts and estimated fair values of financial instruments at December 31, 2011 and 2010, are as follows ($ in thousands):
 
   
2011
  
2010
   
Carrying
  
Estimated
  
Carrying
  
Estimated
 
   
Value
  
Fair Value
  
Value
  
Fair Value
 
Financial Assets:
            
Cash and short-term investments
 $211,883  $211,883  $173,317  $173,317 
Securities available for sale
  2,468,993   2,468,993   2,177,249   2,177,249 
Securities held to maturity
  57,705   62,515   140,847   145,143 
Loans held for sale
  216,553   216,553   153,044   153,044 
Net LHFI,  excluding covered loans
  5,767,966   5,848,791   5,966,732   6,030,219 
Covered loans
  76,302   76,302   -   - 
FDIC indemnification asset
  28,348   28,348   -   - 
Other assets - derivatives
  3,521   3,521   (2,247)  (2,247)
                  
Financial Liabilities:
                
Deposits
  7,566,363   7,575,064   7,044,567   7,054,611 
Short-term liabilities
  692,128   692,128   1,125,481   1,125,481 
Subordinated notes
  49,839   51,438   49,806   48,750 
Junior subordinated debt securities
  61,856   35,876   61,856   30,928 
Other liabilities - derivatives
  4,680   4,680   (1,581)  (1,581)