Fair Value (Tables)

3 Months Ended

Mar. 31, 2012

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 March 31, 2012 and December 31, 2011, segregated by the level of valuation inputs within the fair value hierarchy utilized to measure fair value ($ in thousands).  There were no transfers between levels for the three months ended March 31, 2012 and the year ended December 31, 2011.

	March 31, 2012
	Total		Level 1			Level 2		Level 3
U.S. Government agency obligations	$	101,972	$	-		$	101,972	$	-
Obligations of states and political subdivisions		208,234		-			208,234		-
Mortgage-backed securities		2,256,471		-			2,256,471		-
Asset-backed securities		23,693		-			23,693		-
Corporate debt securities		5,294		-			5,294		-
Securities available for sale		2,595,664		-			2,595,664		-
Loans held for sale		227,449		-			227,449		-
Mortgage servicing rights		45,893		-			-		45,893
Other assets - derivatives		1,504		(611	)		1,613		502
Other liabilities - derivatives		1,842		361			1,481		-

	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		-

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 March 31, 2012 and 2011 are summarized as follows ($ in thousands):

	MSR			Other Assets -  Derivatives
Balance, January 1, 2012	$	43,274		$	702
Total net (losses) gains included in net income (1)		(1,858	)		1,118
Additions		4,477			-
Sales		-			(1,318	)
Balance, March 31, 2012	$	45,893		$	502
The amount of total gains (losses) for the period included in earnings that are attributable to the change in unrealized gains or losses still held at March 31, 2012	$	248		$	(130	)
Balance, January 1, 2011	$	51,151		$	337
Total net (losses) gains included in net income (1)		(1,033	)		614
Additions		3,480			-
Sales		-			(1,001	)
Balance, March 31, 2011	$	53,598		$	(50	)
The amount of total gains (losses) for the period included in earnings that are attributable to the change in unrealized gains or losses still held at March 31, 2011	$	257		$	(176	)

(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 March 31, 2012 and December 31, 2011, are as follows ($ in thousands):

	March 31, 2012				December 31, 2011
	Carrying		Estimated		Carrying		Estimated
	Value		Fair Value		Value		Fair Value
Financial Assets:
Level 2 Inputs:
Cash and short-term investments	$	219,801	$	219,801	$	211,883	$	211,883
Securities held to maturity		52,010		56,713		57,705		62,515
Level 3 Inputs:
Net LHFI, excluding acquired loans		5,683,874		5,769,861		5,767,966		5,848,791
Net acquired loans		174,315		174,315		76,302		76,302
FDIC indemnification asset		28,260		28,260		28,348		28,348
Financial Liabilities:
Level 2 Inputs:
Deposits		8,090,746		8,099,675		7,566,363		7,575,064
Short-term liabilities		336,901		336,901		692,128		692,128
Subordinated notes		49,847		52,460		49,839		51,438
Junior subordinated debt securities		61,856		37,114		61,856		35,876