XML 47 R40.htm IDEA: XBRL DOCUMENT v2.4.0.6
Fair Value (Tables)
9 Months Ended
Sep. 30, 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 September 30, 2012 and December 31, 2011, segregated by the level of valuation inputs within the fair value hierarchy utilized to measure fair value ($ in thousands):

   
September 30, 2012
 
   
Total
  
Level 1
  
Level 2
  
Level 3
 
U.S. Government agency obligations
 $60,689  $-  $60,689  $- 
Obligations of states and political subdivisions
  215,900   -   215,900   - 
Mortgage-backed securities
  2,205,735   -   2,205,735   - 
Asset-back securities
  242,122   -   242,122   - 
Securities available for sale
  2,724,446   -   2,724,446   - 
Loans held for sale
  324,897   -   324,897   - 
Mortgage servicing rights
  44,211   -   -   44,211 
Other assets - derivatives
  10,272   829   5,138   4,305 
Other liabilities - derivatives
  13,179   315   12,864   - 

   
December 31, 2011
 
   
Total
  
Level 1
  
Level 2
  
Level 3
 
U.S. Government agency obligations
 $64,805  $-  $64,805  $- 
Obligations of states and political subdivisions
  202,827   -   202,827   - 
Mortgage-backed securities
  2,201,361   -   2,201,361   - 
Securities available for sale
  2,468,993   -   2,468,993   - 
Loans held for sale
  216,553   -   216,553   - 
Mortgage servicing rights
  43,274   -   -   43,274 
Other assets - derivatives
  3,521   1,130   1,689   702 
Other liabilities - derivatives
  4,680   694   3,986   - 
Changes in level 3 assets measured at fair value on a recurring basis
The changes in Level 3 assets measured at fair value on a recurring basis for the periods ended September 30, 2012 and 2011 are summarized as follows ($ in thousands):

   
MSR
  
Other Assets -
Derivatives
 
Balance, January 1, 2012
 $43,274  $702 
Total net (losses) gains included in net income (1)
  (16,137)  10,261 
Additions
  17,074   - 
Sales
  -   (6,658)
Balance, September 30, 2012
 $44,211  $4,305 
          
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 September 30, 2012
 $(8,960) $2,320 

Balance, January 1, 2011
 $51,151  $337 
Total net (losses) gains included in net income (1)
  (17,073)  2,946 
Additions
  9,581   - 
Sales
  -   (1,754)
Balance, September 30, 2011
 $43,659  $1,529 
          
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 September 30, 2011
 $(12,288) $(46)
 
(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 September 30, 2012 and December 31, 2011, are as follows ($ in thousands):

   
September 30, 2012
  
December 31, 2011
 
   
Carrying
  
Estimated
  
Carrying
  
Estimated
 
   
Value
  
Fair Value
  
Value
  
Fair Value
 
Financial Assets:
            
Level 2 Inputs:
            
Cash and short-term investments
 $214,483  $214,483  $211,883  $211,883 
Securities held to maturity
  45,484   50,272   57,705   62,515 
Level 3 Inputs:
                
Net LHFI
  5,444,437   5,528,840   5,767,966   5,848,791 
Net acquired loans
  143,270   143,270   76,302   76,302 
FDIC indemnification asset
  23,979   23,979   28,348   28,348 
                  
Financial Liabilities:
                
Level 2 Inputs:
                
Deposits
  7,804,041   7,812,355   7,566,363   7,575,064 
Short-term liabilities
  492,323   492,323   692,128   692,128 
Subordinated notes
  49,863   53,457   49,839   51,438 
Junior subordinated debt securities
  61,856   38,969   61,856   35,876