Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2013

Fair Value Disclosures [Abstract]

Financial Assets and Financial Liabilities Measured at Fair Value on Recurring Basis

The following table summarizes financial assets and financial liabilities measured at fair value on a recurring basis as of September 30, 2013 and December 31, 2012, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value:

	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total Fair Value
September 30, 2013
Securities available for sale:
U.S. Treasury	$	2,544,061	$	—	$	—	$	2,544,061
Residential mortgage-backed securities	—		1,905,810		—		1,905,810
States and political subdivisions	—		1,084,012		—		1,084,012
Other	—		35,908		—		35,908
Trading account securities:
U.S. Treasury	15,289		—		—		15,289
States and political subdivisions	—		—		—		—
Derivative assets:
Interest rate swaps, caps and floors	—		45,875		207		46,082
Commodity swaps and options	—		8,618		—		8,618
Foreign currency forward contracts	372		—		—		372
Derivative liabilities:
Interest rate swaps, caps and floors	—		50,990		—		50,990
Commodity swaps and options	—		8,358		—		8,358
Foreign currency forward contracts	348		—		—		348

December 31, 2012
Securities available for sale:
U.S. Treasury	3,057,921	$	—	$	—	3,057,921
Residential mortgage-backed securities	—	2,518,003		—		2,518,003
States and political subdivisions	—	591,483		—		591,483
Other	—	35,892		—		35,892
Trading account securities:
U.S. Treasury	14,038	—		—		14,038
States and political subdivisions	—	16,036		—		16,036
Derivative assets:
Interest rate swaps, caps and floors	—	60,535		355		60,890
Commodity swaps and options	—	3,867		—		3,867
Foreign currency forward contracts	3	—		—		3
Derivative liabilities:
Interest rate swaps, caps and floors	—	72,557		—		72,557
Commodity swaps and options	—	3,772		—		3,772

Impaired Loans Remeasured and Reported at Fair Value of Underlying Collateral

The following table presents impaired loans that were remeasured and reported at fair value through a specific valuation allowance allocation of the allowance for loan losses based upon the fair value of the underlying collateral during the reported periods.

	Nine Months Ended   September 30, 2013						Nine Months Ended   September 30, 2012
	Level 2			Level 3			Level 2			Level 3
Carrying value of impaired loans before allocations	$	13,870		$	4,430		$	13,227		$	384
Specific valuation allowance allocations	(2,098		)	(2,370		)	(2,922		)	(61		)
Fair value	$	11,772		$	2,060		$	10,305		$	323

Foreclosed Assets Remeasured and Reported at Fair Value

The following table presents foreclosed assets that were remeasured and reported at fair value during the reported periods:

	Nine Months Ended   September 30,
	2013			2012
Foreclosed assets remeasured at initial recognition:
Carrying value of foreclosed assets prior to remeasurement	$	3,839		$	6,627
Charge-offs recognized in the allowance for loan losses	(588		)	(1,291		)
Fair value	$	3,251		$	5,336
Foreclosed assets remeasured subsequent to initial recognition:
Carrying value of foreclosed assets prior to remeasurement	$	4,778		$	10,183
Write-downs included in other non-interest expense	(829		)	(1,528		)
Fair value	$	3,949		$	8,655

Estimated Fair Values of Financial Instruments

The estimated fair values of financial instruments that are reported at amortized cost in the Corporation’s consolidated balance sheets, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value, were as follows:

	September 30, 2013				December 31, 2012
	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Financial assets:
Level 2 inputs:
Cash and cash equivalents	$	4,320,061	$	4,320,061	$	3,524,979	$	3,524,979
Securities held to maturity	3,156,146		3,052,912		2,956,381		2,996,944
Cash surrender value of life insurance policies	140,404		140,404		138,005		138,005
Accrued interest receivable	60,964		60,964		82,529		82,529
Level 3 inputs:
Loans, net	9,213,307		9,313,193		9,119,395		9,212,159
Financial liabilities:
Level 2 inputs:
Deposits	19,978,894		19,979,405		19,497,366		19,498,518
Federal funds purchased and repurchase agreements	587,137		587,137		561,061		561,061
Junior subordinated deferrable interest debentures	123,712		123,712		123,712		123,712
Subordinated notes payable and other borrowings	100,000		92,267		100,007		89,596
Accrued interest payable	1,407		1,407		1,804		1,804