Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2013

Fair Value Disclosures [Abstract]

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

The following table summarizes financial assets and financial liabilities measured at fair value on a recurring basis as of December 31, 2013 and 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
2013
Securities available for sale:
U.S. Treasury	$	2,540,554	$	—	$	—	$	2,540,554
U. S. government agencies/corporations	—		53,980		—		53,980
Residential mortgage-backed securities	—		1,776,016		—		1,776,016
States and political subdivisions	—		1,488,914		—		1,488,914
Other	—		35,972		—		35,972
Trading account securities:
U.S. Treasury	15,389		—		—		15,389
States and political subdivisions	—		1,009		—		1,009
Derivative assets:
Interest rate swaps, caps and floors	—		44,520		174		44,694
Commodity swaps and options	—		10,026		—		10,026
Foreign currency forward contracts	135		—		—		135
Derivative liabilities:
Interest rate swaps, caps and floors	—		47,542		—		47,542
Commodity swaps and options	—		9,712		—		9,712
Foreign currency forward contracts	85		—		—		85
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:

	2013					2012						2011
	Level 2			Level 3		Level 2			Level 3			Level 2			Level 3
Carrying value of impaired loans before allocations	$	9,374		$	—	$	18,319		$	15,754		$	4,158		$	2,310
Specific valuation allowance allocations	(2,785		)	—		(3,634		)	(2,911		)	(1,361		)	(1,528		)
Fair value	$	6,589		$	—	$	14,685		$	12,843		$	2,797		$	782

Foreclosed Assets Remeasured and Reported at Fair Value

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

	2013			2012			2011
Foreclosed assets remeasured at initial recognition:
Carrying value of foreclosed assets prior to remeasurement	$	7,580		$	9,428		$	24,682
Charge-offs recognized in the allowance for loan losses	(710		)	(1,611		)	(3,556		)
Fair value	$	6,870		$	7,817		$	21,126
Foreclosed assets remeasured subsequent to initial recognition:
Carrying value of foreclosed assets prior to remeasurement	$	4,979		$	12,126		$	7,667
Write-downs included in other non-interest expense	(895		)	(2,093		)	(2,792		)
Fair value	$	4,084		$	10,033		$	4,875

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 valuation inputs within the fair value hierarchy utilized to measure fair value, were as follows:

	December 31, 2013				December 31, 2012
	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Financial assets:
Level 2 inputs:
Cash and cash equivalents	$	4,556,125	$	4,556,125	$	3,524,979	$	3,524,979
Securities held to maturity	3,139,748		3,029,663		2,956,381		2,996,944
Cash surrender value of life insurance policies	141,108		141,108		138,005		138,005
Accrued interest receivable	99,281		99,281		82,529		82,529
Level 3 inputs:
Loans, net	9,423,262		9,582,734		9,119,395		9,212,159
Financial liabilities:
Level 2 inputs:
Deposits	20,688,786		20,689,323		19,497,366		19,498,518
Federal funds purchased and repurchase agreements	668,253		668,253		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		92,552		100,007		89,596
Accrued interest payable	1,300		1,300		1,804		1,804