Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2014

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 June 30, 2014 and December 31, 2013, 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
June 30, 2014
Securities available for sale:
U.S. Treasury	$	2,468,768	$	—	$	—	$	2,468,768
Residential mortgage-backed securities	—		1,590,561		—		1,590,561
States and political subdivisions	—		2,220,602		—		2,220,602
Other	—		43,012		—		43,012
Trading account securities:
U.S. Treasury	15,489		—		—		15,489
States and political subdivisions	—		—		—		—
Derivative assets:
Interest rate swaps, caps and floors	—		41,967		183		42,150
Commodity swaps and options	—		13,610		—		13,610
Foreign currency forward contracts	475		—		—		475
Derivative liabilities:
Interest rate swaps, caps and floors	—		45,270		—		45,270
Commodity swaps and options	—		13,362		—		13,362
Foreign currency forward contracts	454		—		—		454

December 31, 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

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:

	Six Months Ended   June 30,
	2014			2013
Foreclosed assets remeasured at initial recognition:
Carrying value of foreclosed assets prior to remeasurement	$	1,854		$	3,489
Charge-offs recognized in the allowance for loan losses	(232		)	(576		)
Fair value	$	1,622		$	2,913
Foreclosed assets remeasured subsequent to initial recognition:
Carrying value of foreclosed assets prior to remeasurement	$	4,299		$	3,852
Write-downs included in other non-interest expense	(994		)	(657		)
Fair value	$	3,305		$	3,195

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:

	June 30, 2014				December 31, 2013
	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Financial assets:
Level 2 inputs:
Cash and cash equivalents	$	5,020,610	$	5,020,610	$	4,556,125	$	4,556,125
Securities held to maturity	3,065,867		3,072,344		3,139,748		3,029,663
Cash surrender value of life insurance policies	170,245		170,245		141,108		141,108
Accrued interest receivable	109,652		109,652		99,281		99,281
Level 3 inputs:
Loans, net	10,581,091		10,764,010		9,423,262		9,582,734
Financial liabilities:
Level 2 inputs:
Deposits	22,516,606		22,517,448		20,688,786		20,689,323
Federal funds purchased and repurchase agreements	612,991		612,991		668,253		668,253
Junior subordinated deferrable interest debentures	137,115		137,115		123,712		123,712
Subordinated notes payable and other borrowings	100,000		94,132		100,000		92,552
Accrued interest payable	1,636		1,636		1,300		1,300