Fair Value Measurement Of Assets And Liabilities (Tables)

3 Months Ended

Mar. 31, 2012

Fair Value Measurement Of Assets And Liabilities [Abstract]

Assets And Liabilities Measured At Fair Value On A Recurring And Non-Recurring Basis


			Fair Value Measurements at Reporting Date Using:
	March 31, 2012		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	(in thousands)
Recurring fair value measurements:
Assets
Investment securities:
Available for sale:
U.S. Treasury securities	$	49,039	$	49,039	$	—	$	—
U.S. government agency securities		107,846		—		107,846		—
Obligations of states and political subdivisions		19,685		—		19,685		—
Residential mortgage-backed securities		482,929		—		436,711		46,218
Trust preferred securities		65,416		10,060		16,854		38,502
Corporate and other debt securities		57,948		28,422		29,526		—
Equity securities		48,111		26,898		21,213		—

Total available for sale		830,974		114,419		631,835		84,720
Trading securities		22,190		—		22,190		—
Loans held for sale ⁽¹⁾		15,892		—		15,892		—
Other assets ⁽²⁾		6,481		—		6,481		—

Total assets	$	875,537	$	114,419	$	676,398	$	84,720

Liabilities
Junior subordinated debentures issued to
VNB Capital Trust I ⁽³⁾		151,409		151,409		—		—
Other liabilities ⁽²⁾		20,580		—		20,580		—

Total liabilities	$	171,989	$	151,409	$	20,580	$	—

Non-recurring fair value measurements:
Collateral dependent impaired loans ⁽⁴⁾	$	62,273	$	—	$	—	$	62,273
Loan servicing rights		9,913		—		—		9,913
Foreclosed assets		8,430		—		—		8,430

Total	$	80,616	$	—	$	—	$	80,616


			Fair Value Measurements at Reporting Date Using:
	December 31, 2011		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	(in thousands)
Recurring fair value measurements:
Assets
Investment securities:
Available for sale:
U.S. government agency securities	$	90,748	$	—	$	90,748	$	—
Obligations of states and political subdivisions		20,214		—		20,214		—
Residential mortgage-backed securities		310,137		—		259,977		50,160
Trust preferred securities		63,858		19,576		17,131		27,151
Corporate and other debt securities		39,610		30,603		9,007		—
Equity securities		41,953		23,506		18,447		—

Total available for sale		566,520		73,685		415,524		77,311
Trading securities		21,938		—		21,938		—
Loans held for sale ⁽¹⁾		25,169		—		25,169		—
Other assets ⁽²⁾		5,211		—		5,211		—

Total assets	$	618,838	$	73,685	$	467,842	$	77,311

Liabilities
Junior subordinated debentures issued to
VNB Capital Trust I ⁽³⁾	$	160,478	$	160,478	$	—	$	—
Other liabilities ⁽²⁾		21,854		—		21,854		—

Total liabilities	$	182,332	$	160,478	$	21,854	$	—

Non-recurring fair value measurements:
Collateral dependent impaired loans ⁽⁴⁾	$	66,854	$	—	$	—	$	66,854
Loan servicing rights		9,078		—		—		9,078
Foreclosed assets		15,874		—		—		15,874

Total	$	91,806	$	—	$	—	$	91,806

(1)	Loans held for sale (which consist of residential mortgages) are carried at fair value and had contractual unpaid principal balances totaling approximately $15.4 million and $24.3 million at March 31, 2012 and December 31, 2011, respectively.

(2)	Derivative financial instruments are included in this category.

(3)	The junior subordinated debentures had contractual unpaid principal obligations totaling $146.7 million and $157.0 million at March 31, 2012 and December 31, 2011, respectively.

(4)	Excludes covered loans acquired in the FDIC-assisted transactions and other purchased credit-impaired loans acquired in the first quarter of 2012.

Changes In Level 3 Assets Measured At Fair Value On A Recurring Basis


		Three Months Ended March 31, 2012					Three Months Ended March 31, 2011
	Trading Securities		Available For Sale Securities			Trading Securities			Available For Sale Securities
	(in thousands)
Balance, beginning of the period	$	—	$	77,311		$	21,903		$	138,655
Transfers out of Level 3:
Residential mortgage-backed securities		—		—			—			(44,771	)
Trust preferred securities		—		—			(21,903	)		(17,397	)
Corporate and other debt securities		—		—			—			(12,914	)
Equity securities		—		—			—			(9,353	)
Total net losses for the period included in:
Net income		—		—			—			(825	)
Other comprehensive income		—		11,107			—			1,361
Settlements		—		(3,698	)		—			(2,383	)

Balance, end of the period	$	—	$	84,720		$	—		$	52,373

Change in unrealized losses for the period included in earnings for assets held at the end of the reporting period ⁽¹⁾	$	—	$	—		$	—		$	(825	)⁽²⁾

(1)	Represents net losses that are due to changes in economic conditions and management's estimates of fair value.

(2)	Represents the net impairment losses on securities recognized in earnings for the period.

Schedule Of Quantitative Information About Level 3 Inputs Used To Measure The Fair Value Of Available For Sale Securities


Security Type	Valuation Technique	Unobservable Input	Range			Weighted Average
Mortgage-backed securities	Discounted cash flow	Prepayment rate		1.6 -25.8	%		15.1	%
		Default rate		3.0-17.9			6.6
		Loss severity		39.2 -58.9			5.0
Trust preferred securities	Discounted cash flow	Default rate		0.0 -100.0	%		5.0	%
		Loss severity		0.0-100.0			27.0

Schedule Of Gains And Losses From Fair Value Changes


		Gains (Losses) on Change in Fair Value
Reported in	Reported in	Three Months Ended
Consolidated Statements	Consolidated Statements	March 31,
of Financial Condition	of Income	2012			2011
		(in thousands)
Assets:
Available for sale securities	Net impairment losses on securities	$	—		$	(825	)
Trading securities	Trading (losses) gains, net		252			493
Loans held for sale	Gains on sales of loans, net		3,166			3,609
Liabilities:
Junior subordinated debentures issued to capital trusts	Trading (losses) gains, net		(1,240	)		2,889

		$	2,178		$	6,166

Carrying Amounts And Estimated Fair Values Of Financial Instruments


		March 31, 2012				December 31, 2011
	Fair Value Hierarchy	Carrying Amount		Fair Value		Carrying Amount		Fair Value
		(in thousands)
Financial assets
Cash and due from banks	Level 1	$	466,616	$	466,616	$	372,566	$	372,566
Interest bearing deposits with banks	Level 1		34,219		34,219		6,483		6,483
Investment securities held to maturity:
U.S. Treasury securities	Level 1		99,982		110,564		100,018		113,859
Obligations of states and political subdivisions	Level 2		442,551		460,131		433,284		453,201
Residential mortgage-backed securities	Level 2		1,090,434		1,133,217		1,180,104		1,230,993
Trust preferred securities	Level 2		193,298		180,521		193,312		174,753
Corporate and other debt securities	Level 2		52,197		56,011		52,198		54,391

Total investment securities held to maturity			1,878,462		1,940,444		1,958,916		2,027,197

Net loans	Level 3		11,016,652		10,974,970		9,665,839		9,645,517
Accrued interest receivable	Level 1		57,349		57,349		52,527		52,527
Federal Reserve Bank and Federal Home Loan Bank stock⁽¹⁾	Level 1		141,815		141,815		129,669		129,669
Financial liabilities
Deposits without stated maturities	Level 1		8,246,548		8,246,548		7,171,718		7,171,718
Deposits with stated maturities	Level 2		2,710,636		2,767,444		2,501,384		2,557,119
Short-term borrowings	Level 1		410,749		410,757		212,849		215,179
Long-term borrowings	Level 2		2,724,731		3,103,096		2,726,099		3,154,150
Junior subordinated debentures issued to capital trusts	Level 2		40,805		42,492		25,120		25,620
Accrued interest payable⁽²⁾	Level 1		4,026		4,026		3,798		3,798

(1)	Included in other assets.

(2)	Included in accrued expenses and other liabilities.

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income, and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issuances, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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- Definition

Tabular disclosure of the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments, assets, and liabilities. Such certain disclosures about the financial instruments, assets, and liabilities include: (1) the fair value of the required items together with their carrying amounts (as appropriate) and (2) the methodology and assumptions used in developing such estimates of fair value.

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