Fair Value (Tables)

9 Months Ended

Sep. 30, 2012

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

The following tables present for each of the fair value hierarchy levels the Company’s assets and liabilities that are measured at fair value (in thousands) on a recurring basis in the consolidated balance sheets.

	September 30, 2012
	(Level 1)		(Level 2)		Total
Assets
Available for sale debt securities:
U.S. Treasury and government agency securities	$	18,408	$	—	$	18,408
Municipal obligations		—		76,132		76,132
Corporate debt securities		3,750		—		3,750
Mortgage-backed securities		—		1,904,520		1,904,520
Collateralized mortgage obligations		—		200,696		200,696
Equity securities		5,283		—		5,283
Total available-for-sale securities		27,441		2,181,348		2,208,789
Derivatives
Interest rate contracts - assets		—		21,198		21,198
Total recurring fair value measurements - assets	$	27,441	$	2,202,546	$	2,229,987
Liabilities
Derivatives
Interest rate contracts - liabilities	$	—	$	22,423	$	22,423
Total recurring fair value measurements - liabilities	$	—	$	22,423	$	22,423

	December 31, 2011
	(Level 1)		(Level 2)		Total
Assets
Available for sale debt securities:
U.S. Treasury and government agency securities	$	250,067	$	—	$	250,067
Municipal obligations		—		309,665		309,665
Corporate debt securities		4,494		—		4,494
Mortgage-backed securities		—		2,480,345		2,480,345
Collateralized mortgage obligations		—		1,446,076		1,446,076
Equity securities		6,253		—		6,253
Total available-for-sale securities		260,814		4,236,086		4,496,900
Derivatives
Interest rate contracts - assets		—		14,952		14,952
Total recurring fair value measurements - assets	$	260,814	$	4,251,038	$	4,511,852
Liabilities
Derivatives
Interest rate contracts - liabilities	$	—	$	15,643	$	15,643
Total recurring fair value measurements - liabilities	$	—	$	15,643	$	15,643

Schedule of Financial Assets Measured at Fair Value on Nonrecurring Basis

The following tables present for each of the fair value hierarchy levels the Company’s financial assets that are measured at fair value (in thousands) on a nonrecurring basis.

	September 30, 2012
	(Level 1)		(Level 2)		Total
Collateral dependent impaired loans	$	—	$	77,259	$	77,259
Other real estate owned		—		130,046		130,046
Total nonrecurring fair value measurements	$	—	$	207,305	$	207,305
	December 31, 2011
	(Level 1)		(Level 2)		Total
Collateral dependent impaired loans	$	—	$	55,252	$	55,252
Other real estate owned		—		144,367		144,367
Total nonrecurring fair value measurements	$	—	$	199,619	$	199,619

Schedule of Estimated Fair Values of Financial Instruments

The following tables present the estimated fair values of the Company’s financial instruments by fair value hierarchy levels and the corresponding carrying amount at September 30, 2012 and December 31, 2011 (in thousands):

	September 30, 2012
							Total		Carrying
	(Level 1)		(Level 2)		(Level 3)		Fair Value		Amount
Financial assets:
Cash, interest-bearing bank deposits, and federal funds sold	$	734,680	$	—	$	—	$	734,680	$	734,680
Available for sale securities		27,441		2,181,348		—		2,208,789		2,208,789
Held to maturity securities		—		1,889,136		—		1,889,136		1,844,482
Loans, net		—		77,259		11,484,291		11,561,550		11,298,857
Loans held for sale		—		50,389		—		50,389		50,389
Accrued interest receivable		47,607		—		—		47,607		47,607
Derivative financial instruments		—		21,198		—		21,198		21,198
Financial liabilities:
Deposits	$	—	$	—	$	14,789,902	$	14,789,902	$	14,772,951
Federal funds purchased		29,521		—		—		29,521		29,521
Securities sold under agreements to repurchase		719,113		—		—		719,113		719,113
Long-term debt		—		333,371		—		333,371		308,327
Accrued interest payable		6,526		—		—		6,526		6,526
Derivative financial instruments		—		22,423		—		22,423		22,423

	December 31, 2011
							Total		Carrying
	(Level 1)		(Level 2)		(Level 3)		Fair Value		Amount
Financial assets:
Cash, interest-bearing bank deposits, and federal funds sold	$	1,622,366	$	—	$	—		1,622,366	$	1,622,366
Available for sale securities		260,814		4,236,086		—		4,496,900		4,496,900
Loans, net		—		55,252		11,134,410		11,189,662		11,052,144
Loans held for sale		—		72,378		—		72,378		72,378
Accrued interest receivable		53,973		—		—		53,973		53,973
Derivative financial instruments		—		14,952		—		14,952		14,952
Financial liabilities:
Deposits	$	—	$	—	$	15,737,667	$	15,737,667	$	15,713,579
Federal funds purchased		16,819		—		—		16,819		16,819
Securities sold under agreements to repurchase		1,027,635		—		—		1,027,635		1,027,635
Long-term debt		—		365,421		—		365,421		353,890
Accrued interest payable		8,284		—		—		8,284		8,284
Derivative financial instruments		—		15,643		—		15,643		15,643