Fair Value (Tables)

9 Months Ended

Sep. 30, 2013

Fair Value Disclosures [Abstract]

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, 2013
	Level 1		Level 2		Total
Assets
Available for sale debt securities:
U.S. Treasury and government agency securities	$	620	$	—	$	620
Municipal obligations		—		43,648		43,648
Corporate debt securities		3,500		—		3,500
Mortgage-backed securities		—		1,359,970		1,359,970
Collateralized mortgage obligations		—		45,032		45,032
Equity securities		5,350		—		5,350
Total available-for-sale securities		9,470		1,448,650		1,458,120
Derivative assets (1)		—		16,062		16,062
Total recurring fair value measurements - assets	$	9,470	$	1,464,712	$	1,474,182
Liabilities
Derivative liabilities (1)	$	—	$	15,929	$	15,929
Total recurring fair value measurements - liabilities	$	—	$	15,929	$	15,929

(1) For further disaggregation of derivative assets and liabilities, see Note 5 - Derivatives.

	December 31, 2012
	Level 1		Level 2		Total
Assets
Available for sale debt securities:
U.S. Treasury and government agency securities	$	18,265	$	—	$	18,265
Municipal obligations		—		50,165		50,165
Corporate debt securities		2,250		—		2,250
Mortgage-backed securities		—		1,774,406		1,774,406
Collateralized mortgage obligations		—		198,077		198,077
Equity securities		5,279		—		5,279
Total available-for-sale securities		25,794		2,022,648		2,048,442
Derivative assets (1)		—		20,093		20,093
Total recurring fair value measurements - assets	$	25,794	$	2,042,741	$	2,068,535
Liabilities
Derivative liabilities (1)	$	—	$	21,100	$	21,100
Total recurring fair value measurements - liabilities	$	—	$	21,100	$	21,100

(1) For further disaggregation of derivative assets and liabilities, see Note 5 - Derivatives.

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, 2013
	Level 1		Level 2		Level 3		Total
Collateral-dependent impaired loans	$	—	$	27,981	$	—	$	27,981
Other real estate owned		—		—		21,148		21,148
Total nonrecurring fair value measurements	$	—	$	27,981	$	21,148	$	49,129
	December 31, 2012
	Level 1		Level 2		Level 3		Total
Collateral-dependent impaired loans	$	—	$	72,694	$	—	$	72,694
Other real estate owned		—		—		43,803		43,803
Total nonrecurring fair value measurements	$	—	$	72,694	$	43,803	$	116,497

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, 2013 and December 31, 2012 (in thousands):

	September 30, 2013
							Total		Carrying
	Level 1		Level 2		Level 3		Fair Value		Amount
Financial assets:
Cash, interest-bearing bank deposits, and federal funds sold	$	888,005	$	—	$	—	$	888,005	$	888,005
Available for sale securities		9,470		1,448,650		—		1,458,120		1,458,120
Held to maturity securities		100,688		2,553,179		—		2,653,867		2,666,082
Loans, net		—		27,981		11,528,860		11,556,841		11,596,250
Loans held for sale		—		18,444		—		18,444		18,444
Accrued interest receivable		42,039		—		—		42,039		42,039
Derivative financial instruments		—		16,062		—		16,062		16,062
Financial liabilities:
Deposits	$	—	$	—	$	15,017,314	$	15,017,314	$	15,054,871
Federal funds purchased		22,193		—		—		22,193		22,193
Securities sold under agreements to repurchase		760,586		—		—		760,586		760,586
Long-term debt		—		384,239		—		384,239		376,664
Accrued interest payable		5,694		—		—		5,694		5,694
Derivative financial instruments		—		15,929		—		15,929		15,929

	December 31, 2012
							Total		Carrying
	Level 1		Level 2		Level 3		Fair Value		Amount
Financial assets:
Cash, interest-bearing bank deposits, and federal funds sold	$	1,948,679	$	—	$	—	$	1,948,679	$	1,948,679
Available for sale securities		25,794		2,022,648		—		2,048,442		2,048,442
Held to maturity securities		—		1,710,465		—		1,710,465		1,668,018
Loans, net		—		72,694		11,494,409		11,567,103		11,441,631
Loans held for sale		—		50,605		—		50,605		50,605
Accrued interest receivable		45,616		—		—		45,616		45,616
Derivative financial instruments		—		20,093		—		20,093		20,093
Financial liabilities:
Deposits	$	—	$	—	$	15,757,044	$	15,757,044	$	15,744,188
Federal funds purchased		25,704		—		—		25,704		25,704
Securities sold under agreements to repurchase		613,429		—		—		613,429		613,429
Long-term debt		—		410,791		—		410,791		396,589
Accrued interest payable		4,814		—		—		4,814		4,814
Derivative financial instruments		—		21,100		—		21,100		21,100