XML 45 R24.htm IDEA: XBRL DOCUMENT v2.4.0.6
Estimated Fair Values (Tables)
9 Months Ended
Sep. 30, 2012
Fair Value Disclosures [Abstract]  
Estimated Fair Values For Certain Financial Assets And Financial Liabilities
For all other financial assets and financial liabilities, the carrying value is a reasonable estimate of the fair value as of September 30, 2012, December 31, 2011, and September 30, 2011. The carrying value and fair value for these assets and liabilities are equivalent because they are relatively short term in nature and there is no interest rate or credit risk relating to them that would cause the fair value to differ from the carrying value.
 
 
September 30, 2012
 
December 31, 2011
 
September 30, 2011
Carrying value
 
Fair value
 
Carrying value
 
Fair value
 
Carrying value
 
Fair value
Cash and due from banks
$
606,107

 
$
606,107

 
$
590,801

 
$
590,801

 
$
539,337

 
$
539,337

Overnight investments
688,196

 
688,196

 
434,975

 
434,975

 
410,002

 
410,002

Investment securities available for sale
5,012,041

 
5,012,041

 
4,056,423

 
4,056,423

 
3,994,825

 
3,994,825

Investment securities held to maturity
1,459

 
1,583

 
1,822

 
1,980

 
1,943

 
2,108

Loans held for sale
78,610

 
80,357

 
92,539

 
93,235

 
78,178

 
78,178

Loans covered by loss share agreements, net of allowance for loan and lease losses
1,806,593

 
1,770,250

 
2,272,891

 
2,236,343

 
2,482,400

 
2,469,613

Loans and leases not covered by loss share agreements, net of allowance for loan and lease losses
11,269,183

 
11,127,286

 
11,400,754

 
11,312,900

 
11,424,392

 
11,329,623

Receivable from FDIC for loss share agreements (1)
243,893

 
50,382

 
539,511

 
446,172

 
607,907

 
500,745

Income earned not collected
51,565

 
51,565

 
42,216

 
42,216

 
43,886

 
43,886

Stock issued by:

 
 
 
 
 
 
 
 
 
 
Federal Home Loan Bank of Atlanta
38,105

 
38,105

 
41,042

 
41,042

 
43,302

 
43,302

Federal Home Loan Bank of San Francisco
11,140

 
11,140

 
12,976

 
12,976

 
13,605

 
13,605

Federal Home Loan Bank of Seattle
4,490

 
4,490

 
4,490

 
4,490

 
4,490

 
4,490

Preferred stock
20,320

 
20,345

 

 

 

 

Deposits
17,893,215

 
17,939,303

 
17,577,274

 
17,638,359

 
17,663,275

 
17,712,240

Short-term borrowings
677,773

 
677,773

 
615,222

 
615,222

 
600,384

 
600,384

Long-term obligations
472,170

 
503,369

 
687,599

 
719,999

 
744,839

 
774,799

Accrued interest payable
11,145

 
11,145

 
23,719

 
23,719

 
22,153

 
22,153

Interest rate swap
11,170

 
11,170

 
10,714

 
10,714

 
13,531

 
13,531


(1) The fair value of the receivable from FDIC for loss share agreements excludes receivable related to accretable yield in prospective periods.
Assets And Liabilities Carried At Fair Value On A Recurring Basis
For assets and liabilities carried at fair value on a recurring basis, the following table provides fair value information as of September 30, 2012December 31, 2011, and September 30, 2011:
 
 
 
 
Fair value measurements using:
Description
Fair value
 
Quoted prices in
active markets for
identical assets and
liabilities
(Level 1 inputs)
 
Quoted prices for
similar assets and
liabilities
(Level 2 inputs)
 
Significant
unobservable
inputs
(Level  3 inputs)
September 30, 2012
 
 
 
 
 
 
 
Assets measured at fair value
 
 
 
 
 
 
 
Investment securities available for sale
 
 
 
 
 
 
 
U.S. Treasury
$
872,790

 
$
872,790

 
$

 
$

Government agency
2,660,747

 
2,660,747

 

 

Corporate bonds
51,069

 
51,069

 

 

Residential mortgage-backed securities
1,407,771

 

 
1,407,771

 

Equity securities
19,056

 
19,056

 

 

State, county, municipal
608

 

 
608

 

Total
$
5,012,041

 
$
3,603,662

 
$
1,408,379

 
$

Liabilities measured at fair value
 
 
 
 
 
 
 
Interest rate swaps accounted for as cash flow hedges
$
11,170

 
$

 
$
11,170

 
$

December 31, 2011
 
 
 
 
 
 
 
Assets measured at fair value
 
 
 
 
 
 
 
Investment securities available for sale
 
 
 
 
 
 
 
U.S. Treasury
$
887,819

 
$
887,819

 
$

 
$

Government agency
2,592,209

 
2,592,209

 

 

Corporate bonds
252,820

 
252,820

 

 

Residential mortgage-backed securities
307,221

 

 
307,221

 

Equity securities
15,313

 
15,313

 

 

State, county, municipal
1,041

 

 
1,041

 

Total
$
4,056,423

 
$
3,748,161

 
$
308,262

 
$

Liabilities measured at fair value
 
 
 
 
 
 
 
Interest rate swaps accounted for as cash flow hedges
$
10,714

 
$

 
$
10,714

 
$

September 30, 2011
 
 
 
 
 
 
 
Assets measured at fair value
 
 
 
 
 
 
 
Investment securities available for sale
 
 
 
 
 
 
 
U.S. Treasury
$
987,934

 
$
987,934

 
$

 
$

Government agency
2,260,909

 
2,260,909

 

 

Corporate bonds
404,643

 
404,643

 

 

Residential mortgage-backed securities
324,192

 

 
324,192

 

Equity securities
16,104

 
16,104

 

 

State, county, municipal
1,043

 

 
1,043

 

Total
$
3,994,825

 
$
3,669,590

 
$
325,235

 
$

Liabilities measured at fair value
 
 
 
 
 
 
 
Interest rate swaps accounted for as cash flow hedges
$
13,531

 
$

 
$
13,531

 
$

Assets And Liabilities Carried At Fair Value On A Nonrecurring Basis
For financial assets and liabilities carried at fair value on a nonrecurring basis, the following table provides fair value information as of September 30, 2012December 31, 2011, and September 30, 2011:
 
 
 
 
Fair value measurements using:
Description
Fair value
 
Quoted prices in
active markets for
identical assets
and liabilities
(Level 1 inputs)
 
Quoted prices for
similar assets
and liabilities
(Level 2 inputs)
 
Significant
unobservable
inputs
(Level 3 inputs)
September 30, 2012
 
 
 
 
 
 
 
Loans held for sale
$
52,228

 
$

 
$
52,228

 
$

Impaired loans not covered by loss share agreements
30,828

 

 

 
30,828

December 31, 2011
 
 
 
 
 
 
 
Loans held for sale
63,470

 

 
63,470

 

Impaired loans not covered by loss share agreements
128,365

 

 

 
128,365

September 30, 2011
 
 
 
 
 
 
 
Loans held for sale
78,178

 

 
78,178

 

Impaired loans not covered by loss share agreements
81,661

 

 

 
81,661

Schedule of Fair Value Measurements Of Other Real Estate Opportunites
The following table provides information regarding OREO for the three- and nine-month periods ended September 30, 2012 and 2011.

 
Three Months Ended September 30
 
Nine Months Ended September 30
 
2012
 
2011
 
2012
 
2011
Current year foreclosures:
 
 
 
 
 
 
 
Covered under loss share agreements
$
28,187

 
$
28,101

 
$
89,817

 
$
92,245

Not covered under loss share agreements
8,763

 
16,590

 
27,546

 
30,226

Loan charge-offs recorded due to the measurement and initial recognition of OREO:
 
 
 
 
 
 
 
Covered under loss share agreements
1,965

 
7,447

 
10,316

 
7,447

Not covered under loss share agreements
1,498

 
1,385

 
2,086

 
2,053

Write-downs recorded subsequent to foreclosure for OREO:
 
 
 
 
 
 
 
Covered under loss share agreements
2,060

 
11,431

 
13,382

 
15,997

Not covered under loss share agreements
3,074

 
1,226

 
6,186

 
2,910

Fair value of OREO remeasured in current period:
 
 
 
 
 
 
 
Covered under loss share agreements
10,704

 
7,759

 
36,972

 
12,572

Not covered under loss share agreements
6,865

 
5,813

 
17,719

 
12,380