Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2013

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, 2013 and December 31, 2012, 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, 2013
Securities available for sale:
U.S. Treasury	$	3,042,723	$	—	$	—	$	3,042,723
Residential mortgage-backed securities		—		2,075,573		—		2,075,573
States and political subdivisions		—		879,175		—		879,175
Other		—		35,899		—		35,899
Trading account securities:
U.S. Treasury		14,489		—		—		14,489
States and political subdivisions		—		2,288		—		2,288
Derivative assets:
Interest rate swaps, caps and floors		—		48,677		236		48,913
Commodity swaps and options		—		6,655		—		6,655
Foreign currency forward contracts		590		—		—		590
Derivative liabilities:
Interest rate swaps, caps and floors		—		55,075		—		55,075
Commodity swaps and options		—		6,433		—		6,433
Foreign currency forward contracts		567		—		—		567


	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total Fair Value
December 31, 2012
Securities available for sale:
U.S. Treasury	$	3,057,921	$	—	$	—	$	3,057,921
Residential mortgage-backed securities		—		2,518,003		—		2,518,003
States and political subdivisions		—		591,483		—		591,483
Other		—		35,892		—		35,892
Trading account securities:
U.S. Treasury		14,038		—		—		14,038
States and political subdivisions		—		16,036		—		16,036
Derivative assets:
Interest rate swaps, caps and floors		—		60,535		355		60,890
Commodity swaps and options		—		3,867		—		3,867
Foreign currency forward contracts		3		—		—		3
Derivative liabilities:
Interest rate swaps, caps and floors		—		72,557		—		72,557
Commodity swaps and options		—		3,772		—		3,772

Impaired Loans Remeasured and Reported at Fair Value of Underlying Collateral

The following table presents impaired loans that were remeasured and reported at fair value through a specific valuation allowance allocation of the allowance for loan losses based upon the fair value of the underlying collateral during the reported periods.


	Six Months Ended June 30, 2013				Six Months Ended June 30, 2012
	Level 2		Level 3		Level 2			Level 3
Carrying value of impaired loans before allocations	$	—	$	—	$	11,078		$	—
Specific valuation allowance allocations		—		—		(2,732	)		—

Fair value	$	—	$	—	$	8,346		$	—

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,
	2013			2012
Foreclosed assets remeasured at initial recognition:
Carrying value of foreclosed assets prior to remeasurement	$	3,489		$	5,856
Charge-offs recognized in the allowance for loan losses		(576	)		(1,159	)

Fair value	$	2,913		$	4,697

Foreclosed assets remeasured subsequent to initial recognition:
Carrying value of foreclosed assets prior to remeasurement	$	3,852		$	9,210
Write-downs included in other non-interest expense		(657	)		(1,321	)

Fair value	$	3,195		$	7,889

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, 2013				December 31, 2012
	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Financial assets:
Level 2 inputs:
Cash and cash equivalents	$	2,901,355	$	2,901,355	$	3,524,979	$	3,524,979
Securities held to maturity		3,166,692		3,070,349		2,956,381		2,996,944
Cash surrender value of life insurance policies		139,704		139,704		138,005		138,005
Accrued interest receivable		95,334		95,334		82,529		82,529
Level 3 inputs:
Loans, net		9,139,143		9,262,790		9,119,395		9,212,159
Financial liabilities:
Level 2 inputs:
Deposits		19,078,219		19,078,952		19,497,366		19,498,518
Federal funds purchased and repurchase agreements		549,823		549,823		561,061		561,061
Junior subordinated deferrable interest debentures		123,712		123,712		123,712		123,712
Subordinated notes payable and other borrowings		100,000		90,185		100,007		89,596
Accrued interest payable		1,551		1,551		1,804		1,804

- Definition

Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

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