Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2014

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 March 31, 2014 and December 31, 2013, 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
March 31, 2014
Securities available for sale:
U.S. Treasury	$	1,838,758	$	—	$	—	$	1,838,758
Residential mortgage-backed securities	—		1,677,917		—		1,677,917
States and political subdivisions	—		1,929,800		—		1,929,800
Other	—		35,990		—		35,990
Trading account securities:
U.S. Treasury	15,489		—		—		15,489
States and political subdivisions	—		35		—		35
Derivative assets:
Interest rate swaps, caps and floors	—		42,803		44		42,847
Commodity swaps and options	—		13,119		—		13,119
Foreign currency forward contracts	289		—		—		289
Derivative liabilities:
Interest rate swaps, caps and floors	—		45,609		—		45,609
Commodity swaps and options	—		12,797		—		12,797
Foreign currency forward contracts	250		—		—		250



December 31, 2013
Securities available for sale:
U.S. Treasury	$	2,540,554	$	—	$	—	$	2,540,554
U. S. government agencies/corporations			53,980				53,980
Residential mortgage-backed securities	—		1,776,016		—		1,776,016
States and political subdivisions	—		1,488,914		—		1,488,914
Other	—		35,972		—		35,972
Trading account securities:
U.S. Treasury	15,389		—		—		15,389
States and political subdivisions	—		1,009		—		1,009
Derivative assets:
Interest rate swaps, caps and floors	—		44,520		174		44,694
Commodity swaps and options	—		10,026		—		10,026
Foreign currency forward contracts	135		—		—		135
Derivative liabilities:
Interest rate swaps, caps and floors	—		47,542		—		47,542
Commodity swaps and options	—		9,712		—		9,712
Foreign currency forward contracts	85		—		—		85

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:



	Three Months Ended March 31,
	2014			2013
Foreclosed assets remeasured at initial recognition:
Carrying value of foreclosed assets prior to remeasurement	$	2,198		$	415
Charge-offs recognized in the allowance for loan losses	(204		)	(141		)
Fair value	$	1,994		$	274
Foreclosed assets remeasured subsequent to initial recognition:
Carrying value of foreclosed assets prior to remeasurement	$	499		$	3,600
Write-downs included in other non-interest expense	(244		)	(565		)
Fair value	$	255		$	3,035

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:



	March 31, 2014				December 31, 2013
	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Financial assets:
Level 2 inputs:
Cash and cash equivalents	$	5,178,131	$	5,178,131	$	4,556,125	$	4,556,125
Securities held to maturity	3,082,082		3,045,459		3,139,748		3,029,663
Cash surrender value of life insurance policies	141,790		141,790		141,108		141,108
Accrued interest receivable	64,998		64,998		99,281		99,281
Level 3 inputs:
Loans, net	9,655,489		9,822,107		9,423,262		9,582,734
Financial liabilities:
Level 2 inputs:
Deposits	21,065,633		21,066,399		20,688,786		20,689,323
Federal funds purchased and repurchase agreements	515,235		515,235		668,253		668,253
Junior subordinated deferrable interest debentures	123,712		123,712		123,712		123,712
Subordinated notes payable and other borrowings	100,000		93,545		100,000		92,552
Accrued interest payable	1,176		1,176		1,300		1,300

- 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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