Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2012

Balances Of Assets And Liabilities Measured At Fair Value On A Recurring Basis

		$365,849		$365,849		$365,849		$365,849
	Level 1		Level 2		Level 3		Total
March 31, 2012
Assets measured at fair value:
Available for sale debt securities:
U.S. Treasury and other U.S. government agencies and corporations	$	—	$	365,849	$	—	$	365,849
Residential mortgage-backed securities:
Agency mortgage-backed securities		—		342,654		—		342,654
Agency collateralized mortgage obligations		—		302,330		—		302,330
Non-agency collateralized mortgage obligations		—		29		3,813		3,842
States of the U.S. and political subdivisions		—		34,891		—		34,891
Collateralized debt obligations		—		—		22,805		22,805
Other debt securities		—		16,537		6,485		23,022

		—		1,062,290		33,103		1,095,393

Available for sale equity securities:
Fixed income mutual fund		500		—		—		500
Financial services industry		399		1,025		446		1,870
Insurance services industry		38		—		—		38

		937		1,025		446		2,408

		937		1,063,315		33,549		1,097,801
Derivative financial instruments		—		48,813		—		48,813

	$	937	$	1,112,128	$	33,549	$	1,146,614

Liabilities measured at fair value:
Derivative financial instruments		—	$	49,093		—	$	49,093

		—	$	49,093		—	$	49,093

		$000,000		$000,000		$000,000		$000,000
December 31, 2011
Assets measured at fair value:
Available for sale debt securities:
U.S. Treasury and other U.S. government agencies and corporations	$	—	$	231,829	$	—	$	231,829
Residential mortgage-backed securities:
Agency mortgage-backed securities		—		171,611		—		171,611
Agency collateralized mortgage obligations		—		183,729		—		183,729
Non-agency collateralized mortgage obligations		—		30		—		30
States of the U.S. and political subdivisions		—		40,350		—		40,350
Collateralized debt obligations		—		—		5,998		5,998
Other debt securities		—		—		5,197		5,197

		—		627,549		11,195		638,744

Available for sale equity securities:
Financial services industry		378		1,004		408		1,790
Insurance services industry		37		—		—		37

		415		1,004		408		1,827

		415		628,553		11,603		640,571
Derivative financial instruments		—		52,857		—		52,857

	$	415	$	681,410	$	11,603	$	693,428

Liabilities measured at fair value:
Derivative financial instruments		—	$	52,904		—	$	52,904

		—	$	52,904		—	$	52,904

Additional Information About Assets Measured At Fair Value On A Recurring Basis


	Pooled Trust Preferred Collateralized Debt Obligations			Other Debt Securities		Equity Securities		Residential Non-Agency Collateralized Mortgage Obligations			Total
Three Months Ended March 31, 2012
Balance at beginning of period	$	5,998		$	5,197	$	408	$	—		$	11,603
Total gains (losses) – realized/unrealized:
Included in earnings		—			—		—		—			—
Included in other comprehensive income		(130	)		331		38		(42	)		197
Accretion included in earnings		717			3		—		8			728
Purchases, issuances, sales and settlements:
Purchases in Parkvale acquisition		16,569			954		—		4,306			21,829
Issuances		—			—		—		—			—
Sales/redemptions		—			—		—		—			—
Settlements		(349	)		—		—		(459	)		(808	)
Transfers from Level 3		—			—		—		—			—
Transfers into Level 3		—			—		—		—			—

Balance at end of period	$	22,805		$	6,485	$	446	$	3,813		$	33,549


	Pooled Trust Preferred Collateralized Debt Obligations			Other Debt Securities			Equity Securities		Residential Non-Agency Collateralized Mortgage Obligations		Total
Year Ended December 31, 2011
Balance at beginning of period	$	5,974		$	11,245		$	375	$	—	$	17,594
Total gains (losses) – realized/unrealized:
Included in earnings		(37	)		(48	)		—		—		(85	)
Included in other comprehensive income		61			94			33		—		188
Accretion included in earnings		—			—			—		—		—
Purchases, issuances, sales and settlements:
Purchases		—			—			—		—		—
Issuances		—			—			—		—		—
Sales/redemptions		—			(6,094	)		—		—		(6,094	)
Settlements		—			—			—		—		—
Transfers from Level 3		—			—			—		—		—
Transfers into Level 3		—			—			—		—		—

Balance at end of period	$	5,998		$	5,197		$	408	$	—	$	11,603

Hierarchy Level And The Fair Value Of The Related Assets Or Portfolios


	Level 1		Level 2		Level 3		Total
March 31, 2012
Impaired loans	$	—	$	2,208	$	4,251	$	6,459
Other real estate owned		—		2,031		275		2,306

December 31, 2011
Impaired loans		—		5,034		12,293		17,327
Other real estate owned		—		3,118		16,261		19,379

Estimated Fair Values Of The Corporation's Financial Instruments


					Fair Value Measurements
	Carrying Amount		Fair Value		Level 1		Level 2		Level 3
March 31, 2012
Financial Assets
Cash and cash equivalents	$	264,722	$	264,722	$	264,722	$	—	$	—
Securities available for sale		1,097,801		1,097,801		937		1,063,315		33,549
Securities held to maturity		1,178,558		1,212,826		—		1,191,692		21,134
Net loans, including loans held for sale		7,712,317		7,608,501		—		—		7,608,501
Bank owned life insurance		236,753		236,753		236,753		—		—
Accrued interest receivable		30,307		30,307		30,307		—		—

Financial Liabilities
Deposits		9,055,154		9,100,600		6,286,088		2,814,512		—
Short-term borrowings		877,828		877,828		877,828		—		—
Long-term debt		90,308		92,889		—		—		92,889
Junior subordinated debt		203,980		172,540		—		—		172,540
Accrued interest payable		10,522		10,522		10,522		—		—

December 31, 2011
Financial Assets
Cash and cash equivalents	$	208,953	$	208,953
Securities available for sale		640,571		640,571
Securities held to maturity		917,212		952,033
Net loans, including loans held for sale		6,770,280		6,829,830
Bank owned life insurance		208,927		208,927
Accrued interest receivable		25,930		25,930

Financial Liabilities
Deposits		7,289,768		7,315,948
Short-term borrowings		851,294		851,294
Long-term debt		88,016		90,632
Junior subordinated debt		203,967		167,608
Accrued interest payable		6,305		6,305

- Definition

Tabular disclosure of assets and liabilities by class, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). The disclosures that may be required or desired include: (a) the fair value measurements recorded during the period and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets or liabilities (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). Where the quoted price in an active market for the identical liability is not available, the Level 1 input is the quoted price of an identical liability when traded as an asset.

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- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income, and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issuances, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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- Definition

Tabular disclosure of the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments, assets, and liabilities. Such certain disclosures about the financial instruments, assets, and liabilities include: (1) the fair value of the required items together with their carrying amounts (as appropriate) and (2) the methodology and assumptions used in developing such estimates of fair value.

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- Definition

Tabular disclosure of the fair value measurement of assets and liabilities which includes [financial] instruments measured at fair value that are classified in stockholders' equity. Such assets and liabilities may be measured on a recurring or nonrecurring basis. The disclosures which may be required or desired include: (1) for assets and liabilities measured on a recurring basis, disclosure may include: (a) the fair value measurements at the reporting date; (b) the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets or liabilities (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3); (c) for fair value measurements using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (i) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (ii) purchases, sales, issuances, and settlements (net); (iii) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs); (d) the amount of the total gains or losses for the period in subparagraph (c) (i) above included in earnings (or changes in net assets) that are attributable to the change in unrealized gains or losses relating to those assets and liabilities still held at the reporting date and a description of where those unrealized gains or losses are reported in the statement of income (or activities); (e) the valuation technique(s) used to measure fair value and a discussion of changes in valuation techniques, if any, during the period and (2) for assets and liabilities that are measured at fair value on a nonrecurring basis (for example, impaired assets) disclosure may include, in addition to (a) above: (a) the reasons for the fair value measurements recorded; (b) the same as (b) above; (c) for fair value measurements using significant unobservable inputs (Level 3), a description of the inputs and the information used to develop the inputs; and (d) the valuation technique(s) used to measure fair value and a discussion of changes, if any, in the valuation technique(s) used to measure similar assets and/or liabilities in prior periods. Where the quoted price in an active market for the identical liability is not available, the Level 1 input is the quoted price of an identical liability when traded as an asset.

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