FAIR VALUE MEASUREMENTS (Tables)

3 Months Ended

Mar. 31, 2014

Balances of Assets and Liabilities Measured at Fair Value on Recurring Basis

The following table presents the balances of assets and liabilities measured at fair value on a recurring basis:


	Level 1		Level 2		Level 3		Total
March 31, 2014
Assets measured at fair value
Available for sale debt securities:
U.S. government-sponsored entities	$	—	$	264,681	$	—	$	264,681
Residential mortgage-backed securities
Agency mortgage-backed securities		—		355,941		—		355,941
Agency collateralized mortgage obligations		—		609,752		—		609,752
Non-agency collateralized mortgage obligations		—		16		1,663		1,679
Commercial mortgage-backed securities		—		9,129		—		9,129
States of the U.S. and political subdivisions		—		14,505		—		14,505
Other debt securities		—		16,240		—		16,240

		—		1,270,264		1,663		1,271,927

Available for sale equity securities:
Financial services industry		558		1,106		414		2,078
Insurance services industry		65		—		—		65

		623		1,106		414		2,143

		623		1,271,370		2,077		1,274,070
Derivative financial instruments:
Trading		—		33,173		—		33,173
Not for trading		—		119		—		119

		—		33,292		—		33,292

	$	623	$	1,304,662	$	2,077	$	1,307,362

Liabilities measured at fair value
Derivative financial instruments:
Trading		—	$	33,105		—	$	33,105
Not for trading		—		7,060		—		7,060

		—	$	40,165		—	$	40,165


	Level 1		Level 2		Level 3		Total
December 31, 2013
Assets measured at fair value
Available for sale debt securities:
U.S. government-sponsored entities	$	—	$	330,985	$	—	$	330,985
Residential mortgage-backed securities
Agency mortgage-backed securities		—		250,881		—		250,881
Agency collateralized mortgage obligations		—		491,199		—		491,199
Non-agency collateralized mortgage obligations		—		18		1,744		1,762
States of the U.S. and political subdivisions		—		17,002		—		17,002
Collateralized debt obligations		—		—		31,595		31,595
Other debt securities		—		16,100		—		16,100

		—		1,106,185		33,339		1,139,524

Available for sale equity securities:
Financial services industry		584		1,067		410		2,061
Insurance services industry		65		—		—		65

		649		1,067		410		2,126

		649		1,107,252		33,749		1,141,650
Derivative financial instruments:
Trading		—		33,317		—		33,317
Not for trading		—		—		—		—

		—		33,317		—		33,317

	$	649	$	1,140,569	$	33,749	$	1,174,967

Liabilities measured at fair value
Derivative financial instruments:
Trading		—	$	33,236		—	$	33,236
Not for trading		—		10,133		—		10,133

		—	$	43,369		—	$	43,369

Additional Information about Assets Measured at Fair Value on Recurring Basis

The following table presents additional information about assets measured at fair value on a recurring basis and for which the Corporation has utilized Level 3 inputs to determine fair value:


	Pooled Trust Preferred Collateralized Debt Obligations			Other Debt Securities			Equity Securities			Residential Non-Agency Collateralized Mortgage Obligations			Total
Three Months Ended March 31, 2014
Balance at beginning of period	$	31,595			—		$	410		$	1,744		$	33,749
Total gains (losses) – realized/unrealized:
Included in earnings		13,766			—			—			—			13,766
Included in other comprehensive income		5,608			—			4			4			5,616
Accretion included in earnings		657			—			—			1			658
Purchases, issuances, sales and settlements:
Purchases		—			—			—			—			—
Issuances		—			—			—			—			—
Sales/redemptions		(51,527	)		—			—			—			(51,527	)
Settlements		(99	)		—			—			(86	)		(185	)
Transfers from Level 3		—			—			—			—			—
Transfers into Level 3		—			—			—			—			—

Balance at end of period	$	—			—		$	414		$	1,663		$	2,077

Year Ended December 31, 2013
Balance at beginning of period	$	22,456		$	6,892		$	512		$	2,705		$	32,565
Total gains (losses) – realized/unrealized:
Included in earnings		—			78			—			—			78
Included in other comprehensive income		6,701			21			18			(35	)		6,705
Accretion included in earnings		3,160			4			—			12			3,176
Purchases, issuances, sales and settlements:
Purchases		—			—			—			—			—
Issuances		38			—			—			—			38
Sales/redemptions		—			(1,033	)		—			—			(1,033	)
Settlements		(760	)		—			—			(938	)		(1,698	)
Transfers from Level 3		—			(5,962	)		(120	)		—			(6,082	)
Transfers into Level 3		—			—			—			—			—

Balance at end of period	$	31,595		$	—		$	410		$	1,744		$	33,749

Additional Information about Assets Measured at Fair Value on Non-Recurring Basis

For assets measured at fair value on a non-recurring basis still held at the balance sheet date, the following table provides the hierarchy level and the fair value of the related assets or portfolios:


	Level 1		Level 2		Level 3		Total
March 31, 2014
Impaired loans		—	$	9,422	$	—	$	9,422
Other real estate owned		—		1,373		3,286		4,659
December 31, 2013
Impaired loans		—	$	3,235	$	59	$	3,294
Other real estate owned		—		4,485		14,957		19,442

Fair Values of Corporation's Financial Instruments

The fair values of the Corporation’s financial instruments are as follows:


	Carrying		Fair		Fair Value Measurements
	Amount		Value		Level 1		Level 2		Level 3
March 31, 2014
Financial Assets
Cash and cash equivalents	$	246,253	$	246,253	$	246,253	$	—	$	—
Securities available for sale		1,274,070		1,274,070		623		1,271,370		2,077
Securities held to maturity		1,420,446		1,418,994		—		1,412,618		6,376
Net loans, including loans held for sale		9,834,857		9,668,159		—		—		9,668,159
Bank owned life insurance		307,872		312,290		312,290		—		—
Derivative assets		33,292		33,292		—		33,292		—
Accrued interest receivable		37,199		37,199		37,199		—		—
Financial Liabilities
Deposits		10,938,736		10,948,821		8,161,249		2,787,572		—
Short-term borrowings		1,216,624		1,216,624		1,216,624		—		—
Long-term debt		235,752		238,381		—		—		238,381
Junior subordinated debt		68,517		69,465		—		—		69,465
Derivative liabilities		40,165		40,165		—		40,165		—
Accrued interest payable		6,539		6,539		6,539		—		—
December 31, 2013
Financial Assets
Cash and cash equivalents	$	213,981	$	213,981	$	213,981	$	—	$	—
Securities available for sale		1,141,650		1,141,650		649		1,107,252		33,749
Securities held to maturity		1,199,169		1,189,563		—		1,182,671		6,892
Net loans, including loans held for sale		9,402,448		9,243,780		—		—		9,243,780
Bank owned life insurance		289,402		292,694		292,694		—		—
Derivative assets		33,317		33,317		—		33,317		—
Accrued interest receivable		35,520		35,520		35,520		—		—
Financial Liabilities
Deposits		10,198,232		10,208,268		7,592,159		2,616,109		—
Short-term borrowings		1,241,239		1,241,239		1,241,239		—		—
Long-term debt		143,928		145,995		—		—		145,995
Junior subordinated debt		75,205		70,442		—		—		70,442
Derivative liabilities		43,369		43,369		—		43,369		—
Accrued interest payable		7,061		7,061		7,061		—		—

- 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 (loss), 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, issues, 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, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

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