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Fair Value (Tables) | 12 Months Ended
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Dec. 31, 2011
Fair Value |
Assets and liabilities measured at fair value on a recurring basis |
The following table represents assets and liabilities reported on the consolidated statements of condition at their fair value as of December 31, 2011 by level within the fair value measurement hierarchy.
|  |  |  | Fair Value Measurements at Reporting Date Using |
--- | --- | --- | --- | --- | ---
|  |  |  | (in thousands) |
|  | Assets/Liabilities Measured at Fair Value December 31, 2011 |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |
Measured on a recurring basis: |  |  |  |  |  |  |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |
Residential mortgage-backed securities |  |  |  |  |  |  |  |  |  |  |  |  |
Available-for-sale |  | $ | 4,969,263 |  | $ | — |  | $ | 4,929,658 |  | $ | 39,605 |
States and political subdivisions |  |  |  |  |  |  |  |  |  |  |  |  |
Available-for-sale |  |  | 224,761 |  |  | — |  |  | 224,761 |  |  | — |
Other |  |  |  |  |  |  |  |  |  |  |  |  |
Available-for-sale |  |  | 19,891 |  |  | 19,891 |  |  | — |  |  | — |
The following table represents assets and liabilities reported on the consolidated balance sheets at their fair value as of December 31, 2010 by level within the fair value measurement hierarchy.
|  |  |  | Fair Value Measurements at Reporting Date Using |
--- | --- | --- | --- | --- | ---
|  |  |  | (in thousands) |
|  | Assets/Liabilities Measured at Fair Value December 31, 2010 |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |
Measured on a recurring basis: |  |  |  |  |  |  |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities |  |  |  |  |  |  |  |  |  |  |  |  |
Available-for-sale |  | $ | 1,327 |  | $ | — |  | $ | 1,327 |  | $ | — |
Residential mortgage-backed securities |  |  |  |  |  |  |  |  |  |  |  |  |
Available-for-sale |  |  | 4,924,468 |  |  | — |  |  | 4,878,440 |  |  | 46,028 |
States and political subdivisions |  |  |  |  |  |  |  |  |  |  |  |  |
Available-for-sale |  |  | 145,997 |  |  | — |  |  | 145,997 |  |  | — |
Other |  |  |  |  |  |  |  |  |  |  |  |  |
Available-for-sale |  |  | 14,665 |  |  | 14,665 |  |  | — |  |  | — |
Reconciliation of activity for mortgage-backed securities on a net basis |
The following table presents a reconciliation of activity for such mortgage-backed securities on a net basis (Dollars in thousands):
Balance at December 31, 2010 |  | $ | 46,028 |
Principal paydowns |  |  | (5,420 | )
Total unrealized gains (losses) included in: |  |  |  |
Other comprehensive income |  |  | (26 | )
Net income |  |  | (977 | )
Balance at December 31, 2011 |  | $ | 39,605 |
Assets measured at fair value on a non-recurring basis |
|  |  |  | Fair Value Measurements at Reporting Date Using |  |  |
--- | --- | --- | --- | --- | --- | --- | ---
|  |  |  | (in thousands) |  |  |
|  | Assets/Liabilities Measured at Fair Value Year ended December 31, 2011 |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |  | Provision During Period |
Measured on a non-recurring basis: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Impaired loans |  | $ | 81,723 |  | $ | — |  | $ | — |  | $ | 81,723 |  | $ | 15,457 |
Other real estate owned |  |  | 34,631 |  |  | — |  |  | — |  |  | 34,631 |  |  | 9,509 |
|  |  |  | Fair Value Measurements at Reporting Date Using |  |  |
--- | --- | --- | --- | --- | --- | --- | ---
|  |  |  | (in thousands) |  |  |
|  | Assets/Liabilities Measured at Fair Value Year ended December 31, 2010 |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |  | Provision During Period |
Measured on a non-recurring basis: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Impaired loans |  | $ | 24,034 |  | $ | — |  | $ | — |  | $ | 24,034 |  | $ | (114 | )
Other real estate owned |  |  | 4,304 |  |  | — |  |  | — |  |  | 4,304 |  |  | 719 |

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- 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. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 157 -Paragraph 33 -Subparagraph a, b -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 5 -Subparagraph (a),(b) -URI http://asc.fasb.org/extlink&oid=6925170&loc=d3e19296-110258 + Details
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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. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 157 -Paragraph 32 -Subparagraph c -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6925170&loc=d3e19279-110258 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=6925170&loc=d3e19207-110258 + Details
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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by 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 (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Topic 820 -SubTopic 10 -Publisher FASB -Number -Article -Subparagraph -Name Accounting Standards Codification -Paragraph 1 -Section 50 -URI http://asc.fasb.org/extlink&oid=6925170&loc=d3e19190-110258 + Details
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