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Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2013

Fair Value Measurements

Assets and liabilities measured at fair value on a recurring basis

					Fair Value Measurements at Reporting Date Using
					(in thousands)
					Quoted Prices
		Assets/Liabilities			in Active
		Measured at Fair			Markets for			Significant Other			Significant
		Value			Identical			Observable			Unobservable
		September 30,			Assets			Inputs			Inputs
		2013			(Level 1)			(Level 2)			(Level 3)
Measured on a recurring basis:
Assets:
Available for sale securities
Residential mortgage-backed securities		$	5,172,186		$	—		$	5,143,187		$	28,999
States and political subdivisions		247,731			—			247,731			—
Other		28,833			28,833			—			—
Total		$	5,448,750		$	28,833		$	5,390,918		$	28,999

					Fair Value Measurements at Reporting Date Using
					(in thousands)
					Quoted Prices
					in Active
		Assets/Liabilities			Markets for			Significant Other			Significant
		Measured at Fair			Identical			Observable			Unobservable
		Value			Assets			Inputs			Inputs
		December 31, 2012			(Level 1)			(Level 2)			(Level 3)
Measured on a recurring basis:
Assets:
Available for sale securities
Residential mortgage-backed securities		$	5,265,204		$	—		$	5,232,344		$	32,860
States and political subdivisions		238,675			—			238,675			—
Other		21,136			21,136			—			—
Total		$	5,525,015		$	21,136		$	5,471,019		$	32,860

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, 2012		$	32,860
Principal paydowns		(3,833		)
Total unrealized gains (losses) included in:
Other comprehensive loss		1,272
Impairment realized in earnings		(1,300		)
Balance at September 30, 2013		$	28,999

Assets measured at fair value on a non-recurring basis

Fair Value Measurements at Reporting Date Using

(in thousands)

Quoted

Net Provision

Prices in

During

Assets/Liabilities

Active

Significant

Period

Measured at Fair

Markets for

Other

Significant

Nine Months

Value

Identical

Observable

Unobservable

ended

September 30,

Assets

Inputs

Inputs

September 30,

2013

(Level 1)

(Level 2)

(Level 3)

2013

Measured on a non-recurring basis:

Assets:

Impaired loans

$

29,159

$

—

$

—

$

29,159

$

11,048

Other real estate owned

11,656

—

—

11,656

478

Fair Value Measurements at Reporting Date Using

(in thousands)

Net

Quoted

Provision

Prices in

During

Assets/Liabilities

Active

Significant

Period

Measured at Fair

Markets for

Other

Significant

Twelve

Value

Identical

Observable

Unobservable

Months ended

December 31,

Assets

Inputs

Inputs

December 31,

2012

(Level 1)

(Level 2)

(Level 3)

2012

Measured on a non-recurring basis:

Assets:

Impaired loans

$

11,981

$

—

$

—

$

11,981

$

295

Other real estate owned

18,749

—

—

18,749

—

X

- Definition

Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3).

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 820

-SubTopic 10

-Section 50

-Paragraph 5

-URI http://asc.fasb.org/extlink&oid=25499696&loc=d3e19296-110258

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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 (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.

+ References

Reference 1: 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=25499696&loc=d3e19279-110258



Reference 2: 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=25499696&loc=d3e19207-110258

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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

-Publisher FASB

-Name Accounting Standards Codification

-Topic 820

-SubTopic 10

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=25499696&loc=d3e19190-110258

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