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Fair Value Measurements (Tables)
 3 Months Ended
Mar. 31, 2014
Fair Value Disclosures [Abstract]  
Schedule of assets and liabilities measured at fair value on a 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 valuation inputs within the fair value hierarchy used to measure fair value.

 

Recurring Fair Value Measurements                  
March 31, 2014                  
(in thousands)   Total     (Level 1)     (Level 2)     (Level 3)  
Trading securities                                
Obligations of U.S. Government sponsored entities   $ 8,104     $ 0     $ 8,104     $ 0  
Mortgage-backed securities – residential                                
U.S. Government sponsored entities     2,394       0       2,394       0  
Available-for-sale securities                                
Obligations of U.S. Government sponsored entities     546,399       0       546,399       0  
Obligations of U.S. states and political subdivisions     69,366       0       69,366       0  
Mortgage-backed securities – residential, issued by:                                
U.S. Government agencies     140,970       0       140,970       0  
U.S. Government sponsored entities     619,026       0       619,026       0  
Non-U.S. Government agencies or sponsored entities     302       0       302       0  
U.S. corporate debt securities     2,125       0       2,125       0  
Equity securities     1,414       0       0       1,414  
                                 
Borrowings                                
Other borrowings     11,228       0       11,228       0  

                                   

The change in the fair value of the $1.4 million of available-for-sale securities valued using significant unobservable inputs (level 3), between January 1, 2014 and March 31, 2014 was immaterial.  

 

Recurring Fair Value Measurements            
December 31, 2013            
(in thousands)   Total     (Level 1)     (Level 2)     (Level 3)  
Trading securities                                
Obligations of U.S. Government sponsored entities   $ 8,275     $ 0     $ 8,275     $ 0  
Mortgage-backed securities – residential                                
U.S. Government sponsored entities     2,716       0       2,716       0  
Available-for-sale securities             .                  
Obligations of U.S. Government sponsored entities     556,345       0       556,345       0  
Obligations of U.S. states and political subdivisions     67,962       0       67,962       0  
Mortgage-backed securities – residential, issued by:                                
U.S. Government agencies     146,678       0       146,678       0  
U.S. Government sponsored entities     577,472       0       577,472       0  
Non-U.S. Government agencies or sponsored entities     311       0       311       0  
U.S. corporate debt securities     4,633       0       4,633       0  
Equity securities     1,410       0       0       1,410  
                                 
Borrowings                                
Other borrowings     11,292       0       11,292       0  

 
Schedule of assets and liabilities measured at fair value on a non recurring basis
March 31, 2014              
       Fair value measurements at reporting  Gain (losses) from fair value 
       date using:  changes 
   As of   Quoted prices in active markets for identical assets    Significant other observable inputs   Significant unobservable inputs   Three months ended 
Assets:  03/31/2014   (Level 1)    (Level 2)   (Level 3)   03/31/2014 
Impaired Loans  $4,163   $ 0    $4,163   $0   $(185)
Other real estate owned   4,701     0     4,701    0    118 

 

March 31, 2013            
         Fair value measurements at reporting  Gain (losses) from fair value 
         date using:  changes 
   As of   Quoted prices in active markets for identical assets  Significant other observable inputs   Significant unobservable inputs   Three months ended 
Assets:  03/31/2013   (Level 1)  (Level 2)   (Level 3)   03/31/2013 
Impaired Loans $ 5,389   $ 0  $ 5,389   $ 0   $ 0 
Other real estate owned   1,166     0   1,166    0    (128)
Schedule of carrying amount and fair value of financial instruments

 

Estimated Fair Value of Financial Instruments  
March 31, 2014                              
(in thousands)   Carrying Amount     Fair Value     (Level 1)     (Level 2)     (Level 3)  
Financial Assets:                                        
                                         
Cash and cash equivalents   $ 98,299     $ 98,299     $ 98,299     $ 0     $ 0  
Securities - held to maturity     18,820       19,434       0       19,434       0  
FHLB stock     18,240       18,240       0       18,240       0  
Accrued interest receivable     16,655       16,655       0       16,655       0  
Loans/leases, net1     3,176,198       3,202,015       0       4,163       3,197,852  
                                         
Financial Liabilities:                                        
                                         
Time deposits   $ 898,884     $ 902,770     $ 0     $ 902,770     $ 0  
Other deposits     3,206,286       3,206,286       0       3,206,286       0  
Fed funds purchased and securities sold under agreements to repurchase     158,794       164,014       0       164,014       0  
Other borrowings     203,388       208,694       0       208,694       0  
Accrued interest payable     1,968       1,968       0       1,968       0  
Trust preferred debentures     37,211       41,924       0       41,924       0  

 

Estimated Fair Value of Financial Instruments
December 31, 2013                              
(in thousands)   Carrying Amount     Fair  Value     (Level 1)     (Level 2)     (Level 3)  
Financial Assets:                                        
                                         
Cash and cash equivalents   $ 82,884     $ 82,884     $ 82,884     $ 0     $ 0  
Securities - held to maturity     18,980       19,625       0       19,625       0  
FHLB and FRB stock     25,041       25,041       0       25,041       0  
Accrued interest receivable     16,586       16,586       0       16,586       0  
Loans/leases, net1     3,166,314       3,201,837       0       6,846       3,194,991  
                                         
Financial Liabilities:                                        
                                         
Time deposits   $ 865,702     $ 870,857     $ 0     $ 870,857     $ 0  
Other deposits     3,081,514       3,081,514       0       3,081,514       0  
Fed funds purchased and securities sold under agreements to repurchase     167,724       173,425       0       173,425       0  
Other borrowings     320,239       326,193       0       326,193       0  
Accrued interest payable     2,121       2,121       0       2,121       0  
Trust preferred debentures     37,169       41,673       0       41,673       0  

1Lease receivables, although excluded from the scope of ASC Topic 825, are included in the estimated fair value amounts at their carrying value.