Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2015

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, 2015 and December 31, 2014, segregated by the level of valuation inputs within the fair value hierarchy used to measure fair value.

Recurring Fair Value Measurements
March 31, 2015
(in thousands)	Total		(Level 1)		(Level 2)		(Level 3)
Trading securities
Obligations of U.S. Government sponsored entities	$	7,240	$	0	$	7,240	$	0
Mortgage-backed securities – residential U.S. Government sponsored entities		1,365		0		1,365		0
Available-for-sale securities
Obligations of U.S. Government sponsored entities		583,304		0		583,304		0
Obligations of U.S. states and political subdivisions		73,573		0		73,573		0
Mortgage-backed securities – residential, issued by:
U.S. Government agencies		105,106		0		105,106		0
U.S. Government sponsored entities		684,564		0		684,564		0
Non-U.S. Government agencies or sponsored entities		262		0		262		0
U.S. corporate debt securities		2,162		0		2,162		0
Equity securities		955		0		0		955
Borrowings
Other borrowings		10,920		0		10,920		0

The change in the fair value of available-for-sale equity securities valued using significant unobservable inputs (level 3), between January 1, 2015 and March 31, 2015 was mainly due to the reclassification of $475,000 of securities from available-for-sale securities to other assets to reflect the nonmarketable nature of these securities.

Recurring Fair Value Measurements
December 31, 2014
(in thousands)	Total		(Level 1)		(Level 2)		(Level 3)
Trading securities
Obligations of U.S. Government sponsored entities	$	7,404	$	0	$	7,404	$	0
Mortgage-backed securities – residential U.S. Government sponsored entities		1,588		0		1,588		0
Available-for-sale securities		.
Obligations of U.S. Government sponsored entities		557,820		0		557,820		0
Obligations of U.S. states and political subdivisions		71,510		0		71,510		0
Mortgage-backed securities – residential, issued by:
U.S. Government agencies		109,926		0		109,926		0
U.S. Government sponsored entities		659,120		0		659,120		0
Non-U.S. Government agencies or sponsored entities		271		0		271		0
U.S. corporate debt securities		2,162		0		2,162		0
Equity securities		1,427		0		0		1,427
Borrowings
Other borrowings		10,961		0		10,961		0

Schedule of assets and liabilities measured at fair value on a non recurring basis

March 31, 2015
			Fair value measurements at reporting date using:						Gain (losses) from fair value changes
	As of		Quoted prices in active markets for identical assets		Significant other observable inputs		Significant unobservable inputs		Three months ended
Assets:	03/31/2015		(Level 1)		(Level 2)		(Level 3)		03/31/2015
Impaired Loans	$	2,881	$	0	$	2,881	$	0	$	(80	)
Other real estate owned		287		0		287		0		(68	)

	Fair value measurements at reporting date using:								Gain (losses) from fair value 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

Schedule of carrying amount and fair value of financial instruments

Estimated Fair Value of Financial Instruments
March 31, 2015
(in thousands)	Carrying Amount		Fair Value		(Level 1)		(Level 2)		(Level 3)
Financial Assets:
Cash and cash equivalents	$	63,996	$	63,996	$	63,996	$	0	$	0
Securities - held to maturity		97,066		99,258		0		99,258		0
FHLB stock		21,035		21,035		0		21,035		0
Accrued interest receivable		16,857		16,857		0		16,857		0
Loans/leases, net1		3,398,072		3,419,850		0		2,881		3,416,969
Financial Liabilities:
Time deposits	$	916,975	$	919,364	$	0	$	919,364	$	0
Other deposits		3,365,791		3,365,791		0		3,365,791		0
Fed funds purchased and securities sold under agreements to repurchase		135,769		139,020		0		139,020		0
Other borrowings		319,930		323,503		0		323,503		0
Trust preferred debentures		37,380		39,037		0		39,037		0
Accrued interest payable		1,941		1,941		0		1,941		0

Estimated Fair Value of Financial Instruments
December 31, 2014
(in thousands)	Carrying Amount		Fair Value		(Level 1)		(Level 2)		(Level 3)
Financial Assets:
Cash and cash equivalents	$	56,070	$	56,070	$	56,070	$	0	$	0
Securities - held to maturity		88,168		89,036		0		89,036		0
FHLB and FRB stock		21,259		21,259		0		21,259		0
Accrued interest receivable		16,518		16,518		0		16,518		0
Loans/leases, net1		3,364,291		3,383,742		0		2,891		3,380,851
Financial Liabilities:
Time deposits	$	898,081	$	899,871	$	0	$	899,871	$	0
Other deposits		3,271,073		3,271,073		0		3,271,073		0
Fed funds purchased and securities sold under agreements to repurchase		147,037		151,201		0		151,201		0
Other borrowings		345,580		350,043		0		350,043		0
Trust preferred debentures		37,337		39,453		0		39,453		0
Accrued interest payable		1,868		1,868		0		1,868		0

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