Fair Value (Tables)

3 Months Ended

Mar. 31, 2016

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, 2016 and December 31, 2015, segregated by the level of valuation inputs within the fair value hierarchy used to measure fair value.

Recurring Fair Value Measurements
March 31, 2016
(in thousands)	Total			(Level 1)		(Level 2)		(Level 3)
Trading securities
Obligations of U.S. Government sponsored entities	$	6,421	$	0	$	6,421	$	0
Mortgage-backed securities – residential U.S. Government sponsored entities		602		0		602		0
Available-for-sale securities
Obligations of U.S. Government sponsored entities		535,893		0		535,893		0
Obligations of U.S. states and political subdivisions		86,521		0		86,521		0
Mortgage-backed securities – residential, issued by:
U.S. Government agencies		137,589		0		137,589		0
U.S. Government sponsored entities		668,455		0		668,455		0
Non-U.S. Government agencies or sponsored entities		145		0		145		0
U.S. corporate debt securities		2,162		0		2,162		0
Equity securities		944		0		0		944
Borrowings
Other borrowings		10,518		0		10,518		0

The change in the fair value of available-for-sale securities valued using significant unobservable inputs (level 3), between January 1, 2016 and March 31, 2016 was immaterial.

Recurring Fair Value Measurements
December 31, 2015
(in thousands)	Total			(Level 1)		(Level 2)		(Level 3)
Trading securities
Obligations of U.S. Government sponsored entities	$	6,601	$	0	$	6,601	$	0
Mortgage-backed securities – residential U.S. Government sponsored entities		767		0		767		0
Available-for-sale securities				.
Obligations of U.S. Government sponsored entities		552,893		0		552,893		0
Obligations of U.S. states and political subdivisions		84,726		0		84,726		0
Mortgage-backed securities – residential, issued by:
U.S. Government agencies		94,678		0		94,678		0
U.S. Government sponsored entities		650,097		0		650,097		0
Non-U.S. Government agencies or sponsored entities		194		0		194		0
U.S. corporate debt securities		2,162		0		2,162		0
Equity securities		934		0		0		934
Borrowings
Other borrowings		10,576		0		10,576		0

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

Subsequent fair value write-downs on other real estate owned are reported in other noninterest expense.

Three months ended March 31, 2016

			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:		03/31/2016		(Level 1)		(Level 2)		(Level 3)		03/31/2016
Impaired Loans	$	1,987	$	0	$	1,987	$	0	$	9
Other real estate owned		432		0		432		0		11

Three months ended 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	)

Schedule of carrying amount and fair value of financial instruments

The fair value estimates, methods and assumptions set forth below for the Company’s financial instruments, including those financial instruments carried at cost, are made solely to comply with disclosures required by generally accepted accounting principles in the United States and do not always incorporate the exit-price concept of fair value prescribed by ASC Topic 820-10 and should be read in conjunction with the financial statements and notes included in this Report.

Estimated Fair Value of Financial Instruments
March 31, 2016
(in thousands)	Carrying Amount		Fair Value		(Level 1)		(Level 2)		(Level 3)
Financial Assets:
Cash and cash equivalents	$	55,514	$	55,514	$	55,514	$	0	$	0
Securities - held to maturity		145,010		150,139		0		150,139		0
FHLB stock		25,727		25,727		0		25,727		0
Accrued interest receivable		17,484		17,484		0		17,484		0
Loans/leases, net1		3,788,383		3,813,734		0		1,987		3,811,747
Financial Liabilities:
Time deposits	$	887,142	$	887,887	$	0	$	887,887	$	0
Other deposits		3,668,086		3,668,086		0		3,668,086		0
Fed funds purchased and securities sold under agreements to repurchase		116,551		117,939		0		117,939		0
Other borrowings		444,823		446,592		0		446,592		0
Trust preferred debentures		37,552		43,345		0		43,345		0
Accrued interest payable		1,879		1,879		0		1,879		0

Estimated Fair Value of Financial Instruments
December 31, 2015
(in thousands)	Carrying Amount		Fair Value		(Level 1)		(Level 2)		(Level 3)
Financial Assets:
Cash and cash equivalents	$	58,257	$	58,257	$	58,257	$	0	$	0
Securities - held to maturity		146,071		146,686		0		146,686		0
FHLB and FRB stock		29,969		29,969		0		29,969		0
Accrued interest receivable		16,433		16,433		0		16,433		0
Loans/leases, net1		3,740,038		3,739,695		0		5,730		3,733,965
Financial Liabilities:
Time deposits	$	855,133	$	853,839	$	0	$	853,839	$	0
Other deposits		3,540,173		3,540,173		0		3,540,173		0
Fed funds purchased and securities sold under agreements to repurchase		136,513		138,161		0		138,161		0
Other borrowings		525,709		527,041		0		527,041		0
Trust preferred debentures		37,509		45,190		0		45,190		0
Accrued interest payable		1,973		1,973		0		1,973		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.