Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2013

Fair Value Disclosures [Abstract]

Summary of assets measured at fair value on a recurring basis

For assets measured at fair value on a recurring basis, quantitative disclosures about the fair value measurements for each major category of assets were as follows:

	Fair Value Measurements – Recurring Basis
	Quoted Prices In Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
	(In thousands)
September 30, 2013
Investment securities – available-for-sale:
Government sponsored agencies	$	—	$	85,925	$	—	$	85,925
State and political subdivisions	—		45,572		—		45,572
Residential mortgage-backed securities	—		308,160		—		308,160
Collateralized mortgage obligations	—		198,458		—		198,458
Corporate bonds	—		65,434		—		65,434
Preferred stock	—		1,597		—		1,597
Total investment securities – available-for-sale	—		705,146		—		705,146
Loans held-for-sale	—		7,907		—		7,907
Total assets measured at fair value on a recurring basis	$	—	$	713,053	$	—	$	713,053
December 31, 2012
Investment securities – available-for-sale:
Government sponsored agencies	$	—	$	97,557	$	—	$	97,557
State and political subdivisions	—		49,965		—		49,965
Residential mortgage-backed securities	—		99,411		—		99,411
Collateralized mortgage obligations	—		263,592		—		263,592
Corporate bonds	—		69,795		—		69,795
Preferred stock	—		1,734		—		1,734
Total investment securities – available-for-sale	—		582,054		—		582,054
Loans held-for-sale	—		17,665		—		17,665
Total assets measured at fair value on a recurring basis	$	—	$	599,719	$	—	$	599,719
September 30, 2012
Investment securities – available-for-sale:
Government sponsored agencies	$	—	$	101,492	$	—	$	101,492
State and political subdivisions	—		52,238		—		52,238
Residential mortgage-backed securities	—		105,236		—		105,236
Collateralized mortgage obligations	—		299,078		—		299,078
Corporate bonds	—		82,106		—		82,106
Preferred stock	—		1,673		—		1,673
Total investment securities – available-for-sale	—		641,823		—		641,823
Loans held-for-sale	—		15,075		—		15,075
Total assets measured at fair value on a recurring basis	$	—	$	656,898	$	—	$	656,898

Summary of assets measured at fair value on a nonrecurring basis

For assets measured at fair value on a nonrecurring basis, quantitative disclosures about fair value measurements for each major category of assets were as follows:

	Fair Value Measurements – Nonrecurring Basis
	Quoted Prices In Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
	(In thousands)
September 30, 2013
Impaired originated loans	$	—	$	—	$	39,535	$	39,535
Other real estate/repossessed assets	—		—		12,033		12,033
Total	$	—	$	—	$	51,568	$	51,568
December 31, 2012
Impaired originated loans	$	—	$	—	$	51,694	$	51,694
Other real estate/repossessed assets	—		—		18,469		18,469
Total	$	—	$	—	$	70,163	$	70,163
September 30, 2012
Impaired originated loans	$	—	$	—	$	53,905	$	53,905
Other real estate/repossessed assets	—		—		19,467		19,467
Total	$	—	$	—	$	73,372	$	73,372

Summary of carrying amounts and estimated fair values of the financial instruments

A summary of carrying amounts and estimated fair values of the Corporation’s financial instruments included in the consolidated statements of financial position was as follows:

	Level in Fair Value Measurement Hierarchy	September 30, 2013				December 31, 2012				September 30, 2012
		Carrying Amount		Fair Value		Carrying Amount		Fair Value		Carrying Amount		Fair Value
		(In thousands)
Assets:
Cash and cash equivalents	Level 1	$	493,110	$	493,110	$	656,135	$	656,135	$	438,720	$	438,720
Investment securities:
Available-for-sale	Level 2	705,146		705,146		582,054		582,054		641,823		641,823
Available-for-sale	NA	—		—		4,755		4,755		4,755		4,755
Held-to-maturity	Level 2	272,079		269,616		229,977		229,922		213,536		215,185
Held-to-maturity	Level 3	10,500		6,250		—		—		8,000		8,000
Nonmarketable equity securities	NA	25,572		25,572		25,572		25,572		25,572		25,572
Loans held-for-sale	Level 2	7,907		7,907		17,665		17,665		15,075		15,075
Net loans	Level 3	4,441,139		4,446,796		4,083,244		4,093,880		3,934,465		3,951,313
Interest receivable	Level 2	16,359		16,359		14,933		14,933		16,868		16,868
Liabilities:
Deposits without defined maturities	Level 2	$	3,842,148	$	3,842,148	$	3,448,886	$	3,448,886	$	3,185,654	$	3,185,654
Time deposits	Level 3	1,349,157		1,359,739		1,472,557		1,489,072		1,413,218		1,432,493
Interest payable	Level 2	1,009		1,009		1,501		1,501		1,603		1,603
Short-term borrowings	Level 2	357,595		357,595		310,463		310,463		311,471		311,471
FHLB advances	Level 2	—		—		34,289		34,835		37,237		37,971