Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2014

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)
June 30, 2014
Investment securities – available-for-sale:
Government sponsored agencies	$	—	$	88,708	$	—	$	88,708
State and political subdivisions	—		41,608		—		41,608
Residential mortgage-backed securities	—		265,368		—		265,368
Collateralized mortgage obligations	—		153,283		—		153,283
Corporate bonds	—		65,352		—		65,352
Preferred stock	—		1,656		—		1,656
Total investment securities – available-for-sale	—		615,975		—		615,975
Loans held-for-sale	—		6,329		—		6,329
Total assets measured at fair value on a recurring basis	$	—	$	622,304	$	—	$	622,304
December 31, 2013
Investment securities – available-for-sale:
Government sponsored agencies	$	—	$	93,763	$	—	$	93,763
State and political subdivisions	—		43,798		—		43,798
Residential mortgage-backed securities	—		299,366		—		299,366
Collateralized mortgage obligations	—		180,941		—		180,941
Corporate bonds	—		65,275		—		65,275
Preferred stock	—		1,427		—		1,427
Total investment securities – available-for-sale	—		684,570		—		684,570
Loans held-for-sale	—		5,219		—		5,219
Total assets measured at fair value on a recurring basis	$	—	$	689,789	$	—	$	689,789
June 30, 2013
Investment securities – available-for-sale:
Government sponsored agencies	$	—	$	92,088	$	—	$	92,088
State and political subdivisions	—		45,780		—		45,780
Residential mortgage-backed securities	—		308,372		—		308,372
Collateralized mortgage obligations	—		220,515		—		220,515
Corporate bonds	—		65,515		—		65,515
Preferred stock	—		1,782		—		1,782
Total investment securities – available-for-sale	—		734,052		—		734,052
Loans held-for-sale	—		9,180		—		9,180
Total assets measured at fair value on a recurring basis	$	—	$	743,232	$	—	$	743,232

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)
June 30, 2014
Impaired originated loans	$	—	$	—	$	29,789	$	29,789
Other real estate/repossessed assets	—		—		10,392		10,392
Total	$	—	$	—	$	40,181	$	40,181
December 31, 2013
Impaired originated loans	$	—	$	—	$	28,852	$	28,852
Other real estate/repossessed assets	—		—		9,776		9,776
Total	$	—	$	—	$	38,628	$	38,628
June 30, 2013
Impaired originated loans	$	—	$	—	$	41,704	$	41,704
Other real estate/repossessed assets	—		—		13,659		13,659
Total	$	—	$	—	$	55,363	$	55,363

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	June 30, 2014				December 31, 2013				June 30, 2013
		Carrying Amount		Fair Value		Carrying Amount		Fair Value		Carrying Amount		Fair Value
		(In thousands)
Assets:
Cash and cash equivalents	Level 1	$	140,294	$	140,294	$	310,788	$	310,788	$	206,957	$	206,957
Investment securities:
Available-for-sale	Level 2	615,975		615,975		684,570		684,570		734,052		734,052
Held-to-maturity	Level 2	297,630		297,186		263,405		262,021		264,215		265,147
Held-to-maturity	Level 3	10,500		6,775		10,500		6,250		10,500		6,250
Nonmarketable equity securities	NA	25,572		25,572		25,572		25,572		25,572		25,572
Loans held-for-sale	Level 2	6,329		6,329		5,219		5,219		9,180		9,180
Net loans	Level 3	4,821,011		4,826,672		4,568,549		4,575,532		4,253,687		4,260,726
Interest receivable	Level 2	15,827		15,827		15,748		15,748		15,844		15,844
Liabilities:
Deposits without defined maturities	Level 2	$	3,814,013	$	3,814,013	$	3,790,454	$	3,790,454	$	3,434,266	$	3,434,266
Time deposits	Level 3	1,278,900		1,285,992		1,331,931		1,340,746		1,379,919		1,390,381
Interest payable	Level 2	735		735		868		868		1,085		1,085
Short-term borrowings	Level 2	305,422		305,422		327,428		327,428		346,995		346,995