Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2015

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)
March 31, 2015
Investment securities – available-for-sale:
U.S. Treasury securities	$	8,302	$	—	$	—	$	8,302
Government sponsored agencies	—		250,430		—		250,430
State and political subdivisions	—		32,322		—		32,322
Residential mortgage-backed securities	—		219,601		—		219,601
Collateralized mortgage obligations	—		133,300		—		133,300
Corporate bonds	—		34,997		—		34,997
Preferred stock	—		1,692		—		1,692
Total investment securities – available-for-sale	8,302		672,342		—		680,644
Loans held-for-sale	—		9,675		—		9,675
Total assets measured at fair value on a recurring basis	$	8,302	$	682,017	$	—	$	690,319
December 31, 2014
Investment securities – available-for-sale:
U.S. Treasury securities	$	8,259	$	—	$	—	$	8,259
Government sponsored agencies	—		263,503		—		263,503
State and political subdivisions	—		46,227		—		46,227
Residential mortgage-backed securities	—		239,807		—		239,807
Collateralized mortgage obligations	—		144,383		—		144,383
Corporate bonds	—		45,095		—		45,095
Preferred stock	—		1,590		—		1,590
Total investment securities – available-for-sale	8,259		740,605		—		748,864
Loans held-for-sale	—		9,128		—		9,128
Total assets measured at fair value on a recurring basis	$	8,259	$	749,733	$	—	$	757,992
March 31, 2014
Investment securities – available-for-sale:
Government sponsored agencies	$	—	$	91,610	$	—	$	91,610
State and political subdivisions	—		43,777		—		43,777
Residential mortgage-backed securities	—		288,738		—		288,738
Collateralized mortgage obligations	—		166,719		—		166,719
Corporate bonds	—		65,415		—		65,415
Preferred stock	—		1,559		—		1,559
Total investment securities – available-for-sale	—		657,818		—		657,818
Loans held-for-sale	—		3,814		—		3,814
Total assets measured at fair value on a recurring basis	$	—	$	661,632	$	—	$	661,632

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)
March 31, 2015
Impaired originated loans	$	—	$	—	$	23,730	$	23,730
Other real estate/repossessed assets	—		—		14,744		14,744
Mortgage servicing rights	—		—		8,115		8,115
Total	$	—	$	—	$	46,589	$	46,589
December 31, 2014
Impaired originated loans	$	—	$	—	$	21,323	$	21,323
Other real estate/repossessed assets	—		—		14,205		14,205
Mortgage servicing rights	—		—		8,691		8,691
Total	$	—	$	—	$	44,219	$	44,219
March 31, 2014
Impaired originated loans	$	—	$	—	$	29,461	$	29,461
Other real estate/repossessed assets	—		—		10,056		10,056
Total	$	—	$	—	$	39,517	$	39,517

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	March 31, 2015				December 31, 2014				March 31, 2014
		Carrying Amount		Fair Value		Carrying Amount		Fair Value		Carrying Amount		Fair Value
		(In thousands)
Assets:
Cash and cash equivalents	Level 1	$	393,938	$	393,938	$	183,020	$	183,020	$	382,385	$	382,385
Investment securities:
Available-for-sale	Level 1	8,302		8,302		8,259		8,259		—		—
Available-for-sale	Level 2	672,342		672,342		740,605		740,605		657,818		657,818
Held-to-maturity	Level 2	370,950		372,876		305,913		308,650		267,599		265,947
Held-to-maturity	Level 3	10,500		7,300		10,500		7,090		10,500		6,460
Nonmarketable equity securities	NA	31,249		31,249		27,369		27,369		25,572		25,572
Loans held-for-sale	Level 2	9,675		9,675		9,128		9,128		3,814		3,814
Net loans	Level 3	5,627,618		5,633,217		5,612,547		5,623,454		4,674,816		4,688,814
Interest receivable	Level 2	19,816		19,816		17,492		17,492		16,945		16,945
Liabilities:
Deposits without defined maturities	Level 2	$	4,988,268	$	4,988,268	$	4,741,024	$	4,741,024	$	3,868,700	$	3,868,700
Time deposits	Level 3	1,332,085		1,335,605		1,337,947		1,340,015		1,362,593		1,371,312
Interest payable	Level 2	779		779		755		755		876		876
Short-term borrowings	Level 2	372,236		372,236		389,467		389,467		361,231		361,231