Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2015

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:



	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, 2015
Investment securities – available-for-sale:
U.S. Treasury securities	$	8,294	$	—	$	—	$	8,294
Government sponsored agencies	—		227,907		—		227,907
State and political subdivisions	—		26,965		—		26,965
Residential mortgage-backed securities	—		212,669		—		212,669
Collateralized mortgage obligations	—		167,032		—		167,032
Corporate bonds	—		39,678		—		39,678
Preferred stock and trust preferred securities	—		3,161		—		3,161
Total investment securities – available-for-sale	8,294		677,412		—		685,706
Loans held-for-sale	—		7,798		—		7,798
Total assets measured at fair value on a recurring basis	$	8,294	$	685,210	$	—	$	693,504
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
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

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:



	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, 2015
Impaired originated loans	$	—	$	—	$	24,517	$	24,517
Other real estate/repossessed assets	—		—		14,197		14,197
Total	$	—	$	—	$	38,714	$	38,714
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
June 30, 2014
Impaired originated loans	$	—	$	—	$	29,789	$	29,789
Other real estate/repossessed assets	—		—		10,392		10,392
Total	$	—	$	—	$	40,181	$	40,181

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, 2015				December 31, 2014				June 30, 2014
	Level in Fair Value Measurement Hierarchy	Carrying Amount		Fair Value		Carrying Amount		Fair Value		Carrying Amount		Fair Value
		(In thousands)
Assets:
Cash and cash equivalents	Level 1	$	215,034	$	215,034	$	183,020	$	183,020	$	140,294	$	140,294
Investment securities:
Available-for-sale	Level 1	8,294		8,294		8,259		8,259		—		—
Available-for-sale	Level 2	677,412		677,412		740,605		740,605		615,975		615,975
Held-to-maturity	Level 2	469,337		466,278		305,913		308,650		297,630		297,186
Held-to-maturity	Level 3	500		300		10,500		7,090		10,500		6,775
Nonmarketable equity securities	NA	36,142		36,142		27,369		27,369		25,572		25,572
Loans held-for-sale	Level 2	7,798		7,798		9,128		9,128		6,329		6,329
Net loans	Level 3	6,959,802		6,969,655		5,612,547		5,623,454		4,821,011		4,826,672
Interest receivable	Level 2	21,668		21,668		17,492		17,492		15,827		15,827
Liabilities:
Deposits without defined maturities	Level 2	$	5,547,764	$	5,547,764	$	4,741,024	$	4,741,024	$	3,814,013	$	3,814,013
Time deposits	Level 3	1,745,215		1,745,215		1,337,947		1,340,015		1,278,900		1,285,992
Interest payable	Level 2	1,557		1,557		755		755		735		735
Short-term borrowings	Level 2	532,291		532,291		389,467		389,467		305,422		305,422
Other borrowings	Level 2	106,469		106,469		—		—		—		—
Other borrowings	Level 3	42,021		42,021		—		—		—		—