Fair Value Measurements (Tables)

9 Months Ended

Sep. 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)
September 30, 2015
Investment securities – available-for-sale:
U.S. Treasury securities	$	6,804	$	—	$	—	$	6,804
Government sponsored agencies	—		208,880		—		208,880
State and political subdivisions	—		26,038		—		26,038
Residential mortgage-backed securities	—		201,665		—		201,665
Collateralized mortgage obligations	—		149,377		—		149,377
Corporate bonds	—		39,723		—		39,723
Preferred stock and trust preferred securities	—		3,154		—		3,154
Total investment securities – available-for-sale	6,804		628,837		—		635,641
Loans held-for-sale	—		12,319		—		12,319
Total assets measured at fair value on a recurring basis	$	6,804	$	641,156	$	—	$	647,960
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
September 30, 2014
Investment securities – available-for-sale:
Government sponsored agencies	$	—	$	76,938	$	—	$	76,938
State and political subdivisions	—		40,964		—		40,964
Residential mortgage-backed securities	—		251,039		—		251,039
Collateralized mortgage obligations	—		140,445		—		140,445
Corporate bonds	—		65,183		—		65,183
Preferred stock	—		1,642		—		1,642
Total investment securities – available-for-sale	—		576,211		—		576,211
Loans held-for-sale	—		9,347		—		9,347
Total assets measured at fair value on a recurring basis	$	—	$	585,558	$	—	$	585,558

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)
September 30, 2015
Impaired originated loans	$	—	$	—	$	40,102	$	40,102
Other real estate/repossessed assets	—		—		11,207		11,207
Total	$	—	$	—	$	51,309	$	51,309
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
September 30, 2014
Impaired originated loans	$	—	$	—	$	26,037	$	26,037
Other real estate/repossessed assets	—		—		10,354		10,354
Total	$	—	$	—	$	36,391	$	36,391

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, 2015				December 31, 2014				September 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	$	291,537	$	291,537	$	183,020	$	183,020	$	382,138	$	382,138
Investment securities:
Available-for-sale	Level 1	6,804		6,804		8,259		8,259		—		—
Available-for-sale	Level 2	628,837		628,837		740,605		740,605		576,211		576,211
Held-to-maturity	Level 2	500,583		499,604		305,913		308,650		308,062		307,290
Held-to-maturity	Level 3	500		300		10,500		7,090		10,500		6,985
Nonmarketable equity securities	NA	36,142		36,142		27,369		27,369		25,572		25,572
Loans held-for-sale	Level 2	12,319		12,319		9,128		9,128		9,347		9,347
Net loans	Level 3	7,140,569		7,151,520		5,612,547		5,623,454		4,963,914		4,967,167
Interest receivable	Level 2	24,737		24,737		17,492		17,492		17,057		17,057
Liabilities:
Deposits without defined maturities	Level 2	$	5,924,103	$	5,924,103	$	4,741,024	$	4,741,024	$	4,191,894	$	4,191,894
Time deposits	Level 3	1,691,108		1,692,179		1,337,947		1,340,015		1,240,033		1,242,419
Interest payable	Level 2	1,728		1,728		755		755		710		710
Short-term borrowings	Level 2	330,016		330,016		389,467		389,467		323,086		323,086
Other borrowings	Level 2	206,432		206,432		—		—		—		—
Other borrowings	Level 3	41,964		41,964		—		—		—		—