Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2016

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, 2016
Investment securities – available-for-sale:
U.S. Treasury securities	$	5,810	$	—	$	—	$	5,810
Government sponsored agencies	—		157,022		—		157,022
State and political subdivisions	—		13,220		—		13,220
Residential mortgage-backed securities	—		168,616		—		168,616
Collateralized mortgage obligations	—		100,849		—		100,849
Corporate bonds	—		9,712		—		9,712
Preferred stock and trust preferred securities	—		3,323		—		3,323
Total investment securities – available-for-sale	5,810		452,742		—		458,552
Loans held-for-sale	—		13,990		—		13,990
Total assets measured at fair value on a recurring basis	$	5,810	$	466,732	$	—	$	472,542
December 31, 2015
Investment securities – available-for-sale:
U.S. Treasury securities	$	5,765	$	—	$	—	$	5,765
Government sponsored agencies	—		194,989		—		194,989
State and political subdivisions	—		15,120		—		15,120
Residential mortgage-backed securities	—		187,768		—		187,768
Collateralized mortgage obligations	—		132,230		—		132,230
Corporate bonds	—		14,627		—		14,627
Preferred stock and trust preferred securities	—		3,232		—		3,232
Total investment securities – available-for-sale	5,765		547,966		—		553,731
Loans held-for-sale	—		10,327		—		10,327
Total assets measured at fair value on a recurring basis	$	5,765	$	558,293	$	—	$	564,058
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	—		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

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, 2016
Impaired originated loans	$	—	$	—	$	23,655	$	23,655
Other real estate/repossessed assets	—		—		8,440		8,440
Mortgage servicing rights	—		—		6,153		6,153
Total	$	—	$	—	$	38,248	$	38,248
December 31, 2015
Impaired originated loans	$	—	$	—	$	42,065	$	42,065
Other real estate/repossessed assets	—		—		9,935		9,935
Total	$	—	$	—	$	52,000	$	52,000
June 30, 2015
Impaired originated loans	$	—	$	—	$	24,517	$	24,517
Other real estate/repossessed assets	—		—		14,197		14,197
Total	$	—	$	—	$	38,714	$	38,714

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, 2016				December 31, 2015				June 30, 2015
	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	$	232,960	$	232,960	$	238,789	$	238,789	$	215,034	$	215,034
Investment securities:
Available-for-sale	Level 1	5,810		5,810		5,765		5,765		8,294		8,294
Available-for-sale	Level 2	452,742		452,742		547,966		547,966		677,412		677,412
Held-to-maturity	Level 2	552,328		568,130		509,471		512,405		469,337		466,278
Held-to-maturity	Level 3	500		285		500		300		500		300
Nonmarketable equity securities	NA	47,775		47,775		36,907		36,907		36,142		36,142
Loans held-for-sale	Level 2	13,990		13,990		10,327		10,327		7,798		7,798
Net loans	Level 3	7,575,763		7,593,013		7,197,819		7,201,994		6,959,802		6,969,655
Interest receivable	Level 2	23,111		23,111		21,953		21,953		21,668		21,668
Liabilities:
Deposits without defined maturities	Level 2	$	5,904,618	$	5,904,618	$	5,809,355	$	5,809,355	$	5,547,764	$	5,547,764
Time deposits	Level 3	1,560,028		1,563,446		1,647,412		1,647,412		1,745,215		1,745,215
Interest payable	Level 2	1,389		1,389		1,578		1,578		1,557		1,557
Short-term borrowings	Level 2	556,213		556,213		397,199		397,199		532,291		532,291
Long-term borrowings	Level 2	354,320		359,043		206,394		206,394		106,469		106,469
Long-term borrowings	Level 3	17,277		17,228		35,997		35,997		42,021		42,021

Fair Value Inputs, Assets, Quantitative Information [Table Text Block]

The following table presents additional information about the significant unobservable inputs used in the fair value measurement of financial assets measured on a nonrecurring basis that were categorized within the Level 3 of the fair value hierarchy (fair value in thousands):



	Fair Value at June 30, 2016		Valuation Technique	Significant Unobservable Inputs	Range
Impaired originated loans	$	23,655	Appraisal of collateral	Discount for type of collateral and age of appraisal	20%-30%
Other real estate/repossessed assets	8,440		Appraisal of property	Discount for type of property and age of appraisal	25%-30%
Mortgage servicing rights	6,153		Discounted cash flow	Constant prepayment rate	12%-22%
			Discounted cash flow	Discount rate	10%-11%