Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2013

Summary Of Assets And Liabilities Measured At Fair Value On A Recurring Basis

The table below presents the March 31, 2013 and December 31, 2012 carrying values of assets and liabilities measured at fair value on a recurring basis. There were no transfers among levels during the first three months of 2013 or the year ended December 31, 2012.



			Fair Value Measurements Using
(In thousands)	Total Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
March 31, 2013
Assets:
Available for sale securities:
U.S. government and federal agency obligations	$	437,308	$	437,308	$	—	$	—
Government-sponsored enterprise obligations	453,702		—		453,702		—
State and municipal obligations	1,659,168		—		1,531,025		128,143
Agency mortgage-backed securities	3,268,377		—		3,268,377		—
Non-agency mortgage-backed securities	243,907		—		243,907		—
Other asset-backed securities	3,285,310		—		3,285,310		—
Other debt securities	172,019		—		172,019		—
Equity securities	52,960		34,563		18,397		—
Trading securities	23,400		—		23,400		—
Private equity investments	68,103		—		—		68,103
Derivatives *	16,145		—		16,137		8
Assets held in trust	6,531		6,531		—		—
Total assets	$	9,686,930	$	478,402	$	9,012,274	$	196,254
Liabilities:
Derivatives *	$	16,794	$	—	$	16,655	$	139
Total liabilities	$	16,794	$	—	$	16,655	$	139
December 31, 2012
Assets:
Available for sale securities:
U.S. government and federal agency obligations	$	438,759	$	438,759	$	—	$	—
Government-sponsored enterprise obligations	471,574		—		471,574		—
State and municipal obligations	1,615,707		—		1,489,293		126,414
Agency mortgage-backed securities	3,380,955		—		3,380,955		—
Non-agency mortgage-backed securities	237,011		—		237,011		—
Other asset-backed securities	3,167,394		—		3,167,394		—
Other debt securities	177,752		—		177,752		—
Equity securities	33,096		17,835		15,261		—
Trading securities	28,837		—		28,837		—
Private equity investments	68,167		—		—		68,167
Derivatives *	16,740		—		16,731		9
Assets held in trust	5,440		5,440		—		—
Total assets	$	9,641,432	$	462,034	$	8,984,808	$	194,590
Liabilities:
Derivatives *	$	17,718	$	—	$	17,522	$	196
Total liabilities	$	17,718	$	—	$	17,522	$	196

Summary Of Changes In Level 3 Assets And Liabilities Measured At Fair Value On A Recurring Basis

The changes in Level 3 assets and liabilities measured at fair value on a recurring basis are summarized as follows:



	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
(In thousands)	State and Municipal Obligations			Private Equity Investments			Derivatives			Total
For the three months ended March 31, 2013
Balance January 1, 2013	$	126,414		$	68,167		$	(187	)	$	194,394
Total gains or losses (realized/unrealized):
Included in earnings	—			(1,775		)	56			(1,719		)
Included in other comprehensive income *	2,188			—			—			2,188
Investment securities called	(525		)	—			—			(525		)
Discount accretion	66			—			—			66
Purchases of private equity investments	—			1,650			—			1,650
Capitalized interest/dividends	—			61			—			61
Balance March 31, 2013	$	128,143		$	68,103		$	(131	)	$	196,115
Total gains or losses for the three months included in earnings attributable to the change in unrealized gains or losses relating to assets still held at March 31, 2013	$	—		$	(1,775	)	$	56		$	(1,719	)
For the three months ended March 31, 2012
Balance January 1, 2012	$	135,621		$	66,978		$	(123	)	$	202,476
Total gains or losses (realized/unrealized):
Included in earnings	—			4,125			(11		)	4,114
Included in other comprehensive income *	(5,458		)	—			—			(5,458		)
Investment securities called	(350		)	—			—			(350		)
Discount accretion	60			—			—			60
Purchase of private equity investments	—			3,275			—			3,275
Sale/pay down of private equity securities	—			(2,434		)	—			(2,434		)
Capitalized interest/dividend	—			177			—			177
Purchase of risk participation agreement	—			—			28			28
Balance March 31, 2012	$	129,873		$	72,121		$	(106	)	$	201,888
Total gains or losses for the three months included in earnings attributable to the change in unrealized gains or losses relating to assets still held at March 31, 2012	$	—		$	4,125		$	(2	)	$	4,123

Summary Of Gains And Losses On Level 3 Assets And Liabilities

Gains and losses included in earnings for the Level 3 assets and liabilities in the previous table are reported in the following line items in the consolidated statements of income:



(In thousands)	Loan Fees and Sales			Other Non-Interest Income			Investment Securities Gains (Losses), Net			Total
For the three months ended March 31, 2013
Total gains or losses included in earnings	$	—		$	56		$	(1,775	)	$	(1,719	)
Change in unrealized gains or losses relating to assets still held at March 31, 2013	$	—		$	56		$	(1,775	)	$	(1,719	)
For the three months ended March 31, 2012
Total gains or losses included in earnings	$	(9	)	$	(2	)	$	4,125		$	4,114
Change in unrealized gains or losses relating to assets still held at March 31, 2012	$	—		$	(2	)	$	4,125		$	4,123

Summary Of Quantitative Information About Level 3 Fair Value Measurements

As shown above, the Company's significant Level 3 measurements which employ unobservable inputs that are readily quantifiable pertain to auction rate securities (ARS) held by the Bank and investments in portfolio concerns held by the Company's private equity subsidiaries. ARS are included in state and municipal securities and totaled $128.1 million at March 31, 2013, while private equity investments, included in non-marketable securities, totaled $68.1 million.

Information about these inputs is presented in the table and discussions below.



Quantitative Information about Level 3 Fair Value Measurements
	Valuation Technique	Unobservable Input	Range
Auction rate securities	Discounted cash flow	Estimated market recovery period	5 years
		Estimated market rate	2.2%	-	3.5%
Private equity investments	Market comparable companies	EBITDA multiple	4.0	-	5.4

Schedule Of Fair Value Disclosures Measured On Nonrecurring Basis [Table Text Block]

For assets measured at fair value on a nonrecurring basis during the first three months of 2013 and 2012, and still held as of March 31, 2013 and 2012, the following table provides the adjustments to fair value recognized during the respective periods, the level of valuation inputs used to determine each adjustment, and the carrying value of the related individual assets or portfolios at March 31, 2013 and 2012.



			Fair Value Measurements Using
(In thousands)	Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total Gains (Losses) Recognized During the Three Months Ended Mar. 31
March 31, 2013
Collateral dependent impaired loans	$	1,900	$	—	$	—	$	1,900	$	(659	)
Mortgage servicing rights	503		—		—		503		57

March 31, 2012
Collateral dependent impaired loans	$	19,579	$	—	$	—	$	19,579	$	(1,208	)
Mortgage servicing rights	686		—		—		686		40
Foreclosed assets	330		—		—		330		(50		)
Long-lived assets	4,647		—		—		4,647		(3,000		)