Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2015

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

The table below presents the June 30, 2015 and December 31, 2014 carrying values of assets and liabilities measured at fair value on a recurring basis. There were no transfers among levels during the first six months of 2015 or the year ended December 31, 2014.



			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)
June 30, 2015
Assets:
Residential mortgage loans held for sale	$	7,852	$	—	$	7,852	$	—
Available for sale securities:
U.S. government and federal agency obligations	434,866		434,866		—		—
Government-sponsored enterprise obligations	886,501		—		886,501		—
State and municipal obligations	1,817,101		—		1,724,161		92,940
Agency mortgage-backed securities	2,587,693		—		2,587,693		—
Non-agency mortgage-backed securities	690,938		—		690,938		—
Asset-backed securities	2,498,506		—		2,498,506		—
Other debt securities	265,107		—		265,107		—
Equity securities	41,109		20,272		20,837		—
Trading securities	18,971		—		18,971		—
Private equity investments	58,726		—		—		58,726
Derivatives *	10,621		—		10,266		355
Assets held in trust	9,375		9,375		—		—
Total assets	$	9,327,366	$	464,513	$	8,710,832	$	152,021
Liabilities:
Derivatives *	$	10,348	$	—	$	10,163	$	185
Total liabilities	$	10,348	$	—	$	10,163	$	185
December 31, 2014
Assets:
Available for sale securities:
U.S. government and federal agency obligations	$	501,407	$	501,407	$	—	$	—
Government-sponsored enterprise obligations	963,127		—		963,127		—
State and municipal obligations	1,813,201		—		1,718,058		95,143
Agency mortgage-backed securities	2,593,708		—		2,593,708		—
Non-agency mortgage-backed securities	382,744		—		382,744		—
Asset-backed securities	3,091,993		—		3,091,993		—
Other debt securities	139,161		—		139,161		—
Equity securities	38,219		17,975		20,244		—
Trading securities	15,357		—		15,357		—
Private equity investments	57,581		—		—		57,581
Derivatives *	10,457		—		10,454		3
Assets held in trust	8,848		8,848		—		—
Total assets	$	9,615,803	$	528,230	$	8,934,846	$	152,727
Liabilities:
Derivatives *	$	10,948	$	—	$	10,722	$	226
Total liabilities	$	10,948	$	—	$	10,722	$	226

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

Assets held in an outside trust for the Company’s deferred compensation plan consist of investments in mutual funds. The fair value measurements are based on quoted prices in active markets and classified as Level 1. The Company has recorded an asset representing the total investment amount. The Company has also recorded a corresponding nonfinancial liability, representing the Company’s liability to the plan participants.

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 June 30, 2015
Balance March 31, 2015	$	93,271		$	61,162		$	158		$	154,591
Total gains or losses (realized/unrealized):
Included in earnings	—			875			12			887
Included in other comprehensive income *	(352		)	—			—			(352		)
Discount accretion	21			—			—			21
Purchases of private equity investments	—			1,437			—			1,437
Sale/pay down of private equity investments	—			(4,800		)	—			(4,800		)
Capitalized interest/dividends	—			52			—			52
Balance June 30, 2015	$	92,940		$	58,726		$	170		$	151,836
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 June 30, 2015	$	—		$	875		$	420		$	1,295
For the six months ended June 30, 2015
Balance January 1, 2015	$	95,143		$	57,581		$	(223	)	$	152,501
Total gains or losses (realized/unrealized):
Included in earnings	—			4,175			393			4,568
Included in other comprehensive income *	(354		)	—			—			(354		)
Investment securities called	(2,000		)	—			—			(2,000		)
Discount accretion	151			—			—			151
Purchases of private equity investments	—			1,653			—			1,653
Sale/pay down of private equity investments	—			(4,800		)	—			(4,800		)
Capitalized interest/dividends	—			117			—			117
Balance June 30, 2015	$	92,940		$	58,726		$	170		$	151,836
Total gains or losses for the six months included in earnings attributable to the change in unrealized gains or losses relating to assets still held at June 30, 2015	$	—		$	4,175		$	393		$	4,568
For the three months ended June 30, 2014
Balance March 31, 2014	$	126,979		$	76,446		$	(67	)	$	203,358
Total gains or losses (realized/unrealized):
Included in earnings	—			(4,858		)	93			(4,765		)
Included in other comprehensive income *	5,088			—			—			5,088
Discount accretion	41			—			—			41
Purchases of private equity investments	—			4,000			—			4,000
Sale/pay down of private equity investments	—			(31,409		)	—			(31,409		)
Capitalized interest/dividends	—			13			—			13
Sale of risk participation agreement	—			—			(214		)	(214		)
Balance June 30, 2014	$	132,108		$	44,192		$	(188	)	$	176,112
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 June 30, 2014	$	—		$	(4,858	)	$	89		$	(4,769	)
For the six months ended June 30, 2014
Balance January 1, 2014	$	127,724		$	56,612		$	(65	)	$	184,271
Total gains or losses (realized/unrealized):
Included in earnings	—			11,936			198			12,134
Included in other comprehensive income *	4,304			—			—			4,304
Discount accretion	80			—			—			80
Purchases of private equity investments	—			7,000			—			7,000
Sale/pay down of private equity investments	—			(31,423		)	—			(31,423		)
Capitalized interest/dividends	—			67			—			67
Sale of risk participation agreement	—			—			(321		)	(321		)
Balance June 30, 2014	$	132,108		$	44,192		$	(188	)	$	176,112
Total gains or losses for the six months included in earnings attributable to the change in unrealized gains or losses relating to assets still held at June 30, 2014	$	—		$	(6,457	)	$	194		$	(6,263	)

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 June 30, 2015
Total gains or losses included in earnings	$	(63	)	$	75	$	875		$	887
Change in unrealized gains or losses relating to assets still held at June 30, 2015	$	345		$	75	$	875		$	1,295
For the six months ended June 30, 2015
Total gains or losses included in earnings	$	345		$	48	$	4,175		$	4,568
Change in unrealized gains or losses relating to assets still held at June 30, 2015	$	345		$	48	$	4,175		$	4,568
For the three months ended June 30, 2014
Total gains or losses included in earnings	$	—		$	93	$	(4,858	)	$	(4,765	)
Change in unrealized gains or losses relating to assets still held at June 30, 2014	$	—		$	89	$	(4,858	)	$	(4,769	)
For the six months ended June 30, 2014
Total gains or losses included in earnings	$	—		$	198	$	11,936		$	12,134
Change in unrealized gains or losses relating to assets still held at June 30, 2014	$	—		$	194	$	(6,457	)	$	(6,263	)

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, investments in portfolio concerns held by the Company's private equity subsidiaries, and held for sale residential mortgage loan commitments. ARS are included in state and municipal securities and totaled $92.9 million at June 30, 2015, while private equity investments, included in non-marketable securities, totaled $58.7 million.

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



Quantitative Information about Level 3 Fair Value Measurements						Weighted
	Valuation Technique	Unobservable Input	Range			Average
Auction rate securities	Discounted cash flow	Estimated market recovery period	3	-	5 years
		Estimated market rate	2.0%	-	5.0%
Private equity investments	Market comparable companies	EBITDA multiple	4.0	-	5.5
Mortgage loan commitments	Discounted cash flow	Probability of funding	64.7%	-	100.0%	85.2%
		Embedded servicing value	.7%	-	1.0%	1.0%

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 six months of 2015 and 2014, and still held as of June 30, 2015 and 2014, 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 June 30, 2015 and 2014.



			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 Six Months Ended June 30
June 30, 2015
Collateral dependent impaired loans	$	3,897	$	—	$	—	$	3,897	$	(1,340	)
Mortgage servicing rights	1,242		—		—		1,242		53
Foreclosed assets	608		—		—		608		(162		)
Long-lived assets	2,425		—		—		2,425		(1,667		)

June 30, 2014
Collateral dependent impaired loans	$	10,603	$	—	$	—	$	10,603	$	(3,124	)
Private equity investments	1,309		—		—		1,309		(1,191		)
Mortgage servicing rights	793		—		—		793		1
Foreclosed assets	1,191		—		—		1,191		(319		)
Long-lived assets	7,246		—		—		7,246		(1,408		)