Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2015

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

The table below presents the September 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 nine 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)
September 30, 2015
Assets:
Residential mortgage loans held for sale	$	2,173	$	—	$	2,173	$	—
Available for sale securities:
U.S. government and federal agency obligations	420,399		420,399		—		—
Government-sponsored enterprise obligations	862,209		—		862,209		—
State and municipal obligations	1,847,159		—		1,753,970		93,189
Agency mortgage-backed securities	2,575,835		—		2,575,835		—
Non-agency mortgage-backed securities	817,197		—		817,197		—
Asset-backed securities	2,584,688		—		2,584,688		—
Other debt securities	326,008		—		326,008		—
Equity securities	39,464		19,509		19,955		—
Trading securities	14,463		—		14,463		—
Private equity investments	66,875		—		—		66,875
Derivatives *	16,369		—		15,916		453
Assets held in trust	8,825		8,825		—		—
Total assets	$	9,581,664	$	448,733	$	8,972,414	$	160,517
Liabilities:
Derivatives *	$	16,251	$	—	$	16,017	$	234
Total liabilities	$	16,251	$	—	$	16,017	$	234
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 September 30, 2015
Balance June 30, 2015	$	92,940		$	58,726		$	170		$	151,836
Total gains or losses (realized/unrealized):
Included in earnings	—			(1,221		)	49			(1,172		)
Included in other comprehensive income *	227			—			—			227
Discount accretion	22			—			—			22
Purchases of private equity investments	—			9,370			—			9,370
Balance September 30, 2015	$	93,189		$	66,875		$	219		$	160,283
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 September 30, 2015	$	—		$	(1,221	)	$	394		$	(827	)
For the nine months ended September 30, 2015
Balance January 1, 2015	$	95,143		$	57,581		$	(223	)	$	152,501
Total gains or losses (realized/unrealized):
Included in earnings	—			2,954			442			3,396
Included in other comprehensive income *	(127		)	—			—			(127		)
Investment securities called	(2,000		)	—			—			(2,000		)
Discount accretion	173			—			—			173
Purchases of private equity investments	—			11,023			—			11,023
Sale/pay down of private equity investments	—			(4,800		)	—			(4,800		)
Capitalized interest/dividends	—			117			—			117
Balance September 30, 2015	$	93,189		$	66,875		$	219		$	160,283
Total gains or losses for the nine months included in earnings attributable to the change in unrealized gains or losses relating to assets still held at September 30, 2015	$	—		$	2,954		$	442		$	3,396
For the three months ended September 30, 2014
Balance June 30, 2014	$	132,108		$	44,192		$	(188	)	$	176,112
Total gains or losses (realized/unrealized):
Included in earnings	—			3,225			(21		)	3,204
Included in other comprehensive income *	(921		)	—			—			(921		)
Discount accretion	40			—			—			40
Purchases of private equity investments	—			4,575			—			4,575
Capitalized interest/dividends	—			45			—			45
Purchase of risk participation agreement	—			—			41			41
Balance September 30, 2014	$	131,227		$	52,037		$	(168	)	$	183,096
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 September 30, 2014	$	—		$	3,225		$	(21	)	$	3,204
For the nine months ended September 30, 2014
Balance January 1, 2014	$	127,724		$	56,612		$	(65	)	$	184,271
Total gains or losses (realized/unrealized):
Included in earnings	—			15,161			177			15,338
Included in other comprehensive income *	3,383			—			—			3,383
Discount accretion	120			—			—			120
Purchases of private equity investments	—			11,575			—			11,575
Sale/pay down of private equity investments	—			(31,423		)	—			(31,423		)
Capitalized interest/dividends	—			112			—			112
Purchase of risk participation agreement	—			—			41			41
Sale of risk participation agreement	—			—			(321		)	(321		)
Balance September 30, 2014	$	131,227		$	52,037		$	(168	)	$	183,096
Total gains or losses for the nine months included in earnings attributable to the change in unrealized gains or losses relating to assets still held at September 30, 2014	$	—		$	(3,232	)	$	173		$	(3,059	)

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 September 30, 2015
Total gains or losses included in earnings	$	106	$	(57	)	$	(1,221	)	$	(1,172	)
Change in unrealized gains or losses relating to assets still held at September 30, 2015	$	451	$	(57	)	$	(1,221	)	$	(827	)
For the nine months ended September 30, 2015
Total gains or losses included in earnings	$	451	$	(9	)	$	2,954		$	3,396
Change in unrealized gains or losses relating to assets still held at September 30, 2015	$	451	$	(9	)	$	2,954		$	3,396
For the three months ended September 30, 2014
Total gains or losses included in earnings	$	—	$	(21	)	$	3,225		$	3,204
Change in unrealized gains or losses relating to assets still held at September 30, 2014	$	—	$	(21	)	$	3,225		$	3,204
For the nine months ended September 30, 2014
Total gains or losses included in earnings	$	—	$	177		$	15,161		$	15,338
Change in unrealized gains or losses relating to assets still held at September 30, 2014	$	—	$	173		$	(3,232	)	$	(3,059	)

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 $93.2 million at September 30, 2015, while private equity investments, included in non-marketable securities, totaled $66.9 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	2.3%	-	7.1%
Private equity investments	Market comparable companies	EBITDA multiple	4.0	-	5.5
Mortgage loan commitments	Discounted cash flow	Probability of funding	60.5%	-	100.0%	82.4%
		Embedded servicing value	.9%	-	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 nine months of 2015 and 2014, and still held as of September 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 September 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 Nine Months Ended September 30
September 30, 2015
Collateral dependent impaired loans	$	6,860	$	—	$	—	$	6,860	$	(1,794	)
Mortgage servicing rights	1,461		—		—		1,461		59
Foreclosed assets	479		—		—		479		(193		)
Long-lived assets	937		—		—		937		(1,366		)

September 30, 2014
Collateral dependent impaired loans	$	17,015	$	—	$	—	$	17,015	$	(2,797	)
Private equity investments	1,309		—		—		1,309		(1,191		)
Mortgage servicing rights	777		—		—		777		13
Foreclosed assets	850		—		—		850		(275		)
Long-lived assets	8,528		—		—		8,528		(1,890		)