Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2016

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

The table below presents the carrying values of assets and liabilities measured at fair value on a recurring basis at December 31, 2016 and 2015. There were no transfers among levels during these years.



			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)
December 31, 2016
Assets:
Residential mortgage loans held for sale	$	9,263	$	—	$	9,263	$	—
Available for sale securities:
U.S. government and federal agency obligations	920,904		920,904		—		—
Government-sponsored enterprise obligations	449,998		—		449,998		—
State and municipal obligations	1,778,214		—		1,761,532		16,682
Agency mortgage-backed securities	2,685,931		—		2,685,931		—
Non-agency mortgage-backed securities	1,055,639		—		1,055,639		—
Asset-backed securities	2,381,301		—		2,381,301		—
Other debt securities	325,953		—		325,953		—
Equity securities	51,263		24,967		26,296		—
Trading securities	22,225		—		22,225		—
Private equity investments	50,820		—		—		50,820
Derivatives *	13,566		—		13,146		420
Assets held in trust for deferred compensation plan	10,261		10,261		—		—
Total assets	9,755,338		956,132		8,731,284		67,922
Liabilities:
Derivatives *	13,339		—		13,177		162
Liabilities held in trust for deferred compensation plan	10,261		10,261		—		—
Total liabilities	$	23,600	$	10,261	$	13,177	$	162
December 31, 2015
Assets:
Residential mortgage loans held for sale	$	4,981	$	—	$	4,981	$	—
Available for sale securities:
U.S. government and federal agency obligations	727,076		727,076		—		—
Government-sponsored enterprise obligations	793,023		—		793,023		—
State and municipal obligations	1,741,957		—		1,724,762		17,195
Agency mortgage-backed securities	2,618,281		—		2,618,281		—
Non-agency mortgage-backed securities	879,963		—		879,963		—
Asset-backed securities	2,644,381		—		2,644,381		—
Other debt securities	331,320		—		331,320		—
Equity securities	41,003		20,263		20,740		—
Trading securities	11,890		—		11,890		—
Private equity investments	63,032		—		—		63,032
Derivatives *	12,771		—		12,507		264
Assets held in trust for deferred compensation plan	9,278		9,278		—		—
Total assets	9,878,956		756,617		9,041,848		80,491
Liabilities:
Derivatives *	12,729		—		12,534		195
Liabilities held in trust for deferred compensation plan	9,278		9,278		—		—
Total liabilities	$	22,007	$	9,278	$	12,534	$	195


*	The fair value of each class of derivative is shown in Note 17.

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

he 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
Year ended December 31, 2016:
Balance at January 1, 2016	$	17,195		$	63,032		$	69		$	80,296
Total gains or losses (realized/unrealized):
Included in earnings	—			(3,739		)	43			(3,696		)
Included in other comprehensive income	583			—			—			583
Investment securities called	(1,200		)	—			—			(1,200		)
Discount accretion	104			—			—			104
Purchases of private equity securities	—			9,906			—			9,906
Sale / pay down of private equity securities	—			(18,471		)	—			(18,471		)
Capitalized interest/dividends	—			92			—			92
Purchase of risk participation agreement	—			—			404			404
Sale of risk participation agreement	—			—			(258		)	(258		)
Balance at December 31, 2016	$	16,682		$	50,820		$	258		$	67,760
Total gains or losses for the year included in earnings attributable to the change in unrealized gains or losses relating to assets still held at December 31, 2016	$	—		$	(5,914	)	$	306		$	(5,608	)
Year ended December 31, 2015:
Balance at January 1, 2015	$	95,143		$	57,581		$	(223	)	$	152,501
Total gains or losses (realized/unrealized):
Included in earnings	—			1,402			320			1,722
Included in other comprehensive income	4,169			—			—			4,169
Investment securities called	(82,825		)	—			—			(82,825		)
Discount accretion	708			—			—			708
Purchases of private equity securities	—			13,112			—			13,112
Sale / pay down of private equity securities	—			(9,204		)	—			(9,204		)
Capitalized interest/dividends	—			141			—			141
Sale of risk participation agreement	—			—			(28		)	(28		)
Balance at December 31, 2015	$	17,195		$	63,032		$	69		$	80,296
Total gains or losses for the year included in earnings attributable to the change in unrealized gains or losses relating to assets still held at December 31, 2015	$	—		$	1,127		$	322		$	1,449

Summary Of Gains And Losses On Level 3 Assets And Liabilities

ains and losses on the Level 3 assets and liabilities in the table above are reported in the following income categories:



(In thousands)	Loan Fees and Sales		Other Non-Interest Income			Investment Securities Gains (Losses), Net			Total
Year ended December 31, 2016:
Total gains or losses included in earnings	$	87	$	(44	)	$	(3,739	)	$	(3,696	)
Change in unrealized gains or losses relating to assets still held at December 31, 2016	$	350	$	(44	)	$	(5,914	)	$	(5,608	)
Year ended December 31, 2015:
Total gains or losses included in earnings	$	263	$	57		$	1,402		$	1,722
Change in unrealized gains or losses relating to assets still held at December 31, 2015	$	263	$	59		$	1,127		$	1,449

Summary Of Quantitative Information About Level 3 Fair Value Measurements

nformation 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			5 years
		Estimated market rate	3.1%	-	3.8%
Private equity investments	Market comparable companies	EBITDA multiple	4.0	-	5.5
Mortgage loan commitments	Discounted cash flow	Probability of funding	54.5%	-	98.9%	80.1%
		Embedded servicing value	.9%	-	1.0%	1.0%

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

or assets measured at fair value on a nonrecurring basis during 2016 and 2015, and still held as of December 31, 2016 and 2015, the following table provides the adjustments to fair value recognized during the respective periods, the level of valuation assumptions used to determine each adjustment, and the carrying value of the related individual assets or portfolios at December 31, 2016 and 2015.



			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)
Balance at December 31, 2016
Collateral dependent impaired loans	$	1,331	$	—	$	—	$	1,331	$	(1,700	)
Mortgage servicing rights	2,868		—		—		2,868		7
Foreclosed assets	18		—		—		18		(20		)
Long-lived assets	2,408		—		—		2,408		(1,054		)
Balance at December 31, 2015
Collateral dependent impaired loans	$	5,457	$	—	$	—	$	5,457	$	(2,464	)
Mortgage servicing rights	1,638		—		—		1,638		68
Foreclosed assets	238		—		—		238		(108		)
Long-lived assets	822		—		—		822		(240		)