Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2017

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

The table below presents the September 30, 2017 and December 31, 2016 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 2017 or the year ended December 31, 2016.



			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, 2017
Assets:
Residential mortgage loans held for sale	$	11,320	$	—	$	11,320	$	—
Available for sale securities:
U.S. government and federal agency obligations	918,604		918,604		—		—
Government-sponsored enterprise obligations	469,414		—		469,414		—
State and municipal obligations	1,720,403		—		1,703,550		16,853
Agency mortgage-backed securities	2,756,973		—		2,756,973		—
Non-agency mortgage-backed securities	1,066,764		—		1,066,764		—
Asset-backed securities	1,736,966		—		1,736,966		—
Other debt securities	356,641		—		356,641		—
Equity securities	83,522		32,915		50,607		—
Trading securities	24,605		—		24,605		—
Private equity investments	50,254		—		—		50,254
Derivatives *	11,650		—		10,837		813
Assets held in trust for deferred compensation plan	12,311		12,311		—		—
Total assets	9,219,427		963,830		8,187,677		67,920
Liabilities:
Derivatives *	5,979		—		5,850		129
Liabilities held in trust for deferred compensation plan	12,311		12,311		—		—
Total liabilities	$	18,290	$	12,311	$	5,850	$	129
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

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 September 30, 2017
Balance June 30, 2017	$	16,825		$	53,557		$	791		$	71,173
Total gains or losses (realized/unrealized):
Included in earnings	—			(5,198		)	(107		)	(5,305		)
Included in other comprehensive income *	19			—			—			19
Discount accretion	9			—			—			9
Purchases of private equity investments	—			2,185			—			2,185
Sale/pay down of private equity investments	—			(290		)	—			(290		)
Balance September 30, 2017	$	16,853		$	50,254		$	684		$	67,791
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, 2017	$	—		$	(5,198	)	$	764		$	(4,434	)
For the nine months ended September 30, 2017
Balance January 1, 2017	$	16,682		$	50,820		$	258		$	67,760
Total gains or losses (realized/unrealized):
Included in earnings	—			(8,028		)	426			(7,602		)
Included in other comprehensive income *	729			—			—			729
Investment securities called	(600		)	—			—			(600		)
Discount accretion	42			—			—			42
Purchases of private equity investments	—			9,269			—			9,269
Sale/pay down of private equity investments	—			(1,840		)	—			(1,840		)
Capitalized interest/dividends	—			33			—			33
Balance September 30, 2017	$	16,853		$	50,254		$	684		$	67,791
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, 2017	$	—		$	(7,853	)	$	775		$	(7,078	)
For the three months ended September 30, 2016
Balance June 30, 2016	$	17,679		$	62,813		$	502		$	80,994
Total gains or losses (realized/unrealized):
Included in earnings	—			(2,921		)	136			(2,785		)
Included in other comprehensive income *	317			—			—			317
Investment securities called	(1,100		)	—			—			(1,100		)
Discount accretion	12			—			—			12
Purchases of private equity investments	—			2,894			—			2,894
Sale/pay down of private equity investments	—			(3,315		)	—			(3,315		)
Capitalized interest/dividends	—			15			—			15
Sale of risk participation agreement	—			—			(33		)	(33		)
Balance September 30, 2016	$	16,908		$	59,486		$	605		$	76,999
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, 2016	$	—		$	(2,921	)	$	926		$	(1,995	)
For the nine months ended September 30, 2016
Balance January 1, 2016	$	17,195		$	63,032		$	69		$	80,296
Total gains or losses (realized/unrealized):
Included in earnings	—			(6,645		)	605			(6,040		)
Included in other comprehensive income *	819			—			—			819
Investment securities called	(1,200		)	—			—			(1,200		)
Discount accretion	94			—			—			94
Purchases of private equity investments	—			8,735			—			8,735
Sale/pay down of private equity investments	—			(5,713		)	—			(5,713		)
Capitalized interest/dividends	—			77			—			77
Sale of risk participation agreement	—			—			(69		)	(69		)
Balance September 30, 2016	$	16,908		$	59,486		$	605		$	76,999
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, 2016	$	—		$	(6,545	)	$	868		$	(5,677	)

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, 2017
Total gains or losses included in earnings	$	(115	)	$	8		$	(5,198	)	$	(5,305	)
Change in unrealized gains or losses relating to assets still held at September 30, 2017	$	756		$	8		$	(5,198	)	$	(4,434	)
For the nine months ended September 30, 2017
Total gains or losses included in earnings	$	407		$	19		$	(8,028	)	$	(7,602	)
Change in unrealized gains or losses relating to assets still held at September 30, 2017	$	756		$	19		$	(7,853	)	$	(7,078	)
For the three months ended September 30, 2016
Total gains or losses included in earnings	$	86		$	50		$	(2,921	)	$	(2,785	)
Change in unrealized gains or losses relating to assets still held at September 30, 2016	$	876		$	50		$	(2,921	)	$	(1,995	)
For the nine months ended September 30, 2016
Total gains or losses included in earnings	$	613		$	(8	)	$	(6,645	)	$	(6,040	)
Change in unrealized gains or losses relating to assets still held at September 30, 2016	$	876		$	(8	)	$	(6,545	)	$	(5,677	)

Summary Of Quantitative Information About Level 3 Fair Value Measurements

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 $16.9 million at September 30, 2017, while private equity investments, included in non-marketable securities, totaled $50.3 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			5 years
		Estimated market rate	2.8%	-	3.1%
Private equity investments	Market comparable companies	EBITDA multiple	4.0	-	5.8
Mortgage loan commitments	Discounted cash flow	Probability of funding	50.9%	-	100.0%	79.1%
		Embedded servicing value	(.3)%	-	2.2%	1.1%

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 2017 and 2016, and still held as of September 30, 2017 and 2016, 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, 2017 and 2016.



			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, 2017
Collateral dependent impaired loans	$	1,468	$	—	$	—	$	1,468	$	(336	)
Mortgage servicing rights	4,245		—		—		4,245		6
Foreclosed assets	50		—		—		50		(83		)
Long-lived assets	3,033		—		—		3,033		(1,167		)

September 30, 2016
Collateral dependent impaired loans	$	1,756	$	—	$	—	$	1,756	$	(1,626	)
Mortgage servicing rights	2,533		—		—		2,533		(7		)
Foreclosed assets	47		—		—		47		(66		)
Long-lived assets	2,232		—		—		2,232		(1,001		)