Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2018

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, 2018 and 2017. 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, 2018
Assets:
Residential mortgage loans held for sale	$	13,529	$	—	$	13,529	$	—
Available for sale debt securities:
U.S. government and federal agency obligations	907,652		907,652		—		—
Government-sponsored enterprise obligations	195,778		—		195,778		—
State and municipal obligations	1,328,039		—		1,313,881		14,158
Agency mortgage-backed securities	3,214,985		—		3,214,985		—
Non-agency mortgage-backed securities	1,047,716		—		1,047,716		—
Asset-backed securities	1,511,614		—		1,511,614		—
Other debt securities	332,257		—		332,257		—
Trading debt securities	27,059		—		27,059		—
Equity securities	2,585		2,585		—		—
Private equity investments	85,659		—		—		85,659
Derivatives *	41,210		—		40,627		583
Assets held in trust for deferred compensation plan	12,968		12,968		—		—
Total assets	8,721,051		923,205		7,697,446		100,400
Liabilities:
Derivatives *	13,421		—		13,328		93
Liabilities held in trust for deferred compensation plan	12,968		12,968		—		—
Total liabilities	$	26,389	$	12,968	$	13,328	$	93
December 31, 2017
Assets:
Residential mortgage loans held for sale	$	15,327	$	—	$	15,327	$	—
Available for sale debt securities:
U.S. government and federal agency obligations	917,147		917,147		—		—
Government-sponsored enterprise obligations	406,363		—		406,363		—
State and municipal obligations	1,611,366		—		1,594,350		17,016
Agency mortgage-backed securities	3,040,913		—		3,040,913		—
Non-agency mortgage-backed securities	905,793		—		905,793		—
Asset-backed securities	1,492,800		—		1,492,800		—
Other debt securities	351,060		—		351,060		—
Trading debt securities	18,269		—		18,269		—
Equity securities	48,838		19,864		28,974		—
Private equity investments	55,752		—		—		55,752
Derivatives *	8,349		—		7,723		626
Assets held in trust for deferred compensation plan	12,843		12,843		—		—
Total assets	8,884,820		949,854		7,861,572		73,394
Liabilities:
Derivatives *	8,074		—		7,951		123
Liabilities held in trust for deferred compensation plan	12,843		12,843		—		—
Total liabilities	$	20,917	$	12,843	$	7,951	$	123


*	The fair value of each class of derivative is shown in Note 18.

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
Year ended December 31, 2018:
Balance at January 1, 2018	$	17,016		$	55,752		$	503		$	73,271
Total gains or losses (realized/unrealized):
Included in earnings	—			13,849			105			13,954
Included in other comprehensive income	(274		)	—			—			(274		)
Investment securities called	(2,616		)	—			—			(2,616		)
Discount accretion	32			—			—			32
Purchases of private equity securities	—			16,395			—			16,395
Sale / pay down of private equity securities	—			(371		)	—			(371		)
Capitalized interest/dividends	—			34			—			34
Purchase of risk participation agreement	—			—			61			61
Sale of risk participation agreement	—			—			(179		)	(179		)
Balance at December 31, 2018	$	14,158		$	85,659		$	490		$	100,307
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, 2018	$	—		$	13,849		$	663		$	14,512
Year ended December 31, 2017:
Balance at January 1, 2017	$	16,682		$	50,820		$	258		$	67,760
Total gains or losses (realized/unrealized):
Included in earnings	—			(5,833		)	266			(5,567		)
Included in other comprehensive income	882			—			—			882
Investment securities called	(600		)	—			—			(600		)
Discount accretion	52			—			—			52
Purchases of private equity securities	—			13,352			—			13,352
Sale / pay down of private equity securities	—			(2,621		)	—			(2,621		)
Capitalized interest/dividends	—			34			—			34
Purchase of risk participation agreement	—			—			70			70
Sale of risk participation agreement	—			—			(91		)	(91		)
Balance at December 31, 2017	$	17,016		$	55,752		$	503		$	73,271
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, 2017	$	—		$	(5,658	)	$	615		$	(5,043	)

Summary Of Gains And Losses On Level 3 Assets And Liabilities

Gains 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, 2018:
Total gains or losses included in earnings	$	(45	)	$	150	$	13,849		$	13,954
Change in unrealized gains or losses relating to assets still held at December 31, 2018	$	535		$	128	$	13,849		$	14,512
Year ended December 31, 2017:
Total gains or losses included in earnings	$	231		$	35	$	(5,833	)	$	(5,567	)
Change in unrealized gains or losses relating to assets still held at December 31, 2017	$	580		$	35	$	(5,658	)	$	(5,043	)

Summary Of Quantitative Information About Level 3 Fair Value Measurements

Level 3 Inputs

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 $14.2 million at December 31, 2018, while private equity investments, included in other securities, totaled $85.7 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	4	-	5 years
		Estimated market rate	4.3%	-	4.8%
Private equity investments	Market comparable companies	EBITDA multiple	4.0	-	6.0
Mortgage loan commitments	Discounted cash flow	Probability of funding	53.7%	-	98.0%	78.6%
		Embedded servicing value	.7%	-	2.3%	1.3%

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

Instruments Measured at Fair Value on a Nonrecurring Basis

For assets measured at fair value on a nonrecurring basis during 2018 and 2017, and still held as of December 31, 2018 and 2017, 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, 2018 and 2017.



			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, 2018
Collateral dependent impaired loans	$	294	$	—	$	—	$	294	$	(269	)
Mortgage servicing rights	6,478		—		—		6,478		9
Long-lived assets	914		—		—		914		(552		)
Balance at December 31, 2017
Collateral dependent impaired loans	$	1,236	$	—	$	—	$	1,236	$	(617	)
Mortgage servicing rights	4,653		—		—		4,653		13
Foreclosed assets	—		—		—		—		(9		)
Long-lived assets	3,378		—		—		3,378		(724		)