Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2023

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

The table below presents the March 31, 2023 and December 31, 2022 carrying values of assets and liabilities measured at fair value on a recurring basis. There were no transfers among levels during the first three months of 2023 or the year ended December 31, 2022.


			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)
March 31, 2023
Assets:
Residential mortgage loans held for sale	$	684	$	—	$	684	$	—
Available for sale debt securities:
U.S. government and federal agency obligations	1,020,223		1,020,223		—		—
Government-sponsored enterprise obligations	44,414		—		44,414		—
State and municipal obligations	1,453,814		—		1,452,900		914
Agency mortgage-backed securities	4,271,563		—		4,271,563		—
Non-agency mortgage-backed securities	1,207,969		—		1,207,969		—
Asset-backed securities	2,763,578		—		2,763,578		—
Other debt securities	467,055		—		467,055		—
Trading debt securities	41,584		500		41,084		—
Equity securities	6,083		6,083		—		—
Private equity investments	163,418		—		—		163,418
Derivatives *	100,157		—		100,036		121
Assets held in trust for deferred compensation plan	18,656		18,656		—		—
Total assets	11,559,198		1,045,462		10,349,283		164,453
Liabilities:
Derivatives *	43,068		—		42,920		148
Liabilities held in trust for deferred compensation plan	18,656		18,656		—		—
Total liabilities	$	61,724	$	18,656	$	42,920	$	148
December 31, 2022
Assets:
Residential mortgage loans held for sale	$	—	$	—	$	—	$	—
Available for sale debt securities:
U.S. government and federal agency obligations	1,035,406		1,035,406		—		—
Government-sponsored enterprise obligations	43,108		—		43,108		—
State and municipal obligations	1,767,109		—		1,765,268		1,841
Agency mortgage-backed securities	4,308,427		—		4,308,427		—
Non-agency mortgage-backed securities	1,211,607		—		1,211,607		—
Asset-backed securities	3,397,801		—		3,397,801		—
Other debt securities	474,858		—		474,858		—
Trading debt securities	43,523		—		43,523		—
Equity securities	6,210		6,210		—		—
Private equity investments	178,127		—		—		178,127
Derivatives *	60,492		—		60,458		34
Assets held in trust for deferred compensation plan	17,856		17,856		—		—
Total assets	12,544,524		1,059,472		11,305,050		180,002
Liabilities:
Derivatives *	54,984		—		54,865		119
Liabilities held in trust for deferred compensation plan	17,856		17,856		—		—
Total liabilities	$	72,840	$	17,856	$	54,865	$	119

* The fair value of each class of derivative is shown in Note 11.

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 March 31, 2023
Balance January 1, 2023	$	1,841	$	178,127	$	(85)	$	179,883
Total gains or losses (realized/unrealized):
Included in earnings	—		2,251		58		2,309
Included in other comprehensive income *	26		—		—		26
Investment securities called	(1,000)		—		—		(1,000)
Discount accretion	47		—		—		47
Purchases of private equity investments	—		10,532		—		10,532
Sale/pay down of private equity investments	—		(27,492)		—		(27,492)



Balance March 31, 2023	$	914	$	163,418	$	(27)	$	164,305
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 March 31, 2023	$	—	$	2,251	$	58	$	2,309
*Total gains or losses for the three months included in other comprehensive income attributable to the change in unrealized gains or losses relating to assets still held at March 31, 2023	$	4	$	—	$	—	$	4
For the three months ended March 31, 2022
Balance January 1, 2022	$	1,984	$	147,406	$	571	$	149,961
Total gains or losses (realized/unrealized):
Included in earnings	—		7,450		(495)		6,955
Included in other comprehensive income *	(83)		—		—		(83)

Discount accretion	1		—		—		1
Purchases of private equity investments	—		300		—		300
Sale/pay down of private equity investments	—		(1,745)		—		(1,745)

Purchase of risk participation agreement	—		—		145		145

Balance March 31, 2022	$	1,902	$	153,411	$	221	$	155,534
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 March 31, 2022	$	—	$	7,450	$	267	$	7,717
*Total gains or losses for the three months included in other comprehensive income attributable to the change in unrealized gains or losses relating to assets still held at March 31, 2022	$	(83)	$	—	$	—	$	(83)

* Included in "net unrealized gains (losses) on available for sale debt securities" in the consolidated statements of comprehensive income.

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 March 31, 2023
Total gains or losses included in earnings	$	77	$	(19)	$	2,251	$	2,309
Change in unrealized gains or losses relating to assets still held at March 31, 2023	$	77	$	(19)	$	2,251	$	2,309



For the three months ended March 31, 2022
Total gains or losses included in earnings	$	(485)	$	(10)	$	7,450	$	6,955
Change in unrealized gains or losses relating to assets still held at March 31, 2022	$	279	$	(12)	$	7,450	$	7,717

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 investments in portfolio concerns held by the Company's private equity subsidiaries and held for sale residential mortgage loan commitments. Information about these inputs is presented in the table below.


Quantitative Information about Level 3 Fair Value Measurements						Weighted
	Valuation Technique	Unobservable Input	Range			Average*


Private equity investments	Market comparable companies	EBITDA multiple	4.0	-	6.0	5.2
Mortgage loan commitments	Discounted cash flow	Probability of funding	62.6%	-	100.0%	78.3%
		Embedded servicing value	.7%	-	1.6%	1.2%

* Unobservable inputs were weighted by the relative fair value of the instruments.

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 three months of 2023 and 2022, and still held as of March 31, 2023 and 2022, 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 March 31, 2023 and 2022.


			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 Three Months Ended March 31
March 31, 2023
Collateral dependent loans	$	1,819	$	—	$	—	$	1,819	$	425





March 31, 2022

Mortgage servicing rights	$	11,360	$	—	$	—	$	11,360	$	304

Long- lived assets	497		—		—		497		(965)

Information about Level Three Fair Value Measurements - Nonrecurring Basis

The Company's significant Level 3 measurements that are measured on a nonrecurring basis pertain to the Company's mortgage servicing rights retained on certain fixed rate personal real estate loan originations. Mortgage servicing rights are included in other intangible assets-net on the consolidated balance sheets, and information about these inputs at March 31, 2023 is presented in the table below.


Quantitative Information about Level 3 Fair Value Measurements										Weighted
	Valuation Technique	Unobservable Input	Range							Average*
Mortgage servicing rights	Discounted cash flow	Discount rate	9.51		%	-	9.71		%	9.58		%
		Prepayment speeds (CPR)*	6.33		%	-	7.47		%	6.53		%
		Loan servicing costs - annually per loan
		Performing loans	$	70		-	$	72		$	71
		Delinquent loans	$	200		-	$	750
		Loans in foreclosure	$	1,000

*Ranges and weighted averages based on interest rate tranches.