Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2015

Balances of Assets and Liabilities Measured at Fair Value on Recurring Basis

The following table presents the balances of assets and liabilities measured at fair value on a recurring basis:


	Level 1		Level 2		Level 3		Total
June 30, 2015
Assets Measured at Fair Value
Available for sale debt securities:
U.S. Treasury	$	—	$	29,928	$	—	$	29,928
U.S. government-sponsored entities		—		404,076		—		404,076
Residential mortgage-backed securities:
Agency mortgage-backed securities		—		593,756		—		593,756
Agency collateralized mortgage obligations		—		555,597		—		555,597
Non-agency collateralized mortgage obligations		—		9		1,270		1,279
Commercial mortgage-backed securities		—		5,006		—		5,006
States of the U.S. and political subdivisions		—		11,457		—		11,457
Other debt securities		—		16,241		—		16,241

		—		1,616,070		1,270		1,617,340

Available for sale equity securities:
Financial services industry		94		677		387		1,158
Insurance services industry		122		—		—		122

		216		677		387		1,280

		216		1,616,747		1,657		1,618,620
Derivative financial instruments:
Trading		—		41,172		—		41,172
Not for trading		—		1,877		—		1,877

		—		43,049		—		43,049

	$	216	$	1,659,796	$	1,657	$	1,661,669

Liabilities Measured at Fair Value
Derivative financial instruments:
Trading		—	$	41,336		—	$	41,336
Not for trading		—		1,983		—		1,983

		—	$	43,319		—	$	43,319


	Level 1		Level 2		Level 3		Total
December 31, 2014
Assets Measured at Fair Value
Available for sale debt securities:
U.S. Treasury	$	—	$	29,682	$	—	$	29,682
U.S. government-sponsored entities		—		337,133		—		337,133
Residential mortgage-backed securities:
Agency mortgage-backed securities		—		554,085		—		554,085
Agency collateralized mortgage obligations		—		573,171		—		573,171
Non-agency collateralized mortgage obligations		—		11		1,420		1,431
Commercial mortgage-backed securities		—		7,880		—		7,880
States of the U.S. and political subdivisions		—		13,158		—		13,158
Other debt securities		—		16,178		—		16,178

		—		1,531,298		1,420		1,532,718

Available for sale equity securities:
Financial services industry		99		654		475		1,228
Insurance services industry		119		—		—		119

		218		654		475		1,347

		218		1,531,952		1,895		1,534,065
Derivative financial instruments:
Trading		—		43,789		—		43,789
Not for trading		—		2,109		—		2,109

		—		45,898		—		45,898

	$	218	$	1,577,850	$	1,895	$	1,579,963

Liabilities Measured at Fair Value
Derivative financial instruments:
Trading		—	$	43,830		—	$	43,830
Not for trading		—		2,330		—		2,330

		—	$	46,160		—	$	46,160

Additional Information about Assets Measured at Fair Value on Recurring Basis

The following table presents additional information about assets measured at fair value on a recurring basis and for which the Corporation has utilized Level 3 inputs to determine fair value:


	Pooled Trust Preferred Collateralized Debt Obligations			Equity Securities			Residential Non-Agency Collateralized Mortgage Obligations			Total
Six Months Ended June 30, 2015
Balance at beginning of period		—		$	475		$	1,420		$	1,895
Total gains (losses) – realized/unrealized:
Included in earnings		—			—			—			—
Included in other comprehensive income		—			(32	)		(8	)		(40	)
Accretion included in earnings		—			—			2			2
Purchases, issuances, sales and settlements:
Purchases		—			—			—			—
Issuances		—			—			—			—
Sales/redemptions		—			—			—			—
Settlements		—			—			(144	)		(144	)
Transfers from Level 3		—			(56	)		—			(56	)
Transfers into Level 3		—			—			—			—

Balance at end of period		—		$	387		$	1,270		$	1,657

Year Ended December 31, 2014
Balance at beginning of period	$	31,595		$	410		$	1,744		$	33,749
Total gains (losses) – realized/unrealized:
Included in earnings		13,766			—			—			13,766
Included in other comprehensive income		5,608			65			3			5,676
Accretion included in earnings		657			—			5			662
Purchases, issuances, sales and settlements:
Purchases		—			—			—			—
Issuances		—			—			—			—
Sales/redemptions		(51,527	)		—			—			(51,527	)
Settlements		(99	)		—			(332	)		(431	)
Transfers from Level 3		—			—			—			—
Transfers into Level 3		—			—			—			—

Balance at end of period	$	—		$	475		$	1,420		$	1,895

Additional Information about Assets Measured at Fair Value on Non-Recurring Basis

For assets measured at fair value on a non-recurring basis still held at the balance sheet date, the following table provides the hierarchy level and the fair value of the related assets or portfolios:


	Level 1		Level 2		Level 3		Total
June 30, 2015
Impaired loans		—	$	113	$	609	$	722
Other real estate owned		—		4,170		2,166		6,336
December 31, 2014
Impaired loans		—		177		1,528		1,705
Other real estate owned		—		5,695		2,365		8,060

Fair Values of Corporation's Financial Instruments

The fair values of the Corporation’s financial instruments are as follows:


					Fair Value Measurements
	Carrying Amount		Fair Value		Level 1		Level 2		Level 3
June 30, 2015
Financial Assets
Cash and cash equivalents	$	237,479	$	237,479	$	237,479	$	—	$	—
Securities available for sale		1,618,620		1,618,620		216		1,616,747		1,657
Securities held to maturity		1,518,060		1,526,040		—		1,522,654		3,386
Net loans and leases, including loans held for sale		11,502,357		11,312,391		—		—		11,312,391
Derivative assets		43,049		43,049		—		43,049		—
Accrued interest receivable		41,824		41,824		41,824		—		—
Financial Liabilities
Deposits		12,358,127		12,356,232		9,770,550		2,585,682		—
Short-term borrowings		1,507,582		1,507,582		1,507,582		—		—
Long-term borrowings		542,578		541,578		—		—		541,578
Derivative liabilities		43,319		43,319		—		43,319		—
Accrued interest payable		6,197		6,197		6,197		—		—
December 31, 2014
Financial Assets
Cash and cash equivalents	$	287,393	$	287,393	$	287,393	$	—	$	—
Securities available for sale		1,534,065		1,534,065		218		1,531,952		1,895
Securities held to maturity		1,453,355		1,468,258		—		1,463,945		4,313
Net loans and leases, including loans held for sale		11,127,292		10,956,544		—		—		10,956,544
Derivative assets		45,898		45,898		—		45,898		—
Accrued interest receivable		40,231		40,231		40,231		—		—
Financial Liabilities
Deposits		11,382,208		11,382,402		8,771,173		2,611,229		—
Short-term borrowings		2,041,658		2,041,672		2,041,672		—		—
Long-term borrowings		541,443		539,007		—		—		539,007
Derivative liabilities		46,160		46,160		—		46,160		—
Accrued interest payable		6,689		6,689		6,689		—		—