Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2015

Fair Value, Assets Measured on Recurring Basis [Table Text Block]

The following tables present information on the assets measured and recorded at fair value on a recurring basis as of the dates indicated:



	Fair Value Measurements as of
	March 31, 2015
Measured on a Recurring Basis:	Total		Level 1		Level 2		Level 3
	(In thousands)
Securities available‑for‑sale:
Government agency and government‑sponsored enterprise
pass-through securities	$	458,892	$	—	$	458,892	$	—
Government agency and government‑sponsored enterprise
collateralized mortgage obligations	276,224		—		276,224		—
Covered private label CMOs	33,444		—		—		33,444
Other private label CMOs	9,650		—		9,650		—
Municipal securities	592,853		—		592,853		—
Corporate debt securities	47,745		—		47,745		—
Collateralized loan obligations	113,805		—		113,805		—
Government‑sponsored enterprise debt securities	37,405		—		37,405		—
Other securities	25,391		524		24,867		—
Total securities available-for-sale	1,595,409		524		1,561,441		33,444
Derivative assets	9,749		—		9,749		—
Total recurring assets	$	1,605,158	$	524	$	1,571,190	$	33,444



	Fair Value Measurements as of
	December 31, 2014
Measured on a Recurring Basis:	Total		Level 1		Level 2		Level 3
	(In thousands)
Securities available‑for‑sale:
Government agency and government‑sponsored enterprise
pass-through securities	$	535,672	$	—	$	535,672	$	—
Government agency and government‑sponsored enterprise
collateralized mortgage obligations	277,946		—		277,946		—
Covered private label CMOs	33,947		—		—		33,947
Other private label CMOs	10,914		—		10,914		—
Municipal securities	536,116		—		536,116		—
Corporate debt securities	110,109		—		110,109		—
Government‑sponsored enterprise debt securities	36,757		—		36,757		—
Other securities	25,716		519		25,197		—
Total securities available-for-sale	1,567,177		519		1,532,711		33,947
Derivative assets	5,234		—		5,234		—
Total recurring assets	$	1,572,411	$	519	$	1,537,945	$	33,947
Derivative liabilities	$	118	$	—	$	118	$	—

Fair Value, Assets and Liabilities Measured on Nonrecurring Basis, Valuation Techniques [Table Text Block]

The following table presents information about quantitative inputs and assumptions used to determine the fair values provided by our third party pricing service for our Level 3 covered private label CMOs measured at fair value on a recurring basis as of March 31, 2015:



	Covered Private Label CMOs
Unobservable Inputs:	Range of Inputs	Weighted Average Input
Voluntary annual prepayment speeds	0% - 34.4%	5.7%
Annual default rates	0% - 42.7%	2.9%
Loss severity rates	0% - 71.2%	30.2%
Discount rates	0% - 22.6%	5.6%

Fair Value, Assets Measured on Recurring Basis, Significant Unobservable Inputs (Level 3) Reconciliation

The following table summarizes activity for assets measured at fair value on a recurring basis that are categorized as Level 3 for the period indicated:



	Covered Private Label CMOs
	(In thousands)
Balance, December 31, 2014	$	33,947
Total realized in earnings	154
Total unrealized loss in comprehensive income	(109		)
Net settlements	(548		)
Balance, March 31, 2015	$	33,444

Assets carried at fair value on a nonrecurring basis

The following tables present assets measured at fair value on a non‑recurring basis as of the dates indicated:



	Fair Value Measurement as of
	March 31, 2015
	Total		Level 1		Level 2		Level 3
Measured on a Non‑Recurring Basis:	(In thousands)
Impaired Non‑PCI loans	$	59,243	$	—	$	2,179	$	57,064
Other real estate owned	782		—		782		—
Total non-recurring	$	60,025	$	—	$	2,961	$	57,064



	Fair Value Measurement as of
	December 31, 2014
	Total		Level 1		Level 2		Level 3
Measured on a Non‑Recurring Basis:	(In thousands)
Impaired Non‑PCI loans	$	42,693	$	—	$	2,366	$	40,327
Other real estate owned	24,015		—		18,400		5,615
Investments carried at cost	566		—		—		566
Total non-recurring	$	67,274	$	—	$	20,766	$	46,508

Net Losses (Gains) on Nonrecurring Assets [Table Text Block]

The following table presents losses recognized on assets measured on a nonrecurring basis for the period indicated:



	Three Months Ended
	March 31, 2015
Loss on Assets Measured on a Non‑Recurring Basis:	(In thousands)
Impaired Non‑PCI loans	$	(9,192	)
Other real estate owned	(124		)
Total net loss	$	(9,316	)

Fair Value Inputs, Assets, Quantitative Information

The following table presents the valuation methodology and unobservable inputs for Level 3 assets measured at fair value on a nonrecurring basis as of March 31, 2015:

Asset

Fair Value

(In thousands)

Valuation Technique

Unobservable Inputs

Range

Weighted

Average

Impaired Non-PCI loans

32,905

Discounted cash flows

Discount rates

2.75% - 10.46%

6.73%

24,159

Appraisals

No discounts

Total non-recurring Level 3

57,064

Fair Value, by Balance Sheet Grouping

The following tables present a summary of the carrying values and estimated fair values of certain financial instruments as of the dates indicated:



	March 31, 2015
	Carrying or Contract		Estimated Fair Value
	Amount		Total		Level 1		Level 2		Level 3
	(In thousands)
Financial Assets:
Cash and due from banks	$	140,873	$	140,873	$	140,873	$	—	$	—
Interest‑earning deposits in financial institutions	250,981		250,981		250,981		—		—
Securities available‑for‑sale	1,595,409		1,595,409		524		1,561,441		33,444
Investment in FHLB stock	28,905		28,905		—		28,905		—
Investments carried at cost	3,100		3,534		—		—		3,534
Investments accounted for under the equity method	21,226		21,475		—		—		21,475
Loans and leases, net	12,179,788		12,280,982		—		2,179		12,278,803
Derivative assets	9,749		9,749		—		9,749		—

Financial Liabilities:
Deposits:
Demand, money market, interest checking, and savings deposits	6,353,376		6,353,376		—		6,353,376		—
Time deposits	5,580,799		5,584,088		—		5,584,088		—
Borrowings	618,156		618,351		615,000		3,351		—
Subordinated debentures	431,448		415,210		—		415,210		—



	December 31, 2014
	Carrying or Contract		Estimated Fair Value
	Amount		Total		Level 1		Level 2		Level 3
	(In thousands)
Financial Assets:
Cash and due from banks	$	164,757	$	164,757	$	164,757	$	—	$	—
Interest‑earning deposits in financial institutions	148,469		148,469		148,469		—		—
Securities available‑for‑sale	1,567,177		1,567,177		519		1,532,711		33,947
Investment in FHLB stock	40,609		40,609		—		40,609		—
Investments carried at cost	3,691		3,691		—		—		3,691
Investments accounted for under the equity method	21,461		21,700		—		—		21,700
Loans and leases, net	11,797,977		11,757,951		—		2,366		11,755,585
Derivative assets	5,234		5,234		—		5,234		—

Financial Liabilities:
Deposits:
Demand, money market, interest checking, and savings deposits	6,256,190		6,256,190		—		6,256,190		—
Time deposits	5,498,938		5,502,479		—		5,502,479		—
Borrowings	383,402		383,539		380,000		3,539		—
Subordinated debentures	433,583		417,657		—		417,657		—
Derivative liabilities	118		118		—		118		—

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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- Definition

Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

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