Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2014

Fair Value Disclosures [Abstract]

Summary of assets measured at fair value on a recurring basis

For assets measured at fair value on a recurring basis, quantitative disclosures about the fair value measurements for each major category of assets were as follows:

	Fair Value Measurements – Recurring Basis
	Quoted Prices In Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
	(In thousands)
March 31, 2014
Investment securities – available-for-sale:
Government sponsored agencies	$	—	$	91,610	$	—	$	91,610
State and political subdivisions	—		43,777		—		43,777
Residential mortgage-backed securities	—		288,738		—		288,738
Collateralized mortgage obligations	—		166,719		—		166,719
Corporate bonds	—		65,415		—		65,415
Preferred stock	—		1,559		—		1,559
Total investment securities – available-for-sale	—		657,818		—		657,818
Loans held-for-sale	—		3,814		—		3,814
Total assets measured at fair value on a recurring basis	$	—	$	661,632	$	—	$	661,632
December 31, 2013
Investment securities – available-for-sale:
Government sponsored agencies	$	—	$	93,763	$	—	$	93,763
State and political subdivisions	—		43,798		—		43,798
Residential mortgage-backed securities	—		299,366		—		299,366
Collateralized mortgage obligations	—		180,941		—		180,941
Corporate bonds	—		65,275		—		65,275
Preferred stock	—		1,427		—		1,427
Total investment securities – available-for-sale	—		684,570		—		684,570
Loans held-for-sale	—		5,219		—		5,219
Total assets measured at fair value on a recurring basis	$	—	$	689,789	$	—	$	689,789
March 31, 2013
Investment securities – available-for-sale:
Government sponsored agencies	$	—	$	95,379	$	—	$	95,379
State and political subdivisions	—		49,249		—		49,249
Residential mortgage-backed securities	—		239,192		—		239,192
Collateralized mortgage obligations	—		247,668		—		247,668
Corporate bonds	—		65,548		—		65,548
Preferred stock	—		1,831		—		1,831
Total investment securities – available-for-sale	—		698,867		—		698,867
Loans held-for-sale	—		14,850		—		14,850
Total assets measured at fair value on a recurring basis	$	—	$	713,717	$	—	$	713,717

Summary of assets measured at fair value on a nonrecurring basis

For assets measured at fair value on a nonrecurring basis, quantitative disclosures about fair value measurements for each major category of assets were as follows:

	Fair Value Measurements – Nonrecurring Basis
	Quoted Prices In Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
	(In thousands)
March 31, 2014
Impaired originated loans	$	—	$	—	$	29,461	$	29,461
Other real estate/repossessed assets	—		—		10,056		10,056
Total	$	—	$	—	$	39,517	$	39,517
December 31, 2013
Impaired originated loans	$	—	$	—	$	28,852	$	28,852
Other real estate/repossessed assets	—		—		9,776		9,776
Total	$	—	$	—	$	38,628	$	38,628
March 31, 2013
Impaired originated loans	$	—	$	—	$	47,073	$	47,073
Other real estate/repossessed assets	—		—		18,194		18,194
Total	$	—	$	—	$	65,267	$	65,267

Summary of carrying amounts and estimated fair values of the financial instruments

A summary of carrying amounts and estimated fair values of the Corporation’s financial instruments included in the consolidated statements of financial position was as follows:

	Level in Fair Value Measurement Hierarchy	March 31, 2014				December 31, 2013				March 31, 2013
		Carrying Amount		Fair Value		Carrying Amount		Fair Value		Carrying Amount		Fair Value
		(In thousands)
Assets:
Cash and cash equivalents	Level 1	$	382,385	$	382,385	$	310,788	$	310,788	$	578,726	$	578,726
Investment securities:
Available-for-sale	Level 2	657,818		657,818		684,570		684,570		698,867		698,867
Available-for-sale	NA	—		—		—		—		4,755		4,755
Held-to-maturity	Level 2	267,599		265,947		263,405		262,021		257,749		261,405
Held-to-maturity	Level 3	10,500		6,460		10,500		6,250		—		—
Nonmarketable equity securities	NA	25,572		25,572		25,572		25,572		25,572		25,572
Loans held-for-sale	Level 2	3,814		3,814		5,219		5,219		14,850		14,850
Net loans	Level 3	4,674,816		4,688,814		4,568,549		4,575,532		4,102,427		4,123,585
Interest receivable	Level 2	16,945		16,945		15,748		15,748		16,960		16,960
Liabilities:
Deposits without defined maturities	Level 2	$	3,868,700	$	3,868,700	$	3,790,454	$	3,790,454	$	3,574,832	$	3,574,832
Time deposits	Level 3	1,362,593		1,371,312		1,331,931		1,340,746		1,432,526		1,448,634
Interest payable	Level 2	876		876		868		868		1,338		1,338
Short-term borrowings	Level 2	361,231		361,231		327,428		327,428		347,484		347,484