Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 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)
September 30, 2014
Investment securities – available-for-sale:
Government sponsored agencies	$	—	$	76,938	$	—	$	76,938
State and political subdivisions	—		40,964		—		40,964
Residential mortgage-backed securities	—		251,039		—		251,039
Collateralized mortgage obligations	—		140,445		—		140,445
Corporate bonds	—		65,183		—		65,183
Preferred stock	—		1,642		—		1,642
Total investment securities – available-for-sale	—		576,211		—		576,211
Loans held-for-sale	—		9,347		—		9,347
Total assets measured at fair value on a recurring basis	$	—	$	585,558	$	—	$	585,558
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
September 30, 2013
Investment securities – available-for-sale:
Government sponsored agencies	$	—	$	85,925	$	—	$	85,925
State and political subdivisions	—		45,572		—		45,572
Residential mortgage-backed securities	—		308,160		—		308,160
Collateralized mortgage obligations	—		198,458		—		198,458
Corporate bonds	—		65,434		—		65,434
Preferred stock	—		1,597		—		1,597
Total investment securities – available-for-sale	—		705,146		—		705,146
Loans held-for-sale	—		7,907		—		7,907
Total assets measured at fair value on a recurring basis	$	—	$	713,053	$	—	$	713,053

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)
September 30, 2014
Impaired originated loans	$	—	$	—	$	26,037	$	26,037
Other real estate/repossessed assets	—		—		10,354		10,354
Total	$	—	$	—	$	36,391	$	36,391
December 31, 2013
Impaired originated loans	$	—	$	—	$	28,852	$	28,852
Other real estate/repossessed assets	—		—		9,776		9,776
Total	$	—	$	—	$	38,628	$	38,628
September 30, 2013
Impaired originated loans	$	—	$	—	$	39,535	$	39,535
Other real estate/repossessed assets	—		—		12,033		12,033
Total	$	—	$	—	$	51,568	$	51,568

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	September 30, 2014				December 31, 2013				September 30, 2013
		Carrying Amount		Fair Value		Carrying Amount		Fair Value		Carrying Amount		Fair Value
		(In thousands)
Assets:
Cash and cash equivalents	Level 1	$	382,138	$	382,138	$	310,788	$	310,788	$	493,110	$	493,110
Investment securities:
Available-for-sale	Level 2	576,211		576,211		684,570		684,570		705,146		705,146
Held-to-maturity	Level 2	308,062		307,290		263,405		262,021		272,079		269,616
Held-to-maturity	Level 3	10,500		6,985		10,500		6,250		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	9,347		9,347		5,219		5,219		7,907		7,907
Net loans	Level 3	4,963,914		4,967,167		4,568,549		4,575,532		4,441,139		4,446,796
Interest receivable	Level 2	17,057		17,057		15,748		15,748		16,359		16,359
Liabilities:
Deposits without defined maturities	Level 2	$	4,191,894	$	4,191,894	$	3,790,454	$	3,790,454	$	3,842,148	$	3,842,148
Time deposits	Level 3	1,240,033		1,242,419		1,331,931		1,340,746		1,349,157		1,359,739
Interest payable	Level 2	710		710		868		868		1,009		1,009
Short-term borrowings	Level 2	323,086		323,086		327,428		327,428		357,595		357,595