Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2015

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 follow:



	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)
December 31, 2015
Investment securities — available-for-sale:
U.S. Treasury securities	$	5,765	$	—	$	—	$	5,765
Government sponsored agencies	—		194,989		—		194,989
State and political subdivisions	—		15,120		—		15,120
Residential mortgage-backed securities	—		187,768		—		187,768
Collateralized mortgage obligations	—		132,230		—		132,230
Corporate bonds	—		14,627		—		14,627
Preferred stock and trust preferred securities	—		3,232		—		3,232
Total investment securities — available-for-sale	5,765		547,966		—		553,731
Loans held-for-sale	—		10,327		—		10,327
Total assets measured at fair value on a recurring basis	$	5,765	$	558,293	$	—	$	564,058
December 31, 2014
Investment securities — available-for-sale:
U.S. Treasury securities	$	8,259	$	—	$	—	$	8,259
Government sponsored agencies	—		263,503		—		263,503
State and political subdivisions	—		46,227		—		46,227
Residential mortgage-backed securities	—		239,807		—		239,807
Collateralized mortgage obligations	—		144,383		—		144,383
Corporate bonds	—		45,095		—		45,095
Preferred stock	—		1,590		—		1,590
Total investment securities — available-for-sale	8,259		740,605		—		748,864
Loans held-for-sale	—		9,128		—		9,128
Total assets measured at fair value on a recurring basis	$	8,259	$	749,733	$	—	$	757,992

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 follow:



	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)
December 31, 2015
Impaired originated loans	$	—	$	—	$	42,065	$	42,065
Other real estate/repossessed assets	—		—		9,935		9,935
Total	$	—	$	—	$	52,000	$	52,000
December 31, 2014
Impaired originated loans	$	—	$	—	$	21,323	$	21,323
Other real estate/repossessed assets	—		—		14,205		14,205
Mortgage servicing rights	—		—		8,691		8,691
Total	$	—	$	—	$	44,219	$	44,219

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 follows:



	Level in Fair Value Measurement Hierarchy	December 31, 2015				December 31, 2014
	Level in Fair Value Measurement Hierarchy	Carrying Amount		Fair Value		Carrying Amount		Fair Value
		(In thousands)
Assets:
Cash and cash equivalents	Level 1	$	238,789	$	238,789	$	183,020	$	183,020
Investment securities:
Available-for-sale	Level 1	5,765		5,765		8,259		8,259
Available-for-sale	Level 2	547,966		547,966		740,605		740,605
Held-to-maturity	Level 2	509,471		512,405		305,913		308,650
Held-to-maturity	Level 3	500		300		10,500		7,090
Nonmarketable equity securities	NA	36,907		36,907		27,369		27,369
Loans held-for-sale	Level 2	10,327		10,327		9,128		9,128
Net loans	Level 3	7,197,819		7,201,994		5,612,547		5,623,454
Interest receivable	Level 2	21,953		21,953		17,492		17,492
Liabilities:
Deposits without defined maturities	Level 2	$	5,809,355	$	5,809,355	$	4,741,024	$	4,741,024
Time deposits	Level 3	1,647,412		1,647,412		1,337,947		1,340,015
Interest payable	Level 2	1,578		1,578		755		755
Short-term borrowings	Level 2	397,199		397,199		389,467		389,467
Other borrowings	Level 2	206,394		206,394		—		—
Other borrowings	Level 3	35,997		35,997		—		—