Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2016

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:



	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, 2016
Investment securities – available-for-sale:
U.S. Treasury securities	$	5,797	$	—	$	—	$	5,797
Government sponsored agencies	—		177,637		—		177,637
State and political subdivisions	—		15,061		—		15,061
Residential mortgage-backed securities	—		179,149		—		179,149
Collateralized mortgage obligations	—		118,398		—		118,398
Corporate bonds	—		14,708		—		14,708
Preferred stock and trust preferred securities	—		3,265		—		3,265
Total investment securities – available-for-sale	5,797		508,218		—		514,015
Loans held-for-sale	—		9,667		—		9,667
Total assets measured at fair value on a recurring basis	$	5,797	$	517,885	$	—	$	523,682
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
March 31, 2015
Investment securities – available-for-sale:
U.S. Treasury securities	$	8,302	$	—	$	—	$	8,302
Government sponsored agencies	—		250,430		—		250,430
State and political subdivisions	—		32,322		—		32,322
Residential mortgage-backed securities	—		219,601		—		219,601
Collateralized mortgage obligations	—		133,300		—		133,300
Corporate bonds	—		34,997		—		34,997
Preferred stock	—		1,692		—		1,692
Total investment securities – available-for-sale	8,302		672,342		—		680,644
Loans held-for-sale	—		9,675		—		9,675
Total assets measured at fair value on a recurring basis	$	8,302	$	682,017	$	—	$	690,319

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:



	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, 2016
Impaired originated loans	$	—	$	—	$	30,925	$	30,925
Other real estate/repossessed assets	—		—		9,248		9,248
Total	$	—	$	—	$	40,173	$	40,173
December 31, 2015
Impaired originated loans	$	—	$	—	$	42,065	$	42,065
Other real estate/repossessed assets	—		—		9,935		9,935
Total	$	—	$	—	$	52,000	$	52,000
March 31, 2015
Impaired originated loans	$	—	$	—	$	23,730	$	23,730
Other real estate/repossessed assets	—		—		14,744		14,744
Mortgage servicing rights	—		—		8,115		8,115
Total	$	—	$	—	$	46,589	$	46,589

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, 2016				December 31, 2015				March 31, 2015
	Level in Fair Value Measurement Hierarchy	Carrying Amount		Fair Value		Carrying Amount		Fair Value		Carrying Amount		Fair Value
		(In thousands)
Assets:
Cash and cash equivalents	Level 1	$	291,374	$	291,374	$	238,789	$	238,789	$	393,938	$	393,938
Investment securities:
Available-for-sale	Level 1	5,797		5,797		5,765		5,765		8,302		8,302
Available-for-sale	Level 2	508,218		508,218		547,966		547,966		672,342		672,342
Held-to-maturity	Level 2	517,800		525,308		509,471		512,405		370,950		372,876
Held-to-maturity	Level 3	500		285		500		300		10,500		7,300
Nonmarketable equity securities	NA	43,267		43,267		36,907		36,907		31,249		31,249
Loans held-for-sale	Level 2	9,667		9,667		10,327		10,327		9,675		9,675
Net loans	Level 3	7,296,567		7,297,375		7,197,819		7,201,994		5,627,618		5,633,217
Interest receivable	Level 2	26,010		26,010		21,953		21,953		19,816		19,816
Liabilities:
Deposits without defined maturities	Level 2	$	6,043,457	$	6,043,457	$	5,809,355	$	5,809,355	$	4,988,268	$	4,988,268
Time deposits	Level 3	1,606,659		1,609,073		1,647,412		1,647,412		1,332,085		1,335,605
Interest payable	Level 2	1,632		1,632		1,578		1,578		779		779
Short-term borrowings	Level 2	283,383		283,383		397,199		397,199		372,236		372,236
Long-term borrowings	Level 2	256,357		257,993		206,394		206,394		—		—
Long-term borrowings	Level 3	17,365		17,317		35,997		35,997		—		—