Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2014

Summary Of Assets And Liabilities Measured At Fair Value On A Recurring Basis

The table below presents the June 30, 2014 and December 31, 2013 carrying values of assets and liabilities measured at fair value on a recurring basis. There were no transfers among levels during the first six months of 2014 or the year ended December 31, 2013.



			Fair Value Measurements Using
(In thousands)	Total Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
June 30, 2014
Assets:
Available for sale securities:
U.S. government and federal agency obligations	$	518,843	$	518,843	$	—	$	—
Government-sponsored enterprise obligations	758,229		—		758,229		—
State and municipal obligations	1,803,319		—		1,671,211		132,108
Agency mortgage-backed securities	2,795,929		—		2,795,929		—
Non-agency mortgage-backed securities	301,661		—		301,661		—
Asset-backed securities	2,920,062		—		2,920,062		—
Other debt securities	138,652		—		138,652		—
Equity securities	45,945		21,634		24,311		—
Trading securities	15,684		—		15,684		—
Private equity investments	44,192		—		—		44,192
Derivatives *	12,268		—		12,264		4
Assets held in trust	8,633		8,633		—		—
Total assets	$	9,363,417	$	549,110	$	8,638,003	$	176,304
Liabilities:
Derivatives *	$	12,642	$	—	$	12,450	$	192
Total liabilities	$	12,642	$	—	$	12,450	$	192
December 31, 2013
Assets:
Available for sale securities:
U.S. government and federal agency obligations	$	505,696	$	505,696	$	—	$	—
Government-sponsored enterprise obligations	741,766		—		741,766		—
State and municipal obligations	1,619,171		—		1,491,447		127,724
Agency mortgage-backed securities	2,772,338		—		2,772,338		—
Non-agency mortgage-backed securities	246,983		—		246,983		—
Asset-backed securities	2,844,071		—		2,844,071		—
Other debt securities	141,757		—		141,757		—
Equity securities	43,898		24,646		19,252		—
Trading securities	19,993		—		19,993		—
Private equity investments	56,612		—		—		56,612
Derivatives *	12,980		—		12,976		4
Assets held in trust	7,511		7,511		—		—
Total assets	$	9,012,776	$	537,853	$	8,290,583	$	184,340
Liabilities:
Derivatives *	$	13,329	$	—	$	13,260	$	69
Total liabilities	$	13,329	$	—	$	13,260	$	69

Summary Of Changes In Level 3 Assets And Liabilities Measured At Fair Value On A Recurring Basis

Assets held in an outside trust for the Company’s deferred compensation plan consist of investments in mutual funds. T

Summary Of Gains And Losses On Level 3 Assets And Liabilities

Gains and losses included in earnings for the Level 3 assets and liabilities in the previous table are reported in the following line items in the consolidated statements of income:



(In thousands)	Other Non-Interest Income		Investment Securities Gains (Losses), Net			Total
For the three months ended June 30, 2014
Total gains or losses included in earnings	$	93	$	(4,858	)	$	(4,765	)
Change in unrealized gains or losses relating to assets still held at June 30, 2014	$	89	$	(4,858	)	$	(4,769	)
For the six months ended June 30, 2014
Total gains or losses included in earnings	$	198	$	11,936		$	12,134
Change in unrealized gains or losses relating to assets still held at June 30, 2014	$	194	$	(6,457	)	$	(6,263	)
For the three months ended June 30, 2013
Total gains or losses included in earnings	$	69	$	298		$	367
Change in unrealized gains or losses relating to assets still held at June 30, 2013	$	69	$	298		$	367
For the six months ended June 30, 2013
Total gains or losses included in earnings	$	125	$	(1,477	)	$	(1,352	)
Change in unrealized gains or losses relating to assets still held at June 30, 2013	$	125	$	(1,477	)	$	(1,352	)

Summary Of Quantitative Information About Level 3 Fair Value Measurements

As shown above, the Company's significant Level 3 measurements which employ unobservable inputs that are readily quantifiable pertain to auction rate securities (ARS) held by the Bank and investments in portfolio concerns held by the Company's private equity subsidiaries. ARS are included in state and municipal securities and totaled $132.1 million at June 30, 2014, while private equity investments, included in non-marketable securities, totaled $44.2 million.

Information about these inputs is presented in the table and discussions below.



Quantitative Information about Level 3 Fair Value Measurements
	Valuation Technique	Unobservable Input	Range
Auction rate securities	Discounted cash flow	Estimated market recovery period	3	-	5 years
		Estimated market rate	1.6%	-	3.6%
Private equity investments	Market comparable companies	EBITDA multiple	4.0	-	5.5

Schedule Of Fair Value Disclosures Measured On Nonrecurring Basis [Table Text Block]

For assets measured at fair value on a nonrecurring basis during the first six months of 2014 and 2013, and still held as of June 30, 2014 and 2013, the following table provides the adjustments to fair value recognized during the respective periods, the level of valuation inputs used to determine each adjustment, and the carrying value of the related individual assets or portfolios at June 30, 2014 and 2013.



			Fair Value Measurements Using
(In thousands)	Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total Gains (Losses) Recognized During the Six Months Ended June 30
June 30, 2014
Collateral dependent impaired loans	$	10,603	$	—	$	—	$	10,603	$	(3,124	)
Private equity investments	1,309		—		—		1,309		(1,191		)
Mortgage servicing rights	793		—		—		793		1
Foreclosed assets	1,191		—		—		1,191		(319		)
Long-lived assets	7,246		—		—		7,246		(1,408		)

June 30, 2013
Collateral dependent impaired loans	$	6,731	$	—	$	—	$	6,731	$	(1,967	)
Private equity investments	675		—		—		675		(325		)
Mortgage servicing rights	602		—		—		602		187
Foreclosed assets	291		—		—		291		(135		)