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Fair Value Measurements (Tables)
12 Months Ended
Dec. 31, 2014
Fair Value Disclosures [Abstract]  
Summary Of Assets And Liabilities Measured At Fair Value On A Recurring Basis
The table below presents the carrying values of assets and liabilities measured at fair value on a recurring basis at December 31, 2014 and 2013. There were no transfers among levels during these years.
 
 
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)
December 31, 2014
 
 
 
 
Assets:
 
 
 
 
Available for sale securities:
 
 
 
 
U.S. government and federal agency obligations
$
501,407

$
501,407

$

$

Government-sponsored enterprise obligations
963,127


963,127


State and municipal obligations
1,813,201


1,718,058

95,143

Agency mortgage-backed securities
2,593,708


2,593,708


Non-agency mortgage-backed securities
382,744


382,744


Asset-backed securities
3,091,993


3,091,993


Other debt securities
139,161


139,161


Equity securities
38,219

17,975

20,244


Trading securities
15,357


15,357


Private equity investments
57,581



57,581

Derivatives *
10,457


10,454

3

Assets held in trust
8,848

8,848



Total assets
9,615,803

528,230

8,934,846

152,727

Liabilities:
 
 
 
 
Derivatives *
10,948


10,722

226

Total liabilities
$
10,948

$

$
10,722

$
226

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

*
The fair value of each class of derivative is shown in Note 18.

Summary Of Changes In Level 3 Assets And Liabilities Measured At Fair Value On A Recurring Basis
he changes in Level 3 assets and liabilities measured at fair value on a recurring basis are summarized as follows:



Fair Value Measurements Using Significant Unobservable Inputs
(Level 3)
(In thousands)
State and Municipal Obligations
Private Equity
Investments
Derivatives
Total
Year ended December 31, 2014:
 
 
 
 
Balance at January 1, 2014
$
127,724

$
56,612

$
(65
)
$
184,271

Total gains or losses (realized/unrealized):
 
 
 
 
Included in earnings

19,137

122

19,259

Included in other comprehensive income
3,638



3,638

Investment securities called
(38,225
)


(38,225
)
Discount accretion
2,006



2,006

Purchases of private equity securities

14,152


14,152

Sale / paydown of private equity securities

(32,464
)

(32,464
)
Capitalized interest/dividends

144


144

Purchase of risk participation agreement


41

41

Sale of risk participation agreement


(321
)
(321
)
Balance at December 31, 2014
$
95,143

$
57,581

$
(223
)
$
152,501

Total gains or losses for the annual period included in earnings attributable to the change in unrealized gains or losses relating to assets still held at December 31, 2014
$

$
718

$
118

$
836

Year ended December 31, 2013:
 
 
 
 
Balance at January 1, 2013
$
126,414

$
68,167

$
(187
)
$
194,394

Total gains or losses (realized/unrealized):
 
 
 
 
Included in earnings

(2,971
)
234

(2,737
)
Included in other comprehensive income
3,253



3,253

Investment securities called
(2,150
)


(2,150
)
Discount accretion
207



207

Purchases of private equity securities

3,950


3,950

Sale / paydown of private equity securities

(12,865
)

(12,865
)
Capitalized interest/dividends

331


331

Sale of risk participation agreement


(112
)
(112
)
Balance at December 31, 2013
$
127,724

$
56,612

$
(65
)
$
184,271

Total gains or losses for the annual period included in earnings attributable to the change in unrealized gains or losses relating to assets still held at December 31, 2013
$

$
(5,297
)
$
234

$
(5,063
)

Summary Of Gains And Losses On Level 3 Assets And Liabilities
ains and losses on the Level 3 assets and liabilities in the table above are reported in the following income categories:
    
(In thousands)
Other Non-Interest Income
Investment Securities Gains (Losses), Net
Total
Year ended December 31, 2014:
 
 
 
Total gains or losses included in earnings
$
122

$
19,137

$
19,259

Change in unrealized gains or losses relating to assets still held at December 31, 2014
$
118

$
718

$
836

Year ended December 31, 2013:
 
 
 
Total gains or losses included in earnings
$
234

$
(2,971
)
$
(2,737
)
Change in unrealized gains or losses relating to assets still held at December 31, 2013
$
234

$
(5,297
)
$
(5,063
)

Summary Of Quantitative Information About Level 3 Fair Value Measurements
nformation 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
2.1%
-
5.3%
Private equity investments
Market comparable companies
EBITDA multiple
4.0
-
5.5

Schedule Of Fair Value Disclosures Measured On Nonrecurring Basis [Table Text Block]
or assets measured at fair value on a nonrecurring basis during 2014 and 2013, and still held as of December 31, 2014 and 2013, the following table provides the adjustments to fair value recognized during the respective periods, the level of valuation assumptions used to determine each adjustment, and the carrying value of the related individual assets or portfolios at December 31, 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)
Balance at December 31, 2014
 
 
 
 
 
Collateral dependent impaired loans
$
11,742

$

$

$
11,742

$
(1,184
)
Private equity investments
984



984

(1,516
)
Mortgage servicing rights
878



878

(13
)
Foreclosed assets
2,540



2,540

(706
)
Long-lived assets
9,895



9,895

(2,327
)
Balance at December 31, 2013
 
 
 
 
 
Collateral dependent impaired loans
$
23,654

$

$

$
23,654

$
(8,406
)
Private equity investments
500



500

(500
)
Mortgage servicing rights
779



779

309

Foreclosed assets
1,287



1,287

(430
)