Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2016

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

The table below presents the March 31, 2016 and December 31, 2015 carrying values of assets and liabilities measured at fair value on a recurring basis. There were no transfers among levels during the first three months of 2016 or the year ended December 31, 2015.



			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)
March 31, 2016
Assets:
Residential mortgage loans held for sale	$	4,505	$	—	$	4,505	$	—
Available for sale securities:
U.S. government and federal agency obligations	715,310		715,310		—		—
Government-sponsored enterprise obligations	721,658		—		721,658		—
State and municipal obligations	1,812,791		—		1,795,582		17,209
Agency mortgage-backed securities	2,611,384		—		2,611,384		—
Non-agency mortgage-backed securities	863,158		—		863,158		—
Asset-backed securities	2,440,055		—		2,440,055		—
Other debt securities	344,777		—		344,777		—
Equity securities	43,046		21,217		21,829		—
Trading securities	23,130		—		23,130		—
Private equity investments	67,432		—		—		67,432
Derivatives *	27,568		—		26,796		772
Assets held in trust	9,449		9,449		—		—
Total assets	9,684,263		745,976		8,852,874		85,413
Liabilities:
Derivatives *	27,195		—		26,929		266
Total liabilities	$	27,195	$	—	$	26,929	$	266
December 31, 2015
Assets:
Residential mortgage loans held for sale	$	4,981	$	—	$	4,981	$	—
Available for sale securities:
U.S. government and federal agency obligations	727,076		727,076		—		—
Government-sponsored enterprise obligations	793,023		—		793,023		—
State and municipal obligations	1,741,957		—		1,724,762		17,195
Agency mortgage-backed securities	2,618,281		—		2,618,281		—
Non-agency mortgage-backed securities	879,963		—		879,963		—
Asset-backed securities	2,644,381		—		2,644,381		—
Other debt securities	331,320		—		331,320		—
Equity securities	41,003		20,263		20,740		—
Trading securities	11,890		—		11,890		—
Private equity investments	63,032		—		—		63,032
Derivatives *	12,771		—		12,507		264
Assets held in trust	9,278		9,278		—		—
Total assets	9,878,956		756,617		9,041,848		80,491
Liabilities:
Derivatives *	12,729		—		12,534		195
Total liabilities	$	12,729	$	—	$	12,534	$	195

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. The fair value measurements are based on quoted prices in active markets and classified as Level 1. The Company has recorded an asset representing the total investment amount. The Company has also recorded a corresponding nonfinancial liability, representing the Company’s liability to the plan participants.

The 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
For the three months ended March 31, 2016
Balance January 1, 2016	$	17,195		$	63,032		$	69		$	80,296
Total gains or losses (realized/unrealized):
Included in earnings	—			(914		)	473			(441		)
Included in other comprehensive income *	101			—			—			101
Investment securities called	(100		)	—			—			(100		)
Discount accretion	13			—			—			13
Purchases of private equity investments	—			5,266			—			5,266
Capitalized interest/dividends	—			48			—			48
Sale of risk participation agreement	—			—			(36		)	(36		)
Balance March 31, 2016	$	17,209		$	67,432		$	506		$	85,147
Total gains or losses for the three months included in earnings attributable to the change in unrealized gains or losses relating to assets still held at March 31, 2016	$	—		$	(914	)	$	736		$	(178	)
For the three months ended March 31, 2015
Balance January 1, 2015	$	95,143		$	57,581		$	(223	)	$	152,501
Total gains or losses (realized/unrealized):
Included in earnings	—			3,300			381			3,681
Included in other comprehensive income *	(2		)	—			—			(2		)
Investment securities called	(2,000		)	—			—			(2,000		)
Discount accretion	130			—			—			130
Purchases of private equity investments	—			216			—			216
Capitalized interest/dividends	—			65			—			65
Balance March 31, 2015	$	93,271		$	61,162		$	158		$	154,591
Total gains or losses for the three months included in earnings attributable to the change in unrealized gains or losses relating to assets still held at March 31, 2015	$	—		$	3,300		$	381		$	3,681

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)	Loan Fees and Sales		Other Non-Interest Income			Investment Securities Gains (Losses), Net			Total
For the three months ended March 31, 2016
Total gains or losses included in earnings	$	508	$	(35	)	$	(914	)	$	(441	)
Change in unrealized gains or losses relating to assets still held at March 31, 2016	$	771	$	(35	)	$	(914	)	$	(178	)
For the three months ended March 31, 2015
Total gains or losses included in earnings	$	408	$	(27	)	$	3,300		$	3,681
Change in unrealized gains or losses relating to assets still held at March 31, 2015	$	408	$	(27	)	$	3,300		$	3,681

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, investments in portfolio concerns held by the Company's private equity subsidiaries, and held for sale residential mortgage loan commitments. ARS are included in state and municipal securities and totaled $17.2 million at March 31, 2016, while private equity investments, included in non-marketable securities, totaled $67.4 million.

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



Quantitative Information about Level 3 Fair Value Measurements						Weighted
	Valuation Technique	Unobservable Input	Range			Average
Auction rate securities	Discounted cash flow	Estimated market recovery period			5 years
		Estimated market rate	2.9%	-	3.7%
Private equity investments	Market comparable companies	EBITDA multiple	4.0	-	5.5
Mortgage loan commitments	Discounted cash flow	Probability of funding	61.7%	-	97.0%	82.8%
		Embedded servicing value	.9%	-	1.0%	1.0%

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 three months of 2016 and 2015, and still held as of March 31, 2016 and 2015, 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 March 31, 2016 and 2015.



			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 Three Months Ended March 31
March 31, 2016
Collateral dependent impaired loans	$	4,710	$	—	$	—	$	4,710	$	(2,043	)
Mortgage servicing rights	1,843		—		—		1,843		(1		)
Foreclosed assets	62		—		—		62		(36		)

March 31, 2015
Collateral dependent impaired loans	$	729	$	—	$	—	$	729	$	(398	)
Mortgage servicing rights	994		—		—		994		15
Foreclosed assets	23		—		—		23		(25		)
Long-lived assets	4,996		—		—		4,996		(1,742		)