Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2016

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

The table below presents the September 30, 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 nine 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)
September 30, 2016
Assets:
Residential mortgage loans held for sale	$	4,447	$	—	$	4,447	$	—
Available for sale securities:
U.S. government and federal agency obligations	755,649		755,649		—		—
Government-sponsored enterprise obligations	451,242		—		451,242		—
State and municipal obligations	1,836,001		—		1,819,093		16,908
Agency mortgage-backed securities	2,663,677		—		2,663,677		—
Non-agency mortgage-backed securities	937,208		—		937,208		—
Asset-backed securities	2,409,324		—		2,409,324		—
Other debt securities	338,812		—		338,812		—
Equity securities	46,958		23,045		23,913		—
Trading securities	28,586		—		28,586		—
Private equity investments	59,486		—		—		59,486
Derivatives *	32,056		—		31,179		877
Assets held in trust for deferred compensation plan	10,028		10,028		—		—
Total assets	9,573,474		788,722		8,707,481		77,271
Liabilities:
Derivatives *	31,772		—		31,500		272
Liabilities held in trust for deferred compensation plan	10,028		10,028		—		—
Total liabilities	$	41,800	$	10,028	$	31,500	$	272
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 for deferred compensation plan	9,278		9,278		—		—
Total assets	9,878,956		756,617		9,041,848		80,491
Liabilities:
Derivatives *	12,729		—		12,534		195
Liabilities held in trust for deferred compensation plan	9,278		9,278		—		—
Total liabilities	$	22,007	$	9,278	$	12,534	$	195

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

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 September 30, 2016
Balance June 30, 2016	$	17,679		$	62,813		$	502		$	80,994
Total gains or losses (realized/unrealized):
Included in earnings	—			(2,921		)	136			(2,785		)
Included in other comprehensive income *	317			—			—			317
Investment securities called	(1,100		)	—			—			(1,100		)
Discount accretion	12			—			—			12
Purchases of private equity investments	—			2,894			—			2,894
Sale/pay down of private equity investments	—			(3,315		)	—			(3,315		)
Capitalized interest/dividends	—			15			—			15
Sale of risk participation agreement	—			—			(33		)	(33		)
Balance September 30, 2016	$	16,908		$	59,486		$	605		$	76,999
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 September 30, 2016	$	—		$	(2,921	)	$	926		$	(1,995	)
For the nine months ended September 30, 2016
Balance January 1, 2016	$	17,195		$	63,032		$	69		$	80,296
Total gains or losses (realized/unrealized):
Included in earnings	—			(6,645		)	605			(6,040		)
Included in other comprehensive income *	819			—			—			819
Investment securities called	(1,200		)	—			—			(1,200		)
Discount accretion	94			—			—			94
Purchases of private equity investments	—			8,735			—			8,735
Sale/pay down of private equity investments	—			(5,713		)	—			(5,713		)
Capitalized interest/dividends	—			77			—			77
Sale of risk participation agreement	—			—			(69		)	(69		)
Balance September 30, 2016	$	16,908		$	59,486		$	605		$	76,999
Total gains or losses for the nine months included in earnings attributable to the change in unrealized gains or losses relating to assets still held at September 30, 2016	$	—		$	(6,545	)	$	868		$	(5,677	)
For the three months ended September 30, 2015
Balance June 30, 2015	$	92,940		$	58,726		$	170		$	151,836
Total gains or losses (realized/unrealized):
Included in earnings	—			(1,221		)	49			(1,172		)
Included in other comprehensive income *	227			—			—			227
Discount accretion	22			—			—			22
Purchases of private equity investments	—			9,370			—			9,370
Balance September 30, 2015	$	93,189		$	66,875		$	219		$	160,283
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 September 30, 2015	$	—		$	(1,221	)	$	394		$	(827	)
For the nine months ended September 30, 2015
Balance January 1, 2015	$	95,143		$	57,581		$	(223	)	$	152,501
Total gains or losses (realized/unrealized):
Included in earnings	—			2,954			442			3,396
Included in other comprehensive income *	(127		)	—			—			(127		)
Investment securities called	(2,000		)	—			—			(2,000		)
Discount accretion	173			—			—			173
Purchases of private equity investments	—			11,023			—			11,023
Sale/pay down of private equity investments	—			(4,800		)	—			(4,800		)
Capitalized interest/dividends	—			117			—			117
Balance September 30, 2015	$	93,189		$	66,875		$	219		$	160,283
Total gains or losses for the nine months included in earnings attributable to the change in unrealized gains or losses relating to assets still held at September 30, 2015	$	—		$	2,954		$	442		$	3,396

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 September 30, 2016
Total gains or losses included in earnings	$	86	$	50		$	(2,921	)	$	(2,785	)
Change in unrealized gains or losses relating to assets still held at September 30, 2016	$	876	$	50		$	(2,921	)	$	(1,995	)
For the nine months ended September 30, 2016
Total gains or losses included in earnings	$	613	$	(8	)	$	(6,645	)	$	(6,040	)
Change in unrealized gains or losses relating to assets still held at September 30, 2016	$	876	$	(8	)	$	(6,545	)	$	(5,677	)
For the three months ended September 30, 2015
Total gains or losses included in earnings	$	106	$	(57	)	$	(1,221	)	$	(1,172	)
Change in unrealized gains or losses relating to assets still held at September 30, 2015	$	451	$	(57	)	$	(1,221	)	$	(827	)
For the nine months ended September 30, 2015
Total gains or losses included in earnings	$	451	$	(9	)	$	2,954		$	3,396
Change in unrealized gains or losses relating to assets still held at September 30, 2015	$	451	$	(9	)	$	2,954		$	3,396

Summary Of Quantitative Information About Level 3 Fair Value Measurements

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 $16.9 million at September 30, 2016, while private equity investments, included in non-marketable securities, totaled $59.5 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	2.4%	-	3.3%
Private equity investments	Market comparable companies	EBITDA multiple	4.0	-	5.5
Mortgage loan commitments	Discounted cash flow	Probability of funding	55.3%	-	97.7%	76.8%
		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 nine months of 2016 and 2015, and still held as of September 30, 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 September 30, 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 Nine Months Ended September 30, 2016
September 30, 2016
Collateral dependent impaired loans	$	1,756	$	—	$	—	$	1,756	$	(1,626	)
Mortgage servicing rights	2,533		—		—		2,533		(7		)
Foreclosed assets	47		—		—		47		(66		)
Long-lived assets	2,232		—		—		2,232		(1,001		)

September 30, 2015
Collateral dependent impaired loans	$	6,860	$	—	$	—	$	6,860	$	(1,794	)
Mortgage servicing rights	1,461		—		—		1,461		59
Foreclosed assets	479		—		—		479		(193		)
Long-lived assets	937		—		—		937		(1,366		)