Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2018

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

The table below presents the June 30, 2018 and December 31, 2017 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 2018 or the year ended December 31, 2017.



			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, 2018
Assets:
Residential mortgage loans held for sale	$	10,750	$	—	$	10,750	$	—
Available for sale debt securities:
U.S. government and federal agency obligations	911,092		911,092		—		—
Government-sponsored enterprise obligations	311,361		—		311,361		—
State and municipal obligations	1,379,164		—		1,364,091		15,073
Agency mortgage-backed securities	3,131,025		—		3,131,025		—
Non-agency mortgage-backed securities	1,010,331		—		1,010,331		—
Asset-backed securities	1,338,542		—		1,338,542		—
Other debt securities	330,861		—		330,861		—
Trading debt securities	31,156		—		31,156		—
Equity securities	2,741		2,741		—		—
Private equity investments	68,940		—		—		68,940
Derivatives *	6,239		—		5,488		751
Assets held in trust for deferred compensation plan	13,790		13,790		—		—
Total assets	8,545,992		927,623		7,533,605		84,764
Liabilities:
Derivatives *	19,846		—		19,779		67
Liabilities held in trust for deferred compensation plan	13,790		13,790		—		—
Total liabilities	$	33,636	$	13,790	$	19,779	$	67
December 31, 2017
Assets:
Residential mortgage loans held for sale	$	15,327	$	—	$	15,327	$	—
Available for sale debt securities:
U.S. government and federal agency obligations	917,147		917,147		—		—
Government-sponsored enterprise obligations	406,363		—		406,363		—
State and municipal obligations	1,611,366		—		1,594,350		17,016
Agency mortgage-backed securities	3,040,913		—		3,040,913		—
Non-agency mortgage-backed securities	905,793		—		905,793		—
Asset-backed securities	1,492,800		—		1,492,800		—
Other debt securities	351,060		—		351,060		—
Trading debt securities	18,269		—		18,269		—
Equity securities	48,838		19,864		28,974		—
Private equity investments	55,752		—		—		55,752
Derivatives *	8,349		—		7,723		626
Assets held in trust for deferred compensation plan	12,843		12,843		—		—
Total assets	8,884,820		949,854		7,861,572		73,394
Liabilities:
Derivatives *	8,074		—		7,951		123
Liabilities held in trust for deferred compensation plan	12,843		12,843		—		—
Total liabilities	$	20,917	$	12,843	$	7,951	$	123

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 June 30, 2018
Balance March 31, 2018	$	17,158		$	64,951		$	520		$	82,629
Total gains or losses (realized/unrealized):
Included in earnings	—			3,791			164			3,955
Included in other comprehensive income *	(379		)	—			—			(379		)
Investment securities sold	(1,715		)	—			—			(1,715		)
Discount accretion	9			—			—			9
Purchases of private equity investments	—			364			—			364
Sale/pay down of private equity investments	—			(166		)	—			(166		)
Balance June 30, 2018	$	15,073		$	68,940		$	684		$	84,697
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 June 30, 2018	$	—		$	3,791		$	747		$	4,538
For the six months ended June 30, 2018
Balance January 1, 2018	$	17,016		$	55,752		$	503		$	73,271
Total gains or losses (realized/unrealized):
Included in earnings	—			8,096			329			8,425
Included in other comprehensive income *	(246		)	—			—			(246		)
Investment securities sold	(1,715		)	—			—			(1,715		)
Discount accretion	18			—			—			18
Purchases of private equity investments	—			5,243			—			5,243
Sale/pay down of private equity investments	—			(186		)	—			(186		)
Capitalized interest/dividends	—			35			—			35
Sale of risk participation agreement	—			—			(148		)	(148		)
Balance June 30, 2018	$	15,073		$	68,940		$	684		$	84,697
Total gains or losses for the six months included in earnings attributable to the change in unrealized gains or losses relating to assets still held at June 30, 2018	$	—		$	8,096		$	910		$	9,006
For the three months ended June 30, 2017
Balance March 31, 2017	$	17,083		$	52,800		$	822		$	70,705
Total gains or losses (realized/unrealized):
Included in earnings	—			48			(31		)	17
Included in other comprehensive income *	319			—			—			319
Investment securities called	(600		)	—			—			(600		)
Discount accretion	23			—			—			23
Purchases of private equity investments	—			2,259			—			2,259
Sale/pay down of private equity investments	—			(1,550		)	—			(1,550		)
Balance June 30, 2017	$	16,825		$	53,557		$	791		$	71,173
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 June 30, 2017	$	—		$	48		$	872		$	920
For the six months ended June 30, 2017
Balance January 1, 2017	$	16,682		$	50,820		$	258		$	67,760
Total gains or losses (realized/unrealized):
Included in earnings	—			(2,830		)	533			(2,297		)
Included in other comprehensive income *	710			—			—			710
Investment securities called	(600		)	—			—			(600		)
Discount accretion	33			—			—			33
Purchases of private equity investments	—			7,084			—			7,084
Sale/pay down of private equity investments	—			(1,550		)	—			(1,550		)
Capitalized interest/dividends	—			33			—			33
Balance June 30, 2017	$	16,825		$	53,557		$	791		$	71,173
Total gains or losses for the six months included in earnings attributable to the change in unrealized gains or losses relating to assets still held at June 30, 2017	$	—		$	(2,655	)	$	882		$	(1,773	)

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 June 30, 2018
Total gains or losses included in earnings	$	147		$	17	$	3,791		$	3,955
Change in unrealized gains or losses relating to assets still held at June 30, 2018	$	730		$	17	$	3,791		$	4,538
For the six months ended June 30, 2018
Total gains or losses included in earnings	$	149		$	180	$	8,096		$	8,425
Change in unrealized gains or losses relating to assets still held at June 30, 2018	$	730		$	180	$	8,096		$	9,006
For the three months ended June 30, 2017
Total gains or losses included in earnings	$	(32	)	$	1	$	48		$	17
Change in unrealized gains or losses relating to assets still held at June 30, 2017	$	871		$	1	$	48		$	920
For the six months ended June 30, 2017
Total gains or losses included in earnings	$	522		$	11	$	(2,830	)	$	(2,297	)
Change in unrealized gains or losses relating to assets still held at June 30, 2017	$	871		$	11	$	(2,655	)	$	(1,773	)

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 $15.1 million at June 30, 2018, while private equity investments, included in other securities, totaled $68.9 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	3.7%	-	5.9%
Private equity investments	Market comparable companies	EBITDA multiple	4.0	-	6.0
Mortgage loan commitments	Discounted cash flow	Probability of funding	50.5%	-	98.8%	80.4%
		Embedded servicing value	.5%	-	2.4%	1.3%

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 2018 and 2017, and still held as of June 30, 2018 and 2017, 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, 2018 and 2017.



			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, 2018
Collateral dependent impaired loans	$	175	$	—	$	—	$	175	$	(118	)
Mortgage servicing rights	5,463		—		—		5,463		9
Foreclosed assets	47		—		—		47		(47		)
Long-lived assets	914		—		—		914		(552		)

June 30, 2017
Collateral dependent impaired loans	$	2,044	$	—	$	—	$	2,044	$	(550	)
Mortgage servicing rights	3,646		—		—		3,646		6
Foreclosed assets	75		—		—		75		(58		)
Long-lived assets	1,834		—		—		1,834		(343		)