Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2018

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

The table below presents the September 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 nine 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)
September 30, 2018
Assets:
Residential mortgage loans held for sale	$	10,256	$	—	$	10,256	$	—
Available for sale debt securities:
U.S. government and federal agency obligations	901,115		901,115		—		—
Government-sponsored enterprise obligations	221,116		—		221,116		—
State and municipal obligations	1,388,898		—		1,374,169		14,729
Agency mortgage-backed securities	3,266,524		—		3,266,524		—
Non-agency mortgage-backed securities	1,091,382		—		1,091,382		—
Asset-backed securities	1,475,425		—		1,475,425		—
Other debt securities	330,526		—		330,526		—
Trading debt securities	19,676		—		19,676		—
Equity securities	2,765		2,765		—		—
Private equity investments	83,622		—		—		83,622
Derivatives *	13,203		—		12,500		703
Assets held in trust for deferred compensation plan	14,384		14,384		—		—
Total assets	8,818,892		918,264		7,801,574		99,054
Liabilities:
Derivatives *	23,012		—		22,954		58
Liabilities held in trust for deferred compensation plan	14,384		14,384		—		—
Total liabilities	$	37,396	$	14,384	$	22,954	$	58
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 September 30, 2018
Balance June 30, 2018	$	15,073		$	68,940		$	684		$	84,697
Total gains or losses (realized/unrealized):
Included in earnings	—			4,275			(58		)	4,217
Included in other comprehensive income *	167			—			—			167
Investment securities sold	(518		)	—			—			(518		)
Discount accretion	7			—			—			7
Purchases of private equity investments	—			10,407			—			10,407
Purchase of risk participation agreement	—			—			50			50
Sale of risk participation agreement	—			—			(31		)	(31		)
Balance September 30, 2018	$	14,729		$	83,622		$	645		$	98,996
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, 2018	$	—		$	4,275		$	672		$	4,947
For the nine months ended September 30, 2018
Balance January 1, 2018	$	17,016		$	55,752		$	503		$	73,271
Total gains or losses (realized/unrealized):
Included in earnings	—			12,371			271			12,642
Included in other comprehensive income *	(79		)	—			—			(79		)
Investment securities sold	(2,233		)	—			—			(2,233		)
Discount accretion	25			—			—			25
Purchases of private equity investments	—			15,650			—			15,650
Sale/pay down of private equity investments	—			(186		)	—			(186		)
Capitalized interest/dividends	—			35			—			35
Purchase of risk participation agreement	—			—			50			50
Sale of risk participation agreement	—			—			(179		)	(179		)
Balance September 30, 2018	$	14,729		$	83,622		$	645		$	98,996
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, 2018	$	—		$	12,371		$	852		$	13,223
For the three months ended September 30, 2017
Balance June 30, 2017	$	16,825		$	53,557		$	791		$	71,173
Total gains or losses (realized/unrealized):
Included in earnings	—			(5,198		)	(107		)	(5,305		)
Included in other comprehensive income *	19			—			—			19
Discount accretion	9			—			—			9
Purchases of private equity investments	—			2,185			—			2,185
Sale/pay down of private equity investments	—			(290		)	—			(290		)
Balance September 30, 2017	$	16,853		$	50,254		$	684		$	67,791
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, 2017	$	—		$	(5,198	)	$	764		$	(4,434	)
For the nine months ended September 30, 2017
Balance January 1, 2017	$	16,682		$	50,820		$	258		$	67,760
Total gains or losses (realized/unrealized):
Included in earnings	—			(8,028		)	426			(7,602		)
Included in other comprehensive income *	729			—			—			729
Investment securities called	(600		)	—			—			(600		)
Discount accretion	42			—			—			42
Purchases of private equity investments	—			9,269			—			9,269
Sale/pay down of private equity investments	—			(1,840		)	—			(1,840		)
Capitalized interest/dividends	—			33			—			33
Balance September 30, 2017	$	16,853		$	50,254		$	684		$	67,791
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, 2017	$	—		$	(7,853	)	$	775		$	(7,078	)

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, 2018
Total gains or losses included in earnings	$	(51	)	$	(7	)	$	4,275		$	4,217
Change in unrealized gains or losses relating to assets still held at September 30, 2018	$	679		$	(7	)	$	4,275		$	4,947
For the nine months ended September 30, 2018
Total gains or losses included in earnings	$	98		$	173		$	12,371		$	12,642
Change in unrealized gains or losses relating to assets still held at September 30, 2018	$	679		$	173		$	12,371		$	13,223
For the three months ended September 30, 2017
Total gains or losses included in earnings	$	(115	)	$	8		$	(5,198	)	$	(5,305	)
Change in unrealized gains or losses relating to assets still held at September 30, 2017	$	756		$	8		$	(5,198	)	$	(4,434	)
For the nine months ended September 30, 2017
Total gains or losses included in earnings	$	407		$	19		$	(8,028	)	$	(7,602	)
Change in unrealized gains or losses relating to assets still held at September 30, 2017	$	756		$	19		$	(7,853	)	$	(7,078	)

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 $14.7 million at September 30, 2018, while private equity investments, included in other securities, totaled $83.6 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	3.6%	-	5.9%
Private equity investments	Market comparable companies	EBITDA multiple	4.0	-	6.0
Mortgage loan commitments	Discounted cash flow	Probability of funding	52.8%	-	99.5%	81.2%
		Embedded servicing value	.7%	-	2.3%	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 nine months of 2018 and 2017, and still held as of September 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 September 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 Nine Months Ended September 30
September 30, 2018
Collateral dependent impaired loans	$	230	$	—	$	—	$	230	$	(197	)
Mortgage servicing rights	6,008		—		—		6,008		9
Long-lived assets	2,319		—		—		2,319		(858		)

September 30, 2017
Collateral dependent impaired loans	$	1,468	$	—	$	—	$	1,468	$	(336	)
Mortgage servicing rights	4,245		—		—		4,245		6
Foreclosed assets	50		—		—		50		(83		)
Long-lived assets	3,033		—		—		3,033		(1,167		)