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Fair Value Measurements (Tables)
6 Months Ended
Jun. 30, 2021
Fair Value Measurements [Abstract]  
Summary Of Assets And Liabilities Measured At Fair Value On A Recurring Basis
The table below presents the June 30, 2021 and December 31, 2020 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 2021 or the year ended December 31, 2020.
Fair Value Measurements Using
(In thousands)Total Fair ValueQuoted Prices in Active Markets for Identical Assets
(Level 1)
Significant Other Observable Inputs
(Level 2)
Significant Unobservable Inputs
(Level 3)
June 30, 2021
Assets:
  Residential mortgage loans held for sale$17,374 $ $17,374 $ 
  Available for sale debt securities:
     U.S. government and federal agency obligations780,152 780,152   
     Government-sponsored enterprise obligations52,978  52,978  
     State and municipal obligations2,052,030  2,044,039 7,991 
     Agency mortgage-backed securities6,071,295  6,071,295  
     Non-agency mortgage-backed securities825,608  825,608  
     Asset-backed securities2,891,799  2,891,799  
     Other debt securities617,644  617,644  
  Trading debt securities29,002  29,002  
  Equity securities6,981 6,981   
  Private equity investments116,246   116,246 
  Derivatives *61,358  59,396 1,962 
  Assets held in trust for deferred compensation plan20,969 20,969   
  Total assets13,543,436 808,102 12,609,135 126,199 
Liabilities:
  Derivatives *
13,349  13,016 333 
Liabilities held in trust for deferred compensation plan
20,969 20,969   
  Total liabilities$34,318 $20,969 $13,016 $333 
December 31, 2020
Assets:
  Residential mortgage loans held for sale$39,396 $— $39,396 $— 
  Available for sale debt securities:
     U.S. government and federal agency obligations838,059 838,059 — — 
     Government-sponsored enterprise obligations54,485 — 54,485 — 
     State and municipal obligations2,045,099 — 2,037,131 7,968 
     Agency mortgage-backed securities6,712,085 — 6,712,085 — 
     Non-agency mortgage-backed securities361,074 — 361,074 — 
     Asset-backed securities1,882,243 — 1,882,243 — 
     Other debt securities556,219 — 556,219 — 
  Trading debt securities35,321 — 35,321 — 
  Equity securities2,966 2,966 — — 
  Private equity investments94,368 — — 94,368 
  Derivatives *89,889 — 86,447 3,442 
  Assets held in trust for deferred compensation plan19,278 19,278 — — 
  Total assets12,730,482 860,303 11,764,401 105,778 
Liabilities:
  Derivatives *
18,675 — 17,974 701 
Liabilities held in trust for deferred compensation plan
19,278 19,278 — — 
  Total liabilities$37,953 $19,278 $17,974 $701 
* The fair value of each class of derivative is shown in Note 11.
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
DerivativesTotal
For the three months ended June 30, 2021
Balance March 31, 2021$7,970 $94,257 $1,636 $103,863 
Total gains or losses (realized/unrealized):
   Included in earnings  16,666 (420)16,246 
   Included in other comprehensive income *18   18 
Discount accretion3   3 
Purchases of private equity investments 5,656  5,656 
Sale/pay down of private equity investments (356) (356)
Capitalized interest/dividends 23  23 
Purchase of risk participation agreement  445 445 
Sale of risk participation agreements  (32)(32)
Balance June 30, 2021$7,991 $116,246 $1,629 $125,866 
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, 2021
$ $16,666 $1,434 $18,100 
Total gains or losses for the three months included in other comprehensive income attributable to the change in unrealized gains or losses relating to assets still held at June 30, 2021
$18 $ $ $18 
For the six months ended June 30, 2021
Balance January 1, 2021
$7,968 $94,368 $2,741 $105,077 
Total gains or losses (realized/unrealized):
   Included in earnings 25,031 (1,427)23,604 
   Included in other comprehensive income *17   17 
Discount accretion6   6 
Purchases of private equity investments 5,656  5,656 
Sale/pay down of private equity investments (8,832) (8,832)
Capitalized interest/dividends 23  23 
Purchase of risk participation agreement  445 445 
Sale of risk participation agreement  (130)(130)
Balance June 30, 2021$7,991 $116,246 $1,629 $125,866 
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, 2021
$ $25,031 $1,629 $26,660 
Total gains or losses for the six months included in other comprehensive income attributable to the change in unrealized gains or losses relating to assets still held at June 30, 2021
$17 $ $ $17 
Fair Value Measurements Using
Significant Unobservable Inputs
(Level 3)


(In thousands)
State and Municipal Obligations
Private Equity
Investments
DerivativesTotal
For the three months ended June 30, 2020
Balance March 31, 2020
$8,362 $81,159 $(557)$88,964 
Total gains or losses (realized/unrealized):
Included in earnings— (7,497)2,814 (4,683)
Included in other comprehensive income *1,123 — — 1,123 
Discount accretion— — 
Purchases of private equity investments— 155 — 155 
Capitalized interest/dividends— 29 — 29 
Sale of risk participation agreement— — (369)(369)
Balance June 30, 2020$9,490 $73,846 $1,888 $85,224 
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, 2020
$— $(7,497)$2,815 $(4,682)
Total gains or losses for the three months included in other comprehensive income attributable to the change in unrealized gains or losses relating to assets still held at June 30, 2020
$1,123 $— $— $1,123 
For the six months ended June 30, 2020
Balance January 1, 2020
$9,853 $94,122 $369 $104,344 
Total gains or losses (realized/unrealized):
Included in earnings— (20,505)2,328 (18,177)
Included in other comprehensive income *(372)— — (372)
Discount accretion— — 
Purchases of private equity investments— 269 — 269 
Sale/pay down of private equity investments— (69)— (69)
Capitalized interest/dividends— 29 — 29 
Sale of risk participation agreement— — (809)(809)
Balance June 30, 2020$9,490 $73,846 $1,888 $85,224 
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, 2020
$— $(20,505)$2,759 $(17,746)
Total gains or losses for the six months included in other comprehensive income attributable to the change in unrealized gains or losses relating to assets still held at June 30, 2020
$(372)$— $— $(372)
* Included in "net unrealized gains (losses) on other securities" in the consolidated statements of comprehensive income.
Summary Of Gains And Losses On Level 3 Assets And Liabilities
Gains and losses included in earnings for the Level 3 assets and liabilities in the previous table are reported in the following line items in the consolidated statements of income:
(In thousands)Loan Fees and SalesOther Non-Interest IncomeInvestment Securities Gains (Losses), Net
Total
For the three months ended June 30, 2021
Total gains or losses included in earnings$(35)$(385)$16,666 $16,246 
Change in unrealized gains or losses relating to assets still held at June 30, 2021
$1,820 $(386)$16,666 $18,100 
For the six months ended June 30, 2021
Total gains or losses included in earnings $(1,407)$(20)$25,031 $23,604 
Change in unrealized gains or losses relating to assets still held at June 30, 2021
$1,820 $(191)$25,031 $26,660 
For the three months ended June 30, 2020
Total gains or losses included in earnings $2,547 $267 $(7,497)$(4,683)
Change in unrealized gains or losses relating to assets still held at June 30, 2020
$2,547 $268 $(7,497)$(4,682)
For the six months ended June 30, 2020
Total gains or losses included in earnings$2,088 $240 $(20,505)$(18,177)
Change in unrealized gains or losses relating to assets still held at June 30, 2020
$2,547 $212 $(20,505)$(17,746)
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), 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 $8.0 million at June 30, 2021, while private equity investments, included in other securities, totaled $116.2 million.

Information about these inputs is presented in the table below.
Quantitative Information about Level 3 Fair Value MeasurementsWeighted
Valuation TechniqueUnobservable InputRangeAverage*
Auction rate securitiesDiscounted cash flowEstimated market recovery period5 years5 years
Estimated market rate1.1%-1.4%1.2%
Private equity investmentsMarket comparable companiesEBITDA multiple4.0-6.05.3
Mortgage loan commitmentsDiscounted cash flowProbability of funding68.3%-100.0%86.7%
Embedded servicing value.7%-1.1%1.0%
* Unobservable inputs were weighted by the relative fair value of the instruments.
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 2021 and 2020, and still held as of June 30, 2021 and 2020, 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, 2021 and 2020.
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, 2021
  Mortgage servicing rights$9,376 $ $ $9,376 $1,299 
  Long-lived assets984   984 (276)
June 30, 2020
  Collateral dependent loans$12,066 $— $— $12,066 $(3,079)
  Mortgage servicing rights5,625 — — 5,625 (1,851)
  Long-lived assets348 — — 348 (5)
Information about Level Three Fair Value Measurements - Nonrecurring Basis
The Company's significant Level 3 measurements that are measured on a nonrecurring basis pertain to the Company's mortgage servicing rights retained on certain fixed rate personal real estate loan originations. Mortgage servicing rights are included in other assets on the consolidated balance sheet, and information about these inputs is presented in the table below.
Quantitative Information about Level 3 Fair Value MeasurementsWeighted
Valuation TechniqueUnobservable InputRangeAverage*
Mortgage servicing rightsDiscounted cash flowDiscount rate9.02 %-9.34 %9.17 %
Prepayment speeds (CPR)*10.46 %-13.21 %12.11 %
Loan servicing costs - annually per loan
    Performing loans$70 -$72 $71 
    Delinquent loans$200 -$750 
    Loans in foreclosure$1,000 
*Ranges and weighted averages based on interest rate tranches.