Fair Value (Tables)

12 Months Ended

Dec. 31, 2015

Fair Value

Assets and liabilities measured at fair value on a recurring basis

The following table represents financial instruments reported on the consolidated statements of condition at their fair value as of December 31, 2015 by level within the fair value measurement hierarchy.

			Fair Value Measurements at
			Reporting Date Using
			(in thousands)
			Quoted
			Prices in
	Assets/Liabilities		Active		Significant
	Measured at		Markets for		Other		Significant
	Fair Value		Identical		Observable		Unobservable
	December 31,		Assets		Inputs		Inputs
	2015		(Level 1)		(Level 2)		(Level 3)
Measured on a recurring basis:
Assets:
Available for sale securities
Residential mortgage-backed securities	$	3,893,210	$	—	$	3,871,981	$	21,229
States and political subdivisions		277,705		—		277,705		—
Other		28,457		28,457		—		—
	$	4,199,372	$	28,457	$	4,149,686	$	21,229

The following table represents financial instruments reported on the consolidated balance sheets at their fair value as of December 31, 2014 by level within the fair value measurement hierarchy.

			Fair Value Measurements at
			Reporting Date Using
			(in thousands)
			Quoted
			Prices in
	Assets/Liabilities		Active		Significant
	Measured at		Markets for		Other		Significant
	Fair Value		Identical		Observable		Unobservable
	December 31,		Assets		Inputs		Inputs
	2014		(Level 1)		(Level 2)		(Level 3)
Measured on a recurring basis:
Assets:
Available for sale securities
Residential mortgage - backed securities	$	4,600,372	$	—	$	4,576,309	$	24,063
States and political subdivisions		282,276		—		282,276		—
Other		29,315		29,315		—		—
	$	4,911,963	$	29,315	$	4,858,585	$	24,063

Reconciliation of activity for mortgage-backed securities on a net basis

Balance at December 31, 2014	$	24,063
Principal paydowns		(3,205)
Total unrealized gains (losses) included in:
Other comprehensive income		1,325
Impairment realized in earnings		(954)
Balance at December 31, 2015	$	21,229

Assets measured at fair value on a non-recurring basis

The following table represents financial instruments measured at fair value on a non‑recurring basis as of and for the period ended December 31, 2015 by level within the fair value measurement hierarchy:

			Fair Value Measurements at Reporting
			Date Using
			(in thousands)
			Quoted
	Assets/Liabilities		Prices in
	Measured at		Active		Significant
	Fair Value		Markets for		Other		Significant		Net (credit)
	Year ended		Identical		Observable		Unobservable		Provision
	December 31,		Assets		Inputs		Inputs		During
	2015		(Level 1)		(Level 2)		(Level 3)		Period
Measured on a non-recurring basis:
Assets:
Impaired loans	$	18,033	$	—	$	—	$	18,033	$	(8,589)
Other real estate owned		12,705		—		—		12,705		1,023

The following table represents financial instruments measured at fair value on a non‑recurring basis as of and for the year ended December 31, 2014 by level within the fair value measurement hierarchy:

			Fair Value Measurements at Reporting
			Date Using
			(in thousands)
			Quoted
	Assets/Liabilities		Prices in
	Measured at		Active		Significant
	Fair Value		Markets		Other		Significant		Net (credit)
	Year ended		for Identical		Observable		Unobservable		Provision
	December 31,		Assets		Inputs		Inputs		During
	2014		(Level 1)		(Level 2)		(Level 3)		Period
Measured on a non-recurring basis:
Assets:
Impaired loans	$	29,501	$	—	$	—	$	29,501	$	(1,557)
Other real estate owned		6,112		—		—		6,112		597