Fair Value Measurements (Tables)
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3 Months Ended |
Mar. 31, 2016 |
Fair Value Disclosures [Abstract] |
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Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis |
The following tables present summaries of the Corporation’s assets and liabilities measured at fair value on a recurring basis and reported on the consolidated balance sheets: | | | | | | | | | | | | | | | | | | March 31, 2016 | | Level 1 | | Level 2 | | Level 3 | | Total | | (in thousands) | Mortgage loans held for sale | $ | — |
| | $ | 19,719 |
| | $ | — |
| | $ | 19,719 |
| Available for sale investment securities: | | | | | | | | Equity securities | 19,067 |
| | — |
| | — |
| | 19,067 |
| U.S. Government sponsored agency securities | — |
| | 25,173 |
| | — |
| | 25,173 |
| State and municipal securities | — |
| | 314,010 |
| | — |
| | 314,010 |
| Corporate debt securities | — |
| | 86,780 |
| | 3,106 |
| | 89,886 |
| Collateralized mortgage obligations | — |
| | 782,075 |
| | — |
| | 782,075 |
| Mortgage-backed securities | — |
| | 1,188,668 |
| | — |
| | 1,188,668 |
| Auction rate securities | — |
| | — |
| | 97,326 |
| | 97,326 |
| Total available for sale investment securities | 19,067 |
| | 2,396,706 |
| | 100,432 |
| | 2,516,205 |
| Other assets | 16,674 |
| | 64,862 |
| | — |
| | 81,536 |
| Total assets | $ | 35,741 |
| | $ | 2,481,287 |
| | $ | 100,432 |
| | $ | 2,617,460 |
| Other liabilities | $ | 16,373 |
| | $ | 63,280 |
| | $ | — |
| | $ | 79,653 |
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| | | | | | | | | | | | | | | | | | December 31, 2015 | | Level 1 | | Level 2 | | Level 3 | | Total | | (in thousands) | Mortgage loans held for sale | $ | — |
| | $ | 16,886 |
| | $ | — |
| | $ | 16,886 |
| Available for sale investment securities: | | | | | | | | Equity securities | 21,514 |
| | — |
| | — |
| | 21,514 |
| U.S. Government sponsored agency securities | — |
| | 25,136 |
| | — |
| | 25,136 |
| State and municipal securities | — |
| | 262,765 |
| | — |
| | 262,765 |
| Corporate debt securities | — |
| | 93,619 |
| | 3,336 |
| | 96,955 |
| Collateralized mortgage obligations | — |
| | 821,509 |
| | — |
| | 821,509 |
| Mortgage-backed securities | — |
| | 1,158,835 |
| | — |
| | 1,158,835 |
| Auction rate securities | — |
| | — |
| | 98,059 |
| | 98,059 |
| Total available for sale investment securities | 21,514 |
| | 2,361,864 |
| | 101,395 |
| | 2,484,773 |
| Other assets | 16,129 |
| | 34,465 |
| | — |
| | 50,594 |
| Total assets | $ | 37,643 |
| | $ | 2,413,215 |
| | $ | 101,395 |
| | $ | 2,552,253 |
| Other liabilities | $ | 15,914 |
| | $ | 33,010 |
| | $ | — |
| | $ | 48,924 |
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Schedule of Changes in Assets and Liabilities Measured at Fair Value on a Recurring Basis using Level 3 Inputs |
The following table presents the changes in the Corporation’s available for sale investment securities measured at fair value on a recurring basis using unobservable inputs (Level 3): | | | | | | | | | | | | | | Three months ended March 31, 2016 | | Pooled Trust Preferred Securities | | Single-issuer Trust Preferred Securities | | ARCs | | (in thousands) | Balance at December 31, 2015 | $ | 706 |
| | $ | 2,630 |
| | $ | 98,059 |
| Unrealized adjustment to fair value (1) | — |
| | (233 | ) | | (832 | ) | Discount accretion (2) | — |
| | 3 |
| | 99 |
| Balance at March 31, 2016 | $ | 706 |
| | $ | 2,400 |
| | $ | 97,326 |
| | | | | | | | Three months ended March 31, 2015 | Balance at December 31, 2014 | $ | 4,088 |
| | $ | 3,820 |
| | $ | 100,941 |
| Sales | (3,079 | ) | | — |
| | — |
| Unrealized adjustment to fair value (1) | 190 |
| | (2 | ) | | 332 |
| Settlements - calls | (117 | ) | | — |
| | (2,446 | ) | Discount accretion (2) | 2 |
| | 2 |
| | 105 |
| Balance at March 31, 2015 | $ | 1,084 |
| | $ | 3,820 |
| | $ | 98,932 |
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| | (1) | Pooled trust preferred securities, single-issuer trust preferred securities and ARCs are classified as available for sale investment securities; as such, the unrealized adjustment to fair value was recorded as an unrealized holding gain (loss) and included as a component of available for sale investment securities on the consolidated balance sheets. |
| | (2) | Included as a component of net interest income on the consolidated statements of income. |
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Fair Value, Assets and Liabilities Measured on Nonrecurring Basis |
The following table presents the Corporation’s financial assets measured at fair value on a nonrecurring basis and reported on the Corporation’s consolidated balance sheets: | | | | | | | | | | | | | | | | | | March 31, 2016 | | Level 1 | | Level 2 | | Level 3 | | Total | | (in thousands) | Net loans | $ | — |
| | $ | — |
| | $ | 131,875 |
| | $ | 131,875 |
| Other financial assets | — |
| | — |
| | 51,141 |
| | 51,141 |
| Total assets | $ | — |
| | $ | — |
| | $ | 183,016 |
| | $ | 183,016 |
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| | | | | | | | | | | | | | | | | | December 31, 2015 | | Level 1 | | Level 2 | | Level 3 | | Total | | (in thousands) | Net loans | $ | — |
| | $ | — |
| | $ | 138,491 |
| | $ | 138,491 |
| Other financial assets | — |
| | — |
| | 52,043 |
| | 52,043 |
| Total assets | $ | — |
| | $ | — |
| | $ | 190,534 |
| | $ | 190,534 |
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Details of Book Value and Fair Value of Financial Instruments |
As required by FASB ASC Section 825-10-50, the following table details the book values and estimated fair values of the Corporation’s financial instruments as of March 31, 2016 and December 31, 2015. In addition, a general description of the methods and assumptions used to estimate such fair values is also provided. | | | | | | | | | | | | | | | | | | March 31, 2016 | | December 31, 2015 | | Book Value | | Estimated Fair Value | | Book Value | | Estimated Fair Value | | (in thousands) | FINANCIAL ASSETS | | | | | | | | Cash and due from banks | $ | 83,479 |
| | $ | 83,479 |
| | $ | 101,120 |
| | $ | 101,120 |
| Interest-bearing deposits with other banks | 346,582 |
| | 346,582 |
| | 230,300 |
| | 230,300 |
| Federal Reserve Bank and Federal Home Loan Bank stock | 61,478 |
| | 61,478 |
| | 62,216 |
| | 62,216 |
| Loans held for sale (1) | 19,719 |
| | 19,719 |
| | 16,886 |
| | 16,886 |
| Available for sale investment securities (1) | 2,516,205 |
| | 2,516,205 |
| | 2,484,773 |
| | 2,484,773 |
| Net Loans (1) | 13,706,860 |
| | 13,615,387 |
| | 13,669,548 |
| | 13,540,903 |
| Accrued interest receivable | 44,379 |
| | 44,379 |
| | 42,767 |
| | 42,767 |
| Other financial assets (1) | 200,456 |
| | 200,456 |
| | 166,920 |
| | 166,920 |
| FINANCIAL LIABILITIES | | | | | | | | Demand and savings deposits | $ | 11,537,266 |
| | $ | 11,537,266 |
| | $ | 11,267,367 |
| | $ | 11,267,367 |
| Time deposits | 2,867,014 |
| | 2,961,225 |
| | 2,864,950 |
| | 2,862,868 |
| Short-term borrowings | 352,883 |
| | 352,883 |
| | 497,663 |
| | 497,663 |
| Accrued interest payable | 13,567 |
| | 13,567 |
| | 10,724 |
| | 10,724 |
| Other financial liabilities (1) | 220,267 |
| | 220,267 |
| | 190,927 |
| | 190,927 |
| Federal Home Loan Bank advances and long-term debt | 965,654 |
| | 990,222 |
| | 949,542 |
| | 959,315 |
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| | (1) | These financial instruments, or certain financial instruments in these categories, are measured at fair value on the Corporation’s consolidated balance sheets. Descriptions of the fair value determinations for these financial instruments are disclosed above. |
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