Fair Value Measurements and Fair Value of Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2016

Fair Value Measurements and Fair Value of Financial Instruments [Abstract]

Fair Value of Financial Assets and Liabilities Measured on a Recurring Basis

The following tables set forth the Company’s financial assets and liabilities measured on a recurring basis that were accounted for at fair value.  Assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement (in thousands):

June 30, 2016:

	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Balance as of June 30, 2016
Assets:
Securities Available for Sale:
Federal Agency	$	-	$	266,835	$	-	$	266,835
State & municipal		-		37,630		-		37,630
Mortgage-backed		-		396,685		-		396,685
Collateralized mortgage obligations		-		551,638		-		551,638
Other securities		9,458		9,350		-		18,808
Total Securities Available for Sale	$	9,458	$	1,262,138	$	-	$	1,271,596
Trading Securities		8,591		-		-		8,591
Interest Rate Swaps		-		17,775		-		17,775
Total	$	18,049	$	1,279,913	$	-	$	1,297,962
Liabilities:
Interest Rate Swaps	$	-	$	17,838	$	-	$	17,838
Total	$	-	$	17,838	$	-	$	17,838

December 31, 2015:

	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Balance as of December 31, 2015
Assets:
Securities Available for Sale:
Federal Agency	$	-	$	311,272	$	-	$	311,272
State & municipal		-		31,637		-		31,637
Mortgage-backed		-		409,896		-		409,896
Collateralized mortgage obligations		-		404,971		-		404,971
Other securities		7,526		9,242		-		16,768
Total Securities Available for Sale	$	7,526	$	1,167,018	$	-	$	1,174,544
Trading Securities		8,377		-		-		8,377
Interest Rate Swaps		-		6,224		-		6,224
Total	$	15,903	$	1,173,242	$	-	$	1,189,145
Liabilities:
Interest Rate Swaps	$	-	$	6,224	$	-	$	6,224
Total	$	-	$	6,224	$	-	$	6,224

Fair Value of Financial Instruments By Balance Sheet Grouping

The following table sets forth information with regard to estimated fair values of financial instruments at June 30, 2016 and December 31, 2015.  This table excludes financial instruments for which the carrying amount approximates fair value.  Financial instruments for which the fair value approximates carrying value include cash and cash equivalents, securities available for sale, trading securities, accrued interest receivable, non-maturity deposits, short-term borrowings, accrued interest payable, and interest rate swaps.

			June 30, 2016				December 31, 2015
(In thousands)	Fair Value Hierarchy		Carrying amount		Estimated fair value		Carrying amount		Estimated fair value
Financial assets
Securities held to maturity		2	$	500,840	$	512,349	$	471,031	$	473,140
Net loans		3		5,974,825		6,136,103		5,820,115		5,958,427
Financial liabilities
Time deposits		2	$	882,712	$	886,047	$	908,827	$	903,501
Long-term debt		2		110,306		111,968		130,447		131,268
Junior subordinated debt		2		101,196		96,583		101,196		97,346