Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2013

Fair Value Measurements [Abstract]

Financial Instruments Measured at Fair Value on a Recurring and Non-recurring Basis

The results of the fair value hierarchy as of March 31, 2013, are as follows:

Financial Instruments Measured at Fair Value on a Recurring Basis:

	Securities AFS Fair Value Measurements Using
	Carrying Value		Quoted Prices In Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Significant Other Unobservable Inputs (Level 3)
	(In thousands)
U.S. Treasury	$	2,001	$	—	$	2,001	$	—
U.S. Government Sponsored Enterprises		175,215		—		175,215		—
SBA Backed Securities		8,014		—		8,014		—
U.S. Government Agency and Sponsored Mortgage Backed Securities		1,165,036		—		1,165,036		—
Privately Issued Residential Mortgage Backed Securities		2,820		—		2,820		—
Obligations Issued by States and Political Subdivisions		51,353		—		1,717		49,636
Other Debt Securities		2,238		—		2,238		—
Equity Securities		583		241		—		342
Total	$	1,407,260	$	241	$	1,357,041	$	49,978
Financial Instruments Measured at Fair Value on a Non-recurring Basis:
Impaired Loans		3,758		—		—		3,758

Assets measured at fair value

The following table presents additional information about assets measured at fair value on a recurring and nonrecurring basis for which the Company has utilized Level 3 inputs to determine fair value (dollars in thousands).

Asset	Fair Value		Valuation Technique	Unobservable Input	Unobservable Input Value or Range
Securities AFS(4)	$	49,978	Discounted cash flow	Discount rate	0% -1% (3)
Impaired Loans		3,758	Appraisal of collateral (1)	Appraisal adjustments (2)	0%-25% discount

(1) Fair value is generally determined through independent appraisals of the underlying collateral, which generally include various Level 3 inputs which are not identifiable.

(2) Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated expenses.

(3) Weighted averages

(4) Municipal securities generally have maturities of one year or less and, therefore, the amortized cost equates to the fair value.

Changes in Level 3 securities

The changes in Level 3 securities for the three-month period ended March 31, 2013 are shown in the table below:

	Auction  Rate Securities		Obligations Issued by States & Political Subdivisions			Equity Securities		Total
			(In thousands)
Balance at December 31, 2012	$	3,963	$	49,477		$	342	$	53,782
Purchases		—		6,179			—		6,179
Maturities and calls		—		(9,974	)		—		( 9,974	)
Amortization		—		(9	)		—		(9	)
Changes in fair value		—		—			—		—
Balance at March 31, 2013	$	3,963	$	45,673		$	342	$	49,978

The changes in Level 3 securities for the three-month period ended March 31, 2012, are shown in the table below:

	Auction Rate Securities		Obligations Issued by States & Political Subdivisions			Equity Securities			Total
			(In thousands)
Balance at December 31, 2011	$	3,725	$	14,772		$	417		$	18,914
Purchases		—		12,730			—			12,730
Maturities and calls		—		(3,434	)		(23	)		(3,457	)
Amortization		—		(11	)		—			(11	)
Balance at March 31, 2012	$	3,725	$	24,057		$	394		$	28,176