Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2013

Fair Value Disclosures [Abstract]

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

The results of the fair value hierarchy as of June 30, 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	$	1,992	$	—	$	1,992	$	—
U.S. Government Sponsored Enterprises		246,332		—		246,332		—
SBA Backed Securities		7,867		—		7,867		—
U.S. Government Agency and Sponsored Mortgage Backed Securities		1,236,914		—		1,236,914		—
Privately Issued Residential Mortgage Backed Securities		2,653		—		2,653		—
Obligations Issued by States and Political Subdivisions		53,668		—		1,706		51,962
Other Debt Securities		2,194		—		2,194		—
Equity Securities		596		264		—		332
Total	$	1,552,216	$	264	$	1,499,658	$	52,294
Financial Instruments Measured at Fair Value on a Non-recurring Basis:
Impaired Loans		2,989		—		—		2,989

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). Management continues to monitor the assumptions used to value the assets listed below.

Asset	Fair Value		Valuation Technique	Unobservable Input	Unobservable Input Value or Range
Securities AFS (4)	$	52,294	Discounted cash flow (DCF) unless maturity is one year or less		0%-1%(3)
Impaired Loans		2,989	Appraisal of collateral/ DCF/assessments (1)	Discount rate Appraisal adjustments/ DCF assessment Adjustments (2)	0%-25% discount

(1) Fair value is generally determined through a review process that includes independent appraisals, discounted cash flows, or other real estate tax assessed value of the underlying collateral, which generally include various Level 3 inputs which are not identifiable.

(2) Appraisals, real estate tax assessed values or discounted cash flows 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 June 30, 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		—		29,370			—			29,370
Maturities and calls		—		(30,830	)		(10	)		(30,840	)
Amortization		—		(18	)		—			(18	)
Changes in fair value		—		—			—			—
Balance at June 30, 2013	$	3,963	$	47,999		$	332		$	52,294

The changes in Level 3 securities for the six-month period ended June 30, 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		—		64,970			—			64,970
Maturities and calls		—		(15,058	)		(34	)		(15,092	)
Amortization		—		(15	)		—			(15	)
Balance at June 30, 2012	$	3,725	$	64,669		$	383		$	68,777