Fair Value Disclosures of Financial Assets and Liabilities (Tables)

3 Months Ended

Mar. 31, 2015

Fair Value Disclosures [Abstract]

Balances of Assets Measured at Fair Value

A description of the valuation methodologies used for instruments measured at fair value, as well as the general classification of such instruments pursuant to the valuation hierarchy as of March 31, 2015, is set forth in the following table:

	Quoted Prices in Active Markets for Identical Asset		Significant Other Observable Inputs		Significant Unobservable Inputs		Total Fair
(In Thousands)
Description	(Level 1)		(Level 2)		(Level 3)		Value
Assets measured at fair value on a recurring basis
Collateralized mortgage obligations	$	—	$	221,021	$	—	$	221,021
FNMA		—		304,127		—		304,127
FHLMC		—		151,014		—		151,014
GNMA		—		75,266		—		75,266
U.S. Government and agencies		—		35,069		—		35,069
Total assets measured at fair value on a recurring basis	$	—	$	786,497	$	—	$	786,497
Assets measured at fair value on a nonrecurring basis
Other real estate owned	$	—	$	—	$	6,088	$	6,088
Loans held-for-sale		—		46,892		—		46,892
Impaired loans (collateral dependent)		—		—		38,795		38,795
Total assets measured at fair value on a nonrecurring basis	$	—	$	46,892	$	44,883	$	91,775

The table below presents the balances of assets measured at fair value as of December 31, 2014:

	Quoted Prices in Active Markets for Identical Asset		Significant Other Observable Inputs		Significant Unobservable Inputs		Total
(In Thousands)
Description	(Level 1)		(Level 2)		(Level 3)		Fair Value
Assets measured at fair value on a recurring basis
Available-for-sale securities:
Collateralized mortgage obligations	$	—	$	192,932	$	—	$	192,932
FNMA		—		292,553		—		292,553
FHLMC		—		146,882		—		146,882
GNMA		—		77,797		—		77,797
U.S. Government and agencies				29,960		—		29,960
Total assets measured at fair value on a recurring basis	$	—	$	740,124	$	—	$	740,124
Assets measured at fair value on a nonrecurring basis Other real estate owned	$	—	$	—	$	5,734	$	5,734
Loans held-for sale		—		28,508		—		28,508
Impaired loans		—		—		41,334		41,334
Total assets measured at fair value on a nonrecurring basis	$		$	28,508	$	47,068	$	75,576

Book Value and Estimated Fair Value of Financial Instruments

The book value and estimated fair value of our financial instruments are as follows:

(In Thousands)	Fair Value	March 31, 2015				December 31, 2014
	Measurement	Book Value		Fair Value		Book Value		Fair Value
Financial assets:
Cash and cash equivalents	Level 1	$	505,638		505,638	$	508,039	$	509,039
Investment securities available-for-sale	See previous table		786,497		786,497		740,124		740,124
Investment securities held-to-maturity	See previous table		122,887		122,772		126,168		126,171
Loans, held-for-sale	See previous table		46,892		46,892		28,508		28,508
Loans, net	Level 2		3,189,138		3,159,907		3,156,652		3,121,855
Reverse mortgage loans	Level 3		27,035		27,035		29,298		29,298
Stock in FHLB of Pittsburgh	Level 2		27,655		27,655		23,278		23,278
Accrued interest receivable	Level 2		12,004		12,004		11,782		11,782
Other assets	Level 3		—		4,837		—		4,837
Financial liabilities:
Deposits	Level 2		3,522,278		3,345,564		3,649,235		3,461,218
Borrowed funds	Level 2		874,557		877,815		667,775		672,850
Standby letters of credit	Level 3		160		160		151		151
Accrued interest payable	Level 2		1,621		1,621		1,004		1,004