Fair Value Disclosures of Financial Assets and Liabilities (Tables)

9 Months Ended

Sep. 30, 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 September 30, 2015 is set forth in the following table:

(In Thousands)	Quoted Prices in Active Markets for Identical Asset		Significant Other Observable Inputs		Significant Unobservable Inputs		Total Fair
Description	(Level 1)		(Level 2)		(Level 3)		Value
Assets measured at fair value on a recurring basis
Collateralized mortgage obligations	$	—	$	253,667	$	—	$	253,667
FNMA		—		299,772		—		299,772
FHLMC		—		110,474		—		110,474
GNMA		—		61,711		—		61,711
U.S. Government and agencies		—		31,107		—		31,107
Total assets measured at fair value on a recurring basis	$	—	$	756,731	$	—	$	756,731
Assets measured at fair value on a nonrecurring basis
Other real estate owned	$	—	$	—	$	3,299	$	3,299
Loans held-for-sale		—		33,979		—		33,979
Impaired loans (collateral dependent)		—		—		37,056		37,056
Total assets measured at fair value on a nonrecurring basis	$	—	$	33,979	$	40,355	$	74,334

There were no material liabilities measured at fair value as of September 30, 2015.

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

(In Thousands)	Quoted Prices in Active Markets for Identical Asset		Significant Other Observable Inputs		Significant Unobservable Inputs		Total
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	September 30, 2015				December 31, 2014
	Measurement	Book Value		Fair Value		Book Value		Fair Value
Financial assets:
Cash and cash equivalents	Level 1	$	529,037		529,037	$	508,039	$	508,039
Investment securities available-for-sale	See previous table		756,731		756,731		740,124		740,124
Investment securities held-to-maturity	Level 2		138,060		138,138		126,168		126,171
Loans, held-for-sale	See previous table		33,979		33,979		28,508		28,508
Loans, net	Level 2		3,324,020		3,281,986		3,156,652		3,121,855
Reverse mortgage loans	Level 3		24,476		24,476		29,298		29,298
Stock in FHLB of Pittsburgh	Level 2		27,943		27,943		23,278		23,278
Accrued interest receivable	Level 2		11,770		11,770		11,782		11,782
Other assets	Level 3		—		5,837		—		4,837
Financial liabilities:
Deposits	Level 2		3,644,602		3,464,311		3,649,235		3,461,218
Borrowed funds	Level 2		868,379		871,082		667,775		672,850
Standby letters of credit	Level 3		191		191		151		151
Accrued interest payable	Level 2		1,760		1,760		1,004		1,004