Fair Value Disclosures of Financial Assets and Liabilities (Tables)

6 Months Ended

Jun. 30, 2016

Fair Value Disclosures [Abstract]

Schedule of Financial Instruments Carried at Fair Value

The following tables present financial instruments carried at fair value as of June 30, 2016 and December 31, 2015 by valuation hierarchy (as described above):

(In Thousands) Description	Quoted Prices in Active Markets for Identical Asset (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total Fair Value
Assets measured at fair value on a recurring basis
Available-for-sale securities:
CMO	$	—	$	266,322	$	—	$	266,322
FNMA MBS		—		347,224		—		347,224
FHLMC MBS		—		86,893		—		86,893
GNMA MBS		—		26,793		—		26,793
GSE		—		39,227		—		39,227
Total assets measured at fair value on a recurring basis	$	—	$	766,459	$	—	$	766,459
Assets measured at fair value on a nonrecurring basis
Other real estate owned	$	—	$	—	$	2,935	$	2,935
Loans held-for-sale		—		32,625		—		32,625
Impaired loans, net		—		—		34,959		34,959
Total assets measured at fair value on a nonrecurring basis	$	—	$	32,625	$	37,894	$	70,519
(In Thousands) Description	Quoted Prices in Active Markets for Identical Asset (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total Fair Value
Assets measured at fair value on a recurring basis
Available-for-sale securities:
CMO	$	—	$	251,488	$	—	$	251,488
FNMA MBS		—		318,471		—		318,471
FHLMC MBS		—		99,442		—		99,442
GNMA MBA		—		20,714		—		20,714
GSE				30,914		—		30,914
Total assets measured at fair value on a recurring basis	$	—	$	721,029	$	—	$	721,029
Assets measured at fair value on a nonrecurring basis
Other real estate owned	$	—	$	—	$	5,080	$	5,080
Loans held-for sale		—		41,807		—		41,807
Impaired loans (collateral dependent)		—		—		35,086		35,086
Total assets measured at fair value on a nonrecurring basis	$	—	$	41,807	$	40,166	$	81,973

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		June 30, 2016				December 31, 2015
	Measurement		Book Value		Fair Value		Book Value		Fair Value
Financial assets:
Cash and cash equivalents		Level 1	$	703,893	$	703,893	$	561,179	$	561,179
Investment securities available-for-sale		Level 2		766,459		766,459		721,029		721,029
Investment securities held-to-maturity		Level 2		166,398		173,032		165,862		167,743
Loans, held-for-sale		Level 2		32,625		32,625		41,807		41,807
Loans, net(1)		Level 2		3,766,281		3,752,905		3,693,964		3,637,714
Impaired loans, net		Level 3		34,959		34,959		35,086		35,086
Reverse mortgage loans		Level 3		25,263		25,263		24,284		24,284
Stock in FHLB of Pittsburgh		Level 2		37,939		37,939		30,519		30,519
Accrued interest receivable		Level 2		14,164		14,164		14,040		14,040
Other assets		Level 3		7,455		15,268		8,669		18,416
Financial liabilities:
Deposits		Level 2		3,992,139		3,842,770		4,016,566		3,791,606
Borrowed funds		Level 2		1,168,802		1,172,972		932,886		933,905
Standby letters of credit		Level 3		264		264		195		195
Accrued interest payable		Level 2		2,073		2,073		801		801

⁽¹⁾  Excludes impaired loans, net.