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Fair Value (Tables) | 3 Months Ended
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Mar. 31, 2015
Fair Value Disclosures [Abstract] |
Assets And Liabilities Measured At Fair Value On A Recurring Basis | The following table presents assets and liabilities measured at fair value on a recurring basis:
Fair Value Measurements at March 31, 2015 using:
(In thousands) |  | Level 1 |  | Level 2 |  | Level 3 |  | Balance at March 31, 2015
Assets |  |  |  |  |  |  |  |  |  |  |  |
Investment securities: |  |  |  |  |  |  |  |  |  |  |  |
Obligations of U.S. Treasury and other U.S. Government sponsored entities |  | $ | — |  |  | $ | 495,171 |  |  | $ | — |  |  | $ | 495,171 |
U.S. Government sponsored entities’ asset-backed securities |  | — |  |  | 767,676 |  |  | — |  |  | 767,676 |
Equity securities |  | 1,891 |  |  | — |  |  | 739 |  |  | 2,630 |
Mortgage loans held for sale |  | — |  |  | 7,987 |  |  | — |  |  | 7,987 |
Mortgage IRLCs |  | — |  |  | 189 |  |  | — |  |  | 189 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |
Fair value swap |  | $ | — |  |  | $ | — |  |  | $ | 226 |  |  | $ | 226 |
Fair Value Measurements at December 31, 2014 using:
(In thousands) |  | Level 1 |  | Level 2 |  | Level 3 |  | Balance at December 31, 2014
Assets |  |  |  |  |  |  |  |  |  |  |  |
Investment securities: |  |  |  |  |  |  |  |  |  |  |  |
Obligations of U.S. Treasury and other U.S. Government sponsored entities |  | $ | — |  |  | $ | 538,064 |  |  | $ | — |  |  | $ | 538,064 |
U.S. Government sponsored entities’ asset-backed securities |  | — |  |  | 761,153 |  |  | — |  |  | 761,153 |
Equity securities |  | 1,922 |  |  | — |  |  | 776 |  |  | 2,698 |
Mortgage loans held for sale |  | — |  |  | 5,264 |  |  | — |  |  | 5,264 |
Mortgage IRLCs |  | — |  |  | 70 |  |  | — |  |  | 70 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |
Fair value swap |  | $ | — |  |  | $ | — |  |  | $ | 226 |  |  | $ | 226 |
Reconciliation Of Level 3 Input For Financial Instruments Measured On Recurring Basis | The table below is a reconciliation of the beginning and ending balances of the Level 3 inputs for the three months ended March 31, 2015 and 2014, for financial instruments measured on a recurring basis and classified as Level 3: Level 3 Fair Value Measurements Three months ended March 31, 2015 and 2014
(In thousands) |  | Equity Securities |  | Fair value swap
Balance, at January 1, 2015 |  | $ | 776 |  |  | $ | (226 | )
Total gains/(losses) |  |  |  |  |  |
Included in earnings – realized |  | — |  |  | — |
Included in earnings – unrealized |  | — |  |  | — |
Included in other comprehensive income (loss) |  | (37 | ) |  | — |
Purchases, sales, issuances and settlements, other |  | — |  |  | — |
Re-evaluation of fair value swap, recorded in other expense |  | — |  |  | — |
Balance at March 31, 2015 |  | $ | 739 |  |  | $ | (226 | )
Balance, at January 1, 2014 |  | $ | 759 |  |  | $ | (135 | )
Total gains/(losses) |  |  |  |  |  |
Included in earnings – realized |  | — |  |  | — |
Included in earnings – unrealized |  | — |  |  | — |
Included in other comprehensive income (loss) |  | (48 | ) |  | — |
Purchases, sales, issuances and settlements, other |  | — |  |  | — |
Re-evaluation of fair value swap |  | — |  |  | — |
Balance at March 31, 2014 |  | $ | 711 |  |  | $ | (135 | )
Assets And Liabilities Measured At Fair Value On A Nonrecurring Basis | The following tables present assets and liabilities measured at fair value on a nonrecurring basis. Collateral dependent impaired loans are carried at fair value if they have been charged down to fair value or if a specific valuation allowance has been established. A new cost basis is established at the time a property is initially recorded in OREO. OREO properties are carried at fair value if a devaluation has been taken to the property's value subsequent to the initial measurement.
Fair Value Measurements at March 31, 2015 using:
(In thousands) |  | Level 1 |  | Level 2 |  | Level 3 |  | Balance at March 31, 2015
Impaired loans recorded at fair value: |  |  |  |  |  |  |  |  |  |  |  |
Commercial real estate |  | $ | — |  |  | $ | — |  |  | $ | 2,163 |  |  | $ | 2,163 |
Construction real estate: |  |  |  |  |  |  |  |  |  |  |  |
SEPH commercial land and development |  | — |  |  | — |  |  | 2,076 |  |  | 2,076 |
Remaining commercial |  | — |  |  | — |  |  | 3,199 |  |  | 3,199 |
Residential real estate |  | — |  |  | — |  |  | 1,857 |  |  | 1,857 |
Total impaired loans recorded at fair value |  | $ | — |  |  | $ | — |  |  | $ | 9,295 |  |  | $ | 9,295 |
Mortgage servicing rights |  | $ | — |  |  | $ | 4,657 |  |  | $ | — |  |  | $ | 4,657 |
OREO: |  |  |  |  |  |  |  |
Commercial real estate |  | — |  |  | — |  |  | 862 |  |  | 862 |
Construction real estate |  | — |  |  | — |  |  | 6,455 |  |  | 6,455 |
Residential real estate |  | — |  |  | — |  |  | 2,576 |  |  | 2,576 |
Total OREO |  | $ | — |  |  | $ | — |  |  | $ | 9,893 |  |  | $ | 9,893 |
Fair Value Measurements at December 31, 2014 using:
(In thousands) |  | Level 1 |  | Level 2 |  | Level 3 |  | Balance at December 31, 2014
Impaired loans recorded at fair value: |  |  |  |  |  |  |  |  |  |  |  |
Commercial real estate |  | $ | — |  |  | $ | — |  |  | $ | 8,481 |  |  | $ | 8,481 |
Construction real estate: |  |  |  |  |  |  |  |  |  |  |  |
SEPH commercial land and development |  | — |  |  | — |  |  | 2,078 |  |  | 2,078 |
Remaining commercial |  | — |  |  | — |  |  | 3,483 |  |  | 3,483 |
Residential real estate |  | — |  |  | — |  |  | 2,921 |  |  | 2,921 |
Total impaired loans recorded at fair value |  | $ | — |  |  | $ | — |  |  | $ | 16,963 |  |  | $ | 16,963 |
Mortgage servicing rights |  | $ | — |  |  | $ | 2,928 |  |  | $ | — |  |  | $ | 2,928 |
OREO: |  |  |  |  |  |  |  |
Commercial real estate |  | — |  |  | — |  |  | 1,470 |  |  | 1,470 |
Construction real estate |  | — |  |  | — |  |  | 6,473 |  |  | 6,473 |
Residential real estate |  | — |  |  | — |  |  | 2,369 |  |  | 2,369 |
Total OREO |  | $ | — |  |  | $ | — |  |  | $ | 10,312 |  |  | $ | 10,312 |
Qualitative Information about Level 3 Fair Value Measurements Measured on Non-Recurring Basis | The following tables present qualitative information about Level 3 fair value measurements for financial instruments measured at fair value on a non-recurring basis at March 31, 2015 and December 31, 2014:
March 31, 2015
(In thousands) |  | Fair Value |  | Valuation Technique |  | Unobservable Input(s) |  | Range (Weighted Average)
Impaired loans: |  |  |  |  |  |  |  |  |
Commercial real estate |  | $ | 2,163 |  |  | Sales comparison approach |  | Adj to comparables |  | 0.0% - 137.3% (25.8%)
|  |  |  | Bulk sale approach |  | Discount rate |  | 8.0% (8.0%)
|  |  |  | Income approach |  | Capitalization rate |  | 8.0% - 10.3% (9.1%)
|  |  |  | Cost approach |  | Accumulated depreciation |  | 23.0% - 50.0% (37.6%)
Construction real estate: |  |  |  |  |  |  |  |  |
SEPH commercial land and development |  | $ | 2,076 |  |  | Sales comparison approach |  | Adj to comparables |  | 5.0% - 35.0% (17.5%)
|  |  |  | Bulk sale approach |  | Discount rate |  | 10.8% (10.8%)
Remaining commercial |  | $ | 3,199 |  |  | Sales comparison approach |  | Adj to comparables |  | 0.2% - 67.0% (25.1%)
|  |  |  | Bulk sale approach |  | Discount rate |  | 10.0% - 20.0% (14.8%)
Residential real estate |  | $ | 1,857 |  |  | Sales comparison approach |  | Adj to comparables |  | 0.0% - 83.0% (14.1%)
|  |  |  | Income approach |  | Capitalization rate |  | 13.0% (13.0%)
Other real estate owned: |  |  |  |  |  |  |  |
Commercial real estate |  | $ | 862 |  |  | Sales comparison approach |  | Adj to comparables |  | 0.0% - 60.0% (26.3%)
|  |  |  | Income approach |  | Capitalization rate |  | 8.4% (8.4%)
|  |  |  | Cost approach |  | Accumulated depreciation |  | 60.0% - 95.0% (77.5%)
Construction real estate |  | $ | 6,455 |  |  | Sales comparison approach |  | Adj to comparables |  | 0.0% - 82.9% (27.3%)
|  |  |  | Bulk sale approach |  | Discount rate |  | 15.0% (15.0%)
Residential real estate |  | $ | 2,576 |  |  | Sales comparison approach |  | Adj to comparables |  | 0.0% - 51.2% (10.5%)
|  |  |  | Income approach |  | Capitalization rate |  | 6.8% - 17.4% (8.3%)
|  |  |  | Cost approach |  | Accumulated depreciation |  | 60.0% (60.0%)
Balance at December 31, 2014
(In thousands) |  | Fair Value |  | Valuation Technique |  | Unobservable Input(s) |  | Range (Weighted Average)
Impaired loans: |  |  |  |  |  |  |  |  |
Commercial real estate |  | $ | 8,481 |  |  | Sales comparison approach |  | Adj to comparables |  | 0.0% - 84.0% (38.8%)
|  |  |  | Income approach |  | Capitalization rate |  | 8.0% - 9.5% (9.4%)
|  |  |  | Cost approach |  | Accumulated depreciation |  | 23.0% (23.0%)
Construction real estate: |  |  |  |  |  |  |  |  |
SEPH commercial land and development |  | $ | 2,078 |  |  | Sales comparison approach |  | Adj to comparables |  | 5.0% - 35.0% (17.5%)
|  |  |  | Bulk sale approach |  | Discount rate |  | 10.8% (10.8%)
Remaining commercial |  | $ | 3,483 |  |  | Sales comparison approach |  | Adj to comparables |  | 0.2% - 76.0% (45.4%)
|  |  |  | Bulk sale approach |  | Discount rate |  | 10.0% - 22.0% (16.5%)
Residential real estate |  | $ | 2,921 |  |  | Sales comparison approach |  | Adj to comparables |  | 0.0% - 120.6% (11.1%)
|  |  |  | Income approach |  | Capitalization rate |  | 7.9% - 10.0% (8.0%)
Other real estate owned: |  |  |  |  |  |  |  |
Commercial real estate |  | $ | 1,470 |  |  | Sales comparison approach |  | Adj to comparables |  | 0.0% - 87.0% (30.5%)
|  |  |  | Income approach |  | Capitalization rate |  | 8.4% - 10.0% (9.4%)
|  |  |  | Cost approach |  | Accumulated depreciation |  | 60.0% - 95.0% (77.5%)
Construction real estate |  | $ | 6,473 |  |  | Sales comparison approach |  | Adj to comparables |  | 0.0% - 82.9% (27.1%)
|  |  |  | Bulk sale approach |  | Discount rate |  | 15.0% (15.0%)
Residential real estate |  | $ | 2,369 |  |  | Sales comparison approach |  | Adj to comparables |  | 0.0% - 38.3% (10.1%)
|  |  |  | Income approach |  | Capitalization rate |  | 6.8% - 7.8% (7.6%)
Fair Value, by Balance Sheet Grouping | The fair value of financial instruments at March 31, 2015 and December 31, 2014, was as follows:
|  | March 31, 2015
|  |  |  | Fair Value Measurements
(In thousands) |  | Carrying value |  | Level 1 |  | Level 2 |  | Level 3 |  | Total fair value
Financial assets: |  |  |  |  |  |  |  |  |  |
Cash and money market instruments |  | $ | 580,485 |  |  | $ | 580,485 |  |  | $ | — |  |  | $ | — |  |  | $ | 580,485 |
Investment securities |  | 1,398,860 |  |  | 1,891 |  |  | 1,399,265 |  |  | 739 |  |  | 1,401,895 |
Accrued interest receivable - securities |  | 4,313 |  |  | — |  |  | 4,313 |  |  | — |  |  | 4,313 |
Accrued interest receivable - loans |  | 13,666 |  |  | — |  |  | — |  |  | 13,666 |  |  | 13,666 |
Loans held for sale |  | 7,987 |  |  | — |  |  | 7,987 |  |  | — |  |  | 7,987 |
Mortgage IRLCs |  | 189 |  |  | — |  |  | 189 |  |  | — |  |  | 189 |
Impaired loans carried at fair value |  | 9,295 |  |  | — |  |  | — |  |  | 9,295 |  |  | 9,295 |
Other loans, net |  | 4,757,951 |  |  | — |  |  | — |  |  | 4,775,046 |  |  | 4,775,046 |
Loans receivable, net |  | $ | 4,775,422 |  |  | $ | — |  |  | $ | 8,176 |  |  | $ | 4,784,341 |  |  | $ | 4,792,517 |
Financial liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Noninterest bearing checking accounts |  | $ | 1,262,442 |  |  | $ | 1,262,442 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,262,442 |
Interest bearing transactions accounts |  | 1,311,827 |  |  | 1,311,827 |  |  | — |  |  | — |  |  | 1,311,827 |
Savings accounts |  | 1,558,128 |  |  | 1,558,128 |  |  | — |  |  | — |  |  | 1,558,128 |
Time deposits |  | 1,380,750 |  |  | — |  |  | 1,392,772 |  |  | — |  |  | 1,392,772 |
Other |  | 2,700 |  |  | 2,700 |  |  | — |  |  | — |  |  | 2,700 |
Total deposits |  | $ | 5,515,847 |  |  | $ | 4,135,097 |  |  | $ | 1,392,772 |  |  | $ | — |  |  | $ | 5,527,869 |
Short-term borrowings |  | $ | 239,961 |  |  | $ | — |  |  | $ | 239,961 |  |  | $ | — |  |  | $ | 239,961 |
Long-term debt |  | 733,555 |  |  | — |  |  | 778,231 |  |  | — |  |  | 778,231 |
Subordinated debentures/notes |  | 45,000 |  |  | — |  |  | 43,421 |  |  | — |  |  | 43,421 |
Accrued interest payable – deposits |  | 1,136 |  |  | 14 |  |  | 1,122 |  |  | — |  |  | 1,136 |
Accrued interest payable – debt/borrowings |  | 1,452 |  |  | 7 |  |  | 1,445 |  |  | — |  |  | 1,452 |
Derivative financial instruments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fair value swap |  | $ | 226 |  |  | $ | — |  |  | $ | — |  |  | $ | 226 |  |  | $ | 226 |
|  | December 31, 2014
|  |  |  | Fair Value Measurements
(In thousands) |  | Carrying value |  | Level 1 |  | Level 2 |  | Level 3 |  | Total fair value
Financial assets: |  |  |  |  |  |  |  |  |  |
Cash and money market instruments |  | $ | 237,699 |  |  | $ | 237,699 |  |  | $ | — |  |  | $ | — |  |  | $ | 237,699 |
Investment securities |  | 1,442,477 |  |  | 1,922 |  |  | 1,442,708 |  |  | 775 |  |  | 1,445,405 |
Accrued interest receivable - securities |  | 4,048 |  |  | — |  |  | 4,048 |  |  | — |  |  | 4,048 |
Accrued interest receivable - loans |  | 13,629 |  |  | — |  |  | — |  |  | 13,629 |  |  | 13,629 |
Loans held for sale |  | 5,264 |  |  | — |  |  | 5,264 |  |  | — |  |  | 5,264 |
Mortgage IRLCs |  | 70 |  |  | — |  |  | 70 |  |  | — |  |  | 70 |
Impaired loans carried at fair value |  | 16,963 |  |  | — |  |  | — |  |  | 16,963 |  |  | 16,963 |
Other loans, net |  | 4,753,033 |  |  | — |  |  | — |  |  | 4,757,461 |  |  | 4,757,461 |
Loans receivable, net |  | $ | 4,775,330 |  |  | $ | — |  |  | $ | 5,334 |  |  | $ | 4,774,424 |  |  | $ | 4,779,758 |
Financial liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Noninterest bearing checking accounts |  | $ | 1,269,296 |  |  | $ | 1,269,296 |  |  | $ | — |  |  | — |  |  | $ | 1,269,296 |
Interest bearing transactions accounts |  | 1,122,079 |  |  | 1,122,079 |  |  | — |  |  | — |  |  | 1,122,079 |
Savings accounts |  | 1,325,445 |  |  | 1,325,445 |  |  | — |  |  | — |  |  | 1,325,445 |
Time deposits |  | 1,409,911 |  |  | — |  |  | 1,422,885 |  |  | — |  |  | 1,422,885 |
Other |  | 1,269 |  |  | 1,269 |  |  | — |  |  | — |  |  | 1,269 |
Total deposits |  | $ | 5,128,000 |  |  | $ | 3,718,089 |  |  | $ | 1,422,885 |  |  | $ | — |  |  | $ | 5,140,974 |
Short-term borrowings |  | $ | 276,980 |  |  | $ | — |  |  | $ | 276,980 |  |  | $ | — |  |  | $ | 276,980 |
Long-term debt |  | 786,602 |  |  | — |  |  | 827,500 |  |  | — |  |  | 827,500 |
Subordinated debentures/notes |  | 45,000 |  |  | — |  |  | 42,995 |  |  | — |  |  | 42,995 |
Accrued interest payable – deposits |  | 1,125 |  |  | 14 |  |  | 1,111 |  |  | — |  |  | 1,125 |
Accrued interest payable – debt/borrowings |  | 1,426 |  |  | 3 |  |  | 1,423 |  |  | — |  |  | 1,426 |
Derivative financial instruments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fair value swap |  | $ | 226 |  |  | $ | — |  |  | $ | — |  |  | $ | 226 |  |  | $ | 226 |

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- Definition Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 10 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=35750535&loc=d3e13433-108611 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=35750535&loc=d3e13467-108611 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=35750535&loc=d3e13476-108611 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 30 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14172-108612 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 45 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6447952&loc=d3e13220-108610 + Details
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- Definition Tabular disclosure of quantitative information about the inputs used in the fair value measurement of assets. This disclosure may include, but is not limited to, the fair value of the asset, valuation technique used to measure fair value, the inputs used to measure fair value, the ranges of the inputs, and the weighted averages of the inputs. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (bbb) -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19207-110258 + Details
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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19190-110258 + Details
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