Fair Value Measurements and Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2016

Fair Value Measurements and Fair Value of Financial Instruments [Abstract]

Fair Value of Financial Assets and Liabilities Measured on a Recurring Basis

The following tables set forth the Company’s financial assets and liabilities measured on a recurring basis that were accounted for at fair value. Assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement (in thousands):

September 30, 2016:

	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Balance as of September 30, 2016
Assets:
Securities Available for Sale:
Federal Agency	$	-	$	256,093	$	-	$	256,093
State & municipal		-		38,654		-		38,654
Mortgage-backed		-		372,364		-		372,364
Collateralized mortgage obligations		-		601,470		-		601,470
Other securities		10,964		9,354		-		20,318
Total Securities Available for Sale	$	10,964	$	1,277,935	$	-	$	1,288,899
Trading Securities		8,852		-		-		8,852
Interest Rate Swaps		-		18,977		-		18,977
Total	$	19,816	$	1,296,912	$	-	$	1,316,728

Liabilities:
Interest Rate Swaps	$	-	$	18,258	$	-	$	18,258
Total	$	-	$	18,258	$	-	$	18,258

December 31, 2015:

	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Balance as of December 31, 2015
Assets:
Securities Available for Sale:
Federal Agency	$	-	$	311,272	$	-	$	311,272
State & municipal		-		31,637		-		31,637
Mortgage-backed		-		409,896		-		409,896
Collateralized mortgage obligations		-		404,971		-		404,971
Other securities		7,526		9,242		-		16,768
Total Securities Available for Sale	$	7,526	$	1,167,018	$	-	$	1,174,544
Trading Securities		8,377		-		-		8,377
Interest Rate Swaps		-		6,224		-		6,224
Total	$	15,903	$	1,173,242	$	-	$	1,189,145

Liabilities:
Interest Rate Swaps	$	-	$	6,224	$	-	$	6,224
Total	$	-	$	6,224	$	-	$	6,224

Fair Value of Financial Instruments By Balance Sheet Grouping

The following table sets forth information with regard to estimated fair values of financial instruments at September 30, 2016 and December 31, 2015. This table excludes financial instruments for which the carrying amount approximates fair value. Financial instruments for which the fair value approximates carrying value include cash and cash equivalents, securities available for sale, trading securities, accrued interest receivable, non-maturity deposits, short-term borrowings, accrued interest payable and interest rate swaps.

			September 30, 2016				December 31, 2015
(In thousands)	Fair Value Hierarchy		Carrying amount		Estimated fair value		Carrying amount		Estimated fair value
Financial assets
Securities held to maturity		2	$	485,877	$	495,596	$	471,031	$	473,140
Net loans		3		6,094,517		6,251,740		5,820,115		5,958,427
Financial liabilities
Time deposits		2	$	881,087	$	883,221	$	908,827	$	903,501
Long-term debt		2		114,144		115,840		130,447		131,268
Junior subordinated debt		2		101,196		101,141		101,196		97,346