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

3 Months Ended

Mar. 31, 2017

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 as of March 31, 2017 and December 31, 2016. 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):

	Level 1		Level 2		Level 3		Balance as of March 31, 2017
Assets:
AFS securities:
Federal agency	$	-	$	159,581	$	-	$	159,581
State & municipal		-		47,844		-		47,844
Mortgage-backed		-		578,027		-		578,027
Collateralized mortgage obligations		-		562,981		-		562,981
Other securities		10,923		8,218		-		19,141
Total AFS securities	$	10,923	$	1,356,651	$	-	$	1,367,574
Trading Securities		10,044		-		-		10,044
Interest Rate Swaps		-		3,971		-		3,971
Total	$	20,967	$	1,360,622	$	-	$	1,381,589

Liabilities:
Interest Rate Swaps	$	-	$	736	$	-	$	736
Total	$	-	$	736	$	-	$	736

	Level 1		Level 2		Level 3		Balance as of December 31, 2016
Assets:
AFS securities:
Federal agency	$	-	$	174,408	$	-	$	174,408
State & municipal		-		46,726		-		46,726
Mortgage-backed		-		529,844		-		529,844
Collateralized mortgage obligations		-		566,573		-		566,573
Other securities		11,493		9,246		-		20,739
Total AFS securities	$	11,493	$	1,326,797	$	-	$	1,338,290
Trading Securities		9,259		-		-		9,259
Interest Rate Swaps		-		3,210		-		3,210
Total	$	20,752	$	1,330,007	$	-	$	1,350,759

Liabilities:
Interest Rate Swaps	$	-	$	506	$	-	$	506
Total	$	-	$	506	$	-	$	506

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 March 31, 2017 and December 31, 2016. 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.

		March 31, 2017				December 31, 2016
(In thousands)	Fair Value Hierarchy	Carrying amount		Estimated fair value		Carrying amount		Estimated fair value
Financial assets
Securities held to maturity	2	$	515,793	$	513,654	$	527,948	$	525,050
Net loans	3		6,206,603		6,354,631		6,132,857		6,273,233
Financial liabilities
Time deposits	2	$	826,080	$	821,557	$	872,411	$	868,153
Long-term debt	2		104,023		103,976		104,087		104,113
Junior subordinated debt	2		101,196		101,922		101,196		102,262