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Fair Value Measurements (Tables)
 3 Months Ended
Mar. 31, 2021
Fair Value Disclosures [Abstract]  
Balances of Assets and Liabilities Measured at Fair Value on a Recurring and Non-recurring Basis
The balances of assets and liabilities measured at fair value on a recurring basis were as follows:
March 31, 2021
(In thousands)Level 1Level 2Level 3Total
Assets
Investment securities available-for-sale$— $8,403,321 $467 $8,403,788 
Loans held-for-sale— 107,417 — 107,417 
Interest-only strips— — 6,737 6,737 
Derivative assets:(1)
Interest rate contracts— 164,438 — 164,438 
Risk participation agreements— 27 — 27 
Forward foreign exchange contracts— 1,193 — 1,193 
Interest rate lock commitments— 7,073 — 7,073 
   Forward loan sales commitments— 5,560 — 5,560 
Power Equity CDs— 300 — 300 
Total derivative assets— 178,591 — 178,591 
Assets held in trust for deferred compensation plans49,669 — — 49,669 
Total assets at fair value$49,669 $8,689,329 $7,204 $8,746,202 
Liabilities
Derivative liabilities:(1)
Interest rate contracts$— $21,945 $— $21,945 
Risk participation agreements— 63 — 63 
Forward foreign exchange contracts— 1,505 — 1,505 
Interest rate lock commitments— 166 — 166 
   Forward loan sales commitments— 45 — 45 
Power Equity CDs— 300 — 300 
Swap agreement— — 286 286 
Total derivative liabilities— 24,024 286 24,310 
Liabilities held in trust for deferred compensation plans49,669 — — 49,669 
Total liabilities at fair value$49,669 $24,024 $286 $73,979 
(1)As permitted under GAAP, the Corporation has elected to net derivative assets and derivative liabilities when a legally enforceable master netting agreement exists as well as the related cash collateral received and paid. For purposes of this table, the derivative assets and derivative liabilities are presented gross of this netting adjustment.
December 31, 2020
(In thousands)Level 1Level 2Level 3Total
Assets
Investment securities available-for-sale$— $8,284,219 $504 $8,284,723 
Loans held-for-sale— 221,784 — 221,784 
Interest-only strips— — 7,823 7,823 
Derivative assets:(1)
Interest rate contracts— 248,267 — 248,267 
Risk participation agreements— 62 — 62 
Forward foreign exchange contracts— 11 — 11 
Interest rate lock commitments— 14,565 — 14,565 
Forward loan sales commitments— 37 — 37 
Power Equity CDs— 459 — 459 
Total derivative assets— 263,401 — 263,401 
Assets held in trust for deferred compensation plans48,659 — — 48,659 
Total assets at fair value$48,659 $8,769,404 $8,327 $8,826,390 
Liabilities
Derivative liabilities:(1)
Interest rate contracts$— $14,681 $— $14,681 
Risk participation agreements— 125 — 125 
Forward foreign exchange contracts— 2,386 — 2,386 
Interest rate lock commitments— 4 — 4 
Forward loan sales commitments— 3,411 — 3,411 
Power Equity CDs— 459 — 459 
Swap agreement— — 66 66 
Total derivative liabilities— 21,066 66 21,132 
Liabilities held in trust for deferred compensation plans48,659 — — 48,659 
Total liabilities at fair value$48,659 $21,066 $66 $69,791 
(1)As permitted under GAAP, the Corporation has elected to net derivative assets and derivative liabilities when a legally enforceable master netting agreement exists as well as the related cash collateral received and paid. For purposes of this table, the derivative assets and derivative liabilities are presented gross of this netting adjustment.
The balances of assets measured at fair value on a non-recurring basis were as follows. There were no liabilities measured at fair value on a non-recurring basis at March 31, 2021 and December 31, 2020.
(In thousands)Level 1Level 2Level 3Total
At March 31, 2021
Loans and leases$— $— $602,723 $602,723 
Loan servicing rights— — 44,151 44,151 
Other real estate owned— — 14,072 14,072 
Repossessed and returned assets— 6,348 — 6,348 
Total non-recurring fair value measurements$— $6,348 $660,946 $667,294 
At December 31, 2020
Loans and leases$— $— $592,133 $592,133 
Loan servicing rights— — 38,303 38,303 
Other real estate owned— — 14,575 14,575 
Repossessed and returned assets— 7,332 — 7,332 
Total non-recurring fair value measurements$— $7,332 $645,011 $652,343 
Schedule of Changes in Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis The changes in Level 3 assets and liabilities measured at fair value on a recurring basis were as follows:
(In thousands)Investment securities available-for-saleInterest-only stripsSwap agreement
At or For the Three Months Ended March 31, 2021
Asset (liability) balance, beginning of period
$504 $7,823 $(66)
Total net gains (losses) included in:
Net income— 144 — 
Other comprehensive income (loss)(37)(181)— 
Originations— — (288)
Principal paydowns / settlements— (1,049)68 
Asset (liability) balance, end of period$467 $6,737 $(286)
Unrealized gains (losses) included in other comprehensive income for assets held at the end of the period$(37)$(181)$— 
At or For the Three Months Ended March 31, 2020
Asset (liability) balance, beginning of period
$433 $12,813 $(356)
Total net gains (losses) included in:
Net income 1 159 (1)
Other comprehensive income (loss)(31)(348)— 
Principal paydowns / settlements— (1,673)71 
Asset (liability) balance, end of period$403 $10,951 $(286)
Unrealized gains (losses) included in other comprehensive income for assets held at the end of the period$(31)$(348)$— 
Schedule of Differences Between the Aggregate Fair Value and Aggregate Unpaid Principal Balance on Loans Held for Sale The difference between the aggregate fair value and aggregate unpaid principal balance of these loans held-for-sale was as follows:
(In thousands)March 31, 2021December 31, 2020
Fair value carrying amount$107,417 $221,784 
Aggregate unpaid principal amount105,019 210,311 
Fair value carrying amount less aggregate unpaid principal$2,398 $11,473 
Fair Value of Assets and Liabilities, Including Hierarchy Level
The carrying amounts and estimated fair values of the financial instruments, excluding short-term financial assets and liabilities as their carrying amounts approximate fair value, and financial instruments recorded at fair value on a recurring basis, are included below. This information represents only a portion of the Consolidated Statements of Financial Condition not recorded in their entirety on a recurring basis and not the estimated value of the Corporation as a whole. Non-financial instruments such as the intangible value of the Corporation's banking centers and core deposits, leasing operations, goodwill, premises and equipment and the future revenues from the Corporation's customers are not reflected in this disclosure. Therefore, this information is of limited use in assessing the value of the Corporation.
At March 31, 2021
CarryingEstimated Fair Value
(In thousands)AmountLevel 1 Level 2 Level 3 Total
Financial instrument assets     
FHLB and FRB stocks$358,414 $— $358,414 $— $358,414 
Investment securities held-to-maturity209,778 — 208,784 3,627 212,411 
Loans and leases held-for-sale232 — — 233 233 
Net loans(1)
32,806,406 — — 32,983,379 32,983,379 
Securitization receivable(2)
19,992 — — 19,992 19,992 
Deferred fees on commitments to extend credit(2)
18,477 — 18,477 — 18,477 
Total financial instrument assets$33,413,299 $— $585,675 $33,007,231 $33,592,906 
Financial instrument liabilities    
Certificates of deposits$4,665,211 $— $4,670,257 $— $4,670,257 
Long-term borrowings1,518,816 — 1,562,225 — 1,562,225 
Total financial instrument liabilities$6,184,027 $— $6,232,482 $— $6,232,482 
(1)Expected credit losses are included in the carrying amount and estimated fair value.
(2)Carrying amounts are included in other assets.
At December 31, 2020
Carrying Estimated Fair Value
(In thousands)  AmountLevel 1 Level 2 Level 3 Total
Financial instrument assets     
FHLB and FRB stocks$320,436 $— $320,436 $— $320,436 
Investment securities held-to-maturity184,359 — 190,141 3,413 193,554 
Loans held-for-sale244 — — 248 248 
Net loans(1)
31,164,287 — — 31,434,749 31,434,749 
Securitization receivable(2)
19,949 — — 19,916 19,916 
Deferred fees on commitments to extend credit(2)
20,002 — 20,002 — 20,002 
Total financial instrument assets$31,709,277 $— $530,579 $31,458,326 $31,988,905 
Financial instrument liabilities    
Certificates of deposits$5,524,381 $— $5,534,751 $— $5,534,751 
Long-term borrowings1,374,732 — 1,416,355 — 1,416,355 
Total financial instrument liabilities$6,899,113 $— $6,951,106 $— $6,951,106 
(1)Expected credit losses are included in the carrying amount and estimated fair value.
(2)Carrying amounts are included in other assets.