Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2015

Fair Value Of Assets And Liabilities Measured On Recurring Basis

Summaries of the fair values for assets and liabilities measured at fair value on a recurring basis are as follows:



	At June 30, 2015
(In thousands)	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Financial assets held at fair value:
U.S. Treasury Bills	$	425	$	425	$	—	$	—
Agency CMO	606,408		—		606,408		—
Agency MBS	1,022,088		—		1,022,088		—
Agency CMBS	94,615		—		94,615		—
CMBS	589,855		—		589,855		—
CLO	372,887		—		372,887		—
Single issuer trust preferred securities	38,951		—		38,951		—
Corporate debt	108,488		—		108,488		—
Equity securities	3,441		3,441		—		—
Total available-for-sale investment securities	2,837,158		3,866		2,833,292		—
Derivative instruments	48,286		—		48,286		—
Mortgage banking derivatives	1,563		—		1,563		—
Investments held in Rabbi Trust	5,553		5,553		—		—
Alternative investments	2,315		—		—		2,315
Contingent Consideration	5,000		—		—		5,000
Total financial assets held at fair value	$	2,899,875	$	9,419	$	2,883,141	$	7,315
Financial liabilities held at fair value:
Derivative instruments	$	27,349	$	—	$	27,349	$	—
Contingent liability	6,000		—		—		6,000
Total financial liabilities held at fair value	$	33,349	$	—	$	27,349	$	6,000



	At December 31, 2014
(In thousands)	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Financial assets held at fair value:
U.S. Treasury Bills	$	525	$	525	$	—	$	—
Agency CMO	550,988		—		550,988		—
Agency MBS	1,028,518		—		1,028,518		—
Agency CMBS	80,266		—		80,266		—
CMBS	553,393		—		553,393		—
CLO	425,734		—		425,734		—
Single issuer trust preferred securities	38,245		—		38,245		—
Corporate debt	110,301		—		110,301		—
Equity securities	5,903		5,903		—		—
Total available-for-sale investment securities	2,793,873		6,428		2,787,445		—
Derivative instruments	52,872		—		52,872		—
Mortgage banking derivatives	18		—		18		—
Investments held in Rabbi Trust	5,901		5,901		—		—
Alternative investments	475		—		—		475
Contingent Consideration	—		—		—		—
Total financial assets held at fair value	$	2,853,139	$	12,329	$	2,840,335	$	475
Financial liabilities held at fair value:
Derivative instruments	$	36,777	$	293	$	36,484	$	—
Contingent liability	—		—		—		—
Total financial liabilities held at fair value	$	36,777	$	293	$	36,484	$	—

Schedule Of Quantitative Inputs And Assumptions For Items Categorized In Level 3 Of The Fair Value Hierarchy

The following table presents the changes in Level 3 assets and liabilities that are measured at fair value on a recurring basis:



	Financial Assets
(In thousands)	Alternative Investments			Contingent Consideration		Total			Contingent Liability
At January 1, 2015	$	475		$	—	$	475		$	—
Acquisition	—			5,000		5,000			6,000
Unrealized loss included in net income	(153		)	—		(153		)	—
Purchases/capital calls	2,028			—		2,028			—
Calls/paydowns	(35		)	—		(35		)	—
At June 30, 2015	$	2,315		$	5,000	$	7,315		$	6,000

Schedule Of Valuation Methodology And Unobservable Inputs

The table below presents the valuation methodology and unobservable inputs for Level 3 assets measured at fair value on a non-recurring basis at June 30, 2015:



(Dollars in thousands)
Asset	Fair Value		Valuation Methodology	Unobservable Inputs	Range of Inputs
Impaired loans and leases	$	34,354	Real Estate Appraisals	Discount for appraisal type	0% - 20%
				Discount for costs to sell	0% - 8.5%
Other real estate owned	$	1,443	Real Estate Appraisals	Discount for appraisal type	20% - 50%
				Discount for costs to sell	8%
Mortgage servicing assets	$	31,366	Discounted cash flow	Constant prepayment rate	7.4% - 32.4%
				Discount rates	1.4% - 3.4%

Summary Of Estimated Fair Values Of Significant Financial Instruments

The estimated fair values of selected financial instruments are as follows:



	At June 30, 2015				At December 31, 2014
(In thousands)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Financial Assets:
Level 2
Held-to-maturity investment securities	$	4,064,022	$	4,114,595	$	3,872,955	$	3,948,706
Loans held for sale	63,535		63,818		67,952		68,705
Level 3
Loans and leases, net	14,609,666		14,634,594		13,740,761		13,775,850
Mortgage servicing assets ⁽¹⁾	20,035		31,366		19,379		28,690
Alternative investments	12,781		17,858		16,524		18,046
Financial Liabilities:
Level 2
Deposit liabilities, other than time deposits	$	15,182,612	$	15,182,612	$	13,380,018	$	13,380,018
Time deposits	2,111,654		2,125,908		2,271,587		2,288,760
Securities sold under agreements to repurchase and other borrowings	1,014,504		1,033,354		1,250,756		1,271,596
FHLB advances ⁽²⁾	2,509,285		2,519,190		2,859,431		2,872,515
Long-term debt ⁽³⁾	226,297		220,542		226,237		227,751

The following adjustments to the carrying amount are not included in the fair value:


(1)	Mortgage servicing assets is net of $25 thousand and $23 thousand in reserves at June 30, 2015 and December 31, 2014, respectively.


(2)	FHLB advances is net of $30 thousand and $37 thousand in unamortized premiums at June 30, 2015 and December 31, 2014, respectively.


(3)	Long-term debt is net of $1.0 million and $1.1 million in unamortized discounts at June 30, 2015 and December 31, 2014, respectively.