Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2015

Fair Value Of Assets And Liabilities Measured On Recurring Basis

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



	At December 31, 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:
Available-for-sale investment securities:
U.S. Treasury Bills	$	924	$	924	$	—	$	—
Agency CMO	548,754		—		548,754		—
Agency MBS	1,065,109		—		1,065,109		—
Agency CMBS	215,350		—		215,350		—
Non-agency CMBS	579,266		—		579,266		—
CLO	429,159		—		429,159		—
Single issuer trust preferred securities	37,170		—		37,170		—
Corporate debt	106,321		—		106,321		—
Equity securities	2,578		2,578		—		—
Total available-for-sale investment securities	2,984,631		3,502		2,981,129		—
Derivative instruments	61,147		183		60,964		—
Mortgage banking derivatives	819		—		819		—
Investments held in Rabbi Trust	5,372		5,372		—		—
Alternative investments	3,471		—		—		3,471
Contingent Consideration	5,331		—		—		5,331
Total financial assets held at fair value	$	3,060,771	$	9,057	$	3,042,912	$	8,802
Financial liabilities held at fair value:
Derivative instruments	$	40,298	$	66	$	40,232	$	—
Contingent Liability	6,000		—		—		6,000
Total financial liabilities held at fair value	$	46,298	$	66	$	40,232	$	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:
Available-for-sale investment securities:
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		—
Non-agency 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
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 that are measured at fair value on a recurring basis:



	Financial Assets
(In thousands)	Alternative Investments			Contingent Consideration		Total			Contingent Liability
Balance at January 1, 2015	$	475		$	—	$	475		$	—
Acquisition	—			5,000		5,000			6,000
Unrealized (loss) gain included in net income	(170		)	331		161			—
Purchases/capital funding	3,219			—		3,219			—
Distributions	(53		)	—		(53		)	—
Balance at December 31, 2015	$	3,471		$	5,331	$	8,802		$	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 December 31, 2015:



(Dollars in thousands)
Asset	Fair Value		Valuation Methodology	Unobservable Inputs	Range of Inputs
Impaired loans and leases	$	19,644	Real Estate Appraisals	Discount for appraisal type	4% - 15%
				Discount for costs to sell	0% - 8%
Other real estate owned	$	652	Real Estate Appraisals	Discount for appraisal type	0% - 20%
				Discount for costs to sell	8%
Mortgage servicing assets	$	33,568	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 December 31,
	2015				2014
(In thousands)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Financial Assets:
Level 2
Held-to-maturity investment securities	$	3,923,052	$	3,961,534	$	3,872,955	$	3,948,706
Loans held for sale	37,091		37,457		67,952		68,705
Level 3
Loans and leases, net	15,496,745		15,453,892		13,740,761		13,775,850
Mortgage servicing assets ⁽¹⁾	20,698		33,568		19,379		28,690
Alternative investments	12,900		14,294		16,524		18,046
Financial Liabilities:
Level 2
Deposit liabilities, other than time deposits	$	15,866,624	$	15,866,624	$	13,380,018	$	13,380,018
Time deposits	2,086,154		2,095,357		2,271,587		2,288,760
Securities sold under agreements to repurchase and other borrowings	1,151,400		1,163,974		1,250,756		1,271,596
Federal Home Loan Bank advances ⁽²⁾	2,664,139		2,647,872		2,859,431		2,872,515
Long-term debt ⁽³⁾	226,356		218,143		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 reserves of $32 thousand at December 31, 2015 and $23 thousand at December 31, 2014.


(2)	FHLB advances is net of unamortized premiums of $24 thousand at December 31, 2015 and $37 thousand at December 31, 2014.


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