Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2016

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, 2016
(In thousands)	Level 1		Level 2		Level 3		Total
Financial assets held at fair value:
U.S. Treasury Bills	$	734	$	—	$	—	$	734
Agency CMO	—		419,706		—		419,706
Agency MBS	—		954,349		—		954,349
Agency CMBS	—		573,272		—		573,272
CMBS	—		477,365		—		477,365
CLO	—		427,390		—		427,390
Single issuer trust preferred securities	—		28,633		—		28,633
Corporate debt securities	—		109,642		—		109,642
Equities - financial services	—		—		—		—
Total available-for-sale investment securities	734		2,990,357		—		2,991,091
Gross derivative instruments, before netting ⁽¹⁾	250		77,387		—		77,637
Investments held in Rabbi Trust	5,119		—		—		5,119
Alternative investments	—		—		5,502		5,502
Originated loans held for sale ⁽²⁾	—		60,260		—		60,260
Contingent consideration	—		—		—		—
Total financial assets held at fair value	$	6,103	$	3,128,004	$	5,502	$	3,139,609
Financial liabilities held at fair value:
Gross derivative instruments, before netting ⁽¹⁾	$	120	$	45,069	$	—	$	45,189
Contingent liability	—		—		—		—
Total financial liabilities held at fair value	$	120	$	45,069	$	—	$	45,189



	At December 31, 2015
(In thousands)	Level 1		Level 2		Level 3		Total
Financial assets held at fair value:
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
CMBS	—		579,266		—		579,266
CLO	—		429,159		—		429,159
Single issuer trust preferred securities	—		37,170		—		37,170
Corporate debt securities	—		106,321		—		106,321
Equities - financial services	2,578		—		—		2,578
Total available-for-sale investment securities	3,502		2,981,129		—		2,984,631
Gross derivative instruments, before netting ⁽¹⁾	183		64,038		—		64,221
Investments held in Rabbi Trust	5,372		—		—		5,372
Alternative investments	—		—		3,471		3,471
Originated loans held for sale	—		—		—		—
Contingent Consideration	—		—		5,331		5,331
Total financial assets held at fair value	$	9,057	$	3,045,167	$	8,802	$	3,063,026
Financial liabilities held at fair value:
Gross derivative instruments, before netting ⁽¹⁾	$	66	$	42,486	$	—	$	42,552
Contingent liability	—		—		6,000		6,000
Total financial liabilities held at fair value	$	66	$	42,486	$	6,000	$	48,552


(1)	For information relating to the impact of netting derivative assets and derivative liabilities as well as the impact from offsetting cash collateral paid to the same derivative counterparties see Note 15: Derivative Financial Instruments.


(2)	Loans held for sale accounted for under the fair value option of ASC Topic 825 "Financial Instruments" at December 31, 2016. The Company made this policy election on loans originated for sale. See Note 1: Summary of Significant Accounting Policies.

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
Balance at January 1, 2016	$	3,471	$	5,331		$	8,802		$	6,000
Gain included in net income	349		2,690			3,039			—
Purchases/capital funding	1,682		—			1,682			—
Receipts	—		(8,021		)	(8,021		)	—
Payments	—		—			—			(6,000		)
Balance at December 31, 2016	$	5,502	$	—		$	5,502		$	—

Schedule of Servicing Assets at Fair Value

The following table provides information for mortgage banking activities:



	Years ended December 31,
(In thousands)	2016			2015		2014
Residential mortgage loans held for sale:
Proceeds from sale	$	438,925		$	452,590	$	287,132
Net gain on sale	11,629			7,795		4,070
Fair value option adjustment	(526		)	—		—
Loans sold with servicing rights retained	399,318			416,277		264,292

The following table presents the changes in fair value for mortgage servicing assets:



	Years ended December 31,
(In thousands)	2016			2015
Beginning balance	$	33,568		$	28,690
Originations of servicing assets	11,312			8,027
Changes in fair value:
Due to payoffs/paydowns	(2,447		)	(2,741		)
Due to market changes	9,642			(408		)
Ending balance	$	52,075		$	33,568

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 as of December 31, 2016:



(Dollars in thousands)
Asset	Fair Value		Valuation Methodology	Unobservable Inputs	Range of Inputs
Collateral dependent impaired loans and leases	$	7,374	Real Estate Appraisals	Discount for appraisal type	0%	-	15	%
				Discount for costs to sell	8%
OREO	$	166	Real Estate Appraisals	Discount for appraisal type	0%
				Discount for costs to sell	8%
Mortgage servicing assets	$	52,075	Discounted cash flow	Constant prepayment rate	2.8%	-	27.7	%
				Discount rates	1.9%	-	3.6	%

Summary Of Estimated Fair Values Of Significant Financial Instruments

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



	At December 31,
	2016				2015
(In thousands)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Financial Assets:
Level 2
Held-to-maturity investment securities	$	4,160,658	$	4,125,125	$	3,923,052	$	3,961,534
Loans held for sale ⁽¹⁾	7,317		7,444		37,091		37,457
Level 3
Loans and leases, net	16,832,268		16,678,106		15,496,745		15,453,892
Mortgage servicing assets	24,466		52,075		20,698		33,568
Alternative investments	11,034		13,189		12,900		14,294
Financial Liabilities:
Level 2
Deposit liabilities, other than time deposits	$	17,279,049	$	17,279,049	$	15,866,624	$	15,866,624
Time deposits	2,024,808		2,024,395		2,086,154		2,095,357
Securities sold under agreements to repurchase and other borrowings	949,526		955,660		1,151,400		1,163,974
FHLB advances ⁽²⁾	2,842,908		2,825,101		2,664,139		2,647,872
Long-term debt ⁽²⁾	225,514		225,514		225,260		218,143

(1)

Loans held for sale that are accounted for at the lower of cost or market. At December 31, 2016, the amounts include transferred residential and commercial loans not originated for sale, and at December 31, 2015, the amounts include transferred commercial loans not originated for sale and residential loans originated for sale prior to the adoption of the fair value option of ASC Topic 825 "Financial Instruments."


(2)	The following adjustments to the carrying amount are not included for determination of fair value, see Note 10: Borrowings:

•FHLB advances - unamortized premiums on advances

•Long-term debt - unamortized discount and debt issuance cost on senior fixed-rate notes