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Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2017

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 September 30, 2017
(In thousands)	Level 1		Level 2		Level 3		Total
Financial assets held at fair value:
U.S. Treasury Bills	$	3,596	$	—	$	—	$	3,596
Agency CMO	—		331,798		—		331,798
Agency MBS	—		912,977		—		912,977
Agency CMBS	—		584,960		—		584,960
CMBS	—		403,433		—		403,433
CLO	—		274,583		—		274,583
Trust preferred	—		30,937		—		30,937
Corporate debt	—		48,878		—		48,878
Total available-for-sale investment securities	3,596		2,587,566		—		2,591,162
Gross derivative instruments, before netting ⁽¹⁾	262		41,988		—		42,250
Investments held in Rabbi Trust	5,278		—		—		5,278
Alternative investments	—		—		6,986		6,986
Originated loans held for sale	—		32,855		—		32,855
Total financial assets held at fair value	$	9,136	$	2,662,409	$	6,986	$	2,678,531
Financial liabilities held at fair value:
Gross derivative instruments, before netting ⁽¹⁾	$	562	$	19,461	$	—	$	20,023



	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
Trust preferred	—		28,633		—		28,633
Corporate debt	—		109,642		—		109,642
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	—		60,260		—		60,260
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

(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 12: Derivative Financial Instruments.

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:



(In thousands)	Alternative Investments
Balance at January 1, 2017	$	5,502
Unrealized gain included in net income	639
Purchases/capital funding	899
Payments	(54		)
Balance at September 30, 2017	$	6,986

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 September 30, 2017:



(Dollars in thousands)
Asset	Fair Value		Valuation Methodology	Unobservable Inputs	Range of Inputs
Collateral dependent impaired loans and leases	$	15,955	Real Estate Appraisals	Discount for appraisal type	0%	-	20%
				Discount for costs to sell	0%	-	15%
OREO	$	2,587	Real Estate Appraisals	Discount for appraisal type	0%	-	20%
				Discount for costs to sell	8%

Summary Of Estimated Fair Values Of Significant Financial Instruments

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



	At September 30, 2017				At December 31, 2016
(In thousands)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Assets:
Level 2
Held-to-maturity investment securities	$	4,497,311	$	4,481,675	$	4,160,658	$	4,125,125
Transferred loans held for sale	—		—		7,317		7,444
Level 3
Loans and leases, net	17,244,618		17,155,002		16,832,268		16,678,106
Mortgage servicing assets	25,140		44,992		24,466		52,075
Alternative investments	10,296		12,539		11,034		13,189
Liabilities:
Level 2
Deposit liabilities	$	18,636,744	$	18,636,744	$	17,279,049	$	17,279,049
Time deposits	2,218,491		2,213,155		2,024,808		2,024,395
Securities sold under agreements to repurchase and other borrowings	902,902		905,249		949,526		955,660
FHLB advances ⁽¹⁾	1,507,681		1,512,203		2,842,908		2,825,101
Long-term debt ⁽¹⁾	225,704		235,686		225,514		225,514


(1)	The following adjustments to the carrying amount are not included for determination of fair value, see Note 8: Borrowings:

•FHLB advances - unamortized premiums on advances

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