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Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 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 December 31, 2017
(In thousands)	Level 1		Level 2		Level 3		Total
Financial assets held at fair value:
U.S. Treasury Bills	$	1,247	$	—	$	—	$	1,247
Agency CMO	—		306,333		—		306,333
Agency MBS	—		1,107,841		—		1,107,841
Agency CMBS	—		588,026		—		588,026
CMBS	—		361,067		—		361,067
CLO	—		209,851		—		209,851
Single issuer-trust preferred	—		7,050		—		7,050
Corporate debt	—		56,622		—		56,622
Total available-for-sale investment securities	1,247		2,636,790		—		2,638,037
Gross derivative instruments, before netting ⁽¹⁾	258		32,257		—		32,515
Investments held in Rabbi Trust	4,801		—		—		4,801
Alternative investments	—		—		7,460		7,460
Originated loans held for sale	—		20,888		—		20,888
Total financial assets held at fair value	$	6,306	$	2,689,935	$	7,460	$	2,703,701
Financial liabilities held at fair value:
Gross derivative instruments, before netting ⁽¹⁾	$	587	$	27,836	$	—	$	28,423



	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	—		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 15: 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	613
Purchases/capital funding	1,399
Payments	(54		)
Balance at December 31, 2017	$	7,460

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, 2017:



(Dollars in thousands)
Asset	Fair Value		Valuation Methodology	Unobservable Inputs	Range of Inputs
Collateral dependent impaired loans and leases	$	12,556	Real Estate Appraisals	Discount for appraisal type	0%	-	15	%
				Discount for costs to sell	0%	-	8	%
OREO	$	1,077	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 December 31,
	2017				2016
(In thousands)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Financial Assets:
Level 2
Held-to-maturity investment securities	$	4,487,392	$	4,456,350	$	4,160,658	$	4,125,125
Transferred loans held for sale	—		—		7,317		7,444
Level 3
Loans and leases, net	17,323,864		17,211,619		16,832,268		16,678,106
Mortgage servicing assets	25,139		45,309		24,466		52,075
Alternative investments	10,562		12,940		11,034		13,189
Financial Liabilities:
Level 2
Deposit liabilities, other than time deposits	$	18,525,321	$	18,525,321	$	17,279,049	$	17,279,049
Time deposits	2,468,408		2,455,245		2,024,808		2,024,395
Securities sold under agreements to repurchase and other borrowings	643,269		644,084		949,526		955,660
FHLB advances ⁽¹⁾	1,677,105		1,678,070		2,842,908		2,825,101
Long-term debt ⁽¹⁾	225,767		234,359		225,514		225,514


(1)	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