Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2019

The following table compares the fair value to unpaid principal balance of assets accounted for under the fair value option:



	At September 30, 2019						At December 31, 2018
(In thousands)	Fair Value		Unpaid Principal Balance		Difference		Fair Value		Unpaid Principal Balance		Difference
Originated loans held for sale	$	27,061	$	26,696	$	365	$	7,908	$	8,227	$	(319	)

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, 2019
(In thousands)	Level 1		Level 2		Level 3		NAV		Total
Financial assets held at fair value:
U.S. Treasury Bills	$	19,924	$	—	$	—	$	—	$	19,924
Agency CMO	—		200,956		—		—		200,956
Agency MBS	—		1,598,836		—		—		1,598,836
Agency CMBS	—		610,350		—		—		610,350
CMBS	—		403,918		—		—		403,918
CLO	—		94,805		—		—		94,805
Corporate debt	—		31,314		—		—		31,314
Total available-for-sale investment securities	19,924		2,940,179		—		—		2,960,103
Gross derivative instruments, before netting ⁽¹⁾	658		200,685		—		—		201,343
Originated loans held for sale	—		27,061		—		—		27,061
Investments held in Rabbi Trust	4,673		—		—		—		4,673
Alternative investments	—		—		—		3,217		3,217
Total financial assets held at fair value	$	25,255	$	3,167,925	$	—	$	3,217	$	3,196,397
Financial liabilities held at fair value:
Gross derivative instruments, before netting ⁽¹⁾	$	491	$	9,569	$	—	$	—	$	10,060



	At December 31, 2018
(In thousands)	Level 1		Level 2		Level 3		NAV		Total
Financial assets held at fair value:
U.S. Treasury Bills	$	7,550	$	—	$	—	$	—	$	7,550
Agency CMO	—		234,923		—		—		234,923
Agency MBS	—		1,481,089		—		—		1,481,089
Agency CMBS	—		566,237		—		—		566,237
CMBS	—		445,581		—		—		445,581
CLO	—		112,771		—		—		112,771
Corporate debt	—		50,579		—		—		50,579
Total available-for-sale investment securities	7,550		2,891,180		—		—		2,898,730
Gross derivative instruments, before netting ⁽¹⁾	758		45,520		—		—		46,278
Originated loans held for sale	—		7,908		—		—		7,908
Investments held in Rabbi Trust	4,307		—		—		—		4,307
Alternative investments	—		—		—		2,563		2,563
Total financial assets held at fair value	$	12,615	$	2,944,608	$	—	$	2,563	$	2,959,786
Financial liabilities held at fair value:
Gross derivative instruments, before netting ⁽¹⁾	$	588	$	38,422	$	—	$	—	$	39,010

(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 13: Derivative Financial Instruments.

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, 2019				At December 31, 2018
(In thousands)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Assets:
Level 2
Held-to-maturity investment securities	$	5,193,521	$	5,285,705	$	4,325,420	$	4,209,121
Level 3
Loans and leases, net	19,342,494		19,602,007		18,253,136		18,155,798
Mortgage servicing assets	17,877		34,025		21,215		45,478
Liabilities:
Level 2
Deposit liabilities	$	20,025,100	$	20,025,100	$	18,662,299	$	18,662,299
Time deposits	3,255,565		3,255,994		3,196,546		3,175,948
Securities sold under agreements to repurchase and other borrowings	1,210,692		1,207,411		581,874		581,874
FHLB advances	1,392,849		1,395,735		1,826,808		1,826,381
Long-term debt ⁽¹⁾	549,158		557,956		226,021		229,306

(1)

Adjustments to the carrying amount of long-term debt for unamortized discount and debt issuance cost on senior fixed-rate notes are not included for determination of fair value, see Note 8: Borrowings.