Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2020


	At March 31, 2020										At December 31, 2019
(In thousands)	Fair Value		Unpaid Principal Balance		Difference		Fair Value		Unpaid Principal Balance		Difference
Originated loans held for sale	$	22,147	$	22,006	$	141	$	35,750	$	35,186	$	564

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 March 31, 2020
(In thousands)	Level 1		Level 2		Level 3		Total
Financial assets held at fair value:
U.S. Treasury Bills	$	—	$	—	$	—	$	—
Agency CMO	—		204,830		—		204,830
Agency MBS	—		1,612,818		—		1,612,818
Agency CMBS	—		697,682		—		697,682
CMBS	—		409,023		—		409,023
CLO	—		81,398		—		81,398
Corporate debt	—		10,880		—		10,880
Total available-for-sale investment securities	—		3,016,631		—		3,016,631
Gross derivative instruments, before netting ⁽¹⁾	808		400,356		—		401,164
Originated loans held for sale	—		22,147		—		22,147
Investments held in Rabbi Trust	3,990		—		—		3,990
Alternative investments ⁽²⁾	—		—		—		5,701
Total financial assets held at fair value	$	4,798	$	3,439,134	$	—	$	3,449,633
Financial liabilities held at fair value:
Gross derivative instruments, before netting ⁽¹⁾	$	759	$	18,044	$	—	$	18,803


	At December 31, 2019
(In thousands)	Level 1		Level 2		Level 3		Total
Financial assets held at fair value:
U.S. Treasury Bills	$	—	$	—	$	—	$	—
Agency CMO	—		185,801		—		185,801
Agency MBS	—		1,612,164		—		1,612,164
Agency CMBS	—		581,552		—		581,552
CMBS	—		431,871		—		431,871
CLO	—		92,205		—		92,205
Corporate debt	—		22,240		—		22,240
Total available-for-sale investment securities	—		2,925,833		—		2,925,833
Gross derivative instruments, before netting ⁽¹⁾	328		145,709		—		146,037
Originated loans held for sale	—		35,750		—		35,750
Investments held in Rabbi Trust	4,780		—		—		4,780
Alternative investments ⁽²⁾	—		—		—		5,701
Total financial assets held at fair value	$	5,108	$	3,107,292	$	—	$	3,118,101
Financial liabilities held at fair value:
Gross derivative instruments, before netting ⁽¹⁾	$	611	$	13,202	$	—	$	13,813

(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.

(2)Alternative investments are recorded at NAV. Assets measured at NAV are not classified within the fair value hierarchy.

Summary Of Estimated Fair Values Of Significant Financial Instruments

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


	At March 31, 2020						At December 31, 2019
(In thousands)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Assets:
Level 2
Held-to-maturity investment securities	$	5,485,894	$	5,642,527	$	5,293,918	$	5,380,653
Level 3
Loans and leases, net	20,556,593		20,844,596		19,827,890		19,961,632
Mortgage servicing assets	16,391		20,846		17,484		33,250
Liabilities:
Level 2
Deposit liabilities	$	21,522,676	$	21,522,676	$	20,219,981	$	20,219,981
Time deposits	2,991,161		3,000,656		3,104,765		3,102,316
Securities sold under agreements to repurchase and other borrowings	1,262,749		1,268,094		1,040,431		1,041,042
FHLB advances	1,773,399		1,783,284		1,948,476		1,950,035
Long-term debt ⁽¹⁾	571,212		500,410		540,364		555,775

(1)Adjustments to the carrying amount of long-term debt for basis adjustment and unamortized discount and debt issuance cost on senior fixed-rate notes are not included for determination of fair value Refer to Note 9: Borrowings for additional information.