Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2021


	At June 30, 2021						At December 31, 2020
(In thousands)	Fair Value		Unpaid Principal Balance		Difference		Fair Value		Unpaid Principal Balance		Difference
Originated loans held for sale	$	4,335	$	4,845	$	(510)	$	14,000	$	13,511	$	489

Fair Value Of Assets And Liabilities Measured On Recurring Basis

A summary of the financial assets and liabilities measured at fair value on a recurring basis is as follows:


	At June 30, 2021
(In thousands)	Level 1		Level 2		Level 3		Total
Financial assets held at fair value:

Agency CMO	$	—	$	120,328	$	—	$	120,328
Agency MBS	—		1,382,530		—		1,382,530
Agency CMBS	—		941,397		—		941,397
CMBS	—		754,970		—		754,970
CLO	—		49,964		—		49,964
Corporate debt	—		13,704		—		13,704
Total available-for-sale investment securities	—		3,262,893		—		3,262,893
Gross derivative instruments, before netting (1)	317		225,917		—		226,234
Originated loans held for sale	—		4,335		—		4,335
Investments held in Rabbi Trust	3,617		—		—		3,617
Alternative investments (2)	—		—		—		18,002
Total financial assets held at fair value	$	3,934	$	3,493,145	$	—	$	3,515,081
Financial liabilities held at fair value:
Gross derivative instruments, before netting (1)	$	51	$	16,241	$	—	$	16,292


	At December 31, 2020
(In thousands)	Level 1		Level 2		Level 3		Total
Financial assets held at fair value:

Agency CMO	$	—	$	154,613	$	—	$	154,613
Agency MBS	—		1,457,409		—		1,457,409
Agency CMBS	—		1,117,233		—		1,117,233
CMBS	—		508,018		—		508,018
CLO	—		76,383		—		76,383
Corporate debt	—		13,120		—		13,120
Total available-for-sale investment securities	—		3,326,776		—		3,326,776
Gross derivative instruments, before netting (1)	205		332,651		—		332,856
Originated loans held for sale	—		14,000		—		14,000
Investments held in Rabbi Trust	4,811		—		—		4,811
Alternative investments (2)	—		—		—		11,112
Total financial assets held at fair value	$	5,016	$	3,673,427	$	—	$	3,689,555
Financial liabilities held at fair value:
Gross derivative instruments, before netting (1)	$	218	$	12,136	$	—	$	12,354

(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, refer to Note 14: 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 carrying amounts, estimated fair values, and classifications within the fair value hierarchy of selected financial instruments and servicing assets are summarized as follows:


	At June 30, 2021				At December 31, 2020
(In thousands)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Assets:
Level 2
Held-to-maturity investment securities, net	$	5,623,243	$	5,794,155	$	5,567,889	$	5,835,364
Level 3
Loans and leases, net	21,167,056		21,242,694		21,281,784		21,413,397
Mortgage servicing assets	11,501		16,578		13,422		14,362
Liabilities:
Level 2
Deposit liabilities	$	26,832,422	$	26,832,422	$	24,847,618	$	24,847,618
Time deposits	2,014,544		2,016,468		2,487,818		2,494,601
Securities sold under agreements to repurchase and other borrowings	507,124		513,384		995,355		1,000,189
FHLB advances	138,444		142,736		133,164		139,035
Long-term debt (1)	565,297		523,139		567,663		538,407

(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 in the determination of fair value. Refer to Note 10: Borrowings for additional information.