Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2021

Fair Value Option, Disclosures [Table Text Block]

The following table compares the fair value to unpaid principal balance of originated residential mortgage loans held for sale:


	At December 31,
	2021						2020
(In thousands)	Fair Value		Unpaid Principal Balance		Difference		Fair Value		Unpaid Principal Balance		Difference
Originated loans held for sale	$	4,694	$	5,034	$	(340)	$	14,000	$	13,511	$	489

Fair Value Of Assets And Liabilities Measured On Recurring Basis

The following table summarizes the fair values of assets and liabilities measured at fair value on a recurring basis:


	At December 31, 2021
(In thousands)	Level 1		Level 2		Level 3		Total
Financial Assets:
Available-for-sale investment securities:
U.S. Treasury notes	$	396,966	$	—	$	—	$	396,966
Agency CMO	—		90,384		—		90,384
Agency MBS	—		1,593,403		—		1,593,403
Agency CMBS	—		1,232,541		—		1,232,541
CMBS	—		886,263		—		886,263
CLO	—		21,847		—		21,847
Corporate debt	—		13,450		—		13,450
Total available-for-sale investment securities	396,966		3,837,888		—		4,234,854
Gross derivative instruments, before netting (1)	187		158,930		—		159,117
Originated loans held for sale	—		4,694		—		4,694
Investments held in Rabbi Trust	3,416		—		—		3,416
Alternative investments (2)	1,877		—		—		27,732
Total financial assets	$	402,446	$	4,001,512	$	—	$	4,429,813
Financial Liabilities:
Gross derivative instruments, before netting (1)	$	141	$	21,643	$	—	$	21,784


	At December 31, 2020
(In thousands)	Level 1		Level 2		Level 3		Total
Financial Assets:
Available-for-sale investment securities:
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		338,853		—		339,058
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	$	3,679,629	$	—	$	3,695,757
Financial Liabilities:
Gross derivative instruments, before netting (1)	$	218	$	12,472	$	—	$	12,690

(1)Additional information regarding the impact of netting derivative assets and derivative liabilities, as well as the impact from offsetting cash collateral paid to the same derivative counterparties, can be found in Note 17: Derivative Financial Instruments.

(2)Certain 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 following table summarizes the carrying amounts, estimated fair values, and classifications within the fair value hierarchy of selected financial instruments and mortgage servicing assets:


	At December 31,
	2021				2020
(In thousands)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Assets:
Level 1
Cash and cash equivalents	$	461,570	$	461,570	$	263,104	$	263,104
Level 2
Held-to-maturity investment securities	6,198,125		6,280,936		5,567,889		5,835,364
Level 3
Loans and leases, net	21,970,542		21,702,732		21,281,784		21,413,397
Mortgage servicing assets	9,237		12,527		13,422		14,362
Liabilities:
Level 2
Deposit liabilities	$	28,049,259	$	28,049,259	$	24,847,618	$	24,847,618
Time deposits	1,797,770		1,794,829		2,487,818		2,494,601
Securities sold under agreements to repurchase and other borrowings	674,896		676,581		995,355		1,000,189
FHLB advances	10,997		11,490		133,164		139,035
Long-term debt (1)	562,931		515,912		567,663		538,407

(1)The unamortized discount and debt issuance costs on senior fixed-rate notes and any adjustments made to the carrying amount of long-term debt for basis adjustments, as applicable, are excluded from the determination of fair value.