Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2022

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


	At March 31, 2022						At December 31, 2021
(In thousands)	Fair Value		Unpaid Principal Balance		Difference		Fair Value		Unpaid Principal Balance		Difference
Originated loans held for sale	$	1,333	$	1,974	$	(641)	$	4,694	$	5,034	$	(340)

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 March 31, 2022
(In thousands)	Level 1		Level 2		Level 3		Total
Financial Assets:
Available-for-sale investment securities:
U.S. Treasury notes	$	732,425	$	—	$	—	$	732,425
Government agency debentures	—		217,219		—		217,219
Municipal bonds and notes	—		1,894,537		—		1,894,537
Agency CMO	—		79,513		—		79,513
Agency MBS	—		2,574,569		—		2,574,569
Agency CMBS	—		1,583,820		—		1,583,820
CMBS	—		864,157		—		864,157
CLO	—		14,233		—		14,233
Corporate debt	—		767,044		—		767,044
Other	—		17,380		—		17,380
Total available-for-sale investment securities	732,425		8,012,472		—		8,744,897
Gross derivative instruments, before netting (1)	422		107,149		—		107,571
Originated loans held for sale	—		1,333		—		1,333
Investments held in Rabbi Trust	13,402		—		—		13,402
Alternative investments (2)	1,131		—		—		73,185
Total financial assets	$	747,380	$	8,120,954	$	—	$	8,940,388
Financial Liabilities:
Gross derivative instruments, before netting (1)	$	217	$	117,107	$	—	$	117,324


	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

(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 within Note 14: 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 March 31, 2022				At December 31, 2021
(In thousands)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Assets:
Level 1
Cash and cash equivalents	$	793,213	$	793,213	$	461,570	$	461,570
Level 2
Held-to-maturity investment securities	6,362,254		6,091,617		6,198,125		6,280,936
Level 3
Loans and leases, net	42,967,114		43,217,955		21,970,542		21,702,732
Mortgage servicing assets	9,735		26,631		9,237		12,527
Liabilities:
Level 2
Deposit liabilities	$	51,535,186	$	51,535,186	$	28,049,259	$	28,049,259
Time deposits	2,821,097		2,785,621		1,797,770		1,794,829
Securities sold under agreements to repurchase and other borrowings	518,733		483,544		674,896		676,581
FHLB advances	10,903		10,653		10,997		11,490
Long-term debt (1)	1,078,274		1,069,991		562,931		515,912

(1)Any unamortized premiums/discounts, debt issuance costs, or basis adjustments to long-term debt, as applicable, are excluded from the determination of fair value.