Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2022

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


	At September 30, 2022						At December 31, 2021
(In thousands)	Fair Value		Unpaid Principal Balance		Difference		Fair Value		Unpaid Principal Balance		Difference
Originated loans held for sale	$	898	$	1,080	$	(182)	$	4,694	$	5,034	$	(340)

Fair Value Of Assets And Liabilities Measured On Recurring Basis

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


	At September 30, 2022
(In thousands)	Level 1		Level 2		Level 3		Total
Financial Assets:
Available-for-sale investment securities:
U.S. Treasury notes	$	713,263	$	—	$	—	$	713,263
Government agency debentures	—		269,028		—		269,028
Municipal bonds and notes	—		1,697,145		—		1,697,145
Agency CMO	—		63,861		—		63,861
Agency MBS	—		2,197,349		—		2,197,349
Agency CMBS	—		1,455,919		—		1,455,919
CMBS	—		922,928		—		922,928
CLO	—		7,203		—		7,203
Corporate debt	—		702,172		—		702,172
Private label MBS	—		44,310		—		44,310
Other	—		11,866		—		11,866
Total available-for-sale investment securities	713,263		7,371,781		—		8,085,044
Gross derivative instruments, before netting (1)	1,591		217,902		—		219,493
Originated loans held for sale	—		898		—		898
Investments held in Rabbi Trust	12,250		—		—		12,250
Alternative investments (2)	522		—		—		75,728
Total financial assets	$	727,626	$	7,590,581	$	—	$	8,393,413
Financial Liabilities:
Gross derivative instruments, before netting (1)	$	296	$	426,481	$	—	$	426,777


	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 13: 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 September 30, 2022				At December 31, 2021
(In thousands)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Assets:
Level 1
Cash and cash equivalents	$	613,125	$	613,125	$	461,570	$	461,570
Level 2
Held-to-maturity investment securities	6,505,838		5,650,119		6,198,125		6,280,936
Level 3
Loans and leases, net	47,249,550		45,896,000		21,970,542		21,702,732
Mortgage servicing assets	9,837		27,550		9,237		12,527
Liabilities:
Level 2
Deposit liabilities	$	51,439,293	$	51,439,293	$	28,049,259	$	28,049,259
Time deposits	2,569,594		2,503,396		1,797,770		1,794,829
Securities sold under agreements to repurchase and other borrowings	1,265,414		1,243,251		674,896		676,581
FHLB advances	3,510,717		3,509,221		10,997		11,490
Long-term debt (1)	1,074,844		1,030,390		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.