Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2022

Fair Value Option, Disclosures [Table Text Block]

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


	At December 31,
	2022						2021
(In thousands)	Fair Value		Unpaid Principal Balance		Difference		Fair Value		Unpaid Principal Balance		Difference
Originated loans held for sale	$	1,991	$	1,631	$	360	$	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 December 31, 2022
(In thousands)	Level 1		Level 2		Level 3		Total
Financial Assets:
AFS investment securities:
U.S. Treasury notes	$	717,040	$	—	$	—	$	717,040
Government agency debentures	—		258,374		—		258,374
Municipal bonds and notes	—		1,633,202		—		1,633,202
Agency CMO	—		59,965		—		59,965
Agency MBS	—		2,158,024		—		2,158,024
Agency CMBS	—		1,406,486		—		1,406,486
CMBS	—		896,640		—		896,640
CLO	—		2,107		—		2,107
Corporate debt	—		704,412		—		704,412
Private label MBS	—		44,249		—		44,249
Other	—		12,198		—		12,198
Total AFS investment securities	717,040		7,175,657		—		7,892,697
Gross derivative instruments, before netting (1)	79		222,827		—		222,906
Originated loans held for sale	—		1,991		—		1,991
Investments held in Rabbi Trusts	12,103		—		—		12,103
Alternative investments (2)	430		—		—		89,678
Total financial assets	$	729,652	$	7,400,475	$	—	$	8,219,375
Financial Liabilities:
Gross derivative instruments, before netting (1)	$	843	$	413,656	$	—	$	414,499


	At December 31, 2021
(In thousands)	Level 1		Level 2		Level 3		Total
Financial Assets:
AFS 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 AFS 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 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 rights:


	At December 31,
	2022				2021
(In thousands)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Assets:
Level 1
Cash and cash equivalents	$	839,943	$	839,943	$	461,570	$	461,570
Level 2
HTM investment securities	6,564,697		5,761,453		6,198,125		6,280,936
Level 3
Loans and leases, net	49,169,685		47,604,463		21,970,542		21,702,732
Mortgage servicing rights	9,515		27,043		9,237		12,527
Liabilities:
Level 2
Deposit liabilities	$	49,893,391	$	49,893,391	$	28,049,259	$	28,049,259
Time deposits	4,160,949		4,091,979		1,797,770		1,794,829
Securities sold under agreements to repurchase and other borrowings	1,151,830		1,151,797		674,896		676,581
FHLB advances	5,460,552		5,459,218		10,997		11,490
Long-term debt (1)	1,073,128		1,001,779		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.