Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2023

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


	At June 30, 2023						At December 31, 2022
(In thousands)	Fair Value		Unpaid Principal Balance		Difference		Fair Value		Unpaid Principal Balance		Difference
Originated loans held for sale	$	1,800	$	1,322	$	478	$	1,991	$	1,631	$	360

Fair Value Measurement Inputs and Valuation Techniques

The following table summarizes the unobservable inputs used to derive the estimated fair value of the Company’s contingent consideration liabilities at June 30, 2023 (dollars in thousands):


Agreement	Maximum Amount		Probability of Achievement	Payment Term (in years)	Discount Rate	Fair Value
(i) Re-sign broker dealers	$	4,826	99.0 %	0.22	5.50 %	$	4,798
(ii) Deposit program growth	$	12,500	100.0 %	1.97	5.50 %	$	11,241

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 June 30, 2023
(In thousands)	Level 1		Level 2		Level 3		Total
Financial Assets:
Available-for-sale securities:
U.S. Treasury notes	$	384,067	$	—	$	—	$	384,067
Government agency debentures	—		261,101		—		261,101
Municipal bonds and notes	—		1,604,150		—		1,604,150
Agency CMO	—		53,360		—		53,360
Agency MBS	—		2,184,907		—		2,184,907
Agency CMBS	—		1,734,922		—		1,734,922
CMBS	—		876,119		—		876,119

Corporate debt	—		608,759		—		608,759
Private label MBS	—		43,050		—		43,050
Other	—		8,906		—		8,906
Total available-for-sale securities	384,067		7,375,274		—		7,759,341
Gross derivative instruments, before netting (1)	67		375,894		—		375,961
Originated loans held for sale	—		1,800		—		1,800
Investments held in Rabbi Trusts	12,347		—		—		12,347
Alternative investments (2)	567		—		—		29,023
Total financial assets	$	397,048	$	7,752,968	$	—	$	8,178,472
Financial Liabilities:
Gross derivative instruments, before netting (1)	$	262	$	433,434	$	—	$	433,696
Contingent consideration	—		—		16,039		16,039
Total financial liabilities	$	262	$	433,434	$	16,039	$	449,735


	At December 31, 2022
(In thousands)	Level 1		Level 2		Level 3		Total
Financial Assets:
Available-for-sale 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 available-for-sale 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

(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 rights:


	At June 30, 2023				At December 31, 2022
(In thousands)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Assets:
Level 1
Cash and cash equivalents	$	1,360,759	$	1,360,759	$	839,943	$	839,943
Level 2
Held-to-maturity investment securities	6,943,784		6,066,682		6,564,697		5,761,453
Level 3
Loans and leases, net	50,997,137		49,027,570		49,169,685		47,604,463
Mortgage servicing assets	8,858		25,520		9,515		27,043
Liabilities:
Level 2
Deposit liabilities	$	51,461,474	$	51,461,474	$	49,893,391	$	49,893,391
Time deposits	7,286,058		7,189,837		4,160,949		4,091,979
Securities sold under agreements to repurchase and other borrowings	243,580		243,548		1,151,830		1,151,797
FHLB advances	4,310,371		4,310,259		5,460,552		5,459,218
Long-term debt (1)	1,052,258		971,751		1,073,128		1,001,779

(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.