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Investment Securities (Tables)
 9 Months Ended
Sep. 30, 2019
Investment Securities [Abstract]  
Investment Securities, At Fair Value
 
(In thousands)
September 30, 2019
December 31, 2018
Available for sale debt securities
$
8,660,419

$
8,538,041

Trading debt securities
35,918

27,059

Equity securities:
 
 
   Readily determinable fair value
2,902

2,585

   No readily determinable fair value
1,284

1,824

Other:


 
   Federal Reserve Bank stock
33,770

33,498

   Federal Home Loan Bank stock
20,000

10,000

   Private equity investments
93,441

85,659

Total investment securities
$
8,847,734

$
8,698,666
Summary Of Available For Sale Investment Securities By Maturity Groupings A summary of the available for sale debt securities by maturity groupings as of September 30, 2019 is shown below. The investment portfolio includes agency mortgage-backed securities, which are guaranteed by agencies such as the FHLMC, FNMA, GNMA and FDIC, in addition to non-agency mortgage-backed securities, which have no guarantee but are collateralized by commercial and residential mortgages. Also included are certain other asset-backed securities, which are primarily collateralized by credit cards, automobiles, student loans, and commercial loans. These securities differ from traditional debt securities primarily in that they may have uncertain maturity dates and are priced based on estimated prepayment rates on the underlying collateral.
(In thousands)
Amortized Cost
Fair Value
U.S. government and federal agency obligations:
 
 
Within 1 year
$
57,175

$
56,726

After 1 but within 5 years
516,924

533,605

After 5 but within 10 years
252,452

259,546

Total U.S. government and federal agency obligations
826,551

849,877

Government-sponsored enterprise obligations:
 
 
Within 1 year
51,562

51,551

After 1 but within 5 years
55,049

55,162

After 5 but within 10 years
34,987

35,032

After 10 years
26,085

27,072

Total government-sponsored enterprise obligations
167,683

168,817

State and municipal obligations:
 
 
Within 1 year
57,870

58,039

After 1 but within 5 years
709,484

728,639

After 5 but within 10 years
354,519

374,236

After 10 years
41,538

42,581

Total state and municipal obligations
1,163,411

1,203,495

Mortgage and asset-backed securities:
 
 
  Agency mortgage-backed securities
3,791,709

3,858,575

  Non-agency mortgage-backed securities
921,080

936,577

  Asset-backed securities
1,288,360

1,298,835

Total mortgage and asset-backed securities
6,001,149

6,093,987

Other debt securities:
 
 
Within 1 year
43,894

43,965

After 1 but within 5 years
239,692

243,606

After 5 but within 10 years
54,613

56,672

Total other debt securities
338,199

344,243

Total available for sale debt securities
$
8,496,993

$
8,660,419
Available For Sale Securities Unrealized Gains And Losses By Security Type
For debt securities classified as available for sale, the following table shows the unrealized gains and losses (pre-tax) in AOCI, by security type.
 
 
(In thousands)
Amortized Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair Value
September 30, 2019
 
 
 
 
U.S. government and federal agency obligations
$
826,551

$
23,878

$
(552
)
$
849,877

Government-sponsored enterprise obligations
167,683

1,172

(38
)
168,817

State and municipal obligations
1,163,411

40,097

(13
)
1,203,495

Mortgage and asset-backed securities:
 
 
 
 
  Agency mortgage-backed securities
3,791,709

69,002

(2,136
)
3,858,575

  Non-agency mortgage-backed securities
921,080

16,528

(1,031
)
936,577

  Asset-backed securities
1,288,360

13,238

(2,763
)
1,298,835

Total mortgage and asset-backed securities
6,001,149

98,768

(5,930
)
6,093,987

Other debt securities
338,199

6,052

(8
)
344,243

Total
$
8,496,993

$
169,967

$
(6,541
)
$
8,660,419

December 31, 2018
 
 
 
 
U.S. government and federal agency obligations
$
914,486

$
4,545

$
(11,379
)
$
907,652

Government-sponsored enterprise obligations
199,470

55

(3,747
)
195,778

State and municipal obligations
1,322,785

10,284

(5,030
)
1,328,039

Mortgage and asset-backed securities:
 
 
 
 
  Agency mortgage-backed securities
3,253,433

9,820

(48,268
)
3,214,985

  Non-agency mortgage-backed securities
1,053,854

6,641

(12,779
)
1,047,716

  Asset-backed securities
1,518,976

3,849

(11,211
)
1,511,614

Total mortgage and asset-backed securities
5,826,263

20,310

(72,258
)
5,774,315

Other debt securities
339,595

72

(7,410
)
332,257

Total
$
8,602,599

$
35,266

$
(99,824
)
$
8,538,041
Cash Flow Model Inputs Used To Calculate Credit Losses Significant inputs to the cash flow models used to calculate the credit losses on these securities at September 30, 2019 included the following:
Significant Inputs
Range
Prepayment CPR
0%
-
25%
Projected cumulative default
6%
-
52%
Credit support
0%
-
19%
Loss severity
10%
-
63%
Changes In Recorded Credit Losses
The following table presents a rollforward of the cumulative OTTI credit losses recognized in earnings on all available for sale debt securities.
 
For the Nine Months Ended September 30
(In thousands)
2019
2018
Cumulative OTTI credit losses at January 1
$
14,092

$
14,199

Credit losses on debt securities for which impairment was not previously recognized
48

58

Credit losses on debt securities for which impairment was previously recognized
85

10

Increase in expected cash flows that are recognized over remaining life of security
(831
)
(138
)
Cumulative OTTI credit losses at September 30
$
13,394

$
14,129
Securities With Unrealized Losses And Length Of Impairment Period
Debt securities with unrealized losses recorded in AOCI are shown in the table below, along with the length of the impairment period.
 
Less than 12 months
 
12 months or longer
 
Total
 
(In thousands)
   Fair Value
Unrealized
Losses
 
Fair Value
Unrealized
Losses
 
Fair Value
Unrealized
Losses
September 30, 2019
 
 
 
 
 
 
 
 
U.S. government and federal agency obligations
$
90,662

$
126

 
$
52,930

$
426

 
$
143,592

$
552

Government-sponsored enterprise obligations
—

—

 
36,409

38

 
36,409

38

State and municipal obligations
15,726

9

 
1,551

4

 
17,277

13

Mortgage and asset-backed securities:
 
 
 
 
 
 
 
 
   Agency mortgage-backed securities
343,820

1,271

 
182,805

865

 
526,625

2,136

   Non-agency mortgage-backed securities
38,085

103

 
311,040

928

 
349,125

1,031

   Asset-backed securities
369,537

1,979

 
140,726

784

 
510,263

2,763

Total mortgage and asset-backed securities
751,442

3,353

 
634,571

2,577

 
1,386,013

5,930

Other debt securities
—

—

 
8,492

8

 
8,492

8

Total
$
857,830

$
3,488

 
$
733,953

$
3,053

 
$
1,591,783

$
6,541

December 31, 2018
 
 
 
 
 
 
 
 
U.S. government and federal agency obligations
$
317,699

$
6,515

 
$
116,728

$
4,864

 
$
434,427

$
11,379

Government-sponsored enterprise obligations
—

—

 
188,846

3,747

 
188,846

3,747

State and municipal obligations
157,838

704

 
257,051

4,326

 
414,889

5,030

Mortgage and asset-backed securities:
 
 
 
 
 
 
 
 
   Agency mortgage-backed securities
330,933

1,502

 
1,927,268

46,766

 
2,258,201

48,268

   Non-agency mortgage-backed securities
207,506

1,085

 
657,685

11,694

 
865,191

12,779

   Asset-backed securities
147,997

728

 
813,427

10,483

 
961,424

11,211

Total mortgage and asset-backed securities
686,436

3,315

 
3,398,380

68,943

 
4,084,816

72,258

Other debt securities
51,836

564

 
260,682

6,846

 
312,518

7,410

Total
$
1,213,809

$
11,098

 
$
4,221,687

$
88,726

 
$
5,435,496

$
99,824
Proceeds From Sales Of Securities And Components Of Investment Securities Gains And Losses
The following tables present proceeds from sales of securities and the components of investment securities gains and losses which have been recognized in earnings.
 
For the Nine Months Ended September 30
(In thousands)
2019
2018
Proceeds from sales of securities:
 
 
Available for sale debt securities
$
368,939

$
153,066

Equity securities
3,459

39,981

Other
7,243

—

Total proceeds
$
379,641

$
193,047

 
 
 
Investment securities gains (losses), net:
 
 
Available for sale debt securities:
 
 
Gains realized on sales
$
2,287

$
430

Losses realized on sales
(1,559
)
—

Other-than-temporary impairment recognized on debt securities
(133
)
(68
)
Equity securities:
 
 
Gains realized on sales
2,865

102

 Losses realized on sales
—

(8,917
)
 Fair value adjustments, net
318

2,723

Other:
 
 
 Gains realized on sales
1,094

—

Fair value adjustments, net
(998
)
12,371

Total investment securities gains, net
$
3,874

$
6,641