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Investment Securities (Tables)
 6 Months Ended
Jun. 30, 2020
Investment Securities [Abstract]  
Summary Investment Holdings
 
(In thousands)
June 30, 2020December 31, 2019
Available for sale debt securities$10,317,427  $8,571,626  
Trading debt securities28,813  28,161  
Equity securities:
   Readily determinable fair value2,711  2,929  
   No readily determinable fair value1,417  1,280  
Other:
   Federal Reserve Bank stock33,915  33,770  
   Federal Home Loan Bank stock10,000  10,000  
   Private equity investments73,846  94,122  
Total investment securities (1)
$10,468,129  $8,741,888  
(1)Accrued interest receivable totaled $36.4 million at June 30, 2020 and was included within other assets on the consolidated balance sheet.
Summary Of Available For Sale Investment Securities By Maturity Groupings A summary of the available for sale debt securities by maturity groupings as of June 30, 2020 is shown below. The investment portfolio includes agency mortgage-backed securities, which are guaranteed by agencies such as the FHLMC, FNMA, and GNMA, 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$58,781  $59,246  
After 1 but within 5 years487,146  521,029  
After 5 but within 10 years223,536  246,219  
Total U.S. government and federal agency obligations769,463  826,494  
Government-sponsored enterprise obligations:
Within 1 year70,193  70,308  
After 10 years35,826  39,575  
Total government-sponsored enterprise obligations106,019  109,883  
State and municipal obligations:
Within 1 year52,876  53,255  
After 1 but within 5 years753,093  788,553  
After 5 but within 10 years425,285  450,376  
After 10 years153,859  156,768  
Total state and municipal obligations1,385,113  1,448,952  
Mortgage and asset-backed securities:
  Agency mortgage-backed securities5,205,895  5,382,187  
  Non-agency mortgage-backed securities581,257  600,196  
  Asset-backed securities1,431,854  1,448,225  
Total mortgage and asset-backed securities7,219,006  7,430,608  
Other debt securities:
Within 1 year31,933  32,056  
After 1 but within 5 years248,497  260,309  
After 5 but within 10 years166,931  173,677  
After 10 years34,193  35,448  
Total other debt securities481,554  501,490  
Total available for sale debt securities$9,961,155  $10,317,427  
Cash Flow Model Inputs Used To Calculate Credit Losses Significant inputs to the cash flow models used at June 30, 2020 to quantify credit losses included the following:
Significant InputsRange
Prepayment CPR0%-25%
Projected cumulative default14%-54%
Credit support0%-19%
Loss severity6%-63%
Securities With Unrealized Losses And Length Of Impairment Period
The following table summarizes debt securities available for sale in an unrealized loss position for which an allowance for credit losses has not been recorded at June 30, 2020, aggregated by major security type and length of impairment period.

Less than 12 months12 months or longerTotal
 
(In thousands)
   Fair Value
Unrealized
Losses
Fair Value
Unrealized
Losses
Fair Value
Unrealized
Losses
June 30, 2020
Government-sponsored enterprise obligations $19,586  $232  $—  $—  $19,586  $232  
State and municipal obligations20,798  234  —  —  20,798  234  
Mortgage and asset-backed securities:
   Agency mortgage-backed securities66,232  149  12  —  66,244  149  
   Non-agency mortgage-backed securities14,892  14  10,128  60  25,020  74  
   Asset-backed securities196,555  4,049  226,130  8,323  422,685  12,372  
Total mortgage and asset-backed securities277,679  4,212  236,270  8,383  513,949  12,595  
Total $318,063  $4,678  $236,270  $8,383  $554,333  $13,061  

Debt securities available for sale in an unrealized loss position, aggregated by major security type and length of impairment period, are as follows:

Less than 12 months12 months or longerTotal
 
(In thousands)
Fair Value
Unrealized
Losses
Fair Value
Unrealized
Losses
Fair Value
Unrealized
Losses
December 31, 2019
U.S. government and federal agency obligations$31,787  $21  $25,405  $21  $57,192  $42  
Government-sponsored enterprise obligations6,155  187  —  —  6,155  187  
State and municipal obligations6,700  31  1,554  1  8,254  32  
Mortgage and asset-backed securities:
  Agency mortgage-backed securities652,352  5,306  147,653  867  800,005  6,173  
  Non-agency mortgage-backed securities102,931  254  189,747  451  292,678  705  
  Asset-backed securities330,876  3,610  152,461  2,108  483,337  5,718  
Total mortgage and asset-backed securities1,086,159  9,170  489,861  3,426  1,576,020  12,596  
Other debt securities5,496  4  997  3  6,493  7  
Total$1,136,297  $9,413  $517,817  $3,451  $1,654,114  $12,864  
Available For Sale Securities Unrealized Gains And Losses By Security Type
For debt securities classified as available for sale, the following table shows the amortized cost, fair value, and allowance for credit losses of securities available for sale at June 30, 2020 and the corresponding amounts of gross unrealized gains and losses (pre-tax) in AOCI, by security type.

 
 
(In thousands)
Amortized CostGross
Unrealized
Gains		Gross
Unrealized
Losses		Allowance for Credit Losses
Fair Value
June 30, 2020
U.S. government and federal agency obligations$769,463  $57,031  $—  $—  $826,494  
Government-sponsored enterprise obligations106,019  4,096  (232) —  109,883  
State and municipal obligations1,385,113  64,073  (234) —  1,448,952  
Mortgage and asset-backed securities:
  Agency mortgage-backed securities5,205,895  176,441  (149) —  5,382,187  
  Non-agency mortgage-backed securities581,257  19,013  (74) —  600,196  
  Asset-backed securities1,431,854  28,743  (12,372) —  1,448,225  
Total mortgage and asset-backed securities7,219,006  224,197  (12,595) —  7,430,608  
Other debt securities481,554  19,936  —  —  501,490  
Total$9,961,155  $369,333  $(13,061) $—  $10,317,427  

For debt securities classified as available for sale, the following table shows the amortized cost and fair value of securities available-for-sale at December 31, 2019 and the corresponding amounts of gross unrealized gains and losses (pre-tax) in AOCI, by security type.

 
 
(In thousands)
Amortized CostGross
Unrealized
Gains		Gross
Unrealized
Losses		Fair Value
December 31, 2019
U.S. government and federal agency obligations$827,861  $23,957  $(42) $851,776  
Government-sponsored enterprise obligations138,734  730  (187) 139,277  
State and municipal obligations1,225,532  42,427  (32) 1,267,927  
Mortgage and asset-backed securities:
  Agency mortgage-backed securities3,893,247  50,890  (6,173) 3,937,964  
  Non-agency mortgage-backed securities796,451  14,036  (705) 809,782  
  Asset-backed securities1,228,151  11,056  (5,718) 1,233,489  
Total mortgage and asset-backed securities5,917,849  75,982  (12,596) 5,981,235  
Other debt securities325,555  5,863  (7) 331,411  
Total$8,435,531  $148,959  $(12,864) $8,571,626  
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 Six Months Ended June 30
(In thousands)20202019
Proceeds from sales of securities:
Available for sale debt securities
$174,595  $368,219  
Equity securities
2  —  
Other
—  7,243  
Total proceeds
$174,597  $375,462  
Investment securities gains (losses), net:
Available for sale debt securities:
Gains realized on sales$3,291  $2,249  
Losses realized on sales—  (1,559) 
Other-than-temporary impairment recognized on debt securities—  (63) 
Equity securities:
Gains realized on sales2  —  
 Fair value adjustments, net
(218) 262  
Other:
 Gains realized on sales
—  1,094  
Fair value adjustments, net (20,505) (3,018) 
Total investment securities losses, net
$(17,430) $(1,035)