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Investment Securities (Tables)
 9 Months Ended
Sep. 30, 2020
Investment Securities [Abstract]  
Summary Investment Holdings
 
(In thousands)
September 30, 2020December 31, 2019
Available for sale debt securities$11,539,061 $8,571,626 
Trading debt securities25,805 28,161 
Equity securities:
   Readily determinable fair value2,803 2,929 
   No readily determinable fair value1,400 1,280 
Other:
   Federal Reserve Bank stock34,070 33,770 
   Federal Home Loan Bank stock10,000 10,000 
   Private equity investments78,462 94,122 
Total investment securities (1)
$11,691,601 $8,741,888 
(1)Accrued interest receivable totaled $39.7 million at September 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 September 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$59,367 $59,706 
After 1 but within 5 years489,042 521,797 
After 5 but within 10 years225,159 253,555 
Total U.S. government and federal agency obligations773,568 835,058 
Government-sponsored enterprise obligations:
Within 1 year55,185 54,770 
After 10 years35,818 40,531 
Total government-sponsored enterprise obligations91,003 95,301 
State and municipal obligations:
Within 1 year68,787 69,179 
After 1 but within 5 years764,831 803,168 
After 5 but within 10 years597,276 624,525 
After 10 years464,375 472,272 
Total state and municipal obligations1,895,269 1,969,144 
Mortgage and asset-backed securities:
  Agency mortgage-backed securities5,919,500 6,081,802 
  Non-agency mortgage-backed securities324,266 332,970 
  Asset-backed securities1,633,988 1,658,579 
Total mortgage and asset-backed securities7,877,754 8,073,351 
Other debt securities:
Within 1 year23,565 23,701 
After 1 but within 5 years252,180 264,096 
After 5 but within 10 years240,814 249,136 
After 10 years28,195 29,274 
Total other debt securities544,754 566,207 
Total available for sale debt securities$11,182,348 $11,539,061 
Cash Flow Model Inputs Used To Calculate Credit Losses Significant inputs to the cash flow models used at September 30, 2020 to quantify credit losses included the following:
Significant InputsRange
Prepayment CPR0%-25%
Projected cumulative default13%-54%
Credit support0%-20%
Loss severity7%-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 September 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
September 30, 2020
Government-sponsored enterprise obligations $14,489 $503 $— $— $14,489 $503 
State and municipal obligations84,876 578 — — 84,876 578 
Mortgage and asset-backed securities:
   Agency mortgage-backed securities287,620 5,402 — — 287,620 5,402 
   Non-agency mortgage-backed securities68,513 234 1,069 45 69,582 279 
   Asset-backed securities97,592 1,100 245,198 6,196 342,790 7,296 
Total mortgage and asset-backed securities453,725 6,736 246,267 6,241 699,992 12,977 
Other debt securities43,600 493 — — 43,600 493 
Total $596,690 $8,310 $246,267 $6,241 $842,957 $14,551 

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 September 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
September 30, 2020
U.S. government and federal agency obligations$773,568 $61,490 $— $— $835,058 
Government-sponsored enterprise obligations91,003 4,801 (503)— 95,301 
State and municipal obligations1,895,269 74,453 (578)— 1,969,144 
Mortgage and asset-backed securities:
  Agency mortgage-backed securities5,919,500 167,704 (5,402)— 6,081,802 
  Non-agency mortgage-backed securities324,266 8,983 (279)— 332,970 
  Asset-backed securities1,633,988 31,887 (7,296)— 1,658,579 
Total mortgage and asset-backed securities7,877,754 208,574 (12,977)— 8,073,351 
Other debt securities544,754 21,946 (493)— 566,207 
Total$11,182,348 $371,264 $(14,551)$— $11,539,061 

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 Nine Months Ended September 30
(In thousands)20202019
Proceeds from sales of securities:
Available for sale debt securities
$574,374 $368,939 
Equity securities
2 3,459 
Other
— 7,243 
Total proceeds
$574,376 $379,641 
Investment securities gains (losses), net:
Available for sale debt securities:
Gains realized on sales$16,965 $2,287 
Losses realized on sales— (1,559)
Other-than-temporary impairment recognized on debt securities— (133)
Equity securities:
Gains realized on sales2 2,865 
 Fair value adjustments, net
(126)318 
Other:
 Gains realized on sales
— 1,094 
Fair value adjustments, net (18,116)(998)
Total investment securities gains (losses), net$(1,275)$3,874