Investment Securities (Tables)

6 Months Ended

Jun. 30, 2018

Investment Securities [Abstract]

Investment Securities, At Fair Value

(In thousands)	June 30, 2018		December 31, 2017
Available for sale debt securities	$	8,412,376	$	8,725,442
Trading debt securities	31,156		18,269
Equity securities:
Readily determinable fair value	2,741		48,838
No readily determinable fair value	1,703		1,753
Other:
Federal Reserve Bank stock	33,369		33,253
Federal Home Loan Bank stock	10,000		10,000
Private equity investments	68,940		55,752
Total investment securities	$	8,560,285	$	8,893,307

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, 2018 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	$	52,660	$	52,603
After 1 but within 5 years	645,431		634,819
After 5 but within 10 years	157,967		155,108
After 10 years	69,202		68,562
Total U.S. government and federal agency obligations	925,260		911,092
Government-sponsored enterprise obligations:
Within 1 year	117,562		117,444
After 1 but within 5 years	121,584		119,743
After 5 but within 10 years	34,984		33,946
After 10 years	42,852		40,228
Total government-sponsored enterprise obligations	316,982		311,361
State and municipal obligations:
Within 1 year	147,325		147,668
After 1 but within 5 years	598,663		600,688
After 5 but within 10 years	591,819		590,950
After 10 years	40,963		39,858
Total state and municipal obligations	1,378,770		1,379,164
Mortgage and asset-backed securities:
Agency mortgage-backed securities	3,194,764		3,131,025
Non-agency mortgage-backed securities	1,019,545		1,010,331
Asset-backed securities	1,351,461		1,338,542
Total mortgage and asset-backed securities	5,565,770		5,479,898
Other debt securities:
Within 1 year	9,003		8,971
After 1 but within 5 years	257,704		252,151
After 5 but within 10 years	73,283		69,739
Total other debt securities	339,990		330,861
Total available for sale debt securities	$	8,526,772	$	8,412,376

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
June 30, 2018
U.S. government and federal agency obligations	$	925,260	$	503	$	(14,671	)	$	911,092
Government-sponsored enterprise obligations	316,982		—		(5,621		)	311,361
State and municipal obligations	1,378,770		8,105		(7,711		)	1,379,164
Mortgage and asset-backed securities:
Agency mortgage-backed securities	3,194,764		5,995		(69,734		)	3,131,025
Non-agency mortgage-backed securities	1,019,545		6,232		(15,446		)	1,010,331
Asset-backed securities	1,351,461		2,343		(15,262		)	1,338,542
Total mortgage and asset-backed securities	5,565,770		14,570		(100,442		)	5,479,898
Other debt securities	339,990		—		(9,129		)	330,861
Total	$	8,526,772	$	23,178	$	(137,574	)	$	8,412,376
December 31, 2017
U.S. government and federal agency obligations	$	917,494	$	4,096	$	(4,443	)	$	917,147
Government-sponsored enterprise obligations	408,266		26		(1,929		)	406,363
State and municipal obligations	1,592,707		21,413		(2,754		)	1,611,366
Mortgage and asset-backed securities:
Agency mortgage-backed securities	3,046,701		17,956		(23,744		)	3,040,913
Non-agency mortgage-backed securities	903,920		6,710		(4,837		)	905,793
Asset-backed securities	1,495,380		2,657		(5,237		)	1,492,800
Total mortgage and asset-backed securities	5,446,001		27,323		(33,818		)	5,439,506
Other debt securities	350,988		1,250		(1,178		)	351,060
Total	$	8,715,456	$	54,108	$	(44,122	)	$	8,725,442

Cash Flow Model Inputs Used To Calculate Credit Losses

ignificant inputs to the cash flow models used to calculate the credit losses on these securities at June 30, 2018 included the following:

Significant Inputs	Range
Prepayment CPR	0%	-	25%
Projected cumulative default	13%	-	52%
Credit support	0%	-	20%
Loss severity	14%	-	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 Six Months Ended June 30
(In thousands)	2018			2017
Cumulative OTTI credit losses at January 1	$	14,199		$	14,080
Credit losses on debt securities for which impairment was not previously recognized	58			46
Credit losses on debt securities for which impairment was previously recognized	10			274
Increase in expected cash flows that are recognized over remaining life of security	(104		)	(146		)
Cumulative OTTI credit losses at June 30	$	14,163		$	14,254

Securities With Unrealized Losses And Length Of Impairment Period

ecurities 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
June 30, 2018
U.S. government and federal agency obligations	$	707,018	$	12,156	$	90,340	$	2,515	$	797,358	$	14,671
Government-sponsored enterprise obligations	261,378		5,605		49,983		16		311,361		5,621
State and municipal obligations	458,880		5,700		51,863		2,011		510,743		7,711
Mortgage and asset-backed securities:
Agency mortgage-backed securities	2,029,957		45,267		566,986		24,467		2,596,943		69,734
Non-agency mortgage-backed securities	773,890		12,076		134,679		3,370		908,569		15,446
Asset-backed securities	862,416		13,296		173,895		1,966		1,036,311		15,262
Total mortgage and asset-backed securities	3,666,263		70,639		875,560		29,803		4,541,823		100,442
Other debt securities	311,714		8,033		19,147		1,096		330,861		9,129
Total	$	5,405,253	$	102,133	$	1,086,893	$	35,441	$	6,492,146	$	137,574
December 31, 2017
U.S. government and federal agency obligations	$	618,617	$	4,443	$	—	$	—	$	618,617	$	4,443
Government-sponsored enterprise obligations	286,393		1,712		49,766		217		336,159		1,929
State and municipal obligations	282,843		1,752		49,339		1,002		332,182		2,754
Mortgage and asset-backed securities:
Agency mortgage-backed securities	1,320,689		9,433		619,300		14,311		1,939,989		23,744
Non-agency mortgage-backed securities	577,017		2,966		153,813		1,871		730,830		4,837
Asset-backed securities	786,048		3,168		264,295		2,069		1,050,343		5,237
Total mortgage and asset-backed securities	2,683,754		15,567		1,037,408		18,251		3,721,162		33,818
Other debt securities	144,090		727		20,202		451		164,292		1,178
Total	$	4,015,697	$	24,201	$	1,156,715	$	19,921	$	5,172,412	$	44,122

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)	2018			2017
Proceeds from sales of securities:
Available for sale debt securities	$	152,541		$	4,972
Equity securities	39,981			584
Other	—			996
Total proceeds	$	192,522		$	6,552
Investment securities gains (losses), net:
Available for sale debt securities:
Losses realized on called bonds	$	—		$	(254	)
Gains realized on sales	423			—
Losses realized on sales	—			(22		)
Other-than-temporary impairment recognized on debt securities	(68		)	(320		)
Equity securities:
Gains realized on donations of securities	—			4,315
Gains realized on sales	102			584
Losses realized on sales	(8,917		)	—
Fair value adjustments, net	2,699			—
Other:
Gains realized on sales	—			58
Losses realized on sales	—			(652		)
Fair value adjustments, net	8,096			(2,830		)
Total investment securities gains, net	$	2,335		$	879