Investment Securities (Tables)

12 Months Ended

Dec. 31, 2018

Investments, Debt and Equity Securities [Abstract]

Investment securities, at fair value, consisted of the following at December 31, 2018 and 2017:



(In thousands)	2018		2017
Available for sale debt securities	$	8,538,041	$	8,725,442
Trading debt securities	27,059		18,269
Equity securities:
Readily determinable fair value	2,585		48,838
No readily determinable fair value	1,824		1,753
Other:
Federal Reserve Bank stock	33,498		33,253
Federal Home Loan Bank stock	10,000		10,000
Private equity investments	85,659		55,752
Total investment securities	$	8,698,666	$	8,893,307

Summary Of Available For Sale Investment Securities By Maturity Groupings



(Dollars in thousands)	Amortized Cost		Fair Value		Weighted Average Yield
U.S. government and federal agency obligations:
Within 1 year	$	23,577	$	23,518	(.04	)*%
After 1 but within 5 years	434,973		435,690		1.90	*
After 5 but within 10 years	386,708		381,419		1.61	*
After 10 years	69,228		67,025		.64	*
Total U.S. government and federal agency obligations	914,486		907,652		1.63	*
Government-sponsored enterprise obligations:
Within 1 year	24,991		24,743		1.53
After 1 but within 5 years	96,601		95,619		2.03
After 5 but within 10 years	34,985		34,460		2.71
After 10 years	42,893		40,956		3.10
Total government-sponsored enterprise obligations	199,470		195,778		2.32
State and municipal obligations:
Within 1 year	98,429		98,675		2.45
After 1 but within 5 years	656,762		659,525		2.37
After 5 but within 10 years	493,994		496,997		2.58
After 10 years	73,600		72,842		3.22
Total state and municipal obligations	1,322,785		1,328,039		2.50
Mortgage and asset-backed securities:
Agency mortgage-backed securities	3,253,433		3,214,985		2.85
Non-agency mortgage-backed securities	1,053,854		1,047,716		2.85
Asset-backed securities	1,518,976		1,511,614		2.62
Total mortgage and asset-backed securities	5,826,263		5,774,315		2.79
Other debt securities:
Within 1 year	16,500		16,418
After 1 but within 5 years	249,870		245,319
After 5 but within 10 years	73,225		70,520
Total other debt securities	339,595		332,257
Total available for sale debt securities	$	8,602,599	$	8,538,041

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 accumulated other comprehensive income, by security type.



(In thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
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
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

The credit-related portion of the loss on these securities was based on the cash flows projected to be received over the estimated life of the securities, discounted to present value, and compared to the current amortized cost bases of the securities. Significant inputs to the cash flow models used to calculate the credit losses on these securities at December 31, 2018 included the following:



Significant Inputs	Range
Prepayment CPR	0%	-	25%
Projected cumulative default	8%	-	52%
Credit support	0%	-	20%
Loss severity	13%	-	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.



(In thousands)	2018			2017			2016
Cumulative OTTI credit losses at January 1	$	14,199		$	14,080		$	14,129
Credit losses on debt securities for which impairment was not previously recognized	58			111			—
Credit losses on debt securities for which impairment was previously recognized	10			274			270
Increase in expected cash flows that are recognized over remaining life of security	(175		)	(266		)	(319		)
Cumulative OTTI credit losses at December 31	$	14,092		$	14,199		$	14,080

Securities With Unrealized Losses And Length Of Impairment Period

Debt securities with unrealized losses recorded in accumulated other comprehensive income 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
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
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 table presents proceeds from sales of securities and the components of investment securities gains and losses which have been recognized in earnings.



	For the Year Ended December 31
(In thousands)	2018			2017			2016
Proceeds from sales of securities:
Available for sale debt securities	$	667,227		$	779,793		$	2,047
Equity securities	41,637			10,953			3,026
Other	—			1,634			19,307
Total proceeds	$	708,864		$	792,380		$	24,380

Investment securities gains (losses), net:
Available for sale debt securities:
Losses realized on called bonds	$	—		$	(254	)	$	—
Gains realized on sales	448			592			109
Losses realized on sales	(10,101		)	(10,287		)	—
Other-than-temporary impairment recognized on debt securities	(68		)	(385		)	(270		)
Equity securities:
Gains realized on donations of securities	—			31,074			—
Gains realized on sales	1,759			10,653			1,911
Losses realized on sales	(8,917		)	(10		)	(7		)
Fair value adjustments, net	2,542			—			—
Other:
Gains realized on sales	—			381			2,442
Losses realized on sales	—			(880		)	(499		)
Fair value adjustments, net	13,849			(5,833		)	(3,739		)
Total investment securities gains (losses), net	$	(488	)	$	25,051		$	(53	)