Investment Securities (Tables)

3 Months Ended

Mar. 31, 2019



(In thousands)	March 31, 2019		December 31, 2018
Available for sale debt securities	$	8,627,890	$	8,538,041
Trading debt securities	30,427		27,059
Equity securities:
Readily determinable fair value	2,808		2,585
No readily determinable fair value	1,886		1,824
Other:
Federal Reserve Bank stock	33,627		33,498
Federal Home Loan Bank stock	10,000		10,000
Private equity investments	85,877		85,659
Total investment securities	$	8,792,515	$	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 March 31, 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	$	29,484	$	29,341
After 1 but within 5 years	588,651		597,792
After 5 but within 10 years	249,143		250,788
Total U.S. government and federal agency obligations	867,278		877,921
Government-sponsored enterprise obligations:
Within 1 year	36,442		36,176
After 1 but within 5 years	85,155		84,759
After 5 but within 10 years	34,986		34,974
After 10 years	42,913		42,070
Total government-sponsored enterprise obligations	199,496		197,979
State and municipal obligations:
Within 1 year	87,817		88,067
After 1 but within 5 years	663,990		675,122
After 5 but within 10 years	440,363		454,085
After 10 years	56,231		56,926
Total state and municipal obligations	1,248,401		1,274,200
Mortgage and asset-backed securities:
Agency mortgage-backed securities	3,416,497		3,412,399
Non-agency mortgage-backed securities	1,056,738		1,060,008
Asset-backed securities	1,470,541		1,470,516
Total mortgage and asset-backed securities	5,943,776		5,942,923
Other debt securities:
Within 1 year	22,497		22,412
After 1 but within 5 years	245,030		244,892
After 5 but within 10 years	67,995		67,563
Total other debt securities	335,522		334,867
Total available for sale debt securities	$	8,594,473	$	8,627,890

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
March 31, 2019
U.S. government and federal agency obligations	$	867,278	$	11,844	$	(1,201	)	$	877,921
Government-sponsored enterprise obligations	199,496		258		(1,775		)	197,979
State and municipal obligations	1,248,401		26,485		(686		)	1,274,200
Mortgage and asset-backed securities:
Agency mortgage-backed securities	3,416,497		19,977		(24,075		)	3,412,399
Non-agency mortgage-backed securities	1,056,738		9,833		(6,563		)	1,060,008
Asset-backed securities	1,470,541		5,536		(5,561		)	1,470,516
Total mortgage and asset-backed securities	5,943,776		35,346		(36,199		)	5,942,923
Other debt securities	335,522		645		(1,300		)	334,867
Total	$	8,594,473	$	74,578	$	(41,161	)	$	8,627,890
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

ignificant inputs to the cash flow models used to calculate the credit losses on these securities at March 31, 2019 included the following:



Significant Inputs	Range
Prepayment CPR	0%	-	37%
Projected cumulative default	8%	-	50%
Credit support	0%	-	20%
Loss severity	11%	-	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 Three Months Ended March 31
(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	—			58
Credit losses on debt securities for which impairment was previously recognized	—			10
Increase in expected cash flows that are recognized over remaining life of security	(33		)	(54		)
Cumulative OTTI credit losses at March 31	$	14,059		$	14,213

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
March 31, 2019
U.S. government and federal agency obligations	$	3,200	$	26	$	114,835	$	1,175	$	118,035	$	1,201
Government-sponsored enterprise obligations	34,974		12		139,959		1,763		174,933		1,775
State and municipal obligations	13,907		3		110,737		683		124,644		686
Mortgage and asset-backed securities:
Agency mortgage-backed securities	156,031		326		1,706,133		23,749		1,862,164		24,075
Non-agency mortgage-backed securities	47,338		41		639,311		6,522		686,649		6,563
Asset-backed securities	219,611		931		726,118		4,630		945,729		5,561
Total mortgage and asset-backed securities	422,980		1,298		3,071,562		34,901		3,494,542		36,199
Other debt securities	35,967		32		170,424		1,268		206,391		1,300
Total	$	511,028	$	1,371	$	3,607,517	$	39,790	$	4,118,545	$	41,161
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 Three Months Ended March 31
(In thousands)	2019			2018
Proceeds from sales of securities:
Available for sale debt securities	$	150,756		$	148,637
Equity securities	—			15
Total proceeds	$	150,756		$	148,652

Investment securities gains (losses), net:
Available for sale debt securities:
Gains realized on sales	$	1,386		$	212
Losses realized on sales	(692		)	—
Other-than-temporary impairment recognized on debt securities	—			(68		)
Equity securities:
Gains realized on sales	—			14
Fair value adjustments, net	223			947
Other:
Fair value adjustments, net	(1,842		)	4,305
Total investment securities gains (losses), net	$	(925	)	$	5,410