Investment Securities (Tables)
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12 Months Ended |
Dec. 31, 2019 |
Investments, Debt and Equity Securities [Abstract] |
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Investment Securities, At Fair Value |
Investment securities, at fair value, consisted of the following at December 31, 2019 and 2018: | | | | | | | | (In thousands) | 2019 | 2018 | Available for sale debt securities | $ | 8,571,626 |
| $ | 8,538,041 |
| Trading debt securities | 28,161 |
| 27,059 |
| Equity securities: | | | Readily determinable fair value | 2,929 |
| 2,585 |
| No readily determinable fair value | 1,280 |
| 1,824 |
| Other: | | | Federal Reserve Bank stock | 33,770 |
| 33,498 |
| Federal Home Loan Bank stock | 10,000 |
| 10,000 |
| Private equity investments | 94,122 |
| 85,659 |
| Total investment securities | $ | 8,741,888 |
| $ | 8,698,666 |
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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 | $ | 57,234 |
| $ | 57,192 |
| (.01 | )*% | After 1 but within 5 years | 518,035 |
| 533,805 |
| 2.17 | * | After 5 but within 10 years | 252,592 |
| 260,779 |
| .59 | * | Total U.S. government and federal agency obligations | 827,861 |
| 851,776 |
| 1.54 | * | Government-sponsored enterprise obligations: | | | | Within 1 year | 81,616 |
| 81,830 |
| 1.99 |
| After 10 years | 57,118 |
| 57,447 |
| 2.65 |
| Total government-sponsored enterprise obligations | 138,734 |
| 139,277 |
| 2.26 |
| State and municipal obligations: | | | | Within 1 year | 51,230 |
| 51,540 |
| 2.55 |
| After 1 but within 5 years | 740,283 |
| 763,396 |
| 2.42 |
| After 5 but within 10 years | 377,009 |
| 395,014 |
| 2.56 |
| After 10 years | 57,010 |
| 57,977 |
| 2.92 |
| Total state and municipal obligations | 1,225,532 |
| 1,267,927 |
| 2.49 |
| Mortgage and asset-backed securities: | | | | Agency mortgage-backed securities | 3,893,247 |
| 3,937,964 |
| 2.87 |
| Non-agency mortgage-backed securities | 796,451 |
| 809,782 |
| 2.98 |
| Asset-backed securities | 1,228,151 |
| 1,233,489 |
| 2.61 |
| Total mortgage and asset-backed securities | 5,917,849 |
| 5,981,235 |
| 2.83 |
| Other debt securities: | | | | Within 1 year | 51,998 |
| 52,180 |
| | After 1 but within 5 years | 218,950 |
| 222,770 |
| | After 5 but within 10 years | 54,607 |
| 56,461 |
| | Total other debt securities | 325,555 |
| 331,411 |
| | Total available for sale debt securities | $ | 8,435,531 |
| $ | 8,571,626 |
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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 | December 31, 2019 | | | | | U.S. government and federal agency obligations | $ | 827,861 |
| $ | 23,957 |
| $ | (42 | ) | $ | 851,776 |
| Government-sponsored enterprise obligations | 138,734 |
| 730 |
| (187 | ) | 139,277 |
| State and municipal obligations | 1,225,532 |
| 42,427 |
| (32 | ) | 1,267,927 |
| Mortgage and asset-backed securities: | | | | | Agency mortgage-backed securities | 3,893,247 |
| 50,890 |
| (6,173 | ) | 3,937,964 |
| Non-agency mortgage-backed securities | 796,451 |
| 14,036 |
| (705 | ) | 809,782 |
| Asset-backed securities | 1,228,151 |
| 11,056 |
| (5,718 | ) | 1,233,489 |
| Total mortgage and asset-backed securities | 5,917,849 |
| 75,982 |
| (12,596 | ) | 5,981,235 |
| Other debt securities | 325,555 |
| 5,863 |
| (7 | ) | 331,411 |
| Total | $ | 8,435,531 |
| $ | 148,959 |
| $ | (12,864 | ) | $ | 8,571,626 |
| 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 |
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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, 2019 included the following: | | | | | Significant Inputs | Range | Prepayment CPR | 0% | - | 25% | Projected cumulative default | 9% | - | 52% | Credit support | 0% | - | 20% | Loss severity | 8% | - | 63% |
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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) | 2019 | 2018 | 2017 | Cumulative OTTI credit losses at January 1 | $ | 14,092 |
| $ | 14,199 |
| $ | 14,080 |
| Credit losses on debt securities for which impairment was not previously recognized | 48 |
| 58 |
| 111 |
| Credit losses on debt securities for which impairment was previously recognized | 85 |
| 10 |
| 274 |
| Increase in expected cash flows that are recognized over remaining life of security | (950 | ) | (175 | ) | (266 | ) | Cumulative OTTI credit losses at December 31 | $ | 13,275 |
| $ | 14,092 |
| $ | 14,199 |
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Securities With Unrealized Losses And Length Of Impairment Period |
Debt securities 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 | December 31, 2019 | | | | | | | | | U.S. government and federal agency obligations | $ | 31,787 |
| $ | 21 |
| | $ | 25,405 |
| $ | 21 |
| | $ | 57,192 |
| $ | 42 |
| Government-sponsored enterprise obligations | 6,155 |
| 187 |
| | — |
| — |
| | 6,155 |
| 187 |
| State and municipal obligations | 6,700 |
| 31 |
| | 1,554 |
| 1 |
| | 8,254 |
| 32 |
| Mortgage and asset-backed securities: |
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| | | | Agency mortgage-backed securities | 652,352 |
| 5,306 |
| | 147,653 |
| 867 |
| | 800,005 |
| 6,173 |
| Non-agency mortgage-backed securities | 102,931 |
| 254 |
| | 189,747 |
| 451 |
| | 292,678 |
| 705 |
| Asset-backed securities | 330,876 |
| 3,610 |
| | 152,461 |
| 2,108 |
| | 483,337 |
| 5,718 |
| Total mortgage and asset-backed securities | 1,086,159 |
| 9,170 |
| | 489,861 |
| 3,426 |
| | 1,576,020 |
| 12,596 |
| Other debt securities | 5,496 |
| 4 |
| | 997 |
| 3 |
| | 6,493 |
| 7 |
| Total | $ | 1,136,297 |
| $ | 9,413 |
| | $ | 517,817 |
| $ | 3,451 |
| | $ | 1,654,114 |
| $ | 12,864 |
| 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: |
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| 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 |
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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) | 2019 | 2018 | 2017 | Proceeds from sales of securities: | | | | Available for sale debt securities | $ | 402,103 |
| $ | 667,227 |
| $ | 779,793 |
| Equity securities | 3,856 |
| 41,637 |
| 10,953 |
| Other | 7,244 |
| — |
| 1,634 |
| Total proceeds | $ | 413,203 |
| $ | 708,864 |
| $ | 792,380 |
| | | | | Investment securities gains (losses), net: | | | | Available for sale debt securities: | | | | Losses realized on called bonds | $ | — |
| $ | — |
| $ | (254 | ) | Gains realized on sales | 2,354 |
| 448 |
| 592 |
| Losses realized on sales | (2,568 | ) | (10,101 | ) | (10,287 | ) | Other-than-temporary impairment recognized on debt securities | (133 | ) | (68 | ) | (385 | ) | Equity securities: | | | | Gains realized on donations of securities | — |
| — |
| 31,074 |
| Gains realized on sales | 3,262 |
| 1,759 |
| 10,653 |
| Losses realized on sales | — |
| (8,917 | ) | (10 | ) | Fair value adjustments, net | 344 |
| 2,542 |
| — |
| Other: | | | | Gains realized on sales | 1,094 |
| — |
| 381 |
| Losses realized on sales | — |
| — |
| (880 | ) | Fair value adjustments, net | (727 | ) | 13,849 |
| (5,833 | ) | Total investment securities gains (losses), net | $ | 3,626 |
| $ | (488 | ) | $ | 25,051 |
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