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Investment Securities (Tables)
 3 Months Ended
Mar. 31, 2020
Investment Securities [Abstract]  
Summary Investment Holdings
 
(In thousands)
March 31, 2020December 31, 2019
Available for sale debt securities$8,678,586  $8,571,626  
Trading debt securities24,291  28,161  
Equity securities:
   Readily determinable fair value2,633  2,929  
   No readily determinable fair value1,405  1,280  
Other:
   Federal Reserve Bank stock33,915  33,770  
   Federal Home Loan Bank stock40,000  10,000  
   Private equity investments81,159  94,122  
Total investment securities (1)
$8,861,989  $8,741,888  
(1)Accrued interest receivable totaled $33.7 million at March 31, 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 March 31, 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$86,714  $86,079  
After 1 but within 5 years487,114  517,959  
After 5 but within 10 years225,372  236,409  
Total U.S. government and federal agency obligations799,200  840,447  
Government-sponsored enterprise obligations:
Within 1 year70,167  70,749  
After 10 years37,674  42,121  
Total government-sponsored enterprise obligations107,841  112,870  
State and municipal obligations:
Within 1 year55,673  55,911  
After 1 but within 5 years757,906  778,801  
After 5 but within 10 years366,186  380,949  
After 10 years67,856  67,407  
Total state and municipal obligations1,247,621  1,283,068  
Mortgage and asset-backed securities:
  Agency mortgage-backed securities4,011,631  4,168,421  
  Non-agency mortgage-backed securities708,554  717,008  
  Asset-backed securities1,243,235  1,232,292  
Total mortgage and asset-backed securities5,963,420  6,117,721  
Other debt securities:
Within 1 year41,966  41,789  
After 1 but within 5 years212,864  215,466  
After 5 but within 10 years61,691  64,123  
After 10 years2,992  3,102  
Total other debt securities319,513  324,480  
Total available for sale debt securities$8,437,595  $8,678,586  
Cash Flow Model Inputs Used To Calculate Credit Losses Significant inputs to the cash flow models used at March 31, 2020 to quantify credit losses included the following:
Significant InputsRange
Prepayment CPR0%-25%
Projected cumulative default9%-52%
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 March 31, 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
March 31, 2020
U.S. government and federal agency obligations$89,112  $949  $—  $—  $89,112  $949  
State and municipal obligations62,881  2,844  —  —  62,881  2,844  
Mortgage and asset-backed securities:
   Agency mortgage-backed securities53,489  1,572  91  —  53,580  1,572  
   Non-agency mortgage-backed securities288,712  2,662  52,529  515  341,241  3,177  
   Asset-backed securities530,321  12,879  181,841  9,024  712,162  21,903  
Total mortgage and asset-backed securities872,522  17,113  234,461  9,539  1,106,983  26,652  
Other debt securities98,289  912  —  —  98,289  912  
Total $1,122,804  $21,818  $234,461  $9,539  $1,357,265  $31,357  

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 March 31, 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
March 31, 2020
U.S. government and federal agency obligations$799,200  $42,196  $(949) $—  $840,447  
Government-sponsored enterprise obligations107,841  5,029  —  —  112,870  
State and municipal obligations1,247,621  38,291  (2,844) —  1,283,068  
Mortgage and asset-backed securities:
  Agency mortgage-backed securities4,011,631  158,362  (1,572) —  4,168,421  
  Non-agency mortgage-backed securities708,554  11,631  (3,177) —  717,008  
  Asset-backed securities1,243,235  10,960  (21,903) —  1,232,292  
Total mortgage and asset-backed securities5,963,420  180,953  (26,652) —  6,117,721  
Other debt securities319,513  5,879  (912) —  324,480  
Total$8,437,595  $272,348  $(31,357) $—  $8,678,586  

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 Three Months Ended March 31
(In thousands)20202019
Proceeds from sales of securities:
Available for sale debt securities
$—  $150,756  
Equity securities
2  —  
Total proceeds
$2  $150,756  
Investment securities gains (losses), net:
Available for sale debt securities:
Gains realized on sales$—  $1,386  
Losses realized on sales—  (692) 
Equity securities:
Gains realized on sales2  —  
 Fair value adjustments, net
(295) 223  
Other:
Fair value adjustments, net (13,008) (1,842) 
Total investment securities losses, net
$(13,301) $(925)