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Investment Securities (Tables)
 12 Months Ended
Dec. 31, 2020
Investments, Debt and Equity Securities [Abstract]  
Investment Securities, At Fair Value
Investment securities, at fair value, consisted of the following at December 31, 2020 and 2019:
 
(In thousands)
20202019
Available for sale debt securities$12,449,264 $8,571,626 
Trading debt securities35,321 28,161 
Equity securities:
   Readily determinable fair value2,966 2,929 
   No readily determinable fair value1,397 1,280 
Other:
   Federal Reserve Bank stock34,070 33,770 
   Federal Home Loan Bank stock10,307 10,000 
   Equity method investments18,000 — 
   Private equity investments94,368 94,122 
Total investment securities (1)
$12,645,693 $8,741,888 
(1) Accrued interest receivable totaled $41.5 million at December 31, 2020 and was included within other assets on the consolidated balance sheet.
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$59,627 $59,641 .90 *%
After 1 but within 5 years490,333 521,540 2.22 *
After 5 but within 10 years225,632 256,878 .65 *
Total U.S. government and federal agency obligations
775,592 838,059 1.66 *
Government-sponsored enterprise obligations:
Within 1 year14,993 14,916 2.15 
After 10 years35,810 39,569 2.39 
Total government-sponsored enterprise obligations
50,803 54,485 2.32 
State and municipal obligations:
Within 1 year34,694 34,866 2.35 
After 1 but within 5 years865,165 901,201 2.20 
After 5 but within 10 years595,510 627,063 2.01 
After 10 years472,637 481,969 1.84 
Total state and municipal obligations
1,968,006 2,045,099 2.06 
Mortgage and asset-backed securities:
Agency mortgage-backed securities6,557,098 6,712,085 2.00 
Non-agency mortgage-backed securities358,074 361,074 2.39 
Asset-backed securities1,853,791 1,882,243 1.53 
Total mortgage and asset-backed securities
8,768,963 8,955,402 1.92 
Other debt securities:
Within 1 year8,041 8,118 
After 1 but within 5 years254,173 265,486 
After 5 but within 10 years240,759 250,036 
After 10 years31,196 32,579 
Total other debt securities
534,169 556,219 
Total available for sale debt securities
$12,097,533 $12,449,264 
* Rate does not reflect inflation adjustment on inflation-protected securities
Cash Flow Model Inputs Used To Calculate Credit Losses Significant inputs to the cash flow model used at December 31, 2020 to quantify credit losses were primarily credit support agreements, as the securities on the Company's watch list at December 31, 2020 were securities backed by government-guaranteed student loans and are expected to perform as contractually required. As of December 31, 2020, the Company did not identify any securities for which a credit loss exists.
Securities With Unrealized Losses 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
December 31, 2020
Government-sponsored enterprise obligations$19,720 $98 $— $— $19,720 $98 
State and municipal obligations45,622 230 — — 45,622 230 
Mortgage and asset-backed securities:
Agency mortgage-backed securities470,373 2,802 — — 470,373 2,802 
Non-agency mortgage-backed securities112,861 380 — — 112,861 380 
Asset-backed securities21,360 56 253,734 2,617 275,094 2,673 
Total mortgage and asset-backed securities
604,594 3,238 253,734 2,617 858,328 5,855 
Other debt securities
24,522 175 — — 24,522 175 
Total
$694,458 $3,741 $253,734 $2,617 $948,192 $6,358 

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 December 31, 2020 and the corresponding amounts of gross unrealized gains and losses (pre-tax) in AOCI, by security type.
(In thousands)
 Amortized CostGross Unrealized GainsGross Unrealized LossesAllowance for Credit LossesFair Value
December 31, 2020
U.S. government and federal agency obligations$775,592 $62,467 $— $— $838,059 
Government-sponsored enterprise obligations50,803 3,780 (98)— 54,485 
State and municipal obligations1,968,006 77,323 (230)— 2,045,099 
Mortgage and asset-backed securities:
Agency mortgage-backed securities6,557,098 157,789 (2,802)— 6,712,085 
Non-agency mortgage-backed securities358,074 3,380 (380)— 361,074 
Asset-backed securities1,853,791 31,125 (2,673)— 1,882,243 
Total mortgage and asset-backed securities
8,768,963 192,294 (5,855)— 8,955,402 
Other debt securities
534,169 22,225 (175)— 556,219 
Total
$12,097,533 $358,089 $(6,358)$— $12,449,264 

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 GainsGross Unrealized LossesFair 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 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 
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)202020192018
Proceeds from sales of securities:
Available for sale debt securities
$602,475 $402,103 $667,227 
 Equity securities
2 3,856 41,637 
Other
— 7,244 — 
Total proceeds
$602,477 $413,203 $708,864 
Investment securities gains (losses), net:
Available for sale debt securities:
Gains realized on sales$21,096 $2,354 $448 
Losses realized on sales— (2,568)(10,101)
Other-than-temporary impairment recognized on debt securities— (133)(68)
Equity securities:
Gains realized on sales2 3,262 1,759 
Losses realized on sales
— — (8,917)
 Fair value adjustments, net
37 344 2,542 
Other:
 Gains realized on sales
— 1,094 — 
 Fair value adjustments, net(10,103)(727)13,849 
Total investment securities gains (losses), net$11,032 $3,626 $(488)