Securities (Tables)

6 Months Ended

Jun. 30, 2014

Securities Available for Sale

This table provides detailed information about securities available for sale at June 30, 2014 and December 31, 2013 (in thousands):

June 30, 2014	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
U.S. Treasury	$	466,423	$	820	$	(568	)	$	466,675
U.S. Agencies		968,580		1,778		(992	)		969,366
Mortgage-backed		3,180,331		31,755		(23,881	)		3,188,205
State and political subdivisions		1,924,561		27,721		(8,920	)		1,943,362
Corporates		133,706		13		(704	)		133,015
Total	$	6,673,601	$	62,087	$	(35,065	)	$	6,700,623

December 31, 2013	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
U.S. Treasury	$	110,789	$	284	$	(873	)	$	110,200
U.S. Agencies		1,258,176		2,793		(3,306	)		1,257,663
Mortgage-backed		2,984,963		23,942		(64,339	)		2,944,566
State and political subdivisions		2,003,509		23,493		(31,756	)		1,995,246
Corporates		457,275		902		(3,441	)		454,736
Total	$	6,814,712	$	51,414	$	(103,715	)	$	6,762,411

Gross Unrealized Losses and Fair Value of Investment Securities Available for Sale

The following table shows the Company’s available for sale investments’ gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at June 30, 2014 and December 31, 2013 (in thousands):

June 30, 2014	Less than 12 months					12 months or more					Total
Description of Securities	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
U.S. Treasury	$	157,697	$	(128	)	$	29,524	$	(440	)	$	187,221	$	(568	)
U.S. Agencies		249,308		(242	)		123,824		(750	)		373,132		(992	)
Mortgage-backed		859,667		(14,316	)		482,338		(9,565	)		1,342,005		(23,881	)
State and political subdivisions		131,485		(429	)		375,917		(8,491	)		507,402		(8,920	)
Corporates		37,856		(114	)		86,833		(590	)		124,689		(704	)
Total temporarily-impaired debt securities available for sale	$	1,436,013	$	(15,229	)	$	1,098,436	$	(19,836	)	$	2,534,449	$	(35,065	)

December 31, 2013	Less than 12 months					12 months or more					Total
Description of Securities	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
U.S. Treasury	$	39,822	$	(873	)	$	—	$	—		$	39,822	$	(873	)
U.S. Agencies		675,509		(3,130	)		9,824		(176	)		685,333		(3,306	)
Mortgage-backed		1,945,964		(60,719	)		89,147		(3,620	)		2,035,111		(64,339	)
State and political subdivisions		662,225		(25,064	)		87,061		(6,692	)		749,286		(31,756	)
Corporates		271,834		(2,458	)		41,522		(983	)		313,356		(3,441	)
Total temporarily-impaired debt securities available for sale	$	3,595,354	$	(92,244	)	$	227,554	$	(11,471	)	$	3,822,908	$	(103,715	)

Securities Held to Maturity

The table below provides detailed information for securities held to maturity at June 30, 2014 and December 31, 2013 (in thousands):

June 30, 2014	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
State and political subdivisions	$	238,799	$	30,892	$	—	$	269,691
December 31, 2013
State and political subdivisions	$	209,770	$	21,740	$	—	$	231,510

Schedule of Federal Reserve Bank Stock and Other Securities

The table below provides detailed information for Federal Reserve Bank stock and other securities at June 30, 2014 and December 31, 2013 (in thousands):

June 30, 2014	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Federal Reserve Bank stock	$	16,279	$	—	$	—	$	16,279
Other securities – marketable		—		20,020		—		20,020
Other securities – non-marketable		28,638		2,590		—		31,228
Total Federal Reserve Bank stock and other	$	44,917	$	22,610	$	—	$	67,527
December 31, 2013
Federal Reserve Bank stock	$	16,279	$	—	$	—	$	16,279
Other securities – marketable		20		16,612		—		16,632
Other securities – non-marketable		17,139		432		—		17,571
Total Federal Reserve Bank stock and other	$	33,438	$	17,044	$	—	$	50,482

Available-for-sale Securities [Member]

Contractual Maturity Information

The following table presents contractual maturity information for securities available for sale at June 30, 2014 (in thousands):

	Amortized Cost		Fair Value
Due in 1 year or less	$	406,525	$	408,703
Due after 1 year through 5 years		2,249,226		2,263,974
Due after 5 years through 10 years		705,537		711,189
Due after 10 years		131,982		128,552
Total		3,493,270		3,512,418
Mortgage-backed securities		3,180,331		3,188,205
Total securities available for sale	$	6,673,601	$	6,700,623

Held-to-maturity Securities [Member]

Contractual Maturity Information

The following table presents contractual maturity information for securities held to maturity at June 30, 2014 (in thousands):

	Amortized Cost		Fair Value
Due in 1 year or less	$	61	$	69
Due after 1 year through 5 years		28,051		31,680
Due after 5 years through 10 years		97,997		110,674
Due after 10 years		112,690		127,268
Total securities held to maturity	$	238,799	$	269,691