Investment Securities (Tables)

6 Months Ended

Jun. 30, 2014

Jun. 30, 2013



	June 30, 2014
			Recognized in OCI ¹							Not recognized in OCI
(In thousands)	Amortized cost		Gross unrealized gains		Gross unrealized losses			Carrying value		Gross unrealized gains		Gross unrealized losses		Estimated fair value
Held-to-maturity
Municipal securities	$	576,318	$	—	$	—		$	576,318	$	13,987	$	936	$	589,369
Asset-backed securities:
Trust preferred securities – banks and insurance	79,328		—		40,642		²	38,686		16,936		1,165		54,457
Other debt securities	100		—		—			100		—		—		100
	655,746		—		40,642			615,104		30,923		2,101		643,926
Available-for-sale
U.S. Treasury securities	1,499		46		—			1,545						1,545
U.S. Government agencies and corporations:
Agency securities	604,263		2,509		6,452			600,320						600,320
Agency guaranteed mortgage-backed securities	302,408		11,356		464			313,300						313,300
Small Business Administration loan-backed securities	1,404,788		17,045		6,813			1,415,020						1,415,020
Municipal securities	187,760		1,256		607			188,409						188,409
Asset-backed securities:
Trust preferred securities – banks and insurance	915,058		11,383		176,289			750,152						750,152
Auction rate securities	6,508		99		29			6,578						6,578
Other	1,114		229		—			1,343						1,343
	3,423,398		43,923		190,654			3,276,667						3,276,667
Mutual funds and other	188,573		60		2,491			186,142						186,142
	3,611,971		43,983		193,145			3,462,809						3,462,809
Total	$	4,267,717	$	43,983	$	233,787		$	4,077,913					$	4,106,735



	December 31, 2013
			Recognized in OCI ¹							Not recognized in OCI
(In thousands)	Amortized cost		Gross unrealized gains		Gross unrealized losses			Carrying value		Gross unrealized gains		Gross unrealized losses		Estimated fair value
Held-to-maturity
Municipal securities	$	551,055	$	—	$	—		$	551,055	$	11,295	$	4,616	$	557,734
Asset-backed securities:
Trust preferred securities – banks and insurance	79,419		—		41,593		²	37,826		15,195		1,308		51,713
Other debt securities	100		—		—			100		—		—		100
	630,574		—		41,593			588,981		26,490		5,924		609,547
Available-for-sale
U.S. Treasury securities	1,442		104		—			1,546						1,546
U.S. Government agencies and corporations:
Agency securities	517,905		1,920		901			518,924						518,924
Agency guaranteed mortgage-backed securities	308,687		9,926		1,237			317,376						317,376
Small Business Administration loan-backed securities	1,202,901		21,129		2,771			1,221,259						1,221,259
Municipal securities	65,425		1,329		490			66,264						66,264
Asset-backed securities:
Trust preferred securities – banks and insurance	1,508,224		13,439		282,843			1,238,820						1,238,820
Trust preferred securities – real estate investment trusts	22,996		—		—			22,996						22,996
Auction rate securities	6,507		118		26			6,599						6,599
Other	27,540		359		—			27,899						27,899
	3,661,627		48,324		288,268			3,421,683						3,421,683
Mutual funds and other	287,603		21		7,421			280,203						280,203
	3,949,230		48,345		295,689			3,701,886						3,701,886
Total	$	4,579,804	$	48,345	$	337,282		$	4,290,867					$	4,311,433

Contractual Maturities Debt Securities



	Held-to-maturity				Available-for-sale
(In thousands)	Amortized cost		Estimated fair value		Amortized cost		Estimated fair value

Due in one year or less	$	68,208	$	69,985	$	518,808	$	503,309
Due after one year through five years	212,364		213,045		1,254,976		1,240,766
Due after five years through ten years	142,532		147,470		729,062		715,698
Due after ten years	232,642		213,426		920,552		816,894
	$	655,746	$	643,926	$	3,423,398	$	3,276,667

Summary Of Amount Of Gross Unrealized Losses For Debt Securities And Estimated Fair Value

The following is a summary of the amount of gross unrealized losses for investment securities and the estimated fair value by length of time the securities have been in an unrealized loss position:

	June 30, 2014
	Less than 12 months				12 months or more				Total
(In thousands)	Gross unrealized losses		Estimated fair value		Gross unrealized losses		Estimated fair value		Gross unrealized losses		Estimated fair value
Held-to-maturity
Municipal securities	$	88	$	7,620	$	848	$	19,235	$	936	$	26,855
Asset-backed securities:
Trust preferred securities – banks and insurance	55		79		41,752		54,378		41,807		54,457
	143		7,699		42,600		73,613		42,743		81,312
Available-for-sale
U.S. Government agencies and corporations:
Agency securities	6,394		366,792		58		5,740		6,452		372,532
Agency guaranteed mortgage-backed securities	145		15,807		319		16,641		464		32,448
Small Business Administration loan-backed securities	5,610		443,875		1,203		37,237		6,813		481,112
Municipal securities	77		15,561		530		2,697		607		18,258
Asset-backed securities:
Trust preferred securities – banks and insurance	—		—		176,289		647,348		176,289		647,348
Auction rate securities	8		1,606		21		891		29		2,497
	12,234		843,641		178,420		710,554		190,654		1,554,195
Mutual funds and other	915		42,852		1,576		48,516		2,491		91,368
	13,149		886,493		179,996		759,070		193,145		1,645,563
Total	$	13,292	$	894,192	$	222,596	$	832,683	$	235,888	$	1,726,875



	December 31, 2013
	Less than 12 months				12 months or more				Total
(In thousands)	Gross unrealized losses		Estimated fair value		Gross unrealized losses		Estimated fair value		Gross unrealized losses		Estimated fair value


Held-to-maturity
Municipal securities	$	4,025	$	70,400	$	591	$	9,103	$	4,616	$	79,503
Asset-backed securities:
Trust preferred securities – banks and insurance	—		—		42,901		51,319		42,901		51,319
	4,025		70,400		43,492		60,422		47,517		130,822
Available-for-sale
U.S. Government agencies and corporations:
Agency securities	828		47,862		73		5,874		901		53,736
Agency guaranteed mortgage-backed securities	1,231		64,533		6		935		1,237		65,468
Small Business Administration loan-backed securities	1,709		187,680		1,062		39,256		2,771		226,936
Municipal securities	73		8,834		417		3,179		490		12,013
Asset-backed securities:
Trust preferred securities – banks and insurance	2,539		51,911		280,304		847,990		282,843		899,901
Auction rate securities	5		1,609		21		892		26		2,501
	6,385		362,429		281,883		898,126		288,268		1,260,555
Mutual funds and other	943		24,057		6,478		103,614		7,421		127,671
	7,328		386,486		288,361		1,001,740		295,689		1,388,226
Total	$	11,353	$	456,886	$	331,853	$	1,062,162	$	343,206	$	1,519,048

Rollforward Of Total Amount Of Credit-Related OTTI



(In thousands)	Three Months Ended June 30, 2014									Six Months Ended June 30, 2014
(In thousands)	HTM			AFS			Total			HTM			AFS			Total

Balance of credit-related OTTI at beginning of period	$	(9,079	)	$	(163,914	)	$	(172,993	)	$	(9,052	)	$	(176,833	)	$	(185,885	)
Additions recognized in earnings during the period:
Credit-related OTTI on securities not previously impaired	—			—			—			—			—			—
Additional credit-related OTTI on securities previously impaired	—			—			—			(27		)	—			(27		)
Subtotal of amounts recognized in earnings	—			—			—			(27		)	—			(27		)
Reductions for securities sold or paid off during the period	—			—			—			—			12,919			12,919
Balance of credit-related OTTI at end of period	$	(9,079	)	$	(163,914	)	$	(172,993	)	$	(9,079	)	$	(163,914	)	$	(172,993	)



(In thousands)	Three Months Ended June 30, 2014									Six Months Ended June 30, 2014
(In thousands)	HTM			AFS			Total			HTM			AFS			Total

Balance of credit-related OTTI at beginning of period	$	(9,079	)	$	(163,914	)	$	(172,993	)	$	(9,052	)	$	(176,833	)	$	(185,885	)
Additions recognized in earnings during the period:
Credit-related OTTI on securities not previously impaired	—			—			—			—			—			—
Additional credit-related OTTI on securities previously impaired	—			—			—			(27		)	—			(27		)
Subtotal of amounts recognized in earnings	—			—			—			(27		)	—			(27		)
Reductions for securities sold or paid off during the period	—			—			—			—			12,919			12,919
Balance of credit-related OTTI at end of period	$	(9,079	)	$	(163,914	)	$	(172,993	)	$	(9,079	)	$	(163,914	)	$	(172,993	)



(In thousands)	Three Months Ended June 30, 2013									Six Months Ended June 30, 2013
(In thousands)	HTM			AFS			Total			HTM			AFS			Total

Balance of credit-related OTTI at beginning of period	$	(13,952	)	$	(404,208	)	$	(418,160	)	$	(13,549	)	$	(394,494	)	$	(408,043	)
Additions recognized in earnings during the period:
Credit-related OTTI on securities not previously impaired	—			—			—			(403		)	—			(403		)
Additional credit-related OTTI on securities previously impaired	—			(4,217		)	(4,217		)	—			(13,931		)	(13,931		)
Subtotal of amounts recognized in earnings	—			(4,217		)	(4,217		)	(403		)	(13,931		)	(14,334		)
Reductions for securities sold or paid off during the period	—			1,848			1,848			—			1,848			1,848
Balance of credit-related OTTI at end of period	$	(13,952	)	$	(406,577	)	$	(420,529	)	$	(13,952	)	$	(406,577	)	$	(420,529	)

Noncredit Related OTTI



(In thousands)	Three Months Ended June 30,				Six Months Ended June 30,
(In thousands)	2014		2013		2014		2013

HTM	$	—	$	—	$	—	$	16,114
AFS	—		693		—		5,955
	$	—	$	693	$	—	$	22,069

Gains And Losses, Including OTTI, Recognized In Statement Of Income



	Three Months Ended									Six Months Ended
	June 30, 2014				June 30, 2013					June 30, 2014					June 30, 2013
(In thousands)	Gross gains		Gross losses		Gross gains		Gross losses			Gross gains		Gross losses			Gross gains		Gross losses
(In thousands)	Gross gains		Gross losses		Gross gains		Gross losses			Gross gains		Gross losses			Gross gains		Gross losses
Investment securities:
Held-to-maturity	$	—	$	—	$	7	$	—		$	—	$	27		$	31	$	403
Available-for-sale	5,032		6		3,162		8,539			77,593		41,653			6,438		18,254
Other noninterest-bearing investments:
Nonmarketable equity securities	3,745		1,232		2,209		—			4,657		1,232			5,066		25
	8,777		1,238		5,378		8,539			82,250		42,912			11,535		18,682
Net gains (losses)			$	7,539			$	(3,161	)			$	39,338				$	(7,147	)

Statement of income information:
Net impairment losses on investment securities			$	—			$	(4,217	)			$	(27	)			$	(14,334	)
Equity securities gains, net			2,513				2,209					3,425					5,041
Fixed income securities gains (losses), net			5,026				(1,153		)			35,940					2,146
Net gains (losses)			$	7,539			$	(3,161	)			$	39,338				$	(7,147	)

Tax and Nontaxable Interest Income by Investment Type [Table Text Block]



(In thousands)	Three Months Ended June 30, 2014						Six Months Ended June 30, 2014
	Taxable		Nontaxable		Total		Taxable		Nontaxable		Total
Investment securities:
Held-to-maturity	$	3,721	$	2,807	$	6,528	$	7,549	$	5,643	$	13,192
Available-for-sale	16,780		628		17,408		37,204		1,152		38,356
Trading	566		—		566		1,048		—		1,048
	$	21,067	$	3,435	$	24,502	$	45,801	$	6,795	$	52,596

- Definition

Tabular disclosure of the realized and unrealized gains and losses reported in the statement of income which have resulted from the sale and holding of marketable securities, respectively, as well as the sale or disposal of cost method investments. Such amounts would include realized gains and losses on the sale or disposal of trading, available-for-sale, and held-to-maturity securities, unrealized gains and losses on trading securities, unrealized gains and losses on available-for-sale and held-to-maturity securities transferred to the trading securities category, realized gains and losses on the sale or disposal of cost method investments, and losses recognized for other than temporary impairments (OTTI) of such investments.

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- Definition

Tabular disclosure of the amount of other than temporary impairment (OTTI) related to credit losses recognized in earnings including: (a) the beginning balance of the amount related to credit losses on debt securities held by the investor at the beginning of the period for which a portion of an OTTI was recognized in other comprehensive income; (b) additions for the amount related to the credit loss for which an OTTI was not previously recognized; (c) reductions for securities sold during the period (realized); (d) reductions for securities for which the amount previously recognized in other comprehensive income was recognized in earnings because the investor intends to sell the security or more likely than not will be required to sell the security before recovery of its amortized cost basis; (e) additional increases to the amount related to the credit loss for which an OTTI was previously recognized when the investor does not intend to sell the security and it is not more likely than not that the investor will be required to sell the security before recovery of its amortized cost basis; (f) reductions for increases in cash flows expected to be collected that are recognized over the remaining life of the security; and (g) the ending balance of the amount related to credit losses on debt securities held by the entity at the end of the period for which a portion of an OTTI was recognized in other comprehensive income.

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