Investment Securities (Tables)

12 Months Ended

Dec. 31, 2016



	December 31, 2016
(In thousands)	Amortized cost		Gross unrealized gains		Gross unrealized losses		Estimated fair value
Held-to-maturity
Municipal securities	$	867,904	$	5,975	$	23,406	$	850,473
Available-for-sale
U.S. Government agencies and corporations:
Agency securities	1,845,825		2,338		9,188		1,838,975
Agency guaranteed mortgage-backed securities	7,985,630		6,596		109,392		7,882,834
Small Business Administration loan-backed securities	2,297,935		8,439		18,507		2,287,867
Municipal securities	1,181,560		969		28,319		1,154,210
Other debt securities	25,359		103		1,570		23,892
	13,336,309		18,445		166,976		13,187,778
Money market mutual funds and other	184,407		9		—		184,416
	13,520,716		18,454		166,976		13,372,194
Total	$	14,388,620	$	24,429	$	190,382	$	14,222,667



	December 31, 2015
(In thousands)	Amortized cost		Gross unrealized gains		Gross unrealized losses		Estimated fair value
Held-to-maturity
Municipal securities	$	545,648	$	11,218	$	4,778	$	552,088
Available-for-sale
U.S. Government agencies and corporations:
Agency securities	1,231,740		4,313		2,658		1,233,395
Agency guaranteed mortgage-backed securities	3,964,593		7,919		36,037		3,936,475
Small Business Administration loan-backed securities	1,932,817		12,602		14,445		1,930,974
Municipal securities	417,374		2,177		856		418,695
Other debt securities	25,454		152		2,665		22,941
	7,571,978		27,163		56,661		7,542,480
Money market mutual funds and other	100,612		61		37		100,636
	7,672,590		27,224		56,698		7,643,116
Total	$	8,218,238	$	38,442	$	61,476	$	8,195,204

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	$	181,416	$	181,686	$	1,548,685	$	1,532,345
Due after one year through five years	276,753		276,470		4,971,404		4,920,537
Due after five years through ten years	198,667		195,541		4,305,373		4,251,664
Due after ten years	211,068		196,776		2,510,847		2,483,232
	$	867,904	$	850,473	$	13,336,309	$	13,187,778

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



	December 31, 2016
	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	$	15,754	$	467,056	$	7,652	$	61,389	$	23,406	$	528,445
Available-for-sale
U.S. Government agencies and corporations:
Agency securities	8,682		949,608		506		127,249		9,188		1,076,857
Agency guaranteed mortgage-backed securities	102,524		6,649,246		6,868		326,417		109,392		6,975,663
Small Business Administration loan-backed securities	2,490		527,472		16,017		840,535		18,507		1,368,007
Municipal securities	28,077		991,973		242		9,103		28,319		1,001,076
Other	—		—		1,570		13,433		1,570		13,433
	141,773		9,118,299		25,203		1,316,737		166,976		10,435,036
Mutual funds and other	—		—		—		—		—		—
	141,773		9,118,299		25,203		1,316,737		166,976		10,435,036
Total	$	157,527	$	9,585,355	$	32,855	$	1,378,126	$	190,382	$	10,963,481



	December 31, 2015
	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	$	4,521	$	122,197	$	257	$	13,812	$	4,778	$	136,009
Available-for-sale
U.S. Government agencies and corporations:
Agency securities	2,176		559,196		482		131,615		2,658		690,811
Agency guaranteed mortgage-backed securities	34,583		3,639,824		1,454		65,071		36,037		3,704,895
Small Business Administration loan-backed securities	5,348		567,365		9,097		535,376		14,445		1,102,741
Municipal securities	735		102,901		121		5,733		856		108,634
Other	—		—		2,665		12,337		2,665		12,337
	42,842		4,869,286		13,819		750,132		56,661		5,619,418
Mutual funds and other	37		35,488		—		—		37		35,488
	42,879		4,904,774		13,819		750,132		56,698		5,654,906
Total	$	47,400	$	5,026,971	$	14,076	$	763,944	$	61,476	$	5,790,915

Rollforward Of Total Amount Of Credit-Related OTTI

The following is a tabular rollforward of the total amount of credit-related OTTI, including amounts recognized in earnings:

(In thousands)	2016						2015
(In thousands)	HTM		AFS		Total		HTM			AFS			Total

Balance of credit-related OTTI at beginning of year	$	—	$	—	$	—	$	(9,079	)	$	(95,472	)	$	(104,551	)
Transfers from HTM to AFS	—		—		—		9,079			(9,079		)	—
Reductions for securities sold or paid off during the year	—		—		—		—			104,551			104,551
Balance of credit-related OTTI at end of year	$	—	$	—	$	—	$	—		$	—		$	—


¹	Relates to securities not previously impaired.


²	Relates to additional impairment on securities previously impaired.

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

The following summarizes gains and losses, including OTTI, that were recognized in the statement of income:

	2016				2015					2014
(In thousands)	Gross gains		Gross losses		Gross gains		Gross losses			Gross gains		Gross losses
Investment securities:
Held-to-maturity	$	12	$	—	$	1	$	—		$	18	$	27
Available-for-sale	120		30		8,443		147,656			92,525		83,815
Other noninterest-bearing investments	21,176		14,008		25,045		12,693			23,706		8,544
	21,308		14,038		33,489		160,349			116,249		92,386
Net gains (losses)			$	7,270			$	(126,860	)			$	23,863
Statement of income information:
Net impairment losses on investment securities			$	—			$	—				$	(27	)
Equity securities gains, net			7,168				11,875					13,471
Fixed income securities gains (losses), net			102				(138,735		)			10,419
Net gains (losses)			$	7,270			$	(126,860	)			$	23,863

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



(In thousands)	2016						2015						2014
	Taxable		Nontaxable		Total		Taxable		Nontaxable		Total		Taxable		Nontaxable		Total
Investment securities:
Held-to-maturity	$	10,306	$	12,628	$	22,934	$	12,777	$	10,892	$	23,669	$	14,770	$	11,264	$	26,034
Available-for-sale	166,281		11,582		177,863		94,877		3,326		98,203		71,365		2,558		73,923
Trading	3,123		—		3,123		2,214		—		2,214		1,979		—		1,979
	$	179,710	$	24,210	$	203,920	$	109,868	$	14,218	$	124,086	$	88,114	$	13,822	$	101,936

- 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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