XML 34 R23.htm IDEA: XBRL DOCUMENT v3.7.0.1
Investment Securities Available for Sale and Investment Securities Held to Maturity (Tables)
 3 Months Ended
Mar. 31, 2017
Investments, Debt and Equity Securities [Abstract]  
Schedule of adjusted cost and approximate fair value of investment securities available for sale and investments held to maturity
The following tables present the adjusted cost and approximate fair value of investment securities available for sale and investment securities held to maturity.
 
March 31, 2017
 
 
 
Gross Unrealized
 
 
 
Amortized Cost
 
Gains
 
Losses
 
Fair Value
 
(In Thousands)
Investment securities available for sale:
 
 
 
 
 
 
 
Debt securities:
 
 
 
 
 
 
 
U.S. Treasury and other U.S. government agencies
$
2,995,084

 
$
4,896

 
$
32,595

 
$
2,967,385

Mortgage-backed securities
3,541,581

 
14,965

 
34,522

 
3,522,024

Collateralized mortgage obligations
5,013,180

 
5,796

 
84,833

 
4,934,143

States and political subdivisions
8,089

 
144

 
25

 
8,208

Other
14,129

 
48

 
116

 
14,061

Equity securities
400,727

 
70

 
—

 
400,797

Total
$
11,972,790

 
$
25,919

 
$
152,091

 
$
11,846,618

Investment securities held to maturity:
 
 
 
 
 
 
 
Collateralized mortgage obligations
$
77,791

 
$
4,926

 
$
3,424

 
$
79,293

Asset-backed securities
13,314

 
1,914

 
956

 
14,272

States and political subdivisions
1,002,928

 
3,302

 
20,680

 
985,550

Other
64,752

 
928

 
2,101

 
63,579

Total
$
1,158,785

 
$
11,070

 
$
27,161

 
$
1,142,694

 
December 31, 2016
 
 
 
Gross Unrealized
 
 
 
Amortized Cost
 
Gains
 
Losses
 
Fair Value
 
(In Thousands)
Investment securities available for sale:
 
 
 
 
 
 
 
Debt securities:
 
 
 
 
 
 
 
U.S. Treasury and other U.S. government agencies
$
2,409,141

 
$
2,390

 
$
37,200

 
$
2,374,331

Mortgage-backed securities
3,796,270

 
12,869

 
45,801

 
3,763,338

Collateralized mortgage obligations
5,200,241

 
5,292

 
106,605

 
5,098,928

States and political subdivisions
8,457

 
184

 
—

 
8,641

Other
16,321

 
6

 
142

 
16,185

Equity securities
403,548

 
84

 
—

 
403,632

Total
$
11,833,978

 
$
20,825

 
$
189,748

 
$
11,665,055

Investment securities held to maturity:
 
 
 
 
 
 
 
Collateralized mortgage obligations
$
83,087

 
$
5,265

 
$
3,278

 
$
85,074

Asset-backed securities
15,118

 
1,982

 
1,081

 
16,019

States and political subdivisions
1,040,716

 
2,309

 
25,518

 
1,017,507

Other
64,296

 
1,143

 
2,030

 
63,409

Total
$
1,203,217

 
$
10,699

 
$
31,907

 
$
1,182,009
Schedule of fair value and gross unrealized losses of available for sale and held to maturity securities that were in a loss position
The following tables disclose the fair value and the gross unrealized losses of the Company’s available for sale securities and held to maturity securities that were in a loss position at March 31, 2017 and December 31, 2016. This information is aggregated by investment category and the length of time the individual securities have been in an unrealized loss position.
 
March 31, 2017
 
Securities in a loss position for less than 12 months
 
Securities in a loss position for 12 months or longer
 
Total
 
Fair Value
 
Unrealized Losses
 
Fair Value
 
Unrealized Losses
 
Fair Value
 
Unrealized Losses
 
(In Thousands)
Investment securities available for sale:
 
 
 
 
 
 
 
 
 
 
 
Debt securities:
 
 
 
 
 
 
 
 
 
 
 
U.S. Treasury and other U.S. government agencies
$
1,342,663

 
$
13,129

 
$
747,898

 
$
19,466

 
$
2,090,561

 
$
32,595

Mortgage-backed securities
1,202,675

 
9,804

 
1,293,140

 
24,718

 
2,495,815

 
34,522

Collateralized mortgage obligations
2,979,987

 
68,468

 
1,074,947

 
16,365

 
4,054,934

 
84,833

States and political subdivisions
4,333

 
25

 
—

 
—

 
4,333

 
25

Other
3,871

 
55

 
1,060

 
61

 
4,931

 
116

Total
$
5,533,529

 
$
91,481

 
$
3,117,045

 
$
60,610

 
$
8,650,574

 
$
152,091

 
 
 
 
 
 
 
 
 
 
 
 
Investment securities held to maturity:
 
 
 
 
 
 
 
 
 
 
 
Collateralized mortgage obligations
$
8,468

 
$
199

 
$
40,759

 
$
3,225

 
$
49,227

 
$
3,424

Asset-backed securities
—

 
—

 
8,317

 
956

 
8,317

 
956

States and political subdivisions
422,213

 
9,863

 
311,319

 
10,817

 
733,532

 
20,680

Other
9,380

 
130

 
10,872

 
1,971

 
20,252

 
2,101

Total
$
440,061

 
$
10,192

 
$
371,267

 
$
16,969

 
$
811,328

 
$
27,161

 
December 31, 2016
 
Securities in a loss position for less than 12 months
 
Securities in a loss position for 12 months or longer
 
Total
 
Fair Value
 
Unrealized Losses
 
Fair Value
 
Unrealized Losses
 
Fair Value
 
Unrealized Losses
 
(In Thousands)
Investment securities available for sale:
 
 
 
 
 
 
 
 
 
 
 
Debt securities:
 
 
 
 
 
 
 
 
 
 
 
U.S. Treasury and other U.S. government agencies
$
1,277,341

 
$
23,862

 
$
609,078

 
$
13,338

 
$
1,886,419

 
$
37,200

Mortgage-backed securities
1,425,743

 
15,235

 
1,368,957

 
30,566

 
2,794,700

 
45,801

Collateralized mortgage obligations
3,527,757

 
99,477

 
782,849

 
7,128

 
4,310,606

 
106,605

Other
3,849

 
77

 
1,057

 
65

 
4,906

 
142

Total
$
6,234,690

 
$
138,651

 
$
2,761,941

 
$
51,097

 
$
8,996,631

 
$
189,748

 
 
 
 
 
 
 
 
 
 
 
 
Investment securities held to maturity:
 
 
 
 
 
 
 
 
 
 
 
Collateralized mortgage obligations
$
3,847

 
$
527

 
$
40,083

 
$
2,751

 
$
43,930

 
$
3,278

Asset-backed securities
343

 
1

 
9,238

 
1,080

 
9,581

 
1,081

States and political subdivisions
532,090

 
13,043

 
313,803

 
12,475

 
845,893

 
25,518

Other
16,578

 
174

 
3,587

 
1,856

 
20,165

 
2,030

Total
$
552,858

 
$
13,745

 
$
366,711

 
$
18,162

 
$
919,569

 
$
31,907
Schedule of activity related to credit losses for debt securities where other than temporary impairments was recognized in other comprehensive income
The following table discloses activity related to credit losses for debt securities where a portion of the OTTI was recognized in other comprehensive income.
 
Three Months Ended 
 March 31,
 
2017

2016
 
(In Thousands)
Balance at beginning of period
$
22,582

 
$
22,452

Reductions for securities paid off during the period (realized)
—

 
—

Additions for the credit component on debt securities in which OTTI was not previously recognized
242

 
—

Additions for the credit component on debt securities in which OTTI was previously recognized
—

 
—

Balance at end of period
$
22,824

 
$
22,452
Schedule of investments classified by contractual maturity date
The contractual maturities of the securities portfolios are presented in the following table.
March 31, 2017
 
Amortized Cost
 
Fair Value
 
 
(In Thousands)
Investment securities available for sale:
 
 
Maturing within one year
 
$
350,956

 
$
350,702

Maturing after one but within five years
 
621,527

 
612,890

Maturing after five but within ten years
 
1,027,104

 
1,027,567

Maturing after ten years
 
1,017,715

 
998,495

 
 
3,017,302

 
2,989,654

Mortgage-backed securities and collateralized mortgage obligations
 
8,554,761

 
8,456,167

Equity securities
 
400,727

 
400,797

Total
 
$
11,972,790

 
$
11,846,618

 
 
 
 
 
Investment securities held to maturity:
 
 
 
 
Maturing within one year
 
$
67,232

 
$
67,298

Maturing after one but within five years
 
274,836

 
269,078

Maturing after five but within ten years
 
233,024

 
229,624

Maturing after ten years
 
505,902

 
497,401

 
 
1,080,994

 
1,063,401

Collateralized mortgage obligations
 
77,791

 
79,293

Total
 
$
1,158,785

 
$
1,142,694
Schedule of realized gain (loss) on investments
The gross realized gains and losses recognized on sales of investment securities available for sale are shown in the table below.
 
Three Months Ended March 31,
 
2017
 
2016
 
(In Thousands)
Gross gains
$
—

 
$
8,353

Gross losses
—

 
—

Net realized gains
$
—

 
$
8,353