Securities (Tables)

12 Months Ended

Dec. 31, 2012

Securities

Summary of amortized cost and estimated fair value for the major categories of securities available-for-sale and held-to-maturity

(in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
December 31, 2012
Securities available-for-sale:
U.S. Treasury	$	20,393	$	7	$	(3	)	$	20,397
Federal agency—Debt		2,344,374		5,031		(203	)		2,349,202
Federal agency—MBS		653,428		39,673		(69	)		693,032
CMOs—Federal agency		5,233,126		91,165		(6,038	)		5,318,253
CMOs—Non-agency		62,975		662		(2,124	)		61,513
State and municipal		437,266		17,447		(239	)		454,474
Other debt securities		305,340		7,945		(5,868	)		307,417
Total debt securities		9,056,902		161,930		(14,544	)		9,204,288
Equity securities and mutual funds		336		1,365		—			1,701
Total securities available-for-sale	$	9,057,238	$	163,295	$	(14,544	)	$	9,205,989
Securities held-to-maturity (1):
Federal agency—Debt	$	97,183	$	4,032	$	—		$	101,215
Federal agency—MBS		303,642		11,490		(182	)		314,950
CMOs—Federal agency		745,980		28,973		(382	)		774,571
State and municipal		251,598		5,122		(857	)		255,863
Total securities held-to-maturity	$	1,398,403	$	49,617	$	(1,421	)	$	1,446,599

(1)

Securities held-to-maturity are presented in the consolidated balance sheets at amortized cost.

(in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
December 31, 2011
Securities available-for-sale:
U.S. Treasury	$	19,163	$	24	$	(5	)	$	19,182
Federal agency—Debt		1,967,928		6,230		(296	)		1,973,862
Federal agency—MBS		650,091		31,040		(87	)		681,044
CMOs—Federal agency		4,239,205		89,926		(2,224	)		4,326,907
CMOs—Non-agency		79,999		322		(11,320	)		69,001
State and municipal		383,210		18,767		(373	)		401,604
Other debt securities		106,051		1,896		(8,873	)		99,074
Total debt securities		7,445,647		148,205		(23,178	)		7,570,674
Equity securities and mutual funds		352		875		—			1,227
Total securities available-for-sale	$	7,445,999	$	149,080	$	(23,178	)	$	7,571,901
Securities held-to-maturity (1):
Federal agency—Debt	$	40,423	$	780	$	—		$	41,203
Federal agency—MBS		75,231		1,632		—			76,863
CMOs—Federal agency		292,547		2,580		(195	)		294,932
State and municipal		59,479		1,463		(37	)		60,905
Total securities held-to-maturity	$	467,680	$	6,455	$	(232	)	$	473,903

(1)

Securities held-to-maturity are presented in the consolidated balance sheets at amortized cost.

Schedule of gross realized gains and losses on sales and calls of securities (including trading securities) available-for-sale

	For the year ended December 31,
(in thousands)	2012			2011			2010
Gross realized gains	$	2,259		$	6,747		$	6,915
Gross realized losses		(1,146	)		(1,681	)		(6,522	)
Net realized gains	$	1,113		$	5,066		$	393

Schedule of remaining maturities of debt securities included in the securities portfolio

(in thousands)	One year or less		Over 1 year through 5 years		Over 5 years through 10 years		Over 10 years		Total
Securities available-for-sale:
U.S. Treasury	$	—	$	20,397	$	—	$	—	$	20,397
Federal agency—Debt		1,809,346		539,856		—		—		2,349,202
Federal agency—MBS		4		441,236		251,792		—		693,032
CMOs—Federal agency		226,935		4,925,990		165,328		—		5,318,253
CMOs—Non-agency		8,344		33,336		19,833		—		61,513
State and municipal		90,659		266,203		73,630		23,982		454,474
Other		15,201		289,768		2,448		—		307,417
Total debt securities available-for-sale	$	2,150,489	$	6,516,786	$	513,031	$	23,982	$	9,204,288
Amortized cost	$	2,144,654	$	6,410,472	$	477,855	$	23,921	$	9,056,902
Securities held-to-maturity:
Federal agency—Debt	$	—	$	—	$	—	$	97,183	$	97,183
Federal agency—MBS		—		2,453		301,189		—		303,642
CMOs—Federal agency		—		123,436		622,544		—		745,980
State and municipal		—		14,757		191,269		45,572		251,598
Total debt securities held-to-maturity at amortized cost	$	—	$	140,646	$	1,115,002	$	142,755	$	1,398,403

Schedule of total impairment losses recognized in earnings on other-than-temporarily impaired securities

	For the year ended December 31,
(in thousands) Impairment Losses on
	2012		2011		2010
Other-Than-Temporarily Impaired Securities
Non-agency CMOs	$	291	$	651	$	1,738
Perpetual preferred stock		—		—		293
Total	$	291	$	651	$	2,031

Schedule of roll forward of credit-related other-than-temporary impairment recognized in earnings for debt securities

	For the year ended December 31,
(in thousands)	2012			2011
Balance, beginning of period	$	17,531		$	17,923
Subsequent credit-related impairment		291			651
Reduction for securities sold or redeemed		(537	)		(455	)
Reduction for increase in expected cash flows on securities for which OTTI was previously recognized		(799	)		(588	)
Balance, end of period	$	16,486		$	17,531

Summary of the gross unrealized losses and fair value of investment securities that are in an unrealized loss position aggregated by investment category and length of time

	Less than 12 months				12 months or greater				Total
(in thousands)	Fair Value		Estimated Unrealized Loss		Fair Value		Estimated Unrealized Loss		Fair Value		Estimated Unrealized Loss
December 31, 2012
Securities available-for-sale:
U.S. Treasury	$	5,096	$	3	$	—	$	—	$	5,096	$	3
Federal agency—Debt		346,136		203		—		—		346,136		203
Federal agency—MBS (1)		50,932		69		46		—		50,978		69
CMOs—Federal agency		1,413,367		5,994		13,565		44		1,426,932		6,038
CMOs—Non-agency		—		—		25,484		2,124		25,484		2,124
State and municipal		85,550		225		810		14		86,360		239
Other debt securities		39,877		49		16,038		5,819		55,915		5,868
Total securities available-for-sale	$	1,940,958	$	6,543	$	55,943	$	8,001	$	1,996,901	$	14,544
Securities held-to-maturity:
Federal agency—MBS	$	31,514	$	182	$	—	$	—	$	31,514	$	182
CMOs—Federal agency		60,998		382		—		—		60,998		382
State and municipal		64,344		857		—		—		64,344		857
Total securities held-to-maturity	$	156,856	$	1,421	$	—	$	—	$	156,856	$	1,421

(1)

The estimated gross unrealized loss for federal agency MBS securities in a continuous unrealized loss position of 12 months or greater was an insignificant amount as of December 31, 2012.

	Less than 12 months				12 months or greater				Total
(in thousands)	Fair Value		Estimated Unrealized Loss		Fair Value		Estimated Unrealized Loss		Fair Value		Estimated Unrealized Loss
December 31, 2011
Securities available-for-sale:
U.S. Treasury	$	4,145	$	5	$	—	$	—	$	4,145	$	5
Federal agency—Debt		409,129		296		—		—		409,129		296
Federal agency—MBS		24,519		87		—		—		24,519		87
CMOs—Federal agency		744,737		2,224		—		—		744,737		2,224
CMOs—Non-agency		20,094		833		31,400		10,487		51,494		11,320
State and municipal		42,164		268		2,023		105		44,187		373
Other debt securities		34,153		508		14,718		8,365		48,871		8,873
Total securities available-for-sale	$	1,278,941	$	4,221	$	48,141	$	18,957	$	1,327,082	$	23,178
Securities held-to-maturity:
CMOs—Federal agency	$	32,256	$	195	$	—	$	—	$	32,256	$	195
State and municipal		5,784		37		—		—		5,784		37
Total securities held-to-maturity	$	38,040	$	232	$	—	$	—	$	38,040	$	232