Securities (Tables)

12 Months Ended

Dec. 31, 2014

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, 2014
Securities available-for-sale:
U.S. Treasury	$	116,919	$	17	$	(10	)	$	116,926
Federal agency—Debt		1,401,303		558		(3,280	)		1,398,581
Federal agency—MBS		102,939		2,601		(1,014	)		104,526
CMOs—Federal agency		3,599,831		19,628		(38,869	)		3,580,590
CMOs—Non-agency		24,385		40		(411	)		24,014
State and municipal		473,272		6,139		(380	)		479,031
Other debt securities		174,352		1,817		—			176,169
Total debt securities		5,893,001		30,800		(43,964	)		5,879,837
Equity securities and mutual funds		1,508		1,988		(350	)		3,146
Total securities available-for-sale	$	5,894,509	$	32,788	$	(44,314	)	$	5,882,983
Securities held-to-maturity (1):
Federal agency—Debt	$	292,932	$	6,430	$	(255	)	$	299,107
Federal agency—MBS		553,589		13,427		(2,275	)		564,741
CMOs—Federal agency		1,811,574		29,998		(10,292	)		1,831,280
State and municipal		682,705		22,732		(1,997	)		703,440
Other debt securities		86,231		72		(224	)		86,079
Total securities held-to-maturity	$	3,427,031	$	72,659	$	(15,043	)	$	3,484,647
December 31, 2013
Securities available-for-sale:
U.S. Treasury	$	35,312	$	23	$	—		$	35,335
Federal agency—Debt		1,417,509		938		(7,911	)		1,410,536
Federal agency—MBS		156,399		3,615		(2,788	)		157,226
CMOs—Federal agency		4,037,348		30,721		(70,771	)		3,997,298
CMOs—Non-agency		38,383		127		(1,048	)		37,462
State and municipal		407,312		8,806		(123	)		415,995
Other debt securities		175,091		3,731		—			178,822
Total debt securities		6,267,354		47,961		(82,641	)		6,232,674
Equity securities and mutual funds		337		8,106		—			8,443
Total securities available-for-sale	$	6,267,691	$	56,067	$	(82,641	)	$	6,241,117
Securities held-to-maturity (1):
Federal agency—Debt	$	178,413	$	133	$	(5,122	)	$	173,424
Federal agency—MBS		445,360		1,005		(11,930	)		434,435
CMOs—Federal agency		1,781,219		1,839		(40,621	)		1,742,437
State and municipal		454,155		421		(19,014	)		435,562
Other debt securities		98,696		—		(619	)		98,077
Total securities held-to-maturity	$	2,957,843	$	3,398	$	(77,306	)	$	2,883,935

(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)	2014			2013			2012
Gross realized gains	$	8,145		$	27,396		$	2,259
Gross realized losses		(514	)		(19,421	)		(1,146	)
Net realized gains	$	7,631		$	7,975		$	1,113

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

The following table provides the expected remaining maturities of debt securities included in the securities portfolio at December 31, 2014, except for maturities of mortgage-backed securities which are allocated according to the average life of expected cash flows.

(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	$	91,106	$	25,820	$	—	$	—	$	116,926
Federal agency—Debt		177,218		1,221,363		—		—		1,398,581
Federal agency—MBS		—		86,898		17,628		—		104,526
CMOs—Federal agency		156,547		3,360,166		63,877		—		3,580,590
CMOs—Non-agency		1,559		22,455		—		—		24,014
State and municipal		141,467		334,216		—		3,348		479,031
Other		88,286		87,883		—		—		176,169
Total debt securities available-for-sale	$	656,183	$	5,138,801	$	81,505	$	3,348	$	5,879,837
Amortized cost	$	653,712	$	5,154,605	$	81,284	$	3,400	$	5,893,001
Securities held-to-maturity:
Federal agency—Debt	$	—	$	—	$	91,436	$	201,496	$	292,932
Federal agency—MBS		—		44,145		504,937		4,507		553,589
CMOs—Federal agency		—		816,224		995,350		—		1,811,574
State and municipal		—		126,032		506,974		49,699		682,705
Other		—		86,231		—		—		86,231
Total debt securities held-to-maturity at amortized cost	$	—	$	1,072,632	$	2,098,697	$	255,702	$	3,427,031

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 Other-Than-Temporarily Impaired Securities	2014		2013		2012
Non-agency CMOs	$	323	$	326	$	291
Equity securities		97		—		—
Total	$	420	$	326	$	291

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)	2014			2013
Balance, beginning of period	$	4,549		$	16,486
Subsequent credit-related impairment		323			326
Reduction for securities sold or redeemed		(2,402	)		(12,263	)
Balance, end of period	$	2,470		$	4,549

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, 2014
Securities available-for-sale:
U.S. Treasury	$	15,814	$	10	$	—	$	—	$	15,814	$	10
Federal agency—Debt		1,008,234		2,622		135,868		658		1,144,102		3,280
Federal agency—MBS		35		—		57,970		1,014		58,005		1,014
CMOs—Federal agency		871,026		3,417		1,261,695		35,452		2,132,721		38,869
CMOs—Non-agency		1,949		15		12,720		396		14,669		411
State and municipal		130,208		314		4,183		66		134,391		380
Total debt securities		2,027,266		6,378		1,472,436		37,586		3,499,702		43,964
Equity securities and mutual funds		538		350		—		—		538		350
Total securities available-for-sale	$	2,027,804	$	6,728	$	1,472,436	$	37,586	$	3,500,240	$	44,314
Securities held-to-maturity:
Federal agency—Debt	$	—	$	—	$	26,316	$	255	$	26,316	$	255
Federal agency—MBS		4,800		21		114,856		2,254		119,656		2,275
CMOs—Federal agency		202,014		2,247		588,019		8,045		790,033		10,292
State and municipal		14,851		76		95,647		1,921		110,498		1,997
Other debt securities		61,813		224		—		—		61,813		224
Total securities held-to-maturity	$	283,478	$	2,568	$	824,838	$	12,475	$	1,108,316	$	15,043
December 31, 2013
Securities available-for-sale:
Federal agency—Debt	$	1,026,142	$	7,911	$	—	$	—	$	1,026,142	$	7,911
Federal agency—MBS		17,962		85		43,492		2,703		61,454		2,788
CMOs—Federal agency		1,637,994		35,922		728,101		34,849		2,366,095		70,771
CMOs—Non-agency		10,056		319		8,483		729		18,539		1,048
State and municipal		16,521		39		4,266		84		20,787		123
Total securities available-for-sale	$	2,708,675	$	44,276	$	784,342	$	38,365	$	3,493,017	$	82,641
Securities held-to-maturity:
Federal agency—Debt	$	156,290	$	5,122	$	—	$	—	$	156,290	$	5,122
Federal agency—MBS		321,090		10,513		15,338		1,417		336,428		11,930
CMOs—Federal agency		1,539,464		36,435		63,276		4,186		1,602,740		40,621
State and municipal		347,305		14,190		41,102		4,824		388,407		19,014
Other debt securities		98,077		619		—		—		98,077		619
Total securities held-to-maturity	$	2,462,226	$	66,879	$	119,716	$	10,427	$	2,581,942	$	77,306