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Securities (Tables)

6 Months Ended

Jun. 30, 2012

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

					Gross			Gross
		Amortized			Unrealized			Unrealized
(in thousands)		Cost			Gains			Losses			Fair Value
June 30, 2012
Securities available-for-sale:
U.S. Treasury		$	17,223		$	1		$	(16	)	$	17,208
Federal agency - Debt		994,268			4,954			(15		)	999,207
Federal agency - MBS		655,384			36,288			—			691,672
CMOs - Federal agency		4,388,817			89,297			(850		)	4,477,264
CMOs - Non-agency		70,702			839			(6,075		)	65,466
State and municipal		365,236			18,515			(101		)	383,650
Other debt securities		231,795			5,291			(7,178		)	229,908
Total debt securities		6,723,425			155,185			(14,235		)	6,864,375
Equity securities and mutual funds		336			1,170			—			1,506
Total securities available-for-sale		$	6,723,761		$	156,355		$	(14,235	)	$	6,865,881

Securities held-to-maturity (1):
Federal agency - Debt		$	103,439		$	2,002		$	—		$	105,441
Federal agency - MBS		200,763			5,520			(99		)	206,184
CMOs - Federal agency		642,102			18,384			(22		)	660,464
State and municipal		153,925			2,248			(1,209		)	154,964
Total securities held-to-maturity		$	1,100,229		$	28,154		$	(1,330	)	$	1,127,053

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 three months ended						For the six months ended
		June 30,						June 30,
(in thousands)		2012			2011			2012			2011
Gross realized gains		$	40		$	2,621		$	536		$	2,781
Gross realized losses		(319		)	(932		)	(366		)	(962		)
Net realized (losses) gains		$	(279	)	$	1,689		$	170		$	1,819

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		$	5,003		$	12,205		$	—		$	—		$	17,208
Federal agency - Debt		663,719			335,488			—			—			999,207
Federal agency - MBS		11			455,069			236,592			—			691,672
CMOs - Federal agency		309,857			4,012,348			155,059			—			4,477,264
CMOs - Non-agency		12,442			20,992			32,032			—			65,466
State and municipal		47,369			218,736			67,047			50,498			383,650
Other		3,416			184,044			42,448			—			229,908
Total debt securities available-for-sale		$	1,041,817		$	5,238,882		$	533,178		$	50,498		$	6,864,375

Amortized cost		$	1,035,552		$	5,130,739		$	506,789		$	50,345		$	6,723,425

Securities held-to-maturity:
Federal agency - Debt		$	10,947		$	—		$	—		$	92,492		$	103,439
Federal agency - MBS		—			2,663			198,100			—			200,763
CMOs - Federal agency		—			92,378			549,724			—			642,102
State and municipal		500			10,386			96,733			46,306			153,925
Total debt securities held-to-maturity at amortized cost		$	11,447		$	105,427		$	844,557		$	138,798		$	1,100,229

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

		For the three months ended June 30,						For the six months ended June 30,
(in thousands)		2012			2011			2012			2011
Balance, beginning of period		$	17,369		$	17,550		$	17,531		$	17,923
Subsequent credit-related impairment		178			294			178			458
Reduction for securities sold		—			(455		)	—			(455		)
Reduction for net increase in expected cash flows on securities for which OTTI was previously recognized		(181		)	(96		)	(343		)	(633		)
Balance, end of period		$	17,366		$	17,293		$	17,366		$	17,293

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
June 30, 2012
Securities available-for-sale:
U.S. Treasury		$	12,206		$	16		$	—		$	—		$	12,206		$	16
Federal agency - Debt		54,606			15			—			—			54,606			15
CMOs - Federal agency		416,059			850			—			—			416,059			850
CMOs - Non-agency		3,918			19			33,743			6,056			37,661			6,075
State and municipal		4,006			60			1,415			41			5,421			101
Other debt securities		13,244			3			15,768			7,175			29,012			7,178
Total securities available-for-sale		$	504,039		$	963		$	50,926		$	13,272		$	554,965		$	14,235

Securities held-to-maturity:
Federal agency - MBS		$	9,852		$	99		$	—		$	—		$	9,852		$	99
CMOs - Federal agency		5,121			22			—			—			5,121			22
State and municipal		66,954			1,209			—			—			66,954			1,209
Total securities held-to-maturity		$	81,927		$	1,330		$	—		$	—		$	81,927		$	1,330

		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

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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