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Securities (Tables)

9 Months Ended

Sep. 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
September 30, 2012
Securities available-for-sale:
U.S. Treasury		$	20,352		$	6		$	(3	)	$	20,355
Federal agency - Debt		1,542,162			5,169			(31		)	1,547,300
Federal agency - MBS		612,713			45,222			—			657,935
CMOs - Federal agency		4,755,996			95,410			(3,935		)	4,847,471
CMOs - Non-agency		66,431			1,070			(3,012		)	64,489
State and municipal		406,127			19,177			(135		)	425,169
Other debt securities		306,645			8,329			(6,450		)	308,524
Total debt securities		7,710,426			174,383			(13,566		)	7,871,243
Equity securities and mutual funds		336			485			—			821
Total securities available-for-sale		$	7,710,762		$	174,868		$	(13,566	)	$	7,872,064

Securities held-to-maturity (1):
Federal agency - Debt		$	96,389		$	2,960		$	—		$	99,349
Federal agency - MBS		218,085			11,558			—			229,643
CMOs - Federal agency		660,196			28,830			—			689,026
State and municipal		199,491			5,364			(152		)	204,703
Total securities held-to-maturity		$	1,174,161		$	48,712		$	(152	)	$	1,222,721

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 nine months ended
		September 30,						September 30,
(in thousands)		2012			2011			2012			2011
Gross realized gains		$	1,315		$	3,897		$	1,851		$	6,678
Gross realized losses		(459		)	(377		)	(825		)	(1,339		)
Net realized gains		$	856		$	3,520		$	1,026		$	5,339

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		$	2,001		$	18,354		$	—		$	—		$	20,355
Federal agency - Debt		1,149,612			397,688			—			—			1,547,300
Federal agency - MBS		7			476,083			181,845			—			657,935
CMOs - Federal agency		337,650			4,384,761			125,060			—			4,847,471
CMOs - Non-agency		10,224			7,510			46,755			—			64,489
State and municipal		93,209			221,996			85,351			24,613			425,169
Other		2,122			303,986			2,416			—			308,524
Total debt securities available-for-sale		$	1,594,825		$	5,810,378		$	441,427		$	24,613		$	7,871,243

Amortized cost		$	1,588,623		$	5,692,865		$	404,456		$	24,482		$	7,710,426

Securities held-to-maturity:
Federal agency - Debt		$	—		$	5,068		$	—		$	91,321		$	96,389
Federal agency - MBS		—			2,649			215,436			—			218,085
CMOs - Federal agency		—			105,755			554,441			—			660,196
State and municipal		500			15,223			154,277			29,491			199,491
Total debt securities held-to-maturity at amortized cost		$	500		$	128,695		$	924,154		$	120,812		$	1,174,161

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

		For the three months ended						For the nine months ended
		September 30,						September 30,
(in thousands)		2012			2011			2012			2011
Balance, beginning of period		$	17,366		$	17,293		$	17,531		$	17,923
Subsequent credit-related impairment		39			193			217			651
Reduction for securities sold or redeemed		(537		)	—			(537		)	(455		)
(Increase) decrease in expected cash flows on securities for which OTTI was previously recognized		(267		)	508			(610		)	(125		)
Balance, end of period		$	16,601		$	17,994		$	16,601		$	17,994

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
September 30, 2012
Securities available-for-sale:
U.S. Treasury		$	5,108		$	3		$	—		$	—		$	5,108		$	3
Federal agency - Debt		90,220			31			—			—			90,220			31
CMOs - Federal agency		928,673			3,763			49,923			172			978,596			3,935
CMOs - Non-agency		—			—			27,985			3,012			27,985			3,012
State and municipal		47,097			128			808			7			47,905			135
Other debt securities		—			—			16,220			6,450			16,220			6,450
Total securities available-for-sale		$	1,071,098		$	3,925		$	94,936		$	9,641		$	1,166,034		$	13,566

Securities held-to-maturity:
State and municipal		$	20,274		$	152		$	—		$	—		$	20,274		$	152
Total securities held-to-maturity		$	20,274		$	152		$	—		$	—		$	20,274		$	152

		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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