Securities (Tables)

3 Months Ended

Mar. 31, 2013

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
March 31, 2013
Securities available-for-sale:
U.S. Treasury	$	30,353	$	17	$	—		$	30,370
Federal agency - Debt	1,111,725		2,951		(73		)	1,114,603
Federal agency - MBS	611,286		35,131		(937		)	645,480
CMOs - Federal agency	5,068,740		81,888		(11,397		)	5,139,231
CMOs - Non-agency	51,201		464		(889		)	50,776
State and municipal	430,002		16,188		(1,020		)	445,170
Other debt securities	306,845		7,722		(5,175		)	309,392
Total debt securities	7,610,152		144,361		(19,491		)	7,735,022
Equity securities and mutual funds	337		2,692		—			3,029
Total securities available-for-sale	$	7,610,489	$	147,053	$	(19,491	)	$	7,738,051

Securities held-to-maturity (1):
Federal agency - Debt	$	95,935	$	3,596	$	—		$	99,531
Federal agency - MBS	305,881		8,867		(946		)	313,802
CMOs - Federal agency	741,007		23,680		(1,960		)	762,727
State and municipal	258,067		3,280		(2,571		)	258,776
Total securities held-to-maturity	$	1,400,890	$	39,423	$	(5,477	)	$	1,434,836

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.

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

	For the three months ended
	March 31,
(in thousands)	2013		2012
Gross realized gains	$	1,046	$	496
Gross realized losses	—		(47		)
Net realized gains	$	1,046	$	449

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 March 31, 2013, except for 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	$	3,021	$	27,349	$	—	$	—	$	30,370
Federal agency - Debt	906,857		207,746		—		—		1,114,603
Federal agency - MBS	16		434,041		211,423		—		645,480
CMOs - Federal agency	174,283		4,750,547		214,401		—		5,139,231
CMOs - Non-agency	6,460		20,738		23,578		—		50,776
State and municipal	91,153		260,487		70,006		23,524		445,170
Other	13,016		296,376		—		—		309,392

Total debt securities available-for-sale	$	1,194,806	$	5,997,284	$	519,408	$	23,524	$	7,735,022

Amortized cost	$	1,190,413	$	5,906,598	$	489,221	$	23,920	$	7,610,152

Securities held-to-maturity:
Federal agency - Debt	$	—	$	—	$	—	$	95,935	$	95,935
Federal agency - MBS	—		2,438		303,443		—		305,881
CMOs - Federal agency	—		155,414		585,593		—		741,007
State and municipal	—		13,383		163,726		80,958		258,067
Total debt securities held-to-maturity at amortized cost	$	—	$	171,235	$	1,052,762	$	176,893	$	1,400,890

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

	For the three months ended
	March 31,
(in thousands)	2013			2012
Balance, beginning of period	$	16,486		$	17,531
Reduction for securities sold or redeemed	(12,761		)	—
Reduction for increase in expected cash flows on securities for which OTTI was previously recognized	(49		)	(162		)
Balance, end of period	$	3,676		$	17,369

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

March 31, 2013

Securities available-for-sale:
Federal agency - Debt	$	141,151	$	73	$	—	$	—	$	141,151	$	73
Federal agency - MBS (1)	84,678		937		46		—		84,724		937
CMOs - Federal agency	1,617,943		11,395		3,301		2		1,621,244		11,397
CMOs - Non-agency	—		—		19,090		889		19,090		889
State and municipal	45,745		950		3,530		70		49,275		1,020
Other debt securities	19,062		8		15,270		5,167		34,332		5,175
Total securities available-for-sale	$	1,908,579	$	13,363	$	41,237	$	6,128	$	1,949,816	$	19,491

Securities held-to-maturity:
Federal agency - MBS	$	96,961	$	946	$	—	$	—	$	96,961	$	946
CMOs - Federal agency	108,876		1,960		—		—		108,876		1,960
State and municipal	127,939		2,571		—		—		127,939		2,571
Total securities held-to-maturity	$	333,776	$	5,477	$	—	$	—	$	333,776	$	5,477

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 March 31, 2013.

- Definition

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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