Securities (Tables)

6 Months Ended

Jun. 30, 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
June 30, 2013
Securities available-for-sale:
U.S. Treasury	$	30,293	$	8	$	(16	)	$	30,285
Federal agency - Debt	987,467		1,491		(8,933		)	980,025
Federal agency - MBS	422,699		19,695		(4,212		)	438,182
CMOs - Federal agency	4,736,335		47,991		(55,713		)	4,728,613
CMOs - Non-agency	47,079		142		(1,894		)	45,327
State and municipal	457,869		10,939		(2,048		)	466,760
Other debt securities	351,171		4,664		(5,591		)	350,244
Total debt securities	7,032,913		84,930		(78,407		)	7,039,436
Equity securities and mutual funds	337		4,798		—			5,135
Total securities available-for-sale	$	7,033,250	$	89,728	$	(78,407	)	$	7,044,571

Securities held-to-maturity (1):
Federal agency - Debt	$	109,562	$	27	$	(1,556	)	$	108,033
Federal agency - MBS	315,529		1,037		(8,555		)	308,011
CMOs - Federal agency	797,715		3,036		(16,997		)	783,754
State and municipal	281,167		427		(14,835		)	266,759
Total securities held-to-maturity	$	1,503,973	$	4,527	$	(41,943	)	$	1,466,557

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					For the six months ended
	June 30,					June 30,
(in thousands)	2013		2012			2013		2012
Gross realized gains	$	5,790	$	40		$	6,836	$	536
Gross realized losses	—		(319		)	—		(366		)
Net realized gains (losses)	$	5,790	$	(279	)	$	6,836	$	170

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	$	12,106	$	18,179	$	—	$	—	$	30,285
Federal agency - Debt	278,906		595,726		105,393		—		980,025
Federal agency - MBS	398		168,346		269,438		—		438,182
CMOs - Federal agency	112,918		3,606,494		1,009,201		—		4,728,613
CMOs - Non-agency	4,203		14,636		26,488		—		45,327
State and municipal	40,790		338,418		62,250		25,302		466,760
Other	12,862		292,484		44,898		—		350,244
Total debt securities available-for-sale	$	462,183	$	5,034,283	$	1,517,668	$	25,302	$	7,039,436

Amortized cost	$	459,740	$	5,015,064	$	1,532,327	$	25,782	$	7,032,913

Securities held-to-maturity:
Federal agency - Debt	$	—	$	—	$	31,794	$	77,768	$	109,562
Federal agency - MBS	—		—		315,529		—		315,529
CMOs - Federal agency	—		145,489		652,226		—		797,715
State and municipal	—		7,460		119,559		154,148		281,167
Total debt securities held-to-maturity at amortized cost	$	—	$	152,949	$	1,119,108	$	231,916	$	1,503,973

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)	2013			2012			2013			2012
Balance, beginning of period	$	3,676		$	17,369		$	16,486		$	17,531
Subsequent credit-related impairment	182			178			182			178
Reduction for securities sold or redeemed	—			—			(12,761		)	—
Reduction for increase in expected cash flows on securities for which OTTI was previously recognized	(204		)	(181		)	(253		)	(343		)
Balance, end of period	$	3,654		$	17,366		$	3,654		$	17,366

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, 2013

Securities available-for-sale:
U.S. Treasury	$	15,076	$	16	$	—	$	—	$	15,076	$	16
Federal agency - Debt	776,490		8,933		—		—		776,490		8,933
Federal agency - MBS (1)	100,077		4,212		45		—		100,122		4,212
CMOs - Federal agency	2,671,312		55,713		—		—		2,671,312		55,713
CMOs - Non-agency	20,744		870		8,445		1,024		29,189		1,894
State and municipal	180,366		1,991		3,543		57		183,909		2,048
Other debt securities	142,613		900		15,669		4,691		158,282		5,591
Total securities available-for-sale	$	3,906,678	$	72,635	$	27,702	$	5,772	$	3,934,380	$	78,407

Securities held-to-maturity:
Federal agency - Debt	$	80,966	$	1,556	$	—	$	—	$	80,966	$	1,556
Federal agency - MBS	233,183		8,555		—		—		233,183		8,555
CMOs - Federal agency	549,647		16,997		—		—		549,647		16,997
State and municipal	227,012		14,835		—		—		227,012		14,835
Total securities held-to-maturity	$	1,090,808	$	41,943	$	—	$	—	$	1,090,808	$	41,943

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	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 June 30, 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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