Securities (Tables)

9 Months Ended

Sep. 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
September 30, 2013
Securities available-for-sale:
U.S. Treasury	$	35,400	$	25	$	—		$	35,425
Federal agency - Debt	1,007,019		1,078		(5,650		)	1,002,447
Federal agency - MBS	192,345		7,054		(2,226		)	197,173
CMOs - Federal agency	4,773,336		40,818		(71,570		)	4,742,584
CMOs - Non-agency	44,484		213		(1,385		)	43,312
State and municipal	466,633		10,490		(1,337		)	475,786
Other debt securities	393,377		5,220		(6,241		)	392,356
Total debt securities	6,912,594		64,898		(88,409		)	6,889,083
Equity securities and mutual funds	337		5,710		—			6,047
Total securities available-for-sale	$	6,912,931	$	70,608	$	(88,409	)	$	6,895,130

Securities held-to-maturity (1):
Federal agency - Debt	$	140,020	$	182	$	(4,305	)	$	135,897
Federal agency - MBS	359,952		1,187		(9,753		)	351,386
CMOs - Federal agency	849,600		3,567		(18,158		)	835,009
State and municipal	299,948		660		(14,826		)	285,782
Total securities held-to-maturity	$	1,649,520	$	5,596	$	(47,042	)	$	1,608,074

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 nine months ended
	September 30,						September 30,
(in thousands)	2013			2012			2013			2012
Gross realized gains	$	17,533		$	1,315		$	24,369		$	1,851
Gross realized losses	(11,745		)	(459		)	(11,745		)	(825		)
Net realized gains	$	5,788		$	856		$	12,624		$	1,026

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	$	12,078	$	23,347	$	—	$	—	$	35,425
Federal agency - Debt	317,377		625,652		59,418		—		1,002,447
Federal agency - MBS	—		68,967		128,206		—		197,173
CMOs - Federal agency	128,236		3,706,036		908,312		—		4,742,584
CMOs - Non-agency	111		9,218		33,983		—		43,312
State and municipal	39,865		355,575		72,650		7,696		475,786
Other	12,726		292,812		86,818		—		392,356
Total debt securities available-for-sale	$	510,393	$	5,081,607	$	1,289,387	$	7,696	$	6,889,083

Amortized cost	$	507,840	$	5,082,693	$	1,314,292	$	7,769	$	6,912,594

Securities held-to-maturity:
Federal agency - Debt	$	—	$	7,000	$	60,022	$	72,998	$	140,020
Federal agency - MBS	—		14,646		340,827		4,479		359,952
CMOs - Federal agency	—		181,723		667,877		—		849,600
State and municipal	659		8,749		142,020		148,520		299,948
Total debt securities held-to-maturity at amortized cost	$	659	$	212,118	$	1,210,746	$	225,997	$	1,649,520

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

	For the three months ended September 30,						For the nine months ended September 30,
(in thousands)	2013			2012			2013			2012
Balance, beginning of period	$	3,654		$	17,366		$	16,486		$	17,531
Subsequent credit-related impairment	144			39			326			217
Reduction for securities sold or redeemed	—			(537		)	(12,761		)	(537		)
Reduction for increase in expected cash flows on securities for which OTTI was previously recognized	(421		)	(267		)	(674		)	(610		)
Balance, end of period	$	3,377		$	16,601		$	3,377		$	16,601

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, 2013
Securities available-for-sale:
Federal agency - Debt	$	611,954	$	5,650	$	—	$	—	$	611,954	$	5,650
Federal agency - MBS (1)	45,176		2,226		45		—		45,221		2,226
CMOs - Federal agency	2,774,796		69,757		96,544		1,813		2,871,340		71,570
CMOs - Non-agency	14,620		517		8,432		868		23,052		1,385
State and municipal	90,545		328		46,216		1,009		136,761		1,337
Other debt securities	118,698		1,231		15,372		5,010		134,070		6,241
Total securities available-for-sale	$	3,655,789	$	79,709	$	166,609	$	8,700	$	3,822,398	$	88,409

Securities held-to-maturity:
Federal agency - Debt	$	128,715	$	4,305	$	—	$	—	$	128,715	$	4,305
Federal agency - MBS	231,160		9,753		—		—		231,160		9,753
CMOs - Federal agency	583,595		18,158		—		—		583,595		18,158
State and municipal	229,562		14,826		—		—		229,562		14,826
Total securities held-to-maturity	$	1,173,032	$	47,042	$	—	$	—	$	1,173,032	$	47,042

(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 September 30, 2013.

	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, 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 December 31, 2012.

- 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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