Securities (Tables)

9 Months Ended

Sep. 30, 2014

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, 2014
Securities available-for-sale:
U.S. Treasury	$	46,716	$	49	$	—		$	46,765
Federal agency - Debt	1,329,891		581		(3,744		)	1,326,728
Federal agency - MBS	105,992		2,826		(1,842		)	106,976
CMOs - Federal agency	3,583,667		23,201		(47,790		)	3,559,078
CMOs - Non-agency	25,521		128		(367		)	25,282
State and municipal	374,948		7,131		(86		)	381,993
Other debt securities	174,538		2,504		—			177,042
Total debt securities	5,641,273		36,420		(53,829		)	5,623,864
Equity securities and mutual funds	621		4,691		—			5,312
Total securities available-for-sale	$	5,641,894	$	41,111	$	(53,829	)	$	5,629,176

Securities held-to-maturity (1):
Federal agency - Debt	$	296,900	$	4,013	$	(1,154	)	$	299,759
Federal agency - MBS	582,365		7,137		(5,186		)	584,316
CMOs - Federal agency	1,847,655		14,816		(23,018		)	1,839,453
State and municipal	625,860		17,884		(2,925		)	640,819
Other debt securities	97,771		60		(190		)	97,641
Total securities held-to-maturity	$	3,450,551	$	43,910	$	(32,473	)	$	3,461,988

December 31, 2013
Securities available-for-sale:
U.S. Treasury	$	35,312	$	23	$	—		$	35,335
Federal agency - Debt	1,417,509		938		(7,911		)	1,410,536
Federal agency - MBS	156,399		3,615		(2,788		)	157,226
CMOs - Federal agency	4,037,348		30,721		(70,771		)	3,997,298
CMOs - Non-agency	38,383		127		(1,048		)	37,462
State and municipal	407,312		8,806		(123		)	415,995
Other debt securities	175,091		3,731		—			178,822
Total debt securities	6,267,354		47,961		(82,641		)	6,232,674
Equity securities and mutual funds	337		8,106		—			8,443
Total securities available-for-sale	$	6,267,691	$	56,067	$	(82,641	)	$	6,241,117

Securities held-to-maturity (1):
Federal agency - Debt	$	178,413	$	133	$	(5,122	)	$	173,424
Federal agency - MBS	445,360		1,005		(11,930		)	434,435
CMOs - Federal agency	1,781,219		1,839		(40,621		)	1,742,437
State and municipal	454,155		421		(19,014		)	435,562
Other debt securities	98,696		—		(619		)	98,077
Total securities held-to-maturity	$	2,957,843	$	3,398	$	(77,306	)	$	2,883,935

(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)	2014			2013			2014			2013
Gross realized gains	$	19		$	17,533		$	7,989		$	24,369
Gross realized losses	(5		)	(11,745		)	(486		)	(11,745		)
Net realized gains	$	14		$	5,788		$	7,503		$	12,624

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	$	23,134	$	23,631	$	—	$	—	$	46,765
Federal agency - Debt	188,384		1,099,385		38,959		—		1,326,728
Federal agency - MBS	—		89,263		17,713		—		106,976
CMOs - Federal agency	70,795		3,218,376		269,907		—		3,559,078
CMOs - Non-agency	1,853		23,429		—		—		25,282
State and municipal	131,825		246,842		—		3,326		381,993
Other	88,678		88,364		—		—		177,042
Total debt securities available-for-sale	$	504,669	$	4,789,290	$	326,579	$	3,326	$	5,623,864

Amortized cost	$	501,637	$	4,801,098	$	335,138	$	3,400	$	5,641,273

Securities held-to-maturity:
Federal agency - Debt	$	—	$	—	$	93,517	$	203,383	$	296,900
Federal agency - MBS	—		84,998		492,868		4,499		582,365
CMOs - Federal agency	—		720,174		1,127,481		—		1,847,655
State and municipal	—		103,459		449,877		72,524		625,860
Other	—		97,771		—		—		97,771
Total debt securities held-to-maturity at amortized cost	$	—	$	1,006,402	$	2,163,743	$	280,406	$	3,450,551

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)	2014		2013			2014			2013
Balance, beginning of period	$	2,395	$	3,654		$	4,549		$	16,486
Subsequent credit-related impairment	75		144			323			326
Reduction for securities sold or redeemed	—		—			(2,402		)	(12,761		)
Reduction for increase in expected cash flows on securities for which OTTI was previously recognized	—		(421		)	—			(674		)
Balance, end of period	$	2,470	$	3,377		$	2,470		$	3,377

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, 2014
Securities available-for-sale:
Federal agency - Debt	$	844,088	$	1,412	$	271,824	$	2,332	$	1,115,912	$	3,744
Federal agency - MBS	17,748		64		40,660		1,778		58,408		1,842
CMOs - Federal agency	651,362		3,535		1,270,590		44,255		1,921,952		47,790
CMOs - Non-agency	1,983		3		12,979		364		14,962		367
State and municipal	—		—		4,164		86		4,164		86
Total securities available-for-sale	$	1,515,181	$	5,014	$	1,600,217	$	48,815	$	3,115,398	$	53,829

Securities held-to-maturity:
Federal agency - Debt	$	25,034	$	22	$	72,829	$	1,132	$	97,863	$	1,154
Federal agency - MBS	119,935		726		122,965		4,460		242,900		5,186
CMOs - Federal agency	743,948		12,015		353,787		11,003		1,097,735		23,018
State and municipal	22,365		124		119,691		2,801		142,056		2,925
Other debt securities	79,147		190		—		—		79,147		190
Total securities held-to-maturity	$	990,429	$	13,077	$	669,272	$	19,396	$	1,659,701	$	32,473

December 31, 2013
Securities available-for-sale:
Federal agency - Debt	$	1,026,142	$	7,911	$	—	$	—	$	1,026,142	$	7,911
Federal agency - MBS	17,962		85		43,492		2,703		61,454		2,788
CMOs - Federal agency	1,637,994		35,922		728,101		34,849		2,366,095		70,771
CMOs - Non-agency	10,056		319		8,483		729		18,539		1,048
State and municipal	16,521		39		4,266		84		20,787		123
Total securities available-for-sale	$	2,708,675	$	44,276	$	784,342	$	38,365	$	3,493,017	$	82,641

Securities held-to-maturity:
Federal agency - Debt	$	156,290	$	5,122	$	—	$	—	$	156,290	$	5,122
Federal agency - MBS	321,090		10,513		15,338		1,417		336,428		11,930
CMOs - Federal agency	1,539,464		36,435		63,276		4,186		1,602,740		40,621
State and municipal	347,305		14,190		41,102		4,824		388,407		19,014
Other debt securities	98,077		619		—		—		98,077		619
Total securities held-to-maturity	$	2,462,226	$	66,879	$	119,716	$	10,427	$	2,581,942	$	77,306

- 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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