Securities (Tables)

3 Months Ended

Mar. 31, 2015

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, 2015
Securities available-for-sale:
U.S. Treasury	$	115,893	$	29	$	(15	)	$	115,907
Federal agency - Debt	1,219,481		1,168		(429		)	1,220,220
Federal agency - MBS	99,891		2,498		(874		)	101,515
CMOs - Federal agency	3,204,823		22,016		(21,953		)	3,204,886
CMOs - Non-agency	23,147		24		(360		)	22,811
State and municipal	421,419		6,257		(218		)	427,458
Other debt securities	115,006		1,438		(3		)	116,441
Total debt securities	5,199,660		33,430		(23,852		)	5,209,238
Equity securities and mutual funds	1,341		219		(410		)	1,150
Total securities available-for-sale	$	5,201,001	$	33,649	$	(24,262	)	$	5,210,388

Securities held-to-maturity (1):
Federal agency - Debt	$	286,581	$	9,923	$	(72	)	$	296,432
Federal agency - MBS	556,931		20,346		(567		)	576,710
CMOs - Federal agency	1,766,325		48,270		(2,749		)	1,811,846
State and municipal	717,937		23,084		(1,810		)	739,211
Other debt securities	86,032		322		—			86,354
Total securities held-to-maturity	$	3,413,806	$	101,945	$	(5,198	)	$	3,510,553

December 31, 2014
Securities available-for-sale:
U.S. Treasury	$	116,919	$	17	$	(10	)	$	116,926
Federal agency - Debt	1,401,303		558		(3,280		)	1,398,581
Federal agency - MBS	102,939		2,601		(1,014		)	104,526
CMOs - Federal agency	3,599,831		19,628		(38,869		)	3,580,590
CMOs - Non-agency	24,385		40		(411		)	24,014
State and municipal	473,272		6,139		(380		)	479,031
Other debt securities	174,352		1,817		—			176,169
Total debt securities	5,893,001		30,800		(43,964		)	5,879,837
Equity securities and mutual funds	1,508		1,988		(350		)	3,146
Total securities available-for-sale	$	5,894,509	$	32,788	$	(44,314	)	$	5,882,983

Securities held-to-maturity (1):
Federal agency - Debt	$	292,932	$	6,430	$	(255	)	$	299,107
Federal agency - MBS	553,589		13,427		(2,275		)	564,741
CMOs - Federal agency	1,811,574		29,998		(10,292		)	1,831,280
State and municipal	682,705		22,732		(1,997		)	703,440
Other debt securities	86,231		72		(224		)	86,079
Total securities held-to-maturity	$	3,427,031	$	72,659	$	(15,043	)	$	3,484,647

(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)	2015			2014
Gross realized gains	$	3,392		$	2,602
Gross realized losses	(16		)	(480		)
Net realized gains	$	3,376		$	2,122

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, 2015,

(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	$	98,400	$	17,507	$	—	$	—	$	115,907
Federal agency - Debt	597,445		622,775		—		—		1,220,220
Federal agency - MBS	—		83,971		17,544		—		101,515
CMOs - Federal agency	157,341		3,047,545		—		—		3,204,886
CMOs - Non-agency	1,381		21,430		—		—		22,811
State and municipal	171,999		252,104		—		3,355		427,458
Other	57,142		59,299		—		—		116,441
Total debt securities available-for-sale	$	1,083,708	$	4,104,631	$	17,544	$	3,355	$	5,209,238

Amortized cost	$	1,081,124	$	4,097,536	$	17,600	$	3,400	$	5,199,660

Securities held-to-maturity:
Federal agency - Debt	$	—	$	—	$	132,829	$	153,752	$	286,581
Federal agency - MBS	—		49,153		503,264		4,514		556,931
CMOs - Federal agency	—		867,361		898,964		—		1,766,325
State and municipal	—		177,608		454,244		86,085		717,937
Other	—		86,032		—		—		86,032
Total debt securities held-to-maturity at amortized cost	$	—	$	1,180,154	$	1,989,301	$	244,351	$	3,413,806

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)	2015		2014
Balance, beginning of period	$	2,470	$	4,549
Subsequent credit-related impairment	65		—
Balance, end of period	$	2,535	$	4,549

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, 2015
Securities available-for-sale:
U.S. Treasury	$	66,688	$	15	$	—	$	—	$	66,688	$	15
Federal agency - Debt	466,094		429		—		—		466,094		429
Federal agency - MBS	—		—		56,741		874		56,741		874
CMOs - Federal agency	549,307		1,652		1,195,370		20,301		1,744,677		21,953
CMOs - Non-agency	1,928		16		12,331		344		14,259		360
State and municipal	107,251		171		3,553		47		110,804		218
Other debt securities	12,609		3		—		—		12,609		3
Total debt securities	1,203,877		2,286		1,267,995		21,566		2,471,872		23,852
Equity securities and mutual funds	477		410		—		—		477		410
Total securities available-for-sale	$	1,204,354	$	2,696	$	1,267,995	$	21,566	$	2,472,349	$	24,262

Securities held-to-maturity:
Federal agency - Debt	$	—	$	—	$	5,950	$	72	$	5,950	$	72
Federal agency - MBS	34,532		81		40,762		486		75,294		567
CMOs - Federal agency	180,042		937		180,742		1,812		360,784		2,749
State and municipal	83,998		733		33,863		1,077		117,861		1,810
Total securities held-to-maturity	$	298,572	$	1,751	$	261,317	$	3,447	$	559,889	$	5,198

December 31, 2014
Securities available-for-sale:
U.S. Treasury	$	15,814	$	10	$	—	$	—	$	15,814	$	10
Federal agency - Debt	1,008,234		2,622		135,868		658		1,144,102		3,280
Federal agency - MBS	35		—		57,970		1,014		58,005		1,014
CMOs - Federal agency	871,026		3,417		1,261,695		35,452		2,132,721		38,869
CMOs - Non-agency	1,949		15		12,720		396		14,669		411
State and municipal	130,208		314		4,183		66		134,391		380
Total debt securities	2,027,266		6,378		1,472,436		37,586		3,499,702		43,964
Equity securities and mutual funds	538		350		—		—		538		350
Total securities available-for-sale	$	2,027,804	$	6,728	$	1,472,436	$	37,586	$	3,500,240	$	44,314

Securities held-to-maturity:
Federal agency - Debt	$	—	$	—	$	26,316	$	255	$	26,316	$	255
Federal agency - MBS	4,800		21		114,856		2,254		119,656		2,275
CMOs - Federal agency	202,014		2,247		588,019		8,045		790,033		10,292
State and municipal	14,851		76		95,647		1,921		110,498		1,997
Other debt securities	61,813		224		—		—		61,813		224
Total securities held-to-maturity	$	283,478	$	2,568	$	824,838	$	12,475	$	1,108,316	$	15,043

- 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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