Securities (Tables)

6 Months Ended

Jun. 30, 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
June 30, 2015
Securities available-for-sale:
U.S. Treasury	$	148,263	$	59	$	(14	)	$	148,308
Federal agency - Debt	899,379		762		(207		)	899,934
Federal agency - MBS	95,778		2,139		(1,039		)	96,878
CMOs - Federal agency	3,295,300		19,497		(28,721		)	3,286,076
CMOs - Non-agency	22,091		21		(381		)	21,731
State and municipal	395,350		4,946		(241		)	400,055
Other debt securities	86,308		1,087		—			87,395

Total debt securities	4,942,469		28,511		(30,603		)	4,940,377
Equity securities and mutual funds	664		—		(198		)	466

Total securities available-for-sale	$	4,943,133	$	28,511	$	(30,801	)	$	4,940,843


Securities held-to-maturity (1):
Federal agency - Debt	$	323,805	$	6,431	$	(166	)	$	330,070
Federal agency - MBS	578,603		11,447		(3,105		)	586,945
CMOs - Federal agency	1,684,687		26,833		(7,480		)	1,704,040
State and municipal	749,253		13,641		(9,021		)	753,873
Other debt securities	85,831		183		—			86,014

Total securities held-to-maturity	$	3,422,179	$	58,535	$	(19,772	)	$	3,460,942


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						For the six months ended
	June 30,						June 30,
(in thousands)	2015			2014			2015			2014
Gross realized gains	$	2,032		$	5,368		$	5,424		$	7,970
Gross realized losses	(108		)	(1		)	(124		)	(481		)

Net realized gains	$	1,924		$	5,367		$	5,300		$	7,489

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 June 30, 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	$	72,793	$	75,515	$	—	$	—	$	148,308
Federal agency - Debt	476,226		423,708		—		—		899,934
Federal agency - MBS	—		96,878		—		—		96,878
CMOs - Federal agency	120,247		2,988,305		177,524		—		3,286,076
CMOs - Non-agency	1,223		20,508		—		—		21,731
State and municipal	175,966		220,741		—		3,348		400,055
Other	38,636		48,759		—		—		87,395

Total debt securities available-for-sale	$	885,091	$	3,874,414	$	177,524	$	3,348	$	4,940,377


Amortized cost	$	882,733	$	3,877,641	$	178,695	$	3,400	$	4,942,469


Securities held-to-maturity:
Federal agency - Debt	$	—	$	23,000	$	149,266	$	151,539	$	323,805
Federal agency - MBS	—		47,500		526,581		4,522		578,603
CMOs - Federal agency	9,728		762,883		912,076		—		1,684,687
State and municipal	—		141,904		401,476		205,873		749,253
Other	—		85,831		—		—		85,831

Total debt securities held-to-maturity at amortized cost	$	9,728	$	1,061,118	$	1,989,399	$	361,934	$	3,422,179

Schedule of total impairment losses recognized in earnings on other-than-temporarily impaired securities

(in thousands)	For the three months ended				For the six months ended
Impairment Losses on	June 30,				June 30,
Other-Than-Temporarily Impaired Securities	2015		2014		2015		2014
Non-agency CMOs	$	52	$	248	$	117	$	248
Equity securities	219		—		219		—

Total	$	271	$	248	$	336	$	248

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

	For the three months ended					For the six months ended
	June 30,					June 30,
(in thousands)	2015		2014			2015		2014
Balance, beginning of period	$	2,535	$	4,549		$	2,470	$	4,549
Subsequent credit-related impairment	52		248			117		248
Reduction for securities sold or redeemed	—		(2,402		)	—		(2,402		)

Balance, end of period	$	2,587	$	2,395		$	2,587	$	2,395

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, 2015
Securities available-for-sale:
U.S. Treasury	$	89,266	$	14	$	—	$	—	$	89,266	$	14
Federal agency - Debt	307,112		207		—		—		307,112		207
Federal agency - MBS	—		—		54,924		1,039		54,924		1,039
CMOs - Federal agency	718,502		3,031		1,200,002		25,690		1,918,504		28,721
CMOs - Non-agency	6,342		19		11,738		362		18,080		381
State and municipal	151,358		188		3,547		53		154,905		241

Total debt securities	1,272,580		3,459		1,270,211		27,144		2,542,791		30,603
Equity securities and mutual funds	466		198		—		—		466		198

Total securities available-for-sale	$	1,273,046	$	3,657	$	1,270,211	$	27,144	$	2,543,257	$	30,801


Securities held-to-maturity:
Federal agency - Debt	$	27,656	$	68	$	5,668	$	98	$	33,324	$	166
Federal agency - MBS	130,389		2,014		39,975		1,091		170,364		3,105
CMOs - Federal agency	400,181		3,376		221,525		4,104		621,706		7,480
State and municipal	264,376		7,102		33,001		1,919		297,377		9,021

Total securities held-to-maturity	$	822,602	$	12,560	$	300,169	$	7,212	$	1,122,771	$	19,772


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