Securities (Tables)

9 Months Ended

Sep. 30, 2015

Securities

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, 2015
Securities available-for-sale:
U.S. Treasury	$	390,098	$	232	$	(1	)	$	390,329
Federal agency - Debt	285,616		758		(14		)	286,360
Federal agency - MBS	91,690		1,851		(660		)	92,881
CMOs - Federal agency	3,538,000		19,867		(21,739		)	3,536,128
CMOs - Non-agency	20,749		25		(343		)	20,431
State and municipal	356,623		4,249		(128		)	360,744
Other debt securities	621,224		1,119		(29		)	622,314
Total securities available-for-sale	$	5,304,000	$	28,101	$	(22,914	)	$	5,309,187
Securities held-to-maturity (1):
Federal agency - Debt	$	445,721	$	11,742	$	(27	)	$	457,436
Federal agency - MBS	575,071		19,039		(227		)	593,883
CMOs - Federal agency	1,630,388		44,862		(2,057		)	1,673,193
State and municipal	769,646		21,704		(2,788		)	788,562
Other debt securities	85,629		200		(1		)	85,828
Total securities held-to-maturity	$	3,506,455	$	97,547	$	(5,100	)	$	3,598,902
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 nine months ended
	September 30,						September 30,
(in thousands)	2015			2014			2015			2014
Gross realized gains	$	50		$	19		$	5,475		$	7,989
Gross realized losses	(20		)	(5		)	(144		)	(486		)
Net realized gains	$	30		$	14		$	5,331		$	7,503

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	$	269,754	$	120,575	$	—	$	—	$	390,329
Federal agency - Debt	179,603		106,757		—		—		286,360
Federal agency - MBS	1,819		91,062		—		—		92,881
CMOs - Federal agency	119,443		3,248,817		167,868		—		3,536,128
CMOs - Non-agency	1,079		13,234		6,118		—		20,431
State and municipal	165,254		192,119		—		3,371		360,744
Other	126,850		495,464		—		—		622,314
Total debt securities available-for-sale	$	863,802	$	4,268,028	$	173,986	$	3,371	$	5,309,187
Amortized cost	$	861,509	$	4,264,720	$	174,371	$	3,400	$	5,304,000
Securities held-to-maturity:
Federal agency - Debt	$	—	$	45,000	$	209,125	$	191,596	$	445,721
Federal agency - MBS	10		74,949		495,583		4,529		575,071
CMOs - Federal agency	8,724		773,640		848,024		—		1,630,388
State and municipal	897		210,551		458,753		99,445		769,646
Other	—		85,629		—		—		85,629
Total debt securities held-to-maturity at amortized cost	$	9,631	$	1,189,769	$	2,011,485	$	295,570	$	3,506,455

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

	For the three months ended				For the nine months ended
	September 30,				September 30,
(in thousands)	2015		2014		2015		2014
Balance, beginning of period	$	2,587	$	2,395	$	2,470	$	4,549
Subsequent credit-related impairment	—		75		117		323
Reduction for securities sold or redeemed	—		—		—		(2,402		)
Balance, end of period	$	2,587	$	2,470	$	2,587	$	2,470

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, 2015
Securities available-for-sale:
U.S. Treasury	$	17,001	$	1	$	—	$	—	$	17,001	$	1
Federal agency - Debt	17,556		14		—		—		17,556		14
Federal agency - MBS	—		—		53,639		660		53,639		660
CMOs - Federal agency	690,496		3,947		1,197,026		17,792		1,887,522		21,739
CMOs - Non-agency	—		—		12,739		343		12,739		343
State and municipal	65,670		99		3,470		29		69,140		128
Other debt securities	199,833		29		—		—		199,833		29
Total securities available-for-sale	$	990,556	$	4,090	$	1,266,874	$	18,824	$	2,257,430	$	22,914
Securities held-to-maturity:
Federal agency - Debt	$	—	$	—	$	5,739	$	27	$	5,739	$	27
Federal agency - MBS	21,649		25		26,077		202		47,726		227
CMOs - Federal agency	136,388		596		184,818		1,461		321,206		2,057
State and municipal	118,335		1,727		33,839		1,061		152,174		2,788
Other debt securities	15,100		1		—		—		15,100		1
Total securities held-to-maturity	$	291,472	$	2,349	$	250,473	$	2,751	$	541,945	$	5,100
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