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Investment Securities (Tables)
 12 Months Ended
Dec. 31, 2014
Investments, Debt and Equity Securities [Abstract]  
Investment Securities, At Fair Value
Investment securities, at fair value, consisted of the following at December 31, 2014 and 2013.
(In thousands)
2014
2013
Available for sale:
 
 
U.S. government and federal agency obligations
$
501,407

$
505,696

Government-sponsored enterprise obligations
963,127

741,766

State and municipal obligations
1,813,201

1,619,171

Agency mortgage-backed securities
2,593,708

2,772,338

Non-agency mortgage-backed securities
382,744

246,983

Asset-backed securities
3,091,993

2,844,071

Other debt securities
139,161

141,757

Equity securities
38,219

43,898

 Total available for sale
9,523,560

8,915,680

Trading
15,357

19,993

Non-marketable
106,875

107,324

Total investment securities
$
9,645,792

$
9,042,997
Summary Of Available For Sale Investment Securities By Maturity Groupings
(Dollars in thousands)
 Amortized Cost
Fair Value
Weighted Average Yield
U.S. government and federal agency obligations:
 
 
 
Within 1 year
$
104,791

$
104,782

1.56*%
After 1 but within 5 years
198,166

204,838

1.57*
After 5 but within 10 years
141,179

142,575

.64*
After 10 years
53,200

49,212

.01*
Total U.S. government and federal agency obligations
497,336

501,407

1.14*
Government-sponsored enterprise obligations:
 
 
 
Within 1 year
53,022

53,567

1.82
After 1 but within 5 years
425,884

426,591

1.54
After 5 but within 10 years
423,873

417,331

2.03
After 10 years
65,795

65,638

2.22
Total government-sponsored enterprise obligations
968,574

963,127

1.82
State and municipal obligations:
 
 
 
Within 1 year
178,463

180,247

2.87
After 1 but within 5 years
688,284

708,764

2.47
After 5 but within 10 years
808,478

813,479

2.23
After 10 years
113,990

110,711

1.61
Total state and municipal obligations
1,789,215

1,813,201

2.35
Mortgage and asset-backed securities:
 
 
 
Agency mortgage-backed securities
2,523,377

2,593,708

2.69
Non-agency mortgage-backed securities
372,911

382,744

3.05
Asset-backed securities
3,090,174

3,091,993

.87
Total mortgage and asset-backed securities
5,986,462

6,068,445

1.77
Other debt securities:
 
 
 
Within 1 year
11,248

11,249

 
After 1 but within 5 years
50,091

50,344

 
After 5 but within 10 years
79,445

77,568

 
Total other debt securities
140,784

139,161

 
Equity securities
3,931

38,219

 
Total available for sale investment securities
$
9,386,302

$
9,523,560

 
Available For Sale Securities Unrealized Gains And Losses By Security Type
For securities classified as available for sale, the following table shows the unrealized gains and losses (pre-tax) in accumulated other comprehensive income, by security type.
(In thousands)
 Amortized Cost
Gross Unrealized Gains
Gross Unrealized Losses
Fair Value
December 31, 2014
 
 
 
 
U.S. government and federal agency obligations
$
497,336

$
9,095

$
(5,024
)
$
501,407

Government-sponsored enterprise obligations
968,574

2,593

(8,040
)
963,127

State and municipal obligations
1,789,215

32,340

(8,354
)
1,813,201

Mortgage and asset-backed securities:
 
 
 
 
Agency mortgage-backed securities
2,523,377

75,923

(5,592
)
2,593,708

Non-agency mortgage-backed securities
372,911

11,061

(1,228
)
382,744

Asset-backed securities
3,090,174

6,922

(5,103
)
3,091,993

Total mortgage and asset-backed securities
5,986,462

93,906

(11,923
)
6,068,445

Other debt securities
140,784

420

(2,043
)
139,161

Equity securities
3,931

34,288

—

38,219

Total
$
9,386,302

$
172,642

$
(35,384
)
$
9,523,560

December 31, 2013
 
 
 
 
U.S. government and federal agency obligations
$
498,226

$
20,614

$
(13,144
)
$
505,696

Government-sponsored enterprise obligations
766,802

2,245

(27,281
)
741,766

State and municipal obligations
1,624,195

28,321

(33,345
)
1,619,171

Mortgage and asset-backed securities:
 
 
 
 
Agency mortgage-backed securities
2,743,803

54,659

(26,124
)
2,772,338

Non-agency mortgage-backed securities
236,595

12,008

(1,620
)
246,983

Asset-backed securities
2,847,368

6,872

(10,169
)
2,844,071

Total mortgage and asset-backed securities
5,827,766

73,539

(37,913
)
5,863,392

Other debt securities
147,581

671

(6,495
)
141,757

Equity securities
9,970

33,928

—

43,898

Total
$
8,874,540

$
159,318

$
(118,178
)
$
8,915,680
Cash Flow Model Inputs Used To Calculate Credit Losses
Significant inputs to the cash flow models used to calculate the credit losses on these securities included the following:
Significant Inputs
Range
Prepayment CPR
2%
-
25%
Projected cumulative default
20%
-
58%
Credit support
0%
-
18%
Loss severity
23%
-
77%
Changes In Recorded Credit Losses
The following table presents a rollforward of the cumulative OTTI credit losses recognized in earnings on all available for sale debt securities.
(In thousands)
2014
2013
2012
Cumulative OTTI credit losses at January 1
$
12,499

$
11,306

$
9,931

Credit losses on debt securities for which impairment was previously recognized
1,365

1,284

1,490

Increase in expected cash flows that are recognized over remaining life of security
(130
)
(91
)
(115
)
Cumulative OTTI credit losses at December 31
$
13,734

$
12,499

$
11,306
Securities With Unrealized Losses And Length Of Impairment Period
Securities with unrealized losses recorded in accumulated other comprehensive income are shown in the table below, along with the length of the impairment period.
 
Less than 12 months
 
12 months or longer
 
Total

(In thousands)
 
Fair Value    
Unrealized
Losses    
 
 
Fair Value    
Unrealized
Losses    
 
 
Fair Value    
Unrealized
Losses    
December 31, 2014
 
 
 
 
 
 
 
 
U.S. government and federal agency obligations
$
90,261

$
818

 
$
32,077

$
4,206

 
$
122,338

$
5,024

Government-sponsored enterprise obligations
224,808

922

 
224,779

7,118

 
449,587

8,040

State and municipal obligations
172,980

646

 
215,702

7,708

 
388,682

8,354

Mortgage and asset-backed securities:
 
 
 
 
 
 
 
 
Agency mortgage-backed securities
55,128

429

 
381,617

5,163

 
436,745

5,592

Non-agency mortgage-backed securities
141,655

609

 
43,659

619

 
185,314

1,228

Asset-backed securities
1,424,457

2,009

 
159,098

3,094

 
1,583,555

5,103

Total mortgage and asset-backed securities
1,621,240

3,047

 
584,374

8,876

 
2,205,614

11,923

Other debt securities
16,434

55

 
80,203

1,988

 
96,637

2,043

Total
$
2,125,723

$
5,488

 
$
1,137,135

$
29,896

 
$
3,262,858

$
35,384

December 31, 2013
 
 
 
 
 
 
 
 
U.S. government and federal agency obligations
$
96,172

$
243

 
$
59,677

$
12,901

 
$
155,849

$
13,144

Government-sponsored enterprise obligations
487,317

18,155

 
93,654

9,126

 
580,971

27,281

State and municipal obligations
478,818

15,520

 
178,150

17,825

 
656,968

33,345

Mortgage and asset-backed securities:
 
 
 
 
 
 
 
 
Agency mortgage-backed securities
717,778

26,124

 
—

—

 
717,778

26,124

Non-agency mortgage-backed securities
53,454

918

 
22,289

702

 
75,743

1,620

Asset-backed securities
1,088,556

9,072

 
58,398

1,097

 
1,146,954

10,169

Total mortgage and asset-backed securities
1,859,788

36,114

 
80,687

1,799

 
1,940,475

37,913

Other debt securities
90,028

5,604

 
9,034

891

 
99,062

6,495

Total
$
3,012,123

$
75,636

 
$
421,202

$
42,542

 
$
3,433,325

$
118,178
State And Municipal Obligations, By State And Economic Sector
The Company has processes and procedures in place to monitor its state and municipal holdings, identify signs of financial distress and, if necessary, exit its positions in a timely manner. The portfolio is diversified in order to reduce risk, and information about the top five largest holdings, by state and economic sector, is shown in the following table.
 
% of
Portfolio
Average Life (in years)
Average Rating (Moody’s)
At December 31, 2014
 
 
 
Texas
11.0
%
4.7
      Aa2
Florida
9.3

4.1
      Aa3
New York
7.3

6.5
      Aa2
Ohio
6.0

5.1
      Aa2
Washington
5.7

5.3
      Aa2
General obligation
35.2
%
4.9
      Aa2
Lease
15.6

4.8
      Aa2
Housing
12.9

3.9
      Aa1
Transportation
12.5

4.7
        A1
Limited tax
9.1

6.1
      Aa2
Credit Ratings In State And Municipal Bond Portfolio
The credit ratings (Moody’s rating or equivalent) at December 31, 2014 in the state and municipal bond portfolio (excluding auction rate securities) are shown in the following table. The average credit quality of the portfolio is Aa2 as rated by Moody’s.
 
% of Portfolio
Aaa
9.3
%
Aa
74.6

A
15.4

Not rated
.7

 
100.0
%
Proceeds From Sales Of Securities And Components Of Investment Securities Gains And Losses
The following table presents proceeds from sales of securities and the components of investment securities gains and losses which have been recognized in earnings.
(In thousands)
2014
2013
2012
Proceeds from sales of available for sale securities
$
30,998

$
7,076

$
5,231

Proceeds from sales of non-marketable securities
33,444

9,223

11,644

Total proceeds
$
64,442

$
16,299

$
16,875

Available for sale:
 
 
 
Gains realized on sales
$
—

$
126

$
358

Losses realized on sales
(5,197
)
—

—

Gain realized on donation
1,570

1,375

—

Other-than-temporary impairment recognized on debt securities
(1,365
)
(1,284
)
(1,490
)
Non-marketable:
 
 
 
Gains realized on sales
1,629

1,808

1,655

Losses realized on sales
(134
)
(2,979
)
(200
)
Fair value adjustments, net
17,621

(3,471
)
4,505

Investment securities gains (losses), net
$
14,124

$
(4,425
)
$
4,828