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Investment Securities (Tables)
9 Months Ended
Sep. 30, 2016
Investment Securities [Abstract]  
Investment Securities, At Fair Value
nvestment securities, at fair value, consisted of the following at September 30, 2016 and December 31, 2015.
 
(In thousands)
Sept. 30, 2016
Dec. 31, 2015
Available for sale
$
9,438,871

$
9,777,004

Trading
28,586

11,890

Non-marketable
108,224

112,786

Total investment securities
$
9,575,681

$
9,901,680

Summary Of Available For Sale Investment Securities By Maturity Groupings
A summary of the available for sale investment securities by maturity groupings as of September 30, 2016 is shown below. The investment portfolio includes agency mortgage-backed securities, which are guaranteed by agencies such as the FHLMC, FNMA, GNMA and FDIC, in addition to non-agency mortgage-backed securities, which have no guarantee but are collateralized by residential mortgages. Also included are certain other asset-backed securities, which are primarily collateralized by credit cards, automobiles, student loans, and commercial loans. These securities differ from traditional debt securities primarily in that they may have uncertain maturity dates and are priced based on estimated prepayment rates on the underlying collateral.
(In thousands)
Amortized Cost
Fair Value
U.S. government and federal agency obligations:
 
 
Within 1 year
$
59,068

$
60,028

After 1 but within 5 years
500,823

514,620

After 5 but within 10 years
106,427

110,802

After 10 years
72,340

70,199

Total U.S. government and federal agency obligations
738,658

755,649

Government-sponsored enterprise obligations:
 
 
Within 1 year
11,589

11,627

After 1 but within 5 years
419,071

424,410

After 5 but within 10 years
14,988

15,205

Total government-sponsored enterprise obligations
445,648

451,242

State and municipal obligations:
 
 
Within 1 year
153,968

155,078

After 1 but within 5 years
626,147

641,498

After 5 but within 10 years
941,494

983,236

After 10 years
55,248

56,189

Total state and municipal obligations
1,776,857

1,836,001

Mortgage and asset-backed securities:
 
 
  Agency mortgage-backed securities
2,590,902

2,663,677

  Non-agency mortgage-backed securities
922,302

937,208

  Asset-backed securities
2,403,019

2,409,324

Total mortgage and asset-backed securities
5,916,223

6,010,209

Other debt securities:
 
 
Within 1 year
5,997

6,025

After 1 but within 5 years
97,136

98,939

After 5 but within 10 years
214,311

222,376

After 10 years
11,588

11,472

Total other debt securities
329,032

338,812

Equity securities
5,678

46,958

Total available for sale investment securities
$
9,212,096

$
9,438,871

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
September 30, 2016
 
 
 
 
U.S. government and federal agency obligations
$
738,658

$
19,132

$
(2,141
)
$
755,649

Government-sponsored enterprise obligations
445,648

5,637

(43
)
451,242

State and municipal obligations
1,776,857

59,760

(616
)
1,836,001

Mortgage and asset-backed securities:
 
 
 
 
  Agency mortgage-backed securities
2,590,902

72,803

(28
)
2,663,677

  Non-agency mortgage-backed securities
922,302

15,145

(239
)
937,208

  Asset-backed securities
2,403,019

14,026

(7,721
)
2,409,324

Total mortgage and asset-backed securities
5,916,223

101,974

(7,988
)
6,010,209

Other debt securities
329,032

9,946

(166
)
338,812

Equity securities
5,678

41,280


46,958

Total
$
9,212,096

$
237,729

$
(10,954
)
$
9,438,871

December 31, 2015
 
 
 
 
U.S. government and federal agency obligations
$
729,846

$
5,051

$
(7,821
)
$
727,076

Government-sponsored enterprise obligations
794,912

2,657

(4,546
)
793,023

State and municipal obligations
1,706,635

37,061

(1,739
)
1,741,957

Mortgage and asset-backed securities:
 
 
 
 
  Agency mortgage-backed securities
2,579,031

47,856

(8,606
)
2,618,281

  Non-agency mortgage-backed securities
879,186

8,596

(7,819
)
879,963

  Asset-backed securities
2,660,201

1,287

(17,107
)
2,644,381

Total mortgage and asset-backed securities
6,118,418

57,739

(33,532
)
6,142,625

Other debt securities
335,925

377

(4,982
)
331,320

Equity securities
5,678

35,325


41,003

Total
$
9,691,414

$
138,210

$
(52,620
)
$
9,777,004

Cash Flow Model Inputs Used To Calculate Credit Losses
ignificant inputs to the cash flow models used to calculate the credit losses on these securities at September 30, 2016 included the following:

Significant Inputs
Range
Prepayment CPR
0%
-
25%
Projected cumulative default
18%
-
51%
Credit support
0%
-
30%
Loss severity
17%
-
63%
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.
 
For the Nine Months Ended September 30
(In thousands)
2016
2015
Cumulative OTTI credit losses at January 1
$
14,129

$
13,734

Credit losses on debt securities for which impairment was not previously recognized

76

Credit losses on debt securities for which impairment was previously recognized
270

407

Increase in expected cash flows that are recognized over remaining life of security
(171
)
(73
)
Cumulative OTTI credit losses at September 30
$
14,228

$
14,144

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
September 30, 2016
 
 
 
 
 
 
 
 
U.S. government and federal agency obligations
$
36,586

$
61

 
$
33,613

$
2,080

 
$
70,199

$
2,141

Government-sponsored enterprise obligations
49,901

43

 


 
49,901

43

State and municipal obligations
26,335

227

 
16,276

389

 
42,611

616

Mortgage and asset-backed securities:
 
 
 
 
 
 
 
 
   Agency mortgage-backed securities
24,564

23

 
2,304

5

 
26,868

28

   Non-agency mortgage-backed securities
61,283

127

 
39,070

112

 
100,353

239

   Asset-backed securities
279,282

1,510

 
365,402

6,211

 
644,684

7,721

Total mortgage and asset-backed securities
365,129

1,660

 
406,776

6,328

 
771,905

7,988

Other debt securities
7,936

36

 
12,458

130

 
20,394

166

Total
$
485,887

$
2,027

 
$
469,123

$
8,927

 
$
955,010

$
10,954

December 31, 2015
 
 
 
 
 
 
 
 
U.S. government and federal agency obligations
$
491,998

$
3,098

 
$
31,012

$
4,723

 
$
523,010

$
7,821

Government-sponsored enterprise obligations
157,830

1,975

 
110,250

2,571

 
268,080

4,546

State and municipal obligations
66,998

544

 
31,120

1,195

 
98,118

1,739

Mortgage and asset-backed securities:
 
 
 
 
 
 
 
 
   Agency mortgage-backed securities
530,035

2,989

 
291,902

5,617

 
821,937

8,606

   Non-agency mortgage-backed securities
653,603

7,059

 
54,536

760

 
708,139

7,819

   Asset-backed securities
2,207,922

12,492

 
223,311

4,615

 
2,431,233

17,107

Total mortgage and asset-backed securities
3,391,560

22,540

 
569,749

10,992

 
3,961,309

33,532

Other debt securities
244,452

3,687

 
25,218

1,295

 
269,670

4,982

Total
$
4,352,838

$
31,844

 
$
767,349

$
20,776

 
$
5,120,187

$
52,620

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.
 
For the Nine Months Ended September 30
(In thousands)
2016
2015
Proceeds from sales of available for sale securities
$

$
675,870

Proceeds from sales of non-marketable securities
7,946

9,023

Total proceeds
$
7,946

$
684,893

Available for sale:
 
 
Gains realized on sales
$

$
2,813

Other-than-temporary impairment recognized on debt securities
(270
)
(483
)
 Non-marketable:
 
 
 Gains realized on sales
3,717

2,516

 Losses realized on sales
(502
)

Fair value adjustments, net
(6,649
)
2,954

Investment securities gains (losses), net
$
(3,704
)
$
7,800