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Investment Securities (Tables)
 3 Months Ended
Mar. 31, 2012
Investments, Debt and Equity Securities [Abstract]  
Amortized cost and fair value for the major categories of held-to-maturity and available-for-sale securities
 
March 31, 2012
 
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair
Value
Securities available for sale
 
 
 
 
 
 
 
Debt Securities
 
 
 
 
 
 
 
U.S. government agency debentures
$
35,340

 
$
115

 
$
—

 
$
35,455

U.S. States and political subdivisions
365,543

 
21,733

 
(751
)
 
386,525

Residential mortgage-backed securities:
 
 
 
 
 
 
 
U.S. government agencies
1,401,241

 
53,388

 
(213
)
 
1,454,416

Commercial mortgage-backed securities:
 
 
 
 
 
 
 
U.S. government agencies
27,689

 
34

 
(60
)
 
27,663

Residential collateralized mortgage-backed securities:
 
 
 
 
 
 
 
U.S. government agencies
1,226,260

 
25,046

 
(2
)
 
1,251,304

Non-agency
41,741

 
91

 
—

 
41,832

Commercial collateralized mortgage-backed securities:
 
 
 
 
 
 
 
U.S. government agencies
147,214

 
675

 
(534
)
 
147,355

Corporate debt securities
158,019

 
955

 
(15,185
)
 
143,789

Total debt securities
3,403,047

 
102,037

 
(16,745
)
 
3,488,339

Marketable equity securities
3,308

 
—

 
—

 
3,308

Total securities available for sale
$
3,406,355

 
$
102,037

 
$
(16,745
)
 
$
3,491,647

Securities held to maturity
 
 
 
 
 
 
 
Debt Securities
 
 
 
 
 
 
 
U.S. States and political subdivisions
$
100,840

 
$
3,025

 
$
—

 
$
103,865

Total securities held to maturity
$
100,840

 
$
3,025

 
$
—

 
$
103,865

 
 
December 31, 2011
 
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair
Value
Securities available for sale
 
 
 
 
 
 
 
Debt Securities
 
 
 
 
 
 
 
U.S. government agency debentures
$
122,711

 
$
358

 
$
—

 
$
123,069

U.S. States and political subdivisions
334,916

 
22,865

 
(50
)
 
357,731

Residential mortgage-backed securities:
 
 
 
 
 
 
 
U.S. government agencies
1,407,345

 
53,129

 
(131
)
 
1,460,343

Residential collateralized mortgage-backed securities:
 
 
 
 
 
 
 
U.S. government agencies
1,115,832

 
22,058

 
(55
)
 
1,137,835

Non-agency
43,225

 
82

 
—

 
43,307

Commercial collateralized mortgage-backed securities:
 
 
 
 
 
 
 
U.S. government agencies
127,624

 
1,648

 
(145
)
 
129,127

Corporate debt securities
115,947

 
276

 
(17,381
)
 
98,842

Total debt securities
3,267,600

 
100,416

 
(17,762
)
 
3,350,254

Marketable equity securities
3,299

 
—

 
—

 
3,299

Total securities available for sale
$
3,270,899

 
$
100,416

 
$
(17,762
)
 
$
3,353,553

Securities held to maturity
 
 
 
 
 
 
 
Debt Securities
 
 
 
 
 
 
 
U.S. States and political subdivisions
$
82,764

 
$
2,348

 
$
—

 
$
85,112

Total securities held to maturity
$
82,764

 
$
2,348

 
$
—

 
$
85,112

 
 
March 31, 2011
 
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair
Value
Securities available for sale
 
 
 
 
 
 
 
Debt Securities
 
 
 
 
 
 
 
U.S. government agency debentures
$
409,090

 
$
549

 
$
(248
)
 
$
409,391

U.S. States and political subdivisions
292,531

 
5,468

 
(1,271
)
 
296,728

Residential mortgage-backed securities:
 
 
 
 
 
 
 
U.S. government agencies
1,464,666

 
49,591

 
(1,737
)
 
1,512,520

Residential collateralized mortgage-backed securities:
 
 
 
 
 
 
 
U.S. government agencies
999,719

 
16,194

 
(2,557
)
 
1,013,356

Non-agency
77,517

 
97

 
(5
)
 
77,609

Corporate debt securities
61,448

 
—

 
(12,140
)
 
49,308

Total debt securities
3,304,971

 
71,899

 
(17,958
)
 
3,358,912

Marketable equity securities
3,839

 
—

 
—

 
3,839

Total securities available for sale
$
3,308,810

 
$
71,899

 
$
(17,958
)
 
$
3,362,751

Securities held to maturity
 
 
 
 
 
 
 
Debt Securities
 
 
 
 
 
 
 
U.S. States and political subdivisions
$
65,923

 
$
1,980

 
$
—

 
$
67,903

Total securities held to maturity
$
65,923

 
$
1,980

 
$
—

 
$
67,903
Other investments
 
March 31, 2012
 
December 31, 2011
 
March 31, 2011
FRB stock
$
21,003

 
$
21,003

 
$
20,804

FHLB stock
119,145

 
119,145

 
139,398

Other
565

 
578

 
616

Total other investments
$
140,713

 
$
140,726

 
$
160,818
Gross unrealized losses and fair value of securities
The following table presents the gross unrealized losses and fair value of securities in the securities available-for-sale portfolio by length of time that individual securities in each category had been in a continuous loss position.
 
March 31, 2012
 
Less than 12 months
 
12 months or longer
 
Total
 
Fair
Value
 
Unrealized
Losses
 
Number of
Impaired
Securities
 
Fair
Value
 
Unrealized
Losses
 
Number of
Impaired
Securities
 
Fair
Value
 
Unrealized
Losses
Debt Securities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. government agency debentures
$
—

 
$
—

 
—

 
$
—

 
$
—

 
—

 
$
—

 
$
—

U.S. States and political subdivisions
26,915

 
(751
)
 
39

 
—

 
—

 
—

 
26,915

 
(751
)
Residential mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. government agencies
40,036

 
(213
)
 
4

 
—

 
—

 
—

 
40,036

 
(213
)
Commercial mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. government agencies
12,329

 
(60
)
 
2

 
—

 
—

 
—

 
12,329

 
(60
)
Residential collateralized mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. government agencies
4,322

 
(2
)
 
1

 
—

 
—

 
—

 
4,322

 
(2
)
U.S. non agencies
—

 
—

 
—

 
2

 
—

 
1

 
2

 
—

Commercial collateralized mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. government agencies
64,435

 
(534
)
 
6

 
—

 
—

 
—

 
64,435

 
(534
)
Corporate debt securities
33,250

 
(342
)
 
12

 
46,657

 
(14,843
)
 
8

 
79,907

 
(15,185
)
Total temporarily impaired securities
$
181,287

 
$
(1,902
)
 
64

 
$
46,659

 
$
(14,843
)
 
9

 
$
227,946

 
$
(16,745
)
 
December 31, 2011
 
Less than 12 months
 
12 months or longer
 
Total
 
Fair
Value
 
Unrealized
Losses
 
Number of
Impaired
Securities
 
Fair
Value
 
Unrealized
Losses
 
Number of
Impaired
Securities
 
Fair
Value
 
Unrealized
Losses
Debt Securities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. States and political subdivisions
$
5,249

 
$
(50
)
 
6

 
$
—

 
$
—

 
—

 
$
5,249

 
$
(50
)
Residential mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. government agencies
40,020

 
(129
)
 
4

 
149

 
(2
)
 
1

 
40,169

 
(131
)
Residential collateralized mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. government agencies
58,337

 
(102
)
 
7

 
—

 
—

 
—

 
58,337

 
(102
)
Non-agency
—

 
—

 
—

 
2

 
—

 
1

 
2

 
—

Commercial collateralized mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. government agencies
19,892

 
(98
)
 
1

 
—

 
—

 
—

 
19,892

 
(98
)
Corporate debt securities
24,846

 
(127
)
 
8

 
44,234

 
(17,254
)
 
8

 
69,080

 
(17,381
)
Total temporarily impaired securities
$
148,344

 
$
(506
)
 
26

 
$
44,385

 
$
(17,256
)
 
10

 
$
192,729

 
$
(17,762
)
 
 
March 31, 2011
 
Less than 12 months
 
12 months or longer
 
Total
 
Fair
Value
 
Unrealized
Losses
 
Number of
Impaired
Securities
 
Fair
Value
 
Unrealized
Losses
 
Number of
Impaired
Securities
 
Fair
Value
 
Unrealized
Losses
Debt Securities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. government agency debentures
$
153,756

 
$
(248
)
 
11

 
$
—

 
$
—

 
—

 
$
153,756

 
$
(248
)
U.S. States and political subdivisions
55,412

 
(1,248
)
 
94

 
660

 
(23
)
 
1

 
56,072

 
(1,271
)
Residential mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. government agencies
243,316

 
(1,734
)
 
20

 
173

 
(3
)
 
1

 
243,489

 
(1,737
)
Residential collateralized mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. government agencies
387,309

 
(2,562
)
 
26

 
—

 
—

 
—

 
387,309

 
(2,562
)
Corporate debt securities
—

 
—

 
—

 
49,308

 
(12,140
)
 
8

 
49,308

 
(12,140
)
Total temporarily impaired securities
$
839,793

 
$
(5,792
)
 
151

 
$
50,141

 
$
(12,166
)
 
10

 
$
889,934

 
$
(17,958
)
Proceeds and gross unrealized gains and losses on sales of available-for-sale securities
Gains or losses on the sales of available-for-sale securities are recognized upon sale and are determined using the specific identification method.
 
Quarter ended
March 31,
 
2012
 
2011
Proceeds
$
94,865

 
$
—

Realized gains
260

 
—

Realized losses
—

 
—

Net securities gains
$
260

 
$
—
Contractual maturities and contractual yields of debt securities held-to-maturity and available-for-sale
Estimated lives on mortgage-backed securities may differ from contractual maturities as issuers may have the right to call or prepay obligations with or without call or prepayment penalties.
 
U.S.
Government
agency
debentures
 
U.S. States and
political
subdivisions
obligations
 
Residential
mortgage-backed
securities - U.S
govt. agency
obligations
 
Commercial mortgage-backed
securities - U.S
govt. agency
obligations
 
Residential
collateralized
mortgage
obligations -
U.S. govt.
agency
obligations
 
Residential
collateralized
mortgage
obligations -
non - U.S.
govt. agency
issued
 
Commercial
collateralized
mortgage
obligations -
U.S. govt.
agency
obligations
 
Corporate
debt
securities
 
Total
 
Weighted
Average
Yield
Securities Available for Sale
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Remaining maturity:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
One year or less
$
35,455

 
$
8,808

 
$
4,408

 
$
—

 
$
51,403

 
$
—

 
$
—

 
$
—

 
$
100,074

 
2.98
%
Over one year through five years
—

 
25,781

 
1,291,288

 
5,067

 
1,174,567

 
41,832

 
54,273

 
23,976

 
2,616,784

 
2.75
%
Over five years through ten years
—

 
186,676

 
158,720

 
22,596

 
25,334

 
—

 
93,082

 
73,156

 
559,564

 
3.34
%
Over ten years
—

 
165,260

 
—

 
—

 
—

 
—

 
—

 
46,657

 
211,917

 
41.60
%
Fair Value
$
35,455

 
$
386,525

 
$
1,454,416

 
$
27,663

 
$
1,251,304

 
$
41,832

 
$
147,355

 
$
143,789

 
$
3,488,339

 
2.94
%
Amortized Cost
$
35,340

 
$
365,543

 
$
1,401,241

 
$
27,689

 
$
1,226,260

 
$
41,741

 
$
147,214

 
$
158,019

 
$
3,403,047

 
 
Weighted-Average Yield
0.73
%
 
5.39
%
 
3.10
%
 
0.59
%
 
2.43
%
 
0.52
%
 
2.47
%
 
1.85
%
 
2.94
%
 
 
Weighted-Average Maturity
0.65

 
10.21

 
3.60

 
5.98

 
3.36

 
2.35

 
6.02

 
9.60

 
4.58

 
 
Securities Held to Maturity
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Remaining maturity:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
One year or less
$
—

 
$
40,713

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
40,713

 
1.53
%
Over one year through five years
—

 
15,098

 
—

 
—

 
—

 
—

 
—

 
—

 
15,098

 
4.52
%
Over five years through ten years
—

 
5,204

 
—

 
—

 
—

 
—

 
—

 
—

 
5,204

 
5.46
%
Over ten years
—

 
42,850

 
—

 
—

 
—

 
—

 
—

 
—

 
42,850

 
7.16
%
Fair Value
$
—

 
$
103,865

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
103,865

 
4.49
%
Amortized Cost
$
—

 
$
100,840

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
100,840

 
 
Weighted-Average Yield
—
%
 
4.49
%
 
—
%
 
—
%
 
—
%
 
—
%
 
—
%
 
—
%
 
4.49
%
 
 
Weighted-Average Maturity
—

 
6.42

 
—

 
—

 
—

 
—

 
—

 
—

 
6.42