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Investment Securities (Tables)
 6 Months Ended
Jun. 30, 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
 
June 30, 2012
 
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair
Value
Securities available for sale
 
 
 
 
 
 
 
Debt Securities
 
 
 
 
 
 
 
U.S. government agency debentures
$
35,224

 
$
73

 
$
—

 
$
35,297

U.S. States and political subdivisions
249,410

 
15,914

 
(200
)
 
265,124

Residential mortgage-backed securities:
 
 
 
 
 
 
 
U.S. government agencies
1,326,601

 
56,212

 
—

 
1,382,813

Commercial mortgage-backed securities:
 
 
 
 
 
 
 
U.S. government agencies
37,868

 
580

 
(20
)
 
38,428

Residential collateralized mortgage-backed securities:
 
 
 
 
 
 
 
U.S. government agencies
1,258,742

 
18,962

 
(326
)
 
1,277,378

Non-agency
13

 
—

 
—

 
13

Commercial collateralized mortgage-backed securities:
 
 
 
 
 
 
 
U.S. government agencies
66,806

 
1,739

 
—

 
68,545

Corporate debt securities
157,434

 
1,555

 
(13,562
)
 
145,427

Total debt securities
3,132,098

 
95,035

 
(14,108
)
 
3,213,025

Marketable equity securities
3,340

 
—

 
—

 
3,340

Total securities available for sale
$
3,135,438

 
$
95,035

 
$
(14,108
)
 
$
3,216,365

Securities held to maturity
 
 
 
 
 
 
 
Debt Securities
 
 
 
 
 
 
 
U.S. States and political subdivisions
$
253,161

 
$
3,033

 
$
(119
)
 
$
256,075

Commercial mortgage-backed securities:
 
 
 
 
 
 
 
     U.S. government agency obligations
$
5,113

 
$
—

 
$
(29
)
 
$
5,084

Commercial collateralized mortgage obligations:
 
 
 
 
 
 
 
     U.S. government agency obligations
$
93,947

 
$
61

 
$
(47
)
 
$
93,961

Total securities held to maturity
$
352,221

 
$
3,094

 
$
(195
)
 
$
355,120

 
 
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

 
 
June 30, 2011
 
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair
Value
Securities available for sale
 
 
 
 
 
 
 
Debt Securities
 
 
 
 
 
 
 
U.S. government agency debentures
$
370,649

 
$
743

 
$
(148
)
 
$
371,244

U.S. States and political subdivisions
299,238

 
10,728

 
(181
)
 
309,785

Residential mortgage-backed securities:
 
 
 
 
 
 
 
U.S. government agencies
1,528,537

 
60,524

 
(90
)
 
1,588,971

Residential collateralized mortgage-backed securities:
 
 
 
 
 
 
 
U.S. government agencies
1,061,393

 
19,883

 
(1,326
)
 
1,079,950

Non-agency
93,733

 
114

 
—

 
93,847

Corporate debt securities
61,461

 
—

 
(10,738
)
 
50,723

Total debt securities
3,415,011

 
91,992

 
(12,483
)
 
3,494,520

Marketable equity securities
3,752

 
—

 
—

 
3,752

Total securities available for sale
$
3,418,763

 
$
91,992

 
$
(12,483
)
 
$
3,498,272

Securities held to maturity
 
 
 
 
 
 
 
Debt Securities
 
 
 
 
 
 
 
U.S. States and political subdivisions
$
80,857

 
$
2,048

 
$
—

 
$
82,905

Total securities held to maturity
$
80,857

 
$
2,048

 
$
—

 
$
82,905
Other investments
 
June 30, 2012
 
December 31, 2011
 
June 30, 2011
FRB stock
$
21,045

 
$
21,003

 
$
20,804

FHLB stock
119,145

 
119,145

 
139,398

Other
552

 
578

 
603

Total other investments
$
140,742

 
$
140,726

 
$
160,805
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.
 
June 30, 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
15,742

 
(200
)
 
28

 
—

 
—

 
—

 
15,742

 
(200
)
Residential mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. government agencies
30

 
—

 
2

 
—

 
—

 
—

 
30

 
—

Commercial mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    U.S. government agencies
5,137

 
(20
)
 
1

 
—

 
—

 
—

 
5,137

 
(20
)
Residential collateralized mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. government agencies
88,482

 
(326
)
 
9

 
—

 
—

 
—

 
88,482

 
(326
)
U.S. non agencies
—

 
—

 
—

 
2

 
—

 
1

 
2

 
—

Commercial collateralized mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    U.S. government agencies
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

Corporate debt securities
21,359

 
(133
)
 
6

 
48,085

 
(13,429
)
 
8

 
69,444

 
(13,562
)
Total temporarily impaired securities
$
130,750

 
$
(679
)
 
46

 
$
48,087

 
$
(13,429
)
 
9

 
$
178,837

 
$
(14,108
)
 
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
48,003

 
(55
)
 
6

 
—

 
—

 
—

 
48,003

 
(55
)
Non-agency
—

 
—

 
—

 
2

 
—

 
1

 
2

 
—

Commercial collateralized mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. government agencies
30,227

 
(145
)
 
2

 
—

 
—

 
—

 
30,227

 
(145
)
Corporate debt securities
24,846

 
(127
)
 
8

 
44,234

 
(17,254
)
 
8

 
69,080

 
(17,381
)
Total temporarily impaired securities
$
148,345

 
$
(506
)
 
26

 
$
44,385

 
$
(17,256
)
 
10

 
$
192,730

 
$
(17,762
)
 
 
June 30, 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
$
23,538

 
$
(148
)
 
2

 
$
—

 
$
—

 
—

 
$
23,538

 
$
(148
)
U.S. States and political subdivisions
18,176

 
(158
)
 
24

 
655

 
(23
)
 
1

 
18,831

 
(181
)
Residential mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. government agencies
14,229

 
(87
)
 
1

 
182

 
(3
)
 
2

 
14,411

 
(90
)
Residential collateralized mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. government agencies
265,319

 
(1,326
)
 
18

 
—

 
—

 
—

 
265,319

 
(1,326
)
Corporate debt securities
—

 
—

 
—

 
50,723

 
(10,738
)
 
8

 
50,723

 
(10,738
)
Total temporarily impaired securities
$
321,262

 
$
(1,719
)
 
45

 
$
51,560

 
$
(10,764
)
 
11

 
$
372,822

 
$
(12,483
)
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.
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2012
 
2011
 
2012
 
2011
Proceeds
$
66,213

 
$
32,900

 
$
161,077

 
$
32,900

Realized gains
548

 
945

 
808

 
945

Realized losses
—

 
(56
)
 
—

 
(56
)
Net securities gains
$
548

 
$
889

 
$
808

 
$
889
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
$
35,297

 
$
15,897

 
$
5,134

 
$
—

 
$
64,846

 
$
—

 
$
—

 
$
—

 
$
121,174

 
3.22
%
Over one year through five years
—

 
27,984

 
1,330,029

 
—

 
1,180,481

 
13

 
63,366

 
23,944

 
2,625,817

 
2.72
%
Over five years through ten years
—

 
173,985

 
47,650

 
38,428

 
32,051

 
—

 
5,179

 
73,398

 
370,691

 
3.69
%
Over ten years
—

 
47,258

 
—

 
—

 
—

 
—

 
—

 
48,085

 
95,343

 
2.83
%
Fair Value
$
35,297

 
$
265,124

 
$
1,382,813

 
$
38,428

 
$
1,277,378

 
$
13

 
$
68,545

 
$
145,427

 
$
3,213,025

 
2.85
%
Amortized Cost
$
35,224

 
$
249,410

 
$
1,326,601

 
$
37,868

 
$
1,258,742

 
$
13

 
$
66,806

 
$
157,434

 
$
3,132,098

 
 
Weighted-Average Yield
0.73
%
 
5.36
%
 
3.09
%
 
1.70
%
 
2.37
%
 
3.99
%
 
2.16
%
 
1.84
%
 
2.85
%
 
 
Weighted-Average Maturity
0.40

 
7.76

 
3.25

 
6.10

 
3.07

 
2.09

 
4.52

 
9.36

 
3.87

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

 
$
41,042

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
41,042

 
1.54
%
Over one year through five years
—

 
14,567

 
—

 
—

 
—

 
—

 
—

 
—

 
14,567

 
4.48
%
Over five years through ten years
—

 
22,318

 
—

 
5,084

 
—

 
—

 
93,961

 
—

 
121,363

 
2.51
%
Over ten years
—

 
178,148

 
—

 
—

 
—

 
—

 
—

 
—

 
178,148

 
5.57
%
Fair Value
$
—

 
$
256,075

 
$
—

 
$
5,084

 
$
—

 
$
—

 
$
93,961

 
$
—

 
$
355,120

 
4.01
%
Amortized Cost
$
—

 
$
253,161

 
$
—

 
$
5,113

 
$
—

 
$
—

 
$
93,947

 
$
—

 
$
352,221

 
 
Weighted-Average Yield
—
%
 
5.58
%
 
—
%
 
1.90
%
 
—
%
 
—
%
 
1.77
%
 
—
%
 
4.01
%
 
 
Weighted-Average Maturity
—

 
13.75

 
—

 
6.17

 
—

 
—

 
7.09

 
—

 
9.96