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Investment Securities (Tables)
 3 Months Ended
Mar. 31, 2013
Investments, Debt and Equity Securities [Abstract]  
Amortized cost and fair value for the major categories of held-to-maturity and available-for-sale securities
The following tables provide the amortized cost and fair value for the major categories of held-to-maturity and available-for-sale securities. Held-to-maturity securities are carried at amortized cost, which reflects historical cost, adjusted for amortization of premiums and accretion of discounts. Available-for-sale securities are carried at fair value with net unrealized gains or losses reported on an after-tax basis as a component of other comprehensive income in shareholders' equity.
 
 
March 31, 2013
 
 
Amortized
Cost
 
Gross Unrealized Gains
 
Gross Unrealized Losses
 
Fair
Value
Securities available-for-sale
 
 
 
 
 
 
 
Debt securities
 
 
 
 
 
 
 
 
U.S. states and political subdivisions
$
249,750

 
$
13,646

 
$
(790
)
 
$
262,606

 
Residential mortgage-backed securities:
 
 
 
 
 
 
 
 
U.S. government agencies
1,109,905

 
43,084

 
(663
)
 
1,152,326

 
Commercial mortgage-backed securities:
 
 
 
 
 
 
 
 
U.S. government agencies
58,827

 
406

 
(659
)
 
58,574

 
Residential collateralized mortgage-backed securities:
 
 
 
 
 
 
 
 
U.S. government agencies
1,591,341

 
16,292

 
(2,354
)
 
1,605,279

 
Non-agency
11

 
—

 
—

 
11

 
Commercial collateralized mortgage-backed securities:
 
 
 
 
 
 
 
 
U.S. government agencies
108,658

 
2,291

 
(347
)
 
110,602

 
Corporate debt securities
61,555

 
—

 
(10,330
)
 
51,225

 
Total debt securities
3,180,047

 
75,719

 
(15,143
)
 
3,240,623

Marketable equity securities
3,212

 
—

 
—

 
3,212

 
Total securities available for sale
$
3,183,259

 
$
75,719

 
$
(15,143
)
 
$
3,243,835

Securities held-to-maturity
 
 
 
 
 
 
 
Debt securities
 
 
 
 
 
 
 
 
U.S. states and political subdivisions
$
292,689

 
$
5,041

 
$
(244
)
 
$
297,486

 
Commercial mortgage-backed securities:
 
 
 
 
 
 
 
 
U.S. government agencies
40,413

 
774

 
—

 
41,187

 
Residential collateralized mortgage-backed securities:
 
 
 
 
 
 
 
 
U.S. government agencies
137,839

 
680

 
—

 
138,519

 
Commercial collateralized mortgage-backed securities:
 
 
 
 
 
 
 
 
U.S. government agencies
98,887

 
385

 
(339
)
 
98,933

 
Corporate debt securities
95,761

 
1,615

 
—

 
97,376

 
Total securities held to maturity
$
665,589

 
$
8,495

 
$
(583
)
 
$
673,501


 
 
December 31, 2012
 
 
Amortized
Cost
 
Gross Unrealized Gains
 
Gross Unrealized Losses
 
Fair
Value
Securities available-for-sale
 
 
 
 
 
 
 
Debt securities
 
 
 
 
 
 
 
 
U.S. states and political subdivisions
$
253,198

 
$
15,235

 
$
(229
)
 
$
268,204

 
Residential mortgage-backed securities:
 
 
 
 
 
 
 
 
U.S. government agencies
1,058,005

 
49,058

 
—

 
1,107,063

 
Commercial mortgage-backed securities:
 
 
 
 
 
 
 
 
U.S. government agencies
52,014

 
428

 
(406
)
 
52,036

 
Residential collateralized mortgage-backed securities:
 
 
 
 
 
 
 
 
U.S. government agencies
1,311,501

 
18,180

 
(260
)
 
1,329,421

 
Non-agency
11

 
—

 
—

 
11

 
Commercial collateralized mortgage-backed securities:
 
 
 
 
 
 
 
 
   U.S. government agencies
109,260

 
2,221

 
(138
)
 
111,343

 
Corporate debt securities
61,541

 
—

 
(11,889
)
 
49,652

 
Total debt securities
2,845,530

 
85,122

 
(12,922
)
 
2,917,730

 
Marketable equity securities
3,241

 
—

 
—

 
3,241

 
Total securities available for sale
$
2,848,771

 
$
85,122

 
$
(12,922
)
 
$
2,920,971

Securities held-to-maturity
 
 
 
 
 
 
 
Debt securities
 
 
 
 
 
 
 
 
U.S. states and political subdivisions
$
270,005

 
$
5,126

 
$
(70
)
 
$
275,061

 
Commercial mortgage-backed securities:
 
 
 
 
 
 
 
 
U.S. government agencies
33,165

 
812

 
—

 
33,977

 
Residential collateralized mortgage-backed securities:
 
 
 
 
 
 
—

 
U.S. government agencies
123,563

 
533

 
(16
)
 
124,080

 
Commercial collateralized mortgage-backed securities:
 
 
 
 
 
 
—

 
U.S. government agencies
98,924

 
772

 
—

 
99,696

 
Corporate debt securities
96,464

 
1,521

 
—

 
97,985

 
Total securities held to maturity
$
622,121

 
$
8,764

 
$
(86
)
 
$
630,799



 
 
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
Other investments
 
March 31, 2013
 
December 31, 2012
 
March 31, 2012
FRB stock
$
21,324

 
$
21,045

 
$
21,003

FHLB stock
119,145

 
119,145

 
119,145

Other
515

 
527

 
565

Total other investments
$
140,984

 
$
140,717

 
$
140,713
Proceeds and gross unrealized gains and losses on sales of available-for-sale securities
 
Three months ended March 31,
 
2013
 
2012
Proceeds
$
25,674

 
$
94,865

 
 
 
 
Realized gains
$
—

 
$
260

Realized losses
(9
)
 
—

Net securities (losses)/gains
$
(9
)
 
$
260
Gross unrealized losses and fair value of securities
 
 
 
March 31, 2013
 
 
 
Less than 12 months
 
12 months or longer
 
Total
 
 
Fair Value
 
Unrealized
Losses
 
Number
Impaired
Securities
 
Fair Value
 
Unrealized
Losses
 
Number
Impaired
Securities
 
Fair Value
 
Unrealized
Losses
Securities available-for-sale
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt securities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. states and political subdivisions
 
$
33,648

 
$
(790
)
 
51

 
$
—

 
$
—

 
—

 
$
33,648

 
$
(790
)
 
Residential mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. government agencies
 
45,345

 
(663
)
 
5

 
—

 
—

 
—

 
45,345

 
(663
)
 
Commercial mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. government agencies
 
30,799

 
(659
)
 
3

 
—

 
—

 
—

 
30,799

 
(659
)
 
Residential collateralized mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. government agencies
 
339,462

 
(2,354
)
 
21

 
—

 
—

 
—

 
339,462

 
(2,354
)
 
Commercial collateralized mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    U.S. government agencies
 
44,219

 
(347
)
 
6

 
—

 
—

 
—

 
44,219

 
(347
)
 
Corporate debt securities
 
—

 
—

 
—

 
51,225

 
(10,330
)
 
8

 
51,225

 
(10,330
)
 
Total available-for-sale securities
 
$
493,473

 
$
(4,813
)
 
86

 
$
51,225

 
$
(10,330
)
 
8

 
$
544,698

 
$
(15,143
)
Securities held-to-maturity
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt securities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. states and political subdivisions
 
$
29,823

 
$
(244
)
 
54

 
$
—

 
$
—

 
—

 
$
29,823

 
$
(244
)
 
Commercial collateralized mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. government agencies
 
$
40,892

 
$
(339
)
 
4

 
$
—

 
$
—

 
—

 
$
40,892

 
$
(339
)
 
Total held-to-maturity securities
 
$
70,715

 
$
(583
)
 
58

 
$
—

 
$
—

 
—

 
$
70,715

 
$
(583
)

 
 
 
December 31, 2012
 
 
 
Less than 12 months
 
12 months or longer
 
Total
 
 
Fair Value
 
Unrealized
Losses
 
Number
Impaired
Securities
 
Fair Value
 
Unrealized
Losses
 
Number
Impaired
Securities
 
Fair Value
 
Unrealized
Losses
Securities available-for-sale
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt securities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. states and political subdivisions
 
$
14,110

 
$
(229
)
 
24

 
$
—

 
$
—

 
—

 
$
14,110

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

 
—

 
1

 
13

 
—

 
1

 
27

 
—

 
Commercial mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. government agencies
 
31,237

 
(406
)
 
3

 
—

 
—

 
—

 
31,237

 
(406
)
 
Residential collateralized mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. government agencies
 
133,008

 
(258
)
 
9

 
389

 
(2
)
 
1

 
133,397

 
(260
)
 
Non-agency
 
—

 
—

 
—

 
2

 
—

 
1

 
2

 
—

 
Commercial collateralized mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    U.S. government agencies
 
35,316

 
(138
)
 
4

 
—

 
—

 
—

 
35,316

 
(138
)
 
Corporate debt securities
 
—

 
—

 
—

 
49,652

 
(11,889
)
 
8

 
49,652

 
(11,889
)
 
Total available-for-sale securities
 
$
213,685

 
$
(1,031
)
 
41

 
$
50,056

 
$
(11,891
)
 
11

 
$
263,741

 
$
(12,922
)
Securities held-to-maturity
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt securities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. states and political subdivisions
 
$
6,543

 
$
(70
)
 
12

 
$
—

 
$
—

 
—

 
$
6,543

 
$
(70
)
 
Residential collateralized mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. government agencies
 
$
17,413

 
$
(16
)
 
1

 
$
—

 
$
—

 
—

 
$
17,413

 
$
(16
)
 
Total held-to-maturity securities
 
$
23,956

 
$
(86
)
 
13

 
$
—

 
$
—

 
—

 
$
23,956

 
$
(86
)

 
 
 
March 31, 2012
 
 
 
Less than 12 months
 
12 months or longer
 
Total
 
 
Fair Value
 
Unrealized
Losses
 
Number
Impaired
Securities
 
Fair Value
 
Unrealized
Losses
 
Number
Impaired
Securities
 
Fair Value
 
Unrealized
Losses
Securities available-for-sale
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt securities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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
)
 
Non-agency
 
—

 
—

 
—

 
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
)
Contractual maturities and contractual yields of debt securities held-to-maturity and available-for-sale
 
 
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
obligations
 
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
 
$
11,950

 
$
2,360

 
$
17,976

 
$
27,621

 
$
—

 
$
—

 
$
—

 
$
59,907

 
3.58
%
Over one year through five years
 
37,903

 
1,070,345

 
—

 
1,448,836

 
11

 
81,606

 
—

 
2,638,701

 
2.20
%
Over five years through ten years
 
171,780

 
79,621

 
40,598

 
128,822

 
—

 
28,996

 
—

 
449,817

 
3.09
%
Over ten years
 
40,973

 
—

 
—

 
—

 
—

 
—

 
51,225

 
92,198

 
2.24
%
Fair Value
 
$
262,606

 
$
1,152,326

 
$
58,574

 
$
1,605,279

 
$
11

 
$
110,602

 
$
51,225

 
$
3,240,623

 
2.35
%
Amortized Cost
 
$
249,750

 
$
1,109,905

 
$
58,827

 
$
1,591,341

 
$
11

 
$
108,658

 
$
61,555

 
$
3,180,047

 
 
Weighted-Average Yield
 
5.14
%
 
2.64
%
 
2.14
%
 
1.80
%
 
3.41
%
 
1.82
%
 
0.99
%
 
2.35
%
 
 
Weighted-Average Maturity
 
7.67

 
3.60

 
4.53

 
3.72

 
1.52

 
4.81

 
14.52

 
4.25

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Securities Held to Maturity
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Remaining maturity:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
One year or less
 
$
56,981

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
56,981

 
1.64
%
Over one year through five years
 
19,031

 
—

 
—

 
138,519

 
—

 
41,746

 
40,625

 
239,921

 
2.21
%
Over five years through ten years
 
60,079

 
—

 
41,187

 
—

 
—

 
57,187

 
56,751

 
215,204

 
3.30
%
Over ten years
 
161,395

 
—

 
—

 
—

 
—

 
—

 
—

 
161,395

 
5.50
%
Fair Value
 
$
297,486

 
$
—

 
$
41,187

 
$
138,519

 
$
—

 
$
98,933

 
$
97,376

 
$
673,501

 
3.30
%
Amortized Cost
 
$
292,689

 
$
—

 
$
40,413

 
$
137,839

 
$
—

 
$
98,887

 
$
95,761

 
$
665,589

 
 
Weighted-Average Yield
 
5.48
%
 
—
%
 
1.85
%
 
1.92
%
 
—
%
 
2.91
%
 
2.18
%
 
3.30
%
 
 
Weighted-Average Maturity
 
12.96

 
—

 
5.82

 
3.31

 
—

 
6.39

 
4.75

 
7.05