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Investment Securities (Tables)
 6 Months Ended
Jun. 30, 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.
 
 
June 30, 2013
 
 
Amortized
Cost
 
Gross Unrealized Gains
 
Gross Unrealized Losses
 
Fair
Value
Securities available-for-sale
 
 
 
 
 
 
 
Debt securities
 
 
 
 
 
 
 
 
U.S. states and political subdivisions
$
272,254

 
$
9,207

 
$
(3,527
)
 
$
277,934

 
Residential mortgage-backed securities:
 
 
 
 
 
 
 
 
U.S. government agencies
1,058,323

 
27,797

 
(10,192
)
 
1,075,928

 
Commercial mortgage-backed securities:
 
 
 
 
 
 
 
 
U.S. government agencies
58,609

 
29

 
(2,141
)
 
56,497

 
Residential collateralized mortgage-backed securities:
 
 
 
 
 
 
 
 
U.S. government agencies
1,586,576

 
7,272

 
(27,120
)
 
1,566,728

 
Non-agency
10

 
—

 
—

 
10

 
Commercial collateralized mortgage-backed securities:
 
 
 
 
 
 
 
 
U.S. government agencies
108,000

 
533

 
(1,965
)
 
106,568

 
Asset-backed securities:
 
 
 
 
 
 
 
 
Collateralized loan obligations
159,916

 
—

 
(1,821
)
 
158,095

 
Corporate debt securities
61,569

 
—

 
(10,431
)
 
51,138

 
Total debt securities
3,305,257

 
44,838

 
(57,197
)
 
3,292,898

Equity Securities
 
 
 
 
 
 
 
 
Marketable equity securities
3,213

 
—

 
—

 
3,213

 
Non-marketable equity securities
3,281

 
—

 
—

 
3,281

 
Total equity securities
6,494

 
—

 
—

 
6,494

 
Total securities available for sale
$
3,311,751

 
$
44,838

 
$
(57,197
)
 
$
3,299,392

Securities held-to-maturity
 
 
 
 
 
 
 
Debt securities
 
 
 
 
 
 
 
 
U.S. treasuries
$
4,999

 
$
—

 
$
—

 
$
4,999

 
U.S. government agency debentures
25,000

 
—

 
(1,193
)
 
23,807

 
U.S. states and political subdivisions
436,860

 
3,878

 
(9,041
)
 
431,697

 
Residential mortgage-backed securities:
 
 
 
 
 
 
 
 
U.S. government agencies
253,839

 
—

 
(8,051
)
 
245,788

 
Commercial mortgage-backed securities:
 
 
 
 
 
 
 
 
U.S. government agencies
50,352

 
—

 
(619
)
 
49,733

 
Residential collateralized mortgage-backed securities:
 
 
 
 
 
 
 
 
U.S. government agencies
1,510,374

 
67

 
(41,674
)
 
1,468,767

 
Commercial collateralized mortgage-backed securities:
 
 
 
 
 
 
 
 
U.S. government agencies
175,384

 
—

 
(7,285
)
 
168,099

 
Corporate debt securities
95,052

 
132

 
(1,003
)
 
94,181

 
Total securities held to maturity
$
2,551,860

 
$
4,077

 
$
(68,866
)
 
$
2,487,071


 
 
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



 
 
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 agencies
5,113

 
—

 
(29
)
 
5,084

 
Commercial collateralized mortgage-backed securities:
 
 
 
 
 
 
 
 
   U.S. government agencies
93,947

 
61

 
(47
)
 
93,961

 
Total securities held to maturity
$
352,221

 
$
3,094

 
$
(195
)
 
$
355,120
Other investments
 
June 30, 2013
 
December 31, 2012
 
June 30, 2012
FRB stock
$
52,477

 
$
21,045

 
$
21,045

FHLB stock
214,586

 
119,145

 
119,145

Other
502

 
527

 
552

Total other investments
$
267,565

 
$
140,717

 
$
140,742
Proceeds and gross unrealized gains and losses on sales of available-for-sale securities
 
Three months ended June 30,
 
Six months ended June 30,
 
2013
 
2012
 
2013
 
2012
Proceeds
$
2,154,949

 
$
66,213

 
$
2,180,624

 
$
161,077

 
 
 
 
 
 
 
 
Realized gains
$
3,786

 
$
548

 
$
3,786

 
$
808

Realized losses
(6,580
)
 
—

 
(6,589
)
 
—

Net securities (losses)/gains
$
(2,794
)
 
$
548

 
$
(2,803
)
 
$
808
Gross unrealized losses and fair value of securities
 
 
 
June 30, 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
 
$
61,933

 
$
(3,527
)
 
106

 
$
—

 
$
—

 
—

 
$
61,933

 
$
(3,527
)
 
Residential mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. government agencies
 
331,857

 
(10,191
)
 
23

 
—

 
—

 
—

 
331,857

 
(10,191
)
 
Commercial mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. government agencies
 
51,378

 
(2,141
)
 
7

 
—

 
—

 
—

 
51,378

 
(2,141
)
 
Residential collateralized mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. government agencies
 
1,070,624

 
(27,120
)
 
64

 
—

 
—

 
—

 
1,070,624

 
(27,120
)
 
Commercial collateralized mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   U.S. Government agencies
 
42,537

 
(1,965
)
 
6

 
—

 
—

 
—

 
42,537

 
(1,965
)
 
Collateralized loan obligations:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Non-agency
 
74,779

 
(1,822
)
 
14

 
—

 
—

 
—

 
74,779

 
(1,822
)
 
Corporate debt securities
 
—

 
—

 
—

 
51,138

 
(10,431
)
 
8

 
51,138

 
(10,431
)
 
Total available-for-sale securities
 
$
1,633,108

 
$
(46,766
)
 
220

 
$
51,138

 
$
(10,431
)
 
8

 
$
1,684,246

 
$
(57,197
)
Securities held-to-maturity
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt securities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. government agency debentures
 
$
23,807

 
$
(1,193
)
 
1

 
$
—

 
$
—

 
—

 
$
23,807

 
$
(1,193
)
 
U.S. states and political subdivisions
 
228,098

 
(9,041
)
 
362

 
—

 
—

 
—

 
228,098

 
(9,041
)
 
Residential mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. government agencies
 
225,681

 
(8,051
)
 
11

 
—

 
—

 
—

 
225,681

 
(8,051
)
 
Commercial mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   U.S. government agencies
 
39,697

 
(619
)
 
7

 
—

 
—

 
—

 
39,697

 
(619
)
 
Residential collateralized mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   U.S. government agencies
 
1,451,813

 
(41,674
)
 
65

 
—

 
—

 
—

 
1,451,813

 
(41,674
)
 
Commercial collateralized mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    U.S. government agencies
 
150,223

 
(7,285
)
 
14

 
—

 
—

 
—

 
150,223

 
(7,285
)
 
Corporate debt securities
 
72,017

 
(1,003
)
 
25

 
—

 
—

 
—

 
72,017

 
(1,003
)
 
Total held-to-maturity securities
 
$
2,191,336

 
$
(68,866
)
 
485

 
$
—

 
$
—

 
—

 
$
2,191,336

 
$
(68,866
)

 
 
 
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
)

 
 
 
June 30, 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
 
$
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
)
 
Non-agency
 
—

 
—

 
—

 
2

 
—

 
1

 
2

 
—

 
Corporate debt securities
 
21,359

 
(133
)
 
6

 
48,085

 
(13,429
)
 
8

 
69,444

 
(13,562
)
 
Total available-for-sale securities
 
$
130,750

 
$
(679
)
 
46

 
$
48,087

 
$
(13,429
)
 
9

 
$
178,837

 
$
(14,108
)
Securities held-to-maturity
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt securities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. states and political subdivisions
 
$
53,450

 
$
(119
)
 
74

 
$
—

 
$
—

 
—

 
$
53,450

 
$
(119
)
 
Commercial mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
—

 
—

 
U.S. government agencies
 
5,084

 
(29
)
 
1

 
—

 
—

 
—

 
5,084

 
(29
)
 
Commercial collateralized mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
—

 
—

 
    U.S. government agencies
 
41,494

 
(47
)
 
4

 
—

 
—

 
—

 
41,494

 
(47
)
 
Total held-to-maturity securities
 
$
100,028

 
$
(195
)
 
79

 
$
—

 
$
—

 
—

 
$
100,028

 
$
(195
)
Contractual maturities and contractual yields of debt securities held-to-maturity and available-for-sale
 
 
U.S. Government agency debentures
 
U.S. Treasuries
 
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
 
Collateralized loan obligations
 
Corporate debt securities
 
Total
 
Weighted Average Yield
Securities Available for Sale
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Remaining maturity:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
One year or less
 
$
—

 
$
—

 
$
16,178

 
$
3,011

 
$
17,460

 
$
13,062

 
$
—

 
$
—

 
$
7,538

 
$
—

 
$
57,249

 
4.06
%
Over one year through five years
 
—

 
—

 
50,151

 
747,924

 
—

 
1,198,392

 
10

 
78,705

 
11,568

 
—

 
2,086,750

 
2.32
%
Over five years through ten years
 
—

 
—

 
175,056

 
324,993

 
39,037

 
355,274

 
—

 
27,863

 
138,989

 
—

 
1,061,212

 
2.44
%
Over ten years
 
—

 
—

 
36,549

 
—

 
—

 
—

 
—

 
—

 
—

 
51,138

 
87,687

 
2.17
%
Fair Value
 
$
—

 
$
—

 
$
277,934

 
$
1,075,928

 
$
56,497

 
$
1,566,728

 
$
10

 
$
106,568

 
$
158,095

 
$
51,138

 
$
3,292,898

 
2.38
%
Amortized Cost
 
$
—

 
$
—

 
$
272,254

 
$
1,058,323

 
$
58,609

 
$
1,586,576

 
$
10

 
$
108,000

 
$
159,916

 
$
61,569

 
$
3,305,257

 
 
Weighted-Average Yield
 

 

 
4.95
%
 
2.74
%
 
2.11
%
 
1.81
%
 
3.84
%
 
1.81
%
 
2.33
%
 
0.99
%
 
2.38
%
 
 
Weighted-Average Maturity
 

 

 
7.19

 
4.12

 
4.42

 
4.22

 
1.52

 
4.51

 
6.44

 
14.31

 
4.74

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

 
$
—

 
$
51,941

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
51,941

 
3.50
%
Over one year through five years
 
—

 
4,999

 
42,404

 
88,609

 
5,054

 
1,041,822

 
—

 
61,831

 
—

 
65,397

 
1,310,116

 
1.56
%
Over five years through ten years
 
23,807

 
—

 
144,676

 
157,179

 
44,679

 
426,945

 
—

 
106,268

 
—

 
28,784

 
932,338

 
0.20
%
Over ten years
 
—

 
—

 
192,676

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
192,676

 
3.47
%
Fair Value
 
$
23,807

 
$
4,999

 
$
431,697

 
$
245,788

 
$
49,733

 
$
1,468,767

 
$
—

 
$
168,099

 
$
—

 
$
94,181

 
$
2,487,071

 
1.91
%
Amortized Cost
 
$
25,000

 
$
4,999

 
$
436,860

 
$
253,839

 
$
50,352

 
$
1,510,374

 
$
—

 
$
175,384

 
$
—

 
$
95,052

 
$
2,551,860

 
 
Weighted-Average Yield
 
1.43
%
 
0.62
%
 
3.29
%
 
1.41
%
 
1.47
%
 
1.51
%
 

 
2.95
%
 

 
2.22
%
 
1.91
%
 
 
Weighted-Average Maturity
 
6.33

 
1.58

 
11.60

 
4.96

 
5.97

 
4.70

 


 
6.29

 


 
4.54

 
5.73