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Investment Securities (Tables)
 12 Months Ended
Dec. 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.
 
 
December 31, 2013
 
 
Amortized
Cost
 
Gross Unrealized Gains
 
Gross Unrealized Losses
 
Fair
Value
Securities available-for-sale
 
 
 
 
 
 
 
Debt securities
 
 
 
 
 
 
 
 
U.S. states and political subdivisions
$
258,787

 
$
7,376

 
$
(3,796
)
 
$
262,367

 
Residential mortgage-backed securities:
 
 
 
 
 
 
 
 
U.S. government agencies
962,687

 
21,662

 
(14,427
)
 
969,922

 
Commercial mortgage-backed securities:
 
 
 
 
 
 
 
 
U.S. government agencies
72,048

 
7

 
(2,488
)
 
69,567

 
Residential collateralized mortgage-backed securities:
 
 
 
 
 
 
 
 
U.S. government agencies
1,566,262

 
4,199

 
(52,068
)
 
1,518,393

 
Nonagency
9

 
—

 
—

 
9

 
Commercial collateralized mortgage-backed securities:
 
 
 
 
 
 
 
 
U.S. government agencies
104,152

 
273

 
(2,157
)
 
102,268

 
Asset-backed securities:
 
 
 
 
 
 
 
 
Collateralized loan obligations
297,259

 
760

 
(4,332
)
 
293,687

 
Corporate debt securities
61,596

 
—

 
(10,952
)
 
50,644

 
Total debt securities
3,322,800

 
34,277

 
(90,220
)
 
3,266,857

Equity Securities
 
 
 
 
 
 
 
 
Marketable equity securities
3,036

 
—

 
—

 
3,036

 
   Nonmarketable equity securities
3,281

 
—

 
—

 
3,281

 
Total equity securities
6,317

 
—

 
—

 
6,317

 
Total securities available for sale
$
3,329,117

 
$
34,277

 
$
(90,220
)
 
$
3,273,174

Securities held-to-maturity
 
 
 
 
 
 
 
Debt securities
 
 
 
 
 
 
 
 
U.S. treasuries
$
5,000

 
$
4

 
$
—

 
$
5,004

 
U.S. government agency debentures
25,000

 
—

 
(1,348
)
 
23,652

 
U.S. states and political subdivisions
480,703

 
5,335

 
(10,459
)
 
475,579

 
Residential mortgage-backed securities:
 
 
 
 
 
 
 
 
U.S. government agencies
569,960

 
1,108

 
(11,617
)
 
559,451

 
Commercial mortgage-backed securities:
 
 
 
 
 
 
 
 
U.S. government agencies
56,596

 
—

 
(1,190
)
 
55,406

 
Residential collateralized mortgage-backed securities:
 
 
 
 
 
 
 
 
U.S. government agencies
1,464,732

 
—

 
(81,818
)
 
1,382,914

 
Commercial collateralized mortgage-backed securities:
 
 
 
 
 
 
 
 
U.S. government agencies
240,069

 
6

 
(11,052
)
 
229,023

 
Corporate debt securities
93,628

 
308

 
(725
)
 
93,211

 
Total securities held to maturity
$
2,935,688

 
$
6,761

 
$
(118,209
)
 
$
2,824,240

 
 
 
 
 
 
 
 
 


 
 
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

 
Nonagency
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

 
 
 
 
 
 
 
 
 
Schedule of general obligation bonds
The Corporation's U.S. states and political subdivisions portfolio is composed of general obligation bonds issued by a highly diversified number of states, cities, counties, and school districts. Additionally, the aggregate fair value of the Corporation's general obligation bonds was greater than $10 million in 12 of the 38 U.S. states in which it holds investments. The amortized cost and fair value of the Corporation's portfolio of general obligation bonds are summarized by U.S. state in the tables below.
 
December 31, 2013
U.S. State
# of Issuers
 
Average Issue Size, Fair Value
 
Amortized Cost
 
Fair Value
Ohio
154

 
1,041

 
159,674

 
160,265

Michigan
166

 
744

 
122,198

 
123,571

Illinois
75

 
1,314

 
96,863

 
98,521

Texas
69

 
771

 
54,295

 
53,204

Wisconsin
87

 
645

 
54,921

 
56,152

Pennsylvania
51

 
891

 
48,319

 
45,451

Minnesota
45

 
663

 
29,840

 
29,816

Washington
30

 
930

 
28,393

 
27,906

New Jersey
38

 
722

 
27,101

 
27,440

Missouri
20

 
969

 
19,253

 
19,382

New York
22

 
585

 
13,064

 
12,878

California
18

 
599

 
10,651

 
10,788

Other
115

 
631

 
74,918

 
72,572

Total general obligation bonds
890

 
$
829

 
$
739,490

 
$
737,946

 
 
 
 
 
 
 
 
 
December 31, 2012
U.S. State
# of Issuers
 
Average Issue Size, Fair Value
 
Amortized Cost
 
Fair Value
Ohio
127

 
$
1,167

 
$
144,789

 
$
148,264

Illinois
42

 
1,366

 
55,207

 
57,365

Pennsylvania
55

 
970

 
51,932

 
53,348

Texas
53

 
931

 
47,613

 
49,326

Wisconsin
28

 
1,096

 
28,572

 
30,687

Minnesota
40

 
719

 
27,348

 
28,756

New Jersey
33

 
856

 
26,541

 
28,232

Michigan
22

 
1,233

 
26,104

 
27,130

Washington
22

 
907

 
18,976

 
19,958

Missouri
10

 
1,482

 
13,809

 
14,815

New York
18

 
639

 
11,027

 
11,507

California
11

 
930

 
9,734

 
10,231

Other
85

 
742

 
61,551

 
63,646

Total general obligation bonds
546

 
$
994

 
$
523,203

 
$
543,265

 
 
 
 
 
 
 
 
Schedule of other investments
FRB and FHLB stock constitute the majority of other investments on the Consolidated Balance Sheet.
 
December 31,
 
2013
 
2012
FRB stock
$
55,294

 
$
21,045

FHLB stock
125,032

 
119,145

Other
477

 
527

Total other investments
$
180,803

 
$
140,717

 
 
 
 
Schedule of Realized Gain (Loss)
The following table presents the proceeds from sales of available-for-sale securities and the gross realized gains and losses on the sales of those securities that have been included in earnings as a result of those sales. Gains or losses on the sales of available-for-sale securities are recognized upon sale and are determined using the specific identification method.
 
Years Ended December 31,
 
2013
 
2012
 
2011
Realized gains
$
3,786

 
$
3,786

 
$
11,251

Realized losses
(6,589
)
 
—

 
(170
)
Net securities (losses)/gains
$
(2,803
)
 
$
3,786

 
$
11,081

 
 
 
 
 
 
Schedule of Unrealized Loss on Investment
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.
 
 
December 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
$
38,039

 
$
(1,996
)
 
65

 
$
14,157

 
$
(1,800
)
 
25

 
$
52,196

 
$
(3,796
)
 
Residential mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. government agencies
434,761

 
(13,109
)
 
35

 
14,890

 
(1,318
)
 
2

 
449,651

 
(14,427
)
 
Commercial mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. government agencies
33,387

 
(1,491
)
 
5

 
16,944

 
(997
)
 
2

 
50,331

 
(2,488
)
 
Residential collateralized mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. government agencies
1,135,151

 
(44,775
)
 
74

 
100,530

 
(7,293
)
 
7

 
1,235,681

 
(52,068
)
 
Nonagency
—

 
—

 
—

 
1

 
—

 
1

 
1

 
—

 
Commercial collateralized mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   U.S. Government agencies
43,747

 
(2,055
)
 
6

 
2,525

 
(102
)
 
1

 
46,272

 
(2,157
)
 
Collateralized loan obligations:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Nonagency
223,458

 
(4,332
)
 
33

 
—

 
—

 
—

 
223,458

 
(4,332
)
 
Corporate debt securities
—

 
—

 
—

 
50,644

 
(10,952
)
 
8

 
50,644

 
(10,952
)
 
Total available-for-sale securities
$
1,908,543

 
$
(67,758
)
 
218

 
$
199,691

 
$
(22,462
)
 
46

 
$
2,108,234

 
$
(90,220
)
Securities held-to-maturity
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt Securities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. government agency debentures
$
23,652

 
$
(1,348
)
 
1

 
$
—

 
$
—

 
—

 
$
23,652

 
$
(1,348
)
 
U.S. states and political subdivisions
222,154

 
(10,276
)
 
353

 
2,478

 
(183
)
 
6

 
224,632

 
(10,459
)
 
Residential mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. government agencies
422,192

 
(11,617
)
 
22

 
—

 
—

 
—

 
422,192

 
(11,617
)
 
Commercial mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   U.S. government agencies
48,831

 
(1,190
)
 
8

 
—

 
—

 
—

 
48,831

 
(1,190
)
 
Residential collateralized mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   U.S. government agencies
1,402,172

 
(82,558
)
 
67

 
—

 
—

 
—

 
1,402,172

 
(82,558
)
 
   Nonagency
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
Commercial collateralized mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    U.S. government agencies
189,606

 
(10,312
)
 
18

 
—

 
—

 
—

 
189,606

 
(10,312
)
 
Collateralized loan obligations:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Nonagency
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
Corporate debt securities
64,541

 
(725
)
 
23

 
—

 
—

 
—

 
64,541

 
(725
)
 
Total held-to-maturity securities
$
2,373,148

 
$
(118,026
)
 
492

 
$
2,478

 
$
(183
)
 
6

 
$
2,375,626

 
$
(118,209
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
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
)
 
Nonagency
—

 
—

 
—

 
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
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Investment Securities Maturities [Table Text Block]
 
 
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
 
$
—

 
$
—

 
$
11,901

 
$
1,555

 
$
16,944

 
$
4,830

 
$
—

 
$
—

 
$
24,551

 
$
—

 
$
59,781

 
3.10
%
Over one year through five years
 
—

 
—

 
53,498

 
768,747

 
19,237

 
1,245,303

 
9

 
79,688

 
39,839

 
—

 
2,206,321

 
2.24
%
Over five years through ten years
 
—

 
—

 
166,913

 
199,620

 
33,386

 
268,260

 
—

 
22,580

 
208,319

 
—

 
899,078

 
2.85
%
Over ten years
 
—

 
—

 
30,055

 
—

 
—

 
—

 
—

 
—

 
20,978

 
50,644

 
101,677

 
2.26
%
Fair Value
 
$
—

 
$
—

 
$
262,367

 
$
969,922

 
$
69,567

 
$
1,518,393

 
$
9

 
$
102,268

 
$
293,687

 
$
50,644

 
$
3,266,857

 
2.42
%
Amortized Cost
 
$
—

 
$
—

 
$
258,787

 
$
962,687

 
$
72,048

 
$
1,566,262

 
$
9

 
$
104,152

 
$
297,259

 
$
61,596

 
$
3,322,800

 
 
Weighted-Average Yield
 
—
%
 
—
%
 
5.10
%
 
2.75
%
 
2.09
%
 
1.86
%
 
3.65
%
 
1.65
%
 
2.66
%
 
0.96
%
 
2.42
%
 
 
Weighted-Average Maturity
 
—

 
—

 
6.95
 
4.21
 
3.99
 
4.22
 
1.81
 
4.40
 
6.21
 
13.81
 
4.79

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

 
$
—

 
$
75,261

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
75,261

 
1.50
%
Over one year through five years
 
—

 
5,004

 
45,746

 
351,715

 
15,007

 
1,105,292

 
—

 
115,870

 
—

 
93,211

 
1,731,845

 
1.78
%
Over five years through ten years
 
23,652

 
—

 
180,337

 
207,736

 
40,399

 
277,622

 
—

 
113,153

 
—

 
—

 
842,899

 
2.38
%
Over ten years
 
—

 
—

 
174,235

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
174,235

 
5.40
%
Fair Value
 
$
23,652

 
$
5,004

 
$
475,579

 
$
559,451

 
$
55,406

 
$
1,382,914

 
$
—

 
$
229,023

 
$
—

 
$
93,211

 
$
2,824,240

 
2.17
%
Amortized Cost
 
$
25,000

 
$
5,000

 
$
480,703

 
$
569,960

 
$
56,596

 
$
1,464,732

 
$
—

 
$
240,069

 
$
—

 
$
93,628

 
$
2,935,688

 
 
Weighted-Average Yield
 
1.43
%
 
0.26
%
 
4.72
%
 
2.12
%
 
1.79
%
 
1.56
%
 
—
%
 
2.27
%
 
—
%
 
2.22
%
 
2.17
%
 
 
Weighted-Average Maturity
 
5.83

 
1.08

 
10.96

 
5.31

 
5.65

 
4.59

 
—

 
5.23

 
—

 
4.04

 
5.50