XML 98 R26.htm IDEA: XBRL DOCUMENT v2.4.0.8
Investment Securities (Tables)
 6 Months Ended
Jun. 30, 2014
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 OCI in shareholders' equity.
 
 
June 30, 2014
(In thousands)
Amortized
Cost
 
Gross Unrealized Gains
 
Gross Unrealized Losses
 
Fair
Value
Securities available-for-sale
 
 
 
 
 
 
 
Debt securities
 
 
 
 
 
 
 
 
U.S. states and political subdivisions
$
233,228

 
$
8,600

 
$
(1,023
)
 
$
240,805

 
Residential mortgage-backed securities:
 
 
 
 
 
 
 
 
U.S. government agencies
998,698

 
24,965

 
(5,489
)
 
1,018,174

 
Commercial mortgage-backed securities:
 
 
 
 
 
 
 
 
U.S. government agencies
86,870

 
351

 
(1,523
)
 
85,698

 
Residential collateralized mortgage-backed securities:
 
 
 
 
 
 
 
 
U.S. government agencies
1,627,871

 
5,009

 
(34,849
)
 
1,598,031

 
Non-agency
8

 
—

 
—

 
8

 
Commercial collateralized mortgage-backed securities:
 
 
 
 
 
 
 
 
U.S. government agencies
182,151

 
1,008

 
(1,126
)
 
182,033

 
Asset-backed securities:
 
 
 
 
 
 
 
 
Collateralized loan obligations
297,334

 
883

 
(4,252
)
 
293,965

 
Corporate debt securities
61,624

 
—

 
(8,134
)
 
53,490

 
Total debt securities
3,487,784

 
40,816

 
(56,396
)
 
3,472,204

Equity securities
 
 
 
 
 
 
 
 
Marketable equity securities
2,935

 
—

 
—

 
2,935

 
Non-marketable equity securities
3,281

 
—

 
—

 
3,281

 
Total equity securities
6,216

 
—

 
—

 
6,216

 
Total securities available for sale
$
3,494,000

 
$
40,816

 
$
(56,396
)
 
$
3,478,420

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

 
$
5

 
$
—

 
$
5,005

 
U.S. government agency debentures
25,000

 
—

 
(707
)
 
24,293

 
U.S. states and political subdivisions
549,850

 
10,072

 
(1,253
)
 
558,669

 
Residential mortgage-backed securities:
 
 
 
 
 
 
 
 
U.S. government agencies
624,605

 
6,825

 
(4,933
)
 
626,497

 
Commercial mortgage-backed securities:
 
 
 
 
 
 
 
 
U.S. government agencies
56,020

 
176

 
(445
)
 
55,751

 
Residential collateralized mortgage-backed securities:
 
 
 
 
 
 
 
 
U.S. government agencies
1,450,479

 
114

 
(54,263
)
 
1,396,330

 
Commercial collateralized mortgage-backed securities:
 
 
 
 
 
 
 
 
U.S. government agencies
248,974

 
641

 
(7,252
)
 
242,363

 
Corporate debt securities
92,190

 
768

 
—

 
92,958

 
Total securities held to maturity
$
3,052,118

 
$
18,601

 
$
(68,853
)
 
$
3,001,866

 
 
 
 
 
 
 
 
 

 
 
December 31, 2013
(In thousands)
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

 
Non-agency
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

 
Non-marketable 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 agencies 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

 
 
 
 
 
 
 
 
 


 
 
June 30, 2013
(In thousands)
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

 
 
 
 
 
 
 
 
 
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. 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. As illustrated in the tables below, the aggregate fair value of the Corporation's general obligation bonds was greater than $10.0 million in eleven of the thirty-six U.S. states in which it holds investments.
(Dollars in thousands)
June 30, 2014
U.S. State
# of Issuers
 
Average Issue Size, Fair Value
 
Amortized Cost
 
Fair Value
Ohio
152

 
$
1,065

 
$
158,773

 
$
161,809

Michigan
174

 
862

 
146,565

 
150,052

Illinois
74

 
1,578

 
113,501

 
116,741

Wisconsin
87

 
864

 
72,616

 
75,155

Texas
65

 
794

 
50,845

 
51,632

Pennsylvania
49

 
972

 
47,870

 
47,623

Minnesota
42

 
678

 
27,864

 
28,468

Washington
30

 
955

 
28,191

 
28,660

New Jersey
37

 
751

 
26,815

 
27,805

Missouri
19

 
1,022

 
18,855

 
19,413

New York
21

 
612

 
12,627

 
12,860

Other
123

 
640

 
78,100

 
78,724

Total general obligation bonds
873

 
$
915

 
$
782,622

 
$
798,942

 
 
 
 
 
 
 
 
(Dollars in thousands)
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

Wisconsin
87

 
645

 
54,921

 
56,152

Texas
69

 
771

 
54,295

 
53,204

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

 
 
 
 
 
 
 
 
(Dollars in thousands)
June 30, 2013
U.S. State
# of Issuers
 
Average Issue Size, Fair Value
 
Amortized Cost
 
Fair Value
Ohio
155

 
$
983

 
$
151,243

 
$
152,289

Illinois
68

 
1,045

 
69,718

 
71,055

Texas
70

 
774

 
55,132

 
54,201

Pennsylvania
57

 
885

 
52,581

 
50,428

Wisconsin
82

 
646

 
51,660

 
52,933

Minnesota
47

 
658

 
30,675

 
30,927

New Jersey
39

 
720

 
27,485

 
28,078

Michigan
174

 
689

 
119,040

 
119,916

Washington
31

 
947

 
29,696

 
29,371

Missouri
20

 
981

 
19,351

 
19,624

New York
22

 
609

 
13,484

 
13,400

California
20

 
591

 
11,592

 
11,821

Other
118

 
636

 
76,974

 
75,021

Total general obligation bonds
903

 
$
605

 
$
708,631

 
$
709,064

 
 
 
 
 
 
 
 
Other investments
FRB and FHLB stock constitute the majority of other investments on the Consolidated Balance Sheets.
(In thousands)
June 30, 2014
 
December 31, 2013
 
June 30, 2013
FRB stock
$
55,435

 
$
55,294

 
$
52,477

FHLB stock
92,547

 
125,032

 
214,586

Other
451

 
477

 
502

Total other investments
$
148,433

 
$
180,803

 
$
267,565

 
 
 
 
 
 
Realized Gains and Losses
 
Three Months Ended June 30,
 
Six Months Ended June 30,
(In thousands)
2014
 
2013
 
2014
 
2013
Realized gains
$
80

 
$
3,786

 
$
300

 
$
3,786

Realized losses
—

 
(6,580
)
 
(164
)
 
(6,589
)
Net securities (losses)/gains
$
80

 
$
(2,794
)
 
$
136

 
$
(2,803
)
 
 
 
 
 
 
 
 
Gross unrealized losses and fair value of securities
The following table presents the gross unrealized losses and fair value of securities by length of time that individual securities had been in a continuous loss position by major categories of available-for-sale and held-to-maturity securities.
 
 
 
June 30, 2014
 
 
 
Less than 12 months
 
12 months or longer
 
Total
(In thousands)
 
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
 
$
10,988

 
$
(16
)
 
14

 
$
30,271

 
$
(1,007
)
 
50

 
$
41,259

 
$
(1,023
)
 
Residential mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. government agencies
 
11,636

 
(3
)
 
1

 
259,470

 
(5,486
)
 
19

 
271,106

 
(5,489
)
 
Commercial mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. government agencies
 
5,105

 
(4
)
 
1

 
45,739

 
(1,519
)
 
6

 
50,844

 
(1,523
)
 
Residential collateralized mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. government agencies
 
279,311

 
(2,358
)
 
19

 
904,821

 
(32,491
)
 
60

 
1,184,132

 
(34,849
)
 
Non-agency
 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
Commercial collateralized mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   U.S. government agencies
 
24,431

 
(97
)
 
1

 
43,212

 
(1,029
)
 
6

 
67,643

 
(1,126
)
 
Asset-backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Collateralized loan obligations
 
141,506

 
(2,568
)
 
19

 
81,749

 
(1,684
)
 
12

 
223,255

 
(4,252
)
 
Corporate debt securities
 
—

 
—

 
—

 
53,490

 
(8,134
)
 
8

 
53,490

 
(8,134
)
 
Total available-for-sale securities
 
$
472,977

 
$
(5,046
)
 
55

 
$
1,418,752

 
$
(51,350
)
 
161

 
$
1,891,729

 
$
(56,396
)
Securities held-to-maturity
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt securities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. government agency debentures
 
$
—

 
$
—

 
—

 
$
24,293

 
$
(707
)
 
1

 
$
24,293

 
$
(707
)
 
U.S. states and political subdivisions
 
59,958

 
(334
)
 
56

 
66,557

 
(919
)
 
90

 
126,515

 
(1,253
)
 
Residential mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. government agencies
 
—

 
—

 
—

 
206,911

 
(4,933
)
 
11

 
206,911

 
(4,933
)
 
Commercial mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   U.S. government agencies
 
—

 
—

 
—

 
23,977

 
(445
)
 
3

 
23,977

 
(445
)
 
Residential collateralized mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   U.S. government agencies
 
127,284

 
(1,100
)
 
8

 
1,241,883

 
(53,163
)
 
60

 
1,369,167

 
(54,263
)
 
Commercial collateralized mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    U.S. government agencies
 
—

 
—

 
—

 
183,957

 
(7,252
)
 
17

 
183,957

 
(7,252
)
 
Corporate debt securities
 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
Total held-to-maturity securities
 
$
187,242

 
$
(1,434
)
 
64

 
$
1,747,578

 
$
(67,419
)
 
182

 
$
1,934,820

 
$
(68,853
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
December 31, 2013
 
 
 
Less than 12 months
 
12 months or longer
 
Total
(In thousands)
 
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
)
 
Asset-backed securities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Collateralized loan obligations
 
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

 
—

 
—

 
11

 
422,192

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

 
(1,190
)
 
8

 
—

 
—

 
3

 
48,831

 
(1,190
)
 
Residential collateralized mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. government agencies
 
1,382,915

 
(81,818
)
 
66

 
—

 
—

 
—

 
1,382,915

 
(81,818
)
 
Commercial collateralized mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. government agencies
 
208,863

 
(11,052
)
 
19

 
—

 
—

 
—

 
208,863

 
(11,052
)
 
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
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
June 30, 2013
 
 
 
Less than 12 months
 
12 months or longer
 
Total
(In thousands)
 
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

 
(10,192
)
 
23

 
—

 
—

 
—

 
331,857

 
(10,192
)
 
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
)
 
Asset-backed securities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Collateralized loan obligations
 
74,779

 
(1,821
)
 
14

 
—

 
—

 
—

 
74,779

 
(1,821
)
 
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 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
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Investments Classified by Contractual Maturity Date
(Dollars in thousands)
 
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
 
$
—

 
$
—

 
$
11,238

 
$
1,134

 
$
16,985

 
$
9,923

 
$
—

 
$
—

 
$
16,009

 
$
—

 
$
55,289

 
3.34
%
Over one year through five years
 
—

 
—

 
62,611

 
820,491

 
24,214

 
1,507,289

 
8

 
142,483

 
8,509

 
—

 
2,565,605

 
2.23
%
Over five years through ten years
 
—

 
—

 
135,495

 
196,549

 
44,499

 
80,819

 
—

 
39,550

 
269,447

 
—

 
766,359

 
2.98
%
Over ten years
 
—

 
—

 
31,461

 
—

 
—

 
—

 
—

 
—

 
—

 
53,490

 
84,951

 
2.00
%
Fair Value
 
$
—

 
$
—

 
$
240,805

 
$
1,018,174

 
$
85,698

 
$
1,598,031

 
$
8

 
$
182,033

 
$
293,965

 
$
53,490

 
$
3,472,204

 
2.41
%
Amortized Cost
 
$
—

 
$
—

 
$
233,228

 
$
998,698

 
$
86,870

 
$
1,627,871

 
$
8

 
$
182,151

 
$
297,334

 
$
61,624

 
$
3,487,784

 
 
Weighted-Average Yield
 
—
%
 
—
%
 
5.21
%
 
2.63
%
 
2.08
%
 
1.96
%
 
3.64
%
 
1.82
%
 
2.66
%
 
0.95
%
 
2.41
%
 
 
Weighted-Average Maturity
 
—

 
—

 
6.46

 
4.00

 
4.12

 
3.89

 
1.74

 
3.97

 
6.40

 
13.31

 
4.49

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

 
$
5,005

 
$
99,753

 
$
—

 
$
6,380

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
111,138

 
1.49
%
Over one year through five years
 
—

 
—

 
66,844

 
496,849

 
15,075

 
1,283,181

 
—

 
120,997

 
—

 
92,958

 
2,075,904

 
1.86
%
Over five years through ten years
 
24,293

 
—

 
204,954

 
129,648

 
34,296

 
113,149

 
—

 
121,366

 
—

 
—

 
627,705

 
2.73
%
Over ten years
 
—

 
—

 
187,118

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
187,119

 
5.58
%
Fair Value
 
$
24,293

 
$
5,005

 
$
558,669

 
$
626,497

 
$
55,751

 
$
1,396,330

 
$
—

 
$
242,363

 
$
—

 
$
92,958

 
$
3,001,866

 
2.25
%
Amortized Cost
 
$
25,000

 
$
5,000

 
$
549,850

 
$
624,605

 
$
56,020

 
$
1,450,479

 
$
—

 
$
248,974

 
$
—

 
$
92,190

 
$
3,052,118

 
 
Weighted-Average Yield
 
1.43
%
 
0.26
%
 
4.80
%
 
2.15
%
 
1.98
%
 
1.60
%
 
—
%
 
2.28
%
 
—
%
 
2.24
%
 
2.25
%
 
 
Weighted-Average Maturity
 
5.33

 
0.58

 
10.03

 
4.71

 
4.77

 
4.18

 
—

 
5.01

 
—

 
3.53

 
5.02