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Investment Securities (Tables)
 12 Months Ended
Dec. 31, 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.
 
 
December 31, 2014
(In thousands)
Amortized
Cost
 
Gross Unrealized Gains
 
Gross Unrealized Losses
 
Fair
Value
Securities available-for-sale
 
 
 
 
 
 
 
Debt securities
 
 
 
 
 
 
 
 
U.S. government agency debentures
$
2,500

 
$
—

 
$
(18
)
 
$
2,482

 
U.S. states and political subdivisions
221,052

 
6,756

 
(466
)
 
227,342

 
Residential mortgage-backed securities:
 
 
 
 
 
 
 
 
U.S. government agencies
951,839

 
22,377

 
(3,218
)
 
970,998

 
Commercial mortgage-backed securities:
 
 
 
 
 
 
 
 
U.S. government agencies
104,176

 
598

 
(1,371
)
 
103,403

 
Residential collateralized mortgage-backed securities:
 
 
 
 
 
 
 
 
U.S. government agencies
1,698,015

 
4,777

 
(26,225
)
 
1,676,567

 
Nonagency
7

 
—

 
—

 
7

 
Commercial collateralized mortgage-backed securities:
 
 
 
 
 
 
 
 
U.S. government agencies
222,876

 
863

 
(1,405
)
 
222,334

 
Asset-backed securities:
 
 
 
 
 
 
 
 
Collateralized loan obligations
297,446

 
11

 
(9,613
)
 
287,844

 
Corporate debt securities
61,652

 
—

 
(10,315
)
 
51,337

 
Total debt securities
3,559,563

 
35,382

 
(52,631
)
 
3,542,314

Equity securities
 
 
 
 
 
 
 
 
Marketable equity securities
2,974

 
—

 
—

 
2,974

 
Total equity securities
2,974

 
—

 
—

 
2,974

 
Total securities available for sale
$
3,562,537

 
$
35,382

 
$
(52,631
)
 
$
3,545,288

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

 
$
—

 
$
—

 
$
5,000

 
U.S. government agency debentures
25,000

 
—

 
(537
)
 
24,463

 
U.S. states and political subdivisions
517,824

 
12,645

 
(191
)
 
530,278

 
Residential mortgage-backed securities:
 
 
 
 
 
 
 
 
U.S. government agencies
580,727

 
7,495

 
(3,045
)
 
585,177

 
Commercial mortgage-backed securities:
 
 
 
 
 
 
 
 
U.S. government agencies
58,143

 
281

 
(329
)
 
58,095

 
Residential collateralized mortgage-backed securities:
 
 
 
 
 
 
 
 
U.S. government agencies
1,368,534

 
718

 
(38,875
)
 
1,330,377

 
Commercial collateralized mortgage-backed securities:
 
 
 
 
 
 
 
 
U.S. government agencies
257,642

 
557

 
(6,768
)
 
251,431

 
Corporate debt securities
90,739

 
412

 
(52
)
 
91,099

 
Total securities held to maturity
$
2,903,609

 
$
22,108

 
$
(49,797
)
 
$
2,875,920

 
 
 
 
 
 
 
 
 


 
 
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

 
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

 
 
 
 
 
 
 
 
 
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 million in eleven of the thirty-seven U.S. states in which it holds investments.
(Dollars in thousands)
December 31, 2014
U.S. State
# of Issuers
 
Average Issue Size, Fair Value
 
Amortized Cost
 
Fair Value
Ohio
137

 
$
979

 
$
130,741

 
$
134,127

Michigan
169

 
842

 
138,325

 
142,292

Illinois
66

 
1,897

 
121,560

 
125,169

Wisconsin
77

 
841

 
62,543

 
64,776

Texas
64

 
801

 
50,307

 
51,293

Pennsylvania
45

 
1,000

 
44,443

 
45,006

Minnesota
42

 
674

 
27,740

 
28,326

Washington
30

 
952

 
27,987

 
28,558

New Jersey
37

 
746

 
26,755

 
27,612

Missouri
19

 
1,011

 
18,764

 
19,207

New York
19

 
628

 
11,659

 
11,929

Other
120

 
650

 
76,849

 
78,020

Total general obligation bonds
825

 
$
917

 
$
737,673

 
$
756,315

 
 
 
 
 
 
 
 
(Dollars in thousands)
December 31, 2013
U.S. State
# of Issuers
 
Average Issue Size, Fair Value
 
Amortized Cost
 
Fair Value
Michigan
166

 
$
744

 
$
122,198

 
$
123,571

Ohio
152

 
1,048

 
158,641

 
159,232

Illinois
75

 
1,314

 
96,863

 
98,521

Texas
69

 
771

 
54,295

 
53,204

Wisconsin
86

 
648

 
54,516

 
55,747

Pennsylvania
50

 
898

 
47,835

 
44,883

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
886

 
$
831

 
$
737,568

 
$
735,940

 
 
 
 
 
 
 
 
Schedule of other investments
FRB and FHLB stock constitute the majority of other investments on the Consolidated Balance Sheet.
 
December 31,
(In thousands)
2014
 
2013
FRB stock
$
55,681

 
$
55,294

FHLB stock
92,547

 
125,032

Other
426

 
477

Total other investments
$
148,654

 
$
180,803

 
 
 
 
Schedule of Realized Gain (Loss)
Realized Gains and Losses

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.
 
Year Ended December 31,
(In thousands)
2014
 
2013
 
2012
Realized gains
$
382

 
$
3,786

 
$
3,786

Realized losses
(216
)
 
(6,589
)
 
—

Net securities (losses)/gains
$
166

 
$
(2,803
)
 
$
3,786

 
 
 
 
 
 
Unrealized Gain (Loss) on Investments
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.
 
 
December 31, 2014
 
 
Less than 12 months
 
12 months or longer
 
Total
(Dollars 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. government agency debentures
$
2,482

 
$
(18
)
 
1

 
$
—

 
$
—

 
—

 
$
2,482

 
$
(18
)
 
U.S. states and political subdivisions
5,637

 
(11
)
 
11

 
22,528

 
(455
)
 
36

 
28,165

 
(466
)
 
Residential mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. government agencies
50,126

 
(182
)
 
5

 
199,773

 
(3,036
)
 
14

 
249,899

 
(3,218
)
 
Commercial mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. government agencies
12,284

 
(55
)
 
2

 
45,485

 
(1,316
)
 
6

 
57,769

 
(1,371
)
 
Residential collateralized mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. government agencies
243,970

 
(906
)
 
15

 
905,478

 
(25,319
)
 
64

 
1,149,448

 
(26,225
)
 
Commercial collateralized mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   U.S. government agencies
31,375

 
(229
)
 
4

 
67,169

 
(1,176
)
 
7

 
98,544

 
(1,405
)
 
Asset-backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Collateralized loan obligations
79,042

 
(1,406
)
 
15

 
193,687

 
(8,207
)
 
27

 
272,729

 
(9,613
)
 
Corporate debt securities
—

 
—

 
—

 
51,338

 
(10,315
)
 
8

 
51,338

 
(10,315
)
 
Total available-for-sale securities
$
424,916

 
$
(2,807
)
 
53

 
$
1,485,458

 
$
(49,824
)
 
162

 
$
1,910,374

 
$
(52,631
)
Securities held-to-maturity
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt Securities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. government agency debentures
$
—

 
$
—

 
—

 
$
24,463

 
$
(537
)
 
1

 
$
24,463

 
$
(537
)
 
U.S. states and political subdivisions
9,085

 
(17
)
 
9

 
18,371

 
(174
)
 
21

 
27,456

 
(191
)
 
Residential mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. government agencies
—

 
—

 
—

 
185,361

 
(3,045
)
 
10

 
185,361

 
(3,045
)
 
Commercial mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   U.S. government agencies
9,950

 
(4
)
 
2

 
16,735

 
(325
)
 
2

 
26,685

 
(329
)
 
Residential collateralized mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   U.S. government agencies
28,333

 
(149
)
 
3

 
1,161,297

 
(38,726
)
 
58

 
1,189,630

 
(38,875
)
 
Commercial collateralized mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    U.S. government agencies
41,474

 
(55
)
 
3

 
171,570

 
(6,713
)
 
16

 
213,044

 
(6,768
)
 
Corporate debt securities
36,933

 
(52
)
 
13

 
—

 
—

 
—

 
36,933

 
(52
)
 
Total held-to-maturity securities
$
125,775

 
$
(277
)
 
30

 
$
1,577,797

 
$
(49,520
)
 
108

 
$
1,703,572

 
$
(49,797
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
December 31, 2013
 
 
Less than 12 months
 
12 months or longer
 
Total
(Dollars 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

 
—

 
—

 
—

 
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
1,382,915

 
(81,818
)
 
66

 
—

 
—

 
—

 
1,382,915

 
(81,818
)
 
Nonagency
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
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
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Investment Securities Maturities
(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
 
$
—

 
$
—

 
$
12,365

 
$
2,777

 
$
16,850

 
$
8,248

 
$
—

 
$
—

 
$
7,500

 
$
—

 
$
47,740

 
3.72
%
Over one year through five years
 
—

 
—

 
70,589

 
791,641

 
44,030

 
1,579,527

 
7

 
151,025

 
—

 
—

 
2,636,819

 
2.22
%
Over five years through ten years
 
2,482

 
—

 
115,140

 
176,580

 
42,523

 
88,792

 
—

 
71,309

 
280,344

 
—

 
777,170

 
2.92
%
Over ten years
 
—

 
—

 
29,248

 
—

 
—

 
—

 
—

 
—

 
—

 
51,337

 
80,585

 
1.94
%
Fair Value
 
$
2,482

 
$
—

 
$
227,342

 
$
970,998

 
$
103,403

 
$
1,676,567

 
$
7

 
$
222,334

 
$
287,844

 
$
51,337

 
$
3,542,314

 
2.38
%
Amortized Cost
 
$
2,500

 
$
—

 
$
221,052

 
$
951,839

 
$
104,176

 
$
1,698,015

 
$
7

 
$
222,876

 
$
297,446

 
$
61,652

 
$
3,559,563

 
 
Weighted-Average Yield
 
1.25
%
 
—
%
 
5.23
%
 
2.60
%
 
2.28
%
 
1.96
%
 
3.35
%
 
1.97
%
 
2.67
%
 
0.96
%
 
2.38
%
 
 
Weighted-Average Maturity (in years)
 
3.42

 
—

 
6.00
 
3.81
 
4.16
 
3.68
 
2.00
 
4.01
 
6.06
 
12.81
 
4.25

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

 
$
5,000

 
$
64,719

 
$
—

 
$
16,305

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
86,024

 
1.93
%
Over one year through five years
 
—

 
—

 
78,522

 
468,348

 
22,119

 
1,307,203

 
—

 
159,587

 
—

 
91,099

 
2,126,878

 
1.88
%
Over five years through ten years
 
24,463

 
—

 
199,054

 
116,829

 
19,671

 
23,174

 
—

 
91,844

 
—

 
—

 
475,035

 
3.04
%
Over ten years
 
—

 
—

 
187,983

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
187,983

 
5.51
%
Fair Value
 
$
24,463

 
$
5,000

 
$
530,278

 
$
585,177

 
$
58,095

 
$
1,330,377

 
$
—

 
$
251,431

 
$
—

 
$
91,099

 
$
2,875,920

 
2.30
%
Amortized Cost
 
$
25,000

 
$
5,000

 
$
517,824

 
$
580,727

 
$
58,143

 
$
1,368,534

 
$
—

 
$
257,642

 
$
—

 
$
90,739

 
$
2,903,609

 
 
Weighted-Average Yield
 
1.33
%
 
0.26
%
 
4.68
%
 
2.16
%
 
2.12
%
 
1.61
%
 
—
%
 
2.28
%
 
—
%
 
2.25
%
 
2.30
%
 
 
Weighted-Average Maturity (in years)
 
4.83

 
0.08

 
9.40

 
4.27

 
3.51

 
3.91

 
—

 
4.61

 
—

 
3.03

 
4.76