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Investment Securities (Tables)
 3 Months Ended
Mar. 31, 2015
Investments, Debt and Equity Securities [Abstract]  
Investment
(Dollars in thousands)
 
 U.S. Treasury notes & bonds
 
U.S. Government agency debentures
 
U.S. States and political subdivisions
 
Residential mortgage-backed securities - U.S. govt. agencies
 
Commercial mortgage-backed securities - U.S. govt. agencies
 
Residential collateralized mortgage obligations - U.S. govt. agencies
 
Residential collateralized mortgage obligations - non-agency
 
Commercial collateralized mortgage obligations - U.S. govt. agencies
 
Asset backed securities - collateralized loan obligations
 
Corporate debt securities
 
Total
 
Weighted Average Yield
Securities Available-for-Sale
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Remaining maturity:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
One year or less
 
$
—

 
$
—

 
$
14,933

 
$
1,742

 
$
15,907

 
$
14,287

 
$
—

 
$
—

 
$
7,504

 
$
—

 
$
54,373

 
2.71
%
Over one year through five years
 
—

 
—

 
74,124

 
789,867

 
44,313

 
1,827,726

 
6

 
168,720

 
—

 
—

 
2,904,756

 
2.15
%
Over five years through ten years
 
—

 
2,513

 
100,111

 
155,694

 
80,139

 
50,547

 
—

 
75,339

 
286,458

 
—

 
750,801

 
2.93
%
Over ten years
 
—

 
—

 
25,996

 
—

 
—

 
—

 
—

 
—

 
—

 
52,264

 
78,260

 
1.89
%
Fair Value
 
$
—

 
$
2,513

 
$
215,164

 
$
947,303

 
$
140,359

 
$
1,892,560

 
$
6

 
$
244,059

 
$
293,962

 
$
52,264

 
$
3,788,190

 
2.31
%
Amortized Cost
 
$
—

 
$
2,500

 
$
208,800

 
$
924,453

 
$
139,789

 
$
1,895,112

 
$
6

 
$
241,839

 
$
297,506

 
$
61,668

 
$
3,771,673

 
 
Weighted-Average Yield
 
—
%
 
1.25
%
 
5.24
%
 
2.55
%
 
2.05
%
 
1.92
%
 
3.39
%
 
1.89
%
 
2.70
%
 
0.98
%
 
2.31
%
 
 
Weighted-Average Maturity (in years)
 
—

 
3.17

 
5.79

 
3.67

 
4.66

 
3.60

 
1.99

 
3.82

 
6.06

 
12.56

 
4.13

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Securities Held-to-Maturity
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Remaining maturity:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
One year or less
 
$
5,000

 
$
—

 
$
57,026

 
$
—

 
$
16,384

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
78,410

 
2.05
%
Over one year through five years
 
—

 
—

 
93,443

 
472,347

 
31,832

 
1,274,419

 
—

 
160,403

 
—

 
91,089

 
2,123,533

 
1.88
%
Over five years through ten years
 
—

 
24,822

 
220,062

 
113,999

 
10,259

 
22,909

 
—

 
94,231

 
—

 
—

 
486,282

 
3.21
%
Over ten years
 
—

 
—

 
160,687

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
160,687

 
5.50
%
Fair Value
 
$
5,000

 
$
24,822

 
$
531,218

 
$
586,346

 
$
58,475

 
$
1,297,328

 
$
—

 
$
254,634

 
$
—

 
$
91,089

 
$
2,848,912

 
2.31
%
Amortized Cost
 
$
5,000

 
$
25,000

 
$
523,501

 
$
577,278

 
$
57,818

 
$
1,320,215

 
$
—

 
$
256,352

 
$
—

 
$
90,010

 
$
2,855,174

 
 
Weighted-Average Yield
 
0.31
%
 
1.43
%
 
4.70
%
 
2.17
%
 
2.15
%
 
1.60
%
 
—
%
 
2.27
%
 
—
%
 
2.23
%
 
2.31
%
 
 
Weighted-Average Maturity (in years)
 
1.00

 
4.58

 
9.28

 
4.06

 
3.27

 
3.76

 
—

 
4.41

 
—

 
2.78

 
4.59

 
 
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.
 
 
March 31, 2015
(In thousands)
Amortized
Cost
 
Gross Unrealized Gains
 
Gross Unrealized Losses
 
Fair
Value
Securities available-for-sale
 
 
 
 
 
 
 
Debt securities
 
 
 
 
 
 
 
 
U.S. treasury notes & bonds
$
—

 
$
—

 
$
—

 
$
—

 
U.S. government agency debentures
2,500

 
13

 
—

 
2,513

 
U.S. states and political subdivisions
208,800

 
6,750

 
(386
)
 
215,164

 
Residential mortgage-backed securities:
 
 
 
 
 
 
 
 
U.S. government agencies
924,453

 
24,799

 
(1,949
)
 
947,303

 
Commercial mortgage-backed securities:
 
 
 
 
 
 
 
 
U.S. government agencies
139,789

 
1,231

 
(661
)
 
140,359

 
Residential collateralized mortgage-backed securities:
 
 
 
 
 
 
 
 
U.S. government agencies
1,895,112

 
11,305

 
(13,857
)
 
1,892,560

 
Non-agency
6

 
—

 
—

 
6

 
Commercial collateralized mortgage-backed securities:
 
 
 
 
 
 
 
 
U.S. government agencies
241,839

 
2,602

 
(382
)
 
244,059

 
Asset-backed securities:
 
 
 
 
 
 
 
 
Collateralized loan obligations
297,506

 
587

 
(4,131
)
 
293,962

 
Corporate debt securities
61,668

 
—

 
(9,404
)
 
52,264

 
Total debt securities
3,771,673

 
47,287

 
(30,770
)
 
3,788,190

Equity securities
 
 
 
 
 
 
 
 
Marketable equity securities
2,869

 
—

 
—

 
2,869

 
Non-marketable equity securities
—

 
—

 
—

 
—

 
Total equity securities
2,869

 
—

 
—

 
2,869

 
Total securities available-for-sale
$
3,774,542

 
$
47,287

 
$
(30,770
)
 
$
3,791,059

Securities held-to-maturity
 
 
 
 
 
 
 
Debt securities
 
 
 
 
 
 
 
 
U.S. treasury notes & bonds
$
5,000

 
$
—

 
$
—

 
$
5,000

 
U.S. government agency debentures
25,000

 
—

 
(178
)
 
24,822

 
U.S. states and political subdivisions
523,501

 
8,864

 
(1,147
)
 
531,218

 
Residential mortgage-backed securities:
 
 
 
 
 
 
 
 
U.S. government agencies
577,278

 
10,745

 
(1,677
)
 
586,346

 
Commercial mortgage-backed securities:
 
 
 
 
 
 
 
 
U.S. government agencies
57,818

 
765

 
(108
)
 
58,475

 
Residential collateralized mortgage-backed securities:
 
 
 
 
 
 
 
 
U.S. government agencies
1,320,215

 
1,959

 
(24,846
)
 
1,297,328

 
Commercial collateralized mortgage-backed securities:
 
 
 
 
 
 
 
 
U.S. government agencies
256,352

 
1,659

 
(3,377
)
 
254,634

 
Corporate debt securities
90,010

 
1,079

 
—

 
91,089

 
Total securities held-to-maturity
$
2,855,174

 
$
25,071

 
$
(31,333
)
 
$
2,848,912

 
 
 
 
 
 
 
 
 

 
 
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

 
Non-agency
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. treasury notes & bonds
$
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

 
 
 
 
 
 
 
 
 


 
 
March 31, 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
$
245,534

 
$
7,541

 
$
(2,095
)
 
$
250,980

 
Residential mortgage-backed securities:
 
 
 
 
 
 
 
 
U.S. government agencies
1,013,085

 
21,415

 
(10,506
)
 
1,023,994

 
Commercial mortgage-backed securities:
 
 
 
 
 
 
 
 
U.S. government agencies
87,258

 
36

 
(2,161
)
 
85,133

 
Residential collateralized mortgage-backed securities:
 
 
 
 
 
 
 
 
U.S. government agencies
1,586,051

 
3,857

 
(41,804
)
 
1,548,104

 
Non-agency
8

 
—

 
—

 
8

 
Commercial collateralized mortgage-backed securities:
 
 
 
 
 
 
 
 
   U.S. government agencies
173,951

 
331

 
(1,813
)
 
172,469

 
Asset-backed securities:
 
 
 
 
 
 
 
 
   Collateralized loan obligations
297,293

 
958

 
(3,692
)
 
294,559

 
Corporate debt securities
61,610

 
—

 
(10,022
)
 
51,588

 
Total debt securities
3,464,790

 
34,138

 
(72,093
)
 
3,426,835

Equity Securities
 
 
 
 
 
 
 
 
Marketable equity securities
3,055

 
—

 
—

 
3,055

 
Non-marketable equity securities
3,281

 
—

 
—

 
3,281

 
Total equity securities
6,336

 
—

 
—

 
6,336

 
Total securities available-for-sale
$
3,471,126

 
$
34,138

 
$
(72,093
)
 
$
3,433,171

Securities held-to-maturity
 
 
 
 
 
 
 
Debt securities
 
 
 
 
 
 
 
 
U.S. treasury notes & bonds
$
4,999

 
$
6

 
$
—

 
$
5,005

 
U.S. government agency debentures
25,000

 
—

 
(1,117
)
 
23,883

 
U.S states and political subdivisions
517,221

 
159

 
(7,186
)
 
510,194

 
Residential mortgage-backed securities:
 
 
 
 
 
 
 
 
   U.S. government agencies
644,820

 
2,311

 
(8,584
)
 
638,547

 
Commercial mortgage-backed securities:
 
 
 
 
 
 
 
 
U.S. government agencies
56,339

 
32

 
(877
)
 
55,494

 
Residential collateralized mortgage-backed securities:
 
 
 
 
 
 
 
 
   U.S. government agencies
1,488,641

 
—

 
(64,734
)
 
1,423,907

 
Commercial collateralized mortgage-backed securities:
 
 
 
 
 
 
 
 
   U.S. government agencies
249,688

 
138

 
(9,749
)
 
240,077

 
Corporate debt securities
92,912

 
437

 
(295
)
 
93,054

 
Total securities held-to-maturity
$
3,079,620

 
$
3,083

 
$
(92,542
)
 
$
2,990,161

 
 
 
 
 
 
 
 
 
Investments Classified by Contractual Maturity Date
(Dollars in thousands)
 
 U.S. Treasury notes & bonds
 
U.S. Government agency debentures
 
U.S. States and political subdivisions
 
Residential mortgage-backed securities - U.S. govt. agencies
 
Commercial mortgage-backed securities - U.S. govt. agencies
 
Residential collateralized mortgage obligations - U.S. govt. agencies
 
Residential collateralized mortgage obligations - non-agency
 
Commercial collateralized mortgage obligations - U.S. govt. agencies
 
Asset backed securities - collateralized loan obligations
 
Corporate debt securities
 
Total
 
Weighted Average Yield
Securities Available-for-Sale
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Remaining maturity:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
One year or less
 
$
—

 
$
—

 
$
14,933

 
$
1,742

 
$
15,907

 
$
14,287

 
$
—

 
$
—

 
$
7,504

 
$
—

 
$
54,373

 
2.71
%
Over one year through five years
 
—

 
—

 
74,124

 
789,867

 
44,313

 
1,827,726

 
6

 
168,720

 
—

 
—

 
2,904,756

 
2.15
%
Over five years through ten years
 
—

 
2,513

 
100,111

 
155,694

 
80,139

 
50,547

 
—

 
75,339

 
286,458

 
—

 
750,801

 
2.93
%
Over ten years
 
—

 
—

 
25,996

 
—

 
—

 
—

 
—

 
—

 
—

 
52,264

 
78,260

 
1.89
%
Fair Value
 
$
—

 
$
2,513

 
$
215,164

 
$
947,303

 
$
140,359

 
$
1,892,560

 
$
6

 
$
244,059

 
$
293,962

 
$
52,264

 
$
3,788,190

 
2.31
%
Amortized Cost
 
$
—

 
$
2,500

 
$
208,800

 
$
924,453

 
$
139,789

 
$
1,895,112

 
$
6

 
$
241,839

 
$
297,506

 
$
61,668

 
$
3,771,673

 
 
Weighted-Average Yield
 
—
%
 
1.25
%
 
5.24
%
 
2.55
%
 
2.05
%
 
1.92
%
 
3.39
%
 
1.89
%
 
2.70
%
 
0.98
%
 
2.31
%
 
 
Weighted-Average Maturity (in years)
 
—

 
3.17

 
5.79

 
3.67

 
4.66

 
3.60

 
1.99

 
3.82

 
6.06

 
12.56

 
4.13

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Securities Held-to-Maturity
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Remaining maturity:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
One year or less
 
$
5,000

 
$
—

 
$
57,026

 
$
—

 
$
16,384

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
78,410

 
2.05
%
Over one year through five years
 
—

 
—

 
93,443

 
472,347

 
31,832

 
1,274,419

 
—

 
160,403

 
—

 
91,089

 
2,123,533

 
1.88
%
Over five years through ten years
 
—

 
24,822

 
220,062

 
113,999

 
10,259

 
22,909

 
—

 
94,231

 
—

 
—

 
486,282

 
3.21
%
Over ten years
 
—

 
—

 
160,687

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
160,687

 
5.50
%
Fair Value
 
$
5,000

 
$
24,822

 
$
531,218

 
$
586,346

 
$
58,475

 
$
1,297,328

 
$
—

 
$
254,634

 
$
—

 
$
91,089

 
$
2,848,912

 
2.31
%
Amortized Cost
 
$
5,000

 
$
25,000

 
$
523,501

 
$
577,278

 
$
57,818

 
$
1,320,215

 
$
—

 
$
256,352

 
$
—

 
$
90,010

 
$
2,855,174

 
 
Weighted-Average Yield
 
0.31
%
 
1.43
%
 
4.70
%
 
2.17
%
 
2.15
%
 
1.60
%
 
—
%
 
2.27
%
 
—
%
 
2.23
%
 
2.31
%
 
 
Weighted-Average Maturity (in years)
 
1.00

 
4.58

 
9.28

 
4.06

 
3.27

 
3.76

 
—

 
4.41

 
—

 
2.78

 
4.59

 
 
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-seven U.S. states in which it holds investments.
(Dollars in thousands)
March 31, 2015
U.S. State
# of Issuers
 
Average Issue Size, Fair Value
 
Amortized Cost
 
Fair Value
Ohio
136
 
$
925

 
$
124,908

 
$
125,864

Michigan
164
 
857

 
138,091

 
140,620

Illinois
62
 
1,841

 
111,649

 
114,150

Wisconsin
73
 
760

 
53,877

 
55,497

Texas
63
 
784

 
48,388

 
49,396

Pennsylvania
46
 
1,018

 
46,085

 
46,816

Minnesota
35
 
697

 
23,821

 
24,405

Washington
31
 
930

 
28,194

 
28,836

New Jersey
37
 
747

 
26,724

 
27,623

Missouri
15
 
1,098

 
16,032

 
16,472

New York
19
 
629

 
11,646

 
11,948

Other
121

 
639

 
76,127

 
77,365

Total general obligation bonds
802

 
$
896

 
$
705,542

 
$
718,992

 
 
 
 
 
 
 
 
(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)
March 31, 2014
U.S. State
# of Issuers
 
Average Issue Size, Fair Value
 
Amortized Cost
 
Fair Value
Ohio
153

 
$
1,033

 
$
159,883

 
$
158,074

Illinois
72

 
1,496

 
107,451

 
107,717

Texas
68

 
779

 
52,807

 
52,941

Pennsylvania
51

 
969

 
50,579

 
49,428

Wisconsin
87

 
683

 
58,635

 
59,428

Minnesota
42

 
672

 
27,925

 
28,213

New Jersey
37

 
744

 
26,844

 
27,518

Michigan
171

 
789

 
135,588

 
134,965

Washington
30

 
940

 
28,292

 
28,210

Missouri
19

 
1,012

 
18,904

 
19,232

New York
22

 
594

 
13,046

 
13,075

Other
129

 
634

 
82,317

 
81,807

Total general obligation bonds
881

 
$
863

 
$
762,271

 
$
760,608

 
 
 
 
 
 
 
 
Other investments
FRB and FHLB stock constitutes the majority of other investments on the Consolidated Balance Sheets.
(In thousands)
March 31, 2015
 
December 31, 2014
 
March 31, 2014
FRB stock
$
55,681

 
$
55,681

 
$
55,435

FHLB stock
92,381

 
92,547

 
92,547

Other
413

 
426

 
464

Total other investments
$
148,475

 
$
148,654

 
$
148,446

 
 
 
 
 
 
Realized Gains and Losses
 
Three Months Ended March 31,
(In thousands)
2015
 
2014
Realized gains
$
392

 
$
220

Realized losses
(38
)
 
(164
)
Net securities (losses)/gains
$
354

 
$
56

 
 
 
 
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.
 
 
 
March 31, 2015
 
 
 
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. treasury notes & bonds
 
$
—

 
$
—

 
0
 
$
—

 
$
—

 
0
 
$
—

 
$
—

 
U.S. states and political subdivisions
 
14,380

 
(117
)
 
23
 
6,004

 
(269
)
 
10
 
20,384

 
(386
)
 
Residential mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. government agencies
 
74,517

 
(360
)
 
5
 
108,052

 
(1,589
)
 
8
 
182,569

 
(1,949
)
 
Commercial mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. government agencies
 
49,129

 
(175
)
 
7
 
17,690

 
(486
)
 
2
 
66,819

 
(661
)
 
Residential collateralized mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. government agencies
 
70,574

 
(762
)
 
6
 
745,621

 
(13,095
)
 
53
 
816,195

 
(13,857
)
 
Commercial collateralized mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   U.S. government agencies
 
13,206

 
(24
)
 
2
 
61,132

 
(358
)
 
6
 
74,338

 
(382
)
 
Asset-backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Collateralized loan obligations
 
24,087

 
(209
)
 
3
 
181,498

 
(3,922
)
 
27
 
205,585

 
(4,131
)
 
Corporate debt securities
 
—

 
—

 
0
 
52,263

 
(9,404
)
 
8
 
52,263

 
(9,404
)
 
Total securities available-for-sale
 
$
245,893

 
$
(1,647
)
 
46
 
$
1,172,260

 
$
(29,123
)
 
114
 
$
1,418,153

 
$
(30,770
)
Securities held-to-maturity
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt securities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. treasury notes & bonds
 
$
5,000

 
$
—

 
1
 
$
—

 
$
—

 
0
 
$
5,000

 
$
—

 
U.S. government agency debentures
 
$
—

 
$
—

 
0
 
$
24,822

 
$
(178
)
 
1
 
$
24,822

 
$
(178
)
 
U.S. states and political subdivisions
 
38,202

 
(1,093
)
 
26
 
4,448

 
(54
)
 
6
 
42,650

 
(1,147
)
 
Residential mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. government agencies
 
28,386

 
(123
)
 
2
 
110,329

 
(1,554
)
 
6
 
138,715

 
(1,677
)
 
Commercial mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   U.S. government agencies
 
—

 
—

 
0
 
9,554

 
(108
)
 
1
 
9,554

 
(108
)
 
Residential collateralized mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   U.S. government agencies
 
19,016

 
(71
)
 
1
 
1,095,375

 
(24,775
)
 
56
 
1,114,391

 
(24,846
)
 
Commercial collateralized mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    U.S. government agencies
 
—

 
—

 
0
 
144,970

 
(3,377
)
 
13
 
144,970

 
(3,377
)
 
Collateralized loan obligations:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Non-agency
 
—

 
—

 
0
 
—

 
—

 
0
 
—

 
—

 
Corporate debt securities
 
—

 
—

 
0
 
—

 
—

 
0
 
—

 
—

 
Total securities held-to-maturity
 
$
90,604

 
$
(1,287
)
 
30
 
$
1,389,498

 
$
(30,046
)
 
83
 
$
1,480,102

 
$
(31,333
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
December 31, 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. 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 securities available-for-sale
 
$
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 securities held-to-maturity
 
$
125,775

 
$
(277
)
 
30

 
$
1,577,797

 
$
(49,520
)
 
108

 
$
1,703,572

 
$
(49,797
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
March 31, 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
 
$
32,307

 
$
(937
)
 
53

 
$
17,231

 
$
(1,158
)
 
29

 
$
49,538

 
$
(2,095
)
 
Residential mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. government agencies
 
399,152

 
(9,543
)
 
28

 
15,013

 
(963
)
 
3

 
414,165

 
(10,506
)
 
Commercial mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. government agencies
 
63,129

 
(1,206
)
 
8

 
16,891

 
(955
)
 
2

 
80,020

 
(2,161
)
 
Residential collateralized mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. government agencies
 
966,458

 
(28,054
)
 
62

 
273,543

 
(13,750
)
 
18

 
1,240,001

 
(41,804
)
 
Commercial collateralized mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    U.S. government agencies
 
90,804

 
(1,475
)
 
8

 
6,014

 
(338
)
 
2

 
96,818

 
(1,813
)
 
Asset-backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Collateralized loan obligations
 
201,854

 
(3,692
)
 
28

 
—

 
—

 
—

 
201,854

 
(3,692
)
 
Corporate debt securities
 
—

 
—

 
—

 
51,588

 
(10,022
)
 
8

 
51,588

 
(10,022
)
 
Total securities available-for-sale
 
$
1,753,704

 
$
(44,907
)
 
187

 
$
380,281

 
$
(27,186
)
 
63

 
$
2,133,985

 
$
(72,093
)
Securities held-to-maturity
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt securities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    U.S. government agency debentures
 
$
23,883

 
$
(1,117
)
 
1

 
$
—

 
$
—

 
—

 
$
23,883

 
$
(1,117
)
 
    U.S. states and political subdivisions
 
476,766

 
(6,833
)
 
735

 
15,544

 
(353
)
 
14

 
492,310

 
(7,186
)
 
Residential mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    U.S. government agencies
 
295,148

 
(7,471
)
 
16

 
19,730

 
(1,113
)
 
1

 
314,878

 
(8,584
)
 
Commercial mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. government agencies
 
50,533

 
(877
)
 
8

 
—

 
—

 
—

 
50,533

 
(877
)
 
Residential collateralized mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    U.S. government agencies
 
865,651

 
(36,384
)
 
42

 
558,256

 
(28,350
)
 
27

 
1,423,907

 
(64,734
)
 
Commercial collateralized mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    U.S. government agencies
 
200,487

 
(8,507
)
 
18

 
19,459

 
(1,242
)
 
2

 
219,946

 
(9,749
)
 
Corporate debt securities
 
62,051

 
(295
)
 
22

 
—

 
—

 
—

 
62,051

 
(295
)
 
Total securities held-to-maturity
 
$
1,974,519

 
$
(61,484
)
 
842

 
$
612,989

 
$
(31,058
)
 
44

 
$
2,587,508

 
$
(92,542
)