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Investment Securities (Tables)
 9 Months Ended
Sep. 30, 2015
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.
 
 
September 30, 2015
(In thousands)
Amortized
Cost
 
Gross Unrealized Gains
 
Gross Unrealized Losses
 
Fair
Value
Securities available-for-sale
 
 
 
 
 
 
 
Debt securities
 
 
 
 
 
 
 
 
U.S. treasury notes & bonds
$
5,002

 
$
3

 
$
—

 
$
5,005

 
U.S. government agency debentures
2,500

 
16

 
—

 
2,516

 
U.S. states and political subdivisions
196,396

 
4,825

 
(411
)
 
200,810

 
Residential mortgage-backed securities:
 
 
 
 
 
 
 
 
U.S. government agencies
927,715

 
19,624

 
(1,715
)
 
945,624

 
Commercial mortgage-backed securities:
 
 
 
 
 
 
 
 
U.S. government agencies
153,834

 
1,722

 
(480
)
 
155,076

 
Residential collateralized mortgage-backed securities:
 
 
 
 
 
 
 
 
U.S. government agencies
2,023,275

 
12,200

 
(12,516
)
 
2,022,959

 
Non-agency
5

 
—

 
—

 
5

 
Commercial collateralized mortgage-backed securities:
 
 
 
 
 
 
 
 
U.S. government agencies
241,788

 
2,462

 
(290
)
 
243,960

 
Asset-backed securities:
 
 
 
 
 
 
 
 
Collateralized loan obligations
297,776

 
187

 
(5,512
)
 
292,451

 
Corporate debt securities
61,695

 
—

 
(7,158
)
 
54,537

 
Total debt securities
3,909,986

 
41,039

 
(28,082
)
 
3,922,943

Equity securities
 
 
 
 
 
 
 
 
Marketable equity securities
2,781

 
—

 
—

 
2,781

 
Total equity securities
2,781

 
—

 
—

 
2,781

 
Total securities available-for-sale
$
3,912,767

 
$
41,039

 
$
(28,082
)
 
$
3,925,724

Securities held-to-maturity
 
 
 
 
 
 
 
Debt securities
 
 
 
 
 
 
 
 
U.S. government agency debentures
$
25,000

 
$
—

 
$
(41
)
 
$
24,959

 
U.S. states and political subdivisions
550,769

 
12,271

 
(977
)
 
562,063

 
Residential mortgage-backed securities:
 
 
 
 
 
 
 
 
U.S. government agencies
529,095

 
9,732

 
(1,249
)
 
537,578

 
Commercial mortgage-backed securities:
 
 
 
 
 
 
 
 
U.S. government agencies
64,605

 
1,162

 
(11
)
 
65,756

 
Residential collateralized mortgage-backed securities:
 
 
 
 
 
 
 
 
U.S. government agencies
1,210,743

 
1,509

 
(22,432
)
 
1,189,820

 
Commercial collateralized mortgage-backed securities:
 
 
 
 
 
 
 
 
U.S. government agencies
259,888

 
2,005

 
(2,418
)
 
259,475

 
Corporate debt securities
88,538

 
722

 
—

 
89,260

 
Total securities held-to-maturity
$
2,728,638

 
$
27,401

 
$
(27,128
)
 
$
2,728,911

 
 
 
 
 
 
 
 
 

 
 
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

 
 
 
 
 
 
 
 
 


 
 
September 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
$
229,528

 
$
8,146

 
$
(607
)
 
$
237,067

 
Residential mortgage-backed securities:
 
 
 
 
 
 
 
 
U.S. government agencies
983,038

 
20,395

 
(7,046
)
 
996,387

 
Commercial mortgage-backed securities:
 
 
 
 
 
 
 
 
U.S. government agencies
86,485

 
167

 
(1,888
)
 
84,764

 
Residential collateralized mortgage-backed securities:
 
 
 
 
 
 
 
 
U.S. government agencies
1,635,780

 
3,512

 
(38,975
)
 
1,600,317

 
Non-agency
7

 
—

 
—

 
7

 
Commercial collateralized mortgage-backed securities:
 
 
 
 
 
 
 
 
   U.S. government agencies
195,512

 
298

 
(1,793
)
 
194,017

 
Asset-backed securities:
 
 
 
 
 
 
 
 
   Collateralized loan obligations
297,389

 
289

 
(7,257
)
 
290,421

 
Corporate debt securities
61,638

 
—

 
(7,044
)
 
54,594

 
Total debt securities
3,489,377

 
32,807

 
(64,610
)
 
3,457,574

Equity Securities
 
 
 
 
 
 
 
 
Marketable equity securities
2,916

 
—

 
—

 
2,916

 
Non-marketable equity securities
2,500

 
—

 
—

 
2,500

 
Total equity securities
5,416

 
—

 
—

 
5,416

 
Total securities available-for-sale
$
3,494,793

 
$
32,807

 
$
(64,610
)
 
$
3,462,990

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

 
$
3

 
$
—

 
$
5,003

 
U.S. government agency debentures
25,000

 
—

 
(756
)
 
24,244

 
U.S states and political subdivisions
539,014

 
12,256

 
(452
)
 
550,818

 
Residential mortgage-backed securities:
 
 
 
 
 
 
 
 
   U.S. government agencies
602,220

 
4,608

 
(5,992
)
 
600,836

 
Commercial mortgage-backed securities:
 
 
 
 
 
 
 
 
U.S. government agencies
65,704

 
28

 
(676
)
 
65,056

 
Residential collateralized mortgage-backed securities:
 
 
 
 
 
 
 
 
   U.S. government agencies
1,415,421

 
66

 
(56,260
)
 
1,359,227

 
Commercial collateralized mortgage-backed securities:
 
 
 
 
 
 
 
 
   U.S. government agencies
258,436

 
346

 
(8,570
)
 
250,212

 
Corporate debt securities
91,467

 
489

 
(180
)
 
91,776

 
Total securities held-to-maturity
$
3,002,262

 
$
17,796

 
$
(72,886
)
 
$
2,947,172

 
 
 
 
 
 
 
 
 
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
 
$
5,005

 
$
—

 
$
9,261

 
$
1,834

 
$
—

 
$
172

 
$
—

 
$
—

 
$
—

 
$
—

 
$
16,272

 
2.05
%
Over one year through five years
 
—

 
2,516

 
71,433

 
32,355

 
35,823

 
9,058

 
4

 
58,641

 
—

 
—

 
209,830

 
3.25
%
Over five years through ten years
 
—

 
—

 
95,992

 
81,932

 
113,548

 
25,772

 
—

 
72,503

 
171,303

 
—

 
561,050

 
3.03
%
Over ten years
 
—

 
—

 
24,124

 
829,503

 
5,705

 
1,987,957

 
1

 
112,816

 
121,148

 
54,537

 
3,135,791

 
2.07
%
Fair Value
 
$
5,005

 
$
2,516

 
$
200,810

 
$
945,624

 
$
155,076

 
$
2,022,959

 
$
5

 
$
243,960

 
$
292,451

 
$
54,537

 
$
3,922,943

 
2.27
%
Amortized Cost
 
$
5,002

 
$
2,500

 
$
196,396

 
$
927,715

 
$
153,834

 
$
2,023,275

 
$
5

 
$
241,788

 
$
297,776

 
$
61,695

 
$
3,909,986

 
 
Weighted-Average Yield
 
0.27
%
 
1.25
%
 
5.16
%
 
2.38
%
 
2.04
%
 
6.68
%
 
3.36
%
 
1.89
%
 
2.58
%
 
1.01
%
 
2.27
%
 
 
Weighted-Average Maturity (in years)
 
0.50

 
2.67

 
2.48

 
3.81

 
4.04

 
3.69

 
0.92

 
3.83

 
6.48

 
12.06

 
4.02

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

 
$
—

 
$
55,553

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
55,553

 
2.03
%
Over one year through five years
 
—

 
24,959

 
109,988

 
—

 
41,964

 
—

 
—

 
70,643

 
—

 
89,260

 
336,814

 
2.48
%
Over five years through ten years
 
—

 
—

 
220,193

 
24,913

 
23,792

 
—

 
—

 
52,930

 
—

 
—

 
321,828

 
3.79
%
Over ten years
 
—

 
—

 
176,329

 
512,665

 
—

 
1,189,820

 
—

 
135,902

 
—

 
—

 
2,014,716

 
2.13
%
Fair Value
 
$
—

 
$
24,959

 
$
562,063

 
$
537,578

 
$
65,756

 
$
1,189,820

 
$
—

 
$
259,475

 
$
—

 
$
89,260

 
$
2,728,911

 
2.36
%
Amortized Cost
 
$
—

 
$
25,000

 
$
550,769

 
$
529,095

 
$
64,605

 
$
1,210,743

 
$
—

 
$
259,888

 
$
—

 
$
88,538

 
$
2,728,638

 
 
Weighted-Average Yield
 
—
%
 
1.43
%
 
4.21
%
 
2.15
%
 
2.87
%
 
1.59
%
 
—
%
 
2.51
%
 
—
%
 
2.25
%
 
2.36
%
 
 
Weighted-Average Maturity (in years)
 
—

 
4.08

 
5.36

 
4.08

 
2.63

 
3.69

 
—

 
4.16

 
—

 
2.28

 
4.08

 
 
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 11 of the 37 U.S. states in which it holds investments.
(Dollars in thousands)
September 30, 2015
U.S. State
# of Issuers
 
Average Issue Size, Fair Value
 
Amortized Cost
 
Fair Value
Ohio
125
 
$
1,118

 
$
137,443

 
$
139,700

Michigan
143
 
1,153

 
159,554

 
163,938

Illinois
60
 
1,806

 
106,332

 
108,389

Wisconsin
68
 
619

 
40,767

 
42,080

Texas
58
 
808

 
45,940

 
46,839

Pennsylvania
43
 
1,067

 
45,340

 
45,878

Minnesota
33
 
669

 
21,732

 
22,074

Washington
30
 
941

 
27,681

 
28,225

New Jersey
35
 
727

 
24,839

 
25,430

Missouri
15
 
1,083

 
15,930

 
16,251

New York
18
 
635

 
11,174

 
11,424

Other
112

 
651

 
71,974

 
72,857

Total general obligation bonds
740

 
$
977

 
$
708,706

 
$
723,085

 
 
 
 
 
 
 
 
(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)
September 30, 2014
U.S. State
# of Issuers
 
Average Issue Size, Fair Value
 
Amortized Cost
 
Fair Value
Ohio
149

 
$
1,066

 
$
155,088

 
$
158,825

Michigan
175

 
856

 
145,897

 
149,715

Illinois
72

 
1,618

 
113,017

 
116,517

Wisconsin
83

 
846

 
67,681

 
70,251

Texas
63

 
800

 
49,440

 
50,431

Pennsylvania
47

 
987

 
46,010

 
46,389

Minnesota
41

 
685

 
27,476

 
28,074

Washington
30

 
989

 
29,011

 
29,658

New Jersey
36

 
754

 
26,145

 
27,143

Missouri
19

 
1,019

 
18,814

 
19,357

New York
19

 
618

 
11,448

 
11,734

Other
122

 
641

 
76,879

 
78,034

Total general obligation bonds
856

 
$
918

 
$
766,906

 
$
786,128

 
 
 
 
 
 
 
 
Other investments
FRB and FHLB stock constitutes the majority of other investments on the Consolidated Balance Sheets.
(In thousands)
September 30, 2015
 
December 31, 2014
 
September 30, 2014
FRB stock
$
55,853

 
$
55,681

 
$
55,435

FHLB stock
91,714

 
92,547

 
92,547

Other
388

 
426

 
439

Total other investments
$
147,955

 
$
148,654

 
$
148,421

 
 
 
 
 
 
Realized Gains and Losses
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
(In thousands)
2015
 
2014
 
2015
 
2014
Realized gains
$
48

 
$
45

 
$
1,112

 
$
345

Realized losses
(7
)
 
(31
)
 
(150
)
 
(195
)
Net securities (losses)/gains
$
41

 
$
14

 
$
962

 
$
150

 
 
 
 
 
 
 
 
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.
 
 
 
September 30, 2015
 
 
 
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
 
$
11,972

 
$
(149
)
 
23

 
$
5,810

 
$
(262
)
 
9

 
$
17,782

 
$
(411
)
 
Residential mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. government agencies
 
153,059

 
(422
)
 
14
 
100,526

 
(1,293
)
 
8
 
253,585

 
(1,715
)
 
Commercial mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. government agencies
 
9,744

 
(46
)
 
1
 
12,676

 
(434
)
 
1
 
22,420

 
(480
)
 
Residential collateralized mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. government agencies
 
122,235

 
(490
)
 
11
 
665,809

 
(12,026
)
 
52
 
788,044

 
(12,516
)
 
Commercial collateralized mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   U.S. government agencies
 
8,800

 
(12
)
 
1
 
60,177

 
(278
)
 
6
 
68,977

 
(290
)
 
Asset-backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Collateralized loan obligations
 
202,750

 
(3,434
)
 
28
 
71,904

 
(2,078
)
 
11
 
274,654

 
(5,512
)
 
Corporate debt securities
 
—

 
—

 
0
 
54,537

 
(7,158
)
 
8
 
54,537

 
(7,158
)
 
Total securities available-for-sale
 
$
508,560

 
$
(4,553
)
 
78
 
$
971,439

 
$
(23,529
)
 
95
 
$
1,479,999

 
$
(28,082
)
Securities held-to-maturity
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt securities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. government agency debentures
 
$
—

 
$
—

 
0
 
$
24,959

 
$
(41
)
 
1
 
$
24,959

 
$
(41
)
 
U.S. states and political subdivisions
 
53,159

 
(928
)
 
50
 
4,452

 
(49
)
 
6
 
57,611

 
(977
)
 
Residential mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. government agencies
 
12,516

 
(70
)
 
1
 
102,426

 
(1,179
)
 
6
 
114,942

 
(1,249
)
 
Commercial mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   U.S. government agencies
 
—

 
—

 
0
 
9,543

 
(11
)
 
1
 
9,543

 
(11
)
 
Residential collateralized mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   U.S. government agencies
 
44,773

 
(207
)
 
3
 
995,866

 
(22,225
)
 
55
 
1,040,639

 
(22,432
)
 
Commercial collateralized mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    U.S. government agencies
 
—

 
—

 
0
 
128,520

 
(2,418
)
 
12
 
128,520

 
(2,418
)
 
Total securities held-to-maturity
 
$
110,448

 
$
(1,205
)
 
54
 
$
1,265,766

 
$
(25,923
)
 
81
 
$
1,376,214

 
$
(27,128
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
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

 
$
—

 
$
—

 
0
 
$
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
 
—

 
—

 
0
 
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
 
$
—

 
$
—

 
0
 
$
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
 
—

 
—

 
0
 
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
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
September 30, 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. states and political subdivisions
 
$
5,298

 
$
(10
)
 
5

 
$
22,729

 
$
(597
)
 
37

 
$
28,027

 
$
(607
)
 
Residential mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. government agencies
 
25,456

 
(86
)
 
2

 
248,946

 
(6,960
)
 
19

 
274,402

 
(7,046
)
 
Commercial mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. government agencies
 
9,095

 
(56
)
 
2

 
45,208

 
(1,832
)
 
6

 
54,303

 
(1,888
)
 
Residential collateralized mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. government agencies
 
436,857

 
(3,528
)
 
29

 
890,497

 
(35,447
)
 
63

 
1,327,354

 
(38,975
)
 
Commercial collateralized mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    U.S. government agencies
 
61,703

 
(264
)
 
6

 
67,029

 
(1,529
)
 
7

 
128,732

 
(1,793
)
 
Asset-backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Collateralized loan obligations
 
100,337

 
(1,904
)
 
13

 
151,668

 
(5,353
)
 
23

 
252,005

 
(7,257
)
 
Corporate debt securities
 
—

 
—

 
0
 
54,594

 
(7,044
)
 
8

 
54,594

 
(7,044
)
 
Total securities available-for-sale
 
$
638,746

 
$
(5,848
)
 
57

 
$
1,480,671

 
$
(58,762
)
 
163

 
$
2,119,417

 
$
(64,610
)
Securities held-to-maturity
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt securities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    U.S. government agency debentures
 
$
—

 
$
—

 
—

 
$
24,244

 
$
(756
)
 
1

 
$
24,244

 
$
(756
)
 
    U.S. states and political subdivisions
 
16,255

 
(78
)
 
20

 
29,783

 
(374
)
 
38

 
46,038

 
(452
)
 
Residential mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    U.S. government agencies
 
10,549

 
(64
)
 
1

 
188,704

 
(5,928
)
 
10

 
199,253

 
(5,992
)
 
Commercial mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. government agencies
 
26,346

 
(110
)
 
5

 
23,788

 
(566
)
 
3

 
50,134

 
(676
)
 
Residential collateralized mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    U.S. government agencies
 
121,516

 
(1,195
)
 
8

 
1,208,939

 
(55,065
)
 
60

 
1,330,455

 
(56,260
)
 
Commercial collateralized mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    U.S. government agencies
 
8,026

 
(30
)
 
1

 
182,299

 
(8,540
)
 
17

 
190,325

 
(8,570
)
 
Corporate debt securities
 
46,907

 
(180
)
 
16

 
—

 
—

 
0
 
46,907

 
(180
)
 
Total securities held-to-maturity
 
$
229,599

 
$
(1,657
)
 
51

 
$
1,657,757

 
$
(71,229
)
 
129

 
$
1,887,356

 
$
(72,886
)