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Investment Securities (Tables)
 12 Months Ended
Dec. 31, 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.
 
 
December 31, 2015
(In thousands)
Amortized
Cost
 
Gross Unrealized Gains
 
Gross Unrealized Losses
 
Fair
Value
Securities available-for-sale
 
 
 
 
 
 
 
Debt securities:
 
 
 
 
 
 
 
 
U.S. treasury bonds & notes
$
5,001

 
$
—

 
$
(1
)
 
$
5,000

 
U.S. government agency debentures
2,500

 
—

 
(2
)
 
2,498

 
U.S. states and political subdivisions
188,829

 
4,170

 
(204
)
 
192,795

 
Residential mortgage-backed securities:
 
 
 
 
 
 
 
 
U.S. government agencies
900,358

 
11,325

 
(5,454
)
 
906,229

 
Commercial mortgage-backed securities:
 
 
 
 
 
 
 
 
U.S. government agencies
173,912

 
220

 
(2,023
)
 
172,109

 
Residential collateralized mortgage-backed securities:
 
 
 
 
 
 
 
 
U.S. government agencies
2,155,808

 
2,659

 
(30,147
)
 
2,128,320

 
Nonagency
4

 
—

 
—

 
4

 
Commercial collateralized mortgage-backed securities:
 
 
 
 
 
 
 
 
U.S. government agencies
217,008

 
580

 
(1,269
)
 
216,319

 
Asset-backed securities:
 
 
 
 
 
 
 
 
Collateralized loan obligations
297,831

 
26

 
(8,446
)
 
289,411

 
Corporate debt securities
61,710

 
—

 
(9,481
)
 
52,229

 
Total debt securities
4,002,961

 
18,980

 
(57,027
)
 
3,964,914

Equity securities:
 
 
 
 
 
 
 
 
Marketable equity securities
2,821

 
—

 
—

 
2,821

 
Total equity securities
2,821

 
—

 
—

 
2,821

 
Total securities available for sale
$
4,005,782

 
$
18,980

 
$
(57,027
)
 
$
3,967,735

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

 
$
19

 
$
—

 
$
25,019

 
U.S. states and political subdivisions
571,738

 
22,180

 
(262
)
 
593,656

 
Residential mortgage-backed securities:
 
 
 
 
 
 
 
 
U.S. government agencies
507,908

 
4,767

 
(2,999
)
 
509,676

 
Commercial mortgage-backed securities:
 
 
 
 
 
 
 
 
U.S. government agencies
64,951

 
294

 
(574
)
 
64,671

 
Residential collateralized mortgage-backed securities:
 
 
 
 
 
 
 
 
U.S. government agencies
1,161,340

 
75

 
(35,881
)
 
1,125,534

 
Commercial collateralized mortgage-backed securities:
 
 
 
 
 
 
 
 
U.S. government agencies
255,359

 
676

 
(3,611
)
 
252,424

 
Corporate debt securities
87,797

 
364

 
(22
)
 
88,139

 
Total securities held to maturity
$
2,674,093

 
$
28,375

 
$
(43,349
)
 
$
2,659,119

 
 
 
 
 
 
 
 
 


 
 
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. 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

 
 
 
 
 
 
 
 
 
Schedule of general obligation bonds
As illustrated in the tables below, the aggregate fair value of the Corporation’s general obligation bonds was greater than $10 million in 11 of the 37 U.S. states in which it holds investments.
(Dollars in thousands)
December 31, 2015
U.S. State
# of Issuers
 
Average Issue Size, Fair Value
 
Amortized Cost
 
Fair Value
Michigan
137

 
$
1,381

 
$
180,508

 
$
189,259

Ohio
111

 
1,091

 
116,783

 
121,117

Illinois
55

 
1,870

 
99,524

 
102,867

Texas
58

 
807

 
45,818

 
46,805

Wisconsin
69

 
673

 
44,794

 
46,454

Pennsylvania
42

 
1,020

 
42,185

 
42,835

Washington
29

 
950

 
27,080

 
27,548

New Jersey
35

 
725

 
24,810

 
25,372

Minnesota
33

 
667

 
21,679

 
22,020

Missouri
15

 
1,078

 
15,878

 
16,174

New York
18

 
635

 
11,161

 
11,422

Other
110

 
759

 
81,815

 
83,477

Total general obligation bonds
712

 
$
1,033

 
$
712,035

 
$
735,350

 
 
 
 
 
 
 
 
(Dollars in thousands)
December 31, 2014
U.S. State
# of Issuers
 
Average Issue Size, Fair Value
 
Amortized Cost
 
Fair Value
Michigan
169

 
$
842

 
$
138,325

 
$
142,292

Ohio
137

 
979

 
130,741

 
134,127

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

Washington
30

 
952

 
27,987

 
28,558

Minnesota
42

 
674

 
27,740

 
28,326

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

 
 
 
 
 
 
 
 
Schedule of other investments
FRB and FHLB stock constitute the majority of other investments on the Consolidated Balance Sheet.
 
December 31,
(In thousands)
2015
 
2014
FRB stock
$
56,083

 
$
55,681

FHLB stock
91,714

 
92,547

Other
375

 
426

Total other investments
$
148,172

 
$
148,654

 
 
 
 
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.
 
Year Ended December 31,
(In thousands)
2015
 
2014
 
2013
Realized gains
$
2,608

 
$
382

 
$
3,786

Realized losses
(1,651
)
 
(216
)
 
(6,589
)
Net securities (losses)/gains
$
957

 
$
166

 
$
(2,803
)
 
 
 
 
 
 
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, 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. government agency debentures
$
2,498

 
$
(2
)
 
1

 
$
—

 
$
—

 
—

 
$
2,498

 
$
(2
)
 
U.S. treasury notes & bonds
5,000

 
(1
)
 
1

 
—

 
—

 
—

 
5,000

 
(1
)
 
U.S. states and political subdivisions
10,178

 
(37
)
 
20

 
5,899

 
(167
)
 
9

 
16,077

 
(204
)
 
Residential mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. government agencies
328,156

 
(3,026
)
 
27

 
95,895

 
(2,428
)
 
7

 
424,051

 
(5,454
)
 
Commercial mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. government agencies
107,074

 
(1,447
)
 
15

 
12,401

 
(576
)
 
1

 
119,475

 
(2,023
)
 
Residential collateralized mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. government agencies
1,130,779

 
(10,587
)
 
78

 
597,403

 
(19,560
)
 
49

 
1,728,182

 
(30,147
)
 
Commercial collateralized mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   U.S. government agencies
113,825

 
(893
)
 
12

 
23,400

 
(376
)
 
2

 
137,225

 
(1,269
)
 
Asset-backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Collateralized loan obligations
151,810

 
(3,576
)
 
26

 
126,422

 
(4,870
)
 
15

 
278,232

 
(8,446
)
 
Corporate debt securities
—

 
—

 
—

 
52,229

 
(9,481
)
 
8

 
52,229

 
(9,481
)
 
Total available-for-sale securities
$
1,849,320

 
$
(19,569
)
 
180

 
$
913,649

 
$
(37,458
)
 
91

 
$
2,762,969

 
$
(57,027
)
Securities held-to-maturity
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt Securities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. government agency debentures
$
—

 
$
—

 
—

 
$
—

 
$
—

 
—

 
$
—

 
$
—

 
U.S. states and political subdivisions
18,465

 
(224
)
 
21

 
4,174

 
(38
)
 
6

 
22,639

 
(262
)
 
Residential mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. government agencies
85,738

 
(715
)
 
6

 
97,880

 
(2,284
)
 
6

 
183,618

 
(2,999
)
 
Commercial mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   U.S. government agencies
34,833

 
(346
)
 
6

 
9,269

 
(228
)
 
1

 
44,102

 
(574
)
 
Residential collateralized mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   U.S. government agencies
140,514

 
(1,225
)
 
12

 
941,982

 
(34,656
)
 
55

 
1,082,496

 
(35,881
)
 
Commercial collateralized mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    U.S. government agencies
71,812

 
(384
)
 
7

 
117,992

 
(3,227
)
 
11

 
189,804

 
(3,611
)
 
Corporate debt securities
19,243

 
(22
)
 
6

 
—

 
—

 
—

 
19,243

 
(22
)
 
Total held-to-maturity securities
$
370,605

 
$
(2,916
)
 
58

 
$
1,171,297

 
$
(40,433
)
 
79

 
$
1,541,902

 
$
(43,349
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
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
—

 
—

 
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

 
—

 
—

 
0
 
36,933

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

 
$
(277
)
 
30

 
$
1,577,797

 
$
(49,520
)
 
108

 
$
1,703,572

 
$
(49,797
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Investment Securities Maturities
December 31, 2015
(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
 
$
—

 
$
5,000

 
$
8,640

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
13,640

 
1.99
%
Over one year through five years
 
2,498

 
—

 
78,968

 
37,010

 
14,825

 
10,922

 
4

 
46,105

 
—

 
—

 
190,332

 
3.84
%
Over five years through ten years
 
—

 
—

 
83,928

 
71,478

 
136,728

 
23,697

 
—

 
67,299

 
207,480

 
—

 
590,610

 
3.02
%
Over ten years
 
—

 
—

 
21,259

 
797,741

 
20,556

 
2,093,701

 
—

 
102,915

 
81,931

 
52,229

 
3,170,332

 
2.09
%
Fair Value
 
$
2,498

 
$
5,000

 
$
192,795

 
$
906,229

 
$
172,109

 
$
2,128,320

 
$
4

 
$
216,319

 
$
289,411

 
$
52,229

 
$
3,964,914

 
2.31
%
Amortized Cost
 
$
2,500

 
$
5,001

 
$
188,829

 
$
900,358

 
$
173,912

 
$
2,155,808

 
$
4

 
$
217,008

 
$
297,831

 
$
61,710

 
$
4,002,961

 
 
Weighted-Average Yield
 
1.25
%
 
0.28
%
 
5.19
%
 
2.39
%
 
2.03
%
 
2.04
%
 
3.07
%
 
2.11
%
 
2.77
%
 
1.24
%
 
2.31
%
 
 
Weighted-Average Maturity (in years)
 
2.42

 
—

 
2.17
 
3.78
 
4.52
 
3.89
 
0.90
 
4.00
 
6.51
 
11.81
 
4.13

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

 
$
—

 
$
63,383

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
63,383

 
1.99
%
Over one year through five years
 
25,019

 
—

 
144,134

 
—

 
35,953

 
—

 
—

 
79,833

 
—

 
88,139

 
373,078

 
2.34
%
Over five years through ten years
 
—

 
—

 
216,331

 
23,421

 
28,718

 
—

 
—

 
41,190

 
—

 
—

 
309,660

 
3.79
%
Over ten years
 
—

 
—

 
169,808

 
486,255

 
—

 
1,125,534

 
—

 
131,401

 
—

 
—

 
1,912,998

 
2.12
%
Fair Value
 
$
25,019

 
$
—

 
$
593,656

 
$
509,676

 
$
64,671

 
$
1,125,534

 
$
—

 
$
252,424

 
$
—

 
$
88,139

 
$
2,659,119

 
2.33
%
Amortized Cost
 
$
25,000

 
$
—

 
$
571,738

 
$
507,908

 
$
64,951

 
$
1,161,340

 
$
—

 
$
255,359

 
$
—

 
$
87,797

 
$
2,674,093

 
 
Weighted-Average Yield
 
1.43
%
 
—
%
 
4.01
%
 
2.15
%
 
2.55
%
 
1.60
%
 
—
%
 
2.34
%
 
—
%
 
2.28
%
 
2.33
%
 
 
Weighted-Average Maturity (in years)
 
0.08

 
—

 
4.83

 
4.04

 
2.91

 
3.76

 
—

 
4.04

 
—

 
2.02

 
3.96