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Investment Securities (Tables)
 3 Months Ended
Mar. 31, 2016
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.
 
 
March 31, 2016
(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

 
$
20

 
$
—

 
$
2,520

 
U.S. states and political subdivisions
169,281

 
3,894

 
(34
)
 
173,141

 
Residential mortgage-backed securities:
 
 
 
 
 
 
 
 
U.S. government agencies
889,511

 
18,398

 
(253
)
 
907,656

 
Commercial mortgage-backed securities:
 
 
 
 
 
 
 
 
U.S. government agencies
181,846

 
2,654

 
(252
)
 
184,248

 
Residential collateralized mortgage-backed securities:
 
 
 
 
 
 
 
 
U.S. government agencies
2,214,035

 
20,761

 
(8,059
)
 
2,226,737

 
Non-agency
4

 
—

 
—

 
4

 
Commercial collateralized mortgage-backed securities:
 
 
 
 
 
 
 
 
U.S. government agencies
269,197

 
3,976

 
(291
)
 
272,882

 
Asset-backed securities:
 
 
 
 
 
 
 
 
Collateralized loan obligations
297,885

 
36

 
(12,524
)
 
285,397

 
Corporate debt securities
61,724

 
—

 
(12,968
)
 
48,756

 
Total debt securities
4,085,983

 
49,739

 
(34,381
)
 
4,101,341

Equity securities
 
 
 
 
 
 
 
 
Marketable equity securities
2,873

 
—

 
—

 
2,873

 
Total equity securities
2,873

 
—

 
—

 
2,873

 
Total securities available-for-sale
$
4,088,856

 
$
49,739

 
$
(34,381
)
 
$
4,104,214

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

 
$
26

 
$
—

 
$
25,026

 
U.S. states and political subdivisions
558,795

 
17,285

 
(262
)
 
575,818

 
Residential mortgage-backed securities:
 
 
 
 
 
 
 
 
U.S. government agencies
88,314

 
1,280

 
(266
)
 
89,328

 
Commercial mortgage-backed securities:
 
 
 
 
 
 
 
 
U.S. government agencies
489,216

 
10,159

 
(212
)
 
499,163

 
Residential collateralized mortgage-backed securities:
 
 
 
 
 
 
 
 
U.S. government agencies
1,113,901

 
2,414

 
(14,257
)
 
1,102,058

 
Commercial collateralized mortgage-backed securities:
 
 
 
 
 
 
 
 
U.S. government agencies
251,421

 
2,436

 
(934
)
 
252,923

 
Corporate debt securities
87,053

 
905

 
—

 
87,958

 
Total securities held-to-maturity
$
2,613,700

 
$
34,505

 
$
(15,931
)
 
$
2,632,274

 
 
 
 
 
 
 
 
 

 
 
December 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
$
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

 
Non-agency
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

 
 
 
 
 
 
 
 
 


 
 
March 31, 2015
(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

 
$
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

 
 
 
 
 
 
 
 
 
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)
March 31, 2016
U.S. State
# of Issuers
 
Average Issue Size, Fair Value
 
Amortized Cost
 
Fair Value
Michigan
137
 
$
1,364

 
$
180,322

 
$
186,935

Ohio
110
 
1,098

 
117,643

 
120,829

Wisconsin
61
 
615

 
36,369

 
37,528

Illinois
53
 
1,840

 
95,228

 
97,511

Texas
53
 
802

 
41,356

 
42,496

Pennsylvania
41
 
1,035

 
41,680

 
42,448

New Jersey
33
 
736

 
23,746

 
24,285

Washington
29
 
948

 
26,977

 
27,497

Minnesota
23
 
699

 
15,713

 
16,069

New York
18
 
617

 
10,819

 
11,104

Missouri
11
 
1,086

 
11,637

 
11,948

Other
107

 
756

 
79,847

 
80,899

Total general obligation bonds
676

 
$
1,035

 
$
681,337

 
$
699,549

 
 
 
 
 
 
 
 
(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)
March 31, 2015
U.S. State
# of Issuers
 
Average Issue Size, Fair Value
 
Amortized Cost
 
Fair Value
Michigan
164

 
$
857

 
$
138,091

 
$
140,620

Ohio
136

 
925

 
124,908

 
125,864

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

Washington
31

 
930

 
28,194

 
28,836

New Jersey
37

 
747

 
26,724

 
27,623

Minnesota
35

 
697

 
23,821

 
24,405

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

 
 
 
 
 
 
 
 
Other investments
FRB and FHLB stock constitutes the majority of other investments on the Consolidated Balance Sheets.
(In thousands)
March 31, 2016
 
December 31, 2015
 
March 31, 2015
FRB stock
$
56,083

 
$
56,083

 
$
55,681

FHLB stock
91,714

 
91,714

 
92,381

Other
362

 
375

 
413

Total other investments
$
148,159

 
$
148,172

 
$
148,475

 
 
 
 
 
 
Realized Gains and Losses
 
Three Months Ended March 31,
(In thousands)
2016
 
2015
Realized gains
$
295

 
$
392

Realized losses
—

 
(38
)
Net securities (losses)/gains
$
295

 
$
354

 
 
 
 
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, 2016
 
 
 
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
 
$
2,880

 
$
(14
)
 
6

 
$
1,899

 
$
(20
)
 
4

 
$
4,779

 
$
(34
)
 
Residential mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. government agencies
 
171

 
—

 
2
 
32,960

 
(253
)
 
3
 
33,131

 
(253
)
 
Commercial mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. government agencies
 
—

 
—

 
0
 
12,595

 
(252
)
 
1
 
12,595

 
(252
)
 
Residential collateralized mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. government agencies
 
96,691

 
(568
)
 
6
 
552,785

 
(7,491
)
 
46
 
649,476

 
(8,059
)
 
Commercial collateralized mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   U.S. government agencies
 
32,200

 
(107
)
 
5
 
22,464

 
(184
)
 
2
 
54,664

 
(291
)
 
Asset-backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Collateralized loan obligations
 
149,999

 
(6,176
)
 
27
 
121,596

 
(6,348
)
 
15
 
271,595

 
(12,524
)
 
Corporate debt securities
 
—

 
—

 
0
 
48,755

 
(12,968
)
 
8
 
48,755

 
(12,968
)
 
Total securities available-for-sale
 
$
281,941

 
$
(6,865
)
 
46
 
$
793,054

 
$
(27,516
)
 
79
 
$
1,074,995

 
$
(34,381
)
Securities held-to-maturity
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt securities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. government agency debentures
 
$
—

 
$
—

 
0
 
$
—

 
$
—

 
0
 
$
—

 
$
—

 
U.S. states and political subdivisions
 
4,491

 
(21
)
 
9
 
7,793

 
(241
)
 
10
 
12,284

 
(262
)
 
Residential mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. government agencies
 
—

 
—

 
0
 
62,997

 
(212
)
 
4
 
62,997

 
(212
)
 
Commercial mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   U.S. government agencies
 
13,268

 
(263
)
 
1
 
9,438

 
(3
)
 
1
 
22,706

 
(266
)
 
Residential collateralized mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   U.S. government agencies
 
—

 
—

 
0
 
873,299

 
(14,257
)
 
52
 
873,299

 
(14,257
)
 
Commercial collateralized mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    U.S. government agencies
 
—

 
—

 
0
 
80,216

 
(934
)
 
7
 
80,216

 
(934
)
 
Total securities held-to-maturity
 
$
17,759

 
$
(284
)
 
10
 
$
1,033,743

 
$
(15,647
)
 
74
 
$
1,051,502

 
$
(15,931
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
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
 
$
—

 
$
—

 
0
 
$
2,498

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

 
(1
)
 
1
 
—

 
—

 
0
 
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
 
—

 
—

 
0
 
52,229

 
(9,481
)
 
8
 
52,229

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

 
$
(19,569
)
 
180

 
$
913,649

 
$
(37,458
)
 
91
 
$
2,762,969

 
$
(57,027
)
Securities held-to-maturity
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Debt securities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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
 
—

 
—

 
0
 
19,243

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

 
$
(2,916
)
 
58

 
$
1,171,297

 
$
(40,433
)
 
79

 
$
1,541,902

 
$
(43,349
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
March 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. 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
)
 
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
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Investments Classified by Contractual Maturity Date
(Dollars in thousands)
 
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
 
$
—

 
$
7,120

 
$
119

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
7,239

 
3.29
%
Over one year through five years
 
2,520

 
79,686

 
61,444

 
32,937

 
16,015

 
3

 
15,653

 
—

 
—

 
208,258

 
3.80
%
Over five years through ten years
 
—

 
66,049

 
52,312

 
122,070

 
11,655

 
—

 
110,696

 
204,643

 
—

 
567,425

 
3.06
%
Over ten years
 
—

 
20,286

 
793,781

 
29,241

 
2,199,067

 
1

 
146,533

 
80,754

 
48,756

 
3,318,419

 
2.11
%
Fair Value
 
$
2,520

 
$
173,141

 
$
907,656

 
$
184,248

 
$
2,226,737

 
$
4

 
$
272,882

 
$
285,397

 
$
48,756

 
$
4,101,341

 
2.33
%
Amortized Cost
 
$
2,500

 
$
169,281

 
$
889,511

 
$
181,846

 
$
2,214,035

 
$
4

 
$
269,197

 
$
297,885

 
$
61,724

 
$
4,085,983

 
 
Weighted-Average Yield
 
1.25
%
 
5.17
%
 
2.40
%
 
2.15
%
 
2.04
%
 
2.60
%
 
2.21
%
 
3.07
%
 
1.34
%
 
2.33
%
 
 
Weighted-Average Maturity (in years)
 
2.17

 
1.96

 
3.38

 
4.24

 
3.44

 
0.60

 
4.09

 
6.51

 
11.56

 
3.79

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

 
$
65,484

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
22,609

 
$
88,093

 
2.21
%
Over one year through five years
 
25,026

 
157,086

 
36,437

 
—

 
—

 
—

 
81,282

 
—

 
65,349

 
365,180

 
2.45
%
Over five years through ten years
 
—

 
202,251

 
52,891

 
22,567

 
—

 
—

 
40,984

 
—

 
—

 
318,693

 
3.83
%
Over ten years
 
—

 
150,997

 
—

 
476,596

 
1,102,058

 
—

 
130,657

 
—

 
—

 
1,860,308

 
2.07
%
Fair Value
 
$
25,026

 
$
575,818

 
$
89,328

 
$
499,163

 
$
1,102,058

 
$
—

 
$
252,923

 
$
—

 
$
87,958

 
$
2,632,274

 
2.34
%
Amortized Cost
 
$
25,000

 
$
558,795

 
$
88,314

 
$
489,216

 
$
1,113,901

 
$
—

 
$
251,421

 
$
—

 
$
87,053

 
$
2,613,700

 
 
Weighted-Average Yield
 
1.43
%
 
4.22
%
 
2.02
%
 
2.15
%
 
1.60
%
 
—
%
 
2.00
%
 
—
%
 
2.26
%
 
2.34
%
 
 
Weighted-Average Maturity (in years)
 
0.08

 
4.61

 
3.36

 
3.57

 
3.45

 
—

 
3.85

 
—

 
1.77

 
3.67