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Investment Securities (Tables)
 6 Months Ended
Jun. 30, 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.
 
 
June 30, 2016
(In thousands)
Amortized
Cost
 
Gross Unrealized Gains
 
Gross Unrealized Losses
 
Fair
Value
Securities available-for-sale
 
 
 
 
 
 
 
Debt securities
 
 
 
 
 
 
 
 
U.S. treasury notes & bonds
$
4,996

 
$
1

 
$
—

 
$
4,997

 
U.S. government agency debentures
2,500

 
28

 
—

 
2,528

 
U.S. states and political subdivisions
147,807

 
3,742

 
(2
)
 
151,547

 
Residential mortgage-backed securities:
 
 
 
 
 
 
 
 
U.S. government agencies
840,250

 
20,064

 
(67
)
 
860,247

 
Commercial mortgage-backed securities:
 
 
 
 
 
 
 
 
U.S. government agencies
198,069

 
4,095

 
(116
)
 
202,048

 
Residential collateralized mortgage-backed securities:
 
 
 
 
 
 
 
 
U.S. government agencies
2,325,707

 
30,400

 
(3,089
)
 
2,353,018

 
Non-agency
3

 
—

 
—

 
3

 
Commercial collateralized mortgage-backed securities:
 
 
 
 
 
 
 
 
U.S. government agencies
392,205

 
6,528

 
(122
)
 
398,611

 
Asset-backed securities:
 
 
 
 
 
 
 
 
Collateralized loan obligations
297,939

 
354

 
(6,499
)
 
291,794

 
Corporate debt securities
61,740

 
—

 
(10,633
)
 
51,107

 
Total debt securities
4,271,216

 
65,212

 
(20,528
)
 
4,315,900

Equity securities
 
 
 
 
 
 
 
 
Marketable equity securities
2,788

 
—

 
—

 
2,788

 
Total equity securities
2,788

 
—

 
—

 
2,788

 
Total securities available-for-sale
$
4,274,004

 
$
65,212

 
$
(20,528
)
 
$
4,318,688

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

 
$
35

 
$
—

 
$
25,035

 
U.S. states and political subdivisions
540,425

 
15,713

 
(265
)
 
555,873

 
Residential mortgage-backed securities:
 
 
 
 
 
 
 
 
U.S. government agencies
467,462

 
12,367

 
—

 
479,829

 
Commercial mortgage-backed securities:
 
 
 
 
 
 
 
 
U.S. government agencies
87,964

 
1,991

 
(42
)
 
89,913

 
Residential collateralized mortgage-backed securities:
 
 
 
 
 
 
 
 
U.S. government agencies
1,060,496

 
4,327

 
(6,670
)
 
1,058,153

 
Commercial collateralized mortgage-backed securities:
 
 
 
 
 
 
 
 
U.S. government agencies
246,509

 
3,559

 
(410
)
 
249,658

 
Corporate debt securities
86,305

 
974

 
—

 
87,279

 
Total securities held-to-maturity
$
2,514,161

 
$
38,966

 
$
(7,387
)
 
$
2,545,740

 
 
 
 
 
 
 
 
 

 
 
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

 
 
 
 
 
 
 
 
 


 
 
June 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
$
5,004

 
$
1

 
$
—

 
$
5,005

 
U.S. government agency debentures
2,500

 
10

 
—

 
2,510

 
U.S. states and political subdivisions
203,449

 
5,191

 
(1,023
)
 
207,617

 
Residential mortgage-backed securities:
 
 
 
 
 
 
 
 
U.S. government agencies
947,347

 
18,068

 
(4,563
)
 
960,852

 
Commercial mortgage-backed securities:
 
 
 
 
 
 
 
 
U.S. government agencies
171,842

 
643

 
(2,147
)
 
170,338

 
Residential collateralized mortgage-backed securities:
 
 
 
 
 
 
 
 
U.S. government agencies
1,968,918

 
4,779

 
(24,308
)
 
1,949,389

 
Non-agency
5

 
—

 
—

 
5

 
Commercial collateralized mortgage-backed securities:
 
 
 
 
 
 
 
 
   U.S. government agencies
227,889

 
1,254

 
(705
)
 
228,438

 
Asset-backed securities:
 
 
 
 
 
 
 
 
   Collateralized loan obligations
259,743

 
801

 
(2,463
)
 
258,081

 
Corporate debt securities
61,681

 
—

 
(8,231
)
 
53,450

 
Total debt securities
3,848,378

 
30,747

 
(43,440
)
 
3,835,685

Equity Securities
 
 
 
 
 
 
 
 
Marketable equity securities
2,824

 
—

 
—

 
2,824

 
Non-marketable equity securities
—

 
—

 
—

 
—

 
Total equity securities
2,824

 
—

 
—

 
2,824

 
Total securities available-for-sale
$
3,851,202

 
$
30,747

 
$
(43,440
)
 
$
3,838,509

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

 
—

 
(323
)
 
24,677

 
U.S states and political subdivisions
529,441

 
8,104

 
(1,942
)
 
535,603

 
Residential mortgage-backed securities:
 
 
 
 
 
 
 
 
   U.S. government agencies
555,273

 
6,919

 
(2,940
)
 
559,252

 
Commercial mortgage-backed securities:
 
 
 
 
 
 
 
 
U.S. government agencies
57,462

 
412

 
(219
)
 
57,655

 
Residential collateralized mortgage-backed securities:
 
 
 
 
 
 
 
 
   U.S. government agencies
1,267,321

 
445

 
(35,025
)
 
1,232,741

 
Commercial collateralized mortgage-backed securities:
 
 
 
 
 
 
 
 
   U.S. government agencies
263,741

 
1,004

 
(4,523
)
 
260,222

 
Corporate debt securities
89,275

 
695

 
—

 
89,970

 
Total securities held-to-maturity
$
2,787,513

 
$
17,579

 
$
(44,972
)
 
$
2,760,120

 
 
 
 
 
 
 
 
 
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)
June 30, 2016
U.S. State
# of Issuers
 
Average Issue Size, Fair Value
 
Amortized Cost
 
Fair Value
Michigan
116
 
$
1,404

 
$
157,403

 
$
162,897

Ohio
108
 
1,095

 
115,545

 
118,300

Wisconsin
54
 
651

 
34,046

 
35,166

Illinois
52
 
1,783

 
90,772

 
92,711

Texas
51
 
816

 
40,409

 
41,629

Pennsylvania
41
 
1,037

 
41,674

 
42,529

New Jersey
31
 
724

 
21,928

 
22,441

Washington
27
 
968

 
25,586

 
26,149

Minnesota
23
 
699

 
15,667

 
16,076

New York
18
 
575

 
10,044

 
10,346

Missouri
10
 
1,075

 
10,414

 
10,754

Other
105

 
768

 
79,275

 
80,688

Total general obligation bonds
636

 
$
1,037

 
$
642,763

 
$
659,686

 
 
 
 
 
 
 
 
(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)
June 30, 2015
U.S. State
# of Issuers
 
Average Issue Size, Fair Value
 
Amortized Cost
 
Fair Value
Michigan
153

 
$
1,018

 
$
152,499

 
$
155,712

Ohio
127

 
964

 
121,716

 
122,474

Illinois
60

 
1,784

 
105,581

 
107,033

Wisconsin
70

 
585

 
39,774

 
40,950

Texas
67

 
759

 
50,370

 
50,877

Pennsylvania
46

 
1,014

 
46,547

 
46,666

Washington
30

 
939

 
27,783

 
28,169

New Jersey
34

 
720

 
23,916

 
24,472

Minnesota
34

 
692

 
23,267

 
23,540

Missouri
15

 
1,084

 
15,981

 
16,265

New York
18

 
633

 
11,187

 
11,392

Other
119

 
639

 
75,670

 
76,040

Total general obligation bonds
773

 
$
910

 
$
694,291

 
$
703,590

 
 
 
 
 
 
 
 
Other investments
FRB and FHLB stock constitutes the majority of other investments on the Consolidated Balance Sheets.
(In thousands)
June 30, 2016
 
December 31, 2015
 
June 30, 2015
FRB stock
$
56,303

 
$
56,083

 
$
55,853

FHLB stock
91,714

 
91,714

 
91,713

Other
350

 
375

 
401

Total other investments
$
148,367

 
$
148,172

 
$
147,967

 
 
 
 
 
 
Realized Gains and Losses
 
Three Months Ended June 30,
 
Six Months Ended June 30,
(In thousands)
2016
 
2015
 
2016
 
2015
Realized gains
$
2,164

 
$
672

 
$
2,459

 
$
1,064

Realized losses
—

 
(105
)
 
—

 
(143
)
Net securities (losses)/gains
$
2,164

 
$
567

 
$
2,459

 
$
921

 
 
 
 
 
 
 
 
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.
 
 
 
June 30, 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
 
$
1,567

 
$
(2
)
 
3

 
$
—

 
$
—

 
—

 
$
1,567

 
$
(2
)
 
Residential mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. government agencies
 
14,275

 
(67
)
 
5
 
—

 
—

 
0
 
14,275

 
(67
)
 
Commercial mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. government agencies
 
23,570

 
(28
)
 
1
 
12,627

 
(88
)
 
1
 
36,197

 
(116
)
 
Residential collateralized mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. government agencies
 
13,182

 
(271
)
 
1
 
332,305

 
(2,818
)
 
29
 
345,487

 
(3,089
)
 
Commercial collateralized mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   U.S. government agencies
 
24,401

 
(38
)
 
4
 
19,071

 
(84
)
 
1
 
43,472

 
(122
)
 
Asset-backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Collateralized loan obligations
 
92,851

 
(1,795
)
 
16
 
161,827

 
(4,704
)
 
21
 
254,678

 
(6,499
)
 
Corporate debt securities
 

 

 

 
51,106

 
(10,633
)
 
8
 
51,106

 
(10,633
)
 
Total securities available-for-sale
 
$
169,846

 
$
(2,201
)
 
30
 
$
576,936

 
$
(18,327
)
 
60
 
$
746,782

 
$
(20,528
)
Securities held-to-maturity
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt securities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. states and political subdivisions
 
$
3,525

 
$
(19
)
 
$
7

 
$
6,569

 
$
(246
)
 
$
9

 
$
10,094

 
$
(265
)
 
Residential mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. government agencies
 
—

 
—

 
0
 
—

 
—

 
0
 
—

 
—

 
Commercial mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   U.S. government agencies
 
13,478

 
(42
)
 
1
 
—

 
—

 
0
 
13,478

 
(42
)
 
Residential collateralized mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   U.S. government agencies
 
—

 
—

 
0
 
598,383

 
(6,670
)
 
37
 
598,383

 
(6,670
)
 
Commercial collateralized mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    U.S. government agencies
 
—

 
—

 
0
 
47,686

 
(410
)
 
4
 
47,686

 
(410
)
 
Collateralized loan obligations:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Corporate debt securities
 
5,002

 
—

 
1
 
—

 
—

 
0
 
5,002

 
—

 
Total securities held-to-maturity
 
$
22,005

 
$
(61
)
 
9
 
$
652,638

 
$
(7,326
)
 
50
 
$
674,643

 
$
(7,387
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
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
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
June 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
 
$
32,237

 
$
(587
)
 
52
 
$
5,642

 
$
(436
)
 
9
 
$
37,879

 
$
(1,023
)
 
Residential mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. government agencies
 
196,219

 
(2,087
)
 
15
 
103,498

 
(2,476
)
 
8
 
299,717

 
(4,563
)
 
Commercial mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. government agencies
 
96,573

 
(1,457
)
 
14
 
17,335

 
(690
)
 
2
 
113,908

 
(2,147
)
 
Residential collateralized mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. government agencies
 
596,646

 
(4,398
)
 
42
 
706,376

 
(19,910
)
 
53
 
1,303,022

 
(24,308
)
 
Commercial collateralized mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    U.S. government agencies
 
46,771

 
(71
)
 
5
 
61,120

 
(634
)
 
7
 
107,891

 
(705
)
 
Asset-backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Collateralized loan obligations
 
84,565

 
(1,204
)
 
10
 
86,082

 
(1,259
)
 
11
 
170,647

 
(2,463
)
 
Corporate debt securities
 
4,225

 
(765
)
 
1
 
49,225

 
(7,466
)
 
7
 
53,450

 
(8,231
)
 
Total securities available-for-sale
 
$
1,057,236

 
$
(10,569
)
 
139

 
$
1,029,278

 
$
(32,871
)
 
97

 
$
2,086,514

 
$
(43,440
)
Securities held-to-maturity
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt securities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    U.S. government agency debentures
 
—

 
—

 
0
 
24,677

 
(323
)
 
1
 
24,677

 
(323
)
 
    U.S. states and political subdivisions
 
98,867

 
(1,872
)
 
112
 
4,430

 
(70
)
 
6
 
103,297

 
(1,942
)
 
Residential mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    U.S. government agencies
 
83,112

 
(483
)
 
5
 
105,289

 
(2,457
)
 
6
 
188,401

 
(2,940
)
 
Commercial mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. government agencies
 
7,263

 
(41
)
 
1
 
9,430

 
(178
)
 
1
 
16,693

 
(219
)
 
Residential collateralized mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    U.S. government agencies
 
111,360

 
(835
)
 
8
 
1,042,351

 
(34,190
)
 
56
 
1,153,711

 
(35,025
)
 
Commercial collateralized mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    U.S. government agencies
 
5,025

 
(2
)
 
1
 
142,937

 
(4,521
)
 
13
 
147,962

 
(4,523
)
 
Total securities held-to-maturity
 
$
305,627

 
$
(3,233
)
 
127

 
$
1,329,114

 
$
(41,739
)
 
83

 
$
1,634,741

 
$
(44,972
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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
 
$
4,997

 
$
—

 
$
5,895

 
$
65

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
10,957

 
2.32
%
Over one year through five years
 
—

 
2,528

 
75,103

 
86,480

 
24,498

 
13,936

 
3

 
22,126

 
—

 
—

 
224,674

 
3.54
%
Over five years through ten years
 
—

 
—

 
51,441

 
47,116

 
123,441

 
10,705

 
—

 
103,837

 
218,344

 
—

 
554,884

 
2.92
%
Over ten years
 
—

 
—

 
19,108

 
726,586

 
54,109

 
2,328,377

 
—

 
272,648

 
73,450

 
51,107

 
3,525,385

 
2.23
%
Fair Value
 
$
4,997

 
$
2,528

 
$
151,547

 
$
860,247

 
$
202,048

 
$
2,353,018

 
$
3

 
$
398,611

 
$
291,794

 
$
51,107

 
$
4,315,900

 
2.39
%
Amortized Cost
 
$
4,996

 
$
2,500

 
$
147,807

 
$
840,250

 
$
198,069

 
$
2,325,707

 
$
3

 
$
392,205

 
$
297,939

 
$
61,740

 
$
4,271,216

 
 
Weighted-Average Yield
 
0.31
%
 
1.25
%
 
5.00
%
 
2.98
%
 
2.13
%
 
2.01
%
 
2.98
%
 
2.18
%
 
3.08
%
 
1.37
%
 
2.39
%
 
 
Weighted-Average Maturity (in years)
 
0.23

 
1.92

 
1.86

 
3.28

 
3.60

 
3.11

 
0.59

 
3.90

 
6.51

 
11.31

 
3.55

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

 
$
—

 
$
64,872

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
22,443

 
$
87,315

 
2.36
%
Over one year through five years
 
—

 
25,035

 
157,172

 
—

 
36,522

 
—

 
—

 
81,237

 
—

 
64,836

 
364,802

 
2.47
%
Over five years through ten years
 
—

 
—

 
193,355

 
21,307

 
53,391

 
—

 
—

 
40,365

 
—

 
—

 
308,418

 
3.83
%
Over ten years
 
—

 
—

 
140,474

 
458,522

 
—

 
1,058,153

 
—

 
128,056

 
—

 
—

 
1,785,205

 
2.02
%
Fair Value
 
$
—

 
$
25,035

 
$
555,873

 
$
479,829

 
$
89,913

 
$
1,058,153

 
$
—

 
$
249,658

 
$
—

 
$
87,279

 
$
2,545,740

 
2.31
%
Amortized Cost
 
$
—

 
$
25,000

 
$
540,425

 
$
467,462

 
$
87,964

 
$
1,060,496

 
$
—

 
$
246,509

 
$
—

 
$
86,305

 
$
2,514,161

 
 
Weighted-Average Yield
 
—
%
 
1.43
%
 
4.21
%
 
2.13
%
 
2.14
%
 
1.59
%
 
—
%
 
1.77
%
 
—
%
 
2.30
%
 
2.31
%
 
 
Weighted-Average Maturity (in years)
 
—

 
0.08

 
4.50

 
3.29

 
2.81

 
3.25

 
—

 
3.56

 
—

 
1.52

 
3.45