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Investment Securities (Tables)

12 Months Ended

Dec. 31, 2013

Investment securities available for sale

						Gross		Gross
				Amortized		Unrealized		Unrealized
December 31, 2013:				Cost		Gains		Losses			Fair Value
				($ in Thousands)
Investment securities available for sale:
	U.S. Treasury securities			$	1,001	$	1	$	-	$	1,002
	Obligations of state and political subdivisions
		(municipal securities)			653,758		23,855		(1,533)		676,080
	Residential mortgage-related securities:
			Government-sponsored enterprise ("GSE")		3,855,467		61,542		(78,579)		3,838,430
			Private-label		3,035		16		(37)		3,014
	GSE commercial mortgage-related securities				673,555		1,764		(27,842)		647,477
	Asset-backed securities⁽¹⁾				23,049		10		-		23,059
	Other securities (debt and equity)				60,711		855		(43)		61,523
			Total investment securities available for sale	$	5,270,576	$	88,043	$	(108,034)	$	5,250,585


						Gross		Gross
				Amortized		Unrealized		Unrealized
December 31, 2012:				Cost		Gains		Losses			Fair Value
				($ in Thousands)
Investment securities available for sale:
	U. S. Treasury securities			$	1,003	$	1	$	-	$	1,004
	Obligations of state and political subdivisions
		(municipal securities)			755,644		45,599		(55)		801,188
	Residential mortgage-related securities:
			GSE		3,708,287		93,595		(3,727)		3,798,155
			Private-label		6,002		147		-		6,149
	GSE commercial mortgage-related securities				226,420		2,809		(1,063)		228,166
	Other securities (debt and equity)				90,622		1,549		(75)		92,096
			Total investment securities available for sale	$	4,787,978	$	143,700	$	(4,920)	$	4,926,758

Investment securities held for sale

Investment securities held to maturity:
	Obligations of state and political subdivisions
		(municipal securities)		$	175,210	$	401	$	(5,722)	$	169,889
			Total investment securities held to maturity	$	175,210	$	401	$	(5,722)	$	169,889

(1) The asset-backed securities position is largely comprised of senior, floating rate, tranches of student loan securities issued by SLM Corp and guaranteed under the Federal Family Education Loan Program.

Amortized cost and fair values of investment securities available for sale by contractual maturity



		Available for Sale				Held to Maturity
($ in Thousands)		Amortized Cost			Fair Value	Amortized Cost			Fair Value
Due in one year or less		$	31,404	$	31,503	$	0	$	0
Due after one year through five years			231,751		240,398		232		233
Due after five years through ten years			429,242		441,137		68,394		66,100
Due after ten years			23,055		25,510		106,584		103,556
	Total debt securities		715,452		738,548		175,210		169,889
Residential mortgage-related securities:
	GSE		3,855,467		3,838,430		-		-
	Private-label		3,035		3,014		-		-
GSE commercial mortgage-related securities			673,555		647,477		-		-
Asset-backed securities			23,049		23,059		-		-
Equity securities			18		57		-		-
	Total investment securities	$	5,270,576	$	5,250,585	$	175,210	$	169,889

Realized gains and losses and proceeds from sale

		2013		2012		2011
		($ in Thousands)
Gross gains		$	637	$	4,481	$	0
Gross losses			(73)		(220)		(1,112)
	Investment securities gains (losses), net	$	564	$	4,261	$	(1,112)
Proceeds from sales of investment securities			136,152		299,782		176,267

Unrealized losses and fair value of available for sale securities, by investment category and time length

			Less than 12 months					12 months or more					Total
			Number					Number
			of	Unrealized			Fair	of	Unrealized			Fair	Unrealized			Fair
December 31, 2013			Securities		Losses		Value	Securities		Losses		Value		Losses		Value
			($ in Thousands)
Investment securities available for sale:
	Obligations of state and political
		subdivisions (municipal securities)	113	$	(1,525)	$	47,044	1	$	(8)	$	273	$	(1,533)	$	47,317
	Residential mortgage-related securities:
		GSE	106		(57,393)		1,887,784	15		(21,186)		421,082		(78,579)		2,308,866
		Private-label	2		(37)		2,105	1		-		35		(37)		2,140
	GSE commercial mortgage-related securities		19		(23,854)		443,462	1		(3,988)		45,950		(27,842)		489,412
	Other debt securities		5		(43)		6,452	0		-		-		(43)		6,452
		Total		$	(82,852)	$	2,386,847		$	(25,182)	$	467,340	$	(108,034)	$	2,854,187

Investment securities held to maturity:
	Obligations of state and political
		subdivisions (municipal securities)	298	$	(5,339)	$	124,435	10	$	(383)	$	5,010	$	(5,722)	$	129,445
		Total		$	(5,339)	$	124,435		$	(383)	$	5,010	$	(5,722)	$	129,445

			Less than 12 months					12 months or more				Total
		Number					Number
		of		Unrealized		Fair	of		Unrealized		Fair		Unrealized		Fair
December 31, 2012		Securities		Losses		Value	Securities	Losses			Value	Losses			Value
			($ in Thousands)
Investment securities available for sale:
Obligations of state and political
	subdivisions (municipal securities)	15	$	(42)	$	5,065	1	$	(13)	$	348	$	(55)	$	5,413
Residential mortgage-related securities:
	GSE	30		(3,727)		892,964	-		-		-		(3,727)		892,964
	Private-label	-		-		-	1		-		50		-		50
GSE commercial mortgage-related securities		2		(1,063)		102,474	-		-		-		(1,063)		102,474
Other securities (debt)		-		-		-	1		(75)		111		(75)		111
	Total		$	(4,832)	$	1,000,503		$	(88)	$	509	$	(4,920)	$	1,001,012

Investment securities held to maturity:
Obligations of state and political
	subdivisions (municipal securities)	56	$	(296)	$	28,265	-	$	-	$	-	$	(296)	$	28,265
	Total		$	(296)	$	28,265		$	-	$	-	$	(296)	$	28,265

Credit loss portion of other than temporary impairment

	Private-label
	Mortgage-Related		Trust Preferred
	Securities		Debt Securities			Total
	$ in Thousands
Balance of credit-related other-than-temporary impairment at December 31, 2011	$	(17,558)	$	(10,835)	$	(28,393)
Reduction due to credit impaired securities sold		17,026		4,499		21,525
Balance of credit-related other-than-temporary impairment at December 31, 2012	$	(532)	$	(6,336)	$	(6,868)
Reduction due to credit impaired securities sold		532		57		589
Balance of credit-related other-than-temporary impairment at December 31, 2013	$	0	$	(6,279)	$	(6,279)

- Definition

Tabular disclosure of all investments in certain debt and equity securities for which the entity has the positive intent and ability to hold until maturity.

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- Definition

Tabular disclosure of the amount of other than temporary impairment (OTTI) related to credit losses recognized in earnings including: (a) the beginning balance of the amount related to credit losses on debt securities held by the investor at the beginning of the period for which a portion of an OTTI was recognized in other comprehensive income; (b) additions for the amount related to the credit loss for which an OTTI was not previously recognized; (c) reductions for securities sold during the period (realized); (d) reductions for securities for which the amount previously recognized in other comprehensive income was recognized in earnings because the investor intends to sell the security or more likely than not will be required to sell the security before recovery of its amortized cost basis; (e) additional increases to the amount related to the credit loss for which an OTTI was previously recognized when the investor does not intend to sell the security and it is not more likely than not that the investor will be required to sell the security before recovery of its amortized cost basis; (f) reductions for increases in cash flows expected to be collected that are recognized over the remaining life of the security; and (g) the ending balance of the amount related to credit losses on debt securities held by the entity at the end of the period for which a portion of an OTTI was recognized in other comprehensive income.

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