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Investment Securities (Tables)

12 Months Ended

Dec. 31, 2014

Investment securities available for sale

						Gross		Gross
				Amortized		Unrealized		Unrealized
December 31, 2014:				Cost		Gains		Losses			Fair Value
				($ in Thousands)
Investment securities available for sale:
	U.S. Treasury securities			$	999	$	0	$	(1)	$	998
	Obligations of state and political subdivisions
		(municipal securities)			560,839		21,869		(29)		582,679
	Residential mortgage-related securities:
			Government-sponsored enterprise ("GSE")		3,700,103		61,236		(30,550)		3,730,789
			Private-label		2,297		7		(10)		2,294
	GSE commercial mortgage-related securities				1,097,913		1,922		(25,942)		1,073,893
	Other securities (debt and equity)				6,108		51		0		6,159
			Total investment securities available for sale	$	5,368,259	$	85,085	$	(56,532)	$	5,396,812


						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:
			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		0		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

Investment securities held to maturity

Investment securities held to maturity:
	Obligations of state and political subdivisions
		(municipal securities)		$	404,455	$	9,444	$	(832)	$	413,067
			Total investment securities held to maturity	$	404,455	$	9,444	$	(832)	$	413,067

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		$	33,912	$	34,122		$	0	$	0
Due after one year through five years			232,210		243,009			2,264		2,285
Due after five years through ten years			295,663		306,319			120,085		121,721
Due after ten years			6,143		6,336			282,106		289,061
	Total debt securities		567,928		589,786			404,455		413,067
Residential mortgage-related securities:
	GSE		3,700,103		3,730,789			-		-
	Private-label		2,297		2,294			-		-
GSE commercial mortgage-related securities			1,097,913		1,073,893			-		-
Equity securities			18		50			-		-
	Total investment securities	$	5,368,259	$	5,396,812		$	404,455	$	413,067
Ratio of Fair Value to Amortized Cost					100.5	%				102.1	%

Realized gains and losses and proceeds from sale

		2014		2013		2012
		($ in Thousands)
Gross gains		$	1,184	$	637	$	4,481
Gross losses			(690)		(73)		(220)
	Investment securities gains, net	$	494	$	564	$	4,261
Proceeds from sales of investment securities			102,011		136,152		299,782

Unrealized losses and fair value of available for sale and held to maturity 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, 2014			Securities		Losses		Value	Securities		Losses		Value		Losses		Value
			($ in Thousands)
Investment securities available for sale:
	U.S. Treasury securities		1		(1)		998			-		-		(1)		998
	Obligations of state and political
		subdivisions (municipal securities)	6	$	(9)	$	3,374	6	$	(20)	$	2,133	$	(29)	$	5,507
	Residential mortgage-related securities:
		GSE	16		(1,404)		333,713	56		(29,146)		1,256,533		(30,550)		1,590,246
		Private-label	1		(9)		1,772	2		(1)		27		(10)		1,799
	GSE commercial mortgage-related securities		9		(1,766)		329,982	20		(24,176)		460,425		(25,942)		790,407
		Total		$	(3,189)	$	669,839		$	(53,343)	$	1,719,118	$	(56,532)	$	2,388,957

Investment securities held to maturity:
	Obligations of state and political
		subdivisions (municipal securities)	74	$	(216)	$	31,924	85	$	(616)	$	38,915	$	(832)	$	70,839
		Total		$	(216)	$	31,924		$	(616)	$	38,915	$	(832)	$	70,839

			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 securities (debt)		5		(43)		6,452	-		-		-		(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

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, 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)
Reduction due to credit impaired securities sold or abandoned		0		6,279		6,279
Balance of credit-related other-than-temporary impairment at December 31, 2014	$	0	$	0	$	0

- 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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