Investment Securities (Tables)

12 Months Ended

Dec. 31, 2013



	December 31, 2013
			Recognized in OCI ¹						Not recognized in OCI
(In thousands)	Amortized cost		Gross unrealized gains		Gross unrealized losses		Carrying value		Gross unrealized gains		Gross unrealized losses		Estimated fair value
Held-to-maturity
Municipal securities	$	551,055	$	—	$	—	$	551,055	$	11,295	$	4,616	$	557,734
Asset-backed securities:
Trust preferred securities – banks and insurance	79,419		—		41,593		37,826		15,195		1,308		51,713
Other	—		—		—		—		—		—		—
Other debt securities	100		—		—		100		—		—		100
	630,574		—		41,593		588,981		26,490		5,924		609,547
Available-for-sale
U.S. Treasury securities	1,442		104		—		1,546						1,546
U.S. Government agencies and corporations:
Agency securities	517,905		1,920		901		518,924						518,924
Agency guaranteed mortgage-backed securities	308,687		9,926		1,237		317,376						317,376
Small Business Administration loan-backed securities	1,202,901		21,129		2,771		1,221,259						1,221,259
Municipal securities	65,425		1,329		490		66,264						66,264
Asset-backed securities:
Trust preferred securities – banks and insurance	1,508,224		13,439		282,843		1,238,820						1,238,820
Trust preferred securities – real estate investment trusts	22,996		—		—		22,996						22,996
Auction rate securities	6,507		118		26		6,599						6,599
Other	27,540		359		—		27,899						27,899
	3,661,627		48,324		288,268		3,421,683						3,421,683
Mutual funds and other	287,603		21		7,421		280,203						280,203
	3,949,230		48,345		295,689		3,701,886						3,701,886
Total	$	4,579,804	$	48,345	$	337,282	$	4,290,867					$	4,311,433



	December 31, 2012
			Recognized in OCI ¹						Not recognized in OCI
(In thousands)	Amortized cost		Gross unrealized gains		Gross unrealized losses		Carrying value		Gross unrealized gains		Gross unrealized losses		Estimated fair value
Held-to-maturity
Municipal securities	$	524,738	$	—	$	—	$	524,738	$	12,837	$	709	$	536,866
Asset-backed securities:
Trust preferred securities – banks and insurance	255,647		—		42,964		212,683		114		86,596		126,201
Other	21,858		—		2,470		19,388		709		8,523		11,574
Other debt securities	100		—		—		100		—		—		100
	802,343		—		45,434		756,909		13,660		95,828		674,741
Available-for-sale
U.S. Treasury securities	104,313		211		—		104,524						104,524
U.S. Government agencies and corporations:
Agency securities	108,814		3,959		116		112,657						112,657
Agency guaranteed mortgage-backed securities	406,928		18,598		16		425,510						425,510
Small Business Administration loan-backed securities	1,124,322		29,245		639		1,152,928						1,152,928
Municipal securities	75,344		2,622		1,970		75,996						75,996
Asset-backed securities:
Trust preferred securities – banks and insurance	1,596,156		16,687		663,451		949,392						949,392
Trust preferred securities – real estate investment trusts	40,485		—		24,082		16,403						16,403
Auction rate securities	6,504		79		68		6,515						6,515
Other	25,614		701		6,941		19,374						19,374
	3,488,480		72,102		697,283		2,863,299						2,863,299
Mutual funds and other	228,469		194		652		228,011						228,011
	3,716,949		72,296		697,935		3,091,310						3,091,310
Total	$	4,519,292	$	72,296	$	743,369	$	3,848,219					$	3,766,051


¹	The gross unrealized losses recognized in OCI on HTM securities resulted from a previous transfer of AFS securities

to HTM

Contractual Maturities Debt Securities



	Held-to-maturity				Available-for-sale
(In thousands)	Amortized cost		Estimated fair value		Amortized cost		Estimated fair value

Due in one year or less	$	53,489	$	53,200	$	446,742	$	434,528
Due after one year through five years	197,830		202,553		1,151,262		1,126,669
Due after five years through ten years	136,754		134,360		724,261		702,395
Due after ten years	242,501		219,434		1,339,362		1,158,091
	$	630,574	$	609,547	$	3,661,627	$	3,421,683

Summary Of Amount Of Gross Unrealized Losses For Debt Securities And Estimated Fair Value

The following is a summary of the amount of gross unrealized losses for debt securities and the estimated fair value by length of time the securities have been in an unrealized loss position:

	December 31, 2013
	Less than 12 months				12 months or more				Total
(In thousands)	Gross unrealized losses		Estimated fair value		Gross unrealized losses		Estimated fair value		Gross unrealized losses		Estimated fair value
Held-to-maturity
Municipal securities	$	4,025	$	70,400	$	591	$	9,103	$	4,616	$	79,503
Asset-backed securities:
Trust preferred securities – banks and insurance	—		—		42,901		51,319		42,901		51,319
Other	—		—		—		—		—		—
	4,025		70,400		43,492		60,422		47,517		130,822
Available-for-sale
U.S. Government agencies and corporations:
Agency securities	828		47,862		73		5,874		901		53,736
Agency guaranteed mortgage-backed securities	1,231		64,533		6		935		1,237		65,468
Small Business Administration loan-backed securities	1,709		187,680		1,062		39,256		2,771		226,936
Municipal securities	73		8,834		417		3,179		490		12,013
Asset-backed securities:
Trust preferred securities – banks and insurance	2,539		51,911		280,304		847,990		282,843		899,901
Trust preferred securities – real estate investment trusts	—		—		—		—		—		—
Auction rate securities	5		1,609		21		892		26		2,501
Other	—		—		—		—		—		—
	6,385		362,429		281,883		898,126		288,268		1,260,555
Mutual funds and other	943		24,057		6,478		103,614		7,421		127,671
	7,328		386,486		288,361		1,001,740		295,689		1,388,226
Total	$	11,353	$	456,886	$	331,853	$	1,062,162	$	343,206	$	1,519,048



	December 31, 2012
	Less than 12 months				12 months or more				Total
(In thousands)	Gross unrealized losses		Estimated fair value		Gross unrealized losses		Estimated fair value		Gross unrealized losses		Estimated fair value


Held-to-maturity
Municipal securities	$	630	$	42,613	$	79	$	5,910	$	709	$	48,523
Asset-backed securities:
Trust preferred securities – banks and insurance	—		—		129,560		126,019		129,560		126,019
Other	—		—		10,993		10,904		10,993		10,904
Other debt securities	—		—		—		—		—		—
	630		42,613		140,632		142,833		141,262		185,446
Available-for-sale
U.S. Government agencies and corporations:
Agency securities	35		18,633		81		6,916		116		25,549
Agency guaranteed mortgage-backed securities	10		6,032		6		629		16		6,661
Small Business Administration loan-backed securities	91		15,199		548		69,011		639		84,210
Municipal securities	61		4,898		1,909		11,768		1,970		16,666
Asset-backed securities:
Trust preferred securities – banks and insurance	—		—		663,451		765,421		663,451		765,421
Trust preferred securities – real estate investment trusts	—		—		24,082		16,403		24,082		16,403
Auction rate securities	—		—		68		2,459		68		2,459
Other	—		—		6,941		15,234		6,941		15,234
	197		44,762		697,086		887,841		697,283		932,603
Mutual funds and other	652		112,324		—		—		652		112,324
	849		157,086		697,086		887,841		697,935		1,044,927
Total	$	1,479	$	199,699	$	837,718	$	1,030,674	$	839,197	$	1,230,373

Rollforward Of Total Amount Of Credit-Related OTTI

The following is a tabular rollforward of the total amount of credit-related OTTI, including amounts recognized in earnings:

(In thousands)	2013									2012
(In thousands)	HTM			AFS			Total			HTM			AFS			Total

Balance of credit-related OTTI at beginning of year	$	(13,549	)	$	(394,494	)	$	(408,043	)	$	(6,126	)	$	(314,860	)	$	(320,986	)
Additions recognized in earnings during the year:
Credit-related OTTI not previously recognized ¹	(403		)	(168		)	(571		)	(2,890		)	(5,654		)	(8,544		)
Credit-related OTTI previously recognized when there is no intent to sell and no requirement to sell before recovery of amortized cost basis²	—			(27,482		)	(27,482		)	(4,533		)	(90,984		)	(95,517		)
Subtotal of amounts recognized in earnings	(403		)	(27,650		)	(28,053		)	(7,423		)	(96,638		)	(104,061		)
Transfers from HTM to AFS	4,900			(4,900		)	—			—			—			—
Reductions for securities sold or paid off during the year	—			47,768			47,768			—			17,004			17,004
Reductions for securities the Company intends to sell or will be required to sell before recovery of its amortized cost basis	—			202,443			202,443			—			—			—
Balance of credit-related OTTI at end of year	$	(9,052	)	$	(176,833	)	$	(185,885	)	$	(13,549	)	$	(394,494	)	$	(408,043	)

Noncredit Related OTTI



(In thousands)	2013		2012		2011

HTM	$	16,114	$	16,718	$	20,945
AFS	7,358		45,478		22,697
	$	23,472	$	62,196	$	43,642

Gains And Losses, Including OTTI, Recognized In Statement Of Income

The following summarizes gains and losses, including OTTI, that were recognized in the statement of income:

		2013					2012					2011
	(In thousands)	Gross gains		Gross losses			Gross gains		Gross losses			Gross gains		Gross losses
	(In thousands)	Gross gains		Gross losses			Gross gains		Gross losses			Gross gains		Gross losses
	Investment securities:
	Held-to-maturity	$	81	$	403		$	214	$	7,423		$	229	$	769
	Available-for-sale	13,881		181,591			25,120		102,428			21,793		43,068
	Other noninterest-bearing investments:
	Nonmarketable equity securities	10,182		1,662			23,218		11,965			9,449		2,938
		24,144		183,656			48,552		121,816			31,471		46,775
	Net losses			$	(159,512	)			$	(73,264	)			$	(15,304	)
	Statement of income information:
	Net impairment losses on investment securities			$	(165,134	)			$	(104,061	)			$	(33,683	)
	Equity securities gains, net			8,520					11,253					6,511
	Fixed income securities gains (losses), net			(2,898		)			19,544					11,868
	Net losses			$	(159,512	)			$	(73,264	)			$	(15,304	)

- Definition

Tabular disclosure of the realized and unrealized gains and losses reported in the statement of income which have resulted from the sale and holding of marketable securities, respectively, as well as the sale or disposal of cost method investments. Such amounts would include realized gains and losses on the sale or disposal of trading, available-for-sale, and held-to-maturity securities, unrealized gains and losses on trading securities, unrealized gains and losses on available-for-sale and held-to-maturity securities transferred to the trading securities category, realized gains and losses on the sale or disposal of cost method investments, and losses recognized for other than temporary impairments (OTTI) of such investments.

+ References+ Details

- 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.

+ References+ Details