Investment Securities (Tables)

3 Months Ended

Mar. 31, 2015

Dec. 31, 2014



	March 31, 2015
(In thousands)	Amortized cost		Gross unrealized gains		Gross unrealized losses		Estimated fair value
Held-to-maturity
Municipal securities	$	590,950	$	12,208	$	803	$	602,355

Available-for-sale
U.S. Government agencies and corporations:
Agency securities	631,603		1,406		7,139		625,870
Agency guaranteed mortgage-backed securities	1,417,843		16,441		614		1,433,670
Small Business Administration loan-backed securities	1,588,562		15,677		8,558		1,595,681
Municipal securities	175,017		1,282		689		175,610
Asset-backed securities:
Trust preferred securities – banks and insurance	611,836		99		150,418		461,517
Other	5,229		235		—		5,464
	4,430,090		35,140		167,418		4,297,812
Mutual funds and other	153,235		101		646		152,690
	4,583,325		35,241		168,064		4,450,502
Total	$	5,174,275	$	47,449	$	168,867	$	5,052,857



	December 31, 2014
			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	$	607,675	$	—	$	—	$	607,675	$	13,018	$	804	$	619,889
Asset-backed securities:
Trust preferred securities – banks and insurance	79,276		—		39,699		39,577		18,393		663		57,307
	686,951		—		39,699		647,252		31,411		1,467		677,196
Available-for-sale
U.S. Government agencies and corporations:
Agency securities	607,523		1,572		8,343		600,752						600,752
Agency guaranteed mortgage-backed securities	935,164		12,132		2,105		945,191						945,191
Small Business Administration loan-backed securities	1,544,710		16,446		8,891		1,552,265						1,552,265
Municipal securities	189,059		1,143		945		189,257						189,257
Asset-backed securities:
Trust preferred securities – banks and insurance	537,589		103		121,984		415,708						415,708
Other	5,252		207		7		5,452						5,452
	3,819,297		31,603		142,275		3,708,625						3,708,625
Mutual funds and other	136,591		76		1,044		135,623						135,623
	3,955,888		31,679		143,319		3,844,248						3,844,248
Total	$	4,642,839	$	31,679	$	183,018	$	4,491,500					$	4,521,444


¹	Other comprehensive income

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	$	96,220	$	97,409	$	639,077	$	638,407
Due after one year through five years	188,507		191,799		1,719,501		1,718,550
Due after five years through ten years	158,244		164,415		1,155,325		1,146,764
Due after ten years	147,979		148,732		916,187		794,091
	$	590,950	$	602,355	$	4,430,090	$	4,297,812

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 investment securities and the estimated fair value by length of time the securities have been in an unrealized loss position:

	March 31, 2015
	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	$	722	$	93,203	$	81	$	3,831	$	803	$	97,034

Available-for-sale
U.S. Government agencies and corporations:
Agency securities	2,631		139,038		4,508		287,134		7,139		426,172
Agency guaranteed mortgage-backed securities	438		178,832		176		12,750		614		191,582
Small Business Administration loan-backed securities	4,551		460,629		4,007		264,312		8,558		724,941
Municipal securities	129		28,134		560		2,916		689		31,050
Asset-backed securities:
Trust preferred securities – banks and insurance	—		—		150,418		446,038		150,418		446,038
	7,749		806,633		159,669		1,013,150		167,418		1,819,783
Mutual funds and other	646		72,296		—		—		646		72,296
	8,395		878,929		159,669		1,013,150		168,064		1,892,079
Total	$	9,117	$	972,132	$	159,750	$	1,016,981	$	168,867	$	1,989,113



	December 31, 2014
	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	$	527	$	62,762	$	277	$	14,003	$	804	$	76,765
Asset-backed securities:
Trust preferred securities – banks and insurance	53		122		40,309		57,186		40,362		57,308
	580		62,884		40,586		71,189		41,166		134,073
Available-for-sale
U.S. Government agencies and corporations:
Agency securities	4,510		295,694		3,833		101,188		8,343		396,882
Agency guaranteed mortgage-backed securities	1,914		425,114		191		12,124		2,105		437,238
Small Business Administration loan-backed securities	5,869		495,817		3,022		175,523		8,891		671,340
Municipal securities	258		36,551		687		4,616		945		41,167
Asset-backed securities:
Trust preferred securities – banks and insurance	—		—		121,984		405,605		121,984		405,605
Other	7		1,607		—		—		7		1,607
	12,558		1,254,783		129,717		699,056		142,275		1,953,839
Mutual funds and other	1,044		71,907		—		—		1,044		71,907
	13,602		1,326,690		129,717		699,056		143,319		2,025,746
Total	$	14,182	$	1,389,574	$	170,303	$	770,245	$	184,485	$	2,159,819

Rollforward Of Total Amount Of Credit-Related OTTI



(In thousands)	Three Months Ended March 31, 2015									Three Months Ended March 31, 2014
(In thousands)	HTM			AFS			Total			HTM			AFS			Total

Balance of credit-related OTTI at beginning of period	$	(9,079	)	$	(95,472	)	$	(104,551	)	$	(9,052	)	$	(176,833	)	$	(185,885	)
Additional credit-related OTTI on securities previously impaired	—			—			—			(27		)	—			(27		)
Reductions for securities sold or paid off during the period	—			1,313			1,313			—			12,919			12,919
Reclassification of securities from HTM to AFS	9,079			(9,079		)	—			—			—			—
Balance of credit-related OTTI at end of period	$	—		$	(103,238	)	$	(103,238	)	$	(9,079	)	$	(163,914	)	$	(172,993	)

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



	Three Months Ended
	March 31, 2015					March 31, 2014
(In thousands)	Gross gains		Gross losses			Gross gains		Gross losses
(In thousands)	Gross gains		Gross losses			Gross gains		Gross losses
Investment securities:
Held-to-maturity	$	1	$	—		$	—	$	27
Available-for-sale	958		1,198			72,561		41,647

Other noninterest-bearing investments	3,595		242			912		—
	4,554		1,440			73,473		41,674
Net gains			$	3,114				$	31,799

Statement of income information:
Net impairment losses on investment securities			$	—				$	(27	)
Equity securities gains, net			3,353					912
Fixed income securities gains (losses), net			(239		)			30,914
Net gains			$	3,114				$	31,799

Tax and Nontaxable Interest Income by Investment Type [Table Text Block]



(In thousands)	Three Months Ended March 31, 2015						Three Months Ended March 31, 2014
	Taxable		Nontaxable		Total		Taxable		Nontaxable		Total
Investment securities:
Held-to-maturity	$	3,592	$	2,862	$	6,454	$	3,828	$	2,836	$	6,664
Available-for-sale	19,768		653		20,421		20,424		524		20,948
Trading	598		—		598		482		—		482
	$	23,958	$	3,515	$	27,473	$	24,734	$	3,360	$	28,094

- 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.

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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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