Securities (Tables)

6 Months Ended

Jun. 30, 2014

Summary of amortized cost and estimated fair value for the major categories of securities available-for-sale and held-to-maturity

			Gross		Gross
	Amortized		Unrealized		Unrealized
(in thousands)	Cost		Gains		Losses			Fair Value
June 30, 2014
Securities available-for-sale:
U.S. Treasury	$	36,213	$	45	$	—		$	36,258
Federal agency - Debt	1,027,192		815		(1,491		)	1,026,516
Federal agency - MBS	121,501		3,305		(1,577		)	123,229
CMOs - Federal agency	3,552,834		28,089		(41,604		)	3,539,319
CMOs - Non-agency	27,168		135		(400		)	26,903
State and municipal	384,359		8,335		(101		)	392,593
Other debt securities	174,723		3,264		—			177,987
Total debt securities	5,323,990		43,988		(45,173		)	5,322,805
Equity securities and mutual funds	621		5,066		—			5,687
Total securities available-for-sale	$	5,324,611	$	49,054	$	(45,173	)	$	5,328,492

Securities held-to-maturity (1):
Federal agency - Debt	$	302,918	$	4,319	$	(856	)	$	306,381
Federal agency - MBS	554,421		9,328		(4,058		)	559,691
CMOs - Federal agency	1,883,461		23,027		(16,534		)	1,889,954
State and municipal	579,473		13,067		(4,949		)	587,591
Other debt securities	98,080		291		(4		)	98,367
Total securities held-to-maturity	$	3,418,353	$	50,032	$	(26,401	)	$	3,441,984

December 31, 2013
Securities available-for-sale:
U.S. Treasury	$	35,312	$	23	$	—		$	35,335
Federal agency - Debt	1,417,509		938		(7,911		)	1,410,536
Federal agency - MBS	156,399		3,615		(2,788		)	157,226
CMOs - Federal agency	4,037,348		30,721		(70,771		)	3,997,298
CMOs - Non-agency	38,383		127		(1,048		)	37,462
State and municipal	407,312		8,806		(123		)	415,995
Other debt securities	175,091		3,731		—			178,822
Total debt securities	6,267,354		47,961		(82,641		)	6,232,674
Equity securities and mutual funds	337		8,106		—			8,443
Total securities available-for-sale	$	6,267,691	$	56,067	$	(82,641	)	$	6,241,117

Securities held-to-maturity (1):
Federal agency - Debt	$	178,413	$	133	$	(5,122	)	$	173,424
Federal agency - MBS	445,360		1,005		(11,930		)	434,435
CMOs - Federal agency	1,781,219		1,839		(40,621		)	1,742,437
State and municipal	454,155		421		(19,014		)	435,562
Other debt securities	98,696		—		(619		)	98,077
Total securities held-to-maturity	$	2,957,843	$	3,398	$	(77,306	)	$	2,883,935

(1) Securities held-to-maturity are presented in the consolidated balance sheets at amortized cost.

Schedule of gross realized gains and losses on sales and calls of securities (including trading securities) available-for-sale

	For the three months ended					For the six months ended
	June 30,					June 30,
(in thousands)	2014			2013		2014			2013
Gross realized gains	$	5,368		$	5,790	$	7,970		$	6,836
Gross realized losses	(1		)	—		(481		)	—
Net realized gains	$	5,367		$	5,790	$	7,489		$	6,836

Schedule of remaining maturities of debt securities included in the securities portfolio

(in thousands)	One year or less		Over 1 year through 5 years		Over 5 years through 10 years		Over 10 years		Total

Securities available-for-sale:
U.S. Treasury	$	23,194	$	13,064	$	—	$	—	$	36,258
Federal agency - Debt	639,733		347,513		39,270		—		1,026,516
Federal agency - MBS	—		105,432		17,797		—		123,229
CMOs - Federal agency	98,070		3,236,456		204,793		—		3,539,319
CMOs - Non-agency	2,237		24,666		—		—		26,903
State and municipal	100,959		288,314		—		3,320		392,593
Other	58,751		119,236		—		—		177,987
Total debt securities available-for-sale	$	922,944	$	4,134,681	$	261,860	$	3,320	$	5,322,805

Amortized cost	$	919,336	$	4,135,324	$	265,930	$	3,400	$	5,323,990

Securities held-to-maturity:
Federal agency - Debt	$	—	$	26,000	$	86,170	$	190,748	$	302,918
Federal agency - MBS	—		75,854		467,171		11,396		554,421
CMOs - Federal agency	—		805,601		1,077,860		—		1,883,461
State and municipal	—		80,107		399,352		100,014		579,473
Other	—		98,080		—		—		98,080
Total debt securities held-to-maturity at amortized cost	$	—	$	1,085,642	$	2,030,553	$	302,158	$	3,418,353

Schedule of roll forward of credit-related other-than-temporary impairment recognized in earnings for debt securities

	For the three months ended June 30,						For the six months ended June 30,
(in thousands)	2014			2013			2014			2013
Balance, beginning of period	$	4,549		$	3,676		$	4,549		$	16,486
Subsequent credit-related impairment	248			182			248			182
Reduction for securities sold or redeemed	(2,402		)	—			(2,402		)	(12,761		)
Reduction for increase in expected cash flows on securities for which OTTI was previously recognized	—			(204		)	—			(253		)
Balance, end of period	$	2,395		$	3,654		$	2,395		$	3,654

Summary of the gross unrealized losses and fair value of investment securities that are in an unrealized loss position aggregated by investment category and length of time

	Less than 12 months				12 months or greater				Total
(in thousands)	Fair Value		Estimated Unrealized Loss		Fair Value		Estimated Unrealized Loss		Fair Value		Estimated Unrealized Loss
June 30, 2014
Securities available-for-sale:
Federal agency - Debt	$	104,163	$	31	$	312,696	$	1,460	$	416,859	$	1,491
Federal agency - MBS	17,834		70		42,442		1,507		60,276		1,577
CMOs - Federal agency	615,321		1,909		1,299,169		39,695		1,914,490		41,604
CMOs - Non-agency	—		—		13,610		400		13,610		400
State and municipal	1,720		4		5,194		97		6,914		101
Total securities available-for-sale	$	739,038	$	2,014	$	1,673,111	$	43,159	$	2,412,149	$	45,173

Securities held-to-maturity:
Federal agency - Debt	$	—	$	—	$	76,094	$	856	$	76,094	$	856
Federal agency - MBS	27,802		154		123,966		3,904		151,768		4,058
CMOs - Federal agency	619,017		8,334		362,367		8,200		981,384		16,534
State and municipal	46,463		283		140,436		4,666		186,899		4,949
Other debt securities	24,437		4		—		—		24,437		4
Total securities held-to-maturity	$	717,719	$	8,775	$	702,863	$	17,626	$	1,420,582	$	26,401

December 31, 2013
Securities available-for-sale:
Federal agency - Debt	$	1,026,142	$	7,911	$	—	$	—	$	1,026,142	$	7,911
Federal agency - MBS	17,962		85		43,492		2,703		61,454		2,788
CMOs - Federal agency	1,637,994		35,922		728,101		34,849		2,366,095		70,771
CMOs - Non-agency	10,056		319		8,483		729		18,539		1,048
State and municipal	16,521		39		4,266		84		20,787		123
Total securities available-for-sale	$	2,708,675	$	44,276	$	784,342	$	38,365	$	3,493,017	$	82,641

Securities held-to-maturity:
Federal agency - Debt	$	156,290	$	5,122	$	—	$	—	$	156,290	$	5,122
Federal agency - MBS	321,090		10,513		15,338		1,417		336,428		11,930
CMOs - Federal agency	1,539,464		36,435		63,276		4,186		1,602,740		40,621
State and municipal	347,305		14,190		41,102		4,824		388,407		19,014
Other debt securities	98,077		619		—		—		98,077		619
Total securities held-to-maturity	$	2,462,226	$	66,879	$	119,716	$	10,427	$	2,581,942	$	77,306

- 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