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Investment securities (Tables)
12 Months Ended
Dec. 31, 2015
Investments, Debt and Equity Securities [Abstract]  
Amortized Cost and Estimated Fair Value of Investment Securities

The amortized cost and estimated fair value of investment securities were as follows:

 

    Amortized
Cost
    Gross
Unrealized
Gains
    Gross
Unrealized
Losses
    Estimated
Fair Value
 
    (In thousands)  

December 31, 2015

       

Investment securities available for sale:

       

U.S. Treasury and federal agencies

  $ 299,890      $ 294      $ 187      $ 299,997   

Obligations of states and political subdivisions

    5,924        146        42        6,028   

Mortgage-backed securities:

       

Government issued or guaranteed

    11,592,959        142,370        48,701        11,686,628   

Privately issued

    74        2        2        74   

Collateralized debt obligations

    28,438        20,143        1,188        47,393   

Other debt securities

    137,556        1,514        20,190        118,880   

Equity securities

    73,795        10,230        354        83,671   
 

 

 

   

 

 

   

 

 

   

 

 

 
    12,138,636        174,699        70,664        12,242,671   
 

 

 

   

 

 

   

 

 

   

 

 

 

Investment securities held to maturity:

       

Obligations of states and political subdivisions

    118,431        1,003        421        119,013   

Mortgage-backed securities:

       

Government issued or guaranteed

    2,553,612        50,936        7,817        2,596,731   

Privately issued

    181,091        2,104        41,367        141,828   

Other debt securities

    6,575                      6,575   
 

 

 

   

 

 

   

 

 

   

 

 

 
    2,859,709        54,043        49,605        2,864,147   
 

 

 

   

 

 

   

 

 

   

 

 

 

Other securities

    554,059                      554,059   
 

 

 

   

 

 

   

 

 

   

 

 

 

Total

  $ 15,552,404      $ 228,742      $ 120,269      $ 15,660,877   
 

 

 

   

 

 

   

 

 

   

 

 

 

December 31, 2014

       

Investment securities available for sale:

       

U.S. Treasury and federal agencies

  $ 161,408      $ 544      $ 5      $ 161,947   

Obligations of states and political subdivisions

    8,027        224        53        8,198   

Mortgage-backed securities:

       

Government issued or guaranteed

    8,507,571        223,889        337        8,731,123   

Privately issued

    104        2        3        103   

Collateralized debt obligations

    30,073        21,276        1,033        50,316   

Other debt securities

    138,240        1,896        18,648        121,488   

Equity securities

    73,901        11,020        1,164        83,757   
 

 

 

   

 

 

   

 

 

   

 

 

 
    8,919,324        258,851        21,243        9,156,932   
 

 

 

   

 

 

   

 

 

   

 

 

 

Investment securities held to maturity:

       

Obligations of states and political subdivisions

    148,961        2,551        189        151,323   

Mortgage-backed securities:

       

Government issued or guaranteed

    3,149,320        78,485        7,000        3,220,805   

Privately issued

    201,733        1,143        44,576        158,300   

Other debt securities

    7,854                      7,854   
 

 

 

   

 

 

   

 

 

   

 

 

 
    3,507,868        82,179        51,765        3,538,282   
 

 

 

   

 

 

   

 

 

   

 

 

 

Other securities

    328,742                      328,742   
 

 

 

   

 

 

   

 

 

   

 

 

 

Total

  $ 12,755,934      $ 341,030      $ 73,008      $ 13,023,956   
 

 

 

   

 

 

   

 

 

   

 

 

 

 

Investment Ratings of All Privately Issued Mortgage-Backed Securities, Collateralized Debt Obligations and Other Debt Securities

As of December 31, 2015, the latest available investment ratings of all obligations of states and political subdivisions, privately issued mortgage-backed securities, collateralized debt obligations and other debt securities were:

 

     Amortized
Cost
     Estimated
Fair Value
     Average Credit Rating of Fair Value Amount  
           A or Better      BBB      BB      B or Less      Not Rated  
     (In thousands)  

Obligations of states and political subdivisions

   $ 124,355       $ 125,041       $ 95,246       $ —         $ —         $ —         $ 29,795   

Privately issued mortgage-backed securities

     181,165         141,902         39,020         17         —           102,821         44   

Collateralized debt obligations

     28,438         47,393         9,629         1,485         1,175         35,104         —     

Other debt securities

     144,131         125,455         8,411         61,379         29,354         18,600         7,711   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total

   $ 478,089       $ 439,791       $ 152,306       $ 62,881       $ 30,529       $ 156,525       $ 37,550   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 
Amortized Cost and Estimated Fair Value of Collateralized Mortgage Obligations

The amortized cost and estimated fair value of collateralized mortgage obligations included in mortgage-backed securities were as follows:

 

     December 31  
     2015      2014  
     (In thousands)  

Collateralized mortgage obligations:

     

Amortized cost

   $ 188,819       $ 209,107   

Estimated fair value

     149,632         165,860   
Amortized Cost and Estimated Fair Value of Debt Securities by Contractual Maturity

At December 31, 2015, the amortized cost and estimated fair value of debt securities by contractual maturity were as follows:

 

     Amortized
Cost
    Estimated
Fair Value
 
     (In thousands)  

Debt securities available for sale:

    

Due in one year or less

   $ 106,349      $ 106,383   

Due after one year through five years

     202,864        203,235   

Due after five years through ten years

     2,729        2,941   

Due after ten years

     159,866        159,739   
  

 

 

   

 

 

 
     471,808        472,298   

Mortgage-backed securities available for sale

     11,593,033        11,686,702   
  

 

 

   

 

 

 
   $ 12,064,841      $ 12,159,000   
  

 

 

   

 

 

 

Debt securities held to maturity:

    

Due in one year or less

   $ 34,174      $ 34,311   

Due after one year through five years

     72,120        72,419   

Due after five years through ten years

     12,137        12,283   

Due after ten years

     6,575        6,575   
  

 

 

   

 

 

 
     125,006        125,588   

Mortgage-backed securities held to maturity

     2,734,703        2,738,559   
  

 

 

   

 

 

 
   $ 2,859,709      $ 2,864,147   
  

 

 

   

 

 

 

Investment Securities in Continuous Unrealized Loss Position

A summary of investment securities that as of December 31, 2015 and 2014 had been in a continuous unrealized loss position for less than twelve months and those that had been in a continuous unrealized loss position for twelve months or longer follows:

 

     Less Than 12 Months     12 Months or More  
     Fair Value      Unrealized
Losses
    Fair Value      Unrealized
Losses
 
     (In thousands)  

December 31, 2015

          

Investment securities available for sale:

          

U.S. Treasury and federal agencies

   $ 147,508       $ (187   $ —         $ —     

Obligations of states and political subdivisions

     865         (2     1,335         (40

Mortgage-backed securities:

          

Government issued or guaranteed

     4,061,899         (48,534     7,216         (167

Privately issued

     —           —          43         (2

Collateralized debt obligations

     5,711         (335     2,063         (853

Other debt securities

     12,935         (462     93,344         (19,728

Equity securities

     18,073         (207     153         (147
  

 

 

    

 

 

   

 

 

    

 

 

 
     4,246,991         (49,727     104,154         (20,937
  

 

 

    

 

 

   

 

 

    

 

 

 

Investment securities held to maturity:

          

Obligations of states and political subdivisions

     42,913         (335     5,853         (86

Mortgage-backed securities:

          

Government issued or guaranteed

     459,983         (1,801     228,867         (6,016

Privately issued

     —           —          112,155         (41,367
  

 

 

    

 

 

   

 

 

    

 

 

 
     502,896         (2,136     346,875         (47,469
  

 

 

    

 

 

   

 

 

    

 

 

 

Total

   $ 4,749,887       $ (51,863   $ 451,029       $ (68,406
  

 

 

    

 

 

   

 

 

    

 

 

 

December 31, 2014

          

Investment securities available for sale:

          

U.S. Treasury and federal agencies

   $ 6,505       $ (5   $ —         $ —     

Obligations of states and political subdivisions

     1,785         (52     121         (1

Mortgage-backed securities:

          

Government issued or guaranteed

     39,001         (186     5,555         (151

Privately issued

     —           —          65         (3

Collateralized debt obligations

     2,108         (696     5,512         (337

Other debt securities

     14,017         (556     92,661         (18,092

Equity securities

     2,138         (1,164     —           —     
  

 

 

    

 

 

   

 

 

    

 

 

 
     65,554         (2,659     103,914         (18,584
  

 

 

    

 

 

   

 

 

    

 

 

 

Investment securities held to maturity:

          

Obligations of states and political subdivisions

     29,886         (184     268         (5

Mortgage-backed securities:

          

Government issued or guaranteed

     137,413         (361     446,780         (6,639

Privately issued

     —           —          127,512         (44,576
  

 

 

    

 

 

   

 

 

    

 

 

 
     167,299         (545     574,560         (51,220
  

 

 

    

 

 

   

 

 

    

 

 

 

Total

   $ 232,853       $ (3,204   $ 678,474       $ (69,804