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Investment Securities (Tables)
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3 Months Ended |
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Mar. 31, 2013
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| Investments, Debt and Equity Securities [Abstract] |
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| Schedule of Amortized Cost and Fair Values of Investment Securities |
The following table presents the amortized cost and estimated fair values of investment securities: | | | | | | | | | | | | | | | | | | Amortized Cost | | Gross Unrealized Gains | | Gross Unrealized Losses | | Estimated Fair Value | Held to Maturity at March 31, 2013 | (in thousands) | Mortgage-backed securities | $ | 257 |
| | $ | 22 |
| | $ | — |
| | $ | 279 |
| | | | | | | | | Available for Sale at March 31, 2013 | | | | | | | | Equity securities | $ | 117,624 |
| | $ | 6,507 |
| | $ | (241 | ) | | $ | 123,890 |
| U.S. Government securities | 325 |
| | — |
| | — |
| | 325 |
| U.S. Government sponsored agency securities | 885 |
| | 10 |
| | (1 | ) | | 894 |
| State and municipal securities | 283,142 |
| | 12,221 |
| | (170 | ) | | 295,193 |
| Corporate debt securities | 112,221 |
| | 8,906 |
| | (6,083 | ) | | 115,044 |
| Collateralized mortgage obligations | 1,293,745 |
| | 15,279 |
| | (3,225 | ) | | 1,305,799 |
| Mortgage-backed securities | 789,048 |
| | 27,022 |
| | (7 | ) | | 816,063 |
| Auction rate securities | 173,966 |
| | — |
| | (19,327 | ) | | 154,639 |
| | $ | 2,770,956 |
| | $ | 69,945 |
| | $ | (29,054 | ) | | $ | 2,811,847 |
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| | | | | | | | | | | | | | | | | | Amortized Cost | | Gross Unrealized Gains | | Gross Unrealized Losses | | Estimated Fair Value | Held to Maturity at December 31, 2012 | (in thousands) | Mortgage-backed securities | $ | 292 |
| | $ | 27 |
| | $ | — |
| | $ | 319 |
| | | | | | | | | Available for Sale at December 31, 2012 | | | | | | | | Equity securities | $ | 118,465 |
| | $ | 5,016 |
| | $ | (918 | ) | | $ | 122,563 |
| U.S. Government securities | 325 |
| | — |
| | — |
| | 325 |
| U.S. Government sponsored agency securities | 2,376 |
| | 21 |
| | — |
| | 2,397 |
| State and municipal securities | 301,842 |
| | 13,763 |
| | (86 | ) | | 315,519 |
| Corporate debt securities | 112,162 |
| | 7,858 |
| | (7,178 | ) | | 112,842 |
| Collateralized mortgage obligations | 1,195,234 |
| | 16,008 |
| | (123 | ) | | 1,211,119 |
| Mortgage-backed securities | 847,790 |
| | 31,831 |
| | — |
| | 879,621 |
| Auction rate securities | 174,026 |
| | — |
| | (24,687 | ) | | 149,339 |
| | $ | 2,752,220 |
| | $ | 74,497 |
| | $ | (32,992 | ) | | $ | 2,793,725 |
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| Schedule of Amortized Cost and Fair Values of Debt Securities by Contractual Maturities |
The amortized cost and estimated fair values of debt securities as of March 31, 2013, by contractual maturity, are shown in the following table. Actual maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. | | | | | | | | | | | | | | | | | | Held to Maturity | | Available for Sale | | Amortized Cost | | Estimated Fair Value | | Amortized Cost | | Estimated Fair Value | | (in thousands) | Due in one year or less | $ | — |
| | $ | — |
| | $ | 36,715 |
| | $ | 36,777 |
| Due from one year to five years | — |
| | — |
| | 64,996 |
| | 69,357 |
| Due from five years to ten years | — |
| | — |
| | 179,933 |
| | 190,269 |
| Due after ten years | — |
| | — |
| | 288,895 |
| | 269,692 |
| | — |
| | — |
| | 570,539 |
| | 566,095 |
| Collateralized mortgage obligations | — |
| | — |
| | 1,293,745 |
| | 1,305,799 |
| Mortgage-backed securities | 257 |
| | 279 |
| | 789,048 |
| | 816,063 |
| | $ | 257 |
| | $ | 279 |
| | $ | 2,653,332 |
| | $ | 2,687,957 |
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| Summary of Gains and Losses from Equity and Debt Securities, and Losses Recognized from Other-than-Temporary Impairment |
There were no gross realized losses on the sales of investment securities or other-than-temporary impairment losses recognized for investment securities during the three months ended March 31, 2013 and 2012. The following table presents information related to the gross realized gains on the sales of equity and debt securities (in thousands): | | | | | Three months ended March 31, 2013 | | Equity securities | $ | 1,139 |
| Debt securities | 1,334 |
| Total | $ | 2,473 |
| Three months ended March 31, 2012 | | Equity securities | $ | 1,086 |
| Debt securities | 165 |
| Total | $ | 1,251 |
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| Gross Unrealized Losses and Fair Values of Investments by Category and Length of Time in Continuous Unrealized Loss Position |
The following table presents the gross unrealized losses and estimated fair values of investments, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at March 31, 2013: | | | | | | | | | | | | | | | | | | | | | | | | | | Less than 12 months | | 12 months or longer | | Total | | Estimated Fair Value | | Unrealized Losses | | Estimated Fair Value | | Unrealized Losses | | Estimated Fair Value | | Unrealized Losses | | (in thousands) | U.S. Government sponsored agency securities | $ | — |
| | $ | — |
| | $ | 80 |
| | $ | (1 | ) | | $ | 80 |
| | $ | (1 | ) | State and municipal securities | 15,203 |
| | (170 | ) | | — |
| | — |
| | 15,203 |
| | (170 | ) | Corporate debt securities | 2,992 |
| | (4 | ) | | 44,513 |
| | (6,079 | ) | | 47,505 |
| | (6,083 | ) | Collateralized mortgage obligations | 457,415 |
| | (3,225 | ) | | — |
| | — |
| | 457,415 |
| | (3,225 | ) | Mortgage-backed securities | 25,033 |
| | (7 | ) | | — |
| | — |
| | 25,033 |
| | (7 | ) | Auction rate securities | 10,954 |
| | (502 | ) | | 143,596 |
| | (18,825 | ) | | 154,550 |
| | (19,327 | ) | Total debt securities | 511,597 |
| | (3,908 | ) | | 188,189 |
| | (24,905 | ) | | 699,786 |
| | (28,813 | ) | Equity securities | 1,077 |
| | (60 | ) | | 1,618 |
| | (181 | ) | | 2,695 |
| | (241 | ) | | $ | 512,674 |
| | $ | (3,968 | ) | | $ | 189,807 |
| | $ | (25,086 | ) | | $ | 702,481 |
| | $ | (29,054 | ) |
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| Summary of Amortized Cost and Fair Values of Corporate Debt Securities |
The following table presents the amortized cost and estimated fair value of corporate debt securities: | | | | | | | | | | | | | | | | | | March 31, 2013 | | December 31, 2012 | | Amortized cost | | Estimated fair value | | Amortized cost | | Estimated fair value | | (in thousands) | Single-issuer trust preferred securities | $ | 56,863 |
| | $ | 52,523 |
| | $ | 56,834 |
| | $ | 51,656 |
| Subordinated debt | 47,315 |
| | 51,652 |
| | 47,286 |
| | 51,747 |
| Pooled trust preferred securities | 5,530 |
| | 8,356 |
| | 5,530 |
| | 6,927 |
| Corporate debt securities issued by financial institutions | 109,708 |
| | 112,531 |
| | 109,650 |
| | 110,330 |
| Other corporate debt securities | 2,513 |
| | 2,513 |
| | 2,512 |
| | 2,512 |
| Available for sale corporate debt securities | $ | 112,221 |
| | $ | 115,044 |
| | $ | 112,162 |
| | $ | 112,842 |
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