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Investment Securities (Tables)
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9 Months Ended |
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Sep. 30, 2014
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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, which were all classified as available for sale: | | | | | | | | | | | | | | | | | | Amortized Cost | | Gross Unrealized Gains | | Gross Unrealized Losses | | Estimated Fair Value | | (in thousands) | September 30, 2014 | | | | | | | | Equity securities | $ | 34,380 |
| | $ | 10,927 |
| | $ | (29 | ) | | $ | 45,278 |
| U.S. Government securities | 200 |
| | — |
| | — |
| | 200 |
| U.S. Government sponsored agency securities | 235 |
| | 5 |
| | — |
| | 240 |
| State and municipal securities | 250,195 |
| | 7,917 |
| | (496 | ) | | 257,616 |
| Corporate debt securities | 99,670 |
| | 5,777 |
| | (4,020 | ) | | 101,427 |
| Collateralized mortgage obligations | 975,971 |
| | 6,700 |
| | (27,631 | ) | | 955,040 |
| Mortgage-backed securities | 954,412 |
| | 14,201 |
| | (6,278 | ) | | 962,335 |
| Auction rate securities | 158,725 |
| | 1 |
| | (10,253 | ) | | 148,473 |
| | $ | 2,473,788 |
| | $ | 45,528 |
| | $ | (48,707 | ) | | $ | 2,470,609 |
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| | | | | | | | | | | | | | | | | | Amortized Cost | | Gross Unrealized Gains | | Gross Unrealized Losses | | Estimated Fair Value | | (in thousands) | December 31, 2013 | | | | | | | | Equity securities | $ | 33,922 |
| | $ | 12,355 |
| | $ | (76 | ) | | $ | 46,201 |
| U.S. Government securities | 525 |
| | — |
| | — |
| | 525 |
| U.S. Government sponsored agency securities | 720 |
| | 7 |
| | (1 | ) | | 726 |
| State and municipal securities | 281,810 |
| | 6,483 |
| | (3,444 | ) | | 284,849 |
| Corporate debt securities | 100,468 |
| | 5,685 |
| | (7,404 | ) | | 98,749 |
| Collateralized mortgage obligations | 1,069,138 |
| | 8,036 |
| | (44,776 | ) | | 1,032,398 |
| Mortgage-backed securities | 949,328 |
| | 13,881 |
| | (17,497 | ) | | 945,712 |
| Auction rate securities | 172,299 |
| | 234 |
| | (13,259 | ) | | 159,274 |
| | $ | 2,608,210 |
| | $ | 46,681 |
| | $ | (86,457 | ) | | $ | 2,568,434 |
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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 September 30, 2014, 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. | | | | | | | | | | | | Amortized
Cost | | Estimated
Fair Value | | (in thousands) | Due in one year or less | | $ | 13,218 |
| | $ | 13,284 |
| Due from one year to five years | | 75,307 |
| | 78,967 |
| Due from five years to ten years | | 187,966 |
| | 193,537 |
| Due after ten years | | 232,534 |
| | 222,168 |
| | | 509,025 |
| | 507,956 |
| Collateralized mortgage obligations | | 975,971 |
| | 955,040 |
| Mortgage-backed securities | | 954,412 |
| | 962,335 |
| | | $ | 2,439,408 |
| | $ | 2,425,331 |
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| Summary of Gains and Losses from Equity and Debt Securities, and Losses Recognized from Other-than-Temporary Impairment |
The following table presents information related to the gross realized gains and losses on the sales of equity and debt securities: | | | | | | | | | | | | | | | | | | Gross
Realized
Gains | | Gross
Realized
Losses | | Other-than-
temporary
Impairment
Losses | | Net Gains (Losses) | Three months ended September 30, 2014 | (in thousands) | Equity securities | $ | 99 |
| | $ | — |
| | $ | — |
| | $ | 99 |
| Debt securities | — |
| | — |
| | (18 | ) | | (18 | ) | Total | $ | 99 |
| | $ | — |
| | $ | (18 | ) | | $ | 81 |
| Three months ended September 30, 2013 | | | | | | | | Equity securities | $ | 2,135 |
| | $ | — |
| | $ | — |
| | $ | 2,135 |
| Debt securities | 617 |
| | (22 | ) | | (97 | ) | | 498 |
| Total | $ | 2,752 |
| | $ | (22 | ) | | $ | (97 | ) | | $ | 2,633 |
| | | | | | | | | Nine months ended September 30, 2014 | | | | | | | | Equity securities | $ | 100 |
| | $ | — |
| | $ | (12 | ) | | $ | 88 |
| Debt securities | 1,446 |
| | (323 | ) | | (18 | ) | | 1,105 |
| Total | $ | 1,546 |
| | $ | (323 | ) | | $ | (30 | ) | | $ | 1,193 |
| Nine months ended September 30, 2013 | | | | | | | | Equity securities | $ | 4,357 |
| | $ | (28 | ) | | $ | (27 | ) | | $ | 4,302 |
| Debt securities | 3,788 |
| | (22 | ) | | (97 | ) | | 3,669 |
| Total | $ | 8,145 |
| | $ | (50 | ) | | $ | (124 | ) | | $ | 7,971 |
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| Summary Of Other Than Temporary Impairment Charges Recorded In Statement Of Operations [Table Text Block] |
The following table presents a summary of the cumulative credit related other-than-temporary impairment charges, recognized as components of earnings, for debt securities held by the Corporation at September 30, 2014 and 2013: | | | | | | | | | | | | | | | | | | Three months ended September 30 | | Nine months ended September 30 | | 2014 | | 2013 | | 2014 | | 2013 | | (in thousands) | Balance of cumulative credit losses on debt securities, beginning of period | $ | (17,214 | ) | | $ | (20,607 | ) | | $ | (20,691 | ) | | $ | (23,079 | ) | Additions for credit losses recorded which were not previously recognized as components of earnings | (18 | ) | | (97 | ) | | (18 | ) | | (97 | ) | Reductions for securities sold during the period | — |
| | — |
| | 3,472 |
| | 2,468 |
| Reductions for increases in cash flows expected to be collected that are recognized over the remaining life of the security | — |
| | — |
| | 5 |
| | 4 |
| Balance of cumulative credit losses on debt securities, end of period | $ | (17,232 | ) | | $ | (20,704 | ) | | $ | (17,232 | ) | | $ | (20,704 | ) |
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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 September 30, 2014: | | | | | | | | | | | | | | | | | | | | | | | | | | 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) | State and municipal securities | $ | 7,996 |
| | $ | (37 | ) | | $ | 26,484 |
| | $ | (459 | ) | | $ | 34,480 |
| | $ | (496 | ) | Corporate debt securities | — |
| | — |
| | 38,900 |
| | (4,020 | ) | | 38,900 |
| | (4,020 | ) | Collateralized mortgage obligations | 53,189 |
| | (248 | ) | | 652,396 |
| | (27,383 | ) | | 705,585 |
| | (27,631 | ) | Mortgage-backed securities | 241,707 |
| | (527 | ) | | 291,712 |
| | (5,751 | ) | | 533,419 |
| | (6,278 | ) | Auction rate securities | — |
| | — |
| | 148,380 |
| | (10,253 | ) | | 148,380 |
| | (10,253 | ) | Total debt securities | 302,892 |
| | (812 | ) | | 1,157,872 |
| | (47,866 | ) | | 1,460,764 |
| | (48,678 | ) | Equity securities | 269 |
| | (17 | ) | | 77 |
| | (12 | ) | | 346 |
| | (29 | ) | | $ | 303,161 |
| | $ | (829 | ) | | $ | 1,157,949 |
| | $ | (47,878 | ) | | $ | 1,461,110 |
| | $ | (48,707 | ) |
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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: | | | | | | | | | | | | | | | | | | September 30, 2014 | | December 31, 2013 | | Amortized cost | | Estimated fair value | | Amortized cost | | Estimated fair value | | (in thousands) | Single-issuer trust preferred securities | $ | 47,546 |
| | $ | 44,075 |
| | $ | 47,481 |
| | $ | 40,531 |
| Subordinated debt | 47,498 |
| | 50,289 |
| | 47,405 |
| | 50,327 |
| Pooled trust preferred securities | 2,050 |
| | 4,487 |
| | 2,997 |
| | 5,306 |
| Corporate debt securities issued by financial institutions | 97,094 |
| | 98,851 |
| | 97,883 |
| | 96,164 |
| Other corporate debt securities | 2,576 |
| | 2,576 |
| | 2,585 |
| | 2,585 |
| Available for sale corporate debt securities | $ | 99,670 |
| | $ | 101,427 |
| | $ | 100,468 |
| | $ | 98,749 |
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