Investment Securities (Tables)

9 Months Ended

Sep. 30, 2013

Investments Debt And Equity Securities [Abstract]

Amortized Cost and Fair Value of Available-for-Sale and Held-to-Maturity Investment Securities Portfolio

The following table summarizes the amortized cost and fair value of the available-for-sale and held-to-maturity investment securities portfolio at September 30, 2013 and December 31, 2012 and the corresponding amounts of unrealized gains and losses therein:


	Amortized		Unrealized		Unrealized			Fair
(dollars in thousands)	Cost		Gains		Losses			Value
September 30, 2013
Available-for-sale
U.S. Treasury	$	28,131	$	170	$	—		$	28,301
U.S. Government-sponsored entities and agencies		408,851		500		(17,614	)		391,737
Mortgage-backed securities—Agency		1,395,110		18,467		(22,773	)		1,390,804
Mortgage-backed securities—Non-agency		18,082		331		—			18,413
States and political subdivisions		266,306		11,169		(1,677	)		275,798
Pooled trust preferred securities		22,923		—		(13,518	)		9,405
Other securities		260,090		5,577		(5,828	)		259,839

Total available-for-sale securities	$	2,399,493	$	36,214	$	(61,410	)	$	2,374,297

Held-to-maturity
U.S. Government-sponsored entities and agencies	$	171,472	$	8,548	$	—		$	180,020
Mortgage-backed securities—Agency		39,254		1,234		—			40,488
States and political subdivisions		547,468		11,927		(1,351	)		558,044

Total held-to-maturity securities	$	758,194	$	21,709	$	(1,351	)	$	778,552

December 31, 2012
Available-for-sale
U.S. Treasury	$	11,437	$	404	$	—		$	11,841
U.S. Government-sponsored entities and agencies		515,469		2,794		(938	)		517,325
Mortgage-backed securities—Agency		1,130,991		33,244		(447	)		1,163,788
Mortgage-backed securities—Non-agency		29,359		1,175		(338	)		30,196
States and political subdivisions		542,559		35,805		(1,040	)		577,324
Pooled trust preferred securities		24,884		—		(15,525	)		9,359
Other securities		182,070		10,473		(1,592	)		190,951

Total available-for-sale securities	$	2,436,769	$	83,895	$	(19,880	)	$	2,500,784

Held-to-maturity
U.S. Government-sponsored entities and agencies	$	173,936	$	14,327	$	—		$	188,263
Mortgage-backed securities—Agency		56,612		2,307		—			58,919
States and political subdivisions		169,282		13,739		—			183,021
Other securities		2,998		—		—			2,998

Total held-to-maturity securities	$	402,828	$	30,373	$	—		$	433,201

Expected Maturities of Investment Securities Portfolio

Weighted average yield is based on amortized cost.

September 30, 2013

Weighted

(dollars in thousands)

Amortized

Fair

Average

Maturity

Cost

Value

Yield

Available-for-sale

Within one year

36,076

36,290

2.47

One to five years

173,037

179,404

3.12

Five to ten years

547,138

535,569

2.43

Beyond ten years

1,643,242

1,623,034

2.48

Total

2,399,493

2,374,297

2.51

Held-to-maturity

Within one year

2.74

One to five years

14,601

15,362

4.25

Five to ten years

159,912

165,571

3.15

Beyond ten years

583,616

597,553

5.54

Total

758,194

778,552

5.01

Investment Securities with Unrealized Losses by Aggregated Major Security Type and Length of Time in Continuous Unrealized Loss Position

The following table summarizes the investment securities with unrealized losses at September 30, 2013 and December 31, 2012 by aggregated major security type and length of time in a continuous unrealized loss position:


	Less than 12 months					12 months or longer					Total
	Fair		Unrealized			Fair		Unrealized			Fair		Unrealized
(dollars in thousands)	Value		Losses			Value		Losses			Value		Losses
September 30, 2013
Available-for-Sale
U.S. Government-sponsored entities and agencies	$	346,427	$	(17,614	)	$	—	$	—		$	346,427	$	(17,614	)
Mortgage-backed securities—Agency		708,751		(22,773	)		—		—			708,751		(22,773	)
States and political subdivisions		42,020		(1,572	)		2,821		(105	)		44,841		(1,677	)
Pooled trust preferred securities		—		—			9,405		(13,518	)		9,405		(13,518	)
Other securities		130,317		(4,342	)		8,463		(1,486	)		138,780		(5,828	)

Total available-for-sale	$	1,227,515	$	(46,301	)	$	20,689	$	(15,109	)	$	1,248,204	$	(61,410	)

Held-to-Maturity
States and political subdivisions	$	50,299	$	(1,351	)	$	—	$	—		$	50,299	$	(1,351	)

Total held-to-maturity	$	50,299	$	(1,351	)	$	—	$	—		$	50,299	$	(1,351	)

December 31, 2012
Available-for-Sale
U.S. Government-sponsored entities and agencies	$	201,151	$	(938	)	$	—	$	—		$	201,151	$	(938	)
Mortgage-backed securities—Agency		64,213		(447	)		—		—			64,213		(447	)
Mortgage-backed securities—Non-agency		—		—			5,696		(338	)		5,696		(338	)
States and political subdivisions		63,311		(1,040	)		—		—			63,311		(1,040	)
Pooled trust preferred securities		—		—			9,359		(15,525	)		9,359		(15,525	)
Other securities		23,617		(162	)		6,658		(1,430	)		30,275		(1,592	)

Total available-for-sale	$	352,292	$	(2,587	)	$	21,713	$	(17,293	)	$	374,005	$	(19,880	)

Pooled Trust Preferred Securities

As depicted in the table below, all five securities have experienced credit defaults. However, two of these securities have excess subordination and are not other-than-temporarily-impaired as a result of their class hierarchy which provides more loss protection.

Trust preferred securities

September 30, 2013

(Dollars in Thousands)


																Actual			Expected			Excess
																Deferrals and			Defaults as			Subordination
														# of Issuers		Defaults as a			a % of			as a %
			Lowest						Unrealized			Realized		Currently		Percent of			Remaining			of Current
			Credit		Amortized		Fair		Gain/			Losses		Performing/		Original			Performing			Performing
	Class		Rating (1)		Cost		Value		(Loss)			2013		Remaining		Collateral			Collateral			Collateral
Pooled trust preferred securities:
MM Community Funding IX		B-2		D	$	2,067	$	902	$	(1,165	)	$	—		14/27		32.0	%		5.3	%		0.0	%
Reg Div Funding 2004		B-2		D		4,012		1,122		(2,890	)		—		24/43		39.9	%		6.0	%		0.0	%
Pretsl XII		B-1		C		2,670		1,341		(1,329	)		—		48/70		23.6	%		6.7	%		0.0	%
Pretsl XXVII LTD		B		CCC		4,754		1,326		(3,428	)		—		33/47		25.1	%		4.6	%		34.6	%
Trapeza Ser 13A		A2A		B+		9,420		4,714		(4,706	)		—		41/61		27.6	%		6.7	%		40.1	%

						22,923		9,405		(13,518	)		—
Single Issuer trust preferred securities:
First Empire Cap (M&T)				BB+		958		1,017		59			—
First Empire Cap (M&T)				BB+		2,911		3,052		141			—
Fleet Cap Tr V (BOA)				Ba2		3,371		2,800		(571	)		—
JP Morgan Chase Cap XIII				BBB		4,731		3,950		(781	)		—
NB-Global				Ba2		730		800		70			—

						12,701		11,619		(1,082	)		—
Total					$	35,624	$	21,024	$	(14,600	)	$	—

(1)	Lowest rating for the security provided by any nationally recognized credit rating agency.

Securities with Other-than-Temporary-Impairment

The following table details all securities with other-than-temporary-impairment, their credit rating at September 30, 2012 and the related credit losses recognized in earnings:


							Amount of other-than-temporary impairment recognized in earnings
			Lowest				Three months		Nine months
			Credit		Amortized		ended		ended
	Vintage		Rating (1)		Cost		September 30, 2012		September 30, 2012
Non-agency mortgage-backed securities:
BAFC Ser 4		2007		CCC	$	12,319	$	139	$	299
CWALT Ser 73CB		2005		D		2,613		23		140
CWALT Ser 73CB		2005		D		3,762		21		21
HALO Ser 1R		2006				—		—		133
RAST A9		2004				—		—		142
RFMSI Ser S10		2006		D		3,260		15		178

					$	21,954		198		913
Pooled trust preferred securities:
Reg Div Funding		2004		D	$	4,012		4		165

					$	4,012		4		165
Total other-than-temporary- impairment recognized in earnings							$	202	$	1,078

(1)	Lowest rating for the security provided by any nationally recognized credit rating agency.

The following table details all securities with other-than-temporary-impairment, their credit rating at September 30, 2013, and the related life-to-date credit losses recognized in earnings:


							Amount of other-than-temporary
							impairment recognized in earnings
			Lowest				Nine Months ended
			Credit		Amortized		Sept. 30,		Year ended December 31,								Life-to
	Vintage		Rating (1)		Cost		2013		2012		2011		2010		2009		date
Non-agency mortgage-backed securities:
BAFC Ser 4		2007		CCC	$	9,969	$	—	$	299	$	—	$	79	$	63	$	441
CWALT Ser 73CB (2)		2005				—		—		151		—		207		83		441
CWALT Ser 73CB (2)		2005				—		—		35		—		427		182		644
CWHL 2006-10 (2)		2006				—		—		—		—		309		762		1,071
CWHL 2005-20		2005				—		—		—		—		39		72		111
FHASI Ser 4 (2)		2007				—		—		—		340		629		223		1,192
HALO Ser 1R (2)		2006				—		—		133		16		—		—		149
RFMSI Ser S9 (2)		2006				—		—		—		—		923		1,880		2,803
RFMSI Ser S10		2006		D		2,655		—		178		165		76		249		668
RALI QS2 (2)		2006				—		—		—		—		278		739		1,017
RAST A9		2004				—		—		142		—		—		—		142
RFMSI S1(2)		2006				—		—		—		—		30		176		206

						12,624		—		938		521		2,997		4,429		8,885
Pooled trust preferred securities:
TROPC (2)		2003				—		—		—		888		444		3,517		4,849
MM Community Funding IX		2003		D		2,067		—		—		—		165		2,612		2,777
Reg Div Funding		2004		D		4,012		—		165		—		321		5,199		5,685
Pretsl XII		2003		C		2,671		—		—		—		—		1,897		1,897
Pretsl XV (2)		2004				—		—		—		—		—		3,374		3,374
Reg Div Funding (2)		2005				—		—		311		—		—		3,767		4,078

						8,750		—		476		888		930		20,366		22,660
Total other-than-temporary- impairment recognized in earnings							$	—	$	1,414	$	1,409	$	3,927	$	24,795	$	31,545

(1)	Lowest rating for the security provided by any nationally recognized credit rating agency.

(2)	Securities sold.