The following tables present assets and liabilities at December 31, 2013 and 2012 measured at estimated fair value on a recurring basis:
| Fair Value Measurements at December 31, 2013 |
Level 1(a) | Level 2(a) | Level 3 | |||||||||||||
| (In thousands) | ||||||||||||||||
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Trading account assets |
$ | 376,131 | 51,386 | 324,745 | — | |||||||||||
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Investment securities available for sale: |
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U.S. Treasury and federal agencies |
37,776 | — | 37,776 | — | ||||||||||||
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Obligations of states and political subdivisions |
10,811 | — | 10,811 | — | ||||||||||||
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Mortgage-backed securities: |
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Government issued or guaranteed |
4,165,086 | — | 4,165,086 | — | ||||||||||||
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Privately issued |
1,850 | — | — | 1,850 | ||||||||||||
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Collateralized debt obligations |
63,083 | — | — | 63,083 | ||||||||||||
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Other debt securities |
120,085 | — | 120,085 | — | ||||||||||||
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Equity securities |
133,095 | 82,450 | 50,645 | — | ||||||||||||
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| 4,531,786 | 82,450 | 4,384,403 | 64,933 | |||||||||||||
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Real estate loans held for sale |
468,650 | — | 468,650 | — | ||||||||||||
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Other assets(b) |
123,568 | — | 115,952 | 7,616 | ||||||||||||
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Total assets |
$ | 5,500,135 | 133,836 | 5,293,750 | 72,549 | |||||||||||
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Trading account liabilities |
$ | 249,797 | — | 249,797 | — | |||||||||||
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Other liabilities(b) |
4,392 | — | 717 | 3,675 | ||||||||||||
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Total liabilities |
$ | 254,189 | — | 250,514 | 3,675 | |||||||||||
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| Fair Value Measurements at December 31, 2012 |
Level 1(a) | Level 2(a) | Level 3 | |||||||||||||
| (In thousands) | ||||||||||||||||
|
Trading account assets |
$ | 488,966 | 56,106 | 432,860 | — | |||||||||||
|
Investment securities available for sale: |
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|
U.S. Treasury and federal agencies |
39,344 | — | 39,344 | — | ||||||||||||
|
Obligations of states and political subdivisions |
20,901 | — | 20,901 | — | ||||||||||||
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Mortgage-backed securities: |
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Government issued or guaranteed |
3,371,041 | — | 3,371,041 | — | ||||||||||||
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Privately issued |
1,023,886 | — | — | 1,023,886 | ||||||||||||
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Collateralized debt obligations |
61,869 | — | — | 61,869 | ||||||||||||
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Other debt securities |
111,950 | — | 111,950 | — | ||||||||||||
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Equity securities |
110,446 | 98,364 | 12,082 | — | ||||||||||||
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| 4,739,437 | 98,364 | 3,555,318 | 1,085,755 | |||||||||||||
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Real estate loans held for sale |
1,387,491 | — | 1,387,491 | — | ||||||||||||
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Other assets(b) |
194,331 | — | 146,275 | 48,056 | ||||||||||||
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Total assets |
$ | 6,810,225 | 154,470 | 5,521,944 | 1,133,811 | |||||||||||
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Trading account liabilities |
$ | 374,274 | — | 374,274 | — | |||||||||||
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Other liabilities(b) |
10,592 | — | 10,395 | 197 | ||||||||||||
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Total liabilities |
$ | 384,866 | — | 384,669 | 197 | |||||||||||
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| (a) | There were no significant transfers between Level 1 and Level 2 of the fair value hierarchy during the years ended December 31, 2013 and 2012. |
| (b) | Comprised predominantly of interest rate swap agreements used for interest rate risk management (Level 2), commitments to sell real estate loans (Level 2) and commitments to originate real estate loans to be held for sale (Level 3). |