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INVESTMENT SECURITIES (Tables) | 6 Months Ended
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Jun. 30, 2013
INVESTMENT SECURITIES |
Investment securities available-for-sale portfolio |
|  |  |  | Gross |  | Gross |  | Estimated |
|  | Amortized |  | Unrealized |  | Unrealized |  | Fair |
|  | Cost |  | Gains |  | Losses |  | Value |
|  | (In thousands) |
As of June 30, 2013 |  |  |  |  |  |  |  |  |
Investment securities available-for-sale: |  |  |  |  |  |  |  |  |
U.S. Treasury securities |  | $ | 519,653 |  | $ | 72 |  | $ | (3,963 | ) | $ | 515,762 |
U.S. Government agency and U.S. Government sponsored enterprise debt securities |  | 256,996 |  | 249 |  | (6,990 | ) | 250,255 |
U.S. Government agency and U.S. Government sponsored enterprise mortgage-backed securities: |  |  |  |  |  |  |  |  |
Commercial mortgage-backed securities |  | 136,700 |  | 693 |  | (3,145 | ) | 134,248 |
Residential mortgage-backed securities |  | 997,211 |  | 10,586 |  | (11,280 | ) | 996,517 |
Municipal securities |  | 242,615 |  | 1,082 |  | (14,424 | ) | 229,273 |
Other residential mortgage-backed securities: |  |  |  |  |  |  |  |  |
Investment grade |  | 15,980 |  | — |  | (778 | ) | 15,202 |
Other commercial mortgage-backed securities: |  |  |  |  |  |  |  |  |
Investment grade |  | 50,999 |  | 298 |  | — |  | 51,297 |
Corporate debt securities: |  |  |  |  |  |  |  |  |
Investment grade |  | 451,688 |  | 1,752 |  | (5,229 | ) | 448,211 |
Non-investment grade (1) |  | 22,020 |  | 63 |  | (6,443 | ) | 15,640 |
Other securities |  | 10,790 |  | 9 |  | (32 | ) | 10,767 |
Total investment securities available-for-sale |  | $ | 2,704,652 |  | $ | 14,804 |  | $ | (52,284 | ) | $ | 2,667,172 |
As of December 31, 2012 |  |  |  |  |  |  |  |  |
Investment securities available-for-sale: |  |  |  |  |  |  |  |  |
U.S. Treasury securities |  | $ | 459,613 |  | $ | 1,135 |  | $ | (71 | ) | $ | 460,677 |
U.S. Government agency and U.S. Government sponsored enterprise debt securities |  | 197,264 |  | 673 |  | (82 | ) | 197,855 |
U.S. Government agency and U.S. Government sponsored enterprise mortgage-backed securities: |  |  |  |  |  |  |  |  |
Commercial mortgage-backed securities |  | 174,036 |  | 6,665 |  | (36 | ) | 180,665 |
Residential mortgage-backed securities |  | 1,123,880 |  | 20,883 |  | (678 | ) | 1,144,085 |
Municipal securities |  | 163,333 |  | 4,491 |  | (731 | ) | 167,093 |
Other commercial mortgage-backed securities: |  |  |  |  |  |  |  |  |
Investment grade |  | 16,999 |  | 85 |  | — |  | 17,084 |
Corporate debt securities: |  |  |  |  |  |  |  |  |
Investment grade |  | 429,318 |  | 237 |  | (17,572 | ) | 411,983 |
Non-investment grade (1) |  | 24,620 |  | 355 |  | (7,558 | ) | 17,417 |
Other securities |  | 9,955 |  | 215 |  | — |  | 10,170 |
Total investment securities available-for-sale |  | $ | 2,599,018 |  | $ | 34,739 |  | $ | (26,728 | ) | $ | 2,607,029 |
(1) For the six months ended June 30, 2013, the Company did not record any OTTI. The Company recorded $99 thousand, on a pre-tax basis, of the credit portion of OTTI through earnings and $5.1 million of the non-credit portion of OTTI for pooled trust preferred securities in other comprehensive income for the year ended December 31, 2012.
Schedule of other than temporary impairment, credit losses recognized in earnings |
|  | Three Months Ended |
|  | June 30, |
|  | 2013 |  | 2012 |
|  | (In thousands) |
Beginning balance, April 1, |  | $ | 115,511 |  | $ | 115,511 |
Addition of other-than-temporary impairment that was not previously recognized |  | — |  | — |
Additional increases to the amount related to the credit loss for which an other-than-temporary impairment was previously recognized |  | — |  | — |
Reduction for securities sold |  | — |  | — |
Ending balance |  | $ | 115,511 |  | $ | 115,511 |
|  | Six Months Ended |
|  | June 30, |
|  | 2013 |  | 2012 |
|  | (In thousands) |
Beginning balance, January 1, |  | $ | 115,511 |  | $ | 115,412 |
Addition of other-than-temporary impairment that was not previously recognized |  | — |  | — |
Additional increases to the amount related to the credit loss for which an other-than-temporary impairment was previously recognized |  | — |  | 99 |
Reduction for securities sold |  | — |  | — |
Ending balance |  | $ | 115,511 |  | $ | 115,511 |
Gross unrealized losses and related fair values of investment securities available-for-sale |
|  | Less Than 12 Months |  | 12 Months or More |  | Total |
|  | Fair |  | Unrealized |  | Fair |  | Unrealized |  | Fair |  | Unrealized |
|  | Value |  | Losses |  | Value |  | Losses |  | Value |  | Losses |
|  | (In thousands) |
As of June 30, 2013 |  |  |  |  |  |  |  |  |  |  |  |  |
Investment securities available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities |  | $ | 403,759 |  | $ | (3,963 | ) | $ | — |  | $ | — |  | $ | 403,759 |  | $ | (3,963 | )
U.S. Government agency and U.S. Government sponsored enterprise debt securities |  | 243,025 |  | (6,990 | ) | — |  | — |  | 243,025 |  | (6,990 | )
U.S. Government agency and U.S. Government sponsored enterprise mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial mortgage-backed securities |  | 112,519 |  | (3,145 | ) | — |  | — |  | 112,519 |  | (3,145 | )
Residential mortgage-backed securities |  | 508,853 |  | (10,991 | ) | 13,909 |  | (289 | ) | 522,762 |  | (11,280 | )
Municipal securities |  | 181,003 |  | (14,424 | ) | — |  | — |  | 181,003 |  | (14,424 | )
Other residential mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |
Investment grade |  | 15,203 |  | (778 | ) | — |  | — |  | 15,203 |  | (778 | )
Other commercial mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |
Investment grade |  | — |  | — |  | — |  | — |  | — |  | — |
Corporate debt securities: |  |  |  |  |  |  |  |  |  |  |  |  |
Investment grade |  | 105,966 |  | (282 | ) | 125,053 |  | (4,947 | ) | 231,019 |  | (5,229 | )
Non-investment grade |  | — |  | — |  | 13,619 |  | (6,443 | ) | 13,619 |  | (6,443 | )
Other securities |  | 7,269 |  | (32 | ) | — |  | — |  | 7,269 |  | (32 | )
Total investment securities available-for-sale |  | $ | 1,577,597 |  | $ | (40,605 | ) | $ | 152,581 |  | $ | (11,679 | ) | $ | 1,730,178 |  | $ | (52,284 | )
|  | Less Than 12 Months |  | 12 Months or More |  | Total |
|  | Fair |  | Unrealized |  | Fair |  | Unrealized |  | Fair |  | Unrealized |
|  | Value |  | Losses |  | Value |  | Losses |  | Value |  | Losses |
|  | (In thousands) |
As of December 31, 2012 |  |  |  |  |  |  |  |  |  |  |  |  |
Investment securities available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities |  | $ | 95,232 |  | $ | (71 | ) | $ | — |  | $ | — |  | $ | 95,232 |  | $ | (71 | )
U.S. Government agency and U.S. Government sponsored enterprise debt securities |  | 24,912 |  | (82 | ) | — |  | — |  | 24,912 |  | (82 | )
U.S. Government agency and U.S. Government sponsored enterprise mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial mortgage-backed securities |  | 10,013 |  | (36 | ) | — |  | — |  | 10,013 |  | (36 | )
Residential mortgage-backed securities |  | 215,826 |  | (678 | ) | — |  | — |  | 215,826 |  | (678 | )
Municipal securities |  | 48,363 |  | (731 | ) | — |  | — |  | 48,363 |  | (731 | )
Other commercial mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |
Investment grade |  | — |  | — |  | — |  | — |  | — |  | — |
Corporate debt securities: |  |  |  |  |  |  |  |  |  |  |  |  |
Investment grade |  | 225,819 |  | (5,391 | ) | 182,697 |  | (12,181 | ) | 408,516 |  | (17,572 | )
Non-investment grade |  | — |  | — |  | 12,574 |  | (7,558 | ) | 12,574 |  | (7,558 | )
Other securities |  | — |  | — |  | — |  | — |  | — |  | — |
Total investment securities available-for-sale |  | $ | 620,165 |  | $ | (6,989 | ) | $ | 195,271 |  | $ | (19,739 | ) | $ | 815,436 |  | $ | (26,728 | )
Schedule maturities of investment securities |
|  | Amortized |  | Estimated |
|  | Cost |  | Fair Value |
|  | (In thousands) |
Due within one year |  | $ | 282,318 |  | $ | 272,321 |
Due after one year through five years |  | 563,471 |  | 558,278 |
Due after five years through ten years |  | 636,894 |  | 619,747 |
Due after ten years |  | 1,221,969 |  | 1,216,826 |
Total investment securities available-for-sale |  | $ | 2,704,652 |  | $ | 2,667,172 |

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- Definition Tabular disclosure of available-for-sale securities which includes, but is not limited to, changes in the cost basis and fair value, fair value and gross unrealized gain (loss), fair values by type of security, contractual maturity and classification, amortized cost basis, contracts to acquire securities to be accounted for as available-for-sale, debt maturities, transfers to trading, change in net unrealized holding gain (loss) net of tax, continuous unrealized loss position fair value, aggregate losses qualitative disclosures, other than temporary impairment (OTTI) losses or other disclosures related to available for sale securities. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Emerging Issues Task Force (EITF) -Number 03-1 -Paragraph 21 -Subparagraph a, b -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27337-111563 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27198-111563 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 320 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6957658&loc=d3e62557-112803 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 320 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6957658&loc=d3e62586-112803 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27161-111563 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27357-111563 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27290-111563 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 115 -Paragraph 19, 20, 21 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name FASB Staff Position (FSP) -Number FAS115-1/124-1 -Paragraph 17 -Subparagraph a, b -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. + Details
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