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INVESTMENT SECURITIES (Tables) | 3 Months Ended
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Mar. 31, 2014
INVESTMENT SECURITIES |
Investment securities available-for-sale portfolio |
|  |  |  | Gross |  | Gross |  | Estimated |
|  | Amortized |  | Unrealized |  | Unrealized |  | Fair |
|  | Cost |  | Gains |  | Losses |  | Value |
|  | (In thousands) |
As of March 31, 2014 |  |  |  |  |  |  |  |  |
Investment securities available-for-sale: |  |  |  |  |  |  |  |  |
U.S. Treasury securities |  | $ | 431,307 |  | $ | 91 |  | $ | (3,145 | ) | $ | 428,253 |
U.S. Government agency and U.S. Government sponsored enterprise debt securities |  | 391,470 |  | 763 |  | (7,548 | ) | 384,685 |
U.S. Government agency and U.S. Government sponsored enterprise mortgage-backed securities: |  |  |  |  |  |  |  |  |
Commercial mortgage-backed securities |  | 120,999 |  | 769 |  | (2,661 | ) | 119,107 |
Residential mortgage-backed securities |  | 829,005 |  | 7,331 |  | (12,231 | ) | 824,105 |
Municipal securities |  | 290,241 |  | 3,197 |  | (9,541 | ) | 283,897 |
Other residential mortgage-backed securities: |  |  |  |  |  |  |  |  |
Investment grade |  | 58,450 |  | — |  | (1,443 | ) | 57,007 |
Other commercial mortgage-backed securities: |  |  |  |  |  |  |  |  |
Investment grade |  | 50,999 |  | 420 |  | — |  | 51,419 |
Corporate debt securities: |  |  |  |  |  |  |  |  |
Investment grade |  | 212,593 |  | 60 |  | (2,962 | ) | 209,691 |
Non-investment grade (1) |  | 20,577 |  | 28 |  | (5,093 | ) | 15,512 |
Other securities |  | 99,114 |  | 2,573 |  | (619 | ) | 101,068 |
Total investment securities available-for-sale |  | $ | 2,504,755 |  | $ | 15,232 |  | $ | (45,243 | ) | $ | 2,474,744 |
As of December 31, 2013 |  |  |  |  |  |  |  |  |
Investment securities available-for-sale: |  |  |  |  |  |  |  |  |
U.S. Treasury securities |  | $ | 495,053 |  | $ | 201 |  | $ | (3,622 | ) | $ | 491,632 |
U.S. Government agency and U.S. Government sponsored enterprise debt securities |  | 406,807 |  | 242 |  | (12,726 | ) | 394,323 |
U.S. Government agency and U.S. Government sponsored enterprise mortgage-backed securities: |  |  |  |  |  |  |  |  |
Commercial mortgage-backed securities |  | 182,257 |  | 1,062 |  | (4,449 | ) | 178,870 |
Residential mortgage-backed securities |  | 892,435 |  | 7,729 |  | (14,927 | ) | 885,237 |
Municipal securities |  | 297,390 |  | 1,122 |  | (17,533 | ) | 280,979 |
Other residential mortgage-backed securities: |  |  |  |  |  |  |  |  |
Investment grade |  | 48,129 |  | — |  | (1,802 | ) | 46,327 |
Other commercial mortgage-backed securities: |  |  |  |  |  |  |  |  |
Investment grade |  | 51,000 |  | 617 |  | — |  | 51,617 |
Corporate debt securities: |  |  |  |  |  |  |  |  |
Investment grade |  | 312,726 |  | 613 |  | (3,344 | ) | 309,995 |
Non-investment grade (1) |  | 20,668 |  | 62 |  | (5,629 | ) | 15,101 |
Other securities |  | 80,025 |  | 555 |  | (864 | ) | 79,716 |
Total investment securities available-for-sale |  | $ | 2,786,490 |  | $ | 12,203 |  | $ | (64,896 | ) | $ | 2,733,797 |
(1) For the three months ended March 31, 2014 and the year ended December 31, 2013, the Company did not record any OTTI.
Schedule of other than temporary impairment, credit losses recognized in earnings |
|  | Three Months Ended |
|  | March 31, |
|  | 2014 |  | 2013 |
|  | (In thousands) |
Beginning balance, January 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 |
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 March 31, 2014 |  |  |  |  |  |  |  |  |  |  |  |  |
Investment securities available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities |  | $ | 346,069 |  | $ | (3,145 | ) | $ | — |  | $ | — |  | $ | 346,069 |  | $ | (3,145 | )
U.S. Government agency and U.S. Government sponsored enterprise debt securities |  | 252,148 |  | (7,548 | ) | — |  | — |  | 252,148 |  | (7,548 | )
U.S. Government agency and U.S. Government sponsored enterprise mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial mortgage-backed securities |  | 81,367 |  | (1,752 | ) | 16,082 |  | (909 | ) | 97,449 |  | (2,661 | )
Residential mortgage-backed securities |  | 417,992 |  | (7,447 | ) | 119,255 |  | (4,784 | ) | 537,247 |  | (12,231 | )
Municipal securities |  | 110,001 |  | (4,462 | ) | 64,839 |  | (5,079 | ) | 174,840 |  | (9,541 | )
Other residential mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |
Investment grade |  | 57,007 |  | (1,443 | ) | — |  | — |  | 57,007 |  | (1,443 | )
Corporate debt securities: |  |  |  |  |  |  |  |  |  |  |  |  |
Investment grade |  | 128,623 |  | (1,276 | ) | 79,554 |  | (1,686 | ) | 208,177 |  | (2,962 | )
Non-investment grade |  | — |  | — |  | 14,869 |  | (5,093 | ) | 14,869 |  | (5,093 | )
Other securities |  | 19,444 |  | (619 | ) | — |  | — |  | 19,444 |  | (619 | )
Total investment securities available-for-sale |  | $ | 1,412,651 |  | $ | (27,692 | ) | $ | 294,599 |  | $ | (17,551 | ) | $ | 1,707,250 |  | $ | (45,243 | )
|  | 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, 2013 |  |  |  |  |  |  |  |  |  |  |  |  |
Investment securities available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities |  | $ | 337,248 |  | $ | (3,622 | ) | $ | — |  | $ | — |  | $ | 337,248 |  | $ | (3,622 | )
U.S. Government agency and U.S. Government sponsored enterprise debt securities |  | 387,097 |  | (12,726 | ) | — |  | — |  | 387,097 |  | (12,726 | )
U.S. Government agency and U.S. Government sponsored enterprise mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial mortgage-backed securities |  | 114,754 |  | (3,280 | ) | 16,065 |  | (1,169 | ) | 130,819 |  | (4,449 | )
Residential mortgage-backed securities |  | 502,285 |  | (10,570 | ) | 92,540 |  | (4,357 | ) | 594,825 |  | (14,927 | )
Municipal securities |  | 173,782 |  | (10,765 | ) | 47,892 |  | (6,768 | ) | 221,674 |  | (17,533 | )
Other residential mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |
Investment grade |  | 46,328 |  | (1,802 | ) | — |  | — |  | 46,328 |  | (1,802 | )
Corporate debt securities: |  |  |  |  |  |  |  |  |  |  |  |  |
Investment grade |  | 193,482 |  | (1,538 | ) | 79,442 |  | (1,806 | ) | 272,924 |  | (3,344 | )
Non-investment grade |  | — |  | — |  | 14,422 |  | (5,629 | ) | 14,422 |  | (5,629 | )
Other securities |  | 48,098 |  | (864 | ) | — |  | — |  | 48,098 |  | (864 | )
Total investment securities available-for-sale |  | $ | 1,803,074 |  | $ | (45,167 | ) | $ | 250,361 |  | $ | (19,729 | ) | $ | 2,053,435 |  | $ | (64,896 | )
Schedule maturities of investment securities | The scheduled maturities of investment securities at March 31, 2014 are presented as follows:
|  | Amortized |  | Estimated |
|  | Cost |  | Fair Value |
|  | (In thousands) |
Due within one year |  | $ | 395,151 |  | $ | 384,287 |
Due after one year through five years |  | 505,195 |  | 501,542 |
Due after five years through ten years |  | 608,053 |  | 602,553 |
Due after ten years |  | 996,356 |  | 986,362 |
Total investment securities available-for-sale |  | $ | 2,504,755 |  | $ | 2,474,744 |

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