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INVESTMENT SECURITIES (Tables) | 9 Months Ended
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Sep. 30, 2014
INVESTMENT SECURITIES |
Schedule of amortized cost, gross unrealized gains, gross unrealized losses and fair value by major categories of available-for-sale securities |
|  |  |  | Gross |  | Gross |  |  |
|  | Amortized |  | Unrealized |  | Unrealized |  | Fair |
|  | Cost |  | Gains |  | Losses |  | Value |
|  |  |  | (In thousands) |  |  |
As of September 30, 2014 |  |  |  |  |  |  |  |  |
Investment securities available-for-sale: |  |  |  |  |  |  |  |  |
U.S. Treasury securities |  | $ | 605,672 |  | $ | 328 |  | $ | (2,353 | ) | $ | 603,647 |
U.S. government agency and U.S. government sponsored enterprise debt securities |  | 416,746 |  | 522 |  | (4,287 | ) | 412,981 |
U.S. government agency and U.S. government sponsored enterprise mortgage-backed securities: |  |  |  |  |  |  |  |  |
Commercial mortgage-backed securities |  | 125,933 |  | 1,188 |  | (1,554 | ) | 125,567 |
Residential mortgage-backed securities |  | 757,637 |  | 8,003 |  | (8,058 | ) | 757,582 |
Municipal securities |  | 293,148 |  | 5,984 |  | (2,535 | ) | 296,597 |
Other residential mortgage-backed securities: |  |  |  |  |  |  |  |  |
Investment grade (1) |  | 54,949 |  | 665 |  | (356 | ) | 55,258 |
Other commercial mortgage-backed securities: |  |  |  |  |  |  |  |  |
Investment grade (1) |  | 51,000 |  | 127 |  | — |  | 51,127 |
Corporate debt securities: |  |  |  |  |  |  |  |  |
Investment grade (1) |  | 211,143 |  | 1,127 |  | (1,445 | ) | 210,825 |
Non-investment grade (1) |  | 19,937 |  | 802 |  | (2,963 | ) | 17,776 |
Other securities |  | 60,658 |  | 1,184 |  | (535 | ) | 61,307 |
Total investment securities available-for-sale |  | $ | 2,596,823 |  | $ | 19,930 |  | $ | (24,086 | ) | $ | 2,592,667 |
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 (1) |  | 48,129 |  | — |  | (1,802 | ) | 46,327 |
Other commercial mortgage-backed securities: |  |  |  |  |  |  |  |  |
Investment grade (1) |  | 51,000 |  | 617 |  | — |  | 51,617 |
Corporate debt securities: |  |  |  |  |  |  |  |  |
Investment grade (1) |  | 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) Investment securities rated BBB- or higher by S&P or Baa3 or higher by Moody’s are considered investment grade. Conversely, investment securities rated lower than BBB- by S&P or lower than Baa3 by Moody’s are considered non-investment grade.
Schedule of sales of investment securities |
|  | Three Months Ended |  | Nine Months Ended |
|  | September 30, |  | September 30, |
|  | 2014 |  | 2013 |  | 2014 |  | 2013 |
|  |  |  | (In thousands) |  |  |
Proceeds from sales |  | $ | 43,788 |  | $ | 60,387 |  | $ | 395,630 |  | $ | 386,108 |
Gross realized gains |  | 2,514 |  | 1,084 |  | 6,730 |  | 12,006 |
Gross realized losses |  | — |  | — |  | 127 | (1) | — |
Related tax expense |  | $ | 1,056 |  | $ | 455 |  | $ | 2,773 |  | $ | 5,043 |
(1) The gross $127 thousand of losses resulted from the investment securities acquired from MetroCorp which were sold immediately after the acquisition closed.
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 September 30, 2014 |  |  |  |  |  |  |  |  |  |  |  |  |
Investment securities available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities |  | $ | 130,631 |  | $ | (276 | ) | $ | 183,673 |  | $ | (2,077 | ) | $ | 314,304 |  | $ | (2,353 | )
U.S. government agency and U.S. government sponsored enterprise debt securities |  | 108,393 |  | (1,281 | ) | 172,113 |  | (3,006 | ) | 280,506 |  | (4,287 | )
U.S. government agency and U.S. government sponsored enterprise mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial mortgage-backed securities |  | 52,082 |  | (655 | ) | 28,859 |  | (899 | ) | 80,941 |  | (1,554 | )
Residential mortgage-backed securities |  | 107,182 |  | (616 | ) | 326,003 |  | (7,442 | ) | 433,185 |  | (8,058 | )
Municipal securities |  | 5,260 |  | (14 | ) | 108,407 |  | (2,521 | ) | 113,667 |  | (2,535 | )
Other residential mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |
Investment grade |  | — |  | — |  | 14,054 |  | (356 | ) | 14,054 |  | (356 | )
Corporate debt securities: |  |  |  |  |  |  |  |  |  |  |  |  |
Investment grade |  | — |  | — |  | 109,695 |  | (1,445 | ) | 109,695 |  | (1,445 | )
Non-investment grade |  | — |  | — |  | 15,180 |  | (2,963 | ) | 15,180 |  | (2,963 | )
Other securities |  | 16,065 |  | (535 | ) | — |  | — |  | 16,065 |  | (535 | )
Total investment securities available-for-sale |  | $ | 419,613 |  | $ | (3,377 | ) | $ | 957,984 |  | $ | (20,709 | ) | $ | 1,377,597 |  | $ | (24,086 | )
|  | 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 | )
Scheduled maturities of investment securities |
|  | Amortized |  | Estimated |
|  | Cost |  | Fair Value |
|  | (In thousands) |
Due within one year |  | $ | 393,006 |  | $ | 387,737 |
Due after one year through five years |  | 744,848 |  | 745,916 |
Due after five years through ten years |  | 519,814 |  | 521,439 |
Due after ten years |  | 939,155 |  | 937,575 |
Total investment securities available-for-sale |  | $ | 2,596,823 |  | $ | 2,592,667 |

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