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INVESTMENT SECURITIES (Tables) | 12 Months Ended
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Dec. 31, 2014
INVESTMENT SECURITIES |
Schedule of amortized cost, gross unrealized gains, gross unrealized losses and fair value by major categories of available-for-sale securities |
|  | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
|  |  |  | (In thousands) |  |
As of December 31, 2014 |  |  |  |  |  |  |  |  |  |  |  |
Investment securities available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities |  | $ | 873,101 |  |  | $ | 1,971 |  |  | $ | (1,637 | ) |  | $ | 873,435 |
U.S. government agency and U.S. government sponsored enterprise debt securities |  | 311,927 |  |  | 490 |  |  | (1,393 | ) |  | 311,024 |
U.S. government agency and U.S. government sponsored enterprise mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |
Commercial mortgage-backed securities |  | 140,957 |  |  | 1,056 |  |  | (593 | ) |  | 141,420 |
Residential mortgage-backed securities |  | 785,412 |  |  | 9,754 |  |  | (4,078 | ) |  | 791,088 |
Municipal securities |  | 245,408 |  |  | 6,202 |  |  | (1,162 | ) |  | 250,448 |
Other residential mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |
Investment grade (1) |  | 52,694 |  |  | 1,359 |  |  | (135 | ) |  | 53,918 |
Other commercial mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |
Investment grade (1) |  | 34,000 |  |  | 53 |  |  | — |  |  | 34,053 |
Corporate debt securities: |  |  |  |  |  |  |  |  |  |  |  |
Investment grade (1) |  | 116,236 |  |  | — |  |  | (1,054 | ) |  | 115,182 |
Non-investment grade (1) |  | 17,881 |  |  | — |  |  | (3,200 | ) |  | 14,681 |
Other securities |  | 41,589 |  |  | 243 |  |  | (716 | ) |  | 41,116 |
Total investment securities available-for-sale |  | $ | 2,619,205 |  |  | $ | 21,128 |  |  | $ | (13,968 | ) |  | $ | 2,626,365 |
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 are considered investment grade. Conversely, investment securities rated below BBB- by S&P, or below Baa3 by Moody are considered non-investment grade.
Schedule of sales of investment securities |
|  | 2014 |  | 2013 |  | 2012
|  |  |  |  | (In thousands) |  |
Proceeds from sales |  | $ | 623,689 |  |  | $ | 663,569 |  |  | $ | 1,230,134 |
Gross realized gains |  | $ | 10,978 |  |  | $ | 13,904 |  |  | $ | 28,211 |
Gross realized losses |  | $ | 127 |  | $(1) | $ | 1,815 |  |  | $ | 27,454 |
Related tax expense |  | $ | 4,557 |  |  | $ | 5,077 |  |  | $ | 318 |
(1) | The gross $127 thousand of losses resulted from the investment securities acquired from MetroCorp which were sold immediately after the acquisition closed.
Schedule of other than temporary impairment, credit losses recognized in earnings |
|  | 2014 |  | 2013 |  | 2012
|  | (In thousands)
Beginning balance |  | $ | 115,511 |  |  | $ | 115,511 |  |  | $ | 115,412 |
Addition of OTTI that was not previously recognized |  | — |  |  | — |  |  | — |
Additional increases to the amount related to the credit loss for which an OTTI was previously recognized |  | — |  |  | — |  |  | 99 |
Reduction for securities sold |  | (3,173 | ) |  | — |  |  | — |
Ending balance |  | $ | 112,338 |  |  | $ | 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 Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
|  | (In thousands)
As of December 31, 2014 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investment securities available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities |  | $ | 170,260 |  |  | $ | (266 | ) |  | $ | 163,800 |  |  | $ | (1,371 | ) |  | $ | 334,060 |  |  | $ | (1,637 | )
U.S. government agency and U.S. government sponsored enterprise debt securities |  | 69,438 |  |  | (504 | ) |  | 124,104 |  |  | (889 | ) |  | 193,542 |  |  | (1,393 | )
U.S. government agency and U.S. government sponsored enterprise mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial mortgage-backed securities |  | 45,405 |  |  | (257 | ) |  | 16,169 |  |  | (336 | ) |  | 61,574 |  |  | (593 | )
Residential mortgage-backed securities |  | 81,927 |  |  | (270 | ) |  | 241,047 |  |  | (3,808 | ) |  | 322,974 |  |  | (4,078 | )
Municipal securities |  | 6,391 |  |  | (26 | ) |  | 61,107 |  |  | (1,136 | ) |  | 67,498 |  |  | (1,162 | )
Other residential mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investment grade |  | — |  |  | — |  |  | 7,217 |  |  | (135 | ) |  | 7,217 |  |  | (135 | )
Corporate debt securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investment grade |  | 25,084 |  |  | (12 | ) |  | 90,098 |  |  | (1,042 | ) |  | 115,182 |  |  | (1,054 | )
Non-investment grade |  | — |  |  | — |  |  | 14,681 |  |  | (3,200 | ) |  | 14,681 |  |  | (3,200 | )
Other securities |  | 15,885 |  |  | (716 | ) |  | — |  |  | — |  |  | 15,885 |  |  | (716 | )
Total investment securities available-for-sale |  | $ | 414,390 |  |  | $ | (2,051 | ) |  | $ | 718,223 |  |  | $ | (11,917 | ) |  | $ | 1,132,613 |  |  | $ | (13,968 | )
|  | Less Than 12 Months |  | 12 Months or More |  | Total
|  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized 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 |  | 46,327 |  |  | (1,802 | ) |  | — |  |  | — |  |  | 46,327 |  |  | (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 |  | $ | 1,803,073 |  |  | $ | (45,167 | ) |  | $ | 250,361 |  |  | $ | (19,729 | ) |  | $ | 2,053,434 |  |  | $ | (64,896 | )
Scheduled maturities of investment securities |
|  | Amortized Cost |  | Estimated Fair Value
|  | (In thousands)
Due within one year |  | $ | 343,193 |  |  | $ | 339,814 |
Due after one year through five years |  | 1,018,469 |  |  | 1,022,566 |
Due after five years through ten years |  | 328,317 |  |  | 329,172 |
Due after ten years |  | 929,226 |  |  | 934,813 |
Total investment securities available-for-sale |  | $ | 2,619,205 |  |  | $ | 2,626,365 |

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