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AVAILABLE-FOR-SALE INVESTMENT SECURITIES (Tables) | 3 Months Ended
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Mar. 31, 2015
AVAILABLE-FOR-SALE INVESTMENT SECURITIES |
Schedule of amortized cost, gross unrealized gains, gross unrealized losses and fair value by major categories of available-for-sale investment securities |
($ in thousands) |  | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value |
March 31, 2015 |  |  |  |  |  |  |  |  |
Available-for-sale investment securities: |  |  |  |  |  |  |  |  |
U.S. Treasury securities |  | $ | 1,162,801 |  | $ | 9,586 |  | $ | (161) |  | $ | 1,172,226 |
U.S. government agency and U.S. government sponsored enterprise debt securities |  | 411,275 |  | 1,143 |  | (452) |  | 411,966 |
U.S. government agency and U.S. government sponsored enterprise mortgage-backed securities: |  |  |  |  |  |  |  |  |
Commercial mortgage-backed securities |  | 94,330 |  | 1,242 |  | (337) |  | 95,235 |
Residential mortgage-backed securities |  | 717,693 |  | 11,274 |  | (1,611) |  | 727,356 |
Municipal securities |  | 187,244 |  | 4,800 |  | (798) |  | 191,246 |
Other residential mortgage-backed securities: |  |  |  |  |  |  |  |  |
Investment grade (1) |  | 50,297 |  | 1,310 |  | (106) |  | 51,501 |
Corporate debt securities: |  |  |  |  |  |  |  |  |
Investment grade (1) |  | 141,140 |  | — |  | (739) |  | 140,401 |
Non-investment grade (1) |  | 11,524 |  | — |  | (2,023) |  | 9,501 |
Other securities |  | 41,543 |  | 436 |  | (326) |  | 41,653 |
Total available-for-sale investment securities |  | $ | 2,817,847 |  | $ | 29,791 |  | $ | (6,553) |  | $ | 2,841,085 |
December 31, 2014 |  |  |  |  |  |  |  |  |
Available-for-sale investment securities: |  |  |  |  |  |  |  |  |
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 available-for-sale investment securities |  | $ | 2,619,205 |  | $ | 21,128 |  | $ | (13,968) |  | $ | 2,626,365 |
| (1) |  | Available-for-sale investment securities rated BBB- or higher by S&P or Baa3 or higher by Moody’s are considered investment grade. Conversely, available-for-sale 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 available-for-sale investment securities |
|  | Three Months Ended March 31, |
($ in thousands) |  | 2015 |  | 2014 |
Proceeds from sales |  | $ | 180,501 |  | $ | 330,231 |
Gross realized gains |  | $ | 4,404 |  | $ | 3,545 |
Gross realized losses |  | $ | — |  | $ | 127 | (1)
Related tax expense |  | $ | 1,850 |  | $ | 1,436 |
| (1) |  | The gross $127 thousand of losses resulted from the available-for-sale investment securities acquired from MetroCorp which were sold immediately after the acquisition closed.
Schedule of other than temporary impairment credit losses recognized in earnings |
|  | Three Months Ended March 31, |
($ in thousands) |  | 2015 |  | 2014 |
Beginning balance |  | $ | 112,338 |  | $ | 115,511 |
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 |  | — |  | — |
Reduction for securities sold |  | (5,650) |  | — |
Ending balance |  | $ | 106,688 |  | $ | 115,511 |
Gross unrealized losses and related fair values of available-for-sale investment securities |
|  | Less Than 12 Months |  | 12 Months or More |  | Total |
($ in thousands) |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |
March 31, 2015 |  |  |  |  |  |  |  |  |  |  |  |  |
Available-for-sale investment securities: |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities |  | $ | 61,684 |  | $ | (37) |  | $ | 50,860 |  | $ | (124) |  | $ | 112,544 |  | $ | (161) |
U.S. government agency and U.S. government sponsored enterprise debt securities |  | 144,114 |  | (383) |  | 24,927 |  | (69) |  | 169,041 |  | (452) |
U.S. government agency and U.S. government sponsored enterprise mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial mortgage-backed securities |  | 14,119 |  | (141) |  | 13,541 |  | (196) |  | 27,660 |  | (337) |
Residential mortgage-backed securities |  | 40,969 |  | (97) |  | 103,488 |  | (1,514) |  | 144,457 |  | (1,611) |
Municipal securities |  | 26,905 |  | (335) |  | 15,783 |  | (463) |  | 42,688 |  | (798) |
Other residential mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |
Investment grade |  | — |  | — |  | 6,985 |  | (106) |  | 6,985 |  | (106) |
Corporate debt securities: |  |  |  |  |  |  |  |  |  |  |  |  |
Investment grade |  | — |  | — |  | 90,401 |  | (739) |  | 90,401 |  | (739) |
Non-investment grade |  | — |  | — |  | 9,501 |  | (2,023) |  | 9,501 |  | (2,023) |
Other securities |  | 8,674 |  | (326) |  | — |  | — |  | 8,674 |  | (326) |
Total available-for-sale investment securities |  | $ | 296,465 |  | $ | (1,319) |  | $ | 315,486 |  | $ | (5,234) |  | $ | 611,951 |  | $ | (6,553) |
|  | Less Than 12 Months |  | 12 Months or More |  | Total |
($ in thousands) |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |
December 31, 2014 |  |  |  |  |  |  |  |  |  |  |  |  |
Available-for-sale investment securities: |  |  |  |  |  |  |  |  |  |  |  |  |
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 available-for-sale investment securities |  | $ | 414,390 |  | $ | (2,051) |  | $ | 718,223 |  | $ | (11,917) |  | $ | 1,132,613 |  | $ | (13,968) |
Scheduled maturities of available-for-sale investment securities | The following table presents the scheduled maturities of available-for-sale investment securities as of March 31, 2015:
($ in thousands) |  | Amortized Cost |  | Fair Value |
Due within one year |  | $ | 435,764 |  | $ | 434,493 |
Due after one year through five years |  | 1,275,954 |  | 1,289,312 |
Due after five years through ten years |  | 311,367 |  | 311,157 |
Due after ten years |  | 794,762 |  | 806,123 |
Total available-for-sale investment securities |  | $ | 2,817,847 |  | $ | 2,841,085 |

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