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AVAILABLE-FOR-SALE INVESTMENT SECURITIES (Tables) | 6 Months Ended
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Jun. 30, 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
June 30, 2015 |  |  |  |  |  |  |  |  |  |  |  |
Available-for-sale investment securities: |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities |  | $ | 1,194,790 |  |  | $ | 5,493 |  |  | $ | (172 | ) |  | $ | 1,200,111 |
U.S. government agency and U.S. government sponsored enterprise debt securities |  | 425,495 |  |  | 584 |  |  | (1,216 | ) |  | 424,863 |
U.S. government agency and U.S. government sponsored enterprise mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |
Commercial mortgage-backed securities |  | 187,831 |  |  | 502 |  |  | (945 | ) |  | 187,388 |
Residential mortgage-backed securities |  | 682,740 |  |  | 9,043 |  |  | (3,071 | ) |  | 688,712 |
Municipal securities |  | 205,703 |  |  | 3,580 |  |  | (2,861 | ) |  | 206,422 |
Other residential mortgage-backed securities: |  |  |  |  |  |  |  |  |
Investment grade (1) |  | 61,737 |  |  | 466 |  |  | (295 | ) |  | 61,908 |
Corporate debt securities: |  |  |  |  |  |  |  |  |
Investment grade (1) |  | 157,200 |  |  | 336 |  |  | (558 | ) |  | 156,978 |
Non-investment grade (1) |  | 11,525 |  |  | — |  |  | (1,500 | ) |  | 10,025 |
Other securities |  | 45,914 |  |  | 157 |  |  | (332 | ) |  | 45,739 |
Total available-for-sale investment securities |  | $ | 2,972,935 |  |  | $ | 20,161 |  |  | $ | (10,950 | ) |  | $ | 2,982,146 |
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 June 30, |  | Six Months Ended June 30, |
($ in thousands) |  | 2015 |  | 2014 |  | 2015 |  | 2014 |
Proceeds from sales |  | $ | 292,561 |  |  | $ | 21,611 |  |  | $ | 473,062 |  |  | $ | 351,842 |  |
Gross realized gains |  | $ | 5,554 |  |  | $ | 671 |  |  | $ | 9,958 |  |  | $ | 4,216 |  |
Gross realized losses |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 127 |  | (1)
Related tax expense |  | $ | 2,333 |  |  | $ | 282 |  |  | $ | 4,182 |  |  | $ | 1,717 |  |
(1) | The gross $127 thousand of losses resulted from the available-for-sale investment securities acquired from MetroCorp which were sold immediately after the acquisition closed.
Schedule of other than temporary impairment credit losses recognized in earnings |
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
($ in thousands) |  | 2015 |  | 2014 |  | 2015 |  | 2014
Beginning balance |  | $ | 106,688 |  |  | $ | 115,511 |  |  | $ | 112,338 |  |  | $ | 115,511 |
Addition of OTTI previously not 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 |  |  | $ | 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 |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses
June 30, 2015 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Available-for-sale investment securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities |  | $ | 61,141 |  |  | $ | (30 | ) |  | $ | 50,766 |  |  | $ | (142 | ) |  | $ | 111,907 |  |  | $ | (172 | )
U.S. government agency and U.S. government sponsored enterprise debt securities |  | 256,518 |  |  | (1,106 | ) |  | 24,887 |  |  | (110 | ) |  | 281,405 |  |  | (1,216 | )
U.S. government agency and U.S. government sponsored enterprise mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial mortgage-backed securities |  | 86,572 |  |  | (504 | ) |  | 21,982 |  |  | (441 | ) |  | 108,554 |  |  | (945 | )
Residential mortgage-backed securities |  | 135,426 |  |  | (1,115 | ) |  | 96,853 |  |  | (1,956 | ) |  | 232,279 |  |  | (3,071 | )
Municipal securities |  | 52,924 |  |  | (1,906 | ) |  | 15,262 |  |  | (955 | ) |  | 68,186 |  |  | (2,861 | )
Other residential mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investment grade |  | 5,684 |  |  | (16 | ) |  | 6,589 |  |  | (279 | ) |  | 12,273 |  |  | (295 | )
Corporate debt securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investment grade |  | 10,050 |  |  | (36 | ) |  | 90,618 |  |  | (522 | ) |  | 100,668 |  |  | (558 | )
Non-investment grade |  | — |  |  | — |  |  | 10,025 |  |  | (1,500 | ) |  | 10,025 |  |  | (1,500 | )
Other securities |  | 18,047 |  |  | (53 | ) |  | 8,721 |  |  | (279 | ) |  | 26,768 |  |  | (332 | )
Total available-for-sale investment securities |  | $ | 626,362 |  |  | $ | (4,766 | ) |  | $ | 325,703 |  |  | $ | (6,184 | ) |  | $ | 952,065 |  |  | $ | (10,950 | )
|  | Less Than 12 Months |  | 12 Months or More |  | Total
($ in thousands) |  | Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross 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 |
($ in thousands) |  | Amortized Cost |  | Fair Value
Due within one year |  | $ | 432,277 |  |  | $ | 430,898 |
Due after one year through five years |  | 1,407,326 |  |  | 1,414,615 |
Due after five years through ten years |  | 328,129 |  |  | 325,541 |
Due after ten years |  | 805,203 |  |  | 811,092 |
Total available-for-sale investment securities |  | $ | 2,972,935 |  |  | $ | 2,982,146 |

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