XML 32 R13.htm IDEA: XBRL DOCUMENT
v3.3.1.900

AVAILABLE-FOR-SALE INVESTMENT SECURITIES | 12 Months Ended
--- | ---
Dec. 31, 2015
Investments, Debt and Equity Securities [Abstract] |
AVAILABLE-FOR-SALE INVESTMENT SECURITIES | NOTE 6 — AVAILABLE-FOR-SALE INVESTMENT SECURITIES The following table presents the 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
As of December 31, 2015 |  |  |  |  |  |  |  |  |  |  |  |
Available-for-sale investment securities: |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities |  | $ | 1,002,874 |  |  | $ | 33 |  |  | $ | (4,392 | ) |  | $ | 998,515 |
U.S. government agency and U.S. government sponsored enterprise debt securities |  | 771,288 |  |  | 555 |  |  | (2,994 | ) |  | 768,849 |
U.S. government agency and U.S. government sponsored enterprise mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |
Commercial mortgage-backed securities |  | 354,418 |  |  | 268 |  |  | (3,024 | ) |  | 351,662 |
Residential mortgage-backed securities |  | 996,255 |  |  | 7,542 |  |  | (6,401 | ) |  | 997,396 |
Municipal securities |  | 173,785 |  |  | 2,657 |  |  | (793 | ) |  | 175,649 |
Other residential mortgage-backed securities: |  |  |  |  |  |  |  |  |
Investment grade (1) |  | 62,133 |  |  | 433 |  |  | (173 | ) |  | 62,393 |
Corporate debt securities: |  |  |  |  |  |  |  |  |
Investment grade (1) |  | 366,921 |  |  | 132 |  |  | (2,340 | ) |  | 364,713 |
Non-investment grade (1) |  | 11,491 |  |  | — |  |  | (1,849 | ) |  | 9,642 |
Other securities |  | 44,664 |  |  | 124 |  |  | (381 | ) |  | 44,407 |
Total available-for-sale investment securities |  | $ | 3,783,829 |  |  | $ | 11,744 |  |  | $ | (22,347 | ) |  | $ | 3,773,226 |
As of 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 |  | 41,691 |  |  | 393 |  |  | (716 | ) |  | 41,368 |
Total available-for-sale investment securities |  | $ | 2,619,307 |  |  | $ | 21,278 |  |  | $ | (13,968 | ) |  | $ | 2,626,617 |
(1) | Available-for-sale investment securities rated BBB- or higher by S&P or Baa3 or higher by Moody 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.
Unrealized Losses The following table presents the Company’s investment portfolio’s gross unrealized losses and related fair values, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position:
($ in thousands) |  | Less Than 12 Months |  | 12 Months or More |  | Total
| Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses
As of December 31, 2015 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Available-for-sale investment securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities |  | $ | 907,400 |  |  | $ | (4,250 | ) |  | $ | 20,282 |  |  | $ | (142 | ) |  | $ | 927,682 |  |  | $ | (4,392 | )
U.S. government agency and U.S. government sponsored enterprise debt securities |  | 541,385 |  |  | (2,994 | ) |  | — |  |  | — |  |  | 541,385 |  |  | (2,994 | )
U.S. government agency and U.S. government sponsored enterprise mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial mortgage-backed securities |  | 252,340 |  |  | (2,562 | ) |  | 20,793 |  |  | (462 | ) |  | 273,133 |  |  | (3,024 | )
Residential mortgage-backed securities |  | 535,842 |  |  | (4,530 | ) |  | 58,315 |  |  | (1,871 | ) |  | 594,157 |  |  | (6,401 | )
Municipal securities |  | 48,495 |  |  | (437 | ) |  | 14,739 |  |  | (356 | ) |  | 63,234 |  |  | (793 | )
Other residential mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investment grade |  | 5,123 |  |  | (1 | ) |  | 6,242 |  |  | (172 | ) |  | 11,365 |  |  | (173 | )
Corporate debt securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investment grade |  | 218,944 |  |  | (1,189 | ) |  | 89,989 |  |  | (1,151 | ) |  | 308,933 |  |  | (2,340 | )
Non-investment grade |  | — |  |  | — |  |  | 9,642 |  |  | (1,849 | ) |  | 9,642 |  |  | (1,849 | )
Other securities |  | 17,990 |  |  | (112 | ) |  | 8,731 |  |  | (269 | ) |  | 26,721 |  |  | (381 | )
Total available-for-sale investment securities |  | $ | 2,527,519 |  |  | $ | (16,075 | ) |  | $ | 228,733 |  |  | $ | (6,272 | ) |  | $ | 2,756,252 |  |  | $ | (22,347 | )
As of 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 | )
For each reporting period, the Company examines all individual securities that are in an unrealized loss position for OTTI. For discussion of the factors and criteria the Company uses in analyzing securities for OTTI, see Note 1 — Summary of Significant Accounting Policies— Available-for-Sale Investment Securities to the Consolidated Financial Statements. Management believes the gross unrealized losses detailed in the tables above are temporary and are not due to reasons of credit quality. As a result, we expect to recover the entire amortized cost basis of these securities. OTTI The following table presents a rollforward of the amounts related to the OTTI credit losses recognized in earnings for the years ended December 31:
($ in thousands) |  | 2015 |  | 2014 |  | 2013
Beginning balance |  | $ | 112,338 |  |  | $ | 115,511 |  |  | $ | 115,511 |
Addition of OTTI previously not recognized |  | — |  |  | — |  |  | — |
Additional increase to the amount related to the credit loss for which an OTTI was previously recognized |  | — |  |  | — |  |  | — |
Reduction for securities sold |  | (112,338 | ) |  | (3,173 | ) |  | — |
Ending balance |  | $ | — |  |  | $ | 112,338 |  |  | $ | 115,511 |
No OTTI credit losses were recognized for the years ended December 31, 2015, 2014 and 2013. For the year ended December 31, 2015, the Company realized a gain of $21.7 million from the sale of non-investment grade corporate debt securities with previously recognized OTTI credit losses of $112.3 million. For the year ended December 31, 2014, the Company realized a gain of $802 thousand from the sale of non-investment grade corporate debt securities with previously recognized OTTI credit losses of $3.2 million. There was no sale of investment securities with previously recognized OTTI credit losses for the year ended December 31, 2013. Realized Gains and Losses The following table presents the proceeds, gross realized gains and gross realized losses related to the sales of available-for-sale investment securities for the years ended December 31:
($ in thousands) |  | 2015 |  | 2014 |  | 2013
Proceeds from sales |  | $ | 1,669,334 |  |  | $ | 623,689 |  |  | $ | 663,569 |
Gross realized gains |  | $ | 40,367 |  |  | $ | 10,978 |  |  | $ | 13,904 |
Gross realized losses |  | $ | — |  |  | $ | 127 |  | (1) | $ | 1,815 |
Related tax expense |  | $ | 16,954 |  |  | $ | 4,557 |  |  | $ | 5,077 |
(1) | The gross realized losses of $127 thousand resulted from available-for-sale investment securities acquired from MetroCorp which were sold immediately after the acquisition closed.
Available-for-Sale Investment Securities Maturities The following table presents the scheduled maturities of available-for-sale investment securities as of December 31, 2015:
($ in thousands) |  | Amortized Cost |  | Estimated Fair Value
Due within one year |  | $ | 756,656 |  |  | $ | 752,736 |
Due after one year through five years |  | 1,155,873 |  |  | 1,152,752 |
Due after five years through ten years |  | 554,458 |  |  | 550,980 |
Due after ten years |  | 1,316,842 |  |  | 1,316,758 |
Total available-for-sale investment securities |  | $ | 3,783,829 |  |  | $ | 3,773,226 |
Actual maturities of mortgage-backed securities can differ from contractual maturities because borrowers have the right to prepay obligations. In addition, such factors as prepayments and interest rates may affect the yields on the carrying values of mortgage-backed securities. Available-for-sale investment securities with fair values of $873.0 million and $1.96 billion were pledged to secure public deposits, repurchase agreements, the Federal Reserve Bank’s discount window, or for other purposes required or permitted by law as of December 31, 2015 and 2014, respectively.

X
- References No definition available. + Details
Name: | us-gaap_InvestmentsDebtAndEquitySecuritiesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for investments in certain debt and equity securities. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -Glossary Debt Security -URI http://asc.fasb.org/extlink&oid=6509901 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=27724398&loc=d3e27290-111563 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 30 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6379141&loc=d3e15032-111544 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=27724398&loc=d3e27232-111563 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -Glossary Equity Security -URI http://asc.fasb.org/extlink&oid=6511694 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 320 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6957658&loc=d3e62557-112803 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=27724398&loc=d3e27161-111563 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=27724398&loc=d3e27357-111563 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=27724398&loc=d3e27405-111563 + Details
Name: | us-gaap_InvestmentsInDebtAndMarketableEquitySecuritiesAndCertainTradingAssetsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration