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INVESTMENT SECURITIES (Tables) | 6 Months Ended
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Jun. 30, 2016
Investments, Debt and Equity Securities [Abstract] |
Schedule of amortized cost, gross unrealized gains, gross unrealized losses and fair value by major categories of investment securities | The following table presents the amortized cost, gross unrealized gains and losses and fair value by major categories of available-for-sale investment securities, which are carried at fair value, and a held-to-maturity investment security, which is carried at amortized cost:
($ in thousands) |  | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
As of June 30, 2016 |  |  |  |  |  |  |  |  |  |  |  |
Available-for-sale investment securities: |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities |  | $ | 485,137 |  |  | $ | 3,423 |  |  | $ | — |  |  | $ | 488,560 |
U.S. government agency and U.S. government sponsored enterprise debt securities |  | 701,085 |  |  | 3,035 |  |  | (191 | ) |  | 703,929 |
U.S. government agency and U.S. government sponsored enterprise mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |
Commercial mortgage-backed securities |  | 305,724 |  |  | 3,443 |  |  | (803 | ) |  | 308,364 |
Residential mortgage-backed securities |  | 1,050,583 |  |  | 10,041 |  |  | (1,723 | ) |  | 1,058,901 |
Municipal securities |  | 149,711 |  |  | 4,246 |  |  | (54 | ) |  | 153,903 |
Non-agency residential mortgage-backed securities: |  |  |  |  |  |  |  |  |
Investment grade (1) |  | 54,728 |  |  | 1,276 |  |  | (29 | ) |  | 55,975 |
Corporate debt securities: |  |  |  |  |  |  |  |  |
Investment grade (1) |  | 418,104 |  |  | 475 |  |  | (1,715 | ) |  | 416,864 |
Non-investment grade (1) |  | 10,191 |  |  | — |  |  | (1,783 | ) |  | 8,408 |
Other securities |  | 44,785 |  |  | 706 |  |  | (63 | ) |  | 45,428 |
Total available-for-sale investment securities |  | 3,220,048 |  |  | 26,645 |  |  | (6,361 | ) |  | 3,240,332 |
Held-to-maturity investment security: |  |  |  |  |  |  |  |
Non-agency commercial mortgage-backed security |  | 159,208 |  |  | — |  |  | (929 | ) |  | 158,279 |
Total investment securities |  | $ | 3,379,256 |  |  | $ | 26,645 |  |  | $ | (7,290 | ) |  | $ | 3,398,611 |
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 |
Non-agency 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 |
(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. Classifications are based on the lower of the credit ratings by S&P or Moody’s.
Schedule of gross unrealized losses and related fair value of investment securities | 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 June 30, 2016 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Available-for-sale investment securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
U.S. government agency and U.S. government sponsored enterprise debt securities |  | 85,210 |  |  | (191 | ) |  | — |  |  | — |  |  | 85,210 |  |  | (191 | )
U.S. government agency and U.S. government sponsored enterprise mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial mortgage-backed securities |  | 50,477 |  |  | (476 | ) |  | 24,377 |  |  | (327 | ) |  | 74,854 |  |  | (803 | )
Residential mortgage-backed securities |  | 295,399 |  |  | (1,097 | ) |  | 26,327 |  |  | (626 | ) |  | 321,726 |  |  | (1,723 | )
Municipal securities |  | 4,398 |  |  | (50 | ) |  | 2,896 |  |  | (4 | ) |  | 7,294 |  |  | (54 | )
Non-agency residential mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investment grade |  | 7,470 |  |  | (29 | ) |  | — |  |  | — |  |  | 7,470 |  |  | (29 | )
Corporate debt securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investment grade |  | 149,452 |  |  | (533 | ) |  | 91,236 |  |  | (1,182 | ) |  | 240,688 |  |  | (1,715 | )
Non-investment grade |  | — |  |  | — |  |  | 8,408 |  |  | (1,783 | ) |  | 8,408 |  |  | (1,783 | )
Other securities |  | 4,500 |  |  | (1 | ) |  | 8,938 |  |  | (62 | ) |  | 13,438 |  |  | (63 | )
Total available-for-sale investment securities |  | $ | 596,906 |  |  | $ | (2,377 | ) |  | $ | 162,182 |  |  | $ | (3,984 | ) |  | $ | 759,088 |  |  | $ | (6,361 | )
Held-to-maturity investment security: |  |  |  |  |  |  |  |  |  |  |  |
Non-agency commercial mortgage-backed security |  | 158,279 |  |  | $ | (929 | ) |  | — |  |  | — |  |  | 158,279 |  |  | (929 | )
Total investment securities |  | $ | 755,185 |  |  | $ | (3,306 | ) |  | $ | 162,182 |  |  | $ | (3,984 | ) |  | $ | 917,367 |  |  | $ | (7,290 | )
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 | )
Non-agency 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 | )
Rollforward of other than temporary impairment, credit losses recognized in earnings | The following table presents a rollforward of the amounts related to the OTTI credit losses recognized in earnings for the three and six months ended June 30, 2016 and 2015:
($ in thousands) |  | Three Months Ended June 30, |  | Six Months Ended June 30,
| 2016 |  | 2015 |  | 2016 |  | 2015
Beginning balance |  | $ | — |  |  | $ | 106,688 |  |  | $ | — |  |  | $ | 112,338 |
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 |  | — |  |  | — |  |  | — |  |  | (5,650 | )
Ending balance |  | $ | — |  |  | $ | 106,688 |  |  | $ | — |  |  | $ | 106,688 |
Schedule of the proceeds, gross realized gains and losses related to the sales of investment securities | The following table presents the proceeds, gross realized gains and losses related to the sales of available-for-sale investment securities for the three and six months ended June 30, 2016 and 2015:
($ in thousands) |  | Three Months Ended June 30, |  | Six Months Ended June 30,
| 2016 |  | 2015 |  | 2016 |  | 2015
Proceeds from sales |  | $ | 211,990 |  |  | $ | 292,561 |  |  | $ | 864,743 |  |  | $ | 473,062 |
Gross realized gains |  | $ | 2,836 |  |  | $ | 5,554 |  |  | $ | 6,803 |  |  | $ | 9,958 |
Gross realized losses |  | $ | — |  |  | $ | — |  |  | $ | 125 |  |  | $ | — |
Related tax expense |  | $ | 1,192 |  |  | $ | 2,333 |  |  | $ | 2,808 |  |  | $ | 4,182 |
Schedule of maturities of investment securities | The following table presents the scheduled maturities of available-for-sale investment securities as of June 30, 2016:
($ in thousands) |  | Amortized Cost |  | Estimated Fair Value
Due within one year |  | $ | 854,642 |  |  | $ | 854,787 |
Due after one year through five years |  | 625,607 |  |  | 633,105 |
Due after five years through ten years |  | 350,091 |  |  | 352,152 |
Due after ten years |  | 1,389,708 |  |  | 1,400,288 |
Total available-for-sale investment securities |  | $ | 3,220,048 |  |  | $ | 3,240,332 |
The following table presents the scheduled maturity of the held-to-maturity investment security as of June 30, 2016:
($ in thousands) |  | Amortized Cost |  | Estimated Fair Value
Due after ten years |  | $ | 159,208 |  |  | $ | 158,279 |

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