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INVESTMENT SECURITIES (Tables) | 9 Months Ended
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Sep. 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 September 30, 2016 |  |  |  |  |  |  |  |  |  |  |  |
Available-for-sale investment securities: |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities |  | $ | 455,019 |  |  | $ | 1,440 |  |  | $ | (11 | ) |  | $ | 456,448 |
U.S. government agency and U.S. government sponsored enterprise debt securities |  | 381,986 |  |  | 1,386 |  |  | (41 | ) |  | 383,331 |
U.S. government agency and U.S. government sponsored enterprise mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |
Commercial mortgage-backed securities |  | 325,486 |  |  | 2,791 |  |  | (1,459 | ) |  | 326,818 |
Residential mortgage-backed securities |  | 1,188,753 |  |  | 8,538 |  |  | (2,453 | ) |  | 1,194,838 |
Municipal securities |  | 149,008 |  |  | 3,423 |  |  | (138 | ) |  | 152,293 |
Non-agency residential mortgage-backed securities: |  |  |  |  |  |  |  |  |
Investment grade (1) |  | 51,396 |  |  | 1,578 |  |  | (17 | ) |  | 52,957 |
Corporate debt securities: |  |  |  |  |  |  |  |  |
Investment grade (1) |  | 282,106 |  |  | 533 |  |  | (652 | ) |  | 281,987 |
Non-investment grade (1) |  | 10,191 |  |  | — |  |  | (1,413 | ) |  | 8,778 |
Foreign bonds: |  |  |  |  |  |  |  |  |
Investment grade (1) (2) |  | 340,474 |  |  | 419 |  |  | (3,459 | ) |  | 337,434 |
Other securities |  | 40,388 |  |  | 1,355 |  |  | (3 | ) |  | 41,740 |
Total available-for-sale investment securities |  | 3,224,807 |  |  | 21,463 |  |  | (9,646 | ) |  | 3,236,624 |
Held-to-maturity investment security: |  |  |  |  |  |  |  |
Non-agency commercial mortgage-backed security |  | 154,461 |  |  | — |  |  | (165 | ) |  | 154,296 |
Total investment securities |  | $ | 3,379,268 |  |  | $ | 21,463 |  |  | $ | (9,811 | ) |  | $ | 3,390,920 |
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) |  | 280,850 |  |  | 129 |  |  | (1,547 | ) |  | 279,432 |
Non-investment grade (1) |  | 11,491 |  |  | — |  |  | (1,849 | ) |  | 9,642 |
Foreign bonds: |  |  |  |  |  |  |  |
Investment grade (1) (2) |  | 90,586 |  |  | 3 |  |  | (794 | ) |  | 89,795 |
Other securities |  | 40,149 |  |  | 124 |  |  | (380 | ) |  | 39,893 |
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.
(2) | Fair values of foreign bonds include $296.8 million and $49.7 million of multilateral development bank bonds as of September 30, 2016 and December 31, 2015, respectively.
Schedule of gross unrealized losses and related fair value of investment securities | The following table presents the Company’s investment portfolio’s gross unrealized losses and related fair values, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position:
($ 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 September 30, 2016 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Available-for-sale investment securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities |  | $ | 30,375 |  |  | $ | (11 | ) |  | $ | — |  |  | $ | — |  |  | $ | 30,375 |  |  | $ | (11 | )
U.S. government agency and U.S. government sponsored enterprise debt securities |  | 35,019 |  |  | (41 | ) |  | — |  |  | — |  |  | 35,019 |  |  | (41 | )
U.S. government agency and U.S. government sponsored enterprise mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial mortgage-backed securities |  | 61,708 |  |  | (716 | ) |  | 59,680 |  |  | (743 | ) |  | 121,388 |  |  | (1,459 | )
Residential mortgage-backed securities |  | 304,826 |  |  | (1,658 | ) |  | 70,557 |  |  | (795 | ) |  | 375,383 |  |  | (2,453 | )
Municipal securities |  | 5,334 |  |  | (111 | ) |  | 2,870 |  |  | (27 | ) |  | 8,204 |  |  | (138 | )
Non-agency residential mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investment grade |  | 7,027 |  |  | (17 | ) |  | — |  |  | — |  |  | 7,027 |  |  | (17 | )
Corporate debt securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investment grade |  | 49,377 |  |  | (178 | ) |  | 81,935 |  |  | (474 | ) |  | 131,312 |  |  | (652 | )
Non-investment grade |  | — |  |  | — |  |  | 8,778 |  |  | (1,413 | ) |  | 8,778 |  |  | (1,413 | )
Foreign bonds: |  |  |  |  |  |  |  |  |  |  |  |
Investment grade |  | 276,313 |  |  | (3,109 | ) |  | 9,650 |  |  | (350 | ) |  | 285,963 |  |  | (3,459 | )
Other securities |  | 2,690 |  |  | (3 | ) |  | — |  |  | — |  |  | 2,690 |  |  | (3 | )
Total available-for-sale investment securities |  | 772,669 |  |  | (5,844 | ) |  | 233,470 |  |  | (3,802 | ) |  | 1,006,139 |  |  | (9,646 | )
Held-to-maturity investment security: |  |  |  |  |  |  |  |  |  |  |  |
Non-agency commercial mortgage-backed security |  | 154,296 |  |  | (165 | ) |  | — |  |  | — |  |  | 154,296 |  |  | (165 | )
Total investment securities |  | $ | 926,965 |  |  | $ | (6,009 | ) |  | $ | 233,470 |  |  | $ | (3,802 | ) |  | $ | 1,160,435 |  |  | $ | (9,811 | )
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 |  | 149,358 |  |  | (683 | ) |  | 80,276 |  |  | (864 | ) |  | 229,634 |  |  | (1,547 | )
Non-investment grade |  | — |  |  | — |  |  | 9,642 |  |  | (1,849 | ) |  | 9,642 |  |  | (1,849 | )
Foreign bonds: |  |  |  |  |  |  |  |  |  |  |  |
Investment grade |  | 74,101 |  |  | (506 | ) |  | 9,713 |  |  | (288 | ) |  | 83,814 |  |  | (794 | )
Other securities |  | 13,475 |  |  | (112 | ) |  | 8,731 |  |  | (268 | ) |  | 22,206 |  |  | (380 | )
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 nine months ended September 30, 2016 and 2015:
($ in thousands) |  | Three Months Ended September 30, |  | Nine Months Ended September 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 |  | — |  |  | (74,765 | ) |  | — |  |  | (80,415 | )
Ending balance |  | $ | — |  |  | $ | 31,923 |  |  | $ | — |  |  | $ | 31,923 |
Schedule of the proceeds, gross realized gains and losses related to the sales of available-for-sale 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 nine months ended September 30, 2016 and 2015:
($ in thousands) |  | Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2016 |  | 2015 |  | 2016 |  | 2015
Proceeds from sales |  | $ | 143,513 |  |  | $ | 855,425 |  |  | $ | 1,008,256 |  |  | $ | 1,328,487 |
Gross realized gains |  | $ | 1,790 |  |  | $ | 17,036 |  |  | $ | 8,593 |  |  | $ | 26,994 |
Gross realized losses |  | $ | — |  |  | $ | — |  |  | $ | 125 |  |  | $ | — |
Related tax expense |  | $ | 752 |  |  | $ | 7,155 |  |  | $ | 3,560 |  |  | $ | 11,337 |
Schedule of maturities of investment securities | The following table presents the scheduled maturities of available-for-sale investment securities as of September 30, 2016:
($ in thousands) |  | Amortized Cost |  | Estimated Fair Value
Due within one year |  | $ | 664,482 |  |  | $ | 661,989 |
Due after one year through five years |  | 587,483 |  |  | 592,032 |
Due after five years through ten years |  | 362,297 |  |  | 363,709 |
Due after ten years |  | 1,610,545 |  |  | 1,618,894 |
Total available-for-sale investment securities |  | $ | 3,224,807 |  |  | $ | 3,236,624 |
The following table presents the scheduled maturity of the held-to-maturity investment security as of September 30, 2016:
($ in thousands) |  | Amortized Cost |  | Estimated Fair Value
Due after ten years |  | $ | 154,461 |  |  | $ | 154,296 |

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