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Note 6 - Investment Securities | 3 Months Ended
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Mar. 31, 2013
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | 6. Investment Securities Investment securities were $2.2 billion at March 31, 2013, compared to $2.1 billion at December 31, 2012. During the first quarter of 2013, due to the ongoing discussions regarding corporate income tax rates which could have a negative impact on the after-tax yields and fair values of the Company’s portfolio of municipal securities, the Company determined it may sell such securities in response to market conditions. As a result, the Company reclassified its municipal securities from securities held-to-maturity to securities available-for-sale. Concurrent with this reclassification, the Company also reclassified all other securities held-to-maturity, which together with the municipal securities had an amortized cost on the date of transfer of $722.5 million, to securities available-for-sale. At the reclassification date, a net unrealized gain was recorded in other comprehensive income for these securities totaling $40.5 million. The following table reflects the amortized cost, gross unrealized gains, gross unrealized losses, and fair values of investment securities as of March 31, 2013, and December 31, 2012:
|  | March 31, 2013 |
|  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Fair Value |
|  | (In thousands) |
Securities Available-for-Sale |  |  |  |  |  |  |  |  |  |  |  |
U.S. treasury securities |  | $ | 359,880 |  |  | $ | 234 |  |  | $ | - |  |  | $ | 360,114 |
State and municipal securities |  |  | 59,805 |  |  |  | 3,653 |  |  |  | - |  |  |  | 63,458 |
Mortgage-backed securities |  |  | 1,449,816 |  |  |  | 42,335 |  |  |  | 1,553 |  |  |  | 1,490,598 |
Collateralized mortgage obligations |  |  | 8,631 |  |  |  | 369 |  |  |  | 54 |  |  |  | 8,946 |
Asset-backed securities |  |  | 136 |  |  |  | - |  |  |  | 4 |  |  |  | 132 |
Corporate debt securities |  |  | 264,949 |  |  |  | 657 |  |  |  | 9,149 |  |  |  | 256,457 |
Mutual funds |  |  | 6,000 |  |  |  | 48 |  |  |  | 13 |  |  |  | 6,035 |
Preferred stock of government sponsored entities |  |  | 569 |  |  |  | 3,987 |  |  |  | - |  |  |  | 4,556 |
Total securities available-for-sale |  | $ | 2,149,786 |  |  | $ | 51,283 |  |  | $ | 10,773 |  |  | $ | 2,190,296 |
Total investment securities |  | $ | 2,149,786 |  |  | $ | 51,283 |  |  | $ | 10,773 |  |  | $ | 2,190,296 |
|  | December 31, 2012 |
|  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Fair Value |
|  | (In thousands) |
Securities Held-to-Maturity |  |  |  |  |  |  |  |  |  |  |  |
State and municipal securities |  | $ | 129,037 |  |  | $ | 9,268 |  |  | $ | - |  |  | $ | 138,305 |
Mortgage-backed securities |  |  | 634,757 |  |  |  | 40,801 |  |  |  | - |  |  |  | 675,558 |
Corporate debt securities |  |  | 9,974 |  |  |  | 69 |  |  |  | - |  |  |  | 10,043 |
Total securities held-to-maturity |  | $ | 773,768 |  |  | $ | 50,138 |  |  | $ | - |  |  | $ | 823,906 |
Securities Available-for-Sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. treasury securities |  | $ | 509,748 |  |  | $ | 228 |  |  | $ | 5 |  |  | $ | 509,971 |
Mortgage-backed securities |  |  | 404,505 |  |  |  | 12,194 |  |  |  | 5 |  |  |  | 416,694 |
Collateralized mortgage obligations |  |  | 9,772 |  |  |  | 430 |  |  |  | 34 |  |  |  | 10,168 |
Asset-backed securities |  |  | 145 |  |  |  | - |  |  |  | 4 |  |  |  | 141 |
Corporate debt securities |  |  | 349,973 |  |  |  | 106 |  |  |  | 14,102 |  |  |  | 335,977 |
Mutual funds |  |  | 6,000 |  |  |  | 79 |  |  |  | - |  |  |  | 6,079 |
Preferred stock of government sponsored entities |  |  | 569 |  |  |  | 1,766 |  |  |  | - |  |  |  | 2,335 |
Trust preferred securities |  |  | 9,964 |  |  |  | 151 |  |  |  | - |  |  |  | 10,115 |
Total securities available-for-sale |  | $ | 1,290,676 |  |  | $ | 14,954 |  |  | $ | 14,150 |  |  | $ | 1,291,480 |
Total investment securities |  | $ | 2,064,444 |  |  | $ | 65,092 |  |  | $ | 14,150 |  |  | $ | 2,115,386 |
The amortized cost and fair value of investment securities at March 31, 2013, by contractual maturities, are shown below. Actual maturities may differ from contractual maturities because borrowers may have the right to call or repay obligations with or without call or repayment penalties.
|  | Securities available-for-sale |
|  | Amortized cost |  |  | Fair value |
|  | (In thousands) |
Due in one year or less |  | $ | 299,974 |  |  | $ | 300,139 |
Due after one year through five years |  |  | 186,517 |  |  |  | 184,546 |
Due after five years through ten years |  |  | 222,033 |  |  |  | 221,132 |
Due after ten years (1) |  |  | 1,441,262 |  |  |  | 1,484,479 |
Total |  | $ | 2,149,786 |  |  | $ | 2,190,296 |
(1) Equity securities are reported in this category Proceeds from sales of mortgage-backed securities were zero and repayments, maturities and calls of mortgage-backed securities were $98.4 million during the first quarter of 2013 compared to proceeds from sales of $117.6 million and repayments, maturities, and calls of $94.2 million during the same quarter a year ago. Proceeds from sales of other investment securities were $320.2 million during the first quarter of 2013 compared to $30.6 million during the same quarter a year ago. Proceeds from maturity and calls of investment securities were $10.1 million during the first quarter of 2013 compared to $200.0 million during the same quarter a year ago. Gains of $6.3 million and no losses of were realized on sales and calls of investment securities during the first quarter of 2013 compared to gains of $2.8 million and losses of $595,000 realized for the same quarter a year ago. The Company's unrealized loss on investments in corporate bonds relates to 27 issues of investments in bonds of financial institutions, all of which were investment grade at the date of acquisition and as of March 31, 2013. The unrealized losses were primarily caused by the widening of credit spreads since the dates of acquisition. The contractual terms of those investments do not permit the issuers to settle the security at a price less than the amortized cost of the investment. The Company currently does not believe it is probable that it will be unable to collect all amounts due according to the contractual terms of the investments. Therefore, it is expected that these bonds would not be settled at a price less than the amortized cost of the investment. Because the Company does not intend to sell and would not be required to sell these investments until a recovery of fair value, which may be at maturity, it does not consider its investments in these corporate bonds to be other-than-temporarily impaired at March 31, 2013. The temporarily impaired securities represent 24.2% of the fair value of investment securities as of March 31, 2013. Unrealized losses for securities with unrealized losses for less than twelve months represent 0.5%, and securities with unrealized losses for twelve months or more represent 4.4%, of the historical cost of these securities. Unrealized losses on these securities generally resulted from increases in interest rate spreads subsequent to the date that these securities were purchased. At March 31, 2013, management believed the impairment was temporary and, accordingly, no impairment loss has been recognized in our condensed consolidated statements of operations. The Company expects to recover the amortized cost basis of its debt securities, and has no intent to sell and will not be required to sell available-for-sale debt securities that have declined below their cost before their anticipated recovery. The table below shows the fair value and unrealized losses of the temporarily impaired securities in our investment securities portfolio as of March 31, 2013, and December 31, 2012:
|  | March 31, 2013 |
|  | Temporarily impaired securities |
|  | Less than 12 months |  |  | 12 months or longer |  |  | Total |
|  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |
|  | (Dollars in thousands) |
Securities Available-for-Sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed securities |  | $ | 321,604 |  |  | $ | 1,551 |  |  | $ | 163 |  |  | $ | 1 |  |  | $ | 321,767 |  |  | $ | 1,552 |
Mortgage-backed securities-Non-agency |  |  | - |  |  |  | - |  |  |  | 96 |  |  |  | 1 |  |  |  | 96 |  |  |  | 1 |
Collateralized mortgage obligations |  |  | - |  |  |  | - |  |  |  | 417 |  |  |  | 54 |  |  |  | 417 |  |  |  | 54 |
Asset-backed securities |  |  | - |  |  |  | - |  |  |  | 132 |  |  |  | 4 |  |  |  | 132 |  |  |  | 4 |
Corporate debt securities |  |  | 9,855 |  |  |  | 145 |  |  |  | 195,996 |  |  |  | 9,004 |  |  |  | 205,851 |  |  |  | 9,149 |
Mutual funds |  |  | 1,987 |  |  |  | 13 |  |  |  | - |  |  |  | - |  |  |  | 1,987 |  |  |  | 13 |
Total securities available-for-sale |  | $ | 333,446 |  |  | $ | 1,709 |  |  | $ | 196,804 |  |  | $ | 9,064 |  |  | $ | 530,250 |  |  | $ | 10,773 |
Total investment securities |  | $ | 333,446 |  |  | $ | 1,709 |  |  | $ | 196,804 |  |  | $ | 9,064 |  |  | $ | 530,250 |  |  | $ | 10,773 |
|  | December 31, 2012 |
|  | Temporarily Impaired Securities |
|  | Less than 12 months |  |  | 12 months or longer |  |  | Total |
|  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |
|  | (Dollars in thousands) |
Securities Held-to-Maturity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total securities held-to-maturity |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |
Securities Available-for-Sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. treasury securities |  | $ | 49,969 |  |  | $ | 5 |  |  | $ | - |  |  | $ | - |  |  | $ | 49,969 |  |  | $ | 5 |
Mortgage-backed securities |  |  | 231 |  |  |  | 1 |  |  |  | 170 |  |  |  | 1 |  |  |  | 401 |  |  |  | 2 |
Mortgage-backed securities-Non-agency |  |  | - |  |  |  | - |  |  |  | 96 |  |  |  | 2 |  |  |  | 96 |  |  |  | 2 |
Collateralized mortgage obligations |  |  | - |  |  |  | - |  |  |  | 439 |  |  |  | 35 |  |  |  | 439 |  |  |  | 35 |
Asset-backed securities |  |  | - |  |  |  | - |  |  |  | 141 |  |  |  | 4 |  |  |  | 141 |  |  |  | 4 |
Corporate debt securities |  |  | 52,468 |  |  |  | 2,532 |  |  |  | 253,430 |  |  |  | 11,570 |  |  |  | 305,898 |  |  |  | 14,102 |
Total securities available-for-sale |  | $ | 102,668 |  |  | $ | 2,538 |  |  | $ | 254,276 |  |  | $ | 11,612 |  |  | $ | 356,944 |  |  | $ | 14,150 |
Total investment securities |  | $ | 102,668 |  |  | $ | 2,538 |  |  | $ | 254,276 |  |  | $ | 11,612 |  |  | $ | 356,944 |  |  | $ | 14,150 |
Investment securities having a carrying value of $1.36 billion at March 31, 2013, and $1.45 billion at December 31, 2012, were pledged to secure public deposits, other borrowings, treasury tax and loan, Federal Home Loan Bank advances, securities sold under agreements to repurchase, interest rate swaps, and foreign exchange transactions.

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- 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 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27405-111563 Reference 2: 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 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 115 -Paragraph 3, 19, 20, 21, 22, 137 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 4: 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 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 320 -Glossary Debt Security -URI http://asc.fasb.org/extlink&oid=6509901 Reference 7: 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=6872113&loc=d3e27232-111563 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=6872113&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 2 -URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27161-111563 Reference 10: 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=6872113&loc=d3e27290-111563 + Details
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