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Note 4 - Investment Securities | 12 Months Ended
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Dec. 31, 2013
Investments, Debt and Equity Securities [Abstract] |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | 4. Investment Securities Investment Securities. The following tables reflect the amortized cost, gross unrealized gains, gross unrealized losses, and fair values of investment securities as of December 31, 2013, and December 31, 2012:
|  | As of December 31, 2013 |
|  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Fair Value |
|  | (In thousands) |
Securities Available-for-Sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. treasury securities |  | $ | 460,095 |  |  | $ | 99 |  |  | $ | 1 |  |  | $ | 460,193 |
Mortgage-backed securities |  |  | 1,010,294 |  |  |  | 7,049 |  |  |  | 64,529 |  |  |  | 952,814 |
Collateralized mortgage obligations |  |  | 5,929 |  |  |  | 231 |  |  |  | 54 |  |  |  | 6,106 |
Asset-backed securities |  |  | 123 |  |  |  | - |  |  |  | - |  |  |  | 123 |
Corporate debt securities |  |  | 154,955 |  |  |  | 298 |  |  |  | 4,949 |  |  |  | 150,304 |
Mutual funds |  |  | 6,000 |  |  |  | - |  |  |  | 275 |  |  |  | 5,725 |
Preferred stock of government sponsored entities |  |  | 569 |  |  |  | 10,834 |  |  |  | - |  |  |  | 11,403 |
Total securities available-for-sale |  | $ | 1,637,965 |  |  | $ | 18,511 |  |  | $ | 69,808 |  |  | $ | 1,586,668 |
Total investment securities |  | $ | 1,637,695 |  |  | $ | 18,511 |  |  | $ | 69,808 |  |  | $ | 1,586,668 |
|  | As of 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 December 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 |  | $ | 460,106 |  |  | $ | 460,204 |
Due after one year through five years |  |  | 80,769 |  |  |  | 82,079 |
Due after five years through ten years |  |  | 112,654 |  |  |  | 108,840 |
Due after ten years (1) |  |  | 984,436 |  |  |  | 935,545 |
Total |  | $ | 1,637,965 |  |  | $ | 1,586,668 |
| (1) | Equity securities are reported in this category
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. Proceeds from sales of mortgage-backed securities were $456.4 million and repayments, maturities and calls of mortgage-backed securities were $213.2 million during 2013 compared to proceeds from sales of $501.1 million and repayments, maturities and calls of $118.1 million during 2012, and proceeds from sales of $759.7 million and repayments, maturities and calls of $108.4 million during 2011. Proceeds from sales of other investment securities were $575.4 million during 2013 compared to $61.0 million during 2012 and $525.0 million during 2011. Proceeds from maturity and calls of investment securities were $231.1 million during 2013 compared to $552.1 million during 2012 and $435.0 million during 2011. In 2013, gains of $29.0 million and losses of $1.6 million were realized on sales and calls of investment securities compared with $18.6 million in gains and $607,000 in losses realized in 2012, and $21.1 million in gains and no losses realized in 2011. At December 31, 2013, all of the Company’s mortgage-backed securities were rated as investment grade except for three non-agency issues. Total unrealized losses of $64.5 million from all mortgage-backed securities resulted from increases in interest rates subsequent to the date that these securities were purchased. The Company's unrealized loss on investments in corporate bonds relates to nine issues of investments in bonds of financial institutions, all of which were investment grade at the date of acquisition and as of December 31, 2013. The unrealized losses were primarily caused by the widening of credit and liquidity 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 mortgage-backed securities and corporate 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 maturity, it does not consider its investments in these mortgaged-backed securities and corporate bonds to be other-than-temporarily impaired at December 31, 2013. The temporarily impaired securities represent 62.0% of the fair value of investment securities as of December 31, 2013. Unrealized losses for securities with unrealized losses for less than twelve months represent 6.9%, and securities with unrealized losses for twelve months or more represent 4.7%, of the historical cost of these securities. Unrealized losses on these securities generally resulted from increases in interest rates, credit spreads or liquidity discounts subsequent to the date that these securities were purchased. At December 31, 2013, 19 issues of securities had unrealized losses for 12 months or longer and 30 issues of securities had unrealized losses of less than 12 months. At December 31, 2013, management believed the impairment was temporary and, accordingly, no impairment loss has been recognized in our consolidated statements of operations. We expect to recover the amortized cost basis of our debt securities, and have 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 tables below show the fair value, unrealized losses, and number of issuances of the temporarily impaired securities in our investment securities portfolio as of December 31, 2013, and December 31, 2012:
|  | As of December 31, 2013 |
|  | Temporarily Impaired Securities |
|  | Less than 12 months |  |  | 12 months or longer |  |  | Total |
|  | Fair Value |  |  | Unrealized Losses |  |  | No. of Issuances |  |  | Fair Value |  |  | Unrealized Losses |  |  | No. of Issuances |  |  | Fair Value |  |  | Unrealized Losses |  |  | No. of Issuances |
|  | (Dollars in thousands) |  |  |  |  |
Securities Available-for-Sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. treasury securities |  | $ | 75,064 |  |  | $ | 1 |  |  |  | 1 |  |  | $ | - |  |  | $ | - |  |  |  | - |  |  | $ | 75,064 |  |  | $ | 1 |  |  |  | 1 |
Mortgage-backed securities |  |  | 792,012 |  |  |  | 64,526 |  |  |  | 25 |  |  |  | 272 |  |  |  | 2 |  |  |  | 7 |  |  |  | 792,284 |  |  |  | 64,528 |  |  |  | 32 |
Mortgage-backed securities-Non-agency |  |  | 94 |  |  |  | 1 |  |  |  | 1 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 94 |  |  |  | 1 |  |  |  | 1 |
Collateralized mortgage obligations |  |  | 68 |  |  |  | 4 |  |  |  | 2 |  |  |  | 301 |  |  |  | 50 |  |  |  | 3 |  |  |  | 369 |  |  |  | 54 |  |  |  | 5 |
Corporate debt securities |  |  | 9,970 |  |  |  | 30 |  |  |  | 1 |  |  |  | 100,081 |  |  |  | 4,919 |  |  |  | 8 |  |  |  | 110,051 |  |  |  | 4,949 |  |  |  | 9 |
Mutual funds |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 5,724 |  |  |  | 275 |  |  |  | 1 |  |  |  | 5,724 |  |  |  | 275 |  |  |  | 1 |
Total securities available-for-sale |  | $ | 877,208 |  |  | $ | 64,562 |  |  |  | 30 |  |  | $ | 106,378 |  |  | $ | 5,246 |  |  |  | 19 |  |  | $ | 983,586 |  |  | $ | 69,808 |  |  |  | 49 |
|  | As of December 31, 2012 |
|  | Temporarily Impaired Securities |
|  | Less than 12 months |  |  | 12 months or longer |  |  | Total |
|  | Fair Value |  |  | Unrealized Losses |  |  | No. of Issuances |  |  | Fair Value |  |  | Unrealized Losses |  |  | No. of Issuances |  |  | Fair Value |  |  | Unrealized Losses |  |  | No. of Issuances |
|  | (Dollars in thousands) |  |  |  |  |
Securities Held-to-Maturity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total securities held-to-maturity |  | $ | - |  |  | $ | - |  |  |  | - |  |  | $ | - |  |  | $ | - |  |  |  | - |  |  | $ | - |  |  | $ | - |  |  |  | - |
Securities Available-for-Sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. treasury securities |  | $ | 49,969 |  |  | $ | 5 |  |  |  | 1 |  |  | $ | - |  |  | $ | - |  |  |  | - |  |  | $ | 49,969 |  |  | $ | 5 |  |  |  | 1 |
Mortgage-backed securities |  |  | 231 |  |  |  | 1 |  |  |  | 2 |  |  |  | 170 |  |  |  | 1 |  |  |  | 6 |  |  |  | 401 |  |  |  | 2 |  |  |  | 8 |
Mortgage-backed securities-Non-agency |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 96 |  |  |  | 2 |  |  |  | 1 |  |  |  | 96 |  |  |  | 2 |  |  |  | 1 |
Collateralized mortgage obligations |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 439 |  |  |  | 35 |  |  |  | 4 |  |  |  | 439 |  |  |  | 35 |  |  |  | 4 |
Asset-backed securities |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 141 |  |  |  | 4 |  |  |  | 1 |  |  |  | 141 |  |  |  | 4 |  |  |  | 1 |
Corporate debt securities |  |  | 52,468 |  |  |  | 2,532 |  |  |  | 4 |  |  |  | 253,430 |  |  |  | 11,570 |  |  |  | 22 |  |  |  | 305,898 |  |  |  | 14,102 |  |  |  | 26 |
Total securities available-for-sale |  | $ | 102,668 |  |  | $ | 2,538 |  |  |  | 7 |  |  | $ | 254,276 |  |  | $ | 11,612 |  |  |  | 34 |  |  | $ | 356,944 |  |  | $ | 14,150 |  |  |  | 41 |
Investment securities having a carrying value of $926.5 million at December 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, and foreign exchange transactions.

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