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Note 6 - Investment Securities | 3 Months Ended
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Mar. 31, 2015
Investments, Debt and Equity Securities [Abstract] |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | 6. Investment Securities Investment securities were $1.20 billion at March 31, 2015, compared to $1.32 billion at December 31, 2014. The following tables reflect the amortized cost, gross unrealized gains, gross unrealized losses, and fair value of investment securities as of March 31, 2015, and December 31, 2014:
|  | March 31, 2015 |
|  |  |  |  |  | Gross |  |  | Gross |  |  |  |  |
|  | Amortized |  |  | Unrealized |  |  | Unrealized |  |  |  |  |
|  | Cost |  |  | Gains |  |  | Losses |  |  | Fair Value |
|  | (In thousands) |
Securities Available-for-Sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. treasury securities |  | $ | 349,830 |  |  | $ | 353 |  |  | $ | - |  |  | $ | 350,183 |
Mortgage-backed securities |  |  | 756,758 |  |  |  | 3,904 |  |  |  | 333 |  |  |  | 760,329 |
Collateralized mortgage obligations |  |  | 74 |  |  |  | - |  |  |  | 32 |  |  |  | 42 |
Corporate debt securities |  |  | 74,946 |  |  |  | 730 |  |  |  | 1,165 |  |  |  | 74,511 |
Mutual funds |  |  | 6,000 |  |  |  | - |  |  |  | 79 |  |  |  | 5,921 |
Preferred stock of government sponsored entities |  |  | 6,686 |  |  |  | 844 |  |  |  | 3,584 |  |  |  | 3,946 |
Other equity securities |  |  | 3,628 |  |  |  | 5,125 |  |  |  | 3 |  |  |  | 8,750 |
Total |  | $ | 1,197,922 |  |  | $ | 10,956 |  |  | $ | 5,196 |  |  | $ | 1,203,682 |
|  | December 31, 2014 |
|  |  |  |  |  | Gross |  |  | Gross |  |  |  |  |
|  | Amortized |  |  | Unrealized |  |  | Unrealized |  |  |  |  |
|  | Cost |  |  | Gains |  |  | Losses |  |  | Fair Value |
|  | (In thousands) |
Securities Available-for-Sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. treasury securities |  | $ | 664,206 |  |  | $ | 63 |  |  | $ | 265 |  |  | $ | 664,004 |
Mortgage-backed securities |  |  | 549,296 |  |  |  | 1,393 |  |  |  | 6,386 |  |  |  | 544,303 |
Collateralized mortgage obligations |  |  | 79 |  |  |  | - |  |  |  | 34 |  |  |  | 45 |
Corporate debt securities |  |  | 94,943 |  |  |  | 776 |  |  |  | 1,247 |  |  |  | 94,472 |
Mutual funds |  |  | 6,000 |  |  |  | - |  |  |  | 134 |  |  |  | 5,866 |
Preferred stock of government sponsored entities |  |  | 6,276 |  |  |  | 681 |  |  |  | 3,733 |  |  |  | 3,224 |
Other equity securities |  |  | 3,608 |  |  |  | 3,413 |  |  |  | - |  |  |  | 7,021 |
Total |  | $ | 1,324,408 |  |  | $ | 6,326 |  |  | $ | 11,799 |  |  | $ | 1,318,935 |
The amortized cost and fair value of investment securities at March 31, 2015, 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 |  | $ | 174,987 |  |  | $ | 175,062 |
Due after one year through five years |  |  | 194,247 |  |  |  | 195,198 |
Due after five years through ten years |  |  | 65,595 |  |  |  | 65,057 |
Due after ten years (1) |  |  | 763,093 |  |  |  | 768,365 |
Total |  | $ | 1,197,922 |  |  | $ | 1,203,682 |
(1) Equity securities are reported in this category |  |  |  |  |
Proceeds from sales of mortgage-backed securities were $406.9 million and from repayments, maturities and calls of mortgage-backed securities were $12.1 million during the first quarter of 2015 compared to proceeds from sales of $123.7 million and proceeds of $20.5 million from repayments, maturities, and calls during the same period a year ago. Proceeds from sales of other investment securities were $335.1 million during the first quarter of 2015 compared to $16.0 million during the same period a year ago. Proceeds from maturities and calls of other investment securities were zero during the first quarter of 2015 compared to $112.9 million during the same period a year ago. Gains of $1.7 million and losses of $1.7 million were realized on sales of investment securities during the first quarter of 2015 compared to gains of $6.0 million and losses of $67,000 realized during the same period a year ago. The tables below show the fair value and unrealized losses of the temporarily impaired securities in our investment securities portfolio as of March 31, 2015, and December 31, 2014:
|  | March 31, 2015 |
|  | Temporarily impaired securities |
|  | Less than 12 months |  |  | 12 months or longer |  |  | Total |
|  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |
|  | Value |  |  | Losses |  |  | Value |  |  | Losses |  |  | Value |  |  | Losses |
|  | (Dollars in thousands) |
Securities Available-for-Sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed securities |  | $ | 145,297 |  |  | $ | 332 |  |  | $ | 7 |  |  | $ | 1 |  |  | $ | 145,304 |  |  | $ | 333 |
Collateralized mortgage obligations |  |  | - |  |  |  | - |  |  |  | 41 |  |  |  | 32 |  |  |  | 41 |  |  |  | 32 |
Corporate debt securities |  |  | - |  |  |  | - |  |  |  | 43,835 |  |  |  | 1,165 |  |  |  | 43,835 |  |  |  | 1,165 |
Mutual funds |  |  | - |  |  |  | - |  |  |  | 5,921 |  |  |  | 79 |  |  |  | 5,921 |  |  |  | 79 |
Preferred stock of government sponsored entities |  |  | 2,597 |  |  |  | 3,584 |  |  |  | - |  |  |  | - |  |  |  | 2,597 |  |  |  | 3,584 |
Other equity securities |  |  | 17 |  |  |  | 3 |  |  |  | - |  |  |  | - |  |  |  | 17 |  |  |  | 3 |
Total |  | $ | 147,911 |  |  | $ | 3,919 |  |  | $ | 49,804 |  |  | $ | 1,277 |  |  | $ | 197,715 |  |  | $ | 5,196 |
|  | December 31, 2014 |
|  | Temporarily impaired securities |
|  | Less than 12 months |  |  | 12 months or longer |  |  | Total |
|  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |
|  | Value |  |  | Losses |  |  | Value |  |  | Losses |  |  | Value |  |  | Losses |
|  | (Dollars in thousands) |
Securities Available-for-Sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. treasury securities |  | $ | 374,153 |  |  | $ | 265 |  |  | $ | - |  |  | $ | - |  |  | $ | 374,153 |  |  | $ | 265 |
Mortgage-backed securities |  |  | - |  |  |  | - |  |  |  | 425,090 |  |  |  | 6,386 |  |  |  | 425,090 |  |  |  | 6,386 |
Collateralized mortgage obligations |  |  | - |  |  |  | - |  |  |  | 45 |  |  |  | 34 |  |  |  | 45 |  |  |  | 34 |
Corporate debt securities |  |  | - |  |  |  | - |  |  |  | 63,753 |  |  |  | 1,247 |  |  |  | 63,753 |  |  |  | 1,247 |
Mutual funds |  |  | - |  |  |  | - |  |  |  | 5,866 |  |  |  | 134 |  |  |  | 5,866 |  |  |  | 134 |
Preferred stock of government sponsored entities |  |  | 2,448 |  |  |  | 3,733 |  |  |  | - |  |  |  | - |  |  |  | 2,448 |  |  |  | 3,733 |
Total |  | $ | 376,601 |  |  | $ | 3,998 |  |  | $ | 494,754 |  |  | $ | 7,801 |  |  | $ | 871,355 |  |  | $ | 11,799 |
At March 31, 2015, management believed the impairment was temporary and, accordingly, no impairment loss on debt securities 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. Investment securities having a carrying value of $575.5 million at March 31, 2015, and $591.3 million at December 31, 2014, were pledged to secure public deposits, other borrowings, treasury tax and loan, and securities sold under agreements to repurchase.

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