XML 22 R11.htm IDEA: XBRL DOCUMENT
v3.5.0.2

Note 6 - Investment Securities | 9 Months Ended
--- | ---
Sep. 30, 2016
Notes to Financial Statements |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | 6 . Investment Securities Investment securities were $1.30 billion as of September 30, 2016, compared to $1.59 billion as of December 31, 2015. The following tables reflect the amortized cost, gross unrealized gains, gross unrealized losses, and fair value of investment securities as of September 30, 2016, and December 31, 2015:
|  | September 30, 2016 |
|  |  |  |  |  | Gross |  |  | Gross |  |  |  |  |
|  | Amortized |  |  | Unrealized |  |  | Unrealized |  |  |  |  |
|  | Cost |  |  | Gains |  |  | Losses |  |  | Fair Value |
|  | (In thousands) |
Securities Available-for-Sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. treasury securities |  | $ | 389,921 |  |  | $ | 112 |  |  | $ | 24 |  |  | $ | 390,009 |
U.S. government sponsored entities |  |  | 250,000 |  |  |  | 79 |  |  |  | 69 |  |  |  | 250,010 |
Mortgage-backed securities |  |  | 556,454 |  |  |  | 7,186 |  |  |  | 2 |  |  |  | 563,638 |
Collateralized mortgage obligations |  |  | 52 |  |  |  | - |  |  |  | 22 |  |  |  | 30 |
Corporate debt securities |  |  | 74,962 |  |  |  | 444 |  |  |  | 937 |  |  |  | 74,469 |
Mutual funds |  |  | 6,000 |  |  |  | - |  |  |  | 74 |  |  |  | 5,926 |
Preferred stock of government sponsored entities |  |  | 2,811 |  |  |  | 565 |  |  |  | 188 |  |  |  | 3,188 |
Other equity securities |  |  | 3,608 |  |  |  | 7,591 |  |  |  | - |  |  |  | 11,199 |
Total |  | $ | 1,283,808 |  |  | $ | 15,977 |  |  | $ | 1,316 |  |  | $ | 1,298,469 |
|  | December 31, 2015 |
|  |  |  |  |  | Gross |  |  | Gross |  |  |  |  |
|  | Amortized |  |  | Unrealized |  |  | Unrealized |  |  |  |  |
|  | Cost |  |  | Gains |  |  | Losses |  |  | Fair Value |
|  | (In thousands) |
Securities Available-for-Sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. treasury securities |  | $ | 284,678 |  |  | $ | 5 |  |  | $ | 395 |  |  | $ | 284,288 |
U.S. government sponsored entities |  |  | 150,000 |  |  |  | - |  |  |  | 1,840 |  |  |  | 148,160 |
Mortgage-backed securities |  |  | 1,073,108 |  |  |  | 560 |  |  |  | 11,399 |  |  |  | 1,062,269 |
Collateralized mortgage obligations |  |  | 63 |  |  |  | - |  |  |  | 27 |  |  |  | 36 |
Corporate debt securities |  |  | 74,955 |  |  |  | 425 |  |  |  | 1,525 |  |  |  | 73,855 |
Mutual funds |  |  | 6,000 |  |  |  | - |  |  |  | 167 |  |  |  | 5,833 |
Preferred stock of government sponsored entities |  |  | 2,811 |  |  |  | 633 |  |  |  | 228 |  |  |  | 3,216 |
Other equity securities |  |  | 4,108 |  |  |  | 4,929 |  |  |  | 342 |  |  |  | 8,695 |
Total |  | $ | 1,595,723 |  |  | $ | 6,552 |  |  | $ | 15,923 |  |  | $ | 1,586,352 |
The amortized cost and fair value of investment securities as of September 30, 2016, 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 |  | $ | 289,859 |  |  | $ | 289,923 |
Due after one year through five years |  |  | 353,931 |  |  |  | 353,682 |
Due after five years through ten years |  |  | 75,117 |  |  |  | 75,076 |
Due after ten years (1) |  |  | 564,901 |  |  |  | 579,788 |
Total |  | $ | 1,283,808 |  |  | $ | 1,298,469 |
(1) Equity securities are reported in this category Proceeds of $415.3 million were received from the sales transactions of mortgage-backed securities during the first nine months of 2016. Proceeds of $648.0 million were received from the sale of mortgage-backed securities during the first nine months of 2015. Proceeds from repayments, maturities and calls of mortgage-backed securities were $125.3 million and $67.3 million for the nine months ended September 30, 2016 and 2015, respectively. There were no sales transactions of other investment securities during the nine months ended September 30, 2016. Proceeds of $385.2 million were received from the sale of other investment securities during the nine months ended September 30, 2015. Proceeds from maturities and calls of other investment securities were $460.0 million during the nine months ended September 30, 2016 compared to $165.0 million during the same period a year ago. Gains of $3.3 million and zero losses were realized on sales of investment securities in addition to a permanent impairment write-down of $206,000 that was recorded during the nine months ended September 30, 2016 compared to gains of $2.4 million and losses of $1.9 million 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 September 30, 2016, and December 31, 2015:
|  | September 30, 2016 |
|  | Temporarily impaired securities |
|  | Less than 12 months |  |  | 12 months or longer |  |  | Total |
|  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |
|  | Value |  |  | Losses |  |  | Value |  |  | Losses |  |  | Value |  |  | Losses |
|  | (in thousands) |
Securities Available-for-Sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. treasury securities |  | $ | 149,983 |  |  | $ | 24 |  |  | $ | - |  |  | $ | - |  |  | $ | 149,983 |  |  | $ | 24 |
U.S. government sponsored entities |  |  | 149,931 |  |  |  | 69 |  |  |  | - |  |  |  | - |  |  |  | 149,931 |  |  |  | 69 |
Mortgage-backed securities |  |  | 44 |  |  |  | 1 |  |  |  | 265 |  |  |  | 1 |  |  |  | 309 |  |  |  | 2 |
Collateralized mortgage obligations |  |  | - |  |  |  | - |  |  |  | 30 |  |  |  | 22 |  |  |  | 30 |  |  |  | 22 |
Corporate debt securities |  |  | - |  |  |  | - |  |  |  | 54,063 |  |  |  | 937 |  |  |  | 54,063 |  |  |  | 937 |
Mutual funds |  |  | - |  |  |  | - |  |  |  | 5,926 |  |  |  | 74 |  |  |  | 5,926 |  |  |  | 74 |
Preferred stock of government sponsored entities |  |  | 2,528 |  |  |  | 188 |  |  |  | - |  |  |  | - |  |  |  | 2,528 |  |  |  | 188 |
Total |  | $ | 302,486 |  |  | $ | 282 |  |  | $ | 60,284 |  |  | $ | 1,034 |  |  | $ | 362,770 |  |  | $ | 1,316 |
|  | December 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 |
|  | (in thousands) |
Securities Available-for-Sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. treasury securities |  | $ | 224,289 |  |  | $ | 395 |  |  | $ | - |  |  | $ | - |  |  | $ | 224,289 |  |  | $ | 395 |
U.S. government sponsored entities |  |  | 148,160 |  |  |  | 1,840 |  |  |  | - |  |  |  | - |  |  |  | 148,160 |  |  |  | 1,840 |
Mortgage-backed securities |  |  | 1,025,342 |  |  |  | 11,398 |  |  |  | 6 |  |  |  | 1 |  |  |  | 1,025,348 |  |  |  | 11,399 |
Collateralized mortgage obligations |  |  | - |  |  |  | - |  |  |  | 36 |  |  |  | 27 |  |  |  | 36 |  |  |  | 27 |
Corporate debt securities |  |  | 9,950 |  |  |  | 50 |  |  |  | 43,525 |  |  |  | 1,475 |  |  |  | 53,475 |  |  |  | 1,525 |
Mutual funds |  |  | - |  |  |  | - |  |  |  | 5,833 |  |  |  | 167 |  |  |  | 5,833 |  |  |  | 167 |
Preferred stock of government sponsored entities |  |  | 2,488 |  |  |  | 228 |  |  |  | - |  |  |  | - |  |  |  | 2,488 |  |  |  | 228 |
Other equity securities |  |  | 158 |  |  |  | 342 |  |  |  | - |  |  |  | - |  |  |  | 158 |  |  |  | 342 |
Total |  | $ | 1,410,387 |  |  | $ | 14,253 |  |  | $ | 49,400 |  |  | $ | 1,670 |  |  | $ | 1,459,787 |  |  | $ | 15,923 |
As of September 30, 2016, the Company had unrealized losses of $1.3 million. The unrealized losses on these securities were primarily attributed to yield curve movement, together with the widened liquidity spread and credit spread. The issuers have not, to the Company’s knowledge, established any cause for default on these securities. Management believes the impairment was temporary and, accordingly, no impairment loss on these 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 $505.9 million as of September 30, 2016, and $449.6 million as of December 31, 2015, were pledged to secure public deposits, other borrowings, treasury tax and loan, and securities sold under agreements to repurchase.

X
- References No definition available. + Details
Name: | us-gaap_DisclosureTextBlockAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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 -Glossary Debt Security -URI http://asc.fasb.org/extlink&oid=6509901 Reference 2: 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=73527792&loc=d3e27290-111563 Reference 3: 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 4: 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=73527792&loc=d3e27232-111563 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 942 -SubTopic 320 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6957658&loc=d3e62557-112803 Reference 7: 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=73527792&loc=d3e27161-111563 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=73527792&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 10 -URI http://asc.fasb.org/extlink&oid=73527792&loc=d3e27405-111563 + Details
Name: | us-gaap_InvestmentsInDebtAndMarketableEquitySecuritiesAndCertainTradingAssetsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration