INVESTMENT SECURITIES (Tables)

12 Months Ended

Dec. 31, 2014

Schedule of amortized cost, gross unrealized gains, gross unrealized losses and fair value by major categories of available-for-sale securities



	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
			(In thousands)
As of December 31, 2014
Investment securities available-for-sale:
U.S. Treasury securities	$	873,101	$	1,971	$	(1,637	)	$	873,435
U.S. government agency and U.S. government sponsored enterprise debt securities	311,927		490		(1,393		)	311,024
U.S. government agency and U.S. government sponsored enterprise mortgage-backed securities:
Commercial mortgage-backed securities	140,957		1,056		(593		)	141,420
Residential mortgage-backed securities	785,412		9,754		(4,078		)	791,088
Municipal securities	245,408		6,202		(1,162		)	250,448
Other residential mortgage-backed securities:
Investment grade⁽¹⁾	52,694		1,359		(135		)	53,918
Other commercial mortgage-backed securities:
Investment grade ⁽¹⁾	34,000		53		—			34,053
Corporate debt securities:
Investment grade ⁽¹⁾	116,236		—		(1,054		)	115,182
Non-investment grade ⁽¹⁾	17,881		—		(3,200		)	14,681
Other securities	41,589		243		(716		)	41,116
Total investment securities available-for-sale	$	2,619,205	$	21,128	$	(13,968	)	$	2,626,365
As of December 31, 2013
Investment securities available-for-sale:
U.S. Treasury securities	$	495,053	$	201	$	(3,622	)	$	491,632
U.S. government agency and U.S. government sponsored enterprise debt securities	406,807		242		(12,726		)	394,323
U.S. government agency and U.S. government sponsored enterprise mortgage-backed securities:
Commercial mortgage-backed securities	182,257		1,062		(4,449		)	178,870
Residential mortgage-backed securities	892,435		7,729		(14,927		)	885,237
Municipal securities	297,390		1,122		(17,533		)	280,979
Other residential mortgage-backed securities:
Investment grade ⁽¹⁾	48,129		—		(1,802		)	46,327
Other commercial mortgage-backed securities:
Investment grade ⁽¹⁾	51,000		617		—			51,617
Corporate debt securities:
Investment grade ⁽¹⁾	312,726		613		(3,344		)	309,995
Non-investment grade ⁽¹⁾	20,668		62		(5,629		)	15,101
Other securities	80,025		555		(864		)	79,716
Total investment securities available-for-sale	$	2,786,490	$	12,203	$	(64,896	)	$	2,733,797


(1)	Investment securities rated BBB- or higher by S&P, or Baa3 or higher by Moody are considered investment grade. Conversely, investment securities rated below BBB- by S&P, or below Baa3 by Moody are considered non-investment grade.

Schedule of sales of investment securities



	2014			2013		2012
				(In thousands)
Proceeds from sales	$	623,689		$	663,569	$	1,230,134
Gross realized gains	$	10,978		$	13,904	$	28,211
Gross realized losses	$	127	^$(1)	$	1,815	$	27,454
Related tax expense	$	4,557		$	5,077	$	318


(1)	The gross $127 thousand of losses resulted from the investment securities acquired from MetroCorp which were sold immediately after the acquisition closed.

Schedule of other than temporary impairment, credit losses recognized in earnings



	2014			2013		2012
	(In thousands)
Beginning balance	$	115,511		$	115,511	$	115,412
Addition of OTTI that was not previously recognized	—			—		—
Additional increases to the amount related to the credit loss for which an OTTI was previously recognized	—			—		99
Reduction for securities sold	(3,173		)	—		—
Ending balance	$	112,338		$	115,511	$	115,511

Gross unrealized losses and related fair values of investment securities available-for-sale



	Less Than 12 Months					12 Months or More					Total
	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
	(In thousands)
As of December 31, 2014
Investment securities available-for-sale:
U.S. Treasury securities	$	170,260	$	(266	)	$	163,800	$	(1,371	)	$	334,060	$	(1,637	)
U.S. government agency and U.S. government sponsored enterprise debt securities	69,438		(504		)	124,104		(889		)	193,542		(1,393		)
U.S. government agency and U.S. government sponsored enterprise mortgage-backed securities:
Commercial mortgage-backed securities	45,405		(257		)	16,169		(336		)	61,574		(593		)
Residential mortgage-backed securities	81,927		(270		)	241,047		(3,808		)	322,974		(4,078		)
Municipal securities	6,391		(26		)	61,107		(1,136		)	67,498		(1,162		)
Other residential mortgage-backed securities:
Investment grade	—		—			7,217		(135		)	7,217		(135		)
Corporate debt securities:
Investment grade	25,084		(12		)	90,098		(1,042		)	115,182		(1,054		)
Non-investment grade	—		—			14,681		(3,200		)	14,681		(3,200		)
Other securities	15,885		(716		)	—		—			15,885		(716		)
Total investment securities available-for-sale	$	414,390	$	(2,051	)	$	718,223	$	(11,917	)	$	1,132,613	$	(13,968	)



	Less Than 12 Months					12 Months or More					Total
	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
	(In thousands)
As of December 31, 2013
Investment securities available-for-sale:
U.S. Treasury securities	$	337,248	$	(3,622	)	$	—	$	—		$	337,248	$	(3,622	)
U.S. government agency and U.S. government sponsored enterprise debt securities	387,097		(12,726		)	—		—			387,097		(12,726		)
U.S. government agency and U.S. government sponsored enterprise mortgage-backed securities:
Commercial mortgage-backed securities	114,754		(3,280		)	16,065		(1,169		)	130,819		(4,449		)
Residential mortgage-backed securities	502,285		(10,570		)	92,540		(4,357		)	594,825		(14,927		)
Municipal securities	173,782		(10,765		)	47,892		(6,768		)	221,674		(17,533		)
Other residential mortgage-backed securities:
Investment grade	46,327		(1,802		)	—		—			46,327		(1,802		)
Corporate debt securities:
Investment grade	193,482		(1,538		)	79,442		(1,806		)	272,924		(3,344		)
Non-investment grade	—		—			14,422		(5,629		)	14,422		(5,629		)
Other securities	48,098		(864		)	—		—			48,098		(864		)
Total investment securities available-for-sale	$	1,803,073	$	(45,167	)	$	250,361	$	(19,729	)	$	2,053,434	$	(64,896	)

Scheduled maturities of investment securities



	Amortized Cost		Estimated Fair Value
	(In thousands)
Due within one year	$	343,193	$	339,814
Due after one year through five years	1,018,469		1,022,566
Due after five years through ten years	328,317		329,172
Due after ten years	929,226		934,813
Total investment securities available-for-sale	$	2,619,205	$	2,626,365

- Definition

Tabular disclosure of available-for-sale securities which includes, but is not limited to, changes in the cost basis and fair value, fair value and gross unrealized gain (loss), fair values by type of security, contractual maturity and classification, amortized cost basis, contracts to acquire securities to be accounted for as available-for-sale, debt maturities, transfers to trading, change in net unrealized holding gain (loss) net of tax, continuous unrealized loss position fair value, aggregate losses qualitative disclosures, other than temporary impairment (OTTI) losses or other disclosures related to available for sale securities.

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- Definition

Tabular disclosure of the amount of other than temporary impairment (OTTI) related to credit losses recognized in earnings including: (a) the beginning balance of the amount related to credit losses on debt securities held by the investor at the beginning of the period for which a portion of an OTTI was recognized in other comprehensive income; (b) additions for the amount related to the credit loss for which an OTTI was not previously recognized; (c) reductions for securities sold during the period (realized); (d) reductions for securities for which the amount previously recognized in other comprehensive income was recognized in earnings because the investor intends to sell the security or more likely than not will be required to sell the security before recovery of its amortized cost basis; (e) additional increases to the amount related to the credit loss for which an OTTI was previously recognized when the investor does not intend to sell the security and it is not more likely than not that the investor will be required to sell the security before recovery of its amortized cost basis; (f) reductions for increases in cash flows expected to be collected that are recognized over the remaining life of the security; and (g) the ending balance of the amount related to credit losses on debt securities held by the entity at the end of the period for which a portion of an OTTI was recognized in other comprehensive income.

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