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AVAILABLE-FOR-SALE INVESTMENT SECURITIES (Tables)
 6 Months Ended
Jun. 30, 2015
AVAILABLE-FOR-SALE INVESTMENT SECURITIES  
Schedule of amortized cost, gross unrealized gains, gross unrealized losses and fair value by major categories of available-for-sale investment securities
($ in thousands)
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair
Value
June 30, 2015
 

 

 

 

Available-for-sale investment securities:
 

 

 

 

U.S. Treasury securities
$
1,194,790

$
5,493

$
(172
)
$
1,200,111

U.S. government agency and U.S. government sponsored enterprise debt securities
425,495

584

(1,216
)
424,863

U.S. government agency and U.S. government sponsored enterprise mortgage-backed securities:
 

 

 

 

Commercial mortgage-backed securities
187,831

502

(945
)
187,388

Residential mortgage-backed securities
682,740

9,043

(3,071
)
688,712

Municipal securities
205,703

3,580

(2,861
)
206,422

Other residential mortgage-backed securities:
 

Investment grade (1)
61,737

466

(295
)
61,908

Corporate debt securities:
 

Investment grade (1)
157,200

336

(558
)
156,978

Non-investment grade (1)
11,525

—

(1,500
)
10,025

Other securities
45,914

157

(332
)
45,739

Total available-for-sale investment securities
$
2,972,935

$
20,161

$
(10,950
)
$
2,982,146

December 31, 2014
 

 

 

 

Available-for-sale investment securities:
 

 

 

 

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 available-for-sale investment securities
$
2,619,205

$
21,128

$
(13,968
)
$
2,626,365

(1)
Available-for-sale investment securities rated BBB- or higher by S&P or Baa3 or higher by Moody’s are considered investment grade. Conversely, available-for-sale investment securities rated lower than BBB- by S&P or lower than Baa3 by Moody’s are considered non-investment grade.
Schedule of sales of available-for-sale investment securities
Three Months Ended
June 30,
Six Months Ended
June 30,
($ in thousands)
2015
2014
2015
 
2014
Proceeds from sales
$
292,561

$
21,611

$
473,062

$
351,842

Gross realized gains
$
5,554

$
671

$
9,958

$
4,216

Gross realized losses
$
—

$
—

$
—

$
127

(1) 
Related tax expense
$
2,333

$
282

$
4,182

$
1,717

(1)
The gross $127 thousand of losses resulted from the available-for-sale investment securities acquired from MetroCorp which were sold immediately after the acquisition closed.
Schedule of other than temporary impairment credit losses recognized in earnings
Three Months Ended
June 30,
Six Months Ended
June 30,
($ in thousands)
2015
2014
2015
 
2014
Beginning balance
$
106,688

$
115,511

$
112,338

$
115,511

Addition of OTTI previously not recognized
—

—

—

—

Additional increases to the amount related to the credit loss
      for which an OTTI was previously recognized
—

—

—

—

Reduction for securities sold
—

—

(5,650
)
—

Ending balance
$
106,688

$
115,511

$
106,688

$
115,511


Gross unrealized losses and related fair values of available-for-sale investment securities
 
Less Than 12 Months
12 Months or More
Total
($ in thousands)
Fair
Value
Gross
Unrealized
Losses
Fair
Value
Gross
Unrealized
Losses
Fair
Value
Gross
Unrealized
Losses
June 30, 2015
 

 

 

 

 

 

Available-for-sale investment securities:
 

 

 

 

 

 

U.S. Treasury securities
$
61,141

$
(30
)
$
50,766

$
(142
)
$
111,907

$
(172
)
U.S. government agency and U.S. government sponsored enterprise debt securities
256,518

(1,106
)
24,887

(110
)
281,405

(1,216
)
U.S. government agency and U.S. government sponsored enterprise mortgage-backed securities:
 

 

Commercial mortgage-backed securities
86,572

(504
)
21,982

(441
)
108,554

(945
)
Residential mortgage-backed securities
135,426

(1,115
)
96,853

(1,956
)
232,279

(3,071
)
Municipal securities
52,924

(1,906
)
15,262

(955
)
68,186

(2,861
)
Other residential mortgage-backed securities:
 

 

Investment grade
5,684

(16
)
6,589

(279
)
12,273

(295
)
Corporate debt securities:
 

 

Investment grade
10,050

(36
)
90,618

(522
)
100,668

(558
)
Non-investment grade
—

—

10,025

(1,500
)
10,025

(1,500
)
Other securities
18,047

(53
)
8,721

(279
)
26,768

(332
)
Total available-for-sale investment securities
$
626,362

$
(4,766
)
$
325,703

$
(6,184
)
$
952,065

$
(10,950
)


 
Less Than 12 Months
12 Months or More
Total
($ in thousands)
Fair
Value
Gross
Unrealized
Losses
Fair
Value
Gross
Unrealized
Losses
Fair
Value
Gross
Unrealized
Losses
December 31, 2014
 

 

 

 

 

 

Available-for-sale investment securities:
 

 

 

 

 

 

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 available-for-sale investment securities
$
414,390

$
(2,051
)
$
718,223

$
(11,917
)
$
1,132,613

$
(13,968
)

Scheduled maturities of available-for-sale investment securities
($ in thousands)
Amortized Cost
Fair Value
Due within one year
$
432,277

$
430,898

Due after one year through five years
1,407,326

1,414,615

Due after five years through ten years
328,129

325,541

Due after ten years
805,203

811,092

Total available-for-sale investment securities
$
2,972,935

$
2,982,146