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AVAILABLE-FOR-SALE INVESTMENT SECURITIES (Tables)
 9 Months Ended
Sep. 30, 2015
Investments, Debt and Equity Securities [Abstract]  
Schedule of amortized cost, gross unrealized gains, gross unrealized losses and fair value by major categories of available-for-sale investment securities
The following table presents the 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
September 30, 2015
 
 

 
 

 
 

 
 

Available-for-sale investment securities:
 
 

 
 

 
 

 
 

U.S. Treasury securities
 
$
750,032

 
$
2,581

 
$
(8
)
 
$
752,605

U.S. government agency and U.S. government sponsored enterprise debt securities
 
701,919

 
1,544

 
(1,619
)
 
701,844

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

 
 

 
 

 
 

Commercial mortgage-backed securities
 
271,171

 
2,584

 
(405
)
 
273,350

Residential mortgage-backed securities
 
746,632

 
10,081

 
(1,815
)
 
754,898

Municipal securities
 
203,832

 
4,604

 
(1,611
)
 
206,825

Other residential mortgage-backed securities:
 
 
 
 
 
 
 
 

Investment grade (1)
 
65,706

 
947

 
(116
)
 
66,537

Corporate debt securities:
 
 
 
 
 
 
 
 

Investment grade (1)
 
142,216

 
22

 
(1,112
)
 
141,126

Non-investment grade (1)
 
11,525

 
—

 
(1,001
)
 
10,524

Other securities
 
44,280

 
693

 
(405
)
 
44,568

Total available-for-sale investment securities
 
$
2,937,313

 
$
23,056

 
$
(8,092
)
 
$
2,952,277

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
 
41,691

 
393

 
(716
)
 
41,368

Total available-for-sale investment securities
 
$
2,619,307

 
$
21,278

 
$
(13,968
)
 
$
2,626,617

 
 
 
 
 
 
 
 
 
(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
The following table presents the proceeds, gross realized gains, and gross realized losses related to the sales of available-for-sale investment securities for the three and nine months ended September 30, 2015 and 2014:
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
 
($ in thousands)
 
2015
 
2014
 
2015
 
2014
 
Proceeds from sales
 
$
855,425

 
$
43,788

 
$
1,328,487

 
$
395,630

 
Gross realized gains
 
$
17,036

 
$
2,514

 
$
26,994

 
$
6,730

 
Gross realized losses
 
$
—

 
$
—

 
$
—

 
$
127

(1) 
Related tax expense
 
$
7,155

 
$
1,056

 
$
11,337

 
$
2,773

 
 
 
 
 
 
 
 
 
 
 
(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
The following table presents a rollforward of the amounts related to the OTTI credit losses recognized in earnings for the three and nine months ended September 30, 2015 and 2014:
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended
September 30,
 
Nine Months Ended
September 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
 
(74,765
)
 
—

 
(80,415
)
 
—

 
Ending balance
 
$
31,923

 
$
115,511

 
$
31,923

 
$
115,511

 
 
 
 
 
 
 
 
 
 
 
Gross unrealized losses and related fair values of available-for-sale investment securities
The following tables present the Company’s investment portfolio’s gross unrealized losses and related fair values, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, as of September 30, 2015 and December 31, 2014:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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
September 30, 2015
 
 

 
 

 
 

 
 

 
 

 
 

Available-for-sale investment securities:
 
 

 
 

 
 

 
 

 
 

 
 

U.S. Treasury securities
 
$
10,332

 
$
(1
)
 
$
20,479

 
$
(7
)
 
$
30,811

 
$
(8
)
U.S. government agency and U.S. government sponsored enterprise debt securities
 
180,594

 
(1,619
)
 
—

 
—

 
180,594

 
(1,619
)
U.S. government agency and U.S. government sponsored enterprise mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 

 
 

Commercial mortgage-backed securities
 
13,279

 
(63
)
 
21,500

 
(342
)
 
34,779

 
(405
)
Residential mortgage-backed securities
 
122,716

 
(520
)
 
69,189

 
(1,295
)
 
191,905

 
(1,815
)
Municipal securities
 
47,613

 
(1,028
)
 
14,536

 
(583
)
 
62,149

 
(1,611
)
Other residential mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 

 
 

Investment grade
 
7,289

 
(25
)
 
6,576

 
(91
)
 
13,865

 
(116
)
Corporate debt securities:
 
 
 
 
 
 
 
 
 
 

 
 

Investment grade
 
45,013

 
(87
)
 
90,114

 
(1,025
)
 
135,127

 
(1,112
)
Non-investment grade
 
—

 
—

 
10,524

 
(1,001
)
 
10,524

 
(1,001
)
Other securities
 
7,202

 
(6
)
 
8,601

 
(399
)
 
15,803

 
(405
)
Total available-for-sale investment securities
 
$
434,038

 
$
(3,349
)
 
$
241,519

 
$
(4,743
)
 
$
675,557

 
$
(8,092
)
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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
The following table presents the scheduled maturities of available-for-sale investment securities as of September 30, 2015:
 
 
 
 
 
($ in thousands)
 
Amortized Cost
 
Fair Value
Due within one year
 
$
672,392

 
$
672,656

Due after one year through five years
 
994,971

 
1,000,431

Due after five years through ten years
 
339,821

 
339,094

Due after ten years
 
930,129

 
940,096

Total available-for-sale investment securities
 
$
2,937,313

 
$
2,952,277