INVESTMENT SECURITIES (Tables)

9 Months Ended

Sep. 30, 2013

Investment securities available-for-sale portfolio


			Gross		Gross			Estimated
	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
	(In thousands)
As of September 30, 2013
Investment securities available-for-sale:
U.S. Treasury securities	$	527,847	$	420	$	(2,560	)	$	525,707
U.S. Government agency and U.S. Government sponsored enterprise debt securities	411,135		577		(8,651		)	403,061
U.S. Government agency and U.S. Government sponsored enterprise mortgage-backed securities:
Commercial mortgage-backed securities	181,555		1,219		(3,516		)	179,258
Residential mortgage-backed securities	981,949		9,451		(13,450		)	977,950
Municipal securities	265,214		1,202		(16,410		)	250,006
Other residential mortgage-backed securities:
Investment grade	15,489		—		(797		)	14,692
Other commercial mortgage-backed securities:
Investment grade	51,000		293		—			51,293
Corporate debt securities:
Investment grade	471,407		913		(6,392		)	465,928
Non-investment grade (1)	20,679		36		(5,773		)	14,942
Other securities	10,015		—		(91		)	9,924
Total investment securities available-for-sale	$	2,936,290	$	14,111	$	(57,640	)	$	2,892,761

As of December 31, 2012
Investment securities available-for-sale:
U.S. Treasury securities	$	459,613	$	1,135	$	(71	)	$	460,677
U.S. Government agency and U.S. Government sponsored enterprise debt securities	197,264		673		(82		)	197,855
U.S. Government agency and U.S. Government sponsored enterprise mortgage-backed securities:
Commercial mortgage-backed securities	174,036		6,665		(36		)	180,665
Residential mortgage-backed securities	1,123,880		20,883		(678		)	1,144,085
Municipal securities	163,333		4,491		(731		)	167,093
Other commercial mortgage-backed securities:
Investment grade	16,999		85		—			17,084
Corporate debt securities:
Investment grade	429,318		237		(17,572		)	411,983
Non-investment grade (1)	24,620		355		(7,558		)	17,417
Other securities	9,955		215		—			10,170
Total investment securities available-for-sale	$	2,599,018	$	34,739	$	(26,728	)	$	2,607,029

(1) For the nine months ended September 30, 2013, the Company did not record any OTTI. The Company recorded $99 thousand, on a pre-tax basis, of the credit portion of OTTI through earnings and $5.1 million of the non-credit portion of OTTI for pooled trust preferred securities in other comprehensive income for the year ended December 31, 2012.

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

	Three Months Ended
	September 30,
	2013		2012
	(In thousands)
Beginning balance, July 1,	$	115,511	$	115,511
Addition of other-than-temporary impairment that was not previously recognized	—		—
Additional increases to the amount related to the credit loss for which an other-than-temporary impairment was previously recognized	—		—
Reduction for securities sold	—		—
Ending balance	$	115,511	$	115,511

	Nine Months Ended
	September 30,
	2013		2012
	(In thousands)
Beginning balance, January 1,	$	115,511	$	115,412
Addition of other-than-temporary impairment that was not previously recognized	—		—
Additional increases to the amount related to the credit loss for which an other-than-temporary impairment was previously recognized	—		99
Reduction for securities sold	—		—
Ending balance	$	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 September 30, 2013
Investment securities available-for-sale:
U.S. Treasury securities	$	310,061	$	(2,560	)	$	—	$	—		$	310,061	$	(2,560	)
U.S. Government agency and U.S. Government sponsored enterprise debt securities	275,999		(8,651		)	—		—			275,999		(8,651		)
U.S. Government agency and U.S. Government sponsored enterprise mortgage-backed securities:
Commercial mortgage-backed securities	136,408		(3,516		)	—		—			136,408		(3,516		)
Residential mortgage-backed securities	572,399		(12,767		)	25,511		(683		)	597,910		(13,450		)
Municipal securities	180,857		(16,410		)	—		—			180,857		(16,410		)
Other residential mortgage-backed securities:
Investment grade	14,692		(797		)	—		—			14,692		(797		)
Other commercial mortgage-backed securities:
Investment grade	—		—			—		—			—		—
Corporate debt securities:
Investment grade	287,598		(2,594		)	86,201		(3,798		)	373,799		(6,392		)
Non-investment grade	—		—			14,285		(5,773		)	14,285		(5,773		)
Other securities	9,917		(91		)	—		—			9,917		(91		)
Total investment securities available-for-sale	$	1,787,931	$	(47,386	)	$	125,997	$	(10,254	)	$	1,913,928	$	(57,640	)

	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, 2012
Investment securities available-for-sale:
U.S. Treasury securities	$	95,232	$	(71	)	$	—	$	—		$	95,232	$	(71	)
U.S. Government agency and U.S. Government sponsored enterprise debt securities	24,912		(82		)	—		—			24,912		(82		)
U.S. Government agency and U.S. Government sponsored enterprise mortgage-backed securities:
Commercial mortgage-backed securities	10,013		(36		)	—		—			10,013		(36		)
Residential mortgage-backed securities	215,826		(678		)	—		—			215,826		(678		)
Municipal securities	48,363		(731		)	—		—			48,363		(731		)
Other commercial mortgage-backed securities:
Investment grade	—		—			—		—			—		—
Corporate debt securities:
Investment grade	225,819		(5,391		)	182,697		(12,181		)	408,516		(17,572		)
Non-investment grade	—		—			12,574		(7,558		)	12,574		(7,558		)
Other securities	—		—			—		—			—		—
Total investment securities available-for-sale	$	620,165	$	(6,989	)	$	195,271	$	(19,739	)	$	815,436	$	(26,728	)

Schedule maturities of investment securities

	Amortized		Estimated
	Cost		Fair Value
	(In thousands)
Due within one year	$	432,193	$	421,173
Due after one year through five years	583,568		579,679
Due after five years through ten years	675,385		656,069
Due after ten years	1,245,144		1,235,840
Total investment securities available-for-sale	$	2,936,290	$	2,892,761

- 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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