INVESTMENT SECURITIES (Tables)

3 Months Ended

Mar. 31, 2014

Investment securities available-for-sale portfolio

			Gross		Gross			Estimated
	Amortized		Unrealized		Unrealized			Fair
	Cost		Gains		Losses			Value
	(In thousands)
As of March 31, 2014
Investment securities available-for-sale:
U.S. Treasury securities	$	431,307	$	91	$	(3,145	)	$	428,253
U.S. Government agency and U.S. Government sponsored enterprise debt securities	391,470		763		(7,548		)	384,685
U.S. Government agency and U.S. Government sponsored enterprise mortgage-backed securities:
Commercial mortgage-backed securities	120,999		769		(2,661		)	119,107
Residential mortgage-backed securities	829,005		7,331		(12,231		)	824,105
Municipal securities	290,241		3,197		(9,541		)	283,897
Other residential mortgage-backed securities:
Investment grade	58,450		—		(1,443		)	57,007
Other commercial mortgage-backed securities:
Investment grade	50,999		420		—			51,419
Corporate debt securities:
Investment grade	212,593		60		(2,962		)	209,691
Non-investment grade (1)	20,577		28		(5,093		)	15,512
Other securities	99,114		2,573		(619		)	101,068
Total investment securities available-for-sale	$	2,504,755	$	15,232	$	(45,243	)	$	2,474,744
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	48,129		—		(1,802		)	46,327
Other commercial mortgage-backed securities:
Investment grade	51,000		617		—			51,617
Corporate debt securities:
Investment grade	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) For the three months ended March 31, 2014 and the year ended December 31, 2013, the Company did not record any OTTI.

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

	Three Months Ended
	March 31,
	2014		2013
	(In thousands)
Beginning balance, January 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

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

	Less Than 12 Months					12 Months or More					Total
	Fair		Unrealized			Fair		Unrealized			Fair		Unrealized
	Value		Losses			Value		Losses			Value		Losses
	(In thousands)
As of March 31, 2014
Investment securities available-for-sale:
U.S. Treasury securities	$	346,069	$	(3,145	)	$	—	$	—		$	346,069	$	(3,145	)
U.S. Government agency and U.S. Government sponsored enterprise debt securities	252,148		(7,548		)	—		—			252,148		(7,548		)
U.S. Government agency and U.S. Government sponsored enterprise mortgage-backed securities:
Commercial mortgage-backed securities	81,367		(1,752		)	16,082		(909		)	97,449		(2,661		)
Residential mortgage-backed securities	417,992		(7,447		)	119,255		(4,784		)	537,247		(12,231		)
Municipal securities	110,001		(4,462		)	64,839		(5,079		)	174,840		(9,541		)
Other residential mortgage-backed securities:
Investment grade	57,007		(1,443		)	—		—			57,007		(1,443		)
Corporate debt securities:
Investment grade	128,623		(1,276		)	79,554		(1,686		)	208,177		(2,962		)
Non-investment grade	—		—			14,869		(5,093		)	14,869		(5,093		)
Other securities	19,444		(619		)	—		—			19,444		(619		)
Total investment securities available-for-sale	$	1,412,651	$	(27,692	)	$	294,599	$	(17,551	)	$	1,707,250	$	(45,243	)

	Less Than 12 Months					12 Months or More					Total
	Fair		Unrealized			Fair		Unrealized			Fair		Unrealized
	Value		Losses			Value		Losses			Value		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	46,328		(1,802		)	—		—			46,328		(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	$	1,803,074	$	(45,167	)	$	250,361	$	(19,729	)	$	2,053,435	$	(64,896	)

Schedule maturities of investment securities

The scheduled maturities of investment securities at March 31, 2014 are presented as follows:

	Amortized		Estimated
	Cost		Fair Value
	(In thousands)
Due within one year	$	395,151	$	384,287
Due after one year through five years	505,195		501,542
Due after five years through ten years	608,053		602,553
Due after ten years	996,356		986,362
Total investment securities available-for-sale	$	2,504,755	$	2,474,744

- 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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