INVESTMENT SECURITIES (Tables)

9 Months Ended

Sep. 30, 2014

INVESTMENT SECURITIES

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

			Gross		Gross
	Amortized		Unrealized		Unrealized			Fair
	Cost		Gains		Losses			Value
			(In thousands)
As of September 30, 2014
Investment securities available-for-sale:
U.S. Treasury securities	$	605,672	$	328	$	(2,353	)	$	603,647
U.S. government agency and U.S. government sponsored enterprise debt securities	416,746		522		(4,287		)	412,981
U.S. government agency and U.S. government sponsored enterprise mortgage-backed securities:
Commercial mortgage-backed securities	125,933		1,188		(1,554		)	125,567
Residential mortgage-backed securities	757,637		8,003		(8,058		)	757,582
Municipal securities	293,148		5,984		(2,535		)	296,597
Other residential mortgage-backed securities:
Investment grade (1)	54,949		665		(356		)	55,258
Other commercial mortgage-backed securities:
Investment grade (1)	51,000		127		—			51,127
Corporate debt securities:
Investment grade (1)	211,143		1,127		(1,445		)	210,825
Non-investment grade (1)	19,937		802		(2,963		)	17,776
Other securities	60,658		1,184		(535		)	61,307
Total investment securities available-for-sale	$	2,596,823	$	19,930	$	(24,086	)	$	2,592,667
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’s are considered investment grade.  Conversely, 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 investment securities

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2014		2013		2014			2013
			(In thousands)
Proceeds from sales	$	43,788	$	60,387	$	395,630		$	386,108
Gross realized gains	2,514		1,084		6,730			12,006
Gross realized losses	—		—		127		(1)	—
Related tax expense	$	1,056	$	455	$	2,773		$	5,043

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

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 September 30, 2014
Investment securities available-for-sale:
U.S. Treasury securities	$	130,631	$	(276	)	$	183,673	$	(2,077	)	$	314,304	$	(2,353	)
U.S. government agency and U.S. government sponsored enterprise debt securities	108,393		(1,281		)	172,113		(3,006		)	280,506		(4,287		)
U.S. government agency and U.S. government sponsored enterprise mortgage-backed securities:
Commercial mortgage-backed securities	52,082		(655		)	28,859		(899		)	80,941		(1,554		)
Residential mortgage-backed securities	107,182		(616		)	326,003		(7,442		)	433,185		(8,058		)
Municipal securities	5,260		(14		)	108,407		(2,521		)	113,667		(2,535		)
Other residential mortgage-backed securities:
Investment grade	—		—			14,054		(356		)	14,054		(356		)
Corporate debt securities:
Investment grade	—		—			109,695		(1,445		)	109,695		(1,445		)
Non-investment grade	—		—			15,180		(2,963		)	15,180		(2,963		)
Other securities	16,065		(535		)	—		—			16,065		(535		)
Total investment securities available-for-sale	$	419,613	$	(3,377	)	$	957,984	$	(20,709	)	$	1,377,597	$	(24,086	)

	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	)

Scheduled maturities of investment securities

	Amortized		Estimated
	Cost		Fair Value
	(In thousands)
Due within one year	$	393,006	$	387,737
Due after one year through five years	744,848		745,916
Due after five years through ten years	519,814		521,439
Due after ten years	939,155		937,575
Total investment securities available-for-sale	$	2,596,823	$	2,592,667