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Investment Securities (Tables)
 6 Months Ended
Jun. 30, 2017
Gain (Loss) on Investments [Line Items]  
Schedule Of Investment Securities
Investment Securities (dollars in millions)
 
 
 
 
 
June 30,
2017
 
December 31,
2016
Available-for-sale securities
 

 
 

Debt securities
$
4,765.0

 
$
3,674.1

Equity securities
34.5

 
34.1

Held-to-maturity securities
 

 
   
Debt securities(1)
218.6

 
243.0

Securities carried at fair value with changes recorded in net income
 

 
   
Debt securities
255.6

 
283.5

Non-marketable investments(2)
256.3

 
256.4

Total investment securities
$
5,530.0

 
$
4,491.1

(1) 
Recorded at amortized cost.
(2) 
Non-marketable investments include restricted stock of the FRB and FHLB carried at cost of $233.4 million at June 30, 2017 and $239.7 million at December 31, 2016. The remaining non-marketable investments include ownership interests greater than 3% in limited partnership investments that are accounted for under the equity method, other investments carried at cost, which include qualified Community Reinvestment Act (CRA) investments, equity fund holdings and shares issued by customers during loan work out situations or as part of an original loan investment, totaling $22.9 million and $16.7 million at June 30, 2017 and December 31, 2016, respectively.
Schedule Of Interest And Dividend Income
The following table presents interest and dividends on interest bearing deposits and investments:
Interest and Dividend Income (dollars in millions)
 
 
 
 
 
 
 
 
 
 
 
Quarters Ended June 30,
 
Six Months Ended June 30,
 
2017
 
2016
 
2017
 
2016
Interest income — investments
$
30.6

 
$
19.8

 
$
58.4

 
$
39.0

Interest income — interest bearing deposits
23.8

 
8.3

 
36.3

 
16.7

Dividends — investments
2.5

 
3.0

 
5.8

 
6.4

Total interest and dividends
$
56.9

 
$
31.1

 
$
100.5

 
$
62.1
Amortized Cost And Fair Value Of Securities Available-For-Sale
The following table presents amortized cost and fair value of securities available for sale (“AFS”) and securities held-to-maturity ("HTM").
Amortized Cost and Fair Value (dollars in millions)
 
 
 
 
 
 
 
 
 
June 30, 2017
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair
Value
Debt securities AFS
 

 
 

 
 

 
 

Mortgage-backed Securities
   
 
   
 
   
 
   
U.S. government agency securities
$
3,124.7

 
$
2.3

 
$
(35.9
)
 
$
3,091.1

Non-agency securities
429.0

 
28.7

 
(0.8
)
 
456.9

U.S. government agency obligations
549.9

 
—

 
(4.2
)
 
545.7

U.S. Treasury Securities
372.3

 
—

 
(0.3
)
 
372.0

Supranational securities
299.3

 
—

 
—

 
299.3

Total debt securities AFS
4,775.2

 
31.0

 
(41.2
)
 
4,765.0

Equity securities AFS
35.4

 
—

 
(0.9
)
 
34.5

Total securities AFS
4,810.6

 
31.0

 
(42.1
)
 
4,799.5

Debt securities HTM
 
 
 
 
 
 
 
Mortgage-backed securities
 

 
   
 
   
 
   
U.S. government agency securities
95.5

 
0.5

 
(2.7
)
 
93.3

State and municipal
18.8

 
—

 
(0.4
)
 
18.4

Corporate — foreign
104.3

 
7.6

 
—

 
111.9

Total debt securities HTM
218.6

 
8.1

 
(3.1
)
 
223.6

Total
$
5,029.2

 
$
39.1

 
$
(45.2
)
 
$
5,023.1

 
 
 
 
 
 
 
 
December 31, 2016
 
 
 
 
 
 
 
Debt Securities AFS
 

 
 

 
 

 
 

Mortgage-backed Securities
   
 
   
 
   
 
   
U.S. government agency securities
$
2,073.6

 
$
1.6

 
$
(32.3
)
 
$
2,042.9

Non-agency securities
471.7

 
15.6

 
(1.8
)
 
485.5

U.S. government agency obligations
649.9

 
—

 
(3.9
)
 
646.0

U.S. Treasury Securities
299.9

 
—

 
(0.4
)
 
299.5

Supranational securities
200.2

 
—

 
—

 
200.2

Total debt securities AFS
3,695.3

 
17.2

 
(38.4
)
 
3,674.1

Equity securities AFS
35.0

 
—

 
(0.9
)
 
34.1

Total securities AFS
3,730.3

 
17.2

 
(39.3
)
 
3,708.2

Debt securities HTM
 
 
 
 
 
 
 
Mortgage-backed securities
 

 
 

 
 

 
 

U.S. government agency securities
110.0

 
0.7

 
(3.3
)
 
107.4

State and municipal
27.7

 
—

 
(0.5
)
 
27.2

Foreign government
2.4

 
—

 
—

 
2.4

Corporate — foreign
102.9

 
6.2

 
—

 
109.1

Total debt securities HTM
243.0

 
6.9

 
(3.8
)
 
246.1

Total
$
3,973.3

 
$
24.1

 
$
(43.1
)
 
$
3,954.3
Carrying Value And Fair Value Of Securities Held-To-Maturity
The following table presents amortized cost and fair value of securities available for sale (“AFS”) and securities held-to-maturity ("HTM").
Amortized Cost and Fair Value (dollars in millions)
 
 
 
 
 
 
 
 
 
June 30, 2017
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair
Value
Debt securities AFS
 

 
 

 
 

 
 

Mortgage-backed Securities
   
 
   
 
   
 
   
U.S. government agency securities
$
3,124.7

 
$
2.3

 
$
(35.9
)
 
$
3,091.1

Non-agency securities
429.0

 
28.7

 
(0.8
)
 
456.9

U.S. government agency obligations
549.9

 
—

 
(4.2
)
 
545.7

U.S. Treasury Securities
372.3

 
—

 
(0.3
)
 
372.0

Supranational securities
299.3

 
—

 
—

 
299.3

Total debt securities AFS
4,775.2

 
31.0

 
(41.2
)
 
4,765.0

Equity securities AFS
35.4

 
—

 
(0.9
)
 
34.5

Total securities AFS
4,810.6

 
31.0

 
(42.1
)
 
4,799.5

Debt securities HTM
 
 
 
 
 
 
 
Mortgage-backed securities
 

 
   
 
   
 
   
U.S. government agency securities
95.5

 
0.5

 
(2.7
)
 
93.3

State and municipal
18.8

 
—

 
(0.4
)
 
18.4

Corporate — foreign
104.3

 
7.6

 
—

 
111.9

Total debt securities HTM
218.6

 
8.1

 
(3.1
)
 
223.6

Total
$
5,029.2

 
$
39.1

 
$
(45.2
)
 
$
5,023.1

 
 
 
 
 
 
 
 
December 31, 2016
 
 
 
 
 
 
 
Debt Securities AFS
 

 
 

 
 

 
 

Mortgage-backed Securities
   
 
   
 
   
 
   
U.S. government agency securities
$
2,073.6

 
$
1.6

 
$
(32.3
)
 
$
2,042.9

Non-agency securities
471.7

 
15.6

 
(1.8
)
 
485.5

U.S. government agency obligations
649.9

 
—

 
(3.9
)
 
646.0

U.S. Treasury Securities
299.9

 
—

 
(0.4
)
 
299.5

Supranational securities
200.2

 
—

 
—

 
200.2

Total debt securities AFS
3,695.3

 
17.2

 
(38.4
)
 
3,674.1

Equity securities AFS
35.0

 
—

 
(0.9
)
 
34.1

Total securities AFS
3,730.3

 
17.2

 
(39.3
)
 
3,708.2

Debt securities HTM
 
 
 
 
 
 
 
Mortgage-backed securities
 

 
 

 
 

 
 

U.S. government agency securities
110.0

 
0.7

 
(3.3
)
 
107.4

State and municipal
27.7

 
—

 
(0.5
)
 
27.2

Foreign government
2.4

 
—

 
—

 
2.4

Corporate — foreign
102.9

 
6.2

 
—

 
109.1

Total debt securities HTM
243.0

 
6.9

 
(3.8
)
 
246.1

Total
$
3,973.3

 
$
24.1

 
$
(43.1
)
 
$
3,954.3
Amortized Cost And Fair Value Of Debt Securities By Contractual Maturity Dates
The following table presents the debt securities AFS and debt securities HTM by contractual maturity dates:
Maturities (dollars in millions)
 
 
 
June 30, 2017
 
Amortized
Cost
 
Fair
Value
 
Weighted
Average
Yield
Debt securities AFS
 
 
 
 
 
Mortgage-backed securities — U.S. government agency securities
 

 
 

 
 

After 5 but within 10 years
$
49.2

 
$
48.4

 
1.52
%
Due after 10 years
3,075.5

 
3,042.7

 
2.36
%
Total
3,124.7

 
3,091.1

 
2.35
%
Mortgage-backed securities — non-agency securities
 

 
 

 
 

After 5 but within 10 years
21.5

 
21.5

 
4.94
%
Due after 10 years
407.5

 
435.4

 
6.01
%
Total
429.0

 
456.9

 
5.95
%
U.S. government agency obligations
 

 
 

 
 

After 1 but within 5 years
549.9

 
545.7

 
1.22
%
Total
549.9

 
545.7

 
1.22
%
U.S. Treasury Securities
 

 
   
 
   
Due within 1 year
349.4

 
349.2

 
0.88
%
After 1 but within 5 years
22.9

 
22.8

 
1.01
%
Total
372.3

 
372.0

 
0.89
%
Supranational securities
 
 
 
 
 
Due within 1 year
299.3

 
299.3

 
1.06
%
Total
299.3

 
299.3

 
1.06
%
Total debt securities AFS
$
4,775.2

 
$
4,765.0

 
2.35
%
Debt securities HTM
 
 
 
 
 
Mortgage-backed securities — U.S. government agency securities
 

 
 

 
 

Due after 10 years
$
95.5

 
$
93.3

 
2.42
%
Total
95.5

 
93.3

 
2.42
%
State and municipal
 

 
 

 
 

Due within 1 year
0.4

 
0.4

 
2.09
%
After 1 but within 5 years
0.3

 
0.3

 
2.46
%
After 5 but within 10 years
0.3

 
0.3

 
2.70
%
Due after 10 years
17.8

 
17.4

 
2.33
%
Total
18.8

 
18.4

 
2.34
%
Corporate — Foreign securities
 

 
 

 
 

After 1 but within 5 years
104.3

 
111.9

 
4.16
%
Total
104.3

 
111.9

 
4.16
%
Total debt securities HTM
$
218.6

 
$
223.6

 
3.24
%
Schedule Of Debt Securities AFS - Estimated Unrealized Losses
The following table summarizes the gross unrealized losses and estimated fair value of AFS securities and HTM securities aggregated by investment category and length of time that the securities have been in a continuous unrealized loss position.
Gross Unrealized Loss (dollars in millions)
 
 
 
June 30, 2017
 
Less than 12 months
 
12 months or greater
 
Fair
Value
 
Gross
Unrealized
Loss
 
Fair
Value
 
Gross
Unrealized
Loss
Securities AFS
 
 
 
 
 
 
 
Debt securities AFS
 

 
 

 
 

 
 

Mortgage-backed securities
   
 
   
 
   
 
   
U.S. government agency securities
$
2,379.5

 
$
(35.4
)
 
$
14.1

 
$
(0.5
)
Non-agency securities
14.1

 
(0.4
)
 
0.5

 
(0.4
)
U.S. government agency obligations
545.7

 
(4.2
)
 
—

 
—

U.S. Treasury Securities
222.2

 
(0.3
)
 
—

 
—

Total debt securities AFS
3,161.5

 
(40.3
)
 
14.6

 
(0.9
)
Equity securities AFS
34.3

 
(0.6
)
 
0.1

 
(0.3
)
Total securities available-for-sale
3,195.8

 
(40.9
)
 
14.7

 
(1.2
)
 
 
 
 
 
 
 
 
Debt Securities HTM
 
 
 
 
 
 
 
Mortgage-backed securities
 

 
 

 
 

 
 

U.S. government agency securities
58.6

 
(1.4
)
 
24.3

 
(1.3
)
State and municipal
0.9

 
—

 
14.9

 
(0.4
)
Total debt securities held-to-maturity
59.5

 
(1.4
)
 
39.2

 
(1.7
)
Total
$
3,255.3

 
$
(42.3
)
 
$
53.9

 
$
(2.9
)
 
December 31, 2016
 
Less than 12 months
 
12 months or greater
 
Fair
Value
 
Gross
Unrealized
Loss
 
Fair
Value
 
Gross
Unrealized
Loss
Debt securities AFS
 

 
 

 
 

 
 

Mortgage-backed securities
   
 
   
 
   
 
   
U.S. government agency securities
$
1,589.6

 
$
(31.8
)
 
$
13.8

 
$
(0.5
)
Non-agency securities
56.5

 
(1.4
)
 
15.8

 
(0.4
)
U.S. government agency obligations
546.1

 
(3.9
)
 
—

 
—

U.S. Treasury Securities
299.5

 
(0.4
)
 
—

 
—

Total debt securities AFS
2,491.7

 
(37.5
)
 
29.6

 
(0.9
)
Equity securities AFS
34.1

 
(0.9
)
 
—

 
—

Total securities available-for-sale
2,525.8

 
(38.4
)
 
29.6

 
(0.9
)
Debt securities HTM
 
 
 
 
 
 
 
Mortgage-backed securities
 

 
 

 
 

 
 

U.S. government agency securities
68.2

 
(1.7
)
 
26.7

 
(1.6
)
State and municipal
3.8

 
(0.1
)
 
22.4

 
(0.4
)
Total securities held-to-maturity
72.0

 
(1.8
)
 
49.1

 
(2.0
)
Total
$
2,597.8

 
$
(40.2
)
 
$
78.7

 
$
(2.9
)
Schedule Of Securities Carried At Fair Value With Changes Recorded In Net Income
Securities Carried at Fair Value with Changes Recorded in Net Income (dollars in millions)
 
 
 
 
 
 
 
 
 
June 30, 2017
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair
Value
Mortgage-backed Securities — Non-agency
$
243.0

 
$
12.7

 
$
(0.1
)
 
$
255.6

Total securities held at fair value with changes recorded in net income
$
243.0

 
$
12.7

 
$
(0.1
)
 
$
255.6

December 31, 2016
 
 
 
 
 
 
 
Mortgage-backed Securities — Non-agency
$
277.5

 
$
6.7

 
$
(0.7
)
 
$
283.5

Total securities held at fair value with changes recorded in net income
$
277.5

 
$
6.7

 
$
(0.7
)
 
$
283.5
Schedule Of Amortized Cost And Fair Value Maturities With Changes Recorded In Net Income
Securities Carried at Fair Value with Changes Recorded in Net Income — Amortized Cost and Fair Value Maturities (dollars in millions)
 
 
 
June 30, 2017
 
Amortized
Cost
 
Fair
Value
 
Weighted
Average
Yield
Mortgage-backed securities — non-agency securities
 

 
 

 
 

After 5 but within 10 years
$
0.3

 
$
0.3

 
41.82
%
Due after 10 years
242.7

 
255.3

 
4.89
%
Total
$
243.0

 
$
255.6

 
4.94
%
Onewest Bank [Member] | Mortgage-Backed Securities [Member]  
Gain (Loss) on Investments [Line Items]  
Changes In Accretable Yield For Purchased Credit-Impaired Securities
Changes in the accretable yield for PCI securities are summarized below for the quarter ended June 30, 2017 and June 30, 2016:
Changes in Accretable Yield (dollars in millions)
 
 
 
 
 
 
 
Quarter Ended
June 30, 2017
 
Six Months Ended June 30, 2017
Balance, beginning of period
$
158.2

 
$
165.0

Accretion into interest income
(6.3
)
 
(12.8
)
Reclassifications from non-accretable difference due to improving cash flows
0.4

 
0.5

Reclassifications to non-accretable difference due to decreasing cash flows
(0.3
)
 
(0.7
)
Disposals and other
0.1

 
0.1

Balance at June 30, 2017
$
152.1

 
$
152.1

 
Quarter Ended
June 30, 2016
 
Six Months Ended June 30, 2016
Balance, beginning of period
$
185.1

 
$
189.0

Accretion into interest income
(7.4
)
 
(15.2
)
Reclassifications from non-accretable difference
1.5

 
5.4

Balance at June 30, 2016
$
179.2

 
$
179.2