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Investment Securities (Tables)
 9 Months Ended
Sep. 30, 2018
Available-for-sale Securities and Held-to-maturity Securities [Abstract]  
Marketable Securities
The following tables are a summary of the investment securities portfolios as of the dates shown:
 
September 30, 2018
(Dollars in thousands)
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair
Value
Available-for-sale securities
 
 
 
 
 
 
 
U.S. Treasury
$
125,153

 
$
—

 
$
(392
)
 
$
124,761

U.S. Government agencies
111,997

 
8

 
(985
)
 
111,020

Municipal
133,006

 
1,481

 
(1,114
)
 
133,373

Corporate notes:
 
 
 
 
 
 
 
Financial issuers
97,085

 
87

 
(4,719
)
 
92,453

Other
1,000

 
—

 
—

 
1,000

Mortgage-backed: (1)
 
 
 
 
 
 
 
Mortgage-backed securities
1,744,600

 
121

 
(87,950
)
 
1,656,771

Collateralized mortgage obligations
47,909

 
4

 
(2,306
)
 
45,607

Equity securities (2)
—

 
—

 
—

 
—

Total available-for-sale securities
$
2,260,750

 
$
1,701

 
$
(97,466
)
 
$
2,164,985

Held-to-maturity securities
 
 
 
 
 
 
 
U.S. Government agencies
$
713,423

 
$
—

 
$
(47,706
)
 
$
665,717

Municipal
253,015

 
629

 
(7,764
)
 
245,880

Total held-to-maturity securities
$
966,438

 
$
629

 
$
(55,470
)
 
$
911,597

Equity securities with readily determinable fair value (2)
$
33,512

 
$
4,206

 
$
(1,304
)
 
$
36,414


 
December 31, 2017
 
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair
Value
(Dollars in thousands)
 
 
 
Available-for-sale securities
 
 
 
 
 
 
 
U.S. Treasury
$
144,904

 
$
—

 
$
(1,082
)
 
$
143,822

U.S. Government agencies
157,638

 
2

 
(725
)
 
156,915

Municipal
113,197

 
2,712

 
(557
)
 
115,352

Corporate notes:
 
 
 
 
 
 
 
Financial issuers
30,309

 
43

 
(301
)
 
30,051

Other
1,000

 
—

 
(1
)
 
999

Mortgage-backed: (1)
 
 
 
 
 
 
 
Mortgage-backed securities
1,291,695

 
446

 
(31,955
)
 
1,260,186

Collateralized mortgage obligations
60,092

 
64

 
(617
)
 
59,539

Equity securities (2)
34,234

 
3,357

 
(789
)
 
36,802

Total available-for-sale securities
$
1,833,069

 
$
6,624

 
$
(36,027
)
 
$
1,803,666

Held-to-maturity securities
 
 
 
 
 
 
 
U.S. Government agencies
$
579,062

 
$
23

 
$
(14,066
)
 
$
565,019

Municipal
247,387

 
2,668

 
(2,558
)
 
247,497

Total held-to-maturity securities
$
826,449

 
$
2,691

 
$
(16,624
)
 
$
812,516

(1)
Consisting entirely of residential mortgage-backed securities, none of which are subprime.
(2)
As a result of the adoption of ASU No. 2016-01 effective January 1, 2018, equity securities with readily determinable fair value are no longer presented within available-for-sale securities and are now presented as equity securities with readily determinable fair values in the Company's Consolidated Statements of Condition for the current period.

 
September 30, 2017
 
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair
Value
(Dollars in thousands)
 
 
 
Available-for-sale securities
 
 
 
 
 
 
 
U.S. Treasury
$
144,872

 
$
—

 
$
(727
)
 
$
144,145

U.S. Government agencies
159,884

 
10

 
(566
)
 
159,328

Municipal
113,796

 
2,493

 
(273
)
 
116,016

Corporate notes:
 
 
 
 
 
 
 
Financial issuers
60,325

 
63

 
(771
)
 
59,617

Other
1,000

 
—

 
(3
)
 
997

Mortgage-backed: (1)
 
 
 
 
 
 
 
Mortgage-backed securities
1,114,655

 
1,477

 
(30,436
)
 
1,085,696

Collateralized mortgage obligations
63,934

 
230

 
(412
)
 
63,752

Equity securities (2)
33,166

 
3,867

 
(681
)
 
36,352

Total available-for-sale securities
$
1,691,632

 
$
8,140

 
$
(33,869
)
 
$
1,665,903

Held-to-maturity securities
 
 
 
 
 
 
 
U.S. Government agencies
$
585,061

 
$
249

 
$
(12,579
)
 
$
572,731

Municipal
234,279

 
2,185

 
(2,159
)
 
234,305

Total held-to-maturity securities
$
819,340

 
$
2,434

 
$
(14,738
)
 
$
807,036

(1)
Consisting entirely of residential mortgage-backed securities, none of which are subprime.
(2)
As a result of the adoption of ASU No. 2016-01 effective January 1, 2018, equity securities with readily determinable fair value are no longer presented within available-for-sale securities and are now presented as equity securities with readily determinable fair values in the Company's Consolidated Statements of Condition for the current period.
Investment Securities, Continuous Unrealized Loss Position, Fair Value
The following table presents the portion of the Company’s available-for-sale and held-to-maturity investment securities portfolios which has gross unrealized losses, reflecting the length of time that individual securities have been in a continuous unrealized loss position at September 30, 2018:
 
Continuous unrealized
losses existing for
less than 12 months
 
Continuous unrealized
losses existing for
greater than 12 months
 
Total
(Dollars in thousands)
Fair Value
 
Unrealized Losses
 
Fair Value
 
Unrealized Losses
 
Fair Value
 
Unrealized Losses
Available-for-sale securities
 
 
 
 
 
 
 
 
 
 
 
U.S. Treasury
$
100,008

 
$
(131
)
 
$
24,753

 
$
(261
)
 
$
124,761

 
$
(392
)
U.S. Government agencies
37,672

 
(914
)
 
70,032

 
(71
)
 
107,704

 
(985
)
Municipal
38,774

 
(553
)
 
20,489

 
(561
)
 
59,263

 
(1,114
)
Corporate notes:
 
 
 
 
 
 
 
 
 
 
 
Financial issuers
68,639

 
(4,475
)
 
3,730

 
(244
)
 
72,369

 
(4,719
)
Other
—

 
—

 
—

 
—

 
—

 
—

Mortgage-backed:
 
 
 
 
 
 
 
 
 
 
 
Mortgage-backed securities
573,401

 
(14,706
)
 
1,079,068

 
(73,244
)
 
1,652,469

 
(87,950
)
Collateralized mortgage obligations
22,524

 
(1,228
)
 
22,671

 
(1,078
)
 
45,195

 
(2,306
)
Total available-for-sale securities
$
841,018

 
$
(22,007
)
 
$
1,220,743

 
$
(75,459
)
 
$
2,061,761

 
$
(97,466
)
Held-to-maturity securities
 
 
 
 
 
 
 
 
 
 
 
U.S. Government agencies
$
298,736

 
$
(12,317
)
 
$
366,981

 
$
(35,389
)
 
$
665,717

 
$
(47,706
)
Municipal
146,750

 
(3,854
)
 
83,874

 
(3,910
)
 
230,624

 
(7,764
)
Total held-to-maturity securities
$
445,486

 
$
(16,171
)
 
$
450,855

 
$
(39,299
)
 
$
896,341

 
$
(55,470
)
Schedule of Gross Gains and Losses on Investment Securities
The following table provides information as to the amount of gross gains and losses, adjustments and impairment on investment securities and proceeds received through the sale or call of investment securities:

 
Three months ended September 30,
 
Nine months ended September 30,
(Dollars in thousands)
2018
 
2017
 
2018
 
2017
Realized gains on investment securities
$
1,051

 
$
58

 
$
1,057

 
$
106

Realized losses on investment securities
(50
)
 
(19
)
 
(1,051
)
 
(75
)
Net realized gains on investment securities
1,001

 
$
39

 
6

 
$
31

Unrealized gains on equity securities with readily determinable fair value
530

 
—

 
2,632

 
—

Unrealized losses on equity securities with readily determinable fair value
(1,111
)
 
—

 
(2,176
)
 
—

Net unrealized (losses) gains on equity securities with readily determinable fair value
(581
)
 
—

 
456

 
—

Upward adjustments of equity securities without readily determinable fair values
—

 
—

 
156

 
—

Downward adjustments of equity securities without readily determinable fair values
—

 
—

 
—

 
—

Impairment of equity securities without readily determinable fair values
(330
)
 
—

 
(867
)
 
—

Adjustment and impairment, net, of equity securities without readily determinable fair values
(330
)
 
—

 
(711
)
 
—

Other than temporary impairment charges
—

 
—

 
—

 
—

Gains (losses) on investment securities, net
$
90

 
$
39

 
$
(249
)
 
$
31

Proceeds from sales of available-for-sale securities
$
649

 
$
133,089

 
$
209,640

 
$
121,795

Proceeds from sales of equity securities with readily determinable fair value
1,895

 
—

 
1,895

 
—

Proceeds from sales and capital distributions of equity securities without readily determinable fair value
64

 
—

 
680

 
—
Investments Classified by Contractual Maturity Date
The amortized cost and fair value of available-for-sale and held-to-maturity investment securities as of September 30, 2018, December 31, 2017 and September 30, 2017, by contractual maturity, are shown in the following table. Contractual maturities may differ from actual maturities as borrowers may have the right to call or repay obligations with or without call or prepayment penalties. Mortgage-backed securities are not included in the maturity categories in the following maturity summary as actual maturities may differ from contractual maturities because the underlying mortgages may be called or prepaid without penalties:
 
September 30, 2018
 
December 31, 2017
 
September 30, 2017
(Dollars in thousands)
Amortized Cost
 
Fair Value
 
Amortized Cost
 
Fair Value
 
Amortized Cost
 
Fair Value
Available-for-sale securities
 
 
 
 
 
 
 
 
 
 
 
Due in one year or less
$
128,184

 
$
127,844

 
$
300,833

 
$
299,285

 
$
150,907

 
$
150,241

Due in one to five years
174,968

 
174,877

 
97,019

 
97,326

 
282,443

 
282,121

Due in five to ten years
118,229

 
113,875

 
33,947

 
35,029

 
38,339

 
39,458

Due after ten years
46,860

 
46,011

 
15,249

 
15,499

 
8,188

 
8,283

Mortgage-backed
1,792,509

 
1,702,378

 
1,351,787

 
1,319,725

 
1,178,589

 
1,149,448

Equity securities (1)
—

 
—

 
34,234

 
36,802

 
33,166

 
36,352

Total available-for-sale securities
$
2,260,750

 
$
2,164,985

 
$
1,833,069

 
$
1,803,666

 
$
1,691,632

 
$
1,665,903

Held-to-maturity securities
 
 
 
 
 
 
 
 
 
 
 
Due in one year or less
$
5,521

 
$
5,511

 
$
170

 
$
171

 
$
170

 
$
171

Due in one to five years
31,782

 
31,160

 
38,392

 
38,012

 
36,914

 
36,734

Due in five to ten years
255,146

 
243,608

 
205,227

 
203,680

 
193,387

 
192,581

Due after ten years
673,989

 
631,318

 
582,660

 
570,653

 
588,869

 
577,550

Total held-to-maturity securities
$
966,438

 
$
911,597

 
$
826,449

 
$
812,516

 
$
819,340

 
$
807,036


(1)
As a result of the adoption of ASU No. 2016-01 effective January 1, 2018, equity securities with readily determinable fair value are no longer presented within available-for-sale securities and are now presented as equity securities with readily determinable fair values in the Company's Consolidated Statements of Condition for the current period.