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Securities (Tables)
 3 Months Ended
Mar. 31, 2015
Investments, Debt and Equity Securities [Abstract]  
Schedule of Fair Value and Amortized Cost of Available-for-sale and Held-to-maturity Securities

The following table presents the fair value and amortized cost of available-for-sale and held-to-maturity securities:

 

    March 31, 2015     December 31, 2014  

(unaudited, in thousands)

   Amortized
Cost		     Gross
Unrealized
Gains		     Gross
Unrealized
Losses		     Estimated
Fair
Value		     Amortized
Cost		     Gross
Unrealized
Gains		     Gross
Unrealized
Losses		     Estimated
Fair
Value		  

Available-for-sale

                

Obligations of government agencies

   $ 79,315      $ 1,486      $ (33 )    $ 80,768      $ 86,964      $ 1,087      $ (315 )    $ 87,736   

Residential mortgage-backed securities and collateralized mortgage obligations of government agencies

     1,279,350        8,091        (3,996 )      1,283,445        703,535        4,336        (6,758 )      701,113   

Obligations of states and political subdivisions

     89,977        5,693        (17 )      95,653        86,073        5,365        (5 )      91,433   

Corporate debt securities

     182,781        430        (121 )      183,090        25,974        141        (119 )      25,996   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total debt securities

   $ 1,631,423      $ 15,700      $ (4,167 )    $ 1,642,956      $ 902,546      $ 10,929      $ (7,197 )    $ 906,278   

Equity securities

     10,702        606        —          11,308        10,304        842        —          11,146   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total available-for-sale securities

   $ 1,642,125      $ 16,306      $ (4,167 )    $ 1,654,264      $ 912,850      $ 11,771      $ (7,197 )    $ 917,424   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Held-to-maturity

                

Residential mortgage-backed securities and collateralized mortgage obligations of government agencies

   $ 126,935      $ 3,244      $ (208 )    $ 129,971      $ 79,004      $ 3,262      $ (246 )    $ 82,020   

Obligations of states and political subdivisions

     610,249        26,560        (878 )      635,931        507,927        23,917        (1,043 )      530,801   

Corporate debt securities

     6,741        200        —          6,941        6,739        106        (49 )      6,796   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total held-to-maturity securities

   $ 743,925      $ 30,004      $ (1,086 )    $ 772,843      $ 593,670      $ 27,285      $ (1,338 )    $ 619,617   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total securities

   $ 2,386,050      $ 46,310      $ (5,253 )    $ 2,427,107      $ 1,506,520      $ 39,056      $ (8,535 )    $ 1,537,041   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
Schedule of Fair Value of Available-for-sale and Held-to-maturity Securities by Contractual Maturity

The following table presents the fair value of available-for-sale and held-to-maturity securities by contractual maturity at March 31, 2015. In some instances, the issuers may have the right to call or prepay obligations without penalty prior to the contractual maturity date.

 

     March 31, 2015  

(unaudited, in thousands)

    One Year
or less		      One to
Five Years		      Five to
Ten Years		      After
Ten Years		      Mortgage-backed
and Equity		      Total  

Available-for-sale

                  

Obligations of government agencies

    $ —         $ 23,276       $ 40,297       $ 17,195       $ —         $ 80,768   

Residential mortgage-backed securities and collateralized mortgage obligations of government agencies (1)

      —           —           —           —           1,283,445         1,283,445   

Obligations of states and political subdivisions

      5,254         33,049         21,417         35,933         —           95,653   

Corporate debt securities

      82,193         62,312         33,658         4,927         —           183,090   

Equity securities (2)

      —           —           —           —           11,308         11,308   
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Total available-for-sale securities

    $ 87,447       $ 118,637       $ 95,372       $ 58,055       $ 1,294,753       $ 1,654,264   
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Held-to-maturity (3)

                  

Residential mortgage-backed securities and collateralized mortgage obligations of government agencies (1)

    $ —         $ —         $ —         $ —         $ 129,971       $ 129,971   

Obligations of states and political subdivisions

      2,852         17,024         259,231         356,824         —           635,931   

Corporate debt securities

      —           —           6,941         —           —           6,941   
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Total held-to-maturity securities

    $ 2,852       $ 17,024       $ 266,172       $ 356,824       $ 129,971       $ 772,843   
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Total securities

    $ 90,299       $ 135,661       $ 361,544       $ 414,879       $ 1,424,724       $ 2,427,107   
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

 

(1)

Mortgage-backed and collateralized mortgage securities, which have prepayment provisions, are not assigned to maturity categories due to fluctuations in their prepayment speeds.
(2)

Equity securities, which have no stated maturity, are not assigned a maturity category.
(3) 

The held-to-maturity portfolio is carried at an amortized cost of $743.9 million.
Schedule of Gross Realized Gains and Losses on the Sales and Calls of Securities

The following table presents the gross realized gains and losses on sales and calls of securities for the three months ended March 31, 2015 and 2014, respectively.

 

     For the Three Months Ended
March 31,		  

(unaudited, in thousands)

    2015      2014  

Gross realized gains

    $ 24       $ 195   

Gross realized losses

      (2 )       (185 ) 
  

 

 

     

 

 

  

Net realized gains (losses)

    $ 22       $ 10   
  

 

 

     

 

 

  
Schedule of Unrealized Losses on Investment Securities

The following tables provide information on unrealized losses on investment securities that have been in an unrealized loss position for less than twelve months and twelve months or more as of March 31, 2015 and December 31, 2014:

 

    March 31, 2015  
    Less than 12 months     12 months or more     Total  

(unaudited, dollars in thousands)

   Fair
Value		     Unrealized
Losses		     # of
Securities		     Fair
Value		     Unrealized
Losses		     # of
Securities		     Fair
Value		     Unrealized
Losses		     # of
Securities		  

Obligations of government agencies

     17,953        (33 )      3        —          —          0        17,953        (33 )      3   

Residential mortgage-backed securities and collateralized mortgage obligations of government agencies

     260,103        (681 )      55        168,693        (3,523 )      32        428,796        (4,204 )      87   

Obligations of states and political subdivisions

     68,439        (450 )      79        20,777        (445 )      31        89,216        (895 )      110   

Corporate debt securities

     53,122        (113 )      16        1,978        (8 )      1        55,100        (121 )      17   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total temporarily impaired securities

     399,617        (1,277 )      153        191,448        (3,976 )      64        591,065        (5,253 )      217   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
    December 31, 2014  
    Less than 12 months     12 months or more     Total  

(unaudited, dollars in thousands)

   Fair
Value		     Unrealized
Losses		     # of
Securities		     Fair
Value		     Unrealized
Losses		     # of
Securities		     Fair
Value		     Unrealized
Losses		     # of
Securities		  

Obligations of government agencies

   $ 19,362      $ (77 )      5      $ 19,757      $ (238 )      4      $ 39,119      $ (315 )      9   

Residential mortgage-backed securities and collateralized mortgage obligations of government agencies

     78,786        (386 )      19        240,055        (6,618 )      43        318,841        (7,004 )      62   

Obligations of states and political subdivisions

     12,615        (96 )      15        61,548        (952 )      93        74,163        (1,048 )      108   

Corporate debt securities

     2,969        (31 )      1        4,573        (137 )      2        7,542        (168 )      3   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total temporarily impaired securities

   $ 113,732      $ (590 )      40      $ 325,933      $ (7,945 )      142      $ 439,665      $ (8,535 )      182