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Securities (Tables)
 12 Months Ended
Dec. 31, 2016
Investments, Debt and Equity Securities [Abstract]  
Schedule of Amortized Cost and Fair Value of Available-for-sale and Held-to-maturity Securities

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

 

    December 31, 2016     December 31, 2015  

(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

                

U.S. Government sponsored entities and agencies

   $ 54,803      $ 3      $ (763 )    $ 54,043      $ 82,725      $ 1,183      $ (403 )    $ 83,505   

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

     1,052,397        911        (18,209 )      1,035,099        1,188,256        1,720        (13,896 )      1,176,080   

Obligations of states and political subdivisions

     110,208        3,114        (1,659 )      111,663        76,106        4,205        (46 )      80,265   

Corporate debt securities

     35,292        117        (108 )      35,301        58,745        181        (333 )      58,593   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total debt securities

   $ 1,252,700      $ 4,145      $ (20,739 )    $ 1,236,106      $ 1,405,832      $ 7,289      $ (14,678 )    $ 1,398,443   

Equity securities

     4,062        1,032        (24 )      5,070        3,812        816        (2 )      4,626   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total available-for-sale securities

   $ 1,256,762      $ 5,177      $ (20,763 )    $ 1,241,176      $ 1,409,644      $ 8,105      $ (14,680 )    $ 1,403,069   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Held-to-maturity

                

U.S. Government sponsored entities and agencies

   $ 13,394      $ —        $ (414 )    $ 12,980      $ —        $ —        $ —        $ —     

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

     215,141        1,279        (2,563 )      213,857        216,419        1,922        (2,014 )      216,327   

Obligations of states and political subdivisions

     805,019        15,652        (5,529 )      815,142        762,039        26,121        (726 )      787,434   

Corporate debt securities

     34,413        418        (20 )      34,811        34,472        237        (263 )      34,446   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total held-to-maturity securities

   $ 1,067,967      $ 17,349      $ (8,526 )    $ 1,076,790      $ 1,012,930      $ 28,280      $ (3,003 )    $ 1,038,207   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total

   $ 2,324,729      $ 22,526      $ (29,289 )    $ 2,317,966      $ 2,422,574      $ 36,385      $ (17,683 )    $ 2,441,276   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

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 December 31, 2016. In many instances, the issuers may have the right to call or prepay obligations without penalty prior to the contractual maturity date.

 

    December 31, 2016  

(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

            

U.S. Government sponsored entities and agencies

   $ 2,000      $ 11,896      $ 16,729      $ 14,525      $ 8,893      $ 54,043   

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

     —          —          —          —          1,035,099        1,035,099   

Obligations of states and political subdivisions

     8,062        21,835        36,571        45,195        —          111,663   

Corporate debt securities

     —          30,323        3,037        1,941        —          35,301   

Equity securities (2)

     —          —          —          —          5,070        5,070   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total available-for-sale securities

   $ 10,062      $ 64,054      $ 56,337      $ 61,661      $ 1,049,062      $ 1,241,176   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Held-to-maturity (3)

            

U.S. Government sponsored entities and agencies

   $ —        $ —        $ —        $ —        $ 12,980      $ 12,980   

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

     —          —          —          —          213,857        213,857   

Obligations of states and political subdivisions

     735        69,980        407,752        336,675        —          815,142   

Corporate debt securities

     —          976        33,835        —          —          34,811   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total held-to-maturity securities

   $ 735      $ 70,956      $ 441,587      $ 336,675      $ 226,837      $ 1,076,790   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total

   $ 10,797      $ 135,010      $ 497,924      $ 398,336      $ 1,275,899      $ 2,317,966   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

(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 $1.1 billion.
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 years ended December 31, 2016, 2015 and 2014, respectively.

 

     For the Years Ended
December 31,		  

(in thousands)

    2016     2015     2014  

Gross realized gains

    $ 2,638      $ 1,029      $ 1,131   

Gross realized losses

      (281 )      (81 )      (228 ) 
  

 

 

    

 

 

    

 

 

  

Net realized gains

    $ 2,357      $ 948      $ 903   
  

 

 

    

 

 

    

 

 

  
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 December 31, 2016 and 2015:

 

    December 31, 2016  
    Less than 12 months     12 months or more     Total  

(dollars in thousands)

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

U.S. Government sponsored entities and agencies

   $ 58,108      $ (1,177 )      11      $ —        $ —          —        $ 58,108      $ (1,177 )      11   

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

     1,057,343        (18,558 )      246        59,518        (2,214 )      16        1,116,861        (20,772 )      262   

Obligations of states and political subdivisions

     364,583        (7,121 )      604        2,047        (67 )      3        366,630        (7,188 )      607   

Corporate debt securities

     10,011        (78 )      3        5,973        (50 )      2        15,984        (128 )      5   

Equity securities

     2,938        (24 )      2        —          —          —          2,938        (24 )      2   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total temporarily impaired securities

   $ 1,492,983      $ (26,958 )      866      $ 67,538      $ (2,331 )      21      $ 1,560,521      $ (29,289 )      887   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

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

(dollars in thousands)

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

U.S. Government sponsored entities and agencies

   $ 49,826      $ (403)        11      $ —        $ —          —        $ 49,826      $ (403)        11   

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

     1,003,397        (10,981 )      187        146,182        (4,929 )      31        1,149,579        (15,910 )      218   

Obligations of states and political subdivisions

     58,705        (400 )      76        23,691        (372 )      29        82,396        (772 )      105   

Corporate debt securities

     41,326        (541 )      12        1,931        (55 )      1        43,257        (596 )      13   

Equity securities

     1,378        (2 )      1        —          —          —          1,378        (2 )      1   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total temporarily impaired securities

   $ 1,154,632      $ (12,327 )      287      $ 171,804      $ (5,356 )      61      $ 1,326,436      $ (17,683 )      348