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:
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|
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 |
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Estimated
Fair Value |
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Available-for-sale
|
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|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
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|
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 |
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|
58,745 |
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|
181 |
|
|
|
(333 |
) |
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|
58,593 |
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Total debt
securities
|
|
$ |
1,252,700 |
|
|
$ |
4,145 |
|
|
$ |
(20,739 |
) |
|
$ |
1,236,106 |
|
|
$ |
1,405,832 |
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|
$ |
7,289 |
|
|
$ |
(14,678 |
) |
|
$ |
1,398,443 |
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|
Equity
securities
|
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|
4,062 |
|
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|
1,032 |
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(24 |
) |
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|
5,070 |
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|
3,812 |
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|
816 |
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(2 |
) |
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4,626 |
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Total available-for-sale securities
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|
$ |
1,256,762 |
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|
$ |
5,177 |
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|
$ |
(20,763 |
) |
|
$ |
1,241,176 |
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|
$ |
1,409,644 |
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|
$ |
8,105 |
|
|
$ |
(14,680 |
) |
|
$ |
1,403,069 |
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Held-to-maturity
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U.S. Government sponsored
entities and agencies
|
|
$ |
13,394 |
|
|
$ |
— |
|
|
$ |
(414 |
) |
|
$ |
12,980 |
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|
$ |
— |
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|
$ |
— |
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$ |
— |
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|
$ |
— |
|
|
Residential
mortgage-backed securities and collateralized mortgage obligations
of government agencies
|
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|
215,141 |
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|
1,279 |
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(2,563 |
) |
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|
213,857 |
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|
216,419 |
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|
1,922 |
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(2,014 |
) |
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|
216,327 |
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Obligations of states and
political subdivisions
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|
805,019 |
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|
15,652 |
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(5,529 |
) |
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|
815,142 |
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|
762,039 |
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|
26,121 |
|
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|
(726 |
) |
|
|
787,434 |
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|
Corporate debt
securities
|
|
|
34,413 |
|
|
|
418 |
|
|
|
(20 |
) |
|
|
34,811 |
|
|
|
34,472 |
|
|
|
237 |
|
|
|
(263 |
) |
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|
34,446 |
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Total held-to-maturity securities
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|
$ |
1,067,967 |
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|
$ |
17,349 |
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|
$ |
(8,526 |
) |
|
$ |
1,076,790 |
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$ |
1,012,930 |
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$ |
28,280 |
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|
$ |
(3,003 |
) |
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$ |
1,038,207 |
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Total
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$ |
2,324,729 |
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|
$ |
22,526 |
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|
$ |
(29,289 |
) |
|
$ |
2,317,966 |
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|
$ |
2,422,574 |
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$ |
36,385 |
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|
$ |
(17,683 |
) |
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$ |
2,441,276 |
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| 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.
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| |
|
December 31,
2016 |
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|
(in
thousands)
|
|
One Year
or less |
|
|
One to
Five Years |
|
|
Five to
Ten Years |
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|
After
Ten
Years |
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|
Mortgage-backed
and Equity |
|
|
Total |
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|
Available-for-sale
|
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|
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|
|
|
|
|
|
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|
|
|
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 |
|
|
|
|
|
|
|
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|
|
|
|
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|
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Total available-for-sale securities
|
|
$ |
10,062 |
|
|
$ |
64,054 |
|
|
$ |
56,337 |
|
|
$ |
61,661 |
|
|
$ |
1,049,062 |
|
|
$ |
1,241,176 |
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Held-to-maturity (3)
|
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|
|
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|
|
|
|
|
|
|
|
|
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|
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|
|
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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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| (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.
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| |
|
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:
|
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|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|