Investment Securities (Tables)
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12 Months Ended |
Dec. 31, 2014
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Investments, Debt and Equity Securities [Abstract] |
|
Summary of Amortized Cost and Estimated Fair Value of Investment Securities |
The majority of
securities held are publicly traded, and the estimated fair values
were obtained from an independent pricing service based upon market
quotes.
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December 31,
2014 |
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Amortized
Cost |
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Gross
Unrealized
Holding Gain |
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Gross
Unrealized
Holding Loss |
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Fair
Value |
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Total
Percent |
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(Dollars in
thousands) |
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Investment securities
available-for-sale:
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Government
agency
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$ |
339,071 |
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$ |
— |
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|
$ |
(8,228 |
) |
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$ |
330,843 |
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|
10.55 |
% |
Residential mortgage-backed
securities
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1,884,370 |
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36,154 |
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(3,028 |
) |
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1,917,496 |
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61.12 |
% |
CMOs / REMICs —
residential
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297,318 |
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7,050 |
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(277 |
) |
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304,091 |
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9.69 |
% |
Municipal bonds
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557,823 |
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22,463 |
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(645 |
) |
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579,641 |
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18.48 |
% |
Other securities
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5,000 |
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87 |
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— |
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5,087 |
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0.16 |
% |
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Total
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$ |
3,083,582 |
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$ |
65,754 |
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$ |
(12,178) |
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$ |
3,137,158 |
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100.00 |
% |
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December 31,
2013 |
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Amortized
Cost |
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|
Gross
Unrealized
Holding Gain |
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Gross
Unrealized
Holding Loss |
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|
Fair
Value |
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|
Total
Percent |
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|
(Dollars in
thousands) |
|
Investment securities
available-for-sale:
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Government
agency
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$ |
350,378 |
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$ |
22 |
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$ |
(23,875 |
) |
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$ |
326,525 |
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12.26 |
% |
Residential mortgage-backed
securities
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1,391,631 |
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13,100 |
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(24,788 |
) |
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1,379,943 |
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51.81 |
% |
CMOs / REMICs —
residential
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361,573 |
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6,576 |
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(1,974 |
) |
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366,175 |
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13.75 |
% |
Municipal bonds
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571,145 |
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18,839 |
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(3,893 |
) |
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586,091 |
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22.00 |
% |
Other securities
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5,000 |
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— |
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(92 |
) |
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4,908 |
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0.18 |
% |
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Total
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$ |
2,679,727 |
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$ |
38,537 |
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$ |
(54,622) |
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$ |
2,663,642 |
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100.00 |
% |
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Summary of Continuous Unrealized Loss Position of Securities |
The tables
below show the Company’s investment securities’ gross
unrealized losses and fair value by investment category and length
of time that individual securities have been in a continuous
unrealized loss position at December 31, 2014, and 2013.
Management has reviewed individual securities to determine whether
a decline in fair value below the amortized cost basis is
other-than-temporary.
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December 31,
2014 |
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Less Than 12
Months |
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12 Months or
Longer |
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Total |
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Fair
Value |
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Gross
Unrealized
Holding
Losses |
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Fair
Value |
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Gross
Unrealized
Holding
Losses |
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Fair
Value |
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Gross
Unrealized
Holding
Losses |
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(Dollars in
thousands) |
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Available-for-sale:
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Government
agency
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$ |
22,224 |
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$ |
28 |
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$ |
307,873 |
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$ |
8,200 |
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$ |
330,097 |
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$ |
8,228 |
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Residential mortgage-backed
securities
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19,636 |
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4 |
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145,681 |
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3,024 |
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165,317 |
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3,028 |
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CMOs /REMICs —
residential
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— |
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— |
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31,143 |
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277 |
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31,143 |
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277 |
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Municipal bonds
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1,953 |
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23 |
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24,812 |
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622 |
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26,765 |
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|
645 |
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Other securities
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— |
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— |
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— |
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— |
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— |
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— |
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Total
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$ |
43,813 |
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$ |
55 |
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$ |
509,509 |
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$ |
12,123 |
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$ |
553,322 |
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$ |
12,178 |
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December 31,
2013 |
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Less Than 12
Months |
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12 Months or
Longer |
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Total |
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Fair
Value |
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Gross
Unrealized
Holding
Losses |
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Fair
Value |
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Gross
Unrealized
Holding
Losses |
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Fair
Value |
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|
Gross
Unrealized
Holding
Losses |
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(Dollars in
thousands) |
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Available-for-sale:
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Government
agency
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$ |
267,936 |
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$ |
20,514 |
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$ |
38,563 |
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$ |
3,361 |
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$ |
306,499 |
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$ |
23,875 |
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Residential mortgage-backed
securities
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851,621 |
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23,313 |
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22,999 |
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1,475 |
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874,620 |
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24,788 |
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CMOs / REMICs —
residential
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104,322 |
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1,780 |
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17,747 |
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194 |
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122,069 |
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1,974 |
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Municipal bonds
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47,116 |
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3,359 |
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10,338 |
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534 |
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57,454 |
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3,893 |
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Other securities
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4,908 |
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|
92 |
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— |
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— |
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4,908 |
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92 |
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Total
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$ |
1,275,903 |
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$ |
49,058 |
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$ |
89,647 |
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$ |
5,564 |
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$ |
1,365,550 |
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$ |
54,622 |
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Summary of Amortized Cost and Fair Value of Debt Securities by Contractual Maturity |
Mortgage-backed
securities and CMO/REMICs are included in maturity categories based
upon estimated prepayment speeds.
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December 31,
2014 |
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|
Amortized
Cost |
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Fair
Value |
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(Dollars in
thousands) |
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Available-for-sale:
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Due in one year or
less
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$ |
156,040 |
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$ |
159,389 |
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Due after one year through
five years
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2,056,835 |
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2,107,877 |
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Due after five years
through ten years
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757,260 |
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754,160 |
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Due after ten
years
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113,447 |
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115,732 |
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Total
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$ |
3,083,582 |
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$ |
3,137,158 |
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