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Investment Securities (Tables)
12 Months Ended
Dec. 31, 2014
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.

 

     December 31, 2014  
     Amortized
Cost
     Gross
Unrealized
Holding Gain
     Gross
Unrealized
Holding Loss
    Fair
Value
     Total
Percent
 
     (Dollars in thousands)  

Investment securities available-for-sale:

             

Government agency

     $ 339,071         $ —           $ (8,228     $ 330,843         10.55

Residential mortgage-backed securities

     1,884,370         36,154         (3,028     1,917,496         61.12

CMOs / REMICs — residential

     297,318         7,050         (277     304,091         9.69

Municipal bonds

     557,823         22,463         (645     579,641         18.48

Other securities

     5,000         87         —          5,087         0.16
  

 

 

    

 

 

    

 

 

   

 

 

    

 

 

 

Total

     $  3,083,582         $       65,754         $     (12,178)        $  3,137,158         100.00
  

 

 

    

 

 

    

 

 

   

 

 

    

 

 

 

 

     December 31, 2013  
     Amortized Cost      Gross
Unrealized
Holding Gain
     Gross
Unrealized
Holding Loss
    Fair
Value
     Total
Percent
 
     (Dollars in thousands)  

Investment securities available-for-sale:

             

Government agency

     $ 350,378         $ 22         $ (23,875     $ 326,525         12.26

Residential mortgage-backed securities

     1,391,631         13,100         (24,788     1,379,943         51.81

CMOs / REMICs — residential

     361,573         6,576         (1,974     366,175         13.75

Municipal bonds

     571,145         18,839         (3,893     586,091         22.00

Other securities

     5,000         —           (92     4,908         0.18
  

 

 

    

 

 

    

 

 

   

 

 

    

 

 

 

Total

     $   2,679,727         $       38,537         $       (54,622)        $   2,663,642         100.00
  

 

 

    

 

 

    

 

 

   

 

 

    

 

 

 
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.

 

    December 31, 2014  
    Less Than 12 Months     12 Months or Longer     Total  
    Fair Value     Gross
Unrealized
Holding
Losses
    Fair Value     Gross
Unrealized
Holding
Losses
    Fair Value     Gross
Unrealized
Holding
Losses
 
    (Dollars in thousands)  

Available-for-sale:

           

Government agency

    $ 22,224        $ 28        $ 307,873        $ 8,200        $ 330,097        $ 8,228   

Residential mortgage-backed securities

    19,636        4        145,681        3,024        165,317        3,028   

CMOs /REMICs — residential

    —          —          31,143        277        31,143        277   

Municipal bonds

    1,953        23        24,812        622        26,765        645   

Other securities

    —          —          —          —          —          —     
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total

    $     43,813        $          55        $     509,509        $     12,123        $     553,322        $     12,178   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

    December 31, 2013  
    Less Than 12 Months     12 Months or Longer     Total  
    Fair Value     Gross
Unrealized
Holding
Losses
    Fair Value     Gross
Unrealized
Holding
Losses
    Fair Value     Gross
Unrealized
Holding
Losses
 
    (Dollars in thousands)  

Available-for-sale:

           

Government agency

    $ 267,936        $ 20,514        $ 38,563      $   3,361        $ 306,499        $ 23,875   

Residential mortgage-backed securities

    851,621        23,313        22,999        1,475        874,620        24,788   

CMOs / REMICs — residential

    104,322        1,780        17,747        194        122,069        1,974   

Municipal bonds

    47,116        3,359        10,338        534        57,454        3,893   

Other securities

    4,908        92        —          —          4,908        92   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total

    $ 1,275,903        $     49,058        $       89,647        $       5,564        $ 1,365,550        $     54,622   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
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.

 

     December 31, 2014  
     Amortized Cost      Fair Value  
     (Dollars in thousands)  

Available-for-sale:

     

Due in one year or less

   $ 156,040       $ 159,389   

Due after one year through five years

     2,056,835         2,107,877   

Due after five years through ten years

     757,260         754,160   

Due after ten years

     113,447         115,732   
  

 

 

    

 

 

 

Total

   $     3,083,582       $     3,137,158