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SECURITIES (Tables)
 9 Months Ended
Sep. 30, 2018
Investments, Debt and Equity Securities [Abstract]  
Schedule of Amortized Cost and Fair Value of Securities Available for Sale
The amortized cost and fair value of securities are as follows:
TABLE 4.1
 
(in thousands)
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair
 Value
Securities Available for Sale:
 
 
 
 
 
 
 
September 30, 2018
 
 
 
 
 
 
 
U.S. government agencies
$
163,752

 
$
36

 
$
(788
)
 
$
163,000

U.S. government-sponsored entities
362,967

 
—

 
(6,700
)
 
356,267

Residential mortgage-backed securities:
 
 
 
 
 
 
 
Agency mortgage-backed securities
1,540,049

 
356

 
(56,585
)
 
1,483,820

Agency collateralized mortgage obligations
1,083,989

 
—

 
(37,508
)
 
1,046,481

Commercial mortgage-backed securities
228,957

 
—

 
(2,182
)
 
226,775

States of the U.S. and political subdivisions
20,782

 
—

 
(101
)
 
20,681

Other debt securities
1,950

 
—

 
(80
)
 
1,870

Total debt securities available for sale
$
3,402,446

 
$
392

 
$
(103,944
)
 
$
3,298,894

December 31, 2017
 
 
 
 
 
 
 
U.S. government-sponsored entities
$
347,767

 
$
52

 
$
(3,877
)
 
$
343,942

Residential mortgage-backed securities:
 
 
 
 
 
 
 
Agency mortgage-backed securities
1,615,168

 
1,225

 
(17,519
)
 
1,598,874

Agency collateralized mortgage obligations
813,034

 
—

 
(18,077
)
 
794,957

Non-agency collateralized mortgage obligations
1

 
—

 
—

 
1

States of the U.S. and political subdivisions
21,151

 
6

 
(64
)
 
21,093

Other debt securities
4,913

 
—

 
(243
)
 
4,670

Total debt securities
2,802,034

 
1,283

 
(39,780
)
 
2,763,537

Equity securities
587

 
438

 
—

 
1,025

Total securities available for sale
$
2,802,621

 
$
1,721

 
$
(39,780
)
 
$
2,764,562
Schedule of Amortized Cost and Fair Value of Securities Held to Maturity
(in thousands)
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair
 Value
Debt Securities Held to Maturity:
 
 
 
 
 
 
 
September 30, 2018
 
 
 
 
 
 
 
U.S. Treasury
$
500

 
$
95

 
$
—

 
$
595

U.S. government agencies
1,987

 
58

 
—

 
2,045

U.S. government-sponsored entities
230,011

 
—

 
(6,170
)
 
223,841

Residential mortgage-backed securities:
 
 
 
 
 
 
 
Agency mortgage-backed securities
1,078,270

 
225

 
(40,969
)
 
1,037,526

Agency collateralized mortgage obligations
797,940

 
219

 
(37,797
)
 
760,362

Commercial mortgage-backed securities
76,818

 
1

 
(1,864
)
 
74,955

States of the U.S. and political subdivisions
1,020,819

 
—

 
(87,196
)
 
933,623

Total debt securities held to maturity
$
3,206,345

 
$
598

 
$
(173,996
)
 
$
3,032,947

December 31, 2017
 
 
 
 
 
 
 
U.S. Treasury
$
500

 
$
134

 
$
—

 
$
634

U.S. government-sponsored entities
247,310

 
93

 
(4,388
)
 
243,015

Residential mortgage-backed securities:
 
 
 
 
 
 
 
Agency mortgage-backed securities
1,219,802

 
3,475

 
(9,058
)
 
1,214,219

Agency collateralized mortgage obligations
777,146

 
32

 
(20,095
)
 
757,083

Commercial mortgage-backed securities
80,786

 
414

 
(575
)
 
80,625

States of the U.S. and political subdivisions
916,724

 
13,209

 
(7,130
)
 
922,803

Total debt securities held to maturity
$
3,242,268

 
$
17,357

 
$
(41,246
)
 
$
3,218,379
Gross Gains and Gross Losses Realized on Sales of Securities
Gross gains and gross losses were realized on securities as follows:
TABLE 4.2
 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
(in thousands)
2018
 
2017
 
2018
 
2017
Gross gains
$
—

 
$
2,834

 
$
31

 
$
6,845

Gross losses
—

 
(57
)
 
—

 
(950
)
Net gains
$
—

 
$
2,777

 
$
31

 
$
5,895
Amortized Cost and Fair Value of Securities, by Contractual Maturities
As of September 30, 2018, the amortized cost and fair value of debt securities, by contractual maturities, were as follows:
TABLE 4.3
 
Available for Sale
 
Held to Maturity
(in thousands)
Amortized
Cost
 
Fair
Value
 
Amortized
Cost
 
Fair
Value
Due in one year or less
$
121,270

 
$
120,729

 
$
40,450

 
$
40,308

Due from one to five years
258,824

 
252,577

 
202,164

 
195,882

Due from five to ten years
57,811

 
57,603

 
109,606

 
105,281

Due after ten years
111,546

 
110,909

 
901,097

 
818,633

 
549,451

 
541,818

 
1,253,317

 
1,160,104

Residential mortgage-backed securities:
 
 
 
 
 
 
 
Agency mortgage-backed securities
1,540,049

 
1,483,820

 
1,078,270

 
1,037,526

Agency collateralized mortgage obligations
1,083,989

 
1,046,481

 
797,940

 
760,362

Commercial mortgage-backed securities
228,957

 
226,775

 
76,818

 
74,955

Total debt securities
$
3,402,446

 
$
3,298,894

 
$
3,206,345

 
$
3,032,947
Schedule of Securities Pledged as Collateral
Following is information relating to securities pledged:
TABLE 4.4
(dollars in thousands)
September 30,
2018
 
December 31,
2017
Securities pledged (carrying value):
 
 
 
To secure public deposits, trust deposits and for other purposes as required by law
$
3,912,575

 
$
3,491,634

As collateral for short-term borrowings
282,682

 
263,756

Securities pledged as a percent of total securities
64.5
%
 
62.5
%
Summaries of Fair Values and Unrealized Losses of Impaired Securities, Segregated by Length of Impairment
Following are summaries of the fair values and unrealized losses of temporarily impaired debt securities, segregated by length of impairment. The unrealized losses reported below are generally due to the higher interest rate environment.

TABLE 4.5
 
Less than 12 Months
 
12 Months or More
 
Total
(dollars in thousands)
#
 
Fair
 Value
 
Unrealized
Losses
 
#
 
Fair
 Value
 
Unrealized
Losses
 
#
 
Fair
 Value
 
Unrealized
Losses
Debt Securities Available for Sale
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
September 30, 2018
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. government agencies
18

 
$
137,530

 
$
(788
)
 
—

 
$
—

 
$
—

 
18

 
$
137,530

 
$
(788
)
U.S. government-sponsored entities
6

 
136,678

 
(1,292
)
 
11

 
219,589

 
(5,408
)
 
17

 
356,267

 
(6,700
)
Residential mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Agency mortgage-backed securities
40

 
666,851

 
(20,289
)
 
48

 
807,826

 
(36,296
)
 
88

 
1,474,677

 
(56,585
)
Agency collateralized mortgage obligations
17

 
568,169

 
(11,501
)
 
39

 
448,336

 
(26,007
)
 
56

 
1,016,505

 
(37,508
)
Commercial mortgage-backed securities
6

 
226,775

 
(2,182
)
 
—

 
—

 
—

 
6

 
226,775

 
(2,182
)
States of the U.S. and political subdivisions
7

 
11,672

 
(80
)
 
2

 
2,028

 
(21
)
 
9

 
13,700

 
(101
)
Other debt securities
—

 
—

 
—

 
1

 
1,870

 
(80
)
 
1

 
1,870

 
(80
)
Total temporarily impaired debt securities AFS
94

 
$
1,747,675

 
$
(36,132
)
 
101

 
$
1,479,649

 
$
(67,812
)
 
195

 
$
3,227,324

 
$
(103,944
)
December 31, 2017
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. government-sponsored entities
7

 
$
106,809

 
$
(363
)
 
10

 
$
201,485

 
$
(3,514
)
 
17

 
$
308,294

 
$
(3,877
)
Residential mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Agency mortgage-backed securities
43

 
976,738

 
(7,723
)
 
28

 
473,625

 
(9,796
)
 
71

 
1,450,363

 
(17,519
)
Agency collateralized mortgage obligations
14

 
409,005

 
(6,231
)
 
33

 
335,452

 
(11,846
)
 
47

 
744,457

 
(18,077
)
States of the U.S. and political subdivisions
7

 
11,254

 
(55
)
 
1

 
879

 
(9
)
 
8

 
12,133

 
(64
)
Other debt securities
—

 
—

 
—

 
3

 
4,670

 
(243
)
 
3

 
4,670

 
(243
)
Total temporarily impaired debt securities AFS
71

 
$
1,503,806

 
$
(14,372
)
 
75

 
$
1,016,111

 
$
(25,408
)
 
146

 
$
2,519,917

 
$
(39,780
)
 
Less than 12 Months
 
12 Months or More
 
Total
(dollars in thousands)
#
 
Fair
 Value
 
Unrealized
Losses
 
#
 
Fair
 Value
 
Unrealized
Losses
 
#
 
Fair
 Value
 
Unrealized
Losses
Debt Securities Held to Maturity
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
September 30, 2018
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. government-sponsored entities
3

 
$
39,696

 
$
(315
)
 
10

 
$
184,145

 
$
(5,855
)
 
13

 
$
223,841

 
$
(6,170
)
Residential mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Agency mortgage-backed securities
66

 
609,169

 
(20,754
)
 
29

 
417,024

 
(20,215
)
 
95

 
1,026,193

 
(40,969
)
Agency collateralized mortgage obligations
15

 
307,031

 
(9,673
)
 
38

 
416,467

 
(28,124
)
 
53

 
723,498

 
(37,797
)
Commercial mortgage-backed securities
7

 
52,471

 
(1,184
)
 
4

 
21,371

 
(680
)
 
11

 
73,842

 
(1,864
)
States of the U.S. and political subdivisions
278

 
810,893

 
(60,672
)
 
42

 
122,730

 
(26,524
)
 
320

 
933,623

 
(87,196
)
Total temporarily impaired debt securities HTM
369

 
$
1,819,260

 
$
(92,598
)
 
123

 
$
1,161,737

 
$
(81,398
)
 
492

 
$
2,980,997

 
$
(173,996
)
December 31, 2017
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. government-sponsored entities
4

 
$
54,790

 
$
(239
)
 
10

 
$
185,851

 
$
(4,149
)
 
14

 
$
240,641

 
$
(4,388
)
Residential mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Agency mortgage-backed securities
36

 
648,485

 
(4,855
)
 
11

 
183,989

 
(4,203
)
 
47

 
832,474

 
(9,058
)
Agency collateralized mortgage obligations
14

 
275,290

 
(1,701
)
 
35

 
473,257

 
(18,394
)
 
49

 
748,547

 
(20,095
)
Commercial mortgage-backed securities
3

 
26,399

 
(123
)
 
2

 
19,443

 
(452
)
 
5

 
45,842

 
(575
)
States of the U.S. and political subdivisions
16

 
56,739

 
(933
)
 
37

 
121,536

 
(6,197
)
 
53

 
178,275

 
(7,130
)
Total temporarily impaired debt securities HTM
73

 
$
1,061,703

 
$
(7,851
)
 
95

 
$
984,076

 
$
(33,395
)
 
168

 
$
2,045,779

 
$
(41,246
)