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Investment Securities (Tables)
 3 Months Ended
Mar. 31, 2014
Investments, Debt and Equity Securities [Abstract]  
Schedule of amortized cost, gross unrealized gains and losses, and fair value of investment securities
The amortized cost, gross unrealized gains and losses, and fair value of the Company’s investment securities as of March 31, 2014 and December 31, 2013 were as follows:

(dollars in thousands)
Amortized Cost

 
Gross
Unrealized Gains

 
Gross
Unrealized Losses

 
Fair Value

March 31, 2014
 

 
 

 
 

 
 

Available-for-Sale:
 

 
 

 
 

 
 

Debt Securities Issued by the U.S. Treasury and Government Agencies
$
368,033

 
$
6,079

 
$
(133
)
 
$
373,979

Debt Securities Issued by States and Political Subdivisions
718,801

 
11,457

 
(7,139
)
 
723,119

Debt Securities Issued by Corporations
265,040

 
1,103

 
(6,582
)
 
259,561

Mortgage-Backed Securities:
 

 
 

 
 

 
 

    Residential - Government Agencies
592,588

 
13,743

 
(1,348
)
 
604,983

    Residential - U.S. Government-Sponsored Enterprises
20,034

 
1,374

 
—

 
21,408

    Commercial - Government Agencies
215,033

 
—

 
(10,019
)
 
205,014

Total Mortgage-Backed Securities
827,655

 
15,117

 
(11,367
)
 
831,405

Total
$
2,179,529

 
$
33,756

 
$
(25,221
)
 
$
2,188,064

Held-to-Maturity:
 

 
 

 
 

 
 

Debt Securities Issued by the U.S. Treasury and Government Agencies
$
498,540

 
$
2,776

 
$
(3,463
)
 
$
497,853

Debt Securities Issued by States and Political Subdivisions
252,179

 
6,507

 
—

 
258,686

Debt Securities Issued by Corporations
178,032

 
5

 
(4,631
)
 
173,406

Mortgage-Backed Securities:
 
 
 
 
 
 
 

    Residential - Government Agencies
3,408,764

 
41,169

 
(39,502
)
 
3,410,431

    Residential - U.S. Government-Sponsored Enterprises
118,555

 
1,335

 
(508
)
 
119,382

    Commercial - Government Agencies
321,424

 
—

 
(7,150
)
 
314,274

Total Mortgage-Backed Securities
3,848,743

 
42,504


(47,160
)

3,844,087

Total
$
4,777,494

 
$
51,792

 
$
(55,254
)
 
$
4,774,032

 
 
 
 
 
 
 
 
December 31, 2013
 

 
 

 
 

 
 

Available-for-Sale:
 

 
 

 
 

 
 

Debt Securities Issued by the U.S. Treasury and Government Agencies
$
390,873

 
$
6,640

 
$
(234
)
 
$
397,279

Debt Securities Issued by States and Political Subdivisions
691,861

 
8,396

 
(13,455
)
 
686,802

Debt Securities Issued by Corporations
280,172

 
1,165

 
(7,836
)
 
273,501

Mortgage-Backed Securities:
 
 
 
 
 
 
 

    Residential - Government Agencies
641,227

 
13,816

 
(1,849
)
 
653,194

    Residential - U.S. Government-Sponsored Enterprises
21,865

 
1,403

 
—

 
23,268

    Commercial - Government Agencies
219,859

 
—

 
(10,206
)
 
209,653

Total Mortgage-Backed Securities
882,951

 
15,219

 
(12,055
)
 
886,115

Total
$
2,245,857

 
$
31,420

 
$
(33,580
)
 
$
2,243,697

Held-to-Maturity:
 

 
 

 
 

 
 

Debt Securities Issued by the U.S. Treasury and Government Agencies
$
433,987

 
$
3,045

 
$
(3,667
)
 
$
433,365

Debt Securities Issued by States and Political Subdivisions
253,039

 
817

 
(133
)
 
253,723

Debt Securities Issued by Corporations
190,181

 
—

 
(5,708
)
 
184,473

Mortgage-Backed Securities:
 
 
 
 
 
 
 

    Residential - Government Agencies
3,523,343

 
31,786

 
(66,572
)
 
3,488,557

    Residential - U.S. Government-Sponsored Enterprises
21,602

 
1,423

 
—

 
23,025

    Commercial - Government Agencies
322,367

 
—

 
(7,923
)
 
314,444

Total Mortgage-Backed Securities
3,867,312

 
33,209

 
(74,495
)
 
3,826,026

Total
$
4,744,519

 
$
37,071

 
$
(84,003
)
 
$
4,697,587
Analysis of the contractual maturities of investment securities
The table below presents an analysis of the contractual maturities of the Company’s investment securities as of March 31, 2014.  Debt securities issued by government agencies (Small Business Administration securities) and mortgage-backed securities are disclosed separately in the table below as these investment securities may prepay prior to their scheduled contractual maturity dates.
(dollars in thousands)
Amortized Cost

 
Fair Value

Available-for-Sale:
 

 
 

Due in One Year or Less
$
29,156

 
$
29,470

Due After One Year Through Five Years
271,563

 
276,009

Due After Five Years Through Ten Years
625,824

 
619,099

Due After Ten Years
117,173

 
119,934

 
1,043,716

 
1,044,512

 
 
 
 
Debt Securities Issued by Government Agencies
308,158

 
312,147

Mortgage-Backed Securities:
 

 
 

    Residential - Government Agencies
592,588

 
604,983

    Residential - U.S. Government-Sponsored Enterprises
20,034

 
21,408

    Commercial - Government Agencies
215,033

 
205,014

Total Mortgage-Backed Securities
827,655

 
831,405

Total
$
2,179,529

 
$
2,188,064

 
 
 
 
Held-to-Maturity:
 

 
 

Due in One Year or Less
$
30,130

 
$
30,381

Due After One Year Through Five Years
468,410

 
467,472

Due After Five Years Through Ten Years
164,682

 
166,977

Due After Ten Years
265,529

 
265,115

 
928,751

 
929,945

Mortgage-Backed Securities:
 

 
 

    Residential - Government Agencies
3,408,764

 
3,410,431

    Residential - U.S. Government-Sponsored Enterprises
118,555

 
119,382

    Commercial - Government Agencies
321,424

 
314,274

Total Mortgage-Backed Securities
3,848,743

 
3,844,087

Total
$
4,777,494

 
$
4,774,032
Schedule of Gains (Losses) on Sale of Investment Securities
The table below presents the gains and losses from the sales of investment securities in the first quarter of 2014. There were no sales of investment securities in the first quarter of 2013.
 
Three Months Ended
March 31,
(dollars in thousands)
2014

 
2013

Gross Gains on Sales of Investment Securities
$
2,160

 
$
—

Gross Losses on Sales of Investment Securities
—

 
—

Net Gains on Sales of Investment Securities
$
2,160

 
$
—
Schedule of investment securities in an unrealized loss position
The Company’s investment securities in an unrealized loss position, segregated by continuous length of impairment, were as follows:
 
Less Than 12 Months
 
12 Months or Longer
 
Total
(dollars in thousands)
Fair Value

 
Gross Unrealized Losses

 
Fair Value

 
Gross Unrealized Losses

 
Fair Value

 
Gross Unrealized Losses

March 31, 2014
 

 
 

 
 

 
 

 
 

 
 

Available-for-Sale:
 
 
 
 
 
 
 
 
 
 
 
Debt Securities Issued by the U.S. Treasury
   and Government Agencies
$
17,833

 
$
(123
)
 
$
1,900

 
$
(10
)
 
$
19,733

 
$
(133
)
Debt Securities Issued by States
   and Political Subdivisions
307,060

 
(5,215
)
 
42,806

 
(1,924
)
 
349,866

 
(7,139
)
Debt Securities Issued by Corporations
125,147

 
(2,989
)
 
76,459

 
(3,593
)
 
201,606

 
(6,582
)
Mortgage-Backed Securities:
 
 
 
 
 
 
 
 


 


    Residential - Government Agencies
15,852

 
(496
)
 
9,449

 
(852
)
 
25,301

 
(1,348
)
    Commercial - Government Agencies
57,123

 
(1,729
)
 
147,891

 
(8,290
)
 
205,014

 
(10,019
)
Total Mortgage-Backed Securities
72,975

 
(2,225
)
 
157,340

 
(9,142
)
 
230,315

 
(11,367
)
Total
$
523,015

 
$
(10,552
)
 
$
278,505

 
$
(14,669
)
 
$
801,520

 
$
(25,221
)
Held-to-Maturity:
 
 
 
 
 
 
 
 
 
 
 
Debt Securities Issued by the U.S. Treasury
   and Government Agencies
$
336,285

 
$
(3,463
)
 
$
—

 
$
—

 
$
336,285

 
$
(3,463
)
Debt Securities Issued by Corporations
143,607

 
(3,348
)
 
20,419

 
(1,283
)
 
164,026

 
(4,631
)
Mortgage-Backed Securities:
 
 
 
 
 
 
 
 
 
 
 
    Residential - Government Agencies
1,347,544

 
(29,120
)
 
203,201

 
(10,382
)
 
1,550,745

 
(39,502
)
    Residential - U.S. Government-Sponsored
       Enterprises
97,848

 
(508
)
 
—

 
—

 
97,848

 
(508
)
    Commercial - Government Agencies
117,174

 
(1,365
)
 
197,100

 
(5,785
)
 
314,274

 
(7,150
)
Total Mortgage-Backed Securities
1,562,566

 
(30,993
)
 
400,301

 
(16,167
)
 
1,962,867

 
(47,160
)
Total
$
2,042,458

 
$
(37,804
)
 
$
420,720

 
$
(17,450
)
 
$
2,463,178

 
$
(55,254
)
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2013
 

 
 

 
 

 
 

 
 

 
 

Available-for-Sale:
 
 
 
 
 
 
 
 
 
 
 
Debt Securities Issued by the U.S. Treasury
     and Government Agencies
$
26,181

 
$
(225
)
 
$
2,117

 
$
(9
)
 
$
28,298

 
$
(234
)
Debt Securities Issued by States
     and Political Subdivisions
415,718

 
(10,934
)
 
42,607

 
(2,521
)
 
458,325

 
(13,455
)
Debt Securities Issued by Corporations
200,364

 
(7,836
)
 
—

 
—

 
200,364

 
(7,836
)
Mortgage-Backed Securities:
 
 
 
 
 
 
 
 
 
 
 
     Residential - Government Agencies
76,744

 
(781
)
 
10,027

 
(1,068
)
 
86,771

 
(1,849
)
     Commercial - Government Agencies
164,478

 
(7,935
)
 
45,175

 
(2,271
)
 
209,653

 
(10,206
)
Total Mortgage-Backed Securities
241,222

 
(8,716
)
 
55,202

 
(3,339
)
 
296,424

 
(12,055
)
Total
$
883,485

 
$
(27,711
)
 
$
99,926

 
$
(5,869
)
 
$
983,411

 
$
(33,580
)
Held-to-Maturity:
 
 
 
 
 
 
 
 
 
 
 
Debt Securities Issued by the U.S. Treasury
and Government Agencies
$
271,469

 
$
(3,667
)
 
$
—

 
$
—

 
$
271,469

 
$
(3,667
)
Debt Securities Issued by States
and Political Subdivisions
52,026

 
(133
)
 
—

 
—

 
52,026

 
(133
)
Debt Securities Issued by Corporations
163,736

 
(4,278
)
 
20,736

 
(1,430
)
 
184,472

 
(5,708
)
Mortgage-Backed Securities:
 
 
 
 
 
 
 
 
 
 
 
     Residential - Government Agencies
1,767,086

 
(54,067
)
 
190,939

 
(12,505
)
 
1,958,025

 
(66,572
)
     Commercial - Government Agencies
224,277

 
(4,753
)
 
90,167

 
(3,170
)
 
314,444

 
(7,923
)
Total Mortgage-Backed Securities
1,991,363

 
(58,820
)
 
281,106

 
(15,675
)
 
2,272,469

 
(74,495
)
Total
$
2,478,594

 
$
(66,898
)
 
$
301,842

 
$
(17,105
)
 
$
2,780,436

 
$
(84,003
)
Schedule of interest income from taxable and non-taxable investment securities
Interest income from taxable and non-taxable investment securities for the three months ended March 31, 2014 and 2013 were as follows:
 
Three Months Ended
March 31,
(dollars in thousands)
2014

 
2013

Taxable
$
33,427

 
$
31,421

Non-Taxable
5,222

 
4,284

Total Interest Income from Investment Securities
$
38,649

 
$
35,705
Schedule of carrying value of company's Federal Home Loan Bank and Federal Reserve Bank
As of March 31, 2014, the carrying value of the Company’s Federal Home Loan Bank and Federal Reserve Bank stock was as follows:
(dollars in thousands)
March 31,
2014

 
December 31,
2013

Federal Home Loan Bank Stock
$
55,254

 
$
58,021

Federal Reserve Bank Stock
19,138

 
19,138

Total
$
74,392

 
$
77,159