XML 51 R22.htm IDEA: XBRL DOCUMENT v3.2.0.727
Securities (Tables)
 6 Months Ended
Jun. 30, 2015
Investments, Debt and Equity Securities [Abstract]  
Marketable Securities
A summary of the Company's securities portfolio by category and maturity is presented in the following tables.
Securities Portfolio
(Dollar amounts in thousands)
 
 
As of June 30, 2015
 
As of December 31, 2014
 
 
Amortized Cost
 
Gross Unrealized
 
Fair
 Value
 
Amortized Cost
 
Gross Unrealized
 
Fair
 Value
 
 
 
Gains
 
Losses
 
 
 
Gains
 
Losses
 
Securities Available-for-Sale
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. agency securities
 
$
20,312

 
$
172

 
$
—

 
$
20,484

 
$
30,297

 
$
144

 
$
(10
)
 
$
30,431

Collateralized mortgage
  obligations ("CMOs")
 
525,357

 
2,328

 
(6,110
)
 
521,575

 
538,882

 
2,256

 
(6,982
)
 
534,156

Other mortgage-backed
  securities ("MBSs")
 
179,436

 
3,198

 
(791
)
 
181,843

 
155,443

 
4,632

 
(310
)
 
159,765

Municipal securities
 
377,381

 
7,319

 
(1,712
)
 
382,988

 
414,255

 
10,583

 
(1,018
)
 
423,820

Trust preferred
  collateralized debt
  obligations ("CDOs")
 
48,231

 
77

 
(16,304
)
 
32,004

 
48,502

 
152

 
(14,880
)
 
33,774

Corporate debt securities
 
31

 
49

 
—

 
80

 
1,719

 
83

 
—

 
1,802

Equity securities
 
3,377

 
100

 
(44
)
 
3,433

 
3,224

 
72

 
(35
)
 
3,261

Total available-
  for-sale securities
 
$
1,154,125

 
$
13,243

 
$
(24,961
)
 
$
1,142,407

 
$
1,192,322

 
$
17,922

 
$
(23,235
)
 
$
1,187,009

Securities Held-to-Maturity
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Municipal securities
 
$
24,292

 
$
253

 
$
—

 
$
24,545

 
$
26,555

 
$
1,115

 
$
—

 
$
27,670

Trading Securities
 
 
 
 
 
 
 
$
18,172

 
 
 
 
 
 
 
$
17,460
Investments Classified by Contractual Maturity Date
Remaining Contractual Maturity of Securities
(Dollar amounts in thousands)
 
 
As of June 30, 2015
 
 
Available-for-Sale
 
Held-to-Maturity
 
 
Amortized
Cost
 
Fair
Value
 
Amortized
Cost
 
Fair
Value
One year or less
 
$
114,934

 
$
112,254

 
$
2,330

 
$
2,354

After one year to five years
 
104,940

 
102,493

 
8,497

 
8,585

After five years to ten years
 
177,819

 
173,672

 
4,947

 
4,999

After ten years
 
48,262

 
47,137

 
8,518

 
8,607

Securities that do not have a single contractual maturity date
 
708,170

 
706,851

 
—

 
—

Total
 
$
1,154,125

 
$
1,142,407

 
$
24,292

 
$
24,545
Realized Gain (Loss) on Investments
The following table presents net realized gains on available-for-sale securities for the quarters and six months ended June 30, 2015 and 2014.
Available-for-Sale Securities Gains (Losses)
(Dollar amounts in thousands)
 
 
Quarters Ended 
 June 30,
 
Six Months Ended 
 June 30,
 
 
2015
 
2014
 
2015
 
2014
Gains (losses) on sales of securities:
 
 
 
 
 
 
 
 
Gross realized gains
 
$
515

 
$
4,517

 
$
1,165

 
$
5,618

Gross realized losses
 
—

 
—

 
(138
)
 
—

Net realized gains on sales of securities
 
515

 
4,517

 
1,027

 
5,618

Non-cash impairment charges:
 
 
 
 
 
 
 
 
Other-than-temporary securities impairment ("OTTI")
 
—

 
—

 
—

 
(28
)
Net realized gains
 
$
515

 
$
4,517

 
$
1,027

 
$
5,590
Other than Temporary Impairment, Credit Losses Recognized in Earnings
The following table presents a rollforward of life-to-date OTTI recognized in earnings related to all available-for-sale securities held by the Company for the quarters and six months ended June 30, 2015 and 2014. The majority of the beginning and ending balance of OTTI relates to CDOs currently held by the Company.
Changes in OTTI Recognized in Earnings
(Dollar amounts in thousands)
 
 
Quarters Ended 
 June 30,
 
Six Months Ended 
 June 30,
 
 
2015
 
2014
 
2015
 
2014
Beginning balance
 
$
23,709

 
$
32,450

 
$
23,880

 
$
32,422

OTTI included in earnings (1):
 
 
 
 
 
 
 
 
Losses on securities that previously had OTTI
 
—

 
—

 
—

 
28

Reduction for sales of securities (2)
 
—

 
(8,570
)
 
(171
)
 
(8,570
)
Ending balance
 
$
23,709

 
$
23,880

 
$
23,709

 
$
23,880


(1) 
Included in net securities gains in the Condensed Consolidated Statements of Income.
(2) 
During the six months ended June 30, 2015, the Company sold one CMO with a carrying value of $1.3 million that had OTTI of $171,000 that was previously recognized in earnings. The Company sold one CDO with a carrying value of $1.3 million during the second quarter of 2014 that had OTTI of $8.6 million that was previously recognized in earnings
Unrealized Gain (Loss) on Investments
The following table presents the aggregate amount of unrealized losses and the aggregate related fair values of securities with unrealized losses as of June 30, 2015 and December 31, 2014.
Securities in an Unrealized Loss Position
(Dollar amounts in thousands)
 
 
 
 
Less Than 12 Months
 
Greater Than 12 Months
 
Total
 
 
Number of
Securities
 
Fair
Value
 
Unrealized
Losses
 
Fair
Value
 
Unrealized
Losses
 
Fair
Value
 
Unrealized
Losses
As of June 30, 2015
 
 
 
 
 
 
 
 
 
 
 
 
 
 
CMOs
 
74

 
$
82,431

 
$
778

 
$
233,676

 
$
5,332

 
$
316,107

 
$
6,110

MBSs
 
20

 
56,341

 
316

 
34,405

 
475

 
90,746

 
791

Municipal securities
 
155

 
21,714

 
328

 
56,520

 
1,384

 
78,234

 
1,712

CDOs
 
7

 
1,077

 
170

 
28,413

 
16,134

 
29,490

 
16,304

Equity securities
 
1

 
—

 
—

 
2,286

 
44

 
2,286

 
44

Total
 
257

 
$
161,563

 
$
1,592

 
$
355,300

 
$
23,369

 
$
516,863

 
$
24,961

As of December 31, 2014
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. agency securities
 
1

 
$
1,943

 
$
10

 
$
—

 
$
—

 
$
1,943

 
$
10

CMOs
 
87

 
61,321

 
559

 
284,327

 
6,423

 
345,648

 
6,982

MBSs
 
11

 
1,113

 
1

 
39,043

 
309

 
40,156

 
310

Municipal securities
 
91

 
1,317

 
9

 
53,987

 
1,009

 
55,304

 
1,018

CDOs
 
4

 
—

 
—

 
22,791

 
14,880

 
22,791

 
14,880

Equity securities
 
1

 
—

 
—

 
2,270

 
35

 
2,270

 
35

Total
 
195

 
$
65,694

 
$
579

 
$
402,418

 
$
22,656

 
$
468,112

 
$
23,235