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Securities (Tables)
 3 Months Ended
Mar. 31, 2016
Investments, Debt and Equity Securities [Abstract]  
Securities Portfolio
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 March 31, 2016
 
As of December 31, 2015
 
 
Amortized Cost
 
Gross Unrealized
 
Fair
 Value
 
Amortized Cost
 
Gross Unrealized
 
Fair
 Value
 
 
 
Gains
 
Losses
 
 
 
Gains
 
Losses
 
Securities Available-for-Sale
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. treasury securities
 
$
32,548

 
$
230

 
$
(6
)
 
$
32,772

 
$
17,000

 
$
15

 
$
(35
)
 
$
16,980

U.S. agency securities
 
178,745

 
1,852

 
(42
)
 
180,555

 
86,461

 
351

 
(169
)
 
86,643

Collateralized mortgage
  obligations ("CMOs")
 
805,533

 
8,113

 
(1,974
)
 
811,672

 
695,198

 
1,072

 
(9,085
)
 
687,185

Other mortgage-backed
  securities ("MBSs")
 
235,287

 
3,466

 
(114
)
 
238,639

 
152,481

 
1,920

 
(871
)
 
153,530

Municipal securities
 
321,485

 
6,684

 
(159
)
 
328,010

 
321,437

 
6,443

 
(310
)
 
327,570

Trust-preferred
  collateralized debt
  obligations ("CDOs")
 
48,301

 
44

 
(17,588
)
 
30,757

 
48,287

 
34

 
(16,792
)
 
31,529

Equity securities
 
3,204

 
107

 
(137
)
 
3,174

 
3,282

 
86

 
(169
)
 
3,199

Total securities
  available-for-sale
 
$
1,625,103

 
$
20,496

 
$
(20,020
)
 
$
1,625,579

 
$
1,324,146

 
$
9,921

 
$
(27,431
)
 
$
1,306,636

Securities Held-to-Maturity
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Municipal securities
 
$
21,051

 
$
—

 
$
(3,548
)
 
$
17,503

 
$
23,152

 
$
—

 
$
(3,098
)
 
$
20,054

Trading Securities
 
 
 
 
 
 
 
$
17,408

 
 
 
 
 
 
 
$
16,894
Remaining Contractual Maturity of Securities
Remaining Contractual Maturity of Securities
(Dollar amounts in thousands)
 
 
As of March 31, 2016
 
 
Available-for-Sale
 
Held-to-Maturity
 
 
Amortized
Cost
 
Fair
Value
 
Amortized
Cost
 
Fair
Value
One year or less
 
$
84,634

 
$
83,325

 
$
3,205

 
$
2,665

After one year to five years
 
444,106

 
437,239

 
7,038

 
5,852

After five years to ten years
 
4,038

 
3,976

 
3,131

 
2,603

After ten years
 
48,301

 
47,554

 
7,677

 
6,383

Securities that do not have a single contractual maturity date
 
1,044,024

 
1,053,485

 
—

 
—

Total
 
$
1,625,103

 
$
1,625,579

 
$
21,051

 
$
17,503
Securities Available-for-Sale Gains
The following table presents net realized gains on available-for-sale securities for the quarters ended March 31, 2016 and 2015.
Securities Available-for-Sale Gains
(Dollar amounts in thousands)
 
 
Quarters Ended 
 March 31,
 
 
2016
 
2015
Gains on sales of securities:
 
 
 
 
Gross realized gains
 
$
930

 
$
650

Gross realized losses
 
(43
)
 
(138
)
Net realized gains on sales of securities
 
887

 
512

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

 
—

Net realized gains
 
$
887

 
$
512
Changes in OTTI Recognized in Earnings
The following table presents a rollforward of life-to-date OTTI recognized in earnings related to all securities available-for-sale held by the Company for the quarters ended March 31, 2016 and 2015. 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 
 March 31,
 
 
2016
 
2015
Beginning balance
 
$
23,709

 
$
23,880

OTTI included in earnings (1):
 
 
 
 
Reduction for sales of securities (2)
 
—

 
(171
)
Ending balance
 
$
23,709

 
$
23,709

(1) 
Included in net securities gains in the Condensed Consolidated Statements of Income.
(2) 
This reduction was driven by the sale of one CMO with a carrying value of $1.3 million during the quarter ended March 31, 2015.
Securities in an Unrealized Loss Position
The following table presents the aggregate amount of unrealized losses and the aggregate related fair values of securities with unrealized losses as of March 31, 2016 and December 31, 2015.
Securities in an Unrealized Loss Position
(Dollar amounts in thousands)
 
 
 
 
Less Than 12 Months
 
12 Months or Longer
 
Total
 
 
Number of
Securities
 
Fair
Value
 
Unrealized
Losses
 
Fair
Value
 
Unrealized
Losses
 
Fair
Value
 
Unrealized
Losses
As of March 31, 2016
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Securities Available-for-Sale
 
 
 
 
 
 
 
 
 
 
 
 
U.S. treasury securities
 
2

 
$
3,995

 
$
6

 
$
—

 
$
—

 
$
3,995

 
$
6

U.S. agency securities
 
6

 
20,804

 
42

 
—

 
—

 
20,804

 
42

CMOs
 
47

 
22,710

 
62

 
146,426

 
1,912

 
169,136

 
1,974

MBSs
 
9

 
9,927

 
66

 
7,292

 
48

 
17,219

 
114

Municipal securities
 
48

 
15,634

 
129

 
6,640

 
30

 
22,274

 
159

CDOs
 
8

 
6,623

 
1,708

 
22,272

 
15,880

 
28,895

 
17,588

Equity securities
 
2

 
485

 
120

 
2,350

 
17

 
2,835

 
137

Total
 
122

 
$
80,178

 
$
2,133

 
$
184,980

 
$
17,887

 
$
265,158

 
$
20,020

Securities Held-To-Maturity
 
 
 
 
 
 
 
 
 
 
 
 
Municipal securities
 
16

 
$
17,503

 
$
3,548

 
$
—

 
$
—

 
$
17,503

 
$
3,548

As of December 31, 2015
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Securities Available-for-Sale
 
 
 
 
 
 
 
 
 
 
 
 
U.S. treasury securities
 
4

 
$
7,946

 
$
35

 
$
—

 
$
—

 
$
7,946

 
$
35

U.S. agency securities
 
10

 
30,620

 
169

 
—

 
—

 
30,620

 
169

CMOs
 
133

 
309,787

 
3,110

 
257,362

 
5,975

 
567,149

 
9,085

MBSs
 
27

 
63,028

 
427

 
31,980

 
444

 
95,008

 
871

Municipal securities
 
68

 
8,135

 
65

 
24,227

 
245

 
32,362

 
310

CDOs
 
8

 
8,034

 
971

 
21,642

 
15,821

 
29,676

 
16,792

Equity securities
 
2

 
485

 
120

 
2,305

 
49

 
2,790

 
169

Total
 
252

 
$
428,035

 
$
4,897

 
$
337,516

 
$
22,534

 
$
765,551

 
$
27,431

Securities Held-To-Maturity
 
 
 
 
 
 
 
 
 
 
 
 
Municipal securities
 
19

 
$
20,054

 
$
3,098

 
$
—

 
$
—

 
$
20,054

 
$
3,098