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Securities (Tables)
 6 Months Ended
Jun. 30, 2016
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, 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
 
$
38,548

 
$
341

 
$
—

 
$
38,889

 
$
17,000

 
$
15

 
$
(35
)
 
$
16,980

U.S. agency securities
 
196,735

 
2,580

 
(84
)
 
199,231

 
86,461

 
351

 
(169
)
 
86,643

Collateralized mortgage
  obligations ("CMOs")
 
908,550

 
13,239

 
(1,054
)
 
920,735

 
695,198

 
1,072

 
(9,085
)
 
687,185

Other mortgage-backed
  securities ("MBSs")
 
281,924

 
4,839

 
(106
)
 
286,657

 
152,481

 
1,920

 
(871
)
 
153,530

Municipal securities
 
286,547

 
8,046

 
(29
)
 
294,564

 
321,437

 
6,443

 
(310
)
 
327,570

Trust-preferred
  collateralized debt
  obligations ("CDOs")
 
48,219

 
32

 
(17,820
)
 
30,431

 
48,287

 
34

 
(16,792
)
 
31,529

Equity securities
 
3,290

 
83

 
(121
)
 
3,252

 
3,282

 
86

 
(169
)
 
3,199

Total securities
  available-for-sale
 
$
1,763,813

 
$
29,160

 
$
(19,214
)
 
$
1,773,759

 
$
1,324,146

 
$
9,921

 
$
(27,431
)
 
$
1,306,636

Securities Held-to-Maturity
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Municipal securities
 
$
20,672

 
$
—

 
$
(2,278
)
 
$
18,394

 
$
23,152

 
$
—

 
$
(3,098
)
 
$
20,054

Trading Securities
 
 
 
 
 
 
 
$
17,693

 
 
 
 
 
 
 
$
16,894
Investments Classified by Contractual Maturity Date
Remaining Contractual Maturity of Securities
(Dollar amounts in thousands)
 
 
As of June 30, 2016
 
 
Available-for-Sale
 
Held-to-Maturity
 
 
Amortized
Cost
 
Fair
Value
 
Amortized
Cost
 
Fair
Value
One year or less
 
$
84,587

 
$
83,558

 
$
3,220

 
$
2,865

After one year to five years
 
430,910

 
425,669

 
7,840

 
6,976

After five years to ten years
 
6,333

 
6,256

 
2,111

 
1,878

After ten years
 
48,219

 
47,632

 
7,501

 
6,675

Securities that do not have a single contractual maturity date
 
1,193,764

 
1,210,644

 
—

 
—

Total
 
$
1,763,813

 
$
1,773,759

 
$
20,672

 
$
18,394
Realized Gain (Loss) on Investments
The following table presents net realized gains on securities available-for-sale for the quarters and six months ended June 30, 2016 and 2015.
Securities Available-for-Sale Gains
(Dollar amounts in thousands)
 
 
Quarters Ended 
 June 30,
 
Six Months Ended 
 June 30,
 
 
2016
 
2015
 
2016
 
2015
Gains on sales of securities:
 
 
 
 
 
 
 
 
Gross realized gains
 
$
149

 
$
515

 
$
1,079

 
$
1,165

Gross realized losses
 
(126
)
 
—

 
(169
)
 
(138
)
Net realized gains on sales of securities
 
23

 
515

 
910

 
1,027

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

 
—

 
—

 
—

Net realized gains
 
$
23

 
$
515

 
$
910

 
$
1,027
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 securities available-for-sale held by the Company for the quarters and six months ended June 30, 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 
 June 30,
 
Six Months Ended 
 June 30,
 
 
2016
 
2015
 
2016
 
2015
Beginning balance
 
$
23,709

 
$
23,709

 
$
23,709

 
$
23,880

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

 
—

 
—

 
(171
)
Ending balance
 
$
23,709

 
$
23,709

 
$
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 six months ended June 30, 2015.
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, 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 June 30, 2016
 
 
 
 
 
 
 
 
 
 
 
 
Securities Available-for-Sale
 
 
 
 
 
 
 
 
 
 
 
 
U.S. agency securities
 
8

 
$
17,500

 
$
84

 
$
—

 
$
—

 
$
17,500

 
$
84

CMOs
 
31

 
24,763

 
113

 
89,507

 
941

 
114,270

 
1,054

MBSs
 
10

 
18,479

 
79

 
6,965

 
27

 
25,444

 
106

Municipal securities
 
10

 
3,171

 
18

 
1,012

 
11

 
4,183

 
29

CDOs
 
10

 
1,750

 
96

 
28,058

 
17,724

 
29,808

 
17,820

Equity securities
 
2

 
485

 
120

 
2,377

 
1

 
2,862

 
121

Total
 
71

 
$
66,148

 
$
510

 
$
127,919

 
$
18,704

 
$
194,067

 
$
19,214

Securities Held-To-Maturity
 
 
 
 
 
 
 
 
 
 
 
 
Municipal securities
 
16

 
$
18,394

 
$
2,278

 
$
—

 
$
—

 
$
18,394

 
$
2,278

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