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Securities (Tables)
 12 Months Ended
Dec. 31, 2016
Investments, Debt and Equity Securities [Abstract]  
Securities Available-for-Sale
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 December 31,
 
 
2016
 
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
 
$
48,581

 
$
26

 
$
(66
)
 
$
48,541

 
$
17,000

 
$
15

 
$
(35
)
 
$
16,980

U.S. agency securities
 
183,528

 
519

 
(410
)
 
183,637

 
86,461

 
351

 
(169
)
 
86,643

Collateralized mortgage
obligations ("CMOs")
 
1,064,130

 
969

 
(17,653
)
 
1,047,446

 
695,198

 
1,072

 
(9,085
)
 
687,185

Other mortgage-backed
securities ("MBSs")
 
337,139

 
1,395

 
(5,879
)
 
332,655

 
152,481

 
1,920

 
(871
)
 
153,530

Municipal securities
 
273,319

 
1,245

 
(3,718
)
 
270,846

 
321,437

 
6,443

 
(310
)
 
327,570

Trust-preferred
  collateralized debt
  obligations ("CDOs")
 
47,681

 
261

 
(14,682
)
 
33,260

 
48,287

 
34

 
(16,792
)
 
31,529

Equity securities
 
3,206

 
147

 
(288
)
 
3,065

 
3,282

 
86

 
(169
)
 
3,199

Total securities
  available-for-sale
 
$
1,957,584

 
$
4,562

 
$
(42,696
)
 
$
1,919,450

 
$
1,324,146

 
$
9,921

 
$
(27,431
)
 
$
1,306,636

Securities Held-to-Maturity
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Municipal securities
 
$
22,291

 
$
—

 
$
(4,079
)
 
$
18,212

 
$
23,152

 
$
—

 
$
(3,098
)
 
$
20,054

Trading Securities
 
 

 
 

 
 

 
$
17,920

 
 

 
 

 
 

 
$
16,894
Securities Held-to-Maturity
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 December 31,
 
 
2016
 
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
 
$
48,581

 
$
26

 
$
(66
)
 
$
48,541

 
$
17,000

 
$
15

 
$
(35
)
 
$
16,980

U.S. agency securities
 
183,528

 
519

 
(410
)
 
183,637

 
86,461

 
351

 
(169
)
 
86,643

Collateralized mortgage
obligations ("CMOs")
 
1,064,130

 
969

 
(17,653
)
 
1,047,446

 
695,198

 
1,072

 
(9,085
)
 
687,185

Other mortgage-backed
securities ("MBSs")
 
337,139

 
1,395

 
(5,879
)
 
332,655

 
152,481

 
1,920

 
(871
)
 
153,530

Municipal securities
 
273,319

 
1,245

 
(3,718
)
 
270,846

 
321,437

 
6,443

 
(310
)
 
327,570

Trust-preferred
  collateralized debt
  obligations ("CDOs")
 
47,681

 
261

 
(14,682
)
 
33,260

 
48,287

 
34

 
(16,792
)
 
31,529

Equity securities
 
3,206

 
147

 
(288
)
 
3,065

 
3,282

 
86

 
(169
)
 
3,199

Total securities
  available-for-sale
 
$
1,957,584

 
$
4,562

 
$
(42,696
)
 
$
1,919,450

 
$
1,324,146

 
$
9,921

 
$
(27,431
)
 
$
1,306,636

Securities Held-to-Maturity
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Municipal securities
 
$
22,291

 
$
—

 
$
(4,079
)
 
$
18,212

 
$
23,152

 
$
—

 
$
(3,098
)
 
$
20,054

Trading Securities
 
 

 
 

 
 

 
$
17,920

 
 

 
 

 
 

 
$
16,894
Trading 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 December 31,
 
 
2016
 
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
 
$
48,581

 
$
26

 
$
(66
)
 
$
48,541

 
$
17,000

 
$
15

 
$
(35
)
 
$
16,980

U.S. agency securities
 
183,528

 
519

 
(410
)
 
183,637

 
86,461

 
351

 
(169
)
 
86,643

Collateralized mortgage
obligations ("CMOs")
 
1,064,130

 
969

 
(17,653
)
 
1,047,446

 
695,198

 
1,072

 
(9,085
)
 
687,185

Other mortgage-backed
securities ("MBSs")
 
337,139

 
1,395

 
(5,879
)
 
332,655

 
152,481

 
1,920

 
(871
)
 
153,530

Municipal securities
 
273,319

 
1,245

 
(3,718
)
 
270,846

 
321,437

 
6,443

 
(310
)
 
327,570

Trust-preferred
  collateralized debt
  obligations ("CDOs")
 
47,681

 
261

 
(14,682
)
 
33,260

 
48,287

 
34

 
(16,792
)
 
31,529

Equity securities
 
3,206

 
147

 
(288
)
 
3,065

 
3,282

 
86

 
(169
)
 
3,199

Total securities
  available-for-sale
 
$
1,957,584

 
$
4,562

 
$
(42,696
)
 
$
1,919,450

 
$
1,324,146

 
$
9,921

 
$
(27,431
)
 
$
1,306,636

Securities Held-to-Maturity
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Municipal securities
 
$
22,291

 
$
—

 
$
(4,079
)
 
$
18,212

 
$
23,152

 
$
—

 
$
(3,098
)
 
$
20,054

Trading Securities
 
 

 
 

 
 

 
$
17,920

 
 

 
 

 
 

 
$
16,894
Remaining Contractual Maturity of Securities
Remaining Contractual Maturity of Securities
(Dollar amounts in thousands)
 
 
As of December 31, 2016
 
 
Available-for-Sale
 
Held-to-Maturity
 
 
Amortized
Cost
 
Fair
Value
 
Amortized
Cost
 
Fair
Value
One year or less
 
$
73,669

 
$
71,428

 
$
2,336

 
$
1,909

After one year to five years
 
429,166

 
416,112

 
6,834

 
5,583

After five years to ten years
 
2,592

 
2,513

 
2,975

 
2,431

After ten years
 
47,682

 
46,231

 
10,146

 
8,289

Securities that do not have a single contractual maturity date
 
1,404,475

 
1,383,166

 
—

 
—

Total
 
$
1,957,584

 
$
1,919,450

 
$
22,291

 
$
18,212
Securities Available-for-Sale Gains (Losses)
The following table presents net realized gains on securities available-for-sale for the three years ended December 31, 2016.
Securities Available-for-Sale Gains
(Dollar amounts in thousands)
 
 
Years Ended December 31,
 
 
2016
 
2015
 
2014
Gains on sales of securities:
 
 
 
 
 
 
Gross realized gains
 
$
1,589

 
$
2,519

 
$
8,188

Gross realized losses
 
(169
)
 
(146
)
 
(63
)
Net realized gains on sales of securities
 
1,420

 
2,373

 
8,125

Non-cash impairment charges:
 
 
 
 
 
 
OTTI
 
—

 
—

 
(28
)
Net realized gains
 
$
1,420

 
$
2,373

 
$
8,097
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 years ended December 31, 2016, 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)
 
 
Years Ended December 31,
 
 
2016
 
2015
 
2014
Beginning balance
 
$
23,345

 
$
23,516

 
$
32,422

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

 
—

 
28

Losses on securities that did not previously have OTTI
 
—

 
—

 
—

Reduction for securities sales (2)
 
—

 
(171
)
 
(8,934
)
Ending balance
 
$
23,345

 
$
23,345

 
$
23,516


(1) 
Included in net securities gains in the Consolidated Statements of Income.
(2) 
These reductions were driven by the sale of one CMO with a carrying value of $1.3 million during the year ended December 31, 2015 and one CDO with a carrying value of $1.3 million and one municipal security with a carrying value of $357,000 during the year ended December 31, 2014
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 December 31, 2016 and 2015.
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 December 31, 2016
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Securities Available-for-Sale
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. treasury securities
 
16

 
$
33,505

 
$
61

 
$
3,995

 
$
5

 
$
37,500

 
$
66

U.S. agency securities
 
28

 
62,064

 
364

 
11,814

 
46

 
73,878

 
410

CMOs
 
194

 
523,233

 
10,309

 
411,758

 
7,344

 
934,991

 
17,653

MBSs
 
68

 
221,174

 
4,726

 
77,780

 
1,154

 
298,954

 
5,880

Municipal securities
 
380

 
133,957

 
3,059

 
29,280

 
659

 
163,237

 
3,718

CDOs
 
7

 
—

 
—

 
30,592

 
14,682

 
30,592

 
14,682

Equity securities
 
2

 
404

 
201

 
2,319

 
86

 
2,723

 
287

Total
 
695

 
$
974,337

 
$
18,720

 
$
567,538

 
$
23,976

 
$
1,541,875

 
$
42,696

Securities Held-to-Maturity
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Municipal securities
 
14

 
$
—

 
$
—

 
$
18,212

 
$
4,079

 
$
18,212

 
$
4,079

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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