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Investment Securities (Tables)
 12 Months Ended
Dec. 31, 2017
Investments, Debt and Equity Securities [Abstract]  
Amortized Cost and Fair Value of Available-for-Sale and Held-to-Maturity Investment Securities Portfolio

The following table summarizes the amortized cost and fair value of the available-for-sale and held-to-maturity investment securities portfolio at December 31 and the corresponding amounts of unrealized gains and losses therein:

 

(dollars in thousands)

    Amortized
Cost		      Unrealized
Gains		      Unrealized
Losses		      Fair
Value		  

December 31, 2017

            

Available-for-Sale

            

U.S. Treasury

    $ 5,473      $ 83      $ (5 )     $ 5,551  

U.S. government-sponsored entities and agencies

      675,643        3        (11,360 )       664,286  

Mortgage-backed securities - Agency

      1,704,014        1,600        (37,932 )       1,667,682  

States and political subdivisions

      529,835        5,085        (4,727 )       530,193  

Pooled trust preferred securities

      16,605        —          (8,157 )       8,448  

Other securities

      321,016        1,172        (2,141 )       320,047  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total available-for-sale securities

    $ 3,252,586      $ 7,943      $ (64,322 )     $ 3,196,207  
  

 

 

     

 

 

     

 

 

     

 

 

  

Held-to-Maturity

            

Mortgage-backed securities - Agency

    $ 6,903        153      $ —        $ 7,056  

States and political subdivisions

      677,160        43,495        (8 )       720,647  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total held-to-maturity securities

    $ 684,063      $ 43,648      $ (8 )     $ 727,703  
  

 

 

     

 

 

     

 

 

     

 

 

  

December 31, 2016

            

Available-for-Sale

            

U.S. Treasury

    $ 6,963      $ 140      $ —        $ 7,103  

U.S. government-sponsored entities and agencies

      506,234        113        (12,391 )       493,956  

Mortgage-backed securities - Agency

      1,551,465        6,923        (33,369 )       1,525,019  

States and political subdivisions

      446,003        4,183        (13,502 )       436,684  

Pooled trust preferred securities

      17,011        —          (8,892 )       8,119  

Other securities

      331,001        1,074        (5,782 )       326,293  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total available-for-sale securities

    $ 2,858,677      $ 12,433      $ (73,936 )     $ 2,797,174  
  

 

 

     

 

 

     

 

 

     

 

 

  

Held-to-Maturity

            

U.S. government-sponsored entities and agencies

    $ 40,131      $ 427      $ —        $ 40,558  

Mortgage-backed securities - Agency

      10,640        300        —          10,940  

States and political subdivisions

      694,319        38,915        (560 )       732,674  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total held-to-maturity securities

    $ 745,090      $ 39,642      $ (560 )     $ 784,172  
  

 

 

     

 

 

     

 

 

     

 

 

  
Schedule of Proceeds from Sales or Calls and Realized Gain and Losses of Available-for-Sale Investment Securities and Other Securities

Proceeds from sales or calls of available-for-sale investment securities, the resulting realized gains and realized losses, and other securities gains or losses were as follows for the years ended December 31:

 

     Years Ended December 31,  

(dollars in thousands)

    2017      2016      2015  

Proceeds from sales of available-for-sale securities

    $ 342,233      $ 243,312      $ 343,486  

Proceeds from calls of available-for-sale securities

      88,233        635,624        404,277  
  

 

 

     

 

 

     

 

 

  

Total

    $ 430,466      $ 878,936      $ 747,763  
  

 

 

     

 

 

     

 

 

  

Realized gains on sales of available-for-sale securities

    $ 8,710      $ 5,423      $ 5,640  

Realized gains on calls of available-for-sale securities

      29        922        605  

Realized losses on sales of available-for-sale securities

      (263 )       (450 )       (518 ) 

Realized losses on calls of available-for-sale securities

      (8 )       (147 )       (15 ) 

Other securities gains (losses) (1)

      667        100        6  
  

 

 

     

 

 

     

 

 

  

Net securities gains

    $ 9,135      $ 5,848      $ 5,718  
  

 

 

     

 

 

     

 

 

  

 

(1) Other securities gains (losses) includes net realized and unrealized gains or losses associated with trading securities and mutual funds.
Expected Maturities of Investment Securities Portfolio

Weighted average yield is based on amortized cost.

 

     At December 31, 2017  
(dollars in thousands)    Amortized      Fair      Weighted
Average		  

Maturity

    Cost      Value      Yield  

Available-for-Sale

         

Within one year

    $ 64,076      $ 64,084        2.13 % 

One to five years

      420,949        417,941        2.02  

Five to ten years

      337,043        336,999        2.72  

Beyond ten years

      2,430,518        2,377,183        2.48  
  

 

 

     

 

 

     

 

 

  

Total

    $ 3,252,586      $ 3,196,207        2.43 % 
  

 

 

     

 

 

     

 

 

  

Held-to-Maturity

         

Within one year

    $ 22,566      $ 22,692        6.23 % 

One to five years

      115,596        120,904        5.08  

Five to ten years

      159,452        167,547        4.87  

Beyond ten years

      386,449        416,560        5.75  
  

 

 

     

 

 

     

 

 

  

Total

    $ 684,063      $ 727,703        5.44 % 
  

 

 

     

 

 

     

 

 

  
Investment Securities with Unrealized Losses by Aggregated Major Security Type and Length of Time in Continuous Unrealized Loss Position

The following table summarizes the investment securities with unrealized losses at December 31 by aggregated major security type and length of time in a continuous unrealized loss position:

 

     Less than 12 months     12 months or longer     Total  
     Fair      Unrealized     Fair      Unrealized     Fair      Unrealized  

(dollars in thousands)

    Value      Losses     Value      Losses     Value      Losses  

December 31, 2017

                

Available-for-Sale

                

U.S. Treasury

    $ 1,480      $ (5 )    $ —        $ —       $ 1,480      $ (5 ) 

U.S. government-sponsored entities and agencies

      201,773        (1,333 )      408,493        (10,027 )      610,266        (11,360 ) 

Mortgage-backed securities—Agency

      789,804        (8,692 )      774,825        (29,240 )      1,564,629        (37,932 ) 

States and political subdivisions

      196,024        (1,899 )      90,637        (2,828 )      286,661        (4,727 ) 

Pooled trust preferred securities

      —          —         8,448        (8,157 )      8,448        (8,157 ) 

Other securities

      61,260        (429 )      125,517        (1,712 )      186,777        (2,141 ) 
  

 

 

     

 

 

    

 

 

     

 

 

    

 

 

     

 

 

  

Total available-for-sale

    $ 1,250,341      $ (12,358 )    $ 1,407,920      $ (51,964 )    $ 2,658,261      $ (64,322 ) 
  

 

 

     

 

 

    

 

 

     

 

 

    

 

 

     

 

 

  

Held-to-Maturity

                

States and political subdivisions

    $ 2,309      $ (8 )    $ —        $ —       $ 2,309      $ (8 ) 
  

 

 

     

 

 

    

 

 

     

 

 

    

 

 

     

 

 

  

Total held-to-maturity

    $ 2,309      $ (8 )    $ —        $ —       $ 2,309      $ (8 ) 
  

 

 

     

 

 

    

 

 

     

 

 

    

 

 

     

 

 

  

December 31, 2016

                

Available-for-Sale

                

U.S. government-sponsored entities and agencies

    $ 432,192      $ (12,391 )    $ —        $ —       $ 432,192      $ (12,391 ) 

Mortgage-backed securities—Agency

      1,177,093        (30,295 )      57,636        (3,074 )      1,234,729        (33,369 ) 

States and political subdivisions

      286,351        (13,247 )      4,919        (255 )      291,270        (13,502 ) 

Pooled trust preferred securities

      —          —         8,119        (8,892 )      8,119        (8,892 ) 

Other securities

      121,498        (2,734 )      126,539        (3,048 )      248,037        (5,782 ) 
  

 

 

     

 

 

    

 

 

     

 

 

    

 

 

     

 

 

  

Total available-for-sale

    $ 2,017,134      $ (58,667 )    $ 197,213      $ (15,269 )    $ 2,214,347      $ (73,936 ) 
  

 

 

     

 

 

    

 

 

     

 

 

    

 

 

     

 

 

  

Held-to-Maturity

                

States and political subdivisions

    $ 59,481      $ (560 )    $ —        $ —       $ 59,481      $ (560 ) 
  

 

 

     

 

 

    

 

 

     

 

 

    

 

 

     

 

 

  

Total held-to-maturity

    $ 59,481      $ (560 )    $ —        $ —       $ 59,481      $ (560 ) 
  

 

 

     

 

 

    

 

 

     

 

 

    

 

 

     

 

 

  
Trust Preferred Securities

The table below summarizes the relevant characteristics of our pooled trust preferred securities as well as our single issuer trust preferred securities that are included in the “other securities” category in this footnote. Each of the pooled trust preferred securities support a more senior tranche of security holders. All three pooled trust preferred securities have experienced credit defaults. However, two of these securities have excess subordination and are not other-than-temporarily impaired as a result of their class hierarchy, which provides more loss protection.

 

Trust preferred securities                                                    Actual     Expected     Excess  
December 31, 2017                                                    Deferrals     Defaults as     Subordination  
(dollars in thousands)                                             # of Issuers      and Defaults     a % of     as a % of  
            Lowest                    Unrealized     Realized      Currently      as a % of     Remaining     Current  
            Credit      Amortized      Fair      Gain/     Losses      Performing/      Original     Performing     Performing  
     Class      Rating (1)      Cost      Value      (Loss)     2017      Remaining      Collateral     Collateral     Collateral  

Pooled trust preferred securities:

                           

Reg Div Funding 2004

      B-2        D      $ 2,696      $ 273      $ (2,423 )    $ —          21/36        32.1 %      7.7 %      0.0 % 

Pretsl XXVII LTD

      B        B        4,414        2,478        (1,936 )      —          34/44        16.7 %      11.8 %      33.1 % 

Trapeza Ser 13A

      A2A        BBB        9,495        5,697        (3,798 )      —          49/54        4.5 %      8.3 %      53.7 % 
        

 

 

     

 

 

     

 

 

    

 

 

            
           16,605        8,448        (8,157 )      —              

Single Issuer trust preferred securities:

                           

Fleet Cap Tr V (BOA)

         BBB-        3,406        3,290        (116 )      —              

JP Morgan Chase Cap XIII

         BBB-        4,778        4,778        —         —              

NB-Global

         BBB-        803        935        132       —              
        

 

 

     

 

 

     

 

 

    

 

 

            
           8,987        9,003        16       —              

Total

          $ 25,592      $ 17,451      $ (8,141 )    $ —              
        

 

 

     

 

 

     

 

 

    

 

 

            

 

(1) Lowest rating for the security provided by any nationally recognized credit rating agency.