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Impairment of Investment Securities (Tables)
 12 Months Ended
Dec. 31, 2016
Impairment of Investment Securities Disclosure [Abstract]  
Schedule of Unrealized Losses and Estimated Fair Values
The following table presents the gross unrealized losses and estimated fair values at December 31, 2016 for both available for sale and held to maturity securities by investment category and time frame for which the securities have been in a continuous unrealized loss position:
 
Less Than 12 Months
 
12 Months or More
 
Total
 
Estimated
Fair Value
 
Gross
Unrealized
Losses
 
Estimated
Fair Value
 
Gross
Unrealized
Losses
 
Estimated
Fair Value
 
Gross
Unrealized
Losses
 
(dollars in thousands)
Obligations of U.S. Government Agencies:
 
 
 
 
 
 
 
 
 
 
 
Mortgage-Backed Securities – Residential
$
4,898

 
$
(11
)
 
$
—

 
$
—

 
$
4,898

 
$
(11
)
Mortgage-Backed Securities – Commercial
33,883

 
(561
)
 
—

 
—

 
33,883

 
(561
)
Obligations of U.S. Government-Sponsored Enterprises:
 
 
 
 
 
 
 
 
 
 
 
Mortgage-Backed Securities – Residential
670,708

 
(11,630
)
 
56,200

 
(2,202
)
 
726,908

 
(13,832
)
Mortgage-Backed Securities – Commercial
14,534

 
(142
)
 
—

 
—

 
14,534

 
(142
)
Other Government-Sponsored Enterprises
16,632

 
(69
)
 
—

 
—

 
16,632

 
(69
)
Obligations of States and Political Subdivisions
33,277

 
(762
)
 
—

 
—

 
33,277

 
(762
)
Pooled Trust Preferred Collateralized Debt Obligations
—

 
—

 
28,952

 
(7,124
)
 
28,952

 
(7,124
)
Total Securities
$
773,932

 
$
(13,175
)
 
$
85,152

 
$
(9,326
)
 
$
859,084

 
$
(22,501
)
 
At December 31, 2016, pooled trust preferred collateralized debt obligations accounted for 32% of unrealized losses due to changes in interest rates and the illiquid market for this type of investment. Fixed income securities issued by U.S. Government-sponsored enterprises comprised 62% of total unrealized losses due to changes in market interest rates. Government agencies and obligations of state and political subdivisions each account for 3% of total unrealized losses as a result of changes in market interest rates. At December 31, 2016, there were 122 debt securities in an unrealized loss position. There were no equity securities in an unrealized loss position at December 31, 2016.

The following table presents the gross unrealized losses and estimated fair value at December 31, 2015 for both available for sale and held to maturity securities by investment category and time frame for which the securities had been in a continuous unrealized loss position: 
 
Less Than 12 Months
 
12 Months or More
 
Total
 
Estimated
Fair Value
 
Gross
Unrealized
Losses
 
Estimated
Fair Value
 
Gross
Unrealized
Losses
 
Estimated
Fair Value
 
Gross
Unrealized
Losses
 
(dollars in thousands)
Obligations of U.S. Government Agencies:
 
 
 
 
 
 
 
 
 
 
 
Mortgage-Backed Securities – Residential
$
6,798

 
$
(20
)
 
$
—

 
$
—


$
6,798

 
$
(20
)
Mortgage-Backed Securities – Commercial
16,596

 
(247
)
 
—

 
—

 
16,596

 
(247
)
Obligations of U.S. Government-Sponsored Enterprises:
 
 
 
 
 
 
 
 
 
 
 
Mortgage-Backed Securities – Residential
436,011

 
(3,293
)
 
263,119

 
(7,413
)

699,130

 
(10,706
)
Mortgage-Backed Securities – Commercial
15,009

 
(178
)
 
—

 
—

  
15,009

 
(178
)
Other Government-Sponsored Enterprises
12,316

 
(85
)
 
—

 
—

  
12,316

 
(85
)
Obligations of States and Political Subdivisions
7,208

 
(58
)
 
—

 
—

 
7,208

 
(58
)
Pooled Trust Preferred Collateralized Debt Obligations
—

 
—

 
29,957

 
(7,497
)
 
29,957

 
(7,497
)
Total Securities
$
493,938

 
$
(3,881
)
 
$
293,076

 
$
(14,910
)
 
$
787,014

 
$
(18,791
)
Pooled Trust Preferred Collateralized Debt Obligations
The following table provides additional information related to our pooled trust preferred collateralized debt obligations as of December 31, 2016:
Deal
Class
 
Book
Value
 
Estimated Fair
Value
 
Unrealized
Gain
(Loss)
 
Moody’s/
Fitch
Ratings
 
Number
of
Banks
 
Deferrals
and
Defaults
as a % of
Current
Collateral
 
Excess
Subordination
as a % of
Current
Performing
Collateral
(dollars in thousands)
Pre TSL IV
Mezzanine
 
$
1,830

 
$
1,360

 
$
(470
)
 
B1/BB
 
6

 
18.05
%
 
59.78
%
Pre TSL VIII
Mezzanine
 
1,963

 
2,053

 
90

 
C/C
 
28

 
44.37

 
0.00

Pre TSL IX
Mezzanine
 
2,412

 
1,952

 
(460
)
 
B1/C
 
37

 
27.83

 
12.79

Pre TSL X
Mezzanine
 
1,738

 
1,986

 
248

 
Caa1/C
 
42

 
31.58

 
2.17

Pre TSL XII
Mezzanine
 
5,890

 
4,817

 
(1,073
)
 
B3/C
 
64

 
24.54

 
0.00

Pre TSL XIII
Mezzanine
 
12,949

 
10,900

 
(2,049
)
 
Ba3/C
 
54

 
11.21

 
55.77

Pre TSL XIV
Mezzanine
 
12,995

 
9,923

 
(3,072
)
 
B1/CC
 
52

 
12.78

 
31.90

MMCap I
Mezzanine
 
212

 
301

 
89

 
Ca/C
 
8

 
58.11

 
80.31

Total
 
 
$
39,989

 
$
33,292

 
$
(6,697
)
 
 
 
 
 
 
 
 
Cumulative Roll Forward of Credit Losses Recognized in Earnings for Debt Securities Held and Not Intended to be Sold
The table below provides a cumulative roll forward of credit losses recognized in earnings for debt securities held and not intended to be sold for the years ended December 31:
 
2016
 
2015
 
2014
 
(dollars in thousands)
Balance, beginning (a)
$
24,851

 
$
26,246

 
$
27,543

Credit losses on debt securities for which other-than-temporary impairment was not previously recognized
—

 
—

 
—

Additional credit losses on debt securities for which other-than-temporary impairment was previously recognized
—

 
—

 
—

Increases in cash flows expected to be collected, recognized over the remaining life of the security (b)
(1,124
)
 
(1,177
)
 
(1,297
)
Reduction for debt securities called during the period
(6,671
)
 
(218
)
 
—

Balance, ending
$
17,056

 
$
24,851

 
$
26,246

(a)
The beginning balance represents credit related losses included in other-than-temporary impairment charges recognized on debt securities in prior periods.
(b)
Represents the increase in cash flows recognized either as principal payments or interest income during the period.