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Investment Securities
 12 Months Ended
Dec. 31, 2015
Investments, Debt and Equity Securities [Abstract]  
Investment Securities
Investment Securities

The following tables present the amortized cost, the gross unrealized gains and losses and the fair value of the Company’s investment securities:
 
December 31, 2015
 
Amortized Cost
 
Gross Unrealized
 
Fair Value
(Dollars in thousands)
 
Gains
 
Losses
 
Available-for-sale
 
 
 
 
 
 
 
U.S. government and federal agency
$
47,868

 
15

 
(432
)
 
47,451

U.S. government sponsored enterprises
93,230

 
100

 
(163
)
 
93,167

State and local governments
856,738

 
34,159

 
(5,878
)
 
885,019

Corporate bonds
386,629

 
611

 
(3,077
)
 
384,163

Residential mortgage-backed securities
1,203,548

 
6,180

 
(8,768
)
 
1,200,960

Total available-for-sale
2,588,013

 
41,065

 
(18,318
)
 
2,610,760

Held-to-maturity
 
 
 
 
 
 
 
State and local governments
702,072

 
31,863

 
(4,422
)
 
729,513

Total held-to-maturity
702,072

 
31,863

 
(4,422
)
 
729,513

Total investment securities
$
3,290,085

 
72,928

 
(22,740
)
 
3,340,273


 
December 31, 2014
 
Amortized Cost
 
Gross Unrealized
 
Fair Value
(Dollars in thousands)
 
Gains
 
Losses
 
Available-for-sale
 
 
 
 
 
 
 
U.S. government and federal agency
$
44

 
—

 
—

 
44

U.S. government sponsored enterprises
21,916

 
31

 
(2
)
 
21,945

State and local governments
962,365

 
40,173

 
(4,569
)
 
997,969

Corporate bonds
313,545

 
2,059

 
(750
)
 
314,854

Residential mortgage-backed securities
1,043,897

 
11,205

 
(2,486
)
 
1,052,616

Total available-for-sale
2,341,767

 
53,468

 
(7,807
)
 
2,387,428

Held-to-maturity
 
 
 
 
 
 
 
State and local governments
520,997

 
32,925

 
(2,976
)
 
550,946

Total held-to-maturity
520,997

 
32,925

 
(2,976
)
 
550,946

Total investment securities
$
2,862,764

 
86,393

 
(10,783
)
 
2,938,374


Note 2. Investment Securities (continued)

The following table presents the amortized cost and fair value of available-for-sale and held-to-maturity securities by contractual maturity at December 31, 2015. Actual maturities may differ from expected or contractual maturities since issuers have the right to prepay obligations with or without prepayment penalties.
 
December 31, 2015
 
Available-for-Sale
 
Held-to-Maturity
(Dollars in thousands)
Amortized Cost
 
Fair Value
 
Amortized Cost
 
Fair Value
Due within one year
$
140,703

 
141,230

 
—

 
—

Due after one year through five years
486,235

 
484,467

 
—

 
—

Due after five years through ten years
128,158

 
131,883

 
25,073

 
25,605

Due after ten years
629,369

 
652,220

 
676,999

 
703,908

 
1,384,465

 
1,409,800

 
702,072

 
729,513

Residential mortgage-backed securities 1
1,203,548

 
1,200,960

 
—

 
—

Total
$
2,588,013

 
2,610,760

 
702,072

 
729,513

________
1 Residential mortgage-backed securities, which have prepayment provisions, are not assigned to maturity categories due to fluctuations in their prepayment speeds.

Proceeds from sales and calls of investment securities and the associated gains and losses that have been included in earnings are listed below:
 
Years ended
(Dollars in thousands)
December 31,
2015
 
December 31,
2014
 
December 31,
2013
Available-for-sale
 
 
 
 
 
Proceeds from sales and calls of investment securities
$
167,660

 
219,849

 
181,971

Gross realized gains 1
1,877

 
501

 
3,723

Gross realized losses 1
(1,808
)
 
(705
)
 
(4,022
)
Held-to-maturity
 
 
 
 
 
Proceeds from calls of investment securities
20,997

 
8,930

 
—

Gross realized gains 1
50

 
22

 
—

Gross realized losses 1
(100
)
 
(6
)
 
—

__________
1 The gain or loss on the sale or call of each investment security is determined by the specific identification method.

At December 31, 2015 and 2014, the Company had investment securities with carrying values of $1,824,819,000 and $1,673,263,000, respectively, pledged as collateral for FHLB advances, FRB discount window borrowings, repurchase agreements, interest rate swap agreements and deposits of several local government units.
Note 2. Investment Securities (continued)

Investment securities with an unrealized loss position are summarized as follows:
 
 
December 31, 2015
 
Less than 12 Months
 
12 Months or More
 
Total
(Dollars in thousands)
Fair
Value
 
Unrealized
Loss
 
Fair
Value
 
Unrealized
Loss
 
Fair
Value
 
Unrealized
Loss
Available-for-sale
 
 
 
 
 
 
 
 
 
 
 
U.S. government and federal agency
$
42,493

 
(432
)
 
2

 
—

 
42,495

 
(432
)
U.S. government sponsored enterprises
60,010

 
(163
)
 
—

 
—

 
60,010

 
(163
)
State and local governments
102,422

 
(1,629
)
 
115,943

 
(4,249
)
 
218,365

 
(5,878
)
Corporate bonds
228,258

 
(1,812
)
 
13,962

 
(1,265
)
 
242,220

 
(3,077
)
Residential mortgage-backed securities
730,412

 
(7,226
)
 
53,021

 
(1,542
)
 
783,433

 
(8,768
)
Total available-for-sale
$
1,163,595

 
(11,262
)
 
182,928

 
(7,056
)
 
1,346,523

 
(18,318
)
Held-to-maturity
 
 
 
 
 
 
 
 
 
 
 
State and local governments
$
42,322

 
(594
)
 
81,709

 
(3,828
)
 
124,031

 
(4,422
)
Total held-to-maturity
$
42,322

 
(594
)
 
81,709

 
(3,828
)
 
124,031

 
(4,422
)
 
 
December 31, 2014
 
Less than 12 Months
 
12 Months or More
 
Total
(Dollars in thousands)
Fair
Value
 
Unrealized
Loss
 
Fair
Value
 
Unrealized
Loss
 
Fair
Value
 
Unrealized
Loss
Available-for-sale
 
 
 
 
 
 
 
 
 
 
 
U.S. government and federal agency
$
—

 
—

 
3

 
—

 
3

 
—

U.S. government sponsored enterprises
13,793

 
(2
)
 
—

 
—

 
13,793

 
(2
)
State and local governments
91,082

 
(1,273
)
 
115,927

 
(3,296
)
 
207,009

 
(4,569
)
Corporate bonds
60,289

 
(545
)
 
7,874

 
(205
)
 
68,163

 
(750
)
Residential mortgage-backed securities
192,962

 
(926
)
 
78,223

 
(1,560
)
 
271,185

 
(2,486
)
Total available-for-sale
$
358,126

 
(2,746
)
 
202,027

 
(5,061
)
 
560,153

 
(7,807
)
Held-to-maturity
 
 
 
 
 
 
 
 
 
 
 
State and local governments
$
18,643

 
(624
)
 
76,761

 
(2,352
)
 
95,404

 
(2,976
)
Total held-to-maturity
$
18,643

 
(624
)
 
76,761

 
(2,352
)
 
95,404

 
(2,976
)


Based on an analysis of its investment securities with unrealized losses as of December 31, 2015 and 2014, the Company determined that none of such securities had other-than-temporary impairment and the unrealized losses were primarily the result of interest rate changes and market spreads subsequent to acquisition. The fair value of the investment securities is expected to recover as payments are received and the securities approach maturity. At December 31, 2015, management determined that it did not intend to sell investment securities with unrealized losses, and there was no expected requirement to sell any of its investment securities with unrealized losses before recovery of their amortized cost.