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Investment Securities (Tables)
 12 Months Ended
Dec. 31, 2017
Investments, Debt and Equity Securities [Abstract]  
Amortized cost, gross unrealized gains and losses and the fair value of 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, 2017
 
Amortized Cost
 
Gross Unrealized
 
Fair Value
(Dollars in thousands)
 
Gains
 
Losses
 
Available-for-sale
 
 
 
 
 
 
 
U.S. government and federal agency
$
31,216

 
54

 
(143
)
 
31,127

U.S. government sponsored enterprises
19,195

 
—

 
(104
)
 
19,091

State and local governments
614,366

 
20,299

 
(5,164
)
 
629,501

Corporate bonds
216,443

 
802

 
(483
)
 
216,762

Residential mortgage-backed securities
785,960

 
1,253

 
(7,930
)
 
779,283

Commercial mortgage-backed securities
104,324

 
25

 
(1,870
)
 
102,479

Total available-for-sale
1,771,504

 
22,433

 
(15,694
)
 
1,778,243

Held-to-maturity
 
 
 
 
 
 
 
State and local governments
648,313

 
20,346

 
(8,573
)
 
660,086

Total held-to-maturity
648,313

 
20,346

 
(8,573
)
 
660,086

Total investment securities
$
2,419,817

 
42,779

 
(24,267
)
 
2,438,329


 
December 31, 2016
 
Amortized Cost
 
Gross Unrealized
 
Fair Value
(Dollars in thousands)
 
Gains
 
Losses
 
Available-for-sale
 
 
 
 
 
 
 
U.S. government and federal agency
$
39,554

 
15

 
(162
)
 
39,407

U.S. government sponsored enterprises
19,557

 
55

 
(42
)
 
19,570

State and local governments
775,395

 
20,941

 
(9,963
)
 
786,373

Corporate bonds
471,569

 
1,175

 
(793
)
 
471,951

Residential mortgage-backed securities
1,014,518

 
2,744

 
(9,747
)
 
1,007,515

Commercial mortgage-backed securities
102,209

 
30

 
(1,578
)
 
100,661

Total available-for-sale
2,422,802

 
24,960

 
(22,285
)
 
2,425,477

Held-to-maturity
 
 
 
 
 
 
 
State and local governments
675,674

 
21,400

 
(7,985
)
 
689,089

Total held-to-maturity
675,674

 
21,400

 
(7,985
)
 
689,089

Total investment securities
$
3,098,476

 
46,360

 
(30,270
)
 
3,114,566
Amortized cost and fair value of securities by contractual maturity
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, 2017. Actual maturities may differ from expected or contractual maturities since issuers have the right to prepay obligations with or without prepayment penalties.
 
December 31, 2017
 
Available-for-Sale
 
Held-to-Maturity
(Dollars in thousands)
Amortized Cost
 
Fair Value
 
Amortized Cost
 
Fair Value
Due within one year
$
69,596

 
69,650

 
—

 
—

Due after one year through five years
228,415

 
228,881

 
2,108

 
2,136

Due after five years through ten years
228,766

 
236,318

 
86,741

 
88,264

Due after ten years
354,443

 
361,632

 
559,464

 
569,686

 
881,220

 
896,481

 
648,313

 
660,086

Mortgage-backed securities 1
890,284

 
881,762

 
—

 
—

Total
$
1,771,504

 
1,778,243

 
648,313

 
660,086


______________________________
1 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 associated gains and losses
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,
2017
 
December 31,
2016
 
December 31,
2015
Available-for-sale
 
 
 
 
 
Proceeds from sales and calls of investment securities
$
280,783

 
212,140

 
167,660

Gross realized gains 1
3,369

 
2,459

 
1,877

Gross realized losses 1
(4,005
)
 
(3,794
)
 
(1,808
)
Held-to-maturity
 
 
 
 
 
Proceeds from calls of investment securities
23,020

 
25,405

 
20,997

Gross realized gains 1
204

 
97

 
50

Gross realized losses 1
(228
)
 
(225
)
 
(100
)

______________________________
1 The gain or loss on the sale or call of each investment security is determined by the specific identification method.
Summary of investment securities with an unrealized loss position
Investment securities with an unrealized loss position are summarized as follows:
 
 
December 31, 2017
 
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
$
1,208

 
(5
)
 
13,179

 
(138
)
 
14,387

 
(143
)
U.S. government sponsored enterprises
14,926

 
(56
)
 
3,425

 
(48
)
 
18,351

 
(104
)
State and local governments
61,126

 
(689
)
 
121,181

 
(4,475
)
 
182,307

 
(5,164
)
Corporate bonds
99,636

 
(264
)
 
29,034

 
(219
)
 
128,670

 
(483
)
Residential mortgage-backed securities
372,175

 
(3,050
)
 
254,721

 
(4,880
)
 
626,896

 
(7,930
)
Commercial mortgage-backed securities
37,650

 
(469
)
 
62,968

 
(1,401
)
 
100,618

 
(1,870
)
Total available-for-sale
$
586,721

 
(4,533
)
 
484,508

 
(11,161
)
 
1,071,229

 
(15,694
)
Held-to-maturity
 
 
 
 
 
 
 
 
 
 
 
State and local governments
$
21,207

 
(186
)
 
105,486

 
(8,387
)
 
126,693

 
(8,573
)
Total held-to-maturity
$
21,207

 
(186
)
 
105,486

 
(8,387
)
 
126,693

 
(8,573
)
 
 
December 31, 2016
 
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
$
6,718

 
(24
)
 
26,239

 
(138
)
 
32,957

 
(162
)
U.S. government sponsored enterprises
6,049

 
(42
)
 
—

 
—

 
6,049

 
(42
)
State and local governments
222,700

 
(4,949
)
 
81,783

 
(5,014
)
 
304,483

 
(9,963
)
Corporate bonds
174,821

 
(774
)
 
6,141

 
(19
)
 
180,962

 
(793
)
Residential mortgage-backed securities
688,811

 
(9,079
)
 
29,957

 
(668
)
 
718,768

 
(9,747
)
Commercial mortgage-backed securities
89,298

 
(1,578
)
 
—

 
—

 
89,298

 
(1,578
)
Total available-for-sale
$
1,188,397

 
(16,446
)
 
144,120

 
(5,839
)
 
1,332,517

 
(22,285
)
Held-to-maturity
 
 
 
 
 
 
 
 
 
 
 
State and local governments
$
117,912

 
(1,712
)
 
86,601

 
(6,273
)
 
204,513

 
(7,985
)
Total held-to-maturity
$
117,912

 
(1,712
)
 
86,601

 
(6,273
)
 
204,513

 
(7,985
)