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Debt Securities (Tables)
 9 Months Ended
Sep. 30, 2018
Investments, Debt and Equity Securities [Abstract]  
Amortized cost, gross unrealized gains and losses and fair value of debt securities
The following tables present the amortized cost, the gross unrealized gains and losses and the fair value of the Company’s debt securities:
 
September 30, 2018
 
Amortized Cost
 
Gross Unrealized
 
Fair Value
(Dollars in thousands)
 
Gains
 
Losses
 
Available-for-sale
 
 
 
 
 
 
 
U.S. government and federal agency
$
25,363

 
64

 
(160
)
 
25,267

U.S. government sponsored enterprises
120,498

 
—

 
(1,948
)
 
118,550

State and local governments
647,908

 
10,040

 
(13,934
)
 
644,014

Corporate bonds
306,057

 
696

 
(1,528
)
 
305,225

Residential mortgage-backed securities
855,183

 
183

 
(29,202
)
 
826,164

Commercial mortgage-backed securities
188,273

 
—

 
(3,874
)
 
184,399

Total available-for-sale
2,143,282

 
10,983

 
(50,646
)
 
2,103,619

Held-to-maturity
 
 
 
 
 
 
 
State and local governments
590,915

 
7,482

 
(14,840
)
 
583,557

Total held-to-maturity
590,915

 
7,482

 
(14,840
)
 
583,557

Total debt securities
$
2,734,197

 
18,465

 
(65,486
)
 
2,687,176


 
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 debt securities
$
2,419,817

 
42,779

 
(24,267
)
 
2,438,329
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 debt securities by contractual maturity at September 30, 2018. Actual maturities may differ from expected or contractual maturities since issuers have the right to prepay obligations with or without prepayment penalties.

 
September 30, 2018
 
Available-for-Sale
 
Held-to-Maturity
(Dollars in thousands)
Amortized Cost
 
Fair Value
 
Amortized Cost
 
Fair Value
Due within one year
$
151,030

 
150,658

 
—

 
—

Due after one year through five years
322,470

 
319,836

 
4,551

 
4,555

Due after five years through ten years
284,496

 
285,279

 
108,553

 
106,980

Due after ten years
341,830

 
337,283

 
477,811

 
472,022

 
1,099,826

 
1,093,056

 
590,915

 
583,557

Mortgage-backed securities 1
1,043,456

 
1,010,563

 
—

 
—

Total
$
2,143,282

 
2,103,619

 
590,915

 
583,557


______________________________
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 debt securities and the associated gains and losses
Proceeds from sales and calls of debt securities and the associated gains and losses that have been included in earnings are listed below:
 
Three Months ended
 
Nine Months ended
(Dollars in thousands)
September 30,
2018
 
September 30,
2017
 
September 30,
2018
 
September 30,
2017
Available-for-sale
 
 
 
 
 
 
 
Proceeds from sales and calls of debt securities
$
12,135

 
155,894

 
245,581

 
268,557

Gross realized gains 1
188

 
278

 
203

 
3,345

Gross realized losses 1
(37
)
 
(201
)
 
(398
)
 
(3,864
)
Held-to-maturity
 
 
 
 
 
 
 
Proceeds from calls of debt securities
28,435

 
3,675

 
57,370

 
18,910

Gross realized gains 1
12

 
—

 
76

 
153

Gross realized losses 1
(530
)
 
—

 
(637
)
 
(179
)

______________________________
1 The gain or loss on the sale or call of each debt security is determined by the specific identification method.
Summary of debt securities with an unrealized loss position
Debt securities with an unrealized loss position are summarized as follows:

 
September 30, 2018
 
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
$
6,553

 
(28
)
 
8,887

 
(132
)
 
15,440

 
(160
)
U.S. government sponsored enterprises
112,590

 
(1,791
)
 
5,960

 
(157
)
 
118,550

 
(1,948
)
State and local governments
215,703

 
(4,959
)
 
145,908

 
(8,975
)
 
361,611

 
(13,934
)
Corporate bonds
173,308

 
(820
)
 
60,862

 
(708
)
 
234,170

 
(1,528
)
Residential mortgage-backed securities
328,829

 
(6,397
)
 
471,471

 
(22,805
)
 
800,300

 
(29,202
)
Commercial mortgage-backed securities
104,099

 
(1,240
)
 
74,278

 
(2,634
)
 
178,377

 
(3,874
)
Total available-for-sale
$
941,082

 
(15,235
)
 
767,366

 
(35,411
)
 
1,708,448

 
(50,646
)
Held-to-maturity
 
 
 
 
 
 
 
 
 
 
 
State and local governments
$
201,181

 
(6,234
)
 
90,502

 
(8,606
)
 
291,683

 
(14,840
)
Total held-to-maturity
$
201,181

 
(6,234
)
 
90,502

 
(8,606
)
 
291,683

 
(14,840
)
 
 
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
)