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Investment Securities (Tables)
 3 Months Ended
Mar. 31, 2015
Investments, Debt and Equity Securities [Abstract]  
Schedule of Amortized Cost and Fair Values of Investment Securities, with Gross Unrealized Gains and Losses

The amortized cost and fair values of investment securities, with gross unrealized gains and losses, consist of the following:

 

     March 31, 2015  
            Gross      Gross      Estimated  
     Amortized      Unrealized      Unrealized      Fair  
(Dollars in thousands)    Cost      Gains      Losses      Value  

Securities available for sale:

            

U.S. Treasury securities

    $ 67,196       $ 10       $ —         $ 67,206   

U.S. Government-sponsored enterprise obligations

      316,928         2,573         (353 )       319,148   

Obligations of state and political obligations

      78,437         3,600         (2 )       82,035   

Mortgage-backed securities

      1,821,982         23,788         (3,857 )       1,841,913   

Other securities

      32,147         178         (14 )       32,311   
  

 

 

     

 

 

     

 

 

     

 

 

  

Total securities available for sale

 $ 2,316,690    $ 30,149    $ (4,226 )  $ 2,342,613   
  

 

 

     

 

 

     

 

 

     

 

 

  

Securities held to maturity:

U.S. Government-sponsored enterprise obligations

 $ 10,000    $ 28    $ —      $ 10,028   

Obligations of state and political obligations

   75,458      3,353      (52 )    78,759   

Mortgage-backed securities

   27,984      155      (555 )    27,584   
  

 

 

     

 

 

     

 

 

     

 

 

  

Total securities held to maturity

 $ 113,442    $ 3,536    $ (607 )  $ 116,371   
  

 

 

     

 

 

     

 

 

     

 

 

  
     December 31, 2014  
            Gross      Gross      Estimated  
     Amortized      Unrealized      Unrealized      Fair  
(Dollars in thousands)    Cost      Gains      Losses      Value  

Securities available for sale:

            

U.S. Government-sponsored enterprise obligations

    $ 317,386       $ 1,700       $ (3,533 )     $ 315,553   

Obligations of state and political obligations

      86,513         3,679         (2 )       90,190   

Mortgage-backed securities

      1,741,917         16,882         (7,184 )       1,751,615   

Other securities

      1,460         35         —           1,495   
  

 

 

     

 

 

     

 

 

     

 

 

  

Total securities available for sale

 $ 2,147,276    $ 22,296    $ (10,719 )  $ 2,158,853   
  

 

 

     

 

 

     

 

 

     

 

 

  

Securities held to maturity:

U.S. Government-sponsored enterprise obligations

 $ 10,000    $ 88    $ —      $ 10,088   

Obligations of state and political obligations

   77,597      3,153      (145 )    80,605   

Mortgage-backed securities

   29,363      151      (726 )    28,788   
  

 

 

     

 

 

     

 

 

     

 

 

  

Total securities held to maturity

 $ 116,960    $ 3,392    $ (871 )  $ 119,481   
  

 

 

     

 

 

     

 

 

     

 

 

  
Schedule of Securities with Gross Unrealized Losses Aggregated by Investment Category

Information pertaining to securities with gross unrealized losses, aggregated by investment category and length of time that individual securities have been in a continuous loss position, is as follows:

 

     March 31, 2015  
     Less Than Twelve Months      Over Twelve Months      Total  
     Gross     Estimated      Gross     Estimated      Gross     Estimated  
     Unrealized     Fair      Unrealized     Fair      Unrealized     Fair  
(Dollars in thousands)    Losses     Value      Losses     Value      Losses     Value  

Securities available for sale:

               

U.S. Government-sponsored enterprise obligations

    $ (111 )    $ 86,271       $ (242 )    $ 39,232       $ (353 )    $ 125,503   

Obligations of state and political obligations

      (2 )      184         —          —           (2 )      184   

Mortgage-backed securities

      (695 )      182,780         (3,162 )      211,373         (3,857 )      394,153   

Other securities

      (14 )      10,354         —          —           (14 )      10,354   
  

 

 

    

 

 

     

 

 

    

 

 

     

 

 

    

 

 

  

Total securities available for sale

 $ (822 )  $ 279,589    $ (3,404 )  $ 250,605    $ (4,226 )  $ 530,194   
  

 

 

    

 

 

     

 

 

    

 

 

     

 

 

    

 

 

  

Securities held to maturity:

Obligations of state and political obligations

 $ (1 )  $ 899    $ (51 )  $ 4,243    $ (52 )  $ 5,142   

Mortgage-backed securities

   (9 )    1,076      (546 )    19,450      (555 )    20,526   
  

 

 

    

 

 

     

 

 

    

 

 

     

 

 

    

 

 

  

Total securities held to maturity

 $ (10 )  $ 1,975    $ (597 )  $ 23,693    $ (607 )  $ 25,668   
  

 

 

    

 

 

     

 

 

    

 

 

     

 

 

    

 

 

  
     December 31, 2014  
     Less Than Twelve Months      Over Twelve Months      Total  
     Gross     Estimated      Gross     Estimated      Gross     Estimated  
     Unrealized     Fair      Unrealized     Fair      Unrealized     Fair  
(Dollars in thousands)    Losses     Value      Losses     Value      Losses     Value  

Securities available for sale:

               

U.S. Government-sponsored enterprise obligations

    $ —        $ —         $ (3,533 )    $ 240,498       $ (3,533 )    $ 240,498   

Obligations of state and political obligations

      (2 )      185         —          —           (2 )      185   

Mortgage-backed securities

      (1,189 )      304,686         (5,995 )      294,549         (7,184 )      599,235   
  

 

 

    

 

 

     

 

 

    

 

 

     

 

 

    

 

 

  

Total securities available for sale

 $ (1,191 )  $ 304,871    $ (9,528 )  $ 535,047    $ (10,719 )  $ 839,918   
  

 

 

    

 

 

     

 

 

    

 

 

     

 

 

    

 

 

  

Securities held to maturity:

Obligations of state and political obligations

 $ (9 )  $ 2,287    $ (136 )  $ 8,590    $ (145 )  $ 10,877   

Mortgage-backed securities

   —        —        (726 )    20,812      (726 )    20,812   
  

 

 

    

 

 

     

 

 

    

 

 

     

 

 

    

 

 

  

Total securities held to maturity

 $ (9 )  $ 2,287    $ (862 )  $ 29,402    $ (871 )  $ 31,689   
  

 

 

    

 

 

     

 

 

    

 

 

     

 

 

    

 

 

  
Additional Information on Securities in a Continuous Loss Position

Additional information on securities that have been in a continuous loss position for over twelve months at March 31, 2015 and December 31, 2014 is presented in the following table.

 

(Dollars in thousands)    March 31, 2015      December 31, 2014  

Number of securities

      

Issued by Fannie Mae, Freddie Mac, or Ginnie Mae

      40         66   

Issued by political subdivisions

      2         5   
  

 

 

     

 

 

  
  42      71   
  

 

 

     

 

 

  

Amortized Cost Basis

Issued by Fannie Mae, Freddie Mac, or Ginnie Mae

 $ 274,005    $ 566,113   

Issued by political subdivisions

   4,295      8,727   
  

 

 

     

 

 

  
$ 278,300    $ 574,840   
  

 

 

     

 

 

  

Unrealized Loss

Issued by Fannie Mae, Freddie Mac, or Ginnie Mae

 $ 3,950    $ 10,254   

Issued by political subdivisions

   52      136   
  

 

 

     

 

 

  
$ 4,002    $ 10,390   
  

 

 

     

 

 

  
Schedule of Amortized Cost and Estimated Fair Value of Investment Securities by Maturity

The amortized cost and estimated fair value of investment securities by maturity at March 31, 2015 are shown in the following table. Securities are classified according to their contractual maturities without consideration of principal amortization, potential prepayments or call options. Accordingly, actual maturities may differ from contractual maturities. Weighted average yields are calculated on the basis of the yield to maturity based on the amortized cost of each security.

 

     Securities Available for Sale      Securities Held to Maturity  
     Weighted            Estimated      Weighted            Estimated  
     Average     Amortized      Fair      Average     Amortized      Fair  
(Dollars in thousands)    Yield     Cost      Value      Yield     Cost      Value  

Within one year or less

      2.16 %    $ 84,514       $ 84,638         2.65 %    $ 10,075       $ 10,103   

One through five years

      1.73        279,674         282,952         2.80        12,933         13,256   

After five through ten years

      2.17        406,800         414,109         3.01        20,128         21,005   

Over ten years

      2.18        1,545,702         1,560,914         3.03        70,306         72,007   
  

 

 

    

 

 

     

 

 

     

 

 

    

 

 

     

 

 

  
  2.12 %  $ 2,316,690    $ 2,342,613      2.97 %  $ 113,442    $ 116,371   
  

 

 

    

 

 

     

 

 

     

 

 

    

 

 

     

 

 

  
Schedule of Realized Gains and Losses from Sale of Securities Classified as Available for Sale

The following is a summary of realized gains and losses from the sale of securities classified as available for sale. Gains or losses on securities sold are recorded on the trade date, using the specific identification method.

 

     Three Months Ended March 31  
(Dollars in thousands)    2015      2014  

Realized gains

    $ 407       $ 19   

Realized losses

      (21 )       —     
  

 

 

     

 

 

  
$ 386    $ 19   
  

 

 

     

 

 

  
Schedule of Securities in Other Assets on Company's Consolidated Balance Sheets

The Company included the following securities in “Other assets” on the consolidated balance sheets.

 

(Dollars in thousands)    March 31, 2015      December 31, 2014  

Federal Home Loan Bank (FHLB) stock

    $ 38,097       $ 38,476   

Federal Reserve Bank (FRB) stock

      34,348         34,348   

Other investments

      1,316         1,306   
  

 

 

     

 

 

  
$ 73,761    $ 74,130