XML 64 R35.htm IDEA: XBRL DOCUMENT v3.3.1.900
Investment Securities (Tables)
 12 Months Ended
Dec. 31, 2015
Investments, Debt and Equity Securities [Abstract]  
Available-for-sale Securities
The amortized cost and fair values of investment securities, with gross unrealized gains and losses, consist of the following:
 
December 31, 2015
(Dollars in thousands)
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Estimated
Fair
Value
Securities available for sale:
 
 
 
 
 
 
 
U.S. Government-sponsored enterprise obligations
$
252,514

 
$
1,161

 
$
(1,592
)
 
$
252,083

Obligations of state and political subdivisions
182,541

 
5,429

 
(9
)
 
187,961

Mortgage-backed securities
2,272,879

 
8,457

 
(16,523
)
 
2,264,813

Other securities
95,496

 
430

 
(497
)
 
95,429

Total securities available for sale
$
2,803,430

 
$
15,477

 
$
(18,621
)
 
$
2,800,286

Securities held to maturity:
 
 
 
 
 
 
 
Obligations of state and political subdivisions
$
69,979

 
$
2,803

 
$
(101
)
 
$
72,681

Mortgage-backed securities
28,949

 
107

 
(776
)
 
28,280

Total securities held to maturity
$
98,928

 
$
2,910

 
$
(877
)
 
$
100,961

 
 
 
 
 
 
 
 


 
December 31, 2014
(Dollars in thousands)
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Estimated
Fair
Value
Securities available for sale:
 
 
 
 
 
 
 
U.S. Government-sponsored enterprise obligations
$
317,386

 
$
1,700

 
$
(3,533
)
 
$
315,553

Obligations of state and political subdivisions
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 subdivisions
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

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:
 
December 31, 2015
 
Less Than Twelve Months
 
Over Twelve Months
 
Total
(Dollars in thousands)
Gross Unrealized Losses
 
Estimated Fair Value
 
Gross Unrealized Losses
 
Estimated Fair Value
 
Gross Unrealized Losses
 
Estimated Fair Value
Securities available for sale:
 
 
 
 
 
 
 
 
 
 
 
U.S. Government-sponsored enterprise obligations
$
(1,214
)
 
$
177,839

 
$
(378
)
 
$
28,116

 
$
(1,592
)
 
$
205,955

Obligations of state and political subdivisions
(9
)
 
5,765

 
—

 
—

 
(9
)
 
5,765

Mortgage-backed securities
(11,737
)
 
1,279,914

 
(4,786
)
 
185,215

 
(16,523
)
 
1,465,129

Other securities
(488
)
 
51,975

 
(9
)
 
499

 
(497
)
 
52,474

Total securities available for sale
$
(13,448
)
 
$
1,515,493

 
$
(5,173
)
 
$
213,830

 
$
(18,621
)
 
$
1,729,323

 
 
 
 
 
 
 
 
 
 
 
 
Securities held to maturity:
 
 
 
 
 
 
 
 
 
 
 
Obligations of state and political subdivisions
$
(9
)
 
$
1,999

 
$
(92
)
 
$
4,162

 
$
(101
)
 
$
6,161

Mortgage-backed securities
(45
)
 
3,530

 
(731
)
 
17,573

 
(776
)
 
21,103

Total securities held to maturity
$
(54
)
 
$
5,529

 
$
(823
)
 
$
21,735

 
$
(877
)
 
$
27,264


 
December 31, 2014
 
Less Than Twelve Months
 
Over Twelve Months
 
Total
(Dollars in thousands)
Gross Unrealized Losses
 
Estimated Fair Value
 
Gross Unrealized Losses
 
Estimated Fair Value
 
Gross Unrealized Losses
 
Estimated Fair Value
Securities available for sale:
 
 
 
 
 
 
 
 
 
 
 
U.S. Government-sponsored enterprise obligations
$
—

 
$
—

 
$
(3,533
)
 
$
240,498

 
$
(3,533
)
 
$
240,498

Obligations of state and political subdivisions
(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 subdivisions
$
(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
Held-to-maturity Securities
The amortized cost and fair values of investment securities, with gross unrealized gains and losses, consist of the following:
 
December 31, 2015
(Dollars in thousands)
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Estimated
Fair
Value
Securities available for sale:
 
 
 
 
 
 
 
U.S. Government-sponsored enterprise obligations
$
252,514

 
$
1,161

 
$
(1,592
)
 
$
252,083

Obligations of state and political subdivisions
182,541

 
5,429

 
(9
)
 
187,961

Mortgage-backed securities
2,272,879

 
8,457

 
(16,523
)
 
2,264,813

Other securities
95,496

 
430

 
(497
)
 
95,429

Total securities available for sale
$
2,803,430

 
$
15,477

 
$
(18,621
)
 
$
2,800,286

Securities held to maturity:
 
 
 
 
 
 
 
Obligations of state and political subdivisions
$
69,979

 
$
2,803

 
$
(101
)
 
$
72,681

Mortgage-backed securities
28,949

 
107

 
(776
)
 
28,280

Total securities held to maturity
$
98,928

 
$
2,910

 
$
(877
)
 
$
100,961

 
 
 
 
 
 
 
 


 
December 31, 2014
(Dollars in thousands)
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Estimated
Fair
Value
Securities available for sale:
 
 
 
 
 
 
 
U.S. Government-sponsored enterprise obligations
$
317,386

 
$
1,700

 
$
(3,533
)
 
$
315,553

Obligations of state and political subdivisions
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 subdivisions
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

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:
 
December 31, 2015
 
Less Than Twelve Months
 
Over Twelve Months
 
Total
(Dollars in thousands)
Gross Unrealized Losses
 
Estimated Fair Value
 
Gross Unrealized Losses
 
Estimated Fair Value
 
Gross Unrealized Losses
 
Estimated Fair Value
Securities available for sale:
 
 
 
 
 
 
 
 
 
 
 
U.S. Government-sponsored enterprise obligations
$
(1,214
)
 
$
177,839

 
$
(378
)
 
$
28,116

 
$
(1,592
)
 
$
205,955

Obligations of state and political subdivisions
(9
)
 
5,765

 
—

 
—

 
(9
)
 
5,765

Mortgage-backed securities
(11,737
)
 
1,279,914

 
(4,786
)
 
185,215

 
(16,523
)
 
1,465,129

Other securities
(488
)
 
51,975

 
(9
)
 
499

 
(497
)
 
52,474

Total securities available for sale
$
(13,448
)
 
$
1,515,493

 
$
(5,173
)
 
$
213,830

 
$
(18,621
)
 
$
1,729,323

 
 
 
 
 
 
 
 
 
 
 
 
Securities held to maturity:
 
 
 
 
 
 
 
 
 
 
 
Obligations of state and political subdivisions
$
(9
)
 
$
1,999

 
$
(92
)
 
$
4,162

 
$
(101
)
 
$
6,161

Mortgage-backed securities
(45
)
 
3,530

 
(731
)
 
17,573

 
(776
)
 
21,103

Total securities held to maturity
$
(54
)
 
$
5,529

 
$
(823
)
 
$
21,735

 
$
(877
)
 
$
27,264


 
December 31, 2014
 
Less Than Twelve Months
 
Over Twelve Months
 
Total
(Dollars in thousands)
Gross Unrealized Losses
 
Estimated Fair Value
 
Gross Unrealized Losses
 
Estimated Fair Value
 
Gross Unrealized Losses
 
Estimated Fair Value
Securities available for sale:
 
 
 
 
 
 
 
 
 
 
 
U.S. Government-sponsored enterprise obligations
$
—

 
$
—

 
$
(3,533
)
 
$
240,498

 
$
(3,533
)
 
$
240,498

Obligations of state and political subdivisions
(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 subdivisions
$
(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 December 31 is presented in the following table.
(Dollars in thousands)
2015
 
2014
Number of securities
 
 
 
Issued by Fannie Mae, Freddie Mac, or Ginnie Mae
40

 
66

Issued by political subdivisions
2

 
5

Other
1

 
—

 
43

 
71

Amortized Cost Basis
 
 
 
Issued by Fannie Mae, Freddie Mac, or Ginnie Mae
$
236,800

 
$
566,113

Issued by political subdivisions
4,253

 
8,727

Other
508

 
—

 
$
241,561

 
$
574,840

Unrealized Loss
 
 
 
Issued by Fannie Mae, Freddie Mac, or Ginnie Mae
$
5,895

 
$
10,254

Issued by political subdivisions
92

 
136

Other
9

 
—

 
$
5,996

 
$
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 December 31, 2015 are presented 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
(Dollars in thousands)
Weighted
Average
Yield
 
Amortized
Cost
 
Estimated
Fair
Value
 
Weighted
Average
Yield
 
Amortized
Cost
 
Estimated
Fair
Value
Within one year or less
2.02
%
 
$
14,360

 
$
14,373

 
3.83
%
 
$
75

 
$
75

One through five years
1.72

 
318,423

 
318,718

 
3.06

 
13,627

 
13,989

After five through ten years
2.31

 
501,217

 
506,856

 
2.89

 
16,278

 
16,914

Over ten years
2.14

 
1,969,430

 
1,960,339

 
2.91

 
68,948

 
69,983

 
2.12
%
 
$
2,803,430

 
$
2,800,286

 
2.93
%
 
$
98,928

 
$
100,961
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.
 
Year Ended December 31
(Dollars in thousands)
2015
 
2014
 
2013
Realized gains
$
1,834

 
$
863

 
$
2,387

Realized losses
(259
)
 
(92
)
 
(110
)
 
$
1,575

 
$
771

 
$
2,277
Schedule of Securities in Other Assets on Company's Consolidated Balance Sheets
The Company accounts for the following securities at amortized cost, which approximates fair value, in “other assets” on the consolidated balance sheets at December 31:
(Dollars in thousands)
2015
 
2014
Federal Home Loan Bank (FHLB) stock
$
16,265

 
$
38,476

Federal Reserve Bank (FRB) stock
48,584

 
34,348

Other investments
1,159

 
1,306

 
$
66,008

 
$
74,130