XML 39 R28.htm IDEA: XBRL DOCUMENT v3.5.0.2
Investment Securities (Tables)
9 Months Ended
Sep. 30, 2016
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:
 
 
September 30, 2016
 
Amortized Cost
 
Gross
Unrealized Gains
 
Gross
Unrealized Losses
 

Fair Value
(Dollars in thousands)
 
 
 
Securities available for sale:
 
 
 
 
 
 
 
U.S. Government-sponsored enterprise obligations
$
217,859

 
$
2,613

 
$

 
$
220,472

Obligations of states and political subdivisions
245,086

 
7,946

 
(127
)
 
252,905

Mortgage-backed securities
2,283,336

 
29,475

 
(1,743
)
 
2,311,068

Other securities
99,688

 
1,330

 
(50
)
 
100,968

Total securities available for sale
$
2,845,969

 
$
41,364

 
$
(1,920
)
 
$
2,885,413

Securities held to maturity:
 
 
 
 
 
 
 
Obligations of states and political subdivisions
$
64,898

 
$
2,727

 
$

 
$
67,625

Mortgage-backed securities
25,755

 
205

 
(175
)
 
25,785

Total securities held to maturity
$
90,653

 
$
2,932

 
$
(175
)
 
$
93,410

 
 
 
 
 
 
 
 
 
December 31, 2015
 
Amortized Cost
 
Gross
Unrealized Gains
 
Gross
Unrealized Losses
 

Fair Value
(Dollars in thousands)
 
 
 
Securities available for sale:
 
 
 
 
 
 
 
U.S. Government-sponsored enterprise obligations
$
252,514

 
$
1,161

 
$
(1,592
)
 
$
252,083

Obligations of states 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 states 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

Held-to-maturity Securities
The amortized cost and fair values of investment securities, with gross unrealized gains and losses, consist of the following:
 
 
September 30, 2016
 
Amortized Cost
 
Gross
Unrealized Gains
 
Gross
Unrealized Losses
 

Fair Value
(Dollars in thousands)
 
 
 
Securities available for sale:
 
 
 
 
 
 
 
U.S. Government-sponsored enterprise obligations
$
217,859

 
$
2,613

 
$

 
$
220,472

Obligations of states and political subdivisions
245,086

 
7,946

 
(127
)
 
252,905

Mortgage-backed securities
2,283,336

 
29,475

 
(1,743
)
 
2,311,068

Other securities
99,688

 
1,330

 
(50
)
 
100,968

Total securities available for sale
$
2,845,969

 
$
41,364

 
$
(1,920
)
 
$
2,885,413

Securities held to maturity:
 
 
 
 
 
 
 
Obligations of states and political subdivisions
$
64,898

 
$
2,727

 
$

 
$
67,625

Mortgage-backed securities
25,755

 
205

 
(175
)
 
25,785

Total securities held to maturity
$
90,653

 
$
2,932

 
$
(175
)
 
$
93,410

 
 
 
 
 
 
 
 
 
December 31, 2015
 
Amortized Cost
 
Gross
Unrealized Gains
 
Gross
Unrealized Losses
 

Fair Value
(Dollars in thousands)
 
 
 
Securities available for sale:
 
 
 
 
 
 
 
U.S. Government-sponsored enterprise obligations
$
252,514

 
$
1,161

 
$
(1,592
)
 
$
252,083

Obligations of states 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 states 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

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:  
 
September 30, 2016
 
Less Than Twelve Months
 
Over Twelve Months
 
Total
 
Gross
Unrealized Losses
 

Fair Value
 
Gross
Unrealized Losses
 

Fair Value
 
Gross
Unrealized Losses
 

Fair Value
(Dollars in thousands)
 
 
 
 
 
Securities available for sale:
 
 
 
 
 
 
 
 
 
 
 
Obligations of state and political obligations
$
(127
)
 
$
30,222

 
$

 
$

 
$
(127
)
 
$
30,222

Mortgage-backed securities
(893
)
 
236,800

 
(850
)
 
94,259

 
(1,743
)
 
331,059

Other securities
(1
)
 
507

 
(49
)
 
3,916

 
(50
)
 
4,423

Total securities available for sale
$
(1,021
)
 
$
267,529

 
$
(899
)
 
$
98,175

 
$
(1,920
)
 
$
365,704

Securities held to maturity:
 
 
 
 
 
 
 
 
 
 
 
Obligations of states and political subdivisions
$

 
$
2,212

 
$

 
$

 
$

 
$
2,212

Mortgage-backed securities

 

 
(175
)
 
11,698

 
(175
)
 
11,698

Total securities held to maturity
$

 
$
2,212

 
$
(175
)
 
$
11,698

 
$
(175
)
 
$
13,910

 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2015
 
Less Than Twelve Months
 
Over Twelve Months
 
Total
 
Gross
Unrealized Losses
 

Fair Value
 
Gross
Unrealized Losses
 

Fair Value
 
Gross
Unrealized Losses
 

Fair Value
(Dollars in thousands)
 
 
 
 
 
Securities available for sale:
 
 
 
 
 
 
 
 
 
 
 
U.S. Government-sponsored enterprise obligations
$
(1,214
)
 
$
177,839

 
$
(378
)
 
$
28,116

 
$
(1,592
)
 
$
205,955

Obligations of states 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 states 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

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 September 30, 2016 and December 31, 2015 is presented in the following table.
 
(Dollars in thousands)
September 30, 2016
 
December 31, 2015
Number of securities
 
 
 
Issued by Fannie Mae, Freddie Mac, or Ginnie Mae
27

 
40

Issued by political subdivisions

 
2

Other
3

 
1

 
30

 
43

Amortized cost basis
 
 
 
Issued by Fannie Mae, Freddie Mac, or Ginnie Mae
$
106,982

 
$
236,800

Issued by political subdivisions

 
4,253

Other
3,965

 
508

 
$
110,947

 
$
241,561

Unrealized loss
 
 
 
Issued by Fannie Mae, Freddie Mac, or Ginnie Mae
$
1,025

 
$
5,895

Issued by political subdivisions

 
92

Other
49

 
9

 
$
1,074

 
$
5,996

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 September 30, 2016 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
Average Yield
 
Amortized Cost
 
Estimated
Fair Value
 
Weighted
Average Yield
 
Amortized Cost
 
Estimated
Fair Value
(Dollars in thousands)
 
 
 
 
 
Within one year or less
2.36
%
 
$
19,560

 
$
19,658

 
2.42
%
 
$
2,059

 
$
2,076

One through five years
1.64
%
 
275,596

 
279,271

 
2.97
%
 
10,295

 
10,583

After five through ten years
2.29
%
 
585,382

 
602,194

 
3.07
%
 
18,357

 
19,214

Over ten years
1.97
%
 
1,965,431

 
1,984,290

 
2.74
%
 
59,942

 
61,537

 
2.01
%
 
$
2,845,969

 
$
2,885,413

 
2.82
%
 
$
90,653

 
$
93,410

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 September 30,
 
Nine Months Ended September 30,
(Dollars in thousands)
2016
 
2015
 
2016
 
2015
Realized gains
$
12

 
$
425

 
$
2,947

 
$
1,786

Realized losses

 
(145
)
 
(950
)
 
(217
)
 
$
12

 
$
280

 
$
1,997

 
$
1,569

Schedule of Securities in Other Assets on Company's Consolidated Balance Sheets
The Company included the following securities, accounted for at amortized cost, which approximates fair value, in “other assets” on the consolidated balance sheets:
 
(Dollars in thousands)
September 30, 2016
 
December 31, 2015
Federal Home Loan Bank (FHLB) stock
$
47,589

 
$
16,265

Federal Reserve Bank (FRB) stock
48,584

 
48,584

Other investments
1,159

 
1,159

 
$
97,332

 
$
66,008