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Investment Securities (Tables)
3 Months Ended
Mar. 31, 2017
Investments, Debt and Equity Securities [Abstract]  
Available-for-sale Securities
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, 2017
 
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
$
(463
)
 
$
150,412

 
$

 
$

 
$
(463
)
 
$
150,412

Obligations of state and political subdivisions
(3,812
)
 
101,543

 

 

 
(3,812
)
 
101,543

Mortgage-backed securities
(35,221
)
 
2,349,545

 
(2,284
)
 
94,005

 
(37,505
)
 
2,443,550

Other Securities
(212
)
 
42,955

 
(49
)
 
3,614

 
(261
)
 
46,569

Total securities available for sale
$
(39,708
)
 
$
2,644,455

 
$
(2,333
)
 
$
97,619

 
$
(42,041
)
 
$
2,742,074

 
 
 
 
 
 
 
 
 
 
 
 
Securities held to maturity:
 
 
 
 
 
 
 
 
 
 
 
Obligations of state and political subdivisions
$
(99
)
 
$
4,986

 
$

 
$

 
$
(99
)
 
$
4,986

Mortgage-backed securities
(358
)
 
12,093

 
(485
)
 
10,366

 
(843
)
 
22,459

Total securities held to maturity
$
(457
)
 
$
17,079

 
$
(485
)
 
$
10,366

 
$
(942
)
 
$
27,445


 
December 31, 2016
 
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
$
(549
)
 
$
150,554

 
$

 
$

 
$
(549
)
 
$
150,554

Obligations of state and political subdivisions
(5,207
)
 
148,059

 

 

 
(5,207
)
 
148,059

Mortgage-backed securities
(38,667
)
 
2,191,563

 
(2,624
)
 
98,912

 
(41,291
)
 
2,290,475

Other Securities
(451
)
 
36,484

 
(53
)
 
3,850

 
(504
)
 
40,334

Total securities available for sale
$
(44,874
)
 
$
2,526,660

 
$
(2,677
)
 
$
102,762

 
$
(47,551
)
 
$
2,629,422

 
 
 
 
 
 
 
 
 
 
 
 
Securities held to maturity:
 
 
 
 
 
 
 
 
 
 
 
Obligations of state and political subdivisions
$
(133
)
 
$
10,602

 
$

 
$

 
$
(133
)
 
$
10,602

Mortgage-backed securities
(330
)
 
12,288

 
(487
)
 
10,960

 
(817
)
 
23,248

Total securities held to maturity
$
(463
)
 
$
22,890

 
$
(487
)
 
$
10,960

 
$
(950
)
 
$
33,850

The amortized cost and fair values of investment securities, with gross unrealized gains and losses, consist of the following:
 
March 31, 2017
(Dollars in thousands)
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Estimated
Fair
Value
Securities available for sale:
 
 
 
 
 
 
 
U.S. Government-sponsored enterprise obligations
$
212,430

 
$
199

 
$
(463
)
 
$
212,166

Obligations of state and political subdivisions
297,712

 
3,190

 
(3,812
)
 
297,090

Mortgage-backed securities
3,238,530

 
4,937

 
(37,505
)
 
3,205,962

Other securities
108,541

 
455

 
(261
)
 
108,735

Total securities available for sale
$
3,857,213

 
$
8,781

 
$
(42,041
)
 
$
3,823,953

Securities held to maturity:
 
 
 
 
 
 
 
Obligations of state and political subdivisions
$
62,315

 
$
1,682

 
$
(99
)
 
$
63,898

Mortgage-backed securities
23,703

 
55

 
(843
)
 
22,915

Total securities held to maturity
$
86,018

 
$
1,737

 
$
(942
)
 
$
86,813

 
 
 
 
 
 
 
 


 
December 31, 2016
(Dollars in thousands)
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Estimated
Fair
Value
Securities available for sale:
 
 
 
 
 
 
 
U.S. Government-sponsored enterprise obligations
$
212,662

 
$
245

 
$
(549
)
 
$
212,358

Obligations of state and political subdivisions
286,458

 
1,948

 
(5,207
)
 
283,199

Mortgage-backed securities
2,888,180

 
4,820

 
(41,291
)
 
2,851,709

Other securities
98,974

 
361

 
(504
)
 
98,831

Total securities available for sale
$
3,486,274

 
$
7,374

 
$
(47,551
)
 
$
3,446,097

Securities held to maturity:
 
 
 
 
 
 
 
Obligations of state and political subdivisions
$
64,726

 
$
1,609

 
$
(133
)
 
$
66,202

Mortgage-backed securities
24,490

 
57

 
(817
)
 
23,730

Total securities held to maturity
$
89,216

 
$
1,666

 
$
(950
)
 
$
89,932

Held-to-maturity Securities
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, 2017
 
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
$
(463
)
 
$
150,412

 
$

 
$

 
$
(463
)
 
$
150,412

Obligations of state and political subdivisions
(3,812
)
 
101,543

 

 

 
(3,812
)
 
101,543

Mortgage-backed securities
(35,221
)
 
2,349,545

 
(2,284
)
 
94,005

 
(37,505
)
 
2,443,550

Other Securities
(212
)
 
42,955

 
(49
)
 
3,614

 
(261
)
 
46,569

Total securities available for sale
$
(39,708
)
 
$
2,644,455

 
$
(2,333
)
 
$
97,619

 
$
(42,041
)
 
$
2,742,074

 
 
 
 
 
 
 
 
 
 
 
 
Securities held to maturity:
 
 
 
 
 
 
 
 
 
 
 
Obligations of state and political subdivisions
$
(99
)
 
$
4,986

 
$

 
$

 
$
(99
)
 
$
4,986

Mortgage-backed securities
(358
)
 
12,093

 
(485
)
 
10,366

 
(843
)
 
22,459

Total securities held to maturity
$
(457
)
 
$
17,079

 
$
(485
)
 
$
10,366

 
$
(942
)
 
$
27,445


 
December 31, 2016
 
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
$
(549
)
 
$
150,554

 
$

 
$

 
$
(549
)
 
$
150,554

Obligations of state and political subdivisions
(5,207
)
 
148,059

 

 

 
(5,207
)
 
148,059

Mortgage-backed securities
(38,667
)
 
2,191,563

 
(2,624
)
 
98,912

 
(41,291
)
 
2,290,475

Other Securities
(451
)
 
36,484

 
(53
)
 
3,850

 
(504
)
 
40,334

Total securities available for sale
$
(44,874
)
 
$
2,526,660

 
$
(2,677
)
 
$
102,762

 
$
(47,551
)
 
$
2,629,422

 
 
 
 
 
 
 
 
 
 
 
 
Securities held to maturity:
 
 
 
 
 
 
 
 
 
 
 
Obligations of state and political subdivisions
$
(133
)
 
$
10,602

 
$

 
$

 
$
(133
)
 
$
10,602

Mortgage-backed securities
(330
)
 
12,288

 
(487
)
 
10,960

 
(817
)
 
23,248

Total securities held to maturity
$
(463
)
 
$
22,890

 
$
(487
)
 
$
10,960

 
$
(950
)
 
$
33,850

The amortized cost and fair values of investment securities, with gross unrealized gains and losses, consist of the following:
 
March 31, 2017
(Dollars in thousands)
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Estimated
Fair
Value
Securities available for sale:
 
 
 
 
 
 
 
U.S. Government-sponsored enterprise obligations
$
212,430

 
$
199

 
$
(463
)
 
$
212,166

Obligations of state and political subdivisions
297,712

 
3,190

 
(3,812
)
 
297,090

Mortgage-backed securities
3,238,530

 
4,937

 
(37,505
)
 
3,205,962

Other securities
108,541

 
455

 
(261
)
 
108,735

Total securities available for sale
$
3,857,213

 
$
8,781

 
$
(42,041
)
 
$
3,823,953

Securities held to maturity:
 
 
 
 
 
 
 
Obligations of state and political subdivisions
$
62,315

 
$
1,682

 
$
(99
)
 
$
63,898

Mortgage-backed securities
23,703

 
55

 
(843
)
 
22,915

Total securities held to maturity
$
86,018

 
$
1,737

 
$
(942
)
 
$
86,813

 
 
 
 
 
 
 
 


 
December 31, 2016
(Dollars in thousands)
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Estimated
Fair
Value
Securities available for sale:
 
 
 
 
 
 
 
U.S. Government-sponsored enterprise obligations
$
212,662

 
$
245

 
$
(549
)
 
$
212,358

Obligations of state and political subdivisions
286,458

 
1,948

 
(5,207
)
 
283,199

Mortgage-backed securities
2,888,180

 
4,820

 
(41,291
)
 
2,851,709

Other securities
98,974

 
361

 
(504
)
 
98,831

Total securities available for sale
$
3,486,274

 
$
7,374

 
$
(47,551
)
 
$
3,446,097

Securities held to maturity:
 
 
 
 
 
 
 
Obligations of state and political subdivisions
$
64,726

 
$
1,609

 
$
(133
)
 
$
66,202

Mortgage-backed securities
24,490

 
57

 
(817
)
 
23,730

Total securities held to maturity
$
89,216

 
$
1,666

 
$
(950
)
 
$
89,932

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, 2017 and December 31, 2016 is presented in the following table.
(Dollars in thousands)
March 31, 2017
 
December 31, 2016
Number of securities:
 
 
 
Issued by U.S. Government-sponsored enterprises
28

 
28

Issued by political subdivisions

 

Other
3

 
3

 
31

 
31

Amortized Cost Basis:
 
 
 
Issued by U.S. Government-sponsored enterprises
$
107,140

 
$
112,983

Issued by political subdivisions

 

Other
3,663

 
3,903

 
$
110,803

 
$
116,886

Unrealized Loss:
 
 
 
Issued by U.S. Government-sponsored enterprises
$
2,769

 
$
3,111

Issued by political subdivisions

 

Other
49

 
53

 
$
2,818

 
$
3,164

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, 2017 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
1.74
%
 
$
27,692

 
$
27,625

 
2.87
%
 
$
1,896

 
$
1,907

One through five years
1.67

 
283,137

 
283,609

 
2.90

 
8,274

 
8,454

After five through ten years
2.32

 
789,829

 
786,876

 
3.08

 
22,252

 
22,852

Over ten years
2.26

 
2,756,555

 
2,725,843

 
2.83

 
53,596

 
53,600

 
2.22
%
 
$
3,857,213

 
$
3,823,953

 
2.91
%
 
$
86,018

 
$
86,813

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)
2017
 
2016
Realized gains
$

 
$
462

Realized losses

 
(266
)
 
$

 
$
196

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:
(Dollars in thousands)
March 31, 2017
 
December 31, 2016
Federal Home Loan Bank (FHLB) stock
$
37,415

 
$
42,326

Federal Reserve Bank (FRB) stock
48,584

 
48,584

Other investments
3,008

 
2,808

 
$
89,007

 
$
93,718