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Investment Securities (Tables)
 3 Months Ended
Mar. 31, 2018
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, 2018
 
Less Than Twelve Months
 
Twelve Months or More
 
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. Treasury securities
$
—

 
$
693

 
$
—

 
$
—

 
$
—

 
$
693

U.S. Government-sponsored enterprise obligations
(419
)
 
29,580

 
(235
)
 
9,765

 
(654
)
 
39,345

Obligations of state and political subdivisions
(1,147
)
 
96,138

 
(3,009
)
 
66,404

 
(4,156
)
 
162,542

Mortgage-backed securities
(68,161
)
 
2,847,244

 
(53,054
)
 
1,191,233

 
(121,215
)
 
4,038,477

Other securities
(1,138
)
 
60,304

 
—

 
—

 
(1,138
)
 
60,304

Total securities available for sale
$
(70,865
)
 
$
3,033,959

 
$
(56,298
)
 
$
1,267,402

 
$
(127,163
)
 
$
4,301,361

 
 
 
 
 
 
 
 
 
 
 
 
Securities held to maturity:
 
 
 
 
 
 
 
 
 
 
 
Obligations of state and political subdivisions
$
(4,066
)
 
$
150,188

 
$
(54
)
 
$
2,976

 
$
(4,120
)
 
$
153,164

Mortgage-backed securities
(11
)
 
323

 
(1,003
)
 
18,187

 
(1,014
)
 
18,510

Total securities held to maturity
$
(4,077
)
 
$
150,511

 
$
(1,057
)
 
$
21,163

 
$
(5,134
)
 
$
171,674


 
December 31, 2017
 
Less Than Twelve Months
 
Twelve Months or More
 
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
$
(254
)
 
$
29,744

 
$
(152
)
 
$
9,848

 
$
(406
)
 
$
39,592

Obligations of state and political subdivisions
(326
)
 
31,601

 
(1,167
)
 
68,609

 
(1,493
)
 
100,210

Mortgage-backed securities
(26,263
)
 
2,677,338

 
(34,765
)
 
1,226,058

 
(61,028
)
 
3,903,396

Other securities
(914
)
 
75,302

 
—

 
—

 
(914
)
 
75,302

Total securities available for sale
$
(27,757
)
 
$
2,813,985

 
$
(36,084
)
 
$
1,304,515

 
$
(63,841
)
 
$
4,118,500

 
 
 
 
 
 
 
 
 
 
 
 
Securities held to maturity:
 
 
 
 
 
 
 
 
 
 
 
Obligations of state and political subdivisions
$
(263
)
 
$
65,817

 
$
(12
)
 
$
3,031

 
$
(275
)
 
$
68,848

Mortgage-backed securities
(2
)
 
333

 
(648
)
 
19,269

 
(650
)
 
19,602

Total securities held to maturity
$
(265
)
 
$
66,150

 
$
(660
)
 
$
22,300

 
$
(925
)
 
$
88,450

The amortized cost and fair values of investment securities, with gross unrealized gains and losses, consist of the following:
 
March 31, 2018
(Dollars in thousands)
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Estimated
Fair
Value
Securities available for sale:
 
 
 
 
 
 
 
U.S. Treasury securities
$
6,824

 
$
—

 
$
—

 
$
6,824

U.S. Government-sponsored enterprise obligations
41,001

 
11

 
(654
)
 
40,358

Obligations of state and political subdivisions
267,962

 
1,228

 
(4,156
)
 
265,034

Mortgage-backed securities
4,277,033

 
279

 
(121,215
)
 
4,156,097

Other securities
75,205

 
106

 
(1,138
)
 
74,173

Total securities available for sale
$
4,668,025

 
$
1,624

 
$
(127,163
)
 
$
4,542,486

Securities held to maturity:
 
 
 
 
 
 
 
Obligations of state and political subdivisions
$
204,404

 
$
726

 
$
(4,120
)
 
$
201,010

Mortgage-backed securities
19,837

 
35

 
(1,014
)
 
18,858

Total securities held to maturity
$
224,241

 
$
761

 
$
(5,134
)
 
$
219,868

 
 
 
 
 
 
 
 


 
December 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
$
41,003

 
$
18

 
$
(406
)
 
$
40,615

Obligations of state and political subdivisions
271,451

 
4,246

 
(1,493
)
 
274,204

Mortgage-backed securities
4,221,472

 
1,461

 
(61,028
)
 
4,161,905

Other securities
114,005

 
247

 
(914
)
 
113,338

Total securities available for sale
$
4,647,931

 
$
5,972

 
$
(63,841
)
 
$
4,590,062

Securities held to maturity:
 
 
 
 
 
 
 
Obligations of state and political subdivisions
$
206,736

 
$
1,530

 
$
(275
)
 
$
207,991

Mortgage-backed securities
20,582

 
41

 
(650
)
 
19,973

Total securities held to maturity
$
227,318

 
$
1,571

 
$
(925
)
 
$
227,964
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, 2018
 
Less Than Twelve Months
 
Twelve Months or More
 
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. Treasury securities
$
—

 
$
693

 
$
—

 
$
—

 
$
—

 
$
693

U.S. Government-sponsored enterprise obligations
(419
)
 
29,580

 
(235
)
 
9,765

 
(654
)
 
39,345

Obligations of state and political subdivisions
(1,147
)
 
96,138

 
(3,009
)
 
66,404

 
(4,156
)
 
162,542

Mortgage-backed securities
(68,161
)
 
2,847,244

 
(53,054
)
 
1,191,233

 
(121,215
)
 
4,038,477

Other securities
(1,138
)
 
60,304

 
—

 
—

 
(1,138
)
 
60,304

Total securities available for sale
$
(70,865
)
 
$
3,033,959

 
$
(56,298
)
 
$
1,267,402

 
$
(127,163
)
 
$
4,301,361

 
 
 
 
 
 
 
 
 
 
 
 
Securities held to maturity:
 
 
 
 
 
 
 
 
 
 
 
Obligations of state and political subdivisions
$
(4,066
)
 
$
150,188

 
$
(54
)
 
$
2,976

 
$
(4,120
)
 
$
153,164

Mortgage-backed securities
(11
)
 
323

 
(1,003
)
 
18,187

 
(1,014
)
 
18,510

Total securities held to maturity
$
(4,077
)
 
$
150,511

 
$
(1,057
)
 
$
21,163

 
$
(5,134
)
 
$
171,674


 
December 31, 2017
 
Less Than Twelve Months
 
Twelve Months or More
 
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
$
(254
)
 
$
29,744

 
$
(152
)
 
$
9,848

 
$
(406
)
 
$
39,592

Obligations of state and political subdivisions
(326
)
 
31,601

 
(1,167
)
 
68,609

 
(1,493
)
 
100,210

Mortgage-backed securities
(26,263
)
 
2,677,338

 
(34,765
)
 
1,226,058

 
(61,028
)
 
3,903,396

Other securities
(914
)
 
75,302

 
—

 
—

 
(914
)
 
75,302

Total securities available for sale
$
(27,757
)
 
$
2,813,985

 
$
(36,084
)
 
$
1,304,515

 
$
(63,841
)
 
$
4,118,500

 
 
 
 
 
 
 
 
 
 
 
 
Securities held to maturity:
 
 
 
 
 
 
 
 
 
 
 
Obligations of state and political subdivisions
$
(263
)
 
$
65,817

 
$
(12
)
 
$
3,031

 
$
(275
)
 
$
68,848

Mortgage-backed securities
(2
)
 
333

 
(648
)
 
19,269

 
(650
)
 
19,602

Total securities held to maturity
$
(265
)
 
$
66,150

 
$
(660
)
 
$
22,300

 
$
(925
)
 
$
88,450

The amortized cost and fair values of investment securities, with gross unrealized gains and losses, consist of the following:
 
March 31, 2018
(Dollars in thousands)
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Estimated
Fair
Value
Securities available for sale:
 
 
 
 
 
 
 
U.S. Treasury securities
$
6,824

 
$
—

 
$
—

 
$
6,824

U.S. Government-sponsored enterprise obligations
41,001

 
11

 
(654
)
 
40,358

Obligations of state and political subdivisions
267,962

 
1,228

 
(4,156
)
 
265,034

Mortgage-backed securities
4,277,033

 
279

 
(121,215
)
 
4,156,097

Other securities
75,205

 
106

 
(1,138
)
 
74,173

Total securities available for sale
$
4,668,025

 
$
1,624

 
$
(127,163
)
 
$
4,542,486

Securities held to maturity:
 
 
 
 
 
 
 
Obligations of state and political subdivisions
$
204,404

 
$
726

 
$
(4,120
)
 
$
201,010

Mortgage-backed securities
19,837

 
35

 
(1,014
)
 
18,858

Total securities held to maturity
$
224,241

 
$
761

 
$
(5,134
)
 
$
219,868

 
 
 
 
 
 
 
 


 
December 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
$
41,003

 
$
18

 
$
(406
)
 
$
40,615

Obligations of state and political subdivisions
271,451

 
4,246

 
(1,493
)
 
274,204

Mortgage-backed securities
4,221,472

 
1,461

 
(61,028
)
 
4,161,905

Other securities
114,005

 
247

 
(914
)
 
113,338

Total securities available for sale
$
4,647,931

 
$
5,972

 
$
(63,841
)
 
$
4,590,062

Securities held to maturity:
 
 
 
 
 
 
 
Obligations of state and political subdivisions
$
206,736

 
$
1,530

 
$
(275
)
 
$
207,991

Mortgage-backed securities
20,582

 
41

 
(650
)
 
19,973

Total securities held to maturity
$
227,318

 
$
1,571

 
$
(925
)
 
$
227,964
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, 2018 and December 31, 2017 is presented in the following table.
(Dollars in thousands)
March 31, 2018
 
December 31, 2017
Number of securities:
 
 
 
Mortgage-backed securities
184

 
181

Obligations of state and political subdivisions
28

 
28

Other
1

 
1

 
213

 
210

Amortized Cost Basis:
 
 
 
Mortgage-backed securities
$
1,263,477

 
$
1,280,739

Obligations of state and political subdivisions
72,443

 
72,820

Other
10,000

 
10,000

 
$
1,345,920

 
$
1,363,559

Unrealized Loss:
 
 
 
Mortgage-backed securities
$
54,057

 
$
35,412

Obligations of state and political subdivisions
3,063

 
1,180

Other
235

 
152

 
$
57,355

 
$
36,744
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, 2018 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
2.06
%
 
$
6,667

 
$
6,670

 
3.04
%
 
$
1,445

 
$
1,448

One through five years
2.04

 
134,449

 
132,594

 
2.98

 
8,369

 
8,370

After five through ten years
2.36

 
887,796

 
868,090

 
2.66

 
45,690

 
45,450

Over ten years
2.38

 
3,639,113

 
3,535,132

 
2.56

 
168,737

 
164,600

 
2.38
%
 
$
4,668,025

 
$
4,542,486

 
2.60
%
 
$
224,241

 
$
219,868
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)
2018
 
2017
Realized gains
$
9

 
$
—

Realized losses
(68
)
 
—

 
$
(59
)
 
$
—
Schedule of Securities in Other Assets on Company's Consolidated Balance Sheets
The Company accounts for the following securities at cost less impairment plus or minus any observable price changes, which approximates fair value, with the exception of CRA and Community Development Investment Funds, which are recorded at fair value. Other Equity Securities, which are presented in “other assets” on the consolidated balance sheets, are as follows:
(Dollars in thousands)
March 31, 2018
 
December 31, 2017
Federal Home Loan Bank (FHLB) stock
$
90,561

 
$
95,171

Federal Reserve Bank (FRB) stock
79,191

 
79,191

CRA and Community Development Investment Funds
9,801

 
—

Other investments
9,705

 
3,008

 
$
189,258

 
$
177,370