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Available-For-Sale Securities
 3 Months Ended
Mar. 31, 2014
Available-for-sale Securities [Abstract]  
Investments in Debt and Marketable Equity Securities
Available-For-Sale Securities
The following tables are a summary of the available-for-sale securities portfolio as of the dates shown:
 
 
March 31, 2014
(Dollars in thousands)
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair
Value
U.S. Treasury
$
354,109

 
$
263

 
$
(14,194
)
 
$
340,178

U.S. Government agencies
874,845

 
3,286

 
(49,856
)
 
828,275

Municipal
175,028

 
3,439

 
(3,167
)
 
175,300

Corporate notes:
 
 
 
 
 
 
 
Financial issuers
129,413

 
2,306

 
(1,735
)
 
129,984

Other
4,986

 
100

 
(3
)
 
5,083

Mortgage-backed: (1)
 
 
 
 
 
 
 
Mortgage-backed securities
371,825

 
3,919

 
(13,188
)
 
362,556

Collateralized mortgage obligations
55,190

 
356

 
(799
)
 
54,747

Other equity securities
50,570

 
3,543

 
(539
)
 
53,574

Total available-for-sale securities
$
2,015,966

 
$
17,212

 
$
(83,481
)
 
$
1,949,697

 
 
December 31, 2013
 
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair
Value
(Dollars in thousands)
 
 
 
U.S. Treasury
$
354,262

 
$
141

 
$
(18,308
)
 
$
336,095

U.S. Government agencies
950,086

 
1,680

 
(56,078
)
 
895,688

Municipal
154,463

 
2,551

 
(4,298
)
 
152,716

Corporate notes:
 
 
 
 
 
 
 
Financial issuers
129,362

 
1,993

 
(2,411
)
 
128,944

Other
5,994

 
105

 
(5
)
 
6,094

Mortgage-backed: (1)
 
 
 
 
 
 
 
Mortgage-backed securities
562,708

 
3,537

 
(18,047
)
 
548,198

Collateralized mortgage obligations
57,711

 
258

 
(942
)
 
57,027

Other equity securities
50,532

 
1,493

 
(497
)
 
51,528

Total available-for-sale securities
$
2,265,118

 
$
11,758

 
$
(100,586
)
 
$
2,176,290

 
 
March 31, 2013
 
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair
Value
(Dollars in thousands)
 
 
 
U.S. Treasury
$
220,215

 
$
190

 
$
(2,760
)
 
$
217,645

U.S. Government agencies
975,386

 
2,960

 
(4,631
)
 
973,715

Municipal
107,947

 
2,628

 
(316
)
 
110,259

Corporate notes:
 
 
 
 
 
 
 
Financial issuers
136,761

 
2,569

 
(2,280
)
 
137,050

Other
11,628

 
195

 
—

 
11,823

Mortgage-backed: (1)
 
 
 
 
 
 
 
Mortgage-backed securities
294,728

 
7,360

 
(3,194
)
 
298,894

Collateralized mortgage obligations
68,496

 
897

 
(5
)
 
69,388

Other equity securities
52,413

 
745

 
(1,101
)
 
52,057

Total available-for-sale securities
$
1,867,574

 
$
17,544

 
$
(14,287
)
 
$
1,870,831


(1)
Consisting entirely of residential mortgage-backed securities, none of which are subprime.
The following table presents the portion of the Company’s available-for-sale securities portfolio which has gross unrealized losses, reflecting the length of time that individual securities have been in a continuous unrealized loss position at March 31, 2014:
 
 
Continuous unrealized
losses existing for
less than 12 months
 
Continuous unrealized
losses existing for
greater than 12 months
 
Total
(Dollars in thousands)
Fair Value
 
Unrealized Losses
 
Fair Value
 
Unrealized Losses
 
Fair Value
 
Unrealized Losses
U.S. Treasury
$
—

 
$
—

 
$
185,969

 
$
(14,194
)
 
$
185,969

 
$
(14,194
)
U.S. Government agencies
463,254

 
(42,295
)
 
54,128

 
(7,561
)
 
517,382

 
(49,856
)
Municipal
61,280

 
(2,683
)
 
9,484

 
(484
)
 
70,764

 
(3,167
)
Corporate notes:
 
 
 
 
 
 
 
 
 
 
 
Financial issuers
1,327

 
(10
)
 
57,474

 
(1,725
)
 
58,801

 
(1,735
)
Other
997

 
(3
)
 
—

 
—

 
997

 
(3
)
Mortgage-backed:
 
 
 
 
 
 
 
 
 
 
 
Mortgage-backed securities
137,042

 
(1,352
)
 
137,661

 
(11,836
)
 
274,703

 
(13,188
)
Collateralized mortgage obligations
21,045

 
(275
)
 
11,944

 
(524
)
 
32,989

 
(799
)
Other equity securities
8,296

 
(213
)
 
5,674

 
(326
)
 
13,970

 
(539
)
Total
$
693,241

 
$
(46,831
)
 
$
462,334

 
$
(36,650
)
 
$
1,155,575

 
$
(83,481
)


The Company conducts a regular assessment of its investment securities to determine whether securities are other-than-temporarily impaired considering, among other factors, the nature of the securities, credit ratings or financial condition of the issuer, the extent and duration of the unrealized loss, expected cash flows, market conditions and the Company’s ability to hold the securities through the anticipated recovery period.

The Company does not consider securities with unrealized losses at March 31, 2014 to be other-than-temporarily impaired. The Company does not intend to sell these investments and it is more likely than not that the Company will not be required to sell these investments before recovery of the amortized cost bases, which may be the maturity dates of the securities. The unrealized losses within each category have occurred as a result of changes in interest rates, market spreads and market conditions subsequent to purchase. Securities with continuous unrealized losses existing for more than twelve months were primarily treasury notes, mortgage-backed securities, and agency bonds. Unrealized losses recognized on treasury notes, mortgage backed securities and agency bonds are the result of increases in yields for similar types of securities which have a longer duration and maturity.
The following table provides information as to the amount of gross gains and gross losses realized and proceeds received through the sales of available-for-sale investment securities:
 
 
Three months ended March 31,
(Dollars in thousands)
2014
 
2013
Realized gains
$
55

 
$
313

Realized losses
(88
)
 
(62
)
Net realized (losses) gains
$
(33
)
 
$
251

Other than temporary impairment charges
—

 
—

(Losses) gains on available-for-sale securities, net
$
(33
)
 
$
251

Proceeds from sales of available-for-sale securities
$
14,800

 
$
41,056




The amortized cost and fair value of securities as of March 31, 2014, December 31, 2013 and March 31, 2013, by contractual maturity, are shown in the following table. Contractual maturities may differ from actual maturities as borrowers may have the right to call or repay obligations with or without call or prepayment penalties. Mortgage-backed securities are not included in the maturity categories in the following maturity summary as actual maturities may differ from contractual maturities because the underlying mortgages may be called or prepaid without penalties:
 
 
March 31, 2014
 
December 31, 2013
 
March 31, 2013
(Dollars in thousands)
Amortized Cost
 
Fair Value
 
Amortized Cost
 
Fair Value
 
Amortized Cost
 
Fair Value
Due in one year or less
$
203,749

 
$
203,942

 
$
268,847

 
$
269,168

 
$
247,388

 
$
247,836

Due in one to five years
338,130

 
338,980

 
358,108

 
358,357

 
337,431

 
338,633

Due in five to ten years
344,296

 
330,546

 
350,372

 
330,020

 
357,677

 
356,871

Due after ten years
652,206

 
605,352

 
616,840

 
561,992

 
509,441

 
507,152

Mortgage-backed
427,015

 
417,303

 
620,419

 
605,225

 
363,224

 
368,282

Other equity securities
50,570

 
53,574

 
50,532

 
51,528

 
52,413

 
52,057

Total available-for-sale securities
$
2,015,966

 
$
1,949,697

 
$
2,265,118

 
$
2,176,290

 
$
1,867,574

 
$
1,870,831


Securities having a carrying value of $1.2 billion at March 31, 2014, $1.2 billion at December 31, 2013 and $1.1 billion March 31, 2013, were pledged as collateral for public deposits, trust deposits, FHLB advances, securities sold under repurchase agreements and derivatives. At March 31, 2014, there were no securities of a single issuer, other than U.S. Government-sponsored agency securities, which exceeded 10% of shareholders’ equity.