XML 76 R12.htm IDEA: XBRL DOCUMENT v2.4.1.9
Available-For-Sale Securities
 3 Months Ended
Mar. 31, 2015
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, 2015
(Dollars in thousands)
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair
Value
U.S. Treasury
$
273,173

 
$
148

 
$
(1,847
)
 
$
271,474

U.S. Government agencies
665,177

 
5,348

 
(8,732
)
 
661,793

Municipal
264,949

 
6,485

 
(1,522
)
 
269,912

Corporate notes:
 
 
 
 
 
 
 
Financial issuers
129,360

 
1,965

 
(1,321
)
 
130,004

Other
3,759

 
52

 
(1
)
 
3,810

Mortgage-backed: (1)
 
 
 
 
 
 
 
Mortgage-backed securities
280,679

 
5,983

 
(2,529
)
 
284,133

Collateralized mortgage obligations
45,299

 
435

 
(276
)
 
45,458

Equity securities
48,717

 
5,979

 
(250
)
 
54,446

Total available-for-sale securities
$
1,711,113

 
$
26,395

 
$
(16,478
)
 
$
1,721,030

 
 
December 31, 2014
 
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair
Value
(Dollars in thousands)
 
 
 
U.S. Treasury
$
388,713

 
$
84

 
$
(6,992
)
 
$
381,805

U.S. Government agencies
686,106

 
4,113

 
(21,903
)
 
668,316

Municipal
234,951

 
5,318

 
(1,740
)
 
238,529

Corporate notes:
 
 
 
 
 
 
 
Financial issuers
129,309

 
2,006

 
(1,557
)
 
129,758

Other
3,766

 
55

 
—

 
3,821

Mortgage-backed: (1)
 
 
 
 
 
 
 
Mortgage-backed securities
271,129

 
5,448

 
(4,928
)
 
271,649

Collateralized mortgage obligations
47,347

 
249

 
(535
)
 
47,061

Equity securities
46,592

 
4,872

 
(325
)
 
51,139

Total available-for-sale securities
$
1,807,913

 
$
22,145

 
$
(37,980
)
 
$
1,792,078

 
 
March 31, 2014
 
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair
Value
(Dollars in thousands)
 
 
 
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

Equity securities
50,570

 
3,543

 
(539
)
 
53,574

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

 
$
17,212

 
$
(83,481
)
 
$
1,949,697


(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, 2015:
 
 
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
$
198,297

 
$
(1,847
)
 
$
—

 
$
—

 
$
198,297

 
$
(1,847
)
U.S. Government agencies
163,928

 
(2,158
)
 
259,346

 
(6,574
)
 
423,274

 
(8,732
)
Municipal
41,611

 
(500
)
 
37,899

 
(1,022
)
 
79,510

 
(1,522
)
Corporate notes:
 
 
 
 
 
 
 
 
 
 
 
Financial issuers
9,968

 
(31
)
 
44,667

 
(1,290
)
 
54,635

 
(1,321
)
Other
999

 
(1
)
 
—

 
—

 
999

 
(1
)
Mortgage-backed:
 
 
 
 
 
 
 
 
 
 
 
Mortgage-backed securities
16,725

 
(92
)
 
127,433

 
(2,437
)
 
144,158

 
(2,529
)
Collateralized mortgage obligations
1,015

 
(1
)
 
10,502

 
(275
)
 
11,517

 
(276
)
Equity securities
—

 
—

 
8,611

 
(250
)
 
8,611

 
(250
)
Total
$
432,543

 
$
(4,630
)
 
$
488,458

 
$
(11,848
)
 
$
921,001

 
$
(16,478
)


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, 2015 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 agency bonds, treasury notes and mortgage-backed securities. Unrealized losses recognized on agency bonds, treasury notes and mortgage-backed securities are the result of increases in yields for similar types of securities which also 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)
2015
 
2014
Realized gains
$
553

 
$
55

Realized losses
(29
)
 
(88
)
Net realized gains (losses)
$
524

 
$
(33
)
Other than temporary impairment charges
—

 
—

Gains (losses) on available-for-sale securities, net
$
524

 
$
(33
)
Proceeds from sales of available-for-sale securities
$
635,532

 
$
14,800




The amortized cost and fair value of securities as of March 31, 2015, December 31, 2014 and March 31, 2014, 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, 2015
 
December 31, 2014
 
March 31, 2014
(Dollars in thousands)
Amortized Cost
 
Fair Value
 
Amortized Cost
 
Fair Value
 
Amortized Cost
 
Fair Value
Due in one year or less
$
151,585

 
$
151,854

 
$
285,596

 
$
285,889

 
$
203,749

 
$
203,942

Due in one to five years
249,861

 
250,483

 
172,647

 
172,885

 
338,130

 
338,980

Due in five to ten years
837,926

 
836,598

 
331,389

 
325,644

 
344,296

 
330,546

Due after ten years
97,046

 
98,058

 
653,213

 
637,811

 
652,206

 
605,352

Mortgage-backed
325,978

 
329,591

 
318,476

 
318,710

 
427,015

 
417,303

Equity securities
48,717

 
54,446

 
46,592

 
51,139

 
50,570

 
53,574

Total available-for-sale securities
$
1,711,113

 
$
1,721,030

 
$
1,807,913

 
$
1,792,078

 
$
2,015,966

 
$
1,949,697


Securities having a carrying value of $1.1 billion at March 31, 2015, $1.1 billion at December 31, 2014 and $1.2 billion at March 31, 2014, were pledged as collateral for public deposits, trust deposits, FHLB advances, securities sold under repurchase agreements and derivatives. At March 31, 2015, there were no securities of a single issuer, other than U.S. Government-sponsored agency securities, which exceeded 10% of shareholders’ equity.