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Available-For-Sale Securities
 9 Months Ended
Sep. 30, 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:
 
 
September 30, 2015
(Dollars in thousands)
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair
Value
U.S. Treasury
$
288,185

 
$
101

 
$
(2,364
)
 
$
285,922

U.S. Government agencies
657,297

 
2,726

 
(15,000
)
 
645,023

Municipal
294,073

 
5,354

 
(2,085
)
 
297,342

Corporate notes:
 
 
 
 
 
 
 
Financial issuers
114,976

 
1,656

 
(1,216
)
 
115,416

Other
1,525

 
6

 
(2
)
 
1,529

Mortgage-backed: (1)
 
 
 
 
 
 
 
Mortgage-backed securities
778,240

 
4,974

 
(10,913
)
 
772,301

Collateralized mortgage obligations
42,724

 
343

 
(323
)
 
42,744

Equity securities
49,356

 
4,993

 
(345
)
 
54,004

Total available-for-sale securities
$
2,226,376

 
$
20,153

 
$
(32,248
)
 
$
2,214,281

 
 
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

 
 
September 30, 2014
 
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair
Value
(Dollars in thousands)
 
 
 
U.S. Treasury
$
388,873

 
$
372

 
$
(10,984
)
 
$
378,261

U.S. Government agencies
771,255

 
3,866

 
(35,369
)
 
739,752

Municipal
184,015

 
4,969

 
(1,881
)
 
187,103

Corporate notes:
 
 
 
 
 
 
 
Financial issuers
129,259

 
2,252

 
(1,208
)
 
130,303

Other
3,773

 
79

 
—

 
3,852

Mortgage-backed: (1)
 
 
 
 
 
 
 
Mortgage-backed securities
246,354

 
4,303

 
(8,938
)
 
241,719

Collateralized mortgage obligations
49,909

 
357

 
(763
)
 
49,503

Equity securities
47,595

 
4,958

 
(398
)
 
52,155

Total available-for-sale securities
$
1,821,033

 
$
21,156

 
$
(59,541
)
 
$
1,782,648


(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 September 30, 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
$
202,795

 
$
(2,364
)
 
$
—

 
$
—

 
$
202,795

 
$
(2,364
)
U.S. Government agencies
218,297

 
(4,932
)
 
251,654

 
(10,068
)
 
469,951

 
(15,000
)
Municipal
68,140

 
(964
)
 
37,002

 
(1,121
)
 
105,142

 
(2,085
)
Corporate notes:
 
 
 
 
 
 
 
 
 
 
 
Financial issuers
23,052

 
(152
)
 
44,894

 
(1,064
)
 
67,946

 
(1,216
)
Other
999

 
(2
)
 
—

 
—

 
999

 
(2
)
Mortgage-backed:
 
 
 
 
 
 
 
 
 
 
 
Mortgage-backed securities
519,631

 
(7,011
)
 
120,261

 
(3,902
)
 
639,892

 
(10,913
)
Collateralized mortgage obligations
7,167

 
(63
)
 
9,620

 
(260
)
 
16,787

 
(323
)
Equity securities
2,957

 
(12
)
 
8,557

 
(333
)
 
11,514

 
(345
)
Total
$
1,043,038

 
$
(15,500
)
 
$
471,988

 
$
(16,748
)
 
$
1,515,026

 
$
(32,248
)


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 September 30, 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 and mortgage-backed securities. Unrealized losses recognized on agency bonds 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 September 30,
 
Nine months ended September 30,
(Dollars in thousands)
2015
 
2014
 
2015
 
2014
Realized gains
$
87

 
$
179

 
$
654

 
$
333

Realized losses
(185
)
 
(332
)
 
(252
)
 
(855
)
Net realized (losses) gains
$
(98
)
 
$
(153
)
 
$
402

 
$
(522
)
Other than temporary impairment charges
—

 
—

 
—

 
—

(Losses) gains on available-for-sale securities, net
$
(98
)
 
$
(153
)
 
$
402

 
$
(522
)
Proceeds from sales of available-for-sale securities
$
82,827

 
$
382,552

 
$
1,216,860

 
$
578,594


The amortized cost and fair value of securities as of September 30, 2015, December 31, 2014 and September 30, 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:
 
September 30, 2015
 
December 31, 2014
 
September 30, 2014
(Dollars in thousands)
Amortized Cost
 
Fair Value
 
Amortized Cost
 
Fair Value
 
Amortized Cost
 
Fair Value
Due in one year or less
$
164,374

 
$
164,429

 
$
285,596

 
$
285,889

 
$
216,244

 
$
216,582

Due in one to five years
186,199

 
186,592

 
172,647

 
172,885

 
309,914

 
310,917

Due in five to ten years
343,468

 
342,271

 
331,389

 
325,644

 
327,505

 
317,654

Due after ten years
662,015

 
651,940

 
653,213

 
637,811

 
623,512

 
594,118

Mortgage-backed
820,964

 
815,045

 
318,476

 
318,710

 
296,263

 
291,222

Equity securities
49,356

 
54,004

 
46,592

 
51,139

 
47,595

 
52,155

Total available-for-sale securities
$
2,226,376

 
$
2,214,281

 
$
1,807,913

 
$
1,792,078

 
$
1,821,033

 
$
1,782,648


Securities having a carrying value of $1.3 billion at September 30, 2015 as well as securities having a carrying value of $1.1 billion at December 31, 2014 and September 30, 2014, were pledged as collateral for public deposits, trust deposits, FHLB advances, securities sold under repurchase agreements and derivatives. At September 30, 2015, there were no securities of a single issuer, other than U.S. Government-sponsored agency securities, which exceeded 10% of shareholders’ equity.