XML 58 R36.htm IDEA: XBRL DOCUMENT v3.3.1.900
Investment Securities (Tables)
 12 Months Ended
Dec. 31, 2015
Investments, Debt and Equity Securities [Abstract]  
Marketable Securities
A summary of the available-for-sale and held-to-maturity securities portfolios presenting carrying amounts and gross unrealized gains and losses as of December 31, 2015 and 2014 is as follows:
 
 
 
December 31, 2015
 
December 31, 2014
(Dollars in thousands)
 
Amortized
Cost
 
Gross
unrealized
gains
 
Gross
unrealized
losses
 
Fair Value
 
Amortized
Cost
 
Gross
unrealized
gains
 
Gross
unrealized
losses
 
Fair Value
Available-for-sale securities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. Treasury
 
$
312,282

 
$
—

 
$
(5,553
)
 
$
306,729

 
$
388,713

 
$
84

 
$
(6,992
)
 
$
381,805

U.S. Government agencies
 
70,313

 
198

 
(275
)
 
70,236

 
686,106

 
4,113

 
(21,903
)
 
668,316

Municipal
 
105,702

 
3,249

 
(356
)
 
108,595

 
234,951

 
5,318

 
(1,740
)
 
238,529

Corporate notes:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Financial issuers
 
80,014

 
1,510

 
(1,481
)
 
80,043

 
129,309

 
2,006

 
(1,557
)
 
129,758

Other
 
1,500

 
4

 
(2
)
 
1,502

 
3,766

 
55

 
—

 
3,821

Mortgage-backed: (1)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Mortgage-backed securities
 
1,069,680

 
3,834

 
(21,004
)
 
1,052,510

 
271,129

 
5,448

 
(4,928
)
 
271,649

Collateralized mortgage obligations
 
40,421

 
172

 
(506
)
 
40,087

 
47,347

 
249

 
(535
)
 
47,061

Equity securities
 
51,380

 
5,799

 
(493
)
 
56,686

 
46,592

 
4,872

 
(325
)
 
51,139

Total available-for-sale securities
 
$
1,731,292

 
$
14,766

 
$
(29,670
)
 
$
1,716,388

 
$
1,807,913

 
$
22,145

 
$
(37,980
)
 
$
1,792,078

Held-to-maturity securities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. Government agencies
 
$
687,302

 
$
4

 
$
(7,144
)
 
$
680,162

 
$
—

 
$
—

 
$
—

 
$
—

Municipal
 
197,524

 
867

 
(442
)
 
197,949

 
—

 
—

 
—

 
—

Total held-to-maturity securities
 
$
884,826

 
$
871

 
$
(7,586
)
 
$
878,111

 
$
—

 
$
—

 
$
—

 
$
—

 
(1)
Consisting entirely of residential mortgage-backed securities, none of which are subprime.
Schedule of Investment Securities Portfolio Continuous Unrealized Loss Position
The following table presents the portion of the Company’s available-for-sale and held-to-maturity securities portfolios which has gross unrealized losses, reflecting the length of time that individual securities have been in a continuous unrealized loss position at December 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
Available-for-sale securities
 
 
 
 
 
 
 
 
 
 
 
 
U.S. Treasury
 
$
306,729

 
$
(5,553
)
 
$
—

 
$
—

 
$
306,729

 
$
(5,553
)
U.S. Government agencies
 
56,193

 
(192
)
 
8,434

 
(83
)
 
64,627

 
(275
)
Municipal
 
24,673

 
(261
)
 
3,680

 
(95
)
 
28,353

 
(356
)
Corporate notes:
 
 
 
 
 
 
 
 
 
 
 
 
Financial issuers
 
16,225

 
(266
)
 
34,744

 
(1,215
)
 
50,969

 
(1,481
)
Other
 
998

 
(2
)
 
—

 
—

 
998

 
(2
)
Mortgage-backed:
 
 
 
 
 
 
 
 
 
 
 
 
Mortgage-backed securities
 
835,086

 
(15,753
)
 
121,249

 
(5,251
)
 
956,335

 
(21,004
)
Collateralized mortgage obligations
 
12,782

 
(189
)
 
9,196

 
(317
)
 
21,978

 
(506
)
Equity securities
 
4,896

 
(77
)
 
8,485

 
(416
)
 
13,381

 
(493
)
Total available-for-sale securities
 
$
1,257,582

 
$
(22,293
)
 
$
185,788

 
$
(7,377
)
 
$
1,443,370

 
$
(29,670
)
Held-to-maturity securities
 
 
 
 
 
 
 
 
 
 
 
 
U.S. Government agencies
 
$
450,800

 
$
(4,223
)
 
$
235,518

 
$
(2,921
)
 
$
686,318

 
$
(7,144
)
Municipal
 
51,933

 
(282
)
 
29,192

 
(160
)
 
81,125

 
(442
)
Total held-to-maturity securities
 
$
502,733

 
$
(4,505
)
 
$
264,710

 
$
(3,081
)
 
$
767,443

 
$
(7,586
)
The following table presents the portion of the Company’s available-for-sale and held-to-maturity securities portfolios which has gross unrealized losses, reflecting the length of time that individual securities have been in a continuous unrealized loss position at December 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
Available-for-sale securities
 
 
 
 
 
 
 
 
 
 
 
 
U.S. Treasury
 
$
97,395

 
$
(31
)
 
$
193,187

 
$
(6,961
)
 
$
290,582

 
$
(6,992
)
U.S. Government agencies
 
13,164

 
(120
)
 
459,035

 
(21,783
)
 
472,199

 
(21,903
)
Municipal
 
40,904

 
(315
)
 
45,438

 
(1,425
)
 
86,342

 
(1,740
)
Corporate notes:
 
 
 
 
 
 
 
 
 
 
 
 
Financial issuers
 
1,311

 
(1
)
 
57,624

 
(1,556
)
 
58,935

 
(1,557
)
Other
 
—

 
—

 
—

 
—

 
—

 
—

Mortgage-backed:
 
 
 
 
 
 
 
 
 
 
 
 
Mortgage-backed securities
 
4,875

 
(60
)
 
142,301

 
(4,868
)
 
147,176

 
(4,928
)
Collateralized mortgage obligations
 
13,198

 
(13
)
 
14,828

 
(522
)
 
28,026

 
(535
)
Equity securities
 
—

 
—

 
9,462

 
(325
)
 
9,462

 
(325
)
Total available-for-sale securities
 
$
170,847

 
$
(540
)
 
$
921,875

 
$
(37,440
)
 
$
1,092,722

 
$
(37,980
)
Held-to-maturity securities
 
 
 
 
 
 
 
 
 
 
 
 
U.S. Government agencies
 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

Municipal
 
—

 
—

 
—

 
—

 
—

 
—

Total held-to-maturity securities
 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—
Schedule of Available-for-Sale Investment Securities Gross Gains and Gross Losses Realized
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:
 
 
 
Years Ended December 31,
(Dollars in thousands)
 
2015
 
2014
 
2013
Realized gains
 
$
658

 
$
405

 
$
434

Realized losses
 
(335
)
 
(909
)
 
(106
)
Net realized gains
 
$
323

 
$
(504
)
 
$
328

Other than temporary impairment charges
 
—

 
—

 
(3,328
)
Gains (losses) on available-for-sale securities, net
 
$
323

 
$
(504
)
 
$
(3,000
)
Proceeds from sales of available-for-sale securities, net
 
$
1,515,559

 
$
852,330

 
$
138,274
Contractual Maturities of Investment Securities
The amortized cost and fair value of securities as of December 31, 2015 and December 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:
 
 
 
December 31, 2015
 
December 31, 2014
(Dollars in thousands)
 
Amortized
Cost
 
Fair Value
 
Amortized
Cost
 
Fair Value
Available-for-sale securities
 
 
 
 
 
 
 
 
Due in one year or less
 
$
160,856

 
$
160,756

 
$
285,596

 
$
285,889

Due in one to five years
 
166,550

 
166,468

 
172,647

 
172,885

Due in five to ten years
 
228,652

 
225,699

 
331,389

 
325,644

Due after ten years
 
13,753

 
14,182

 
653,213

 
637,811

Mortgage-backed
 
1,110,101

 
1,092,597

 
318,476

 
318,710

Equity securities
 
51,380

 
56,686

 
46,592

 
51,139

Total available-for-sale securities
 
$
1,731,292

 
$
1,716,388

 
$
1,807,913

 
$
1,792,078

Held-to-maturity securities
 
 
 
 
 
 
 
 
Due in one year or less
 
$
—

 
$
—

 
$
—

 
$
—

Due in one to five years
 
19,208

 
19,156

 
—

 
—

Due in five to ten years
 
96,454

 
96,091

 
—

 
—

Due after ten years
 
769,164

 
762,864

 
—

 
—

Total held-to-maturity securities
 
$
884,826

 
$
878,111

 
$
—

 
$
—