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Investment Securities
 3 Months Ended
Mar. 31, 2016
Available-for-sale Securities and Held-to-maturity Securities [Abstract]  
Investment Securities
Investment Securities

The following tables are a summary of the available-for-sale and held-to-maturity securities portfolios as of the dates shown:
 
March 31, 2016
(Dollars in thousands)
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair
Value
Available-for-sale securities
 
 
 
 
 
 
 
U.S. Treasury
$
117,105

 
$
22

 
$
(38
)
 
$
117,089

U.S. Government agencies
93,990

 
194

 
(12
)
 
94,172

Municipal
118,187

 
3,232

 
(224
)
 
121,195

Corporate notes:
 
 
 
 
 
 
 
Financial issuers
78,048

 
1,492

 
(1,830
)
 
77,710

Other
2,500

 
3

 
—

 
2,503

Mortgage-backed: (1)
 
 
 
 
 
 
 
Mortgage-backed securities
262,109

 
3,795

 
(1,900
)
 
264,004

Collateralized mortgage obligations
38,565

 
324

 
(198
)
 
38,691

Equity securities
51,402

 
4,585

 
(368
)
 
55,619

Total available-for-sale securities
$
761,906

 
$
13,647

 
$
(4,570
)
 
$
770,983

Held-to-maturity securities
 
 
 
 
 
 
 
U.S. Government agencies
$
712,732

 
$
11,569

 
$
(1,455
)
 
$
722,846

Municipal
198,983

 
2,672

 
(157
)
 
201,498

Total held-to-maturity securities
$
911,715

 
$
14,241

 
$
(1,612
)
 
$
924,344

 
December 31, 2015
 
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair
Value
(Dollars in thousands)
 
 
 
Available-for-sale securities
 
 
 
 
 
 
 
U.S. Treasury
$
312,282

 
$
—

 
$
(5,553
)
 
$
306,729

U.S. Government agencies
70,313

 
198

 
(275
)
 
70,236

Municipal
105,702

 
3,249

 
(356
)
 
108,595

Corporate notes:
 
 
 
 
 
 
 
Financial issuers
80,014

 
1,510

 
(1,481
)
 
80,043

Other
1,500

 
4

 
(2
)
 
1,502

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

 
3,834

 
(21,004
)
 
1,052,510

Collateralized mortgage obligations
40,421

 
172

 
(506
)
 
40,087

Equity securities
51,380

 
5,799

 
(493
)
 
56,686

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

 
$
14,766

 
$
(29,670
)
 
$
1,716,388

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

 
March 31, 2015
 
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair
Value
(Dollars in thousands)
 
 
 
Available-for-sale securities
 
 
 
 
 
 
 
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

Held-to-maturity securities
 
 
 
 
 
 
 
U.S. Government agencies
$
—

 
$
—

 
$
—

 
$
—

Municipal
—

 
—

 
—

 
—

Total held-to-maturity securities
$
—

 
$
—

 
$
—

 
$
—

(1)
Consisting entirely of residential mortgage-backed securities, none of which are subprime.

In the fourth quarter of 2015, the Company transferred $862.7 million of investment securities with an unrealized loss of $14.4 million from the available-for-sale classification to the held-to-maturity classification. No investment securities were transferred from the available-for-sale classification to the held-to-maturity classification in the first quarter of 2016.

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 March 31, 2016:
 
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
$
75,049

 
$
(38
)
 
$
—

 
$
—

 
$
75,049

 
$
(38
)
U.S. Government agencies
13,982

 
(10
)
 
1,833

 
(2
)
 
15,815

 
(12
)
Municipal
18,399

 
(40
)
 
6,977

 
(184
)
 
25,376

 
(224
)
Corporate notes:
 
 
 
 
 
 
 
 
 
 
 
Financial issuers
22,952

 
(237
)
 
34,367

 
(1,593
)
 
57,319

 
(1,830
)
Other
—

 
—

 
—

 
—

 
—

 
—

Mortgage-backed:
 
 
 
 
 
 
 
 
 
 
 
Mortgage-backed securities
2,038

 
(3
)
 
122,371

 
(1,897
)
 
124,409

 
(1,900
)
Collateralized mortgage obligations
4,880

 
(42
)
 
7,803

 
(156
)
 
12,683

 
(198
)
Equity securities
3,964

 
(55
)
 
8,599

 
(313
)
 
12,563

 
(368
)
Total available-for-sale securities
$
141,264

 
$
(425
)
 
$
181,950

 
$
(4,145
)
 
$
323,214

 
$
(4,570
)
Held-to-maturity securities
 
 
 
 
 
 
 
 
 
 
 
U.S. Government agencies
$
208,405

 
$
(1,455
)
 
$
—

 
$
—

 
$
208,405

 
$
(1,455
)
Municipal
15,919

 
(125
)
 
4,917

 
(32
)
 
20,836

 
(157
)
Total held-to-maturity securities
$
224,324

 
$
(1,580
)
 
$
4,917

 
$
(32
)
 
$
229,241

 
$
(1,612
)


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, 2016 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 corporate notes and mortgage-backed securities. Unrealized losses recognized on corporate notes and mortgage-backed securities are the result of increases in yields for similar types of securities.

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)
2016
 
2015
Realized gains
$
2,550

 
$
553

Realized losses
(1,225
)
 
(29
)
Net realized gains
$
1,325

 
$
524

Other than temporary impairment charges
—

 
—

Gains on available-for-sale securities, net
$
1,325

 
$
524

Proceeds from sales of available-for-sale securities
$
3,201

 
$
635,532


The amortized cost and fair value of securities as of March 31, 2016, December 31, 2015 and March 31, 2015, 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, 2016
 
December 31, 2015
 
March 31, 2015
(Dollars in thousands)
Amortized Cost
 
Fair Value
 
Amortized Cost
 
Fair Value
 
Amortized Cost
 
Fair Value
Available-for-sale securities
 
 
 
 
 
 
 
 
 
 
 
Due in one year or less
$
208,518

 
$
208,641

 
$
160,856

 
$
160,756

 
$
151,585

 
$
151,854

Due in one to five years
158,668

 
158,804

 
166,550

 
166,468

 
249,861

 
250,483

Due in five to ten years
28,970

 
31,363

 
228,652

 
225,699

 
837,926

 
836,598

Due after ten years
13,674

 
13,861

 
13,753

 
14,182

 
97,046

 
98,058

Mortgage-backed
300,674

 
302,695

 
1,110,101

 
1,092,597

 
325,978

 
329,591

Equity securities
51,402

 
55,619

 
51,380

 
56,686

 
48,717

 
54,446

Total available-for-sale securities
$
761,906

 
$
770,983

 
$
1,731,292

 
$
1,716,388

 
$
1,711,113

 
$
1,721,030

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

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

Due in one to five years
24,319

 
24,448

 
19,208

 
19,156

 
—

 
—

Due in five to ten years
65,879

 
66,432

 
96,454

 
96,091

 
—

 
—

Due after ten years
821,517

 
833,464

 
769,164

 
762,864

 
—

 
—

Total held-to-maturity securities
$
911,715

 
$
924,344

 
$
884,826

 
$
878,111

 
$
—

 
$
—


Securities having a fair value of $1.2 billion at March 31, 2016 as well as securities having a carrying value of $1.2 billion and $1.1 billion at December 31, 2015 and March 31, 2015, respectively, were pledged as collateral for public deposits, trust deposits, FHLB advances, securities sold under repurchase agreements and derivatives. At March 31, 2016, there were no securities of a single issuer, other than U.S. Government-sponsored agency securities, which exceeded 10% of shareholders’ equity.