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Investment Securities (Tables)
 6 Months Ended
Jun. 30, 2016
Available-for-sale Securities and Held-to-maturity Securities [Abstract]  
Marketable Securities
The following tables are a summary of the available-for-sale and held-to-maturity securities portfolios as of the dates shown:
 
June 30, 2016
(Dollars in thousands)
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair
Value
Available-for-sale securities
 
 
 
 
 
 
 
U.S. Treasury
$
122,296

 
$
35

 
$
(1
)
 
$
122,330

U.S. Government agencies
69,678

 
238

 
—

 
69,916

Municipal
108,179

 
3,588

 
(127
)
 
111,640

Corporate notes:
 
 
 
 
 
 
 
Financial issuers
68,097

 
1,502

 
(1,411
)
 
68,188

Other
1,500

 
2

 
—

 
1,502

Mortgage-backed: (1)
 
 
 
 
 
 
 
Mortgage-backed securities
162,593

 
4,280

 
(150
)
 
166,723

Collateralized mortgage obligations
40,419

 
457

 
(91
)
 
40,785

Equity securities
51,426

 
5,544

 
(391
)
 
56,579

Total available-for-sale securities
$
624,188

 
$
15,646

 
$
(2,171
)
 
$
637,663

Held-to-maturity securities
 
 
 
 
 
 
 
U.S. Government agencies
$
789,482

 
$
11,861

 
$
(647
)
 
$
800,696

Municipal
202,729

 
6,967

 
(213
)
 
209,483

Total held-to-maturity securities
$
992,211

 
$
18,828

 
$
(860
)
 
$
1,010,179

 
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

 
June 30, 2015
 
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair
Value
(Dollars in thousands)
 
 
 
Available-for-sale securities
 
 
 
 
 
 
 
U.S. Treasury
$
288,196

 
$
138

 
$
(7,173
)
 
$
281,161

U.S. Government agencies
651,737

 
2,074

 
(25,151
)
 
628,660

Municipal
269,562

 
4,222

 
(3,994
)
 
269,790

Corporate notes:
 
 
 
 
 
 
 
Financial issuers
124,924

 
1,773

 
(1,289
)
 
125,408

Other
2,726

 
9

 
(2
)
 
2,733

Mortgage-backed: (1)
 
 
 
 
 
 
 
Mortgage-backed securities
777,087

 
4,053

 
(23,499
)
 
757,641

Collateralized mortgage obligations
42,550

 
342

 
(432
)
 
42,460

Equity securities
48,740

 
5,876

 
(408
)
 
54,208

Total available-for-sale securities
$
2,205,522

 
$
18,487

 
$
(61,948
)
 
$
2,162,061

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.
Investment Securities, Continuous Unrealized Loss Position, Fair Value
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 June 30, 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
$
2,250

 
$
(1
)
 
$
—

 
$
—

 
$
2,250

 
$
(1
)
U.S. Government agencies
—

 
—

 
—

 
—

 
—

 
—

Municipal
10,789

 
(16
)
 
7,701

 
(111
)
 
18,490

 
(127
)
Corporate notes:
 
 
 
 
 
 
 
 
 
 
 
Financial issuers
19,822

 
(178
)
 
24,727

 
(1,233
)
 
44,549

 
(1,411
)
Other
—

 
—

 
—

 
—

 
—

 
—

Mortgage-backed:
 
 
 
 
 
 
 
 
 
 
 
Mortgage-backed securities
—

 
—

 
4,089

 
(150
)
 
4,089

 
(150
)
Collateralized mortgage obligations
2,528

 
(15
)
 
6,433

 
(76
)
 
8,961

 
(91
)
Equity securities
1,897

 
(121
)
 
8,791

 
(270
)
 
10,688

 
(391
)
Total available-for-sale securities
$
37,286

 
$
(331
)
 
$
51,741

 
$
(1,840
)
 
$
89,027

 
$
(2,171
)
Held-to-maturity securities
 
 
 
 
 
 
 
 
 
 
 
U.S. Government agencies
$
134,808

 
$
(647
)
 
$
—

 
$
—

 
$
134,808

 
$
(647
)
Municipal
12,172

 
(172
)
 
3,313

 
(41
)
 
15,485

 
(213
)
Total held-to-maturity securities
$
146,980

 
$
(819
)
 
$
3,313

 
$
(41
)
 
$
150,293

 
$
(860
)
Schedule of Realized Gain (Loss)
The following table provides information as to the amount of gross gains and gross losses realized and proceeds received through the sale or call of investment securities:

 
Three months ended June 30,
 
Six months ended June 30,
(Dollars in thousands)
2016
 
2015
 
2016
 
2015
Realized gains
$
1,487

 
$
14

 
$
4,037

 
$
567

Realized losses
(47
)
 
(38
)
 
(1,272
)
 
(67
)
Net realized gains (losses)
$
1,440

 
$
(24
)
 
$
2,765

 
$
500

Other than temporary impairment charges
—

 
—

 
—

 
—

Gains (losses) on investment securities, net
$
1,440

 
$
(24
)
 
$
2,765

 
$
500

Proceeds from sales and calls of available-for-sale securities
$
1,068,795

 
$
498,501

 
$
1,071,996

 
$
1,134,033

Proceeds from calls of held-to-maturity securities
183,738

 
—

 
281,981

 
—
Investments Classified by Contractual Maturity Date
The amortized cost and fair value of securities as of June 30, 2016, December 31, 2015 and June 30, 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:
 
June 30, 2016
 
December 31, 2015
 
June 30, 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
$
214,917

 
$
215,290

 
$
160,856

 
$
160,756

 
$
141,792

 
$
141,897

Due in one to five years
113,263

 
113,395

 
166,550

 
166,468

 
261,285

 
261,146

Due in five to ten years
28,111

 
30,870

 
228,652

 
225,699

 
291,451

 
285,192

Due after ten years
13,459

 
14,021

 
13,753

 
14,182

 
642,617

 
619,517

Mortgage-backed
203,012

 
207,508

 
1,110,101

 
1,092,597

 
819,637

 
800,101

Equity securities
51,426

 
56,579

 
51,380

 
56,686

 
48,740

 
54,208

Total available-for-sale securities
$
624,188

 
$
637,663

 
$
1,731,292

 
$
1,716,388

 
$
2,205,522

 
$
2,162,061

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

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

Due in one to five years
27,505

 
27,738

 
19,208

 
19,156

 
—

 
—

Due in five to ten years
68,691

 
70,121

 
96,454

 
96,091

 
—

 
—

Due after ten years
896,015

 
912,320

 
769,164

 
762,864

 
—

 
—

Total held-to-maturity securities
$
992,211

 
$
1,010,179

 
$
884,826

 
$
878,111

 
$
—

 
$
—