XML 36 R26.htm IDEA: XBRL DOCUMENT v3.5.0.2
Investment Securities (Tables)
 9 Months Ended
Sep. 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:
 
September 30, 2016
(Dollars in thousands)
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair
Value
Available-for-sale securities
 
 
 
 
 
 
 
U.S. Treasury
$
30,017

 
$
19

 
$
—

 
$
30,036

U.S. Government agencies
93,561

 
163

 
(41
)
 
93,683

Municipal
106,033

 
3,395

 
(147
)
 
109,281

Corporate notes:
 
 
 
 
 
 
 
Financial issuers
65,215

 
299

 
(1,311
)
 
64,203

Other
1,000

 
—

 
—

 
1,000

Mortgage-backed: (1)
 
 
 
 
 
 
 
Mortgage-backed securities
1,257,070

 
7,958

 
(54
)
 
1,264,974

Collateralized mortgage obligations
35,935

 
304

 
(102
)
 
36,137

Equity securities
48,568

 
2,998

 
(784
)
 
50,782

Total available-for-sale securities
$
1,637,399

 
$
15,136

 
$
(2,439
)
 
$
1,650,096

Held-to-maturity securities
 
 
 
 
 
 
 
U.S. Government agencies
$
729,417

 
$
7,577

 
$
(2,879
)
 
$
734,115

Municipal
203,350

 
5,515

 
(314
)
 
208,551

Total held-to-maturity securities
$
932,767

 
$
13,092

 
$
(3,193
)
 
$
942,666

 
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

 
September 30, 2015
 
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair
Value
(Dollars in thousands)
 
 
 
Available-for-sale securities
 
 
 
 
 
 
 
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

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 September 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
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

U.S. Government agencies
35,173

 
(41
)
 
—

 
—

 
35,173

 
(41
)
Municipal
13,062

 
(45
)
 
7,766

 
(102
)
 
20,828

 
(147
)
Corporate notes:
 
 
 
 
 
 
 
 
 
 
 
Financial issuers
10,000

 
(1
)
 
34,650

 
(1,310
)
 
44,650

 
(1,311
)
Other
—

 
—

 
—

 
—

 
—

 
—

Mortgage-backed:
 
 
 
 
 
 
 
 
 
 
 
Mortgage-backed securities
1,017

 
(22
)
 
4,019

 
(32
)
 
5,036

 
(54
)
Collateralized mortgage obligations
1,255

 
(2
)
 
7,499

 
(100
)
 
8,754

 
(102
)
Equity securities
16,550

 
(481
)
 
8,787

 
(303
)
 
25,337

 
(784
)
Total available-for-sale securities
$
77,057

 
$
(592
)
 
$
62,721

 
$
(1,847
)
 
$
139,778

 
$
(2,439
)
Held-to-maturity securities
 
 
 
 
 
 
 
 
 
 
 
U.S. Government agencies
$
240,400

 
$
(2,879
)
 
$
—

 
$
—

 
$
240,400

 
$
(2,879
)
Municipal
11,925

 
(204
)
 
9,239

 
(110
)
 
21,164

 
(314
)
Total held-to-maturity securities
$
252,325

 
$
(3,083
)
 
$
9,239

 
$
(110
)
 
$
261,564

 
$
(3,193
)
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 September 30,
 
Nine months ended September 30,
(Dollars in thousands)
2016
 
2015
 
2016
 
2015
Realized gains
$
3,429

 
$
87

 
$
7,466

 
$
654

Realized losses
(124
)
 
(185
)
 
(1,396
)
 
(252
)
Net realized gains (losses)
$
3,305

 
$
(98
)
 
$
6,070

 
$
402

Other than temporary impairment charges
—

 
—

 
—

 
—

Gains (losses) on investment securities, net
$
3,305

 
$
(98
)
 
$
6,070

 
$
402

Proceeds from sales and calls of available-for-sale securities
$
1,114,666

 
$
82,827

 
$
2,186,662

 
$
1,216,860

Proceeds from calls of held-to-maturity securities
141,885

 
—

 
423,866

 
—
Investments Classified by Contractual Maturity Date
The amortized cost and fair value of securities as of September 30, 2016, December 31, 2015 and September 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:
 
September 30, 2016
 
December 31, 2015
 
September 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
$
115,227

 
$
115,487

 
$
160,856

 
$
160,756

 
$
164,374

 
$
164,429

Due in one to five years
141,364

 
141,368

 
166,550

 
166,468

 
186,199

 
186,592

Due in five to ten years
28,696

 
31,319

 
228,652

 
225,699

 
343,468

 
342,271

Due after ten years
10,539

 
10,029

 
13,753

 
14,182

 
662,015

 
651,940

Mortgage-backed
1,293,005

 
1,301,111

 
1,110,101

 
1,092,597

 
820,964

 
815,045

Equity securities
48,568

 
50,782

 
51,380

 
56,686

 
49,356

 
54,004

Total available-for-sale securities
$
1,637,399

 
$
1,650,096

 
$
1,731,292

 
$
1,716,388

 
$
2,226,376

 
$
2,214,281

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

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

Due in one to five years
25,927

 
26,023

 
19,208

 
19,156

 
—

 
—

Due in five to ten years
64,835

 
65,842

 
96,454

 
96,091

 
—

 
—

Due after ten years
842,005

 
850,801

 
769,164

 
762,864

 
—

 
—

Total held-to-maturity securities
$
932,767

 
$
942,666

 
$
884,826

 
$
878,111

 
$
—

 
$
—