Investment Securities (Tables)

12 Months Ended

Dec. 31, 2014

Investments, Debt and Equity Securities [Abstract]

Summary of Amortized Cost and Approximate Fair Value of Investment Securities

The amortized cost and approximate fair value of investment securities are summarized as follows:

	December 31, 2014
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
	(in thousands)
Available for Sale:
Mortgage-backed securities (1)	$	376,854	$	2,805	$	(2,348	)	$	377,311
Corporate notes (2)	15,000		104		—			15,104
Equity securities (3)	23,074		1,197		(1		)	24,270
Total	$	414,928	$	4,106	$	(2,349	)	$	416,685

	December 31, 2013
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
	(in thousands)
Available for Sale:
Mortgage-backed securities (1)	$	461,988	$	207	$	(10,659	)	$	451,536
Corporate notes (2)	25,000		344		(21		)	25,323
Equity securities (3)	23,074		—		(2,360		)	20,714
Total	$	510,062	$	551	$	(13,040	)	$	497,573

(1) Comprised primarily of mortgage-backed securities issued by government-sponsored agencies, including FHLMC, FNMA, and GNMA.

(2) Includes subordinated debt issued by other bank holding companies.

(3) Comprised primarily of equity securities in a foreign entity.

Statement of Proceeds from Sale of Available for Sale Investment Securities

The following table shows proceeds from the sale of available-for-sale investment securities, gross gains, and gross losses on those sales of securities:

	For the Year Ended December 31,
	2014		2013		2012
	(in thousands)
Proceeds from sale of available-for-sale investment securities	$	213,249	$	135,193	$	309,221
Gross gains	$	3,191	$	1,274	$	9,017
Gross losses	—		—		—
Net gains	$	3,191	$	1,274	$	9,017

Summary of Investment Securities by Stated Maturity

The following table shows investment securities by stated maturity. Investment securities backed by mortgages have expected maturities that differ from contractual maturities because borrowers have the right to call or prepay, and are, therefore, classified separately with no specific maturity date:

	December 31, 2014
	Available for Sale
	Amortized Cost		Fair Value
	(in thousands)
Due in one year or less	$	—	$	—
Due after one year through five years	—		—
Due after five years through ten years	15,000		15,104
Due after ten years	—		—
Mortgage-backed securities	376,854		377,311
Total debt securities	$	391,854	$	392,415

Gross Unrealized Losses and Fair Value, Aggregated by Investment Category

The Bancorp’s investments’ gross unrealized losses and fair value aggregated by investment category and length of time that individual securities that have been in a continuous unrealized loss position were as follows:

	December 31, 2014
	Less than 12 months					12 months or more					Total
	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
	(in thousands)
Available for Sale:
Mortgage-backed securities (1)	$	60,388	$	(81	)	$	80,426	$	(2,267	)	$	140,814	$	(2,348	)
Corporate notes	—		—			—		—			—		—
Equity securities	—		—			5		(1		)	5		(1		)
Total	$	60,388	$	(81	)	$	80,431	$	(2,268	)	$	140,819	$	(2,349	)

	December 31, 2013
	Less than 12 months					12 months or more					Total
	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
	(in thousands)
Available for Sale:
Mortgage-backed securities (1)	$	425,623	$	(10,061	)	$	5,274	$	(598	)	$	430,897	$	(10,659	)
Corporate notes	4,982		(18		)	4,997		(3		)	9,979		(21		)
Equity securities (2)	20,714		(2,360		)	—		—			20,714		(2,360		)
Total	$	451,319	$	(12,439	)	$	10,271	$	(601	)	$	461,590	$	(13,040	)

(1) Comprised primarily of mortgage-backed securities issued by government-sponsored agencies, including FHLMC, FNMA, and GNMA.

(2) Comprised primarily of equity securities in a foreign entity.