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Investment Securities (Tables)
 6 Months Ended
Jun. 30, 2017
Investments, Debt and Equity Securities [Abstract]  
Schedule of amortized cost, gross unrealized gains and losses, and fair value of investment securities
The amortized cost, gross unrealized gains and losses, and fair value of the Company’s investment securities as of June 30, 2017 and December 31, 2016 were as follows:

(dollars in thousands)
Amortized Cost

 
Gross
Unrealized Gains

 
Gross
Unrealized Losses

 
Fair Value

June 30, 2017
 

 
 

 
 

 
 

Available-for-Sale:
 

 
 

 
 

 
 

Debt Securities Issued by the U.S. Treasury and Government Agencies
$
430,208

 
$
3,732

 
$
(963
)
 
$
432,977

Debt Securities Issued by States and Political Subdivisions
650,075

 
17,905

 
(99
)
 
667,881

Debt Securities Issued by Corporations
268,022

 
138

 
(2,911
)
 
265,249

Mortgage-Backed Securities:
 

 
 

 
 

 
 

    Residential - Government Agencies
262,834

 
3,858

 
(1,150
)
 
265,542

    Residential - U.S. Government-Sponsored Enterprises
613,512

 
1,090

 
(4,701
)
 
609,901

    Commercial - Government Agencies
77,757

 
—

 
(2,579
)
 
75,178

Total Mortgage-Backed Securities
954,103

 
4,948

 
(8,430
)
 
950,621

Total
$
2,302,408

 
$
26,723

 
$
(12,403
)
 
$
2,316,728

Held-to-Maturity:
 

 
 

 
 

 
 

Debt Securities Issued by the U.S. Treasury and Government Agencies
$
500,111

 
$
613

 
$
(886
)
 
$
499,838

Debt Securities Issued by States and Political Subdivisions
240,413

 
14,472

 
—

 
254,885

Debt Securities Issued by Corporations
127,666

 
405

 
(1,326
)
 
126,745

Mortgage-Backed Securities:
 
 
 
 
 
 
 

    Residential - Government Agencies
1,928,530

 
15,726

 
(19,602
)
 
1,924,654

    Residential - U.S. Government-Sponsored Enterprises
772,212

 
1,284

 
(7,144
)
 
766,352

    Commercial - Government Agencies
213,770

 
2,213

 
(2,816
)
 
213,167

Total Mortgage-Backed Securities
2,914,512

 
19,223


(29,562
)

2,904,173

Total
$
3,782,702

 
$
34,713

 
$
(31,774
)
 
$
3,785,641

 
 
 
 
 
 
 
 
December 31, 2016
 

 
 

 
 

 
 

Available-for-Sale:
 

 
 

 
 

 
 

Debt Securities Issued by the U.S. Treasury and Government Agencies
$
407,478

 
$
2,531

 
$
(1,294
)
 
$
408,715

Debt Securities Issued by States and Political Subdivisions
662,231

 
11,455

 
(1,887
)
 
671,799

Debt Securities Issued by Corporations
273,044

 
5

 
(3,870
)
 
269,179

Mortgage-Backed Securities:
 
 
 
 
 
 
 

    Residential - Government Agencies
240,412

 
4,577

 
(1,145
)
 
243,844

    Residential - U.S. Government-Sponsored Enterprises
511,234

 
971

 
(5,218
)
 
506,987

    Commercial - Government Agencies
89,544

 
—

 
(4,027
)
 
85,517

Total Mortgage-Backed Securities
841,190

 
5,548

 
(10,390
)
 
836,348

Total
$
2,183,943

 
$
19,539

 
$
(17,441
)
 
$
2,186,041

Held-to-Maturity:
 

 
 

 
 

 
 

Debt Securities Issued by the U.S. Treasury and Government Agencies
$
530,149

 
$
1,562

 
$
(771
)
 
$
530,940

Debt Securities Issued by States and Political Subdivisions
242,295

 
9,991

 
—

 
252,286

Debt Securities Issued by Corporations
135,620

 
416

 
(1,528
)
 
134,508

Mortgage-Backed Securities:
 
 
 
 
 
 
 

    Residential - Government Agencies
1,940,076

 
20,567

 
(23,861
)
 
1,936,782

    Residential - U.S. Government-Sponsored Enterprises
752,768

 
798

 
(10,919
)
 
742,647

    Commercial - Government Agencies
232,089

 
940

 
(2,665
)
 
230,364

Total Mortgage-Backed Securities
2,924,933

 
22,305

 
(37,445
)
 
2,909,793

Total
$
3,832,997

 
$
34,274

 
$
(39,744
)
 
$
3,827,527
Analysis of the contractual maturities of investment securities
The table below presents an analysis of the contractual maturities of the Company’s investment securities as of June 30, 2017.  Debt securities issued by government agencies (Small Business Administration securities) and mortgage-backed securities are disclosed separately in the table below as these investment securities may prepay prior to their scheduled contractual maturity dates.
(dollars in thousands)
Amortized Cost

 
Fair Value

Available-for-Sale:
 

 
 

Due in One Year or Less
$
86,725

 
$
86,878

Due After One Year Through Five Years
585,928

 
589,580

Due After Five Years Through Ten Years
214,366

 
223,309

Due After Ten Years
31,629

 
33,904

 
918,648

 
933,671

 
 
 
 
Debt Securities Issued by Government Agencies
429,657

 
432,436

Mortgage-Backed Securities:
 

 
 

    Residential - Government Agencies
262,834

 
265,542

    Residential - U.S. Government-Sponsored Enterprises
613,512

 
609,901

    Commercial - Government Agencies
77,757

 
75,178

Total Mortgage-Backed Securities
954,103

 
950,621

Total
$
2,302,408

 
$
2,316,728

 
 
 
 
Held-to-Maturity:
 

 
 

Due in One Year or Less
$
235,104

 
$
234,882

Due After One Year Through Five Years
335,763

 
338,517

Due After Five Years Through Ten Years
258,942

 
266,850

Due After Ten Years
38,381

 
41,219

 
868,190

 
881,468

Mortgage-Backed Securities:
 

 
 

    Residential - Government Agencies
1,928,530

 
1,924,654

    Residential - U.S. Government-Sponsored Enterprises
772,212

 
766,352

    Commercial - Government Agencies
213,770

 
213,167

Total Mortgage-Backed Securities
2,914,512

 
2,904,173

Total
$
3,782,702

 
$
3,785,641
Schedule of gains (losses) on sale of investment securities
The table below presents the gains and losses from the sales of investment securities for the three and six months ended June 30, 2017 and 2016.
 
Three Months Ended
June 30,
 
Six Months Ended
June 30,
(dollars in thousands)
2017

 
2016

 
2017

 
2016

Gross Gains on Sales of Investment Securities
$
—

 
$
—

 
$
12,467

 
$
11,355

Gross Losses on Sales of Investment Securities
(520
)
 
(312
)
 
(854
)
 
(487
)
Net Gains (Losses) on Sales of Investment Securities
$
(520
)
 
$
(312
)
 
$
11,613

 
$
10,868
Schedule of investment securities in an unrealized loss position
The Company’s investment securities in an unrealized loss position, segregated by continuous length of loss, were as follows:
 
Less Than 12 Months
 
12 Months or Longer
 
Total
(dollars in thousands)
Fair Value

 
Gross Unrealized Losses

 
Fair Value

 
Gross Unrealized Losses

 
Fair Value

 
Gross Unrealized Losses

June 30, 2017
 

 
 

 
 

 
 

 
 

 
 

Available-for-Sale:
 
 
 
 
 
 
 
 
 
 
 
Debt Securities Issued by the U.S. Treasury
   and Government Agencies
$
42,325

 
$
(285
)
 
$
143,773

 
$
(678
)
 
$
186,098

 
$
(963
)
Debt Securities Issued by States
   and Political Subdivisions
49,521

 
(99
)
 
—

 
—

 
49,521

 
(99
)
Debt Securities Issued by Corporations
62,472

 
(555
)
 
162,638

 
(2,356
)
 
225,110

 
(2,911
)
Mortgage-Backed Securities:
 
 
 
 
 
 
 
 


 


    Residential - Government Agencies
23,520

 
(56
)
 
13,814

 
(1,094
)
 
37,334

 
(1,150
)
    Residential - U.S. Government-Sponsored Enterprises
420,189

 
(4,398
)
 
10,611

 
(303
)
 
430,800

 
(4,701
)
    Commercial - Government Agencies
—

 
—

 
75,178

 
(2,579
)
 
75,178

 
(2,579
)
Total Mortgage-Backed Securities
443,709

 
(4,454
)
 
99,603

 
(3,976
)
 
543,312

 
(8,430
)
Total
$
598,027

 
$
(5,393
)
 
$
406,014

 
$
(7,010
)
 
$
1,004,041

 
$
(12,403
)
Held-to-Maturity:
 
 
 
 
 
 
 
 
 
 
 
Debt Securities Issued by the U.S. Treasury
   and Government Agencies
$
284,734

 
$
(886
)
 
$
—

 
$
—

 
$
284,734

 
$
(886
)
Debt Securities Issued by Corporations
65,356

 
(835
)
 
15,027

 
(491
)
 
80,383

 
(1,326
)
Mortgage-Backed Securities:
 
 
 
 
 
 
 
 
 
 
 
    Residential - Government Agencies
856,028

 
(11,817
)
 
222,166

 
(7,785
)
 
1,078,194

 
(19,602
)
    Residential - U.S. Government-Sponsored Enterprises
598,035

 
(7,144
)
 
—

 
—

 
598,035

 
(7,144
)
    Commercial - Government Agencies
79,883

 
(2,748
)
 
10,561

 
(68
)
 
90,444

 
(2,816
)
Total Mortgage-Backed Securities
1,533,946

 
(21,709
)
 
232,727

 
(7,853
)
 
1,766,673

 
(29,562
)
Total
$
1,884,036

 
$
(23,430
)
 
$
247,754

 
$
(8,344
)
 
$
2,131,790

 
$
(31,774
)
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2016
 

 
 

 
 

 
 

 
 

 
 

Available-for-Sale:
 
 
 
 
 
 
 
 
 
 
 
Debt Securities Issued by the U.S. Treasury
     and Government Agencies
$
143,715

 
$
(562
)
 
$
89,211

 
$
(732
)
 
$
232,926

 
$
(1,294
)
Debt Securities Issued by States
     and Political Subdivisions
211,188

 
(1,873
)
 
6,725

 
(14
)
 
217,913

 
(1,887
)
Debt Securities Issued by Corporations
67,332

 
(714
)
 
196,838

 
(3,156
)
 
264,170

 
(3,870
)
Mortgage-Backed Securities:
 
 
 
 
 
 
 
 
 
 
 
     Residential - Government Agencies
38,355

 
(89
)
 
11,185

 
(1,056
)
 
49,540

 
(1,145
)
     Residential - U.S. Government-Sponsored Enterprises
397,385

 
(5,218
)
 
—

 
—

 
397,385

 
(5,218
)
     Commercial - Government Agencies
5,097

 
(164
)
 
80,420

 
(3,863
)
 
85,517

 
(4,027
)
Total Mortgage-Backed Securities
440,837

 
(5,471
)
 
91,605

 
(4,919
)
 
532,442

 
(10,390
)
Total
$
863,072

 
$
(8,620
)
 
$
384,379

 
$
(8,821
)
 
$
1,247,451

 
$
(17,441
)
Held-to-Maturity:
 
 
 
 
 
 
 
 
 
 
 
Debt Securities Issued by the U.S. Treasury
and Government Agencies
$
169,926

 
$
(771
)
 
$
—

 
$
—

 
$
169,926

 
$
(771
)
Debt Securities Issued by Corporations
69,601

 
(971
)
 
15,933

 
(557
)
 
85,534

 
(1,528
)
Mortgage-Backed Securities:
 
 
 
 
 
 
 
 
 
 
 
     Residential - Government Agencies
835,227

 
(15,313
)
 
231,377

 
(8,548
)
 
1,066,604

 
(23,861
)
     Residential - U.S. Government-Sponsored Enterprises
693,047

 
(10,919
)
 
—

 
—

 
693,047

 
(10,919
)
     Commercial - Government Agencies
87,586

 
(2,597
)
 
18,653

 
(68
)
 
106,239

 
(2,665
)
Total Mortgage-Backed Securities
1,615,860

 
(28,829
)
 
250,030

 
(8,616
)
 
1,865,890

 
(37,445
)
Total
$
1,855,387

 
$
(30,571
)
 
$
265,963

 
$
(9,173
)
 
$
2,121,350

 
$
(39,744
)
Schedule of interest income from taxable and non-taxable investment securities
Interest income from taxable and non-taxable investment securities for the three and six months ended June 30, 2017 and 2016 were as follows:
 
Three Months Ended
June 30,
 
Six Months Ended
June 30,
(dollars in thousands)
2017

 
2016

 
2017

 
2016

Taxable
$
26,741

 
$
25,567

 
$
52,508

 
$
51,554

Non-Taxable
5,012

 
5,122

 
10,035

 
10,340

Total Interest Income from Investment Securities
$
31,753

 
$
30,689

 
$
62,543

 
$
61,894
Schedule of carrying value of company's Federal Home Loan Bank and Federal Reserve Bank
As of June 30, 2017 and December 31, 2016, the carrying value of the Company’s Federal Home Loan Bank of Des Moines stock and Federal Reserve Bank stock was as follows:
(dollars in thousands)
June 30,
2017

 
December 31,
2016

Federal Home Loan Bank Stock
$
20,000

 
$
20,000

Federal Reserve Bank Stock
20,167

 
20,063

Total
$
40,167

 
$
40,063