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Investment Securities (Tables)
 9 Months Ended
Sep. 30, 2018
Investments, Debt and Equity Securities [Abstract]  
Schedule of Amortized Cost and Fair Values of Investment Securities
The following table presents the amortized cost and estimated fair values of investment securities:
 
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Estimated
Fair
Value
 
(in thousands)
September 30, 2018 Available for Sale
 
 
 
 
 
 
 
U.S. Government sponsored agency securities
$
31,527

 
$
1

 
$
(437
)
 
$
31,091

State and municipal securities
269,582

 
1,281

 
(9,723
)
 
261,140

Corporate debt securities
93,482

 
950

 
(2,142
)
 
92,290

Collateralized mortgage obligations
820,150

 
100

 
(23,016
)
 
797,234

Residential mortgage-backed securities
497,614

 
1,873

 
(21,310
)
 
478,177

Commercial mortgage-backed securities
251,969

 
—

 
(6,218
)
 
245,751

Auction rate securities
107,410

 
—

 
(4,277
)
 
103,133

   Total
$
2,071,734

 
$
4,205

 
$
(67,123
)
 
$
2,008,816

 
 
 
 
 
 
 
 
September 30, 2018 Held to Maturity
 
 
 
 
 
 
 
State and municipal securities
$
156,267

 
$
—

 
$
(2,006
)
 
$
154,261

Residential mortgage-backed securities
470,330

 
2

 
(1,741
)
 
468,591

Total
$
626,597

 
$
2

 
$
(3,747
)
 
$
622,852

 
 
 
 
 
 
 
 
 
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Estimated
Fair
Value
 
(in thousands)
December 31, 2017 Available for Sale
 
 
 
 
 
 
 
U.S. Government sponsored agency securities
$
5,962

 
$
2

 
$
(26
)
 
$
5,938

State and municipal securities
405,860

 
5,638

 
(2,549
)
 
408,949

Corporate debt securities
96,353

 
2,832

 
(1,876
)
 
97,309

Collateralized mortgage obligations
611,927

 
491

 
(9,795
)
 
602,623

Residential mortgage-backed securities
1,132,080

 
3,957

 
(15,241
)
 
1,120,796

Commercial mortgage-backed securities
215,351

 
—

 
(2,596
)
 
212,755

Auction rate securities
107,410

 
—

 
(8,742
)
 
98,668

   Total debt securities
2,574,943

 
12,920

 
(40,825
)
 
2,547,038

Equity securities
776

 
142

 
—

 
918

   Total
$
2,575,719

 
$
13,062

 
$
(40,825
)
 
$
2,547,956
Schedule of Amortized Cost and Fair Values of Debt Securities by Contractual Maturities
The amortized cost and estimated fair values of debt securities as of September 30, 2018, by contractual maturity, are shown in the following table. Actual maturities may differ from contractual maturities as certain investment securities are subject to call or prepayment with or without call or prepayment penalties.
 
 
Available for Sale
 
Held to Maturity
 
 
Amortized
Cost
 
Estimated
Fair Value
 
Amortized
Cost
 
Estimated
Fair Value
 
(in thousands)
Due in one year or less
 
$
5,946

 
$
5,949

 
$
—

 
$
—

Due from one year to five years
 
52,613

 
52,541

 
—

 
—

Due from five years to ten years
 
105,838

 
104,579

 
—

 
—

Due after ten years
 
337,604

 
324,585

 
156,267

 
154,261

 
 
502,001

 
487,654

 
156,267

 
154,261

Residential mortgage-backed securities(1)
 
497,614

 
478,177

 
470,330

 
468,591

Commercial mortgage-backed securities(1)
 
251,969

 
245,751

 
—

 
—

Collateralized mortgage obligations(1)
 
820,150

 
797,234

 
—

 
—

  Total
 
$
2,071,734

 
$
2,008,816

 
$
626,597

 
$
622,852

(1) Maturities for mortgage-backed securities and collateralized mortgage obligations are dependent upon the interest rate environment and prepayments on the underlying loans.
Summary of Gains and Losses from Equity and Debt Securities, and Losses Recognized from Other-than-Temporary Impairment
The following table presents information related to the gross realized gains and losses on the sales of equity and debt securities:
 
Gross
Realized
Gains
 
Gross
Realized
Losses
 
Net Gains (Losses)
Three months ended September 30, 2018
(in thousands)
Equity securities
$
—

 
$
—

 
$
—

Debt securities
116

 
(102
)
 
14

Total
$
116

 
$
(102
)
 
$
14

Three months ended September 30, 2017
 
 
 
 
 
Equity securities
$
4,817

 
$
—

 
$
4,817

Debt securities
12

 
(232
)
 
(220
)
Total
$
4,829

 
$
(232
)
 
$
4,597

 
 
 
 
 
 
Nine months ended September 30, 2018
 
 
 
 
 
Equity securities
$
9

 
$
—

 
$
9

Debt securities
1,656

 
(1,628
)
 
28

Total
$
1,665

 
$
(1,628
)
 
$
37

Nine months ended September 30, 2017
 
 
 
 
 
Equity securities
$
7,167

 
$
—

 
$
7,167

Debt securities
218

 
(246
)
 
(28
)
Total
$
7,385

 
$
(246
)
 
$
7,139
Gross Unrealized Losses and Fair Values of Investments by Category and Length of Time in Continuous Unrealized Loss Position
The following table presents the gross unrealized losses and estimated fair values of investments, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at September 30, 2018 and December 31, 2017:
 
Less than 12 months
 
12 months or longer
 
Total
 
Estimated
Fair Value
 
Unrealized
Losses
 
Estimated
Fair Value
 
Unrealized
Losses
 
Estimated
Fair Value
 
Unrealized
Losses
September 30, 2018 Available for Sale
(in thousands)
U.S. Government sponsored agency securities
$
30,992

 
$
(437
)
 
$
—

 
$
—

 
$
30,992

 
$
(437
)
State and municipal securities
112,366

 
(3,550
)
 
73,856

 
(6,173
)
 
186,222

 
(9,723
)
Corporate debt securities
56,159

 
(694
)
 
22,700

 
(1,448
)
 
78,859

 
(2,142
)
Collateralized mortgage obligations
620,047

 
(12,833
)
 
168,560

 
(10,183
)
 
788,607

 
(23,016
)
Residential mortgage-backed securities
105,850

 
(3,447
)
 
329,007

 
(17,863
)
 
434,857

 
(21,310
)
Commercial mortgage-backed securities
164,993

 
(3,591
)
 
77,302

 
(2,627
)
 
242,295

 
(6,218
)
Auction rate securities
—

 
—

 
103,133

 
(4,277
)
 
103,133

 
(4,277
)
Total
$
1,090,407

 
$
(24,552
)
 
$
774,558

 
$
(42,571
)
 
$
1,864,965

 
$
(67,123
)
 
 
 
 
 
 
 
 
 
 
 
 
September 30, 2018 Held to Maturity
 
 
 
 
 
 
 
 
 
 
 
State and municipal securities
154,261

 
(2,006
)
 
—

 
—

 
154,261

 
(2,006
)
Residential mortgage-backed securities
454,544

 
(1,741
)
 
—

 
—

 
454,544

 
(1,741
)
Total
$
608,805

 
$
(3,747
)
 
$
—

 
$
—

 
$
608,805

 
$
(3,747
)

 
Less than 12 months
 
12 months or longer
 
Total
 
Estimated
Fair Value
 
Unrealized
Losses
 
Estimated
Fair Value
 
Unrealized
Losses
 
Estimated
Fair Value
 
Unrealized
Losses
December 31, 2017 Available for Sale
(in thousands)
U.S. Government sponsored agency securities
$
5,830

 
$
(26
)
 
$
—

 
$
—

 
$
5,830

 
$
(26
)
State and municipal securities
11,650

 
(50
)
 
118,297

 
(2,499
)
 
129,947

 
(2,549
)
Corporate debt securities
4,544

 
(48
)
 
32,163

 
(1,828
)
 
36,707

 
(1,876
)
Collateralized mortgage obligations
303,932

 
(2,408
)
 
187,690

 
(7,387
)
 
491,622

 
(9,795
)
Residential mortgage-backed securities
511,378

 
(4,348
)
 
500,375

 
(10,893
)
 
1,011,753

 
(15,241
)
Commercial mortgage-backed securities
190,985

 
(2,118
)
 
21,770

 
(478
)
 
212,755

 
(2,596
)
Auction rate securities
—

 
—

 
98,668

 
(8,742
)
 
98,668

 
(8,742
)
Total
$
1,028,319

 
$
(8,998
)
 
$
958,963

 
$
(31,827
)
 
$
1,987,282

 
$
(40,825
)
Summary of Amortized Cost and Fair Values of Corporate Debt Securities
The following table presents the amortized cost and estimated fair values of corporate debt securities:
 
September 30, 2018
 
December 31, 2017
 
Amortized
cost
 
Estimated
fair value
 
Amortized
cost
 
Estimated
fair value
 
(in thousands)
Single-issuer trust preferred securities
$
20,860

 
$
19,596

 
$
31,335

 
$
30,703

Subordinated debt
56,641

 
55,774

 
49,013

 
49,533

Senior debt
12,025

 
12,089

 
12,031

 
12,392

Pooled trust preferred securities
—

 
875

 
—

 
707

Corporate debt securities issued by financial institutions
89,526

 
88,334

 
92,379

 
93,335

Other corporate debt securities
3,956

 
3,956

 
3,974

 
3,974

Available for sale corporate debt securities
$
93,482

 
$
92,290

 
$
96,353

 
$
97,309