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Investment Securities (Tables)
 3 Months Ended
Mar. 31, 2017
Investments, Debt and Equity Securities [Abstract]  
Amortized Cost and Fair Value of Available-for-Sale and Held-to-Maturity Investment Securities Portfolio

The following table summarizes the amortized cost and fair value of the available-for-sale and held-to-maturity investment securities portfolio at March 31, 2017 and December 31, 2016 and the corresponding amounts of unrealized gains and losses therein:

 

     Amortized      Unrealized      Unrealized      Fair  

(dollars in thousands)

    Cost      Gains      Losses      Value  

March 31, 2017

            

Available-for-Sale

            

U.S. Treasury

    $ 11,966      $ 152      $ (1 )     $ 12,117  

U.S. government-sponsored entities and agencies

      553,203        110        (10,279 )       543,034  

Mortgage-backed securities - Agency

      1,496,620        5,866        (27,491 )       1,474,995  

States and political subdivisions

      457,358        4,948        (9,755 )       452,551  

Pooled trust preferred securities

      16,852        —          (8,564 )       8,288  

Other securities

      328,167        1,407        (3,616 )       325,958  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total available-for-sale securities

    $ 2,864,166      $ 12,483      $ (59,706 )     $ 2,816,943  
  

 

 

     

 

 

     

 

 

     

 

 

  

Held-to-Maturity

            

U.S. government-sponsored entities and agencies

    $ 40,021      $ 89      $ —        $ 40,110  

Mortgage-backed securities - Agency

      9,566        288        —          9,854  

States and political subdivisions

      691,861        43,210        (129 )       734,942  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total held-to-maturity securities

    $ 741,448      $ 43,587      $ (129 )     $ 784,906  
  

 

 

     

 

 

     

 

 

     

 

 

  

December 31, 2016

            

Available-for-Sale

            

U.S. Treasury

    $ 6,963      $ 140      $ —        $ 7,103  

U.S. government-sponsored entities and agencies

      506,234        113        (12,391 )       493,956  

Mortgage-backed securities - Agency

      1,551,465        6,923        (33,369 )       1,525,019  

States and political subdivisions

      446,003        4,183        (13,502 )       436,684  

Pooled trust preferred securities

      17,011        —          (8,892 )       8,119  

Other securities

      331,001        1,074        (5,782 )       326,293  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total available-for-sale securities

    $ 2,858,677      $ 12,433      $ (73,936 )     $ 2,797,174  
  

 

 

     

 

 

     

 

 

     

 

 

  

Held-to-Maturity

            

U.S. government-sponsored entities and agencies

    $ 40,131      $ 427      $ —        $ 40,558  

Mortgage-backed securities - Agency

      10,640        300        —          10,940  

States and political subdivisions

      694,319        38,915        (560 )       732,674  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total held-to-maturity securities

    $ 745,090      $ 39,642      $ (560 )     $ 784,172  
  

 

 

     

 

 

     

 

 

     

 

 

  

 

 
Schedule of Proceeds from Sales or Calls and Realized Gain and Losses of Available-for-Sale Investment Securities and Other Securities

Proceeds from sales or calls of available-for-sale investment securities, the resulting realized gains and realized losses, and other securities gains or losses were as follows for the three months ended March 31, 2017 and 2016:

 

     Three Months Ended  
     March 31,  

(dollars in thousands)

    2017      2016  

Proceeds from sales of available-for-sale securities

    $ 33,588      $ 76,650  

Proceeds from calls of available-for-sale securities

      10,520        124,311  
  

 

 

     

 

 

  

Total

    $ 44,108      $ 200,961  
  

 

 

     

 

 

  

Realized gains on sales of available-for-sale securities

    $ 1,329      $ 1,660  

Realized gains on calls of available-for-sale securities

      —          244  

Realized losses on sales of available-for-sale securities

      (30 )       (446 ) 

Realized losses on calls of available-for-sale securities

      (1 )       (87 ) 

Other securities gains (losses) (1)

      202        (265 ) 
  

 

 

     

 

 

  

Net securities gains (losses)

    $ 1,500      $ 1,106  
  

 

 

     

 

 

  

 

(1) Other securities gains (losses) includes net realized gains or losses associated with trading securities and mutual funds.
Expected Maturities of Investment Securities Portfolio

Weighted average yield is based on amortized cost.

 

     At March 31, 2017  
(dollars in thousands)                  Weighted  
     Amortized      Fair      Average  

Maturity

    Cost      Value      Yield  

Available-for-Sale

         

Within one year

    $ 38,790      $ 38,870        1.78 % 

One to five years

      311,574        311,107        2.19  

Five to ten years

      386,471        388,129        2.78  

Beyond ten years

      2,127,331        2,078,837        2.45  
  

 

 

     

 

 

     

 

 

  

Total

    $ 2,864,166      $ 2,816,943        2.46 % 
  

 

 

     

 

 

     

 

 

  

Held-to-Maturity

         

Within one year

    $ 22,670      $ 23,140        5.87 % 

One to five years

      68,261        70,943        4.37  

Five to ten years

      147,381        154,829        4.83  

Beyond ten years

      503,136        535,994        5.61  
  

 

 

     

 

 

     

 

 

  

Total

    $ 741,448      $ 784,906        5.35 % 
  

 

 

     

 

 

     

 

 

  

 

 

 
Investment Securities with Unrealized Losses by Aggregated Major Security Type and Length of Time in Continuous Unrealized Loss Position

The following table summarizes the investment securities with unrealized losses at March 31, 2017 and December 31, 2016 by aggregated major security type and length of time in a continuous unrealized loss position:

 

     Less than 12 months     12 months or longer     Total  
     Fair      Unrealized     Fair      Unrealized     Fair      Unrealized  

(dollars in thousands)

    Value      Losses     Value      Losses     Value      Losses  

March 31, 2017

                

Available-for-Sale

                

U.S. Treasury

    $ 6,499      $ (1 )    $ —        $ —       $ 6,499      $ (1 ) 

U.S. government-sponsored entities and agencies

      455,813        (10,279 )      —          —         455,813        (10,279 ) 

Mortgage-backed securities - Agency

      1,176,954        (24,778 )      55,246        (2,713 )      1,232,200        (27,491 ) 

States and political subdivisions

      227,130        (9,557 )      5,702        (198 )      232,832        (9,755 ) 

Pooled trust preferred securities

      —          —         8,288        (8,564 )      8,288        (8,564 ) 

Other securities

      100,136        (1,973 )      102,143        (1,643 )      202,279        (3,616 ) 
  

 

 

     

 

 

    

 

 

     

 

 

    

 

 

     

 

 

  

Total available-for-sale

    $ 1,966,532      $ (46,588 )    $ 171,379      $ (13,118 )    $ 2,137,911      $ (59,706 ) 
  

 

 

     

 

 

    

 

 

     

 

 

    

 

 

     

 

 

  

Held-to-Maturity

                

States and political subdivisions

    $ 30,153      $ (129 )    $ —        $ —       $ 30,153      $ (129 ) 
  

 

 

     

 

 

    

 

 

     

 

 

    

 

 

     

 

 

  

Total held-to-maturity

    $ 30,153      $ (129 )    $ —        $ —       $ 30,153      $ (129 ) 
  

 

 

     

 

 

    

 

 

     

 

 

    

 

 

     

 

 

  

December 31, 2016

                

Available-for-Sale

                

U.S. government-sponsored entities and agencies

    $ 432,192      $ (12,391 )    $ —        $ —       $ 432,192      $ (12,391 ) 

Mortgage-backed securities - Agency

      1,177,093        (30,295 )      57,636        (3,074 )      1,234,729        (33,369 ) 

States and political subdivisions

      286,351        (13,247 )      4,919        (255 )      291,270        (13,502 ) 

Pooled trust preferred securities

      —          —         8,119        (8,892 )      8,119        (8,892 ) 

Other securities

      121,498        (2,734 )      126,539        (3,048 )      248,037        (5,782 ) 
  

 

 

     

 

 

    

 

 

     

 

 

    

 

 

     

 

 

  

Total available-for-sale

    $ 2,017,134      $ (58,667 )    $ 197,213      $ (15,269 )    $ 2,214,347      $ (73,936 ) 
  

 

 

     

 

 

    

 

 

     

 

 

    

 

 

     

 

 

  

Held-to-Maturity

                

States and political subdivisions

    $ 59,481      $ (560 )    $ —        $ —       $ 59,481      $ (560 ) 
  

 

 

     

 

 

    

 

 

     

 

 

    

 

 

     

 

 

  

Total held-to-maturity

    $ 59,481      $ (560 )    $ —        $ —       $ 59,481      $ (560 ) 
  

 

 

     

 

 

    

 

 

     

 

 

    

 

 

     

 

 

  

 
Trust Preferred Securities

The table below summarizes the relevant characteristics of our pooled trust preferred securities as well as our single issuer trust preferred securities that are included in the “other securities” category in this footnote. Each of the pooled trust preferred securities support a more senior tranche of security holders. All three pooled trust preferred securities have experienced credit defaults. However, two of these securities have excess subordination and are not other-than-temporarily-impaired as a result of their class hierarchy, which provides more loss protection.

 

                                          Actual     Expected     Excess  
                                          Deferrals     Defaults as     Subordination  
                                    # of Issuers     and Defaults     a % of     as a % of  
Trust preferred securities       Lowest               Unrealized     Realized     Currently     as a % of     Remaining     Current  
March 31, 2017       Credit   Amortized     Fair     Gain/     Losses     Performing/     Original     Performing     Performing  

(dollars in thousands)

  

Class

  

Rating (1)

   Cost     Value     (Loss)     2017     Remaining     Collateral     Collateral     Collateral  

Pooled trust preferred securities:

                

Reg Div Funding 2004

   B-2   D   $ 2,948     $ 263     $ (2,685 )    $ —         22/37       32.1 %      7.5 %      0.0 % 

Pretsl XXVII LTD

   B   B     4,422       2,381       (2,041 )      —         35/44       16.7 %      4.3 %      46.5 % 

Trapeza Ser 13A

   A2A   BBB     9,482       5,644       (3,838 )      —         50/55       4.5 %      4.8 %      45.8 % 
     

 

 

    

 

 

    

 

 

    

 

 

          
        16,852       8,288       (8,564 )      —            

Single Issuer trust preferred securities:

 

              

Fleet Cap Tr V (BOA)

     BB+     3,399       3,211       (188 )      —            

JP Morgan Chase Cap XIII

     BBB-     4,770       4,513       (257 )      —            

NB-Global

     BB+     790       915       125       —            

Chase Cap II

     BBB-     826       908       82       —            
     

 

 

    

 

 

    

 

 

    

 

 

          
        9,785       9,547       (238 )      —            

Total

       $ 26,637     $ 17,835     $ (8,802 )    $ —            
     

 

 

    

 

 

    

 

 

    

 

 

          

 

(1) Lowest rating for the security provided by any nationally recognized credit rating agency.