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Investment Securities (Tables)
 9 Months Ended
Sep. 30, 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 September 30, 2017 and December 31, 2016 and the corresponding amounts of unrealized gains and losses therein:

 

(dollars in thousands)

    Amortized
Cost		      Unrealized
Gains		      Unrealized
Losses		      Fair
Value		  

September 30, 2017

            

Available-for-Sale

            

U.S. Treasury

    $ 5,472      $ 143      $ —        $ 5,615  

U.S. government-sponsored entities and agencies

      583,151        86        (6,801 )       576,436  

Mortgage-backed securities—Agency

      1,466,636        3,862        (19,762 )       1,450,736  

States and political subdivisions

      410,856        6,569        (2,752 )       414,673  

Pooled trust preferred securities

      16,651        —          (8,381 )       8,270  

Other securities

      319,669        2,086        (1,648 )       320,107  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total available-for-sale securities

    $ 2,802,435      $ 12,746      $ (39,344 )     $ 2,775,837  
  

 

 

     

 

 

     

 

 

     

 

 

  

Held-to-Maturity

            

Mortgage-backed securities—Agency

    $ 7,649      $ 254      $ —        $ 7,903  

States and political subdivisions

      681,302        51,359        —          732,661  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total held-to-maturity securities

    $ 688,951      $ 51,613      $ —        $ 740,564  
  

 

 

     

 

 

     

 

 

     

 

 

  

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 and nine months ended September 30, 2017 and 2016:

 

     Three Months Ended
September 30,		      Nine Months Ended
September 30,		  

(dollars in thousands)

    2017      2016      2017      2016  

Proceeds from sales of available-for-sale securities

    $ 98,038      $ 50,368      $ 284,315      $ 157,819  

Proceeds from calls of available-for-sale securities

      2,303        160,805        73,423        525,114  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total

    $ 100,341      $ 211,173      $ 357,738      $ 682,933  
  

 

 

     

 

 

     

 

 

     

 

 

  

Realized gains on sales of available-for-sale securities

    $ 2,891      $ 1,062      $ 7,174      $ 4,213  

Realized gains on calls of available-for-sale securities

      13        477        13        848  

Realized losses on sales of available-for-sale securities

      (36 )       (2 )       (79 )       (450 ) 

Realized losses on calls of available-for-sale securities

      —          (15 )       (8 )       (103 ) 

Other securities gains (losses) (1)

      104        125        447        101  
  

 

 

     

 

 

     

 

 

     

 

 

  

Net securities gains (losses)

    $ 2,972      $ 1,647      $ 7,547      $ 4,609  
  

 

 

     

 

 

     

 

 

     

 

 

  

 

(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 September 30, 2017  
(dollars in thousands)           Weighted
Average
Yield		  

Maturity

    Amortized
Cost		      Fair
Value		     

Available-for-Sale

         

Within one year

    $ 34,563      $ 34,686        2.36 % 

One to five years

      338,424        339,100        2.11  

Five to ten years

      302,515        305,146        2.85  

Beyond ten years

      2,126,933        2,096,905        2.43  
  

 

 

     

 

 

     

 

 

  

Total

    $ 2,802,435      $ 2,775,837        2.44 % 
  

 

 

     

 

 

     

 

 

  

Held-to-Maturity

         

Within one year

    $ 23,751      $ 24,064        6.15 % 

One to five years

      89,739        94,617        4.88  

Five to ten years

      172,648        183,505        4.88  

Beyond ten years

      402,813        438,378        5.75  
  

 

 

     

 

 

     

 

 

  

Total

    $ 688,951      $ 740,564        5.43 % 
  

 

 

     

 

 

     

 

 

  
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 September 30, 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  

(dollars in thousands)

    Fair
Value		      Unrealized
Losses		     Fair
Value		      Unrealized
Losses		     Fair
Value		      Unrealized
Losses		  

September 30, 2017

                

Available-for-Sale

                

U.S. government-sponsored entities and agencies

    $ 406,906      $ (3,708 )    $ 89,907      $ (3,093 )    $ 496,813      $ (6,801 ) 

Mortgage-backed securities—Agency

      985,209        (12,903 )      190,224        (6,859 )      1,175,433        (19,762 ) 

States and political subdivisions

      104,214        (1,612 )      35,715        (1,140 )      139,929        (2,752 ) 

Pooled trust preferred securities

      —          —         8,270        (8,381 )      8,270        (8,381 ) 

Other securities

      80,290        (848 )      85,583        (800 )      165,873        (1,648 ) 
  

 

 

     

 

 

    

 

 

     

 

 

    

 

 

     

 

 

  

Total available-for-sale

    $ 1,576,619      $ (19,071 )    $ 409,699      $ (20,273 )    $ 1,986,318      $ (39,344 ) 
  

 

 

     

 

 

    

 

 

     

 

 

    

 

 

     

 

 

  

Held-to-Maturity

                

States and political subdivisions

    $ 465      $ —       $ —        $ —       $ 465      $ —    
  

 

 

     

 

 

    

 

 

     

 

 

    

 

 

     

 

 

  

Total held-to-maturity

    $ 465      $ —       $ —        $ —       $ 465      $ —    
  

 

 

     

 

 

    

 

 

     

 

 

    

 

 

     

 

 

  

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.

 

Trust preferred securities
September 30, 2017

(dollars in thousands)

    Class      Lowest
Credit
Rating (1)		      Amortized
Cost		      Fair
Value		      Unrealized
Gain/
(Loss)		     Realized
Losses
2017		      # of Issuers
Currently
Performing/
Remaining		      Actual
Deferrals
and
Defaults
as a % of
Original
Collateral		     Expected
Defaults as
a % of
Remaining
Performing
Collateral		     Excess
Subordination
as a % of
Current
Performing
Collateral		  

Pooled trust preferred securities:

 

                  

Reg Div Funding 2004

      B-2        D      $ 2,738      $ 262      $ (2,476 )    $     —          21/36        32.1%       7.5%       0.0%  

Pretsl XXVII LTD

      B        B        4,422        2,451        (1,971 )      —          35/44        16.7%       3.8%       47.9%  

Trapeza Ser 13A

      A2A        BBB        9,491        5,557        (3,934 )      —          50/55        4.5%       4.6%       45.2%  
        

 

 

     

 

 

     

 

 

    

 

 

            
           16,651        8,270        (8,381 )      —              

Single Issuer trust preferred securities:

 

                     

Fleet Cap Tr V (BOA)

         BB+        3,403        3,325        (78 )      —              

JP Morgan Chase Cap XIII

         BBB-        4,775        4,609        (166 )      —              

NB-Global

         BB+        799        949        150       —              

Chase Cap II

         BBB-        833        935        102       —              
        

 

 

     

 

 

     

 

 

    

 

 

            
           9,810        9,818        8       —              

Total

          $ 26,461      $ 18,088      $ (8,373 )    $     —              
        

 

 

     

 

 

     

 

 

    

 

 

            

 

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