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Investment Securities (Tables)
 3 Months Ended
Mar. 31, 2014
Investments, Debt and Equity Securities [Abstract]  
Amortized cost, gross unrealized gain and losses and fair value of investment securities
The following tables present the amortized cost, the gross unrealized gains and losses and the fair value of the Company’s investment securities:
 
March 31, 2014
 
Amortized Cost
 
Gross Unrealized
 
Fair Value
(Dollars in thousands)
 
Gains
 
Losses
 
Available-for-sale
 
 
 
 
 
 
 
U.S. government sponsored enterprises
$
9,792

 
150

 
—

 
9,942

State and local governments
902,464

 
27,337

 
(8,351
)
 
921,450

Corporate bonds
431,831

 
4,567

 
(713
)
 
435,685

Residential mortgage-backed securities 1
1,296,529

 
12,512

 
(6,938
)
 
1,302,103

Total available-for-sale
2,640,616

 
44,566

 
(16,002
)
 
2,669,180

Held-to-maturity
 
 
 
 
 
 
 
State and local governments
481,476

 
23,505

 
(6,079
)
 
498,902

Total held-to-maturity
481,476

 
23,505

 
(6,079
)
 
498,902

Total investment securities
$
3,122,092

 
68,071

 
(22,081
)
 
3,168,082


 
December 31, 2013
 
Amortized Cost
 
Gross Unrealized
 
Fair Value
(Dollars in thousands)
 
Gains
 
Losses
 
Available-for-sale
 
 
 
 
 
 
 
U.S. government sponsored enterprises
$
10,441

 
187

 
—

 
10,628

State and local governments
1,377,347

 
31,621

 
(23,890
)
 
1,385,078

Corporate bonds
440,337

 
3,922

 
(1,758
)
 
442,501

Residential mortgage-backed securities 1
1,380,816

 
14,071

 
(10,265
)
 
1,384,622

Total available-for-sale
3,208,941

 
49,801

 
(35,913
)
 
3,222,829

Total investment securities
$
3,208,941

 
49,801

 
(35,913
)
 
3,222,829


________
1 Residential mortgage-backed securities are obligations of U.S. government sponsored enterprises and include collateralized mortgage obligations.
Amortized cost and fair value of securities by contractual maturity
The following table presents the amortized cost and fair value of available-for-sale and held-to-maturity securities by contractual maturity at March 31, 2014. Actual maturities may differ from expected or contractual maturities since borrowers have the right to prepay obligations with or without prepayment penalties.
 
March 31, 2014
 
Available-for-Sale
 
Held-to-Maturity
(Dollars in thousands)
Amortized Cost
 
Fair Value
 
Carrying Value
 
Fair Value
Due within one year
$
110,456

 
111,108

 
—

 
—

Due after one year through five years
510,168

 
516,571

 
—

 
—

Due after five years through ten years
61,297

 
61,933

 
—

 
—

Due after ten years
662,166

 
677,465

 
481,476

 
498,902

 
1,344,087

 
1,367,077

 
481,476

 
498,902

Residential mortgage-backed securities 1
1,296,529

 
1,302,103

 
—

 
—

Total
$
2,640,616

 
2,669,180

 
481,476

 
498,902

________
1 Residential mortgage-backed securities, which have prepayment provisions, are not assigned to maturity categories due to fluctuations in their prepayment speeds.
Gain or loss on sale of Investments
Gain or loss on sale of investment securities consists of the following:
 
Three Months ended
(Dollars in thousands)
March 31,
2014
 
March 31,
2013
Available-for-sale
 
 
 
Gross proceeds
$
11,927

 
3,839

Less amortized cost 1
(12,000
)
 
(3,976
)
Net loss on sale of available-for-sale investment securities
$
(73
)
 
(137
)
Gross gain on sale of investments
$
21

 
—

Gross loss on sale of investments
(94
)
 
(137
)
Net loss on sale of available-for-sale investment securities
$
(73
)
 
(137
)
Held-to-maturity 2
 
 
 
Gross proceeds
$
3,930

 
—

Less amortized cost 1
(3,908
)
 
—

Net gain on sale of held-to-maturity investment securities
$
22

 
—

Gross gain on sale of investments
$
22

 
—

Gross loss on sale of investments
—

 
—

Net gain on sale of held-to-maturity investment securities
$
22

 
—


__________
1 The cost of each investment security sold is determined by specific identification.
2 The gain or loss on sale of held-to-maturity investment securities is solely due to securities that were partially or wholly called.
Summary of investments with an unrealized loss position
Investment securities with an unrealized loss position are summarized as follows:
 
 
March 31, 2014
 
Less than 12 Months
 
12 Months or More
 
Total
(Dollars in thousands)
Fair
Value
 
Unrealized
Loss
 
Fair
Value
 
Unrealized
Loss
 
Fair
Value
 
Unrealized
Loss
Available-for-sale
 
 
 
 
 
 
 
 
 
 
 
U.S. government sponsored enterprises
$
25

 
—

 
—

 
—

 
25

 
—

State and local governments
155,418

 
(4,861
)
 
77,090

 
(3,490
)
 
232,508

 
(8,351
)
Corporate bonds
65,131

 
(536
)
 
17,722

 
(177
)
 
82,853

 
(713
)
Residential mortgage-backed securities
273,531

 
(4,109
)
 
132,600

 
(2,829
)
 
406,131

 
(6,938
)
Total available-for-sale
$
494,105

 
(9,506
)
 
227,412

 
(6,496
)
 
721,517

 
(16,002
)
Held-to-maturity
 
 
 
 
 
 
 
 
 
 
 
State and local governments
$
19,803

 
(979
)
 
75,916

 
(5,100
)
 
95,719

 
(6,079
)
Total held-to-maturity
$
19,803

 
(979
)
 
75,916

 
(5,100
)
 
95,719

 
(6,079
)
 
 
December 31, 2013
 
Less than 12 Months
 
12 Months or More
 
Total
(Dollars in thousands)
Fair
Value
 
Unrealized
Loss
 
Fair
Value
 
Unrealized
Loss
 
Fair
Value
 
Unrealized
Loss
Available-for-sale
 
 
 
 
 
 
 
 
 
 
 
U.S. government sponsored enterprises
$
3

 
—

 
—

 
—

 
3

 
—

State and local governments
408,812

 
(17,838
)
 
74,161

 
(6,052
)
 
482,973

 
(23,890
)
Corporate bonds
129,515

 
(1,672
)
 
1,702

 
(86
)
 
131,217

 
(1,758
)
Residential mortgage-backed securities
457,611

 
(10,226
)
 
1,993

 
(39
)
 
459,604

 
(10,265
)
Total available-for-sale
$
995,941

 
(29,736
)
 
77,856

 
(6,177
)
 
1,073,797

 
(35,913
)