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Investment Securities (Tables)
 12 Months Ended
Dec. 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:
 
December 31, 2014
 
Amortized Cost
 
Gross Unrealized
 
Fair Value
(Dollars in thousands)
 
Gains
 
Losses
 
Available-for-sale
 
 
 
 
 
 
 
U.S. government and federal agency
$
44

 
—

 
—

 
44

U.S. government sponsored enterprises
21,916

 
31

 
(2
)
 
21,945

State and local governments
962,365

 
40,173

 
(4,569
)
 
997,969

Corporate bonds
313,545

 
2,059

 
(750
)
 
314,854

Residential mortgage-backed securities
1,043,897

 
11,205

 
(2,486
)
 
1,052,616

Total available-for-sale
2,341,767

 
53,468

 
(7,807
)
 
2,387,428

Held-to-maturity
 
 
 
 
 
 
 
State and local governments
520,997

 
32,925

 
(2,976
)
 
550,946

Total held-to-maturity
520,997

 
32,925

 
(2,976
)
 
550,946

Total investment securities
$
2,862,764

 
86,393

 
(10,783
)
 
2,938,374


 
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
1,380,816

 
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
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 December 31, 2014. Actual maturities may differ from expected or contractual maturities since borrowers have the right to prepay obligations with or without prepayment penalties.
 
December 31, 2014
 
Available-for-Sale
 
Held-to-Maturity
(Dollars in thousands)
Amortized Cost
 
Fair Value
 
Amortized Cost
 
Fair Value
Due within one year
$
126,102

 
126,779

 
—

 
—

Due after one year through five years
367,037

 
370,349

 
—

 
—

Due after five years through ten years
90,172

 
93,356

 
188

 
188

Due after ten years
714,559

 
744,328

 
520,809

 
550,758

 
1,297,870

 
1,334,812

 
520,997

 
550,946

Residential mortgage-backed securities 1
1,043,897

 
1,052,616

 
—

 
—

Total
$
2,341,767

 
2,387,428

 
520,997

 
550,946

________
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 investment securities
Gain or loss on sale of investment securities consists of the following:
 
Years ended
(Dollars in thousands)
December 31,
2014
 
December 31,
2013
 
December 31,
2012
Available-for-sale
 
 
 
 
 
Gross proceeds
$
219,849

 
181,971

 
—

Less amortized cost 1
(220,053
)
 
(182,270
)
 
—

Net available-for-sale
$
(204
)
 
(299
)
 
—

Gross gain on sale of investments
$
501

 
3,723

 
—

Gross loss on sale of investments
(705
)
 
(4,022
)
 
—

Net available-for-sale
$
(204
)
 
(299
)
 
—

Held-to-maturity 2
 
 
 
 
 
Gross proceeds
$
8,930

 
—

 
—

Less amortized cost 1
(8,914
)
 
—

 
—

Net held-to-maturity
$
16

 
—

 
—

Gross gain on sale of investments
$
22

 
—

 
—

Gross loss on sale of investments
(6
)
 
—

 
—

Net held-to-maturity
$
16

 
—

 
—

__________
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 investment securities with an unrealized loss position

Investment securities with an unrealized loss position are summarized as follows:
 
 
December 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 and federal agency
$
—

 
—

 
3

 
—

 
3

 
—

U.S. government sponsored enterprises
13,793

 
(2
)
 
—

 
—

 
13,793

 
(2
)
State and local governments
91,082

 
(1,273
)
 
115,927

 
(3,296
)
 
207,009

 
(4,569
)
Corporate bonds
60,289

 
(545
)
 
7,874

 
(205
)
 
68,163

 
(750
)
Residential mortgage-backed securities
192,962

 
(926
)
 
78,223

 
(1,560
)
 
271,185

 
(2,486
)
Total available-for-sale
$
358,126

 
(2,746
)
 
202,027

 
(5,061
)
 
560,153

 
(7,807
)
Held-to-maturity
 
 
 
 
 
 
 
 
 
 
 
State and local governments
$
18,643

 
(624
)
 
76,761

 
(2,352
)
 
95,404

 
(2,976
)
Total held-to-maturity
$
18,643

 
(624
)
 
76,761

 
(2,352
)
 
95,404

 
(2,976
)
 
 
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
)