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Investment Securities
 3 Months Ended
Mar. 31, 2015
Investments, Debt and Equity Securities [Abstract]  
Investment Securities
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, 2015
 
Amortized Cost
 
Gross Unrealized
 
Fair Value
(Dollars in thousands)
 
Gains
 
Losses
 
Available-for-sale
 
 
 
 
 
 
 
U.S. government and federal agency
$
53,114

 
17

 
(279
)
 
52,852

U.S. government sponsored enterprises
77,958

 
314

 
(44
)
 
78,228

State and local governments
960,495

 
40,771

 
(5,120
)
 
996,146

Corporate bonds
378,549

 
2,329

 
(568
)
 
380,310

Residential mortgage-backed securities
1,023,139

 
15,078

 
(1,660
)
 
1,036,557

Total available-for-sale
2,493,255

 
58,509

 
(7,671
)
 
2,544,093

Held-to-maturity
 
 
 
 
 
 
 
State and local governments
570,285

 
30,724

 
(3,882
)
 
597,127

Total held-to-maturity
570,285

 
30,724

 
(3,882
)
 
597,127

Total investment securities
$
3,063,540

 
89,233

 
(11,553
)
 
3,141,220


 
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



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, 2015. Actual maturities may differ from expected or contractual maturities since borrowers have the right to prepay obligations with or without prepayment penalties.
 
March 31, 2015
 
Available-for-Sale
 
Held-to-Maturity
(Dollars in thousands)
Amortized Cost
 
Fair Value
 
Amortized Cost
 
Fair Value
Due within one year
$
138,909

 
139,512

 
—

 
—

Due after one year through five years
471,592

 
475,338

 
—

 
—

Due after five years through ten years
134,959

 
139,173

 
2,081

 
2,092

Due after ten years
724,656

 
753,513

 
568,204

 
595,035

 
1,470,116

 
1,507,536

 
570,285

 
597,127

Residential mortgage-backed securities 1
1,023,139

 
1,036,557

 
—

 
—

Total
$
2,493,255

 
2,544,093

 
570,285

 
597,127

__________
1 Residential mortgage-backed securities, which have prepayment provisions, are not assigned to maturity categories due to fluctuations in their prepayment speeds.

Proceeds from sales and calls of investment securities and the associated gains and losses that have been included in earnings are listed below:
 
Three Months ended
(Dollars in thousands)
March 31,
2015
 
March 31,
2014
Available-for-sale
 
 
 
Proceeds from sales and calls of investment securities
$
62,703

 
11,927

Gross realized gains 1
39

 
21

Gross realized losses 1
(35
)
 
(94
)
Held-to-maturity
 
 
 
Proceeds from calls of investment securities
460

 
3,930

Gross realized gains 1
1

 
22

Gross realized losses 1
—

 
—


__________
1 The gain or loss on the sale or call of each investment security is determined by the specific identification method.

Investment securities with an unrealized loss position are summarized as follows:
 
 
March 31, 2015
 
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
$
34,013

 
(279
)
 
3

 
—

 
34,016

 
(279
)
U.S. government sponsored enterprises
26,722

 
(44
)
 
—

 
—

 
26,722

 
(44
)
State and local governments
143,300

 
(2,157
)
 
95,229

 
(2,963
)
 
238,529

 
(5,120
)
Corporate bonds
79,816

 
(503
)
 
7,087

 
(65
)
 
86,903

 
(568
)
Residential mortgage-backed securities
120,745

 
(734
)
 
47,038

 
(926
)
 
167,783

 
(1,660
)
Total available-for-sale
$
404,596

 
(3,717
)
 
149,357

 
(3,954
)
 
553,953

 
(7,671
)
Held-to-maturity
 
 
 
 
 
 
 
 
 
 
 
State and local governments
$
65,748

 
(1,379
)
 
66,621

 
(2,503
)
 
132,369

 
(3,882
)
Total held-to-maturity
$
65,748

 
(1,379
)
 
66,621

 
(2,503
)
 
132,369

 
(3,882
)
 
 
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
)


Based on an analysis of its investment securities with unrealized losses as of March 31, 2015 and December 31, 2014, the Company determined that none of such securities had other-than-temporary impairment and the unrealized losses were primarily the result of interest rate changes and market spreads subsequent to acquisition. The fair value of the investment securities is expected to recover as payments are received and the securities approach maturity. At March 31, 2015, management determined that it did not intend to sell investment securities with unrealized losses, and there was no expected requirement to sell any of its investment securities with unrealized losses before recovery of their amortized cost.