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Investment Securities
 6 Months Ended
Jun. 30, 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:
 
June 30, 2015
 
Amortized Cost
 
Gross Unrealized
 
Fair Value
(Dollars in thousands)
 
Gains
 
Losses
 
Available-for-sale
 
 
 
 
 
 
 
U.S. government and federal agency
$
51,889

 
13

 
(405
)
 
51,497

U.S. government sponsored enterprises
81,085

 
32

 
(356
)
 
80,761

State and local governments
938,088

 
29,310

 
(9,346
)
 
958,052

Corporate bonds
355,140

 
1,482

 
(773
)
 
355,849

Residential mortgage-backed securities
910,491

 
11,298

 
(6,118
)
 
915,671

Total available-for-sale
2,336,693

 
42,135

 
(16,998
)
 
2,361,830

Held-to-maturity
 
 
 
 
 
 
 
State and local governments
593,314

 
23,308

 
(7,841
)
 
608,781

Total held-to-maturity
593,314

 
23,308

 
(7,841
)
 
608,781

Total investment securities
$
2,930,007

 
65,443

 
(24,839
)
 
2,970,611


 
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 June 30, 2015. Actual maturities may differ from expected or contractual maturities since borrowers have the right to prepay obligations with or without prepayment penalties.
 
June 30, 2015
 
Available-for-Sale
 
Held-to-Maturity
(Dollars in thousands)
Amortized Cost
 
Fair Value
 
Amortized Cost
 
Fair Value
Due within one year
$
130,166

 
130,744

 
—

 
—

Due after one year through five years
449,624

 
451,570

 
—

 
—

Due after five years through ten years
137,566

 
139,651

 
5,462

 
5,384

Due after ten years
708,846

 
724,194

 
587,852

 
603,397

 
1,426,202

 
1,446,159

 
593,314

 
608,781

Residential mortgage-backed securities 1
910,491

 
915,671

 
—

 
—

Total
$
2,336,693

 
2,361,830

 
593,314

 
608,781

__________
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
 
Six Months ended
(Dollars in thousands)
June 30,
2015
 
June 30,
2014
 
June 30,
2015
 
June 30,
2014
Available-for-sale
 
 
 
 
 
 
 
Proceeds from sales and calls of investment securities
$
11,918

 
21,773

 
74,621

 
33,700

Gross realized gains 1
43

 
160

 
82

 
181

Gross realized losses 1
(92
)
 
(208
)
 
(127
)
 
(302
)
Held-to-maturity
 
 
 
 
 
 
 
Proceeds from calls of investment securities
9,605

 
—

 
10,065

 
3,930

Gross realized gains 1
14

 
—

 
15

 
22

Gross realized losses 1
(63
)
 
—

 
(63
)
 
—


__________
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:
 
 
June 30, 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
$
48,276

 
(405
)
 
3

 
—

 
48,279

 
(405
)
U.S. government sponsored enterprises
64,511

 
(356
)
 
—

 
—

 
64,511

 
(356
)
State and local governments
228,286

 
(5,018
)
 
106,178

 
(4,328
)
 
334,464

 
(9,346
)
Corporate bonds
128,016

 
(736
)
 
3,635

 
(37
)
 
131,651

 
(773
)
Residential mortgage-backed securities
271,261

 
(4,307
)
 
48,782

 
(1,811
)
 
320,043

 
(6,118
)
Total available-for-sale
$
740,350

 
(10,822
)
 
158,598

 
(6,176
)
 
898,948

 
(16,998
)
Held-to-maturity
 
 
 
 
 
 
 
 
 
 
 
State and local governments
$
126,065

 
(4,113
)
 
65,860

 
(3,728
)
 
191,925

 
(7,841
)
Total held-to-maturity
$
126,065

 
(4,113
)
 
65,860

 
(3,728
)
 
191,925

 
(7,841
)
 
 
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 June 30, 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 June 30, 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.