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Investment Securities
 3 Months Ended
Mar. 31, 2016
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, 2016
 
Amortized Cost
 
Gross Unrealized
 
Fair Value
(Dollars in thousands)
 
Gains
 
Losses
 
Available-for-sale
 
 
 
 
 
 
 
U.S. government and federal agency
$
45,957

 
18

 
(288
)
 
45,687

U.S. government sponsored enterprises
68,100

 
673

 
—

 
68,773

State and local governments
870,239

 
36,720

 
(5,826
)
 
901,133

Corporate bonds
443,632

 
738

 
(1,495
)
 
442,875

Residential mortgage-backed securities
1,140,413

 
8,434

 
(2,690
)
 
1,146,157

Total available-for-sale
2,568,341

 
46,583

 
(10,299
)
 
2,604,625

Held-to-maturity
 
 
 
 
 
 
 
State and local governments
691,663

 
33,081

 
(4,554
)
 
720,190

Total held-to-maturity
691,663

 
33,081

 
(4,554
)
 
720,190

Total investment securities
$
3,260,004

 
79,664

 
(14,853
)
 
3,324,815


 
December 31, 2015
 
Amortized Cost
 
Gross Unrealized
 
Fair Value
(Dollars in thousands)
 
Gains
 
Losses
 
Available-for-sale
 
 
 
 
 
 
 
U.S. government and federal agency
$
47,868

 
15

 
(432
)
 
47,451

U.S. government sponsored enterprises
93,230

 
100

 
(163
)
 
93,167

State and local governments
856,738

 
34,159

 
(5,878
)
 
885,019

Corporate bonds
386,629

 
611

 
(3,077
)
 
384,163

Residential mortgage-backed securities
1,203,548

 
6,180

 
(8,768
)
 
1,200,960

Total available-for-sale
2,588,013

 
41,065

 
(18,318
)
 
2,610,760

Held-to-maturity
 
 
 
 
 
 
 
State and local governments
702,072

 
31,863

 
(4,422
)
 
729,513

Total held-to-maturity
702,072

 
31,863

 
(4,422
)
 
729,513

Total investment securities
$
3,290,085

 
72,928

 
(22,740
)
 
3,340,273



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, 2016. Actual maturities may differ from expected or contractual maturities since issuers have the right to prepay obligations with or without prepayment penalties.

 
March 31, 2016
 
Available-for-Sale
 
Held-to-Maturity
(Dollars in thousands)
Amortized Cost
 
Fair Value
 
Amortized Cost
 
Fair Value
Due within one year
$
150,150

 
150,764

 
—

 
—

Due after one year through five years
503,233

 
503,879

 
—

 
—

Due after five years through ten years
144,750

 
149,613

 
28,545

 
29,370

Due after ten years
629,795

 
654,212

 
663,118

 
690,820

 
1,427,928

 
1,458,468

 
691,663

 
720,190

Residential mortgage-backed securities 1
1,140,413

 
1,146,157

 
—

 
—

Total
$
2,568,341

 
2,604,625

 
691,663

 
720,190

__________
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,
2016
 
March 31,
2015
Available-for-sale
 
 
 
Proceeds from sales and calls of investment securities
$
58,623

 
62,703

Gross realized gains 1
800

 
39

Gross realized losses 1
(739
)
 
(35
)
Held-to-maturity
 
 
 
Proceeds from calls of investment securities
11,155

 
460

Gross realized gains 1
47

 
1

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, 2016
 
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
$
2,291

 
(5
)
 
39,478

 
(283
)
 
41,769

 
(288
)
State and local governments
50,820

 
(444
)
 
145,853

 
(5,382
)
 
196,673

 
(5,826
)
Corporate bonds
208,048

 
(1,227
)
 
33,786

 
(268
)
 
241,834

 
(1,495
)
Residential mortgage-backed securities
259,495

 
(1,655
)
 
65,081

 
(1,035
)
 
324,576

 
(2,690
)
Total available-for-sale
$
520,654

 
(3,331
)
 
284,198

 
(6,968
)
 
804,852

 
(10,299
)
Held-to-maturity
 
 
 
 
 
 
 
 
 
 
 
State and local governments
$
16,230

 
(209
)
 
108,674

 
(4,345
)
 
124,904

 
(4,554
)
Total held-to-maturity
$
16,230

 
(209
)
 
108,674

 
(4,345
)
 
124,904

 
(4,554
)
 
 
December 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
$
42,493

 
(432
)
 
2

 
—

 
42,495

 
(432
)
U.S. government sponsored enterprises
60,010

 
(163
)
 
—

 
—

 
60,010

 
(163
)
State and local governments
102,422

 
(1,629
)
 
115,943

 
(4,249
)
 
218,365

 
(5,878
)
Corporate bonds
228,258

 
(1,812
)
 
13,962

 
(1,265
)
 
242,220

 
(3,077
)
Residential mortgage-backed securities
730,412

 
(7,226
)
 
53,021

 
(1,542
)
 
783,433

 
(8,768
)
Total available-for-sale
$
1,163,595

 
(11,262
)
 
182,928

 
(7,056
)
 
1,346,523

 
(18,318
)
Held-to-maturity
 
 
 
 
 
 
 
 
 
 
 
State and local governments
$
42,322

 
(594
)
 
81,709

 
(3,828
)
 
124,031

 
(4,422
)
Total held-to-maturity
$
42,322

 
(594
)
 
81,709

 
(3,828
)
 
124,031

 
(4,422
)


Based on an analysis of its investment securities with unrealized losses as of March 31, 2016 and December 31, 2015, 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, 2016, 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.