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Investment Securities (Tables)
 6 Months Ended
Jun. 30, 2016
Investments, Debt and Equity Securities [Abstract]  
Amortized cost, gross unrealized gains 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:
 
June 30, 2016
 
Amortized Cost
 
Gross Unrealized
 
Fair Value
(Dollars in thousands)
 
Gains
 
Losses
 
Available-for-sale
 
 
 
 
 
 
 
U.S. government and federal agency
$
43,573

 
33

 
(220
)
 
43,386

U.S. government sponsored enterprises
46,307

 
592

 
—

 
46,899

State and local governments
858,382

 
49,742

 
(5,335
)
 
902,789

Corporate bonds
434,209

 
3,076

 
(192
)
 
437,093

Residential mortgage-backed securities
1,042,121

 
16,219

 
(552
)
 
1,057,788

Total available-for-sale
2,424,592

 
69,662

 
(6,299
)
 
2,487,955

Held-to-maturity
 
 
 
 
 
 
 
State and local governments
680,574

 
48,980

 
(3,189
)
 
726,365

Total held-to-maturity
680,574

 
48,980

 
(3,189
)
 
726,365

Total investment securities
$
3,105,166

 
118,642

 
(9,488
)
 
3,214,320


 
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
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 June 30, 2016. Actual maturities may differ from expected or contractual maturities since issuers have the right to prepay obligations with or without prepayment penalties.

 
June 30, 2016
 
Available-for-Sale
 
Held-to-Maturity
(Dollars in thousands)
Amortized Cost
 
Fair Value
 
Amortized Cost
 
Fair Value
Due within one year
$
142,316

 
142,834

 
—

 
—

Due after one year through five years
467,688

 
472,160

 
—

 
—

Due after five years through ten years
176,826

 
187,546

 
39,376

 
41,965

Due after ten years
595,641

 
627,627

 
641,198

 
684,400

 
1,382,471

 
1,430,167

 
680,574

 
726,365

Residential mortgage-backed securities 1
1,042,121

 
1,057,788

 
—

 
—

Total
$
2,424,592

 
2,487,955

 
680,574

 
726,365

__________
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
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,
2016
 
June 30,
2015
 
June 30,
2016
 
June 30,
2015
Available-for-sale
 
 
 
 
 
 
 
Proceeds from sales and calls of investment securities
$
29,861

 
11,918

 
88,484

 
74,621

Gross realized gains 1
143

 
43

 
943

 
82

Gross realized losses 1
(261
)
 
(92
)
 
(1,000
)
 
(127
)
Held-to-maturity
 
 
 
 
 
 
 
Proceeds from calls of investment securities
10,470

 
9,605

 
21,625

 
10,065

Gross realized gains 1
44

 
14

 
91

 
15

Gross realized losses 1
(146
)
 
(63
)
 
(146
)
 
(63
)

__________
1 The gain or loss on the sale or call of each investment security is determined by the specific identification method.
Summary of investments with an unrealized loss position
Investment securities with an unrealized loss position are summarized as follows:

 
June 30, 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
$
1,686

 
(2
)
 
34,603

 
(218
)
 
36,289

 
(220
)
State and local governments
15,644

 
(239
)
 
123,203

 
(5,096
)
 
138,847

 
(5,335
)
Corporate bonds
36,068

 
(97
)
 
18,521

 
(95
)
 
54,589

 
(192
)
Residential mortgage-backed securities
63,098

 
(271
)
 
28,018

 
(281
)
 
91,116

 
(552
)
Total available-for-sale
$
116,496

 
(609
)
 
204,345

 
(5,690
)
 
320,841

 
(6,299
)
Held-to-maturity
 
 
 
 
 
 
 
 
 
 
 
State and local governments
$
2,967

 
(73
)
 
90,809

 
(3,116
)
 
93,776

 
(3,189
)
Total held-to-maturity
$
2,967

 
(73
)
 
90,809

 
(3,116
)
 
93,776

 
(3,189
)
 
 
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
)