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Investment Securities (Tables)
 12 Months Ended
Dec. 31, 2016
Investments, Debt and Equity Securities [Abstract]  
Amortized cost, gross unrealized gains and losses and the 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, 2016
 
Amortized Cost
 
Gross Unrealized
 
Fair Value
(Dollars in thousands)
 
Gains
 
Losses
 
Available-for-sale
 
 
 
 
 
 
 
U.S. government and federal agency
$
39,554

 
15

 
(162
)
 
39,407

U.S. government sponsored enterprises
19,557

 
55

 
(42
)
 
19,570

State and local governments
775,395

 
20,941

 
(9,963
)
 
786,373

Corporate bonds
471,569

 
1,175

 
(793
)
 
471,951

Mortgage-backed securities 1
1,116,727

 
2,774

 
(11,325
)
 
1,108,176

Total available-for-sale
2,422,802

 
24,960

 
(22,285
)
 
2,425,477

Held-to-maturity
 
 
 
 
 
 
 
State and local governments
675,674

 
21,400

 
(7,985
)
 
689,089

Total held-to-maturity
675,674

 
21,400

 
(7,985
)
 
689,089

Total investment securities
$
3,098,476

 
46,360

 
(30,270
)
 
3,114,566


 
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

Mortgage-backed securities 1
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


________
1 Consists of residential mortgage-backed securities with fair values of $1,011,252,000 and $1,200,503,000 at December 31, 2016 and 2015, respectively, and commercial mortgage-backed securities, with fair values of $96,924,000 and $457,000 at December 31, 2016 and 2015, respectively.
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, 2016. Actual maturities may differ from expected or contractual maturities since issuers have the right to prepay obligations with or without prepayment penalties.
 
December 31, 2016
 
Available-for-Sale
 
Held-to-Maturity
(Dollars in thousands)
Amortized Cost
 
Fair Value
 
Amortized Cost
 
Fair Value
Due within one year
$
149,379

 
149,650

 
—

 
—

Due after one year through five years
437,896

 
438,650

 
594

 
597

Due after five years through ten years
197,462

 
200,654

 
55,310

 
56,048

Due after ten years
521,338

 
528,347

 
619,770

 
632,444

 
1,306,075

 
1,317,301

 
675,674

 
689,089

Mortgage-backed securities 1
1,116,727

 
1,108,176

 
—

 
—

Total
$
2,422,802

 
2,425,477

 
675,674

 
689,089

________
1 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 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:
 
Years ended
(Dollars in thousands)
December 31,
2016
 
December 31,
2015
 
December 31,
2014
Available-for-sale
 
 
 
 
 
Proceeds from sales and calls of investment securities
$
212,140

 
167,660

 
219,849

Gross realized gains 1
2,459

 
1,877

 
501

Gross realized losses 1
(3,794
)
 
(1,808
)
 
(705
)
Held-to-maturity
 
 
 
 
 
Proceeds from calls of investment securities
25,405

 
20,997

 
8,930

Gross realized gains 1
97

 
50

 
22

Gross realized losses 1
(225
)
 
(100
)
 
(6
)
__________
1 The gain or loss on the sale or call of each investment security is determined by the specific identification method.
Summary of investment securities with an unrealized loss position
Investment securities with an unrealized loss position are summarized as follows:
 
 
December 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
$
6,718

 
(24
)
 
26,239

 
(138
)
 
32,957

 
(162
)
U.S. government sponsored enterprises
6,049

 
(42
)
 
—

 
—

 
6,049

 
(42
)
State and local governments
222,700

 
(4,949
)
 
81,783

 
(5,014
)
 
304,483

 
(9,963
)
Corporate bonds
174,821

 
(774
)
 
6,141

 
(19
)
 
180,962

 
(793
)
Mortgage-backed securities
778,109

 
(10,657
)
 
29,957

 
(668
)
 
808,066

 
(11,325
)
Total available-for-sale
$
1,188,397

 
(16,446
)
 
144,120

 
(5,839
)
 
1,332,517

 
(22,285
)
Held-to-maturity
 
 
 
 
 
 
 
 
 
 
 
State and local governments
$
117,912

 
(1,712
)
 
86,601

 
(6,273
)
 
204,513

 
(7,985
)
Total held-to-maturity
$
117,912

 
(1,712
)
 
86,601

 
(6,273
)
 
204,513

 
(7,985
)
 
 
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
)
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
)