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Investment Securities (Tables)
 6 Months Ended
Jun. 30, 2017
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, 2017
 
Amortized Cost
 
Gross Unrealized
 
Fair Value
(Dollars in thousands)
 
Gains
 
Losses
 
Available-for-sale
 
 
 
 
 
 
 
U.S. government and federal agency
$
35,774

 
30

 
(193
)
 
35,611

U.S. government sponsored enterprises
19,161

 
122

 
(9
)
 
19,274

State and local governments
646,916

 
24,580

 
(3,593
)
 
667,903

Corporate bonds
421,208

 
1,423

 
(262
)
 
422,369

Residential mortgage-backed securities
894,877

 
4,265

 
(2,778
)
 
896,364

Commercial mortgage-backed securities
101,258

 
178

 
(485
)
 
100,951

Total available-for-sale
2,119,194

 
30,598

 
(7,320
)
 
2,142,472

Held-to-maturity
 
 
 
 
 
 
 
State and local governments
659,347

 
26,045

 
(6,897
)
 
678,495

Total held-to-maturity
659,347

 
26,045

 
(6,897
)
 
678,495

Total investment securities
$
2,778,541

 
56,643

 
(14,217
)
 
2,820,967


 
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

Residential mortgage-backed securities
1,014,518

 
2,744

 
(9,747
)
 
1,007,515

Commercial mortgage-backed securities
102,209

 
30

 
(1,578
)
 
100,661

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
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, 2017. Actual maturities may differ from expected or contractual maturities since issuers have the right to prepay obligations with or without prepayment penalties.

 
June 30, 2017
 
Available-for-Sale
 
Held-to-Maturity
(Dollars in thousands)
Amortized Cost
 
Fair Value
 
Amortized Cost
 
Fair Value
Due within one year
$
173,687

 
173,917

 
—

 
—

Due after one year through five years
344,407

 
346,022

 
1,702

 
1,761

Due after five years through ten years
219,792

 
229,630

 
64,115

 
66,745

Due after ten years
385,173

 
395,588

 
593,530

 
609,989

 
1,123,059

 
1,145,157

 
659,347

 
678,495

Mortgage-backed securities 1
996,135

 
997,315

 
—

 
—

Total
$
2,119,194

 
2,142,472

 
659,347

 
678,495

__________
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 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,
2017
 
June 30,
2016
 
June 30,
2017
 
June 30,
2016
Available-for-sale
 
 
 
 
 
 
 
Proceeds from sales and calls of investment securities
$
104,172

 
29,861

 
112,663

 
88,484

Gross realized gains 1
3,057

 
143

 
3,067

 
943

Gross realized losses 1
(3,514
)
 
(261
)
 
(3,663
)
 
(1,000
)
Held-to-maturity
 
 
 
 
 
 
 
Proceeds from calls of investment securities
7,445

 
10,470

 
15,235

 
21,625

Gross realized gains 1
72

 
44

 
153

 
91

Gross realized losses 1
(137
)
 
(146
)
 
(179
)
 
(146
)

__________
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, 2017
 
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
$
3,799

 
(23
)
 
20,347

 
(170
)
 
24,146

 
(193
)
U.S. government sponsored enterprises
3,460

 
(9
)
 
—

 
—

 
3,460

 
(9
)
State and local governments
108,608

 
(1,436
)
 
46,043

 
(2,157
)
 
154,651

 
(3,593
)
Corporate bonds
114,851

 
(254
)
 
6,045

 
(8
)
 
120,896

 
(262
)
Residential mortgage-backed securities
363,572

 
(2,576
)
 
18,090

 
(202
)
 
381,662

 
(2,778
)
Commercial mortgage-backed securities
69,314

 
(485
)
 
—

 
—

 
69,314

 
(485
)
Total available-for-sale
$
663,604

 
(4,783
)
 
90,525

 
(2,537
)
 
754,129

 
(7,320
)
Held-to-maturity
 
 
 
 
 
 
 
 
 
 
 
State and local governments
$
32,640

 
(642
)
 
82,953

 
(6,255
)
 
115,593

 
(6,897
)
Total held-to-maturity
$
32,640

 
(642
)
 
82,953

 
(6,255
)
 
115,593

 
(6,897
)
 
 
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
)
Residential mortgage-backed securities
688,811

 
(9,079
)
 
29,957

 
(668
)
 
718,768

 
(9,747
)
Commercial mortgage-backed securities
89,298

 
(1,578
)
 
—

 
—

 
89,298

 
(1,578
)
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
)