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Investment Securities (Tables)
 9 Months Ended
Sep. 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:
 
September 30, 2017
 
Amortized Cost
 
Gross Unrealized
 
Fair Value
(Dollars in thousands)
 
Gains
 
Losses
 
Available-for-sale
 
 
 
 
 
 
 
U.S. government and federal agency
$
34,161

 
45

 
(160
)
 
34,046

U.S. government sponsored enterprises
19,178

 
100

 
(11
)
 
19,267

State and local governments
623,296

 
22,616

 
(3,939
)
 
641,973

Corporate bonds
248,865

 
1,281

 
(156
)
 
249,990

Residential mortgage-backed securities
837,808

 
3,703

 
(2,582
)
 
838,929

Commercial mortgage-backed securities
102,843

 
214

 
(745
)
 
102,312

Total available-for-sale
1,866,151

 
27,959

 
(7,593
)
 
1,886,517

Held-to-maturity
 
 
 
 
 
 
 
State and local governments
655,128

 
23,503

 
(7,433
)
 
671,198

Total held-to-maturity
655,128

 
23,503

 
(7,433
)
 
671,198

Total investment securities
$
2,521,279

 
51,462

 
(15,026
)
 
2,557,715


 
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 September 30, 2017. Actual maturities may differ from expected or contractual maturities since issuers have the right to prepay obligations with or without prepayment penalties.

 
September 30, 2017
 
Available-for-Sale
 
Held-to-Maturity
(Dollars in thousands)
Amortized Cost
 
Fair Value
 
Amortized Cost
 
Fair Value
Due within one year
$
83,120

 
83,270

 
—

 
—

Due after one year through five years
248,611

 
250,105

 
1,697

 
1,756

Due after five years through ten years
225,885

 
235,110

 
72,217

 
74,597

Due after ten years
367,884

 
376,791

 
581,214

 
594,845

 
925,500

 
945,276

 
655,128

 
671,198

Mortgage-backed securities 1
940,651

 
941,241

 
—

 
—

Total
$
1,866,151

 
1,886,517

 
655,128

 
671,198

__________
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
 
Nine Months ended
(Dollars in thousands)
September 30,
2017
 
September 30,
2016
 
September 30,
2017
 
September 30,
2016
Available-for-sale
 
 
 
 
 
 
 
Proceeds from sales and calls of investment securities
$
155,894

 
59,974

 
268,557

 
148,458

Gross realized gains 1
278

 
366

 
3,345

 
1,309

Gross realized losses 1
(201
)
 
(960
)
 
(3,864
)
 
(1,960
)
Held-to-maturity
 
 
 
 
 
 
 
Proceeds from calls of investment securities
3,675

 
340

 
18,910

 
21,965

Gross realized gains 1
—

 
—

 
153

 
91

Gross realized losses 1
—

 
—

 
(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:

 
September 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
$
1,952

 
(18
)
 
13,548

 
(142
)
 
15,500

 
(160
)
U.S. government sponsored enterprises
3,460

 
(11
)
 
—

 
—

 
3,460

 
(11
)
State and local governments
76,806

 
(932
)
 
83,941

 
(3,007
)
 
160,747

 
(3,939
)
Corporate bonds
48,048

 
(150
)
 
3,270

 
(6
)
 
51,318

 
(156
)
Residential mortgage-backed securities
350,965

 
(2,102
)
 
38,751

 
(480
)
 
389,716

 
(2,582
)
Commercial mortgage-backed securities
58,628

 
(707
)
 
8,116

 
(38
)
 
66,744

 
(745
)
Total available-for-sale
$
539,859

 
(3,920
)
 
147,626

 
(3,673
)
 
687,485

 
(7,593
)
Held-to-maturity
 
 
 
 
 
 
 
 
 
 
 
State and local governments
$
10,683

 
(139
)
 
104,858

 
(7,294
)
 
115,541

 
(7,433
)
Total held-to-maturity
$
10,683

 
(139
)
 
104,858

 
(7,294
)
 
115,541

 
(7,433
)
 
 
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
)