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Investment Securities (Tables)
 9 Months Ended
Sep. 30, 2015
Investments, Debt and Equity Securities [Abstract]  
Available-for-sale Securities
The amortized cost and fair values of investment securities, with gross unrealized gains and losses, consist of the following:
 
 
September 30, 2015
 
Amortized Cost
 
Gross
Unrealized Gains
 
Gross
Unrealized Losses
 
Estimated
Fair Value
(Dollars in thousands)
 
 
 
Securities available for sale:
 
 
 
 
 
 
 
U.S. Government-sponsored enterprise obligations
$
277,822

 
$
2,743

 
$
(45
)
 
$
280,520

Obligations of states and political subdivisions
181,626

 
4,502

 
—

 
186,128

Mortgage-backed securities
2,246,002

 
22,157

 
(3,647
)
 
2,264,512

Other securities
96,301

 
694

 
(350
)
 
96,645

Total securities available for sale
$
2,801,751

 
$
30,096

 
$
(4,042
)
 
$
2,827,805

Securities held to maturity:
 
 
 
 
 
 
 
Obligations of states and political subdivisions
$
73,821

 
$
2,878

 
$
(74
)
 
$
76,625

Mortgage-backed securities
24,509

 
103

 
(626
)
 
23,986

Total securities held to maturity
$
98,330

 
$
2,981

 
$
(700
)
 
$
100,611

 
 
 
 
 
 
 
 
 
December 31, 2014
 
Amortized Cost
 
Gross
Unrealized Gains
 
Gross
Unrealized Losses
 
Estimated
Fair Value
(Dollars in thousands)
 
 
 
Securities available for sale:
 
 
 
 
 
 
 
U.S. Government-sponsored enterprise obligations
$
317,386

 
$
1,700

 
$
(3,533
)
 
$
315,553

Obligations of states and political subdivisions
86,513

 
3,679

 
(2
)
 
90,190

Mortgage-backed securities
1,741,917

 
16,882

 
(7,184
)
 
1,751,615

Other securities
1,460

 
35

 
—

 
1,495

Total securities available for sale
$
2,147,276

 
$
22,296

 
$
(10,719
)
 
$
2,158,853

Securities held to maturity:
 
 
 
 
 
 
 
U.S. Government-sponsored enterprise obligations
$
10,000

 
$
88

 
$
—

 
$
10,088

Obligations of states and political subdivisions
77,597

 
3,153

 
(145
)
 
80,605

Mortgage-backed securities
29,363

 
151

 
(726
)
 
28,788

Total securities held to maturity
$
116,960

 
$
3,392

 
$
(871
)
 
$
119,481
Held-to-maturity Securities
The amortized cost and fair values of investment securities, with gross unrealized gains and losses, consist of the following:
 
 
September 30, 2015
 
Amortized Cost
 
Gross
Unrealized Gains
 
Gross
Unrealized Losses
 
Estimated
Fair Value
(Dollars in thousands)
 
 
 
Securities available for sale:
 
 
 
 
 
 
 
U.S. Government-sponsored enterprise obligations
$
277,822

 
$
2,743

 
$
(45
)
 
$
280,520

Obligations of states and political subdivisions
181,626

 
4,502

 
—

 
186,128

Mortgage-backed securities
2,246,002

 
22,157

 
(3,647
)
 
2,264,512

Other securities
96,301

 
694

 
(350
)
 
96,645

Total securities available for sale
$
2,801,751

 
$
30,096

 
$
(4,042
)
 
$
2,827,805

Securities held to maturity:
 
 
 
 
 
 
 
Obligations of states and political subdivisions
$
73,821

 
$
2,878

 
$
(74
)
 
$
76,625

Mortgage-backed securities
24,509

 
103

 
(626
)
 
23,986

Total securities held to maturity
$
98,330

 
$
2,981

 
$
(700
)
 
$
100,611

 
 
 
 
 
 
 
 
 
December 31, 2014
 
Amortized Cost
 
Gross
Unrealized Gains
 
Gross
Unrealized Losses
 
Estimated
Fair Value
(Dollars in thousands)
 
 
 
Securities available for sale:
 
 
 
 
 
 
 
U.S. Government-sponsored enterprise obligations
$
317,386

 
$
1,700

 
$
(3,533
)
 
$
315,553

Obligations of states and political subdivisions
86,513

 
3,679

 
(2
)
 
90,190

Mortgage-backed securities
1,741,917

 
16,882

 
(7,184
)
 
1,751,615

Other securities
1,460

 
35

 
—

 
1,495

Total securities available for sale
$
2,147,276

 
$
22,296

 
$
(10,719
)
 
$
2,158,853

Securities held to maturity:
 
 
 
 
 
 
 
U.S. Government-sponsored enterprise obligations
$
10,000

 
$
88

 
$
—

 
$
10,088

Obligations of states and political subdivisions
77,597

 
3,153

 
(145
)
 
80,605

Mortgage-backed securities
29,363

 
151

 
(726
)
 
28,788

Total securities held to maturity
$
116,960

 
$
3,392

 
$
(871
)
 
$
119,481
Schedule of Securities with Gross Unrealized Losses Aggregated by Investment Category
Information pertaining to securities with gross unrealized losses, aggregated by investment category and length of time that individual securities have been in a continuous loss position, is as follows:
 
 
September 30, 2015
 
Less Than Twelve Months
 
Over Twelve Months
 
Total
 
Gross
Unrealized Losses
 
Estimated
Fair Value
 
Gross
Unrealized Losses
 
Estimated
Fair Value
 
Gross
Unrealized Losses
 
Estimated
Fair Value
(Dollars in thousands)
 
 
 
 
 
Securities available for sale:
 
 
 
 
 
 
 
 
 
 
 
U.S. Government-sponsored enterprise obligations
$
—

 
$
—

 
$
(45
)
 
$
28,449

 
$
(45
)
 
$
28,449

Mortgage-backed securities
(954
)
 
252,358

 
(2,693
)
 
191,836

 
(3,647
)
 
444,194

Other securities
(346
)
 
27,626

 
(4
)
 
505

 
(350
)
 
28,131

Total securities available for sale
$
(1,300
)
 
$
279,984

 
$
(2,742
)
 
$
220,790

 
$
(4,042
)
 
$
500,774

Securities held to maturity:
 
 
 
 
 
 
 
 
 
 
 
Obligations of states and political subdivisions
$
(6
)
 
$
3,642

 
$
(68
)
 
$
4,199

 
$
(74
)
 
$
7,841

Mortgage-backed securities
(17
)
 
1,054

 
(609
)
 
18,286

 
(626
)
 
19,340

Total securities held to maturity
$
(23
)
 
$
4,696

 
$
(677
)
 
$
22,485

 
$
(700
)
 
$
27,181

 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2014
 
Less Than Twelve Months
 
Over Twelve Months
 
Total
 
Gross
Unrealized Losses
 
Estimated
Fair Value
 
Gross
Unrealized Losses
 
Estimated
Fair Value
 
Gross
Unrealized Losses
 
Estimated
Fair Value
(Dollars in thousands)
 
 
 
 
 
Securities available for sale:
 
 
 
 
 
 
 
 
 
 
 
U.S. Government-sponsored enterprise obligations
$
—

 
$
—

 
$
(3,533
)
 
$
240,498

 
$
(3,533
)
 
$
240,498

Obligations of states and political subdivisions
(2
)
 
185

 
—

 
—

 
(2
)
 
185

Mortgage-backed securities
(1,189
)
 
304,686

 
(5,995
)
 
294,549

 
(7,184
)
 
599,235

Total securities available for sale
$
(1,191
)
 
$
304,871

 
$
(9,528
)
 
$
535,047

 
$
(10,719
)
 
$
839,918

Securities held to maturity:
 
 
 
 
 
 
 
 
 
 
 
Obligations of states and political subdivisions
$
(9
)
 
$
2,287

 
$
(136
)
 
$
8,590

 
$
(145
)
 
$
10,877

Mortgage-backed securities
—

 
—

 
(726
)
 
20,812

 
(726
)
 
20,812

Total securities held to maturity
$
(9
)
 
$
2,287

 
$
(862
)
 
$
29,402

 
$
(871
)
 
$
31,689
Additional Information on Securities in a Continuous Loss Position
Additional information on securities that have been in a continuous loss position for over twelve months at September 30, 2015 and December 31, 2014 is presented in the following table.
 
(Dollars in thousands)
September 30, 2015
 
December 31, 2014
Number of securities
 
 
 
Issued by Fannie Mae, Freddie Mac, or Ginnie Mae
39

 
66

Issued by political subdivisions
2

 
5

Other
1

 
—

 
42

 
71

Amortized cost basis
 
 
 
Issued by Fannie Mae, Freddie Mac, or Ginnie Mae
$
241,918

 
$
566,113

Issued by political subdivisions
4,267

 
8,727

Other
509

 
—

 
$
246,694

 
$
574,840

Unrealized loss
 
 
 
Issued by Fannie Mae, Freddie Mac, or Ginnie Mae
$
3,347

 
$
10,254

Issued by political subdivisions
68

 
136

Other
4

 
—

 
$
3,419

 
$
10,390
Schedule of Amortized Cost and Estimated Fair Value of Investment Securities by Maturity
The amortized cost and estimated fair value of investment securities by maturity at September 30, 2015 are shown in the following table. Securities are classified according to their contractual maturities without consideration of principal amortization, potential prepayments or call options. Accordingly, actual maturities may differ from contractual maturities. Weighted average yields are calculated on the basis of the yield to maturity based on the amortized cost of each security.
 
Securities Available for Sale
 
Securities Held to Maturity
 
Weighted
Average Yield
 
Amortized Cost
 
Estimated
Fair Value
 
Weighted
Average Yield
 
Amortized Cost
 
Estimated
Fair Value
(Dollars in thousands)
 
 
 
 
 
Within one year or less
1.63
%
 
$
25,724

 
$
25,824

 
3.85
%
 
$
75

 
$
75

One through five years
1.69
%
 
298,322

 
301,724

 
2.79
%
 
11,552

 
11,808

After five through ten years
2.23
%
 
516,467

 
524,969

 
3.09
%
 
20,663

 
21,494

Over ten years
2.12
%
 
1,961,238

 
1,975,288

 
2.98
%
 
66,040

 
67,234

 
2.09
%
 
$
2,801,751

 
$
2,827,805

 
2.98
%
 
$
98,330

 
$
100,611
Schedule of Realized Gains and Losses from Sale of Securities Classified as Available for Sale
The following is a summary of realized gains and losses from the sale of securities classified as available for sale. Gains or losses on securities sold are recorded on the trade date, using the specific identification method.
 
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
(Dollars in thousands)
2015
 
2014
 
2015
 
2014
Realized gains
$
425

 
$
582

 
$
1,786

 
$
609

Realized losses
(145
)
 
—

 
(217
)
 
—

 
$
280

 
$
582

 
$
1,569

 
$
609
Schedule of Securities in Other Assets on Company's Consolidated Balance Sheets
The Company included the following securities, accounted for at amortized cost, which approximates fair value, in “Other assets” on the consolidated balance sheets:
 
(Dollars in thousands)
September 30, 2015
 
December 31, 2014
Federal Home Loan Bank (FHLB) stock
$
14,603

 
$
38,476

Federal Reserve Bank (FRB) stock
48,584

 
34,348

Other investments
1,158

 
1,306

 
$
64,345

 
$
74,130