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Investments | 9 Months Ended
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Sep. 30, 2014
Investments [Abstract] |
Investments | INVESTMENTS The amortized cost and fair value of investment securities classified as available for sale and held to maturity at September 30, 2014 and December 31, 2013, are as follows:
| September 30, 2014
(Dollars in thousands) | Cost |  | Gross unrealized gains |  | Gross unrealized losses |  | Fair value
Investment securities available for sale |  |  |  |  |  |  |
U.S. Treasury | $ | 1,888,647 |  |  | $ | 583 |  |  | $ | 1,420 |  |  | $ | 1,887,810 |
Government agency | 1,128,752 |  |  | 1,294 |  |  | 393 |  |  | 1,129,653 |
Mortgage-backed securities | 2,591,641 |  |  | 7,322 |  |  | 21,498 |  |  | 2,577,465 |
Equity securities | 543 |  |  | 29,485 |  |  | — |  |  | 30,028 |
Municipal securities | 125 |  |  | 1 |  |  | — |  |  | 126 |
Other | 23,012 |  |  | — |  |  | — |  |  | 23,012 |
Total investment securities available for sale | $ | 5,632,720 |  |  | $ | 38,685 |  |  | $ | 23,311 |  |  | $ | 5,648,094 |
| December 31, 2013
| Cost |  | Gross unrealized gains |  | Gross unrealized losses |  | Fair value
U.S. Treasury | $ | 373,223 |  |  | $ | 259 |  |  | $ | 45 |  |  | $ | 373,437 |
Government agency | 2,543,223 |  |  | 1,798 |  |  | 792 |  |  | 2,544,229 |
Mortgage-backed securities | 2,486,297 |  |  | 4,526 |  |  | 43,950 |  |  | 2,446,873 |
Equity securities | 543 |  |  | 21,604 |  |  | — |  |  | 22,147 |
Municipal securities | 186 |  |  | 1 |  |  | — |  |  | 187 |
Other | 863 |  |  | — |  |  | 33 |  |  | 830 |
Total investment securities available for sale | $ | 5,404,335 |  |  | $ | 28,188 |  |  | $ | 44,820 |  |  | $ | 5,387,703 |
| September 30, 2014
| Cost |  | Gross unrealized gains |  | Gross unrealized losses |  | Fair value
Investment securities held to maturity |  |  |  |  |  |  |
Mortgage-backed securities | $ | 607 |  |  | $ | 31 |  |  | $ | — |  |  | $ | 638 |
| December 31, 2013
| Cost |  | Gross unrealized gains |  | Gross unrealized losses |  | Fair value
Mortgage-backed securities | $ | 907 |  |  | $ | 67 |  |  | $ | — |  |  | $ | 974 |
As of September 30, 2014, equity securities included an investment in Bancorporation stock of $29.6 million. Pursuant to the Merger Agreement, the shares of capital stock of Bancorporation held were canceled and ceased to exist when the merger became effective October 1, 2014. Included in Other at September 30, 2014 are Trust Preferred Securities issued by a former business trust subsidiary of Bancorporation, FCB/SC Capital Trust II, which were purchased by BancShares during the third quarter of 2014 with a contractual maturity of June 15, 2034. These are the only securities included within Other as the previous amount was a single subordinated debt security that was called during the second quarter of 2014. Upon completion of the merger with Bancorporation on October 1, 2014, the issuer of the Trust Preferred Securities became a subsidiary of BancShares and, for future financial statement purposes, the investment in the Trust Preferred Securities will be eliminated in consolidation at BancShares. Investments in mortgage-backed securities primarily represent securities issued by the Government National Mortgage Association, Federal National Mortgage Association and Federal Home Loan Mortgage Corporation. The following table provides the amortized cost and fair value by contractual maturity. Expected maturities will differ from contractual maturities on certain securities because borrowers and issuers may have the right to call or prepay obligations with or without prepayment penalties. Repayments of mortgage-backed securities are dependent on the repayments of the underlying loan balances. Equity securities do not have a stated maturity date.
| September 30, 2014 |  | December 31, 2013
(Dollars in thousands) | Cost |  | Fair value |  | Cost |  | Fair value
Investment securities available for sale |  |  |  |  |  |  |
Non-amortizing securities maturing in: |  |  |  |  |  |  |
One year or less | $ | 529,931 |  |  | $ | 530,363 |  |  | $ | 839,956 |  |  | $ | 840,883 |
One through five years | 2,487,593 |  |  | 2,487,226 |  |  | 2,077,539 |  |  | 2,077,800 |
Over 10 years | 23,012 |  |  | 23,012 |  |  | — |  |  | — |
Mortgage-backed securities | 2,591,641 |  |  | 2,577,465 |  |  | 2,486,297 |  |  | 2,446,873 |
Equity securities | 543 |  |  | 30,028 |  |  | 543 |  |  | 22,147 |
Total investment securities available for sale | $ | 5,632,720 |  |  | $ | 5,648,094 |  |  | $ | 5,404,335 |  |  | $ | 5,387,703 |
Investment securities held to maturity |  |  |  |  |  |  |
Mortgage-backed securities held to maturity | $ | 607 |  |  | $ | 638 |  |  | $ | 907 |  |  | $ | 974 |
There were no realized securities gains (losses) during any period presented.
The following table provides information regarding securities with unrealized losses as of September 30, 2014 and December 31, 2013.
| September 30, 2014
| Less than 12 months |  | 12 months or more |  | Total
(Dollars in thousands) | Fair value |  | Unrealized losses |  | Fair value |  | Unrealized losses |  | Fair value |  | Unrealized losses
Investment securities available for sale: |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury | $ | 999,783 |  |  | $ | 1,420 |  |  | $ | — |  |  | $ | — |  |  | $ | 999,783 |  |  | $ | 1,420 |
Government agency | 291,783 |  |  | 393 |  |  | — |  |  | — |  |  | 291,783 |  |  | 393 |
Mortgage-backed securities | 486,678 |  |  | 2,210 |  |  | 1,090,467 |  |  | 19,288 |  |  | 1,577,145 |  |  | 21,498 |
Total | $ | 1,778,244 |  |  | $ | 4,023 |  |  | $ | 1,090,467 |  |  | $ | 19,288 |  |  | $ | 2,868,711 |  |  | $ | 23,311 |
| December 31, 2013
| Less than 12 months |  | 12 months or more |  | Total
| Fair value |  | Unrealized losses |  | Fair value |  | Unrealized losses |  | Fair value |  | Unrealized losses
Investment securities available for sale: |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury | $ | 102,105 |  |  | $ | 45 |  |  | $ | — |  |  | $ | — |  |  | $ | 102,105 |  |  | $ | 45 |
Government agency | 780,552 |  |  | 761 |  |  | 29,969 |  |  | 31 |  |  | 810,521 |  |  | 792 |
Mortgage-backed securities | 2,221,213 |  |  | 42,876 |  |  | 26,861 |  |  | 1,074 |  |  | 2,248,074 |  |  | 43,950 |
Other | 830 |  |  | 33 |  |  | — |  |  | — |  |  | 830 |  |  | 33 |
Total | $ | 3,104,700 |  |  | $ | 43,715 |  |  | $ | 56,830 |  |  | $ | 1,105 |  |  | $ | 3,161,530 |  |  | $ | 44,820 |
Investment securities with an aggregate fair value of $1.09 billion and $56.8 million had continuous unrealized losses for more than 12 months as of September 30, 2014 and December 31, 2013, with an aggregate unrealized loss of $19.3 million and $1.1 million, respectively. As of September 30, 2014, all 107 of these investments are U.S. government agency and government sponsored enterprise-issued mortgage-backed securities. None of the unrealized losses identified as of September 30, 2014 or December 31, 2013 relate to the marketability of the securities or the issuer’s ability to honor redemption obligations. For all periods presented, BancShares had the ability and intent to retain these securities for a period of time sufficient to recover all unrealized losses. Therefore, none of the securities were deemed to be other than temporarily impaired. Investment securities having an aggregate carrying value of $2.78 billion at September 30, 2014 and $2.75 billion at December 31, 2013 were pledged as collateral to secure public funds on deposit and certain short-term borrowings, and for other purposes as required by law.

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