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Investments | 12 Months Ended
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Dec. 31, 2014
Investments [Abstract] |
Investments | INVESTMENTS The amortized cost and fair value of investment securities classified as available for sale and held to maturity at December 31, 2014 and 2013, were as follows:
| December 31, 2014
(Dollars in thousands) | Cost |  | Gross unrealized gains |  | Gross unrealized losses |  | Fair value
Investment securities available for sale |  |  |  |  |  |  |
U.S. Treasury | $ | 2,626,900 |  |  | $ | 2,922 |  |  | $ | 152 |  |  | $ | 2,629,670 |
Government agency | 908,362 |  |  | 702 |  |  | 247 |  |  | 908,817 |
Mortgage-backed securities | 3,628,187 |  |  | 16,964 |  |  | 11,847 |  |  | 3,633,304 |
Municipal securities | 125 |  |  | 1 |  |  | — |  |  | 126 |
Total investment securities available for sale | $ | 7,163,574 |  |  | $ | 20,589 |  |  | $ | 12,246 |  |  | $ | 7,171,917 |
| 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 |
| December 31, 2014
| Cost |  | Gross unrealized gains |  | Gross unrealized losses |  | Fair value
Investment securities held to maturity |  |  |  |  |  |  |
Mortgage-backed securities | $ | 518 |  |  | $ | 26 |  |  | $ | — |  |  | $ | 544 |
| December 31, 2013
| Cost |  | Gross unrealized gains |  | Gross unrealized losses |  | Fair value
Mortgage-backed securities | $ | 907 |  |  | $ | 67 |  |  | $ | — |  |  | $ | 974 |
As of December 31, 2013, equity securities included an investment in Bancorporation stock of $21.6 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. Also, a single subordinated debt security, previously classified within Other at December 31, 2013, was called during the second quarter of 2014. 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.
| December 31, 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 | $ | 447,866 |  |  | $ | 447,992 |  |  | $ | 839,956 |  |  | $ | 840,883 |
One through five years | 3,087,521 |  |  | 3,090,621 |  |  | 2,077,539 |  |  | 2,077,800 |
Mortgage-backed securities | 3,628,187 |  |  | 3,633,304 |  |  | 2,486,297 |  |  | 2,446,873 |
Equity securities | — |  |  | — |  |  | 543 |  |  | 22,147 |
Total investment securities available for sale | $ | 7,163,574 |  |  | $ | 7,171,917 |  |  | $ | 5,404,335 |  |  | $ | 5,387,703 |
Investment securities held to maturity |  |  |  |  |  |  |
Mortgage-backed securities held to maturity | $ | 518 |  |  | $ | 544 |  |  | $ | 907 |  |  | $ | 974 |
For each period presented, securities gains (losses) include the following:
| Year ended December 31
(Dollars in thousands) | 2014 |  | 2013 |  | 2012
Gross gains on retirement/sales of investment securities available for sale | $ | 29,129 |  |  | $ | — |  |  | $ | 2,324 |
Gross losses on sales of investment securities available for sale | (33 | ) |  | — |  |  | (2 | )
Other than temporary impairment loss on equity securities | — |  |  | — |  |  | (45 | )
Total securities gains | $ | 29,096 |  |  | $ | — |  |  | $ | 2,277 |
The following table provides information regarding securities with unrealized losses as of December 31, 2014 and 2013.
| December 31, 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 | $ | 338,612 |  |  | $ | 151 |  |  | $ | 1,015 |  |  | $ | 1 |  |  | $ | 339,627 |  |  | $ | 152 |
Government agency | 261,288 |  |  | 247 |  |  | — |  |  | — |  |  | 261,288 |  |  | 247 |
Mortgage-backed securities | 573,374 |  |  | 1,805 |  |  | 831,405 |  |  | 10,042 |  |  | 1,404,779 |  |  | 11,847 |
Total | $ | 1,173,274 |  |  | $ | 2,203 |  |  | $ | 832,420 |  |  | $ | 10,043 |  |  | $ | 2,005,694 |  |  | $ | 12,246 |
| 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 $832.4 million have had continuous unrealized losses for more than 12 months as of December 31, 2014 with an aggregate unrealized loss of $10.0 million. As of December 31, 2014, all 86 of these investments are U.S. Treasury and government sponsored enterprise-issued mortgage-backed securities. None of the unrealized losses identified as of December 31, 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 $4.37 billion at December 31, 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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