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Investments | 3 Months Ended
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Mar. 31, 2016
Investments [Abstract] |
Investments | INVESTMENTS The amortized cost and fair value of investment securities classified as available for sale and held to maturity at March 31, 2016 and December 31, 2015, are as follows:
| March 31, 2016
(Dollars in thousands) | Cost |  | Gross unrealized gains |  | Gross unrealized losses |  | Fair value
Investment securities available for sale |  |  |  |  |  |  |
U.S. Treasury | $ | 1,538,907 |  |  | $ | 2,308 |  |  | $ | — |  |  | $ | 1,541,215 |
Government agency | 355,488 |  |  | 669 |  |  | — |  |  | 356,157 |
Mortgage-backed securities | 4,693,313 |  |  | 37,375 |  |  | 3,406 |  |  | 4,727,282 |
Equity securities | 50,066 |  |  | 2,314 |  |  | 285 |  |  | 52,095 |
Other | 10,615 |  |  | — |  |  | 75 |  |  | 10,540 |
Total investment securities available for sale | $ | 6,648,389 |  |  | $ | 42,666 |  |  | $ | 3,766 |  |  | $ | 6,687,289 |
| December 31, 2015
| Cost |  | Gross unrealized gains |  | Gross unrealized losses |  | Fair value
U.S. Treasury | $ | 1,675,996 |  |  | $ | 4 |  |  | $ | 1,118 |  |  | $ | 1,674,882 |
Government agency | 498,804 |  |  | 230 |  |  | 374 |  |  | 498,660 |
Mortgage-backed securities | 4,692,447 |  |  | 5,120 |  |  | 29,369 |  |  | 4,668,198 |
Equity securities | 7,935 |  |  | 968 |  |  | 10 |  |  | 8,893 |
Other | 10,615 |  |  | 45 |  |  | — |  |  | 10,660 |
Total investment securities available for sale | $ | 6,885,797 |  |  | $ | 6,367 |  |  | $ | 30,871 |  |  | $ | 6,861,293 |
| March 31, 2016
| Cost |  | Gross unrealized gains |  | Gross unrealized losses |  | Fair value
Investment securities held to maturity |  |  |  |  |  |  |
Mortgage-backed securities | $ | 194 |  |  | $ | 9 |  |  | $ | — |  |  | $ | 203 |
| December 31, 2015
| Cost |  | Gross unrealized gains |  | Gross unrealized losses |  | Fair value
Mortgage-backed securities | $ | 255 |  |  | $ | 10 |  |  | $ | — |  |  | $ | 265 |
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.
| March 31, 2016 |  | December 31, 2015
(Dollars in thousands) | Cost |  | Fair value |  | Cost |  | Fair value
Investment securities available for sale |  |  |  |  |  |  |
Non-amortizing securities maturing in: |  |  |  |  |  |  |
One year or less | $ | 1,554,483 |  |  | $ | 1,556,414 |  |  | $ | 1,255,714 |  |  | $ | 1,255,094 |
One through five years | 339,912 |  |  | 340,958 |  |  | 919,086 |  |  | 918,448 |
Five through 10 years | 8,500 |  |  | 8,500 |  |  | 8,500 |  |  | 8,500 |
Over 10 years | 2,115 |  |  | 2,040 |  |  | 2,115 |  |  | 2,160 |
Mortgage-backed securities | 4,693,313 |  |  | 4,727,282 |  |  | 4,692,447 |  |  | 4,668,198 |
Equity securities | 50,066 |  |  | 52,095 |  |  | 7,935 |  |  | 8,893 |
Total investment securities available for sale | $ | 6,648,389 |  |  | $ | 6,687,289 |  |  | $ | 6,885,797 |  |  | $ | 6,861,293 |
Investment securities held to maturity |  |  |  |  |  |  |
Mortgage-backed securities held to maturity | $ | 194 |  |  | $ | 203 |  |  | $ | 255 |  |  | $ | 265 |
For each period presented, securities gains (losses) included the following:
| Three months ended March 31
(Dollars in thousands) | 2016 |  | 2015
Gross gains on sales of investment securities available for sale | $ | 4,933 |  |  | $ | 5,135 |
Gross losses on sales of investment securities available for sale | (305 | ) |  | (9 | )
Total securities gains | $ | 4,628 |  |  | $ | 5,126 |
The following table provides information regarding securities with unrealized losses as of March 31, 2016 and December 31, 2015.
| March 31, 2016
| 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: |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed securities | $ | 417,711 |  |  | $ | 1,071 |  |  | $ | 291,021 |  |  | $ | 2,335 |  |  | $ | 708,732 |  |  | $ | 3,406 |
Equity securities | 13,037 |  |  | 285 |  |  | — |  |  | — |  |  | 13,037 |  |  | 285 |
Other | 2,040 |  |  | 75 |  |  | — |  |  | — |  |  | 2,040 |  |  | 75 |
Total | $ | 432,788 |  |  | $ | 1,431 |  |  | $ | 291,021 |  |  | $ | 2,335 |  |  | $ | 723,809 |  |  | $ | 3,766 |
| December 31, 2015
| 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 | $ | 1,539,637 |  |  | $ | 1,118 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,539,637 |  |  | $ | 1,118 |
Government agency | 229,436 |  |  | 374 |  |  | — |  |  | — |  |  | 229,436 |  |  | 374 |
Mortgage-backed securities | 3,570,470 |  |  | 23,275 |  |  | 280,126 |  |  | 6,094 |  |  | 3,850,596 |  |  | 29,369 |
Equity securities | 728 |  |  | 10 |  |  | — |  |  | — |  |  | 728 |  |  | 10 |
Total | $ | 5,340,271 |  |  | $ | 24,777 |  |  | $ | 280,126 |  |  | $ | 6,094 |  |  | $ | 5,620,397 |  |  | $ | 30,871 |
Investment securities with an aggregate fair value of $291.0 million and $280.1 million had continuous unrealized losses for more than 12 months with a corresponding aggregate unrealized loss of $2.3 million and $6.1 million as of March 31, 2016 and December 31, 2015, respectively. As of March 31, 2016, all 52 of these investments are government sponsored enterprise-issued mortgage-backed securities. None of the unrealized losses identified as of March 31, 2016 or December 31, 2015 relate to the marketability of the securities or the issuer’s ability to honor redemption obligations. Rather, the unrealized losses relate to changes in interest rates relative to when the investment securities were purchased. 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 $4.94 billion at March 31, 2016 and $4.73 billion at December 31, 2015 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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- Definition The entire disclosure for investments in certain debt and equity securities. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -Glossary Debt Security -URI http://asc.fasb.org/extlink&oid=6509901 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=27724398&loc=d3e27290-111563 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 30 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6379141&loc=d3e15032-111544 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=27724398&loc=d3e27232-111563 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -Glossary Equity Security -URI http://asc.fasb.org/extlink&oid=6511694 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 320 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6957658&loc=d3e62557-112803 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=27724398&loc=d3e27161-111563 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=27724398&loc=d3e27357-111563 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=27724398&loc=d3e27405-111563 + Details
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