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Investment Securities, Available-for-Sale | 12 Months Ended
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Dec. 31, 2013
Investments, Debt and Equity Securities [Abstract] |
Investment Securities, Available-for-Sale | Note 3. Investment Securities, Available-for-Sale A comparison of the amortized cost and estimated fair value of the Company’s investment securities designated as available-for-sale is presented below.
| December 31, 2013
| Weighted |  | Amortized |  | Gross Unrealized |  | Fair
(Dollars in thousands) | Yield |  | Cost |  | Gains |  | Losses |  | Value
U.S. government sponsored enterprises |  |  |  |  |  |  |  |  |
Maturing after one year through five years | 2.32 | % |  | $ | 10,405 |  |  | 187 |  |  | — |  |  | 10,592 |
Maturing after five years through ten years | 2.00 | % |  | 36 |  |  | — |  |  | — |  |  | 36 |
| 2.32 | % |  | 10,441 |  |  | 187 |  |  | — |  |  | 10,628 |
State and local governments |  |  |  |  |  |  |  |  |
Maturing within one year | 2.22 | % |  | 5,964 |  |  | 57 |  |  | — |  |  | 6,021 |
Maturing after one year through five years | 2.06 | % |  | 174,826 |  |  | 3,486 |  |  | (448 | ) |  | 177,864 |
Maturing after five years through ten years | 3.21 | % |  | 58,835 |  |  | 831 |  |  | (1,040 | ) |  | 58,626 |
Maturing after ten years | 4.41 | % |  | 1,137,722 |  |  | 27,247 |  |  | (22,402 | ) |  | 1,142,567 |
| 4.06 | % |  | 1,377,347 |  |  | 31,621 |  |  | (23,890 | ) |  | 1,385,078 |
Corporate bonds |  |  |  |  |  |  |  |  |
Maturing within one year | 2.17 | % |  | 91,687 |  |  | 719 |  |  | — |  |  | 92,406 |
Maturing after one year through five years | 2.09 | % |  | 341,799 |  |  | 3,203 |  |  | (1,676 | ) |  | 343,326 |
Maturing after five years through ten years | 2.23 | % |  | 6,851 |  |  | — |  |  | (82 | ) |  | 6,769 |
| 2.11 | % |  | 440,337 |  |  | 3,922 |  |  | (1,758 | ) |  | 442,501 |
Residential mortgage-backed securities | 2.48 | % |  | 1,380,816 |  |  | 14,071 |  |  | (10,265 | ) |  | 1,384,622 |
Total investment securities | 3.10 | % |  | $ | 3,208,941 |  |  | 49,801 |  |  | (35,913 | ) |  | 3,222,829 |
Note 3. Investment Securities, Available-for-Sale (continued)
| December 31, 2012
| Weighted |  | Amortized |  | Gross Unrealized |  | Fair
(Dollars in thousands) | Yield |  | Cost |  | Gains |  | Losses |  | Value
U.S. government and federal agency |  |  |  |  |  |  |  |  |
Maturing within one year | 1.62 | % |  | $ | 201 |  |  | 1 |  |  | — |  |  | 202 |
U.S. government sponsored enterprises |  |  |  |  |  |  |  |  |
Maturing after one year through five years | 2.30 | % |  | 17,064 |  |  | 371 |  |  | — |  |  | 17,435 |
Maturing after five years through ten years | 2.03 | % |  | 44 |  |  | 1 |  |  | — |  |  | 45 |
| 2.29 | % |  | 17,108 |  |  | 372 |  |  | — |  |  | 17,480 |
State and local governments |  |  |  |  |  |  |  |  |
Maturing within one year | 2.01 | % |  | 4,288 |  |  | 28 |  |  | (2 | ) |  | 4,314 |
Maturing after one year through five years | 2.11 | % |  | 149,497 |  |  | 4,142 |  |  | (142 | ) |  | 153,497 |
Maturing after five years through ten years | 2.95 | % |  | 38,346 |  |  | 1,102 |  |  | (99 | ) |  | 39,349 |
Maturing after ten years | 4.70 | % |  | 935,897 |  |  | 82,823 |  |  | (1,362 | ) |  | 1,017,358 |
| 4.29 | % |  | 1,128,028 |  |  | 88,095 |  |  | (1,605 | ) |  | 1,214,518 |
Corporate bonds |  |  |  |  |  |  |  |  |
Maturing within one year | 1.73 | % |  | 18,412 |  |  | 51 |  |  | — |  |  | 18,463 |
Maturing after one year through five years | 2.22 | % |  | 250,027 |  |  | 4,018 |  |  | (238 | ) |  | 253,807 |
Maturing after five years through ten years | 2.23 | % |  | 16,144 |  |  | 381 |  |  | — |  |  | 16,525 |
| 2.19 | % |  | 284,583 |  |  | 4,450 |  |  | (238 | ) |  | 288,795 |
Collateralized debt obligations |  |  |  |  |  |  |  |  |
Maturing after ten years | 8.03 | % |  | 1,708 |  |  | — |  |  | — |  |  | 1,708 |
Residential mortgage-backed securities | 1.95 | % |  | 2,156,049 |  |  | 8,860 |  |  | (4,607 | ) |  | 2,160,302 |
Total investment securities | 2.71 | % |  | $ | 3,587,677 |  |  | 101,778 |  |  | (6,450 | ) |  | 3,683,005 |
Included in the residential mortgage-backed securities are $2,602,000 and $46,733,000 as of December 31, 2013 and 2012, respectively, of non-guaranteed private label whole loan mortgage-backed securities of which none of the underlying collateral is considered “subprime.” Maturities of securities do not reflect repricing opportunities present in adjustable rate securities, nor do they reflect expected shorter maturities based upon early prepayment of principal. Weighted-average yields are based on the interest method taking into account premium amortization, discount accretion and mortgage-backed securities’ prepayment provisions. Weighted-average yields on tax-exempt investment securities exclude the federal income tax benefit. Effective January 1, 2014, the Company reclassified obligations of state and local government securities with a fair value of approximately $484,583,000, inclusive of a net unrealized gain of $4,624,000, from AFS classification to HTM classification. The reclassification changed the allocation of the Company’s entire investment securities portfolio from 100 percent AFS to approximately 85 percent AFS and 15 percent HTM. Note 3. Investment Securities, Available-for-Sale (continued) The cost of each investment sold is determined by specific identification. Gain or loss on sale of investments consists of the following:
| Years ended
(Dollars in thousands) | December 31, 2013 |  | December 31, 2012 |  | December 31, 2011
Gross proceeds | $ | 181,971 |  |  | — |  |  | 18,916 |
Less amortized cost | (182,270 | ) |  | — |  |  | (18,570 | )
Net (loss) gain on sale of investments | $ | (299 | ) |  | — |  |  | 346 |
Gross gain on sale of investments | $ | 3,723 |  |  | — |  |  | 1,048 |
Gross loss on sale of investments | (4,022 | ) |  | — |  |  | (702 | )
Net (loss) gain on sale of investments | $ | (299 | ) |  | — |  |  | 346 |
At December 31, 2013 and 2012, the Company had investment securities with fair values of $1,635,316,000 and $1,525,400,000, respectively, pledged as collateral for FHLB advances, FRB discount window borrowings, securities sold under agreements to repurchase (“repurchase agreements”), interest rate swap agreements and deposits of several local government units. Investments with an unrealized loss position are summarized as follows:
| December 31, 2013
| Less than 12 Months |  | 12 Months or More |  | Total
(Dollars in thousands) | Fair Value |  | Unrealized Loss |  | Fair Value |  | Unrealized Loss |  | Fair Value |  | Unrealized Loss
U.S. government sponsored enterprises | $ | 3 |  |  | — |  |  | — |  |  | — |  |  | 3 |  |  | — |
State and local governments | 408,812 |  |  | (17,838 | ) |  | 74,161 |  |  | (6,052 | ) |  | 482,973 |  |  | (23,890 | )
Corporate bonds | 129,515 |  |  | (1,672 | ) |  | 1,702 |  |  | (86 | ) |  | 131,217 |  |  | (1,758 | )
Residential mortgage-backed securities | 457,611 |  |  | (10,226 | ) |  | 1,993 |  |  | (39 | ) |  | 459,604 |  |  | (10,265 | )
Total temporarily impaired securities | $ | 995,941 |  |  | (29,736 | ) |  | 77,856 |  |  | (6,177 | ) |  | 1,073,797 |  |  | (35,913 | )
| December 31, 2012
| Less than 12 Months |  | 12 Months or More |  | Total
(Dollars in thousands) | Fair Value |  | Unrealized Loss |  | Fair Value |  | Unrealized Loss |  | Fair Value |  | Unrealized Loss
State and local governments | $ | 102,896 |  |  | (1,531 | ) |  | 4,533 |  |  | (74 | ) |  | 107,429 |  |  | (1,605 | )
Corporate bonds | 41,856 |  |  | (238 | ) |  | — |  |  | — |  |  | 41,856 |  |  | (238 | )
Residential mortgage-backed securities | 955,235 |  |  | (4,041 | ) |  | 62,905 |  |  | (566 | ) |  | 1,018,140 |  |  | (4,607 | )
Total temporarily impaired securities | $ | 1,099,987 |  |  | (5,810 | ) |  | 67,438 |  |  | (640 | ) |  | 1,167,425 |  |  | (6,450 | )
Based on an analysis of its investment securities with unrealized losses as of December 31, 2013 and 2012, the Company determined that none of such securities had other-than-temporary impairment and the unrealized losses were primarily the result of interest rate changes and market spreads subsequent to acquisition. The fair value of the debt securities is expected to recover as payments are received and the securities approach maturity. At December 31, 2013, management determined that it did not intend to sell investment securities with unrealized losses, and there was no expected requirement to sell any of its investment securities with unrealized losses before recovery of their amortized cost.

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