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Investment Securities (Tables) | 12 Months Ended
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Dec. 31, 2014
Investments, Debt and Equity Securities [Abstract] |
Amortized cost, gross unrealized gain and losses and fair value of investment securities | The following tables present the amortized cost, the gross unrealized gains and losses and the fair value of the Company’s investment securities:
| December 31, 2014
| Amortized Cost |  | Gross Unrealized |  | Fair Value
(Dollars in thousands) |  | Gains |  | Losses |
Available-for-sale |  |  |  |  |  |  |
U.S. government and federal agency | $ | 44 |  |  | — |  |  | — |  |  | 44 |
U.S. government sponsored enterprises | 21,916 |  |  | 31 |  |  | (2 | ) |  | 21,945 |
State and local governments | 962,365 |  |  | 40,173 |  |  | (4,569 | ) |  | 997,969 |
Corporate bonds | 313,545 |  |  | 2,059 |  |  | (750 | ) |  | 314,854 |
Residential mortgage-backed securities | 1,043,897 |  |  | 11,205 |  |  | (2,486 | ) |  | 1,052,616 |
Total available-for-sale | 2,341,767 |  |  | 53,468 |  |  | (7,807 | ) |  | 2,387,428 |
Held-to-maturity |  |  |  |  |  |  |
State and local governments | 520,997 |  |  | 32,925 |  |  | (2,976 | ) |  | 550,946 |
Total held-to-maturity | 520,997 |  |  | 32,925 |  |  | (2,976 | ) |  | 550,946 |
Total investment securities | $ | 2,862,764 |  |  | 86,393 |  |  | (10,783 | ) |  | 2,938,374 |
| December 31, 2013
| Amortized Cost |  | Gross Unrealized |  | Fair Value
(Dollars in thousands) |  | Gains |  | Losses |
Available-for-sale |  |  |  |  |  |  |
U.S. government sponsored enterprises | $ | 10,441 |  |  | 187 |  |  | — |  |  | 10,628 |
State and local governments | 1,377,347 |  |  | 31,621 |  |  | (23,890 | ) |  | 1,385,078 |
Corporate bonds | 440,337 |  |  | 3,922 |  |  | (1,758 | ) |  | 442,501 |
Residential mortgage-backed securities | 1,380,816 |  |  | 14,071 |  |  | (10,265 | ) |  | 1,384,622 |
Total available-for-sale | 3,208,941 |  |  | 49,801 |  |  | (35,913 | ) |  | 3,222,829 |
Total investment securities | $ | 3,208,941 |  |  | 49,801 |  |  | (35,913 | ) |  | 3,222,829 |
Amortized cost and fair value of securities by contractual maturity | The following table presents the amortized cost and fair value of available-for-sale and held-to-maturity securities by contractual maturity at December 31, 2014. Actual maturities may differ from expected or contractual maturities since borrowers have the right to prepay obligations with or without prepayment penalties.
| December 31, 2014
| Available-for-Sale |  | Held-to-Maturity
(Dollars in thousands) | Amortized Cost |  | Fair Value |  | Amortized Cost |  | Fair Value
Due within one year | $ | 126,102 |  |  | 126,779 |  |  | — |  |  | — |
Due after one year through five years | 367,037 |  |  | 370,349 |  |  | — |  |  | — |
Due after five years through ten years | 90,172 |  |  | 93,356 |  |  | 188 |  |  | 188 |
Due after ten years | 714,559 |  |  | 744,328 |  |  | 520,809 |  |  | 550,758 |
| 1,297,870 |  |  | 1,334,812 |  |  | 520,997 |  |  | 550,946 |
Residential mortgage-backed securities 1 | 1,043,897 |  |  | 1,052,616 |  |  | — |  |  | — |
Total | $ | 2,341,767 |  |  | 2,387,428 |  |  | 520,997 |  |  | 550,946 |
________ 1 Residential mortgage-backed securities, which have prepayment provisions, are not assigned to maturity categories due to fluctuations in their prepayment speeds.
Gain or loss on sale of investment securities | Gain or loss on sale of investment securities consists of the following:
| Years ended
(Dollars in thousands) | December 31, 2014 |  | December 31, 2013 |  | December 31, 2012
Available-for-sale |  |  |  |  |
Gross proceeds | $ | 219,849 |  |  | 181,971 |  |  | — |
Less amortized cost 1 | (220,053 | ) |  | (182,270 | ) |  | — |
Net available-for-sale | $ | (204 | ) |  | (299 | ) |  | — |
Gross gain on sale of investments | $ | 501 |  |  | 3,723 |  |  | — |
Gross loss on sale of investments | (705 | ) |  | (4,022 | ) |  | — |
Net available-for-sale | $ | (204 | ) |  | (299 | ) |  | — |
Held-to-maturity 2 |  |  |  |  |
Gross proceeds | $ | 8,930 |  |  | — |  |  | — |
Less amortized cost 1 | (8,914 | ) |  | — |  |  | — |
Net held-to-maturity | $ | 16 |  |  | — |  |  | — |
Gross gain on sale of investments | $ | 22 |  |  | — |  |  | — |
Gross loss on sale of investments | (6 | ) |  | — |  |  | — |
Net held-to-maturity | $ | 16 |  |  | — |  |  | — |
__________ 1 The cost of each investment security sold is determined by specific identification. 2 The gain or loss on sale of held-to-maturity investment securities is solely due to securities that were partially or wholly called.
Summary of investment securities with an unrealized loss position | Investment securities with an unrealized loss position are summarized as follows:
| December 31, 2014
| Less than 12 Months |  | 12 Months or More |  | Total
(Dollars in thousands) | Fair Value |  | Unrealized Loss |  | Fair Value |  | Unrealized Loss |  | Fair Value |  | Unrealized Loss
Available-for-sale |  |  |  |  |  |  |  |  |  |  |
U.S. government and federal agency | $ | — |  |  | — |  |  | 3 |  |  | — |  |  | 3 |  |  | — |
U.S. government sponsored enterprises | 13,793 |  |  | (2 | ) |  | — |  |  | — |  |  | 13,793 |  |  | (2 | )
State and local governments | 91,082 |  |  | (1,273 | ) |  | 115,927 |  |  | (3,296 | ) |  | 207,009 |  |  | (4,569 | )
Corporate bonds | 60,289 |  |  | (545 | ) |  | 7,874 |  |  | (205 | ) |  | 68,163 |  |  | (750 | )
Residential mortgage-backed securities | 192,962 |  |  | (926 | ) |  | 78,223 |  |  | (1,560 | ) |  | 271,185 |  |  | (2,486 | )
Total available-for-sale | $ | 358,126 |  |  | (2,746 | ) |  | 202,027 |  |  | (5,061 | ) |  | 560,153 |  |  | (7,807 | )
Held-to-maturity |  |  |  |  |  |  |  |  |  |  |
State and local governments | $ | 18,643 |  |  | (624 | ) |  | 76,761 |  |  | (2,352 | ) |  | 95,404 |  |  | (2,976 | )
Total held-to-maturity | $ | 18,643 |  |  | (624 | ) |  | 76,761 |  |  | (2,352 | ) |  | 95,404 |  |  | (2,976 | )
| 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
Available-for-sale |  |  |  |  |  |  |  |  |  |  |
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 available-for-sale | $ | 995,941 |  |  | (29,736 | ) |  | 77,856 |  |  | (6,177 | ) |  | 1,073,797 |  |  | (35,913 | )

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- Definition Tabular disclosure of the realized and unrealized gains and losses reported in the statement of income which have resulted from the sale and holding of marketable securities, respectively, as well as the sale or disposal of cost method investments. Such amounts would include realized gains and losses on the sale or disposal of trading, available-for-sale, and held-to-maturity securities, unrealized gains and losses on trading securities, unrealized gains and losses on available-for-sale and held-to-maturity securities transferred to the trading securities category, realized gains and losses on the sale or disposal of cost method investments, and losses recognized for other than temporary impairments (OTTI) of such investments. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 25 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=28360136&loc=d3e22054-111558 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 5.M) -URI http://asc.fasb.org/extlink&oid=27011274&loc=d3e87990-122713 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 10 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=27724398&loc=d3e27405-111563 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 9 -Subparagraph (c)-(e) -URI http://asc.fasb.org/extlink&oid=27724398&loc=d3e27357-111563 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 5 -Section M + Details
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- Definition Tabular disclosure of marketable securities. This may consist of investments in certain debt and equity securities, short-term investments and other assets. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 45 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6871852&loc=d3e26610-111562 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 45 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6871852&loc=d3e26626-111562 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03.4) -URI http://asc.fasb.org/extlink&oid=6876686&loc=d3e534808-122878 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.2,12) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 5 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=27724398&loc=d3e27232-111563 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=27724398&loc=d3e27161-111563 + Details
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