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Securities | 9 Months Ended
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Sep. 30, 2016
Securities [Abstract] |
Securities | 2. Securities The amortized cost and estimated fair value of securities classified as available for sale and held to maturity follow. ﻿ ﻿
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﻿Securities Available for Sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
﻿(in thousands) |  | September 30, 2016 |  | December 31, 2015
﻿ |  |  |  | Gross |  | Gross |  |  |  |  |  | Gross |  | Gross |  |
﻿ |  | Amortized |  | Unrealized |  | Unrealized |  | Fair |  | Amortized |  | Unrealized |  | Unrealized |  | Fair
﻿ |  | Cost |  | Gains |  | Losses |  | Value |  | Cost |  | Gains |  | Losses |  | Value
﻿US Treasury and government agency securities |  | $ | 20,604 |  | $ | 67 |  | $ | — |  | $ | 20,671 |  | $ | 135 |  | $ | — |  | $ | 1 |  | $ | 134
﻿Municipal obligations |  |  | 214,403 |  |  | 3,024 |  |  | 409 |  |  | 217,018 |  |  | 39,410 |  |  | 235 |  |  | 38 |  |  | 39,607
﻿Residential mortgage-backed securities |  |  | 1,737,812 |  |  | 38,204 |  |  | 91 |  |  | 1,775,925 |  |  | 1,750,168 |  |  | 19,387 |  |  | 11,182 |  |  | 1,758,373
﻿Commercial mortgage-backed securities |  |  | 172,525 |  |  | 687 |  |  | 103 |  |  | 173,109 |  |  | — |  |  | — |  |  | — |  |  | —
﻿Collateralized mortgage obligations |  |  | 220,912 |  |  | 2,344 |  |  | — |  |  | 223,256 |  |  | 291,085 |  |  | 140 |  |  | 2,192 |  |  | 289,033
﻿Corporate debt securities |  |  | 3,500 |  |  | — |  |  | — |  |  | 3,500 |  |  | 3,500 |  |  | — |  |  | — |  |  | 3,500
﻿Equity securities |  |  | 865 |  |  | 336 |  |  | — |  |  | 1,201 |  |  | 2,447 |  |  | 358 |  |  | 48 |  |  | 2,757
﻿ |  | $ | 2,370,621 |  | $ | 44,662 |  | $ | 603 |  | $ | 2,414,680 |  | $ | 2,086,745 |  | $ | 20,120 |  | $ | 13,461 |  | $ | 2,093,404
﻿ ﻿
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﻿Securities Held to Maturity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
﻿(in thousands) |  | September 30, 2016 |  | December 31, 2015
﻿ |  |  |  | Gross |  | Gross |  |  |  |  |  | Gross |  | Gross |  |
﻿ |  | Amortized |  | Unrealized |  | Unrealized |  | Fair |  | Amortized |  | Unrealized |  | Unrealized |  | Fair
﻿ |  | Cost |  | Gains |  | Losses |  | Value |  | Cost |  | Gains |  | Losses |  | Value
﻿US Treasury and government agency securities |  | $ | 50,000 |  | $ | 860 |  | $ | — |  | $ | 50,860 |  | $ | 50,000 |  | $ | — |  | $ | 410 |  | $ | 49,590
﻿Municipal obligations |  |  | 541,839 |  |  | 11,182 |  |  | 1,462 |  |  | 551,559 |  |  | 185,890 |  |  | 3,475 |  |  | 1,166 |  |  | 188,199
﻿Residential mortgage-backed securities |  |  | 903,703 |  |  | 36,200 |  |  | — |  |  | 939,903 |  |  | 1,014,135 |  |  | 15,585 |  |  | 1,589 |  |  | 1,028,131
﻿Collateralized mortgage obligations |  |  | 932,890 |  |  | 8,767 |  |  | 1,439 |  |  | 940,218 |  |  | 1,120,363 |  |  | 2,244 |  |  | 12,676 |  |  | 1,109,931
﻿ |  | $ | 2,428,432 |  | $ | 57,009 |  | $ | 2,901 |  | $ | 2,482,540 |  | $ | 2,370,388 |  | $ | 21,304 |  | $ | 15,841 |  | $ | 2,375,851
﻿ The following table presents the amortized cost and estimated fair value of debt securities at September 30, 2016 by contractual maturity. Actual maturities will differ from contractual maturities because of rights to call or repay obligations with or without penalties and scheduled and unscheduled principal payments on mortgage-backed securities and collateralized mortgage obligations. ﻿ ﻿
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﻿(in thousands) |  | Amortized |  | Fair
﻿Debt Securities Available for Sale |  | Cost |  | Value
﻿Due in one year or less |  | $ | 4,864 |  | $ | 4,900
﻿Due after one year through five years |  |  | 47,593 |  |  | 48,597
﻿Due after five years through ten years |  |  | 609,897 |  |  | 621,549
﻿Due after ten years |  |  | 1,707,402 |  |  | 1,738,433
﻿ Total available for sale debt securities |  | $ | 2,369,756 |  | $ | 2,413,479
﻿ |  |  |  |  |  |
﻿ |  | Amortized |  | Fair
﻿Debt Securities Held to Maturity |  | Cost |  | Value
﻿Due in one year or less |  | $ | 14,982 |  | $ | 15,019
﻿Due after one year through five years |  |  | 135,330 |  |  | 138,737
﻿Due after five years through ten years |  |  | 510,536 |  |  | 517,652
﻿Due after ten years |  |  | 1,767,584 |  |  | 1,811,132
﻿ Total held to maturity securities |  | $ | 2,428,432 |  | $ | 2,482,540
The Company held no securities c lassified as trading at September 30, 2016 or December 31, 2015. The details for securities classified as available for sale with unrealized losses for the periods indicated follow. ﻿ ﻿
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﻿Available for Sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
﻿September 30, 2016 |  | Losses < 12 months |  | Losses 12 months or > |  | Total
﻿ |  |  |  | Gross |  |  |  | Gross |  |  |  | Gross
﻿ |  | Fair |  | Unrealized |  | Fair |  | Unrealized |  | Fair |  | Unrealized
﻿(in thousands) |  | Value |  | Losses |  | Value |  | Losses |  | Value |  | Losses
﻿Municipal obligations |  | $ | 69,801 |  |  | 409 |  | $ | — |  |  | — |  | $ | 69,801 |  | $ | 409
﻿Residential mortgage-backed securities |  |  | 6,653 |  |  | 55 |  |  | 4,534 |  |  | 36 |  |  | 11,187 |  |  | 91
﻿Commercial mortgage-backed securities |  |  | 31,640 |  |  | 103 |  |  | — |  |  | — |  |  | 31,640 |  |  | 103
﻿Collateralized mortgage obligations |  |  | 6,910 |  |  | — |  |  | — |  |  | — |  |  | 6,910 |  |  | —
﻿ |  | $ | 115,004 |  | $ | 567 |  | $ | 4,534 |  | $ | 36 |  | $ | 119,538 |  | $ | 603
﻿ ﻿
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﻿ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
﻿Available for Sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
﻿December 31, 2015 |  | Losses < 12 months |  | Losses 12 months or > |  | Total
﻿ |  |  |  | Gross |  |  |  | Gross |  |  |  | Gross
﻿ |  | Fair |  | Unrealized |  | Fair |  | Unrealized |  | Fair |  | Unrealized
﻿(in thousands) |  | Value |  | Losses |  | Value |  | Losses |  | Value |  | Losses
﻿US Treasury and government agency securities |  | $ | — |  | $ | — |  | $ | 82 |  | $ | 1 |  | $ | 82 |  | $ | 1
﻿Municipal obligations |  |  | 8,296 |  |  | 38 |  |  | — |  |  | — |  |  | 8,296 |  |  | 38
﻿Residential mortgage-backed securities |  |  | 831,156 |  |  | 8,257 |  |  | 116,126 |  |  | 2,925 |  |  | 947,282 |  |  | 11,182
﻿Collateralized mortgage obligations |  |  | 208,397 |  |  | 1,257 |  |  | 33,138 |  |  | 935 |  |  | 241,535 |  |  | 2,192
﻿Equity securities |  |  | 20 |  |  | 1 |  |  | 1,473 |  |  | 47 |  |  | 1,493 |  |  | 48
﻿ |  | $ | 1,047,869 |  | $ | 9,553 |  | $ | 150,819 |  | $ | 3,908 |  | $ | 1,198,688 |  | $ | 13,461
﻿ The details for securities classified as held to maturity with unrealized losses for the periods indicated follow. ﻿ ﻿
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﻿Held to maturity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
﻿September 30, 2016 |  | Losses < 12 months |  | Losses 12 months or > |  | Total
﻿ |  |  |  | Gross |  |  |  | Gross |  |  |  | Gross
﻿ |  | Fair |  | Unrealized |  | Fair |  | Unrealized |  | Fair |  | Unrealized
﻿(in thousands) |  | Value |  | Losses |  | Value |  | Losses |  | Value |  | Losses
﻿Municipal obligations |  | $ | 98,295 |  | $ | 1,035 |  | $ | 11,843 |  | $ | 427 |  | $ | 110,138 |  | $ | 1,462
﻿Collateralized mortgage obligations |  |  | 119,172 |  |  | 146 |  |  | 132,960 |  |  | 1,293 |  |  | 252,132 |  |  | 1,439
﻿ |  | $ | 217,467 |  | $ | 1,181 |  | $ | 144,803 |  | $ | 1,720 |  | $ | 362,270 |  | $ | 2,901
﻿ ﻿
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﻿ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
﻿Held to maturity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
﻿December 31, 2015 |  | Losses < 12 months |  | Losses 12 months or > |  | Total
﻿ |  |  |  | Gross |  |  |  | Gross |  |  |  | Gross
﻿ |  | Fair |  | Unrealized |  | Fair |  | Unrealized |  | Fair |  | Unrealized
﻿(in thousands) |  | Value |  | Losses |  | Value |  | Losses |  | Value |  | Losses
﻿U.S. Treasury and government agency securities |  | $ | 45,590 |  | $ | 410 |  | $ | — |  | $ | — |  | $ | 45,590 |  | $ | 410
﻿Municipal obligations |  |  | 22,652 |  |  | 301 |  |  | 48,727 |  |  | 865 |  |  | 71,379 |  |  | 1,166
﻿Residential mortgage-backed securities |  |  | 349,635 |  |  | 1,589 |  |  | — |  |  | — |  |  | 349,635 |  |  | 1,589
﻿Collateralized mortgage obligations |  |  | 516,330 |  |  | 2,894 |  |  | 370,756 |  |  | 9,782 |  |  | 887,086 |  |  | 12,676
﻿ |  | $ | 934,207 |  | $ | 5,194 |  | $ | 419,483 |  | $ | 10,647 |  | $ | 1,353,690 |  | $ | 15,841
The unrealized losses primarily relate to changes in market rates on fixed-rate debt securities since the respective purchase dates. In all cases, the indicated impairment on these debt securities would be recovered no later than the security’s maturity date or possibly earlier if the market price for the security increases with a reduction in the yield required by the market. None of the unrealized losses relate to the marketability of the securities or the issuer’s ability to meet contractual obligations. The Company believes it has adequate liquidity and, therefore, does not plan to and, more likely than not, will not be required to sell these securities before recovery of the indicated impairment. Accordingly, the unrealized losses on these securities have been determined to be temporary. Proceeds from the sales of securities were approximately $141.7 million with an associated realiz ed gain of $1.5 million and $9.3 million with an associated gain of $0.3 million for the nine months ended September 30, 2016 and 2015, respectively. Securities with carrying values totaling $3.7 billion at September 30, 2016 and $3.5 billion at December 31, 2015 were pledged as collateral primarily to secure public deposits or securities sold under agreements to repurchase.

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