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Securities | 3 Months Ended
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Mar. 31, 2017
Securities [Abstract] |
Securities | 3. 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) |  | March 31, 2017 |  | December 31, 2016
﻿ |  |  |  | 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 |  | $ | 76,049 |  | $ | — |  | $ | 1,553 |  | $ | 74,496 |  | $ | 56,751 |  | $ | — |  | $ | 1,923 |  | $ | 54,828
﻿Municipal obligations |  |  | 251,416 |  |  | 157 |  |  | 10,537 |  |  | 241,036 |  |  | 253,228 |  |  | 113 |  |  | 11,186 |  |  | 242,155
﻿Residential mortgage-backed securities |  |  | 1,568,001 |  |  | 10,377 |  |  | 18,961 |  |  | 1,559,417 |  |  | 1,620,191 |  |  | 10,592 |  |  | 19,428 |  |  | 1,611,355
﻿Commercial mortgage-backed securities |  |  | 450,197 |  |  | 211 |  |  | 22,360 |  |  | 428,048 |  |  | 425,750 |  |  | — |  |  | 23,159 |  |  | 402,591
﻿Collateralized mortgage obligations |  |  | 192,372 |  |  | 491 |  |  | 599 |  |  | 192,264 |  |  | 202,580 |  |  | 490 |  |  | 591 |  |  | 202,479
﻿Corporate debt securities |  |  | 3,500 |  |  | — |  |  | — |  |  | 3,500 |  |  | 3,500 |  |  | — |  |  | — |  |  | 3,500
﻿ |  | $ | 2,541,535 |  | $ | 11,236 |  | $ | 54,010 |  | $ | 2,498,761 |  | $ | 2,562,000 |  | $ | 11,195 |  | $ | 56,287 |  | $ | 2,516,908
﻿ ﻿
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﻿ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
﻿Securities Held to Maturity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
﻿(in thousands) |  | March 31, 2017 |  | December 31, 2016
﻿ |  |  |  | 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 |  | $ | — |  | $ | 55 |  | $ | 49,945 |  | $ | 50,000 |  | $ | — |  | $ | 44 |  | $ | 49,956
﻿Municipal obligations |  |  | 734,075 |  |  | 3,345 |  |  | 17,604 |  |  | 719,816 |  |  | 648,093 |  |  | 2,147 |  |  | 20,175 |  |  | 630,065
﻿Residential mortgage-backed securities |  |  | 830,522 |  |  | 3,481 |  |  | 1,980 |  |  | 832,023 |  |  | 862,162 |  |  | 4,329 |  |  | 3,068 |  |  | 863,423
﻿Commercial mortgage-backed securities |  |  | 75,722 |  |  | — |  |  | 4,348 |  |  | 71,374 |  |  | 75,739 |  |  | — |  |  | 4,038 |  |  | 71,701
﻿Collateralized mortgage obligations |  |  | 812,193 |  |  | 1,588 |  |  | 9,519 |  |  | 804,262 |  |  | 864,226 |  |  | 1,420 |  |  | 10,674 |  |  | 854,972
﻿ |  | $ | 2,502,512 |  | $ | 8,414 |  | $ | 33,506 |  | $ | 2,477,420 |  | $ | 2,500,220 |  | $ | 7,896 |  | $ | 37,999 |  | $ | 2,470,117
﻿ The following table presents the amortized cost and estimated fair value of debt securities at March 31, 2017 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. ﻿ ﻿ ﻿
﻿ |  |  |  |  |  |
﻿ |  |  |  |  |  |
﻿(in thousands) |  | Amortized |  | Fair
﻿Debt Securities Available for Sale |  | Cost |  | Value
﻿Due in one year or less |  | $ | 4,711 |  | $ | 4,735
﻿Due after one year through five years |  |  | 40,658 |  |  | 41,205
﻿Due after five years through ten years |  |  | 1,025,204 |  |  | 999,011
﻿Due after ten years |  |  | 1,470,962 |  |  | 1,453,810
﻿ Total available for sale debt securities |  | $ | 2,541,535 |  | $ | 2,498,761
﻿ |  |  |  |  |  |
﻿ |  | Amortized |  | Fair
﻿Debt Securities Held to Maturity |  | Cost |  | Value
﻿Due in one year or less |  | $ | 10,520 |  | $ | 10,624
﻿Due after one year through five years |  |  | 124,250 |  |  | 125,558
﻿Due after five years through ten years |  |  | 838,244 |  |  | 817,979
﻿Due after ten years |  |  | 1,529,498 |  |  | 1,523,259
﻿ Total held to maturity securities |  | $ | 2,502,512 |  | $ | 2,477,420
The Company held no securities classified as trading at March 31, 2017 or December 31, 2016. The details for securities classified as available for sale with unrealized losses for the periods indicated follow. ﻿
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﻿ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
﻿Available for Sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
﻿March 31, 2017 |  | 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 |  | $ | 74,460 |  |  | 1,553 |  | $ | — |  | $ | — |  | $ | 74,460 |  | $ | 1,553
﻿Municipal obligations |  |  | 228,433 |  |  | 10,537 |  |  | — |  |  | — |  |  | 228,433 |  |  | 10,537
﻿Residential mortgage-backed securities |  |  | 1,051,706 |  |  | 18,885 |  |  | 3,110 |  |  | 76 |  |  | 1,054,816 |  |  | 18,961
﻿Commercial mortgage-backed securities |  |  | 403,123 |  |  | 22,360 |  |  | — |  |  | — |  |  | 403,123 |  |  | 22,360
﻿Collateralized mortgage obligations |  |  | 78,217 |  |  | 599 |  |  | — |  |  | — |  |  | 78,217 |  |  | 599
﻿ |  | $ | 1,835,939 |  | $ | 53,934 |  | $ | 3,110 |  | $ | 76 |  | $ | 1,839,049 |  | $ | 54,010
﻿ ﻿ ﻿
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﻿ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
﻿Available for Sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
﻿December 31, 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
﻿US Treasury and government agency securities |  | $ | 54,788 |  | $ | 1,923 |  | $ | — |  | $ | — |  | $ | 54,788 |  | $ | 1,923
﻿Municipal obligations |  |  | 228,588 |  |  | 11,186 |  |  | — |  |  | — |  |  | 228,588 |  |  | 11,186
﻿Residential mortgage-backed securities |  |  | 1,087,644 |  |  | 19,359 |  |  | 3,738 |  |  | 69 |  |  | 1,091,382 |  |  | 19,428
﻿Commercial mortgage-backed securities |  |  | 402,591 |  |  | 23,159 |  |  | — |  |  | — |  |  | 402,591 |  |  | 23,159
﻿Collateralized mortgage obligations |  |  | 83,701 |  |  | 591 |  |  | — |  |  | — |  |  | 83,701 |  |  | 591
﻿ |  | $ | 1,857,312 |  | $ | 56,218 |  | $ | 3,738 |  | $ | 69 |  | $ | 1,861,050 |  | $ | 56,287
﻿ The details for securities classified as held to maturity with unrealized losses for the periods indicated follow. ﻿ ﻿
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﻿ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
﻿Held to maturity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
﻿March 31, 2017 |  | 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 |  | $ | 49,946 |  | $ | 55 |  | $ | — |  | $ | — |  | $ | 49,946 |  | $ | 55
﻿Municipal obligations |  |  | 454,266 |  |  | 17,331 |  |  | 7,269 |  |  | 273 |  |  | 461,535 |  |  | 17,604
﻿Residential mortgage-backed securities |  |  | 279,443 |  |  | 1,980 |  |  | — |  |  | — |  |  | 279,443 |  |  | 1,980
﻿Commercial mortgage-backed securities |  |  | 71,373 |  |  | 4,348 |  |  | — |  |  | — |  |  | 71,373 |  |  | 4,348
﻿Collateralized mortgage obligations |  |  | 506,593 |  |  | 6,343 |  |  | 104,011 |  |  | 3,176 |  |  | 610,604 |  |  | 9,519
﻿ |  | $ | 1,361,621 |  | $ | 30,057 |  | $ | 111,280 |  | $ | 3,449 |  | $ | 1,472,901 |  | $ | 33,506
﻿ ﻿
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﻿ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
﻿Held to maturity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
﻿December 31, 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
﻿U.S. Treasury and government agency securities |  | $ | 49,956 |  | $ | 44 |  | $ | — |  | $ | — |  | $ | 49,956 |  | $ | 44
﻿Municipal obligations |  |  | 494,470 |  |  | 19,706 |  |  | 11,750 |  |  | 469 |  |  | 506,220 |  |  | 20,175
﻿Residential mortgage-backed securities |  |  | 278,369 |  |  | 3,068 |  |  | — |  |  | — |  |  | 278,369 |  |  | 3,068
﻿Commercial mortgage-backed securities |  |  | 71,701 |  |  | 4,038 |  |  | — |  |  | — |  |  | 71,701 |  |  | 4,038
﻿Collateralized mortgage obligations |  |  | 618,739 |  |  | 7,296 |  |  | 115,375 |  |  | 3,378 |  |  | 734,114 |  |  | 10,674
﻿ |  | $ | 1,513,235 |  | $ | 34,152 |  | $ | 127,125 |  | $ | 3,847 |  | $ | 1,640,360 |  | $ | 37,999
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. There were no sales of securities for the three months ended March 31, 2017. Proceeds from the sales of securities were approximately $47.8 million with a gross gain of $0.3 million for the three months ended March 31, 2 016, respectively. Securities with carrying values totaling $4.0 billion at March 31, 2017 and $3.8 billion at December 31, 2016 were pledged as collateral primarily to secure public deposits or securities sold under agreements to repurchase. ﻿

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