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Investment Securities (Tables)
 12 Months Ended
Dec. 31, 2014
Investments, Debt and Equity Securities [Abstract]  
Schedule of Amortized Cost and Fair Values of Investment Securities
The following tables present the amortized cost and estimated fair values of investment securities, which were all classified as available for sale, as of December 31:
 
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Estimated
Fair
Value
 
(in thousands)
2014
 
 
 
 
 
 
 
Equity securities
$
33,469

 
$
14,167

 
$
(13
)
 
$
47,623

U.S. Government securities
200

 
—

 
—

 
200

U.S. Government sponsored agency securities
209

 
5

 
—

 
214

State and municipal securities
238,250

 
7,231

 
(266
)
 
245,215

Corporate debt securities
99,016

 
5,126

 
(6,108
)
 
98,034

Collateralized mortgage obligations
917,395

 
5,705

 
(20,787
)
 
902,313

Mortgage-backed securities
914,797

 
16,978

 
(2,944
)
 
928,831

Auction rate securities
108,751

 
—

 
(7,810
)
 
100,941

 
$
2,312,087

 
$
49,212

 
$
(37,928
)
 
$
2,323,371

 
 
 
 
 
 
 
 
2013
 
 
 
 
 
 
 
Equity securities
$
33,922

 
$
12,355

 
$
(76
)
 
$
46,201

U.S. Government securities
525

 
—

 
—

 
525

U.S. Government sponsored agency securities
720

 
7

 
(1
)
 
726

State and municipal securities
281,810

 
6,483

 
(3,444
)
 
284,849

Corporate debt securities
100,468

 
5,685

 
(7,404
)
 
98,749

Collateralized mortgage obligations
1,069,138

 
8,036

 
(44,776
)
 
1,032,398

Mortgage-backed securities
949,328

 
13,881

 
(17,497
)
 
945,712

Auction rate securities
172,299

 
234

 
(13,259
)
 
159,274

 
$
2,608,210

 
$
46,681

 
$
(86,457
)
 
$
2,568,434
Schedule of Amortized Cost and Fair Values of Debt Securities by Contractual Maturities
The amortized cost and estimated fair values of debt securities as of December 31, 2014, by contractual maturity, are shown in the following table. Actual maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.
 
Amortized
Cost
 
Estimated
Fair Value
 
(in thousands)
 
 
Due in one year or less
$
16,698

 
$
16,851

Due from one year to five years
76,704

 
80,142

Due from five years to ten years
170,783

 
175,687

Due after ten years
182,241

 
171,924

 
446,426

 
444,604

Collateralized mortgage obligations
917,395

 
902,313

Mortgage-backed securities
914,797

 
928,831

 
$
2,278,618

 
$
2,275,748
Summary of Gains and Losses from Equity and Debt Securities, and Losses Recognized from Other-than-Temporary Impairment
The following table presents information related to gross gains and losses on the sales of equity and debt securities, and losses recognized for other-than-temporary impairment of investments:
 
Gross
Realized
Gains
 
Gross
Realized
Losses
 
Other-
than-
temporary
Impairment
Losses
 
Net
Gains
 
(in thousands)
2014:
 
 
 
 
 
 
 
Equity securities
$
335

 
$
—

 
$
(12
)
 
$
323

Debt securities
2,058

 
(322
)
 
(18
)
 
1,718

Total
$
2,393

 
$
(322
)
 
$
(30
)
 
$
2,041

2013:
 
 
 
 
 
 
 
Equity securities
$
4,391

 
$
(28
)
 
$
(27
)
 
$
4,336

Debt securities
3,787

 
(22
)
 
(97
)
 
3,668

Total
$
8,178

 
$
(50
)
 
$
(124
)
 
$
8,004

2012:
 
 
 
 
 
 
 
Equity securities
$
2,620

 
$
—

 
$
(356
)
 
$
2,264

Debt securities
1,215

 
—

 
(453
)
 
762

Total
$
3,835

 
$
—

 
$
(809
)
 
$
3,026
Summary Of Other Than Temporary Impairment Charges Recorded In Statement Of Operations
The following table presents a summary of other-than-temporary impairment charges recorded as decreases to investment securities gains on the consolidated statements of income, by investment security type:
 
2014
 
2013
 
2012
 
(in thousands)
Equity securities - financial institution stocks
$
12

 
$
27

 
$
356

Pooled trust preferred securities
18

 
97

 
19

Auction rate securities
—

 
—

 
434

Total debt securities
18

 
97

 
453

Total other-than-temporary impairment charges
$
30

 
$
124

 
$
809
Summary of Cumulative Other-than-Temporary Impairment Charges Recognized in Earnings for Pooled Trust Preferred Securities Held
The following table presents a summary of the cumulative credit related other-than-temporary impairment charges, recognized as components of earnings, for debt securities held by the Corporation at December 31:
 
2014
 
2013
 
2012
 
(in thousands)
Balance of cumulative credit losses on debt securities, beginning of year
$
(20,691
)
 
$
(23,079
)
 
$
(22,781
)
Additions for credit losses recorded which were not previously recognized as components of earnings
(18
)
 
(97
)
 
(453
)
Reductions for securities sold during the period
4,460

 
2,468

 
—

Reductions for increases in cash flows expected to be collected that are recognized over the remaining life of the security
7

 
17

 
155

Balance of cumulative credit losses on debt securities, end of year
$
(16,242
)
 
$
(20,691
)
 
$
(23,079
)
Gross Unrealized Losses and Fair Values of Investments by Category and Length of Time in Continuous Unrealized Loss Position
The following table presents the gross unrealized losses and estimated fair values of investments, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, as of December 31, 2014:
 
Less Than 12 months
 
12 Months or Longer
 
Total
 
Estimated
Fair Value
 
Unrealized
Losses
 
Estimated
Fair Value
 
Unrealized
Losses
 
Estimated
Fair Value
 
Unrealized
Losses
 
(in thousands)
State and municipal securities
3,282

 
(4
)
 
19,640

 
(262
)
 
22,922

 
(266
)
Corporate debt securities
4,952

 
(17
)
 
36,849

 
(6,091
)
 
41,801

 
(6,108
)
Collateralized mortgage obligations
46,121

 
(179
)
 
592,119

 
(20,608
)
 
638,240

 
(20,787
)
Mortgage-backed securities
36,791

 
(40
)
 
235,368

 
(2,904
)
 
272,159

 
(2,944
)
Auction rate securities
—

 
—

 
100,941

 
(7,810
)
 
100,941

 
(7,810
)
Total debt securities
91,146

 
(240
)
 
984,917

 
(37,675
)
 
1,076,063

 
(37,915
)
Equity securities
5

 
(1
)
 
77

 
(12
)
 
82

 
(13
)
 
$
91,151

 
$
(241
)
 
$
984,994

 
$
(37,687
)
 
$
1,076,145

 
$
(37,928
)
Summary of Amortized Cost and Fair Values of Corporate Debt Securities
The majority of the Corporation’s available for sale corporate debt securities are issued by financial institutions. The following table presents the amortized cost and estimated fair values of corporate debt securities as of December 31:
 
2014
 
2013
 
Amortized
Cost
 
Estimated
Fair Value
 
Amortized
Cost
 
Estimated
Fair Value
 
(in thousands)
Single-issuer trust preferred securities
$
47,569

 
$
42,016

 
$
47,481

 
$
40,531

Subordinated debt
47,530

 
50,023

 
47,405

 
50,327

Pooled trust preferred securities
2,010

 
4,088

 
2,997

 
5,306

Corporate debt securities issued by financial institutions
97,109

 
96,127

 
97,883

 
96,164

Other corporate debt securities
1,907

 
1,907

 
2,585

 
2,585

Available for sale corporate debt securities
$
99,016

 
$
98,034

 
$
100,468

 
$
98,749