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Investment Securities (Tables)
 3 Months Ended
Mar. 31, 2017
Investments, Debt and Equity Securities [Abstract]  
Schedule of Amortized Cost and Fair Values of Investment Securities
The following table presents the amortized cost and estimated fair values of investment securities, which were all classified as available for sale:
 
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Estimated
Fair
Value
 
(in thousands)
March 31, 2017
 
 
 
 
 
 
 
U.S. Government sponsored agency securities
$
5,959

 
$
37

 
$
—

 
$
5,996

State and municipal securities
404,125

 
2,352

 
(13,853
)
 
392,624

Corporate debt securities
109,595

 
2,055

 
(3,773
)
 
107,877

Collateralized mortgage obligations
575,596

 
1,811

 
(11,521
)
 
565,886

Mortgage-backed securities
1,321,573

 
6,155

 
(14,107
)
 
1,313,621

Auction rate securities
107,312

 
—

 
(9,873
)
 
97,439

   Total debt securities
2,524,160

 
12,410

 
(53,127
)
 
2,483,443

Equity securities
11,416

 
11,158

 
—

 
22,574

   Total
$
2,535,576

 
$
23,568

 
$
(53,127
)
 
$
2,506,017

 
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Estimated
Fair
Value
 
(in thousands)
December 31, 2016
 
 
 
 
 
 
 
U.S. Government sponsored agency securities
$
132

 
$
2

 
$
—

 
$
134

State and municipal securities
405,274

 
2,043

 
(15,676
)
 
391,641

Corporate debt securities
112,016

 
1,978

 
(4,585
)
 
109,409

Collateralized mortgage obligations
604,095

 
1,943

 
(12,178
)
 
593,860

Mortgage-backed securities
1,353,292

 
6,546

 
(17,437
)
 
1,342,401

Auction rate securities
107,215

 
—

 
(9,959
)
 
97,256

   Total debt securities
2,582,024

 
12,512

 
(59,835
)
 
2,534,701

Equity securities
12,231

 
12,295

 
—

 
24,526

   Total
$
2,594,255

 
$
24,807

 
$
(59,835
)
 
$
2,559,227
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 March 31, 2017, by contractual maturity, are shown in the following table. Actual maturities may differ from contractual maturities as certain investment securities are subject to call or prepayment with or without call or prepayment penalties.
 
 
Amortized
Cost
 
Estimated
Fair Value
 
(in thousands)
Due in one year or less
 
$
53,510

 
$
53,729

Due from one year to five years
 
27,178

 
27,785

Due from five years to ten years
 
113,529

 
113,708

Due after ten years
 
432,774

 
408,714

 
 
626,991

 
603,936

Collateralized mortgage obligations
 
575,596

 
565,886

Mortgage-backed securities
 
1,321,573

 
1,313,621

  Total debt securities
 
$
2,524,160

 
$
2,483,443
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 the gross realized gains and losses on the sales of equity and debt securities:
 
Gross
Realized
Gains
 
Gross
Realized
Losses
 
Net Gains (Losses)
Three months ended March 31, 2017
(in thousands)
Equity securities
$
1,045

 
$
—

 
$
1,045

Debt securities
61

 
—

 
61

Total
$
1,106

 
$
—

 
$
1,106

Three months ended March 31, 2016
 
 
 
 
 
Equity securities
$
733

 
$
—

 
$
733

Debt securities
214

 
—

 
214

Total
$
947

 
$
—

 
$
947
Gross Unrealized Losses and Fair Values of Investments by Category and Length of Time in Continuous Unrealized Loss Position
The following tables present 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 at March 31, 2017 and December 31, 2016:
 
Less than 12 months
 
12 months or longer
 
Total
 
Estimated
Fair Value
 
Unrealized
Losses
 
Estimated
Fair Value
 
Unrealized
Losses
 
Estimated
Fair Value
 
Unrealized
Losses
March 31, 2017
(in thousands)
State and municipal securities
$
237,313

 
$
(13,853
)
 
$
—

 
$
—

 
$
237,313

 
$
(13,853
)
Corporate debt securities
4,020

 
(11
)
 
35,364

 
(3,762
)
 
39,384

 
(3,773
)
Collateralized mortgage obligations
145,052

 
(3,672
)
 
246,408

 
(7,849
)
 
391,460

 
(11,521
)
Mortgage-backed securities
1,089,397

 
(14,107
)
 
—

 
—

 
1,089,397

 
(14,107
)
Auction rate securities
—

 
—

 
97,439

 
(9,873
)
 
97,439

 
(9,873
)
Total debt securities
1,475,782

 
(31,643
)
 
379,211

 
(21,484
)
 
1,854,993

 
(53,127
)

 
Less than 12 months
 
12 months or longer
 
Total
 
Estimated
Fair Value
 
Unrealized
Losses
 
Estimated
Fair Value
 
Unrealized
Losses
 
Estimated
Fair Value
 
Unrealized
Losses
December 31, 2016
(in thousands)
State and municipal securities
$
247,509

 
$
(15,676
)
 
$
—

 
$
—

 
$
247,509

 
$
(15,676
)
Corporate debt securities
11,922

 
(110
)
 
34,629

 
(4,475
)
 
46,551

 
(4,585
)
Collateralized mortgage obligations
166,905

 
(3,899
)
 
258,237

 
(8,279
)
 
425,142

 
(12,178
)
Mortgage-backed securities
1,137,510

 
(17,437
)
 
—

 
—

 
1,137,510

 
(17,437
)
Auction rate securities
—

 
—

 
97,256

 
(9,959
)
 
97,256

 
(9,959
)
Total debt securities
1,563,846

 
(37,122
)
 
390,122

 
(22,713
)
 
1,953,968

 
(59,835
)
Summary of Amortized Cost and Fair Values of Corporate Debt Securities
The following table presents the amortized cost and estimated fair value of corporate debt securities:
 
March 31, 2017
 
December 31, 2016
 
Amortized
cost
 
Estimated
fair value
 
Amortized
cost
 
Estimated
fair value
 
(in thousands)
Single-issuer trust preferred securities
$
43,770

 
$
40,720

 
$
43,746

 
$
39,829

Subordinated debt
43,787

 
44,399

 
46,231

 
46,723

Senior debt
18,036

 
18,334

 
18,037

 
18,433

Pooled trust preferred securities
—

 
422

 
—

 
422

Corporate debt securities issued by financial institutions
105,593

 
103,875

 
108,014

 
105,407

Other corporate debt securities
4,002

 
4,002

 
4,002

 
4,002

Available for sale corporate debt securities
$
109,595

 
$
107,877

 
$
112,016

 
$
109,409