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Investment Securities (Tables) | 3 Months Ended
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Mar. 31, 2018
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, 2018 |  |  |  |  |  |  |
U.S. Government sponsored agency securities | $ | 21,105 |  |  | $ | 40 |  |  | $ | (183 | ) |  | $ | 20,962 |
State and municipal securities | 413,632 |  |  | 2,247 |  |  | (9,780 | ) |  | 406,099 |
Corporate debt securities | 101,367 |  |  | 2,482 |  |  | (1,894 | ) |  | 101,955 |
Collateralized mortgage obligations | 695,840 |  |  | 236 |  |  | (16,376 | ) |  | 679,700 |
Residential mortgage-backed securities | 1,084,582 |  |  | 3,006 |  |  | (33,422 | ) |  | 1,054,166 |
Commercial mortgage-backed securities | 231,378 |  |  | 15 |  |  | (4,501 | ) |  | 226,892 |
Auction rate securities | 107,410 |  |  | — |  |  | (4,361 | ) |  | 103,049 |
Total | $ | 2,655,314 |  |  | $ | 8,026 |  |  | $ | (70,517 | ) |  | $ | 2,592,823 |
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Estimated Fair Value
| (in thousands)
December 31, 2017 |  |  |  |  |  |  |
U.S. Government sponsored agency securities | $ | 5,962 |  |  | $ | 2 |  |  | $ | (26 | ) |  | $ | 5,938 |
State and municipal securities | 405,860 |  |  | 5,638 |  |  | (2,549 | ) |  | 408,949 |
Corporate debt securities | 96,353 |  |  | 2,832 |  |  | (1,876 | ) |  | 97,309 |
Collateralized mortgage obligations | 611,927 |  |  | 491 |  |  | (9,795 | ) |  | 602,623 |
Residential mortgage-backed securities | 1,132,080 |  |  | 3,957 |  |  | (15,241 | ) |  | 1,120,796 |
Commercial mortgage-backed securities | 215,351 |  |  | — |  |  | (2,596 | ) |  | 212,755 |
Auction rate securities | 107,410 |  |  | — |  |  | (8,742 | ) |  | 98,668 |
Total debt securities | 2,574,943 |  |  | 12,920 |  |  | (40,825 | ) |  | 2,547,038 |
Equity securities | 776 |  |  | 142 |  |  | — |  |  | 918 |
Total | $ | 2,575,719 |  |  | $ | 13,062 |  |  | $ | (40,825 | ) |  | $ | 2,547,956 |
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, 2018, 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 |  | $ | 14,055 |  |  | $ | 14,063 |
Due from one year to five years |  | 36,871 |  |  | 36,986 |
Due from five years to ten years |  | 119,069 |  |  | 119,529 |
Due after ten years |  | 473,519 |  |  | 461,487 |
|  | 643,514 |  |  | 632,065 |
Residential mortgage-backed securities(1) |  | 1,084,582 |  |  | 1,054,166 |
Commercial mortgage-backed securities(1) |  | 231,378 |  |  | 226,892 |
Collateralized mortgage obligations(1) |  | 695,840 |  |  | 679,700 |
Total |  | $ | 2,655,314 |  |  | $ | 2,592,823 |
(1) Maturities for mortgage-backed securities and collateralized mortgage obligations are dependent upon the interest rate environment and prepayments on the underlying loans.
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 on the sales of equity and debt securities:
| Gross Realized Gains
Three months ended March 31, 2018 | (in thousands)
Equity securities | $ | 9 |
Debt securities | 10 |
Total | $ | 19 |
Three months ended March 31, 2017 |
Equity securities | $ | 1,045 |
Debt securities | 61 |
Total | $ | 1,106 |
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, at March 31, 2018 and December 31, 2017:
| 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, 2018 | (in thousands)
U.S. Government sponsored agency securities | $ | 12,499 |  |  | $ | (183 | ) |  | $ | — |  |  | $ | — |  |  | $ | 12,499 |  |  | $ | (183 | )
State and municipal securities | 163,345 |  |  | (3,132 | ) |  | 114,024 |  |  | (6,648 | ) |  | 277,369 |  |  | (9,780 | )
Corporate debt securities | 9,466 |  |  | (130 | ) |  | 28,219 |  |  | (1,764 | ) |  | 37,685 |  |  | (1,894 | )
Collateralized mortgage obligations | 456,200 |  |  | (7,184 | ) |  | 176,076 |  |  | (9,192 | ) |  | 632,276 |  |  | (16,376 | )
Residential mortgage-backed securities | 527,502 |  |  | (13,611 | ) |  | 471,703 |  |  | (19,811 | ) |  | 999,205 |  |  | (33,422 | )
Commercial mortgage-backed securities | 196,887 |  |  | (3,884 | ) |  | 21,539 |  |  | (617 | ) |  | 218,426 |  |  | (4,501 | )
Auction rate securities | — |  |  | — |  |  | 103,049 |  |  | (4,361 | ) |  | 103,049 |  |  | (4,361 | )
Total | $ | 1,365,899 |  |  | $ | (28,124 | ) |  | $ | 914,610 |  |  | $ | (42,393 | ) |  | $ | 2,280,509 |  |  | $ | (70,517 | )
| 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, 2017 | (in thousands)
U.S. Government sponsored agency securities | $ | 5,830 |  |  | $ | (26 | ) |  | $ | — |  |  | $ | — |  |  | $ | 5,830 |  |  | $ | (26 | )
State and municipal securities | 11,650 |  |  | (50 | ) |  | 118,297 |  |  | (2,499 | ) |  | 129,947 |  |  | (2,549 | )
Corporate debt securities | 4,544 |  |  | (48 | ) |  | 32,163 |  |  | (1,828 | ) |  | 36,707 |  |  | (1,876 | )
Collateralized mortgage obligations | 303,932 |  |  | (2,408 | ) |  | 187,690 |  |  | (7,387 | ) |  | 491,622 |  |  | (9,795 | )
Residential mortgage-backed securities | 511,378 |  |  | (4,348 | ) |  | 500,375 |  |  | (10,893 | ) |  | 1,011,753 |  |  | (15,241 | )
Commercial mortgage-backed securities | 190,985 |  |  | (2,118 | ) |  | 21,770 |  |  | (478 | ) |  | 212,755 |  |  | (2,596 | )
Auction rate securities | — |  |  | — |  |  | 98,668 |  |  | (8,742 | ) |  | 98,668 |  |  | (8,742 | )
Total | $ | 1,028,319 |  |  | $ | (8,998 | ) |  | $ | 958,963 |  |  | $ | (31,827 | ) |  | $ | 1,987,282 |  |  | $ | (40,825 | )
Summary of Amortized Cost and Fair Values of Corporate Debt Securities | The following table presents the amortized cost and estimated fair values of corporate debt securities:
| March 31, 2018 |  | December 31, 2017
| Amortized cost |  | Estimated fair value |  | Amortized cost |  | Estimated fair value
| (in thousands)
Single-issuer trust preferred securities | $ | 31,352 |  |  | $ | 30,513 |  |  | $ | 31,335 |  |  | $ | 30,703 |
Subordinated debt | 54,011 |  |  | 54,357 |  |  | 49,013 |  |  | 49,533 |
Senior debt | 12,029 |  |  | 12,245 |  |  | 12,031 |  |  | 12,392 |
Pooled trust preferred securities | — |  |  | 865 |  |  | — |  |  | 707 |
Corporate debt securities issued by financial institutions | 97,392 |  |  | 97,980 |  |  | 92,379 |  |  | 93,335 |
Other corporate debt securities | 3,975 |  |  | 3,975 |  |  | 3,974 |  |  | 3,974 |
Available for sale corporate debt securities | $ | 101,367 |  |  | $ | 101,955 |  |  | $ | 96,353 |  |  | $ | 97,309 |

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- Definition For all investments in an unrealized loss position, including those for which other-than-temporary impairments have not been recognized in earnings (including investments for which a portion of an other-than-temporary impairment has been recognized in other comprehensive income), a tabular disclosure of the aggregate related fair value of investments with unrealized losses and the aggregate amount of unrealized losses (that is, the amount by which amortized cost basis exceeds fair value). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=82897076&loc=d3e27290-111563 + Details
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