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Investment Securities (Tables)
 3 Months Ended
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