Investment Securities (Tables)

9 Months Ended

Sep. 30, 2014

Investments, Debt and Equity Securities [Abstract]

Summary of Amortized Cost and Estimated Fair Value of Investment Securities

The majority of securities held are publicly traded, and the estimated fair values were obtained from an independent pricing service based upon market quotes.


	September 30, 2014
	Amortized Cost		Gross Unrealized Holding Gain		Gross Unrealized Holding Loss			Fair Value		Total Percent
	(Dollars in thousands)
Investment securities available-for-sale:
Government agency	$	342,560	$	2	$	(13,363	)	$	329,199		10.42	%
Residential mortgage-backed securities		1,901,645		22,056		(7,950	)		1,915,751		60.62	%
CMOs / REMICs - residential		315,298		7,300		(643	)		321,955		10.19	%
Municipal bonds		564,366		24,583		(936	)		588,013		18.61	%
Other securities		5,000		138		—			5,138		0.16	%

Total	$	3,128,869	$	54,079	$	(22,892	)	$	3,160,056		100.00	%


	December 31, 2013
	Amortized Cost		Gross Unrealized Holding Gain		Gross Unrealized Holding Loss			Fair Value		Total Percent
	(Dollars in thousands)
Investment securities available-for-sale:
Government agency	$	350,378	$	22	$	(23,875	)	$	326,525		12.26	%
Residential mortgage-backed securities		1,391,631		13,100		(24,788	)		1,379,943		51.81	%
CMOs / REMICs - residential		361,573		6,576		(1,974	)		366,175		13.75	%
Municipal bonds		571,145		18,839		(3,893	)		586,091		22.00	%
Other securities		5,000		—		(92	)		4,908		0.18	%

Total	$	2,679,727	$	38,537	$	(54,622	)	$	2,663,642		100.00	%

Summary of Continuous Unrealized Loss Position of Securities

The tables below show the Company’s investment securities’ gross unrealized losses and fair value by investment category and length of time that individual securities have been in a continuous unrealized loss position at September 30, 2014 and December 31, 2013. Management has reviewed individual securities to determine whether a decline in fair value below the amortized cost basis is other-than-temporary.


	September 30, 2014
	Less Than 12 Months				12 Months or Longer				Total
	Fair Value		Gross Unrealized Holding Losses		Fair Value		Gross Unrealized Holding Losses		Fair Value		Gross Unrealized Holding Losses
	(Dollars in thousands)
Available-for-sale:
Government agency	$	17,979	$	37	$	306,211	$	13,326	$	324,190	$	13,363
Residential mortgage-backed securities		399,364		677		309,465		7,273		708,829		7,950
CMOs / REMICs - residential		28,420		76		42,092		567		70,512		643
Municipal bonds		6,409		53		35,731		883		42,140		936
Other securities		—		—		—		—		—		—

Total	$	452,172	$	843	$	693,499	$	22,049	$	1,145,671	$	22,892


	December 31, 2013
	Less Than 12 Months				12 Months or Longer				Total
	Fair Value		Gross Unrealized Holding Losses		Fair Value		Gross Unrealized Holding Losses		Fair Value		Gross Unrealized Holding Losses
	(Dollars in thousands)
Available-for-sale:
Government agency	$	267,936	$	20,514	$	38,563	$	3,361	$	306,499	$	23,875
Residential mortgage-backed securities		851,621		23,313		22,999		1,475		874,620		24,788
CMOs / REMICs - residential		104,322		1,780		17,747		194		122,069		1,974
Municipal bonds		47,116		3,359		10,338		534		57,454		3,893
Other securities		4,908		92		—		—		4,908		92

Total	$	1,275,903	$	49,058	$	89,647	$	5,564	$	1,365,550	$	54,622

Summary of Amortized Cost and Fair Value of Debt Securities by Contractual Maturity

Mortgage-backed securities and CMOs/REMICs are included in maturity categories based upon estimated prepayment speeds.


	September 30, 2014
					Weighted-
	Amortized		Fair		Average
	Cost		Value		Yield
	(Dollars in thousands)
Available-for-sale:
Due in one year or less	$	130,897	$	133,756		3.51	%
Due after one year through five years		2,116,400		2,156,397		2.48	%
Due after five years through ten years		796,615		782,833		2.20	%
Due after ten years		84,957		87,070		2.72	%

Total	$	3,128,869	$	3,160,056		2.46	%

- Definition

Tabular disclosure of available-for-sale securities which includes, but is not limited to, changes in the cost basis and fair value, fair value and gross unrealized gain (loss), fair values by type of security, contractual maturity and classification, amortized cost basis, contracts to acquire securities to be accounted for as available-for-sale, debt maturities, transfers to trading, change in net unrealized holding gain (loss) net of tax, continuous unrealized loss position fair value, aggregate losses qualitative disclosures, other than temporary impairment (OTTI) losses or other disclosures related to available for sale securities.

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