Investment Securities (Tables)

3 Months Ended

Mar. 31, 2015

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.


	March 31, 2015
	Amortized Cost		Gross Unrealized Holding Gain		Gross Unrealized Holding Loss			Fair Value		Total Percent
	(Dollars in thousands)
Investment securities available-for-sale:
Government agency	$	334,025	$	140	$	(4,299	)	$	329,866		10.89	%
Residential mortgage-backed securities		1,807,036		49,360		(1,242	)		1,855,154		61.26	%
CMOs / REMICs - residential		279,918		8,406		(80	)		288,244		9.52	%
Municipal bonds		528,464		21,910		(530	)		549,844		18.16	%
Other securities		5,000		181		—			5,181		0.17	%

Total	$	2,954,443	$	79,997	$	(6,151	)	$	3,028,289		100.00	%


	December 31, 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	$	339,071	$	—	$	(8,228	)	$	330,843		10.55	%
Residential mortgage-backed securities		1,884,370		36,154		(3,028	)		1,917,496		61.12	%
CMOs / REMICs - residential		297,318		7,050		(277	)		304,091		9.69	%
Municipal bonds		557,823		22,463		(645	)		579,641		18.48	%
Other securities		5,000		87		—			5,087		0.16	%

Total	$	3,083,582	$	65,754	$	(12,178	)	$	3,137,158		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 March 31, 2015 and December 31, 2014. Management has reviewed individual securities to determine whether a decline in fair value below the amortized cost basis is other-than temporary.


	March 31, 2015
	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	$	14,558	$	3	$	289,548	$	4,296	$	304,106	$	4,299
Residential mortgage-backed securities		—		—		128,416		1,242		128,416		1,242
CMOs / REMICs - residential		—		—		6,679		80		6,679		80
Municipal bonds		4,152		47		23,917		483		28,069		530
Other securities		—		—		—		—		—		—

Total	$	18,710	$	50	$	448,560	$	6,101	$	467,270	$	6,151


	December 31, 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	$	22,224	$	28	$	307,873	$	8,200	$	330,097	$	8,228
Residential mortgage-backed securities		19,636		4		145,681		3,024		165,317		3,028
CMOs / REMICs - residential		—		—		31,143		277		31,143		277
Municipal bonds		1,953		23		24,812		622		26,765		645
Other securities		—		—		—		—		—		—

Total	$	43,813	$	55	$	509,509	$	12,123	$	553,322	$	12,178

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.


	March 31, 2015
	Amortized Cost		Fair Value
	(Dollars in thousands)
Available-for-sale:
Due in one year or less	$	160,730	$	164,801
Due after one year through five years		1,946,053		2,009,028
Due after five years through ten years		727,902		730,599
Due after ten years		119,758		123,861

Total	$	2,954,443	$	3,028,289

- 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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