Investment Securities (Tables)

9 Months Ended

Sep. 30, 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.


	September 30, 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/GSEs	$	20,753	$	16	$	(1	)	$	20,768		0.90	%
Residential mortgage-backed securities		1,670,643		40,902		-			1,711,545		74.00	%
CMOs/REMICs - residential		380,260		8,237		-			388,497		16.80	%
Municipal bonds		182,849		4,049		-			186,898		8.08	%
Other securities		5,000		13		-			5,013		0.22	%

Total available-for-sale securities	$	2,259,505	$	53,217	$	(1	)	$	2,312,721		100.00	%

Investment securities held-to-maturity (1):
Government agency/GSEs	$	297,204	$	3,321	$	-		$	300,525		34.18	%
Residential mortgage-backed securities		238,993		1,384		-			240,377		27.48	%
CMO		1,348		589		-			1,937		0.15	%
Municipal bonds		332,105		1,635		(196	)		333,544		38.19	%

Total held-to-maturity securities	$	869,650	$	6,929	$	(196	)	$	876,383		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/GSEs	$	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 available-for-sale securities	$	3,083,582	$	65,754	$	(12,178	)	$	3,137,158		100.00%

Investment securities held-to-maturity (1):
CMO	$	1,528	$	649	$	-		$	2,177		100.00%

Total held-to-maturity securities	$	1,528	$	649	$	-		$	2,177		100.00%

(1) Securities held-to-maturity are presented in the condensed consolidated balance sheets at amortized cost.

Summary of Interest Income Earned on Investment Securities

The following table provides information about the amount of interest income earned on investment securities which is fully taxable and which is exempt from regular federal income tax.


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2015		2014		2015		2014
	(Dollars in thousands)
Investment securities available-for-sale:
Taxable	$	11,840	$	12,420	$	37,548	$	34,300
Tax-advantaged		2,894		5,227		12,623		15,691
Investment securities held-to-maturity:
Taxable		1,688		40		1,762		125
Tax-advantaged		1,748		-		1,748		-

Total interest income from investment securities	$	18,170	$	17,687	$	53,681	$	50,116

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, 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.


	September 30, 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)
Investment securities available-for-sale:
Government agency/GSEs	$	9,000	$	1	$	-	$	-	$	9,000	$	1
Residential mortgage-backed securities		-		-		-		-		-		-
CMOs/REMICs - residential		-		-		-		-		-		-
Municipal bonds		-		-		-		-		-		-
Other securities		-		-		-		-		-		-

Total available-for-sale securities	$	9,000	$	1	$	-	$	-	$	9,000	$	1

Investment securities held-to-maturity:
Government agency/GSEs	$	-	$	-	$	-	$	-	$	-	$	-
Residential mortgage-backed securities		-		-		-		-		-		-
CMO		-		-		-		-		-		-
Municipal bonds		81,956		196		-		-		81,956		196
Other securities		-		-		-		-		-		-

Total held-to-maturity securities	$	81,956	$	196	$	-	$	-	$	81,956	$	196


	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)
Investment securities available-for-sale:
Government agency/GSEs	$	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 available-for-sale securities	$	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.


	September 30, 2015
	Available-for-sale				Held-to-maturity
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
	(Dollars in thousands)
Due in one year or less	$	91,512	$	92,781	$	124,536	$	125,460
Due after one year through five years		1,894,584		1,939,712		139,716		141,134
Due after five years through ten years		118,633		121,282		554,537		558,832
Due after ten years		154,776		158,946		50,861		50,957

Total investment securities	$	2,259,505	$	2,312,721	$	869,650	$	876,383