Investment Securities (Tables)

3 Months Ended

Mar. 31, 2016

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, 2016
	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	$	5,750	$	10	$	-	$	5,760		0.25%
Residential mortgage-backed securities		1,710,383		48,667		-		1,759,050		76.66%
CMOs/REMICs - residential		360,790		7,745		-		368,535		16.06%
Municipal bonds		153,761		2,523		(59)		156,225		6.81%
Other securities		5,000		89		-		5,089		0.22%

Total available-for-sale securities	$	2,235,684	$	59,034	$	(59)	$	2,294,659		100.00%

Investment securities held-to-maturity (1):
Government agency/GSEs	$	272,934	$	5,687	$	-	$	278,621		33.58%
Residential mortgage-backed securities		225,079		3,085		-		228,164		27.69%
CMO		1,226		499		-		1,725		0.15%
Municipal bonds		313,654		4,788		(1,024)		317,418		38.58%

Total held-to-maturity securities	$	812,893	$	14,059	$	(1,024)	$	825,928		100.00%


	December 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/GSEs	$	5,752	$	-	$	(7)	$	5,745		0.24%
Residential mortgage-backed securities		1,788,857		26,001		(1,761)		1,813,097		76.55%
CMOs/REMICs - residential		380,166		4,689		(1,074)		383,781		16.20%
Municipal bonds		157,940		3,036		(3)		160,973		6.80%
Other securities		5,000		50		-		5,050		0.21%

Total available-for-sale securities	$	2,337,715	$	33,776	$	(2,845)	$	2,368,646		100.00%

Investment securities held-to-maturity (1):
Government agency/GSEs	$	293,338	$	1,176	$	(734)	$	293,780		34.47%
Residential mortgage-backed securities		232,053		-		(1,293)		230,760		27.27%
CMO		1,284		569		-		1,853		0.15%
Municipal bonds		324,314		3,051		(719)		326,646		38.11%

Total held-to-maturity securities	$	850,989	$	4,796	$	(2,746)	$	853,039		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 March 31,
	2016		2015
	(Dollars in thousands)
Investment securities available-for-sale:
Taxable	$	11,380	$	12,923
Tax-advantaged		1,419		5,011
Investment securities held-to-maturity:
Taxable		2,620		38
Tax-advantaged		2,728		-

Total interest income from investment securities	$	18,147	$	17,972

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, 2016 and December 31, 2015. Management has reviewed individual securities to determine whether a decline in fair value below the amortized cost basis is other-than-temporary.


	March 31, 2016
	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	$	-	$	-	$	-	$	-	$	-	$	-
Residential mortgage-backed securities		-		-		-		-		-		-
CMOs/REMICs - residential		-		-		-		-		-		-
Municipal bonds		3,656		(58)		5,966		(1)		9,622		(59)
Other securities		-		-		-		-		-		-

Total available-for-sale securities	$	3,656	$	(58)	$	5,966	$	(1)	$	9,622	$	(59)


Investment securities held-to-maturity:
Government agency/GSEs	$	-	$	-	$	-	$	-	$	-	$	-
Residential mortgage-backed securities		-		-		-		-		-		-
CMO		-		-		-		-		-		-
Municipal bonds		92,467		(1,024)		-		-		92,467		(1,024)
Other securities		-		-		-		-		-		-

Total held-to-maturity securities	$	92,467	$	(1,024)	$	-	$	-	$	92,467	$	(1,024)


	December 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)
Investment securities available-for-sale:
Government agency/GSEs	$	5,745	$	(7)	$	-	$	-	$	5,745	$	(7)
Residential mortgage-backed securities		437,699		(1,761)		-		-		437,699		(1,761)
CMOs/REMICs - residential		171,923		(1,074)		-		-		171,923		(1,074)
Municipal bonds		398		(2)		5,961		(1)		6,359		(3)
Other securities		-		-		-		-		-		-

Total available-for-sale securities	$	615,765	$	(2,844)	$	5,961	$	(1)	$	621,726	$	(2,845)


Investment securities held-to-maturity:
Government agency/GSEs	$	84,495	$	(734)	$	-	$	-	$	84,495	$	(734)
Residential mortgage-backed securities		230,760		(1,293)		-		-		230,760		(1,293)
CMO		-		-		-		-		-		-
Municipal bonds		110,119		(719)		-		-		110,119		(719)
Other securities		-		-		-		-		-		-

Total held-to-maturity securities	$	425,374	$	(2,746)	$	-	$	-	$	425,374	$	(2,746)

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, 2016
	Available-for-sale				Held-to-maturity
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
	(Dollars in thousands)
Due in one year or less	$	15,931	$	16,125	$	-	$	-
Due after one year through five years		1,789,155		1,837,957		149,171		150,627
Due after five years through ten years		145,732		148,847		366,305		370,388
Due after ten years		284,866		291,730		297,417		304,913

Total investment securities	$	2,235,684	$	2,294,659	$	812,893	$	825,928