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Investment Securities (Tables) | 6 Months Ended
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Jun. 30, 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.
|  | June 30, 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/GSE |  | $ | 4,750 |  |  | $ | 13 |  |  | $ | - |  |  | $ | 4,763 |  |  |  | 0.21% |
Residential mortgage-backed securities |  |  | 1,663,091 |  |  |  | 54,359 |  |  |  | - |  |  |  | 1,717,450 |  |  |  | 76.40% |
CMO/REMIC - residential |  |  | 388,881 |  |  |  | 9,015 |  |  |  | - |  |  |  | 397,896 |  |  |  | 17.70% |
Municipal bonds |  |  | 119,756 |  |  |  | 2,893 |  |  |  | (1) |  |  |  | 122,648 |  |  |  | 5.46% |
Other securities |  |  | 5,000 |  |  |  | 275 |  |  |  | - |  |  |  | 5,275 |  |  |  | 0.23% |
Total available-for-sale securities |  | $ | 2,181,478 |  |  | $ | 66,555 |  |  | $ | (1) |  |  | $ | 2,248,032 |  |  |  | 100.00% |
Investment securities held-to-maturity (1): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Government agency/GSE |  | $ | 209,301 |  |  | $ | 6,336 |  |  | $ | - |  |  | $ | 215,637 |  |  |  | 28.90% |
Residential mortgage-backed securities |  |  | 215,762 |  |  |  | 6,274 |  |  |  | - |  |  |  | 222,036 |  |  |  | 29.79% |
CMO |  |  | 974 |  |  |  | 501 |  |  |  | - |  |  |  | 1,475 |  |  |  | 0.13% |
Municipal bonds |  |  | 298,320 |  |  |  | 6,983 |  |  |  | (970) |  |  |  | 304,333 |  |  |  | 41.18% |
Total held-to-maturity securities |  | $ | 724,357 |  |  | $ | 20,094 |  |  | $ | (970) |  |  | $ | 743,481 |  |  |  | 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/GSE |  | $ | 5,752 |  |  | $ | - |  |  | $ | (7) |  |  | $ | 5,745 |  |  |  | 0.24% |
Residential mortgage-backed securities |  |  | 1,788,857 |  |  |  | 26,001 |  |  |  | (1,761) |  |  |  | 1,813,097 |  |  |  | 76.55% |
CMO/REMIC - 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/GSE |  | $ | 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 June 30, |  |  | For the Six Months Ended June 30, |
|  | 2016 |  |  | 2015 |  |  | 2016 |  |  | 2015 |
|  | (Dollars in thousands) |
Investment securities available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Taxable |  | $ | 10,827 |  |  | $ | 12,784 |  |  | $ | 22,207 |  |  | $ | 25,707 |
Tax-advantaged |  |  | 1,191 |  |  |  | 4,719 |  |  |  | 2,610 |  |  |  | 9,730 |
Investment securities held-to-maturity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Taxable |  |  | 2,215 |  |  |  | 36 |  |  |  | 4,835 |  |  |  | 74 |
Tax-advantaged |  |  | 2,528 |  |  |  | - |  |  |  | 5,256 |  |  |  | - |
Total interest income from investment securities |  | $ | 16,761 |  |  | $ | 17,539 |  |  | $ | 34,908 |  |  | $ | 35,511 |
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 June 30, 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.
|  | June 30, 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/GSE |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |
Residential mortgage-backed securities |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
CMO/REMIC - residential |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Municipal bonds |  |  | - |  |  |  | - |  |  |  | 5,971 |  |  |  | (1) |  |  |  | 5,971 |  |  |  | (1) |
Other securities |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Total available-for-sale securities |  | $ | - |  |  | $ | - |  |  | $ | 5,971 |  |  | $ | (1) |  |  | $ | 5,971 |  |  | $ | (1) |
Investment securities held-to-maturity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Government agency/GSE |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |
Residential mortgage-backed securities |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
CMO |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Municipal bonds |  |  | 67,573 |  |  |  | (970) |  |  |  | - |  |  |  | - |  |  |  | 67,573 |  |  |  | (970) |
Other securities |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Total held-to-maturity securities |  | $ | 67,573 |  |  | $ | (970) |  |  | $ | - |  |  | $ | - |  |  | $ | 67,573 |  |  | $ | (970) |
|  | 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/GSE |  | $ | 5,745 |  |  | $ | (7) |  |  | $ | - |  |  | $ | - |  |  | $ | 5,745 |  |  | $ | (7) |
Residential mortgage-backed securities |  |  | 437,699 |  |  |  | (1,761) |  |  |  | - |  |  |  | - |  |  |  | 437,699 |  |  |  | (1,761) |
CMO/REMIC - 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/GSE |  | $ | 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 CMO/REMIC are included in maturity categories based upon estimated prepayment speeds.
|  | June 30, 2016 |  |  |
|  | Available-for-sale |  |  | Held-to-maturity |  |
|  | Amortized Cost |  |  | Fair Value |  |  | Amortized Cost |  |  | Fair Value |  |
|  | (Dollars in thousands) |  |
Due in one year or less |  | $ | 12,202 |  |  | $ | 12,343 |  |  | $ | - |  |  | $ | - |  |
Due after one year through five years |  |  | 1,795,806 |  |  |  | 1,851,485 |  |  |  | 167,856 |  |  |  | 171,966 |  |
Due after five years through ten years |  |  | 131,286 |  |  |  | 134,700 |  |  |  | 240,842 |  |  |  | 245,295 |  |
Due after ten years |  |  | 242,184 |  |  |  | 249,504 |  |  |  | 315,659 |  |  |  | 326,220 |  |
Total investment securities |  | $ | 2,181,478 |  |  | $ | 2,248,032 |  |  | $ | 724,357 |  |  | $ | 743,481 |  |

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