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Investment Securities (Tables) | 9 Months Ended
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Sep. 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 traded in markets where similar assets are actively traded. Estimated fair values were obtained from an independent pricing service based upon market quotes.
|  | September 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 |  | $ | 3,750 |  |  | $ | 7 |  |  | $ | - |  |  | $ | 3,757 |  |  |  | 0.17 | %
Residential mortgage-backed securities |  |  | 1,684,735 |  |  |  | 52,941 |  |  |  | - |  |  |  | 1,737,676 |  |  |  | 78.01 | %
CMO/REMIC - residential |  |  | 376,529 |  |  |  | 6,679 |  |  |  | (112 | ) |  |  | 383,096 |  |  |  | 17.20 | %
Municipal bonds |  |  | 95,537 |  |  |  | 1,998 |  |  |  | (1 | ) |  |  | 97,534 |  |  |  | 4.38 | %
Other securities |  |  | 5,000 |  |  |  | 488 |  |  |  | - |  |  |  | 5,488 |  |  |  | 0.24 | %
Total available-for-sale securities |  | $ | 2,165,551 |  |  | $ | 62,113 |  |  | $ | (113 | ) |  | $ | 2,227,551 |  |  |  | 100.00 | %
Investment securities held-to-maturity (1): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Government agency/GSE |  | $ | 181,840 |  |  | $ | 5,038 |  |  | $ | (25 | ) |  | $ | 186,853 |  |  |  | 20.69 | %
Residential mortgage-backed securities |  |  | 204,791 |  |  |  | 5,811 |  |  |  | - |  |  |  | 210,602 |  |  |  | 23.30 | %
CMO |  |  | 192,680 |  |  |  | 195 |  |  |  | (325 | ) |  |  | 192,550 |  |  |  | 21.92 | %
Municipal bonds |  |  | 299,642 |  |  |  | 5,357 |  |  |  | (1,298 | ) |  |  | 303,701 |  |  |  | 34.09 | %
Total held-to-maturity securities |  | $ | 878,953 |  |  | $ | 16,401 |  |  | $ | (1,648 | ) |  | $ | 893,706 |  |  |  | 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 September 30, |  | For the Nine Months Ended September 30,
|  | 2016 |  | 2015 |  | 2016 |  | 2015
|  | (Dollars in thousands)
Investment securities available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Taxable |  | $ | 10,546 |  |  | $ | 11,840 |  |  | $ | 32,754 |  |  | $ | 37,548 |
Tax-advantaged |  |  | 879 |  |  |  | 2,894 |  |  |  | 3,488 |  |  |  | 12,623 |
Investment securities held-to-maturity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Taxable |  |  | 2,349 |  |  |  | 1,688 |  |  |  | 7,184 |  |  |  | 1,762 |
Tax-advantaged |  |  | 2,438 |  |  |  | 1,748 |  |  |  | 7,694 |  |  |  | 1,748 |
Total interest income from investment securities |  | $ | 16,212 |  |  | $ | 18,170 |  |  | $ | 51,120 |  |  | $ | 53,681 |
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, 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.
|  | September 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 |  |  | 39,453 |  |  |  | (112 | ) |  |  | - |  |  |  | - |  |  |  | 39,453 |  |  |  | (112 | )
Municipal bonds |  |  | - |  |  |  | - |  |  |  | 5,975 |  |  |  | (1 | ) |  |  | 5,975 |  |  |  | (1 | )
Other securities |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Total available-for-sale securities |  | $ | 39,453 |  |  | $ | (112 | ) |  | $ | 5,975 |  |  | $ | (1 | ) |  | $ | 45,428 |  |  | $ | (113 | )
Investment securities held-to-maturity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Government agency/GSE |  | $ | 6,065 |  |  | $ | (25 | ) |  | $ | - |  |  | $ | - |  |  | $ | 6,065 |  |  | $ | (25 | )
Residential mortgage-backed securities |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
CMO/REMIC - residential |  |  | 54,425 |  |  |  | (325 | ) |  |  | - |  |  |  | - |  |  |  | 54,425 |  |  |  | (325 | )
Municipal bonds |  |  | 39,894 |  |  |  | (351 | ) |  |  | 38,027 |  |  |  | (947 | ) |  |  | 77,921 |  |  |  | (1,298 | )
Other securities |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Total held-to-maturity securities |  | $ | 100,384 |  |  | $ | (701 | ) |  | $ | 38,027 |  |  | $ | (947 | ) |  | $ | 138,411 |  |  | $ | (1,648 | )
|  | 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.
|  | September 30, 2016 |  |
|  | Available-for-sale |  | Held-to-maturity |
|  | Amortized |  | Fair |  | Amortized |  | Fair |
|  | Cost |  | Value |  | Cost |  | Value |
|  | (Dollars in thousands) |
Due in one year or less |  | $ | 12,709 |  |  | $ | 12,877 |  |  | $ | - |  |  | $ | - |  |
Due after one year through five years |  |  | 1,845,451 |  |  |  | 1,898,916 |  |  |  | 295,758 |  |  |  | 298,986 |  |
Due after five years through ten years |  |  | 98,086 |  |  |  | 100,634 |  |  |  | 236,734 |  |  |  | 240,043 |  |
Due after ten years |  |  | 209,305 |  |  |  | 215,124 |  |  |  | 346,461 |  |  |  | 354,677 |  |
Total investment securities |  | $ | 2,165,551 |  |  | $ | 2,227,551 |  |  | $ | 878,953 |  |  | $ | 893,706 |  |

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