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Investment Securities (Tables)

9 Months Ended

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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Schedule Of Available For Sale Securities And Held To Maturity [Table Text Block]

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Tabular disclosure of investment income, including, but not limited to, interest and dividend income and amortization of discount (premium) derived from debt and equity securities. Excludes realized and unrealized gain (loss) on investments.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 225
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03.9)
-URI http://asc.fasb.org/extlink&oid=63488584&loc=d3e20235-122688

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 225
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04.2)
-URI http://asc.fasb.org/extlink&oid=6879464&loc=d3e573970-122913

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 225
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03.8)
-URI http://asc.fasb.org/extlink&oid=63488584&loc=d3e20235-122688

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 225
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03.7(a),(b))
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Tabular disclosure of maturities of an entity's investments as well as any other information pertinent to the investments.

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For all investments in an unrealized loss position, including those for which other-than-temporary impairments have not been recognized in earnings (including investments for which a portion of an other-than-temporary impairment has been recognized in other comprehensive income), a tabular disclosure of the aggregate related fair value of investments with unrealized losses and the aggregate amount of unrealized losses (that is, the amount by which amortized cost basis exceeds fair value).

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Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 50
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