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Investment Securities (Tables)

6 Months Ended

Jun. 30, 2017

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.

		June 30, 2017
		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		$	1,750			$	-			$	-			$	1,750				0.08%
Residential mortgage-backed securities			1,866,602				20,302				(4,601)				1,882,303				82.94%
CMO/REMIC - residential			312,024				3,045				(951)				314,118				13.84%
Municipal bonds			70,209				795				(355)				70,649				3.11%
Other securities			690				-				-				690				0.03%
Total available-for-sale securities		$	2,251,275			$	24,142			$	(5,907)			$	2,269,510				100.00%
Investment securities held-to-maturity:
Government agency/GSE		$	169,942			$	1,108			$	(1,361)			$	169,689				19.54%
Residential mortgage-backed securities			185,401				676				(393)				185,684				21.32%
CMO			234,003				-				(6,611)				227,392				26.90%
Municipal bonds			280,423				2,634				(3,337)				279,720				32.24%
Total held-to-maturity securities		$	869,769			$	4,418			$	(11,702)			$	862,485				100.00%
		December 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/GSE		$	2,750			$	2			$	-			$	2,752				0.12%
Residential mortgage-backed securities			1,822,168				18,812				(6,232)				1,834,748				80.81%
CMO/REMIC - residential			345,313				3,361				(1,485)				347,189				15.29%
Municipal bonds			80,137				889				(955)				80,071				3.53%
Other securities			5,506				200				-				5,706				0.25%
Total available-for-sale securities		$	2,255,874			$	23,264			$	(8,672)			$	2,270,466				100.00%
Investment securities held-to-maturity:
Government agency/GSE		$	182,648			$	362			$	(1,972)			$	181,038				20.03%
Residential mortgage-backed securities			193,699				-				(1,892)				191,807				21.25%
CMO			244,419				-				(6,808)				237,611				26.81%
Municipal bonds			290,910				776				(4,768)				286,918				31.91%
Total held-to-maturity securities		$	911,676			$	1,138			$	(15,440)			$	897,374				100.00%

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,
		2017				2016				2017				2016
		(Dollars in thousands)
Investment securities available-for-sale:
Taxable		$	12,420			$	10,827			$	24,346			$	22,207
Tax-advantaged			587				1,191				1,301				2,610
Total interest income from available-for-sale securities			13,007				12,018				25,647				24,817
Investment securities held-to-maturity:
Taxable			3,203				2,215				6,480				4,835
Tax-advantaged			2,120				2,528				4,350				5,256
Total interest income from held-to-maturity securities			5,323				4,743				10,830				10,091
Total interest income from investment securities		$	18,330			$	16,761			$	36,477			$	34,908

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, 2017 and December 31, 2016. Management has reviewed individual securities to determine whether a decline in fair value below the amortized cost basis is other-than-temporary. The unrealized losses on these securities were primarily attributed to changes in interest rates. The issuers of these securities have not, to our knowledge, evidenced any cause for default on these securities. These securities have fluctuated in value since their purchase dates as market rates have fluctuated. However, we have the ability and the intention to hold these securities until their fair values recover to cost or maturity. As such, management does not deem these securities to be Other-Than-Temporarily-Impaired (“OTTI”).

		June 30, 2017
		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			339,074				(4,601)				-				-				339,074				(4,601)
CMO/REMIC - residential			79,172				(951)				-				-				79,172				(951)
Municipal bonds			16,243				(354)				5,991				(1)				22,234				(355)
Total available-for-sale  securities		$	434,489			$	(5,906)			$	5,991			$	(1)			$	440,480			$	(5,907)
Investment securities held-to-maturity:
Government agency/GSE		$	46,040			$	(1,361)			$	-			$	-			$	46,040			$	(1,361)
Residential mortgage-backed securities			111,873				(393)				-				-				111,873				(393)
CMO			227,392				(6,611)				-				-				227,392				(6,611)
Municipal bonds			77,824				(2,430)				23,484				(907)				101,308				(3,337)
Total held-to-maturity securities		$	463,129			$	(10,795)			$	23,484			$	(907)			$	486,613			$	(11,702)

		December 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/GSE		$	-			$	-			$	-			$	-			$	-			$	-
Residential mortgage-backed securities			583,143				(6,232)				-				-				583,143				(6,232)
CMO/REMIC - residential			128,595				(1,485)				-				-				128,595				(1,485)
Municipal bonds			23,255				(954)				5,981				(1)				29,236				(955)
Total available-for-sale  securities		$	734,993			$	(8,671)			$	5,981			$	(1)			$	740,974			$	(8,672)
Investment securities held-to-maturity:
Government agency/GSE		$	76,854			$	(1,972)			$	-			$	-			$	76,854			$	(1,972)
Residential mortgage-backed securities			191,807				(1,892)				-				-				191,807				(1,892)
CMO			237,611				(6,808)				-				-				237,611				(6,808)
Municipal bonds			145,804				(3,711)				36,971				(1,057)				182,775				(4,768)
Total held-to-maturity securities		$	652,076			$	(14,383)			$	36,971			$	(1,057)			$	689,047			$	(15,440)

Summary of Amortized Cost and Fair Value of Debt Securities by Contractual Maturity

Mortgage-backed and CMO/REMIC securities are included in maturity categories based upon estimated average lives which incorporate estimated prepayment speeds.

		June 30, 2017
		Available-for-sale								Held-to-maturity
		Amortized Cost				Fair Value				Amortized Cost				Fair Value
		(Dollars in thousands)
Due in one year or less		$	17,369			$	17,485			$	425			$	424
Due after one year through five years			1,955,896				1,975,849				124,293				122,167
Due after five years through ten years			232,464				230,357				417,336				413,416
Due after ten years			45,546				45,819				327,715				326,478
Total investment securities		$	2,251,275			$	2,269,510			$	869,769			$	862,485

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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

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 225
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03.8)
-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))
-URI http://asc.fasb.org/extlink&oid=63488584&loc=d3e20235-122688

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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).

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=73527792&loc=d3e27290-111563

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