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Investment Securities (Tables)

3 Months Ended

Mar. 31, 2018

Investments, Debt and Equity Securities [Abstract]

Summary of Amortized Cost and Estimated Fair Value of Investment Securities

The amortized cost and estimated fair value of investment securities are summarized below. 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.

		March 31, 2018
		Amortized    Cost				Gross    Unrealized    Holding Gain				Gross    Unrealized    Holding Loss				Fair Value				Total      Percent
		(Dollars in thousands)
Investment securities available-for-sale:
Residential mortgage-backed securities		$	1,655,742			$	2,158			$	(26,560)			$	1,631,340				84.02%
CMO/REMIC - residential			259,180				644				(4,178)				255,646				13.17%
Municipal bonds			54,416				445				(993)				53,868				2.77%
Other securities			738				-				-				738				0.04%
Total available-for-sale securities		$	1,970,076			$	3,247			$	(31,731)			$	1,941,592				100.00%
Investment securities held-to-maturity:
Government agency/GSE		$	154,194			$	473			$	(2,453)			$	152,214				19.32%
Residential mortgage-backed securities			170,573				-				(3,191)				167,382				21.36%
CMO			221,051				-				(11,522)				209,529				27.69%
Municipal bonds			252,466				760				(6,221)				247,005				31.63%
Total held-to-maturity securities		$	798,284			$	1,233			$	(23,387)			$	776,130				100.00%

		December 31, 2017
		Amortized   Cost				Gross   Unrealized   Holding Gain				Gross   Unrealized   Holding Loss				Fair Value				Total     Percent
		(Dollars in thousands)
Investment securities available-for-sale:
Residential mortgage-backed securities		$	1,747,780			$	11,231			$	(8,102)			$	1,750,909				84.14%
CMO/REMIC - residential			274,634				1,277				(2,082)				273,829				13.16%
Municipal bonds			54,966				774				(244)				55,496				2.66%
Other securities			751				-				-				751				0.04%
Total available-for-sale securities		$	2,078,131			$	13,282			$	(10,428)			$	2,080,985				100.00%
Investment securities held-to-maturity:
Government agency/GSE		$	159,716			$	854			$	(2,134)			$	158,436				19.25%
Residential mortgage-backed securities			176,427				667				(382)				176,712				21.26%
CMO			225,072				-				(8,641)				216,431				27.12%
Municipal bonds			268,675				2,751				(3,790)				267,636				32.37%
Total held-to-maturity securities		$	829,890			$	4,272			$	(14,947)			$	819,215				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
		March 31,
		2018				2017
		(Dollars in thousands)
Investment securities available-for-sale:
Taxable		$	11,445			$	11,926
Tax-advantaged			423				714
Total interest income from available-for-sale securities			11,868				12,640
Investment securities held-to-maturity:
Taxable			2,878				3,277
Tax-advantaged			1,887				2,230
Total interest income from held-to-maturity securities			4,765				5,507
Total interest income from investment securities		$	16,633			$	18,147

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, 2018 and December 31, 2017. 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”).

		March 31, 2018
		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:
Residential mortgage-backed securities		$	1,131,944			$	(15,259)			$	286,313			$	(11,301)			$	1,418,257			$	(26,560)
CMO/REMIC - residential			132,728				(1,662)				67,578				(2,516)				200,306				(4,178)
Municipal bonds			9,363				(156)				13,357				(837)				22,720				(993)
Total available-for-sale securities		$	1,274,035			$	(17,077)			$	367,248			$	(14,654)			$	1,641,283			$	(31,731)
Investment securities held-to-maturity:
Government agency/GSE		$	53,538			$	(262)			$	42,693			$	(2,191)			$	96,231			$	(2,453)
Residential mortgage-backed securities			115,425				(1,649)				51,956				(1,542)				167,381				(3,191)
CMO			-				-				209,529				(11,522)				209,529				(11,522)
Municipal bonds			97,851				(1,714)				57,679				(4,507)				155,530				(6,221)
Total held-to-maturity securities		$	266,814			$	(3,625)			$	361,857			$	(19,762)			$	628,671			$	(23,387)

		December 31, 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:
Residential mortgage-backed securities		$	414,091			$	(1,828	)		$	303,746			$	(6,274	)		$	717,837			$	(8,102	)
CMO/REMIC - residential			95,137				(487	)			71,223				(1,595	)			166,360				(2,082	)
Municipal bonds			946				(4	)			13,956				(240	)			14,902				(244	)
Total available-for-sale securities		$	510,174			$	(2,319	)		$	388,925			$	(8,109	)		$	899,099			$	(10,428	)
Investment securities held-to-maturity:
Government agency/GSE		$	18,950			$	(27	)		$	43,495			$	(2,107	)		$	62,445			$	(2,134	)
Residential mortgage-backed securities			51,297				(188	)			55,306				(194	)			106,603				(382	)
CMO			-				-				216,431				(8,641	)			216,431				(8,641	)
Municipal bonds			32,069				(492	)			66,217				(3,298	)			98,286				(3,790	)
Total held-to-maturity securities		$	102,316			$	(707	)		$	381,449			$	(14,240	)		$	483,765			$	(14,947	)

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.

		March 31, 2018
		Available-for-sale								Held-to-maturity
		Amortized   Cost				Fair Value				Amortized   Cost				Fair Value
		(Dollars in thousands)
Due in one year or less		$	24,088			$	24,417			$	459			$	450
Due after one year through five years			1,718,590				1,694,629				148,566				144,099
Due after five years through ten years			192,161				188,031				283,808				276,367
Due after ten years			35,237				34,515				365,451				355,214
Total investment securities		$	1,970,076			$	1,941,592			$	798,284			$	776,130

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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

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 225
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03.7(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).

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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
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=82897076&loc=d3e27290-111563

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