XML 23 R11.htm IDEA: XBRL DOCUMENT
v3.5.0.2

INVESTMENT SECURITIES | 9 Months Ended
--- | ---
Sep. 30, 2016
Investments, Debt and Equity Securities [Abstract] |
INVESTMENT SECURITIES | INVESTMENT SECURITIES A summary of held-to-maturity and available-for-sale investment securities are as follows:
(dollars in thousands) | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Estimated Fair Value
September 30, 2016 |  |  |  |  |  |  |  |  |  |  |
Held-to-Maturity: |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |
Residential - U.S. Government-sponsored entities | $ | 132,470 |  |  | $ | 890 |  |  | $ | (2 | ) |  | $ | 133,358 |
Commercial - U.S. Government-sponsored entities | 94,103 |  |  | 3,068 |  |  | — |  |  | 97,171 |
Total | $ | 226,573 |  |  | $ | 3,958 |  |  | $ | (2 | ) |  | $ | 230,529 |
Available-for-Sale: |  |  |  |  |  |  |  |  |  |  |
Debt securities: |  |  |  |  |  |  |  |  |  |  |
States and political subdivisions | $ | 185,504 |  |  | $ | 6,300 |  |  | $ | (26 | ) |  | $ | 191,778 |
Corporate securities | 107,011 |  |  | 2,609 |  |  | (12 | ) |  | 109,608 |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |
Residential - U.S. Government-sponsored entities | 747,636 |  |  | 11,881 |  |  | (314 | ) |  | 759,203 |
Residential - Non-government agencies | 55,480 |  |  | 2,142 |  |  | — |  |  | 57,622 |
Commercial - Non-government agencies | 135,296 |  |  | 7,933 |  |  | — |  |  | 143,229 |
Other | 692 |  |  | 92 |  |  | — |  |  | 784 |
Total | $ | 1,231,619 |  |  | $ | 30,957 |  |  | $ | (352 | ) |  | $ | 1,262,224 |
(dollars in thousands) | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Estimated Fair Value
December 31, 2015 |  |  |  |  |  |  |  |  |  |  |
Held-to-Maturity: |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |
Residential - U.S. Government-sponsored entities | $ | 152,315 |  |  | $ | 123 |  |  | $ | (2,915 | ) |  | $ | 149,523 |
Commercial - U.S. Government-sponsored entities | 95,602 |  |  | — |  |  | (989 | ) |  | 94,613 |
Total | $ | 247,917 |  |  | $ | 123 |  |  | $ | (3,904 | ) |  | $ | 244,136 |
Available-for-Sale: |  |  |  |  |  |  |  |  |  |  |
Debt securities: |  |  |  |  |  |  |  |  |  |  |
States and political subdivisions | $ | 187,552 |  |  | $ | 3,819 |  |  | $ | (898 | ) |  | $ | 190,473 |
Corporate securities | 107,721 |  |  | 1,077 |  |  | (227 | ) |  | 108,571 |
Mortgage-backed securities: |  |  |  |  |  |  |  |
Residential - U.S. Government-sponsored entities | 771,657 |  |  | 5,885 |  |  | (5,633 | ) |  | 771,909 |
Residential - Non-government agencies | 64,286 |  |  | 733 |  |  | (987 | ) |  | 64,032 |
Commercial - Non-government agencies | 135,439 |  |  | 2,033 |  |  | (1,118 | ) |  | 136,354 |
Other | 848 |  |  | 68 |  |  | — |  |  | 916 |
Total | $ | 1,267,503 |  |  | $ | 13,615 |  |  | $ | (8,863 | ) |  | $ | 1,272,255 |
The amortized cost and estimated fair value of investment securities at September 30, 2016 by contractual maturity are shown below. Expected maturities will differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties.
| September 30, 2016
(dollars in thousands) | Amortized Cost |  | Estimated Fair Value
Held-to-Maturity: |  |  |  |  |
Mortgage-backed securities: |  |  |  |  |
Residential - U.S. Government-sponsored entities | $ | 132,470 |  |  | $ | 133,358 |
Commercial - U.S. Government-sponsored entities | 94,103 |  |  | 97,171 |
Total | $ | 226,573 |  |  | $ | 230,529 |
Available-for-Sale: |  |  |  |  |
Due in one year or less | $ | 13,648 |  |  | $ | 13,676 |
Due after one year through five years | 124,029 |  |  | 127,061 |
Due after five years through ten years | 73,338 |  |  | 75,987 |
Due after ten years | 81,500 |  |  | 84,662 |
Mortgage-backed securities: |  |  |
Residential - U.S. Government-sponsored entities | 747,636 |  |  | 759,203 |
Residential - Non-government agencies | 55,480 |  |  | 57,622 |
Commercial - Non-government agencies | 135,296 |  |  | 143,229 |
Other | 692 |  |  | 784 |
Total | $ | 1,231,619 |  |  | $ | 1,262,224 |
We did not sell any available-for-sale securities during the nine months ended September 30, 2016. During the second quarter of 2015, we sold certain available-for-sale investment securities for gross proceeds of $117.5 million. Gross realized losses on the sale of the available-for-sale investment securities were $1.9 million. The specific identification method was used as the basis for determining the cost of all securities sold. We did not sell any available-for-sale securities during the first and third quarters of 2015. Investment securities of $1.10 billion and $1.00 billion at September 30, 2016 and December 31, 2015, respectively, were pledged to secure public funds on deposit and other long-term debt and short-term borrowings. Provided below is a summary of the 21 and 155 investment securities which were in an unrealized loss position at September 30, 2016 and December 31, 2015, respectively, segregated by continuous length of impairment.
| Less Than 12 Months |  | 12 Months or Longer |  | Total
(dollars in thousands) | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
September 30, 2016 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Debt securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
States and political subdivisions | $ | 3,425 |  |  | $ | (26 | ) |  | $ | — |  |  | $ | — |  |  | $ | 3,425 |  |  | $ | (26 | )
Corporate securities | 5,497 |  |  | (12 | ) |  | — |  |  | — |  |  | 5,497 |  |  | (12 | )
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential - U.S. Government-sponsored entities | 101,566 |  |  | (263 | ) |  | 4,181 |  |  | (53 | ) |  | 105,747 |  |  | (316 | )
Total temporarily impaired securities | $ | 110,488 |  |  | $ | (301 | ) |  | $ | 4,181 |  |  | $ | (53 | ) |  | $ | 114,669 |  |  | $ | (354 | )
| Less Than 12 Months |  | 12 Months or Longer |  | Total
(dollars in thousands) | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
December 31, 2015 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Debt securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
States and political subdivisions | $ | 30,481 |  |  | $ | (532 | ) |  | $ | 12,576 |  |  | $ | (366 | ) |  | $ | 43,057 |  |  | $ | (898 | )
Corporate securities | 32,977 |  |  | (227 | ) |  | — |  |  | — |  |  | 32,977 |  |  | (227 | )
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential - U.S. Government-sponsored entities | 507,525 |  |  | (6,241 | ) |  | 88,271 |  |  | (2,307 | ) |  | 595,796 |  |  | (8,548 | )
Residential - Non-government agencies | 37,975 |  |  | (987 | ) |  | — |  |  | — |  |  | 37,975 |  |  | (987 | )
Commercial - U.S. Government-sponsored entities | 94,613 |  |  | (989 | ) |  | — |  |  | — |  |  | 94,613 |  |  | (989 | )
Commercial - Non-government agencies | 62,555 |  |  | (961 | ) |  | 4,644 |  |  | (157 | ) |  | 67,199 |  |  | (1,118 | )
Total temporarily impaired securities | $ | 766,126 |  |  | $ | (9,937 | ) |  | $ | 105,491 |  |  | $ | (2,830 | ) |  | $ | 871,617 |  |  | $ | (12,767 | )
Other-Than-Temporary Impairment (“OTTI”) Unrealized losses for all investment securities are reviewed to determine whether the losses are deemed “other-than-temporary.” Investment securities are evaluated for OTTI on at least a quarterly basis and more frequently when economic or market conditions warrant such an evaluation to determine whether a decline in their value below amortized cost is other-than-temporary. In conducting this assessment, we evaluate a number of factors including, but not limited to:
• | The length of time and the extent to which fair value has been less than the amortized cost basis;
• | Adverse conditions specifically related to the security, an industry, or a geographic area;
• | The historical and implied volatility of the fair value of the security;
• | The payment structure of the debt security and the likelihood of the issuer being able to make payments;
• | Failure of the issuer to make scheduled interest or principal payments;
• | Any rating changes by a rating agency; and
• | Recoveries or additional declines in fair value subsequent to the balance sheet date.
The term “other-than-temporary” is not intended to indicate that the decline is permanent, but indicates that the prospects for a near-term recovery of value are not necessarily favorable, or that there is a general lack of evidence to support a realizable value equal to or greater than the carrying value of the investment. Once a decline in value is determined to be other-than-temporary, the value of the security is reduced and a corresponding charge to earnings is recognized for anticipated credit losses. Because we have no intent to sell securities in an unrealized loss position and it is not more likely than not that we will be required to sell such securities before recovery of its amortized cost basis, we do not consider our investments to be other-than-temporarily impaired.

X
- References No definition available. + Details
Name: | us-gaap_InvestmentsDebtAndEquitySecuritiesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for investments in certain debt and equity securities. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -Glossary Debt Security -URI http://asc.fasb.org/extlink&oid=6509901 Reference 2: 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=27724398&loc=d3e27290-111563 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 30 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6379141&loc=d3e15032-111544 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=27724398&loc=d3e27232-111563 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -Glossary Equity Security -URI http://asc.fasb.org/extlink&oid=6511694 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 320 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6957658&loc=d3e62557-112803 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=27724398&loc=d3e27161-111563 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=27724398&loc=d3e27357-111563 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=27724398&loc=d3e27405-111563 + Details
Name: | us-gaap_InvestmentsInDebtAndMarketableEquitySecuritiesAndCertainTradingAssetsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration