Investment Securities (Tables)
|
3 Months Ended |
Mar. 31, 2018 |
|---|
| Fair Value, Option, Quantitative Disclosures [Line Items] |
|
| Summary of Securities Available for Sale |
The following tables present the amortized cost, gross unrealized gains, gross unrealized losses and the fair value for available for sale debt securities at March 31, 2018 and December 31, 2017 (in thousands): | | | | | | | | | | | | | | | |
| March 31, 2018 | |
| Amortized
cost |
| Gross
unrealized
gains |
| Gross
unrealized
losses | | Fair
value | Agency obligations |
| $ | 7,007 |
|
| — |
|
| (8 | ) | | 6,999 |
| Mortgage-backed securities |
| 1,021,819 |
|
| 2,372 |
|
| (20,588 | ) | | 1,003,603 |
| State and municipal obligations |
| 3,249 |
|
| 81 |
|
| — |
| | 3,330 |
| Corporate obligations | | 25,044 |
| | 377 |
| | (49 | ) | | 25,372 |
| |
| $ | 1,057,119 |
|
| 2,830 |
|
| (20,645 | ) | | 1,039,304 |
|
| | | | | | | | | | | | | | | | | December 31, 2017 | | | Amortized
cost | | Gross
unrealized
gains | | Gross
unrealized
losses | | Fair
value | Agency obligations | | $ | 19,014 |
| | — |
| | (9 | ) | | 19,005 |
| Mortgage-backed securities | | 993,548 |
| | 4,914 |
| | (10,095 | ) | | 988,367 |
| State and municipal obligations | | 3,259 |
| | 129 |
| | — |
| | 3,388 |
| Corporate obligations | | 26,047 |
| | 359 |
| | (12 | ) | | 26,394 |
| | | $ | 1,041,868 |
| | 5,402 |
| | (10,116 | ) | | 1,037,154 |
|
|
| Summary of Available for Sale Securities with Temporary Impairment |
The following tables present the fair value and gross unrealized losses for available for sale debt securities with temporary impairment at March 31, 2018 and December 31, 2017 (in thousands): | | | | | | | | | | | | | | | | | | | | | |
| March 31, 2018 Unrealized Losses | |
| Less than 12 months | | 12 months or longer | | Total | |
| Fair value | | Gross unrealized losses | | Fair value | | Gross unrealized losses | | Fair value | | Gross unrealized losses | Agency obligations |
| $ | 5,000 |
| | (7 | ) | | 1,999 |
| | (1 | ) | | 6,999 |
| | (8 | ) | Mortgage-backed securities |
| 646,962 |
| | (11,513 | ) | | 227,119 |
| | (9,075 | ) | | 874,081 |
| | (20,588 | ) | Corporate obligations | | 7,959 |
| | (49 | ) | | — |
| | — |
| | 7,959 |
| | (49 | ) |
|
| $ | 659,921 |
| | (11,569 | ) | | 229,118 |
| | (9,076 | ) | | 889,039 |
| | (20,645 | ) |
| | | | | | | | | | | | | | | | | | | | | |
| December 31, 2017 Unrealized Losses | |
| Less than 12 months | | 12 months or longer | | Total | |
| Fair value | | Gross unrealized losses | | Fair value | | Gross unrealized losses | | Fair value | | Gross unrealized losses | Agency obligations | | $ | 12,006 |
| | (8 | ) | | 6,999 |
| | (1 | ) | | 19,005 |
| | (9 | ) | Mortgage-backed securities | | 420,746 |
| | (3,936 | ) | | 235,056 |
| | (6,159 | ) | | 655,802 |
| | (10,095 | ) | Corporate obligations | | — |
| | — |
| | 989 |
| | (12 | ) | | 989 |
| | (12 | ) |
|
| $ | 432,752 |
| | (3,944 | ) | | 243,044 |
| | (6,172 | ) | | 675,796 |
| | (10,116 | ) |
|
| Summary of Investment Securities Held to Maturity |
The following tables present the fair value and gross unrealized losses on securities in the held to maturity debt securities portfolio with temporary impairment at March 31, 2018 and December 31, 2017 (in thousands): | | | | | | | | | | | | | | | | | | | | | | | March 31, 2018 Unrealized Losses | | | Less than 12 months | | 12 months or longer | | Total | | | Fair value | | Gross unrealized losses | | Fair value | | Gross unrealized losses | | Fair value | | Gross unrealized losses | Agency obligations |
| $ | 4,489 |
| | (127 | ) | | — |
| | — |
| | 4,489 |
| | (127 | ) | State and municipal obligations |
| 167,074 |
| | (2,650 | ) | | 47,558 |
| | (2,733 | ) | | 214,632 |
| | (5,383 | ) | Corporate obligations |
| 9,523 |
| | (189 | ) | | — |
| | — |
| | 9,523 |
| | (189 | ) | |
| $ | 181,086 |
| | (2,966 | ) | | 47,558 |
| | (2,733 | ) | | 228,644 |
| | (5,699 | ) |
| | | | | | | | | | | | | | | | | | | | | | | December 31, 2017 Unrealized Losses | | | Less than 12 months | | 12 months or longer | | Total | | | Fair
value | | Gross
unrealized
losses | | Fair
value | | Gross
unrealized
losses | | Fair
value | | Gross
unrealized
losses | Agency obligations | | $ | 3,821 |
| | (87 | ) | | — |
| | — |
| | 3,821 |
| | (87 | ) | State and municipal obligations | | 37,317 |
| | (295 | ) | | 49,488 |
| | (1,443 | ) | | 86,805 |
| | (1,738 | ) | Corporate obligations | | 9,662 |
| | (83 | ) | | — |
| |
|
| | 9,662 |
| | (83 | ) | | | $ | 50,800 |
| | (465 | ) | | 49,488 |
| | (1,443 | ) | | 100,288 |
| | (1,908 | ) |
The following tables present the amortized cost, gross unrealized gains, gross unrealized losses and the estimated fair value for held to maturity debt securities at March 31, 2018 and December 31, 2017 (in thousands): | | | | | | | | | | | | | | | | | | March 31, 2018 | | | Amortized cost | | Gross unrealized gains | | Gross unrealized losses | | Fair value | Agency obligations |
| $ | 4,616 |
| | — |
| | (127 | ) | | 4,489 |
| Mortgage-backed securities |
| 311 |
| | 11 |
| | — |
| | 322 |
| State and municipal obligations |
| 452,031 |
| | 4,529 |
| | (5,383 | ) | | 451,177 |
| Corporate obligations |
| 9,987 |
| | 1 |
| | (189 | ) | | 9,799 |
| |
| $ | 466,945 |
| | 4,541 |
| | $ | (5,699 | ) | | 465,787 |
|
| | | | | | | | | | | | | | | | | December 31, 2017 | | | Amortized cost | | Gross unrealized gains | | Gross unrealized losses | | Fair value | Agency obligations | | $ | 4,308 |
| | — |
| | (87 | ) | | 4,221 |
| Mortgage-backed securities | | 382 |
| | 14 |
| | — |
| | 396 |
| State and municipal obligations | | 462,942 |
| | 9,280 |
| | (1,738 | ) | | 470,484 |
| Corporate obligations | | 10,020 |
| | 1 |
| | (83 | ) | | 9,938 |
| | | $ | 477,652 |
| | 9,295 |
| | (1,908 | ) | | 485,039 |
|
|
| Available-for-sale Securities [Member] |
|
| Fair Value, Option, Quantitative Disclosures [Line Items] |
|
| Summary of Investment Securities Classified by Contractual Maturity |
The amortized cost and fair value of available for sale debt securities at March 31, 2018, by contractual maturity, are shown below (in thousands). Expected maturities may differ from contractual maturities due to prepayment or early call privileges of the issuer. | | | | | | | | | | | March 31, 2018 | | | Amortized cost | | Fair value | Due in one year or less | | $ | 7,397 |
| | 7,392 |
| Due after one year through five years | | 3,008 |
| | 2,979 |
| Due after five years through ten years | | 24,895 |
| | 25,330 |
| Due after ten years | | — |
| | — |
| | | $ | 35,300 |
| | 35,701 |
|
|
| Held-to-maturity Securities [Member] |
|
| Fair Value, Option, Quantitative Disclosures [Line Items] |
|
| Summary of Investment Securities Classified by Contractual Maturity |
The amortized cost and fair value of held to maturity debt securities at March 31, 2018, by contractual maturity, are shown below (in thousands). Expected maturities may differ from contractual maturities due to prepayment or early call privileges of the issuer. | | | | | | | | | | | March 31, 2018 | | | Amortized cost | | Fair value | Due in one year or less |
| $ | 7,452 |
| | 7,488 |
| Due after one year through five years |
| 71,292 |
| | 71,458 |
| Due after five years through ten years |
| 255,234 |
| | 254,865 |
| Due after ten years |
| 132,656 |
| | 131,654 |
|
|
| $ | 466,634 |
| | 465,465 |
|
|