Investment Securities (Tables)
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6 Months Ended |
Jun. 30, 2018 |
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| Investments, Debt and Equity Securities [Abstract] |
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| Summary of Amortized Cost and Approximate Fair Value of Investment Securities |
The amortized cost and approximate fair value of investment securities as of June 30, 2018 and December 31, 2017 are summarized in the tables below: | | | | | | | | | | | | | | | | | | June 30, 2018 | | Amortized Cost | | Gross Unrealized Gains | | Gross Unrealized Losses | | Fair Value | (amounts in thousands) | | | | | | | | Available-for-Sale Debt Securities: | | | | | | | | Agency-guaranteed residential mortgage-backed securities | $ | 490,425 |
| | $ | — |
| | $ | (13,862 | ) | | $ | 476,563 |
| Agency-guaranteed commercial real estate mortgage-backed securities | 334,232 |
| | — |
| | (13,859 | ) | | 320,373 |
| Corporate notes | 381,545 |
| | 798 |
| | (21,335 | ) | | 361,008 |
| Available-for-Sale Debt Securities | $ | 1,206,202 |
| | $ | 798 |
| | $ | (49,056 | ) | | 1,157,944 |
| Equity Securities (1) | | | | | | | 3,056 |
| Total Investment Securities, at Fair Value | | | | | | | $ | 1,161,000 |
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(1) Includes equity securities issued by a foreign entity that are being measured at fair value with changes in fair value recognized directly in earnings effective January 1, 2018 as a result of adopting ASU 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities (see NOTE 3 - SIGNIFICANT ACCOUNTING POLICIES AND BASIS OF PRESENTATION for additional information related to the adoption of this new standard).
| | | | | | | | | | | | | | | | | | December 31, 2017 | | Amortized Cost | | Gross Unrealized Gains | | Gross Unrealized Losses | | Fair Value | (amounts in thousands) | | | | | | | | Available-for-Sale Securities: | | | | | | | | Agency-guaranteed residential mortgage-backed securities | $ | 186,221 |
| | $ | 36 |
| | $ | (2,799 | ) | | $ | 183,458 |
| Agency-guaranteed commercial real estate mortgage-backed securities | 238,809 |
| | 432 |
| | (769 | ) | | 238,472 |
| Corporate notes (1) | 44,959 |
| | 1,130 |
| | — |
| | 46,089 |
| Equity securities (2) | 2,311 |
| | 1,041 |
| | — |
| | 3,352 |
| Total Available-for-Sale Securities, at Fair Value | $ | 472,300 |
| | $ | 2,639 |
| | $ | (3,568 | ) | | $ | 471,371 |
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| | (1) | Includes subordinated debt issued by other bank holding companies. |
| | (2) | Includes equity securities issued by a foreign entity. |
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| Summary of Available-for-Sale Debt Securities by Stated Maturity |
The following table shows debt investment securities by stated maturity. Investment securities backed by mortgages have expected maturities that differ from contractual maturities because borrowers have the right to call or prepay and, therefore, these debt securities are classified separately with no specific maturity date: | | | | | | | | | | June 30, 2018 | | Amortized Cost | | Fair Value | (amounts in thousands) | | | | Due in one year or less | $ | — |
| | $ | — |
| Due after one year through five years | — |
| | — |
| Due after five years through ten years | 179,413 |
| | 171,214 |
| Due after ten years | 202,132 |
| | 189,794 |
| Agency-guaranteed residential mortgage-backed securities | 490,425 |
| | 476,563 |
| Agency-guaranteed commercial real estate mortgage-backed securities | 334,232 |
| | 320,373 |
| Total debt securities | $ | 1,206,202 |
| | $ | 1,157,944 |
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| Available-for-sale Securities |
| | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | 2018 | | 2017 | | 2018 | | 2017 | (amounts in thousands) | | | | | | | | Proceeds from sale of available-for-sale securities | $ | — |
| | $ | 115,982 |
| | $ | — |
| | $ | 115,982 |
| Gross gains | $ | — |
| | $ | 3,183 |
| | $ | — |
| | $ | 3,183 |
| Gross losses | — |
| | — |
| | — |
| | — |
| Net gains (losses) | $ | — |
| | $ | 3,183 |
| | $ | — |
| | $ | 3,183 |
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| Gross Unrealized Losses and Fair Value, Aggregated by Investment Category |
Gross unrealized losses and fair value of Customers' available for sale debt investment securities aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at June 30, 2018 and December 31, 2017 were as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2018 | | Less Than 12 Months | | 12 Months or More | | Total | | Fair Value | | Unrealized Losses | | Fair Value | | Unrealized Losses | | Fair Value | | Unrealized Losses | (amounts in thousands) | | | | | | | | | | | | Available-for-Sale Debt Securities: | | | | | | | | | | | | Agency-guaranteed residential mortgage-backed securities | $ | 416,002 |
| | $ | (10,256 | ) | | $ | 60,561 |
| | $ | (3,606 | ) | | $ | 476,563 |
| | $ | (13,862 | ) | Agency-guaranteed commercial real estate mortgage-backed securities | 314,525 |
| | (13,532 | ) | | 5,848 |
| | (327 | ) | | 320,373 |
| | (13,859 | ) | Corporate notes | 315,249 |
| | (21,335 | ) | | — |
| | — |
| | 315,249 |
| | (21,335 | ) | Total | $ | 1,045,776 |
| | $ | (45,123 | ) | | $ | 66,409 |
| | $ | (3,933 | ) | | $ | 1,112,185 |
| | $ | (49,056 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2017 | | Less Than 12 Months | | 12 Months or More | | Total | | Fair Value | | Unrealized Losses | | Fair Value | | Unrealized Losses | | Fair Value | | Unrealized Losses | (amounts in thousands) | | | | | | | | | | | | Available-for-Sale Debt Securities: | | | | | | | | | | | | Agency-guaranteed residential mortgage-backed securities | $ | 104,861 |
| | $ | (656 | ) | | $ | 66,579 |
| | $ | (2,143 | ) | | $ | 171,440 |
| | $ | (2,799 | ) | Agency-guaranteed commercial real estate mortgage-backed securities | 115,970 |
| | (740 | ) | | 6,151 |
| | (29 | ) | | 122,121 |
| | (769 | ) | Total | $ | 220,831 |
| | $ | (1,396 | ) | | $ | 72,730 |
| | $ | (2,172 | ) | | $ | 293,561 |
| | $ | (3,568 | ) |
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