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Securities (Tables)
 6 Months Ended
Jun. 30, 2019
Investments Debt And Equity Securities [Abstract]  
Schedule of Amortized Cost and Fair Value of Available-for-sale and Held-to-maturity Securities

The following table presents the fair value and amortized cost of available-for-sale and held-to-maturity debt securities:

 

 

 

June 30, 2019

 

 

December 31, 2018

 

(unaudited, in thousands)

 

Amortized

Cost

 

 

Gross

Unrealized

Gains

 

 

Gross

Unrealized

Losses

 

 

Estimated

Fair

Value

 

 

Amortized

Cost

 

 

Gross

Unrealized

Gains

 

 

Gross

Unrealized

Losses

 

 

Estimated

Fair

Value

 

Available-for-sale debt securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury

 

$

29,705

 

 

$

76

 

 

$

—

 

 

$

29,781

 

 

$

19,882

 

 

$

3

 

 

$

(7

)

 

$

19,878

 

U.S. Government sponsored entities and

   agencies

 

 

130,578

 

 

 

4,147

 

 

 

(138

)

 

 

134,587

 

 

 

142,852

 

 

 

556

 

 

 

(1,756

)

 

 

141,652

 

Residential mortgage-backed securities and

   collateralized mortgage obligations of

   government sponsored entities and

   agencies

 

 

1,550,885

 

 

 

17,598

 

 

 

(5,441

)

 

 

1,563,042

 

 

 

1,585,864

 

 

 

2,912

 

 

 

(27,521

)

 

 

1,561,255

 

Commercial mortgage-backed securities

   and collateralized mortgage obligations

   of government sponsored entities and

   agencies

 

 

175,355

 

 

 

3,417

 

 

 

(116

)

 

 

178,656

 

 

 

171,671

 

 

 

264

 

 

 

(2,963

)

 

 

168,972

 

Obligations of states and political

   subdivisions

 

 

177,888

 

 

 

5,305

 

 

 

(15

)

 

 

183,178

 

 

 

184,057

 

 

 

2,039

 

 

 

(982

)

 

 

185,114

 

Corporate debt securities

 

 

39,695

 

 

 

499

 

 

 

(154

)

 

 

40,040

 

 

 

37,730

 

 

 

87

 

 

 

(559

)

 

 

37,258

 

Total available-for-sale debt securities

 

$

2,104,106

 

 

$

31,042

 

 

$

(5,864

)

 

$

2,129,284

 

 

$

2,142,056

 

 

$

5,861

 

 

$

(33,788

)

 

$

2,114,129

 

Held-to-maturity debt securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Government sponsored entities and

   agencies

 

$

10,020

 

 

$

36

 

 

$

(104

)

 

$

9,952

 

 

$

10,823

 

 

$

6

 

 

$

(329

)

 

$

10,500

 

Residential mortgage-backed securities and

   collateralized mortgage obligations of

   government sponsored entities and

   agencies

 

 

136,929

 

 

 

834

 

 

 

(642

)

 

 

137,121

 

 

 

148,300

 

 

 

204

 

 

 

(4,170

)

 

 

144,334

 

Obligations of states and political

   subdivisions

 

 

720,399

 

 

 

19,566

 

 

 

(216

)

 

 

739,749

 

 

 

828,520

 

 

 

8,771

 

 

 

(4,012

)

 

 

833,279

 

Corporate debt securities

 

 

33,257

 

 

 

1,455

 

 

 

—

 

 

 

34,712

 

 

 

33,291

 

 

 

12

 

 

 

(673

)

 

 

32,630

 

Total held-to-maturity debt securities

 

$

900,605

 

 

$

21,891

 

 

$

(962

)

 

$

921,534

 

 

$

1,020,934

 

 

$

8,993

 

 

$

(9,184

)

 

$

1,020,743

 

Total debt securities

 

$

3,004,711

 

 

$

52,933

 

 

$

(6,826

)

 

$

3,050,818

 

 

$

3,162,990

 

 

$

14,854

 

 

$

(42,972

)

 

$

3,134,872

 
Schedule of Fair Value of Available-for-sale and Held-to-maturity Securities by Contractual Maturity

The following table presents the fair value of available-for-sale and held-to-maturity debt securities by contractual maturity at June 30, 2019.  In some instances, the issuers may have the right to call or prepay obligations without penalty prior to the contractual maturity date.

 

 

 

June 30, 2019

 

(unaudited, in thousands)

 

One Year

or less

 

 

One to

Five Years

 

 

Five to

Ten Years

 

 

After

Ten Years

 

 

Mortgage-

backed

securities

 

 

Total

 

Available-for-sale debt securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury

 

$

29,781

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

29,781

 

U.S. Government sponsored entities and agencies

 

 

498

 

 

 

6,048

 

 

 

18,472

 

 

 

9,363

 

 

 

100,206

 

 

 

134,587

 

Residential mortgage-backed securities and

   collateralized mortgage obligations of

   government sponsored entities and

   agencies (1)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1,563,042

 

 

 

1,563,042

 

Commercial mortgage-backed securities and

   collateralized mortgage obligations of

   government sponsored entities and

   agencies (1)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

178,656

 

 

 

178,656

 

Obligations of states and political subdivisions

 

 

8,108

 

 

 

53,422

 

 

 

76,671

 

 

 

44,977

 

 

 

—

 

 

 

183,178

 

Corporate debt securities

 

 

627

 

 

 

32,216

 

 

 

7,197

 

 

 

—

 

 

 

—

 

 

 

40,040

 

Total available-for-sale debt securities

 

$

39,014

 

 

$

91,686

 

 

$

102,340

 

 

$

54,340

 

 

$

1,841,904

 

 

$

2,129,284

 

Held-to-maturity debt securities (2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Government sponsored entities and agencies

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

9,952

 

 

$

9,952

 

Residential mortgage-backed securities and

   collateralized mortgage obligations of government

   sponsored entities and agencies (1)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

137,121

 

 

 

137,121

 

Obligations of states and political subdivisions

 

 

15,652

 

 

 

115,724

 

 

 

334,357

 

 

 

274,016

 

 

 

—

 

 

 

739,749

 

Corporate debt securities

 

 

—

 

 

 

10,913

 

 

 

23,799

 

 

 

—

 

 

 

—

 

 

 

34,712

 

Total held-to-maturity debt securities

 

$

15,652

 

 

$

126,637

 

 

$

358,156

 

 

$

274,016

 

 

$

147,073

 

 

$

921,534

 

Total debt securities

 

$

54,666

 

 

$

218,323

 

 

$

460,496

 

 

$

328,356

 

 

$

1,988,977

 

 

$

3,050,818

 

 

(1) Mortgage-backed and collateralized mortgage securities, which have prepayment provisions, are not assigned to maturity categories due to fluctuations in their prepayment speeds.  

(2) The held-to-maturity debt securities portfolio is carried at an amortized cost of $900.6 million.
Schedule of Gross Realized Gains and Losses on the Sales and Calls of Securities

The following table presents the gross realized gains and losses on sales and calls of available-for-sale and held-to-maturity debt securities, as well as gains and losses on equity securities from both sales and market adjustments from the adoption of ASU 2016-01 effective January 1, 2018 for the three and six months ended June 30, 2019 and 2018, respectively.  

 

 

 

For the Three Months

Ended June 30,

 

 

For the Six Months

Ended June 30,

 

(unaudited, in thousands)

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Debt securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross realized gains

 

$

106

 

 

$

5

 

 

$

348

 

 

$

12

 

Gross realized losses

 

 

(18

)

 

 

—

 

 

 

(209

)

 

 

(18

)

Net gains (losses) on debt securities

 

$

88

 

 

$

5

 

 

$

139

 

 

$

(6

)

Equity securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net unrealized gains recognized on securities still held

 

$

265

 

 

$

347

 

 

$

868

 

 

$

319

 

Net realized  gains recognized on securities sold

 

 

2,556

 

 

 

6

 

 

 

2,559

 

 

 

6

 

Net gains on equity securities

 

$

2,821

 

 

$

353

 

 

$

3,427

 

 

$

325

 

Net securities gains

 

$

2,909

 

 

$

358

 

 

$

3,566

 

 

$

319

 
Schedule of Unrealized Losses on Investment Securities

The following tables provide information on unrealized losses on debt securities that have been in an unrealized loss position for less than twelve months and twelve months or more as of June 30, 2019 and December 31, 2018, respectively:

 

 

 

June 30, 2019

 

 

 

Less than 12 months

 

 

12 months or more

 

 

Total

 

(unaudited, dollars in thousands)

 

Fair

Value

 

 

Unrealized

Losses

 

 

# of

Securities

 

 

Fair

Value

 

 

Unrealized

Losses

 

 

# of

Securities

 

 

Fair

Value

 

 

Unrealized

Losses

 

 

# of

Securities

 

U.S. Government sponsored entities

   and agencies

 

$

—

 

 

$

—

 

 

 

—

 

 

$

28,542

 

 

$

(242

)

 

 

7

 

 

$

28,542

 

 

$

(242

)

 

 

7

 

Residential mortgage-backed securities

   and collateralized mortgage obligations

   of government sponsored entities and

   agencies

 

 

30,301

 

 

 

(95

)

 

 

4

 

 

 

564,036

 

 

 

(5,988

)

 

 

211

 

 

 

594,337

 

 

 

(6,083

)

 

 

215

 

Commercial mortgage-backed securities

   and collateralized mortgage obligations

   of government sponsored entities and

   agencies

 

 

3,783

 

 

 

(26

)

 

 

4

 

 

 

26,655

 

 

 

(90

)

 

 

12

 

 

 

30,438

 

 

 

(116

)

 

 

16

 

Obligations of states and political

   subdivisions

 

 

609

 

 

 

(1

)

 

 

2

 

 

 

38,999

 

 

 

(230

)

 

 

76

 

 

 

39,608

 

 

 

(231

)

 

 

78

 

Corporate debt securities

 

 

7,920

 

 

 

(111

)

 

 

3

 

 

 

1,947

 

 

 

(43

)

 

 

1

 

 

 

9,867

 

 

 

(154

)

 

 

4

 

Total temporarily impaired securities

 

$

42,613

 

 

$

(233

)

 

 

13

 

 

$

660,179

 

 

$

(6,593

)

 

 

307

 

 

$

702,792

 

 

$

(6,826

)

 

 

320

 

 

 

 

December 31, 2018

 

 

 

Less than 12 months

 

 

12 months or more

 

 

Total

 

(unaudited, dollars in thousands)

 

Fair

Value

 

 

Unrealized

Losses

 

 

# of

Securities

 

 

Fair

Value

 

 

Unrealized

Losses

 

 

# of

Securities

 

 

Fair

Value

 

 

Unrealized

Losses

 

 

# of

Securities

 

U.S. Treasury

 

$

9,972

 

 

$

(7

)

 

 

1

 

 

$

—

 

 

$

—

 

 

 

—

 

 

$

9,972

 

 

$

(7

)

 

 

1

 

U.S. Government sponsored entities

   and agencies

 

 

18,926

 

 

 

(148

)

 

 

8

 

 

 

76,385

 

 

 

(1,937

)

 

 

14

 

 

 

95,311

 

 

 

(2,085

)

 

 

22

 

Residential mortgage-backed securities

   and collateralized mortgage obligations

   of government sponsored entities and

   agencies

 

 

285,534

 

 

 

(1,862

)

 

 

44

 

 

 

922,698

 

 

 

(29,829

)

 

 

291

 

 

 

1,208,232

 

 

 

(31,691

)

 

 

335

 

Commercial mortgage-backed securities

   and collateralized mortgage obligations

   of government sponsored entities and

   agencies

 

 

9,186

 

 

 

(18

)

 

 

6

 

 

 

111,068

 

 

 

(2,945

)

 

 

14

 

 

 

120,254

 

 

 

(2,963

)

 

 

20

 

Obligations of states and political

   subdivisions

 

 

104,469

 

 

 

(439

)

 

 

207

 

 

 

303,681

 

 

 

(4,555

)

 

 

513

 

 

 

408,150

 

 

 

(4,994

)

 

 

720

 

Corporate debt securities

 

 

38,791

 

 

 

(898

)

 

 

18

 

 

 

11,452

 

 

 

(334

)

 

 

5

 

 

 

50,243

 

 

 

(1,232

)

 

 

23

 

Total temporarily impaired securities

 

$

466,878

 

 

$

(3,372

)

 

 

284

 

 

$

1,425,284

 

 

$

(39,600

)

 

 

837

 

 

$

1,892,162

 

 

$

(42,972

)

 

 

1,121