Securities (Tables)

6 Months Ended

Jun. 30, 2018

Investments, Debt and Equity Securities [Abstract]

A summary of the Company's securities portfolio by category and maturity is presented in the following tables.

Securities Portfolio

(Dollar amounts in thousands)



	As of June 30, 2018									As of December 31, 2017
	Amortized Cost		Gross Unrealized					Fair Value		Amortized Cost		Gross Unrealized					Fair Value
	Amortized Cost		Gains		Losses			Fair Value		Amortized Cost		Gains		Losses			Fair Value
Securities Available-for-Sale
U.S. treasury securities	$	49,455	$	2	$	(299	)	$	49,158	$	46,529	$	—	$	(184	)	$	46,345
U.S. agency securities	150,443		7		(2,166		)	148,284		157,636		197		(986		)	156,847
Collateralized mortgage obligations ("CMOs")	1,270,304		368		(38,242		)	1,232,430		1,113,019		121		(17,954		)	1,095,186
Other mortgage-backed securities ("MBSs")	450,512		229		(13,105		)	437,636		373,676		201		(4,334		)	369,543
Municipal securities	222,034		152		(3,841		)	218,345		209,558		693		(1,260		)	208,991
Corporate debt securities	57,867		2		(857		)	57,012		—		—		—			—
Equity securities⁽¹⁾	—		—		—			—		7,408		194		(305		)	7,297
Total securities available-for-sale	$	2,200,615	$	760	$	(58,510	)	$	2,142,865	$	1,907,826	$	1,406	$	(25,023	)	$	1,884,209
Securities Held-to-Maturity
Municipal securities	$	13,042	$	—	$	(2,124	)	$	10,918	$	13,760	$	—	$	(1,747	)	$	12,013
Equity Securities⁽¹⁾								$	28,441								$	—
Trading Securities⁽¹⁾								$	—								$	20,447


⁽¹⁾	As a result of accounting guidance adopted in the first quarter of 2018, equity securities are no longer presented within trading securities or securities available-for-sale and are now presented within equity securities in the Consolidated Statements of Financial Condition for the current period. For further discussion of this guidance, see Note 2, "Recent Accounting Pronouncements."

Securities Held-to-Maturity

A summary of the Company's securities portfolio by category and maturity is presented in the following tables.

Securities Portfolio

(Dollar amounts in thousands)



	As of June 30, 2018									As of December 31, 2017
	Amortized Cost		Gross Unrealized					Fair Value		Amortized Cost		Gross Unrealized					Fair Value
	Amortized Cost		Gains		Losses			Fair Value		Amortized Cost		Gains		Losses			Fair Value
Securities Available-for-Sale
U.S. treasury securities	$	49,455	$	2	$	(299	)	$	49,158	$	46,529	$	—	$	(184	)	$	46,345
U.S. agency securities	150,443		7		(2,166		)	148,284		157,636		197		(986		)	156,847
Collateralized mortgage obligations ("CMOs")	1,270,304		368		(38,242		)	1,232,430		1,113,019		121		(17,954		)	1,095,186
Other mortgage-backed securities ("MBSs")	450,512		229		(13,105		)	437,636		373,676		201		(4,334		)	369,543
Municipal securities	222,034		152		(3,841		)	218,345		209,558		693		(1,260		)	208,991
Corporate debt securities	57,867		2		(857		)	57,012		—		—		—			—
Equity securities⁽¹⁾	—		—		—			—		7,408		194		(305		)	7,297
Total securities available-for-sale	$	2,200,615	$	760	$	(58,510	)	$	2,142,865	$	1,907,826	$	1,406	$	(25,023	)	$	1,884,209
Securities Held-to-Maturity
Municipal securities	$	13,042	$	—	$	(2,124	)	$	10,918	$	13,760	$	—	$	(1,747	)	$	12,013
Equity Securities⁽¹⁾								$	28,441								$	—
Trading Securities⁽¹⁾								$	—								$	20,447


⁽¹⁾	As a result of accounting guidance adopted in the first quarter of 2018, equity securities are no longer presented within trading securities or securities available-for-sale and are now presented within equity securities in the Consolidated Statements of Financial Condition for the current period. For further discussion of this guidance, see Note 2, "Recent Accounting Pronouncements."

Equity Securities

A summary of the Company's securities portfolio by category and maturity is presented in the following tables.

Securities Portfolio

(Dollar amounts in thousands)



	As of June 30, 2018									As of December 31, 2017
	Amortized Cost		Gross Unrealized					Fair Value		Amortized Cost		Gross Unrealized					Fair Value
	Amortized Cost		Gains		Losses			Fair Value		Amortized Cost		Gains		Losses			Fair Value
Securities Available-for-Sale
U.S. treasury securities	$	49,455	$	2	$	(299	)	$	49,158	$	46,529	$	—	$	(184	)	$	46,345
U.S. agency securities	150,443		7		(2,166		)	148,284		157,636		197		(986		)	156,847
Collateralized mortgage obligations ("CMOs")	1,270,304		368		(38,242		)	1,232,430		1,113,019		121		(17,954		)	1,095,186
Other mortgage-backed securities ("MBSs")	450,512		229		(13,105		)	437,636		373,676		201		(4,334		)	369,543
Municipal securities	222,034		152		(3,841		)	218,345		209,558		693		(1,260		)	208,991
Corporate debt securities	57,867		2		(857		)	57,012		—		—		—			—
Equity securities⁽¹⁾	—		—		—			—		7,408		194		(305		)	7,297
Total securities available-for-sale	$	2,200,615	$	760	$	(58,510	)	$	2,142,865	$	1,907,826	$	1,406	$	(25,023	)	$	1,884,209
Securities Held-to-Maturity
Municipal securities	$	13,042	$	—	$	(2,124	)	$	10,918	$	13,760	$	—	$	(1,747	)	$	12,013
Equity Securities⁽¹⁾								$	28,441								$	—
Trading Securities⁽¹⁾								$	—								$	20,447


⁽¹⁾	As a result of accounting guidance adopted in the first quarter of 2018, equity securities are no longer presented within trading securities or securities available-for-sale and are now presented within equity securities in the Consolidated Statements of Financial Condition for the current period. For further discussion of this guidance, see Note 2, "Recent Accounting Pronouncements."

Trading Securities

A summary of the Company's securities portfolio by category and maturity is presented in the following tables.

Securities Portfolio

(Dollar amounts in thousands)



	As of June 30, 2018									As of December 31, 2017
	Amortized Cost		Gross Unrealized					Fair Value		Amortized Cost		Gross Unrealized					Fair Value
	Amortized Cost		Gains		Losses			Fair Value		Amortized Cost		Gains		Losses			Fair Value
Securities Available-for-Sale
U.S. treasury securities	$	49,455	$	2	$	(299	)	$	49,158	$	46,529	$	—	$	(184	)	$	46,345
U.S. agency securities	150,443		7		(2,166		)	148,284		157,636		197		(986		)	156,847
Collateralized mortgage obligations ("CMOs")	1,270,304		368		(38,242		)	1,232,430		1,113,019		121		(17,954		)	1,095,186
Other mortgage-backed securities ("MBSs")	450,512		229		(13,105		)	437,636		373,676		201		(4,334		)	369,543
Municipal securities	222,034		152		(3,841		)	218,345		209,558		693		(1,260		)	208,991
Corporate debt securities	57,867		2		(857		)	57,012		—		—		—			—
Equity securities⁽¹⁾	—		—		—			—		7,408		194		(305		)	7,297
Total securities available-for-sale	$	2,200,615	$	760	$	(58,510	)	$	2,142,865	$	1,907,826	$	1,406	$	(25,023	)	$	1,884,209
Securities Held-to-Maturity
Municipal securities	$	13,042	$	—	$	(2,124	)	$	10,918	$	13,760	$	—	$	(1,747	)	$	12,013
Equity Securities⁽¹⁾								$	28,441								$	—
Trading Securities⁽¹⁾								$	—								$	20,447


⁽¹⁾	As a result of accounting guidance adopted in the first quarter of 2018, equity securities are no longer presented within trading securities or securities available-for-sale and are now presented within equity securities in the Consolidated Statements of Financial Condition for the current period. For further discussion of this guidance, see Note 2, "Recent Accounting Pronouncements."

Remaining Contractual Maturity of Securities

(Dollar amounts in thousands)



	As of June 30, 2018
	Available-for-Sale				Held-to-Maturity
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
One year or less	$	120,038	$	118,287	$	1,626	$	1,361
After one year to five years	165,112		162,703		5,197		4,350
After five years to ten years	194,649		191,809		2,177		1,823
After ten years	—		—		4,042		3,384
Securities that do not have a single contractual maturity date	1,720,816		1,670,066		—		—
Total	$	2,200,615	$	2,142,865	$	13,042	$	10,918

Securities Available-for-Sale Gains

(Dollar amounts in thousands)



	Quarters Ended June 30,				Six Months Ended June 30,
	2018		2017		2018		2017
Gains on sales of securities:
Gross realized gains	$	—	$	284	$	—	$	284
Gross realized losses	—		—		—		—
Net realized gains on sales of securities	—		284		—		284
Non-cash impairment charges:
Other-than-temporary securities impairment ("OTTI")	—		—		—		—
Net realized gains	$	—	$	284	$	—	$	284

Securities in an Unrealized Loss Position

The following table presents the aggregate amount of unrealized losses and the aggregate related fair values of securities with unrealized losses as of June 30, 2018 and December 31, 2017.

Securities in an Unrealized Loss Position

(Dollar amounts in thousands)



		Less Than 12 Months				12 Months or Longer				Total
	Number of Securities	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
As of June 30, 2018
Securities Available-for-Sale
U.S. treasury securities	22	$	32,699	$	252	$	14,459	$	47	$	47,158	$	299
U.S. agency securities	78	79,845		1,138		62,820		1,028		142,665		2,166
CMOs	242	562,594		13,295		568,315		24,947		1,130,909		38,242
MBSs	107	183,907		3,910		225,627		9,195		409,534		13,105
Municipal securities	451	122,847		1,872		58,580		1,969		181,427		3,841
Corporate debt securities	8	40,285		857		—		—		40,285		857
Total	908	$	1,022,177	$	21,324	$	929,801	$	37,186	$	1,951,978	$	58,510
Securities Held-to-Maturity
Municipal securities	8	$	—	$	—	$	10,918	$	2,124	$	10,918	$	2,124
As of December 31, 2017
Securities Available-for-Sale
U.S. treasury securities	20	$	19,918	$	87	$	26,427	$	97	$	46,345	$	184
U.S. agency securities	72	66,899		300		58,021		686		124,920		986
CMOs	211	365,131		3,265		633,227		14,689		998,358		17,954
MBSs	86	126,136		902		210,017		3,432		336,153		4,334
Municipal securities	265	35,500		479		81,360		781		116,860		1,260
Equity securities⁽¹⁾	2	391		214		6,386		91		6,777		305
Total	656	$	613,975	$	5,247	$	1,015,438	$	19,776	$	1,629,413	$	25,023
Securities Held-to-Maturity
Municipal securities	8	$	—	$	—	$	12,013	$	1,747	$	12,013	$	1,747


⁽¹⁾	As a result of accounting guidance adopted in the first quarter of 2018, equity securities are no longer presented within securities available-for-sale and are now presented within equity securities in the Consolidated Statements of Financial Condition for the current period. For further discussion of this guidance, see Note 2, "Recent Accounting Pronouncements."