Securities (Tables)

12 Months Ended

Dec. 31, 2019

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 December 31,
	2019														2018
	Amortized Cost		Gross Unrealized						Fair Value		Amortized Cost		Gross Unrealized					Fair Value
					Gains		Losses										Gains		Losses
Securities Available-for-Sale
U.S. treasury securities	$	33,939	$	137	$	(1)	$	34,075	$	37,925	$	17	$	(175)	$	37,767
U.S. agency securities	249,502		758		(1,836)		248,424		144,125		45		(1,607)		142,563
Collateralized mortgage obligations ("CMOs")	1,547,805		14,893		(5,027)		1,557,671		1,336,531		3,362		(24,684)		1,315,209
Other mortgage-backed securities ("MBSs")	678,804		7,728		(1,848)		684,684		477,665		520		(11,251)		466,934
Municipal securities	228,632		5,898		(99)		234,431		229,600		461		(2,874)		227,187

Corporate debt securities	112,797		1,791		(487)		114,101		86,074		—		(3,725)		82,349

Total securities available-for-sale	$	2,851,479	$	31,205	$	(9,298)	$	2,873,386	$	2,311,920	$	4,405	$	(44,316)	$	2,272,009
Securities Held-to-Maturity
Municipal securities	$	21,997	$	—	$	(763)	$	21,234	$	10,176	$	—	$	(305)	$	9,871
Equity Securities							$	42,136							$	30,806

Securities Available-for-Sale

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 December 31,
	2019														2018
	Amortized Cost		Gross Unrealized						Fair Value		Amortized Cost		Gross Unrealized					Fair Value
					Gains		Losses										Gains		Losses
Securities Available-for-Sale
U.S. treasury securities	$	33,939	$	137	$	(1)	$	34,075	$	37,925	$	17	$	(175)	$	37,767
U.S. agency securities	249,502		758		(1,836)		248,424		144,125		45		(1,607)		142,563
Collateralized mortgage obligations ("CMOs")	1,547,805		14,893		(5,027)		1,557,671		1,336,531		3,362		(24,684)		1,315,209
Other mortgage-backed securities ("MBSs")	678,804		7,728		(1,848)		684,684		477,665		520		(11,251)		466,934
Municipal securities	228,632		5,898		(99)		234,431		229,600		461		(2,874)		227,187

Corporate debt securities	112,797		1,791		(487)		114,101		86,074		—		(3,725)		82,349

Total securities available-for-sale	$	2,851,479	$	31,205	$	(9,298)	$	2,873,386	$	2,311,920	$	4,405	$	(44,316)	$	2,272,009
Securities Held-to-Maturity
Municipal securities	$	21,997	$	—	$	(763)	$	21,234	$	10,176	$	—	$	(305)	$	9,871
Equity Securities							$	42,136							$	30,806

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 December 31,
	2019														2018
	Amortized Cost		Gross Unrealized						Fair Value		Amortized Cost		Gross Unrealized					Fair Value
					Gains		Losses										Gains		Losses
Securities Available-for-Sale
U.S. treasury securities	$	33,939	$	137	$	(1)	$	34,075	$	37,925	$	17	$	(175)	$	37,767
U.S. agency securities	249,502		758		(1,836)		248,424		144,125		45		(1,607)		142,563
Collateralized mortgage obligations ("CMOs")	1,547,805		14,893		(5,027)		1,557,671		1,336,531		3,362		(24,684)		1,315,209
Other mortgage-backed securities ("MBSs")	678,804		7,728		(1,848)		684,684		477,665		520		(11,251)		466,934
Municipal securities	228,632		5,898		(99)		234,431		229,600		461		(2,874)		227,187

Corporate debt securities	112,797		1,791		(487)		114,101		86,074		—		(3,725)		82,349

Total securities available-for-sale	$	2,851,479	$	31,205	$	(9,298)	$	2,873,386	$	2,311,920	$	4,405	$	(44,316)	$	2,272,009
Securities Held-to-Maturity
Municipal securities	$	21,997	$	—	$	(763)	$	21,234	$	10,176	$	—	$	(305)	$	9,871
Equity Securities							$	42,136							$	30,806

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 December 31,
	2019														2018
	Amortized Cost		Gross Unrealized						Fair Value		Amortized Cost		Gross Unrealized					Fair Value
					Gains		Losses										Gains		Losses
Securities Available-for-Sale
U.S. treasury securities	$	33,939	$	137	$	(1)	$	34,075	$	37,925	$	17	$	(175)	$	37,767
U.S. agency securities	249,502		758		(1,836)		248,424		144,125		45		(1,607)		142,563
Collateralized mortgage obligations ("CMOs")	1,547,805		14,893		(5,027)		1,557,671		1,336,531		3,362		(24,684)		1,315,209
Other mortgage-backed securities ("MBSs")	678,804		7,728		(1,848)		684,684		477,665		520		(11,251)		466,934
Municipal securities	228,632		5,898		(99)		234,431		229,600		461		(2,874)		227,187

Corporate debt securities	112,797		1,791		(487)		114,101		86,074		—		(3,725)		82,349

Total securities available-for-sale	$	2,851,479	$	31,205	$	(9,298)	$	2,873,386	$	2,311,920	$	4,405	$	(44,316)	$	2,272,009
Securities Held-to-Maturity
Municipal securities	$	21,997	$	—	$	(763)	$	21,234	$	10,176	$	—	$	(305)	$	9,871
Equity Securities							$	42,136							$	30,806

Remaining Contractual Maturity of Securities

(Dollar amounts in thousands)


	As of December 31, 2019
	Available-for-Sale						Held-to-Maturity
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
One year or less	$	131,855	$	133,155	$	8,672	$	8,371
After one year to five years	193,902		195,814		6,037		5,828
After five years to ten years	299,113		302,062		4,417		4,264
After ten years	—		—		2,871		2,771
Securities that do not have a single contractual maturity date	2,226,609		2,242,355		—		—
Total	$	2,851,479	$	2,873,386	$	21,997	$	21,234

Changes in OTTI Recognized in Earnings

The following table presents a rollforward of life-to-date OTTI recognized in earnings related to all securities available-for-sale held by the Company for the years ended December 31, 2019, 2018, and 2017.

Changes in OTTI Recognized in Earnings

(Dollar amounts in thousands)


	Years Ended December 31,
	2019		2018		2017
Beginning balance	$	—	$	—	$	23,345
OTTI included in earnings⁽¹⁾:


Reduction for securities sales⁽²⁾	—		—		(23,345)
Ending balance	$	—	$	—	$	—

⁽¹⁾Included in net securities losses in the Consolidated Statements of Income.

⁽²⁾These reductions were driven by the sale of 11 collateralized debt obligations ("CDOs") with a carrying value of $47.7 million during the year ended December 31, 2017.

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 December 31, 2019 and 2018.

Securities in an Unrealized Loss Position

(Dollar amounts in thousands)


		Less Than 12 Months						Greater Than 12 Months						Total
	Number of Securities	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
As of December 31, 2019
Securities Available-for-Sale
U.S. treasury securities	5	$	4,966	$	1	$	—	$	—	$	4,966	$	1
U.S. agency securities	52	97,729		1,200		49,387		636		147,116		1,836
CMOs	148	187,470		2,177		412,083		2,850		599,553		5,027
MBSs	59	66,340		996		121,861		852		188,201		1,848
Municipal securities	16	9,384		89		3,104		10		12,488		99

Corporate debt securities	6	9,719		281		21,955		206		31,674		487

Total	286	$	375,608	$	4,744	$	608,390	$	4,554	$	983,998	$	9,298
Securities Held-to-Maturity
Municipal securities	30	$	12,202	$	439	$	9,032	$	324	$	21,234	$	763

As of December 31, 2018
Securities Available-for-Sale
U.S. treasury securities	17	$	15,894	$	57	$	13,886	$	118	$	29,780	$	175
U.S. agency securities	74	34,263		320		93,227		1,287		127,490		1,607
CMOs	234	171,901		1,671		863,747		23,013		1,035,648		24,684
MBSs	118	135,791		1,715		284,273		9,536		420,064		11,251
Municipal securities	423	60,863		558		109,935		2,316		170,798		2,874

Corporate debt securities	16	82,349		3,725		—		—		82,349		3,725
Total	882	$	501,061	$	8,046	$	1,365,068	$	36,270	$	1,866,129	$	44,316
Securities Held-to-Maturity
Municipal securities	5	$	—	$	—	$	9,871	$	305	$	9,871	$	305