XML 49 R38.htm IDEA: XBRL DOCUMENT v3.10.0.1
Investment Securities (Tables)
 9 Months Ended
Sep. 30, 2018
Investments Debt And Equity Securities [Abstract]  
Amortized Cost and Fair Value of Available-for-Sale and Held-to-Maturity Investment Securities Portfolio

The following table summarizes the amortized cost and fair value of the available-for-sale and held-to-maturity investment securities portfolio at September 30, 2018 and December 31, 2017 and the corresponding amounts of unrealized gains and losses therein:

 

 

 

Amortized

 

 

Unrealized

 

 

Unrealized

 

 

Fair

 

(dollars in thousands)

 

Cost

 

 

Gains

 

 

Losses

 

 

Value

 

September 30, 2018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Available-for-Sale

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury

 

$

5,322

 

 

$

-

 

 

$

(85

)

 

$

5,237

 

U.S. government-sponsored entities and agencies

 

 

631,360

 

 

 

-

 

 

 

(19,664

)

 

 

611,696

 

Mortgage-backed securities - Agency

 

 

1,571,101

 

 

 

402

 

 

 

(62,811

)

 

 

1,508,692

 

States and political subdivisions

 

 

794,671

 

 

 

5,200

 

 

 

(7,205

)

 

 

792,666

 

Pooled trust preferred securities

 

 

13,873

 

 

 

-

 

 

 

(4,801

)

 

 

9,072

 

Other securities

 

 

352,198

 

 

 

225

 

 

 

(7,330

)

 

 

345,093

 

Total available-for-sale securities

 

$

3,368,525

 

 

$

5,827

 

 

$

(101,896

)

 

$

3,272,456

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Held-to-Maturity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government-sponsored entities and agencies

 

$

73,776

 

 

$

-

 

 

$

(3,144

)

 

$

70,632

 

Mortgage-backed securities - Agency

 

 

131,562

 

 

 

45

 

 

 

(4,995

)

 

 

126,612

 

States and political subdivisions

 

 

306,869

 

 

 

5,691

 

 

 

(4,238

)

 

 

308,322

 

Total held-to-maturity securities

 

$

512,207

 

 

$

5,736

 

 

$

(12,377

)

 

$

505,566

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2017

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Available-for-Sale

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury

 

$

5,473

 

 

$

83

 

 

$

(5

)

 

$

5,551

 

U.S. government-sponsored entities and agencies

 

 

675,643

 

 

 

3

 

 

 

(11,360

)

 

 

664,286

 

Mortgage-backed securities - Agency

 

 

1,704,014

 

 

 

1,600

 

 

 

(37,932

)

 

 

1,667,682

 

States and political subdivisions

 

 

529,835

 

 

 

5,085

 

 

 

(4,727

)

 

 

530,193

 

Pooled trust preferred securities

 

 

16,605

 

 

 

-

 

 

 

(8,157

)

 

 

8,448

 

Other securities

 

 

321,016

 

 

 

1,172

 

 

 

(2,141

)

 

 

320,047

 

Total available-for-sale securities

 

$

3,252,586

 

 

$

7,943

 

 

$

(64,322

)

 

$

3,196,207

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Held-to-Maturity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage-backed securities - Agency

 

$

6,903

 

 

$

153

 

 

$

-

 

 

$

7,056

 

States and political subdivisions

 

 

677,160

 

 

 

43,495

 

 

 

(8

)

 

 

720,647

 

Total held-to-maturity securities

 

$

684,063

 

 

$

43,648

 

 

$

(8

)

 

$

727,703

 
Schedule of Proceeds from Sales or Calls and Realized Gain and Losses of Available-for-Sale Investment Securities and Other Securities

Proceeds from sales or calls of available-for-sale investment securities, the resulting realized gains and realized losses, and other securities gains or losses were as follows for the three and nine months ended September 30, 2018 and 2017:

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

(dollars in thousands)

 

 

2018

 

 

 

2017

 

 

 

2018

 

 

 

2017

 

Proceeds from sales of available-for-sale securities

 

$

5,327

 

 

$

98,038

 

 

$

136,648

 

 

$

284,315

 

Proceeds from calls of available-for-sale securities

 

 

2,938

 

 

 

2,303

 

 

 

31,585

 

 

 

73,423

 

Total

 

$

8,265

 

 

$

100,341

 

 

$

168,233

 

 

$

357,738

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Realized gains on sales of available-for-sale

   securities

 

$

-

 

 

$

2,891

 

 

$

3,259

 

 

$

7,174

 

Realized gains on calls of available-for-sale

   securities

 

 

-

 

 

 

13

 

 

 

284

 

 

 

13

 

Realized losses on sales of available-for-sale

   securities

 

 

(74

)

 

 

(36

)

 

 

(1,379

)

 

 

(79

)

Realized losses on calls of available-for-sale

   securities

 

 

(7

)

 

 

-

 

 

 

(60

)

 

 

(8

)

Other securities gains (losses) (1)

 

 

216

 

 

 

104

 

 

 

313

 

 

 

447

 

Net securities gains (losses)

 

$

135

 

 

$

2,972

 

 

$

2,417

 

 

$

7,547

 

 

 

(1)

Other securities gains (losses) includes net realized and unrealized gains or losses associated with trading securities and mutual funds.
Expected Maturities of Investment Securities Portfolio Weighted average yield is based on amortized cost.

 

 

 

At September 30, 2018

 

(dollars in thousands)

 

 

 

 

Weighted

 

 

 

Amortized

 

 

Fair

 

 

Average

 

Maturity

 

Cost

 

 

Value

 

 

Yield

 

Available-for-Sale

 

 

 

 

 

 

 

 

 

 

 

 

Within one year

 

$

78,428

 

 

$

78,457

 

 

 

2.46

%

One to five years

 

 

484,883

 

 

 

476,762

 

 

 

2.29

 

Five to ten years

 

 

444,926

 

 

 

439,284

 

 

 

3.15

 

Beyond ten years

 

 

2,360,288

 

 

 

2,277,953

 

 

 

2.65

 

Total

 

$

3,368,525

 

 

$

3,272,456

 

 

 

2.66

%

 

 

 

 

 

 

 

 

 

 

 

 

 

Held-to-Maturity

 

 

 

 

 

 

 

 

 

 

 

 

Within one year

 

$

26,046

 

 

$

26,176

 

 

 

3.70

%

One to five years

 

 

32,394

 

 

 

32,869

 

 

 

4.07

 

Five to ten years

 

 

79,600

 

 

 

81,252

 

 

 

4.39

 

Beyond ten years

 

 

374,167

 

 

 

365,269

 

 

 

3.58

 

Total

 

$

512,207

 

 

$

505,566

 

 

 

3.74

%
Available-for-Sale and Held-to-Maturity Investment Securities with Unrealized Losses by Aggregated Major Security Type and Length of Time in Continuous Unrealized Loss Position

The following table summarizes the available-for-sale investment securities with unrealized losses at September 30, 2018 and December 31, 2017 by aggregated major security type and length of time in a continuous unrealized loss position:

 

 

 

Less than 12 months

 

 

12 months or longer

 

 

Total

 

 

 

Fair

 

 

Unrealized

 

 

Fair

 

 

Unrealized

 

 

Fair

 

 

Unrealized

 

(dollars in thousands)

 

Value

 

 

Losses

 

 

Value

 

 

Losses

 

 

Value

 

 

Losses

 

September 30, 2018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Available-for-Sale

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury

 

$

5,237

 

 

$

(85

)

 

$

-

 

 

$

-

 

 

$

5,237

 

 

$

(85

)

U.S. government-sponsored entities and

   agencies

 

 

202,437

 

 

 

(5,075

)

 

 

407,060

 

 

 

(14,589

)

 

 

609,497

 

 

 

(19,664

)

Mortgage-backed securities - Agency

 

 

606,669

 

 

 

(15,981

)

 

 

845,276

 

 

 

(46,830

)

 

 

1,451,945

 

 

 

(62,811

)

States and political subdivisions

 

 

423,498

 

 

 

(6,703

)

 

 

12,825

 

 

 

(502

)

 

 

436,323

 

 

 

(7,205

)

Pooled trust preferred securities

 

 

-

 

 

 

-

 

 

 

9,072

 

 

 

(4,801

)

 

 

9,072

 

 

 

(4,801

)

Other securities

 

 

195,930

 

 

 

(3,782

)

 

 

112,440

 

 

 

(3,548

)

 

 

308,370

 

 

 

(7,330

)

Total available-for-sale

 

$

1,433,771

 

 

$

(31,626

)

 

$

1,386,673

 

 

$

(70,270

)

 

$

2,820,444

 

 

$

(101,896

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2017

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Available-for-Sale

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury

 

$

1,480

 

 

$

(5

)

 

$

-

 

 

$

-

 

 

$

1,480

 

 

$

(5

)

U.S. government-sponsored entities and

   agencies

 

 

201,773

 

 

 

(1,333

)

 

 

408,493

 

 

 

(10,027

)

 

 

610,266

 

 

 

(11,360

)

Mortgage-backed securities - Agency

 

 

789,804

 

 

 

(8,692

)

 

 

774,825

 

 

 

(29,240

)

 

 

1,564,629

 

 

 

(37,932

)

States and political subdivisions

 

 

196,024

 

 

 

(1,899

)

 

 

90,637

 

 

 

(2,828

)

 

 

286,661

 

 

 

(4,727

)

Pooled trust preferred securities

 

 

-

 

 

 

-

 

 

 

8,448

 

 

 

(8,157

)

 

 

8,448

 

 

 

(8,157

)

Other securities

 

 

61,260

 

 

 

(429

)

 

 

125,517

 

 

 

(1,712

)

 

 

186,777

 

 

 

(2,141

)

Total available-for-sale

 

$

1,250,341

 

 

$

(12,358

)

 

$

1,407,920

 

 

$

(51,964

)

 

$

2,658,261

 

 

$

(64,322

)

 

The following table summarizes the held-to-maturity investment securities with unrecognized losses at September 30, 2018 and December 31, 2017 by aggregated major security type and length of time in a continuous unrecognized loss position:

 

 

 

Less than 12 months

 

 

12 months or longer

 

 

Total

 

 

 

Fair

 

 

Unrecognized

 

 

Fair

 

 

Unrecognized

 

 

Fair

 

 

Unrecognized

 

(dollars in thousands)

 

Value

 

 

Losses

 

 

Value

 

 

Losses

 

 

Value

 

 

Losses

 

September 30, 2018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Held-to-Maturity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government-sponsored entities and

   agencies

 

$

-

 

 

$

-

 

 

$

70,632

 

 

$

(6,368

)

 

$

70,632

 

 

$

(6,368

)

Mortgage-backed securities - Agency

 

 

32,646

 

 

 

(1,227

)

 

 

92,986

 

 

 

(9,389

)

 

 

125,632

 

 

 

(10,616

)

States and political subdivisions

 

 

32,219

 

 

 

(2,192

)

 

 

70,392

 

 

 

(4,817

)

 

 

102,611

 

 

 

(7,009

)

  Total held-to-maturity

 

$

64,865

 

 

$

(3,419

)

 

$

234,010

 

 

$

(20,574

)

 

$

298,875

 

 

$

(23,993

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2017

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Held-to-Maturity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

States and political subdivisions

 

$

2,309

 

 

$

(8

)

 

$

-

 

 

$

-

 

 

$

2,309

 

 

$

(8

)

  Total held-to-maturity

 

$

2,309

 

 

$

(8

)

 

$

-

 

 

$

-

 

 

$

2,309

 

 

$

(8

)
Trust Preferred Securities

The table below summarizes the relevant characteristics of our pooled trust preferred securities as well as our single issuer trust preferred securities that are included in the “other securities” category in this footnote.  Each of the pooled trust preferred securities support a more senior tranche of security holders.  Both pooled trust preferred securities have experienced credit defaults.  However, these securities have excess subordination and are not other-than-temporarily impaired as a result of their class hierarchy, which provides more loss protection.

 

Trust preferred securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Actual

 

 

Expected

 

 

Excess

 

September 30, 2018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deferrals

 

 

Defaults as

 

 

Subordination

 

(dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

# of Issuers

 

and Defaults

 

 

a % of

 

 

as a % of

 

 

 

 

 

Lowest

 

 

 

 

 

 

 

 

 

Unrealized

 

 

Realized

 

 

Currently

 

as a % of

 

 

Remaining

 

 

Current

 

 

 

 

 

Credit

 

Amortized

 

 

Fair

 

 

Gain/

 

 

Losses

 

 

Performing/

 

Original

 

 

Performing

 

 

Performing

 

 

 

Class

 

Rating  (1)

 

Cost

 

 

Value

 

 

(Loss)

 

 

2018

 

 

Remaining

 

Collateral

 

 

Collateral

 

 

Collateral

 

Pooled trust preferred securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pretsl XXVII LTD

 

B

 

B

 

$

4,365

 

 

$

2,656

 

 

$

(1,709

)

 

$

-

 

 

35/44

 

16.7%

 

 

4.2%

 

 

37.5%

 

Trapeza Ser 13A

 

A2A

 

BBB

 

 

9,508

 

 

 

6,416

 

 

 

(3,092

)

 

 

-

 

 

47/52

 

4.5%

 

 

4.6%

 

 

53.8%

 

 

 

 

 

 

 

 

13,873

 

 

 

9,072

 

 

 

(4,801

)

 

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Single Issuer trust preferred securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

JP Morgan Chase Cap XIII

 

 

 

BBB-

 

 

4,785

 

 

 

4,538

 

 

 

(247

)

 

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

 

 

 

 

$

18,658

 

 

$

13,610

 

 

$

(5,048

)

 

$

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1)

Lowest rating for the security provided by any nationally recognized credit rating agency.