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INVESTMENT SECURITIES (Tables)
 3 Months Ended
Mar. 31, 2019
Investments, Debt and Equity Securities [Abstract]  
Schedule of Amortized Cost and Estimated Fair Value of Available-for-Sale and Held-to-Maturity Investment Securities
The following tables detail the amortized cost and the estimated fair value of our investments in available-for-sale and held-to-maturity debt securities as well as our equity investments. None of our investments in debt securities are classified as trading.
 
 
March 31, 2019
(Dollars in thousands)
 
Amortized Cost
 
Gross
Unrealized
 Gain
 
Gross
Unrealized
 Loss
 
Fair
Value
Available-for-Sale Debt Securities
 
 
 
 
 
 
 
 
CMO
 
$
395,818

 
$
2,807

 
$
3,445

 
$
395,180

FNMA MBS
 
875,017

 
7,490

 
4,734

 
877,773

FHLMC MBS
 
213,248

 
2,431

 
747

 
214,932

GNMA MBS
 
35,560

 
199

 
448

 
35,311

 
 
$
1,519,643

 
$
12,927

 
$
9,374

 
$
1,523,196

Held-to-Maturity Debt Securities(1)
 
 
 
 
 
 
 
 
State and political subdivisions
 
$
146,188

 
$
1,592

 
$
51

 
$
147,729

Foreign bonds
 
$
2,002

 
$
1

 
$
—

 
$
2,003

 
 
$
148,190

 
$
1,593

 
$
51

 
$
149,732

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Equity Investments(2)
 
 
 
 
 
 
 
 
Visa Class B shares
 
$
15,716

 
$
23,812

 
$
—

 
$
39,528

Other equity investments
 
8,922

 
—

 
—

 
8,922

 
 
$
24,638

 
$
23,812

 
$
—

 
$
48,450

(1) 
Held-to–maturity securities transferred from available-for-sale are included in held-to-maturity at fair value at the time of transfer. The amortized cost of held-to-maturity securities included net unrealized gains of $1.0 million at March 31, 2019, related to securities transferred, which are offset in Accumulated other comprehensive loss, net of tax.
(2) 
Equity investments are included in Other investments in the unaudited Consolidated Statements of Financial Condition.
 
 
December 31, 2018
(Dollars in thousands)
 
Amortized Cost
 
Gross
Unrealized
Gain
 
Gross
Unrealized
Loss
 
Fair
Value
Available-for-Sale Debt Securities
 
 
 
 
 
 
 
 
CMO
 
$
376,867

 
$
1,721

 
$
6,838

 
$
371,750

FNMA MBS
 
655,485

 
1,526

 
12,938

 
644,073

FHLMC MBS
 
155,758

 
558

 
2,394

 
153,922

GNMA MBS
 
36,117

 
97

 
880

 
35,334

 
 
$
1,224,227

 
$
3,902

 
$
23,050

 
$
1,205,079

Held-to-Maturity Debt Securities(1)
 
 
 
 
 
 
 
 
State and political subdivisions
 
$
149,950

 
$
275

 
$
794

 
$
149,431

 
 
 
 
 
 
 
 
 
Equity Investments(2)
 
 
 
 
 
 
 
 
Visa Class B shares
 
$
13,918

 
$
20,015

 
$
—

 
$
33,933

Other equity investments
 
3,300

 
—

 
—

 
3,300

 
 
$
17,218

 
$
20,015

 
$
—

 
$
37,233

(1) 
Held-to–maturity securities transferred from available-for-sale are included in held-to-maturity at fair value at the time of transfer. The amortized cost of held-to-maturity securities included net unrealized gains of $1.0 million at December 31, 2018, related to securities transferred, which are offset in Accumulated other comprehensive loss, net of tax.
(2) 
Equity investments are included in Other investments in the unaudited Consolidated Statements of Financial Condition.
Schedule of Maturities of Investment Securities Available-for-Sale and Held-to-Maturity
The scheduled maturities of our available-for-sale debt securities at March 31, 2019 and December 31, 2018 are presented in the table below:
 
 
Available for Sale
 
 
Amortized
 
Fair
(Dollars in thousands)
 
Cost
 
Value
March 31, 2019 (1)
 
 
 
 
Within one year
 
$
—

 
$
—

After one year but within five years
 
19,634

 
19,545

After five years but within ten years
 
165,299

 
162,596

After ten years
 
1,334,710

 
1,341,055

 
 
$
1,519,643

 
$
1,523,196

December 31, 2018 (1)
 
 
 
 
Within one year
 
$
—

 
$
—

After one year but within five years
 
19,714

 
19,423

After five years but within ten years
 
170,118

 
163,731

After ten years
 
1,034,395

 
1,021,925

 
 
$
1,224,227

 
$
1,205,079

(1) 
Actual maturities could differ from contractual maturities.







The scheduled maturities of our held-to-maturity debt securities at March 31, 2019 and December 31, 2018 are presented in the table below:
 
 
Held to Maturity
 
 
Amortized
 
Fair
(Dollars in thousands)
 
Cost
 
Value
March 31, 2019 (1)
 
 
 
 
Within one year
 
$
1,135

 
$
1,135

After one year but within five years
 
8,950

 
8,971

After five years but within ten years
 
29,992

 
30,240

After ten years
 
108,113

 
109,386

 
 
$
148,190

 
$
149,732

December 31, 2018 (1)
 
 
 
 
Within one year
 
$
1,018

 
$
1,016

After one year but within five years
 
6,703

 
6,701

After five years but within ten years
 
29,613

 
29,547

After ten years
 
112,616

 
112,167

 
 
$
149,950

 
$
149,431


(1) 
Actual maturities could differ from contractual maturities.
Schedule of Investment Securities' Gross Unrealized Losses and Fair Value by Investment Category
For debt securities with unrealized losses, the table below shows our gross unrealized losses and fair value by investment category and length of time that individual debt securities were in a continuous unrealized loss position at March 31, 2019.
 
 
Duration of Unrealized Loss Position
 
 
 
 
 
 
Less than 12 months
 
12 months or longer
 
Total
 
 
Fair
 
Unrealized
 
Fair
 
Unrealized
 
Fair
 
Unrealized
(Dollars in thousands)
 
Value
 
Loss
 
Value
 
Loss
 
Value
 
Loss
Available-for-sale debt securities:
 
 
 
 
 
 
 
 
 
 
 
 
CMO
 
$
3,896

 
$
21

 
$
196,623

 
$
3,424

 
$
200,519

 
$
3,445

FNMA MBS
 
—

 
—

 
330,219

 
4,734

 
330,219

 
4,734

FHLMC MBS
 
—

 
—

 
63,285

 
747

 
63,285

 
747

GNMA MBS
 
2,979

 
5

 
17,485

 
443

 
20,464

 
448

Total temporarily impaired investments
 
$
6,875

 
$
26

 
$
607,612

 
$
9,348

 
$
614,487

 
$
9,374

 
 
 
 
 
 
 
 
 
 
 
 
 
Held-to-maturity debt securities:
 
 
 
 
 
 
 
 
 
 
 
 
State and political subdivisions
 
$
134,732

 
$
9

 
$
14,500

 
$
42

 
$
149,232

 
$
51

Foreign Bonds
 
$
500

 
$
—

 
$
—

 
$
—

 
$
500

 
$
—

Total temporarily impaired investments
 
$
135,232

 
$
9

 
$
14,500

 
$
42

 
$
149,732

 
$
51

 
 
 
 
 
 
 
 
 
 
 
 
 
For debt investment securities with unrealized losses, the table below shows our gross unrealized losses and fair value by investment category and length of time that individual debt securities were in a continuous unrealized loss position at December 31, 2018.
 
 
Duration of Unrealized Loss Position
 
 
 
 
 
 
Less than 12 months
 
12 months or longer
 
Total
 
 
Fair
 
Unrealized
 
Fair
 
Unrealized
 
Fair
 
Unrealized
(Dollars in thousands)
 
Value
 
Loss
 
Value
 
Loss
 
Value
 
Loss
Available-for-sale debt securities:
 
 
 
 
 
 
 
 
 
 
 
 
CMO
 
$
17,143

 
$
40

 
$
212,208

 
$
6,798

 
$
229,351

 
$
6,838

FNMA MBS
 
34,214

 
162

 
407,638

 
12,776

 
441,852

 
12,938

FHLMC MBS
 
16,025

 
21

 
76,469

 
2,373

 
92,494

 
2,394

GNMA MBS
 
5,837

 
79

 
21,805

 
801

 
27,642

 
880

Total temporarily impaired investments
 
$
73,219

 
$
302

 
$
718,120

 
$
22,748

 
$
791,339

 
$
23,050

 
 
 
 
 
 
 
 
 
 
 
 
 
Held-to-maturity debt securities:
 
 
 
 
 
 
 
 
 
 
 
 
State and political subdivisions
 
$
91,228

 
$
155

 
$
58,203

 
$
639

 
$
149,431

 
$
794