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SECURITIES (Tables)
3 Months Ended
Mar. 31, 2020
Amortized Cost of AFS Securities by Security Type and Credit Rating

The following table presents the amortized cost of AFS securities as of March 31, 2020 by security type and credit rating (dollars in thousands):

Three Months Ended March 31, 2020

    

U.S. Government and Agency

    

Obligations of states and political

    

Corporate and

    

Mortgage-backed

    

Other

    

Total AFS

securities

subdivisions

other bonds

securities

securities

securities

Credit Rating:

 

AAA/AA/A

$

2,497

$

514,374

$

32,288

$

38,859

$

$

588,018

BBB/BB/B

 

 

1,033

 

22,853

 

 

23,886

Not Rated - Agency(1)

15,134

1,153,495

1,608

1,170,237

Not Rated - Non-Agency

507

67,091

49,092

1,482

118,172

Total

$

17,631

$

515,914

$

122,232

$

1,241,446

$

3,090

$

1,900,313

(1) Generally considered not to have credit risk given the government guarantees associated with these agencies

Amortized Cost of HTM Securities by Security Type and Credit Rating

The following table presents the amortized cost of HTM securities as of March 31, 2020 by security type and credit rating (dollars in thousands):

Three Months Ended March 31, 2020

    

U.S. Government and Agency

    

Obligations of states and political

    

Mortgage-backed

Total HTM

securities

subdivisions

securities

securities

Credit Rating:

 

 

AAA/AA/A

$

$

536,747

$

$

536,747

Not Rated - Agency(1)

2,797

5,862

8,659

Not Rated - Non-Agency

 

6,770

6,770

Total

$

2,797

$

543,517

$

5,862

$

552,176

(1) Generally considered not to have credit risk given the government guarantees associated with these agencies

Gross Realized Gain and Losses on the Sale of Securities

The following table presents the gross realized gains and losses on and the proceeds from the sale of securities during the three months ended March 31, 2020 and 2019 (dollars in thousands).

    

Three Months Ended

    

Three Months Ended

March 31, 2020

March 31, 2019

Realized gains (losses):

 

  

 

  

Gross realized gains

$

2,164

$

1,213

Gross realized losses

 

(228)

 

(1,062)

Net realized gains

$

1,936

$

151

Proceeds from sales of securities

$

120,701

$

208,249

Available-for-sale Securities  
Amortized Cost, Gross Unrealized Gains and Losses, and Estimated Fair Values of Investment Securities

The amortized cost, gross unrealized gains and losses, and estimated fair values of AFS securities as of March 31, 2020 are summarized as follows (dollars in thousands):

Amortized

Gross Unrealized

Estimated

    

Cost

    

Gains

    

(Losses)

    

Fair Value

March 31, 2020

 

  

 

  

 

  

  

U.S. government and agency securities

$

17,631

$

365

$

(34)

$

17,962

Obligations of states and political subdivisions

 

515,914

 

31,367

 

(555)

 

546,726

Corporate and other bonds (1)

 

122,232

 

2,185

 

(3,449)

 

120,968

Mortgage-backed securities

 

 

 

 

Commercial

353,684

13,819

(56)

367,447

Residential

887,762

33,820

(4,872)

916,710

Total mortgage-backed securities

1,241,446

47,639

(4,928)

1,284,157

Other securities

 

3,090

 

 

 

3,090

Total AFS securities

$

1,900,313

$

81,556

$

(8,966)

$

1,972,903

(1)Other bonds include asset-backed securities.

The amortized cost, gross unrealized gains and losses, and estimated fair values of AFS securities as of December 31, 2019 are summarized as follows (dollars in thousands):

Amortized

Gross Unrealized

Estimated

December 31, 2019

    

Cost

    

Gains

    

(Losses)

    

Fair Value

U.S. government and agency securities

$

21,149

$

209

$

(38)

$

21,320

Obligations of states and political subdivisions

421,344

25,776

(29)

447,091

Corporate and other bonds (1)

 

134,342

 

1,991

 

(374)

 

135,959

Mortgage-backed securities

 

 

 

 

Commercial

416,904

8,786

(643)

425,047

Residential

896,609

17,156

(816)

912,949

Total mortgage-backed securities

1,313,513

25,942

(1,459)

1,337,996

Other securities

 

3,079

 

 

 

3,079

Total AFS securities

$

1,893,427

$

53,918

$

(1,900)

$

1,945,445

(1) Other bonds include asset-backed securities

Schedule of Gross Unrealized Losses and Fair Value of Investments

The following table shows the gross unrealized losses and fair value of the Company’s AFS securities with unrealized losses for which an allowance for credit losses has not been recorded at March 31, 2020 and that are not deemed to be other than temporarily impaired as of December 31, 2019. These are aggregated by investment category and length of time that the individual securities have been in a continuous unrealized loss position (dollars in thousands).

Less than 12 months

More than 12 months

Total

    

Fair

    

Unrealized

    

Fair

    

Unrealized

    

Fair

    

Unrealized

Value

Losses

Value

Losses

Value

Losses

March 31, 2020

 

  

 

  

 

  

 

  

 

  

 

  

U.S. government and agency securities

$

5,338

$

(23)

$

1,619

$

(11)

$

6,957

(34)

Obligations of states and political subdivisions

24,757

(555)

24,757

$

(555)

Corporate and other bonds(1)

 

40,409

 

(2,854)

 

19,922

 

(595)

 

60,331

 

(3,449)

Mortgage-backed securities

 

Commercial

14,667

(56)

14,667

(56)

Residential

135,577

(4,436)

14,880

(436)

150,457

(4,872)

Total mortgage-backed securities

150,244

(4,492)

14,880

(436)

165,124

(4,928)

Total AFS securities

$

220,748

$

(7,924)

$

36,421

$

(1,042)

$

257,169

$

(8,966)

December 31, 2019

 

  

 

  

 

  

 

  

 

  

 

  

U.S. government and agency securities

$

7,638

$

(38)

$

$

$

7,638

$

(38)

Obligations of states and political subdivisions

4,526

(29)

4,526

(29)

Corporate and other bonds(1)

 

17,323

 

(83)

 

19,901

 

(291)

 

37,224

 

(374)

Mortgage-backed securities

 

 

 

 

 

Commercial

54,714

(554)

14,966

(89)

69,680

(643)

Residential

114,147

(500)

40,168

(316)

154,315

(816)

Total mortgage-backed securities

168,861

(1,054)

55,134

(405)

223,995

(1,459)

Total AFS securities

$

198,348

$

(1,204)

$

75,035

$

(696)

$

273,383

$

(1,900)

(1) Other bonds includes asset-backed securities.

Schedule of Amortized Cost and Estimated Fair Value of Securities

The following table presents the amortized cost and estimated fair value of AFS securities as of March 31, 2020 and December 31, 2019, by contractual maturity. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties (dollars in thousands).

March 31, 2020

December 31, 2019

    

Amortized

    

Estimated

    

Amortized

    

Estimated

Cost

Fair Value

Cost

Fair Value

Due in one year or less

$

24,916

$

25,080

$

35,177

$

35,329

Due after one year through five years

 

157,141

 

162,774

 

164,605

 

166,873

Due after five years through ten years

 

221,929

 

228,121

 

249,713

 

254,790

Due after ten years

 

1,496,327

 

1,556,928

 

1,443,932

 

1,488,453

Total AFS securities

$

1,900,313

$

1,972,903

$

1,893,427

$

1,945,445

Held-to-maturity Securities  
Schedule of Amortized Cost and Estimated Fair Value of Securities

The following table presents the amortized cost and estimated fair value of HTM securities as of March 31, 2020 and December 31, 2019, by contractual maturity. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties (dollars in thousands).

March 31, 2020

December 31, 2019

    

Carrying

    

Estimated

    

Carrying

    

Estimated

Value

Fair Value

Value

Fair Value

Due in one year or less

$

$

$

502

$

504

Due after one year through five years

 

10,198

 

10,411

 

10,258

 

10,539

Due after five years through ten years

 

1,760

 

1,767

 

1,768

 

1,800

Due after ten years

 

540,218

 

592,602

 

542,616

 

590,660

Total HTM securities

$

552,176

$

604,780

$

555,144

$

603,503

Schedule of Carrying Values, Gross Unrealized Gains and Losses and Estimated Fair Value of Securities

The carrying value, gross unrealized gains and losses, and estimated fair values of HTM securities as of March 31, 2020 are summarized as follows (dollars in thousands):

Carrying

Gross Unrealized

Estimated

    

Value

    

Gains

    

(Losses)

Fair Value

March 31, 2020

 

  

 

  

 

  

  

U.S. government and agency securities

$

2,797

$

$

(69)

$

2,728

Obligations of states and political subdivisions

543,517

52,815

596,332

Mortgage-backed securities

 

Commercial

5,862

(142)

5,720

Residential

Total mortgage-backed securities

5,862

(142)

5,720

Total held-to-maturity securities

$

552,176

$

52,815

$

(211)

$

604,780

The carrying value, gross unrealized gains and losses, and estimated fair values of HTM securities as of December 31, 2019 are summarized as follows (dollars in thousands):

Carrying

Gross Unrealized

Estimated

    

Value

    

Gains

    

(Losses)

    

Fair Value

December 31, 2019

 

  

 

  

 

  

 

  

U.S. government and agency securities

$

2,813

$

26

$

$

2,839

Obligations of states and political subdivisions

545,148

48,274

593,422

Mortgage-backed securities

 

 

 

Commercial

7,183

59

7,242

Residential

Total mortgage-backed securities

7,183

59

7,242

Total held-to-maturity securities

$

555,144

$

48,359

$

$

603,503