XML 134 R12.htm IDEA: XBRL DOCUMENT
v3.19.3.a.u2

Securities | 12 Months Ended
--- | ---
Dec. 31, 2019
Debt Securities, Available-for-sale [Abstract] |
Securities | Securities At December 31, 2019, the Company’s securities portfolio primarily consisted of securities issued by the U.S. government, U.S. government agencies, U.S. government-sponsored enterprises and state and municipalities. All of the Company’s mortgage-backed securities and collateralized mortgage obligations are issued by U.S. government agencies and U.S. government-sponsored enterprises and are implicitly guaranteed by the U.S. government. The Company had no other issuances in its portfolio which exceeded ten percent of shareholders’ equity. The following table summarizes the amortized cost, gross unrealized gains and losses and the resulting fair value of debt securities available for sale:
|  | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
December 31, 2019 |  | (in thousands)
U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations (1) |  | $ | 2,864,949 |  |  | $ | 47,223 |  |  | $ | (19,222 | ) |  | $ | 2,892,950 |
Other asset-backed securities (1) |  | 194,563 |  |  | 2,476 |  |  | (989 | ) |  | 196,050 |
State and municipal securities |  | 478,366 |  |  | 10,660 |  |  | (224 | ) |  | 488,802 |
U.S. government agency and government-sponsored enterprise securities |  | 165,218 |  |  | 3,127 |  |  | (5 | ) |  | 168,340 |
Total |  | $ | 3,703,096 |  |  | $ | 63,486 |  |  | $ | (20,440 | ) |  | $ | 3,746,142 |
December 31, 2018 |  |  |  |  |  |  |  |
U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations (1) |  | $ | 2,045,728 |  |  | $ | 8,473 |  |  | $ | (40,846 | ) |  | $ | 2,013,355 |
Other asset-backed securities (1) |  | 176,793 |  |  | 763 |  |  | (2,621 | ) |  | 174,935 |
State and municipal securities |  | 579,755 |  |  | 2,328 |  |  | (7,760 | ) |  | 574,323 |
U.S. government agency and government-sponsored enterprise securities |  | 408,088 |  |  | 1,235 |  |  | (4,736 | ) |  | 404,587 |
U.S. government securities |  | 251 |  |  | — |  |  | (3 | ) |  | 248 |
Total |  | $ | 3,210,615 |  |  | $ | 12,799 |  |  | $ | (55,966 | ) |  | $ | 3,167,448 |
__________ (1) Beginning in 2019, other asset-backed securities were presented separately in this table. Prior period amounts that were previously reported in U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations have been reclassified to conform to current period presentation. The following table provides the proceeds and both gross realized gains and losses on the sales and calls of debt securities available for sale as well as other securities gains and losses for the periods indicated:
|  | Years Ended December 31,
|  | 2019 |  | 2018 |  | 2017
|  | (in thousands)
Proceeds from sales and calls of debt securities available for sale |  | $ | 259,554 |  |  | $ | 32,330 |  |  | $ | 30,403 |
Gross realized gains from sales of debt securities available for sale |  | $ | 3,357 |  |  | $ | 235 |  |  | $ | 111 |
Gross realized losses from sales of debt securities available for sale |  | (1,225 | ) |  | (129 | ) |  | (122 | )
Other securities losses, net (1) |  | — |  |  | (195 | ) |  | — |
Investment securities gains (losses), net |  | $ | 2,132 |  |  | $ | (89 | ) |  | $ | (11 | )
__________ (1) Other securities losses, net includes net unrealized loss activity associated with equity securities. The scheduled contractual maturities of debt securities available for sale at December 31, 2019 are presented as follows:
|  | December 31, 2019
|  | Amortized Cost |  | Fair Value
|  | (in thousands)
Due within one year |  | $ | 77,363 |  |  | $ | 77,538 |
Due after one year through five years |  | 416,556 |  |  | 421,363 |
Due after five years through ten years |  | 2,007,225 |  |  | 2,041,751 |
Due after ten years |  | 1,201,952 |  |  | 1,205,490 |
Total debt securities available for sale |  | $ | 3,703,096 |  |  | $ | 3,746,142 |
The following table summarizes the carrying value of securities pledged as collateral to secure public deposits, borrowings and other purposes as permitted or required by law:
|  | December 31,
|  | 2019 |  | 2018
|  | (in thousands)
To secure public funds |  | $ | 323,055 |  |  | $ | 276,343 |
To secure borrowings |  | 111,488 |  |  | 52,303 |
Other securities pledged |  | 154,030 |  |  | 138,492 |
Total securities pledged as collateral |  | $ | 588,573 |  |  | $ | 467,138 |
The following tables show the gross unrealized losses and fair value of the Company’s debt securities available for sale with unrealized losses that are not deemed to be other-than-temporarily impaired, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at December 31, 2019 and 2018:
|  | Less than 12 Months |  | 12 Months or More |  | Total
|  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
December 31, 2019 |  | (in thousands)
U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations (1) |  | $ | 1,055,903 |  |  | $ | (12,424 | ) |  | $ | 491,539 |  |  | $ | (6,798 | ) |  | $ | 1,547,442 |  |  | (19,222 | )
Other asset-backed securities (1) |  | 89,508 |  |  | (880 | ) |  | 6,799 |  |  | (109 | ) |  | 96,307 |  |  | (989 | )
State and municipal securities |  | 12,363 |  |  | (142 | ) |  | 12,587 |  |  | (82 | ) |  | 24,950 |  |  | (224 | )
U.S. government agency and government-sponsored enterprise securities |  | — |  |  | — |  |  | 10,495 |  |  | (5 | ) |  | 10,495 |  |  | (5 | )
Total |  | $ | 1,157,774 |  |  | $ | (13,446 | ) |  | $ | 521,420 |  |  | $ | (6,994 | ) |  | $ | 1,679,194 |  |  | $ | (20,440 | )
December 31, 2018 |  |  |  |  |  |  |  |  |  |  |  |
U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations (1) |  | $ | 114,551 |  |  | $ | (750 | ) |  | $ | 1,207,020 |  |  | $ | (40,096 | ) |  | $ | 1,321,571 |  |  | $ | (40,846 | )
Other asset-backed securities (1) |  | 40,071 |  |  | (222 | ) |  | 94,367 |  |  | (2,399 | ) |  | 134,438 |  |  | (2,621 | )
State and municipal securities |  | 106,292 |  |  | (581 | ) |  | 280,496 |  |  | (7,179 | ) |  | 386,788 |  |  | (7,760 | )
U.S. government agency and government-sponsored enterprise securities |  | 15,392 |  |  | (45 | ) |  | 291,435 |  |  | (4,691 | ) |  | 306,827 |  |  | (4,736 | )
U.S. government securities |  | — |  |  | — |  |  | 247 |  |  | (3 | ) |  | 247 |  |  | (3 | )
Total |  | $ | 276,306 |  |  | $ | (1,598 | ) |  | $ | 1,873,565 |  |  | $ | (54,368 | ) |  | $ | 2,149,871 |  |  | $ | (55,966 | )
__________ (1) Beginning in 2019, other asset-backed securities were presented separately in this table. Prior period amounts that were previously reported in U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations have been reclassified to conform to current period presentation. At December 31, 2019, there were 243 U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligation securities in an unrealized loss position, of which 162 were in a continuous loss position for 12 months or more. The decline in fair value is attributable to changes in interest rates relative to where these investments fall within the yield curve and their individual characteristics. Because the Company does not currently intend to sell these securities nor does the Company consider it more likely than not that it will be required to sell these securities before the recovery of amortized cost basis, which may be upon maturity, the Company does not consider these investments to be other-than-temporarily impaired at December 31, 2019. At December 31, 2019, there were 18 other asset-backed securities in an unrealized loss position, of which six were in a continuous loss position for 12 months or more. The decline in fair value is attributable to changes in interest rates relative to where these investments fall within the yield curve and their individual characteristics. Because the Company does not currently intend to sell these securities nor does the Company consider it more likely than not that it will be required to sell these securities before the recovery of amortized cost basis, which may be upon maturity, the Company does not consider these investments to be other-than-temporarily impaired at December 31, 2019. At December 31, 2019, there were 24 state and municipal government securities in an unrealized loss position, of which 14 were in a continuous loss position for 12 months or more. The unrealized losses on state and municipal securities were caused by interest rate changes or widening of market spreads subsequent to the purchase of the individual securities. Management monitors published credit ratings of these securities for adverse changes. As of December 31, 2019, none of the rated obligations of state and local government entities held by the Company had a below investment grade credit rating. Because the credit quality of these securities is investment grade and the Company does not currently intend to sell these securities nor does the Company consider it more likely than not that it will be required to sell these securities before the recovery of amortized cost basis, which may be upon maturity, the Company does not consider these investments to be other-than-temporarily impaired at December 31, 2019. At December 31, 2019, there were three U.S. government agency and government-sponsored enterprise securities in an unrealized loss position, all of which were in a continuous loss position for 12 months or more. The decline in fair value is attributable to changes in interest rates relative to where these investments fall within the yield curve and their individual characteristics. Because the Company does not currently intend to sell these securities nor does the Company consider it more likely than not that it will be required to sell these securities before the recovery of amortized cost basis, which may be upon maturity, the Company does not consider these investments to be other-than-temporarily impaired at December 31, 2019. At December 31, 2019, there were no U.S. government securities in an unrealized loss position.

X
- References No definition available. + Details
Name: | us-gaap_AvailableForSaleSecuritiesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for investments in certain debt and equity securities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2209399 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 946 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2324412 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -URI http://asc.fasb.org/topic&trid=2196928 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 940 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2176304 + Details
Name: | us-gaap_InvestmentsInDebtAndMarketableEquitySecuritiesAndCertainTradingAssetsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration