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v3.19.3

Securities | 9 Months Ended
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Sep. 30, 2019
Investments Debt And Equity Securities [Abstract] |
Securities | 3. Securities The amortized cost, gross unrealized gains and losses, and estimated fair value of securities classified as available for sale and held to maturity at September 30, 2019 and December 31, 2018 follow.
Securities Available for Sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(in thousands) |  | September 30, 2019 |  |  | December 31, 2018 |
|  |  |  |  |  | Gross |  |  | Gross |  |  |  |  |  |  |  |  |  |  | Gross |  |  | Gross |  |  |  |  |
|  | Amortized |  |  | Unrealized |  |  | Unrealized |  |  | Fair |  |  | Amortized |  |  | Unrealized |  |  | Unrealized |  |  | Fair |
|  | Cost |  |  | Gains |  |  | Losses |  |  | Value |  |  | Cost |  |  | Gains |  |  | Losses |  |  | Value |
U.S. Treasury and government agency securities |  | $ | 93,415 |  |  | $ | 1,726 |  |  | $ | — |  |  | $ | 95,141 |  |  | $ | 74,339 |  |  | $ | — |  |  | $ | 2,633 |  |  | $ | 71,706 |
Municipal obligations |  |  | 243,941 |  |  |  | 8,222 |  |  |  | — |  |  |  | 252,163 |  |  |  | 246,713 |  |  |  | 360 |  |  |  | 6,646 |  |  |  | 240,427 |
Residential mortgage-backed securities |  |  | 1,321,109 |  |  |  | 20,598 |  |  |  | 2,236 |  |  |  | 1,339,471 |  |  |  | 1,468,912 |  |  |  | 4,284 |  |  |  | 29,794 |  |  |  | 1,443,402 |
Commercial mortgage-backed securities |  |  | 1,585,956 |  |  |  | 39,066 |  |  |  | 853 |  |  |  | 1,624,169 |  |  |  | 799,060 |  |  |  | 1,953 |  |  |  | 30,936 |  |  |  | 770,077 |
Collateralized mortgage obligations |  |  | 232,577 |  |  |  | 2,302 |  |  |  | 63 |  |  |  | 234,816 |  |  |  | 163,282 |  |  |  | 903 |  |  |  | 2,260 |  |  |  | 161,925 |
Corporate debt securities |  |  | 3,951 |  |  |  | — |  |  |  | 54 |  |  |  | 3,897 |  |  |  | 3,500 |  |  |  | — |  |  |  | — |  |  |  | 3,500 |
﻿ |  | $ | 3,480,949 |  |  | $ | 71,914 |  |  | $ | 3,206 |  |  | $ | 3,549,657 |  |  | $ | 2,755,806 |  |  | $ | 7,500 |  |  | $ | 72,269 |  |  | $ | 2,691,037 |
Securities Held to Maturity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(in thousands) |  | September 30, 2019 |  |  | December 31, 2018 |
|  |  |  |  |  | Gross |  |  | Gross |  |  |  |  |  |  |  |  |  |  | Gross |  |  | Gross |  |  |  |  |
|  | Amortized |  |  | Unrealized |  |  | Unrealized |  |  | Fair |  |  | Amortized |  |  | Unrealized |  |  | Unrealized |  |  | Fair |
|  | Cost |  |  | Gains |  |  | Losses |  |  | Value |  |  | Cost |  |  | Gains |  |  | Losses |  |  | Value |
U.S. Treasury and government agency securities |  | $ | 50,000 |  |  | $ | — |  |  | $ | 46 |  |  | $ | 49,954 |  |  | $ | 50,000 |  |  | $ | — |  |  | $ | 478 |  |  | $ | 49,522 |
Municipal obligations |  |  | 647,500 |  |  |  | 28,613 |  |  |  | 95 |  |  |  | 676,018 |  |  |  | 688,201 |  |  |  | 2,347 |  |  |  | 9,503 |  |  |  | 681,045 |
Residential mortgage-backed securities |  |  | 549,929 |  |  |  | 9,226 |  |  |  | 355 |  |  |  | 558,800 |  |  |  | 640,393 |  |  |  | 1,461 |  |  |  | 6,117 |  |  |  | 635,737 |
Commercial mortgage-backed securities |  |  | 539,877 |  |  |  | 20,099 |  |  |  | 10 |  |  |  | 559,966 |  |  |  | 357,175 |  |  |  | 376 |  |  |  | 10,882 |  |  |  | 346,669 |
Collateralized mortgage obligations |  |  | 1,067,756 |  |  |  | 9,920 |  |  |  | 2,058 |  |  |  | 1,075,618 |  |  |  | 1,243,778 |  |  |  | 1,598 |  |  |  | 22,493 |  |  |  | 1,222,883 |
﻿ |  | $ | 2,855,062 |  |  | $ | 67,858 |  |  | $ | 2,564 |  |  | $ | 2,920,356 |  |  | $ | 2,979,547 |  |  | $ | 5,782 |  |  | $ | 49,473 |  |  | $ | 2,935,856 |
The following table s present the amortized cost and estimated fair value of debt securities available f or s ale and held to maturity at September 30, 2019 by contractual maturity. Actual maturities will differ from contractual maturities because of rights to call or repay obligations with or without penalties and scheduled and unscheduled principal payments on mortgage-backed securities and collateralized mortgage obligations.
Debt Securities Available for Sale |  | Amortized |  |  | Fair |
(in thousands) |  | Cost |  |  | Value |
Due in one year or less |  | $ | 6,598 |  |  | $ | 6,629 |
Due after one year through five years |  |  | 1,529,328 |  |  |  | 1,558,458 |
Due after five years through ten years |  |  | 1,569,872 |  |  |  | 1,606,207 |
Due after ten years |  |  | 375,151 |  |  |  | 378,363 |
Total available for sale debt securities |  | $ | 3,480,949 |  |  | $ | 3,549,657 |
Debt Securities Held to Maturity |  | Amortized |  |  | Fair |
(in thousands) |  | Cost |  |  | Value |
Due in one year or less |  | $ | 74,476 |  |  | $ | 74,611 |
Due after one year through five years |  |  | 1,852,708 |  |  |  | 1,864,562 |
Due after five years through ten years |  |  | 927,878 |  |  |  | 981,183 |
Due after ten years |  |  | — |  |  |  | — |
Total held to maturity securities |  | $ | 2,855,062 |  |  | $ | 2,920,356 |
The Company held no securities classified as trading at September 30, 2019 and December 31, 2018. The fair value and gross unrealized losses for securities classified as available for sale with unrealized losses for the periods indicated follow.
Securities Available for Sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
September 30, 2019 |  | Losses < 12 months |  |  | Losses 12 months or > |  |  | Total |
(in thousands) |  | Fair Value |  |  | Gross Unrealized Losses |  |  | Fair Value |  |  | Gross Unrealized Losses |  |  | Fair Value |  |  | Gross Unrealized Losses |
U.S. Treasury and government agency securities |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Municipal obligations |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Residential mortgage-backed securities |  |  | 2 |  |  |  | — |  |  |  | 438,339 |  |  |  | 2,236 |  |  |  | 438,341 |  |  |  | 2,236 |
Commercial mortgage-backed securities |  |  | 108,208 |  |  |  | 844 |  |  |  | 15,098 |  |  |  | 9 |  |  |  | 123,306 |  |  |  | 853 |
Collateralized mortgage obligations |  |  | 613 |  |  |  | — |  |  |  | 4,091 |  |  |  | 63 |  |  |  | 4,704 |  |  |  | 63 |
Other debt obligation |  |  | 1,903 |  |  |  | 54 |  |  |  | — |  |  |  | — |  |  |  | 1,903 |  |  |  | 54 |
﻿ |  | $ | 110,726 |  |  | $ | 898 |  |  | $ | 457,528 |  |  | $ | 2,308 |  |  | $ | 568,254 |  |  | $ | 3,206 |
Securities Available for Sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
December 31, 2018 |  | Losses < 12 months |  |  | Losses 12 months or > |  |  | Total |
|  |  |  |  |  | Gross |  |  |  |  |  |  | Gross |  |  | Gross |  |  |  |  |
|  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |
(in thousands) |  | Value |  |  | Losses |  |  | Value |  |  | Losses |  |  | Value |  |  | Losses |
U.S. Treasury and government agency securities |  | $ | — |  |  | $ | — |  |  | $ | 71,706 |  |  | $ | 2,633 |  |  | $ | 71,706 |  |  | $ | 2,633 |
Municipal obligations |  |  | 41,203 |  |  |  | 591 |  |  |  | 170,883 |  |  |  | 6,054 |  |  |  | 212,086 |  |  |  | 6,645 |
Residential mortgage-backed securities |  |  | 305,090 |  |  |  | 2,485 |  |  |  | 762,826 |  |  |  | 27,309 |  |  |  | 1,067,916 |  |  |  | 29,794 |
Commercial mortgage-backed securities |  |  | 96,226 |  |  |  | 1,851 |  |  |  | 570,485 |  |  |  | 29,085 |  |  |  | 666,711 |  |  |  | 30,936 |
Collateralized mortgage obligations |  |  | 254 |  |  |  | 1 |  |  |  | 111,804 |  |  |  | 2,259 |  |  |  | 112,058 |  |  |  | 2,260 |
﻿ |  | $ | 442,773 |  |  | $ | 4,928 |  |  | $ | 1,687,704 |  |  | $ | 67,340 |  |  | $ | 2,130,477 |  |  | $ | 72,268 |
The fair value and gross unrealized losses for securities classified as held to maturity with unrealized losses for the periods indicated follow.
Securities Held to Maturity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
September 30, 2019 |  | Losses < 12 months |  |  | Losses 12 months or > |  |  | Total |
﻿ |  |  |  |  |  | Gross |  |  |  |  |  |  | Gross |  |  |  |  |  |  | Gross |
﻿ |  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |
(in thousands) |  | Value |  |  | Losses |  |  | Value |  |  | Losses |  |  | Value |  |  | Losses |
U.S. Treasury and government agency securities |  | $ | — |  |  |  | — |  |  | $ | 49,954 |  |  | $ | 46 |  |  | $ | 49,954 |  |  | $ | 46 |
Municipal obligations |  |  | 3,820 |  |  |  | 30 |  |  |  | 6,431 |  |  |  | 65 |  |  |  | 10,251 |  |  |  | 95 |
Residential mortgage-backed securities |  |  | — |  |  |  | — |  |  |  | 122,687 |  |  |  | 355 |  |  |  | 122,687 |  |  |  | 355 |
Commercial mortgage-backed securities |  |  | 29,101 |  |  |  | 10 |  |  |  | — |  |  |  | — |  |  |  | 29,101 |  |  |  | 10 |
Collateralized mortgage obligations |  |  | 18,661 |  |  |  | 65 |  |  |  | 255,511 |  |  |  | 1,993 |  |  |  | 274,172 |  |  |  | 2,058 |
﻿ |  | $ | 51,582 |  |  | $ | 105 |  |  | $ | 434,583 |  |  | $ | 2,459 |  |  | $ | 486,165 |  |  | $ | 2,564 |
Securities Held to Maturity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
December 31, 2018 |  | Losses < 12 months |  |  | Losses 12 months or > |  |  | Total |
﻿ |  |  |  |  |  | Gross |  |  | Gross |  |  |  |  |  |  | Gross |  |  |  |  |
﻿ |  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |
(in thousands) |  | Value |  |  | Losses |  |  | Value |  |  | Losses |  |  | Value |  |  | Losses |
U.S. Treasury and government agency securities |  | $ | — |  |  | $ | — |  |  | $ | 49,521 |  |  | $ | 478 |  |  | $ | 49,521 |  |  | $ | 478 |
Municipal obligations |  |  | 233,469 |  |  |  | 2,256 |  |  |  | 233,280 |  |  |  | 7,247 |  |  |  | 466,749 |  |  |  | 9,503 |
Residential mortgage-backed securities |  |  | 90,730 |  |  |  | 123 |  |  |  | 235,251 |  |  |  | 5,994 |  |  |  | 325,981 |  |  |  | 6,117 |
Commercial mortgage-backed securities |  |  | — |  |  |  | — |  |  |  | 305,419 |  |  |  | 10,882 |  |  |  | 305,419 |  |  |  | 10,882 |
Collateralized mortgage obligations |  |  | 77,394 |  |  |  | 281 |  |  |  | 897,153 |  |  |  | 22,212 |  |  |  | 974,547 |  |  |  | 22,493 |
﻿ |  | $ | 401,593 |  |  | $ | 2,660 |  |  | $ | 1,720,624 |  |  | $ | 46,813 |  |  | $ | 2,122,217 |  |  | $ | 49,473 |
The unrealized losses relate primarily to changes in market rates on fixed rate debt securities since the respective purchase dates. In all cases, the indicated impairment on these debt securities would be recovered no later than the security’s maturity date or possibly earlier if the market price for the security increases with a reduction in the yield required by the market. None of the unrealized losses relate to the marketability of the securities or the issuers’ abilities to meet contractual obligations. The Company had adequate liquidity as of September 30, 2019 and December 31, 2018 and did not intend to nor believe that it would be required to sell these securities before recovery of the indicated impairment. Accordingly, the unrealized losses on these securities were determined to be temporary. Should the Company’s intent to sell these securities change, the difference between the amortized cost and the fair value will be recognized into earnings at that time. Proceeds from the sales of securities were approximately $143.3 million with no gross gains or losses during the nine months ended September 30, 2019. There were no sales of securities during the nine months ended September 30, 2018. Securities with carrying values totaling $3.0 billion and $3.4 billion at September 30, 2019 and December 31, 2018, respectively, were pledged as collateral, primarily to secure public deposits or securities sold under agreements to repurchase.

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