XML 46 R30.htm IDEA: XBRL DOCUMENT v3.10.0.1
Investment Securities (Tables)
 12 Months Ended
Dec. 31, 2018
Investments, Debt and Equity Securities [Abstract]  
Schedule of Amortized Cost and Fair Values of Investment Securities
The following tables present the amortized cost and estimated fair values of investment securities, as of December 31:
 
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Estimated
Fair
Value
 
(in thousands)
2018
 
 
 
 
 
 
 
Available for Sale
 
 
 
 
 
 
 
U.S. Government sponsored agency securities
$
31,586

 
$
185

 
$
(139
)
 
$
31,632

State and municipal securities
282,383

 
2,178

 
(5,466
)
 
279,095

Corporate debt securities
111,454

 
1,432

 
(3,353
)
 
109,533

Collateralized mortgage obligations
841,294

 
2,758

 
(11,972
)
 
832,080

Residential mortgage-backed securities
476,973

 
1,583

 
(15,212
)
 
463,344

Commercial mortgage-backed securities
264,165

 
524

 
(3,073
)
 
261,616

Auction rate securities
107,410

 
—

 
(4,416
)
 
102,994

   Total
$
2,115,265

 
$
8,660

 
$
(43,631
)
 
$
2,080,294

 
 
 
 
 
 
 
 
Held to Maturity
 
 
 
 
 
 
 
State and municipal securities
$
156,134

 
$
1,166

 
$
(93
)
 
$
157,207

Residential mortgage-backed securities
450,545

 
3,667

 
—

 
454,212

   Total
$
606,679

 
$
4,833

 
$
(93
)
 
$
611,419

 
 
 
 
 
 
 
 
2017
 
 
 
 
 
 
 
Available for Sale
 
 
 
 
 
 
 
U.S. Government sponsored agency securities
$
5,962

 
$
2

 
$
(26
)
 
$
5,938

State and municipal securities
405,860

 
5,638

 
(2,549
)
 
408,949

Corporate debt securities
96,353

 
2,832

 
(1,876
)
 
97,309

Collateralized mortgage obligations
611,927

 
491

 
(9,795
)
 
602,623

Residential mortgage-backed securities
1,132,080

 
3,957

 
(15,241
)
 
1,120,796

Commercial mortgage-backed securities
215,351

 
—

 
(2,596
)
 
212,755

Auction rate securities
107,410

 
—

 
(8,742
)
 
98,668

   Total debt securities
2,574,943

 
12,920

 
(40,825
)
 
2,547,038

Equity securities
776

 
142

 
—

 
918

   Total
$
2,575,719

 
$
13,062

 
$
(40,825
)
 
$
2,547,956
Schedule of Amortized Cost and Fair Values of Debt Securities by Contractual Maturities
The amortized cost and estimated fair values of debt securities as of December 31, 2018, by contractual maturity, are shown in the following table. Actual maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.
 
Available for Sale
 
Held to Maturity
 
Amortized
Cost
 
Estimated
Fair Value
 
Amortized
Cost
 
Estimated
Fair Value
 
(in thousands)
 
 
 
 
 
 
Due in one year or less
$
6,738

 
$
6,740

 
$
—

 
$
—

Due from one year to five years
69,672

 
70,182

 
—

 
—

Due from five years to ten years
108,091

 
106,709

 
—

 
—

Due after ten years
348,332

 
339,623

 
156,134

 
157,207

 
532,833

 
523,254

 
156,134

 
157,207

Residential mortgage-backed securities(1)
476,973

 
463,344

 
450,545

 
454,212

Commercial mortgage-backed securities(1)
841,294

 
832,080

 
—

 
—

Collateralized mortgage obligations (1)
264,165

 
261,616

 
—

 
—

Total
$
2,115,265

 
$
2,080,294

 
$
606,679

 
$
611,419



(1)
Maturities for mortgage-backed securities and collateralized mortgage obligations are dependent upon the interest rate environment and prepayments on the underlying loans.
Summary of Gains and Losses from Equity and Debt Securities, and Losses Recognized from Other-than-Temporary Impairment
The following table presents information related to gross gains and losses on the sales of equity and debt securities:
 
Gross
Realized
Gains
 
Gross
Realized
Losses
 
Net
Gains (Losses)
 
(in thousands)
2018:
 
 
 
 
 
Equity securities
$
9

 
$
—

 
$
9

Debt securities
1,656

 
(1,628
)
 
28

Total
$
1,665

 
$
(1,628
)
 
$
37

2017:
 
 
 
 
 
Equity securities
$
13,558

 
$
—

 
$
13,558

Debt securities
315

 
(4,802
)
 
(4,487
)
Total
$
13,873

 
$
(4,802
)
 
$
9,071

2016:
 
 
 
 
 
Equity securities
$
2,005

 
$
(10
)
 
$
1,995

Debt securities
581

 
(26
)
 
555

Total
$
2,586

 
$
(36
)
 
$
2,550
Gross Unrealized Losses and Fair Values of Investments by Category and Length of Time in Continuous Unrealized Loss Position
The following table presents the gross unrealized losses and estimated fair values of investments, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, as of December 31, 2018.

 
Less Than 12 months
 
12 Months or Longer
 
Total
 
Number of Securities
 
Estimated
Fair Value
 
Unrealized
Losses
 
Number of Securities
 
Estimated
Fair Value
 
Unrealized
Losses
 
Estimated
Fair Value
 
Unrealized
Losses
 
(in thousands)
Available for Sale
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. Government sponsored agency securities
1

 
$
4,961

 
$
(31
)
 
1

 
$
5,770

 
$
(108
)
 
$
10,731

 
$
(139
)
State and municipal securities
33

 
72,950

 
(1,292
)
 
38

 
83,770

 
(4,174
)
 
156,720

 
(5,466
)
Corporate debt securities
8

 
24,419

 
(227
)
 
14

 
25,642

 
(3,126
)
 
50,061

 
(3,353
)
Collateralized mortgage obligations
39

 
136,563

 
(1,050
)
 
89

 
388,173

 
(10,922
)
 
524,736

 
(11,972
)
Residential mortgage-backed securities
17

 
18,220

 
(222
)
 
110

 
402,779

 
(14,990
)
 
420,999

 
(15,212
)
Commercial mortgage-backed securities
1

 
9,778

 
(35
)
 
25

 
197,326

 
(3,038
)
 
207,104

 
(3,073
)
Auction rate securities
—

 
—

 
—

 
177

 
102,994

 
(4,416
)
 
102,994

 
(4,416
)
Total available for sale
99

 
$
266,891

 
$
(2,857
)
 
454

 
$
1,206,454

 
$
(40,774
)
 
$
1,473,345

 
$
(43,631
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Held to Maturity
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
State and municipal securities
6

 
$
20,601

 
$
(93
)
 
—

 
$
—

 
$
—

 
$
20,601

 
$
(93
)
Total held to maturity
6

 
$
20,601

 
$
(93
)
 
—

 
$
—

 
$
—

 
$
20,601

 
$
(93
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 


For comparative purposes, the following table presents gross unrealized losses and the estimated fair value of investments, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at December 31, 2017.
 
Less Than 12 months
 
 
 
12 Months or Longer
 
Total
 
Number of Securities
 
Estimated
Fair Value
 
Unrealized
Losses
 
Number of Securities
 
Estimated
Fair Value
 
Unrealized
Losses
 
Estimated
Fair Value
 
Unrealized
Losses
 
(in thousands)
Available for Sale
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. Government sponsored agency securities
2

 
$
5,830

 
$
(26
)
 
—

 
$
—

 
$
—

 
$
5,830

 
$
(26
)
State and municipal securities
4

 
11,650

 
(50
)
 
48

 
118,297

 
(2,499
)
 
129,947

 
(2,549
)
Corporate debt securities
1

 
4,544

 
(48
)
 
19

 
32,163

 
(1,828
)
 
36,707

 
(1,876
)
Collateralized mortgage obligations
60

 
303,932

 
(2,408
)
 
57

 
187,690

 
(7,387
)
 
491,622

 
(9,795
)
Residential mortgage-backed securities
116

 
511,378

 
(4,348
)
 
89

 
500,375

 
(10,893
)
 
1,011,753

 
(15,241
)
Commercial mortgage-backed securities
22

 
190,985

 
(2,118
)
 
3

 
21,770

 
(478
)
 
212,755

 
(2,596
)
Auction rate securities
—

 
—

 
—

 
177

 
98,668

 
(8,742
)
 
98,668

 
(8,742
)
Total
205

 
$
1,028,319

 
$
(8,998
)
 
393

 
$
958,963

 
$
(31,827
)
 
$
1,987,282

 
$
(40,825
)