XML 35 R24.htm IDEA: XBRL DOCUMENT
v3.19.2

Investment Securities (Tables) | 6 Months Ended
--- | ---
Jun. 30, 2019
Investments, Debt and Equity Securities [Abstract] |
Schedule of Amortized Cost and Fair Values of Investment Securities | The following table presents the amortized cost and estimated fair values of investment securities:
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Estimated Fair Value
June 30, 2019 | (in thousands)
Available for Sale |  |  |  |  |  |  |
State and municipal securities | $ | 307,911 |  |  | $ | 8,508 |  |  | $ | (85 | ) |  | $ | 316,334 |
Corporate debt securities | 194,858 |  |  | 4,885 |  |  | (2,321 | ) |  | 197,422 |
Collateralized mortgage obligations | 889,053 |  |  | 12,190 |  |  | (2,126 | ) |  | 899,117 |
Residential mortgage-backed securities | 331,566 |  |  | 1,623 |  |  | (3,914 | ) |  | 329,275 |
Commercial mortgage-backed securities | 433,027 |  |  | 7,406 |  |  | (152 | ) |  | 440,281 |
Auction rate securities | 107,410 |  |  | — |  |  | (4,045 | ) |  | 103,365 |
Total | $ | 2,263,825 |  |  | $ | 34,612 |  |  | $ | (12,643 | ) |  | $ | 2,285,794 |
Held to Maturity |  |  |  |  |  |  |
State and municipal securities | $ | 155,861 |  |  | $ | 8,700 |  |  | $ | — |  |  | $ | 164,561 |
Residential mortgage-backed securities | 411,703 |  |  | 13,464 |  |  | — |  |  | 425,167 |
Total | $ | 567,564 |  |  | $ | 22,164 |  |  | $ | — |  |  | $ | 589,728 |
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Estimated Fair Value
December 31, 2018 | (in thousands)
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 |
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 June 30, 2019, by contractual maturity, are shown in the following table. Actual maturities may differ from contractual maturities as certain investment securities are subject to call or prepayment 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 |  | $ | 5,828 |  |  | $ | 5,828 |  |  | $ | — |  |  | $ | — |
Due from one year to five years |  | 38,664 |  |  | 39,900 |  |  | — |  |  | — |
Due from five years to ten years |  | 175,654 |  |  | 178,922 |  |  | 2,154 |  |  | 2,277 |
Due after ten years |  | 390,033 |  |  | 392,471 |  |  | 153,707 |  |  | 162,284 |
|  | 610,179 |  |  | 617,121 |  |  | 155,861 |  |  | 164,561 |
Residential mortgage-backed securities(1) |  | 331,566 |  |  | 329,275 |  |  | 411,703 |  |  | 425,167 |
Commercial mortgage-backed securities(1) |  | 433,027 |  |  | 440,281 |  |  | — |  |  | — |
Collateralized mortgage obligations(1) |  | 889,053 |  |  | 899,117 |  |  | — |  |  | — |
Total |  | $ | 2,263,825 |  |  | $ | 2,285,794 |  |  | $ | 567,564 |  |  | $ | 589,728 |
(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 the gross realized gains and losses on the sales of investment securities:
| Gross Realized Gains |  | Gross Realized Losses |  | Net Gains
Three months ended June 30, 2019 | (in thousands)
Debt securities | $ | 3,012 |  |  | $ | (2,836 | ) |  | $ | 176 |
Total | $ | 3,012 |  |  | $ | (2,836 | ) |  | $ | 176 |
Three months ended June 30, 2018 |  |  |  |  |
Debt securities | $ | 1,530 |  |  | $ | (1,526 | ) |  | $ | 4 |
Total | $ | 1,530 |  |  | $ | (1,526 | ) |  | $ | 4 |
Six months ended June 30, 2019 |  |  |  |  |
Debt securities | $ | 3,269 |  |  | $ | (3,028 | ) |  | $ | 241 |
Total | $ | 3,269 |  |  | $ | (3,028 | ) |  | $ | 241 |
Six months ended June 30, 2018 |  |  |  |  |
Equity securities | $ | 9 |  |  | $ | — |  |  | $ | 9 |
Debt securities | 1,540 |  |  | (1,526 | ) |  | 14 |
Total | $ | 1,549 |  |  | $ | (1,526 | ) |  | $ | 23 |
Summary of Cumulative Credit Related Other-Than-Temporary Impairment Charges Recognized As Components of Earnings | The following table presents a summary of the cumulative credit related other-than-temporary impairment charges, recognized as components of earnings, for debt securities held by the Corporation at June 30, 2019 and 2018:
| Three months ended June 30 |  | Six months ended June 30
| 2019 |  | 2018 |  | 2019 |  | 2018
| (in thousands)
Balance of cumulative credit losses on debt securities, beginning of period | $ | (11,510 | ) |  | $ | (11,510 | ) |  | $ | (11,510 | ) |  | $ | (11,510 | )
Reductions for securities sold during the period | 10,520 |  |  | — |  |  | 10,520 |  |  | — |
Balance of cumulative credit losses on debt securities, end of period | $ | (990 | ) |  | $ | (11,510 | ) |  | $ | (990 | ) |  | $ | (11,510 | )
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, at June 30, 2019 and December 31, 2018:
| Less than 12 months |  | 12 months or longer |  | Total
June 30, 2019 | Number of Securities |  | Estimated Fair Value |  | Unrealized Losses |  | Number of Securities |  | Estimated Fair Value |  | Unrealized Losses |  | Estimated Fair Value |  | Unrealized Losses
Available for Sale |  |  | (in thousands)
State and municipal securities | 3 |  |  | $ | 15,714 |  |  | $ | (44 | ) |  | 4 |  |  | $ | 17,403 |  |  | $ | (41 | ) |  | $ | 33,117 |  |  | $ | (85 | )
Corporate debt securities | 3 |  |  | 7,054 |  |  | (8 | ) |  | 14 |  |  | 25,988 |  |  | (2,313 | ) |  | 33,042 |  |  | (2,321 | )
Collateralized mortgage obligations | — |  |  | — |  |  | — |  |  | 39 |  |  | 110,517 |  |  | (2,126 | ) |  | 110,517 |  |  | (2,126 | )
Residential mortgage-backed securities | — |  |  | — |  |  | — |  |  | 61 |  |  | 285,675 |  |  | (3,914 | ) |  | 285,675 |  |  | (3,914 | )
Commercial mortgage-backed securities | 1 |  |  | 11,926 |  |  | (143 | ) |  | 2 |  |  | 17,475 |  |  | (9 | ) |  | 29,401 |  |  | (152 | )
Auction rate securities | — |  |  | — |  |  | — |  |  | 177 |  |  | 103,365 |  |  | (4,045 | ) |  | 103,365 |  |  | (4,045 | )
Total | 7 |  |  | $ | 34,694 |  |  | $ | (195 | ) |  | 297 |  |  | $ | 560,423 |  |  | $ | (12,448 | ) |  | $ | 595,117 |  |  | $ | (12,643 | )
No Held to Maturity investments were in an unrealized loss position at June 30, 2019.
| Less than 12 months |  | 12 months or longer |  | Total
December 31, 2018 | Number of Securities |  | Estimated Fair Value |  | Unrealized Losses |  | Number of Securities |  | Estimated Fair Value |  | Unrealized Losses |  | Estimated Fair Value |  | Unrealized Losses
Available for Sale | (in thousands)
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 | 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 | 6 |  |  | $ | 20,601 |  |  | $ | (93 | ) |  | — |  |  | $ | — |  |  | $ | — |  |  | $ | 20,601 |  |  | $ | (93 | )

X
- Definition Tabular disclosure of data and information required in the supplementary schedule applicable to management investment companies listing holdings of unaffiliated investments. + References No definition available. + Details
Name: | us-gaap_InvestmentHoldingsScheduleOfInvestmentsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of maturities of an entity's investments as well as any other information pertinent to the investments. + References No definition available. + Details
Name: | us-gaap_InvestmentsClassifiedByContractualMaturityDateTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

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

X
- Definition Tabular disclosure of the amount of other than temporary impairment (OTTI) related to credit losses recognized in earnings including: (a) the beginning balance of the amount related to credit losses on debt securities held by the investor at the beginning of the period for which a portion of an OTTI was recognized in other comprehensive income; (b) additions for the amount related to the credit loss for which an OTTI was not previously recognized; (c) reductions for securities sold during the period (realized); (d) reductions for securities for which the amount previously recognized in other comprehensive income was recognized in earnings because the investor intends to sell the security or more likely than not will be required to sell the security before recovery of its amortized cost basis; (e) additional increases to the amount related to the credit loss for which an OTTI was previously recognized when the investor does not intend to sell the security and it is not more likely than not that the investor will be required to sell the security before recovery of its amortized cost basis; (f) reductions for increases in cash flows expected to be collected that are recognized over the remaining life of the security; and (g) the ending balance of the amount related to credit losses on debt securities held by the entity at the end of the period for which a portion of an OTTI was recognized in other comprehensive income. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=82897076&loc=d3e27340-111563 + Details
Name: | us-gaap_OtherThanTemporaryImpairmentCreditLossesRecognizedInEarningsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of realized gains and losses on investments reported in the statement of income. + References No definition available. + Details
Name: | us-gaap_RealizedGainLossOnInvestmentsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition For all investments in an unrealized loss position, including those for which other-than-temporary impairments have not been recognized in earnings (including investments for which a portion of an other-than-temporary impairment has been recognized in other comprehensive income), a tabular disclosure of the aggregate related fair value of investments with unrealized losses and the aggregate amount of unrealized losses (that is, the amount by which amortized cost basis exceeds fair value). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=82897076&loc=d3e27290-111563 + Details
Name: | us-gaap_ScheduleOfUnrealizedLossOnInvestmentsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration