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Investment Securities (Tables)

9 Months Ended

Sep. 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:

September 30, 2019	Amortized Cost				Gross Unrealized Gains				Gross Unrealized Losses				Estimated Fair Value
	(in thousands)
Available for Sale
State and municipal securities	$	530,448			$	17,000			$	(104	)		$	547,344
Corporate debt securities	353,771				7,030				(2,395		)		358,406
Collateralized mortgage obligations	686,577				14,120				(98		)		700,599
Residential mortgage-backed securities	183,696				1,162				(1,073		)		183,785
Commercial mortgage-backed securities	413,011				9,145				(47		)		422,109
Auction rate securities	107,410				—				(4,112		)		103,298
Total	$	2,274,913			$	48,457			$	(7,829	)		$	2,315,541
Held to Maturity
Residential mortgage-backed securities	390,069				13,888				—				403,957
Total	$	390,069			$	13,888			$	—			$	403,957

December 31, 2018	Amortized Cost				Gross Unrealized Gains				Gross Unrealized Losses				Estimated Fair Value
	(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 September 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		$	3,722			$	3,722			$	—			$	—
Due from one year to five years		38,518				39,747				—				—
Due from five years to ten years		332,514				337,519				—				—
Due after ten years		616,875				628,060				—				—
		991,629				1,009,048				—				—
Residential mortgage-backed securities(1)		183,696				183,785				390,069				403,957
Commercial mortgage-backed securities(1)		413,011				422,109				—				—
Collateralized mortgage obligations(1)		686,577				700,599				—				—
Total		$	2,274,913			$	2,315,541			$	390,069			$	403,957
(1) Mortgage-backed securities and collateralized mortgage obligations do not have stated maturities and 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 September 30, 2019	(in thousands)
Debt securities	$	7,938			$	(3,446	)		$	4,492
Total	$	7,938			$	(3,446	)		$	4,492
Three months ended September 30, 2018
Debt securities	$	116			$	(102	)		$	14
Total	$	116			$	(102	)		$	14
Nine months ended September 30, 2019
Debt securities	$	11,207			$	(6,474	)		$	4,733
Total	$	11,207			$	(6,474	)		$	4,733
Nine months ended September 30, 2018
Equity securities	$	9			$	—			$	9
Debt securities	1,656				(1,628		)		28
Total	$	1,665			$	(1,628	)		$	37

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 September 30, 2019 and 2018:

	Three months ended September 30								Nine months ended September 30
	2019				2018				2019				2018
	(in thousands)
Balance of cumulative credit losses on debt securities, beginning of period	$	(990	)		$	(11,510	)		$	(11,510	)		$	(11,510	)
Reductions for securities sold during the period	—				—				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 September 30, 2019 and December 31, 2018:

September 30, 2019	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
Available for Sale				(in thousands)
State and municipal securities	5			$	17,058			$	(104	)		—			$	—			$	—			$	17,058			$	(104	)
Corporate debt securities	9			72,569				(313		)		13			25,729				(2,082		)		98,298				(2,395		)
Collateralized mortgage obligations	4			5,734				(2		)		5			5,886				(96		)		11,620				(98		)
Residential mortgage-backed securities	3			9,159				(29		)		28			135,616				(1,044		)		144,775				(1,073		)
Commercial mortgage-backed securities	1			11,843				(47		)		—			—				—				11,843				(47		)
Auction rate securities	—			—				—				177			103,298				(4,112		)		103,298				(4,112		)
Total(1)	22			$	116,363			$	(495	)		223			$	270,529			$	(7,334	)		$	386,892			$	(7,829	)

(1) No Held to Maturity investments were in an unrealized loss position at September 30, 2019.

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
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	)

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