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Securities (Tables) | 6 Months Ended
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Jun. 30, 2019
Investments Debt And Equity Securities [Abstract] |
Schedule of Amortized Cost and Fair Value of Available-for-sale and Held-to-maturity Securities | The following table presents the fair value and amortized cost of available-for-sale and held-to-maturity debt securities:
|  | June 30, 2019 |  |  | December 31, 2018 |
(unaudited, in thousands) |  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Estimated Fair Value |  |  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Estimated Fair Value |
Available-for-sale debt securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury |  | $ | 29,705 |  |  | $ | 76 |  |  | $ | — |  |  | $ | 29,781 |  |  | $ | 19,882 |  |  | $ | 3 |  |  | $ | (7 | ) |  | $ | 19,878 |
U.S. Government sponsored entities and agencies |  |  | 130,578 |  |  |  | 4,147 |  |  |  | (138 | ) |  |  | 134,587 |  |  |  | 142,852 |  |  |  | 556 |  |  |  | (1,756 | ) |  |  | 141,652 |
Residential mortgage-backed securities and collateralized mortgage obligations of government sponsored entities and agencies |  |  | 1,550,885 |  |  |  | 17,598 |  |  |  | (5,441 | ) |  |  | 1,563,042 |  |  |  | 1,585,864 |  |  |  | 2,912 |  |  |  | (27,521 | ) |  |  | 1,561,255 |
Commercial mortgage-backed securities and collateralized mortgage obligations of government sponsored entities and agencies |  |  | 175,355 |  |  |  | 3,417 |  |  |  | (116 | ) |  |  | 178,656 |  |  |  | 171,671 |  |  |  | 264 |  |  |  | (2,963 | ) |  |  | 168,972 |
Obligations of states and political subdivisions |  |  | 177,888 |  |  |  | 5,305 |  |  |  | (15 | ) |  |  | 183,178 |  |  |  | 184,057 |  |  |  | 2,039 |  |  |  | (982 | ) |  |  | 185,114 |
Corporate debt securities |  |  | 39,695 |  |  |  | 499 |  |  |  | (154 | ) |  |  | 40,040 |  |  |  | 37,730 |  |  |  | 87 |  |  |  | (559 | ) |  |  | 37,258 |
Total available-for-sale debt securities |  | $ | 2,104,106 |  |  | $ | 31,042 |  |  | $ | (5,864 | ) |  | $ | 2,129,284 |  |  | $ | 2,142,056 |  |  | $ | 5,861 |  |  | $ | (33,788 | ) |  | $ | 2,114,129 |
Held-to-maturity debt securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Government sponsored entities and agencies |  | $ | 10,020 |  |  | $ | 36 |  |  | $ | (104 | ) |  | $ | 9,952 |  |  | $ | 10,823 |  |  | $ | 6 |  |  | $ | (329 | ) |  | $ | 10,500 |
Residential mortgage-backed securities and collateralized mortgage obligations of government sponsored entities and agencies |  |  | 136,929 |  |  |  | 834 |  |  |  | (642 | ) |  |  | 137,121 |  |  |  | 148,300 |  |  |  | 204 |  |  |  | (4,170 | ) |  |  | 144,334 |
Obligations of states and political subdivisions |  |  | 720,399 |  |  |  | 19,566 |  |  |  | (216 | ) |  |  | 739,749 |  |  |  | 828,520 |  |  |  | 8,771 |  |  |  | (4,012 | ) |  |  | 833,279 |
Corporate debt securities |  |  | 33,257 |  |  |  | 1,455 |  |  |  | — |  |  |  | 34,712 |  |  |  | 33,291 |  |  |  | 12 |  |  |  | (673 | ) |  |  | 32,630 |
Total held-to-maturity debt securities |  | $ | 900,605 |  |  | $ | 21,891 |  |  | $ | (962 | ) |  | $ | 921,534 |  |  | $ | 1,020,934 |  |  | $ | 8,993 |  |  | $ | (9,184 | ) |  | $ | 1,020,743 |
Total debt securities |  | $ | 3,004,711 |  |  | $ | 52,933 |  |  | $ | (6,826 | ) |  | $ | 3,050,818 |  |  | $ | 3,162,990 |  |  | $ | 14,854 |  |  | $ | (42,972 | ) |  | $ | 3,134,872 |
Schedule of Fair Value of Available-for-sale and Held-to-maturity Securities by Contractual Maturity | The following table presents the fair value of available-for-sale and held-to-maturity debt securities by contractual maturity at June 30, 2019. In some instances, the issuers may have the right to call or prepay obligations without penalty prior to the contractual maturity date.
|  | June 30, 2019 |
(unaudited, in thousands) |  | One Year or less |  |  | One to Five Years |  |  | Five to Ten Years |  |  | After Ten Years |  |  | Mortgage- backed securities |  |  | Total |
Available-for-sale debt securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury |  | $ | 29,781 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 29,781 |
U.S. Government sponsored entities and agencies |  |  | 498 |  |  |  | 6,048 |  |  |  | 18,472 |  |  |  | 9,363 |  |  |  | 100,206 |  |  |  | 134,587 |
Residential mortgage-backed securities and collateralized mortgage obligations of government sponsored entities and agencies (1) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1,563,042 |  |  |  | 1,563,042 |
Commercial mortgage-backed securities and collateralized mortgage obligations of government sponsored entities and agencies (1) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 178,656 |  |  |  | 178,656 |
Obligations of states and political subdivisions |  |  | 8,108 |  |  |  | 53,422 |  |  |  | 76,671 |  |  |  | 44,977 |  |  |  | — |  |  |  | 183,178 |
Corporate debt securities |  |  | 627 |  |  |  | 32,216 |  |  |  | 7,197 |  |  |  | — |  |  |  | — |  |  |  | 40,040 |
Total available-for-sale debt securities |  | $ | 39,014 |  |  | $ | 91,686 |  |  | $ | 102,340 |  |  | $ | 54,340 |  |  | $ | 1,841,904 |  |  | $ | 2,129,284 |
Held-to-maturity debt securities (2) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Government sponsored entities and agencies |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 9,952 |  |  | $ | 9,952 |
Residential mortgage-backed securities and collateralized mortgage obligations of government sponsored entities and agencies (1) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 137,121 |  |  |  | 137,121 |
Obligations of states and political subdivisions |  |  | 15,652 |  |  |  | 115,724 |  |  |  | 334,357 |  |  |  | 274,016 |  |  |  | — |  |  |  | 739,749 |
Corporate debt securities |  |  | — |  |  |  | 10,913 |  |  |  | 23,799 |  |  |  | — |  |  |  | — |  |  |  | 34,712 |
Total held-to-maturity debt securities |  | $ | 15,652 |  |  | $ | 126,637 |  |  | $ | 358,156 |  |  | $ | 274,016 |  |  | $ | 147,073 |  |  | $ | 921,534 |
Total debt securities |  | $ | 54,666 |  |  | $ | 218,323 |  |  | $ | 460,496 |  |  | $ | 328,356 |  |  | $ | 1,988,977 |  |  | $ | 3,050,818 |
(1) Mortgage-backed and collateralized mortgage securities, which have prepayment provisions, are not assigned to maturity categories due to fluctuations in their prepayment speeds. (2) The held-to-maturity debt securities portfolio is carried at an amortized cost of $900.6 million.
Schedule of Gross Realized Gains and Losses on the Sales and Calls of Securities | The following table presents the gross realized gains and losses on sales and calls of available-for-sale and held-to-maturity debt securities, as well as gains and losses on equity securities from both sales and market adjustments from the adoption of ASU 2016-01 effective January 1, 2018 for the three and six months ended June 30, 2019 and 2018, respectively.
|  | For the Three Months Ended June 30, |  |  | For the Six Months Ended June 30, |
(unaudited, in thousands) |  | 2019 |  |  | 2018 |  |  | 2019 |  |  | 2018 |
Debt securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gross realized gains |  | $ | 106 |  |  | $ | 5 |  |  | $ | 348 |  |  | $ | 12 |
Gross realized losses |  |  | (18 | ) |  |  | — |  |  |  | (209 | ) |  |  | (18 | )
Net gains (losses) on debt securities |  | $ | 88 |  |  | $ | 5 |  |  | $ | 139 |  |  | $ | (6 | )
Equity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net unrealized gains recognized on securities still held |  | $ | 265 |  |  | $ | 347 |  |  | $ | 868 |  |  | $ | 319 |
Net realized gains recognized on securities sold |  |  | 2,556 |  |  |  | 6 |  |  |  | 2,559 |  |  |  | 6 |
Net gains on equity securities |  | $ | 2,821 |  |  | $ | 353 |  |  | $ | 3,427 |  |  | $ | 325 |
Net securities gains |  | $ | 2,909 |  |  | $ | 358 |  |  | $ | 3,566 |  |  | $ | 319 |
Schedule of Unrealized Losses on Investment Securities | The following tables provide information on unrealized losses on debt securities that have been in an unrealized loss position for less than twelve months and twelve months or more as of June 30, 2019 and December 31, 2018, respectively:
|  | June 30, 2019 |
|  | Less than 12 months |  |  | 12 months or more |  |  | Total |
(unaudited, dollars in thousands) |  | Fair Value |  |  | Unrealized Losses |  |  | # of Securities |  |  | Fair Value |  |  | Unrealized Losses |  |  | # of Securities |  |  | Fair Value |  |  | Unrealized Losses |  |  | # of Securities |
U.S. Government sponsored entities and agencies |  | $ | — |  |  | $ | — |  |  |  | — |  |  | $ | 28,542 |  |  | $ | (242 | ) |  |  | 7 |  |  | $ | 28,542 |  |  | $ | (242 | ) |  |  | 7 |
Residential mortgage-backed securities and collateralized mortgage obligations of government sponsored entities and agencies |  |  | 30,301 |  |  |  | (95 | ) |  |  | 4 |  |  |  | 564,036 |  |  |  | (5,988 | ) |  |  | 211 |  |  |  | 594,337 |  |  |  | (6,083 | ) |  |  | 215 |
Commercial mortgage-backed securities and collateralized mortgage obligations of government sponsored entities and agencies |  |  | 3,783 |  |  |  | (26 | ) |  |  | 4 |  |  |  | 26,655 |  |  |  | (90 | ) |  |  | 12 |  |  |  | 30,438 |  |  |  | (116 | ) |  |  | 16 |
Obligations of states and political subdivisions |  |  | 609 |  |  |  | (1 | ) |  |  | 2 |  |  |  | 38,999 |  |  |  | (230 | ) |  |  | 76 |  |  |  | 39,608 |  |  |  | (231 | ) |  |  | 78 |
Corporate debt securities |  |  | 7,920 |  |  |  | (111 | ) |  |  | 3 |  |  |  | 1,947 |  |  |  | (43 | ) |  |  | 1 |  |  |  | 9,867 |  |  |  | (154 | ) |  |  | 4 |
Total temporarily impaired securities |  | $ | 42,613 |  |  | $ | (233 | ) |  |  | 13 |  |  | $ | 660,179 |  |  | $ | (6,593 | ) |  |  | 307 |  |  | $ | 702,792 |  |  | $ | (6,826 | ) |  |  | 320 |
|  | December 31, 2018 |
|  | Less than 12 months |  |  | 12 months or more |  |  | Total |
(unaudited, dollars in thousands) |  | Fair Value |  |  | Unrealized Losses |  |  | # of Securities |  |  | Fair Value |  |  | Unrealized Losses |  |  | # of Securities |  |  | Fair Value |  |  | Unrealized Losses |  |  | # of Securities |
U.S. Treasury |  | $ | 9,972 |  |  | $ | (7 | ) |  |  | 1 |  |  | $ | — |  |  | $ | — |  |  |  | — |  |  | $ | 9,972 |  |  | $ | (7 | ) |  |  | 1 |
U.S. Government sponsored entities and agencies |  |  | 18,926 |  |  |  | (148 | ) |  |  | 8 |  |  |  | 76,385 |  |  |  | (1,937 | ) |  |  | 14 |  |  |  | 95,311 |  |  |  | (2,085 | ) |  |  | 22 |
Residential mortgage-backed securities and collateralized mortgage obligations of government sponsored entities and agencies |  |  | 285,534 |  |  |  | (1,862 | ) |  |  | 44 |  |  |  | 922,698 |  |  |  | (29,829 | ) |  |  | 291 |  |  |  | 1,208,232 |  |  |  | (31,691 | ) |  |  | 335 |
Commercial mortgage-backed securities and collateralized mortgage obligations of government sponsored entities and agencies |  |  | 9,186 |  |  |  | (18 | ) |  |  | 6 |  |  |  | 111,068 |  |  |  | (2,945 | ) |  |  | 14 |  |  |  | 120,254 |  |  |  | (2,963 | ) |  |  | 20 |
Obligations of states and political subdivisions |  |  | 104,469 |  |  |  | (439 | ) |  |  | 207 |  |  |  | 303,681 |  |  |  | (4,555 | ) |  |  | 513 |  |  |  | 408,150 |  |  |  | (4,994 | ) |  |  | 720 |
Corporate debt securities |  |  | 38,791 |  |  |  | (898 | ) |  |  | 18 |  |  |  | 11,452 |  |  |  | (334 | ) |  |  | 5 |  |  |  | 50,243 |  |  |  | (1,232 | ) |  |  | 23 |
Total temporarily impaired securities |  | $ | 466,878 |  |  | $ | (3,372 | ) |  |  | 284 |  |  | $ | 1,425,284 |  |  | $ | (39,600 | ) |  |  | 837 |  |  | $ | 1,892,162 |  |  | $ | (42,972 | ) |  |  | 1,121 |

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