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Investment Securities (Tables) | 9 Months Ended
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Sep. 30, 2018
Investments, Debt and Equity Securities [Abstract] |
Summary of Amortized Cost and Estimated Fair Value of Investment Securities | The amortized cost and estimated fair value of investment securities are summarized below. The majority of securities held are available-for-sale securities with fair value based on quoted prices for similar assets in active markets or quoted prices for identical assets in markets that are not active. Estimated fair values were obtained from an independent pricing service based upon market quotes.
|  | September 30, 2018
|  | Amortized Cost |  | Gross Unrealized Holding Gain |  | Gross Unrealized Holding Loss |  | Fair Value |  | Total Percent
|  | (Dollars in thousands)
Investment securities available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential mortgage-backed securities |  | $ | 1,570,072 |  |  | $ | 1,014 |  |  | $ | (38,208 | ) |  | $ | 1,532,878 |  |  |  | 84.87 | %
CMO/REMIC - residential |  |  | 229,832 |  |  |  | 152 |  |  |  | (6,167 | ) |  |  | 223,817 |  |  |  | 12.39 | %
Municipal bonds |  |  | 50,022 |  |  |  | 308 |  |  |  | (1,591 | ) |  |  | 48,739 |  |  |  | 2.70 | %
Other securities |  |  | 797 |  |  |  | - |  |  |  | - |  |  |  | 797 |  |  |  | 0.04 | %
Total available-for-sale securities |  | $ | 1,850,723 |  |  | $ | 1,474 |  |  | $ | (45,966 | ) |  | $ | 1,806,231 |  |  |  | 100.00 | %
Investment securities held-to-maturity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Government agency/GSE |  | $ | 144,871 |  |  | $ | - |  |  | $ | (5,129 | ) |  | $ | 139,742 |  |  |  | 19.09 | %
Residential mortgage-backed securities |  |  | 158,769 |  |  |  | - |  |  |  | (5,502 | ) |  |  | 153,267 |  |  |  | 20.92 | %
CMO |  |  | 216,980 |  |  |  | - |  |  |  | (13,960 | ) |  |  | 203,020 |  |  |  | 28.58 | %
Municipal bonds |  |  | 238,409 |  |  |  | 225 |  |  |  | (7,908 | ) |  |  | 230,726 |  |  |  | 31.41 | %
Total held-to-maturity securities |  | $ | 759,029 |  |  | $ | 225 |  |  | $ | (32,499) |  |  | $ | 726,755 |  |  |  | 100.00 | %
|  | December 31, 2017
|  | Amortized Cost |  | Gross Unrealized Holding Gain |  | Gross Unrealized Holding Loss |  | Fair Value |  | Total Percent
|  | (Dollars in thousands)
Investment securities available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential mortgage-backed securities |  | $ | 1,747,780 |  |  | $ | 11,231 |  |  | $ | (8,102 | ) |  | $ | 1,750,909 |  |  |  | 84.14 | %
CMO/REMIC-residential |  |  | 274,634 |  |  |  | 1,277 |  |  |  | (2,082 | ) |  |  | 273,829 |  |  |  | 13.16 | %
Municipal bonds |  |  | 54,966 |  |  |  | 774 |  |  |  | (244 | ) |  |  | 55,496 |  |  |  | 2.66 | %
Other securities |  |  | 751 |  |  |  | - |  |  |  | - |  |  |  | 751 |  |  |  | 0.04 | %
Total available-for-sale securities |  | $ | 2,078,131 |  |  | $ | 13,282 |  |  | $ | (10,428 | ) |  | $ | 2,080,985 |  |  |  | 100.00 | %
Investment securities held-to-maturity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Government agency/GSE |  | $ | 159,716 |  |  | $ | 854 |  |  | $ | (2,134 | ) |  | $ | 158,436 |  |  |  | 19.25 | %
Residential mortgage-backed securities |  |  | 176,427 |  |  |  | 667 |  |  |  | (382 | ) |  |  | 176,712 |  |  |  | 21.26 | %
CMO |  |  | 225,072 |  |  |  | - |  |  |  | (8,641 | ) |  |  | 216,431 |  |  |  | 27.12 | %
Municipal bonds |  |  | 268,675 |  |  |  | 2,751 |  |  |  | (3,790 | ) |  |  | 267,636 |  |  |  | 32.37 | %
Total held-to-maturity securities |  | $ | 829,890 |  |  | $ | 4,272 |  |  | $ | (14,947) |  |  | $ | 819,215 |  |  |  | 100.00 | %
Summary of Interest Income Earned on Investment Securities | The following table provides information about the amount of interest income earned on investment securities which is fully taxable and which is exempt from regular federal income tax.
|  | For the Three Months Ended September 30, |  | For the Nine Months Ended September 30,
|  | 2018 |  | 2017 |  | 2018 |  | 2017
|  | (Dollars in thousands)
Investment securities available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Taxable |  | $ | 11,126 |  |  | $ | 11,767 |  |  | $ | 33,861 |  |  | $ | 36,113 |
Tax-advantaged |  |  | 395 |  |  |  | 473 |  |  |  | 1,225 |  |  |  | 1,774 |
Total interest income from available-for-sale securities |  |  | 11,521 |  |  |  | 12,240 |  |  |  | 35,086 |  |  |  | 37,887 |
Investment securities held-to-maturity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Taxable |  |  | 2,961 |  |  |  | 3,111 |  |  |  | 8,887 |  |  |  | 9,591 |
Tax-advantaged |  |  | 1,705 |  |  |  | 2,073 |  |  |  | 5,351 |  |  |  | 6,423 |
Total interest income from held-to-maturity securities |  |  | 4,666 |  |  |  | 5,184 |  |  |  | 14,238 |  |  |  | 16,014 |
Total interest income from investment securities |  | $ | 16,187 |  |  | $ | 17,424 |  |  | $ | 49,324 |  |  | $ | 53,901 |
Summary of Continuous Unrealized Loss Position of Securities | The tables below show the Company’s investment securities’ gross unrealized losses and fair value by investment category and length of time that individual securities have been in a continuous unrealized loss position at September 30, 2018 and December 31, 2017. Management has reviewed individual securities to determine whether a decline in fair value below the amortized cost basis is other-than-temporary. The unrealized losses on these securities were primarily attributed to changes in interest rates. The issuers of these securities have not, to our knowledge, evidenced any cause for default on these securities. These securities have fluctuated in value since their purchase dates as market rates have fluctuated. However, we have the ability to hold and do not have the intent to sell these securities. As such, management does not deem these securities to be Other-Than-Temporarily-Impaired (“OTTI”).
|  | September 30, 2018
|  | Less Than 12 Months |  | 12 Months or Longer |  | Total
| Fair Value |  | Gross Unrealized Holding Losses |  | Fair Value |  | Gross Unrealized Holding Losses |  | Fair Value |  | Gross Unrealized Holding Losses
|  | (Dollars in thousands)
Investment securities available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential mortgage-backed securities |  | $ | 1,193,435 |  |  | $ | (24,475 | ) |  | $ | 287,707 |  |  | $ | (13,733 | ) |  | $ | 1,481,142 |  |  | $ | (38,208 | )
CMO/REMIC - residential |  |  | 139,064 |  |  |  | (3,053 | ) |  |  | 60,925 |  |  |  | (3,114 | ) |  |  | 199,989 |  |  |  | (6,167 | )
Municipal bonds |  |  | 11,257 |  |  |  | (389 | ) |  |  | 12,987 |  |  |  | (1,202 | ) |  |  | 24,244 |  |  |  | (1,591 | )
Total available-for-sale securities |  | $ | 1,343,756 |  |  | $ | (27,917 | ) |  | $ | 361,619 |  |  | $ | (18,049 | ) |  | $ | 1,705,375 |  |  | $ | (45,966 | )
Investment securities held-to-maturity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Government agency/GSE |  | $ | 99,203 |  |  | $ | (2,326 | ) |  | $ | 40,539 |  |  | $ | (2,803 | ) |  | $ | 139,742 |  |  | $ | (5,129 | )
Residential mortgage-backed securities |  |  | 101,083 |  |  |  | (3,206 | ) |  |  | 52,184 |  |  |  | (2,296 | ) |  |  | 153,267 |  |  |  | (5,502 | )
CMO |  |  | - |  |  |  | - |  |  |  | 203,020 |  |  |  | (13,960 | ) |  |  | 203,020 |  |  |  | (13,960 | )
Municipal bonds |  |  | 116,918 |  |  |  | (2,143 | ) |  |  | 67,284 |  |  |  | (5,765 | ) |  |  | 184,202 |  |  |  | (7,908 | )
Total held-to-maturity securities |  | $ | 317,204 |  |  | $ | (7,675 | ) |  | $ | 363,027 |  |  | $ | (24,824 | ) |  | $ | 680,231 |  |  | $ | (32,499 | )
|  | December 31, 2017
|  | Less Than 12 Months |  | 12 Months or Longer |  | Total
| Fair Value |  | Gross Unrealized Holding Losses |  | Fair Value |  | Gross Unrealized Holding Losses |  | Fair Value |  | Gross Unrealized Holding Losses
|  | (Dollars in thousands)
Investment securities available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential mortgage-backed securities |  | $ | 414,091 |  |  | $ | (1,828 | ) |  | $ | 303,746 |  |  | $ | (6,274 | ) |  | $ | 717,837 |  |  | $ | (8,102 | )
CMO/REMIC - residential |  |  | 95,137 |  |  |  | (487 | ) |  |  | 71,223 |  |  |  | (1,595 | ) |  |  | 166,360 |  |  |  | (2,082 | )
Municipal bonds |  |  | 946 |  |  |  | (4 | ) |  |  | 13,956 |  |  |  | (240 | ) |  |  | 14,902 |  |  |  | (244 | )
Total available-for-sale securities |  | $ | 510,174 |  |  | $ | (2,319 | ) |  | $ | 388,925 |  |  | $ | (8,109 | ) |  | $ | 899,099 |  |  | $ | (10,428 | )
Investment securities held-to-maturity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Government agency/GSE |  | $ | 18,950 |  |  | $ | (27 | ) |  | $ | 43,495 |  |  | $ | (2,107 | ) |  | $ | 62,445 |  |  | $ | (2,134 | )
Residential mortgage-backed securities |  |  | 51,297 |  |  |  | (188 | ) |  |  | 55,306 |  |  |  | (194 | ) |  |  | 106,603 |  |  |  | (382 | )
CMO |  |  | - |  |  |  | - |  |  |  | 216,431 |  |  |  | (8,641 | ) |  |  | 216,431 |  |  |  | (8,641 | )
Municipal bonds |  |  | 32,069 |  |  |  | (492 | ) |  |  | 66,217 |  |  |  | (3,298 | ) |  |  | 98,286 |  |  |  | (3,790 | )
Total held-to-maturity securities |  | $ | 102,316 |  |  | $ | (707 | ) |  | $ | 381,449 |  |  | $ | (14,240 | ) |  | $ | 483,765 |  |  | $ | (14,947 | )
Summary of Amortized Cost and Fair Value of Debt Securities by Contractual Maturity | Mortgage-backed and CMO/REMIC securities are included in maturity categories based upon estimated average lives which incorporate estimated prepayment speeds.
|  | September 30, 2018
|  | Available-for-sale |  | Held-to-maturity
|  | Amortized Cost |  | Fair Value |  | Amortized Cost |  | Fair Value
|  | (Dollars in thousands)
Due in one year or less |  | $ | 19,806 |  |  | $ | 19,964 |  |  | $ | - |  |  | $ | - |
Due after one year through five years |  |  | 1,676,348 |  |  |  | 1,637,053 |  |  |  | 315,036 |  |  |  | 298,729 |
Due after five years through ten years |  |  | 113,539 |  |  |  | 109,910 |  |  |  | 172,281 |  |  |  | 167,824 |
Due after ten years |  |  | 41,030 |  |  |  | 39,304 |  |  |  | 271,712 |  |  |  | 260,202 |
Total investment securities |  | $ | 1,850,723 |  |  | $ | 1,806,231 |  |  | $ | 759,029 |  |  | $ | 726,755 |

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