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Investment Securities (Tables)

6 Months Ended

Jun. 30, 2019

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.

		June 30, 2019
		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		$	1,348,415			$	16,251			$	(2,417	)		$	1,362,249				85.14%
CMO/REMIC - residential			194,094				1,216				(334	)			194,976				12.19%
Municipal bonds			41,369				658				(41	)			41,986				2.62%
Other securities			809				-				-				809				0.05%
Total available-for-sale securities		$	1,584,687			$	18,125			$	(2,792	)		$	1,600,020				100.00%
Investment securities held-to-maturity:
Government agency/GSE		$	128,721			$	2,627			$	(414	)		$	130,934				17.68%
Residential mortgage-backed securities			175,552				1,480				(415	)			176,617				24.11%
CMO			211,436				5				(4,358	)			207,083				29.04%
Municipal bonds			212,404				3,245				(1,251	)			214,398				29.17%
Total held-to-maturity securities		$	728,113			$	7,357			$	(6,438	)		$	729,032				100.00%
		December 31, 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		$	1,494,106			$	1,348			$	(20,946	)		$	1,474,508				85.03%
CMO/REMIC - residential			217,223				353				(3,525	)			214,051				12.34%
Municipal bonds			45,621				332				(1,143	)			44,810				2.59%
Other securities			716				-				-				716				0.04%
Total available-for-sale securities		$	1,757,666			$	2,033			$	(25,614	)		$	1,734,085				100.00%
Investment securities held-to-maturity:
Government agency/GSE		$	138,274			$	572			$	(2,622	)		$	136,224				18.57%
Residential mortgage-backed securities			153,874				-				(3,140	)			150,734				20.67%
CMO			215,336				-				(12,081	)			203,255				28.93%
Municipal bonds			236,956				556				(6,188	)			231,324				31.83%
Total held-to-maturity securities		$	744,440			$	1,128			$	(24,031	)		$	721,537				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    June 30,								For the Six Months Ended    June 30,
		2019				2018				2019				2018
		(Dollars in thousands)
Investment securities available-for-sale:
Taxable		$	9,821			$	11,290			$	20,130			$	22,735
Tax-advantaged			297				407				633				830
Total interest income from available-for-sale securities			10,118				11,697				20,763				23,565
Investment securities held-to-maturity:
Taxable			2,932				3,048				5,842				5,926
Tax-advantaged			1,494				1,759				3,109				3,646
Total interest income from held-to-maturity securities			4,426				4,807				8,951				9,572
Total interest income from investment securities		$	14,544			$	16,504			$	29,714			$	33,137

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 June 30, 2019 and December 31, 2018. 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 and the intention to hold these securities until their fair values recover to cost or maturity. As such, management does not deem these securities to be other-than-temporarily-Impaired (“OTTI”).

		June 30, 2019
		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		$	-			$	-			$	228,518			$	(2,417	)		$	228,518			$	(2,417	)
CMO/REMIC - residential			-				-				71,924				(334	)			71,924				(334	)
Municipal bonds			-				-				3,287				(41	)			3,287				(41	)
Total available-for-sale securities		$	-			$	-			$	303,729			$	(2,792	)		$	303,729			$	(2,792	)
Investment securities held-to-maturity:
Government agency/GSE		$	-			$	-			$	39,016			$	(414	)		$	39,016			$	(414	)
Residential mortgage-backed securities			10,722				(45	)			75,536				(370	)			86,258				(415	)
CMO			-				-				201,974				(4,358	)			201,974				(4,358	)
Municipal bonds			-				-				49,102				(1,251	)			49,102				(1,251	)
Total held-to-maturity securities		$	10,722			$	(45	)		$	365,628			$	(6,393	)		$	376,350			$	(6,438	)

		December 31, 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		$	692,311			$	(4,864)			$	593,367			$	(16,082)			$	1,285,678			$	(20,946)
CMO/REMIC - residential			36,582				(365)				135,062				(3,160)				171,644				(3,525)
Municipal bonds			9,568				(188)				14,181				(955)				23,749				(1,143)
Total available-for-sale securities		$	738,461			$	(5,417)			$	742,610			$	(20,197)			$	1,481,071			$	(25,614)
Investment securities held-to-maturity:
Government agency/GSE		$	7,479			$	(15)			$	54,944			$	(2,607)			$	62,423			$	(2,622)
Residential mortgage-backed securities			59,871				(484)				90,863				(2,656)				150,734				(3,140)
CMO			-				-				203,254				(12,081)				203,254				(12,081)
Municipal bonds			70,989				(778)				77,723				(5,410)				148,712				(6,188)
Total held-to-maturity securities		$	138,339			$	(1,277)			$	426,784			$	(22,754)			$	565,123			$	(24,031)

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.

		June 30, 2019
		Available-for-sale								Held-to-maturity
		Amortized   Cost				Fair Value				Amortized   Cost				Fair Value
		(Dollars in thousands)
Due in one year or less		$	14,715			$	14,896			$	500			$	503
Due after one year through five years			1,427,215				1,441,490				315,591				311,769
Due after five years through ten years			114,977				115,535				187,726				189,711
Due after ten years			27,780				28,099				224,296				227,049
Total investment securities		$	1,584,687			$	1,600,020			$	728,113			$	729,032

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Schedule Of Available For Sale Securities And Held To Maturity [Table Text Block]

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Tabular disclosure of investment income, including, but not limited to, interest and dividend income and amortization of discount (premium) derived from debt and equity securities. Excludes realized and unrealized gain (loss) on investments.

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03.9)
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-Subparagraph (SX 210.7-04.2)
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-Name Accounting Standards Codification
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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).

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-Publisher FASB
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