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Investment Securities (Tables)

3 Months Ended

Mar. 31, 2020

Investments, Debt and Equity Securities [Abstract]

Summary of Amortized Cost and Estimated Fair Value of Investment Securities

		March 31, 2020
		Amortized    Cost				Gross        Unrealized        Holding Gain				Gross      Unrealized     Holding Loss				Fair Value				Total Percent
		(Dollars in thousands)
Investment securities available-for-sale:
Mortgage-backed securities		$	1,118,385			$	43,546			$	-			$	1,161,931				69.18%
CMO/REMIC			466,033				14,060				-				480,093				28.58%
Municipal bonds			36,119				913				-				37,032				2.20%
Other securities			699				-				-				699				0.04%
Total available-for-sale securities		$	1,621,236			$	58,519			$	-			$	1,679,755				100.00%
Investment securities held-to-maturity:
Government agency/GSE		$	111,452			$	3,468			$	(207)			$	114,713				17.35%
Mortgage-backed securities			161,983				8,182				-				170,165				25.22%
CMO/REMIC			184,316				591				(98)				184,809				28.70%
Municipal bonds			184,504				4,054				(426)				188,132				28.73%
Total held-to-maturity securities		$	642,255			$	16,295			$	(731)			$	657,819				100.00%
		December 31, 2019
		Amortized    Cost				Gross    Unrealized    Holding Gain				Gross    Unrealized    Holding Loss				Fair Value				Total Percent
		(Dollars in thousands)
Investment securities available-for-sale:
Mortgage-backed securities		$	1,185,757			$	21,306			$	(750)			$	1,206,313				69.32%
CMO/REMIC			493,214				1,392				(896)				493,710				28.37%
Municipal bonds			38,506				850				(2)				39,354				2.26%
Other securities			880				-				-				880				0.05%
Total available-for-sale securities		$	1,718,357			$	23,548			$	(1,648)			$	1,740,257				100.00%
Investment securities held-to-maturity:
Government agency/GSE		$	117,366			$	2,280			$	(657)			$	118,989				17.40%
Mortgage-backed securities			168,479				2,083				(54)				170,508				24.98%
CMO/REMIC			192,548				-				(2,458)				190,090				28.55%
Municipal bonds			196,059				3,867				(565)				199,361				29.07%
Total held-to-maturity securities		$	674,452			$	8,230			$	(3,734)			$	678,948				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.

		Three Months Ended     March 31,
		2020				2019
		(Dollars in thousands)
Investment securities available-for-sale:
Taxable		$	9,825			$	10,309
Tax-advantaged			224				336
Total interest income from available-for-sale securities			10,049				10,645
Investment securities held-to-maturity:
Taxable			2,698				2,910
Tax-advantaged			1,300				1,615
Total interest income from held-to-maturity securities			3,998				4,525
Total interest income from investment securities		$	14,047			$	15,170

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 December 31, 2019, prior to adoption of ASU 2016-13. Management previously 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 interest 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. 

		December 31, 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:
Mortgage-backed securities		$	20,289			$	(6	)		$	97,964			$	(744	)		$	118,253			$	(750	)
CMO/REMIC			177,517				(705	)			34,565				(191	)			212,082				(896	)
Municipal bonds			-				-				563				(2	)			563				(2	)
Total available-for-sale securities		$	197,806			$	(711	)		$	133,092			$	(937	)		$	330,898			$	(1,648	)
Investment securities held-to-maturity:
Government agency/GSE		$	28,359			$	(252	)		$	19,405			$	(405	)		$	47,764			$	(657	)
Mortgage-backed securities			10,411				(54	)			-				-				10,411				(54	)
CMO/REMIC			23,897				(104	)			166,193				(2,354	)			190,090				(2,458	)
Municipal bonds			7,583				(32	)			29,981				(533	)			37,564				(565	)
Total held-to-maturity securities		$	70,250			$	(442	)		$	215,579			$	(3,292	)		$	285,829			$	(3,734	)

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.

		March 31, 2020
		Available-for-sale								Held-to-maturity
		Amortized   Cost				Fair Value				Amortized   Cost				Fair Value
		(Dollars in thousands)
Due in one year or less		$	13,043			$	13,160			$	768			$	788
Due after one year through five years			1,376,413				1,427,373				358,973				367,734
Due after five years through ten years			176,690				182,573				103,004				104,787
Due after ten years			55,090				56,649				179,510				184,510
Total investment securities		$	1,621,236			$	1,679,755			$	642,255			$	657,819

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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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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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