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Investment Securities (Tables)

6 Months Ended

Jun. 30, 2020

Investments, Debt and Equity Securities [Abstract]

Summary of Amortized Cost and Estimated Fair Value of Investment Securities

		June 30, 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		$	1,191,431			$	46,868			$	-			$	1,238,299				73.88%
CMO/REMIC			391,586				8,962				(12)				400,536				23.90%
Municipal bonds			35,015				1,438				-				36,453				2.17%
Other securities			779				-				-				779				0.05%
Total available-for-sale securities		$	1,618,811			$	57,268			$	(12)			$	1,676,067				100.00%
Investment securities held-to-maturity:
Government agency/GSE		$	106,981			$	6,285			$	-			$	113,266				17.45%
Mortgage-backed securities			164,174				8,135				-				172,309				26.77%
CMO/REMIC			171,821				5,283				-				177,104				28.02%
Municipal bonds			170,193				6,418				(340)				176,271				27.76%
Total held-to-maturity securities		$	613,169			$	26,121			$	(340)			$	638,950				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     June 30,								Six Months Ended     June 30,
		2020				2019				2020				2019
		(Dollars in thousands)
Investment securities available-for-sale:
Taxable		$	8,244			$	9,821			$	18,069			$	20,130
Tax-advantaged			205				297				429				633
Total interest income from available-for-sale securities			8,449				10,118				18,498				20,763
Investment securities held-to-maturity:
Taxable			2,447				2,932				5,145				5,842
Tax-advantaged			1,213				1,494				2,513				3,109
Total interest income from held-to-maturity securities			3,660				4,426				7,658				8,951
Total interest income from investment securities		$	12,109			$	14,544			$	26,156			$	29,714

Summary of Continuous Unrealized Loss Position of Securities

The table below presents 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.

		June 30, 2020
		Available-for-sale								Held-to-maturity
		Amortized   Cost				Fair Value				Amortized   Cost				Fair Value
		(Dollars in thousands)
Due in one year or less		$	40,755			$	41,076			$	2,075			$	2,113
Due after one year through five years			1,224,722				1,275,526				341,272				354,456
Due after five years through ten years			154,864				159,124				96,738				100,064
Due after ten years			198,470				200,341				173,084				182,317
Total investment securities		$	1,618,811			$	1,676,067			$	613,169			$	638,950

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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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