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Investment Securities (Tables)

9 Months Ended

Sep. 30, 2020

Investments, Debt and Equity Securities [Abstract]

Summary of Amortized Cost and Estimated Fair Value of Investment Securities

		September 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		$	1,710,160			$	46,713			$	(2)			$	1,756,871				79.65%
CMO/REMIC			404,380				7,326				(212)				411,494				18.66%
Municipal bonds			35,011				1,457				-				36,468				1.65%
Other securities			813				-				-				813				0.04%
Total available-for-sale securities		$	2,150,364			$	55,496			$	(214)			$	2,205,646				100.00%
Investment securities held-to-maturity:
Government agency/GSE		$	103,317			$	6,627			$	-			$	109,944				17.88%
Mortgage-backed securities			152,285				7,837				-				160,122				26.36%
CMO/REMIC			159,676				5,315				-				164,991				27.64%
Municipal bonds			162,416				6,387				(338)				168,465				28.12%
Total held-to-maturity securities		$	577,694			$	26,166			$	(338)			$	603,522				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 September 30,								Nine Months Ended September 30,
		2020				2019				2020				2019
		(Dollars in thousands)
Investment securities available-for-sale:
Taxable		$	8,244			$	8,949			$	26,313			$	29,079
Tax-advantaged			203				273				632				906
Total interest income from available-for-sale securities			8,447				9,222				26,945				29,985
Investment securities held-to-maturity:
Taxable			2,265				2,883				7,410				8,725
Tax-advantaged			1,110				1,415				3,623				4,524
Total interest income from held-to-maturity securities			3,375				4,298				11,033				13,249
Total interest income from investment securities		$	11,822			$	13,520			$	37,978			$	43,234

Summary of Continuous Unrealized Loss Position of Securities

The following table presents the Company’s available-for-sale investment securities, by investment category, in an unrealized loss position for which an allowance for credit losses has not been recorded as of September 30, 2020.

		September 30, 2020
		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		$	30,851			$	(2)			$	-			$	-			$	30,851			$	(2)
CMO/REMIC			71,781				(212)				-				-				71,781				(212)
Municipal bonds			-				-				-				-				-				-
Total available-for-sale securities		$	102,632			$	(214)			$	-			$	-			$	102,632			$	(214)

		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.

		September 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		$	27,816			$	27,968			$	2,730			$	2,764
Due after one year through five years			1,960,912				2,012,028				327,785				341,060
Due after five years through ten years			119,315				121,652				81,246				84,329
Due after ten years			42,321				43,998				165,933				175,369
Total investment securities		$	2,150,364			$	2,205,646			$	577,694			$	603,522

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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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