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Investment Securities
 3 Months Ended
Mar. 31, 2019
Investments, Debt and Equity Securities [Abstract]  
Investment Securities INVESTMENT SECURITIES
The amortized cost and approximate fair value of investment securities as of March 31, 2019 and December 31, 2018 are summarized in the tables below:
 
March 31, 2019
(amounts in thousands)
Amortized Cost
 
Gross Unrealized Gains
 
Gross Unrealized Losses
 
Fair Value
Available-for-sale debt securities:
 
 
 
 
 
 
 
Agency-guaranteed residential mortgage-backed securities
$
306,651

 
$
62

 
$
(2,569
)
 
$
304,144

Corporate notes (1)
381,334

 
639

 
(9,695
)
 
372,278

Available-for-sale debt securities
$
687,985

 
$
701

 
$
(12,264
)
 
676,422

Equity securities (2)
 
 
 
 
 
 
1,720

Total investment securities, at fair value
 
 
 
 
 
 
$
678,142

 
December 31, 2018
(amounts in thousands)
Amortized Cost
 
Gross Unrealized Gains
 
Gross Unrealized Losses
 
Fair Value
Available-for-sale debt securities:
 
 
 
 
 
 
 
Agency-guaranteed residential mortgage-backed securities
$
311,267

 
$
—

 
$
(5,893
)
 
$
305,374

Corporate notes (1)
381,407

 
920

 
(24,407
)
 
357,920

Available-for-sale debt securities
$
692,674

 
$
920

 
$
(30,300
)
 
663,294

Equity securities (2)


 


 


 
1,718

Total investment securities, at fair value


 


 


 
$
665,012

(1)
Includes corporate securities issued by other bank holding companies.
(2)
Includes equity securities issued by a foreign entity.
There were no sales of available-for-sale debt securities or equity securities for the three months ended March 31, 2019 and 2018.
 
 
 
 

The following table shows available-for-sale debt securities by stated maturity.  Debt securities backed by mortgages have expected maturities that differ from contractual maturities because borrowers have the right to call or prepay and, therefore, these debt securities are classified separately with no specific maturity date:
 
March 31, 2019
(amounts in thousands)
Amortized
Cost
 
Fair
Value
Due in one year or less
$
—

 
$
—

Due after one year through five years
—

 
—

Due after five years through ten years
354,268

 
345,717

Due after ten years
27,066

 
26,561

Agency-guaranteed residential mortgage-backed securities
306,651

 
304,144

Total debt securities
$
687,985

 
$
676,422


Gross unrealized losses and fair value of Customers' available-for-sale debt securities aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at March 31, 2019 and December 31, 2018 were as follows:
 
March 31, 2019
 
Less Than 12 Months
 
12 Months or More
 
Total
(amounts in thousands)
Fair Value
 
Unrealized Losses
 
Fair Value
 
Unrealized Losses
 
Fair Value
 
Unrealized Losses
Available-for-sale debt securities:
 
 
 
 
 
 
 
 
 
 
 
Agency-guaranteed residential mortgage-backed securities
$
—

 
$
—

 
$
211,098

 
$
(2,569
)
 
$
211,098

 
$
(2,569
)
Corporate notes
21,873

 
(93
)
 
314,767

 
(9,602
)
 
336,640

 
(9,695
)
Total
$
21,873

 
$
(93
)
 
$
525,865

 
$
(12,171
)
 
$
547,738

 
$
(12,264
)
 
December 31, 2018
 
Less Than 12 Months
 
12 Months or More
 
Total
(amounts in thousands)
Fair Value
 
Unrealized Losses
 
Fair Value
 
Unrealized Losses
 
Fair Value
 
Unrealized Losses
Available-for-sale debt securities:
 
 
 
 
 
 
 
 
 
 
 
Agency-guaranteed residential mortgage-backed securities
$
305,374

 
$
(5,893
)
 
$
—

 
$
—

 
$
305,374

 
$
(5,893
)
Corporate notes
310,036

 
(24,407
)
 
—

 
—

 
310,036

 
(24,407
)
Total
$
615,410

 
$
(30,300
)
 
$
—

 
$
—

 
$
615,410

 
$
(30,300
)
At March 31, 2019, there were four available-for-sale debt securities with unrealized losses in the less-than-twelve-month category and twenty-two available-for-sale debt securities with unrealized losses in the twelve-month-or-more category.  The unrealized losses on the mortgage-backed securities are guaranteed by government-sponsored entities and primarily relate to changes in market interest rates. The unrealized losses on the corporate notes relate to securities with no company specific concentration. The unrealized losses were principally due to an upward shift in interest rates that resulted in a negative impact on the respective note's fair value. All amounts related to the mortgage-backed securities and the corporate notes are expected to be recovered when market prices recover or at maturity. Customers does not intend to sell these securities and it is not more likely than not that Customers will be required to sell the securities before recovery of the amortized cost basis.
At March 31, 2019 and December 31, 2018, Customers Bank had pledged investment securities aggregating $22.9 million and $23.0 million in fair value, respectively, as collateral against its borrowings primarily with the FHLB and an unused line of credit with another financial institution. These counterparties do not have the ability to sell or repledge these securities.
At March 31, 2019 and December 31, 2018, no securities holding of any one issuer, other than the U.S. Government and its agencies, amounted to greater than 10% of shareholders' equity.