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Investment Securities (Tables)
 6 Months Ended
Jun. 30, 2019
Investments, Debt and Equity Securities [Abstract]  
Summary of Amortized Cost and Approximate Fair Value of Investment Securities
The amortized cost and approximate fair value of investment securities as of June 30, 2019 and December 31, 2018 are summarized in the tables below:
 
June 30, 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
$
299,370

 
$
2,023

 
$
(2
)
 
$
301,391

Corporate notes (1)
381,267

 
8,574

 
(1,403
)
 
388,438

Available-for-sale debt securities
$
680,637

 
$
10,597

 
$
(1,405
)
 
689,829

Interest-only classes of agency-guaranteed home equity conversion mortgage-backed securities (2)
 
 
 
 
 
 
17,157

Equity securities (3)
 
 
 
 
 
 
1,373

Total investment securities, at fair value


 


 


 
$
708,359

 
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 (3)
 
 
 
 
 
 
1,718

Total investment securities, at fair value


 


 


 
$
665,012

(1)
Includes corporate securities issued by other domestic and foreign bank holding companies.
(2)
Reported at fair value with fair value changes recorded in non-interest income based on a fair value option election.
(3)
Includes equity securities issued by a foreign entity.
Summary of Available-for-Sale Debt Securities by Stated Maturity
The following table shows debt securities by stated maturity.  Debt securities backed by mortgages and interest-only GNMA securities 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:
 
June 30, 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
379,267

 
386,316

Due after ten years
2,000

 
2,122

Agency-guaranteed residential mortgage-backed securities
299,370

 
301,391

Interest-only classes of agency-guaranteed home equity conversion mortgage-backed securities
—

 
17,157

Total debt securities
$
680,637

 
$
706,986
Gross Unrealized Losses and Fair Value, Aggregated by Investment Category
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 June 30, 2019 and December 31, 2018 were as follows:
 
June 30, 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
$
—

 
$
—

 
$
64,296

 
$
(2
)
 
$
64,296

 
$
(2
)
Corporate notes
—

 
—

 
74,492

 
(1,403
)
 
74,492

 
(1,403
)
Total
$
—

 
$
—

 
$
138,788

 
$
(1,405
)
 
$
138,788

 
$
(1,405
)
 
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
)