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Investment Securities (Tables)

9 Months Ended

Sep. 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 September 30, 2019 and December 31, 2018 are summarized in the tables below:

			September 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			$	288,829					$	3,514					$	—					$	292,343
Corporate notes (1)			284,663						12,535						—						297,198
Available-for-sale debt securities			$	573,492					$	16,049					$	—					589,541
Interest-only classes of agency-guaranteed home equity conversion mortgage-backed securities (2)																					17,078
Equity securities (3)																					2,095
Total investment securities, at fair value																					$	608,714

			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)At September 30, 2019, includes corporate securities issued by other domestic bank holding companies. At December 31, 2018, 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.

Debt Securities, Available-for-sale

The following table presents proceeds from the sale of available-for-sale debt securities and gross gains and gross losses realized on those sales for the three and nine months ended September 30, 2019 and 2018.

			Three Months Ended September 30,																		Nine Months Ended September 30,
(amounts in thousands)			2019						2018						2019						2018
Proceeds from sale of available-for-sale securities			$	97,555					$	476,182					$	97,555					$	476,182
Gross gains			$	1,936					$	—					$	1,936					$	—
Gross losses			(935)						(18,659)						(935)						(18,659)
Net gains / (losses)			$	1,001					$	(18,659)					$	1,001					$	(18,659)

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:

			September 30, 2019
(amounts in thousands)			Amortized Cost						Fair Value
Due in one year or less			$	—					$	—
Due after one year through five years			5,000						5,238
Due after five years through ten years			277,662						289,862
Due after ten years			2,000						2,098
Agency-guaranteed residential mortgage-backed securities			288,830						292,343
Interest-only classes of agency-guaranteed home equity conversion mortgage-backed securities			—						17,078
Total debt securities			$	573,492					$	606,619

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 December 31, 2018 were as follows:

			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)

X

- Definition

Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-URI http://asc.fasb.org/topic&trid=2196928

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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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-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 50
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