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Investment Securities (Tables) | 3 Months Ended
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Mar. 31, 2020
Investments, Debt and Equity Securities [Abstract] |
Summary of Amortized Cost and Approximate Fair Value of Investment Securities | The amortized cost and fair value of investment securities as of March 31, 2020 and December 31, 2019 are summarized in the tables below:
| March 31, 2020 (1) |  |  |  |  |  |
(amounts in thousands) | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
Available for sale debt securities: |  |  |  |  |  |  |
Agency-guaranteed residential mortgage-backed securities | $ | 159,416 |  |  | $ | 13,398 |  |  | $ | — |  |  | $ | 172,814 |
Agency-guaranteed collateralized mortgage obligations | 153,952 |  |  | — |  |  | — |  |  | 153,952 |
State and political subdivision debt securities (2) | 15,157 |  |  | — |  |  | — |  |  | 15,157 |
Collateralized mortgage obligations | 5,566 |  |  | — |  |  | — |  |  | 5,566 |
Corporate notes (3) | 356,027 |  |  | 1,471 |  |  | (8,634) |  |  | 348,864 |
Available for sale debt securities | $ | 690,118 |  |  | $ | 14,869 |  |  | $ | (8,634) |  |  | 696,353 |
Interest-only GNMA securities (4) |  |  |  |  |  |  | 15,276 |
Equity securities (5) |  |  |  |  |  |  | 1,028 |
Total investment securities, at fair value |  |  |  |  |  |  | $ | 712,657 |
| December 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 | $ | 273,252 |  |  | $ | 5,069 |  |  | $ | — |  |  | $ | 278,321 |
Corporate notes (3) | 284,639 |  |  | 14,238 |  |  | — |  |  | 298,877 |
Available for sale debt securities | $ | 557,891 |  |  | $ | 19,307 |  |  | $ | — |  |  | 577,198 |
Interest-only GNMA securities (4) |  |  |  |  |  |  | 16,272 |
Equity securities (5) |  |  |  |  |  |  | 2,406 |
Total investment securities, at fair value |  |  |  |  |  |  | $ | 595,876 |
(1)Accrued interest on AFS debt securities totaled $4.7 million at March 31, 2020 and is included in accrued interest receivable on the consolidated balance sheet. (2)Includes both taxable and non-taxable municipal securities. (3)Includes corporate securities issued by domestic bank holding companies. (4)Reported at fair value with fair value changes recorded in non-interest income based on a fair value option election. (5)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:
| March 31, 2020 |  |
(amounts in thousands) | Amortized Cost |  | Fair Value
Due in one year or less | $ | 11,885 |  |  | $ | 11,885 |
Due after one year through five years | 57,611 |  |  | 57,723 |
Due after five years through ten years | 282,528 |  |  | 275,182 |
Due after ten years | 19,160 |  |  | 19,231 |
Agency-guaranteed residential mortgage-backed securities | 159,416 |  |  | 172,814 |
Agency-guaranteed collateralized mortgage obligations | 153,952 |  |  | 153,952 |
Collateralized mortgage obligations | 5,566 |  |  | 5,566 |
Interest-only classes of agency-guaranteed home equity conversion mortgage-backed securities | — |  |  | 15,276 |
Total debt securities | $ | 690,118 |  |  | $ | 711,629 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value | 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, 2020 were as follows:
| March 31, 2020 |  |  |  |  |  |  |  |  |  |
| 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: |  |  |  |  |  |  |  |  |  |  |
Corporate notes | 249,946 |  |  | 8,634 |  |  | — |  |  | — |  |  | 249,946 |  |  | 8,634 |
Total | $ | 249,946 |  |  | $ | 8,634 |  |  | $ | — |  |  | $ | — |  |  | $ | 249,946 |  |  | $ | 8,634 |

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