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Investment Securities (Tables) | 12 Months Ended
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Dec. 31, 2020
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 December 31, 2020 and 2019 are summarized as follows:
| December 31, 2020
(amounts in thousands) | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
Available for sale debt securities |  |  |  |  |  |  |
Asset-backed securities | $ | 372,640 |  |  | $ | 4,515 |  |  | $ | (10) |  |  | $ | 377,145 |
U.S. government agency securities | 20,000 |  |  | 34 |  |  | $ | — |  |  | 20,034 |
Agency-guaranteed mortgage-backed securities | 61,178 |  |  | 1,913 |  |  | $ | — |  |  | 63,091 |
Agency-guaranteed collateralized mortgage obligations | 160,950 |  |  | 916 |  |  | (99) |  |  | 161,767 |
Collateralized loan obligations | 32,367 |  |  | — |  |  | — |  |  | 32,367 |
Corporate notes (1) | 372,764 |  |  | 24,144 |  |  | (164) |  |  | 396,744 |
Private label collateralized mortgage obligations | 136,943 |  |  | 423 |  |  | (374) |  |  | 136,992 |
State and political subdivision debt securities | 17,346 |  |  | 945 |  |  | — |  |  | 18,291 |
Available for sale debt securities | $ | 1,174,188 |  |  | $ | 32,890 |  |  | $ | (647) |  |  | 1,206,431 |
Equity securities (3) |  |  |  |  |  |  | 3,854 |
Total investment securities, at fair value |  |  |  |  |  |  | $ | 1,210,285 |
| 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 (1) | 284,639 |  |  | 14,238 |  |  | — |  |  | 298,877 |
Available for sale debt securities | $ | 557,891 |  |  | $ | 19,307 |  |  | $ | — |  |  | 577,198 |
Interest-only GNMA securities (2) |  |  |  |  |  |  | 16,272 |
Equity securities (3) |  |  |  |  |  |  | 2,406 |
Total investment securities, at fair value |  |  |  |  |  |  | $ | 595,876 |
(1)At December 31, 2020 and 2019, includes corporate securities issued by domestic bank holding companies. (2)Reported at fair value with fair value changes recorded in non-interest income based on fair value option election. (3)Includes equity securities issued by a foreign entity.
Summary of Investment Securities by Stated Maturity | The following table presents debt securities by stated maturity. Debt securities backed by mortgages and other assets 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:
| December 31, 2020
(amounts in thousands) | Amortized Cost |  | Fair Value
Due in one year or less | $ | — |  |  | $ | — |
Due after one year through five years | 93,111 |  |  | 94,169 |
Due after five years through ten years | 295,653 |  |  | 318,588 |
Due after ten years | 21,346 |  |  | 22,312 |
Asset-backed securities | 372,640 |  |  | 377,145 |
Collateralized loan obligations | 32,367 |  |  | 32,367 |
Agency-guaranteed mortgage-backed securities | 61,178 |  |  | 63,091 |
Private label collateralized mortgage obligations | 136,943 |  |  | 136,992 |
Agency-guaranteed collateralized mortgage obligations | 160,950 |  |  | 161,767 |
Total debt securities | $ | 1,174,188 |  |  | $ | 1,206,431 |
Gross Unrealized Losses and Fair Value, Aggregated by Investment Category | Gross unrealized losses and fair value of Customers' AFS debt securities aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at December 31, 2020 were as follows:
| December 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 |  |  |  |  |  |  |  |  |  |  |
Asset-backed Securities | $ | 42,588 |  |  | $ | (10) |  |  | $ | — |  |  | $ | — |  |  | $ | 42,588 |  |  | $ | (10) |
Agency-guaranteed collateralized mortgage obligations | 29,822 |  |  | (99) |  |  | — |  |  | — |  |  | 29,822 |  |  | (99) |
Corporate notes | 50,620 |  |  | (164) |  |  | — |  |  | — |  |  | 50,620 |  |  | (164) |
Private label collateralized mortgage obligations | 12,549 |  |  | (374) |  |  | — |  |  | — |  |  | 12,549 |  |  | (374) |
Total | $ | 135,579 |  |  | $ | (647) |  |  | $ | — |  |  | $ | — |  |  | $ | 135,579 |  |  | $ | (647) |

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- Definition 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). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=121645371&loc=d3e27290-111563 + Details
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