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Investment Securities (Tables)

12 Months Ended

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

Tabular disclosure of maturities of an entity's investments as well as any other information pertinent to the investments.

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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

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Tabular disclosure of unrealized gains and losses on investments.

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