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Investment Securities (Tables)

3 Months Ended

Mar. 31, 2021

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, 2021 and December 31, 2020 are summarized in the tables below:

			March 31, 2021 (1)
(amounts in thousands)			Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Fair Value
Available for sale debt securities:
Asset-backed securities			$	381,525					$	5,717					$	(249)					$	386,993
U.S. government agencies securities			20,000						53						—						20,053
Agency-guaranteed mortgage-backed securities			37,933						9						(308)						37,634
Agency-guaranteed collateralized mortgage obligations			211,226						365						(487)						211,104
Collateralized loan obligations			162,998						139						(43)						163,094
Commercial mortgage-backed securities			13,059						—						—						13,059
Corporate notes (2)			255,126						3,422						(624)						257,924
Private label collateralized mortgage obligations			329,367						1,277						(1,955)						328,689
State and political subdivision debt securities (3)			18,481						46						—						18,527
Available for sale debt securities			$	1,429,715					$	11,028					$	(3,666)					1,437,077
Equity securities (4)																					4,827
Total investment securities, at fair value																					$	1,441,904

			December 31, 2020 (1)
(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 agencies 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 (2)			372,764						24,144						(164)						396,744
Private label collateralized mortgage obligations			136,943						423						(374)						136,992
State and political subdivision debt securities (3)			17,346						945						—						18,291
Available for sale debt securities			$	1,174,188					$	32,890					$	(647)					1,206,431
Equity securities (4)																					3,854
Total investment securities, at fair value																					$	1,210,285

(1)Accrued interest on AFS debt securities totaled $4.3 million and $4.2 million at March 31, 2021 and December 31, 2020, respectively, and is included in accrued interest receivable on the consolidated balance sheet.

(2)Includes corporate securities issued by domestic bank holding companies.

(3)Includes both taxable and non-taxable municipal securities.

(4)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 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:

			March 31, 2021
(amounts in thousands)			Amortized Cost						Fair Value
Due in one year or less			$	—					$	—
Due after one year through five years			140,681						141,641
Due after five years through ten years			142,991						144,893
Due after ten years			9,935						9,970
Asset-backed securities			381,525						386,993
Collateralized loan obligations			162,998						163,094
Commercial mortgage-backed securities			13,059						13,059
Agency-guaranteed mortgage-backed securities			37,933						37,634
Private label collateralized mortgage obligations			329,367						328,689
Agency-guaranteed collateralized mortgage obligations			211,226						211,104
Total debt securities			$	1,429,715					$	1,437,077

Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value

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 March 31, 2021 were as follows:

			March 31, 2021
			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			$	90,064					$	(249)					$	—					$	—					$	90,064					$	(249)
Agency-guaranteed mortgage-backed securities			10,377						(308)						—						—						10,377						(308)
Agency-guaranteed collateralized mortgage obligations			55,825						(487)						—						—						55,825						(487)
Collateralized loan obligations			55,703						(43)						—						—						55,703						(43)
Corporate notes			48,905						(624)						—						—						48,905						(624)
Private label collateralized mortgage obligations			108,417						(1,955)						—						—						108,417						(1,955)
Total			$	369,291					$	(3,666)					$	—					$	—					$	369,291					$	(3,666)

X

- Definition

Tabular disclosure of fair value of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale), in unrealized loss position, without allowance for credit loss. Includes beneficial interest in securitized financial asset.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 30
-Section 55
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=121590138&loc=SL82922954-210456

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 50
-Paragraph 6
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121645371&loc=d3e27290-111563

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 30
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=121582814&loc=SL82922888-210455

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Tabular disclosure of unrealized gains and losses on investments.

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