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Investment Securities (Tables) | 6 Months Ended
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Jun. 30, 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 June 30, 2021 and December 31, 2020 are summarized in the tables below:
| June 30, 2021 (1)
(amounts in thousands) | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
Available for sale debt securities: |  |  |  |  |  |  |
Asset-backed securities | $ | 319,682 |  |  | $ | 3,649 |  |  | $ | (377) |  |  | $ | 322,954 |
U.S. government agencies securities | 20,000 |  |  | 114 |  |  | — |  |  | 20,114 |
Agency-guaranteed residential mortgage-backed securities | 10,620 |  |  | — |  |  | (265) |  |  | 10,355 |
Agency-guaranteed commercial mortgage-backed securities | 2,206 |  |  | — |  |  | (1) |  |  | 2,205 |
Agency-guaranteed residential collateralized mortgage obligations | 81,007 |  |  | 813 |  |  | (62) |  |  | 81,758 |
Agency-guaranteed commercial collateralized mortgage obligations | 144,593 |  |  | — |  |  | (1,752) |  |  | 142,841 |
Collateralized loan obligations | 162,960 |  |  | 148 |  |  | (181) |  |  | 162,927 |
Commercial mortgage-backed securities | 23,054 |  |  | 33 |  |  | — |  |  | 23,087 |
Corporate notes (2) | 345,909 |  |  | 4,974 |  |  | (462) |  |  | 350,421 |
Private label collateralized mortgage obligations | 401,949 |  |  | 922 |  |  | (1,295) |  |  | 401,576 |
State and political subdivision debt securities (3) | 8,543 |  |  | 11 |  |  | — |  |  | 8,554 |
Available for sale debt securities | $ | 1,520,523 |  |  | $ | 10,664 |  |  | $ | (4,395) |  |  | $ | 1,526,792 |
| 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 residential mortgage-backed securities | 61,178 |  |  | 1,913 |  |  | — |  |  | 63,091 |
Agency-guaranteed residential collateralized mortgage obligations | 139,985 |  |  | 916 |  |  | (60) |  |  | 140,841 |
Agency-guaranteed commercial collateralized mortgage obligations | 20,965 |  |  | — |  |  | (39) |  |  | 20,926 |
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 $5.0 million and $4.2 million at June 30, 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:
| June 30, 2021
(amounts in thousands) | Amortized Cost |  | Fair Value
Due in one year or less | $ | 4,901 |  |  | $ | 5,032 |
Due after one year through five years | 211,508 |  |  | 212,586 |
Due after five years through ten years | 154,043 |  |  | 157,219 |
Due after ten years | 4,000 |  |  | 4,252 |
Asset-backed securities | 319,682 |  |  | 322,954 |
Collateralized loan obligations | 162,960 |  |  | 162,927 |
Commercial mortgage-backed securities | 23,054 |  |  | 23,087 |
Agency-guaranteed residential mortgage-backed securities | 10,620 |  |  | 10,355 |
Agency-guaranteed commercial mortgage-backed securities | 2,206 |  |  | 2,205 |
Agency-guaranteed residential collateralized mortgage obligations | 81,007 |  |  | 81,758 |
Agency-guaranteed commercial collateralized mortgage obligations | 144,593 |  |  | 142,841 |
Private label collateralized mortgage obligations | 401,949 |  |  | 401,576 |
Total debt securities | $ | 1,520,523 |  |  | $ | 1,526,792 |
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 June 30, 2021 were as follows:
| June 30, 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 | $ | 61,515 |  |  | $ | (377) |  |  | $ | — |  |  | $ | — |  |  | $ | 61,515 |  |  | $ | (377) |
Agency-guaranteed residential mortgage-backed securities | 10,355 |  |  | (265) |  |  | — |  |  | — |  |  | 10,355 |  |  | (265) |
Agency-guaranteed commercial mortgage-backed securities | 2,205 |  |  | (1) |  |  | — |  |  | — |  |  | 2,205 |  |  | (1) |
Agency-guaranteed residential collateralized mortgage obligations | 18,158 |  |  | (62) |  |  | — |  |  | — |  |  | 18,158 |  |  | (62) |
Agency-guaranteed commercial collateralized mortgage obligations | 142,841 |  |  | (1,752) |  |  | — |  |  | — |  |  | 142,841 |  |  | (1,752) |
Collateralized loan obligations | 101,555 |  |  | (181) |  |  | — |  |  | — |  |  | 101,555 |  |  | (181) |
Corporate notes | 67,230 |  |  | (462) |  |  | — |  |  | — |  |  | 67,230 |  |  | (462) |
Private label collateralized mortgage obligations | 157,470 |  |  | (1,295) |  |  | — |  |  | — |  |  | 157,470 |  |  | (1,295) |
Total | $ | 561,329 |  |  | $ | (4,395) |  |  | $ | — |  |  | $ | — |  |  | $ | 561,329 |  |  | $ | (4,395) |

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