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Investment Securities (Tables) | 12 Months Ended
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Dec. 31, 2021
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, 2021 and 2020 are summarized as follows:
| December 31, 2021 (1)
(amounts in thousands) | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  |  |  | Fair Value
Available for sale debt securities |  |  |  |  |  |  |  |  |
Asset-backed securities | $ | 297,291 |  |  | $ | 253 |  |  | $ | (119) |  |  |  |  | $ | 297,425 |
Agency-guaranteed residential mortgage-backed securities | 9,865 |  |  | — |  |  | (312) |  |  |  |  | 9,553 |
Agency-guaranteed commercial mortgage-backed securities | 2,162 |  |  | — |  |  | (10) |  |  |  |  | 2,152 |
Agency-guaranteed residential collateralized mortgage obligations | 199,091 |  |  | 154 |  |  | (2,315) |  |  |  |  | 196,930 |
Agency-guaranteed commercial collateralized mortgage obligations | 242,668 |  |  | 53 |  |  | (3,877) |  |  |  |  | 238,844 |
Collateralized loan obligations | 1,067,770 |  |  | 247 |  |  | (1,215) |  |  |  |  | 1,066,802 |
Commercial mortgage-backed securities | 149,054 |  |  | 53 |  |  | (180) |  |  |  |  | 148,927 |
Corporate notes (2) | 575,273 |  |  | 6,334 |  |  | (1,561) |  |  |  |  | 580,046 |
Private label collateralized mortgage obligations | 1,248,142 |  |  | 333 |  |  | (6,010) |  |  |  |  | 1,242,465 |
State and political subdivision debt securities (3) | 8,535 |  |  | — |  |  | (104) |  |  |  |  | 8,431 |
Available for sale debt securities | $ | 3,799,851 |  |  | $ | 7,427 |  |  | $ | (15,703) |  |  |  |  | 3,791,575 |
Equity securities (4) |  |  |  |  |  |  |  |  | 25,575 |
Total investment securities, at fair value |  |  |  |  |  |  |  |  | $ | 3,817,150 |
| 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 $11.0 million and $4.2 million at December 31, 2021 and 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 perpetual preferred stock issued by domestic banks and bank holding companies and equity securities issued by fintech companies, without a readily determinable fair value, and the CRA-qualified mutual fund shares at December 31, 2021 and equity securities issued by a foreign entity at December 31, 2020. No impairments or measurement adjustments have been recorded on the equity securities without a readily determinable fair value since acquisition.
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, 2021
(amounts in thousands) | Amortized Cost |  | Fair Value
Due in one year or less | $ | 4,962 |  |  | $ | 5,008 |
Due after one year through five years | 358,429 |  |  | 358,774 |
Due after five years through ten years | 220,417 |  |  | 224,695 |
Asset-backed securities | 297,291 |  |  | 297,425 |
Collateralized loan obligations | 1,067,770 |  |  | 1,066,802 |
Commercial mortgage-backed securities | 149,054 |  |  | 148,927 |
Agency-guaranteed residential mortgage-backed securities | 9,865 |  |  | 9,553 |
Agency-guaranteed commercial mortgage-backed securities | 2,162 |  |  | 2,152 |
Agency-guaranteed residential collateralized mortgage obligations | 199,091 |  |  | 196,930 |
Agency-guaranteed commercial collateralized mortgage obligations | 242,668 |  |  | 238,844 |
Private label collateralized mortgage obligations | 1,248,142 |  |  | 1,242,465 |
Total debt securities | $ | 3,799,851 |  |  | $ | 3,791,575 |
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, 2021 were as follows:
| December 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 | $ | 54,753 |  |  | $ | (119) |  |  | $ | — |  |  | $ | — |  |  | $ | 54,753 |  |  | $ | (119) |
Agency-guaranteed residential mortgage-backed securities | 9,554 |  |  | (312) |  |  | — |  |  | — |  |  | 9,554 |  |  | (312) |
Agency-guaranteed commercial mortgage-backed securities | 2,152 |  |  | (10) |  |  | — |  |  | — |  |  | 2,152 |  |  | (10) |
Agency-guaranteed residential collateralized mortgage obligations | 173,492 |  |  | (2,315) |  |  | — |  |  | — |  |  | 173,492 |  |  | (2,315) |
Agency-guaranteed commercial collateralized mortgage obligations | 118,334 |  |  | (3,877) |  |  | — |  |  | — |  |  | 118,334 |  |  | (3,877) |
Collateralized loan obligations | 715,250 |  |  | (1,215) |  |  | — |  |  | — |  |  | 715,250 |  |  | (1,215) |
Commercial mortgage-backed securities | 122,597 |  |  | (180) |  |  | — |  |  | — |  |  | 122,597 |  |  | (180) |
Corporate notes | 188,100 |  |  | (1,561) |  |  |  |  |  |  | 188,100 |  |  | (1,561) |
Private label collateralized mortgage obligations | 632,091 |  |  | (5,874) |  |  | 6,818 |  |  | (136) |  |  | 638,909 |  |  | (6,010) |
State and political subdivision debt securities | 8,430 |  |  | (104) |  |  | — |  |  | — |  |  | 8,430 |  |  | (104) |
Total | $ | 2,024,753 |  |  | $ | (15,567) |  |  | $ | 6,818 |  |  | $ | (136) |  |  | $ | 2,031,571 |  |  | $ | (15,703) |
| 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 residential collateralized mortgage obligations | 8,896 |  |  | (60) |  |  | — |  |  | — |  |  | 8,896 |  |  | (60) |
Agency-guaranteed commercial collateralized mortgage obligations | 20,926 |  |  | (39) |  |  | — |  |  | — |  |  | 20,926 |  |  | (39) |
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=123581744&loc=d3e27290-111563 + Details
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