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Investment Securities (Tables)

12 Months Ended

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

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=123581744&loc=d3e27290-111563

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Tabular disclosure of unrealized gains and losses on investments.

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