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Securities Available for Sale (Tables)

3 Months Ended

Mar. 31, 2021

Debt Securities, Available-for-sale [Abstract]

Summary of Securities Available for Sale

The following is a summary of securities available for sale as of the dates indicated:

			At March 31, 2021
			Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Allowance For Investment Credit Losses						Fair Value
			(Dollars in thousands)
Debt securities:
U.S. Government agency and U.S. Government sponsored enterprises:
Collateralized mortgage obligations			$	901,735					$	9,424					$	(6,500)					$	—					$	904,659
Mortgage-backed securities:
Residential			646,409						3,190						(11,771)						—						637,828
Commercial			527,528						13,378						(3,118)						—						537,788
Asset-backed securities			34,781						104						(36)						—						34,849
Corporate securities			14,435						—						(1,230)						—						13,205
Municipal securities			103,481						2,272						(338)						—						105,415
Total investment securities available for sale			$	2,228,369					$	28,368					$	(22,993)					$	—					$	2,233,744
			At December 31, 2020
			Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Allowance For Investment Credit Losses						Fair Value
			(Dollars in thousands)
Debt securities:
U.S. Government agency and U.S. Government sponsored enterprises:
Collateralized mortgage obligations			$	990,679					$	11,482					$	(844)					$	—					$	1,001,317
Mortgage-backed securities:
Residential			672,667						8,460						(114)						—						681,013
Commercial			482,874						25,026						(21)						—						507,879
Corporate securities			7,000						15						(881)						—						6,134
Municipal securities			86,213						3,058						(3)						—						89,268
Total investment securities available for sale			$	2,239,433					$	48,041					$	(1,863)					$	—					$	2,285,611

Investments Classified by Contractual Maturity Date

The amortized cost and estimated fair value of investment securities at March 31, 2021, by contractual maturity, is presented in the table below. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations, with or without call or prepayment penalties. Collateralized mortgage obligations, mortgage-backed securities, and asset-backed securities are not due at a single maturity date and their total balances are shown separately.

			Amortized Cost						Estimated Fair Value
			(Dollars in thousands)
Available for sale:
Due within one year			$	350					$	351
Due after one year through five years			—						—
Due after five years through ten years			19,616						19,478
Due after ten years			97,950						98,791
U.S. Government agency and U.S. Government sponsored enterprises:
Collateralized mortgage obligations			901,735						904,659
Mortgage-backed securities:
Residential			646,409						637,828
Commercial			527,528						537,788
Asset-backed securities			34,781						34,849
Total			$	2,228,369					$	2,233,744

Schedule of Gross Unrealized Losses and Estimated Fair Values of Investments

The following tables show the Company’s investments’ gross unrealized losses and estimated fair values, aggregated by investment category and the length of time that the individual securities have been in a continuous unrealized loss position as of the dates indicated.    

						As of March 31, 2021
						Less than 12 months																		12 months or longer																		Total
Description of Securities						Number  of Securities						Fair  Value						Gross Unrealized Losses						Number  of Securities						Fair  Value						Gross Unrealized Losses						Number  of Securities						Fair  Value						Gross Unrealized Losses
						(Dollars in thousands)
Collateralized mortgage obligations*						24						$	453,139					$	(6,475)					2						$	2,347					$	(25)					26						$	455,486					$	(6,500)
Mortgage-backed securities:
Residential*						44						507,249						(11,771)						—						—						—						44						507,249						(11,771)
Commercial*						13						136,164						(3,118)						—						—						—						13						136,164						(3,118)
Asset-backed securities						1						4,515						(36)						—						—						—						1						4,515						(36)
Corporate securities						3						9,011						(423)						1						4,194						(807)						4						13,205						(1,230)
Municipal securities						10						31,371						(338)						—						—						—						10						31,371						(338)
Total						95						$	1,141,449					$	(22,161)					3						$	6,541					$	(832)					98						$	1,147,990					$	(22,993)

__________________________________    

* Investments in U.S. Government agency and U.S. Government sponsored enterprises

						As of December 31, 2020
						Less than 12 months																		12 months or longer																		Total
Description of Securities						Number  of Securities						Fair  Value						Gross Unrealized Losses						Number  of Securities						Fair  Value						Gross Unrealized Losses						Number  of Securities						Fair  Value						Gross Unrealized Losses
						(Dollars in thousands)
Collateralized mortgage obligations*						22						$	312,757					$	(844)					—						$	—					$	—					22						$	312,757					$	(844)
Mortgage-backed securities:
Residential*						8						46,094						(114)						—						—						—						8						46,094						(114)
Commercial*						1						10,275						(21)						—						—						—						1						10,275						(21)
Corporate securities						—						—						—						1						4,119						(881)						1						4,119						(881)
Municipal securities						1						997						(3)						—						—						—						1						997						(3)
Total						32						$	370,123					$	(982)					1						$	4,119					$	(881)					33						$	374,242					$	(1,863)

__________________________________

* Investments in U.S. Government agency and U.S. Government sponsored enterprises

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- References

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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
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