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Investment Securities (Tables)
 12 Months Ended
Dec. 31, 2018
Investments, Debt and Equity Securities [Abstract]  
Schedule of Investment Securities
A summary of the available-for-sale and held-to-maturity securities portfolios presenting carrying amounts and gross unrealized gains and losses as of December 31, 2018 and 2017 is as follows:
 
 
December 31, 2018
 
December 31, 2017
(Dollars in thousands)
 
Amortized
Cost
 
Gross
unrealized
gains
 
Gross
unrealized
losses
 
Fair Value
 
Amortized
Cost
 
Gross
unrealized
gains
 
Gross
unrealized
losses
 
Fair Value
Available-for-sale securities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. Treasury
 
$
126,199

 
$
391

 
$
(186
)
 
$
126,404

 
$
144,904

 
$
—

 
$
(1,082
)
 
$
143,822

U.S. Government agencies
 
139,420

 
917

 
(30
)
 
140,307

 
157,638

 
2

 
(725
)
 
156,915

Municipal
 
136,831

 
2,427

 
(768
)
 
138,490

 
113,197

 
2,712

 
(557
)
 
115,352

Corporate notes:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Financial issuers
 
97,079

 
35

 
(7,069
)
 
90,045

 
30,309

 
43

 
(301
)
 
30,051

Other
 
1,000

 
—

 
—

 
1,000

 
1,000

 
—

 
(1
)
 
999

Mortgage-backed: (1)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Mortgage-backed securities
 
1,641,146

 
2,510

 
(57,317
)
 
1,586,339

 
1,291,695

 
446

 
(31,955
)
 
1,260,186

Collateralized mortgage obligations
 
43,819

 
500

 
(823
)
 
43,496

 
60,092

 
64

 
(617
)
 
59,539

Equity securities (2)
 
—

 
—

 
—

 
—

 
34,234

 
3,357

 
(789
)
 
36,802

Total available-for-sale securities
 
$
2,185,494

 
$
6,780

 
$
(66,193
)
 
$
2,126,081

 
$
1,833,069

 
$
6,624

 
$
(36,027
)
 
$
1,803,666

Held-to-maturity securities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. Government agencies
 
$
814,864

 
$
1,141

 
$
(28,576
)
 
$
787,429

 
$
579,062

 
$
23

 
$
(14,066
)
 
$
565,019

Municipal
 
252,575

 
1,100

 
(5,008
)
 
248,667

 
247,387

 
2,668

 
(2,558
)
 
247,497

Total held-to-maturity securities
 
$
1,067,439

 
$
2,241

 
$
(33,584
)
 
$
1,036,096

 
$
826,449

 
$
2,691

 
$
(16,624
)
 
$
812,516

Equity securities with readily determinable fair value (2)
 
$
34,410

 
$
1,532

 
$
(1,225
)
 
$
34,717

 
$
—

 
$
—

 
$
—

 
$
—

(1)
Consisting entirely of residential mortgage-backed securities, none of which are subprime.
(2)
As a result of the adoption of ASU No. 2016-01 effective January 1, 2018, equity securities with readily determinable fair value are no longer presented within available-for-sale securities and are now presented as equity securities with readily determinable fair values in the Company's Consolidated Statements of Condition for the current period.
Schedule of Investment Securities Portfolio Continuous Unrealized Loss Position, Available for Sale Debt Securities
The following table presents the portion of the Company’s available-for-sale and held-to-maturity securities portfolios which has gross unrealized losses, reflecting the length of time that individual securities have been in a continuous unrealized loss position at December 31, 2018:
 
 
 
Continuous unrealized
losses existing for less
than 12 months
 
Continuous unrealized
losses existing for
greater than 12 months
 
Total
(Dollars in thousands)
 
Fair value
 
Unrealized
losses
 
Fair value
 
Unrealized
losses
 
Fair value
 
Unrealized
losses
Available-for-sale securities
 
 
 
 
 
 
 
 
 
 
 
 
U.S. Treasury
 
$
5,485

 
$
(5
)
 
$
24,829

 
$
(181
)
 
$
30,314

 
$
(186
)
U.S. Government agencies
 
—

 
—

 
11,167

 
(30
)
 
11,167

 
(30
)
Municipal
 
10,676

 
(178
)
 
22,147

 
(590
)
 
32,823

 
(768
)
Corporate notes:
 
 
 
 
 
 
 
 
 
 
 
 
Financial issuers
 
37,076

 
(2,921
)
 
42,934

 
(4,148
)
 
80,010

 
(7,069
)
Other
 
—

 
—

 
—

 
—

 
—

 
—

Mortgage-backed:
 
 
 
 
 
 
 
 
 
 
 
 
Mortgage-backed securities
 
114,958

 
(124
)
 
1,340,916

 
(57,193
)
 
1,455,874

 
(57,317
)
Collateralized mortgage obligations
 
510

 
(1
)
 
34,255

 
(822
)
 
34,765

 
(823
)
Total available-for-sale securities
 
$
168,705

 
$
(3,229
)
 
$
1,476,248

 
$
(62,964
)
 
$
1,644,953

 
$
(66,193
)
Held-to-maturity securities
 
 
 
 
 
 
 
 
 
 
 
 
U.S. Government agencies
 
$
—

 
$
—

 
$
601,238

 
$
(28,576
)
 
$
601,238

 
$
(28,576
)
Municipal
 
38,239

 
(637
)
 
158,302

 
(4,371
)
 
196,541

 
(5,008
)
Total held-to-maturity securities
 
$
38,239

 
$
(637
)
 
$
759,540

 
$
(32,947
)
 
$
797,779

 
$
(33,584
)
The following table presents the portion of the Company’s available-for-sale and held-to-maturity securities portfolios which has gross unrealized losses, reflecting the length of time that individual securities have been in a continuous unrealized loss position at December 31, 2017:
 
 
 
Continuous unrealized
losses existing for less
than 12 months
 
Continuous unrealized
losses existing for
greater than 12 months
 
Total
(Dollars in thousands)
 
Fair value
 
Unrealized
losses
 
Fair value
 
Unrealized
losses
 
Fair value
 
Unrealized
losses
Available-for-sale securities
 
 
 
 
 
 
 
 
 
 
 
 
U.S. Treasury
 
$
24,811

 
$
(215
)
 
$
119,011

 
$
(867
)
 
$
143,822

 
$
(1,082
)
U.S. Government agencies
 
14,462

 
(69
)
 
141,471

 
(656
)
 
155,933

 
(725
)
Municipal
 
28,221

 
(256
)
 
15,840

 
(301
)
 
44,061

 
(557
)
Corporate notes:
 
 
 
 
 
 
 
 
 
 
 
 
Financial issuers
 
1,210

 
(1
)
 
5,665

 
(300
)
 
6,875

 
(301
)
Other
 
—

 
—

 
999

 
(1
)
 
999

 
(1
)
Mortgage-backed:
 
 
 
 
 
 
 
 
 
 
 
 
Mortgage-backed securities
 
137,255

 
(915
)
 
989,971

 
(31,040
)
 
1,127,226

 
(31,955
)
Collateralized mortgage obligations
 
35,038

 
(213
)
 
13,719

 
(404
)
 
48,757

 
(617
)
Equity securities
 
9,116

 
(343
)
 
6,054

 
(446
)
 
15,170

 
(789
)
Total available-for-sale securities
 
$
250,113

 
$
(2,012
)
 
$
1,292,730

 
$
(34,015
)
 
$
1,542,843

 
$
(36,027
)
Held-to-maturity securities
 
 
 
 
 
 
 
 
 
 
 
 
U.S. Government agencies
 
$
241,849

 
$
(3,263
)
 
$
300,200

 
$
(10,803
)
 
$
542,049

 
$
(14,066
)
Municipal
 
56,901

 
(1,004
)
 
52,399

 
(1,554
)
 
109,300

 
(2,558
)
Total held-to-maturity securities
 
$
298,750

 
$
(4,267
)
 
$
352,599

 
$
(12,357
)
 
$
651,349

 
$
(16,624
)
Schedule of Investment Securities Portfolio Continuous Unrealized Loss Position, Held to Maturity
The following table presents the portion of the Company’s available-for-sale and held-to-maturity securities portfolios which has gross unrealized losses, reflecting the length of time that individual securities have been in a continuous unrealized loss position at December 31, 2018:
 
 
 
Continuous unrealized
losses existing for less
than 12 months
 
Continuous unrealized
losses existing for
greater than 12 months
 
Total
(Dollars in thousands)
 
Fair value
 
Unrealized
losses
 
Fair value
 
Unrealized
losses
 
Fair value
 
Unrealized
losses
Available-for-sale securities
 
 
 
 
 
 
 
 
 
 
 
 
U.S. Treasury
 
$
5,485

 
$
(5
)
 
$
24,829

 
$
(181
)
 
$
30,314

 
$
(186
)
U.S. Government agencies
 
—

 
—

 
11,167

 
(30
)
 
11,167

 
(30
)
Municipal
 
10,676

 
(178
)
 
22,147

 
(590
)
 
32,823

 
(768
)
Corporate notes:
 
 
 
 
 
 
 
 
 
 
 
 
Financial issuers
 
37,076

 
(2,921
)
 
42,934

 
(4,148
)
 
80,010

 
(7,069
)
Other
 
—

 
—

 
—

 
—

 
—

 
—

Mortgage-backed:
 
 
 
 
 
 
 
 
 
 
 
 
Mortgage-backed securities
 
114,958

 
(124
)
 
1,340,916

 
(57,193
)
 
1,455,874

 
(57,317
)
Collateralized mortgage obligations
 
510

 
(1
)
 
34,255

 
(822
)
 
34,765

 
(823
)
Total available-for-sale securities
 
$
168,705

 
$
(3,229
)
 
$
1,476,248

 
$
(62,964
)
 
$
1,644,953

 
$
(66,193
)
Held-to-maturity securities
 
 
 
 
 
 
 
 
 
 
 
 
U.S. Government agencies
 
$
—

 
$
—

 
$
601,238

 
$
(28,576
)
 
$
601,238

 
$
(28,576
)
Municipal
 
38,239

 
(637
)
 
158,302

 
(4,371
)
 
196,541

 
(5,008
)
Total held-to-maturity securities
 
$
38,239

 
$
(637
)
 
$
759,540

 
$
(32,947
)
 
$
797,779

 
$
(33,584
)
The following table presents the portion of the Company’s available-for-sale and held-to-maturity securities portfolios which has gross unrealized losses, reflecting the length of time that individual securities have been in a continuous unrealized loss position at December 31, 2017:
 
 
 
Continuous unrealized
losses existing for less
than 12 months
 
Continuous unrealized
losses existing for
greater than 12 months
 
Total
(Dollars in thousands)
 
Fair value
 
Unrealized
losses
 
Fair value
 
Unrealized
losses
 
Fair value
 
Unrealized
losses
Available-for-sale securities
 
 
 
 
 
 
 
 
 
 
 
 
U.S. Treasury
 
$
24,811

 
$
(215
)
 
$
119,011

 
$
(867
)
 
$
143,822

 
$
(1,082
)
U.S. Government agencies
 
14,462

 
(69
)
 
141,471

 
(656
)
 
155,933

 
(725
)
Municipal
 
28,221

 
(256
)
 
15,840

 
(301
)
 
44,061

 
(557
)
Corporate notes:
 
 
 
 
 
 
 
 
 
 
 
 
Financial issuers
 
1,210

 
(1
)
 
5,665

 
(300
)
 
6,875

 
(301
)
Other
 
—

 
—

 
999

 
(1
)
 
999

 
(1
)
Mortgage-backed:
 
 
 
 
 
 
 
 
 
 
 
 
Mortgage-backed securities
 
137,255

 
(915
)
 
989,971

 
(31,040
)
 
1,127,226

 
(31,955
)
Collateralized mortgage obligations
 
35,038

 
(213
)
 
13,719

 
(404
)
 
48,757

 
(617
)
Equity securities
 
9,116

 
(343
)
 
6,054

 
(446
)
 
15,170

 
(789
)
Total available-for-sale securities
 
$
250,113

 
$
(2,012
)
 
$
1,292,730

 
$
(34,015
)
 
$
1,542,843

 
$
(36,027
)
Held-to-maturity securities
 
 
 
 
 
 
 
 
 
 
 
 
U.S. Government agencies
 
$
241,849

 
$
(3,263
)
 
$
300,200

 
$
(10,803
)
 
$
542,049

 
$
(14,066
)
Municipal
 
56,901

 
(1,004
)
 
52,399

 
(1,554
)
 
109,300

 
(2,558
)
Total held-to-maturity securities
 
$
298,750

 
$
(4,267
)
 
$
352,599

 
$
(12,357
)
 
$
651,349

 
$
(16,624
)
Schedule of Gross Gains and Gross Losses Realized and Proceeds For Investment Securities
The following table provides information as to the amount of gross gains and gross losses realized and proceeds received through the sales and calls of investment securities:
 
 
 
Years Ended December 31,
(Dollars in thousands)
 
2018
 
2017
 
2016
Realized gains on investment securities
 
$
1,144

 
$
147

 
$
9,399

Realized losses on investment securities
 
(1,111
)
 
(102
)
 
(1,754
)
Net realized gains on investment securities
 
33

 
$
45

 
$
7,645

Unrealized gains on equity securities with readily determinable fair value
 
2,771

 
—

 
—

Unrealized losses on equity securities with readily determinable fair value
 
(4,910
)
 
—

 
—

Net unrealized losses on equity securities with readily determinable fair value
 
(2,139
)
 
—

 
—

Upward adjustments of equity securities without readily determinable fair values
 
325

 
—

 
—

Downward adjustments of equity securities without readily determinable fair values
 
—

 
—

 
—

Impairment of equity securities without readily determinable fair values
 
(1,117
)
 
—

 
—

Adjustment and impairment, net, of equity securities without readily determinable fair values
 
(792
)
 
—

 
—

Other than temporary impairment charges
 
—

 
—

 
—

(Losses) gains on investment securities, net
 
(2,898
)
 
45

 
7,645

Proceeds from sales of available-for-sale securities
 
214,196

 
344,674

 
2,194,278

Proceeds from sales of equity securities with readily determinable fair value
 
1,895

 
—

 
—

Proceeds from sales and capital distributions of equity securities without readily determinable fair value
 
1,324

 
—

 
—
Contractual Maturities of Investment Securities
The amortized cost and fair value of securities as of December 31, 2018 and December 31, 2017, by contractual maturity, are shown in the following table. Contractual maturities may differ from actual maturities as borrowers may have the right to call or repay obligations with or without call or prepayment penalties. Mortgage-backed securities are not included in the maturity categories in the following maturity summary as actual maturities may differ from contractual maturities because the underlying mortgages may be called or prepaid without penalties:
 
 
 
December 31, 2018
 
December 31, 2017
(Dollars in thousands)
 
Amortized
Cost
 
Fair Value
 
Amortized
Cost
 
Fair Value
Available-for-sale securities
 
 
 
 
 
 
 
 
Due in one year or less
 
$
82,206

 
$
82,153

 
$
300,833

 
$
299,285

Due in one to five years
 
168,855

 
169,307

 
97,019

 
97,326

Due in five to ten years
 
121,129

 
115,206

 
33,947

 
35,029

Due after ten years
 
128,339

 
129,580

 
15,249

 
15,499

Mortgage-backed
 
1,684,965

 
1,629,835

 
1,351,787

 
1,319,725

Equity securities (1)
 
—

 
—

 
34,234

 
36,802

Total available-for-sale securities
 
$
2,185,494

 
$
2,126,081

 
$
1,833,069

 
$
1,803,666

Held-to-maturity securities
 
 
 
 
 
 
 
 
Due in one year or less
 
$
10,009

 
$
9,979

 
$
170

 
$
171

Due in one to five years
 
29,436

 
28,995

 
38,392

 
38,012

Due in five to ten years
 
295,897

 
290,206

 
205,227

 
203,680

Due after ten years
 
732,097

 
706,916

 
582,660

 
570,653

Total held-to-maturity securities
 
$
1,067,439

 
$
1,036,096

 
$
826,449

 
$
812,516


(1)
As a result of the adoption of ASU No. 2016-01 effective January 1, 2018, equity securities with readily determinable fair value are no longer presented within available-for-sale securities and are now presented as equity securities with readily determinable fair values in the Company's Consolidated Statements of Condition for the current period.