Investment Securities (Tables)

6 Months Ended

Jun. 30, 2020

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, 2020 and December 31, 2019 are summarized in the tables below:


	June 30, 2020 ⁽¹⁾
(amounts in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Available for sale debt securities:
Agency-guaranteed residential mortgage-backed securities	$	140,019	$	4,291	$	—	$	144,310

Agency-guaranteed collateralized mortgage obligations	145,061		765		—		145,826
State and political subdivision debt securities ⁽²⁾	17,496		893		—		18,389

Corporate notes ⁽³⁾	324,986		31,286		(39)		356,233

Available for sale debt securities	$	627,562	$	37,235	$	(39)	664,758
Interest-only GNMA securities ⁽⁴⁾							14,396
Equity securities ⁽⁵⁾							2,228
Total investment securities, at fair value							$	681,382


	December 31, 2019
(amounts in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Available for sale debt securities:
Agency-guaranteed residential mortgage-backed securities	$	273,252	$	5,069	$	—	$	278,321

Corporate notes ⁽³⁾	284,639		14,238		—		298,877
Available for sale debt securities	$	557,891	$	19,307	$	—	577,198
Interest-only GNMA securities ⁽⁴⁾							16,272
Equity securities ⁽⁵⁾							2,406
Total investment securities, at fair value							$	595,876

(1)Accrued interest on AFS debt securities totaled $3.2 million at June 30, 2020 and is included in accrued interest receivable on the consolidated balance sheet.

(2)Includes both taxable and non-taxable municipal securities.

(3)Includes corporate securities issued by domestic bank holding companies.

(4)Reported at fair value with fair value changes recorded in non-interest income based on a fair value option election.

(5)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 interest-only GNMA securities 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, 2020
(amounts in thousands)	Amortized Cost		Fair Value
Due in one year or less	$	7,954	$	8,003
Due after one year through five years	62,687		64,280
Due after five years through ten years	252,845		282,450
Due after ten years	18,996		19,889
Agency-guaranteed residential mortgage-backed securities	140,019		144,310
Agency-guaranteed collateralized mortgage obligations	145,061		145,826

Interest-only GNMA securities	—		14,396

Total debt securities	$	627,562	$	679,154

Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value

Gross unrealized losses and fair value of Customers' available for sale debt securities aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at June 30, 2020 were as follows:



	June 30, 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:


Corporate notes	4,961		(39)		—		—		4,961		(39)

Total	$	4,961	$	(39)	$	—	$	—	$	4,961	$	(39)