XML 94 R30.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Investment Securities (Tables)
 12 Months Ended
Dec. 31, 2019
Investments, Debt and Equity Securities [Abstract]  
Schedule of Amortized Cost and Fair Values of Investment Securities
The following tables present the amortized cost and estimated fair values of investment securities, as of December 31:
 
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Estimated
Fair
Value
 
(in thousands)
2019
 
 
 
 
 
 
 
Available for Sale
 
 
 
 
 
 
 
State and municipal securities
$
638,125

 
$
15,826

 
$
(1,024
)
 
$
652,927

Corporate debt securities
370,401

 
8,490

 
(1,534
)
 
377,357

Collateralized mortgage obligations
682,307

 
11,726

 
(315
)
 
693,718

Residential mortgage-backed securities
177,183

 
1,078

 
(949
)
 
177,312

Commercial mortgage-backed securities
489,603

 
6,471

 
(1,777
)
 
494,297

Auction rate securities
107,410

 
—

 
(5,484
)
 
101,926

   Total
$
2,465,029

 
$
43,591

 
$
(11,083
)
 
$
2,497,537

 
 
 
 
 
 
 
 
Held to Maturity
 
 
 
 
 
 
 
Residential mortgage-backed securities
$
369,841

 
$
13,864

 
$
—

 
$
383,705

   Total
$
369,841

 
$
13,864

 
$
—

 
$
383,705

 
 
 
 
 
 
 
 
2018
 
 
 
 
 
 
 
Available for Sale
 
 
 
 
 
 
 
U.S. Government sponsored agency securities
$
31,586

 
$
185

 
$
(139
)
 
$
31,632

State and municipal securities
282,383

 
2,178

 
(5,466
)
 
279,095

Corporate debt securities
111,454

 
1,432

 
(3,353
)
 
109,533

Collateralized mortgage obligations
841,294

 
2,758

 
(11,972
)
 
832,080

Residential mortgage-backed securities
476,973

 
1,583

 
(15,212
)
 
463,344

Commercial mortgage-backed securities
264,165

 
524

 
(3,073
)
 
261,616

Auction rate securities
107,410

 
—

 
(4,416
)
 
102,994

   Total
$
2,115,265

 
$
8,660

 
$
(43,631
)
 
$
2,080,294

 
 
 
 
 
 
 
 
Held to Maturity
 
 
 
 
 
 
 
State and municipal securities
$
156,134

 
$
1,166

 
$
(93
)
 
$
157,207

Residential mortgage-backed securities
450,545

 
3,667

 
—

 
454,212

Total
$
606,679

 
$
4,833

 
$
(93
)
 
$
611,419

 
 
 
 
 
 
 
 
Schedule of Amortized Cost and Fair Values of Debt Securities by Contractual Maturities
The amortized cost and estimated fair values of debt securities as of December 31, 2019, by contractual maturity, are shown in the following table. Actual maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.
 
Available for Sale
 
Held to Maturity
 
Amortized
Cost
 
Estimated
Fair Value
 
Amortized
Cost
 
Estimated
Fair Value
 
(in thousands)
 
 
 
 
 
 
Due in one year or less
$
2,830

 
$
2,830

 
$
—

 
$
—

Due from one year to five years
33,027

 
34,250

 
—

 
—

Due from five years to ten years
348,800

 
355,888

 
—

 
—

Due after ten years
731,279

 
739,242

 
—

 
—

 
1,115,936

 
1,132,210

 
—

 
—

Residential mortgage-backed securities(1)
177,183

 
177,312

 
369,841

 
383,705

Commercial mortgage-backed securities(1)
489,603

 
494,297

 
—

 
—

Collateralized mortgage obligations (1)
682,307

 
693,718

 
—

 
—

Total
$
2,465,029

 
$
2,497,537

 
$
369,841

 
$
383,705



(1)
Maturities for mortgage-backed securities and collateralized mortgage obligations are dependent upon the interest rate environment and prepayments on the underlying loans.
Summary of Gains and Losses from Equity and Debt Securities, and Losses Recognized from Other-than-Temporary Impairment
The following table presents information related to gross gains and losses on the sales of equity and debt securities:
 
Gross
Realized
Gains
 
Gross
Realized
Losses
 
Net
Gains (Losses)
 
(in thousands)
2019:
 
 
 
 
 
Debt securities
$
11,554

 
$
(6,821
)
 
$
4,733

Total
$
11,554

 
$
(6,821
)
 
$
4,733

2018:
 
 
 
 
 
Equity securities
$
9

 
$
—

 
$
9

Debt securities
1,656

 
(1,628
)
 
28

Total
$
1,665

 
$
(1,628
)
 
$
37

2017:
 
 
 
 
 
Equity securities
$
13,558

 
$
—

 
$
13,558

Debt securities
315

 
(4,802
)
 
(4,487
)
Total
$
13,873

 
$
(4,802
)
 
$
9,071
Summary of Cumulative Credit Related Other-Than-Temporary Impairment Charges Recognized As Components of Earnings
The following table presents a summary of the cumulative credit related OTTI charges, recognized as components of earnings, for debt securities held by the Corporation at December 31, 2019 and 2018:
 
Year ended December 31
 
2019
 
2018
Balance of cumulative credit losses on debt securities, beginning of period
$
(11,510
)
 
$
(11,510
)
Reductions for securities sold during the period
10,520

 
—

Balance of cumulative credit losses on debt securities, end of period
$
(990
)
 
$
(11,510
)
Gross Unrealized Losses and Fair Values of Investments by Category and Length of Time in Continuous Unrealized Loss Position
The following tables present the gross unrealized losses and estimated fair values of investments, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, as of December 31:

 
Less Than 12 months
 
12 Months or Longer
 
Total
 
Number of Securities
 
Estimated
Fair Value
 
Unrealized
Losses
 
Number of Securities
 
Estimated
Fair Value
 
Unrealized
Losses
 
Estimated
Fair Value
 
Unrealized
Losses
2019
(dollars in thousands)
Available for Sale
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
State and municipal securities
44

 
$
136,344

 
$
(1,024
)
 
—

 
$
—

 
$
—

 
$
136,344

 
$
(1,024
)
Corporate debt securities
5

 
30,719

 
(346
)
 
8

 
18,759

 
(1,188
)
 
49,478

 
(1,534
)
Collateralized mortgage obligations
5

 
33,865

 
(190
)
 
1

 
5,330

 
(125
)
 
39,195

 
(315
)
Residential mortgage-backed securities
5

 
12,247

 
(40
)
 
26

 
127,373

 
(909
)
 
139,620

 
(949
)
Commercial mortgage-backed securities
7

 
121,340

 
(1,777
)
 
—

 
—

 
—

 
121,340

 
(1,777
)
Auction rate securities
—

 
—

 
—

 
177

 
101,926

 
(5,484
)
 
101,926

 
(5,484
)
Total available for sale (1)
66

 
$
334,515

 
$
(3,377
)
 
212

 
$
253,388

 
$
(7,706
)
 
$
587,903

 
$
(11,083
)


(1) No held to maturity securities were in an unrealized loss position as of December 31, 2019.
 
Less Than 12 months
 
 
 
12 Months or Longer
 
Total
 
Number of Securities
 
Estimated
Fair Value
 
Unrealized
Losses
 
Number of Securities
 
Estimated
Fair Value
 
Unrealized
Losses
 
Estimated
Fair Value
 
Unrealized
Losses
2018
(dollars in thousands)
Available for Sale
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. Government sponsored agency securities
1

 
$
4,961

 
$
(31
)
 
1

 
$
5,770

 
$
(108
)
 
$
10,731

 
$
(139
)
State and municipal securities
33

 
72,950

 
(1,292
)
 
38

 
83,770

 
(4,174
)
 
156,720

 
(5,466
)
Corporate debt securities
8

 
24,419

 
(227
)
 
14

 
25,642

 
(3,126
)
 
50,061

 
(3,353
)
Collateralized mortgage obligations
39

 
136,563

 
(1,050
)
 
89

 
388,173

 
(10,922
)
 
524,736

 
(11,972
)
Residential mortgage-backed securities
17

 
18,220

 
(222
)
 
110

 
402,779

 
(14,990
)
 
420,999

 
(15,212
)
Commercial mortgage-backed securities
1

 
9,778

 
(35
)
 
25

 
197,326

 
(3,038
)
 
207,104

 
(3,073
)
Auction rate securities
—

 
—

 
—

 
177

 
102,994

 
(4,416
)
 
102,994

 
(4,416
)
Total available for sale
99

 
$
266,891

 
$
(2,857
)
 
454

 
$
1,206,454

 
$
(40,774
)
 
$
1,473,345

 
$
(43,631
)
Held to maturity
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
State and municipal securities
6

 
20,601

 
(93
)
 
—

 
—

 
—

 
20,601

 
(93
)
Total
105

 
$
287,492

 
$
(2,950
)
 
454

 
$
1,206,454

 
$
(40,774
)
 
$
1,493,946

 
$
(43,724
)